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Service and Stability
When Yeu
Buy a Property
you will find it a great
ndvantngc te have your
title insured by a Com
pany which takes a per
sonal interest in its
clients.
Our Title Department
has recently been greatly
enlarged. With our added
room and facilities We
are able te' offer you
prompt and courteous
service.
Integrity
Trust Company
Fourth and Green Streets
FURTHER R
COVERY
E
IN EARLY MARKETS
NEW YORK STOCK EXCHANGE TRANSACTIONS
H'es
ins
fHbO
ion
.IAD
.100
Dn
III I
1
Continued Easing of Meney! toeo
Capital $500,000
Surplus Profit . . . .$1,860,000
-JL
1
Spruce 8200
LIBERTY
BONDS
SECCIUT1E1 DEPARTMENT
Commercial Trust 1
COMPANY
Member Federal Itesrrre "rtm
City Hall Square, Wait
M 111 M'nWa" Terminal
liw" Hill Citr ' Camden 19
(If Mil WDW' Blde. Philadiihia If
I H' A4tmtWJaUW H
I if' LJL NieTaHeShckExAntM I
, vj t . iiwtek nuaatrri. h.j. fUSk
ft ' ' 1
jl . Investments
HI; ' J
Hfur
Wfr f;
i I't
I Hnlcpr. Yniiner tv rnmnam
JOSEPH W. SV).MN. Jr.. Miliia;rr
Land Title Bldg.
Boiten Philadelphia.
6"' cHends
Selling Belew Par
American Sugar 6't (5) 9gl ,
Dulck Eait Indies 6'i 94 1 2
II. I., vnic. w at. leuii is ig) 'Je' i
These are among the most at
tractive 6 Bends new obtain
able below par.
Reed A. Morgan & Ce.
West Cm 7Viu liliiij fh i
Memb-ra ..f Hie l'lu a stu. tiui
Rates Influenccd General
Short Cevering
New Yeili, .Ian. 11!. I'nrtlier i-p-i'over
In price wns mndp during the
morning nesslnii of tmln.v" stock mar
ket en ceiillimril i(iveiln of the Hheit
Inleresl. but the Irndinj u4ns te n (jrent
extent nieclnllzeil. Tlie eny money
m.irkel coiidltlenv isnve the jioels mid
ether upeculntlre cliques n clreiis lever
nml nt the Millie time overflow demand
of I lie liend mniket uas letleeled In
the wider denlins in Invotmente.
tecli of heth (he rnllrnml mid indtis
tilnl dirl-iieii". Tlie leceicry or ml
Mince wan well siiNialii'-il throughout
the inernln;;. but was checked ureili'iil
mid -day hy iH'iclitetil m-IIIur of mv
cial of the highly xpei'iitntive luilutrial
Issuer. There was some sympathetic
reactions, but the principal elTect vi
te iuHiiciit'c n nunkcil cnntriictleii in
(lie ve'unie of ilenllnzs. Thin ilicrerts-
lni cliilliu'ss, which has marked nil the
'leaclhnnry movements since the turn
of the jcitr Is Kcnciull.v legauleil a
favorable unien.
Much tlie same as in the previous
sessions, the eiire (if the market wa
shapcil almost cclnlely b lechnlcal
liitluences rather than letleetlns out eut
snle conditions. As a matter of fact.
II is cTtiemelv doubtful whether much
altcutlen was sieu te the developments
abroad notwithstanding their hlglilv in
teresting charucter. l'elbly this Is
hi-nusf of the peculiar ceulide.it feel
ing culcrtalued M'r generally threuch-
out the count ry, thai in spite of nil the
-i raps, iinpurviit serious dissen-lens,
meu's nnd euiiter-imve of the1
Kuiepcnu diplomats in I In- end, the
entire contrevcis wi'l be settled wholly
sntNfuctdiilr and en a general amlcub'e '
basin.
Heme worries aie being shelved or
-Mlet racked by u-asen of tlie ettra ettra
erdlnary change In Hie money market
conditions. Nobody seems te lie 'laking
the trouble te dsCeer what are Its i
producing cleinenls. t Ii-y are entirely '
.atltied Iheic jk plethora of leanable I
funds. In fact, leaning intilutiens aie
evperlencing double In finding mi mi
ple.Muet for If. The i-all leewal rule
imis ngnln fixed at .'!'. per cent, but ,
It was almost ceitalu all aicoinmeda- I
liens could be easllv elilaiiied during I
Hie day at ." per cent. The peels were i
ready te statt (he barage with their
big guu.s. but the laiked the Mippert '
of the infant'-- in the stubborn lefuiul '
of the se-called public te jump into
Hie fpcculiitive nielia.
In the nieaiilime t'leie was no let-1
up in bueynii'W of tin- bend nun kef
then., wis continued aclilfv in (lie (ev.
ninient war vj,i!,.. The l.ibeilj bends
were loner, but lli. N'iclmy ". !,s and
4'ts .iijde new hlIi lecenK!
ltujing of con i -haies hnpai teil a
firm tone te slecks iif (he niiiiiiii".
Ucadln?. Uelawaie and HmU'ui. Pel- '
nwaie, Lackawanna and Wsteiu !1,ld
Lehigh 'alley were liih -r uv large
fn. tieus te J pelni.s. Cnitcd l"i-titl.
Kiidlciitt .lohnseu and I am.us I'la.xeis1
made 1-point snlns. Meicnuiile ila
tine f.relened. Indu-lml Alchel and
liispir.iflen Copper also stiengthened. .
Mexica i l'Mrelei-.m. tleueral Asphnb
and Itei'ilch-in Steel icglsteud model- ,
ale iiw'lius, I.ew-piiced rails, such as
ddoiade and Seuthcin. 1'eie .Maniuette
pefeiied, S'utlicru Iltiilw ly pretencl
mid Tev.is and I'acific si ,n, In the
ciily ri-e. as did nlim lnvi-t lienl issuen,
imtabl lan ultan I'aeific. I'nien I'aciln
and A'liinfic Ceat Line. Slan.iaid
Oils of New Jersey and t.'nlifeniH 1(.,
tin- dome' tic issues or the oil gump.
and tretistli was sliewu by (ieni'ia!
1'bctifi', meter pei-ialties. Associated
I)r lioeds and Sears Iteebm k. The j
ili.lll.et levcrsed Its i-em-i before uecn
icadiens bein caused bv ptrMi-ut
silling if I'nicible, (iencral Aph.i't
i.nd Mcvican l'clreleiim
Commodity Markets
GRAIN MARKET
Chhage. .Ian. 11'. Wheal sinned I
's fe :lic higher for May and July,
willi fairly geneial ieniini's',U.l0u,e '
Inning and luck of important -elling.
Receipts inspected jestenhiy wen- one
nr: la-t ,ear. sixteen cars.' Tin. ca-h
maikei was firm with geed demand fir
domestic distribution. Ktpuit in wheat
! iiiiii, uui nueiai sales ei ileur are
lepeited.
Cern slarled ' te ".,,. iKitf,., .;,
general commission-liens,, buving.
Oau opened ' tc te V higher, with
1 lack of offerings.
300
tee
'400
Oil
tee
tee
2oeo
am
neii
1000
ion
1700
tee
4.10O
400
100
400
4'200
100
100
130
10011
700
3100
700
1200
100
300
GhOO
100
UOII
loe
,'QII
700
4011
1011
30
1100
400
n
300
1J0O
300
190
loe
loe
1700
1400
noe
loe
.tee
1400
100
300
loeo
1400
' 4110
3 00
tee
100
SHftll
400
300
300
3000
100
1100
410!l
8700
tee
100
7100
nun
. . Adams Kspresii . . . . 4S
. A as nubber I4s
. . AJax nubber 1Mb. . Vi,
4 Allied ciiem & Dye .. li
4 Allls-Chnlnicrs 31
7 Allls-Chalmera pf .... S
Am Agrlc Cliem 30i
. Am Auric Chcm pf... 3S?i
4 Am Hank Nete e
3 Am Hank Nete pf. .. it
. . Am llrct RuKflr 34 '2
Am Uesch Magneto.. 3S
4 Am U Shee Kdynew.. A4U
.. Am can 33
. . Am Cotten Oil 30?;
Am Drug Syn 4;
.. Am Internet Cerp.... 40
I Am-I.a France Ung. . !i
fl Am Locomotive IBS
7 Am Locomotive pf . . . 113
. Am Ship & Cem IV
Am Smelt 44
5 Aim steel Feundiles . 33i
.. Am Susnr Kef 1H,
Am Tel 4 Tel 11B?
13 wm Tobacco t.1l?i
0 Am Tobacco pf new . 97 J
13 Ani Tobacco It ... 1-!15
7 Am Woolen S0?i
Am Zinc Lead & Smelt 13'
. Anaconda Copper . . . 41 U
4 Abse Dry Goedi .. . 47'j
0 Atch Tep St Santa Ke. !!
7 Atlantic Coast Line M
SO Atlantic 1'et -1
7 Ualdwin Locemotixu 0Si
7 Ualdnln I.oce pt 104
.. llalfmere & Ohie .... 34' j
.. liarnadale Class 11 .. !?
Helhlehem Steel .... S3
0 Hethlehem Steel 11 . .56?;
. . lioeth Fisheries
Ilr.t L'm Steel 2d pf. . 33
3 lluffiile Itoch & Hits . J3
. . Hums Hr-,s D . . . 3'
7 Hush Term pf S's
10 Hums Bres US
.. Hutte Copper t Zinc. '
.. Huttc & Supeiler Cep. '3'i
Hutterlck 3li
. . C Hilde Central O & K 104
Cal Zinc Sz Lead ... 57s
California racking . IM;
California Petroleum . 4Ti
10 Canadian Pacific ....131's
.. Central Leather 30!J
Central Leather )f . . . 4';
i Clicapeahe & Ohie . BSi
n Chandler Meters .... 40ij
. . Chicago & Ot West . .
. Chi & Cr West pf 15
. . CM Mil & St P If
. CM Mil & St P pf. . . 31 H
f. CM & Northwestern.. 03;
. Chi RU Pac 31J.J
CM P. I & Pac 6"c pf. 73
7 fill i: I & Pac 7 pf. 84JJ
. Chile Copper 18i
.. Chine Copper 373
. W ("In Chi .1 St L.. 35',
. Ck fin Chi & St L pf 73 '4
1 i 'oc.i-Cel.i '. , . n ?
3 Colerado & .Southern..
II Cnliim (ius S. Klec. . .
. Celum Craphophene ..
4 Cemput Tab Iteceids.
7 Cftnselldated C!as ....
A I'entintntal lusuiaiice.
.1 Coin Pleducts Hef...'
430 2.J0 Cosden & Ce
3509
100
hOO
300
3000
ten
I30J
noe
3'()U
300
370(1
ran
390
SJIII
3110
100
100
ion
400
000
83J0
100
noe
noe
36 Oil
601
1011
100
tee
0110
400
330
400
dim
10'
v.. J J
line
6(111
100
511
noe
loe
50U
3000
3 10
1700
33)0
Ml I J
tin
ten
ion
400
3
e?t,4
3,
3?i
li.
88
97?i
33
83 H
18 U
!i
17
SIJi
10S
I Crucible Steel
. . Cuban Am Sugar
. . Cuean Cane Sugar. .
Cuban Cane Sugar pf
4 Duv.sen Chemical . .
u Delaware & Hudsen .
Del Lack & Western. . 113
1 Deme Mines 31j;
ft Kuil colt-Jehnsen .... 7?s
7 Kndlcott-Jebnson pf. 1088
. . Lrle ,. ;,
. Krle 1st pf 13J,'
. . Krle 2d pf I
K Famous Players L .. 7Bi
H Famous Playeis L pf. .'i
Federal Mln & Smell. '10
7 Fisher Bedy pf 100 i
s Fisher Hedy of O pf. . 77
. . F.sk Itubber 13 ,
.. Canten Wms & Wig . ',
.. tieueral Asphalt JS';
ft Central Aspliult pf... l)',j
fi Uener.il Cigar 70
s General Lleetlic .. . 14e
General Metets. .
n Gen Mters deb CV. .. 73
7 Gen Meters deb lec . M
7 Goediich U F pf tt:i
Gray Da.s 13J,
7 Great Northern pf . . . . 73
4 Grent North Ore clfs. 31?;
Guantanamo Sugar .. 0'i
Gulf State Steel Ifl;
. Ilikbiishaw i;i Cable
4 Haskell & Baiker Car S0,
Housten Oil 74?,
. llupp Moteic.ir ... . I'M;
7 Illinois Central . . OS!
Indian KefluiiiK HH
ludlahema. IIhc . . .i2
.. Inspiatlen Cen Cep 40
. . Intel b Cen f'eip . . !!
. . Int Mer Marine . . 147;
6 Int Mer Marine pf ... Kh
. . Internat Motertruck . 30
. . International Nickel 13
.. International Pjper .. 4
. . .Invincible Oil Cerp 14',
. . Island oil 3 J,
. . Jewel Tea I1?4
. Jewel Tea pf . 46 J,
.. Jenes Ures Tea . . . 37'..
Lew
41
14
li
6i n
38!s
1SH
SO K
tnvi
80
33
S4J$
35
44 U
33 i
31
4i
30 -a
!4
!03ti
113
7'i
'a
33-H
5S,
lie?.
13SK
1A-
118I
M
13
48 a
47
94
'4
31
3';
104
34 a
it?;
53
583,
5!,
33
53
3
811 J J
115?,
j
"3?
3
ie;
5',
68 ,
45
1311,
30! i
n;
55
50
(i
13
17?,
30 ;
v.
31
73
8IU
if;
''.:
55
".4U
43 I;
:i
il
3?.
1?.
l!i
HO3,
S3!,
ni3
18 U
1'
51
IDS
ILI'j
I I
J8!i
100U
"?
13;,
'Mi
5
III
KlU'i
1' Vs
13
'
56 V.
012
I3s;;.
73?;
84
83
nr;
3Jj
31
!i
47
V,
80?,
73
u?;
li!5
6H
3?;
Ms
14K:
87
'-'?;
lis;
479b
I4,
m
"?4
40J,
37
1.80
! SI.
48 -
n;
37 -30
r
k8,
seK-
37 11
80 !
33 34J-i
is :
84 14
asj; :
21 i'
4s 31?.-
!i
104 -113
7?; !
33i
5s? :
ite?i '
133?; -i
97?;
138 J, -
st y2
13 -
48lj
47 ',j
ti :
84 !
33 i
3?;-
101
wi :
1? i-
33 i-
3 ?i
6
Net
Clue.
lM
Hi
1 I
'i,
8 1
'?
1 I
Kl
Dlv. v
''" ,n "lull
1J .. Kansas cltv Southern 23?
19 .. Kansas Gulf 7
! .. Kelly-spr'ngflelci Tire 36J4
All KeII'-SPK Tire 8?; pf 93
. . Ktnneceft Copper .... 30J,
3 .. Keystone T & It .... ?i
Jt KresRe a S IttH
. . Lackawanna Steet ...
7909 3.30 Lehigh Valley 60
409 7 Limn T-nnnmnflv ai
. . Loew Ce 13i
13 Lerlllard Tobacco ....139?;
.. Maclntyre P Mines.. VJS
.. Mnnatl Sugar 34tfi
"7 Manhattan Kiev guar 37H
l(
31
!1
!
Mi
'
H
1
I
39A
199
1489
199
599
408
790
398
300
199
8898
199
799
3 Miami Copper
3799 i.je M'ddle States Cerp
33
' 33
1
9?s :
89 ?s
ii3s :
3, -
.'3
3J?; :
'is?; :
88?, ';
45Js :
i3ivi :
.10'. !
64t;
55 1 4 r
5H
6
15
17 14 '
3i'; :
8 U r
3iu :
73
84 ;
it'U
-.j's :
53', .
-.31; :
30
f. .; .
3?s
3 i i
9i :-
06 -863,-.TJ?;
!,-
iu :-
17 ;
51?; ;-
108 'r
113'J
3 it:
79
lee;-.
!i
i:i?4
it
81
933;
te
100'.
75 K
13!.
70 -
140 -;
8j;-
73 ;
84
83' r
13-
73?; i
3i; -
Hit
47
HI
Hi
1
I
l' I
IS 1
if1
?;
iw
Maiket St Ilv or of.. J8W
.. Marlln Oil 36i
3 Martin Parry 31 H
.. Math Alkali 38
8 May Dept Stores 183',;
13 Mexican Petroleum ..H9?4
8 .Mexican Petroleum pf 78?;
13
38?;
3?;
;;
8
35s
17',
At
B77i
is j;
10?;
33
85
198 1;
15
741;
in?;
79 H
97
48
Vs
?; 1
1;
V"
s
1?;
Vt
3390
199
1999
3499
1390
1199
869
390
1196
398
50
190
199
499
399
1899
190
1099
590
1097
1109
190
190
390
498
33011
1999
990
1390
300
100
399
180
7.00
308
100
1890
690
108
'S90
1190
160
190
19
700
4899
39
190
3000 B.30 P.eyal Dutch Amer..
aildvale Steel
.. Minn 4 St Leuis....
.. Me Kansas & Texas
.. Me Kan ftTx (wl) .
.. Me Kan & T (wl) pf
. . Missouri Pacific ....
. Me pacific pf
3 Mentana Power ....
. . Montgomery Ward . .
. . National Acme
Nat Knam & St . . . .
1 National Lead
7 National Lead pf
Nev Cen Copper
8 New Yerk Central...
.. New Yerk N It & II.,
3 New Yerk Ont AW.
7 Norfolk & Western .
3 North American etfs.
8 N American pf ctfa.i?;
. ertnern Paclfte .... 7r
.. Ornheum Clrcu't .... 14'i
8 Otis Kievater 117
Owens Bottling 36
ft Pacific Gas & Klec . . 64 $
3 Pacific Oil 45?;
Pan-Amer Patrel . . . 30Ti
6 Pan-Amer B 43
3 Pennsynanla It It.. . 33i
.. Penn S-aboard Stee'. 8?;
B Peeples Gas Chicago.. 61?;
. . Pere Marquette 30
5 Pere Marquette pf 5.1
.1 Philadelphia Ce 33K
3 Phillips Pet 39 Vi
. . Plerce-Arrew Moter .. 14
.. Pierce Oil 11?;
8 Pierce Oil pf 79
B Pitts Ceal 83
. . PiedUcers Refiners .. 3?;
4 Pub Service of N J . 71?;
. . Punta Alegre Sugar.. 33J,
3 Pure O'l 33?;
8 Hallway steel Spring. 93?;
Itay Cen Cenner.
4 Reading
3 Reading 1st pf
uepubllc Iren & Steel.
) I'-i
l'
;
ti
'V.1
Vi
4.
80?;
7'i
i-i;
8?;
ji
39?; :-
iHi
14?; j.
.
13 :
;-
3;
r; :-
37 -
?4 '
1;
!S
Vt
.&'
?;
?;
ti
i
169
390
310
190
7100
1300
300
1300
650J
1890
1891
990
780
300
30
I 100
960
300
8890
itoe
9500
30
700
4398
490
49
3161
451
100
1310
80
100
3A0
690
3J00
1700
3900
1400
690
380
15
74 U
7j
53
siH-
I3
31 ?4
31
?;
4Ji,
!1H
?;
38 Vt
1 St Jeseph Lead.
.. St Leu n .San Frana. ,
.. St Leuis S W
. . Saxen Moter
. . Sears-Roebuck
. Seneca Ced Coid
. . Shattuck Arizona Cerp
.4 alien Transport
.. Sinclair Oil
6 Southern Pac'fle . . .
. . Southern Rail
. . Southern Rnll pf.. ..
4 Standard OH of Cal.
s Standard Oil of N J. ,
7 Stand Oil of N J pf. .114JJ
7 Sleel Tube pf 77
3 Stewart Warnei Speed S8JJ
3PIS
79J,
18
48?;
95
. l''2
Strembertf Carh
7 Studebaker ,
. Supeiler O I Cerp ...
S Texas Ce
. .Te:cns a: Pacific
1 Texas & Pac C & O..
!' T"X Gulf Sulphur
.. Third Are . ., ,
n Tebacci Products ...
. . Tianscen OH ,
.1 Twin City It T
8 Fnlen Bag i Paper.
.. Union Oil
10 i;n"en Pacific
7 l-'nlen Tank Car pf.
.. l.'nltul Plug
8 United Fruit
United Retail Stores.
..US Feed Products..
. U S Ind Alcohol....,
..US Realty & Imp..
..US Rubber
U S Rubber 1st pf
1 4
83?,
5 ;
45;
35 Vt
34;
41?;
?;
C33;
ini;
34
H
Ift'i
1379,
1933;
71
133 '.i
5" 34
"4
373;
53;
sm
190 3 je U S Smelt & Ref pf.. 44
490 ft U S Steel
9U 7 U S Steel pf
188 - Utah Copper
10J .. Utah Sec
800 Vanadium Cerp
100 ' 7 Van Raalte 1bt pf . . .
100 Va-Car Chemical pf.,
500 .. Wabash
31! .. Wabash nf A
501
40
tee
100
4100
790
3J0
608
118
14
t?;
31
81H
70
s;
3cj;
7.1
4 Wcstlngheuse E & M. SOU
"cni union xei... 11,
Wheeling & L K 8i.
AVheellng & L K pf. . 13j
White O.l Cerp y,
Wick Spenc Steel Coin 15;J
Wlllys-Overland 3 ;
Wilsen & Ce 314
Ex-dMdTiu. t Kx-rlglits.
78 3 50 Wells Farge Kxpress
Lew
at?;
7
53 H
99
363,
17 H
nt 1,;
44?;
59.
93 H
133;
139?;
IV
34 H
33?;
39
35?;
at V
33
193;
108 V2
79?;
37
1i;i
39
3?;
;
7;
3314
19?,
44!,J
87 j;
13 ;
10?;
33
83
198;
14?;
74 k
13H
30Ji
97
48
3H
7 i;
lVi
117
36 -
eH
451;
50 ;
H
375;
si?;
liTi
33"
33 '3
39"H
14
iV
C7?;
63
37 !i
',:
33!j
35?;
953;
"H
73 j
i
33
51!',
13
3li
36?;
3?s
63
31
?;
31
1t3;
7
7
48
94'4
175
114i;
77
3t. j;
37
81'i
t-V
45
34;;
41
lis:;
e?i
33
s
l'j
138 34
103;,
71-
133 ;
7.
' 39-5
36 j
334
9?;
44
83
llll
1,3;;
1034
309.
91 Vi
70
?;
30
73
30
91?;
6'i
fH
?;
I4J,
5a
-!! i
1:3'0 Net
P. SI. Chg
7
333; -
93
2?;- v
17 1
no;; - ?;
48?; -! ?;
39 w j- ?;
93'a ..
13?;
139?; - ',
U
34JJ .
36 4- 1H
3 . - !s
35 4- '4
21 j; V
1314- ?;
insvi- it
7?;- V
27', H
13
29 - Vt
3?; .
;-r i
74. H
33 Vs
i7i :
44j; :
civ : i
13 r ?;
te?; 1- ?;
33 i-
85
19814
14?;
74; i Vz
MVi
39J4-- H
97 Vi
48
38JJ 3;
73 i V H
144 V:
117
28
84'5 4- H
43;
5r u - ;
45
33?; - H
8';
6I?J- V
mi : v
53 4- 3
3315
39 H- V
14 ' W
11?; r m
70 4- 4
r,3 t. !
38J4 4- l'.
71;4- 24
33Jr ?.
35?; . .
95?; i- ?;
i3 i ?;
73j;-i- j;
47-r Vs
53
si; i- u
13
313; . a;
20 ?4- ;;
rsj; ?;
31 Vi : ;
S?4 r '.
38 ..
19?; j
79?;- ;
17?'s '- i
4i ' h Vi
Vi Vi
175 1 I
iiH (
77 - 7a
37 1; - i?
3!; v l;
sUa- !a
45;,; V V,
25Ji i- J.
34 i- Ji
41 Vs
1; - ?;
cat;- 3;
h;; i- ii
33 - 1
t8 - I
lUi !.
137?; 4 J.
103;; ; j;
,71 - Vi
133; r I;
33, 1 ;;
7J,4- Vs
40 1
37 -i 4- ?;
83?;- ;
99?; 1 v
44 i i
r3;- r,
116 f- j;
3i- h
194 t !i
,30?;
91 ii ; 3
70 - 1
?;T ;;
20J; - V2
7V'i r ;
50 H r ra
91 Vs ! Vs
t-'.ii- Vs
13;. ..
"- Vs
13.', i ?;
a : ;
29 Ji i I
LOCAL CALL RATE
REDUCED TO 5 P. C.
American Railways Preferred
and West Jersey Made
New Tep Prices
The ofershndewlng development in
today's lqfnl mniket wna the ntinounce ntineunce
incut that notices would be sent out
tonight by the leanin" institutions re
ducing the call lean rate tomorrow te
fi pur cent. The maximum legnl rate of
) per cent ban been mnlntnliied since
December, 1017. Several weeks nfee,
however, one of the prominent uptown
trust companies reduced the rate te
fi'a.pcr cent, but the ether lending
Institutions did net fellow. The lower
lug of the rate was foreshadowed
Keine days ece, net only because of the
reduction in tlie demand rate In the
New Yerk market te It per cent, but
mere directly by reason of the cut In
the ttosten rate te 5 per cent.
In June, llll". the rnte was run up
from ti te fVi then in it ner cent re
duced te r0,, but in December of that
year rniseji ngnln te per cent. line
there has net been such a renldlv tilling
up of leanable funds in this clly ns nt
New Yerk, yet money lias been getting
mere plentiful each succeeding week
since the middle of December last.
Although this significant develop
ment did net find reflection in nny great
expansion In the deallncs in the local
stocks, nevertheless, the tone of the
market was firmer nnd where changes
were made prices worn Improved. Tlie
American Itnilwnvs shares again came
I in for notice with the preferred selling
up te ;;. an overnight gain of '..
points. The common was off n little
nt 0. but the offerings wcte very small.
In the active list there was net much
change. American Stores retrieved part
e f jeslerdny's decline, ml ying te 81n4.
while the first preferred was l'i points
higher at 110. nltheugh subsequently
surrendered u point of the gain. Penn
sylvania continued linn nnd Wet Jersey
nnd Seashore made a top price at ..'5.
17. O. I.. Philadelphia Klectrlc and
Philadelphia Rapid Tianslt wcic dull
and unchanged.
Philadelphia Stocks
W3;..,
.-ip.
.".ti . .
L'4 ..
l!7"i..
IS",..
Illcrh
f0 Am Stores K.l
(10 de 1st pf. lilt
10 Am Itwys. DS
200 de pref.. .".0
lOOtCesden .. :'2
10 rn CeN A ::el'.
110 Leh VnL. e!),i
-5 I'etinii Cen
Light pf. -llPi
244 Pennn It It :!4
.".OPennii Salt .'.
20 Phil Ce e pf Iltl "
1 14 Phlln Klec 21
170 de pref.. 27-1i
222 Phllu It T 18-4
lOenVxns Pac
O & O.. 2 !,
.l."Un Trac. .'!H'.
ie r i.... .",87,;
111 de pief. . "(1
171) V Jer & S '.',
t.Net clianji- made by rotnparlsen with la it
sale en .ev Yerk Stock Kxclianae.
rlllLADKI.I'lll.V IIONDS
100 Liberty 2d 4V,s '42 1)7. OS
r.(MH) Libertv 2d 44s 42 117.82
.-ItHIO Liberty .'Id 4',s '28 1)7.1)1)
10(K) Liberty 4th 4",s '.'IS. . . . 117. 8S
12000 Liberty 4th 4',s 'IIS. lets 117.00
0::(MM) Victory 4",8 "-.! lets.100.18
200 Victory 4J),s '2:! 100.04
2.-.0 Victory l-V 'IK! 100. .'10
1000 Amer Cum & Klec f.s 81
KXM) Klctrlc & Pee 4s 021,.'.
.'(MM) Creitt Nnrllicrn 7s 10!)
0000 Phllu Klectric 0s lets 100'ji
0U00 Phllu Klectric 0s 100
Financial Briefs
J. en
11.'
e
2Si
:i2h
:;e..
."
li
Oil'.'.
:te
2.-.T;
27-'s
IS',
24
::i.'.
."ll
:t2i
I't." Net
P. St. chire.
Sini-f- a;
11." Vj
H',s 'i
.te 2v;.
'!2; vl
:iei., i
.".!)i-fll4
High Standards
Companies whose securities arc traded
en the New Yerk Curb Exchange must
meet and maintain, a high standard of
requirements.
Under the strictly enforced regulations et
the. New YerkN Curb Exchange, the listed
companies arc required te
-submit certified statement of assets, liabilities,
earnings and expenses
rpubllsh annual statements
-give notice of any increase in stock
-furnish full details of directorate, financial
record, and stock issue.
-Mining and oil companies must also submit
engineers' reports, maps, leases, deeds and
ether data: holding companies must give
names and statements of subsidiaries.
The members of the New Yerk Curb Market arc
governed by a constitution and stringent rules
which provide maximum safeguards for the in
vesting arid trading'public.
Tenes &. Baker have become known as
'inormatieii headquarters" for the stocks traded
en the New Yerk Curb Market. And nearly
40 of their new citsfemcrs are introduced by old
customers-a tribute te service rendered.
Copy of illustrated boqken the New Yerk
. Curb Exchange Is yours, for the asking.
Send for it and this week's issue
of the "INVESTOR &. TRADER," the
, 16-page market review.
Philadelphia Office
Wldentr Bulldlng
TeUphentt I
Rell . Leem 47'0
Kejitene Race 3861
Baltimore Office
433 Equitable Building
Tt'itphmts Pl,:a 8451
Jenes & Baker
Members blewYerk Curb Mar let
Direct Private Wire
NrwYsrk CKtci-e Beutin Philidtlphla
Pittiburfh Detroit Baltimore detennl
2 m; 'i
stn
".1 Ik
a;; v.
COTTON MARKET
New Yerk. Jan. 12 Wnile the r..i r..i
leiiiii.il ket ti,Hiei firmer nt un advance
of S fe Hi points l Ms ineniiiig, tlie up
turn was less than had been due en the
cables fiem Livei'ioel Professionals
iKinglit quite fr. el und nbserbeil nfler
Ings bv .lepnncs,. Jtit.Tc is. Hie Smilli
Mil Ne llrle.ins. I liiotitlietiH held
nii.niid ihe recent U'l; during the tiist
nuniie.- et un "iii.nr. I.hrrpoel p ,r-(.i:i--'d
medeiatelj (l.ilj one neticf
was l,ni.d.
Kereipm nt 'he pet Is fei ihe dnv are
esuninied a' 12.IMJO ba'es. ngainst 1 I,.
101 bales a w(ej age. ;I0,.V'S ba'es u
j ear iig -l ml :;.'. -Ji'T bales two ears
ii go
.1 i
M..
FOREIGN EXCHANGE
New Yerk, .fan. 12. The foreign
en hauge market this morning lned a
steady tone at the micning.
LOCAL MINING STOCKS
rOXOPAH STOCKS
i""asli Uey .
I'm llmkr
.... . v.. . A.
.... . . .. . . ...UV..UII1KI.
1 lie leuiuies ui iuuik.'i hi ine creiienl
last few day., nnd pnill. ulnilj tlay.iI1jp'l1;I;u" '.". ;
have included a
and activity nml si length in
eichunge. It win
m
IIAMt:itM
Dealers in
Investment Securities
atcmbirs .Vru Yerk and l'hilaUnfttia
ilec. zcian0a
321 Cheitnut St., Philadelphia
'.... )!,.. I I' M
IT i"J Is in. is os
IT sj IT '.in IT. HT
IT II IT.. '.-J IT AS
1.1 l"'i IT li'. IT 1 1
LI J'. .11 .IT 1H II
... . . . i -
lieu Ulsli in Berlins i """.
1'rench it't".ij Kuia
ellldeie. Mgmll- West Und .
cant thai, notwithstanding tlie sUme- ""' lu"
. . . . -i.i . .r .1.. il.
W'liat linimniuuse niiliuun "l mil- p.iiii- ji -jv.
leal news i aided mer jesterdnj regnrd-',1 tJ'v
lug the conferences between tlie French ' l.eicher Kx ...
unci lliitish. fiaii.s made a bettfi show- J0,u!gIhurI)j;--
ing In the local feieign exchange mar- Divide Kxi .'..'.
Uet. wlil'e most of the ethet classes Dlv I.eri
worn 'emewimt leactleniiM . Sterling Ka,t li'lv';
cables weie l.2:i!,i. ileman.l 1. 112'!, ; ItaniilU .. "...
franc jneles h.KJ. rhejU. .:KJ; Hie jfu.l.,.,a.k D.v
cables ll'.ti. checks L.J.j'j. marks ..iU. Knox , ...
The pliiniilin oil New Vuik funds 111 Kejurt Dlv
Mentienl today declined I.. .",1-111 per llZ!2, .;: ;.
.ent 'I he dlsiemit cm ('iniudlini funds Silver Kmx . .
in New Neik was lTs per cent. The ' "therUnJ . . . .
Sutlth Atil.'ilcaii ("Cclianges weie ie-ren llasbruuilv
polled as billows ;
Argeiiliii". !!!!. 10: I'liigiiaj.
Iil.l
.n.i
n.i
.11
.")
.llT
.01
...:i
.0:1
.u
Ml'
..it
1 0 ;
Chile, 10' i
I
r
tt
ri "
TT
MUNICIPAL BONDS j
YIELDING 7 ,
JUIurlnt I'reni 1 te 10 Veura
V. W. MILLS & CO. j
Stock Exchange Building I
rilliaDKLI'lllA I
NEW YORK COFFEE MARKET
Ne Yen h. .lun 12 The coffee mai
ket ei.eneil 1 le 0 i.eints lower en tin.
disappointing showing of 1 tit nrlmarv llia11.
markets, but trmlinrr wns lifeless nnd
lacked any sort of map. Suppeit from'
eiilnide interests continues lacking and IJJjJJjJi"
""" " "" "ie. ine iracie is uuiiisn w,lVs nl'KVlNil yfOI'ATIu.VH
ii .....-, nui -.-iii iu uc ciisipeseu te taue i
lurid of ceftee at this time. jp.maii.l
Toward inlildav nrices en cue or two c'abi-
nf tlie mine uctive months hml ad-
niiced 1 ie ."I DuiutH In a llfelesN mar-1 MONEY-LENDING RATES
ket. In the cost and freight market. MHV 0UK Mnmv ..niii 1.0U1 classes
linn nflers h'-rc eailv showed viituntit "f i-oheterji op-i- .1 te.jj -i j ki cm
n.i .l.ni..'.. ivlili c,.,",....ni. - i.... i..:. i f"f '"" r' amJ r'"H
liitc-est c.n ihe pan of Importers heie.
Spot coffee i.ii.es were unchanged.
Vltteiy Dlv
i erclc D.
Y.uui .
I .
VI.VSTKIMJ IT S l'l.NAI. ULU1 U.N.I n......
i.i inj Trail' s l..r (JullUe ra 'inili rw.
I :4 S 30' j 4 .'1J ail.T4 rackfrjaci,- .
i .j s; Jl i . :: j a si) bU , Dlamf Ji Jl
rierT.r ..
CleIJf Lun . .
S)rrl!n5 Ira ni. s J. r (julirtera i (lehl Dv
iJiviui: miei.uh
. . .Oil.,
01
'i
. .: el
.'.'.'.. .hi
je
.nj
..1
.U
. . .. ..I
.'.'.' .Ml
..II
...I
I.I
... .Ill
I
..It
... 0
111
. . ..I!
. .IJ
Dd'IOUS
. . . ,(i.l
.11
AnUei
.0.1
.(IS
.in
.0.1
.en
.en
,01
.ui
.is
.lil'a
SO
.0(1
.Hi
.11-'
.11 J
.e-j
ne'i
.oil
'.c"i
.03
.0-J
H
ijOl.rjKtlir,
I
4 '.'.I
s.nu
s 31
4 ?a'
4 :i
a.i.T&
3U 30
I'r.v l'ei
Mar. h s m
Ma, S.4U
''. ft a Aft a 3
HplmDr , S..1T1f3'J
Dei-rnber .. . 8 3
lilj
'l
,.-,4
Ih
Conservative Investments
'MacMcekin & Williamson
UnOAD AMI HANSOM 8TH.
Mtuhrra I'hlla. bterU Ksrliauie
Opn
S.6TWSS
8.40M4S
K HI .IT
K.3(13I)
t;a
LIVESTOCK QUOTATIONS
hlraae. Ja'i IJ cT1I.K lt.ce.pl.
11. H00 .l.aU I'elrli n-tl.t nu nl' .a...n.
I it kCcii, fit he ateil. jnU cnl'.ra, at.'aily
I. airen" .non V .utiT en dy i ablrt lx"f
i in. Tuu vll'K. 1!'. bull. b. it Mr.ra.
'Jih bulla aifa.l , l irUm and feJ -a
aireriK.
1ICK53 r.frflpt., 10.000 li. 3d AilUe
l'J'aly 8.1c te 4.s. hlrner than M-at lUiy'i
."b i it pi'h'n cieina neininr lop
I'lIII.ADM.I'lllA i'a.1 ;.'i(5 Ttr cent
I one 5'itffl per 'er.t. .siinmerclal papei.
il ri.c te sis 'nunilis r.'jft.l ner uni
Bank of England Statement
l.nmliiiC Jun IJ. The weekly elatement
of ibe liar, uf llngland otievi i the fn'lnwlnif
banner. 'I oral renerve increase, I i.OSO,000;
nrralBiIrn derreaaed t'J.OCIT.000; bullion In
. peaa.il 1J T03. ethei securltiea deraaartd
. n..n..n,.ji,u, ui.iv. ui-imiui tie.iraieu i....- : " " "T
CUT. 000 nubile depealta dei reaaert 1, .110,000 l!iucc" ,,
r.etea reaere hwrrraeil (J rt"0 Unu Cleven- .cel,a.slln
ment e.rurlllee ilecieane.l :. 7 IS.dOO, The
propjitlen of ibe bank' rea. r te iijl-.il tv
iMh iel( is 11.8(1 per lent Uat waek It
was 11 04 per c-nt.
(ieldf Deei
Oreat lleml
luinbe i:xt .
KewanHi" . .
I.enei Bur .
O.-e
Itr.l ail). .
.-Uver 1'i.k
Abt'uihtad
.04
.ct'J
.i.i.
.'.J
.11
.UI
.ill
...1
.iisui.;.v.r:ut;.s
Vmparn
rlr. t'mied
ilnlenU ....
ITUen
Ilinma. K.lier
Kurrka mas . .
Rurelt IIe'lv
ItecU .
t'ether I, ode .
Nev 1(111 ..
Nev Wder .
Whlit) l.aua
Wl'.Ult .
.SI
.ii".
HI
..1.1
.01
.Jll
.00',
4.J5
.IIS
.1.1
11
..'J
ll.'l
n:t
.Oj
ei
.u
nt
.e
.ei'
03
.13
HI
llll'i
.111
11.1
.(IS
.ill
.01
.ill
'..'
OJ
.1.1
111
un
1 00
.10
en
ii
nj
iiii'i
4. T.I
10
..J
sr.
n.i
.10
.nt
.03
DIVIDENDS DECLARED
HeKtniter Geld Jllnei, Ltd.. dlvlder-j nf
1 ler cent, pajable January h te alect Sf
rnerd January 14. "lock ei
Kaufmnn Department Stoie. nunrierl.. i
??ceCrTina0nnu"a?Sl,:,U VU' "" - "
pvnf0Tcohm"-ab!6xr;lK,;e
ateck e: leterd rebruary t J,;l'ruur5 1.. te
BANK CLEARINGS
Hank clearings today, compared wi.1, ,r
reepei.-JIns dnv last te eara:
u '"-- I'J-'l 10J0
I ill.Uit .
N. V..rl.
leatun
The Ilatil. of ICnK'.iinJ'" minimum discount
ale lenialiu uncluniceil at S p;r ctnt.
c'eric.1 clnte.1 Income account of Hums
i Drul licrn for el menllis endeih riei.temlicr 3(1,
shena net liuenig utter chamea trJut.bSU.
Xe action wna taken en the rediscount rate
I at the meetliiK of Tlie dlrecteia of the New
Yerk Federal lleaerte Ilank.
Pinna are aatd In be under wnv fnr nnei.M
of four banka at HimtliiKclen, l'a., rirst Na- '
, ilenal, L'flen National. Htawllne Stene Na- 1
t enul nnd OraniiB Trut Company. (
The iierng pr'ce of the Iweim acthe In
iluirl.il stnc'ta advanced 1.44 pr cnt ei- 1
I ler.lay te 8(1.03. while the twenty railroads I
udMinccd .17 per cenl te 74.01.
1 Incen.v acceuf. of Vnlen Tacirir Hjstem.
fei ten month" ended October 31 shown net
mreiii.. from nil sources after Inlereat and
tl.aracs of VJ4.87S..11U.
Tnhatce 1'ieducta Corporation lepnrls for
tieu iiiuuiim emieu .evemuer au
, i'J-1 10J0
j.i.oeo.0011 74.nii.-,..ir,i 1913114 ..1..
"' 7V.VJ2u-0" cJiit.-Ji't nTit 0 : imslei
. au.neiMxw 03.409373 m 37 is
Du Pent Issues Debenture Stock
New Yerk. Jan, 1". I)nmlnt! ti.i
nick : ar. offering 'a frock of I". I V( ? i
de Nemours L Ce.. (1 per cent ruriulam.
NU ,fJr,c.nfCkTIt iaan1rl,, ,S '"l'' "tout
n ner cenl. I lie bankers pout uut thut
Th-"???. n'.1 ear,nln" of "the corporation for
the laat all en endar ni.. n.i.i . .,..V!r
nclu.tve. hav li.n J........' .''. '" l"'l.
. .. "- -" " "... l.llllll III 111.. .a
-.'..-n iiiuniiin fjiiuru .'u.rmucr ..tr con-
"elldated aurpltis nfter charee but before
lederal taxea 12. 073,01,1,
Idle cars en Djcenil.er, 31 numbered 01R.
CI,... an Increase of on,3eg, compared with
Deternber 23. 1020, the car aenlce division
uf the American Itullway Atsoclntlen ij.
polled.
.Sinekhn ileie of AJax Itubber Cempanv of
le .nj tmlBN have the iluht te subsci lue te
new Ntnelc lit Sls.ne u ahare c-u : ehnre-fer-)iare
baals Hubttr ptlcn rlaht expltea Jan
uai 211.
Buy
Before Prices
Ge Higher
Jehn Meedy says:
"The general outlook for the coming year
is full of premise for the investing public.
Consumers of geed securities can well afford
te make investments in well-protected obliga
tions, with great confidence that values will
be maintained, and that the dangers ahead
will become appreciably less as time gees en.
, We arc slowly working toward a period of
new and better times for the world."
We Own and Offer
Short Term Bends (maturing 3 mentlw te
3K years), at prices returning from te
' Per Cent;
Leng Term,. High Grade, First Mortgage
Railroad Bends, at prices returning 6j4 Per
Cent ;
Leng Term. Seasoned, Public Utility Bends
at prices returning trem 0 te 04 Per Cent;
i
Foreign Municipal Bends, at prices returning
'A Per Cent. .
Descriptive circulars eh application.
'
Edward V. Kane & Ce.
Merris Building
Established IS years
L
yyw
Clmeral lilectr'e Cempajiy
DIOl ea eumirtumtv in al.li.r f h.
Ilfle.en-.ear 7 per cent debentures dated Ne.
.YnrVf ' '"-''i" fi"u'-i IpiIei."' are Urn ted te
..,.., ..i enipiuF.
Is off nine tin-
at par te
A n n u n l Klerllens
i mev vvnevAr, iim
l'a
.rannirv t ie.
. .Ti.fL r;- . :-
elant tlmea the debenture dl 'dend reeulre
merits The, cerrfpanv doe, net ewe the 2",
a dollar and haa In Its tiei.ai.rv m. ten
nOO.OOO caah with Ita aceeunH ""aMe t'k
minimum. Net aateis of tli" cumnani ic"
cu.
N. Y. 'Change Suspends Member
New lerk. Ian 1'J Ouatav .if. Mlnteu
Raw Sugar Moderately Active
New Verk, Jan. 12 TI.e raw auaar mar
list certlnue. medral'y artlie and .teadv,
with Cuba h for Januarv ahlpment quoted at
i Jtrieci rose ..nu ireisn., ana rer 1'ebruary
vk
P21'
rVsf
.
- s
h I' -f'ittj
M-CownCe.
i v.an aiiMiia reni. ii,., vt... -ae t- L'a t. i i:..iiir.. rrar .imi iraiciu nnn rx i.'jneiiaan
..-lei' hV 10 n a.0 S8S7e MVl'&X' Suu! ' KVchTniV.-alcerdln, "te"" an '.nnec.'m.nl , h pmVn "aVi IMi "te Sc.-Vgat -d rKffiiV
"i cable is riiSfSTS mmer. bulk , ,,,, fr()m thw r0)trum sherty before 11 'n addition (e ihe sale of 0000 tens Cubss
HIIUEI1 Ilecelnis I OOfl head Oen. o'clock this rnernlna Mr Mlnten was ad. for Jenuaiy shipment te he United Klne-
e al.y 'stiscly Fat lamia. Tep will'' 11 S,i mlti.d te membership lu the exchange en I lm. rej.ur'.ud vesurday. which equals about
..u!-5 l.eTci Ji,Iihi,r.l,i1Hk. ea,""' SI 2 SOW r" 20' la00' ' 'f.,cJd L 060 VaasCubaafe'r 'IsSSl U P.Ur5
t T: fat e.ve mu ea.iv 17 ii. i.iii.iiiiV .rnasea s.i.uyy pass cuDss rer jsnuary ana
'".ad, ei f.d?r lani'is WUdlna Kebrjiary "Mnn.fi.-; at 1 IB.lHc, coat and
""' " "a r "IS."- Fourth Liberties at New Hlnh freahl. while Canad an re ner. .rn.iirert
!Tm
I'lttsbilrth, Jan 12. IIOOS - Iter. ipl.
,0110 l.ea.1 hUeaih ll-ailes SST.1
a oi..er. Iliht yerkeis and i.lss, Jun
"SIIUEI' AND L.MB3 necelpts. HOO
head, bleady, 'lop ansep, SJ: top lambs,
' . . . .
Receipts, t litsd, nttndy
!
1 13. BO
I'AI.VEB,
Tep. IJ2.&
V
'&!
IK
WPfiJ
New Vcrk, Jan 12 Fourth 4'i per cent
1 Ibirty Henda hae teuCi.,1 n 20, a new
lilah price for this aaue. Previous hlah was
made December C ?.t lis, 14 All ether active
Isauea are un aiM near ihelr record hlah
quotations. Dealers ssy the upward ruah Is
a .direct rsault of aaaltr n jney. and the ba
llet that a lower Federal neserve d'sceunt
rate Is (ri lmriisdit prospect.
.--,
0.1100 baaa ( ubas for leadlns- th'a mernlm
at It SUV'. I, 9. b Cuba, The local reflned
marl.'et la nni.har.t-il nt 4 80c te 4.00c. less
2 per cent fur cash.
BAR SILVER
Tlar silver was Ud lewer1 'In Londen loda'y leda'y
at 3!d, I
This stock has pteference eTerth, ,-nn
!t l3",'aCt;haUrn.', .!!,l,VIJf'"" "'! l" ValU
f ..li-"t " .fj,r,e- ,"" cemprfiiv. in aedu
v-Ai-hV.: uVa.vu;i",,.i;,1:n.T!r7'1
Corpeat.lo,nm0n "'Ck ' ,he ""'
lock
mmen
hln
in addlllen
. nalnt.
Per cent
ral ilolern
Reserve Banks' Discount Rates
Official r.dlaceint rat. a it the tuelie Fed.
oral I'.e.crw Hanks are aa follews:
Traaa. Ml;. Cem'I Bkra.
fill.
, 4IJ
. 41,
. 41,
.1
.1
.1
Pnslen
?."w Yerli
Phl'adelphla
t lnielan.1 . .
nirhmend . . ,
Atlanta . .
Chicago . . .
Hi, L.euia . . ,
Minneapolis
Kanssa City
Dallas .. ..
ban Francisce
, Lib. Cem'I Bkra.
beicls. parst. actent
. 1-'-; is
J'.J 4'1 II,'
.1 .1
". a
. r.
. s
. s
. . n'-j
.. s
r.
ft',
s
,1
1,
3
.1
r.
Drep In Anthracite Shipments
The effect of the "abnormally nilld tern
psraturea that 'x'ated durlna December, and
the general Industrial dtpreaei.in are re
fleeted In a, decreae of approximately LSOO .
000 tens In the ahlpmer a of anthrae'te. as
remiiared with the corresponding month nf
120. and of nearly nne.OOO tens as com
pared with November. Hhlpments last month
(4.838.622 greas tens) were the sirillest sine.
September. 120. when the ''vacation" strike
of th" mine workers reduced the ahlpment.
te B,B0a.9B4 ions. The total shipment, ?e'
the yasr 1021 ammiwed te 07.0I7.T13 ten
aga nst 6S,eJ7,12S tens In 1920
Ames Out of Penn Relays
Am". .:!V-1 1'-' Charles W, Mai..,.
director of Athletlra at Iowa State Cell.i.
hS,ai .W.s'1"'!"1 "Dnrx- from Phlfa feu
ph a that the Ames two-mile relay im
would part clpat. In the Pennailvanla "
'ays at Philadelphia. April 28 and ii si?
Mayaer ,ald Amea' team would be at th.
Drake relays at Dss Moines. Ia en ihesJ
dates and that no plana' are lUli ntSil
tnsertd track or l)eld inert te th, vm'tiTjhU
lltCOCa p j '
?:r'
l'lil'adnlnhia
,-.. in. ninuni meerinit of the Sterk
ri.i.ieis. i.c'u 011 iuecln.v. .I..i....rv mil.
IU'."!, Ihe fo.leiunK Iilrecl.irs were elec eil
te .erve fnr Hie ensulnr rat
'.V II. "111 nen er Samuel L1. T.andla
llerice T. i'ntia Win D. Otlh iinanii
Henry : Mltcrdl Jonathan lenka
S. s litv'. , barter J dirk
.1. H. McJiilletl, itSnr- J- "mcAcIeu
V ,','.'. lO "f'!," -Nerman K Cenilerman
Leuis N HnlelWrijei' Wn'ler c'leuile'
Nathan 'I Telwe.l Krinat T. Tiias-
Wn.. M Armlslea.l
U a .iie.i.nc of the Hum I of IVieclers
l.clcl this .lav. ti,. follenluit efl'mia e i
11 lai.lineuilv cliMt il'
.1. S JtiCul'ni'h. pi .blent,
Henry I'. Mitchell Vice I'lesldenl
l.euia N Snlrli.eryer Ice IMisld.nt
Samuel Crmpbell, VIct I'lesldenl
11. r-'tuatt White. Vice I'r.elcJent
lle.iiv II. It Inliurdi, V..e Preside. 1
.. 'l 5 follewtna nppelntme.its wcitf ir ide
1 ledeilck Inirlnmb Cashle
.f, tieersj Kiattunn akep. Ass stanl Cialu-r
lleniv p. llreHti. Hoilciier.
'II.. mas .1 Hunt, Neiarv,
l'iii;i?''.m'''C FAIHLxM ii' 'hler.
'JSrT'iATHINAI. IIANK OF (lI'.nMAN-
TOWN. I'lllLADF.LI'lUA
Genua mown. Jan, 12 1022.
At the ANNUAL IlLKCTJON he'd en the
10th Instant, the following atockheldera were
elected Dire, ters fn- the ensuing; vear'
Win. N. Jehnsen. M.D. II H, Ilewafd-Hmltli
M. L. Flnceel .1 KdwarU Durnatif
(i.ear W. Weel Jehn C. Knox
Walter William Win Warner Harper
It M. reteiaun 11 F Meclillnir Jr
Cllftcn II. Wheeler IVai Is J. bheble
Danlrl r. Waters
At inef,lln tf the Directors, held this
('e,-!e'le-t?d' "fheia weie unanimous."
jVAi'.TKll WILLIAMS. Presldtnl
JOHN C. UN'OX Vice PreaUeiil
The following reappnlntiii nta were nude
KW'U';.MKAWCIlOFr: A-Mr,Ca.h..r
jr.nr. J-iiyiVt .bur.. Solicitor.
,0'INt"l.N-0 (ahler
jgr '1HK (I'.NTUAl, NATIONAL ilK
.. .u PliHacI'lphla. January 12. 10""
At Ihe regular annual meetlnir of .tnii,
hnlriera of this bank, held Juiiuary teih
iJPM. the follew'ng gen temer T "ere'elJ? e.i
1 Dlrectera for the ensuing year; el,c'ed
1'7.Vf" .... ..aur, jr. Jsry U. Andrew.
J Ilarten Tnwn..n,i
Fred'k C stout
H'e Have for Sale
STANDARD GAS & ELECTRIC CO. 6s
Dated October 1, 1015 ue October 1, 1H1
PRICE: 84 and interest, yielding 8
Free of Nermal Federal Income Tax up te 2
Pennsylvania State Tax Refunded
Tlie Standard Gas & Electric Pnmnnnir ie nne nf tbe Inrrfit
1 Public utility organizations in the United "States, serving through
EJ subsidiaries, C33 incornerate municinnlitina with n nonulntien of
RsJ mitii.n..:..nl.l.. n slrr N-x . ' ... . . '..' I
uiifiuAiiimiciy i,uu,uuu. Ill sixteen Stntns. inctliiilincr sevcw
important cities, among them being Minneapolis. St. Paul, Mobile,
Louisville, Tacoma, Oklahoma City, San Diege, Stockton, etc.
Ratie of business 70.2f'r electric light and power; 23.2 gas,
3.i"0 street railway, 2.9 ether utilities.
Comparative Statement of cemhlneil nam intra nf Simulant Gil
R1 t. T?i,.i:' n ..t ..ii. .-..".-" ." " ".. ..
n u. .t-ttiit; xuinijaiiy suusiuinrics ier iwcivc months ending iNevera-
w. UV..., , v. i .
Gress Revenue.
Gress Earnings
Net Earnings
1921 1920 Increaie
$34,843,844 $31,844,288 $2,999,556
33,621,411 30,298,607 3,322,804
12,126,088 11,104,334 1,021,754
These bends aw a direct obligation of an old and well established
corporation, rcDrcsentinir an enuitv nt. nrasant. mnrlwi. vnlue. after
3 deducting all prier obligations, twice the amount of the outstanding
Ci Notes due October 1st, 19G5.
Net earnings available for interest imen this issue, after
deducting all prier charges, is mere than 4.40 times earned.
Following I his issue there is outstanding $12,379,850 Preferred
Stock, en which the Company is paying 8'-e dividends and
?l,77U,bU0 uommen Stock.
F. E. WARNER & COMPANY
421, Chestnut Street
Pbll.J.lnl.t. n.
Belli Lembard 1508 ' ' K.yslen.l Msln H"
frWiWfWcV.w,wy
William Weed
Charlta IVheeler
Charles. K Inserael! Itenjamln in..'i.
A. A. Jacksen William 1'nir "
C. S. PA1TON & CO.
3D t CHESTNUT 8TS).
PANKERS
Nurressera tn
HAILKtl MTKVKNSON
nends and ateeks ueiight nnd nlj
Memhef rhll. HtaeU Ksehaee
(
Safe Bendsr investmecjl
HALSEY, STUART
&. CO. Inc.
Land T lie Did Phene Ucuit
Samuel M. Curuen
Clareivu M. Ilrcmn
sieiena urticscner
Clement it, Newbe.d
;.""""- aieiner
-.rj- i-. nauer
mrnmsW1-
i
1 I V s
ijv'vy .. mi,M rA.'iT ,",? ..'Vi! .-
"sNsW' flWKHgff l5irlBftlrei Mm ii fr"- is
u ,J-.i. r'","n of the UoircLef Director,
held this day Mr. Charles K. Iniersell wal
unanimously re-e teled Prescient'
I FT
1
A, D. HWIFT.
Cashier.
WANTED
pSPgbh5?"''"
EDWARD L0WIER STOKES
loelh 15th Bt,. Thlla.
Lawr4nr E Brown &
CERTIFIED PUBLIC ACCOUNT
rnxikw svuirrsr fritrTRT Bl
Investigate and adjust .cerirw,J
rartn.rahlp accounts and ptspsf 'J
ias neiurna.
.a-.. I,