;v A,' a kf I BviteteG public aDaEBpgiEABELPHtA:, ebida-yv peqembbb tiff,-102$ Bl X Currency Inflation and Public Debts An Historical Sketch , 't This timely treatise by Edwin R. A.( Seligman, Ph.D., L.L.D., McVickar Professer of Political Econo my, Columbia University, has been published by The Equitable Trust Company of New Yerk, with a prefa tory note by President Alvin W. Krech. It is a volume of unusual interest at this time be cause it offers a clear and concise historical background, enabling bankers, statesmen and business men te better understand the present economic situation with its per- -plcxing problems of taxation, price fluctuation, currency instability and the dislocation of foreign exchanges. A limited number of copies arc available for distri bution upon request. TH? EQUITABLE TRUST COMPANY OE NEW YORK LAND TITLE BUILDING Bread and Chestnut Streets PHILADELPHIA Alan W. Pease, Representative 222 Broadway 37 Wall Street '-ktek 3 King WMim St., E.C. MaJisen Avenue at 45th Street Paw 1J Rut it h Pill STRAUS BUILDING J I jjijLJ IjSkV NEW TORr Hew te Invest $1000 te Bring $70 a Year "I have $1000 te invest. Hew can I place it te get 7 interest1 and still be assured of Complete safety of principal; Prompt and sure payment of principal and interest in cash;' Freedom from red tape, worry and constant watching? " This is the problem many investors are facing today They are' anxious te secure a geed interest rate for a long term of years,' and they want te knew just which of the many securities offered will be the best, most convenient and safest. A new issue of Straus 'Bends new offered at 7 provides the' answer te this question The soundness of these bends is proved by their record of 39 years without a single case of less, i They will give you safety, and $70 a year for every $1000 in vested; $500 will give you $35 yearly or you may invest in any multiple of $100. Write today for our current offerings of safe 6 and 7 bends. Ask for BOOKLET 805-Q S. W STRAUS &, CO. INCORPORATED A OFFICES IK FIFTEEN PRINCIPAL CITIES ESTABLISHED l88 STOCK EXCHANGE BUILDING, PHILADELPHIA Telephone, Spruce 5628 TH1RTY-NINE YEARS WITHOUT LOSS TO ANY INVESTOR Edward B. Smith & Ce 1411 Chestnut Street Member New Yerk and Philadelphia Bleck Exchange! Investment Securities Philadelphia New Yerk GEO. A.HUHN& SONS STOCKS ANT BONDS Member of the Philadelphia. yt orkend Chicago Stock Kxchatuta New Yerk Cotten Fhrhnnge Commission Ordera Executed In All the Principal Market! Liberty Denda Bought and Sold Dtllenie Cenrt Hid.. 1418 Walnut St. w. .. HI Ureadwny Lee, Higgihseh & Ce. BOSTON Established 1813 nun iuiik 1306 Finance Bldg., Philadelphia AUTOMOBILE ', INSURANCE UBEBTX MUTDAIi 1JJSTJRANCU CO , GARRISON &CO. WIOENER. BLDG. MEMBERS- NEW YORK AND PHILADELPHIA STOCK EXCHANGE BONDS FOR INVESTMENT lllllllllllllllllllllllllllllfllllllll NEWBURGER, HENDERSON & LQEB Members New Yerk and Philadelphia Stock Exchanget 1410 Chestnut St. C. S. PATTON & CO. awmr Successors te SAILER BTEVKNSON .Sends and stocks joefbt.and jeia Members I'hlla. Werk Kschsng Steckwcll, Wilsen & Linvill Certified Public Accountants Land Till. Bid., Philaddphl NEW YORK BONDS Area. Rep'e 3..... TB CanadJ'n Nlhn 6H ret B.... 108H 1.... 108 U 3.... 108H 11.... 108H 3.... 103H 10.... 108H Canadian N 7 1.... HOW 3.... 110V4 ChUe Cep'r 8s 8 83t 1 69 1..... 85i Chile Cep'r Ta 8 00H 8 00 U Chinese Oove't H-K my Ba 3 (0 City of Bergen 8a rets 1.... 104 tf City Berd'x 6s 3 SOU Cty Chrls'a 8a 1.... 108 City of Copen hagen B'As 4 H7 0 87 1 S7H ! 88 le.... 3. . . .. 1. . . . City Lyens 6a 10 SO'.i B SOW 10 80 U City Mars' s 0 6 SOW Cty Rie de Ja Ja nerle 8a (BALKS IN $10001 BalU K Qrt Hrlt Chlcaca Union A I'd 1032 Bt. et OH S3 00 U B.... 9D.18 u K art nnt ft I'd 1820 a oe 1 09 U 16 80 li 3 80 H U K Ort Brit A I'd 1987 18 0BH 60 OSK 83 SBH S8H 06H 97 H 8BV1 OBVi 87 87 V4 83 3... I..... l.... n.... IB.... 1. . . . . U B Brazil 8s 1.... 104U 1.... 10iH 1.... 104S U B Mexloe 4 a 8 41H 3 41 3 4lU 8 41 1 41U U S Mexico 6s 0 64j 4 B4?i 1...., BB B..... B4T 3 B3 Adama Exp 4i 80 8BU Am A A Ch Bs 0 DSH Am'n Ast'e A Chem 7 Ha 1.... 100U A 8 A-n'sr Si . . ... 100 1 ioe u 100 10QH 100 V4 100H 100 0. 1. . 1 1 1 x.... 2.... City Teklo Be a 60 H 1 60 Vi City Zurich 8a 1.... 108H 2.... 107H 1.... 103 1.... 108 8.... 108 Cuban A S R 2.... 102N Cuba U Ce Ba 1 77 Cuba Railroad Ce 7 V4 wl 3.... 101 13.... 101 10.... 101 P.... 101 2.... iem 4.... 100 Denmark Cen ct A 8a 1.... 107 Denmark Cen ct B 8a 4.... 107 7.... 107T. J.... 107 Dem Rep'e Ba 10 85Vi D Canada '28 4 00 U 3 00 D Canada '20 10 07 3 97 1 97 2 07 2 97 5 07 D cnada '31 A 03 1 05 CJeve't French R 7 14 a rcta 87 87 i 88 88 T oil 87 87 87 M 87 a... i... ! Am T 1 1 i Amn T A T Ba 3 91V. 1 01H 1 91 1 03 Amn TITIi 14.... 109 Vi 10.... 100 0.... 100 2.... 100 Am'n W P 6 1 84 Ann Arber 4a 2 BS Armour 4a 1 88 A T A S Fe aj IS 70 14 80 A T A 8 Fa 4s B.,... 85 0 85'A 14 85U Atch T A S Fe E O dlv 4a 1 92 A Coast ! clt 1 77M A Coast I' 7s 1.... 105 V, Atlantic Ret' ct 0Ua 1.... 104 2.... 104 Bait A Ohie ev 1 7 l... 75 1 7A 1 12 R 1 1 Bal A O 1.... 111U C A W I VA X.... 100 1.... 100 w 1.... 101 Cl'd Cln Ch! A Bt Leuis 0a 1 07 3 SOU Cole A S 4a 2 81 1 84Vt C Tab A K Os B 03 Cum T A T Ba 8 a a a a 69 Del & Hud ev 1 90 Del A Hud fd 3 45 6 48 1 45 Den A 11 Q 6s 3 70 Det Edl Ce 8s 1.... 100 Det Tun'l 4s 3 68 D Match 7 a 8.... 107 D da Nemours Pwdr 7 1.... 10314 3.... 108 31.... 104 4.... 104 1.... 104 Duct Lllht 0a 1.... 101 Erie Oenl Lien 1 48 10 48 10 48 Erie RR cv A 0 83 6 36 B 86 Erie R n ev B 10 85 4 86 Brie RR Ce 4s a 68 risk Rub'r Ce 8a rcta 6.... 100 Oalv II A B A MaFdr 1st B 64 Goodyear T A Rub'r '81 2 90 2 09 12 90 10 90 10 90 Goodyear T A Rub'r '41 20 B.... 105 6.... 103 1.... 106 N Tk Llsht II APwr 4 l.... 77 New Tork O A Wcst'n 4a 1 08 4 00 N T Tela 4 He 0 88 N T Tele's '41 101 101 101 101 101 101 101 101 If There Is a Market We Can Find It We held sales of stocks and bends every Wednes day, charging $1.50 en trance fee for each item. Out weekly catalogues and postal card service reach every mar ket. We take pleasure in furnishing quotations. Barnes & Lefland Stock Brokers and Auctioneer 147 S. 4th St. Krntarkr Traction A Terminal,.,, t'nltrd Tnwtlen of rlttsbunth. . .. Waterloo, Cedar Falls A North. North 8irinflld Water Ce. . VerfnlU A Portsmouth Tract. Indians Wenlce Cerp. 1st Itef. ,5's 1031 . 1097 . a 1040 4' 1081 B' 1928 S's lu.lfl ,5's 1050 l'enn l'nblle Herrlce Company ...B'e 1963 Kentncky A Mrst Vlnrlnla Pewrr Cem. Htk. Wiuninaten una iweMiir loeimon mwk North Indiana Gas U Klre. I'M. Sterk SAMUEL K. PHILLIPS & CO. Um07rA'BrJSllT0h"n" EJaFe Bends for Investment HALSEY, STUART .& CO. In& Land Title Bit 7 Phenes Locust 4820 as 4 05 5 93 3 03 1 93 2 95 13 93 2 93 B 93 3 93 1 93 2 90 2 93 6 9B 1 03 1 93 23. .. 93 Geve't F R Ri 2.... 100U .... 100 1.... 100 2.... 100 3.... 100 4 100 1.... 100 1.... 100 0.... 100 1.. 1.. 1.. 40.. 6.. 11.. .1.. 2, 3.. 110 110 110 110 110 110 110 110 110 110 0.... 1 ... 1. . .. 1...4, ? 4a 4.... N T Tele'e '49 1.... 103 1.... 102 Nefk S'n R Bs 9. . . . 61 N A Wev ei North Weste'n Bell T 7 1.... 107 l.M. 107 4.... 107 A.... 107 a.... 107 .... 107 N PaclDe R 4s 23 84 ! 8S 1 84 Oregon n R A Navl Ce 4s 10 83 Ore-W R R Ce A N Ce 4s 2 77 a 77 2 77 Poe O A E 6s 1 80 rack'd Moter Car Ce 8s 80.... 100 1.... 100 1.... 100 Fa R 4s of '48 1 80 Pa R tm 4s IB 80 10...... 87 Penna, R R 5i B 04 10 94 18 94j 10 93 10 94, 88..... 63 Penna, R 0s 4.... 101 1.... 104 renna, R R 7a 1.... 107 fere Marat 6s 8 89 Pierce 6 8s wl 8.... 100 6.... 100 Reading Ce 4s 10 81 8t J A O I 4s 8 68 8t L A S F a 2 72 6 72 10 73 Bt L A B F In 10 BB B.... 66 10..... 55 0 72 10 73 8t L A 8 Fran Series A 10 88 1 68 B 68 3 68 St L A fl Fran Series B 8 82 St L 8ewn 6s 1 73 St Paul A K C B L 4s 3..... 77 Seab'd A L fd 1 88 Seab'd A L On .... 42 Sinclair C Oil Cerp 7s 1 09 1 99 3 99 Se'n Pad no fd 10 83- 2 83 2 85 S'n Tae cv 4e 1 87 Se Pac Term'l 8 81 Sn Railway 4s .... 01 Stand'd Oil of Calf 7 4.... 108 2.... 100 2.... 106 2.... 100 Steel Tub Ce of A 7 1 98H 2 08 Third Ave aj X.... 40 1 40 Third Ave 4a 20 67 Union Pae cv 1 90 1...'. 00 Union Pae fd 10 84 1 84 Union Pae 4 1.!... 88 10..... 88 12 87 9 87 Union Pae 6a 4.... 103 Unt'd Dm Ss 1.... 103 3.... 10B 1.... 106 U S R A I Ea 0 93 U 8 Rubb'r Bs 3 86 B 86 8 86 1 80 UM S Steel Bs 1 90 1..... 90 1 99S 10 90 Utah P A L Bs 8..'... 88 Va Rwy Ce Bs 6 89 Wabash R 1st 10 92 West'n Md 4s 3 69 B 69 1.1... 60 W Union 0s 1.... 107 Weitlnirh'ee E A Mfc 7s a.... iebVj 1.... 103 Wlcks'e Spncr Steel 7a 2 99 8.... 100 2 09 Wilsen Ce cv 2 88 Wilsen Ce 1st 1 90 10 90 10 00 TEXTILE TRADE UNCERTAIN Today's Range In Liberty Bends l'.IO It ah Lew P. M. fl5. 14 94.04 05.10 00.84 07.40 07.04 08.14 07.50 Gr'd Trunk of Can 6s rets 1.. 1 4.. B.. 1 . 4. 1 100 100 100 100 100 100 100 100 100 100 100 100 100 100" 1. 21. 8. r. B. 4 Gr'd Trunk et Canada 7s 1.... 110 Jap Gcne't 1st 1 8' 1 8' 10 8 Jap Geve't 2nd 1 87 10 87 10 87 Jap Geve't 4s 2 74 B 74 2. ... 71 K Belzlum On 2 .... 05 K Belc'm 7s 5.... 101 1.... 104 3.... 101 1.... 104 1.. . 101 K BelK'm ret. 1.... 107 4.... 107 1.... 100 i.... 104?; 1.... 107 1.... 107 Klnsdem Den mark et R 1.... 1... K Italy 10 10 10 15 .... 10S 108 0S 91 93 93 93 91 94 03 Ner 10 6 .... Kingdom way ct 8s 1.... 109 3.... 100 K Sweden tls 1 00 Perte R'n T 8s 0.... 102 Queensl'd Kit Lean ct 7a 1.... 107 1.... 107 R Chile ct '28 n.... 100 0.... 100 2.... 100 2.... 100 1.... 100 .... 100 R Chile ct Ml 1.... 101 12.... 101 3.... 101 R Chile ct '4tt 1.... 101 ".... 101 B.... 101 1.... 101 It.... mi 2.... 101 R Cuba. Bs '04 1 R3 Repub et Uru vuay 8s 1.... 103 Stata of Bie Paule 8a 1.... 101 1.. . 101 1 .. 101 3 . 101 3 ... 101 H Bwltz'd con 8 2.... 118 3.... 118 2.... 113K 75 76 75 75 73 3s 2 80 Bait A Ohie 4 3 77 17 774 4 77 B 77 Bait A Ohie Of 03 B A O P L E A W Va 4s 1 74 3 74 Bell Telephone et Pa 7a 2.... 108 3 108 Beth Steel fd 1 00 B Udlsen D ?s 3.... 100 1.... 100 B Rap T ct 7s 3 30 Bkn U Gas 1st 1..... 00 Bush Ter'l 0s B 82 Cen'l of Ga en 90 Ctl of Ga lets 1 92 Ctl Paclfle 1ft 10.-... 82 Ctl RR A BkKi Ce of Ga 3s 1... . 93 4 Cerre de Pas'e Cep'r 8s 1.... 115 2.... HSU, 1 115', Ches A O 4! 5 83 1 St C A O cv 4e 1..... 81 1 81 1... . 81 1 84 C A O cv Bs 2. ... 83' 1... . 83 10 85 Chi A Alten 3s 1 53 Chi B A Q cm 1 .... 80 C B A Q 0 1.... 107 11 A. .. 108 C A U I 3s wl 2 71 1. 5. 10. 1. 8. O't Falls P Bs 1 07 O Nthn Rd 7s 9.... 108 B.... 108 7.... 108 2.... 108 &.... 108 2.... 107 1.... 108 Gulf A S t Bs 1 74 Hav'a Elee Bs 8 S0 B2 B2 B2 B2 B2 B2 62 Liberty 3Vjs .., Liberty Ll 4i . Liberty 1st Vfe Liberty 2d 4ffls Liberty 3d 4,tH Liberty 4 th 41J8 Victory N Wis Victory N 4?is Lew 94.04 00.8 1 07.34 00.08 08.02 07.30 .100.00 100.00 100.00 .100.02 100.00 100.00 00.84 07.34 07.00 08.02 07.30 Financial Briefs Hud A Man fd 1 73 2 78 Hud A Man In 2 40 10. ... i 48 10 48 III Cent'! 0s 107 Int M ct 4s B 7 B 7 Intb'e R T fd B 11 14 15 B 1 10 I St Marine fl; 1 90 1 89 Iowa Cent'l 4 2 35 1 33 1 83 Kan C A 3 3s 2 84 7 84 3 84 T 84 B 61 Kelly Sprlng'd Tire 8s 2 ... 105 Laclede G Ce St I.e Bs 1 80 I.al.e Shere M 4s '31 2 S9 LehlEh Val 6s 1 101 L A Ms era 7s 1.... 112 1.... 112 1.... 112 1 113 L lid R cm 4s 6 78 Leu A Ark 3s 1 70 Le A Nash 4r 8 884 Mex retr'm Ss 1 101. MIn A St L 4s 1 83 M A StL en 3s 1 74 M StP A S Ste M 6a rcta 1.... 101 2 101 M K A T a wl 1 Chi 4 28 71 71 71 71 71 71 ... 71 A O W 4s 61 61 2 01 Chi Mil A Pt Sound 4a 2 r.3 2 04 4 en"; Chicago Mil A St Paul 4s i 10 .... 72 2 71 B 71 iniraKO Mil St P'l d 4a 3 60 Chicago Mil A St P 4a '25 2 71 1 70 B 70 Chicago Mil A StP cv 4a Tha ivurAn Drlee of the twenty Indus trials advanced 0.41 per cent yesterday te r.1.60. whll the twenty railroads advanced 0.12 per cent te 74.20 Total sales of stocks yesterday acgre sated 1.108,080 sharess. This was the first time slnce June 21. when sales exceeded a million shores. Since the flrst of the year there have been slxteen million share days. A membership en the New Tork Stock Exchange chanced handa yesterday for a consideration of 106.000. this belnir an In crrass of $1000. as compared with the last previous sale. The price compares with a high of J100 000 and a low of J79.000 for the current year te date. Middle States Oil stockholders have been requested te appren an Increase In the rnpl tal stock of from $10,000,000 te $.10,000,000 te provide for tbe entire absorption et all subsidiaries. Firestone Tire and Rul.ber Company, quarterly 1 per cent en 6 per cent pre ferred, payable Januar 13 te stock of record January , and 1 Pr cent en 7 per cent preferred, payable February 13, te stock of record February l. i Federal Moter Truck Company. 1 per cent, payable December 24 te stock of , record December 17 United States Industrial Alcohol Company, quarterly 1 per cent en preferred, paynble i January 10 te stock of record December 31. , Improvement Belleved Near, but Ex act Tlme of Upturn Indefinite Manufacturers of textiles are antici pating a gradual resumption of bust ncss, but just when the upswing will start seems rather indefinite at the mo ment, according te the weekly reriew of trade for the Philadelphia district by It. O. Dun & Ce. Prices nre firm and the Impression prevails that there will bn m eradunl hardening. Little change Is noted in the wool trade, sales being in small lets et the liner graae. Yarn dealers report llftle buying dur. ine tbe week, but tbere has been a geed voiume of flnqulry. This refers te knitting and weaving yarns, although intcrest Is mostly In the former refer- lng mostly te yarn used in ure man ufacture of heavyweight underwear. It is also said there Is a fair inquiry for cotton cloth. This has created a mere active Interest in weaving yarns. Continuing, the review gees en te say: , "Manufacturers of men's and boys' clothing report business quiet. Buyers are making small purchases for immo imme immo dlate needs, while it Is reported thej nre placing modcrate orders for spring buBlness. Collections are slew. "Wholesalers and jobbers of cotton goods report a fair fall trade, purchases nt this tlme nre small and for imme diate needs. Most of the retailers seem te have sufficient stock. "Manufacturers and jobbers of coale and suits say they have done a spare business for the season, purchases new are small nnd for immediate needs and prospects for the spring appear favor able. Several quarters report collec tions fair. "Wholesalers nnd jobbers or woolens nrp.deing a fair business and say their snlfs nre principally for lmmcdlate needs and among the custom tnilers. "The hardware line shows a slight Incroase in activity, which is believed due largely te the season. The volume of business, however is much less than for the same nerled of 1020. Prices remain about the enme and collections are slew. "The electrical trade reports a geed business in holiday specialties, with the volume somewhat m excess or last year. Prices are close and proms small. Household specialties ere moving freely, but net much business is noted in con nection with building operation work, repairing being the chief item. Prices are reported firm nnd collections fair. "The steve trade has been stimulated by mere seasonable weather, but Is still quiet en staple goods. Foundries are operating at nearly full capacity. Job bers andSretnilers are quiet. Prices are reported steady and collections fair. "The paper market shows some Im provement. Manufacturers and jobbers rcnert stocks are low. and. cense quently some increase in sale. although buying Is principally in small lets and for immediate needs. There is very little dealing in futures. Prices are steadier and, en some grades, have ad vanced. "Paint manufacturer's, dealers in paints and painters' supplies report business quiet and confined principally te the jobbing trade. The volume is much lets than for the same period of 1020. There is little change in prices nnd collections are slew. "Wallpaper manufacturers, jobbers and dealers report little change. Pur chases are smnll nnd for present needs. The majority of the mills ere idle. Prices remain about the seme and collections slew. "The leaf tohaece market has been quiet during the week. Old grades of Pcnnsylvnnias find Cennectlcuts nre scarce and held at high prices, ether lines ere being sold only In small quan tities, Sumatra nnd Havana are being sold for immediate wants, and geed prices nre maintained. The large cigar manufacturers are fairly actlye en boll bell day orders, but the general business Is quiet. Lecal retail trade is in fair con dition. Cutting of prices continues and profits are light. Collections are slew." LONDON STOCK MARKET mU Phlla. Federal Reierve aHK' :i Tha statement of condition of th Mr delphla Federal Reaenr Bnk .t th "4' et business December 14 fellow! , RESOURCES DM.1 Geld and e!d ear- tlflcMes 11,873,753 O e 1 d settlement fund Fed. Res. ........ Beard 08,885,618 I9. 4, Tetl. cold held by bank ....... Geld with Fd. Re. agent .......... Geld redemption fd. t70.7S8.8Tl 148,167,063 10.640,260 08.636. 6441 - ' ; T0.B3,e , SsliSlI 1ST. 0 Dellar Description Steady Indue- trlala Quiet Heme Rails Reeede Londen, Dec. 10. Oil shares wcte quiet en the stock oxchange today, but thev dlselaved firmness, Ileynl Dutch was 87-i, Shell Transport; and Trading 4 and Mexican Bagle 4. Industrials were quiet, but the feeling was confi dent. Hudsen's Bay was G. The undertone of the rubber list was steady, with changes narrow. Trading in kafurs was tjrofeBsienalnnd the turn over was light. Dellar descriptions were steady but inactive. Prefit-taklnc Weakened Ad Ad gentlne rails. Hemfl rails were quiet and inclined te reccdoJfe.Cheerfulness was noted In seme gilfjedged Issues. French leana wavered. Generally, the markets were jnlxed nnd uninteresting. DIVIDENDS DECLARED MacAndrewg A Forbe. rvmpany. quarterly 1 per cent en preferred, and 2 per cent en common, payable January 14 te stock holders of record December 31 Ridge Avenue Passenger Kullway Com pany. 13, payable January 3 as registered December IB. Toungstewa Sheet and Tube Cempnnv, quarterly 60e en common and 1 per rent en referred, payable January 2 te record of December 0. Plttburgh Rolls Corporation, quarterly - per cent en preferrnd payable January 1 te record of December 24. All America Cable Company, quarterlv 1 per cent, payable January 14 te stock of record December 31. mVU ,.,.,...ff:234.B64.609 IU4.TSMW Ltaat tender notes, . .- silver, am 6.276.990 6,PlcV4. Total reserves Bills discounted. secured by U, B. Gevt, obligations. All ether Bills bought In open market .......... .1380.841.687 I221.T04.4-8T i . i ' i i i J 68,405,299 19,226,298 8.664.B88 8,07OJrr Tet. bills en band i94.20B.18T t9T.eU&AM U. B. bend and ...-, . je ' note C,280,1B0 1.4M.M9 U fl. certificate of Indebtedness: One - year certlfl- cats (Plttman e- Aet) 12.000,000 W22222. All ether 10,800 "I-5S2 Municipal werr'ts 46,000 4&,60O Total earning asset ..... $108,080,837 tm.S81.8M Bank premises . , Five per cent rs rs demptlen fund against Fed. Res. Bank note .... Uncollected Item. All ether resource 1585,197 tSaff'.lST 700.000 67.431,429 448,770 T0O,0rf 48,832.9t 437.889 Total resources.. $398. 687.897 $878,881,987 paid Capital fiurDlus Reserved for Oevt franchise tax . .. Deposits. Government . .... Member Bank Res. account .. All ether LIABILITIES In $8,786,430 17.661,127 3,668.000 2,730,872 87.822,000 1.300,033 $8,727,430 17.864.137 8,S,00O 3.160,160 99.488.617, 1.347,870 U. 8. Certificates and Treasury Notes Bid Asked Yield ..100 8-16 1 no 1132 3 75 ..100 3-10 100 9-32 3 83 ..100 7-82 1IK1 5-111 3.85 . .100 100 18-32 3.83 ..100 1WI 1-10 4.00 ..1011 100 3 85 ..100 11-10 Hlft 13-10 4.11 ..100 1-32 100 4 30 ..100 100 4 21 ..102 7-16 JflOU-10 4 0 ..102 102 4.03 Exempt from Federal normal Income tax. tAcceptable for payment of lncome tax due en data of maturity. Int. Maturing Rat Date EVi Feb., 1023-. tfl Mch., 1022. 16 'Mch., 1922. B Mch.. 1022. 4 Apr.. 1922. tB June, 1922. 6 Aug., 1022 4 Sept.. 1922 t-6 Sept., 1022. fi June. 1921. t-fl Sept.. 1924. New Financing by Southern R. R. Washington. Der IB. The Southern Rail read asked the Interstntn Commerce. Com mission today for p-rmtsslen te lesue and sell $30,000,000 In Kel'l bends te bear In terest nt 0 pr rent and te mature April. 1950. The read prepies with the funds thus obtained te itv $22,588,000 for re demption of e'.'tsti.ndlntr short-term nnts and $2,356,000 te extinguish a Government lean. The balance, the application snld. will be held In the Treasun. of the corporation as reimbursement for capital betterment ex penditure already mad. New-Crep Cuban Sugars Active Ntnv Tork. Dec. 10. Considerable activ ity developed In the raw sugar market Iat yesterday and qulte ft large business was transacted In new-cret Cuba a local re finer, understood te be the Inderal 5-ugar Retlnlrg Company, acaulrlne 75.000 te 100. 000 bags at 2 l-llc. cost and freight eiual te 3,fl7c, duty pr.ld. for December ehlpment srd at 2c. cost and freight, for January February shipment nt 3.Clc. duty pstfcl A local refine- also pur'-ha"'d incin tens Phil Ipplnes en the spot ut 3 07c. delivered. The Cuba. SURar TlnancB Committee continued te quote at 2c. ce-t and frelcht All local refiners, with the exception of the rederal, today reduced their prices 10 points te 0.10c less 2 per cent for cash. Total deposits.. ..$101,928,003 $102,899,143 i actual clrculat'n. $203,766,640 $198,018,675 Fed. Res. Bank notes In circula tion (net liabil ity) C, 288,000 4.047.009 Deferred avallabll- ..,. .. ... ,,j Ity Items S6.822.128 41,231,144 All ether liabilities 1.814.647 1.318,843 Total liabilities. .1398,687,897 $878,381,987 Ratie et total reserves te deposit and Fed eral Reserve note liabilities combined, week of December 14. 7S.B per cent: prevleua week, 73 7 per cent. Ratie of geld reserves te Federal Resf" notes In circulation after setting aside SB per cent against deposit liabilities, week et December 14. 96.7 per cent: previous) wmW, 93.8 per cent. .... - , Above percentages calculated en basis et net deposits and Federal Reserve note, IB Memorandum Contingent liability en Wit purchased for foreign correspondent, week of December 14. $2,600,000: previous wtslc. $2,560,000. A new Recerd record Oil Production In dally average oil tre- iea l SS W. V,'. Faunrn has associated with, the bend department et Stroud himself A Ce. 8.. 12.. 10.. 10.. 10.. 1.. 2.. 3.. Se!! 40.. 4.. 2.. 10.. 10 10 11... . 3.. . Me K A 10 15 40' 40 46 40 40 46 40 40 46 40 40 48 40 40 46 40 46 4rtt. 46 T fd 75 75 62 62 63 62 62 61 Bt 61 6. 1. 5. 1. 37. 1. 7. 4. Chicago Mil A StP fd 4a 8 65 8 65 Chicago Mil A StP gm 4s B 70 4 70 B 79 Chicago Mil A St P cv 6s B.. 1. 8. ... . .... J2; 62 62 02 63 61 61 61 111 01 61 2. 3. 8. IB 10 1. 4. C A Nwn fls 1.... 100 Chi Rallw's 3s 3 C R I A B .1 C R I A 1..... ,11 K A T fd ct 61 Me K A T 4s 4 73 B 73 M K A T 4s wl 1 03 7 64 M K A T 4s 20 63 8 53 17 33 10 B3U MIC1T Bs wl 0 78 10 78 8. ... 79 1 78 8 78 M K A T 6s wl 0 02 Me Paclfle 4a 20 (11 1 00 2 (11 NYU cent'l 6s 1 09 1 9!) 2 98 a 98 1 99 1 98 N T Chi A St Leuis 4a 1 X4U N Y Edisen Ce 0 ret 1..., 106 1.... 103 08 P fd 70 70 P 4s 70 U 14... 1... 10... B... 1... 1... 9.. 23.., 28.., IB,., 1UD-I 103 105 105 105 105 105 105 105 105 105 Stockholders of the Brooklyn Edisen Cem- i pany. Inc., will held u special meeting en December 28, at the company offices, te ratify the Increase of the capital stock I from $19,000,000 te $20,uOO.eim), and te authorize tbe Issuance of $10,000,000 new debentures. The Federal Resene Bank of Philadelphia reports subscriptions te the latest offering of Treasury cerUflcates as follews: 4'. a, il8.30O.50O and 44c $233,903,000; total, 234,203,500 Allotments were made as fol fel fol lews: 4s $3,707,000, nnd 44 s $23,888.-.-.00; total. S29, 595,500. The district's quota as $17,030,000. An Amsterdam dispatch says Colonial .Min ister De Graf las li.trnduced In Parliament a bill authorizing a $100,000,000 lean In the United States at 04 per cent, proceeds te be used In the IMtch fcaHt indn s The flrst Issue of $40.u0l.00) is te be made as seen as states general -,ote approval. Amortization of the lean will take pluie during thj first ten jears by purchase in the oeen market, but net at a higher rate than par. whlle thn remainder will be amortized at par In fifteen Instalments. Mohawk Mining Company In November nnnhueil 1,283.448 pounds of copper and 'no Copper Mining Company 304, 73S pound. .Michigan State Securitle. Commission au thorized S. 8 Kresge Company te Issue . iue.uOO additional common stock te be used te meet the 51 per cent common stock dividend, redemption of notes and te pro vide a reserve In the treasury for future use. Reserve Banks' Discount Rates Official rediscount tates at the twelve Fed eral Reserve Banks are as follews: Trea.3, Lib. Cem' I Bkrs. ctrs. Denas, paper, accept. rosten New Ter! . . Philadelphia . Cleveland Richmond . . . Atlanta Chicago .. . St. Iuls Minneapolis . Kansas City Dallas . . San Francisce. 44 4 44 5 n v.i 5 3 5 5 5 5 44 5 5 54 5 5 5 5 5 4 5 J'l 4 4 4 r. 54 5 3 A 54 4l, 4 4 6 n 3 3 5 LIVESTOCK QUOTATIONS Pittsburgh. Dee. 10 HOGHIl-cetpts. meaay. jieavies. iT.fiOH'Tfln! light jerkera and heavy yerkers. $8.U0S8.flS nlas. $8 0310-8 75. SHEEP AND LAMBS Receipts. 2500 head. Lewer. Tep sheep. $5.60, top lambs. CALVES -Receipts. 150 head. Lewer Tep, $12.50. Kast Buffalo. N. Y.. Dee. 10 f.VTTi.r Receipts. Hi head. Slew. stend. Calves, receipts, 1400 head. Steady. $1T13. JIOG8 Receipts. HOOO head. Light crnd.n strong, ethers 2.V50e lower, hemj, $7.-j-, mixed, $7.2507.73. vnrkcrs 85. 8 23; liKht yerkers and pigs, $8.5008,73; roughs. $0; i.iiii t.yu hHLJ-.l' head. La I5K1 11.50; yearlings, $509. ethers cnangeu. 10.000 AND LAMBS RecPint.. Lambs and vearllngs weak Lambs. un- Falr Demand for Weel nentOll. Dec 1(1 ThA r'ninnipri-lm nnllln tomorrow will sa : "Thore Ima h.,n a ..- demand for wool during the e6k which has come 10 a lair exienL irem the mills. Prices are slightly higher again this week, both en nne and medium wools. The Government will offer 8,000,000 pounds of wool Janu ary e. Among the mills thnrn la lit, in 4 untwine, tuiLumi'iiuii urgpping en: consider ably. The retail clothiers are Ueglnnlng te cut prices, mere especially en suits. The wool trade Is waiting for the opening of goods for the next heavy weight season." Paris Bourse Heavy rnrls, Dec 10 Prli.es were heaw en the Beurra today, Three per cent rentes, M fronts 75 centimes, exchange en Londen, 53 francs 85 centimes; 3 per cent lean. SO francs 20 centimes The dollar was auuted at 12 francs 81 centimes. Special Meeting K3p OFriCK OF THIS RELIANCE 1NSCU 1NSCU aer ance Company of Philadelphia, 6PECIAL NOTICE! .TO STOCKHOLDERS Netice Is hereby given that. In pursuance of a resolution of the Beard of Directors ef thl company, e special meeting of the stockholders of said company will be held en Friday,, the 20th day of January, jesa. at 13 o'clock M.. at the chief and prlnclpa office or place of business of said com xmv In iB.l.nl .tr.at. l'hllHlnhl I,. 'i1!""' purpose of voting for or against an'lncreis! 9 U,Sino?Heltn,,11oo'rwt,V'a3 """? from 8100,000 te tl.oep.ooo, by the creation I Gendii as S f a Oar Cats J II Exempt from all Federal Income Taxes Tax Exempt in the State of Mississippi I $450,000 Yazoo -Mississippi Delta Levee Dist. (State of Mississippi) DIRECT OBLIGATION 4V2 Serial Bends Dated July 1, 1916 Total issue, $1,500,000. Coupon Bends, $1,000 denomination. semi-annual interest, January and July 1st. payable National Bank of Commerce in New Yerk City, Due serially Principal and at the and Issuance starts of stock . te the lm, IQBii1 .-., additional a Bar value at l.in ..,. U U, UAiUlIQUES. KWUrr, amount ei sovu.ueu. te oenilst of 12.000 air in nm vbiii nr sin &!- ' FINANCIAL STATEMENT (As officially reported) Actual Value (estimated) .i..............J.......i.,.i.,...4... $500,000,000 Assessed Value, 1921 ,., t.j-..i ....... ., 115,173,000 Total Bended Debt (including this issue) ,..!., 4,299,000 (Bended Debt lest than 3?i of Assessed Value) Population (official estimate) 211,900 THE YAZOO-MISSISSIPPI DELTA LK KF. DISTRICT, organized in 18R4, is located immediately south of the City of Memphis. Term., and com- prises an area of 2,370,000 "acres of agricultural land. The District embraces the entire counties of Coahoma, Leflere. Sunflower, Tunica and Quitman, and portions of the counties of Tallahatchie. Helmes, Yazoo and De Sote. The agricultural lands included in this District arc considered among the richest in the world. The principal cities and towns in the District arc Clarkadale, Yazoo City and Greenwood. The Illinois Central, the Yazoo & Mississippi Valley and the Southern railroads tracrsc the District, furnishing excellent transportation facilities. THESE BONDS constitute a direct obligation of the District, and under the law authorizing their issuance are payable from a direct ad valerem tax, and, in addition, from acreage and privilege taxes. The revenues of the Dis trict from the last two sources have been mere than sufficient each year te take care of all requirements without the necessity of levying an ad valerem tax. The District has always been prompt in the pauncnt of its principal and interest. Due serially July 1st, 1926 te 1956 inclusive 1936 and subsequent maturities optional en any interest period after 1936 Price te yield 5.20 Legality approved by Messrs. Dillen, Thomsen & Clay, Attorneys, of New Yerk City, William R.fpmpten Company St Leuis Cincinnati layestment Bend 14 Wall Street, New Yerk Philadelphia Telephone Number Lembard 0100 Chicage1 New Orleans The above information and statistics are net guaranteed buUuve been obtained from which we believe te be accurate, beutces the week ended en December 10. In which, the average was 1.301.003 barrels day. In contrast te a previous high mark of 1. 81 1 120. established In the week ended en June 11. according te flgurea compiled by, the American Petroleum Institute. This nllfernla production In tie same week u 10 oeo barrels above the previous wm!c. I'allfernla's nutput In November averaged 2113.323 barrels a day. in contrast te 22T,r PJ7 barrels dally In Ooteber. The Inert, It was said, reflects the settlement of tha strike et oil field labor. Cut Price of Steel Tubing Plttcburyh. Dec. 10. Th National Tub' Company the pipe-making subsidiary et th. United Sjtates Steel Corporation with It principal mills at McKeesport. Pa., and. Lerain. O., tndav announced a reduction et IM-j points In the price of all baas sirs of tubing This, officials said, meant (V reduction et approximately $.1 a ten. Th company' h plants. It was added, are work ing "very well," although net employed full time with a full ferce. : M A t .i yf 1 i. A - ft' At. v jy -r u X
Significant historical Pennsylvania newspapers