BVENIKG PUBLIC 'LEDR-PHILABELPHIA, 8MUBDAY, J)EOEBER 13, 1019,
KSm
NEWS OF FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK QUOTATIONS
41
i&
'rx
i. ,
PWOFITflBLE
INVESTMENTS
$25,000
Lehigh Valley R. R. Co.
Gen. Con. 4s, due May, 2003
Average Net Earning! (1908
to 1918) Exceed Three Tlmej
Bond Interest and Amount to
More Than 13 on the Com
mon Stock.
Price of Market
Yield About S?i
Frazier 6- Co
BROAD AND SANSOM STS.
PHILADELPHIA
19 SOUTH ST., BALTIMORE
83 BROADWAY, NEW YORK
FURTHER RALLIES MADE ON
MODERATE SHORT COVERING
Better Tone of Foreign Exchange and Prospects of Easier
Money Helped to Brighten Market
We Have for Sale
Pitts., Youngstown
& Ashtabula R. R.
lit Si, 1927
Tax Exempt in Penna.
Guaranteed Principal and
Interest by the Pcnna. Co.
Carstairs & Co
Members I'liltndrlnhla and
ew ork Slock KxrhunsM
1419 Walnut Street
71 Broadway, N. Y.
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
1613 KEAI, ESTATE TBCbT HLDC.
Iavestiirute and adjust partnership uud
corporation utcuunte. Also prepare U. 11.
Inrama Tax Returns.
New Ynrl(, Dec. 13. Today's closing
market moved on n more eveu keel, ll.v
re.non of the ultra -professional caliber
of the trading the elnj b operations were
without significance. With further
coterlng of the short interest" yester
day's late rally wns extended from one
to two point, reaching wider limita
tions in some of the pool nnd clique
Ihiiic.
Dealings Murine the abbrevinted ses
sion were ruled absolute! bv teehnirnl
rnmer tnnn outside conditions. A sub
stantial rally in foreign exchange and
the belief that monej market conditions
would be much easier next week, to
gether with the statement that the
President was working ot his railroad
message anil that tbli document would
be soon sent to Congress, helped to
brighten up the market atmosphere to
some extent
Coeiing of the hhorts was not on an
extensive tcale. These operations ap
parently wete more confined to the
sninller frj of Hie trading contingent.
Thcj were sufficient, however, to keep
the market beaded upward during the
two hours, but still there was not the
ginger to the milieu that might be rea
sntinhl) expected In irv of the week's
hcat onslaught on mirlt. values.
While there was some profit -Inking,
the most of the Improvement was main
tained. Two convincing deduction are to be
made from the week's market inoVo
mtiits. Clue the Incomplitioii of the
liquidation of f.peeiilntiu accounts, the
other Hint the stringency In the inouej
market Is much more (.erlons thnu gen
erally realized. Thej were the upper
i'iost factors In the week's further de
preciation of security values. To these,
howevei, could be coupled a number of
I oilier depriving nud unsettling in-
I lluences the natural outgrowth of the
conflictluK currents wlilch have euteied
Into the economic ami domestic ltuu-
I tion
l.ii) Ing nslde the disquieting effect of
nny of tliee individual factors, follow
ing the line of precedent the market
was scheduled to pass through lust such
a ,tnge of adjustment as witnessed this
week. It was the natural outcome of
the unbridled speculation sudden!
arrested Inst month, and the lozlcnl
nftcrmath of the drastic transformation
o( ownership ns result of the market
revolution
As should be expected In view of the
violence of the recent movements, the
market Ir In a hlgblv sensitive. If not
supersensitive condition. In con
sequence, events, con'litions and cir
cumstances are magnified to the ex
treme. As Wall street never does
things by a happy medium, on the con
tror, always taking the extremist
view. It is altogether a natural sequence
that, the lemier of the market world Is
rapidly becoming as ultra pressimlstlc
as it only a sboit time ago was humor
ously optimistic.
There nre no reliable means, of
course, of either measuring the "bot
tom" or "tops" of great tnuYltet
swings. That is always either a ques
tion of Imagination or conjecture. Cer
tain signals, however, arc always pres
ent when these great market move
ments are npprouchlng the peaks or
subccllars. These signs are first given
in the outgrowth of radlcul opinions, or
in the violence of the element attached
to the party then In saddle. In other
words, they arc ahcady leliable sig
nals present indicating an overplay ou
the part of those bent upon sending
the securit market to the demnltiou
bow-wows. Tills docs not imply i.ny
immediate resumption of a bull move
ment, ay .nouey market conditions pre
clude extension of speculative nccouuts.
It does mean, however, judging front all
sin face signs, the bear company Is be
coming altogether too big, too recUlnss
for comfort.
FINANCIAL
Prniwsals
fiEAl.nii ritnriisAUS to tiik county
Commissioner for the uso of the Munlcl
Bit Court. Office of the County Commission
er. Hooms 130-138. City Hall. Philadelphia,
Sealed proposals for the ear 12o will he
received t the office of the County Commis
sioners. Room 134 City Hall, Philadelphia.
p.i until II o'clock noon, Monday, Decem
ber 1J. J01U. at which time ulila will l
opened and the contracts awirdfd to the
lowest responsible bidder as follows
For turnlshlns' brushes, brooms buckets,
towels, cleaning utensils etc.
Furniture, carpets chairs desks, type
writers, wardrobes, tables Iron beds, with
prints, mattresses bolster, pillows, door
mats, etc.
Disinfectants, soap etc
Printed stationery and prlntlns
Prlntlnn for use of the Juvenile Court at
the Houso of Detention, such as commit
ments, releases, transcripts, physical rec
ords, school exainln-itlons. test blanks, pro
bation officers' report", etc
Specifications may he obtained from the
Chief Clerk to Ihe County Commissioners.
Room 130. city Hall
Bids from others than those cnaaKed In
actual business In the general branches
mentioned In the specifications will not bo en
tertained nor considered
No bids will he considered unless ticcom-
? anted by a certificate from the City Sollcl
or In compliance with the Ordinance of
Councils approved May 23, 1R60 requiring
a. proposal bond In all cases where the
amount exceeds five hundred dollars
(1300.00)
The .CoutiIv fnmmlMl(inr, reserve the
rlaht to accept or reject any or all bids or
$arts of bids as may be deemed for the best
:marcsia pi ins cuv
liUWUUti p f MM.aiia.
lIARIty KITB.VZEL,
II H JiI(-HARnSOf.
County Commls.loners.
IFIIISSSHOI
IN CURB ISSUES!
offick of
hoard of kkuissi ration c0mmi9-
M(n::i8
Room R10, l.ily Hall
I'hlladelphln.
Sealed proposals for the necessary books
prlntlnir. stationery, supplier, etc required
for this department for the year 1020. to
be delivered to this office at such times nnd
In such numbers and quantities throughout
the entire year as shall be called for by this
Board and subject to Inspection and rejec
tion. If not as represented, will be received
at Room 630, Clt) Hall, on MondnJ. Decem
ber 15, 1010. at It o'clock noon, at which
time said proposals will be opened. Con
tracts will he awarded to the lowest re
sponsible bidder
Bids from others than those engaged In
Sctual business In the branches mentioned
sreln will not be considered nor enter
tained. Printed schedules on which bids must ba
made win be furnished upon application to
this office.
When the amount exceeds Five Hundred
Dollars (J.160). no bid will he received unless
accompanied, by a certificate r.-eni the City
(Solicitor stating that a bond has been
JUed In accordance with tho provisions of an
ordinance of Councils approved May '.'.I I8611
Thy Board reserves the right to accept or
reject any or all Wds. In whole or In part
th. tcCty. "" bt" '"" U,a lnt"ts of
B. LAWREN'CB FELT.
I'MNIOV ROOKRS WOODRUFF
OKOItOK O riKRIC '
WILLIAM WALSH,
IGNATIUS A QUINN.
Board of Registration Commissioners.
OFFICF. OF TIIK COUNTY minim.
PIh?SBhi.noom' '1ra,t
1". Pltr Un. Philadelphia, ' 1.. intlf it
o'clock nodKI Monduj , December IS inin
at which time bids will uTwa "l?'
'fen nwitruru lO me lO'VfHt rnnnaltil
bidder, for hire of modern "utomoWl" bus
er conveyance, with sash and glass to c!
commodate twenty-nvo people on the inM.
which car. be closed .0 a. to protect oJ".
pants from Inclement leather Including
robes, for use of Orar.d Jury in mimthii
visits to publlo Institutions In Phllideinh I
county. Bids should state price per day
Specification:! may be obtained from ih
Rm C,'So.k cVlIa,?0""" 'X.
8ffl &?'!! '."h? g'e'n-erafTranches
mentioned In the specincatlons will not be
entertained nor considered.
No bids will be received unless accom.
ranled by a certificate from the City Solici
tor. In compliance with the ordinance of
Councils approved May S3 ISoo requiring
a proposal bond in all cases where the
mount exceeds five hundred dollars ($300)
The County Commissioners reserve the
right to accept or reject any or all hlds or
parts of bids, as may be deemed for the
best Interests of the city.
OEnnOE F HOLMES.
HARRY KUENZEI,.
H "S RICHARDSON",
County Commissioners
Annual Elections
sr-asscEinilTII NATIONAL HANK
fKB Philadelphia. December 13, 1B10
,-ThA Annual Election for nirertnrv win k
held at the Banking House on Tuesday, Jan
uary 13th, 10i. betwreq the hours of 12
o'clock noon anil 2 n, m.
CHARLES II COOKE,
Cashier
TIIK MXTII NATIONAL BANK
Philadelphia December 10 imo
The annual election for Director nr thl
Bank will be held at the Banking House
Tuesday. January IS, 1080. between hours
is m. and 3 p. m.
WILLIAM SALTER.
Cashier
ntrlilende
fiFFIOB OF TIIK i FUANHroilD TRUMT
f Oili'ANx
Th Hoard of Directors have this day de
clared the regular semiannual dividend of
sren P' cent (7) to the stockholders
of rrcord Ibis day. payable January 1, 1020.
Chock will ba mailed,
vnv CHAni.ES n. CORNELL,
Hecretary
j PhlUdoIphla. December 8. 1010.
m
??:v.
The United Qaa Improrement Co,
Corner Broad and Arcli Ntrrets
Philadelphia, December 10. lulu.
The pirH'tors have this day declared a
.rteily dividend of twa per cent ($1.00
ner shsrel payable January IS, 1020, to
ktockholders or recorg at tne oiosa 01 busi
ness December. II. 1010. Checks will be
jsvaiieo.
I V, MORRIS, TTMsurer,
Bar Sliver Again Move Up
Couimrrelal bar silver touched another-
nrw high record la London today
ttt 781Jd n onnee. an advance of d
MW ytyiKdfiy1 Mh rfcord prlcei -
Movements Narrower Than on
Stock Exchange Heavy
Trade in Oils
CURB TRADING AT NEW HIGH
New Yorh, Dec. 13. A firmer tone
was shown in nearly nil the nctlve is
sues on the III nnd street curb in the
half day's trading, but movements In
that market were much narrower than
in the stock exchange.
Oil stocks were again the prominent
fentuie. with the -heaviest trading in
(iillllnnd, which, opening at 407J , moved
up to above 47 White Oil was also In
demand, the opening ranging above 42
nnd there was a good demand for
SimniK Petroleum, In which dealings
were in large amounts, the stork ad
vancing again to above 01.
American Tobacco Securities eic
exceptionally heavy, falling from 114 to
IIS1'. Loews wns also in supplv, sell
ing at lif) to USBJ. Carlh Trading
moved up to the new high of .'170
There was a fair amount of business
in the new Locomobile stock lit 24.
Oeneral Motors wbk fairl active, rang
ing fiom .'(.'( to .11. Oeneral Asphalt was
firm with sales at ldt) to above 10S.
hiibmariue Hnat wns stendv with sales
at 15V4. Tobacco Exports sold at 2!l'4.
Mid ?SK
3?.
11
Aetna Explosives ctfs
Allied Packers
Amer baretv Razor
Amer Tobncrn Sep. .
Chalmers Motor . . ..
L;tv r, UAUers rlfa ...
Cosden & Co
Cramp A Sons . . . .
Curtlss Aeroplane ....
Qenerol 0 sphf It . . . .
Gillette Razor
fllenrock Oil
Hendee Mfg
Houston Oil
Invincible Oil
Intematlonnl Petroleum
Lehigh Vallev Coal Unlet
Magma Cornier
Merrltt Oil
Midwest Refiling ..
.Mother Lode new . .
National Oil . . . .
North Amor P fi I'
N Y Shipbuilding
Peerlrsa Motor
Russian 3V4 s
Russian fi'ia .
Simms Petroleum
f.ubmarlne Boat . . . .
Tobacco PrnducfJ I'x
Union Carbide
Un Mln Mexico . .
United Motors
United Verde Extension ,
White Oil
Woodburn Oil . . .
UK
!li
17
. II
II
. 11
.107
. 170
. 3V4
it
..HI
. 31
. SIV4
. r,o
.iJ?H
: 51
. 3
. 4n
. . 4'J
2.1
. . 23
. . UO'l
. . IS
. . 2ft
71
.. 1
:. SS
. 42
navi
N
42H
nl
SOU
IS
lll'l
ISO
a
4S
111.",
SR
37
112
3'l
80 Vi
inn
3V4
Ml
41
2R
2(1
NIIV
IBVi
30
70
o
"i
30
0
LIVESTOCK QUOTATIONS
ritleago, Den 13 HOOS Estimated re
ceipts IIOOO hendl leftover. 0772 hend
Strong with yesterday's aversge Top,
til 31 Average cost etpnln, 113 00
CATTLE Estimated receipts 1300 head
HHIIBP Estimated receipts, 7000 head
Pittsburgh, Dec 13 HOOS Receipts,
3000 bead Steady and active Ileavlea,
M4, heavy orkers, light nrkers and pigs,
ll 21
SHEEP AND LAMHS Receipts, CCO head
Strong. Top sheep. $10 21, top lambs $17
CALVES Receipts. (10 head Iyiwer,
Top, $20
Knnsns Cltj. Mo.. Dec H HOGS Re
ceipts. 2000 hend. Strong Bulk, (18 ony
13 73; heavies J18 4,1n so. mediums.
Ml 40013 St lights 113(113 7.1. light
llehte. 112 ROfl 1130, packing sows, 12
12 7,1. nigs. I11W13
CATTLE Receipts (1.1 Market for
week Steers mostly 2.1i higher, "she"
stock and canners strong tn 10c higher,
bulls steady calves 21 to SOo higher, feed
ers strong tn 21c higher
SHEEP Reielpis 200 head Market for
the week Fat sheep 30c higher, feeders
steadv
BIGGEST GOVERNMENT
SALE OF THE SEASON
ALL NEW GOODS
TO THE TRADE
United States Navy Surplus Stock
Consisting of the Following Articles:
Dents' Furnishings and Piece Oodtli
280,000 Blankets.
00,000 pr. Woolen Drawers,
00,000 yr. Woolen rllilrts.
4,000 pr. Woolen tlloves.
330 Muslirat Caps.
13,000 Rubber Hats.
10,000 Rubber Hats,
7,000 Rubber Hals.
163,000 prs; Woolen Socks.
27,000 prs. Arctics.
10,000 Cravats, C. P. O,
100,000 Jack Knives.
330,000 Jerseys.
300,000 Laces, Bilk, trousers.
243,000 prs. Leggings.
330,000 yds. 30-onnce Blue Cloth.
300,000 yds, Ilrald,
130,000 Wlilsk Brooms.
130,000 Hair Brushes.
30,000 Scrub Brushes (fiber),
30,000 Shoo Brushes.
80,000 prs. Scissors.
43,000 Flannel Shirts (blue),
AcMress: Commander John D. Itobnett,
(H. C), U S, N In charge .Vavy
Surplus Stores, Na.vy Tnrd. Phlla..
xeiepnone jJicuinaon 3300,
Pt Telei
SCATTERED SELLING
STRENGTHENS CORN
Trade Puts Bearish Interpreta
tion on Government's Crop
Estimate Oats Heavy
ORAIN PELT Wn.VTHER FORECAST
Chicago. Dec 13 Illinois ralr tonight
end prnbsblv Sundiy colder east Minne
sota ralr and warmer tonight. Sunday
Increasing cloudiness and warmer North
Dakota 'Partly elnud tonight and Sifli
dav warmer Missouri Wisconsin. Iowa.
South Dikotd Nebriska. Kansas Wyo
ming and Montana Kair tonight and Sun
da warmer
Chicago, Dec. 1.1. A bearish inter
pretation of the final estimates of the
crops of llllf) by the Federal Depart
ment of Agriculture led to scattered
.selling of corn bj local Interests at the
outset todaj anil the undertone of the
mnrket was easier. On the setback,
commission houses and cash firms nur-
chahPil. The government report noted
gnlns In the .vields of wheat, corn nnd
oats.
The foreign exchange situation con
tinued a fnctor and the weather map
fniled to reveal any evidence of the
bllzr.ard reported jesterdav afternoon.
Temperatures were much lower, how
ever, and the undertone was helped by
strength In hogs, nnd the removal of thr
fuel regulations and expectations that
leading cereal grinding industries would
be good purchasers of cash corn. Later
prices sagged again.
The receipts here today were inn
cars.
December oncued at $1.40 to J1.40W,
against $1.41 at the end .vesterday, nnd
moved up to $1.40. Januar opened
at $1.34 to $1.344, against $l.ri.rV8
at the end vesterday. May startid at
Sl.aiVi to si;n, against M..WA at rue
close yesterday.
Oats were heavy on selling by local
operators and commission bouses. Con
cerns with connections at the seaboard
were among buyirs. The outlook for
expoit business showed no improve
ment. Iteieipts here were SO cars.
December opened VS" lower, at 70c.
Mav started at 70 to "OViC, against
70'jc at the close jestcrday; Jul
started at a decline of Y, at 7"i cents.
FOREIGN EXCHANGE
New York, Dec. 13, There was a
marked improvement in the foreign ex
change market at the beginning of busi
ness this morning, demand Rterjing
mnking nn advance of 3 cents to 3,07!.
Italian, French nnd Scandinavian ex
changes, which had sold at the lowest
iccord in yesterday's trading, were
strong. '
Kntes wrre:
Demand sterling 3.07.
l.fiSVi ; Frnne checks 11.02.
11. 30; Italian checks 13,07,
13.55; Spanish checks 18.85,
18.00: Swiss checks 5.52.
,".50; German checks 2.0.J, cables 'J.Oi ;
Austrian kronnen .75 ; Holland checks
37. cables 3S; Stockholm checks
20.80, cables 21.05; Christinnla
checks, 10.05, cables 20.10 ; Copenhagen
checks 17,75. cnbles 17.00.
Around midday francs and sterling
displayed a further slight stiffening,
demand sterlinir being minted at 3.(10
and cables at 3.00. French checks
were 11.35 and cables 11.3.1.
MONEY-LENDING RATES
I'HILADELl'HIA Call, 0 per cent;
time, 0 per rent ; commercial paper,
three to six months, 5 P"r cent, and
six months, 5 (ill! per cent.
Reserve Banks' Discount Rates
Official discount rates nt the twelve
Federal Reserve Hanks were ns follows:
(The first column gives rates for all
periods up to and Including a fifteen
day maturity, the second for a period of
sixteen to ninety dajs. The third nnd
fourth columnB give the rates for re
discounts of collateral loans secured by
government bonds or notes) :
Com'l paper Gov't paper
id to nn in to or.
13 days days IS days days
Roston .
New York
Philadelphia
cables
cable,
cables
cables
cables
Hirnmond . .. i -;3 '-ii
Cleveland .... 44 4$ 4$ 4-4
Atlanta 4J4 4l 4 4
ChlCAgb . .. 4W J'f 4)1 4U
St. Louie .. . -iVS 4"J 4ji 4i
Minneapolis . 4V4 4 PS 4J4 4'4
Kansas City . 8 3 4)1 4'i
Delia 6 J 4i 4Vf
San rranclsco 4W 3 4V4 M
(MS
BANK CLEARINGS
Dank clearings today, compared with cor
responding day last two years!
1010 liilR 1017
Phlla. ..(31,018,342 (8T.nnS,R02 (62,002,060
Dalto. .. 17,083,71 14,194,804 .. .. ..
Brooklyn Union Gas Passes Dividend
New York, Dec, 13, Directnis of the
Brooklyn TTnlon flns Co, passed the
usual quarterly dividend of 1 percent,
which was due to be paid on January
1 next. The Immediate cause for this
action was that earnings under the
nresent eighty-cent gas law do not
justify a continuation oi the disbursement.
NEW YORK STOCK EXCHANGE TRANSACTIONS j
Bales
100
200
200
300
ion
2000
1300
200
3 200
0)4
3S00
20
003
ttoo
400
100
1100
tsno
400
.100
Dtv,
In I
High
Aaams i;xpre3 , , . . 30
Advance Itumely .. .. 414
0 Ad van Co Itumely pf , . 74.
C AJax nubber 62
.. Alaska Oold Mines ,. . 2
.. Alaska JuneaU O M ., 2',i
.. Allls-Chalmers 48
Am Agrlo Cbem Ill
3 Am Dank N'ote pf . 4t
s Am Beet Sugar S3
,. American Can 3i
7 American Can of .... 8DW
Am Car A Fdy 137,4
4 Am Cotton OU ..i... 47V4
so Am -yuggist Sj-n ... 11 n
3 Am Kxpress to
,. Am Hide & leather.. 26H
7 Am Hide & Leath pf..llfiU
. . American ic 43(4
0 American lea nf (IBI.
1900 4. SO Am Internet Corp .... l8yi
!00
2400
1010
ttoo
.100
100
1200
.100
3100
3300
1130
311
700
(3)0
3J1
ton
100
4000
330
1100
210
1110
13(09
37110
eoo
100
400
300
410
700
210
0101
100
300
00
400
ft 30
200
100
fiDO
3000
1C0
C10
100
0)0
A00
2710
11)0
17 '10
200
12)0
200
210
410
A10
300
2510
It 111
13)0
300
Olll
1410
410
1710
1100
too
810
(110
200
290
4310
100
3410
131)0
310
410
40)0
60 10
010
44 ID
30 10
too
810
210
410
400
310
15)0
8)0
310
2S11
210
100
31 1
40
510
10)0
0)0
J110
7J)
1910
310
too
St'O
18 0
1)0
2)0
5 )l
100
111
12 0
1410
1)0
1)0
3)0
43)0
3510
7300
100
114 Ml
300
BOO
103
700
200
310
200
4390
Am Linseed 08 H
Am Locomotive 01H
Am Ship & Commerce. 28 Vt
Am Smelt & Ret 63
Am Smelt hea A .. .. 80 J4
Am SnufT 10SJ4
Am Steel Foundries .. 42 W
Am Sugar Ref 13314
Am Sumatra Tob .... 87 H
Am Tel & Tel 01 H
Am Woolen 12A
Am Writing Paper pf. S3
Am Zlno Lead A 3m , ISM
Annconda Copper ..., 114
Also Dry Goods 02)4
Asso Dry Qds 1st pf.. 71 ji
Afcsetn Realization ... 7
A ten Top & Santa Kb. 8SM
Atch Top & S F pf... 7S
Atlanta Blrm & Alt.. 1
Atlantic, Coast Lino.. 1H
Atl Gulf & W I 18
Baldwin Loco 114
.. Baltimore & Ohio .... 30 H
4 Baltimore & Ohio pf . . 42
Barnet Leather OS
8 Barrett 121
.. Batopllas Mining .... l?t
.. Bethlehem Motors SOU
.. Bethlehem Motor rts... H
5 Bethlehem Steel 86J4
3 Bethlehem Steel B ... C3h
7 Bethlehem Sleel 1. t
Bethlehem Stl 8 pM12W
.. Booth r'shcriu '3yl
., Bklyn Rapid Transit. UV
. . Bklyn It T ctfs of dcp. 10
0 Brooklyn Union das ., iOH
7 Hums Bros pf ..,.110
.50 Butto Copper & Zinc. . 8M
.. Butto & Superior Cop. 27
.. Uutterlcl; 23
4 California Packing ... 1'4
7 California Packing pf.120
.. California Potrolcum . 43
2 Calumet & Arizona . . 01H
10 Canadian Pacltia ....1.13V4
7 Caso J 1 Thresh M pf. 00
A Central Leather 83 !4
7 Central Leather pf ...108(4
4 Orro de Pasco Cop .. 53
4 Certaln-leed Prod ... 33
8 Chandler Motors ....lit
4 Chesapeake & Ohio . . S3J
.. Chicago Ct Western . 8
1 Chi lit Western pf ... iVA
.. Chi Mil u St Paul ... 35
.. Chi Mil & St Paul pf. J1J4
7 Chi & Northwestern . 88
8 Chi & Northwest pf .117
. . Chi Rock Isl & Pao . . 24
0 Chi R I & Pao 6 pf. SO
7 Chi R I & Pao 7 pf. 7214
.. Chile Copper 18(4
3 Chlno Copper 35(4
5 Clove Cln Chi &. St L.. 43
.. Coca-Cola 38(4
3 Colorado Fuel & Iron, 30
,. Colorado & Sou'hern. . 10
4 Columb Qaa & Klcc... (2
1 Col Orahophone (13(4
7 Col Graphophone pf.. 02
7 Consolidated Oas .... DO
.. Continental Candy ... 13
.. Con Interstate Cal M. 19 (5
.. Con Textile rts !4
,. Corn Products Ref... (5(4
12 Crucible Steel 07
7 Crucible Steel pf 00(4
.. Cuba Cano Sugar ... Hii
7 Cuba Cane Sugar Ft f"H
7 Deere & Co pf 9BH
8 Delawaro ft Hudson . 07
.. Denver & Rio G pT ... 13(4
-.. Doma Mines 13
.. Kmerson-Brantlng ... 29(4
3.50 Endldott-Jolmson .,..138
,. Krl 13(4
. . Erie 1st pt 20
.. Erie 2d pf 13(4
5 Famous Playcrs-L ... 8014
2 Federal Mln & Sm pf. 23(4
7 Fisher Body pf 105(4
.. Flsk Rubber 41H
2 Free port Texas 37
2 Gaston Win & Wig... 7
S General Cigar ....... CO (i
8 General Elcctrla ....ICO
12 Oeneral Motors t2t
0 Gen Motors deb 3?i
4 Goodrich B F M
., Granby Consol M & S. 52
.. Gray & Davis 4814
7 Great Northern pf..., "6W
4 Gt Northern Ore Ctfs. 37
.. Greene Cananea cop.. 3i
.. Gulf Mobile ek North.. 8
.. Gulf States Steel .... C5
4 Haskell & Barker Car. '0
7 Illinois Central 81
Inspiration Con Cop.. 50(4
,. Interboro Con 4
.. Interboro Con pf t2(4
s lnt Har enter 127
7 lnt Harvester pt new. 114
48 V4
K4(4
22
03(4
55X
77(4
38
42
15(4
40
0
lnt Mer Marine
lnt Mer Marina pr...
International Nickel . ,
Inter Nickel pf
International t-uper .
Inter Paper pt stpd .
Iron Products
Jewel Tea pf I
Kansas City Southern
Kan City Southern pf
Kelly-Springfield Tire. 131
Kelsey Wheel '
Kennecott Copper .... 28(4
Low
SO
4(4
73(4
2
2
2
(3
(4
(A
02
50 M
SO
135(4
47
11
SO
20(4
11(4
42(4
05
1(4
S8(4
90 M
27(4
84(4
80(4
103(4
'43
134 (4
93(4
99
123
54
10
55(4
CI (4
UK
7
81
18
8(4
91H
its
102 H
30(4
41(4
95
118(4
1M
30
!4
90 ?s
00
U(4
12 H
14(4
9(4
'0
110
8(4
26
23
"3
ItO
42(4
co (4
131
09(4
fi
1C8(4
32(4
33
117(4
(3
7(4
21
34(4
5J
"5H
117
23(4
5 J (4
71
17(4
34
43
38
8.
19
12
02
02
t4(4
12(4
18(4
(4
r3
109
09
50
l"5
09 V,
05
13!4
12
28(4
I?5
lIs
10(4
15(4
85
25(4
105(4
40!i
37
10
68(4
16R
118
c5
18(4
48(4
"(4
55
36(4
3
8
13(4
6
80
49
34
12(4
127
114
47
tea
21
03(4
13(4
77
34
42
14(4
40
132(4
15
28(4
Today's Net
Close Chge.
30 - (4
42(4 (4
74 14
to
2
2(4 . ,
40(4 1
91 (4
40 - 2
03 (4
63 1
SO
137(4 IK
47(4 Yl
11-14
001
28J4 V
118-
(3(4 1
05-2
106(4
28(4
C5
80(4-
103(4
4H 2(4
133(4 2(4
87(4 (t
09
128
56 4
16(4
57(4
(4
82
18
167
104 3
.10(4
(2
03 -131
1
30
H
8054-
4(4
3(4
(4
tt
V4
(4
1
1(4
14
(4
(4
I
1
3
3(4
'
(4
1H
8254 1
SB
M2
JO
(0 J
110
8(4-
:o5i
23
75-120
(3 1(4
l - (4
132 2
89(4- (4
t3(4 3(4
lf8(4 (4
3(4
33
ll
33
7(4
M(4
95
1 1H
r8 1(4
117
,24
60
H-
1R(4
35(4 H
43-1
.18
M (4
10 - 1(4
(21
62 1(4
92 - 1(4
nyt- 3
13
J9 1(4
(4-
'(4 2(4
207 8(4
89
51(4 1(4
'6H 3
9954 .
C7 1(4
13(4 (4
12 ..
2(4- 54
137 1(4
13(4 (4
19
1(4
854 54
5(4-
105(4 (4
1(4 1
37 - ,
7 1
C0V4 (4
IMJ . .
S23(4 4
B5 H
81 2K
83 2(4
(8(4 1
70 H
37
,S- (4
8
HK-
6
89 (4
80(4 1
4
134- (4
127
114
48(4 1
104(4 1
71- (4
83(4 . .
15 2(4
77 - (4
so a
43 - (4
1(4- (J
40-3
133(4
75
28(4
1700
390
1100 3.(0
400 12
300
100 1,
1001
300
400
300
400
400
100
200
600
5100
too
.75
7
Die.
Hales In S
1410 1.20 Keystone Tire & Rub
Lackawanna Steel ... 84
Lee Rubber ft Tiro ... 1554
Lehigh Valley 43 '
Lorlllard P Tobacco., 185
Louisville & Nash 109 (4
Manhattan Shirt . ... 32
Manhattan Elev guar. 4854
,. Martin parry ,.,.,,. 33(4
.. Maxwell Motor 38
.. Maxwell Mot ctfs 33
Max Mot 1st pf ctfs.. 60
. Maxwell Mot 1st pf.. 6654
7 May 7ept Stores ....116(4
7 May Dept Stores pf .10714
2 Miami Copper 22(4
10 Mexican Petroleum ..Its
Minn & Bt L new .... 13
Todas's Net
TTIgh TVvir Close Chge
44(4 43 (4(4 1(4
2500 1.30 Middle States Corp .. 3
3500 4 MIdvale Steel A Ord.. 4
7 Minn StPiflStM., 72
7 M St P & B St M pf . . SO
.. Mlssoprl Kan 4 Tex,, t
. . Mo Kan & Tex pf ... 13
.. Missouri Paalfla :4(4
.. Missouri' Pacific pf .. 39
3 Montana Power ..... 87 (4
3 Mulling Body 40(4
3 National Acms ...... 37
.. Nat Aniline A Chent..
.. Nat Conduit A Cable.. 10
6 Nat Enam ft Stomp.. 85(4
6 National Lead 79(4
.50 Nevada Con Copper. . 14
6 New York Central ... 87
10 New Tork Air Brake. 109
.50 New York Dock 42
.50 New York Dock pf ... 59
. . New York C ft St L. . 20
New York N II ft H.. 20
1 Now York Ont ft W. . . 11
5 North American 81(4
7 Norfolk ft Western ., 95(4
7 Northern raclflo .... 78
. Norfolk ft Southern . . 10(4
5 Nova Scotia S C 71
i Ohio Cities Oaa 48(4
60 Oklahoma Pro & Ref. 9(4
6 Otis Elevator . 132(4
.. Otis Steel 36(4
3 Owens Bottllnr Mach. 67
3 Paciflo Gas ft Elco ... 10 (4
1 Pacific Mall 33(4
.. Pacific TCI ft Tel .. 35(4
0 Pan-Amer Petrol ft T. 103(4
. . Pan-Amer Pet rts . . . (4
" Pan-Amer (B) 66(4
3 Pennsylvania 4o
.. Peoples Gas Chicago.. 34(4
.. Per Marquette 27
.. Pere Marquette pf ..48
5 Pere Marq prior pf... t6
3 Philadelphia Co 35
. Plerce-Arrow Motor ..17(4
8 Plerce-Arrow Mot pf.107
.. Pierce Oil 10(4
. . Pittsburgh ft W Va. . . 55
6 Pittsburgh Coal of P. (3)4
4 Pitt C C ft St L 0
1 Pond Creek Coal .... 24(4
8 Presses, ateet Car ... 9754
8 Pullman Us
5 punta Alegre Sugar... 91
2 liar Consol Cop..... 10
8 Railway Steel Spring. 84
4 Reading '
2 Reading 1st pt 33
.. Remington Typewrit.. 87 54
0 Repub Iron ft ateel. . .1C6H
7 Rep Iron ft Steel pf...l06
4 Repub Motor Truck. . . 61
.. Royal Dutch NY... 84
. . St L ban rrsn 16
.. St L San Fran pf.... 23
. . .St Louis Southwestern. 13
. . St Louis Southw pf . . . 24
t! Savage Arms 76
. . Saxon Motor 1.1(4
.. Seaboard Air Line ... 7
. . Seaboard Air Lino pf. 13
rt Stars-Roebuck 218
1 Shattuck Arlx 11?,
. . Shell Trans Trading... 76(4
. . Sinclair Consol OU ... 43(4
A Sloss Sheff S & 1 10
7 Sloss Sheff pf 94
3500
200
100
1200
300
2000
300
330
too
100
600
fltO
700
390
600
3090
100
100
100
200
2900
200
200
300
6400
200
600
2000
12)0
200
1610
210
200
200
100
9SJ0
60000
1200
6000
490
8039
230
100
1600
16210
100
2090
2330
410
100
8)0
700
1290
2190
1310
100
2600
400
100
11100
100
210
6890
1604
200
100
100
200
lajo
400
700
3)0
too
1510
24100
3'li)
too
144)0
13)0
190
20)
80J0
4890
490
100
2700
2390
700
1000
too
51)0
6G0O
100
2G0O
6390
290
290
290
100
2J0
0J0
12200
6J0
3100
7100
100
7590
100
looo
N3
:54
(154
180
109
33
48
23(4
3
85(4
06
66
116(4
107(4
2154
186
13
61
48
72(4
90
8
12(4
23
38(4
67
(8(4
37
65(4
10
85
79(4
14
C6(4
109
43
69
28
25
16
81(4
95(4
77(4 78
10(4 10(4
83(4 1W
3454 1
42
185
10S
32
48 -23(4
86 -
OS
118(4 1(4
107(4- 54
22(4
IBS
13
02
(9
0
13
!4
S 1(4
67 (4
(8(4 H
37 (4
8 114
10
1
79(4 ..
14 (4
87 (4
109 1
42 54
69 (4
28 - 1(4
S8?l
95(4-
5
(4
(4
(4
(4
(4
1
l
7(4
1(4
(4
(4
LAKE SUPERIOR FEATURE
OF THE LOCAL MARKET
Pennsylvania Again Freely Supplied Absurdly Low Prices
for Many of Leading Investment Sliares
(4
1(4
u Southern Pacific, ....100
.. Southern Railway ... .0
3 Southern Ry pf 13
4 Strombcrg Carb 13(4
1 7 Studebaker 104(4
. . Studebaker rts (4
5' Sluts Motor 110(4
3 Superior Steel 43(4
Tenn Cop ft Chern ... 954
Texas Co !8S
Texas Co rts 01
Texas ft Pacific, (0(4
Third Avenue 13
Tobocoo Products .... 88 (4
Transcontlnetal Oil .. 42(4
Transua ft Wnu Steel. (0
Union OU 30
10
3.60
fo
100 3.50
47000
310
1210
690
1300
2900
1410
1000
2)0
100
890
2)0
29)0
3)0
3)0
S)0
23)0
100
9)0
200
Union Pacific, 1S2(4
union Pacific pf 05(4
United Drug 140
United Drue 1st pf... 51(4
United. Ry InveBt 10(4
United Ry Invest pt. . 23(4
United Fruit 190
United Retail Stores.. 00
U S C I PA Fdry.... 21
U S Ind Alcohol 103(4
U S Food Prod 80(4
U S Realty ft Imp... 40
U S Rubber 123(4
U S Rubber 1st pf...H4(4
U S Smelting It ft M. 12
U S Smelt RAM pf. 40
U S Steel 10354
U S Steel pf 113
Utah Copper
Utah Sea
Va-Carollna Chem
Vanadium Corp...,
Wabash
Wabash pf A
Wabash pf B
11
10
5(4
57(4
7
21
14(4
. . Wells Fargo Express. 53
. . Western Maryland ... 1054
7 Western Union Tel... 87
4 Westlnghouse E ft M. 3
.. Wheeling & L Erie... 1154
.. Wheel ft L'Erle pf. .. 17(4
4 White Motor (6(4
1 Willys-Overland 29(4
7 Willys-Overland pf... 89
.. Worthlngton Pump .. 4
8 Wool worth F W ....121(4
70
47(4
n
130
5 4
67
(0
38(4
35
0954
(4
03
40
34
28
(8
CO
34
75
107
18
25
l4
to
23
96(4
U3(4
90
20
4
14(4
33
8754
112(4
106
31
87(4
1454
23
13
24
10
15
7(4
13(4
its
11 H-
74
(I
(4
94
B854
i0
t3
.2(4
113
(4
100
(3(4
9
'-78(4
68
39
13
SA
(I
10
:5
120 H
(5
140
81(4
10(4
23
ISO
88
10(4
101
18
40
120(4
111(4
11(4
(6
101
112(4
".0(4
054
(6(4
55(4
7
11
14
63
10
to(4
62
11(4
17(4
14
28
811
M
121
(4
71 l'4
48(4 (4
0 (4
130 -10
35(4 (4
87
CO 1
33(4- 1(4
38(4 (4
103(4 3(4
(4
90 2
40(4 (4
34-
27 1
(81
ce (4
3 1(4
17(4 3(4
107 - (4
19(4 (4
25(4
(3 2
CO - 3
23(4 1
8754 2
115 2
i(4 2!4
20
4-
10 1(4
33
87 3J4
105 3
10 S
31 -
88(4
'8
23
13 -
24 t
6 1554
7
13
228
U54
76(4 1
'3(4 1(4
70 IK
84 - (4
100(4 1(4
V0J4- 14
43W-
'3(4
"454
(4
109
43(4-
054-
C88
61
40(4
13-
87
42(4
to-o-
123
05(4
140
3(4 1(4
108 4
90 154
0(4 (4
103(4 1(4
79(4 1
40 (1
113(4 3(4
114(4 (4
13 d(4
(-
1C254 (4
113 1(4
.'1
1054 (i
(5(4
87(4
7 -21
105a
86 yi
tS 29 -8)
M
121(4
1(4
(4
1(4
1
(4
2
(4
1
2
ihe tone of the local market was
sompwbat Improved and for the short
session trading was fairly active. Lake
Superior was the outstanding feature of
trcngin, ninking a spirited rise of over
a dollar In the initial dealings to 22 W,
The further uplifting of the stock was
Erlrnarlly based on the statement mndc
y the president of the company that tho
Lnglish b6ndholdcrs of the underlying
railroads had accepted tho proposals for
inc settlement of the hack dividends.
The details of the settlement will not
be made known until next week, tho
absence of which caused partial loss of
toe eariy advance.
Next to this, the most Interesting ,1a
velopment wob supplied In the ndvlces
rrom uonsan uity, stating that finan
ciers in that city had bought the United
Gas Improvement Co. Official state
ment concerning this report "ivns to be
furnished by the company, hut uo tn tho
time the, market had closed It find not
rached thn street, Tho stock in the
meantime rallied to 52, later falling GO
cents to 51 V4.
Pennsvlvan In Railroad was again
sold freely, approximately over 1800
shares coming out during the two-hour
session. There was, however, a little
better demand which served to keep the
price relatively steady within n smati
fraction of yesterday's low price.
Phlladelphlt Electric was held at
24W, : Philadelphia Hapld Transit at 20
and ITnlon Traction at .14. These were
each the bottom prices of the week. Le
high Navigation had a much better
market nnd during the morning ad
vanced tn 8OV2, although failed to hold
all the gain.
The unexplained liquidation In the
lending investment favorites overshad
owed all other developments In the
week d local market. Mnny of thesa
Issues, which can be easily placed In
tue category of seasoned dividend
payers, for sotmj occult reason -were
hard pressed for Rale. By reason of
the narrowness ot the market and the)
extremely limited existing demsnd
great sacrifices were made In market
values. A number of these standard
stocks have reached a level which onlv
a few years ago would have seemed
little short of iusano to predict. If
the present market Taluatlon of these
same shores represent tho actual con
dition of the various companies, there
is little hope left for many of the other
issues which unquestionably have never,
approached nn equal stable basis.
Considerable talk has been heard of
the selling of mady of these high-grade
Investment shares in order to establish
losses In, income tax returns. This
may be true or It may not. There,
however, would seem to be a greater
motive behind such selling. There are
some reasons for fearing1 that no little,
of the liquidation was promoted either
for tho protection of Impaired marginal
accounts by many who wero foolishly
Induced to take market flyers or to
cover up unfortunate losses made by
reason of injudicious Investments in
the irresponsible and valueless oil and
mining promotion schemes.
Laying aside the causes and influ
ences, the fact is patent that tho cur
rent level of prices of many of thtss,
shares offer golden opportunity to the'
Investor, be he big or small. For the
man who has the temerity and the
means to buy these stocks outright and
put them away in so-called strong
boxes will never rue the day.
COVERING MOVEMENT
SENDS COTTON HIGHER
October tho Weak Spot, at 5
Points Under Yesterday's
Close
Open a m.
83.10
84.80 .....
32 60 32. fij
31.27 31.87
8(1 00 30 00
i!7.4& . .
1
2
5's
(4
"(4
(4
(4
'4
1(4
COTTON" BELT WEATHER CONDITIONS
New York. Dee, 13 The followlnr tem
peratures -rere recorded In the cotton, belt
this mo, nlng' Tort Mmlth. 20; Little
Rock. 23; Memphis. 82. Nashville 40:
Shreveport. 42; Atlanta. 43, Macon. 43;
Knoxvillo and Augusta, 30, Montgrmerv.
32) Savannah, 34; Ran Antonio 58:
Jacksonville 60: Corpus Chrlatl. Pensn.
cola and Wilmington. fl2. Meridian. 84:
Tampa. 00, Vlckehurg, New Orleans and
Onlveston 68 There was 01 Inch of
precipitation at .Meridian, 02 at MdCon.
Montgomery and Atlnnta: ,04 at Augusta:
03 at Bhreveport. ,08 at Knoxvllle: .10
at Vlcksburg: .12 at Oalvesten; .10 at
Wilmington: 48 at Nashville. 1 18 at
Memphis and 1 78 at Little Rock.
New York, Dec. 13. Week-end
covering advanced cotton prices IS to
21 points this morning, with the excep
tion ot Uetobcr, wlilcn was r points
Iftwer. Wall street was a leading buyer,
on the call, covering shorts, and snot
houses sold.
Hulls placed emphasis on the im
proved coal situation but failed to get
in much outside support, bo that prices
began to recede agaiu soon nfter the
opening, and were about 2.1 points
under last night s close and 4(1 points
below opening levels.
Previous
close
December 30 35
January 84.73
March 32.43
May 31 07
July 20 77
Ootober i "37.30
Hid.
Bottom for Copper
Walker's Weekly Copper Letter says
of the situation In the metals trade:
"The developments of the last few
weeks seem to demonstrate conclusively
that 18 rents n pound is the rock bot
tom pr.ice for copper. Many consumers
are convinced that it is wise to lay in
substantial stocks of the mtal at around
this price level. It is not unlikely that
domestic bu.vlng will continue until it
forces the price up around 10Xi or 20
cents again. It does not seem possible
that there can be nny great increase In
foreign buying until some time after the
turn of the ear. Information received
from business men who have been In
Oermany rercntly Is to the eflect that
German manufacturers1 nre very desir
our of obtaining supplies of copper. The
country is almost completely bare of
this metal, and it is sorely needed to re
place that requisitioned for war pur
poses. Somewhat similar conditions ex
ist in Great Britain, France, Italy and
most other Huropeun countries.
NEW YORK COFFEE MARKET
New Yorh, Dec. 13. The disappoint
ing Santos cables caused some commis
sion house selling on the opening call of
the coffee futures market this morning.
First prices were 10 to 115 points below
yesterday's closing level.
Yesterday's
close Onen
is mraiB.nn i4 ss
March . .
May .
lulv .
September
Hid
15 l6Wl3.ni lB.nn
13.811113 37 15 23
13.1513.in 16 07
11
a. in
14 9(1
14 l),1
..A
JQOYi
mvi lonvi
138,,.. B9V lOOVt
&M'.'.'.'. 88(4 fif!tl
02 OS
93 03
02 83 .
no 1 octet
100 4
104(4
103(4
Philadelphia Stocks
High
fi Am Gas. 44
100 tKrle ... 13
IS Gt P Cem r
10.- I O N A. 3i
2," tKenne C 28
410 Key Tel. 13H
20 1,1 Lie S Cor 22'A
1R5 Leh Nnv. f!)
4.1 Leh Vol.. 42
2.'. tMldvale. 48
1008 Pa H R.. 40
171 Pn Rait. 74
12.1 Philn Co
cum pf
ilii rli
Net
Close chge
44 1
13 ..
5 ..
3.1 . .
28-
13
21..
fi!
48-1I
40
7.4
20 ..
75
ib.
84 ..
M
32 32 32..
080 Phil Elec 24 24 24
00 P It T tc 20 20 20
100 Ph & V
pref ... 20 20
2.-.0 tltcadlng 7fi 74
100 Ton HcF. 2 2
100 Ton Mln. 2 2
nosi'n Tract 34 31
037 1' (i I... .12 51
145 tt' S Stl.102- 101 102-f
100 War I &H 8 8 H'j..
lOWest C, 74 74 74 . .
05 York Ity
pref ... 30 30 30..
t.N'fet change made by comparison with last
salo on New Tork Stock Exchange
Total sates,
23.H0.3 shares
week 05,828.
60,233.
3217 shares, compared with
esterday. Thus far this
Same period last week.
Bales In
liooo
H Hold Loc
1st fis ...
7 1.5m & Peo
Tr 4s ... CO
1 Leh Val Os.100
5 Lib Unnds
3d 4V.s. .
1 4th 4s.
1 Market St
DONDR
High Low
Close
Net
chge
100 100 1,0
50
100
50-
100 ..
03.P(1 03.80 03.80 .10
1)1.00 01.00 01.00 ,12
Elev 4s... 80 80 80 . .
0 Phlla F.Iec
1st 5s . . . 80 80 80 1
0 Rend gen 4s 70 70 70
Total 835J00. compared with tllS 000
yesterday. Thus tar this week, 48,non.
Be ma period last week. H'.l,8on
NEW YORK BANK STATEMENT
Decrease In Average and Increase in
Actual Loans Reserves Lower
New York, Dec. 13. The New York
bank statement this week shows de
crease in average and increase in actual
loans ond decrease In reserves in both
coses. Actual deposits higher.
Details follow
AVERAQK
Loans .... . .
pom and deposits
Time deposits ,.
Keaorve . .
Ixiana
Net demand
Time deposits
Reserve
Increase.
ACTUAL
deposit's .
Decrease
tJ7,B43,or0
si.inJ.noo
333.0D0
24,373,340
.t37.ons.60o
. 47,4S2,00()
. l.Sll.OOi)
. 23,030,070
' DIVIDENDS DECLARED
Amerloan Power and Light Co.. quarterly
1(4 per esnt on preferred, payable January 2
to atock of record December 17.
, Westlnghouse Airbrake Co.. quarterly
M.75 payablo January 31 to stock of record
December 81.
Chicago, tlurllngton and Qulncy Railroad
quarterly of 2 per cent. Pliable December 28
to stock of record December 10
Vulcan Co. Pays on Back Dividends
New York, Dec. 13. The Vulcan
Detincing Co. declared the regular
quarterly dividend of 1 per cent and
1 per rent on account of back dividends
on the preferred stock, payable January
20 to stock of record January 10.
LONDON Money Is quoted at 1
per cent. Discount rates, short and
three-month bills, 5 pr cent.,
gil!MraIEIIIlBIlIM
MEMBER OF THE FEDERAL RESERVE SYSTEM
, INDIVIDUAL
TRUST FUNDS
December 1, 1919
$230,000,000
Chartered 1SSS
Individual
Trust
Service
Executor under Will.
Trustee under Will.
Administrator of the Decedents' Estates.
Guardian of the Estates of Minors.
Committee of the Estates of Incompetents.
Trustee of Property under Voluntary or Living Trusts.
Agent for the Collection of Income and Care of Real
or Personal Property, including Custody of
Securities.
It will give us pleasure to explain to you in detail, either in
person or by mall, how we can best serve your interest.
CAPITAL & SURPLUS $10,000,000.00
GIRARD TRUST COMPANY
Broad and Chestnut Sts., Philadelphia
EFFINGHAM B. MORRIS, President
NO LET-UP IN VOLUME
OF WESTERN BUSINESS
Retail Demands as Persistont
and Insistent as at Any Time
During Fall of Year
Chicago, Dec. 13. The most re
markable feature of the wholesale trade
in the West, and especially In regard
to the dry goods and general merchan
dise situation, is the fact the demand
for Immediate delivery is unabated.
Usually lit this time of the year the
general trade diminishes in volume after
wholesale clearance sales.
This year is an exception, and the
retail demands are as persistent and
insistent as any time this fall. This
clearly indicates there is no let-up in
the general volume of buying. Pro
duction in many industries has been
curtailed as the result of the restric
tions placed on the use of furl, but in
so far as the retail business concerned
there is but little change.
The demand for all kinds of steel
and iron Is urgent, and It would be
possible to obtain much higher prices
than current. Steel men generally are
looking ahead to a shortage the coming
3 ear. The curtnlled production, which
wns the rcsuit of the strike, has com
plicated the situation, whlie the de
mand for building and structural steel
and Iron Is inci easing steadily as the
building boom gets under way.
Lumber Is active and higher and
other kinds of building material is in
lamnnt nlan Jk
The trade in holiday goods has been
particularly active, although tnere nas
been a curtailment in the hours which
stores In many cities may remain open.,
Cotton goods, according to wholesale'
tiado reno'rts, continue to show strength
nnd there Is n big demand. Mills are
sniO to be paying premiums for the llm
ited quantities of staple cotton avail
able. The movement of grain from the
fauns is moderate, but farmers are now
obtaining unusually high prices for
wheat, especially the snrlne wheat.
while best grades of winters also are.
above the minimum price basis. With
olher grains also strong, the situation Is
favorable for the producers, whose buv-
iug power is reflected in a bljr demand
for farm machinery, automobiles and
general merchandise,
Collections are almost uniformly eood.
Money rates continue steady, with funds
in goon supply.
GOVERNMENT BOND8
Bid
i anama. coupon as, ludo,,,.... vvy
ranama. rerweerea ?s. luna.,.. do
ranams. coupon 2s. mat
Panama registered 2s II
Panama coupon 8s . loftl
ranama. registered as,
l'niuppine. s, ins
Phi ivlne 4s. 1080.......
Philippine 4s. 198A.......
It R (lovt counon 2m 1(130.
U 8 Oovt registered 2s 1030... ino
U S (lovt coupon 4s, ll26. , . ...105H
tt H Oovt registered 4s. 1D3S...10SM
Dlst ot Columbia, a-n.ls, 1024.. f7
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