1 ' fwnrrniinn 'TimmtiWii Report Bank of Bareelorts 8Up4tide l.onitott, Dee. iS.--;rJi Bank of JJare'liJ ,, inW HUdpi'iiUtil With IiUJuitiitt of vioii.O'JM.OOO peafclrtP, ncconllnjr to tin KXCnnnge it"'i ui'- u.n mu rm. - The nrc-wnr value of tho Sjmnlsli pa rein In United Stntes money vtm 20 rents'. , LlvamJini r;iu.' J.lverpool. Dec, 28,-.bj,ot cotton WW u) loil,iy with prlcclr cnslor on the .m8 of.n.i'lcif,ilnc Jf 25 olnt r JnM Illrtfr ut D.iiOU, The Baits, wero 2000 Imlen. KtitureH wen. vnv fn ih ..... dealing. Spot prices were: American Wffi'r .,?"" ,1,4V,7"l!."r0'1 '"I'l'llC 11. Ma; fully m (Idl n ir. lo.7fiil! mi.i.ui.,.? 9.!ildi low middling 7.04di gdod ordl nary, 8.29(1 ordinary. 4.64d, DIVIDENDS DECLARED PkcIIIp Oni nml lllrrttlo Co.. quarterly of II, an nn cnmmnn, payable January 15 to Hock nf recnni Drc-mlx-r at Imperial Oil Corporation, monthly 1 per rent on fummon nml nunrterly 2 it cent on preferred, both payable January IS, to stock in ifuMru UPcnilKT fl". LONDON STOCK MARKET - In "The worst never happens" This is our suggestion to business. We construe optimism thus: Not to overlook the difficulties of the day, but to prepare for them cheerfully, and surmount them aggressively. N Philadelphia has a sure future - her indus tries are based on the firm foundation of perma nent needher conservatism makes her activities worth while and lasting. Continental-Equitable feels convinced that the business future is good. It is rendering its established high quality of banking service to many others who feel the same. We Pay 3.65 on Savings Fund Accounts Continental Equitable Title a Tust Company Undertone Steady Oil Strong Spots Industrials Checkered London, Dec. 28, Thero.wnn only a nmnli attendnnco nt todny'o flrxslon of tho Btoclt exchange, A holiday fcollmj 1 still prevailed and chances In prices were narrow. The undcrtono of tho markets generally was tendy, Thn oil group ihowcd utrmuth Hi spots. Iloynl Hutch jumped to C.2V4. Following the rrcent dividends, support wan RKcn to Mexican Kuule, which was quoted nt 0 11-10. Shell Transport and Tniylmc wni 6 1 1-16. Notwithstanding firmness In rates fnr money, the kIII-i'(1kf1 investment Hut wns well maintained. ForelRn loans were Ulct and Irrouular. A rehound occurred In ruhher shares, otvlnp to nn Improvement In the raw nrt'oVov Industrials, were chtckorcd Hudson's JJny was S 9-16, Dollar de scriptions were higher. Homo rails wero dull. Kaffirs-were llahhy. FOREIGN EXCHANGE New York. lec. 1M. With the n sinnptlon of business upon the inipor taut forolnn pxpIwhrps that were closed on Monday, sterllnc sliowed n Rain at tin- openlnK of cent, to .1.51 V fnr enblen and .'llfiOy.. for demand. Pesetas opened 22 point- lilqlier. at 18. t." for rnbles and l.'l.l.l for cheeks. Kronen showed a los of 4V to R,80Vj for cnbles and 5.7(1 for clieelis. I.lro started 2 Mi ' points under yesterdav'.i llnnl at .'l.-'UMi for cables and .'5,.'M for I licrkK. Other quotations were : Swiss cables ITi.n, clieclts 15.20; (jullilcr cobles .'11. cheeks .Ml VI : Stockholm rabies were 111.70. checks lO.nri; Climstlnnlit and CopenlinReii cables were ir..'t.", ehecks lfi.HO; Hel Klnn cables (I.12T, checks 0.12; murks 1.37. YnSTEItDAY'S FIN'AI. QUOTATIONS Htorllwt l'rnnrs I.lre (tullilcrx Demand 3 .10 r. R7 3.37 31 25 CftMes 3.nn :. a an at. a:. TOPAY'H UI'KNIMI QL'OTATIONH Merlins Prunes I.lre (lullrier Demand 3.5114 f,.7! 3.31 3t. ..", Cobles S..MK 'ft SOW '! 31 31.3.', , BANK CLEARINGS Hank clenrlnpn tmlay entnpnreil nlth cor rcspondlnf; (lav last two vtarii: 1020 111 IIP 1MH rtilln. ..J0O.72".7n0 $83,.-i25.0,10 $n.',13U, 131) MONEY-LENDING RATES NKW VOIIK Money on call, both classcH of collateral, opened today at per cent for lending and renewing. llIII.AlKI.rill. Call. 0 per cent: time, 6 per cent ; commercial paper, three to six months, G per cent, (Note These ore merely nominal quotations, as the legal rate of Interest In the stnte of Pennsylvania Is flxed nt 6 per cent. Plus premiums nnd com missions, time money for thirty to ninety days Is loaned at 8 to 8V4 per ctnt while commercial paper, from three to six months. Is belnK offered at 8 to 8V4 per cent.) Reserve Banks' Discount Rates Official rediscount rntes nt the lule fed eral neerve iuhikm ure m rniiowa: Capital $1,000,000 -Twelfth Above Chestnut Deposits Over $11,000,000 Surplus $1,000,000 Iloston . . . . NVw York . Philadelphia ritiVelmri . ltlrlunnnd tff Atlanta t7 Trcis. ctfn. Si .18 to Chlcnro St I.oula . . . . Mlnnenpoll .. Kanuas (lty . Dallas Han Francisco. til 3V4 ,tl til to b. Cnni'l Ilkra. uls. Taper. Accrp'. il T 0 7 0 s, n r,H r. n sfe n (i o SH 7 il a 7 i: n'.4 o BH n 7 n n a ai .''4 H n 4 ooo S1 pr cr.t on pacer cured by 5U per cent certificates, and f, prr ctit on naper f1' cured hy 4 nor cent nnd ft ir cent cnrtlll. cntfs. tnincount rato corrnnondu ttlth In'ornt rate t'orne. b cerllncates pledged n collat eral, with minimum nf S per cent In the case of Philadelphia. All.mta. Kansas rity and Dalian, anil .V& per cent In the casn of Clev. I.iml. Hlchmotd, Cntcafro and Han X,4rancliico, iVcw York Bonds A Bmlt A It At 10.. . 72 3 .. 72 IS.. 72 1 .... 72 in 72H 10... . 72U Am T & T clt SO 724 . ... 72", 3.. .. 72 Am Tel A T 1 70 3 70 2.. .. 70 Am Tel ft T Us 2 nan U3i Armour H4i IPXt.KB IN tinool C Zurich rets Kn'n Tac 4H 74 74 , 744 74 l'e 4l 74 71H 74 74 74 74 il IV nl 07' A T A H (1 2 0 0 IK S A T A rt 7 Atch T A H fe Arlii'n Dlv 7...'.. 77U At Toust I. rlt 3 fln'i n .... nn n n7 At c Line I't, 0 70 u Alic Krult 7s l r,4 b r.i 3 . , . , S3 Unit A Ohio rv 03 ; 04 03", 04 n.i ; 04 nt ni'i nt 04 $2,134,000 Middle West Utilities Company D Twenty-Year 8 Secured Gold Notes, Series "B Dated "December, 1, 1920 Dye December I, 1940 Interval jicunblv June 1 uud December 1. Coupon Notes in interchangeable denominations of $1,000, $300 and $100, registrable ne to principal only. Redeemable or pwchaaable as a whole or in part at any time after No vember 30, 1025, k)oii 30 tfuiys' notice nt 107 and accrued interest during the five years ending November 30, 1030, 10!i during the five years ending November 30, 193 5, 102V4 during the twelve montlis ending November 30, 1030, 102 during the twelve months ending November 30, 1937, 101 Ms during the twelve months ending November 30, 1938, 101 during the twelve montho ending November 30, 1939, arf 100V& during the twelve months ending November 30, 1940. Interest payable without deduction for normal Federal Income Tax, not in excess of 1'h. The Middle West Utilities Company through its subsidiary companies operates in the following fifteen states: Illinois, Indiana, Kentucky, Maine, Michigan, Missouri, Nebraska, New Hampshire, New York, Oklahoma, Tennessee, Texas, Vermont, Virginia and Wisconsin. The .Company's subsidiaries serve 496 communities, having a combined, estimated population of 1,317,200. On October 31, 1920, electric cus tomers numbered 221,881, gas 54,784, water 24,778, a total of 301,443 customers for these services alone. These Notes will be secured by pledge of mortgage bonds on properties of subsidiary companies owned entirely, or controlled by the Middle West Utilities Company, the bonds so to be pledged as security for the present issue of $2,134,000 Scries "B" Notes- ag gregate $3,859,000 par value, or $180.83 par value of bonds pledged for each $100 par value of Notes out standing. An additional $366,000 par value of Series "B" Notes may be issued upon the deposit of not less than $549,000 par value of mortgage bonds. The equity behind these Notes, represented by in vestment in junior securities of the Company and the reserves and surplus earnings retained in the business, aggregates over $25,000,000. No Notes of Scries "B" may be certified unless the net earnings of each company, mortgage bonds of which are pledged hereunder. are equal to at least li times the annual interest charge on all bonds outstanding under such mortgages and all indebtedness secured by any mortgage equal or superior in lien. The latest available consolidated statement of earn ings of the companies, mortgage bonds of which are to shows be pledged to secure the present issue of Notes, she that the ratio or net earnings to annual interest re quirements of all bonds outstanding under such mort gages and all indebtedness secured by any mortgage equal or superior in lien, is equal to 1.80. A Sinking Fund is provided for the Series "B" Notes with semi-annual payments, June 1 and Decem ber 1, amounting to $25,000 each. Payments are to be made in cash. which shall be applied to the purchase or redemption of Notes of this series at not exceeding the redemption price, or in Series "B" Notes at par. Notes so acquired or presented shall be cancelled and pro rata collateral may be withdrawn. The earnings of the Middle West Utilities Com pany, as officially reported, for the twelve months ended October 31, 1920, show a net balance of $2,281,670.90 available for the annual interest of $996,910 on $4,634,000 8 Secured Gold Notes, Scries "A" and "B," $9,336,500 Ten-Year 6 Col lateral Gold Bonds and $1,100,000 Three-Year 6 Gold Notes. 10. n... ii... s .. i... s 12 .. 12... 10 Halt A l) :m i.. . -; 10 70't 1 7(Hi Hull A Ohio t r . . . . na a . . ii3 2.. .. 0IS Halt A t.hl,. ,', 1 04'i 3 . . . . 0.1 I .... II4 I1-. .. 03 Halt A Ohl 0s 0 87 0 87 87 , . 1 874 it a o p i. i: A W Vn 4 1 01 11 A O To! 4- 0 30 1 31 M, Pel Tel 7 ret. '!.. . 10IH I.... 01 a. 2.... 101 Delh ,m,.i 1,1 1 77U rieth H Ss :li, 3 74 3 73 II Copp-r M 0 8 80 Bkn-Rdl Co ft 0 7 nrnyn il T 7 1 41 Won I" i: i 1 B7", 1 7'4 iiurr.iio nn'r a ritta'h 3 i . . n: Iluh Ter'l Sn 2 . OR'. Canndl.in N'n rcta 1 . . till ia ti'i'i l nni.4 Ctl l.euther 3 1 .. . 83 10 8.14 Cll I'aclllc It 2 71U 1 71H 4 7t 1 7tH 17 71 8 714 C R n N J !tn 10 03 i Cn'k A O 4'1 0 72TI C A O cv 4M.H 5 -0V. C'k A Ohio 4 BS C'k A (I cv 3i a . . . . SO 10 81)1 1 SOW 3 HOI C A Alton 3U 1 33 Chi II A Q urn 10 74 10 73 Chi II A 4 2.. 1.. 1. 1 . 04M Cl'd Clti Chi A Ht I. 414" 1 . 77 I.... 77 Cl'd Cln Clil A Ht I.oula 0a 3... . 811'i 2 BOW Colo A H'n 4S 2 70'k 2.. . 70ik Cons'd (laa 7 3 t9l Cuban C H v 4.. .. 7814 1 78i 10 78W Del A Hud fil 1 74 12 74 1 71 14 lien A It (I fit t 4014 2 IOV4 2..... 4014 3 4011 lien A 11 II i 02U Den A K fl .-,y 2 A3 Del f It !', 1 .. . 30 I) Canada '20 3 83 4 MK V Canndn Jli 7 NS 3 88 8 88 Crlo Oenl l.len 8 40 1 40 N 10 1 40 . i;rle it it ,1 n 4 33 1. ... .'1414 17.... 34 8 31 llrlo 11 It cv D 3S (18 U nsi; nsi, 11314 lift v. A ChlcnKo IV n Q res 4a 1 03 Chi A O W 4 2 4K. 1 481, 1 Ill 7 4Hij 1 .... 4HI, 10 48', 10 0.. 1.. Co t 1.. o 3 . 1.. 1.. 1.. 18.. .1. . . . SO . . 3D 14 It r, en . 100 100 . 100 . 1110 . 1011 . Hll . tin . 100 C HhIIic'iI ret 4... 1021; 1 10211 O Nth'n It 1st 77 4 77U Hul A .Man f.l 1 80, 2 37 lltKl A .Man In 3 .... 21 . Il Central f.l 8 72. Intboro M . 1 14 10 14 ' ... "14 V4 1 14 111 12'1 lilt .Mel CI I 1. 1.1 12 10 12 2 12 Intburo II T ,. 3 .... 73 N'lhn Ik (Vs 1 ... 784 Orei; A Cni '- 1 80 Oreiton H I 8 77 Ori.W'n II 1 Navl Co I" 4 08 l'n It II 4r 'i 1 80 4 S0V4 fa ltll en 4 m 3 .... B7tt r.i H urn 4' 1 73 18 .... 78 .', .... 78 3 78 1 73 Pmhiii It II 2 .... M 1 84 10 84. renna It II 'a 8.... 103U iritt'h cm cm A Ht L 0 8a 2 .. . 80 Public Herlre Cir'n N .1 8" 1 ' 87 li'Millne It- l 0 77 B 77 II I A A I. 1 1 , 1 04,4 El 1. l'n Ml 'n ny 4a 3 08 2 08 0 Oil Fl I. l'n Mt t H'n Ity 8a 3 81 10 81 10.. ..' 81 Ht 1. A S I' nj 8. . 1.. 0.. 10.. 1.. 1.. St I. 2 . 2.. 2.. 1.. A H 10... . 10 10 Ht I. A I Herlea 2. . . . l'.'.'. '.. 1 Oili. 00 no oo on oo V In 47 47 I0'2 40'!, 1 11 47', t'1 10 . Krini 01", HO', ll'i HO 1 1 fill, Tilth 11 10. 48 47 48 47 17 47 47", 47 47 47 , 47 47 47 47 8 Ht I. A tWlea 1 7P. Ht 1. w'ii I .1 1 ni 1 .. I'.-.'i St I. H'n ,1a 1... . 1111 1... . 110 Fl Paul A K 1" Minrt I. I ' a 1 02 San Anti.nln A A V Itlv 4a 1... .17 10. .. .17 Seab'il a I. ,j 3 ... 321, Senb'd A 1, fit 1... 30 1 .'HI 6 Air I. Htn la .1 .. 80 H'n PaclOi; l 1 10 . 71 E'n P-lelfle la .'an (love't la 23 78 Jup Oove't 2n. 10 7.1 IS 7.1 Kan 3.. 1.. Kan C A 7... 1... 3... 1... 82 82 H ." 71 71 71 71 71 Kan City Ter'l Itwys 4a 1 .... on ,K Ilelit On 2: 1 88 3 RS 2 80 K Helit'm 7i 2 0.1 2.. .. 0.1 3 0.1 0 t3 7 03 l-ick Bteel Mi 3 .... 71 Iirlllard ( I). 1. K 8 8 .1 20 F 1 10 10 3. 1. E'n 1. O 4! S'li 1. .1. 1 07 07 .. . 73 .. 73 73 . 73 '.it e la . . 00 . 00 . . 11.1 .... 03 Klllua la 88 88 68 Itallua .'.a .... 81 . ... SI". 81 2.. .. 7.1 I. A .1 1Mb- I. fl 04 LiU A N.lali ! 2 78 H . . .. 78 10 .. 78 Lou A Nnah 7a 1.... 104 Me K A 1 l . .1.1 . . .13 .. .18 1 11I1 i" 31 Third Ae aj 1 21 10 21 I'nlon Pae . v 3 711 1 70 I'nlon Par f.l 8 73 1 71 1 73 1 73 I'nlon Pat ! 3 . .. 78 1 711 a . . . 7s r 11. 1 n. 1 Chlrairii Mil A - M I"l it 4h 1 38 Chleaeo Mil Al Ht P 4a "J.1 , 3 70 ChlcnKo Mil A HIP cv 4a 20 04 2 04 3 04 1 C Ill I 3 fl4 . Chlenifo Mil . I HtP fd 4 I .is ' 1 1 ,is rhlt-axn Mil t. I Hip urn 4 10 71 0 74 0 74 ' 0 .... 74 111 73 M A 11 Ht I. . rlo 4 3 73 -I) , t'MHt A l l.nula .1" 10 .. ..82 I Hi Par 2 08 V X of n lirll A I'd 1021 1 07 3 7 7 (17 2 .. 07 2 ... H7i. 1 07 8 ... (17 I' K of O llrll A I'd 1022 1 04 1 04 8 04 ,M :. r k nf n nrit I'd 1D20 jlSlj 4 .... 80'j .12 1 fl 1-MI 20... . 80 v"v III K of fl Urn A 1 U lU.tf III. For more complete information we direct attention to a letter of Samuel tnsull, Esq., President of the Com' pany, from which the above statements are summarized and copies of which will be supplied upon request. WE RECOMMEND THESE NOTES FOR INVESTMENT Price 95.25 and interest, yielding about 8V2 That Nota are offered when, if and as issued and received by us, and subject to the approval of counsel Halsey, Stuart & Co. Incorporated Succesiori to N. W. Haltey tfi Co., Chicago Land Title Bldg., Philadelphia A. B. Leach & Co., Inc. Investment Securitiet 111 South Fourth Street, Philadelphia CIllcBRll Mil t HI P cv Ra 10 III 1.. .. 04 3 04 7 . .04 I ... 04 1 ... 04 0 . . . 04 Ohl A Nwn en 1 .... 73 3. 73 C It I A P f.l 0 0.1 21. . 01 2 , 03 II . 0.1 10 0.1 ( bl P Htn n V Chicago ' Detroit Now York Botton St. Louii Minneapolis MUwaukoo Chicago Detroit New York Cincinnati Boston Minneapolis St, Louia Milwaukee All wo atatement herein aro nfllilal or are baaed on Information which wo rearl relUbla, and whlU 1I11 not KU'irantre them, Ihey are. the data, upon which wo acted In tho wurchai of theao note, 10 . I'hl A I 14 ... 1 I '. ,e Cur 0 1 U 83 31 31 10.. .. 83 10 81 411 83 1.. . 83 1... . 82 I . . . VJ 21 . 82 21 . . 82 Ii 82 2.. .. 81 .1.. .. N2 I. It 4a 1. tj .1. ... 73 Cl'd H'da H.f . r A II III I" unct l II en 4a 1 . . 20 1 ... 11.1 2 .. 20 , V U A ll 11 ! I . Ilub't 4 ... 8 1 t A 11 I 1 II 3'. (20 03 1 .S V C A II II. II Oa 87' 1. 3 I. 03 02 10. 03 I 1 02 I 4 01 17 8 11 1 I 8 8 I 1. 1 1 21 V ! N Vk l.luht I' 0 A Pr la I 1.1 8 . (11 1 31 N Yk t.Uht l' 12 v Pw r 8 2 4 . . 78 N...W V N II v Unrt'd tla 13 -' 1.. .la'. 4 .1 I.. 3a N V 7 (t II I 11 II 7a ' ..,. I1111. N V HIhv IS. ... 3 N V lit a 1 1 3 I 14 a S V Tele I ' 30 20 P 1 10 8 1 . Utah I.. 3 . 1 .1 1 . 1 . .1 V I C A 1 - fc 73 73 72 73 . 74 . 73 74 . . 74 Hleel ' ' . 80 Ml 1 j 80 80 In . 80 811 Ml N0 an 1. , 80 . . 8'l I 70 Rumors or Facts There are listed by a leading Commercial Agency over two million business establishments in the United States. So far this year the same Agency has recorded 7682 fail ures 1 failure to each 260 businesses, which is less than four-tenths of one per cent mortality. There are un doubtedly more failures to come, for the rapid but inevi table dcline of prices is sweeping aside the highly specu lative or the badly managed business, and probably the process is not yet completed. The situation is, however, beitig aggravated by the widely circulated gossip which mentions this or that repu table merchant or manufacturer as being in difficulties no facts, no figures, just thoughtless or malicious rumor. We hear that business is "flat on its back," yet the fact that bank clearings here in Philadelphia are approximately as large as last year, week for week, is positive proof that business is still very much on its feet. Is it not time to take real inventory of the situation; to realize that this present painful process of deflation is rapidly but surely laying the foundations for better and more wholesome business that the needs of one hundred and ten million people in the richest country on earth have still to be met, and that we have the capital, energy and ability to meet those needs? At this season of the year could we make a better reso lution than to keep so busy mending our own fences that we have no time for gossip about our neighbors to resolve to run our "own business with less waste and more pru dence, to pay our just debts so that our neighbor may in turn pay his, and always to remember that the wheels of industry of these great United States run sometimes faster, sometimes slower, but never stop? The Colonial Trust Company ...... Member of Federal Reserve System Market 8c Thirteenth Streets The holder of convertible bonds can share in a company's prosperity Convertible bonds may at the holder's option and under varying conditions be exchanged for stock of the Company. This permits the investor to share in the company's prosperity. Convertible bonds will not go below their value as bonds, even if the stock into which they can be converted falls off in price. On the other hand, should the company prosper and the stock go up, the convertible bonds will fol low the stock in accordance with the conversion terms. The owner of a convertible bond, therefore, has "two strings to his bow." The following are examples of bonds selling at prices commen surate with their value simply as bonds; also they have convertible features that may well be of sub stantial additional value: Norfolk & Western Ry. Co., 10-yr. Con v. (i's, 192) Chesapeake & Ohio Ry. Co., 30-yr. Conv. secured 5s 1946. Cerro de Pasco Copper Corp. 10-yr. Conv. S's, 1931 General Abpluilt Co. 10-yr. Conv. Deb. S's, 19.10 Edward B. Smith & Co Price Yield 102 s.fiO';; 79 Vz 6.70 ioo 8.00';;, 98 K 8.20 1411 CHESTNUT bTUEhT PHILADELPHIA ISTADUSHfO 1892 Member New Yiirk and PliiUdelphu Stock Exchange, 105 HKOADWAY NLW YORK . ALLENTOWN POITSVILLE EASTON WILLIAMaPORT NEW LONDON It's Not an Individual you arc dealing with when thi' services nf this com mn nre called on, but the combined ability and knowledge of our whole personnel, hlch includes a hoard of directors of broad experience. Real Estate Trust Go. Broad and Chestnut Sts. hTt Chun" fln,'t IMC Ula J .1 3Kl '... .. 3H, City Horn N .1 Ii24 I. . . ni'S 1 . .. 01 7 . .. n.i rily ChrlK'n fc" 1 flly 1 20 City 1 1. 1 04 W 1'nrli r, . . niu o: i; Tnklo iv 42', .. 42U ... 42 Ml lxl 3 S3 vn Mi.i , at . . 73 I lift 73" Vn IUIi ... 73', 2 . . MH 7.1 'n Vn ltl A 1 : ... 73 3 np. 73 r. . nm Tele'i. (l-Vil,nih II ! ... si, in . M N4 -l n Mil 1. N Y a. t New Y V C Al R . Hnflton 41 2n 2 32', IV II ft 3 .12 I I 1 14i 1 3 S1K t N'k & Wn f I 2 -t, 741 5 .. H .777 It WIlKtm N"n Pacific 4' R 4 73 M to I . . .74 Wlf fVntr I 4n 7 7S4, 4 08', M fit MfK 7 . n m . 04 V . 04' j . 01 Cm 711, "S'i. Protect Your Capital from Loss by Using ' Moody's RATING BOOKS' ' 1920 Editions - 1 30,000 Securities Rated Ask Your Bank or Danker j or write Moodvs Investors Service' 35 Niiiiu Street, New York Specialists in OHIO MOTOR. RUBDER AND STEEL SECURITIES COMPLETESERV1CE In All Forms of Investment Main Departments Investment, Brokerage Acceptance, Liberty Bonds Foreign Exchange Statistical, Ohio Securities Extensive Private Wire Connections Members of New York nnd Other Principal Stock Exchanges OTIS& CO. Investment Bnler CLEVELAND New Turk llimtmi Detroit Clmlnniitl fVlinnlun Tnlrilo Akrnn Yoiini?. ton n DriiTr t Jliirmln Springs Illinois Central R. R. Equip. 7s Oct., i2fi-ii.jn Price on Application A Ten - Year Call on Stock i jKis.silile at ;i price coiiMtleralily Ixlou the n venire at11111.1l iiut.v I tiuii for the p.i.st six J year, tlirouph pur chase of 1 Cerro de Pasco Copper Corporation Ten-Year Convertible Sinking Fund 8 Gold Bonds which sell nt n Price to Yield 8 U'Wtfi for circular which gives full ixirticulars. j Bonbright & Company l( 437 Chestnut Street rnnaaeiphia Chlcsga Detruli Nw York Utstar. I JW. I l s Phll.J.lfKi. CKictfo RAILROAD EARNINGS &l KAl.Tl.MOIlR AM) onto 1020 InrrcrtHo j orwr. rv. . .t23.2n.3Si iT.n.n hxu ttnllwiiy npar, xri, . . . 80.tl07,tl,V1 (1.014.14.1 N, t P'W'iiuo . . . 2,1112 70.'. 1 ,1111 lint N'-t ..ft. r Uxn., cqulpmunt. rents.. 1.032.301 1 119. 210 Townsend Whclcn & Co. Mrmlicri. , ' Mork Knhuimfn Moore, Swartz, Kindle & Clark Af'CMI NTA.NTN Income Tx Coit Syitenii AnJiti Sprncf 1777 IIKKII llt'lLIIINO 505 Che. Street Lawrence E. Brown & Co. CERTIFIED PUBLIC ACCOUNTANTS I6S0 KKAI. F.STATK TIU'KT 111.1)0. InrtlKit J Adjust tmrtnrmtilii and llironii? Tim llrturns. J. .11. SMl.F.lt t .s. I-ATTON Sailer & Stevenson SD AND CiIKSTNl'T STS. BONDS Tnx Free, Ylcldlns I'j"! to 8 Hecker & Co. Bankers and Brokers Member of )1illndrlpliU und New York Hloek KirhansrN V. K. C'Oll. IITIl AMI f'llKSTM'T NTh 1 M WtlwKii-. .t j, j.-atfCJwajM ,J,I tikdki&k,: ' '. X w."i'S 'Wl 4 i. .H -Jllw. ViJsJ i i-Vi,
Significant historical Pennsylvania newspapers