P1IBm
foWPter EVENING' FUBMO IiBDOER-PHIIDELWttAv WBtKN-ESDAiTr DOfcttKBR .. 122
5' -.aajeaajBaa.
' Hi B IB
; 'fHBLZy
$:
National City
&"
1)01
Recommendations
.V
a catalog of carefully
fleeted BONDS for
your December fundi
Telephone or writ our
nearest office for your copy
'i
TbcNatiratl CHjr Camaaiy
raBadeiafcla MIT Cheetnut St.
Atlantic Cttr dlfentt Black
1S24 Boardwalk
ftj
$&'
$ have our own representation
? tne following cities;
m
Albany
Baltimore
Bosten
Bridgeport
Hartferd
Lebanon
Philadelphia
Pittsburgh
Rochester
Scranton
Springfield
Syracuse
Trenten
Wilmington
Kw
w
h
Kb
I'V'j.
PS',
kk eriiltien our New Yerk Office U
smnectei by direct private wire
mUh important investment instltw
tv
Lf
W
in
v
?K
Atlanta
Augusta
Buffalo
Cincinnati
Cleveland
Columbus
Jacksonville
Louisville
New Orleans
Savannah
Teledo
i"
X-
f-5
7.
j-
M facilities of these connections
are at your disposal
Hemphill, Noyes C& Ce.
aVaaifcers tfw Yerk Stock Kxchanf
Franklin Bk. Bldg., Philadelphia
Saw Yerk Pitteburgh Bettoa 8craatae
MSAaftlee Albany 8yracuM Baltimore
k Wilminttea Briditpert
m
irjf
P
Rf
I
I.cA-f
Bft
"Alabama Power Com
pany Carrying Out
Amazingly Bread
Development Werk"
12.
hi?
I
u
I. ft.
rcav
This is the title of an
article from the current
issue of the "Manufac
turers' Recerd' a re
print of which we shall
be glad te furnish upon
request
It
Lfe
3
.'
ft
Ib- .
I',
Rarris. Ferbes & Ce
Plae at., Car. VVIUlasa
NEW YORK
PHILADELPHIA OPPICI
WMener BMg.
Telephone Spruce 7040
We Specialize in
Public Utility
STOCKS
Imencan fiat & Elec
California Ry. & Pr.
Cem'w'lth Pr. Ry. & Lt.
CemWIth Pr. New Pfd.
Colerado Power
Rational Pr. & Light
Pennsylvania Pr. & Lt
Portland Ry. Lt & Pr.
Ropuilie Ry. A Light
Tennessee Elec. Power
Publle VtiUlv Booklet
Bent en Jltijue$t
Gilbert Diett & Ce.
ft
NeNVtrtseMhCithMte
ulWRcePlM) New Yet
T.I. Bowling Oritn QUO
Proven
Public Utility
Bend
k
f
m
."!
1
laktr, Ynf ft Cempaav
msrx w. swanr. .. sua
Laas. Title BuilaUaa
lestea PUUdlelpUa
m
v-j.
Am
m
MR. EXECUTIVE
PAL BONDS
ii
yea um In permanent connection
ervlces of a, h ch-arada aiecutlv
aemmntant of. Plasilna pej-enallty,
the abfliur te nt UiJnA dena, it
un eC dependability. SO: American'
MILS CONTINUED
WEMFEATURES
Furthtr Retreat of Standard !
sue Undermined the
Entire Market
B1.
300
.100
8100
2200
400
103
200
4703
200
303
H'2
300
30'T
203
303
600
100
100
403
103
1103
20
103
93
203
1400
300
New Yerk, Dec. 6. The railroad
shares were the wenk sisters of the
early market. The entire Eretin were
1 under pressure which hntl nn under
mining effect en the general INt. The
uneasiness, if it may be culled thus.
in the rail division prlmnrlly was due
te the uncertainty regarding the (ire.it
Northern preferred dividend, which di
rectors act upon next week. While
the Street seemed confident the rate
will be fixed en n B per cent per nnnum
basis, there ia nothing tangible nt hninl
I te indicate thn dividend policy has
even yet been fixed.
Nevertheless the entire rail divMnn
was found te be soft and tlie weakness
of the standard shares caused a general
sagging of prices throughout the 11 t
'03
1603
300
403
103
103
E0
130
a"0
'00
'7
'03
'27
2005
2.03
100
1000
103
100
2G00
during trie best part or tne tirst ueur.
The sensitiveness of the rails wna "t
course utilized by the bearish element
of the professional traders as an exctife
for assaults elsewhere and tnet of the
representative Issues of both the rail
and Industrial divisions cnnpli'tinusly
lacked buppert te withstand the pres
sure. As 11 matter of fact, the only group
te show signs of strength and were
able te buck the reactionary currents
was the coppers. These were fort tiled
by the reports of improvements in the
red metal industry as reilccted In the
resumption of llvldends by the Kenne Kenne
cett Copper Company.
Later In the morning activities of
the reactienists were diverted te the
petroleum group. A special drite was
directed against Standntd Oil of Cali
uuu
200
103
203
203
100
803
333
27
703
100
103
203
300
100
1OT
0)
103
200
2330
20
5330
100
700
100
333
103
103
1103
2433
1900
100
2500
233
313
103
1G33
733
1030
100
100
103
203
103
2001
ROO
2600
2100
7833
15C0
1800
030
2503
100
403
400
300
1500
403
100
5603
100
500
2403
4233
500
500
500
100
700
503
700
100
303
100
700
930
3330
800
100
G330
403
1200
100
933
100
100
400
300
130D
100
100
100
200
300
100
300
?C0
100
200
500
1100
100
300
100
300
103
100
200
500
6403
1700
fernia, which was depressed ever :jj
points. Other oil stocks were supp led
in fairly large volume. Sprclaltie, in-1
eluding Studebaker. Cern Products and 1
Continental Can, also joined the down
ward movement.
The quality of the buying power nti
the lower levels, however, resulted lu
Beme short covering which turned the ,
course of prices upward again toward
neon, (treat N'erthcrn preferred o:n e:n o:n
ceied Its early less and started te higher
ground. Several Klwre.s displayed mod
erate strength, notably Mackay Com
panies, which was pushed up Ui. and
American Car, Standard OH of New
Jersey, General Electric and People's
Gas, nil up 1 te IVi points.
1
Commodity Markets
GRAIN MARKET
Chlca.re. Dec. (1. Largely in response
te lower quotations nt Liverpool, the 1
wheat market here underwent n med- ,
crate setback In price today during
the early dealings. An apparent lull ,
in expert demand, together with some
thing of n let-up in the domestic t!e'ir
trade, acted also ns bearish factors, j
On the ether hand, strength in sterling ,
exchange attracted sufficient notice te )
make wheat sellers cautious nnd te
encourage scattered buying.
Initiul prices, which varied from un
changed figures te Vic lower, with May
$1.14ai te Sl.t4Ts nnd July .'SLOT te
$1.07, were followed by a slight rally
and then by a decline nil around.
Scantiness of rural offerings te arrive
gave relative firmness te corn and eats.
After opening Vic off te n like advance.
May (ISic te 0STsc, the corn market
showed slight general sag.
Oats started Vc higher. May 42Hc,
and held close te the opening figures.
Previsions were steady, in line with
the hog market.
Cern Teat. cl8i
9 Own 12 M.
es i aai -ob.
is, us? t.i,
UHH 60
MJUWl.lT l.lTJi
1.07HO1.07 1.07S
4 S-i 42 H
4ii 4-J'.
89 H ....
1.144P1.14'i 1.1S4
6-T
lO.nS
10.23
December ... flS'4
May SH
July tlSH
WTimt
December ... 1.17H
May 1.13
July 1.07
Oat
Dnccmbr ... 43-
May 4214
July 30
Itye
Mav 1.15
Drcembar
Lard
January ....10.10
Mav . ... 10 1-2
mi.
COTTON MARKET
New Yerk, Dee. 0. After yester
day's severe Updating movement the
offerings of cotton were much less pro
nounced this morning, nnd first prices
showed 3 te 13 points net ndvnnce.
The buying, mostly for Wall Street,
the West nnd commission house ac
count, was based en firmness of foreign
exchange, notably sterling, and mere
optimistic newn regnding the Lausanne
conference. Wire houses, Liverpool
and the Seuth sold.
The list, later, advanced nbeut 20
points ever yesterday's close, but met
belling orders from rcem traders, which
caused a reaction of nbeut 10 points.
Test, close
. 24.tBi43
. 24.8SO.TS
. 24.47&.VJ
. 24.40'43
. 24.11 Ol.S
. 2S.B2aB7
Open
24.40
21.10
24. JO
24.42
24.20
22.02
12 M
Deemtxr
January ,
March . .
May
July ....
October ..
24' ii
44 4'J
21 .17
24 OS
NEW YORK COFFEE MARKET
New Yerk, Dee. 0. The centinuea
advnnceb- in the Itie exchange rate en
Londen promoted seme fresh buying
this morning at the start of the coffee
futures market with prices en the call
working 0 te 12 points higher. Trade
nnd Jobbing houses were buyers. Thirty
coffee notices were Issued tndnv. Se
far this month, notices for 12,000 bags
have been issued.
Yett. e!ei
March ??2271
May 6.1B017
Open
0 0493
ft (iswne
R nsa99
t8.4
,..i:. R RR"1
8 B1MSS
H.4243
rfuijr
S.pumbtr ..avi'
Nemlnul. tenrd
Chlcae, n-c
fw
1 U.S. Certificates and Treasury Notes
'j n i.i
Tnt.
Maturing
nils
IUt
Tlld
.100
Askei Tlf M
vh-
SV, Dec.,
t4V4 Dec..
t4l( Mr..
ta Junu.
re.. 1052.
.100 101 1-82 S!5
100 1001. a.7.t
1023.
1023.
. 09i 10O 3.7R nacidnn
8S Sept., lfl'ia.
.11' T..HA 1A1,
. lt 11-18 Pft lB-ld 3 In .k.
Heut.'. 12.'
T', "iV.. .,1?8' .CATTi;
fi Mar . WL'3.
t44 TC, 1W2S
. iws 8-i. ,4(1 Mhher.
.lyeC ip)vt 4 40 nt
t"4r Mar.
lBl'fl..
4i Hcpt
1D2.
os' 88H 4 4H Kruierii
Kl
, - ----- ----. - .-:- "i -----
xempiiremrwa-rai normal income ta. 1 -any.
tAcceptable for payment of lacome tax urx
nbeut
due en date of maturity.
Raw Sugar Market Firm
New Yerk. Dec 6. The raw uar mar
ket wai linn te.lay with Cubae for Dk,ih.
I...1 a
er? ,riV-
tT n nz
ber ehlpment eiueted ut 4c. and for January i
.-.'?..
.f. .Iv tfll)
enipmenv ai jtg iu j",c ten anu rieitflil.
Hale jeeterday Included 20.0QU levi Cubaa
for clearance Tret half of February at
8 1B-32C. coat and frelxht te an operator.
Importation! Included 30,000 base Cubaa te
the National Sugar Refining Company, 5100
bail Cubae te the American Hnuar Refining
Company, and 6200 bae te Arbuckle llroth llreth
ere. The local runn.d market Ij unchanxed
with Hat prleee raiutln from 7.10e te 7.23c.
leia 3 per cent for cuh,
I , MONEY-LENDING RATES
NEW YORK Meney en call, both claeiee
of collateral, opened today at 0 per cant for
lendln and remwlnf
PHn.ADEUr'HIA Call. S rwr cent. time.
ilWl.un
abi Si
fat Vwea
te 17.60.
. WW.?
R per cant; commercial paper, three te all
month
VBB.
0 per cent.
AR SILVER
Bar allver wu M4 lower In tendon
today at ld.
Rseslvsr for taxen Moter Ce.
early
Z4iMA
-T FTe rrata aara a
llnsi.
wfjsmmsm.n
NEW YORK STOCK EXCHANGE TRANSACTIONS
Only Afternoon fteswrf la Phtlaiehhtm QmeHng Pal list
In) STOCK Hleh Lew P.M. C
4 Adams Exprest ... 67 67 !4 H-
.. AJnx nubber 11?4 11 ? '1
.. Alaska OeM Mines. H ,
4 Allied Chcm ft Dye 71 H 7014 70W-
4 Allls-Chalmere .... 43K 4?.M 434-
.. Am Chicle 7 7H 7H-
4 Am B Sh Viy new. 73M 73ti 73ft-
e Am Cnn 70J4 69i 70Jt
7 Am Car & 1-My pf.,123 123 123
.. Am nrug Syn 6U U W
7 Am Ice 104 1C4 104 -
.. Am lntern.it Cerp.. ?7',i ?7, 27 W-
7 Am I.a Kr Knp; pf.. 9J 93 93
6 Am Locomotive ...1205-i 120VJ 120J4-
.. Am Ship ft Cem... 19 19 19 -
.. Am Kmelt S2?i C2 E2K-
7 Am Smelt pf 69J'2 P9'i 99J4
12 Am Snuff 149 149 149 -
3 Am Steel Fdy 43 43'i 4314-
.. Am S'nmntr.x 27?4 ?7?i 27? .
9 Am Tel & Tel 123J4 1?3 12314
12 Am Tobacco 1B214 151 ' 15214-
12 Ant Tobacco n 150'j ItOtJ 150Ks
.. de odd lets 1E0 150 160
7 Am Wntrwfcs 7T pf P0 1 52
7 Am Woolen 04 92 'i 9314-
., Am Writ r.iper pf 25 25 23 h-
.. Am Zinc t..l & Smelt lb
,, Anaconda Copper ., 8'
., Assets llenllzatlen. Hi
4 Asse Dry Goods... 65 J5
G Ap?e Oil 113V4
c Atch Tep it San Feirea4
,. de odd lets 1C0
R Atch Tep fi S F pf iOJi
7 Atlantic Coast Lln113ij
.. Atl flulf W I S 15 23 H
SO Atl Kenning 1?30
7 Atl Il-nnlns pf 119
Auititi NMchets 31 si
7 linlihvln Locemotlvc117'o
,, naltlmere ft Ohie.. -12 V
4 Haiti ft Ohie nt.... D7!4
.. narnsdali Class A. 31 V
.. Mtirimlnll Clars n.. 21
.. iiaiepllns Mln .... 14
48c lVfChnut I'ncklng. . 51 'j
15 15
47 ft 40
1 ft 1 ft 4- ft
65 65 - ft
113ft 113ft- 1
100ft 100ft- h
100 ice
tuft 90J4- H
113 113 - !s
?"Ui ?3li- ?a
1230 1230
111 119
31 ?l 31 H- 'i
116ft 11614- s
42 42 - ft
57 ft 57ft- ft
31 31 ?. - ft
21 21 - ft
4 'i
9 51 ft -:- 2
fev; 01
en;-, 95 - ;
1031'. 109ft ft
4t, 4ft ..
26 ft 26 ft !i
116 11G - ft
15ft 15ft- ft
13'i 13?i4-
9'. 92
1-15 145 - ?;
.17 47 .. '
1 0". 1 03 ! 1 "i
9flft 90ft ..
7ft 7ft ..
29 29 . . "
8 ft 8ft- ft
F0 59ft- ?i
93 S3 - 1
7ft 7ft ft
139H 14014 1
79ft 79ft
42 42ft .. 1
fiOft 60 ft ft
C5 C5 - 1
3M 3i ..
23 ft 29 -r ft
4iJ A ft
10 10 ft
23 23ft- ft
-t 35 ft ft
70 ft 79ft- ft
79a, 79H- I
32 32H ft
87 67 - ft
P5'i 95ft- UJ
74 74 - V,
'"A 26 ft-;- ft
HH 24 - H
75 ft 75 - ft
44 ft 4 5ft ..
2ft 2ft ..
'9 9 -f H
C7ft 67ft- ft
ir.ft 16ft- ft
124'j 124ft- 1ft
fcfJi 60ft-
? '- - ft
12 12ft ..
1C3'i 103H- 2ft
1263, 127ft- ft
IT 47,- ft
f0H 61K- H
-3ft 23ft-
13S 13M- ft
Z-6'i 36 ?- ft
: r) ; 26
i;e 120 - 2
131ft 132 - ft
43 ft 43ft- ft
F33 83K- ft
t0?4 E7ft- H
2'ti 23&J4- ft
e 6
64 n e5ft H
Oft 10 - ft
14 ft 14ft- ft
10 104- ft
8'K 09ft - ft
101 101
170 177 ft- ft
UK UK ..
16ft 10ft ft
41 H 41 - H
Bl 81 - ft
104ft 104ft - 2ft
179ft 179ft- H
11ft 11ft ft
13ft 13 ..
6ft 6ft ft
10ft 10ft- ft
77 78H H
30 30 - ft
71 72 - 1ft
t4 1M ..
23 H 23ft ..
4ft 4ft ..
23'i 23ft H
107ft 107H- ft
34 34
ft ft . .
:oft 20ft 14
7 7 - V, I
32 32 - ft '
33M 35 H I
E9ft B9ft ft
11 11-54
47 47-1
14 14
69 ft 69ft- ft
52 52 ft
14ft 14ft- ft
H H ..
20 20 - ft
65 ft 5 ft- 1ft
19 19 - ft
53 ft 53ft- ft
40ft 40ft- 1
Hft 2ft
41 ft 41 ft ,
99ft 99ft- 5
24 ft 35 ft
UH 8ft-1- 1,
e uptj, sice n iii
7 Ileth Steel " pf . . 3
8 Heth t'trel 8"-,. pf. .10914
. Heeth Flsherlei ... 4
. Brit Km Steel 2d pf 20'i
8 llroeklyn natren . IIP
. Ultlyn Rapid Transit 15',
. Tlk'vn It T etfs... . n'a
S Puff lteeh & Pitta pf 9
10 llurna 13ren A.
i4s:-i
I Mums Tires b
7 Hums Dres pf
7 Hush Term Hid pf . .
.. Ilutte Cep Jt Zinc.
.. Ilutte & Sup Cep..
.. Cndde Cen O & R..
. . California Petrel . .
7 California Pet pf . .
. . Cal Zinc nnd I.e.id.
10 Canadian Pacini . .
7 Case J I 1st pf....
. . Cerro-de-Pnsce . . . .
47
5 0-'
90 'i
8
29
8V4
fO
3
7'1
140i
79?a
4?i
f0a
C Chandler Meters
4
Chesapeake ft Ohie. 5!i
Ch'cnue & Alten pf 3
. Ch' A: 12 III 29
. Chicago & Or West 44
. Chi A Or West pf . . te
. Chl Mil ft St P '.3'j
. CM M ft St P pf .. "5'j
P Chi & Northwestern 0ii
4 Chlcace Pneu Teel. 79'
. Chl H I & Pac 32 yt
C Chl ni&rc 6'i pf B7
T Chl It I & Pc 7 Pf 9514
C Chl St P M & O... 74
. Chil Copper T7
. Ch-no Copper 2J'
i Coca-Cela 75
3 Ce. & Southern.... 44U
. Celum Oraphophene 2'4
. Cel OrnphnpJier.e pf 9
6 Ce'nput Tab Hec... 67 51
. Cenlcy Tinfoil 16 ',4
8 Conse'l'lated flas ..1251
. Cens Hub of NY wl.. C0?
. Cen-" in rts 2 '&
. Cen?ol Textile ... 12a
. Continental Can ...1C6'4
4 Cern Products Itef.127la
4 Cosden & Ce 47 h
. Crucib'e Steel C2
. Cuban Am Sugar... ?34
, . Cuba Cane Sugar.. 135
. Cuba Cnnc Sugar pf ?6i
. Pavlscn Chemical . Ifii
9 Delaware & HudsenKOt,
6 Pel Lack & West. ..132 ft
2 Deme Mines
6 Eastman Kodak . . .
3 Klee Storage Bat. .
. Elk Hern Ceal...,
. Emersen-Brnntlnff .
u Kndlcott-.Iehnson . .
. Erle
. Erie 1st pf
43?i
E31J
56 K
23?i
C
5S4
10
14t4
10J1
Erie 2d pf.
8 Famous Players L. BT'a
Fidelity I'he Fire. . . .1 01
10 Flher nedy 177 ft
, . Flsk Rubber 1 Hi
.. Freeport Texas ... 184
.. Cicr.eral Asphalt ... 1 M
C General Cigar 81
7 General Cigar pf... 104ft
8 Gen Electric 180?
. . Genl Elec special pf 1 1 ft
General Meters .... 13i
.. Goldwyn Pictures .. 6
.. Gray & Davis 10ft
7 Great Northern pf . . 78ft
3 Grt North Ore ctfs 30ft
.. Gulf States Steel... "2ft
. Ilablrshaw Elee ... 1 H
2 Hudsen Moter Car. 23 ft
.. Hydraulic Steel ... 4ft
l Hupp Moter Car... 23ft
7 Illinois Central ....108 ft
.. Inspiration Cen Cep -
Inter Cen Cerp.
ft
. . Inter Rapid Tran..
. . Inter Agriculture...
. . Inter Agrle pf
Vj Jnternnt Cement ..
i Int Harvester new.
inter Mer Marine.
20 ft
7
32
35 5
89 ft
11
Inter Mer Marine pf 47
. Inter Nickel 14
6 Inter Nickel pf.... 69ft
. . International Paper 52
. . Invincible Oil Cerp 15
. , Island Oil i
.. Jewel Tea f0
.. Jewel Tea pf 6-ft
. . Kan City & Seuth.. 19
4 Kan City & Se pf . . 53 ft
. . Kayser & Ce new.. 40ft
. . Kansas & Gulf i-'i
. . Kcllv-Springfleld .. 41ft
6 Ke'.aey Wheel 103?i
3 Kennccett Copper... 3b H
. . KcyBtene T & K. . . . 8 ft
LIVESTOCK QUOTATIONS
P-0.'.1' .1&a b!her: peU. IBe hlhr: tei
3?;KhU'i oil welihti bev 130. peundi
H.Ssafc.ae: plg. .low. steadr te lOj.hlf
ft HOC1S KOM1PH. i'.viu I
Mi'irkx very Iew. steady ti wmk; 1 jr. bulk 1 10 te 130
- --.- - -- -- -vi vmw. at w
l 8in te SflO peun.t butrheri
tile paeUern bl'Mitw; meHtly ii,s to'iee
iy '"'V.a . ifl, nnliild nv?rai'M
mock available te
weak en lambs.
S w.RiiK. Br.&w$
. STOCK DIVIDENDS
New Yerk, Dir. 0. Director of the
1 Vacuum Oil Company have traniferred te
1 capital amok from eurplue or the com-
1 unv 14S .firm niv. u.hi. h win Ia distributed
jew,
SH.ir.,. ,. hM.
Fairly
- 'Ta.r b-t t.er. and
8P th
n, nne rr runt
early top matured ijiMr'.fJ
tt " :-''r..I0.v,.
MUX
Decem&wr HO te te
lit SSrM."u..,j;'
-. .Li ., ..iita furuncnrfi biiu
fMtl-
tiv 'j'.j:"i riliu ateady te
w.'nk" bulk deitrable veil calv. te pwkura.
?.f?5 '.. .,ilk deeirebl heavy boletnii
?.fr.S'miTR. hulk deeirabl heavy
ii S&4.40 bulk ateckere and reed.
ina ai lime ine reaajuHimeni uwu.. ...
Hmlth. eecretary,
ii.inii. 15.0M hetvi Fat Iambi
i7w- few early ealca around etendyil ateck nuiliorlred but
? ii'SJ for choice fed Western I kipt In the treamry. te
'' .lilerlnii acinunti. feeder demand 1 te tlrn le empleyM
niaiea mai tne
-. .tilnrltlaf
uii -"-' 7.0 fAMimtl
authority granted by
M s -UeVp VtSair te. iron, l.euvv
around 3i Ushtar welfbt upward
Chioare, Dee. 6.
of 10 tr cent en
able December 80
10 rer cent en
ceraher 23. All
ntate have been
tock the only
uemDany nan neciarea ev
SHS. reu te Se
capital
7a.1..1.b KFa
- . " .':Vf?'"V .'MHBlticelDte. 2000
. 1-7 iiavM. at ,1'jiiii iiu.
of Kanaae haa declared '
of SOO per rent, payable paei
stock of reoerd December If.
head. Active! unchun.ed.
i.n.lmrrh Dec. IIOOS Bee'lptS,
yerSSe.
3df?iS!'e?.-,pirn.830qthe;a-
CavE3 Becelpu. 100 head. Steady.
Tep, IIS.
The Standard Oil .Company of Cal irnrnla
haa declared a ateck dlvrdend of 100 per
cent, payable December SO te atuck of
record December 9.
Llvorpeol
Liverpool. Dae.
limited drmand for
VimM St, IVeaU, II, 1
nacalDU, SOOO head.
Pec. 0. CATTI.B
Ileef eteere. cewa.
bulla, ateadri llaht
pricea eaaier en
nu''rerldM JM" OSW, wTh;
ESRTKe and eteck atecra. ateady te atrenai
?yv2Srri 1 111 J new blddlna- ieweri hulk
top. yoaieri. ej ue,00. llrht y.ar.
SI. pelnta for . miaanna
aleawera
H.l.OUU
'
alee. IDWT.uu
); llrht year
lean. Kutureewere
II
.BO: cewa. mean;
isll tM tmm sil
wKirMimA liSsla ZtZum -
DtV.
1:00 Nat
I U t(B
63)4.. I
35
544 4
'fS Lehigh Valley S3 ft 624
100 .. Lk. Rrfu M, Was.. 3H
30
1100 4 Lima Locomotive- .. B5
200 . . Loews Ine ....'... IB
300 t Left Candy 11H
100 7 Loutavtlle A Nash.. 133ft
100 .. Mack Truck ...... 53ft
200 7 Mackay Ce 106
100 4 Mackay Ce pf 69
1300 ,. Mnlllneen Ce 32 ft
100 7 Manhat Elcv Guar. 49 ft
.900 .. Manhat Kiev ctfs.. , 48ft
4103 4 Mnrlnnd OH 26 K
100 1 Martin Tarry Cerp. 26ft
500 .. Math Alkali 49ft
100 ., Max Meters Class A 46ft
600 ,. Max Meters Class B 15 ft
300 2 Mex Seaboard 164
200 1 Mclntyre Mining; .. 18
400 2 Miami Copper 27
2100 l.JO Middle States Cerp. 12ft
54 J
18
fIJt
133ft
53ft
106
69
32
49 ft
47 ft
25 H
26 ft
48
46 ft
15H
16 ft
18
27
12ft
27
15ft
35 ft
10ft
42
68 ft
16ft
lift
30 ft
115
112
62
47 H
9.1 H
C7
2Hft
reft
109ft
74 ft
93
74ft
62
2ft
19ft
7ft
19i
1ft
C4?4
45 ft
93 ft
60 B
10
46ft
3ft
89 ft
31 i
41 ft
26 ft
4ti
40ft
45 ft
59 i
139
19i
110
111
98 ft
99
39 M
93 ft
1?2i
46 1 '3
?7ft
118
13ft
75 ft
35 ft
105
79ft
23
19
46 ft
76
51 i
21 S.
39 K
29ft
57 ft
18ft
1
79 ft
"ft
34 ft
31ft
100
8ft
42 14
b5
23 ft
64 ft
111ft
194ft
118ft
74
62ft
55 ft
1251'-
7ft
20 ?i
SI
46 ft
50 fj
22ft
20
119
32
52 H
78 H
11ft
16
136 ft
130
73
46
153
65 ft
24 ft
5ft
60
85
1
49 ft
95 1,
39
101
121
62
2ft
23 ft
59
16
56
13ft
Oft
24 W
112ft
II H
110
E9ft
9 ft
31ft
4
11
S
37 ft
207
125ft
27ft
18 -11ft-
133ft
53 ft-
106
69 -32
49ft
48 ft
28 ?
26ft
48 -46
ft
15H 27
12ft-27ft-15?.
35 ft -1-16ft
42 -68
ft
17
11ft
36 ft
800
Mldvnle Steel 28
160-"
1600
100
100
100
5200
1C0
300
100
100
200
100
3500
.. Me Kan & Tex (wl) 15ft
.. MeK&Tlstpd 35ft
.. Missouri Pacific .. 16ft
. . Missouri Pacific pf . . 42
! Mentnna Power ...68ft
1 Moen Moter Car... 17ft
ft Mether Lode Mining 1 1 ft
3 Nat Biscuit wl 36 ft
8 NatlennlLend 115
7 National Lead pf..H2
N O Tex A Mcx... 62
4 NY Air Brake A... 4751
6 N T Central 94
R V V n e r. n.i nt Rf
115 -!
112 -82
-47S-94?4-67
25 ft
21 !-
110(J-
74 ;a
93 -
75 -62
2ft v
19ft-
7ft
19&4 1!'.
04 54
46 -
94 ft
69 -10
-f
46 ft
3ft-
reft
31 ft -42
-
26 ft
4ft 40 ft
46 -CO
-
139
20?4
110 -
111
93 ft
99 40 -93K
123 -46
ft-27?,-
118
-
33 105
00ft
23 -19
-
100
oe New Verk neeUi.. 23ft
iIm ' ' New Yerk N H A H 21 ft
1600 7 Norfolk & WestcrnllOM
100 4 K0r A Wegt f 74Tn
300 5 jfe-ti, American ... 93 ft
3'03 6 Nerfli Trnn ir.
ka -- tW UL AJ tat. H. "
'22 "4 Ohie Fuel Supply.. 62
600
500
. UKla Pred ft Itef... ?',
. Orpheum Circuit .. 19 ft
. Otis Steel 7ft
. Packard Moter 19ft
. Pacific Devel Cerp . 1 ft
6 Pac Gas & Lice... 84fi
8 Paclfla OH 46
8 Pan Amer Petrel... 94 ,
8 Pan Amer Tl B9ft
. Pnrrlsh ft Bingham. 10
3 Pennsylvania R R.. 46ft
. Penn Seaboard Steel 3 5A
6 Peeples Gns Chlcaac EOft
. Pere Marquette . . 31 ?
2 Phillips ret 42
. Plerce-Arrew Met pi 26 ft
. Pierce Oil 4ft
. Pierce OH pf 40 ft
4 Plggly Wlggly Stere 6K
. Pitts Ceal ......... rei
. riMsftFertWnvni.. 15D
200
100
300
300
1600
12700
6030
100
1200
500
1033
400
600
100
300
100
2400
2030
14
500 1ft Pend Creek Ceal... 20ft
:uu 5 Festtim rereal 110
100
100
8 Pestum Cereal pf . .111
7 Pressed sreel Car pf 98 ft
de odd lets 99
. Producers & Ref... 40
8 PubSerCoref NJ.. 94
8 Pullman Ce 123
. Punta Ailegre Sugar 46 ft
2 Pure Oil 27?i
7 Railway Steel Spg pM18
. Ray Cen Copper... 13ft
4 Reading 76
. Remington Typew . 36
3 Rem Typew 1st pf.105
. Rem Typew 2d pf. . C0
. Reploge Steel .... 23 ft
. Reynolds Springs... 19
3 Reynolds Teb b... 47
50
400
00
600
100
1103
10
303
1030
1200
100
600
500
100
1003
45?
70
52
21 ft
39ft
30
50
18ft
1 ft
CO
ft
34ft
31 ft
100
100
P. Rels ft Ce lat pf 76
700 4.13 Royal Dutch N Y.. 52
300
St Leuis San Fran. 21ft
tee
500
200
100
4100
2800
. . St Leuis S Fran pf. 39j
. . St Leuis Southwest 30
C St L Southwest pf. 58
Savage Arms
10 ft
Saxen Moter .
Sears-Roebuck
. 2
. 81
. 0ft
. 343.1
31ft
.100
1000
Seneca Copper
800iB5ft Shell Trnnrpert
1500 2 Sinclair Censul
200 8 Sinclair Cen pf.
200 .. Skelly Oil
Oft
8ft
ft
23 ft
64 ft
113 -
1 97
118ft
74 -
62K
55 ft-
126ft
7 ft
204
p
46 ft
59 -22
ft
20 -119
-32
521,
78 4 -12
-
100 .. Se Perte Rice Huear 42
2300 6 Southern Pacific .. 67
100 ,. Southern Rail 23ft
1530 6 Southern Rail pf... C4?a
6400 4 Standard OH of Call 13ft
2103 B Standard Oil of N .11 97 ft
200 7 Stand Oil of N J pfllBft
200 7 Steel Tube pf 74 ft
1300 8 Sterling Products .. 3
600 6 Stromberg Carb .. 56 ft
22500 10 Studebaker 12CH
100 ., Sub Beat Cerp 7ft
100 .. Superior Steel 28 i
603 .. Tenn Cep & Chcm.. Oft
1800 8 Texas Ce 46 X
600 5 Texas Gulf Sulphur 59 ft
400 .. Texas & Pacific..,. 22ft
300 1 Tex & Pac c ft O.. 20
700 .. Tidewater OH 12
400 3 Tlmken Rell Br.... 32
1000 .. Tobacco Products . 53
300 7 Tobacco Pred A.... 79ft
600 .. Transcontinental Oil 12
903 .. Union OH 16
2100 10 Union Pacific 137ft
100 7 Union Tank Car... 130
200 . . United Drug 78
700 3ft United Drug 1st pf. 46ft
300 8 United Fruit 154 ft
3100 .. United Retail Stores 60 ft
301 .. U 3 C I P & Fdy.. 25
300 ..US Feed i'reduevs 54
1100 ..US Ind Alcohol.... 60ft
800 U 8 Realty ft Imp. . e6
100 . . U S Realt ft Imp rts 1
1000 ..US Rubber EOft
100 8 U S Rubber 1st pf . . 95'i
100 ..US Smelt ft Ilcf... 39
10800 6 U 8 Steel 102
500 7 U B Steel pf 121 ft
400 2 Utah Copper C3ft
100 .. Vanadium corp ... 33 ft
300 .. Va-Car Chemical .. 23ft
200 .. Va-Car ('hem pf. .. 59
200 .. Va-Car Cliem ...... 16
100 . . Va Iren Ceal ft Cen- 56.
200 .. Vivaudeu Ine 13
100 .. Wabash 9ft
100 .. Wabash pf A 24ft
100 7 Western Kite pf. .,112ft
100 .. Western Maryland, lift
300 7 Western Union Tcl.110
500 4 Westing E ft M.... 59
200 .. Wheeling & L 1:..., 9
800 S White Eugle Oil.... 31 9,
400 .. White OH Cerp.... 4
100 .. Wlckwlre Sprne StI 11
330 .. Willys Overland ... 5ft
600 . - Wilsen ft Ce 38
400 8 Woolworth F W...207
100 7 Woolworth F W pf125ft
16 -
137 -130
78
46 -
153 -
66 -
25 -
5!i-
60 ft
86
1 -
EOft
95 -
39
101 J8
121
62
33 ft
23ft-
59 -
16 -
56
135
9ft 24ft
112ft
11 H
110
MH 1
9 Hi
el a ;-
4
11
i?4
30
:07 -
125ft
27 ft -
1 W , " utp OC .U. , CI '
Ss-dltrld.nds
top.
nd.
DIVIDENDS DECLARED
09 hlxti-
round avr. I.13(
1 atiHKf t - zr s
i.ecimi uii company quarterly
payablu Januury i'j
te atecli or
rilKhe'ri bulk. IT.10O7.1&.
vwmwnr uu.
Utah Power nnd Muht r'nmnnnr niiar
tcrly 1. jur tnt en pr.'frre.l raviul,.
January 2 tu leJi of rnnnl U mKr l"
Alat.ama I'ewur ( empany. uu.11 teilv 11 fr.
en prrferred, painbln January 1 tu lt,,!'l
of leceiU lecember 20. Mut
mall a market, dcalliut
Ht I.euli. Recky Mountain an,
retnpaii, 'luarterlT 1 per cent en
and li per cent en preferre.1
ueei'muer au 10 bieck or record
U-r 1(1.
a,(vb AtvlAmnA. nayable T
k of record Decemlwr 1 SI 1
rw jurrt (Brtpiwnn i-nmpHny,
ler anurn en nvu per
W, M.
t... nn
in iner ie.?'"'"'"
Intter te et
ere.
remalnlna lie.suu.uuq
't n n r.reiin ir ue,,
f On tirHfrrf..!. .vnl.l.
nuarterly l,
January 2 te
net IllUfd Will
be 1 record December 20.
iw. iiuiq irmn 1 if'
lar eteck for each ahare n( 1100 par value I record DwemUr 20. ' uf
new held Ne fractional aDareB will be Jamea li. liunhum Ce.. nij.irti.rly iu
UBued In the readjueunent of .capital fteck. per tent en common nnd flret preferred an 1
but etockheldera will be paid In caeh for li per cent en eecend prefemd. 1,11 r,J.
any frnrtlnnH tliat m&v atlll M OUtetand- hI.1i. lunuarv li tn .tiwlc nf ..r.r.i r....1 rt
yea in accoreai
ccerdance with
ieMnKliqu lllectrle and Manufarturm.
r.,:npar,v ..uariefiy lenl.referr..rndc , I ?-Za, C ty 42
men. ITeferred la payable Januniy iV,,n.l liJliaS ' Va
atockheldere.
William Wrlala
Decembei yfl.
Ilomeatake Mlnlnc Company, monthly r.
ceiite, payable December 20 te atetk of r
Ord lir,mli(ir Or v
the common
te ateck of
the common etecK
eav.
record De
erd Dtcember ie.
prafarrad tBC. na .mr'
11. it. .Maumnen ft Cr.
quarterly l
redeemed, leayliui common
preferred, paynbla January
rtcerd Drambi-r 20,
iiaw
JlltT.
etr.rlt of
Yt.
a. Standard oil
eteck dividend
riuena
30 te
letr
of record De:emlr IB
est l'hlladelphla l'a3nBer Hallway Cem
pany. eeinl-annml $.1 j..r alia re. paiatle
January 1 aa ielterti December 1.-,.
intertype Corporation, iiuarterly 2 en nm
preferred und aeml.nnnual of t.l en ieeeml
rreferrfd. both nivni.u .iainii,V .. .-"v.nn'
Manhattan Hhfrt Company, quarterly HI 7
attss!' Januw 2 ,e "rc "
American Clrar Company, quarterly nf
1H per cent en preferred, payable January
2 l? HteSk. S? "cord December 15 ry
rnlladelphla. Ilaltlmore urd tVnehlnatnn
Railroad Company, aeml-annual of aT
Sr3VD.;.,n,Ur10?emb,,r 30 t0 teek ' "
Cotten
. Thars
apet cettc
raa. only a
ten teaay. wjth
olla Sf9ntpt
inmemmn
ANK CLEARINGS
rJdTe,i5?nf.yi:9 vs?;.' wlth
aiaaay
IddUn.
muldllnir.
ILCLHTSIf
OF LOCAL !
Speculative Interest Centered
in Electric Storage Battery
Dividend Aotien
ft
1
"ft
1M
ft
1ft
ft
H
U. O. I. van the bright spot of the
local market. Possibilities of an In
crease In the dividend rate supplied the
incentive for the renewed buying, which
while neither actlve or of large volume
according te observers, was of en 1m
presMvc character. The mere Inter
esting side was found In the relative
sennt supply of nteck revealed In the
ndvnnce te Bl, This was nn overnight
gain of "i, but 94 n share nbevc the
low mark reached In the reaction last
week.
The revived tnlk of a higher dividend
rate unquestionably was inspired by
reason of the recent incrense made in
the common dividend rote of the Pub
lic Service Corporation of New Jersey
te nn 8 per cent per annum basis. TIiIb
naturally will fntten the income of the
U. 0. I. from thn source. It 1 nlse
known cnrnlngs of the properties out
side of Philadelphia nte running well
above lnt year, nnd at the same tim
by reason of the lower cost of mnterlat,
the less In operation of the Philadelphia
plant will be cut deun materially.
Superficially these facts would seem
ingly point te, nnd warrant an Increase
in the present dividend rate of 4 per
cent te either a f or 0 per cent per
nnnum btiRls. Financial interests,
however, closely allied with the man
agement question the wisdom of alter
ing the dividend policy until mere
satisfactory arrangements have been
reached concerning the previsions of
the present lease with the city, or until
a new leuse has been provided.
In n point of Interest probably F.lec
trlc Storage Mattery commanded mere
direct nttentlen because of the fact of
the action en the dividend this after
noon. Am the directors de net meet in
New Yerk until 2:45 o'clock announce
ment concerning Iho dividend will net
be made public property until after
the closing. There was still a confi
dent feeling that either an increase in
the regular rate would be made or nn
extra declared.
In better Informed circles the belief
leaned tewnrd the latter action. Thnt
Is te say they looked for the regular
75 cents and nn extra of the tame
amount. The trading in the stock was
actlve with an early ndvnnce te S1r.
At the higher figure profit-taking wns
encountered bringing a subsequent re
action te 57.
ft
ft
ft
i.
ft
ft
ft
'ft
1
ft
ft
ft
H
ft
ft
14
ft
ft
ft
ft
!i
Va
ft
1
H
ft
2ft
'i?4
ft
1
Philadelphia Stocks
3ft
2
214
1ft
Net
111h
Lew 1 I. M,
R Am Gas. . 7!) 71)
79
14
lOtAm Khin
A
- 4
-
- ft
- ft
- M
4- ft
- ft
- ft
- r ft
- ft
. .
& Cem.. 10 11) 10 1,4
70 Am strs.-inei,; ,-,r,t4 iri04.i
fiOtCalifPet. rSi,s 5Si CS 2'i,
,T,i fain iron. 4(I'S lU'.s
1100 Elec Ster. 08 T7
lOOfl titer Cen
Cern nf.. !i B4
8151
? 2'
lOOtKnn & Olf li
B0 Key Tel... 7i 7 7 lnJ
out! j .nke Hup. ivK, ev4 ri8 j
"e 1.1-h Xu v.. 7:P,i 7:Hi "3 'i Vt
200fMe Pac... 10
JUDPcnnaHK 4C7
5 Phila Ce
cum pf.. 42
09 Phila Elec HI
30:t de pref . . 80
40 Phil I in W 40
(mPhiln 11 T 31
lOOTone Ilel.. 1j
7irua i.. ci
la
10 i.
4U
40,f,- ft.
ft
H
"ft
ft
'ift
ft
lft
ft
42 .
'.
40
31
ROM:
1(1 ..
31 i
CI
tNct chanpe mad by compniiren with last
ale en New Yerk Stock Exchunse.
PHILADELPHIA ilDNUS
3000 Liberty 3d 4vs '28 88.04
13.10 Liberty 4th eVi '28 98.38
10000 Lake Superior Inc Cs... 28?s
COO Phila Electric 1st Cs. . . . 00
40(H) Phila Electric 1st ris..lets 9t.4
COOOl'lilln Electric 1st Cs.... fll)i
1000 Phila Electric G4. 101
ANOTHERAJN TnSTERLING
Touches New High, Since 1919, at
4.56 j. for Cables
New YerU. Dec. 0. The foreign ex
change market nt the opening today re
flected in general, substantial ndvanreH.
Further pronounced strength was
shown in sterling, which gained Hi
cents from Tuesday's final te n new
high record lit 4.C01i for cables nnd
4.C01ii for demand. The previous high
record, since 1010, was established yes
terday at 4.CC 3-10 for cables. Swed
ish and guilders made new high rec
ords; the Inst mentioned gained 1
pelnU; Swedish C, Norway 12, Spnnlsh
nnd Danish 3, Swiss 20. lire 8i and
francs nnd ltclginns Hi ench. Marks
were unchanged at .01 Vi.
Juotatlena were: Sterling cables
4.Ctiu, demand 4.C01,s, franc cables
fl.H0,i. ehecka 0.0S91 ; Belgian cables
0.43. cheeks 0.42'i : lire cnbles 4.1ISI..
ft
ft
ft
Hi
ft
2
2ft
H
'ft
ft
ft
2d
4ft
1
'
ft
'i
1
cneclss -l.lis; riwlss rallies l.fi, cheeks
18.81; peseta cables 1C.C0, cheeks
l.".4Jj Danish cables 20.C5, rhei-ks
20.C0; Norway cables 18.78,
cheeks
1H.7.. ; Swedish cables l!7.0.i.
cheek"
checks
.00; guilder cablcH 30.07
iD.lia: merks, .01 M
i The Central 1'urepcnn exchnngps' iiui-
tatiens were sketchy today, but showed
' I'f.nnrnl flfwiltflfta ulffl till, evnntfnti f
llulgarinn, which wns unchnnged. ' The
liriurlpnl declines were 13 points in
Sreek, 0 in Serbian nnd ii in Polish,
the lnbt te n new low record. Fin.
nish nnd Czecho-Slevnklnn lnt n point.
Quotatiens: Hulgarian, .70; Iluma
nliin. .3; Serbian, 1.30; Greek, 1.12;
Czeeho-Slevaklnn, 3.18; .Tuge-Slavlnn,
.31; Polish. .00..0; Finnish, 2.r3; Alls
trlnn, .OOMMi ; Hungarian, .(XtftlVj.
YCSTBIIDAT'S CI.08IN3 QUOTATIONS
atetllnii Tranct I.li.. Uultilem
Pmnnd 4.fl4k fl.HTH 4.X1 SD.74
11 bh
remrd
catilett 4,n.ri' u.UH'j 4 D.l' dl) hu I
TODAY'S OI'BNINO QUOTATIONfi
Hterllnir France I.lre Oulldt.
I'H.in,.
cnir'n en
1,. AJ ?"
D'mand ....4. Buy, 0.tS 4.UH., Sll UJ
Cublta
4.BH'i O.UDVa 4.b8Vi HD.U7
iw m.
Reserve Banks' Discount Rates
Official redlKeunt rnte lit the twolve 1'Vd
cral lleacrve Jlanke are A fellow!
Treaa. 1.1b. Cem'l Ukr.
fiu.utnr
cmt i,r,.
I'll. jjuiiua iinivii ACCe
Iloiten . . . .
New Yerk.,
l'hlladelphla
CI. M-I.ind ..
4
4
4
r-
4
.... 4H
.... !
vi-iii
4; 1
I
Richmond
r,r Cfnt
Meclt of
v
Atlanta
"t f
I.eul" i
ii
I'lllCII
ht
Mlnneapelle
Recerd Montreal Grain Clearances
Montreal. ' Den. 0. 'The drain Clearance
lip a id announced today that lBt.BBO.ueii
bunhela of (train were bundled at thla pert
iliirlntr tli laet aeuaen, compared Willi in,
071,gii,1 busheU at New Yetk. and naaltnit
i:iS,4B:i.UN0 here dnrlny the beacon nf lirjl
All prcwletia record" have thua been brekun'
A record alie wua reached In the number of I
VFfMela letting; this tiiit. In 11)22 telitllmr
1114. with a tonnaae of UM 1.001, compared,
Willi 004 veeuela of, 2.NIU.0B0 tone In 1 u 21
There alee were 1U74 eaela brlnflnv vratn '
from lake perte, " 1
Prices Improve en Paris Bourse !
Pr
te
rnrla, Dec. 0; -Prlrea Improved en the
neureu leuay. iiirc per cent rentee. Bur
dfl.i ...hu.M mi f.nr.,lnn lift. V.V1. - ou
PXChullU'M en
cent lean. 78 SBe, The dollar wae aueied
A.V,.U',1. ..UE .If. r. ..
at 141 si
Vc.
cer
Londen Metal Market
UinCetj, Dee. . Standard copper; apet
B'J. ifla: future!. ISS Bet i-lntmvi'
J...T jiiz: i.r.T- tan ". ':t-'-" i
uiurea, n.i ticiroiytle, .net 1
uturea, IBS IBa; tin. epel f 171
iuh i'ie, ti
I
Arrange New
Te deposit
In our Savings Department
Your Victory Liberty Lean
Notes, (Series A-P incl.)
Which mature December 15,
1922
Accepted at par
And accrued interest.
4 interest allowed en Sav
ings Deposits.
4
Interest
Allowed
en
Savings
Deposits
1
t NnthneJ Bnk with a Savitgs DepArtmtnt
y National
Bank of Commerce
713 Chestnut St
Whan T. FlwU. Pmldet
$400,000
City of Johnstown
Cambria County, Pennsylvania
4Va Per Cent. 30-Year Sewer Bends
Due July 1, 1952
Tax Free In Pennsylvania
Free of all Federal Income Taxes
Legal Investment for Trust Funds
Circular Describing This Issue en Application
Price: 105.94 and Interest
Te Net 4.15 Per Cent
Biddle & Henry
104 Seuth Fifth Street
Philadelphia
Our Latest Service Letter
calls attention te the possibilities of Diversification of
Risk by investing in the securities of well-established
electric light and power companies.
The popularity of this type of investment is indicated
by the fact that there are approximately 1,600,000
holders of utility securities in this country.
We will send en request a copy of this letter, also cir
cular describing 7 Cumulative Preferred Stocks of
electric light and power companies, which may be pur
chased te yield ever 7.60,
Send for Letter T-tg.
ZitetllihiS 1110
1422 S. PENN SQUARE, PHILADELPHIA
Memlxri Nw Yerk Steek Zxchiag
uosren New Yerk Chicago
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