m 'ih"4 i$nQ"imeiry
f-H jiW VVf
EVENING PUBLIO (LEDGERPHIIiADELPHlAy SATURDAY, JANUARY 1, 1921
17
NEW YORK STOCK PRICES FOR 1920
rru riitntrlnt tnblc slvcs tho fluctuft-)
tions ot tho principal mocks truucu m
on the Now York Stock Exchange dur
lng the yenr of 1020, Rlvlr.fr tho high,
low and last prices and net changes
for the year :
Last
Adam? Ex...
Ad Kttmley.
do prcf.it.
ijaxijiib....
Alas (J M...
Atns .Tunr-nu.
AlliCh Dye.
do prcf...
Allls Chalm. .
Am Agrlj C li.
do pre;
Am
do
Am
Am
AmC& ry.1'1
AinC'otpll.. C8
do prof....
AmPgHynd. W
Am 11 & L.. -
do rr"""1,
Amlco...... M
do prof.... 08
Am Intl. .. . ."04
Am I.a F I B MJ4
'Am Loco..... 1 onVi
do nref . . . .10,
Am Radiator. .3
Am Sh & Cm M'a
Am Sme & 7 -dopreti.tilOOy
do prof A.. Oi
Am Snuff.... 155
In nrcf.t.t '
im Stl Fdy.. TO
rln nrcf . .
Am Sug R
i (inn U r
Am Sum Tob-lCWi
do prei....f"
?::$ ,
Am Si L & 8 -i
.In nref. . . . fiO'J
Anaconda Cop C6i 80
Ajo DG... 0.(4 18
do 1st prei. I."
do 2d prcf. 75
Atso Oil 125
T T & S P. 00
lift nref . . . . o-
Art Blrm
Atl Coast
Atl G & W I.17fl3
do prol.... J
Atl Kef pref.ll't
Baldw Loco.. 128 Ja
do prcf. . . .102$
Halt & Ohio. -10
do prof.... 5
Barrett Co ct.131
do prof.... HI1'?
Beth Motors. 32$
Beth Stool... 00
dopref 1J..102V5
iloSncpf.114
Booth Fish.. 15
BMjii Ed Kl 0t
Ilkiyn Hap Tr if
BklMi U (las .
Net
f!hnnaa
ir,i,i 20
ir. -s(i
ao 53 ,
i'"-iH
87
244 17V4
"loh "?
-10 12
72 -H)
2
.'1 il
02 4VA
H2'5 84
r,:i 20Vj
n-; (Ml 70 27
"."hviih fins! 421.1 50
m Hug--1"; ' vr- rnti.'mW
J'"'-."', St iru nnA-724
85,"?: 5ffl arc -.&
-f. iui i-74 ..".. rz?
Ill 121 Vi I'Vi
iX-- mill. 1(1
15 18j5-ii4
ssta B8fc sofc
flit 7 5
r, 8 lit ,
7 12 aft
53 r7 lift
30 41 73Vi
8 8 .. ,
74 822-1731
VTM 100 4
04 05 . .
7 8
20 'A 30
111
01
02
mi
OS
80
80
20
7Vj
'f"...,03i& 70'
llrf.. 14296 82
;Hpf.ll8j 07
rrtl. 1 Ail ft'. II.
f.... b-
, At. 124
t L..104
t.... 20$
32
10
-10
10
30V4 14
81
02 10
00 Vd 17
7421
81 OJS
lOitt 112(5 -rf
100 no. ,..
8o war-1"
T "39
30 25
33 23
23 35?S
G5$ 20
45 "35
00
82
awrti IT
ovj a;j
4 "'
Krlc
do 1st prcf,
do 2d tirpf.
Fnmoui Piny. 05
do prcf.... 01J4
Fed M & 8. 10
do prcf.... 44
Fisher Body.. 135
do nref.... 103
Fisk ltubbor.. 48
Frccport Tox 30
Gnw W & W 10
G Am T Cnr. 77(5
Gen Aiphnlt. 43
io prei. ... 1a 11 ill's
000 cth d.i3i lir.u nr,i
Gen Chem pf.100 70 117
m
14
20
15
471438
i ..
7 24
22 4
70 51
03 0
11-31
14 21
2-15f&
ou
40.
.TH5.
Gen Cigar... 75
do prei.... iuu
dodobpf.. 01
Gen Electric. 182
Gc Motors a 42
do prcf.... 80
do (1 pc deb 8.1 (i
do 7 pc deb 03
Goodrich Co. 85
do prcf....l02
Grnnby j.... 55
Gray Davis.. 40
Gt Nor pf... SK'
do Or ctfs. -111!
Gulf Ht Stl.i 84 1
Gulf
do
Guant
Hartm Corp. 108
llask & likr. 7H',i
Ilcndco 40
Homostnko M 71
Houston Oil.. 110
Hupp Motor. 23
Hydrnti Steel. 33
IU central...
Jndiah Hef
India Kef.,
51
80
IV
70
7
M & N. 17 7 niU. ii
prof.... 35 18 22 7
t Sugar. 20$ 11T& 12 . .
05
70
02
3
40T4
as
84
70
72
4
82
0-71V
871
8!
70
45
- 4s
35
03 7Vi
30 -' 3
C2 01
Brown Shoe. .101
do prcf.... 118 ,
Tlr T & U S S
It It lc Wtts 05
Hums Bros.. 120
ItuttoC & '.. 11
Butto Super.. 12
BultTirk Co. 27',i
Cnd 1 0 & U IS",
fnl I'liokiiii,'. . 85 Vj
1 nl Zinc &. T, 20
Cnl I'ctrnleum 40,a
1I0 prof. . . . 75Vj
CdI & Ann . 0!)
( un & South 43Vj
1 nn r.nilio .131
Cao (.in ri 11 ,i
do prof 1011
Cent Loather.104
do prof....l0S
c It II of N J. 210
fVrrn do lit. 01
Vi- TooJ l'r. 02
Chaiiillor Mot 104
Chrs & Ohio 7(l;,s
Chi.' i. Alton 17
do prof . . . 23
(' l. V. Ion. t C 15 t
do prof. . . . 17i
Clue (it Wct 1
do prof-. . . 33
C M . St I'. 41
do prcf. . . . 05
riiic . n w 01
d. puf. ...120
f l-i 1 T.ol.Ul7H
f K 1 I'.. 11
I- ' p 0 pf. 71 "'s
7 ) 1' pf M!4.
r - ,' t & O 72
C ... (oppor. 21 '4
".iitift Coppor, Il"'ii
rrr k stl. 02
Cluott ronb.,10l
do prof. ... 101
To, 11 Coll... 4(1
f'ol I' 5. I... 44 Vt
Col .V South. 30
Col (ill-, A. U 117
1 nl tirniih.. .
do prof . ,
Comp Tab It.
Cons Cigar..
do prtf . . . .
Cons (ins.
Cons Textile
Cnntl Can ...
('out! Candy.
Cotit In. . . .
Ojiii 1'dts It 105
do prof . . 107
Cosilon .S. Co. 43
f'rur Stool... 27S
do prof . .100
'uba Cn Suk. 50
do prcf . . . J"(i
f'ubiin Sug 00
I)nison Chm. II)
Do Boors M . 3(ia',
Dol .1 IIuil ins
Dol I, W 200
Don i. Itio (i II
do prof . . ma;,
Domo Mini's . 13
Dul S S A. A. 8
Dili- Ilosi.... 07
do prof 102
Djist Kodak .535
KIMiorn Coal. 28
Emor Hrant. 20
End .Tolitinou 1 1"
do prof 104
05
i'2
50
f0
80
03
40
07
14'n
S3
4
ooii
2
83
OU
43
35
80
3
no
70
3
10
0
55U
15
03
40
3S
100
5
71
30
80 Vi
175
21
35
50
47
7
10
4
3
0
15
21
30
00
OS
00
211.'.
54 "
01
53
7
1(1
33
40
SO
18
20
CO
0
54
34
51
70
71
10
51
3
03
01
07
-4
71
81
10'5
51
21
25
15
83
105
n
if'i
3
27
84
407
47
81
in-ja? 104JA
78' 80 -25
02 03 7
27
40
101 105
1UU JW .,
1 n o 9r.a:
iv - , it
M'M Ml
55 40
852
10 3
40 1
35 71
80 20
4 2
05 15
82 35
4 4
10 10
13 11
14 4-J1
00 23
4-14
25 18
07 0
40 2.-,
30 2
110 14
5 . . ,
70 22
30 53
84 '1
100 15
20-d32
J 23
04 207
00 4
7
101
5 1
4 J5
8
Hill 3
20V5 )
44 (lr)H
07 20
101 10
00 It
27 1
04 4
rtia
t
I
01 1
o 0
10 10
30 20
40 50
80 30
lll 20
20 15
20 1
08 4
0 0
521430
35 20
54 8
72$
701
10 10
05 22
4 8
04 18
(VS 14
102 7
20..
75 133.
83 im;
23 30
05 2S
30 ..
20..
10..
0n4n 3
225 30
5
1 11
10 3
31' 1
"7 ;t5
81 20
40 . .
17 7
0 21
53 Sll
85 2816
WABASH
RAILWAY
An analyais of what is
vrong with this com
pany that its stocks
are selling so low. In
conjunction an able dis
cussion on the central
eastern rails other fea
tures in
Ask for n
copy PE-78
MARKET
OPINION
FEENBLATT & CO.
Utmitra 0 (ha Phtlti, Stock Kxchanot
130 South 15th St., PhiladelpbU
riioiif,! Ilell K,ruc in7
hnttonc linen tlOO
Chariot Jackol, Wlanaeer
Direct Private Wires to
R. H. MACMASTERS & CO.
JfmtT Consolidated Hteck llx. 0 N. V,
82.84 Broad St. Now York
117
01
ni.
tral. 13
1... 7
... 21
do prcf..
Insnn Con
T . f ft - .
iniuo uonsoi. d'h
do prof.... 17
Int Agric... 27
do prcf.... 83
Int Harvr...l42Vj
do prcf.... 115
IntMerM... 51
do prcf.... 111
Int Mortortk.170
do 1st prcf. 81
do 2d prcf. 00
Int Nickel... 20
do prcf.... 88
Int 1'npcr... 01
do prcf.... 110
do stamped. 70
Invinc Oil... 47
Iron I'rodts.. 51
Iowa Central
Island Oil
Jewel Ten... 21
do nref.... 41
Jones tea... 30
Knn City 80. 27
do prcf. . . . 52
Knyscr & Co.118
Keily S Tirc.152
do pref. ...100
Kclsey Wheel 05
do prcf 08
Krct Co(SS).155
Kenncc Cop. 331
Keystone Tiro 43
IvUCK Olt'OI... i'174
Laclede. Gas. 57
L B & W... 24
do pref . . . . 40
Leo Rubber. . 3S
Lehigh Val.. 50
Lig & Mycrs.207
do prcf.... 110
do prcf B.. 142
Lowe 30
Loft Co 23
Loosc-Wil It. 70
do 1st prcf.100
07
58
00
27
70
15
05
24
j.
CO
1314
45
55
ioVi
. 20$ 14(5
23
h
100
10
41
28
63
55
11
78
33
71)
on
10
27
4
4
13B
40
70
20
81
30
82
120
14
$'
45
53 21
S210
78 i 17
110 121 48
12 14 ..
02-23
32
0 30
y? Jk
20 8
27 10
0020
3
:
30
no 23
0.8
11.
201
80 U
(1 ..
14..
'
1..
nil 4.
31 37
4 4-
11..
10 0
m 1HJ&
44 35
101 11
11 30
51 01
31 ..
72 ..
55 ..
13 8
78 10
40 20
70 30T:
71 8
3
33 4
i 1
4..
3 14
8 32
14 11
10 45T
45
70 40
40 03
85 0
40 35
82 17
125 15
17 11
83l(4
51 25
30 4
14 0
27 14
17 20
rn 1 rttf
i"i -J.?" ir''
ys(yk r.a it
By Stl Sprgs.100
do nrof 107
Rand Mines.. 20
"ay Con Cp. 22
Rendins ....103
do 1st pf.. 01
do 2d pf.. O514
Rem Typo... 01
do 1st pf..l00
do 2d pf.. 0
Rcploglo 8U. 03
Ren I & 8. .124
do prcf. ...100
Rcpub Motor. 55
Royal Dutch. 123
Robt HcIb... 23
do 1st nf.. 81
St Jos Lend. 17 J
Slfr T. K a T31 tl'lTi
do nref. . . . 48
St L & Hv. . 40
do prcf. . . . 40
S Cecelia Bug 25
Saxon Motor. 21
Save Arms. . . 83
Scab Air L. 11
do pref. . . . 20
Scars Rocbk.213
do prcf.... 110
Senwn Cop... 23
Shnttk Arl... 13
Shell Trans.. 00
Sinclair Oil.. 48
Sloss Shcff.. 82
do prcf.... 01
Sou 1 R Sug.310
do prcf.... 110
South l'nc...H8
do pf rts.. 21
South Rwy.. 33Vt
do prcf. . . . 00
Stand Mill. ..100
do prcf. . . . 85
Stern Bros pf 07
Steel & T nf. 01
SO NJ new A.730
do pref.... 113
Stwt Wnrner. 51
Strom Cnrb..ll8i
Studebakcr
do prcf. .
Subm Boat
Sunr Oil...
Sunr Steel
Tcra
Tcnn C & C. 13
Texas Co A.. 53
Tex & Pac.. 47
T & l C & O 53
Third Avo... 22
Times Square. 31
Tidcwtr Oil.. 220
do rlchta.. 10
TSL & Wctf 10
do prcf.... 21
... WHS
r.3 84 10
0(1 102 3
11 0
H, -f o
53
57
23
85
85
31
20
10
4?t,
32
33
t
85
85
30
55
85
10
10
22
15
12
011,4-55
85 21
10 33
01 30
4!)
1 0..
55 55..
a JO 1Z ITS
' ir. 'vitti-L r.iL
iii no' X ail.
JJ tit. T .. 'A
11 27ll
20 3814
2 4..
nif. nit 11 Si
11 rmtr
ii UU74
121
L?4
ilo 1st Pf..l01
m U & TA. 47
S
10
10
30 K
05
120
14
03
do 2d prof. 115 100
Lorllld P Co.183 120i't
do prof.... 110 07
.112
L & N
aincKny U). . (i'i
ao prei.. . . iwvt
if)
80
04
no
05
0
44
03
38 Vi
10
12
11
14
Mnllinson Co.
do nref.. . .
Manntl Co.. 151
Mnnhat Elov. 05
Manhnt Shirt 33V4
Marlln Rock. 00
Martin Parry 30
Mnt Alkali.. 33
Maxwell Mot. 38
do 1st pref. 03
do 2d prcf. 30
Mny Dopt. ..131
Mex Petrol.. 222
do prof. . . .105
Miami Cop.. 20
Middle States 71
Midvulo Steel 52
Minn & St L 21
MAStP&SSM00
Mo Knn & T 11
do prof. ... 18
Mo Pnoific... 31
do prof.. . . 55
Mont Power. OOtf
do prof 10031
Montg Ward. 40
Mulllns Body 01
Nut Acme... 40
N A & C c d Tc
do pref.... 00
Xnt Biscuit.. 125
do prcf. .. .110
Not C & Suit 80
do prof.... 102
Nat C, & Cab 13
Not En & St 80
do prcf.... 102
xt. t,i nil'
do prcf.... 110
Nat R M 1 pf 10
do 2d prcf. M'i
Nov Con Cp. 17
v'OT & M.. 05
N V Air Bk.117
N Y Central. S4.'i
NYC & SLpf 00 i3
do 1st prof. 73 50
do 2d prof.. 70 41
N Y Dock... 48 10
do prof 01 35
x thr it 111 m
.1 1 .Ml W II ill 14
N Y O & W. 27
Nor & South 20
Nor & West. 105
Uo prof. .
North Am.
North Pac.
No a S S&C
Nunnally Co.
Ohio & B.
Ohio Fuel....
Out Sllv Mill
Okln Prod...
Ornhuuin Cir
Otis Elov... 157
do prof 110
Otis Steel... 41
do prof A . . 82
Owens Ilottlo 05
Pnclllc Dov.. 78
Pne 1 El.. OH.
PaelnY Mall.. 3S
Pncllli- Oil... 41
PacT & T.. 40
Pan-Am Pct.1M
do U 111
Par & Bing. 47
Pen (.TC) pf Ot
Pennsy It It. 41
Pen Soul) Stl 30
P Gas of Chic 45
Peoria & E. 18
Pere Marq... 32
do prior pf . OS
do prof. ... 57
Philips J... A OS
do prof. . . A 02
Pottlbono M. 41
Phillips Pet.. 41
Phlln 421,,.
Pierce-Arrow 82
do prof.... 108
Plorco Oil... 23
do prof OS
PfV&Ht L.A M)
V Mull Con . . 7211
do prcf.
00 10
125 . .
13..
10 15
30 30
03 5
100 0
130 30
07 ..
101 10
570
58 0
S ..
, 40..
OS 02
48 4
18-13
15 50
14 0
10 10V4
2 2 2(1
4 l't 23
2. 2 58
15 07 01
01
05
77
22
20
551
0
5
foi '
.?2n
Oh
148
00
14
30
204
03
2
3
11
33
47.
03
12
10
25
45
83
07
103 Vi
27
07VJ
45
88
03
100
8
3
8
31
00
nn;
'
151;.
10
0
85
0.1
43
IM
20
1
3
2
10 8k
lOU
40' ll4J
03 30
1581 4 02
05 4
15 V 13
13 50
31 17
12 Vi
70 2
3 091
.1B' 7
z ? : H
10 8
40U
40
0;
18
20 27
27 0i,4
47 A
87 A
08 21
107 12
25 5214
no 42
3V? r.
40 35
88 VJ 13
00 10
102 7
8Vj 4
41.
ll, "1
0 5
00 13
703432
74 5
nt -1-27
73 12
0520i(.
20 24
10 2(1
IKS'. 7
18 2
WU Vj
n' 1 i
.I
Tob I'rodts
do pref
, .100
TransctlOil.. 38
1)
5
8
8.H
00
14
33
20
43
ni
70
103
88
20
18
5(1
100
771j
00
70
144
100
4
8
00
10
0
40
14
no
"0
0
180
10
8
15
4(1
80
5
2)
774
121
100
01
10
7
-iU"M
Trnn Wlms S 00
Twin Cy It T 43
do prcf. ... SO
Uud Typewtr.200
do prcf.... 110
Un Bag & P.127
Union Oil... 38
Union Pac... 120 110
do pref. . . . OOVi 0111
Un Alloy Stl. 53
United Cigar. 255
do prcf.... 111
United Drug. 148
do 1st pref. 53
Un Dycwood. 07 Va
United Fruit. 224
Un. Rwy Inv. 15
17 4. .
.ior ;
23-10(i
40 2294
75 10
83 157
103 10
00 2..
20. .
23 1
58 2
100 10
77 12
0(1 ..
77..
150...
105..
20 114
81 18
10 ..
13 ..
42 n
07 2$
20..
7 2
4314..
17iJ 22
13 2
0..
ISO 80
14..
10 1
18 C
51..
81 ..
7 27
38-25V5
37 7
77 24
121 07
105 7
07 30
10 KlVi
110 3
1L U.I '14
lit ai 20
7 127 8
3 100 10
YEAR'S SEVERE
DROP IN VALUES
Drastio Adjustment Inovltablo
Outcome of Repeated Viola
tions of Economic Law
There is yet to bo given n suitable
title to tho prolonged downward move
ment In fcccurity values during 1020.
Wall street named it its "silent panic,"
Its "rich mnn's panic." Its "Northern
Pacific corner," its "1017 panic," nnd
so on, yet no one, as yet, scenm to have
found n suitable nom-do-plumc for tho
unprecedented slaughter of market
vnlucs lo-st year. Tho unwritten history
of the yenr's drastic readjustment, not
only of tho security mnrkcts, but also
of tho commodity markets ns well, will
somo day furnish mighty interesting
reading matter. Any ono possessing
tho ability of digging into tho rcnl inside
of tho j car's liquidation will bo able
to unfold n. talo that will put many of
tho accepted fiction marvels into the
shade.
Columns upon columns could bo
written concerning tho sensational de
preciation of values, and even then only
half of tho tnlo would bo told. It wns
the inevitable outcome of repeated
violations of economic law. Possibly
tho holo storv of thn year's dra-stie
readjustment, financially nnd from nn
Industrial nnd commercial standpoint,
is told best in n nutshell by tho tcrso
remarks of Charles 8. Cnlwcll, presi
dent of tho Corn Exchange Bank, In tho
December number of tho Exchange, pub
lished by that institution. Ho says:
"Today wo nro Dnvlnit tlio penalty of
hnving too much credit, too much in-
' tin. (... m.1 ha mhhmma.1 Ih tl.n itnntnni.
IIUIIIJU, Ullll IlllJ tllUKUU IU U1V lllll'iK. ii
Mlt task of writing off this paper wealth
and adjusting values In their more
normal relation to production. Wo
have bulldcd our credit structure on
one-third of tho world's gold. Economy,
thrift and industry Is the only way In
which nn equilibrium between produc
tion and prices can bo established. If
fhcro is any other method that will ac
complish this, it has not yet been dis
covered." In other word, tho crash and losses
of 1020 were tho penalty for tho reck
lessness nnd wild speculation which fol
lowed In the wnko of tho Inflation pro-
vokcu by the world war. Tho drastic
dcclino In prices In both securities and
commodities, which wns without n
parallel, except in stress of ponlc
periods, was to some extent, due to the
failure of n largo majority to recognize
that wnr prices, excess profits nnd
profiteering wero not nn cvcrinstlnir con
dition. It wns almost Inevitable thai
Uiero should bo lower quotations for
commodities nnd securities, nnd while
tho recessions wore in progress there
shpiild bo a lull in trado nnd industry.
Unfortunately, tho movement, which
wns worldwide, was not so uniform ns
to nvoiu jonio very great linnlshlps
Home comiort. However.
rived from tho fact that
financial community have so mnny lamo
ducks been tnken enro of by tho bnnjtlnB
Interests. This not only applied to
those who had been caught in the vortex
of tho flood of liquidation in the security
markets, but nlso to n large extent to
tho business world, tho latter being tho
outcome of the widespread evil 01 can
cellations und low ebb of business
morality.
u.n...iiM Mil Iml.lltf frnm thn wrecit
of the year's sensational depreciation of
values wns tho undlsputnblo testimony
that nfter nil tho securitymarkets fur
nlshcd the only hnrbor of relief, when
efforts to obtain funds that wero im
peratively needed failed elsewhere
Tho drastic curatlvo methods which
wero npplicd, Just nt the closing 01
the preceding year to bring about a do
nation of tho overstrained credit situa
tion, virtually chut off nil the ordinary
channels of obtaining funds nnd there
by mndo tho security markets the dump
ing ground of the entire country, nnd
to n certain extent the entire world,
nu... 1- nil .ini lilstorv now. and
lt, may be do- ,thf)1,0 wno had tho misfortune to have
ot. dosnito thsli.i. i. -,frnn(u nf tlm severe ndjust-
sudden nnd unequal chnnKos In value, 1 "; . .im-lnc tho transitory period hnvo
n,.-.. .,-n -inii,-,i,. 11, .i,i. ,ti ,11.' inent wiring mu u . . ," ......j
'JIIIIMIIIIMIMIIIIIIIIIIIIIIMIIIIIIIIIIIillllllllllllllllllllllllllllllillllllllllltlllllllll:
January 1, 1921
JfclW
We take pleasure in
announcing that
m
there wns rclntlvcly little financial dis
aster. It is true swollen fortunes,
largely in paper profits, of many of the
plunging speculators, pool members nnu
other speculative combinations, were
severely pruned. Naturally tho violence
nnd the long duration of the downward
movement left n long list of cnsunlties.
As n matter of fact, it would possibly
be no exaggeration to state that, per
haps, never beforo in the history of
their experience too iresu in iihuu u
review the unpleasant iiappcniu ui
the year just closed. Tbo average
level of prices arc back to nnd below
whero they stood prior to the war rep
resenting n complete cancellation ot tho
Sl'wUd o'rgy aurlngwperio.
HTiiiMsinr Nnnrns
CTTilKlMP NOTlfKfl
MR. ELMER E. RODENBOUGH
hns this day been admitted as a .
Special Partner in our Firm
West & Co.
1417 Cheitnut Street
PhiUdelphU
Mnubfm
52 Broadway H
New York 5
( fw York htock Kirlmnir
I 1'hUtdrlBhU Mlorlf Uxcbunge
L?iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii1
KinnrwivriiBkBvBBAH i
8 Retail St 00
US C I P&F 25
do prcf. ... 55
U S Express. 37
U S Food Pr. 78
U 8 Ind Alco.110
.7 ..--.t mnn'
Mil JJILI. ... Alt "
107;
03
01
41
43
170
7
45
10
38
lil'1
58
110
nt .17 1
41 10V1
50 12
108 1
11
51 33
11 11
38
-l'lva
U 8 It i I.. 00 35
tt t D..UU.. 110.1' r.n
07
10
' J
70
u n iiuoDor. .j-irt-'i
do 1st prcf.115
U S S It & M 70
do pref. . . . 47
U s steel.... luo
5 24V1
2(1 55
. T)U
01 11
IOVh 2V4
03 00
100 1452
32 VI 124
41 0
.l niTA
.- steel. . . .iuii ii)", ni -'s
do pref.... 115 104 10S 5
tab Copper. 80 41 00 Vx 25 Vi
tah Sec... 13 7 01
1)7 1ZHV ' -Yl
120 V4 70 82 3
80 21- 3S 28
1121-4 SSaj 05 10
7..
80
13
34
23
11
70
15
27
40
78
112
Utah
Ut
Vanadium C. 07
Vn I O & O.1201,
Vtt-Cnr Chem
do nref.
Vivodou Inc. 21
Vulcan Dctin 20
do pref. . . .
Wabash ....
do prcf A. .
do prcf II. .
Web & Hell.
Wells Fargo.
West Md
do 2d prof.
West Pacific.
do prof. . , .
West Union.
Wcstghe A 11.1111
West B . M 55 14
do 1st pref. 05
W & L E... 10
do prcf 28
White .Motor. 00
White Oil Cor 25
W Spcn Stl C 32
Wiibon Co... Wi
do pref.... 03
Willys-Ovcrl. 32
do pref. . . . !:i
Wis Centra!.. 43
Woolw F W.145
do prcf.... 110 Vi
Worth Pump 03
do pref A. 03
do nrcf II. 70
Incrcase. Decrease.
A Par value chunged.
23 V4
70
21
SS-
5
10
70
O'l
17
12
7
lil.
11
20
51
80
80
40
(id
15
3l)i;
l!i5
10
31
3 iij
4
20
23
100
102
35
10 4
70 11
8
21
14 1
svi..
no 314
io-
ll'St -I'M
20 4
KINAM'IAT.
IIAVIII I.UITIIN'S hONS COMI'ANT ,
blnklnr linil rurclinne of TrfffrrMl 8toU
Pursuant to tho o(;rmnt of Ravla Lup
tori'p Bona Company nnd th undcmljnfd. h
Truto of ttia fllnklnit Kund, the under
nlcncil herein- riven noilco that It ha re
celled notlcn from David Lupton'B Hons Com
ptny that aaia Company wilt deposit ntth
tho undernlcned. on or before January 3.
1(121. th. wiim nf Thlrfv-nnn Thounand Two
Hundred npd Fifty Dollarn (Sl.fi01 In th
oinxina; iina. proviaed unaer ino AKrecmtni
under which thi iiatd Preferred utoclt wa
mailed and mat lt la Its intention 10 appiy
aid inm to tho purchai of sharea ot th;
Preferred stoclt aforesaid. Offers of. said
shares nro lnvltud. ot a price not to wceed
par nnd accrued premium of ten per cent.
Salcd tenders to be addreaaed to the I'hlla.
delphla Truat Company. Trustee ofthe
Hlnklnir Fund nforotal.l. llroad Street Office,
nroad and Cheatnut Streets. N. 15 Corner,
Philadelphia. Huch offers will t. received
until three o'rlcw-k on January a. 1021.
PHILADELPHIA TRUST COMPANT
Truatce
J01UJ C. WAT.LACB.
Treasurer.
Phttadolphta. December 23. 1820
....Jan. 8
....Jan. 8
I.n. 15
...Jan. IS Fek.19Mar.20
...Jan. IS Mar. 22
...Jan. 18
...Jan. 20 Ftb.17
....Jan. 22
....Jan. 22
....Jan. 22
!.n. 29
.Jan. 29 Mar. 8 Apr. 16
Annual Meetlnrs
raastnirr anil rttlsbt Seniors
VAUBAN New York to Liverpool
VERENTIA .... Philadtlpaia " Livtrpoo!
CARONIA, Mediterranean Crniie (With Shore Excursion)...
COLUMBIA New York to Londonderry aad GUipm ....
K. A. VICTORIA. New York" Liverpool
PANNONIA New York " Piraeui, Dubrovnik and Trieite
IMPERATOR ....New York" Cherbourg aid Southampton..
VERBANIA ....Phlladelohie" London
SAXONIA New York" Halifax. Plymouth, Cherbourg
and Hamburg
VESTRIS New York" Liverpool
VYHITECATE ..Philadelphia" Liverpool, Briitol (Avonmoatb)
CARMANIA New York " Liverpool
ITALIA New York " Vitro, Patrai, Dubrovnik and
Tt-. . .rD. 1
intliTiuia mt..w..i. .1..1 j c.t i.- VA. 3 Ft.26 Mar.ZZ
..v..m new i oik v,eroouf ana ouuio.mpiuu . . - - , ..
ALBANIA orew...NtwYork Plymouth and Cherbourg Feb. 8 Mar. 15 Apr. 13
SAXONIA New York" Plymouth, Cherbourg & Hamburg. Mar. 1 Apr. 1Z
ALGERIA New York" Londonderry and Glaigow Mar. S Apr. 6 -
MAURETANIA ... New Yotk" Cherbourg and Southampton...... Apr. 7Mayl2Jue 9
1.1st of Later 'Jatltnm on K;queat
The R. M. S. CARONIA will sail on January 15th for a cruise to
MADEIRA. flfRRAITAR AtriPnc. MONACO. NAPLES. ALEXANDRIA and PIRAEUS
.. 7 ' "-"""-.. ' "". . ..1.1.
tssirnrfT omci. 1300 Walnot St.. Thlla.
MESSRS. MONTGOMERY & CO.
BEG TO ANNOUNCE THAT
MESSRS. CHARLES P. STOKES and J. TAYLOR FOSTER
HAVE THIS DAY
BEEN ADMITTED TO
IN THEIR FIRM
FULL PARTNEHSHIP
JANUARY FIRST, NINETEEN HUNDRED AND TWENTY.ON1
133 SOUTH FOURTH STREET
PHILADELPHIA
14 WALL STREET
NEW YORK CITY
TYrflht Onlee. nonrse Hide t'hU.
70 11
SI
03 10
71 f J-1'
V4 2V
if.) juyi
43i llVJ
00 4
30 -25Ts
HI
30 30 V4
70
Vl-l
18
53 Va 00
5V5 23
30 MVa
30 11
111 17
102 13
44 11
rof." m
10
s
07 1
551,2 14
84 4a
32 38
10..
Oi,
10
80
12
70
42
11
IP!
12
35
37
011
(VI
12
83
37
0
20
0
11
50
37
21H'.
05
li
20a;
30
15
no
0
72
no'i
PHILADELPHIA STOCK SALES
Tho following tnblc slvcs tho year's
ranee of fluctuations on tho Philadel
phia Stock Exchange of the principal
local shures, giving tho hl(h, lot and
Inst prices, tilth tho net chance for tho
year :
mi at
4 4
3i I 0
25 V...
115 "20
82 II
12 23
75 . .
40 17
J 3 CI
10 in 4
13 2:Pi
41..
3S15 2
no 'i
'.13
.'Kill
(111;
tlllj
I A
Alliance Ins.
Am Stores. , .
do pref. . . .
Am H & 0. .
Am Uas
Am Itwys pf.
Am Pine
liulil l,oc p.102
Iluf & Sus pf 50
Ilrill J (J.... 03
Camb Iron. . . 40
Con Tr N .1. 40
Eloc StorAiro.141
Gen Asphalt.. 130
do prof 11)3
Hunt & H T 4
do prof.... 13
Ins C of X A 47 V
Kevs Telu Co 13
.1.. t .. ...,' Mr.
t'it' ' 'i"S , Luke Sim Cor 22
,!, "Mil.-,.-, :'. - -7
- - 1020
UL'li Low
08 311..
12 32-Vi
83 A
40
8-22
3114 2
11 1
17 14
51 18
301,4- I.",!,
30 . .
05
5i,
i-'i
,1, i 7
HI 'J
5U
3 I'll
'.Ni-. . .
31 31
20 r
001410
10 II
71--21
70 20
83 a
PS WiU'pf 1251.4 ll.'ITa 117
ruts meet pi 11171
Pitts A West 30"
do pief . . . . M)i,i
Pond Cr Coal 271)
Press Stl Ctr 113
do pref ..101.
Pub S of X J 0
Pullman Co.. 121
Punt A! Suf.120
Pure- Co 50
Ml
21
00
12
72
oo,;
o:
58
3-
3'1.
!
M( ..
30 -73
13 - l.'!4
M - lOVs
01-- 0
(ill - .1
05 105 OTh
HVj 10 Yi
34V4.
40
20T4
Ihlicli Xni.. SO
LohlBh Valley 50
Little Sehujl. 41
Mlnohlll .... 50
Mldvnle 51 "a
Xnrth Central 00
Xorth Pohiiu. 81" t
Pennii lt It.. 41
Pa Salt MfR.. 70
Ph Ins Wire. 53a,
Phlla Co.... 12
do prof. . . . 27
d.i cum pf. 3(1'.
PI11I.1 Electric 25
tin pi of. . . . 27
P K T 28
Phlla Trnc. 03
P W pref. 20
Heading ....103
dn Ut prof. 57
do 2d pref. 01
Ton 1 Helmnnt 'Mi
il .MiniiiR. 2
'Union True. . 37
I'n (ins Imp. 57
do prcf.,.. 50
l'n Co- X J..185
C S Stool... 108
do prof. ...114 101-
Wnr lr &. S 8 7
WcMmld Coal 75 00
Cramp&SotiH.inO 50
York Hwy pf. 32 20
13
37
SO
7
2.3
1 1
03
40
31
35
31
78 Vj
I
!!!
27
1
20
57
40
33
10
20
(ill
70
37
034
50" a
3(li. j
25
2n
20
25
12"v
40
05
331 j
33" I
1i'
1
"3
2(1
10
10.".
Net ch'cc
from
Close 11)10
10 rt
40 0
80 ..
S 18
20 17
15 13
4..
03 0
40 10
10 0
30 3
35 (1
01 15
30', 7S
70 03' 1
4 ..
0 "4
"-- r7r
1 Ts Vv't
20 . .
8 , -12
bSS'iFUANKI.IN NATIONAL HANK
Chestnut surrt, west of llrond.
Phlladoiphln. December 11. lD'JO.
Tlio Annual Meeting of tho shareholders of
thli bank will bo held nt tho Ilanlilns House,
on Tuesday, January 11. 1021. between the
hours of 1- o'clock noon and 1 p. m for
tho election of directors to nerve ilurlnc the
enanlne year: and to take action upon a
proposed nmendmnt to tho Articles of As.
aoclstlon by nubs'.ltutuiir for tho uecond
eent-ncn, of Article VI fffcrti now reads at
foil, was
The directors shall hovo power to elect a
vice president, who shall ulso b a memb-r
of the lloarit of Directors, and uho shall be
authorized. In tho absence or Inability of the
president from any causu, to perform ull
nets and duties pertalnlntr to the oftlco of
firesldent. except such as tho president only
s authorized by law to perform, and to
elect or appoint a cashier, and such other
officers and clerks as may bo required to
transact the business of the association: to
fix the salaries to bo paid to them, and con
tinue them In office, or to dlamlas them ns.
In tho opinion of a majority ot tho board,
the interests of thu association may demand
' the following
"The directors shall have power to el-ct
one or more lce presidents who ehall have
such powers and Perform surh nets nnd
duties as the directors shall direct Dy by
law, and to elect or appoint a cashl-r und
such other oiricers una clerks as may bo re
quired o transact tho bu.lress of the r.s.
sedation: to fix the salaries to he paid to '
them, and contlnuo them In office, or ti
dismiss them as. in the opinion of n inn. i
lorlty of the bo.ird. the Interests of the a
oclatlon may demand " i
J. VILLLVM IIAIIDT.
''ashler
LUCKENBACH LINES
Philadelphia to Rotterdam Amsterdam
SS WEST POOL (U. S. S. Board)
SS EASTERN SOLDIER (U. S. S. Board).
Rotterdam Philad clphia
SS SHORTSVILLE (U. S. S. Board)
SS WEST POOL (U. S. S. Board).
i ..... i
, .January 8
, .January 30
, .January 10
..January 30
Philadelphia San Diego Los Angeles San Francisco
Portland Tacoma Seattle
S WALTER LUCKENBACH January 8
San Francisco Los Angeles San Diego Philadelphia
S JULIA LUCKENBACH January IS
SS EDWARD LUCKENBACH
i
, . . .January 29
LUCKENBACH STEAMSHIP COMPANY, INC.
32S Chestnut Street, Philadelphia
LOM1IARD C340
F. P. RISTINE & COMPANY
Members
Philadelphia. EJtock Eichsnre
New York Stock Exch&nirt
January 1 1J1
WE TAKE PLEASURE IN ANNOUNCtNQ THAT
MR. EDWARD L. JONES HAS THIS DAY BEEN
ADMITTED TO MEMOERSHIP IN OUR FIRM.
WIDUKCIl DUILDrNf..
I'UILADELPJILV
41
IHIOADWAT
U"SV TORK
2S?-
I.M1KU ,SI.('I KITV I.ll'K
INSt'BANC'K AM) Tltt'HT COJIl'ANY
Ol' I'l.NSM.VANIA
iiii.v-tiu3 tnesinut St.. I'liiin.. l'n.
Tho Annual Motlnr nf thi stoklio i ri
will b hold at tho otflco of the cVim .
Wednesday, January II. 1011. ut J o'rluiU
noon, for tho purpose of ep'ctlrir i n
Dlroctors to jervo for tho rnsulnc ser nl I
for the transaction of such other bu-nisil
as may come lfore the mewtln. '
HAHKY r VOTTKK Jit . S-rrl t
psp Tin; annual MKirriMi or Tin:
"-" Htocliholders of the ljinrrn Seriirltlrs
rmopany will be held at No 010 Commercial
Trust Iluildlnir. I Ifieenth Hireet niul - u r la
I'emi Square. Philadelphia. I'a , on Mniiiini,
January lth. lUil, nt 4:00 o'clock 1' .M ,
for the purpose of holdln,; an elect mi for
Director!) to sore for the cnsulnit or, and
the transaction of such other corporate busi
ness us may properly como befoie tho
stockholders,
C. T. TtlHL. Seer, ary.
m
UNION NATIONAL 11 NK
I'lilladelphla. I'a.. Dec. 8,
1030.
Thn Annual Moellmr of tho HtnrkhftM....A
this bank will bo held at the banklnc house,
on Turi-duy, January 11. iu2l. bet.en the
hours of 12 m. and 1 r. m,. for thj kctloa
of directors und for the transaction f aucb
other bualnoas as may como before the
meet "f;0,,IW N. BPtr.l.HRnOKn. Pmhler;
p-jsTiir, i'itinvTi:uiAN iltoiuToTc
All)0VS AN!) NINfil.R 1I)h:n iv
thi; stati; or i-knnsa t v ma
The Aimuiil Mt-etlr.it of tho C rp. i . ic.n will
be held In the 'Wlthorspoon lluilmir. Itoom
I1R, nil Mondaj, Jinuiiry 10. iyi, r
o'clock. i:icctlnn of oitlcers an 1 other Im
portant business to be transacted
i:.MMA P Al'Pl.K - mtnry
firSP 'iiik uvnki:nau Tio-iifAi, '
" The Annual Meotlne nf ti . i rpori
tlon of Tho Loukenau Hospital li , held
at the Hospital, Cllrard S. Cri t ii m Ale
nues. on Monday. January l(),h, lU.'l, at (lie
l' ' ADQirii iini.i.tvKni : . , ri 1 1 r y.
Ccf
Annnnl nieetlon
I'UNN .MUTUAL
fllU riJN.N SIUTUAI. un:
INHUICAMfi: COMI'ANV
rnuaaeipnia, uecemt'r is. I02D
The Annual r.ieruon ror uin- tiuateee t
IIIIID vaiao " ua iivm
FRENCH LINE
FREIGHT DEPARTMENT
Compngnie Gcnerale Transatlantique
Inward and Outward runt Frelsh, Steamera
Regultar Service
Between
PHILADELPHIA iS: FRENCH-ATLArfTIC PORTS
SS "ONTARIO," Le Havre & Hamburg; Jn. 15
(nnd audi other French-Atlantic Porta at carxoet offer)
To Load Pier 56 South
AGENTS NEW YORK OCEANIC COMPANY, INC.
For Rates and Space Apply
GEYEL1N & COMPANY (Inc.) Philadelphia Representative!
108 South Fourth Street
Lombard 1207 Main 8188
JOHN G. HERNDON, JR.
TAX CONSULTANT
rortMErtLT with
QUAILANTY TRUST COMPANY
or new toujc
ANNOUNCES THE OPENING OF AN OFFICE AT
331 LAND TITLE BUILDING
CONSULTATION .INVITED ON ALL MATTER6 RELATING TO
INCOME AND EXCESS PROFITS TAXES. INCLUDING THE PREP.
ARATION OF RETURNS AND THE ADJUSTMENT OF CLAIMS
FOR THE ABATEMENT AND REFUND OF THESE TAXES
JANUART I, 1021 PHONE SPRUCE 363T
NEWBURGER, HENDERSON & LOEB
BANKERS
1410 Chestnut Street
PHILADELPHIA
We are pleased to announce that
MR. FRANKLIN H. THOMAS
will be Manager of our Bond Department, effective
January 1, 1921
CUMMINS LINES
U. S. Shipping Board Steel Steamera
Regular Freight Service
PHILADELPHIA TO ROTTERDAM & ANTWERP
SS "BONNIE BROOK" Dec. 30
SS "ARIZPA" Jan. 10
PHILADELPHIA TO HAMBURG & BREMEN
SS "GATEWAY CITY" Jan. 3
For space and rates apply
A. D. CUMMINS & CO., Inc.
139 South -JUi St. Phlla- Pa.
Lombard tl2712H-Str,7 : Main 1348
serve tnrce years win ue neid nt the horn,
pftlce of the company In tho I'enn .Mutual '
llldu.. Bth and Wnlnut els., Ihlsdelpbla !
J'a." on Monday, January :t. iajl, botwiin
the hours uf IU a. in. and He, m.
... -j r .,4
Biai KtiH
mi va
ISO i HI
lilt . .
8(1 ..
Illl.. 1.
Mi.. MIL
ml:..
.1'V.
.!.',
-'.-.',; "i
:ini -
'ii.." ".T
'-'7 J..
in rj"v
.-Hi, ms
(I
ni!
.Ml
l"H-
l'U-
LSSa-
:io li
no .
, .... i
ni.i'a
U7s
"1Vj
I
..!;
-'-M'i
-.ii if,
BTDNEY A. SMITIT.
Assistant -.- r, tsrr i
rtS,-. " l.KIHTH NATION li ,
x' I'hll.l. Iphla I). . in (.(, j
Tho Annual KI''''Mun for ! n n m b.
held at tho llanUnir Hnus. i Itiesday, '
Janiiiiry 11. lO-'L httven th. I u i of tj
u .luclt nuon Mill J I' M l
I'HAHLKH It .Oiihi' Ciller
n-" OUTIlWKhTl.KN N XIIIINAL K I
I'lillailelDhla. !. ,
The Annual Elpctlun fur Din ' i will lw
held lit the II itikliisr Hmis. . . luesilay.
Januarj llth, H'Jl. Iwttt'on the h iurs of lj
A M 'M.-onPi- M, , rllMlUr. I
""STEVENS OIL & GAS CO.
.101 House Hide, l'lltsliiircli
NOTICE TO ALL NOTE HOLDERS
The quarterly lnti'rot coupon in M..n
oil & Has t'o n ar y r rn.rn'.i (,,i,
utlH Is due January 1, Kill, ui I . . ,i
,,t K.ichuiiK' National lli.nl Mi . ,., ,
Oklahuimi.
J. M Mill I --
1 r i r
Ileremler 1 i I ti '0
NAWSCO LINES
Direct Sen Ire M'lthout Trans-shipment
Between PHILADELPHIA and LOS ANGELES HARBOR,
SAN FRANCISCO, SEATTLE, TACOMA, PORTLAND
S.S. Lehigh
S.S.West Togus
S. S. Brush
...Jan. 15
...Feb. 5
..Feb. 18
S.S.YnIza
S. S. Webt Isleta
S. S. Artigns ...
Mch. 5
Mch. 15
Vpril 2
l'or Holes, etc.. Apply to
NORTH ATLANTIC & WESTERN S. S. CO.
ISO S. Fourth St.. Phlla. Phone Lombard 5791-2-3; Main 3202.3
SI UOi:.
1(1 1", ..
.'"1
II!)
ao
145
1
IMllileniN
"onicr f Ihe I itllwl Has Inipruti-iitent Co.
N, . ( crner llroad and Arrh Mreels
Philadelphia. Pecemh r M lU'.'D.
The directors hao this day dei ied
quarterly dividend uf onr per rent (SOr per
share) on tbo common stoclt of this Com
pany, payable January IS. 10JI, to holders
of Common btoiti of record at the tins of
business Uocutnbur 31, lUJi). Checks n I II
be mallad j w Trrnm
' r.u.inii n vtidn i. nwu
liuiiirnd No ir:
Pllilndolphl i Dr.. ml. i 211 1H.0
At u Meetlnir of thn ltinr.1 nf i t,,r-.
held this dav a regular Meiniun i'n . ihii.nl
of Ten llollurs) m r than, mid ,u, tra
dividend nf llK1 llollurs pir Nlian in u,ln
In all Ilftrcn Hollars pit shnrr. a b .1
rland payable Juiiuuri 3, Iff.' I, to M K
holders of record ul tho close of bula s
December SO, 1020. ,
Checks wilt be mailed.
CUAItLKU 11. COOIUJ, Cashier.
LINE
New York to Rotterdam
Via Plymouth and Boulogne-iur-Mei
New Amitcrdio ...Dec. 28 Feb. 19 Mar.2G
p-mUm " 8 Feb. 12 Msr. 19
Rotterdam J-" M"- ' AP'- 9
Noordam Apr. 2 May. 7
Pnenier OBSce. 1531 Wnlnut SUPkiU.
DIXIE STEAMSHIP LINES
1'IIILA. Til IlltKTtlL rilANM'.l. I'UKTS
SlANCIIlli:u AMI C.LAMIiOlV
jjanciu:sti:u ai.saov iiaisTOL
M B MO.S"M ' L 'st II i!f J mi in
BSrAWTU'hl r . January J-i
BllIl'l'INU HOARD ItATUP
IIARRISS, MAGILL & CO., INC.
413 LAl'AiKlTK IIUII.U1NO.
I'lllLAULLl'HIA
Lombard 622V-1 Main 1071
KILADELPKtftA
TO
mmmm
mm
RIO JANEIRO, MONTEVIDEO
AND BUENOS AIRES
S. S. "Lake Fannin" . . . Sailed
S. S. "Lake Fagundus" .Sailed
S. S. "West JalTrey". ..Jan. 10
U. S. Shipping Board Steel Steamers
John S. Emery & Co., Inc.
Boiton, Mrn.
Megee, Steer & Co., Affts.
Drexel Building, Philadelphia
Lombard 2208.2209
PENN
NATIONAL BANK
January 1st, 1921
RESOURCES
Loans nnd
Discounts .. .$16,576,401.25
Duo from Banks 417,376.22
Exchanges for
Clearing House 369,789.29
Cash & Reserve 8,220,652.24
$19,584,279.00
LIABILITIES
Capital Stock ..$1,000,000.00
Surplus & Profits 2,602,581.06
Circulation .... 139,500.00
Due Federal
Reserve Bank. 2,081,100.00
Deposits 13,761,097.94
$19,381,279.00
ALWAYS COMMERCIAL
GRAIN
PROVISIONS COTTON
Our Daily Letter Sent on Request
Hughes & Dier
t Chlra
J N. Y.
1 I'hlla.
ritt.ii
NOW
SAVE!
Open an Account
Today in
THE FIRST PENNY
SAVINGS BANK of
Philadelphia
John Wanamaker,
President
Depositors, 39,000
Deposits over
$7,500,000
4V4 I
Allowed on Deposits I
Deposit. Received From
lc to $5000
Homo Office
21st and Bainbridge St,,
Central Branch (Liberty Bldg .)
Broad and Cheitnut St.
Members
ro Hoard r TV..
. M'taste-M
rittthnnh Slnfb i7 i
HP 1 7 .i4l4J
lioo vyainui orxeet
Gorncs 813 Philadelphia Knre lfJM
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
HIJIO IlKAL l'.STXTIl TBL'HT 111.1)0.
Imrstlfste nnd adjust yartorrslilp und
Income Tax Itrturus.
General Motors
to"ena for our npodal letUr on thla
"20 Payment Plan"
Scott & Stump
Investment Securitieaj
Stock Exchnnf Bulldlnar
40 Eirhanie Flsee jf.,, T.r.
0
t. M. HAILKK
O. B. PATTON
P. J. VAN BILLIARD
ACCIHNTANT.rilITOB
HptciaHttng in
Ti:ir,nAL i.st nun taxkh
ornierli u'llh fncc-me Tor C'nlf
nurraa ot lntrrnnX JJrvrnut
000 llVUL LSTATK IKl'MI III.IKi
Itaee 'J9IT l'llbert S3in
Sailer & Stevenson
8I AM) rm:TNtJT BT8.
BONDS
Tax free, Yielding 4yt to 8K
rivwriAi.
lllAMIS , llfHll'l'S
Atmuuncee
The Inr-orpor .ti in Hi. llu-,1: ( , t , i.r the
Name ef
FRANCIS W. HOOPES. Inc.
Ueneral A PountantM. Auditors ami Hytem
KiHMlal Meetlnrs
""iraifefw wot;.?1'
aiders, with temporary ottlios lino and 12(K! will
Wldener UldB Hell Telephone, Walnut 89bT tor
rin.vriVfi wv..V.V2',"
T'ie Annual Mietlne uf th. ttoelihold.rs ef
r.17 C.hntrtti M. .... a.t:.. 1 ' OnJ.
r -.--- - ',,.. un .iiDiin.r. j.nti.w
1 K!l. at 11 f j. uu.l ..T-- ---..
at 12 it..
be held for thirteen directors to ..r. ,
it which time an slsctl
ion
Jan, 1st, 1?U
th ensulnir year
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