jif
Si-
3 '
m
t
Efc
Lr
1 ,
1,1.
1
&
EVENING' PUffil0LEDG33R-Pter?iO3BLmA; ' SATURDAY' ftEGEMBER ' 10, fc 1921't
Week's Uncertain Drift Sug
gests Temporary Backset
Impending
F.ynri.. Dec. 10. Today's Hteck
iirVct developed pronounced strr-nRth
teKan Irregular opening, nnd with it
mc an appreciable increase in the
lume of diMillngM. The coppers for
a I time held the foremost attention, but
e Improving tendency was of a pre
ewlvc type, gradually extending out te
another Industrials. The oils, inue-
indent 'steel shares and some of the
ulpmentti were given a large share of
attention, but the character et tm
Bevement suggested hasty covering of '
the short interest all through the Indus
trial list. The announcement of the ,
proposed further reduction In wages
failed te help the rails, which, ns a
reup, were still sluggish. Although the
fjher ranee of nnetati"iii Invited nulte
aijtoed deal of profit-taking, the market
malucd a strong tone up te the cle-iug.
I The uncertain drift of the week
market was net all surprising in light
of the substantial recoveries scored from i
tie low level of the year, and mete es
:ptclally because the recent forward i
awing in the security markets had for I
Its basis the easier money conditions
rather than reflecting any material ,
Change in business conditions. Ne real
tudent of the situation will denv the
constructive character of recent (level (level
epmcntb both as leganllng the fereign1
al well as domestic conditions. These
arc facts that cannot he overlooked or I
underestimated, ns thtre is net the
lightest doubt but that foundations arc
being carefully and scientifically laid .
for a resumption of the country's indus
trial prosperity en a miiiui, sounder and
mere substantial basis than we ever had
before. While this is certain te be pre- )
ductlvc of a growing feeling of opti
mism, ynt en the ether hand, as the ,
week's market operations disclosed, there
la a general ret gnltleu en the part of
the mere conservative observers of the
possibility of speculative enthusiasm
i outrunning the progress of the recon-
(tructieu program. I
In ether words, a close and careful
consideration of the recent movement I
would suggest the market was uppreach-
lac or nea-ly approaching what the'
fleet is pleased te call an "overbought"
condition. It Is reasonably certain,
based upon past experience, that in the ,
average advance et 10 peintss in the
price level a certain amount of a wean
following has been attracted which '
technically has become n weakening
rather than u strengthening clement of ,
the constructive speculative program.
This view is strengthened In observable
failing stimulus of the selected peel i
demonstrations and the lacking enthusi
asm ever the revamped old combination
yarns centered In such widely separated j
Industries us coal mining, independent
steel companies and moving pictures.
It would net be surprising, measured
from a technical standpoint alone, that
a fair-sized setback is in order. In
ether words, quite a number of recog
nized competent observers rirmly believe
that what has long been known us
health reaction is long overdue and is
new Impending. This does net Imply
any possibility of the control of the
market situation reverting te beur op
erators, who for se many months domi
nated the trend of security values, but
itdees mean the elimination of the
weaker superstructure preparatory te a
general evening up of accounts ever this
year's end.
PRESSURE AGAINST
r PENNSY WITHDRAWN
100
.100
100
1?1!)
sin
Hen
iii
tin)
.101
410
con
soe
309
2700
200
200
300
3300
200
100
2300
400
000
MO
100
H00
1700
1210
1300
600
1)0
300
2100
100
300
SHJ0
3i)0
100
800
200
200
100
800
100
13200
100
400
3800
200
3000
100
300.
1200
100
8(0
300
1200
500
300
laoe
1500
100
400
200
300
700
300
1800
3800
.100
100
300
100
3400
2000
1500
200
100
1700
100
200
17700
2200
100
7100
400
2900
.1000
5000
2400
500
100
100
500
5200
200
1100
3100
000
1100
2G00
BOO
Number of Lecal Stocks Made
Higlts for Year During
the IVeek
llleh
,. K
,. HKi
,. W
,. H
.. Vi
,. 36 Vt
, . 38
,. R
,. 30
,. 2BH
. 331,
, 32 VS
,.147
.. 21
10J4
The smart rally In Pennsylvania
Railroad te 33 and the strength of
Electric Storage Huttery, which ad
vanced 2 points te V, equal te the
year's high record, were the outstanding
featuresef the strong local market to
day. While the trading in general was
quiet prices were well sustained. Phil
adelphia Ilapld Transit was offered a
little mere freely, but only lest V
In yielding te IS. V. (i. I. and the
Philadelphia Electric issues, en the
ether hand, were firm with little price
change. Small odd lets ruined Lehigh
Navigation a point, te OS.
. A number of the local stocks rennherl
the highest prices of the year this week.
Influenced te a large extent by im
provement In condition as well as out
look In thp affairs of each of the com
panies. This wan net only of local im
portance, but was likewise significant
because it must be accepted as further
convincing testimony of the marked
change In the fundamentals of the gen
eral financial situntien. Convincing
proof was given in the great success of
the Philadelphia Electric bend sales
and ether recent new Issues. The re
turning confidence, en the part of the
Invester, however, found further direct
reflection in the higher quotations reg
istered by several inactive Issues, which
are regarded in the category of sec
ondary Investment shnres.
The recurrent liquidation of Penn
aylvanla was an offsetting influence, al
though it exerted little direct effect upon
the course of the general list. The weak
ness, nevertheless, of this old line fa
vorite wen disconcerting and created
undisguised uneaslnes.. Whether many
of the fears are really warranted, or
whether there Is foundation for much
of talk heard newudays, remains te
be determined. Frem information ob
tained from usually well-Informed
quartert there Is little fear at any rate
concerning the dividend. A geed busi
ness revival could work a sharp trans
formation In the company's position as
te earnings and some of the officials
believe this insight. There are reasons
for believing that a considerable amount
of the recent selling of the stock repre
sented shifting by investors from stocks
te bends. Dividend uncertainties caused
it-and It applies te many ether corpo
rations bmtdes the Pennsylvania.
Adnms Express . , ,
Advance numely . .
Air deduction
. Aim rtuhhnr
Alaska Oeld Mines.
4 Allied Chm & Dye.
4 Allls. Chalmers
7 Allls.Chnlmrrs pf ..
Am AgrctChem..,
Am Heet Sugar...,
.. Am rtesch Magneto,
Am Can
12 Am Car & Fdy
Am Cotten Oil
Am Chlclft
Am Kxnreiii . 133
Am Hide & leather.. 13
Am Hide & Leather pf 87V4
Am Intcrnnt Cerp... 41ft
Am Linseed 31
' Am Llnaecd pf JS6J4
0 Am Locomotive 100H
Am Safety rtazer 4
.. Am Smelt 40
7 Am Smelt pf S8Ji
7 Am Smelt Sec A B7K
3 Am Steel Foundries.. 31ft
. Amer Sujrar 84H
Am Sumntm 31 X
0 Am Tel & Tel 11014
12 Am Tobacco 134 J4
12 Am Tobacco B 12H
Am Watcrwks 6 pf. I'M
7 Am Woolen R?'4
Am Zinc Lead & Smlt 13
.. Am Zinc Lead & S pf 38
.. Anaconda Copper .... 0H
4 Asse Dry Goods 47
0 Aspe Dry Goods 1st pf 74
8 Atch Tep & Sante Fe 00
5 Atch Tep & S F pf... 86
.. Atlanta Blr & Atlantic li
.. Atlantic Fruit 2M
.. All Gulf & W I S S.. 31&
.. Atlantic Pet 224
7 Baldwin Locomotive.. 06
7 Baldwin Loce pf 103
.. Baltimore ft Ohie.... 30
8 Bethlehem Steel B.... 58
8 Bethlehem St.'cl 8 pflOlli
.. Beeth Fisheries 7J4
.. Brklyn Itnplil Transit VA
.. Brklyn Union Gas.... 71
10 Burns Bres 1 1.1 Ti
. .. Bush Term Hide pf.. NH
.. Butte Copper & Zinc. K
.. Butte & Superior Cep. 18
.. Butterlck 2
.. Cadde Central O ft It. 11J4
e California racking .. 00($
.. California Petroleum . 44
2 Ca Zinc & Lend !$
2 Calumet & Arizona. . . 58
10 Cnnadlan Pnclfic ,...120J
. .. Carsen Hill MlnlrtR.. 12M
.. Case J I 1st pf 78J4
.. Central Leather 30
.. Central Leather pf... "I'
.. Cerro-de-Pasee MJi
6 Chandler Meters 48
4 Chesapenke & Ohie... 30 Ji
.. Chtnure & Alten pf . . . 7Wj
.. Chlcag-e & Gt West.. 7
.. Chi & Great West pf. . 17 K
.. Chi Milwaukee & St P X
. . Chi Mil & St P pf 33i4
8 Chic & Northwest.... flK
7 Chic & Northwest pf 109
2 Chicago Pneu Teel... 55
.. Chi It I & Pac 32'4
6 Chi R I & Vac CT, pf 71 i
7 Chi R I ft Pac 77e pf. 84
.. Chile Copper 13 V,
. . Chlne Copper 28 yA
.. Cluett Peabody 42 4
4 Coca-Cela 41 y,
.. Colerado & Southern. 42
6 Celum Gaa ft Elec. ... 634
.. Celum Graphophene. . 3J4
.. Cel Graphophene pf.. 13
4 Cemput Tab Records. 50 J4
.. Consolidated Ils Ins. H
.. Consolidated Clgnr .. 18V4
7 Consolidated Cigar pf 57 K
.. Consolidated Textiles. 14H
G Cern Products Ref . . . 94 ft
7 Cern Products Ref pf. 1114
.80 Cesdin Ce 344
4 Crucible Steel 66
. . Cuban-Am Sugar .... 13J4
... Cuhan Cane Sugar... 7J4
.. Cubnn Cane Sugar pf. 15
4 Davisen Chemical ... 52 M
100 2.30 Dcbcers Cens Mln Ltd 15
0 Delaware & Hudsen.. 107
6 Del Lack & Western. 11 14
8 Detroit Edisen 094
7 Deere & Ce pf 63
1 Deme Mines IB
. . Elk Hern Ceal 18
0 Emersen-Brantlng pf. 20
8 Endlcott-Jehnson .... 78 Vi
.. Erie "14
S Famous Players L.... 75H
8 Famous Players L pf. 88
4 Federal Mln & Smlt pf 3314
.. Ftcepert Texas 1414
.. Gasten Wms & Wit.. 'A
2 Gen Am Tank Car. ... 55
.. General Asphalt 07
8 General Asphalt pf . . . 105
0 General Cigar 0814
8 General Electric 138
1 General Meters 11
8 Gen Meters deb G.. 71
7 Gen Meters deb 7.. 84
,. Goedrich B F 35
7 Goedrich B F pf 84J4
.. Granby Cencol M & M 2014
7 Great Northern pf . . . 70
4 Great North Ore ctfs. 3114
.. Greene C'unanea Cep. 28
7 Gulf State. Steel 1st pf 00
4 Haskell & Barker Car 81
.. Housten OH 7014
1 Hupp Motorcar 12
7 Illinois Central OsH
.. Indlahema Ref 4 14
.. Inspiration Cen Cep.. 40
. . Interb Cen Cerp . . .
,. Interb Cen Cern-pf..,
. . Int Agricul Cerp pf . .
.. International Cement
7 Int Harvester new..
7 Int liarv new pt.. .
100
100
100
100
500
100
300
1200
700
3000
500
200
200
100
100
8100
100
100
200
6100
300
200
500
100
300
1200
100
500
100
200
1000
300
300
000
7000
400
200
100
800
200
400
700
1400
8100
100
300
200
8300
400
1500
100
2900
2800
8500
2900
Tetala
Ifc
4
36
28
8314
102 H
Int Mer Marine 15
0 Int Mer Marine pf.... 06
.. International Nickel.. 12
6 Internat Nickel pf.... 60J4
.. International Paper .. 53J4
6 Inter Paper pf stpd... 72
.. Invincible OH Cerp... 12
nd Oil 2ft
.. Juiu-s Bres Tea 3714
.. Kansas City Southern 23H
.. Kansas & Gulf 714
4 Kelly-Sprlnglleld Tire 4314
3 Kennecett Copper ... 27
.. Keystone T & R 11
salra. 471.100 chares, compared
Iiw
4914
It
43
1H
H
80J4
37
88
30
28
32
3214
1461i
20
0
132
13
5714
4014
31
50
0914
414
45
P8J4
87
34
34
3014
115
131
12 It 34
18
8114
13
38
4814
4614
74
8914
86
114
2
3114
22
9414
103
36
7J4
10414
6 'j
'14
70
115 14
88
514
18
31J4
UK
C8J4
4314
e
58
12014
12
78
3014
04
35
4714
30
'14
7
17K.
20
32 V,
67
109
55
31
7114
83J4
12
27 ft
4214
40
42
64
314
1214
48
14
1814
57 14
14J4
0314
lit
34
6414
13
'14
15
5114
15
107
11114
0914
63
18 J4
18
19
7714
11
74
88
33
1414
54
55
6654
105
684
137
10JJ
71
84
3
84J4
29
75
3114
20
90
81
78
"
0814
14
3914
114
3J4
30
27J4
83
102 J4
15
0414
"J4
0914
3
72
11 li
2
30
23
'14
41
2614
"14
with
Today's Nft
Cle ChKf
4014
11 -
43
20 -
30ft
-3314-3214-147
20-
10ft 2
133 1
13
5714 r
4114
31
r4-
87-
34 -
5414
3114
11014
13114
120ft
17-
Sl
13
38
4ft
14
J4
14
1
4
14
1-i
14
14
y
14
14
M
2V4
14
47 r 2
74 -
00
86
1J4-
2
31
22 ..
95 114
103 - 1
36 -
38
104(4-
6
'14
70 -
115 J4-
88-
H
18
32
J4.
614
58
120
12
78
3014
04
3514
'H
56
'14
7
1714
2014
-109
65
32
71V4
84 13
28 J4
4214
41
42
6514
3-
1314-
4014
9314
34 14 -64
lj
13 51J4
15 -107
111J4
9914
03
-10
-
'814 14
11
74ft 114
88
3314
"14
54
55 -07
103
0814
138
35 J4
H4ft
14
H
114
14
1
14
14
'
54
14
14
'
ft
54
3
14
54
"
"l4
14
V,
il4
H
"h
"54
14
14
54
14
2H
14
M
114
14
14
14
14
14
14
1
14
2
14
14
2
14
1
114
114
14
54
1
2014 114
75
3114
28
90
81 -'054
11
9814
414
40
154
4
30 -28
8314
102ft 1ft
54
OB
12
0954
52
2J4
3014
23-
714
42 -27
"14
14
54
14
5
54
1
14
ft
14
154
14
14
H
H
flnles
100
2300
300
900
200
1000
200
401
800
'300
300
2400
400
21000.
700
2100 1
3800
600
800
300
100
400
1300
1100
800
100
100
200
100
100
200
2300
800
100
100
100 2
6000
2500
100
100
300
100
1100
100
2500
700
300
300
800
400
9000
3800
500
100
5200
1800
400
300
500
100
800
200
400
100
14100
209
2300
700
100
300
000
100
7000
500
300
1000
1800
1700
100
2000
100
100
800
200
100
0400 I
200
100
500
400
100
3100
100
2100
800
600
7300
200
2100
600
100
800
500
300
400
200
100
0100
000
1900
27800
200
2100
3300
000
200
1500
100
100
2100
000
100
100
1500
3500
200
100
100
300
600
4800
800
500
I)lv.
In t ,
8 Kresge S S
. . Lackawanna Steel
2 Lee Rubber Tire.
50 Lehigh Valley ...
12 Liggett & Myers.
. Leewe Ce
1 Left Candy
12 Lerltlard Tobacco
7 Mnnhattnn Elev guar
1.78 Manhattan Shirt
HUrh
,1'H
. 47
. 29J4
. 5014
.100
. u
. let
.15214
35
34
Market St Rwv nr nf. 33
.. Mnrlln Oil ..., 26J4
Mny Dept Stores 99
12. Mexican Petroleum ..11514
2 M'nml Copper 26
.20 Middle States Cerp... 14ft
.. Mldvale Steel 2014
.. Me Kansas & Texas.. 1
.. Me Kan & Tex pf.... 2ft
.. Me Kan & Texas wl. 8
.. Me Knn & Tex pf wl. 23'4
.. Missouri Pacific IS 14
.. Missouri Pacific pf... 14
. . Mentana Power .... 50
.. Montgomery Ward .. 18
.. Multlns Bedy 22
.. National Acme 12
6 Nat Enam & Stamp.. 42ft
0 Nntlenal Lead 8514
7 National Lend pf 107
. . Nnt R R of Mcx 2d pf 3
. . Nev Cen Copper 15
8 New Yerk Central... 74
. . New Yerk C ft St L. . 58
8 N Y Chi ft St L 2d pf. 6114
.80 New Yerk Deck 3314
.. New Yerk N It ft H.. 1114
2 New Yerk Ont & W.. 22V4
4 N Y Shipbuilding 1314
7 Norfolk & Western... 0714
.. North American ctfe. 44
.. Ne American pf ctfs. 39ft
7 Northern Pacific .... HOW
. . Nunally Ce 11
.. Okla Pred ft Ref 314
.. Otis Steel 0
2 Owens Bottling 27ft
.. Pnclfle Devel Cerp... 7
. . Pacific Gas ft Elec. ... 65
.. Pacific Mall 12
.. Pacific OH 46ft
0 Pan-Amr Petrel .... 8214
6 Pan-Amer B . . .' 4714
.. Panhandle 1214
2 Pennsylvania R R.... 3314
.. Penn Seaboard Steel.. 10
.. Peeples Gas Chicago. 80ft
.. Pere Marquette 22 ft
5 Pere Marquette pf ... 66
8 Tere Mnrq prier pf...
3 Philadelphia Ce 32ft
.. Phillips Pet 32
. . Plcree-Arrew Moter. . 14
.. Plerce-Arrew Met pf. 3
.. Pierce Oil 13ft
8 Pierce Oil pf OOft"
8 rltta Ceal 65
.. Pitts & West Va 23 ft
6 Pitts ft West Va pf.. 70
.. Pend Creek Ceal 16
.. Pressed Steel Car.... 66
7 Pressed Steel Cor pf . . 02
.. Producers ft Ref 32ft
8 Pullman 10"
.. Punta Alcgre Sugar.. 29ft
2 Pure Oil 38
. . Ray Cen Copper 15
4 Rending 71
2 Reading 1st pf 42
.. Rem'nmen Typewriter 28ft
. . Rem Typewriter 1st pf 5614
.. Replogle Steel 20
.. Republic Iren ft Steel. 84ft
.. Resselaer ft Parategn 114ft
7 Reb Rels & Ce 1st pf. 50
i.20 Royal Dutch Amer... 50
1 St Jeseph Lead 13ft
.. Santa Cecelia Sugar.. 1
.. Saxen Moter 2ft
.. Seaboard Air Line. .. . 3ft
.. Seaboard Air Line pf. 4ft
. . Senrs-Reebuck 57
7 Sears-Roebuck pf .... 87ft
.. Seneca Cep Cerp 24
. . Shattuck Arizona Cerp 8
.74 Shell Transport 38ft
.. Sinclair Oil 22
.. Sless-Sheffleld 38 ft
e Southern Pacific 70ft
.. Southern Rail 10
.. Southern Railway pf. 45
4 Standard Oil of Calif. 00ft
8 Stnndard Oil of N J.. 18014
7 Stnnd Oil of N J pf...ll?ft
7 Steel Tube pf 85ft
2 Stewart Warner Speed 23
.. Stromberg Carb 32
7 Studebaker 80
1 Submarlne Beat Cerp. 4ft
.. Tcnn Cep ft Chem.... 10
3 Texas Ce 47
.. Texas ft Pacific 23ft
2.80 Texas G Sul 33
1 Texas & Pac C ft O.. 20
0 Tobacco Products .... 80ft
7 Tobacco Products pf. 80ft
.. Transcen Oil 10
4 TranBUe Wm Steel... 32
8 Union Bag & Paper. . 72
.. Union Oil 20
10 Union Pacific 127ft
4 Union Pacific pf 71
.. United Drug 09ft
8 United Fruit 120
6 United Retnll Stores.. 83
.. Union Tank Car pf. ..103
.. U S C I P & Fdy 18
..US Express 0ft
..US Feed Products... 10
.. U S Ind Alcohol 38ft
..US Realty ft Imp... 03ft
..Us Ilubbcr 54
U S Smelt ft Ref 30
100 3. BO U S Smelt & Ref pf . . 43ft
3000 BUS Steel 83ft
100 7 U S Steel pf 113
8400 2 Utah Copper 03
500 .. Utah Sec Oft
500 .. Vanadium Cerp 32ft
2300 .. Vlvadeu Ine 7
1300 .. Wabash , 0
500 .. Wabash pf A 20ft
200 .. Wabash pf B 13
100 2.80 Wells Farge Express. 07ft
700 .. Western Maryland ... 8ft
2000 .. West Maryland 2d pf. 13
. . Western Pacific 17ft
6 Western Pacific pf... 55
7 Western Union Tel... 02
4 Westlngheuse E ft M. 40ft
. . Wheeling ft L E 7
4 White Moter 39
. . White Oil Cerp 12
v Wick Spenc Steel Cerp 17 ft
. . Willys-Overland 5ft
. . Willys-Overland pf . . 29
8 Wilsen ft Ce 20
7 Wilsen & Ce pf 60
008,800 ahurea
200
100
00O
500
100
100
600
5000
800
600
300
100
100
yeatarday.
4 Worthlngten Pump... 43ft
Ixiw
l'K
46'
20
50
100
lift
10
182
34
33
34
26
98ft
112
20 ft
"ft
28
1
2ft
8J4
23 ft
1814
46
59
13
22
12
42
83 ft
107
3
14ft
73ft
38
61ft
33 Vi
13ft
21ft
"ft
97ft
44
39ft
79ft
11
3
9ft
26ft
ft
64
lift
45 ft
51
47
12ft
3.1ft
10
36
22
rs
65
32 ft
32
114
34
1214
68 ft
65
2J4
70
66
B?
31ft
108
20
3S
14
71ft
42
75 ft
56 ft
20
33 ft
i.54
50
40
13ft
1
2
3ft
4ft
.',0 ft
87 ft
23
7
38 ft
21ft
38
70
18 ft
45
00
186
112
84
23
32
70ft
4
10
40ft
2314
32 ft
28
50
80
10ft
32
72
10ft
127
71
60ft
125
52
103
18
0J4
10
37
62
63 ft
3,1
43 ft
83
113
0314
Oft
32
'H
Oft
20
13
0714
8ft
14 ft
17ft
55
?4
'
39
11
10ft
28
20
00
43ft
Today's Nft
Clese Chse.
1'4- 14
4C14 ..
29
69
100
,14
.10ft
162
35
31
33
26-14
00 1
11514 214
26ft
14 ..
28ft- 54
l- 54
2ft
23 ft-
18 ft ..
46 - ft
69 14
13- ft
22 -12
42 '"
85 ft-
107
3
15
7i
8(1 -
61ft
13ft
22
13ft-
97ft
44-
39ft-
79-
11 -3
9ft
26 ft-
7
05
12
l4
62ft
7ft
1214
33ft
10
86
22ft
66 -05
32 ft
32 14
34
12
69ft 1ft
65 ft
23 ft
70 -
in
en
02
32ft
108ft
ft
15 27ft
50 ft 2ft
26
53ft- ft
11114 9ft
50 1ft
50 ft 1ft
13ft - ft
1
2
314 ft
50ft
87ft
23
8
38 ft
22
38 ft-
79
18ft
45
00 ft-
18(11,
112 ft
85 14
70ft
4ft
10
47
10
32
72 -20
127 ft
71
00ft
120
63
103
18
Oft
10
38ft
03
C3
30 1ft
43ft ft
83-
113 ft
04 2ft
0ft
32ft ..
'14
6-20-13
67ft-
8ft
15J4
17ft
55
02
40ft
'
39 12
10J4
5
20 -20
09
43ft
01 Alll Insur. if)
10 Am Ons... 40
100 Am ('It pf . 1
Lewr
10
in
1
Clese
11)
40
1
Nl
chse.
WVMM - ' ' f-' 11 1'
h AS Nh MARKFT NEW YORK STOCK EXCHANGE TRANSACT IONS I P!.iiMPhiaj;ecksJ
.. . Dlv.
HAD STRONG TONE
M
14
54
IX
"14
54
154
14
2K
14
"54
"4
14
54
i
1
54
'
2
54
ft
ft
r
V
2
154
ft
ft
54
V
14
14
2
IOA111 Uj-h pf 17Vj nVi 17.. ,
Kit Am Hmeltg 4 45 .-r, M
LWAnocemln. 40 4S 40 4-
lOtAm T&T.11016 115 110 (
ltitAin Loce, nn-y, nn-Vi m
lOtHnld Loce O.IVi II.IVi 0"
in tee pref.. 1(11! Wl liu ,
5S
0
4S.-1J
13
20 V,
12
0.T;s
12.1
11
74 Vi
MlVi
13
20
(S
sntiicfii sti it ns
netriii r.t w 0
lOtf'linml Mtr 4S
2:S.-tChllc Cep. 13
10tC M&Stl' 20
lOtCrurlble .. O.'Vj
2.'tCel Oph pf 12Vs
OOtfern Pred 04
.114 Klw Hter.123
lOIKrlc .... 11
200tKnm Piny 74
243 In Ce N A 31
2,"tlnt Nickel 12
445tKenn Cep 27
7 Leh Nnv.. 00
r.OIMex Pet. .114 114
fiOtNnr Pac . "D 70',
iriT.N .N II
& II ... 14
2.-tPnc Oil.. 40
VlOtPnn-A Pt ."2
303 Pa It It.. .'WV,
174 Pa Salt . 00
32 Philn Ce
cum pf
13S Phil Elec
2S0 de pf . .
1110 P It T..
15 I Thl I Trac. 50
25 Prd Itf Ce 31
lotDev Hut. no
lOtTexns Ce. 40
200Tone Pel.. 1A
100Tone Min. !,'
110 In Tract. :v
ns
e-
4sl-
13',
20
0.-.VJ
12- V.
0-T-A lift
123 2
11
74iy,
31..
12
27
00 2
114' 1
70-1i
14
40
r.2.
33
00
14
40
IIZ-Ki-t-l
33
en Vj
NEW YORK CURB MARKET
lnnVi NIC
r- V L en en
J " ..10214 102H '"-J
?ll'7 ' loin 101J? mi?
Y7 11130 KI7U 107 107 H
Y0iil"?:..lSiS "gift
INDCHTItlAWt
Hlh
. ltt
,. 4 1? !.
..17n 1704 17!li
Iew l.kt
i.rV TtV
et " "7
3U 2ft S.H
21 It 21 21ft
1.1(4 lll'i 13Vt
4 4? 1
70 1704 17!l
IK 03 03
0 0 0
ej2
2.1 21 21
24 20 24
2 2 2-
low inu 11114
2'i 2l, 2$
1. 1i 11.
2i 2i 2.
in in iv,
KH OH flVf.
1A liSt l.1.
1A liV 1A
S 8 S
37
2U.
27
IN
37
21
27
IS
no
31 Vt
no
4(1
lflr
:i I 'A
37 ..
24 Y
27..
18 -
no ...
ni..
no
10
Aft A
hi 1 n jrnct. .'.. .u'i .wyi y
lOTln Fruit. 12.1 12.iV, 12.-1W
217 V C, I.... 40 3I1-V, 40
12." 1e pref.. no', 50 14 nOVJ..
2.1tT' R In Al 37', 37 373.
lOtl'tnh Cep(ll 01 04l
200tAVheelin(j
& L K. 7 7 7..
400 Yerk Itwy 0' 0y. 0
101) Ie pref.. 31 Vi 31 31..
tNVt chnnBJi. mnile by eomnnrlien with last
snle en New Yerk Stock Exchange.
Tetnl rule. ,'HH shnrea, cempurncl with
0714 linrn MYterliiy. Thui far this week.
.10.293 shnreii.
I'liimnr.i.ruiA iiends
1.-00 Liberty 3h '47
3000 Liberty 2d 48 '42.
1000 Liberty 3d 4s '28.
100 Liberty 3d 4s '28.
130(1 Llbertv 4th 4V5s '38
100 Liberty 4th 4s '38.
40(HI Liberty 4th 4',h '38.
5000 Victory 4n '23....
3000 Victory 4n '23..
SnO Philn F.lectric fls. .
2000 Philn Klectric Os .
2000 Philn Klectric 0..
5000 Philn Klectric (Is.
Tetul. 12R.R00. cempnri.it
yeatcnlay. ThUH for thla week. S2.7I3.0S0
Acma Ceal
UAlir Cr lahcil Krult
Chlcnte Nlpple . . .
rievelnml Aute .. .
nurnnt Meters nr
tiniduyn I'lcturca
Olllette
Heydn Chem
I.lbby McNeill
Lincoln Metera A
Ken S, H U
I erf'ctlen Tire ......
Perfection Tire new ..
I'yrene MfK
Itndle Cem
.Southern Ceal A Iren.
flweeta Ce
fnltcil Profit Hhurlng .
Unllecl itftnll Cnndy...
Wnyne Ceal
Wvnx. End Chem
Wlllya Cerp
KTANIJAUI) OIUS
Anitle.Amr Oil 20 2JV4
Ohie Oil 270 270
Imperial Oil 104 103
Htund Oil of Indiana .... HN 87Tt
Stand Oil of N Y 380 380
lNI)Krr.MBNT OILS
Arkannaa Nat Oaa
lloeno Oil
Iioalen Wyemlnx . . .
Carlb Byn
ntU H,.rvlr fold)
Cltlta Srlcr "11" clfa
Creele Hyn
IMmnnds Oil . . . .
Elk UaAIn I'nt . . . .
Englncera I'etrel
federal Oil
(Jlllllamt Oil ....
Olenreck Oil ....
Imperial Oil
Inter Petrel .....
Kcyatenn HartBer
I.J ens l'et ......
Maracalbe Oil ...
Merrltt Oil
Mexican Eairle . .
Omar Oil
Hnpulpa Kef ....
HlnmiB l'et
Bkelly Oil
Southern 1' & II . .
Texon
Victeria oil (new)
Wilcox Oil
Y Oil
MINING
lllK IdKe
Hoaten A Mentana
Candclnrla M
CepixT Canen ....
Cena Cep M
Certez Silver
Crcasen Oeld
Crescent .McVamarn
Eureka Creesua . . . .
Oeldfleld Florence .
Helllniter
McKlnley Darranh .
McNamara
Mether Iod clt ..
National Tin
Nevada Ol'hlr
Tonenah l)llde ...
Trinity Copper ....
Unity Oeld
Cnlted Eastern ....
United Verde
neNns
Allied Tacker ctfa
Aluminum 7a 1U2B.
Aluminum 7a lO.'la.
Anaconda "a 11)20.
Armour 7a
llarnsdall Fa
lleth Steel 7h 1023.
Ileth Steel 7s 1023.
Can 1'ae (la
Cent Steel 8a
Cel Oraph 8a
I'nna Textile Ra ...
r'nnntir KftVlH n, 11, n... 111 11,
with. inee.AO.0 ! Cepp.r Expert 8. 1024 10JV4 10JJA
I uiU'vt kw ' ----:?--'-'
20 H
270
104
8fl
380
. .. nn.58
. .. 00.00
... 07.54
... 1)7.44
... 07.24
res 0(5.! 10
... 07.10
... 00.08
.letHlOO.OO
..lets 04
03
lets 100
letH lOOiVJ
.. 10 10K 10
. . 25 'it, 23
. . 7U 78 70
. . Vi 4 4
..214 213 214
a. 23K 23H 23H
.. Hi l'i 1
. . S. 33 SB
.. 7 7 7
..04 00 00
:: Jj Jff it
.. 1 1A 1A
. . OH US I'N
.. HIS 10ft 1014
.. 80 80 80
.. 05 110 BO
. . 24tt 24tt 24V4
..10 10 10
. . 18 17i 18
.. 7.'. 72 75
.. att a 8S
::ll$ "A
.. 5W 5 5
..72 70 71
.. 1 1 1
.. 3tt 3li 3V.
..34 32 34
re
.. 20 23 23
.. 85 83 83
..22 22 22
.. 1W 1M 1
.. 1A 1H 1W
.. 83 83 83
.. 2A 2A 2A
. . tl 0
. . 20 20 2
. . 3.1 80 84,,
.. 7V; 7ft 7Vi
.. 11 11 11 .
.. 11 11 11
.. 5V4 r,4 5H
..30 54 SO
.. 43 43 r 45
..00 58 00
.. 4U 4
.. 4 j AK
'.'. 28 Vi 2W 28 ft
.. 40V4 40H 40
. ,10H loeii ioeK
..103 103 103
. .1U2J4 102 10'JH
..108, 1(18 10SS
. . ( H7H 7n
..101 lOllTi 101
..100 loevi ineH
100
till
;; n.1 s 0!,.
. .KiflH ions innfe
.ion meH 100
.lenu ion lenli
...103 103 103
inn'", innv4 lii"M
... 03 03 05
New
1 - Jbi,
III I rlmt".
BAR SILVER
Demestic bar nller was unchanged In New
Vnrk tnilsi' at OOSc tier fln eunce: fereicn.
il.mc a c.iln of 1 tic. In Londen, the price jnua Ce 0a
nan u uinuti , .,..,...
rtpi.rn 7IAb
(loedrlch 7s 1023
(lulf Oil 7a
(lulf Oil 0a
Oregon S I. 5a . .
Otla Steel Ha
100H lOOtl 100
100H 1011 ions
. 4H 42 .12
.loe neti loe
11)'.'
103
104
07t;
084
.103ti
.100
. 00
. net;
. 09
OT
08
103
100
0SH
0(1
00
07
08'
103
100
05
OOVi
00 ij
rhlla Elec fla. ,.
1Mb Service N J 7a
Hhawancen 7a .
Heuthweal Itell
Stand O' N V
Stand Oil N Y
Un I'rec
Vacuutn 7 ..
Wlrrhester 7 . .
Arirentlne 8a
Cuban Tel 7 a ...
HI" 'irnmle 8a
Swlaa 5 a
STEEL BOOKINGS DECLINE
t -.. i
New Yerk. Dec. 10. The monthly
tennacc report of the l'nlt"-l Stntc
Htecl Coi-perntlon, mode public today
Miewed 4.2."0.."2 tene of unfilled orders
en hand NVv'nher ,'U. T'iH In -i 1V
crenw of 30.287 tens from Octeher'-i iir
llllcd erdcrH, which tetnlcd 4,280,820
font.
Mi i I
NEW YORK BANK STATEMENT
Heavy Contraction In Leans and De-,
posits Excess Reserve Reduced
Leniw nnd dliceunts of the New Yerk '
CIcnrlnR Heuse institutions were re
duced $38.5117.000 Inst week. While
liabilities were nlsn cut down by a
shrinkage of $20,033,000 In demand de
posits, the reserve credit at tnc rcuerni
Reserve Bank wns decreased $11,240,-1
000. As a result' the reserve In excess
of legal requirements wns cut down
$7,704,700. leaving n surplus of $10,
283,010. AVERAOE
Thla week I.aat week
Exceaa rcecrve . 1.377.nnn . 't,-''"
AKKreante rea... 50l.722.one 510,734,000
Iina. etc. .... 4,413.330.000 4,437.904,000
Caan In vault"
A member banks 74.887,000 73.801.000
Iteaervn In mem
ber banka nnd
reaerve banka .
Heaervn In State
banka nnd truat
companies ...
Ileaerve In Btate
banka nnd truat
company deposi
tories M it rlmnnrl de-
pealta 3,804,011,000 3.844.722.000
Time depnalta .. 224.R70.O0O 232 2r..mie
Circulation .... 33,100.000
tT. S. depealta
deducted 40.filO.O0O
ACTUAL
Thla week
Piniu renervn .. tln.2S3.OIO
AcureRate rea... 512.4D7.nOO
Leans, etc
Caah In vault
& member banka
Iteaervn In mem
ber banka & re re
aerve banka . . .
rteserve In State
banks and truat
companies
ileaerve in Minie
banks nnd trust
company depoa depea depoa
terlea !t dem. depealta 3,
Time deposits ..
Circulation
U. S. Statca de de
eoalta deducted.
Raw Sugar Market Quiet
vr Yerk. Dee. 10. 1Ti .t
ket waa nuUt and unchanted iS.I mr
crop CUDB Quoted, nominally. , i U"1 "w
and IrelKlit, equal te 3.01c. .i,ic' "t
no sales ether than t if- wd.
rday. The local Mllned ?! !"
ged en the Laala e "j j,?"!
- iria
There were
tmrleil veate
waa uncHnntced
2 per cent for caah
A
Spruce 8200
Natien-Wide
Market
487,215,000 408,072,000
8,854.000
8,033,000
8,778,000
8,084.000
33.000.000
45.821.000
ITat week
1 17.1117.8(10
fi2A3ia.nne
4.305,0.14,000 4.431,2.11.000
73,310,000 71,411.000
404.057.000 SOO.200,000
Liberty Bends
Victory Notes
and
Treasury Certificates
SECURITIES DEPARTMENT
Commercial Trust
Company
MttnW Fcdml TUrre SyiUv
City Hall Square Wet
)lllllllllllllllllllllllilllllllllllllll
GARRISON &C0.
WIDENEaBLOG.
MEMBERS-NEW YORK AND
PHIUDELPHIA STOCK EXCHANGE
STOCK EXCHANGE SERVICE
lllllllllllllllllilllllllllllllll
8.884,000
8.808,000
8, 500,000 0,230.000
701,205,(101) 3,824,028.000
222.420,000 2.12.870.O0D
3.1.244,000 33. 221.000
40,558,000 40,455,000
Prices Streng en Paris Bourse
Pnrla, Dec, 10. Prlcea were ntrenc en the
Heurae today. The strencth waa due te re
ports from WnahlnKten of the adoption of
the four-I'ewera Poc'ne plan. Thp.e per
cent rentes, 05f 23c. Kxchanire en Londen,
63f. KHe per cent lean, bOf 20e. The dol
lar waa quoted at 12f U4c.
Lawrence E. Brown & Ce.
CERTIFIED PUBLIC ACCOUNTANTS
I860 HEAL ESTATE TUCHT ULD0.
InveUBaiu and aujuat curperailun anil
partnership accounts and prepara locemi
rax Rcturna.
C. S. PATTON & CO.
3D & CHESTNUT STS.
BANKERS
Successor te
BAILER ft bTEVKNSON
fiends nnd stocks hetiRht nnd soil
Members Phlla. Stock ETfhnnite
BOND SALESMAN WANTED
by llanktne Heuse. Must hae cwa
clientele. Only ena that can product
reaulta need apply. A rare opportunity
for the rlcht man. State experience and
where formerly employed. All cemmunl.
cntlena confidential. C-022, I.eilrer Off
J4I
A
H
'4 '
'A
1?
A
X
"
A
'A
'A
X
Va
X
X
X
!
l
'a
it
l!4
X
f
Va
K1
i
Vi '
Va
Va
i
yS
H '
'x
Va
a
Thua far thla week. 4,302,000 ehares.
Financial Briefs
VThe average price of twenty active Indus
trial stocks advanced 0.10 per cant yaster
Say te, 70. B0. while twenty railroads were
0.13 per cent hliher at 74.33.
I SaUe In November of the Bchulta rtetall
teres Corporation were tl. 020, &7, acalnat
II 818,28a In November. 1020, Thla ahewa
an'lncrehte of about 7tt per cent ever laat
yeirta flvuraa.
Lcharlee U Cooper and Charlea E. Pechln
tiarel become associated with Schtbener,
fcennln Ce. In tbelr aalea ercanlxatlun.
r i
Harrison. Smith ft Ce., ayndlcate rain
sVera for Philadelphia, announce that all
rfiihe 111.200,000 Commonwealth of Penn
JJlVanl K Per cent benda have bean aeld.
?Keck latand'i rreaa bualneaa for Orat aeven
dbSjht'bictrnter ararerated 20.812 carleada.
nlnat 89,031 laat month and 28,240 a year
ftiMnaxdilT. Allan haa become aaaeclated
1 WathUMT.bend department of Btreud Ce.
V sasi aaaaaaaaaaaaaaaaiai i ' "
j , BANK CLEARIN08
'Sank cltarlnn today compared with cer-
miU ...lOT.OOO.OOO I72.B85,70 tss.ess.eii
WTt. ..oes.oeo.ooo
fCSST. 00.000.000
! . ..
STERLING JUMPS TO 4.1334
Succession of New High Records
Made In Market for Exchange
New Yerk, Dec. 10. The foreign ex
chancc market this morning noted n
Huccesslen of new higher records en the
movement for sterling and francs. Lire
were fairly steady, but marks shaded
nearly a point from the best. Sterling
cables were 4.tH:K, demand 4.13V4 1
frnnr- cables 7.&1, checks 7.82; lire
cables 4.44, checks 4.43 and marks .54.
Opening figures were generally higher
with the exception of Stockholm, which
was down 2 points from yesterday's
final. A feature, aside from the general
Btrength, was a further advance In
Swiss exchange, making a total net
gain of 10 points above par.
The premium en New lerk funds In
Montreal today was 8 per cent. The
discount en Canadian funds in New
Yerk was 8 per cent. The Seuth
American exchanges were quoted today
as follews: Chile. 10 ; Uruguay, 140,
and Argentine, 3.NJ.
The Central European exchanges
were strong teday: Quotations were:
Bulgarian. .78; Rumanian, .85; Ser
bian 1.50; Czecho-Slevaklan, 1.15;
Juge-Slavlan. .30; Polish marks. .0325;
Finnish. 1.00; UreeK, 4,ai ; Austrian,
.04; Hungarian, .144.
TESTEHDAY'S FINAL QUOTATIONS
Bterllni franca Lire Oulldera
Demand 4,10 7.08K 4.88H 35 83
Cable. .;.... 4.10 7.07 4.37 35.80
TODAT'B OPENING QUOTATIONS
Bterllns Francs Lire Oulldera
Demand 4.10V4 7.77 4.42V. 35.85
Cablea 4.11 7.78 4.43 33.00
CLOBINO QUOTATIONS
Lire Oulldera
4.4IH 83.05
4.41 30.01
Philadelphia Markets
WHEAT rteeelpta. 2H9.205 bushela Mar
ket quiet at late decline. Car leta In
expert elevater: Ne. 2 red wlntur. It 10W
1 21; Nj. 2 red winter, aarllcky. (1 1101. in.
Other itradea Quoted at the following ached.
ule of dlaceunlal Mixed wheat. He under red
winter1 Ne. 3 wheat, 3e undr Ne 2, Ne 4
skinned. Plymouth Rocks, welKhlnr 5 lbs.
each or ever, 23025c; aprlna; chick
ens, net Lvsherna, medium quality.
21r22c; aprlmr chlckena. net IKhern,
Inferior. 1820c; aprlnc chlckena, Leg
horn. 1821c. old roeatera, 17(itl8ci turkeys,
fancy, 43c de. fair te geed. 40043c; ducks,
white I'ekln. L'.'iWL'lln: de. mixed colors. I'l.'it
24c. de, .Muscevy, 18020c, Keeai., 20ft2ki
uncus, yeun?. per Dalr. weluhtnir 11 ffc J
bs. apiece, 1.S03 1.00; welvhlnE 101W lbs.
per pair. 70SJ
' " $4,000,000
Tobacco Products Corporation
Ten-Year Sinking Fund 7 Notes
Te Be Dated December IS, 1921 Te Mature December IS, 1931
Authorized and presently te be Issued, $4,000,000. Interest payable June IS and December 15 without
deduction for normal Federal income tax up te 2. Principal and interest payable at Guaranty
Trust Company of New Yerk. Coupon Notes of $1,000 denomination, registerable as te principal
only.
Redeemable at the option of the Corporation at any time en 30 days' notice, as a whole only te
and including December 15, 1926, and as a whole or in part thereafter at 110 for each twelve
months or fraction thereof elapsed between that date and any later redemption date.
SINKING FUND
Frem 1922 te 1926, inclusive, Sinking Fund, payable each December 15, sufficient te retire $200,000
principal amount of Notes annually, te be applied te purchase of notes at net exceed 105 and
accrued interest; any unexpended moneys remaining en May 1 following such payment te revert
te the Corporation. If by Maj 1, 1927, $1,000,000 principal amount of Notes shall net have been
se acquired, then the Corporation is te increase Sinking Fund payment due December 15, 1927,
by a sum sufficient te retire a principal amount of Notes equal te the difference between $1,000,000
and the principal amount of Notes up te that date actually acquired. Frem 1927 te 1930, inclusive,
Sinking Fund, payable each December 15, sufficient te retire $250,000 principal amount of Notes
" annually, te be applied te purchase of Notes at net exceeding the current redemption price, or te
their redemption. ,
Guaranty Trust Company of New Yerk, Trustee.
A letter from Mr. James M. Dixen, President of the Corporation, copy of which will be furnished upon request,
is summarized as follews:
The purpose of this issue is te provide funds for
payment of the interest-bearing scrip and cur
rent indebtedness of the Corporation.
EARNINGS
Net profits for five years ended December 31,
1920, were as follews:
Years ended Net Profit
December31 afterTaxes
r
n
iru neaa. yeun?.
11. an...... KA
tun, 1.,1,0. .,uw 1.1JV V
apiece. SlQ'1,25: BUlneas,
elk-hl
old.
W&.V-I0 .UBa8' ?: .ai..a-.-2 ."h'.i..eiSS?i ""en- "" ' . S03": "
CORN ItecelDta. 6983 bushela Market
ateady at recent decline. Car leta, In expert
rmvaiur -iiu, 4, eivuici iiu. e. evunuc. tlenal lets htjc
?,, i.i..,far '?c,lJ. "T.uc ,0 ..V,"i."j.?,a' I Packed. 02W53C. de. rancy, lceJ. nec. averare
riHK JtOBMr- Ne. 2 yellow, new, 04 V4 OOSHc: receipts, 45040c: old turkeys. 4043c; fowls.
"'! .!Ly.e"?,w !,BW' 9ii?.02l?- fresh-killed, dry-picked, In boxes, weighing
OATS Hecelpta. 570O bushels. Quiet and B lbs. apiece, 33c; welablnn A lbs.. 3132ci
unchanged. Car Ieta aa te location Ne. 2 welahlnit 3h lbs.. 230270: weighing; 3 Iba..
wh,V.eA,.1?wl.?! r- 3,.,w.n!.le HW44c. sifasuc; fewla, freah-kllled. In hbla., dry-
I'LOUK Itecelpta. 500 barrel, and 1,800.- picked, welghlne 4V4 05 Iba. apiece, dry-
in iwuin, in. bhi in"""? um 4uifi, wuu- ' pacaeu, ac, ice-pacKeq, aic: weigninir 4 lta
tatlena per lOO.peunda packed. In 140-pound , "4j ,10c: welghlna- 3W Iba., 2ird24c: well!
Kl?,WLV . ' wln,r ""HBnt. .Vt?""!;"' ' lr.r Iba. and under. 1820c. Iteastlng
u..uu3u.nw, wv. . j.,Di""A u.j".i.wi cnicaens,
i,iu winier (raiaiti. eu.uvuvu. tit, ae, anon
patent, 10.7507: spring-, first, clear. I5.10Q
5.35: de, patent, 1707.35, de, ahert patent.
l7.OO0S,2Si fancy aprlnr and city mills pat
ent, family branda. S8.7SiBD.23, Itye flour.
25c
DRESSED TOULTRY Sprlnit turkeys,
fancy, dry-picked, nearby, 54055c: excep
tienal lets higher: de, rancy western drv-
mlly
fil.40.
Bterllng France
Demand J." 7.32
Cable 4.14U 7.82H
lOOOttf
I'JteviPiONB Hteadlly held, lleef, In aeta.
ameked and alr-drled, 52c: beef knuckles,
58c: perk, family, 84c: hams. H I, cured,
loeaa, 20 022c; de. aklnned. loose, 18021c:
de, de, ameked 204328c hama. boiled, bone bene
lesa 8Sc; picnic ahuuldera, a. 1 cured, loose,
Ulc, de, smoked. 17c; bellies. In pickle, loose.
lie iirekniaii uhcqii, c: laru, lC,
IIUTTKll Oulet and unchanrerf. Tk.
quotatlena. Solid-packed creamery, extra.
t'wc! lebblns sales of hlah.senclng goods.
47440Hc; extra firsts 43A044ttc, firsts!
340p, awet creamery, choice and fancy.
48H05OV4C- fair te geed. 3447Hr. fancy
brands of prints were Jebblnr at 30001c
fair te choice. 5138c. .
EOaS Klne fresh egr steady held The
quotatlena: Nearby extra firsts, 80c: nearby
fusts. 58c: Western extra firsts. Hire, firsts
50c; seconds, 40050c: Jebblnr aalea of can
dled fresh eggs, 75070c. fair te choice. 89
74c
CHEESE Quiet and unchanged. Quota Queta Quota
teona! New Tork whole-milk, flata, fancy,
22W 023c: de. fair te geed. 21022c: Ixinr.
horns, 22023ttc; Single Dalalee. 2lH028ei
goeas, 33 u zee.
Fowls, net Leghorn.
fancy, fat. yellow-skinned, weighing 5 lbs.
each or ever, 27020c; medium. nuallty, 280
zoe: interior, lsvzza: fei
enip'
Uft.iOc; weighing 3H Iba., 2iri24c: weigh-
Western. dry-picked In boxes-
4 Iba, apiece, 82c:
Weighing 4H06 Iba. and ever anlece. 34c
igning 4 ids, apiece, die; weighing 34
weighing 4 Iba, apiece, 3Zc:
Iba. apiece, 20028c; weighing
24025c: bbla., weighing 405
Jebblnr aalea of fancy goods.
i.ivri ruubTitr
lS(aS22el spring
3 lbs. aelice.
ahlna 405 lbs. and mer
apiece, auivac; roasting cnicaens, western
weighing 84 Iba. apiece, 24 02Hr; broiling
chickens, Western, weighing 14 02 lbs apiece
32034c: chickens. Western, weighing 24 613
Iba. apiece, 20033c; rnaattng chickens
nearby, weighing 4 03 lbs, and ever apiece.
31 tl 83c; roasting chickens, nearby, weigh
ing 34 lbs, apiece, 27SJ2Sc broiling thick
en. nearby, weighing 14 02 lbs. apiece.
81030c; chickens nearby, weighing 2 4 0.1
lbs. apiece, 28025e; old roosters. dry-
picked, Weatern. 21e. de, de, Heuthern, II)
020c. ducks, 32034c, geeae, 22025c.
LIVE8TOCK QUOTATIONS
rittsburah. Dec. 10. HOGS Reprint,,
8300 head. Higher. Heavlea, 17 50417 115.
n..e; i
heavy yerkera, th,150fl
light yerkera and
Plaa, 18.5008.60.
. SHEEP AND LAMDS Receipts, 100O
Tep sheep, 10.70; top lamba,
cr. yellow-
head. Higher
112.60.
Kaet Buffalo, y, Y., Dee. 10. CATTLE
Receipts, 825 head. Slew and steady, i
21 head yearlings aeld 311 Calves, receipts,
100 head, Active and ateady: 13014. '
IIOOS Receipts, 1000 head. Active. 100
25c higher. Heavy, 7 7507. H5: mixed.
17.8508.26: yerkera. $8.2508,50; light i
yerkera and plga. I8,5008.7B reughg. 10,25
00.50; ataga. 1405, '
HISTORY AND BUSINESS
The Corporation and this term includes com
panies at least 95 of whose stock it owns is
engaged in the manufacture of cigarettes and
smoking tobacco.
Among its well-known brands are "Melachrine,"
"Herbert Tarryten," "Natural," "Egyptian Pret
tiest" and "Seme Mixture" "Strollers," a lower
priced cigarette, recently been introduced te the
market. The Corporation also markets "!Zig-Zag"
cigarette papers in this country under a long-term
contract, and owns a substantial interest in
Stephane Brethers, Inc., manufacturers of
"Rameses" cigarettes.
THIS ISSUE
These Notes will be direct obligations of the Cor
poration; the mortgaging of the Corperatiqn's
property will be restricted by the Trust Agree
ment in which the Corporation will also covenant
(a) te maintain currents assets, as defined, at
least equal te all indebtedness, including these
notes, and (b) net te pay dividends (except stock
dividends) en its common stock if thereby current
assets be reduced te less than twice all indebted
ness except notes of this issue outstanding, or if
thereby the net current assets, after deducting
all indebtedness, ether than these Notes, be
reduced te less than Vz times the principal
amount of the notes outstanding.
CURRENT POSITION
The Corporation's consolidated balance sheet as
of October 31, 1921 (without giving effect te this
financing) showed current assets of ever
$11,500,000 and total liabilities of about $6,560,000,
including $1,652,108 interest-bearing scrip matur
ing quarterly from August 15, 1922, te Novem
ber 15, 1923.
1916
1917
1918
1919
1920
$1,571,961
1,936,994
2,186,321
2,176,507
2.411,094
Interest
Paid
$187,392
59,396
223,621
367,562
568,582
Balance
$1,384,569
1,877,598
1,962,700
1,808,945
l,842r,512
Net sales have shown satisfactory growth during
this period and, as with ether tobacco companies,
its business in a healthy condition.
The average Net Profits before interest deduc
tions but after Federal taxes as shown above
amount te $2,056,577 per annum for the five-year
period, interest charges for the period average
$281,310 per annum. Inasmuch as the present
financing will fund existing "short-term indebted
ness, present interest charges will net be mate
rially changed thereby. The results for the cur
rent year indicate the stability of the tobacco
business in periods of industrial depression, net
profits for the first ten months of 1921 having
been at an annual rate approximating these of
EQUITY
Dividends have been paid regularly en the Cor
poration's cumulative 7 preferred stock and
dividends, in cash or interest-bearing scrip, have
been paid en the common stock at the rate of $6
per share per annum since November, 1917.
The market value of the preferred and common
stocks of the Corporation as indicated by current
quoted prices approximates $17,000,000.
100 and Accrued Interest, te Yield 7
When, as nnd If Issued and received 1 by us subject te approval of counsel, it la exnertprt w a ,.
Guaranty Company of New Yerk
421 Chestnut Street, Philadelphia
We de net guarantee the etatementt, and figures P0rentefabirln' bUt they " "" rrem wWcli
we believe
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