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24:
EVENING PUBLIC LEDGER PHILADELPHIA', FRIDAY, DECEMBER 30, 1021
3
P
I
t
!tf
11
Ft
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cpKW.Gres3 &Ce.
) 1421 Chestnut St.
INVESTMENT SECURITIES
Oorretpendents Aldred fi Ce,
KKW YORK
FINANCIAL
NOTIFF. OF RKllKMl'TION
niB UNITED lH im'llOtliMiINT
' COMPANY .,
. Ililladalrlila. P.. Dec. 30. 1021.
Te th. holders of thn .7.300.000 IJIeht Per
Cent Twe Year Coupon UeM Net of
The United (tun Impriiiciueiit Company,
dated .February 1. ID'JI, is-ucd under
'rust Aa-rerment between The United Ua
Improvement Company and laiik?re Trust
Compans". Trustee, bearlns; Ilk" dale: .
Motte, la hereby elwti that, pursu-mt te
ins terms or tne Jrust A.ieemem wmi
Vila Untied (las Improvement Cemp.ins and
Sinkers Trust Company. trute. dated Fob - Feb -
ruary 1. 1021. The United (las Improvement
company win pay en ana rraee-i. en . eu
!: lF.ri;,,.H.Ba.'5SSSl
Pyr Cent Twe Year C.iupcn !'" 'I11,1
;s,?d,brUSry0r1,ft'i9D,,?T,,ueOd' !f'S
Trust Agreement: hat interest wl.lVasoie
'&$&! c?ri'" ..ifelw l-
lSaa? that" the "elder, of Mid Net"" ""
raaulred en Februars 1. le.'2. m present
Sm efr iunfc?rrit'Te.i,'n,men!nvt tni'tee
SJ,"f0re.aldnkin Wan' SHeeT "sw tS
8rVtt.a,h&J.. ra'Vv
attached thereto, at said office a- uferetild.
Sasinent will be mad te ihe holder of ild
ete at th redemption price above -tiled
THE UNITED (1AM tMVHOVEMKNT
COMPANY ,, .
ltv B. T. tln.l ne. PrMldent
IWferrlnir te the forceelne notice, note
4.-1D1.JI.K ih mt buiLKu..... ..v... '"-.
holders sr reminded of the ienulremnt e
M frrfFA I lt.nm T TW thit POtefl rr'
snted for pasment havlnir the I-ebruery 1.
1022. coupon sttached must b ntcnmpanld
WT an ownership certificate relating te said
coupon,
Tun UNrrne eas improvement
COMPANY ,, ,
By a. T. Bedln. Pre!deit.
VftTin' ni" ris'.iiv.MPTIOS
Te the Helders of Heien l'er Cent Tne and
ha
bstween Oeerala Railway and Power Coin Cein
pany and Drexel and Ceinpan:', Trustees
datsd February 1. 11)20. Oeerria iiuway
and Power Company will rede m ainl p
en January 0. 1022. all of Its then. putstand
Ins Seven Per Cent The and One-He" ear
Collateral Celd Notes dated Februars 1.
1020. and Issued under ald Collateral liust
Atreement: that Interest will c" te Is
payable en the Notes hereby called for re
demption from and nf'cr January 3. 1022.
that the holders of said Notes are required
en January 3. 1P22. te present thun for
Notehelder, ere remlniterl that the com
anjr Is net permitted by law te pa Interest
neon any note presented for pasm-nt unles
ths same la accompanied by a proper owner
atilp certificate- as required by the Federal
Income Tax Law.
Dated December 0. 1021.
OEORQL. RAILWAY AND POWER
COMPANY
By P. S. ARICWRIOHT.
President.
DAVm I.UPTON'S SIO-4 COMPANY
Inklnc "und rurrhase of Preferrrd Sterk
Pursuant te the anreement of p.ivl 1 Lup
ten Sens Company and the under-.!cned. as
Trustee of the Slnlc'mr Fuid. the under
lired hereby sles notice tnat !t l-as re
ceived netlc from David L'ipter.'s Hern Com Cem
pany that said Company will deposit with the
tmderslrned. en or before January 3. 1022.
the sum of Thirty-one Theue-md Twe Hun
dred and Fifty Dollars (131.210) "i the
Slnklnc Fund, provided under tie Acre nieut
under which ths said Preferred stock was
Issued, nr.d that It Is Its Intention te apply
said sum te ths purchase of shares of the
Preferred stock aforesaid. Offers of fnJd
hares are Invited, at a price net te .'xceea
par and accrued premium of ten per cant
Sealed tenders te be addressed te the Phlln
elphta Trust Company. Trustee of t.'e
Hlnxlns rund aforesaid. Ilread Str-et Office.
Bread and Chestnut streets. N. n. corner.
Philadelphia. Such offers will be received
until n o'clock en January 4, 10IJ.
.' PHILADELPHIA TRUST COMPANY.
Tru-tte.
JOHN C. WALLACn.
Treasurer.
Hillaflelphla. December 23. 1021.
f-3p RKD131PT10N OF 1TVE PKR CKNT
p ftr,t nuniait cold bends of the Dela
ware County Kleetrlr Company.
Netice Is hereby irlven that, nunrjnnt t..
ins tern
swcuiinir
i-Jerm
mist.
aid Issue, will b rcleemed.
These berds will b paid for at one hun
fired and five and a. crued Interest ti Junu
ary 16. 1H22. upon presentaMen nt tue office
of the Philadelphia Trust Cempar.v (for
merly the Philadelphia Trust J,afe Dipeelt
ana insurance tempny. trustee, nuriheast
comer of Bread and Chestnut streets lliila-
DEC, 1. 1051 NOTICLi TO 11(11. 1)KK l)r
PillUUIKLI'llIA AND HCADINO KAII,
ROAD COMPANY S1NK1M1 FUND (iOLD
LOAN 4 HONDS. 1-iXTKNDED TO 1032,
Under the previsions uf the Supplemental
ifertren. sealed proposals will le received
until 12 o'clock neon, en the 31t Inst., at
the etr.ee of ths Truster, 3t7 Chestnut
etrset. for the sale te It of thirty (3U) or e.ik
bends at ths lowest rats, but In no case er-
reedlne; par, with accrued Interest.
THE PENNSYLVANIA COMPANY FOR IN
BIIHANCKS ON I.IVL.3 AND GRANTING
ArJNUTTIF.1 Truetee.
Special MeeHnss
rUB rKOlDENT Lll'K AND TRUST COM
PANY OF PHlUDi:U'IIIA
ft. W. Cerner Fourth and CheHtnut Streets
Philadelphia. December 21, 1021.
X9 THE l'i
PROVIDFIT
PAN! or
A sptclul
The. Provident
Philadelphia "
abevs address
ei January, ibs, ik i. o'clock neon, for
tha purpete of vetlnr for or acRin.t h. .,.
preval of a certain Plan for the acou'eltlen
by Ths Provident Life and Trust Company of
..... at t
cfflc. or p'.ai of business uf said cemDanv
.01 Walnut strest. Phlla.lelphlu Pa., for iri
t ths capital atnclt of the said company
tfem ItOO.beu te T ,000.000. by t" cr.atlSn
and Issuance of additional stock te ths
mount et IOCO.OOO. te consist uf 12,000
tsars, of th. par vnlue of SS0 each.
m, a. aAnisiau'-R
Secretary.
Animal Rlrrtlnna
1; am. i-r..-s.-N .'1111,11, i.iik
INMl'lUNCi: L'llMPANY
PV'adelphla. December 17, 1021.
Th An.Tal Klectlen for nine trusteen te
ssrve thres stars will be h-d at the home
riffle, of the company In the p .m Mutui,
nulldlns. Sixth and Walnut stnets. Phlla
rielphla. Pa . en Mendsy. Jinuurj a. 10J2.
betweta the hours of 10 A. M. and 3 P. M.
SVUNdiY .V. MMU'H.
S'cretaiy
fjfi THK ANNUAL .MKhrf.M. OF THF.
r7 sto;khelders of Hi. Phllnileluhlii nnd
Ys Chester Truclteil Cemimnr win Le held '
' Ne. 010 Commercial Trust L'ulldlnc
'TUB
I'MlLADi-Ll'lllA
HANK
.NAllli.NdL
Philadelphia. DecymLer 0. 132I.
Th. Annual Election for Directors will be
Ui et Ch. flanklnir lieus. en Ttirsd.T,
Saatrarr 10, l4i. b.Iw.en th. hours of II
IfLea and 1 I. "i,
O. HOWARD WOLFR. Cashl.r.
tse
Meellntts ami KTeellenu
XTM NATIONAL "ANK.
Tnll,1l.uil.i. Dee. O. 1021.
Tha a
... .I...Ia.i fnr .Itreetera of thla
nnu., T,.... '-:,-:-, -;:--.
nR--w
Jinniry .i...!t'. Ulwwn, ihs
?
ISM. nm J Ij
tcura
riLXO.V
SALTER.
wauusfe.
rX.!Jrl f"riuSn"nf lil-ORU i It U. u "'" br 1"'!'1 ln tn nire.ters- Ilenm of the Art i PaeKln
rrbnisry I. 1-J. riill"vNY Is'.uii 'emn-e-lal Ksh-inif of Philadelphia, the Audubon
Netles Is hereby slsn thst. pursusnt te Recreiarj". Oar I.ltfht
tarma of the Collateral Trust Asreem.I.t TT7 : : : Cl.lC'igO NIPP
ruinstien ar-j payment ai ine o.,ive "' nrT inn riiutiuui' 1.11 1. ,l.ll TU13I l ,in,.i.n Moterr. A -vj . J"i 4..
brsxef and Cempnny. Trustee-, as afore- K& Company of I'hllt.itelphls. Packard Moter 7 7 7 .'
".W.11 S",h V"1 Ihs,nJst.K",r","V?i'1i5" T1"' Mtv-Aenin Annuit Meetlnir of th. , Phillip Merris . ". C
dsphla. Pennsylvana: ard that en presei- president Life and Trust Company of Phlln- ia J .Cem "l -' 2'4 lu"
Ifi' !id "u,rr,n,Ie',r of ,Mi?..;,,J'T in "a . ""' wl b h'l1 ttt " c- Fourth 'stand OailfclN .... HI Id. 1",.
th February 1. 1022. and Auirnst 1. l')22 ,nd ch-stnut streels. en erend-dar (Men. .t.?,V, iV,Jv . l'-i 1'4 1H 3..
SiSWSr leaTVWhinlM l !
fe."lunen eJaTC;.8' ,KA t'sl " ' LEONARD C. ASHTON. , ' wf.1 .eVtV ! i ! ! ! ! ! S04 'fa
ns oz tne nenus ana tne nortcreire i Insurance nnu inenrciinn -.enii.uiix,
the same of the Dr law are County 1 ,if,i e of the rempans . 423 Walnut
e I'nmMDV. ni.M f '..1 ,, n. a... . ... a ..vi.. J.in.inn' .,.. 1,.'"- nnnn
1000. ..100.000.0(1 bend. hein n'1 ..t ' " ' C. 11 JESXlXOs.' Swwtn. I
"NTYLTRIC -krsef rerd atclese j 1.
(UUYllULI)ERS OF Till' Directors of this nans I id mis tiii-, a quar- A' "d ttfs
LIFK AMI TRU.xT Veil-1 ter.- divider.'! of 0". and an eitra dlwds.-.d Alumln-im 7s 103.1
l'llIl.AI.r.l.flllA 0f 6' were aeciarsu. I'ajaeie ..aniury 1, Ai.ier lei u j...
meetlnn of thn ro.lcvlieM.r. f 1822. te iocaneii iuy ;u at me cies Amer lei i.i iijji..
I.lfe and Tnnt (emn..; . of business uecemuer .... j.u.i. , Anacei.aa .3 mi:...
rill U. h?ld itr7'S 0.110, a, ths Checks will be malUd AnM Arurle-Arner Oil 74
." "edne.dayV the $ Vlr. Vr.JlJ& W.WJE- ftI"T'J,.r r!d. :.! ' .: ' '
Benent of Ita policyholders and the cenerT ,Vd rrcular reml-annunl d vldend of if, !.' If '.'n.'i:: tev S'- ti- , " -.-' ,, U1 i 3 43 ' - -0- ' Vest VlrtflnU Ral.way end West Side Hlt ' "11 1 ii (ir,l , Inrl.'.nVr nre ill.
Ien of said Company Inte a mutual life In- ffititw dividend of 2. en Me Capital S??" 3e,V"'".; ,.,., , f,h , ". ."ll F.e Chl'e 'HI D, j,eln.., A 1 ... 102 Railroad for vear 1021 Is estimated at II.- , should be Utilized In indllfltry Ore (II-
surance cempHny under the prevision, 0f t"e Kx .payable en i. d after .lani.ery 3d . 'r rJSnr I-. in - ' ' I I inl - '0I" )' u T 4... 1014 274.070. This llirure Includes Lompe-iEatlen ' verted te Specinlly favored securities.
Act of Assembly of the Commonwealth of wit. antll which dst. Transfer Heeka w 11 S?,r'PiHM! - ' ?t n.i'' mt !' lPf' . ,.,, i 8.... 103 for twentr-slx months of Federal control. ,. ..... ..' .,i'ht mewv nnd the
Sr'WrlMrC'S. fi?; S M D'Md,nd V'1" "9 $"' ""-""f -J'?!' $ rV- IU''Vt1, He mm,, st oir-eort. ,., seetember1'- cUdliens U?vhlch fester depres-
Dlraeters and approved by th Insuran mu"!U RVdnNi: J limmih Ca.i.i.r "u'nhl Oil 7s 0'i gi. W!i , .'.. . 10Ol , n0 r. Y Tele'e '40 MUd'e Starts Oil reports for beptemb-r , .
SSSSSSSSi1 luC-rwnnX -::::::::: Sa 5 ly JSVw-'iJV S"" !? pja a, exemption stimulates th. i,.
hw may be had upon appilcau ' th,! n'V"'wvv CL , U?a .h"S llJ " SI4 4 100 I ? 82 0' -j aalnst 2,005,078 ln sun. period of 1020. . BUnnce of municipal securities nnd tills
.ar crdsr of th. 8rd ., Directors. PRimnD sViiTin n'e? I n"v n'hVi'i u V WY.Y. SSvj W Sh'h '-,; 10tJi-V u'n 44- -" W nulrbfr of n", of 0n,a Bute tends toward municipal cKtravagance."
LEONARD C. ASHTON Pfr!. pn-rd, of Direct, -j ha, thu jy -. jreecn Short Line .1. . . . . 07 07 ?: Rep Cuba 14s j (11, 2 Hte ?Sr stock it cle.'lnc of book, f" I , , , , . , -
Weeretarv rared a. dlh. . of one nnd euewj.mrter per , ' -. ,?' ln ;' "t?, '" '- P1 '' '- " U .114 1 31 the De. ember quarter was 107.430. com- Shipping Situation Analyzed
B9-erncKrTHiJnEL,tNCKi.N9M. W&ivVhlYSnS.VSg.Z Hea'r'I".?. iraa.-.i'iSy Uti "U, ,n!ijibi-B.,"e.P'" rurlty' 4 Si- WV1!&11 b8$l?ttiSZV A book entitled "The Shipping Heard
nciXTwnaa'TO srecl'lJ'.'.Vr.r. ''"- '"""? ."' r:W te 'cioaciref "' . . ,'!?. "J i . . 84 cRerp M ift I AY".: ai $ steel ' p'rSd at th?" pS.rn.nt of th" land Our Merchant Marine" Is being din-
"SSffitt. MKiSNiJiS . ftiVahSF.??. 'L:;S.liimtSrrmiU931' '5"r. 'T." 73 .:.:::::.:: . ?,.. .nepubef uru ;. ?.;.l.vnc u I a A."?VI. 'Y.w.1.!.". M?1j. .'""A"? trlbuted by The Mechanics nnd Metals
f a, resolution of the Heard of Dire "ters
a! thU, company- a special m.-etlnar of the
.toelthelders of fald company will b8 held ,
X'Vlsl-lV.. ttiit i!(lh alV fit Jlnl.... n'.U
i la o'clock M.. at ih- cliVf and' ZAJliZZi
W Wnnls "p.. rin Monday IS'mS; V'MJVV.aV A0Vire,U,:R,'l?Kr.i:X' Synd,cate 0frers h, State Bend , r " i.V.rl. bS "' ""Lli," ,103 "l ttt',lc,, thp fl,crnl of S00'1 fellow "cei.tly. He had always 'lived
IT It B o'cleek P. M for the I"irpe of held: ".limhlJ f Prnna Deien.l'".? ,U.t.0.'' ssndlcate cotiipe.. si of the First National L .B ",04 s"" 110l"'ul'8' W ., ,0 ll)R l,.me.' When the eempilliy for which he worked was reorganized ten
I fctVEM ' X&.T?YZ"ilJWUJlV&.?m I::!! let a;.;eU,n1I0l7;;i J::::; U I ' ?& we. the president HRI1 te him: 'Have you a thousand .Mlarsr ' 'C"
tp c L. rihl l'refu.ndsi f iViu.d "u,etr i i 'fc V?, u"; r"' "l"1"" I,"'' r!"""1 ""''iia' Uin .,' ' JeJu, c. . . . je. U a competence for his widow today. Hut the 'geed fellow' didn't hnve t; he had
I 1 , SZTli.- rt'pXl ?&tt$ ZnSf'falieVW b:?. .:::: $&::: l ?. " "' " c are raising a fund te buy his daughter a
" teagf-lNORTmVKSTKRN NATIONAL RANK "' -" r.-fIVLT-J? J " avUla,'le ter lusted compensation bends of the H'.te of 1.... 10439 10;r' i 77 plune SO that she Clin give music lessens.
I . Annua, rrfioneriro;"-'',, 'c'eS.iTcIaI" t co or PllILA. ',a Wm&rSlTM ' t". "'"VffT v" M'Tv.W " I "l came axftt irma .,h,f,mTra.1 '!.h antI,Cr man wl,ose " ncrcr
; StaMri Je!b 0,.'?."kbneTWe'.!,u"0,h," uW"S ' - '-NC VCK' S5? -" -! ' edn0WTlLrt'r. ! A';ra I"? i : : : : : S ' " ' y been as large as the 'geed fellow s e rode In his automobile.
'( X A. M. and 1 P, M , Cr"Jlir.-J!. , after, until und lucludln October 1. 1032. , "ra 7 , 'H'ld 4 Mai. fd s & a r ill .. !). you knew llOW I paid for tllls niltnineblleV be liskcd. 'Out of the
vie. i'K.fi?nniD.iJ ?-K.'., .xiTi-Vluiv K,:iH?I..T:.. "".,!? Wm&lZ'E&.l'. z.Y.: OOU .. :; ::: is dividends that came te n.e last 5ear from my savings. When I ,!
fcf Sr-XHB Wlll-UIUa'UUI NAllONT December 13. hl.Kta-J'-r.0SAi-?. ' K." aVin1.i..'r.vU"bv,'l.f.reSta?;".f',Ohni! '
w t-r li.iiin x in lkj uv""" ..... ... .. tr , , ,.,. -.. -
Breker's Office
'1 u equipped tuite of offices
tuitibla for a broker in the
conduct of a stock and bend
bu'inest, can be had at once with
lease. Apply te
Roem 300
1418 S. Penn Sq.
Philadelphia
Spruce G767 Race 4838
i nvwriAl.
, , i lis.i.ii-iaii.
Aiiniml Meetings
THIRD NATIONAL BANK
Philadelphia December 8 1921
' The Annu.ii MeetlnB of ,.,. al.are -
i,0i,jr, or tllls bir It ler the election
f "" "n.l wd, e'thcr uSfni-M
-" '"-V Properly come befetv the m - cl -
Ins: ill be held ut the hanking house
ou T"'". Jntiur.v leth. 1022. be-
:een the hours of IS M and 2 I'. M.
W.CMFFORDWOOD, Cashier,
!.V-.-TNITr:i SKCl RITY MFIJ lNHl'R -
i - ,M' AMI Till T COMPANY OF
i pk.vvsyi.VAMA.
Tw annual m-etlnff of the stockholder
"II. be held nt the office of the Cempr
Velnedn. .lunnnrv It Vll". t 12 e'clnc
eiinrti ij , .fununry 11. u:. hi i- e emeu
, neflni f0r-ti,e pUrpe of clertlnir nfteen 111 -
-eciem te ere rer the enuin sear, ana ler
the trsnemlsilen of eu.-li ether buclness as
may com? before the merttn.-.
IV. II.
JUNOKURTK. .7r..
Secretary.
r5' '
MERCHANTS' 1VAUFJIOVSK
rilMI'AW
Philadelphia Iec SO. 1(121.
The Ar.n-il Mrtlnit cf the etnchhelder, of
thU oenitanv for tl:e elei'lu'i of directors
v.l T7Mn.Kirn ru.t.M.H.f DMM1
and errh ether blllnee as mav dim- before Arm i'eai
15" iiaiiaiai iieuuiiui uuiiiv li.'eltimhla HnieruUl
CIIKSTNUT STRKET UI.ST OF IlKOAtl , Iju.-ant Meters ....
Philadelphia. Decembtr 27. 11121. , Ind Moleri
The Vnniul reetlnl of the shareholders j;arl J'uter
of t"ils bank for the election of directors tol(ieerK"H Clethes ...
serv durlnic the ensuing sear, and for such luibsen Hewell
etl er li'irlnes" as may be present. d. will be eini Aldeti Cial ..
h d s- the Innklnsr house en TFF.M)Y liloedvesr Tire
.JANFARY 10. 1022. ItRTWEKN THE eFatit iletw ... .
HOURS OF- 12 O'CLOCK NOON AND 1 T.M. HesdenChem
J WTd ITARlvr. Vice President and Cashier inter Huhl-
n.rr.rnrr
e'J MANAYCNK NATIONAL HANK
VU. . .,,,,! M..Hn. nn .!.'. I '. '.,
i itv e,i,.u. .-...- ..., ...i.wii w. ui-
reciers of this bank will be held at ths
haikine house, cernsr Main and Levering
streets. Manayur.k. Philadelphia, en Tue-
day. January .10. 1022, between the hours of
11 A. M. and t l M.. and for ths trans -
action ei anv ether business that may corns
UC1U.. iv in. c. ...... i
ntTUKNH J. MOKRT1. QMr I NllKTKNDIlNr Oil.
JS rillLADKUMlIA OUlllOPAKmr'lloene OM
fc:s IIOS1MTAI. AND IM'IKMAHV X)K Hew mi Wvenitnv TH
vfuT.tu 1.141 ask. is,.,n. nil inn
Tha unnu.il ni0tltli? Of the C?eMr!hiitr.si
will b .."M at th- hesp'tal, nerths est corner
c..ene.-nl. ana hummer stretts. en Muml,
HI.T,
saa
J.immrr 2. 1922. at 3 I. M. te elect three
Manacers te sne four vars.
CHARLHS SINKLF.R.
Se'retar-'
,73 1IIB I'F.NNMLVANIV COMPANY
Jriy FOR lNFRANCi:s ON I.n KS
AND HRANTINO ANNUinia
The Aimunl MetlnB of the stockheldere of
.his company w,Il take place at Its effics
V7 Che-tnut street, en Monday. .Innuury 1(1.
?... "Jl:-,t zW, ? .an. ' s ill
' '"""';:"" -s f-Ti-Ti.Vr" "r
the etisuliiu vear. (.. S. ..CWIIALL.
. "'-.
pSf HANK OF NORTH AMF.RICA
sC' Dfcmtr II. 1021.
The Annual Meet'ntc of the stockholders
e' fits l-ank for the election of directors
w"l 1 li he'd at the K.nltlr.ir l.euss en Tiles-
day. .Innunry 10, 1022. between the hours of
f ii'rleik M. and 1 o'clock P. M.
'" K. S. KROMKR.
Cashier.
rNOTICK I I1ERK1IY C.IVF.N OF AN
- Annual Meetlnsr of the l.illrejd .Mutual
st tne
street,
SKCOM) NATIONAL HANK OF
I'll i.m',ri. i'n i.i.
ut Frunkferd
Philadelphia. December 2S, 1121.
fund I72O.O00. and the combined capital and
surplus of tne nanK sx.uuu.iiuu.
Checks will !e mailed.
FRANK ADSHCAD, Cashier.
ROGERS iMILK
PRODUCTS CO.
. r rerular mec'lmr of the Rear,!
p' rectors of the ReRer Milk Products Ce,
.1 West 43d PL. New1
held in Its emces
,.rW. en Dec. 2
the reBUlar quarterly
1 at the rrte of sr.
ill'dend was declared
per iinnuni en the preferred te 1: of record
Dec. 20, 1UJ1. tnsci.s win de mailed
Ten
-""
3. 102
FRANKLIN NATIONAL HANK
Chestnut Htreet Wist of llrned
Philadelphia. December 10, 1021.
tin regular m-etlnc of the Heard e
'JIANAYI'NK NTIONAL HANK
iiiiuue.i.iiiK. u.
Dec-mber 27th. lf.ei
Mil snllR KRRirrcsON .......
t .... .. ; -
"Sie. r..-it.....iinin., ..i.itienn
Till: RAMtlll' NORHI AIIFKHA
PMlad'Inbla. D-c Jj. HI21.
D'recinr, imi e u.careu a senil-pnnqil
idn.l i'f 8."f!,.fr,:'. ",f, '"" Payable Ji.nu-
OT .1, --. " ' ,V , . lfc "-'"ru at me
,i,. if busliess De.emLer 21. 1021. Chctk.
A, 111-., lu -. uu.,,, t rfi.iru m tnn
. Ill be mantu
n,
S ICHOMI.t,
1 '1 e'M.r
NORTIIFKN NATIONAL HAM;
Phlln , J.-. 2". 11,21
The d'neters I1110 tl, s ,U der'dri' .
eml-aiinusl dividend if alt tfl) 1K.r rf,,
.. ,f tux. nasablc Januars' 3, 1022. te
.., .' i.nlders of rrd at the clese of busl
nee. Dectml-r 31. 1021.
Che.ks will be mailed
- irILQL'-IIIIiy-lRrJ!hJer;-
wksti:rn rewKR corporation
The Heard of Directors h.tte declared a
......w dividend or one tinil , ,.... ...
,mi..,.i, -- - . . ---. ... ,u,i
(lsC.) l'er 'nt ,"v ',' f.,1 '"'erred S't.vit,
naat.le Jiinmiry Kith. I0"J. te stockholder
nf r. rd at the Cese t,f buslnes. January
3d, 1022
H P WH SON Secretary.
I Archliect's OHlce. Waahlngtea, D. c..
December IB. 1021 SKALKD PROPOSALS
Siu'b. Wiln Ai1" J4. . 3 A'- M., Jan.
L."7 i,. th. United State. Mint. PhlladeT.
no In '
pi,ia. Pa.
.nd draw
. this nmce
, in accoruance wun specincatlen.
intf. rn.iles of Mhlch mav lm hn,l a,
r rr at the office of the Cu.tei!jn.
p iiadeipMa. Pa,, in the discretion if VA.
Dlilrtends
1 -u. T.lc.,'. nrn hnve IhlM cuv (l.c!af.1 ., I (.ODDer L.nveil ..
... X''ll. IU T-'J IUU euta'tun aut.u. iiiurtKiii Lllt.
..... t-fliriM- ill, I.All .till: Itllr lm... . ' - v..-, . 1111 "" 01
Bupervlsln Architect JAS. a. VtETMORE. IVasliluilen, Dee 30. The Apache Rail-Ariln-
Hitpervlsliw Architect W(lJ. ijempany aalccl the Interetate Cem-
irn.Ti'OHll H l'OR t'OMI'I.KrleN l'Olfrn ineree Commission for authority te Issue
1 'JJ'aNtV 'HO0 !J- Censtc.. LiVJ,1,'?. , J" (.00 in note. ;n.l W300 In stock for
lZ
-. .. n
I H-rned. for- th;
IT lF L1".-V"" V' I UlYOf M-tnnim
Includin Installntien of equlpm.
mnA .neelflrallenS will D. film
rscslpt of a drpealt ct Ten Hellar
SESSION ON
CURB
HOLIDAY AFFAIR
Speculators Hesitate te Make
Commitments Until After
Turn of the Year
New Yerk. Dec. .10. Trading m the
fiii'li today was of a holiday character
nml reflected nn Indisposition en the
purl of speculative Interests te make
Si P ti, " a geed part of the
I buslne-s consisted of the URtinl closing
, -'!' ' ntractM but th-re i gee,
, denintld lit tuederilte concessions ami
prices generally were well tun ..tallied
' nt near recently prevailing level-.,
I Durnnt Moteis centlnueil te held
nreuiul '2i. hut Durant of Indiana stock
I wnK ln SUP,,lj.. rein, nt the low record
of 10 JA en ., fairly W Me. Ili.
' Meters A. under nil Improved demand,
ranged from U te 2Vj. Grant Moter Mild
..t .. c,..,.,H.,el r.,iln ilnniHeur Tire
'ls " HltRHtiy.
Tim fetrn1.ntn lmnpq wprp lrrectllrtr.
IIIU pctrelium 1SSUCS WCrt irrij,'lllli.
- . i i i i . . .i..u
, Inities Service common yielded tl points
i hv mien. SUlulnrd 1)11 Of minium
. . r....n.....il nl wlille Viicle-
showed n fractional Riilli. uuc "K'e
American uu was sieauy i a ""'
range, imperial uu ei l.iuhur '"
from 104i te Kid.
INIttlSTKI.r.A
Illrh
i. no
P.M.
l'i
C8
14
74
12S
12'
0
20
pn
2'i
le'i
s
lr.'i
ni
44'1
IUS4
.A
ll
hew
1H
.".0
1".
74
12S
12',
?,
258i
ea
2d
lO'i
8
ir,vi
lfi4
41
ll'
''
1
. . s
le
I
80
2'k
204
OH
211
in1;
i.vi
in.
4i
llf
l'i
1
leeantl Aute
OH
H4
Lippy jic.Neiu
e2
r'S
'-TANDARII OIL
Anirl-Ani O.l 1. Ja
17 17
7 70
1014 10(1
82 S3
2SVj 2S'i
7.1 73
S71; mu
SiW 303
I Atlalltlc I Wl C.IS
n'S
. 70
.Kill
. !:.
. 24
! h'sw
SOU
PurKii 1 L ...
imnetial Oil Can .
Indiana I L.
,?,, -?? .. .
south p I. .......
.5 oil of Ind I II.
3 e ! hi N T
-.1
7S
2J
ll-
Oil
Cirlt. Sin ' .lTi "Ti H"
3 4
Citli- Service (old) M"'!; ?f 1UJ
i.um service w ;i.... --; - -
' PpaAlu Mvn W fci
' Creele Syn
Cushlna Pete
Dominion Oil .
KdMends OU .
(1
ti
Oil
i.'i
;,'.i
';
is
14
2
0
Id
B-s
10
.-,
1
214
17
16
17
0
80
10.1
311
13
121.
-
4
II
(lu
Ml
2 "4
G
10
!'4
111
t3
1
214
17
16
1H
8)
1()
iij
12
fl':
12
03
70
tin
rraltie -rs I'etrel 30
'p.,fcrii Oil l',
iVllllUnc' O'l ' '. '.........
i ,'. 'V,r ".., oil 1
rirnnada 2t
, Harvev Crude l
Hudsen eT:. :::::: u
UK Haslti J',1
OS
mp,-ral ei w;i
. Int Petrel ld
. ......n.. itaraer ...
LlMnnsten Ret
'.Maricalln Oil .....
Klrby Ret
Mei Huglr cx-dlv ...
Neble
Ohie Panzer
Omar OU ,
, pur Oil pf ,
8.1
ll
. 21
.17
. 16
. Is
. I)
. 80
.100
:
. 3
. T'i
. 12
. (".-.
. 7S
' Itvan Cuna
' 3' Pel V!-?"?."
iskcllv Oil ...
tieutnern f .1 . .
Texen
Tidal or cash
Vliteria oil new .
Woodburn
12
70
MINING
A jnkj. lir Columbia
. Alvardo M
Hii: L-dce
. 'J
. H7
.10O.
2tJ
. 1
. 21
. I
. 23
. 12
. 4
. 3d
L'I
Ml
OS
28
87
10i).,
1 '
21
0
'.ft
Kosten & Mentana
-"4
1
21
3
21
12
4
43
t.
4.-i
r.j
40
i
i
Harmlll Divide
h- .a Mlnlni;
Iren Rierum
MiNcmaru
Mether Led t-; . . ,
.Mohican Cep
Nailunl Tin
Nevada Ophlr ,
New Cernelia
Nlp'.sslru; ex-dlv . . .
r.
41)
S3
40
(il
31
40
IS
C4
IS
.Nci .vmx Ariz una
,,? ?,h",a
I 'J 5 luT,c,.lc,,1
i Am P 4 U
14
.1
07
1
I.
-
li'i
.r""S.h m S "
I '"""Pan .uiii
, i uity ue.ii
L'r'ed Eastern .
Yuken Geld
. Allied PacUer 6a
RONDS
03
3d
1024
(12
-, ,
u't
in-Ji
Ui
..K.0,
..lm)
..101
. .102!,
..102
, . HS
10u K)U
lOil 100
10.1 101
102 102
102 KJ
US OS
ine loe
Heth Ptec: 7s 1022
..100
, Heth Sesl 7s 1033.
Cent bteel Si
.lin)4 l.ieu l(i
. ieVj tn oe
Charcoal Iren 8a
us '.". 1'h
1 ..-ithwest Hell 7s
..1011 KlOV
l(in
Mun.l 1111 i n-. s
. .10. Ki.'.
,.len ine
..103 103
. 074 Oil
..l(ni 1'iiiH
. . 03 03
Ki.1
l(.u
tt A Uu Tb 102
i'el Kn 7e ..
I'nlted Oil Pred St
:i
i Vat uum OH 7 ...
03
Wilsen 74 s
Federal Reserve Ratios
vt... ....... r.- nn n..... ... ..... .
lin,ituitiu.it ,n. itu. i.n i"- ,, i.rpi rr-
r-ri'es (e net aepneus ami jeaerai ii...ive
note Itubllltles cernblrtd, for the twelt e F..I
ernl Re. r-e Hanks and the entire lyHtem us
of D-.''.iber 2!, 1021. compared with pre pre
neus ne.it ana a se.r aj, folio-:
1620
Dee ;i dcc.. m
7rt.n r.8.3
70.3 40 0
71.2 34 2
08? r.9.1
4.1.0 4.1.4
41 7 40 7
71.3 .10.4
H4 11 4 4.."
34,8 lill.S
31. 41.1
4h. I 1 8
7J -' 40.3
V-r. 23
7 1
sn s
71.2
71 7
42!a
41' II
70 il
(13 2
If. 7
fi.1.3
4.1 1
70 8
TTt
Hosten .
New Yerk . .
I'hiladeli lila
.'leve'.und ..
IUchnxind . .
M'anta. ....
.,......
v.u.i.ehu ......
St Leuis
MlnneADe'Is ...
Kansas City . .
Dallas
jan 1'ritr.cUce
Total
43.4
"' " ;tatf Treasurer, uoiumea-, v. The
, bends ','."'. ln"!r,,,, ,ft! '''.V'"1?; ar1 ;xALn.,lt
from all taxes lev ed by II.. .Mat, of Ohie.
Tt. Ll..:
of Ohie has no outstanding bended Indibtcd-
. . f :?i"
i. i
, . . I
1 . . . .. . ...
, Apaene nanway xe issue rsetea
under the ap-1
Z i-l.l-- "ai." -.-....it-.e s.VH !,. 'A.4lTA
. . 1 ., ne...
"urnhh-1 uporileempany exacts te Issue would, be suld
NEW YORK BONDS
BALE3 IN $1000
Arse. Rep'e Ss
1 77
Canarti'n Nthn
0in rets
1.... 107 ti
1.... 107
Can Pnc deu
7s wl
10 7A
le 78
Chlls Cep'r 0
1 B
2 R3i
1 Hi
1 83 ?i
Chlr.e. Qevs't
H.IC Illy r-s
2D 45
3 15
CItJ of Uemen
6s rets
1.... lOiUi
City llernt ss
1 S3U G C3U
All Coast L, 4 .;... r.3U
1 811 S SDK
1 85 i 1..... 03 Vi
A Coast I 7s 1 SSH
S.... 10 Ana Copper M
Atl'c Krult 7s 1 M Marlns 0s
B 21H 1 80 Vi
0 22 Int't Tapsr lis
1 2ZVi 2 8SK
1 21(, Iowa Cent'l Is
Atlnntle Uefs B 32
ct 04s n 32
1.... 103H 0 32
A Tewdir 7 Vi "an UaHii
14.... 1034 2 03 '4
bait & Ohie ev K U T Rly Is
2 7.1 1 SOU
1 74-vH 2 MH
10 (sale) 74 'i 3 80
llhlt it U ,'IVtS 0 00 t
1 SOU Kelly Hprlnif'd
Halt Ohie 4s Tire ts
1
lOOli! 2 77VjV - 103J
1
107 Halt Jfc Ohie M l.acleee Q Ce
City liera x e 1 7SU
ht I.e Cs
II Mvi IBalt d. Ohie lis
1 89V,
L Val in 4H
& 8C
L. Si Ms ere 7a
4.... 113
1.... 112 i.i
Ikjii lid R fd
0 72j
72'4
Leuis & Narh
SUs wl
C... 102U
1.... 103U
3.... 1024
0.... 102 U
2.... 102U
Le & Nash 7s
1 E3M 1 or.'i
City of Copen-II & O P l U
l.acen CMs & V Va 4s
2 80i 2 73
City I. von ? eU & O Tel 4s
R 83 ill 1 C3
111 eSfcJ 1 03H
CItJ llam'n r.s. 0 0.3 'i
3 ' 3 03
83H,1(!I Telephone
Cty Itle de Ja'
of Pa
tierle bs
2.... 10!)
a. ... ion
2.... 100
1.... 108
Detli Steel fd
1 03
r..
JOft'i
100 'A
100 H
101
101
101
101
JOt
ine'i
100 '
100
1..
4..
7. .
1..
1..
1..
1..
1..
1 1
lUUVl
D Steel Os '30,
1
ioev.
1 SUM,
Manhut E'd 4s
11 Kdl'n Ce Pk
6 G7K
1 P1U
M Oil War Hs
1.
1.
1.
1! Udlsen D 7s
1 07
?d KtP i 8 Ste
1.... ins";
100T
M C'.is rets
2.... 101
1.... 101
10ST4
Cuban C H cviR Hap T ct 7s
r.svi
4 37
2 r.e
ti 00 Vi
Culu '. Ce !"
H Ilupld Tri.11
II KlTaJ wl
ct 7s iU
2 C3'i
43 Vj
10..
4..
1 77i
D3
Cub Railroad Hrewn Shoe 4s
te 748 wl " -;
e 00 Hush HuldB fie
2...
13...
uenmari: Cen i HO
ct A 6s ctl Leather r.s1
1.... 100U i 03Vi
1.... 100 Ctl Pacific 1st
Denmail: Cen c j"
ct U 8s I i S2
1.... lOO'ilcen'l Pae 3is
D Canada '2D 8 8Rt
Me K
1
, e K t T -nd
i.i
Me K ft T 4i
1 76
SI IC ti T 4s wl
. 07Vi!Cere de Pas'e
1...
1...
04 Vj
07
LCe'r 8s
nil.
01 u
07
07
1U.... 11.14
1.... 113
1.... 113
dies 044
2 81
Ches'e O 3s
.....
0 644
07
Me Kan Te.-.
D Canada '31
1 044
Oove't French
ct 44
0 S3
M K 4.T 3s wl
R 74 rets
84
IS 78
0 73
2 7 H
4.
04S
Oil & Alt 34s
1..
a..
13..
i..
i..
r...
10..
l..
3..
1..
044
04 H
044
04 4
04
04 4
04 4
04 H
04
04
04
04
04 4
94
01H
04
04
01
04
04
1 38
M K tiT Os v1
Chi Hurl Q
II 34s
C 77
3 01
3 01
C 11 & Q H4'
ti 01
2 01
10(14
MK(T notes
1..
4..
1..
C..
n
h'.'.
. 1001,
. leS
. 106
. 1(0 4
. 1011
. 100
i n '3i
eft..
1 GUN
0 004
Me Pacific 49
3 00
1 004
1 (10
Ct J
1
le!!.!.
i
4
1
fie.-e't V
20....
1
1 Gt
.! cnute Pae 0s
10..
10..
10..
f...
3
CO 4
00
10 074
0041.
Ment'a px ss
00
ee
1 OS
...
P-'
R Ssl
10O
100
00
01
00
1.
00 4
00
I W 4, Chicago Mil t
Or'd Trun': of St P 4r '2.1
Can os rc(s ' ;q ;e
2.... 1011 i 1 . . Tin,
:.. 10.1
i
"'i,1",
1011 Clilcai;n M'l &
2 87 le r.il
23 874' 2 .10
Jap Oese't 4s C'hlcJire Mil 4
3 :.') st p .. r.i
K Delilum Os! u (;;j
1 88 -V- " :? r?"'ya'cJ'1. ...-. V. "nt J"." ,,,!1',.'',.4-5;,.'l.iS1 creased 12.000,000 gallens: shipments ' eeine icw inrge ceumi-. .... j .' "
.,v ;-N V cucn 4. Mist July." Rate entlm' old capita jiUtter. "S te e.,r insular po-csslens decreased ?":,,"" T,X0w
7 " TBr I se w nt "''""iy. roeuirina H.4.vi,oei) 1 3.000.000 galleiw ; domestic censump- tle change during tie winter. 1 rices re-
1 61 vyY :',', I , for dividends, while the 12 per cnt rate tien lnereised 17 000 000 c.tllens uiain the same nnd collections slew.
1 014 ', V-"-'"V " "tabllshed In September en the .Increased . no mcrcasiu J . .Uinj.UUU gallons. , j f tobaeeo lms bfien
1 ... 61 rnnts
. ,.,.&. i...
N
2 ... in" sn- cv 44- . , ' ' '"u" ,l """l" ,!", nf has t.fen tii.cn from t redound vastly te the lienc-tit or industry
tsaiV) ieeu ?.- 51 ??.:. 83 hK.-W. .nni'." hM t0 lh" generally, is the opinion of W
l ie(i' ' :.". iN v Ldis-iii c. I Moere, president of the American Hend
Rsciev't iV T e"-" ) HV.h rets r. Incen.s account of the Aute Sale. ( nrper.i. 011(1 Mortgage Ceinpntiy, of Chicago.
13 .. S7 Vh-cie'MMi' - 10," ",n f?;,if!"!i T? SJ" vVv"1, 'V'1" ,l;,' "The exemption of certnln securities
iu.... .-., (in.iac .ri a. , -.., subnilltid te the New ierl: Steel: Et- . ., ,, , i . -.r . in
n 87 i sti fi n.s I : e"'1 n!,m,. hn-. n-t ...out hnr.,r i.'. ...;;, from taxation." said Mr. Moere, "has
" ---- - .
r,.... 106
1.... I'ul'i.
1 lull
!e... ion
1 Kid
4.... li'(l
lm !Cir:'N-i.,rh. 1,1, Hell
.- ?niuC,"na""'cV" 1 77 " ne-w-pla-nts: "mlktaS-'tiui end.turc i when t was necessary te raise huge - "'" ---"J g- s ..nclmnl"
...., 10441 10 cs ':,. j ter oddltletiH approved this year of lid,, sums of money te meet the Natien's (";"1rn '" ".0n, ,"2" A " ,L .. . , .r '
k Heifm rets, s ,t:n ',' ,l , 27.oeo. ncute needs it was well enough te ex- eil. lea in satisfactei. owing , te short-,
I"" !e?.V.;CrTi Ifl.7?d ".'.. 41 Con.elldc.ted Income account of the North "mpt IZ" i!n nt a? 'i,1a'; H'lTl itl'e-tradln- '
Z, 1 ! : ! : : S M JSLSSSZ ?BnJttgg$&. fur I SSl tt I SS'E.SK .u" jSS" 8teck faUers . m at Ave te live and en,- ,
3 04 C V
Klnrdem Den-, 5.
mark ct 8s "
sta 44srw..t, ."
i " r.
in u:iri 11 111
S3
1.... 1C7 Chicago Union
1 103 I sta ct 04s
j.inzuem .or-
Lean ct
.m .... .
1 07 . . "'3.t
1 108
Columbia U ft! -V.V." ..".
..... iu cleg 1st
JV ' 1 8J
. l i;ys Cl s
10 3
,.N Y Tela 4',in
..... iVOCen,-a QXS -g
.ir? inline i.i r. mis.
C 884
3 00 ,r. Jr.-..;. 1 834
103 4 1
1" 00! B
N Y Tele'e '41
103,
ReVcline yffcRfd
4.... 101
1
102
.. . . . IV. -u
1..
10
vuay 8s
Pwdr
4....
4 s
m.i
I ou
Nfk ft W c Ct
4 103
60 Perte Rlee
1...
103 I
.... 104
T
e
'State of Sae , J'- JJ , ..... 1074
3.... t00
raule Ss
1.... 1074 I
1.... 1004
E Tenn Va &
,--...... .
3 101
1.... 1074 I
1.... H)7 '
N Pacific P. lis I
3 ... 101
C......1 r., O. utu,.,B '
.nt.wi. vvi, ... , nil
IH'i',. i n 1 f... I 0. 00
IT IC Ort Ilrlt
: I'd 1022
0 100
IT IC Ort Brit
ti I'd 1829
r, 09
3 09
.... .- .-
!0re 6 Calif 3s
1 C 03
Orcsen H L Ss
4 42
1 42
Hrle R R cv A
10 07
1 80
ErliYl'hcvDOf-WItltCe
, ' ..,. It K (.0 4S
1.,... 384 ,n .-
10.
Erls R Ce 4t
4 08
Pan A Fe'.r'm
i "''"'"iFI-U-hub'r Ce' 'TCeT
i' t1,Xl0iL,.. 8. ret. '3-?
30
CO.
934
l.V!.' ioe4I'a ii'ien Vjs
. .,..-,, I 10 n(
1..
1..
n
1!.'
10..
1..
9B
P5"'0ene'l Hie, iJi'f'ma R R 3s
UiV' 1.. .. 0.1 10 t'".
S5 Oef.dyear V ft '0.r"' Vj.
25! Itub'r'tl L1:-" i0i
flS'ii 1 .. unv. Preduc's i Re.
..... ..... .
A B & n'B .Is, ., 1
1 7 . T" ' ' ' . Q, , . a ... ..
I . ":. .. II) 4Si Wl .. 44 H .11
Amer aua itei . .ir mV.
C " W'aw IPs 'steel 4 4.!siBFran
B 084
804
ecrica
e no
(1 oe
10 03
1 Ill) 4
St I. & S l'run
H-rle 11
4 82
s . . nsu
Am T & T clt Info Met 4 4.
23 RCH 1 nli
10 87 ' 1 'I
Amn r & T is 2 0
1 nlTtilntb'e R T fd
1 . ! I 0 334
Ainn T A T esi a B2i
8 83
1 . . 83
a.... .us J3...., 83
. -- --
te A.T SC ' 1 S't
iii 1 a 4 . - sa 11 ut nirrrHDDii iiri UFriuii 111 iu.-Lr. iiruns
w (.iniura .-or-i 1 uni-i. a i,i'4 - -- .r-v.;.v.rvV. : .., Arr . .;. ;...
'4 ..-. Q- .--.. -.." - ... .v.itura tt .....twC. .v. v,. n. u..,.K.,. . .!.. !, .n,u AF 41.AOA CA. I lUT I UU IJUllVl ....f- WL ll.ri 1.-UU1U11U'.
23 - . - " ,. ' ! I'-t : ". with uclener, DUt mis was natural, aua '" i.mi ...v .. ....,. ... ....- .- , nrf nn. .llsiinscd te nlnpe ...1.
14 14 1.... I08,c i- W I 74s 1 17 ' te stln.pustlen of trr.rfle In the latter month curitles which de net contribute toward lluer arc nor. uispescu 10 place td-
.1 .1 i: Suedsn He 1 ,00 25... . r..1 . in tlcw of threatened strike. November biesj ,iie llnl..p,n nf 4l, Vnflnn is lat-lv re- nilCCll business. t.ollellens In the line
04 d7 ' 3 084 JY'41'.'fls 1 COVjIwas f-7.3H3.3M. a decrerse of $2,412,144, Ul upkeep Ot tile .ntlen I s 'argviy re
1 1 1 1 ?iVV:liUi' compared with Neiember. IO20. ai.d a Klionsible for our recent depression "".',,,,:,,.,,.. of ,lr,,Sfces ,,( (l,
' puVVa Vie, 3..'. '.;.,.. VlJ ws.t'nis decr-ase of S354.042. as compared with Oc- this and our unscientific tux laws. Os- Miiiiuta(.iu!era 01 1 rtsscs Mate tlic
2.'. 2A 1 CSYii;'(il ln teber. 1021. (iress excelled that of aeptem-' ,',. '" V. ' " , tof,emei the rich te trade is bujing sparingly for immediate
W. 1A fc!- Lu 3... 3... 104 ' -.':. J-8. Iber lait. heweve.. by 800.053. I ,tenslb ..rr".mC' l2 .?0mI I1 ,".',"." .. - needa nml mu endeavoring te nhlnli.
: 88 ci'd cin Chl ' i: ij-b ss uear ineir siire 01 tne tax euiiii-ii-., n.- :- --- --. ---. ;,.,.:,:"" rw r :
r.....i... 1., ..u.u.T4iti "-.i .. . . 1 ..... -e .1 i.:D .., tnv. ceeds nt their own iiriee. Cleak und
l-V-.4T. 4 Ut 44rint1'f4-44 I . S4-4 J I M ? Tlnlln.ni n I ft-.. n fa. S. .'4l'.n I ll'llllll lllll 111 lll'll' SIM II 1 i 1 RV 1 a LU ..
Sn Railway CIS
AVe'n Pae lata
B Ii 4V4s
1 77
2 884
1 88H
3 8SU
0 b&M,
West Shere 4s
St L Sewn en
22 78
1 7ST4
2 7BW
3 78 V.
2 08S.
Tidewater Oil
San Antonie t.
t'e ct 0H
7.... 100U
A P r. 4s
s ceu
Seab'd A I. nj
1 14V4
1 14 i
E 14
Union Pae cv
W Union imi
S OOU
3 00U
7 OOU
2.... 1011:4
2.... 100
2.... 1004
Union Pae 4s
Weitlt'.shs'e. 11
Seab'd A I. Ss
1 8dtt
2 80S
10 8HH
1 8G4
Mff 7s
3 41
1 42
10 41H
fill Steel II g
1 90
Sinclair C Oil
Cerp 7 ',4 s
1 09
3 00
Se'n Uelt T Cs
1 03
Sn Paclfle fd
1 84';
100 8 Mi
1.
10.7
leim
105 u
103',i
103H
10B'4
0....
1....
1....
4....
U'n Tank C 7s
1.... 104
U'd H Steel Ss
ti.... 100
1.... 100
1 pn
1 00T4
WiLU 4Vi
1 S3
Wilten Ce lsts
1 01
1 04
Va-C Ch 7Hs
1 03
1:30
i'. :.i.
ii4.ne
07.00
00.70
07.C8
07.30
Liberty 31b .... 01.00 114.40
Liberty 1st 4U . 07.18 07.00
Liberty 2d lVis . 00.70 00.50
Liberty Sd 4h . 07.0S 07.(10
Liberty 4th 4Via . 07.30 07.10
Vic Nete 3s ..100.00 100.00 100.00
Vic Nete 4?ia ..100.03 100.04 100.08
Financial Briefs
T. nU. M..iL. -..j rt.a t - -
I tllnihlA nfDtihni.haii teM. .fan - - '".
i reD, ; Tfz !i"?w."x:i '-'-vr.v""." "?."?
. depreciation, etc., of $3.1102,841. as com.
r'M with eumlua of 13.012,474 In tbs
fcuicl,iw'ii"ftir pcriea ei iui.'u,
Darlr.c 1021. the Raldwln Locomotive I
." nuui ui.4 nw locemotues ami re
paired 214 engines, a total of 117H. In 1020
the cempans- built 1334 new locemothcs.
The average price of the twenty active
rallrnjfl Rh.F., ,l...lln. n ft .,.. M.n ....A.
St Taut A 1C C
I3W day. te 80.34, while the twenty railroads
43 declined 0.17 per cent te 73.71.
44'i '
41 I 12. W. Clark Xi Ce. announce the receipt
4B of advices from Dener, Cel., te the effect
4d that the Circuit Court of Appeals lias sus
Y ( I i tallied the decision of Judge Lewis, of the
t. i Federal District Court. In the rate cese be-
1 Mv.nn th. n.nv.n (,... 1' n,n f....tmt.t
an,i the city of Denver. Under this decision
COVi'the cempani' Is permlttcd te retain the
present eight-cent fare.
.The Standard Underground Cable Company
ct PUtstiurali has declared a. stock dividend
" ew vci c.i., y.r.uin uu uuiiuut u lu
I '5s stock of record en January 14. In addl-
nn te tne rea-uiar quarterly eiviucna ei a
per cent and the usual extra dividend of 3
per cent, payable ln cash en January 10 te
Its sleck of record en January 4.
Rebert fllendlnnlne it Ca. announce that
Clasten McMlchnel will In-come itji.ectated
with them ln their bend department after
January 1.
Deposits ln twentj--feur salnus banka In
ths Philadelphia VVdcra! Reserve District
aK.iln decrcasid durlnr November. This de
cline, however, was due te the five Phila
delphia banlCH. ths nineteen hanks eutslile
that city reporting a slight Increase.
A total of 17d binke In th Seventh Fed
eral RjDer.e District of Chlcane, shows
avlmrs deposits lucrritred In r.ll States
ever a j-er.r age. Tliey are lelew the peaks
which were reeehed In Iowa last mid
summer and lu ether Mrles late last year,
or cans tnis
4 car. This fwmtrn nrrnunt
S?-,I.c".,,han .Y'"'?. i"?!1 fiui.1 ..,
Me Pae Bs '26 ' nselnst M23 last month and 13.10 a year line en October .11, 1021, tire lo.i.UUU. le.i.UUU.
5 02 I BS0' 000 gallons in excess of thote en October
ss in uiiaiiii v sv.ais.i3 ULi uli i id sit ur i.i.n
,, . , .
iT.iSri i.ieiJii?nn, ?i :.. i.i.nU:
,,ici.wuiei nvha.i a,, tit. ttiiu i.nnirtu
illvldends declared this year te 111),
lisylvania Railroad shares continue In
t. him nil .-eund 38'and some c f the recent well.
hie lies h-en te take advnntr.r.' of the re-
in. Inln da; s of the sear te eatabllsh lords'
for tnt rurpe-es. stock which wna pur-
t. Leu:, south ve.t-rn rr.-e-u n. mi , r
s.-tpius after thirgve ef $.11 s ;,:. .ixii.Ht
linn. 178 for NeeiiiiT .1021. Ei. yen
months' surplus. 2. 103, 7.3. unalnst e-2.-
!
. . .4 . 4 .. ...
J-or tn -iv"n menini nr me cnrrcrn ar
I i i'n 't ' i
taxes ei iiu.r.i
-.7!! Mm 1....-I.VIII .tnv.Ht.lttei .!... , fI ,1..,,I
....... SO 'the Philadelphia and Readlns Hallway shows ' ii. '1, i..j ntt.le frnm thn d-Vil.
New T N II i r. net epcratlnc Income of .10.410.338 as I Uens, or nil kinds, aside from tile l Cil
llart'd (Js 1 compared with a deilclt of 11.007.888 for I oral (Jovcrninent B own obligations.
.-v.it. t il .. i.Ai.n.tc wiiiy.iii .w, ... v.c.i.
I months ended with November reports cper
i at,n ',''"" l.l .a,5".,Vca..nn!-55-ntre'"-'i
.properties bl ii,i.n..iuu, an incrcaiie ei
I sun. 7 70 ever the correupenaine period or
ly.u. Aiier ucuuewuna mere ran u ret
Income for American Hallways of J482.307.
This sum Is sufficient te provide for dlvl-
dends en the preferred stock, which are net
new..btl.nr paid, and leave earned en the
U,4(ip.0OO common stecr 220,U40, equivalent
' t 2.30 sir ccn!
Officials of Utah. Hns Chlne and Nevada
Consolidated Copper Companies sar there
has been mm" 'rfermul dlrcusrlen as te a
r.sumpUnn of opratlena at these prepertlss,
but no decision has yet been reached,
' T 4 I.4.. 4 1 M Mf-! t-
- i nnin neiai nnr inrmna fit r-ir'nmirmn nn.i -.. a, "--'--- i lUAaeinkn a-tsnria tf n i n n
Twe Minutes of Optimism
By IIEItMAN J. STICH
Which Class Are Yeu In?
THIS question of saving has many angle, but one which is net often or deeply
appreciated us it deserves te be.
It Is the wisdom of rnvlng for opportunities be well as for emergencies.
j It Is true that few men ever get rich by dint of stint; but it needs no nrgu-
I .. .V.n,i. tltnr Mir innn li'lirt linu flnnprl r.n,l a Miim.,lnl a.1 n 1I..1 .... .
llici.l lu nil',. ...... ...- -
In n thousand times better position te
friend who lays nothing by.
A well-known magazlne editor
single one of us has seen duplicated in
18 a week my wife took two of it every week and put It Inte the savings bank,
where we ceuiunt teucn it. vnen i was raised te $i.'i) she raised the havings
fund te five n week; nnd se en. I'm forty-seven years old new. I'd never hnd
a big salary, ns you Knew; but I could retire tomorrow, If I wanted te, ami have
mere thnn JC10 it week in dividends from the money I've raved. I tell you I
don't knew anything that ninkes n innn face ihe world with se much confidence
ns the knowledge that he has mad himself independent of It.'
"Theie you have them side by side the 'geed fellow'- and the 'wise fellow.'
All of ut' belong iu one class or the uthcr."
Which clasa are you In?
Aud, by the way, while making New Year's resolution, why net "resolve"
te s'.t Inte the "wise fellow" class?
v
GOSSIP OF
THE STREET
Yesterday wen the last day te estab
lish Iebsci for Income tax returns this
year and, contrary te expectations,
sakH for this purpose were compara
tively small. As a matter of fact,
about the only sclllnir of nny account
was confined te the few slecks which
are new at the bottom prices
of the year, or in ethcru which nre
ecnernllv bnllevpil n he within the
shadow of receivership. Any sales made
today ler tar purpose must DC en a cntiu
basis.
It is nuite a different experience, from
that encounter n vear nce when the
market was practically swamped by the
tax seiiiiij?. it. speaks for ltseu as te
the remarkable change established in
market conditions within the last
twelve months.
Situation Abroad improved
In its monthly dlRcst of trade con
ditions the Ninth National Hank says:
"Pronounced strength In (sterling ex
change nnd its reflection In ether
foreign exchanges has evidenced n
grewinjr international confidence nnd
nn appreciable betterment in the world
wide economic situation. The foreign
debt refunding bill believed by the Ad
ministration te be the key te world
flnnnciul rehabilitation, If put in force,
will measurably Improve this Notion's
economic relations with its debtor coun
tries, particularly as the bill condi
tions its operation upon the debtor
governments bnlnnclng their budgets
and censing their issue of flat cur
rency." Itcfinwl Oil Statlstlrrf
Consumption of refined oil product?
in October nvemged 1,340,000 barrels
daily, nn Increase of 07.000 barrels evet
September nnd of 31,000 barrels eer
June, the previous best month of the
year. October was marked by n gencrni
increase In consumption, while Septem
ber was exceptionally geed only in gaso
line consumption. This year has becu
unusual in that consumption has been
larger in the fall than in mid-summer,
the usunl period of henvlcst consump
tion. Improvement in oil demand wits
reflected in n gencrni increase in crude
nnd refined oil prices beginning in the
lntter part of September nnd continuing
through October. Advnncca ln crude
umeuntcd te nearly 100 per cent ever
the low of the year.
The United Stales Iiureau of Mines'
report of refinery stntlstlcs for October
gives a telnl of 201 petroleum rcfinerlea
lu operntlen, with n dally capacity of
1.092.700 barrels of oil. The uunibcr
of plants operating Is live less thnn for
the month of September, with n reduc
tion of 20,700 barrels ln the daily ca
pacity.
The dally average production of gaso
line for October was 14.224,372 gallons,
which is nn Increase of 327,000 gallon!',
as compared with the production for
September. Stocks of gasoline were de
creased ri9.000.0tn) gallons during the
month of October; this Is the largcit
Icercnse recorded for the mentn ei
October in nny vear. Stocks of gase
. . - ... . .. ,. A
31. 1020. The movement of gasoline in
I October ns tenitmrcd with September
Itend Taxation Exemption
Tl.nl recommendation of President
I Ilnnllnr thnr lhe tpvoinntlen of enrtflln
.ppiirltlps frnin tnxalliin be pniled if
eecuniits iron) taxation uc cuucu, u
carried into effect by Congress, will
. been carried te a point almost fan
. ', Theic are today in this country.
Including the various Liberty Ixian
i-ucs, ever thirty billions of dollars of
,..,...niu,..,.nl,..
lll.i-V AVIJI1II. HV1 (4b.tf
I land bank bends are tax free. There
.... . . 1 . t
, nre h Imi or t iose n hent KlYteen oil
"Vvhnt is the resultr I really ue-
.-----.,..-.- .... .- - ------ -m ----- ,
- , ntien has reallv resulted in tne ricn
benrlne: the smallest nortien of the tax
; ------ - .
iuuu.
i ax-lree securities nre iuni':i,v
. i..t,f ,.,. .. ... ,,j ilv m.n enH
bought b) big estates ana ej men una
women Who have lnnerttce, large ler-
.,. hecnnsn thiM thev escape the i
l . " ' ' '. ' " ...,, t:iti. , f I
UUKL' DUt IUAI., jk-U.MJ PVlH ,a-4 a. w-
value only te tho.e who pay surtnxes en i
Notional Hank of the City of New
Yerk. The booklet presents an analysis
of the situation new existing in the
Tnlted StateH, wherein the Shipping
Heard constitutes an important fac-
........ ...... ..v uiiuvu I. l.lliu CUpitai IS
ceize worth-while opportunities than bis
tells this otery which practically every
nnmeeriesa instances.
'.na inn l Itwll.teriiu fhn a ntninrr h'Ttlnfre in
ter in the economic situation of thej
country
lice
liiise of ihe power of its huge,
and the influence of Its policies
leeMens upon the development el-,
fleet
and decisions unen the develop
tne entire American mcrciinni inuiiiiv,
the activities of the Shipping Heard
nre of wide current Intcrc.-tt. The book
nnalyzcs in detail the shipping legis
lation of the country prier te the war
and since, nnd presents the Immediate
problems of the Shipping Heard and
indicates their solutions.
Fundamental Conditions Improved
"In a slimming up of the business
sltuntlen, out of u telnl of twenty-live
fundamental factors, It is found that
no less thnn fourteen of thefce fncteis
show Improvement, nine showing it de
cline nnd two record no important
change," Fnyn the current issue of the
Digest of Trnde Conditions, published
by the Franklin NatfOnal Hank. "It is
gratifying te note," it continues, "that
the favernble factors outnumber the
iinfnvernble, nnd among the improve
mciits we find Increasing pig iron pro
duction, hcnvlcr building operations nnd
n large coiiBiimptlen of cotton nnd wool
In manufactures." TlIEJOtADLU.
LEATHER MARKET ACTIVE
Shee Dealers Repert Substantial Or
ders for Delivery In Spring
Thcre is grcntcr activity in all
branches of the leather market, nc nc
cerding te the weekly review of trade
for the Philadelphia district by It. G.
Dun & Ce. Manufacturers of glazed
kid report n lnrtfer business and say
prices nre holding Arm. Shee dcnlcrs
say miles for Immediate delivery nre
rather Black, but that substantial or
ders are being taken for spring do de
livery. The hardware line shows moderate
activity, but the volume is much less
thnn for the same period ln 1020. Lit
tle Increase is anticipated (luring the
winter. The electrical trnde is finishing
n geed holiday season nnd n geed volume
hi noted in that direction. Household
specialties are quite active. Little work
Is reported ln connection with building
operations,
The review, continuing, gees en te
say: .
"The cement market shows little im
provement. Manufacturers report fair
business, but few large orders nre placed
and prices Have dropped somewhat.
There is little change te note in the
chemical market. The retail drug busi
ness Is fair, but the sale of crude drugs
te mnnufnctuicrs is slew. There is a
fair demand for dye stuffs.
"The paper market shows some im
provement. Manufacturers nnd jobbers
report slecks, as n lule, are low nnd
there has been some increase in volume
of sales, nltheugh buying is principally
In small lets und for Immediate needs.
There is little dealing in futures. Prices
nre steadier and, en sonic grades, hove
advenccd.
"Paint manufacturers, dealers in
paints and painters' supplies report
business quiet with only moderate
nmeunt of work under way. The vol
ume of business Is much lets thnn for
the same period of 1020. There is little
change In prices und collections nre
slew. .
"Wnlltmner mnniifneturcrs. jobbers
nnd dehlers report business quiet, there
rather dull during tW week. Moderate
liiipilrles are m.ide for old grades of
Pennsylvania nnd Connecticut, which !
continue scarce and high In price. Sum-1
atra and Havana nre sold in smnll lets
for immediate uses.
"The large cigar manufacturers re
port fair holiday trade, Oencrnl busl-
ncss Is quiet. The retail trade has been I
fair but profits nre small en account of i
cutting of prices. Collections me gen
erally slew.
"Wholesale grocers report conditions
fair. Purchases nre en hand te mouth '
order with collections fair. Tomatoes
nre unchanged. ( ern, pens uud beau-.
half cents a pound.
"The voel market Is still dull mid i
tiadlng is mostly iinieng the denlers.
ManufacturcrH of shirtwaists, Eiiy trude
.'(iiitlmies eulet. There is little demand
suit manufacturers nre doing little,
there being n feeling among buyers there
will be souie reduction in prices."
Outlast the Factory
4?3&& 'fw-w''' . i; .
wz.'teitmx t
Krcelite Blocks have proven in
actual service that they nre the
one fleer surface best qualified te
meet every condition.
They are laid te end nre and
actually outlast the factory.
Nev is the time te settle your
fleer problem permanently, either
with u new fleer or te ro-surfnee
your old ones. Our floors may
be installed ever your present
worn ones, without confusion or
interruption of production.
Tnke advantage of the special
service of our expert Kreelitc
Factory Fleer Engineers. They
are nt your disposal without
obligation.
Call our Philadelphia office,
Locust G469.
it"- . .w" 1 O 'S 4 -i
Sffic:- d The Jcnnisen-Wright Ce. fg
-tfeipA'ji 10 CuMteut St., PhiUeelphi., Pa. ''MmWSLi
The Jcnnisen-Wright Ce.
It&rtSilft vii tirWnSm;flWfltTiYO -v
WMmw mmmWHwp
The Jenni'sen-Wright
RAILROAD EARNINGS
CANADIAN PACIFIC
ieji ....
N-ewnber eress .j..iB.787.ii7 i.voitce
Tj.SiiarV'ij" JMi'Mt --.!
Hros earnlnus ....177,204,030 M8.7J" 4
Net piunts 32.283,030 L35"';.?
ni-w,uf rl'iw.i m.'m..... -wO
A A..1.10AU '1.1..1. D101.M
100.132.'?SX
BT. LOUIS SOUTHWESTERN
November rvresa .... J2.837.G37
Total Inceme 808JH2
Hurplus utter elms... MSJll
Eleven mouths' cress 22.027, cot
'Intiij Ini'iniie 3,227,110,-)
Surplus after vIirs... 2,103,773
M.81.585,
2I!),4CB
lifalgl
CII1CAOO AND NORTH WESTERN
"UlVfltf
Nevember Kresn ....$10,800,041 M3,ntn77ai
Net ener, deficit.. , 10,008 .35 '115
Eleven months' Hross.l3f,l0t,ses ia,:tnii77u
Net Pi-or. Inceme.. 7,100,024 8,21o!sea
UtmAI' .uillliu.iui ItAlLWAY
.... ........... ...,tu,ijU (
cress ....$10,074,110 Jn.n24.271
r. Income.. ,41i),eii l.fin get
inths' Bress. 03.041,723 21 478 (10?
November cress
Net epcr. it
Eleven months- (truss, ii;i,ihi,723 21,478 (in?
Net eper. Income.. 11.010,473 8,70,0J8
'. income,, ii.uiu.lie 8,71)1020
NORTHERN I'ACIFIC '
BTeen .... $S, 070,028 sil.nia (109
.Income.. 1,417.720 2 30 se
nths' Kress. 87.037.240 'lfl 047 2s'
November stess
;set eper.
Eleven menl
Net cper. inceme .. 8,838,20'J LSll.Te?
Uccrcase.
Moderate Activity In Raw Sugar
New Ynrtt, Dee 10. The raw sucar msr
Itct continues mederately actlva with a fur.
Ihcr substantial business transacted lata
lesterday en the bnsls of le, con and
freleht. Sales nirKieiratlnjr S0.O00 ban ej
crop Cubas for January shipment were mad
t.) local refiners en Hint basis nnd salsa ni
73.000 te 80,000 bttBS ,old crop suitar for
January shipment, reported en Wednesday en
the same basis, are confirmed. New creD
Cubas for January, shipment are quoted st
le. cost and frelsht, and for IVbrusrv
slilpment nt lc. cost nnd frelwhl. Ihs lm'
rortntlenu yesterdav Included 1100 haits Bn
Domlntei en route te Cinsdn. The lersl
reOncd market Is unchnnned with all rs.
flners quetlnif 4.00c, less 2 per cent for
cash, except the Federal Susar Refining Cera,
pnny. which continues te quota at 4, 90s
less 2 per cent. '
Liverpool Cotten
T.lrrntoel, Dec. 30, Spot cotton was eulet
today with prices steady en the basis of a
decline of 10 points for mlddllmr, at lt.aita
The sales were 000O bale, The receipts
were 1O0O bales. Spot prices were: AtnerU
can. middling fair. 13. Sid; eoed rnlddltnr
12.11.1: fully mlddllmr. ll.71d; middling
ll.llild: low mlddllmr, 10 Kid: Beed ordinary
S.Old. and ordinary. 7.08d. '
January
DIVIDEND
Forecast Chart
Gives our opinions
at te the probable
dividend action te
betaken by 20 corn
panics in January.
Shows In chttt fetra i
X. Putdividndrerd
a. Next mc-tlnr; date
3. Next dividend date
4. 1920-1921 price
rrnije
5. Preiem price and
yield
6. Survey of favorable
end unateraMe
faenrs
7. Probable dividend
action.
Tfiij hive
Ceven:
Amer. Tobacco.
Auhlnwn
IVethlclwm Sesl
Dums Drcs.
CocaCeIa
Dsl. fi; Huiken
Hupp Meters
Illinois Central
KsUy-Sprinsfitk!
Lee Rub'r fl; Ties
Miami Copper
National Diicuit
Norfolk K West.
Penniylvania
Pure Oil
Srudebsksr
ToDACce Prc-ducu
U. S. Rubber
U.S. Steel
Woolworth Cs.
Investors arc finding this chart of
inestimable value. The conclu
sions formed ate sound and
logically arrived at.
Qjp- sent FREE en request
Ask for PA-233
"Always Without OtlitaH)"
S-S'RUSKAY&CO.
ESTAOUSHED 1877 ,..
Uembers Consolidated Stock Em, of KY.
1303 WALNUT ST. PinLADnLPJIIA.
pnen Locust 77CO
krtam nniKsu Bosteej Do.et.eow Cms.
Direct Pneatt IV.re 3yalin
BONDS
Bledgei & Ce.
Real Estate Trust Bldg., Phila.
, MecKwell, Wilsen & uii.ell
I Certified Public Accountants
Land Title Bldtr., Philadelphia
WIEGNER.RQCKEY&CO
-, .... i n .. a .a
Uertllied rUDlIC AcCOUnlatlU
( Drexel Buildicx, Philadclpbk
SBS85s5.:'
AvW'
: . . ."w?i"Li
rtti2&&i
?&Vt 'I
tA t ei4j '
i' ! ' .. "
V 5 A '.
vSwrv i
tZhM'"
'Js&zQ.
t:
rJs
W'i
mm
v'i
auv - ,
v-.a
Wk
A. .' ,-..-e
.v.'a
--4.
VAKfyt
ffA .V'i
:,,
n;'.
Xp
iU; l.tUt
Company, Teledo, Ohie
November op. rev.. f 53,000,343 J10 2"ei
Net rwy. revenue, le.103.4n7 1 igseis
Net ener. Inceme. 7,280,230 a 't-.'T.li
Ul.vcn mes, mi. rev.Ot 1,701,0.19 02.lS''n'.
Net rwy. revenue 70,874,070 in A1n'SJ.
Net epcr. Inceme 41,104,184
f,
,1 a.,.
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