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JANUARY 20, 1920
EVENING PUBLIC liEDGERHfLABIiJLPHlA, TUESDAY,
.... .wnyji
Philadelphia is a beehive of indus
try and many of its manufactures
have, foe years, supplied the Latin
American market.
Commerce between this country
and South America is rapidly increas
ing, and Philadelphia should continue
to play a leading role in forcign'com
mercc. We have, facilities for financing
exports and imports that arc second to
none, and those engaged in this line of
business are invited to
CONFER WITH
Information
given.
US.
will be cheerfully
Fourth Street
National Bank
131-145 South Fourth Street
Capital, Surplus and Profits over $10,000,000
Will Foreign Exchange Return to Normal ?
Investment and Speculative Possibilities
If It Does
AN EXAMPLE: Tho piuchascr of n 1000-Kranc French
Government 695 Victory Loan at $82 would have an invest
ment worth nt par $193, an increase of $111, or over 135;
50 Francs a year income, now worth $4.30 or about GVi on
the investment, would be worth $9.65. or nearly 12 on the
original investment of $82, and this high yield should con
tinue until 1931.
Other Foreign Internal Loans offer even gicater possibilities.
Direct Cable Communication With Foreign Countries.
STOCKS HARDEN
LISTLESS MARKE
I
Traders Looked for. Their Cue
From Washington Bank
ing Conference
CALL .MONEY EASIER
EDWARD B. SMITH & CO.
Banker
1411 Chestnut St.,
Philadelphia
ELKINS, MORRIS & CO.
Banker
Land Title Bldg.,
Philadelphia
New Yorli, .Inn. 20. The New York
I'tening Sun's rlosiiiR financial review
touny pas:
Evidently Hip Block ninrket wok look
ins for its cup todny in the banking roti
fereiico nt Wnhhlogton whrrr the Id
oral Reserve Uourd hold Iti weekly
meeting following vHicli some announce
ment regarding the contemplated In
ucasc in the rediscount rate m looked
for.
Meanwhile (lie price list made a mod
erate advance from the elcing levels
ot Manila but in trading Hint was
"jarceh dlstlngiiMiablc fiom stagna
tion. Tlio advance brought out ery
little stock im'eed. Its chief Interest
lav iu the reflection It. envn of the
iiilly. not for the session but for the'
last vweutj-four hours. In othpr words
Industrial shares regisreicd gains of
- to m points or more above the bottom
liiotatlons of jestcrday.
There were numerous exceptionally
.Irons features such as American Liu-
eed. Columbia fias. United States
Uealtj, Goodrich Tire. T'uiled Statch
uuuDer and l'an-American Petroleum.
The steel, copper, equipment and shin
ning groups were well sustained and the
mus continued lirm though rather ueg
ecicu inroiignoui. tup uctutty amoug
my iiuuur issues ot me. latter on the
i'uusirucue sine noted .veslerday was
piite aDseut today. There was a con
iderable snread at times in lio ,,,n.
tois ant1, oils but as far un net change
mis concerned tnej nnd little to of
fer.
Cull money renewed at 7 nee cent, nm!
diortly the loaning rate dronned to C
'icr cent, where it uiled. It was pre
umed that the Washington wires would
cnc some detinue announcement later
n the day as to whether or not the re
li'count late would bo advanced a
i ilep understood to have been recom-
'nended by the ISew lork Ucservc Bank
Inst week.
Commitments were nccordinglj held
dowu. Local brokerage houses vcrc
pretty well sold out, and such offerings
of stock ns were forthcoming came from
the wiie houses. Public interest in
price ormements was obviously at a very
low ebb. The public, in truth, has been
a bit discouraged by constant discursion
and emphasis of probable money strin
gency for an indefinite period.
BUTTER, EGGS AND CHEESE
New orlt. Jan 110 -DtlTTDH Firm Tie
eclnts, (1707 tiilie. Creamorj, higher Ihnn
extraK flwflVie, Tcomfry, extras P2
store). fllffifl-Hic. nratn. .'.0V4 HiftVA c, piiclt
lnjr HtocK. current make, No 2, 4J.
KGUS Stead: necolnm lt.SSJ cases,
rrehh-ffnthered extras 71ffP7c, extra find.
0(it70o. firsts, iI7WSc: nfitc. I'ennsilvanla
atul ncarbv western hennery whites, flret to
extra, 77,84c, ntate, Pernio Ivanlu. and
nearby hnnerv hrons, 747flc: do, gath
ered browns and mixed colors, 71 3 72c.
rjlKESE Irresular Receipts 1fl7N boxes.
State, whole milk flats current make, spe
clals, 31'4 1CS2r do avcrace run. :10(4 011c.
at-ite, wliolH milk, twins, current innke ape
clals, 31's Ori-'c. do, ueragc run, 30 (831c.
NEW YORK BOND SALES
flnmmnry of Individual TranMctlon on New lorlt Exchange
GOVERNMENT BONDS
A in H & Uef Co to
1000 .... HV4
200O ,.. STft
Am Tel & Tel clt
83000 .... i
Am Tel & Tel Es
1(100 .... Vi ,
lotto . .. 2Ki
1000 "s''4
Am Trl & Tul
1S000 .... o14
1000 .... 99
1000 ..' 00'
2000' .... 9
jooo .... oo
1000 ....
20000 ... oo
4000 ..., 0M
Mielo-Krertdli U
sisooo .... bo i
ssooo .... oo i
aooo .... 0 '
7000 .. . oo
1000 ... 00
iooo .... n '
aoooo .... no 1
8000 ... '
sooo .... o
20000 .... o i
20000 . . . 00
sooo . . . no i
2B00O . . . 00 t
oooo . . . no i
3000 .... l
7000 . no i
7000 .... 00
28000 ... no
sooo .... no i
4000 ... no
30000 ... 00
Arsetlun Bepub 59
2000 .... 71
1000 . . 1
A T & f1 tf cv 4' c0
10000 .
Atch T & a Ke adj
1000 . . 00")i
Atch T & S Vo 4
2000
2000
1000
1000
1000
1000
2000
2000
1
7'4
70
7 II
7
78',4
70
7R
"" Ask
Panama coupon 2t. IOoO. . . ni1 inn;
Panama reslstered 2s 103B.. . !9H innu
Panama coupon 2s, 1B3S . . . ODU iooh
Panama registered 2s. 1038.... (Hl lOO'i
Panama coupon 3s. 1001 . . . SHU nou
Panama reslstered 3s, 1001.. SS4 nou
Philippine 4s 10S4 t.. 1)2 (t
l Philippine 4s 1035 02 S
J European Money f J
j A for Travellers r"4a, r
W&y J
J y We advise prospective travellers to provide for their A lBgBf X. f
,(ru future expenditures in Europe by taking advantage of R?l9 'l
' i, existing foreign exchange rates. 8 reH I
R Unprecedented numbers are preparing to cross the 8 ? KI F
8 Atlantic within the next three years, influencing the g I M a J V l
g return of exchange toward a normal basis. Q K Ma il
S We can provide investment credits at existing rates of M likl fJ J J
Q exchange in anticipation of your European journey, Q H fjf m .yf jr
Q however remote, convertible into dollars or foreign g MWi W S
'. funds when required, and meantime bearing a fair Jytm JK ? I
V g rate of intertst. . g W m .
j g Investments made with American Dollars in European S Is Sl ,S
jl x monies or securities at present rates will appreciate, as y ' Bfijzn J i
Q exchange approaches normal. 1 1 l i
Sj Q Address us upon the subject g lf i
j s Donorigni: oc company MMML
1 437 Chestnut St, Philadelphia iJnMJaJJpKJlr
I K AtSi Kn.T r?
m k iSuSS yyyy
II William P. Bonbright Bonbright &-Company MjmMm
1 0 Company MfflwIkWiMmWilKlh s-.
V 9 16 George Street 9 Rue Saint-Florentin JBflfW H X .
J W London. Kncrlnntl Pant. Pwnm utaNfilniL lr JlUuLj
jfflraurcftafflulv I
m TiBTigari to i , o
Atlart Coast Line bit
4000 .... oy
Urfll .U) f 1- B
Wrst Vlr bvs 48
1000 .... 00
iooo .... o
2000 .. . oO'j
8000 ... so
D A: O bvet 3ii
1000 .... "4
Bui S. Ohio Tol 4a
1000 Sl',4
Baltimore & Ohio cv
10000 81
2000 .... 01
3000 .... 0014
(SOOO . 01
3000 . . 00
1000 .. 01
Baltimore S: Ohio 4s
lonn ... o
iooo . . . 0574
3000 . . 681a
Bh moiu & Ohl- 5a
1000 05
10000 .... 05
Battl & Ohio KK Os
1000 .... 80
3000 . , . . DO
2000 .... 88
1000 .... 88
1000 . . SIM
Beth Steel Gil of 36
1000 85
1000 . .. 85.
Bk Rap T ct sla 7s
2000 45
Brk Rapid Trans 7s
5000 '. .. 47t,i
5000 ... 48
2000 48
Brook Un 73 ev 1st
1000 67 Vt
Cent Dls-Tel Co 6s
4000 .... OS
1000 .... 96
Cent of Georgia ts
1000 92
3000 .... 0294
Central Pacific 1st
iooo .... 744
1000 74
2000 .... 74
3000 74 Vi
Chesapeak & O ffl
Clt' of Tnrln B Ca
iooo .... oji;
2000 .,,, 01 Vi
1000(1 ... 112 i
iooo .... vty.
City of Toklo U 5s
iooo ... oo
2000 .... 50
COC&Stl. cm 4s
iooo .... oi
1000 .. . 3)4
1000 .... 0314
c c c & ot ii ai 4s
5000 .... 04
1000 .... 05
Colorado Incl Co Cs
4000 .... 73
CoiiboI QaB 7b "Wl
2000 . ...100V4
25000 . ,.,100'A
11000 .... O0T4
DcilV & Rio O fd ct
1000 . . 43',4
10000 . . 434
3000 . . 48V4
Denvor & Rio O fd
2000 .... 4 1 Mi
Deri & Rio a rand 4
3000 .... 01V4
3000 ... nV4
Detroit Ud 5s of 33
2000 ... 04
Det Ud Co Ds of 40
4000 . .. 80V4
Detroit Tunnol 4 Vis
2000 .... 78
Dom of Canada 21
5000 .... 08
0000 . . 08
1000 . .. 0734
Do of C 6V4s of '21
5000 .... 08 .
10000 . . 08
2000 08
Dom of Can ot 26
0000 .. 03
Dom ot Canada 2)
SOOO . .. 07
6000 . 07
oooo . . o')4
1000 . . 08
Dorii of Canada 31
1000 .... 02
1000 .... 01
KrlH Oencral Lien
6000 ... 41
1000 . . ., 41
37000 .... 41
l.rle Hull Roud 4s
2001) ... 53
5000 . . 53
nrli- Kail Rd cv B
3000 . .. 38
Kcd Jlln & S Co aj
1000 . .. 01
Georgia Pacific 63
1000 . .. 00
Grt North Rly iBt
1000 84
Haanah Lice Bs
2000 .... 85
Hocklnc Valley 4
iooo
Hudson
2000
10000
SOOO
1000
1000
Illinois
1000
New York Rwys Bp
1000 .... 7
10000 ... 7
N Y Telephones 4b
2000 .... 00
N Y Telephone 44s
2000 . 80
5000 ... 80
2000 ... 80
N Y Telephones Ca
200(1 . 00
3000 . .. 00
N Y W C S. B 4Vis
4000 .. .37
iVorlherH Pacific 3s
10000 . . 65
3000 .... 54
7000 .... 61
Northern Pacific 4s
1000 ... 77
80too . . . 77
N'orf &. Western 4s
1000 . . 70
6000 . . . 70
Norf & West cv Cs
2000 . . 103
3000 . .103
Ont Tun 5s
1000 75
O R R & M Co4s
3000 . 82
Oregon Short 1. 43
IOOO . . 83
7000 . . 88
3000 83
Ore Wash RR Co &
Navl Co 4a
1000 .. . 70
2000 . 70
2000 .. 7014
Penna R R 4s of '00
4000 . 83
Perna R R gm 4,j
3000 . . 82
Penn RR 3V;S ot 32
1000 .... 73
Pcnnylan!a RR Bs
Union Pao R R cv
4000 .... 87
2000 .... 80
8000 .... 80
2001) .... 87
Union Pacific fd
17000 ... 78
2000 ... 77
7000 .... 77
4000 . . . 77
Union Pacific RR 4j
1000 . .. 81
1000 .... 8!i
3000 ... 84
Union Pacific RR C
4000 ....102
2000 ....102
U K of O B & I 21
r
&. Man fd
58
58
68
511
. . 60
Central fd
. .. 73
Illinois Central 54s
1000 .
2000 .
Imp Jap
5000 .
3000 .
3000
4000
1000 .
4000
5000
03
. . 05
Govt 1st
.. 77
.. 17
.. 77
.. 77
.. 77
.c "
77
1000
3000
3000
7000
2000
3000
10000
3000
4000
1000
1000
00
00
00
00
00
00
00
00
00 Vi
00
00
Pub Ser O - N .1 3a
1000 . CO
Reading R R Co 4s
3000 ... 80
0000 . . 70
1000 . . 78
8000 . 80
San A & A P Ry Is
4000 .... 00
4000 . .. 60
feaboard Air L fd
5000 . . 46
5000 .... 40
1000 . 46
fc'eubuani Air 1. ill
4000 .... 37
1000 .... 38
Southern Pacific fd
1000
2000
1000
2000
2000
2000
5000
2000
0000
1000
2000
1000
00
06
06
00
06
117
06
06
06
116
06
06
Untd KoIOBSl
rets of '22
2000 .... 05
5000 ... 05
Untd KoIOBSl
rets of 2D
1000 . . 91
1000 .... 04 TJ.
1000 ... 95
BKolCBin
1000
10000
1000
1600
2000
1000
1000
1000
3000
1000
80
80"l
80
80
80
89
89
80
80
89
Untd Rly Invest Co
of Santa Ke 5s
1000 .... 74
U R of S P un ct 4s
300 .... 28
2000 . . . "J8
IT - of Mexico 4
2000 .... IB
1000 .... U
U S Real & Imp 5
6000
2000
50000
5000
10000
IOOO
7000
78
78
78
78
78
78
78
5000
1000
6000
3000
coon
2000
10000
7000
3000
1000
sooo
1000
80
80
80
80
80
80
80
81)
80
80
80
80
U S Rubber Co 5d
Imp Jap Govt 2nd
2000
3000
3000
Chcs &
1000 ...
1000 ...
2000 ...
C?Rapak
iooo
...85
. . . 85
. .. 85
Ohio 4B
...15
...75
... 74
: O Ca
03
Ches & Ohio cv 4
6000 75
6000 .... 75
2000 .... 76
Ches ct Ohio cv 5s
1000 70
5000 .... 79
Chi & Alton 3Hf
2000 . . . 32
2000 31
6000 .... 30
2000 30
Chi B & Qulncy em
2000 .... 80
Chi Bur i. Quln 4s
loon
4000
8000
10000
20000
1000
14000
95
95
95
05
95
95
95
2000
3000
2000
2000
2000
1000
11000
21000
6000
75
75
75
75
75
75
75
75
75
Impor Jap Govt 4s
5000 .... 61
5000 .... 61
5000 .... 01
5000 .... 61
2000 .... 01
Intsr Mer Marine 6s
30000 .... 03
1000 .... 98
6000 .... f3
3000 03
Inter Rap Trans fd
6000
6000
1000
4000
5000
10000
0000
1000
1000
!000
62
52
52
62
51
52
51
81
51
51
Southern PuclHo
1000 .... 72
4000 . . ',1
3000 ... 72
South Pacific cv 4s
6000' .... 80
I00OO .... 80
South Paciflo cv 5a
1000 102
1000 . ..102
2000 ..101
16000 .. .102
SI1WS.O ce"
1000 .... 58
3000 . 57 V
South Railways 4s
3000 . , . i 69
1000 . . . 69
Southern Rwys 5s
1000 . .. 85
1000 85
St L & San Fran a
2000 61
6000 ... 61
St L & San Fran In
2000 42
1000 43
2000 .... 43
10000 .. . 43
Bl L & San Fran A
1000
1000
1000
' 4000
0000
3000
5000
1000
6000
2000
87
87
87
87
87
87
87
87
87
87
Chi & Grt West 4s
1000 ... 56
4000 55
C M & St P fd 4S
10000 .... 68
2000 . .. 57
5000 88
C M & St P BTO 4
3000 77'
Chi M & St Paul 4s
1000 .... 69
6000 . . 69
2000 . 60
C M & St P 4s of 25
2000 . . 70
4000 . 71
1000 ... 71
Chi M & St P cv 4 j
1000 .... 08
Chi R I & Paciflo fd
1000
1000
1000
6000
3000
4000
3000
5000
3000
2000
66
60
66
66
661,
66
66
66
06
06
Chi & W lnd It
1000 .... 58
1000 . . 58
2000 ... SO
Chile Copper Co C?
6000 .... 81
10000 . .. 81
C U ilu.Kang R 5
1000 ... 50
1000 ... 50
City of Bordeaux 6i
1000 02
4000 02
2000 . 92
2000 . . 9?
Ot of LyotlH Oj
3000 02
1000 . 02
City nf MuruuH'H Os
1000 . 02
2000 .. 02
2000 .... 02
1000 . 92
Cof N Y Sftsof 54
. 6000 .... 81
C ot N T 4',4s of
Msy '57
1000 100
17000 . 100
G of N Y 4V.B of
Vov 67
1000 ,...100
-4000 ..,,100
JOOO ...10
c a K' t is of e
- u 9$
KCFSiMRyls
1000 .... 67
1000 .... 67
4000 ... 68
Kan C Term Rly 4s
1000 . .. 73
Kansas City So 3s
1000 .... 67
6000 .... 57
4000 .... 66
Kansas City So 5s
8000 .... 73
Lake S & M So Z hi s
1000 .... 70
L S & M S 4s of 31
13000 83
5000 . . . 83
Lehigh Val R Co s
;0000 ..100
Long iBland RR fd
1000 .... 69
L & N RR & S Ry
Mono 4s
1000 . .. 04
Louis & Nashv'e 4s
iooo .... 81
Mldv S & Ord Co 5s
1000 .... 84
1000 . 81
1000 . 84
3000 . . 81
2000 . 81
Mo Kan & Texas 4s
7000 ... 00
MIfs Pacific cm 4s
1000 ... 57
1000 . . 50
2000 . ,. 57..
Miss Pacific Bb 65
5000 . .. 83
Moblln &. O New Os
1000 ....101
nt Cent R R Cs
000 . . 106
;ooo . 100
ont Power Co 5s
iooo . . . 81
N'as C & St L Ry 5s
2000 . 00
YCtlin R 3s
1000 66
5000 06
7000 . . 67
1000 . 6604
1000 . . 66
V Y C & II R R 4s
2000 . . . 78
8000 . 78
V Y CJ & HRRtl
1000 02
3000 V . 02
1000 . . 02
10000 . 02
6000 . 02
N Y Cent L S 3 Ms
2000 . 60
N Y Dock Co 4s
2000 .... 07
N Y Gas Heat ft
Elec L 4 P Co 4s
10000 .... 62
X Y Oas & Hlfc L
H & Power Co 6a
2000 . , 85
New Y & Norf 6s
2000 02
N Y VII & H 3's
of '54
1000 .. 43
N Y N It & II Cs
8000 .... 71
N Y Ont & West 4b
7000 . (.. 00-
f?W8 k!9
1000 ,
1000 .
1000 .
1000 .
3000 .
7000 .
7000 ,
1000
11000 ,
7000 .
St L &
1000 .
St L Ae !
4000
... 88
. 68
... 68
... 68
... 58
. 68
. 68
...58
.. 58
... 58
Sweat 1st
...04
s West en
51
U S S M & R Co Gs
2000 ....104
4000 ....103
U S Steel Corpn 5s
5000
1000
2000
8000
1000
3000
2000
3000
8000
2000
00
00
99
09
90
09
99
09
99
99
Utah P & L Co 5s
6000 . 83
Vlr Car & Chem 1st
2000
1000
Vlrglna
1000
iooo
8000
iooo
9000
05
. . . 95
Rlways 5s
... 81
. .. 84
...84
. ,. 84
81
48
West Maryland
10000 .... 51
8000 50
2000 . .. 50
10000 . 61
2000 80
2000 . .. 50
6000 .... 60
West Union T 4 Vis
3000 ... 80
Wheel & L E Ry Is
5000 .... 53
Wilson Company cv
Ter R A of St L 4s
6000 . . . 70
Third Ae Rwy adj
2000 20
1000 29
f
Lib Bonds 31.S
Lib Honda 1st 4s. . .
Lib Bonds 2d 4s...
Lib Bonds let 4Vts.
Lib Bonds 2d 44s.
Lib Bonds ,!d 4s-
Lib Bonds 4th 4s-
iooo
8000
5000
1000
1000
14000
1000
05
9514
95
95
05
95
95
Wilson Comp firsts
9000 .... 98
Wisconsin Cent 4s
4000 .... 60
09.00 08.00 0S.00
02.1S 02.00 02.00
00.80 00.70 00.74
02..r0 02.3s n2.n0
01.30 01.20 01.20
03.34 03.20 03.30
01.30 01.20 01.22
Victory Notes 394s. 08.48 08.42 0S.40
Victory Notes 4s. 08.fi0 08.42 0S.40
LOCAL MINING STOCKS
TON'OPAH STOCKS
1)1. 1
Cosh Dov 07
Jim llutier 21
MacXam&ra 70
Mldwiy 20
Mlzpah Extension 18
Montana 10
North htar Oil
Pfscue Eula 27
Tonopih Extension Vt
West End i
West Tonopah 10
DIVIDE STOCKS
Allied Dhlde 03
Alto DlUde 07
Belcher ... 11
lien Ilur 10
Rrouelt Dllde 30
Divide intension
T)lIde Syndicate ..
Divide Con
Dividend
Kant Divide
Haebrouck Divide ,
lllsh Dlvld.
Heiert Divide . ..
Reno Divide
Rosetta
Hlher Klne
Tonopah Divide .. ..
Tonopah llaebrouck IB
Victory Divide Ill
Verde Divide . .. .17
Zone 3.'
OOLDriRI.D STOCKS
Atlanta
Blue Dull
Booth
COD
Combination rractlon .
uracKerjacK
D amonune d 11 II
Dalxy
Florence
Uoldfleld Con
Oolddeld Merger
lold Development ....
Oreat Bend
JumDo Extension
Kewanatt
l.ono Star
Oro
Red Hills
Silver I'lcit ... .
Spearhead . ...
MlbCKLLANEOUS
Amparo 170
Ar zona united .... K
Kden '
Mother Lode . . 5S
.01
.00
., ,
'iiii
.0".
.01
ji
.m
07
on
3'i
02
m
0-1
.02
01
o.t
01
.02
.2"i
1 I
0J
.10
.0.'
nil
.02
01
(It
02
0.1
01
Al.
on
ii
in
!
0-,
10
.'1
15
31
1
ni
2
J7
(W
07
01
2S
M"l
10
u
10
2(1
15
01
01
07
01
01
01
m
m
11
15
04
12
111
OS
.04
01
m
04
01
06
1 80
20
60
NEW ISSUE
109,943 SHARES
ORPHEUM CIRCUIT Inc
A Dolawaro Corporation
Common Stock
8 Cumulativo Convertibls Preforrod Stock
Common Stock (par valuo $1)
Capitalization
Authorized
$10,000,000
1,000,000 shs.
To bo presently Issued
$6,374,500
548,812 shs.
This Company has acquired ownership of substantially all of the
stock of the Orphcum Theatre and Realty Company and
affiliated interests, operating and controlling through ownership
or lease 45 vaudeville theatres in 36 cities.
Its theatres arc the leading vaudeville houses in the territory extend
ing from Chicago to the Pacific Coast and from New Orleans to
Winnipeg.
Its properties are appraised by the American Appraisal Company at
$14,933,200. Net earnings last year, with December estimated,
were in excess of $3,500,000.
This financing and consolidation will permit the erection of addi
tional large theatres in Kansas City, Minneapolis, Memphis, Los
Angeles, San Francisco and other important cities, and a more
centralized management.
Martin Beck, President of the Orpheum Circuit Inc., who has been
General Manager of most of the corporations in this organization, and his
associates, who for many year have been concerned in the management of
these properties, will remain in control and own over eighty per cent of the
capital stock of this corporation. '
Besides the ownership in the above-mentioned territory, this corporation also owns 43 per
cent of the stock in B. F. Keith's New York Theatres Company, in Greater New York.
Subscriptions may be sent to us direct or made through any bank or
broker. We reserve the right to accept or reject any or all subscriptions or
allot a smaller amount of stock than applied for.
Application will be made to list this stock on the New York, Chicago, '
Boston and San Francisco Stock Exchanges.
The books of the company have been audited by Messrs. Arthur Young & Co, of Chicago.
All legal details in connection with this' issue have been passed upon for the corporation by
S. Laz Lansburgh, and for the underwriters by Messrs. Winston, Strawn & Shaw, of Chicago, and
Messrs. Putnam, Putnam & Bell, of Boston.
Price $32.50 Per Share
Descriptive Circular Sent on Request Vs:
RICHARDSON, HILL & CO
Established 1870
50 Congress Street, Boston
Members New York, Boston and Ch cago Stock Exchanges
Tells How
To Select
Securities
New booklet covering
oil, industrial and
mining shares
no charge.
Just off the press a
new booklet, "How to Se
lect Securities," which will
be welcomed by traders
and investors.
Important Points
to Consider
in choosing industrial,
oil or mining securities
are detailed; also how to
get information. No man
interested in the market
should fail to call, 'phone
or write for a copy.
Ask for No, T. U.-679.
JONES & BAKER
SECURITIES
Widener Bldg., Philadelphia
f hones Bell, JfWuf6065
Keystone, Race 2290
Direct Private Wires
Offices in 8 PrincijrcO Cities
F. A. Brewer & Company
Recommend Am erica n Candy
7 Per Cent
Cumulative
Preferred
With Right
To Buy
Common
Liverpool Cotton
l.Uerpool, Jan. 20, There was, nnly
a limited icquest for spot cotton today,
with prices easier on the, baslR of a
decline of l.'t points for niiddlliiK at
27.85(1. The sales ere fiOOO bales.
The receipts were 54,000 bales, inclnd
Inj? 40,500 bales American Futures
were easy in the early dealings. Spot
prices were: American, middling fair,
;S3.S!Sd: good middling. .MO.lOd: fullv
roldlluK. 29.NM: mlddlins, 27.85d;
low middling, 2o,30d: Rood ordinary.
22.35d, dna ojdin&ry, 2l,
PENNSYLVANIA MUNICIPALS
Free Pennsylvania Tax
A Government Taxes
Bought Sold Quoted
MARTIN & CO.
1411 WALNUT ST.
Common Now
Earning
Around 25
F. A. Brewer & Company offer
and recommend American Candy 7
per cent cumulative preferred as one
of the prime investments of the year.
This is one of the oldest Candy
concerns in America, well stabilized,
enjoying widespread favor. Its earn
ings have shown steady increases
over the past five years. Last year
the earnings on the common were
around 25 after all tax deductions.
The purchase of American Candy
at 7 per cent cumulative preferred
stock at $100 par carries with it the
right to purchase five shares of com
mon of no par value at $7.50 per
share 'with each share of preferred.
Those wishing to make initial pur
chases as well as those intending to
increase their present holdings
do so at once, as the amount avail
able remaining is limited.
Mail or wire orders to
F. A. BREWER & CO.
Specialists in Candy and Sugar Issues
208 South La Salle Street Chicago
STOP, MR. EXECUTIVE
Don't euro ull the loud joornflfi cet u
trained lllittllitlint. I hale Intel Hint iram'
nprrldirr . exrc-utlte and orKiinlirr In
nonfrftientU! bimlnraii, but iant to ret
Intu uMlie production line. Alee 33t roU
let rdurnlloni (ull of m-p, ambition ami
Imrd worki have ftound Jadrmrnt und am
food Itaedter of men. Kra-nllr ellx-harged
irvui mrwr major ok iiuantrr.
Box US, Pobllc Lptctr
U. Se Liberty Bonds
All Issues "
Bought and Sold
$50 $100 $500 $1000
Graham, Parsons & Co.
5 CHESTNUT STREET
Philadelphia
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