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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
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1
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