!r v I's-Vi-V' 'l v,'" iF . v V"?! wr'i "' '!' f B"nsn?ntH3: PUBLIC LEDaEB-PHIIiABLPHIA, WBDHBSB, DECEMBER 7, 1921 k ?3fcs Wiiiii i mi ix. Revenue Act of 1921 We have reprinted the complete Act with annotations and a comprehen sive index. CefU en UMI ter rE-t.ib rhe National City Company Philadelphia 1421 Chestnut St. Atlantic City Chalfonte Bleck lzzs Daardwalk nmatnii!n:iim::w:i::mKnKiii:ain:iininam; The Copper Stocks Are commanding increased market attention. We have just prepared a report en the copper situa tion generally and the im mediate market outlook for the leading copper decks that is of timely interest A copy will gladly be sent en request for Bulle tin PL-81. DlRRL54LClflRK5QN& 66 BROADWAY NEWYORK TEt'BOWUNO GREfcN 4C20-2 ntmr.annisBiiu:iKncn;n:n:i:;:i:mi:i:iimn;iiiU A Streng Market for Bends As a result of the period of deflation, funds which would ordinarily be used for ether purposes have become available for investment. ; Today the demand for geed bends is greater than for many years. Every new issue is many times oversubscribed, and in the T last few months there have been almost startling in. l creases in bend prices. j Write for our Circular Ne. , E-64, which (fives our latest i recommendations of bends J for investment. Hemphill, Noyes 3& Ce. 1 Mmbf Nm Yerk Sleck Exeiantfa franklin Bk. Bldg., Philadelphia I New Yerk Bosten Seranten Bkffala Albany Syracuse Baltimore ! Rubber Stocks Railroad earnings the bend market conditions in the meter industry these are subjects treated I in our current Weekly Re- i view. Meedy's Weekly Review is a dependable guide te business and financial conditions, and the trend of the security markets. ' Free copy of this week's issue sent upon request for Ne. 229, accompanied i by 2c for postage. MOODY'S INVESTORS SERVICE JOHN MOODY. 1'rrf.ldent 1124 Real Estate Tryit Bldg., Pkila., Pa. Kw Yerk Bosten Chtcaie Sprace 8200 1 M d LIBERTY BONDS IJK1 HECUftlTHW 1)1TAHI'MK.NT COMMERCIAL TRUST COMPANY ,fr &4,mbr Federal nrve hjntm City Hall Square, WejI BREAK IN ST. PAUL II UPSET THE MARKETI i Pales 2100 tee ttote 1800 3700 ISO 300 300 300 tee 300 100 000 400 tee 3000 300 3000 100 3500 iroe 1300 800 tee AOOO 3000 I tee 300 1410 300 13300 400 100 '300 700 300 3100 300 3300 300 t;oe 21300 100 600 300 M2700 430 7300 300 V 300 600 8.S00 tee 000 tee 3400 300 300 tee 300 tee 4400 0400 300 tee 300 14000 General Reactien in Last Heur Followed Seiling of the Rails New Yerk, Dec. 7. Overnight con cen con Mderatien of President Hardlnc's mea mrp and the ctHemcnt of the TriMi fjiieMlen brought out clearly the con structive lines of each of thene Inci dents and nt the name time strengthen ed the hand, of the aupnerters of the forward market swing. In a great mauy ways the day's Meck mnrket was a complete counterpart of the operations of yesterday and Monday. It wan again largely a specialty affair, indicating continued evening up by the profes prefes profes Klenaln. That Ih te say recent specu lative favorites have fallen Inte the background for the time being at leant. u While readjustment) and digestion of new price level are proceeding, new specialties were taken up In order te keep attention centered en the eon een ".tfuctlvie ldc. One disquieting devel opment wnn the pronounced weakness of l'ennH.vlvnnln Tlnllread nnd the ft. Paul .shares. Such a program vnH practicilly fol lowed throughout the morning, by vhlth preecsM Mie ceppent, meters and their nccei!erle, Heme few oils and one or two railroad shares were made the Iciiiliiii; .ittracti'ms. Practically all the meters and rubber Issues get into high ground en the move, with Sludebaker featuring the group. In the specialties Famous Players and the merchandising shares were the leaders. The latter ('intituled te be featured by chain U. res including Mays Department, Kresge and Weel worth. At the same time the ceprem were well supported, as wire nl the textiles, chemical and fci-d soeelultics. T,chigh Valley nnd Canadian Pacific rcprccnted the rails. Lehigh Vnllev made a new high for the year, above 00. which had a strengthening effect upon the ether cealers. Canadian Pa-i-ific made the widest gain of ever .1 points The movement was associated with the surprising results of yester day s elections In Canada. It Is under stood the election results assure the i ndoptlen of the plan whereby t h Canadian Pacific is taking ever all i ether reads new operated by the fievernmcnt In return Canadian Pa- i I'lfic. It is stated, is te be guaranteed I the present dividend en the stock by I the Government, which would virtually place the stock In the bend class. . The Importance of the settlement of the Irish question was directly reflected ' In the strength of sterling, which reach- ed the highest level touched since Nevcin- , ber. ftlf. when it stnrted en its long! downward movement at the time of the I beginning of the deflation credit cam paign of the Federal lteserve Hank. Although the movement of the market during the morning reflected geed many I crews currents, the line of least resist I ance continued te be met en the upward swings. There w.ir apparently quite J a geed deal of uneasiness among the , short interest, which was intensified . le some extent by the liberal supply of j call money at 4Vd per cent, and also i .the readiness with which the selected1 'issues responded te manipulative efforts. Irregular tendencies developed at I midday en renewed selling of St. Paul common, which foil UV6 points and the I preferred 'J . Hears Hoebuek, Mont Ment Mont gemery Ward, Columbia Graphophenc preferred and hlgh-prieed tobaccos also became heavy. Offsetting features in (eluded the Independent steels and In dustrial Alcohol at gains of 1 te 2 ! points. 1 Weakness of St. Paul iscsues with the common selling at the lowest In forty jears, affected ether rails litter and the Jump of call money te fVj per 1 cent precipitated liquidation elsewhere. especially among equipments, oils nnd meters. There was. In consequence, a general reaction iu prices all along the I line In the last hour with the closing heavy. 100 3400 400 100 100 7300 300 3000 1000 tee 100 300 eoe 400 000 3100 3100 400 tee 1400 100 1000 13700 100 Commodity Markets GRAIN MARKET Chicago, Pec. 7. Wheat started un changed te c higher for December, un changed te Vic lower for May nnd Vse te te lower for .luly. There was a light trade, with selling en overnight orders running into strong commission-house buying en the break. Deliveries en De cember contracts this morning, 104,000 bushels. . ...... Cern started e lower te ',se nigner for December and about MtC for deferred deliveries. Trade was slew. , Oats started unchanged te J,sc higher , with a light featureless trade. ! COTTON MARKET J v.ur Vnrii. Dec. 7. The cotton mar ket opened steady with December 1 t point lower nnd ether months 3 te 0 points higher. The principal features early were buying by spot houses and selling by Wall street and New Orleans i Interests. The advance was net main tained, owing te peer cables, and short shert lv after the start active months eased about " points under last night's close, i Receipts at the ports for the day i ire estimated at 20.000 bales, against 'M SOI bales tne cerresiinniiiiiB nay him cck ru,-i2 bales a year age nnd 42,--11 bales two years age cleu? open 1 P M. 17 40 17 HS 17.2.'. 17 2S 17. as 17. 'J7 17 (IJ 17 07 111 SS 111 (13 D"-embr January Mnrrh . Miiv Julv . (X'tutit' 17. an 17,'J.I 17.2-' . 1 0(1 K. M IS 1.4 NEW YORK COFFEE MARKET Veiv Yerk. Dec. 7. The coffee mar V-et had an Irregular opening this morn- ing prices being 2 points lower te a 1-point iidvnnce. lliiyers of uecemncr te May were sellers of the later months. There will be a Imlidny in Ille tomorrow. Around mlddnv. the market developed u better undertone, December having sold up in S.0O. r ' points above ln lii'.l tWures. with mhcr months show- i! in" gains of a point or two. The bull intWest was supporting December and "" i Mnrrh. and this brought in some strag gling fellOM.C'-"- Pr? r'nac Oper S..14 S .1.1 f 60 I . S.4II ft 40W4'.' K 30 S 3lm ' 8 3fi H3IT3')I ppcmbf r March MONEY-LENDING RATES ' M!W tHK Mone en call bell) c'aisea of collateral. pneil leilaj at 4Vj i.rr em for Ifnrtlnir ni renewlns. Time duolatlena IrnlAy were unelianaerl l . tie" icnt nn nciual liuflneas A fnw lean, I . mailfi for (hre wek at 4'4 per rei t l.ui llifse trjiiiartlnni will mure irmrly I lie reanrdul a, atunainir call loam. Prime tmnU nneptaneei cenllnue rjmn ,e i far aa lnrtlMual. lornnrnlleiia and mivlnitii I banUa ar renerrnpl. hut there la a Bend In ,iulr from il-nlera. Quatatlens are unihanRPil ' at x te 4 . i Prime nunanllle paper la moderately ae- ' lUe with 'i rimllniieil arnrrllv of extra , tinli-e material It lea are nueleil nominally ' at S te ftH l.er lenl I'liii.ADKi.i'iHA cti. sues ,Pr ccnti :!,!,nmnri,.MriVS'rrJW PBPPr' . Liverpool Cotten l,l,erMiel Ttrr. Thera wa en.v A inn. iied demand for pet rettnn lnd.iv hut prlcea uprc alrady nn the bi-.ln nf u ilrcllue nf Ti iHiima for middling- at t0.71d The nlea wera '.(ine hale". The re(lel were 15,100 halei. nil Anirrlrn. I'uturea war fiulet In the ...iu ,i,..ii num. Knet nrlcea were ;Ainer cun. mlrtdlln. fajr. 13SiWj awid mldail.i. ll.Sldi fully raiaaillHf. ll.liai ininuuna. ju,iiii low middling, j erumar.'. iuvu, I ordinary. 7.51d. NEW YORK STOCK EXCHANGE TRANSACTIONS Div. in I Today's Nt Clee Cha-r. M 'A lllrt Lew . . Adams Express . ... 31 . . Advance numely .... 1 .. AJax rtubber 1K . . Alaska Juneau O M.. Ji 4 Allied Chem & Dye... S8,4 1 Altled Chem & Dye pflMli 4 Alllg-Clialmers 38K 7 Allls-Clialmcrs pf . . . . 8 . . Am Agrlc Chem . . Ant Bank Nete 38 Am Beet Sugar 38 '4 6 Am Bt Sugar pf . . . . 1 Am Besch Magneto... 33(4 4 Ant B Shee Fdy new. . 83H 7 Am B Shee F pf new. '4 . Am Can 33-y Am Can pf 4 13 Am Car & Fdy 147(4 . . Am Cotten Oil 81 s Am Express 137 Ain Klde & Leather. . 13j; Am Hide & Leather pf Sold 7 Am Ice 781 Am Ice pr 7114 .. Am Internal Cerp... 43 8 Am locomotive H .. Am Malt & Oraln.... iH 4 Am Radiator . Am Safety Itaier. . . . 44 Am Ship & Cem t . . Am Smelt 45 7 Am Smelt pf 8K, 7 Am Smelt Sec A 87H 8 Am Snuff lllji a Am Steel Foundries.. 38 7 Am Steel Fdys pf . . . . 4U . Amer Sugar 8 .. Am Sugar Ref pf . . . . 88 .. Am Sumatra 3S& 7 Am Sumatra Teb pf.. 71 0 Am Tel & Tel 1H!4 12 Am Tobacco 133H 6 Am Tobacco pf new. . 8H 13 Am Tobacco B 138J4 83 13 7V4 tHi 37 M 88H 3114 86 3814 61 34 8311 ' 33 83!4 143 31K 133 13 SSJi 74 711 30 tlVi is;; 81 64. 43 J. ft 87 111JI 34 34 84U 88 33 1; 71 115 1331, 8K 13 lK- H 1M U 4- 1J4- J4 8 3 US- Ji 86 -1- 1 38 Ji - ' 61 -! I 33 31,- M OJi Ji 33 - Ji 4 145 - 1 31- Ji 188-2 1 14, 8J4 H 78 Ji- X 40 - IJi 1H- 194 18J', H 4- 1J u .. H- H 44J4 4- IJi fl 4- Ji 87M- Ji M1J4- H 4- H MU4- ',- 85 - 1 S3 Ji- 1 71 - W no 4- Ji 1S3J4- 3J h?4 4- H 139K - 14 5J 304 68 4- 3J 80,4- Ji 36 - t H 4- Ji 37 4- 1 13 11 ?! 130 YX 6314 Am waterworks .... 5 ! 6 Am WaterwkB 6 pf. 30 7 Am Watenvlia 7 pf. 68 7 Am Woolen 831a 90, Am Writing Paper pf 36i 3S Am Zinc Lead ft Smlt 13H ' 13 Am Zinc Lead ft S Df 38 3C . Anaconda Copper ....47? . Ann Arber 13 4 Asse Dry Goods 47 Asi,e Dry Goods 1st pf 741 0 Atch Tep ft Sante Fe. 90 ! 0 Atch Tep & S F pf . . . 87H . Atlanta Blr & AllantlcJ z 7 Atlantic Coast Line.. 8 . Atlantic Fruit 3 7 Atl nctlnlng pf 113 1 4 AU Gulf A W I S S.. 33i Atlantic Pet 23's Atlaa Tnck Cerp ... 11 Austin Nicholas . . 104 . Aute Sales Cerp 3? 7 Baldwin Locomotive.. t&H 7 Baldwin Loce pf 101 Baltimore & Ohie.... 37H 4 Baltimore A Ohie pf.. 84 U .. Bamsdale Class B... 2 Hi s Bethlehem Steel . . . . 83 ft Bethlehem Steel B.... 87 ?i 5 Bethlehem Steel 8 pflOSU . . Beeth Fisheries 0 Brklyn Rapid Transit " Brklyn Union Gas.... 73 . Brown Shee 40 . Bruns Term 3 10 Burns Bres 118 .. Bush Term Bldg pf.. 88, . Butte Copper & Zlne.. &6 . . Butte & Superior Cep. 184 . Butterick 30?i .. Cadde Central O & R. 131 0 California Packing .. 70'i .. California Petroleum . 44! 7 California Petrel pf. . . 84& 3 cai Zlne & Lead 10 Canadian Pacific ....133 .. Parson Hill Mining.. 1IJ4 . . Central Leather 31 H .. Central Leather pf... S$ 8 Central of N J 14 .. Cerro-dc-Pace 3I?4 fl Chandler Meters S3 4 Chesapeake 4 Ohie... 87 J . . Chi ft E 111 wl 13ft Chi . K HI wl pf.. 33Jj .. Chi ft B 111 Bq T ctfs tt . Chi ft 13 T 1st as pd.. 11 Ji Chi ft 13 III pf ctfs... Ve . Chicago ft Gt West.. 7 .. Chi & Great West pf. . 17 . . Chi Milwaukee & St P 33 Ji . Chi Mil & St V pf 34J4 ft Chic & Northwest.... 6 2 Chicago Pneu Teel... 331 . . Chi R I & Pac 33J4 Chi R I ft Vac 6 pf. 76H 7 Chi R I ft Pac 7 pf. 8 46 J t3 46!i 741 00 87 U 88 3 113',4 3Hi 33'4 13 109, 3? 3 104 K 33J 31 J S3 57 108 4f4 Jb 73 40! 3 114S4 88 Ji 84 "H 38 11' 70Vi OJi 84J2 130 H?e 304 63 101 .14 4JS, 3614 15 1 i 3S'i 6 14 "Ji 14 7 17 W lH S3 J 8J4 33 33 9 76 seu 86 13J4 37 90 Ji 4 87 1J -89 - 3 r USJi i 31 H 4 3J4 13 -104- 3; 91 - 104 - 36Ji-53J-21 J -53 87 105 Ji 4- 8J44- 1W IJir Ji 72 40J 3 - 113 - 88Ji- aj-i- 11 Ji 1- 38 - UJ-70J-43Ji-84J 8J4 130J "Ji 30 1, -83 -144 - 1700 1100 300 3000 18000 00 1300 . 300 . 1100 .100 tee tee 300 18400 moo 1400 300 1"0 300 300 100 3t00 3300 K00 100 1100 ire 300 4300 3700 1000 1700 100 tee 300 3300 100 flCOO 100 17100 : 7100 1400 6800 1800 8800 tee 3300 400 100 400 300 1600 3100 300 300 8000 700 300 600 800 343,4- 4a- SC li - SJ4- 35 Ji 14- Hi- h- 1 "Ji- 19J4- 33 V, - 854- 83)4 4 32 X 76 - 89KH 86 -13J4-27 - 48 -I-44 -38 -25)-43J-64 SK IS - 7 Ch St P Mill & O pf. 86 Cnlln CeDDer 13 si . Chlne Copper 21 J Clev CIn Chi & St L. . 4S Cluett Peabody 44 m 'A 44 31 Ji 33 J 43y 84 3H 16 H 30 J HI 3 14 70 88;, 108J, 34 64ft 13?, 13J 61 108 HI til 4 Coca-Cela 38i ..Colerado Fuel ft Iren. 35 J Colerado ft Southern. 44 8 Celum Gas & I31ee.... 651 . Celum Graphophene.. ii Cel Graphophene pf . . 17J 4 Cemput Tab Records. 46J .. Consolidated Cigar .. 30( Consolidated nis Ins. J4 7 Conbelldated Gas .... 03 . Consolidated Textiles 15 7 Continental Insurance 70 3 Cern Products Ref. . . 00Ji 7 Cem Products Ref pf.lOSJt .BO Cosden ft Ce 34 k 4 Crucible Steel 5H .. Cuban-Am Sugar 14 H .. Cuban Cane Sugar... 1! Cuban Cane Sugar pf. 164 4 Davisen Chemical ... 31 9 Delaware & Hudsen.. 108 6 Del Lack & Western. 113 46J 20!- "54 4- 70 -f 89 108 J 4 34 64!- 1314- 7Ji- 13J- 31J4- 108 111 - 19J4 3 -1 3 71 Ji-HJ4-17)- 114- 73Ji t Deme Mines ! Duluth Se S & At. . .. 3 3 IK 3 J " Ji IJi ii; 73Ji 87 Ji 30 'A 81!-. 1H Jn !i 64 103 68 J 113 !i 74 7I 83 ; 38 H 37 10 Ji 77 3194 20 K Ti 40J Ji 81 15 56 78 13 ! 5i 37 IVi Ji 1J I3J4 63 28 J4 73 60 UJ 32H 73 11 14 iH, . Elk Hern Ceal 19j . Hmersen-Branting ... 3 6 Endlcott-Jehnson . ... 78 4 Erie H?4 Erle 1st pf 11?i Erie 2d pf "J s Famous Players L.... 7SJ S Famous Players L pf. 88' 4 Federal Mln & Smlt pf 31J H FiBher Bedy of O pf . . 84 . , Klsk Rubber 11 . Frcepert Texas 14'i Gasten Wms & Wig.. Ji General Asphalt CS 5 General Asphalt pf ..105ij 6 General Cigar 70$, s General Electric 143Ji l General Meters IIS s Gen Meters pf 14 e Gen Meters deb 6.. 73 7 Gen Meters deb 7.. 83 Goedrich B F 36J, Granby Consel M ft M 39 Gray Da-vls 10 Ji ' Great Northern pf . . . 77 4 Great North Ore ctfs. 33 J Greene Cananea Cep. 27 . Guantanamo Sugar .. 7 ft n.itf State Steel 4s ii 8SJ4- 8IJ4 4- 81H4- K- 3) 100 3S600 300 6000 1000 33000 100 1300 800 3300 800 14 li !i . 6 OJi i 103) 69 - 143-11J4- ;t - 73 83 -3594-37 j- leji- 70)i- 31-294- J -: HI 15 86 -I- 10Ji- 13 7Ji 4) 38 -;-1!-4 ji -; 81J-13)4- 0174 -3 4- 73 t 60 11 J -13 -3- 100 ., 300 300 100 300 3.100 1.30 Hablrshaw El Cable a Haskell & Barker Car 81 300 300 100 3000 1700 100 1000 3900 600 300 000 5000 7600 3100 500 300 6700 3700 100 4600 3300 . Hendee Mfg Ce 15 Homestake Mining . . 80 Housten Oil 80J, 1 Hupp Motorcar 12U Hydraulic Steel .... 7j Indlahema Ref . ... 41 Inspiration Cen Cep.. 3SJi Interb Cen Cerp I54 . mterb Cen Cerp pf... 4i 1 Int Harvester new. . . 83 Int Mer Marine I614 8 Int Mer Marine pf 00J Internal Motertruck. . 30 7 Int Motertruck 1st pf 13J 7 Int Motertruck 2d pf. 60 International Nickel., llj. International Paper .. S3) 8 Inter Paper pf stpd. . . 73 Invincible Oil Cerp... 13J . , Island OH 3 FOREIGN EXCHANGE New Verk, Dec. .7. At the opening of tin- foreign exchange market thin mnmlmr. Merllnir wan unchanged. In Montreal teduy wa 8s per cent. Canadian funds In New lerk were at n discount of 7 11-10 per cent. The Seuth American YKSTKnDAT'ft i franca and Be glans down 1; Hre off 2 ami " Pe-.tnH nnrl Swedish unchanged. 'Guilders were the fenture of the mar Demand Cables . ket with 11 gain of 12 points te a new hlxh record. Swlr wan also te a new high. TODAT'S Demand Cablea Around midday, fctcrling was quoted at 4.08 for cables and -LOS'i for de mand ; franc cables 7.55. checka 7.54 ; lire cables -LTO, checks i.AVj; marks nemmitla DA Mn. vrli (ndav .48. A..i.rt nAUe. The premium en New Tork exchang aen, tha prlct Div. Hales In I lClah Lew 700 300 Jewel Tea. lift Jewel Tea pf 44H Jenes Bres Tea 34H Kansas City Southern 34 J 44 3394 34 J 83J4 A 42 91 25 Ji 10J 173 46Ji 35 39 Ji 80 158 Ji 93 14 0 Ui 153Ji 100 39 30 34 34 J 31 23 13 J 91J 111J4 !i 2800 300 3A0 70 8300 100 4800 7000 1000 1880 160 1890 4 Kansas City Se pf.... 54 J , . Kansas 6 dulf 8 J 4 Kelly-Sprlngfleld Tire 44ft 8 Kelly-Spg Tire 8 pf 0t s Kenneoett Copper ... 26 , . Keystone T&R Ua 8 Kresge S S 1" , . Lackawanna Steel ... 47 J 1 . Lake Erie ft West pf . 23 3 Lee Rubber Tire 30 16009 a. se Lehigh Valley 9 ses 13 Liggett ft Myers u...issi 1899 3316 300 500 209 190 300 300 . Lima Locomotive .... t3, . . Leewe Ce 14?4 1 Left Candy OJi .. Loese-WIIes Biscuit .. 41H 13 Lerlllard Tobacco .... 155 Louisville & Nashville 109 4 .. Mar. at I Sugar 30Ji 7 Manhattan Dlev guar, 36 J 400 1. 78 Manhattan Shirt .... 314 34 tee 300 500 600 3000 13100 . . Market St Rwy pr pf . 34i .. Marlln Oil 31 .. Math Alkali 33J .. Max Moter C1aia B., 11 H 8 May Dept Stores 100J 13 Mexican retreleum . .H3H 1984 3 Miami Copper 3H 15 14 28 K 8Ji ?1J4 3 3J1 9J4 2594 14J4 28 CRJi 70 3 3 8J4 33 Ji 100 19! 40J4 12 J 13 138 J 114J4 IJi 42)4 881 394 14 61 73 71 31Vi 12 30 10 J 97 30 80 3 18 117 Ji 27 Us 6 IJi 11)4 46 J 58 SHi 46 13 Ji 32 Ji Ji 66 J 33 04 3314 33 K 33 13 J 70 03 03 26 19J4 18 J4 se;; 90 30 61 te 2 OJi 31 93 H'j 11 34 )a 34 Ji 53 6J 4SJJ, 13Ji 21 Ji 37) 31 33 10 2 3 63 Ji 23 71 3794 23 74J 70 J 10 47 80 184 113 14 33 aej-i iy, 'Va 30 Ji 3J4 10 )i 4,1 ; J 33 33Ji 6100 1.30 Middle States Cerp. 3790 .. Mldvale Steel 500 ., Mil L S ft WRR... 400 7 Minn St P & S St Me, 100 .. Me Kansas ft Texas., 809 . . Me Kan ft Tex pf . . . , 1100 .. Me Kan ft Texas wl. 90 .. Me Kan ft Tex pf wl. 4J 99 7 Mentana Power nf...l00 2100 .. MUmeurt Pacific 18 K 390 .. Missouri Pacific pf.. 1J4 899 . . Montgomery Ward . . 1J 990 .. National Acme 13 390 7 National Biscuit 138 J 10 National Blseult pf...l"J4 3399 .. National Cen ft Cable 1J4 1300 e Nat Enam ft Stamp.. 43 600 6 National Lead 86 100 . . Nat n R of Mcx 2d pf 394 3100 . . Ncv Cen Copper 144 109 a N O Tex ft Mex 61 2390 s New Tork Central... 14?i 100 N V Chi ft St L 1st pf 71 100 3.80 New Yerk Deck 31J 3109 . . . New Yerk N H ft H.. 13 1100 2 New Tork Ont ft W.. 31J4 198 .. Norfolk & Southern.. 10J4 890 7 Norfolk & Western... 98 Ji 300 .. North American ctfs. 48H 900 .. Ne American pf ctfs. 40 3980 7 Northern Pacific .... 8394 960 . . Okla Pred ft Ref 3J 109 3 Orpheum Circuit .... 1894 400 8 Otis Elevator H9i 1100 .. Otia Steel 9 100 t Owens Bottling 27 200 ,. Paclfle Devel Cerp... 8 400 .. Pacific Ga ft Elec 64J 800 .. pacific Mall 12 33300 .. Faclfra Oil 47 100 . . Pacific Tel & Tel 88 1900 n Pan-Amcr Petrel .... 51J4 300 e Pan-Atner B 47 200 . Panhandle 13Ji 1(600 3 Pennsylvania. R R.... 3334 1400 .. Penn Seaboard Steel.. lOJi 3800 .. Peeples Cms Chicago. 5734 4100 .. Pere Marquette 23Ji 2S85 K Pere Marquette pf 66i 360 3 Philadelphia Ce 33 3300 .. Phillips Pet 33J4 1400 ., Plerce-Arrew Moter.. 1894 800 .. Plerce-Arrew Met pf. 35 1900 .. Pierce Oil 13 300 8 Plerce Oil pf 10J4 10500 3 Pitta Ceal 64 108 6 Pitts' Ceal pf 93 490 .. Pitts & West Va 21 Ji 100 e Pitts ft West Va pf . . 79J4 400 .. Pend Creik Ceal 15J 300 . Pressed Steel Cur.... 67 300 7 Pressed Steel Car pf . . 91 8600 . . Producers ft Ref 31 ", 100 4 Pub SerWce of N J. . . 01 300 s Pullman 109 1300 . . Punta Alegre Sugar. . 309, 2000 3 Pure Oil 31 Ji 109 fl Railway Steel Spring. 3 1000 .. Ray Cen Copper 14 9100 4 Reading "Ji 300 .. Remington Typewriter 35 Ji 909 .. Replogle Steel 2491 3300 .. Republic Iren ft Steel. 34 300 .. Reuubtlc Meters 894 34 Ji Ji J4 It 14 Ji " 1 H 1J4 Ji Ji 1 'A Ji! !i H I 'a 1 IJi I V4 U Ui 1 ii 3 W 4 a Ji 2 3Ji H 3100 5.30 Royal twitch Amer... 48 IJi H 100 1 St Jeseph Lead uyj , . St LeuLs San Fran... 3394 . St Leuis San Fran pf. 37J ,. St Leuis ft S WR R.. 31J , . St Leuis Southwest pr 33 . . Savntre Arms 10 8300 100 1300 1000 100 300 400 14400 6000 1160 tee 3500 100 1300 1300 709 1100 3700 1300 1900 49800 2100 Saxen Moter 2 Seaboard Air Line.... SJi Sears-Recbuclt 8794 Seneca. Cep Cerp 24) Shattuck Arlxena Cerp 794 .74 Shell Transport 3794 .. Sinclair Oil 22 7 Sless-Shefflwd Pf .... 1!i 6 Southern Pacific 81 .. Southern Rail 1J4 . . Southern Railway pf. 4794 4 Standard Oil of Calif. 0094 s Standard Oil of N J..188J' 7 Stand Oil of N J pf...U2) Stromberg Carb 34 ) 7 StudebAker 82 J I Submarine Beat Cerp. 5 .. Superior OH Cerp.... Superior Steel 30Ji . . Temter Cern ft F "A" 3 .. Tenn Cep ft Chem.... 10 8 Texas Ce 47 'A 3)., A . h 1 Vi "ji 91 Vx Mi 3 809 300 tee 4300 39809 3109 3 3100 9600 300 3100 100 14199 100 300 4300 3109 500 109 300 3 00 tee 3500 500 100 300 1100 3800 4100 14600 1.10 4300 300 3 13500 300 5600 5100 800 300 tee tee 400 400 300 600 2 300 100 1509 100 1900 100 1800 700 1300 7890 700 69U 500 700 tee 60 Texas G Sul 33 . . Texas ft Pacific 34 1 Texas ft Pac C ft O.. 30 . Third Avenue lSJi e Tobacco Products .... 00 . . Tel St L ft W ctfs pf . 35J4 .. Transcen Oil 11 J Transue Wm Steel... 33 8 Union Bag & Paper.. 73 .. Union OH 3ft 10 Union Pacific 138 Ji 4 Union Pacinc pf 72J4 .. United Alley Steel 33Ji BO United Drug 1st pf . . . 44 8 United Fruit 13394 United Rwy Invcs pf. 30 8 United Retail Stores.. 53Ji . . U S C I P ft Fdy 18 0 U S C I P ft F dy pf . S3 U S Express 7i , U S Feed Produets... 1194 .. U S Ind Alcohol 38i ..US Realty ft Imp.. . 60 ..US Rubber 359 8 U S Rubber 1st pf... 09' ..US Smelt ft Ref 34 50 U S Smelt 4 Ref pf.. 43) 8 U S Steel 84i4 7 U S Steel pf H3ft X UtaJt Copper 61 .. Vanadium Cerp .. .. 33 .. Va.Car Chemical.. .. 30 Va-Car Chemlcil pf . . 72)4 !l 15 5 OJi 35 J 10 33 73 lJ4 137 11 36 Ji 44 133 20 62 " Ji 55 Ji 10 D J4 as j 63 i J 31 54 83 J 11394 50 33 3' 73)4 83 'Ji 't IJi Ji ii ?i Ui 2'A 1 Ji !4 U 1 li Vr 1 Ji J J u 1 Ji IJi IJi 6 Va Iren Ceal ft Coke . . Vlvadeu Ine . . Wabash . . Wabash pf A . Wabash Pf B 83 U'4 7 31 111 us 1 8 14 l6i4 Is J DJ, ih ev 1H " Va e !. i vuy2 41 All a 13i .60 Wells Farge Express. Off), . . Western Maryland ... 9 West Maryland 2d pf. 16)4 . Western PaolOe ISij 6 Western Paclfle pf . . . 5S 4 Westlngheusc Eft M. 49 '.t Wheeling ft L E 7' t White Moter 41 .. White Oil Cerp 13 J, Va j; ii IJi 3J4 3J4 Ji Si Wick Spenc Steel Cerp 18 14 Wlllya-OverUind li . WlllyB-Overlaml pf 1 Wilsen & Ce pf . , . . M Woelwortli ie W... 4 WorthliiRten Pump. Werth Pump pf U . 28 Wrlffht Aero . 30 . 0 .ISO . U . AS . ft Ji J4 1 8' 300 Ex-rtlvldend. BANK CLEARINGS nunk clearlnaa today cemparer) ulth cor responding dn- last two ears. 1021 1020 l()10 exenanges were quiet. FINAL. QUOTATIOMI I'hilK 73.O00.000 74,028,177 VnrU uin.m BUrllni Kran.'a Lira aulldere ii0,i0 uin. nod, imki una ifii ft. nAft (MA in ii.n . Ol.UQVtl'U 40.1182 1211 4,08 T.DIl'l 4 3 HH.748t Ueula 4.081. 7.87 31V4 BS 80 Ichlcwe 21.BUU.UUU 06,000,000 211, 11(111, 000 no, en:.1. urn OPBNINO QUOTATIONS aterllna- rranca wj. uuiidera 4.08H 7.87 4 6Vi :I5.U7 4.00 7.BS 1.87 3D OJ Prediction Made Geed -l-hA Para Mnrauette directors in h.i... te declarln the reiulnr riuarterly rilvldeni BAR SILVER bar "liver vraa uncharted unchanied In back divldtnd eh Uiat ateck The 8 par eini par, fine ounce) te which , tha ateclc wm entitled had net or ic- In Leu. barn, paid1 alnca January 1. 1010. thar?hi er at 80Hd. rtak n bat;k dlvldetida of 15 per cent y at DBO m. rreailen wa H lower BROADER DEALINGS IN LOCAL MARKET Feeding Out of Tcniis Caus ing Considerable Com Cem ment en the Street Today's Net Clese Chge. 11 4- Ji 444- 1 34J4 4- "Ji 34)4- 83J4 8J4 4 " 91 38 Ji 1054 4 175 4 46)i r 38 -39J4-69 - J4 U4 Continued feeding of Pcnnsjlvanlu Ilnllrend stock furnished the prlnclpnl topic of discussion In local market cir cles today. The Street was nt n less te explain the movement or te dlscevci the source of the supply. The offerings were net np heavy as observed yesler- 158 4- OJi 02 - Ji 14 - Ji dny, but flic market ttns apparently supplied as long ns it could conveniently .ii,.i. ii, nrrni.inre The nrlce oil the 9 4IJ4- 163Ji - 109- 1J Ui local market was held n slight frnctlen above the low mark of the larger oenrti. but which, however, is less than n point from the Iwttem price the stock touched earlier in the year. A grcnt many de net attach nny great Im portance te sagging of the stock nnd be lieve It represents merely a. .market alignment with the current dividend return. Trading in the general mnrket dls plnved n decided broadening tendency, and while net reaching any great vol ume, nevertheless was well distributed, rri.- .1..11, nf r.elildi Vnllev was one 39 - 30 4- IJi !4 3414 27 - Ji 1 US 94 Ji Ji Ji Ji 3J6 J's Ji 23JS4- 12J4-9754- 112Ji - 38J4 4 68J4 70 - hi-' 8J4 24 4 100 18 - 12854- 114J4 4-IJi- 43)4 86 3 14 -i 01 4- 73J4- 71 4- 31 55- 13 -20- 105 97-44-39-80- 3 18 4 110 4- e- 37 - of the outstanding teatures, tcui-uiub 60, the "top notch" of the year. The movement was again associated with the segregation plan. Quite a geed deal of profit-taking wnsencoun wnsenceun tcred nt the higher level, bringing 11 subsequent reaction te r.O'i. but a fresh demand carried it back te CO. Lehigh Navigation was dealt in sparingly and, nfter touching 0!,i. rencted te ? Electric Sternge Ilattcry maintained the leadership of the miscellaneous list, rallying 2 points, te 1152. or within n point of yesterday's high. Operations in the utility group were quite without any Important price changes. The broadening tendency found direct reflection in the uppearnnce of n num ber of inactive issues en the tape. 1 he transactions in these obscure issues, it is true were small, but showed a grnd tuillv widening of the Inquiry nnd mere Mab'le market for thec shares. whi4i for se long hns been conspicuously thin in either direction. Further small lets of American Gits were taken nt 40, the high of the enr Pennsylvania hull showed n gain of . M nchlll wns u. better. West Jersey and Seashore. Buf falo and Susquehannu preferred and Penn Central Light preferred were tin changed. Trading wns broader in Lake T4 Ji Ji ! ji 'A Ji l 54 Ji Ji Ji ', Ji Ji ' 1 Ji 4 !4 ? e 14 13 4- 46 -' 68 4 8194 4- 47 f 13J4 4- 33- Kupvrler Corporation which reached 1111 V."V-WT .--.-- Ji a; 1 ii .. nn eennrted the. company nun secured orders te keep the steel mills booked up until February. vmi nt n definite character de Ji ! Ji Ji 1 Ji Ji Ji t Ji veleped concerning the predicted legal action te be taken by the mlneritj holders of the Jersey Central in con testing in court the sale of the Lehigh nnd Wilkes-Ilurrp C'ial property te 1 ln-se-callcd Kejnelds Syndicate. 9J4 50J4 33 -63 4-33J4-33 J 4 12J4- ?2.. .V Philadelphia Steclcs Lew 7S1," ion 10 Ji 150 Am Sirs, "mi 100 de 1st pf.lOtl 12 Am (Jns.. -I!) lOOtAm Inter Cerp .. 10 Jit At I CSiilf. K2. 22tAm T&T.11R lOtAm Ice... "V,k uaj -1-93 -1SJ4 66J4 90 I 39 -64 -I-I0S -30',-37 -03 ! 1414 11- 1 1 Ji 14 1 2intliald Ioco IU', 25 VI! & O.. lOtlJth Sll I! 110 llttff&K te pref .... lOtriutt & Superior ."II i Centr.il Leather. IK '.'SJi -- IJi 24J4- n2 63 - J 61 . r.1 1!) Ill 00' 1 1 31 . . 10 li 10Vj 2-i, !X)'il'4 liBtCn-in Met. 11) 2ir.tc:.M&sti" 22 lOtCei-n I'm 110 Vi 132tCel Orph. -1 'JOtC'es Mug.. '-'.VA 4R- 13J4 -;- 21 - 37) 31 -33'-10 - ?4 T 3 -55- 23) -r 7)4 J-37-32-74 Ji -47 set; -I8314 - 113 3,1 - 8014- 4 7 4 se j; - 34- tej; - 46-i-3314-33J4 -30 i 15 58)4- Va t'A A 4 Va Vz A ' IK 'A A K "a H 'a , H 1 .".Hi -I- Vi 121 1 I ni-'Ji i', ! 11.. 1 73--'si-lSi 11 .. I il'i 1)00 lCU-c Ster. 122 121 20tl)av Uhein. fity, ."l-"i lOOtKrle 1 1 11 lOt Finn 1'lay. 73 7.'!8 fiOtFiske Hub 11 11 Iti.i tit-n Aspn. ni-n 'i-)s (MK 2,-. de pref.. 10.VI:, 10." 10.--VK'' rr, t ,, ... ..1 .1. ,-.itieii .)itrn. 1 1 "2 ii 10K1 N pref. 70"''s 7(l'-'s 20 In Ce X A :n 14 l .Vlt I liter Men lrh lrs 170tKcy Tire. 10Ts IO-"i I'mO I.nlte Sup. 7''i 7 '0 l.eh Nnv. HD'K ii'i 70' 'i :ua4 Jt Hn- 's iey, '. 7 UP - ' r.0- s H3VH-1 17 Mi -1 '... IBM.. is , i:i72 Leh Val.. iW-'U K 20tMex Pet .ll',i 111! ;iOMlnehlll.. 47M I Va He K TiOtM Stu Oil l.'i'i 20tMe l'ac. H KltMe Kan & 1.-.", l-S;!s !) Mnt, 12 '. pe .1.1 07 Is :i;Hi :!-',i '- 27- 1h',. e:t re l.-iv; i-ift; "ms S0 SO'jh 10 l.-'S 1"n Hi"., Ul'', :;e .".0 .-ii 170 s:i!i, 71. Tex w i. 01, !i IH, 2(lNer l'ac. SH-S MttXnt Knam 42fi; OOZNer Am. 43 21 I'enn C'en l.liclit pf.. .-0 2::i:: i'n it it.. :i:t SH'h4 '. 12-.. 4.-,is - TiO . . :.:!'.,- 1 07 i'H- "5s :i:iMj- ', :i7'j.. 2l'j.. 27 Mj.. j 8 Ms eai'i r.e . . ir.- n-r'i 'Vn l';,s W)4- '.. w.-i- ': II)',. ill",-!-!".. ' i"u- Ai I;'m t- Va 10!',- r.s V. K 1 A i2 I r(l I'ennaHnlt 7s 2T) l'liila Ce.. 3:t 2.") de cum pf .17' i 400 1'hila Klec 24 5 722 de pref.. 27-74 200 I' It T... IH'i 2.-)tI'itts Coul :i 272 l'liila Trac Of) llOtl'lcrcc-Ai- l.TJi 20tHuv Cens 14n(, 20tSeitrs-llbk 17." 7.")tStiidebnkr S2-; 20tSeulli l'ac K0"i 120tSeiith Hy 111 Vi .-lOtTexns Ce. 40T, 27.-iTiui llel.. 1 I'n r Ten Mm. l-''s S.-.tTians Oil 10:), ' 35J4- IT, 32 , - 73 f- 19J4- 137 t- 719a- 26 Ji -44?, - 133 -"-, 55 , "Ji-1 10 -3 7 14,. y 60 ' 3!4 4 43) 83)- 113 -1 no ; 33 - 29 - 7314 1 83 - 7i; 1 14 "a l-a Va 'i Mi I'-i tlOtrnlen Oil 10 UI"', l'.ia K :mw I'm True :i7 ::t :ni'.. 1 US." L' (1 I... 40 .".0 .",!) iv 51. de pref. ."O'i. ."() ."id 1 III' Ce N .1.170 ' 170 170 1 :!ir s sieei s:i"', s:i!i, k;1"; 1 .11 nba-h.. 7' 1 ') h 70t Wheel I A: 7:K, 7 7 2 W .lei- & S 27 V, 1.71, 7 t U IK i'A ' .. .-....,..,. ,, .,, I ,,, y, .11 V I - tN'et rliunce iiihiIk 1 rumpiirltinn with lam till') 011 N yuik .-Jieck llxclianar riiiKMir.i.i-iu.v iiends !'a "'A ."illOO Liberty .'1'..n ' 17 200 Libei t It" .h '17 2.'0 Libert Ut IVis 1400 Lihcitx 2d l',s 2.VKI0 I.ibcru 2d M,s 700 Libert 2i H,h eI.IO Liliert.t ltd l',s OlS.211 00.00 !7..-e 07 is 07 .V l i -T W'A- .'a teA - is .11 4IU Hi- 17 12. 12. '12 "JS. '2S. '2S. :;S "IS 'IIS 'I'.S "IS llll- . 07.. Ml 07.01 . . 07 7- . ... 07.72 07. M . . . . 07.110 . .. 07.70 . . 07. ns 07. 7 . . . 07. lis lets. 100.00 Jein llll. HI . lels 00.00 letH.100.00 HUM) l.lliel'ti .".ii i',s ."."() I.iberl )(l -1 'S llli U llll 1',H III) Il,h lilt iv 0 A n i.t 1 ii sn 1- b8 - .'iliOO I.ilieru 11.-0 I,ilici-tj 20011 I.lbcrM 200 I.ihem 1 it .-000 I. i he i-lv III l',s l'H 1 1000 I.ilicrty -III l-.'fi I- JUi "Va i- V2 en 1 1 9 iMJ.iu K-tiii-j -t')M ,;, 200 Vicleiy 4'i,N "j:;,. 17.'0 Vlcterj -r'tH "J.'!. . ."iOOOO VI(ter 4:),n "J.-. . 11000 Hell Teli'iihen,. 7n , rUOOO Kicclric & lVe U. et n Ids I.', .let OHL. 02 1121', (12". Oil " 7H V' K, " :, se ' K, ' .'. K.- e:i" , MIIMI i;il'Clric i. I'ee -In. , 11)00 Kli-ctrlc . Pen -Ih... ' " 10000 r.leelrlc & I'ee 1m.. I00t lliirwoed Electric IU. ' 10IK) KejKtene Tel H ."x 2000 Lehigh Vnlle.i gen -P'.V ' lOflO Mnrket Si t i;ie .fK 2000 l'liila Ce coin. ."m. .. lOOt) I'hilit Ce ceii). .".a.. 1.-00 Phlla Klectrlc Ipi n-.'.leis 10(10 I'hlln Kleetric 1x1 Tis, 2000 I'hlla Klectrlc let r,n 100 I'hlla Klectrlc 1m .V. '" 10000 I'hlla Klectrlc lM .',. t77.33l.l)7l mh dr, 7:,r, -m ion .... V--1.!? 70 070 U17 02". ... wv III !).-, hue I0f)rh lets Kioa, lets 100". . . 07 V. 'HH)0 l'liila Klectrlc 0m. 1500 I'hlln Klectrlc Ox 1000 l'liila Electric 0c 1000 Wclsbach ,5s..,. C!ec- clme. "l",ai- H 100 . . 10 . . IO 10 I', 32',, 32 Vi -!- "-i ' II n.v,i no, ; 74 's 741, 1 I 04 01 i-s i';i, :;S"r ;iti"s 'M ,'i r.7N ri"-V r IS IS 18 .. I7 I7's t7-s '.- It Is Still Possible te Buy Investments Yielding a High Interest Return "?'. Wc own and offer the follewing: Due Price Gev't of the Argentine Natien 1923 100 lie Treasury Geld Nete tJehn Wanamakcr a 98 First MtRc. R. E. 5s tSpice'r Manufacturing Ce. 1020 92 69c Geld Notes American Cotten Oil Ce. 1021 mz G7r Geld Notes 1'Lehigh Power Securities Cerp. 1927 8jl Secured 6 Notes vtAmerican Gas Ce. 10-yr. Convertible 7s Sen-Sen Chiclet Ce. First Lien 6s 1 Central Foundry Ce. First Mtge. 6s 1028 85 vr 1929 70 1 1931 83' 1031 100 SVtPiprrr. Oil Cern. Sinkinpr Fund Geld 8? '' Stand; Gas & Elec. Ce. 6s 1930 80 tNew Yerk Shipbldg Cerp. t tm 75 First Mtge. Geld Rs , Thx free in Pennsylvania. " teiWWiWWlM'W tFrec of Nermnl Income Tax. SBentls obtainable in denominations of less than ?1000. GARRISON & CO. W1DENER BUILDING, PHILADELPHIA MEMBERS Philadelphia Sleck Exchange New Verk Stock Exchange Taxable Bends Tax-Free - I V8. f runucuiicutdi t-iidugci: diicuiing sccur- v-pV ity holders under the new revenue act ' f are explained in our Booklet Ne. 7349, sent en request. Bonbright & Company 437 Chestnut Street, Philadelphia New Yerk Bostc Chicago The First National Bank of Bosten $ Transacts Commercial Banking Business of Every Nature Make it your New England Bank , Capital, Surplus and Profits, $37,500,000 $466,000 Pennsylvania R. R. 6 Equipment Bends Fax Free in Pennsylvania Guaranteed Principal and Dividends by Inderaement en the Certificates $40,000 due Jen 75,000 due Jan, 7Q.O0O due Jan, 74,000 due Jan. 05,000 due Jan 15, 1928, (a) 15, 1929, 15, 1930, cw 101.30 and dividends 15, 1931, (5) 15, 1932, 72,000 due Jnn 15, 1933. (a) 101 fid ...j j:..:j-..j. , nnn a , .-.. - -. , niiu UIVIUCIIUI nnn i t c' i,' ,01'74 nnd dividend. .1.000 due Jan. 15, 1935, Cw 101.84 and dividend. Prices te Yield 5.80' ; Circulur en Request TOWNSEND WHELEN & CO. ut Chestnut Street ei l VerA ,,, I'hllmhlfihm SterK lUchnnpe- 1. i,idr Edward B.Smith & Ce 1411 Chestnut Street V murm .. Ynrli ai.rt IMnladelphia Mnrk i:xchnnR(--( Investment Securities riiiludelpiiiii ew Yerk tlallsts 111 Pubic Utility .ml Indue trial Uiiie,. ' lly "nJ M2I UlLbTNUT STOULT jjSaSL lasa iiibnuE,i,rillA Cisco V ft ', ; YUld 7.00 6.65 9.30 7.15 10.85 10.35 12.20 8.65 8.00 8.45 7.20 m TELIPHONE3 Philadelphia Sprutt 8370 New Yerk Rectsr 3672 Detroit 101.04 and dividends 101.18 and dividends 101.42 and dividends 101.53 nnd dividends GEO. A. HUHN & SONS srer lei n iwivim Jlrmlirra of thr l'lillnde Iplilu, Nr' rk nnd (hli-aKn Mnrk Ihrhantri ' )nrk Ce (Ien Kcliniure Commistlen Orders Executed lti All the Principal Markets Liberty Bends neught and Sold llrllnur (.eiirt Ulilit.. M1H tViilnut St. ., Ill llreuduH' An "Id ralnlillalied I'll tin )-Iplillt Jlend "till llueMiiienl Hiitian ilelllff a ! 'r iiietm,nt liiihlnri,h hus a vrry altrurthn npenlnr for an exiirrlencad lliinil .snleainan, where there will br linii-llrall no liiiilliitlen te his en (leunra. ,rn reply Inc se Inte da (ll. which l i,e treated In atrlct est renflilenre, e fles, i.nnriKH oFvrer. n '- - - - '
Significant historical Pennsylvania newspapers