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EvfeteG PUBLIC LEBGllPHIi;kTO)LHlA, ' MfiA.?,
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GIBSON'S
Annual Forecast
SECURITY MARKET
Financial and Business
Conditions arid Prospects
Fer 1922
The Oloien Letters emit rereeaaii
ftntu been iaturil tellneul Infer
mpflett ler fifteen vears.
The Forecast covers the
basic outlook for various
classes of securities and
contains specific recom
mendations in each group.
The relation of interest rates
and income return will be a
considerable price-making fac
tor in 1922.
The fundamental principles
which govern this factor are
fully treated.
170 PAGES
Bound in Paper $1.00 Cleth $1.50
Published for rrttular fli'i. r.i i
edition vtnctlv I mtted te Jiioe cep.is.
THOMAS GIBSON
Dept. E
29 Broadway, New Yerk
SIEEL INDUSTRIALS
LEAD STOCK SALES
Trada Opens With Display of
Strength in All Impor
tant Groups
II NEW YORK STOCK EXCHANGE TRANSACTIONS
D v. 11:30 N'et
Lew A. Jf. Chae.
t It
14
.1
u
1
t
Railroad Bend Boek
We have prepared compara
tive data en some of the
essential features pertaining
te the bend issues of most
of the principal railroads in
this country. This study
should prove of value te
investors.
Upen request we shall be
glad te send te investors a
copy of this fourth edition
of our book en Railroad
Bends.
Ask for Railroad Bend
Boek F-2
Harris, Ferlrs& Ce
Pine St., Cor. William
NEW YORK
PHILADELPHIA OFFICE
Widaner Bids
Telephone Spruce 7040
New Yerk, .Tan. 10. The new week
started In with n dlsnlav of strength
hi nil Important creups, but with most
Interest nttaelict! te the urgent buying
of steel industrials, equipment stock
nnd tlie railroad shares. United States
Steel rose M, te 844, and Baldwin
Locomotive moved up ft, te 00. Gulf
S'ntc Steel was strong and moved up
te ."I, the highest price touched in that
stock in u long period.
The greatest gain In this group was
mode in Limn Locomotive which ad
vanced 3 .nts. te U8. Bethlehem
Steel II uiiii ether stocks in the steel
group were in demand at fractlena
advances. Famous Mayers was one of
tlie strongest of the specialties, mevln.
up "V points, te M-fc, Chandler Moter
1 was reactionary after a strong open
ing, first making a gain of ns, te fill',
and then declining te '"-j. Mnrln
preferred, rx-divlilend of .'1 per cent,
sold at 05as, a net gain of t point.
Atchison continued a feature of the
dividend-paying railroad stocks, mov mev
tiK ui ''. mere, te P'1,. t'nien Pacific
1 and Northern Pacific both rose H- an
Canadian Pacific moved up 1 point, te
i VSi.
Petroleum stocks were irregular.
J Mexican Petroleum foil mere than 1
(peInt. te HOH. and ether stocks In
the oil group maile fractional gains.
1 1
AW Yerk Bends
Arge r.? "i IMP Cuba 4i'M O.l rear S
I p TR'j 10. . . . TT 1 ... OS
I 1 . . 7S Swltx'd cn s M Str & S Ste
1 "anmllan l'ae ' 118 J; s "t
i Ce l tvl ,V Iv Urt Hrl t.. 10'Ji,
IS... . TS . I-d lDCti I 1 103U
K of Denmarli 2. . 10"". " K 4. V aj wl
. K & '
If.....
a
i: IC Ort Ur "
A fil 1031 0.. .
,-, in! I
. in MM i"
I Amer Cur & , 23
i . ioe
Am S & liar ."
1 .... ST.
tn T 4 T cl
AtVa trult 7 ... ...
2 .... .1 ' , "-
S 2ft
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t:alt i Ohie yt
2 TS4
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1 P
Ctl l'octne If.
r. es
CV fi
C & O
, ,itK!iwrai3rai3le1';,'uK'i:iiii' av w ' am "ms
$100,000 1
ATLANTIC COAST LINE I
Equipment C's due 1932
LOUISVILLE & NASHVILLE
Equipment 6's due 1930-31
NEW YORK CENTRAL if
Equipment 6's due 1929
KtabllOird 1803 i
BIOREN&CO.
410 Chettnut St. i
Mcmben of yew Ye,U ami ffl
Philadelphia Stock J7xc'ianeca H
fjMMmmmuJiwmmmvmiiVMR,
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h en fi't i
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p. "ii r.py'c r. ie.
2 . ss. 3.
L'n Cftnu i.i '21. '.
.. .. 07'.' 1." . . 72
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2 . .. 0S4, StP cv 4I411 I
' Juteli n tad 1. ... 61 i I
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i 2 am 1. ... civ
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I n 7H rein C 784
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100
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1000
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100
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100
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101
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300
109
100
300
100
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300
100
700
100
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300
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30U
100
800
100
3300
2300
700
800
100
. . Adams Kxpress
. . AJftX Rubber ......
4 Air Induction
. . Alaska Geld Mines..
.. Alaska Juneau O M.
4 All'eil Chem & Dye. .
4 AllLa-Clialmcra
7 Allls-Chalmern pf ..
. . Am Agrla Chem ....
. . Am A (trio Chem pf . .
. . Am Detch Magneto.
4 Am 11 Shee Fdy new,,
. Am Can
Am Car & IMy
Am lee.
Am Ice pf ,
Intermit Ceip . . ,
Linseed
IOConietUo . . .
Ship & Cem...,
Smelt
Steel Foundries .
. . Am Surar Hef
7 Am Sujrnr ltef pf . . .
. . Am Sumatra
0 Am Tel & Tel . . . .
12 Am Tobacco .
0 Am Tobacco pf new
Am Tobacco H . . .
Am Woolen
Am Zinc Lead & Smelt
. . Anaconda Ceppr . . .
0 Atch Tep & Santa Vc .
7 Atlantic Coast L'ne..
. . Atlantic Fruit
. . Assets Realization
.. Atl Gulf SWISS.,
7 Baldwin Locomotive .
. . Barnett Leather
.. Jliiltlmere a Ohie....
4 rinltlmere & Ohie pf . .
3 Ilethlehem Steel U....
. . California Fctrelcum
. . Chi & C III (new)
0 Chi & Northwestern
7 Clil & Northwest, pf
6 Chanmer Meters . .
. . CM & K III (new! . .
. . Chi & C!r West pf . . .
.. Chi Mln A St P
.. Chi Mil & St V pf. ..
. . Chi 11 I & Pae
7 Chi K I & Pae 7-
. . Chile Copper
. . Chlne Copper 1
1 Coca-Cela
8 CoVjrkile & Southern.
0 Celum Has & Klec. . .
. . Celum CSruphopheno
4 Cemput Tab ItccerJs
Consolidated Clirar .,
7 Consel dated tins
. . Conselltlntcd Textiles
7 Cern Products lief pf
, 30 Ce.'drn & Ce
4 Crucible Steel
7 Crucible Steel pf . .
. . Cuban Am Supar. . . .
.. Cuban Cune Sutrar. .
. . Cuban Cane Suirar pf
Davisen Chemical . .
Delaware & lluilben.
Del Laclc & Western
Der-e Mines
End cott-Jelmson . . . .
Kndlcott-Jehnson pf.
Krle
. . Krle 1st pf
, . Krle 2d pf ..
8 Famous Players L . . .
8 Famous Playera L pf
, . Flsk Hubber
, . General Asphalt
0 Guieral Clpir .
8 General Klectrla
. . Oeneral Meters
0 C?cn Meters pf.
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7 Goedrich n V nf. .
4 Great North Ore etfs.
.. Guantnname Sugar ..
.1 Keystone T & R......
. Lackawanna Stael ...
2 Lee Rubber Tire
7 Lima Locemotlvo ....
. . Leewo Ce
. .. Loebo-WIIcb Biscuit .
7 Louisville A NashvlllellOlS
.. Mnnatl Sugar Mi
, . . Market St Rwy pr pf . 5' Y
,. Maxwell Class B 13Vi
3 May Dept Steres 10(W
13 Mexican Petroleum ..H(H
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8800
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. . Me Kan ft Tex (wl) . . 8 JS
. . Me Kan A T (wl) pf. JAW
. . Mlssturl Pao'fle 17j;
. . Mo-Paalfle pf 4TS
. . Montgomery Wnrd ..,. HJ-i
. . jnev con Copper i
0 New Yerk Central..
B New Yerk C & St L. .
. . New Yerk N II & II..
3 Owcna Bottling
.. Parish ft Blmjham...
3 Pennsyh-an'n. R R. . . .
. . Penn Ssabeard Steel..
. . Phillips-Jenes
Pitts Ceal
100 i.be Pend Creetc'ce'aV.!
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Pub 8crv!ce of N J.. 73
Railway Steel Spring 07
Hay Cen Copper .... 13
Itendlng 74
neadlng lat pf 47
Reading 2d pf 491.
Republic Iren & Steel 34
Republic Meters ...... 8
Royal Dutch Amer... 33?4
.. st Leu's San Fran... 23
.. St Leuis 1 W 21?1
.. St Leuis Southwest pf 34'i
.. Saxen Moter 3H
.. Sears-Roebuck 04 K
.. Seneca Cep Cerp.... 31T.
.74 Shell Transport 38
.. Sinclair Oil 21
8 Southern Pacific .... 83JA
.. Se Perte Rice Sugar.. 46;
.. Southern Rail 18)4
. . Southern Rail pf . . . . 48
4 Standard Oil of Cal.. 98
fl Standard Oil of N J..130fj
7 Stand Oil of N J pfll3J4
3 Stewart Warner Speed 'it ',;
7 Studebaker
. . Tcnn Cep & Chem . . .
3 Texas Ce
. . Texas & Pacific
1 Texaa A Pac C & O..
SW Tex Oulf Sulphur ...
0 Tobacco Products . . ,
7 Tobacco Products pf.,
. . Transcen Oil ,
.. Union Oil
10 Union Pacific
84J5
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37 U
35 V.
415i
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180
73T1
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union Pacific pf
union Tank Car pf
United Alley Stc?I.
United Drug lnt pf
United Fruit
United Rwy Invest pf 21 j;
united iftaii stores.. 0.1
U s Feed Products..
U S Ind Alcohol
U S Ind Alcohol pf . .
U S Rubber
U S Steel
Wabash pf A
Wells Farire Kxpress
western Pacmc ....
Ex-0lvllcncl,
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Net ,, . -... ., .-
care. rill I tt 1 1 fiTrifiln MEMBtH ,k rELKPHONca
i MI I llllAI N I I II ill N NKW YORK AND PHILAOttfHIA P PHILAOELPHIAWALNUt JW
M U I LUUnL U I UUIVU T0CK EXCHANGE T . VORKrBnrANT 4U
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-"tt
Opening iPrlces Point te Re
sumption of Last Week's
Upward Movemont
Opening prices In the local stock ran"-
kcc today pointed te a resumption 01
last week'n upward movement. Un.Ier
the lead of Lake Superior hnd Ulcc
trie Storage, the llftt Bhewcd fraction
ally higher prices, the former beinp
especially active lu the first lialf-hetir'3
business.
The local utilities added te their xe
cent gains, United Gas Improvement
being marked tip n quarter. Philadel
phia Electric issues were mixed, the
common advancing and the preferred
standing at last week's close. Phila
delphia Traction was the weak member
vl this greun and sold off en a turn
ever, of uome sixty shares.
Pennsylvania Railroad, the only one
pf the group te appear, was fairly
strong nnd was marked up un eighth
at 34.
There was little done in the bend sec
tion of the exchange, the largest trans
actions being in the Philadelphia Klec
trie (Is, which ueld, in lets, at 101Vi.
Philadelphia Stocks
11:15 Net
A. M. chKO.
U0 U
lilt
8U
i:
v;
10 Phil Ins V fill
. 10 Phil Ce cpf 30
141 l'Jilla Klec '1V
) de prcf... 7!i
!I50 Phlla K T 10
100 Phlla Trae 01
lOOtStudcbak'r 8i'
C0U G I.... 38'i
M) de pref.. 51V,
-u est uenl. 7U
0
T4
4!4i
.., . . . llh
100f Atchison.. Ill) W
lOOfChine Cep 27T6 2
255 Elcc Ster.124 124
530 Lake Sup 8Vi 8
1O0I.M Stn Oil 12 32
SOOtMldvale.. '80 30
110 Peunn 11 1134 (s 81
W
30
21
2-nj
18v'i
01
SlKj
38 B
51 Vi
70
tNtt ch ft tiff a mnttA v rnninnrUnn with 1nt
aie en New Yerk Stock Kxchance.
January 16th, 1922
The undersigned .have this day formed n
ce-pa'rtnership for the transaction of a
general Stock and Bend brokerage busi
ness, -with offices in Philadelphia and New
Yerk, and private wire connections with
all principal cities in the U. S. and Canada.
CUSHMAN NnWIULL
James S. Gress
Charles II. Dipfbndgrffer
Newhall, Gress &
- diffenderffer
PHILADELPHIA
REAL ESTATE TRUST BIDS.
NEW YORK
KNICKER00CKER BLD0.. 424 AND ORPADWAY
, and
12 OR0AOWAY
30 M
7(1 9,
31'
CO ..
30
21 ..
18T& Vs
01 Vi
S4i,i..
38
70
1000 Liberty 2,1 4,b '42..
0500 Liberty 3d 4V,h 28..
n
Hi,
H
!4
W
Ti
H
a
ijs
3
'A
Vi,
I
71
71-,
londen stock market ITALY HOLDS KABER SLAYER I $6,700,000 AID FOR JEWS'
3
N V
N Y
8.
1
lna-.4
. . lui,
le. 4 4
.... 80S
Tele's '41
Buslnese Light, but Feeling Confi
dent Dellar. Description Steady
Londen, .Tun. 1(5. Sentiment in the
oil creui en the Stock Kchange was
Cleveland Detectives Arrest Dl,
Scenze Leng Pursuit In Eurepe
New 'urlt, Jan. 10. Detectives ,
Almest Half of Fund for Europe
Subscribed by Four States
ew lerk. J.-ln. 10. Pour lnimliw.,1
rinuui:i,rnLV ihm
. 07. 02
. 1)7.00
2,'iOO Libeity 4th 4is '38 07.80
2100 Victory -l '23 100.22
500 Amer Gas & Electric us. i3
lOOO Keystone Tele Ut 5s. . . . 73
1000 Lake Superior inc 5s. . . . !53.
11000 Phlla Electric 0e lets 301'.
Financial Briefs
11H I 1M, 111,, 'Unnnei- ..n.l m,nl..j f'.,,lr. r.f I .1.1 ... . , ... .
103!"' r.VT.V ,; .. n,i v.lni. liurdencd. i "" '"""' "- - - -' irem lour mates at a raect-
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!i." 1.. . 074 je..
PS.bri, i r. a M 2
03",' ! 4.1"i
n !) r-rl Qcr.t Mn
1 41
r!e 11 II cv A.
33
l Tft 1 T1.....I. .n
....l a. . I IIIIVHI IJUilll . .n
lit!! t 7. ' and Trading 4 0-115 an
i ... ip.R,. .1 1.1-1(1. The cut
nni. rt nv.s' strenit. with a tendency
100W further. Irenrli leans
;. Shell Trnnsiwrt .',.,"',"",u.! ,T ,t" i',.M iJ. .""'". ingot tne American Jewish Relief Cem -
.1 Mexican Eag U j h "',,-, - "? u mlttee .here yesterday pledged W.700.000
iMieeu iii ... .i." i..ii ..:i."i..: '-.".. i lewaru the sum of si4.nnn.nnn i.
.. ... ...i ' iv tu.' iitiiiuii ii,iLuu,iiicn ui.i;. i imi.-
14..
1..
B..
r...
St L
L S
. 73
73
. 73
. 73 ;
. 73
V In I
BRH I
BB4 '
BO
r.s
BB
08Si
h
-t
1r
The Real Situation in
General MoLers
We have issued an
exclusive and compre
hensive report contain
ing reliable information
and suggestions. Copy
sent en request.
SpENCE'ReKfl
4 'Jifl i tr. i m - . If .,-1.4 0 Zf
STOCKS & BONDS
SO OFWJAD OTRCtT. IIS.VI YORK-
rlic n Ce 4a
l r.nn.1 a ..,
1 Cil'i 83
loetlyear T 4. j
Ilub'r '31 i.,.,
1 0S-.I 4...,
SfiVtS.x.ye..r T & 1st t. & S 1'ran
i!. . S0; UuU'r '41 Srrlc. A
K B:!un. rti 2 113 8.... C9;
3 n.',-; 'O N'e'n UW 7 3 ill!
2. . . (3, '!.... 101'4 0... . f)3'i
8 . . l5, 1 - l"'1 'St L Ser'n en
K Ilclum 7n '-' Jflf,v' Tl
I . .Ii!. ,,IUl! 31.111 .r sub'a A I. M
r.rniiln.. further develenmentrt in tne
political Kltuatien at I'ariR.
Mere stability vn niiiil n ..alur,
owing te efforts te settli- the stnl'.y of
the workers at the Hand. 'I he rubber
list was firmer. Industrials, also, im
proved in tome instanccH. Hucl'-ei. h
lle was 5r';.
Heme rnlln were net active, but held
will. Dellar dcwrlptienn were -.teudy
nnd unaltered. Cliangen In Argentine
rails were amall. Generally buslnc
was light, but the feeling was confident.
I
raiwd In this country for .IewInIi relief
In KaHtern Europe. The delezates were
iu i ..,. .... .... . .-.,..
. kiiir .,r niiTi.iri.MU m mi nu in irniinn
wen- iuiek, i .' I,...";v-'". i i "" "VI.
cenfenHnl murderer of Drinlel Knber. i Ri"lVMr,t.h.crn iN?.Uu J,T'. New Yerk,
Cleveland publiahcr. two years age. C ,""i ,ut.?il Ilh?d? Mat-
Hie detei tlvea Knew 1)1 Scenze and he
knew them, and lie eluded them mere
than n month. They finally located
him in rerrnnnze In n coffeehouse. The
local police co-operated with the de
tectivcB.
Commodity Markets
GRAIN
Chicago. Jan.
1 .
13..
3. .
12..
2 lOOH
1 ion'.
K Uele'm rcta,
- . . ier,
iniiv,
1,
inm,i
10, '
loot; i
lertv
Kingdom T)tr
mnrit et 8i
1 ... 108U
Kingdom Ner.
wuj- et 8
2 110
K Sweden fla
1 . .. H8;
1 0,".
C3uir.tt'il Kt
Lean 1st wl
3
1...
Intfe
I...
Hi...
10..
12...
0...
I..
B...
B. .
20 ..
1R...
20...
4'"t 1 ... 32
(O'diaeutiM I, fli
T f: 1. .. 4.T,
II'. ' 4 ... tl
01 ' SlneUIr C oil
01 !Cen7H'
ei 10 . . 101 i
'11 18.. . 101
fll. 10.. . 1011
MARKET
15. Wheat t.'.rted
inner for .Mm mm "s t -j i'i
for .H'lv. Commls-len house n-.li-ig
.....i,.i i,i. itnrt. Shorts covered en
the break The volume of business Involving 2700 shares of Ca'ifernia
wan moderate. Receipts inspected Sat- Crushed Trult Cemrnny caused the ni
urdav were four cerH; last year twenty- rest last night of William Herman,
nln. cars The cash market was rela-i .Tames Graf and Henrj- Spitz, of the
ieiv .4inflv but (iiiiet. There was no . DreKerngc lirm or iiratt & Le., en a
I fresh expert business naiuruu
l-Olenel Arthur I.ehmnn. irnniuirni.
"aid the three main courses the com
, mittee had decided te mirsnp wnn ihn
, i granting of c edit facilities te small
.ni'rciiantM and farmers, the organization
and Increased nunneit of trmie ui.nni.
The moment 1)1 Scenze spied the de- '"", "c. purcnnsing e tools und imple
tectlcs he drew u large stiletto nnd 'nnt for these unable te buy them,
started for Mooney. Hut when he Firemen Pay Hener te Dead
saw two revolvers leveed at him he' Bethlehem, la., Jan. 10. A dozen
surrendered. He is awaiting trial in , fire companies of this city, representee
Italy for murder in the tirt degree. ( moo volunteer nnd paid firemen, lust
night attended memorial services' held
RRfJKFR HFI Tl IN SAI F J1" Friu Methodist Episcopal Church
DnimEna ntLu m aLt ni Ketha,,v Hefermcd chniV nn
heard special sermons preached br tlm
Fraud in Open Market Charged by
New Yerk Firm
New Yerk, Jan. 10. - An alleged
stek transaction in the open market
Huy- charge of grand Jarccny.
VlV le" ' iSi ' Iwfer KuBslBn relief will be done te- I The complainant, William W Lcn
Ufa siand'a en or day. , , ' ? nenjber of the brokerage firm of
01 v, Calif 7a Llvemoel futures today opened steady Lennex & Ment ford, charged in an nf-
I
rti?
i
i
18
10
4.,
t..
11.,
1.,
1.,
Ir.fl
107'i ifi
Cl-.lla -:c l
. 1001,
10lt
Chile 'II
Si
Airr
I.
01T4
C.W
en; i 03Vj
fllS. Third A.vs uJ
1Vj 1 47H
r.U, 2... . 47'
01 H V S flubb'r 3
CIi 0 .... 87
.. . 73 ' 28 7
r 3e rcta V 1 3 btnl .
.. sj.' 20.. . 100y,
."ah r,S Va-0 Chm lat
. 108
108', & Mf
.503 h.,.. 107V. ,
.108 '
i.. i Mnhar nnd snot steady te 1ad fidnvit that the three prisoners in
M .' .. r. II. I.. I ,t.i. k.M.A..l I.I. Tim. nn TlMi.tl.. Oft In...
1 nc I'.UrOIli'UU iwmiriu rnu- , ,nui.icu ...n ....it wu .'tuiuuvi ... lum.
.... 107V4
Se n Bell T Sa , i,ii,-
,l.l . a f 1 .... I 1 rafriLFin
atlen remains crmciu unu uu-uuii-tery
for the early resumption of trad
ing activities with Central European
countries.
Cern opened V te -s lower, with a
limited trude. (ah houses were the
best sellers. Huying suppeit was scat
tered. . . ,, , ...
. , 0ll Oats started 's t" 'i wwir v mi
voating'he, is trade light unil fP'urelev..
Kev. . r). uawsnn and the Ilev. II I
Crew. During the last jear the local
lire department lest b death u dozen
members.
TWO DIE IN LOVE TRAGEDY
Married Chauffeur Take Life After
Girl Dies of Poison'
Chicago, Jan. 10. A double love
tragedy ended yesterday in the deatli
by poison In St. Leuis of Themas J.
Claussen, a young chnuffeur. for Mrs.
Elsie J. Monell. Her seventeen. vnnr.
old daughter, Dorethy, met death in her
I
The niersKO lirlee of thp twenty ricllvu
InduntrUl ntecka ndvanccd 0.41 ir cent en
Saturday. t 81.23, uhlle thn twenty rail rail
reudu udvnnccil i),3s r-r cent, te 73.80.
nu(en R. Dunnlnir lini hecemis nn'eciateil
wltli the bend dcrarlrnent of l'arjly llreth.-rs
4c Ce.
Prellmtnftr,. El.l.m,i,l .f .1.. s,'.... ..
li.len TeltBiaph CetnpHiiy for year emlnl
AJecemher 31 show cMii-ialtM net Irteni"
after charjruB mid tuxe-i, of JU.704,t1. eul
JiV,ni..i" W- u h ernd en the M..
IsS'lr . CBPl,u' ''i "" cemtmrrd with .siv:.
733,. J 12, or $t2.Stl j aharc In the vrvccdl.-u
sear.
The bend rnarlcet wau unueually netiM'
and replcte with Interemlnir fputurci taut
week. New tlnnnclnB halnit run Its course
for the time belnu. uttentlen of bankern nnd
Inveatera win diverted te tile eutatandln.
benda traded In en the Stock Exchange. In
thu early daa henvy tradlnir In I.lberts i
tana breujlit the Hat up te th3 high e..
of (he year nnd luth Iniiim nf vintr.. r.,u.
, made ti hluli Drlcca. The ferelsn Breuu
I maintained a firm tone throughout thu week
! FOREIGN EXCHANGE
j New Yerk, Jan, 10. The foreign ex
change market opened quiet with some
. Irregularity, sterling Jsc for cables un
der Saturday's close and lire, en the lat
I est Information relative te the Hanca dl
I S'conte. showed n less of 4 points.
Marks lest 1.
, Quotations were :
. Sterling cnbles -l.-'.'t, demand .Z2C ;
franc cnbles S.lVj, checks 8,i,; lire
'cables. 4.40, checks 4.30: gul'der ca-
bles 30.85. checks 3(5.80 ; Swiss cables
i 1D.4L', checks 111.31); Stockholm cables
124.07, checks lil.lll; Clirlstlania cables
I Li.bO, checks 15.55; Copenhagen cnbles
1 10.00, checks 111.115 ; Helglun cables
i .HH., checks 7,.S7Vi ! peseta cables
Je.(ll), cheeks ll.DS; marks .51'...
HATIHUAVS riXAIj QL'OTATIO.WS
riter:inc IVatfja Mre liull.l-ri.
'P'in-.uid . . . 1.22 S.ltHJ i.jel,, ;, SJ
, LahleH . .t.23'4 8.20 4.41 3D Ss
TODAY'S Ol'UNING QUOTATION'S
E"
New Yerk, January 16, 1922
Hamilton Adler & Ce.
THE Partnership heretofore existing under
the firm name of Hamilton Adler & Ce. is
hereby dissolved by mutual consent.
Hamilton Adler
A. 13. LlCIITENSTEIN
Adler, Cowen & Ce.
KEMCERS NEW YORK STOCK EXCHANGE
30 Bread Street New Yerk
Ttlephvni Itnmd 6771
WE desire te announce the formation of a
co-partnership, under the above name, te
transact a general brokerage business in Bends.
Hamilton Adler
Kdwin A. Cowen
A. B. LlCHTENSTE!?
Mtmbtr Nra Yerk Sleek Exchange
tfjpe
Spruce 8200
I United States
Treasury
Certificates
SECURITIES DEPARTMENT
Commercial Trust
Company
Member Inderal Rftcne Syittm
City Hall Square West
Dfinan.1
1 Call, i
Hterllng Trap:
4.22"k S.221"
. 4.23 s.aaij
Lire OulMcrn
4.3uSi 3il.su
1.4u 30 s."
Raw
te buy the stock at the market price
for Graf & Ce. and at the sumo time mother's arms Saturday, seen after sen
inrcw upon me murKei, tareugn en- , nratlen from Claussen. Last Mendav
fcrent brokers, an equal ipiantlty of the they eloped from St I.euW Mrs
stock te be neld nt the highest prices I Monell traced them here. Saturday she
obtainable. The result was, U'linex i confronted them and forced her dntigh-
cuurKCu, ure .ira wuiri i mi wiui ter into I UlXlcaD te tuke her limn,
Sugar Market Quiet
I Nen erk, Jan 10, The raw sutar mir
Kt centluma r.ulet nnd unclmnced with
iCubaa for January nnd reUrtiars' ahlrment
.iiueted at 2 centa, coat and f relent. There
were no aalta reported en Heturday. lm lm lm
.portatleni en that day Included 23,000 buiin
luhaa. censlirned te the National Husar Ite
finlnc Company. The local reined market la
unchanKecl at l.bO O4.00 cgnta, less per
cent for cash.
1 iUimjtvry4byjini
jw m
A Study of
Foreign Exchange
Values
A.knewlcdgc of the factors
Governing iercign exchange
fluctuations is an asset of con
slderablc value te these In
terestcd In the investment
possibilities offered by the se
curities of Foreign Govern
ments, Municipalities and In
dustrial organizations.
"Foreign
Exchange Explained"
Is an attractive boellci dc.icntJ te
farhillarue the InveM-ntt public with
the many controlling .genciet which
exett an Influence en fereitn ex
change rates. It coven the subject
thoroughly in a language that all
will understand.
".11. telephone O' n'
!tr V lis' C"P "f ''"'
WM.H.MCKENNA &. CO.
Widcncr nidc
PHILADELPHIA, PA.
Chlcace
I'hilaiiclplila
I'arerien
I'ltlihurch
BAR SILVER
al Vi
r i!lcr wai Hd lower In Ionden txlay '
nt d
Ce. was selling were bought b,
nev & Montferd for $1.0,,7."().
Lcn-
COTTON MARKET
KEMALISTS TO FIGHT ON
lip) , " "
MKusjJ l 0.000.09
i Capital
antkurpli
Today We Occupy Our
NEW BANK BUILDING
91S Arch Street
where the builneiH "111 be con
tinued uniler the nuine of
Weniger & Company
without elinnce nf management
' or llrm inetnlirralilp.
UAHS WENIOER te CO.
RAILROAD EARNINGS
MISSOURI KA3A AND TEXAS LINES
1021 Increase
Nmeiiu.- ureaa . in.iui.aae $1.7as.58D
l!jlanej r.fter tXfO 1,010,220 lSO.CbT
D-1ut leal ether In
come 104.rt18 T4.n20
HaUnce OM.niO 08 B89
Eleven mentna' aTeaa. 118,821.5,17 7. 878. 244
IlaUnce after taxea 10.452. 80S 10,447,608
.uct leaa ether In-
.'in l,Bir,.8M 2fl3,700
llilnr. H ae l23 10.lfll.008
Lerrie
Sew Yerk, Jan. IC Under active i Repert Says Mustafa Retains Pepu
"!' L ,i,nn,ii IT te ?) neiu'ts en tic- Constantinople. Jan. 10. A a
LIVESTOCK QUOTATIONS
Plttaburali, Jan. id. -CATTI.K Re-eipta,
lOOO'i h-d. Ixiwer siaara, t8fiS.2.1' hlf-
II 10 !3tf7. com, 14 WB. Calves. r'Vluti.
Sun he.d. Hlaher Tep. $12.80
1IOOS R-celpta. tWOO huad. Lewer. r,r
Hiavlee, fT.SO T.75. h.'av:- jerliers, Ilht iJWih
urltera ind pWa. 48..10 8.7S ?;!.
SHUKl- AND I-AM11S IlecelDta. 2300ii!..
hwad Hlrher. Toe aheen. 17.80: tee lunliu r.ul.'
, S13.C0.
Safe Bends Investment
HALSEY, STUART
&. CO. Inc.
Land T tie Hid
I'her.e. Lerust 4820
U. S. Certificates and Treasury Notes
In'. Maturing
Kate Date Bid Asked Yield
MlHj Teb.. 1022. ..100 8.82 100 6-82 8.87
3 Mar. 1322. . ..101) 8.82 lOOK 0 37
''' Mar, 1022 . .100 8.32 100 9.32 8.40
t."s Mrr. 1022 . .1000.82 lOOH 3.37
4S April, 1022 100 100 8-32 3. 73
June, 11122 ..100 1.32 10O n.HK
. 100 ti-itj
.1004
,100 3-ia
prices dropped 17 te -'0 points en ac
tive months. Ilcsldes wenkne's nt Liver
pool the trade was influenced by heavy
rains in Central Texas, where moisture
has been biidly needed. Among the early
sellers were Wall Street, New Orleans,
Southern w ire houses nnd seme of the
local spot cenccrni.
The chief support came from trade
interest! nnd leenl operators who sold
higher up nnd at the end of 1." min
utes, the market wns quieter nnd about
50 nelnts net lower
C ee On?-
IJ "ii
17 mi 17 7r.
17. R8 17 S.I
17.11 lOt'5
Octebvr 10 43 10 '
evidence of dlisenslen In the
added
Angera
lu
as me girl was ueiug driven te the
railroad station she swallowed poison.
Claussen went back tu Ht, Leuis Sat
urday night. Sunday morning lie rend
of the girl's death story In the St. Leuis!
papers. A few hours inter his bedv '
was found in an alley, lie had kep't '
his end of the death agreement.
Claussen had n wife and child.
Cabinet. Jelal Iley, the Poed Minister, , KILLS 4 AT GRADE CROSSING
hns resigned. This is the fifth resigtia- siwwwihw
tlnn within n month. I . .... . . . .
Notwithstanding the bad economic Traln Hlt8 Aute at Edinburn, Ind.
situation, the popularity of Mtistaphn Driver Badly Cut
Kemal Pasha, the Nationalist lend r, ' Fdlnbirrir Inil Ten in n.
remains undiminished. The Indications , St.ffiS'V.'rA.i0?",' -"ff
. .... .,,. einuunij in-
lilch they
near
nri that the Kemallhts intend tn fir lit
"te the end in defense of their national SriE.'Sbv;
I uHpIratlenH nnlev. subtlued by concerted S !a singer" "train" a a'cres
action by the AllleK. of which there , ,lPn ,terilay. The dead:
1 HiTiin lu uu muc ui iLiiuiiii.)
11 00 i
1 t TU
17 20
10.X4
10.21
A Londen dispatch .Haturdav. ntintlnr
07 Angera rcpertu reachingConstantineple,
tr,V
INVESTMENTS
. OppertuniO' te aecure (.lilt Kdce inveat
4MUut. Uld eitatMahed Industrial corpora
tion ilaalraa additional funds for expanalen
. attrnltiss averaclne 20 rr cent for tie at
AUtft yours, will laauu a. limited amount of 7
. vlir ent cumulative pref- red stock free of
ttlLill ,aw ie.,r,ViaP Harll.lll.r. nrf.lu..
I. Mev no. A-(iet. r.Kii(ii:it iirrici:
vi
V;
41.
"34.
- l vi
Jun
Auit .
Sept .
Sept ,
Tjiv .
June,
hept
11)21
1022.
1022
1022.
ll22
1024
1D24
NEW YORK COFFEE MARKET
New Yerk, Jan. 10. The special ca
bles received from both Ille and Santes
before the opening, showing a firmer
situation there, brought about a with
drawal of aclllng orders and prompted
some bujlns; In .Mnreli and tiepiemper
said that
murdered
Mustaphu Kemal had been
JSKrf'32 2 25 On the call prices were -1 te tl points
111(1 K. lfi 4.00 BUOVU emuiuiij ii u;fiii ,.
loe li. ia inn 13-1A a tu
iner,-82 ten 9.S2 4.10 1 March
M,
in j
1112'
4.4H i:
I'rev. Cleaw
n 4li u nil
8 -88 ft 37
..102 8-10 102 7-10 4.80
r LSteckwell
m &wa p:
m
w
--VS
II s
CERTIFIED PUBLIC
ACCOUNTANTS
Land Title BUrePMIi,
V.
Kxeinri from I'edrrl normal Income tax.
1 tAcceptab'.e for payment of Income tax
, Jug en date of maturity
I Liverpool Cotten
l.lvervoet, Jan. 18. Spot cotton was quiet
I 'eday. with prlcra steady en tha baala of a
lerllne of 20 points for middling at 10.l7il.
The aalea were 6001) be.lea. The reeelpta
I were 22 00O bales, Ir.cludlnr 15,700 balea
Vmrlcan. ruturta wars uulet n the
leallnxs. Spot nrlaea vverai American, ml
1 inns; Ttir. la.B.u: acna miannrjr,
'uliy mlddllnir. in.e2d. mlddllnr.
ew tnldnlluc, 824: soed ordinary. 7.77di
and ordinary. 7.02J,
Julv . ...
Heptemher
Decemter
H 30
s.Reaai
8.27
Oren
S. 83083,
8, 42 t 45
8.8204U
S.DliP33
3.80
Reserve Banks' Discount Rates
Official rediscount ratea at the twelve fed
eral Heserve Hanks are as feUewBt
Traaa. I.lb, Cem' I nitre,
ctfs
VaiIa, ........ tvj
1 New Yerl 4J
in tne early ,,;hiielnhla
mm. ;.;"". -.
,;, ('levemnn
iiV. Jtlohmend
bends. Daner,
V W
)
f'levelnnd J
, , . . n
tr.
1
itfCewnfrC
VsmS
IT
MONEY-LENDINQ RATE8
NEW VOllK Meney en ealt, both claanes
of collateral, opened today at 84 per cent
or lending and renenlna.
PIIIT.ADEU'IUA Call. B per cent; time.
3Uui Pr cent! commercial paper, three
te he menms, eisga pr cent.
Atlanta
r'hlcnxu,
Kt. Iiuls. ....
Mlnneape Is ..
Kanaaa City
Dallas
hn JTanclace.
3
t,
3
n'i
a
H4
B
n
r.
n
3
r,
W,
S
UCC'ipt.
h
r
n
a
r.
n
r.
a
1
T.
DIVIDENDS DECLARED
Pyrenns Manufuclurinr Company,
tcrly 2H Per cant en common, payable
lutry 1 te tock or record January IP.
WOMAN BURNED TO DEATH
a
Bedy of Aged Recluse Found In
Ruins of Heme
Milten, 1VL, .Tnn. 10. The charred
body of Charity Denby, an aged woman,
was found in the ruins of her home,
which was burned te the ground yester
day. The body waa found near the
stove, with an oil cnn'clete'by.
Firemen say she was evidently light
ing a Are when the oil biased up and
set fire te her clothing nnd then te the
house. Her head was found some dis
tance nway, where n falling rafter had
severed it from the body. The woman,
who was blind and quite old, lived by
herself.
It was supposed (hat she had con
siderable money hidden about the house,
but If e, it was destroyed by the flames.
N. Y. Surgeon Sued for $100,000
New Yerk, Jan. 10. Accused of
having operated en the wrong feet of
a club-footed child, Dr, Hamucl Klein
berg, Kroeklyn surgeon, has been made
defendant In a suit for $100,000, filed
br David Engle, father of the patient.
Mr. Engle' Bald bis daughter new hi
crippled in both feelN
.Mrs, Airimin Jeslcn, teventy-fivc
years old; Dorethy Jeslcn, two years
old; Miss Opal Joslen, twenty-two
j ears old and Kmil Joslen, ten yeare
old.
Jehn Joslen, fifty-four vears old
driver of the car. was Bcrleunlv cut and"
bruised.
(
Armstrong Appel
Lam-aster, Fa., Jan. 10. The wed
ding of Dwlght Ludden Armstrong, son
of Mr. nnd Mrs. Charles I). Arm
strong, of Pittsburgh, nnd Miss Mnrien
Oilmeie Appel, daughter of Sir. and
Mrs. William N. Appel, of Lancaster,
was held Saturday evening at the First
Reformed Church. The ceremony was
performed by Dr. Henry TL Appel,
president of Franklin and Marshall
College, an uncle of the bride, assisted
by the pat.ter, the Ucv. W. Stuart
Cramer.
The bride Is the granddaughter of the
late Geerge F. Iluer, of Heading, former
president of the Philadelphia and Head
ing Hallway. The biidegroem is assist
ant hnlfsmanaRer of the Armstrong Cerk
Company and ranks among the first
twelve of the country's amateur golfers,
A graduate of Yale University In the
clnss of lid i, Mr. Armstrong is a mem
her of the Yale Club and the Pine Velley
and the Huntingdon Valley Cult Clubs.
After a six wteks' honeymoon In
llcrmuda, Mr. and Mrs. Armstrong will
leave for a year's sojourn In California,
WlicroJie will be cmrneeil In tin. i,irj.utu
r.t i.- ...... " " """w"l
VI 1U? I'VUJl'UUj f i
FIGHTING WHITE PLAGUE
'State-wide Conference te Be Held in
Harrlsburg, January 24
Harrlsburg, Jan. 10.-A State-wide
tuberculosis conference will be held here
' January 21 te -'0 under the nusplcvs of
the Pennsylvania Tuberculosis Society.
which will held Its unnunl meeting at
I the same time.
I Governer Sproul will open the con
ference and there will be addresses by
Olfferd Plneliet. State Forestry Cem-
mlsslener ; Dr. Kdward Mnrtln, State
I Health Commissioner, nud ether State
i officials. Frem ether State, will come
' Dr. Allen K. Krause, of Jehns Hepkins
Hospital. Ilnltlmere; Charles M. De
j Ferest, National Director of the Modern
Health Crusade; Dr. James A. Miller
president of tlu National Tuberculosis
I Association, nnd Dr. Stanlet I,, Wmi"
I of the New Yerk Tuberculosis and I'ub-
lie Health Committee. i
I Philadelphia will be represented
I a.m,;,,g 'k0 ffakerN te Dr. James M. !
! M. Landis, Dr. Themas MeCrae. Dr
I Charles J. Hatfield. Dr. M. It. Tayler'
pr. Frank A. Craig und Dr. Hubert
SclllCHS.I
We Own and Offer
Terente, Hamilton & Buffalo
lit 4's 194G
Western Pacific
lit S't 1946
Len( Island
Dtb. tt 1937
Atlantic & Yadkin
1st 4't 1949
WlDIHW BLtMJ. Phiueiiphia
AIan tCaV (4..L at '.
fn "W VOSK IlirjUUTTH, KJ.
1 T" aaaia. ,m
6"'f efirf 7(,( Bends
at attractive prices
A selected list of well'Securetl
benda te vlcld from t7.5Cc te
G.80rr.
I n Lpan lUtjucti
Reed A. Morgan & Ce.
H'f' tin Tntaf ilWjr , I'hxla
ilemhers of th' I'hlln Stock JJxcli.
IBevbvli iBvaa. & (dA
fuhllt Utlllhj ernrrtUre
fork Exrtjanee iSuflaliig, pfaila.
American Gas & Elect.
Commonwealth Pr.,Ry. &Ltl
Lehigh Power Security
Northern Ohie & Electric
Gee. B. Newton Ceal
Republic Rwy. & Light
Tenn. Rwy., Lt. & Power
COMMON 6c PREFERRED
Bought, Sold nnd Quoted
I'linnesi Iwituat 02'iO.l-2-'l-
mate 1'lieiiiB te .Siv 'V i l llnstei
i rrnnsUnnlu it. It. tu. Luulp. 1 " '""f
Southern I'tirllle Knulii. 7' r-erlal WJ"
New Verk. I'lilln. A Norfolk It . I , J.,
runi'illiin Nurlliern lt:il rnml I.nulu. if,
Nnrlllrril Inill -n.t (iih A Kleclrc .. iiii
(lener.il American T nil nr l.yulp.iVj.a i"
Kmiilrr lli'llnlnit (einpiitij ;i
Kmnlrp (i.ik A 1'url t'niimin)
Derntur K.tlliv i.v A. I.lullt Ce
v. US
::iiur il.iiiis y & i.iliii I u "- :;.
Akren, t'lintmi X (inncen It. K. ,' !L
niiiuni, t e'l'inliiiH & ijiiaiern ir.iii.;,":&
t rntrill I.lliulh I.lcht (iftiiDiii)
SruirMi Unlit Power t'ein;.in)
I'lillii. Miliiirli.ni (Ins Klec.
Suulhrrn Trrtlnii et I'll Isliiiruli
1'nUi'il Tr'ftlnn of rilraliursh
(llilu Triut en Cemimii)
'lenneee I'ewer (enin'Mij
IVnn Srulmml Met-1 (ninin i.
l'uhlle r-erli. Nei rl( Tirm li
I'lill ilrlnhli Uiuilil Tr'r.sll (nil
v IW
' 'S
Vslg
,V I
v '
Vs lg
J'sllf
"DRY RAIDERS" IN UNIFORM
Leck Jersey
In Closet and
Victims
Escape
J.. Jan. 10. Tliren rnli.
lellce uniforms enterm!
Orange, X.
eers wenrnit n
u heiwe in Ilulbert street laBt night en
pretense or seaiciiing for llauer, held
up and robbed three men they found
there of $333, und escaped.
The thieves warcely had entered the
house when one of them drew a revolver
nnd threatened te kill the first man who
moved. After taking all the money thev
could find the robbers locked their vie
tims In a room, warning them net te
give an alarm. A half hour later the
imprisoned men broke down the deer
and netified1 the police.
Yeung Weman Ceaeter Killed
Yenliers, N. V., Jan. 10. Mlsn
hstlier M. lergtisen, ii nctctn years, of
He token. N. J was killed In a coasting
accident here yesterday. Her sled struck
un lrbn fence nnd t,hc was thrown en
her head,
Penna. Railroad
(System)
DOND
lft years te run
Yield 7.40
Lilted en the New Yerk Stock
Exchange
MACKIE.CR0USEC0.
HEAI. KSTATK TKUST IIUII.D1NO
Walnut 02S0 itac, 0s7e
e.aa.TT,. ,r n.mnnr 0 fil
sjaiyiucl t. rniLLire a w,
Jlenil.erH I'M' .ilelj'iU Mmk I.xrlHW I
.07 ( linvf.M T -llfl I T J
Samuel McCreery & W
Announce Their Hcmevnl fieP I
Roem 802 te
Suite 1200-1204
Franklin Bank Building
.Vrmbn-H Phlla. Steeh I' 'chatigt '
Tclnpheiie Mpruee T91'
AUTOMOBILE
INSURANCE
CenU-al National Bank
of Philadelphia.
Chestnut Street at Mil
IJi l lWW,i frtn ttmi t
rjEWkllBBER.
HErlDERSON& LOEB
Mcmuers New Yerk and
Philadelphia Stock Exchange
1410 Chestnut St.
Csul
C. S. PATTON & CO.
an
i. tui:sTM i n-
BANKERS
iicrrsKiirN In
HAlI.I'.ll ti hTKVI5NM.
Itnmlas is ml nim L.i linilEclif tlllU
.ilrjaLC"J.'lilii, Hlefk K.ih !',
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