U'
18
EVENING PUBLIC LEDGftK-- PHILADELPHIA, TUESDAY DECEMBERS 2& 1910
i
INVESTMENTS
OF MERIT
We should be Rlail to
supgest certain Stocks,
Bonds or Notes yield
ing from 5 to 8.
These Investments nro
enfo and conservative
and their salient fea
tures nntl earnlrits are
described In our cir
culars. AmU for
Circulars Today
Investment B anker t
Members Vhtta. Stock Exchange
Heal Estate Trust Bldg.
Philadelphia
French Citic3
Lyons, Marseilles, Bordeaux 6s
Dus Nov., 1934
Price to net over 6.80
NEWS OF FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK QUOTATIONS
PRICE MOVEMENT CONFUSED
BY SHIFTING OF TRADERS
Restraint of Holiday Atmosphere Accentuated by Increasing
Tightness of Money Market
Townsend Whelen & Co.
503 CIIIISTNIT ST.
Secretary Confidential Clerk
Young man. twenty-eight, now em-po;--d
i. -i - 1 virtnvnt store
owner. deslrea rhanse January 1st Keal
estate, fniam-tal experience, capable tuk
Inff charge correspondence.
C 830 Ledger Office
FINANCIAL
. D.WIII I.UPTON'S SONS COMPANY
Sinking Fund Purchase of I'n-frrrrd Slock
Pursuant to the Hreement of David I. Up
ton a Sons Company and the undersigned, as
Trustee of the Rinklnit Fund, the under
signed hereby gives notice that It haa re
ceived notice from David Lupton'a Son1 Com
pany that snld Company will deposit with the
undersigned on or before January 2. 1920,
the aum or Thirty-one Thousand Three Hun
dred und Ninety-Seven Dollars and Dlnhtj
Cent $8l,:tn7.S0). in the sinking Fund,
rrovlded under the Agreement under which
ha said Preferred stock was Issued, and
that It Is Ita Intention to apply said sum to
the purchase of shares of the Preferred stock
aforesaid. Offers of said Bharea are In
vited, at a price not to excted par and ac
crued premium of ten per cent. Healed
lenders to be addressed to the Phlladelnhla
Trust Comnnny. Trustee of the Sinking Fund
foresaid, 415 Chestnut street. Philadelphia.
J-ueh offers will be received until three
'clock on December 21). IBID.
PHILADELPHIA TRUST COMPANY
Trustee
JOHN C. WALLACE.
Philadelphia. December 20. mio." nT'
New York, Dec. 23. Price move
ments were confusing iu today's dull
professional market. The trading wn
of the f inn I liar nntn-Iiollday character
nnd was further i-urtniled by reason of
the continued tight money market. The
utter lnc!i of public interc.-l and the
nbsenee of the mote important market
leaders was apparent from the extreme
ly narrow character of Ihe dealings. Iu
consequence, the tone of the market
was constantly altering during the ses
i.lon, strength prevailing -it short in
tervals, wilh quick development of lienr
fness after advances, and vice versa,
according to the mercurial whims of the
room triulinc contingent, or ncrluitr. to
speak more plnluly, wheu they miw iiii
opportunity to scalp a moderate profit
on cither side of the game.
During the most part of the forenoon
the market really acted a if it wanted
to do better, but nil the chance" I had
for improving were promptly nipped in
the bud when call loans o-ieued at the
unexpectedly liich rate of 10 per cent.
This promptly put a damper upon the
ambitions of all ou the constructive side.
At the same time the growing narrow
ness of the market made it too much
of a hazard for the bear contingent to
take very long chauecs on the reaction
ary side.
The continued firmness of foreign ex
change everted little intltience, as did
the growing confidence iu market circles
of the country's transportation inter
est obtaining a square tlenl. The street
has firmly made up its mind that the
roads will not be returned according
to schedule ou January 1. April 1 is
the date now heard most frequently in
the linanciul district.
Thcs.e factors, however, were relegat
ed to the background by reason of the
uncertui.i course of the money market.
The tightening of the purse strings by
the banking interests, however, is not
particularly surprising In view of the
known conditions and the close prox
imity of the January 1 settlements. The
fact of the matter is there can be no
material easing of money market con
ditions until the Jnmmry 1 interest and
dividend payments nnd other tinnneinl
operations arc out of the wuy. With
borrowers bidding S to 8 per cent
for sixty and ninety-day money, a fair
Idea is given of the true conditions ex
isting. The sooner the real state of af
fairs is understood the better it will be
for everybody concerned.
There was nothing exciting in the
overnight developments and gains nnd
losses were about equally divided at
the opening. The tone, however, soon
improved on moderate demand for the
steel, caulpment and oil shares. The
investment shares nlso strengthened.
especially the coalers, Norfolk and
Western gaining ' points. Mpceinlties
were featured by the tobacco and al
cohol shares. In the latter group In
dustrial Alcohol rise 1 points.
Irregularity soon developed after the
first half hour of the dealings. The
oil, steel and equipment shares gave
way to very slight pressure, but the
rails aud shipping issues maintained a
degree of stcadiuess. The trading be
came duller and duller with this con
fusing Hopping of the market, and by
midday trading was next to a stand
still. Coppers, leathers and tobaccos were
the only diverting features of the stag
nant trading iu the early afternoon,
gainiug 1 to 1 points ou favorable
trade conditions nut! dividend declara
tions. Most of this advantage was can
"''ecl when call loans rose to IS per
ceut.
Trading stopped almost entirely when
call money held nt IS per cent, but
substantial rallies ensued on the de
cline to 15 per cent.
OILS MEN. IMONEY FLURRY
! IN CURB TRADING CHILLED MARKET
Proposals
PIIIILIC OrTKKINt)
city ot-' iiK-rm.i;iii;ii
... . . W03.0UO IIOND
nft?"f? Is,, hereby given that on .Inunarr S.
2i?i0,.ifte .Mu'$r ?f ihe. Vty "c Uethlehem
ViSi. :! rll!-".' highest respons bio bidder
I4OS.O0U Bethlehem Undue. 4tt Gold Bonds.
Series of 1920. to be dated January 1. 11)20;
to bear 4M Interest per annum, payable
semi-annually; to mature In twenty-flva In
stallments viz.i $21,000 principal amount
Kltli on. tne .,lr,t dily of January, 1035:
310.000 principal amount thereof on the tlrst
ijay of January, ls. and Sltl.ooo principal
mount thereof on the ttrat day of January
Ml each and every year thereafter until
and Including tho ftrat day of January. 1911);
to be In denominations of Jloou and $r0U, or
partly In each of aald denomination as the
Mayor may determine in order to comply
with tho desl,e of the purchaser or pur
chasers, reglstrrxblu aa to principal: both
principal and Interest to be payable ut the
office of the City Teaaurer in United Stat-i
told coin without deduction so far as per
mitted by law, for taxes other than suc
eeaslon and Inheritance taxes; further In
formation may tx. had on application to the
llayor.
. Sa'e of the bonds Is subject to the final
Jenactment and approval of ordinance known
a Bill No. JUJ of the City Council authorizing-
tho lssuo and sale thereof. Said
ordinance was introduced November I'l, 1010:
la now being published aed will rome on for
final passage on December 1010.
Proposals for tho pun-hat of these bonds
are hereby Invited, subject tu the approval
of counsel for the purchasers as to the
validity thereof. Bach proposal must be
Bealed; must be In the hands of the Mayor
of tbo city on or before 7 a. m., January
5. lt'-O, and must be accompanied by a
certified check, payable to the order of the
City Treasurer, for 3 of the par value
of the Ijonda bid for. - Checks of unsuccess
ful blddera will bo immediately returned
The proposals will be opened at 7 o'clock
a. m.. on January t, 1020. nt the office
ef the Mayor. The right to reject any or
all bids Is reserved. No bids at lets than
Bar and accrued Interest will lw- accented,
V A. JOHNSTON.
Mayor of tho City of Bethlehem. Pa.
8. J. HUGHES,
City Clerk.
Business Small but Steady,
With Market of Holiday
Character
I't lii.ic oil i:i:i.N(i
city of ni;riii.i;ui;M
03,000 PONDS.
Notice ta heleby Kiven that on Jjftiuarr
, J020. the .Mayor of the City of Bethle
hem win sell to the highest ("sponsible bid
der 183. 000 t'lro Alarm and Police Slenai
System 4H per cent Gold Bonds, Series of
1020. to bo dated January 1st. 102u. to
bear 4Vi P-r cent interest per annum, nay.
able aerolannually. ta mature In twenty In
stallments, viz.. 14000 principal amount
thereof on the, first day of January: 1021.
n llk principal amount thereof on the first
day of January in each and every year
thereafter until and Including- the. first day
of January. 102-. 18000 principal amount
thereof on the first day of January. 1920
and J3000 principal amount thereof on the
flral day of January In each and every year
thereafter until and Including- the first day
of January. 1040, tib In denomination of
1000. $oo and J100. or partly In each of
aald denominations aa the Mayor may de
termine In order to comply with the desire
ot tho purchaser or purchasers, reenterable
aa to principal, both principal and Interest
to bo payable at the office of the City Treas
urer In United Stated gold coin without
deduction, co far aa permitted by law. for
taxes other than succession and inheritance
taxes. Further Information may bo bad on
application to the Mayor.
Hale of tho bonds Is subjei-t tc the final
enactment and approval of ordinance known
aa BUI No. 183 ut the Cijv Council author
Ixlna; the Issue and ia!e thereof. Said Ordi
nance waa introduced November 24. loll):
la now belna; published and will come on for
final passage on December 24. 1910.
Precsala for the purchase of thes bondi
are heroby. Invited, aubject to the approval
ef counsel for the purchasers as to the val.
fdlty thereof Kach proposal must be sealed
must be In the hands of the Mayor of the
olty on or before 7 a m.. January S. 102n
and must be accompanied by a certified
f.b,eelc. payable to the crder of the, city
Treasurer, for 2 per cent of the par value
of the, bono bid for. Checks of unsuc
rrsaful blddera will be Immediately returned
The proposals will be "jrned at 7 o'clock a.
m.. on January 3. 1020. at tho office of
the Mayor. The rltrht to reject anv or all
bids la reserved. No b da at leaa than pur
and accrued Interest will be orr.ntM
- .. .. A- JOHNSTON.
S JM"imaHES. Bethlehem. Pa.
'CltV Clerk
rBorosALs nm rujirH and ki.ec.
TTtirAb CONDUITS -"--
DErARTMKN'T OF qrr TRANSIT
City of Philadelphia
11th Floor. 1211 Chestnut Street
Philadelphia. December ill, 1010.
Scaled proposals, addressed to the under
aimed at the office above-mentioned, will be
received until IS o'clock, noon, on Tuesday.
December 3o. 1910, and opened Immediately
thereafter, for the following work appur
tenant to the Broad Street Subway, author.
. ized by Ordlnancen of Councils, approved
July 2 101S. snd July 20. lots. "l'Provea
CONTKACT No. 115. Installation of elec.
frlcal motor driven ntrfual pumps In the
dratnaee aurnp of the Broad Street Subway
tinder City Hall. "
CONTRACT No. UB. Retaliation of elec
trical eondulte and. wlrhur for power and
illhtlnr circuits In basement of City Hail
nd (n Broad S'reet Subway. ' r ""
Plana and specifications can be aeen at
lith Floor. 12U Chestnut street, and plS5
ef iimt with blank forma for propoaala wilt
be .upplled to intending blcde?. upon ippii!
Bldiern must be skilled and reaularlv en.
rated In the claaa of work bid for. y "
relative to Workmen's Compenaatloa 'insuri
SIMMS PETROLEUM REACTS
New Yorh. Occ. ''H. A steady tone
was shown iu the trading ou the Ilrond
Street Curb, but business was small and
the market, generally, was of a holi
day character.
Oil stocks continued the most promi
nent feature, Phillips Petroleum ad
vancing from V to 7S. Simms was
stroug in the morning, advnnciug to
0."Vi. but later reacted to 041;.. Tho
rights were traded in nt (1 to 5.
Carib Syndicate was tinner, selling at
0IV2 r,-:i4. There uas a moderate
amount of husitiess in White Oil. which
sold nt 41 ;U to -lli'J. Texas Co. was
again heavy, declining from 5S'j to
Vanadium Steel rights were traded
iu from :'4 to it. Montgomery-Ward
was agaiu pressed ou the market, sell
ing dowu to -MVj, against the subscrip
tion price of -15. Submarine Boat
Yielded from lii'j to 13. Loews waa
steady, witli a few sales at ill) to 30 VI.
Aetua Explosives sold at 8 to.S',&.
Nipissing was strong, with sales ut
1U to lii.
INDUSTRIALS
Contractors will be required io comrlr
with. the Act of Assembly of July 18. IB?
l-tlv In Workmen's CnmnnatM '-"'
anee. and Proof must be furnished the Di!
jrtmant by each contractor that h Haa
acceptecj the provljlona of aald Act and in!
ured his liability thereunder, or secured ei
emotion therefrom. " M
For .each bid u cropeaal bond In the mm
DfBOO dollar, must be filed in he Law D?.
artraent. Koom 4o4. City Hall, Inccordl
ininci mw( iu v? cacioeea with
0"w. ,.. . .. .
r rcKjiriD mo ngni to Tlct
M SM haa m V rlaam K.-a -'..L
X&HffnSXSlJ&tt'rtK
r.rtir
5
Sny or mi io " nijQm iwit for
Itereat ot the oJUdelphl. ''
Director.
tWOFOHAI-rl FOR UllRLAl" 4J.FF1CK OF
tha Uuarterma.ter ener. tlothlux ana
mJutnuKi, Illvlslon. Slutlltlona Itltlr.. t'.-
ssr b. u. -
M propooala. tn duplicate, will be -
, tiMPsk Ittltll llffMl sm.. n . Jfu ak
. tor ' furrilalifn all or' sny part ol
m jwtu, Miemuoa ea t
Hluh Low lst
Aetna Kplobl H', m h V
Amer Safety Razor 17 U l. , ij't
Car Llsht -I J..
Huyden Chem l ,5 ,5J
Hupp Motors 14'li 14? 14
U ino HOl, -M 30
Mont-Ward 4"', 40, 40 Jy
Republic Tire Hub 14 4'. 4.1,
Sumbarlne Boat lSVi l.l ,'
Sueota Co 10n llll lOV'i
r s siej m 4 :i' -l
fnlteil riotll Sliurhu '!' .: ,;?
I'mteil 1' ct I'rod Irt'a 1.' lf"i
V VUiadou. Inr 21' -I., ';'"
s-jUi- l.lKhl 10 '' 1
Htimwood Rub 1!) IS1 I"
IMUilMiMIKNT OILS
Alliance 1H 1" IfJ-V
Amal Royalty lj 1,. 1
Arltex Oil 'i ' if
Barnett Oil Oaa '. 14
Boston Wyomlns 98 no os
Durknett Van Cleave .... 2Ji 'it J4
Cosdn & Co r 0H
Hlk Basin retroleum S SS g
lederal Oil J,. 4? R
tllenrock Oil 3 3t 3 ,
tluffey Qlllesple 3I 3S4 3Mt
Home Oil 0H 0 tl
Hudson Oil a ,'i
Inter Petroleum CAV, C.I 03!,
Island OU 1 , KH 0
I.lvlnxaton "i .-'. ,-H
.Merrltt Oil lH'.i 1", lli
Metropolitan Petroleum .. 3 2Ti 3
Mexlian Pan IS 17 IN
North Amer Oil ."l4 .". .''
Pennok Oil HH !Vd
Producers & Refiners.... lo's in lot.
Ryan Oil 4 t'-i l
Sapulpu Rertnlnc i "S S
Skelly Oil 1lh U ilk
Mmms Petroleum al r.4i .lH
Hpem-er Petroleum 10 10 10
Texas Co W I M',-i f,7V4 r,7',j
Tropk-nl Oil 10 10 10
Victoria Oil new I. 1 IJi
Vulcflii Oil B'i (l J
Woodburn s'i s'.i 8(1
.MINIMI .STOCKS
Alaska Brit Col lrt 1iV IrV
Atlanta .'I 2 3
Belcher Divide 27 27 27
Die Ledse i 4 i,
nooth .14 r. ij 54
Boston & Mont 72 72 72
Caled Mining 33 SO 33
Candelaria M i ai i
Cons Virginia 74 7U 7U
Cons C-. pper M fi 41, R
Cresson Gold 24 2 2Vi
40 Mlnlns 24 2 "J,
Golden Gate 12 XP 14 14 1 U
Gold Cons 12 12 12
Gold Kewana 3 3 .'i
Gold Merger 3 3 3
Gold Silver Pick n .- B
Oreat Bend '- 2 2
Gold Zone 31 30 30
Uo.d Devel 13 12 12
Hecla Mlnins I 3? 4
Jumbo Kxtenslon 7 7 7
Knox Divide 14 12 13
Marsh Mlnlmr ., 30 23 29
Mother Lode SIS 05 8!i
Mother Lode new fti fH S
National Tin ' 04 04
Nlplsslne 13 12'4 124
No th Star 7 7 7
Onondago 2U 24 2'i
Hex Cons H S 8
Rochester Mines 21 21 21
San Toy a 5 0
Seneca Copper 10 15 4 10 4
Silver Klne of Ariz 12 11 12.
8 Silver Lead A A A
Steward Mln 17 15 15
Success Mining 34 34 34
Tonopah Belmont 2A 2 A 2 A
Tonopah Caah Boy 04 84
TonoSah Extension S 2 4 sS
Tonopah-JIm B 21 2 21
Tcnopah Montana 11 11 11
Tonopah Reacua Eula.... IS IN IS
Victory 17., If If
West End C IK 1H .Hk
White Caps... 10 B 10
White Capa Ext 14 1 1
Wllbert 7V4 7 7
Terlrmton 34 4
I10NDS
Allied Pack 7SU 78. 7
R T 7s 714 704 '704
Ruialan Oovt 84 s 224 214 214
LONDON METAL MARKET
New York, Dee. 28 Cable advices . re
ceived at the New Tork metal sxchanan this
morning emoted prices In London as folio aat
Tn Spot. 1324 Be; fututet f325 15a. nnd
straits, 1324 10". an on ti. Bincapore,
mm nn advance of fD. Salea Spot. 2f
tonal futurea. .100 tons, and Singapore. BOO
tons. Standard copper Spot. 101 Bs.s u
r,aj futures. 105 lSa. unchanged. Sales
Spot. 20 tons: imurca. uov iwib. j-ieciro-lytic
Copper Spot, nib. 'rid futures.
1118. unchanged. Lead Spot, 44. a gain
of Da. and futurea, 44 6a, an upturn ef
S 6d- Bpeltsr upov iu. os; futures, mo.
B, (MB ,, sSNB.
aK,&ae
Instead of Turning Weak, Trad
ing Came Near to Com
plete Standstill
BIG FOREIGN TRADE
New York. Dee. Ji!. The New York
livening Sun's closing financial review
today snjh :
Instead of turniug weak in the. fuee
of hardening money rates, as it might
well have done, today's stock market
was so thiu that it merely turned dull
to Ihe point of almost erasing to func
tion nt nil. Prices were higher in the
first hour or so, or until the money
market opened, because there were very
light offerings of stock.
It was presumed that the renewal rate
for call loans would be higher than yes
terday, and. accordingly, most every
body withheld commitments' until this
could b" known. Accommodation was
renewed at 10 per cent, but it was not
long before PJ per cent ws being exacted,
nnd iu the early afternoon 1!j per cent.
Later it jumped to IS: per cent, dupli
cating the high level of Monday.
this is a temporary condition usually
following upon government tux pay
ments und, ns it rule, subject to ready
correction. At this time, however, the
tiinlency is logically toward higher
money rates because of the approaching
turn of the year, involving some large
iinnneiiil operations and. therefore, it is
entirely possible that tightness will pre
vail between now and the coming of the
new calendar.
News developments of the day com-
irKed several items of Interest but very
few of Influence uiiirketwlse. Wall
street has drifted completely under the
spell of the holiday season and pre
dictions of a Christmas bull market
have definitely gone by the board. The
stock market has for the time being
Veome a wall flower rather gaudily be
decked with holly and tinsel.
The Loudon cables had it that this
country was to grant a ?70.000,000
credit to Austria. This was the more
easily to be believed in the light of
the recent plea to Congress of our sec
retary of the treasury. '
The railroad shares were heavier than
the industrials through a good part of
the session because of the cabinet meet
ing nt which the director general was
present. It was conjectured that some,
word would come after the meeting with
respect to the fate of the roads, whether
or not they were to be turned back on
January 1. The street, of course, ex
pects they will not, but it would like
to have tho certainty of it.
Washington dispatches indicated con
tinued efforts for a compromise in the
matter of the peace treaty. The con
ference on the Senate und House rail
road bills opened today also. Traction
shares were under pressure because of
impending Intcrborotigh bond payments
and likewise because of the wage de
mand. The attorney general's report
on living costs attracted attention und
afforded some agreeable speculation.
Not a great deal of encouragement
for immediate betterment in the foreign
evrhanges was to be derived from the
November foreign trade figures, show
ing, ns they did, an increase in exports
of more than $100,000,000 over October
and of some $220,000,000 over Novem
ber a year ago. The gain in imports
over the previous month was $27,000,-
000 and over a year ago of $178,000,000.
The trade balance for the eleven
months of the calendar year to December
1 was $3,714,000,000 in favor of this
country, or in excess of $1,000,000,000
greater than in the same period of 1018.
But the bpeculative position of the ex
change market permitted of modest im
provement today. Sterling sight bills
were quoted ut 3.82V4 and francs and
lire were up 10 and 10 points, respec
tively. BUTTER, EGGS AND CHEESE
New York. Dee, 23. BUTTER Unsettled.
Receipts, 0404 tubs, Creamery, higher than
extras, 70H 71ci creamery extras (02
score). 70c: flrats. (tl00c, packing Block,
current make, No. 2, 4"c.
EOQB Unsettled. Receipts, 0118 cases.
Presh-Bathered extraa. 72SfTJc; extra firsts,
707lo; firsts. 67B0os state, Pennsylvania
and nearby western hennery whiles, flrBt In
extrss, 75a70: state. .Pennsylvania and
nearby hennery browna. 747c; do, eata
ered browna and mixed rolora. 72073c.
CHEESE Irregular. Receipts. 1747 boxes,
mate, whole milk, fiats, current make. ape.
rlala. 314 032c; do1 average run, 804 0
81c; state, whole milk, twlna, current make,
apeclala, 8182Hc; do. average run. 31c.
Central Leather Declares Extra
New Yorlt. Dec. 23. The Central
Leather Co. has declared an extra divi
dend of $2 a tharo ou tho common, in
addition to the regular quarterly of VA
per cent on common, payable February
2 to stock ot record JaaaMj 0,
NEW YORK STOCK EXCHANGE TRANSACTIONS
Hales
MO
too
200
1000
19300
4(10
.100
.100
100
200
2000
200
1200
.100
oOO
M0
1000
8C00
1700
100
14000
100
4400
.1600
90
100
100
700
.1100
3C00
5900
100
300
400
4f0
1000
8.500
1000
200
100
4000
700
.100
COO
400
Div.
in
High
41 !i
71
Adams Impress
. . Advance Itumely . . .
0 Advanco Itumely pf .
0 AJax Ilubber 8314
. . Alaska Gold Mines . , 1
. . Allls-Chalmers 40
8 Am Agrlo Chem 81)4
8 Am Beet Sugar 0.1
8 Am Bosch Magneto ,.i2t
. . Am IJosch rta 0
. . Am Can S.iH
7 Am Can pf 9y4
3 Am Car & Fndry ....133(4
I Am Cotton OU 47 &
.80 Am Druggist Syn... llfa
.. Am Hide & Leather.. 2414
7 Am Hide & Leath pf.110
0 Am Internat Corp ...112
.1 Am Linseed 71Ta
7 Am Linseed pf 0254
fl Am Locomot'vo 08
7 Am Locomotlvo pf... 10314
.. Am Ship & commerce. 3794
4 Am Smelt & Hef 07
7 Am Smelt & lief pf . . . 9SM
o Am Smelt Seo A 80
8 Am Snuff 107H
1 Am Steel foundries .. 44J'B
10 Am Sumatra Tob .... 98 14
8 Am Tel & Tel 97Js
. . Am TobSectempctfs. 08J4
30 Am Tobacco 370
C Am Tobacco pf new.. 4J4
7 Am Woolen 13514
.. Am Zinc. Lead & Sm.. 1014
Am Zinc L & S pf 55
4 Anaconda Copper ... 58J4
. . Assets localization . . , OH
. . Asso Dry Goods (11
7 Asso Dry Gds 2d pf.. tsy.
0 Atcli Top & Santa Fe
5 Atch Top & S F pf.
7 Atlantic Coast Lino .
10 At! Gulf & W I S S.
Auto Sales C tern ctfs
3.1000 3.50 Baldwin Locomotlvo.
4700
700
400
200
.100
800
100
4.190
.100
700
3,190
2000
490
100
300
COO
300
3S00
700
4100
3S90
1C00
.100
1310
300
500
100
3500
3C00
COO
300
COO
300
200
100
1000
1390
400
100
590
000
8900
390
.100
590
300
.1390
C400
300
100
1200
400
400
G'MO
300
3.5'JO
COO
100
1200
490
300
noo
200
300
13J0
800
100
400
100
100
3000
C100
3230
7B00
15 300
590
200
0190
1310
000
6390
1690
700
100
800
5590
100
1000
2990
700
4199
3800
5090
2400
300
300
500
500
C90
400
900
100
11609
8314
7 9 'a
89
172 '4
1094
110
raji
47
131H
1
28'.
1'4
0
94
Baltimore & Oh'o
4 Baltimore & Ohio pf
8 Barrett
Batopilas Mining . .
. . Bethlehem Motors . . ,
.. Bethlehem Motor rts.
5 Bethlehem Steel . . .
5 Bethlehem Steel B .
8 Bethlehem Stl S pf. .113
.. Booth Fisheries 13
8 Bklyn Rapid Transit.. 13H
.. Bklyn ll T ctfs ot dep. 994
.. Brooklyn Union Gas.. 50
. . Bruits Term & R II . . . 714
10 Burns Broa 117
.. Butte & Superior Cop. 33JS
.. Caddo central O & R. 2014
1 California Pack ng ... 82
. . California Petroleum . 4.194
10 Canadian Paelllo ....13114
5 Central Leather 95
4 Cerro do Pasco Cop.. 5594
8 Chandler Motors ....131
4 Chesapeako & Ohio .. 55
.. Chi & East Illinois... 4'
.. Chicago Ot Western.. 894
1 Chi Gt Western pf... 3.1
.. Chi Mil & St Paul.... ZS'A
.. Chi Mil & St Paul pf, 53
7 Chi & Northwestern.. 8714
C Chi Pnucmatlo Tool . .10194
.. Chi Rock Isl & Pac. . 2014
0 Chi R I & Pao C pf. 5014
7 Chi Tl I & Pao 7 pf. 70
5 Chi St P Minn & O. . . . 5094
.. Chilo Copper 18
.'! Chlno Copper 35
0 Cluett Peabody 97
. . Coca-Cola 3994
3 Colorado Fuel & Iron. 40
4 Columb Gas & Elec. 83 yi
1 Col Graphophono .... t!194
. . Colo & Southern 21 14
1 Colo & South 1st Pf.. 4914
. . Continental Candy . . . 1294
. . Con Interstate Cal M . 18'
7 Consolidated Gas ... 84
.. Corn Products Ref... 8414
7 Corn Products Ref pf.107
Pf.
7 Consolidated Cigar
3 Consolidated Textile..
. . Con Textile rts
. . Crex Carpet rts
12 Cruclblo Steel
7 Cruo'blo Steel pf
. . Cuba Cano Sugar
7 Cuba Cane Sugar pf . .
7 Deere & Co pf
9 Delawaro & Hudson . .
. . Denver & Rio Grande.
. . Denver & Rio G pf. . .
1 Dome Mines
3 Elk Horn Coal .
7 Kndicott-Johnsdn
.. Erie
. . Erie 1st pf
. . Erie 2d pf
8 Famous Players-L . .
2 Federal Mln & Sm pf
. . Fisher Body
. . Flslc Rubber
3 Freeport Texas
.. Gaston Wins & Wig.
8 General Chem'cal . .
0 General Cigar
0 General Motors deb.
7 General Cigar deb pf .
13 General Motors
1 Goodrich B P
294
3114
9b
313 '
100
5094
4
10014
90
14
. 137s
. 13
. 294
.10394
. 1314
. 2014
. U'a
. r8!4
. 37
.121
. 41
. 3514
. 18
ISO
. 71
. 87
. 94
.i!33
. '80 1'b
Or.tnbv Consol M & S. 19
7 Great Northern pf . . . 78fa
4 Gt Northern Or Ctfs. 38
4 Hackell & Barker Car. 57
5 Hartman Corp
7 Illinois Central
0 Inspiration Con Cop.
. . Iut Agrlcul Corp ..:
. . Interboro Con Corp.
. . Inter Con Corp pf . . .
C Int Harvester
. . Int Mer Marino
0 Int Mer Marine pf
International Nickel.
. . International Paper,
. . Iron Products Corp .
. . Jewel Tea
7 Jewel Tea pf
3 Jones Bros Tea
. . Kan Citv Southern .
4 Kansas City So pf . .
4 Kelly-Spg Tiro
7 Kelsey Wheel pf . . .
Kennecott copper
:o0 1.30 Keystona Tiro & Rub
2100 0 Lackawanna Steel
100 . . Lako Erio & West . .
1700 3.50 Lehigh Valley
1500 .. Loft Corp
mn in. TjvrMlnrri P TobaCCO.
300 7 Louisville & Nasnvme.iix
'nn fi Maekav Cos 0r,14
300 4 Mackay Cos pf
3009 7 Manhattan Elov guar
94
80
5314
18
3
12 14
130
1814
.10794
2214
75
3714
1594
3914
2594
16
4514
137
9914
28
43J',
6514
43
2514
180
04
41
Low
31.
4114
71
83
1
45J4
'9114
93
131
0
52?.
901.
137
4714
1194
2414
11514
10914
0794
9294
90)4
10314
2714
C5J4
9514
80
107
44 li
9014
9714
67
270
93
125
1014
6394
50 Ti
5
co 14
7514
8314
78
8
17114
19
107
31
40H
131
1
2814
14
90
9394
111
12
12
9
5114
714
11714
2414
20l2
80
417a
1.1014
93
5514
131
51 !4
414
8 14
33
37J4
53!4
fcfl
10414
20
59 V
70
5914
18
35
9514
3914
3994
0114
57
2094
4914
1214
18
81
83
107
0294
30
14
9b
207
100
4914
8314
10014
95 !4
014
13
13
357a
10314
13
1994
1414
87
27
121
4oU
3414
1714
18514
70
8012
94
325
7914
4814
7714
38
507s
94
8614
eir.
18
394
10
130
47 7.
1007.
3114
7414
3714
15
387a
2514
15 14'
4414
130
0914
2314
4314
8414
9
42
2514
17S
11014
0594
04
37
Today's Net
Close Chge,
3114 14
4114- V
71
83 -114
45ft
01 J4
93 -
121
0
52 T4
9914 13714
24-
11514-
111
70
9294
14
J
14
114
14
'9.
14
14
r
14
7b
1
214
(4
07 1
li
1J4
94
'
54
14
14
494
14
94
14
14
10314
2714-0314-9514-80
107
14
370 -93J,-
13514
10144 54 -
587. 1
5
CO 14
7514
83 14-78-80-
17314-1914-
10014
-
121 -
1
2854-
54
90 -
93
111 -
13
1294
9 -
5114-
714 ..
11714- 2
2514 ..
2014 ..
82
4394
13114
95 5594
121 -
5414 114
414
894
23-3714-5314-80
-104
14
3014
-5994
1814
35 -97
397.
49 -
54
1
54
3
94
7a
94
94
14
V
"54
'il4
14
1
"54
7.
114
114
7.
14
114
94
"A
14
374
114
94
54
?4
1
14
'
0254 1
5814
-094-4914
-81
8394 -107
14-
.
5094
84
10014
514-
014-
13-
13
357s-
10314
13
IO?.
121 -
1014
35 1714
185 14
71 -87
4
01
331
7914-
4814- 1
78 -38
-507.-04
8614 ..
531
18 - 54
394- 1'b
10
130 - 1
477.- 54
10714-
2114 ..
75 114
3714- 14
15 ..
387.- 94
2594- 54
15- !4
447s ..
130 - 14
9972 54
28
13 54-
84 H- 7b
0 1
437a 74
357b- 14
178 - 3H
11014- 1
6594- 114
1,4
413
94
114
54
54
54
W
54
37s
Die.
Sales In f
290 1.75 Manhattan Shirt
1100
High
. 317.
Martin Tarry Corp ... 3114
300 .. Maxwell Motor 33
400 . . Maxwell Mot ctfs .... 33
300 .. Maxwell Mot 1st pv. . 63
400 .. Max Mot 2d pf ctfs,... 3014
18000 10 Mexican Petroleum ...31794
lioo 3 Miami Copper 22J4
3200 1.20 Middle States Corp .. 6214
7000 4 Mldvale Steel & Ord.. 49
300 .. Minn & St L now.... 14
looo .. Missouri Kan & Tex.. 014
500 .. Mo Kan & Tex pf . . . . 1414
1200' .. Missouri Pacllla .... 2014
1400 .. Missouri Pacific pf... 107.
700 3 Montana Power 58
200 7 Montana Power pf ...100
.100 3 Mulllna Body 1714
100 .. Mulllns Body pf 99
100 3 National Acmo 3094
000 .. Nat Anillno & Chem.. 68
400 7 Nat Aniline & Ch pt. . 89
190 7 National Biscuit .....11014
1900 .. Nat Conduit & Cable 97a
100 0 Nat Enam & Stamp.. 857a
900 5 National Lead 8054
100 7 National Lead pf 10914
100 .. Nat R Rof Mex 2d pt. 17.
2000 1 .50 Nevada Con Copper . . 15
500 .. New Or Tex & Mex.. 1114
' 3100 10 New York Air Brako.lio
5300 5 Now York Central. ... 60
100 . . New York C & St L. . . 20
1500 1.50 New Yorli Dock 13
109
3800
3200
300
1390
200
8100
300
11090
.50
New Y
Now Y"
"oris Dock pf .
00
New York N H & H.. 277,
7 Norfolk & Western..
4 Norfolk & Western pf
. . Norfolk & Southern. .
5 North American
7 Northern Paelllo . . .
5 Nova Scotia S & C.
4 Ohio Cities Gas
loo 3.50 Ohio Fuel Supply
, 9914
CO 14
, 11
, 55K
. 81
. 73
, 1494
5014
, 074
. 97j
,13514
3574
6090 .50 Okla Prod & Rer. . .
300 . . Ontario Silver Mng. ,
1000 5 Otis Elevator
nnn . . Otis Steel
100 .1 Owens Bottling Macb. 5814
100 Pabst Brcw'ng Co pf . . .100
300 4 Pacific Development.. 77
200 5 Pacific Mall 3014
100 1 Paelllo Gas & Elec. ... 59
699 .. Paelllo Tel & Tel 37 54
10900 6 Pan-Amer Petrol & T. 19494
5600 .. Pan-Amer (B) t 10114
12000 3 Pennsylvania R R.... 1094
100 .. Pcnn Seaboard Steel.. 3314
1590 .. Peoples Gas Chicago. 34'5
5290 . . Pero Marquette ...... 387b
900 ! Pcre Marq prior pf... 6714
1100 3 Philadelphia Co 37
6900 . . Plerco-Arrow Motor . . 7014-
ino 8 Plcrce-Arrow Mot pf .10614
3100 Pierco Oil 19
200 .. Picrca Oil pf 101
200 5 Pittsburgh Coal of Pa. 63
100 4 Pitt C C & St L 597.
100 7 Pittsburgh Steel pf... 03
4700 .. Pittsburgh & W Va.. 28
1100 t Pond Creek Coal .... 2794
1100 8 Pressed Steel Car 100
200 7 Pressed Steel Car pf. .101
2390 8 Pullman 13
903 5 Punta Alegre Sugar . . 927
1100 2 Ray Consolidated Cop. 2014
700 8 Railway Steel Spring. 9094
100 7 Rwy Steel Spring pf..l00
1000 1 Reading....' "
1100 2Readlng 2d pf 3472
1000 Remington Typewrit.. 8814
23S0O 4 Republic Iron & Steel. 1134
100 . Republic Iron & Stl rts. 1
600 . . Repub Motor TrucK . . 6-5-H
3900 8 .70 Royal Dutch N Y
1300
1000
700
009
500
300
COO
3100
10993
300
7830
2100
700
300
11300
100
200
1000
1000
1100
2400
1200
2690
500
500
15200
too
13390
5700
700
300
300 t
390
000
3'JOO
7100
1200
2330
10590
200
1000
200
2100
1 St Joseph Lead
. . St L San Francisco
. . St L Southwestern .
. . Saxon Motor
. . Seaboard Air Line...
.. Seaboard Air Lino pf. 1114
1 Shattuek Ariz Co) ... 13
.. Shell Trans Trading... 78
.. Sinclair Consol Oil ... 1314
,0 Slosa Sheft S & I.... 7214
(I Southern Pao flo 10314
.. Southern Railway ... 2272
6SoUthern Railway pf.. 60
4 Stromberg Carb 7114
7 Studebaker 104
5 Stutz Motor 113
3 Superior Steel 47
.. Tenn Cop & Chem "71
10 Texas Co 23572
.. Texas Co rts M54
. . Texas & Pacifia 13
.. Third Avenue 1154
0 Tobacco Products ... 92 54
7 Tobacco Products pf..l02
.. TolStLWestCoppf.. 1872
.. Transcontinental Oil.. 3814
5 Transuo & Wins Steel. 6314
.. Union OU 3714
10 Union Pacific 133
1 Union Pacific pf C9
.. United Alloy Steel ... 5014
.60 United Drug 1st pf... 5374
10 United Fruit 301
.. Un Ry Investment..
. . Un Ry Invest pf . . . .
3 United Retail Stores.
..US Express
JUS Food Products..
8 U S Ind Alcohol
. 20
. 91
. 27
. 7891
.111
U S Realty & Imp. ... 4354
8 U S Rubber 13172
8 U S Rubber 1st pf. ..11354
0 U S Smelt R & M
Low
31
3314
337.
32
62
3014
21354
23
0114
18
1314
0
1372
25y4
10 74
5772
100
1714
90
3094
0514
88 72
11014
994
8514
80
109 54
17.
14
1094
103
68
26
1214
00
207.
,0094
6072
11
55
79
7114
1394
5914
0
074
13514
35
6814
100
75
3572
50
37
103
9994
4054
327
3314
287.
CO 14
30
71
100 7a
1014
101
0194
697a
02
37
27
9874
101
13
0172
20
9074
100
7014
3394
807
110
I
53
97
13
17 54
1294
1
774
1372
1194
7054
437.
7114
10394
3194
6572
7114
102 72
113
47
094
33154
58
4171
1154
01
103
18
37 54
0314
35
13194
0094
60
52
20014
1194 10 5454
25
9014
987
1372
17 7
1114
11
7 72
200 3.50 US Smelt R & M pf ,
35600
1300
1100
1100
1300
100
100
500
2500
100
100
790
100
300
500
100
300
990
1200
490
1900
2700
800
5100
200
100
700
300
300
5 U S Steel
7 U S Steel pf
0 Utah Copper
7554
1094
.101
.113
73
Utah Seo W14
. Vanadium Corp 57 14
1 Va-Carollna Chem ... 60
8 Va-Car Chem pf 113
. Wabash ?J
. Wabash pf A 2314
. Wabash pf B 114
. Wells Fargo Exp 53
. Western Maryland... 11
. Weat Maryland 2d pf. 18
. Western Paelllo 21
4 Western Pacific pf . . . 677a
7 Western Union Tel... 87 7a
7 Westinghouse A Br.. 11454
4 Westinghouse E & M. . 5394
. Wheeling & L Erie... 13
. Wheel & L Erie pf . . . . 19
4 White' Motor 6914
. White Motor rt '-14
S'Wdson & Co 'Slj
1 Willys-Overland ..... 2814
7 Willys-Overland pt .. 88 V4
. Wisconsin Central ... 30
. Worthtngton Pump .. fc
0 Worth Pump pf B. . . . Y
K Woolworth VVf l-lH
7014
10814
13
13354
11372
71
4094
103
1137
7311
994
5074
65
112
87s
3211
1572
63
11
18
20
50
87 7a
114
53
137
19
Today's Net
Close Chge.
31 J4- 11
24V4 V
327a- 111
32- 114
62 ..
30 72
210 .
2291- 11
017a- n
48-1314-9-1314-25-1074-5794-100
1714
09 3094
08
8814-
11014
74
10914
17b
198 -
0874
20 -
427. 174
60
2094-
07 -
0014
11 5574
80 -7114-44-
50 72-
07
954
13514
35
587a
100 77
3614 111
69 - Vz
37 72
10394-
101 -
1054-
327-33-28
07 7a
37
70 -
10074-197a-
101
02 -507b-03
28
2794
0S
101
20 7a
0094
100 -
70 -34
72
887
11194
I
77
1372 11 -
7614 154
137 54
7154- H
10214
22 -
5514-7172-
103-
112 -
47 -
994-
225
5814-
4214-117a-
93 'f
10374 - 54'
18 -74
37-v 154
6372 ..
37 154
133 - 94
G9 254
5014 14
63 94
201 94
1114 74
20 1
91 - 54
37 314
77 - 17.
10914 Vz
42 -
12314-
11314
757
4094
1047
11314
73
1014
6714
65-
112
854-
23 -1572
53
11 -18
20
50
8714
111
5374-
1391
10
14
71
17
94
194
7
7j
54
17
71
7
11
72
174
7a
'
94
"ll
I
J
14
"54
7
54
7
17
"'
11
7
11
7a
172
14
54
72
14
54
72
54
17a
54
5894 6874- 71
3 214
78 78-54
2794 38
88 8814- 74
30 30
84 54 85 - 14
727 7274- 94
L21 131 H- 11
Ex-dlvldend.
t Ex.rlcbts.
COTTON HELD STEADY
AT DAY'S BEST PRICES
Japan Reported Buyer of Spot
at Highest Basis of tho
Season
New YoHi. Dec. 23. Demand from
Liverpool, which furnished tho earlier
trading feature in the cotton mnrket,
disappeared in the early afternoon, but
In the absence of pressure from any
source the market maintained a steady
undertone, with January contrncts
holding slightly above the 37-cent level.
Georgia advices reported Japan u
buyer of spot cotton at the highest basis
of the season. Tho undertone of tho
market, however, was steady and prices
held within a few points of the best
during the afternoon.
The receipts nt the ports for the day
were estimated at 35.000 bales, ogalnst
41,038 bales lost week and 30,03(1 bules
Vest. Today's 11:00 1:30 2:30
close open
December,. K8. 80 BS.r.0
January ,.8(t,R5 S7.00
aiarcn
84.(1.'.
93.05
July ...,,.80.78 JMS
iu. ot
.X4.KT
,.S2.n
May
JlllV
October ..S8,
38.80
aV.s.'.
84.8.1
SJ.73
84,03
32.74
30.90
38.40
oV.si
32.01
FOREIGN EXCHANGE
New York, Dec. 23. At tho opening
of the foreign exchange market this
morning, demand sterling again showed
a slight improvement, being quoted nt
3 82V- and cables 3.83. Francs were
also up slightly at 10.52 for checks and
10.50 for cables. Italian exchange hold
steady, lire being quoted ut 13 for
checks and 12.08 for cables.
Other quotations were :
Swiss checks 5,55, cables "3j
suilder cheeks 37 V4 , . cables 37;
pesetaH checks 10.25. cables 10.35;
Stockholm checks 21.05, cables 21.80;
Christiania checks 20.00 cables 20.75;
Copenhagen checks 18.00, cnblcs 10.05;
Belgian checks 10,30; cables 10.28;
marks 2.12.
In the early aftornopn, rates Iu the
foreign exchango mnrket were firmer,
demand sterling being 3.82 and cables
3.8394 ; French checks 10.35, cables
10.33; lire checks 12.02, cables 12.00,
aud marks 2.10.
BANK CLEARINGS
Bank clearlnga today compared with cor
responding day laat two years:
1010 1918 -1917
Philadelphia m.1.18,460 100.202.700 Jlollday
noaton-.. 78.855.482 04,658,1175 Hq day
N Yh L 1.178.243 022 7ni;024.7(8 Holiday
rhlcago 124.8S8.7S0 75,254,708 ,-,,!!
Baltimore 12,832,415 14,7U2,035 Holiday
New York Metal Market
New York. Dec 21, COPPER Hpot and
December. 18K WISH e; January . February
!.l M.,.1, iMlffligUr. Market ou et.
'llr. JL ate it nn jOl rt. tfa trn4 iv ct rt a .. si- Inort -tftft
IjKAU 'All iiinninii, i.au w 1 ,uiu. 1411,1 - f u n uuvi cuu, ,, muui immmiw
December, 8.4214 8.57Mo: January, rebru-iu S Oovt cou 4a, 1025, 4..,,JonJ4
I'try end March. 8,50S.0Qo, Market I U B Oovt reg. 4a. 1925..,,, .,10514
MONEY-LENDING RATES
NEW YORK Money on call, both
mixed collateral and all Industrial col
lateral, opened today nt 10 per cent for
lending and rcnewiug.
Time money was firm today with C1
per cent being bid lor mixed collateral
and 7$ per cent for all industrials.
Only a small amount of money came
out nt these quotations. Bankers said
that demand had not been anywhere
near filled up to an early hour in the
afternoon.
Acceptance bills were quoted at from
5 to SVi per cent. The acceptance mar
ket was quiet.
PHILADELPHIA Call, 0 per cent;
time, 0 per cent; commercial paper,
three to six months, 5 per centi and
six months, 50 per cent.
LONDON Money is quoted at 3
per cent. Discount rates, short bills,
5 per cent; threo months bills,' 5
per cent.
GOVERNMENT, BONDS
Panama cou 2a, 1036..,
Panama reft. 2s, 11)30
Panama cou, 2a, 1038.,,
Panama res, us, IMS ,
Panama cou 3a. 1001 .
Panama reg, 3a. lOtl 88
Philippine. 4a. 10.14 03
I'hlllDPlne, 4s. ina .'
Philippine. s, 1B3U , v
..,. tF.
I) ( Columbia, a-CSs, 1951 ... 0T
Bid, Asked
Vjli 100U
noli 100 (J
OSW 100U
RA4 nou
W ooli
00
08
IIH .
IOOMj
100
106H
RENEWED SELLING FORCED
U. G. L TO NEW LOW LEVEL
Continued Buying by the "Small Fry" an Encouraging Feature
of the Curtailed Dealings New Low for U. G. I.
Renewed liquidation In United Gas
Improvement, carrying tho prlco to a
new low record for tho roar nt CI,
was tho outstanding development of
today's local market. This fresh sell
ing came somewhat ns a surprise, in
view of the confident buying In the
preceding session. The selling had all
the earmarks of forced liquidation In
fluenced by cither calling of loans or the
refusal of borrowers to pay the high
Interest rates exacted, for loun Ire
newals. While local money rates did not soar
to the prohibitive levels as experienced
In New York, similar stringent condi
tions prevailed. Money was tight and
comparatively few now loanj were bo
ing made by the larger institutions.
Apparently there were not many colled,
but there Was evidence of severe re
duction of those maturing. The banks
nud other loaning institutions in this
city, us wall as clscwhcro arc making
preparations to meet tho January 1
settlements, which nre the heaviest of
the year. Because of the straiucd credit
Philadelphia Stocks
lllh
Net
clura.
314
14 V. 14.
107 107 -
TsHTV PlntiA
Alii Ins. 25 25 25
100 Am S&O 27 27 27
171 Am Gas. -15 45 45
10 Am It pf 57 57 ' 57
50 tA T &T 07-1i 07-1! 07-M . .
200 tB & O. 32 31VI
100 Chl It I
Cs pf.. 50 50V4 50
30 El Stor..l34 134 134 ..
notErio .. 13 13 13-f
-IUU TUO M pt 14'.
100 Gen Asp. 107
10 Ut JNor
pref.. ,78
73 I C N A. 315
50 tKcn Cop 28
ut) LiK Bun U 20
200 Lch Nuv 62
230 Leh Val. 43
100 Leh V Tr 10
2300 In It It. 40
30 Pa Salt.. 75
100 Phila Co 3(1
li do pf . . . 2. 2j 2o . .
45 do cm pf 33 33V4 33l
10C0 Phil Elec 24 24 24X
150 P It T tc 27 27 27
5G0 Pli Tract 50 50 50 V
410 Ton Bel. 2 2 2
1425 Ton Mln 2 2 2A ft
1150 Uu Trac 34 33 33
3S05U G I.. 52 51 51
300 tU S Stl.104 103 103 . .
200 York Ry S S 8 ..
tNet change made hv comparison with last
sale on New Tork Stock Exchange.
Total sales, 13,138 shares, compared with
32,033 shares yesterday. Thua far this
week 35,700 shares, Saino period last week,
37.115.
78
3(1
20
01
42
40
7i
35
25
33V1
(!2l
4
10'
40
30-!
Sales In HONDS
Jiooo llish Ixw
3 Bald Loco
1st 5s.... 100 100
32 2-10 El &P
Tr 4s 00 50
2 Leh Val Os.100 100
37 do gen 4s.. 70 00
15 do gen 4h 78 78
10 Leh V Coal
cons 6s... 100 100
60 Lib Bond
3d4s..
75 4th 4s.
lOOVicy 3k.
10 .Mkt St KI,
3 Nat Proi)
4-0s 31
25 Pa gen 4s 81
10 Pa Co cons
4s 00
5 Peo Pass t c
4s 70
8 Pub Serv5s 58
60.0 Phila Elec
1st 5s 00
2 Phila T &
S D 84
16 Beading gou
4s 70
10 Un Ry Inv
5s 70
5 AVilson Co
6s 01
)
03.30 03.3(1
1)1.38 01.38
08.86 08.S0
70 70
30
81
Net
Closo chge.
100
50
100 1
70
78
100
03.3C.00
01.38 .12
08.80 .12
70
31 . . "
81..
80 00 1
70
58
SO
84
70
70
01
70 ..
58 . .
SO ..
84 ..
70
70
04 ..
Bonds. J50I.S00, compared with S'.'.Vi.lOO
rest-rday. Thus far this week. 736,000.
Kaino period last week, $3.10, 150,
situation the low position of reserves,
it Is difficult to comprehend bow these
arrangements arc to bo made without
a drastic scaling down of bank loans.
Tho situation, however, will probably,
be met by further recourse by the mem-l
ber banks to the Federal Reserve Bank.)
Under theso circumstances nnd con
ditions it was not surprising the locul
stocks moved sluggishly within n nar
row groove during the best of tho ses
sion. It was more surprising perhaps,
considering all things, they held up ns
well as they did. Tho market really
had only one weak spot nnd that was
United Gng Improvement. Otherwise
prices ruled relatively Bteady, with
about an equal division of fractional
gaius or concessions.
One of the more encouraging devel-
,v.OTn.4i. rt 41. . .In..'.. Ana-atlAN tone,
uuiuuia u, i-uu uaj n u(iciauvu ne&nftVJ
testimony ot conunueu Duying oy mu
"small fry." These purchases, while
somewhat smaller than In the preceding
sessions, yet In the uggregate made up
u considerable total. Such buying in
tho last ten days has reached signifi
cant proportions, and when matters gen
erally assume it more normal aspect,
will Rurely make their influenco ns a
real market factor.
Next to the slump in U. G. I., about
the only other interesting feature at
tending the dealings was good buying
demand which sprung up for Union
Traction, lifting the prico 50 cents to
34W.. Pennsylvania Railroad wasagalu
well taken, but after reaching 40
shaded to 40 In sympathy with tha
reactionary swing in the larger mar
ket. Small buying of Lehigh Valley and
Lehigh Navigation kept those two
standard divideud payers steady at 61
ind 43, respectively.
As Is often experienced in n narrow
market, substantial advances weri
scored by several of the Inactive Issues,
Notably in this connection was Insur
ance Co. of America, which advanced $1
to 3(1. Philadelphia Co. common, with
u gnin of $1 ut 38, and Ihe cumulatlv
preferred, with a rise of $1.75 to 33i
nlso came in for attention, but wen
only a belated response to tho move
ment iu the same shares In the .New
York market.
In the other local stocks prico change)
were unimportant. Philadelphia Elec
tric wavered between 24 nnd 24,
Philadelphia Rapid Transit yielded
to 27. and Philadelphia Traction th
same fraction to 50. Little was done in
Electric Storage Battery, which held al
134, but General Asphalt common on t
single transaction dropped $5 to 107.
Bond dealings continued unusuall
heavy, with mixed price changes. Penn
sylvania Co. Consolidated 4s yielded
2 per cent, National Property Co.
4 -6s 1 per cent and United Railwayi
Investment 5s threc-qunrters of l.pel
cent, while fractional gains were mad,
by Electric and People's 4s, Lehigh Val
ley 0s, Lehigh Valley general 4s, Le
high Valley Coal Cs und Reading gen
eral 4s.
DIVIDENDS DECLARED
Marland Refining Co., quarterly of VA pet
cent, payable January 15 to stock ct recor4
December 31. . . ,
Philadelphia National Bank, regular 4
per cent for last three months, payable De
cember 31 to stockholders of record Decem
ber 33. Checks will be mailed.
Chicago Pneumatic Tool quarterly B.
p-tvable January 30 to stock of record Jan
uary 15.
Westinghouse Electric nnd JIanufacturlnj
Co. quarterly 2 on common, payable Jan
uary SI to stock of record January 2 and
regular 3 on preferred payable-January
15 to stock of record January 2.
United States Smelting and Kenning Co.,
quarterly of $1.30 on common, payable Jan
vary IK to stock of record January 2. AIM
quarterly of 8714 cents on preferred, payv
bio on name date, ..,..-
New York Dock Co., dividend of 2H pel
cent on common, payable February 10 t
Btock of record Februory fl.
Anaconln, Copper Jtlnlne Co.. quarterly
of fl, payable February 24 to stock of record
January 17.
E. W. Bliss Extra Dividend
New York, Dec. 23. E. W. Bliss Co.
have declared an extra divideud of $?
n share on the common iu addition t
the regular quarterly dividend ot 62
cents 11 share on the common stock. Als
the regular quarterly $1 preferred divi
dend, all payuble January 2 to stocl
of record December 24,
A Pavement
Of Good Intentions
Wo have been saying to you in tho news
.papers for several weeks that it is impossible
for the railroads to live with their present
credit and it is inconceivable that the Ameri
can public will allow their railroads to be
taken away from them.
We have tried to tell you that the railroads
cannot finance themselves with their present
credit and that every man, woman and child
in the United States surely believes that the
railroads must live and that the money put
into them should yield a fair return.
Therefore we say to you that somehow or
other the great American people will work
out a solution of the railroad problem and
that this solution will necessitate an improve
ment of railroad credit and that an improve
ment of railroad credit will mean an im
provement in the price of railroad bonds.
We assert that it is our honest and firm be
lief that anyone with from $700 up to invest
can go into the open market and buy' with
safety the highest grade railroad bonds with
the firm conviction in his mind that he is
grasping an opportunity which may never
come again.
Don't be afraid of the uncertainty, for surely '
there is no doubt that the American nation
must live and that for it to live it must have
transportation.
Don't wait until "things clear up," for when
things are cleafed up the opportunity will be
gone.
Buy when your neighbor is afraid to buy.
Now is the time to buy and by "now" we
mean today or' tomorrow and not next week.
Remember THE ROAD TO HELL IS
PAVED WITH GOOD INTENTIONS."
Write, telephone or come in and talk it over
with us.
Frazier"6" Co.
Broad and Sansorn Sts.
Philadelphia
65 Broadway 19 South Street
New York Baltimore
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