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L
EVENING' PUBLIC LEDGER-PHIIiABELPHIA flBTBIDAY; BOEM$ER 26, 1019
A. , c
Sii5sMPGrtiKW2LL ""KTW 5
m
sit
Pk
1'
i
9 '
J,
, $?he Great Wealth of
B&. lmAririin Pnrnnrafmnc
is Indicated by the
number of issues of
securities that have
' been called for pay
, ment recently long
before they were due.
It would seem that
the securities still out-
standing of these cor
' porations are worthy
of careful considcra-
tion, especially as the
income returns con
tinue to be so liberal.
Write for our recommendations
Hemphill, Noyes C& Co.
Members Xew Tork Stock Exchange
Franklin Bk. Bldg., Philadelphia
NEWS OF FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK QUOTATIONS
RAILROADS STRONG SPOTS
. IN MUCH BROADER MARKET
Advances From Largo Fractions to 3 Points Scored on the
President's Proclamation
T.rk
Smut
LIBERTY
BONDS
$50, $100, $1000
'Sought Sold
Recommended for Investment
NewLurger, Henderson a Loeb
rankers
1410 CHESTNUT STREET
Member it. X. & full. Buxji -.
huiM
BARGAIN DAYS IN BONDS
Moody, the Financial Authority,
Says:
"Purchase of Investment
bonds of all clase.es may be
made with confidence.
"We must bo back to the
'70a to find the relative bar
gains that are obtained In
the Railroad bond market
todajr."
We will be pleased to submit
offerings
EDWARD V. KANE & CO.
MORRIS BUILDING
Coital Kingdom Gt. Britain Si I. .5V4s. 1029
Orand Rapids Ind. R. It. Int. .4V4. 1041
Consolidated Traction Co. of N. J. 8s. 1D.13
Waterloo, Cedar Fall A Nor. Itwy .5s, 1940
Portland. Rallr.vy. J.. P. Refg .5s. 1042
Indiana. folumNm i. K. Traction ., 1928
TJnlon Railway, tl. K. Co . .....A.. 1039
Oeorela KallwRr l"wr. Co. Refg. . .Ss. 1964
Pennsylvania Water & I'wr. Co. lst.Bs, 1940
Terr nante, Indlanapolla K. . 3a, 1045
Fhlla. Krle It. It. (len (now lot) 4f-Sa. 1910
Beading Co. Jersey Crntral Coll 4a, lotl
Choctaw & Memphis It. It. 1st Mtge Sa. 1919
Crew Le-rick Co. rirst Mortgage. , 1931
Lake Superior Corp. First Mtge, . . .flt, 1944
Indianapolis Traction & Term. Co. . .En, 1933
Samuel K. Phillips & Co.
Members Philadelphia Stork Exchange
807 CHKSTNCT ST.
New York, Dec. 20. Stimulated hv
the favorable overholldny developments,
including the President's proclamation
of the return of the railroads to their
owners on March 1, trading assumed n
more confident tone nnd wider scope
in today's stock market. The fact that
the date of the return of the railroads
has been deferred from next Thursday
for two months is of the hlchrst Im
portance in the view of both rail
road nnd financial lenders. It at the
same time lifts n (treat weight off the
mind of security-holders.
Although the financial situation of
the rnllroads is still confused, there is
growing Couildenen of the ninc-rraRinnal
conference committee Riving the ral'
roads u square deal. In nil events, the
nenei is quite geneni'lv nntertni--'
better-informed circles that remunera
tion will be fixed in the conference
measure which will prove mnple for
meeting fixed charges on the various
systems whicli would mean that the
railroad securities will again go back or
near to their old position in the in
vestment field
Naturally the railroad shares were
the center of attraction. There was no
shy-rocketing of quotations, but nil the
stocks nnd bonds were in good demand.
Initial gains ranged from small frac
tions to 1 points, nnd these were in
many cases materially widened during
the morning. Many of the secondary
issues derived even more benefit by the
President's action than the high-grade
shares. In these Issues advnnces ex
tended to over a points.
This strength of the railroad shares
was followed by heavy bujing of the
railroad equipment stocks. American
Locomotive advauced 1 points, the
highest price touched in over a month,
and Baldwin moved up 1.
This movement wus based upon the
presumption that the return of the
roads to their owners means a speedy
distribution of equipment orders that
have been awaiting this event for many
months. It was recently estimated by
a leader of the equipment Industry that
the country's transportation lines i are
In need of something over .U,0OO,00O,
000 rolllug stock if the carriers arc to
be put in first-class shape. This esti
mate Includes 700,000 freight cars, 50,
000 passenger cars and, 10,000 locomo
tives. All of this material, It is figured,
must be built within the next three
years.
While the market was noticeably
under the restraint of holiday influ
ences nnd the tight money market ; the
entire list forged slowly ahead nnd grnd
uallv broadened as prices made new high
levels. The Industrials although oc
cupying a secondary position picked up
strength. Shippings and tobaccos were
steadily absorbed nnd coppers accom
panied the higher trend of steels.
Motors and oils were backward for a
time, but came forward at noon on the
strength displayed by (Jeueral Motors
and Mexican and Pan-American Pe
troleums. Standard specialties weie
featured bv American Woolen, Indus
trial Alcohol, U. S. Rubber and Ameri
can Linseed.
The 10 per cent opening rat for
call money had no perceptible effect on
prices. , , lU
Steels aud equipments became the
dominant features in the early after
noon. United States Stecl.ut u 2-point
ndvauce, was nt its highest price in sev
eral weeks and affiliated shares were 2
to (i points over Wednesday's final quo
tations. Secondary rails also added
to their gains of the morning.
The 15 per cent rate of the last hour
was without adverse effect, many lead
ers extending their advances on active
trading.
ANIMATED BUYING
Fhlla. Co. Conn. 6. 1951
iirorsin nwy. s i. a 1954
Kostem Hteel Bs, 1931
Erie Lighting fi, 1967
Pimnii- llAter A 1 Km fun
I iKansa City (Mo?) Cm B, 103:
iysrracue l.t. r. a., 1954
Standard (Sax Kl re. 6s. 1920
rMJa, Bub. (las & Kite. S, igo
Henry d. boenninq & co.
STOCK EXCHANGE nniLDlNO
iJrEl Frlvf Telephone to New York
Member 1'lilla. Stock Exchange
OF RAIL STOCKS
President's Action Lifted a
Heavy Load From the Minds
of Investors
MARKET POSITION SOUND
Philadelphia Stocks
Net
Close chge.
Hi
Essex County, N. J.
Serial 434
Price: To Net 4:45
Biddle & Henry
104 SOUTH FIFTH ST.
1
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
HIS REAL ESTATE TBCST m.nn
Investicat and adjust purtnertiuis an4
corporation accounts. Also dtmmx n?
lnaoma Tax Return. -vm v. .
Exnert Preltaratlan an.1 Dt. -
INCOME TAX RETURNS
or corporatlona, partnert)lp. Individuals, etc.
Corporation Tax Service Co.
009 Il Eatate Trupt Bide.
Phone Finxrt 8348 or Bc 2917
Annual Election.
IKS THE TENN MUTUAL T.ipw
& INHUltANCK CnMrANY
Philadelphia. December :o. 1019
The Annual Election for nine truat?..
erve three yeara will be held t the Snm!
offloe of the company, in the Penn SfSRW
BuUdlmJ. 8th and Walnut at,., PMradeiph";1
P., on Monday .January 6. IWo. bSJS,..
a. m. and 3 p. m
JOHN HUMPHRrs.
Secretary n Treaaur.r.
Use hour, of 10
SOUTHWAKK NATIO.V.U. nNK
The Annual Election for falrectore of tsi.
ink will be held at the anklnB ifou,, o
., --.., .v..Ui UT7LWt Tl
Tlfintr
Tuesttar,
tho
. . . 1f A'clnnlr a n hJ . n .. . .
jivwfa v iu v "" "iu i O'clock m.
" 41. HUT.
. Ca.hl.r
jjTIIE PHILADELPHIA NATIONAL
, Phlladelrhla. December IS. 1919.
v Tfe,An.nu.J ?lecil.on 8r Director, will
fa held at the banklna houae on Tueaday.
January 13. 194, between the hour, ot jU
BMP. nnd 1 p. jo "
O. HOWARD WOLFE.
Caahlw.
Annual Meetlnt
- TOE ANNUAL MEETING OF THE
T. .I,lirt5,0llltr"0f,tn" Fermere and M.
chajjlea' Natlenal Bank for the el.ctlon of
jftor wl be held at 1011 Dreel BIdr
eSay. January 14, 1910. between 'th,
heur of 11 a, m. and 8 p. m.
JOHN SCHLAQLE.
Caabler.
German Bank Statement
BerUn, Dee. 26. The statement of
"VT'j.1 ?.' w utrmmj for the
period ending December 15 shows the
followlne changes in marks: Treasury
now, i.oa,.j,ww ; notes of other
omul, ooi.vuu; ouis aiscounted
3.668,760,000: advances, 1,517,000-
a.AABi len Jkf vAti lek Iah A If Adl a4 '
posits. 1,204,073.000; liabilities. 83
805,000: coin, 1,034,000; gold, 683 -
800 ; investments, 2,358,000 ; other
Mcur)ties, ou.uw.uw, -total gold hold
Jtiftf, 1,080,013,000.
GOVERNMENT BQND8
Pmaama coupon S. 19S8 ...
KSSmn, re1tred 2.1J3 .
raw"1 .!... m i -
ffiir- recUtered 3a. 1981 .
(In t a. 1085
or coupon 2. 103Q .
T aon ia. 1925 .
New York, Dec. 2rt. The Evening
Sup in its closing financial review today
says:
The action of the stock market today
was corroborative of the opinion held
in important circles that stocks, which
have in recent weeks been in process
of transfer from weak to strong hands
arc in extremely sound position. The
immediate cause of the buying movement
today was the proclamation issued b
President Wilson announcing that the
railroads would be returned to their
owners on March 1 uext.
This information lifted a heavy load
from the minds of investors and resulted
in the most animated buying of railroad
shares witnessed in many sessions.
While net gains were not very striking
due to the multitude of problems stll'
to be dealt with nnd the uncompleted
legislative provisions for the return of
the carriers, it was to be noted that
railroad stocks wero not in liberal sup
Ply.
Improvement in this quarter ran from
1 to 3 points in the forenoon, followed
by moderate recessions in the later deal
ings. Rending, Southern Pacific. St.
Paul preferred, Atchison, New York
Central and many of the low priced
issues sold at the best prices of the week.
Pere Marquette, which has been dis
playing independent strength right
along, jumped more than three points
to above 33, a new high figure for the
year.
It was iu the industrial shares, bow-
ever, that the greatest buoyancy was
exhibited, particularly in those stocks
in line to benefit most by the restora
tion of the railroads to financial pres
tige, namely, the steels and equip
ments. Heavy buying of I'nited States
Steel, Republic, American Locomotive,
Daldwin and the like furnished the
backbone of the. upward movement.
Advances of from 2 to 5 points were
shown by this group in the early after
noon, United States Steel crossing 10ft.
Republic 115 and American Locomo
tive 102. Strength was communicated
to all departments of the market, with
but few exceptions. American Tele
phone was one of these, the stock slip
ping back a point or so to ground its
low figure for the year.
High money rates, while serving to
ho'd sperulition within moderate
bounds, did not prove as detrimental ok
expected. Call loans renewed nt 10
per cent and were quoted nt 12 per
cent early in the afternoon, nut for
this the buying movement might have
been much more enthusiastic.
Selling to establish tax lenses appears
to have been pretty well completed.
Those who have been postponing repur
chasing their securities in hopes of
obtaining lower prices found their posi
tion today far from satisfactory. See
ing that the market was getting away
from them this element probably did
some hasty buying.
Corn products directors declared un
initial quarterly dividend of 1 per cent
and an extra of of 1 per cent on
the common stock. This action had
been expected and proved to have been
pretty well discounted by the recent
advance in the stock. Other dividend
action announced was an increase in
the rate on California Packing from 4
to 6 per cent annually. Inspiration
copper directors declared the regular
quarterly payment concerning which
there had been some uncertainty. Al
the copper stocks turned stronger fol
lowing this announcement. Tobacco
and oil shares joined in tho upward
movement, Mexican Petroleum getting
above 222.
Reserve Banks' Discount Rates
Official discount rates at the twelve
Federal Reeerve banks were as fol
lows :
(Tho first column gives rates for all
periods up to and including u fifteen -day
maturity, the second for a period
of sixteen to ninety days. The third und
fourth columns give the rates for ills
counts of collateral loans secured by
rovernment bonds or notes.)
HUm Low ,
220 Am Gas. 40 -loVi
10 Am Rwys
pfef ... 5714 57 W T.7V4 Vt
1300 El Stor..l38 133 1384
lOflGen Asp. Ill 111 111 1
10 dopref.175 175 175 10
22 I O N A 30 30 30 . .
1420 Lk 8 Cor 204! 2034 20 W. -4- V.
347 Leh Nav. 03 " 02 03 1
G70 Leh Val 43 Vi. 42 Vx
21 L Schuyl 41 41 412
200 tMidvalc. 40V's 40 401
1000 f Nat Cou 0 0 H
154 tNevCon 14 1441 14..
4S38Pa R R- 40 40V4 40VJ. .
25 Pa Salt.. 75 75 75 . .
7 Ph n Pn Hfl HI 3D -t-U'i
155 -do cm pf 33 Ms 33 33
2398 Phil Elec 25 24 25 -f
235 P R T tc 28 27 H 28
171 Phil Trac 59'i 50 50 ..
100 tRcadiug 78 78 78 1V,
200 iReading
2d pf.. 34Ts 34's 34?s
1035 Ton Rel. 2 '-i'i 2..
2535 Ton Min 2 A 2ft 2A..
021 I'n Trac. 33 33 83 Vi VI
5005 U G I... 51 50 50
1070 tU S Stl.lOOVs 105 1002Vs
tNet chance made bv comparison with laat
.alo on New York Stock Exchance.
Net
chae.
50 50 -f Vi
10 10 ..
30 30 . .
100Vh
70j V.
Sales In BONDS
loio HlKh Low Close
7 IJlec & Pco
Tr 4s.... 50
1 Interboro
Cons 4s 10
0 Int Rts 4s 30
8 Leh Val Os.lOOU 100
7 do gen 4s 70 70
10 Leh V C'onl
nnn 0s ..114 114 114 2
163 Lib Roud
2d 4 Ms.. 01.00 00.00 00.00 .06
2 3d IVis.. 03.50 02.01 02.04 .60
05 1th IVis. 00.04 1)0.04 00.04 .60
0Vic 4P... 08.00 IIS.00 08.00..
J 1'enna os. . li(i ( HU
47 Pit gen 4 s 81 "ft 81 81
3 Pa Co cons
4s .... 89 SOTC, 50..
1 Peo P t c Is 70 70 70 . .
Bid. Ak.
. 00 100(4
. ui in ,
. 99U 100
lY'
8'.i onVi
: U
,is5 looii
loo. ic6S
Wti losu
Beaton
New V(
pnuaa
if $
Com.
daya
4S
Richmond, , in
Clvean4.. IS
4fj
ipolla 4
Kan. City. 5
n.lt. ft
B. Francisco 4V
Atlanta
Phteaao
Bt. Loula.
paper
1 to 90
daya
iv
ti
9K
Qovt oan.r
IB 10 to 00
daya day
4U 4U
4M94K
4"
4
4V
Al'.
4
4
1 Philu Co
cons Gs. . . 76 70 70 . .
37 Phila Elec
1st 5s.., 87 80 S7 -f-
7 Pub Ser '5s 58 57 57..
10 Readgeu4s 70 .70 70-f-
FOREIGN EXCHANGE
New York, Dec. 20. The foreign ex
change market opened weak this morn
ing and the dealings were very light;
Demand sterling eased down to 3.80
and cables to 3.81.. Francs showed
an easing tendency, checks being quoted
nt 10.62 and cables nt 10.00.
Other quotations were:
Lire checks 13.07, cabled 13.05;
Swiss checks 5.55, cables 5.53; Hol
land checks 37, cables 37; pesetas
checks 10.30, cables 10.40; Stockholm
checks 21.45, cables 21.00; Cbristlania
checks 20.45, cables 20.00; Copenhagen
checks IS. 85, cables 10; Belgian checks
10.30, cables 10.20; marks 2.00.
The afternoon market coutiuued
heavy, with sterling again in large sup
ply, demand falling to 3.70. French
was nlso heavy, checks declining to
10.02.
NEW YORK STOCK EXCHANGE TRANSACTIONS
money-lending rates
NEW Y0R.K Money oc call, both
mixed collateral and all -industrial col
lateral, opened today at 10 per cent for
lending and renewing.
Time money today was nuiet as has
been the ease for some time past, 8 per
cent being bid for all industrial loans
and Ui'igi per cent for mixed col
lateral loans. Only a small amount of
funds was brought out at these quota
tions. Acceptances bills were quoted nt from
5 to 5 per rent, with a quiet market
obtaining in this department also.
PHILADELPHIA Call, 6 per cent;
time, 0 per cent; commercial paper,
three to six months, 5 per cent, and
six months, 5 00 per cent.
BANK CLEARINGS
Bank clrarlnes today compared with th.
correrponginr any iaai iwr yeara:
1910 101A 1017
Phlla. t04.N05.491 tDO 4S3.0SO S3MR'.M08
no. ton 09.807 314 fill WJ Ml 40.47X 4nK
Clleaio 110. 255.857 Rfl.SnO 839
N Y 1.041. n2,2S 67.4R1,33 808.093.8B8
St. Lout 33,001,070 5,348,044
BUSINESS NOTES
Following their Introduction In plain
conservative styles, belts designed to be
worn by women with their coats or suits
are now being developed in most novel
patterns. Resides a variety of leathers
nnd imitation leathers, stitching in dif
ferent colors is used to add to the at
traction of these articles.
Among the novelty embroideries now
on display are some exceedingly at
tractive effects In georgette crepe. The
embroidering is done in a rather coarse
cotton or woolen thread, which brings
the patterns out splendidly on the fine
material,
A $500,000 company Is being or
ganized to construct a rerolllng mill at
Marion, O.
Balm
too
ISO
380
1000
2008
1108
100
480
280
400
4600
309
990
808
880
" 108
2980
1880
888
8808
3800
890
17090
2090
2890
300
200
709
2898
800
3890
4408
33898
580
109
82)0
3)0
1009
1900
788
8410
800
380
8889
2189
298
200
1009
38280 3
8999
1890
480
100
1700
8408
390
3)8
3470
10.100
108
100
100
280
900
50
438
3780
1880
190
1290
31)9
1800
300
2t90
2999
180
700
290
388
51)9
3998
1(90
200
2390
900
3030
2099
300
409
2700
800
100
1100
2709
200
2590
100
1200
530
690
300
7S0O
200
4no
100
5)0
780
1799
2210
100
100
800
100
2000
100
1038
1310
510
1230
090
S3 10
20)0
800
1780
209
S20
100
100
12)0
1)0
70)0
1S,)0
810
109
2799
300
890
100
1510
5709
2190
13)9
109
230
100
200
2910
35)0
7730
86)0
100
590
8)0
80
490
530
399
190
200
7819
Dlv,
In I
Hlsh
.. Aaams lpress 33 K
Advanco Ttumely .... 42
AJajc Ttubber 82
.. Alaska Gold Mines .. IK
.. Allls-Chalmers 4144
8 Am AgTlo Chem 2
3 Am Bank Note 4K
8 Am Beet Sujrar tl
8 Am Bosch Magneto ..1234
Am Bosch rts 6
. Am Can 85
7 Am Can pf loo
3 Am Car & Fndry ....141
4 Am Cotton Oil 4lH
80 Am Druggist Syn... 12H
8 Am Express to
.. Am Hide ft Leather.. 28y,
7 Am Hide ft Loath pf.121
Am Ics 47
6 Am luternat Corp ...114 J
3 Am Linseed 78
7 Am Linseed pf tSft
Am Locomotive 10 3 H
.. Am Ship & commerce-. 28M
4 Am Smelt ft Ret 87)i
7 Am Smelt ft Ref pf . . . 95
Am Smelt Seo A 7M
8 Am Snuff 108H
3 Am Steel Foundries .. iyt
7 Am Sugar Ref 130
18 Am Sumatra Tob .... 80
8 Am Tel A Tet 9714
.. Am Tob Seo temp ctfa. 7H
20 Am Tobacco 28914
6 Am Tobacco pf new,. 4
7 Am Woolen 130H
7 Am Woolen pf 163H
. Am Writing Popef pf. 57
Am Zlna Lead ft Sm.. 1814
8 Am Zinc L & S pf. . .. . 55
4 Anaconda Copper ... 8114
Ann Arbor pf 24H
.. Asso Dry Goods 81
0 Atcli Top & Santa Fe. 84
Atch Top & S F pf . . 79W
. Atlanta BIrm & Alt. . . 814
7 Atlantic Coast Line . . tl
19 Atl Gulf & W I S S. .175
.59 Baldwin Locomotive. .112 M
. . Baltimore ft Oh'o .... 34
4 Baltimore ft Ohio pf . . 48M
8 Barrett 124
. Batopllaa Mining .... 1H
.. Bethlehem Motors .... 28
5 Bethlehem Steel B ... .014
8 Bethlehem Stl 8 pf. .11154
.. Booth Fisheries 12 H
8 Bklyn Rapid Transit. . MM
.. Bklyn R T ctfs of dep. 8 14
.. Brooklyn Union Gas.. 81
7 Brown Shoe UM
Bruns Term & R R . . . 7J4
10 Burns Bros 120
.50 Bulto Copper & Zinc. 91
. Butlo & Superior Cop. 28$;
.. Caddo Central O & R. 2814
4 California Packng ... 8714
.. California Petroleum . 42J4
3 Calumet & Arizona . . 63
18 Canadian Pacific ....UZ'.i
6 Central Leather 87M
4 Cerro do Pasco Cop., 58)4
4 Certaln-teed Prod ... 01
8 Chandler Motors ....130
4 Chesapeake & Ohio .. 58
Chi & East Illinois... 4
6 Chi &. Cast 111 6 pf. 7
.. Chicago Gt Western.. 8
1 Chi Gt Western pf... 2394
.. Chi Mil & St Paul.... 3814
. . Chi Mil & St Paul pf . 5SM
7 Chi & Northwestern.. 87 H
8 Chi & Northwest pf . . 11814
.. Chi Rock Isl & Pac. 27H
8 Chi R I & Pao 6 pf. 00J4
. . Chile Copper 10
3 Chlno Copper 3814
.. Clev cln Chi & St L.. 50
0 Cluett Peabody ti
.. Coca-Cola 40H
3 Colorado Fuel & Iron. 414
.. Colo & Southern S214
4 Columb Gas ft Elec 02H
1 Col Graphophone .... 02ft
7 Con Cigar pf 78
7 Consolidated Gas ... e314
7 Continental Can ... .89
. . Continental Candy ... 13
.. Con Interstuto Cal M . 18 Vk
3 Consolidated Textile.. 31
.. Con Textile rts 14
..Corn Products Ref... ffA
7 Corn Products Ref pf.197
12 Crucible Steel 318
7 Cruc'blo Steel pf .... 100
.. Cuba Cane Sugar .... 51
7 Cuba Cano Sugar pf . . 83J
0 Delaware & Hudson.. S5?
.. Denver & Rio G pf... 14J4
Duluth So S & At 4!4
Duluth So S & At pf. 10
:i Kilt Horn Coal '5J,
7 ntnerson-Brantlns pf . 01
5 Kndlcott-Johnson ....14214
7 Kndlcott-Johnson pf.. 10394
.. Erie 13M
.. Erie 1st Pf 3 14
.. Erie 2d pf 149
8 Famous Players-L . . . f 8
3 Federal Mln & Sm pf . 2714
.. Fisk Rubber 5
2 Freeport Texas .1594
.. Gaston Wms & Wig.. 17M
0 General Cigar 75
7 General Cigar deb pf. . 04
12 General Motors 3?8
0 General Motors pf ... 8
C General Motors dob.. 87U
4 Goodrich B F 8094
.. Granby Comol M & 3. 4814
7 Grtat Northern pf ... "994
1 Gt Northern Ore Ctfs. f814
.. Greeno Canunca Cop , S?4
.. Gulf Mob & North pf. 30'.
7 Gulf Stntes Steel 73'
5 Hartman Corp 101
4 Hacltell & Barker Car. 01
8 Homestnke Mining ... 73
7 Illinois Central 87U
0 Inspiration Con Cop.. IVA
. . Interboro Con Corp. . 3J4
. . Inter Con Corp pf .... 12'A
. . Int Agrlcul Corp .... 18
5 Int Agrlcul Corp pf .. 80H
8 Int Harvester 130
7 Int Harv pf now 113
.. Int Mer Marine 4894
6 Int Mer Marine pf ..K0'
.. International Nickel.. 2394
. . International Paper. . 58
0 Inter Paper pf fetpd . . 79
. . Iron Products Corp . . 37 14
.. Jewel Te:i 15!4
7 Jewel Teu pf 4014
3 Jones Bros Tea 2014
.. Kan Cltv Southern .. 10
4 Kelly-Spg Tire M8
8 Kelly-Spg T S"c pf...W3
.. Kelsey Wheel 7814
2 Kennecott Conner ... 5014
7100 1.30 Keystono Tire & Rub. 4194
5310
330
0 Lackawanna Steel
. . Leo Rubber & Tire.,
814
37 '4
Low
32
42
82
IK
47
8014
48',
84
112
5?4
5394
0994
138
48J4
1114
90
24J4
11614
4894
11 IU
7714
5
8894
2794
8714
8514
7994
10714
4494
138
87
8814
73 A
277
04
126
183
54
lS'i
3494
5814
21
(1
S3 14
7'
794
9814
17214
110
3314
4714
123'.
194
27 94
0414
111H
1114
11
694
61
11894
7'
11014
854
25
20
85
4114
62
13194
0594
50
6014
121
54 94
4
0
8J4
2314
S7 94
54
87
11814
27
6014
1894
3594
4894
98
39 J4
3994
3314
62 94
6114
7814
8114
89
1214
18 '.
3014
14
F4!4
19714
212J4
190
50 94
83
8494
1394
41j
10
2514
01 V
13914
10394
1314
3094
1414
8614
2694
4694
34 94
17
73
94
!3?!j
80
8714
7914
4814
7R4
?754
33 94
3014
C894
CO
57
73
86
lU
It 14
18
8014
130
113
8
10814
S3 14
75
79
3014
15
38)4
25?4
1594
1!8
102
75
38'
M
H6H
3714
Today' Net
Ctoae Chse.
33 114
42 14
BJ - H
4894 3V4
8014- 114
4514 .
94 4- 14
12314 114
6494 IK
9994 V
141 394
4014 1M
1214 V
00 414
2614 114
121 614
4694- H
114 94 314
7714 314
8554 154
183 K
2794
C7H
0514
7894-
10814
4514
1.18
0714 114
8714 14
7354 94
277 1
84 14
13094 H
10394 114
57 214
1814 14
6494
60 114
2494 794
61 14
8394 H
7994 94
814 94
8814 14
175 1
11394
3314
194
11154
-
7 -51
-
11094 594
7 r
11854
014
25 -
2014
85
4254
03 -
13394 194
9794 194
5814 1
611
12094 514
6014 114
4
614
854
3314
3814
54
8794 IK
11814 14
2714
6054
19
J014
60
CO
4014
4114 114
1214 3!4
0214 '
Cl'4.-- 14
7854- 14
8114- 94
80 t
1314- 14
18J4 ..
3054
8594 514
10714 14
21714 514
.100
51
4)4
10
?514
0154
14114
10394
1394
30 94
1494
88
3094-
41
294
54
314
a
354
94
1
54
194
94
394
H
14
14
94
94
14
314
14
94
114
94
114
54
Va
94
194
114
94
'.
14
14
114
1
t
"l4
154
314
"94
?
394
394
94
94
V.
.15
17
75
31
337
80 -8714
4
80
4814
7016,
5894
3194
3014
7314 394
101 3
61 ' 1
73 3
8814- 114
J694 154
r?4 ..
12'4 1
10 1
80 14- 94
130
113 - 14
1894 194
180 14
-394 V
77 314
78 1
3714 14
1594- i
4014 1'.
2014 14
1654
138 1
103
7814 24
014 54
4014- 54
8 3
37)4 !4
DIt.
In I Itlth
3.80 Lehigh Valley 43
12 Liggett ft Myers Tob .206
7 Liggett & Myers pf.. 10894
.. Loft Corp 2094
.. Loose-Wiles Biscuit... 6094
13 Lorlllard P Tobacco.. 182
7 Louisville ft Na8h.vllle.lll
6 Mackay Cos 6594
4 Mackay Cos pf 64
7 Manhattan Elev cuar. 4814
100 1.75 Manhattan Sh'rt .... 32
109 .. Martin Parry Corp ... 7414
180 7 May Dept Stores ...110
1310 .. Maxwell Motor 3394
.. Maxwell Mot ctfs .... 3314
.. Max Mot 1st pf ctfs.. 61
16 Mexican Petroleum ...22314
3 Miami Copper 23
28 Mlddlo States Corp .. 4294
4 Mldvale Steel ft Ord.. 68)4
.. Minn & St L new..,, 16
7 Minn St P& S St M.. 7414
.. Missouri Kan ft Tex.. 1014
.. Mo Kan ft Tex pf.... 1494
.. Missouri Paclfla .... 2714
Missouri Paclfla pf... 4354
Bal.a
3298
188
180
790
300
400
80
260
786
2696
390
280
10698
1498
1898
1S790
700
100
2606
398
2808
1680
1 Montana Power 53)4
Montana Power pf ...188
Mulllns Body 48
National Acme 3f54
Nat Aniline, & Chem.. C8
Nat'onal Cloak & S.. 7714
Natlonat Cloak pf ..10214
Nat Conduit ft Cable. 054
Nat Enam ft Stamp.. 86
National Load 81
Nat R R of Mex 2d pf . 491
Ncvnda Con Copper ..1454
New Or Tex ft Mex.. 46)4
New York Air Brake. II" 94
New York Central.... 7094
New York C ft StL... 28
New York Dock 4654
106
166
288
766
160
168
630
209
890
288
2608 1.60
806
1890 10
4860 5
268
888 1.80
688 2.56 Now York Dock pf.
7486
580
200
6098
108
5590
598
4869
4898
1410
1063
196
690
468
7288
1708
108
18899
1709
1209
26090
706
400
3810
8231
1449
406
208
3100
100
3809
2390
1706
403
1100
3100
7100
100
500
100
100
52090
10330
200
New York N H ft H.
New York Ont ft W.
Norfolk & Southern..
Norfolk & Western . . ,
Norfolk & Western pf .
Northern Paclflo
Nova Scotia S & C,
63
2894
1714
11
88
694
81
73
7
4
7
5
4 Ohio Cities Gas 4814
.66'Okla Prod ft Ref.... 894
.. Otis Steel 3654
3 Owens Bottling Mach. 63
4 Pacific Development.. 78
5 Paclflo Mall 38)4
.. Paclflo Tel & Tel...... 41
. . Pan-Amer Petrol ft T. 186
.. Pan-Amer (B) 182
3 Parish & Bingham... 4614
3 Pennsylvania R R. ... 4054
. . Penn Seaboard Steel. . 34
.. Peoples Gas Chicago. .1414
. . Pere Marquette 33 'A
.. Pere Marquette pf ... 5294
5 Pere Marq prior pf... 70
3 Philadelphia Co 39
. . Plerce-Arrow Motor . . 77 14
.. Pierce Oil 1894
5 Pittsburgh Coal of Pa. 63J4
4 Pitt C C &' St L' 59
. Pittsburgh & W Va.. 3094
0 Pitts & W Va pf 75
l'Pond Creek Coal 2814
Pressed Steel Car 10314
Pullman 11314
Punta Alcgro Sugar . . 8394
Ray Consolidated Cop. 2014
Railway Steel Spring. 0014
Reading 7814
Reading 2d pf 3414
. . Rem'neton Typewrit 0114
7 Rem Typewrit lBt pf.102
. lleplogle Steel 50
4tIUpubllo Iron ft Steel. 120 14
.. Republic Iron ft Stl rts. 1
Repub Motor Truck . .
2890 8.70 loyal Dutch N Y
3700
200
110
200
419
4230
1880
700
390
325)0
2030
10390
100
13000
1800
100
300
4100
1390
100
290
1090
1090
4700
7000
500
1090
200
9310
3100
(.3)0
0700
1000
700
600
100
St L San Francisco..
. St L San Frnn pf
St Louie ft Western pf
8 Savago Arms
. Saxon Motor
. Seaboard Air Line. . ,
. Seaboard Air Line pf.
1 Shattuck Ariz Cop . . .
. Shell Trans Trading. ..
. Sinclair Consol OH . . ,
0 Sloss Shff S & I....
1 Southern Pac Met
South P R Sugar . . .
. . Southern Railway . . .
6 Southern Railwnv pf . ,
5 Standard Milling ..
1 Stromberg Carb . . .
7 Studebaker
3 Superior Steel
A stutz Motor
. . Tenn Cop & Chem....
10 Texas Co
.. Texas Co rts
. Texas ft Paclfla
0 Tobacco Products . .
7 Tobacco Products pf.
Tol StL West Cop pf..
1 Twin City R T
. . Transcontinental Oil.,
5 Transue ft Wmu Steel,
. . Union Oil
10 Union Paclfla
4 Union Padua pf
United Alloy Steel
20
5414
90
1094
24
25
7294
. 14 14
. 714
. 1594
. 13V4
. 7754
. 4394
. 75
.10454
245
. 21
. 67
.140
. 74
.10494
. 4014
.10094
10
22094
60
3J4
C594
10314
2094
s
38
0015
8694
124
CO
62
U S C I P & Fdry.... 221a
United Drug
100 3.50 United Drug 1st pf.
!00
890
13.199
r.210
100
1300
499
1900
1090
200 3
62330
600
6000
300
1700
2099
12)0
4300
500
liOO
800
600
2700
390
300
300
2990
2110
1300
2110
2100
3J0
75)0
390
200
6100
10 United Fruit
.. Un Ry Investment.
3 United Retail Stores
8 U S Ind Alcohol . . .
..US Express
2 U S Food Products.
..US Realty ft Imp..
8 U S Rubber
0 U S Smelt R ft M..
,50 U S Smelt R ft M pf
5 U S .Steel
7 U S Steel pf
6 Utah Copper
. . Utah Seo
.. Vanadium Corp....
Va-Carollna Chem
,141
53
301
. 1354
. 0314
.11114
. 28
,. 789
,. 4294
.12614
. 7594
. 4794
,.10654
.113
,. 75
,. H5a
. 68
009a
.. Wabash si;
. . Wabash pf A 245i
. . Wabash pf B 10
.. Wells Fargo Exp J5!4
; . Western Maryland . . IK
. . West Maryland 2d pf. 1814
. . Western Pacl'lu 25
4 Western Pacillo pf . . . 57
7 Western Union Tel... 8714
7 Westlnghoute A Br.. 11014
4 Westiughouse E ft M. . f4
., Wheeling ft L Erie... 13)4
.. Wheel ft L Erie. pf.... 10
4 White Motor 68
.. White Motor rts 15s
6 Wilson ft Co 80
1 Willys-Overland -8
7 Willys-Overland pf .. f8H
8 Woolworth F W U314
.. Worthlngton Pump .. 8014
Low
43
200
108H
20
814
180
iot)4
6594
64
47
33
2414
lit
3294
3314
"94
31814
2314
2
4794
1394
7414
94
1314
2614
4114
5814
186
48
3694
6714
7714
18314
091
86
8014
414
1491
40
16814
00 H
27
45
60 (
2694
1694
11
0014
6694
7894
73
4414
014
3814
60
76
30
40
105
16114
45)4
4014
3314
3394
30
5194
0814
3754
7554
1814
fl94
50
r0
75
30)4
100
113
02
20)4
97
7054
3414
80 54
103
50
114
U4
G4
18)4
1814
23
26
1114
1394
7
1414
1154
1794
4254
13
10314
345
2394
5694
140
73
104
4714
10094
094
32314
58
41!2
8394
102)4
17
3354
1094
C3
35 '4
1229a
0714
50 ',
21 Vx
141
53
199
12
03'
lOOli
28
7014
4194
125
74)4
4654
10494
113
13)4
1154
1014
C65
8
?4'4
1554
3'4
10 54
17
22
56
87
1105a
6394
12 !4
1814
1794
194
79
3715
88 54
12314
80
Today' Net
Cloae Chf .
94
14
94
!4
1
m
54
1
91
54
194
394
14
43
200
10894
2894
6t)4
180 -
109)4
6594 (4
49
33
2414-
110
3394
8314
61 -
221
23 ..
6294
8614 1H
1454 1M
7414 1
10 14
1494 1W
3691 1
4114
58)4
186
48
3654
7
77 14-18314-
054
88
81
V2
13
4394-
11314 394
69 J4 54
27
4654 354
633
2714
17V4
11
86)4
6694
86
73
4094
8)4
3654
63
76 -
3014 114
14
H
14
294
14
'54
14
')4
294
94
94
194
'.
'.
394
H
IS
)4
54
94
14
1)4
94
54
Ex-dlvldend.
1 Kx-rbiM.
40 -
lrs
It 3
45)4-
48 94
3394
3414
33 354
5314 3
703
38 Va- 14
771
1814 ..
194
50 -
309 194
76
27 - 14
10114 314
11394 W
83 54 54
2014 !4
90)4 4- 314
7714 94
3414 la
8094 14
102 1
501
11894 014
114 94
5114 54
0894 54
1814 -194
31-94
25 114
7394 l'4
1114 14
7 - U
153
1314 94
7754 194
'314 94
7114 314
101J4 114
215 6
S3 14 194
6945 54
110
73
10414 14
894 114
10894- 54
10
220
CS14
3 f
T4U4.
10354
2094
33 -
38
1594 3)4
30' 14
12394
6714
6154
2214
141 -
53
201
13
8354
11094-1
281
7814 194
4354 94
120 2
7494 19b
4794 14
10054 214
U354
1494 114
1154 94
f8 114
co a
8
2114 1
1554 94
65)4 314
13 1)4
l14
35
14-
87 -
H014
51
1354
19
U94-
154 .
801
,794 14
8894- 14
123)4 .1)4
1814 314
14
314
!4
194
54
a
394
314
194
1)4
Vz
154
54
1
94
354
54
7
HEAVY TRADING IN "PENNSY'
FEATURE OF LOCAL MARKET
Dealings in General List Much Broader Number of Big
Blocks Change Hands
There was a pronounced expansion In
the volume of dealings In today's local
market. In fact, it could be said trad
ing wan on nn unusually heavy scale.
Hie day's operations were featured by
reason of n number of big blocks chang
ing hands in different parts of the list.
This included a block of 1000 shares of
Tonopah Mining, b block of 1000 shnrcs
of Lake Superior and '11 block of 1000
shnres of National Conduit.
At tho same time heavy transactions
were registered in Pennsylvania Rail
road, United Gas Improvement, Electric
Storage Uattcr.v nnd Philadelphia Elec
tric. The first two tinnier! nenln met
Iquldfttion on n fairly liberal scale, but
me acmanu at most times was sum
lent to absorb all offerings. During
the morning United Gas Improvement
was forced down to 50, but rallied
again to 51. Pennsylvania was well
taken between 40 VI oud 40, with" the
price ruling most of the time nt 40.
Electric Storage nattcry showed
some of its oldtime form and was ele
vated 54.25 to 138VJ. General Asphalt,
on smaller dealings, advnnced $1 to
111. Philadelphia Electric was well
taken, selling up to 24 nnd Lake
diipcriof Corporation hud a good market
at 20.
After making substantial fractional
gains in the early trading, both Phlla
iClphia Traction and Union Traction
encountered renewed dribbling liquida
tion, causing declines to 50 and 33, re
spectively, which was a new low record
price for the year for Union Traction.
Philadelphia Rapid Transit, on the
other hand, was fractionally higher at
27.
Lehigh Valley recovered more than,
half of the quarterly dividend, which
was taken off today. Lehigh Naviga
tion continued firm at 03. American
(las was higher at 40,
Rccause of their extremely large In
testments iu railroad securities the of
ficials of all the leading local financial
Institutions arc keeping 11 watchful eye
on every development in the plans for
the unscrambling of the country's trans
portation lines. They have for a long
time been called upon to see the mar
ket value of their vast holdings crumble
nwny through no fault of theirs or
their representatives in the management
of the different railroads. The action of
the President in postponing the return
of the roads to their ovvners for two
months was generally commended. It
wns pointed out that it would have
bceri little short of a crime by reason
of their relative defenseless position to
have returned the roads on January 1,
nCeordlng to the original program. Much
tan be done in the two months to
straighten out the tangle and fotnu
late plans for the financing that will
he necessary after the return of roads,
A great deal, of course, depends upon
the recommendations of the joint con
ference committee. It is reasonably
certain, however, every effort will be
made for protection of security holders.
BEARS IN CORN PIT
BECOME AGGRESSIVE
Considerable Liquidation in An
ticipation of Freer Movement.
Oats Easy, but Losses Slight
CHAIN nELT WEATHER FORECAST
rlilcncii, lle 2". IlIlnolR. l.lnourl.
Wisconsin, Jllnncaota, South Dakota.
Nebrafka nnd Knnsa Fair tonunt and
8sturdi.ys colder tonlcht. North Dnkotn.
Mentnnn. and Wjomlng Fair tonight ar.il
Saturdoy.
Chlcaco. Dec. 26. Larger receipts,
1 break in the cash article nnd orders
from the regional railroad directors of
the northwest and central west glvinir
shipments of ernln preference over nl'
ither commodities on the lines under
heir jurisdictions, made hears aggres
Ivc in corn today and the market was
weak.
-There was considerable short selllm
tnd also liquidation in anticipation of
a freer movement.
Early estimates for tomorrow's re
eipts were for 375 cars. Omahn an '
southern firms were among the buyers.
Lower grades of wheat hnd a heavy ap
pearance. Oats generally were easy, but losses
were not material. Iiusiness wits active
and the market showed good absorptive
power.
A lending long sold out a good part
of his holdings, all of which were ab--orbed
by one or more of the elevator
interests. Firmness in rje hnd consid
erable bearing upon sentiment ns di'1
suggestions of further export business.
It was announced that 450,000 bust'
ls of oats had been sold for shipment
ibroad through Rultimore. nnd tint'
250,000 bushels of rjc had been token
for foreigners.
IBdinff future ranged ae follows
DEMAND FOR SUMMER
OPTIONS IN COTTON
Undoing of Straddles Results In
Weakness Spot News
Bullish
COTTON I1ELT WE-.THER CONDITIONS
New York. Dec, 26 The. following tem
peratures were reeorded In the cotton belt
thlfl morning. Macon and Knoxvllle. '24 1
Merldlin and Aimi'tn. 2fl: Wlmln-ton,
28; Vlekaburir. 80; Oklnhnmi City. Mem
phla. Mon'comerv, Thnmasvllle awfl Oar
Imton 32: Little Rock and Naahvllle,
34t Shreveprrt, Fort Smith and New
Orleana. 80 San Antonio penracola and
Savannah. 38: Jacksonville, 42: Corpus
fhr'-tl, 44: Timpn. 411: Oalveatnn, 48.
There wan no precipitation reported thla
morning In the cotton belt.
New York. Dec. 20. The feature if
the afternoon cotton mnrkqet was the
undoing of straddles between near nnd
distant positions, resulting in relative
weakness of the January nnd March
contracts.
The summer months were in constant
demand from trade Interests who bought
October as well.
Spot market news continued bullish.
2:80
Wed. Todiy'n 11:00
close open a. m.
Jan. . . .17 .I'' nf.r.n 37 HO
MHrch .. S1.5-, .1.", 70 ....
May .... 3.1.35 33..15 US. S3
Jnuly 11 05 82.00
Oct 8R.7.ri L'.S.SN ....
1:3
p. m.
37.85
29.21
pj"m.
s's'.oi
84.20
29. 80
Corn tnew delivery) Wed.
Open Hlch 1.ow Close cloo
Dec. ... 1.43 1.43 1 .10 1.X9 1.43
.Inn ... 1.34 l.SIVi 1.81H 1 .11U 1.334
May ... 1.32V4 1.33 1.2014 1-30H ...
Oats
May .... S3 3- 821 "M tS2'i
July ... 7044, 759 75V 7li 83$.
Jnnr!Tr. 38.00 M8.00
May 37.00 36..10 31-1.30 '37.25
Janar!2.1.75 23. S3 23 115 23.77 '23.70
May . 24.70 24.80 21.52 24.110 21.. IS
Jan bS 10.05 18.70 IS 7ft 1S.II7
Slav 10.57 19.S7 19.37 111 30
Bid. tAsked.
New York Metal Market
New York, Dec. 20. Copper Spot
nnd December, 18(ftl0c; Junuarj,
18r)s(f?10c; February nnd March,
18rtl0c. Market quiet. Lead
-Ml months 7.45(ix7.00c. Mnrket firm.
Spelter, East St. Louis Spot and De
cember. S.05WS.75C : .Tanunrr. Febru
ary and March, 8.07(78.77e. Mar
ket strong.
Prices Steady on Paris Bourse
Paris, Dec. 20. Prices were steady
on the Rourse today. Three per cent
tentes were quoted at 50 francs 80 cen
times; exchnnge on London, 40 francs
50 centimes; 5 per cent loan, 88 francs
25 centimes. The dollar was quoted at
10 francs 52 centimes.
DIVIDENDS DECLARED
Illinois nrlclc Co. dividend of 114 per cent,
nnd an extra of 1!4 per cent, both payable
January 13 to stock of record January 3.'
Hush Teimlnal Co, semiannual 2H per
enf In rash and 214 per cent In stock on
common and 2 per cent on preferred, both
pe Mi January 13 to atock of record Jan
uary 7.
-' fHa and Klectrlc Co. semiannual
2'4 per cent on preferred, payable January
15 to stock of record December 31,
CanadUn Pacldc.
1019 Increase
Third week Dec .. $3,715,000 '110.000
From January 1. 107.817.0O0 18.403.000
Dec rel se,
N 1 k ind Western Raljway. Quarterly
of 1 per cent on preferred, pavab'- February
in to tock of, roro-d January 31.
Quaker City National Dank, semiannual
of 311 per cent, pavable January 1 to atocic
1'oMts of record December 20.
Philadelphia and Camden Ferry Co, quar.
tfrly of 5 per cent, payable January 10 to
stork of record December 2ft
Corn Producta ru-Hnlnc C , quarterly of 1
per cent anil an extra of '4 of 1 per cent
on tommon Innddltlon to quarterly of Hi'
pir cent on preferred. Common payable
January 15 to stock of record January 3.
nnd preferred January 20 to stock of record
Jnnuary 5,
SANTA EMPTIES BIG PACK
Employes Receive Bonus of 22
Per Cent and Other Gifts
Emplovcs of H."0. Wilbur & Sons
Inc., 235 Xortli Third street, received
n bonus amounting to 22 per cent of
their annual earnings as a Chrlstmus
present from the firm.
In addition, each employe received
a two-pound box of candy and i-qarried
men were presented with turkeys. An
additional award in the form of one dol
lar for each year's service with the firm
also was given.
The presents were disbursed at it
Christmas purty and entertainment tor
the employes at the factory.
Va
494
V.
14
514
94
14
14
Financial Briefs
A special meeting of the stockholders
of the Ninth National Bank will be
held January 27 for the purpose of
acting upon a proposal to increase the
capital stock by ?100,000 to ?500,00O,
and if authorized to tote on proposition
to sell new stock to stockholders of
record January 31 on pro rata basis at
$200 a share. New stock will be pay
able In full on March 1, 1020.
The average price of twenty active
industrial stocks declined 0.10 per cent
on Wednesday, to 103.05, while twenty
railroads advanced 0.07 per crut, to
74.03.
Lehigh Valley Railroad Co. common
stock will be quoted ex-dividend today
except for tosh. Due bills given for
dividend on common stock shall become
due nnd be settled on' January 5.
The United States Industrial Alco.
hoi Company hes called all outstand
ing 7 per cent bonds of the Republic
Distilling' Co., payable at par and in
terest any time before March 1, 1020,
The latter company was absorbed by
the Industrial Alcohol Co. January 1,
1018, together with four other distill
ing companies. The parent company
has no bonds outstanding.
Stockholders of the Alliance Insur
ance Co. ut a speciul meeting today ap
proved the Increase in the capital stock
from $750,000 to $1,000,000. There
are to be 25,000 additional shares of
fered to stockholders at $15 per share,
par value $10. Of this amount $10 Is
to be applied to capital account and the
remaining $5 to surplus. Payment for
the new stock must be innde by Feb
ruary 24, Stockholders of record Jan
uary 20 will have the right to subscribe
LIVESTOCK QUOTATIONS
C'lilraro, Doe 2(1,- HOCJS Receipts, 31,
OOU. Hinder, Hulk $13. 5(1 13. OS. Top.
113 75. Heavy 13 Sci 13.H5; medium,
.18.55013.70; llithl, 818.40(3 13.00; light
Mcht. Iis.inwia 3Ii. heavy pucklnr sows,
'menth. S12.75A13 25. narking sows, rough,
112012.7BS pis;, 112 25018.25
TATTLE Receipts, 18.000 head Slow.
"ef ateer, m-d'nm nnd heavv weight, choice
and prime, 81A.S5$t2(. medium and good.
JU.25ftlH.8H; commit), (8.75 Kill. 26: light
tight, cooa ana cnoiee. iM.40tri lu.oo; crm
inon and medium. tSQ14.4l: butcher cattle,
heifer 80.59(314 15'. coua n4O13.30:
eannar and cutters, I5.23&8.40; veal
calves, tlB.60lQ10.79; feeder ateer. 870
12.28! atocker steers, 16 10.23.
6HEEF Receipt. 11.000 head. Firm.
Lambs, 310Q18.6; rulla and common. tlSti
18.75) ewes, medium and good. 18910,80;
culla and common, M,607.73,
rituburgi. r., dk. 28. iioos n-
(nt. SOOO head. Steady nnd hlrhsi.
Heavlc. f 18.00 11; heavy yorker, Ut-334
14.40: light sorkers and pigs. 314, 23014.60.
HIIK.KP AND LAMDH Receipts. 300 head
Market steady and active. Top sheep, til.
'lop lambs, 118.
CALVK8 Receipts, 100 head. Steady and
active, top iu.
East Buffalo. N. Y.. Dec. 20. CATTLE
Receipts. 8000 head llarely steady. Calves,
recvlpts, (100 head; 13 higher; 10 O .'.',
31CXJ8 RcnalpU. 10,80(1 head; t'SCMOo
higher, Hcny mixed yorker. 14il0; light
sorkers nnd pigs 14.23(vl4,50; roughs,
tl2.3n12.7A; Mags, IH11.
SHUPP AND LAMI'S Receipts. 2400
head: B0 75c hlu'litr Lamba 10010.75,
yearlings, 013; wethers, S12I&1S; ewes,
HWCtTU; mixed sheep, 1 11 W 11. 00,
Kansas Cltv, Dec. 20 HOCifi Receipts,
r,00O head Hlsher. Hulk. 813.0013 80:
heavy. !13.r0;(ia 75; medium. 113.30
13 fill, lights. 118.85913.63; light lights,
(12 75 13 40; packing sows. 112.50318.23;
Pigs, (I2,2518. '
CATTLC tacelpt. 3100 head Hlher.
Heavy beef steers, choice and prime. (170
101O; medium and good, 8ia.B017i com
mon. II15J-13SO; light weight, good and
choice. 113 30 18 40: common and medium.
IS. 40(913. 03. butcher cattle, heifers, t.75fl
14.25; cows. (6 89012.23; canners and cut
ttrs. 13.353(1. US; veal calves (18010:
feeder steers. (7.7SS 13.10; stocker steers,
(5.B0O 10.80,
SHEEP Receipts. 2300 head. Higher.
Lambs. (I63'17.50; culls and cemmon, (0.75
15.75: yearling wethers, J12.754J15; ewes
37.80010.50: culls and. common. (407.23:
SfVil.,,",?''' 8-TB; feeder lamba
811,75(lF I4,2B.
ftouth Ouiaha, Deo. 28. HOOK Receipts.
18.000 head: 1523e hither. Top, (13.7a
CATT1.U Receipt, 4000 head, steady
HHBEP Receipt. 5800 head. Lamba.
t W V VW !( NUITI IIU fvlU'
Tlie Market for
5 French V ictory Bonds
Never before has it taken so many French frames
to buy an American dollar. For this reason dollars
will purchase French securities in the French
markets on remarkably favorable terms.
For example, should exchange return to normal the
5 French Victory Bonds would show a profit of
about 100 even if there were no increase in the
market prices here or abroad for the bonds.
It is so unusual to purchase a safe government
bond yielding a fixed rate of return which offers
such attractive speculative possibilities that we in
vite requests for further information contained in
our Circular Letter No. E-55.
Chandler & Company
INCORPORATED
New York
Franklin Bank Bldg.
Philadelphia
ltoston
eider 5eadyv
REVOLUTIONS IN INVESTMENT RETURNS
Interesting
Yields
of
Local Bonds
Reed A, Morgan & Co.
Wejt End Trutt Bldg.
AlltntowK-Dtth. 7a i YMdina 4.74
Countda da) t. JSIeo. 1 Yielding J,
Pa. It, n. Oen. ilort. ,iVt VteMInf-1.7
Phila. Electrto 1st 1 YMiSlno !,!
Autocar Co. Ut e Vfoldfac 8.18
.all exempt from Pen no, State Tat
il ember t 0 Philadelphia Stock Exchangt,
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