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EVENING PUBLIC LEDGEEr-PHILAUELPHlA',' WEDNESDAY, JAHUARY 21, 1920
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British
American Chemical
iBrjiith - American
Chemical
. - I f iiuiuiivuii w w
y 'toooks dote January twentieth
,, jfor Iwentjr-five cent cash dm-
idoncl per share, payable febru-
lory second. It is alto expected
V litoclrfioldera will receive ten
. hpercent stock dividend. Sell
J' ' ing around nine twenty-five, it
1 Tvteiut BDout eleven percent.
. KUlniv nurlraf nrmhrtAri in this
ifeBva..A -. -. . ....... ... ......
issue. Advise wiring order at
market.
Write for Circular C-l-18
FRANKLIN AYRES
Sharp Bnil llonJ Ilrnkrr
-liyil-la nrnrl Illrtr.. Phlln.. Pa.
Correspondent, I.. . Roitfrs & Co.
Members
Consolidated Stock Exchange
of N. Y.
Th House eCHAS. H. JONES & CO.
No. 3
Its Record
The past record of a finan
cial house serves as the
basis for its appraisal. The
records either reflect suc
cess, fostered by conserva
tism and Rood judgment,
or tell of failure.
We stand on our record.
Critical New York bank
ers and financiers have
written their O.K. upon
its pages. You may in
vestigate this record.
Throughout all our deal
ings we have made good.
Securities offered and rec
ommended by us have
proved to be all we have
claimed for them.
To be contmutd.)
Current Investment Offer
ings "I." sent upon Request
municipal railroadt '
Corporation Bonds
40 Broao Street - New York
SzcnasHj cam oout oscinuur
Philadelphia Markets
Attention at
Your Bank
To look after the wel
fare of every client has
always been the policy
followed by us.
No matter how long it
f takes or even if it is only
a minor question, you will
find the officers of this
bank willing to co-operate.
Ttiii'd
National Bank
Opposite Broad Street Station
GRAIN AND FLOUR
TTTtrt!m n l. nn AAn ...-. rri... .mar.
ket was unchanged. Quotations: Car lots, In
rport elevator, government oianaaru in-sper-tlon.
stardard prices. No. 1 red winter,
12 80; No. 1 northern spring-, J2.39: No. 1
hard winter. J2.30; Nor 1 red winter, gar
licky, 37. No. i red smutty 12.38; No.
1 red. garllckv and amutty, 12.34. The
United States Uraln Corporation's purchases
of wheat are tused on the following sched
ule of discounts: No. 2 wheat 8o . under
No. 1. No a wheat Cc under No. 1. No
i wheat lOo under No. 1, o. 5 wheat 14c
under No 1.
COriN Receipts 40,387 bush. Supplies
were small and the market ruled llrm but
aulet We quote, as tc quality and loca
tion, at SI 50 1 00, tho latter for No. 3
ello.
, OATS Receipts. 17 bush. There was lit
tle triidlmr. but offerings were lltht and the
market ruled firm at tho lata advance. Quo
tations. Car Kits as to location No 2
white. nnUrHi. ktm n uhit. imU (iluiir:
.No. 1 white. 07H 08c.
riXJUK Receipts. 1.077.852 lbs. In sacks
Tho market was nulet and barely steadi
Tha quotations follow. Per 11)0 lbs. packed
In 140-lb, Jute sacks bolt winter stralnht
western $10 751125, do, do, nearby,
J1U 34(H, hard winter, straight, $14
14 50, do.-short patent. J14.50W1R. sprtn
first cleur. J10 50011 23. do, patent J14 DO
15 23, short patent. JlB.00lfl.25: fancy
sprlmc and cltv mills patent, family brands,
$10 2.-.W-.H.r,0
RYK FLOUR sold slowly at former rates
Quotations J10.CO10.00 per bbl.. In sacks,
as to quallti,
PROVISIONS
Thero was a light Jobbing movement at
recently revised prices. Quotations: Beef,
In sets smoked and alr-drled, Mc beef
knuckles and tenders, smoked and alr-drled,
34c. pork, family 62c. hams. S P cured,
loose. 2731c, do, skinned, loose. 3-4 P
2inc: do, do smoked. S5Vi 27Hc, hams,
boiled, boneless, 37a lcnlo shoulders S P.
cured, loose. 23c do smoked. 24c; bellies. In
pickle, loose 25c, .reaktust bacon, 33c.
lard, 27c
DAIRY PRODUCTS
nUTTER There was a fair lobblnc de
mand and prices further advanced lc under
stroncr outside advices. Quotations bolM
packed creamery, fancy, hlgh-scorine goods
U7?0Dc extras. 08c extra firsts. 0305c:
firsts ft'lgpdSi seconds mifJ'Sc, sweet
creamers cholco to fancy, OS70c, fair to
good GOSSHTc prints Jobbing at 747flc
fcr fancv and at 03 w 73c for fair to cnoice.
EGGS Tho market was quiet but eteadv.
Quotations Tree cases, nearuj firsts,
121 00 per crate, nearby current receipts,
'Jl western extra firsts, $21 00, firsts. $21,
seconds J1S00W10.50: cold-storage eggs,
as to quilltv, $14 tOWlB 80: Inferior lots
"nwer fancy selected fresh eggs Jobbing at
79'fftfinr yer dozen
CHEESE Trade was slow and tho mar
ket was unchanged The quotations New
York whole-milk fiats held fancv 32 9
32H0, fancv held specials, higher, held, fair
tc good. 31$31Hc, fresh-made goods nomi
nal Wisconsin, whole-milk flats, held fancy,
32J32V3C held fair to good .1103140,
Jobbing sales of fancy held goods 333bc.
POULTRY
t IJs. E Demand was sufficient to absorb
tho limited offerings of fine deslrable-slzed
stock and the market was again firmer Quo
tations Fowls fine fat weighing " lbs and
over apiece. 40l?24Jc. fowls, medium sire,
good quajitv, 303'c do, poor. 3J3"i.
broiling chickens, fancy, soft-meated. weigh
inn IS If 2 lbs apiece 42iiJ4"c. spring chick
ens average soft-meated. 343Gc, do, in
ferior 3133c staggv young roosters. 20ffp
2c old roosters, 242" ducks, white Pekln,
44J4c do. Indian Runner. -to 42c: do,
Muscovv. 2?M0e geese, fat 4JIU45C do,
average 30(0350 turkes. 4550c, pigeons,
old ptr pair, 55c, do, joung, per pair, 45
-.Dc
DHESSED Fine desirable sized stock was
well cleaned un and firm The quotations
Fowls fresh-killed dry-packed, In boxes,
weighing 4 lbs and over apiece. 39c: weigh
ing 3'i lbs . 12i34c "mailer sizes. 27J31c.
do fresh-Killed in bbls drv-packed. weigh
ing 4 lbs and over apiece 38c: weighing 3W
lbs 3015 IJc smaller sizes 28 (S 20c. old
roosters drs -narked 20c broilers, Jersev.
dry packed, 4Tfi,4sc do. ordlnurv, nearbv,
dry-packed 3i42c do western dry-packed,
weighing H4 2 lbs. apiece. 31 Mc: roast
ing chickens western, dry-packed In bbls ,
weighing 4 ib.j and over anlece ,16W17c
weighing 34 lbs apiece 3334c. weighing
24 3 lbs upiece 30032c; western corn
fed chickens, 12 to box 17 lbs. and under
to dozer per lb 44(Ifi45c IS to 24 lbs. to
dozen, pr lb 41'S44c 25 to 30 lbs. to
dozen, per lb 3i17c 31 to 30 lbs to dozen,
per lb . .11 34c: 17 to 42 lbs to dozen, per
lh 1403V 42 to 47 lbs. to dozen, per lb,
343"c. 48 lbs end over to dozen. 373bc;
capons, western, weighing 8(10 lbs. anlece,
M854c: weighing 7 lbs apiece, 00SJ32C;
weighing 562 0 lbs apiece. 4749c: ducks,
wehtern, fancv 3S40c. geese, west
ern fan-:v 1032c do. do, fair to good,
2"27c turkeys Delaware and MarMand,
fncv, nOc do. Virginia and other nearby
ranty rHrr'.Yc do, nearoy ralr to goon ,-j
(550 do weste, - spring fancy, 580 xnc.
do -western spring, fair to good, 53 & 55c:
do, old toms, 43c
FRESH FRUITS
Trade was quiet and the market was un
changed. Quotations. Apples, per bbl. as to
qualltv. JLJif 50 do, per box. $1 30ft3 40.
Cnnberriei.. per bbl JO 50C?8 50. do, per
crate St r,01 Oranges Fla per box.
$2 21S"V 50 Tangerines Fla . per ----box.
Jl 50IH3.50. Orapefrult. Fla . pr box, $2 10
S4 25
VEGETABLES
Trad was slow and values vfTe larRfly
nominal Quotations TVh'te potatoes. Penn.i
per cvvt , $4 1'54 50, do, N Y per cwt ,
$.! 2't Seet potatoes, southern, per hamper,
$1 J32 2 do, Tersev per basket. $1 40
1 7' Cabbaen New York Danish, p-fr ton,
fBOQ'lOO Onione per 100 lb sacks Yellow.
No 1. $5 00'Stt2r
PUBLIC INTERESTTOWARD
MARKET AFFAIRS EBBING
Curious Contrast Between Hesitating Security Markets and thj
Growing Evidence of Widening Business Activities
rplIURH una little of interest happen
- ins in tbc linnuclnl district yestcr
dny. In some places there was little
business being trnusactcd. Tbc quota
tion boards in tho brokers' offices did
not attract, nnd in many instances cus
tomers tv ere engaged in the indoor sport
of swapping stories on everj thing
which offered a suggestion. In nome
instances this performance was varied
by reminiscing over former gains and
losses.
There is 110 indication of a bull mar
ket as yet. according to a well-known
broker. Guessing on the date when
the Supreme Court will band down a
decision on stock dividends lias lot
favor since nothing occurred oil Monday
luBt. Trading was very light during the
day yesterday, but the market closed
strong. Some hous.es recommended
their clients to sell on 2-point rises.
Altogether, there was n lack of en
thusiasm iu the Street. There were uo
predictions to encourage bulls or bears.
Things just drifted nlong and no one
could be found to say if nny outside
events were influencing the stock mar
ket. One broker said, however, the meeting
in Washington, of tho Tedcral Reserve
Board, was possibly having some effect,
lie remarked that it would more likely
have a creator effect on speculation in
commodities than speculation on the
stock exchange, the latter, ho said, hnd
practically been cleaned up, but the
meeting would, no doubt, result in the
reducing of heavy loans on cotton, cof
fee, and so forth.
A broker said that too much credence
should not bo given to certain stories
given out by certaiu oil concerns. Re
cently, he said, there has been a crop of
these telling about salt water in certain
fields which on that account would have
I to be abandoned. Ncurl.v all of these
stories have no foundation in fact, but
are circulated, he said, to discourage
drilling, so that leases can be obtained
on more advantageous terms. Another
reason for these salt-water tales, he
said, is to find an excuse for the in
creased cost of gasoline recently.
When discussing the subject of bank
acceptances, a subject neglected to some
extent through the more pressing im
portance of foreign credits and foreign
exchange: a banker called attention to
the ottering of 513,000,000 of prime
bank and bankers' acceptances to the
public to yield -i to ri'4 per cent,, the
maturities running up to 90 dajs.
This concern tujs as an excuse for
such a departure, that hitherto banks
have been the largest purchasers of these
securities, but there is no reason why
individuals and corporations should not
avail themselves of this method of ob
taining un increased return on their
otherwise temporarily idle funds. These
acceptances being the direct obligations
of the accepting institutions are the
equivalent of cashiers' checks of such
accepting institutions, pajable at a fixed
future dute.
This banker said it will be interest
ing to find how the experiment w ill work
out in this new field, which is prac
tically without limitations.
Decline iu Marine Shares
When speaking of tho stupendous
figures representing our exports to
foreign countries yesterday an invest
ment banker said he did not believe the
past rates of shipments would continue
throughout the present jear. One of
the indications of this already, he
said, can be found iu the decline in
marine shares, which have been seeking
Phila. Nat. Bank
Warrants
Bought Sold
C. K. Garrison
308 Widener Bldg.
Bell Phone, Wal. 4138-4199
Keystone Phone, Ilace 2260
LIVESTOCK QUOTATIONS
riilcatro, Jan 21 HOGS Receipts,. 28 -000
head Lower Bulk 15S15 35. top.
J15 50 heavy fl4 S515 25: medium. J15 10
f?15 35 light, J15 lO'SJlrt 40, lltht llBhts
J14 75filt J5 hv?av packing sows, smooth
J14 2514 05, packlnc sows, rough, ?13 60
&14 25 pies J1J 7514.75
CATTLE Receipts 10.000 head. Slow.
Beef steers medium and heavy weight,
choice and prime $10 505? 18 50. medium and
ncod. JUIOfaltlSO common, f) sntrll.AO;
light weight good and choice J13.,7517 50,
common and medium $9 13 75; butcher
cattle, heifers 6 7"i 14 25 cows, ill 750
13 canners and cutters. $5 50fl 75: -veal
calven. $17'18 ."0 fpedcr steers, 812 50,
stocker steers S7 505rll
hHEEP Receipts. 11 000 head. Strong.
Lambs $17 7520 15 culls and common
J14 SOl" medium, good and choice, $0.50
& 12 25 culls and common, $5.759.
Rut M. I-oul. Jan. 21. HCXIS Receipts
IB 000 head Market 10c higher. Bulk.
$15 306 15 55 hrtvy, $15.25015 40: me
dium, t $15 25W15 il'. light $15 10W1P l!5.
light, lights $14 75a,15 HO heavy packing
sows, smooth. $117514 25 packing- sows,
$12 7"il!75 pigs $10iW15 25
('ATTLE--R'ceipts 5000 head. Strong
Beef steers medium and heavy, choice and
prime $lHfftl7 50 medium and good, $ll(tfl
15 75 common $9010 7,1 light, eood and
choke. $1J41H50 common and medium
$Hipl-.' 55, butfher cattle, heifers. $7.25
15, cows. $7 255?12 tanners and cutters
$5 25 U 7 vhhI calvvs light and handv
weight J1'1''1S75 feede' steers, ffvfJOfi)
12 mocker nteers $7f'fl0 50
SHCL.P R" eipts 1200 head. Steady
Lambs $111 2Hf1' S" culls and njMrmon,
$12i??ll) Yearling wethers $13tt 18 35: owes
milium and rhnire $s 501175. culls and
common, $4 75 8
i Pittsburgh. Pa.. Jan 21 HOGS Re
icelpts 1000 head HUher. Heavies, $15 25
'15 40 haw jorkers and light yorkers,
UllKllfi 10 Pigs $15 5015 75
i SHEEP ANT) LAMBS Receipts. 300 head
Steady Top h"ep. $11 50. Top lambs $21
CALVES Receipts light. Market stead
Top. $22
I r..ist Buffalo, N. Y Jan 21 CATTLE
! Receipts 200 head Strong. Calves Re
ceipts 250 head One dollar lower at $0
23 "lO
linos Receipts 4S0O head Steady
'v 7Wi 1. !"' mixed. SIS 8301A; vorkers
$10 light vorkers and pigs. $15.75W16,
rouens sia t , i i-j stags iuti.'
SHEEP AND Uiv Kj ilecelpls. UOOO
V....xl (.,....,, rnrnV,- ,1ffl,1 f.iu 11 1 K
THE TIME TO BUY BONDS IS WHEN I v.arllngs Jlnons wethers. $1314s ewes
THE PRICE IS LOW AND THE YELD $1U12. mix
18 HIGH. THAT TIME IS NOW.
STUDY THE EVIDENCE. SEND FOR
YOUR COPY Or "THE TURN OF TH
TIDE."
THE TURN
OF THE TIDE
lower levels for some days past. He
said the result of his inquiries as the
reason for the declines was to the effect
that a belief prevailed that foreign ex
change would not improve sufficiently
for a long time yet to t-nablo heavy pur
chases in this country.
Another thine Is the belief among
shipping men that so many vessels will
be competing for tho European truvel
that rates are likely to bo slashed, nnd
cargo fcpnee on the east-bound trip es
pecially will go begging. Instead of im
provement in tho present exchange
rates, he said, he expected to see further
declines.
Looking Forward fo Prosperous Year
It is generally acknowledged among
financiers that the present conditions
on the stock market do not reflect the
industrial conditions of the country, as
is usually the case. To judge from the
ragged condition of the market recently,
bnid n well-known broker, one would
conclude that the industrial prosperity
of the United States is also ragged,
when everything goes to prove the re
verse. Ask any business man what he
tliinks of the outlook, and it matters
not what his line of business, he said,
nnd he will say that he is looking for
ward to an unusually successful and
prosperous j car.
Hankers, he said, who are in close
touch with the various lines of business
through the credits which they extend in
variably say that retail merchants arc
purchasing away ahead, and this is
borne out by the manufacturing plants
which supply the needs of tho retailers,
and who say their capacity is booked far
ahead. Iook at our export trade in
spite of the handicap of foreign ex
change, lie continued.
Kuropc continues to demand our prod
ucts and evidently is willing to pay the
price. We made a profit of about
4,500.000.000 ou our foreign business
in 1010. We expect to exceed that in
1020. Of course, all that business wab
not with Europe alone ; it came from
all over the world, he t-aid. but the big
gest percentage vas from Europe. Our
merchant marine has not got under full
swing jet, he remarked, but when it
begins nosing nbout for business in some
foreign ports which have never before
seen it vessel flying the American flag
we will begin to see a big increase iu
our foreign business.
The serious side, however, he said, is
our failure to produce as much as we
should. But there is a change coining,
he said, and his reason for this belief
is that labor has had all it wants of
strikes for a while. The soap-box agi
tator, he claims, in many places has
lost his job, and in others he is rapidly
disappearing. His remarks don't appeal
so strongly since wo have selected n
few of his kind for a trip to "free"
Russia.
This broker said when money condi
tions get straightened out, and the Fed
eral Reserve hits taken care of the uec
cessary credits for industries and com
merce, we will be in the middle of boom
conditions before we are aware of it, and
then, he concluded, look out for one of
the biggest, if not the biggest, bull mar
kets in stocks nnd securities wo hau
ever cxpeticuced.
To those who need advice and assist
ance in making out the necessary returns
for their federal tax returns, both in
come and excess profits, the Guaranty
Trust Co.. of New York, with local
unices at -Jill Chestnut street, offer free
of charge the services of their expert,
Harry U. Sutter, formerly of the office
of the solicitor, Bureau of Internal
Revenue, Washington.
SECURITIES AT AUCTION
The following securities were bold at
auction today by Barnes & Lofland :
SHARES
Lot
S100
4S1
215
. 401)
SI
. 00
12S
. 130
. 12!)
7H
fcharea
1550 St James Hotel Co pref
i. .National becurity Hank ... .
14 Pnion National Bank
lOManavunk National Hank ...
15 Central Trust and Savings Co
10 Manas unk Trust Co
10 Quaker t'lty National Hank
111 Quaker City National Bank.
5 Quaker City National Bank
4 Philadelphia Bourse common
25 Klrst National Bank of Conshc-
hocken .. . ....... 155
24 Philadelphia. Cermantown and
Norrlstown Railroad 4 Ill
3 Philadelphia National 345
7 1-3 rights to subscribe to Philadel
phia National llank 13S
7 1-3 rights to subscribe to Philadel
phia National Bank 131
2 1-3 rights tc subscribe to Philadel
phia National Bank . ... 141
13 1 3 rights to subscribe to Philadel
phia National Bank s 140
0 2-3 rights to subscribe to Philadel
phia National Hank - 141
2-3 right to subscribe to Philadel
phia National Bank . ..143
2-3 right to subscribe to Philadel
phia National Bank . 140
23 rights to subscribe to- Northern
National Bank . 30
25 rights to subscribe to Northern
National Bank 28
40 l'ldellty Trust Ci. ... . 5"')
2 Commonwealth TUIh Insurance
and Trust Co 23m
1 Commonwealth Tltlo Insurance
and Trust Co 233fe
3 Chelten Trust Co 140
15 Northern Trust Co 500
li) Commercial Trust Co 205
5 Logan Trust Co 14SH
"Logan Trust Co 14, 'i
111 Logan Trust Co 140
I Lvgan Trust Co . . ... 14
1J Klre Association of Philadelphia, tin
12 John B Stetson Uo. common 32a
31 Second ana -intra oireeis passen
ger Railway Co
It Northern Liberties Gas Co
4S 1 3 rights AlliancB Int-urance..
BOND"!
JJ000 Buffalo and Lake r.rin Traction
Co 5 per cent first and n -funding
mortgage cvmoon May
and November, due 10311... .
pm
34 h
3'
G'
nixed sheep S12 50013.
BAKER, AYLING & YOUNG
LAND TITLE DUILDINC
BOSTON PHILADELPHIA
LIBERTY
BONDS
$50, $100, $1000
Bought Sold
Recommended for Investment
Newburger, Henderson & Loeb
HANK KKS
1410 CHESTNUT STREET
Members N V & l'hllu. Stock Exchanges
Knnsis Cltj Jan 21 TtOOS Receipts,
10 000 head Higher Bulk $15.2515 50.
h-is J15 2"iM5 40 medium. Jl", 2-iT
1". 50 lights IllfeltSO packing sows, $14
(B14 75 nigs til 75 61 -.75
PVTTI.K Receipts 0000 head. Higher
Heavv beef steers chohe and prime J18 00
''i 17 00 medium and good. J12 40fi10 40.
common I In Co 12, 40, light. rood and
chol, e 112 iiodtl'l 75 common and medium
j'ifrl.' 50 butcher cattle heifers, J78
14 ci'ws s0 7VfC12 40 canners and cut
ters $5 15&0 75 veal calves, $141.
fender steers $9 2313 15. stocker steers,
Stl "Wiwin '10
-UUCP Receipts 300O head. Higher
Limbs Sill 85 11) 75 culls and common
"ii ,"iln 35 yearling wethers. 114 25W
HI H5. ews 10 7501175. culls and com
mon. 14 15W0 50 breeding ewes, 181011 50.
feeder lambs. J14 50&17.7B.
LONDON STOCK MARKET
BUTTER, EGGS AND CHEESE
New lurk. Jan 21 BUTTUR steady
Receipts, 271,1 tubs. Creamery, higher than
extras, R.'.V, ffltlBc, creameo .extras (02
score). 04Va W5c. firsts 5UH W4c. packing
stock "urrent make. No 2 4J'
KGOS steady Receipts 10.063 cases
Kresh-gathjied extras 71f(72c, extra, firsts.
i.'itt-Oc, firsts. (17068c state Pennsylvania
and nearbv western hennery whites, firsts
to extra 780 85c. state, Pennslvanla and
nearby hennery browns 74'5,7ac do gath
ered browns and mixed colors. ,lW72c
CHEBSn Irregular Receipt!,. 532 fatate,
whole milk Hats, current make specials.
Il'-i S32c do, average run. SH Wale, state
whole milk, twins, current makm specials,
313 S32c, co average run. 30t'f31c.
LONDON METAL MARKET
New York, Jan 21 Cable advices received
at the New Tork Metal Kxchange this morn
ing quoted prices In London tcday as fol
lows Tin pot 3l unchanged, futures,
(385 5b a decline of 15. Straits, 35 10s
off 10s. Sales Spot. 30 tons, futures, 601)
tons Standard copper Spot 115 10s, off
15s. futures, 117 7s lid a drop of 17s d
Sales Spot, 50 tons futures 1S0O tons
Electronic copper Spot. 121 10s: fu
tures 122 10s loth off 10s Lead Spot.
40 10s off 15s futures, 46 15s a decline
of 1 Spelter Spot. 58. unchanged, futures,
50 15s. a drop of 5a
GOVERNMENT BONDS
Hid ABked
LOCAL MINING STOCKS
TONOPAH STOCKS
Hid
Cajih Boy 07
Jim Butler 24
MicN'amara HI
Midway 20
Mlzpah Mxt IS
Montana 12
North Star nil
Rescue Eula 27
Ton lZxt 2'
West End 1
West Ton lo
DIVID13 STOCKS
Allied Dlv 03
Alto Dlv 06
Belcher 17
Hen Hur oil
Ilrough Dlv ,",
Divide Hxt il
Dlv Synd I)i
Dlv- Con 04
Dividend 17
East Dlv 05
Hasbrck Dlv ()"
High Dlv n-
Revert Dlv 20
Reno Dlv 01
Rosetta 04
Silver Kins 07
Ton Dlv 3
Ton Tasbrk 18
Victory Dlv 15
Verda Dlv 15
Zone 30
UOLDKIULD STOCKS
Atlanta 02
Blue Bull 02
Booth 05
C O D 02
Cormb Frac m
Crackerjack i)i
Dlamf B B 1",
Daisy 02
Florence 35
Uoldf Con 12
Goldf Mere ll "
Oold Dev 12
(reat Bend nj
Jumbo .Cxt 07
Kewana uj
Lone Star ,111
Oro 01
Red Hills ,(ij
bilver Pick 01
Spearhead 01
MISCELLANEOUS
Amparo l ;n
Ariz United in
Eden i
Mother Lodn ,57
Nevada Hill
GE0.A.HUHN&S0NS
flS
STOCKS AND UONDS
ttbr of the Philadelphia. New
J.w Tork Cotton Excfcinx
tfcwmlaston Order Executed In
Al tha Principal warxois
UK1XKVUK COURT BLBU.
141B Wnlnut S,
NEW TORK OFJiJCS
111 Hwlwar. Nw Ifwb ,
Reaction In Oil Shares Industrial
Section Good Home Ralls Dull
Iom1on, .Tan. 21. There was a re
action in oil shares on the Ktock ei
oliunso trndinK today. Shell Transport
dropping to 1-T& and Mexican Ragles
to 12',. Home roils were dull, but
there was buying of Argentine rails.
The industrial section was good.
Gilt-edged investment issues were
rlieerful and higher. Russians were
maintained firinlv. Generally the
markets were quiet.
No Change In Refined Sugar
New Yorh, Jan. 21. Conditions in
Hip refined sucar market are unchanged.
Tho American and National companies
quote 15c, less 2 per cent for cash for
fine granulated, and Arbuckle Bros,
quote 3&v less 2 per cent for cash for
fiiie Krnmi'sfeu oijier rentier contiu
Nev Rand
Promontarlo . .
Nevada Wonder
Tecopa Mln . . . .
White Caps . . . .
02
20
1'.
.17
.in
.1)5
Ak
.08
.70
.15
lis
12
.20
.lis
a
.01
.nil
.21)
.07
.U7
.ml
!o5
,(it
111
01
III
.07
.01
.05
05
V,
.01
.15
.15
.01
.15
.04
.Oh
114
.115
.113
04
.115
OH
1 Ml
.20
.00
111
25
lw
15
.10
Financial Briefs
rsnama con 2i,
Panama reg 2s
Panama cou 2s
Panama reg 2
Panama cou 31
Panama reg us
lOijt,
Philippine 4s 1034
Thlllnn nft 4,1. 11H5
Philippine 4s. 1910 .
IT S Qovt cou 2s 10JO
V H Oovt reg 2s 10311 .
U H Oovt cou 4s. 1025 .
U S Oovt rcg 4s. 11)25 . . .
msn new iooi
101B 90-
1038 SB?
10JH 004
llllll SIS'
1001
. HW,
.. 02
. . US
. . 1)2
..100
. .100
:.7
JU1I'.
1O0U
fl0'4
IIO'J
Oil
on
nil
10OJ4
ion'-!
.10514 JOHH
.1U0V4 lOttft
Liverpool Cotton
Liverpool, Jan. 21. There was more
innnlrv for snot cotton today with
nrices easier on the basis of a decline
l cruw t,i rrv, ..
xne saies werr i ui", " "
ceipts were 48,100 bales, all Amer
ican. Futures were steady In the
early dealings. Spot prices were:
American, middling fair. :.2.01d: good
middling, 29.60d; fully middling,
oafUM: middling. 27.41d: low mid-
' ' ' M .-.M . 1 II 04 ttl.
The New York Subtreasury lost 5'J,
S3S.000 to the banks jestenlay, making
a cash net loss hince Friday of S24.
002,000. -
The average price of twenty active
industrial stocks advanced .7(1 per cent
jes,terdny to 103.48, while twenty rail
roads declined .03 per tent to 74. OS.
The J'enn County Trust Co., 0f
Allentown, Pa., has been admitted n
member of the Federal Reserve Hank of
rinladolpliia.
Fills Jackson and Harry 51, 5ton.ur
ncy have been elected to the directorate
of the Federal Trust Co.
The stock list committeo of the Plilln.
delphla exchange today admitted to the
unlisted department of the exchange
Isorthern National Hank warrants.
Stockholders of record Jan. 13 are en
titled to subscribe for one new share
for each rihnre held at ,$150 per share.
Rights to subscribe expire Frbrunrj 'J
ou or before which date subscription
must be paid in full. The commission on
these warrants was fixed at 'Jfi cents per
share.
Net earnings of Relmont Surf Inlet
Mining Co.. subsidiary of Tonopnh Rel
mont, in December were S33,f)12, ns
compared with ?2j,980 in November.
B. W. Olark & Co. have received ad
vice that tne l'ubllc service Commis
sion of West Virginia has allowed the
Huntington Development & Gas Co. to
increase its rates from two cents to four
cents per 1000 cubic feet for virtually
all of its West Virginia business. This,
whii oiner increases recently effective,
n, --, - --"-- ... .- ... . - - n ..--.-,,
.in... 24.8Cd eood ordinary. Sl.Vifl,. Dum result m increased carniugV in
y
New. Issue r
160,000 CLASS 'A SHARES
Lincoln Motor Company
(A Delaware Corporation, which succeed, the Michigan company)
Class A Shares rank equally in every respect including dividends with Class B Shares. In addition!
they arc preferentially secured as to assets up to $50 per share and as to cumulative dividends up to
$5 per share per annum, payable quarterly, first payment due approximately April'30th They,aro
redeemable at $100 per share and accrued dividends and have only qualified vojing power.
CAPITALIZATION,'
Gnss A Sliares '($50 par value) .irswjiwK'wv7iF. 160,000 shared
1 Class B SbareB (no par value) .i.w.i.i.i.i.wiwi4. 160,000 shares
Tito Company has no outstanding mortgages or funded debt
except 9252,280 duo on City office properly (1921-1925)
Messrs. Henry M; and Wilfred C. Leland, President and Vice President-General Manager,
respectively, control the Lincoln Motor Company through ownership of a majority of the ClassB
Jn'l902 Henry M. Leland, with associates, organized the Cadillac Motor Car Company. This
Lelands conceived, developed and produced the Cadillac Car. Under their guiding hands the Cadillac
reached an output of 18,000 cars per year amd attained its world-wide refutation. They left the
Cadillac organization only at the outbreak of the war in 1917, when, at the invitation of the Govern
ment, they undertook the manufacture of aeroplane motors, and for this purpose"created the Lincoln
Motor Company. , ... ..-
The Lincoln Motor Company, within sixteen months from its organization, August 29, 1917,
built a complete new factory and produced a greater number' of Liberty motors and at a lower
manufacturing cost (as shown by Government records) than any other manufacturer in a like period.
For the past year the energies of the Lincoln organization have been devoted to the development
of the Lincoln Car, built on principles that have proven their worth, and embodying important new
features, none of which, however, involves untried principles. Deliveries of finished cars should
begin in April.
A letter from Henry M. Leland, President, is summarised as follows:
PURPOSES OF FINANCING The purpose of the present financing is to provide
additional working capital for the production of the new Lincoln Car and slight
extensions to present facilities. s
PRODUCT The Lincoln Car is now a finished design and is entering the stage of
manufacture. The successful distribution of the first year's output is already assured.
The demand for territory in advance of any public announcement so farexceeds the
possible supply that we are compelled to reject hundreds of highly desirable appli
. cations.
EARNINGS The management estimates that on the manufacture of 6,000 cars
during the first year of production the net profits will be in excess of $2,000,000. after
full allowance for taxes and depreciation. The proposed production of 15,000 cars
' during the second year of operation will in the judgment of the management result
in net profits in greater proportion than the increase of production, because inevitably
the increased production will lower the cost per car.
ASSETS The Company owns in fee fifty-five acres within the city limits of Detroit
on which are located two factories, one acquired already built, the other a modern,
thoroughly equipped plant of approved type of construction. Their cost under war
conditions in 1917 and 1918 was $8,779,700, against which there has been charged off .
$4,438,758 for normal depreciation and for amortization of war facilities, so that the '
plants will stand on the books of the new Company at the net figure of $4,340,941.
Net tangible assets, taking the plant at its amortized and depreciated value, aggre- . ,
gate $11,777,033, or an amount equal to $73 per share, upon sale of 160,000 Class A
Shares. Net quick assets alone amount to $46 per share on 160,000 Class A Shares.
It Is planned to make application to list these shares on
the New York, Detroit and Baltimore Stock Exchanges
Of the 160,000 shares, we offer 125,000 Class A shares, 35,000 additional A Shares having beea
purchased for cash by interests identified with the management.
Price $50 per Share
Deliverable when, as and if issued and accepted by us.
Kissel, Kinnicutt & Co.,
New York Chicago
Th above information and statistics are sot euaranteed, but we believe them to be accurate
All of the above slock having been applied for, this advertisement appears for purposes of record only:
Cassatt & Company
Philadelphia New YorE
$7,500,000
Southern California Edison Company
Dated July 1, 1917.
General and Refunding Mortgage
twenty-five Year 6 Gold Bonds
Tax Exempt in California
Due February 1, 1911.
Issuance authorized by the Railroad Commission of the Stato of California
The Company agrees to pay interest without deduction for any Normal Federal Income Tax up to 4,
which it may lawfully pay at tho source. Under the present law the Company will pay the 2. tax de
ductible at the source.
The following information is taken from official sources:
The Southern California Edison Company supplies electric light and power to over 150 cities and towns,
including Los Angeles. It serves an area of 55,000 square miles and a population of over 1,000,000.
The generating plants operated by the Company have a total installed capacity of 302,430 horse power, of
which 158,920 is derived from wateri power.
Both the gross and net earnings of the Company are more than four times thoso of thirteen years ago.
For the year ended November 30, 1919, gross earnings were $10,481,694; net earnings were
$6,135,996, or more than two and a quarter times the annual mortgage bond interest charges
of $2,647,280. T
The Company has been paying dividends on its common stock since 1910, the present rate being 7 fa
We recommend these bonds' for investment and shall be pleased
to send on request a circular describing the issue in detail.
" Price 96 and interest; yielding over 6.30
Harris, Forbes & Company E. H. Rollins & Sons
New York Philadelphia New York Philadelphia
The National City Company
New York Philadelphia
Pa. Coal & Coke
J.K.Rice,Jr.&Co
Fhonea 4000 to 010 John. SO Wall St., fl, T-
T"
Send for "Bond Talk?'
INCORPOATCO
11B Broadway Stock Bich. Dldi..
NEW YORK PillLADELPHli
045 Main Ht. ,t)0 But. HL
BRIDGEPORT , BOSTON
I'liiladrlplilit Klettrlc
Terrv Haute Tructlon
Company
4 l.UIlt
(la, 1022
IndiuilH- t .nlll.nl.nu J If ........... K.. ...1.1
- . M. ...... fill . IU.U
amai City (iu Camiiuny lt On, 1023
Jolm.tovrn I'awirntrr Knlltvuy 4, 11)31
lean Mary foul Company lat 6i, 1030
J.orlh HprlngllrW Water Company a, 102H
&"V,lvlcS il?'Va!"r ' iUtt. fl. 1031
uESSlt 'A"if v!lfJ 'o'l'v t'oll. 0,, 1028
rJhalrrr Oil & Hrflnlne Company Oa. 1BI0
Samuel K. Phillips & Co. .
Indlanapolln, Col. A-Kant. Troc. 61. I"-8
outhrrn Ctllltlei 6. 10SS ,.
Mahonlnc X Hhrnango Ry. W- " lv
hracuo Jaa lat fit. 1040 ....
Indianapolis IV. W'orvi 0a. 101
HENRY D, BOEHHIHQ & CO
wxnrir wvrHANflK BCIUTN0
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