?fr y
im
V "
PF!
5w -)
EVENING PUBLIC .LEDGER-PHILADELPHIA, FEIDAY, DECEMBER IT, 1920
-
Jl
Hi
$25,000,000
Standard Oil Company (California)
Ten-Year 7 Geld Debentures
Doted January 1, 1921
Due January 1, 1931
Interest payable February 1 and August 1. Principal and interest payable In geld In New Yerk
and San Francisce. In coupon form of $1,000 denomination with provleion for registration of
principal. Redeemable as a whole en any interest date en 30 daya' notice at 105 ana interest, if
redeemed en August 1, 1921, and thereafter at XA of 1 less en each semi-annual interest date.
Equitnble Trust Company of New Yerk and Angle-California Trust Company, San Francisce, Trustees
A Sinking Fund of $500,000 per annum, commencing January 1, 1922,
is provided te purchase Debentures at net exceeding par and interest.
The Standard Oil Company of California is producing from its oil wells in the United
States ever 100,000 barrels a day, and as such is the largest producer of crude oil in this
country.
Security These Debentures will be the direct obligation of the-Standard Oil Company
of California, which has issued no mortgage and has no funded debt. The trust
agreement under which the Debentures are te be issued will provide that during their
life the Company will net issue any obligations having priority ever this issue.
Market Equity The Standard Oil Company of California has outstanding $99,373,310
common stock. At present quotations this stock represents a market equity of
approximately $320,000,000.
Property Valuation The depreciated replacement value of the Company's assets,
including its properties in California, Oregon, Washington, Alaska, Nevada, Arizona,
Colerado and the Hawaiian Islands, and excluding its assets in the Philippines and
Central and Seuth America, accordire; te an appraisal new being competed will
'exceed $400,000,000.
Earnings Fer the fiscal year ended December 31, 1919, the Company reported net
income after depreciation, depletion and Federal taxes, of ever $31,000,000, or con
siderably mere than the par amount of this issue, and for the past six years aver
age net income of approximately $17,000,000 per annum. Earnings of the Company
for the ten months ended October 31, 1920, were in excess of the earnings for the
entire year 1919.
Price 100 and Interest
Wm. A. Read & Ce.
The Angle & Londen Paris National Bank
Blair & Ce., Inc. The Equitable Trust Ce. of New Yerk
Continental and Commercial Trust & Savings Bank
The information contained in this advertisement has been obtained from sources
which we consider reliable. While net guaranteed, it is accepted by us as accurate.
Orders have been rectivtd in excess el the amount of Debentures available. This advertisement appears at a matter el record
I
Common Sense in
Investing Meney
6TT is easier te make money than te keep it," is an old saying which
-- thousands have found te be only tee true. Few can say that
all their investments have been wholly satisfactory. Why is this?
The answer is simple enough. Generally speaking, far less common
sense is used in investing money than in making money. Toe many
investors fix their eyes en yield rather than security, ignore the
fundamental principles of safety, and then wonder why their invest
ments turn out te be unsatisfactory. The first principles te be
followed may be expressed very simply:
1. "Safety first," net second. Make sure of the quality of your
goods before you leek at the price tag. That is satisfy yourself
that the investment is safe before you even think of the yield.
2. Select an investment that will free you from worry, care
and management that will net depreciate in price or worth after
you purchase it a security you can lock up in your strong-box
and forget.
3. Get a geed return en your capital, but don't forget that an
exorbitant yield is a danger signal, and that, generally speaking,
the best and safest investments will give you only a fair, safe
rate of interest.
Nine out of ten experienced investors will agree en the above first
principles. But hew can they be best applied te the actual selection
of a thoroughly safe security?
Our new booklet, "Common Sense in investing Meney," tells hew.
It gives you, in concise, readable form, the benefit of the experience of
thousands of successful investors. Call at our office, or, if you pre
fer, write for a copy of this valuable booklet today. Ask for
Booklet 498-Q
SJWSTRAUS $ GO.
ESTABLISHED 1882 INCORPORATED
Stock Exchange Building, Philadelphia
Telephone, Spruce 5G28
NT.W TOHK
ciucAae
DRTflOlT
IHJFFAI.O
iI.BVEt.ANl
WASHINGTON
BOSTON
lNDIANAr a
I'lTTSIlCllUll
SAN FRANCISCO
MIMVAUICHK
MINNEAPOLIS
Thirty-eight years without less te any investor
. Specialiiti In
"' MOTOR, RUBBER
AND STEEL SECURITIES
COMPLETE SERVICE
In AH Ferm of Inveitment
Main Departments
Investment, Brokerage
Acceptance, Liberty Bends
Foreign Exchange
Statistical, Ohie Securities
Extensive Private Wire
Connections
Members of New Yerk and
Other Principal Stock
Exchanges
OTIS& CO.
Investment Bankers
CLEVELAND
Sew Yerk noaten DMrnlt
Cincinnati CnlumliUH Ttilriln
Akren Viiiinestevvn Denver
Colerado Spring
The Price
EXECUTIVE
.. IIM t ....... .tll.ini
AiulMr--U ftntt' Hank Ceinmrrrlnl
rP(rlcnci. Mcrui"uir j-.u...
nrosrrMlre nrmnlutlen.
Stenographers In New Yerk Hank
r. . ' . I... I I..-.. .I...---. ....
l.lCftlltlH eppnnu'lll 111 ili mum im.rvi,
! tank fur capable, oxperlenced lennrpher
under 1!5 yar. I'ermanant pealtlpna. ex.
t client working conaiuene. uem ? una
luncht. Btate , education, experience
'"""'i'.wiafw.
49 Wait 4ith. St.. New .Turk CMjf .
J. At. 8AII.EU
e:i. jpl e. c 8-rATT0N
waiter orevensen
3U AMI CIIB8TNCT ST3
BONDS
Tw Free, .Yielding. 4J$ e fft
History of
Every Stock
traded in the New
Yerk Curb and in Bos Bes Bos
eon, San Francisce,
Salt Lake and ether
exchanges, is given in
the latest issue of our
Free Breker's
Hand Boek
Just out high and
low price for Uat month
nntl year of 1919 end 1 920)
pnr, capltnl, dividend rntea
of mero thnn SOU securities
An invaluubte guide for
thoae who are planning te
take advantage of the pro pre
mt technical poeltien of
the market. Meme, page,
commlaelen rate, etc.
Auk for Ne. T U-3i9
A
JONES & BAKER
Specialist in New Yerk
Curb Market Securities
Widcncr Bldff., Philn.
Phenes: Bell, Locust 4730
Keystone, Race 2290
Office in 8 Principal Citlei
Direct I'rlvate Wire.
u
GOSSIP OF
THE STREET
New Yerk Bends
IBAI.Efl IN 11600
t'annlng and reduction of dividends
and reports et wnge cuttltiR by Bemc of
the prominent Industrial concerns lmve
for the tlne being diverted nttentlen
from U10 vexation of the money mar
ket. Developments of the Inst week
novo uliewn conclusively the sltunllen Is
well In hand, and, wlille It Is widely
recognized that much progress Is yet te
be made In thawing frozen credits, there
nre dcflnlte rnusens for Tinllevlnir that
the peak of U10 credit strain has bccii
passed.
As n prominent bank official put It
yesterday, the consumers' strike has
been se extraordinarily effeotlve as te
bring about almost utter disregard of
contracts leading te progressive In
crease in the cancellation evil. "The
result Is," he sold, "thut nil mnnufne
turera arc being left 'holding the bag'
until the spring trade revival or n re
turn of sanity en the part of the public
relieves the strain."
As n mnttcr of fact, few laymen have
the least conception of the wide
ramifications of the cancellation evil.
One would suppose, nftcr listening te
the reports bclnL made by the big busi
ness houses, as if the old-fnshlen busi
ness morals had been cast te the four
winds. This had made the thawing of
fr07.cn credits n mero difficult problem
thnn It at first appeared te be. Strik
ing testimony of the embarrassment
which the cancellation evil placed many
of the big business concerns, individ
ually and collective, is te be found in
the recent haste shown In selling securi
ties in order te obtain the nccessaty
funds te meet the heavy tax payments
which otherwise were unobtainable.
Many bankers feel that manufactur
ing nnd mcrcluitidlziiig retrenchment is
runnlnc beyond the bounds of all com
men sense nnd, anxious as they nrc te
reduce floating debt, can picture the
dey when stocks of goods of all descrip descrip
tlenH will be nt as absurdly low levels
ns new seemingly prevail in the security
markets.
Selling .Movement Nearing an Knd
A lending wire house summarizes
meiket's position ns follews:
"We de net believe selling will go
fnr, hut we de believe the market will
inspire little confidence or show nny
nggrcilve upward trend until just be
fore Christmns. While it is finding its
feet, the gist of business news is bound
te shake speculative sentiment because
reducing dividends or passing them al
together, hns become n popular pastime.
Tlig operators and traders, however,
have net waited until new te spII stocks,
but sold them months age, planning te
use nil mlvcrse developments of this
kind te cnuble covering operations,
tinder such conditions their having will.
rn hpHnvn. tirevenr. 11 bis downward
movement nnd create n demand for
stock at n time when the speculative
public sentiment is se depressed and
its purchasing power se limited thnt
demand would ecncnvi&i- ue ruumj
lucking. Our guess is. this conflict of
irinvnmnntu will rpmllt in renctiellH IM -
lowing each shnip advance until this
time next week when a seasonal Janu
ary reincstment rally should get under
way, running until the early part of
next month."
Tlme for Discrimination
Then- was n dividing of the benr
forces in connection with expressions
of market opinions nnd some of the
lenriini? fommlssleu houses flint have
used every effort in their power te pre
vent Hpcculative buying changed their
position en the market te n partial ex
tent in their views en the market out
look. . , ,
J. 15. Huche & Ce. made u calcula
tion that in the lust thirty iluys brokers'
leans hnve decreased from n level of
about $8.10.000,000 te n present flgurc
of 8700,000,000, while nt the snniu time
the' short interest has decreased from 11
high estimate of 11,000,000 shares te
around 1,000,000 shares. They report,
thut, according ie their information,
brokers' leans am nt the low point for
the venr, while the short Interest is
ciimii te thnt i-xlstlng lust July, when
brokers' Ien us were much higher nnd
prices of industrials were iNventy points
nbevc the present range.
Other commission houses were dis
posed te ndvisi- the puichtise of stocks at
aieund present l-els uri'T cletfe nun
inrctul study of their merits, but they
diil net believe in Imjlng wteckn without
full information about asset values and
earning power.
Itottem for V. O. T.
There was enidernble discussion 011
the stiver yesterday us te what would
be considered n firm bottom for the com cem
tmin ntni-le nf the 1'nited Otis linnievc-
ment Ce. It was the consensus of
opinion of most of the lending brokers
thnt 25 would prove te ln u solid bot
tom for the stock. At that figure, it
will bring net investment return of S
per cent, which Is generally accepted
these dnyn ns attractive buying basis
for most 'of the seasoned dividend buy
ers. It is firmly believed thnt the com
pany will be easily nble te maintain the
1 per cent per nnnum rnte en the stock
until the hnudicnps new encountered
by the utility companies aie overcome.
It was pointed out by n clese observer
thnt the -1 per cent difference in the
distribution te " common stock
holders would about eijuul the less or
earnings new beinir sustained by the
company.
The rempnnv hns asked City Council
Ie extend from January I te April 1
the period in which the company may
substitute the liritisli thermal unit
standard for the candle power require
ments of the gas lease. The commission
which the Mayer has been empowered
te appoint will, lu the meantime, iu
ititute the investigation of the local
irns situation, and wliuh. it is ex
pected, will result 111 1 he readjustment
of the present terms by which the com
pany will be In a position te curry out
the previsions te a better advantage,
net only te itself, but te the tonntimer
ns wull.
Many of the holders of the stock nre
convinced the present unhappy condi
tions are only of a temporary char
acter nnd under normal conditions can
be speedily adjusted; In fact, te tin ex
tent by which the securities of the
company w!l Isi restored te the high
standing they formerly held in the eyes
of conservative iuvesters.
Till: TUAORIt.
SONGS IN GERMAN OFFEND
Schumann-Helnk Recital Causes
Spectators te Quit Armery
Newark, Dec. 17. .Mine. Ernestine
ScUumnnn-IIclnk sung four songs in
Herman nt a concert in the 1'lrst Regi
ment Armery here, and was ap
plauded nfter offering n defense of her
action. Except for tliose four numbers,
the program was in ringllsh. It con
cluded with the "Star Spangled Man
ner. "
As Mme. Schumaiin-IIcitik began the
first song in Qerman n man sitting nenr
the front of the house rose with his
wife and daughter. As they walked
out the mitn talked excitedly te his
wife. About n dozen ethers followed
his example and left the auditorium.
Held-Up Man Killed In Chicago
Chicago. Wee. 17. One of two hold
up men wna utvtnpted te reh tbe Heme
Drug Ce. store m the busiest corner In
Chicago, was chased through street
crowds and killed by pelice in n gun
battle just hefore midnight last night
Patrolman Conleu, who tried te head off
the held-up man, was futally wounded
hv the robber a moment befern rh int.
A Umlt inii
R 7St
n 7su
!... 7D
s . .. . 73
Am T & T oil
tv 73
r...... 73i
Am Tel & T Re
7S;
70
77t4
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70 U
70',:
2
1.
6.
IS.
6.
n.
A T T 8 Te 4
110 74 H
1 7411
4 74 H
Atcti T 8 I'e
ev 4 '00
4 .. 80",
Atch TS1'
Arlz'a Dlv
10 .. . 77
Armour iV
0 7111
J... . 71s.
SO 74
At & lllr'ln 4r
1 04
Atl Cemt I, 4
7 .... 77
At C Line 4Vi
1 72 1,
1.
.4 42U
Cene'l Klte r
1 SOU
Oen'l KIm 0
4.... 100i
Gev't I' It ret
2 ... 100
le. .. 100
l.t ... 100
'1.... 100't
4.... 100H
20 ... 100
2.... 100
4.... 100
B.... lOOVi
4e.... 100
1.... 100
2S..., 100
0.... 1011
4 ... 100
12.... 100H
10.... 100
fl Bwltz'd rcte
102
101'4
102
101
102
102
O'l Trunk ret
f,.... 100
Heu'n t. i: W
Tirxn let
2 M
Kid & Man fil
1 .... ns
Atl Const I, 7 CI Control M
2 ... 102
Atru Fruit 71
n .... n.Ti
Unit & Ohie ev
1 .... nsu
1 03 'i
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1 7!Mi
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1 03
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Halt i. Ohie 0a
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a 7s
111 Cfi t Tin
10..... 07
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7 12V.
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D n
Kerth'n Hlntca
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0 70
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n 78
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fi
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oe
CITY'S BOND ISSUE
BIGS MANY BIDS
Twenty-five Offers Received,
Cevering Mere Than $5,300,-
000 of $7,000,000 Lean
BANKERS TO TAKE THE REST
Stocks Ye
s
WW Tlintral krn1ratfi m4 til n t numI
Mrvicea almost without excep
tien have already advised their
clients te purchase coppers and
industrials.
We have refused te yield te
pressure from our clients te de
likewise for we think that abet-
V ter burins point will be reached.
b . .
a...
i ..
8...
u ..
l...
10...
2 ..
12
Ht 1. . H Fran
Serlea U
2.. .. 70
8t I & Swn F
cm fla
1 HO
ft I. SeWn en
.1 69
3 08?i
St I. Sw'n lt
1 00
St 1. Sewn 2 J
1 . .. 51
4 . nil".
Ilkn II T it 7a
B . . 41H
Canadian N n
Ilwya rcpta
3 !H"
4 .... UOK
Cut' I of Oa en
10 .... 82T4
Ct'l et Oa 0a
6 Hi
Ctl Leather Ba
1 8T
Ctl Pacific l(t
II 71
CVk i O 4'-!i
1 729k
4 .... 72H
C A O cv 4Ha
10 7H4
10 . .. 70M
2 71S
C'k ft O v B
13 fOK
C & A ihar 0a
a
r. 87
?... H7
CM II & Q 4a
4 UBTt
5 till
5 !IB,,I.lie KheiH M 1
82 U3H H'n 4a '31 I 10
I'hl & tl W 4 10. M 704 100
B 50. 4 .... 79, 1"
Ohlcnire Mil fi'L Vy en 4I410H
.St I"l 3V.H I 1 .... 77I41
J B7HiLWli Vl'y ea.B'n rne cv 5a
ii..... nr
tl l... R7'4
atl' fj 4'.b I 2 .... 117 10... 07
l BS'i1 10 .... OT 20 07',
Cbtoime Mil 4- Lerlllaril V Ba 1. ... I'T H,
ttP oe 5a B... 77; S'n IUIIwh fts
10 .... l(04i I..... 77', 2 k
ChlcaKe Si Nth Leu A Naari 7a Spuria 4a
Wn 3'i" , 1 ... 104 1.1 .... 7
K rieU'ni 7'4B,Eialj cl A I nl
1 7 i 3 .... 33't
2 .... t7 , 2 ... 83'
2 .... UtlJ4i 1 .... 33".
8 .. . HOI! 1 . 33,
tnk Shero M 'i'n Pacific cv
S'n 3'4 i 10.. .. 07
1..... fili' !'n 1'aclOe fj
B...- 00i4 1...- 74'i
3 .... ll 10... 7'4
tal.a HhOr M 10O 74
fl'n 4a '2S 4 74
1 82 tee 74
1..... Sl'l 6'n l'ue cv 4a
75
74'4
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74
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. 1' la 1 4 1 '.Third Aie
. . 1.01,1 u 42 :i... . 7
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25
25 "4
r
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Union I'a 4a
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Union l'ac Ov
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:i .... tiJi, r. ... ft.''.
City Bern "ia 4 .... nj',
i . .. 10 1 11 .. nj
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7 781,, .". .... r.2
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1 ..... 01. Me i'ncirie Oa
City Cep'B ft'41 11 .... l7' I' " "f O Hrlt
I 7l,,Ment'a l'wr a I'1 l-'l
1 7 J j 1 hi) 14 .'.... U7'
Clt Miliar 0i 1 .... hi U K nf O llrlt
4 79 ,M i Ua x U fla' I'd 1020
Oty .N.- Yerk, 2 ... 100 J .... hS
4 of OS Neiv IIhvaii 0a1 -' .. . Si'
14 ... 81 2 .... 03 ' 81.
City I'arls 05 Sew Or Tex II .... 89'
J n.'l Mlce 4a 1 10 . . 88.
4 PI 10 .... 58'. I' lv nf O llrlt
il . !'t N Y l' A 11 U 1 'I 1D37
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Ht I.uula IH 12 ... 07 2" .... 83'i
10 84 '.V V C 11 II 1 83.
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N V U 4 II II
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1
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3
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N V Cent' I SI
Cent'l 3 '4 a
5 .... BU
S3".
81 ',
hl,
h.l',
M'l
h.l '5
h3'i
S . . . . S3 1 .
no ua Meilce 41
00 I a..... 3.1
liO'.lU B Haliy i.
lien Impv't B.i
llOV, 1 60
ItO X Itubb r f a
t 72',
More thnn !;rj.300,00) et the $7.
000.000 bend issue of the city wns nuli nuli
Herlhcd bv. nnd nwnrdr-il te. twrntv.
llve bidder, by Mnyer Moere yesterday
Failure of the bnnker'R nyndlcnte. of
wnien w. t. HtetcBbtiry Ii n member,
te offer n bid, wnn followed n brief time
Inter by Htntements of bnnkerH thnt they
would take the portion of about $1,
OSn.fiOO for which there were no bids.
Trices regarded ns "satisfactory"
wcre received for the IkiqiIh sold en bidi
runtrinir from nar te 103.7778. A con
ference will be held tedny te decide
whether the unsold balance can be dove
tailed with the 533,000,000 lean au
thorized by the voters nt the November
election.
Jlnyer Moere snld :
"Tt wns a great Rntisfactinn te knew
thnt, notwithstanding the big bankers,
for n reason net clenr. liml decided te
rcmnln out of the loon nt this time,
thnt tlie public lintl ceme ferwnrd lu
the manner it did."
lie did net construe 1 tie notion nf the
bankers uh in nny way intending te
reflect upon the city, but rather us a
strategic move, which, he Bald, wns an
ticipated by the sinking fund commis
sioners. The Mnyer Faid thnt one of these
who offcred te tnke the entire hnlnnce
thut hud net been subscribed for was
Kelnnd I,. Tayler.
The bids received were for amounts
ranging from S.TO te $2,000,000. The
lutter hid wns submitted by the sink
ing luiiil commissioners nt pnr.
13THSCH00LH0USE BURNED
Total of 33 Buildings and 5 Mines
Destroyed in 60 Days
Iilnibe, l"n., Dec. 17. Disdainful
of all law nnd organized society and
working us efficiently us has been its
went, the nrhen ring, which resumed
operntlonsWcdnesdny evening nfter n
ten -tiny lajeff bv burning tb(. plant of
tlie rairchauce Lumber te., ut Fnir
chnnee. destroyed the HIairsville In
tersection Public Scheel, entailing it less
of $10,000. This litest uct of vandal
ism of the firebugs tnnkes the thirteenth
school they have burned. All told,
thirty-three buildings and five modern
mines have been fired during the last
sixty days, nnd in u majority of the
tires the destruction was complete. In
cluding the mine's, the losses nggregnte
mere than $1,000,000.
With the exception of ten days, dur
iug which time the nnny of police, de
tectives and state troopers scnrchlng
for the Incendiaries, made one urrest a
demented man the tirebugs have oper eper
nted uninterruptedly, burning indis
criminately, hchoels, stores, homes, fac
tories, churches and mines. Among
the largest schools destroyed wus one
nenr I'riccdnle, nbeut six miles from
TJclievcrnen. und the Star Jurfotien
school, near Cennellnville The looses
en these two structures reuched
$100,000.
REJECT 31 MEW SUBMARINES
Structural Defects Charged In Craft
Built for Navy
. Wii.ihlngteii, Dei-. 17. Difntifiie Difntifiie
tieu with submarines built by the Klee
trte Itnnt t'e. for the unvy, has caused
tin- department te refuse te uccept
thirty-one Mibmurlnes of the S type
that tin- CemiPctiuit firm hns built for
the tJnvcrnraent. Secretary Daniels told
the notice mivnl iifTnirs committee yes
terday. Hepresentntives uf the shipbuilding
corporation Iiavf nkcd for 11 hearing
te contest the report mu'ie b technical
experts of tlie navi und will be re
ceived by Mr. Daniels today.
The specific objection made against
the submarines is thnt tlie engines have
been ten powerful for tlie crankslinfts
und thnt thcre have been -tmcturnll
defects in the engines thenisehi- Ac
cording te tCNtiinnny nf Kenr Admirnl
Itebert H. Griffin, the Mibmiiiiinw failed
te come up te the Mnnilurds n(uired
by the department, nnd hnve net been
accepted en that account. He intimated
some et the trouble wns due te the
effort of the company te collect u bonus
for seed nbeve the guarantee which
caused it te put tiie high-powered an
engine into the undcrncn heatv
Authorization for new eenstnn tnn te
reutid out the fleet built or building
(iiDi-iiting of tlvu 10,(N)(l-tiin light
cruisers, four gunboats, five mim liijing
suliuiuriiu's. two cruiser submarines and
one nirplnne carrier wns urged In Sec
retary Daniels.
AUSTRIAN BILLION SHOWER
Mseis
mm
rs . . .. ' Skl
IIn. ....A... mm ... .1 . ... M l.l.i
wu. tfwvite ia mv.. twin, u m . w-
tnlly prepatnd Dellettn lest taaDnt M
miMcribcrs te the Babaen Inrestinent
Eerrice, ceunttllna agtmst purchaia
it this time.
11EPORT ON UEQUEST
A tew extra copies) of tbl Bulletin ar
available ter diatributlen te intereatM
inveitera. A reqectt 00 tour letter
head will brlna you one without charge.
Tear out the Meme nan and hand
it te your secretary when you dictate
the merntmra mail.
Merely Ath for Battctln 34MJI
The Babson Statltllcal Ortranfauitleii
Wellesley Illlls, 82, Bosten, Mass.
71a Lmrteti OrptnirilU ttlu OtereeU
CUPOFFHERE'1 '!'
:J
Meme
Fer Your
Secretary
Write the Babson
KOKrr W. Babson,
EZ, uosten, M1H.
a eoev of Seretal
letin Ne. 4MK and
booklet. Cnw Vtf
-gratia.
Sutistiei Ornnluuea, a.
President. Wellnleyliaie. I
, as louewa: ricaaeaenai
But. -jiiixim..ii i i mm.,
CZDCZDa
(5ft0
of
tagtfug
aalue
XNTEREST or dividend
bearing securities are
Ideal Gifts and will in
culcate habits of thrift and saving.
Monthly interest or dividend
checks will bring back memories
of Christmas twelve times a year.
rVnte mtftr QrcnUrwX"
Henry L. Doherty
& Company
G04 Merris HuildinR
Philadelphia, Pa.
Trlrphene: Lecnat 1410
H
....
a ....
v n llut
l e
-"V.
N k Llglit HiU'J a 8twl la
Dun I It fd & Pwr 4a sn...M no t
S.. . 4!)a S Ct il .... liDH
Dan It il 4a'Nnw Yerk O eV 10 .... ue
1. .. Ul, I Wi-afn 4j 2i MI'n
t . . 112 1 .... ill , 3 . ... tiei.
(IJ N Y Ilia ct 4a 1 ... liOa,
n .... 17 n U Cnem rta
1 .... HIV 10 . . , tn
T . l(l,iVn Itiillw'a ,1b
Y llluja Sa' t .... SOI,
20 TiV, Weat'n Mil 4a
N Y Tele 4k 1 n.iv,
1 .... 74H 4 .... 834
1 734 Weal Shere 4a
in .... 74 1 70
18 78', W L'nlen t',a
4... . 7SHI .1.. . 75
Erie liunl l.lan N Y Tele'a Ha W 12 & Mfg 7a
'.' . . 40i I . . . . 83 I .1 .. .. 04 1
I 401, 'New Y W O i 1 . 11414
i:ne It it cv A II .atoll 44a l . U4',
2 Slit 1 .... aO'ilWIIaen (Je int
ft .... A
Tt Can R'i 'HI
n us v.
D Camilla 'JU ,N
3 00
r Canada '20
1. . 8714
I) L'nr&.ln '31
1 9 (HI
Dem nW fta
4 .... 731.
4.
1 . . :ni
El l li II 1 v D
1 4:"i
!U1' N'k & W cv 0a1
.. 103
10s
103
I.lbcrt) w'ijs . . .
Liberty 1st -iU"
Liberty I'd H4s
Liberl !ld 414s
Liberty -Ith -Pis
Victory .Netu II'Us H.j.O'J
Victory Nete 44 H.".0i
8!).lll
80.1(1
M.ltl
S7.M)
sn.M)
IjOW
811.84
Krt.01!
S.'.lO
S7.7L.'
KiM)
it.VOO
8M4
11 13
ii. in.
SU.IJll
80.02
M.l'J
87. 7H
8.". lit
'XtM'2
115.00
NEW YORK COFFEE MARKET
S'ote Yerli, Dee. 17. A. hlinrp ad
vance, 7-Hid, in the rate of Kle ox ex
ehnuge en Londen, led te some eovcr eevcr
iiic of oeffeo futures en the call this
morning, resulting in tin udvunce of (1
te 10 nelnts.
Yrat clnte
.March II .'
Mey 7.0(1
im I -'
September 7 80
Oln
11 S.'feTI
7 lit Wns
7 SOffll
7 UiO05
Car Ce. Pays en Back Dividends
Montreal. Dec. 17,Ttie Canadian Cur
nnd Foundry Ce., Lte., declared u divi
dend of 221,, per cent en the preferred
stock en amount of back dividends, pay
able December 31 te stock of record Do De
ceinber 24. Tlie dividend Is p.ivable In
reirotlnble Interests bearlntr scrip, prin
cipal amount payable en December 24,
1927. with Interest at rate of a iur mm
navable half yearly en 24th nr ii,n.
iii.J cumber.
Credit of 8,000,000,000 Crowns This
Week; 6,000,000,000 Last Week
Viennn, Dee. 17. The rinnnee
Commission of the nutiennl usscmbly
hns authorized 11 lull grunting the
government nn udditieiml credit of
8.000,000,000 crowns te cover extraor
dinary expenses for tlie tirit three
months of 1021. of which sum 1.000,
000. 000 crowns will be used in pajment
for feedstuffs which will be sold te the
public nt n Ions. Lust week n credit of
0.000,000.000 1 row ns wns granted the
government
Newspapers of nil shades of political
opinion iiuike pessimistic prophecies ns
te tlie future of the tnuntry. The Neue
Abdenblntl snvs: "Hew lung will this
shower of billions Inst? Tlie stnte will
seen rellapse. 'Hie entente mtut hurry
und furnlbh 1 redit. otherwise it will
be filcisl by ehnes, euusing the eelhtpse
of nil its neighboring oeuntne-.''
Stetson Pays Usual Dividends
.lelin H. Stetsen C'n. directors dedared
the reKUlnr Bemlannual UKtdend of 4 p r
cent nn the preferred and the usual IS
per ctnt en the common stock, payable
Jinuar 15 te steek of roeord J;inu.u 1
The
Market Outlook
Conditions new prevailing in tha
stock and aecurities markets ara
analyzed in the latest issue of th
Invester's Review.
Detailed information is also (riran
en some lending stock issues,
namely
Utah Copper
Atchison R. R.
Texas Ce.
Chandler Moter -,
Allis-Chalmers 1
Am. Steel Foundries
A number of ether important
stocks are frankly dicussed, showing
price changes.
tfc ter a tree copy
BOUREAU & EVANS
lffmeerj rhUattelvhUi Bleck Exchange
130 Seuth 15th St.
Philadelphia
t-bt I'hila. Ollicc, 7 S. rr'd Street!
iecuit list Racs Slt
v
!'civ Issue
City of Philadelphia
59e Bends, due Dec.16, 1970
Interest payable
January and July 1
Price en Application
HARRISON & CO.
BANKERS
106 SOUTH FOURTH ST.
PHILADELPHIA
J"i6i e Vete Yerk, and I'illa
Wpii Ntach Vxchange,
- -
Grand Rapids & Indiana
2d 4s, 1936
B0ENNING, GARRISON & CO,
KTOCK HriI.NK Ilt'lIJlINO
lllrpet l'rlvat Telmlienw te v Yerk
Mrmbrrx I'hllu. Stvrk Iirrlinnce
Stockwe!l,Wil!sen & Linvill
Certified Public Accountants
Land Title BIdg., PhUadcIphin
- !
Hew Are Your Bends Rated $
Moedy's5
RATING BOOKS,?'
Will Give the Answer. Ask your Bank i"
or Banker, or write "
Meedy's Investors Sp.RviCatJ J"
3) Nmu Strt. New Yerk
DHem PblltJ.ljnl.
-U'.;
c
tsiTiiu rR(iviiu:NT un: ani tiiust
-' t'OJtl'ANV OV rllirIHCI.I'IIIA
Tha
Flfiy-aixth. Annual SI-tlnir of The
I'retMfnt life unit Truat Ceiiiihuit of riilla
ilrlphla will Ixi held at Ha attic, Keurtli an,
Cheatnut H'ree'a, en Nrrtind-Dar Miinili
tlm Tenth Hay nf.llmt illenth t.Ianunry).
1031, at 10 o'clock n. in. An clactlnn of flvn
Dlrectera te aarve for thrw yeura will b
tiald txtwaan lha hour et 10 a in, und 'J
i'i in.
, .,4
a T A V1VT i
PROVISIONS COTTON Jtf' )'i
vur uauv waiter gent en Rtquttt ZgpS
Hughes & Dier J
Mi'Dibrra
Chlrae
J N. V. I'i
) I'lilla. H
I'ltlabun
Heard of Tnla !
'redtirA TCkas2ft I
Mlark K.h.. , .
lliataavft UJ..I. J3 f -" - "
'viiitii ninrn mimmmmmtimM i
1438 Wkt $rMt v
U -. . .a . a. ai . UL ' "
u'
n
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M
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I'
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LEONARD 0, ABHTONV
w Wrr,(
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