, -
,'
V ,?
' v
GOSSIP OF THE STREET PHILADELPHIA COMMERCIAL MARKETS CORPORATE ACTI VI'
V 4.
TIMIDITY OF INVESTING PUBLIC
. DUE TO UNFAMILIAR CONDITIONS
Disturbance in Prices' of Securities and Low
Levels of Last Few Days Discussed by-
Banker Gossip of the Street
AN XJITOW'S" banker bald ycitcrduy thai In lilt opinion the j)io.cnt
o.dlsturbnnco In tho prices of securities ami the ic.isoni for tlio low
lovcls reached elmlng the last few da.i Is because people hao not ct
become, accustomed to nurroundlw? conditions, niut that ni hoon as they
como to understand that, while, tho, war fcems to dominate! ever thins
and actually docs so to a largo extent, there It a bocm! deal of regular
business going on and will continue to go on whether the wur comes
to an end soon or becomes more Intense,
"People," ho lcmarked, "and especially the people of this country.
i can adapt themselves to uny combination of circumstances. They are
to a large degree tho descendants of tho sturdy inccs that camo over
from Uuropo and ploneeicd, settling the country by enduring iKrel
fchlps which, 'no matter linvv hard the wur hits us, vvu will never have, to
endure, and overcoming oUNtaclcs In tho path of progress, Suddenly wo
havo been ushered Into new surroundings and aie tlml'd as to the future,
but very shortly, when we set that while wo may not have 'business us
usual,' wo must hae enough business outside of war uctlvltles to take
earo of the wants of tho civil population, and when we consider tho
relative prnpmtlnii of that part of tho population to the whole, wo will
realize, that iultu some business must still go on hi thc-o United States.
When theso timid Investors get fully oicustoinul to bin rounding e'ltcum
stances tliey will ionic liito the market and bio."
Brokers See No Evidence of "Unloading"
Inquhy In brokers' offices bilngs out the Information that their cus
tomers are not unloading theli holdings In any unusual iuantltles nrd
that there is no panic fiellng among theni to dlspoo of stockn bcfoio
they go still lower. The head of unu well-known ilrm said that the
list bole of Pennsylvania Htm-I; put thiough their houso was about thrco
mouths ago, and the customer wanted the money to pay for some iel
estate ho had purchased.
"One of our ou&tomus uskid us vetteidu," he mid, "It there was u
delugo of selling orders fiom our other customers to cause such breaks
In pi Ices, and wo called his attention to tho very small volumo of stocks
Involved In the curl cut sales to piove that no such condition cslsts.".
Cause of Weakness of Railroad Stocks
There were several reasons advanced jesteulay for tho ptonounced
weakness shown In high-class lallroad shuies. One wus the f.illuie or
delay In Washington In announcing whether or not some definite action
was soon to bo taken In regard to the appointment of .1 rallioul dictator.
Another was the absence of nnv news from the same iiu.irt) r us to tho
financial assistance to he given to the lallroads b.v tho (Im eminent, us
lrtually ,ovtry one seems ugreed that no matter what the lluul decision
about the loads may be they must III si of all have lluancial aid. .Still
another reason was said to be the lesumptlon of liquidation of i.illroad
securities by leprcsentatlvcs of foielgn Uoveinmeuts who had llojtcd
lualis In the United States that were backed piluclpallj by American
1 alls as bceuiity. Tho action of the dlicctoiH of tho Ilaltlmore and Ohio
" In deferring aetlon on the dividend until their meeting in January did
not help matters any, although sevei.il brokers said the dhectois did
tho only sensible thing umlcr the elriumstanei's.
In connection with the action of the dliectois of the Uulthnoie and
Ohio lt.iiliond, Daniel .1. Will.iid, picsldent of the road. Is riportcd to
have said uftcr the meet'ng that "notwithstanding- that the company
will have handled tho gieatest liuslm-ii In Its history and will have
icallzed the largest gloss earnings. It was evident that tho operations of
tho jear would show earnings applicable to the lotnmou stock of less
than 5 per cent."
In other quaiters It wus denied that tho weakness In stocks undlionds
of lallroads was occasioned by liquidation of eollatctal owned abroad
' and deposited here to secure foreign t!o eminent loans. It was said
that any such selling has been conducted privately with Institutions
which are. ulwuys In the maikct for hlgh-cluss bonds, and even that has
been carried out on 11 -ery limited scale. .
lirisk Justness but Small Sales in Market
, Tho principal of n vvell-ltnovvn banking and Investment houso said
yesterday that ho does not take any stock in all this talk ubout tho
public not fully appreciating the fact that stocks nre cheap or that they
lack the backbone to buy them!
"Wo are doing," ho said, "a big business In binall lots of ten or
twenty shares. Tho sellers arc, as a rule, rich nieh, who ure liquidating
and Investing In 3V4 per cent Liberty Loan ta exempt bonds, and
while tho individual purchases aie small, they aggregate a consldeiable
amount at tho close of each day."
Terms of British Loan of September, 1916
There Is qulto a llttlo misunderstanding regarding tho terms and
conditions surrounding the Ilrltlsh loan of September, 1916, about which
thcro Is so much talk concerning the liquidation of tho collateral hccurl-
ties supporting tho loan.
The collateral consisted of $100,000,000 American securities, ?100,
000,000 Canadian securities and $100,000,000 bonds of neutral countries.
If tho market value, of thee securities declined, as they did, tho agree
ment called for additional collateral to make up the deficiency In order
to keep the collateral up to 120 per cent of the par value of the notes.
The Government had tho right to sell from time to time any of tho se
curities pledged, und In that case tho proceeds wero to bo applied to tho
purchaso of the outstanding notes at the then redemption price.
Tho British Government also reserved tho right to substitute other
npproved security If It so desired, but such substitutions wero not to
ary tho relatlvo amounts In value of the threo groups of collateral.
In other words, tho British Government could not sell all tho Ameri
can securities and buy Its own notes to a corresponding amount
without substituting borne other Ameilcan securities, otherwise such a
condition could be brought about that the lemalnlng outstanding notes;
would be secured only by ' Canadian und neutral countries' stocks
and bonds.
World Wagning Despite the War
Althaugh we nre In a. world war and are making colossal prepara
tions to carry It on successfully to a ilni.h, wo haven't ct begun to com
prehend it from a world standpoint Wo ore still viewing It and every
thing connected with It through nclghboihood spectacles. A piomlnent
banker said josterday In this connection that vvhllo the assertion was
too true. It Is Inevitable, and is the lesult of our environment for moro
than 100 years. -"It Is onlv iccmtl," bo said, "ihat n foielgn bond
i coulu be sold In this counto, while lhigland had been dealing In them
,, for more than 100 enrs. encouraged by a Government, that saw such
v purchases wero her greatest trade anchor to windward
"The limited !cw which peoplo of tho United States take of things
In general Is going to be displaced b.v a mucli broader conception when
"this war Is over. In tho financial dlstilcts today everything Is concen
trated around tho ticker. Our grasp of finance and commcrco seldom
reaches bejond the- boundaries of the States. Thero our world begins
nnd ends, and ut present tho war and our preparations for It naturally
dominate our thoughts to tho exclusion of the commercial uctlvltles
going on In other natltyis of the world, even In those wheio tho battles
, jire raging' -j. ' x - -v-,". .
hi A good antidote to the formation of such narrow views Is u perusal
' , of tho commerce reports published by tho Government In Washington.
vtf They give from day to ay a scries of plalurcs of he commcielal actlvl-
'! tles'ltVoven tho mostrretnote ."nations, of itfi world. When tho ticker Is
j II clicking off tho flgutes which nrfe knockljiIJjw bottom' from under tho"
I "rails" and "Indus.ttlals" of tho United Slate's ''Without any substantial'
ij reason, it Is a relief to pick up -one, of the' most recent of theso reports
'V. and ,ad, for instance, ot tho .sample i,falr at lordeuux, France, which
ij now'jgo.es, ?"' I" splto.of the'war'kV flnB.lnthit war-wieckcd country
, w u. miniature' world's fair "in progrcss'exhlbltlng tle peaceful products
,y ' of factory,'' loom and'shopi" nhtUnot- bnlvMthat, but of the preparations
, '"' being made for a similar exhibit nc.l year, In these reports we can find
,ij particulars' abont the wine trade of'Italy for 1917, about ft new extllo
j indu's'try forBollvla, of Great Britain's purchaso of i:gyp(lau cqtton-
i seed, tables showing the commerce of China, the favorable condltfoij of
. . Irish agriculture, the demand for American 'goods In India arid hujidieds
J of other matters bearing on the ' commerce .and trade of tho wholo
civilized world. t
ii .
s tf'Light, Power, and Railway-fiompfiny Dividends ,
f , (jtorgiu l.isut, rower aim itauvyayu company nas ucciareu a umuenu
?. o'.l'i per'ci'iu ou'tlie preferred' slfaies, p;
it f fr. .i. si alitii ohntrlivVd ri P afwii1 lloioml nl i 1 Ol 7
ACI17U eiitijvjiiwiuvi.! w ivvuni is......., ,
payable January -', 19)8, to pro-
PHILADELPHIA
MARKETS
GRAIN AND FLOUR
IK. 63:1 liuiheU. The
nuoUllnnt tear lots.
WltKAT lUcelpta,
market was ateadj.
I ouowlnc are tho
T1 ln
llo. No!
in fjiiort fivator, Uovrrmwnt atanrt
Met in! tunOird Krlrrati iil No 1.
OO. N'O. 2. S2l'4l .ifl N'n. 1. 15 53! tlo.
; vr" Mljlmum irleiind, No.S. 13 311
raa. tsntez.mi antt. No. . :.! ?.
ho. 1. 2.ti do, No. B, $2,131 aampH
I fads, $2 02(82 11.
Swclnl mailmum rrlcs Onlr to lis ap;
pllrd nhtn thi othr nulltla In th wheat
ar nlkh enouiih to warrant It.
. No. 3 wheats Matlmum Drlc contalnlns
lH.l h,r rant maLium ,. IR f. n,r rflt
moimure 4o nilr No. 1 or No. S red. J2 31
Jb 3 itoft red. IJ2I. Matlmum vrlee con
talnln t.1 0 rtr cent to 14 per tnt moljtura.
Bo.ur.der No. t or No. 3 red. $J.22, M.
oft red, J.-.20.
No 4 wheata Maslmun mice undf
No I or No. 4 red, $2.21 No. 4 "ft red.
.No 3 tth.ata Maslmum rrlce cnntalnlnt
rot pier 14 3 per cm mature, fo under
No. t or Nj r, d, ,2S,, No B .oft. I8.1.
Malmum price contalnlna ot over 14 1 P'
ni mnieiure. ,p under rso. l or ro. u i
WOOL MARKET ACTIVE
IN THE LOCAL DISTRICT
.v.".',rar."lur' " unaer .vo. i or .o. u " . ir tne volume nf i-.iles will nc lis large
ro'malni 5nS?"o,r,'?' .r Ve""".?" ( iw tlo cprreipeiidliig period of p.evlouj
i or .o d red, - ivi
8c undr No.
oft red 12.1
Pamolo wheat
Some Denlers Iieport Large Trnns
actions, Hut Fnlr-Slzcel or Mod
crate Sales Are the Rule
Tho local demand for wool during tha
Ut week was fairly active,' according
to the weekly trndo review of It. 0, Dun
& Co., with a firm market and prices
neii e-gmroiicu. tho uUPmccs fccui-s i.j
have been Koinewlmt spotty, Fomo dealers
reporting largo transactions, but fRlr
led or moderatn nalea were the rule p
The demand fecius to bo principally fur
medium ard low wools, Manufacturer?
are nil generally well emplovcd, princi
pally on (ov eminent work.
The leading retnll tores uro said to be
doing a l.uge voluine of bulners at tlio '
lirescnt time; the bu.ving this hc.iton
however, has lieui quiet, nnri remo doubt
If the volume nf i-.iles will be as large
as t
eai
it..,.,,... .,. h.tt In! :ontlnulng. the icvlew ray
fo eiif ihiii price lj higher than 40 undtr "There In Utile change In coi.dlllons
"imuuVwhKt'Sl'xVKri'li d.t.rmlnM nmoiiB tl.n M.l.twnlri. dw-. oloalt i.n.l
bv each sample haili of the claii and ml-' Milt tii.iiiufHcttii -i lliistnc-' ill this
c'. i line li verv ,uiet. The largt'i mniiiifne
COIIN ttereipts, 4H11 bulwl Supplies i turns uf men's and bovs' rlothlnc hive
:,ir' '"i" 'hat It was lmo"ilhl lo ue . , , ., k,iiIIlt in.inuf.ie-
reliable tiiture" Quotations fir lota for "" a r.uu M'.ir, mo wnniitr iii.iniiuje
local trad" as to location V'en-rn N'o 2 tillers, however, are not thought to have
jllow nonitn.l. western No 11 ellow. noni- ,01R. the volume of busdnees owing to
"hi -iirirm ..,, i -triiu. nuiiikii.,.
ihhv nonilTuii
I F ' k
aH VB..iB
w w $
m -. v
i VmlHHi
'HHHSIB1
MONKY-LKNDING RATES
SV.W lOHIC- Money on call at nil
periods, 6 par i ent.
Tlmo money conditions are unchanged.
An occasional loan Is made for thirty
DIVIDENDS DECLARED
rrgulnr n"artrly
ikali jnnuary
CHr Imfitlmr rompany,
Kl ttr rint on iirtffrrtc1.
- io mock oi record jHcimr -!
trrrhtif. fit I am a I llanlf. Wu Yorlf. litii-
l pfmtntinul 4 tr rnte p.)nhlo Januaf
COTTON TURNS EA
AFTER FIRM ST
dlivs In fnur mniitlm nt R tirr rent nil nil I ' to stoik of revoril Dscembcr 21,
lndu.til.lH or good mlxc-d, lndlff.rri.tly ,rW.Ji'j Klddl. Csmwa, . nyi;
The ncrpptuiua maiket on prime bankUble Ueieml.er 31 to alotk of reiord Decern-
material has not renecled eo fur the i Df -"
Inereaaed discount rates tiut In effect to
day by the Now York 1'edeinl Heservo
Hank
Hates nre quoted unehanRed, at' 4'J
u34 per cent for ellglbles, and CijU 4'h
per rent for. Ineligible!-1 ,
l'rlmo mercantile paper continues slow
and Is iiuoted. nomlmilly, at S-"4-!ia per
cent The tonu Is firmer
I'lllt, VIIIM.I'IIIA full C per cent
tiinn, S41S per eent Cunmierrlnl
IMper. thren to fuur months, fi'ij-tiJ-.i
per lent sit niniiths, Cij-tfS per cent
1 OMMIN Mutiey, 4 percent, unehang
rd from tho rate prevailing Into ester
day und compared with 3 early In the
I unv Discount rate fur short bills 4J)
per rent and three niontha' bills 4ai
pe- eetn unchrnged
1'aiiHtna Toacr nmt T.laht Cnmorrtlon.
reuular uuarterly ! per cm on preferred,
rasahle January - to atock of record De
cember LV.
Chasx t'ollon Mill, re.ular nuarterljr fl
per tent, payable January I to stock of
retord December 13.
lisvol Mills I'orporatlon, reruUr quarterly
llg per tent, tuiable tieccinbcr 20 to atock
of recurd December 22.
Onlrnl Hti.l Houth .American Tele.raph
rnmpn reuular nuartrly of I Va Per cent,
paviible lanuary S lu stock of record De
cembr 31
I onsolidlcd TrncHon e'onipuny of Vewr
JerepN semiannual of I? ir share panblo
Januarv 13 aa rerlMered llrsmber St. Hooks
close December 31, reoi-n January Id.
Mexican TtflRTupli (Yimpnnv, uauat uunr
terlv of 2t per clit, patuhlo January 13
to alotk nf retord Deiember 31.
VVesllnrfhous lUc trio c'omciny, re.ular
quarterh of I' per lent on common und
preferred. I'ommon Is ratable lanuary 31
to slock of reeord IiecemWr Ht. nnd pre.
ferred January 13 to stoik ut record De
cenber 31
I.chlah Valley ("oil Sales, quarterly of
t ir tent, or $2 u share ta.nblo Jan
uary 10 to atock of retold January ".
Jon-s Uroihera Te.i Compiny. 3n rents a
sharo on tin- common stock, pasaM Jah-
,.d-, 1.. In inrl( of rprnrd Deif-tnhee .11
Ihls Is tho samj amount a. in d-elarcd
No
Let ruled slronsly In selln' favor with of
irrinks rxcrtunxly llant nllil UH pntes,
and o tailonally a premium asked Quota
tions No 2 while, Pininnijc. stanlird
while. MlWdtilV, V.i 3 whit-. MIVMl'ac
No 4 whll". os' 1l MIC,
ri.Ot'U Ilerelpl" 4.". Mil nnd .".l)1lTt
pojnils In sscks The tnarkni for spot soods
sl-aili Hhlunients llour nnimal Willi mill
orrrriiua ver llnht yuotiitlon wro as
foilons v.r Ins lbs m wood vvlnt
strnlahl Jlnl0Jfln2" Knis lenr !',.,
fi In do. naint Jtn -.iilf in no, snrintr ilrst
il'at. spot, IloBin 2". sprlliu Ilrst etrnr,
mill shipments Sli Tiffin snrlnit bikers
IHilent, spot Stt 21HU Ml sprlnu. patent
mill shipment lln .inn in s, sprlnx. fnmllv
brands, lit ffll Ml, f lt mills iholco and
fancy patent 111ftttr.n sprint patent niUI
nlpmnt Jtn r.O. stralu-hl 111! HlH 1" -
lialenl JIO 2S;iil Ml
till! ri.Ofll we unlet but -teadi Quo
tations st I!' SOU IP 23. ua to nualllj .
In.ilillltj to get tnrrchiindli-o and ikllv-
(iATSn."ints 41.S.-.7 huahela Th mar- MTleM pinnipllv. rmrt iiiuiiiiiaeiun-i."
JOHN H. MASON
l'otmcf l'lillnilclpliiit nevvspapcr
man, who will become pi evident
of tlip Comnierciul Trust Com
pany of Philadelphia in January.
have had a good season and are well, TnllV II AIASfiV THfiSEN'
j "Johliira of knit goods lite nlto well. HANKING HOUSE HEADj
Kold tin and there l u scurrlty nf certain
grades nf mcicliiiudl'o mid they btate , Xnmctl bv Directors I'rssiilcnt of
tmit prut-a lor tno comiuc
PROVISIONS
H.i'-on ate
rtraddv ailv.iutlng
Thfte niipe.iis to he isinsldcrablc ac
tlvltv In the hardw.no lines, purihaics
lepK-entuig all grailes of in.itrrl.il. and
I: Is believed that the lunount of bU"Ill(s
being doiK will about equal that for Sev
ern! veirs previous, nnd it Is liellcveil
that tlo present condition will conlhiuo
throughout the winter M'.ion 1'itecs te
mnln Ilrm and lollectlntis good.
Tho lion and storl in.iikct presents
no special featuies mid pruductlon con
ilmiM to l.o Imiimered liv slinilnge nf
Commcicinl Trust Company to
Succeed T. DcW. Cuylt-r
roiiRiGN i:xchanJi:
'.I S OP.tC Uec II The feature of
tl u fnii leu nvlianso matket In the earlv
ilealliiei tmlav wan nn luipiovement In i hr-o inoniha uco ,.,i.i.. ,1..
.. i ..... ..... Hlanlou li I i otnpn -iy, moninif o
l'ltneh exchange t; telling wis veil hold, nf 3 oei -ent. wW Jnuar i to
imi twist tnui: an easier turn, iiu-iim?
who at .1 nih uaium In all descriptions
ejuotations wen-:
Iie.iinnd i.terllng 4 73 0-10, rabies 4 70
T-1S .slxtj-dav bills nomlnilly 4 "t'i,
nlnutj-uov bl'.la 4finUWICJ'..
l'lnnc cables C71, rherlt " T S ' i .
l.ili- eablc-i 8n2!j, ihecko R".S'..
Mvlhs nibles 4.32. checka 4 ".I
tiulldei eahlos 14. keeks I31.
renetaii ia'ole- -'I 17. lieel.s Zi 10.
liable cables 15 in. cacol, 12.14
I Muil.liulni e.iokn J4. -hecks IJ1'.
I c'lirl-tlaul.i lables S3'4, eiieeks J2"l.
t'olienliageii cable ."'J'j, clivcltg 32
Bearish Reports From Sc
era Spot Cetite3 Lead:t
nnnorol Cnllini
-rirr"B m
C tll-THX Hi;i,T 1VE.TIIEK COM
A NK1V.1UKK, Ie. 31, Tin I
teinnernturea wera veonled In th
lielt Ihla uiornlnrt Asherllle, Stl i
oiiicauoo.a, leMviuia una av
.vimniu, aranna
ton, . :i .Merle
illrmlnichani, 34
lelcsbi
Hmii
sarannah, Ralelth nn
'an
i.n aionurainv
Oklahoma tMl
l4i i;
His 1 Mobil. ThoinniTllle ami .
asi Abilene, 40i Fort nmlth,
tan.
, itir, an)
tie llork. Irksbur. and
Memphis and Nashville, 4ll Til
Nan. Antonio, 31i rtherereoort. 64
I run r-uiiin, ,
and New tlrWMMsl
ineslilint of the
licservc lidiiks' Dihcount Ratrs
cifll ii! rat. a of dlsrouut for enrh of the
IV tollows
Days-
Thero was a fair Jobbing demand and the I fuel and dllllcultv In proi tiring tiunMior-
general market rule 1 nrm 1 uru. unwver,
was sllclitlv raster ei'lotatlous Cltl beef,
In sets, smoked and alr-drl-d. aie. western
beef, in s-ts smokul, :i.1c, cliy und western
beef In knucales tiinl tenders, emoa-d and
Jnllll II. Mason,
Cnnimprilal Trust I'ompany, has bcn
rlirison liv llio itn.iitl nf cllrpi'lnra lis nrcs
Ident to succeed Thomait leV'ltt t'uvler, I twelve Icdnal districts .ir.
the appointment ueconiltu cffei tlvo .1. ul
nar I. .Mr. I'Msler, hi letlrlng will
btinmo the ih.ilim.in of the hoard, a
newly created position vV'v.nik
Mr. M.isnii. who vas bniu in New Phllart-lpMa
York ii. 188. is a foimrr I'lillodelphla uiH.mon.i .
lft or
li
ulr.ilf-IJ. Mfi I ... f linrw. S4.", oork. family
kllfl.-ij. lain-,. . I' cured loos' -J1i.i
ano. do. salnned lnoso -Jii,1(2Si,c. do. do.
smoked 2S'35i2ai,ac other hams, milked
rt r ired. as to I rand an I nverag'. nd'j
.lie. hams smoked w-stcrn cured Kin fee
lH-UKpatirr man lie entcrcil the service
nf the company when It t-lnrtid 111 liusl
nevs. IMirunrv, l'.'OO, ns tiller
fler tin- iiincndiui-titH tu llm federal
tl. ., 1...H, ..f r.XU Illlll lllllMlieil IllOlllll'l
I'lanlt uro operating lu full l"elty
when blo to do mi. anil Fomo have ,con
... . . . . -1 lit.. 1,1 l.ir-1. nf
Cl I hlo U.v lug Is -nrrp.l in Pig U-scm- .. nl the MM wsMon of Con
lef i,.o mictlv naiiuf.1. tutors nre grew he was a stn.ng ndvorate nf the
rn.i I.m iinoti vi "" I'hll ulolplil 1 mist c-oinp.iiilis entering
bu-i.iisiilHOhhliivariis l'.nYral It.-ervc- siHtem The sev-
liciiisi- mil hills lMiwi-d at the lint i-e sicin of
Atlanta
I'llluiKil
M Lou's .
Minneapolis
l.'nii-as t'llc .
Dillas
San rrulnlsto
ewer
11 1111
to no
t'3
4'i
'l
t'i
i'.i
civer
in up
to !io
s'!
'l
i'l
iii
pHlllQ
RANK CLKAHINttS
cleariturs todas compircd with tor-
IkiuU
:io do H,lle,l linu. I. -a l.-O picnic sni.u - a good VOIIlll-- ." . , lv,m.h,inl,l l.tgls'l,tUIO Worn nf. r-s.ii.in.. .. "1 . e-.-
"':" hHuVsTi'Varci'oVdlni':' 'er-g!. jiold Miivhiltlo- ami c, n- rt'J lo J0I01, ,,v ,, Ho H u .tmuli M.ppor.or l1nl01l n 4ns"V,, vk.1 wUlM
loos. s.lc lirVakf,,.! liacSn ii to l.raii.1 ..nil In eonnertloii V . ,L m. well.0111- "t the model nUatlon and broadening of lull ". J. ji.-'l ,' '.' Ui; VJIJ T.P.;; 711
average. . i r w. sterile ur.il.roc Uru. llll(i (oU.cra nnd lilnlbis i- well-em ,lllnK11K 1 ,, r P, nnsv Ivanl.i , Y' '. TxVi li li t?.'. I? 'ili
XCtfW, ,.K,,;"ur-SVfl? lT.-rfni:: l-lovcl .,an,ir...-t..rersa..-h,pv.tH.igh .,. ,, , ,,,,. , f Ml-.- ...Jl.JJ... 1551..!... M ;..
drn.l intleri's '.s'tijiio ilu do. In tube, sinultv of labor und mate 11." leiaiu-j ,ulkil In tlio liiivoi iniieiit eervloe - - -
-I- f.i n..
orferln." wen small an I the market ruled
nrm on a bals of 1.1'.! 3-ic for cstru lino
viranulated )
DAIRY PRODUCTS
1th
deliveries
collections
The htovci
Pi ies 1110 lenoitcd Hi ill anil
fall
Ir.ieli. Is bus.v I" "MM'
OUo-
K.mK the iiintlnuod . ild weather hav-1 mmpalgii
lag l.irKel.v Mlmuhited tho demand Ho wa
theiefur Siipplemc ntar.v
liaratus is nlw moving
w.ih Hoivcti ny air .iiusoii who huiMti-
tuteit viumeu an telle h mo has boon
ae-llvo In the V M. i'. and )lel ('rns
Hinpalgns
lor many veais a piomlnent
heating ap- nUkitir, having neteil as c'aptaln nf
freelv. Julibcm the iiiiernauonai learns in i.iiginuil
...! .,ll, ra nr.l llllSV HI!" lUUIIUM'nusi,. - - ,., ,
mo operating nt full e.umelt.v 1 rle a ,
uro iepoite.1 steady and collections fair
The wlo leather maiket vont nue- ,
nclho and prices nro Head;, iclawci
1,1.1 Is lu demand and prliis are 111 111
.Munufaeturers aie operating chUlly cm
Mine dealers report taico in,
Tlieie nas men
vldend
no a-
ers of rccoid DeieiaWr ,11
I'ank of Vliorico. New orlc u.uil semi
-innual of II per ceil pijablo Januar 2
to 1 older!! of record loil-lj.
Import, r rnc 'Iraibrs' Vatlotinl think.
NVv Vnrl . psml semUnuuil of 12 v r cent,
tuvuMo JnlUKlt 2 . .
lleec lluiinn HoM Hrwlic Maihlno Ion
pnn, usunl juarurly ot 11 per cent, nav
,.b,e lanaar' 15 10 holdira of record Janu-
inrirn-.-'rnii I'utlon Hole Siwlnir Machine
eomp.m. Liu.il iimnerlj of 1 per teni. im.
rble Jaliuai) ,5 to ttock of record Janu
m 2
It.. 1 r.ildlrj ?tiieluno t'ompinj usual
tl'Utlellv of 1 l r rent, tellable Januar)
1.. to IiqM. rs cf rccoid Jnnunry 2
llflTUIl run. woods were rearer.
.. .. , .....1.. ... ...a, ...I. In.
1 HI..., ,'Ulir, ... 1I..II ,...'.- - ....
tatious were nn follow Western, soll.i
I uikcd crennurs extras "Oe. hlahsiorlng
l-nuls ,ilj..-,ji e;ra Mists ISStlllu. llrels.
l-iWIee. seconds 4HHJ( i ri amen held
good to choice 14'u lis- do ordinary. II t
4.1, prints nearlo faucv S4e- uvcrnge
extra. ,"lHA3c firsts. 4Til tc seconds, I.V
I.V s-clsl hrands Joining nt u.1ff."C.
l'dlis flue fresh eggs mi senrco and
the lnirlet ruled steadc wllh demand read
111 absorbing I h offerings The nuolu
tlniiK wire na folloua I ree c eses. tletlll'l n,.1.rj
flrsla. 17 loffl" I'l per ktnllelarel case, cur- y ,,.,,,. . r.,,0,1
. ..l..a ellA uft ..,. oia,u aaeinni a I :t .ill C-III 111 civ."'- ij 1-1 --
;fl3'w,tern'V;rA,iVr.ts "ttlliiWlT.l.uper u Urge Bale 'of lubbcrd during tnc
riso. firsts, Jill Hi seconds si 1 ..ul l... re- . , , ,..
y'KF'-H'or evtra. 112 per case iiria ?''."M ..-. ,io.,lers renort a
"ill in per llisi-, heconus, i w .v -. i i.." i-i i .......... - . .
rase, fancy seiicted igga wire joooiiie a' ' umo of business lor una pe-nou . .....
t.11Mlile per dozen . . I ,.-
clti:i:M: was In mode-ate rirruest, but I Jinr i11ri.n
nrle.s'were ttrmly held Quotations Now "Tho trado In domestic! leaf louaeco
ork. full-cream, fnno June. 20c specials 1 fi.,ri,lir .i, 1 ,Ht week has been nioder
Idgherf do, do. fresh. made, best -Jljrjl.c 1 ."'"'.," ,...i.,,,,i,Y.nel llldo tobaccos
do. do. fresh innrlc. fair to good, -.JO 22 Vie. j ate. rennsylvunla unci unio xonaceos
are hi fair request for good grade,
POULTRY I but prices rulo high. Sumatra and
MVK-There was a good demand and the Havana are belling '"-lcl "r, '"';
market was nrm Quotatlona row la, aa to modkito Ubes at good prices. 1 no inrKe
ouaiity 2.IHJ1IC roosters, nil., .iring , -i,... inanttfactliicrs aro fairly actlvo
rnirkens uecornng. 11, eiusiii : nw. I . ' , 1 ui.. ee im.ililn tn
nf M-aiclty nf
CarUnn Steel Puvs 2 V. f. Ktra
l'lTTsiirilf.ir. nee :l Tho r.irhon
Vleel i'iiiiiian li is iliilared tho tegular
dividual nf 2 pel cent and en extia divi
dend c f 2 per cent uu the common stock
pajnl'le Hoc ember 2 J to btoe-k nf record
CLOSING LIVi: STOCK PRICKS
c IIIIMUO. Dec 21 IIOU.M IterelPls. 2 -noil
lo-ml tomorr. w 2I0110 head Actlce.
llfteLO- Mule. - thill veslerdac s average.
Hull. Jlellnsetile.il: light. l", "MHlel r,',.
mixed, tit llllVli; 7ll, heavj. lie 0 Hi "U.
lougli tt."..lilisi lei o",
e'ATTI.l! licet Ipts, 7.'.00 lie.d. Steady,
$14 ::.". w
HIIKKI' -tticelots tlolll) head. Weak.
!DI l.umbs. til) ".
KANHAS riTV. Dee 2t fATTl.t! Ite
celnts 21M1 hesd .strong to 1 tlo higher,
lllHI.s IlicilptB, 0000 head. Market 109
I.V higher
Mli:i:t' r.nelpts 4H00 head Meady.
bOfTir OVIAItV. Dee 21 II0C1 Ue
celnis Twin lead VI irket utrio. higher
l ATTM: lleeelpls Unci .Vcllvce, aleacl
to slrom.-
Wlli:i:i' lleeelpts tnoft bead, steady.
Tunopult .Mininc; Reduces Dividend
The Tonopah Mining t'ompaiiy of Ne
v.uli tmliy declared a cuiartcrly divi
dend of 7'j r cent, pnjablev January
21 to iitoek of reeoid December SI Tills
Ishuc has heen nn a CO-per-eent-pcr-an-niiiii
basis for "mm time The dividend
reduction was considered advisable be
ciuibO nf the clecreane in eni nlngs and
the cash requirements! In eonnertloii with
the operation ot the BUbsldlaty com.
thrlstl, Dili elaltestan. 2,
sciv Yomc. Dtcti.i
After Hhovvlng a firm Jone durlnfjtkij
gi cater part or tne feasion under aurnm-
by trade Interests rend in aympathy tH
tha strength lu the stock market, CottMrf
huddcnly turned easier In tha lau dMlfi
lugs on bearish reports from south.!
spot cenlerf, which led to general Jwtteiv
lug. As a result prices shovred net
citnes ranging from t to 27 point
tllO CM. eftllU
Offerings Increased for a time aftinW
tho opening, but weto well Rbtirb4Jyi
nnd after prices hud sold almost elfkU'S
lioinis unaer last nlglit'it close, u
raiucii on rumors that Oermany had re-i
Jected the Itusslnu peace terms. ii
.Nothwlthstaadlng tho larger numfcofij
of Docember notices, that dllvery M
reinnvnii- lie,,, ill. 11. -,.. ..,. 1..1. . -.
-.... ...,,. .,0 OilCIIHCil uir1i
Ing to steady later Positions. DecemWr '
sold up t" 30 C7o, making an advanoe ets'iS
i-eveiiieen jioints uuovo last night ClOMaZ
and new high ground for tha seMUeJH,'
whllet January bold twelve potnU !?'
higher and later months three to four
points above last nlirht's closing Hoihii1:
Trading wus tint ueilta .i.'.VS
Spot houses and brokers were iriecleJ
...- uujcia ui .iircii anu May Mfccftl
there was covering by near monr.
Diiurce. V
There was scatteied southern stliW
at the start, but not In sufficient "xjsji-
111110 iu nuggese nnv weakness
oftc-rlngs from
ln evidence.
that sourco
December
January .
March
Mai . . .
Jul),
t-pol
Yeaterdaj's
eioss uran
SO ;,; ,10 mi
ll nil 2 tin
: III lu 211
2s mi 2s 84
2S.-.7 2S.1l
.11 111 ,.
were Uttoj
M
Iflgh t.ore
.'10 71 Sll.4,1
20 T."e 2S.4II
21) 3D 2H.B1
2 Be! 2S.S1
2S lit 2S.30
Spot COttM
with prloMi
tne onus ot ,
Liverpool Cotton
i.ivri'.poor,, nee. 21.-
was slow of sale today,
steady and unchanged on
22.31c! for middling, old contracts. 8il?3
Were 2000 bales, n ho Imnn-l. ...... aesS
bales, Including 200 hales Amerlttttctal
ti,ei,A ..... ......I.. ... ... ... . . la
. u.u,. ..viw licsuj 111 uie early aeej.ttj
niKe. um e-omruei spot prices wertl"
Amerle-an, middling fair, I3.S2d; asjai '
middling. 22.Mil; middling. 25.3 Id! l1
middling, 21.78d; good , ordinary, 20.7M:3f3
ordinary, 20.27d. ' VAW1
z3a
fair vnl-
oirks I'ckln
2.,rf24ci turkeja, 275l2'c, geese, 2.Vc(."ec.
guineas oung per pair, cl.-hlng t's(02
Ihs nple.e itVSieOc. do, do do, smaller
sizes r,0'(tl'0c do. o'd, per pair. 5a$eloc,
pigeons, old per pair. J42ue do, jouiitf,
pee pal- 2nff J2c
DIlKHSllD Dennnl was good and tho
market ruled firm under light offerings,
cjunlatlona follow Turkecs, fresh killed,
nearby, spring drv-plcked. fano, Dela
r nnd Vlarjlnnd. 42c., Vlrkliila and
VV.at Virginia. UHlJL'e, fair to good,
.'I' l .10c, do, fresh.klll.d, western eprlng
drv-plcked. fane. 31i(u-40;. fair to good.
3tyjse, do, eld toms, SlSiodc, com
mon. 24G?2Uc Fowls. U to hox. milk feel,
dr-picked, fancy, sepeted 30c do, weighing
4 e-a Ihs and over apiece 2aV-jc. weigh
ing 1 lbs. cpleie 2Sc. weighing ali
lis apiece. 27i, weighing 11 lbs apiece, 2.'.
Tl JC- do In bbls fano do picked weigh
ing 4lj lbs and over uple-ie. Jllv. weighing
I lbs. aplice, 2Sc, Ktuallcr slzts, J.'.'Tc.
old roosieri. dr nicked, 2.1. lirollliig
chkkens weighing 1 a ll-J lbs apiece, lirsej
fincv, aiftSfc Vlr.-lnla, fano Tlc:nk,
other nearby. .lOSf.Slc, weateril, 3ll'.1Ji
lloastlng chickens western. In boxes wilgh
Ing r. Ihs and mer npleee, .Inc weighing 4
4i lbs. apiece, 2!IW-"!'ai, wilghlng ,14 lbs
n piece 2.l27c. weighing 2W .! lbs. uplere,
J Hi 2114 c, do. western, in hbls , weighing
7, lbs and over apiece. 29c weighing 4tf
4'-i lbs apiece. 272Sc. weighing 3Vs IPs
apiece SUfSV. weighing 2Vj HI :i ll.s apleie.
2J1i 21110. Ducks, nearb), 2.'iW30c, do,
wistcrn, weighing 4 Ihs nnd over. 2M2!ic,
do, do, western, smaller sizes 24GJ7o
lleeae, nmrb, 2ilft.'Uc, 'western. .'It
rc eiulneas. spring, per pair, weigh.
Ing riH'irl n,s p,r rmir Mieiioc suial.rr
alzea. I10W70C. Miuabs, per elozeii, wlilte
vceljdilng 11 to 12 Ihs per dozen 1II3.1W
V. 1. 1. white, weighing ll to lu Ihs per dozen.
i'-fiJi".?-'1' white, weighing H lla per dozen,
l.'JJV1 1:i! white, welghlrg e ll.s per dozen.
w easu l -a. White, wetghllg IIKGW lbs. per
; I; . uark, jjci;... small ami
. i'Wlt.71
CHI .teilera nil UCeOUllt
l.elior. Tlio local retail trade Is b.id to
bo hi eood condition. Collections con-1
tlnuo Blow.
"Wliolesalo grocers report business
fairly aetlve, volume satisfactory. Deal
er, however, express elltllculty in ob
taining merchandise owing to congeb
tlon ot freight. ltctalletH report satis
factory bulncis Coffen Is cpliet, wltlt
but llttlo trading, no change In prices,
c-ost and freight unchanged. Tea Is
fairly active, with good prlecs, pattic
ul.irly for eheaper giadcs. Kugur Is
ciulet; lellncrs unablo to obtain raw
products."
Deecmber IJ I imnies
p iwnMtiiwiiiejiiiuftiiiiijniMiiiMiiiMiuwHyiiiMaHndiiMhiiiii iiihiiiimiimm, im a
i r "i j 1 1
! ll Do Your Bit ' 1 ' ;'l
ill I -..J
I 'M
B .la '$$
1 m
1 tfi
lozen
So J
FRESH FRUITS
GOVERNMENT UONDS
lll.l Ask
2a registered 1030 leilVj Pelj
2s coupon H'.l . l"i'n
.Is registered IU1S !m H(l,
3s coupon lilts no li'i".
4s registered IU2"i lo'l't to.
4s coupon 1U2i lul't In.
3a registered lOlil Ml ,,
.Is coupon llMil . . .- sn ,,
Panama 2a rigl-tered lam.,., lid
Panama .'a leglstered 1U3S ... lot .,
Panama .la registered lHOt,... Ml ,
Panama 3s coupon ....... so .
1 '
mo i.ti: i nu ri.ASsii'ir,nio y
1H1ATHS
South Carolina Klglit. Power and Halhvnys Company lias declared a
.-..," . nt .... ..m ....t,. ...nr,i..l .,n.l. ..-.l.l. t.. ...... otsmo I
..Hi-ewrT'-i-'"i,fci,,---,--.-,vvf,v.r "vrvei.'""' """" ri. tr-'! I
Choice stocg solj fairly and prices gen
; rally ruled nrm. O'jotatloiis Apph s per
till Jo lathau, t:.iil, :,). Km.. Hit:, 7.1.
N..r,tle-,.i ,?i HSUWS in Inenti-iunii.
"i "-'.. lJ-tJ-sra-iit.ji l.cro'c:, Onenlng.
H3n IJaldAln. 3riU.1: Homo lleautc.
J.! '.'u!i. '" tl'avinaii AVInesap. tltlHJA,
Illark Tlg. 11i3.1i cjapu. 13i I fill York
Imperial u r,.1 J3, 1k.ii Davis JJCV 2.1
apples western, per box Jonathan, 11 7.1W
-.-Jiv,n.,i 1'anann l! 7i3. Siutzenbe rk.
?.'.'''-.:".."''."!" Uenuty it 1n2 .'.1. f.
llclous 11 7if2.all. King. II r,ii(i J su llrt
'.;.. IU'UW.'."i0. htacman Wlnenjp fl.Mltv
2Ja, learmaln 117112 25 Newlov.n Pip-c3'."-.?1.'!.'-'
ll,'Hl 1'hur $1 21SI2 Ohiio.
J- -''.'. '' aBnlea. nearby p. r hamper.
..Oo'll .'.ei apples iicaiby. per i-bueliel
basket. ?3i-!M1.2'i lemons. ir ho ISffil.
bananas, per buscb. tl 2.1"f2 r.O. oranges,
I'allfurnli per I ox 2.1, in, oranges l'lor
Ida, per bo JJKil tnurerii, s r'orida, iKr
atrip t:iif7, grap-irult. riot Ida, rer tmx,
l.'di.i o, crupefiuli l'.,r'u ISIco, per box
12M In pineapples. Porto Illco per crate.
II. 'IU'i graoes, e'allfotiiht. Umpcror ocr
crate, tl .inetfs, tranberrh a. Jcrsej. p,r
crate, tl .VIW4 .11, cranhorrlea Jaraev, per
lbl "loci", atranberrl.-s, California, per
pll.l. 33flUc
VEGETABLES
The market ruled firm on chplce atock
of most description, but frost-damaged and
unattracttce stock viaa dell mid weak, Quo
I cllons. While potatoes, Jeisey, per ei.hush.
hus'cet (33 lbs V No. I, 7.1J')c; Np, 2. 41)
itelOc. While potatoes, per .1 nil Iba 1'enn
Olvanla. .,.2.1li72 llili Nnvc Vork, $2 SHU
2.40: western. S '..'U2 411. Sweet riolatoea,
Jersey, per S-bush basket (33 lbs Iloilso
sweets, o, 1 tistl.a'f: uo. o, 2, TOUli.iC. ,
barn awects. No. 1, 7."c3H, do, No. 2, I.OC" I
line, Uaeet potatoca, J-rssy, .per hamper -Ni.
1. Jt,f.02: .N'P. -J 11VI f.ieiy.
Ncnr Vork, per bunch, 2ofi!0e: Uo- do. per
Icrats, J2sn..iii lettuce. Horlda, Per ham
per, r.actn-i.on: , do. (.aiiroiTaa r-or box,
.Vs!'SI.21, do, Iiulslana, per bid.. $212 23
c'aulltloiccr. lairu" Island, per box. $I,2.1fe '
2.23. llruastl spruuta. laing laiand per .
at.. ISiclNc. Walercre.s New York, per
loo 'juncr.es. nyi 3o. Eg.-planl, riorlda.
per lsx. hue. eucumnera. Florida, per
hamp-r. $3Cj3. SouacL, Florida, ler erate,.
.' r.u3 00. Spinach, Norfolk, per hbl .
13 noon Kale Norfolk, per bbl , St. son
2.60 lleans, fleilda, tier hamper, 4J aOty
A. Peaa, Florida and Vliclnla, per hamper,
I303.cn Peppers. Florida, per crate, tilt
7.B0. Tomatoe., Florida, Per crate. 13 23
?S. lurnipa, ranadu, retubagaa, per loo
lba, one V (1. Cabbav., domeatlt, per ton
JJ.1t? 3.1. do.. Danish, seed, per ton ts&tt
4.': do, rioilda. neu, per basket, J2JI2 21
Onlona. New Yolk nt.d vestern. per luu-lb.
bag No. 1, IJ 23(18. No. 2. il 01.40. Mush
rooms. Ier 4lb. basket, I1.23tj2.
NEW YORK nUTTER AND EGGS
XR1V YORK. Dec. 21. I1UTTKK Its.
c-tptn. G404 tuba. Market steady tu Ann.
Virata. 4ttttNtei seconds, 4143e. Other
auolatlona unchanged
lluie lleeelpls, 3J13 caaea Market ur.
asttfed. Kxlrss. (lOUaicl extra firsts AMdl
...-- . .. A -.-. ..:,...-..'? . -
avci nraca, oowaeei sn-gnaf, ujwoool IO:
pecvii, nan wsm-; m-isis ursc.,
HAltl'i:it Dec Jll. at the I esiilenre of
her daughter, Mrs Hartman linker. 1232 h
41th st Mrs 11 D ItAIIPk.lt Relative,
and friends Invited lo services. Hit , J p m .
i.l th" Oilier It. Hair llldg.. 102U Chestnut
st Jut prltate
STVVIel.V Dec 20 JOHANNA, widow
of Ptlrlck J Htnnton Itelatlyes nnd filcnds.
nisii Illce-r.l Vlrtlr. Mary .-cdilltj, Learue
of bacred Jlenrt invited to funeral, ."ton ,
SA"," in.. Um Hiandvivlno at, nenr 11th
ond npilnj cat Jen sts folemn high riouiem
m!''"i-!'! ,'.,lVLr',h Vr,.A"umUon 10 a. in.
Inl Obi t'ntheilral CVm
Oilier llrilti Notices oil Pace IS
. IH.II' VV.NTl:i VI w.r.
H.vi,Kh.vii:N ii jou have noli insurance,
books or vacuum clenneia. nu can sell our
lint, uood money t good men. -l.o seuril
oiii.B niei. wli'i llttlo cxp.r..rco Judion C
lhjrnshieles (-o., litis VVilnut at.
Other Heln Montccl ,Vds o m "l'neii 1 B
C STANDS FOB Jff
v OrNUINE Ifj
smmL
Iuour TwiDE. lumnj
Nitl EVERY BWZ
What Phila. firm
has need of a "live
wire," a man well versed in
-jeneral business methods, ao
Sales or General
Manager?
Experience automobiles,
advertising and insurance.'
Exceptional, unquestionable
success in each as executive
of ronjpany in c ntire charge
J 448. Ledger Central
MONEY
r LOWEST
I W RATES O.N
IA.1& GOODS
OF VALUE
FRIDENBERC
MwiirArch)
IkawceJ Aa
7 N.liaT(tnrtArth)
I-
Help Conserve the Gas Supply
of Philadelphia
The United Gas Improvement Company has made an
appeal to the public to help conserve the gas supply. TJiey
urge the general use of Welsbach Lights and Mantles be
cause they save gas and give good service.
Welsbach Lights and Welsbach Mantles
give more light and use less gas than any
other lights and mantles on the market.
If you are using open tip burners for light, you are using
three to four times as much gas for light as you need to use;
you are not enjoying good light; and you are paying three
times as much as you need to pay.
If you use imitation mantles, or broken mantles, you are
wasting gas; you are wasting your money; and you are not
enjoying the benefits of good light. ,
Begin today to do your bit in cutting down the w.aste of gas.
Go to any dealer or the gas company and buy as many
Genuine Welsbach Lights as you need. Make sure you arc
using Genuine Welsbach Mantles
"Reflex" Brand, 18c; 2 for 35c.
"Yellow Label" Brand, 13c; 2 for 25c.
"Green Label" Brand, 10c each.
The name of the Welsbach Company is on every bav-
With Welsbach Lights and Welsbach Mantles, you are
conserving gas for lighting to the utmost Your lighting
is costing you the least possible, and you are enjoying at
night the nearest approach to daylight, with the warmth of
sunshine.
There is a Welsbach Light for every use. Every genuine
Welsbach has the Shield of Quality on the box.
Your Government Says: "He Who Wastes a
Crust of Bread Prolongs the War"
i
y
t
.-ii
1
io -1
&
K
H-fr
"' ITi X Ntsi. Jr'- ?ff'1 -Vv"
i "-(,r . rr. r '''
f
.y
:xdmi
'f--Tr' '.-"