"V ''f -, - i V 'r ' v . . 'W - ," fr 4 ' .' ' fl-w(.fflK v-riTnfjjrefi . a,- r. 20 EVENING PUBLIC LEDGER PHILADELPHIA SATURDAY, DECEMBER- 17, 1921 ,-.V .-" i i Kb tu i PRC MOVEMENT E WAS VERY UNEVEN Week's Market Forged Steadily Ahead Despite All Reac tionary Talk NEW YORK STOCK EXCHANGE TRANSACTIONS New Yerk, Dec. 17. The uneven anil somewhat conflicting movement of to te ilny'n stock market carried little sIruM sIruM cance ether than reflecting the uual week-end settlement of speculative ac counts, resslbly with the idea of facili tating profit-taking In the Industrial di vision, which quarter enjoyed nlmest nn uninterrupted week et mivnnciuK prices, activity was shifted te the rail- , reads. The major portion of this croup were marked tip during the Mrst hour, while some of the recent active Indus- I trial leaders were allowed te fall back. The switch was net altogether success ful, as the forward swing In the rails did net proceed far before the nd- vances ran into quite a geed deal of stock. The effect was te quickly take tht rdc-n off the nieveinciit and Increase the irregularity of the price movement In the general Het. The developments In the German reparation controversy were apparently net taken very seriously ns a market factor. It was technical rather than outside conditions wliicl) governed the day's movement. The most remarkable patt of tne week's market was the fact that it per sistently kept moving up Inte new high ground, while most of the traders, mar ket ebf-crvers, critics and analysts per bistcntly asserted it ought te react, Mieuld react and would react. Alien again it was remarkable because the forward swing was carried en success fnllv nn.1 nn n nrmrrpsKlvc and bread ening scale without the assistance and support of the se-called public Interest. If credence can be placed in the reports i of usual authoritative observers the pub- I He has net even started te nibble yet. ) let nlenc showing nny inclination 01 run ning nwav with the market. Still again It Is remarkable that almost everything en the list excepting the railroad shares within the loot two weeks was car ried te the highest price of the year, when everything else aside from tbe tnenev market Is as bad as bad could be and showing every sign of getting still worse. Cheap money, it is true, pnt a power ful weapon in the hands of the peels and ether speculative combinations, and the powers that "be with a big cargo of bends awaiting te be distributed weic net averse te a rising stock market. At least they apparently felt that way ns long as Mich demonstrations would be carried along en a rational basis. Therefore, the question naturally arises in the minds of some et tne uceper ami mere careful thinkers whether some of the recent exhibitions could be included . In the category of rational action. I Events and developments of the last few I months pointed out conclusively funds available for investment are piling up , rapidly In every qunrtcr of the country. Convincing evidence of this was given in the overwhelming success of all the recent bend flotatiens. It was reason able te expect a portion of this over flow demand would find outlet in some of the higher grade preferred stocks, but no one having the best interests of the market really nt heart ever believed there would be or looked for any recur rence of reckless peel demonstrations In n whole let of usually obscure securities te which many of the recent selected dem onstrations bear a strong resemblance. There Is no denying the constructive caliber of many of the recent develop ments both at home and abroad. There Is no denying the happy and satisfac tory solution of many problems which only a year age appeared te be without solution, and there Is no denying the fact the approaching new year Is con fronted with many premising and help ful signs, but there are many elements In the current market which cannot be regarded without suspicion. At least they invite caution and discrimination, for if any market has no stronger foun dations than merger talk and the oper ations of peels nud ether combinations, It cannot be expected te withstand shocks and unpleasant surprises ever encountered In the speculative realm. NEW YORK BANK STATEMENT Excess Reserve Increased $26,756, 390 Deposits and Leans Expand Leans and discounts of the New Yerk Clearing-Heuse Institutions were In creased $74.(Wfl.OOO tlds week. De mand deposits at the same tim jumped $f)8.310,000. The increased liabilities, however, were offset by the Increase of $30,100,000 in reserve credit at the Federal Reserve, Hank. As a result the excess rescrve was raised .?20,7."0,.1!)0, bringing the surplus ever legal re quirements up te $37,030,400. Details follew: AVE RACK ThlB week 1-iei week Bxcees reserve.. 110.B11.S50 $1.377. Odd Annnts reserve 520.U01.oeo 501.722 ene Leans, etc 4.442,030.000 4, H3.MO.000 Cash In vaults & member bar.ke. . 77,391.000 71.887,000 Ileterve In mem- Der nanxa una reserve banks., Reserve In State bank and truat companies Reserve In State banks and trust company deposi tories Met demani de posit 3.&Z7. :P3,0flO 3. KOI Oll.O'lO Time deposits... 220,1W).00' 22t.7i(ini Circulation 3S.330.eiR) 33.1lil).0eri United states de posits deducted 57.72fl,000 012.110,000 487.21S.000 8, MS 000 8.04 i 000 8.R34 000 8 053 oeo 40. MO OK) ACTUAL This week I.'I7 03') 410 8Bl.705.ii no I.nHt we k til- j3 010 312.107.00" Dlv Snles In I imh "n 4 Air Induction 4 "'O .. AJnx nubber 18 " Alaska Oeld AJInes. . . "O 4 Allied Them .Pnye... 3714 ?J" 7 Allied Chem & Dye pfl034 fO 4 Allis-Chalmers 3R& JO" 7 Allls-Chnlmcrs pf .... fi8'4 "0 .. Am Heet Supar WYi "" e Am Ileet Sunar pf.... " .. Am Hesch Magneto... 30 ;nn 7 Am n Sne F Pf new. 0 "0 .. Am Can 34' ' 12 Am Car & Fdy Fs ;2 ' Am Chlele 11 li,n ' A,n Coten en :i Am DrtiR Syndicate... 5 00 8 Am Rxpress MS J Ar" "I'le & Leather.. MM " .. Am Hlde & leather pf MVi 1-?m " Am Ic "W ! .. Am Intemat Cerp... 43 ?,l A.n Linseed 34 2 7 Am Wnwetl pt 01 000 Am r.occmetlva 01) 2 Am lladlnter 882 !? Am Safety Razor Yt JOO .. Am Sh'p & Cem BJ4 '" .. Am Smelt 0 200 7 Am Smelt pf 8S 300 17, Am Snuff 110J4 nnnn.1l 3 Am Ste-I Foundries.. 3 3I" AmSticnr M!i ;00 7 Am g,tfrar net pf a3,A nn Am Sumatra 31 V "00 1) Am Tel & Tel 1 V 701) i2 Am Tobncce 133 3 7 Am Woolen 81 2" .. Am Writing Taper pf ? '"' .. Am Zinc Lead & Smlt 14 4"00 .. Anacendi Copper .... Vz ;en Ann Arber M ;0 .. Ann Arber pf 30J4 "0 . . Aseta Heallxatlen ... 1 100 f Asse Dry floods 1st Of "Is 3800 0 Atch Tep & Sante Fe. 03 00 s Atch Tep ,t S F pf... 8GH 103 . . Atlanta Blr & A nantla 1?4 100 7 Atlantic Const I.lne.. 80 2'00 .. Atl Oulf & W I S3.. 33TJ 200 .. Atl Oulf & W I S S pf 2i& 100 7 Atl Hetmlng pf 113 7800 7 Baldwin locomotive. . 07 J, 1000 .. Hnltlmerc & Ohie 33 Jn 00 4 Baltimore & Ohie pf.. fiS 230 6 Bethlehem Steel M'4 1400 b Bethlehem Steel B.... 6"i 200 .. Beeth Fisheries C'4 200 7 British Kmp St 1st pt .'M 200 . . Brltlyn Rapid Transit 7 100 .. Brklyn Union Cas.... 71 3000 10 Burns Bres Ill) 300 .. Butte Copper & Zinc. a,ri 1000 ,. Butte & Superior Cep. 2t' 300 .. Butterlcl; 33 300 . Cadde Central O & R. Ma, 700 2 Cat Zinc & Lead ey3 .100 0 California Pecking .. 70Ji 2100 .. California Petroleum . 48 100 7 California. Petrel pf. .. R7VJ 400 10 Canadian Pacific .... MS 10 .... Carsen Hill Mining.. 12 10 .. case J 1 3i, J00 .. central Leather 31ft 700 .. Central Leather pf... 03 1000 .. Cerro-de-Paace 35 W 1000 a Chandler Meters S0V2 000 4 Chesapeake & Ohie... fid?', 300 . . rhl & i: 111 (W I) 134 300 .. Chl KlllWIpf 30n 300 .. Chicago & Gt West.. G'a 100 . . rhl & Great West pt. . lOJi 1000 .. Chi Milwaukee & St P "!a 1900 .. Chl Mil & St P pf 32 1200 a Chl ft Xerth western.. 07H 1000 ..ChlRI&Pac 3? 400 (I Chl R I & Pac 6 Pf. '194 0700 .. Chile Copper 1J4 300 .. Chlne Copper 28 &4 200 .. Clev Cln Chl & fat L. . S3i lfiOtl 4 Coca-Cela 40Ji 100 .. Colerado & Southern. 3J 200 4 Colerado & Se 1st pf. 3HU 3S0O 0 Celum Gas & nice... 'M 1700 .. Celum Graphophene. . 3V& 200 .. Cel Graphophene vf-. M!i 2100 4 Commit Tab r.ecerils. 34J0 300 .. Consolidated C!f?ar .. 21 100 .. Consel. dated IMs Ins. 1 100 7 Consolidated Gas .... 92 J$ 400 .. Consolidated Textiles. 10 1400 5 Cern Products lief... 97'B 0200 2.30 Cosden & Ce 3GI& 3100 4 Crucible Steel C7K 100 7 Crucible Steel pf 87 2100 .. Cuban-Am Sucar .... 14 100 .. Cuban Cane Sugar... ?a 1000 .. Cuban Cane Sugar pf. 1494 3700 4 Davisen Chemical ... 54J4 H00 Delawnre & Hudsen. . l01'2 1000 fl Del Lack & Western. 110 15 100 J2 Electric Sterage Bat. 124?, 800 0 Endlcott-Jehnson .... 784 700 .. Crle lOW tlflO .. Eile 1st pf 1K 100 .. Hrle 2d pf 104 0000 8 Famous Players L.... 77AJ 300 R Famous Players L pf. 04 500 4 Federal Mln & Smlt pf 43, 000 .. Flsk Rubber M? 100 .. Frecpert Texaa 15 100 .. Gasten Wms & Wijr.. Vi 6100 .. General Asphalt 70J4 300 8 General Electric Ill 2800 1 General Meters 11 A 100 0 Gen Meters pf ItH 000 0 Gen Meters deb S't.. '3 800 7 Gen Meters deb 7.. 84 Ji 800 .. Goedrich B F 36;a 100 .. Gray Davis 134 1001) 7 Great Northern pf . . . 73 ina i Great North Ore ctfs. 3156 300 .. Greene Cananca Cep. 28 100 .. Guantanamo Susar .. d'i 200 .. Oulf Mobile & Ner... 53 1300 Unbltshaw El Cable.. l!j 800 4 Hnskell & Barker Car 804 800 .. Hendee Mfff Ce 19 Hen .. llouaten Oil 81 300 7 Illinois Central 01ii 700 .. Indlahema Hef 41., 000 .. Inspiration Cen Cep.. 42 Ji J503 7 Int Harvester new... 83',i 1800 6 Int Mer Marine pf 65;, 090 .. International Nickel.. 12;.j 900 .. International Paper .. 554 100 0 Inter Paper pf stpd. . . 714 1800 .. Invincible Oil Cerp... 12 4000 .. Island OH 2e 100 .. Jewel Tea 114 100 .. Jenes Bres Tea 3JJ6 100 4 Kensns City Se pf.... 34 400 .. Kansas & Gulf 7J-S 800 4 Kelly-Springfield Tire 14 100 .. Kelsey Wheel 64 . 1000 3 lOnnecett Copper ... 27 R 0300 .. Ke stone T & It 13 j 200 8 Kressw S S 1724 Total sales. 13i!..1en shares, compared with I.ew 43 1714 y soy 103H 3815 88 14 28 58 33 99 34 145?t 11 2054 s 128 14 V, 60 Y WA 42H 31 Vz no 8SJ4 4'. rH 4514 88H 1104 33 r 31'S 70 30 H 117 132 S0K 27 13 2 48 M 12 30 54 1 75JJ 01 lb 8014 1H 89 33 23J5 113 0G 35, 52 !4 52 H 5GV5 r.14 55 Yi 7 74 117 5?, 20 32 12 OI4 70i 40; 87 VS Ml '4 12 3's 30J4 02 Yl 35 50 Y 50 15'4 30 ' in;i 10 Y 3Ui 07 32 7H4 1&Y2 27 K 55J8 33H 39 J4 58 Vt 06J4 3 12 y, 52 Y, 20 1 02 Yi 15H 90 354 cow 87 13?, 0;, 11 !4 531, 100$ 1104 124 78 !4 inti 10 104 70 J4 81J4 41 12 H 15 'a 08 Y- 110 J4 11 744 73 84 354 13 '4K 315 274 eh 514 i'4 804 18 70'4 994 4' 4t 831, 04H '! 31J4 7154 11 2J H 354 54 7?4 43J4 644 28 4 I4J4 1714 Today's Net Clee Chie, 43 l'- V 07J4- Y 10354 V. 39 54 8854 28 54 68 -354-00 3454- 14SJ4 11 21 5 - 128 -14 Vi rtj4-7354- 4214 34U OOtl-r 09 88 54- 454 34- 4554- 88 1104 33H- 8i?4- 80 - 3054- 117 132 54- 80 H i27 94 JJ?t V 114 14 Yi H 3 1J4 ' 1 ' w V n i 3J4 Yi "h H y- 484 12 3054 1 75 Jn 924 80 54 1H bO 113 00 y2- 334 52 54 32 54 37 - r.14 55 5i- 7 74 110 154 1W Y T4 Yi i 54 Vi ' 5fe-20H-324-12 - C4- 70 J4 47 54- 87 Vz- 1217a 12 314 31 02 54 35J4 CO 54 3GA-i-15 54-311,- na 11154- 1014- 31'i OJlii" 32 - 7155 13 54- 276-5554- 305,4- 3014 58 Ji 074 3 12 M 5314- 14 Y 14 1 '.i ! V4 Yi 14 H V ' !i ! HI Vn 1 V "m Vt J4 Y, 54 " 1J4 211e 35 1 - 021J-154- 0014- 30 5, -13M- e:i 14J4- 54 4- 107 14 14 W !! H4 1 54 14 Va 118 24 1244 78 14-1054- 1014 104 054 Vt 14 14 l'4 424 114 124 13 - 14 C8J,- H0J4- "14 7l?4 73 844 -73 31H- 28 . . - 014- 514- 1H 804 18 70JJ 0954 414 54 - 0114 M!4 51M 1-5 y 3Ja .. H?4 .. .34- h 34 -14 ' i4 434 54 0414 114 2K .. 13 14 1724 -i. 1 54 i 1 54 15 l?6 H Vt " 1 54 54 14 55 Y "'5 154 Y Sales 100 300 700 300 8200 400 2000 100 tee 100 300 200 100 1100 300 400 300 100 300 200 100 1300 8900 100 500 SOOO 3500 600 3100 300 2A0O 200 503 2100 300 100 100 100 1700 200 2000 100 1200 100 700 400 200 2000 200 300 5500 100 100 400 10500 3300 100 100 100 2700 100 600 1100 203 200 300 1000 200 500 300 300 000 100 1800 400 2100 1400 1500 100 100 800 0100 400 .100 600 100 900 10300 100 000 100 100 1300 100 100 1530 490 300 3800 200 3500 700 300 100 1000 1400 400 103 4500 1000 200 300 100 5100 1800 6200 1900 300 2100 100 4100 500 100 1000 2100 300 100 500 400 200 1100 3100 1100 1000 230 1200 100 5000 003 2100 000 200 200 GOO 17011 100 100 100 200 303 1200 500 1200 500 100 100 Dlv. In I X 3.SO 13 7 7 1.76 HlKh .. 4014 . 12 . 2814 . 28 Y . 3014 .164 . 09 14 .10054 . 14 . 10 33J4 8 12 8 3 1.20 Lackawanna Steel Lake Erle & West... Lake Erie A West pf Lee Rubber Tire..., LehlBh Valley , LlffSett A Myers.... Lima Locomotive. ... Lima Locomotive pf. Locwe Ce Left Cnndy Loese-Wlleo Biscuit . Louisville ft Nruihvlllelll Manhattan Elev .... 324 Manhattan Shirt .... 334 Market St Rwy 34 Market St Rwy pr pf. 3714 Martin Oil 2014 Martin Parry 1854 Mnth Alkali 2214 Max Moter Class B.. 13(4 mux Moter Clara A May Dept Stores. . . -Mexican I'etreleum KtYl 100 1111 y. 0 S 2.80 5.20 1 S I. BO Mexican Petroleum pr 8014 .Miami Copper 27 Ji Middle Stnte? Cerp... 1414 Mldvale Steel 28 Minn A St Leuis 054 Me Kansas & Texas.. I54 Me Kan & Tex pf.... 2J4 Me Kan & Texas wl. BJB Me Kan & Tex pf wl. 25 J4 Missouri Pacific 17 Mlfseurl Pacific pf... 40 ji Mentana Power 50 MontRemcry Ward .. 134 National Acme 12 Nat Cleak & Suit 27 Nat Enam & Stamp.. 38 Nat R R of Mex 2d pf 3J4 Nev Cen Copper 15 N O Tex & Mex 5054 New Yerk Central... 734 New Yerk Deck 31 14 New Yerk N II A H.. 1314 North American ctfa. 431-5 Ne American pf ctfs.. 3014 Northern Pacific .... 8014 Ontario Silver Mining 414 Otis Elevator MS Otis Steel 1214 Owens nettllnp 20 Pacific Devcl Cerp... 54 Pacific Gaa A Elec. . . . 0.1 J5 Pacific OH 40 Pan-Amer Petrel .... 53 4. Pan-Amer B 4014 Panhandle, pf 78 Penny J C pf CO 54 Pennsylvania R It.... 33 Pacific Mall 124 renn Seaboard Steel.. 104 Peeples Gas Chicago.. 504 Teorla A Eastern 04 Pere Marquette 21 Philadelphia Ce 324 Phillips Pet 334 Plcrce-Arrew Met pf. 336 Plerce Oil 13 Pierce Oil pf 73 Pitts Ceal 64 Pitts A West Val.... 234 Prckscd Steel Car pf.. 03 Producers Refiners 3214 Pub Service of N J. . . 03 Pullman 190 J4 Punta Alcffrc Sugar.. 28J, Pure Oil 3014 Railway Steel Sprlncr. 01 Railway Steel Spr pf. 1066 Ray Cen Copper 154 Rending 735 Rending 1st pf 434 Reading 2d pf 40 Republic Iren & Steel. 63 54 Repub Iren A Steel pf B0 Republic Meters 814 Royal Dutch N Y.... 5314 St Jeseph Lead 14 St Leuis San Fran... 2154 St Leuis S W 2114 St Leuis Seuthcwcst pt 3314 Savage Arms 1114 Saxen Moter 254 Seaboard Air Ltni pf. 4?4 Senrs-Recbuck 58J4 Seneca Cep Cerp 23 Shnttuck Arizona Cerp 9 Sinclair Oil 2354 Sless-Sheffleld 38 J, Southern Pacific 804 Southern Rail 10 Southern Railway pf. 485 Standard Mill IIS Standard Oil of Calif. 08ft Standard Oil of N J.. 188 Stand Oil of N J pf . . . H3ft Stromberg Carb 33 Studebaker 816 Submarine Beat Cerp. 414 Superior Oil Cerp.... 7 54 Temter Cern A F "A" 44 Tenn Cep A Chem.... 10 14 Texaa Ce 47, Texas G Sul 34 J Texas A Pacific 24JJ Texas A Pac C A O.. 204 Third Avcnue 15 Tobacco Products .... 635 Tel St L A W ctfs pf. 24 Transcen Oil 11 14 Transue Wm Steel... 31 15 Union Bag A Paper.. 7114 Union Oil 2054 Union Paclfle 127 4 Union Pacific pf 71 Union Tank Car pf. ..IO.I54 Today's Net Lew Cleso Chs. 40J4 4014- 14 11 12 -f 1 28 2814 54 9T' 2814 .. 5814 584 Vi 10814 10314 314 08 8814- 25a. 100 4 iuuy4- ?4 14 11-54 1U 38H 110 33 31 3i 37 26 1814 21J4 1354 4514 107 118 14 80 27 2814 6 H4 214 894 254 17 4554 6854 1354 12 37 37 1J 354 1494 5654 7 United Cigar Stores pfle.1 8 0 .80 4 4 United Drug United Fruit United Rwy Inves pf, United Retail Stores.. U S Feed Products... U S Ind Alcohol U S Realty A Imp... U s Rubber U S.Smelt A Ref. cj.c U S- Steel , U S Steel pf Utah Copper Vanadium Cerp Va-Car Chemical Va-Car Chemical pf . , Vlvadeu Ina Wabash pf A Wells Farge Express, Western Pacific Westlngheuse 13 A M, Wheeling ALE White Moter White Oil Cern Wick Spenc Steel Cerp 1654 Willys-Overland 6 Wilsen A Ce 30 Woolworth F W 13054 Werth Pump pf A.... 85 7254 127 2014 53J4 104 3914 254 33 Ji 374 8455 H3J5 0154 325 2914 69 714 2054 6815 1815 504 7 3094 1154 in 38J4- Yi 110 32H H 32 - 2tf 3 H 3714 2054 V 1854 2214 254 1354 4314 454 1074- 14 y4 110 yi 15 8014- 194 1 54 2714- 54' ;J4 1394- 154 I PROFIT-TAKING IN LI CAL LEADERS Leading Bend Men Predict a Big Market for Invest- ment Issues 2814 6 - 114 175 -mi. 68 V, 4- 1 1394- ?4 12 27 -3714- 354 15 5G54- 7314 73 Ji . . 31 J4 3114- U 13J4 13l 14 '. 94 54 '4 Ya Vs ri Yi 1)4 "54 Vi 4 ill. 3014 70 '4 126 10 20 594 6314 40 53 4 40 78 9054 3314 1394 10?4 584 04 204 3214 3354 32 Vt mi 73 6314 24J4 93 31 63 10714 2894 38 54 91 10696 156 71J5 43 6 45 6314 86 814 514 14 2 1 14 2154 3315 0J5 295 45 5714 22J4 0 224 38J4 80H 19 40 115 96 54 18054 11315 35 805 4 54 '54 4 10 14 4714 34 23J4 2054 15 6215 24 10JS 31 J4 7114 20 1266 71 10354 102J4 '194 127 19 52 14 1094 384 62 5614 374 84 H394 C3 32 2094 00 7 20 54 684 1815 304 OK 3094 It 15 5J4 2954 13014 83 431, 3054 704 414- 125 -J- 12 20 64 65 li 405- 54 94 54 294 Yi Yi 63J4- 114 40 - 15 78 054- 3:155 124 1094- 50 -994 204 -324-33 54 335 13 -t-73 6355- 24J'e - 3214 I- 195 633 109 x 1 28,,- 4 38- Vi l - 154 1006- 94 13 96- 54 7315 194 4396 r 14 215 94 14 4 54 54 54 54 'n 14 54 54 e 1 5315 80 2 814 .. 6215 154 14 2115 54 2114 .. 3314 1154 194 296- 54 44 .. 6815-22J4- 9 224 -38 54- 80 54 10 46 -115 05J5 1804 - 11315 35 -8155 414 '54- 1054 4754 346 24J4 2914- 16 - 6296 24 -11 - 31 J5- 7115 20 12056- 71 10354 10215- '194 127 2014 r 5215 105 3014 62 -5514-374-84 -113J4 64 - 3294 296 GO 94 55 "94 Vt Yi t 2 iVt Yi 54 !4 54 54 154 54 14 94 1 54 M Vt '14 20 5; . 6815 . 18 54-5094- ' 3095 11 -1554-5J4-29 15 . 13014 85 Moderate profit-taking snlcs caused most of the recent active leaders In the local market te shnde off from smnll fraction in n point. The trading In the American Stores was conspicuously flnt In contrast with the recent sessions nnd both the common nnd preferred dropped beck n point te 80 nnd 110. respectively. ncallr.lng nlse explained the frnctlennl shaving In U. 0. I. common and pre ferred nnd Klectrlc Storage Ilnttery. The last nnmed nt one time during the morning was off a point but subse quently retrieved most of thejess. The market had two strong spots in I'cnnsylvnnln nnd .Lehigh Nnvlgntlen. The former rallied te 83. Va point gnln and nearly n point nbove the low of the week. Lehigh Navigation en light dealings advanced n point te GOVi. Elsewhere the trading was featureless. Itend men nrc nrcdicting n big bend mnrkct In 1022. They point out money nvnllnhle fnr Investment is piling UP throughout the country, nnd it leeks ns If Interest rnte will ue inucn lower nfter January 1. Tlic recent rcmnrk nble nctlvc dealings In the higher grade of Investment rccurltles hns put the nvcrnge bend man In n highly optimistic state of mind. He has geed reasons for feeling this way, ns many of the lend ing Investment houses find it mere diffi cult nlmest each succeeding day te fill the ever-increasing orders from nil pnrts of the country. The remarkable condition prevailing can be possibly best Illustrated In the experience of just one house in connection with one of the recent new issues. The firm In question received an allotment of $350,001) of a certain bend Issue out of n subscrip tion of $1,000,000. In less thnn two hours orders threueh the mall nnd by telephone were ever .$100,000 In excess of the allotment. If business does net pick up nny fnster thnn It bus done the last two months lower Interest rntes nre urc te fellow, which. In turn, is certain te make an nctlvc and rising bend mar ket. There have been exciting years in the llnnnclnl markets, with spectac ular bull movements In stocks, but the wonderful current bend movement N practically without n parallel. It Is possibly the natural outcome of the big campaign of education given the people if the country nn investment matters by the wonderful machinery developed dining the notation of the Liberty bends nnd Vii tery note. In short, the Gov ernment gave the bend business n country-wide ndvertislng the investment houses could necr hnve nfterded te pay for. Philadelphia Stocks HlKh I1W 210 Am Stores. DO SO 11." de 1st pf.110'4 HO 20tAm Sugar ."2Vi "24 ii()fAm Loce. !!!), iiOTA Linseed IWV fii letAtian r.uif :m?. IKtAm T&T.117 fiOtAm II &L 15 SOtllnld Loce ft0yt HvMeth Stl II 501 r.OU'lmn Mtrs 50 4 lOtC M &Stp 10 72(1 Klec Ster.124 10t(ien Mtrs. 11 4 20tKey.t Tire 15 10 Lnke Sup. 7 225 I.eli Nev.. (10 5 I.eli A'nl ... 50 lOtMex lVt.Kl 215tM Stn Oil 14 15tMidvnIc. 28 25tMe I'nc. . 17:,i 50tXnt Kunm .'IR'A 25tOtis Steel llVi 2.U)'tI'ac Gil.. 41)i 25tl'nn-Amcr l'et .... 53 Ts 5 tde H... 4R!)i .".77 I'n It It.. 33s KM) l'bila Ce cum pf.. 3(1 y2 108 l'hlln Klec 2414 2S8 de pref.. 27 Vi 20 1' U T. . . 5()tltendlng... 20tSears-Itee 20tStudebkr. lOtSeti Piic. .-((Ten Uel.. 5(M)Ten Mill.. 177 U C. I.... 270 de pref.. Nat Clee chge. Vj Vi 110 1 524 im4 Vi 34y.-f.3Vj !TiCl 31-Vi 33 V 117 15 nr.y. 50-11 nnij, 10 'H 15 0!) (10 no no 1, 13;J4 13341 281 A 28I. 1 17",.. 38U... 11(51 40', .m'H- 117 .. 15 WW, nn-jj 50 14 10 1233', 15 1 1 -1 38 U, nVi 40 A 53 4S4 33", 30 U, 21 27 V. 17 73 377, MH 80 IV.. lVj 40 V, 50 53 1 -iM 33 ig .HIV2 V 24 .. 27 Vs 17.. 73l 07 V. si V 4OV4 $ 507,4 17TC 73 57 Sl 80 V.i IK. 41 51 tNtt chnngf mnele by comparison with last saie en :ew xerx mieck uxcnuiiira. Total sales, 440R shnrf. compared with i.'i.niz snares yesicruny, jnus lar tnis wecU. riiir.ni:M,niA winds 500 Liberty 3d 44s '28 07.78 1000 Liberty 4th 4,s '38 07.24 234000 Victory 4r '23. . . .Iets.100.04 3000 Victory 4s '23 100.02 1000 Victory 4b '23 100.00 1000 Altoenn & Legan 4Vjs. . 54 2000 Am (ins & Lleo 5s S3 3000 Leh Val Cens 0s. . . .reg.100 iueu mini i;icc os 1)000 l'bila Klec (Is 500 l'bila Klec 0s 5000 Phlln Klec Os 2000 Pn Uwy 5s... NEW YORK BONDS Arg Itep'c Os 2 95 Canadl'n Nthn 054i rots SALES IN 1000l 108 107 K 107 H 107 M 10TW 107V4 107 M 108 1.... S.... IS.... 1.... 16.... 8.... 4.... 1.... Canadian N 7s B.... 110 2.... 110 Clills Cep'r 0s 8 8SV4 18 BSH 12 85 H 3 8SH Chile Cep'r 7s 1 OO'j S 00 H City Derne 8s 2.... 108 City of Vtrgm 8s rets 1.... 10IH 4.... 104 Vi 1.... 104 1.... 104'4 1.... 104H City Berd'z 0s 8 80Vi B SOU 8 80 VI 2 861, 0 80 H City of Copen hagen BUs 6 87 1 63 1 87 ; 1 83 1 8794 City Lyens Hi 4 804 2 80U 3 80Vi City Mara's n 10 80H 0 8(1 Vi a vj ? soy, 8 8054 Cty We de Jii. nerle 6s B.. B.. 2.. 23.. 1.. 1.. 1.. 1.. 1.... 100U 100 H 100 5i 100 Vi 1004 100 H 100 V. 10m; 10051 U H llraill H City Zurich 8 B Cuban 108 A fl Rs1 10251 C H cv . no .. no ,. .17 . new 2 ns C'n C 8 cv ct 2 B3 Cuba II Oe ts 1 77 1 775! Culm Ttallread Ce 74b wl 100 vi Cuban 1... n... 1... 8... B... 2... 1... U 8 Mexico Ss 100 V, 100 H 100"! 101 100H 100 '4 10OU 10.... n b'.!!! 1.... 3.... e ri".'." Denmark Cen ct A 8s 3.... 107 1.... 107H Denmark Cen c, I) 8s 2.... 1074 U Canada '20 1 00 ! Canada '20 07 1 07; 97. f7 y, tl-H 07 i :u 054 2 0B 2 en v; Vun't Krcnch n 7'4 rets a ns li 1.. n '. B.. 1.. 1.. D Canada B.. . 0BH . 054 . enu . 01 . 0.1'i . n.m . enn . ps . 0.1 ,. 0.14 . 0.14 . ORVl . 0.14 Y H hs 1004 1004 1004 , 100 , me , 100 , 100 . 100 , inn 2.... 1004 Or'd Trunk nf Can Os ret 20. . . 0... 1... IB... 5'.'.'. 1... B... 1... Oeve't 3... B... 55... 23... 3... 1.1... IB... 1... 1... 0.. 1.. 8.. 1.. B.. 2.. lenH ine4 1004 loes 1004 1004 nep Cuba 44s B 77 8 77 1 ' R Cuba Bs '04 B 83 Itepub of Uru guay 8 s 1.... 1024 4.... 1024 Se Torte Itlce T ct 7s wl 1 OBH State of Bae Paule 8s 1.... 101U 2.... 1014 Bwltz'd Cen St 3.... 1134 1.... 1134 1.... 1134 V IC Ort Ilrll & I'd 1022 1 09 ; 2.... 00.18 2.... 00,13 2.... 09.13 3.... 90.18 U IC Ort frit A I'd 1929 4 90 1 004 49 904 1 09-4 1 904 0.... 1004 0.... 1004 7 004 1 004 1 904 B 004 8 094 3 004 1 00H U IC art Urll A I'd 1087 00 934 1 9B4 1 0B4 8 054 0 084 4 env; 0 113 K 4 0B4 1 9B4 2 9B4 1 0.14 V 8 B. 1. B. 1 1014 . .. 1044 ... 1014 ... 1044 ... 104H ... 104 ... 1044 Mexico 4s .... 414 .... 414 .... 414 41 1. 7 0 4 10 0 1 10... 6B n.i SB 4 B14 55 V. 6B4 BS4 r3 Un'd 8 Mexico Lnrce Ss 10 B24 6 B2H 10 52 4 Am'n Art'c & Chem 7 4s B. 3. A 8 B 3 I 1 1 Am T Si 1 Amn T & 1 1 3 10 ion; 1004 ire 8s . 88 T4 . 80 . 88 4 . 884 . HH'4 h T ell . 87 4 T 5i 014 014 014 01 Vi Amn T & T il" 10S', 5... B... .1... 1... 0... 8... 1... B... 1. ion 100 inn 11)94 101) ion 108 10'.) 4 urn Am'n IV 1' Ot 82 4 824 44r sn; -7 4 se 4 Armour 4 5.. 3.. A T & 8 l' I. 8 854 5....'. 854 2 85 3 85"., Atla & lllr 4e 1 0(1 A Coast I. ell 3 78V. 1 784 Atl'e Krult 7i 1 2.1 1 234 4 21 B 23 Atlantic Itafi: ct 04s 1.... 1014 A Powder 7 4 1. 1.. 1.. 1.. 1... 2... 1034 103 4 1034 103 103 103 Halt & Ohie cv 8 7BV! 8 7BVi 1 75 10 7BVi Halt & Ohie fls .lets.lOOVj .lets.100 100$ .lets.100 .... 70 875.400 shares yesterday. Thus far this week. 4.873.S0O. ;s 310 000 534. 123.000 401,057 000 8.U51.000 i.884 000 Kxcers reserve InMMln res.. Leans, etc .... 4.409.07") 000 4 V.ll.illt "ion I nh In vaults A membr l-nnks 7il.B12.000 Ucserte in mr'; ler nanKs ana loserve banks . Itmerve In ijtate banks and trmt companies Reserve In Stain banks and trust company deposi tors s.n"i.0O" s.r.nn enj Net dem. dep. 3.808 00.1 nun 3.711.1 211I.1100 Time deposits .. 817.122 ene 222 I'jfl.oeu Clrculatler .13,209.000 38.244, oil") Untied States deposits dixl'il. 9D.lbO.000 40.558 00") LIVESTOCK QUOTATIONS Chleaie, Dee. 17 CATTI.C Hccelpts 1000 head. Compared with a ueek ami lleef titers, mostly 50e te JI lower; rrwillum and geed grades showing full dTln, etrletly common steers little changed; nle stock generally, 2BC te SOe lewer: teal ealws steady; heay calves sharply luwur. stockers nd feeders strens; te 23c higher bulla, 25c te 80c higher. HOOS P.ece'pts, 8000 head. Opened steady te 10c higher than yesterday's aver age, cleslnir alew and lOe te 15c lower thnn, early; shippers beiuht about 7500 head; hold over light. Tep. 17,80 for light llshta- 170 pound average up te 17 in, bulk of sales, 10.6007: pigs steady te lOe higher: bulk desirables, t7.2097.30, with some nt S7 40. 8HRKP Ilecelpts. 3000 head; mektly packers direct: cempnrwl with week hub: Fat lambs 11 te 11.25 lower; fat yearllnKs. 75e te II lewer: fat sheep, B0e te 75c lower; feeder lambs, BOe h'sher. Pittsburgh. Dee. 17. HOOS Itecelpta. 8000 bead. Lewer. Heavies, 17 25: heavy yerkers. SS.3B0a.4O; light yerkers, $8.4ua i.BOi Digs, ts.ne ailEKP AND LAMBS Peeelpts, 1200 ead. Steady, Tep sheep, 15,50; top lambs CALVES Receipts. 100 head. Steady. Tep. I13.BO. East BnffOe, N. V.. Dec. IT CATTLE Ttecelpt. 823 head, 8ler, dull. Calves, re ceipts, 10O head. Fifty cents lower; ISO 1.B0. HOOS Receipts, 4000 head. Twenty-five te BOe lower. Heavy. 18.7507: mixed. 170 T.Ml rrti. '! h yerkerj.t8O8.BO: sin. la.3S9l.B0t roughs, 15.73 OO! stags, 44.BO, WlJjEP AND LAMBS Receipts, 4000 heiid.T Very slew! lambs BOe lower Lambs, eenf tew tit. be. FOREIGN EXCHANGE New Ynrli, Ui-c. 17. Opening figures for foreign exflmnges this morning showed sharp giilns throughout prac tically the entire list. After the fin-t hour the mnrket ron ren tinucil unlet, with sterling tables quoted at 4.18 nnd demand at I.17,, ; franc cables ivpie 7. Mi, checks 7.S." ; lire ca bles '1.52, checks -1 . T. 1 'A ; marks .fiOai. Tlic Central Lunpeaii etchanges ere: Ituiiuiniun, ,S1; llulgarian, ,S."): Serbian, l.nil; tVeclio-Slevakian, l.'S.i; JiiKe-Sluvlun. .rii); 1'ellsh, .(),'! Vi i Fin nish, 1.00; Greek, 4.22; Austrian, .01; Hungarian, .ir1. Thu premium en New Yerk funds in Montreal today was VA per cent. The discount en Cnuadlnn funds In New Yerk was 7 "10 per cent. YESTEnDAY'S FINAL QUOTATIONS Sterling Francs I.lre Qulbler Demand 4 10'3 7.S4 4 S4M 80 31) Cable 4 17 7.841J 4.65 3D 80 TODAY'S OPUNINQ QUOTATIONS Sterling Francs Llre Guilder Demand ..... 4.1s'i 7.f(" 4.50 30 50 Cabl 4. mi 7.00 4 S0'4 30 55 CLOSINO QUOTATIONS Ete Demand . Cables . . Commodity Markets rllnB Francs Lire Guilders 4.17l 7. ROW 4.54H 30,55 4.1SH 7.87 4 SB 30,01 Reserve Banks' Discount Rates Official rediscount rates at the tnelve Fed eral Reserve Hanks are as follews: Treas. Lib jC'em'l Dkrs, ctfs. bends rjarwr anient Bosten .. 4V4 4V4 4 A 4V4 New Yerk . . 4 44 4tt 4W Philadelphia .. . 45 4Va 4V5 4i Cleveland B 5 B fl Richmond B n 5 b Atlanta J'.4 BV4 5H a Chicago B 8 B 8 St. Leuie........ B B B Mlnninpells 3' JW Bi BH Kansas, City ... B B B H, DallaiP..., BH BH JH BV4 San I'rincuce ..a B 5 B GRAIN MARKET Chicago, Dec. 17. Wheat started unchanged te Vic lower wit hllght mixed trnde. Locals sold. Conunibslen houses were e'n both sides, but all transactions were in small lets. The cash imuket was relatively firm, with offering lim ited te a few cars. Cern started unchanged te Vsc higher. Trndc was very light and featureless, Oats started unchanged. There was buvlng of Mny by an expert house. Wheat Opnn Hlh I.ew cinsn ,. i.i-'l 1.1,1 1.11 1 1214 ,. 1.02"? 1.02 1.02 J 02'? .tny Jul y.... Cern Mny .... July .... Oats May July ... I'erk January . Lnrd January . Mhv Ribs January May 53 B4Vi 3S 3S"i 58'4 5i 3RU 38'i B3'i B4U 37 '4 38H 5251 51K 38H 38 4 8.52 8.U5 fi.02 0 05 8 B2 8.03 11.70 8.02 0.05 7 02 7.00 COTTON MARKET New Yerk, Dec. 17. The cotton market was Irregular et the epenlrrg today at 10 points ndvance te 10 de- cline. The only fenture nt the stnrt was buying of January against sales of May. Week-end realizing occurred in small volume and there was an absence of outside Interest. At the end of the first fifteen minutes, trade was fairly active and prices were Btcady nt about the initial levels. In the absence of soiling pressure from any source, the market In the later trading responded easily te moderate demand 'mm shorts, the trnde and Wall Street, advancing 0 te 12 points above Frlduy'a close. Near months continued te show relntlve strength, nnd close approach of firbt January notice day leading shorts in thnt position te cover their commitments. Knrly reports from the Seuth told of firm spot markets, with n fair dcinnud. The market became strong in the late forenoon en active demand from houses with New Orleans nnd foreign con nections, selling up te a net ndvance of 17 te .'12 points. Sherta In the near months covered up and there was a geed trade demand for the list In general. Yest clese Open Hluh Lew Clese Dec 1S.0U IS 10 1S.0 18.02 18.15 Jn 17. HO 17.80 18 30 17.74 18 25l30 March .. 17 7.1 17 70 IS H 17 70 iS.OsTll May .... 17.43 17 37 17.70 17 35 17.67() July .... 1(1.05 10.07 17.25 1(1,1.0 17 1bS"0 Oct ... 10.40 10.33 10.00 10.30 10 J" Spot. 18.73. NEW YORK COFFEE MARKET New Yerk, Dec. 17. The early cables from Brazil were disappointing and sliertly before the local coffee fu tures opening Santes was reported -25 te 1C0 rcis lower and Rie unchanged te 250 rcis higher. The unsettled show ing in Brazil brought about initial de clines of 0 te 12 points, with traders little disposed te trade either way. Dee. . , Jan.. . Feb. . . March April. May.. June, . July,. August Sept.. Oft.. . Nev Numlnal Open 8 80 Illch Lew PRO 100 8.78 76 e.'(i6fl2 8.'e'605 s.Vewii 8.7B 8.04 8.04 h'ii ' tTrade.' Cles .... 8.70A .... 8,01 .... HI 8.72 t8.74 s.es 8.00 8,02003 .... es.ea 8.02 8.02OQS 8.02 8.09 8.70072 .... '8.70 .... 8.70 Yest. close 8,82 8,73 8,70 8.83 8.77 8,71 8,72 R.72 8.7S 8,71) 8.70 8.70 Trade Dull en Paris Bourse ., rarte, Dec. 17, Trading was dull en th Ueurse today. Three per cent rentes, 6 franea KB ninilmiin in)iin nn T.nnnnn. A francs B centlmeeilti per cent lean. 80 france te centimes, TheiVJellar was quoted at li irancs m cenumefi,) Tntul, 1200 liue, compared with 1257,200 etunlay. Thus far this week. II, 707.000 STATE OF TRADE There Is Mttle change In the general busi ness situation from that of the last few weeks, according tu the lending trade Jour Jeur nnls. Dun's Ilevlew. In commenting en the situation, says that "retnll trade has gained In nctlvlty, and distribution of heavyweight goods has been quickened by sharply lower temperatures. These are purflly seasonal thasts. however, nnd the fact Is net ob scured that m jst consumers are purchasing with crratcr discrimination and with closer regard for prlccn " llradstrcet's sas In part: "HepertB ns te holiday trade, compared with last year, naturally vary, but It Is con cen reded that se far, retail trade In meney vulue Is net eeual te that of 1020. though velume Is probably larger. Manufacture and Industry Is a little quieter, unemployment la apparently slightly Increased, and collec tions nre slightly slower than last week." DIVIDENDS DECLARED Crucible Steel Company, quarterly 1 per cent en common, payable January 81 te stock of record January 14. Portland Hallway, Light and Tower Com pany, quarterly 14 per cent en first pre ferred, payable January 2 te stork of record December 22. Duquesne Light Company, quarterly of 1 per cent en preferred, payable February 1 te holders of record January 1, BANK CLEANINGS Bank clearings today compared with cor responding day last two years: 11)21 1020 1010 D,iin tun iinn iinn isi.7iin.Rnn tin em in Chicago. fl8. 700,000 Ilosterr. 01.000.000 07.182,107 70.B21.64i K. Y... 702,200,000 RAILROAD EARNINQ8 KANSAS CITY 60UTIIKP.N SYSTHM 1021 Income November gross II, 070,01)8 328,7lis Net niter taxes,.. nu.una .la.i'.ni Kleven months' gross 20.183,303 134,010 Net after taxes... 4,483,324 1,421,802 Decrease. Dedrje Manufacturing Cute Dividend New Yerk. Dee. 17. The Dedge Manu facturing Company hau declared a dividend Af 1 IMP ., nn ,h.Mmn.nn m .(-... .. .... viu uji iuuivny imu uKiinit s aiTiuena of 1 per csnt en th common, a decrease of nce P" 1 i'.sent. as compared with last prev. !? g'vldsnd paid en October 1. Dlvldsnd ts SJSfi?r.,?!i,iiP,?lar 1ur"l? IK per een ,?SS I ?diy,dfna .w !. Pyable Jan UK1 tn stock et reoerd December 21. 3.... lOO'l 18.... lOO'l 1.... 100 13.... 100H ar'd Trunk of Canada 7s j B.... 100 H Jap Oeve't 1st 1 874 1 87H B 87 H 10 87 H Jap Oeve't 4s 3 74 S 7 74H 0 'e 2 74 3 74U K Belgium 0s 1 05 'i K Ilelg'm 7He 3.... 104 13.... 104 H 1.... 101K 2.... 104M 2.... 104 H IC Ilelg'm rets 10.... 107 2.... 107 1.... 107 1.... 100; 1.... 10UH Kingdom Den mark ct 8s 2. 1.. 1.. 8.. 3.. B.. 108i lORtj 108H 108H 108 H 108V, K Italy 0is 10 0IH B 04 8 04H a 05 Queensl'd Kxt Lean ct 7s 6.... 108 1.... 1075 1.... 108 3.... 10(1 II Chile ct '20 3. 1... 10... 0... 0... B... 1... 2... 1. 1. 100S 100V4 100W loon 100H 100H 1004 ioeh 100W l)54 05 W 05 M, 05 'i 0SH 08 W B! 4.. 4.. n e r i, t W Va 4s 1 74H t 74K n 4 O Tel 4s 1 04 Sell Telephone of Ia 7s 1.... 10RH i.... 108 y. illeth Steel fi' 2 SOU n Steel Be '30 B.f... 98H 1 87 3 87 n Hdln' Ce Bs 0 S3 n Hdl'n Ce fls 1.... 100 u II Hdlsen D 7s 1.... 100H 1.... 100 H 11 lisp T ct 7s B BO 1 SUM 0 BOH II Rapid Trail rt 7s sta 23 B3 DUE 1st sta 10 7SH B 7BH 4 78 Hush Uld'g Bs 1 80H 1 80 2 85H Ctl Leather Bs 1 0311 B 03 Cerre de Pas'e Cep'r 8s 1.... 116i 5.... 115 1.... 1181 OtOcv 4Hs i si; 1 64 H 71M 711 71 71 Ti 71 71 4 71V 714 71 20 10 10 2 10 le ! 10 I Chl A a W 4s 2 01H 1 01H Chicago Mil & St P d 4s . 6 ROVi 4 80 Chicago Mil & St P 4s '25 1 71 30 70 Chicago Mil A StP cv 4Us 2. 0.,.. 2.... 8.... 10.... 1.... 4.... 0.... 2.... 1.... 1.... 8.... 0.... 0. oil 03 02U 02 H 02 H 02M 02 W 02W 02 02 W 02 01 S 01 S 01.H Chicago Mil Si fltP fd 4 Us 1 B0 B SOVj 6 B0i 2 B7 2 B7U Chicago Mil A StP gtn 4Hs 1 SOU Chicago Mil A St V cv Bs 10 02 V, Chl A Nwn cm S 83 H Chl A Nw'n 7s a.... man 0.... 100U Chl Ilallw'H 3s 1 004 C II I A P fd 8 77 8 704 2 7IH4 2 70U C U Sta m,x 23 BS C A W I 7Ws 1.... 10014 1.... 100T4 Cole A S'n 4s 1 SOU Cole. S 4 4s 1 83 Columbia O A i:iec 1st 3 80 4 C Tab A II 0s 3 02 Cens'd Oas 7s 7.... 104 1.... 103V. S.... 10414 10.... 104 Cum T A T 3s 8 POli Del A Hud cv 10 00. Den A It O fd 1 45 1 48 D ft H a 4 4s B 70, 1 7114 Det Hdl Bs '4(1 1 01 Det U II 4 4s 1 08 D de Nemours Pwdr 7s 2.... 1034 2.... 101 .. 1034 .. 103i .. 103l Light (Is .. 101 .. K'l .. 100, .. 101 .. 101 .. 101 101 LchlsJh Val 0s 1.... 1014 ti A Myers 7e 1.... 1124 0.... 1124 4.... 1124 fi.... 112 Le A Nash 4s 1 884 1 084 1 884 Le A Nash Bs 2(sale) 88 lj 1.0 A Nash 7s 1.... 1004 Man IS 4s stn 1 074 3 57 V, 2 B74 Manhat Cil 4s 2 074 B 67'4 1 B74 1 B714 M Oil war 8s 1 07 1 074 8 08 4 08 1 OS Mid 8 A Or 3a 1 83U Mln A St L fd B 334 M StP A H Hie M 04s rets 2.... 1014 1.... 1014 M K A T nj wl N Yk Tele'e 0s 1... 3.., 2... 1... 4... 2... 1... 1... 1... N Yk Vf Hest 28. 10.. B.. 4n 40 4 404 404 47 40 ei.'J 40, T 4t 744 744 2 744 M K A T 4s wl 10 0B 11 IC A T 6s wl 3 774 2 7814 Mn PnclOe 4s 1 25 1 B Me IC A 17 0 2., 5.. Dun 1.. 1.. 1.. 1. 00 T, Ot et 00. 01 01 00 T 2 01 N Yk cent' I U 2 no 1.. E.. 3.. 4.. 1... 1... -.8... 3... 084 09 0(1 00 00 N Yk Cent' I 7 1.... 10315 2.... lO.Vi 1.... 10S4 N Y Kdlsen C. 04s rets 1. 4... 3... 111... B... 10... 0... O 111!.' .' 10... n... 11.. 0.. 8.. 1.. B.. 1.. 10374 105, 100 10574 1054 103T 100 100 lflll 10(14 100 1004 100 100 100 100 1110 100 4 K Tenn N li A1 ua en a 024 llrle Oenl Lien 1 43 4 2 43 Krle n It cv A S 80 Rrle It n cv 11 30 i:rie n n cv n 2 3.. 101 Ti 102 102 102 102 1014 103 108 4 1034 C A 874 87 4 874 44s 2 31 10 804 4 3014 .North Weste'n Dell T 7s 4.... 100'4 1.... ine'4 1.... 107 N Pae n 14s 1 874 Nth S Pwr 3s 2 m 3 80 Ore A Calif Bs 1..... 004 Ore-W 11 It Ce A N Ce 4s 2 774 10 774 rncka'd Moter I'nr Ce Sss 2.... 100 2.... 1004 2.... 1004 2.... 1004 1.... 1004 Pan A Petr'ni A T Ce 7s 1 004 Penna 11 It 3 1 05 8 014 renna It 04" 1.... l"l". 2.... 103 Penna It II 7e 3.... 1004 rere Marat Be 1 804 1 00 rhlla Cnty cv 2 004 0 004 4 ne1; Plerce O 8s wl 1.... 10014 Pitt Cln Chl St L a 44i 2B 88 Pitts C Chl A St L a fis 8 01". nendlnir Ci 4s 3 82 B 82. Ileck ll'rt A A Lnul'a 44' 2 7S 1 774 24 78 I l. A S !' 0' 10 10 10 8 St L A S P In IB M'i 10 854 1 B.V4 10 351., 18 554 St 1. A S Fran Series A ....... 004 1 00V4 3 00 Se'n Paclfle fd 1 8B4 1 85 1 88 S'n Pae cv 4s B 3 1 Bn Itnllwny 4s 2 li 1 014 1 02 Sn Hallway B 1 MS 4 804 3 804 Sn Illy Mobile A O Ctfs 4s B 074 B 07 Stamt'd Oil uf Calf 7s 2.... 100 1.... 10(1 Term'l It It A of St L 4s B - 784 B 784 Third Ave nj 2 l'v 1 404 Third Ave Ik 1 784 Tidewater Oil Ce ct 04s 724 724 724 724 ... 0R ... 084 ... ns 4 ... 084 ... 08i ... 0SK ... 08 Sw'n 1st ... 77 Sew'n 3.. 5.. 1.. St L 5.. St L 1 72 Nw Yerk O ft S A L 4s stn Wesfn 4s 4 fit 10 07 4 Senb'd A I. fls N Y Tele 14 1 43 8 884 12 43 fl 884 B 13 0 884 1 134 XY Tele'e '41 82 44 1.... 1034 1.... 1014 Rh Steel II S 1.... 1": 3.... 101', 2 10O 3 103 1 1014 Sinclair C Oil 2.... l(i.'4 102 Cerp 74 1.... 103 4 B.... 102 7 004 Wilsen Ce 1st 1.... 102 1 huh 1 no 1 1014 10 1(04 12 00 Total. Id. (150. 000. compared with 114,1111. OOO yesterday. Thus far this wi-ek. $78.-048.000. n. 10... I.'.'. 1... 2... 1004 ion', 100 ; ion ion; 1004 rnlun Pac 4s 3 87 3 88 2 874 3 874 Union Pac (li 2.... 102 1.... 1024 ITnt'd Druir s 2.... 1014 1.... 103 1.... 104. 1.... 1014 G.... 10lni V H It I Ce of Sun Fran 3i 1 70 V H Hubb'r 3s 4 SO), 1 604 1 804 10 80 3 80 1 801 1 80 B 80a4 1 80i 4 804 3 87 hem wm OF CORN n Farmers Say Nothing t( Gained by Helding Cra for Higher Prices Vd S Steel 5s 00 in, en 4 00 4 01. no. llll no. Wabash It 2nd 12.. O 1.. 1.. 1.. 3.. 1.. 1.. Vn-C Ch 1... West 1... 1... West 3... 834 7 4s .. 014 lllec ,'H . . 00 .. 00 Pac 1st .. 85 W Union tt'1.3 1.... 1074 1.... 1074 0 1074 Wlcks'e Spncr Steel 7s 1 004 1 00 2 004 WeMlngh'fe ts A MfK 7s 1.... 1.... 3 . . . . Clilrajre, Dee. 17. While n s mere optimistic view of the r. cemmercing situation wns expres some qiinrt'era. It Is the opinion of lenders In finance thnt lmprevem nKrlcnltiirnl conditions In the must precede nny Kcnernt Imprevi The downturn In prices for nil cultural products the Inst week te put n dnmper en enthusiasm, lncrense In country huylng Is loelt with prevnllliiR conditions. The belief held In some qunrtcr the nctlvltles of the Wnr Flnanp. porntlen would cheek free mm does net Rccm te hnvc been justlfi nil events, country marketings 0 hnve been tiniiKiinlly henvy, nn prlmnry receipts of ether Rrnh Inrfcc eneiiBh te liidlcnte cither nn need for Immediate funds, or n thnt there will be no ntlvnntnge In IiiB back grain en the pewlbll higher prlccn Inter en. The steel nnd Iren business, n lug te current ndvlccs, shows no broadening. It Is true, smnll erdi heldltiR up In u gratifying wnj en the whole, the nctlvltles at centers nre net nny tee cneetir However, Improvement nfter the t the year is looked for, and It opinion, thnt increased buying 1 railroads will stimulate activity, coal business Is slew. The unew In some rcctlens gnve the mark fctcnm coal n little spurt, but the of sales is nwny below normal m fleets the dullness which prevn ninny Industries nnd also the me buying for household purposes, weather cutting n big figure in tl nation. Tlic persistent buying of Invc securities shows net only that tht nmple funds in the West, but alf there is a greater wIlllngncRs t money Inte Investment funds tha Industrial or commercial enter Iluililing operations nrc spnsmedi The stockyards strike nt C nnd ether packing centers hns 1 disturbing influence, nnd the ( down of the shop.? by the llnlttme f"l1i( tiftt.icni'l trttiin fivisiiikutnt it V'1' Llllll't JWSSS V. F v,-s VI ti u. mistie opinion, wlille the threat ei difficulties en the railroads trouble in that direction among tl settling possibilities. Meney rntes ut Chicago wei much chnnged for the week, en cellnternl were 0 te OVi per en commercial paper. 5 te "i:4 f and 0 te 7 per cent ever tiie cei Financial Briefs HlBh Lmv Clese Liberty .Ih .... IU.JIS 04.110 04.110 I.ibertv 1st 4s... OO.'.IO 00.0(1 00.00 I.lbertV 2d 4s 00.70 00.70 00.70 Liberty 1st IV, s.. 07.20 07.10 07.20 t 1 !. .i .n.u nil no id 7(1 oil. si! a4 I Liberty .Id 4 Ms.. 07.00 07. S4 07.SS 3v 1 T.lhertv 4th 4V. s. 07..-.4 07.22 07.20 ,-,,: ,,., r," ; l.iecrty -itn -j'is. n(...-i in.-- -.x.-ii l.rlelilt Ci.4i Vlp Xet(is ,ta', H.. 100.04 100.02 100.1)2 risk' hub' r Ce1 Vic Xetes 4. .100.00 100.02 100.01 CANADA BANK MERGER 8s rets 1 2.... 1004 . Oene'l lllec Bs 1 00'4 1 004 1 Geed) ear T & nub'r '31 4 00 2 00 4 ' 2 004 I 7 004 I 2 004 24 004 .Oitedyear T t , Itub'r '41 1.... 1104 1.... 1104 1 no. O Nthn ltd 7s , The nvcraRc price of thn twenh Industrial blocks declined 0.33 Per c tenlny te 80.1)3. v,hlle the twenty r advanced 0.18 per cent te 74.38. The New Haven Railroad utn less nf $31,821,000 as a result of 1 In 11)20 of lis llhede Island trelle aceiirdliiK te the annual report of thi Utllttl'") Commission of Connecticut. During October the Phlladelphl Headline Kallwnv transported l.lSl.r of bltumineu'" coat ever 11b lines, a docrense of 077.480 tens from 1 nas'e carried during the same mei iear. which tntalei! 2.13!). 010. It I rrease of 'JIB.IOK tens ever (he (ent September, which totaled 1.2(10.3(11, It Is efficii!!' nnnoiineed from r.nii Knld exivirted te the United Stales week ended December 14 amounted 454. 131. Uncertnlntv about Kuronean (Inane dttlenx, together with evidence that 1 were nHsurnlnir a hnlliluv .(hulnct' 1 tended this wek te bring nbeiit del thu valuj of wheat. Compan d with age, wh'at prices this morning uer ". e te ;i"4c, corn mi iv.c 10 i'c, 1 changed te 4c lewt-r. and provlslei nelback of 15(jie 30c. The AJnjt Ituller Company has s 000,000 llrst mortgage 8 tier cent 1 u sxiillcate. which Is offering them 1.. 1... IB.'.'. B... 10... 10... 2... 50... BO... n... Heck Val 4 4s 2 824 4 824 2 824 Hud & Man fd 3.. 1.. 1.. 2.. Hud ti 6,. 0.. B.. 10.. 3.. 0.. 10.. 1.. B.. Ill Central fd 3 884 III Cent'l B4s 1(18 108 1084 1084 108 4 108 108 1084 108 4 108 V4 1084 ins 4 108 4 7B4 754 7BH 70S Man in 484 484 484 48 48 48 484 474 474 B OR 2 08 1 0714 HI Cent'l 04s 1.... 10741 Indt'a fiteel Si 2 00 Info Met 4 4s 1001 It Chile ct '41 1.... 1014 4.... 1014 1.... 1014 I.... 1014 1.... 1014 It Chlle ct '4 101 1 ... 0.... i'.'.'.'. a.... 1.... 3.... 1.... a.... 4.... 1004 100 4 1014 1004 1004 100 1004 1004 101 101 100T4 101 2.... 1.... C & O B.... 2.... 1.... 10. . 844 . 844 CV Bs . 83 . 884 . 8BH 8B Ches'a A O Bs 3 eU Chl & Alt 84s 1 884 1 884 2 874 Oil II Q gill 2 804 4 404 Chl n Q neb 0 034 C II 4 Q 04s 0..., 1004 1.... 1004 1.... 1004 1.... 1004 1.... 1004 3.... 1004 C & E I Bs wl 1 71 Proposed Amalgamation Enabled Merchants' Bank te Resume Montreal, Dec. 17. The Merchants' Hank of Cnnnda, en the strength of n proposed merger with the Hank of Mon treal, opened its doers tedny prepared te transact business en exactly the same lines as the ether institution. It wn lenmed from an authoritative source that, subject te government approval of the impending amalgamation nf the two banks, depositors Jn thu Merchants' Hank will have the identical standing of these In the Hank of Montreal. The proposed absorption of the Mer chants' Unnk, dcclnrcd by Its officers te have been the result of an Impairment of its reserve, was announced after the Montreal stock exchange yesterday had ordered trading stepped In its stock, ll gnve Cunndlan financial circles an unex pected Miisatien. The stability of the Bank of Mnn trenl, however. Is expected te relieve nny apprehension that may be fell b depositors of the Merchants' Hank ever the midden turn In developments. Depositors showed no signs of alarm when the banks opened this morning Officials Issued a statement that de posit!) In tin; Merchants' llnnk were ''as safe as if they were in the Hank of Knglnnd." rnefficinlly it was snid that the term of the proposed fusion contemplate giving one Hank of Montreal share for two .Merrhnnts' Hank shares te holders of the lntter, plus a cash payment of ,V10 n shore. This would give each Merchants-' Hank stockholder the equivalent nf $110 n share. Hank of Montreal stock was quoted at $212 a share 011 the local exchange yesterday and the Merchants' nank bteck ut $157. flHSE VSBte, tfftns Spruce 82C BOUGHT SOLD QUOTI United Stati Treasury certificate! SEOUKITITS DEPARTMENT Commercial Tru. Company Member Tedcrul lleierre gjrstei City Hall Square, West 10. 20... M et B, Int 10 10 10 Intb'e R 10 B 1 11 20 0 1 2 B B84 1 B4 10 B3 4 . s B34 I M Marine lit 1 00 1 00 0 804 3 00 Iowa Cent'l 4s 6 85 1 DB Kan'a ft M 4s 2 74 Kan CiBSi 1 044 Kan O A S Bs 1 84V4 Kelly 8prlnird Tire 8s B.... 1044 2.... 1044 2.... 1044 Lack Steel TO 1..... 834 ' 'f.. BAR SILVER 84 I Demestic bar silver whh nnnnr,.,! 1- Oli Wn... V..lr -..-... ... it,,, m ' ..,..,.,, il pm "" "'" i "" it nne ounce! for fer 04'elirn. 07e, a nan of 14c. In Umden. the (,( 1 price was 4d Wither nt 3(lnd. 44s 74 74 0 T fd 834 834 534 B34 634 83 4 B34 534 B3 Pllllilillllllllllllilllilll I Big, Meaty, Selected I I"1 I jlgeffS f I Take no risks with ueur Xmas I W baking. Use "eaas mi can i H be sure et." U i u z I At all our Stores E(f W , III ffj ... .1 WPIiUiIIliW3i YOUR OPPORTUNIT A Philadelphia manufactu Ine; Company new doing ' annual business of 2 te 2 millions renuires the scrylc of a live, wlrte-nwnke buslnf mnn between 25 and 45 'a old. te net ns Secretary ni Treasurer nnd te Invest JlOi 000 In the Company. Meney te be used te pu chase additional machinery l increased production In wM line there la n, great deman Present bulldlmr will perm Installing additional machine' and will reduce present eve head expenses. Compensation $10,000 512,000 per year In addltlc te ever 7 return en mom Invested. If you have the a&. Ity and the money, answer ai full details will be furnish; you. O 808. tEDOEIt OFFICE ISafe Bends fir Investm HALSEY, STUAI & CO. Ina Land Tllle Uldir. I'henei Lecuit C. S. PATTON &C ID ti ClIEbTNUT MW. BANKERS Successors te -, BAILER A. bTBVKSflOtf , Sends nnd stocks noufhteofl ! ' un.iv.r. Phil,,. Hierlt Exrheni! Lawrence F.. Brown &" CERTIFIED PUBLIC ACC0UW 10BO REAI, ESTATE TRUST Ijw Investlcate nnd adjust corperMwn rtntshln nrcnunts and piepate i" j( hi rt f mrnkmrntmukm til-.
Significant historical Pennsylvania newspapers