I' 6
r
,.
nj .,,,
1 c , I iH
- i ' .... i . i i . . . . .. -J ..
s-ty
.f
iP.
$11
1
te.j
III)
'Kit
I Ml I'
HJB-
UJB
i
N
m
m
K1
W.i
a -
. . .'.
City of Pelotas
5S, 1911
CHINESE
Reorganization
is, 1913
t
Norway '
3-3m,s-4s
Grand Trunk
Lake Superior Section
Mountain & Prairie Section
4s, 1955
OILS 10 COPPERS
LEADING
F
EATURES
" sasavss aHtan saw wa sssass. smsmsin spa sassiaaaasM sa mmm HHMntfMMWlaKMla,HMVW
NEW YORK STOCK EXCHANGE TRANSACTIONS
! i. , , .
I) V.
In t
Cassel, Nunes & Ge.
imfcr .V. V. Stock Exchange
60 Broadway New Yerk
Telephone Bowling Green 5963
Sign
mg of the Four-Power
Treaty Regarded a Con
structive Event
TP7E OFFER the six per
" cent bends of a Seuth
American State te yield
7y2 if held until ma
turity in 1926.
The semi-annual sinking
fund has already' drawn
about half the issue at
par. The possibilities of
profit, therefore, are ex
cellent. These bends are payable
in New Yerk in American
dollars.
Full particulars en ap
plication. We invite inquiry en all cur
rent investment subjects.
HARPER &TURNER
Investment Bankers
lltmbrn of Philadelphia Stock Bxchome
Stock Exchange Building
Philadelphia HMdm
crantfn.
Our
"Blue Boek"
of Independent
Oil Stocks
Jut tff the Pnu
It discusses upwards of
80 cempanies: their his
ery. earnings, dividends
ocatien; up-to-the-mlnute
Sand for a copy free
Ath for 11S-K
DUNHAM ejn
F Investment Securities
43 Exchange Place, New Yerk
New Yerk. Dec. 13. Washington
'nirnln supplied the constructive develop
ments In today's stock mnrket. The
signing of the Pour I'ewcr Kntcnte
Trenty wns the biff happening of the
tiny. As te Its being n consequential
factor In the stock mnrket wns n ques
tion open te wide discussion. In gen
ernl characteristics the dnj's mnrket did
net differ csu.entln.lly from ntiy of the
recent dnlly v performance. Trading
continued cenHpleiinu-lv of the special
ised type by which procedure the cop
pers were nhle te retain their prom
inence and the next feature wns the ap
pnrent concerted drive against the short
interest In the oils, particularly the
Mexican Isues. Mestlj elsewhere the
operations were colorless.
Ilecnuse of the wide Interest mani
fested in the dlnlnmntle linitnciilnes nt
. ' ' ... ..i . i
paid nt the moment tn ether ernri. Vnr
the geed of the market possibly It It
well such is the ense, ns some condition,
of domestic nature nre anything but
"iiciiiiiiijjInR. 'I liis Is particularly true n-
, r,i uiisinies. in wnieli a reaction of con cen
isldernble extent npparentlv hns been
sustained. Hnllrend traffic Is reported
te be falling off shnrph in nil direction.
' While this is sensenable, It nevertheless
docs net groove In well with the con
structive program.
, The political happenings nt Washing
ton premise te bring a speedy adjust
ment of the tnnglcd foreign situation,
and which In turn will undoubtedly
bring far-reaching tmp-evement In our
commercial relations with Kurope. Pos
sibly It is these far distant possibilities
the market Is discounting, but the sur
I face developments mere streuglv suggest
personal Influence and manipulative in
fluences by peel activities.
Profit-taking in the leading foreign
exchanges caused sharp recessil)n recessil)n
frem yesterday's substantial edvnnccs
.Sterling reacted another two cents ami
the French, Italy and German rate
were lower by fi te It! points.
Aside from the further strength f
metals and the heaviness nt I-?nrnrwnii
oils, changes nt the opening were in
significant. Trading was In moderate
volume nnd only a feu- of thn mnn!
speculative favorites were quoted with
in the hrst half hour. Heynl Dutch re
acted cue point. ltcperts that the
Mexican Government had decided tt
abrogate the higher expert tax en oil-
.ude that group the center of interest
before neon. Mexican Petroleum re-i
! twnts nnd gains of 1 te 2 point'
were made by Pnn-Amerleen,"Ocnern
Asphalt, Housten and Standard OH of
California. Teppers and kindred shnrc.
Improved their early position, Federal
Mining and Smelting common and pre
ferred scoring the greatest gains
Keplegle, Vanadium, Virginia Iren.
American Car nnd tobacco and chain
-tore specialties also improved. The
only rails te show even medcratt
irength were Chicago and North-
estern. Illinois Central nnd New
.erk, Chicago nnd .St. Leuis.
Commodity Markets
StvgJwSfi i
1WE OWN AND OFFER
Terente. Hamilton Si llufTnle l
1st Vs 1010 II
Mohawk St Mulene
1st 4'b 1091
Atlantic & Yadkin
1st Vh 191!)
Carthace & Adirondack
1st Vn 1981
All nre rntrrf A A A by Meedy
This Is the hlKhrxt rutins.
WiDtNtR Bloc, Philadilwa II
HtmitrtPUaaWfJJtamd
NtwYet Stock Ejcaat-
- srsTOM mtacTM. k-i. (
GRAIN MARKET
Chicago, Dec. 1.1. Wheat started Vi
lower for December, -"Ki te off for
May and te cheaper for July.
There wns general selling, In n small
way, nnd buying support was lacking.
The cash market was easier for red and
steady for ether grades.
Cern started Vs t" lower with a
light trade, but with euying support
lacking.
Oats opened te lower, with
scattered commission house selling.
Trade was light!
ftnsiirea
n
COTTON MARKET
i New Yerk. Dec. 13. Notwithstand
ing the shock produced by yesterday's
big Government crop estimate, the rot ret rot
ten mnrket this morning presented a
steedv undertone, with first prices 4
points higher te 1) points lower. The
outside selling pressure which had been
' expected failed te materialize in any
volume, and with cables better than had
been due and Liverpool n geed buyer,
esterday's short sellers were inclined
te cover. After the start, the market
was active and Irregular, but generally
teady. New Orleans was the chief
e'ler. There were eight notices Issued
curly.
Iteeelpts at the ports for the day
nre estimated at .10.000 boles, ngnlnst
.'!(?, ."0 bales a week age. 4.1, "'' bales
a year age and 41.02S bales two years
a co.
ifRt. '-Jes' 'pn
.. 17 40 IT 40
.. 17 IS 17 10
.. 17 IS 17 us
.. 17 no M (M
1(1 .VI 1H e,u
l9
Proven
Public Utility
Bends
Baker, Ayling & Yeung
JOSEPH W. BIVAIN. Jr.. Mannrer
Land Title Bid.
Bosten
Philadelphia.
December . .
January ...
Mprch.
i May
July
October m "
1 I'. M
lil'fis
111 S I
Hi 7s
ll! 87
Sales
101)
100
1800
100
tee
400
8000
100
200
100
100
5700
100
100
300
400
100
200
3200
200
200
000
.100
300
200
100
200
400
tee
300
700
100
100
100
800
200
700
100
.100
(100
,100
me
200
24m
loe
400
loe
loe
200
M00
10300
1300
MOO
100
172 'I
100
100
210
200
000
1000
200
100
00
200
200
300
"100
700
3100
1200
100
400
200
100
100
800
S00
210 .
4200
800
100
300
100
700
300
100
1000
000
2700
200 '
200
21100
3C00
600
100
4200
100
300
1000
300
200
200
200
300
1200
A 4 00 1
C100
U0O
GOO
100
1000 2
S3 100
300
300
100
700
100
100
MOO
000
000
3700
SE400
eoe
400
100
1200
200
i;oe
100
MI0
.100
100
A0I)
100
200
200
200
WANTED
orrKiirses or
Lit Bres.- Stock
Huntingdon and
Bread Tep 5's
FOR SALE
Stanley Ce. of America
"A" and "B" Stock
H. F. BACHMAN & CO. '
11ANKKHH
Aemerrs
Jt'em Yerk Stock Exchange
Philadelphia Stock Exchange
1125 WALNUT STREET j
PHILADELPHIA I
'".' " ; ip r Aiirimirii tii"
Hpillllllllllllllllllllllllllllllllllllllll
mmt.
' MMLiNI
GARRISON &CO.
WIDENER. DUDG.
MEMBERS-NEW YORK AND
PHILADELPHIA STOCK EXCHANGE
NEW YORK COFFEE MARKET
New Yerk, Dee. 13 Shortly before
the opening of the ler.il exchange, Itle
was reported by speeinl cable ns being
''2." te .17."i reis lower . nd Santes off
WO te .12."i rels, this having influenced
early realizing, bringing about an open
ing unchanged te n 7-pnint decline.
There wns falrlj active trading In Sep
tember. with buificlent speculative
demand fee this option te held the price
i unchnnged.
The renctien nt Rie and Santes
prompted further liquidation en realis
ing in the market here at midday, with
, prl es slewiv working te lower levels,
December having sold off te ,S0Cc,
March te S.!t."c. May te S ROc, July te
i S.S4c. nnd September te .S.POe, or 4
. te Kl points below the best point of the
call. "
Prfv Clese Onen
rn rr i . n nirft ft nA u nurn eu
Mnv SUM On nil S.dlftsu.l
July SUStiHflU S.II2&K.03
LIVESTOCK QUOTATIONS
Ka lluffale. Pt-r. 13, CATTM7 Re-
'elpts. 'J75 hfil Hieailv. CaUci, rf-clatu
We hel atnuly. 3i13.
HOOri Itfcslnts .moo hdncl liirht. 2'ir
lilher. heavv. liilHia lower. h-uy J7 .lnii
7 flue mlx'il l"Biii yerkers. l 21, Uuht
yerkers and piss 8 S08.7.'i. reuxhs, IHfji
0 2fi stags, H'4j. y
SI1KK1' AMI IMHS Iteee'pu,. moo
head. Lumbs. HSc hlKhur, lambs, 312,i)e
rittnlmrih. D"- 13 ItOd.s nuee'pts
: 7)0 head. Steady. Hml, 7 25'i7S.'i
heavy yerkers. JS lOtfs 15. (Ik'ht yerkers and
p!s. 8.2Ss SO '
SHKKI' AND I.AMUS Ilecelpts 1300
head Steady Tep sheep. 10.60, Up lambs,
rAI.VKS necelpts. 100 head. Steady
Tep. J12 B0. -
BANK CLEARINGS
Hank e'rarlncs te(ia. compared with cor cer cor
espendlni.'. day last two -urs
1021 1020 mid
Phlla . 107.000,000 180 018,1120 1112 'i7ll 2711
v y s.in bee eim (i.is.bsi r.ni i,sst nnTiA
ilosten. BU.00li.IIOH 57.3An.il40 112 803.73s
U. S. Certificates and Treasury Notes
niil Asked
ItlKh
.. Advance rtumely .... 11
4 Air Iteduetten ....... 4V4
.. Alax nubber 1M
.. Alaaka Oeld Mines... V,
4 Allied Phem & Dye... 7H
7 Allied Chem A Dye pflel
4 Allls-ChalmeTS 30yi
7 Allls-Chalmers pf .... 80
.. Am Agric Chem 29 H
.. Am Meet Sugar 2S
4 Am 11 Shoe Fdy new. . 54
Am Can 3Jy&
.. Am Can pf tli
12 Am Car ft Fdy 147
Am Chlcle 1.1J4
.. Am Cotten Oil 22H
Am DruirSmdlcate... r
1 Am Kxprcss 131
.. Am Hide. & leather. . uy2
.. Am Hide ft Leather pf 7
7 Am Ice 7414
.. Am Intemat Cerp... 41$
.. Am Linseed 20
7 Am LInseed pr 57$
1 Am Locomotive. 0814
.. Am Safety lUrer.... H
.. Am Sh'p ft Cem 04
.. Am Smelt 40fi
7 Am Smelt pf 80
12. Am Snuff 114VS
3 Am Steel Foundries.. 344
7 Am Steel Fdys pf . . . . 85
. . Am Sugar a4M
7 Am Sugar Rf pf 84Kj
Am Sumatra 30
7 Am Sumatra Teb pf . . ORyJ
0 Am Tel ft Tnl llfiH
12 Am Tobacco 134M
12 Am Tobacco B 1204
7 Am Woolen 82yi
7 Am Woolen pf 101 54
.. Am Zinc Lend & Smlt 12 2
.. Am Zlne Lead ft 3 pf 38
Amcen la Copper .... "
fl Asse Oil 09 M
e Atch Tep ft Sante Fc. 00?
5 Atch Tep ft S F pf . . . 80
.. Atlanta nlr ft Allantlc l'5
7 Atlantic roast Line.. WV2
.. Atlantic Fruit 2i
.. All Oulf SWISS.. 331J
. . Atl Oulf & W I S S Pf 23 Ji
.. Attintlc Tet 22M
3 Aute Sales Cerp pf... 13V4
7 Halewtn locemotlvo.. 97
7 Baldwin Loce pf 104
.. Baltimore ft Ohie 3.54
4 Baltimore ft Ohie pf . . 53
.. Bamsdnle Class B... 1014
fi Bethlehem Steel 5i
Bethlehem Steel B.... 58 yi
7 Bethlehem Steel 7.. 91yi
8 Bethlehem Steel 8 pflOOyj
.. Beeth Fisheries Hi
7 British Kmp St 1st pf 65
.. Brklyn Bapld Transit 7VJ
.. Brklyn R T ctfs of dep 5
7 Bush Term Bids " 88'4
10 Burns Bres 117JJ
. . Butte, Copper ft Z'ne , 0
. . Butte ft Superior Cep, 10
. Cndde Central OAR. 11'4
fi California Packing .. 60yi
. . Callfern'a Petroleum . 44
7 California Petrel pf... 85
2 Cnlumet 4 Arizona... 50
2 Ca Zinc A Lead 7
10 Canadian Paclfte ....121J4
. . Carsen Hill Mining.. 13J4,
.. Central Leather 31
.. Cerre-de-Pasco 30'i
8 Certatn-tecd Pr 1st pf 85
0 Chandler Meters 48VJ
4 Chesapeake ft Ohie... 5CJ4
.. Chi ft Kill (WD 10
.. Chi Kill WIpf 3GH
.. Chicago ft Gt Weet.. 7
.. Chi M lwaukee ft St V M'A
.. Chi Mil ft St V pf 33',
5 Chi ft N'erth western.. 7
7 Chi ft Northwest pf..l00
.. Chi R I ft Pae 32
.. Chile Copper 15
.. Chlne Copper 20yi
. . Clev Cln Chi ft St L. . 50
. . Cluett Peabody 40
4 Cora-Cela 424
.. Colerado ft Southern, lja
0 Celum Clns ft Utee.... "SJ's
.. Celum Graphophene. . 36
.. Cel Graphophene pf . . 13
4 Cemput Tan Records. 40 J
. Consolidated Pis Ins. 1
7 Consolidated Cigar pf 54
.. Consolidated Textiles. 1
B Cern Products Ref . . . 03y,
00 Cosden ft Ce 34 yj
4 Crucible Steel 00
.. Cuban-Am Sugar .... 13 Ja
,. Cuban Cane Sugar pf. 14JJ
4 Davisen Chem'ca! ... 62
30 Debecrs Cens Mln Ltd 10
0 Delaware ft Hudsen. . 107 '4.
Del Lack & Western. HI W
1 Deme Mines 18?4
0 Emersen-Brantlng pf. 10
n Endlcott-Jehnson .... 80J
.. &!e 11 t
.. Erie 1st pf IB
3 Famous Players L.... 70y4
8 Famous Players L pf. 80Je
.. Federal Mln ft Smelt. 12
4 Federal Mln ft Smlt pf 40H
.. Flak Rubber 104
,, Freeport Texas 14 n
.. Gasten Wms ft Wig.. 'A
2 Gen Am Tank Car.... 54 'i
General Asphalt . . . . U'
e General Asphnlt pf...l05
0 General Cigar 08 Vz
n General IClcctrlc .. ..112
1 General Meters 11
.. Goedrich B F 30 1,5
. . Granby Consel M ft M 30
7 Great Northern pf... 75yJ
4 Great North Ore ctfs. 31
.. Greene Cananea Cep. 2S
.. Ouantaname Sugar .. l
.. Gulf State Steel 40
100 1.80 Hahlrshaw Kl Cable..
4 Haskell ft Barker Car Hl',i
. . Homestake Mln.nff .. 55
. . Housten Oil e2?S
1 Hupp Motorcar HJ4
. . Hydraulic Steel fi
7 Illinois Central 00 y2
. . Indian Reflnliier Vi
. . Indlahema Ref 4yj
, . Inspiration Cen Cep.. 3054
. . International Cement. 27 -4
. . Inttrb Cen Cerp l'4
. . Int Agricul Cerp pf . . . 35Je
7 Int Harvester new... M2!
Int Mer M.ir ne . . l&H
a Int Mer Marine pf . . . OH
. . Internat Motertruck.. 20
7 Int Motertruck 1st pf 73H
. . Internat enal Nickel.. 1-JS
6 Internat Nickel pf.... 70
. . International Paper ..514
. . Invincible Oil Cerp... 12
. . Island Oil 2J'
, . Jewel Tea 12
000
400
8000
800
300
100
200
.-iJII
200
300
100
700
500
200
15011
600
100
GOO
200
3000
000
1000
300
11
45!4
ll"4
H
57H
100ft
384
80
214
28
54
324
95
147
13 H
22 1
!i
131
13
57 j;
7414
28
57
08 U
M
6 5
404
R0K
114
34
95
544
84H
294
08
lliU.
1344
120
82
10414
2V4
38
40
0!4
004
80
154
88 yj
2
32
23
22 M
13'4
5J
104
354
53
10l
541,
58
015
1005
0K
55
7 5
6.
881
USTs
64
18 14
115
r,9
434
85
50
7
121JS
13
30 J
30 5
86
45 '4
5C'4
15 4
3CH
7
104
33
055
105
31J
14&
284
40 J's
40
41 Vk
41 Jb
05
314
13V
tow
I
63
14
02 5
33 J
0454
134
UJi
524
10
1075i
111
184
19
sr-n
115
lr.
75 J
804
ion
30
104
'A
54'
1104
105
(185
142
11
30 14
30
754
315
28 5
04
40
54
815
65
815
11J
0
095
O'i
A
30 Ji
27 5
15
35
82
15
044
28 Ji
734
12J'a
70
53
"Ji
2Ja
114
Net
ChRs,
1 80
1 if.
11
46 U-!-
104-
5
604
.101
354
89
54
33 J
95
1
13 54
224
554
131
1454
67J4
74 H
41 -
29 -674
08 14
44
54
4H
-3414
06 -544
854
30 -
08 -11054
824
10414 125-
38
40 -
004
004 8B -
88V
24
33 U
23Ji
224
1354
97
104
334
53 -1054-
54 5i
58 !
015 1005
7yi-
55
754
6H
885-
1174
15
10
"5
00 -43J4-85
50
7
12U4
131,4
314
30 54
85 4SI4
50 .
15 .
20 yA .
33 -
r.74 2H
100 1
31 Ji
15
25'
30
47 -
42 V4
41J4-
65 J4-
34
135
40J4
1
53
14
031s
34 14 J
00 13J4
IB
10754
11U4
10
801
"54
10 -
70--804
12
404
1M
144
A
645
(17 105
8V
142
11 -30J4
30
75 Ji
-
114-
40
4
815
55
82 54
11J4
n
954
30 Ji
2754-
n
35 Ji
82 -15
-
0054
20
734
12J4
70
835
12 -2J4
115
'i
1
1
54
W
i
154
Vs
H
54
54
54
"'A
u
54
Ji
'
"'
H
54
l
54
54
4
54
54
54
"
2 54
"4
5;
54
1
4
'
254
154
1
"V4
154
H
'
54
54
4
1J4
54
1
54
54
54
'4
54
5
4
i'4
1
1
H
54
- 2
54
H
i
'A
54
54
54
54
y
"A
54
'i
'
H
e
2H
54
54
"v
54
5
154
'?4
5-4
IK
i'A
154
54
5s
'54
'l4
A
2
'54
v
5
54
54
Sales
600
1000
100
200
2600
100
1800
2000
700
300
ion
100
1200
100
200
100
600
200
100
200
200
300
100
1200
60500
100
1300
7700
100
200
100
60
100
100
200
100
100
200
100
100
100
100
100
100
300
130
200
100
100
200
1100
"100
100
200
300
1100
600
400
200
200
2000
33000
" 8000
100
100
200
1600
100
700
300
400
200
100
300
3000
100
100
4500
400
100
100
100
3000
1600
200
4600
2500
4100
100
1500
3100
1200
200
8300 fi
1100
1000
200
100
2500
100
C100
500
500
400
10800
100
2300
200
2000
2800
2000
100
0200
500
400
100
100
2100
9100
5100 2
300
5100
400
5J0
2700
1110
300
1800
800
200
100
100
300
5100
100
800
(300
400
6200
1400
13200
300
6200
3100
100
100
100
100
1300
400
S00
500
1600
400
2400
100
1500
3700
100
200
800
niv.
In t HlKh
.. Jenes Bres Tea 3054
. . Kansas City Southern 23J
4 Kansas City Se pf . . . . 54
.. Kansas A Gulf 74
4 Kelly-Sprlngfleld Tire 43 J4
fl Kelly-Spg Tire 8 pf 02
8 Kcnnecett Copper ... 374
.. Keystone T A 11 124
.. Lackawanna Steel ... 45 J4
a Lee Rubber Tire 2B54
3.60 Lehigh Valley 59
12 Liggett A Myers 101
. . Lima Locomotive .... 05
. . Loewn Ce 14 54
7 ieulsvllle A Nashville. 10S
7 Manhattan Kiev guar. 34 54
1.75 ManhattanShirt .... 30 y4
.. Market St Rwy pr pf. 304
. . Market St Rwy 2d pf . 7
.. Mnrlln Oil 20
. . Math Alkali 20
.. Max Moter Class B.. 1354
.. Maxwell Moter ctfs.. 154
8 May Dcpt Steres 103
12 Mexican Petroleum ..1204
B Mexican Petroleum pr R7J4
2 Miami Copper 27 J4
1.20 Middle States Cerp... 16
.. Mldvale Steel 284
.. Minn ft St Leuis 05
7 Minn St V ft S St Me. 67J4
7 Minn St P A S St M pf 93
.. Me Kansas A Texas.. 154
.. Me Kan A Tex pf. ... 24
.. Me Kan A Texas wl, 854
.. Me Kan A Tex pf wl. 23(4
.. Missouri Pad no 174
.. Missouri Pnclflc pf. .. 4554
1 Mentana Power. 60
. . Montgomery Ward . . 13
7 National Biscuit 1274
.. National Cen ft Cable 154
6 Nat Knam ft Stamp,. 40J4
0 National Lead 87
.. Nev Cen Copper 154
UNO Tex ft Mex 50
5 New Yerk Central... 73 5
New Yerk C ft St L. . 5854
N Y Chi & St L 1st pf 71
6 N Y Chi & St L 2d pf. 61 5
.. New Yerk N HAH.. 14
2 New Yerk Ont ft W.. 21Ji
7 Norfolk ft Western... 07 54
.. North American ctfs. 44J
. . Ne American pf ctfs.. 40
7 Northern Pacific .... 795
.. Okla Pred ft Ref 354
.. Ontario Silver Mining 44
2 Orpheum Circuit .... 145
.. Otis Steel 95
.. Pacific Oil 404
6 Pnn-Amer Petrel .... 56 ji
0 Pan-Amer B 515
.. Panhandle 12 5
.. Panhandle pf 78
.. Parish ft Bingham... 154
2 Pennsylvania It R.... 334
.. Penn Seaboard Steel.. 104
.. Peeples Gas Chicago.. 674
.. Pere Marquette 214
.. Ppre Marquette pf . . . . 055
6 Pere Marq prier pf... 65
3 Philadelphia Ce 324
.. Phillips-Jenes 75
.. Phillips Pet 335
,. Plerce-Arrew Moter.. 14 54
.. Plerce-Arrew Met pf. 344
.. Pierce Oil 134
8 Pierce Oil pf 70
8 Pitts Ceal 054
6 Pitts Ceal pf 02
.. Pend Creek Ceal 154
. . Producers Refiners 34
8 Pullman 108
.. Punta Alegre Sugar... 2054
2 Pure Oil v 406
.. Ray Cen Copper 164
4 Reading ..'. 725
2 Reading 2d pf 435
. . Rem'ngten Typewriter 20
.. Replogle Steel 30
.. Republic Iren ft Steel. 634
.. Republic Meters 64
.20 Royal Dutch N Y.... 52 54
.. St Leuis San Fran... 215
. . St Leuis Seuthewest pf 32
.. Santa Cecelia Sugar.. 14
. . Savage Arms 10
.. Saxen Moter 2 J
.. Seaboard Air Line.... 354
.. Sears-Roebuck 57J
.. Seneca Cep Cerp 234
. . Shattuck Arizona Cerp 8 5
.74 Shell Transport 394
.. Snclair OH 234
.. Sless-Shefflcld 38
0 Southern Pacific 80 14
.. Southern Rail ...... 18 Ji
. . Southern Railway pf . 40
Standard Oil of Calif. 02 54
standard oil of N J.. 188
Stand Oil of N J pf. ..112K
Studebaker 815
Submarlne Beat Cerp. 44
Superior Oil Cerp.... 7 5
Superior Steel 2054
0
Temter Cern & F "A"
Tenn Cep ft Chem...
Texas Ce
Texas G Sul
Texas ft Pacific
Texas ft Pae C & O.
Third Avenue
Tobacco Products . . .
Transcen Oil
Trnnsue Win Steel..
2 54
10c
474
344
235
25
14
50
"4
32
10 Underwood Type writer 130
Union Oil ; . 10Ji
Union Pacific 127 54
Union Pacific pf 7154
United Alley Steel.... 2514
United Drug 88
United Fruit 127
United Retail Stores.. 625
U S C I P , Fdy pf., 625
U S Feed Products... 1U4
U S Ind Alcohol 41
U S Realty & Imp... C2J
U s Rubber 554
U S Smelt ft Ref 38 5
U S Sttel 84ti
U S Steel pf 113
Utah Copper 65 54
Vanadium Cerp 335
Va-Car Chemical 2054
Va-Car Chemical pf. . 72
Va Iren Ceal ft Ceke. . 88
Wabash 04
Wabnch pf A 20 JJ
Western Maryland ... 0
West Maryland 2d pf. IB 54
Western Union Tel... 02J
WcstlngheusB B ft M. 515
Wheeling ft L B 75
Wick Spenc Steel Cerp 104
White Moter 40
White OH Cerp 12
W.llys-Overland 0
Wilsen ft Ce 28
8
7 Wilsen ft Ce pf 0j
8 Woolworth F W 120
Ex -dividend.
3654
2354
64
m
426
92
26K
1254
45J4
25i
69
161
1454
108.
3454
3654
364
7
26
20
134
154
1005
11654
87J4
274
1454
384
65
6754
93
15
24
854
23U
174
4554
59
l$7J4
154
4054
87
15 J4
69
734
58
71
0154
1.14
21Js
0714
44 Ji
40
79
3
454
1454
05
45
52 J4
4854
12 54
78
1454
3354
10K
66 5
2154
05K
65
32 H
74
33
1454
3K
13
68 K
054
02
154
324
107
29
396
1554
7154
4354
2854
28
5354
e4
515
2154
31J4
154
10
254
354
554
236
8K
39(4
22 H
38
704
184
445
014
180
1134
80
454
78
254
254
105
47 J
33'-
23'4
284
14
58 5
116
32
130
106
127
71
25 54
68
1205
51J4
625
1054
39 5
02
516
30 5
83
112 J4
04 54
32
2054
72
88
66
20 54
0
15
024
61
'54
IB
40
114
54
28
65 54
124
1 :30 Net
p. M. Crura,
JO 54 '
23 Ji H
5
7J4 .. ,
43J4 K
921
374 U
124 4
45 J4- 54
39J4 54
59 54
1(1 1
943
14y4- K
108 - 54
3154
3654J- 54
364 K
7 j..
26
20 J4
13V4 54
154 ..
1024 'K
11054
87J4 14
374 54
14K V
284 54
0V4- 54
67J4- K
03-54
154 -.
3K Vs
854 ..
3354 ..
17K- H
45V4- 4
50
13
127K 2K
154 ..
40J4 1J4
87 54
1654- 54
50 - H
73K- W
5854 1
71
6154-
14
21 Ji 4
9J 54 1- 54
44 J4- 54
40
70 14- 'A
3
44 M
1454- 54
054- 54
46
66J4 454
5154 3J4
125 ..
78-5
14 54- yj
33J4 - 5i
106 'A
574 154
2154- 54
05 H- 54
(15-54
324
746- 4
33 K 54
1454- 54
344 54
1354 54
70
65 H 54
02
15K- V
34 54 1
108 154
29
304- y
154 '4
734 14
4354 54
284 5
20 15
534 4
04
5254- 'A
215 ..
32 H
15- 54
in
254- 5
354- 54
6754 Ji
234 .
86 6
395- 154
234 -.
38 5
8 54 54
184- 54
46 1J
02 154
1804 14
H2?6 i
81 '
454 5i ;
?54 54
20 5i J
2 54 54
10K 54
47-! 4
346 K
2354 .
20 54
14 yj
59 y3
116 -.
32
130 -f- 5
10J4- 14
12754 54
7154 1 54
235; i 54
0h - '4
120 5 ..
52 54- 6
52 'j- lj
104- 54
41 14
C2'4- 4
658 1J4
385 3
84J4 6
113
045- 4
3354 1
2054 . .
Ti 154
88 -f 1
e?4 54
20J4 4
,? J
15 54 y2
02 K- 54
514 J4
7 5 ..
104 yt
lK-"!4
0
28
05 54- ?4
12(1 JTJ
STORAGE Hi
EA
NEW TOP
Amerlcan Steres Issues Alse
Break Inte High Ground
for All Times
Electric Storage Hattery retained the
leadership of the local mnrket, scoring
a new high price for the yenr nt 127.
The advancing queTntlnn- wns nccom nccem
pnnled by a marked broadening of the
dealings and at the snmc time suggested
a little short of an urgent demnnd.
Whether this reflected covering of 1111
evcrstnyed short interest, or whether It
u-nn tinner! Iinnti elnwn (nfnrinn tlntl rft.
carding the company's affairs It would
be difficult te tell. A scant supply of
stock was the one thing certain.
The tone of the genernl "market was
also decidedly stronger and there ap
peared te be a widening Inquiry 11IL
through the list. The American Stores
again shot Inte prominence with fairly
heavy trading in both the common and
first preferred. Hefh likewise established
new high record prices. The common
touched 8,r, or 12 points nbeve the pre
vious high, while the first preferred
renche-i "" - night gnins in each
issue of Vfy points.
U. tt. i. . ere In better demand
the common gaining r,s, te 40, while
there was quiet accumulation of the
preferred at fiOiJ. On the ether hand,
Philadelphia Itiipid Transit wns In mod
erate Fiinply, yielding te 17Vi. hut Un-
ilnn 'Irnetlen lmnreved fractionally at
.14 V4. The Philadelphia Electric Issues
were neglected. Pennsylvania Kniiienil
was again fed out Indicating the sell
ing mevctnent hnd net yet run its course,
notwithstanding reports te the contrary.
The stock, however, was well taken nnd
was successfully pegged at .14 Vi.
Philadelphia Stocks
Net
chtte.
Mi
4V4
4Mj
A
1 4- 7
1:15
High Lew V. it.
nOtAllls-Chal H'J Jilt HO
640 Am Stores. M 8tV, 85
374 de 1st pf.11.1 100 1121,4
fit Am C&F.147's 147 147
lOtAm Loce. !)8' OSVj IlSVj l'l
lUTAm sraitg 4.uy8 -Jey8 40
itiTAtciiisen.. ll ui U
0 A ... mr.m imfi im.-. nnr. I r.
- ."in iKj.inr;s iu'VS "U'iBT VS
2jtAtlen Gulf .1214 .121 .12 V4
aiiT'ai(i j.oce sm i'O
23t('linn Mtrs 47 47
aiOtChllc Cep 15
COtCub O Su
pref.... 15 15 15-f
121)0 Elec Ster.127 125 124-laT
fiOtFcdern!.... 11 ll'u .,n4-17Z
lOOtFam Play 7(1 70 l70 U
lOTi- reept Tex 1-1
10 (Jen Asph 07
.lOtGen Mtrs. 11V,
lOtllupp Mtr 11
5 In Ce X A H.
lOtlnt Paper 51
00t Lee Hub. 20M
lOtMarl'd Oil L'lUi
mi y,
47 4
14 14
1 I ll
1-178
117
114
11
53
20'4
O'-s
Vi
14-f U
07 1
HV4
U
31
53-f.
2fVl
1
20-
370tMex Pet. 120 115 ll!)i4-4
vt.ui.-irm . op c;h
15tSI Ktn Oil 147i
fiOt.Midvnle... 28-Vj
lOOtMe Pac. 17T4
SOfPac Oil.. 40
lOOfPan-A Pet 5.114
00 tde U ... RQ
774 IVnna It It 3.1
10 Penn Cent
Light pf. 40
30 Pcnnn Salt 00;5,
5 Philn Ce
cum pf.. 30
70 Phile Elec 24
07 de pref. . Ii7',
325 I'hilu H T 17"
KlOtPred & U 33
fifltllyl Dutch 52V,
lOOt Head 1st pf 42f.
25tStL & S
W pref. . 32
20tSlnclair... 22-4
10tStudebal;r 80
5nt Seu th Pac HWt
25tTexns Ce. 47 V.
130tTex&Pec 23
340Tone Ilel. 114
HOtTrnns Oil 11
20tUnlen Oil 20 "
3S5 t'n Trnc. 34V,
485 V C, I.... 40
148 de pref. . 50 'A
20tn S Steel 84
25tAanadium .1.1
25t White Oil. i:
20tYerk H pf 32
14-1,
2Sr,
17
40
5.1 4
50
3314
40
00
3 fl
24
27'(.
17M
33
52 V,
42
32
224
80
7ny,
17 V,
2.1
1
11
20
34
40
50 V.
84
.1.1
12
.U7l
S
27
14-T. V,
28 V
1T-
40 ..
5H4
40 V y.
! Vi
30 ..
24..
27..
17V,
'13
121,
42..
"LONDON" Credit Insurance
-Is a Monitor of Business
DURING? the recent uncertain nnd
squally business conditions
''Londen" Credit Insurance proved te'
be a tremendously powerful influence
for the steadying of business.
The mere fact that you carry a Credit Insur
ance policy In the "Londen," .ha a most
beneficial ejTect en your rjebters- The arms
of the "Londen" arc long and. iu resources
are enormous. A.nd these facts, once appre
ciated, dfjeeurage recklessness in buying and
exploiting, nnd steady things generally.
Yeu can no mere afford te be without
"Londen" Credit Insurance than you can fire
or life Insurance for net one of your debtors
is proof against failure any mere than against
fire of death.
Today Is the day te ask our egency for partic
ulars. There's no obligation.
OURSUPE1V
SERVICE
Lesses Paid In
American Currency
ATYOUn.
SERVICE
Establishpri
Eirtitecn Sixfy-nine
LONDON GUARANTEE AND
ACCIDENT COMPANY LTD.
R. A. IRVING, General Agent Credit Insurance Ucprtmenr
Stokes, Packard, Hauahten & Smith, Managers-All ether casualty lines.
Kenten
I Wslnut J
!-Msln 4190
32
22 ?.
80
rn- 14
,A7rT 7M 1
7VZ
20
What's Needed
Mere Than
Credit Insurance
?
un-
have
my
The most vital thine today for Manufacturers and
Wholesalers is absolute protection atjainst abnerma
foreseen credit losses the kind of protection afford
by the American's Policies of Credit Insurance.
Isn't it mighty ceed business te leek at this matter li
one prominent business man, who says, While
made it a practice te limit my risk, I can trace
principal losses te my failure te de se."
Why take chances with these precious credit accounts, when you
don't have te when you can safeguard them absolutely at a cost
se small that it is literally and obviously one of the best invert
menu you can possibly make!
Remember, it doesn't obligate you one bit te get the full facts
and figures. Yeu have nothing te lese and everything te gain
by investigating. Wilf you write or phone us?
Payments te Policyholders ever $10,000,000.00
AMERICAN CREDIT-INDEMNITY CO
of NEW YORK E. M. TREAT, president
ISSUES STANDAHD UNLIMITED POLICIES
W. J. Merphy, Manager
J. F. MacFadden, General Agent
1011 CHESTNUT ST.
Phene Filbert SS03 Philadelphia, Pa.
74
34 V.
40 V.
no v..
81
3.1
12 ..
32 -
JNft chMiR mud by rnmrmrlsnn with last
ale en New Yerk Sleck Bxchanite.
ririuii;i.riii.A iiends
800 Liberty 2d 4xs '42. ..lets 0(1.81
FOREIGN EXCHANGE
New Yerlt, Dec. 13. Opening figures
for foreign exchange showed genernl de
clines from yesterday's final "Bures.
Sterling was down lc, franc 14
points, lire fi, marks 0'h, guilders 2,
and Stockholm 40 off.
Later the market was firm with the
lending exchanges bid for ns follews:
Sterling cables 4.18, demand 4. IS;
Franc cables 8.00. checks 8.0.) i lire
cables 4.01, checks -1.00 ; marks .u-J'-j.
Incidents hearing upon the immediate
situation included the appearance in the
rnaiket of the largest amount of cotton
bills for n long time past. There un
also 11 fair amount of groin bills. ea
terdnv'H extreme, low rellected whole -.i,e
covering of shorts in exchange and u
very large remittance mailed for the
Aquitunln, which is the last beat te
take the Christmas mail te the ether
side.
The Central European exchanges were
irreirular, recessions being noted In Ser
Man. Olecho-Slevnklan, .Tuge-Slavlun
and' Hungarian. Qutllm. follew:
Itumanlan .88: Hulgarlun .80; Serbian
1 00- fzcko-Slevaklan 1.20; .lugo .luge
Siavlnn .40: Greek 4.25; Polish 0.1V. ;
Finnish 1 .00 ; Austrian .04 ; Hungur-
Ian .015,
STOCK EXCHANGE SERVICE
uuiuuiuiuumMiuiuiiiii
ssn suss rsnsnvi ssntti I n 1st 1 1
Int Maturity
lute Ddt
:.', Ft 1BJ2 .. inea-iH ioeo-s2 s 7 1 The premium en i " u""" '"
t'5, March. 1H22. 100 3-111 ion ,..z a HH rn,itreal tedav was Brtk per cent. The
.r,v Murrh. 1B22. 100 7-32 loe s-M s , Montreal t el,B, "", ' , fnfiB in vPW
.?J AuUSu'.t Pm- SffiV,. leria-U, ! ?S African exchanges yrr ciuete as
i H.pt lass inn i-32 ine'i 1 Je ollews: Itrazll, l.J cents, .rgtiitine,
i". h d' . lvzi.. unr, ioe j "i
10)!"i 4 711
tr. June. 1U24 ., lOS
SMi Hent.. 11121... ini't 102 1.71
'Uxsmpt from Federal normal Income tax.
tAccepuble for payment et Income tax
1 dua an ! mfctnritr.
33 .OS
TODAY'8 OPENINO QUOTATIONS
Hterllnit Krinei Lire Oullders
Demand .. 1.10 8,12 4.01W S.28
cJSlS .:::.: 4.1.V .u .ea mm
Financial Briefs
The avprimx pries of the twenty active
Industrial Mecks advanctd 0. 17 per cent ves.
tnrilay te SO. 08. hlli the twenty rallre.ela
declined 0.10 Per cent te 71.3b.
The tSl.2ae.000 excess of experts re
ported jcaterday In our foreign trade state
ment for Netembr wun thi Hinallest of 11121
te dute. buf It exceeded June and August of
102(1, when the expert suiplus was, re
spectively, J7U.771.00D and 1115,071, QOQ Hel.
eiencu te old tiles brought out the fsct that
the November oxpert surpluj In 1013 was
I97.33J.O0O. In 1012 (12e.140.000.
It was officially admitted yesterday that
rouetlatlons were still In progress looking
te an erftr for control of the American lirani
Company by Anaconda Cupper Interests,
The Missouri and North Arkansas Hallread
applied te tin Interstate Commerce Commis
sion today for 11 Unvermmnt lean of S3
.",00 euO The corporation propose,, te ue
12,062,7.10 te pay erf receivers' rertmrates
J7ri(i,000 te spend en betterments for the read
and equipment. 1100.000 te pay tleatlns In.
ik-bteiliiess. and the balance 10 bold In the
treasury as werklnifcaltal.
According; te advices from Itle de Jsnelre.
a lean of ilO.000,000 has Iwen floated In
Londen threush the banklnir house nt Klcln Klcln
wert, Hen Ce., sTjaranteed by the hjpethe
catien of 4 000,000 bats of enffee Cables
say n.uu'i.eirj m or ram ever ,e me lira
zuian uevernmenv a.v onto ana xe,ueu.uU0
six months.
In
Tobacco Products Corporation has an
nounced It will redeem at par nnd accrued
Interest outstanding dividend serlp of all
series upon Its deposit Indorsed In blank at
the Guaranty Trust Company en or before
Uueember 28,
Sir Henri Deterdlnr, chairman of neyal
Dutch Company, at extraordinary meeting of
sharehelde s held' In Amsterdam recently,
said that company "had no debts whatever
and was In a position te meet any possible
cemeruwun wmtuui Having 10 ai
neiuera for any money -- This
sk the share
information
ui '",- J,en'' numbers of the New Yerk
Bleck Exchanse. The actual cash position
amounted te 172,000,0011 at present value
of guilder vhlle In addition th"e was Ten
hand and In transit lo.seo.nnn Imrrels of. oil
leprestntlns u uluc of 5. 000,000?
A flVi per cent Indian lean for fin nne OOn
Krx-.t'y.aU0?8- 2lnK "-"""' ?
J-Wr.l',?iai,An." h:v"k n,!ir.rK
'"t ,,r" iHt'M effer'rrj of ceFtinc.iieS of In
debteilness and Its nuetu st I17.I..-0.II00 has
already been oversubscribed """ ""s
erT!'hnCOvm,mJ,t"ei,iln ch.rge of reoruanlKntlen
of the Mnllne Plew Company will derlarn
Plan operative within the next few clav.
Virtually all merchandise and bank cr -,"-llers
hv. assented ind about 8S per rent or
some 3 BOO. 00O 0f ,h,. M.OOO.001) aerUl nil h
r: ;."ul' f ,.:. rjn . w.. '" erd.r
in under the plan ""'"""""r te com,
MONEY-LENDING RATES
NK1V YOIIK Meney en rati, both Classen
of collateral, ep.-ned today uii pr cent fef
lending and renewlng. r
r"'An''J.rniA can. sw ea P
t me. 5V. n per ctnt: eemmerelnl
three te six months, B'i 1 per cent.
Ne Change In Raw Sugar
New Yerk. Dec. 18 Th row
set continues quiet and uncharged with new
rrnn fiittns nnnte.1 n.mi...n.. .,Ktl new
cost and. freight." The"cemnS...e1 ff" ":
n -' r.nl. nu. ... ... -"..'."
There
,ertn-
zuelas
was contained In cablet received by Jeseph day at Sid
te (luote 2?s cents, com, nrwl e.i.....
were no sales leperted yeslerday. Imi
tlens Included alxiut seen hiT. v.n.i
en. route 10. Canada The local rninii ""
ket Is unchanRed wllh a reflnari minir...
r. 20 cents, less 2 per cent for c"Vh, ?," all
are In a position te make prenipt .hlpment "
BAR 8ILVER
a5aart'8rd.w" taw In Londen te-
OOOO Liberty 3d 44s '2S.
JilHl Liberty Ms -lV,s '2S
IfiO Victerv 4 -"is '23
10(KI Hell Telephone 7s
2000 Kleetric & People's 4s.
KHI0 Lehigh Xuv cons 4s.
(Mlll I'lUIn Kleetric 1st ris..lets
07.
07.70
00.81
10SU,
02
80
i;t
Tt&tem
ffa4siMJ(yM
rr2m
ill 'I ill
1000 I'hll,, Kleetric 1st ."s 0.1V
4000 Philn Kleetric 0s. .. .lets 100
"00 I'hllnt Kleetric bO 100 ,
TRADE BOARD OPPOSES !
DISMANTLING OF ARSENAL'
Appeals te War Department te Halt
Plan at Frankford
Protesting ngnlnst the 'nr Depart
ment's proposed dismantling of a Brcat
portion of the Frankford Arsenal,
the Heard of Trade hns appealed te
members of Congress te defeat the plans
emanating from a small group of army
officials, for the development of nut nut
nitieus plant at Pickntlnnv, , ,lt
the expense of Philadelphia industry. '
)!: ll.- Tucker, secretary of the Heard !
of 'Irmle, addressed the following rQ.
monstrance te Senators Penrose mid '
Crew and Congressmen Kdmends. Vn I
Harrow, Hansley nnd Costelle, urgln-
all te exert their lnlluence te block the
proposed program : t
"The great expenhe te which the
fieverninent was plnced in cinilpplng
the Frankford Arsenal, teirether with
the apparent total innilequate facilities
at present nffeied by the prejxi.sed site
near Dever, Nat J., led the Heard of
Trade's committee te the conclusion that
this action, decided upon as we nre
informed by a small group in stnr
chamber session in the War Depart
ment, is most unwise nnd a waste of
public funds.
"J, lie business interests of Philadel
phla de net feel that the Frankford
Arsenal represents 11 hazard te lif,. un(
property sufUcient te justify such a
program as herein proposed."
AGAIN DENY HARDING HONOR
315th Infantry Refuses President's
Name for Membership List
The nnnif of President Ilnrdlng, pro pre
posed for addition te the honorary mem
bership list of the .linth Infnntrv Asso Asse Asso
elntlen for a eeceiul time last nlg'ht was
rejected bv u large majority, due te the
stand taken by the President en the sol.
dlers' bonus Issue.
At a meeting a month age held nt the
Klks' Club the names of ex-President
Wilsen, Marshul Fech, (Jenernl Persh
ing, Hrlgadier General ,Ieseih i Kuhn
and Jehn IVHwyer were proposed an
neccptttl, whiht that of President Han
lint was rejected.
The Klks resented this nctlen toward
President Harding, himself nn Klk m
sin ti I ml flir Lii.nl nil.... .. . t ' "l
important papers, or ether
small but valuable posses
siens, may be protected in
our Safe Deposit Vaults.
Did you knew that, objects
ns bulky as an oil painting
or n chest of silver can be
accommodated?
Don't run the risk of less
through Are, burglary or
water. Our facilities are
thoroughly complete.
Werth Philadelphia Trust Ce,
Bread St and Germantewn Ave.
Above Erie Ave Philadelphia
BROWN BROTHERS & CO.
New Yerk
Katabllihcd if 18
FOURTH Clli:sT.TT HTKKKTS
Poilen
SPECIAL PAYMENTS IN FOREIGN
COUNTRIES
TO BE made upon signing of releases and re
1 ceipts, as in the case of legacies, can be
arranged through us.
A Century of Service
BROWN, SHIPLEY& COMPANY
reunders Court, Letlihtiry
LONDON, ll. .
furth
cr use of
denied the association
the clubrooms.
Fer this rensen the association met
Ust night nt the Pennsylvania lUllrent
Y'aHt 91 iA'. H"n' Ier)'rst street
nnd Westminster avenue.
u
SSlKUVMMnMISajHSVMn
IP' "Sal
Olllre for TnnfW'
121 I'nll Mull. I.OMMI-V !
Our Business
is te help people in anything connected with th
care of property, handling meney, carrying out
the terms of a will. Consult us personally or
Write. We Will nSSlire von of ennrlnnlK ntten-
tien.
THE REAL ESTATE TRUST CO.
OF PHILADELPHIA
Bread and Chestnut Sli.
BROOKE, STOKES & CO.
Investment
Securities
Philadelphia
Washington Baltimore
WANTED
Mr Inn 11 business mnn rl80M
' for It rm of e rs. lnt"JV
niiurlerly or sem -iinnuullv n" etWS
(.llUcdie fiirm inertKiice for ttl.w
us (eliutrrul, ,
r, 1.. m'kimip
Aldtn. J"f1
1 ? "f
-7M.'-
r
I irfpi