v .,
i
Bt
?!
A. ' 1
rt " -
''
film. . i
w '',r
'f
er
kurgh, Cincinnati,
indSl.l.Ry.Co.
wwlii-ated Mortgage s&s
Due May I, 1964
TUX WEE IN PENNSYLVANIA
NEWS OF FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK QUOTATloM
nf
ranud Principal and Interest
by Endortament by
Pennsylvania Company
(Mnat of P. R. R. West of
Pittsburgh)
tfce bond's are a
i .rom tinclui
fBJsfl fJl I nlnmhiiu n.
"i.yo i-oulsrllle) nnd br it norttin on
" ubJect to only 1.47S.0OO under.
St i it-"". ' ." morurat-o lien no a
of. the p. ft. n. System bttn the
?..IW"0B,J
b, to. Columbus and from Indian
of
rlrtsburib, Columbus. Chlcaio.
in.
FURTHER IMPROVEMENT ON
MODERA TE SHORT COVERING
Fresh Demoralization in Foreign Exchange and High Money
Rates Was Entirely Disregarded
Us. Cincinnati and Loul.rl
Circular on RequMt
Price: To Not 5 Per Cent.
i
04
Bitldle & Henry
SOUTH FIFTH STREET
wanted
Assistant Manager
Foreign Department
There is an opening in the
1 foreign department of a
New York bank for a
junior officer (assistant
manager of the foreign
department) . Applicants
snoma De tuny acquainted
with financing of imports
and exports, trading in
foreign exchange; knowl
edge of domestic and for
eign credits essential.
Should be able to handle
large office force. State
past experience and sal
ary expected. All letters
will be treated as strictly
confidential. Address
B 611, Ledger Office
-Stock Salesmen-
A New York Brokerage Home
of unquestioned standing I del
uged with Philadelphia Inquiries
"Pi Iilgh-cIasB, dlvidend-paylnr
Mid-Continent oil security short
ly to be traded in on the Niv
York Cnrb, under exceptional
market sponsorship.
This bouse wants one or two suc
cessful salesmen with established
local connections and credentials
..f,0,i,,w np "nd cIoe B'e 'n the
Philadelphia territory, but wlshea
to get 'In touch with the salesman
himself, not with any brokerage
House employing him.
There Is a big opportunity for
uie right man who can (how
results.
neply In confidence to the New
York address below, when an on.
polntment will be arranged for
Personal Interview with ene of
iSTii i?r.mu". rePrntatlTes, at
Philadelphia.
Address P. C. B.. Pottoffico
Box 372
City Hall Station,
New York City
New York, Jan. 27. Conforming to
yesterday a course today's stock market
disregarded the further break in foreign
exchange and hiih money rates and
continued its upward or recovery move
ment. The chief factor was the scant
supply of stocks, reflecting the acutely
oversold conditions which were a na
tural result of the liquidation that had
ucvu in progress lor over two months,
coupled with the three weeks of almost
continuous hammering by the bear contingent.
Tho covering movement, while the
most important factor in elevating
prices, was by no means extensive, nor
was the demand apparently as urgent as
noted yesterday. This, however, would
not imply the complete rounding up
oi mo snort interest, but rather reflected
the indisposition on the part of tho
constructive leaders to force the cover
ing movement.
It is reasonably certain, if any con
centrated drive was made against the
over-extended bear account prices would
be sent soaring and bring about a fresh
outburst of speculative enthusiasm,
which, because of the money market
conditions, is furtherest from the hopes
of the bull leaders.
Perhaps the most significant feature
of the day was the appreciable increase
in buying orders from many outside
points. The quarters from which many
of these were received would seem
ingly indicate the powers-to-be were
keeping in close touch with the market
situation. It also showed that the
public which held aloof for weeks were
disposed to nibble.
In many respects the morning move
ments were almost a eomplet repeti
tion of yesterday's program, except the
advances were not quite so pronounced.
There was the same uncertain ten
dencies manifested at the opening,
which this morning wero due largely
to further demoralization in foreign ex
change, all tho leading remittances
falling to new low records.
This collapse which later extended
to the Scandinavian centers, however,
was ignored in that technical conditions
continued to exert greater influence
than outside news or developments.
The market oulcklr steadied within
the first hour on the renewed cover
ing movement. Copper, food nnd chem
ical issues wero added to the list of
moderately strong stocks, but motors,
oils and the steels, tho latter includ
ing several equipments, continued to
lead the advance.
United States Steel, contrary to ex
pectations, moved within the narrowest
limits, giving co intimation of the char
acter of the statement of earnings for
the final quarter of 1010, and for the
year of 1010, which is to be issued
after the close of the market today.
There was the familiar slowing down
around midday, after the renewal call
rate had been fixed at 8 per cent,
against 7 per cent yesterday.
Trading continued very dull during
the early afternoon, but prices mounted
steadily. The movement continued to
center in high-priced industrials and
specialties at extreme advances of 2 to
14 points. Ralls were the only issues
to make no appreciable progress.
Shippings were included among the
higher quotations recorded in the last
hour, the market again disregarding the
further break in exchange.
I NEW YORK STOCK EXCHANGE TRANSACTIONS
Sir.
ln
STOCKS STRONG
111
STUCK
D
N DULL MARKET TO HELP STERLING
Street About Evenly Divided as
to Immediate Future Price
Movement
SHORTS ARE NERVOUS
Gen. Amer. Tank Car
$
EQUIP. Ss
Free of Penna. State Tax
Free of Normal Income Tax
Price to Net 6.25
Circular on request
Townsend Whelen & Co.
j SOS Chestnut St
Public Service 7s. 19,22 "
Penna. Water & Power 5s, 1940
Phila. Electric 6s, 1922
Georgia Ry. & Power 5s, 1954
.Loc'st 8104 land T;lle Bldg nace 411
Reliable Broker
or
Security Salesman
to handle a small block
of an attractive dividend-paying-
industrial. Favor
able contract to right
party.
"Industrial" P. O. Box 372,
City Hall Station,
New York City
New York. Jan. 27. The New York
Evening Sun's closing financial review
toaay says:
The stock market was strong today,
but trading continued so restricted that
it was difficult to draw definite de
ductions from current price movements
as to the probable course in the near
future. The street appeared to be about
evenly divided between bullish and bear
ish opinion; the one citing the tech
nical position within the market, that is
to say. the large short interest and the
limited offerings made in response to
bids of a more or less ureencv. nnd the
f other pointing resignedly to the dubious
outlook lor money.
A good deal may be said for both,
enough indeed to suggest to an impartial
observer of market conditions that the
seal s may be about evenly divided for
a considerable time to come.
However, this may be the shorts at
the moment have none too much confi
dence in the security of their position
and this feeling was not materially
allayed by obstacles encountered when
it came to covering.
The situation in Washington f-ecms
bad from every angle whether it con
cerns the peace treaty or the railroad
matter, although the latter has appear
ed a bit brighter than last week, but it
works both ways so far as influence
marketwise is concerned.
The bears have gone a long way in
discounting the worst that may be fore
Proceeds of British -American
Tobacco Sales Go to Purchase
English Remittances
ISSUE FINDS GOOD MARKET
New York, Jan. 27. An important
feature in the trading on the Broad
Street Curb today was the development
in British American Tobacco, which
has been used for over a week past as
a means of steadying the sterling ex
change. Sales of that stock reached more than
10,000 shares in the first few davs, the
proceeds all being used to buy demand
sterling, similar to the use made of the
proceeds of sales of Canadian Pacific
on the exchange.
That this stock found a good murkct
and in spite of this supply was regarded
as significant of a strong and broad
underlying demand.
General Asphalt moved up from
HSVj to 120. Simms Petroleum was in
good demand, advancing to 55.
New York Shipbuilding was another
strong feature, advancing from 44 to
47. Submarine Boat was traded in ut
1B to 16. Carib Syndicate sold at 45
to 46. Montgomery-Ward yielded from
38 to 38. Marconi sold at iiy, to 0.
l.VDl'STKIALN
. Wen Low Lam
Am Marcon (Hi rS 4H
British Am Chfm . . nV. n nu
Brit Amer Tob coup ... 19 J8W Is
Car Lleht 2 sJ '
General Asphalt . .. ,lltJ lis no
Genera.! Motors 3- 31 $
Grata Oln preferred li li j
Mercer Motors CO 3o nn
-Montcnmery-Ward 3S'. 3S 3n
Sftlel
600
100
200
WOO
100
100
300
8.100
8200
1300
200
1100
M0
200
1400
100
2500
300
2800
iOO
6000
900
MOO
200
3300
100
1300
1800
3400
11 000
31000
300
300
12O0
3690 4
100
100
290
100 7
600 6
1000 10
200
723(0 3.50
700
100 8
44"!
300 o
35100 i
100 S
100
100
200
200 6
300 7
100 10
POO
300
li
300
fi200
200
1900
16)0
100
1600
9100
300
300
200
Nor Am Paper . . .
Perfection Tire . ..
Radio Co
Republic TI- Rub
Stanwood Rubber 17V4 ITS
Submarine Boat 1(1 13"
Trlansle Film J
V S 8tenm 4H 31!
United Ret Candy 1 isil
United Plct Prod m J51Z
Van nanjte pref 21 'i
Orpheura Circuit 33W 334
INDKFENDKNT OILS
Allied Oil
bpen disturbed only to the point of hesi-
tatinc to increase their commitments
until the ntmovphere shall have cleared.
Hence the demand from shorts suttenng
from nerves very nearly balances offer
ings from longs who have listened to the
advice to take their profits, if they have
any, and await whatever opportunity
there rauy be to get stocks back at lower
prices. Todaj 's demand exceeded sup
1 dIv from the beginning.
I- . . , - , , , . ..:"-
I JLnc steels were somewnar. uacKwaru uen
I by comparison with the remainder of A,nc,t.- ;;:;;;;
the industrial list because of the L nitPd Arkansas Natural Gas.
States Steel quarterly report, wmen was
issued at the close of the market. The
report was expected to disclose innit
fercnt earnings because of the strike.
Crucible was the only feature in that
group which displayed bullish Initiative.
Baldwin Locomotive did well also.
The oils and motors were well bought
and the list was generously sprinkled E'"' "
.j.l i 1.1... 1 l-jtl...l :.. I Glllilttnd
wun siroub Biirviajiy uuu luuiviuuui j- oimrock oil
sues suca as irginia i.arounu iiirim
cal, Ketail Cigar Stores, Stromberg
Curbereter, American Linseed. Ameri
can Woolen, New York Airbrake, Con
tental Can, Worthington Pump and so
on.
ieon Slarr Meel Compunr 1st 6s, 1937
Public Hen lee Corporation of N. J, 1, 1022
.Erie Kleetrtc .Motor Company 8, 1941
jKflnitoifn TrHrtton rnmnnnv la R. toil
'ennajlvaiila Coal & Coke Company 6s! 1032
WMr yu, . unc 1 UIDPHny 0, 1942
lufeinnJu Urrtrie I omnanv a mt
..t .. v.... ..--.. ..-if.. ... .' !?r
Indianapolis Northern Traction lis, 191"
JftdlenapoUs Traction 4 Termlnjl S. 1933
f Samuel K. Phillips & Co.
Members Philadelphia Stock Kxrhanre
607 CHESTNUT ST.
geran:
yhHad
American Store lt preferred
,irm lea 1st preterred
Kolb Ilakery preferred
nttto KlHenlohr common
Republic Ry, & 1Orolu,
'HENRY D. BOENNING & CO.
1 BTOCK EXCHANGE nUIUDDfll
(Direct Private Telephone to New York
I Members I'bllu. btock Kxcluuue
Hell Pet
Boone Oil
Hoston Wyoming .
f arlb Syn
Cltls hervlce "B"
Corden & Co
1 Dominion
I Iluqueane
1 Elk Hasln Pet ....
Knulneers Petrol .
I Hsmeralda Oil ...
30V4
4R;
3,
Philadelphia Stocks
fSiockwell. Wilson & Linvill
Certified Public Accountants
Land Title Bldg.. Philadelphia
Annual Meetings
orrit'K or 1'hiuiki.piiia
Till. st COMPANY
Philadelphia January 1M l&Ln
An Annual .Meellnc of tha Stockholders of
via LompHnr win hp iiem m ineir oince on
ttcday. February 10, 1920. at 12 o'clock
ut, and on the same day an election will
fceT held, between tho hours of 12 o'clock m
sad 1 otipck p. in , mr Directors 10 servo
'IB me ensuins; year.
11 1.. ,iu-t i.iii pwrfiary
'ad 1
SrR-
j?.l)TT!R, EGGS AND CHEESE
Kew Yelk, Jan. ST BUTTER steady Re-
pta. OOIl (Ut. ,rrnirTjr HiKiirr tnsn
1, 04ri uooc, creamery extras (H2
64o; creamery, firsts (83 to 01 score),
laavici packing stock, current make.
a. .... , . ...
Unseiueu. jivcripiB, hjcmi cases
Uiered. extra firsts. U07()c, firsts,
statu, Peiinjjlvsnla and nearby
bMry whites, firsts to extras. 7Sea
4. Pennsylvania and nearby hennery
iraa, iowic, oo, o-aincrea crowns
colors, firsts to extras. 070 72a
irreouiar i-ctipin. iooj ooxei.
miiM, nets, neiq specials.
verace run. :t ujlc; Msta,
'w$..3fr""-
Y ML 1,
' ' -JHk
Hflhs
'saaTSSktf
Hla-h
75 Alii Ins
war ... 0
123 Alii Ins. 23
757 Am Strs. 411.
12 Am Gas. 5U
SO Am Mill. F
25 B & S tc 60
148 Elec Str.130
1 Gt P Cem 5
18 do pf.. 10
250 Lk S Cor 20
20Lans M. 84
41 Leh Nov. 64
155 Leh Val. 43
30 Nor Nat
Bk war. 34
.".71 Pa R It. 42
275 I'll Bank
war ...151
57 Phlla Co. 41
220 do c'm pf XlYi
:i28 Phil Klec 25
32.'i2 P It T tc 25 Vi
30 Ton Bel. 21,
155 Ton Min 2
485 U O I.. 541
Low Close
Net
chse.
6
23
40 w
51'
60
120
5
10
64
43
30
42
6 Vi
3 ,
41ni
51 M, Vj
8..
no ..
130
Gurfev Cllllesole 3S'i
Home Oil 44
Houston Oil 12S
Hudson Oil 1H
Int Petrol 70
Uvlncston 1H
Merrltt Oil 21'
MetroroUtan Pet 3'i
Midwest Ref J6i
No Am Oil 1H
Omar Oil 7
Phillips Pet 87
Producer & Refiners 10
Red Rock li
Salt Creek Prod Wi
Pkelly Oil 12
Slmms Pet OJS
Southern States Vt
Spencer Pet ly
Un Texas 1
Vulran Oil ,
White Oil Mt
White Eacle -2'
Woodburn
200
300
300
100
300
100
3200
1000
1800
36)0
, 8 0
1200
1000
COO
300
00
309
osoo
100
14100
100
100
33)0
700
50)
100
430
100
20 0
1100
100
400
SB 300
S 500
1500
2800
00
400
200
4000
400
2100
3000
200
100
700
00
200
400
100
200
1900
200
100
100
100
6100
1300
2500
7700
1900
2Jb
2300
300
Advance Rumelv
6 AJax Rubber 81
. . AiaeKa Juneau O M . . 2
. Allls-Chalmers 0
7 Allls-Chalmers pf ... 88 H
8 Am Agrlo Cham .... 93
8 Am Beet Sugar 83 yj
8 Am Bosch Magneto ..124H
Am Can s$
13 Am Car & Fdy 139H
Am Cotton OH 0
80 Am Drug Syn I3yj
Am Express otH
. . Am Hldo & Leather.. 2d
Am Hlds & Lcath pf..H8
Am Ice un
Am Intemat Corp ...110
Am-La France Englno 14
Am Unseed ., 86
Am Unseed pf 99H
Am Locomotive 100 14
Am Ship & Commerce. 3J
Am Smelt & Ref .... C9H
Am Smelt & Ref pf . . 99
Am Steel Foundries . . 40
Am Steel Fdrics pf . . 93
Am Sugar Ref 137?4
Am Sumatra Tob .... 93 M
Am Tel & Tel 084
Am Tob Seo temp ctf s. 69 H
Am Woolen 160H
Am Woolen pf 10SH
Am Writing Paper pf. 615
Am Zlna Lead & Sm.. 20 H
Anaconda Copper .... 624
Ann Arbor 11
Ann Arbor pf 25
Asso Dry Goods 61 5
Asso Do Gds 2d pf . . . 75
Atch Top & Santa Fe. 84
Atl Gulf & W I S S...165
Auto Sales C tern ctfs. 17J4
Baldwin Locomotive. .110H
Baltimore & Ohio .... 31 H
Barrett 1294
Bethlehem Motors ... 30 yj
Bethlehem Steel 03
Bethlehem Steel B ... 9Sy4
Bethlehem Stl 8 pf,.113y4
Booth Fisheries li
Bklyn Rapid Transit.. ll'4
Bklyn R T ctfs of dep. OJi
Brooklyn Union Gas.. SS
Brown Shoo 100
Bums Bros 107
Butto & Superior Cop. 27J4
Caddo Central O & R. 23'A
California Petroleum.. 41?4
California Petrol pf . . . 724
California Packing ... 8.1 H
Calumet & Arizona... 65
Canadian Paclflo . . . .128
Central Leather 9354
Certaln-teed Prod .... 59 yi
Cerro do Pasco Cop. . . 57?
Chandler Motors ....137yi
Chesapeake & Ohio ..54
Chicago Gt Western.. 8ft
Chi Gt Western pf . . . 23
Chi & Northwestern.. 85
.. Chi MI1& St Paul 30H
.. Chi Mil & St Paulpf.. 5XH
8 Chi Pneumatlo Tool . . 91
.. Chi Rock Isl& Pac ... 264
6 Chi R I & Pao 6 pf. , G0V4
. . Chile Copper 19 li
3 Chlno copper 38M
. . Coca-Cola, 39
1 Col Graphophone .... 4 VI
3 Colorado Fuel & Iron. 43
4 Columb Gas & Elec... 64 'A
7 Consolidated Gas .... SIM
. . Con Interstate Cal M. . 19H
3 Consolidated Textile . 30 H
7 Continental Can 83
1 Continental Candy . . , 13H
4 Com Products Ref,.. 80V4
7 Corn Products rw pf.l02
12 Crucible Steel 233
7 Crucible Steel pj .... 39V4
10 Cuban-Amer Sugar ..445
. . Cuba Can Sugar 2
7 Cuba Cane Sugar pf . . 844
. . Denver & Rio G pf . . . . 12
1 Dome Mines 12
3 Elk Horn Coal 2y4
. . Emerson-Brantlng ... 27
7 Emerson-Brantlng pf. 84 K.
5 End cott-Johnson ... 140
7 Endlcott-Johnson pi . .102
.. Erie 1254
8 Famous Players-L ... 83 U
3 Federal Mln & Sm pf. 32
.. Flsk Rubber 42ft
3 Freeport Texas 28
2 Gaston Wms & Wlc. 17 jj t
6 General Cigar 71y4
8 General Electric 168 J-4
12 General Motors 305
.. General Motorn pf . . . 83J4
6 General Motors deb... 81ft
6 Goodrich B P 70ft
7 Goodrich B F pf 974
,. Gray & Davis 15
4 Gt Northern Ore ctfs. 38 ?4
7 GrcU Northern pf 78 ft
.. Greene Cananca Cop. 36
. . Gulf States Steel .... SO
4 Uackell & Barker Car. 60
7 Illinois Central 89
6 Inspiration Con Cop ., 57ft
. . Inlerboro Con Corp . . 4
Int Agrlcul Corp pf... 79
.. Inter Con Corj' l'f 12y4
6 Int Harvester 130
.. Int Mer Murine lift
6 Int Mer Marine pf ... 98ft
.. International Nickel.. 2ft
.. International Paper .. 85 '
.. Iron Products Corp .. 14
2 Jonei Bros Tea 20ft
4 Kelly-Spg Tiro 136
. . Kelsey Wheel 82
Hljh Jir
. M
3
41ft
86
03
93
120
138ft
0
13 ft
97 ?4
26
117y5
4H
109
14
85
814
90
2
08 ft
99
45 ft
93
91
07
67
1534
105
64
194
am
11
25
614
73
83
101
17
117
31 V4
129ft
29
93
96
113 ft
11
14 ft
9ft
55
100
107
37 4
23
41
72
81ft
64
127 ft
03ft
.65
56
1324
54
8
23 ft
85
36
51ft
94
28 ft
COft
19
37 ft
37 ft
1
4t
63
80 ft
18
30 ft
88ft
12
85
102 ft
225
99 ft
445
50
81
12ft
12
25
27
81ft
140
102
12ft
82
31ft
41
27
17ft
71
168 ft
299 ft
S2
NO ft
78ft
97 ft
45
38
78
36
79 ft
60 ft
89
fieft
4
79
12 ft
130
10
97
24
Ht
0
26
134
81
ft
ft
ft
H
'ft
1ft
ft
ft
lft
lft
1
ft
ft
.a
n
Today Net
Close Chre.
43 lft
81
2
ft
86- ft
93 ft
93ft 3ft
123 3ft
M H
139ft ..
0
13 ..
07 1J4
26 - ft
8
44 ..
109ft- ft
14
85ft
99
09 ft
35 ..
68 ..
09 -
48- H
03
137 1
lft ft
98ft- H
69 lft
18 5
105 ft
66ft
ft
11
25
81
165
17
117
31ft-
129 ft
30ft
93
98
113ft
14
14ft
9-
55
100
107
27 ft
23
41-
72 lft
85ft lft
64- ft
127 ft- ft
93ft ft
0ft 4
7
135 2
!
8
23
85
36
51ft
94 -26ft-60ft
10ft
38
37-
4ft 3ft
41- ft
Clft lft
811
18 ft
30 ft ft
88ft 1
12 - ft
86ft lft
102 ft lft
225 ft- 3ft
9Dft ..
4455
51ft ft
Sft
12 ft
12 ..
25
37
84ft lft
140
10
12ft
82 32
12
27 -17ft-71
-168
ft
80ft
79
38
78
36
80
60
89 7
4
70
12ft
130
41
84 ft
1 20
136 3ft
822
DIv,
Sales In t
800 3
100 1.25
2700 g
100 ..
100 ..
790 ..
700 3.J0
- 710 2
800 ..
100 7
8S0 4
800 ..
300 ..
100 .,
aoo ..
300 ..
60S
16000
100
3l"h
37
86
10
17
36
7
10
3
7600 1.30
3300 4
200
400
100
100
20
300
1600
100
300
4000
IOO 1.50
800 ..
- I
lft
ft
ft
ft
1500
00
400
100
100
100
100
100
600
100
4200
200
3100
200
100
100
6600
2100
200
1100
200
2500
1800
300
11800
100
800
300
100
100
700
2300
300
100
200
000
100
100
900
400 4
12300 6
11500 8.70
1000
200 1
1100
2200
6200
6300
1500
3000
200
400
400
4000
20400
IOO
800
400
700
2700
200
4500
800
100
200
1000
00
100
600
800
200
1000
23500
100
230
703
8 tOO
800
8500
400
COO
41000
400
000
700
1800
600
100
100
100
00
100
2300
200
11300
100
00
000
9700
6
6
20
8
4
7
7
3
io
1
8
io
4
4
10
Kennecott Copper . ,
Keystone Tire A Rub
Lackawanna Steel .
Lake Erlo & West..
Lake Erie & W pf . . ,
Lee Rubber & Tire ..
Lehigh Valley 43 ft
Loewe Co 31
Loft Corp 23ft
Louisville & Kaslivllle.106
Mackay Cos pf 61ft
Martin Parry 30
Maxwell Motor ". 30
Maxwell Mot otts .... 36
Maxwell Mot 1st pf. . . 60 ft
Max Mot 1st pf ctfs. . CO
May Dept Stores .... 12614
Mexican Petroleum ..202ft
Miami Copper 24
Middle States Corp ... 46
Mldvale Steel A Ord.. 0ft
Minn & St L new.... 13ft
Missouri Paclflo 25
Missouri Paclflo pf . . . . 40
Montana Power 60
Mullins Body 48
National Acme 38 ft
Nat Aniline St Chem.. 67ft
Nat Anlllno & Ch pf.. 37
Nat Enam & Stamp.. 83ft
National Lead 80ft
Nevada Con Copper ,. 16ft
New Or Tex & Mex . . 43
New York Air Brake .109
New York Central ... 69ft
New York N H & H.. 26ft
New York Ont & W. . 17ft
North American 57
Northern Paclflo 78ft
Nova Scotia S & C ... 73 ft
Niagara Power pf.... 104ft
Ohio Cities Gas 48
Ontario Silver Mln... Oft
Okla Prod Ss Ref Oft
OUa Elevator 137
Otis Steel 38
Paclflo Development ..74ft
Pacific Gas & Eleo ... 7
Paclflo Tel & Tel .... 42
Pan-Amer Petrol & T. 95ft
Fan-Amer (B) 93ft
Parish & Bingham ... 43
Pennsylvania R R , . . , 43 ft
Penn Seaboard Steel . . 33
Peoples Gas Chicago.. 41
Peru Marquette 29 ft
Philadelphia Co 41
PIoroe-Arrow Motor ., 71
Fierce Oil 19
Plerco Oil pf 95
Pittsburgh Coal of Pa 63
Pressed Steel Cor .... SO
Pub Serv Corp N J... 07ft
Pullman 1.6
Funta Alegre Sugar .. 91
Railway Steel Spnnu.. 09
Rwy Steel Spring pf.,105
Ray Consolidated Cop. 21ft
Reading ' 75ft
Reading 1st pf 34
Remington Typewrit.. 88
Ileplogle Steel 40 ft
Repub Motor Truck . . 53
Republic Iron & Steel. 115
Royal Dutch N Y ....110
St L San Francisco.. 18
St Joseph Lead 13
Savage Arms 75 ft
Saxou Motor 10 ft
Shell Trana Trading .. 80
Sinclair Oil rts 41
Sloss Sheff S & I .... 81
Southern Paclflo 100 ft
South P R Sugar ....215
Southern Railway .... 31ft
Standard Milling ....142
Stromberg Cnrb 79 ft
Studebaker 106
Studcbaker pf 101ft
Stutz Motor 130ft
Superior Steel 40
Tenn Cop & Chem ... 13
Texas Co 204ft
Texas & Paclflo 37
Transcontinental Oil . 87
Tobacco Products .... 91ft
Twin City R T 35
Underwood Typewrit. 175
Union Oil 34ft
Union Paclflo 122
Union Paclflo pf 67
United Alloy Steel ... 49
United Fruit 198ft
Un Ry Investment ... 12ft
Un Ry Invest pf 29
United Retail Stores.. 90ft
U S C I P i! Fdy .... 23ft
U S Express 30ft
U S Food Products .. 69
U S Ind Alcohol 110
U S Realty & Imp.. 53
U S Rubber 128
U S Rubber lbt pf ...114
U S Smelt & Ref 71
U S Steel 106
U S Steel pf 115ft
Utah Copper 76
Vanadium Corp 48
Va-Carollna Chem ... 68
Wabash 8
Western Maryland ... 11
Western Paclflo 24
Western Union Tel ... 87
Westlnghouse E & M. 53 ft
Low
30
36 ft
85 ft
10
17
35
43
30 ft
23
106
61
29
30
30
60
0
124
199
34
45
49
13 ft
23
40
66
48
38 ft
66 ft
87
83
84 ft
16 ft
40
108ft
68 ft
28ft
17 ft
87
78ft
73 ft
104 ft
47
9ft
Oft
136
37
74ft
87
43
04
01ft
43 ft
43
33
40
20
40
69ft
19 ft
94 ft
62
Wheeling & L Eric... 11
White Motor 62
Wilson A Co 75
Willys-Overland 29ft
Willys-Overland pf . . . 89
Wilconsln Central .... 30
Woolworth F W 120
Worthington Pump ..95ft
07ft
115
89 ft
99 ft
105
21ft
74
34
88
45 ft
53
111ft
109 ft
18 ft
15
72 ft
19
S5
43ft
80
100 ft
211
21ft
140
70
103
101ft
127
49
11
202
30
26 ft
90 ft
35
175
31
121
67
40
ISO
13 ft
2Sft
8S
23 ft
311ft
60 ft
108
53
120 ft
113
70
105
115
75
17
67 ft
8
11
24
87
53
11
61
75
38
83
30
126
02ft
Today" Net
Close Chs.
36 tft
85ft ..
101
17
33 lft
43- ft
31
23
106
.64
29
30
50- 1
126ft lft
300ft ft
24
46
ft
35
40
601
48
S8ft ft
6ft lft
87 1
83ft
85ft
Wft
, 40
108 ft
69ft
36 ft
17 ft
57
78 ft
73ft
104ft
48
9ft
0ft
137 3
38
74ft lft
87- ft
43
05 -
01ft lft
43 ft
42ft ..
33
40ft
23
41
70
19ft
95
63 -09
6ft-
ft
lft
ft
1
"x
"
LOCAL PRICES SHADE OFF
ON VERY SMALL DEALINGS,
Continued Moderate Selling of Philadelphia Rapid Transit
Bank Credit Situation -Improving '
H04, or $11.75 under vesterdne'. R 1
sale, and nearly $34 under th ?.LB fi?
ocored last week. It was P pric
$10.75 above tho Initial prf"' anfeV
above the low water mark a 22'25
. American Stores was the fcaii,,. .
over the preceding yfcnr. p fit
In Philadelphia Electric Tv 0
perior, United Gas ImproVemen, ?u;
Pennsylvania Railroad 1 "wis a If."1
of on either side. About ,?"."
feature of note in boud deaC .
the advance of 8 per cent In the ruble
Service of New Jersey Ds nAii"
to the Liberty Bonds wc?e. muehSe'
The credit situation caiS ff te iSfl
siderablo discussion at the week y T,
mating of most of the larger hu
tutlons today. Never, perhatw n?.
in the histor of tho incpi i.".8!.' J ?tt(n
rwufc has such a close study btcn gn
to the matter bank credits than is Rj!"
given today by the dhrctow of S
1
1
ift
no 1
00
09 ..
105 ft
21ft ..
75ft- ft
34
88
46ft 3
5 - ft
115ft ft
109ft- ft
18 ..
15 ft
71 3ft
19 ft
86ft ft
43- ft
801
100
315 15
21ft- ft
140 - lft
73 2
104 ft ft
101ft- ft
130 ft 2ft
49
11 ..
203 ft ft
36- ft
27 ft
91ft ft
35
175 5
34
121- ft
07 ,
43
198ft 3
12ft ..
28ft-
89 1
23ft ft
30 ft
03 ft
109 3 ft
127
113-
71ft
100 ft
115ft-
76
48
A general lower range of prices was
established In tho local market on u
comparatively small volumo of dealings.
The yielding tendency of the greater
part of the list stood nut- In VmiH .nn.
trast with tha pronounced strength of
u ... w iorl' marKCt. xne price
shading was not because of any hp.
preciable increase in volume of selling,
but in most cases was the result 01 sneer
incrtja.
-Renewed liquidation appeared in
Philadelphia Rapid Transit, depressing
the price to n new low for the move
ment at 24, from which' it subsc
quently rallied to 24. No definite
explanation was offered for the free
offering of the stock In tho last forty
eight hours. Tho effort to place tho
responsibility either on the decision of
tho Mayor to retain Director Twining
at the head of tho Rapid Transit De
partment, pr on the report of the valu
ation to bo made by the Public Service
Commission was ostensibly more in the
nature of an excuse than a cnusc. The
real motive possibly will be disclosed
later.
The extreme narrowness of the cur
rent dealings Was tvnlfinrl In- ho tin.
usually widd price lluctuatlLns in what
could be called inactive issues, althdugh
tuu Bwac ruic applied to Heretofore
popular favorites. Alliance Insurance
on limited dealings receded $2 to V3.
American Gas lost Koni small mid int.
and a single transaction in Electric
Storage Battery was mndr nt rWlln
of $1.50 to 129, although $1 of the loss
was subsequently restored. , ,
It was in the Philadelphia National
Bank warrants the widest decline oc
curred. In the withdrawal of the recent
buying orders the price TJroppcd back to 1
iuHitutiour, The position of .1 1.1"1!!
of inanagirs.of most of the baukiw l
Mltutlons these day 1, auytlilag ,";
1 "llieciirt, "K "
It was the general testimony of ...
officials of the larger downtown tart?
that tho situation is rapidlv beinr
stored to what could h li Ji .P "'
comfortable position. There Is" hZ?
ever, uiey stated, no indication of
immediate material casing of ma,l
market conditions. The readjust
of loans is progressing satisfactorily
and in most cases whorevm. n 1. "'?
reH;iPnInaU8ibC rCDCWalS "C 'W't
TRADING FEATURELESS
ON COTTON EXCHANGE
Fairly Heavy Exports and Soil
Conditions in Southwest
Restrict Pressure
BUSINESS IN CORN PIT
15 ON SMALL SCALE
Leadership Continues Lacking'
and Change in Prices Unimportant
New York, Jan. 27. The early
afternoon trading on the cotton ex
change was almost entirely local in
chnracter and without feature.
Fairly heavy exports and unfavorable
reports from the southwest, regarding
sou conditions for the new crop pre
parations, tended to restrict pressure,
The continuance of wire trouble was
reflected in an unusually small com
mission house trade.
Tho recelnt nf cotton ut tho norts
for tie day are estimated at 40,000
bales, against 34.420" bales last week
and 17,531 bnles last year.
Test. Today's 11:00 1:30 2--10
close oprn a, rn. p. m. p. m.
March .. .10.1B 3H.80 35,07 flfl.on art.03
May .... 34.24 38.97 34.08 34.14 ....
July .... 32.SH S2.12 3'.'.10 32.18 32.22
Oct, ... 20.83 20,70 32.22
Dec 2n,3.'i 20.23
"ft
ft
lft
"ft
Charters Filed
Dover, Del., .Ton. 27. Charters filed
here toilav were: Premier Petroleum
Corporation of America. $3,500,000,
to henrch and prospect for oil, etc. ; J.
A. Price, J. T. Franks, Joe Burns,
all of Okmulgee, Oklahomn. Incorpor
ator". Pittsburgh Western Copper Co,,
L., $1,000,000, mining, T. L. Croteau,
C. II. Blaske. C. L. Himllngcr, lootl
Wilmington, Del., incorporators. El
dott Oil Corporation, $1,000,000. to
produce transport and market oil and its
products; Theodore L. Ernst, L. S.
I)umrnil, J. Median, New lnrk. in
Chicago, Jan. 27. Leadership con
tinucd Incklng in the corn pit todiy
nnd trade remained on a small tcnle,
with changes in prices unimportant.
Some covering by shorts and a little
buying for u rally brought about in
improvement after prices had receded
early under selling by n commission
house that has been advocating the bear
side for some time. There was pres
sure against the lato months became"
of a setback in hogs and the unfavor
able position of foreign exchunge.
Part of the demand was inttuencsd
by the possibility of favorable action
in the near future on the proposal In
Congress to set aside $150,000,000 for
food relief in Europe. Sentiment alia
wits helped by a better tone to cash
wheat.
Dealings in oats were without much
feature and alterations in prices were
slight. The market eased earlv under
pressure from local and eastern' houses.
Later, eastern longs furnished Mipport
and forced some covering by bliorts.
Exporters refused to offer oats for
prompt loading, owing to difficulty in
getting the grain tft the seaboard on
account of railroad troubles.
68 2ft
8
11
24
87
53ft
II
61ft
75 -29
89
30
126
93ft
EXCHANGE MAKES TICKET NEW Y0RK coffee market
New York, Jan. 27. Trading in
,.,,,,, ,, . . coffee futures was quiet at the end of
William D. Grange Heads Officers th( iirSlt ij0ur with ,)riccs holding close
Votad for on March 1 to Initial figures.
The committee ou election of the The innuncr in which the Brazilhiu
Philndelnhia Stock Exchauco ndvlso I "verument is Keeping M-cret me uum
,
MIMNO
- ' .
19 ..
20
84 U
04 ?J
43
30 -4214-
Alaska Br Col . . . .
Am Hona
.Atlanta
14 'Belcher Divide ....
1 iteicner uiviq ifc
(ICIll'Cl 4riv'vv -. - .....
HI Ledxa J?
140 140 11 "4
) -n . .
25M . .
25 !.
2H
35
25
21-S,
2U
2
54 'A
54
Total Bales, 7.140 shares, compared with
4SRT shares yesterday. Thus far this week.
11 027 fchares. Same period last ueek, 11
127. thares.
07 07 07..
Sules In BONDS
$1(100 HU-h Low
2 -l-.il it v 'is
1043 ...,
1 Mkt St El
4s 70 70 70 . .
2 Lib Bonds
4tb 4y4s. 01.2(1 01.20 01.2tl.12
(i Vie 4jV. 08.38 08.38 08.38 .12
3 Nat Prop
4-(is 30 30 30 ..
1 Pa gen 5s.. 1)0 00 00
1 Phila Elec
1st 5s ... 00 00 00..
2 Pub Serv 5s (SO 00 GO 8
1 Span-Araer
I 0s j. . . .100 100 100. .
Booth
Eloston t Mont
Caled Mlrt
Canada Copper
Candetarla M
Cons VtriinU
frssnn Oold
Crescent McNamara.
Divide Ext
Eureka Croesus . . . .
4ft Mining
Golden Gate Kip ....
Oold Cons
Oold Kewana
Gold Merger
Gold Sliver Tick ....
Gold Zone '
Great Bend
Hecla Mlnlnr
Jumbo Extension . .
Knox Divide
lioulsiana Co
McNamara ......
Marsh Mln
Mother lde
BVi
ue already tlone nnd tlie mail) uu
certuiutics nt to the government's fu
ture moves tend to discourage opera
tions ou the exchunge.
The Brazilian Government is reported
to be offering 250,000 bags, to average
4's and 5'.s, at 23 ceutt., American cred
its, for Pebruary-April shipment.
Local importers say that linn offers
from Brazil are too liigli and way out
of all reasoning, but ut the snine time
business is reported done ut the prices.
The local spot market was reported
quiet and nominally unchanged.
Yts. Close Ooen 11 a m
Marcn id.d.v)
May 1B.82W83
July 1.0002
September 18.70070
Bid.
DIVIDENDS DECLARED
.Standard Oil Co of Kansas, quarterly 13
payauie siarcn is to
anA iiKtial extra S3.
tlnrfa nf record February 23.
....... ..... -i-r ,.
Ner Murray Mog Jfl
Close chce i Vevada Ophlr 3S
2Un By Iuv
5s 74
74 74
Bonds. S21JDO0,
r. rnua
Jams wrlod last week,
camDirad
....- ' rmi ' -. -I...
csirruajr, . inua lar tni
WH
ii.'T.eoo,
VI
ith in.ooo
ik, 182.000.
Rex Cons
rtw heater Mines
Hope Oroup
San Toy
Success Mln ...,
Tonopah Belmont
Tonop Cash Boy
Tonopah Divide .....'...
Tonopah Ext
Tono-Jlin B
Tonopah Midway
Tonopah Montana
Tonopah Ittrcuo Kula . . . .
U a Cont
Victory
White. Caps ... ...
Whlta Caps Ext . .
Band
BOXDH
Allied rack Ss .
A T T Ss of '24 .
Helirian Govt 6a of '23
Itusslan Govt 6Hs ..
Itusslan aovt BHs
Swedish Govt (Is
Swiss Govt CHs ... ....
U1M-, io&
M
.fit
the following nominations for officers
and members of the goeruing commit
tee to be voted for at the annual elec
tion of the Stock Exchange, to be held
on Monday. March 1.
For president. William D. Grange;
for Secretary nnd treasurer. Horace II.
Lee; for chairman, Samuel T. David
son; for vice chairman, Henry K.
Aucker, Jnmps T. Lazarus.
For membership of governing com
mittee: Frauk 11. Bachmnu, Charles
H. Bean, Frederick T. Chandler. Jr.,
William M. KlkitiR. 1'enneii r. Kirk
bride, M. F. Middleton. Jr., Cusliftian
New-hall. Clyde L. Paul. Frederick P.
Ristine, John W. Sparks, Albert K.
Turner.
William D, Grange, who is nomi
nated to bucceed Charles II. Bean as
president, has served in this office be
fore, including the fours years 1014 to
March, 1018. Mr. Grunge is a member
of the. firm of De Haven & Townsend.
Mr. Lee has been prevailed upon to
reconsider his previously announced de
termination to resign and has permitted I cent onnrefer.-ed. payable J
his name to be used again ah candidate 0,Ar,n?ri?nlwVVna Lea
for secretary-treasurer.
Joseph II. Straub declined the nomi
nation of chairman and in his stead is
nominated Samuel T, Davidson, former
vice chairman. Mhere are two nomi
nations for vice chairman: Henry E.
Anckcr nnd James T. Lazarus.
For membership on the governing
committee there are eleven nominations,
and eight are to be elected.
MONEY-LENDING RATES
NEW YORK Money on call opened
today at 8 per cent for lending nnd re
newing. The market for time money was evpn
firmer In tone than yesterday. A few
hundred thousand dollars was traded
in for sixty and ninety days at 8 and
8 per ?ent.
Tho market for prime bank accept
ance was quiet at unchanged quotations.
PHILADELPHIA Call, 6 per cent
time, 6 per cent; commercial paper,
three to six months, 0 per cent.
LONDON Money is quoted at 3 per
cent. Discount rates, short bills, 5 per
ccut; three nmntbu bill., 5,
IB.S4 10 4
15.K.-. J 5 M
IS 03 H 03
1.1.80 1.1 80
lecett & Myers Tobacco Co.. quarterly
3 per cent common, payable March 1 in
stiick of record February 16,
uenerai Aspnau to. uurieriy ivi pr
.Marcn i to stock
American Hide and Leather Co.. quar
terly 11 per cent on preferred, payable,
April 1 to stock of record March 13.
Qlrard National Bank, quarterly n pr
cent, payable February 2 to stockholders of
record January 27.
Twin Cltr Rapid Transit, annual 12 f.n on
common, payable February 20 to stc-k of
record February 9.
Trade Quiet on Paris Bourse
Paris, Jan. 27. Trading was quiet
on the Bourse today. Three per cent
rentes were quoted at 50 francs 70 cen
times; exchuuge on London, 40 francs
21 centimes; 5 per cent loan, 88 francs
05 centimes. The dollar was quoted ut
12 francs 80 centimes,
New York Metal 'Market
Now York, Jan 27 Copper All monthn.
offered invjc Market quiet. Lead All
months, 8.Bf)c bid. Market steady Hne.
ter. East Ht. Louis, spot, January, Feb
ruary and March. 9.U7V4 0,1714c April
and May, 9.0Mi9.10c.
MARKS WORTH ONE CENT
German Coin Drops to Low Level of
All Time
New York, Jan. 27. The extreme
weakness of tho foreign exchange mar
ket In the early dealings today caused
considerable confusion and there were
unusually large differences between
quotations.
Quotations were:
Demand sterling 3.57. cables 3.58;
francs cables 12.70, checks 12.72: lire
cables 14.80. checks 14.82: Swiss
cables 5.42, checks 5.44 ; guilder cables
;sh. cuecks ami : pesetas cab es 18. 10.
checks 18.80; Stockholm cables 20.15,
cnecks -m: mrisMttnia cunies IB, HO,
checks 18.15: Copenhagen cables 10.00,
checks 10.45; Belgian cables 12.03,
checks 12.05: marks 1.0.
Around midday the Allied exchanges
made new low records while marks re
covered slightly. Sterling was quoted
as low as .s,im-fe lor demand and 3, (17
for cnbles. -Prunes broke further from
12.82 for cables and 12.84 for checks.
Lire were quoted at 14,85 for cables and
14.87 for checks. Belgian broke still
further to 13.13 for cables and 13.15
for checks.
LONDON METAL MARKET
New York, Jan. 27. Cable adveel received
st the New Tork Metal Exchange this morii
ln quoted prices In London as follows! Tin
Srwt 380 10s. un advance of 6si futures.
SM 1.1s. unchanged, nd straits, f.la.l, off
ir, Hales Hpot. SO tons: futures. 020 tons
f.tnnrtarrt copper Hpot. 1 10 IS. a caln nf
M 17s d: futures, 1121 R., an upturn of fl
in. Hairs Boot none; futures, ajoo tons
l-.lectrolytlc copper Spot, 1123: futures
TlIM, hoth up 10s. Lead Spot t4 II).'
and futures 47 As, a iraln of Ss for both'
Spelter-Hpot 0!.. an advance of 10s; fu
turea, 0 10s, unchanited. '
corporators, Porto Towing and Export May
Co., ifl .'.""'. to uiiiiu nnu opeiate - jtork
mints, etc. rrnnKiin i. .uemer. .u. r..
Mettlrr. L. V. Mettler, local Wilming
ton, Del., incorporators.
Liverpool Cotton
Liverpool, Jan. 27. Spot cotton was ;
quiet touay wun prices easy on me
bnsis of n decline of 18 points for mid
dling at 27.38(1. Tho sales were 4000
bnles. The receipts were 28,000 bales,
Including 13,100 bales Americnn. Fu
tures were quiet in the early deal
ings. Spot prices were: Americun. mid
dling fair. 32.88d: good middling,
20.G3d; fully midding. 2S.03d: mid
tiling, 27.38(1: low middling, 24.83d;
good ordinary, 21.88(1, nnd ordinary,
20S8d.
CHICAGO BUTTER AND EGGS
Chimin. Jnn. 27. BUTTER lower. Cream
cry. BflSpSlVjc.
EGGS lower. Receipts, 47(11 cjdlscs. Firsts,
61W (t 2e: ordinary firsts, 50059c: at mark,
cases Included. r8(Uc.
Leading- futures raneed sji follows:
Corn (new delivery)
Open Hleh rjwv r-Tn.A
" i,fi l.-n a, 44V
Maw 1 K 1 1K17 , .7,
July
UHtS
TmU
CI0M
.... 1.44S4 1.404 1.44V4 1.4.1 1.15
.... 1 3.1 1.35J 1.34S 1.3.114 1.3JH
... 1.32V4 l,32i 1.3174 1.32H ...
R2
7BH
Jan.
May ..,,30.30
Lard
May ....24.10
July ..,.24,30
Bibs
M.iy ....20.00
July . . ..2(l.oo
'mil. T Asked.
S3
S3K
70S
7B
83 H
75
3
.10.30 30.2!
.10.50 "30.30
t39.2? 30.32
24 1.1
24.4,1
20.67
Jl.O.')
23.D.1 t24.00
21,30 t24.35
20. SO 20,fiO
20.00 121.90
23.4
24.58
10.80
20. 8T
LONDON STOCK MARKET
Oil Specialties Buoyant Home Rail
Harder Industrials Active
London,, Jan. 27, Oil specialtlfs
were buoyant on the stock exchnnre
today. Shell Transport moving up to
13 11-10 on rumors of an extra (listribu
tiou. Home rails were harder on dividend
declarations and there was quiet buying
of Grand Trunks.
Industrials wero active and strong
nnd the markets generally were cheer
ful .
GOVERNMENT BOND8
Panama cou 2". 183
l'anama ree 2s, 13(1
Panama cou 2s, ln'18
Panama ree 2s, 11(88 ,
Panama cou Ss, 1P61
Panama res 3s. 11)01
Philippine 4s, 1014 . .
Philippine 4s 1931
Philippine 4s, lliSI ...
V H Govt cou 2s IPSO
U H Govt rrr 2s, 198(1 ,
11 H Govt cou 4. 102.1
If H Oovt res; 4, IMS
D of Columbia 3-63s,
Bid
. loo
. 100
..100
..IOO
. . ss
. . 88
. . I0
. . SO
HO
Asked
lot
101
10
101
no
no
n.i
ns
no
1924
.loo 101
. .1()0 mi
. .lOMi 10H
10J 10014
B7
United Cigar Pays 8toek Dividend
New York. Jau. 27. The United
Cigar Stores Co, declared a stock divl.
dend of 10 per cent on the common
itiuca, jiByauiv. iprii x a bioc oi record iiiui is.zon.nn.i
March 15 Chicago. jn3,12".O20
BANK CLEARING8
flank clearings today, compared with cor
nnnlnv Haw It,. .u ....... v
1020 flin .At
70.n45,W2 l.12S,BS0 147.979 1M
on2.4S4.OOS T0I.4?s.an'i iJS.il'ii.
responding day last two years:
Phlla ..S70.H4.1.
N. Tork,0n2.4S4,0.a 702.4?!l,002 S28,'54:44S
noton .. nSMn.nSB RS.T7S,2.1 io Sao OnS
U. S. Liberty Bonds
All Issues
Bought and Sold
$50$ 1 00 $500 $ 1 000
Graham, Parsons 5cCo.
435 CHESTNUT STREET
Philadelphia
12.001,037
87,1 AO 707
20,307,632
t.i..
Normally
$1,000 Will Buy 5,180 Francs
Now
$1,000 Will Buy Over 10,000 Francs
The frunc is now selling in tins country ut a pronounced
discount, beintr worth less than half its pre-war vulue, an
American dollur today bqinK equal to over eleven francs in
steud of five, normally.
This situation uiTords an unusual opportunity for profitable
investment in the French "Victory 5s and the French 47
Rentes of 1917, which, quoted in francs, can be purchased
at prices that not only yield a good interest return, but
promise a distinct profit on principal with the stabilirinc of
exchange.
For further particulars send for circular No. E-59.
SMNDLER&60MPANY,
Franklin Bank Building, Philadelphia
NEW YORK BOSTON BALTIMORE ' NEW HAVEN
1p
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