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EVENING PUBLIC i;EDGBllr--PHlDAI)BLPHIA, THURSDAY, DECEMBER 23, 1920
23
- v-V
New Issue
Pacific Gas and Electric Company
First and Refunding Mortgage Gold Bonds
Twenty-Year 7 Series "A"
Dated December 1,
Interest payable June 1 and December 1 in New York or San Francisco without deduction of the Normal Federal
Income Tax of 2. Coupon Bonds in denominations of $500 and $1,000 each, rcaistcrable as to principal only,
and interchangeable with fully registered Bonds in denominations of $1,000, $5,000 and $10,000 each.
Redeemable at the option of the Company on any interest payment date upon sixty days' prior notice at
110 and accrued interest on or before December 1, 1930, and at 105 and accrued interest thereafter.
Application
pHE Pacific Gas and Electric Company is rec
ognized as one of the largest public service
corporations in' the United States. Its properties
extend into thirty-six counties in California and
serve an estimated population of 1,850,000, includ
ing the cities of San Francisco, Oakland, and
Sacramento.
For more than forty years the electric business
of the Company or its predecessors has been in
continuous and successful operation and now
contributes more than 60 of the gross earnings,
which for the year ended November 30, 1920,
were over $34,500,000; the gas business has been
continuously and successfully conducted for more
than sixty-five years.
The Company operates twenty-four hydro-electric
stations and four steam turbine plants having
an aggregate capacity of 428,000 horse power, and
twenty gas manufacturing plants with a total
daily capacity of 71,600,000 cubic feet.
The proceeds from the present financing will
be largely devoted to the development of one of
the most promising hydro-electric projects on the
We recommend these Bonds for investment
Price 99 and accrued interest, yielding about 7.10?
Bonds oficrcd if, as, and when issued and received by us, subject to all necessary legal proceedings as to authoriza
tion and approval.
E. H. Rollins
'iiimHmHflmmtnmrmnm)HiiiiiiniitinniiiinntiHniiuiiaiiiniiiniitiiiiiiiiiiiiirjiiiiiiiiiiiit)iniMiiiinuiiiiiii tiiuiHtiminj
DISCRIMINATION
For assistance to investors in selecting from the
many investment bargains now obtainable, we have for
distribution upon application:
1 A Mt of Klftjr nnllrnml IVindl.
2 KIsht-prtK Circular on l'ennsjrlvanlii n. It.
3 December Ilond letter.
4 liberty llontl Description Tux Information.
We will gladly make suggestions.
West
MIT CliMtnot Mreet "'' llroadnaj'
Philadelphia Mew York
Memlwrn
New York Htock Eielmnee
Philadelphia Mock Kxchanfe
We Alwa.va Hunt .on Hunil a Mat or lllxh (iritde Honda
Correspondence. Invited
cTiiui!iniiic3ntLtiiiiiiir:jtuiitiiiincjtTniiiiiiiiciiMiiittiMiC3iuiiiiitiaiiiMiiiiMiciMiiiiiiiiiiEJiLiiiiii)iiitrintiiiiiiittjiiiiiniii(irjijiiiiiiiiicji
INTERNATIONAL
LlMA
TCKO
rXbonDATYob
V Rr.OUl.AR SAILINGS
Rr.OUI.AR
PHILADELPHIA to RIVER PLATE PORTS
H. 8. Terr Haute ...Dec. 80
PHILADELPHIA to RIO JANEIRO & SANTOS
S. 8. Terr Haute , Dee. 30
PHILADELPHIA to FRENCH ATLANTIC PORTS
s S. Canper ..Dee. 28 8. 8. Nedinur jul, j
8. 8. Clt7 of Palrbury . Jan. IS
LAFAYETTE ULDG.,
i.otutmru ouoo
i?n iiuikAiitr.lv
M.W M)UK COKTI.M) 3383
1812
THE
W
r" -' ' i ' " - " - -- "i
Pennsylvania Company
for Insurances on Lives and Granting: Annuities'
TRUST AND SAFE DEPOSIT COMPANY
Capital and Surplus
Member Federal
lmoI HI'MUSl' OFFICK.
I heataut and Juniper Htrrrt
JOHM L. MERRILL, Pre.
To Inauro rapid, iHrecl
una accurate tamllOiff of
pour rabies to Argentina
"nil all other polli'i o
('rut V a I ami Sou'"
America, i mi. Minn
"Via All A mi Hut"
MBMKbHKi .-aaaaaWPaPT1,,aaaAaaaWtial
$10,000,000
1920
THE NATIONAL CITY BANK OF
MERCANTILE TRUST COMPANY
has been made to the Superintendent of Banks to certify these Bonds as
legal investment for savings banks in California
Circular giving details of this issue lOtll be sent upon request.
& Sons
The above Information t derived from officii! source or thoie which we
regard as reliable. We do not guarantee but believe It to be correct
& Co.
SAILINGS
1'UILAUEU'IIIA l
jiain una
iviriiiTfrn lir nr.
IIARHIHON 4S0 CHICAGO
1920
$7,000,000
Reserve System
517 Chestnut Street
Philadelphia
ARGENTINA
In 1916 Argentina hnd 101,
461 miles of telegraph wire.
Her tremendous exports to
the rest of the world mnko
cable communication a vitul
part of tho business of her
foreltrn commerce.
ALL AMERICA CABLES
fulfills u needed link in the
development of trade be
iwpcn the United States and
Argentina.
11
Due December 1, 1940
NEW YORK
OF SAN FRANCISCO
Trustees
Pacific Coast, which the Company controls
through ownership of the Mt. Shasta Power
Corporation. This project has an ultimate
capacity of more than 420,000 horse power, of
which 126,500 horse power is now in process of
development.
These Bonds, in the opinion of counsel, will
constitute a direct first mortgage on the entire
properties of the Mt. Shasta Power Corporation,
and a direct mortgage on the entire properties of
the Pacific Gas and Electric Company subject to
prior lien of underlying mortgages.
Net earnings in each of the past four years have
been more than double all interest charges. For
the year ended November 30, 1920, net earnings,
which only partially reflect increased gas and
electric rates, were more than 1.95 times annual
interest charges, including this new $10,000,000
7 issue.
The mortgage, in addition to providing strong
sinking and maintenance funds, also provides that
additional first and refunding mortgage bonds
may only be issued under conservative restrictions.
The National City
l"l yOjJlWC ' TT.TWWf i'iSm wMat$KTilalaWWrlr-
MCfnKnSffv f r r r w, r, it n ;fOKiMPHkI:
' ' ' MilaJpSSgaxiaK II "
A Gift that Pays
A CHRISTMAS present oi Uonds hub a con
structive and permanent character. Not
only does it benefit the recipient in actual dol
lars and cents, but it also carries with it a cer
tain element of responsibility and pride of
ownership.
Our Securities Department will gladly help
you select a gift that will last for years to
come a present that pays interest.
commercial trust
Company
City Hall Square West
Member of Federal Reserve Bank i
Safe Bonds for Investment
HALSEY, STUART
j &. CO. Inc.
.iiinr t ii
8
Company
Wll.l. IH'V AM 8KL.I.
Grand Rapids & Indiana
Rwy. Stock & 2d 4s, 1936
CHARLES PEAHON & CO.
Hi CUSXKVT Hill txi
I
GOSSIP OF
THE STREET
According to tho rumor-monger, the
'nsunlty lint ns a result of Tucadny'o
vicious onslntiRlit nml unparalleled de
pression In securities, wsb tho largest
In tho history of Wall street's long list
of battles. No less than twentyono
names of prominent operators were
mentioned freely and openly as bavins
been seriously financially Injured by the
violent slump In market values. In not
r slnglo case, however, was there to he
obtained confirmation of these reports.
It Is little short of criminal that such
rcckletw bantering of names be permit
ted. Every one recognizes that In such
nn unprecedented depression in security
values somebody, and a whole lot of
somebody's, were liable to get hurt.
.More especially wbn it is recnlled that
the so-called public has long since been
out of tho gnine.
The more striking feature, however,
of tho prolonged downward swing I the
eonnplcuous ilhscncc of organized ef
fort on the part of the powerful mar
ket interests to stern th! downward
tide. Many cannot understand why
they should Just let things drift as they
do. In tho first place, these so-called
powers-to-bo nre not so indifferent or
Idle ns many mippose. During the
most critical periods of the year's pro
longed downward swine, organized sup
port, as It did yesterday, kept the con
flagration from spreading. This support
in every Instance has only to be tem
porary In order to save the market
from running into a condition of gen
eral demoralization. When the uun
gor point was passed this support was
automatically withdrawn. Reasons for
which are not hard to find If any one
Just takes the trouble to review and
consider with n sober and unbiased
mind the many Illuminating statements
given roiicvrMlng the strained credit
situation.
Speculating vs. Investing
Almost each sucreedinir dav some sau I
story comes to light of the unfortunate
ending of the efforts on part of those
endeavoring to get rich quick on their
own and other people's money. The
two recent lamentable enses of il -mlngton
where two trusted men violated
the confidence Imposed In them anJ
chased tho wlll-o-wisp of the stock
market Is only one of many similar
cases each day coming to light.
One of the saddest individual in
stances, however, wus given jester
day b the president of one of the
largest uptown trust companies. It wm
the unfortunate experience of nn in
experienced Imrd working and thrifty
man who in the mad chase for the dol
lar could not determine the difference in
the evil of speculation and Investment.
In this particular case, by many sacri
fices and economies the man had ac
cumulated a saving of close to three
thousand dollars. This he potriotically
invested In Liberty and Victory bonds.
Listening, however, to alluring litera
ture of some of the fly-by-night con
sciousless, phony brokers, he wus pur
suaded to purchase 800 shnres of Mis
souri Pacific, using his bonds ns col
lateral. Of course, he bought "Mop"
at the top price.
When the broker called for more
margin, be went to the office of the
president of the trust company und
with tears pathetically begged for the
loan of sufficient funds to protect what
he called his new investment. Ho
could not understand that his operation
was speculation pure and simple. As
the loan was refused, his entire life'i
savings were wiped out. Furthermore,
it is u sHfe gamble that the order was
"bucketed" and the phony brokers
pocketed the gain.
Carrying Others Durdens
It is often a difficult case to provide
your owrt financial requirements with
out the trouble of taking eft re of others
Thnt is about the situation in a nut
shell concerning the nnnulini: of the
contracts by the American Smelting
Co. lor the sale of the output of the
porpyhry topper companies.
Every one known .what liurtl sledding
it nus ueen for all lianils engugeil in
t ue copper industry trie last year. Wit!
stocks piling up mountain high, and
with the demand almost each succeed
ing day further diminishing, the smelt
ing cnmpnnv found xelf in a falling
niaruet, losing money on copper llmt
it found itcclf fun wl to hold than it
was making through cnniinibslons.
l-'nder the sales agreements that the
smelting compnnj Iiml with the mining
companies it wus forced to sell its ou
copper on the same terms that it sold
that of the mining compitnies, all sales
being prorated to the individual mem
bers, according to the amount of cop
per they offered each month for sale
through the agent j Consequently, the
smelting company could not sell its
eoppc.r any faster than the mining com
panies did theirs, and as the mining
compnnieH were offering much more cop
per for sale than was the smelting com
pany, the interests of the mining com
panies had to prevail in fixing prices.
Stoel Industry I-Ittle Changed
The week in the steel industry re
flected but little change. The Iron Age
stated that the relations between the
ateel corporations M'tile of operations
and the nvertige of lending independents
ha.s not changed from H,1 to IK) per cent
for the former and 10 to 70 per cent
for the latter. A wide variation in the
activities of independent producers was
noted, the bmnllci companies furing
worse, In some mxe-. there being com
plete shutdowns. Definite announce
ment of wage mts of about 'JO per
cent at several centers have been made
known. Chicago ami Youngstnun have
been immune so far. but .lanunrj is ex-
OII ti Krtttir mntii nliniiilriiuiiiiiintu
That journal observes that the iimoiiiit
of new business coming on the books
. of the mills has been undci estimated in
some reports. Hail inquiries nie good
and some substantial orders lime been
given, although it has been pretty clear
ly demonstrated thnt estimates of what
business was to mine ns u result of in
creased freight rates have been too ontl
mlstic Till'. THAPElt.
DENY WAGECUT DRIVE
Manufacturers Declare They Prefer
to Aid People's Buying Power
New York, Dec. 2H. 'I he National
Association of Manufacturers esteidny
issued n statement "Visscrting that, "con
trary to published reports that manu
facturers generally regard wngi reduc
tions ns necessary, inanufnrturers in
all sections of thecountn are striving in
ever) iMissible wu to avoid the reduc
tions and curtullment of opcintions
which might lead toward uriemplmment
or reduction of the purchasing pner of
the nntlon's labor elements '
"In many sections of the country em
ployers' associations have undertaken to
foster a generally prevailing spirit uniting
employers against wage reductions in
the interest of facilitating a normal
process of readjustment." rend the
statement, which named the Federated
Industries of Washington and the Con
necticut, Tennessee, Nebraska nntl New
Jersey manufacturers' associations
Two New York Banks Plan Merger
New York, Dec '-II. Negotiations
for a merger of the New York Trust
Co. and the Liberty National Hank into
on institution of $250,000,000 re
sources and $10,000,0(10 capital, ultli
the title of the former organization,
were nnnoiincctl yesterday. A com
mittee of six men. three from each in
stitution, have been appointed to work
gut details of iu.v plan,.
New York Bonds
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Victou nolf. :t!l,N HAH
Vlcttirj llotc 4B4N tH I'd
Reappointed to Reserve Board
Itiihutd 1. ustln reserve URent of
tl.o I'hlUdi'lphiH Federal riescrvc H.mK
linn been reappointed by the Federal He
serve Bon id at Washington as a class
"C ' director of the bank, for another
Itrni of three ears bfRinnlnir January
I 1921, and tins been redesignated re
serve affent and chairman of the board
of directors of the bank for another
term of one yeur beginning- at the same
date.
Price Steady on Paris Bourse
Paris, Dec 23.- I'rlces were sleuth on
the Uourse toda Three per tent rentes
nifr 12c, exchange on Iondoii fiyf r
tiSc. 5 per cent loan, 86fr 20o The dol
lar was quoted at lCfr fin.
8ECURITIE8 AT AUCTION
The following securities werf sold at
auction yesterday by Karnes & I.ofland :
STOCKB
Hharea
si United States fiteel Corporation 78W
4300 Empire Mlnlnir Co. ....Lot IDO
23 8-hulklll Valley NavUR'lon.
Railroad and Coal Co. : 390H
aharea I'ottavllla (a Co., 493
aharea Schuylkill Valley Um
t'o ; JSO.00O Hchuylklll Valiev
(laa Co. bonda, certain lot of
around In Uirounh of Pottmlll
I'a. (an deecrlord In legal ad
ertlement. together with
buildings erected thereon lst 128000
IS Corn Ktchanse National Hank 880
17 l'enn National Hank 3oli
20 Tradesmen1 National Hank . 248
8 Philadelphia Truat Co 390
23 Commercial Trust Co . 2711
12 Commercial Trust Co . nja
42 Liberty Title and Truat Co llsHi
3 Victory Insurance Co. . 108
28 lisle Kllhurn Corporation com
mon Lot 130
Ci Hale . Kllburn Corporation pre
ferred m
i Philadelphia Hours common. 0
43 Midland Pentistlvanla Itallrostl
(underwriting aindlcnti-) . ll IB
IIS Curllst Aeroplane and Motor
Co preferred . . s1;
100 Keystone Watch Case ra 31
000 Janncy nurrougli, Inc 1
800 jHnney Ilurrouah, Int I
lSOJatuiej Hurrouah. Inr 1
IBOJanney ft llurrnurh, Inc. 1
130.1anne & Ilurrouah, Inr 1
100 Janney A Ilurrough. Inr
123 Janney & llurrouth Inc I
20 Hturti! Oearehafl Co l.ut (3
200 (Itr Atlantle Devel Co l)t 12
200 Interstate on nd nrf t o Lot Jlo
20 Pennsylvania Mllllna- nfd "
2qAmerPlpe and Secura. pfd BSH
4 WalamrBlnn.t r..al -a
10 Southern Utilities Co. ufd
11
00 Intnr Oil V (In, Cnfn
Lot 111)
1 Cornmonnealth rin Corp. com..
10
.' commonwealth Kin Corp. pfd 2o
SOArt Hllk Co of Amer. Lot If.
JJA"1"- H'eeve Valve Mo'or Co.Lol '
!2 K' tR" Fl"h Pru ('o pM.Lol 190
60 IJ Coast Klsh PrtKl Co com
mon (trustees certificate) .Lot 130
211 Inter. Kducatlnnal Iub nref
i.i InternntlonHl IMumt Pub. com
71 Uorae D KM i. Nnm In..
?i51 JJorl" Coaat iwr Co pr.ferrtd
470 United Eiultle, j.rtfarred.
11 Oeorjje ij Newton
Coal Co
lommnn .
13 American Pipe
tlon Co
122 Amerlran Plp
and Conitrut-
und Construe
11011 t.o
30 Chester Construction
100 American Pipe and
14
20
Co .
Pecurltlea
1-0 prererrd
40 Veleut Co
lp!"'atiney A Hurroughs. Ine
100 .ationul Rubbvr l'roduct Corp
preferred
100 Invincible on Corp common
71 Cnrden I Co '
10 Assorinte.1 Oat knd Blctrlc Co
common
10 Dolll.. Coal Co
I Tnlmrrf tr.n n.iy r-A I ...t
200 Dal Mnthln Tool Co. Inc Lot
23 He iAmr uok and i:- Co
5?rm"!rl""1 Motors Corp. pref .Iit
334 Rullwav Tie Trentlng Co torr
mon . . Lot
43ytet Jirse fiecurltleii Co
-;SJ Huna Vista He Co common I.ot
11
ti,
.1
1;
tin
0.. ltUAnn Vl.l. In. ,-n ...of T ... II
143 Horlda Fish Product Co com
tnon Lot 1 1 ;
P.i Florida Pish Products Co pre
ferred . . .... I, it Bo
23 The Inko Co. preferred 3
13 The Isko Co common 4
3" Thi. Isko Co preferred 8
3 The Isko Co. common Vi
0 'm. i,(0 co 1st prefrr-n s
JS1' U'x "W Rubtier Co oref,rr.d 7'4
800 Pittsburgh Model Hnglne u
Ptferred in
13 Manhattan Co of Sew Yir 2no
3 New Jersey Zinc i'o 143
20 union Traction of Indiana com
M mon .. Lot tl
20 Union Trac'lon of Indiana 2d pre.
. ferred lt SO
LiOTrie Cucharjs I.and und Water
- .,Cn.r '"' 51'
11OO Haboard steel und .Manganese
Corp. .Lot 1180
121Amerflean Pin- and Construction
Co (old stiido 2U
30 Association Oils and Klectrlc Co.
preferred Lot 1.11
10 Hay View Orchard Co 3
120 Vulcan Motor ree Co Lot J210
1000 Heneflclnl Inter In Pyn. of the
Anhydrous Food Products Co.. 30
80 Southwestern Cities Hlectric pref, 82
230 The Islto Co preferred ... s
128 The Isko Co common v.
"OVorite H. Newton Cool common 14
100 Detroit Tlmee common 10
80 Detroit Tlmr preferred 40
10 United Oat Imp Co 27
1IONDS
15000 HartnlsvlUe Oas and U.ntric
Co 11 per cent drat mor'
gl'Be 384
,000 Watirloo Cedar Falls and
Northern Rullwuy Co S pel
cent . 30
300) Cclumbla and Montour Klctrl"
Co.. 5 per cent ... OS
3jO(I I,uii rn County (las and Kltc-
trlc Co . 3 per ci-nt 744
19248 40 claim, against reteUer ot
Irish Ilrothera $20
00134 71 lulm. against Irish Ilrothera
(In hands of receiver) S300
2300 l.nckiiwanna Coal und Lumber
Co U per cent 34
32 Note. Lickuwann. Coal end
Lumber Co. I.
01" Coupons. Lackawanna Coal and
Lumber Co J 2
800 National Limestone Co 3 oer
cir.t II
10000 Paint Creek Culllrle 5 ptf:
o nt 7 4
11000 Midland Pviin.i It It. c. 3
per cent . I
OOimJ Pennsylvania. Water .iiai Puwei
Co 3 tr emt 04
3vo0 Amertcun Ke Co d per c nt Si4
3000 South Carolina LUht I'oer
and Rlillwa 3 per cent 414
400'J Jamaica Water Supplv Co. 3
per cent 73
2OO0 New (jrleans ItuiUai und L'uht
Co . 3 per tent 324
6VO0 Omaha and 1 ounctl Hlurts
Htr,ot Ki)h. n 1 tr cent 70
40UO Pennsylvania Railroad Co 44
per cem 704
B00O Philadelphia Suuurban Cm und
Klectrlc Co 8 per cnt 724
30u0 Haldwin Luininntiia Works 3
I,er rent 924
3uoo West Ponn p.me. ,.i a (,rr
cent st'
40uU Salmon Illtrr puuer Co 3 per
cent . 744
4001) Pennsylvania R.,ilruud .o .'
per cent vl
loon Duquesne Light lu (I'.tt,burh)
0 per ceirt sm,j
loon P.tlston Township 8 per ien- "i7
I111111 Hwntervllle I'a 5pe-,ent 07
130H Haleton. Pa 44 tier tent b"'.
2UIMI Hniletun Pa. 44 lr ,rnl 08
,",w iiiiAiitoi i n y Ji-r cem I' i .
2IHUI Hajletnn Pa 44 jkt , ent 974
7000 llrookbn Rapid Trunsit Co 7
cent . . 37
13000 Cotnmormealth Power Ratlwa
and I.luht Co . 30
iuiiuo .-miioiihi I'rnpertliia tAmencsn 1
Railways) 4-0 per cent 2 '
30O Wllshlre Roultvard Hotel Co 'I
per cent . 4
3u0u Aurora Klgln und Chicago I
Ritllioiul Co 1 per ent in
5000 Indiana Columbus un,l IJnlern
Traction Co 3 per cent 144
13200 North Coast power il per tent .3 '
103O0 Seattle Harder Valle Railway
3 per 1 ent .'5
SOhd Seattle llanl-r Vl ry Rullut
rt p-r ient ., .4
P0O0 S.iltle Rati ir V ille? Rallv.a
0 p. r cent . 3o
0" 40 SiVit'l- Hauler allej IUllnu ,
isrrip) . tl
Bono I'.in.i.lluTi Northern Coal and '
Or., Co 3 ;er cent OS
10'lOn Jamulii, Water SuPPlv Co B 1
par cent 71
tiOOO Mi imnkln Valley 'telephone. Co
3 im r cent 43
30OII lleiww At Lake Krle Wj'ei
i'o 3 per irn' . . 51)
lOii'Mi Hush Terminal llulldinc 1 3
per etit 72
300(1 .New York Inter Urban "Watet
Co .'. I . r tent 434 I
lnOOll Hut I. I", iirul 11 is. ati 1.. (
-rnment , 4 Pi-r i'n 'om
1OO00 llepubll'' of 1'uhj 5 pr . -t i 724 !
IOO00 Hlro:lectrlr Power 'oinrn s
Ion of Ontario 4 p. r ' 1 1 I 00
3OO0 Kentuck Trrtitton iuh I, ,
mlniil 3 pr int '
1OO0 Indiana Columbus and Kaettn '
Traction i'o 3 p. 1 ,.rnt ' .' t
1800 NMga Wter Co 8 i-r ,n,i 10
3011 Anwtcan Cities 0 nor cent SO
ld.VXei Roubles Rjfslan war loan linn 3iu
ltnxiOlioruuKh 1 f Hid ei Turk Vt
44 per cent 03
l.'oil South Ji re Realty Co D pr
i-nt Lot 1
1 Olio Florida fs.icution tl ter r'ti' b3'4 ,
0000 Ciiiiid Statei. Third Libert) ,
Loan 44 pr cent Sd4 ,
4(inii VttanlK it shore Is 3s 3
0(100 New Orouns Itw a LKm
IVb 7 . . 1
3000 Aurora Klgln and I'hiengu
Hallway Co 3 pi r c-nt 334
OOIKI N iss.ul I'.lectrli Hallroid Co
4 per cent 1 7
0000 Alton ilrunite und .St Louis I
Traction Co 8 lei V'nt 13
IOiio Indiana Columbus nnd Kail
rn Traction Co 3 per cent 17 1
30oo Indiana Columbus und Katt
em Trai tlon Co 3 ir cent 134 ,
O00O Columbus Nvwnrk and Zane
Mile Hiectric Hallway Co 3
per cint 21 I
300O I)-, mil an.l Port Hiiion Jluiie
Line Hallway Co 8 per cent 00
OOOn lentucli Traction and Ter 1
inlnal Co 3 per unt 3. ,
1000 United Stales First Libel tc I
I)sn conierted 44 per '
cent SO
2000 United Stut.s First Liberty
Loan 34 per cent 004
lilOOO United stutrs Fnurlh Lie
ert Loan 44 Per cent S44
.(III l llil,.id-IleUw.llM llav Shott
Line Itullroad. 3 per cent u
1000 Schmlklll Rlvel IC.ist Sid-
Hullroiid Co, 4 per cent SO 4
4434 80 Hook Accounts uf Clule Luni
tier Co 1448. 80
2O0OO Western New Vork and Penn
rlunl. Tructlon Co B pel
cent 24
10O0 High Five Mining Co 7 pel
cent Su
2000 lllsh File. Kilning Co 7 pei
cent 30
20OO High Ftva Mining Co 7 pn
cent . . . 30
1000 High Kile Mining Co 7 pel
cent ... 30
2000 High Fin .Mining Co 7 per
rent 30
200O High Fliu MinlnK Co 7 Pei
cent 30
8000 Roubles Impertul Russian (las
trnment 04 Vcr cent film
(0000 Atlantic City and Short Co., 4 . t
per eent ... .... 1
10000 United Traction Co. of Pitta-
a .. torh 8 per cent
8000 Hale A Kllhurrf Co. 0 per cant W "
OOOORorkford Oat Light and Coka
...... Co' 8 pw cant Bl
80810 30 Aee Motor Corporation notes,
dated July 23, 1920. (20
notes maturing weekly from
September, 1920, to January
12. 1021, amount Involved In
cluded accrued Interest up to
time of mateurl'ilei.) ..Lot 18104
9200 I'hlla Auditorium and lee Pal
ace 0 per cent It
600O American Public Utilities (I par
cent 4
300 ("111 of Oklahoma Street Im
Rrovement" 0 re-r cent
Igh Valley Light and Power
Co 5 per cent 7
ICOOOThe Colorado, Wvomlng and
Ha tern Rallwa' Co par
cent
100 Interstate Rullwaje 4 per cent. 31
3000 Philadelphia, l'ure live Whiskey
instilling Co. of Pennsyl-
vanla. Ltd Lot S21
1000 Township of U'ni.ei.Harre (Pa.)
6 per cent SI
6000 Mouthttestern Itrterurban Rail
way Co fl per cent 2
SOW Curharaa Land and Water Cor
poration B per cent . . I
30 Curharaa Land and Water Cor
poration 6 pr cent ... $1
1000 Curhuras I.and and Water Cor
poratlnn n per cent t
3000 Aurora. Dlgln and Chicago
Hallway 8 per cent ... CBVi
8000 Aurora, Klgln and Chicago
Railway 8 per cent C3U
Commodity Markets
COTTON MARKET
Ntw Yorii, Uci'. 2.'!. A murb better
tone prevailed Ht tho opening, of tb
'otlon tiinrld't this tnorninr; than bnd
been pspcrted in view of poor cobles
from Liverpool.
With the exrrptlon of December,
with h wits ofTi'riil down 20 points nn
the , u, tlrst prices were unchnngod
to 17 points liljiher Most of the
strength fame from jcood buying for
Liverpool uctount. to which was added
.Iiipiincsc nnd Wnll street piirtlmsinf
No doubt the deninnd from Wall
itreet resulted from an improvement
in securities. Early selling here win
scattered. One broker bought 10,000
lisle of March, supposed to be for spot
house account.
Lnter. realizing (becked thr rise
noiiiowlint, and qt the end of tho first
twenty minutes the list was about 20
point' net higher
Previous 123
Cloro Open p m.
Le .ember 14 or. 13.S.1 ....
Junuarv 14 1.1 14 17 14.47
March . 14 03 14 12 14.33
May 14 IS 14.40 14 83
July 14.28 14. OO 14 03
(H tuber 14 4 14 SO 14 8
Hid
GRAIN MARKET
CIiIcuko. Dec. 'S. Sharp advance
incurred in whent this morning on a
general ruih to bii) . Offerings were
Kiunll in tho early trading, nullish In
lliiences iiicludetl reports thnt sulcs of
about 2. 000, INK) bushels hnd been made
for export in the Inst twenty-four hours
und the passage of the Kordney enter
gency tnriff measure by the House, ns
well oi gains in securities and cotton at
New York
December opened 1 'jc higher at
.fl.OTVj. March started at $1.(13 to
l.ili). ngninst Sl.fll nt the end yestcr
day. and later sold nt2 $1.M. May
opened at $l..ril) to Jl.CrO'i, ugalnst
SI .."7 'j lestertlny's Inst price.
Corn was also stninger on n demand
from shorts nnd commission bouses.
Dec-ember started nt "Oic to 71e.
ngainn 70c at tlte close yesterday. May
was quoted nt TAv to 74"!4c nt the
outset, compared with 7It Vi ' at the closa
yesterdny. July opened nt 74-ic to
7.Vc. ngolnst 74V(C nt tlie end yester
day. Shipments of corn from Argentina for
the week were estimated nt 3,0450,000
bushels.
Oats moved upwnrd in sympathy
with the other grains
December opened 'jc higher, at
4(iTo,c. May started nt 40A(.' to 4nVac.
against 40c at the close yesterday. .Tuly
opened ,vs higher nt 48Vic.
LONDON STOCK MARKET
Greater Confidence Prevailed Ar.
gentine Rail Improve Oil Gain
London. Iec 23 A feellns of greater
ifiiitlrlenre prevailed on the stock ex
chanre today. nlthouRh bankers believed
that the market would bo lower b-for
taking a definite turn for the better.
Trading; continued of a holiday char
acter, but securities a a rule had a firm
undertone The turnover was light.
Argentine rails Improved on more re
assurlnj? .id Ices with regard to th
rectnt earthquake In th.U country
Dollar desrrlptlons Kicked steadiness on
.Ww York advices Canadians wero
quiet Foreign loans showed more sta.
hllltj There v as a recovery In Brazil.
lanti follow Inu an official denial of ru
mors that a moratorium would be de
creed Otis scored further gaum and th
group held well Shell Transport wai
5 11-10 and Mexican ICigle 9 11-H.
Kutllrs were steady Industrials wer
stiffer Hudson's Hav was 7-1G.
Changes In the gilt-edged list vera
email but consisted mostly of advance
BAR SILVER
H,u elh I M.IS
4d hlKhti 111 lmdon
tud.iv at 40',d
How To
Trade In
The Market
and other rules and
methods of interest to
traders are given in our
free booklet, "The Invest
ors and Traders Guide."
It tills:
The General Rules ol
Trading.
The Rights of Stock
and Bond Holders.
The Deposit Require
ments for Carrying
Stocks.
How to Give a Broker
Instructions.
Broker's Commission
Charges.
How to Indorse a
Stock Certificate.
How to Group Invest
ments. Call phone o( write at onci
Aih for No. T. U..323
.10NES & BAKER
Specialists in New York
Curb Market Securities
Widener Bldtf., Phila.
Phones: Bell, Locust 4730
Keystone, Race 2290
Offices in 8 Principal Cities
Direct Private Wiret
if?
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n
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