i,
EVKNIN-G 3P&BLId fcJEDGElPSl iDEGBMBfctt 14, ' -1021
. I.A
22
NEW YOR& STOCk EXCHANGE TRANSACTIONS
New Yerk Curb
1NDUSTK1.VLS
it.,,i.T..l.Jjn i...ui-mWyiiM.iiini.i i 1 1 I MMMI ' "WrT1ir I IHmifc j
PRICE M0VEMEN1
i
t
4&vyyeSP
Philippine
Government
Public Improvement 5Vz8
Dua August 1, 1041
Exempt from Fed
eral Income Taxes
and free from Penn
sylvania State Tax.
Price te yield about 5
Circular upon r?uet for FE-AOJ
e National City Company
Philadelphia 1421 Chestnut St.
Atlantic City Chalfonte Bleck
122S Boardwalk
rfssarrms:::::;
il.
n3R:iii:a::::n:ns::i::
1922
Bull
I
n Market?
All signs point te an
increasingly active stock
market and much higher
prices for stocks of invest
ment calibre.
We have prepared a review
of the present market situ
ation, dwelling particularly
en the outlook for the com
ing year.
Copy will be sent graf
upon request for Bulle
tin PL-82.
CHflRLE5-HClflRK5DNfi!&
66 BROADWAY NEWVORK
J
Canadian Bends
Municipal & Provincial
We have an attractive list
of Canadian Bends yield
ing from 5.60 te 6.20.
These bends, payable in
U. S. funds, are direct oblig eblig oblig
gatiens of some of the rich
est cities and most prosper
ous provinces of Canada.
Their liberal yield, freedom
from fluctuation due te ex
change rates, and geed
markets in this country,
make them attractive te
conservative investors.
Fer further information,
ask for our List Ne. E-65.
Hemphill, Noyes CS, Ce.
Member New Yerk Stock Eichange
Franklin Bk. Bldg., Philadelphia
New Yerk Boeten Scranton
DuXIale Albany Syraeue Baltimore
E. H. Rollins & Sens
Founded 1870
Investment Bends
1421 Chestnut St., Philadelphia
. I'liene Spruce 64GO
Uosten Xexe Yerk Wilkes-Barre
Baltimore Chicago San Francisce
m
Canadian Bends
Provincial and Municipal
issues at price te yield from
5y4 te 6
BenA for list of offerings L-SOC
f ullf ernln & Arliena
lt 4V4" IMS
Cent. rnrilte
lnt ref. la 1049
Joint Fleck Land Hank
S 1030 op. 1021
.lulnt Stock Land Hunk
5 1031 op. 1031
lulnt Stock Land Hunk
c. ion op. mat
Widcner Bi.dc, Philadelphia
tow Yvrk Stock txd-ufr
mwveik HUAmi.M-i.
m
ill L-w 1 1 k -
jforaceitaavls
a.. n(vinn ni experienced tn
nln.trlnil and Management Spe
cialist In Publle Utility end
Industrial Business.
Mil CHEST NUT STREET
fHlUAUU.t't1IA
.TJJhenei Spruce '6081
fit sm rrannncn
TfKillnf
VERYJRREGULAR
Industrials Continued te Com
mand Foremost Attention,
With Oils Leading
Sales
1UU
100
7600
000
100
10800
100
ISOO
300
J0
400
100
1700
100
101)
tee
800
100
3300
1509
300
3001)
300
100
1100
100
1100
300
100
300
3000
700
A700
0300
80S
1000
100
100
eoeo
uOO
zee
103
3309
300
801)
300
3(100
300
400
100
300
S900
100
1400
00
100
4300
100
100
300
300
100
1800
00
500
New Yerk. Dec. 14. Except n groat great
tv degree of irregularity nnd possibly
mere definite reactionary symptoms te-
I uaj a sieck maricec tna net umer o e
Kentlally from the performances of tin?
i recent sessions. There was a repeti
tion of widely distributed peel netiv-
Hies seme desultory covering of the
belated short interest and quite u geed
deal of profit-taking. The list as a
wiele, however, conspicuously lucked n
lefinlte tendency. Professionalism of
li ,tlcnnB8 w"s Quite pronounced,
vnlch in a measure accounts for the
'ftggcd price movement. While this was
Hie condition of the stock division, fresh
strength and activity cropped up in the
bend market with several of the Liberty
t Issues repeating their record quotations
of the year, supplemented by renewed
strength in several of the fe-eign issues.
Little of anything was te be found
In the overnight developments r morn mern
iug news which could be accepted of in
1 lnng character. Thp reported clos
ing down of tbe Baltimore and Ohie
. shops vi,h counterbalanced by the new
working agreement given b the Laber
lienrd for the shepmen, winch, it was
figured, would mean a saving of several
million dollars n y.enr fcr the carriers.
.V great deal of interest, however, cen
tered in the Chandler dividend meeting
today. There was about an equal di
vision of opinion ns te whether the divi
dend would be maintained or passed.
Ily seme, the falling off in specula
Jive activity was ntlilbuted te the
reparations for the subscription te the
New Yerk City 4is ikt cent bends te be
'tiered at par tomorrow. The bend
were traded in en the 'when-Issued"
bais en the curb as high as 101, and It
was predicted the issue is likely te be
many times oversubscribed.
Cevering of shorts and peel activities
en.tituted a geed part of the buying
,iewer, and when these operations were
completed the market gave way under
its own weight. Despite the tired ap ap ap
i'oarunce of the market there were the
isual number of selected strong spots,
and while these failed te infuse enthu
asm elsewhere they nevertheless served
.e stabilize the general list und keep the
market for the best part of the day en
.1 fairly even keel.
Oils gave premise at the opening of
Mending their mnny advances of the
I'tr-iieuM day. Independent steels, also
equipment ami utilities, were active
and lilglier. Knils and coppers eased
slightly. Standard Oil of New Jersey
a.ifernia Petroleum and I'an-Amerlcan
"15" were I te li'-j. points iiigm...
Other domestic nnil foreign iues.
Jtably the California group, were in-
.Uded in the further advance of oils
tiring the morning. Oils became some-
vvliat unsett.i'd ut liuen, lui.eici, uii
100
700
3300
10400
100
1100
700
3 '
1400
400
500
1"8)0
300
300
310
100
300
3100
800
1000
3J0
1.1 1 1
400
9000
1700
700
100
2310
GOO
3000
10C0
100
1500
100
300
800
100
191)0
4000
110100
200'
000
2700
1300
2500
100
100
1400
500
1500
100
8700
1700
1000
D200
S00
4Q0
8100
400
ir.ne
300
soe
3100
301
300
700
ISOII
200
301)
1400
2A0O
40)
700
800
300
200
300
3S00
31)0
100
300
3300
300
200
300
2700
100
100
200
501)
400
3000
3000
0)0
3200
100
1100
inu
300
100
4100
2800
J
jj
a sharp reaction in Mexican Petroleum,
that isu t.ilng li points iimicr y
terda's chi.se. Coppers and affiliated
shares, en tin ether hand, were in
further demand, also Indenendent steels.
equipments, chemicals, textiles and
leatuers. Lack of public interest in
the mere important rails nnd indus
trials provoked short selliug in United
ritates Steel and secondary ralh, notably
St. Paul preferred and Erie common nnd
preferred.
SLOWING DOWN IN
LOCAL TRADING
Profit-Taking Sales Readily
Absorbed and Prices
Well Sustained
There -was a marked falling off in
"peculutite ncthity in the local market.
This was particularly noticeable in tev-,
eral of the recent leaders in which the
dealings fell off materially. Sonic profit
taking was in evidence, but these offer
ings were readily absorbed. Klectric
Steiage Battery selling ex-dividend of
$.'$ had a range of fluctuation . of a
point between 1-2 and 123. Cash sales
were made at 12.VJ.. With dividend
included the quotation in the regular
way was equal te 120, or only a point
under the year's top price made yes
terday. A geed demand continued for the
American Stores issue, although the
common, after opening nearlv a point
higher at S5, yielded a point. The
first preferred was up a point from yes
terday's lat sale at 113. Coincident
with the movement, reports were aealn
i made of the cempnny having under con
sideratien plans for retiring the pre
ferred stock Issues. ThU could net be
cenfirnud. On the, ether hand, It is
known ths businets of the stores is run
ning well ahead cf n year age and with
a larger mancin of prellts.
Only nominal transactions were reg- i
istered in the utility group, with the
'exception et 1. G. I. Beth the om em om
raen and preferred were falrlj active
und fiactienally higher, nrepably in !-
I spouse te expected action of the beard
this afternoon en calling for redemption '
part of the outstanding S per cent !
notes.
C0TT0NSPINDL.ES BUSY
November Consumption 47,000 Bales
Ahead of Preceding Menth
i Washington, Dec. 14. Cotten mnnu-
facturing showed Increased activity in
November. The monthly report of the
(Vnsus Bureau issued tedjij showed
1 47, W0 mere bales of cotton were con
sumed in November tliun in October,
while cun-umptien was If) J. 000 bulus I
larger than In November a year age. ,
itiu cotton spindle showed an In-
crease of 2, OS", 000 eer November lout
cnr, and (510,000 ever October this
ear.
Cotten en bund November 30 in con cen
iimlng establishments amounted te
(HS.lUO bales of lint and liVJ.MO of
Inters, compared with 1.11 n- t '
md 223.013 of linters n jear age, and i
i in public storage und ut com ircse
.",271,451 bales of lint and 17(1, 0S9 of
niters, compared with 5,100,07h of lint
ind 340,137 of linters a year age.
Imports during November amounted
te ."1.440 bales, compared with 2'J,,"il3 ,
in November last eur. Kxiierts in
November were 01S.I!l." bales, includ-
8S,"
ISO
l nig J's..ieri pales et linters, compared
with (1S3.323 bales, including 2.101 bales
of linters in November lait yeur.
LIVESTOCK QUOTATIONS
I l' hi euro. Dec 14 CATTLE rtoelntii.
30
8000 lie&d. IKct itcerB Blimily te L'Sc hlgher
Tep yearllnm, early, 111) SO; bulk lieef
tepr. lUHOtfS, he Bleck Bteivdy te 15c
hlKher; bull Bleck' r nnd feederis 1&&L'3i
ainhar. vnl calves, 2Afni)a hlsher
HOCJ3 R cclptB, 'M oeo head Fnlrly nc
live, lOCl.V liluher thiui enterday' aver-
Tep. 17 HO for ISO pound average; bulk
1110-pound Iiekb und up, lO.OAQT.liS, plan
.neitly 10a hither; bulk desirable I7.C0)
em at 17 0.
8HU12J' llecelptn. 10.000 bead. Oen
urnlly iteady Uoed fat Umbs, mostly
around 111: lOmc hald htaher: chnIrA kin.i
extremely acur.e, ahe.p alew, no early aaieai
.n v4 a.Viu rr AAdlai Ira frviliai dhlip ItA fiR
I.UUlO'WMVn DVMV I'HIIXBl CHl( VU(J
Eeat Ilunle, Dec. 14. CATTLI n
..Ipla, 1RU hiad. Bteady Calvea, receipts.
200,
HfXia Ilecelptn. Sl'OO hciwl. 8t ndy te
trmn. IlYV:u.l 'nixed. 17 73W8.2.1!
yerkera. IS.V58.0Oi llxbt yerkara. ta.S0O
B.7r pl. ID.TS( reuxba, 0118.0; aUfi,
DlrA
mi
1:30
1'. M.
60ft
Net
nish
iMVt
80 ft
44 ft
17
n
fie ft
102 w
38 ft
30
28
32 H
54 a
33
90ft
148 ft
12 ft
5
131
13 K
68 ?i
74ft
41ft
314
50
08U
4ft
41 ft
80
113
I3
53 ft
82 ft
28ft
HOft
133ft
139 ft
90J4
10
83 ?4
13
30ft
20
484
101?i
00 ft
80
32 M
23 ft
22 H
113
13ft
98
104
35 ft
62 ft
53
58 ft
7
65
7
70
2H
118
0
18 ft
31
li4
69ft
48
8G
H
12 1
12 fa
31ft
03 ft
3U
48 ft
65
10ft
3t-ft
0J.
7ft
18
30
07
OJft
31ft
71
15
28 ?
51ft
4i
41ft
41
G.-.
3'4
Kft
51 ft '
15
035
14
71
03 ft
34 ft
67 ft
80ft
13H
7
14H
62 ft
02
106 ft
Hlft
18 ft
SO
100ft
10
1 ft
10
7R
80 ft
11
40ft
10 ft
144
ft
54
07 ft
105
CO
110ft
11
71ft
83
37 ft
8tft
10ft
75
31J4
28 ft
Oft
47
1
81
1
65
S3
lift
90ft
4ft
40 ft
27ft
1ft
3ft
35 ft
15
04 ft
13
53 ft
13
31
3ft
"ft
35ft
51
Oft
43 ft
.. Adam tSxprsss 50(4
4 Air Reduction ....... 44 J4
. . AJax "Rubber 20
.. Alaska Geld Mines... X
.. Alaska Juneau O M..
i Allied Chem & Dye... 594
7 Allied Chem & Dye pfl03?i
4 AlllsChnlmTn 39
.. Am Agrle Chem 30
.. Am Beet Sugnr 289
.. Am Desch Magneto... 3JV&
4 Am U Shoe Fdy new.. 44
.. Am Can 33
.. Am Can pf tV
12 Am Car & Vay 14b
.. Am Chlcle 12&
.. Am Drus Syndicate... 5
8 Am Ex pre is 131
. . Am Hide & Leather.. 15
. . Am Hide & Leather pf 00
7 Am Ice 75U
.. Am Internat Cerp... 41W
. . Am Linseed Sl4
7 Am Linseed pf tit
0 Am Locomotive oft
.. Am Safety Kaaer.... 414
.. Am Smelt 47H
7 Am Smalt pt 89
1 Am Snuff 113
3 Am Steel Foundries.. 34 U
. . Am Sugar 54H
7 Am Sugar Kef pf 84
. . Am Sumatra '"
B Am Tel & Tel m
13 Am Tobacco ......... 134 'j
12 Am Tobacco B 130 J4
Am Tobacco pf new.. Oeji
0 Am Waterwks 6 pf. 10
7 Am Woolen 8314
.. Am Zinc Lead Hmlt 13'A
.. Am Zinc Lead & 3 pf 30H
. . Am Writing Paper pf 30
. . Anaconda Copper .... 40
0 Asse Oil 103
0 Atch Tep A Sante Fe. 00
0 Atch Tep & S F pf. .. M0'i
.. Atl Gulf ft W I S 8.. 33
.. Atl Gulf & IV I S S pf 233
.. Atllntie Pet 23
7 Atl Refining pf 113
8 Aute Sales Cerp pf... 13J
7 Baldwin locomotive. . OJyi
7 Baldwin Loce pf 104
.. Baltimore & Ohie.... 35!4
4 Baltimore & Ohie pf . . 53H
B Bethlehem Steel 55
0 Bethlehem Steel B 80yi
.. Beeth Fisheries 7
7 British Krnp St 1st pf US
. . Brklyn Rapid Transit 7
.. Brklyn Union Gas.... 70
.. Bruns Term 2?i
10 Burns Bres 1101,4
. . Butte Copper & Zinc. 014
.. Butte & Superior Cep. 1!6
.. Butterlck 31
. Cadde Central O & R. 12
8 California Packing .. 70 J,
. . Callfern a Petroleum . 475
7 California Petrel pf . . . 88
2 Ca Zinc & Lead 0?
10 Canadian Pacific ....121H
. .. Carsen Hill Mining.. 12J4
.. Central Leather 31
.. Central Leather pf... 04
.. Cerre-de-Pasco 30'J
6 Chandler Meters 52
4 Chesapeake & Ohie... 55
.. Chi &E III (WD lOH
.. Chi KUlWIpf 3(U
.. Chicago & Gt West.. Oft
.. Chicago & Alten pf. . . 7J4
.. Chi M lwaukee & St P HHi
.. Chi Mil & St P pf 31H
C Chi ft Northwestern.. 07 yi
4 Chi Pneumatic Teel.. C24
.. Chi R I A Pac 33J4
0 Chi R I &. Pac 6 Pf. 'Hi
.. Clille Ceppr 187i
.. Chlne Copper 20
.. Clev Cln Chi & St L.. S2J,;
. . Cluett Pcabedy 44
4 Coca-Cela 42
.. Colerado & Southern. 41V5
6 Celum Gas & Elcc ... G5?a
.. Celum Graphophene. . 3;
.. Cel Graphophene pf.. 13J4
4 Cemput Tab Records. &!'
.. Consolidated Cigar .. 15
7 Consolidated Gas 03
.. Conellrlated Textiles. 14'j
7 Continental Insurance 71
5 Cern Products Ref . . . 03
.50 Cosden & Ce 34ft
4 Crucible Steel 69
7 Croclble Steel pf 80
.. Cuban-Am Sugar .... 14
.. Cuban Cane Sugar... 74
.. Cuban Cane Sugar pf. 15H
4 Davisen Chem'cal ... 53ft
7 Deere & Ce pf 62
0 Delaware & Hudben. .lOC
0 Del Lack & Western. 113 'A
1 Deme Mines 18
5 Endlcott-Jehnson .... 81
7 Endlcott-Jehnson pf..l0'4
.. Et!e 104
.. Erle 1st pf 10
.. Erie 2d pf 10J.4
8 Famous Plnyers L.... 70ft
8 Famous Players L pf. 00
.. Federal Mln & Smelt. 13
4 Federal Mln & Smlt pf 42
.. Flslc Rubber 10
.. Freeport Texas 115 s
. . Gasten WmH & WIr. . ft
i Gen Am Tanlc Car.... 55
. . General Asp.ialt ' '4
r. General Asphalt pt. . . 10.i
44 ft
17 -
H
y
50ft 4
102 ft -'r
-28ft
4
33 ft
54ft
33 -
00ft4-
14SJ4 4-
12ft-
5
131
15 -)-
00
74J4 -
41ft-
31ft-f
60 4-
09
4ft-
47ft
89 -113
3 -
53 ft-
83ft-
39ft-
117 ft 4-
134 ft 4-
129J4 4-
90 ft
10 -
83ft 4-
13 ft ft
39H4" in
20
48ft-
101ft 4.
91 ft 4
80 -33ft-23
ft
23 113
13ft 4
96 104
35 ft
4-59J44-7
-65
7 4
70 3?44-
llOft-f
014 4-
18 H f
31 -11ft-70ft
4
47 ft 4
80 12ft
31ft 4
30 -
50ft 4-55ft-
10ft 4-
30 ft
oft-
7ft
ft
67 ft 4-
. .
2,
.
1
62ft 4- 6ft
31J4
71 -
15ft
28 ft
62 ft 4
44 -42
41 -05
ft 4
3ft 13 ft -50ft
4
15 4
03ft lift 4.
71 -93
ft
34ft 08 ft
9ft 4-
"ft-
7 -
15 -
53
63 -
10C ft-
113 4-
I8ft4-
81 4-
100ft
10ft-
16 ft-
10 ft-
78ft 4
80 ft-
12ft 4-
41 4-
10ft-
18ft 4-
ft-
65 4-
67 ft 4
105 en 4-
141ft-11ft-71ft
.
83 -
37ft
85 -10
ft 4.
75 ft .
ft .
8ft
47 -
1 4
81 15
65
82 ft-Uft4-90ft
4ft .
40J4 4
27 ft ,
1ft
4.
15 -04ft-12ft
-(-53
ft 4
13 -31
4-
2 ft
"ft
eO 4
64 7ft
43ft
General Cigar fl
General Electric .. ..142
General Meters llu
Gen Meters deb Cr.. 713J
Gen Meters deb ".. S3
Goedrich IJ F 3S
7 Goedrich (B F) pf S5i4
.. Gray Davis 10?i
7 Great Northern pf... 75ft
4 Great North Ore ctfs. 31ft
.. Greene Cartanca Cep. 20
.. Guantanamo Sugar .. Oft
.. Gulf State Stwl 48?i
BO Hablrshaw El Cable.. 1ft
4 Haskell & Barker Car 81ft
.. Hendce Mfff Ce 15
.. Hern stake Mln ng .. 55
.. Housten OH 83ft
1 Hupp Motorcar 1194
7 Illinois Central 00 ft
.. Indlahema Ref 4 "4
., inspiration Cen Cep.. 41H
.. international Cement. 37 j
.. Interb Cen Cerp 1ft
.. Interb Cen Cerp pf . . . 3ft
. . Int Agrlcul Cerp pf . . . 37
.. Int Mct Mai.ne 15 ft
0 Int Mer Marine pf . . . . CO
.. Internat enal N'lckel.. 12ft
. . international Paper . . 54
.. invincible Oil Cerp... 13ft
.. Iren Products 31
.. island Oil 3J.
.. Jewol Tea 11 W
.. Jenes Bres Tea 30
1 Kansas City Se pf..,. 54
Kansas & uuu
4 ICelly-Sprlngtleld Tire 43H
PHILADELPHIA STOCK MARKET
inn
Lew I. II.
Net
chce.
1)5 Philn Klcc
101) de prcf. .
50 Philn R T
10 Plilla Trac
20fPrc Ar prf
lOtltyl Dutch
20tSlnelnlr. .
75tTex Glf S
OStTex Pnc
C & O..
lOOfUnlen Oil
25 Tn True.
310 U G I....
441 de pref..
200ti: S Steel.
20tU S I Ale
UlBh
Am Stores 85
de lstpf.113
8-1 84 -f
1121a 113 1
50tAm H&Ii. 13
03 Am Hys pf 17
IWiAtlau Gulf 33 Va
13 ia
17 17 ..
M 33Vs
lOtHetli Steel
S i) c lif.lOO'A 100 i ieU ',4
KiOtCnllf Pet. -li'.fe -J -li',w
SOOtChlle Cep. 1594
'JOtCrucible... 08
JOTChan Mtrs 50
15 Cen Tr NJ 30d
15
h
80
15 k
082Vi;
502Vi
80..
Kx dividend
tNet change rneila b- comparison with laet
sala en New yerlt Stock Kxchanue.
iiuinia.riri.v iiendh
3000 Liberty 2d 48 '42 07.01
1000 Liberty 3d 4s '28 08.12
5500 Liberty 3d 4,h '28 08.11
500 Liberty 4th 4h '38.... 1)7.10
5000 Liberty 4th 4s '38.... 1)7.20
3000 Liberty 4lli 4,u '38.... 1)7.10
18500 Victory 4s '23. . . .lets.100,02
2000 Victory 8h '23 100.00
5000 Atlantic Frit 7a 25
1500 Klectric & Pee 4s. .. .lets 02
1)000 Electric & Pce 4b. . . .letB 02
7.'i2Elec Ster..l-M
lOO
J.4srf
12 1
,1V cnHh..l25 123 125
r.mtr.ftn 10
10
iu '?
45tFtim Play 78
50 Gnlcne Oil 40.
120 Gen -ABpli. 08
20tGt Ner pf 7518
76
40
07
75
41
13
13
07
08
14
78
10
11774 4- r,
17
'
75
411
lOOTluspir uep -tiya
lOtlnt N'lekel 13
20tKey Tire. 13
T 1 I
13 A
7 ..
07 1
08
100 Lake Sup
10 Lell Nnv.
10 Leh Vnl. .
120tM S Oil.
25 Ner Cent
7
08
58
14
2 72i,
72
00 (S
Norf & W
00
1000 Philn
25tP Am Pet 50 50 50 1
235Pennn H It 33-5 33 33 Vi
lOOtPcnn Beab
10(10 l'hild
lr.llllO I'liUu
VtetltHe'-Vm ! 1W JK
Dlv
in I
3
Salea
4701
S709
400
100
200
700
200
' 000
600
100
300
J00
100
1000
400
1400
100
100
100
409
32500
1600
3600
2599
309
1100
800
1000
00
1000
1009
100
eoe
100
00
309
299
' 400
100
1100
800
3100
100
600
200
1200
200
4500
100
2800
100
100
2309
109
350
600
(4000
7500
1500
4800
1500
4000
2500
700
180
400
400
700
1700
000
100
200
100
100
2000
100
400
300
5000
200
2100
3S00
300
500
2000
2000
400
4800
100
100
300
400
600
200
3000
1400
700
7000
100
2300
. 100
1500
1500
2300
2500
803
100
100
5800
500
200
3)0
400
0300
HlKh
Kennecett Copper ... 37ft
Keystone TAR 18ft
Lew
37ft
12 ft
174ft
47ft
ICft
68 ft
21)
94ft
14
10
133ft
108ft
28J4
31 .
34ft
35
20
Oft
lift
102 ft
119
27ft
14 ft
28 ft
00ft
Ift
ft
8ft
2ft
17 ft
45
100
12 ft
"ft
120
Z7ft
1ft
40
101ft
16
73 ft
13
21ft
13
90ft
44 ft
39ft
78 ft
10 ft
3
4ft
!
119ft.
27
65
46ft
6ft
51ft
33
10ft
68 ft
21
64 ft
33
14 ft
33 ft
13 ft
70 ft
65
25
15ft
e
02ft
32 ft
40
107
29
9ft
93 ft
15ft
71ft
43 ft
2Jft
27ft
53
Oft
62 ft
21ft
21ft
32
2ft
3
ft
65 'i
CI
sft
22 ft
07 ft
70
30 ft
18ft
45 ft
OH',
187
113
23 ft
33 ft
80
4ft
7ft
2ft
10ft
47
31
23 ft
2Sft
50ft
rat
"ft
32
75
71
10ft
12Gft
71ft
25 ft
103ft
.00
4 4 ie
120 ft
7ft
in
62
17ft
10ft
39
01ft
65
90
39ft
H3ft
112ft
61ft
10
31ft
29
72 ft
7ft
Oft
20 ft
14
17ft
03
61ft
7
12
10 ft
tl
20ft
28
65 ft
"5'4
41ft
84
CO
ft
2ft
0 Kressrc S S ,..175
.. Lnclede Gaa of St L.. 47ft
.. Lackawanna Steel ... 4Cft
60 Lehigh Valley 58 ft
2 Lee Rubber Tire 20
.. Lima Locomotive .... 03ft
ft
1
ft
!
"ft
ft
ft
ft
ft
i.eewe 1.0 n u
Left Candy 10
Lerlllard Tobacco ....183J4
Louisville & NashvlllelOSft
1
13
7.
Mapatl Sugar 28ft
7 Manhattan Kiev .... as ft
.75 Manhattan Shirt .... 35,
. . Market St Rwy pr pf , 30
.. Marlln Oil 20
.. Mnrl'n Rockwell ft
.. Max Moter Class B.. 14ft
8 May Dcpt Stores 103ft
12 Mexican Petroleum . . 123
2 M uml Cepper 27ft
.20 Middle Stater Cerp... 14ft
.. Mldvale Steel 28 ft
7' Minn St P & 3 St Me. 60ft
.. Me Kansas ft Texas.. Ift
.. Me Kan & Tex pf.... 2ft
. . Me Kan & Texas wl. 8ft
.. Me Kan & Tex pf wl. 24ft
.. Wsseurl Pacific 17 ft
.. Missouri Pacific pf. .. 45ft
7 Mentana Power pf...l00
. . Montgomery Ward . . 13
.. National Acme lift
7 National Biscuit 13
.. Nat Cleak & Suit.... 27ft
.. National Cen & Cable 1ft
0 Nat Enam & Stamp.. 4fft
7 National Lead pf 107ft
.. Nev Cen Copper 15 ft
5 New Yerk Central... 73ft
.. New Yerk N II & II.. 13ft
2 New Yerk Ont & W.. 21ft
4 N Y Shipbuilding 13ft
,1 Norfolk & Western... 96ft
.. North American ctfs. 44ft
.. Ne American pf ctfs.. 39J4
7 Northern Pacific .... 70ft
. . Nunally Ce 10 ft
.. Okln Pred & Ref 8ft
.. Ontario Silver Mining 4ft
2 Orpheum Circuit .... 14ft
8 Ota Elevator 123
3 Owens Bottling 27
. . Paclfle Devel Cerp. . . 5
.. Pacific Gas & Elcc. .. . 05ft
.. Pacific OH 47ft
0 Pan-Amer Petrel .... 57ft
0 Pan-Amer B 52''".
2 Pennsylvania R R.... 33ft
.. Penn Seaboard Steel.. 10ft
.. Peeples Gas Chicago.. 69ft
. Pere Marquette 2lft
. . Pere Marquette pf . . . . 65
.. Phillips Pet 33
.. PIcrco-Arrew Moter.. 14ft
.. Plerce-Arrew Met pf. 34 ft
.. Pierce Oil 13ft
8 Pierce Oil pf 72ft
6 Pitts Ceal 65ft
.. Pitts & West Va 25
.. Pend Creek Ceal 15 ft
. . Pressed Steel Car. ... 60
7 Pressed Steel Car pf . . 92ft
.. Producers Refiners 34ft
. . Perducers Reflnera pf 40
8 Pullman 107ft
.. Punta Alegre Sugar.. 20ft
2 Pure Oil 39ft
8 Railway Steel Spring. 03ft
.. Ray Cen Copper 15ft
4 Reading 73
2 Reading 2d pf 43ft
.. Rem ngten Typewriter 38ft
.. Replogle Steel 27 ft
.. Republic Iren ft Steel. 53ft
ft
1ft
1H
it
14
14
ft
ft
"
ift
1
ft
1
ft
ft
i
1
ft
ft
ift
ft
"ft
"ft
ft
ft
ft
ft
ft
ift
3ft
ft
ft
ft
ft
ft
"ft
ift
ft
.. Republic Meters ...
.20 Royal Dutch N Y..
.. St Leuis San Fran.
'ft
53
21ft
21ft
ft
3ft
2
ft
ft
ft
'ft
ft
1ft
ft
ft
1ft
ft
St Leuis S W
St Leuis Seuthewest pf 32ft
Saxen Moter
2",
3ft
ft
. Seaboard Air Line....
. Seaboard A Line tr ct
. Sears-Roebuck .
. Seneca Cep Cerp
56
23 ft
8ft
. Shattuck Arizona Cerp
. s nciair en
. Hless-Sheffleld
0 Southern Pacific
. Se Perte Rice Sugar. .
. Southern Rail
. Southern Railway pf.
4 Standard Oil of Calif.
23 ft
37ft
80
30 ft
lft
40
92
ft
3ft
6 Standard Oil of N J-.tS'Sft
7 Stand OH of N J nf. . 113ft
2 Stewart Warner Speed 23ft
. Stromberg Carb 33ft
7 Studebakcr 81ft
1 Submarlne Beat Cerp. 4ft
. Superior Oil Cerp.... 7ft
1ft
ft
ft
ft
ft
1
ft
1
Temter Cern ft F "A". 3ft
Tenn Cep & Chem.... 10ft
Texas Ce 47ft
U
n
ft
ft
54
9
ft
K
7100 2.50 Texas G
Sul 35 ft
400
2500 1
Texas ft Pacific 23;-i
Texas Pac C & O. . 20ft
Tobacco Preducta .... 00
2000
100
1100
100
100
100
0200
300
100
200
100
200
100
700
100
200
3500
400
1300
1200
800
2200
100
100
6300
309
2800
401)
0700
200
200
109
100
100
100
100
100
soe
(100
100
seu
300
300
300
100
100
13U0
0
. . Tel St L & W ctfs pf . 25
.. Transeen Oil lift
4 Transue Wm Steel... 32
.. Twin C.ty R T pf 75
8 Union Bag ft Paper.. 71
.. Union Oil 21
10 Union Pacific 120ft
4 Union Pacific pf 71ft
.. United Alley Steel.... 25ft
7 United Cigar Stores pflOUft
.. United Drug 60ft
3.50 Unkcd Drug 1st pf... 44ft
8 United Fruit 127
,. United Rwy Invest... 7ft
.. United Rwy Inves pf. 19
n United Retail Stores.. 62ft
5 U S C I P & Fdy 17 ft
..US Feed Products... lift
.. U S ind Alcohol 40ft
..US Realty & Imp... 02
..Us Rubbar 60
BUS Rubber 1st pf... 98
..US Smelt & Rcf....v 39J4
BUS Steel 84.8
7 U S Steel pf 113
2 Utah Copper 63ft
.. Utah Sec 10
.. Vanadium Cerp 32ft
.. Va-C.ir Chem.eal 20
,. Va-Car Chemical pf . . 73
2ft
ft
ft
ft
ft
ft
ft
ft
ft
ft
ft
14
'
'ft
?4
ft
VUadeu Inc 7ft
Wabash
Wab.ish
Uft
pf A.
20 ft
Wabash pf B 14
WtBtern Pacific
17 ft
Western Un.en Tel..,
Westlnghouse 13 ft M,
Wheeling & L IS
White Oil Cerp
02
31ft
7ft
12
1ft
ft
l'i
ft
ft
V.
6ft
Wick Sprue Steel Cerp
10 ft
W lUM.inerl.ind 11
Willys-Overland pf .. 30 ft
W11-011 & Ce 2S
Wilsen & Ce pf 05 ft
Woelvyorth F W pf. ..115 ft
Wor'luiiKleii I '"lip . , 40
Werth Pump pf A.... 84
Wertli Pump pf ii.... CO
200
200
Kx-dlvldmd.
FOREIGN EXCHANGE
New Yerlt Dec. 14. After yester
day's recessions from the new high lev
els of the prcvleiiH da. the foreign ex
change market again displayed a Ktreng
tone at the beginning of business today.
There were advances in sterling, francs
und lire.
The market continued strong around
midday, although the volume of busi
ness vai only moderate. A feature was
an advance in f runes te 8.11 for
tables and S.10 for cheeks. Sterling
i nbles were 4.18 nnd demnnd 4.18;
lire cables were 4.00, checks 4.05;
marks .57.
The Central Lurepenn exchanges
were quoted nominally tedav ns fol fel
lows; Uumnninn. .S7; itulgurinn,
.80; Sciblun, 1.00; Cicclio-Slevaklan,
1.22; Juge-Slavlan, .40; Greek, 4.25;
Polish, .03; Finnish. 1.03; Austrian,
.04; Hungarinn, .15, The Seuth
American exchanges were: Urnzll,
18.07; Argentine. 33.08.
The premium en New Yerk funds In
24
27
17
59
33
52
52
34
28
10
34
40
5(i
84
40
21
27
17
51)
83
B2J5
52
34
2.8"',
111
31'i
411
50
84
40
24
27-
17
51) ..
33-
52 1
52 1
34
28
10
34
40
50
81
40
Montreal today was 8 per cent. The
discount en Canndlnn funds lit New
erk was 7 9-10 per cent.
YKyTJJRDATJS TINAl, QUOTATIONS
Sterling- Francs Ure Guilders
Demand -18,, 8.0UV4 4.00 ao.ee
Cables 4.1BS4 8.07 4.05H U0.4()
TODAT'B OPtJNINO QUOTATIONS
Bterlltur Francs I.'ra Ouliders
Demand ...... !'( H.02V,
Klectric lt en 1)2
Cablei . .
4.17!;
.. N.DHU
Klcrtrlc 0 100 i
Klectric l.....leU 100 '
l , BAR 8ILVPR
ioeouXdr,iw'6;u::: w kmr-""
1 :S0 Net
P. Mi C"e
27ft- ft
13 ft
174 ft- ft
47ft- ft
46 ft 4- ft
5Sft4- ft
29
95ft 4- 1W
14 - ft
10 4- ft
133ft 4- 1ft
108 ft ft
28J4 4-
33ft- 1
31ft- ft
35ft- ft
20
0ft
14ft ..
102ft
120 - 1ft
27ft- ft
14 ft .
28ft 4- ft
60ft- ft
Ift- ft
2ft
84- ft
24ft4- H
17 ..
45ft ..
100 4- l
12ft ...
"ft 4- ft
120 - m
37ft ..
1ft ,.
40ft- ft
107 ft- ft
16 - ft
73 ft ..
13ft- ft
21ft- ft
13ft ..
oft- 9s
4ft ..
39ft- ft
78ft- ft
10ft- ft
3ft ..
4ft ..
14ft . .
123 5
27 jf ft
4ft4- ft
65ft 4- V.
46ft 4- ft
60ft- 1ft
51ft ..
33ft . .
10ft 4. ft
08ft4- 1
21
04ft- ft
33 4- ft
14ft- ft
33ft - ft
1 ft
71ft 4- ft
65ft4- 1ft
25 4- ft
lft- ft
00 - ft
92ft 4- ft
32ft- 1ft
40 4- 1
107ft ..
29ft 4. ft
39ft- ft
93 ft 4- ft
15ft- ft
71 ft 4- "
43 ft 4. ft
"7ft- 1ft
ft - ft
63 4 4- ft
ft 4- ft
62ft 4- ft
21ft t- ft
21ft4- ft
33
2ft ..
3 ft 4- ft
ft
"ft- ft
23 .
814 4-' ft
23ft4- ft
7-4- ft
' s- ft
3 -- 14
M - ft
5ft 4- ft
91ft 4. ft
187ft 4- 1ft
fir 4. jit
23ft- ft
3Jft- if,
80ft- ft
4ft ..
7 ft 4- ft
3ft 4- 1ft
10544. ft
47 ft
34ft 4- ft
23ft-
28ft - ft
59 ft 4- z
25 - J4
11'4- ft
32
75 4- ft
71 4- ft
20ft 4- 1ft
126ft ..
71ft 4- ft
23 ft 4- ft
103 ft- 2
03 - ft
44ft t- ft
127 i ft
7ft
19-1
52 ft ft
17ft - ft
10ft- ft
3ft- ft
lft- ft
55ft- J
90 4. V4
30 J4 J4
83ft y3
113 4. Jj
5 -f ft
10 4.
31ft- 1
20 - Ji
73
7ft- ft
6 ft 4- ft
20ft ..
14 4. ft
"ft- ft
02 - H
51ft 4- ft
TA ft
13 4- i4
lW 4- ft
0
30ft 4. VA
65ft 4. "ft
115ft 4- 1ft
40 4. 154
81
60 - 71
1:30
"'?! & r,iH
it. "K On On
High
T. M,
Aeme Cenl ,
Irltlnh Anrr Tnh nntin
.'nllfernla Cruahd Fruit
ar Lieut
no
01
01
Celluloid
.102
.10s
..100
. H
. 25 n
. 13'4
. 4i!'
. 12U
102
108
(Ui
102
108
en
mi
cei.uieid Ce
Columbia Kmcrald ..
Continental Moter ....
Uurant. Molera
2.1
3
Durant Metera Indiana
aien Alden Ceal
Cloedycar Tire
OeMwvn rMMnrfin .....
ait J
12 12'
TA
I '4,
iieycien utiem "
80
80
r,5
124
!
88H
3
It
12 '
1
7
Ubby.Mc.Vflll '
6'i'
li
Lincoln Metera A
p & It Q prei ....
Inter Preo
Mpfcer Meters , . .
National Leather .
N J Zlne
Nerltl Amr Pfinrr
OS
124'
2t
2Va
4 ,
8R4
a
OS
w
1
2H
n
3SV5
3
11
12
1
a
7
Itadle Cem
lt&dle Cem pref . .
Ileckaway Mills .
ncmiite .stores ...
Sweets, Ce
U a HhlD CerD ..
11
It a Rtpftm J 12
United Profit Shar'nir ... lfi
United net Cnndy f.4
Willys Cerp 1st cref .... 7$i
, 8TANDAHU OILS
Annle-Amer Oil' '..., 2tK
Atlantic Lobes 10
Imperial Oil 110
lluckeye P U 83
Stand Oil 61 Ind' SDH
21H
10
108
63
80S
21 W
10
loe 4
83
80i
iNOUrENDKNT OILS
Amer Fuel . . .
Allied nil haw
35
CO
25
28
80,.
114
111
23
084
l4
B
7H
47
12
Oloene Oil 2S
21)
80
4tt
211
23H
B8il
47
12
uosten wyemlnsr se..
Cftrlb Rynd 4?
Cities Pen Ice (etd) 213
Cltlej SenJca "B" ctla.. 23il
Cltlca Servlce prct'
Cetitlnenittl lief ...
wreuie fynu
1,
Cushlne n.t
s
r.7i
12
i,T.
Elk Iftisln Pet
Cnnlneera Petrel'...
l.'rtel Oil
Kedcral Oil ........
Kensland
Gllllland Oil .......
Oler.veck Oil
Imperial Oil Pel ...
Int Potrel
SB
8'4 8H 814
Hi 4H t4
if' lit 1H
8
8fc.
.4t
0
11
lttU
1H
75
42
25
MH
Ift
18
18
72
!
ll2?
4
3ft
00
70
24 V4
70
20
km
75
r.2
18
20
72
r.H
"git
4
mi
70
sm
70
20
Keystone Hanker , 7C
i.yens i't 04
Maracalbe O'l 2."
.Merrllt Oil 10
Mexico Oil Hi
Neble j 8
Nerthwert OU as
Oraa Oil 74
Pcnnek Oil r,s
I'ure Oil iirtf 100V4
Hyan Cens f, ,
rfapulua Iter ;C
rfmuns Pet nZ
Southern P & It . .' ft '
dkelly Oil flit
icxen 70'
X!CS?'1. en new TO
Wiitte Eagle S4H
Woodburn
V Oil 30
MINING
lielcher I3xtonsIen a
111 I.CdCO )
,;et & .Ment ku
3
28
87
37
23
sa
8
28
20
.'I
30
10
.21
18
13
24H
!?
8
no
30
t-'4
2S
3
28
H7
37
24
83
?A
OVi
8
28
20
3
3D
17
ii
18
3
13
2.V1
3lJ
IS
BO
3ft
17.i
2H
854
07
4
id
Canada Cep . 411
Landelarl i! 4
v'0Dlr Canven lit
Cens Ced M 111
t'ert Sllvei- :.. fc.v
(.reason oeld 2
Crescent McNemara .... 7'
E,ftl Daly Cepper U
Kl Salvader 11
t-uruka Croesus
2d
erenre Silver . .
0
3
.te
17
2i
IS
;i
13
8h
(111
30
17Ji
liVi
211
ii
117
3 old Cens
elcUleld Flerenco
ilarmlll Dlvlde . .
Hotte Sound ....
iron B.osriem
Jumbo Extension
.ucitin Oar
uasma Copper . .
Jeremo Verde ...
.Masen VnlKy ...
Methor lAde clt .
..ut.,er Leiia neur
National Tin ....
.eaua epnir ...
New Cernelia. . . .
.Vljilssinu"
.'.tts Mt Shasta .
Se Am P & (1 . . .
Steward Mln
ronepan Dlvlde .
Tonopah Mln ....
Unity Oeld ......
nlted Kastern .
Yuken Geld
it
110NUS
All'ed Packer 0s 18
Aluminum 7a 11)33 1024
Amer Teb 7a l'uu let
Amer Tel fls 1024 09H
Anaconda 0s 07U
Anscenda 7a 1020 102
Armour 7s lui'i
.larnsdall 8s us
Iieaer Heard fa eu'A
iletli Steel 7 1U22 1001
Jair Nut Ily 7s 107
Can Pac Oh 100
Cent Sieel fcn 10HU
Ce Graph Ss .15
Cens Tmtl e 83 01H4
Copper Expert 8s 1023. ..let
Copper Expert 8s 1024... 103U
48
102 '4
101
00 Ti
f)7'
101'.
102'4
os
IIIIT4
lnei
107
loe.i
10ui4
4.-1
U'4
iei5
103U
104
lU2i
PS"-',
HIJ
102i
100',
71
IPX.
119
OS
till
f!7',4
Oil
48
1U2Tb
Kit
0DT4
17V4
102
lOJ'.i
OS
tll"4
ldO'i
107
lOO'.i
100'j
4.',
0Va
101H
ie:i',i
104
102
os.
10.'
102T4
lOu'4
74
tlSS
ll'
08 W
00
07 4
wwin.ui jjApen ea av.j.,.104
Cuban Tel 7V4s
..lnnij
. . IihH
..102
. .102
..lll0'4
.. 7t
. . U8H
.. lIHTi
. . li
. . IKI
. . 07'4
.. 0i
uoearicn 7a
Urand Trunk V4s .
(iulf Oil 7s
Humble Oil 7a ....,
Interbore Ht
lclcdn Oas 7s ...
I.lbly-JIcNelll 7s .
Nat Acme 7'4s ...
Nat Leather Ha ...
N Y N Htllta.,
Oreuen H L ."s . .
Ohie Cities 7u 102S
llll'4
00'4
Otlii
l-llllll 1.0 US nsl! i: e'l
Phlla K.ee d, . .. : ioeVloo't loe I
Philips Pet 7 u )0Hl 10P1 mi
bliawsneun 7a 102"4 1021 inei.
riuia 10 (is
Southern Ity fls
00 4
Southwest Uell 7s
Stand Oil N y 7 1U2.1..
stand en n y 7s lean.
Stand O'l N y 7a lean.
Stand Oil N Y 7s 1031.
Stand Oil N Y (His
Kun Oil 7s ;
Swift & Ce "m 102.'.. .. .
Swift & Ce 7b 1031
Texas Ce 7
Tub Prods 7h
Tel Edisen 7h
Vacuum Oil 7s
Warner Sucar 7s
Western Elce 7a
Wilsen 7'.a
llll't
lid'.
.101
.101
.lfHIH
.107
.10814
. ier.
. dflij
.KKIJs
101.
. 1 0HT4
.101)1,
.1(14
.107
. nn
.lt)3i
. en';
100
10 IS
ioeh
107
IOS'1
le.-.s
100't
mi i,
100',
inn'4
104
107
ln:i
0(14
101
104J
lOO'i
107
10H1
10,12
neij
loot,
101,
10(1'.
lne"
104
107
0HH
103
00
Commodity Markets
GRAIN MARKET
Chicago. Dec. 14. Wheat stnrtcd
te higher for December; higher
te lower for Slay, and te
higher for July. Trade was light, with
the market running into selling imme
diately ufter the stnrt and suffered a
setback. The cash market wna rela
tively steady, with trade limited.
Cern started unchanged te lower
with a limited trade. December was
sold by ail Eastern house and mct with
little support.
Oats started unchanged te lower.
Trade was light and support weak.
COTTON MARKET
New Jt'erlt, Dee. 14. The biff con
sumption tigures had much te de with
an epeuliig advance of 10 te 83 points
in the cotton market tills morning.
Foreign houses were buyers of Inie
months. Trede interests also bought
and local operators took the bull side
for a turn. New Orleans and the Seuth
were the chief sellers. After the start,
the innrket acted steady at about inl
tlnl levels.
Receipts at the ports for the dny arc
estimated nt 25,000 bales, against 20,
400 bales n week age, 28,843 bales n
year age anu u.uuu bales two jeaw age
l'rovleua j 00
Cleso Open V. M
. 17. 3S 17.110 . .
. 17. UO 17.10 17. 1:7
. 17. 21 17.40 17.28
. 17 05 17.11) 17.12
. Id, 7r. lfl.dB I0.7D
. 10.08 18.24
December
January .
March . . .
May
Ju.y
Ooteber
NEW YORK COFFEE MARKET
New Yerlt, Dec. 14. The lecnl celTee
futures market opened unchanged te tl
points higher thin morning. Uuylng
sentiment wiin encouraged by special
cableB from Kiintei nnd H0 reporting
rallies there, ufter (Uxuppeinlng early
official repertN.
Around midday (he market was hold held
ing very Hteady nt Mlghtly above initial
IIkuich, although the recent rapid
lluctuatiens in the Ilrujiiliiins have
brought in liquidation from Heme of the
mere timid longs heic. There wus nuf
iiclent dcmiiiid for the dlstunt months
Iiowevcr, te held in cherlt any declining
tendency here nnd Berne .strong outlde
interests were dlspeu'd te pick up con
tracts en the soft upetw.
, . Prev, Cloue
December 8.00
March R,B4fe8ri
Kay H,7!(fl73
Jul H.70W71
Opn
fi 80W00
8.82 M hi
8.7HW77
8.70(e)7T
4,0aV4 3ll,"li
A HA Uft,,
4.01
BUli'O
BANK CLEARINGS
Bank olearlnea today ctmuared with
rpendliw day laut two yearn
1821. 1(1 in 1,
FllllO. ..170,000,0!
1010
upmiaawfcia
uoareiw eb.vviu,
Trraiurj DuiUing, Wfljhfnften t
NEW ISSUES
United States Treasury
Six-Menth Certificates
4
dated December 15th, 1921 due June 15th, 1922
One Year Certificates
4Vz
dated Dec 15th, 1921 due Dec 15th, 1922
WE INVITE SUBSCRIPTIONS TO BOTH
ISSUES SUBJECT TO AtLOTMENT
Price 100 and accrued interest
Commercial Trust
Company
Member Federal Reserve System
City Hall Square
SPRUCE 8200
S. S. Kresge Company
Percentage Earned en Common Stock
Year Before War Taxei After War Taxei
1909 1.71 Ne War Taxes
1910 2.69 "
1911 3.31 "
1912 5.29 "
1913 7.29 "
1914 10.10 "
1915 11.53 "
1916 20.32 19 89
1917 22.21 17.21
1918 28.11 " 15.61
1919 33.65 21.40
1920 35.38 26.13
I As a result of this remarkable growth in earning power,
the investor who purchased Kresge Common at its issu
ance in 1912, and took advantage of all his subscription
rights, has seen the market value of his investment
increase approximately 450.
JThe 54 Stock Dividend and 3 Cash Dividend,
payable te Common Stockholders of record December
16, 1921, is an indication of what is in store fpr investors
who purchase Kresge Common te-day.
J Kresge Common is listed en the New Yerk Stock
Exchange.
Ask your own broker about litis Stock, or write
Geerge H. Burr 6c Company
421 Chestnut Street, Philadelphia
Uosten Chicago New Yerk Sen Trancisce Gt. Louts
Tertland, Ore. 1.03 Anseles Hartferd Seattle
Tax Free in Pennsylvania
Exempt from Federal Income Tax
' $115,000.00
City of Allentown, Pa.
5 Improvement Bends
Dated October 1, 1921 Denomination $1000
Coupon
Assessed Valuation $67,653,185
Net Debt 972,000
Net Debt less than U2
Maturities 1920, 1931, 193G, 1941
Prices te Return 4.30
LEWIS & SNYDER
1524 Walnut Street Philadelphia
Telephone t Spruce 6884
fr i..i Mm ,m . ..-
We Offer
$100,000
BURUNGTON, CEDAR RAPIDS &
NORTHERN RY. CO. '
Consolidated First 5s
Due April 1, 1934
A firat lien en 1291 miles of read.
Guaranteed by Chicago, Reck Island
6t Pacific Railway Company,
Price 96V2 and Interest
te Yield 5.40
Same, Wthbtv & Ce.
Established 1880
1422 Seuth Penn Square
PHILADELPHIA
NEW YORK BOSTON CHICAGO
Ifemeer 0 New Yerk Stock Exohenga
... it"
n.
"Kiet,
ivm ...F.tnifci'.
-.- V kSf,Vil4 , V t r
II