.u
EVENING PUBLIC LEDGER PHILADELPHIA, TUESDAY, DECEMBER 31, 1918
:?i
m
"You Can Collect
a Coupon
Every Month
by investing about
$5,900 in the three
notes and three bonds
we have selected for
this purpose. The aver
age yield will be ap
proximately 6.10. All
six securities have been
approved by leading
bankers and arc repre
sentative ot the best in
vestments in the mar
ket today.
For particulars send
for Letter No. E-15.
Chandler & Company
NEWS OF THE FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK PRICES ;
ELOOD OF SELLING ORDERS GIVES
LIFE TO SESSION IN NEW YORK
Day Spent in Settlement of Speculative Accounts Short
Covering Proceeds on Large Scale Confusion
Ahout Price Movements
WtMMIAtH
Franklin Bank Building
Philadelphia
ruw York Boston
Keystone Tire
Port Lobos Petroleum
Int'l Petroleum
Oklahoma Producing
Bullrtin on i!eque(7
QUNHATvUra
43 Exchange Placo New York
5.75 YIELD .
The St 1'aul Vnlon Depot Co.
Five Year BH Guaranteed Oohl
hotes ufcld at present prices
6.75 oiTlftc Investment.
These Kates are guaranteed m
to principal and intcreit 6j nine
Important Jiallroad Companies,
Including the Northern 1'actflc
and Great M rthcrn Systems.
Orders solicited.
"Reed A. Morgan & Co.
ll'est r.nd Trust Illdff.. Phlla.
Mtmlwri of tho Phlla Hto k Ilxcli.
High Points in Today's Financial Navs
Flood of sales and a pcncral settlement of speculative accounts marked
the trading on the Xcw York Stock llxchangc. Unusual activitv charac
terized transactions on the local exchange. Standard Oil Issues continue
to attract the attention of Curb tradcts. Com is weak and sales are
small. Cotton Is higher. Foreign exchange Is uninteresting. Bar silver Is
unchanged In Xcio York and London.
NEW YORK STOCK SALES
New York, Dec. 31. Tlio day In tho stock market with which tho
year ended, was marked by a general settlement of speculative accounts,
with a flood of selling consisting of liquidation to establish losses In con
nection with income tax liuymento, whllo nt tho same tlmo covering of
shorts proceeded on u largo sculc, making a good deal of confusion about
prlco movements In the first hour, but which developed in tho last half
of tho day in a general upward movement, with violent advances In many
stocks.
Tho oil Issues were again tho most prominent features, with Mexi
can Petroleum moving up 12 pointH to 170, whllo Texas Company ad
vanced 10 points to 18G& and Hoyal Dutch made a gain of 7 points,
selling ot 77 ex the CO per cent stock rights.
United .States Steel common dropped to 93 and then advanced to
95i, whllo Baldwin Locomotlvo made a gain of moro than 2 points and
tho copper stocks mado gains ranging from 1 to 2 points.
Railroad Issues moved in tho name way, with many stock9 In that
group advancing moro than 1 point.
There wero almost sensational movements In tho Government bonds,
tho fourth 4V4s, which jesterday sold at tho low record of 94, moving up
to 96.20, with tho buying attributed to Government account, but niter
reaching that high range tho price reacted to 94.80.
Railway nnd other bonds wero Irrogulur, with tho local transporta
tion issues advancing ftom 1 to moro than 2 points.
BUSINESS IS.SMALL
IN THE CORN MARKET
Weakness in Cash Article In
duces Fu thcr General Sell
ing Oats Are Dull
U. S. LIBERTY BONDS
$S0, $100, $1000
BOUGHT. ROI.D AND WXOMMEND U
mil INVIi.STUK.NT
Newburger, Henderson X Loe'b
1410 CHIXTNIIT STREET
Mraibrra N. V. riilla. Work Uirhancts
riNANTIAT.
Anmml Mfftlngn
g THE 11.1NH O' .SUlWU AMJSU1LA.
" rLliadelphla. December 0th 1813.
TOe, Annual Meeting: of the Stockholder'
tf this Hank will be held nt Its llankln
House on Tuesday, January Htn. 101U. be
tween twelve o'clock noon and une o'clock
p. m.. lor the election of eighteen Directors
o asrvw for the twnulnjc year.
R R KWOMRH Oshlee
tKS T1IK I'ENN SlUTt'AL LIFK INHUB
K ANCK COMlN
Phnarielphta. Decembr 31, 11118.
The Annua Election for nine 'Irustern to
tenre three years will ba held t the home
onire of the company. In tho l'cnn Mutual
Bulldlnr Sixth and Walnut ate.. Philadel
phia, l'a.. on Mouilur, Janiiars 6. 11)10. be
tween tbo tours of 10 a. m, anil s . m.
john ittiMi'iinr.va.
HTrMar n4 Trfasiirer.
GRAIN 1IKI.T WKATHKR YOIIKCAST
Chlciao, Dec 31. Illinois 1'rnlmlilT
snnv north nml mill or tnow south to-
nleht mill W lnrdnyi colder.
MliMiurl fnow tonleht nj Vtrdne.iyijrt
coltlrr tonight nnil Wrdnrnlnv. "
WI.coni.ln I'naettleil tonlaht and Writ.
nnilnr. snow Hurries tonleht! cold waye
MlnnPMitn 1'nrt rlonrtr t?lllcht nnd
WeilnecHvi rolilrr rnt tonleht.
Inn a Mntv clOMdj and nnssttlsd to
nlsht nnd Vnlnn-diyi cnlilr lonlnnti cold
Hinn norl'ie-it nnd central.
North IUKota Kulr tonlclit and Wed-
"'soillli IMkota l'nlr tonleht, Weilnea
il.iv iinKrttlrd. imwhly snow r.nd unrmer.
Nrtim-I.il Probililr snow tonleht und
" Kn"nnilProl.i.ly Bnow tonleM nnd
WMMUnP"',.9nlht and Wednesday,
""w".!;!:-. "Settled (.nliht nnd Wed
nradaji probably snow east.
riilomto. Dec. 31 There was Bcn-ral
clllng of corn todny duo to further
weakness In the cash artlclo and med
discussion of reports from "ft pshlnston
. .i. .rr timt tho Department ot
Justice would look upon concerted prlcc
nxlng after tho first of the year a s In
restraint of freo competition, and the
market s.iBged after It hid started firm.
rrolit-takine by shorts caused some
recovery from the low point. Tho volume
of business was not lnrgc.
Oo ts wero dull and easy after a steady
... ti,.f. ivni little feature to tho
dealings. Local Interests were the prin
cipal operators, buying early but selling
3 Trade in the cashtartlclo was quiet.
I.radlnu futures ranB'd as follans:
Corn mew ueiivcryj
COVERING MOVEMENT
STRENGTHENS COTTON
Large Exports Also Factor in
Developing Firmness in
Market
lllKh I.OW
Adams Ex .... 49 V4 48
Adv lluml prof 60 GO
Alaska Old At. 3s 3U
Alaska Juneau. 14 li
Allls-Chal Co.. 33 3:,
do prcf 83 83
Ajax Hub .... 67 6G
AJax Rubber rt H4 Hi
Am Agr Chm..l01 101
Am lleet Sugar. G1V4 61
Am Can 47H 46
do prcf .... 99 984
Am Car & Cdy. 93 914
Am Cotton Oil. 39',4 39
Am Kxpress... 83 SIM
Am Illdo & L.. 13V 13
do prcf. 724 70 A
Amcr Int Corp, BOVj 53
Asso Dry Goods 17 16
Am Ico Sec ... 40 U 391,,
Am I.lnsccd .. 46V& 46
Am Ioco . ... 01 COU
Am Malt 34 34
do prcf ... 46 43
Am Smelting . 76)4 7BH
Am Smelt pf. .105 103
Asict.i Realiz'n.
Am Snuff 101 103T
Am Sum Tobac. 97 954
do nref !2 9'!
Am Steel Pdry. 86 V4 8Si,4
Net
ChKO,
5
Am Sugar
.111 110 111
Closo
49
60
34
14
334
83
67
l!i
101
03
474
99
93 J4
39
83
13
72
D0
16
40 U
46
61
3i
45
76 1
103 2
104
97
92
85
1
Vi.
1
2
n
1
1
1
4- VI
t
38!
73
a
tKJ5NATIONAI. SECUHITV HANK.
Philadelphia. Djc 11. 1D1S.
The nnual rneetlns of th.. Stockholder
will ba held at the llanklnc Ifouaa on Tues
day, January 14, 1910. betwen the hours of
1 noon nnd ii. m for the election of
Directors and tho transactlor. of euch other
business as may come before the meetlnsr.
W. II McKnu.
Cashier.
tlCSpTHBTRMVIUKNT LIFE AND TRUST
& J'OMPANY OF rilll.,I)EM'lll..
nlnr,"v" .. "" V"".S"' Jiceuna or Tho
Provident , Life . and Trust Company of
Philadelphia .will bo held at "a offlce
Fourth and Chestnut sts . on fieronil liny
(Monday), the TlilrtrriitJi I)ny Sf 1"" Mdmh
'l "' O'clock a. m. An
.Van
31a
70'i
Oat's
Jnn
May .
l.aru dm.
.Tan ....4.00
Man 1M.10
ltlbs
Jan .. ,:,.
May . H.-'O
Pork
Jan . ii
Mav . . 4'1.75
Did
Open HI sh
1.44 1.45
1.3(1 1.37
Yest.
Low Close clone
anA
70
07 4
24 10
24.00
:., tin
L'1.23
4S or.
44.10
23 r.n
21.02
2170
2.1 K3
47.75
43. oU
0Ti
70
23.50
24.02
' 25 87
23 hS
47 75
43 50
C9
24.00
24.40
25 57
24 20
4S 00
43.87
COTTON HKLT WKATHLH CONDITIONH
New Vork. Dec. 31. The follow Ins
(eniperalurrn wero recorded In the cotton
belt till., ninrnlnat
Abilene. 32i Oklahoma Cltv. 2l I'ort
Smith. IOi KnoxUllc anil AiiuuhIu. 4Z
Atlnntii, I4 Mucmi. 4cti Nnklitlllr, 4Si
( liarleatnn. BOr Tlinniaoillle. Mvnnnnh
nnd lMltnincton. 52 Tnmna. 51l Jackson-
mc mill .iirinpnix, OUI I.IIIie HOCK 1UIII
fihreeinrt. (lilt Virlburs nnd New Or
IriuiK, ni (i ilvrMon and San Antonio. 04,
nml Corpus I'hrlatl. OS.
There mm .111 Inch of nrrrlpltatlon nt
Athiiitm .10 nt Fort Smith- .1(1 nt Slirete
norti .20 ut Nniihtll'ei .23 nt Oklahoma
C'ltyi 1.48 at Memphis, und 1.94 nt Little
Kock.
New York, Dec. 31. LarRp exports
for the day and covering- for over New
Year's strengthened cotton today after It
had developed weakness In tho forenoon.
Local traders wero not much Impres
sed by statements that a feeling existed
In banking circles that there would be
diniculty In financing foreign shipments
of the staplo If Government guarantees
were terminated.
it wnsVbellovcd that tho need of cot
ton abroad Is so urgent that money re
quirements will not bo allowed to stand
In the way of forwarding every bale
for which space on vessels can bo
found.
Dig exports for day, totaling 08,000
bales, promoted Increased buying for
long account and an advanco to the best
level of the session on near months.
Tho close was firm at a net advance
of 15 to 50 points.
.tl Coast Line. 100 100 100
Am Tel & Tel. 101 99 100
Am Tobacco ..194 194 194
do pref new. 100 100 100
Am Wool 61 604 51
Am AVtg Ppr pt 28 2714 27
Am Zinc & Ixl. 11 11 11 U
Am Z & Ld pr. 43 40 43
Anaconda .... 604 59 60
AtchiMin 934 91 93
do prcf 88 86 88
All Ulrm & Atl 7 7 -7
Atl (lulf & W 1.108 107 108
do prcf 67 67 67
Bnldw Loco Co 75 73 7
Unit & Ohio... 49T4 48 49
do pref 55 61 55
Barrett Co ...102 101 102
neth Steel 614 60 614
do B 61", 60 01
do 8 p c pf,.10l 104 104
Bklyn It T ..27 26 26
Bklyn Un Gas 82 82 82
Booth Klsh Co 224 22 224
Butto Cop.& 55 6 5 5
Brunswick ... 9 9 9
Butto & S Cop 17 16 17
Calumet & Ariz 64 61 64
Cul Petroleum. 21 '21 21
do pref 63 63 63
Cal Packing Co 47 47 47
Can Pao lfil) 159 159
Caso J I pr .. 91 91 91
Cert Prod 1st p 71 71 71
Cent Leather... 60 68 60
Cerro do Pasco 33 33 33
Chandler Mot.. 101 101 101
Ches & Ohio .. 57 55 57
Chi Gt West.. 8 7 7T4
do nref 25 23 25
Chic JI & S P. 39 38
do pref .... 73 70
Chi & Northw. 96 94
UIUS P tc. 25 21
do 6 pc pf . . . 67 66
C Itl&P 7 pc pf 80 78
C C C&St L... 34 34
Chile Copper... 18 17
Chlno Con Cop. 34 32
Col Fuel & Iron 37 U 30
Col and Lo 20 20 21)
Col Gas & Ulec 43 42 42?.
Consol Gas ... 97 95 96
Cont Can 69 68 68
Corn Products.. 48 47 48
do pref , 104 103 104
Crucible Steel. 58 65, 58
do pref ... 91 89 91
Cuba Cano S.. 29 29 29
do pref 79 78 79
iei & ttuuson.llM iui 1U4
Hen & It G nf 7U GU 0.i
Dome Mines... 11 11 11
uist eis sec. iJ'i IjI 'i
Grandby Mining 78 78
uriat Nrtn pr. as in
Ot Nth Ore sbs. 32 31
Greene-Can Cop 45 44
Gulf States Stl. 61 69
do 1st prcf.. 93 93 k
Haskl & Barker 45 45
Illinois Central 96 96
Int Agrlcul ... 10 10
do pref 48 47
Inspiration Cop 40 45
Interb-Cons C. 6 4
do pref 18 17
Eric gen lieu.. 65 63
L'rlo 17 16
do 1st pf 28 26
do 2d pref.. 20 20
Gaston Wins.. 30 29
Gen Cigar Co. 47 47
Gen Kite Co.. 160 148
Gen Motors ...132 129
do pref .... 81 80
Goodlier, n F. 66 64
In llv Ci (nw).116 111
do nrof 116 110
Int Mer Mar.. 26
do prcf 113
J3
i4
H
"4
4
1
H-
1
w
1
-1
:-2
4-2
--1T4
l
tf
i
1
tl
--
4-
--
-1-3
1
3
2
1
1
73
95 4-1V4
25 4-
67 1
80
34
18
33 1
36
High
V C C & St L 40
Pitts & West. 38
do pref ... 81
Plercc-Arrow. . 43
Pierce Oil .... 16
I'ltts Coal ... 46
Pitta Steel pf. 90
Pressed S C . 62
Pullman P C..119.
P.y Steel Spring 70T1
uo prci iuo
Hay Con Coll.. 20
Heading 82
Heading 2d pf 36
Hep Iron & Stl. 75
Hoyal Dutch . 70
Savago Arms,. 63
Saxon Motors.. 7
St Ij & S P. .. 12
do pref .... 24
Sca'd Air Lino. 9
do pref 17
Net
Ixiw Close chee,
48 ,46 4
37 38 U
81 81 ..
42 42 -f
16 16 4- '.4
40 46
90 90 .. .,
61 Ot 1
115 119 4-3
, 76 76 --1
19T4 20 --
80 82 2..
36 36
74
ro
12
24
8
17
36
7o Vt. ,t'tt
75 22
6Sg H
12
24 2
8 ..
17
Sears Hoebuck.176 176 170
Sbattuek Arls."13 13
Sl-Sh i:tl & I.. 60 50
Sinclair Oil .. 34 32
South Pao ...102 102
South It It.... 30 29
do prcf .... 70 70
Studcbaker .... 51 60
do pref .... 92 92
Tcnn C & C. 13 12
Texas & Pao.. 29 27
Texas Co ....186 170
do rts 17 16
Third Ave 11 It 13 12
Tobac Prod. j... 81 80
Trunsue Wlms. 37 37
Twin City It T 36 34
Un Bag & Pap. 75 76
Union Pacific. 130ft 128
do pref 73 71
Unl Alloy Steel 38 37
Unl Clg Stores. 108 107
United Drug.. 90 90
do pref 60 5(1
United Fruit.. 160 166
Unl Hy Invest 7 7
do prcf 15 13
US C Ir P&Fpf 43 43 V.
U S Ind A 103 101
U 8 Itubber .. 80 79
do prcf 110 10o
13
50
34
101
29
70
51
92
13
28
184
17
13
81
37
36
75
129
71
38
108
90
6
166
7
15
43
103
80
110
1V4
?s
ft
4-1
4-8'
2
1
1
3
1
1
--
T4
174
1
4-1 .
i
USSm&It... 15 44 45 4-1
U H Steel 95 93 9o ft
do pref 113 112 H3ft
Utah Conner
Utoh Sec Corp.
Va Car-Chcm. .
Wabash
do pref A . .
uo pror ii
74
13w
61T4
8V4
32
19
I 'l I .4. -r J va
13 13
51 61 4- Vt
7 7
31 31
19 19 ,
65 66 2
10 11
19 19
61 01ft
86 80
40 41 ..
200 200
S 8 ft,
42 12
24 20 1
87 87 ft
73 73
32 33 1
.127 127 127
M 54 54 54 1
WpIIm Farco K 60
West Mil 11
West Pacific.. VJ
do pref .... 01
West Un Tel.. 80
West Mfg ... 42
Weyman Brut. 200
Wheel & L K. 9
White Motors . 43
Willy.i-Ovrmd. 26
do pref .... 88
Wilbon Co 73
Wli Central . 33
Woolnorth .
Worth I &
Total pales, 010,500 shares, compared
with 1.11i1,7imi shares ytntcrilay; thus far
this mnk, LMll,l!u0 shares; same period lust
week. 7SD.U0U shares.
yesterday's
cioso
election of fll'n Directors tn ..,--...""
yeara will ho h-w between tha houfi of 10
a, m. and 2 p. m.
LKONARD C. ABIITON.
wecreiary.
fOTCOKN KXCHANOn NATIONAL bank
Ch.stnut street at Second street
The annual meeting of tho sharehn .w.
of this banlc for the election of flr?cto"
'n ?or the n"ulnB vear. and for such
mherujuslnesa as may come before them will
be, held at th; banklnu house on Tiiesday.
January 14. 1911). between the hours of it
a. m. and 13 o'clock noon. ur" ot XI
N. W. COItSON.
Cashle r.
,Xg BOUnnVAHK NATIONAL HANK
"-! , rhlladelphla. I'a.
?Tbe annual election for Directors of this
ink will be held ut tho linnklnV? Ilousa m
usdy. January 14, 10111. between the
bours of 10 o'clock um and 12 n'eio?k m!
W. J. BTUINMAN.
Cashier.
Annual Klcrtlona
toSE LEBANON VALLEV SAVINtlH AND
u1 1W)ANiAiSOCIATION.
Notlea Is hereby elven that the snnusi
WiV'J",?' ,'ne toclihnldera of the rjbannri
i! '5 .B!.,I"V! u"i' '-""O Assoelal oh? " f
E?.i,5?,phl' rn." r("L ,no Purpose of "ret
ina; directors ror the ensuhia .ir VW
umendlne tho byUw, Vnrt the transa"uonnf
auch nthr business r.s may mbViSSS i.
V. K. STEVr.Vfl.
Mecretary.
rhllad.lphla, DecVemTbe?NlVSlll8NK
The Annual Election for Directors will h
held at the Ilanklnc Hou.J on TutZuy. "Jan!
nary 14, 1019. between tha houra nf lV noon
and 1 p. m ItOHACR FOIlTKic'lB Pas
LIVESTOCK QUOTATIONS
Chicago. Deo, HI. 110(13 BecelPts B7 .
W0 head,. Mo.lly B to loo mora ha yli.
Urday'; ceneral tride. Weighty butcher!'
Brad favored. Top, (IR 'nulk, 11740
17.831 heayy lutchtr,T17.8SlHi medium
Und lUht butchers. 17.0J4l7,di). iinm
.IIO.OOM18.70j heavy packlne. !o.BblL',
fnedlam and llcht packing, I17.40U17 os!
throwouts. ll8.7010.8o;Vls, iood fo
choice, $14,5U1S.B0. ' ' ' ooa ,0
CATTLK rtectlpts, 23.000, bead. Harlv
tales steady, medium altera dull, surmiv
lan atllntf In. fall... .- ...V. . VPIY
'iKTi uttYt? iood. choic, lWvZ,!mi?Srt;
19,78; common and medium fu.TKfAitit
tutctitr htlftw. fB.40CT14.7ar cow iSso
BIlBElwilevelptsSLOoq head, Steady.
WWHirhL r,( Dec, 81 HOOS-na.
ceilKs. HHHP.fcead. Market steady, llravtea
jwwiwl ht yorkers, m.iii; ptxi, , 1 J."u
"4"BBPANI IAMI)8lteeent, Joo head
Msjjet tady. Top-aheep. UoJaVtvP Iambi,
JWB
tnM MHWt
m
f'flv. n.f flf. nilpr n.
T5:ooohea7-6t.;;iyTaA.n-vw-"'''
Receipts, 17,000 htid. Uteady- to
.. BOOO head. B(fdr.
r"
iflrWan-e-BfOiilpti,
MflMHti, ,1 a
i 1 l-.i 1
DIVIDENDS DECLARED
Vnrlhern Btates Power Cnmpriny. nuar
terlv of 1 per cent, pavable January 20
In stork at record December 31.
w'Stern Htntea aas nnd Uleetrlc Company.
f Delaware, nunrtcrly nf per cent on
preferred, pavublo January 15 to stock of
reNaruonar'ucorrico Company , s;.ml-e nnual of
M , per cent nnd an extra of 1 per cent on
rommon. waulB tu I"""0''1"" of Ivcor'1
January 7.
NEW YORK COFFEE MARKET
New York, Dec. 31 The colTeo mar
ket wan nervous nnd tho price move
ments Irreirular this mornlne. Fluctun
tlons ranueU from 10 to 15 points, tlrst
advancing then decllnlnK.
Local Intcresta do not appear to be
accuutomed to tho prtscnt hlRh price
levels nnd hesitate to tnk the buying
side although prices hero are tho lowest
In Oie world and the .piestlon of sup
nlUH of coffee In this country Is re
tarded hy some as critical.
The most recent linn offers from Brail!
were unchanged to about 20 points
lower and the arly cables reported n
decline In the Hlo spot tmintet of 275
rels and In Santo, of 200 n-ls, while
futures udvanced 50 to 125 rels.
Open
May 15.3
July 15 5.J
September 15.3
December. 16 23
HlKh
15.75
13.70
15.110
1S.30
I.OW
ir. 73
15.55
15 40
13.13
Close
15.75
15.70
15 53
13 23
Test,
close
15.115
15.50
15. nil
15,2.1
LOCAL MEAT MARKET
Tho followlne report of the fresh meat
traJa In Philadelphia Is furnished by the
local livestock unit meat office of tho Hu
reeu of Markets. United States Department
0,FnBSIIUllEEir Receipts lighten market
firm at yesterday's advances demund llht
CVHTElSn8 Il'ecelpta HM; market firm on
Kood lKf at 23 to 2S; steady on poorer
!!!;, Jit to I20i demand IlKht.
COWS Ilecelpts inixleratei market on
cows slow at H to ISO) demand llsht.
C VEAL ItecelPts of heavy calvea moder
.tei llaht veal scarcai market steady ut SIS
to 1201 lemand only fair.
T.onif ltecelpts decreasing; market active
.n'd U hlshVr at S27 to 33i demand fain
weather favorably.
GOVERNMENT BONDS
?'. "Mtti.p30.........
S5SIS&5iv:::::::
4s. coupon. 1U2J
9s, Mistered 1940
f-'anarA. rri'.t.VedV Hih'.
JRJSS A resUtored. JOSH.
Panama 3, reulstered. 1001.
Panama Si. coupon
ma
OH
uaj
Mill,
sa
83
08
08
HH
Asked
108U
1Q0U.
E. W. DIlss Company Pays Extra
New York, Dec. 31. Tha'K. W. Bliss
Company .declared the usual quarterly
dividend of IVi per cent (62 cents) on;
the common 'stock and an extra dividend
of 10 per cent 5), payable January 1
to stock of record December 30. Also
rcsular quarterly dividend of 2 jier cent
(1) on the preferred, payable on the
same date.
Hefinod Sugars Unchanged
w.i Vaj-li. Dec SL Penned suaars
nrb unchiim,S , ta,lp J per oent for
January..
March ..
May ...
July ...
Auatlst. ..
October.
20.30
J7.H.1
2(1. H5
20.03
24.115
23.00
Today's
open Hlch
:u 30
us in
27.115
211 15
23'. 03
211.110
2N 30
27 .'-
20.4.1
23.30
24.00
I.OW
2s.no
2T.n0
2(1.5.1
23.70
25 23
23.43
Close
2U.KH
2S.25
27.17
211.33
New York Bonds
Hldi Low Closo
4000 Alaska Cold
cv Cs Per A. 32 14 32 ',i 32 i
0000 do Cs Her B. 32 32 32
42000AngIo-Fr 5s. .. 97',i 07 97',i
62000 Am For Sec 5s 83 & D0 99
4000 Am T & T Os. 92 V4 92 VI 92 V4
2000 Am Tel iv 4'i,s 8Ci
25000 Am T & T Os. 102 'i
IDOO Armr Co' 4s. 88
?5000 Atchison 4s .. 81
13000 Atl Co Line 4s 85
8000 B & O ,3H.. SOU
1O000 do 5s 78 Va
2000 do 4s 81V4
4000 do cv 4s. . 80
35000 Hkn It T 7s. . 85
4000 Bordeaux C3..101',i
5000 Chile fis ...... 83
18000 Chllo Copper7s.l08
2000ChesfiO cv 4 Ha 81U
15000 do cv 5s 88
lOOOChl&Alton 3fes. 40
35000 Chi Il&Q reg 4s 95H
23000 C M&StPr 4Hs72
6000 do ov 5s.,., 80
0000 Col & Houth 4s G3
2000 City Paris Cs. 99
2000 Dom of Can 21s 97
5000 Dom of Can 31a 97
1000 do 26s 98
2000 Erie cv 4s Hr A 47
59000 Krh Bep 58.. 104
4000 II & M In 6s.. 17
78000 Into Met 4V,H. 42
5000 Inter Agr 5s.. 70j
11000 Kan Cy Ter 4s 80 V4
10000 Lit Sh deb 4s
1931 88U
10000 Llg & M T 78.11314
380000 Lib Bond 3Hs 99.00
149000 do cv 43,... 93,20
12000 do 1st .8.. 93.00
3942000 do 4 Vis 90.42
38000 do 1st 4iS. 90,60
3689000 do 2d 4 Us, 95.00
9024000 do 4th 4Us. 90.20
4000 Lyons Cs ,. ,101V lOIVs
2000 Leh V rets 6a.l03?. 102 6,
10000 MIdvola 6s.... 80 86
2000 Mo Pao gen 4a 02 02
15000 N YC & a 4s. 84 , 84 ii
22000 do Cs 100 98
.1000 do 4 Ws .... 82 82
0000 N Y C 4 lis 60s 97 Vi
1000 do 4 Vis COs. 99 Vi
27000 N Y KWy 4S.. 43 'A
ti.nnn XT V Ti..... I. iniir
tiUVUU iv in J uo.
booo ror pao t
1000 do ?s ...
1000 Ore Short L 5s 99
4000 Pao Tel 5s ... 95
2000 1enna 4s 1948 87 VI
30000 do gn ct 4V4b 89 U
11000 Plcreo Oil 20B.100
20000 Heading 4s .. 85ft
7000SeabAL adj Es,62V
10000 do rfd 4s ... 57?
SBUOUfcio 1'nc cv is. 85'
67000 do CV 68 ..,.103
220(1(1 do riu is,.,
o.uuuoo nwy is,, ovi
14000 do Ea 96
1000 Texas Co Cs,,10J
40000 Third Ave 4s, 53
25000 do adj 6s.,.. 29V-i
64000 U S Bub 5s.. 801
62000 if S Steel B f 6h 99K
8000 Union Pact 6s.. 104 V4 104
J12000U ICof (1 n&i
DVlS iVlU....100 9
00000 do new 1919.101 V4 101
8000 do 6V4S.1921 98 98
16000 do 1937 ....101I 101
6000 Va CarCh 6S.1Q1VJ 101
Total sales. 2T.U13,O001
101 102
SC-i 80")
8 Hi 84
85 85
89V4 89
78V4 73V
80 80?
78 A 80
84 85
101 Vi 101"
83 83
10G 108
81H 81V
88 88
40 40
95 95
70 72
80 80
02 63
994 093
97 V4 97'
97 97'
96
47
101
17
40Vj
76
80 V4
88 Vi
113
99.50
92.90
93.00
95.70
96.60
94.00
94.50
97 Vi
00 'J
a. ion
58. 12
... 84V4
... 60V5
'II
103 103
51 51
28 Vi 28 U
86 86
99 Vi 99
l47i
it 10
H 98V4
lOl'i
147,134,000 yesterday: thus far this week,
iit,ni,wvi iiiq iciiuu fast wees,
129,000,
compared with
vees
(30,
CHICAGO BUTTEIl ANP EGGS
srVs.i.J T-aJ. fH l OllWwfj. T.-l-l
Mill, r.tfsrf eaUM ltah,t. ftflea wTw&l K.t'ra, (iOwjd atr: 4nts, '
offlosrof umb rttmr "will ) clostwi at o,i,J - ,
WfVB. navF 7(pfv en. y,w ianuiisyui,. .s uo, uncaaiujw.
26
112
30 Vi
01 V,
31
9CVi
70 Vi
27 Vi
18
66H
31
29
87
GO
94
18
63
20
219
45
155
Int Paper 30
do pref sta.. 02 Vi
Int NIckr-l 32
do pref 96 Vi
Inter It T pf . . 72 V3
Jewell Tea .... 30
Ivan City So.. 18Vi
Kelly-Spring . . 69 'A
Kcnnecott Cop. 32
Klsley Wheel.. 29
uo prer (
Lack Steel 07
Laclede flas pf. 94
L K & W pref. 18
Ihlgh Valley. 65
Leo Hub & Tiro 21
Llg& Myers... 220
Loose Wiles ... 45
Lorlllard P 165
Ixju & N'ash...ll8i 118VI
Marrock pref.. 112 112
Mnnhattan Kle 85 84
Max Motor 28 27
do 1st pref. . 50 60
do 2d picf... 19 18
Mex Petrol.... 179 107
do pref 107 107
Miami Con Cop 22 22
Mid vale Steel .43 41
M & St L new. 11 11
M SP & SSt M 93 Vi 93 i
do prcf 106 Vi- 106
M K & Texas. 4 4
0 dpref ... 8 8
Missouri Pac . 25 24
do prcf 53 Vi 53
Nat Acme ... 27 27
Nat Con & Cab 16 14
Nat Kn & Stpd47 47
National Lead. V6 65
Nev Con Con. 17 17
N O, Tex & M. 31 31
N Y Air Brake 99 98
New York Con. 75 73
NYC&StL 2d P 41 41
N Y N II & II 32 31
N Y O & W . 20 20
Norf & South... 19 19
Norf & West .108 10Vl
North Amcrt.. 46 44
North Pao .... 94 93
Nova Scotia Stl 62 62
Ohio flan 44 43
Ohio Fuel Sup 45 42
Ontnrlo Silver. 7 7
Owens Bot.... 49 44
Pacific Mnll .. 38 37
Pan-Am Pet .. 70 65
do pref ...121 115
Perina It It.... 44 43
Peo aas & C. 49 47
Pere Mara ... 13 12
do pr pref. .. 59 59
PliIJa Co .... 31 31
51
78
95
31
41
01
93
45
90
10
48
40
4
18
65
16
27
20
30
47
100 i
132
81
56
115
116
26
112
30
62
32
96 Vi
72
30
18
09
31
29
87
67,
94
18
55
21
219
45
155
118Vi
112
86
28
50
19
179
107
22-
43
11
03
100
4
.sa
63
27
1
--1
--
1
2V4
4- K
1,
'
4 I
1
Vi
K,
2
1
4-
1
--
--1
4-
--1
--1
--3
--
::J
- V
t
4
1
&
--
--1
4-
5
4-
4-
1
1
nx-dlvldeml Ohio Purl. IVi 1 Vlrclnla
Cliomtcui prcf.. 2, Detroit Hdlsnn. 2: Fed
eral Mlnlna; prcf.. H4 , International Aerl-
ultural i'n prcf.. Hi: Central and South
American Telephone, l'i . V.mlnlloU9e Co.
t. Ves'.lntthouae 1st pref. 1 Associated
Oil. IVi ; Alll'Chalmers pref . 2Vj ; Cnnadj
Houtli'Tn, l'i ; l'aciilc r'o.ist prof.. IVi .
Wcsiliuhousc Air llr.ikc l : Atcnlson ifref
2'1 Shatluck Arizona, 'i 1 U a, Alcohol
prtf, H4I Transue-wllllams, l',i ; ltoyal
Dutch, 5U.
MONEY-LENDING RATES
Ni:V YOHK Money on call, mixed
collateral, ruled all day at 6 per cent,
and on Industrials nt 6 per cent.
Money was quoted today at 0ig6
per cent on call and at 6 5 per
cent for thirty and ninety days on good
mixed nnd industrial collateral alike.
Business was at a minimum.
Prime mercantile paper Is In moder
ate supply at tho recent Io,w quotations
of 5',it('6 per cent.
Prime bank acceptances aro unchang
ed at 4 5-16C4 3-10 per cent for nrlmo
memocr diiis, iv 1 Vi Per cent ror eli
gible nonmembers nnd 5 4 per cent
for Incliglbles.
Call loans on nrlmo bank nccentnnces
nrc unchanged at 4 per cent.
PIIII.AIlKI.rilIA Call. 0 ner cent:
time, E0 per cent. Commercial pa
por, threo to six months, 5 06 per cent;
ix montns, o per cent.
LONDON Money Is quoted nt 3 per
cent. Discount ratrB, short and three
months' bills, 3 17-32 per cent.
I Philadelphia Stocks
400 Alaska J. 1
28 Am aas.. 63
10 Am n pf 70
100 Anaconda 60
COO Bald Loo 75
26 Brill J O 20
100 Can Paa.163
lOOCItl&p
,7 ' P o pf 78
62 C Kx Nat
Uk war.130
Low
1
65
70
60
74
20
169
78
130
100 Chllo Cop 17 17
425Kleo Stor 63 62
1200 Krle 16
405 den Asph 39
60 do pref. '77
64 Ins C N A 28
100 Insp Cop. 45
249Kcnno C. 32
31 Key T Co
pref, ... 49
1110 Lk Sup C 17
300 Leh Nav. 71
572 Leh Val. 65
llSSMIdvalc.. 43
630 Mo Pac. 24
2128 Penna Hit 44
1135PhllaElcc 25
1816 P UTtc 26
100 Ilnv Cons 20
160 Beading.. 82
200 Sup Stl.. 36
2735 Ton Bel.. 2
100 Ton Mln. 3
200 Un It pf. 14
3525 Un Tract 39
1630 U O I . 72
1075 do cash 72
1335 US Steel. 95
60 Westing. 41
65 W J & H. 45
20 W Cramp 80
16
38
77
28
49
17
71
54
41
24
24
26
20 Vi
81
35
2
3
14
38
70
71
94
41
46
10
CI010
' 1
65
70
60
75
20
169
78
130
17
62
16
39
77
28
45
31
49
17
71
55
43
24
44
Zh
Net
chs-e.
9
Jsl
2
1
2---
--
4-
1
J 2
4-
tfx dividend except for caBh.
26
20 4- Vi
HZ -t-l'S
36 '.. 4,
2
3
14
39
71
71
95
41
45
80
1
Total sales. 21,080 shares, compared with
10.7110 shares yesterday: thus far thin week.
43.N71I shares: same period last week. 7820
shares.
IH1NI1S
High Low
t
$2000 Bush Ter
Bldg 5s 81
6000 Den i. Illn
Or 1st
ref 5s.. 64
2900 Elec& Peo.
Tr 4s... 70
5000 Interb
Cons 5s. 70 Vi
2000 Hud & M
ref 5s . 85
1000 Kan C S
lstref 5s 83
2850 Lib I'nn.ls
3d 4 Vis 90.00 9
iuuo uo 4tn
' 4 is ..94.80
5000 Mo Pao
gen 4s.. C3
10000 Pa Co Con
4s 'CO 95
6000 do temp
ctsls 98 Vi
6000 Phlla P.lec
1st 5s.. 94
8000 Beading
gen 4s. 85
Total sales. $73,830. compared with 4326,.
00U yesterday, thus far this week. $30U,8S0:
samo period last week, $(!.', 300.
Local Bid and Ashed
81
54
70
70
85
83
50
94,80
63
Closo chge.
81
64
70
70
85
83
96.00 22
94.80 .64
63
95 95 1
98 98 ..
94 94
85 8B
HOME SHARES LEADERS IN BUSY
SESSION ON THE LOCAL EXCHANGE
Philadelphia Electric Gains Fractionally Tonopah
Belmont Leads List in Mattel' of Sales Baldwin
Locomotive Up Bond Sectipn Also Active I
- ( i
Thcro was unusual activity on the Philadelphia Stock Exchange today, s
A considerable number of different Issues appearing' on tho tapo immediately
after tho opening- gavo promise of a renewal of yesterday's busy session, and
as tho day progressed tho list became even broader.
Homo shares wero tho leaders in tho trading of tho day, Philadelphia:
Electric on sales of something moro than a thousand shares gained frac
tionally, as did also tho shares of tho United Gas Improvement Company.
Philadelphia Rapid Transit trust certificates and Union Traction wcrp both
lower. Tonopali-Bolmont led tho list In tho matter of sales and lost a fraction
Tonopah Mining, on limited trading, was unchanged.
Tho bond section was also very activo, without any startling, changes
mado in prices.
Tho Philadelphia and Beading Hallway reports to tho Interstato Com
mcrco Commission for tho month of November gross receipts of $0,810,740.
against $5,874,872 tho snmo month last year, Tho increase Is $935,868. Net
operating incomo for tho month decreased $627,147. Eleven months' grosc
was $73,140,301, a gain over tho same period last year of $11,427,749. Not
operating Incomo for tho cloven months decreased $5,105,999.
Hurt & fJusa. t c. .
do prefirrid ..
Drill, J u
Itajdwin
Uliitrlc Htorauo
Ueneral Asphalt
do pieforred ..
Ke stone 'TelH ..
do preferred
Tuday
Hid Asked
73
03
74K
T.2V4
3:i
711
10
40
74
n.i
21
7S
33
40
77
11
no
Yesterday
Hid Asked
Lake Sup Corn .. 17V 17V4
Lehlah NaxlKatlon.. TI1V4 71Vi
Lehluh VnlKy .... MV4 03U
Tr... 14
.... 23V4 .. 2.'i
44ii 44 43 44
.... 23 2.V,4 24 23
LoMith Valley Tr.
aa preierred
Tcnnsylvanli
Phi a Klectrlc
Phlla Co
do 3 p c pref
do 0 p c prcf
Thlla 11 T t c... 20'
Heading 82
lonop.ih lle.mont
Tonopan .Minintr . . 2
Union Traction .... 3SVi
11 u 1 71
II 3 Htcel fi.'i
Wm Crnmp & 80ns. so
York Itnllwas .. 7'i
do preferred .... 31 Vi
73
53
73
02 Vi
38
7(1
111
47
17V1
llll
r.3
14
74
n3
73Vi
.13
:iu
77
11
4U
17
71
01
1
.'III
llll
m
J
n.i V
82
2(1
-ye
04
;tvi
31
"lie
ill
.10
72
4Vi
82
WE RECOMMEND THE PURCHASE OF
LIBERTY LOAN
4H BONDS
AT PRESENT MARKET PRICES
flat,
414
4
Callable
(932
1927
1933
Due
(947
1942
1938
J 928
Aporox. Yield
If Called, or If
Selt'.ni at Par,
on Callable Date
4.60
4.95
4.70
Approx.
Yield to
Maturity
4.46
4.60
4.65
4.80
SCO, 3100, 1600 AND :1000 DENOMINATIONS
FULL INFORMATION REGARDING THE TAX
FEATURES OF THE LIBERTY LOAN BOND
ISSUES WILL BE FURNISHED UPON REQUEST
MONTGOMERY & CO.
133 SOUTH 4TH STREET
PHILADELPHIA
14 WAU. STREET
NEW YORK
OOVERNSIENT SECCRITIKS DBFAIITMENT
TELEPHONES, HULL. LOMHAItD 4330) KEYHTO.NIC, MAIN 2384
iBVi y
47 4-lVi
60 3i
17 ..
31
09 Vi
7494 1
41 3i
31 Vi
20
13
108 2Vi
44T4 3
T
5
3H
4
62 Vi
l
49
38
09 U
119
44A
48
13 Vi
69
31H
FOREIPN EXCHANGE
New Vork, Dec. 31. The feature of n,
dull fnrelen exchnnco mnrket In the
early dcallnga today was a louer rnngo
in nil ncutraia. ituuio currency -was
weak.
Quotations were:
Demand eterllnir 4.7B 13-1C, cables
4.70 9-lfl. Sixty-day bills, nominally.
4.73V4 I ninety-day bills 4.71V4.
Franc cables B.44, checks B.45Vi.
Llro cables 6.3E. checks 0,37.
Swiss cables 4.80Vi. checks 4.81.
diMMer cables 429;. checks 42VJ.
Pesetas cables 20.13, checks 20 05.
.Stockholm cables 29V1. checks 29.00.
Chrlstlanla cables 28"i. checks 2774.
rvwenhajren cables 27Vi, checks 20T4.
Ilublo currency Is weak this morn
InR at 14?ii a new low on this movement.
Reserve Hanks' Discount Roles
Olllclal discount rates at tho twelve
Fedcrnl Reserve hanks wero as follows:
(Tho first column gives tho rates foi
all periods up to and Including a fifteen
day maturity, the second ,for a period
of sixteen to ninety days. The thlro
and fourth columns are tho rates lor
rediscounts of collateral loans secured
by Government bonds or notes.)
Com'l paper CJov. paper
1(1 to uo 1(1 tn on
15 day days IB days days
4 44?
4
4',i
Iloston . . .
Nw York .
Philadelphia
Cleveland
Hlchmond .
Atlanta ....
Chicago
.St. Louis ....
Minneapolis . .
Han Francisco
Kansas City .
Dallas
r
4
k
1
4
4
4
4
4
4
JIB 4
8 M
4H OS 4
4
4i
4Vi
48
PHILA. INACTIVE STOCKS
Followlne; arc quotations for Inactive
stocks listed In tho I'hlladolnlila Stock
Exchange and In which there were no 1
transactions today. The prlco elvcn 'a
thecInet p evlous close: 1
Acmo Tea co 79 L 11 Trans pr Z5
Am Stores pf 90
A Q wnr ... 7V4
Am Mllllnir.. 10Vi
Am Strs pf . . 90
Huff & Sus pf B3
Huff & Sus tc 73
Brill J O pf. 70
Cambria Iron. 39 Vi
Cambria SteelUS
Cataw 1st pf 02
Cataw 2d pf 54
Cnt Pass Rys.109
Con Trac N J 02
Fth S N D.180
Hunt & B T 10
Ht & II T pf 10
Little Scliuvl 48
Lit Bros .... 25H
Mlnehlll .... 50
North Central 76
No th Penna. 94
P N Bk pf..275
Penna Salt . . 85
Phlla Co cm Pf 32
Phlla Kl ww 2V4
Phlla & West 8
Phlla Trac?.. 71
Ilwys Gen . . 2
Unl Cos N J.190
L'n Pss nwys.150
War I & S.. 8Vi
West Coal... 75JJ
Cotton Buyers and Sellers
New York, Dec. 31. January Mitch
ell and Morrison bid; Abraham. Waters
and Schanz offered.
February Hnrtcorn bid ; .Rosenberg
and SlBel offered.
March Bnrtlett, Cone, Hopkins, a,
Gumocns and Mitchell bid; Munds. Hy
mans, Johnston, Rountrco and OIITord
offered.
May Kleffcr, Orvls, MaDougal, Mar
tin, Abraham, G. GumoenH, Cone,
Beardsley. Wenman nnd Rels bid;
KrookB, Glfford, W, Gumoens, Hopkins,
Morrison MeGeo and Russell offered.
July Geer Rels, Kleffcr nml Royce
bind; Burnett, Montgomery nnd Deacon
offered.
October Geer and Slsol bid; Wenman
and Ilymnn offered.
BAR SILVER
a I'tt,t ' 1018
Today Ves, Tues. With Low
New T'k feta).10IU loivl 101V4 lofvi. 81(4
Ixindon (peel . 4ft 48 IK,". 4H V'2
at. Louis 27.473.203 Holiday 2TT8T7.004
rJIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIH
1 A Coupon Every Month
By investing in the following bonds the purchaser E
E will receive a coupon every month in the year. S
6 Income
The securities are all obligations of well-known cor
porations. In every instance, we believe, they can bo
readily converted into cash.
Interest.
OHIO STATE TELEPHONE CO.
Consol. & Ref. Mtge., due 1944
BRADEN COPPER MINES CO.
Sinking Fund Bonds, due 1931
EASTERN PETROLEUM PAYN
ISSUE. First Lien. Coll. Tr. due 1028
60
60
KINGSPORT UTILITIES, INC.
First Mortgage, due 1937
LOGAN COUNTY LT. & PR. CO.
First Mprtgage, due 1934
PENNSYLVANIA RAILROAD CO.
General Mortgage, due 1903
70
60
60
50
Payable
Jan.-i July
Feb. & Aug.
Mar. & Sept.
Apr. & Oct.
May & Nov.
June &. Dec. ss
$350
Tax Refundable in Pennsylvania
Free of Pennsylvania State Tax
Yearly
A purchase of'the above bonds at present market
prices would cost approximately $5700. s
DESCRIPTIVE CIRCULARS ON BEQUEST
West & Go.
E BANKERS
14X7 CHESTNUT STREET
E ur.,.,),. I few v,rk Stock KxrJinnice
E Members I i.j,delnlila Stock Kchantte
riiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiE
$hi
BANK CLEARINGS
Hank clcnrlnes today compared with cor
responding day Inst two years I
1018 UU7 1010
rhlla,. 10.1.31(1,430 Holiday 140,207,82.1
NV ..1,013,40.1,770. Holiday 4Tt.1lo1t.n32
Iloston.. m.r.iio.iu Holiday 32.1.1(1, nvi
llaltlmoro 14,101,800 Holiday 7,01A,87A
Chicago., 1)1.43.1,3,13 Holiday 80.887,811)
The
Investment
The GUARANTEED MORTGAGE is
the investment of, unvarying value.-
Being absolutely non-speculative, it is
never necessary to "charge off" losses on
account of a declining market.
Both principal and interest are guaran
teed by this Company with a record of
eleven and one-half years' business, during
which time interest payments have never
been a day late, nor has a dollar of principal
ever been lost by a client.
PHILADELPHIA COMPANY
for
GUARANTEEING MORTGAGES
Land Titla Building Pbiudt.iptu
Mfss aakM.imiMii.iwi, 11 1 H 1 1 ..lsViiiii
TAX REFUND IN MASSACHUSETTS AND PENNSYLVANIA
$700,000
MUNBCIIPAL SEL3V8GE COMPANY
Ten Year Six Percent Debenture Bonds
Duted Dec. 01g
Doe Dee, 1, 1118"
JJfflKfi
si
Callablo at 101 and Intorott on any Interest Data.
The Company pays tho Normal Federal Incomo Tax Up to 4
The proceeds of .this issue are to be used to refund notes outstanding and pay for
additions and improvements to properties, to handle new business, to increase earnings.
The Municipal Service Compaby reports gross earnings ofl.&tf.OSpZ for, the year
ending Sept.' 30. 1918. Of this amoust, after all prior charges including bond interest,
there is available for interest on, notes and debentures $242,011.22, while the interest', on
these debentures and upon notes maturing in 1920 is but $56,880, which shows their com- ,
bined interest requirement about four and a half times earned.
The Municipal Service Company is the owner of a majority of the bonds and of
substantially all the stoqks of constituent companies, which have been in successful
operation for periods up to twenty-five years, in seventeen communities in five states,
furnishing light and power and traction. The company serves a population approximating-
uUUsUUU,
The valuation of the various properties'is given by Messrs. Day & Zimmermann, Inc.,
Engineers and Managers, as,$6,SOO,000, which together with the proceeds of these Notes, it
about twice the amount of bonds and notes outstanding, .
Subject to cals wo offer thesa debentures to not J I
BAKER, AYMNG & YOUNG
'' Syndicate Managers '. ,- i
59 Congress Street, Iloston
Land Title Building, Philadelphia, Pa,
"FiSsed hy Hie Capital Issues Committee as not Incompatible with the nations Interest, but
rlthoiA wyvl ( legality, validity.' vrth, op security. Opinion Np. A?0."
.. . rC "
, r ("! -TXX-"
;
i
iA2
rv
-v -.
sl
V
2pi
.
M
$
i
li. n
n
fa