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7iyEMN'Q Vmidh LEPGER-PplijADELPHiA; TUESDAY,' DECEMBER ,12, 1922
&
M
NEW .ORLEANS
PUiLIC SERVICE, Inc.
FIRSf A REFUNDING 8t
19S2
The Company' agreement with
tha City of New Orleans elimi
nates dispute as te valuation of
Company's property and rates, and
shbuld assure r uble((aI sur
plus of earnings and equity after
these Bends.
EARNINGS YEAR ENDED
AUGUST 31, 1922, FOUR TIMES
INTEREST ON THESE AND
UNDERLYING b6ND8
TAX REFUND
IN PENNSYLVANIA
PRICEi 90 AND INTEREST,
TO NET 6.70
REILLY, BROCK & CO.
306 CHESTNUT ST.
PHILADELPHIA
RALLY OF RAILS
TON
ED MARKET UP
Shorts Apparently Caught Nap
ping When Activity Was
Shifted te Carriers
Credit Insurance
y the
World's Largest
Surety Company
AH National Policyhold
ers are rendered, free of
charge, three distinct aids
te collecting accounts.
The savings se effected
frequently amount te
mere than the premium
charged for the guarantee
te pay losses in excess of
the normal.
TTrffe ms for particulars
NATIONAL SURETY
COMPANY
E. M. TBEAIVVice President
JOHN E. GREGORY,
721 Land Title Bide,
Philadelphia
Canadian Bends
At the present time very
substantial returns are
obtainable from both long
and short term Canadian
Government, Provincial
and Municipal bends.
We shaft be glad te fur
nish investors with par
ticulars of such bends
which have principal and
interest payable in New
Yerk and which yield
from
5.10 te 5.75
Particulars P-12i2 en request
Weed. Gundy & Ce.
incorporated
14 Wall St., New Yerk.
Terente Mcntrcal VvinnlpcR Jndnii, Hnr.
New Yerk, Dec. 12. A spirited
upward spurt In the railroad shares
toward the latter part of the forenoon
completely changed the complexion of
today's stock market. The preceding
movement of the general list was of
the same HatlesB and Indefinite char
acter noted for some days. The sud
den reversal in rails was brought about
without any particularly stimulating
news developments, but the sharp char
acter of the rally denoted the entire
Rrn"i te be In an oversold condition.
The flarcback was mere surprising
bernusn of tile! rntltltllliwl nexlnnt nf th.
rail division in the earlier dealings, and
'from all Indications caught the short
interests completely off their guard,
which naturally resulted In n hasty cov
ering. The recovery was made the
mere disconcerting t0 the bear camp
by ronten of the sharp rebound in Great
ISerthcrn preferred, which stock re
cently was subjected te considerable
pressure as a result of rumors of the
possible reduction in the dividend rate
te a r per, cent basis. Of course, the
rally today does net nercssnrllv tmnlv
I the 7 per cent rate ill he maintained
, any mere than the recent decline could
I be accepted ns n reliable forecast of a
reduction te 5 per cent.
While tile recovery extended te the
I low-priced issues, the rally was net se
I pronounced as In the higher priced or
j dividend paying Issues. In the latter
category. Jersey Central jumped 5
jwiints ; Great Northern preferred, Jl ;
Canadian Pacific 2, and Union Pacific.
Heading, Northern Pacific. New Yerk
I Central, Southern Pacific were up 1 te
2 points. The trend of the whole list.
however, was quickly turned upward
and the terwnrd swing wns given fresh
impetus when the call rate was reduced
from Vi te 4 per cent. In the mean
time, the constructive forces had an
additional powerful lever In the con
tinued advance of sterling exchange.
1 which, following the performance of the
I iccent dn.s. tiibllidied a new nenk
quotation at 401 Vi. the hWhest in four!
ears. In view of the failure of the
Allied conference the continued npiinrd
flight was considered mere significant.
Taking iidvantuge of the about face
turn of the general list, peels and ether
speculative combinations at once wid
ened activities, bringingwide ndvances
in a number of selected issues. Of
these, Slays Department Stores wns
I prominent, net only extending nn early
gain te 5 points, but also established
1 a new high record for the year. Fisher
i Heily was pushed up ever 0 points, also
creating n new peak price, while gains
of 2 te ilj points were registered bj
Murine preferred, Ctuciblc Steel and
' Auierhau Huiuntrit Tobacco.
NEW YORK'SJOCK EXCHANGE TRANSACTIONS
On!? AfUnwtn Rtpert fa PhlMtfehta Quoting Fmtt LM .
Half j In I STOCK lllth
'522 ' Ai Rubber 13
B800 4 Allied Chem ft Dye 89
1300 ...Am Agrle Chem... 32
100 ..'Am Agrle Chem pf. 60
200 .V Am Besch Magneto. 34H
300 4 Am B fih Fdy new. 74
3200 6 Am Can, 74
100 .. Am Chicle .'..-...,. 6.
300 ., Am Cotten Oil.... 17
300 .. Am Drug Syn 6y&
2200 7 Am Ice. 112
3200 .. Am Internat Cerp.. 30
200 .. Am Linseed 30
1000 6 Am Locemotlvo ...123 14
300 S Am Metals 47
100 4 Am Itadlater 118
1000 U Am Safety Itater.. 6
100 .. Am Ship & Cem... 21 Vk
100 .. Am Smelt 54tt
100 3 Am Steel Foundries 38 $
2400 .. Am Sumatra , 30 ft
100 .. Am Sumatra Teb pf 57
300 9 Am ,Tel & Tel 124
100 12 Am Tobacco 154
200 12 Am Tobacco B 155'
100 7 Am Woolen 95
3500 .. Anaconda Copper ..48
1800 4 Asse Dry Goods... 68 &
100 6 Asse D Goods 1st pf 83
100 7 Asse D Goods 2d pf 88
400 6 Atch Tep & San Fe.101
100 5 Atch Tep & S F pf 92
100 7 Atlantic Coast LtnelMJ
100 .. Atlas Tack Cerp... 1614
300 .. Atl Gulf & W I S S 24
4800 7 Baldwin Locemotlvo123J4
B00O ..-Baltlmce & Ohie.. 43
iuu uriu & cnie nr...
700 .. Barnsdall Class A.
2700 48e Beechnut Packing.
57
32
53
94
63
96
CJ2
Commodity Markets
GRAIN MARKET
Chicago, Dec. 12. Celd weather
threatening crop damage tended te lift
wheat prices tedny during the early
dealings, and se likewise did an upturn
in sterling exchange. The strength of
sterling mere than offset the fact that
Liverpool quotations en whent showed
but little response te vcsterdny'n ad
vance here. Continued notice of pros pres
picts for enactment of credit extension
measure! at Washington counted also
in favor of the hull slilc of the market.
'PI in ftlialli ii i irli leli ln tliwl i witit lit)- '
All ui'iiinirii it ataxia nil till aawiai it, tt -
changed figures te 'JJt! higher, with
May SI .20 te l?1.20.. and Julj
SI. 10 te $1.10, was followed by a
slight sng and then by material gains
all around.
Cern ascended with wheat. Aftet
opening unchanged te a shade off, May
Tl'fec te 71 '4 c, the market scored a
moderate general advance.
Oats were relatively weak owing te
liquidating sales en the part of holder
of December, contracts. Prices btnrtcil
unchanged te l'ie lower, May -Hc
te 14 c, but later showed small galiw
t ler .May ami .liny.
ProwdeiiN declined as a rrsult of
I lower hog values.
i
Cash This Check, Please!
Where, after banking hours,
de you cash your checks?
Regardless of your ether con
nections, an account opened
with us will reap no end of
advantages. We are open
until 10 o'clock.
REPUBLIC
TRUST COMPANY
1429 CAestnut Stt-eet
HOURS CJAM-iOPM
Coin Piev. I'lose Open 12 Noen
Dee. ... 72'4 72'a 72.
May ... 7l't Tl'IO 71' 7Ui'
July ... 7 OS 70', 70ti
Wheat
Dec. ... 1.21W 1.22 ? 1.22W 1.23
May ... 1.20VI 1.20i W 1.20'Xi 1.204
July ... l,10h l.lUH'ii1 1.10ft l.U 4
OatB
Dec. ... 46U 43 n , 44ft
May ... 44t 44i 0 44H 441
Julv ... 41!. 41 414
ltye
Mav 904 80'i
Lard
May ... 10.42 10 47
COTTON MARKET
New Yerk, Dec. 12. In the early
dealings, the mnrkct for cotton futures
I was fairly steady, although early pres
sure from Liverpool and spot houses
caused initlul declines of 1 te (I points.
The list wns quiet, awaiting the
CeiibUB llureau report due at 2 o'clock,
and, after the stnrt, showed TTTTTe
change. Lecal trade interests and
Wall Street bought. About twenty
uetices were indued this morning
i Prpunui
t Cleat;
'jRiiunry 24. silent
.March 2.1W1B09
May 2.1.0UO0U
.July 124.72
Ocloliei '23.23
, 'Nominal. tTrade.
100 7 Bang & Arees pf
100 6 Bethlehem Steel .
100 7 Beth Steel pf new.
3200 C Beth fiteel B....
1300 8 Brooklyn Edisen ..115
800 .. Bklyn Hapld Transit 17
500 .. Bklyn U T ctfs 13
100 8 Bklyn Union Gas... 1 14'A
E200 7 Btewn Shoe pf 99
100 10 Burns Bres A 1454
1000 2 Burns Bres B 44&
7300 .. Butte Cep & Zlne.. 10y
300 H Butto&SupCep.... 30
100 .. Cadde C'en O & It.. 7
100 .. California Petrel .. 56J
100 .. Case J I. Plew 3
200 .. Cal Zinc and Lead. 8!i
2300 10 Canadian Pacific . .144U
500 .. Central Leather ... 34
200 , . Ccn Leather pf 70
.300 8 Central of N J.... 223
8400 . . Cerre-de-Pasco .... 44
15T) C Chandler Meters .. 63 !i
10 i0 4 Chtsnpeake & Ohie. 66 !i
100 6i Chesapeake & Uh pflOl 14
100 .. Chicago & Alten... 2',
100 .. Chicago & Alten pf. 3
2000 . . Chi Mil & St P ZlVi
3400 .. Chi M & St P pf... 35
1600 6 Chi & Northwestern. 81
200 4 Chi Pncu Teel 82 V
.4500 .. Chi R I & Pac 33?i
100 6 Chi R I & PC 6 pf 82
9400 .. Chile Copper 27
600 . . Chine Copper 24
800 6 Coco-Cela, 76
100 3 Cel & Southern.... 44
1700 6 Celum Gas-& 1CIOC..102U
600 .. Celum Graphopheno 2i
3800 6 Cemput Tab lice... 74J-J
100 .. Conley Tinfoil 15'2
900 . . Consel Cigar 37 ?0
3503 8 Consolidated Gas . .123
3200 . . Cens, Gas of X V wi. 61 s3
5500 .. Cens G.v ifi 2
3100 .. Consel Textiles ... 12
2300 .. Continental Can ...10fl?a
g. 3 100 4 Cern Products Rci.133
,, 2400 4 Cosden & Ce 49
7000 .. Crucible Steel .... 67 Ji
100 7 Crucible Steel pf... 92
2200 . . Cuban Am Sugar. . . 25 V
1100 .. Cuba Cane Sugar.. 14yj
700 .. Cuba. Cane Sugur pf 39
900 .. Davisen Chemical . 30
100 2 Deme Mines r 42
100 8 Du Pent (B. I.) Ce155
400 0 Eastman Kodak ... 84
1100 4 -Elec Storage Hat... 57
200 .. Elk Hern Coul Wa
100 7 Kudlcotl-Jehnson pf118'i
900 .. Eile 1K
. 400 .. Erie 1st pt 1S!4
100 .. Erie 2d pf life
600 8 Famous Players L. i)J4
2100 10 Fisher Bedy 191
'100 S Fisher Bedy of O pf 98
1300 .. Flsk Rubber 12Ji
100 6 Fe Mln & Smelt pf. 53
'300 .. Frcepert Texas ... 18
800 .. General Asphalt ... 47 !4
100 6 General Cigar 82
100 7 Gen Cigar deb Df...104!$
700 8 Gen Electrle 182yi
200 60e Genl Elec special pf u
4500
20)
100'
100
100
1803
303
200
7400
200
400
200
100
200
8300
2'0
100
300
100
100
',4 General Meters .... 14
6 General Meters pf. . 8414
.. Glldden Ce 10J4
7 Glmbel Bres pf 96J4
.. Geldwjn Pictures... 6
.. Goedilcli 13 F 3-J7
. . dauby MlnhiR .. ?5
.. Gray & Dals 1 J fe
7 Great .Northern pf.. 81
S Grt North Ore ctts 31 U
.. Gutf States Steel... 75
7 Hartman Cerp .... 84
.. Hcndee Mfg 2K
.. Housten Oil 68 fe
2 Hudsen Moter Car. 86
1 Hupp Moter Car... 25
.. Hydraulic Steel .,
7 Illinois Central ....107
Inunlrntien Cen COP 33
.. Inter Cen Cerp.... V
Open
24 80
23,0.1
23 03
24,(18
23 2J
12.00
Noen
24.82
23.113
23,0.1
21. 117
Open
8 3(1 A. M.
te Ml.lnlfUt
Dtllr
Capitel and
Suririiu
t2,uuU,000
Superstitions
A booklet which diipela many
miiundentandingi and eti
forth the countless advantage!
of a Will
Smnd ter a copy
FiUNKLIN TRUST CO.
15th St. Belew Market
- -
R. A. M. & Ce.'
Closed Mortgage
Underlying Bends
of well established
Elec. Light & Power Ce's
Wanted
Reed A. Morgan & Ce.
West L'nd Truit UUIa., I'l.ita.
Utmbcm iif tli I'lilln, SVh U llxch.
Tlephen Spruce 2131
NEW YORK COFFEE MARKET
New Yerk, Dec. 12. The market for
coffee futures opened iinchtiiiged te n
."point advance en sales of March at
l).ir and 11.17 and Mm at 0.11). De
cember, 11)2:1. sold nt 8.O.".
Several cables came in from the Rie
inuiket showing a net aihance in term
prices of 12." te Hit) rels, Hie exchange
en Louden Vh1 lower, und mlvance of
200 reis en the dollar.
1'iev. clnne . .Open
December 0,81g80 n,70
Murch D.47fl48 0.40048
May 0.13W17 0.18i20
july )... 8.83m 8 80000
September 8,37010 8.3tt(U40
Bid.
STOCK DIVIDENDS
lleitnn. Dee. 12. Directors of tlie Nlelcl
Mill'-, of New Iicilfenl, ileclareil art extra
lllilenl of S20 per share In e'lidi, wnyable
Ijecem'ier 20 te iteik of leceul December 11,
ami iiH"itnneii'le. nn Intrtani. in capital
.lock from iKOO.neft te l.20o.nen. te Lu la.
ItUt'U w li "u cr CI'IU mum II1UUIIU.
lrelilencf. It. I., Dec. 12, The General
rim Kktinsutsher Company h:n declared
a 20 rer tent nteclc dlvlilend en J7.3O0.00O
otitxtenuini; common mom, ine new dlvl
ilend ride will be deckled at the annual
meetlne February T.
35 V
Inter Cem Eng... 24
. mt Great North... "
5 Int Harvester new 88
7 Int Harest new Pf'15
Inter Mcr Marine.. 13yi
6 Inter Mer Marine pf 53 A
. Inter Xlcltel 14U
C Inter Nickel pf.... 70
. Intel natlen.il Paper 52fe
. invincible Oil Ceriil5'
100 2 Internnt Cement
100
600
500
100
1100
9600
400
100
100
200
2100
900
1900
500
300
200
100
5500
1100
10300
300
300
100
1500
100
100'
1900
300
200
, 200
100
100
100
300
linn PredllCtS .... 1J
.. Island Oil H
.. Jewel Tea 21
.. Jewel Tea pf 69J4
4 Joins Bres Tea.... 5214
.. Kun City & Seuth.. 9'A
. Knyser & Ce new.. 43 V4
'.. Kelly-Springfield . 45
3 Kenuecett Copper. . . 36
.. Kc stone T & R.... 11
.. LucKuw.inua Steel . '7fe
2 Lee Rubber 27
314 Lehigh Vnllcy 62 J4
4 Lima Locemotlvo .. -9
..Loews Ine y ,-,'
7 Louisville & Nash.. 134
.. Mack Tiuck ... 57 Jg
7 Mack Truck 1st pf. H4
7 Mack Truck 2d pf. 85 !4
7 Macltay 10
4 Mackay Ce pf.
. . Macy & Ce....
.. Macy & Ce pf..
. . Magma Copper
..I 14ft
,. 69
,. 61
..111
.. 28
Lew
12H
78 ,
31
60
34
73
73
' 6J4
17
6
no
2W
30
122fe
47 fe
118
6
21 V
G4fe
38 fe
28
57
124
154
155K
95
47 fe
67
83
88
101
92
16fe
24 fe
122fe
42
S7
32fe
32 fe
94
63
96
62fe
H3fe
Ibfe
N3H
114fe
99
145H
43 fe
9
30
7
56 fe
3
8
142'
34
69
222 fe
43
G3
66
lOlfe
2fe
3
21
34 fe
80 A
82 A
32 fe
82
27
24
76fe
44
101
2fe
72?.
15fe
37
I22fe
61 j
2fe
I2fe
108
132
48
65 fe
92
24
14
39 fe
30
42 fe
155
84 fe
57 Yt
O.Vt
1182
10
15
life
93
183fe
&8
12
53
18
46fe
82
104fe
182
11
)3
8414
lOfe
96 J3
G
35 fe
25
11
78
31 fe
74 '4
83
20 fe
68
26
25
4
107fe
33
fe
35 fe
24 fe
22
88
115
12
50
14fe
70
52 fe
15 fe
42
20
68
52 fe
19fe
43 fe
44 Ka
35
10
77
26
62 fe
5e
lfe
134
06 fe
3Jd
85
113
69
81
111
28
2
'It
fe
Ife
fe
Ife
1
fe
Ife
fe
1
fe
2
fe
1
1:00 Net
P. M. Chge.
12 fe
BO
32
60
34-
73 -
74
6fe,r-
17
6
1 1 1 fe :
30fe
30
, 123fe
47
11B 4
, 6
21 fe -54fe-38fe
30
57-
124
154 -
155fe
95 48fe
67fe
101
92
114fe-16fe-
,24
I23fe
43fe
94
63
96
62
115
16fe-
. 13
114K
99 -
1 43 14
43fe- 1
9fe
56fe
3
6fe
143fe
34
70
223
43
63fe
66fe
101 fe
2fe 3
22
34
81fe
82fe
33fe
24
76
44
102fe
2fe
72fe
IDfe-
37 fe -
123
61 fe
2 12
I08fe
133
,
92
-39fe-30
42 fe
155 -84fe-57
fe
22fe-
110i
10
15fe
life
93
191 t
98
12fe
53
18
47fe
82
104fe-
182fe
11
13fe
84 14
10fe
96J-b
6
35 fe -.-23
11
804 31 fe
75
84
20 ft fe
68fe fe
26
25 ..
4
107 .
33 - yK
fe ..
35fe ..
242 K
22
88 - ft
115 -1
13fe fe
52 1
14fe- ft
70 - 2
52fe
15fe- J4
14
..
20
69fe
52fe
1914
43fe
45fe 1
35 ..
11
77 -27
62fe-58-IBfe-
134
67
94
5fe
113 -69
61
111
28
"
fe
'ife
fe
V
fe
fe
fe
'"fe
fe
fe
fe
fe
fe
fe
ife
"fe
fe
fe
"fe
fe
"
fe
1
1
fe
fe
- fe
' ' fe
fe
"fe
"fe
fe
8
Dlv.
dale In $ STOCK High
8100 .. Malllnsbn Ce 34
1700 .. Mnnatl Sugar 51
100 7 Manatl Sugar pf . . 83
200 7 Mnnhnt Elev Guar.. 52fe
200 .. Maphat Elev ctfs,, . 51
100 3 Mnnhat Shirt 45 fe
100 . . Mar St Rwy 2d pf , . 22
100 4 Merland Oil .i.,.. 31
100 '.. Mnrlln Rockwell ,. 14fe
300 2 Mnrtln Parry Cerp. 27
200 ... Max Meters Class B 16
1500 10 May Dept Stores.... 179
100 1 Mclnlyre Mining .. 18
200 12 Mex Pctroleum ...235
100 2 Mex Seaboard 15 fe
-100 2 Mex Seaboard Oil ct 15
10 4 Michigan Central ..250
2200 1.20 Middle States Cerp. life
2300
200
, 100
200
100
1500
200
6300
200
100
4600
200
4300
100
1600'
200
8200
100
4200
100
100
500
100
tee
100
1500
100
100
300
300
100
100
100
tee
100
200
400
17100
12500
tee
100
300
300
300
8200
100
200
1500
100
100
200
3100
100
100
Mldvaln Steel 28 li
4 M St P & S S M... 65
.. Me Kan & Tex (wl) 14
.. Missouri Pacific .. 16
.. Missouri Pnclflc pf. . 42 fe
.. Montgomery Ward. 21 fe
1 Moen Moter Car... 19
Vi Mether Lode Mining life
.. National Acm .... 12
7 Nat Blcult pf 122
7 Nat Blctllt wl 38 fe
. . Nat Cen & Cable . . Ife
8 National Lend 128fe
.. Nev Cen Copper. .. . 14fe
6 N O Tex & Mex... 85
4 N Y Air Brnko A... 49 14
6 N Y Central 96
B New Yerk Deck pf. 51
.. New Yerk N II & II 22
6 N Y & Hnrlem 143
de odd lets 150
2 New Yerk Ont & W 20
7 Norfolk & Vestern111fe
5 North American ... 94
3 North Amcr pf 45fe
C North Pacific 76 fe
fe NunnnllyCe 19fe
.. Ohie Bedy & Blewer 5fe
.. Okla Pred & Rcf... 2
.. Orphr-um Circuit ..19
5 Orphcum Circuit pf. 90
0 Otis Elevator pf. ...102
.. Otla Stcs 9ft
.. Packard Mcler 19fe
.. Pacific Devel Cerp. 1
6 Pae Gas & Elec. . . 88
3 Pacific Oil 46
8 Pan Amcr Petrel... 80
8 Pan Amer B 76fe
.. Panhandle 4
.. Pnrrlsh ft Bingham. 9
3 Pennsylvania R R.. 46
.. Penn Seaboard Steel 3
5 Peeples Gas Chicago 92 fe
.. Pcre Marquette ... 36
C I'ere Marri pf 60fe
r. I'rre Maru pi ler pf. 76
2 Phillips I'et 43fe
.. Plerrc-Arrew Moter 12
.. Pierce Oil 4
.. Pierre OH pf 40
4 PlKRly AVIggly Stere 53
.. i'ltis coal 60
Pitts & W Va..
200 li pond Creek Ceal..
' va
. 20
, 75
.nefe
. 43
. 94fe
.127
100 .. Perte Rice Teb,
zee G Pestum Cereal ...
2100 .. Producers & Ref. .,
100 8 Pub Ser of N J...,
zee 8 Pullman Ce
tee .. punta Allegre Sugar 48
100 2 pure oil ?7
300 3.41 Hand Mines 34
?2 Ua" r," Copper... 131,
3100 1 Rr-adini; 77
103 .. Remlncten Tvnew 2Kt4
Replegp Steel .... J3fe
Repub Iren & Steel. 46
Reynolds Teb B.... 48fe
,P.ebt Rels & Ce... 15 fe
100
1200
200
100
V
it
fe
" fe
2
'"fe
Ife
L- . .(J.uiii nein & we... 13 Va
200 4 13 rtevnl Dutch M V. RP3S
800 .. st Leuis San Fran. 22
100 .. st Leuis S Fran pf. 40
2400 .. st Leuis Southwest 30
200 5 St L Southwest pf. . 58
100 .. san Cec Sugar 2fe
100 .. Savage Arms 18
700 .. s.ixen Moter 1
200 . . Seaboard Air Line . 6
400 .. seab Air Line pf... 9
ZOO .. Sears-Roebuck .... 81 fe
100 .. Senecn rnmmf IT,!.
1400 . Klintttlcl: Ariz Cern 714
msnert . . 35 V.
- Sinclair uonsel ... 31 ya
S Sinclair Cen pf 100
. Shelly Oil 9
be Perte Rice Sugar .43
fe
Ife
fe
V,
14
fe
fe
!
fe
fe
1
Ife
v,
14
-
lOOlBSl'i .Shell Trnnnnnrt
I4UU
100
1300
100
4200 G Southern Pm-llle . . l7 U
1000 .. Southern Rail 24fe
400 5 Southern Rail pf . . . 65 fe
400 . . Splcer Mfg 1 8 y2
600 4 Standard Oil of Cull 15
600 5 Standard Oil of N J199fe
200 7 Stand Oil of N J pfl17fe
300 7 Steel Tube nf 78
400 3 Sterling Products .. 62
1400 4 Stewart Warner Spd 60
2100 B StrembergCarb 58
9300 10 Studebaker 132
400 .. Sub Beat Cerp 7",
300 Slipeilei Oil 4 1-4
?00 .. Ti 1111 t'ep & Chem . 95i
0300 -J Ti xuh Ce iya
300 5 TuAiiti :iilf Sulphur b'JK
1J00 .. Tv.as e: Pacltlu 22 fe
1200 1 Tex te I'uc c A: O.. '3,
100 .. Tidewater Oil 125
500 3 Tlmkeii Rell Br.... 33 fe
200 .. Tobacco Products . 54 fe
1200 7 Tobacco Pred A 80
1400 .. Tianscentlnental Oil 11
1200 .. Union Oil 18
4500 10 Union Pnclflc 139
800 4 Union Pacific pf . . . . 75
100 2 United Alley Steel.. 35
2100 8 United Fiult 159fe
4700 2 United Retail Stores 66
2000 .. U S C I P & Fdy.. 27fe
100 ..US Feed Products 5fe
200 .. U S Heffman Mach. 20
5200 ..US Ind Alcohol f.7
100 7 U S Ind Alcohol pflOO
1400 . . US Realty S. Imp rts,
10100 .. U.S. Rubber ... 54
400 8 U S Rubber 1st nf . . E8
100 ..US Smelt & Ref . 39
100 3i US Smelt It &. M pf 47 fe
11400
200,
100
500
200
200
200
200
1200
300
.3-0
600
200
500
600
200
100
1300
1100
1300
700
100
200
100
6 U S Steel 104
2 Utah Copper .... 62
. Utah Securities ... 16
. Vanadium t'eip ... 35 fe
. Va-Car Chemical .. 25
. Va-Car Chem pf . . . 62 fe
. Va-Car Chem B.... 16 fe
. Vlvaudeu Inc 13
. Wabash 9
. Wabash pf A. ... 24
7 Western Elec pf. .112
. Western Murylund 12
. Western Pacific . 16 fe
7 Western Union Tel 114
Wtstingheuse A U.105
4 WeatlliK U & M
. . Wheeling & 1, fi
2 White Eagle Oil
4 White- Motoi .
.. White Oil corp
. . Willys Overland ... 6 J
it'm.... si.. , . ... ,ft.
8 Woolworth F W...2I2
1 Wright Aero 9fe
9
9'i
32IJ
50(4
4
Ex-dlldenda.
Lew
32
50-
83
52 fe
51
45 fe
22
31
14fe
27
16
174
18
235?
15
15
250
11
27
64
14
16
42 fe
21
19
II
11
122
38 fe
Ife
126fe
14fe
84
49 fe
95
51
22
143
149
20
lllfe
94
45 fe
75
lOfe
5
2
19
90
102
9fe
19fe
87
46
78 fe
74 fe
4
9
46
3
92
35 fe
68 fe
76
43
12
4fe
40
53
60
34 fe
20
75
110
42 fe
94 fe
.127fe
48
27
34
Hfe
76 y,
35
23
45 fe
101a
15 fe
52
21 fe
40
29 fe
58
2
18
1
6
9
81 fe
7
7fe
33 fe
'11
100
9fe
43
U6 fe
23
65
18
114
198
117
77 fe
62
60
57
131 fe
7'',
4',-A
91;
48.
i.9 .
1 '
?2fe
125
33
54 fe
80
11
18fe
137
74
35
156
65 fe
241,4
5fe
19
100
fe
52 fe
97 fe
39
47 fe
102
02
16
34 yi
24 fe
62
16fe
13
9
24 y,
112
12
16
113
104
59
9fe
32 fe
50
4
6
40U
212
9fe
Ife
fe
fe
fe
fe
"fe
fe
fe
fe
1
1
fe
fe
fe
1fe
fe
1
1:00 Nat
P. M. Ch
34 Ife
51 Ife
83
52 fe- fe
51
45fe - fe
22 - Ife
31
14fe fe
27 fe
16
179 5
18
250 10
1 1
28fe
65 .
14
fe
21fe
19 ,
1lfe
11-
122 -
38'-
Ife
127fe
I4fe-
85
49 fe
96
51
22 fe
143
150
20
111
94
45fe
76fe
2
19
90
102 -9fe
19fe
1
87- fe
46 ..
80 2
76fe 2
4- fe
46-"fe
3 ..
92 fe ..
36
68 fe 1
76 2fe
43 fe- ,
12 -
4fe -40
53fe
60
341,5 ..
20
75
110 -42
f
94fe-
127
48
27
34 -13fe-70
..
15 fe ..
52 ..
21
40
..
2 ..
18 -1
s ..
8lfe
7
7fe 35 , .
31 fe
1 00
9
43 - J
UG vl
24 fe
65fe
18 -115
-199
1
117-
78
62
60
58
132
7'i ..
4fe t-
9rl '
4C-
19.
?2 "
22 fe -
125
33 -54
fe
80 -11
,
10fe-
I38fe
156-
bS -
LOCAL TRADING
WAS COLORLESS
Prices Continued te Drift Slug
gishly Within a Narrow,
Irregular Range
, Prices moved within n nnrrew, Irreg
ular rnnge in the local mnrkct, little
response being shown te the sharp re
covery en the big heard. As a matter of
fact, met of the local shares showed
nn Inclination te droen. This, however.
was the outcome of the narrowness of I
the mnrkct rather than of any increase I
In selling pressure. I
Seme disappointment wns felt be- j
cause of the relative heaviness of
PeniiFjlwinln Hnilretid in fare nf the
substantial rebound in the ether rails
in New Yerk mnrkct. After an open
ing advance of lA point, the stock
,irliled te 40 '4. bill rallied iignlu te
W1' when the pressure was remned.
Fractional shading occurred in met
nf the ether locals. Ameiican Stores
dropped back n point te L"; Leliluh
Navigation shaded te 7.1 9 ', : I'hllndel- ,
phin Traction lest n 'j nt (15 and Yerk j
Hallways preferred surrendered half of ,
yesterday's . advance in a decline (e 1
:$4i.. i
Philadelphia Klectrlc issues remained 1
firm. I. H. T. gave evidence of sup
port, holding steady nt Illl7. Tennimh
Mining improved fraetinnallv nt '- en
the cxtrn dividend declared eterdn.. ,
Union Trnttien continued te hilir; '10.,
X'
NJ
Railroad Bends
Legal for Savings Banks and Trust Funds
Pennsylvania ' Municipals
Frce of Pennsylvania State Taq
Exempt from Federal Income Tax
SFKMI
aw
" VfJ
'Na
The efferhigs should prove attractive net only, for
.the investment of funds new available, but also for
the replacement of
United States Victory 4 Nete
both' these maturing next year and these called
for payment December 15, 1922.
List of offerings gladlg furnished en request.
Mmoinl&te.
1427 Walnut Street, Philadelphia
New Yerk Baltimore Pittsburgh Waihingten
Members New Yerk, I'blladclchla and I'lttsburuli btetk Kxcjhuneea
fe
fe
H
fe
fe
Ml
fe
Philadelphia Stocks
N't
HlBh I.nw 1 P M. chgn
10 Am Hws. 12 12 12 ..
10 Am S5tri..l55 153 135 1
5 Huff & S
t c pf. . . 5 1 51 5 1 . .
10 Klee Ster. 5S 57-Ti 5791 V
15 Erie Light
pref ....24'4 24',i 24 J,4
100 Gen Asph. 17 47 47
lOfGrent Ner
pref 80s; 80!); 80!)i27s
45 In Ce N A 42 'a 42 42 j
50 Lell Nnv.. W, 711 ai 7.,!!)l ',i
SI 1 Penna HH 4aj KiV, 40..
2211 l'hllii Klcc .11 'i .11 M .11',..
7!) de pref.. II .1(1 11 ..
25 Phiia It T Hl'C, 10-; .KTs
10 Philn Trni- (15 05 (55 Vj
.10 Phi la . Y s S 8
20 Radie Cerp I", Wt .ITiS1,;
25Tone Hel. i'.j 1 1..
fi0 Tone Mln. 2" 2 - U
44 UnlenTrac 40 40 40 ,. .,
85 U G I.... 51 51 ni ..
45 Yerk Hwy ,11'i 4 .14
tN'et chnnpp nimln Ijv comparison with last
sule en New Yerk Stock Kxchansi-.
riiiuii:i.i'iii. iienus
.1000 Liberty. Id 4',s 2S ftS.SlO
101)0 Liberty 4th 4y, '2S llS.Mi
4001) 1 nited Slates '52 !)!)..S0
5000 Lehigh Val.gen N...lets SI
5000 L high Vnl gen 4 s 01 ',
10(10 Plila Ce Ut 5 stumped. 1(10
.1200 Philn Weenie 1t 5-j..l(.ts 1)0
Ample Security
We otter a carefully selected list of
bends yielding ever 6
1. Secured by mortgage en properties
conservatively valued as well in ex
cess of the outstanding obligations.
2. Net earnings applicable te interest
charges have for a long period of
years been ever twice interest reauire-
' ments.
3. Services rendered by the issuing com
panies are such that there is a con
tinuous and increasing demand.
Write for List Ne. 7350
Bonbright & Company
437 Chestnut Street, Philadelphia
New Yerk
Bosten
Chi
icage
Detroit
.1000 Philn P.lcttrle 1st 5s. .lets DitVi
HUM) Phi hi KlectriV 1st 5s..leti 100';
500 Philn Electric 1st 5s.... 100
a
fe
fe
- I
STERLING KEEPS CLIMBING
Rate Touches New High for Last
Four Years Francs Up
New Yerk, Dec. 12. Further pro
nounced strength In sterling faverabl)
influenced the entire market nt the
opening, with n single exception.
Steiling opened 2;isc above jestenlay v
dose and 1'ic above the previous liish
record for the last four jears. Frillies
started jn S Jieints higher: Itclginiix
up 2: Swiss' vff 0; fiulirsri hnd Dufihf
up 4; Hie up 2. and Spanish audi
Swedish up 1. Norwegian wns down i
H points from Monday's close, making
a decline fiem the extreme high record
renched last week of 10 points. The
strength of the market wns attributed
again te favorable expectations in con
nection with the European political
and economic prehlems.
Onenimr uuntntinns: Sterline cables
I c.ibles 4.01, dciii'iiiil 4.01 Vi : franc ry-
bles 7.11. cheeK, 7.12'j : Helginu cable.
11 AaSeJ
111 III L
As a rule women are at a
less when the responsi
bility of handling a large
amount of insurance
money faces them.
Usunlly they turn to'Femn one
for nilvlcc. some one who may
net be able te advise correctly.
Mnlte certa'n of your wlfe'a
fuur welfare by placlni; your
Insurance In rupt with this
company Write -or call and
let us tfll ou w-fiat this serv
Ice Is and means
North Philadelphia Trust Ce.
Bread St. and Germantown Ave.
Above Erie Ave., Philadelphia
(5.5 1. checks (5,5.1 'i . liie cables
fe
Ife
'fe
JS
(!,((;; i
cheeks
I !ll( Us
l.ecks
3.02 :
IS 70:
15.57:
20.(57 :
r..e::
1N.S2.
15.50
20.72.
lh.110,
1
Ife
1
i'.
27fe 2fe
5fe- fe
19- fe
66 A i
1 00 . .
..
53
98 A
39 J.
47 fe - 1
T O J 31 4. 3!
62fe
25 ? -62fe
a
24
l. ,
1 6 li -t.
114 1
105
59fa .
32 fe
50fe J
Ay. -
6
r Mss Cllliles
pesetas cables
I)univi cables
Nmwny cables
clieelvs l.s.Ni.
TKSTKKDAY'S t r.OSlKl Qt'OTATIONH
Slerllnc Trnncs l.lre Oullilers
Demand .. . !..'! T ll'i B.04 8D.S0
Cables . 4 .'DU 7.1'JW 6.0IW UU.SI
TODAY'S OI'KNINO Ql'OTATJONS
SlerlliiK I'ranca IJre Guilders
Demand -1 11' 7.12'i ft 02
Cable 4 OH-, 7.18 B.03 .....
MONEY-LENDING RATE8
NEW YORK Mone- en call, both claHMx
of collateral opened today at 4W per cent
for lendlnu and renwlng.
rillUXDKI.I'HIA Call, s per cent: tlm.
'." per cent: cemm-rclal pactr, three te at,
menthi, S eer cent
BANK CLEARINGS
Dank clearlnr tedi compared with cerrc.
apendln d.i 1 iM two M'ari-
111!.1 1J1 1020
Phlla... J7.'p nun. noe r,7 OOD OOO 80.01u.D2i
St. Paul Makes $10,000,000 Lean
WnxIdniTten, Der 1-' lean of 10.
00(1000 from Ihr, Omernini'nt te the Chl Chl
cnite,. Mllni U7!ip" and M Peul nallrnnd
wiib autheilzil ted.i bv the InterHlHtn i-om-merce
ConiniHalen rhe nuiheilrntlnn Is
for a lenn te un until Minh 1. 1030 and
will enilile th leiiiin nv m met maturing
Indebtedness nf a IIK' urnnunt which the 1
Oovernrnent new h II ju.-iiirtt the reid 1
The centpiun will d!'"it tiimnrni) in Uh I
evvti tiendrt a .eII.it.Mtl Ketunii, from
. t l I '.I .. 11,111 .', .1 - Ol I ,1 til H ' -I "II I llll t' U,'l l
1 1 InsmTlclciil in i ml n 1 t t li. cninmlsulen ,
i i. ij , inn 11 in 111 1 1... mi i 1 mtMii,' en )
inn I'riniitiui ui US II ivin 1111 ', iu ine v,0
crnment
lllllllllllllllllllllliiiiiiiiiiiiiiiiiiiiiiiiiiiMiiiiiiiiiiiiiiiiiniiiiiiiiitiiiiiiiillillllll!:
I December Bend Letter I
The information contained in this letter may 1
suggest te you a desirable medium for the invest-
ment of your surplus funds. A copy will be
5 mailed upon request. i
I West a Ce. I
1511 Walnut Street,
Philadelphia
3G Wall Street,
New Yerk
Kftt.lnrten 0(Dr, SSO E. Allegheny Atenae
Members
Ni-w Yerk Meck Ktchnnee
rhlludrlphla MecU llitliunce
J2III"""""""'"""!'" '"""IllllllllllllllllllllllllllllllllUlllliilllllllllllllllllf)
zAt
9Ji
LIVESTOCK QUOTATIONS
i" IIOQS HeceipiH, pi.-
" ... ... tir lneai than
OS.10: packer
uuik, ft.aa.
i.HIJi:!' Itecelete, B0O head.
Directors of ih Pl.m
euth C'erdaae Company lian recommended
llonten. Dec. 1
(h (!erdaae Ce
i en IncrHiFii In capital ateck from H, 000, 000
te IH, 000. 000 for the purnote of declaring
n ion per ceni riuck uiinenil.
IloMeu. Dec. 15. Dlrvctem of the Chap,
man VuUe Manufncturlnif Company have
lulled u ete-l(hi)ldi.rV ineetlnK for Deccmhir
10 te autl erlze an Increawe In capital
itecls fiem Sl.one.ono te Sl.nnoneo for
Hi 3 puriieiie of distributing a DO per cent
ntuck dhlilend.
Reserve Banks' Discount Rates
OffliUI rediscount ratea nt the twelve
Pederul Kesone UnnUa nre aa follewn:
Treaa. . Mb. Cem'l llkrs.
cira, bonus, paper, anept.
UwrncA E. Brawa If Cm.
CUT1PIE0 PUILIC ACCOUNTANTI
i1.0.' "TATE XBHST I4)t.
Ufattlfai ind adjuit (orperttlea u4
Wrtaerihlp acceuaU aa sitpai
UCMMfTaa Bateuma.
-?
lloslen . .
KTnu; Vnrk
I'hlladelphla
I'leveninu
Ulchmend
Atlanta
Phlrfiirn
Ht. I.eula
4
4W
und f
"nd JM
a ill
te. M
,tilM In
Mlnnapella VA
Kantat Cltv ..... 4'f
Dalla.; .., 4V
Han Kranclcce ...
4
u
4V
I?
Xi
r
4
ew. 100 te loe lener: ..,...-.... .
uiviucmua utCLARED
, crv li. .... . . a
nr.n hn.-id Market me ie -"" 'V.'JS ': .inVn. """ ""' "' "i run nore; pruc- ,,. :".r i r.Ai..i,r ii i V; " yuarieriy J2. , rnraTunip iur wmrai or income tax
mLc1i lliiii bulk 200 tu 27S pound flcally no weed lumba en Bale: one short ' F"!,,i lc,"uury J3 utetk of record Janl J" e.i date of inatur.lv.
itti," S"(s:0. fe ISO"'"0 pe,Y."l) M fe pIi5k.- ,,a! ,ew 0Ih" "B'e. 14 SOI u,,Wi,'n4 nml Sin-n.lin,,,, .. Ketnut from fed .a. lermil Inceme la.
hiiwh mes'ly it ..lUiii " "Vi. i a nn . medium. -- e id Hleik of i.eerd Dnembti- i ""''""ry Rrnbiri Sinn Mnllrirn Pftlilnn
Ji:i8ff8SM 'llaG ti :.40.n.!JSri.,1 "?7ha"d ' .00,0,t&,, ,l,5nSr f.'aTfe,?C,!r7IVP,!e"- & rVJnVSn 'inLLl? V.rk Dec 1 1 ' humlr.,, ,em
U.S. Certificates and Treasury Notes
Int.
Itate
.m
t4H Dm.,
t'41. Slur .
f'-t" Jane.
! June,
t'.lH S. p..
t4I .Mar.
tMN Mar.,
14 Mar
t'4'i hep .
Matuilm:
D. it
Dee , 1022
10S2
l'l.-l
iej:i
ie:;t..
1P21
1021 .
10. T
lll.'ft
in:ii
10. 'II
nid
urn
iuu
lim 1 Id
ine
tee
1011
101.
ine 7 HI
en n-lil
inn 'Hit
O'l
Asked Yield
ion n in
Hill Mil
100 l-in
1"2 1-1(1
llll',
ine.
(IT.
H'O 13.16 I JO
v, 4 4a i
:i An
a i. a
a.m
4 .11
4.3
4 44
4 i:
MtpzL
Economy and Fidelity
A. tnke a k-en intent in crcttuiR- the best
posbible result n cci. n iut , intrut(i te our
enrc. Econom. and Fidelity are the keynotes
THE REAL ESTATE TRUST CO.
OF PHILADELPHIA
Bread and Chestnut Sta.
1
In.r nliTH IS.10U8 JJ
" .. ... - -. iinrt
CATTI.U HeceiP ,. i";"" . , Mll, auui
pinnriiiii u --.. i ,
fairly actUe:
Tleef ttcere,
ltllllnir euul.
bulk natle beef
Hiinr:r avii i..imi.
'Iter, Int. MIA Iiai 1
Sleady. Hheep. SS.30: lambs, US !S.
I A I .T IU t Ai.tu nan .
'FKrlleCer,ali,lt.e!S1,. 'l' :- neau. .op.
a eefS: "w'' ,' 'iV75buffi a'veal I Ka.t HufMle. N. Vs. Dec. 12.-CATTLE-leada:
ahe ateck Btead ,. ".," ,B'C;V- unA I netelpta, (SOU head. Steady. riu.i .
"I'i'J1"0 head: OOe lower. $S12.
HOOS Hecelpta. 7200 head" Steady te
10e Jewor. Heay, $8.7008 85; tnlxe.t
u SllKEl AND I.AMU8 Hecelpts. 2000
locker a and
Ili.MOB.M: UPJI. tu ' a'eWb0lSKna
leaua. iiiu niun ." r.i.h...
calyaa tr.enr W. ?? "'i" ui.Tadvr ethers
He
llaht vea er: bulk eeairaw --. ?"SSr
bulls. 14 2ftt.3B: bum """
ri,setja.7B. .
SllUr.l'-ItecelptJ.. ltambreund
.M,avffw,.-M sfe SSL1
head. Acthe. unchanscd
lighter welnht
pound nued
UUUIIU IVVf luill.'". .--.,
Blead): heaw fat n V 1 V
nn In ST ?.1 . ttt O lO.llU 11
wethere, JH.25.
liiat Ht. 1iiU, HI;. I'-'f- f,'-T.crVJ'bare'i7
Itecelnts. BBIIO head .. l.'f. "l.S."..-t,a.r.r.,.
............ ..a .1 .... .1 iir u sriii inn.". ..
nera, lluhl vcalera and
uteaily. beef cows, strenK
Maik.i Cempanlca. fin v,.- ,... .
pajaldaJmiu.il v 2 te atuck of record Decin":
I.nft. Inc , quarterly 25 cents, navnl.i. n.
mbci 3J tu "tockef record Dccem"er!r0De-
l'anhndli I'riiduclnB and Itetlnlni rAm.
ni-n'i-H i uill"
nd Dece i., 'yVblu
arx Company. Qu'ir-
cc
nanv. nuarterlv S2 en
January 2 te Htuck of record Decern beV. ' .ii1
. Hart, .schaffwr & Jlarx Ceimm ,v.r,7,
teny l.7a en preferred, net called ' tni. i-L
demntlen. payable December 28 te recenl n
cimivr 1(1 Official .iii,,T..' r.c.. I5
pa! I mint of dh Ideml wi II "bS ' ina Vl, ' l0ny De"
ctrtincates rcnlterl utter Notcmher K
Lord 4 . Talor. 21 per cent dMdend en
first prefeiieil uiaule Deceml'er 20 ?e
stock of retold December lj, cleat Inc im !.
(.uimilited illvldeiida te ll.cemE ij "
t(t-li f tlinlui I 'mini ,,.. !
of T
Mecker nteeis,
te lBu hluher.
'. - . "I. .. ... .1,. miriiar: leu iiiiki..
oeiovnu nuns, lae i" ,',V7"::'n,
largely $SW8: cows. I45 - i J".".0". 'I:e,,,ft
fii).7aii. hMm.nn iiuiu. Hie 4.011. CiiieH,
.wxuv. .;-..-- -.'...., .. .i". fffill -.V
Mostly 13c
ituners:
18.30181
Urii.lv 1h.7BiTce.2B: Blockers.
.mrtn n .... .1 1 lfl hnnd
. ". "cgW." ,;:'m.r3M butchers
Kilk".. :;i i0 bounds UP,. 18.80
8.46i bitter wel.ht Pits. l.e I? Vt" W""J
4 I ethers practically steady! 1 " ""
4 ttcraBcs. 8.108.:3i under wellhts, 17, BB
RAILROAD EARNINGS
T.winnir 1'it t i-.v
Quarter ended September 30: i '", ,ui,. ,h " T, ,i ?' , ... '.. ." en
1022 Tnr.re.... ". i.... ... ..... -.".".' i"! "' '"e
(irnin niui-. n... .."?i"."::.i ? "; u . ' miii
Deflclt after tax . .. 770,007 TajL'." i. j
leUl Income 10,337 lIoeillsTl:
NUW YOUK, ClUCAne i ST. LOUIS
Quarter endid Hiptembcr SO:
"toss. I0.828.BS4 i lim nn
. .. 1.U00.010 3,37M,OOJ
Net after tax
Total Inceme
Prices Eaiy en Parla Bourse
Iri, Dec. 12 l'rlcea were easy en the
Bourse today. Three per cent rentes Mr
Mel lehange en Londen. 04f BOei B Mr cent
i4"nV a r WR" auetea St
per cent uei nnniim en preferred entitle", i,,
l iiiudH fei ucrlei from January 1 inaV vi
Julv 13 IUOJ lnil.lendr.Vre ,M,nl,la l)?
reml . i 30 te stock of i . cord Deeclnber "i!
II,,.. I..0 Tniil nn r..n,.., ."evil uup fc(j.
Wey,i;We"jnu.tywi"B;"Ve,'l21l,nii!
lember 13 ""
Knlcer .M.inuf.icturlntr. aunrlerlf J2 .,
iri'li-iied poiible Januuy 2 le sleck of
leierd Deiembcr SI. -"cic vt
Extra Dividend by United Fruit
Itflhteii. Dec. 12. The Tj'nlted Fnilt Cem.
pany has declared tha regular ' auartariv
dividend ;f S2 and extra 2 lii T.ash. pVyuh
j.tni. I.i le stock of record December 20.
ixihanK. DiiemlH'i 2.1 riu- lle.inl m (im
erneri will net nil en tee petition um 1
Wednesday. Deceniliei 20
Gain In Atchison's Freight Loadings
Chicago, Dec 12. lleienue freight load lead
ing"! en the Atchison last week were .17, WW
cars, agnlnst 3d 177 tie preibua week nnd
24.7B8 last lear Total for tre e.ir te date
la 1.B7B.S18 cars, ugatnst 1 307,b',M a car
ae,
Londen Metal Market
Ijinden, Dtc 1.'
(12 r.'s nd, fuiuie-,
spot. CHO. fuiuien
II r. 12s t)d. fuiuies
L.U, rutuu
17s lid, futures lilt 17s 11
'-iiiniliir I copper sput
Hi.l 7" ill i1i ireli th
O'l 1 tin shei
H Til I7 ild I. id sni
lid nn spel i3?
St und a rd Gat, & Elcc. (is, 1J:;(,
Empire Gas & Fuel (is, 1!)2(1
Santa Cathnrinn 8-,, 11117
Lehigh Power Securities lis, 1927
General Gns Elec. (is, 1929
BAUER. STARR & CO.
Lead Title Bulldlnr, rhlladelDhU
., New Yerk OlBce. 8 Reoter Street
Direct Private' Telephone bet OBlres
"BALDWIN" AND "PHILADELPHIA"
LINKED IN NATION'S DEVELOPMENT
WHILE many people rightfully refer te the railroads as the
''country's greatest industry, few knew thnt t , .
Commerce Commission in 1920 allied t le ra lre,d r te
$18,900,000,000. Without the rniireVds n nil P.,0Pert"!s at
be developed. Since 1831, vhen Mn h'ia" W ' Bal Slrfnf01
first locomotive. Philndelnl in. n nn 7. . :L..aU W1" built his
theujand. of Baldwin locemotUes te ! help ffieihr 2i
business.
THE BALDWIN LOCOMOTIVE WORKS
Philadelphia
Sherman, Shrevespert
& Southern 5s, 1943
Texas & Okla. 5s, 1943
Wm.C.Orton&Ce.
54 Wall St., N. Y. T.l.Hinever 9690-9697
I i I mmmmmmmmmmmmmmwMl
ill RnnifP QTnsrcc p. nr. I
BROOKE, STOKES & CO.
Investment
securities
Philadelphia
Washintrten Baltlmera
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