& i? Evmim rqKnro KEp&jaRPHiBmE & NEWS OF THE FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK PRICES 1 v (-!' - nK"i r Investments That Fit You A difficult problem utth the avcraRe investor is to determine just the kind of security that meets his particular requirements. Our current offering of bonds and short-term notes include issues suit able for all classes of in vestors, and we shall be glad to advise you. upon request, which of these arc best adapted to your nerds. Ask for r n-isn The National City Company Cerreif undent Ofitesinll Cilin Fkiladelptiia 14ZJ tttilnot St. Telephone S I m ,t JJendrShort Term SattAccrptnnrr STOCK PRICES MAKE BIG GAINS AFTER REARS STOP OPENING RISE Seavlan McAdoo's Hope for Lower Taxes Chief Strenfjlliening Farter U. S. Steel and Bethlehem -Short Account Larjie "IT' Stron- Si 1 1 New Vnrlt, N11V. In The xioi U market, ufti'i Ihiiik RiibJertPil 10 lipnr nttncU unit Ktistnln Iiik n Rood innniint of Iliiuliliitlmi ilurlni? the first limir, became extremely Mronsr, with Ipinui.t nillles from low levels liulli-ntliiK thnt, while pir sui'r hml hern pIi,iiiIpi1 fur both lonpr nml short account, the supply had cone Into .t rutin hnmlx ami tin- .spot-ninth o situation hpcnnu rnillrnlly iliaiispil. Thrrr- hail lippti iile movements In all Hip lonillnp. Issues, both .it the (ipetihiK and durum: the II mt hour. 1'nltoil States Steel c niiiiunn made a Kinn of I ', to mil and (hopped lo IiW,, with an aih'itn'e befnie noon to 100'j. These mo rmonts Inill eiilpil the i-h.iiaeter of the Keiipral market ami the varied market lone, with the manner m which Ihe market rallied, lmllrnttne uneMiPcteil stteiiBlh. Announcement l Seiielar .Mi-Ailoo's eieetution of iiccompllshlns a Milistantlal reduction of la.itieu In the new revenue lull was the lead me. bull factor Kethleheni Steel "II" as ei'pp:iotiall stimiK all tliioiiKh the first half of the duv. iiuivliic up mole than l points to CM;, anil there was ci.nlimieil Bbsorpllon of Southern 1'acltle by lmnklnu interests which made that stock hold .1 nam of more than 1 point, with its price runping aliove I OH late in the forenoon. Marine pre fei i'-d had an iiniis.iallv wide swltiK. Stat tine; with an .iih.mco of m than 1 point at 121ni. II diopped to 117-.. but was Minn wi II nbtie I l The -iei ul.itiM- eliMiient on the floor h.ul taken the bear hle at the ,.nm and had loiin.l .111 ei u-e for 1 aids in reports tint more mi mucin in. .no 11 11. .iHmii - wile to he imposed bv the bank tnonev commltlee l.ow u 11 c- lin.MMf induceil 1 on-uieinhle bin ins. nun h of it min im, fioin ihe Miunni'-t intere-ts on tb- Street, and the net ipmiIi of the. ,, .I,,',,,, w.i-. 1.1 m.iti n.illv im rense the already l.tr- -hurt account. iDniiiiiiiBiriiuiiiiiiiiniiiii Investment Suggestions We have just prepared 11 circu- j lar listing !).ri attractive bond j oftenngs, including: 38 Municipals, 15 Railroads, 20 Public Utilities, 4 Industrials, 7 Foreign, 11 Short Term. Tho rate, maturity, pi ice am ..:1.1 e fl.nc-n I.. ....I.- ,i ... i SS &A A t AFTER POOR START ; WHEN SHORTS COVER bonds aro IrcaHnvestmenttf for , . 1 Savings Banks andTiu-t Funds. J Nctu York Stocks 1 ! CORN PRICES STEADY COTTON PRICES JUMP Sfiul for n eoinjiliiiiriitiirj) cnpii S Trailt' I'llZ.lffl ()er Situation of thi!, circtilnr, .o. .-;.'. g A. B. Leach & Co., Inc. j 115 South Fourth Street 3 IIIUililiaiBliilllibllllllUliiiillllllililliillllHII'illlMUf ami Sruliini'iit Is Divided. Onls Ka&irr - a-ier. I ii'- ili, -itu.ttinn and II What securities s a clnts arc essentially peace slocks selling abnormally low becoming active marketwisa advancing in price. tVri'P "' boollrl itwllf l-i fnorniufioit. tnpcllnr mth ilnlit on individual flirh 0 thr rli yours for tlu tinkintf no obilirt. Uon. Clip ml or mmtion l'S-ir,, fffflOT&lljEERS Mem Ik r C'cru. tf k V.x. of V. V. G28 WideniT Hlcli;., I'hila.. Pa. I'll.! Hell. Wal. inyOx lt;in 1080 Sew York Of.lit 31) llrirail M. iI!IVATU WlltKS AND eace a concise pandect on thefuturcof OilStocks and tlie coniins; OIL ERA. Send for your copy. WE SPECIALIZE in OILS DUNHAM &p P SPECIALISTS ! 43 Exchange Place New York I ( IiU-iiuo. N"v !" ii. 1 .111 iiiecui.ii -'art ilus miiriniiK ' . urn li.-c.illie llllllornil'- 1 li.nle u.is lilixzli-d im . -. 11 1 1 id. lit .r. dnld'd. ' Tin- uiceiit n -'hi I I"'' all l"n,lH .,1 11,0.1 anil I.H.d-tntTs 1- belles ed lo ' 1... 1 wioiik I as'c ""II faclor. but Is .,..... ..-r., 1 1 i,i- 1 In- liirce siiriihis In I .M-i,ntiiia ami tin- b-lb f that tin I . u.-h of -lii(iiuent- will 1 1 ,, rh 1.1 ulli III ,111-1 tloul 1 .11.1 ilial the 1 lose! nun lit n aBUinst iich in 11 es. and th nc l bas not 1 -" nioi -I . , , ... I liieiinhiT Marl-.l at V I'i'j l SI I S U .mil. after s-llinc -it yeslerday's tlnal 1 irice of t IS-v. ib'clllied to $1 lS1,. I.lanii.irv opened at $l.l9ni to $1.20, I .iB.iiiim SI I'.'-'i ' 'I"' ,ml .MSterdaj, .mil lecedPil to 1 l''- The 1-1 eel pt s here lodai. were lj" ears. ' sjiiiinientH frniii AiKriitina for the week I ueie -7s,ooo bushels, of which ir.ti.iino 1 Im.-hels were ik-bllned to the United I st.ni-s l-:poriM of i'ii n from ArBHitlna 1 to the I'niteil stnl es lor two w eiks ( .iniouiit to 250,000 bushels. 1 mis also became casici attei a steady u tirtn start. Xo ember oiieiud 1111- 1 ii.nm.-il at '!' ami declined 4e lie- 1 , . niber si u led -it To -i lo 7"-"-8c. acalnst I , n , ,i Hi.- i nd i stenl.n. and sagiji d to i T'l e .laimai- was iiuoti'il at 70 to '7,e at the ollt.-U, llK.lUlst 70 e .it tin- , ,., i- v.slerday. and later sold al Gli-'aC I in-' annals In u- today were 137 cars. .-.i i-iiieiii-- I10111 U it nilna for Hie week , 1,. luii.iion busle Is. Th,- 1.. '-mis ol wheat al .Minneapolis .:, 2.1.ri cars, imainst '-'.'17 cms last ,i- .-i t mini It 121 ears, anam-'t 77 latt .,1 ,ii ('iiii-.iKo '' cais. against 11. 1 ,i W'.imijitc. 722 cars. aR.ilnst 10G3 - t .-ai :-iiipiueiit from Argentina for the nock 1 -. ;;:'.:. nun bushels. 1. ,. hn,- ruiiir-s niiBJ a followm 1 mi 11 in- w a-hvi-rj 1- laiuiary. March and May Traded in at Limit of Advance New York, No" I r. TIito wiip a heay acciimulaiion in buyiiiK orders for tin- South and Liver pool account over niclit and. as a result. the openinc of the cotton market wan 1 l.n St 1.3U clone Hiffh Low p.m. Advance llutnely. 22 " 22,'i 22". 22'i Ailv Itiiniely pf... t7!i tHOtl .' fiH'i Alnnka l!old M. .. 4't -t.'i -1. !' Alnska .luncail... "J'i 2! 2' 2'i Allls-Chalm Mtg.. 2S 2f'l 2H 2S Allls-t'halm M pf. 8U. 81 SI 81 Am Agrlo Chcm.lOl'i 102U lUltS lUDii Am lleet Sut?nr.. 03! j CI fl.'!!a 0.'l)j Am Can -Ifl'i 40H 4G!i AnU Am Cnn pref D0!t DO'i !)0'4 fo'i Am Car & Fdry., S5H t-0 85 So Am Cotton oil... Wi 41! i 11 ' -H Am Cotton Oil pf. So o) "'i "'"''' Am ltlilo & I.ca.. 1 l?i lo 1 l-r Am If & f.ea pf.. 74.,i Tfl.'i 7M. "o' Am Intrnuitlonnl. MH TiU's "iV Cd'i Am Ico l.'l -i:i!i jo ;l:l Am Ico pref ,'i) fl'l " '10 Am lilnseed .... -II Am Unseed pref. Ml.'i S-'l.'i M!i !' Am I.oconiotlve. . lio'j Am Smelt Itef. ,VS SS'i S7; h.Ji Am Sumatra Toh. KIT'S 107 lOWa IDti'i Am Steel F'drlcs. 87! DO '.HI IK) Am Tel & Tel..-. lUU'i 10(i' Wo 10,i,t Am Writ Pap pf. I):i Am Zinc L & S.. V'i , Anacontla Copper. Ilil'i C!81 liS't b8. Ateh Top & S P.. Ull'j 00U DO' 4 DO 4 Atch T & S K pf. S9J.- W'.'i W'l S'.l.'j Atl.in Coast Line. IDT ..- -. ',. Allan C. & W l.ll'l't HOU l1 Atl 1; & V I pf.. (15J-J lialdw-ln Loco SPi M M ?' Halt & Ohio SS'i" ."''. oS.i .i It.itnpiliiH MlnliiK. 'i '-' ,-, llotli lnlimil Sterl.. li'J'i (il'j bl.'s Heth Steel pref. . . l!U'j . iti.iii sit rlnss I!. (117. li.'l b" 112 '1 Heth Steel S'r pf.l().1 10.". U'-' l"- I Hiklyn Hup Tran. -ll.'j -ll.'i lli 11". I llootli l-'lshelies. . 22'j I minis Hi o hers . .IIP 14!)1, IHHj 1 ID'j Hill to Copper . ...1(1' 1 I Halle ,ic Superior. 22,'i- I Calllornln l'etiol.22 22' 22! 22!i I California Pel pf. (i-'i Califntnl.-i 1'iick.. 17,'i I Canndliin Pacific. (i.V( Ifili'i 100 Hill I Central Leather., bll'j lil'u 01 ' 0I! Ci-iro de Pahco U. JIT'i -'IS 'l ;,s .Chandler Motor. . U)IJ4 11)2 ID.' M'2 I Cliesa .t tlllio.... 00.' 1 Chicapo !t West. 10' 4 1 'hie lit West. pf. 2.) 21) 2D 2D Chi .M .1 St Caul. -IH.'i 7,l)'i 4'J'i '.P, Chi XI .t SI 1' lit. S2 82'. M.' oi; Chi & Noithwn . Illl.'i Chi K I & IMC.. 2!l'.i 20' j 2D3. 2D. . c II I & r i'o pc. 1- C It 1 .1 C ,rc pf. 80 Chile Copper .... 2IT Chino Cupper "II'h Colo Fuel : Iron. .'iD.'i Columbia ! ,t U. ,'.D Consolidated l,las.lD2 Coiitlneiital Can. 7;i'i Corn I'rod Itef. . . 4s' CrtiL-lhln Stfcel . . . ."."'t Cuba Cant- Sugar. .T."4 Uulawaro & Hml. Ill New York Bonds 811 8R II! '.ifi US'i, 108 a 711 "D TfHi 7"j !ink 9DU 71'i, 74 Va 7!) 79 H 8 s,t. !!8Vj no it, yi; ',i i1 0lJ 1 hn si?; ni.'i jin 21 i 2m 10-8 -Hi's 4i)H :ip :id ::d .-(D.'j :iHi -')! j fsJ4 '"li", "17; i .Vl?4 ."'J'i ''0' oJ.'j 32! i laii 1 ,..., a-- III,, (tr nf . 10! - -Iromr. w-llh lVeeniber up OS tminis and; ,,,lu. jtmes .... IIS laiuiary. Xlmcli and -May tiadul In at I iiistillers' Seciir. . -ISN I I'll: I loin Coal. . . 20: 1 Krlo -'II File 1st pief ::i liaston V .V V- JlO.'i i.b-neral Flectnc. loo'i neral .Motors. .12,i Tfad- llrst b,- eonniieil I me unlit 01 aoanee. ;mj poin It was also- mc was liichl exciied The Ihst sale ot I'. ember was made at 27e. an adan.-e of I'd points, and that position immediately lose lo 27.7a. Jan uary stalled at 27. .".0 and ro-e to 2S.07, the limit, and transactions were made in .March and .May rtt 27.811 and 27.72, I'l-pectlM-ly. When the limit was readied in Jan uary excitement was high and It was necessary to Interrupt tho call la order lo leiiiind Ihe members that 28.0.". was the hiRheft Ihe maiket could pn. It was noted that there were few offerings even at the limit. As a matter of fact, not a hid or ofr-r was made for any month after .May. Some spot hoiise-e w ei e moderate sellers and there was a supply from trade in terests and Wall Street, but the demand was so lai-Re that the offerings were absorbed uuickly. V.-tcr.la '8 Tofla 5 tin- openiliK 11 V- .30 I,-ctlltx-r .. . U'll Ml 27 .".II --'-.li." MS .human 211 or, 27 ro 27 I. 2r, its Mlirrh . .. 2f 'o 27 71 27JO 27.111 Mn . 2.,. 72 27 72 27 Oil 27 on .lulv . .. 21H2 .UKUt . 21 2D i.p-.i High 1 21 I l-'i 1 IH'. 1 liCU 1 2o 7D"1. 70 1 1- I 1-', 71'. 70 .t. I J. .".II 1 lata I 21 1.21 bill', t l-'s I 2ii 1 10' 72', , 7n'-ii 1 t7ii'i New York Curb IMirsTIUAI.') niii :n -in 21'. -0 20 sii ,-l 711 li. ''.a 20 mi .1 ir, .I 11.-. 21 n: ,2i. -a t2iy.ll 2", !7 1 t.u... . .,,iinii.,l .IICI, MIMiNt; STOCKS Tli.VOI'Alt STOCK? It,. I A-l. IT I'' JUST OUT! ' FREE PRICE RANGE BOOK Gives high and low levels for October and year; par, capital and dividend rate for over 400 securities traded on the New York Curb ls7- for Booklet T-U Jill JONES & BAKER sr.ci itn-ins Widencr Bldg., Philadelphia Phones Bell, Walnut 1690 heystone, Race 2290 I .1 I'Ul.' t 1 . N.i.ii.ir , 1 .1 - 1 . -I 'i.,h K.-iiMiiii l iiii..n.. ..rth M.n it. ,i. i:u:,i u, KniJ ' liDI.HI-'IKI.H STUCK." Il-i I'i ' .11: . , r. 11. Kill it'..iii in 11 in. 1.1 11 1 1 tin- . I l v .111.11 ... Ol . Iia Ol ."I o:i . .01 smi.l Im-ii ' Mh.-r I'i- U . ... "J MtSCRI.l.AMMfS ,,,.i .. I'I lle.l 20 S. v..,l. U.. ll-l ,,S. Aetna l-;xplosies . . . Am Hrit XI fir . Am Xlareoni . . Am Writing Paper. . . Air Itedtii tlon . . Canadian c,u- Co i on Car & Fdy pr. . . ' 'liareoal Iron 1 'lievrolet .Motors . . 1 i'i, -imp 1 1 'in tiss Aeroplane . i itrwcn ' 001 Carbon Steel Ihnerson Phonograph, llfiidee XI fu . . . , Lape 'I'm Hoal . Li high Coal Sales . . Lima Loco .Maxim Xlunitlr.m. . . . V shipbuilding- . . . Nor Anier pan Pulp. . 1 His Klevalor j I't ei lu-s Xlolor I'oole Lug . . . Sel iptlH-IJnolh standard .Motors . . Steel Allojs Submarine St Joseph Lead Todd Shipbuilding. . Triangle Film... 1 'niled I'lodt Sharing l" S Steamship United Xlotois World's Film Wrlght-Xlartln Air. . . Zinc Concent Yr.st. elns,- Ask ialel bi'i 18), J'Xi 20', III)', l.i.'i 17). '."J'i 1WJJ :;:i-4 :io'4 i:i.'ii 47.j 2D?4 I i;. ; a:i?i :jd'4 1 ,:io 1 1 lull Lew n in JB82000 Anglo. Fr f.s . S, iifiS I'fiji 27000 Am Tel Cs. . . Ifl.T.fc 103 HUH 11000 Atch gen 4s.. 88',j 88 88 4000 Halt & I) ts . Sfi BOOO Ilraden Cop (Is (IP, 21100 cen im NJ r.9.io8'n 4000 c 11 & q ts. .. nr.j, 1000 Ohl I & W 4s. 70 15000 Chi XIII fc St V rfd 4s ... 70 i 17000 City Paris lis. 9DU 1000 Pen & u 13 4s. 74 'j 1000 do 4Hs 70T 0000 Pom Can '31 . . 08 '4 2000 do '2ii .... Jifi'i 10000 Frio copM 4s . . Ser.D ' ''"'k a7"s a"-, 11000 Kivh Hep 5 '4h 1i3 103i lO.Thi .100011 Mi.d & XI In Ss. SHi 21 ti 2 1 "i 1 lonn lowa Cent ts . r 1 r,i r,i 2f,oon interb 11 T r r,s S2'2 2' S2'4 2000 Kan Cltv T Is.. 83 S:l 83 lOOit Llg & XI T 7s. 112 112 112 ltlKIIIIO I. Ill llond 3',4. Oil OH-')" IIII.IIS 128(100 do r Is 1X1-30 011.20 00.3H isnon do im i . Dii.no iKi.io on.r.o ..;innn do 4i, . 07. ki 117. in 07.KI (1000 do I -I !,-.. 08. HO 08.7K 08.80 340000 flu 2.1 I'll 07.80 07.71 07.80 20000 do llh I ','. !.( 08.011 08.00 f.onOXIo I'ac gen Is. or,, r.ri'4 BBT4 1000 N Y C:ll OS . .102 102 102 3M000 do 4 ,i,s . . S7 87 87 10000 N Y Itwe f.s. . . 21 21 N 21 HOOO Nor I'ac Is.. 88 ', 88 88 2000 Sea A 1. ad f.s (III B0 00 1000 South Uv gu In 70'a 70'j 704 13U00U LT K of ('i H .1 I B'tH II 101!).102'1h 102 102 5000 do 5'js 11)21 !I8',8 98 08 3U0II W I'tllon 4'2S!I0 '.10 .'() MONKY.I.ENDINO KATES Xi:V VIIIIK .Money on call, mixed collateral, opened today unchanged at 0 per cent 'in Industries, tin- opening late was fi'j per cent I'll It. A 111:1. I'll I, Call. 1; per rent ; time, 5;,i 111 n per cent. Commercial paper, throe to -i months, 51? I! per cent; six months, li per cent. LONDON -.Money Is quoted at 3'', percent. IiIfcoiihi rate, short and three month bills, 3 17-32 per eenl HJHEICN EXCHANGE New- orlt, Nov. 15. Tile foreign ex change market continues to rolled In dullness the slowness of cable service. Todiu . neutrals irenerallv were tinner in tile ,arly dealings, while sterling and francs sh-ided somewhat. Oiiotations weie: Demand sterling I 75 15-IB. cables 4.7B '.i-l'l; sixty-day bills, nominally, -I." I : ninety-day bills I 72 Franc cables 5.11. checks B. Ifi. Lire cables B.35. checks C.3B. Swiss cables 5.01, ohecks 5 03. didder cables 4 1 n . checks 11 :. Pesetas cables- 20.00. checks lii.iin. Stockholm cables 27.70, checks 27.40. Chti-tlanln cables 27 30, checks 27. oa. Copenhagen cables 26.00, checks 20. 00. The reaction in ruble currency con tinued this morning, with some quota tions down to 223!. About a week ago as high a- 2.C3 was quoted. Philadelphia Stocks Net Mali Low 2 p.m. chlje. SO Halt & O. BHti, S8V, 88 . . 210 (Jen Auph 354 ,14'H alii t 30 do pref 10 10V4 7014 - V4 30 Ins C N A 20 30 30 - V oo I.k Sup ( 18 17154 1 10 Lett Nav. 74 74 74 40 Leh Val.. fl V, 0314 nsVi Ifc 308 I'cnna llll ui 40 10 'A 3B4 Phlla Flee 2fli5i 20 1KV, 100 I IlTtc 37V4 274 tlVi . . OTon Xlln. 3J4 sy. n'A 155 IT C, I... 73 1sr, :3iy, 14 HOB L S Steel. 100 00 100K, 1 180 w Cramp 8,1 8S 8S 2 -flONDS Sel Mull Iw 2 p in ehge. SBOO Ang-F 5s 07 07 07 BOOO Con Tract N ,1 Bs. 00 no lid 3000 Lake Sup hie Bs. . ,1,1 ss ;,.i 2000 Leh Val Bs w I.103V4 103 ' WIJ',4 t- 0000 Lib Hands ' 1 1 ll 4 i II H 08 08 2000 Uead-.Ier Out Is 8? 1,4 87 Vli 87 '4 . . I'HILA. INACTIVE STOCKS Following are quotations for Inactive slocks listed In the Philadelphia Stock Ftchnnge nnd In which there were no transactions today. The price given Is tho last previous close: Acmo Tea Co 70 l.lt Bros ... 24 j Allla Ins .... 1314 North Cent . 71 Am Has .... 70 North Penna Ot A G War... 7'. 1' N It wrts.27B Am Xlllllng . 104 I'enna Salt .. 85 Am llivy tif . . 72 Phlla Co pf. . 30 Am Str pf. 00 1'hlla Co cum IH-ill .1 OT... 23 nrct 37 li Cambria Iron 40 Phlla It Tran 27 Canib Steel.. 125 Phlla & West B Cataw 1st pf B2 Uwys (Jfneral 2 Cataw- 2d pf Bl Tonopah Liel . 3', Con Trnc. N .1 BBC I' Cos X J.181'4 l.'oiirtti SNH.280 War I .1 S. . 8',i lit & H T.. Ill' Westmlil Coal 73V4 lit & 1) T lit. 17 W .1 .t .Sea . . 44 Ins CoofN A 20 V01U Itallway 7 Vi Key Tel pfd 50 -i ork llwyspf 31 Llltlo Schmyl IS LOCAL STOCK TRADING SLOW; CRAMPS MAKES WIDEST ADVANCE Financial lhiefs 12(r, 12.V-4 123' 1 (Jen Motors pref.. 8.'.'i bo's 8i.' 8j , (Joodricli I! F Co. .11 .1, 'i .n't 01 u Goodrich pief .I0:;.'.i ... Ureal North PI..IU.' U' 10- iu- HAiNK CLEAIUNGS ; ml. ' N nrlniri tnday cninpnrpil - 1 1 ti i ur rfsiiuntlinrf il.iv . tst two jars: utis nil? inn; iMiiia $77.r.r" ."is.-i $v,T,s7i.r.;s iru.riiis.ni HoHtnii .". I , S l 1. 1 ."d I lis.rilMt.'Jiil :0,7()7.77)i Ionliuuc Present Price of Hops rr. ,..., Vov 1 Tlifi fnntl nrlmln- -.... .----- It till It 9 I IlllUfi"! -. .. m. w - - - --. -... i:t N ctfs for U n ;i:i) ;JI.'j .1.14 o.il4 i ist mtlnn in Washington announces that Greenu-C.in Cop.4. WJ ,ft M'i iilJ- after consultation with tho subcommlt- Ilaskell & U -Hi' Ui.'i lli.'i -lO.'i'tee of the Agricultural Advisory Coni- insolritlnii Con .V"i oi'i ol'i jli mlttee. the special swine producers' rep I llh ' n i 8" J i'i 8 'resentathes. and with the packers, it Interhoiough Con. ,Vi ." ei "',ilaH ien arranged that the November Interb Con pr ...., ... . i priCe basis for hogs, at $17.50, shall con Inter Harv iiew.,112'4 U0 lll'i I I-l: tintio through December. Inter 11 pt new.. Ill ... Inter Xlcr Mar... 30' 4 20.', 2D'i 20! Inter Xlcr Xlar pf.121);. 121i 110 II!) Internat I'apor. . . ."2;4 Wi :.i X I11tcrn.it Nickel... :i2J H2S ;(2'4' !2T4 I tit Hap Tr pf. . . . 82Ji 82 '- 82,'i 82.'j Kan Cltv South.. 22 L'l.'i 2I.'i 2IH Keiinecott Copper, .'ls 'lOO o? -J8. Lack Sieel 7F 72 72 72 Lehigh Valley ... 112 "-" Ufa f Maxwell .Motors., .is ..u's 00 .; 1 XIa Xlot 1st nf- bOJi (105 1.11? J0)i Xlax Xlot 2d pf.. 28)j 2S 28 28 .Mexican Petrol. .. lOTJi 170,r lt8 1C8 .Miami Copper... 27's 27'i -Vi 2'i Xli'halo Steel ... 13.' i -13'i -13'i -l.'Hi XII1111 A: St L new. 11.' j XIu Kansas & Tex. (i 0,'j li li.'. Missouri .Pacific. . '.".lU 21) 2!) 2!) Mi.-sourl I'ac pf.. bU'j 00 liO bU 1'llny Fisk, senior member of the firm of Ilarey Flsk & Sons, has sold his beat on Ihe New York Stock Kxchange to Kdttin I). Levlnson for $55,000. Tills Is an advance of $2000 over the last sale which was recorded on -November 7. Herbert P llnblnsoii has been elected a director of the Peoples Trust Company. The New York sublreasiiry lost $311. 000 to tho banks vesteroay. making a cash net loss since Friday of $433,000. Thai Issue Moves Up 2 Points General Asphalt Pre f erred and Steel' Higher Railroads Are Dull and Lower Trading was dull early today on the Philadelphia Stock Kxchange, but, following the higher opening on the biff Hoard, most home issues showed firmness. Oenentl Asphalt preferred moved tip 4 by the end of tho first hour. William Cramp certificates advanced 2 points and Insurance Company, of N'ortli America Rnlnod '4- Asphalt common, Lake Superior, Philadelphia rcieetrle. and Tonopah Mining were steady tmd unchanged. I'nilcd Gas Im provement continued weak nnd declined . Although Steel common scored an upturn at the start, rails were In clined downwnrd soon nfter the opening, Pennsylvania nnd Lehigh Valley, each losing small frrfctlons. Bond business was limited, with fourth Liberty Loan i'ts unchanged at 08. . . Officials of the Philadelphia exchange are making plans for broadening business In tho libpo that trading hero may be greatly expanded and createjj. interested created in tho local stock market. Jn order that the matter may bo carried forward ns rapidly ns possible the following committee has been named to map out the campaign: Albert K. Turned, chairman, and John W. Sparks, vice president; Roland L. Taylor, Cordon S. Carrlgan, Frank II, Bnchman and Charles H. Bean, president. PHILADELPHIA MARKETS PROVISIONS DIVIDENDS DECLARED P W. Wonlworth Company, quarterly of 1 iit-r crnt on nrpfprreil. moalilo January '2 tn Mock of rocon! Dirrinhnr in. Tpmih fnmtiunv, cunrterlv of $2.."0 a sIi.itq pnynldf Jecinlier tl to stock of rcrnrd Iiecombor 'J. - I 'tilted StRlcH OvpFuni Company, rjunrterly of W ti"r ct'nt on pn-f erred, payable Jtf--N-nilM r L'."i to Rtorlc of n eord Iieeember in Wdpral Jllnlfit and Smell Im? Companv, qilarterlv of li I'f-r tent on invf erred, payable Pecember l,"i to hto k of record Nn vcinlier -". TexiiH Companv. rtrular riuarterly of $L'.."i. payable Iteccmber Ml to stock of re ord December -. Standard OH ComiMny of New Jersey, res ular MuartPrly of ?." a share, paHhln Do oMijbcr lt lo clock of record November 110. No Change in Kcfinctl Sugars New York. Nov. 15 K lined suitars are unchanged ;vt Oc, less '1 for easli. IlawH Hro unchanged at Cfine. The In ternational Coininltttc yesterday pur chasoil 4 8,000 bas of Cuban for Novem ber nnd parly DccnibiM" shlpmentn at 1 isro v. f There n a fair johbtnu demand jind the maiket ruleil teadv Quota t Inn were an fol low. Cltv or western beef In aMs. Hinohfd, IKc: city toft. knuckles nnd tender, hitkikwi and Him-drlrd, ti'c; western bepf, knucKies and lender, smoked. 4e; beef hams, i.o; porK. Tanniy. i.i4rtf.pri; hams, . r. cureo. limP. 34H ft.iri'tr; do, nklnned, looxe, ."(Owe 3(Uic; do. ilo, smoked. .IHSSftc; other hams, pnmked. city cured, ns to brand nnd average. 3d'4 it Wtxk c; ham., smnkpd. w?t ern cured, riflt (B37f,4c: do. boiled, boneless, Mr: picnic shoulders. S. 1. cured, lensc, U'lHc do, smoked. gT'.&c: bellies. In pickle nerordltur to average, looe. 34c; breakfast bacon, a to brand and average, city cured. IT'c; brcakfnt bacon, western cured. 4T1 c; lard. wetern renned. SHij 'JHc; bird, pure city. Kettle rnd"red, 28 t(SI)r. REFINED SUGARS Demand was fair and th" market ruled firm on a basis nf p for tine. Kranulalcd. DAIRY PRODUCTS citunSK The innrkot ruler! firm under llKbt ofterlncs and a fair demand. Quo tations: New York, whole-milk, fancy, fresh. 33ffl33H'; specials higher; New York, wholemllk. fair to prood, fresh, W'A'lVic; Wisconsin, whole-milk, fancy. 33ff 334 c; do. do. fair to pood. 323c. POULTRY I, IVIi Demand was slow and the market ruled weak under' nccumulatlnc sup plies The follow Inrf were the quotations; l-'owl. accordlnn to quality, SSig'Ssc. Sprlnff rhlckens. according to quality. 23tg)2c. Iloosters, irocfftai'c. Ducks, 1'ckln. 32ifr35c; do. Indian Ilunner, 289BSOc. Oecse. lN3Jr Turkeys. 34i?c3(lc. Uulncas. younp, per pair Weigh Ini; 1U2 lbs, apiece, flil.'jri; smaller szen. 00c(fS."c. (Julneas. old, per pair, 75 Sdc. IMsreon. old. jt pair, 30tf35e; do, younsr. per pair 25(??30c. FRESH FRUITS Demanil ivm only modrrate. hut Vftlucs pro Blpadlly lirlil on cholrp ntork of moat dracrlptlons. Tlif fnllowlnir wern thp nuotnllonli: Anplps, New Vorlc. pr bbl.. l'nll Plriiln. M04..1U: Htiow. Jfil; Kins. 4.r,n(l: llaldwln. 3.r,()lf.-.2.-; IIubb.irlston, $lr,; Twcnty-ounco. l4W.r,.5ii; ,Orpenlns:, 4i35.:2.'i; various varlptlrs, $33.1. Applp. rpnnsylvanla and Vlralnla. ppr bbl. Ucn DavU. ts.noos.nii: Oano. 2.r03..-,0: York Imperial, J3..MI.r,..0. AppIcb. per -buhel ImnUpt, 4lc M.-S; do. per bunhcl-banket, 7r,cW$l.r0. AppIpk. wpatorn. ppr box, $L'.l."i 3.7.". Qulnrpo. -Npw York, ppr bbl., $5 S; do. do, per hunhpl-bapU, 2;i. I'par.4, NVw York, ppr busliPl-basket JeurrP Hoio, 35f3.r,0i Rhpldon, 2W4. Tonrn, California, ppr box, J3W0. I.pinnnn, ptr Imi:. li). Oranirps, ('iiUfornln. ipr box, $nl. $0 rinrlila. ppr cralp. 3iHr Orapefrult. per tn. Jl'.r.O',,", ,"(l, rinpapplrr,, Cuban, nnr crair. .-,l?n..-,n; do. forlo nico, pp? crate fr.Wn.r.ll t'ranlK'rrlPK .pry. ppr buiihpi. box. $2173 (lrappK. NVw York. per. 3-lb luiKkPl Concord. znRSlci Dnlawarp, i'4 k'7i-. (IrappH, Npk- York, por In-lb. baskpt (. oniTird. U.11.83. Ornpes, California, per box, J1.730I. VEGETABLES , Thp Kenprnl inn r lift waf, qulpt and sliowaA llttln phanne. Quotation; Wliite potS toea. KaatPrn Shorp. ppr bbl. No. 1 ia x W3 7.-1 No. S. 12 a. no. Whltft potatOM. Jpripy. pr 1. -bushel basket No.. 1. R5cS II. N'o. a. ,,07r, White Potatnps, JpJSS, and IpnnsIvanla. per 100 lba. Orerri Mountain. No. 1. 2.l;.-,W2.40j Olanta. No. 1 J2.1.W2.40; No. 2. 11.23!. 1',. Sweet pot.!: tops, Jerapy. per bapkPt No. . $11.1R No. 2. r.0P7rc. Rwpet potatoes. Eastern Khore. per bhl. No. 1. 13.73113)4.25: No. 2 2..'iOW3. I.pttucn. Npw York, per crate, 50o ffC$2; do VlrKlnla. per bbl., r.ncWIl.SB., lleans, Florida, per basket. $22.75: do VlrKlnla. per basket. 75c8$2. caullllower. I.on Island, per crate. 11,7302; do New York, per crate, I1W1.25. Celery, New York, per bunch. liiWSOr. Cabbacc, New York, per ton. $1(1 W 13; do. Danish, iseed.' nor ton. 11320. Onions, por 100-lb. bar Yellow. No. 1. $1.23! 31); whl(c. No, 1 N EXPERIENCED Industrial Service (Welfare) Man, with a record for getting results, seeks a change owing lo the termination of the war. Refers to his -present em plovers large corporation. A 25, LEDGER OFFICE. FINANCES ARRANGED For Additional Mnniifnrtlirlni; I'lnnts on Impellent Hltea In PHILADELPHIA nml Immediate -Vfclnlty Now the World's laillnc Commercial Centerl Several with wonderful Delaware. River frontace. All with fine train and trolley servlco and homo accommodations. f) 320. U:i()KR OFFICE Muniana Power.. V.i New York , rhlcaco ).i l'ui-hurcrh I cl Tn ui II .iri Boston I ''Prominent ImnklnK limie linn iiotl tons for Inu or three high-crude salesmen. In reply state nee, ex periences ana references, lliix J 231, Leilrrr Centrul. jManufacturer's Brand Represented 1 am in a position to represent a brand nf men handlse (prefprably a fuodl In I'h.ldU' lplii.i. IMma . and surruundlns liTntrr I'cr furllir details addrs llov A 13. I.edcer (lllice 3 I-'; 3 311 III n ion i',-2 in '1 H 8H " 13 3!) 33 13 III 411 '!h 1 3 '.. 1 I in 31', e.ii. li l' I (!.' 35 Mil H 1.13 : 31 K I 10 !i:i II! 3 3 17 i;u 311 K'!i It III il It. iVt iit t'ond & Cable. U'A Nnt Kiiiim & Ktp. 44 I")',1 N.-itional Lead ... tjO'i IIJ I Nov Cuni-ol Cop.. 19;.' II); 1 .S'cw i)r Tex & M. 'S'6',i ol I N Y Central Kl N Y N JI Ss II... .lb 2V4 130a il'A- 34 s ll.'i bl)Ji it' ll ! j 01 Wi 11! i I I'i :i:i I feOJi bU), ::'.) :i'j Vnrf & Western.. IIUU 10!) 100 ID'J Noitliern raclllc. 1(103, 100;,' KWi 100,', Oliiii CUics Uus.. l.'i!, 14 ! OnUirlo .Mining.. 7't 7,". 7; Owens Hot .Much. OKi I'ncillu Mail y l'aii-Aiiiei- 1' & T. I.(j5 Ui'i IHiJi l'an-.Vm V & T Pf.ll!) Pcmi.1 Ilallroad.. -lb;. -10 4!) People's (Jaa Clilc. .'ib Pcio Maniuotte.. 17. 17!i 17! 1'lillailelphla Co.. M'i Pitts & West Vit. IA', 3!IJ U!) Pitts & W Va pt. bl Picice-Airow . . . lo1, Plcrce-Arrow pf-.lO'.'Ji Pieree OH 17s-s Pittsbuign Coal.. 4'J Pressed .Steel Car. (ij Itv Steel Kprlne. IjJ i Hay Consol Cop. J.'!1, 'SJU 'SiJi ":iJi lG'i 13?I 41 7;, 'iiou 'in "17;, 17 173, 17 4'.ui 4o.'i -ma MU (U.'j (14! j I HI 00 00 P.t-adlnir . . b'J!i 'J0U !)0 !I0 77.' STANDAKII Oil. III.", 173 Kit 300 OH. STOCKS mr HP w I'lr.01'l.i:S Till ST (OMPANV t)l' i'im..iii:i.iiii Nov.'iubpr 13ih ini At n lnelinir or the Hu.inl nf Dire, i.,rv held this ilav, Mr. Ilerhprt r. Itl,ln lvda unanlmuiisly ,l.tl,cl ., tlirr. lor t.f th, Peoples TrUht I'oinpani Hlhl.IA.M II. VKOOMAN HcrelHiy .M'lXIAINOTM'IW " 1n" OIT'f'H UP THP, IIIIAItl) Ol m , l? IMtlN OP T.M. ( Ity Jl.,11. " I . . . . . 1 iinaoeipiiin. l!l!-i V Appeals from Hip nssesanientK ,t Heal, Kstatn In the several wards for mill and applications for the correction of IISTI- 1 MATED assessments for taxable personal I , property for the same year, will b hpard 1 Iiv the Hoard nf ltevlalnn ,,r Tuva u ,h.i. I office, itoom 180. west side of City Hall ! r - - )v.m. . - ...n.tt v , mii vun luuowini; ill. lliVI'ltTIMKMKXT.S Wanted Experienced Teller by a PHILADELPHIA BANK Kxccllent opportunity for man of ambition, some executive ability and f,ounil judgment; replies will be held .strictly con fidential. A 23, LEDGER OFFICE. ?' ')'. J If. 11 73 1.'! H 13 Win 1'H, ., V- "s I '- I'll i'i IS ii 1 13 II 14 ;ii i ! I I'i. li IT. 'S S3 13(1 ' 1 1h I '.A ri.vr hplureen ft n n, ami ?l '. t . .,.... ., ' ..,.. ' ... ..J ;. ' . . ... ..n.k.t.t l . ' I' I'I UTIIV V) ' Vsrds. tLSj tlrt'fard Letters testamentary on j - tWVi.l' T)?.Uu"',,V;r',"ni 1l!,.t,,,,,.n' JSlh.iaih. lhl. above estate haviiiB been Branld to ft. ' Hth. Illlh. 17th and snth Wards. Viii.- lllfivlllKNT I.IKIJ AM) Tltl'ST Kov. f. Krlday-lMh. tilth u,,d 31st' W..-.1.. ?' ',-as" t," I'lflLADn PII1A all .."sons i 5?2J iV Mwi1fy.-'?tl,f' S:i'.,f;,-,?,'.n Y'"'1 ."'ted to t.ie said estate are request,, I to - &?.".' 'iV 'J-l"; ".X-.L" ,1! ' LWa.r' ? .... . ZL? liomen.. and those l,aUnB .lain,, to tw- ' iV.fcl.i.i. ' "" """ l.reseni ihe snme, without n ;iay. at c-.e ,i, i-,i. ., m.i uflt. e "f eal, 1'innpuiiy Mi WJ 1 nesmut Sib, 3.th and ,ist)i ; J,"1 1.hli,1,i,.,hJ IUI. l'utJ ll'r 1 lll'l. rt.t, 1 in n . l I'All'A.NV ''!' 1 liii'Aur.iiriiiA. ' - 47lh Wards. '., . liur. H. Thuradur- H ." r ne..i. "r ' Vn. 13. Frldav llld nd 43d We.lB anth and 3IU11 ' ' , Ma-t. 18, Monday Sllth. .' .... 4.4P' Wards. -. 'Wtjr.M' J"' Tuesday 23d. 3.1lh -lint Wards. Ji '"'Jirw, al' Wedne'"la 2,i"' 3'11' "J ,'1"' 1 ji-' ASA S. WIND. President. Kxeculor. P.SIATH OP HIIIIKKT K. HAT . :i;n . ")"'! , . i ririt unmnTu is ivw XVMyj !, Thurl Siin, 0th anU 4th mi.Illary pn ih nlKive 'atP having bpon nlary or 11 n ted to the undfrrnlnned, nil pTonM In- '. -J.- pKov. 21'. rflUair-3th ami 48th Wnnli -, fw.iSl ymi&y V h 8th 9U aUd ,0lh.makr payment and thoVe hnvinir rlaimi to Cudahy 5s t"W" .i'v i"L' t. . .I..II .- -..- , uvim ui'i m "ui"-")! ,itu 'f nircj on or I'cuiorr zu; iuib no rnajiso vjii t ; flMrs-mf nt tor 10J, W-ta'IrjlJttfl tho Ifoard, ... . . " L t V'W ",'''"''" Wrk. I iVhted tu the imld chIhp are retjucrloj to tiiQKf payment hiiu muse itiitiiiu ' mil ..Ai ilm iti.ma n-lf hnilf rlnlav In "'" ' '" ' ADA It MaVsINU, 3011 IVst Springer it Or to her attorney, . , M AM1UHT T HAl-KltUB. SVU Commonwcullti Lids, I'dllKllS oiiiu . ...is:i ; Piairle Pipe . . . .'!H7 'Jill S O I '.i I 'HO "M3 S I) N .1. .IK IIS.1 ."' O X V 'iUH 30J imii;i'i;m)i:nt Itlll licit Oil & Oaa . l"l,8lfll & I'll . . i:iit Hasin Ftikr.il oil Inter Potrul . . . Houston Ol Mount Oil . . 33 Mir.HOht ltelillllia . 133 .Met Petrol I i Hiio Puel . Oklahoma Itef . K.itJUliia Itef Sequoyah . . . Sinclair . . . . Atlanta Hit,- la-dKi Hill! i' N VniL l 'on Allz . . K S e; .leliillle I'ilNl XatltHMl . . 2 (inlillli'lil .MerKor I (loldtlelil t'lilis rjl loldtield Klnnnce . . to (ioldCclil Kew.maa ... '.' I ireen .MoiiKtvr Il.ila MlnliiK . . . Ilowt) Sound Iiideiifiiilenre Lend .leioine Vtrilc Jim Hiitlei' . . Jiiinlio Kxtension Id AIcKlnler Darrali . . MiiKui.i i opiicr. . .Mother l.oile Mines Co of Am . . . Xeadu Wonder ... Xipistdnir Ohio Copper Ilay Hercules . . San Toy Stewart Tonouah lOxtenalou I'nlted Verde . . West Kurt Con. . . . WhltM Caps VeritiKloii IIOMIr, llcthlehem Eg nua, inn t'aHden Oil IJH si ha C'osden & Co. Cs . . lit no 101 llll K, tUHslan Covgin t's oil 71 711 Russian Cioveru 6',.h 7 71 7-; Southern Itallway 5av n nn Klnciuir Oil Ca its a , Todd shlpuuildlnir 6s-.t0I lot ., ay. Ki l"i 4 H . IH 311 til 10 II 10',i li 17 13 -. 331, .. 11 43 43 I li I Ml . .. 'k Vh 14 8 .. ')i Ti Wi 31'. a 1 11 in li". 1 lr. :ih so 1 l'l 1 h' I 3.8U 13 1(1 HI V IlLMiub Ir & Steel. 77 775a P.. nub !: & S nf. 'J'.),i ... p.oyal Hut tr rcts.llfr HO.'j 111! 110 i S ivage Arms .... (Mi 1 Saxon Motor ll!i 15 oi ,",', St I.oulu San Fr. 17.' i lU'i 10' lfi'j Seaboard Air L. 10 10', 10 10 Scab Air L. pf L'.IJj 13 '-j ,'(ij o.jii ShattucU-Arizona. Hi m 1(1 (, Sloss-S S & I Co. -iS); -18 18 -18 Sinclair Oil Refln. :io?i 3.j! ,'iji XiH I Southern Pacific. .10,'it, loGli 10j',, 105J, j Southern Railway. ;ij'4' ?,2 32 3a South ltwy pref.. 7:i!i 7:i 73!i 735.' ' Studebaker Co 05! CMt 011-j (H!ji Stutz Motor 10 ioii 45Ja 45i . Superior Steel ... 30 ..." ' Tenn Cop & Chein. 1 jJi 10 10 10 j Texas & Pacific. 2Ui L'-U- Wi 'Mi. Texas Co Ibi'-i lbS 187K lb8 Tobacco Products. 77 77Ji 70Ji 70JJ Union Pacific 133.' j 131 l.'KlJii 133i L'nlon Pacific pf. . 7.'i 1 . I United Alloy Steel. .'JO' I 3 I Unit Clear Strs..U'l 10.1'i 102', 10i"4 'JUS Hid Alcohol., liyjj Wi 'J8',' !I8' 1, I U S Rubber "Mi 7-'i 7'.' 72 1 J 1 U S Rub 1st pref 107 .. if U S Sm Rcf & M . 1!) -CI 1!) II) ; " " I U S Sin It & M pf UitJ . . . . . ; U S Steel !IMi HH) OSii J8'' I U S Steel prcf....lll!i lll'j lllJi lll'i I Utah Coppor .... MU bi? b.'ili bo'i 1 I Utah Securities... li'i ' I Va-Caro Chetn . . . Si'i j I Wabash lO-'i I0'i 10'i Kl't Wabash pref A . 3!?, 10 .III 10 1 Wabash pref H. .. 2j lo'.i Wells Fargo IS p. 7.j ... I Webtern Maryiu. jo 10 10 iu Western Paflllc. 23' West Pacific pf. .. 03 02.' j GltfJ G2Ji I West Union Tcl.V 2j 02! j 02,'-i 92) j1 I Westlnsh B k M. MH , 44'i 41 14 1 Wheel & Lit Kile. 11 1U lHi ll.'i, White Motors.... 471i I Wlllvrf-Overland .. 27V 271 2GJi 20Jj ' Wlllys-Overl'd pf. 87,' i b7ii SflJi 86Ji Wilson & Co 06i Worthlnston P 'r'u) 55 "'-' 55 I Tobacco, 5. Heading's Coal Shipment) Increase Shipments of bituminous coal over tho Philadelphia, and Readlnar Rallwaji for September, were ,Z,l tons, corn jiarlns wltn ,1,72,?? tons In 1917,. $1,841,000 PUGE? Wm TiiAOT! LIGHT & POWER COMPANY 7 Per Cent. Three-Year Sinking Fund Mortgage Gold Notes Dated June 1, 1918 Due June 1, 1021 Interest payable June 1 and December 1, in Boston, New York and Chicago. Coupon notes of $1,000 and $500 each, which may be registered as to principal only. Callable as a whole or in part, on any interest date upon 30 days' notice; at 102 during 1918, at 101 during 1919 and at 100 durine 1920. OL'D COLONY TRUST COMPANY, BOSTON, TRUSTEE The Company, through ownership or control, docs substantially all the electric street and interurban railway business and the greater part of the commercial electric light ing and power business in the Puget Sound district, including the cities of Seattle, Tacoma, Bellingham and Everett, Washington, serving an estimated population of more than 500,000. EARNINGS AND EXPENSES (Ai officially reported for the year ended August 31, 1918) Gross Earnings .' $11,173,578 Operating Expenses and Taxes 6,936,225 Net Earnings $4,237,353 Annual Interest Charges on entire funded Debt including this issue 2,317,020 Balance $1,920,333 Net earnings over 1-M times nnnual Interest charge on entire funded debt Current gross and net income are the largest in the Company's history. The $1,841,000 notes now offered are issued in accordance with the terms of the mort gage indenture to reimburse the Company's treasury for additions and extensions recently made to the property. They are the direct obligation of the Puget Sound Traction, Light & Power Company, and are secured by mortgage which covers, in the opinion of counsel, substantially all property now or hereafter owned by the Company. They are a first mortgage on hydro-electric plants of 26,500 electrical horsepower and about 245 miles of trans mission lines therefrom to Seattle, Tacoma and Everett, and also a direct mortgage upon the greater part of the system subject to the various underlying closed mortgage bonds. The properties thus directly and indirectly covered by the mortgage include generating plants with a present installed capacity of 142,900 horsepower, of which 108,500 - horsepower is hydro-electric and 34,400 horsepower is steam; about 550 miles of high tension transmission lines, together with comprehensive distribution systems in the various cities. WE RECOMMEND THESE NOTES FOR INVESTMENT Price 93 and interest, yielding about 7.65 The Company agrees to pay interest without deduction for any normal Federal Income Tax up to 2'. AH legal matters relating; to this issue will be passed upon by Messrs. Ropes, Gray, Boyden & Perkins, of 'Boston, and by W. W. Gurley, Esq., and Arthur Dyrenforth, Esq.,. of Chicago. LEE. HIGGINSON & CO HARRIS, FORBES & CO ESTABROOK & CO Tbc lUtemeuU contained herein are not guaranteed, but are based upon information and advice which we belitre to be accurate and reliable . ,-' "J'asst by Ihe Capital Issues Committee as not incompatible Mth the natienal interest, .'', tut without approval of legality, -validity, worth or security. Opinion No. A ioi." ' " rf SMtyJ1 -H ' -"' WW i t ,-! n-B m m lh:. 0 m ' ' "s j -VS' x
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