" q)Fi& '
,,-tr -i (
- t"'V"JT-' " s9P$
EVENING PUBLIC LEDGER-PHIESDELPHIA, FRIDAY, DECEMBER 30, 192i
22
f&hvfV "r-mnmmr
j,
City of
Winnipeg
Canada
6 Bends
Due 19481
Interest and principal
payable in New Yerk.
Price te yield
5.65
m,
ai.
Complete circular en request
for F-4
Harris, Ferbes & Ge
Piaa St., Cor. William
NEW YORK
PHILADELPHIA OFFICE
Wldcncr Btdg.
Telephone Spruce 7040
Conservative
Leng-Term
Investments
which still af
ford liberal yield.
Booklet describing a
select list of attractive
bends sent en request.
Benbnght & Company
437 Cheitnut Street
Philadelphia
New Yerk
Bosten
VjaneKircTr' den
Canadian Pacific
Railway Company
ile Coupon C nselidated
Debenture Stock
The Premier security
of this great Company,
which operates the
largest transportation
system in the world.
Price yielding about
5.13ye
Circular upon rtqucil
The National City Company
Philadelphia 1421 Chestnut St.
Atlantic City Chalfonte Bleck
1225 Boardwalk
Central Europe
GENTLEMAN, experienced
in foreign trade, leaving
for Europe February 4th, it
prepared te act as buyer and
seller and establish connec
tions abroad for responsible
American concerns. Has own
effice in Hamburg. Will also
execute any ether mission of
trust.
All correspondence treated
in strict confidence. Address
for appointment
A 120, LEDGER OFFICE
BccLl Brna. & Ce.
Puhllr Utllmj SrrarUtra
tnrk Exrlnrmt ffluUiine, Iblte.
Tennessee Rwy., Lt. & Pr.
Common 6c Preferred
United Gas &c Elec. Cerp.
2d & 1st Pfd.
l'liuuc.l .Uiiuat uiiu-l-x-s-i
rrlvale ri.une. te .S- w yerk It llo.ten
gy McGLINN & CO. 5R
Members N. Y. Stock Exchange
Widener Btdg., Philadelphia
Gcetfia Rwy & Power S's 1954
Phil. Sub. Gis & 1.,
LnkeDi Steel
Amcricsn lea. R. E..
WANTED
Experienced Correspondent
for Nturk Mini llnnil Hnuir. (ieml
alary te right party. Only these
statlnr, cenrlileiitlally, experience,
salary and references will be con
sidered. 1 O. Ilex 1481, l'hlla.
Walter J. Schmidt
& Ce.
Investments
New Yerk .'. Philadelphia
AUTOMOBILE
i
INSURANCE
UHERTr MtrreAt.
SAME AIMLESS
DRIFIMMET
Seiling for Cesh te Establish
Lesses Was an Outstand
ing Feature
New Yerk, Dec. 30 About the only
difference In the operations of today's
stock market from these of the Immedi
ate preceding Missions was fhe exten
sive selllnB for cash, ruttrcsentlnc be
lated wiles te establish leswcs for income
tax purposes. This form of liquidation
was without serious effect upon prices,
nlthench tha inaieritv of tlte operations
were made from Y te 9 under the
quotations of the regular unnsactiens.
The general list showed little in the
way of trend, and most of the repre
sentative issues of both the Industrial
and rail divisions dragged blugglshly
I within narrow limits. It-'wns, hew
'ever, very strongly an Industrial mar
ket. The Scars-Heebuek Incident twpplled
I about the only bit of excitement: of the
i day. The artlen of the president of
the company in taking ever tee Chi
'cage real estate at its apprnised value
of SIO.000,000, and maklns a donation
of r0.(U)0 shares of its common stock
te the company under the prevision it
should net be told nt less than par.
I only naturally came in for widespread
! dh.cust.len In market circles. The ac
tion relieves the company free a con
I dltien of financial stringency In which
1 t had apparently been, nnd arrerdine ti
official statements, makes tire assets
' mere than equal te the i ubClth's.
1 eluding tlie item of capital Mtnck. The
nagmitiltneu-t nnd uiu.'xnecU.I action
of the company's executive caught a
. geed-sized short interest clearly nap
' ilng. There wa a hasty rural te cover
I en the part of the mere nervous shorts
' in the early trading, runnlnjf the com
, meu up mere than 2 points and the
preferred mere than 0.
i Anether movement which name In ler
enidcrablc attention because It was
', believed te have an impertdnt beerlng
upon the Immediate future of the cop
1 per Industry was the 2-i'eint ad
1 vance in Mentnna Power. This was
I made en the announcement tlhnt several
I of the copper mining cempnjiies In the
I Mentana district would rcsnme opera epera opera
tlens next month, which, it is under
steed, included the Anaceliun tuning
Company. It v. Ill be, of cot rsc, n geed
many months before any eC the copper
' thtf mined will reach the red metal
! market. The fact, however, that the
I managers of the larger producing com-
panics were ready te resume operations
was accepted as proof that the outlook
for 11)2" for the copper industry wai
much better than it had Ikvii this year.
International Paper nnd Woolworth
verc nmeng the firmest of the special
ties. Interest among tl- rails and
equipments was confined te Lacka
wnnna. Atchison and Anmfflcan Ivoce-
imcage
Detroit
tive. Several of the less prominent nugar
-ti'dsx also came in for attention, but
Mie uw:al active leaders drifted aimlessly
within narrow limits. Curiously, cash
transactions in beruu of the active stocks
.verc larger than these male in the reg
ular way.
Commodity Markets
GRAIN MARKET
i Chlcase, Dec. P.O. M heat started
c te -c lower for Ii.v and c te
i,e off f"r July. Trade was moderate.
with -.elllns through cormlien house
I iiid brokers cean?ctcl vdith leading cH-
I vat or nnd shipping interests. On the
(break the inatket ran into resting r-
' lers te buv. The c.(h mnrisct was
! firm, with a better demand fiem mills.
Ne exiurt business tow n pi ted yes-
iierday. . ,
Cern started He lwer for Decern,
ler and e te .c off for Ma. Trade
! vart moderate, with rn-tinff orders tak
i ng the offering" en th break.
, Oats started c leiver for December
and unchanged te He lower for .May.
j -.clllng was led by lennls.
COTTON MARKET
1 New Yerk, Dee. a. The undertone
tef the cotton market this morning was
firm and prii e advanced 10 te .11 points
at the opening, ituewei ij ''""
upturns, doed cabflcs, with reports of
a big Mnnchc-tcr liuslness, and New
Oleans, Wall Streec and Liverpool buy
ing and local covering caueu uic earij
llurrv. Coramifsleii heup were the
chief" sellers. Tim market later was
fairly active and uLeut 0 points above
opening levels en active positions.
Itecfipia ai mr jjeru, iui wm "j -v
tlmatcd at 20,00f) bales, against 24,-
31,082 balei a
i ill- iiHirM it itiia n'
i ear age and 47303 bales two years
age.
Prt'V, Clese Orn
1 P.M.
IB. 00
IMS
17 00
January . 2'"t
Ifarch 5'ai
JK ..v.v.v.:::: I'lS
in.wi
IS. S3
IS 40
17.01
17.09
NEW YORK COFFEE MARKET
New Yerk, I. 30 - Tlie coffee fu-
ures market epetied quiet this morning.
with prices 1 r"t higher te 1 point j
nwer en scattered trades of May nnd
September. Tlw irregular Ilrazll fu- I
tures market. wh'T- fluctuations are)
wide and frequent, hatened te curtail I
trad'ng here. There was delivered en
contract today 21.5i0 bags, making the
total exchange deliveries for the month
rtSO.250 bags, r the licavle.st since the i
famous Lewiseln bull campaign in j
1002, when exchange deliveries were,
ever -100.000 bags. '
At mid-day. bid prices were about -points
above iultlul figures, with little
or no coffee frr sale and trading very
.i ..it U'l.nr fi,w enrlv rest ami frelcht
offers were here showed practically an J
unchanged market. ,
January
Mnrch
tay .
July ..
October
ma.
b en Biu
' " h 7;07a sns83
s n.iwsa s si
,..; 8 B4 8 30
" 8.33 8.33051
.
FOREIGN EXCHANGE
New Yerii, Dec. 30. Sterling was
M,nnffPl nt the eneninz of the foreign I
' u-, mnrtntt ta mnminff. PrailPh
u........n- . .,-, - , ., i
exchange rearvct mis morning,
5. I960
8'i 1940
6's 1942
. , '
L iinint. lower, marks were oft a
were
full point, while lire showed n less of
1 points. mere wus a xuriucr nu nu
iirwcment of 4 peinU In Swiss ex ex
clieiiBs nnd fiuildcra were up 8 points
i from the previous close.
I The Central European exchanges
vw.ni minted today iih follews: Huren-
, man, .72; Utilitarian, .7K; Scrbl
an, I
-" -----Vr; ... ,., ,, .. ri.n.
TESTKUDXT3 ri-VAI. QUOTATIO.V3
IlMm&TVl ..... V.107? O.",. m,tta .......
Cables 4.20 B.eitt .sVi se,7i
TODAIVS OPEMINQ QUOTATIONS
Iterllnit franc. Lire Qullder.
Demand 4.10H 8.O0H 4.20H 88.78
Cables 4.20 '.k
8,01
4.27
80.7b
German Bank Statement
lirrUn. Dae. 80. The statement of the Inv
rrlal Hank of Germany as of December 23
ihnws the felewlnr chanzea: Total coin and
bullion decrea.ed 1.O20. 000 mark., se.d.
decreased l.ttO; Treasury note. Increa.ed
in:. 3S3.000- note, of ether banks Increased
n"3 OOOi bill dl.ceunted Increased 4WS.4M2,
oeoi advancen decrea.ed 20,038,000, Invest
ment, lncreaned 18.S89.O00. ether ecurltles
decreased 033840.0001 notes In circulation In
raieU 4.4!n'.tBa.000l deposit, decr.awd 2.
AOO 480.000) ctlier liabilities Increased 201,
88,M0l UtJ aia haldinjtV. 8113,038, tef.
101; Crectso-aievnKian, i.-u .iuke- 2nanoe 'e". "'" '.r Melina te hu-
SlttWu, .88; Orfek, 4.23; Polish, - trade mederat' ,1, active ,t X, $
m; Flntrinh. 1.00; Austrian, .04 ; 5 , "o't'e i pound i wji-ht te .h g
Hungarian. J0V4. The , Seuth Amer- r.; , bu . isote hMi
u.nn ntrhunircA were Argentine. J.i.3.i , --e .',-ati
SCRANCK CO.
NEW YORK STOCK EXCHANGE TRANSACTIONS
Dlr.
lnf
1:80
V. it,
Mat
Che.
S&!9
Leir
SO
10 ft
33ft
49
17
seu
88ft
29
80ft
29 ft
3H
33 Ji
93i
lft
20W
43ft
129
58 H
80ft
72
41ft
9H
30 ft
SS
108
200
409
890
100
400
1100
300
1400
flOO
2100
800
2000
000
100
100
100
220
300
28 00
300
1300
100
700
100
2000
00
800
1300
I0
800
100
T400
1000
2308
2300
300
200
800
100
1300
100
2100
00
100
100
SOO
500
tee
100
000
200
100
200
8200
230
100
1200
3100
100
100
100
10
1200
200
800
2S0O
800
100
200
100
200
100
1100
200
i-OO
100
300
000
300
200
1400
GOO
200
SOO
180
3100
2.100
1200
100
100
300
390
100
200
1600
1000
400
11700
200
aoe
7400
400
83S0
300
100
300
300
130O
1700
200
. . Adams Express ....
. . Advance Ilurnely . .
8 Advance Itumely pf
4 Air Reduction
AJax Rubber
4 All cd Chcm & Dye
. 0
. 1014
. S3H
. 43
10
10ft-
33 ft
49 -
17
7ft
38 ft
30M
8
30 H
34
33
94
146 ft
179
88H
B2ft
72ft
H
ft
ft
"ft
ft
IK
lft
"14
714
4 Allls-Chalmers 38 W
.. Am Aprle Chcm 0H
.. Am Agrle Chem pf .. S
. . Am Beet sugar 30H
.. Am Besch Magneto.. 3
. . Am Can 3
7 Am Can pf H
IS Am Car & Pdy l!i
.. Am Cotten Oil 20H
.. Am Cotten Oil pf ... 4SJ4
7 Am Kxpress 129
. . Am Hide & leather pf 9
7 Am Ice 82ft
8 Am Ice pf 72?i
Am Internat Cerp ... 41 Ti
1 Am-lA France En .. 9M
. . Am L'n.ieed 31
7 Am Linseed pf 5"
6 Am locomotive 109
.. Am Safety Rarer .... M
.. Am Ship & Cem .... tt
.. Am Smelt
7 Am Smelt pf 87
3 Am Strl Foundries... 3U
7 Am Steel Fdya pf.... !
.. Am sugar Ref V&
7 Am Sugar Ref pf. ... 83 H
.. Am Sumatra Teb .... 334
9 Am Tel & Tel 11
18 Am Tobacco 1"
8 Am Tobacco pf new. . 98V4
12 Am Tobacco D 127H
8 Am VTaterwks 6 pf. 17 ft
7 Am Woolen 80
.. Am 2 no Lead & Smlt 1W
.. Anaconda Copper .... H
.. Assets Realization .. 1ft
4 As.e Dry Goods 48Ta
7 Abse Dry Goods 2d pf 76
8 Atch Tep & Santa Fc. 83 ft
C Ateh Tep & S F pf . . . 83J,
7 Atlantic Coast Line .. 84ft
.. Atlantic Fruit " 2ft
.. Atl Culf & W I S S.. 31ft
.. Austin Nlchelaa Oft
. . Aute Sales Cerp 4
.. Aute Rales Cerp pf . . 14ft
7 Baldwin Locomotive . 8ft
.. Baltimore & Ohie 3J
4 Balt'mere & Ohie pf.. 83ft
.. Barnctt Leather 40
3 Bethlehem Steel B.... 7
8 Bethlehem Steel 8 pfl0
.. Beeth Fisheries 8ft
7 Brit Km Steel lBt pf . . 8H
.. Brit Em Steel 2d pf . . 23)4
.. Brklyn Rapid Transit 8ft
. . Brklyn R T ctfs of dep
.. Bruns Term 2
10 Bums Bres 118
.. Bums Bres (B) VT... 32
.. Butte Copper & Zinc. Jl
.. Butte & Super'er Cep. 21 Ji
.. Cadde Central O & R. UK
.. California Petroleum. 48ft
8 California Petrel pf . 84
. . Cal Zinc & Iead .... Ti
10 Canadian Pacific ....12fft
.. Carsen H 11 Mining .. 11
7 Case J I lBt pf 70
.. Central Lather 30ft
.. Central Leather pf . . . 03 ft
3 Certaln-ted Pred 32ft
. . Cerre-dc-Pasco 34 ft
8 Chandler Meters .... 0
4 Chesapeake & Ohie... 5ft
.. Chic & E I pf new 34ft
.. Chicago & at West.. Cft
.. Chi & Gr West pt.... "ft
.. Chi Mil & St P 19
.. Chi Mil & St P pf.... 32K
5 Chi & Northwestern.. 03
7 Chi & Northwest pf. .100ft
4 Chicago Pneu Teel... GOft
.. rhl Rift Pae 37
7 Chi R I & Pac 7 pf. 84ft
7 Chi St P M & O pf... 82
. . Clev Cln Chi & St L. .
.. Ch'le Copper "'ft
.. Chlne Copper "ft
.. Cluett Peabody 43?4
4 Coca-Cela 3ft
.. Colerado Fuel & Iren. 24ft
6 Celum Oas & Elcc .., C'4
.. Celum Graphophene. .. 2H
.. Cel Graphophene pf.. 10
.. Cemput Tab Ree . GH'i
.. Consolidated Pis Ins.. i
7 Consel dated G;is .... 01 ft
.. Consolidated Textiles. 14
.. Continental Can 47
r Cern Products Ref .. S0H
lft
ft
ft
"v
ft
2ft
ft
ft
i
2
ft
ft
41JS
M
81
85 -
18
4i-
e
48ft
87
84
84ft
4ft
4tt
ft
44ft
86ft
31
04ft
SSH
83
33
114ft
131
9ft
120ft
17 ft
80 ft
"ft
49 ft
1
40ft
76H
92
83ft
84 ft
2ft
30 ft
ft
4
14ft
97 ft
38
3ft
40
0
less;
ft
8 ft
22 t
fi
3
"3ft
31ft
3ft
21Ji
Utt
48
84
ft
120 ft
11
70
30
r,2H
32 ft
34 1 4
49ft
3
34
Oft
18 ft
18 ft
3IH
02 ft
100 ft
00 ft
31 Ji
84ft
82
5
15
27ft
4
424
23 ft
05 ft
2ft
;
35
li
91ft
13ft
47
De ft
38
014
87
14ft
"'ft
ift
"h
"'s
ft
ft
83 ft
33ft
114
131ft-
96 ft
126 ft
ft 80ft
11ft
49
1
46ft-76ft-92
83ft
84 ft
2ft
31ft
14 ft
88ft 35
83ft -r
40
ft
ft
"ft
9i
ft
ft
2ft
"j'4
S'S
1
H
"ft
ft
87
108K-
ft-h
8H
23H
0ft
-
2
118ft
33
8ft
2ft
U H
48ft
84 -
8J4
120 ft -5-
11 -
70
soft-:-
C3ft
32
34 ft-
9ft
M-
3ft-
0ft
10ft
9 -f
32 -
03
100ft -t-COft
31Ji-
sft-
82
85
16ft
27 ft -1-48'
-3ft
24 ft
C3ft 2ft
10 J-
88ft
of; ,
13J, -47
-
OOJin
37 15 -f
eft
15ft
82
107 ft
117
8Sft
87 -
16 ft-20ft-
105
10 ft
15V, 4
7S"4 4-
38 H
78 -
12
Hft-i-
1.80 Cesclen & Ce
Crucible Steel Cfift
Crucible Steel pf 87
Cuban Am Sujrar 1
Cuban cane Sugar... 8ft
Cuhnn Cane Sugar pf . 13ft
Davisen Chemical .... 2
Delaware k Hudsen.. 107 ft
Del Lack & Western.. 117
P-trelt V"lted Rwy.. IlKft
Durham Hosiery pf . . 87
Elk Hern Ceiil l"ft
Emersen-Brantlng pf. 20ft
Endlcott-Jehnjon pf..l0
Erie 0ft
Erie 1st pr 18
100
3700
4200
1S00
00
Sae
300
100
200
700
100
100
100
100
1000
100
"if 209
1000
300
200
4000
298
60.S00
200
80
200
100
200
100
200
100
700
7i
82
107 ft
1103.',
08 ft
87
in ft
20 ft
108
10ft
13 ?4
77 H
38 K
78
12ft
"ft
Kaineu? Player i, .. '
4 FecKral Mln &Smlt pf 3S
8 Flslur Bedy of Onte pf 7s
. . Fisli Rubber 2H
. . Frtepert Texaa Hft
. . Oasten Wtns & Wig.. ft
. . General Asphalt 05ft
8 General ElectUe 140
1 General Meters 10
6 Gen Metera pf 73
8 Gen Metera deb 0.. 70
7 Gen Meters deb 7 82 ft
.. Gilllland OH pf
. . Goedrich 30
7 Goedrich B F pf 82ft
.. Granbv Consel M 4 M 28 ft
. . Gray Davis 13
4 Grnt North Ore ctfs. 31ft
7 Great Northern pf ... 73;
. . Guantanamo Sugar .. &U
. . Oul' Mobile & Ner pf. 17
, . Gu f State Steel 4Cft
r.n llnblrshaw El Cable. . 1
04ft
140
OK
73
694
82ft
40
38
82 ft
28 ft
12
3lft
73 4
8
17
40
t
79
13
70ft
6ft
1154
8Cft
(lft
3!'.
39 ft
lft
ft
82ft
14
84ft
20
72
11
60
2ft
"ft
4
2ft
36ft
7
43 ft
26ft
04 ft
140 -i-
94
73 -C84-82
ft .
40 -38
82 ft
28 ft
12 3t .
734
6ft
17 J
48ft 1 -70
17 ft
76ft4-
Cft
12 4-OJft-j
7
3ft .
4tft-
ft i
3ft-
82 ft ,
13)(-
65H4-
20 -72
-
llft-t-CO
-2K4-14
ft 4
4 2ft
30ft
7 -3ft4-20ft
4-
200
1400
400
8011
100
300
00
602
200
7JII
;oe
2800
1400
700
00
00
O'lll
1200
2000
00
200
1000
200
lieu
800
100
Haekcll & Barker Cor 79
Hendee Mfg
Ce
17 ft
. , Housten Otl
.. Hydraulic Steel
.. Hupp Motorcar
7 Illinois Central
.. Indian Refining
80 Indlahema Ref
.. Inspiration Cen Cep..
.. InUTb Cen Cerp . .. .
.. Inturb Cen Cerp pf...
6 Int Harvester r.ew . .
. . Int Mer Marine
0 Int Mer Marine nf-..
.. Internat Moiertruck..
7 Int Motertruck lt pf.
., Internat enal Nickel,,
8 Internat Nickel pf , . . .
.. International I'aper. ..
.. Invincible OH Cerp..
.. Iowa Central
.. Island OH
.. Jenes Bres Tea
.. Kansas ft Gulf
4 Kclly-Springfleld Tire.
.. Kennecett Copper ...
70 ft
Oft
12
97 ft
7
394
0ft
1ft
314
824
14
tii
20
72
12ft
r.e
2 ft
14ft
4
2 ft
30ft
43 ft
26ft
4 .III
t?.s ue
389
300
100
LIVESTOCK QUOTATIONS
trade.. J7.7BOs.lei bulk, lurhts and n"d'"n
reiitiits, ii.iv 1,031 packer ; .T. ;.
0.10; pics, ISO te 23c off. JO.C04J9.13. 1
quality geed. . ,
HHEE.'--Iteeelpt. 1700 hend. Active end,
teady, Receipt, me.tly Wentern lambs.
.Mpper. took few teod Western lainba nt
in 11 r,n. Alia twa deck. 04-oeund lenr-I
n. SO. UAlfir. """
Dtl
..i'V . v Mhnlpa tst?rU
rlilnnsrft
tier1,
medrjm
r.oer76e
7. JS"t,f.J vV dull, around
!.... u., v.t.rdav: few lM.t
j-wJp??
lower i" w Lii-ki,f steers.
D 'U
teany. toy. . -; . .-i. ...:,,
7-30 sh. stock " ww". -'-U-0K
S 70
Una", at jlO.'.'A:
.'-..S"n.Vn,n.t0ekir. and feeder, slew
(7.60,
went ITU
uui, -";--.(( n'.'ivum Htrtinr.
lo - ',1SaH;Xir,t;: le - ',1SaH;Xir,t;: BO.00O head. Unevenly.
Ill BI11UUIIIB v-l. -" -
East Buffalo, N. Y Dee. 30. CATTLE
Receipts, 100 head. Streng. Calves, re
ceipt., 1B0U head. Steady. 13914,
H0O3 Receipt., 7200 head 40e te 11
lower. Heavy, 17,30: mlsed. 17.0008! york yerk
re. J808.23; light de and pig.. JS.7B0D.lOi
;,,,;. m.nerlii. mra. I.VflO J4 ae.
iiww' --.. ....tAva v ttvriaira:
u'1'y."l',',"..... mnneh.ad.
.tSelt, onlead at ft 1 . W !Je4 f choice
0,-SOi ewess.
.-" -- --..r;i.
Dar stiver
at 34Md.
Kt J10.50.
Pltuhursh. Pee. 80. HODS Receipts.
50OU head! iteWir. Heavier 17.00; haw
yerker.. 188.23i lllht yerk.rs and plea.
'"tfll'AND UIMDS Receipts. WOO
head. Steady. Tep shep, M.BOi top lambs.
Reserve
112.
CALVES Receipts,
113.
80 bead. Lewer, Tep,
Reetrm ......
ew Yerk ..
Philadelphia
Cleveland ..
nichmend . .
Atlanta ....
Chicago ,.,.
8t. Leuis ..
Minneapolis
East St, LenJe,
ctlpts. 2000 head,
heifers weak beef
.,..it. Ntrvlrern
ree. 80 CATTLE Re
Btsar., IBs te 2Be lewer:
cow. canners and bulls
nnmlnelly steadrl veal
calves, top. tll.78, bulk, ceed te
-"--.: - . .T -,. -
CllOtCV
Khts. JllOll.ne,
te 80e lower. Weightier hogs en most. Tep. ,pl'V;;;"
18.15; bulk, 180-peuna and down itilppln Ban ITraacUce ..
1IIXJM -liec.lIH.. lii.uwy ..v-vj.
Slew, 25c
Kansas uu
nnerallr
1:30
P. M.
17H
Sales in
com
Illrti
Keystone T & 11 .... 17K
Kresge S S 172
Kress A Ce 94
Lake Erie A West ... 12
Lackawanna Steel ... 48ft
Laclede Gas of St L.. 474
Lew
17 ft
170
94
12
45ft
47 W
884
160
13ft
9ft
181ft
71
89ft
28
28ft
28 ft
20ft
tft
108
1084
113
27ft
13ft
2 ft
44
ft
300
100
100
160
100
171
94 4-
13 -
sft4-
474-
80J4
160 -
13ft
ft-
isift4-
490 a. BO Lehigh Valley 87
200 is Llitirett & Myers 100
300 ,. Locwe Ce 13ft
100 i Left Candy 9ft
100 12 Lerlllard Tobacco ...lft
100 e Mackay Ces 71
200 4 Mackay Ces pf 89ft
1160 .. ManatI Sugar 29ft
000 .. Martin oil 25ft
090 .. Mart.n Parry 22
100 .. Math Alkali 21ft
100 .. Maxwell Class B.... 13ft
M0 b May Dept Sterea 166ft
200 7 May Dept Stores pf,.109
3100 12 Mexican Petroleum ..H4H
71
89ft
29ft
25 ft
20ft
31
13ft
l(6ft
109
114H
374
134
2ft
1
2ft
00 Miami Cenner 27i
2300 i.se Middle States Cerp.
134
1400
2100
4600
Mtdvale Steel
Minn & St Leuis . . .
Me Kansas ft Texas.
Me Kan Tex pf..
Me Kan & Tex w. t.
26ft
8ft
1
2ft
8
1(00
4300
400
1300
806
800
160
400
400
100
400
100
1100
180
400
100
100
760
700
200
00
100
100
1800
300
000
100
1100
100
1800
200
100
200
1680
1790
100
700
600
300
I486
200
100
100
200
1000
1800
800
100
200
11)0
100
a
25K
17
48ft
62
99ft
144
19ft
114
BK
48ft
63ft 4
99ft 4-14?-19ft
114
25 4
80ft 4
38 ft 4
85 3
14ft 4
88 -73H
lft
Me Kan & Tex pf w. 1. 26 ft
M sseurl Paclfla 17 ft
Mo-Paclfle pf HH
Mentana Power 83 ft
Mentana Power pf. .. . 09ft
Montgomery Ward ... 144
National Acme 10ft
National Biscuit pf. .114
Nat Cleak & Suit.... 25
Nat Cleak & Suit pt 60ft
Nat En am & St 38ft
National Lead 88
Nat R R of Mex 2d pf 3
Nev Cep Copper .... 14ft
N Y Air Brake 88
New Yerk Central... 74ft
New Yerk N H ft H.. 12ft
New Yerk Ont ft W. . . 21
Norfolk ft Southern.. Oft
Norfolk & Western... 80ft
Norfolk & Weatcm pf C9
North American ctfs.. 48ft
N American pf ctfs... 38
Northern Pacific .... 78
Ohie Bedy ft Blewer.. 10ft
Okla Pred & Ref.... 24
Orpheum Circuit .... 14ft
Otis Steel 10 H
25
68 ft
34 4
85
214
lift
88
73ft
12 ft
21
8H
90ft
094
44 ft
38 ft
76ft
0ft
24
14ft
10
28ft
ft
lift
48ft
82 H
40 ft
32
10 ft
CHft
194
05ft
324
87
33ft
13ft
12
70K
03
25
1H
63 H
30
00 ft
10) ft
29 ft
38
81
93ft
1414
72ft
25
27
51ft
ft
50
20 ft
21ft
33 ft
2?4
ft
02 ft
03
8
284
Zt
3l
3H
78
78 ft
left
45 ft
(Mft
179
114
78
24
30
81
4
0ft
3ft
10
48
20 ft
28 a4
30 ft
14
121
ui4
11
32ft
70
17 ft
123ft
694
108ft
72
123
8
51 K
9ft
ft
ft
ft
H
Mi
21
Owens Bettle Machlne 20
Pacific Devel Cerp. . .
Pacllle Mall
Pac.tlc Oil
Pan-Amer Petrel . . .
Pan-Amer B
Pennsylvania R R....
Pcnn Seaboard Steel.
Peeples Gas of Chi. . .
Pere Marquette
3ft
lift
47 ft
82 H
40 ft
33
10 ft
63 ft
20
Pere Mare, prier pf ,
wj,a
ft
ft
ft
H
!4
ft
ft
3 Philadelphia Ce 32?;
.. Phllltps-Jencs 87
.60 Phillips Pet 33ft
. . Plerce-Arrew Moter . 13';
.. Pierce OH 12ft
s Pierce OH pf 735
C Pitts Ceal 83
.. Pitts & West Va. ... 25
1.00 Pend Creek Ceal .... 18ft
.. Pressed Steel Car ... 634
. . Producers Refiners . . 30
4 Pub Service of N J.. 66ft
8 Pullman 107ft
.. Punta Alegre Sugar.. 30ft
3 Pure OH 3.14
. . R. R. Securities Ce. 111. 61
8 Railway Steel Spring. 04ft
.. Ray Cen Copper lft
4 Reading 72ft
2 Reading 2d pf ?
.. Rcm.ngten Typewriter 25
.. Replegle Steel 27
.. Republic Iren ft Steel. 14
.. Republic Meters .... oft
0.20 Royal Dutch N Y.... fiOft
.. St Leuis san Fran... 21 i
.. St Leuis & S XV U R 21ft
.. St Leuis Southwest pf 31
.. Seaboard Air Line... 24
.. Seaboard Air Line pt. 4);
.. Scars-Roebuck i3?4
7 Sears-Roebuck pf .... 04
. . Shattuck Arizona Cerp t ft
.74 Shell Transport 30
.. Sinclair OH 21ft
.. SleKs-Shef field 30
.. Se Perte It.ce Sugar.. 44ft
8 Se Perte Rlu Sug pf. 7B
1
ft
K
ft
ft
ft
ft
2U0
100
100
8000
1000
' 800
800
900
1200
' 100
21)0
200
700
SOO
800
700
100
400
100
300
18309
000
20
200
3100
100
BOO
100
3103
700
1200
400
20U
300
1.0
7000
4UI)
1100
200
2JU
1U00
03
ft
ft
ft
ft
ft
8ft
Southern Pacific .... 7854
Southern Rail lhft
Southern Railway pf., 45ft
ft
ft
ft
K
l
S
i
ft
ft
Vt
lft
lft
Standard OH of Cal.. 95
Standard Oil of N J.. 161
Stand OH of N J pf... 114ft
Steel Tube pf 73
Stewart Warner SpeeU 2ft
. Strombe.ru Curb 30
7 Htudebaker 62J4
. Submarlnu Ueat Cerp. 4ft
. Superiei Oil Cerp...
. Temter Cern & F "A1
. Tenn Cep c Chem..
3 Texas Ce
. Texas & Pac.fle
e;
3ft
I" ft
41 ft
28 ft
27ft
0ft
14
124
02ft
lift
32 ft
70U
1 Texas & Pae C ft O,
hlue 2. CO Tex Pac Gulf & Sul.
00
1U0
500
2500
100
200
5200
000
100
100
100
SOU
200
1000
400
100
00
100
100
2300
200
700
1700
1500
100
1011
100
400
GOO
COO
100
Third Ave
a Tidewater OH
6 Tobacco Products . . .
. . Trans-Cen OH
4 Transue & Williams.
B Uu Bag and Paper..
70 ft
.. Union Oil 18ft
10 Union Pacifia 120
4 Un.en Pacific pf 09
7 United Cigar Stores pfK5ft
.. United Drug 72
8 United Fruit 12J
.. United Rwy Invest...
0 United Retail Stores.. 2ft
U S Feed Products
9 ft
..US Realty ft Imp
..US Rubber
8 U S Rubber 1st pf,
..US Smelt ft Ref.
BUS Steel
7 U S Sttel pf
.. eift
.. 84ft
..100ft
.. 30ft
.. 83ft
..llft
.. 63ft
.. It
. 31 1J
.. 20
01ft
4 ft
lOUft
38 ft
63ft
114ft
02 H
10ft
311.
204
tOft
80ft
OH
Oft
20
13ft
08
ft
1 ft
SJft
0
05
Oft
12 ft
38
10
15
8ft
27 ft
2H
24
1384
44
8
ft
ft
1
5
ft
ft
3ft
V.
ft
?
94
2 Utah Copper
. . Utah Stc
. . Vanadium Cerp
. . Va-Car Chemical ...
. . Va-Cur Chemical pf .
G Va iron Ceal ft Coke
, . V.uiuduu lna
. . Wabauh
. . Wabash pf A
, . Wabash pf B
00ft
8ft
?4
64
20ft
13ft
08 14
8ft
1(1 ft
2
fiOft
200 2.60 WellH Farge Express
300
1100
300
' 3UU
100
200
300
7U0
000
ST, 700
3700
200
400
100
200
108
COO
Western Maryland
Western Pac.ne
Weatcrn Pacific pf , ,
WestlnghoUHe E & M
Westing E ft M 1st pf 05
.. wneeiing ft l, ti.... u;s
.. Wheeling ft I. E pf.. 12ft
4 Whltu Moter 38)4
.. .White Oil Cerp 10 ft
.. Wick Spenc Steel Cerp 13ft
.. Willys-Overland Sft
.. Willys-Overland pf... 2Sft
.. Wilsen & Ce 2Sft
.. Wisconsin Central .. 2
8 Woolworth F W ....137ft
4 Worthlugten Pump. . . 44
.26 Wright Aero 8
Ex-dlvlder.d.
DIVIDENDS DECLARED
Standard Underground Cable Company,
quarterly 3 per ennt; also extra 3 per cent,
pieuble January 10 te record of January 4.
liuah Termli.nl Company, .emlannual
12.30 In cuah and 21, per tent In stock en
common and 13 en preferred, all payable
packer, blddlntr lower; culls
January la te atecx or record January e.
liuuh Terminal Hutldlng. Company, quar
terly 11.73 en preferred, payable January 8
te stm.k of record December 01.
Philadelphia and Cmden Ferry Company
quarterly 4 pr cant, payable January 10
te stock of record December 80.
evres scarce, jltfl.BO.
BANK CLEARINGS
8HEEP Am LAMIIB Receipts, 7000 ' Rank rJearln?. today, compared with cor cer
h.ad. Lambs, 2Be higher. Iimbs, ISilt respend'rur day last two ynarsi
mil v.irllniir IRnHO .1(1: wethers. Iflii 1021 10211 lfilfl
i.7-.'i' .-! .'... X T, , ... RAA AAA .VM..AD.-
fFO. U, miXrU Slie.lf, U,.JWU HUIVUIti, ,U1,UVV,VUV IIVilUU.OI,
N. T.. 7Hl.fi00.0O0 D21.HD3.A72
IMllla. .. HI. 000, 000 S3, 31)1, 70S
Chicago.. 78,700,000 110,084,803
BAR SILVER
was Hd lower In Londen today,
I U. 8, Certificates and Treasury Notes
Banks' Discount Rates
Maturing
Date
Int.
Rate.
t'BVi
Official redl.oeunt rates nt the twelve Fed
eral Reserve llsnks ar. aa fellow.!
Feb., 1022..
.100K
.100 fi-82
.. ..iv. uiu I 41HTS
etrn,
4V.
4V.
bends paper, accept,
nns paper, i
ii 18
5$
4t.
,.100 17-32
,.100H
..10
..100 0-10
. .100
B 3
B fi
B 3
fi fi
A n
e
fi
fi
t
t-fi Men., 1BZ2
19tt HCD 1U.'2.,,,100 S-1S
t'Brt Men., 1022,.,. loe fi-ie
l'i Apr., 11122.... 100
t4Vi June, 1022 ...100
t-6',-4 June, 1U22
BV4 Aug., 1022.
t4U Hest., 1023.
tfi(i Bpt 1S22
t4Vi uee.. Ill
fefiH June,
WaV ? ..10SW 4!7
n'j cu su
fi 0 fi
BW nH H
S 9
I?IiS?ikft0l2.ar normal
acaurmaTt1t?, 0t
lKU Hint
LOCAL DEALINGS
Net
Chlte.
14
4-
3
114
y
y
ft
ft
Price Variations Were Unimpor
tant Expansion of the Odd
Let Transactions
- ft
4- 214
4- ft
..
4- 1
- ft
- 4
ft
J
..
- f 14
- H
..
The unusually wide distribution of
the dealings, especially In the odd-let
transactions, gave the local market n
decided broadening aspect today, but It
really was n very narrow affair. The
eleventh-hour rush te establish losses
through the cash sales was next te being
beyond understanding. There had becu
numerous opportunities te make these
operations In the regular way, and in
a number of instances nt mere ad
vantageous prices. Evidently there was
fenmn vnrv pnrtil reason.
In se far nB the purely local list was
concerned the trading lacKcu lnuivmuai
feature. Thcre was the same feeding
nut nf th Pnnnsvlvanla Railroad With
W
that Bteck dipping te 32, or within a
fraction or the bottom price 01 ine year.
There wan a llttle wider trade in Phlla
delphln Rapid Transit, with the price
sustained nt 17. U. O. I. common
ex-dividend of fiOc a share yielded te
38, as against 40, the final sale yes
terday, but en cash sales brpught 40Vi
The preferred ruled linn te 01. The
TMtn,iii.Mn Rinrtrin nhnrcs were frac
54
tienally Higher. American oierca mm
Electric Storage Battery went through
the morning without e transaction.
Philadelphia Steclcs
9ft
96 ft .
094-
45 4-
38ft-
764-
10ft4-
24-14ft-10
-23
ft-
ft .
Hft
47 ft 4
82H 46ft .
33 4
10 ft
63ft 4-19ft-05ft
4
324 87 4
33 ft 4
13 ft
12 -73ft
03 -25
-
154 I
63J4 30 -
06ft4
107 ft
30 ft -f
384
01 -94
ft 4-
1
14
1
1
ft
ft
ft
ft
ft
4
H
'ft
H
Illsh
COtAm Can.. 33-4
.UifAllisCkal 38
12 Am Gas.. 47
130 Am Shin
& Cem.. 5?i
0
81
1084
30
03
3
0T& l
1084
30
C5fAm Ice.. 81
45tAm Loce.lOSVj
20Am Linseed 30
lOfAm 8ugar 53
03
uu Am uwys ;i
00
10
1000
23
100
Am Sumat 33
33 K
445
Am Hmltg 44 vs
Am Sue pf 82
Am T&T.114
Am Woolen 80
Atlan Gulf 30
82
114
S0
30
07
35,
5
30..
e
120..
40..
2A..
8 "
784
04
0?s
OS ..
57
1144
JOntnald Loce esu
40fH & O... 3r&
UT (S 0
l'ac.120 120iS
ti. Ann.' Ann).
ft
4
ft
4
ft
1
ft
ft
ft
ft
L'OtRroek
lOK'nnn l1
200tChan Mtrs 40
220tOM&Stl 18
18
2 V?
8
78.i
M
0
OS
OlV.fCel Graph 2'd
cnttr Cane Hu 8
21WKnm Play 784
HO Gen Asih 044
2301-Gen Mtrs. 0
130 Ia;1i Nnv..
es4
CO Leh Val
57
UU?4
114'A
lft
114
1
1
ft
ft
ft
ft
"ft
ft
"ft
ft
ft
3(l.-it.Aex Pet
- a 4 J
ui'i
SOOfMid Stn
Oll
m
13 13
2(1 20
17-i 17
KlfMidvale.
lOOtMe Pac
20
15 4-
724
455 25
27 4
31 ft .
8144
50ft 4
214 ft-
2H4-
4f
024
93 -
6ft 4-
384
21ft-
:ts
44ft 4.
78
784 4-
18?i4-
45ft 4-
95 4-
180ft 4-
114 -
78 -
24ft 4-
30 -
82ft4-
4 -
CJi .
3ft -
10 -
0ft .
20ft 4-
27 4.
404 4
14 12. 4
Bl Ji
ll 32ft-70ft-l-'ft-i-
125H-U9H-
108ft
72
123 4-
8
1-
9ft-
61ft 4-
fi4ft4-
100ft J-32ft-83
ft -r
114
03 4.
10ft -f
4.
20 ft 4-13ft-6b
8ft
10 ft 4
51ft 0 -88
4-
)i
12ft
38 -10
J8J4
6ft
28ft 4-
28 -2
-
137 ft
44 -
8 -
17
47
lOOfPac Oil
47 47
llfP-Am Pet 02
1101 Penna It It 33
52 02
,VJ. 66
23 21
4Sii 1' hiln E ee 24
2S3 de pref . 274 27 27t.
085 PUT... 17 171 17.
lOOlliil & W 4 4 4-
HOtPicrce-Ar 13'.
lOOtltcn I& S 01
V6-2
01
13
01
82 1
0
40M 1..
11 ..
JOtlleadlne.. 72 72
OOtStnelnlr. . 21 'i 21
lOtStudebkr. 82 82
2.-.tSup Oil . 0 0
20tTexas Ce 40 40
100 Ten Iiel.. 1 1
2e0tTmns Oil 11 U
Ct Union Oil 17 17 a
10 I'n Trac. 33 33
10 U (S I cash 40 40
3".L G I... 3D 'a 3S
30 de pref . 01 01
10 V Ce NJ.177 17(1
lOOfU S Steel 83 83
2,-()tVabasli.. 0 0
112 XV J & H 27 27
;t
.i
ft' i
04,
37
aaji
40
30
01 . .
17
83
0
27
ft)
ift
ift
ft
3ft
ft
ft
ft
y
Kx dlvlJenJ today U, O. I., 80 eesiU.
tNet change made br comparison with last
rale en New Yerk Stuck Uxchanr-.
l'lIII.ADlUJ'lll.V 1IONDS
2,100 Llbeyty 2d 4s '42..,
3000 Liberty 3d 4s '2S..,
20000 Liberty 3d 4s "2S..
100 Liberty 3d 4xa '2S...,
1000 Liberty 4th 4s '38.
000 Liberty 4th 4s '38.
2300 Liberty 4th 4s '38.
10000 Victory 4s '23
800 Victory 4h '23
2000 Halt fc.Ohle 0s 11)20
00.70
07.4(1
07.00
07.01
1)7.10
07.20
1)7.20
ft
i
24
ft
ift
4
ft
ft
100.00
00.03
1)5
0000 Electric & Pen 4s. ..lets 02
48000 Lake Superior inc 0s. ... 31
1000 Philu Electric 1st 0s 02
4000 Phlla Electric 0s lets 100
1000 United Hallways 4s 03
Phlla. Federal Reserve Bank
Tha statement of condlt'en of tha Itills
delphta Federal Ileserv lUnU at the doss
of bustness December SS follews:
IIE30UIICE8
Dec St De. St
Oeia ana reia ear- .. ,
tmcates 11.TJ6.T80 ll.757.0S
OeM settlement
fund, federal
neeerre Heard.. C3.C04.HB 84,891,418
ft
"
ft
1
H
ft
l
ft
ft
H
i
lft
IK
lft
ft
ft
ft
ft
ft
ft
lft
Total Rold held
by bank
Geld with Federal
Ileeerve acent
Celd redemption
fund
JS4.4C0.OS5 150,038,883
140.184,063 119,077,71s
A.7r,2.ell 7,024,761
Total cold re-
eerven 1210.407.401 2i:,041,830
Leaal tender notes,
silver, sle 0.230.108 0,863,180
Total reserves.. .1216,(137. 810 1210.200,040
Hills discounted.
M-eured by Unlt'd 1
titates (ievern- '
iirerrt obllt'atlens J7O.212.030 170,401,(150
All ether 20,103,443 21,CS1,778
Dills beuaht In
open market . . . 13,270.000 18.838,900
Total
bill, en
ft
'
'?
ft
1
ft
1
2
H
ft
hand
..110.302.704 1103,812,303
Un'ted State, bend
and notes
Unlnd State cer cer
teorate, of In
debtedness: Omvjcar certifi
cates (l'lttman
Act)
All ether
Munlelpal w a r
rams 0.C0O.130 3,140,150
12,000,000
208,000
8B.0OO
12,000,000
310,500
03,000
Total earning as
sets Ill
11, 073,014 f 121,301,018
nank premises ...
Five per cent re
demption fund,
against Federal
Reserve Rank
notes
Uncollected Items..
AH ether re
source (080,417
JS3U.107
700,000
47,333,804
700,000
32,202,402
422,882
421.212
Total resource. ..1387.820.830 1304,500,010
LIABILITIES
CaplUl paid
In.
$8, 730, 4B0
17,804,127
8.010,000
700,205
08,082,883
1,820,840
tK, 730,450
17,394,127
3,830,000
1,808.124
07,488,410
1.420,022
Murpius
Reserved for
Gov-
erument
fran-
chlse tax
Deposits I
Government ...,.,
Member bank Re
serve account , .
All ether
Total depe.lt,, JOS, 008,824 (100,288,437
A , . . A . a
l.imS.h(,7 1H1
,tV,1"l,UU,
Federal Re.erve
notes In actual
circulation ... ,J203,1S,1BO J2O7.B02.820
Federal Reserve
llnnfe note. In
12S.792.105
131,833,004
circulation (net
rablllty)
Deferred avail
ability Items ...
All ether liabil
ities 8,802,000 0,833,000
46,047,170 40,724,786
1.482.807 1,800,810
A.ked Tleld
100 7.82 8.00
lOO'.i 8.70
100 0-32 B.7B
100 13-82 8,74
100 1-10 8.03
1011 3.3" . (in
Total liabilities, .(387,820,630 (3B4.E80.340
Itat'e of total reserves te deposit and Fed
eral Reserve note llabllltlis combined, week
of December 28. 71.2 per cent; provleu.
week, 71 2 per cent.
Ratie of geld reserve, te Federal Rrservs
notes In circulation, after setting aside 33
per cent against deposit I'abllttles, week of
December 2N, 88,7 per cent; previous week,
88.7 per cent.
100 4,03
100 4 17
100 3-32 4.83
inn ll-lrl I 21)
inn .. a iu
Incem tax.
ACeve pereentaxes eaiculateed en basis of
net deposits and Federal Rere.rve notes In clr- i
oulatlea. v
U'ceme U
WELL DISTRIBUTED
1:13 Ntt
Zm 1. M. cliK.
33 33 f JA
38 38
47 47 Vi
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We offer, subject te prier sale and change in price:
American Sugar Refining Ce.
Debenture. Cs Due Jan. 1, 1937. Price! 98& & Interest, te
net 6.15. Pennsylvania four-mill Tax Refundable.
Steel & Tube Ce. of America
General Mortgage 7s, Due Jan. 1, 1051. Pricei A8J4 & Interest
te net 7.10. Pennsylvania Four-mill Tax Refundable,
Goodyear Tire & Rubber Ce.
Debenture 8s, Due May 1, 1931. Price! 99 & Interest, te
net 8.10. (This Issue matures nt 110. The yield Is figured
exclusive of premium.) Pennsylvania Four-mill Tax Re.
fundable.
Detroit United Railway
First Mortgage Collateral 8s, Due Aug. 1, 1941. Price: 101 &
Interest, te net 7.90. (This Issue matures nt 107'i. The,
yield Is figured exclusive of premium.) Pennsylvania Four,
mill Tax Refundable.
Ohie Power Ce.
First & Refunding 7s, Due Jan. 1, 1951. Price: 1022 &
Interest, te net 6.90. Pennsylvania Four-mill Tax Re.
fundable.
Buffalo, Rochester & Pittsburgh Railway Ce.
Consel. 4H, Due May 1, 1957. Price! te net about 5.
Free of Pennsylvania Four-mill Tax.
New Yerk, Chicago & jSt. Leuis Railroad Ce.
Second & Improvement 6s, Due May 1, 1931. Pricet 97 &
Interest te net 6.85. Free of Pennsylvania Four-mill Tax.
We invite inquiries.
Dillen. Read & Ce.
1421 Chestnut St.
Philadelphia
Bosten
New' Yerk
Mr. Charles G. Dubois, President Western Electi
Company, says:
"Electric storage batteries are the reservoirs
which insure the supply of electrical energy us
needed; banks arc the financial sterage bat
teries of commerce and industry."
Central National Bank
of Philadelphia
Chestnut Street at Fifth
Capital 151,000,000 Surplus and Undivided Profits Earned
$4,000,000
BROWN BROTHERS & CO.
;7staMbnrcI JB8
rOL'ItTII A CRUSTNUT STREKT3
i'iiii.ai)i:mhia
New Yerk
COMMERCIAL LETTERS OF CREDIT
Usilffl in Paunda Sterlinrr. Dnllnra nnrl ntlipr !
currencies.
A Century of Service
BROWN, SHIPLEY & COMPANY
Founder Cmirt, I.utlilmry
I.OMIUM, K. I.
We bee te announce that
MR. CLAYTON McMICHAEL
will become associated with us in our
Bend Department
after January 1st, 1922.
ROBT. GLENDINNING & CO.
400 Chestnut St., Philadelphia
De you need money?
We will supply money te Corporations for expan
sion purposes providing a satisfactory record of
past earnings can be shown. Ne schemes or pro
motions will be considered. Fer appointmentwrite
F A Travis &. Bre.
Don't K
50 Broadway New Yerk
lcas3BasssajeasSMBeB3gjaaiitiiiiiisii swjnansimMaiaMir"'"-a
We Specialize in
Pennsylvania
Municipal Issues
Biddle & Henry
104 SOUTH FIFTH ST.
Chicago
it
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Ileta
(llllcc for TraielrM
123 Pull Mull, LONDON, S. V.
I
Edward B.Smith &Ce
- . - - . . C.-..I
Member. New Yerk and l'bll.HH""
Stock ICicbaeses
Investment Securities
Philadclnhla Ne Vwk
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