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.20
EVENING PUBLIC ;LEDGER--PHIL,AIEFHIA, THUDjUS
Government of
BRAZIL (all issues)
f . City of
LIMA, PERU, 5s, 1911,
State of
QUEENSLAND
4s & Vi
BRITISH GOV'T
War Lean 'Is & 5s
GRAND TRUNK
PACIFIC
3s & 4s of 19(52
Is of 1953
CASSEL, NUNES & CO.
Utmberi .V V. Sleck Cxefcnns
60 Broadway New Yerk
Telephone Hauling Green 5963
FEW WEAK SPOTS
IN DRAGGY MARKET
Year-End Adjustment Account
ed for'Narrew and' Irregu
lar Movement
The Price of
Capital
due te its bearing en the
future course of bend prices
is of primary importance
fe investors
This and ether matters of
interest te hplders of all
investment bends and
stocks are exhaustively
discussed in our current
Weekly Review.
While the supply lasts,
Review Ne. 247 may be
obtained free of charge,
accompanied by 2c for
postage.
MOODY'S INVESTORS SERVICE
JOHN MOODY, President
1124 Real Estate Trait Bld.,Pbil.,Pa.
Det! en New Ye- Chlcjje
NEW YORK STOCK EXCHANGE TRANSACTIONS!
Net
Chie-
WE
" te
E offer at a price
i yield about 7.30,
the First Mortgage 6
Bends of an important
bituminous coal com
pany. The properties are
valued at five times the
par value of bends out-
standing and earnings
several times the inter
est. P. Full information en request
HARPER &TURNER
Investment Bankers
Mtwmbtrs of rMatctphui Stock Zchana
Stock Exchange Building
Philinlnlitn
x iuiau.iiiuu Readme;
Beranten
ipSiBplsi
WE OWN AND
OFFER
A veil secured public ntllltj
band it a prlcr te yield cur
rent OTfr T'e for a period of
eifr twenty rears. The bend
U Inactive bet well secured.
Nermal redrrul Income Tax
paid.
Wieimir Bum, Philaduiia
AkalMtShckEaJLt
WWCTI IUIM. HJ.
New Yerk, Dec. 20. It would prob
ably come nearer hitting the nail en the
head te say yenr-end adjustments were
largely responsible for the Irregularity
et today's stock msrket than te offer
any ether cxeuv for the ragged prier
movement. Several pronounced weak
1 spots cropped out duriufc the pension
among the cats and dogs and generally
representing cein-ems within the shadow
of receivership. The main body of the
i market really had no settled trend
There was n geed undertone ; geed ab
sorption, n certain degree of resiliency,
and feme recuperation. That is te nr.
the Initial operation were marked by
i some hcavlnss due te short selling en de-
snltery hcalc ; some prelit -tnkituj ; some
i establishing of lns"i nud some taking
et losses by tired holders who hnd been
hoping against hope. Except In the scat
tering obscure issues referred te above
, there was really no actual weakness and
apparently cnmparfttUvty little real long
stock dislodged Tills was followed by
n period of hesitancy, and In turn by
a tnlddav rally, but which noticeably
lacked the snap attending the recent
flarebacks.
Xobedj seemed te have paid any
great amount of attention te the snarls
confronting the Disarmament Confer
ence. Neither did much worry fellow
the cabled advices regarding the Italian
financial disturbances, nor was any
, one particularly concerned as te the
i ability or Inability of Merman? te meet
'the reparation payments. All atten
tion was focused en the technical side
of the market, and Judging from the
unsettled attitude of the professional
contingent the majority were mere or
less at sea en this question. There was,
In consequence, a continuance of the
skirmishes and ether maneuvers te test
out the market, but about the only
notlceeblo result was te increase the
caution which found direct reflection in
the frequent and rapid shifting of po
sition of the room traders.
Yesterday's unexpected tightening of
cnll money rates te fiVj per cent ac- '
f.nnntftfl fne thr 4infelt'in. mill Irrniynlnr t
tone of the stock market et the open
ing. Seme of the Investment rnlls were
fractionally higher and such specialties
as American Ice, Scars-Roebuck. Fa
, meus Players and Davisen Chemical
i registered similar gains. The inde
pendent steels wre lower, however, nnd
heaviness was shown by prominent oils,
i meters, Burns Brethers and Columbia
Granhenhnne preferred.
i Lack of support encouraged the shorts I
te begin a series of drives during the
morning. Delaware Lackawanna nnd
1 Western, Chicago and Northwestern
i and Colerado Southern were hceiet
i of the rails, averaging 1 point declines.
I Pressure against Burns Bretheis Co Ce
! ititnbla Graphophene preferred and
' some of the low giade oils, metals and
1 specialties became mete insistent.
Pierce Oil preferred, American Cotten
Oil preferred. Gulf Stutea Steel. In
ternational Nickel. Cbine Coppers nnd
National Cleak and Suit lest 1 te
'JV points. The icactien was pnrtly
checked before neon. Bethlehem Steel
1 and sugars featuring the Irregular rally.
Commodity Markets ,
' GRAIN MARKET
1 Chicago, Dec. IS). Wheat tarted
Tg te lj lower for May and -s te 7,s 1
I loner for July, with fairly general sell- ;
in? inspired by yeuterdaj's Govern-,
I mnt report and lower cable". Oa thej
break, the market ran Inte support
I from commission houses. The cah I
market wnn easy, but practically un
' changed, with limited offerings. 1
The Government report yesterday was
regarded as moderately bearish
Cern starfi! unchanged te 'wc higher,
with geed buying by leading elevator
interests. Selling was scattered.
Oats started 'v lower te Wc higher,
with mixed trade. There us hujing
by an Eastern shipping house after the
opening.
COTTON VMARKET
New Yerk, Dec. 20. The cotton
mni-Ler rrns milet. and lrremilar at thP
opening today, being " points lower te ,
." peluts higher en first sales. ThTej
was some scattered liquidation of
January and also selling of tee list bv
Wall street and wr house. but
Japanese interests were geed buyers
of March and spot concerns and Nfw
Orleans purchased moderately. At the
end of the first fifteen minutes, the
mnrlipt was easier and off about 10 ,
, points from Initial levels under scat
tered liquidation and a withdrawal of
early supert..
Receipts at the ports for the day are
estimated at 20.000 bales, against 17,
730 bales a week age, 23,40 bales a
year age and 10, 615 bales two years
age
Sales
0
tee
100
a:oe
10a
tee
2100
.100
700
1400
tee
tee
tee
183(1
400
100
1.1)0
100
,'00
tee
100
200
400
tee
100
M0
2000
:oe
MOO
.tee
000
1409
200
100
300
2400
700
2300
2000
I 0
tnoe
MO
2700
10U
100
flAO
A0O
aoe
njue
.100
2en
ADO
tee
flneu
neu
7011
1600
1011
200
.100
a 00
200
1100
Kill
200
1 3011
1400
2400
100
10O
10D
300
400
400
400
2U4
1100
700
600
1600
200
000
100
100
r,en
400U
A100
2C00
100
tee
200
tee
100
100
100
200
200
;ine
300
C300
200
300
600
11600
3000
200
100
100
300
100
ion
700
nit.
In t Hls'.i
.. Adams Express 54
. . Advance. Kumely . . . H
3 Advance Kumely pf . . 971
.. AJax Hubber HJi
. . Alaska Geld Mines. . 14
.. Alaska Juneau .O M.. H
4 Allied Chem & Dye. 79
7 Allied CTiem & Dye pft03
4 Allls-ChRlmers S
.. Am Agrlc Chem 30J4
. . Am Agrle Chem pf . . S
4 Am lnnk Nete H
3 Am Bank Nete, pf . . . . SO
. . Am Meet sugar 29 Ji
.. Am Besch Magneto.. 3
7 Am B Shoe K pf new. 09J4
.. Am Can 34 -
7 Am Can pf la
12 Am car & Kdy 146
.. Am Cotten Oil 21
.. Am Cotten Oil pf ... 4
7 Am Express 118W
.. Am Hide A Leather.. 13(4
. . Am Hide & Leather pf
7 Am Ien 81VJ
6 Am Ice pf 73U
. . Am lnternat Cerp ... 41 Ji
.. Am Llnssed 31 U
6 Am Locemothe 109 !i
. . Am Safety Raner .... ji
. Am Shin & Cem .... 6?
.. Am Smelt .. 45V4
7 Am Smelt pf 87 h
12 Am Snurt 111(4
3 Am Steel Foundries... 34J
.. Am sugar Bcf 4'Vi
7 Am Sugar Kef pf.... 83U
.. Am Sumatra Teb .... 34
0 Am Tel & Tel H4i
6 Am Tobacco pf new.. O614
7 Am Woolen 81 t-j
..An Zinc Lead & Smlt 13
. . Anaconda Copper .... 49J4
. Assets Realization . . 1
4 Afse Dry Goods 47
6 Atch Tep ft Panta Vc. 92
.. Atlanta Dlr Atlantlt 1U
.. Atlantic 1'rult 2H
.. Atl Gulf & W I S S.. 31 K
. . Atl Gulf & W I S S pf 22 Vi
2.A0 Atlantic Pet 25
.. Austin Nicholas 10(4
. Aute Sales Cerp 't
7 Baldwin Locomotive . H8v4
. . Baltimore & Ohie. ...,
t Baltimore & Ohie pf.
A Bethlehem Steel n...
.. Brlt.sh Em Steel
7 Brit Em Steel 1st pf.
.. Brit Em Steel Cd pf..
Brklyn Rapid Transit
A3
?
47 ,
23
u',4
Brklvn ft T ctfs of del) AU
.. Brklvn Union Gas.... 734
.. Brown Shoe 43
. Bruns Term 2!i
10 Bums Bres 120
.. Burns Bres (B) W r. . . 33H
. . Butte & Superior Cep. 22
.. Butte Ceppr & Zinc. AH
.. Butterick 31 ?i
.. Cadde Central O & ft. 12
e California Packing . . 69?i
.. CallfernU Petroleum. 48
. t"al Zinc & Lead eji
lu Canadian Pacific ....121
.. Carsen IMl Mining .. M'
.. Central Leather . ... 30 U
.. . Central Leather pf... 62
. . Cerro-de-1'asce 3A
0 Chandler Meters . ...ji02
4 Chesapeake, & Ohie... ASJi
.. Chic & a I new 13,'i
.. Chic ft E I pf new. .. 34
.. Chicago & Gt West.. U
.. Chi & Gr West pt.... 18V4
.. Chi Mil & Pt P !
.. Chi Mil ft St P pf 32(j
A CM ft Northwestern.. 2(4
4 Chicago Pneu Teel... MJ-i
.. Chi P- I Pac 37li
Chi It I & Pac ci pf. 724
: Chi B I ft Pac ""; Pf. 84 J'e
A Chi Pt V Minn & O A1
7 Chi St P M & O pf... 82
. Clev Cln Chi ft St L. . 34J,
5 Clev Cln Chi ft St L pf 74 Ji
. . Cluctt Peabedy 47
.. Chile Copper l5'
.. Chlne Copier 28
4 Coca-Cela '3
3 Colerado ft Southern.. 30
4 Colerado & Se 1st pf. '
6 Celum Cna ft Elec ... "''i
.. Celum Graphophene. .. "! .
i-ni nranhnDhone Df . . 10'i
. . Cemput Tab Bee
.. Consolidated Cigar .,
. Consolidated DIs Ins.
7 Consolidated Gas ...
. . Consolidated Textiles
. Continental Can
A Cern Products Bef .
200 2.50 Cosden ft Ce
200 4 Crucible Steel
A000 . . Cuban Am Sugar. . . .
1900 .. Cuban Cane Sugar .
3100 Cuban (.are Sugar pf
ixnn a nattemi Phemlcal ...
1200 2.30 P beers Cens Mln Ltd 1J
i pelaware U uuasun. . ".
6 Pel Lack ft Western.. HO
. t'ctrelt Edisen 9i
1 Deme Mines
. . Elk Hern Ceal 17
S Endlcott-Jehnson 74
t Endlcott-Jehnson Pf--10,,
. Erle ?!
. Ene 1st pf
. Erle Cd Pf
S Famous Players L .
s Tameus Players L pf
Fairbanks
10 rt3h?r Bedv
. . Fisk Rubber
, . Freeport Texas
.. Gaeten Wms ft Wig.
, . General Asphalt ....
a General Clear
Beach Creek R. R.
4 Stock
Guaranteed by N. Y. Central
& Hudsen River R. R. Ce.
Tax Exempt in Penna.
Free of Nermal
Income Tax
Price te yield ever 5.50
Elkins, Merris & Ce.
Land Title Bide, Phila.
Membera
Kaw Tork 4 Tblla. Stock Excbanxts
.TKnua ,v
Marca
Mv
July
October
. IS T
IS 3t
. '7 S7
1SI1
12 00
Or,, Vwill
!S7S IMl
1 M is 71
1 T S4 . , .
. fi 0J
NEW YORK COFFEE MARKET '
New Yerk, Dec. 20. -The undertone J
of the local market continues te held I
very steady and this morning call prices
were 1 te 3 relnts higher, some of the ,
early buying possibly promoted by the
tirm'er Santes market, which came IfiO
te 250 reis higher. Trading was quiet
At midday prices were about at
initial figures, with trading dull and
no feature What few earlv offering:,
wpre here in the "est and freight mar
ket w-ere nbeut unchanged from late
yesterday. The spot demand wee quiet
at unchanged prices. I
1 Trev Cle rrn I
".:::::::: .: 5-.n3?3 UW
Ju . S R7 8 .'.7000,
BI4
4000
300
30n
200
700
100
100
A0O
400
1100
210
100
I tee
300
100
0300
1000
2300
400
tee
27100
1000
100
200
1300
100
2800
t
300
300
100
100
300
A00
100
100
100
600
100
300
2200
tee
200
700
0ll
2"(l)0
200
1000
100
1600
300
700
20
31 'i
14',
48
fifii;
37'S
C&I4
'!!?
""
1-1' a
3
104
80',
12U
14
68 ',
67 lj
8 General Electric U9J4
1 General siotero
0 Gen Meters deb G'T,..
.. Gllllland Oil pt. ...
. Goedrich
1 Great Northern pf
4 Oreat North Ore ctfs
liuantaname Sugar .
Gulf Mobile ft Ner
Uulf State Steel
ie Habirshaw El Cable .
Tr.itmnn Pem
4 Haskell ft Barker Cor 7SJ.J
10H
71
40IJ
36
7'i
32
7',
'
4A';
I
85
. Hendee. Mfg Ce
Housten Oil
,. Hvdraulle Steel ....
. . Hupp Motorcar ....
1 Illinois Central
. Indian Refining ....
60 Indlaherna Bef ....
. . Inspiration Cen Cep.
. Interb Cen Cerp ..
.. Intcrb Cen Cerp pf. .
:, int Harvester new
6 Int Mer Marine, pf
lnternat Motertruck
lnternot.enal Nickel.
6 Internal Nickel pf
. International Paper..
6 Inter Paper of stpd
. Invincible Oil Cerp.
, Iren Products
.. l3land Oil
14 !4
7C
0 4
U
96!4
714
3H
40(4
in
3'i
H2'i
f.31,
271 ,
12',
c,r,
70'j
M'i
2Ab
2H
Irf
,J4
11
?
16H
14
?i
7(4
10IJ4
37 J4
2fi
A8
ABU
A0
28 'a
34(4
99 Vt
334
94),
145 J4
2t
44
128(4
1(4
An
80(4
72
41 !',
31(4
106H
4K
fi
4 A
86
111(4
31'S
A2'4
82H
32(4
114(4
961,
80(4
13
4'i
t
47
92 '4
1
. 2V4
30&
21S
24
10
4i
97(4
34",
A2(
67 ?i
8?4
A7W
aa
61,
A -,
73
43
H8K
33
21(4
S'b
31?,
12
I9'i
47 i
STa
120'i,
1 1 ',
30J4
62 S
33
48(4
AA
13(4
34'3
0',
16
18)4
3141
61 '4
60 Vi
32(,
72(4
84J.
Al
82
A4Ji
74
47
lAt,
27
41U
30
A)
65'i
11?
8(4
54 J4
20
i
0l'i
14(4
48
9AH
37 Vi
6A',
14
7H
13a,
A2H
lt'S,
ICC",
HC'S
OS!,
18H
161,
78
105
10j;
1AH
1''4
784
9i
80
i2(;
14
!s
04 H
67'4
139(4
10
70
40K,
36
73
311,
7'
'
43!i
1
8 A
J!j
14),
76
O'A
im
06 'J
7
3S
40(4
I'
1'i
82 14
C3
2i'.
tir
6 A
AH',
70)4
14 !4
2i'j
2H
1:30
P.M.
49(4
II
3JJ.4- 114
isn-
14
7(i-1024-
37 Ji-29Ji-A8
B5W
50
29(4
3 -99(4-33(4-94(4-5-145)4-21
44 -
178J4 4-13J4-59
-
set, :-
41 W -
31 )4 -
108(4 1-4-
0 -45
-87
(i
111(4 4
31(4 43J4
83
31
114H-I-
9(4
-49(4-
1 -47
-
92?; .
1 -
2(4-30H-21H-
24 n -
10
4)4
18 (4
33
A3
58)',-r
H T
!4
5(4
73(4
43H-
3(4-118?4-3(-i
22 14 -r
AJ-31?-12
-6J(4-47
-
.Ti
123 -
11 Mi
30W
62 J, -35
-
48)4-5J,-
1
S4V,
6U
10)4 -19H--31(4
01 ?4-
nevi-
32 j,
72(4-
81 J,
51
82 -
J4-
74 -47
J-1AJJ4-27
-
42', 4
3S -3S
.-65J-2?4-9"2-
54)4 4
20 -
'4
48
96 Vi -37),
65)1 -11J
.
7V 1
14',
52Jr
114
106), ;-
118
99)i-r
105
10);
1A',?
10",
784 '
95--,.-r
22
80 ;
I2M-
14
li
66
67)4
130)4 .
10(4-70-
40H
36 -
75 H -314
.",
45"j
1 85
78 '4
m,-
76 -
0(4
ItH-
96'
7(4
3 t-40H-
1M
3(4-S2'i-65
-2'i-
JIT,-
6A -Atfi
70)4
H( '
25 '4
2H
(a
14
M
a
M
1
14
(4
(4
M
H
7i
H
1H
M
)i
Dlvv
Sajsa In UU'.i
189 ' ,. Jenes Bres Ta 37
190 .. Kansas City Southern 31H
4 ICanpas City Se pf... 5JJ4
00 .. Klinsas ft Gulf 7J4
290 4 Kelly-Sprlngfleld Tlra. 42(4
100 s Kelly-Spg Tire 8 pf 92(4
"0 .. Konnecett Copper ... 27
1390 .. Keystone T & It .... it'A
1 6 Kresge S S 173'
290 .. Lackawanna Steel ... 45K
1Q0 2 Lee Rubber Tire 2AH
109 3.A0 ivhlgh valley 57
300 7 Llnm Locomotive ... 19
3500 .. Leewe Ce 13M
109 7 Louisville ft Nashvlllel08J4
300 .. Manatl Sugar 2J6J4
200 7 Manhattan Kiev ;uar 30
290 K78 Manhat Shirt 32?4
100 .. Murket St Bwy 2?
399 ,. Market St Bwy pr pf. 35J4
1100 ., Marlln Oil 25(4
100 ., Martin Parry 20
290 .. Math Alkali 29
100 .. Maxwell Claas B.... 14J4
09 u Mexican Petroleum ..114K
090 3 Miami Cenner 2714
ili
H
(4
Ji
1H
7a
!i
'h
!4
!.
1J4
?a
H !
li
"6l
,
Ml
M
?
M 1
a
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, I
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i
14
!e I
1"2
'a
1
Mi
Va
'1
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I
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'4
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1 I
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7a
Hi
a
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1"4
110 1.20 Middle States Cerp... 13J4
. Jtldvale Steel 2Bi
. Minn & St Loul AM
. Me Kansas ft Texas.. 1(4
. Me Kan ft Tex pf... 2)4
. Me Kan ft Tex w. I... 84
. Me Kan ft Tex pf w. 1. 2Bi
Missouri Pacific 17)4
. Mo-Paclfle pf 454
7 Mentana Tower pf. .. . 98)4
. Montgomery Ward ... 14H
. National Acme 104
. Nat Cleak ft Suit.... 2
7 Nat Cleak ft Suit pf 60J4
. National Cen ft Cable I
6 Nat Enani ft St 854
, Nat B B of Mex 2d pf 3
. Nev Cen Copper .... 15 .
5 New Yerk Central ... 73
314
2100
300
6100
1400
7300
990
400
1100
tee
1900
400
100
460
300
1300
900
700
2300
100 2.60 New Yerk Deck
109
2600
100
100
200
200
400
tee
1800
tee
200
1400
2700
200
100
200
100
300
100
2700
600
500
100
4300
300
100
1600
700
100
290
200
tee
700
200
700
800
A New Yerk Deck pf... 55
. . New Tork N H ft II.. 124
2 New Yerk Ont ft W. . . 2tM
4 N Y Shipbuilding... 13M
. . Norfolk i Southern.. 84
7 Norfolk At Western... 0JJ4
3 North A ncrlcan ctfs.. 44
3 N American pf ctfs... 39)4
7 Northern Pacific .... 8J,
. . Neva Scotia S ft C... 24 M
2 Nunally Ce HI
. . Ohie Bedy ft Blewer. . 9(4
.. Dkla Pred ft Bef 2J,
.. Ontario Silver Mining 4)4
.. Orphcum Circuit .... 144
.. Otis Steel 10)4
2 Owens Bettle Machine 28
. . Pacific Devel Cerp. . . 5)4
6 Pacific Gas ft Hlce . . 66
3 Pacific Oil 47M
0 Pan-Amer Petrel ... A3
6 Pan-Amer B 47)4
. Parish ft Bingham... 13)4
3 Pennsyhanla B B. . . . M
. Penn Seaboard Steel. 1054
7 Penny J C pf 90
6 Peeples Gas of Chi... 63)4
. Pere Marquette 20H
. Phllltps-Jenea pf . . . . 8
. Plorce-Arrew Moter . 14
. Plerce-Arrew Met pf. 32
, . Pierce Oil 12
8 Pierce Oil pf 70
Pitts Ceal 6,1
7 Pitts Steel pf 84
. Pitts ft West Va.... BB14
100 l.BO Pend Creek Ceal .... 14 J,
300 8 Pullman 107)4
2590 ., Punta Alegre Suair. . 29j
800 2 Purr Oil 3S
100 r Ballwiy Steel Spring. 93
200 3.41 Band Mines 204
500 .. Ray Cen Copper 15)4
4100 4 Beading 73(,
300 3 Beading 2d pf 40
200 .. Remington Typewriter 24)4
1500 .. Republic Iren ft Steel. 52
200 7 Bcpub Iren & Steel pf 84)4
200 . . Republic Meters .... 8
500 5.20 Royal Dutch N Y.
100
tee
200
1230
100
tee
030
40
10390
200
200
100
4703
600
4000
2730
1700
tee
1100
201)
300
200
2.0
1350U
SOU
1800
200
400
4300
4300
1300
17200 :
200
200
1500
200
230
1800
701)
100
600
600
300
100
2000
1009
1200
100
2A00
100
A20II
200
1100
600
600
100
400
700
900
100
300
200
600
tee
1230
600
1100
400
1800
200
:no
300
4U0
300
1 St Jeseph Lead . .
$
50?4
13)4
Leuis San 1'an... Slli
. . St Leuis & S W R B 22
.. St Leuis Southwest pf 34)4
t . Santa Cecilia Sugar. . . 1 3,
.. Saxen Moter 2;j
.. Seaboard Air Line... 3
. Seaboard Air Line pt. 4,
Sears-Roebuck 01 j
7 Sears-Becbuck pf .... 88
. . Seneca Cep Cerp 23
.71 Shell Transport 38 S
.. Sinclair Oil 21
.. Se Perte Rice Sugar.. 38
0 Southern Pacltle .... 70)4
.. Southern Ball 18)4
.. Southern Railway pf.. 45
8 Standard Mill 113
t Standard Oil of cal.. 04)4
A Standard Oil of N J.. 182
7 Stand Oil of N J pf...H4j
2 htewart Warner Speed 25)4
. . Strbmberg Cnrb 37
7 Studcbaker 82.;
Submarine Beat Cerp. 44
.. Superior Oil Cerp.... 0)4
. . Temter Cern ft P "A" 4
.. Tenn Cep & Chem... 10)4
3 Texas Ce 4;4
.. Texas & Pacific 27
1 Texas ft Pae C & O.. 27'Si
30 Tex Pac Gulf & Sill... 41 1 J
6 Tobacco Products .... 63
7 Tobacco Products pf . . 88(4
.. Trans-Cen Oil Iljj
. Twin City R X 30
8 Vn Bag and Paper... 71 )J
.. Union Oil 18(4
10 Union Pacific 126)4
4 Union Pacific pf 60)j
.. United Alley Steel... 23
7 United Cigar Stores pf!05)4.
8 United Fruit 123
.. United Rwy Invest pf 21)4
6 United Retail Stores.. 52
..US Keed Products... 10)J
.. U S Ind Alcohol 40
..US Realty & Imp... 61
..US Bubber 55",
8 U S Rubral 1st pf,..100)J
.1 U S Steel ....x... 84
7 U S Meet pf 1144
2 Utah Ceppr 034
Utah Sec 10"j
Vanadium i.erp 32),
7 Van Raalte 1st pf . . . . 88"j
.. Va-Car Chemical .... 20
.. Wabash 04
.. Wabash pf A 20M
.. Wabash pf B 13);
.. Western Maryland ... 8
. . West Maryland Id pf 15
.. Western Pacific 16 Vz
a Western Pacific pf... 53
Westlngheuse G ft M. . 51
Wheeling A I, E.... 64
.White Oil Cerp 10)4
Wick Spenr steel Cerp lu
5
2
28 ?4
25
43)4
8! I
Wlllys-Ocrland
. . Willys-0erIand pf.
WIIeeii le . . . .
, Wisconsin Central
1 Worthlngten Pump.
.25 Wright Aeie . .
Ei-dhldend.
Iear
37
33
53(4
3M
43(4
93(4
37
1J4
173
45
28
57.
98(4
13
108J',
26
35(4
374
2
35 M
24',
30 ?4
20
14(4
114
27 M
13(4
26 Vi
5t
1
2
8(4
26
17 M
45
98(4
t
M
24
6574
1
33 M
h
14(4
74)4
314
55
12
21)4
13(4
84
97)4
44
39(4
78)',
24)4
119
8
2?4
4',
144
ion
26
!'a
66
4634
53
47(4
13)4
32 H
10
90
C3'4
20(4
88
14
32
12
70
63
84
25
1474
107 M
28)4
374
03
20
15
72
46
24)4
51(4
84)4
?H
50 )'a
13(4
31(4
21(4
33(4
1
2(4
3?4
4(4
59
88
2374
38
21
33
78J4
18(4
14(4
115
93)4
181(4
114(4
24 94
36)4
81 ?4
4J4
0
3
10
45J4
26J4
27
30
03
88)4
HJi
33
71
18
126
09)4
3M
104)4
123
31 M
53M
10
33
61
54'J
100U
83
"44
2
i!4
32
1-8)4
20
6
20
13)4
8
14)4
10(4
33
40 i
6)4
10
I5'4
A'j
2714
-.':
25
45
8!i
Nat
Chte.
H
1:90
P. M,
37
2-
3314
M ..
42)4- 14
92)44- J4
27
19t4 ..
173 - 3
45- 14
28-
57
98)44
13)4 108(4 4-
29J4
36 4-
3U
24-
35M4
25(4 4-
2944-
20
14)4
114(4 4-
27 M
13 -
304-
5 M 4
1(4 4-3M4-8?4
2(4 4-
17-45)4-98)4-14
4-
10M-
34
66 -I
-
35
.1 14(4
7A 4
31 K
55
134-
3114-
13M-
844-
97M4-
44
39)4-
'8TJ4-
24)4-
lt04 -
9(4 4- 1M
34 - Ji
414
144- M
10(4-
26
M4- M
60 - 14.
47i- !4
53
47 14
13 M- M
33
10 - J4
00
63M .
20-
(4
"m
7i
14
14
iH
71
Si
H
M
M
14
(4
J4
'l
li
H
1
M
"(4
(4
H
J4
88
14
32
13
70 -63
-84
4
26)4 1414
1
38 93
20'4-
15)4-
m :-
46 4-
4- l
- 1
t
1
'
M
1
QUIET TRADING IN 3
ALL LOCAL STOCKS
HV J
Sale of Bleck of $1,000,000
Vctery 4s Featured
Bend Dealings
Trading in the local market leek en
n imlMnv nNnech and there' waa a
seemingly reluctance, probably due te a
large extent ie uie -wavcriug ii:uuci.-j j
lie 1il mnrket:. te tnke Oil nftW.er CXlClId
old commitments, until after the new
year. Price changes were mixed, but
these resulted mainly uccoiise 01 w
norrewnesa of the market nnd the cir
cumscribed limitations of the trading
area. Compared wth yesterday's ses
sion the transactions were flat nnd
colorless. , , ,
The outstanding feature of the day b
operations was the sale in n single block
of $1,000,000 41 per cent Mctery
Notes at 100.03. Thcre, was fairly
animated trading in all the se-called
Government Jssucs which stetKl out
mere prominently because of the quiet
condition of the stock division.
In the latter possibly the continued
offering of Pennsylvania Ilnllread com cem
mnnded tire-most nttentien. The sales
were smaller than of some of the recent
sct-stens. but the stock still was sup
plied persistently, again forcing the
quotation under .1.1, but later rallied
above that mark. .
A a te the ether local shares, the
trading was of a perfunctory type.
Amcriean Stores en small soles yielded
a point te SO ; the preferred regained n
point of yesterday's late reaction nt
120. Electric Storage Battery ran off
ever a point en light profit-taking te
121 ',. Small buying orders in Brill
preferred raised that issue 4 points
above tne provieutf sale te 4, which
waa In line with jdsterday's rebound
In the common and probably in sym
pathy with the strength of the ether
equipment stocks.
Little change occurred in the utility
group. U. O. I. common and preferred
were firm nt 40 and 51, respectively.
Philadelphia Rapid. Transit wns bet
ter .at 17?: Philadelphia Traction up
n 4, nt 07, while Union Traction
wns unchanged nt IHV's. Lake Superior
yielded te U en limited sales nnd light
offerings enrried Crnmps down n point,
te 41. West Jersey nnd Seashore still
hnd a geed market nt 27.
Philadelphia Stechs
u-
lilB Net
JHeh Iw I'. M. chge.
lOOrAmlec... Sl'i 81 Vi lVt ;tt
5 Am Stores S!) 80, , 89 1
40 de lstpf.120 lll 1201
200AmRwys. .1si W& 3
8tAm T&T.114 IH'g 114 fe
2,'tBnld Loce 077,$, m 07
.11 BrillJ O pf 74 72 744
215 Klec Ster.122', 12US 121 Vi
34.tGen aitrs n',2 '. ,u"s
.1 In Ce N A ai Ti
34(4- 14
51 4 14
84)4-
-50-
13)4 4-
21(4-
21;-.-
34)4 4
14 3(4 4-34-4-
61 4.
88
23
38-
21)4
38 4.
7874-
18)4-
44)4
115 -
93-
181)4- IM
114 .
214-
36),-
82 f
-
6(4 -
4 4-
10
40 -
37 4-27)4-40,-63
88)4 !
1
M
M
7a
"(i
M
!i
3
H
"sii
4
.1 in ;e .i a ifi-u
215 Lake Sup. 0Rfc
25 T.ch Nav.. 7',
HOfbeews.... 1.1 Vs
SOSPcnnn RRSS!i
20 Phil Ins W 50-T,
n ... .. ... ...a , 1
11 1'iuia I'iiec -',
100
ul-li
07(,
127J,
50a:
-svj
071.S y
i.',S
3.H4
50 a; 1.
255 1A li
2S de pref.. 27 U 27 i 27S4-.
00 Phila RT 17-li 17-1, 17- Vh
52 Phila Trac 57V. 57 57Vj Vi
OOfSlnclair.. 21 ' 21 l 21 'A..
11 81
U 11V4-
400
25tRtudebakr SH'-
KltSuper Oil. 0i
JJOOtSeuth Pac 70
lOOfSeiith Ry lfi'i
nOOfTcxns Ce. 40
10.1 ITn Trac. IUVj
105 U O I.... 40
45 de pref.. 51
lOOtVanndlum .11
54 W .Ter&S 27
50 Wm Cramp
& Sens. 41
sn
70
ISi',
40
.ll'f,
40
51
.11
;s
0 "i
ISVi ..
40 Vs
:!4';..
10
51 . .
.11- U
'.'
v-
NEW ISSUE
$200,000
Cumberland County
Pennsylvania ' f
5 Pfer Cent. County Improvement Bends
Dated .Dacomber 31, 1921 Due DecemW 31, 1051.
' , Interest January 1 "d July 1 ,
Subject te, Redemption at 100 and Interest at the Option of'
the) County en any Interest Period onie after Decem
ber 31, 1931, en four vreelts' published notice-
Coupon Bends, $800 and $1000 each, -with Prevision -for
Registration of Principal
Principal and Interest Payable at the Farmers' Trust
.. " Company, Carlisle, Pennsylvania
' .' Jax Free in Pcmuylvanm
'Exempt from All Federal Income Taxes
Ne Certfiicale of Ownership in Cellectinp; Interest Required
Legal Investment for Trust Funds 'In Pennsylvania
FINANCIAL STATEMENT
(A officially furnished)
Total Assessed Valuation (1921).. v. . .$30,185,632
Total- Debt (including this issue) 200,000
Ratie of Net Debt te Assessed Valuation about
two-thirds of 1 per cent
Population (Census of 1910) 54,479
(Census of 1920) ... ..58,578
Cumberland County is situated in the fertile Cumberland
Valley of southeastern Pennsylvania' and is adjacent fe Yerk
and Dauphin Counties. The County is served by the Penn
sylvania Railroad, the Philadelphia & Reading Railway and
by the Valley Railways. Interests are ajrricultural and manu
facturing. Carlisle is the County Seat. This issue is the only
outstanding debt of the County.
We offer these bends if, -when and as issued and subject
te approval of legality by Jehn Hampton Barnc3, Esq., and
Franci3 B. Biddle, Esq., of Philadelphia.
Price 106.48 and Interest
Te Net 4.20 Per Cent, te the Optional
Period and S Per Cent Thereafter
Biddle & Henry
104 Seuth Fifth Street
Philadelphia
Harrison, Smith & Ce.
121 Seuth Fifth Street
Philadelphia
41 41
- ',t ,
JI - .,
18)4- '4
1501a - (i
0',i v J4
! -
l"5-i I- t)$
13.'!
2!'- ('
-!-
10)4- v. I
39)4- .!
fll -). ij
!5 - i
loej-i .;- ij
81
11434 ,- i
830,- IS,
104 - Ji
3K . (a
8(-j 2
3 H -
H- V
30 H - 1,
"(4 4. '
8(S ..
10(-
M -J- 1
l - Ki
0'4- Vt
10 - J,
M- X
ti ..
35 (4 - t
3!l - 1
35 - ,1H
14)4-
S- McGLINN & CO. ;;
Jlfem6ra N. Y. Stock Exchange
Widener Bldg.. Philadelphia
,5't 1954
5'i 1960
6'i 1927
S'a 1948
Gterfis Rwr & Power
Pkils. Sub. Cat & El
Lahifb Power Sec.
Leterna Ce, Gtiv& El.
FOR SALE 138,500 SHARES
MYRIN OIL CO. PAR $1.00
(Delaware Corporation)
500 Shares
AMcrican Harveiter Ce. Par $100
Tha abe- will ba ell for caah te nisnait
blaMar l our efflri en Trlday, Dec. 30.
IMl. at S P. M.
MORLEY, WOOD & CO.
333 Chestnut Street
Sfantxra N. Y. & I'hlla. Bletk Kth'a.
DIVIDENDS DECLARED
ri mouth Corde Cempanv n'larterW nf
(3 Vaabl Janua.ry 20 le aterl. of record
January 2. ...
Norfolk and Wiatern imrerly if 1 tr
cant en adiutmnt prittrrrri. rayabl, reb-ruan-
IS te aieck of record Januarv .11
Imprlal Oil Corporation cjuart.rly 1 pr
cnt en prafarred and inerrthlv 1 jer -nt en
Mimmen. tayabl January 1." t'j atcrk of
record Decemtsr 30 ...
Aaeciatil Drv Cloe.la quartern SI en
rotnmen. payable February 1 ie Mcx-U uf
reterd January U anil II uO en Tmt pre
ferred and II 75 en aeenl preferred pa
ubla Iarch 1 te ateck of record February 1
tlayulc Uretnera Im., qiiBr'rly 'J p"
cant er.1 tlrat and acend preferred, pa able
Januaiy 15 te atockhelUera of if cord lit
cumber 31
The United Verd Kxtena en Mlnlne Com
pany quarterly l!5c. paable lrebruarv l ie
ateclc of record January 0
was icduccd te Mi prr cent, maklns J
the Cannillnn ilellnr verth 01. 7S. Tlic i
U....I. I I,- ,.,.. ,w,t,..l
ti, .v . - .,,..1w OUUIU ilUllTIVali VAl-UUIIJii - ni. .i,
t.Trbangc mnrupt ui'ciit'i "-i, " l tins merniriK (is muews: .rRiiiiiin
New
:rbani
urakneis In
FOREIGN EXCHANGE !
Vnrh Dec. '.- I HP terriKn
et miftllCll nil
Fruucb eml Itnllim
A'J.'M te.l.G; Brazil, l-.Ts ; L'niKUOi.
LIVESTOCK QUOTATIONS
T'lltKliurali, I'a , Dec i'!l. IIOOS ne-
ept asne head Lewer. Heavies. 18 fte
I'M heaj, light yerkers nnd pig. J.;;,
..ham-. Til- ln.t "n-Mllennrl W d - ' 1;!(!. Chil, ,0,... hHroaSeljrlrpa
i-nr-tll InfillCllCI-'l HV till' rOpOl'l lit II Uli, J J V,
In Ian bX (Ollurn nil-l frn.l.-. ,; I TEOTUiDAY a KIVAI. QUOTATIONS rlLVi:8-n.c.p.. S.-S bead. Ihrter
idtlTn the UUMtUfBi-ter, ,t..r..ll.H.Bl ,mind 8l-rn Kr-nc. Mreulldar. , TeI, l8.50.
hulmiarine irenrtiRii". eij-ii "' i" cables
K,.hm.irine imbroElie. Sterling as vlr-
tXct cliani made bv comparison ntth last
ale en New Tork Stock Kxchance.
riiiunni.iiiiA iiends
200 Liberty 2,1 4V4h 42.... 00.821
100 Liberty 3d 4Js '2S.... 07.70
10000 Liberty 4th 4i ''IS... 07.. "10
.-.00 Liberty 4th 4V,s '.'18 reg 07.00 1
150 Liberty 1th 4"4s 'IIS... 07.H2!
2r.nr.0 Liberty 4th 4i8 "!S. . . . 07.501
1WW Mbi-rly 4th 4'4s '38... 07.50!
12000 Victory 4'Kn '2I(... .lnts.100.04
400 Victory 4is '2H....letH 00.00
1000000 Victory 4 -Ms "23. . .lets.100.0S
500 Victory 4'b '2 09. OS
.'100 Anicr Can & Klec Hs.lets SO
OIMK) Klectrlc & Poe 4s.. lets. 02 I
1000 ElectrlR & Poe Is l'.2 i
3000 Elect He (c Poe 4r 02 A
5000 LpIiIrIi Nnv cons 48. . SSl.
1000 LchiKh Val (is 101 l-J .
4000 Lehigh Vel rcii Is.. lets 77
100O LchlRh Vnl Ren 1is... SO
1000 LclilRh Vel Cual 5s.... (10'5
1000 1'hlln Ce "eps 5s SOS
,'OIX) Phlln Ce cons 5s S(P ,
200 IMillii Klcctric 1st 5s .. 02U.
1300 Phlln Klectric 1st Os.lets 02 "
0000 I'hlla Klectric (Is.. ..lets 100IJ
OOIX) I'hlla Klectrle 0s. ..lets 100-
4000 Phila Electric 0s lets 100
1000 Heading general 4s 81
5000 United Railways 5s.. lets 70
RAILROAD EARNINGS
NOUHOIvK AND WnSTlSItN
1031 lncreaa
Nev eper revenue ffl.lMS fi04 J3,n17 470
Net reenue . .. 1 PS8.2I1 7.12.074
Grnea Income - 075,435 730,975
Net Income .. . 1(138.3(12 733.451
11 me op. ra. . 7.1.5I3,51H 1,883,3(19
Net revenue .. 14.lftl.078 11,438,053
Grees Income .. .. 13.010.540 0,033,900
NEW TOHK. NEW HAVEN AND IIAHT.
I'OIID
November creaa . .10,270,4;S 31,037. 552
Net eper Income . 1,524,780 2,308,724
Eleven m'tha' jtreia 100, 005, 810 8,096.028
Net eper. deficit... 8.198 11,274,848
HOUTIinrtN HAIIVIVAY HYSTEM
November eresa Ill, 150,250 M,524.5r,3
Ifalame alter tax.. .-.niii.ini l,i'ii.l4n
Net Incemj 2,800 008 1,008,572
Eleven mea crea. .118,210.802 21,074.000
Balance after taxes.. 15. sll, 811 1,013,811
Net oper. income.. 12.105.834 2,372,877
CHESAPEAKE AND OHIO
November Creat ,002 125 ! 808.700
Net eper Income l.l.lliltll 78.814
Eleven menthl,, (rress 78.174 ns 3,370,895
Net eper. Income . 12.107.548 2.103.185
CHIC.VaO. INDLN.rOU3 AND LOUIS
VILLE November gross .... 11.220,135 1238,322
et eper inrenir. . 1.1. un 1111,4,111
Eleven mentha' gross 13,052,014 001, 010 1
Net eper. Income . 1.023,005 1,063,302 1
ATLANTIC COAST LINE I
November Kresa . 15.317.777 J7S8.181
Net eper Income. 522,075 7(ifl.7mi
Elevsn months' ureaa in 177.001 5 577 823
Net eper. income . 3,409.023 4 075,313 1
Decrease 1
BOND TRADER WANTED
Conservative bend house has attractive opening
for experienced man. Must have thorough knowl
edge of markets. Replies confidential. State
education, experience, religion and salary desired.
Address Bex A 104, Ledger Office
Cables
tually unchanged
Quotations were.
Sterling cables 4.HH,. demand
t 10' i frnnc cabled 8.02. checks h.01 :
slilldr-r mblrs 30 07. cliecU T'.0.62;
.j...iLt zoMeu 111.52. checks 10 40;
Stockholm .alii"' 23 00. .hecks 24l; aj'.d
4 10. 8 05 4 31 30 00
TODAY'S OPENING QUOTATIONS
, Demand . . . ( !' V'l 4.20i 30 0J
i:avi r.urruie, n y
rtecelpte. fO head
telpta 350 bead Slnv
Service and Stability
Starting the
New Year
by opening an account
with us vill prove te be
a satisfactory and profitable-
resolution,
Wc offer the business
man a banking service of
proven worth. The ad
vice en business-banking
subjects and the banking
facilities we offer should
be well worth considera
tion of this institution
as your depository.
We wish you all a Happy
and Prosperous New
Year.
Integrity
Trust Company
Fourth and Green Streets
Capital . . . $500,000
Surplut and Profit. . . .$1,830,000
Associated
Dry Goods
n
&
Spruce 8200
4.104 8 02
4 21
30 07
Dec 20. CATTLE
.-ueaqy uaivaa re- Ilosten .
i lower. aM. ,v-.. Teri.
Reserve Banks' Discount Rates
enirlal rediscount rate at the twelve Ted
em! Tteaerve flanks are aa follews:
jreas i.,id, uem'i intra.
BAR SILVER
liar .liter was unchapced In Londen tedas .
lirxi.s. -riecelpls 3.M0 head 1 1 te J 1.23
lower Heavy, H.2588 50. mixed 18 50
8 75 erker. 10, light de nnd plica. $0.23
0 50 roughs flfi0 25. eUKs. 14424.50
SMUKP AND IVMltS - Rei-ipt,, 2)0()
head Lambs 25c lower. Lambs, l',12 20,
'exiling. SIS t 10 eihera uncnanced
jiMckwell, Wilsen & Unveil
jftriiM Public Accountants
U.W,Mi PMldIiM
BANK CLEARINGS
Dank clearlma today, vempared with tor ter tor
reapendlmr day laat two yeara:
'"v 1021 102O into
Phila, ... 87.000,000 S3.3U.070 ile',lda
Philippine Lean Under Consideration
Wa'hlntten. tier 20 Serretirv Weeks
waa Informed tela- that the K.-deral He
aeive llivrd would romple'e tirehn.,l next
week, tta opinion en the exlennlen bv the
I nlied ftatea of a lean le ,i 'llipn 'llipn 'llipn
lloveniment Hu h a lea-i h.ta b ri le m
m-rded by CJijernnr General W d I r .
,m1ni,i hn hiL e len In the ,a anda
are txpecied te return here aoeit and win
etifr with Mr. Wek en the (liiani-lul
altuatlen of tb lalanil aevernrncnt before
ha taita final action n wtftntlnr the quta;
lien te Cenrreaa. ' '
rhristmnla cables l.i..H. checks ir..sri :
Conenhascn ' ables 10.00. checkeJO 8.1 ;
1 .Hi ' . cnni'KH 1 ,'ni'" ;
11.02. check U.IK); doeleped In the ra mar timrUat aalca e
,,., . iIiIem .1 "I i-hecli old crul f'uhaa for January w pmnl agare
ire (.Ibles I. -I, 'HKu.iim'apprejIiwtfly 175 600 baga at 1, r
Helulnn ceble-.
neietii cenleH
mail," .."M. I
l.'JOi..,.
In 'he lati'i forenoon there was an ir-
resu'iirt teil'' r.i the liurenenn eM-naiiRcs
Raw Sugar .Market Active
New erk. Dec 20 enalderable activil)
MONEY-LENDING RATES
a!c of f co Uiflrat, erxn'ifl te1a hi T pr cent 7er
' icnuiiiK miu rruvjrt 11,4
t..rHiii pnhlp-j wert ..in3j. ilenitind Dortatlem yesterday includpfl
1 ." . .. .- 1 ... V. A (In KTe Inrrt I Uallnlnn ar.i-nnriU
. Ulll tu Win .ieiiuu ivmiiiii), vvunn'iu
l.lO'i : franc cable-, ..'.Hi'v ihecks
7flSi.'. , HcIk1iii cables 1 ii. 1 iu-eh..
7.117. "ll-e .able- 1,2.")',-:.. f links l.2.,
iiuiMcr cables .",(!. 70. 1 hecks "iO.O'i ;
niarki "it1.1
A new hlsh I'ccui'd en till, move nen
was eMnb'Isheil In .Montreal toile.v In
rest and freight and 1 25-.12C coat and
freight. In addition 111.000 baga new 1
crop Cuban for February alilpnrent eeld te
an operator at j 'ic. cvri hhii ireiuni ini-
l.ituuif naga
l'hlladelphl
Cleveland . .
niehmend
Atlanta
Chicago
Bt I3Ula
Minneapolis , . .
Kankaa City . .
Dalthe . . ..
Han l-'ranclace
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Bank of England Statement
rilILni'.l.rilI. Call 01, r, p,r cent,
time 34i tfO rar cent, cninmerclal paper,
three 10 alx mentha 5 190 per cjiit.
20 The weekly atalem .1
k of England ahewa tli folleuins
ehjngei: Total rrv Increaaed 154.000
Ijiniten. Dec
of the Hank of ISngland ahewa
LIBERTY
A discussion of this com
pany's position is presented
in current issue of our
"Securities and
Commodities Review"
Cew aetit upon re7u3t
Priiate uArct te
principal clriej.
A. A. Heusman & Ce.
'New Tork Stock Exeh.
New Tork Cotten Eich.
New Orleans Cotten Ex.
Jtembera-; . v. certee t surar .
lmicaa;e Heard of Trad
Associate Sfembera of
.Liverpool Cotten Aai n.
20 Bread. Street, New Yerk
Telephone neater C330
im.cu eFncES
25 W. S3d Htreet, New Verk
Liberty Iliilldlnr. rhlladelpble
Woedwanl lliilldlnr. WaaJilngtea
Amilerdam, Helland
BONDS
SECUniTILS nEl'AKTSIEM
Commercial Trust
Company
Member Federal Ileaerre Sjatam
City Hall Square, We it
t9Ls
hfMaataa tmttmwf
COST OF SHOP
MAY NEVER BE
OFFSET
Something unexpected al
ways turns up te cat up
profits. Use your capital
in selling your product.
Let us build your machines
en contract. Our service
covers everything from
blueprint te bill-eMadlng.
Heavy work a specialty.
Let us quote.
NAZEL ENGINEERING WORKS
Manulaclaring and Contracting
MACHINISTS
4011-4031 N. Gth St.. Philadelphia
10 OO11 b4KH te the Warnei tintcar ReOnlnc
I'nmr'Hn) and 10.f'00 hara Veneuelaa en
ruu'e te Canada New crop I'ubaa fe- Jan
uary ahlpment are ouet'l nenvinal ,-t 1
25 (lit con and fre gnt and for Tebruarj
ahlp nent 1'ac cjst and freight In tiie
.oral refined market the Federal Sugar lie.
fning Cem pa iv announced a further redur
Liverpool Cotten
I.iirrperl. Der, 20
eemand for apet cotte
ra steady en the b
of 10 points Mr mlddllnc al 11 let t,1p
rales were BOOO halei. The receipts were
29 000 b'lee Inrludtng 27 Sen balee Amcrl.
rm Kuturia vvere qu.et n th- ear y neal
mid-
circulation decreaaed USI.OOii, bullliti in.'
(resel 3215, ethor aecurltlea decreahed
1 L J (lan.nen oilier deposits decreased 1 17,- UL JlUiU 11 1.1 1.1. 1 ' ir Ann IIIIIIIUjIIUIIUIIIIiiui'imi,
11175.000, public depealta Increaaed 11,(141.000. WAVTrrv
I nelea reacrve Increased IJ52,noe ilevern , WANItD
I ?-n.L.:rrjr";r7k.a,iT".u ' 'a.'.a:IM ...T.h' Am.r.n Ir. Xi V
.....v..mm .vw . a..
There a nniv r, fji, proportion of the bnnk'a marve te liability
en tnduj, and Drleaa "!'" w"lt " '"" Vlir "1? la,t wvek It vvaa . DL: S. C.1,f.J 1 n
bails or an advunc Per cent Itaic of discount 3 per cnt ' rhll. & rTankferd R. R.
Taylor-Wharlen I.'& S.
ilnn nf 10 DOtntl. te 4 80c lb3 '2 t)r . nt ' num. BPOt prices 4re Alllftrlnan
i. .Ai.....ln.i rt ill II. nep iwsi.i nf hn iaith while the American. Warner. ?Jil. 1 rfilnD1 fair. 13.91dt ftoetl mldilllriv. 1911,1
IIIU II UIIUIVII lit w ' !' "-"" '""I r:...Tn;mKal.. Bn1 Irhi.l'. lir-.l,.;.. I. I 7..II.T ti.MHllnj- t (111 mM.II- ' iii-"'",
llUll'tl VMMI,I" mJW ! -" w Vi.aIVl ,W I l!mMtt fi AM 17' i IIHwi.MHfi, 4 i.iuuj IUr
VaVWt ! fl 1 ita. JLW'T
premium ea .New Yerk (amis. The dta. &W&A7 Xr &
coiinr,en Liniuiau mw -ci i per cent .or cu.
!.. 7
erdluarf, i7,18d,
i
oed ordinary, 8,TJd, and
Paris Bourse Firm
I'arla. Dee, 20 Prlcaa were firm en Ihe
Hourie It das. Three er eent rentes, A I
trunca n caimiiiies. rans nn unu'in, r,'.'
franca 4T antlmau per ..cent lean, 80
francs '2a esnllinei. The dollar was quoted
at IJiffaneaMs centimes:. ,
.61 1942
.4i 1922
.6s 1942
Arthur C. Richards & Ce.
i'rlvale 7(ciicme (0 JVeie VcS
Drcxcl Iiuildintr '
K.T .U. 7088 Keritene. Hitn 67M
f JLjETOfWWWiiiiiii!mi nn nuiijii iiiupqinej,niiBir,(
Conservative Investments
MaeMcekin & Williamson
HROAD ANI tJANSOM 8TS.
Member Tblla. block EiehaMt
lawranra F Rrnurn & L0i
CERTIFIED PUBLIC ACC0UNTAHTJ
KWqREAL EhTATE TKCST JIJVl
Inreailiale and'-udjuit corporation"
partMrahlp actfeuqla nd prepira "T'
T iniurr(i ' ' 1 ' ' ' rJ
iTXi,- J! fcsi - A
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t
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