fTuSrf1 f'"h'l'rtf, , IpTi EVENING VXJBLiG LEDGEI-PHILABELtHIA, SATtfBlUT, .DECEMBER, 21, iftitf Burnet Oil & Gas tittVGKT SOLD QUOTED Q.$sl A fiA - Morton It. Alexander rMU. Stock Exchange Dldf. 7 William HI.. N. V City -it. -f ,; ir- "jfT JVBWS OF 777 FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK PRICES NEW YORK MARKET DISPLAYS GOOD UNDERLYING STRENGTH ROSS t I ANNUAL MKKTIMIS THE PKNN MUTUAL MI'13 1NSUR- , ANCK COMPANY . Philadelphia, December 31. 1018. Tti Annual Klectlnn fnr nlns Trustees tn t tnreo years win do neia hi me nonw of ths company. In the I'enn .Mutual Blxtn and walnut sis . rniiauei. ' . on niomlar. January ft. luiu. ue- i the hours of in a. m, and 3 p. ni. 11. JUlllI 11U..I F1I.I-. .i ', Secretary anil Treasurer. aganot BOUTIIWAKK NATIONAL HANK V: 1'hllailelphU. Pa C annual election for Directors of this will no neia at ine unnKinK uouse on ( flSaa MdaTr Iii Dcnuuul for Stocks Is Vigorous and Most Changes Arc on Side of Gains, Although Fourth Liberty 4,4s Decline Again wriLoi 10 o'clock a in. and la o'clock m " x W. .T. STIIMMAItf. CmMwi NATION A I HKCUIttTV HANK, Thllartlnh.a. I)p. 11. If. IS Tli ft annual rneetlniT of tho Stockholder!! Illbn held at the Iii.nklnr House on Tiich . UUnil Ja MUMUt UfllTCCII ItlTJ IUUIH ail noon and 2 n. in. for the election of ww. sr.-i. vi ., ...i ........i-.: -. tw ..ri 1 juiIMClurn miu ills iraiiaiiiuii " .uiu uiucr L fcusmess aa'may come beforo thy meeting. IK W. II. MrKHK. Cashier. ' High Points in Today's Financial News Stock tiatlliifi u-as not large in Xcte York, but demand icas vigorous and advances were the rule, although fourth Liberty Loan bonds showed further weakness. Otis attracts most attention on the Curb. Corn tens Irregular. Cotton showed improvement. Xcutral exchange was stronger. Average and actual loans decreased and reserves increased in A'etw York teeeklu bank statement. Hank clearings throughout the country this tccck were above previous neck and corresponding period of 19H. An extra dividend teas announced by directors of tho Indiana Vlpc Line. Har silver remained unchanged. New York Stocks Net chse U THE ritlLADKI.rillA 7i.l Hl.il. 1I.K ' 4 . Philadelphia. December if, mm. rt Innn.l 1ljMtlnn tnr Director Will hi. I feiM..st the Itanklnc House on Tue.dar. Jnn- I' twrr J, loio. between me nour. or ib noon Vin(C. D m. HOItAl'i: VORTIlSCtJIl. Cash. nmiJHNns t-i diviii;m. IS, "TIIK IJAURKTT rilJIIMl tjN. . K A quarterly Ull'.aenu Ol one uuunr nnu fsvnty-nve cents (II 73) per share lias been .declared on both Common nnd Preferred i J1 Capital Stock of The Harrett Company. New u StecelnW of the American Coal Products I, Company pavable on January 2. 1I1 to H 'common stockholders or record ai mo Clelowot buslnes Decen-lier. 21. mis and , Tn" January IS. lliln. tn the Preferred stock- , Btoiuera 01 recoru oj i m." i..,,,... ...,..,",.. L una" the Preferred Stock Subcrlpllon ne i.lts. holders of the American Coal Product i rCompany of record as at the ilose of hue!- J Bes'December 30. ini , ,, I Si .Aloo an extra cosh dMdend of one dollar , (tl) per share on the Common Capital .ft Stock of thla Company has been declared V w.wahU am .Innnarv '. tDl'J. to stOCl.holder wf record December 21. 1IHS. thus PultlnK 1h-Common Stock on an elcht per cent (S) riWIaend basis for 11)18 Under normal con- ' 7 that tbli d'videud rjJe;ca;nejconMnued. " Treasurer. i I'1, " OFF1CK Or tttil.imCII COMPANY If ritnucler N'. J . DeC 10 HUH. I flj Tho Directors hao this day declared a X tiemtannual dividend of three and one-half A lief cent $3.80 per share) on the Preferred y- Htoek. payable December 31 1018 to stock X. J.olders of record at the close of buslnoss December SI. 1018. Checks will be mailed. " , j DKVI.1N. Treasurer k OIRro of Tho United (las liniirotrment Co. ?. Jt AV. Comer Uroad and Arch streets. I , l'hlmdclphla, December 11. 1018. f 1n Directors hae this day declared a ounrttny dividend of 2 per cent ($1 per iitrei. payable January 15, 1D10. to sjock c Jioieirs ot record at the close of business bectroter 31. 1018 Checks will be mailed P '!'""" j w MOnnlS. Treasurer. Now Yorlt, Doc. 21. The sturU market Bine furtlier evidence of Its resisting power nnd underl Iiik Htieiifitli in its uctlon today in the face of continued pressure ugotnsl the fourth Liberty i,s, which forced tlieso bonds down nRaln to a still lower record, sules being mode an low as 91.40 before tbo end of tho llrst hour. Although the market was in limited volume, because of an unusually eaily tlepiuturu from the Sticet of many who aro taking a long Chtlst mas holiday, there was n vigorous demand, and tho important changes in the 'half-day were to higher levels. United Htates Steel common, nfier selling nt $b, moved up to above at!, without any bullish efforts, and other steel industrials made moderate gains, which contrasted sharply with the heaviness In the Liberty Bonds. Marine preferred was In good .demand nil through the morning, inoing up from llu'i to obovo 111, and tho 6 per cent bonds sold at iOlH. indicating confidence in the outcome of tho negotiations for tho ale of the British tonnage. The gieatest gain was made In General Motors, -which roe 2'2 points to 131. Southern l'aciric was actively traded in. ranging from 9S0H to 992. Tho copper stocks .void off early, but became stronger in tho later trading. Pierec-Ariow was an exceptionally weak feature, falling more thnn 1 point on reports of deferred dividend action. Tho bond market was generally heavy, with nearly all Interest at tached to the trading in the Liberty Issues, the fourth 4iS declining to tho new low of 94.40. 63 4G& 87 H 134 09H 54 'i 45 87 Ti Ct S 78'3 94 1H o i 1 1. -i. l 110a .. 98 '-j .. 2 9 to 4- ; l?i -H ?i 1 AGGRESSIVE SELLING I TRADING IS BROADER MARKS TRADE IN CORN! ON COTTON EXCHANGE 'ii tfSPH KSTATIi Ol I.COAL aiivkhtiskments MAHKL M. McfLUKK. .iHu,uill.iiit.ri of administration m(5fe above estate having been Rrunteil to tho -underslsned, all persons Indebted to the said eatute aro requested to make uaiment. nd-thoo havlns claims to present the same, without delay, to, R McOLUnE " 2230 Oreen st . Philadelphia. fir lit ner nllnmpv. C' W. It. HAUniSON", Jr mill ttllU llUlltdD.CI U1 ESTATK OF LEON 11. MAT LACK. JuaaibiI T-Altara lntiimnfnrv rn I,H V1 ..-.. ....... v.. ..... . .,., the ft do vo estate havimr neen Branifu to me ' lmlerslffned, nil rerFon lnabt-d to tho sftld V, m.ll.. HI. iriUni,ll IU ...H.m ,'uj ......,, B1IU lA "those havlns- claims to present the same. fV Without delay, to uvtix ti .MAtiiiUn. i.xecuiriT. 11T Ease .Ml. Airy ue. Start Is Strong Because of Lack of Offers and Small Receipts Oats Weakens Or tn her attorney r 'lltCHAKI. .1. OF.nAOH i. TtSSa t.nnrt Title niilir. HTT SISS2 Land Title nidg-.. Phlla. n-AGENCIES WANTED Belgian Merchant established in Hol land nnd Ilelplum slnre 19(10 nUlie tn rommunlcnle illli flrst-cliins llrms Shat nould llko to be represented abrond. Address "EXPORT." lldx 1034. Montreal. :F- . U i- .... i . 2 Pipeiess Heaters Save 30 of Coal Instnlled Complete OTTO STEINACKER J038 N. Sth Bt. TIoeo 4SS7 Xjpr. Ms.' -I'll WE INSTAtX the OIUOI NAL PATENTETJ CALORIC riPEI.ESH FTTRNACK tn nlir home la It liTei. 9 euuM e.uM. r. A unrontecd 8ni1nt; of 33T. Coal mil. Pemonstrated and Sold by CALOKIO FTJKNAUE CU, 1831 LOCUST 8T, EMri 2 Financial Briefs , ClilcitEo, Pec 21 Aggresslxe selling by local profes- I slonalH sent the corn mnrket off this morning after it had started strong be cause of lack of offerings and continued buying by commission houses, duo to , further rains In the belt nnd small re ceipts. The arrivals hero today were 104 cars. 1 The near position showed tho greatest strength at the outset, selling at $1.41, a new high record. In some quarters there was a disposition to take a bearish 1 leiv of the technical position. 1 January at J1.4U3. to $1.41, against $1.39 H at the end yesterday and later Fold at $1.3'j. .March started at an advance ot 1 cent, at $1.37't, nnd re acted to $1 3C5. May was quoted at $1.37s to $1.37',2. at tho outset, against i $1.36 at the close yesterday, and later .sold at $1.36 H- I While temperature were warm for .the season in neurly nil sections, the i development of an area of high ba rometer oer the northwest Indicates a general ehnnge to colder weather. Liberal offerings of corn are de pressing values In Argentina, where for eign buying Is limited Oats weakened in sympathy with corn, after opening steady to n shade iirmer. Trade was light and sentiment uncer tain' The most important buers early sold after the start The arrivals hero today were 196 cars. January opened at 718 to .Uac, against 710 at tho close yesterday. May started at 71 to 71 c, against 71,c at the end yesterday. Private cables reported favorable weather In Aigentlna for the cutting of wheat anil oats The receipts of wheat hero toda were 61 cars. Leading futures ransed as follows. Corn (new dell en) . ,, '"i1 Open HUh Low Close closa Jan 1 ID 1 'I 1 IW'l LHs 1 30i I May. 137' 1.37's 1.33H 1.35 1.3(14 May . "IS ilt '1 l.uru Market Gains Ground in Face of Fairly Liberal Profit- Taking New York, Dec 21. v Tiading in iotton was broader today and the market gained additional ground In the face of fairly liberal prollt taklng. Commission houses did the largest busi ness of the week, with the bulk of the orders going to the bulng side. Olot longs and scattering hedge Bales from the South supplied contracts on a scale up Demand continued nctio m general In the late forenoon and, while there was a great deal of realizing near the close and the market ruled very steady, the final Prices showed a net advance of 16 to 76 points. Vestd-8 Today's close Illeli l,nw Closo Alaska Clold M. 3i 3U 3i Alaska Juneau. l li 11 Allls-Chalmcrs. 31 30 31 Amer Agr Chm,10ia; lOliJi 1014 do pref '9814 98A 98Vb Amer Beet Sug. 63 63 Amer Can 46i , 46',i Amer Cir&Fdy.. 87?i 'V87 Am Hide & Len.l3B, 13V1 do pref 69'? 69 'V Am Int Corp.. SS DH Am Linseed ... 4S 41 'i do pref 87 87'i Am Locomotive 61, 61 Am Malt 5 C Am Smelting.. 79 78V. Am Smltg pf.,107", 1070 10 Am MUtn Too.. 96 94' Am Steel Fdy, 84V4 83 Am Sugar ....110 1104 Am Tel & Tel.. 98 98 Am Wool C2H G2i Am Wtg I'ap pf 29Vi 29'i AmZln&Ld pf 46 43 45 Anaconda .... 64ai CS11, 64 Asso Dry Ods.. 18 17, 18i Assets Bcal Co. Hi 1 1 Atl Coast Llne.l03s 103i 103 Atchison 90',a 89t 00 Vj do pref .... 89 . 89 89 AtlClf&W I.108i do pref .... 60 Vj 65 Bald Loco Co.. 75i 74 Baltl & Ohio.. 63',l 62' do pref .... 67V3 67: Bethleliem Steel 61 61 Beth Steel B.. 62 CI BUT 30U 29 Butte C & Z Co 7 6 Brunswick ... B 8 Cal Packing C 47 47 Canadlun Pac.l663 166 Cent Kdy Co pf 36 36 Cent Leather . 69U 68 Chandler Mot .106 104- Ches & Ohio 66 66 Chi Ort West . 82 8 do pref 25 2I: Chi M A: St P. 42U 41' do pref 76 75 Chi & North... 99 98 C It I it Pac to 26 25 C C C & St L.. 344 34 Chile) Copper.. 18 18 Chlno Con Cop. 33 33 Consol Oas ... 97 97 Cont Can ... 68'!. 67 Corn Prod . .. 47 46 Crucible Steel. . 68 66 Cuba Cane Sug 30 29 Deiner&n CJ pf 7VS 7 Dome Mines . . . 12Vj 12 Dlxtlllers Sec... 51 - 50 Krlu 17- 17' Krle 1st pref.. 30 29 Ciaston-Wnis .. 29 3i 29 C.enl Cigar Co. 46 46 Cenl Llec Co..,147tb 147 li'enl .Motors . .131 129 do pref ... . 83 82 Crt Nor pref.. 96, 95 ids 3i ;i on 46 45 Husk & Bar. .. 45 45 111 Central ... 07 Mi lit Agrl pref. . 60 50' Inspiration Cop 45 45 Inter-Cons Cor 6 6 do pref .... 24 21 Int Mer Marine 26 do pref Intl Paper ... 31 do pf sta. . . 61 Intl Nickel ... 32 Int Bap Tr pf. 75 Kan City South 19 Kelly Sprlngfd 70 Kenecott Cop. , 3 I Lack Steel ... 67 Lehieh Valley. 57 Llg& MT Cpf.104 104 104. 1 Alnnnat 11 ... JVs Jui ys '. Mar Rock .... 83 Max Motor . . 2U? do 1st pref . . 62 Mex Petrol . .170 Miami Con Cop 23 Mldnle Steel 41 M & St L new. 13 Mo Krtn & Tex 5 do pref Hi I Missouri Pac . . 25 do pref ... . 53 si i Nat Con & Cab 16 -' 54 OIL ISSUES LEADERS . IN OUTSIDE MARKET Tone; of Market Generally ' Strong Motors Irregular. War Stocks Quiet G Philadelphia Stock New York, Dec. SI. There was a generally strong tone to the Curb market in the half day, with the oil stocks attracting most attention, somo of these It-sues being steadily ab sorbed by petroleum trade Interests. Midwest Ileflnlng sold from 124 to 123: Oklahoma at 9 to 9?i I Royal Dutch nt 67 to 86 4, and Island Oil at 6 to 64. Motor stocks wero Irregular, Keystone Tire fell from 37 to 37. nnd United Motors adtanccd from 33 to 34. War stocks were quiet, Aetna Ex plosives being traded In at 7 to 6 1 Submarine Boat at 12 and Wrlght Martln at 4. Mining stocks wero Irregular. Consolidated Copper Mines sold at 6 6, Hccla at 6 and Lone Star 7 to 7. More than $500,000 ot the new Penn sylvania 6s were traded In nt 99 to 99. American Marconi was steady, with sales at 4. General Asphelt sold at 39 to 38. INDUSTRIALS nid 6 2 3 2 55 Aetna KxpIosr.es... Am-Brlt Mfg Am Marconi Amer Writing Paper Air Reduction Canadian Car Co... Can Car & Fdy pref. 75 Charcoal Iron 7 Chevrolet Motors ...145 Crarhp 78 Curtiss Aeroplane.... 12 Carwen Tool 7 Carbon Steel 90 Kmerson Phonograph. I'i Hendee Mfg 10 Lake Torn Boat 2 Lehigh Coal Sales.... 84 Test, closo Ask (sale) 7 6 6 4 4 3 .. 65 35 85 8 160 82 16 8 100 145 Lima Loco Maxim Munitions . . . N V Shipbuilding. .. Nor Amer Pap Pulp. . Otis Klevatoi' Peerlcsp Motor Voolo Kng B;rlpps-Booth Standard Motors . . , Steel Alloys S'lhmnrlne St Joseph Lead Todd Shipbuilding . Triangle Film United Profit Sharing U S Steamship t'nlted Motors World Film Wright-Martin Air . 30 i 34 2 60 18 25 15 8 7 12 13 ' 98 6 34 4 88 36 36 2?; 65 19 40 30 9 8 12 14 102 1 5 84 4 2 12 6?i 34 '4 STANDARD OIL STOCKS .111 110 31 61 32 82 . 29 56 52 83 29 52 167 168 23 44 13 6 10 24 53 16 23 44 13 5 10 25 63 16 Illinois 147 Ohio 313 Prairie Pipe 265 Slnd Oil of Calif., Stud Oil of N" J... Stnd Oil of X Y... INDKPKNDKNT OIL Barnctt Oil & GaB Cosden & Co . ... Klk Basin Federal Oil Inter Petrol Houston OH Merrltt Oil Midwest Refining . . Met Petrol I Ohio Fuel Oklahoma Kef . . . . Sapulpa Tlcf Sequo.vah Sinclair 153 318 270 228 233 232 690 595 571 291 294 OIL STOCKS A M C, 7 7 54 6 2 2 2 17 18 18 71 74 72 23 24 122 124 12.1 . 1 3 ITi 13 17 9 9 .. 6 7 7 f, 19 20 ,. Bl.h Low 97 C Ux Nat .... Bk war.136 135 180 Lk Sup C 18 .17 n -Nav, 71 GLch. Val. 66 264Pennanit 45$ G Pa. Salt M 85 SBPhilnEieo 26 "I'RT t o 27 10 Heading.. 81?1 100 Ton Bel. 2 19 U Q I... 73(7 203 U S Steel D6 1 66 46 85 26 27 81 2 3 73 95 Net Close cha-e. 73 1 135 17 71 66 46I ?? .. 518 $ S i. 2 ... 3 73 0I -nT'a'u "",e 1211 shares, compared with rS:2-.?h."r" yesterday! this week, 24,408 shares; last week, 41,805 shares. IIONPS $3000Eleo&Peo1I,th ''W .. Tr " 72 72 1000 Loh Val cons 0s f'K ...103 103 60 Lib Bonds .. 3H ...97.70 07.70 52 do 2d 4s 92.80 92.60 6200 do 3d e.e- 4S ... 95.40 95.10 .2450 do 4th .. 4s ... 91.66 94.10 460 dO 2d ,. 4Hs ...94.00 94.00 1000 Pa Co con 48 '60 96 96 10600 Phlla Eleo 1st 5s.. 94 94 Closo 72 103 Net clme. 92,80 .20 95.40 .20 94.46 .14 94,00 .40 96 3 94 Tola sales. $24,000, compared , with $21,-' 200 Jestcrdayj this week. $244,780! last week, PHILA. INACTIVE STOCKS Following are quotations for inactive stocks listed in the Philadelphia Stock Exchange and In which there were no transactions today. The price given is the last previous close: Acme Tea Co. 79 L II Trans pf 26 Amer Oas ... 74 Leh Valley.. 66 Am Kwys pref 69 Little Schuyl. 48 Am Stores pf 90 Lit Bros .... 25 94 A. a War.... 7 Mlnehlll .... 52 Am Milling.. 10 Noith Cent... 765, Am Strs pf.. 90 North Penna. 94 Brill J J 70 P X Bit pf. ..276 Burr & Sua pf 56 Phil Co cm pf 32 Cambrio Iron 39 Phil Co sm pf 32 Cambria Stl 113 Phlla Kl w w Catnw 1st pf. 62 Phlla & West 6 Cataw 2d pf. 64 Rwys General 2 ConB T of N J 90 Ton Mining. . 3 Eleo Storage 54 Un Cos N J. 193 Fth S N B..180 Union Tracr. . 39 Gen Asphalt. 38 V H Steel . 96 GenAsphpf ..78 Warl&S... 8 Hunt & B T. 10 West Coal .. 75 Hunt& B Tpf 16 West J & S S 45 Ins Co of X A 26 Wm Cramps 80 J a Brill pf. . 70 York Bw-ys... 7 EXTREME DULLNESS RULES TRADING ON LOCAL EXCHANGE Most Changes in Prices Arc Small and Irregular Ef. and S. Certificates Gain One Point Fourth Lihcrty Bonds Drop Again Extremo dullness ruled stock trading on the Philadelphia exchange dur ing today's short session, virtually oil business being in small, odd lotB, with changes In prices generally small and mixed. The only wide clmngo recorded for home stocks wns In Buffalo nnd Sus quehanna certificates, which advanced 1 point on two small sales. Pennsylva nia Itallroad attructed more attention thnn other Issuo thnt appeared, due to t,ho announcement of tho floating of thnt Company's largo bond Issue yester. day,-nnd, although thcro was a larger turnover In that stock than others, tho Indication wns that holders wore not Inclined to sell, as transactions were In unimportant lots. . During tho first hour a small 'advance wus recorded, but later It declined below last night's closing quotation. While tho amount of the oversubscription of the bonds has not been nn nounced, some local houses have been awarded only 40 per cent of their subscription. Lako Superior and Lehigh Navigation closed slightly lower after being unchanged. Philadelphia Electric nnd Tonopnh-Bclmont held steady, Tono pah Mining gained a fraction nnd United Oas Improvement nnd Rapid Tran sit trust certificates advanced slightly. Corn Exchange National Bank warrants nlso cam eout av 135, uncltanged. Steel common did not appear during the first hour, nlthough It wns In fnlr demand on tho big bonrd and later It advanced 1 point on a few small sales. Fourth Liberty Loan 4s wero weak ngnln, losing as much as 60 to 94.10, the lowest level at which they have sold. New York Bonds Local Bid and Asked Baldwin . . Huff nnd Susq t c do pref nrlll, J. a Klec. Storage Oeneral Asphalt do pref Key. Tel do pref ..... Laks Rup. Corp Leh. Nav Lehigh Valley . .. Leh. Val. Tr. . . . do pref Penna I'hlla, Klcct. . Phlla. Co do n per cent pf do 0 por cent pf Today Hid Asked 7 SI Yentcrdny Hid 10 17 "0 8(1 'i 14 December January , March .. May July . Auiruit . October do pref 112 112 112 ntiontnie lilrrl. In... .!.,.. I 0 I).", . Nev (on Con.. Ii 2S.44 2K In 2h 70 2S 4(1 28.(1(1 New O Tex & M 32 27.18 27.12 27.70 '7.07 "7 3S V V Cent. 76 2(1.00 2(1 ()(( 2(1.81) 2(1 00 2(1 78 v- Y Dock 26 X Y. X H & II 32 .22 111.111! '., " ''.l.lls' A -.1, , .. u ... .. ':i!im "a'Tii "It ii? ."'. ii S, ,' Northern Pac 94': . . .Nova Scotia S bdij N. Y. BANK STATEMENT I ou!Srioa silver. 4? I'aclllc Man . . ; Pan Am Pel. 66 IT 32 26 31 93 53 42 7 39 63 17 32 70 26 32 94 65 43 7 39 66' n . . . , , . i Pan Am Pel. (ibv, bo", bb', i IIow, go Decrease in Average nnd Actual Loans Pan Am Pet pr 112 112 112 2 ' nucpend ami Inrmaie in It-cr... Penna R R . 45 44 45 .. Jerome 1 ami increase in lteseres , Ieo f !aH & c . . 50 49 50 '.Mm But New York. Dec 21 Thn New Vnrl i Phllnilellihln C.n 31 '. bank statement this week shows de- i Pitts & West. . 35 crease In average and actual loans, with Plerce-Arrow. . 42 Increase In reserves In both cases. De- Pierce Oil . 16 inanu deposits gain in botn aerago and Pitts Coal ... 47 actual Details follow. AVKXtAOB 70,. Jon . ..2l.3 May " Illbs Jan .. 28 3. Mny ..24 18 Pork Jan .... .ff.UII 21.30 21 38 28 37 24 20 24 00 24 10 2 4 78 23 72 2 4 (III 24.20 24 78 23.73 24 20 24 45 47.00 43.00 24 15 47.10 43.sU Tho London Stock Exchange and the p.T".lv.ivnnrtl fnttnn tTvchnnOM on. ,.ln..,l tftafAy. i -iiT .... --.. .., .... . . .. -r" ... ...I.. 4jnn in , commercial lauures uua weeic in mo jiuy ."." " "" iVYTnUrt.l Cr nt an nrn 1?fl ntmlnar IfiO In af -week, 159 tho preceding week and 283 , BANK CLEARINGS INCREASE thuTEbrresponding week last ear. Fall- jt, tires in Canada number 11, against 21 W JasUtveek, 16 the preceding week and 21 lt, ytjar. 'XJio Nw Yprk Subtreasury lost $248,. OQO.to tho banks on Friday. Loans . . Net demund dpts .Net time opts . Circulation . . . Cash In aulta. . Hesere In mem ber bank . Ileseno In Stulo banks IUsere In State banks and trust company depos itories ABaTeR-ate resv Hem required . Hurnlua Decrease. tspecle Included J5S onn lion tL'nited States deposits deducted. JIM. .112 000 ACTUAL Loans $4,032,223,000 $20 605.000 Net demand de posits . . . ta.917, 330,000 37,831,000 Net time de- is.-i.s.-vn non s..iio.onn 38,81(1.(1(1(1 UN. 000 Jl(ll),832,00() 5,848,000 .14.660.846 onn T3.ll 12. 2.10. 00(1 130 7u'i,non .'18.77-1.0()(l 1107,1115.01 III 804,872.000 10.408 non I) 401,00(1 884.771.00(1 517.231.000 07.31U.100 Total for Week 15.4 Per Cent Greater Than Same "Period Last Year Total bank clearings of all the clear ing houses of the United States for the week ended jeMerday were $7,284,145, 417. ni-nlnst $7,008,217,855 last week and $0,308,084.3113 mis ween last yenr, ur u "3n noo 30-it 34 41 16 17 Pullman Pal C.117 117 I Ry Steel Sprg. 73 72 Ray Con Cop. 20 20 Increase .Reading 82 81 "'.iH'iii-i-Si0... Ilen Iron & 6tl' 74Ti 74"' i:47o:o Hoynl Dutch ..105 104 113 linn, Saxon Motors. 8 8 uo.ooo St L S F 14 14 .n-o. Seal) Air Line. 8 8 13 .83,000 Seara Roebuck.168 168 So Pac 99 98 South R 11 ... 29 29 Studebaker . . . S2 61 Stutz Motors .' 52 61 Tenn Cop & C. 14 14 Texas u i-ac .. zi4 Texas Co ....187 do rts 14 Third Ave R It 13 Tobacco Prod .81 do pref ...101 3d Ave It R . 13 tobacco Prod 30 35 41 IB 47: 117l! JIIN1NO STOCKS Atlanta 6 Big Ledge Butte-New York V ,. Con Ariz 1 C F S & Jerome j- . I First National 2 T 7 , Goldfleld Merger 6 ,' Coldfleld Cons 20 "Til Ooldlleld Florence ... 10 T i? , Coldfleld Kawanas . . 6 T ,, i (Jreen Monster ... T . Hecla Mlnltnr 5li 1H Howe Sound ... . 4 ence Lead . . 2 VertJe . Butler 'Jumbo Extension iMcKlnlev Darragh Kr Afnirmn Pnnnap Phlla. R I Itendlne ion; Hoi. . . Ton. Mln. . . Union Trac. U. Q.- I. . . . U. H. Steel York Rwy. . do pref . . Wm. Cramp T t c 1 34 13 45 27 73 20 7s 82 74 104 1 Matrma Conner Mother l.oao ........ a;i Mines Co of America Nevada Hills 3 Nevada Wonder Nlplsslng 8 Ohio Copper Ray Hercules 3 San Toy 8 Tononah Extension . 1T4 14 5. -u ti United Verde 35 - - 1? . 'V ... .-. .I .. 28 20 8 6 4 3 36 36 48 27 35.. 9 1 6 34 14 27 35 33.000 1 823.000 14 273.0011 S. 302.830 8.012.130 POSltH Circulation . . . Cash In Miults . . Heserio In mem ber banks lleseno In Htate banks and trust companies . . He.ervo In State, banks and trust companies do posltorles . . . Agnrerato re serve Keserve required. nurpius 837.840,000 24,088.000 1 10,430 000 9 230 000 24(1 000 806,000 Twin Cltv Ti T 48 Union racltlc.128 do pref ... 71 United Alloy S 38 United Clg S.106 United Fruit.. 151 U8CIP4F 14 V 9 Ind A1CO..103 U S Rubber.. 77 ft U S Steel lie 187 14 13 81 101 13 80 48 127 70 38 106 151 14 103 103 77 .7 95 96 8i ti 18 98 .. 29 61 52 1 14 4- 25 187 1 14 13 81 101 13 81 48 127 71 38 106 151 14 J do pref ...112 112 The transfer books of the Thirteenth Wi ina J'llieenui aireets i-ussenger tuin- v',;-;. 1B . npr r.n. Phlladelnhla's P. w Cninmnii nMII h nlnatri IWmilui. S.llll Of 10.1 per cent I IlliaueilMUlt n ' 20openAnnu'ary-2 Distribution of the total was M70.MMK. an increase 877,810,000 B17.H1S.280 B1l.ll91.780 Soecle Included I.IU.Kll.llllO t United States deposits deducted. 1248, 24. (142.00(1 4. Rill, 7110 19,822,210 Utah Copper . . 74 Vulcan Det'g pf 38 . rental of $6 a Bhare will be made as of ' compared witn January 1. 11.5 Per cent. . J i Details follow Directors of llcndeo Manufacturing' 11)18 Company have authorized the treasurer, I New York $3,23ii,234,2it2 lnjils discretion, to purchaso 800 shares i Phlcaso prelerrea stocK to ne retired as provided , Ja, tho sinking fund provision. I J;'0" ,.' j wo I rvHnan v 8.' h Barry sold his seat on New York H ' Prisco. CoCtMi and Sugar Exchange to Tliomas Pitt.b'uh tlXooaa tor $6000. Detroit . Hi, . mil mum K - ' vw llrl'n 37H. r.UH. 012 280.32(1,744 1011,128,318 16(1,(100.0011 113,(108,148 113,827,807 11(1,337,438 78.120.733 113,037.907 1017 P.C $2.0BR.M7,210-f- 8 3 445.200.1)31 3 1 332.30.1.23711.8 2ll.llll.',8()7 HI.O 103,21)2,187 3 (1 141.338,233 (1 1 1)7.21)7.(126 17 0 118.384. 782 0(1.4 80,887,(12(130 4 ail,()33.24'.' 02 B 84.431.78817 4 LIVESTOCK QUOTATIONS ccelpt. 7000 i ,,,.. ',,,. iilT'ns.V7"-'5 i B rill . 070.482.000 708,042.08121 4Miloo. Dec. 21, IIOCJ8 Receipts eaay wnn yesieruay. iiuik. heavy butchers, $17.S3t 17.08 I H'f" .clllA"'.,oa '.n. 11.1 14 n'5 0.in.''S8 io a II unn ,u.uwi-.(-. t- ---,----. , -- hRd. Ute&dy with Alf ttf lisauu Kill iitlum nnd llsht butcher. '$17. 40O17 '(: llaht AIStt.1tUlT.4ll! havv nnrktlicr fin .".(1(7017 . IS mAum and Hitht pnckliiir, J170 1740, ,4,(14 wnuui! "... wtvu i Ke-t ajuuu r Pi ifcolea. J8,70O14.7B. L' IJATTLK Hecefpts. SOOO St; VlUl w.DH uu u.n. iir.i., iwu 111 itfi; 11 n VvmetA fnr cow. and heli.rs aliouf ulnmlv IMt shi7tM nn. In 78o lower. IlulllT. ''tin tn r.n,. . loVsn canners. 25c hlsher) calves, 12 lower p. SKKilSI Receipts, 2000 head. Compared tlui, vreK no rat lanios, -uc 10 noo lower Total all clll's . 8 das.. 10,008,081 All cities. ..., 1 aay... i.iu,T,i.-uri 09 $8,421,001,900 11.0 800.082.884 430.8 1!. head. Comnared ... ..,,..111.. OOo to 73c lower. 'e',.LV tT.l!84. 143.417 $0,311,081,33316 4 fA. weeli.17.! Partly estimated 1 Decrease OUTSIDR T1AN1C STATEMENT HTATD 11A.N1CB lneat- ... . $498,870,800 V, 044,400 banlc l.oan ments . Gold . Currency notes .... Deposits Federal Unserve Ilank of Niw York. . Deposits Ilesene on de posits P C. of reseryi 27,847.000 30.260,700 803 172,400 Wabash 9 do pref A.. 35 do pref B... 21 West Maryld . 13 West Pac pf.. 62 West Un Tel.. 86 Westinghouse.. 43 $13.308.00,, I Wle' ft L p. 9 153 "00 " Pref 18 J,,"0 Wlllys-Overld . 26 1.032.300 do pref ... 88 'Wilson Co ... 74 13 38 9 35 21 13 62 86 43 9 18 25 88 74 112 71 38 9 36 21 13 62 86 43 9 18 25 88 74 i." 1 3 3 10 2 1 37 1 3 5 100 .. 85 85 102 .. 64 63 66 67 99 .. 8H. 2 ifc 73 9.1 7'i 81 76 71 73 72. 811 24 64 63 311 .37 77 70 11 10 40 18 17, 7t 71 80 i 8(1 II , 23 U 43i 48 25', 23 31 30 ..-,. -SU 2i l2 27 82 80 2 2 8s 3 30 3S1. 73 7.1 OIJ 1)8 U Afk( d 74'i 73 8(1 21 84 38 II'' 411 1H 72 87 48 28 :j 32 31 ill 89 "i 73 93 31 '4 81 Cotton Buyers and Sellers New York, Dec. 21. December Hart, corn bid ; Hopkins, Ochen and Cone of fered. January Kelffer and Newman bid; Brooks. Sellar, Qeer, Bartlett and Mit chell offered. March W Gumoens, Newman, Munds, Glfford, Walsh, Gwathmey and Slgel bid ; Hopkins, Einstein, Tracrs, Montgomery and Flggatt offered. May Wilson, Gcer, Deacon, Johnston, Hartcorn, Glover, Walsh, ttountrce, Glf ford and Stelnhauser bid ; W. Gumoens, Waters, G. Gumoens, McFadden and Royce offered. July Munds and Deacon bid : Slgel and Waters offered. Octobor Munds bid; Parrott offered. Illch Low Close 369000 Anglo-Frch 5s 97 'i 96 97 . lOOOAm Smelt 6s. 92 92 92 2000 Am T & T 6s 96 95 95 2000 do 6s 101 101 101 42000 Bait & Ohio 4s 81 81 81 2000 do cv 4s.. 81 81 81 1000 Beth S 5s 36s 85 85 8u 26000 Brk Rap Tr 7s 90 89 89 20000 ChlleCop 7s .109 109 109 1000C & O cv 4s 80 80 80 25000 docy 5s.... 87 87 87 25000C B & Q rg 4s 95 95 9o 21000 Chi M & St P rfd 4s .... 75 75 ''., 55000 Cy of Paris Os 99 98 99 15000 Do of Can 31s 97 97 9i 1000 do 21s 98 98 98 1000 TCrlo conv 4s Ser D 53 53 63 36000 Frch Rep 5h104 104 101 1000 Hd & Mn In 6s 17 17 17 32000 Inter Met 4 B 44 44 44 13000 Int Mr Ma 6s..l0t 101 101 1000 Lack Stl 5s '50 87 87 87 12000 Llg,& M T 5s 93 93 93 1 '14000 Lib Bond 3e924 98.16 98.20 70000 do cv 4a... 93.06 93.00 93.04 45000 do 1st 4s... 93.00 93.00 93.00 2983000 do 4'is 95.52 95.30 95.40 34000 do 1st 4s. 97.00 96.82 96.82 905000 do 2d 4s.. 94.60 94.30 9fc38 268000 do 4lh 4 s. 94.64 94.30 9C.40 1000 Lyons 6s .'...100 100 100 2000 Le Val rtcs 6s.l02 102 102 1000 Marseilles 0s..l00 100 100 TOOOMIdtalO 68 . . . 88U 88 3000 Mo Pac gen 4s 63 63 3000 Mont Power 5s 92 92 4000XYC & II 3s. 73 73 2000 do con 4s... 77 77 9000 do Os 99 99 2000 N Y Rwy 4s. . 42 42 9000 do 5s- 13 13 1000XYWC&B 4B 55 56 6000 Nor Pac 4s 86 86 19000 Penrta get 4s 91 91 5000 do 4s 1921. 98 98 10000 TMcrco on i2i 83 88 46000 Sinclair Oil 7s 95 95 20000 Sou Pac cv 53.101 101 101 3000 South Rwy 4s. 69 69 69 1000 do 6s 96 96 911 1000 Third-Ave 4.. 55 65 55 16000U S Rubber 6s 86 86- 86 7000 do 7s 102 102 102 4000 US Steel a f 6s 99 99 99 2000 Union pac 4s. 87 10000 UK of G B & I 5s 1919. 99 5000 do 5s '19.. 100 10000 do 5s 1921 98 5000 Va Rwys 6s. .. 94 63 92 73 77 99" 42 13 55 86 91 98 88 96, 87 87 99 99 100 100 98 98 94 94 Total sales. $11,005,000. compared Willi $20,3(13.000 esterday: this week, $85,100, 000, last week, $34,010,000. Extra by Indiana Pipe-Line New York. Dec. 21. Indiana Pipe Line Company has declared an extra dividend of $1.60 In addition to the regu lar quarterly dividend of $f, payable '"ebruary 15 to stock ot record January BAR SILVER SPANISH STEAMER "URKI0LA MENDF FltOM PHII4ADELPHIA .ron CADIZ and BARCELONA Soiling About January Sth l'or TreUlil Space and Rate. Apply to Gailey Davis & Co., Agts. 316-320 Walnut Street Philadelphia Phone Lombard 2003-6-7 West End Con 1 A White Caps 1 Yerlngton 4 BONDS Bethlehem 7s (notes). 100 100 Cosden OH 6s hz Cosden & Co 6s .... 82 Cudahy 5s 102 Russian Govern 5s 61 do 6s 64 Southern Railway 5s 99 Sinclair Oil 6s 85 88 Todd Shipbuilding 6s. 105 108 LOCAL MINING STOCKS TONOPAH STOCKS Hid Jllll Ilutler 34 MacNHmuru 31) Slldnay 17 Mlznah Extension on Montana 14 North Star ?7 llescue Kula 07 West End IVi OOLDFIELD STOCKS Atlanta '. 03 Illun Hull "2 llooth 14 Dlnmondfleld 11 U 5r. Daisy s' Kewanas J"' Oro .gl Hnearhead -" I Silver Pick 00 MISCELLANEOUS Arizona United 31 Nevada Wonder H Tccoim Mlnlne Asked .83 .33 .10 .07 17 .01) 0"., IU .08 .04 .1(1 .1)3 .0.1 .07 .03 .23 .08 .33., $50,000,000 The Pennsylvania Railroad Company General Mortgage Five Per Cent. Gold Bonds due December 1, 1968 Interest payable June 1 and December 1 .13 0,303,000 I 10,814,800 , wttir and yesr"ns 30c to 75o lower; I'HII.ADr.I.I'IIIA 'sjwm,, steady to 23o lowtr. itlmc, 5 6 p.r cent. r ' '4 peTi (hree to six mont Wiiursli, Pec. 21 IIOGS-Mtecelpts to. 4y. iwo luraa. k" ' CATTMSI B I, 4fr4TEKl'--i L E1" Keeelpts today. 30 head. Receipts toduy, 600 head Uecelpta today. 3200 head MONEY-LENDING RATES III. Call. 6 per cent; I. commercial pa. nor. three to six mourns. 'uo per mu six months. 6 per cent. LONDON Money Is quoted nt 3 per I cent. Discount rates, short and three i month bills, 3 17-32 per cent 107.004,200 23 TItUST COMPANIES Loans Invest ments $1,020,131,(100 Oold 12,072,200 Currency bank notes 20.884,200 Deposits Federal Uoser Hank of New York.. 103,318.000 Deposits .... 1.007.3U7.700 Heserto on de posits . . . 281.142.800 P. C. of reserve . 18 4 STATE IIANKH AND THUHT OOSIPANIES N)T itrci'uiiTi.Nu tii ui.f;.iur,() house ljinns lnestm'ts. $712,888,000 JH.li40.min 7,l)l,;il)(l '1)48,000 13.972.000 271.000 8,333.700 .1 $2,240,700 221.200 341,700 067,300 0,800.800 220.000 Unchanged Total sales, 218,700 shares, compared with 803,300 shares yesterday! this week, 2,202, 100 shares, last week, 2,430,000 shares. FEDERAL BANK REPORT Oold Currency bk notes Deposits Federal He.crve, Ilank of New York Total dtpo.lts . Net deposits, Jlesertis on de posit 1'errentaco of rs aere .... decrease 80,763.800 788.8S0.200 080,404,00(1 120,708,800 20 8 038,700 2,1180,(10)1 1.175,000 1,314.600 Ulg Increase in Reserve Notes in Actual Circulation, Due to Christinas The featurt of the Philadelphia Fed eral Itesenjs Bank statement this week was an Increase of nearly $6,000,000 In Federal Reserve notes In actual clrcula Hon notwithstanding a decrease of $14, 000,000 In bills on hand. The explana tion for the large Increase In currency, averaging $1,000,000 a day. was tlfo de mand by the banks for new bills to sup ply Christmas calls of customers. The nu.n'K llnnk still discourages the clv- , lug of gold, and clean crisp bills take me piaca ui ,)" . chanced at 0.063c. Ol. -U IVl l German Dank Statement Berlin. U London. Dec 21. The statement of the Imperial Bank of Oer many for the week ending December 14 shows the following changes: Total coin and bullion decreased 3,326,000 marks j gold decreased 3.406.000 ; Treas- . i AOi non A6A) enntAtl ury notes increaseu ioo.uou.'iviu , '"-" of other banks decreased 261,000: hills discounted Increased 2,111,289.000! ad vances decreased 1,078.000; Investments Increased 1,366,000; other securities In creased 41.927,000; notes In circulation Increased 830,337,000: deposits Increased 1.193,701,000 ; other liabilities Increased 412.869,000; gold holdings 2,304,477,000 marks, i ' No Change in Refined Sugars New York, Dec. 21. The local refined sugar markel remains unchanged, e" cral refiners still being obliged to re main out of the market, owing t;o the non-arrival of raws. The prices are un changed at 9c, less 2 per cent for cash, for fine granulated. Raws are un- Ml BuHulo. N. V..,Dee 21. CATTLE A4Hits. SOD head Slow. Calves, receipts, ' J&CJliiia; Mo lower. $3U8tl.oo , , it naJMii lleceipis. (.u" n.aa. i-iss aiesay: IOREIGN EXCHANGE New York. Dec. 2 L Trading In llie viis email in end trading, but there were some Important changes, especially in the neutral rates. Scandi navian was In good demand with nd- ar.W head, steady. Heavies and heavy york- vances of 10 to 20 points on Stock '.fit. itj.taiutut yorksrs. $18.7B01il pls, I, om chrlstlanla and Copenhagen, and suiSii slow, unchanmd. New ork. uec. -i. -iriiu.i f-Kt mHikp AND LAMDB Reo4lpts. 4000 foreign exchange market was lnaoT5 Utof na '' Lambs. JUO1B.601 volume as usual on week-end . ;ifjinera ucn.uo. .. , PlletHerTi, Doc. 21, HOGS Iteqelpts, mtriu. IND LAMnH Hec41nts. 600 Htetdy, Top sheep, $10: top lambs. tKS Receipt., 100 4iead. Steady, .W. Owaha, I)tc. 21, HOaS Receipts rJS-ifot' 330 head. St.ndy. II -Jt4slpt ovu iivau. piviux hwo. 21 PATTt.lV Hecejpi sinai k-liW 3 bean, Miunuy yctim. iv . ..vi.iin.fi mivanesH were also made In Spanish Swiss and Dutch exchange. Rates were! Demand sterling 4.7E. cables 4.76 A Slxty-day bills 4.72. ninety-day bllli 4.70. Frano checks 6.46, cables 5.4B, Guilder checks 42 cables 42. Pesetas checks 19,98, cables 20.05. Lire checks 6.36, cables 6.35. 8WN CneCKB 1U.UU, CSUIM IVUII, rViTniinnlls illiisuiiui i u.;n.i- - '-"' Kansas tity .. 1,'openhniien "ht'l: SI 89. cribles 27.09. pHa . Reserve Banks' Discount Rates Ortlclal discount rates at the twelve Federal Reserve banks were as follows; (The first column gives the rates for all periods up to nnd Including a fifteen day maturity, the aednd for a peilad fourth columns are the rates for. redis counts ot collateral , loans secured by Government uonus or nuio..; Com'l paper Oov. paper 19 to 90 10 to 90 10 aays .oays joa.ys nays Boston ..... N.w York ..., Philadelphia Cleveland , . Richmond . Atlanta .. ., tTMiOsiLrn . . . Ltit. Louis, 4 4 4 4 4 414 4 h 4 4 4! 4 4 4 8 4 41 ' 4 4 4i 4 4i63 4 r, 45; 4!LB in 4 ii 111 4 I 4lT " 1 Aitiirmarh nn Installment cent on the fourth Liberty Loan. felt duel during ir.e wbcki mere wus u ucnwio iii bills discounted by members Becured.by aoveVnmont war obligations from $103, 285,117 to $153,084,760, Holdings of n,,.,nmint short-term securities In creased ilO.OMO.OOO, due to a one-day accommodation to the Treasury In the adjustment oi uamnKeB, of sixteen to ninety days. The third and j- Ratio of reserves to combined net deposit anu reserve iioiu iiuumiy wnn 4217 per cent, against 41.2 per cent the preceding ween. BANK CLEARINGS Dank clearlnt-s today compared with cor responding dayl.st two years, Phlla . $nt,r.n,ana. B8,0n.(148 $68,740.55 Iloitoh ..'70.B3I.485 42.07B.II70 28,641, P8l CHICAGO BUTTER AND EGGS rlHesso, Dec. 21 lU'TTEIl nrlnt-. 1ilR tubs, Firsts. 68c EpOtl M5''?1- ,w ef' unchn;rd, . CI ma go Railways Passes Dividend Chicago, Dec. 21. The Chicago City Railways Company passed Its regular quarterly dividend. The company cut the regular 2 per cent dividend to 1 per cent tho last quarter. It was announced the directors found earnings Insufficient to warrant declaration of any dividend. j"-Save 35 fa Coal with a- Pipeiess Heater installed complete- In 6 hours $100 up, according to .lie of house. We Installed two thousand In Ext ern Pennsylvania, PHILA. PIPELESS' HEATER CO. ' 1029 Real Estate Trust lldtf. Samuel Kca, Ksq Presule.it of The Pennsylvania Railroad Company, in a letter to the undersigned, dated December 19, 1918, writes in part as follows: . By the terms of the Mortgage securing these Bonds, the authorized total issue of Bonds it any one time outstanding (including Bonds reserved to retire prior liens) is limited to an amount not in excess of the aggregate par value of the then outstanding paid up capital stock of the Company. The Company's outstanding paid up capital stock it now $499,265,700, having a present market value of approximately $482,000,000. Dividends on this stock are now being paid at the rate of 6 per annum and in no year aince 1856 has the Company failed to pay dividends on its outstandings atock. The amount of Bonds secured by its General Mortgage which will be outstanding after the issue of the $50,000,000 will-aggregate $175,000,000, of which $125,000,000 will be VA Bonds and $50,000,000 5 Bonds. The Bonds reserved for the retirement of the prior liens amount to $164,014,638, and by the terms of the Mortgage the prior lien3 cannot be renewed or extended, but must be retired or paid off at maturity. The General Mortgage covers all the railroad property and important leaseholds held by the Com pany at the date of the Mortgage, and all the valuable terminals in Philadelphia, Harrisburg, Pittsburgh and other places in the State o? Pennsylvania, and valuable rolling stock, shops, and other equipment owned by the Company. Hi The present issue of Bonds is being sold to reimburse the Company for expenditures heretofore made for additions and betterments to its railroad, terminals, equipment and other facilities, and other capital requirements, as provided in the Mortgage, and to provide funds for like expenditures in the future. - The draft of an agreement between the Director General of Railroads and this Company and cer tain of its affiliated Companies, defining the terms and conditions upon -which Federal control shall be exercised and designating the compensation to be paid by the Director General, has been prepared by counsel of the Director General and of the Company, and -will, it is anticipated, be shortly executed. The annual compensation payable thereunder is the sum of $83,603,427.58, the amount accruing to this Company being $51,378,410. In addition to the above sum, the Company will be in receipt of income from its investments, which, in the year 1917, amounted to $20,107,723, while the total fixed charges of the Company, including interest, sinking fund payments, rentals, taxes, etc., for the same period amounted to $25,053,423. Under the 'terms of the General Mortgage Bonds issuable thereunder shall bear interest at such rate or rates and mature at such periods of time os the Board of Directors shall, from time to time, de termine. The present issue of Bonds will mature on December 1, 1968, and will bear interest at the rate of 5 per annum, payable June 1 and December 1. They will be coupon bonds in denomination of $1,000 with the privilege of registration as to principal and with the further privilege of exchange for regis tered Bonds without coupons, which latter will be re-exchangeable fqr coupon bonds under the condi tions provided in the mortgage. Both principal and interest of the Bonds will be payable in gold with out deduction for any tax or taxes (other than a Federal income tax on the holder thereof levied by the Government of the United States) which the Railroad Company or the Trustees may be required to pay or retain therefrom under any present or future law of the United States of America or of trie Com monwealth of Pennsylvania. We are advised that these Bonds are a legal investment for savings banks in the States of New York, New Jersey, Massachusetts, Connecticut, Michigan, Minnesota, Wisconsin and other States. The issuance of these Bonds has been approved by the Director General, United States Railroad Administration, and application for approval thereof is about to be made td'the Board of Public UtHjty Commissioners of the State of New Jersey, and application will be also made in due, course to list the Bonds on the New York St(Jck Exchange. The undersigned will receive subscriptions for the above bonds atj99V4per cent, and accrued interest to date of delivery, temporary certificates deliverable if, lhen and as issued. The right is reserved to'closc 'the subscription at any time without notice, to reject any application and to allot a smaller amount than applied for. KUHN, LOEB & CO. New York, December 20, 1918. , The issue having been oversubscribed, c u. subscription books have been dosed and .this pilvcrtisernejit appears as a matter of record only, BULLS AND BEARS AS SANTAS Employes of New York Exchange and Families Guests of Officials New York, Dec. 21. Employes of the New York Stock Exchange wero guests of the exchange at the close of business today for tho third Christmas entertain ment given by tho members to tho work ers nnd their families. A band and malo chorus furnished music. ' Santa Claus met xnll of tho several hundred guests personally and gave each a holiday token. A special tribute was paid to those who died or havo been wounded In the service of the country. Glxty-thrco men went, from tho exchange to the armed forces of the nation, and of these three have been killed and several others wero wounded. ' NEW YORK COFFEE MARKET New York, Dec 21. There was some comment on the report from Rio de Jan eiro that the export tax on Santos coffee would bo Abolished as soon as the loans made on coffee guarantees had been liquidated, but pending further Informa tion local traders wero not Inclined to consider this an Immediate market fac tor. Tho market was without fresh devel opment of any kind today, operators awaiting tho reopening of trading In fu tures on December 26. Last 1818 Today Yes Wed. Hlsh l.nv N Y (centsri.OHs 101't l.Olli l.Olti, KM London (pc) 4SA 48,', 48,V 40H 42',i '. . V in y.A -i i " v; A ' fa V" I ' O .. ' I J VI ( )-".. a i h1' f 'fh i' 'i " j: j - t.:M
Significant historical Pennsylvania newspapers