e, -'Ma JM?'-',''" af,t"(r;f .! W ". iyvrrjy . r "": 1 .T t t" m 1 4 t ?l-f" l te'' ' M "n EVENING PUBLIC LED GBR- PHILADELPHIA, FRIDAY, NOVEMBER 26, 1020 Republic of France 6 National Lean of 1920 SUBSCRIPTIONS CLOSE NOVEMBER 30TH These bends are redeemable at par at the option of the French Government after.January 1, 1931, and are a direct obligation of the Republic of France. Under authority from the French Government we are receiving subscriptions payable in dollars at the rate of exchange fixed each day by the French Finance Commission. Price today $60.50 per 1000 Franc Bend The stability of French institutions and the conservative character of the French people are responsible for the high esteem in which their Government and Municipal obligations have always been held throughout the world. During the ten months of 192p French experts increased nearly 150 ever 1919, or in amount mere than 11,000,000,000 francs. In the same period the increase in French imports was less than 10. Experts of French Colenics te France arc today mere than twice these of the pre-war years and are rapidly increasing. The French Colonial Empire has an area of 11,000,000 square kilometers and exceeds the combined areas of the United States and Alaska. BROWN BROTHERS & CO. 4th and Chestnut Streets NEW YORK BOND SALES Summary of Individual Transactions en New Yerk Exchnnue IRAI.KS IN $10001 i Alaska Qntd M City of Cern. Ce cv A lmtrc,n fl'i Guaranteed Protection for Wholesalers of Merchandise The American Credit-Indemnity Company is willing at this time te consider applications for Credit Insurance Bends from a limited number of high grade Manufacturers and Wholesalers, whatever their sales volume. Such wholesale houses must be conducting their operations with care and caution and with due appreciation of present day econ omic conditions. The American's Unlimited Policy guaran tees te prevent, else pay, bad debt losses beyond the normal, whenever excessive losses occur, and whatever the aggregate of the net covered losses under the policy. Inquiries from Manufacturers and Jobbers will have prompt consideration. - Payments te Policy holders about $10,000,000,00 The AMERICAN CREDIT-INDEMNITY CO. or NEW YORK E.M. TREAT, president ISSUES bTANDAHO UNLIMITED POLICIES VV. J. Merphy, Manager J. F. McFndden, General Agent Mutual Life of N. Y. Bldg. Pheno Filbert 5503 Philadelphia, Pa. Service and Stability Reserve Funds 1 20 mer 8mlt g ft. Ila'K Bs 1 7R'i 1 7sy. fi 78 Via T & T ell 1 7014 A. T '& T cv 4i 2 00 Am Tel A T Us 3 70 0 70 Am Tel & T H 1 04 J. 2 IMS 1 044 1 041. 1 v04 3 N04"i 10 WIN 1 0li 1 OH. ' 1 H4i. Armeuur L Ce It r.t 4 Us 10 70 fi 70 .1 70 A T & H IV 4 2 70i S 70W Alch Tope'n A H l"e 5V 4 10 OR 11 Atch T & S fV cv l 'CO 1 84'j Atl Cenitt I. 4 1 77 4 Tl',1 Atl Const I 3.... 1024 Atlantic Krult Cemp'y 7fl B 70 Hall & Ohie cv 3 70 10. ... 70". 1 70 Vt tl 70 Ilrt't .01)1 t I I'n't & Ohl'i ." t 09 linlt A Ohln 0 1 OUi i ni' 2 01H 1 01 4 01 D A O 8 W'n y .IHs B 77N Hal iOTIW 1 RlUi 4 .... M'i 14 54 lid Tel 7 rell1 1 74V4 2 74' 1 71i City I.yenn ! 4 K0 Cty New Yerlt 4s of 'CO 1 834 City l'arls i 0 04 M 1 MS 2 1)4 i I nl',4 City of Zurich rets 3 07"i Cl'd Cln Chi A St LcMli 1 C0U Cole A H'ti 4 2 80 Cole A S'n 4't 1 73 Cemp'K Tab A Recerd a 0 2. ... 81 Cens'd Uan 1... 0... 1... ulian 1... 1... 3.. . in... e... l... tin a 1... l... l 100 u , 100 , 100 C ! ei . . 80 . . 80 . . HO . . Ml . . 80 . . 80 Hud cv .. 85 . . M' 83 can be placed with us en nn unusually profitable basis. The present high interest rate permits us te offer the business man attractive rates for funds net in current use. Our eflicers will be triad te discuss this matter with you. Integrity Trust Company Fourth and Green Streets 3... 3... 1... 1... 3. .. 1... a... 3.. iem 101 ', 1014 101'-. 1014 101. 101 , 101 ,4 !ii A It II ' I 6 40 '4 Den A U () Bs 2 72 8 7Ui D Can Se "Jl B 0814 0 08 B OHM, I) Can 5'i '211 t UH 0 08 V Canada id ie oe; IB 00 D Canada '-'li 1 00. 2 00'j D Canada '31 1 01 1 110 ltn T Vn. A CeerKla en 1 8SV. I.rlu Ocnl Men B 4I4 5 14 "A 2 4114 Erie It R 1 41 U Gen'I Meet 1 1 85i Ocne'l Elcc l 1 00 2 00 1 Oil Mldv'e (Heel A Ordln 5s 7 72'A 8 721.4 I...'.. 724 Mill A HI I. I 43 'A M A Btfj en fts 70 le K A T IS 1 0014 1 11014 .1 00 It.. Pacific 1 3 Bl'Xi 1 04 1 r.i 1 MV. n 04 1 MN .New O Tex i Mexico s 1 02 N Y Air II 0 2 U0'4 2 .... II0V4 0 001,4 N Y C A It It It It 3V4S 2 08 N Y C A II It It n 4s 10 78 10 78 1 77i N Y C A ll-ll it It 0s 3 02'4 1 02"i 1 02 II 0214 11 02. N Y C & il n Hit rets is 3 70S B'n t'ae cv i 1 7fl 2 70 2 77 2 77 7 77 3 77 S n 1'ac cv m 20..., 11114 1.... lit 3.V. . Ill 10.... 112 1.... 112 1.... 111 10.... 112 Bn Itwys l 2....'. B0'4 B 6ft 4 B'n Italltv'i i 2 80'4 3 8 (IK S'n Rly Mebll A U Ctfs 44 1 BSV4 Third Ave 41 1 80 Tnli li til . Western 4 B 00 Union Pac v B 81 Union Pac fd 4 73 U K of O Uri A I'd 1021 11 07 12 07' 5 07 V K of O Brt A I'd 1022 3 OS U K of O l)rt A I'll 1020 B . .. H84 5 8S I .... 80 U K of n Urt A I'd 1037 6 8514 0 8S4 7 8S 2 8BU 8 85 1 8514 0 8514 tt'd n'ds ssn I' unct Is 1 30 1 20; U H Mexico 4s 1 34 V. U'd S Mexico IrreK 4Hs 10 31 V 8 Mexlci 5i LONDON STOCK MARKET a.. 1.. 1 . 1. a. V 8 15 10. B. 3. 4. 45 . . . 1ti ... IS 45 ... 44I4 Ilub'r t ... 75 . 73 ... 75 ... 75 v, ... 75 1 7SJ 5 75tt V B Hub JMis 1 OH 2 08 1 08'4 U'd 8 Btecl 5s 1 OZ'4 11 D2V4 1 021,4 3 02V4 8 024 t 024 Utah Power LUhl OS 1 7H'.4 1 78W Va ltaliw'n 5 3 82 West'n Md 4 s I 1 55 Wet'n I'c 1st 1 HI1 iWeat's Clee A Mf Ce, 7 1 04 1 03 3 05 4 05 1 04 1 04 ! Wilsen Ce cv 1 83 Wilsen Ce 1st 2 87 ! Wis Cenfl 4s I Oils Weak en Selling Orders Sent Frem This Side I.oii1en, Nev. 26. following ft wonl. wenl. ptftrt. thcre was n. rally In ercurltles en the stock oxchanpe today. Trmllnp; re mained light, with conditions customary nt the end of the week In evldence. Under pelllnp orders from your side oil shares were heavy, hut they Improved Inter, the llnuldatlen limine been check ed. Shell Transport was OW, and Mexl- till I I'.ilKIU, IV VS. Notwithstanding month-end tlnhtnesi In the monetary situation, the Bllt-edced section was ti ndy. Kereit?n leans wt-r dull and colorless. Inegnlailty wiih nelril In the Indu trials. Ilinlsen's Hay was G. Hern alls werelull and Inn tdiarcs of.Keu'l American rendq were weaker In spots 11 (he result of liquidation. Diamonds wn heavy. October's Heavy Experts Wnnlilnetmi, Vev. 2fi Kxperts durlnf; October Increased by nearly ine 000, 00n will"' import"! d' creased rpp exlmiiteh j 1,000,000, ferelcn trnde flKurcs rnnde iHibi c tiil.iN b ' ie ''" p.. Him ni of Cum mfree shj.v I'xpml" were vnltled nt n02'000,000 aealnet $005,000,000 In S.'. p teml'er, while Imports were valued at faC2 000,000 InerwHjL S 83,eir.nv,b . . V RAILROAD EARNINGS CANADIAN l'ACIKIC 102H Third week Nev ... JT.'iO 000 Janu. 1 te Nev. 21. .177.000.000 Egyptian Cotten Market j Culm. Nev 2C The continued railli i ;i nrlces for cotton, which Is belnir flffgr? 'A:7 vn led bv chHetlc conditions In .4tr ij'j , ""-' -"i" -. j"" "'" . --" :;, && nere. uanKH nre inrea wim n mi ." 7" i'. 1 nn Hi' rehenillsn lj, ij TIid iipiiI fivn mnntha will be Crltlei I " ! ines. l'reclpltate notion would Cui iWt'J V de llniililni nn. but f the banKB asan f stability venr. ni h! market ildailim, but If the banks assli :"a Is expected enrly In the tie' '' (i buyers secm likely te reHSBt ,JZ B.. 7.. 70 00 Telh Slel fd Opve't ! rench 1 77 I'ee rcis lletli Steel 1st I.. 11.. 4.. 3.. 1 . 3.. B.. 1.. 1.. 1.. 3. . n.. Capital $500,000 Surplus and Profit .. .$1,770,000 San JOHNSTOWN PITTSBURGH TRENTON SERVICE Direct privntc wires te all principal markets. Orders executed either for cush or carried en a conservative margin. Reports furnished en any stock in which you are interested. .... Coircspendcncc Solicited. BOUREAU & EVANS Members Philadelphia Stock Exchange 130 Seuth 15th Street Philadelphia l.emiat SI 86 Wace G100 Are Coppers !rCl Buy ru The average list of coppers is down 23.7 points from last year's high level. It is down 43 points from the 1916 level, with the lowest aver age in recent years. Are coppers a" buy" new?- Or will they go still lower before rising? Babserfs Reports Our Speculative Dulletin just off the press gives you the plain unbiased facts en the present situation, and shows you what Is ahead for coppers. It con tains information of vital Importance. With these facts before them many in vestors can see what's ahead and govern their Investments accordingly. REPORT ON REQUEST Copies of this Speculative Dulletin are available for distribution te Intel rated Investors, cratii. Tear out the Meme neu and hand It te your secretary when you dictate the morning's mat). AfsrctvAi for BaUstln 341,3 The Uibsen Statistical Oreanlnlieu Wellwley Hills, 82, Bosten, Mass. Th Largiat OrganxtaHnn ffll Character in fA WetlS Analyses " TtarOftHtn " iMtmNimimiiiiiiiimm Meme uuunMiuiiiiuiiiiuiiiin tot lour Secretary WriteTliellabsen Statistical Organization. RoEerW.Oabsen.Presldent.Weiresleyllllls. ,82, 1!oten, Mass., as fellows; flease send MlnKe5IL3 ftr booklet "Ceiling the 'Ar lfrVt,JSTeBS.' YR have prepared nnd have for dls " trlbutlen anulyses glvlne the salient :vatures of the leading dividend nnd uendlvldend paying railroad stocks, with particular reference te earning possibilities under thu Increased freight and pasuengcr latcs. A copy vill be gladly furnished en requcsi. Carstairs & Ge. Members Philadelphia and New Yerk Stock Exchanges 1419 Walnut Street, Phila. 71 Broadway, N. Y. Protect Your Capital from Less by Using Meedy's RATING BOOKS The Opportunity in Railroad And Public Utility Bends Write for booklet 73 Benbriffht & Company 437 Chestnut Street Philadelphia New Yerk Chicago Bosten Detroit 1... . SSI, rvthle'm Stcl S of '30 I 1 75i . Bkn-Edl Ce r.i 0 77H Itrkyn n T 7s I r.0 41'. I Ilkn It T ct 7i be in"', , nkn nnpiii t, I 7m ct Hta I 15 30 Ct'l uf en Os I 3 80 1 Cent'l I'ac 1st ,, - ? 1 ,i'i Ctl Pacific flij ' 1 77Vi Ph'k 4 O 4'.. 3 74'4 C & O cv 4"js 1 7.1". I 5 734 1 1 73 C'k & Ohln M: tl 02 V, rj'k & O ev r.t (1 S31. 10 84 10... . 81 V 1 7... . H.lij I a... . R.vi Chl & Alt n 1 I 3 104 I 3 4(1 C R Alten "I'j 4 3.1 : sr. ChlcnKn IVn &l Qncy neb 1.. 100U 1011 1001. 1001. loes 1IMII', 100H 100U 100U 100H lneu loon 100'J 100'i O Swlt?.'"' 2.... 102 102 lit lincK K 4 'fe I. .... . ., ', n.. 1.. 20.. 3.. 1.. 1.. 1.. Urn! b Mnn M 10 01', 1 IW Hill i. Mnn m 10.. .. 22 3 22-i 20 22i(,l 1. ... 22M, 111 C-mtial M 3. ... r.i III C 3 "is '32 00 102'i 102 102tt 102U t02 1021k 102'i 10U ','' YetK Cii 1. S 3-4S 2 .... 01i N Y Itys ct 41 3 '.'il'i N Y lt ct Sa 4 4 !. V Tcle I'-ji 2 "0 R 75N N'k & W cv ils 80.... 102U 1 102 r..... iei Vi. r,.... let 10.... 101 .1.... 101H S 11 I'hcIIIc is 0 05 1; N'n radii" is 2 77H 3 77 3 77 i 17 77 2... . 77 N"n l'aclfla 0s 1 08 2 00 Oree &. Cal 3s 10 H8M1 3..'... 89V4 2 88 Orecen S I. (i 1 B0U 4 80V 1 SOW 1 80 U O-B-Wnsh'n It Ce Nftv Ce H 1 00H 5 OU'4 I'ae a ic I! .1 1 774 r. 77 5 77 I'ac T & T .Is 1 ROW, Pcerlu & K 1st 1 01 ra It m JHis (1 SO 4 80 Pi RK H '21 2 08 P-nna It It in 1 00 6 00 2 00 3 80 1 B0. .1.. 80i Liberty .' Mherty 1st -IVis., Liberty LM 4., Liberty .'Id 4'S., Liberty 4th 4,s. Vic Notes .'"is.., Vie Notes 4!JJm.., Hlith !I1!.K4 fi7.S(l 80.1) 1 Kii.ae 87.42 11(1.0(1 nii.ne I .me 1)2.70 87.00 KO.SO 88.1)0 80.70 10.00 ilO.OO ll:ir M. m. 1)2.70 87.00 80.II0 88.0S 80 70 1)0.00 00.00 III Ccn'l li Ti2Tcnna It it 7s 1. ... 72'il 10. 0 72 11... ill Cen'l Riii 1... . .... 00. II... Ills Steel I il 111... 0 7SV4 .1. ... 70 1... . SO Intb'n M 4I.-. I 17.. . 10 ... S8U II SS'i I... . fiR Chlcnsn ll'n ft O'llncy 4h R 32 33 1 R 3 rhlrnen -Mil .-HP cv 44s 7 71'4 nns 005 Oil 4 00 HON, 00 011 HO", 00i Inlbore It T M 2 . . . . R3 3 03 30 ..'- I R3 10 r2 I R3 Int'l AkticuI'' Cerp'n 5s 1. . . . 70 B 7t Itepublle Iren I M Marine rt & Sttfl 8s lOPi, Ull'j 104', 10l4 104 i.j 101 let 14 1014 10114 101 10114 s... let 14 Pere Marnt 4h 1 00 Il'-iidlnw lly s 2 .. . 83 Itepublle Cuba Rs of '04 10. 1 5 ' 1 1 ... R... a.. . R.. 1.. HO 70S 70 70 70 nisi 11 71iJsn Oevc't 1st 4 V JNP Gove't lil 1 7l'.i nn Oeve't I. I. 20 . . I C. C. & St. L. Gen. 5s, 1970 N. Y Pcnna. & Ohie l'js, lil.15 Thila., Rait. & Wash. 1st Is, 1913 COENfi NG, GARRISON &C0. HTOC'K i:XOIIANOU I1UII.DINO Olreft 1'rlviite Telrplmne e New Yerk MrmlHrs I'lilln, Stnrk Krh nice t.a ( 3 08 2... . OR'i It..ck Islil Ark & I.n Rs n... . 04 FI I. t'n Mt 4 S'n fly Is 1 72 !,r,i. Bt t, I'n Mt ; R0 s'n Illy li R7 25 87 C"i Kan C rt S & 61 I.euls 4. 3 e i' ran sj 2 04 r,7j 87 87 87 STOCK SALESMAN A relt.ibla stock Hulemnnn who has a ilkntele that will absorb a nreferri d mm k lssu of merit only. HiChest c eilcntUls furnlshej ami ct picteil Apply iiex , 717 i.i:i)(ii:it eKnci: 1920 Editions' 30,000 Securities Rated Ask Your Dank or Danker of Write MOODY'S IWVESTOS SERVICE If Yeu Ever Study Stocks, Get This Boek It net only points out the main points te con sider in selecting an in dustrial, oil or mining se curity, but also analyzes nine different stocks which are new in interesting market positions, and dis cusses them in a clear, interesting manner. Call, phone or write. Ask for Ne. T. U.-301 JONES & BAKER Specialists In New Yerk Curb Market Securities VidencrBIdg.,Philndephla Vhene8, Bell, Locust 4730 Keystone, liace 2290, Office in B Principal Ci Direct Private Wlrri .1 71 1 71 4 .... 71 10 71 2 70s riilraere Mil ft Jip M I'.s il.. .. 0014 20. 1 01 , Chlenen Mi 8. St P cv 8- ' 28. 4 00 :n 8 ie . .. no I nvs 4 ('nciik-'i b Nth 1 04 '4 n"n l '113 fi'i C . is 2 SOVil 10 R3'4 Chlcase & Ntn 2 RIP, West'n 7s 'n C 4 S 4, 3.... 101 I 3 di''. 8.... le.i'i psn i; s 1 102V 8R i. llle Or'd Si W clt 4s 2 84 I .", 1 2 Rl Reck li"U Ark 1.. 10 . 0.. Chl llnllw 1 03i Chl Iteelt Isl'd ft I'ue fil 1 .... 07H 4 .. . fl I. Van City Tcr twy a 1 72 R. . . (!7iiMnirs County VIlKltK", I'lllUI" "irv ll TO Sta ct 014s l... inn, .1... 108 Ch & V I IH 1 80 r-iiii C" n' " R .... os?; Chlni'HM O"e't II1C ltys Rs 2 4214 1 4214 1 42'4 City of Denw ct Hs, 1 07H 2 .... 07 1 OS R . ... 07 2... . 074 2 . . 0714 City Hern's Os 4 .... P0 City of Cnrls tlanla 8s 1 .. , 0SH 2. OSI4 Kin " neicTn tii,. 0 n 1 OR 1 07 I.ake shore M s'n 4s '31 0 2'4 4 . . S2i, I "'lilch Vallev n 14s 2 .... 70H ehlnh V'v is 1 0Mi 1... . 0RI-. I.lB't 4 Mv-s T Ce 7 I.... IOI14 t.nu fi N'asli 19 10 81 I "il ft Nash 7s 10 101 4 Manhat'n li'd station Is fl ... 84 Mich Ctl rt Is R lit n'P 03', 03 , 113 '4 Pt l.nuls v 3 I Fran In 1 M a.. R0 II . .. 811' 10 .... 80', 10 RUT, 1 80 14 St L ft 3 l1 11 ii irrn .Is S... . 1-0 'i Hi I. t 8 Krn Srls A 2... . neT4 8 00 '4 1 ill 2 00 7 01 6 Ill 1.... 01 St I, ft 9 Kran Series II 1 74 1, 8 7l'a St I. Hnn 1 04 St I, Hwn 1st 1 0014 a 11 il .V I -t I 0 30 S'n Hell Tel 5s . .. 81 F'n Pacific M 4 74 , 1 75 B'n Parlflc l 0 70i, TEXTILE TRADE REPORTS VERY UNSATISFACTORY Weekly Reports' of Mercantile Agencies Repert Peer Business and Collections Lecal trade comlltlenH, especially 'n H19 textile industry 1.1 anything' Inn tatlsfnetery Net enlv I huilness n- perteil very peer, but the same npnll nle te collection!". The Hlewlnc; down appears te hnve reached almost all the principal Hne of trade. Tl. O. Ilun & Ce., In their weekly re- ' view of local trade conditions say: "The local cotton yarn denlerg reper ' the mnrlet still dull nnd nnsatls actnrv, 1 altheuRh some dealer rejiert that they occasionally nre receiving Btnan orders of Rpcclal numhera for lmmdlnte d" llvery. The textile mills are In most . cases operating with trrently reduced j 'erccs or closed entirely. Dealers he- j lleve that the end of the price dfclln" I "nt v..t In Blpht, nnd there Is prehnHv less than 50 per cent of cotton fcplndles new operating. "The wool market Is still dull and un- i certain nml dealers nre net loeklnir for nard te any betterment In condition" 'n the lmm"dlnte future. , "Cleak md suit manufacturers nre delnff very little, there belnc; a feellnir; Tinenu buyers that there will be a tie-' 'ided reduction In prices Inter en, con- 1 loquentlv net much activity and cellec- 1 liens slew. "Mnnnfncturers of dressns stnti tint the trnde Is buying spnrlnRly for Im-1 ineil:it neeiU enlv. Collections slew. I "Manufacturers of shirt waists state here Is little demand. However, some I if the buyers are seeking the better 1 "rnde of merchnndls" for lmmedl.H'' needs nnd are net disposed te place any , u.mii."'u uiii'in, i-uin-uwiia aiuit. "Manufacturers of men's nnd boys' clothing report few orders for Immedi ate, needa only, nre net disposed te pay prevailing pnees, consequently sales ate "lew and but little advanced buslnes. "Wholesalers nnd Jobbers of cottons, woolens, etc., report but little trading ami collections slew. "ManufacturtrH of hhlrts report a falling oft In business "There appears te be considerable nc Ivltv In the hardware line. Huslne'-s 'i g'reral Is about normal, with a geed demand for all grades of mater'al, which condition, It Is believed, will con cen 'Inue during the winter F-nsen. Pricis etniin firm nnd collections geed. "The electrical trad" reports a very p-itlsfaoterv volume of business In heu"1- ' '-'1 ppiclalt'es and seme business In' connection with building operation work ' T,nlldav neveltli H an' moving freely anil -oed d"ni.md Is noted in this direction 'rlei's nre tlrm nnd collections fair1 , "The stove trade Is some what mere letlve ns regardH staple goods and pup- ' llnmeiital heating apparatus Is reperte I moving freely Jobbers and retailer" ire busy and foundries are operating at ' i'ie" full cinaclty ' "The leather market continues dull, but Inquiries Indicate preparation for mero nctlve hindnest Cllazed kid denlers state they are continuing along con ervatlve lines and sales have improved slightly. ; "Shoe dealers are doing a moderate trade. Hetall'TS app"ar te have suf- ' flc'ent stock en hand te meet immediate need and only small orders for future , dellverv are being placed I "Mllllnerv houses report a fair vel- j ume of business, but collections slew "There is no material charge of me- mept In the local lumber mniltet. Tin demand has fallen off somewhat. Prices 1 are about the same and the car mipplv 's considered air. and retail yarus nine geed stocks en hand." NEW YORK COFFEE MARKET New Yerlt. Nev. 2fl. Willie im portant trade interests were reported lm"rs of December en the ndvanee of Wi'iIncMluv. net ices were issued this mnniing lepresenting between ,'!().()0() te 10.000 bags ni'fetiliiiir te early mi niates. Their circulation led te further liquidation at the etart of the local celTee futures market today. December e'leiilns at a derllne of 11 points, wlille Mat cli and 'ater deliveries held within I! or 7 points of Wednesday's closing IlKiires. Traders found no verv decided Instillation in the Il-iul'ian cables. The advance of 10(1 te 1.10 rcis in the IJIn maiket and the improvement in the rate of Itle e.vchaiiRe en Londen bad evidently been discounted by Wednesday's advance here and the un settled riillns of Hantes, if anything, was disappointing. The maiket became very active late in tlie forenoon mi covering of belated slieits in December, coupled with active trade demand en rumors of a firmer turn in Hrazil, together with an ad vance in the rate of Uie exchange 011 Londen. While these rumors could net he cenlinned up te midday and no official ethii'CM had been posted by the e e cliaiiRe, prices were working upward rapidly fi te 1- points between sales. IM ember se'd te (l.Slle, March te 7 'loe, May te 7.M)c and duly te 8.-0c. Wi il rles Opjn 12 m. March 2 sl'S-A May 7 5S?ilil 7 Ii3i'li3 fl 41ft' 18 7 IllKM.I 7 80 '.Tit 7.R7W88 m .t BROOKE, STOKES & CO. Members of Philadelphia Stock Exchange 140 Seuth Fifteenth Street Philadelphia, Pa. 731 Fifteenth Street N. W. Washington 102 St. Paul Street Baltimore, Mn Jul J An Extraordinary Investment The Illinois Central Railroad Company has a record of stability unsurpassed in this country. Ne year has passed since 1863, when its shares became fully paid, in which the Company has failed te pay a dividend en its Capital Stock. These dividends a'"?re?ate a total of 404V4 per cent., or $220,017,527. At the present time there is outstanding $109,296,000 Capital Stock en which the Company is paying 7 per cent, dividends, amounting .te $7,650,720 each year. Since 188G many railroads in this country have net only passed their dividends, but have been forced into receivership. Even such reads, (new extremely prosperous) as the Atchison, Topeka and Santa Fe Railroad Company; the Union Pacific Ra'lway Company; the Norfolk and Western Railroad Company; the Philadelphia and Reading Railroad Company; and, the Northern Pacific "Railroad Company went into the hands of a receiver during 1895 and 1896. But the equipment trust obligations en these reads were taken care of and did net default in principal or interest. These equipment trust obligations were, therefore, considered a prier claim and wpre se treated in the reorganization of these properties; although many ether securities of these same reads were reduced in rate or amount. In the case of the Union Pacific Railway Company even the first mortgage bends suffered. Therefore, because of the history of equipment trust obligations and the stability of the Illinois Central Railroad Company, we. strongly recommend conservative investors te review the desirability of purchasing Illinois Central Equipment Trust 7 per cent. Bends, which we own and efTer, subject te prier sale or change in price. Illinois Central Railroad Company 7 Per Cent. Equipment Trust Geld Certificates Dated October 1, 1020 Due $737,000 annually October 1, 1925, te October 1, 1935, inclusive Dividends April 1 and October 1 Scries F Authorized and Outstanding, $8,107,000 Principal and Dividends Payable at the Agency of the Trustee in the City of New Yerk Coupon Certificates $1000 each, with Prevision for Registration of Principal ISSUED UNDER THE PHILADELPHIA PLAN Commercial Ttust Company, Philade'phia, Trustee These Ccrtificntes are issued by the Commercial Trust Company, Philadelphia, as Trustee under un Equipment 1 rust Ajji-eimcn', ii whic.i theic will be vested in the Tiustee titie te new equipment costing appieximately $13,515,000 including the follewing: 50 Freight Locomotive and Tenders, Twe-ten-two type 25 Passenger Locomotives and Tenders, Pacific type 5 Steel Dining Cars 20 Suburban Coaches ' 12 Compartment Ceaches 18 Steel Baggage Cars 200 Flat Cars 300 Sleck Cars 50 Caboose Cars 1000 Refrigerators There will be paid approximately 5,408,000 towards the purchase of this equipment, equivalent te appreximatc'y -10 per cent, of the cash cost. Pending the delivery of the equipment, cash equ.i. te the face value of the certificates may be deposited under the Equipment Trust Agreement te be withdrawn from time te time us equipment is delivered te the e:tent of MXty per cent, of the cost thereof. All the equipment is te be leased by the Trus-tee te the Illinois Ccntiul P.ni.iead Company at a rental sufficient te pay the certificates! and dividend warrants as they mature. MATURITIES $1,000 due October 1, 1925 9,000 due October 1, 192G 12,000 dus October 1, 1927 13,000 due October 1, 1928 23,000 due October 1, 1929 $10,000 due October 1, 1930 19,000 due October 1, 1931 14,000 due October 1, 1932 2 000 due October 1, 1933 5,000 due October 1, 1935 Prices en Application Biddle & Henry 104 SOUTH FIFTH STREET Thu information and statistic) contained h rein . I'ca eMjiri U f iim feu -in whtth v- Ij !. tu b" rrluWe. Yields 7m Available in SI, 000, $500, $100 Amounts Anaconda Copper Mining Company lce Secured Geld Bends, Series "B" Due January 1, 1929 Price (at the Market) and Interest, Yielding About 1 These bends, outstanding te the amount of $25,000,000, are direct obli gations of the world's largest copper producing company, the Anaconda Copper Mining Company. Together with a like amount of the Series "A" 6 Bends, they constitute the Com pany's only funded debt. The bends are furtl secured by stocks of constituent companies, valued at approximately $100,K0,lM0. The Company cannot mortgage or pledge any of its fixed assets without provid ing prier security and payment for these bends. Frem January 1, 1913 te December 31, 1919, the Company and its constitu ents, earned (after p. ; mg interest and all taxes, but before depreciation charges) an annual average of mere than $24,500,000. In the last lijg years, the Company has paid dividends aggregating mere than $125,000,000. An annual sinking fund of $1,500,000 will serve te maintain a market for the bends and will constantly increase the security behind the issue. If called before maturity, a premium of Hof 1 must be paid the bondholders for each year or part thereof by which maturity is anticipated. Circular PA-42, mere fully desaiplive of these bends, and from which tlir above information is sumiiarizrd, will be sent upon request. Delivery will be made at our risk and expense, nt an responsible bank in the United States, payable with excitative. Orders may be telephoned or telegraphed at our expense. Ponds rnav be purchased under the terms of our Partial Payment Plan if desired. HALSEY, STUART & CO. Incorporated Successors te N. It', llalsey If Ce., Chicago LAND TITLE BLDC, PHILADELPHIA Telephone i Locust 4820 CHICAGO NEW YORK D03TON DETROIT . -Ill 6T. LOUIS MINNEAPOLIS MILWAUKEE il if s W' , ; & v l It v !.. v fl "' ; i mi m n ti M ii ,1)24 Re.KEstutKTm.t'KIdg.. P)iU.. lJ; 11 is Y '"ri-ni 1' 1 ' j.-1 - vt ,j irTZ:Tm-,T.-L',T "I Ka IT V 'J'TTFERL ''V1 mv ydl v ii iHfl bfiiL. WW'XHimAm
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