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If
To
Corporations ,
and
private Investors
We oiler iuu jowi.nv , uwn
cut lor satisfaction of capital re
tirements, in the other for-the
proper investment of surplus
We specialize in the many estab.
ilihed
OHIO RUBBER, MOTOR and
STEEL SECURITIES, which are
listed only in Cleveland.
OTIS & CO.
Invittmtnt Banker?
CLEVELAND
C1"!P.,''nti.totrO'ttOn,.Ch0iUmbB',uT,ArVrOn
Colorado Spring
Utmitn all principal exchanges
private wlret to leading market
Bonds of
Foreign Nations
We have prepared an Interest
ing booklet describing Internal
Loans of .
FRANCE
BELGIUM '
ENGLAND '
ITALY
which can be purchase today at
prices to show American In
vestors a possible profit of from
40 to 200.
Ask for Booklet L 00
A. B. Leach & Co., Inc.
Invettment Banker
IIS South Fourth St.
Expert rrepnrettop and Review of
INCOME TAX RETURNS
et corporations, partnerships, Individual!, etc.
Corporation Tax Service Co.
009 Real Estate Trust Bids.
Phono! Filbert G348 or Race 201T
FINANCIAL
INTERNATIONAL PAPER COMPANY
CONSOLIDATED MORTOAOB (1
8INKINO FOND CONVERTIBLE BoWdS
The Equitable Trust Company of New
lork successor ta Colonial Trust Company.
II Trustee under International Paper
Company Moris-age dated January 8. 103,
tireby Invites offers to the Slnklnc Fund
for the sale of bonds Issued under said
morttare, to exhaust the sum ot Two Hun
dred and Nlntty-nlno Thousand Four Hun
dred and Thirty-six Dollars and Five Cents
(1290.436 06). Bonds offered at the lowest
(rlcta. will be given preference.
Clad Aff. a. I II iM akauJ . -
."':" 'SA.ili.i'Ji "wi""11 A'.fn .
.fork r! itVr.t -tw.ii. V-ZS" ""h
ft
, ..... u..Uc. .....:... .y. a, WaU nireei
SV ""S'Sk..' iwoive ociock noon, on
ebruarj 3. 1030. and should bo Indorsed
--untrs ior ine Bale or Honde to the In.
Urnstlonal Paper Company Slnklne Fund."
The right la reserved to reject any and
111 offers
H1S,uJ5A,lJJ'I!L.Tnt,8T COMPANY OP
NEW TORK. Trustee.
By I.TJI AN TtHOADES. Vice President
Piled New York. January 5. 1(120.
THE ALLIANCE INSURANCR COMPANY
OP rniMDELPHIA -ll'wx
Third and Walnut streets
Philadelphia
January 20, 1920.
In conformity with the law of Pennsyl.
vinla, approved 22d of June. 1017. the
stockholders of The Alliance Insurance Com
Pony of Philadelphia, are hereby notified that
the privilege to cxcro.se their right to sub
scribe to the Increased capital stock of this
r8S& 51. Vofr "h"8 wm "Dlre on
Stock not subscribed for and taken on
tint date may be sold and disposed of by the
Bosrd of Directors.
JOHN KREMER. Becretary.
THOMAS rOM.IKRY CO..
TOST MOHTOAOK B HINKINO FUND
GOLD IMINDS v"
DUK AUOUST 1, 1022
notice Is hereby given that Bonds Nos. 0.
H J" 48. IS7. fit. 03. 135. 188. 142. 147
ISO. 181, 181. 10B. 1R5, 218. 22t. 222 227
S. 244 24B. 2Br.. 288. 270. 270. 28 1 201!
S for 11000 each have been drawn frr rel
umptlon out of the moneys In the sink
".Fund, In accordance with the provisions
et the mortgage, dated August 1, 1914. se.
curing the same and will be paid at 10214
and accrued Interest, at the office of the
trustee. Fourth and Chestnut sts.. rhlladel
phla. as of February 1. 1020. on which date
Interest thereon ceases,
v.. BROWN BR08. CO.. Trustees.
Philadelphia, January 12. 1020.
Dividends
KV GUARANTEE TBUflT AND SAFE
DEPOSIT CO.. SIS Cnntnot st.
A dividend of throe per cent (37.) out of
trie earnings of the company will ho paid on
md after Monday. February 0, 1020, to the
ftockholders as registered on the books of
this company at the close of business Jan
uiry 31 1020. Checks will be mailed to
ffifl0 w ha,ve "I'd permanent dlvl
ftnd orders. By order of the board
HOWARD E. YOUNO.
, Treasurer. .
THE OIRAKD NATIONAL HANK
Philadelphia, Pa,, Jan 27. WO
The Board of Directors has this day de
J'J"ed ?VarS;rl' dividend of 5 per cent
5 pajable February 2d. 1020. to stock'
jtnwy027.rTo20.ftt tf" Cl" ot bu"
Chtcks "will be mailed.
C, If. ASHTON,
,. Cashier,
flpecl.il Meetings
t3$ AT A SPECIAL MEETING OF THE
board of directors of the General
UHlty Co.. held January 24. a quicrfj
J'vyenrt of 14 per rent was di-clared on the
Sii ''fSu'fi.'1 "V '" n 'he common to
11 itockholdf's of record on the book? of
be,manetd.ny Dc'mber 31- 191- Checks to
(Signed) r. PAXSON.
. Treasurer.
Proposals
rROPOSALB FOR I1LANKETS
Office of the Quartermaster General. Clothing
f.S! .Uin?n,oDn'.V,D?no.MunlUon' "
recWhflWT'lifrb'rn.r?
if' J9,80' ,' 'umlshlng 180 Red BaddK
blsnkels. Information on request oa"
"OT SfrtlroSgrf-
Annual Meellnrs
ISPTJIB HDNTINODON AND IHtnan
oh . ""
'HiuP1,adelphla,
Thj Annual
r ".".2ltin of the. stockholder.
". when an election w I t,rnehJfSr
lrector lor the ensuing year. ltr
J. D. QORMLET.
oecreianr.
J WARWICK IRON AND BTEitL"
f .5. Am,ual. Meeting of the stockholders
lsTul?y,e2ih0kAr .tbB eowjany will close
t; .jor.tary:
PARTNERHH1P8
Cgr" DISSOLUTION NOTICE NOTICE 18
i..i.h,FbX. iytn 'hat M. IMnd und M.
iS2 ,J?dill. ! st- "''"a Co. and as
"lnd A Morrji. have dissolved partnership
jn,, January 7. 1020. All person 1 h.vlnS
r.te, Malnst either of the above (Inn.
r.fil!, ,h.n, ' " 1" Person or by
Slv. b- .malV .'3 " undersigned, who
av n appointed as attonieys.ln.faot.
HIMON HENDLEIl,
A. WINEORAD, 1
Attonieys.ln.tact,
at p. aq et.
KXlrlTlNO
trading In
1TIIE COPARTNERSHIP
l..i,b,',It?n.lJoh? .V. .".lgglns,
th.'n.j;.""". Sv,21 '1.: ' trading.lr
slv. IT. vt V .- ""issins. nas Been die-
." yiireot.
NEW YORK BOND SALES
EiromarrrtnflfTMni Tnininetlons ok New Torfe Exehat
Am Ae & C Co D Es
zooo i... osh
An Smelt A net 5s
8000 .... 84H
Am Tel ft Tel clt
SOOO .... 1774
2000 .... 77 Vi
2000 .... 77V4
Am Tel & Tel 6s
1000 .... Sirs
4000 .... SlVfc
1000 .... 81
Am Tel & Tel 6s
1000 .... 00Vi
100O .... 00
1000 .... o V
1000 .... 00V4
4000 .... 00
1000 .... ooy
0000 ... 90
Anglo-French B Ss
18000 .... 05 15
19000 .... 05
1000 .... 00
3000 .... 95
200000 .... 08
75000 .... 08 15
10000 .... 00
18000 .... 03 15
1000 .... 05 15
2000 .... 05 15
2000 .... 98
1000 .... 00.
1000 .... 95 15
2000 .... 90
1000 .... 95 15
2000 .... 98
1000 .... 95
4000 05
1000 .... 08
1000 .... 08
1000 .... 09 15
3000 .... 05
1000 .... U5
Arcetlno lUpub 8s
1000 .... io
Armour & Co 4s
2000 .... 82
1000 .... 88
Atch T & S Fe 4s
2000
1000
77
75
Atch T & B Fe ais
10000 80
10000 .... 9T
Atl Const Line clt
1000 .... 88
Atl Coast Llpe 4s
2000 .... '
nnnn .... 78
Baltlmoro'fc Ohio cv
1000 .... 00
5000 .... o4.
1000 .... 00
2000 .... 04
1000 .... 80
1000 .... 80
Daltl & Ohio 3 ViS
8000 .... 80vi
2000 .... 80
' 5000 . ROM
1000 .... 80
mono .... 81
Baltimore & Ohio 4s
1000 .... 84
4000 .... 84
9tnn .... 84
Baltimore & Ohio 6s
1000 .... 83
onftn .... 64
Baltimore & Ohio 6s
1000
100O
1000
2000
2000
85
85
B5
85
85
Bait & Ohio Tol 4s
2000 .... 47
1000 .... 48
3000 .... 47
1000 .... 48
mnn .... 85
B&OP1.B&W V
System 4s
1000 .... 56
mnn .... 551
B & O So West 3V,
2000 .... 70
1K000 .... 70
Brdy & 7th A RR 4s
5000 .... I
5000 .... 50
Buf R & Pitt Ry 6s
2000 .... 01
aono .... 01
Central Pacific 1st
4000 .... 13
2000 .... 78V,
Central Leather 6s
1000 .... 96
1000 .... 96
nnnn .... 96
Central Pacific 3VSs
aooo .... SOVi
Cent R R of N J 6s
100O ....100
inoo 00
Ches & Ohio R 4H
1000 .... 75
Ches & Ohio c' 4H
1000 .... 74
1000 .... 14
2000 .... 18
Ches & Ohio cv 6s
1000 .... 18
3000 .... 18
10000 .... 18
inon 78
Chicago & Alton 3s
4000 .... 48
Chi & Alton 3VJs
1000 .... 30
4000 .... 30
1000 .... 31
88000 .... 30
Chi B & Quincy gm
2000 .... SI
Chi B & Quincy 4s
2000 .... 95
2000 .... 95
2000 .... 05
4000 .... 05
7000 .... 05
4000 .... 05
5000 .... 05
5000 .... 95
5000 .... 04
Chi B & Quln II 4s
2000 .... 81
Cht & Grt West 4s
1000
1000 .
1000 ,
Chi Mil
0000 .
1000 .
1000
55
, . 55
, . 58
St P 4l
.. 67
. 68
10
Chi M & St P 4s 25
1000 . .. 10
6000 .... 10
8000 .... 70
11000 .... 70
ChlM&St'Pcv4
3000
2000
1000
1000
4000
1000
4000
1000
4000
88
OS
es
OS
07
67
67
67
87
Chi M & St P Cp 6s
1000 .... 08i
Chi M it St P cv 6s
inon . 67 ai
Cht & North W3VJf
nnnn 05 ai
Chi & W Itid RU 4s
8000 .... 58
Chile Copper 6s
10000
10000
25000
10000
10000
10000
1000
81
81
81
81
81
81
81
Chile Copper 7s
2000 ....105
sooo ....108
C Qov Hu.K Rly 5s
3000
2000
Chi R
1000
5000
1000
1000
Chi It
5000
48
.... 48
I & PftO fd
.... 88
I et
88
60
Pao 4s
11
Chi Union Sta 4tfB
1000 .... 81
City of Bordeaux 6s
6000 .... 01
City of Lyons B 6a
10000 ,,,, st
5000 .... 01
C of Marseilles s
5000 .... 01
6000 .... 01
C of N V 4ViB of
Nov 67
2000 .... os
City of Paris D 6s
1000
1000
1000
2000
1000
5000
6000
6000
02
02
02
02
02
02 '
02
92
Colo Indust Co 5s
1000 ...,. 73
3000 .... 73
Colo & Souternh 4s
1000 .... 84
1000 .... 84
Colo & Southern! 6s
1000 .... 84
Com Tab & R Co 6s
1000 .... 81
Consol Gas 7s Wl
1000 ....100
5000 ...,100
11000 .... 09
Con Oaa Co 7b
10000 ....100
10000 ....100
CC C&St LR4H
1000 .... 75
Den & Rio Grand fd
1000 .... 44
Pen & Rto Grand 4a
2000 .... 04
Dom of C 5s of '21
5000 .... 08
1000 .... 08
2000 .... 08
D of Can a BMs '21
3000 .... 08
Dom of Canada '26
2000 .... 08
D of Canada of 29
10000 .... 00
6000 .... 06
6000 .... 08
Dom of Canada '31
2000 .... 01
4000 .... 02
11000 .... 91
5000 .... 02
Erlo RR 1st en
2000 .... 07
Hudson & Man fd
1000 .... 58
1000 57
Hud & M RR Co in
6000 .... 16
7000 16
7000 .... 16
4000 .... 15
III Central 4s of '62
1000 .... 71
Illinois Central 6s
SOOO .... 02
SOOO .... 02
111 Cent Carlo B 4s
5000 .... 78
Imper Jap Govt 1st
2000 .... 74
4000 .... 74
1000 .... 74
100Q 74
10000 .... 74
1000 .... 74
Imp Jap Govt 2nd
3000 .... 73
5000 .... 73
3000 .... 73
5000 ...co 7.1
78
Oreiron Short L 4s
4000 , ... 83
,1000 .... 82
6000 , . ,,8
6000 .... 82
Oreon Short L 6s
3000 .... 01
1800 .... 02
Penna Rn 4s of '48
loon ... al
Penna RR jrm 4ViB
ovuu . ,.. 82
0000 .... 82
Pennsylvania RR Cs
4000 .... 90
Peoria & B Rly In
1000 .... is
Philadelphia Co cv
2000 .... 88
Pitt Coal Co 6s
6000 .... 81
P S Corp of N J 5s
1000 .... 85
Reading 11 n Co 4i
3000 .... 70
2000 .... 70
,1000 .... 79
1000 .... 79
Rep of Cu 5s 1904
1000 .... 01 ex
Rep I & Steel Co 6s
6000 .... 92
Rio G & Went R clt
2000 Slat
Rep of Cuba 4Vj8
suou .... 75
R Isl Ark ft L 4rjB
1000 .... 61
4000 .... 61
10000 .... 61
San An ft Aransas
Pass Ry 4s
6000 .... 60
1000 .... o
Seaboard Air Ij fd
2000 .... 46
2000 la
Southern Pacific fd
zooo .... 76
2000 .... 78
200O ma.
Southern pac cv 4s
1000 .... 70
100O ,.,, 70
5000 .... 79
2000 .... 70
3000 .... 1l'A
8000 inu.
Southern Pao cv Cs
130000 ....103
3000 ....103
5000 . .' . 103
5000 ..,.103
5000 ins
St li I Mt ft S R 5s
1000 an .
South Railways 4s
4000 .... 50
4000 .... 50
1000 .... S8
2000 KKKL
St Ij & San Fran A
2000
100O ..
7000 ..
10000 ..
2000 ..
Imp Jap
2000 ..
10000 . .
8000 ..
5000 ..
1000 ..
. 73
. 13
. 13
. 13
Govt 4s
. 00
. 60
. 50
. 50
. 50
Inter Atrr Corp 5s
1000
82
Inter Met Co 4Hs
4000 .... 18
40GJ 18
4000 18
30000 .... 18
30000 .... 18
11000 .... 18
Intere M Marine 6s
2000 03
1000 .... 93
1000 .... 08
1000 .... OS
1000 .... 03
Inter Rap Trans fd
2000 .... 81
6000 .... 61
3000 .... 51
5000 .... 61
5000 ....51
K C F S ft M Ry 4s
1000 .... 65
2000 65
Kan City & S Ry 5s
1000 .... 13
6000 .... 71
Kan C Term Ry 4s
L 9 & M 4s of '28
4000 .... 85
L S & M 4s of "31
5000 82
5000 82
Lehigh Val R Co 6s
1000 ....100
Lack Seel Corp '23
1000 .... 03
Lack Seel Co of '50
1000 .... 04
Lehigh Val en 4 Vis
5000 .... 81
L&NRR&SRy
Monon 4s
2000 63
Liggett ft Myers 7s
1000 ....110
Loulsv'e ft Nash 4s
1000 .... 80
1000 .... 80
Manhattan Sta 4s
1000 .... 87
Mid Steel ft Ord 6s
6000 .... 84
1000 .... 84
1000 .... 84
Missouri Pac gm 4s
SOOO .... 50
1000 .... 56
2000 .... 56
New O Texas & M
Railway 6s
1000 .... 65
New O Texas ft M
Railway 6s
5000 .... 08
N V Air Brk Co 6s
1000 .... et
N Y Cent L S 3s
2000 .... 60
NYC&HRR4S
SOOO .... 77
2000 .... 77
N Y C ft H R R 6a
2000 .... 92
2000 .... 03
1000 .... 92
8000 .... 02
1000 .... 02
N Y L II &P Co 4B
2000 .... 63
N Y L II ft P co 5s
1000 .... 81
N Y Ont ft West 4s
3009 .... 60
New Y Hallways 5s
10000 .... 7
5000 .... 7
N Y Railways 5s ct
10000 .... 7
8000 .... 7
N Y Telephone 4i
10000 .... 80
1000 .... 80
2000 ... 80
3000 .... SO
N Y Telephones 8
1000 .... 05
NYWC&BR4H
2000 .... 37
Norf ft Western 4s
2000 .... 78
Northern Pacific 3a
1000 .... 83
Northern Paclllo 4s
1000 .... 15
6000 .... 75
8000 .... 75
No States P Co 6a
5000 .... 88
OregoiyRft N Co 4a
ivvv, . ,.. wh
1000
6000
2000
7000
1000
6000
6000
57
67
57
57
57
67
57
St L ft B F RR B
68
88
13000
2000
StL ft San Fran oj
12000 .... 60
1000 .... 60
21000 .... 60 ,
SOOO .... 00
1000 .... 60
St L ft San Fran In
16000 .... 41
6000 .... 41
18000 .... 41
2000 .... 41
2000 .... 41
7000 40 V.
Tenneaee Cop Co 6s
zooo .... 06
Term R R Asso of
St Louts 4s
1000 .... 70
Third Ave RR aj
1000 .... 20
8000 .... 20
6000 .... 29
Trl-Clty Railway, ft
Light Co 5a
4000 .... 01
U K of U B ft I 21
2000 .... 04
1000 .... 05
11000 ... 05
Lib Bonds S's . . .
Lib Bonds 1st 4h..
Lib Bonds 2d 4s . .
Lib Bonds 1st 4Vs
Lib Bonds 2d 48.
Lib Bonds 3d 4J4s.
Lib Bonds 4th 4 Vis
Victory Notes 3tt
Victory Notes 4s
8000 .... 9rf
V K bf a B & I
rets of '22
1000 .... 94 '
SOpo .... 04
6000 .... 04
1000 .... 04
2000 .... 04
26000 .... 94
2000 .... 94
U K of O B ft I
rets of '29
8000 .... 94
4000 .... 04
1000 .... 04
5000 .... 04
1000 .... 04
25000 .... 04
7000 .... 04
6000 .... 04
20000 .... 04
O K of O B ft l 37
1000
10000
8000
17000'
6000
5000
1000
8000
2000
2000
1000
15000
200C
loor
12000
5000
1000
1000
94
88
88
88
88
88
88
88
88
88
88
88
88
88
88
88
88
88
Union Pao R R ov
1000
4090
1000
86
86
86
Union Paclfla R 4s
10000
1000
2000
5000
15000
21000
6000
82
82
82
82
82
82
82
Union Pacific R 6s
2000 ,...101
Unit R of S Fe 4s
un ct
8000 .... 26
U S Real ft Imp 6a
1000
4000
5000
3000
2000
1000
5000
2000
70
19
19
19
18
19
18
18
U S Rubber Co 6s
1000 .... 88
1000 .... 86
1000 .... 86
2000 .... 86
4000 .... 88
3000 .... 88
SOOO .... 86
1000 .... 86
4000 .... 86
U S Rubber Co 7s
2000 ...,102
U S Steel 6s
2000 .... 08
3000 .... 08
2000 '. ... 08 '
1000 .... 98
6000 08
1000 .... 98
3000 .... 08
1000 .... 08
Financial Drwfs
The duaranty Trust Co. of New York
has been recommended by the steering
committee of the ABsocIatlon of Railway
Executives as trustee of Its $380,000,
000 equipment trust fund, accprdlnic to
a report In railway circles yesterday.
That recommendation must first be ap
proved by the executives of the sixty
five railroads comprising the association.
The New Tork Subtressury gained
$1.07C,000 from the banks yesterday,
making a net gain since Friday of
$1,384,000.
Hughes & Dier opened a branch of
fice in Altoona, Pa. J. P. Stouch and
B. J. Calaban are associated with the
firm in the new office. The former was
formerly city controller and city 'com
missioner of Altoona, while Mr. Cala
ban is also well known in financial
circles in that city and vicinity.
Guaranty Trust Co. of New York on
February 2 will forward to all holders of
Phillips Petroleum Co.'s stock of record
that day one share of additional stock
for each share held. This is in accord
ance with action taken at the stock
holders' meeting of January 14.
The average price of twenty active
industrial stocks advanced 1.00 per
cent to 103.74, while twenty railroad
shares were left unchanged at 74.20,
Tbo annual meeting of Tecona Min
ing Company, scheduled for today, has
been postponed owing to the illness of
President N. Z. Graves. Date for hold'
ing tbo meeting has not yet been set.
The New Tork Stock Exchange has
tricken from the list Pan-American
Petroleum and Transport. Co. preferred
stock; Montgomery Ward & Co., Inc.,
New York Corporation 7 per cent
cumulative preferred stock. Admitted
to list: Montgomery "Ward & Co., Inc.,
Illinois Corporation, temporary certifi
cates for 7 per cent cumulative pre
ferred stock.
Howard S. Kinney, formerly assist
ant treasurer of the Commercial Trust
Co., has associated himself with' the
firm of Graham, Pn.ons Ac Co.
Ninth National Bank stockholders
today approved the proposed increase
in cnpltal from $400,000 to $500,000,
The new stock Is to be sold to stock
holders at $200 a share, of which $100
will be applied to surplus, making that
fund $1,000,000. The last sale of
present stock was at $375.
Utah P ft L Co 5s
1000 .... 84
Vlr Car Chm Co 1st
aaoo .... 94
3000 .... 04
1000 .... 04
1000 .... 04
Vlr & So West 6b
2000 .... 73
West Maryland 4s
1000 .... 50
Wesern Pacific Is
SOOO .... 84
West Shore RR 4a
1O0O .... 72
15000 .... 72
1000 .... 72
Wesern Union 4s
2000 .... 80
Wilson Co 1st
4000 .... 08
Wis Cerrral Ry 4s
1000 .... 60
High
roi.oo
01.70
no. so
02.20
01.10
03.50
01.32
08.38
08.40
Low
0S.80
01.70
00.(1(1
02.08
00.1)0
03.30
01.08
08.82
08.30
061
1:15
p.m.
1)1.70
00.00
02.08
1)0.04
03,88
01.10
08.34
08.34
BEAN TO QUIT EXCHANGE
Name "Not to Be Placed in Nomina
tion for Annual Election
Charles II. Bean will rt'tire ns prcsl
dent of the Philadelphia Stool; Ex
change, and at his request his name
will not be placed in nomination for
the annual election when the ticket
is announced. Mr- Bean feels that,
having served nearly two years, hi
would like to be relieved of the burdens
of the office and that home one eltc
should take up the work.
During his administration a 'vigorous
business policy has been pursued with
resultant benefit to the exchange. Mr.
Bean succeeded as president Frederick
PV .CJ?Snd.Ie ,wh. dlfd ,n the spring
of 1)18, but during the illness of Mr!
Chandler Mr. Bean lind been acting
president and was re-elected for a full
term in March, 110.
Mr. Bean's activities in connection
with the exchango include ten j ears'
membership on the governing commit
tee and chairmanship of the arbitration
committee for many years. He also
served on the committee of five, in
charge during the war until trading re
strictions were renewed.
As a broker's clerk in the office of
William H. Tevls, in the old Stock Ex
change Building, at Third and Walnut
streets, Mr. Bean began bis financlul
experience, which later resulted in his
becoming associated with the firm of
Robert Glendlnning & Co. and after
ward Huhn & Glendlnning. In 1804
Mr. Bean became a member of Mathews,
Bean & Co. and In 180S ho established
the present firm of Charles H. Bean
& Co.
LIVESTOCK QUOTATIONS
Chlcsg. Jan. 27. HOGS Receipts,
OOO head. Weak. Bulk. I15.R01S78
67.-ton.
sin no
id. ,.,.. .k a.., a 0k. .,i..:
15 75 I ght. tlS.SOeiSSS! II. hi llrhi.
iM'252S'62' nR.v.y Packing sows, smooth.
14 7SW16.15I packing sows, rough, 114,25
4 75ipfgs, Sla.75l4 75. "
CATTLE Receipts. 21.000 head. Weak.
Beef steers, .nwdlum and heavy, choice and
frtme. SI 5. 80 CM 7, BO; medium and good.
11.60315.60; common. SO nooii.80: light,
good and chnlcj, S18Q16.25: common and
medium, 19913: butcher rattle, heifers,
J0.8518.78: cows, I8.78W12.50: canners
and cutters. S5.66O0.76; veal calves, $17.80
(410.25; feeder steers. J8c12.J5: stocker
steers 17.80011.
BHEEP Receipts. 12.000 head. Strong,
Lambs, f 19 20921.85; culls and common,
UB.7B01S 76; ewes, medium, good and
choice. 4IO.508il3.25: culls and common,
16.60 10.
East Bt. Louis. Jan. 27, HOGS Receipts'.
11.000 head. Higher. Bulk. (1601680:
heavy, 1 18 18 20: medium. $16.1016 40;
light. 1B.8516 45; light lights tin soV
IS 25: heavy packing sows, smooth. 114.25
(ff 14.78) packing sows, rough, ll8.50OH.2ft.
pigs. 112 73 tt 18,60. '
CATTLE Receipts, 4800 hed. Strong
Beef steers, medium and heavy, choice and
frlme, I1A817; medium and rood, fllty
8.76; common, I0O10.75; light, good and
choice, IISWIA; common and medium, 18.25
0U.7B: butcher catUe, heifers, 17,76
15: cows. I7.7B11,B0: ranners and cut
ters. 8.757.B0i veal calves, light and
handy weight i IS 19.2 : feeder steers.
8.B012: stocker steers. I710 50,
BHEEP Receipts, 100O head Strong.
Lambs, I17.25S0.50; culls and common
118W17; yearling, wetthers. Ii4t9: ewes
medium and choice. f0M2,S0; culls vind
commoa. 15WS.30,
Tlttshnrgh. 'Jan. 27. HOGR Rscelnt.
1600 head, atesdy. Heavies. ie.2au:40:
rvravrs ana
1600 head, atesdy. Heavies. Mi
heavy yorkers.jltin7.!l light :
pigs, 116.76 tf IT.
Reserve Banks' Discount Rates
The first column gives rates for all
periods up to and including a fifteen -
day maturity, the second for a period
of sixteen to nlnetv dava. Tho thir,!
and fourth columns give the rates for
discounts of collateral loans secured by
government bonds or notes.
Com'l paper Gov't paper
10 IB 10 uu 15 10 to 00
Boston ,
New York ...
Philadelphia .
Richmond ...
Cleveland ....
Atlanta
Chicago
St. Louis ...
Mlnnnapolls ..
Kansas City .
Dallas
San Franclsc-
days
aniB aays dais
5 fl 8V4 5H
2 8 .B 'sS
?., ?. 8!r "'
' 4N 44
il I?4 4ft ty
4 4. 4U 4H
6 (I g(Z .5IZ
iV, iK 42 4V
5t4 j M n'i
5. 5 6 5
4H 4 4 41
Rates on outstanding certificates of
indebtcdnes continue unchanged at 4
per cent.
Philadelphia Markets
GRAIN AND FLOUR
mSIFATRecfI"B' 40,444 bushels. The
m,aEkit.wa" "Wle' and steady. Quotations:
.fIv?' "" export elevator, government
standard inspection, standard prices. No, 1
12 Vy'S?""'. 2i0i No- 1 northern spring.
wi-iViL No- ?. fard winter. 12.38: No. 1 red
$ sb?' tJ"11?1"'' J2'87' No- l "d smutty,
hi' t&. , r.fdJ arllclJ' and smutty.
,i-.4.- Ti"i United states Oraln Corpora
fol?owCrCJ", ,f Wheat are based on the
SJiS"1"" "hedule of discounts: No. 2
SS-i' 3S"nder..No- K-o- 3 wheat Ocuride?
wheat fft ,?Whetf 10f under No- 1. N- 8
wn,e?t.'0 under No. 1.
wa iltiiT?5i'pt" I0'680 hushelg. There
was little trading and no change In m-lees
at ll" 88 a 1 "tT- ,tt" ,to"u'y and Vatlra
nW'"! iho latter for No. 2 yellow,
ke? wfs.,tei"K 7.5", fc.u'hels.- Tho ma":
J;,,.,.. ,". "'eady but without activity We
SuM,?(S,r 'S" V t0 location Nc 2 'white?
r.f'0yR Receipts. 2.7S0.227 lbs In sacks
Qu?tatfnnW.a"ril',nt,an1 Flees favored buyer":
Ju"o sackL& 1U0, '." "'ck"J m 140-lb.
4lO?75aiiB?cit ,!nter straUht western
IEF'-rsn'o?!,1.
PROVISIONS
gu & 07 ,Md jsSS?i d
pic: pork family. 52c: hsms. s p .,S
L0gM;. ""e: do. skinned?' IrTo.eV S$i?
HifcJ d0- d0 nvked 25 t 274 e: hams
5X&?' 1nel!.f,, SJ- Dlenlc shoulders S. P
SrWi Io.0,e- -3e:- smoked. U4c: bellies. In
fard! 2TC.00'0' ' b"al('nst bacon. 33i.
' DAIRY PRODUCTS
,.?.U't'rEn:Trad.0 was quiet with no Impoc
tarn change in prices. Offerings were ample.
Quotations: Solid-packed creamery, fancy
hlg'h.scorlng goods. r)760c: extras, floe:
'$,'Unr"t'- 5305:: nrsta, S881c; seconds.
S2?S2ic! "weet creacery. choice to foncv
SRSvAV'J.,'0. K0?d- B0n1: prints job!
blror at 7476c for fancy and at 0373o for
fair to cholco. . .r
KOGS Fresh flrgs declined 11.2001.30
P."...0?."8 under more liberal offerings and a
light demand. Quotations; Free cases, near
by firsts. .120.10 per crate: nearby current
receipts, 110. JO; western extra firsts. 420.10:
firsts, 10..1010.80. cold-storage eggs, is to
oualtty. 14 10010 80; Inferior lots lower"
fancy selected fresh eggs Jobbing at 74tS76o
CHEESE The market wb quiet with
moderate but ample offerings at former
raets. The quotations- New Tork. whole
milk flats held fancy. 3JB32V4c; fancy held
.2V?r'"lpi I't.iicr; nciu. lair 10 gooa 31 as
81Hc: fresh-made goods nominal: Wiscon
sin whole-milk flats, held fancy. S282Mic:
of fancy held goods, 33 a 30c.
POULTRY
LIVE Ruled a shade firmer under light
receiots and a good demand Quotations:
Fowls, fine fat, weighing 5 lbs. and over
apiece. 4C42c: fouls, medium slse, good
quality 373Sc: do. pour. 85B36c: broiling
chickens, fancy soft-moated, weighing 14 fit
2 lbs apiece 424Br: spring chickens, ner.
age eaft-meated. 3788c: do. Inferior, 35
88c: staggv young roosters. 2tla2ttc: old
roosters, 24625c: ducks, white Pekln, 44
48c: do Indian Runner. 4042c: do. Mus
covy, 2930c; geese, fat, 4243c; do aver
age, 8035c: turkeys 50aD2c: pigeons old
perrialr 85o; do young, per pair, 4BB0c.
DRESSED Demand was fair for choice
stock and prices were well maintained. The
following were tire quotations: Fowls, freeh
kllled, dry-picked, boxes weighing 4 lbs.
end over apiece. SOHc; weighing SW lbs.
8536o; weighing 3 lbs.. 33 84c; fowls,
fresh-killed. In bbls.. dry-ploked weighing 4
lbs,, and over apiece, 80c; wetghlng 8Vi lbs.,
S4W8Bc; weighing 3 lbs., 8188c; old roost
ers. dry-Picked, 27c; broilers. Jersey, dry
picked, 65HOo; do. ordinary nearby, dry
picked, 506Sc: broilers, western, dry-picked,
weighing 1 (0- lbs apiece, 4880c; roast
ing chickens, western, dry-packed. In bbls
weighing 4 .lbs. and, over apiece. 3037a:
weighing M lbs. apiece, 8438c: weighing
3 lbs. apiece. 8485o: weighing 2U lbs!
apiece, 4142c; western, corn-fed chickens,
12 to box 17 lbs. and under to dos . per
lb. 454Sc; 18 to 24 lbs to do., per lb'
45048c; 25 to 80 lbs. to dos., per lb. 400
42c; 81 to 38 lbs. to doz. per lb, 83
Sflc: 37 to 41 lbs., to dos.. per lb.. 31038c:
48 to 47 lbs to dos.. per lb , 853c: 48
lbs. and over , to dos, 8840c; caponi,
western weighing 810 lbs., apiece, 63
64c; some heaMer stock higher: weighing 7
lbs. apiece. 31 62o: weighing SOS lbs.
apiece, 4850c: turkeys. Del. and Md..
fancy, Soc: do. Va., and other nearby fancy.
68 69c: do, nearby fair to good, 5336o:
do, western, spring, fancy, 863Bc. do, do.
fair to good. 53B8c: do, old toms, 48e:
ducks, western. 38 40c; geeje, western,
fancy, 30V82c; do, do, fsr to good, S3
FRE8H FRUIT8
Demand was fair and Price ruled steady,
Vf quota. Apples, per bhl. as to quality,
I48 BO; do, per box. il.B0O3.40. Cran
berries, per bbl.. I8 B0 do, per rrste.
ll.BOffS Ornpges, Florida, per box, 12.23
4 80. Tangerines. Florida, per W-box, 11.75
8.75. Grapefruit. Florida, per box. 12
4.53,
VEGETABLES
Potatoes nnd onions steady. Cabbage low.
er. W. quote! White Potatoes, Pennsyl.
vanls. ,per iwt.. 81.25O4.60; do. New York
per ewt.. $4.23 J40 Sweet' ritatoe'.T ,"":
em, per hamper 41.23 2.28: do. Jerseyper
basket. II.40Wl.76. Cabbage, New York.
Danish, per ton, 1900115; do.' Florlds. i?r
nTmper. IS.25j!80. Onlnni' Vm "faiR?
sack Yellow, No. I, 10.28W8. " Jvv '"'
NEW ISSUE
jrr i
& I
9
? rt
Exempt from AU Federal Income Taxes
$7,500,000
STATE OF MINNESOTA
Direct Obligation
5 Certificates of Indebtedness
Dated February 2, 1920. Due Serially as below.
Coupon bonds, $1,000 denomination, repsterable both as to principal and semi-annual interest, February
and August 1st Principal and interest payable at the Office of the State Tteasurer, St. Paul,
Minnesota, or at the State's Fiscal Agent in the City of New York or St Paul, at the
option of the holder. Principal and interest upon registered certificate payable
in New York or Chicago exchange.
'Wf
h
.,)"
Legal investment for Savings Banks and Trust Funds in
New York, Massachusetts, New Jersey and other states
FINANCIAL STATEMENT
Estimated actual value taxable property $8,000,000,000.00
Assessed valuation for taxation 1920 2,080,451,848.00
Total debt (Less than of 1 of assessed valuation) 7,500,000.00
Population (1910 census) 2,075,708
These certificates are issued to provide for the payment of certain bonuses for thedischarged officers,
soldiers, sailors, marines and nurses, residents of Minnesota, who served in the United States military
and naval forces during the War.
Payment of both principal and interest is provided for by an Act of the State Legislature requiring
the State Auditor to levy a tax upon all the taxable property in the State of Minnesota each year in
sufficient amount to meet, maturing certificates and interest thereon. t
The Supreme Court of the State of Minnesota has held the Act authorizing these certificates to be con
stitutional and that the certificates are direct obligations of the State.
V
1
A
$495,000 Aug. 1, 1921 100.36
330,000 Feb. 1, 1922 100.47
495,000 Aug. 1, 1922 100.58
330,000 Feb. 1, 1923 100.69
495,000 Aug. 1, 1923 100.86
330,000 Feb. 1, 1924 100.90
MATURITIES AND PRICES
$495,000 Aug. 1, 1924 101.00 $495,000 Aug.
330,000 Feb. 1, 1925 101.10 330,000 Feb.
495,000 Aug. 1, 1925 101.20 495.000 Aug.
330,000 Feb. 1, 1926 101.29 330,000 Feb.
495,000 Aug. 1, 1926 101.38 540,000 Aug.
330,000 Feb. 1, 1927 101.47 360,000 Feb.
Accrued interest to be added
1. 1927 101.56
1. 1928 101.65
1. 1928 101.73
1. 1929 101.81
1. 1929 101.89
1. 1930 101.97
Temporary certificates to be issued pending delivery of definitive certificates.
At above prices the yield is approximately 4.75
Legality to be approved by John C. Thomson, Esq., Attorney, New York City
Tho above Bta-temento are expressions of our opinion, baaed upon Information and staAtsUcs obtained from official
reports ana other sources, which wo consider reliable and upon which we based our purchase of these bonds.
First National Bank William R. Compton Co.
.. r -1- N., V.L
New York
Kissel, Kinnicutt & Co.
New York
Colgate, Parker & Co.
Now York
Remick, lodges & Co.
Now York
New York
Redmond & Company
New York
Kean, Taylor & Co.
New York
Brown Brothers & Co.
Philadelphia
Stacy & Braun
New York
Graham, Parsons & Co.
Philadelphia
Merrill, Oldham & Co.
Boston
11 -
Shall we mail you our
Current List, describing
seven selected New England
Pref erred Stocks?
These are available to net
6x2 to 8
Auk for List PPL-357.
Hollister,Wliite 8c Co.
I I INCORPORATED
III North American Building;
PHILADELPHIA I
rill Boston Providence Sprlnefleld In
L sJII
1 1 . 1 1
Number Qsn
of a 5trM
MUNICIPAL BONDS
Free of Pennsylvania State Tax
Exempt From Federal Income Tax
Harrisburg School 4'2S To Return 4.20
Johnstown School 4!2i To Return 4.25
Beaver Falls Imp. 4s To Return 4.25
Palmerton Imp. 4Js To Return 4.30
Hazier & Co.
Broad and Sanson. Sts.
Philadelphia
New York Baltimore
65 Broadway 19 South Street
California
Packing
"yITH canned foods no longer classed
as luxuries, "Del Monte" is today a
"buy-word" in countless communities
for quality canned fruits and vegetables.
The California Packing Corporation's
policy "Packed Where Grown" has
created a world-wide demand for its
products. With its 80 modern tanneries
and dried-fruit packing establishments,
this Corporation has become, in a short
period of time, the largest organization of
its kind in the world. It also controls
approximately 80 of the stock of the
Alaska Packers Association, whose
"Argo" canned salmon continues to enjoy
a larger sale than any other existing brand.
We believe the Common Stock of the
California Packing Corporation combines
safety of current dividends with an
opportunity of price appreciation. Our
analysis explains in detail the investment
possibilities of this stock.
Send for circular 12-D
A. A. Housman & Co,
cTWafrvs Av rarJt Slew .CgcAaqfc
N. E. Cor. Broad and Chestnut Sta.
MSW
HO Ilroad htreet
TORK OFriCEBl
ZS rst 3t Street
Toe sssiMMaM csoeatoei keesla. vstl M (waste, an ka4
apra UtwautlMi eo4 iMn VU n tcUe. unnH as4 ! ills
We Offer
100 Shs, Northern Central
CHARLES FEARON & CO.
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Lawreace E. Brnwa S Cm
CERTIF1E0 F01UC ACCOUNTANT!
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