wV,rV(, t.. 22 EVENING PUBLIC LEDaER-PHILADELIHIA, WEDNESDAY, DECEMBER 3 1919 NEWS OF FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK QUOTATIONS ,v.yV" f" .--i-fT' r R I h ' i i s i Ifr f. m E Foreign Internal Bonds Due to tlio present rate ot ex ilianRO of foreign countries, the Internal Bonds of those sovern ments may he purchased nt very low prices, when figured In dollars. French National War Loan 5 Bonds tnav be purchased here at the rate of about 1,000 francs, par value, for $93 further particulars furnished on request. Edwarp B. Smith & Co. BANKERS Em v .i.car.i 1392 Uemtrr Tftto York and Philad'hhia Btocte Exchano FURTHER RECOVERY MADE BY ALL LEADING ISSUES Market as a Whole Shoived Tendency to Cut Loose From Recent Restraining Factors i NEW YORK STOCK EXCHANGE TRANSACTIONS 1 - rHiLAiixriUA 1411 Llieslnut tt. T.T.W YOKK nvpiw KASTOJf I.I.-N t'OIVN New ork. Pep D. Further improve !mont iu prleei wan nenret In tmlny'H steely market ns n result of continued covennp of shorts and what was said to he free reinvestment buying. The npninrking of ttoclc values came in for more nt ce because of the further tie nioiallzatlon iu the foreign exchange ii minor, wniio there wan nil mile niilckeiiinc the trailing cnnrtmird tessinnal caliber. fcclitilra tnfmence appare.ntly ex erted greater iilTcet tlinu outside con ditions. Supei'lii'lally, however, the market had all the appearances cut ting loose from the restraint of the fac tors which have held speculative en thusiasm in check since the curbing of the recent boisterous bull movement. The acute coal strike situation was wholly ignored. The Mexican troubles were seemingly entirely forgotten. Over uight consideration of the President's message found favorable points which were overlooked yesterday. At least what Dlv. in I Advance ftumely . ... 70 AJax Rubber . 63 an oversold condition by reason of the phenomenal growth of the short Interest during the progress of the recent Rwccp. ing reaction. With the more urgent Hniil.tntlr..! nt nvel eTtemleil bullish SPCC- ulatlve accounts virtually completed, the j universal law of supply and demand i branch t the market to a position where- I there was an appreel- ln thc ,)()itloI1 0f the shorts was nu ll the outside demand, i t(,nnblt if m)t (nni!,.ro!,. At least, nued largdy of a pro- i , lst , ,1IS tf1Ilt ot lh(.ir bullish lirctliren wncn ever.vuooy ouiy n snort time ago were bent upon sending every thing to heaven boundaries by thc sky ward route. Quite a considerable line of these short commitments had already beu run in, hut the outstanding accounts of thc bear element were sufficient to keep the market headed upward, more especially with the fresh outside de inund, the supply was far short in meeting the requirements. There was only the one result. Itising quotations. The recover, however, while general, still lacked the nnup and vigor which Silt 200 400 2100 100 800 100 7 00 8 2700 2.11)0 000 1100 coo 300 ttoo 2800 200 9100 1.80 Am Internal Corp rtlch Alaska Juneau O Jt Alnnkn, Gold Mines Allls-Chalmcrs Mfe Allls-Chalm Mfe pf Am Acrlc Chem . . . 8 Am Beet Sugar Hi 02)4 92 Ji Am Can tUi 7 Am Can nf 12 Am Car & Fndry ... 4 Am Cotton O'l .80 Am Druggist Syn ... . . Am Hldo & leather . T Am Hide & Leath pf . Am ico j European Securities lor American Investors 4 AS X1US IS UIC HtUCbL country in the world, the European nations associated with us in the war, as well as for eign corporations, nat urally look to us to help finance them during the reconstruction period. Because of exchange rates and the demand for capital, inducements are offered which are without parallel in the history of finance in connection with conser vative securities. Write for our recommendations Hemphill, Noyes & Co. Members New York Stock Exchanae Franklin Bk. Bldg., Philadelphia ew York Huston Scrantnn omission of some delinite piograni Uv either the Peace Treaty or the railroad problem, was modified by the encoutng 1 ing hope that these matters would be I treated compii'liensively in subsequent messages to Congress on tliee particu i lar subjects. ! The market community nlso appeared to derive considerable comfort in the 'report of the secretary of the treasury 1 although hanking Interests took excep ! tlons concernine his statements regard ing the foreign exchunge situation. From a broad gauge viewpoint, however, the report was generally conceded to he highly optimistic in tone. Possibly the greater amount of en couragement was furnished in the grow ing impression of a material easing of money-market conditions. If such an opinion was honestly entertained it was based more upon imnginntlou than con disappointment was felt concerning the woni,j be expected if the, movement was backed by natural ratner man ariuii-iui or nicehunknl conditions. Signs of renewed public interest were manifested by various issues at the out set. (Jains of 1 to 2 points were made by rails, steels, coppers, oils, ship pings, equipments and specialties, (ien eral Motors was again the most con spicuous feature at an advance of 4 points. i Prices forged steadily ahead on the light trading of thc morning, the scarcity of offerings contributing to the further advance. Motors, oils, ship 'ings and coppers comprised the chief Vntures of strength. Tobacco, food aud . 'eather issues joined the movement later with American Woolen, Italdwiu Loco motive, 'Worthingtou Pump and Crucible Steel. I, a. Steel nt a substantial irac 10 "hi i nt" r-, iu" i'u , -..- . . -j - - . . I'l'ete facts. Undoubteillj the worst of'tioiial gaiu was at its highest prices oi the money situation has been seen and .the week and Delaware and Hudson is past hi.ston . but it would be only a rallied on the improvement shown by case of dwe ling in a fools' paradise to Otnor rails. The tl per cent opening believe the money -market equilibrium I rntl, for cn loans imparted additional had been fully restored. This fact un-1 tritK V) to the list at noon. ""J T.1!:,a,M-nH2S: Trading was almost at a standstil during the midsession, but tne marisec continued to move forwnrd. Hecent fa vorites were neglected, however, for shippings, low-priced oils nnd food and chemical shares, where extreme gains ranged from J to (1 points. "Moderate reactions among standard roils iu the last hour were offset by the increased strength of oils and metals. I iiiiest ' most unpleasantly if nny effort was I minli. lo resume thc reckless ninrket 1 program checked last month. 1 The improvement iu market condt- tions is absolutely purely technical and ' anv other diagnosis is not only likely to ! be misleading, but also prone to get thojo malting ixtensive commitments into a hean ot trouble. The market, in other words, was iu II T FORWARD Rcbf.Qlendinnin&Oo. Investment Stcuritiet . Epccia Attention Gives to Orders on Pittsburgh Stock Exchang by direct wire connection I New Yora .mber i l-hlla.- Stock KxcbancM I nit.burth 400 Chestnut Stn Phila. p E siraiD Cliaractsr and Source of the Buying Was a Matter of Conjecture OFFERINGS WERE LIMITED We Specialize in American light & traction company Common Stock raction Shares and Kuil Shares ought Sold Quoted MowmC!q Jjtfemlw PliUadelpliU stork nxrhatiKo Joc'nt B19J land Title Bldg.'coUi I Investment Bonds Welsh Brothers 028 Chestnut Street l'lilliirl.lnhi. t rombard 1513 msAxcixu JtOHTf iAtJIJ HIV 1-KB rKNTNKI NUST K, ...., ;' ij.-i -, jiij; -v Mmv-'iifci I, 1UJ7 nw u.iiu.iiii hi mo inrma or rh. Kto r.-uriniT ino urmt im IfOIiil; Trust Morl- Slfldi sales toilav on the New York Kclinnge os comnlleil by ilic Kenlng Sun, totaled SO.-).""" 'hares. New York, Dee. P.--The New York Kvcning Sun's closing financial review today says: Today's stock marKct wn consist ently strong, but thc character nnd sourre of the buying was a matter for conjecture. It was impossible to deter mine definitely whether the impulse came from the supposedly large short interest, from those who, having sold to establish losses for the federal tax re turn, were buying back nt what they quite rightly regarded us low prices or from a general public weary of inac tion and curious to test thc assertion that the market has been heavily oversold. It may be that the forward swing of some 2 to 4 or 5 points rellected buying initiative from nil three sources. Hut with it nil trading was of very modest proportions, as offerings were limited. I'nder these conditions n little, push created considerab'e momentum, nnd it was too easv to develop an exaggerated iden of buying power. Perhaps the mot telling market fac tor was thc secretary of thc treasury's elnhnrntlon of what the Tresldent touched on in his message to Congress i respecting tax revision mm mn-isn financing. Mr. CSIass's recommendations in his annual report called for lower excess profits levies and, if necessary, Metier actual taxes. lie made it clear, however, that noth ing could be done along that line until it was established that government cx nemlitnrrs were not. exceeding or con suming present receipts, lie was equally STORAGE BATTERY DIVIDEND' Both Issues Are Placed on 10 Per, Cent Per Annum Basis I New York. Dec. I!. The Klcctrie Storage Mattery Co. today declared j nuarterly dividends of 2 per cent on i both the common nnd preferred stocks putting those issues on a 10 per cent per annum basis, compared with 8 per 2 to stock of record December 1.". The dividends are payable on January cent previously. EGGS $1 A DOZEN AT CHICAGO Chicago, Dec. .'1. Fresh eggs sold at retail for .? 1 a dozen in Chicago today. The receipts were only ."& cases, about ouc-teuth the normal supply at this season of thc year. Butter retailed at ninelv cents a pound with receipts only i.-oo'tubs, about one-half thc normal day's receipts. Tltlo anil lOS'-i .V.l'i me 03 iby given thai -ho follow in ElmA. ,,-!. 1 explicit concerning thc financing of I'.u- elnr JlOi'.Buo hay bn drawn for Vav-. rone's needs Sjft.SV 1ST Oen'ofmTa&?t"?150"f "" '" that nrivafe organUa Mft 10. It. is, 4.1, 47. on. B3. oti nil! iu I tions should seek out trade opportuni nK' Ml' inn Wo ill' HI ii2!' 'i9.-- s3'' I '". '!iat lianciug of foreign trade Sm: 092; iss. fi?: w1; 773 soi A- im- "h''1 '"' from iirivut,! sour00H nnfl n. 06.1. 102a 1H24. 10211. lovi ink; ,SJ' imt trovrrnmental. was merely a reitera- Jq4. 10S. 1091. 11SB. 1202. 12m ' toi's' i!,.n f n, nvi.rnmi.iifK nttltode nl. J?'b 14'if. 1471. 147J. 1.. ..11...1...1 ,. i II... rMirf l.".,lr,ol M. IBIS. 1323. 1397 . 14DII. 141111. 1S0S. ISIS, J.iitl. 1S7 iSi, inns. 17B1 I7HII. lnr 1010. "OCJ3, 2074, 15S2. 1701. 1SO0 in 12. 2075. 102.1. 1711. 1RK0. 124.- ns2 111211. 1740. 1SS2. 1!)44. 20T7 1.131). 102S 17r..-i. 1 "!. 1D4B. 214U. 1.1.14 17.17. 11)00 2011. 2130. I ready ftnomlnatlori ot S500: Nn"ifi .vT1! tinilu few lha no !!, m . j " Mtiiriii mi inf nnove OH aTr HHMf in UVJKMTt iviift th Tniif,, ira.!; 1 Heserve Hoard bulletin, and expressly stated ns the wusiungtoii policy in Congress. This would seem to account for the irritation fe't when the Presi dent failed to make any reference to the nonce treatv in his communication of th bnnda will be raid on Dres-ntatlon ! vesterdav to the Congress. k?t K'V.mJiV??. Tnni: Hoth business men and bankers feel the liunuicap oi me uiim-uuc iu u iiusuivi! position in our foreign rejatlons with no immediate prospect of such a po sition except the possibility of the ,w nmdend. Senate declaring by resolution that n I chant rowr? .( , ir-.NT cumi'anv state of war has come to an end. This I', I'T,'nliutehlaMui'aln'' i, strikingly illustrated in the foreign i Th Board of Directors nuv. thl. ,, exchange market which again broke Jowmbr 2Rth declared a dividend "of badly, with sterling below ..S!) and new l&&&W&WricorA level- In francs and lire Wnaaurr d. 1020. to stockholders of record I aliUC. fcl'e..,,?.2Ll'P.Tf "?'hj. '" i Tho treasury report was, jn truth. ii -. "."-...''' - --i viusru iniin n'i 126 m 31) 220', 40Ti ..St 7',; aw et RO'J so 57 so hlch date ABNTKK TntlST CnjlPANT T-u.l. Vtlsntlv Pity N J. Decfmtwr .1, inin nSFlntei-e.! on ald bond, win oen: rsrfARiNTEK TRUST rnviiiwT Bjr. Herman JI Synhf rd. Vlro Pret,M"nt rha iwemoer nun. imu. id janua olh dales Inclusive. Check, wll P .T nraivvn -p., 'rynsaa inSo" highly optimistic iu tone, stnting, llf b msiied' did, that a large share of the c us it cost of ftf.' '. il.n ...n l.fiu tilrnnrlv heeii nnirl frti hv V'lMTO the PuhUe debt is but a nrnnr&tlon bus decla-ed a dividend t I frnetlon of the national Wealth '. that by i.rsii i nn", on iin vrei--ren 'oeit divi. r., .. i )o, when the ruinu'ative BlnK lend of SI 10 '''-re n the debenture nck Sort R dividend of J3.00 a shire on the com ton stock of tho, Corporation, paysbla on J'elirnary S. 1020. to stnrkhnlder. of ecord it tlw SOa of bus!n nee-mber 31, 10m Knvember,!!" 1010 I UOUT COMI'ANV Of l'lllLAIlULl-IIIA , WiHadelphla November 24. 1011). ,Tt)'"Dlrectors liaye till, day declared a Piannum iiun"i uitm u. irr ren( 00 u nhsre) on ths Preferred Stock pay- wa necetUber in. lliv. to siocKnoiaers or Fcora at 0 close of business 12 o'clock Won 8aturdav December a. 1010. Checks uin be. m io ; .,.. iug fund begins to operate temporary finniicinir will be substantially over: that the financial situation in Europe Is not as bad, in the view ot the de partment, as it has been represented and that the revenue law should be revised with respect to Investments in tax exempt securities. Trading in bonds was slower than yesterday, the feature in that depart ment being pronounced strength In lo cal traction issues. rlnuerlteflrl , , lTold. O.. Pe " - VEPHKEn r fwiv . ",rot, nn l.eV III) u,tc . jffiev"saw."KswrAa:iiH nam -V r ".TStllflfl- Pflm, n.h. H1 OIU 111 )'. , eVVI,il-. i,.zr.r' I." IA,T nir Ti; ai.jTS.. "''. lUJn . m-! i-.";t'.j.t''!i. ";J" caJin, ,, referred dlVKienua. payt t liSI ."-ll .i'?mbcr. I , .' .!, rimrA TWuMnihei. 1H ii a,J5i " U nwv v . ,..-,-. -.e .v, IP-' Extra by G. W. Helme Co, New York, Dee, . The G. W, Holme Co. has declared an extra divi dend of 4 ner cent on the common stock in addition to the regular quarterly Mi per cent common huh i-)i per cent referred dividends, payable January SECURITIES AT AUCTION The following securities were sold at auction today by Harm's & I.oBand : stocks Shares , 20 Wayne Title an" irusi vu. . J1W , .1 Pennsylvania Railroad ; 2 llroad Street Hank; par J.iO.. 1 (llrard Trust Co.. par li... Ill Itdellty Trunt Co . par 100. 7 .'ontlncfital-L:n.ultuwo Trust Co : par s.'m 17 Umpire Title and Trust Co.: par jr.ii (t2r paid) ( Philadelphia Bourso common: par $50 ;.; IS Union Transfer I'o. : par 12.1... 72 Janewav -. Carpender preferred: pur 100 50 Cambria Iron Co ; par Lift...... 15 (lermantnwn Trust Co.; par sloe) 1. Olrard National Dank: par J100. U0NU3 JtQOO Philadelphia and Oarrettford S'treeC ItallwRV Co.. 0 per cent: flrst morttcaite: couivins lVbruary and Auzusti duo 1(155 1000 San Jnanulll I.lclit and Tower Corporation, a per cent." first and refunding mortgage.; series 'A": coupons February ami Ausust; due li'on 1000 North Sprlnirfleld Water Co.. 5 per cent: first mortgage; cou inns January and July: duo 192S IOiiO North Sprlnaneld Water Co.. B per rent: first mortgage; cou pons January and July: duo 1U2K 1500 f-oulhwestei-n Power and I.laht Co., 5 rer cent: first mort gage; coupons June and De cember: due 1043 1000 Tort Dmige, Des Moines and Southern Railroad Co., 5 per rent, flrst mortgage: coupons Junrj and Detemtter. due 1030 1000 HI. l)Uls. Sprlngfleld and Peoria Railroad Co., 5 per eent: first and refunding mortgage; coupons Juno and December 1 ; duo 10311 ........ 1500 American Public Service Co.. tl per cent: first mortgage; coupons June and December; du 1012 10000 The City Water Power Co.. r. per cent; first mortgage: "sinking fund"; coupons April and Octobur (certificate of deposit the New York Trust Co.) 0000 Pittsburgh and lllrmlngham Traction Co.. ft per cent: first mortgage; coupons Mav and November: due 1020 (Phila delphia Trus Co. receipts). . 40000 United Traction Co. (Pitts burgh). 5 per cent: general mortgage: coupons January and July: due 1007 (Philadel phia Trust Co. receipts).... 5000 Second Avenue Traction Co. (Pittsburgh). 5 per cent: first mortgage: coupons June and December: due 1034 (Phllodel- phla Trust Co. receipts) 20000 Pennsylvania Railroad Co.. 8V4 per cent: consolidated mort gage; coupons January and July, duo 1045 (bonds f20O; each G03 6000 Federal Street and 1'le.iBant Valley Passenger Hallway Co., 5 ptr cent! consolidated mort gage, couptsts Januarv and juiy. uuo jut:: irmiaueipma Trust Co. receipts) EOOO Monongahela Street Railway Co.. 5 per cent: flrst mort gage: coupons Juno and De camber: duo 1028 (Philadel phia Truit Co. receipts) 15000 Fort Pitt Traction Co.. B per cent; first mortgage; coupons June and December: duo 103.1 (Philadelphia. Trust Co. re ceipts) 10000 Duquesne Trnctlon Co.. 5 per rent: firs mortgage: coupons January and July; due loan (Philadelphia Trust Co. re ceipts) 85000 Baltimore and OMo Railroad Co.. 0 per cent; refunding and general mort'age; coupons June and December 1: due 1005 80000 Massachusetts Electrlo Cos.. B per cent: notes! due April 1, 1018 (certificate of deposit of the (llrard Trust Co.) 2O0OTwln Falls Salmon River Land and Water Co., II per cent: first mortgage; coupons Juno and December: duo June. 1017 3300 Midland Valley Railroad Co.. a per cent! "adjustment in come", series A coupons Hep. temper annually; due 10SS.. 1000 West Penn l'uwi Co... B per centi first rnortjft aeries A; coupon March and Peptern ber; Ju 1SH .,.....,,,,,, 0OH 40 do oo 00 00 01 B8 :m 31U 85 20,10 soot 10.100 2301) 200 300 200 UOO too 3S00 1400 3S!)0 100 7400 31)0 400 000 300 1400 .'1.10 .500 100 too 4100 1700 400 2090 0800 000 1211 Id 100 2010 13)0 200 2000 1210 200 103 )0 200 100 SOO 1500 3200 300 100 100 COO 2500 100 3000 000 1030 2300 150 23110 000 200 200 330 1500 4000 800 too 2,13 2000 1000 1213 43.-0 2K00 2700 300 23 JO 2000 5U0 3200 2H0O 7390 100 3700 6200 3200 1000 (100 2300 100 2100 3 200 40)0 3.50 3 Am Lln.'eed I Am locomotive . . Am Ship & Commerce 4 Am Fme.lt & lief .... 7 Am Smelt ft Ret pf . . 0 Am Smelt Seo A 12 Am Snuff 3 Am Steel Foundries . Am HtceJ Fflrlcs pf 100 135 ll?i 30 K 12H 4454 1(0 70 U D3!J 29 H "J. 07 P3 115 43 01W Am Sugar Itef I33U Am Sumatra Tobao Am Tel & Tel Am Tobacco pf new. Am Woolen Am Woolon pf . Am Writing Paper pf . . Am Zlno Lead & Km,. Am 2lncL& S pf 4 Anaconaa Copper , , . . , Assets Realization , , . . Asso Pry Goods 0 Asao Dry Oils 1st pf. 7 Asso Dry Oils 2d pf. 0 Atch Top & Santa Ke. C Atch Top & 3 P pf.. Atlantic, coast Lino ,. Atl Gulf SWISS.. SO 8014 08 U 127 102 54 10)4 52 V tfM 8!, ,16 68 ! 70 SZ'i 784 0214 17254 Auto Sales C tcmctfa. l!t?i Auto Sales tcm ctfs pf. 35)4 . Baldwin isn-o 108 7 Baldwin Ioco pf ....105)4 . Haltlmoro & Ohio ... i.3)a 4 Baltimore & Ohio pf .. 45 . Barnct I-oathcr 101 5 Barrett 1.124)4 . Bethlehem Motors ... 33 5 Bethlehem Steel 89 5 Bethlehem Steel B ... 924 S Bethlehem Stl 8 pf.114 7 Beinieliem Steel 7.. 75 . Booth Fisheries 12 . Blilyn Rapid Transit.. JO? . BUlyn Ii T ctfs of dcp. 11 ?4 . Bltlyn Union Ga,i .. 51 , 7 Brow n Shoo 10.1 . , Bruns Term & It II . . 7?i Butte Copper & Zinc. !!4 Butto & Sup Cop .... 22 Butter ck Co 2 Caddo Central O & It, 23)4 California Pacldng ... 7o'4 California Petroleum . i3 Canadian Pacini) 140 50 300 6300 1300 100 400 1800 100 2690 1600 3800 2000 .V0O 5400 300 1200 100 300 200 33)0 5200 500 000 300 100 3590 1700 4400 400 300 700 10290 .14)0 4400 2000 1200 300 800 100 300 1100 100 ("tiao J I Thresh Jt nt. 00 5 Central Leather M'A 4 Cerro do Pasco Cop . . 55 8 Chandler Motors ....115 4 Chesapeake & Ohio . . 17 . ChicjiEo Gt Western . S'A . Chi Mil & St Paul ... .18)4 . Chi Mil & St Paul pt. fit 7 Chi & Northwestern . 89 . Chi Ilock Isl & Vac. 25)4 6 Chi P. I & Pac 6 pt . M . Chllo Copper 18'i 3 Chlno Copper SCS4 . Coca-Cola 30 3 Colorado Fuel & Iron. 39)4 I Columb Gas & Eleo . 6495 1 Col Graphophone .... f8J4 7 Con Clear pt 80 7 Consolidated Gas .... 80 . Consolidated Textle . . SS 7 Continental Can .... 8954 . Continental Candy ... 14 . Con Interstate Cal M. 18 . Corn Products Ret . . 81H 7 Corn Products Ret pt. 107 2 Cruclbla Steel 201)4 ICuba Cane Sugar .... 47 7jCuba Cano Sugar p . 84 9 Delaware & Hudson . 01 Del Lack & Western. .178 Denver & Rio G pt ,. li)i Dome Mines 13)4 Elk Horn Coal 27 Emerson-Bratitius ... 31 Endlcott-Johnson ....119$ Endluott-Johnson pf..l05 10 Erlo "Vs Kria 1st Pt 21ft V.rn 2d pt 15)4 Fairbanks 8' Famous Players-L ... 01 Federal Min & Sm pt. 27 Fislj Rubber 1)4 Freeport Texas 35)4 Gaston Wms & Wig . 20 General Cigar 19?4 General JJlectrlo 174 General Motors 330 General Motors den . . 00 Goodr'ch B F 80 Goodrich U F pf 104)4 Granby Consol M & S. 2'i . . Gray & Davis 40 A 7 Great Northern p . . . 79 4 Gt Northern Ore ctfa. 38 . . Greeno Cananea Cop . 34)4 . . Gulf States Steel 70 4 Haskell & Barker Car. 58 7 Illinois Central 88J4 0 Inspiration Con Cop.. 49' . . Interbor Con Corp .. 4)4 . . Inter Con Corp pt ... 15)4 . . Int Agrlcul Corp 21J4 5 Int Agrlcul Corp pt . . 83 6 Int Harvester 127)4 .. Int Mer Marine "K 0 Int Mer Marine pf ...103)4 . . International Nickel . 22H International Paper .. C9 6 Internat'onal Salt ... 70 . . Iron Products Corp . . 37 . . Jewel Tea jj'- 2 Jones Bros Tea JJ .. Kan City Southern .. .1?4 4 Kelly-Spg Tire " 8 Kelly-Spg T 1 pf .10S Total sales, S24.100 shares compared with 3.058,701). 8 Philadelphia Stocks Hlch Low 10 Am StM. 42M. 42& 11!) Am fins. 4(1 5 tllald 1-oc pref ...10(1 23.-0 Kl Stor.,110 (SOO Oen Asp,12 75 I O N A. 3 mi Key Tel. 11 3300 T.k S Cor 20 Vi 10 1-eh Nuv 02 187T.ch Vnl. 4: 1802 I'a It U. J2's 140 trenn 40 100 135 120 30 10 20 02V& 43 41 Net Close chgo. '42.. 40 1 100 4- Vs 138Vj IVj 123 13 30 .. 10 20 .. 02 Vi 434. -f- V 41 Vi . on "Jit J 1. Seaboard ) , , ".'.. if 481 Will Elec 24 24 24 2.S1 P It T to 20 20 20 44 Phil Trc. (12 02 02 . . 5 2il & 3d Pass H.210 210 210.. 110 Ton Ilel. 2 2 2- A 100 tUn Oil. 30 0 30 j- 2K5 Un Tract 3S 37 'A, ? 1013 IT O I.. 53 52 52- 220 TU S Stl. 103 103 103 4- 00 War Ir , ' . ,. & Stl.. 8 8 8 1 W J & S 40 40 40 100 York H pf 30 30 30 tNet change made by comparison with last sal on Nw To'fc tock Kschanre Total sales. 12.811 shares, compared with 11.175 sr.sres yesteroay. "- wee. S2.0.W sb.ires, 22,0117. Sales in BONDS. liooo Win, 2 Halt & 05s 57 1 City 4s '38 07 1 Klec & I'eo Tr 4s ... 02 1 Key T lst 5a 82 2 Leh V Ren 4s .... 78 1 Lib Ilonds 3d 4H., 5 4th 4Vi. 1Q Nat Prop fnr this Hame period last week Net chice, 1iw, 57 07 02 82 78 Close 57 1.. 07.. 02- 82.. T8 04.10 0-1.10 n4,10--,12 02.10 02,10 02.10.00 4-0a i. I'a & Ma 34 84 V tl 4 I)W 38 H 8314 2)4 y 41 91(4 l' 92 0?4 100 134)4 48 11H 30 1V3 43(4 1(10 H7H 9.1 2714 02 H 97 82)4 115 39 01 H 131(4 88 M 90 98(4 121(4 101(4 53 15(4 62 0 0(4 14 08)4 70 84. 7)S 9t)i, 1C8 17)4 32 107)4 105)4 hSH 44 1110 11954 33 80 01 113 75 11H 15)4 10 51 105 7?i 0 19(4 20 22(4 7494 4414 ir,8)4 0894 04(4 51)4 115 SOU )e 37 H C394 80 25 U4 18 Cs .15(4 17 ' 37 F. 3 C7 80 84 9i 32)4 87T's 12(4 17(4 80 107 300(4 40 84 91)4 178 13)4 13(4 24 309i 145 105 13H 20)4 15)4 81 S9H 27 40 35 18 C8'4 170(4 T33 89 78 104)4 52)4 19' 79 'A 38 ?i (6la toT's t8!' 48)4 4 11 20 82 120)4 45(4 103)4 22 7 9. 00)4 36 20 H 28 15(4 123 103 878.000 Today s.Net Close Qh(. 38(4 (4 852 29b .. 3(4 .. 41(4 1)4 91)4 54 02)4 14 929. 4- IVi 51 1009, 135 30J'e 124 43(4 1C19. 70)4 3 93)4 1" 28 12 97 82(4 115 - 41(4 91M- 133 '4 (894 99(4 98 U 125(4 4(4 1C3 1 S4 10(4 52 -C0- c)4 n 08)4- 70 - 85 779s- 91)4- 172)4 19 35(4 lf,8H 108 14 VJ94 44 101 123 33 f9 91J4 114 )4 m i 14 1 U's H 1 2)1 )J n 2 (4 a 2 94 v, )4 9s Vt 2)4 y 'A y 1 5 3!4 59j I9i 1)4 (4 14 4)4 96 2 VA A 75 -25 11', 10 1194 51(4 105 - 79s )4 32 SO -2294 75(4 44(4 130 -8894-S4 51.-2 115 57 54 8994 25)4 f,2 18(4 30 J.J 80 8594 35 A 194 1 )'e 5 V 2)4 1)4 Di 1 !4 Vt V 9; )'b ) Vi 1)4 )4 2 A u 54 94 294 8094 194 13(4 1 18 )4 80J4 l'4 107 203 4794 J494 04 )2 178 3 13(4 J4 13(4 27 2 311 145('4 105 - 1394 21 15)'a 81 91 37 41 35(4 20 10 171 333(4 89 r 70 7994 38 -34)4 60(4 3(4 50 88 J. 48?'. 4(4 15 31J4 83 137(4 47)4 10394 22 94 I- (8(4 69 30 2094- 28 1594 130(4 254 103 :n shares yesterday. 3 1)4 94 294 2 (4 'A "'A 1 1 94 ")4 354 94 54 (4 (4 1 94 94 1 94 1 2(4 ' 54 V4 2!4 54 A 94 4 I 194 i,i Dlv. Rates In 5400 2 301)0 1.20 1900 0 100 . , 700 2400 3.00 400 7 200 100 7 300 12 40D 7 100 4 000 1400 7 700 .. 200 100 300 100 400 1141)0 600 7400 6.110 400 100 100 1100 2400 5000 800 1000 100 1100 1500 300 7 10 2 TTt.h Kennecott Copper ... 59(4 Kcystono Tiro & Rub. 4C Lackawanna Steel ... S4J4 Lake Frio & West ... 8)4 I,en Rubber & Tlrs .. 34)4 Lehigh Valley 4394 Liggett A Myers pt .113 Loose-Wiles Dls"Ult . . 70 f 4 Loose-Wiles II lst pf.100 Lorlllard P Tobacco .176 Louisville & Nashvtllo.l00(4 Mackay Cos pf 64 (i Martin Parry Corp .. 27(4 Manhattan Elov guar. 4294 Maxwell Motor 37(4 Maxwell Mot lst Pf . (H Maxwell Mot 2d pf . 32)4 Maxwell Mot ctfs ... 37)4 lax Mot 2d pf cfs... 3 Miiy Depart Stores ,.135 Mexican Petroleum .,198)4 Miami Copper "3 1.20 Middle States Corp .. 57 4 Mldvnlo Steel & Ord . 50 .. Minn & St L new ... 194 7 Minn St P & S St M., 80 . 7 M St P & S St M pf . . 94 . . M'ssourl Kan & Tex. . 10 .. Missouri Puclflo 2594 .. Missouri Paciflo pf .. I!4 Mulllns Body 4594 3 Nallonnl Acmo 38 7 National Biscuit ....115 .. NS Anlllno ft Chem.. 0 .. Nat Conduit & Cable. lH'A National Lead 82(4 2000 1.50 Nevada Con Coppor ,. 15)4 400 . . New Or Tex & Mcx . . 42 New York Air Urake. 109)4 1310 10 5000 6 200 2.50 500 2.50 2700 600 1 7 4 .00 300 000 200 1800 8000 5800 100 100 500 5200 13801) 1410 100 13400 000 800 1600 100 1000 23800 100 3800 1300 100 1010. 810 010 1401 3311 300 2000 11 too 100 C010 700 3 600 100 4 10810 8.70 too 1 1710 100 1410 400 1 52510 300 700 100 S 700 0 13500 C 2100 600 5 K0O 4 1010!) 7 8519 600 5 2305 7010 sea:) 4200 700 33 00 100 33000 300 2000 5800 2100 1100 100 900 15800 200 124 00 4400 10700 300 1200 32500 900 1000 800 200 100 100 1700 1300 200 100 2000 600 100 300 1400 1100 300 500 2300 200 1300 100 200 10 10 4 4 7 10 10 8 8 6 7 C '4 8 7 New York Central ... 70 New York Dock 45(4 New Tork Dock pf . . 00 New York N H & H . . 2994 New York Ont & W . . 17 North American 50 Norfolk & Western' .. t'694 Norfolk & West pf . . . 08(4 Northern Paclfla .... 82 Ohio Cities Gas 4894 Okla Prod & Ref .... 9 54 Ontario Sliver Mining. 9(4 Otis Klevotor 130 Otis Steel 36(4 Owens Bottling Mach. 60(4 Pan-Amer Petrol & T.104 Pan-Amer Pet rts ... 94 Parish & Bingham... 13(4 Pennsylvania R R .. 41J4 Penn Seaboard Steel. "0 Peoples Gas Chicago . 34(4 Pero Marquette 33(4 Pero Morouetto pf ... 47 Philadelphia Co ?K Plercc-Arrow Motor .. 7794 P'erce-Arrow Mot pf .101 Pierce Oil 1794 Pittsburgh Coal of Pa. ("194 Pittsburgh Steel pf .. 03(4 Pittsburgh & W Va . . 37 Pond Creek Coal ... 21)4 Pressed Steel Car .... 98 Pullman US Punta Alegro Sugar . 9194 Railway Steel Spring. 0 Ray Consolidated Cop. 20)4 Republic Iron & Steel. J0494 Rep Iron & Steel pf. .105(4 Reading 70 Read'ng lst pf 3154 Remington Typewrit,. 04 Repub Motor Truck.. 5394 Royal Dutch N Y ....10054 St Joseph Lead 13'i St L Sail Francisco.. 1694 St L Southwestern . . 13 Saxon Motor 1354 Shattuck Ariz Cop ... 11)4 Sinclair Oil 47 Seaboard Air iviu . . . 8(4 Seaboard Air Line pf. 1494 Sears-Roebuck 217 Sloes Shett S & I .... 7194 Southern Paclfio 85(4 Southern Railway ... 2394 Southern Railway pf. 50 Stromberg Carb 7594 Studebaker 10094 Studebaker rts 294 Stutz Motor 115 Tenn Cop & Chem... 1094 Texas Co 2f0(4 Texas Co rts 62 Texas & Paclfio 42(4 Third Avenue 14 Tobacco Products .... 9 1 Tobacco Products pf. OS Transcontinental Oil.. 4394 Transuo & Wms Steel. 00)4 Union Oil 30(4 Union Paciflo 125 Union Paciflo pf .... 07)4 United Alloy Steel ... 50 United Drug 135 United Fruit SC3 United Retail Stores.. 8894 U ii C 1 P & Fdry.. 20)4 U S Food Prod 78(4 U S Ind Alcohol ....101 54 U S Rubber 123 t U S Rubber lBt pf ..U4 U S Smelt R & M .. 75 U S Steel 103(4 U S Steel pf U394 Utah Copper 72 Utah Seo 1094 Va-Carollna Chem ... 00(4 Va-Car Chem pf ....113 Vulcan Detlnning pr.. 88 Wabash 8)4 Wabash pf A Yz Wabash pt B 10(4 Westlnghouw A Br. . ,11394 Westinghouse B & M. 62)4 Western Maryland ... 11 Western Pacific 3154 Western Union Tel ... S8 Wh'.to Motor 6594 Wheeling & L Erie . . 13 Wheel & L Erie pt . . . 20 Wilson fi Co 76 Willys-Overland 30 Willys-Overland pf ..90 Worthlngton Pump .. 80)4 Worth Pump pf A . . . . 94 (4 Wells Fargo Exp .... (4 Ex dividend. tBi riehts. Thus far this week. 2.817,000. Low 28i 46(4 82)4 8(4 33 94 42 113 70)4 100 175 108(4 04(4 37 40(4 37 65 32 Vi 37 30 120 10394 22(4 63(4 19)4 13(4 80 04 0)4 7494 30(4 45(4 37(4 115 64(4 10 8194 14)4 4194 107 60(4 43 60 2854 1054 60 9594 08)4 81(4 46 094 0)4 130 30(4 55(4 100(4 Vi 43(4 41(4 35 33 23(4 47 3094 7594 101 17 C094 93(4 20(4 31 90 114 80 96)4 20(4 ir3(4 105)4 7594 31 V4 7094 5394 99 13)4 15(4 13 1394 1094 45(4 8 14(4 217 71 94 22 94 58 75 108(4 2(4 110 (4 10(4 276(4 01 41 13 7954 68 4194 60(4 3594 123 94 67 14 49 94 135 200 87(4 20(4 75 9994 121(4 11354 73 10294 112)4 71(4 10 60 113 8S 7 24 10 11394 5194 11 3154 87(4 64 13)4 10 94 7594 2994 90 85 04)4 6tt Today's Net rin Chs". 28 !4 4594- ' 84V4 1V4 8)4 1)4 3394 .. 4394 V 113 1 70(4 Yi 100 170 3)4 108(4 1(4 64(4 ' 27(4 )4 42 294 in 54 051 32 V4 2 37(4 194 36 3 125 7 105 1(4 27)4 f7 4054 13(4 80 34 094 26 3094- 45)4 37(4 115 T4(4 10(4 82(4 K0 0094- 45(4 3(4 001 2854 17 ! 94 2V4 94 1 V (4 1)4 )4 .y "(4 (4 54 94 (4 3)4 (4 60 90 08 V4 1(4 48 130 30V4 102(4 (4 43V4 41(4 55 -S3 23(4 47 31 70(4 101 "(4 61 92(4 . . SO (4 '. 21 (4 98 154 11454 .. 90(4 2)4 i!5'4- 2094 94 10194 -105(4 1)4 1V4 )4 1 3(4 (4 94 94 )4 !4 )4 '94 54 54 A 94 11 1 3354- 7994 63 9994 13)4 15 13 1354 11(4 40(4 8(4 ' - 71 9494 -7694 K894 ?94- l'0J4 10(4 285 (j2 4294 14 81 08 43 60)4.. 3554 134(4 67(4 . 4094... 135 -, 300 .. 8794 30)4 . 78)4 10054 123 114 73 10254 112!,- 72 1094 62546 113 88 - '794- 24(4 10(4 11394 52(4 11 - 3154 88 65 1394 20 75H -85 04(4 66 - 94 1(4 (4 54 )4 2 1(4 54 1 94 Vt !4 54 (4 94 94 )4 A 1 )4 Vi 94 !4 54 'h 1 94 V 1)4 1 'v NARROW PRICE MOVEMENT IN LOCAL STOCK MARKET Electric Storage Battery Directors Place the Common and Preferred Stocks on a 10 Per Cent Dividend Basis Trice movements In thc local' stock market were Irregular, but In most corcs the variations were confined with in the smallest fractional limits'. Elec tric Storage Battery nnd United (!ns improvement were the exceptions. The lack of confirmation of yesterday's ex travagant rumors concerning the divi dend uotion by the Electric Storage Bat tery directors today was responsible for the So drop in that stock during thc Jarl.v trading. After recovering the loss the stock was neglected thc balance ot the day, because of thc general dispo ?,, ? to defer further commitments un til after the meeting of the board which was scheduled for late this afternoon. Iho announcement of the quarterly dividend of 2 per cent placing tho common and preferred stock both on a 10 per cent per nnmlm basis did not come until after tho market had closed. 1 lie uction of board, however, was gen eral y commanded ln local market circles. United Gas Improvement after ruling firm at small fractional advance dur ing most of the morning rnn into fresh liquidation in thc afternoon causlug a decline of $1 from C3 to 52. The more nctivn dealings were sup plied by Lake Superior Corporation with a turnover of approximately 21)00 shares with n range of only be tween 20 and 20. Otherwise the dealings in the local stocks were of the same desultory char- ncter, with indifferent changes. Phila delphia Electric was unchanged nt 24?i. I'hilndelphla Traction was again ab sorbed nt G2. York Railways preferred, on small dealings, dropped 75 cents from the previous' sale to 30. Philadelphia Itapld Transit was a shade higher at 24i. , , General Asphalt common cume in for considerable attention In the second hour of thc trading by reason of a sen sational jump of $13.75 to 123. the movement, however, was of no local sig nificance since the wide advance was merely an adjustment of price closer to the New York curb quotation, which at present is tho principal market for the stock. Attention of the local financial com munity Is more or less occupied at tho moment ns to thc character of the new' financing by tho Philadelphia Electric Co. and United Gas Improvement Co. While nothing tangible is yet obtain able, it is generally understood nego tiations are already under way to pro vide for the maturity of the notes of both of these corporations, which fali due fn February. It is the consensus of opinion in banking circles, in view of thc high money market tension, ar rangements will probably be made for n renewal of these notes for at least another year, if not two years. By that time the return of normal condi tions will permit both concerns to take up a more permanent form of financ,-ing. CORN PRICES WEAKEN AFTER STRONG START Unconfirmed Rumors of Coal Strike Settlement Cause Slump Oats Sag Chicago, Dec, 3. Heavy selling of corn, due to rumors that the soft coal miners, had accepted the terms of the government, weakened the. market to day after it had started strong. Offerings were limited for a few min utes, but they increased quickly, n good supply coming from wire houses. Trade was ncti.-o and mixed. Announcement that the Corn Prod ucts neflning Co. had shut down nil its plants in this vicinity for an indefinite period hud n bearish effect. The trade expected increased facilities for moving tho crop to terminal points nnd thus relieve thc tightness of the cash situa tion. Some authorities declared that there was little chance of accumulation at ter minal points for quite n while. They pointed out thnt if coal Is obtainable industries would be in n position to absorb arrivals of present proportions and prevent stocks from increasing. Onts sagged after n steadier start. Commission houses bought at thc outset, but local interests were bearish. Pro fessional bulls purchased on the de cline. Buying incentive was lacking because of the many uncertainties iu the general situation. Leading futures ranged .8 follows RECOVERY IN COTTON IS NOT MAINTAINED' Market Shows Fairly Stoady Undertone on Wall Street and Western Offerings (om (npw delivery)- " - ..i. j nun Oni ... 1.41V4 ... 1.30V4 1 utli 1.3M5 77Ti 80 Dec. Jan. -May Oats Dee. . . . May . . . l'orK Jan. . ., ... May Lard Jnn. ...23.R7 nay ....m.vu Hlbs Jan. ...18.0,1 May ...18.05 DM. 1.13)4 1.40V4 1.33 78 704 IjOW Close l.SO 1.30i 1.35. 1.8.1 1.325s 1.32T4 7.T4 7Si 7894 76i 785. Test. close 1.41U l.SVA 77!4 80 35.27 31.10 34. OS 33.05 35.15 .It, 75 34.05 33.50 21.00 23.00 10.15 10.05 18.80 18.82 23.00 23.65 18.80 1S.83 23.87 21.00 18.02 '18.S7 BAR SILVER Commercial bur silver was quoted in New York today at Jfl.SOyj an ounce, a gain of c over yesterday's price. In London the price was 73d, up Id. COTTON BELT WEATHEP. CONDITIONS New York, Dec, 3. The following tem peratures were, recorded In the cotton belt this morning: Oklahoma Cltv. 18! Abi lene. 2- Memphis. 80; Port Smith. Little Hock and Nashville. 821 San Antcnlo, Vlcksburtr and Knoxvllle, 38: Corpua Chrlstl. Augusta. Atlanta and Wilming ton, 40; Shreveport and Macon, 42: Mer idian and Montgomery, 44: Thomasvllie and Savannuh, 40: Charleston, 48; Fen sacola, Galveston and Jacksonville. B2j New Orleans and Tampa. 60. There was 02 Inch ot precipitation at Oklahoma niv. .0(1 at Abilene and .12 at Ban An tonio, New York, Dec. 3. Walt street and western longs continued to offer their cotton on rallies this aUernoon and, while the market showed n fairly steady undertone, prices failed to make a sus tained recovery. Spot advices were conflicting, in s6mo instances telling of larger offerings of tho actual at thc advance. Shippers' commitments for December nnd Janunry are understood to be heavy, nnd it Is doubtful if many people anticipate any material reduction in spot quotations for many weeks to come. Toward 2 o'clock thc market turned weak under renewed liquidation and with a break in New Orleans. The exports were 17,780 bales. in- eluding 27S0 bales to France and 15,000 bales to Japan and China. Clearances for the season to date were 2,0.31,740 bales, compared with 1,200,"'. 122 bales forthc corresponding peri6d last season. Test. cloe Open Irish ..311.70 411.00 40.00 H7.1U H7..'o R.-i.tO 83.20 33.40 33.4,-1 32.40 32.40 20.70 20.70 Dec. jHn. .. 80.90 March 34.03 May.. 33.20 July. . 32.0.1 Oct... 2U.45 Bid. I.ow Close 30.00 3D.2S RR0 38.72IH174 34. 3S 34.01 nil 32.47 82.7flS7 31.8.1 31,SJIfJfiO 28.75 20.00 BANK CLEARINGS Bank clearings today compared with cor responding day last two years: 1010 1918 1017 Tloston. J7n.aiH.828 J34. 408.010 40,844.SM N. York. 027,00S187 004,0.14,112 572,029,811 Chicago. 100.141, 417 02,782.138 St. I,ouls. 80,011,183 29.5S2.117 Hijtlmore 18,10.1,040 14,300.008 7.180.08J Same period last week, PHILA. STOCKS (Continued) Steel 0s..l00 100 100 1 Pa iren 4V.s 80 5 Pub Serv Cis 05 1 Phllu Co cons lis . . 70 4 3-5 Phila Klec lst Cs . . . n.T2 12 Head gen 4s SU SO 70 80 r.,1 no bll 2 linrM S48.R00. compared yesterday. Thus far this week. Same period last wieK, no4 N) .. with $10,200 ek. 510.1.7(10. 1184.(100. MONEY-LENDING RATES NEW YOUK Money on call, both mixed collateral and all industrial col lateral opened at 0 per cent; high, 0; low, 5; 'aft. BVj! closed, (3(35; ruling rate, 0 per cent. Conditions are unchanged In the market for tlmo money. There Is very little new money available and 7Vi8 per .cent is quoted for sixty days, on industrials. Prime commercial paper is firmer, with fewer quotations at CVS per cent. Prime bank acceptances show some improvement nfter exceptional dullness. Prime bills are quoted at B4 per cent. Call loans on acceptances arcN un changed nt 4 per cent. rHHjADEWHIA Call, 0 per cent; time, 0 per cent; commercial paper, three to six months, BJ4 per cent, and six months, 5 0 per cent. LONDON Money is quoted at 2 per ccut. Discount rates, short bills und three-moot!' bills, 5. GOVERNMENT BONDS Pinama coupon. 2e 'JJJi--Panama registered S 11130,. Panama coupon "a. 1038 .... Panama registered 2s. 1038 Panama coupon as. 1JJI.. Psnama registered I 3s 1001,, Philippine 4s. 1084 .,.,. ,, Philippine 4s. ip;.1 . .. PMllpelns 4". 130 ..... . ti h aovt ceupon 2s mao. . (T 8 flovt jj-glstered ?, 1080. V S Oovt connon 4s.., 102.1., O 0 Oovt realxteied 4, 1825 Xlt M Wtoas ., Bid Ask . . 004 ""114 ,, 09tt tooU . . nnH inou , , noH ioo4 .. SHli flOU . . 88ti (101, . ,. 112 00 ,. 02 no . . 02 Oil . loor looti , 100 100V4 10.1H tootf ,,1032 1M& WM 87 ,i- VOTE ON CAPITAL INCREASE Insurance Company Would Issue 100,000 Additional Shares of Stock Shareholders of the Insurance Co. of North America will meet in spe cial session on Friday, February 0, 1020, to vote on on increase of the capital stock and surplus fund of thc company by the issue of 100,000 addi tional shares of stock. Each stockholder is to be entitled to subscribe for one share on account of every four shares held. The amount to bo paid fpr each share will be $20 ; $10 of the proceeds of each share to be placed to capital stock nnd $10 to be added to the present surplus of the company. DIVIDENDS DECLARED Midland Securities Co., quarterly of 12. B0. payable December 31 to stock ot record December 5. Tenn Water and Tower Co., quarterly ot m per cent on common, payablo January 2 tc stock of record December 10. Southwest Pennsylvania Pipe Line Co., quarterly of 18, payable December 31 to stock of record December IB. Chandler motor Car Co.. quarterly ot 12, Eayable January 2 to stockholders of record lecember 15. Manhattan Electrical Supply Co., quar terly of 1 per cent on common and 14 per cent on both the first and second pre ferred. Dividends payable January 2 to :iock ot reenra wrrrmwr iu. iters securities Co., quar- A" and payable Internal Loans of Britain and France Because of the existing foreign exchange rates, internal obligations of Great Britain and France offer the most unusual opportunities to American investors. For further information ask for our Circular No. 7349. Bonbright & Company MOIiniS WISTAK STROUD, Manager 437 Chestnut St., Philadelphia New Tork Tloston Chlcneo M. AIXMOND 41 HAY, Bepreaentatlve 323 Fourth Avenue, Pittsburgh Detroit American Smelters Securities Co., terly of 1H per .cent on preferred "A" and 1W per cent on preferred "B," payablt January 2 to stock ot record December 12. m"r:rn looacco uo., nuarterly IU per cent on' preferred, payable January 2 to stock of record December 18, , Wcyman Druton Co., quarterly 2V4 per cent on commdn and 14 per cent on pre ferred. payable January 1 to stock of record December 10. P, Ixirlllard Co., quarterly 8 per cent on common and la. per cent on preferred, pay able January 2 to stock of record Decem ber in, IehUh Valley Railroad Co.. quarterly of 1 X per cent on common to stockholders of rrcorq December 18, payable on or as soon after January 3 as the company receives from the rjnlted States KovernmAnt an ail. Lquate payment of thei rental now dues' and h quarterly ot 2k per cent on preferred to Istockholdjra of record December 18,, piyabls New Issue F. L. Horton Corporation 8 Cumulative ,, Preferred Stock Capitalization Authorized Outstanding Preferred Stock $360,000 $350,000 Common Stock . .. 350,000 350;000 Freo from United States Normal Income Tax Redeemable at $120 per share Dividends payable quarterly, December, etc Business established for many years. Company's plants located at Boston and Worcester, Mass. Manufacture by patented process brake linings and clutch facings. Product recognized throughout tho entire automobile-Indus, try as possessing intrinsic merit of high order. The Company numbers among its customers Dodge Brothers Cadillac Auto Co. Reo Motor Co. Warner Gear Co. F. B. Stearns Co. Brown, Lipo Gear Co. Packard Motor Co, of Boston Barg & Beck Co. Net earnings for 1919, based on 9 months earnings, six times Pre ferred dividend requirements. Net assets in excess of $140 per share for the Preferred stock. Price $99 per share, yielding above 8 Special circular 013 sent upon request FAIRMAN & COMPANY PREXEL BUILDING PHILADELPHIA ESTABLISHED lf62 IIIIUHIIMlfii mmmmmw jfffiHWteis'l WUffiHif 1 f-r Zd w a ." n ' "'"Si .- , i.
Significant historical Pennsylvania newspapers