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51
I , I't
Tjsr T 1"" i '-;. tW.'-Wlf'
The Last Keel is Down
What of Hog- Island?
j''
HI'-" '-
The last keel has been laid at Hog Island.
Already one shipway is empty. By mid
summer the remaining 49 will have launched
their burdens. The Government contract for
122 ships will have been fulfilled. Hog Island
will close down.
Here is Philadelphia's opportunity. Hog
Island can be made the greatest tidewater
terminal in the United States. It comprises
these unmatched facilities :
Seven piers 1000 feet long, 100 feet
wide, and running out on them four
standard gauge railroad tracks.
Direct connection with the trunk
lin railroads which reach out from
Philadelphia through the country.
Eighty-three miles of intra-plant
railways carefully laid out in, order to
reach all parts of the Yard.
An area exceeding 900 acres, con
taining 26 wooden warehouses and one
4-story concrete warehouse 400 feet
long.
Such a terminal is necessary for the full
development of the import and export
business of this section.
For Foreign Trade, the
CORN EXCHANGE NATIONAL BANK
' Philadelphia Chestnut at Second
1812
THE
1919
PENNSYLVANIA COMPANY
for Insurances on Lives and Granting Annuities
TRUST AND SAFE DEPOSIT COMPANY
Capital and Surplus
$7,000,000
Member Federal Reserve System
BltOAD STKIOKT OiTICE
Chestnut unci' Juniper Street!
517 Chestnut Street
Philadelphia
UNITED STATES GOVERNMENT
LIBERTY LOAN SECURITIES
$50, $100, $500, $1000 Denominations
BOUGHT AND SOLD FOR CASH
FULL INFORMATION REGARDING TAX FEA. I
TURE8 OF ALL LIBERTY LOAN SECURITIES '
WILL BE FURNISHED UPON REQUEST.
MONTGOMERY & CO.
NEW YORK
133 S. 4TH ST,
PHILADELPHIA
CHICAQO
TELltl'HO.NES: Bell, Lombard 4820. Keystone, Main 1384
Government Securities Department
NATIONALTAX AUDITBUREAU
Tut llroerta and Pnhlln Accountants
Have Removed Their Offices to
708 Real Estate Trust Building
Walnut 3tM
Pure 906
Du Pont Chemical Preferred
REED A. MORGAN & CO.
WKST KND TRUST RUIUNrt
Member of (hm Phil Hlnck linen
riNANCIAI,
m r
NEW YORK BOND TRANSACTIONS
Mask a O M M
sooo , ,. 10 V4
soon . i 10
Am Smelt & Ret 69
pooo . . 4
looo .... 81
118000 . . "4 ,.
Am Tel & Tel olt
.looo .... 77
6000 .... "
toooo .. 77
Am T & T cv
3000 8S
soon . . M
sooo .... 3
sooo ,
Am Tel & Tel 6
looo .
4000 .
18000 .
(1000
1000 .
180OO .
SOOO
'4000 .
soon .
4000
Am Tel
tooo
1000 .
1000
tooo .
3000
no
80'
80
80
HO
bo
80
80
80
B0
Tel 6s
98
0874
08',i
08
no
2000 .... 75
2000 lit
25000 ... 15
4000 .... 75
8000 73
1 4000 78
loooo .... 75
3000 75
Chesep'k & Ohio fd
1000 .... 81
Ches & Ohio 4s
aooo . .... mil
3000 71
Ches Ohio ov 4V4
Anglo-French Es
10000
10000
moon
2000
1000
4000
23000
2000
3000
sooo
A000
0000
r.ooo
nooo
1000
5000
AOOO
1000
1000
400(1
IHOOO
2000
12000
4000
roon
1000
nooo
12000
9S 0
05', 4
95
05
05 0
-. 7
0.1 'a
05
95
05 1
05 7
05
115 ',4
05
95 I)
05
95
05
05
05
05
95
05
05 7
95
05
95
05'K.
23000
7000
5000
8000
5000
10000
5000
Clll-8 cc
5000
1000
5000
2000
5000
nooo
2000
2000
1000
40011
5000
71
tl
IS
. ... 71
72
Ohio cv Ds
77
17
. ... 77
17
71
'77
77
77
. .. 70
70Th
Chi U & Q neb
10000 '. , . . 90
Chi n & q ii 3s
10000 72
5000 .... 72
Chl 1! & Qulncy sm
Armour & Co 4'ji
10000 .. 82
tooo .... i
10000 .... 81
1000 82
IHOO 82
Atch Top & S !' 4
10000 ... 70W
SOOO "V4
1000 1"
2000 10
SOOO 10
2000 .... "8
nooo .... 70
5000 . .,. . 10
soon .... io-
nooo .... io
3000 .... 10
noon .... "6
1000 ...
10000 .... "n
2000 .. 10
IflflO .... 10
100O .... 10
5000 .... 16 .
nooo . 'n
4tl Coast Un clt
3000 .... 8
200(1 68
All Coast Lme '
2000 7
soon . . 10
0000 ... 16
29000 .... 16
10000 16
B & O So W 3J
9000 .... 71
31000 .... 11
B & O Pitt li E &
W Vn Syhtem 4s
soon .... nn
3000 .... 51
3000 .... 52
Baltimore & Ohio cv
4000 .... 54
2000 .... 54
2000 .... 01"
nooo .... ai
X0Q0 .... Bl
I iooo . !
1000 .... 54
2000 .... 54
1000 .... 51
0000 .... 54
8000 .... 84
1000 .... 54
5000 .... 54
S000 .... 51
9000 .... 6t
3000 .... 55
IOOO .... 55
2000 .... 55
IIIII0O .... 54
2000 55
2000 .... 54
11(100 .... 55
2000 . . . 55
3000 . 81
lonon
21100
5000
Cm.
10000
sooo
1000(1
8000
5000
noon
20000
Chl &
4000
Chl &
2000
1(100
I 31100
I ClOOII
I 1000
1 2oon
moo
aooo
i Chl ,U c.
5000
5000
5000
18
. .. 11
.... 78
.'. JU. ,Cf ii
04
. . . 94
... 04
1
II 1
. .. 94
.... 94
K 111 ct 4s
21
CJt West 4s
52
51
51
. . . 51
51
51
51
51
ii. 5?
SOOO . 90
5000 . 90
10000 99
Cumb T A T Co 6s
000O .... 85
Den & Hlo Grnml 4s
10000 .... 04
Den A Itlo Or 4
1000 07
Dct Tunnel 4&a
10000 .... 72
10000 72
3000 . ..12
5000 . . . 12
5000 12
8000 . , . . 12
Dom of Canada '26
3000 '2
1000 . . . 03
2000 92
Dom ot Canada '31
loon .... ni
loon .... 01
4000 . .91
1000 . . i
1000 . . . 91
Krlo General l.lcn
loooo
nooo
3000
soon
4000
2000
1000
noun
41
41
41
41
40
40
40
40
Erie Kail ltoad 4s
A
D
0000 ,. 78
Mldvnlo Steel Co us
4000 . . 82
BOOO .... 82
fioon 81
looo RH4
11100 . .81
4000 . 81
Mo Kana & Tex fd
10000 ... 37
M K & Tex fd ct
1000 .... 30
M lv & Tex U en 4s
2000 . . . 52
Mo Kan & Tex 2nd
15000
2000
Mo Kan
5000 .
3000 .
7000
. . 30
. . 31
& Tex 4s
.. 58
. . 38
38
M Pacific Ds of 05
70
gm 4s
55
3fl
53
"o5
38
I r.oii & Ohio ::',!,
, 1 0011 .... 82 'A
1(100 .'. . . 82
I K"l(l .... 82
i liHltlmoro & Ohio 41
hpeclnl Aleetlncs .
iKSr NOTIIT. Of NI'KCIAI, JIKHTIM!
V-s Pill sunlit to n resolution ot tlio Ilo.ird
of Directory adopted today, notice Is heresy
fflven of a Hneelal Meetlmr of the utockhold
era ot the riilladelnhlu. National Hunk, to
bo helil at the orflee of ttuld bank, 121
Chestnut street, 1'hiladelphla. on Tuesday,
January 13th, 1020. at 10:30 o'clock In the
forenoon.' for the following jmrposeB:
1. To authorize an Increase In the capital
slock of the bank from $3,000,000 to 5,
000.000 h.v the Isuo of 12,000.000 or L'O.OOO
bhnren new stock.
Ss To authorize the Issue of such new
stock, namely, 20,000 shaies at not lem than
J200 per share, at Nuch a time and upon
such terms and conditions as may bo deter
mined by tho Hoard of Directors.
3 To take such other action as muy prop.
erlv come before said mcetlrur In relation
to the proposed Increase of the capital Block
Hnu urn WIS1,J-H"II liicjrui.
29000
3000
19000
2000
1000
1000
loon
8000
3000
2000
5000
1000
100O
no
61
01
01
61
62
61
61
00
61
(II
61
00
Baltimore & Ohio Ss
By order of the. Hoard of Directors.
' O. 1IOWAKD WOLFE. Cart
December H. lull'
thler.
oi'i''i(;ij ok
IXSUKANCU COMPANY OF NOIITII
Third and' Wninnt Streets
-ii 1 iiij '.-,----1,1
Special meetlni" or the HtoekhoMem
th WSUHANCB fOMPANY OPnoStJ
AMKItlOA will bo held at tho offlce ot (hi
Company on IVlilay, l'ebruury Otli, iftjn St
tit , In vntn for or nirntnaf ,h T." ..
.- "'. :r. Z-. i-i.r.. '.'" Cronos
the Capital Stock anrt Surplus Ptinci 5?'".
Company by tlw Issue of One Hundred
Thousand (100,000) additional shares of
"Kach Stockholder to be entitled to sub.
acrlba for ono (1) Bhare on account Ht
Svery four (4 shares held. The itmoiint ?o
he paid .nr each share Khali bo Twenty
Dollars (ISO).. 110 of tho proceeds of S
eharo to.be placed to Capital stock and Jin
to be added to the present Surplus of the
Company. JQH;j KnCMF;n Secretary.
PAItTN'liRSIIIPS
tn5SN"CK ,H HiatEIlY fllVISN THAT
U-S-f the nartnershln heretofore exist ni
between Benjamin Z. Halper and r cnf.Il!1
under the name of the PennKvluna i,rii'
lB Co., was dissolved on December 1',
from raid partnership, and that said Susfi
ness will hereafter be conducted bv p
Cohen, to whom all bills are Payable and hi
whom tho debts of said partnershlD win K.
paid.
3(0 S. Cth st
Dividend
partnership, win be
pfc. COHEN.
, Phlladeinhi.
OFl'ICU OP 1VEMI1ACII COMPANY
tllotirratrr, N. 3,
December J7, loin
Thi, Dtrertorfl have thH rlnv HS-..V
semiannual dividend of three and onr-half
ner cent (3.80 ner share) on the Preferred
Stork, payable December SI, 1019, to stock,
holders "'record at the close of business
J. M. PGVI.IN, Treasurer,
December
2000
3000
8000
1000
1000
10000
00 00
loon
1000
nono
joooo
100(10
1(100
3(100
JOOO
30
60
.70
60
37
57
51
57
50
50
50
50
60''.
87
57
Baltimore & Ohio Gs
1 000 84
5000 . . . 3!
noon . . 83'
3000 .... 83
Belh Steel Ss of '36
4000 84
11)00 . .81
1000 81
2000 ... 81
10000 .... 81
Bfk & 7 th Av It cn
soon .... 40
1000 . . . 46
4000 .... 40
Brk Pap Trans 5s
1000 .... 31
BU Hup T lit Sta 7a
2000 .... 43
Bik II Trans ct 7s
loooo .... -to
19000 . . . 40
Uric llnpid Trans 7b
5000 .... 40
5000 .... 40
nooo . . . 40
7000 .... I
2000 .... 411
Brk Union Kiev HI
10000 ui
8000 .... 01
nooo .... ou
1U00 .... 00
15000 00
6000 ... 01
Bush Terminal 5s
8000 .... 75
Cal Q & Ji. Corp 6s
4000 80
Canada Southern G
10000 ... 85
Central Leather 6s
1(00 , , . 90
sooo , 00
ennn . . 0011
Central Paclflo 1st
91
33000 .... 62
SOOO 62
1000 . .. 52
3000 . . . 62
1000 .... 52
100O .... 52
IOOO ... 62
4000 . . . 52
2000 .... 52
8000 .... ftflV4
Hric )!,in ltd '.,
noon . .in I
Erie Ball ltd cv
4000 . . 31
nono ... 31
10(10 .... 33
Erin Kail ltd cv
1000 . . . 38;
2000 . .33 1000
General Kleetiio 6? loon
looo . . 94 iooo
4000 .... 94 1 nooo
final Nu. 111 By ,st N YC & 1
noon . . . 81
10000 . . . 80
iiinl is Manlini fd
4000
Mo T'acllla
2000 ...
1000 . . .
1000 . . .
nooo . .
6000 . . .
Mont Power Co Gs
loon ... 81
1000 84
1000 .... 84
1000 . . . 83
N O Tex & Mex 6s
(IOOO . . . 30
N T Cent 1. S Si
1000 .... 61
N' Y C &. 11 l K3
200(1 ... 68
50011 .... 07
5000 . . (17
5000 .... (17
1000 .... 61 V4
XYC & 1111 11 cn -Is
2000 .... 68
30(10 .... 08
anno . OS';,
400(1 . . . 8
N Y CV UK lilt 4.1
4000 .... 18
2000 11
5000" .... 71
N V C & 11 Pv K W,
18
18
18
18
5000 80
Pere Marquette 4s
8000 l
Pero Marquette Es
loon .... 83
P S & I. Krlo cv 22
1000 ...105
Reading K It 4
300O
loooo
4000
19000
looo
6000
toon
toon
1000
0000
78
18
18
18
78 VI
18
18
18
18
18
Rio Or & W 4s
1000 .... 04
1000 ... 01
nk I Ark & I, 4's
2onn .... 00
2000 .... 60
Seuhoard Air 1 fd
2000 .... 10
lout) .. 40
loooo .... 10
1000 10
Scnhrard Air I, :J
1000
lonon
nnon
loon
nono
101111
35
33
35
35
35
33
Seah'il A 1. sta 1
1000
1000
t'outheni
loooo ..
lonon .
.1(100 .
30(111 .
lonon
';nim
23000 . .
Soul In. ni
2 uon
59
511
faclllc fd
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16
. . 15
. 10
10
16' ,
. . 10
.'iiclhV 4?
09
soon
nooo
8000
1000
1
49
4
49
Third Av Ilwy Ds
1000 . . . 83
U K of O B
1000 ....
2000
8000
4000
2000
12000
nooo
.1000
ft I 21
(10
on
95
95
95
95
95
D3
Untd K of O II & I
lets of '23
100000 .
60000
50000 .
60000 .
18000 .
60001)
50000 .
86000 .
10000 .
1000
8000
13000 .
U K Of
IC1R Of
3onn .
anon .
rood
12000 .
43000 .
5000 .
mono .
5000 .
301)110
13000
31100 .
, . 01
. 96
. 0:
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01
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. 96
... 90
. 00
90
a 11 &
'29
, .. 95
, . . 93
. . 95Vi
... 95
. . 05
. 95
, . . 95
. . 95
. . . 95
. . 93
Chl M & St 1? cv 4 i
2000
10000
8000
10000
1001)
2000
1(100
10UO
1 001)0
2000
2000
3000
2000
5000
10000
noon
62
63
62
62
02
02
02
02
62
62
62
62
62
62
62
02
Chl M & St V cv 5s
looon
2 nun
10000
2000
5000
I -00
toooo
soon
10000
nono
iooo
63
n.i
03
02
02
0 1
02
62
0 I Vt
01
62 "A
Chl Mil & Si V 43
3000 .... 65
5000 .... 64
5000 . . . 63
1000 65
Chl M fi. St P Is 25
5000 ..., 11
Chl M & St P f d i M
60
55
55
55 . .
55
55
85
fm 4
12
12
12
13
:ii
08
Chl A: N W of 87
5000 . . . 90
2000 . . . 90
Chl & N West cm
1000 . . 11
Chicago Kwys Co Ga
1000 . . . 01
4000 .... 01
2000 . 61
Chi K I Si Paclflo fd
1000
10000 ....
10000 ...
looo
1000
.1000 . . .
1000
C M & St P
6000 . . .
5000
5000 ....
10000
Chl & N W
10000
6000
4001)
12000
5000
4001)
nono
10000
1000
1000
1000
8000
60
60
61
0B':,
06
n
60
06
(16
0
6(1
Chi It I & Pacific 4s
13000 10
isono ... 10
10000 .... 10
9000 11
10UO 10
10000 . . . 10
Chi Union Stu 4s
4000 80
1000 . .. 10
Chl & We3t Ind 4s
5000 .... 50
nooo . . 50
11000 . 50
Chllo Copper Co Cs
tooo 8n
lonoo . . 81
3000 . .81
Chllo Copper 7s
6000 ....103
300(1 .. 106
10000 . .105
4000 .... 101
C O llu.KunR P. 5s
1000 .... 4fi
City of Bordeaux 63
10(10,0 .... 02
8000 92
Jlty ot Lyons 6s
5000 .... 02
30000 . . . 92
soon . . .92
13000 .... 02
1000 .... 92
C of Marseilles Cs
10000
8000
40Qn
11000
C of N
3000
02
. . 92
. . 92
. . 92
4s ot 63
. . 81
City of Paris 6s
93
92
92
92
92
92
9J
92
92
92
02
2000
5000
20U0
60000
5000
10000
5000
3009
20011
3000
10000
City of T0UI0 bs
1000 .... 85
9000 55
3000 53
1000 65
4000 .... 3(1
1000 .... 83
C C G & St Ii l',3S
5000 .... 75
Clevo, Short I, 4 'is
2060 .... 83
Col Gaa & 151ec 5s
46000 .... 82
26000 .... 82
Colo & Sou Rly 4s
8000 , . . 83
Col a. floir Ky Hjs
8000 . . 72
Consol'd Gas Co cv
1000 .... 99
2000
10000
2000
1 1 non
3000
Hud ft
11000
8000
loon
. . 37
57
... 57
31
38
.Maul'.nt In ,
. . . . 13
. . . 13
. . . 15
Illinois Central fJ
2000 76
3000 . 76
2000 . . . 15
20000 . . . 7.7
111 Cential 4s nt '52
5000 . 15'
JI) 1-Plll (1 n' 1
5000 . . . 68
Illinois (Vntial .ri',..s
4000 .... 00
Imp Jap Gt 2d es
100(1 .... 18
Indiana Steel Gs
I800O .... 04
In Mer Marino 6s
9000 . . . 02
1000 . . . 93
2000 . . 93
Inter Met Co t 4',.'H
31000 . .. 17
6000
J790O
5000
16000
16000
1 loon
loooo
17
18
18
18
IK'i
11
II
Jntcrb Met Co 4',s
looon
1000
6000
4000
loooo
13000
15000
6001)
1000
25000
10000
15000
pooo
18
18
11
18
18
11
11
18
11
18
18
18
11
Int ltap Trunslt fd
53
51
33.
ns
33
.13
53
53
33
51
, 83
53
53
53
51
54
33
53
51
6000
20000
100(1
loon
5000
51100
5000
SOOO
10000
5000
10000
12001)
25000
10000
80110
25000
snnn
5000
10000
1000 .... 33
11 lilt Cs
nooo . . . 90
20) 90
5000 . 90
1000 . . 911 V,
3000 .... 90
3000 . . 90
4000 .... 90
1)000 . . . 01
loon !in
I 1000 .... 90C(,
N Y r & St Ii n la
1000 . . . 63
1 0110 . . . n-,
3000 .... 05
N Y Gas Heat &
Klec L & P Co 4s
G000 .... 61
2000 .... 61
10000 . . . l
2001) . . 61
1000 01
N Y Gnu i- Klec 1,
II & Power Co 5s
noon 81
10000 . . . 81
NY .V H & H 4s '63
2000 46
N Y Nil & Hart 6s
10001) .... 66
4000 .... 65
1001) . . .66
10000 .... 06
N Y Out & West 4s
B000 . . 50 li
N Y Hallways 4s
soon .... 31 vi
Xcw York Itwys Cs
looo .... 1
3000 .... 1',4
N V Kwys ct la
3001) . .31
2000 . . . .11
N Y Hallways ct 5s
2000 1
3000 .... 1
10000 . . 6
. i Telephone 4 4s
20000 .... 80
5000 .... 80
3000 . . . . ' 80
10000 ... 80
3000 . . 80
N Y Telephones Cs
3000 96
2000 . . . 95
N Y M' C & II 41
1000 35
4000 .... 35
11000 .... 33
4001) .... 35
10(11) .... 36
Norf & Western 4s
1000 11
.... 11
.... 11
11
.... 11
77
"West cv 6s
. . ..103
2000
30U0
3000
Kiooi)
loom)
1 1 ono
looo
South Pacific cv 4s
18
18
18
18
18
18
79
South Pacific cv 6s
nooo . . .loavi
loooo ...101
IOOO . ..101
30(10 103
South Kwys SI hs
loooo . . . 67
Southern itallys 4s
2000
looo
50(1(1
13000
nooo
2300(1
1000
59 j
60
59
no
.79
69
69
.Southern Kallys Gs
loon
3000.
1000
loon
2000
1001I0
5000
lonoo
81
8 1
81
84
81
85
8.".
85
350110 . . . .005
K lit K & I !
3000 .... 81
1000 817
;,000' . . 81
10(10 .... 88
8000 . 88
300(1 . . . 81
1(1000 .... 81
1000 . . 81
500(1 . . . 87
10000 . . . 87
30000 .... 81
nnoo . . 81
20090 . 87
5000 . . . 81
1000 .... 88
5000 . . 81
IOOO . 81
1111)0 . . . 81
1000 88
20000 . 88
16001) . 81
lonoo .... 81
5000 .... 88
5001) 88
(l()(l .... 88
10(100 . . 88
10000 .... 88
,-,(100 .... 88
10000 .... 88
10000 . 88
MARKET WITHOUT
SUSTAINED Mi
Confusion of Exchange Likely to
Continue Until International
Relations Are Established
THE RAILROAD SITUATION
st 1, 1 m & s niv
k Gulf Dlv 4s
0000 .... 07
SI J, T Mt & South
Klv & Gult Dlv 6s.
300n .... 61
?( Ti ci San Kran in
! Union Pacific IIP- cv
I 10000 . . . 85
10000 . . 83', 4
Union Pacific nil fd
4000 10
6000 .... 10
snot) . . . 16
soon .... 11
ouoo 10
Union Paclflo lilt 4
so no
10000
nooo
10000
42000
5000
20C0
1,'IMO
100U0
3000
13000
toon
11009
2000
3000
.1000
soon
3000
600(1
13000
nooo
mono
10000
10000
13000
3000
3000
13000
10000
51
51
51
54
54
61
53
64','s
64
53
3 4
53
53
33
33
53
53
53
63
53
33
88
83
33
33
33
53
53
63
7000
2000
5000
8000
10000
Nor &
toonn .
4000 .
61101)
13000 .
Northern
1000 .
4000 .
10000
10(11)
1(100
looo
2000
1 1100
1
41
II
41
11
11
St Ii it am Fran ai
nooo
4000
2000
loooo
llooo
1000
4000-
Union 1
2000
2000
.. . 82
... 82
. . . 82
. . . 83
. . 8nj
. 82 tj
.. 82
ac R It Cb
...102.
. . .103
Motl.s Miles (otlay on 1 1 1 - New Yorli
pvrlnuicr, as compiled by (lie Kirnlng
Sum, (olalcil 7:i.".H0li share.
New Ymli, Dec. IS. -The New Ynrfc
KveiiiiKS Sun's closiiiK (iiinwlnl review
today soy :
Totli' Mod,- market hml clcineuN
ot sfrengtli in It. but tnitliiix was neR
liBible, nnd it wus illflictilt to keep up
n sustained Interest in the price move
ments, News uYielomnentH iinil senti
ment In the financial cnnimunilv in
Rciu'inl largely favored the rrui
fctructlvp Mile. The lienr", however,
after an hour or so of rovci-liiR opera
tions nt the beginning. Hinuftlit better
of It when tho forolcu excliaiiKcs
(Implied away rather abruptly, thus
tending to support the contention that
the recent improvement in that quarter
was due mainly to speculative consid
erations and had but scan! lclation lo
economic factors.
Delay In getting ihe Kd.. bill before
the President was the result of au er
ror In prlntltij; and was not. therefore,
a reason for uneasiness ns lo Its fate.
Washington dispatches stated that the
1'Cileral Itrpcrvi Hoard had been nil
vised that several organizations for
liniincing foreign trade were pending.
The foreign exchange market, in
truth, has been in such 11 state of con
fusion that whether the movement was
forward or backward, II was likely to
be excessive and. in cuiisciiueiice, sub
ject to correct ion. This appears to ln
what lins happened In tho last week or
more. At first tlie.y dropped too fur;
then they rallied too briskly, and their
behavior lodnv promised that they might
drop too far again.
These shakedowns and shakciips ore
.expected to continue in more or less in
tensity until definite international re
lations shall have been established, ll
is presumed that that will not be until
about or after the turn of Ihe jear.
There is supposed to be progress in
nrariiging it compromise on the peace
treaty deadlock. I Ins is a matter of
wide interest and sight is not lost of the
fact that tlie country lias become deeplj
fctirrcd over the matter of getting rid
of the treaty by putting it through with
of without reservations.
The new secretary of commerce's
statement of policy niel with nppiovul
when he said that he would do all he
could to forward foreign trade and lie
wanted efforts in that direction to cen
ter in liis department.
Tho railroad question was brought to
the fore by the President's secretary
telling the labor and railroad delegation,
which went (o.lhe White Mouse to ask
for an extension of federal control of
the railroads for two years, Unit the
President's mind was open. This con
tinued Hie street in the belief tliut the
lines would not he returned the fir-t
of tlie year.
Ii
Do You Wish
You Knew the
1 vjcucicu iviuea
1 for Trading?
1
1
j nHE way to place
an order with a
broker ? the deposit
requirements the
commission charges?
w hat instructions to
give? and how an ac
count is opened?
Our Free Booklet
explains this timely subject
in a simple way and gives
clear examples. Call or send
for a copy today.
Ask for No. T. U.-G63
JONES & BAKER
SECUMTIES
Widencr Iildir., Philadelphia
I'foues Hell, Walnut 6065
h'rystonr, Race 2290
Direct Private Wires
New York Detroit Pittsburgh
Chicajo Baltimore Iiotron
2000
noon
looo
3000
2000
8000
soon
nooo
2000
56
56
56
36
nc
68
56
56
3
of 3 F cn
. . . 26
. . . 26
20
St'l. & San Trail A j
..102
..102
.102
Pacific la
... 53
53
I Northern Paclflo 4s
3000
loooo
3000
2000
3011(1
snnn
2000
5000
76
75
II!
75
701,4
16
70
10
Iowa Central Kit Is
5000 35
1000 35
K C Ft S & M 1a
3000 63
1000 .... 63
2000 .... 63
IC C Ft S & M It 63
5001) ....100
Kan C & South 3s
1000 .... 31
Kan City South 4s
0000 .... 61
K City Ter Rly 4s
1000 .... 10
noon .... in
5000 .... 70
Kings C Kle Kit 4s
soon .... 30
Lucliii Sleel C of GO
1000 95
I. .- a: Alien ii '2S
1000 81
9000 .... 81
16000 81
L ,S & M 3 4s '31
1000 82
Lehigh Valley 4s
1000 60
Lehlgli'Valley Co 6i
2000 ....100
looo 100
1000 100
UoiiK I R It tin 4a
10000 05
l.ouls &. Nash SH 3s
3000 .... 62
Louis & Naahvl'e 4s
10000 ... , 80
6000 81
6000 81
2000 . . . 80
5000 ,.,, 81
Man lile Ry Sta 4s
6000 . . 58
1000 . . . 88
Manhattan, Rwy U
No States Power 5s
loon .... 82
5000 .... 82
2000 .... 83
Oregon Short L 4s
7000 .... 81
100(1 . . . HHi
1000 .... 81
Oregon Short L 5a
1000 OS
Ore Wash RR Co &
Navl Co a
1000 .... 09
2000 . . 00
Pac Gas & E Co 6s
4000 82
300(1 .... 82
Pac It It of Mo 4s
2000 .... 80
Pacific Tel & Tel 5s
2000 .... 85
4(100 .... 85
Penna RR 4s ot '48
10000 .... 83
Penna R It cn 4s
5000 .... 89
111(10 . . . 80
3000 .... 80
1000 . . . 89
Pennsylvania RR 5s
3000
10000
3000
5000
10000
.inoo
noon
6000
sooo
10000
5000
6000
89
89
89
80
89'.;
80
80',;
89
90
80
89 Vi
89
Penna R 11 gm 4s
1000
2000
sooo
6 no 11
2000
sooo,
1000
32000
3000
34000
22000
6000
15000
soon
2000
1000
loon
6000
10000
10000
soon
8000
12000
80
80 Vi
80
80
80
80
80
80
81
80
80 Vi
80
80
80
61
81
80
80
80
80
0
80
80
5001)
5000
14000
8000
SOOO
2000
men
100(10
2000
snnn
soon
snoo
soon
moo
2000
1000
.1000
5000
1001)
10000
mono
St L & San Fran B
11000 .... 08
11000 . . 68
15000 . 68
3000 . . 00
Et i. .- So W UK 1st
1001) 61
St I, & S West 5s
loon . . 3(1
St Louis & S W cn
2000 .... 50
St P & K e S 1. 4 Vis
10(10 . ..63
Sparta Co 4 s
I0UO .... 75
Texas Company 6
noon ....103
50(10 . . 103
Third Ave Rivy adj
53
55
35
55
35
55 Vi
511
33
33
35
35
55
55
55
55
55
55
no
.13
nn
56
u It of yp un ct 4k
20000
U It R
et 4s
6000
10000
20000
U K Rubber Gs'
2000 .... 86
12000 83
51100 .... 85
' 5)100 .... 86
IOOO ... 86
1000 .... 80
U S Rubber 7s
Amerlean (las & KleWrlc Prrf.
(ircruhi Italluay A Power Com.
(leorrla Uiillwav Pimer 2d Pref.
(Illicit- Sifely Itozor
lleiMibll.' Rullwici .V Mcht
Trim. Itwy., I.lcht 4 l'orr Tref,
HENRY D. BOENNING & CO.
slot k i:ciiANni: iu'ii.ding
Dlrret 1'rlinle Trleuhnne to New York
Members Phlla, Stock KrhanRe
Position Wanted
lltislnrs- man, Ihlrty-elcht, physically
ii ml iiiratall.t 6t, wishes nrrmanent
erftlt1te imihIHoii ultli corporation or
cai'Hulisti ctlhcr olllce munaiccment or
outdoor iironcrly stiiicrlMou, Oppor
tunity for advancement, Phlla. vicinity
or nnjMlirre under I'. S. Oar. Refer
ences nhlblled upon Interview.
I'.Mirrlenrr; Colleite aradunte: 15 years
iHthc business In confidential inrcstlKnt
!nc. oroin!l" and administrative work,
mid iiiiscratlo Investment finance. Ei
iiraiy etllier.
liox (Minn, pl'iimc i.DDOKn
moo
. .103
j U SJ Steel Corp Gs
2000
10000
10000
10(10
4000
15000
1000
3000
Utah P
10000
& I
91
91',
91
91
1)7
06
91
91
Co Gs
83
5000
20110
10001)
28
1
28
Third Ae Rly 4s
100(10
100(1
10
19
Virginia Rwys Gs
10000 (13
Wabash It It Co 1st
ooon .... 88
innn .... 88
1000 .... 88
Wabash RR Co 1ml
1000 .... 80
1000 .... 80
West Maryland 4s
3000 . .. iit;,
100(1 ... 48
West Paclllc RR 1st
5000 .... 80
50011 .... SO
8000 .... 80
West Shore It R 4s
3000 . .. 72
3000 .... 12'j
3000 12
Western Union Gs
6000 .... 80
Wilson Co 1st
2000 97
1000 .... 97
Wis Central Rly 4s
3000 .... 61
4(100 .... 04
3000 .... 61
1O00O . . . (11
Total. 822.220,000, (ump.lled with SSV
579,fll"l yesterday Thus far this week,
t1(ii,3il,(i0(i Same veriod last week. $105.
10S.OOO TODAY' KAMli; IN f.llllillTV IIONDS
lllKh Low ('oo
i-ib p.ouds ::',as 1111.41 nii.in wi.lm
Lib llondh 1st Is. ,!).'!-(i fi:i..".S Oli.I'.S
Lib lloudx -M 4s. . .!! .(ill !)..'!() U.7,0
Mb Bonds 1st 4M .'.!.".. 70 !.'!.-Hi fKt.411
Lib Hands 2d 4V,s. .1I1.00 111.."!) !H.r,t
Lib Ilontlslld 414s.. !).'!,r,0 Dll.fiO ll.T.IS
Lib UoikIs-Mi lV4S.Ul.fMl 111. .10 ill ..11
Vic Notes :ti;,s....i)s.!)fi o.s.iio ns.oi
Vic Notes 4s ....!IS.!U flS.80 OS.SO
FOREIGN EXCHANGE
New York, Dec. IS. Tho foreign c.
elmngc inuiket developed a steadier un
dertone after au easier opening. De
mand sterling was quoted at 3.7!)'
and cables at Jl.KOlfc. Franc cables
were 11.10 and checks 11.12.
Other quotations were :
Lire cables 111.0S, checks l.'UO;
Swiss cables fi. II!. checks .1.4S ; gitildei
cable i'!7''!4, cheeks ',",7:,s : pesetas ca
bles 1VI..-.0. checks 10.40; Stockholm
tables 21 .SO, checks 21.11.1; Cliristianin
cables 20.00, cheeks 20.4.1 ; Copenhagen
cables 18.70, checks IS. ,1,1 : Antwerp
cables 10.40, checks 10.40; rcichsmarks
2.00.
In the early afternoon foreign ex
change showed a further easing off, de
mand sterling lying :t.7(I(i uiid cables,
:i,77; franc checks ll.:i'J, cables ll.'tO;
lire cables K1.0S, checks 1,1.10, aud
marks 2.00.
Cloverseed
Toledo. Oer. IN. - l'l.() Kltsritlll
Prime, cash. 430,15; December, 130,63: Jan
uary. $30.(10; February, J30 63; Murrh,
J30.60. AliPIICK Prime. cash. JSI.O'i:
December. 131.03, March, S30.OO TIM
OTHY Price, cash. 1U17 J3.50. cash, 10J8,
ffi.JO: cash. ,1910, J6.074: December!
45, OTH ; liny, 3,h5
Boston Trust Company Closed I
Itohton, 'Mass., Dee. 18. The Old
South Trust Co, was closed today by !
order of State Hank Commissioner t
Thorndyke. No reason was given. The '
companj bad a rapitnl of $200,000. Its ,
gross deposits wera about $1,72,1,000.
Jt was established In 1014.
To
ave
The odds are overwhelmingly in
favor of the assertion that the credit
of our Railroads must be improved
to save their existence.
The Solvency of our Railroads is of direct
penonal concern to one cut of every two
(men, women, children) in the United States,
Fifty-five Million of our People are directly
and vitally interested in their prosperity.
Nine Million People derive a livelihood direct
from Railroads.
Five Million People arc employed in Indus
tries dependent upon Railroads.
Thirty Million Insurance
Policyholders
Eleven Million Savings
Bank Depositors
depend largely
upon the solvency
of the Railroads
for the security
of their savins.
Is it possible that cne-half of the people of
this country in the last analytis will permit
the wiping out of their livelihood and savinrs
by any man or group of men?
Make your investments now when the bert
underlying Bonds of the best Roads are sell
ing at receiverjhip price.
We firmly believe it to be to your interest.
Wc will make recommendations.
FRAZIER r Co.
Broad and Sansom Sts.
Philadelphia
65 Broadway 19 South Street
New York Baltimore
Working for You
jj ii
II
When you invest in Prcrerred Stocks
of New England industries, your invest
ment is intelligently at work for you.
Just as skilled artisans command high
wages so does the earning pqwer of your
investment return the lushest . yield
consistent with safety.
Our bookleL PPlSGG describes seven selectee
New' Kngland Preferred Stoclu yielding
" 6y, u, 8
May wo send you a copy T
HoUister,liYlute & Go.
ffr
ll tii
. . . - , .
mtmmfBmrntmmttmmmmmmmmm i- aMiiinli,li,,,y w,,,!
iNcoasouris
North American Building
PHILADELPHIA
Providence)
Snrliujlleia
SEX
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