i '
30
EVENING PUBLIC LEDGrER-PHIIiADELPHTA, MONDAY, JANUARY 23, 1022
E i i
r V
HlnllvwU MINI Vn
t
We hire prepared compara
tive data en some of the
waarittwl features pertaining
e the bend issues of most
ef the principal railroads ia
tab country. This study
should prove of value te
iavcsters.
Upen request we shall be
glad te send te investors a
copy of this fourth edition
f ew book en Railroad
Beads.
i
Ask for Railroad Bend
1 Boek F-2
Harris, Ftrkes & Ct
Plm SU, Car. WHftan
NEW YORK
PHILADELPHIA OFFICE
Wliilaimar aMi
Tclspboee Sprece 7040
PIES IRREGULAR
OU MARKET
Fluctuations In Miner Issues
Rather Wide, but With
out Significance
NEW YORK STOCK EXCHANGE TRANSACTIONS
A Study of
Foreign Exchange
Values
A knowledge of the factor
governing ferci'en exchange
uctuatiena Is an asset of con
slderible value te theie In
terested In the Investment
possibilities offered by the se
curities of Foreign Govern
ments, Municipalities and In
dustrial organizations.
"Foreign
Exchange Explained"
U an itmcrtv. beellet detJnxtl te
riraltlariic the lnvee public th
th nun, contfelltaf aienclei which
txtrt in Influence en feieijn ex
chtntt tarta. Ic certrs the eubrtct'
thoreushlf tn a lasjuate that all
mil undenuad.
Call. t.l.phen. or writ
for j. fr, cejij' of book
let 1-118.
WM.H.MCKENNA &. Ce.
Widener BldB.
PHILADELPHIA, PA.
CWcam
PfcU-Jlea!a
Fateraem
Pittsburgh
New Yerlt, Jan. 23. Trading In to
day's gteek market assumed n mere
nerinnl aspect. There 'was continued
Irregularity, but the variation Tvere
amorally wltbln narrow limits, there
being a ceraplMc absence of the cxcltH
speculation witnessed last week. The
general characteristics of Uie trading
suggested tlit market was cuterlng nn nn
ether rest period, although there was
continued iipeclallKitlen Jn order te
keep sneculatlvts interest alive In the
selected creups.
I The over-the-tveek-end develop
ments were conspicuously barren of
tlmulatlng Influences. As a matter of J
fact there was essentially no change in
th general market situation than that
already known at the cloie of hut
i week. Fer reasons best known te the m
I wives, the arleus peels and specula-
I tive cliques were net disposed te re
, sume the same aggressive tactics, but. I
apparently, were rather of the humor ,
te permit matters te drift along until
soma new incentive was uncovered.
While the call renewal rate was main- I
taincd at 5 per cent, it was the con cen
census of opinion much easier money
conditions would be encountered before
tlm close of the week.
The Ercater nart nf the Hit was tr-ac-
tlenary the major part of the first hour i
with the ncflve leaders Relllng off a '
point or mere, the ro.iitlens In the j
I domestic and foreign oils giving the ten
leral market a heavy tone, but little
real pressure developed and evidently
J little long stork was dislodged. Net i
'only In the oil ereup was this apparent, I,
.but it applied also te thi bear tarties
in some of the miuer steels, equipment I
and meter bhares.
In the sereivl hour Gulf States Steel (
made another one of the dizzy Mights '
te the extent of ever 7 points, which '
put a damper en the operations of the '
reactienists, but the real feature of the I
Irregular rally which followed was the
local transportation stocks, Manhuttnn ;
guaranteed was influenced by the an-
neuncentent that Its Interest en the
Interboreush 5s will be paid, ndvanc- j
injr i. points te -19. follewine a rise lnt
i week of ever 10 points. Intcrborengh '
preferred made a sharp rle of .". peluts I
te 9. but later reacted te 734. Hroeklyn
rlr.
Sal in J
ate
200 .1
100 4
J700 ..
coeo
800 ..
1J0O
2400 4
100 ;
1100 4
200 i
8(0
tee
ltOO
tee a
400
390 4
Hapld Transit was curried above 10.
t and inlrrt nvenu" set within a shadow
of 'JO. 'There was a rorrespendln; im- .
1 prevement In the bends of the same I
'companies.
I The rally, however, was net long
i maintained and conflicting movements ,
eaMEEEOOTIPMS the ry afternoon trad-
H H i ing. An abrupt fall in Gulf States
hteel and Manhattan Elevated of nearly
5 points from thp high level of the
morning and a drop of almost 10 points
in Virginia Iren. Ceal and Coke again '
unsettled the list for a time. This wax
offset by subsequent active biddlns fur ,
the sugar shares and the equipment i-
'sus. infusing it steadier tone nil around.
' The market rallied irregularly befeie
neon under the lead of Gulf States
i Steel, which advanced T'i points en n-
newed buying of sugars, textile". Amer
ican Can, American Ice and local trac
tions. Heaetiens of 1 te 2 points in domestic
and foreign oils gave the market a
heavy lone during the first hour. Tln-
( was further emphasized by selling of
.miner steels and equipments, also me-
' ters and their specialties, and popular
tobaccos and chemicals.
The inconsistency ami the li'gh!;.- .t,.
Ifessienal caliber of the entire wove weve
Iment was luter exemplified m the sua. i
' rallies in Gulf States Steel and Virginu '
Iren. Ceal and Coke, wiiile tlm eiK.
g tobacco and equipments worked te lower .
levels', iiaiirenu mocks tiirougneut tl.-jr
session underwent little change in po
sition, although the news from Chicag;
of the Kailrend Laber Heard rullas w a, '
regarded with satisfaction.
Canadian
Municipal Bends
(Principal and interest payable)
in Nav Yerk City)
Benda of tt tnr cit!ej of Canada
can new ba obtained te yield a re
turn ceruMtrabtr malar than the
in the) Unlt.4 Statta. Th Mcurtty
f rnaaa bends ta wttbeut question
qsaj te thea. In ear own ceuntrv.
Tb ylalA In manr la rtr.nte r
'than weuli b obtained from railroad
oenaa. teii tn tax rtatura la net any
mer burdtnaema
rnunlelpala tbin
be4a.
tb Canadian
tha railroad
Particular en application
BIO REN & CO.
Eatabltabad 1S3
410 Chestnut St.
.Vrrtr of .Vte Yerk and
Philadelphia Stock Exchpnat
mntEESsmmsmvssw,
mBBrvurWiiiwvT
tw
Jk
Spruce 8200
United States
Victory
Notes
c
SCCUR1TICS DETAINMENT
Commercial
Trust Company
Membtr Ttderal Reterva Syttcm
City Hull Square Weit
200
10500
103
20
10J
1300
100
1100
2(0
.100
TOO
200
3011
1100
700
.100
8100
110
tee
410
2090
1700
100
1400
7100
300
4100
300
4200
isae
ten
SO J
(100
200
CJ01
ion
500
410.V
700
200
300
.3400,
. 000
tee
1009
uOO
2.1
K00
200
7100
20 00
.100
200
200
3)0 '
1S00
200
300
3300
1700
200
200
500
tsoe
3000
100
fiOO
100
600
' 2200
ISO
irm
Z f'l( .
1000
100
300
eSIO
nne
700
400
103
tee
200
100
IOJi
rivi
.'0
tee
.100
'1011
130.1
1400
701
soe
700
SOO
430)
00
3700
NEW YORK CQrTFEE MARKET
ODen W?i Let
American Gas 7s, 1928
American Gas 6s, 201G
Atlantic City Gas 5s, 1300
Pub. Senlcc Ner. 111. 5s, 1936
Empire Gas & Fuel Gs, 1926
Standard Gas & Elcc. Gs, 1926
Plilla. & Western Ry. 5S, I9uf)
Cedar Rapids Mfp. & Pew. iis, 10j3(
Standard Gas & Elcc. Pfd.
Western Power Pfd.
BAUER, STARR & CO.
T,?nd Tllla nnlldlnr, IMilUdflpldt
Nw VerU OHIr, 3 Rffter Htrrtt
Direct Private Ttlrphene bet Ojficts
Jin
Fab
i March
1 Aerll
Ma ..
Uure.
Julr .
;auc.
' ,pi
e. t . .
se
, Df
S 34P5.-,
8 4'Jtf43
S 3L'33
S 3JC3V
f, S5
S 43
S 33
S .10
N'urnmal.
Tra0
Clne
s.r.i
s r,j s r.rts;
R 50
6.10 S.44SI3
8 4n
i 30 .a'i
s..m
t..i3 H.sn
. "t.ni
8 n
8 J.J $ 25 531
C n
4".
s r.n
m r.:.
"i.lO
I I
I- no
'4
.3l
S 8(
" !
m a.' i
I
Si
m
u
pi
n
Fer Bend Buyers
A list of Selected Henda of
well - established companies,
yielding front 5.95 te 7J0re.
Reed A. Morgan & Ce.
" Wtit End Trust Blde., Plula.
MereUra of the Ph la. Sicclc KiA.
-J
. '?"B
fanaulmnls Unllread Ce, Kqulti.O'a lnir,
iiuiiHay te. at..4S lual
1843
1UIK
cir.
hiwiUierU Indiana
Vtatr w Vei
ark I'aniui. H it ft -
Jrr Cltjr. lUbekrii rtiltraan rtr
'utrir ierv. v-ary. ui .-.. i-ctvi. A
PtrMunaiff i iviNirr .wu
WL?
(me lift Bullrend (' tat
brlds tleiairr t-antpanr .d'a 1H n.mand
.qllul.l. Illnmliintliir Jlna fat. f.rt', Jti F,?'1
fl'a IBS J
lUlVeU (Vutril nVtattrn linra) yt; "li n.mand
Mmui:i i. rniLLir.A 6c LV.
FOREIGN EXCHANGE
New Yerli. .Ian. 2.".. The foreign
exchange market opened with deelincb
eitending te 14 points in cuildrri. com
pared with Saturday's finals. Sterling
, lest enry U''. while francs were down
Si,i; Belgians and Spanish, C; lire. 2;
SwUs 1, and marks. 2'. Swedish
was t.nchanged and Danish showed an
excrjritinnal gain of 10 points.
Iiri the early afternnnn. the markrl
was slightly enner with the exrpntlnn
of sterling CjuotatleiiH were: Sterling
crjlcs 1.21 U. demand 4.201 : frane
eible. 8.0:;j. checks S.02' ; lire cables
.liT'-j, checks 4.87; guiltier cables
f.8.nr,, checks r.C.HO ; marks .4S.'-.
I'ereign exchanges were Irregular,
although Londen's nmrkets wer iirre
en the successful underwriting of new
i Kftstern European leans.
The premium en New erk fundi in
Montr3el teIay was e"'H par (pu, f).
count rate en Canadian funds In NV.v
Yerk was 5's per cent.
Th Central Kurepenn exchanges
were: Gm-k 4.15; Czeeho-Slevaklan
l.Sfi; Jure-Slnvian .115; Austrian
,nrHd; Ilulgarlan .70; Ilumanlan
.71la: Finiiish l.W.
SATUHDATS FINAL QUOTATIONS
tilarllnz Krnra I.Ira f5ulldr
. 4 SOS 8 0')", 4.37'i .11 8S
. 4.2H. S 10 4.3S 34.11
TODAT'fl OPRNINO OI'OTATIONS
12
llllh
Adams Express ...... 32 J J
Advance Itumely pf . . . 33
Air Iteductlen ...... 0
AJax llubbcr 14 Ji
AJax llubber rts V,
Alaska Geld Mines... 4
Alaska Junca O M... ?;
Allied Chem & Dye... 08 H
Allied Chem & Dye pfl03J(
Allls-Chnlmcrs 44
Allls-Clialmers pf ... 01$
Am Agrle Cheru J4
Am Agrlc Chem pt... A7J4
Am Heet sugar 37
Am Heet Sugar pf . . . . 04'i
Am rlesch Magneto.. 30;
Am tl Shoe VMy new. . 3
Am D Shoe F pf new. 003-i
Am Can 3SJ4
Am Can pf 98
Am Car & Kdy 147
Am Chicle 9Vx
Am Cotten Oil 214
Am Cotten Oil pf . . . . 43
Am Drug; Syn 14
Atn Express 131
Am Hide ft Leather.. 19H
Am Hlde & Leather pt 83
7
0M
i
3t!'j
IOS',4
114 !i
S3
4'i
l-i
20
10
GRAIN MARKET ;2il .'.
I Vteat Orn Illeli l.nw 4 -. 130(1
I Jul)- ..103 1.03S 102 3 0:J ,G0
Cern i 3300 S.50
May S3'j .'.4 f.3lj ml fjnj 4
lJueVat.--- "'' "' "' l 9
MV . ... 31't 8SS 31 . r.n '0(0
Jul;- 40 4'M. 40 ' 40 nun;,
I'Ork I, en,,
January . . . iron iibeii
May . ...... v K 00 210(1
Lard - iftfi ,,
March 9J 0 fl fw .T -167 inn -
May .10.03 10 If ic it ....; ,nl)
Iin 101 a
Januar- . . , . ... ft 20 -ea .
, ll!" '7 "-" S:i ''3" 10 in
510 u
COTTON MARKET 200
5t TedaVa HOO S
c'.ea epn lllsh, lw . nl, I 1003
;Jn . 17.7S 17.7S irTr". 17 4S 17 4S 12800 a
Mrcli. 17.70 17.U.1 7s 17 8T 17 "l?43 ' ,.
May.. 17.34 17.: 17,80 17 01 n m5ei, I0"
.mil-.. in.Rn inseti82 ifn in.r.s i:e an
Oct... lH.30ia.sn 18.23 1B.S0 IB.OSiiteS 20'J ..
,t.SU' 0.10 15 00 10.73 S100 ;.
700
100
1400
700
0N00
100
ion
404
100
Kill
eiri
noe
a tn
1(10
200
1000
100 ,
10400
100
700
100
tee
800
10
A 00
300
2I0U
7000
1000
100
200
200
tee ;
100
2.1311 II
1700
200 7
2800
TelJl M)
Am Ice
Am lea pf
Am Internnt Cerp
Am-I,a I'Tance Enc
Am Linseed
Am Locemotlvo . .
Am Locemotlvo pf
Am Radiator
Am Safety Itazer.
Am hnln x rum
Am Smelt 47'i
Am Smelt pf 0H
Am Steel Foundrles.. 33H
Am Sugar Itef 674
Am Sugar rtef pf....
Am Sumatra 33
Am Sumatra Teb pf . . 00
Am Tel & Tel 1179a
Am Tobacco 133
Am Tobacco pf new. . 99Ja
Am Tobacco n 130'-i
Am 'Wnterwks Ci pf. 22'$
Am Waterwks 7 pf. 7K
Am Voelen 8Ji
Am Wrltliifr Paper pf 20
Am Zinc Lead & Smelt 14U
Anaconda Copper .... 0Jj
Arse Dry Goods 31
Asse Oil 1001s
Assets Realization .. l'j
Atch Tet & Santa I-'c. 7'4
Atch Tep & S T pf . tl
Atlanta Blr & Atlantic t)
Atlnntlp Fruit 3)3
Atl Gulf & XV I S S. . 29J,
Atl Iteflnlnir 1000
Austin Nicholas 15
Austin Nicholas Ine nf IHz
llaldwln Locomotive . 07J
Haltlmore & Ohie.... :i4!
Ualtlmore i- Ohie pf.. &VK
Batepllas Mining .... 4
Harnsdnle Class n. . . . 20Ji
Bethlehem Steel 33
nethlehem Steel U 00JJ
Heeth Hsherlrs .... 0?
Hrlt Em Steel Id pf . . 24
Drklyn Rapid Transit 10,
Brklyn II T ctfs of dep Oft
British Em .Steel 9;j
Burns Bres A . ...USTi
Burns Bres It 3i?i
Butte Copper & Zlne 07a
Butte & Superior Cep. 27 1$
Butterck 31
California Packing .. 70H
California I'etreleum . 47I4
Cal 'Ine & Lead OJ-i
Cntndlan Pnrtflr- . ..121Ji
Ca)iimet & Arizona... 39
Ota .11 . 34
.'nr.0Ti Hill Mining. . IS
Central Leather . . . 321,
Central Leather pf . . . SO
C'en-e de Pasco ... . 33 (J
Chandler Moten .... 80
i-innpeake A Ohie. . . 30
Ch'cage & Alten. ... 3
Chicago & Alten pf . . . '?i '
Chi & P. 111 (new) IS1;
"hi & E 111 (nc ) nf M'-i
I'nicairn & Ct Wi'Sl.. fi'j
hi ,t ur Wect pf . 10
'hi Mln & St V 1
'hi Mil & St 1' pf. . 32 'i
Chi .t Northwestern., f.4'1
rhl P. I & Pac 31 3i
"hi P. I & Pac r, pf 73i4
t'hl 11 I A: Pac 7 pf S7U
Phile Copper l',i
rhino Copper "'iH
'luett Peobedy 4S''i
"oca-Cela 44 j;
( olerado Fuel & Iren
'elurn Gas & Ulec .
Celum Graplioplieno
Pnl ClrAnhnnlinnft nf
Cemput Tal Records. 08 'j
Consolidated figar pf flSJi
fonselldattnl Gas . . 94
f'rjnselldated IVxtlles. 13'I
fentlnental Can
Cern Products P.cf . .
Cosden & Ce .
Cruclhle Steel
Crucible Steel pf
f'uban Am Sucar .
'uba Cnne Sucar
'uba Cane Supa pf
Davisen (.'hemlcnl
Delaware & Hudsen
Del IjicU He Western
Detroit Edisen . .
Dnm Mina
Eastman Kndak .
Electric Sterane Ht
Elk Hern Ceal . .
Endlcott-Jehnson . .
Erie
T?i rviniia nint'AFU 1.
Federal Mln & Srnlt l'f
T.'Utr ltnhhnr . 1J1
Frcepert Texas ....
Gasten Wmi & Wljr
General Anplinlt . . .
General Asphalt pf.
General Cigar . .
General Electric . . .
General Meters . .
0-n Meters r
Gen Meters deb 7"
Goedilch UK. . . .
GoedrMi B f nf. .
(Irnnhy Uonsel M A. M
Gra Dals
Great Northern nf....
Great North Ore ctfs.
Greene "'ananea Cep..
Guantanaine Supur . .
Guanianame Suimr l'.ts
Gulf Mobile .V Ner. ..
Gulf S'af Steel
Hablr'haw El I'aln .
Ha&loll & Ilafl.er Ca
lIeiiKRtal.q Mining .
Housten OU
Hjpn Motorcar ... .
I.llneljf'eni L I. .
Ind'Hti HfflnliiK . . . .
Indlalieina IW .
Inspiration Cen Cep.
Inlerb Cun ('erp. . . .
IntTli 1 "en Cerji pf .
lntern.it Acl'-ul . . ,
Int Asni ui Cor) pf .
Int Hai vstrr new . .
Im Ilrtrv new pf . .
Int M-r Marine ....
In' Mer Mai ine pf . .
Inlprml Xfntnrl 1 iielf
Int Motertruck 1st pf 729i
lntArri.itlr.Tin I VI..WI 19V
, 030 SOO iIiiim compared wltll
r.b"i
1'2
Si
100
. 33'i
. lit'
. 82
. 20 U
10'J
21'i
. 34 ?
10SJ,
.1131,
.100
. 22
con
.13'i
. 1.7
. el
. 7i
son
.. UM
.. !'.
. . ''Hi
.. 2
. . 73'5
..144U
.. 0
. c3;
81
3H
n
30
1fU
73. i
3(
2S
'i
3'..
83'j
39 H
73',
13'i
71
'
.114
41
. .14
. HI
. IOIi',4
. 14
, Ce1-,
32':
Ta
.22 y
se
mi
i
ik
38
103JJ
43
14
32
714
36
04 14
90S
8S
09 H
140
'i
20
43
',4
130
13 U,
lji
S4
744
40
98
31
103(4
114 la
83
4i
v
47 is
90S
:'
93 Vt
.1.1
65
1tJi
1311a
9Ta
129
20
7.1
83
U
14
401,
5012
lOO'-j
t!4
ss:,
8R,
tit
3
2!S
1000
14!i
78
seli
My,
6.
i
TO
Mi
S
e;
231-i
914
81$
9 a
113
29
'
28 ?4
.11
70H
47!i
34
123! 1
30
3!V
12H
32 U
r.n
33
39 !4
eR'a
1
13i
' a
18
IV'j
31
4
31i
73(4
87 !i
17!,
28
47'
44
2',;
OS
7
07
mi;
en j
13?;
30Vj
OS'i
341;
39 H
St
19
?;
2i;
53,
109!,
13!,
I0
20:i
r.10
13.V,
I4'i
80;
7SH
40
114
124
H
6,;
92
72
143W
H
si
37 y
80 y-.
.10
1.1 !i
73',
3'i
28
Ti
J-i
avi
64
Ti
8.1
9H
7iJ,
1.1
71
O'J
7!i
40),
2
7
7',
.11
S3
188',;
l
tin;
.11 1;
721
it-i.1
-
6.',20
Today's Nat
Clesa Chs.
214-
33
0 -
14 -
1 -
14
W-
38 ;
103J4-41
nl- 154
31 H- 14
71',- V2
371
01 U
38 H- IS
SI - li
90?;- 14
4- 1
6 H
140
14- ?t
20-1
43
14 H
130 - IK
1.1
8
14
'u
!
V
14
Vt
1J4
1
414
H
un
fit 5;
84
74
40 -
9H-!-
3114-
100J
S3
4i;
8i-47J4-00
,-
32 54
002 9314-
33 Vi
CS -
lltlt-
13154- 23;
995, ..
IIS - ,t
28i- Vt
75 4- 3
83J5 ?i
28 ?
It -
SO
se;;- i4
100 Js- iw '
fa - ,
W,- !4
86(4- m
lUf Ui
3 - 14,
29'i ..
1000 ... i
14
78)4
s .
"814 :
5S
59',-
5N-
24 -
1
4
H
9,'i !
8Ti 9'i-
14
li1
a!
US - 2Vi
2 - Ja
6!i- ',
27!', i
31
70',4- 1,
47;4- li
S?i - V
124 - !
59
!4- 'i
1H- 14
32U- !4
60 - 1
35
li- T4
56
3'j- i
4'4- s
mi- 54
3.1',- 1
Oil
IB - 'j
lS'i- i;
31 - ;,
84J4 :- 1,
3t?i- ii
7314- K
87 ;; - ?;
8Ji r !
2S - li
M- !i
44 H
2 14- ?;
?;-:-
IJ-i- 14
7 - 16
li
I'-J
I
67 9tj - 1,
63 1;- j;
eij;- 2
is?; . .
80- 1,
?; ',
as i,
6 0J4-
81 - 1
J8J4-r
10 4
23",--
33?;-
10SK-
ii.iS
108
22 -1
690 ' 10
135 J4- H
HJi- Hi
80?; -:- h
J4- y,
78K 54
40
114-
13 14 Ji
li ..
47 h
02
72!i
143;;
8; .
no?;- j;
81
37 'i :- -j
80 J4- '-,
30 - 1;
15 !i- li,
73 54- !4
3
3S - J,
8fi ..
114
" 8a
1
1H
H I
i1;
Sata
SOO
1090
109
3409
800
UOOO
800
309
100
1200
100
2100
100
8800
2600
3500
SOO
109
800
Jlv.
in
Irish
Internat Nickel pf. . . . 72
. . International Papar ..
6 Inter Taper pf stpd..
. . Invincible Oil Cerp... 114
.. Iren Products 38J4
.. Island OU 3
.. Jewel Tea 1114
.. .Jewel Tcapf 48
. . Kansas City Southern 23
.. Kansas & Gulf J4
8 Kayser ft Ce 3!4
.. Kelly-Springfield Tlra 314
7 Kelsey Wheel pf li
.. Kennecett Copper ... 14
. . Kcystope T ft II 17 14
8 Kresge S 3 11714
.. Ijicknwanns, Steal ... 4814
.. Laclede Gas of St li.. 7
a Lee nuhbf Tlr. a It,
1S0O3.3O Iehls-li Valley SVt
100 13 Llg-s-ett ft Myers 1S8J4
, Jeewe Ce , 18fi
iJ2 Le Candy Hi
490 is Lerlllard Tobacco ....1S8
109 7 Louisville- ft Naah1llell3
190 .... MadntVrA P Mine.. t4
600 .... Malllnsen & Ce 1
JUanat Surar 40
7 Mann&ttan Elav cuar. 49 V4
vvannat Hhirt
.. MarKet St rtwy pr pf. 39
.. Marlln Oil 28
.. Martin Parry 8aJ
8 May Dapt Stere 10SW
13 Mexican Petroleum ..1114
2 Miami Copper 28
20 Middle States Cerp... lt'J
.. Mhlvaln Steel 32
.. Minn ft St Leuis.... SH
.. Me Kansas ft Texas.. 154
.. Me Kan ft Tex pf. . 2
.. Me Kan ft Tex (wl).. 84
. . Me Kan & T pf (wl). . 2154
.. Missouri radfle 18 55
.. Me PaUlfle Pf S?4
3 Mentana Power '0J4
. . Monlgreniery Ward . . . 14?i
. . Mulllne Bedy 28
.. Xatlenat Cen ft Cable 1a
Nat Enam ft St 36
0 National Lead 00
.. Nev Cen Copper 114
B New Yerk Central.... 74J4
n N T Chi ft St L 2d pf 61
00 New Yerk Deck 33?i
.. New Tork N II ft II.. If
3 New Terlt Ont ft W.. 21?i
7 Norfolk ft Western... 98
.. Kemii: A- Snutharn.. 9'
3 North American ctfs.
3 N American pf
. North Am Class A Rts
7 Northern Pacific ....
. . Ohie Bedy & Blewer. ,
. . OWa Pred A Ref .
. . Orpheum Circuit . . . .
. . Otis Steel . j, ,
2 Owens Bettllnjr
n Pacific Oas ft Elec...
3 Pacific OH
fl PenlAmer Petrel
8 Pan-Am Pet Class B. 47 14
.. I'arian & BinRham... lyi
2 Pennsylvania R R. . .
.. Penn Seaboard Steel.
8 Peeples Gas Chlcate
. . Pcre Marquette
3 Perc Marquatte pf...
3 Philadelphia Ce ....
.. Phllllps-Jenes 99)4
2 Phillips Pet 30
.. Plerce-Arrew Moter . . If
. . Plerce-Arrew Met pf. 3S?i
.. Pierce Oil 1014
8 Pierce Oil pf 68;
1100
4900
2029O1.7S Manhat Shirt
10l
100
17S00
tee
7S00
880
S00O l
6290
800
3S00
200
1300
1000
600
300
1100
309
(00
300
409
300
1300
SOO
100
100 3
4700
300
290
190
7100
709
C70S.,
1599
100
2800
tee
1110
160
200
2100
1600
160
100
1700
1800
1390
600
300
200
300
100
1X09
400
1000
100
Lew
70
49
(9
IS
28 H
9K
11J4
48
23
614
8314
37
014
seli
if?;
11554
7
47
38
Sf
15614
M!4
H
ISO
US
314
1714
39 U
44
40)i
39
2394
30?;
10194
Itlfi
27 K
"li
31 94
SH
i
S3 1.4
41b
8?;
7714
124
34
1854
"14
35 M
65H
46
8214
3l4
9tt
894
2815
S3J4
33
100 i.be Pend Creek Ceal 14!S
199 .. Pressed Steel Car 65
201 .. Producers Refiners... 27 14
1300 4 Pub Service of N J.. 77',i
1000 8 Pullman 112
4860 .. Punta Akffre Sugar... 37',4
800 Pure Oil 35'-
100 8 Pure Oil S'J, pf 100
690 s Railway Steel Spring
100 7 Railway Steel Spr pt.lOSi;
1760 .. Ray Cen Copper .... 18?a
2700 4 Reading 7S?;
100 - Reading 1st pf 47j;
100 Reading: 2d pf 49
SS00 .. Remlnirten Typewriter 31 '4
300 ., Rem Typewriter 1st pf 61
100 .. Rem Typewriter 2d pf SI
4300 .. Rcplecle Steel 33!4
4700 .. Republic Iren ft Steel 54 u
1103 .. Republic Meters 7 '4
3900 0.20 Royal Dutch N Y.... 5015
400 .. st Louts San Fran... 21 54
. . St Leula San Fran pf 38
.. St Leuis S W R R.. 21'5
Santa Oeceltx Sugar. . 2
.. Seaboard Air Line ... 3!5
.. Sears-Roebuck 08
.. Seneca Cep Cerp.... 1814
. Shattuck Arizona Cerp 8 !'j
.74 Shell Transport 37
.. Sinclair Oil 2li
. Sless-Sheffleld 42
6 Southern Pacific .... 811,
. Southern Rail 114
.. Southern Rail pf.... 49
4 Standard Oil of Cal.. 95J4
fi Standard Oil of N J.. 179
n'1
G9!i4 5',
7av y,
8314 li'
54 4i ,
75fk ..
71
0' i
3J4 4054-
214 '
7 ;
7j -
34
h3 -106H-14
04; -31!;
72i ;-
0 aliares Salurda
100
100
400
600
eoe
12200
160
400
3500
990
2300
2.100
600
600
400
600
100
700
SOO
insoe
5)0
400
9101
IM
8011
4100
2300
2180
101
1600
300
1200
1601)
201)
390
301)
2100
1701)
200
4200
400
890
SOO
2800
3000
100
10860
200
1100
600
5300
100
1011
1900
.100
700
400
Stand Oil of N J pfllSli
7 Steel Tube pf 78
! Stewart Warner Speed 27?;
. Stromberg Carb 40 55
7 Studebaker 88",
. Submarine Beat Cerp 14
Tenn Cep ft Chem.... !,
3 Texas Ce 45 2
Texas & Pacific 2S,
I Texas ft Pae C ft O.. M
2.50 Te-c Gulf Sul 42 1 i
.. Third Ave J0;
6 Tobacco Treducts ... j
. Tel St L ft West ctfs. 1
Transcen Oil 1014 f
3 Twin City R T 39 54
. Union Oil 115
lu Union Pacific 10;
4 Union Pacific pf .... 73
7 Union Tank Car pf..l04Ji
7 Unit Cigar Stores pfl07
. United Drug 73
8 United Fmlt 1381,
. . United Rwy Invest pf 23 ?
6 United Retail Stores.. 55H
. U S C I P ft Fily. . .
JUSCII'4 Fdy pf .
U h Feed Products .
. V S Ind Alcohol... .
..US Rubber
8 U S nubber 1st pf. .
.1 U S Steel
7 V S Steel pf
3 Utnh Copper
. . Utah See
. . Vanadium Cerp
. . Va-Car Chemical ...
. . Va Car Chemical pf .
e Va Iren Ceal ft Coke
, . Vlvadeu Ine
. . Wabash
Wabash pf A .
100 3.(0 Wells Farge Express
. . Western I'acine . . . .
e Western Pacific pf . .
7 Western Union Tel
4 Westlnghouse E ft
Wheeling & L E. .
. White Moter
White Oil Cerp
200
190
290
400
111)
200
2800
300
4100
290
tee
800
200
ine
700
600
20
. CO
. 7?i
. 4354
. 56W
.100Ji
. 86 5-2
.117
. 64J5
. 10'i
. 34 t
. 29
87 '5
Q'i
6H
20
78J5
16?;
. . 53Ji
.. 24
M 5l4
. . 6K
.. 391J
9
Wick Spcnc Steel Cerp 15 U
Willys-Overland
Wilsen ft Ce
Wilsen ft Ce pr
Wisconsin Central . ,
Woolworth F W
Woolworth F W pf . .
Worthlngten Pump..
33 Wright Aero
A
, 32
. 70
. 36
.I475
,118
. 4M
. i;
8
2594
16 J4
45 U
694
1414
24J5
114
.15 'a
88J4
1554
74
82 U
33;
154
21
98?;
!i
3ll
4014
614
76 ;;
i;
314
1S5
114
2S?
65 54
i
514
4714
15 54
34
ft
(
20 14
33
33
894
30
15)4
3315
fa
68 a;
14J5
65
27 54
7654
lll'i
36
3814
1005
67 .
10814
15
7.1
47?;
49
27 U
6014
51
31
5355
I
50
21 ?4
3S
2114
174.
34
62?;
17
814
37
20
41m
81?i
17J4
4SJ4
95
178
115
78
27
39 '4
87 '4
4
111
44.
:.;
2415
41'J
17!i
03;
13
10
39
1914
128 ;
73
163?a
MBJi
71
137
22i
548;
19?;
3S54
7,4
42'i
54?;
100 '4
85 !4
117
83?;
10
3.1
29
68 !4
78
6 i
"14
1914
79 !4
16;
53Ji
02
50 'J
e;
39i
?;
14V
i!4
3l?4
10
26
147
118
46 54
8
Teflaya Nat
Cleie Chi.
723
4814 '
69
is J4- 14
284
3 1154
48 -
2S
14-
8314
87 - 14
914- 35
39 14- 15
17 14
1114- a
4814- 14
47-1
38J4- 14
st - h
15614- i?;
114 ...
la 55
ISO
lis - 14
2' ..
18H Hi
6 Ji
45-3
4014- K
59 -
23H
1134-
274-tiK-
31 H 14
H 14
1
3
814 ..
35J4 14
1454-
4554 14
694- 1
14 14 14
25
li 54
35Ji 14
90
1SH- i
74 - 14
0354 14
3? 5a
is4 ..
21 - ?;
os,;- 54
915 ..
52J4 14
40J'a- 54
714 lli
77J4 54
12?4 14
2?, 5i
1S14- 14
12)4- 14
2SJ4- 14
esj; ..
484 Ji
53 - 14
47J4 li
151 ..
3414 !
9 -
69!i -2114
-
00:4 1J4
.10
IS'i-
33 "j -
S4-
08?;-
14!;
65 -
2714
77 iit?;-
37
35',;-
10014
98
108J4 1J4
14
li
Si
14
4
U4
14
LITTLE ACTION IN
LOCAL DEALINGS
Position of the Meris Promlnent
Shares Wae Practically
Unchanged
Trndinir was dull nnd unlntcrcetlnn
In Uie local market. fhurA belntc ft
conspicuous absence, of Initiative In the
(leallncs in nil the local nlneks. This wad
partly due te the halting character of
the New Yerk Stock Kxchange, and
nke tluc te the spirit of cautiousness
wmen nas marked tbe progress 01 tee
cunsirucwva mavement in ine lecai
Bhares ulnce It Btnrttd last fall.
In most of the mere prominent local
stocks prlce changes and prlce varia
tions were restricted within fractional
boundaries. Fer the most part of the
scfcsien the undorteno of the general Hut
tt-nn firm. Further rcallalnir was appar
ent In Electric Sterage Battery, caus
ing n recession te 103 , but when this
prcssure relaxed the stock immediately
rallied te 13014.
Pennsylvania Railroad continued ene
of the firmest spots of the list and was
taken in small lets et 34 Vi. Little
change was made In the position of 4he
utility group. Philadelphia Rapid
Transit shnded te 18; the Philadel
phia Electric Issues Improved slightly.
United Gas Improvement common and
preferred remained firm.
In the miscellaneous list Pennsylva
nia Salt lest nearly n point nt 71 en
light sales. Cramps yielded n point, te
42, but Consolidated Traction of New
Jersey was up 2 points. American
Stores was unchanged nt 84V4. West
Jersey was taken In small lets at 32.
There was n slewing down also in
the bend division, although the deal
ings in the Liberty issue remained
fnlrly heavy. Heme further new fi
nancing by some of the stronger rail
roads is expected In the near future and
thcre is n disposition te bold off until
some line con be obtained upon the
character of these lusucs. The over ever
counter demand remains very heavy,
especially among the high-grade issue,
which have been pretty well cleaned up.
AVblle the C per cent local call rale
has become mere general, monej menej
ntHrkct conditions show essentially lit
tle chnngc. Thcre Is net relatively the
same degree of easiness ns noted in New
Yerk, but the manner In which things
are tending it will probably net be very
long before real easy money Is an ns
Mired fact.
The further retrenchments which are
being daily instituted throughout the
West Jersey and Seashore system tends
te- strengthen the belief that the man
agement is making n strong effort for
an early restoration of dividends,
which, however, has been foreshadowed
by recent steady advance In the price
of the stock.
id i Tin nan 'ia
LOOK
At This REMARKABLE Recerd
of NET Earnings AFTER DEPRECIATION
Net After Depre
ciation & Before
Federal Taxes
890,196.41
08,174.43
116,004.32
138,026.61
122,240.55
162,721.21
213,527.26
273,488.40
298,621.02
206,293.99
158,142.57
574,871.30
Years Ended
Dec. 31mt
1908
1909
1810
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
650,327.54
1,024,898.44
It is worth your while te investifrate such a record, par
ticularly when you censider the large increases made the
last three years in the face of the genem! business depres depres
sien existing during that time.
Think of it! Only $2,500,000.00 total issue of bends en this
property.
Price te Net 8
with rery unusual Sinking Fund features.
Mackie, Creuse Ce.
Real Estate Trust Building
Philadelphia, Pa.
Walnut 6250
Race 6876
IMPORTANT NOTICE.
Philadelphia Stocks
i
7.1 -
47?;
49
31
61
51
32
58J4-
7 -
50!i-
2t?-
38 -
21 IS
l?i-
311
02; - k
17 - l!i
- 254
-r i?4
-:- 3
I,S
?;
!4
Vt
Nit
ltlili Lew Cleu chse.
25 Am Stores 84s Ma M..
20 de 1st pf.lir. 11 ft 115 ..
100 Am S&C S'l PK ', V:
20 Am Gas.. 53 52' i 52i..
25 Cam Iren 38 38 38 . .
100 Cen TrN J 44 44 44 2
351 Elec 8tei13(H. i:ir.i 135Ti -1
20flnt Nickel 12I), 12 12R..
200flsland Oil 2-1i 2-Ti 2..
50 Lake Sup. S'.k 8,h 8r Vt
22 I.ch Nav... 07'i 07 Vi 07j..
25I.eh Val... 50 5! 50 "i
lOOtMex Pet. .112 112 112
303 Pa It It.. 34 1 i .".I 34',i
20 Pcnnn Salt. 71
02 Phil In W CO
05 Thila Ce
cum pf. 3fl3s
727 Phlla Elec 25
CSS de prcf.. 2SU
325 P H T. . . in
Te Bankers and Brokers
FOR RENT
507 Fifth Avenue
NEW YORK CITY
4
Feue doers above 42d and Fifth avenue, one of the finest corners in
the world. First fleer, basement nnd mezzanine, equipped with
banking fixtures, size 33 by 130 feet. The mczzanine is 55 feet in
depth; private elevator running from mezzanine te basement. Large
vault in basement.
JESSE JAY SCHAMBERG
EMPIRE BUILDING
13th and Walnut Streets
Walnut 3204 Race C40G
71
00
ii
50
-
24
28
iv;
38U- i
25 5
28 ..
JO'U-
8!i
37
20 -
41!-
81H
18 4SJ, .
054
178 -
ll14 f !i
78-1
27 - ; I
40 - !i
87S- U
4',; :- ',;
te;, ..
45 Ji
25?; ,- ! 4
23
4IK
i9 'v-: iw
63; - yz
13 2
ion - ',
.19 h
1U
1714 73
71f
127 -
21K-
34';-
20
58U-
7;,
4'.i-
54?; -
ioey
85i
117 -
nsj; - ;-i
10 a,
33 - I
29 h I
!- 19.
83 - 3i
6'
6!, ..
19?i .
7H- Ja
?i r !4
8'i Ji
2
5e;i - it
30 !j j- I
8
J'4- l!4
5it- U
II M
70
26 -i-147
118 -;-
4 j; -
8 -
15 PI .,i Trnc 02U C2'i C24- U
20tStudcbakr 88'8 8SVs fcSB V
70tSeu Hwy. 18Vh 17 17-f- ?8
ij
iVj
35Vj 35Vj..
38
ri
80
3214
42
.!'-,
381
51
80
33
42 1
OU-..
14 I
1
1 I
14
U4
1-3
14
.AAm , .. ,,,
juuien iuin. lya
40 Un Trac. 351'a
538 U G I ... 3S1J
310 de prcf . 51
25fU S Steel 8(1
83 XV J & S 33
10 Wm Cramp
& Sens.. 42
100 Yerk Rwy 11'.
Xct chant mails bv ccmpjrlien with latt
,al en Nw Yerli Stock Exchanc.
'I'elal (mien. 4BT.0 eliares, compared Willi
42(10 iharen Saturday.
i'inuui:i.riiiA nexus
130 Liberty 1st .Vas 17.
.".00 Liberty 1st 4 Us '47.
250 Liberty Int 4 Vis '47,
2000 Liberty 1st 4 Us '47,
500 Liberty 2d 414 a '42,
1)00 Liberty 2d 4Us '42,
1000 Liberty 2d 414s '42.
100 Liberty 2d 4Us '42.
100 Liberty 2d 4Via '42
C00OLilcrty 2d 4 Vis 42,
llHl Liberty 'd 4','is '!-'
1000 Liberty 3d 4Us '23.
200 Liberty 3d 414s 2S.
100 Liberty ild 4,
iiiuu L.iD?riy i(i iyn
3000 Liberty 3d 4 '.is
w liberty 4tn
... f)0.C8i
... 1)7.52
... A7.44
... 117.04
... 07.201
... 117.10
lets 117.0-1 1
... 00.02.
... 1)0.02,
lets 07.02
... 08.70'
... 07.82
... 07.081
07.0'.
This Is "MAKE-A-W1LL" Day in America
Its -purpose is te emphasize the important fact that whatever
you own and whatever you may acquire in the future is in danger
of being wasted- unless you make a Will.
Hs-ve an attorney write your Will for you and , be sure te
appoint this Company ns your Executer. The attorney will express
veur wishes clearly and the experienced management of this strong
institution will assure a safe, economical administration of your
estate.
MffiKll
mkfaU"id&is
' ' fJHELTEN AND GERMANTOWN AVENUES
CAPITAL and SURPLUS $2,000,000
"There it a local advantage"
4 lis
1000 Liberty 4th 414s '38..
300 Liberty 4th 4is '38..
000 Liberty 4th 4Vis '38. .
2000 Liberty 4th 41is '38.,
5000 Liberty 4th 4Uh '88..
200 Victory 4-1is '23
1000 Victory W,h '23
0000 Victory 4?; s '2:'.
H
J 14
14
14
Ji
Financial Briefs
Member. rbllmlrtnliU fl-fc, Hifhsnt.
Ica Your Corpenytion Need
. Financing?
Otte tarfell flnanctna arm. eeurltd with
tJ tittt; hlh--ta aafes nraanlaatien and
D.mand
Cable. .
4,20b 8.00l 4.3.1'i .111 J3
... 4.21 8.014 4. 3D SO 2!)
CLOS1NO QUOTATIONS
Sl.rllnK Francs I.lr Guilrtera
4.21 8.03 V, 4.m'i anse
..!.. 4.2114 8.U4 4. 38 80 20
DIVIDENDS DECLARED
Heed nuec.r I'etnpanv. quar'eriv JI 7.1 en
i ..,.,? nKvibl. F.truaiy 1 in ,,(lc of I
liu.Ar.t January !il. I
N .rr ramabl, ter appeliiliu,a, S.-.r,,, Unufarlurinr Company auai .
'I"" a rrta- rJl- .njj 'tV y-l4,- payable ITabruary 1 te atecJc tit
4 A TlfyLeygW OftTria '-rt January T
A. T
A Londen cable says tiie Angle- I
Persian Oil and leenl leans have been i
fully bubserihed and hooks closed. I
Transfer books of the American Tel- '
ephone and Telegraph ('nmpniiy cleie .
March 17. npen Maich 20 for nnnuul '
meeting Mnrrh 2.
F.rie and Pltteburgh llnilinad Com
pany stockholders meet In l'.rle, Pa.,
February iu. te nutiierue increase or
special guaranteed belturmcnt stock
from 52,500,000 te 57,500,000.
The average price of the twenty ac- '
tive industrials declined 0.42 per cent',
en Saturday te 82.53. while the twenty i
railroads declined 0.17 per cent te
75 S.
In eon nee non with proposed West
ern 1. moil iitTiiiiiii cniiii,-. iicsiucru
says his company does net contemplate
any financing. Mr. Carlten added It
was Impossible at this time te tell hew
much the new cable would coat.
Deme Mines Company, Ltd., Etatcment
for nine months ended December 31,
shows eperntlnjc earnings of $004,020,
comparing with 700,801 for year ended
March 31. 1021. Other liicome amount
ed te $100,033, making total Income of
$b00,0.'!). against $054,250 for previ
ous year.
Directors of the Manhattan Shirt
Company today recommended n 20 per
cent Increase In the common ateck and
an Incrcane of the cash dividend en that
issue from 0 te 8 per cent. A special
meeting will be held February 7 te act
en tuc recommendations.
New .ceuritles lwued en the Londen
market during 1021. nmniinting te
388,078.000 were 21.428,000 In ex
erss of the previous ycnr'n total, but
iili.,,.u Kn fill klnnlipKl nlni-n 101TI rrii
.. i iiini, a .-1 it..... . miii.t. i.:biii.:iil niutt ,.... ..... ..". n...v. ..... -.. ..
Carlten, of Western Union (Telegraph,1 Incrcase. ev5 1020 -was. wholly due te
increased Issues of Government securi
ties. Annual report of Hart, Hchaffucr &
Marx for the year ended November 80.
shows net profits after charges and Fed
eral taxes of $1,756,820, equivalent
after deduction en preferred dividends
te $10.20 a share earned en the $15,.
000,000 common Meck. This compares
with profits of $2,013,055. or $11.87 a
share, the previous year.
Final figures fur 1021 operations of
United Fruit indicate net profits he
fore taxes of approximately $20,
500,000. equivalent te $20.50 a share
en 1,000,000 outstanding shares of
stock. After all charges nnd nftcr taxes
net profits were Just n shade under
$17,000,000, or $17 a share.
! Ontario Steel Cuts Dividend
Montreal, Jan. 23. The Ontario Htel
rreilutt, Company lia, dtrlar.il a euarttrln
(lhMfn.1 of 1 Ptr cinl, payable K.hruarv la
I te aloctilieldera of record ,lurcjry 31. Pra-
Ivleuatv. th. company bad bttu payiev 2 ptr
iu. ituat ..
100 Liberty 3d 4Vs '28
h '.. lets 117.70
28 07.70
38 07.1O
... 07.24
lets 07.12
... 07.10
... 07.22
... 07.70
...100.00
...100.14
lets.100.10
100.08
100 Amcr Gas & Klcctrle 5s. 82
100 City 4s 1041 08
2000 1.1 ec trie & Pce4. ..lets 03
1000 Lehigh Valley cons 0s. . . 102Vi
2000 Pennsylvania 0'as 100y.
3000 Philu Ce cons 5s 87-71
1000 Plilla F.icctrie 1st 5a, ... . 0(1
0000 Phlla Klcctrle Oh lets 101 aj
200 Phlla Hlcctrlc 0s 102
COOO Phlla Electric 0s 101 -li
1000 Welsbach Cs 07Va
Total. 113,800, compared with 134,030
Saturd.
MONEY-LENDING RATES
M.W YOUK Call menty. firm: hlah, 5,
low. .1, rutins' rate, f, : cleilne bid, i'.'t ,
offered at Si last lean, A.
IMIIKXUKIJ'IIIA Call S nr cm. itnu
n1; (its' pe c-nt! commercial papar. three
te all meritlii, t'iMi per ctnt.
IXINnON Menev ii fjunted at a',i p.r ent;
miscount rate", holt bill., 3'i par ctnt,
thrca month,' bill,, 3H per cent
BANK CLEARINGS
Fanl rlearlnge today, cemrred v,l) cor cer cor
retpendlnc dav Int e viara:
1023 inzi 1020
Phila... J66.0Oii.OO0 181.017.081 J7I 82T.00T
lijien.. S.vnnO.fKW 8.1U4 8U1 It.liMili
N vori..3.i.neo noe .i 7di.ish rm tip n'17
Chicaae. 72,600 000 i1.78n,877 lO0.008,'3!H
BAR SILVER
nementln bar ulljer wnn unchanifd In .y
Tork today nt HDHc ir (Ine eunr; fnr.Un.
01'ae, an adNHiii-a of Ur. In I.oniJen tin
prlee wM unchanifd nt fllUd.
Dew Chemical Pays Extra
New Yerk. Jan. 28 Th Dew Chemical
rvmpanr liaa de-lertd nn -Ur dlvldnid c.f
1 i per rni ana tn. remnr tiunrterly dlvl.
nd of 1; p.r cent en llje common ateck
Th reaular euart.rlv dividend of nj p,r
r-Illl uil ."w ..'-i,v'j rig- - wiin m .(, cle-
clar.d. All rilvldenda are, payahl. February
15 te ateck of record February 4.
Cleverseed
Teledo. n Jan, 2.1, Cieveraaed, prima
ranh 13.67V i January. 113. 871, ; February,
J14i Marrh. lUnai, ApiII JI3 05, Alallii
nrini ih. $11,05. r.bruary. ll.73t March,
ll no. Tlmuihy. prima ee,b and January.
3.:5. Krbruary. 13 30, Jlarrh J3.33.
Flaxseed ,
Diilillh. Minn,, Jan, 23.- T'laxt.rd nn I
Irdclt and le Jrr. 4 Si 13 , ,anuar
ja.iau. aak.J, May. 82.13'" Mketl, Jul,.
12 16, bid. '
Hathaway, Stene, Wallace 8C Williams, Inc.
ENGINEERS
A(lfr
MANAGERS
17 13 Sansom Street, 'Philadelphia
SPRUCE 7857
Operating Management of Industrial Enterprise
Industrial and Technical Investigations and Reports
OIL-BURNING LOCOMOTIVES
AND OIL-HANDLING EQUIPMENT
In these days of usinp; oil for fuel, it will be of interest te
many Philadelphlans te "knew thp.t these Works, in addition
te building many hundreds of oil-burning locomotives for
use in every part of the world, also supply and install oil
ateiage nnd oil-handling equipment of every type.
THE BALDWIN LOCOMOTIVE WORKS
Philadelphia
-
Bank of North America
Rights le Subscribe
BARNES & L0FLAND
147 S. 4th St., Phlla., Pa.
'lei. Lembard 41 Ti
"K.tnlilUlied I86011 . '.
WANTKU
LIT BROS.' STOCK
Kert BAi.r.
Stanley Ce. of America Stock
H. F. BACHMAN & CO.
HANKEnS
Member, New lytk 4 Vlitla, Slerk
Kirlianara
1428 Walnut St., Philadelphia
"' "An Onianliatlen for Bertie. -
' "J'TahsTburJeh OurcfeAn''
Our Specialty:
Building, Altering, Repnirinr and
Moving Every Kind of Bulldin
FAYbuilder
W22. Se.MOLE ST
mmmm Deih I'lienea
NEWBURGER,
HENDERSON & LOEB
Members New ) erl; ami
Philadelphia Stock Exchanges
1410 Chestnut St.
We Specialize in
Pennsylvania
Municipal Issues
Biddle & Henry
104 SOUTH FIFTH ST.
C. S. PATi'OlN &
ki & currtrNtii' t
UAINKEKS
tuir.ir le
.. .HMI.fK A 8TI'.1r.N8
liOMil, HIU l"'l.i HOII
M.infc.r l-lill., Ml
ww.
"CO.
is.
r.N .. I
I
I