s
EVENING VUBXXO EEDGER PHIEADBEPHiai' tfjBTOBSDAY, DEOEMBEB 29, 102C
2J!
I ,lll,lfllW
$3,800,000
San Antonie Public Service Company
(SAN- ANTONIO, TEXAS) . '.
(Common Stock, except Directors Share3, all owned by the American Light & Traction Ce.)
First Mortgage and Refunding Thirty-Year 6 Geld Bends
Scries "A." Due January 1, 1952
Coupon bends, denominations $1,000, $500, $100
Price 98V2 and interest yielding about 6.10
NON-CALLABLE FOR TEN YEARS
Interest payable January 1 and July 1 in New Yerk without deduction for any Federal Nermal Income
Tax new pr hereafter deductible at the source net in exce8S of 2. Redeemable at the option of the
Company in whole or in part en any interest date upon sixty days' notice, at 110 from January 1, 1932,
up, te and including January 1, 1942, and at 105 thereafter te maturity, plus accrued interest In each case. .
PENNSYLVANIA FOUR MILL TAX REFUNDABLE
APPLICATION WILL BE MADE IN DUE COURSE TO LIST THESE BONDS ON THE
NEW YORK STOCK EXCHANGE
This Company, iti its present corporate form
or through predecessor companies, has been
continuously engaged in the electric light and
power, gas, and street railway business in the
city of San Antonie, Texas, for a period of twenty
one (21) years, serving a present estimated
population of 180,000.
These Bends will, in the opinion of counsel,
be secured by a direct lien en all the property
owned by the Company, valued at approximately
$13,500,000, or hereafter acquired a first lien en
property valued at appreximatey $3,500,000 and
a lien en the balance of the property subject te
$1,968,000 (closed mortgage) prier lien bends.
The value of the physical property of the
bends, including the present issue. Since the
organization of the Company in 1917, $1,944,269
has been put back into the property out of
earnings.
Fer the twelve months ended November 30,
1921, gross earnings amounted te $4,497,932.95
and net earnings te $982,036.80, as compared
with annual interest charges en the outstanding
bended debt, including this issue, of $326,400.
Fer the past five years net earnings have aver
aged $774,668.
The management of the Cempanv is under
the direction of the AMERICAN LIGHT &
TRACTION COMPANY, which is in the hands
Company is conservatively estimated" te be ever jit the same men who have conducted its oper eper oper
twe times the aggregate amount of outstanding atiens since" organization.
WE RECOMMEND THESE BONDS FOR INVESTMENT
These Bends are offered for delivery when, as and if issued and received by tie, subject te approval of
counsel. It is expected that temporary bends will be ready for delivery en or about January 16, 1922.
All statemints herein arc official or arc based en information which, we regard as reliable, and while
we de net guarantee them, they arc the data en which we have acted in the purchase of thia security.
Halsey, Stuart & Ce., Inc.
, Philadelphia Chicago ,
Lehman Brethers Geldman, Sachs & Ce.
New Yerk New Yerk
GOSSIP OF
THE STREET
A ntimhnr nf Urn mnwn.cntR In the
selected issues hnve been quite difficult
ie reconcile, in view of the Known con
ditions of tbe industries Ihey represent.
Most of these se-ailicd specialties ere
spdnSertd by several of the roost ndrelt
peels that ever operated en tbe big
beard. Most of these selected Ipsucs
have n remr.nrnllvcltf Mnall nmeut.t of
stock outstanding, and the peels and
cliques arc iie te ae anytums i';y
like and, at the moment, ar Breatlj
fertlflad b.T the relatively easy money
market conditions. There arc no means
if poesibly reeaturlnz the scepe of the
operations of these speculative combi
nations which during the year arc able
te theke many turns and dance rings
around the se-called public until thej
become dtezy.
As a well-known trader remarked a
few years age, about tbe only way te
beat the game of these peel maneuvers
la te make a quiet Httle bet with your
self that the specialties are net jeiug te
de -what they think tbey are. Nine times
out of ten, he used te say, you will
bit it.
Safety of Bends
One of tbe leading bend beuses calls
attention te tbe very Interesting ro re ro
mavVe made by Jehn Meedy cencernlnj
the safety of bends In a recent exten
sive analysis of this subject covering a
icrled of fifteen jears.
In one column there Is shown the to
tal railway stocks and bends which went
Inte receivership each year within that
period. Fer examplc, In 1020 tbe bends
of the reads going Inte receivership to
taled $0,174,830. and in 1I)1S the figure
was $1118.575,037, Including notes.
Hoever, the defaults represent sub
Ntantlally leta than half of the total
capital going Inte receivership, because
in many cases tha underlying bends
contluue te pay their interest, while tbe
read Is In receivers' bauds.
In another Column is shown tbe per
rentaca of railroad bends nnd notes In
default te tha total outstanding. Tbls
percentage does net Increase very much
even In years when larce numbers of
roans go into reccivcrsnips. in jwjs,
for example, tbe reads going Inte re
ceivership bad a total capital of $G0O.
000.000, and yet the outstanding rail
road bends whliih were In default dur
ing the year were equivalent in amount
te only 1.70 per tout of tbe aggregate
funded debt, as compared with e.76
per cent in default the previous year.
This was due, of course, te the fnct that
there were mere receiverships termi
nated than there were new receiverships.
Next is shown tbe aggregate funded
ucdi or street railways going into re
cclversblp In the same years. Thl3 ag
sretjate med te be email, as these rail
ways represent a total investment of
only $4,000,000 000, against SlM.OuO,
000.000 for steam railroads, but since
1017 electric railway receiverbjpsbave
been rather numerous en account of the
uncontrollable, rise In expense. But
for this very bad position of the street
railway business, total d'.tnultn since
the war began would bac been very
small, in Mute 01 It, they were very
small In 1920.
NEW YORK BONDS
Arre Itep'd 6a.
0 77
1 77
Canadl'n Nthn
Own rets
2,... J07
1.... 107;
!.... 103
1.... 308
p.... je7;
Ciln Fae deb
7s wl
83 73
Chile C'ep'r 6
7 83
1..... a
City of Bergen
Se rct
1.... mi
1.... 1004
City Ile.rr si
1.... 1044
Clt' Cord's 6a
8 M
J S.1N.
23 83'i
1 S3,
1 3l.i
2 83
CIV Clirls'a &
J.... J07i
C'ty of Cepail-
natren 0H
C &CH
City Lyens
1 84
3 $l
10...... S3S
n sail
City Mars's a
3 83'i
Cly rile da Ja Ja
r.erle 8e
2.... 100'A
2....
1....
P....
1....
a....
1
Cliy Tofcle it
0 cm;
1 CUV4
Cliy Zurich 8(,
10.... 107
Cuban A H
2.. ..10214
1.... 102
1.... 1U2
S.... 10211
Cuban C S cv
1 r.'J
7 CO
2 00
Cuban C Sua
8s tla
10....
tSALEO IN tlOOOJ
U K Orl UrltlU Match 7.;
A I'd 1637 I.... 1UT
100 i
100 S
1001
100 1',
100i
10051
31
am
lit
r.i
si
&2V!
05M,
1
1...
4...
1...
1...
0...
10...
U S Brntll 81
4(sale) let
115 'A
PS
J)3i
PS'i
03 U
03 ti
10411
10! 'i
10P
10l,
10IU
10U
lOt
104
1.
I. . jwi -.
Distil Security
Cerp ca
.t H
2 44U
13 414
D de Nemeure
Fwd'r 7'4
1.... 104
A.... 104
(I.... 1031
1.... 103i
1.... 104
2.... 1031
Dim Light
1.... loot
1 100V.
Er'. 0nt Lien
1 4S'i
Eria n n cv U
0 Se'i
3 3&Vy
1 ca
3 35 u
Eri n n cv d
5 r,8V4
un n Ce 4
1 csu
1 BOH
0 as
2 e.
1 86 U
yiK Hui'r Ce
s ret
is,... 100U
1 0H
Gn'l me 3
.. Ollil 1
. . PIU Gedyar T A
1
1....
3....
1....
4....
1....
1....
1
V H Mexico 4i
3 S9tt
1 CD4
3 40
1 39',,
Am'n A8f e &
Chm 7i
2 03U
3 094
1 00 i
8.... tOO
ASA r.'R 5
2 87
1 S7U
Amtr Sue nt
Ce Cs wl
83 OS 1.4
1 0?'4
A mn TiT .'
1..
1
0
10..
t..
se..
8..
t 32
Cuba II C "
1 77ti
1 77
Cuba Ilatlread
Ce 7V4l l
2.... 100W
D Canada 2:t
2 07H
3 07W
1 P7i,
1 07V.
2 7 W
1 074
D Canada '31
1 014
1 04H
2 HH
1. ... PIS
PIS
2 en.
3 01 4
1 P1K
Amn TiTm1
2.... 1084
10.... 1084
2.... 10814
2.... 10S4
2.... 108U
A T ti 3 Ve 4a
IS ... . 6
1 81
1 S3
Atch T A 6 1"l
cv it '60
2 p2,
n na'i
Atl'e Krult
1 214
2 211i
C 21U
2 2Hi
3 21
7 21i
A Powder 7t4a
.... 303
Bait & OI1I0 -v
3..
1..
1..
0..
Rub'r 'SI
S OS
6 SO
8 09
8 09
Ooedycar T A
Rub'r '41
1.... 1104
CO.... 110
1.... Jl0i
1.... 110U
a Meth'n It 7
1.... IOTH
t.... 107
1.... 1070
IS.... 10T14
Heck Val 4 Ha
3 S3H
9 33S
Hud L Man td
2 754
Hud & Man In
8 18 Vj
m Central td
3 SH
Ilia Steel 4'4
1 87
4 87
7 1 v. Info Met !,4h
741 4 81,
71' 12 SU
74 M 10 '
4", int 51 ct 44
74 '4
73
73
74 Ti
Bnlt O 3141
1 8&i
Bait Si Ohie it
1 03
B & O P L U
& W Va 4a
1 73
U O Tel 4a
B 60 .
Fell Telephone
et Pa 7a
1.... toss
1.... 1084
104i
20.
B..
I..
1..
m..
It..
t..
1..
1 04 N 'Buffalo r.ec'
I
1..
t!!
1..
r...
t..
1.
044
04 S
04S
Ot'i
01 1,4
04 Vi
Ceve't K U St
1911 te 1921-
the Gelden Decade of American
business never before was there
such a period of business growth
in the history of the world !
Industrial advancement was tremendous. Auto
mobile manufacture grew te a great industry.
Petroleum production mere than doubled.
Rubber industry increased five-fold.
The NewYerk Curb Exchange met the test. It pro
vided a market place for the financing of this
industrial progress. Trading increased from 13
million shares in 1911 te 118 million in 1920.
Starting in 1912, the growth of Jenes &. Baker
from one office te ten has paralleled this remark
able expansion. They have become known ns
" information headquarters" for the stocks traded en
the NewYerk Curb Market.
Through the application of banking and commer
cial methods te the brokerage business they have
developed facilities which insure prompt and
accurate service. It is significant that 40 of their
new customers come from old customers.
An Intcrcating book en
America's second largest stock market
will be sent en request
Philadelphia Office
Wldener Building
TtUphenti i
BtH ... Lecutt 4720
Kwiem - Raw J61
Baltimore Office
4JJ RjulubU BuUdinj '
TtUphtmtt Pl: 8451
Jenes & Baker
Memfcsri Neu brfc Curb Markt
Direct Private Wlr?
NrvYa:!. Cileife Boiten fblUJe'iih'.
rmbi'j! Octte.t B.illmete Clcvelin4
Breker's Office
A fully equipped suite of offices
suitable for a broker in the
conduct of a stock and bend
buiiness, can be had at once with
lease. Apply te
Roem 300
1418 S. Penn Sq.
Philadelphia
Spruce C7G7 Race 483S
Tiega Steel
& Iren Company
Hfiavy Commercial Mnchininf?.
Experimental and Teel Werk.
52d and Gray's Avenue
Vlilladelphla, fa.
MORRBS 4. ROOT
Certified Public Accountant
Lofnyette Buildimr. P'HndeIph?a
"J"-A"'" " 1 iT
A List of Sound Bends
Suitable for Investment
We are sufficiently convinced of the value of
the following bends te invest in them for our
own account. We offer them at the following
approximate priccsi
Canadian Pacific Railway Ce.
4?6 Coupon Consolidated Debenture Stock
(Perpetual Nen-callable)
7S and interest, yielding 5.13
Buffalo, Rochester &. Pittsburg Ry. Ce
Consolidated Mortgage 4' Geld Bends
91 and interest, yielding 5
Pennsylvania Railroad Equip. Trust
6 Geld Certificates
Te yield about 5.80
Cleveland, Cincinnati, Chicago and
St. Leuis Railway Ce.
6 Equipment Geld Notes
Te yield about 5.75
Complete details about any of th?se issues
supplied without charge.
Telephone or telegraph
McClure, Smith & Ce.
INOOAOaTtD
IKVESTMEHT SECURITIES
ALLENTOWN
SUNBURY ALTOONA
WARREN WILLIAMSPORT
Direct private wire te Pettcr S Cemtant, Tetu Yer
XttMBERS OP THE NBW YORK STOCK XCnAKG8
umiwmmMMmnmwmmmimmMEamDMmMXMmaamMmmummmmmmmMmmmmmmnmmm
New Year Steel Outlook Geed
Quite a few encouraging signs are
le t'e found In tbe steul eltuatlen, net-
wlttlftandlnz ltd tirrwnt. nuimnfizHfl
cpuilitlen. according, te tbe deductions
I uf th J von Age. In its weekly review.
that accepted organ of tbe trade baa this
U : "Encouraging activity in plR
I Iren in ssvernl cenfre murks eiul of
. var. In t.ttl condition U a reduced
' di.uind accounted for l,. defm-ine of
i.e IvevlfU until after January I. car
entl hnvu en average for tej jirlces
net mtrely leuent of if.iv but lower
tlmn nt any time cinee January, 1010.
I "New Yenr Is jirntnk'lqg ut eut'"t,
1 cblefiy lu foniinued netlvity In i'en-
fl ! ttfUftlen lines and alsu In Mistuind
!riuaiid ter pipe and tin rla,e. Uy
Jaminr.1- I." a definite lic-ltcrrutut in mill
operations I cxpecteO. Today oucrn eucrn
, tlen? gcucrally average net ecr CO per
cent.
"I'le Iren bjIm lu Phlladclnhla dis
trict In past ttve weeks have amounted ler'U Truak efi
te uu.uuu tens, nna wc of toenage i can c reta
'ueut as low as !$l!s furnace, although i
most et it was hoie at mu te $iu.e".
"Little eiiceuMKem1nt was siren te
mil makers. Net only have few new
erdern been entered, but specifications
acaliiM 'simni; contracts are net sup-
dv.e't Trench ?.ln Cep M flu
Tijs rets I ." ... Ml '.4
i...
85...
3...
00...
3...
(lu n earn re ca
ntr
04;
Vf-4
J44
ti
04i
01t
1.... 100,
1 100li
3. .. 100i
B KdU'n O 7a
102
D CUleen D Ta
1 100U
2.... lean
f t I u. t 1UU
04 "i D Itapld T Ta
K4'i 17 57
:h"r,
IS.
2....
1....
5....
1....
1....
a ...
I'.'.'...
ion
ioe
loe
100
l'1'
L Pitt 4i,,
0 80
Ctl Pacltle lat
5 S2
1 SHI
4 81 4
C It N J 3s re
1.... 103
Caru t Paa'e
Ce'r S
8.... UIH4
Cliaa t Olhi
2 MVi
1 S3
S3.;
C,
CH
2 UH
:e a,
16 Ct4
Intb'e H T td
10 B3
10 B34
2 b2H
2 C2S
2 ca
10 C3
I M Ma-rln Ca
0 80
2 B85.
xnn crtst
Mem3 Ca
1.... 101
Kan C t S 3
S 84
S S4U.
K C T Rly 4a
2 80'i
2 bO'i
S tO'i
IKlly sprtns'd
Tirs s
1.... 103 v.
C... 103i
1.... 103 'i
IC County C L.
& P Da '23
l inn
Lhlh Val fia
100 'i
L it Myera a
a 02
LerlllaiJ C 7a
. 112V4
A Nna
TTl
iOA
50UC &UcvH
03
00
0i
034
piled with much freedom and ceed deal
of production t,i being stocked.
SDH
l tu
Cha'a (Oil
1 97H
1 11 U
1 07?i
InOVjIC & J cv .". J
10OH 1 54U
IM'i 2 8U
10u 1 SJi;
10011 Cbl t, Alt 3V,r
XOO'il 4 88
100V $ 38
II.
t..
5..
I..
1..
1..
4 .
4..
1..
1..
OrM TrunU 3f
Canada. 7 1.... 10 1 07
1.... 1031, l loot,: I) .10
1.... IH'i,, 1 lOil. Mua V 4 at
i.... i'v. a e i 3 -Jii t
Leuis
1...
1...
3..,
12...
3...
1...
30...
iV.'.'.
3...
20...
7...
4...
0...
10.
102H
1034
10214
1031
1021
n,... 105j
0.... 105
New T JJ II &
II 4a '80
1 41
New V U II &
Hart'd 0a
)0 60
r ces
l r.fl'i
s SfiH
N Tk Rlyaj B
1 BU
2 DH
1 S'i
W V Uya Jt 3a
B 0U
It T Tl 4H
4 89
4 8SU
1 88U
2 84li
N T Tala'a 4t
1.
6....
1....
1....
1....
3....
1....
1....
II... .
J....
1....
1....
2,.,.
1....
2,...
1.
101 ft
101i
101
101 ,
lOl't
101
101
101
101
101 i
101 4
101
10t4
10P4
101 tt
101 Tk
N T Tl'
1.... 103
3.... 1C3
NIHWC4
BeH 4tl
9 ae
a seu
X 31
1 31
B 8ti
4 3IU
North TTeatarn
Bflt T 7i
1.... 107
1.... 107
3.... 107
B.... 107
jj rema n 3a
1 60
(4 ee
2 C0U
Jt Pacino B 4.
6 83
JJ Ptcllte R na
I.... 109H
Ore t, Calif Bi
1 BU
Ortcen BR
Navl Ce 4e
0 3U
IS 84U
Ortea S l 4t
1 8I
OtitOtl S h .1
3 03U
2.. .. 00
3 08
Or.V It It Ca
N Ce 4a
1..... 77
Packard Moter
Car Ce 8a
n oevt
Pan A Pntr'm
i. T Ce 7s
1 P44
Panna, R It 0b
7 04
Penr.a. R nt
104H
fenrta ft It Ti
1.... 105Vi
Paerla & a lat
! 74
! 74
! 731!
Pert Mardt 4a
1 70
Pierce O S wl
2.... 100
14.... 10O
Perti'd Hvr 4
Light 7 Ha
&.... 103
Pub Dr Cerp
N Jay Ca
3 72H
30 73
2 72
10 72
IU4ltt C 4 a
2 flW
2 6l'.i
3 sit;
S &1U
neclt Il'd A A
Leu I' a 4U
10 78
8 78
1 78
St L I Mt St 3
Kullway 4a
2 80
St L A S K aj
1..
1..
14..
12. .
10..
1..
1.
73
71 V,
73
72U
72H
72
73
St I ft 3 V In
r 9 , 03
9n Pad no (d
10.,... 64i
3 84VI
1 8414
Sn 1'ne cv 4a
1 87
10 87
2 87
fle Pae Term'l
1 St'i
On Hallway 4a
It IH
i m
a etu
l ei
2 fltu
Bn Jtallwaj- 3
a iih
Steel VuU Ot
of ,V 7
4 8'l
1 I7
1 0TM.
Third Ave a
1 46U
1 45'A
.Third Ave 4a
.' B1i
3 61 4
lUnlea Pae ct
B..
8..
I?'-
89 H
SOV
sei
CURB STOCKS SELL
AT
CONCESSIONS
Trade Largely Made Up of CYtf
ing Out of Old Contracts,
Oils Are Quiet
y
0..
07..
10..
C.
J..
Union Pae fd
2 82i
1,.... HVi Union Pae 4"
2 B41
0 54H
si L t, 8 Fran
Series A
4 esu
7.,... 0H
1 0H
B 68H
2 6S4
J fti
!! T. L. Vrn
Serin
1 S2H
8t L A 8 Fran
fl.rUt C
1 93
St L Sew'n en
10 ess
Sab'd A l aj
B..
I..
1..
1..
1..
1..
1..
104 VI
mvj
104 V4
104',
104 V.
104U
104 4
14H
lH
14V4
14'i
14VI
14 .l
E-al.M A L fd
1 St
3 31
10...
12...
1...
A ..
0...
7...
B 80
IS S8H
4 SOU
2 87
Unt'd Ini 8a
4.... 101
U S Itubb'r Ea
1 6Vt
1 89V4
1 MV
10..... El
V S Rub 7Ha
1.... 10414
U'd B 8U(I la
8 00
T 09
3.... 100
Utah P & L fa
1 SOU
,Va-C Chm lat
1 04
Va Itary Ce Sa
3 88
1 8SH
1 RS
3 BR'
1
7
New Verlt, Dec. 20. Trnd terf vu
comparatively light en the Curb eatf
Most of the trading seemed te be. C
fined te closing out of old contract
This catifcd some stocks te shevr d'
cllnfts under a small supply.
Obe of thwe issues was Purasb
meters of Indiana wblcli sold devn ta
lOU, a new low nnd n less of 1 point
from yesterday's llnnl price. The eji
Durant stock was up a fraction. Lin
coin Meters A showed a better fena te
day, ttbile Goodyear Tire was jrt Up
ply. Standard rotem sold at 3 tt
','Aii and Continental Meters et.OU.
The netreleum gretln cencirailsi vae
seu 1 quiet epd most of these stocks wera (n
S' I supply at concessions. Standard Oil et
S 4 I Indiana ranged from b&Ys te 879i, com
nntt ll'ared witb S091 at the close ycsterdai,
O"1' T....l-l 111 .. -.,,! .vl.l IftKiC
te 103. Skelly Oil was unusnaljr
nctire and sold up a fraction.' Thar
was continued activity in Sltritsa
Petroleum at above IS.
rynusTRiAi-s
Acme C4kI
Acme Packlnt:
Allied Packing ....
AJax ltuhbr
Amr l'"erelrt Trad
Audubea .
Bradley V T
Caf C'ruahed l"rult
Chleace Nlsple ....
(.'(V.unit(a Emerald
Continental .Moter .
Curtles Aero
purant Meters . . . .
Piirant Meters Ind
Earl Moter
Farrell Ceal
CJenrrea Clethea . . . .
mnien nevrell ....
Oarland S a.
eien
00
Weet'n Elec 3a
jeab-J A I. 4a 5. ..00
1 32 " "V" Mil 4"
S A l 4a ata
2 30
Seab'd A L C
1 (sale) 42L,
l(eate) 42 H
12 43H
B 43U
0 43
1 43
2 42'A
Sinclair C Oil
Cerp 7 Ha
Liberty V,i& ...
Liberty 1st 4Us
Liberty 2d 4SJ
Liberty 'M 4h
liberty 4tli 4i
09 tt
03 i
00
IM
08 U
08S
OS'i
09
09
98
HlKh
04.7S
07.30
07.00
117.08
07.4S
U'-J 0 a. .........
Alden Ceal
Cioedyear Tire
tleldwyn Pictures ....
Oram Moter , . . .
;J ' Liibj- itcNain
SS'i 1 Llnoeln Moter A . ...
.National Uiatlier ....
R&Ote f'ei.i
Hadle Cern pret
standard Met
sueet Ce
Tnn n-y pf
Teb Products tap ....
f H Dlstrlbutlne
V S U & H
U M Steam
United Prcflt Sharlnc
United Hetall Candy ..
Wajtie Ceal
West Cad Chem
WVn Pac lata
1 83VI
3 RS'i
4 SBVi
W Union 4H
4 88 W
W Union ee
1.... 100'i
3.... 109U
IWeitlnchs'e II
a Mfe 7s
3.... 1MH
3.... 10.-. V,
2 10.M,
2.... I0B
,:,: V...Alcn Oil
,"i'"VH "" Arkwaan- S't Gas
- "aniRoaien W:emlrn
1 94V4 ICarlb Svnd
Wis Cenfl 4a , Cities Seervlej "B'
Illeh Lew
m 1A
04 CO
3 3H
2 a'.i
10 10 ,
, li 1H
I3.. '.,
Oti l!e
2 2
70 IO
U t
. 24 24
, ie'i leii
QU 0 .
, 20S 20H
1SU 13V.
17(1 17
C.j U3(
, 44 48't
4, 45
Vi Id
, v. S
. 2 2
2 a T
2. fi'i
. U, "S'a
,3 a '
; 3. U
I5H 15
S7 87
12 12
2iV -'
. 0 4Ti
1 1
. 90 09
USD
I.rw
04X)0
07.22
00.00
07.SO
07.20
74
rafi
PM
8T.VNPAKD OILS
AnI-vAnr OH 17 17i
Galena Oil 43 41
lrr.utrlal Oil Can 10.1'i 105
Stand Oil of IrJ iH'l S7H
Stand O.l wl N V 80S 383
IM1EPENDENT OIL8
47 42
Ill 11
77., 77
ctfs.. 2t. 2ti
a 2 ,
e'i fl'i
ee 00
H IJf
''.
a
1
lit
I
J
S
at
tt
103
37
ti:
I Cities Sr;li. prcf
f.'ree Synd
r.lk Basin Pet
': F(3(l Oil
07.n0 Ollllland O'l
rut no I Olenreck Oil h'j
en 1 urunaua . . .
y.ei Hudsen Oil ,
07.40 I imperial Oil
llDerty 4tll 4',iS . Ui.S lll.-U tX.-iOl imperial yu
vie Nete 446 ..100.0s 100.01 100.00 J iV-ccTifk :::::::::::
LONDON STOCK MARKET
10
.. et
. . ie'i
.. 11
U vlrwten Pet Hi
'CUIt-Edged List Streng Under Bank
Ing Support Ralls Steady
I Lyens Pel
.Mararalbe Oil ...
Merr'.tt Oil
iKIrley Tat
1 Me ra;i
I Mexico O1!
I National O'! N S
Nebio
Londen. Dec. Si. I'resu bjeuaney emar oil
vraauctr . I.enueri..
r.3
22i
K
18'i
'
2J
18
83
4
ia'
-s
s
was displayed in Kubsian Issues en tbe nAn "'one
stock escbanse today. Banklnc support , .SjJpSfp'n:
made tbe cilt-edjres investment list ?imm pA
strenir. French leans were tteadv with r,lZ hn:r
ieiv!ltbe franc, nerae rails were steady, l)tit,T,cn .. il
jnv I. inactlre. Dellar descriptions were also , IXg 81 '.'.:'. a
. ie:v laie. out nsra. Argentine rails scored v 011 si
. 1021 ! further upturns en repurchase. Sojtheni r t r. ITi
ll'f " slinrM rallied ufter bavins l""1" ' .MIMG
J'"1. ea.y. Royal Dutch was 30. Wjell'" i.ir''wVnV S?
"-iTranepert and Trading 45i and MeM- igSSKir c. HT. . l ! '. ! 9i
; lusuican Eagle 4 13-10. The industrial list 1-0-m cop aiir. tv,
'-'-" ."'"" .' :ciiii UJ i,-.., ,-..i en
Cheerful. Hudsen s Usy was e'v.'r.i Salvader a
Kufljrd were juiet with a tendency te ; !ju"1'h , ''fV ?2
sai, Harm It Divide 33
fc ,t. .... .. 'Iren Bluaaeni SO
Operations In the rubber preup were McKic tur 13
rrofesfienal aud alte.utleufc were .lili. M.ctne toprer 2rt
Tli nltnilini li. th !,,.- ..... -ll MOhaMk ... ...
102'i,
103
105 Vi
leavi
l")2Vi
103 1
Jai lie't lt
1 s;
1 All
1 hi!',,
t
13..
1(1..
10 .
Possible GoTereniMit Financing
Shortly nfltr the turn of the new
CR" It 's net improbable that the United
f-'utf-i Cfiivernmc-nt may enter thu mar
ket for ne.v luenej. Ad'erdini; te re
ports, there will be u Inrf.e nvw Unrl
ftuiif. 1'ftp flu DiirtHiNi1 til' nriivltlinc fnr
the furthceming maturity of the Victory K tieiatum di1 10
i-ean ii'ii anu -iU per cent bends. 1 0 ' 12.
While it is eme time before the notes t K T,e'i"in 7a . tiavi,
.actually fall due. still in investment 1 ' l?'!' a l;rle 'l
'mentViii t.lte a3vMttSe of ' tba sl.ua- K'Vn 4
tleu. ne-sumlng that a healthy condition I 1..!! ie 1.'!"!! n".
'obtains in the trade at that time, and iKlusiem Den. Chi Mil & J't
j Provide ter its tuture refiuircnienta t-e.-fere
It le tee lute te be ainttrcd of its
uueuall(iel hueee.'.
I rt-l. A..-KA... 1 11.. ...
I 1 'ju uuTsiuwciifc uiuai necv."ariiy pull t
eiu an iebii- in Miur'iirfi viurn will 1.
compete witu similar imhm new out-1 1.
.A. .-.II. - -.1. I .1.- 1. - III I
munu u. "r umiTiitw nip ftsuil will 1 ..... luait 11
'net be ae tratlfyiiiB, iu the opinion of ' itsjy evs i.
baukerf.. as may be desired. During Wlr,-v-: P. c,w
,A(.i., n . a t .
!'::?-" - ""i.4rv.. yir. ....1 ... cz ,.-":-. ".. m
iiwvt 1.... ios'.ifce a jvaaa 7a ? aniu iu iuc uusc was small , Matci Valiy
joeu i" iei 1.... jOBtyianti tee markets m the main were .veine.- Lt-J new
ft aiyil. r,.MK. U 1. j.nl.t ' 1 UaI.i.k a-..
l... I''t ,.lt.fc W '4 1" UUIv.i
!
Mi
Mehlian Cot i',
I
Nfi-lur.al 'I In
i::an euii'r ...
I Nlplaa 'is
PIitu Mt tliana ..
Si.n Tey
f-.. Am P Jt O ...
T..un.ih IUld ..
P, iiiOfi 1 li 1 fnnalnn
C!. 3.... 10O l1"5' av" "" r cent te ..-,.. url',,- KU.V'n".':
KiliH'nevrM ra.Hrti. f. i. ..... . 1 west :.n.J Ce
t i ' ' fir ..
Financial Briefs
.... -V..I.A. C ll'
IIL. .m.ivci 01 Illy ) -
ls " t'rnn lit The n-Tase t;ri-e rf the ri,t;.
IVJ' O &04 '"'", ' aiO.ill AJ' lf"0il u.il i!
l tjve
3(
40
rt-i
27
1
oil'
:
mark fla 1 Sound 4a
1....
I....
14.
s:
SV
'83
b.'l
lldNll.i
105';' 1 .... 73 m a. .. ue
107', : .... 73H t.. . jet
li"7' Ct cw . St 1 : .1 K T a.' u.
10Slt it P I U la , 14.. . 43s
irldf A l!aMi aiT-.ii lid. -i.. -.....
Ce vere t'. ..11 .e.aful b.dd. r- r.,r .i,,.,i,.,T
CHmbeilmid Cuu.itf. Pmina.lvsnU. .;... All'ed Pa-t-er H
thlrtrejar a p- Cl-nt bend. lh WddlnV Allied Pel -.- rtfa ...
unuHuniir ii.e. the bende ae'.llni. vi Alunilnuic 7h 1S23
1. ..i.. .. "-.-" ..h. w.i r. ..i...
A 4.20 vc-r tjnil Afacer.de. Tu
T-t a v p Tlv. j H K
,-Ui1,.fV " formation 'of tha corpora- S,,h S!',. 7l l63!----
. urti iiw en
rnti P.
rf-mvin9 futi,,.. v i renw TsTt. s
; te advl:ea wcelTi'd tnthi u-aft Sest.?d-'" I rew.r E..r. si 1D23
I . Cuban Tel 7V ....
i iiani. JIC f r; J i.tai... lli v. r, ,. H.rti -j..-.. r...i.k --
lne. ffAmrnl fiu,.uA ..-"- .'. .'?-. v.vi. f'" .iti'". 11 .
.V . J- '.V." ' - . ..tlr. vyi Ulfl in ,)&llni kH
Mln & fit 1. 4a ' J2S,,S w'th two ether bMd
1 33 li J'-fY "rc u,lnc reentered un ,
M StP . B Ste t"U
Marie Sa I piJn. . .1.. . ..
1" Pl'i 2 C3V.I10 0 tlen i "take ever, eni "hr.Sn?: .TKlOn
Klnsdem Ujn. Chlcaae MU i.,11 3tP fr S, Kia , v flh vnauld .Qa f tlj l CuSan S '" O
mark et sa Oi Paul 4a j M Oi3s r;t " 'J te t-e srcrreeslnc rauldly. .mi I ln
. . ria-i
. . .".il
. .1011
. .K.O-i
. .'0l-j
. . 75
..loin;
. . Mt
. . J1.-.4I
. er.i.
.101
mi
!!
Wi'4
ten.',
1014
H7J?
lus'l
OS
23 SST
leatl 104
.nvji, inji, je2H
l'l I"l X'll
tin' e'i
a j' nT-
60
i0
tee
t'4
KiOU
lOPi
(..',
OTI-j
04Chleaare MM A
0..
1 04S BtP ev 4I-.1
fi 01'. 3 61
(jut-eiial'd l.xtl 1
L,ean ct 7n 1
100 Vi
leeu
lOH'i
Central National Bank
of PhilaJclbhla
Chestnut Street at mh
kakJa . . . ' . . '
- aaiiaaiaMijMksUMalsftaMfttmMa
kt5 n
W'SL'
rViowatfrCe,
Investment Securities
MackIe, creuse Ce.
MM VfiTATB Tit. DLDO.. PUIIA.
C. S. PATTON & CO.
3D 6. CHKHTNUT SXfl,
BANKERS
, j Slnvceneera te
SAlI.V.H ti HTKVKNSON
V"as auatecki beutbLanil mII
MfWHtW FMl.. HhlfW Klfh.nnf
and the public Is net phiisntbrepically
Inclined in matters et tuis cnaractcr.
LiUe n, Fairy Tale
"A comparison of American Icu Com
pany of today with thn American Ice
Company of twelve years age, reads like
a fairy tale," said ene of the financial
newt reporting agencies yei-terday.
"When Wesley M. Oler, new presi
dent of the company, took held of this
concern, there were few people who were
willing te predict nuything but bonV benV
ruptcy for it. Under th old Charles
W. Mere rejtme even old Ice houses
alone the Hudsen River had been al-
lowed te ret and decay and it peemed I
Mike a well-nigh hopeless task that .Mr.
,01er assumed. But today we tlnd a )
.company whose net current assi'is c.n-j
eeed lta liabilities in rntle of 2 te 1,1
wceye carnins power lias beeu built up
nntll it showed net for one year before
depreciation, bend letlrcment and Ted
eral taxes of about 51,000,000. Se
strong was the company's financial posl pesl posl
Hen that It was able te buy In $700,
000 of its bends mere than six months'
befere maturity, which means no addi
tional fintnclnt will be necessary next
jear te take care of thew bends."
Summarizing conditions in the auto
mobile field, Automotive Industries will
sav this week: "Onn of thn nn.t
anxious yearn In tbs hlitery of thf- '&wttI"J Cen
automotive industry comes te h cle.e1 ? JJJV
witn conmtiens vastly mere stable than
these which prevailed at the beginning
of 1021. The essentiality and tbe popu
larity of tee meter vchHe hnve been es
tablished beyond question in a period
of depression. What the future holds
for individual manufacturers and deal
ers Is uncertain, but there is no uncer
tainty about the future of tbe Industry
as a wbele.
"It is expected that. e far as nas-
senser cars are concerned. tin
tiuarter of 1022 will be materially better i se
iiiiiu iuii gerrcptiQUing periuil last Jfsr.
that the second fiavter a Iltile better
than in 10l!l, the third net quite se geed
and (be fourth considerably better. The
inn- uuimei win improve witu general
business conditions,''
TUB TIUDEIt,
1
0...,. 4SV,
an 45H
SS 43k
StHIMci K A Tez
Oi I and ct
0.... J07U 10 .... S3 8 30M,
2.... 107;'Chlcaua Mil ,t!jle K A T 4
;.... 107, stp td 4is 10 73
3.... 107 1 37 I 2 73
Vte3 Chile 'SH 2.. .. ht. Jl K 4s T 44,s
1" 03', 8 67Vi 3 35 s
10 09'i 8 37 MKJTlinl
4 MU Ohloate Mil b
I 03111 St P cv na
nep Chile -41 1 7... . C3i
J-... 101 1 1 02
r.ep ChlU MB.Chl ft Nth Wal
1
3..
il
1
13.'
4.
1.
11 Cuba Cs "01 2 .... 07 Hi
1 bi'i en ur
MS
lOOi.Ch i N M 7n
100, I 1 ... 10.1 ,
10i I 10.1,
100'. 1 103
4..
fi...
t...
t...
S...
1...
R...
I...
SO. . .
1...
con
ooh
in
i'i
6'l
60 U
fll
bl
0'l
rtOt(,
r.l
bl
, ijri-sen S I. 6 . . .
s la tuet en. Ki :n?Jce f0: ' ?,hl2a,':e-v-0", -
"-."'"iWMeh waa e.VabfXd ok , I W. . ".Sl J '"
a mtii
nanas en
Hey. Thl
in. eurreni year, vutrh v.,, ..m..i..Ti "
November 23. Th. record for alT ti Si
tha jhletery ct tb. achanie "as "'i'TaVii.
oil December Se. loin '" ""a - lsAJi
eurnlnicB for
Nevernh-r
V3 Ml.
otter
reports trrrtna
S70.fi70. Nt
e,;i.. - i-V5i.""'. l a.u.tii
Y....M.a t,vie f-e,4va ana total nt irf.in1 im i ,
n Income from eth.r tSJl1 "v:. .?iHr LTi" Cc'
Robt O.'r
beara-Reebut 7k,
nears-ne-micK .a.
neumwwi inn
iana
M
aun
lft-J:
1023
nsi
. H4l 04ii 4
.100'i tflllf JfiOtJ
. !'?S 07", BT
. 06 0J? 8
. nrnl nnil es
!'HN
Colerado Power Cempanv
)tal 1
444.3S4. Cre., r , h. V.f.'.'r' "?;r"i,i I Warn-r PiiFar 7a
foev.mber 30 arneunted te II ill I Jin .,.. ' -a"rn KUc 7a ..
1411.7JO and total r"t. MV.S .8 - ?r 5 '""I" 'X"'.,
deduirtra charee. ln-lildlnr 1103714 'of Wmeii.,..- 7', a ..
depreciation Dure remelnrt llVe.3 1 n i ' rr-
jJuiVirf Is.s'.T'.'JilrA 21 . ..witM
. --... K....A if.JU.AI. Mimil. alilk.
-r"-i- 1
Uthwjt Bill 7a 100U lixiti loot
nd pi N y 7e. 1031..10Si tfisaj 10
..nd en k y eh. lest, jft.itz ir,s
... -.. .J . Uj,u I)Bil
nati
. . .10,f 10U 103W
. .. nni d (i Vi eaii
tnlx .. .a.
. l-'i.-J "..7 luilta
. esu en en
nnJ enw pim
lOO'j Oil KalliV - JJ IC i'f e0
te common stecl:.
..fTi!vC,1iV,Met01' F'mr.v.'-y uft.ir, ,,u cr .
ti , .:,'..'C, K rvert en llpel
?.?,"' T-"t UV. "'"' I4.3O0.OO0 tvx
ilnlM J'eie Iniereauij ia the coneenv
te ..ciiblO.inbl.. t dUL-iii-i ri iV. ii,7V. ..I
n Cuba fie '14
& S3
ISepub of Uru
guay 8a
I.... 103
Slat, of Sae
Taute St
5.... 101
1.... mt
3.. . 1001
Ee rorte rtloe
T T rets
1 8U
1
1
1
1
3
1
r.
s
C It I A
C...
3 ,
3
7JS
73'a
73t
4
I..
3..
80
SO
SO
rin Ind A I, Ski
4.... 113', I 3 . .60
8 ... 114 C N T 44e"lT
I.... 114 I 2.... in.
v k art r,ritci'i cm cm 1
4 I'd 1023 os u a
1..
10 .
12
781,
78 li
3 7U
1 7SH
13 7SU
75 1, MK AT 6. l
S 83 OtU
7B, 10 OtU
IBSISIent'a Pwr Sa
?'..!U--- s
ii'- .1 1 en un
ll'Hi 2... . 77t,
I W 11 hi (n :irt T.11
, -. .-T. -w 1. -..1 viiui .fin rwr. ' r 1 1 . ei j 1
net K resdJd as a priu- '.in L)!'nd
report of the reeele.-'s uppraleal ,. V
ouldutlen b,;,. of the rUpir.y'a aeta
allow a, uhrlriWaea nf r. 7(1 itnn '."." "?.'
u..l l
company's valuation of 815,01.4P2
1 77V
N TU Cent'l fl
3 0SU
1.
1.
1.
0.
1
3.
Oresj earnings of San Antonie Public
ended November SO were tl.iBTOS Nrlt
utter takes totaled ir?e.nii ' ,Bir.'.... J)
is 1 l?,f. nta derived fiem h sale "01, ilee.
" 1 trio lliht, and pewtr ss p,r rent from Ira.
V ' Ma meH per cent from street rtlheavL
Ja , ur ui after nta.-e.t chareea ii tSib Ss5
Th. rianlj of Bna'and'e minimum 1". euni
rat. remain um.nmed at B per t.n".
The Vmer'can I'etroleui
n.nten ir.ni me cau
tnstltu'e
1".
100 3 IT 1 OS',1
i00 ,Cl'd Cln Chi .!. Y,. r,., -.
10OU Ce'iadu- S.;N V Cdlsen Ce
' . w. a
'.. . ., inen . ii'i
S. ... 10OH Coue'd Oaa 7
u k a EntJ. :-,.,s.
A Vd 13VU I ." " " ".",
Se rets c
j
Recent wcjKti3 In lire whK-h clAied v
terda.y at .0433, off .0007 his taeln ?,
tributed te prenl.ms cennp(ed with rrer.
1..
43
J . .
1
10 ....
JO,....
Jl
t
10
III.
en1, r'"1 tneii
09 ,, 2.... 73 '
00'. Det Kdt CA Oi
OuUi 2,... 100
J.,.. 100
1.... 100
Det Tun'l 4t4
1..,.. 3
ftOK
00 u
00 h
u..
3..
3.
1....
1....
josh ,
its'; ,
103 4
ion,
10.1
tee 1
iw
1031,
ion
10B
10M.
10s 1,
ganttatUn by Italian banUiisr coneertlmn i.f
iiieiaiiurical
the Anaalde. en. of two
Sreet
lirti.a
ether, tha Jlti U In bankrupte:'.
. ftt ikii j r miK ABa.aa J . 1 ; .
Vh.hi';" h". vii'S" '."'K,-rA...,.!. .
Proven
Public Utility '
Bends
Baiter, Ayling & "Vernij
JOSCl-n W. SVrMX. 4r Mnnucrr
Un J Title Blde.
Bo.ten rhiladeipkU
OB'
nt 1.
.-- ,
US", en ureflucticn in the- fnlled S.tta fT 'I' r I
D8S 'ei. endid Uecmbar 4 wa 1.3o.4.'.e hart
0SV II"1' .," l-elnKrd wfth 1.330.11'S h".i. I
net. for. the preced.ne wefc. an I arr" I rr: 1 . "
K. t. 5((i'Cii'l. Jr
nerateln 'n tht niai of 1
pei-frreer -V
v: I utlri. fieru pat-ted-nci.
i A Ce., aa of
Jpeph V. H-Uuah nw t rrkb Xtlttlri. (
A Ce., ha become niinauir of tl. etaelc Vlu.
partment of Oarrlsen A O. V
Preducrg and luflnera Company jiperts
Neyemb.r gtty.e tneem. fP8.p73rVpenei;
"eMlne t?ITn,M4i nrineinii peter.'de'.
pl.tlen and dpreoretleiA q27l,T48,
."-i-iiiihTtir'f'irn'iiyMiiii
6.lU.Cl.rft$e.
HAMiKHS
Dealers in
Investment Securities
Jeitir Aeiu Verfc mid rhilidtlMa
Btee'l crid(i
3?1 CU.Inut,. PsafJlJktak
H
:
S
f
?