'mmriifpWF :Y1)8ffi, . V,? Vfo) . ' . - - I . i 1 1 : J -- V- ' ' 1 " i A Ten -Year Call on Stock is pbssible at u price considerably below tlic average annual quotation for the past six years, through purchase of Cerro de Pasco Copper Corporation Ten-Year Convertible Stoking Fund 8 Gold Bonds which sell at a - ,$. Price to Yield 8 Write for circular which gives full particulars Bonbright & Company 437 Chestnut Street, Philadelphia New York Boston We beg to offer , $100,000 Southern Pacific Company Convertible 4 Bonds, due June 1 , 1 929 Interest March and September 1st. At present market price, to net about 845 Full information on rcqucsJ. HARRISON & CO BANKERS 106 SOUTH FOURTH STREET PHILADELPHIA Member New York and Philadelphia Stock Exchanges What CflDmta Will stocks move up or down? Hour about money rates? What .will happen to bond ax. prices r Rahsoft R fs Sneelal Rsrnmetee letter iff flit .. W inusry itt, outlines coming condi tion! for you. With this Information Tou can ace what's ahead and plan your year accordingly. It contain! forecasts of vital Interest to every Investor. REPORT ON REQUEST Thla Letter and Booklet "Getting f A htoitrom YourMonty." will be sent to interested investors, without charge. Clip out the Memo new and hand It to your secretary when you dictate the morning's mall. Merely Aek UrUalUtin '"& The Babson Statistical Organisation WellcsleyHill,82,B4,jon, Mass. Tht lymrent Onanittxtin eflU Character in l. tYorU i ciin on Hf tamya Memo For Your Secretary Write The Babson Statistical Organization, 82, Boston, Mass., as follows: Pleate send I me copy of Bulletin atUS WMm Coming Riordon Company, Ltd. one of the largest manufacturers ol bleached sulphite pulp in the world, occupies a dominant posi tion in the industry which produces the basic factor in the manufacture of all high-grade papers. 8 Bonds, Due 1940 of this company, secured by a first mortgage on properties which have cost up to November 1st, 1920, over $14,250,000 or twice the total amount of the issues, are available at 99 and Interest To Yield 8.10 Complete details us to the prop erties, earnings, etc., of the com pany will be sent upon request for circular T-150. E. H. Rollins & Sons 1421 Chestnut St,, Philadelphia Boston New York Wilkcs-Barre Baltimore Chicapo San Francisco GRAIN PROVISIONS COTTON Our Dally Letter Bent on llequsti Hughes & Dier Trade ilraibers ansa t hnnre 1435 Walnut Street frute 813 Philadelphia rl921?-i ore fT'lUlU..-', Standard Oil Stocks Bought Sold Quoted Ash for Booklet T Geo. A. Huhn & Sons Mrmbers riilledrlDhitt nml New York Stuck Knelimisei 141S Wulnut HI. Ill Hroiidiwu I'lilladclphlu New Yuk NEWBURGER, HENDERSON & LOEB Memoers New York and Philadelphia Stock Exchnngut II0 Chestnut St. . Chicago Detroit Wafer Power Development on a tremen dous scale of hydro-electric powers heretofore unavail able is made practical through recent passage by Congress of the Water Power Act. Properly secured hydro-electric bonds already occupy n highly favorable investment status, but undoubtedly such securities will be increasingly in demand as the hydro-electric industry enlarges its present firmly entrenched po sition as one of our principal sources of energy. Ask for our Water Power Booklet Harris. Forbes & Co. Pine Street, Corner William NEW YORK PHILADELPHIA OFFICE: Widener Bldg. DENVER & RIO GRANDE WESTERN PACIFIC Ol' what value will the Denver prnticrty be to Western Paelfio? Which of the Feeuritle of the respective rompanleF will benefit through the absorption of Deli ver by Western Pacific? Whnt will combined earning power of Western Pacific-Denver and Rio Grande amount to? What 1r the actual position of the Denver anil Illo Grande bonds and are current low prices jiiNtine'd? Within recent weeks develop ments of vital Importance In the affnirH of thene companim have occurred. The situation Is clear ly outlined in a comprehensive analysis we have prepared for our clients, a few extra copies of which are available for in terested investors. Inclose 2c pontage with name and buslncst address for Cireulur No. COS. Moody's Investors Service John Moody. President 1124 Real Estate Trust Ddg. Fhllndelphls. Ii. Xirr York Dooton Chimin Toledo, IYtrounv Norwulk Kild...S's IMS Kmplre Iteflnlnx Companj- e's IS27 Crew Lerlek Cetunsnr a' 1031 Aurora, Kliln Chlrnco Kef. . ,.B's 1046 Indlsnupolfs Water Works Hre 0's 16IH Shafffr Oil Si KeHnln Company 0's lU'.'U Am rlcan nnllivnr Company a's I0S1 Amerlrnn Oss A Electric Co. . ..U'sSOU Indlan.t I'nlon Trartlon Co. .. ,0's 10.1.1 Monlslee A Niirthe intern It. It. Serial 5'n ntlii r (i.in A Ilentlnc Co. 5'k I0S7 I'nlted line A I'llt-rlrle Von . 'n llin Vlrslnlii Hallwr.y Coupany, . ,3' 1034 Indiana Nerrlre Con B' t. Adj. 0'n inntrr (.'ounii i-iidiio wniid, ...D'e iihi IVrr Hhonls l'owrr ConipKiir, . .0's loss O'littit. & Cotiutll IlIutTs Ht. Hr. . .' IMS Hvucn.e I.liht A 1'awsr Cnmpanr . .B'h 10.K (ir.ind Itiiprdi It Indlnna 2d. . .. 4's II):!A Irfhlcli l'oer Henirltles Co. . 0's 1027 l'rns.KOU Uleetrlc Compnny . . S 10.11 IndlineDolU Trertlon Jk Trrmlnp.t A'e 19H0 lirorisU lliillnas A' Klfitrlc to... .A'h II4I I'rnn I'rntral I.lsht A roner ivi. . ,'l's 1UUS I.thUh Vnlley It. II. . . l' A 1's 2003 Samuel K. Phillips & Co. Mftuhrra rhllilrlnhln Slnrk Kichnnsn B07 CIIK.1TNCT STBKI7T I'cnn Water & Vr. 5a, 1940 Pcnn Central Lt, & Pr. Cs, 1903 Georgia Kwy. & Pr. Hs, 19o4 Amer. Gas & Klec. b's, 2014 Shaffer Oil & Hef. Gs. 1929 Duquesnc Lt. fis, 1949 Central Diat. Tel. 5s, 1943 Empire Ref. Cs, 1927 B0ENNING, GARRISON & CO. BTOt K HXCIIANOK IIUII.UINO Dlreet Private Telrphene In New Ysrk fnnbers rhlla. Htoeli Kxriiaiir The First National Bank of Boston Capital, SurphiH and Profits $37,500,000 Moore, Swarlr, Hintlle & Clark XCCOINTANTP lncjiar Tai Cml Syitcas-Auditi tn... 1117 HKI IHJItDIKO Now York Bonds ItULna in uoooi , Hinlt ti II 6, 10 UOtt 10Q 100 00 ti 1'no il A D 1 .... 72H 2 O.. . 77-1 0... , 77H 0 77'4 Am T ft T clt 10 73 vm Tel A T Hi 1 70 20 7B; 1.... 0.. . C Uwll: 'd fds I'A II It 4s '41 S.... )014 a 8i 3 103 tA It It 4i Mil r f: H Ff ll O Kth'n 71 lot 8... . BOH IS. 7Ui 3 7UVj la till cn44S 71 7 74 74 Ills Central fd 1.. ... B7!t a. 3. 4. 10. 2 72 Pa II cm 4tti III Cen'l 4s'Aa 7 70 10 . .. 70 3 ... 70 8 70K 1 07'i 1 07 t 00K 74 H Armour 4 Ms 22 73 W 2 73 Mi III Cent'l &i rnna. It It Us 3 80 10 RU D... . 80S 5.... 80S S BOH SO. 84l Atch Topelta 4 84 M P F ov 4s 00 79 1 15 3 0 84H H4H 84 H 84 ik Atch T & B l"c ov 4s '00 1 70l 10 80 4 70W Ill's IK1 4 Hi 0 7ft. 7. .. 70 renna. H It 7s 2A.... 104 3 . 109!i Indl'n. Btecl Es A T Q H Fo Ml 10 S'i Aire, Fruit 7 2 "8U . c nH 0 . H.. Intbom SI 4H Publlo Service Cor'n N .T Ps 1.... 57 4. . 07 4 .... 1.1 1 10 1 IS 2 1R Iteadlhtf Iiy 4 s 2 63 1... 77 4 77 10 Oltt Hit Met ct IH l)lt A Ohio cv 10 12 U tllo Urand t. 4.. .. 04 12 12H W'n clt 4s 1 48 10 01 0 01 2 3H 6 12H iluoru It T .ill 8.. . 47 10. 48 (HI Is I'n Mt ft 48 i H n Illy 0 48i; 1 81T 48 si i. a a r i Halt A Ohio is 10.. 10.. 11.. 1.. 10.. 3.. C. 4.. 3.. 10.. 2. ... 10 0 10 04 23 0 0 CI a 04 48U 47 48 43 48 48 47 47 47 Vi 47 48 48 47 47 Vi 47H 47 47 47 A.. 0.. 4.. 2 . 1.. 3.. 1.. 10.. 00 00 00 00 00 00 Halt b Ohio 3e 2 04". 1 044 2 04 4 04Vi 00 co 00 li 18.. . 2.. 0.. n . 7 . . 20 . v.. 10. 0 04W St I. ft B r In null ft Ohl- ill 4.... 1 . . 1.... 1.... A.... a.... n.. . 10. . is.... 17 r. 87VI 47 47 47 h 4B 47 48 48 48 10 87M 1 87 10 87H II O P L B A W Va 4s t OOVj ft 00 Inte'l I'nper 4" U & O Tol 4n B B3i St t. ft 8 l'mii 1 CO'l ap (love't tt 4 711 Series A Dtl TM 7 i' 7.... 100 Ulrt H On "1 2 74V4 4.. 1 2 . B . J. 1 . 10.. 1 . 2B . 1 . 10 00 00 00 00 oo 4 00 01 C0i 10 78 Jan Oove't 2no 1 7B nrkyn It T Is Kan C Ft 8 A 1 40 2 40 k femp 0 4s 2 02?. nkyn UE lit 1 67H 2 .... 02 Kan CAB 3s cos 00 00 Vi 00 Hush Hide Bs 1 OStt 1 00 Canadian N"n Ilwya rets b r.3 4.. .. 52 Kan C 8 le B. 0 B3 St U ft 8 Fran Kan CtSJ" Series II 1 71 1 71 24 00H 2 70'4 2 704 1 71 Cnnnda B"n .is 2 B2Wi 6t Ij Swn rn Cl' I of Cla 1a Kn City Ter'l 1 .... B0 1... . 60 1 85 Uirrs 4s 13 00 10 00'A Ctl Pacific 1st fieah'd A ' al 1 .... 71 2 .... 71 .. .. 70V. 10 71 1 33 K Ualt'rn 7W P'n Ilell Tel ns 1 OVi 8 03 1 7'MJ 1 70 cvk & o mi I.ilio Shore M B'n Paclflo fd 2 734 9'n 4s '31 13.. . 78 1 73 3 . 73 C ft O CV 4's 0 71 Lrfilsh Val 4! 8'n Pacific 4 s C'K L Ohio As a 87 10,... 00'i 3 00 1.. .. 00 lehlith Vi'y fls C'k ft O cv As 1 P7i,4 1 07 l ft Myers r.- 2. . 70 F'n Pan cv 4s 10.. 80H 23 74 23. ... 74 B 74 B .... 74 2. ... 74 11.. C. 10. 10.. r.. 10. BOH 80 V4 80 Vi 80 i 80 80H 80 tor-Ward C B 2 78 I.ou ft Nash 4 P'n Pao cv Bs B. . 784 B. . . 78 OBVi 2 5. 10.. 3 . 13.. a.. 00 07 08 OS 80 IAN Mono 4a Chlcss-o D'n A, 1 00 Qncy il am 4 70 Man E 8ta 4e 4 B3 10. 100 Chi II Q 4s Mid 8 A O ftti 8'n nnllws 4s a.. 01 B ... 72 1 88 B .. 88 13.. . 68 10 . 4. . j.. n 3.. 10.. 0.. PSVj Mln fit P'l ft SI no 0BH 03 H 00 nsu 03 Ti 04 .Sto M 4s 1 70 H'n Ita'lws 3s Mo K ft T 2nd 2 81 8... . 81 ... 01 Mo K A T 4s Third Ave J 2... . 83 B... . Bl 1.. . 64 n.. .. 04 8 24 11.. fnlon Pac fd Chi O W 4i 1. .. 78 10 74 1 4B'i 1 49 Mo Pacific 4 fnlon Vac n. Chlcun Mil & 3... B2 10 08 flt 11 4s 2 I... 10... 3... 62 CKoto nm 14 04H 2 04 2 04 321.4 62tf ft I'd 1B21 44.... 07 '4 1 07 B2 S3 10. . 04 a 3 r it nt o nnt Chicago Mil It 03 ft I'd 1020 B f'. t... . KM. 10 . . S0 n . mi G . . f-0 9. ... M t l"l d 4 5 BS Mnnt'a Twr 3 3. ... hl IS CS 8 SI' B GS't Kaeh'e Chat A Chlceso Mil A flt Louis r, 2.... 82 Ht V 4S '23 1 7t N Tube it ukdio nnt 3. .. 70 2 . . 85iJ B . . 80 A I'd 193 12 . 70 2 82 82 82 82 82 82 83 ChlcaKu Mil 4 New r Tex A 8tl ev 4tt" Mexico 4s 1 . .. SO 11 30 0. . . 04 1 .. . 01 4.. . 04U 4. . 4Vt N Y C A II n It It 41 2.. . 04 7 73 04 i 10 ... 73 82 ; 64 IN Y C ft II lt U 8 Jlexlcn i 1 .. ..38 Chtcavo Mil A It It tin 8tP fd 4s 1 . . CS 2 68 1 88 0 58 Chlcaso Mil A SIP am 4s I 1 74 ChlcaBU Mil ft St P ov Js ... . 0 Chi Kallw'n Se 10 84 1 M IltM nys Inv't 68 Cnmp'y 3e I .. . 88 05 (.. .. 88 I.. .. 87 ' ... 88 88 1 88 U S realty It Imprv't Bs 1 .. 70 Vi V B IluWr Pi I.. . 71 4 74 4. ... 74 8... . 71 .1 74 17.. .. 74 N Y C ft II It n It 7s rrts .'.. . 100 1... 100 2 100 2 .. 100 C n I ft P M tl'd H Steel Bn 2B 04 N Yk l.laht II 10. . 8.. 7... 2... 1... 1... 10... l!'. a... B... 16.. SO... a... 37.. 0... M 20... 20. 10.. .1 8... 8... 1... C It I 1.. 1 4 04 04 04 04 03 01 03 A Pn-r 6s 1 78 80 ( 8H4 NO '-j S0. Ml 80 M. 801. 00 00 no 00'. no3 New Y N- II ft II 4s '00 8 44 1 43 Now Y N II ft Hart'd Ce 4s OR 3.. . . 30 . . BO ... B0 . . . 80 ... BS ... 89 07 07 10.. 3.. I.. B.. S.. N V 0.. N Y 1 3 3 . 4 B . N t 1 1. Chi 1 W I 4e 04 City Chrln'n na 10 04 City PArle 0s Itlwj-s .1. 00 . . 8 Va llallw'i 8 03 C Short L. 4 l.'lo 4l 1 bOij 10.. .. 8 4 . . . M 73 73 73 72 4. 81 Colo ft S'n 4H .1 . . 70 IVes'n Klec ,') 0. ... P2i4 1.. . '24 1 . . 92'. 8 . . fl.,li .1 ... 70 Ciins'il O.is 7r 73 Tele n 111 J .. 100 84 . 84 Den A It (I f 7. . 40 10 . 10 8... 40 IWil 11 (I ! 4. ... 01 2. . 01 Krlo ilenl Mer 10 30 3 .1(1 X . . 3ft i 88 Hrle It 11 cv I) 7 80 2 80 1. .. 80 B . . 30 Krlo Ity Co 4 1 BO 10 PO i: A Jersey flt 1 .... 81 We.t'n M.l " New X W O ft llo.ton 1'4b fi 11 1 .. 32 Weel Shor. B .13 2. 02 0.. . C7'j W Union l 0. 3.114 1 . . 74'-. VfU 8'n II 3f W 13 A MfK 1 .... 4B 1 13 1 11 1 1 1 a 04 '14 I'll. (14 Ul ('4 ni m V'K t W'n 4 7.. .. 7t 7. . 74 N'h 1'acino !! 1 .... 63 10 . BS 10.. . B3 S' n I'ficlflo 4 TV ft I. Krl t- 2.. 74 r. . .. 74 0. 74 10 73 1.. .. 1... .10 111 lr V A 1. I 2 10'! N"'n Pao 4s Wilson Co Ihi (Jo't 1' Il rets 6 . . 75 1.. .. n 3. . . 00 Nihil D I'wr r, Wis Centr'l U I .. l)l I . . iB 7 U0 I 100 I I 7H 1 1 -15 h m. K'.l.llll SJ.'JO S5 7U M.S S7.-10 HI. SI 07..00 Wi.00 IllEll .sfi.sn J.lbertj ajs Uhi'itv -M ! 81I.IJ 81.J0 M.TJi M.'M HI. I'd K4.K0 m.Ilfi 0I.1W . .81.-10 T.ll.rtv lt -I'lH 8r..iKi Liberty 1.M -lU-. ..MM Liberty Ilil 4,js. . .87.10 Liberty -th 4Uh.. 81.8ft Vle'tv Xotes S-H.Iiri.OO Vio'ty Notes 9h.5.011 DIVIDENDS DECLARED Central Illinois IMhllo tvrvlce Co ''ur terly cf 1 Pr cent on preferred fa.itl' January 15 to stock of rx-opl December 31 nail Telephone Co. of Pennsylvania, 1 iwr cent, payable January IB to stock of ricwrd .Innuiirv S nnynl Im'ih I'etroleum Co. u Inl.irlru U ldi 1 1 i'f IS i""- cent. pafcb. j Jh ''' '" Holly Huaar Corpiiratlon. quarieily U, pei celt on preferred, pnyahle Tenruarv ) t it, ek 0' f I Ir-jary IB GOSSIP OF THE STREET A further unpleasant reminder of the Remldemornllzcd condition of tho copiKr Industry was nupplled yesterday In the announcement of tlte pawing ot tho Anaconda Copper dividend. While this nrtlon was neccptcd as a foregone con clusion by tho Htrei't, It, nevertheless, left Its stlng and made holders of all the copper stocks fell anything but com fortable. ... The Anaconda directors, oftor the meeting, issued a statement In which they said that "on account of prevail Ing conditions In the metal market, no netlon would bo taken on dividends. A lock of demand for export, low market prices and a reduced output, duo to cur tailed operations remitting In Increased cost of production, are fuctots which, combined, have decreased the earning power of the company during the year just closing." HInre 1004 Auaconda, which was a leading subsidiary of the Amalgamated Copper Uo. and which company it su perseded In 1D1D, Anaconda has paid dividends ranging from 20 to 0 per cent, the high In HH)7 and tho low In ll)l(5j Last year's rate was 0 per ceut and that of this year 8 ier cent. The stock, however, In common with tin otlior Conner ulinrM. linn been weak during the last few months, reflecting the adverse conditions in the metal pro ducing and refining Industries. At yes terday's low, IWt , the slock was off approximately ,'(0 points l'rom the top of the year. In 11)10 It Hold ut 105. Many Hurt In the Tumble Of all the Bi-ralled metnl shares, uuwuvii. iiie jinr n ri'uiiituuui ucjin;- elation In mnrket vnlucs, none hurt ns much tis the sensatlunnl decline In the shares of the American Hmeltlng and llvfinlng Co. As an unsottlinx fnvtor, It has been almost as effective ns the New Haven incident among the lnrge army of New Kiulaud holders. Thou sands of people have held Smelters common and pteferrcd for years. The common stock was conddcred n fair Investment around 80 a share, and the preferred a seasoned Investment above par. These shareholders have had the utmost confidence in the management, and to watch their Investments drop to below 30 a shun- for the common and the preferred b.'low i0 without charac teristic support of the so-called Gug genheim Interests 11ns been n most un plcaHant and unwelcome experience. There Is an onusunlly Inrge following of the Guggenheim Interests In Phila delphia. Quite n large amount of the original stock is held In this city, some of which enino out of strong boxes in the Inst few weeks and sold for the pur pose of establishing losses, ns most of It was bought prior to March 1, HUH, allowing the report of an outright loss in Income tax returns. It noss blv would be no exaggeration to state that a considerable pnrt of the Philadelphia holdings of the compapy's stocks, especially the common, were ac quired anywhere between $150 and S170 a share. The writer of this column has personal knowledge of at least ten in fluential families In this city which have the stock paid for and for which the higher prices stntcd above were paid. The weakness of the stock has been pro nounced since It announced thnt its copper selling agency was too great a risk to dc imruenen witn. Purchasing Power Feeble In dlscussinc the market situation yesterday, a well-known local trader asserted that shorts appear to be more timid than formerly nnu it apparently rests with them ns to when, if at all, heavy selling Is to be resumed. "Several times during the lat fen days." he said, "stocks have broken to around last wees: s lows nnu nave sua !enlv milled ht'OfttiHe of nurchaslnit or ders entered under the market during such weak spells. Fractional w point rallies ensued, but stouned just ns sud denly, .-bowing that purchasing power did not follow r.tooKH up, anu suggest ing that the purchasing woh done by those who were 'covering.' These Indies nrc III evidence even when new elements of weakness crop out. as In the case of the special weakness in Iteplogle Inst week and in American Hmoitlng vesterdnv. "Accordingly, while there is little unon which to buw confidence for n sub stnntlnl rnlly. nud absolutely nothing to Imlicnte that the market has turned us yet. there is evidence thnt If traders are not bullish, they are at least willing to cover short commitments to a far greater degree than hitherto." Kecord Foreign Trade The foreign trade of the United States innkes 11 new "high record" in IOL'0. The teeord ot" eleven months and the knowledge of whut is going on in the foreign trade in the twelfth month justifies, says n statement by the Na tional City Hnnk of New York, the belief that our forelgu trade in the calendar year 1020 will he "the biggest n or," and exceed .tl,000.(H)0,000 as ugalnst a little le.-s than $1L000.0)U, rtOO In 101D. slightly more than Sfl.000. 000,000 In 1018. and J, 2," 0,000 .000 in the floral year 1014. Exports will ap parently crow the $8,000,000,000 line, ns against $7,020,000,000 in 1010, and S2.:iW,000.000 In the year preceding the war while imports will exceed $5,000,000,000, ns against $3,0017)00.. 000 In 1010. and $1,804,000,000 in the fiscal year 1014. Thi He increases occur, on the im port side, in all of the three great groups, "raw materials for manufac turing." "foodstuffs" and "manufac tures." The demand In the first hnlf of the year 1020 for row materials abroad was very large, and tho prices were very high. The vnlue of raw ma terial Imported for use in manufac turing will be apparently about Sl,7."0, 000,000, un Increase of nbout $2.10. 000.000 over the preceding jear. Crude foodstuffs show no material lacreasu, but in the foodstuffs "partly or wholly manufactured" which includes the item of sugar, the total Is more than double in value that of 1010. Finished manu factures will show a big advance, stand ing for the ten months ending with October nt $757,000,000, against .$.108, 000,000 In the sumo mouths of the pre ceding year. Swiss Hallways Deficit The prospective deficit added to the deficit accumulated in the last six years, including the ciiricut 3 car. will bring tho total deficit of the Swiss Govern ment railroad at the end of 1021 to nbout 2711.000.000 francs (Swiss franc $0,103 nt normal exchange). The proposed budget for next year estimates the needs of the railway treas urj nt IHH.OOO.OOO frolics. The pro posol Is mbmitted thnt the Federal council in conjunction with the railway authorities and the Swiss Nntlonal Hnnk be authorized by the Legislature to issue n consolidation loan to a maxi mum of .".00,000,000 francs in order to cover the floating debt and the treasury needs fur the year 1021. Tho continuing deficit nt which the roads are being operated la .attributed bv the rallwa) officials to the exces sively high cost of fuel and the con stantly Increasing wage and salary de mands of the railway personnel. In order to combat the fuel costs, tho rec ommendation is made that the electrifi cation progrnm now well under way be pushed with nil possible snecd. To this end will go the hulk of expenditures for capital account. The electrification program for 1021 calls for on expendi ture of some 52.000.000 francs, not in cluding rolling material, for which alone ulioiit .in.otHi.iHiu 1 ranes is estimated aud ui which s'.iiu 20,000,000 franc will b" devoted to electric locomotives. TIIR TRADCm Commodity Markets ' I COTTON MARKET New York, Dec, 20. Pronounced weakness of Liverpool cables this morn ing, due to a lack of confidence In finan cial conditions, started a selling wave in tho local cotton market that broke first prices 20 to 33 points. Among the moro prominent sellers were Liverpool houses, southern and Japanese interests, spot concerns and Wall street. There was, however, an excellent de mand for Investment accounts through commission firms which shortly after the call absorbed the offerings and paved the way for a shnrp upturn that carried prices about 20 points above the opening, when new low records for the season were mnuc. Test. Today's 10UI0 a. ni. 1S.0S 18. M 1S.4S Alone onen January 14,02 13.85 18.28 13.80 18,46 18.7B vf.pi 18. B0 Sav .:::::;: :? Julv 18.78 18.30 10.70 October QRAIN MARKET Chicago, Dec 20. -Wheat was weaker In the earl) trading May, lor tlcularly the December position, which .old off Hi cents under dellvoriw of 200,000 bushels. Dealings were light. A receiving house did some hedging. The Ilrltlsh commission, which some hnd expected to make purchases on overnight offers, failed to come lnt December opened Vi cent .lower, at 1 it."",, and receded to l.dTVi. March staffed at $1.02y4 to $1.02, against S1.C2:V, at the close yesterdav. aud de clined' to $1.01 "4. May was quoted at S1.R7H to $l.t",7 at The outset, com pared with $1.57 at the end yester- c'nm was fairly steady early. Trade was small, with commission concerns I filling orders on both sides. ! December started ,e higher, nt , 71 '4c and later sold at a net loss of I i;e. May opened nt 73fce to 73e. I ngnlnst 7.'!Vic at the end yesterday, and Inter sold 7.TfsC Tul? started nt j 7.t,,tc t l4C. agiiinsi i.sc at inc end yesterday. Oafs were dull. Cash houses were the best buyers. December opened unchanged at -10c May also started uiiaTtVwri at 48c and sngged He. July opened c higher, at lcc, and lost tho gain. LONDON STOCK MARKET Dealings Largely Professional Al terations In Prices Were Narrow London, Dec. 29. Dealings In seen tlcn on the stock exchange, were profna slonul today and nlterattons In prices continued narrow The undertone of the markets generally was firm. Sentiment In the oil gToup was cheer ful and strength was noted Iloyn Dutch was the lender, followlnir yester day's advance nt New York The shares' Jumped to C6 here. Shell Transport and Trading was 6, and Mexican I-.ikIo 10. Dollar description!? were hard, and South American rails Improved In spots, Tho shares of home railways were steady. OUt-cdged Investment Issues wore stiff, with few changes. Continental loans wern unsettled owing to the con fused position of exchango rates. Illo Tlntos moved upward on announcement that the strike at tho property had been settled. Rubbers and Industrials held well. Iludson'n Boy wa 6. KatMrs wero dull In sympathy with Paris. NEW YORK COFFEE MARKET New York. Dec. 20. The market for coffee futurei; opened lower again this morning with first prices showing losses of f to 10 points. The cubles were poor and the early official cable reported Santos futures 12 iito 200 rels off. with a special cable received a few minutes after the call reporting that market unchanged to further decline of 125 reis. The very weak condition prevailing in the primary markets, has checked business in the local exchange, some feeling that prices have already reached a low level beyond which it is not safe to follow for fear that any favorable development might cause a sharp up turn in values. At the same time buying power is limited, aud unless conditions become settled, there is no general dispositlmi shown to buy the market. I'nnsemicntly the volume of business from dny to day continues small, with the price trend slowly downward. Around mlddny values were oft a couplo of points from initial figures. Yent rloe. . (I 2HW2H 0.00 70 7.03003 7 2S0 Op-n fl,lM 0.S11J63 fl.ossiwo 7.20 H2S Maroh Mny . July . . . aeptemoer Finishing Co. Omits Dividend New VorU. Dec 29. The United States Klnlshlnn Co. has omitted the riunrterly dividend on its common stock. owing to the prevailing depression in the cotton goods trade. The Inst divi dend of 1, r cent wan paid on Oc tober IB. Tho regular uuiirterlj divi dend of 1?4 per cent on the preferred stock wnn declared payable Jnnuarv 1 to Htoclt of reeord December 17. "The company Is In excellent shnpo and with tho exception of bonds does not owe a dollar beyond small current bills," sid ono of tho cfflclnls. "V are suffering with our competitors from the present period of depression, but from tho nnture of our business have no large Inventory of hlgh-prlred R-oods on hand (Jur cash position Is g.ioil and we hnvo no need to consider nm financing. Our mills ar running from three to five days a week on a reduc-d schedule." Raw Sugar Market Quiet ew York. D' ' 29 The raw sug.r market continues nulet ljut steady Salea vestenlnv Included 800 tons perus In port at il c I. f . to an exporter nnd 700 tons in port at 4 l-16c to a local teflner, the latter price being equal to C 32o dutv paid Importations In cluded 10,'Joo hags l'orto Hlcos to Ar bucklo Bros. . 10.000 bagB to the Federal Sugar lteflntng Co . 10,000 bags to the National Sugar Helming Co. ttnd 4100 bags to the American Sugar Ketlnlng Co Tho local rellned market Is un changed. Liverpool Cotton Liverpool, Dec 29 Spot vottoti pi ices were easier torta on the basis of a de cline o' 59 polnte for middling- at H 70d Tim sales wero 2000 hales. The receipts were 18,000 bales, including l.'.HOO bales American. Spot prhes wen. American, middling fair, lJ4Gd, good middling, 10 9Bd; fully middling 0.95.1: middling, 8.70; low middling. 6.70di wood ordin ary, 5 20d, and ordinal v 1.44.1 Investment Bonds Welsh Brothers 088 Chestnut Strstbt' Philadelphia Imbard IMS George H. Burr & Co. Investment Securities 421 Chestnut St, Philadelphia Will l'oy 64 and Intercut for Grand Hopidti and Ind, 2d 4b, 1930 CHARLES FEARON & CO. 3,13 Chestnut Street INVENTORIES On whnt basis aro you goinu to price your inventory thla year? There are definite rules to be followed In order to keep within the terms of the law. Your decision muy cost you larjfc sums in Federal Taxes. It is our businoss to keep abreast of all departmental decisions and changes. Thoy nre of too serious n nature to be entrusted to the lnymnn. Our staff Included formor government tax exports and cornpetsnt auditors and ac countants trained in thlR particular branch. There nre only 2 more days before you close your books for 1920. Get into Imme diate consultit ion with uh and allow ub to solve your prob lems, Now! None are too large or too small. GEO. K. WATSON & CO. Certified Public Accountant Ileal Estate Trust Did p. Philadelphia, Pa. rfcranton, Chicago Combines Safety- ami High Return Cities Service Company Preferred Stock Hacked by large and gTowlnt equities. Dividend earned Ay, times over. 24,000 Holders of record Indicates wide distribu tion, broad market and confi dence of Investors. Returns, at present price more than 9 Price at market Circular "I"' on request Henry L. Doherty & Company i04 Morris Hulldlntr Philadelphia, Pa. Telephone! Locust 1440 YEAR END REVIEW I An opportune, general discussion I of the Industrial, Financial and In- J tematlonal situation and Its effect ( ' upon security values Is now In the , , process of preparation, and will shortly be ready for distribution I 1 Only a limited number of copies t villi bo avall&Me to supply early , 1 requesta and will be sent gratis. ASK FOR "REVIEW" WWWI.I Ueaabtra rhlladelpMs 8ttk Exchange 1622 Chestnut Street ' rbcoes: Dell. Spruee 5017-430 Keystone, Bars 769 I 74 BiMdway 4SB 9th Are,. V . Stamford. Coon. I vMdiAstM nowmg h tuai jour Investments are cafn- fi lag the best yield obtainable with ,Vt unquestioned safety Is fai bo'ter Js than risking the principal f an , Immediate high return y Consult tlio?- vho cm .iii ' ( correctly on lh scltilon of a - Jv ourltles of abttolute safety t BATTLES & COMPANY i HstallUheil IS90 W Independence r-qnure (Cat K ;,QVHwmaavilJ Southern Pacific R. R. We have prepared a special letter on South ern Pacific R. R. describ ing Its physical condi tion, high and low prices, earnings and other in teresting data. Aik for a free copy. BOUREAU & EVANS Jeinbets Pidudeph'u Stock F!ichanje 130 South 15th St. Philadelphia Locum Hit .'ucc jj i West Phlla. Office, 7 S. S2d Street Win. R. White, Manager Vhonr Itclmont HbSO J. M. BAILr.n C. !. rATTON Sailer & Stevenson 3D AND CIIE!TNt'T 9TM. BONDS Tax Free. Yielding 4vi;,i. to 8; Hecker & Co. Bankers and Brokers Members of Philadelphia nnd Nm crl. Stm k Kichuncea N. K. COB. 6TII AND CIIFATNUT HTH. IVQaaZWl I xsmztsT Ze?a4lkc- .MinU-'COWPsyrr r- Sf TS ,n is. I The Fall in Prices of Commodities and the establishment of more permanent values (or practically all merchandise will enable manufacturers to con duct their operations on a safer basis and with greater confidence in future profits. The re adjustment of business to more nearly normal conditions enables in vestors to select with increasing confidence those securities which are sound. Write )or ovr recommendation. 1 Hemphill, Noyes C&, Co. Aembert Nerr York Stock F.tchmnie Franklin Bk. Bldg., Philadelphia New York Boiton (vcrantcn Buffalo Albany Syracuie Heltlmcro Kallman & Rosen PUBLIC ACCOUNTANTS anil AUDITORS Income Tax Specialists 510 Real Eitate Trait Bldg. 3SH H'llnat MERCANTILE -BANK OF THE AMERICAS An American Dank for Foreign Trade 44 PINE STREET NEW YORK NewOrleem.Pirli, MtdHd, nareeUns, Hsmbcrg AfCllatcJ Banks In Amentlna, Btaill. Colombia, Co.ts Rica, Cuba, Hondursi, Nlcsraiua, Teru and Venesuth, n.VANCIAL DAVIII Ll'l-TON'S HONS roMI'NY , Slnklna nind rnrehase of Preferred MocU I'urKUant to the aareern'm nf l.ni,l I.uo tnn'e Sonn Company and the ui.d-rslffncd. hi Trustee of the Stnklnif Kund, the under signed herob-y rives notice that It has re ceived notice from David l.upion'e Sun Com pany that said UomDn will depi.st' with the undersigned, on or before January 3, IOII. tl-o mini of Thlm "11 Thouspul tna Hundred ond Fifty Doliin i$31.25n) in 'h Slnklna Fund, provld.d ur.d.T ih Airre-m. nt under which tho said I'referrid etocl: wae Issued and that It la lis Intention tc apply aid sum to Ihe purihav of "hars n' th Preferred stock afureeald Offers of said Shane are Intlted. at a price nnt '.' e.-ed poe and accrued premium of ten per r-nt. Sealed tenders to be addrers-d to tlm I'htla delphlx Trust Company Trustee of the Hlnklnv Kund aforesaid. ))r.,sd Slret ORIcr. Mroad and Chestn.it Rtr'ets. N E Corner. Philadelphia. Such off. re Mill b recet(.l until three o'clock on January 3. 1P21. PHILADELPHIA TItt'sr CO.MI'ANT Trustee JOHN C. WALLACE. Treasurer. Philadelphia Decmbr 23 1020 NOTirK KKALrm PItOPOHAI1 WIU. PC received until 3 p. m.. December 81 1020 at the office of the rrnnolriinla to. for Insurances an I.lte nnd (Irantlnc Annuities, Trnste. for the sale to It of as many of the Philadelphia, Wllmlncton nnd Ilatttmnre nsllroad Rtcek Trust Certificates as J13H 208.00 will purchase. The offering at the lowest price not exceeding Pr, cnstlnc in the assresato not mere than tho amount Hated wilt be accepted, the par.l-s f.ttcrlr.r them advised at one-, and payment made January '! 1021. upon propor aaalirunent of the rerth flcate. Proposals should ! Ir.Jn-te "l'ro nosals for sals of P V t n. II K. Steels Trust Certificates. ' and nddreired tn Till! PENNSYLVANIA COMPANY 1YITI IN- .SUT.ANCEK ON LIVK3 AND tiP.ANTLS'd ANNl'ITIKS. 3t7 Chstnut st. rhlla.. Pa. I'HILXnKI.PIlIA HAIMI) TUINHIT COM PANY ai COLLATl'.KAL tlOLll lMlNll OF IBS7. Under trims nf tt... tf.nli'r- '"uti : s .. . prnpoeals wll 1- received ui.'.i .1 t rr. De cember 21. IlliO, nt the off ee of The l'enn sjlvnnla Compnny for Insuranri on Lives and Orantlns Annnllle. Trustee, f'r Ih- m j 1 to It at the lowest price no- .-"nc !. and ncrrur.l intfrekt nf is manv i.oiids n 1 2K. 43.1 7n whl pitrchas. Prorsals huu l 1 he edires-.l to m rllH PENNSYLVANIA Ct.MP.XNV f". Ii.Mursn vi i,n 1,1." and .lrentlnir Ar.nv.l-I"s 317 Chentnui f I'lt.a )'. I Tecirtere 'or .Sli.klnp rj-u P. J'. " '' True- As Philadelphia l).(-nf-r 2th 102.1 At n Stat"d MHnu- nf 'I.,, ll.arl nf I,' , tors nf Till: PP.nVIDKNT LITO AND THI'ST COMPANY OF PHII.M.KI.I'HIA held Di-rembrr !7th. fJl."' ' ' r I .ct-1 DlreiUre f..i the unexplre.1 trn. ..t Mi ..l..r II Ifnrdln.T dec. seel 1! ' MR. JOHLI'H W VAN). ! for the -mexptrcd wm nf Mr Hole-' t , Jar t. .leceaeed LKtlN MID ' Af.I l V ,.rcuri . " D-cemr-r 1 1020 NOTU'K TO IIOLDLKS OF PHILADKI phln and Iteadlna R.illro.il Comp in Sink Ins Fnnd Hold Lonn t' c llonrt". iXler.ded to 1032 Under 'he provision' ." t'.- ".lBP'enier.tii' .lortaMUC. sealed propo'tls il'l he reeeli... until 0 v m Deeemhrr 31, I'f.'O, ,it -he offce n- ,h Tr-jfte- r.17 Ch-i' ii e'.. fv-r the enlo to It of Thirty (,10) of -, ' bt-d st the , I lo-res. rat- but In no cae. ewelir.u ra" I with nccrued Interest. THE I'CFNSYLVAVl '. OVINY , ' fo- Inuurancei on Ui-i u'.d O-at :lnx n , outtles I PrmmsnU PROPOSALS 1'IIK TKI.L PslNril CAK llODI.s M 1 KICKS ir.purjii:T or cit tiiwsii 1 CITY OF PIIILDK1,PIIIV 12th Moor 1711 Cliestniil -.Ire t Ph ',.Je,"hl3. !' !.!" Jh ' .. . .l 1 r. p-isnle '.lj-tfwse 1 t.. tne : I .iitnr.l i- 'I... iiflloe lb. ... 'iientl, i.., 1 -. c.h.'.I irtll 1-' .. c'.e "or. i r.i.'il.i. Jniiiinry ii, 0l .." . .wn-! Itrm .in 1 i .1 r- ifier for th' foil. 1, irr rk nppui 1 11, t 11 tin r-unkfor.l E.e .' ' P.al 1 ., ihortsed '! urdlnsve ,f r, ui,. .'. i i.reie.l Ju'. JU lulu, ur.l Jure 'Jl' ltii. ' Tnr furnlkhlns ",t l-s, ''i.u ,-n n'- 1 ,, 1 , 11 11 St""1' PaM--.-iicrr .' , : -1. ir.t' inn iiKIrs u then, tl - . . p...-, ' o Ik .ui ..lied hi tlir t ty C.-nrjit i.ik . Kir t.ir-ie'i r..' .-m .' n . -1 r - m,.-t th.'. 104 M 'or T'U l.s ..r, . i,i- .... U.an ",'J 1 -m 1 11 1.IJ T-Sller 1 ri .. .- Steel Paasentter (.'jts i'ort'- fjl. Or f r furnl.hlnr Im' ih- '.- 11. ,f nnd ti.. Tru i.n J c-ll-J '-'. . 1 . j-,t-ib . .-.. Ip-i.ent -nupei! It ' -t- 1 . ... I Plana and el. Uaai i.s at. u. , i ISth Cmr 12U fhestu it S'ri.e' un. : ' 1 of sum with ..' 1 k furrr.e f..r rr.ip-i.. - 1 1 ne UfPlI'd ' ' 'M-n.lInu t. hler. i p pllratloli. A ilem.alt of tn . In, ,uI ,.i: ' be renulrid fir the pint Thl. .1 ,j,, , 11 ' .1. refunded on the ret lrp of the n'm , Ocntractnrs Till he miulr. .1 tn -ni .vtth the Act of Asaemlly of Jul! l till r.'Inti.e t,, W.rknien'h ('..mpers. tl ir I--in ... .iii.l 1 r.i.if inu-t ! turnlsh'.l .n t ,,jrtrn..nt l. 'i ' 1 ii'ilrmt ,r tl ni 1 ,m ...'CfPted tre pr.nui.o of e'd Act .. 1 it I nured his ltabllltv rounder 1 e. ..irl 1 -aetnpll'n therefrom I r,.r e.ich hid a .i.ii,k. I ond .n tl.. ,m if Five Hundred .f.Ouj .mil rs inu-i 1. u,e 1 I In the law Den rMi. lit lt,.,m Ifil 1 ! I llt.tl H' e. . ..,.,, . .,," .!i. 1 M..V 2.". IM'.II 'he , rt'll.ate nf sue1 , 1, Ir.clnsed with the bid. ti.nir The Director reiire tho nht t r .- t nil or all l'ld " '' "' '"i b-st f.n the "tcr.it of the City nf Phlledelph.a WILLIAM H TO'IVIMI Dlr.-tc (KAI.KII PROPfWLh MILL IIP. 1 celvrd bv th" Itnard .if Managers ., fhe PennsjlMinU InduetrlKl Ilefortn.itorj at Hunilnudnn Pa . at their regular month v meetlnis held on the second Thursdays of January. April, Jul and Octob.r inui fur th furnlshlne nf supplies of vtrlntir 'dr. Is for a period of three months from th- 2M day of the month named and sward -n .do nf same previous to that date consist i.a- In (he main of flour and feed aroci e ro tielnns dr nnd salt m.l Proposals uro nle-j asked for frc.ni time ta tlinu during the jear for such other articles ne may be neresssre in . ..n, Incline the lter.irmatir. Proposals will be ask.d f.,r July 1 for fur nlshln the Iteform.it.in with bltumlnoua coal for a period of one vear from July 20, 1U21. An desired Information will U furnl.hed and opportunity lo bid on same will be ulinr. anv parties who make request tn he fur nlshed therewith 1 "te Hoard of Mktiaa-era r. sert" th. -Iltt '. 'e.t "i" or til tldr nlfert n V.l're,. T It PATToN. Oeneral thiperintendent HuntlnKdot) Ps Awmiai Meetings lrStr,FltANKMN NATIONAL HANK . ' .' Chestnut street, west of jtroM. f Philadelphia, December if. 102O, . The Annual Meeting- of the ehareholders nf.' thla bank will be held at the llnnklna HouS". on Tuewlay, January II. 1V2I, between tli hours of 12 o'clock noon and 1 p. m., for the election of directors to serve during th ensuing years and to lake action upon A propoeed amendment to the Articles of Ae eocutloii by ubstllutlnB for tho second, sentence of Article VI which now reads na, follows- .1 1 "Tn directors shall hav.. powrr to elect , I vice preildent. who ehall sleo be a member,! . rf the Hoard .f Dlrnitnrs ond who shall Ml'' 1 amhorlied. In tile nbs-iic.. or Inability of the. 1 preeldent from any cn,u, 'n perforin nil ' .eMi ntel duties iwri ilnlnr to the office of pre'den vx pt nuh an the president only I Is a'Jthnrl--d l.y law to t'rf..r'n and to plrt or appoint a cuehler i.ml -uch other lfflcera and elTke ns may ! ieo.ured to 1 tranoa. I the riuln.s nt the n'- lutlont ' I fix the snlirles to !, paid to them und con- I tlnue them In office . r 1 1 Hit, ! them as, in -ne opinion nr a imijnrui 01 ire noara. th- M'rrets if the amurl ill demand - (h- foll'.islnp;. "Th dlreitore sin. , I r f 1110-e vlc pr'el.l, 01 I uch power ntut p. rform o"'" ' i to elect I r, .halt hava mh nets n4i ,i'jiin n- uif inririi.rn mnrt Hi eit, i.y Dy-e law and to elrr-i or npr- hit a elder ontl ueh nth-r offlcre und 'l 1 . inn be r.. quired "r trn,fiPt tli" Inn-line ..f the nsi aoetatlon to (W the eelnrltn fo h" l"'d to them nnd eontltiii" th-m In office, or to dhn.l 'hem nr I', Hi- nplr,in nf n ni.i Jorl'v nt ih.. hoard, th- Intereen of the as sociation mat ftimnd,' j. William iiahdt. 'Silhler. i3' VAMA ItAII.IIIIAII CO. No. Jdll S. Third Ht., I'lilhi, Deeemher 22 1020, The snnusl meetlnir ,r th .'nrkholdera ef the North J'eniiMniii Knii'iisd Com pnny will be held H 'he !0r- (.f th Com P.ny No. 240 S,uth Tlt.r.l sir ' l'hllidel phla. on Mnnd.i, Junnarj II) 11121, ut II fi'dorlc in., for the nirpju.. ,f electlnc a. I'resld.rt and twHo H'r.ctf s to rvo for tlio eiieulrir jear JOHN fa WISL. . '.eretsrv. . 2r' IMIKMNITY I.SRIRANCi: COM fc3? I'ANV or NOKTII AMt:itlCA 3d Slid W"lniil Htreete I'hlhidrlnhU TI ArinUil Metlntf i,f the -ir Khoiders V I.I t- hold nt the Homo lllfiee nf the Tom pu v on Tiicedny. J.inuarj IS. 1031. nt 121.10 ti. m . for th- iritinn tf Wl-e, i-.'-i end the ti ftrmaetlort of sjch othir hup'nss ns may mm.. lfoi . the meeting V W Mtl.f.KIt I Senrt a ry. 7jf Till: PKNNSi LVAMA 11KK IN- s llANt'i: COMPANY. Ihe tnr.uil ineitlnir of th atoehlioiders ol tli V" inmlvanla Fir- pisurnr, ''..mpany i 1- hld nt th.l' nfT,, r.oc ind MO W tin t Phllnd-lthl.i. nr, Moudn , J.tnu arj 24, I (rl I. nt 11 oVli.tk 1 in for elco .')! if thrc.. lire, 'nr f.,r :. u-rm of thre nr" and .uch ether biiwln e n- may be hi iifht bef.ire thm IV aAllli.VEIl CtriWllLL. H, fr-tsr ; (,,' si:coni) NArioNAi, hamc - 01 I'll'I.ADLLPIIIA Fiankferil. I) -tnher 27 11120 The Annual Metlnp of the tlnekhold rs of . 'hi in ns -III h held nt tlm Ilailtln.- House n Tiiewln. Jniiu-rj II, 1021 between th hour- , f 1 1 n m and 1 p ni . for ths 1 ele.llnli nf tlieclo-r urd to transact such , nth,. h,wlfio.H a tnn properly ,oine before . th meetlni: rilANK ADII DAD, (-ashler. rr- notici: , -j 11 wit or i:.vr F.xi.iji I Itldce imd Mldrnlr Ares. 1 I'hlht.. Pn I The ar-.u-l Mi-etlns .,r the s' kholders of "Ins Ii ui ( fir the i.urpi.se ,f ehetlne tha t i,-A Dlrerforite for fie eniiiln" yesr will 1 tie I eld it the lt.mklnir lln.i.e nn Tuesday Jiui.itrr II 1021. nt t o'-Iim-I. t in. i ItXIMflVDS STi:vrSON Ciehler. I KV-BaALLIANCn INSIRANCL' COJH'ANT ita Third nnd Wa'nnt Streets I Philadelphia 1 The umual meetlter of the stockholders will t.e n.'u or 11.0 .mm" oinre or ine Com panj on Tuesday. Jnnuare IB, 1021, at U pi for the election of Directors and tha Mane.ctlon of such other business as may1 jn.ne before the meetlnr IQIIN KnEMnn Secretary. j "l-MON NATIONAL IIANlT" nztf Phllsd-lphln. Pn. Dee S, m"(. The Anrunl Mectlnc nf the Stockholders of this brnk will he held al th hinltlns house, on Turxdnr, Jnnunrr II, mil. h-tween tha heir nf 12 ni. and I p. m for tho election of directors and for the transection of such, iih-r business as may cemo before the me eMr.c t r."tu v cpit7i,ftprinr,rt. Cn.hler. J?' LlMUKllMRN'H INSUHANCn COM. ,u PANY. 4'J7 Walnut st PhllHil'Iphla Dee 27. man. Th 'intuinl inee"ii(r .f slnrhhnldere anl I. Mon nf three directors to serve for a .rin of foi.r yea- v ill b held at the office f fhe cniipiiny v.n Monihn, .Inn.mrj 17, l21. at 12 iVInek nnnn AP.TIIfP. 11 fl'V-FNUKn. (ecretary. hZf' TIinVol'llTH ST NATION L HANK l' LhlluHolnhln. ni nilip e- l.i.m The Annual Election for Dlr.-. tors will be held t the n.nl.!nc House, on Tuesday, Jon. 11. 1021. between the hours of 12 m and I p. tn n J CLAIIK Cashier. n. ,- ASMAI. JlUKTINtl 4F 'HIK CO!f- 1 '.if. -a ! tl.. Pre'on Itetrrat. for the e.erTii.ii vi .....ie,. k rMiiH,.rrr nna 1 ...) Aiidltr i- 11 ! h-M i the Iteireat. eft-h llaml.fnri Mre.-ts, llil.a lelphla. on Moiidni. .Inn.inr 10, 1011 .1 I o'rlnek p. m. OKI llllii: D ItiltTEH Se, riary nnnal Fdertlons slsS-TlII. I'HILMIFI.I'IIIA NATIONAL Ph.iadelih J l.eeimi.r 10 1920. Tim ai t.ual .VM..1.1 r. 1 .1.1.. 1, rs irlll be ,. 1 it linkl'.i.' h'Jee .1, rurfday. Jnnn- r II. 10.1 iw.en 1 ne TMiuri nr j- noon ard 1 r m spe. la, meet.n , tn- -.tn hoMei i.iio heen culled a' ih. .im t.nie and tn pie upo-. svKh tr...tt,t hs may pr ome before th' ineetlnc ho'ders has nd place properly (j HliWAKH W'.'.l-ri'.. ' 'ashlef. t2JJ TIIF. PI'.N.N MIIIAI. LIPJ3 ..u.'.it vre 'ii.f.i.ui. Philadelphia ' Detemiwr is". 1021. . ,,-! F!1.r.r,i tnr IllflM l.i.tl... &r lllAM.lt (IIY V7IONAI. IINK nf rlilli.lilnhlil D.eeirliei st' 1020. -!,. i. iai.i 'tl I .' D .rs nf this II K w 1M . V hi a' ' V.i'i . n. II use .,a Tiirs't.'O. the till) dn.i of .Inninrv 1021, ,,",, ... .. l"4r. I -J M. ..1 1 inn P. M. ' " hlIP 1 hi.-r lilt blende llli: WII.I.IXM ll.l A MlN- -.HIP AND im.im: III II DIM. ( o. l'M.a . "M .. l"i. D- -ml . JJ Vt.'O niMiuiMi oriir .:.. 1 or 1' 11. '11 day j. -, . unit. ' 1 i . I cf I " (Jl is ,, ,r . pai.l..- .laiiii tn 1(5. 1921, to ,. . t. iJ-r.. of .' I at t 1 tn. on D ,. .,.r HI I2u. 1, " i-ei.e.'.i books r 'tiT.ar.i v 111 te 1 1 .1 fo- ti purpose 1 '.a; If...- '; . . 1.,1-sr il. V.i' J .'. ' I" m. Ur'.. 17 I!i" CH Mil 1 s 1 r vyi on "' r ism -r. i-iiii a ui:-rn;.s iiii.v.y to ' Nnrrlsl.mii. Pu. 1 '. . Hiuli, r j,ij ineo Preferred Mcwk Dlildend N'o, jo ' 1 '' "f.".' ' '. - 'II' die At. .,. e iMJer 1 , f tine 111111 ..11 uimrter per lent iH.'d n t' - 1'iefe' , ,, ,,f ,71 !. . , .niubl .Innu-.n IV 1171. .0 irl t,r, . !' 1 ' 1 We! , I .1- -TZZ. C'J close .. r. .. . . , ,,. Ill , ' '.I -1 s. rr F.m 1. i e-. surer oi'.lc. f 1,hr Inllid (In. Iiinirotetnent Co. V. . Curlier liroud nnd treli .street. PV ndr'v'il . '-ni s 1D"0 ,..,.r n.ll-i'l r our n-r mt (Joe per shltre) CI th -OtlllUl 11 .to k if T 'tis CorrT. Vll.ll. ............. .- , ,, , , , t. .. . fl. i enie 1 j- Hi 1 Ct.j. .-,! De' iiu-d "-- -..4 I. W n .imiq 1 r ..sorer """ niANKU NAriO.N.M, fu.NK " hestn.it Mre.1 it.-t nf lir.iHii Pl.lui.sli ' . l'-i n r i'O lneft . r-ei-i i"e 1, , . j ' I MTK.H t.4 ,,: ri..il". New lork c.i.i 1 ritic ill llniMlnat. -e ion. Iter 1MO ft... n..nrl ,jf I'f. ! in I ... thi, ......-" 1 it- ih' .....I th. r.B'ilai ..nili.r-.ial di. i.i5?i .?" two anil one-half iir it-iit iiU'i n th .uteta'id. ,"-.; .'",', ''' "1,,"'",.lj. of tha "'"'',"", .,' V , . or ' ".' ,l'.3r' l'.031.'. " 1 ,-,. .. - , )l idend 7... "."..,. 1, ,.k. ., I 1 ll.l " ". J. '- 1AI Mt .V lll.lli.i'nlt.1,1 u NVL HANK l-niiH"i...i' ' lie.- j IU20 r-, p. ard nf IIr r ins this' day de ,!.,.d e r.rulir ser ju I Mde, , of 7 end an extra dltlde i' '.". ..n the Partial H'ock ps.able on nl after .lanuury il ...w. nnt 1 WhCh d'e transfer l.nb. '.'." 114 reiisl" clise.1 Dlv.dend . heiks tvill J fi'i'Vd. . . '111 U j; . II MCinilH r"-tMse. llAVlIt IIUOH. IS OltPOItATKIl" Plilladelphl.i. P.i D-i miiI.f '.'7 1P20, yuarteily DlMdenl nf 2'r on 'he .rst aa.1 se, nn I pr-fer'ed stocks nf th s .'.il.orutlc.ii I ,iit been declared. paab .lanuary IS, n. tn 'he sto. khnlders m -, .- ui Tjic.inlier II uioti .'hxks will be mnlleii 1H20 IlAltvilY I. Illlti- r . iary. DFFICK OF "" TIIK PLNNA. MALT Mill, OMPtT Al a Meeflns of the It,erd ,f Hrietorj eld th dai " (Junrlell) Ijl.ln J . nd line half nrr tent was ilrcli-cd. nyaLie iiuiir 13. Iti'JI. "i "tf., i. rfn.i.,1 le. emb.-r ,11 lirji. . in'. )., ii . , olls4. AltTIIUIt i: ltt.l irti.su.er. rui'tuelplila Deteinler 7th Jt . I'llllrtu-ivin. ,'r.i,,--, in, ivf, el.e A-null Elec'lrn fnr nine trustees t f'. e u r-e yetrs win he I el 1 at 'he home efi'io of "i" ' miwrv . 1 . I' in Jtutual lllji nih and Wa'nit - lladelphla. Va. J-. M.niidii. .laii.n ry 3, 1021, bettreeat the touis ..f :0 a. m ur.d ? v. tn SYDNI.Y A SMITH. A-'sant scretsre outrteri.' 'VWtr.J of .K ter rent ((!), '""', v.,,. .., i7r . oayao le tit. r I ''". ',, ' '' r '' record a- ,. , 'u.e of huslness De.eniur 31 Ilino 7-r'eik vtlll I,.' mailed '"e"' --..-. ii.n 1, CO. 23 1 fl Vs: til J vl:... w,ti. rf'. cU. j t. )4
Significant historical Pennsylvania newspapers