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V
EVENING PUBEIO EEDaEIl-PHIL'ABELTHIA, " WEDNESDAY, DECEMBER 22, 1920
22
eftja
rSll
An Ideal gift
for Christmas
A rvcll selected
high grade bond
Send for our mrrent
llt of o(Irlns
The
Company
Philadelphia 1421 Chestnut St.
Atlantic City Chalfonte Block
1225 Boardwalk
Combining
Security
Yearly Maturities
High Yield
As a vvell-secured short
time investment, we rec
ommend the Five-year
Serial 8 Gold Notes of
a well-known New Eng
land manufacturing com
pany. These notes arc:
1. Seemed by net quick
ns.cts of 'Vz times, and
net tangible assets of
(Us times, the amount
of these notes.
'J. Followed by capital
stork having a cuirent
market value over f
time? this i-sue of
notes.
Prices for various maturi
ties to net from
9.08 to 9.42 ro
Ask for descriptu e folder
p.r.L.sto
Hollistcr, White & Co.
IncorDorntM
North merlr:in HuUillnc
rllll.ADKI.I'HIA
flout on l'roil'lenre New nrk
riprlmctlHil I'llt.llrlil Portland
INVENTORIES
On what basis aie you going
to price your unuitciy this
year?
There are definite rules to
be followed in order to keep
within tho terms of the law.
Your decision may cost you
large sums in Federal Taxes.
It is our business to keep
abreast of all departmental
decisions and changes. They
are of too serious a nature to
bo entrusted to the layman
Our staff includes former
government tax experts and
competent auditors and ac
countants trained in this
particular branch.
There are only 7 more days
before you cIo.jo your books
for 1920. Get into imme
d;ate consultation with us and
allow us to solve your prob
lems. Now! N'one are too
largo or too small.
GEO. K. WATSON & CO.
Certified Public Accountants
Ileal Estate Trust Hldg.
Philadelphia. Ia.
Scranton Chicago
m.
i
'. ?
By the Guarantee of the
French Government
the payment of prin
cipal and interest on
the Midi Railroad 6
Bonds is secured to
the Company. These
bonds, redeemable at
par not later than
I960, arc offered in
this country on a basis
which gives American
investors full advan
tage, both as to prin
cipal and interest, of
any improvement in
exchange rates on
Paris.
I'or furilff jinr'n innrx
u rite fr arc it'-r A'.
Hemphill, Noyes (3& Co.
Member .Vw York Stock Exchange
Franklin Bk. Bldg., Philadelphia
New York Dotton Scranton
HufTalo Albany 5yra uie IJjltimore
Wc Have for Sale
Counties Ga & Elcc. 5' , 1962
Syracuse Gas Gttl .5'. 1946
Indiana Lighting lst..4 1958
Sears Roebuck 7 Notes
I'artirulam upon rvquvt
Reed A. Morgan & Co.
Writ F"il Tn, ,i I! ,1 r , ,i
M.-litl 1 I
r v
Safe Bonds for Investment
HALSYt STUART
H CO. Inc.
a m miwuaai
'
-J. J,l.-L f J
MARKET REGAINED
3al"s
09
000
200
300
3.10
200
00
'00
00
too
00
'00
t-00
t'00
830
ton
3000
"00
000
100
00
100
MOO
"00
ntOO
t00
"00
"0
00
1.00
100
3000
200
200
10
J0
'00
100
J0O
100
100
J380
11100
100
100
s'Oo
1"0
100
4.100
'00
800
100
6000
too
100
0800
10400
00
300
100
Prices Were Irregular, but
Urgent Selling Pressure
Was Notably Absent
New Yorlt, Doe. 2.1. Thcr0 was lit -tie
trnco of the scmiliystiTiu which pre
vailed yesterday when tho Htoek mar
ket opened this morning. There wns
ntitiirnll.v more or let fcverlshness nnd
irrcculnrity which generally follows all
periods of violent movements. There
whs a notable absence of the urgent
liquidation nnd spectacular Felling. On
the contrary, the market, as a whole,
cave every indention of organized
strong support. This not only had n
stabilizing effect upon the better known
lieue, but also discouraged renewed
ncgrcssions on thy part of the bear
party against some of the more viil
UTnblo iue.
Overnight developments failed to shed
much light ttpon the, causes and in
fluences behind yesterday's violent
shakedown. Neither was there any
thing disconcerting in tho morning
news. There was, however, a general
will'1 belief baed upon established pre
cedents that the market was in n posi
tion fur at least a technical rally, in
asmuch as such an outpouring of stocks
as witnc.scd yesterday generally
marked the turning point of a big bell
ing movement.
Moro or less confusion attended the
early movements, but before the end of
the first hour the general list had
established n fairly good equilibrium.
This was accomplished in face of tho
suspension of another stock exchange
house, nnd without any particular
stimulating news. it wns evident,
however, as the morning progressed,
that while there was still further
liquidation, stocks were not being
pressed for sale on the same wholesale
order as noted yesterday.
Indifferent reponses to the marginal
calls sent out last night brought some
selling orders ut the opening, but ex
cept in it few scattering spots the
initial prices, while, irregular, did not
show material losses. There won the
familiar backing and filling during the
first half hour, but by 11 o'clock a
gpneral recovery set In and which was
well sustained, notwithstanding that
part from the short covering the Inly
ing demand was still very limited. Be
cause of the rather uniform character of
loo
loo
100
300
800
8700
200
800
1300
300
400
100
2'iOO
800
400
1.1)0
10)0
2..00
2)0
250
2,100
.. 200
too
130O
10
900
C200
3000
300
IS 100
000
100
2100
1100
2300
400
800
3S1II
400
lhOO
100
2700
2200
200
.1011
800
410
3111
21011
2400
ton
ion
ltmi
81)0
900
300
22)0
2.100 :
7J0O
1400
1000
2,100
r.io
K 310
100
SIO
700
100
100
.190
sin
400
2300
1000
ROO
1310
100
100
.1900
1700
710
3000
ton
ion
f 2000
2200
13000
inn
1400
i.ioo
tlie rally, the movement wus without
individual feuture. There were, of
course, several notable demonstrations
of strength, in such popular stocks as
Heading, United States Steel and tho
like, but the recognized speculative
issues kept puce with tho buying of the
investment issues.
BELATED SELLING
IV LOCAL SHARES
A fit' Low Records Were Estab
lished Before the Mar
ket Turned
As n often occurs in the aftermath of
a b.g movement on the Xew York Stock
llv hanse. the local market this morn
ing was onfronted wit ha considerable
M'luine nf what might bo called belated
liquidating orders. This selling, in a
number of instances, established new
low prices for tho prominent local
local slmri-s. The movement, however,
-Mi iiTcn tits force. Hv the end of the
firit hour the liquidation was com
pleted, then substantial recoveries were
liuide.
During the earlv selling movement
the market was shown In lie roTipiiii
iulv thin The current liquidation,
whlih upparentlv repre-ented closing
out of unpaired speculative im ounts.
found u very limited buying power.
Tin n wus only the one result, n ,hnrp
marking down of prices.
Striking illustrations of this nndition
were furnished in Klectric Sfurnge littt
'er. Mlin-li wns forced down t.i a new
low record for the oar at 7' .. When
the pressure relaxed there m n, rally
to Slj, J. ft. Hrill wns another case',
whieh on small trail-actions dropped ,r,
to !," from the previous n,- i'nited
ins Improvement, under heuv offer
ings. ji'dihsi to M, while Pennsylva
nia Kallrond was depressed to Krt.
The thin character of the marker
however, was more ivid'v demon
strated in the wide conci sinii i T , ,., j
,'i a number of inactive hh, i,. North
ern Central was foreeij down 'J'-',
I'oinu; American Hallways pfd., L;
Muffiilo nnd Hufpioinnnft pfd.. L" nnd
Huntingdon and Iirond Top, .
In the moro active stocks lower pre cs
were also mudo in the .mini trading
Philadelphia Rapid Transit ..hading to
Kt'H Philadelphia Klectric to "I nnd
the pfd to "u. !, Tract i.i'n ,
-i-!i: I,n se Superior ti 7 1 iu .
1 iirh Xmigjtion to ('.. t, i .., ',,f
n se losses ,rc regain,'!
FOREIGN EXCHANGE
Veil Inrk, Dea IJ TI.e k,i, h- ,,,.
'ti.-. n .trlsi-t opened !mKU i: s,. .
B s'e.iv. . n v.ilno.' f.c i,. water.
" ' ' v"' e'.r?Sll..f"r ,!,-n ",'1 nr,i
43'l0
2)0
200
srioo
340H
100
200
300
100
moo
1100
200
ioo
mon
son
100
.1n
400
' mo
4100
aoo
inoo
300
800
300
2100
3200
too
0,100
1400
.100
2800
2 no
4300
mo
ion
1200
too
- r --.u. k. I.lro wern j.jw.t atJtU!
- rt.b.os and 3 toi for cnerku Hwl-A
'1
5 to IB 17 for
.ib:
ami 1 j ;i
! ' W"-K8
'ther quotations were
IJU lilep enblefl 31 S, , ell.. .
n . ibleg 12 n,i cVpUh 1.'
' ' l i ahles 19 76. cherku 1 'i
. P-
MOc'f-
''hrm
.'' t u-
'1
i . ia c.ihlesi 15 00. cheek 14 !'5
!!. . ihes IB 15. checks IS 10
Ilelglrin
Is. . ehc k 0 ;1 iiirli!i v.; r,
Innr lower nt 1 31-..
The prenvurii on New V ,rk exchange
hi M .ntrvftl i,end nt 19 ,ep rent, op fo
lr cet.t under icsvrrta) h high reconl
f Iit' per ,'er-, .-ii I recede,! futthe- to
IS, prAiu The 'I'Hcount on r.madlan
"iri.ts m ,.w Yorl; wiih 15, to li 1S-1H
I r ent.
i;srKaDAVS pivai, ch;otatio.vh
Hterilr.u Krancs l.iro Oull.Ws
3 ni". n ss s Ai.12
ti : r, 90 a. 31 2-.
"man 1
T'pI'AV S uPKM.Ntl yt'OTATItiN'H
Rtp'llnf Pram I, r tiulMers
3 nr, 1 nt a tai. si 29
.1 92', II l.t; ! 41J 31 37
mur-l
t, f
BANK CLEARINGS
I l . r.i-rn l,i!iy r'irriail.l Wi'.ll rr,r--r
I. i ( rf J.. iHt t o h ir
ll'.'O IfllO !)j
I" Jl',-.7in I7S7JS7-.I II'Mar
Prices Firm on Pans Bourse
I'lirls. . .. -'i e, v. 1 1 . t rn
1 IN Houriie toi.n 'It-, j r .,
'" 'tr 'i- -liai .-.- L..ii.Joii
r .( l r ti' 1 un (Cifr - . The
lol1 ,r ' hs H'K r. ,1 at iiifr ,, 1 t.f
GRAIN
PROVISIONS COTTON
Our Daily Letter Sent on Heijueit
Hughes & Dier
I f lilraco lluarU of Trude
) illn HtffU H,rl.Vfi '
I'ltl.linri-li si.Pk i:.,iiji..
Urmhrrs
143S Walnut Street
Sjtuic 813 Philadelphia; Hare I8ftj
III. HI ,M) SKI, I,
Grand Rapids & Indiana
Rwy. Stq;k & 2d 4s, 1936
CIIAIII.ES FEAItON & CO.
333 tliKttl-Nli'T STKliET
IS EQUILIBRIUM
NEW YORK STOCK EXCHANGE TRANSACTIONS
ntv.
li S Itlh
., Adams Exprcu . .... 3'l
, . Advance numely .... H
a Advaneo Humely pf.. i
4 Aax Itubber UK
.. Alntka Gold Mines... II
.. Alnska Juneau O M.. M
.. Allied Chem & Dya.. m
. . Allied Chem & Dyo pf M
4 Allls-Chalmers V4
7 Allls-Chalmers pf.... 70ji
' s Am Agrl Chem M'5
4 Am Bank Noto
a Am Beet Sugar 3 J
10 Am Bosch Magneto.. 4H
.. Am Can 2.1 W
7 Am Can pf V
13 Am Car A Kdy M5tf
.. Am Cotton Oil 1&
so Am Drug Syn Ji
o Am Express Ill
.. Am Hide, & lathr. H
7 Am Hide & Leather pt 2SU
. . Am Internat Corp . . . JHJ4
3 Am Llnsoed 44
o Am Locomotive 7W
.. Am Safety Bator.... aft
, . Am Ship & Com 8V
4 Am Smelt Ref ITi
7 Am Smelt A Bef pf.. 7H
s Am Steel foundries.. 2BV,
7 Am Steel Fdys pf ... 7Btj
7 Am ougar Hot '
7 Am Sugar Bef pf 8H
10 Am Sumatra Tob.... C8
BAmTcl&Tel I
II Am Tobacco MR
A Am Tobacco pf now.. 87
u Am Tobacco B 104
7 Am Woolen
7 Am Wholesale 7 pf 0
.. Am Writing Paper pf J4
.. Am Zlno Lead A Smlt 7
4 Anaconda Copper ... 31
. Ann Arbor pf 2V.
Assets Realization .. SJi
4 Asso Pry Goods 18J4
a Assd Lrry Goods 1st pt 10J5
e Asso Oil 87
n Atch Top Se Santa Fo. 78Ji
b Atch Top A S F pf.. 74J4
7 Atlantic Coast Line.. 84JS
. Atlantlo Fruit 'S
m Atl Gulf & W I S 8..10SV4
7 Atl Reflnlns 7 Pf.. 1MK
.. Atlas Tack Corp.... J'K
. AuBtln Nicholas
7 Baldwin Locomotive . MK
.. Baltimore A Ohio.... 31
4 Baltimore A Ohio pf. 47
2.50 Barnsdale Class A... at
1:30
Cloes
Ixiw
2$
14 i
42H
28
H
K
43 W
84 K
24',4
70J5
84
43
31 H
47J4
"14
78
114J4
uu
8H
111
3JH
at
42
744
(14
8
3214
74H
3JJ4
7tta
k7K
1814
IU
4K
108
87
10314
87 X
2K
iH
30
22'4
'H
18
tVi
87
78K
74 K
84
14
101
10414
17 W
8J4
81H
30
4K
as
a
l'i
48
4
aai4
8l'
Ji
48H
4H
4
8
It
v
87
214
8'4
40
11014
7
3114
84
2814
61 H
81T4
8H
14
H
14U
23J4
38
80
101
eo
7'U
aH
s
fll'i
8'4
1S15
30J4
41
18
22
22'j
02 Ji
H
3 H
li-
28
-
H ,
48V4
4a
38
7J4-
1W
78
HSVi
114-
8K
111 -SK-
88K
3314
44
714
J4
Kli-
13H-
78U-
28V4
70)4
84U
8H
88
IS
1084 4-
87
104 -
88
0
29K-
34
31H 18 -80)4
88 -78J1
14H
14
101 -104)4
17)4
30 -4-38
-
as
1KX
i
314
48
81 T
1)4
s.so Barnsdale Class B... t
8 Barrett Co ctfs of debll'K
.. Batopllas Mining .... H
.. Bethlehem Motors ... '94
n Bethlehem Steel it
o Bethlehem Steel B... 81
8 Bethlehem Bteel 8 pf Ui
.. Booth Ffeherles 3J4
. . Brklyn Rapid Transit A
. . Brklyn R T ctfs of dep '4
.. Brklyn Union Gas... 41 Ji
Bruns Term 4H
. . Butte Copper A Zlno. 4i
.. Butte A Superior Cop Bi
.. Butterlck 10
. . Caddo Central OAR 10?i
(I California Packing .. 88
.. California Petroleum. 2Ji
7 California Petrol pf.. 61'.
4 Calumet A Arizona... 4014
10 Canadian Pacific . ...lllVi
. . Case J I a
7 Case J I lit pf 7t
.. Central Leather 3'U
7 Central Leather pf.. 84
4 Cerro Us Pasco Cop.. 2S'4
10 Chandler Motors .... OS
4 Chesapeake A Oh.o... 6SS
. . Chicago A Alton .... 7
. Chi A E 111 Eq T ctfs tY
. Chicago A Great West 7
. . Chicago A Gt West pt UVt
.. Chicago Mil A St P.. 24ft
. . Cnlcago Mil A St P pf 30'
8 Chicago Northwestern 84
7 Chi A Northwestern pfl'
8 Chi Pneumatic Tool.. 40
. . Chi R I A Pae 24
6 Chi It I A Pao 0 pf 801-4
7 Chi R I A Pao 7 pf Hi
5 Chi St P Minn A O... OIK
.. Chile Copper H
.SO Chlno Copper 17 li
. . Clev Cln Chi A St L . J0V
8 Cluett Peabody .. ..4m
814-K-
14
49
4H
4 -
18
1
8JX4-
28)4
-111
8 -79
-f
-
a
8?4-
0)4
!4
18)4-
24 -
8)4
84
182
88
34 4
88)4 8IJ4
1K-bH-18J4
30)4-
41
19 -'.3)4
2814
83)4
94J-S9J4-81)j-73)4
4K
17 H -
44
C3 -
28J4
77
Coca-Cola l y
8 Colorado Fuel A Iron 2314
Col A Southern 'Sl4
r, Columb Goa A Elec. tSi
1 Col Graphophone ... 10
7 Col Graphophone pf . SH
7 Consolidated Clgai U5
7 Consolidated Gas . . '5814
2 Con Intoratato Cal M. a
3 Consolidated Textiles. 18
l Continental Candy ... H
4 Corn Products Ref . . eOJi
.SO CoBden A Co 3tt
8 Crucible Steel . .. 791-S
7 Cuban Amcr S'iRa. . t3Ji
.. Cuban Cnne Sugar .. 17K
7 Cuban Cano Sugar pf 8814
0 Delaware A Hudson.. IH
10 I"el I.nck A Wstern.20O
. . Denvf-r A Rio Grando Ji
.. Denver A Rio Gr pf. l'i
1 Dome Mine? 10
2 Durham Hosiery .... 32
7 Durham Hosiery pf.. 84
. . Elk Horn Coal 14
8 Endlcott-Johnson .... !
7 Endlcott-Johnson pf . 835
Erie 11
. . Erie 1st pf 1"
. Erin 2d pf 1214
8 Fatn'm Plnyera L .. 44
811a
72J4
4K
1754
4H
C3
2814
7814
22 Ti
185-i
flSJi
OS
260
;
114
9i
32
84
1314
80
88
llri
11'4
12
41
22
79
10
12?4
3
39'.
78
HI
in;,
'4
12H
07 h
CO
2714
71 '4
16' S
70!4
281.
1SH
1114
8
1
23 '.i
61',
14 li
4814
it
9i
10
83 ri
84
14'j
-9',
3
014
42
91
103
104
7H
2914
It
39'
70
194
29
4
3
13 Ji
IJH
4 3
88
9SH
200 -
?4-
1)4-4
10
33 -84
-14
80
88
11?;
17
12)5
44 -r
22 '-
7 Fetler.il Mln A Smlt pf 22
JO Fisher Body 70
.. Flsk Rubber ll'i
. . Freeport Texan UJ-i
. (ij'irn Wroi A W.g 2Ji
'ienetal Asphalt . . 38
. '!"t.iral Asphalt pf . . 7
7 'ieriral Cigar def pf 81
8 'i-neral Electrlo 11794
. General Elec rts 3H
I 1,-nernl Motors 1314
(1 1 cneral Motors pf. . 8IK
fl Oen Motors deb 0.. JH
7 Oen Motors deb 7.. !$
Onodrlch B F 2H
7 Goodrich B F pf . . . . 1iH
. . Granby Consul MAM lIi
7 Great Northern pf. .. 1J4
4 Great North Ore ctf 28
1 Green Cnnanea Cop.. 164
2 Guantiuiiimo Sug Co. 12
Gulf Mob A Nor . . 8
Gulf Mobile A Nor pf 1
Gulf State Steel 'O'i
4 Haskell A Barker Car .3
. . Hendee ctfs 14 14
Homentalo Mining .. 414
. . Houston Oil 84
1 Hupn Motor Car 015
.1 IlMlraul'e Steel Co 1
7 Illinois Central 84
M lndlahoma Refining . Ti
7 Indian Refining 14'j
4 Inspiration Con Cop.. 20,
.. Interb Con Corp 3't
.. Inlrrb Con Corp pf . 10
B Int Agrlcul Corp pf 42
7 Intern Harvester ne-v 80
7 Intermit Harvester pf!03
. Internat Mer Marine 11
0 Inter Mer Marino pf. 48,
.. In'ern.u Motortruck . 2814
lnKrtiallon.il Nickel.. 12K
. Intirnatlonal Paper.. 41H
11 Inter Paper pf stpd. . 70
.. Intnc!b!. (ill Corp... 20K
Iron Products 20
Ibl.ind nil 4iM
.Icwel Tea 3
2 JoneH Broil Tea 13TJ
. Kan t tty Southern... left
4 KitnsnA City So pf. . . 42
79 - 4Ji
104
134 1
2 1'4 !- '4
37 )i
78
81 - li
117 H-. Js
3H- v,
12Ji 14
87 H - !i
89 h- )4
09 - Ji
281
?I!'4- 94
1814 1- J4
7114 4- 1
21M H
10H ..
12 !
H - J4
19 - 1
21'4- 1
f3 1
14)4 K
48)4 1)4
84 -f
J4
19 - 1
84 14
834- 14
14)4- J4
2914 4- )4
3J4 4
10 4- 1
42 134
80 - 1!4
103 1
11
48H 1'4
29)4 14
11 - '5
41Kf 24
70 ',
20)4- H
39
4 - i
3
13Ti- '4
18!i ' i
42 4
marted at $l.C0iv to SI. 00. and later
sold at a net lots of 3 teut.t, at ?1.5lt.
May npcnrd at $1.50 to $1,87,
ngniiiKt J1.58i4 at the close yesterday,
and declined to ?1.53.
I Commission houses had liberal sell
, Ins orders In the corn at the outset and
the market was weaker. HhortH cot
1 ernl and some resting orders to buy
were met.
Commodity Markets
GRAIN MARKET
Chicago, Dec. 22 Hilling of wheat
was resumed this morning, and the
market declined sharply. Nt'rvo'iHnpss
over financial conditions, jm hiding the
MiBprnHion of the New York Htock Kx
cliangi' firm of Foster & Ioiinshcry,
ns the factor, nnd It was thought that
fnrmorn would he rompelled to nrll their
wheat. The cl&Mns of another bank in
North Dakotu qIho aided th'! bears.
1'rebHure came, from "ommisKinu housrs
and a local protrsxtosal. Some renting
orders to buy were executed on toe
drop.
December opened 2v?c lower, nt
$1.00, aud dropped to ?1.03. March
December opened lc lower, nt
70c. and receded to OOWc. May started
nt 74o to 74 c and later sold at a net
lfwis of Vic, at 73c. July started at
i4 c lower, at 75c, and declined to
73c.
Oats followed the other grains. Com
mission houses sold. ,h
December ppened at itjjfyc o 48V4e,
against 47o at the end yesterday, and
later sold 10l3c. May started at
f ' 1 Iff'&SmWL " ' "
. .-.,- ., . - V.I.... I yjsassassssssaim - -.
Net
Che.
Dlv.
In I
Sales
80
ite
io
1000
89
08
IM
199
10
High
Kelly.Sprlngfleld Tiro 38)4
Klsey Wheel 88
Kelsey Wheel pf 81
Kenneoott Copper ... 1SH
Keystone TAR H
Lackawanna, Steel ... 47
Iacled Oas of St L. 97)4
Lakq Erie A West .... 18)4
Lake Erin A West pf 28
Leo Rubber Tin 1SU
Low
2
as
83
14K
8)4
451-4
37)4
10)4
23
1834
4
99)4
14)4
J4
1234
18
7
58
88)4
J'4
45
1
114
1IH
12)4
94
14)4
1)4
234
84)4
3)4
4'4
IS
134
47)4
"H
194
3SJ4
48)i
8iJ4
140
107
28 )i
4834
214
45 H
4)4
8)4
834
SS
7(34
7
81
15)4
18'4
33
48
73J4
28)4
54
10
3J4
4'4
24)4
118
13
'54
13
48
35
72
88)4
12 Yi
8J4
83
384
2
14
38)4
30
37
15
St
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mi
74
7!i
40
3
7334
Jl'4
134
78
81
f!34
28
48)4
8814
(8
'14
I8)j
IB
23)i
ll)i
3i
0
814
S7)4
15!i
fi).
37)i
20)4
44
7934
71
8354
24
1
83)4
812
103 '
'.
24 )i
.3
38)4
81
8?;
1334
42
22)4
8)4
40)4
1 1'4
28
180
13J4
47)4
15
8J4
SMi
83
V4
1I1J4
84
37H
83
18334
8
l'4
7!i
10H'
334
18)4
88)4
38)4
8
98
32
40
78J4
104)4
44)4
8
30
25
0
8'4
7
17
51'4
19)4
14)4
28)4
4
8034
92
44)4
834
15
31)4
14)4
8)4
38
1814
334
144
4
"li
"'
14
Si
14
54
114
1H
114
1
1(0
18t 3.80 Lehigh Valloy
6114
H
18
199
7 Liggett A Myers pf.
2008
248
248
108
28
It
1(0
20
10
1(8
19
10
18
899
3 Loewe Co
. . Loft Corp . .-
12 LorllUrd Tobacco .
..1J0K
7 Lorillard Tobacco pf. as
7 Louisville ft Nashville 7
0 Mackay Cos St
4 Mackay Co pf S)i
.. Malllnson A Co a)4
7 Manhattan Kiev guar. 48
.78 Manhattan Shirt .... la
a Marlln Rockwell .... 114
2 Marlln-Parry UK
12 Mexican Petroleum ..187
a Mezloan Petroleum pf 84
H
'ili
H
114
154
IVi
H
H
H
IV
3 Miami Copper 14K
3449 l.o Middle Statei Corn.
UK
3788
Mldvale Steel A Ord.
3K
Ji
J4
1408
m
ioi
08
810
1208
100
IMS
208
380
308
100
300
200
18
888
1980
208
890
2809
200
180
8990
398
8080
808
eoa
100
M0
888
1098
J00
ssto
140
30
100
1200
109
17(0
10
200
70
109
290
SI
18
8000
7800
2208
2890
100
3090
8000
2500
800
2000
200
SI
20(8
3110
19
.. Minn ft Bt Louis.
M St P A S St M L L
1
14
.. Mo Kansas ft Texas.
384
. . Mo Kan Texas pt.
. Missouri Paclflo . . . ,
. . Missouri Paclflo pf .
3 Montana Power . . . .
. . Montgomery Ward .
4T4
184
814
,.)4
1H
2)4
V
s
)4
14
'A
V
1
2S
4 Mulllns Body 19J4
8.80 National Acme 28$;
.. Nat An A Chem ctfs. 48)4
. . Nat An A Ch pf ctfs H
7 National Biscuit ,...ltt
7 National Biscuit pf..l87
.. Nat Cloak A Suit.... 38)4
7 Nat Cloak A Suit pf . . 484
. . National Con A Cablo
3)4
8 Nat Enam A Stamp..
SH
1
1H
K
4
")4
H
"h
Vk
14
S
1
8
54
8 National Lead
84 n
. . Nat R R of Mex 2d pt
3H
. . Nevada Con Copper.
0
N O Tex A Mex....
88
10
a
New York Air Brake.
'8K
SBJi
81)4
New York Central...
. . New York C A St L.
.. New York N H A H.
18H
1 New York Ont A West laH
7 Norfolk ft Western... 84)4
6 North American 4
7 Northern Paclflo ... 78'
8 Nova Scotia 8 & C. 27
BO Nunally Co )
80 Ohio Body ft Blower 10
40 Okla Prod ft Rf. ... 8)4
.. Ontario Silver Mining 4'4
3 Orpheum Circuit .... I)4
8 Otis Elevator 118
.. Otis Steel 12)4
8 Oweno Bottling Mnch. 3)5
. . Paclflo Develop Corp 13)4
8 Pontic Gas A Eleo. . . 44
IK
"54
. . Paclflo Oil! Cowl,,,
88
14
H
")4
li
Vi
V
1
14
1'4
Pan-Amer Petrol ...
Pan.Amer B ,
Parish A Bingham.,
71H
1
12 J4
Perm Seaboard Steel.
7
Penny J C pf
83
Pennsylvania R R ..
Peoples Oaa Chicago.
39
39
18
31
39
28
17
10
88
27K
13)i
78
pere Marquette
Philadelphia Co
Phllllps-Jones
Phillips Pet
Pleroo-Arrow Motor. .
Pierce Oil
Pitta Coal
PIttsuurgh A t7Vi
Pond Creek Coal
1
l'-4
Ji
J4
14
'A
Ti
4
Pressed Steel Car.
Pullman
.1MJ4
Punta Alegre Sugar.. 41
Puro oil 10 Ji
800
HJJlway Steel Spring 7
20 l.ss rund Mln A:n Shares 21 4
4990
1 Ray Con Copper 1!4
108M
0
200
100
1900
40(9
0590
lira
3899
199
400
149
IM
1188
3110
2810
39
299
J99
18S80
49
190
200
1780
20880
319
800
17S
800
170
400
100
5890
180
290
200
800
90
1890
18100
1200
38300
100
190
890
100
42)0
300
2C8
1500
4500
200
290
100
2100
100
408
88)0
290
200
3590
4100
80)
8200
400
400
109
45390
409
800
200
7190
2300
200
1800
900
4)90
209
890
1200
300
mo
.100
300
7800
200
200
410
1800
3100
230
100
700
4 Reading 7734
2 Reading 1st pf 6V4
2 Reading 2d pf 4
. . Remington Typowrlter 38
.. Replo Steel 1 48J4
2
1)4
54
V
V
Ji
3S
J4
T4
Ji
1
1'4
!i
1)4
Republic Iron A Steel Si 34
.20 Royal Dutoh Amer
. . Santa Cecelia Sugar
1 St Joseph Lead. ...
. . St Louis Ban Fran
. . St Louis Southweat
.. Savage Arms
. . Saxon Motor
. . Seaboard Air Line.
. . Seaboard Air Ltne
8 Sears-Roebuck . . . .
Pf
. . Seneca Cop Corp . . .
. . Shattuck Arts Corp . .
.74 Shell Transport
.. Sinclair Oil
Bloss-Sheft
7 Sloss-Sheff pf
13 South Porto Rico Sug
8 Southern Paclflo ....
. . Southern Pacific rls. .
.. Southern Rail
8 Southern Rail pf
20 Standard Oil of N J..
7 Stand Oil of N J pf . .
7 Steel Tube pf
1J4
10
14
!'
Stromberg Carb 23
7 Studcbaker 394
7 StudebaXer Pt 81
. . Submarine Boat Corp 84
S Superior Oil Corp.... 1234
8 Superior Steel 42
4 Temtor Corn A F "A" 23)4
. . Tenn Cop ft Chem.... 834
8 Texas Co 41H
.. Texan A Paclflo IS),
1 Texas A Poo C A O.. 28y4
16 Tidewater Oil 180
. . Tidewater Oil rts.... 13)5
a Tobacco Products ... 49j'4
Tol st L A W ctfs pf 15
14
4J4
2
14
14
J4
..a
15
3
'4
Transcontinental Oil . 84
Transua A Wnm Steel 38
Union Bag ft Paper., 83)4
I'nlon Oil 20)4
t'nlon Paclflo llaVi
I'nlon Pacific pf . . . 84
I'nlted Alloy Steel... 28
United Drug 92
United FTUlt 187
United Rwy Invest.,. 8
Unit Rwy Invest pf. . 1834
United Retnll Stores.. 49J4
U S C I P ft Fdy 18)4
U S C I P A Fdy pf.. 40
U 3 Food Products... 18J4
U S Ind Alcohol 81 Ji
U S Realty A Imp... 38J4
U ti Rubber 88)4
U S Rubber 1st pf . . . . 98)4
U S Smelt A Ref 32)4
U S Smelt A Ref pt.. 40
U S Steel I7f,
U S Steel pf 108
Utah Copper 4SJ4
Utah Sec 8
Vanadium Corp a2'4
Va-Carollna Chem ... 27)4
Va-Car Chem pf (1
Vlvaudou Ino 7)4
Wabash 7
Wabash pf A 1734
Wells Fargo Express. 81)4
Western Maryland . . 1J4
West Maryland 2d pt 17
Western Paclflo 23 34
Western Paclflo pf . . . 4
Western Union Tel... 804
Westlnghouse A Drakn 92 '
8
8
10
4
4
8
12
8
1.80
8
wesungnouse K A M 0J4
Wheeling ALE.
834
Wheeling A L E pf..
White Motor
White OH Corp
Willys-Overland
Willys-Overland pf .
, IS
. 32)4
. 14)4
. H
. 27
, 144)4
. 37)'4
wooluorth I' W...,
6 Worthing Pump
40Vic to 40c, and later Bold at a net
decline of lc, at 48c. July MorUl,
'4 lower, at 48V4C and receded to
COTTON
I'rev.
cloan
December
January .
March . . .
Mar
July
October ..
14.78
14.18
11.02
14 74
14. iu
14 03
Aldlne Trust Increases Dividend
Tho Aldlne .Trust Co. has declared a
quarterly dividend of 3 pTr cenL olao
ina- 4h aharea on a 14 per cent rer aSl
num basis. Prevlouslvyment. r0?"i
per cent quarterly weri made. -fhS
dividend. Is payable I'ebruaryi lb etoc't
ft yccord January 22. ' 0,oe'f
New York Curb
INDUSTBIAIJJ
Hl(h
1
1:80 Net
Cloio Chse.
254 'Ji
888
83
15)4 - .
8J4 54
47 - V
37)4- 'Ji
10J4- 1
33
15)4- V
S1V4 V4
Acme Coal
Car Mint
Oaodveir Tire .. ..
Ooodyear Tire pret
ii.vn.n in.m . . . ,
Inter Products ?
Mercer Motors ......
North Amer lrnr . ,
Perfeotlon Tire
IU1II0 Com ,
!Udlo Com pret .....
Itoy d Franc ......
Sweets Co ..,
Toto Prod Exp
TrUnsle Film
U H blitrlbullnx ....
U B atenm
Ursted Profit Bharlnr
United 11M Candy . .
U H Hhlp Corp
IVayne Coal
9)4 J4
1
54-120K-
R -
7
SB
flJ4-
v-
45 -
1
154
UH
154 -4
14)4-
11X
3
54J4-
2)4-
4J4
15)4
35)4
41)4-
1'H-
154-
25J4-
4)4-
84
100 -
107
28)4-
48)4-
2H
484
41'4
3)4-
8)4
58 -
7854-
88 f
4-
Va
Ji
1J4
1
LNDErENDENT OILS
Allied Oil ,
Iloons Oil ,
not ton Wromlnr . . ,
Carlb Synd
ClttM 8erv "B" ctfs
Cuihlns Pet
14
34
Ji
)4
H
y
i
ji
j
Ji
Ji
14
J4
J4
34
1)4
J4
14
Ji
li
54
Ji
1
.a
IK
S
!4
?4
14
Ji
14
l'i
Ji
1
!4
H
ti
uenny uii
Elk Uasln Pt ..
Engineers I'etrol
ruderai on
Slenrork Oil
ramda
OurTey aillesDle ...
Hud. on Oil
Int Petrol
Kay County Oaa . . .
Martcalho Oil
Merrltt Oil
Mount Prod
Omar Oil
Producer A Refiners
IU.I nock Oil
Hyn Cons
Bait Creek new ....
Stmms Tet
Bkelly Oil
Texas Ken
Un Texan Oil
Vulcan Oil
tveitern States ....
Woodburn
MINING
Alaska II r Columbia
AUaka Mines
Atlanta
Ills Ledte
Ilooth
Doiton fc Montana
Caledonia Mlnlnc
Calumet A Jerome
Candelarla Mining
Cons Arlsona
Cortex Sliver
Creaion Oold
Creicent MacN'amara . . .
Dundee Ariz
El Salvador
Eureka Croeatut 1 . . . .
Eureka Holly
Gold Cons
Oold Devel
Olodfleld Florence
Oold Kewants
DoM Silver Pick
Oold Zone
Oreat )lerJ
liecla Minim
Jumbo Extension
Knox Divide
Louisiana Co
MacNamara
Marsh Mining
Mother IxxJa
Mother Lode new
North Star
lted Warrior Cop
Rochester Mines
Iloce (Iroup
Han Tor
Silver Kins Dhlds
Stand Sliver Lead
Succeis MMu
Tonopih Ilelmont
Tonopah Cash Boy
Tonopah Divide
Tonopah lixtemlon
Tonop.ili-Jlm llutter
Tonopah Mldtvay
Tonopah Mlnlnc
Tonopili Mlipah
Tonopah Montana . . .
Tonopah Kescue Euli , . .
United Eastern
Went End Cons
IVIIbert
BONDS
Allied Packers 0s
Amr Tel Oa, 1020.
Anseonda As
Anaconda 7s, 1920 . .
Anio-Amer Itis .. .
Dnth Steel 7s, 1033 .. ..
Can Nat Itwry 7s
Conn Gas 8s
Goodrich Tire "s
Heinz Co 7s
Inter Rap Tr 7s
Kennecott 7s
Nat leather 8s
New Haven 4s
Seaboard 0a
1
1
3
4(1
I
84
35
l'i
n
1
12
5
21
1
4'i
n
0
1
1
3''
34
17
t
0-'.
33
1
12
n
t
20
1
4
r.
tt
18M
84)4 IK
49
14
34
7134
27
9)4
10 3
4) .
24)i-r
118 -12)4
4.
3)4 4-
13)'4
45
35 -
13)4
.
7
88 -3HJ4
4-
24 -15
4
31 4
38 38 --18H4-0!i-58
4
3JJ4 1214 .
74
9?4.
4014 -i-30H
74 4
21)4 1K
7
51V-r
"34
25 -58T4-57)4
67 1-
3)4-19)4-19
22)i
11)4
3)4
e 8)4
B8J4 15)4 4-
5)4
87 '4
28)4-
44J4-
7834-
73
3)4-
20)4-
19K
83)4 4-
573 -
103)4
. 734
25
23
34
83
S"
4A
1
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IS
n
IB
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J
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1" .
2',i
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1
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ii'
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IN
it;
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314
Ui
l'4
134
Ji
VA
Hi
At
04
ROt-J
Mil
l0
Vi'i
lOOVi
07T4
83H
04
130
Low P.m.
18)4 18)4
42 42
2)4 2U
..
: i js 4a
.. 1H lr 1H
.. 1)4 IK 1H
.. IK 1H IU
8 'a
:: s " s
I 28H 28)4 28H
:: ill iji JS
.. 7 , 0 7
:: ft i ft
... 17., 1B 17
... 1H l)j VA,
:::88 s2h $
... ,A ,A .34
:: ::: 7H ju is
: aw 2 an
. 4 4H 4H
. 234 25)4 2BM
'. 15M Ibti 18
. IU 1 1
. 18 18., 18.,
: U i U
. H i 'A
. 10 10 10
. n4 tW n4
. oS o(i n4
. 714 ofi n
. 1 1 1
All
: il 1 1
r.o no
114 4
S0'4 80'A
p ti
3Vi 03";
100 V, 100V.
97'4 B7!i
81 81
04 04
nan oo'i
P05; 00M
D2 84
44 43H
wi'i no;
934 I3'
l3 t3
87 K7t
0'J'I Wl'
OHi HI.
pi ni
Wl'4 HB
IOO 100 Mi
100 100 H
B2'4 (I3H
tl.1'1 03
07U 07U
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J4
14
J
34
W
R8
OD
04
42)4
07
U4
87U
Dl
Vt
IK
Ji
1)4
Saarx-Roeliuck "a. 1921 . . .
Hearx-Jloebucic "a, 1122...
Seara-lloebuck 7a, 192.1,,.
Sinclair 7'.is
Solvoy Sa
Southern Rwv 1m. .
Southwest llell 7a . . . .
no i:ajir 7a
IOO
Stand Oil of N Y 7a.
r 7a. 1028.10011
1921 10111I
etuia on ,5.
fiwlft Co 7s 031,
I'nlon Tank 7s fHi'J
Va-Curo Chem "Hs. . 0,1
IVestem Elao 7s 07V4
25i
)i
V.
Philadelphia Stocks
IS
IK
t.v
t 13
a m.
29
High IOiT
SI Am Gas. 29 20
73 Am Itwjs
'34
!e
'4
3K
3
14
K
?4
.14
0
14
34
pref ... -IU
10 Am Pipe. 4
t."t & o. aos
J2 Huff & 8
pref ... 43
lOOfChl Pricu
Tool ... Cfli;
10 Urill J O. l,-
lOtChes & O .124
(VJOtChi It Isl'22
144 Cam Iron 30
3()0tChlnoCop 10T
lOOtCcrro de
l'nsco . . 2oV.
20 Con Trao
N J n"
32P0 Klcc'st'oV. 82
lOtCScn Mot. Kl
25 Hun & I)
Top pf.. 0
145 I Co N A 28
300 Key Tclo 8V1
530 Lake Sup 7
47 Uh Nav. 05
10 Lch Val.. CI
10 Nor Cent 05
300tNof Cous 8Va
10tN V C'en 07
1452 In It It.. 30rJ
ir.fl Pa Salt.. 05
10 Phlla ln
Wire... 51 V.
43
4
30W
4.1
432
C0-f-
45 5
00
45
52
22M,
30
10
256
l.'I
0
27-1i
05
51
05
R.
07 '
38
041,5
52
'U
10
3J4 1)4
81
54
834
19K
42
2214
K
40J4
18H
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an
30)4
112 Ji ,
84
28
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a
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81
1
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Ol'j..
185
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8
1K
47)4
10)4 89J4
18 l
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60 -88V4-32)4
40
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108 -r
454
8
3'Ji
25 Ji -0
-
7
7
17
28J4-
511
fit U
30V5
20 Vi-
21
5T4Hi-10..
Hi
IK
50 Phila Co. 30 ii.
4 nun vn, Mi'n Jill" ,
110 do em pf 20' 20i'"
782PhllnKlfc 21Vi 21
30'
11)1 do pref. 20V.
453 Phlla RT 14
125PhllaTrno 51 Vj
lOtPuro Oil. 30
300tltay Cona 10
lOOtllrotllng
lkt pref. 51 H
C40TonoDel. IVi
COO Tono Mln 1
400 Un Trae. 20
20
13
nil?.
30 "
10
3
K
K
' V
J4
34
14
3M
ZV
4)4
34
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1)4
54
n
51
2070 U O I
SOOfWheellng
& li K. 8
Tnwn. tl.U ,.
" ""' '"-a I I -Ji.
JNet ehanse mtiile by comparison
aale on New Tork Stock Ecriniri.
)i
Hl" In IIONDS
,$1Sa r. . H1h I'ow
1-10 Am Oas &
1:13
u. in.
84 -J3
bh-
2
40)4-
8)4
18
3IK
"J4 4
1C5J4 37 A
K
34
51
14 IS::
28 211 V.
... 20 2(I0, "0144-
.OtUSSteel 77 77 77!)T4- a7
loot us r 1 p io6 10 mil
COtVnnutll'm no nn'" .'tn'j. ft
5tWlllvR.O. mi r.ii r.i. 1?
- ,0 - ,n .. ,n ,j
sni rs;..
J -7 - '
Klec 5s... 00 00 00..
2 llell Tel 7s.l01Vi 101U 101 !',. .
10 Lib Ilondw .44,..
3VSs .... 8ft 00 80.00 80.004-. 22
25 2d 414b . Ki.Hi K3.72 K3.72. 02
12V1 4th4V4R... 4.08 81.O0 84.0-lX.12
2,V I? 'eJyh 1,:'-10 01"' 0.-1.111.10
10 Nat 1 Prop
4-0h 1T 17; it
134
0 1 rnirn 1 o
cons 41Ar, 88 88
2 Pa II It fs. 103 10.1
2 Peo Ponst.c
88
103
4h 55 55
10 Phlla Klcc
1st 5s... . W) Tftn:
2 Itead'g 6 4s 78 77
70
78
MARKET
MONEY-LENDINQ RATES
M'.W VOIIH-Money on cnll. both
classes of collateral, opened today at 7
per cent for lending and renewing,
IliIIiA!iBI.IIIIA Cull 6 per cent,
t me. 6 pr cent: commercial paper,
three to six months, 6 per cent.
(Note Thene :rr, m.r.l., ni-.i
li!.18
l. ra
14 43
14 84
14.60
Open
14. oi
14 Ail
14 00
(luotntlons as the legal rate of Interest
In the state of Pennsylvania Is nied at
8 per cent. Plus premiums and corn.
iiiiaaiuii. iiuio money tor
ninety days Is loaned at 8 to 8U
cent, while commercial naner.
vj.,.., niuin uimmerciai paper,
i
The
First National Bank
of Boston
Transacts Commercial
Banking Business
of Every Nature-
Make it your New England Bank
Capital, Surplus and Profits, $37,500,000
The
Advantages
of the
Partial Payment Plan
Wets never so forcibly illustrated
as now with many hlgh-grads
dividend paying stocks selling si
prices that do not begin to tnsss
urs true value.
By this means you can buy five
times as much stock as on out
right purchase and arrange for
payment with your savings over
ths nest ysar.
A return of better than
10 per cent
on money inverted new la easily
obtainable.
Upon request ws shall bs glad
to explain
How to Buy
aad
What to Buy
Addrtti Dtpt. PL-32
for full data
GflRRIisRClilRfCiQN&ll
TatUtPUOMISiRBCTOR, 40W4V
)
1
'I
3
411
17
111'
1
04
'li i
34"
i'i
r
i
la
2
.1
20
1
4
r.
6
53
4
1
IK
r,
4
12
I
7
18
:
I)n)ettmaj.
asm
of
Lasting
lvalue
CDCZjD
XNTEREST or diridend
bearing tccurities are
Ideal Gifts and will in
culcate habits oftkrift and tivinj.
Monthly interest or diridend
checks will bring back memories
rfChristmu nvelve times a year.
Wrist mftr Qrnlmr"!"
Henry L. Doherty
& Company
G04 Morris Building
Philadelphia, Pa.
Telephone! locaat 1440
Net
chee.
( 1 1 11
43 2
4 - M
sou..
- f - l
?s
The Southern Pacific
guarantees by endorsement,
principal and interest of tho
Central Pacific
European Loan 4s of 1946
EVEN though the
price of these bonds
remains stationary, an
investment in Central
Pacific European Loan
4s at present prices
offers the possibility of
a 40 profit, when
Sterling returns to
parity.
Circular P-63, giving
detailed description, on
request.
George H. Burr & Co.
Invettment (3ecrll(es
Commercial Paprr
421 Chestnut Street
Philadelphia
n
f 1
27 yt
8,i V
,
51 1
05 2tf
?::
8
Our Offices in IS Cities Offer You
A National Yet a Penonal Service
with laat
Net
chuo,
Location
and Service
Both go hand in hand for
banking results. You
know where wc are
located and we'll be glnd
-1
to show you what
mean by aervice.
Pay us a viaii.
wc
Third
National Bank
Opposite Broad Street Station
thirtv ;
t
f.i
fif
Tered
... 1'.
WMat's
HftMII
1?
Will prices continue to drop?
How about wages?
Business better or worse during
IJ winter, spring, summer and fall
Babson's Reports
jr, Special Barometer Letter off the press
januexy ist, oumuicb winiiis; ccnai-
tlons for you. With this (nfonnttjon
you can see what's ahead and plan
your year accord In fly. It contains
forecasts of vltil interest to every
business man.
REPORT ON REQUEST
This Letter and Booklet "Incrmilng
Nrt Pmflti." will be sent to Interested
executives without chargs.
Clip out ths Memo ntm and hand
it to your secretary when you dictate
the morning's msiu
MtftyAikhrBmlUtln S4ZX
The Bibson Statistical Organbatlon
Wetlesley I111U, 82, Boston, Mats.
TSt Vrft Ortmntnihn mDntntn
AaVMra in On rTtrld
BkBaaaaBBi Mm ntt W.
1 1 "HbmoSs"
1 I WrlU The Bsbson SUtlstlcaiprssnun
Writs The Bsbson SUlIstlcalOrgsnursHen.
I RoMrW.Wbson.pesweni.wsJiesityMiiia.
1 82, Boston, Mass., as follows: Please send
!- me a copyoi nuneun
84ZX r,4t'C5w.
fnt in 1921 f" and
TDaKlcta " - '-- -
I NttPn'fiit"- rrstls. Kjmmm
Reading
R. R.
An inatructivs and inter
eating letter describing the
physical condition, high and
low prices, earnings and
holdings of Reading R. R.
has been prepared by us
and will be sent to all in
quirers. Ath for a free copy.
BOUREAU& EVANS
AfemDera Philadelphia Stocfc Exchanj
130 South 15th St.
Philadelphia
Locust sisi r.aea int
West Phila. Office, 7 S. 52d Street
Wm. R. White, Manager
Phone: Belmont 8630
Atchison
As compared to many other of tho Mrs
railroad systems the Atchison prop
ery Ib In an enviable position.
The outlook for the company under the
new railroad law Is clearly brought
out In an analyslw of the property
which we have Just Issued for our
cllcntn.
This aperlal review dlccussco the income
record jini prospects, effect of tho rat"
and wnge Increases, rnlue of Its oil
lands, ota Every stock or bond holder
should axamlue this exhibit.
A few extra copies are available for the
first Inquirers. Send two-cent Btamp
w'lth name nnd business address for
Circular No, 092.
Moody's Investors Service
1124 Real Kstatc Trust Building
Phila, Pa.
New Vork noaton Chleaie
MERCANTILE '.BANK
OF THE AMERICAS
An American Bvk or Forelfn TrijJr
44 TINE STREET NEW YORK
Nw0rUin,,rrl,,U4drid,Brln4,IUmtrf
Affiliated Banka In Argentina, Draill.
Colombia, Coita Rlea, Cuba, llonduril,
Nlcarasua, Peru and Vcneiuala,
NEWBURGER,
HENDERSON & LOEB
Members New York and
Philadelphia Stock Exchange
1410 Chestnut St.
SiC
Moore, Swarta, Hindle & Clark
ACCOUNTANTS
Income Tax Coal Syttemi Aodit
Hprure 1177 1IKED DUIUllNa
?
Frederick Peirce
BONDS 0 'TI IK8
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