PvUWPft J : 5( i95
mmmmmmm,,..' .,.v ,., v.vhhum.-w' rrwrnmmmmmfM" v?rtA,mwMmmti:&immmvw,r .mjm
-
EVENING PUBLIC LEDGER-PHIADELPHI A. TUESDAY, DECEMBER 19, 1922 , ff J.!
. . ' . V
Creditlnsurance
Protects iviercnums
against
Unexpected Lesses
Supplemented by the Na
tional's Service for handling
Past Due accounts, a Credit
Insurance Policy in this
Company enables the busi
ness man te plan his year's
activities along sure lines.
Three free distinct aids for
collecting accounts are af
forded the National's policy-
, holders.
Write h or partivula
NATIONAL SURETY
COMPANY
E. M. TREAT. Vlce.Pre.ldent
JOHN E. GREGORY
721 Land Title Bldg.,
Philadelphia
Phene, Spruce 0347
World's Largest Surety Company
Province of Alberta
Pile May 1, 1925
Pr ai "!' il Unit-Yearly
' ,n- .il ! .ii Xciv Yerk
Te yield 5.40
F'lll particulars P-1219 en request
Weed, Gundy & Ce.
I thjuk!
i' .il .trout, New Yerk
Tet .Nil il, fg 1. l.' II. 1 II.'
REILLY, BROCK fi CO.
A YIELD OF NEARLY
j CAN BE ODTAINED FROM
! A DOND SECURED BY A
riRST LIEN ON AN 80,000 H. P.
LiECTRIC POWER STATION.
1
Aiuilablc Earnings Twice
liend Interest.
TAX REFUND
IN PENNSYLVANIA
3C6 CHESTNUT ST.
PHILADELPHIA
A Wc are justly proud
of the securities we
buy for resale te clients,
but sometimes the gen
eral market offers op
portunities that should
net be overlooked. Net
long age Teledo, St.
Leuis & Western Rail
road Company 4
Bends due 1950 sold en
. the Stock Exchange at
55. Many of our clients
bought them.
Conference is invited
en any current invest
ment subject,
HARPER & TURNER
Investment Bankers
Htmicr.t Philadelphia Stetk HxehJlffe
STOCK EXCHANGE BUILDING
Philadelphia
"trmten
Supervised
Securities
Yielding
Seven Per Cent.
The k. i. Oeiiuigs Ce.
"Ruitdera of liuaintia"
Pliltdtlphit Celunbui Indianapelii
1421 Walnut Street
HiUH GKAL)
SECURITIES
Yielding from
54 te 6
ROBT. GLENDINNING & CO.
Kutalillihrd IHBS
400 Chestnut St
General American Tank Car
Vc Cumulative Pfd. Stock
Preferred at te Beth Asset and
Dividends
Usted en New Yerk Stock
Exchange
, rrt'ce 101, ex-dividenJ
Tewiuend Whelen &. Ce.
v..i J?0B Chtut S.
MARKET WITHOUT
A SETTLED TREND
Yesterday's Unsettling Develop-
ment Put Severe Crimp In
Bull Christmas Program
New Yerk, Dec. lO.The floundering
character of teilny'H Hteck market indi
cated the unsettling event's of the pro pre
ceding session coupled with the disap
pointing overnight development had
ind Imdly disarranged the Christina
bullish program of the constructive
ferrrs. The whole market during tin'
forenoon experienced n great deal of
dlfueulty In finding itself as reflected In
the confusing hacking and filling in the
priee movement.
Twe of the biggest hull cards were
knocked te umlthcreens in the over
night developments. In the first place
hopes of nn Immediate settlement of the
hurepean tangle through the nvenue of
n lean te Ucrmnny was given nn fey
unth In the announcement of the bank
ers that no international leans te Ger
many would be considered unless nnd
until the reparations ipiestlens was Bot
tled. Celd wnter was thrown en the
hopes of he bultls also in Judge Cery's
niiiifuiciii. iinii no hieck or extra cash
dividend was contemplated by the
United States Steel Corporation man
agement. Despite these disturbing events the
greater part of the list put up geed
rt distance and pave ground stubbornly,
;iK":e.tliig little pressure existed ether
'ban that originating fiem (.eurcet of
(he profeislennl bcarWi operators. Yet,
at the same time, the market also con cen con
Mleinly locked stability and nny cen-i-rted
rullylni; power. Although the
.vn.Metij. eie slight, they had nn im
portant influence, tu addition declines
iiii'vieualy ucerded making tome eterks
'il at new low recerd1, for the vear.
Thij was especial!:. the lP(. n lleek
I -land, carrjlrij; U down below itn
revleuii low record for the jear. The
't. l'.iul Iimici. in whHi there lius been
-toady gelling cime early in November,
'Ne made jtn-rn.. te lower levels.
tloecl iiltnoriiieii of most elferiiig
steadied the 1M before the end of the
tt hour, llnceiiragcd by the re-
Mtnrcc whii-h lhe market had shown
te die fereed li. uid.itien occasioned l.v
(iterda''s stork exchange failure, the
cut in Urn Oieu Northern dividend and
tin oilier li tuibing deve'opmentri,
p'Tul. iiei- for the advance again
4tnrtd hidilmg up various shore". Oil.
merchandising, equipment nnd copper
l sue icpended briskly, hut the market
bad another temporary sinking spell
later en the leucwnl of heavj selliiig
i rc-4 nm ag:iiii.-t llulilehcm. Crucibfr
nil Itepublic: Steels, and tome of the
'ligli-grnde railroad, public utility and
tobacco issues.
Toward midday heavy accumulation
of equipment, eipecinlly General Elec.
i He, which iiihniiced 5!J te a new high
record for the year, nitnin turned the
course of prices upward.
Commodity Markets
GRAIN MARKET
Chicago, Dec. 11). Wheat under
went a decline in price today during
he early dealings, the chief factor bo be
ing the bcerish showing of the Oov Oev
riimcnt crop report. Resides, Liver
pool quotations were relatively weak
ml with foreign exchange also weak
and with less favorable talk about a
lean t" Germany, bujers lacked encour enceur
ugement. AbM.'1'tienH in Bemt quarters that the
exceptionally low condition of winter
wheat outweighed ether parts of the
Geernment report failed te stir up
nnv special enthusiasm. The opening,
which varied from Igc te ;ic lower,
with May, St.L'Di te $1.2.-. and July,
Sl.l.'iVi te SI. 15, waa followed by a
material setback nil around.
Cern and eats sagged with wheat.
After opening Vsr te c lower, .May,
747e te T.Vsc, the corn market rallied
a little, but then defcended lower than
before.
Uats i.tnrtcd unchanged te c te c
off. May, 47'sc, and later showed
mederutu let-tes thioiigheut all deliv
eries. Lewer quotations en hogs weakened
the prevision market
Tern- Vest rlem Own 12 M
December ... T.'Vj T4 ft 7.V4 70'.
Mv 7.V, 7.V, (v 74' 74's,
July ": 7ISS 7i 71
fth'JI-
Dim., mbcr ... 1.27,li 1,27'i 1 ;a
Miiy J. 2ft'. 1.2.V "i 1.211J 1 244
Jul- 1.10'. 1.16i tfl.lS't 1.13'
O.ltn
tiijmbr ... ."Ti .... HSU
Mrv 47 'I 47'. '47
Julv 43 42'. 43!i
no
yuy 02". 02H
l.uril
Jmiuftiy 10, OS lO.tli) ....
May ..10.83 1O.S201D.6O ....
COTTON MARKET
New Yerk, Dec. 10. 0ernlglit buy.
ing orders, coupled with support fiem
New Orleans, Liverpool and Wall
Street, gave cotton a steady opening
today, with an advance of':, te 11
points In all months except September;,
which opened 10 points lower.
The weakness of foreign cAchnns,e in
duced selling through commls-ien houses
and by local tradee, which partially
supplied the demand, but the undertone
continued vcty stead uf er the opening,
and prices at the end of the first fif
teen minute were ubeut even with
opening leels.
trading
i-.i. rini uprn id M
Optn
?'l.00
tia.sn
ae, m
2rt 2U
8.1.10
24.67
r)cetn1r
Juiiuary .
Mureh ..
May . .
Julv . . .
October
'TraJe.
. u.n.tMtin
. 2.'i.SnM8l
. sn.ief 17
. 20.23 27
2S.70
211.98
2il.HI
25.07
28.04 IS 12
24. DS
NEW YORK COFFEE MARKET
New Yerk, Dec. 11). The market
for celTee futures opened very quiet and
one point hinhcr. Transactions weie
confined te March nt 0.70c and 0.72c
and May nt il..'ii)e, with trade inteiusts
tlie bujer.s.
Vl. etnn
in e.l 1T Oil
. n.7nsi7i
. n.R7t1TS
. s.outrer
. S.37O0S
Open
December
Mm-li ..
Mny . .
July
hptenibcr
Dei .'iiilKT. 1023.
OncitJ,
"U en
0.70
1' 8S?89
s n.ltjl) 03
s.AOtBOO
s.je
U.S. Certificates and Treasury Notes
lilt Mufirll
Itnl - lil
t'll'j Mfinh. Il'.'.l
tM'I .March. 1H2H.
t.1"4 .Tune. lO.'H .
a fTt.. KI2.I..
tl Ilcc. 102.1. .
.-., Jiiiih. 1024..
t-.l'j ffVl . l-'4 .
tl, March, H'23
IH .lime, 102.1..
t!S Dee.. H'2.1..
t4. March. l2fl.
I lil
inn
nn) i-iu
100
tee
100
101'i
Adkeil Yirbl
loe l.:u 3.37
iuii -j. i ii a, in
lte i-iu .
tee i-tn a n.i
100 i.ie B OH
02 4 IT
101 n-lH lui in.in 4 in
100, lOOli 4.4
. ion Km no ,(7
. OljH I0l 4.40
. loe it. IB ion is.ie i in
.. 0') 00' 4.4B
PftMnent of iiaonie tu
urlly,
t-ni hppi.. ii'i'i
tArcental'ln for
,luc 'in il.il' tif nuil
l-Atmr'i ruin i c
ir.n normal Income tax.
Liverpool Cotten
l.lTrTiienl. I"-. 10 A kqeiI huainena uaa
dune In Hint ceitnn toil it, with Ilia nrlmi
BttllJ
nu in., i'umu nv in eavnticii or 14
ni.tiitH tur inlivlllnv ut I4.n4ii. Tim .uiai.
wero 7000 hales. Tlia rfcelpti wsra 4U.O0O
halaa, Includln 37,200 hdles American, Fu
ture ere Biemlv In tlia curly iltallnga.
Stunt prlc.a. wirnj American, mlildllns talr,
I'.S'Jili koeiI mlddllnir. l.04d; fully middling
H.t'Uil, nilddllnat, 14,l4d: low ml. Mllng,
H.'r.m coon enunaiy, ii.uuu, ami uKHtisrj,
13 7CJ.
Sterling Products en 4 P. C, Basis
Nw Yerk. Dec. 10. fiterllne Product
wyiiiv-ii, ,,.. -v.,..", 'i.?n"ii u, auvnu
of l, ,Pfbli .fbruary X lj ateck of
record" Jnttarr II., Pravleaalir, fh .cop.
papy b4 H pyle T ctafs auatUrly,
NEW YORK STOCK EXCHANGE TRANSACTIONS
Only Afternoon Repert in Philadelphia Quoting Full List
Dlv.
In STOCK lllrh
.. AJax nubber 12JS
.. Alaska Geld Mines. V
.. Alaska Juneau Q M Hi
7 All American Cables1199
4 Allied Cliem & Dye 82 &
4 Allls-Cliambere .... 44
7 Allla-Chalmcrs pf .. 96 't
.. Am Agrle Chem... 30 H
.. Am Agrle Chem pf 59H
.. Am neet Sugar.... 39
.. Am Besch Magneto. 40J4
6 Am Can 74
12 Am car ft Fdy....1S2K
. . Am Chlcle 6
.. Am Cotten Oil .... 18 H
.. Am Cotten Oil pf.. 35
.. Am nrujr Kyn 6
8 Am Express 135 54
.. Am Hide & Leather 10H
. . Am Hide ft Lenth pf 63 ft
.. Am Intermit Cern. 28&i
1 Am Le. France Eng 11 ji
. . Am Linseed 31 H
6 Am Locomotive ...124K
Z Am Metals 50 H
7 Am Metals of 1 1 2 M
.. Am Ship & Cem... 1914
.. Am Smelt 56 J,
7 Am Smelt pf 90
i a Am Htcel Foundries 37 K
7 Am 8tee Fdyn pf..105
. . Am Sumatra 28
9 Am Tel A Tel 125 54
7 Am Wntrwks 7 pf 86
7 Am Woolen 95 V
.. Am Writ Paper pf 28 ii
.. Am Kine Let & Smelt 16li
.. Anaconda Copper .. 50 H
.. Ann Arber pf 35
.. Assets Realization.. 1
4 Asse Dry Goods.. . 64 Vi
6 Alse Oil 115
7 Atlantic Coast LlnellOK
.. Atlontle Fruit .... 14
6 Atch Tep A San Fa. 101
.. Atl Clulf & W I S S 22
7 Austin Nichols pf . . 89
7 Daldwln Locomotive 1 27 H
. Baltlmore A Ohie.. 41 Vi
B tieth'chem Steel ... 61 j,
B Hcth Steel B 62H
7 Beth Steel pf new. . 95
.. Beeth Flsherlea ... 4H
8 Brooklyn Edisen ..114Vi
.. Bltlyn Rapid Transit 15U
.. Bklyn R T ctf 12ft
10 Burns Bres A 144H
3 Burns Bres B 4414
.. Butte Cep ft Zinc. 9f
6 California Packing. 81
. . C'al'fernla Petrel . . 55
1:00
P. M.
1214 -i-
ft -
1ft
Nat
Chi.
U
li
..
Snteit
100
400
100
200
10200
100
100
eoe
100
zee
1100
3200
70
400
200
100
SOO
200
100
200
GOO
100
100
1900
BOO
100
200
2B00
200
600
200
600
1100
100
1000
200
100
2500
300
500
100
100
200
100
000
800
000
12300
1500
200
7500
100
100
400
200
100
1700
1E0O
1200
100
100
200
500
100
300
100
100
50
100
300
400
100
200
1700
100
100
100
300
200
2200
500
100
200
100
200
200
100
300
100
1700
800
3500
500
700
000
1600
5600
4500
2600
200
200
300
100
300
1800
COO
700
200
500
100
200
500
400
300
500
600
200
200
100
100
100
2700
100
100
100
200
100
Lew
12ft
ft
Hi
119
80
44
96 ft
30H
39K
33 ft
40
74 ft
1B0
6
17ft
35
6
135ft
10ft
63 ft
28 ft
lift
31 Vi
123ft
SO
112ft
19ft
55 H
97 ft
37
105
26 ft
124Ji
86
95
23
16 ft
50 ft
35
1
64 ft
115
110ft
IK
100
21ft
87
126 ft
40ft
61
61
95
4?4
1134
15
12ft
143
43
9
81
55
9?i
141
sa
69
4'3
61ft
69 ft
101 n
2 ft
3ft
57
Oft
20 ft
3??e
76 ft
81
31ft
72
28
?6ft
64
7'5H
24i
105
2ft
73
13ft
37 ft
H7Ta
58
1i
12
110
lift
129
50ft
68 fi
26
14
38 ft
31ft
71 ft
22 ft
115
130
108ft
43 ft
4ft
85 ft
84
54 1
214
86
10ft
14ft
lift
09 ft
98
52 ft
106ft
201ft
12 ft
164
brj
454
1044
184?4
11
13ft
82 K
97 ft
9ft
39 ft
97
5ft
26 ft
12ft
76 ?4
30 74
27
78
Mi
67
23 ft
24?4
444
M3;
13
6ft
35 94
ft
34
24
90
11
47 ft
13ft
65
32ft
72
14
45 '4
a.
20 ft
53
108ft
lOft
53 ft
119 - 1
8194
44
ft
59K
74ft
182
0 -
17ft-
35 -
6 -
135ft
10ft 63 ft
28 ft
11ft 31ft-
I24H
50H
112ft-r
19ft
ft
37 -
103
26K -
125 4-
06
9594
28 ft
16ft
50H
35
- 4
1
64 ft
115 -
1109-
1H-
100J4-
21ft-
89 -f
127 94
41
61 -
6194
95 4ft
11394-
15 ft
12ft-
143 -
43ft-
9J4
81
55 -
994
141 -33
-69
-45
61ft
69 ft
10194-
2ft
3ft
57
994-?0ft-32
ft
76 ft -819a-31
ft -f
72
28 ft J.
26JJ
64 !
75 9-
24 94-
105
2ft
73
ft-
117ft
58 94 -154-12
110ft 4-
11 ft
130ft -f
50 ft
69ft -?6
94
Cal Zlne and Lead. 9
Canadlnn Pnclfle ..1414
Central Leather ... 33
Cen Lnnther pf 69
Cerre-de-Pasco .... 45
Chandler Meters .. 61 U
Chesapeake ft Ohie. 69 16
Chcsapeake A Oh pflOl
Chicago A Alten... 2ft
Chicago & Alten pf. 3ft
Chi ft K III (new) pf 57
Chi ft Or West pf . . 9J
Chi Mil ft St l 21ft
Chi M ft St P pf... 32ft
Chi &x Northwestern 76 4
Chi Pnen Teel 81 i
Chi R I ft Tac 31ft
Clit St P M ft O... 7?.
Chile Copper 20 ft
Chlne Copper i6i
Cluett-Pcabedy .... 64
Coca-Cela 75 ft
Cel Fuel ft Iren... 24 W
10
G
4
61-i
Celum Gas ft Klee. 105ft
ieium urapnopnene : j'4
Cemput Tab Rec... 73
Conley Tinfoil 16ft
Consel Cigar 37 ft
Consolidated Oas ..118ft
Cen Gas of N Y w I 59
Cen Gas rts I
Consel Textiles ... 12
Continental Can ...110ft
font Meters lift
Cern Products Ref. 130ft
Cosden ft Ce EOft
Cruclble Steel 70 U
Cuban Am Sugar... 26)
Cuba Cane Sugar.. 14
Cuba Cane Sugar pf 39
Pavlsen Chemical . 31
Decre Ce pf 71 ft
Debeers C Mln Ltd 23
Deluware ft Hudaenl 16 JS
Del Lack 6 West.. 130ft
Detroit Ktllsen .. .107?'
Dome Mines 43 ft
Dututh Se S ft A pf 4 ft
Du Pent 6 deb pf 85 ft
Eastman Kodak ... 84 M
Elce Storage Bat . 54 ft
Elk Hern Ceal 2?
Endlcott.Jehnson . . 8S
Erie 10ft
Erie 1st pf 14ft
Erle 2d pf lift
Famous Players L. 09ft
Famous Players pf. 9B
Fed Mln ft Smelt pf 52 ft
Fidelity Pheen Flre106ft
Fisher Bedy 207 W
Flak Rubber 12ft
Frcepert Texas ... 16?4
Gen Am Taiik 65
General Asphalt .. 45 ?
Gen Cigar deb pf.. .104 $4
14
39
3194
71ft
22 ft
- 54
IIS -130
-1
03 ft -
43 ft -4'i-
05 ft -
84
54 ft -
22 -
86 -
10ft
1 4 ft
11ft
89 ft
98
52 ft
106ft
207 ft
12ftt.
1694-
65 -
45 94-104i-j-106
ft --
11
13ft
03 n'-
97 ft-9ft-
39 ft-
97
5ft
26 ft-
13
76?4 -
3094
27 -:
79 ;
h;-
67 -
254 ;
24 i
4 94-
11394 -
13 -
Gft 33 91
1600
8
Gen Electric 187
200 60c Genl Elec special pf 11
1300
General Meters .... 13ft
300
100
200
200
200
100
100
200
200
100
100
1200
200
100
2100
800
3600
200
200
100
200
1600
noe
100
100
500
700
2700
900
100
200
100
1200
1500
600
100
300
100
100
100
Gen Meters deb 6 83
Gen Meters deb 7 97 ft
Gllddcn Ce 10ft
Glmbel Bres 39ft
Glmbel Bres pf . . . . 97
Goldwyn Pictures .. 3ft
Granby Mining .... 26ft
Gray ft Davis 13
Ort Northern pf . . . . 76 fc
Grt North Ore ctfs 30
Greene Can Copper 27
Gulf Mates Steel... 79
Hablrbhaw Elcc ... I H
Housten OH ....;.. 67
Hudsen Moter Car. 25 H
Hupp Moter Car... 24ft
Hydraulic Steel .... 4?
Ill Centi.il Pf A....113U
Indlahema Ref .... 15
Indian Refinlnc ... 6ft
Inspiration Cen Cep 35
Iuter Cen Cerp.
'A
W
34
24
91
Inter con Ceip pf. .
Inurnat Cement . .
Tnt Great North. .. .
Int Harvester new.
Inter Mcr Marina . .
34
24
30 -11
-48
ft-13ft-65
52 ft -72
-14
-
t46',4 i
ft
20 ft
53 ft ;-100ft-
18ft :
53 1 ',
lift
Inter Mer Marine pf 49?J
Inter Nlcltel 13ft
Inter Nickel pf 63
International Paper 52ft
Inter Paper pf stpd. 72
Itnlnelble Oil Cerp.
Iren 1'ieilucts
Island Oil
.leuel Tea
.leiiOfl Bres Tea. . . .
14ft
46 ft
ft
20 ft
53 ft
Jenes & L cum pf wllOaij
Kan City & Seuth.. 10ft
Kan City ft Se pf . . CJ(,
STOCK DIVIDENDS
New Yerk. D.'C. 10 The Humble Oil ami
Iterlnlns Cem pan linn rtclnr(l a 7B per
icnt ateck di ldenl incrraMns: ilm autherised
capital atedi from IM.OfO OOO Jr. Ml.Teii.
OOO, Par nlue i mimed from $100 te 12.1.
It la atatcd Uv illwilcnd en Uu. new alecli
will tu at tin. rate of 11 2' .1 sliuru u elr.
New Yerk. D. HL All America Cablra.
Inc., hail declared a ilec.lt ilUWend of 20
1 er ennt. i.ajable December 30 id hieck ei
rtK-erd December 32. A ah illvlrtend of
ll.TiO h hhnie n.n also declared, pujable
December BO The (enipany annuiinivei tnl
V.aeat the atncW, fur ih limn I . Inif, en a
il per cent bal. audi ncileu lln inken
by the director In lew of the rreaent atecU
dividend. Jnarmu h a the old nt.te wai en
ii 7 per cent hualn. thl' nietn 'U a alljrht
Increaae In ictuin te the Individual .naio .naie .naio
helder, Steel Mill Merger Tnlk Revived
Younratewn, tl.. I'C III -Tall. j;f ii i.
MIiIb nieisrer of th''. louiMflewn Hliiiji and
I'ubd ('empany uinl lh Unci 1 1 III flml
fentpany, ie nf the leiir-itt liulepepiletit
.tetl tenipunle In tlia niuiilry. was revived
tiday wlilt the new" '"' prominent jitivl.;
helderi. of the two con rns had re-ejienei
lieuetlu tlnni'. t'onfeietuea held aeverul
months iibe lenulted In a iefui.il hy lh
Hhect nnd Tub.' l'nmPl,n'1,.,l? purcha the
prupertle of the llrter 1IIII. Wlncvj thin
Dm latter cmp.in ha floated a llo.OOt), lle.OOt),
000 h.md iBaue nnd haa cmbailted en a
program of Hrpantlen tendlim te elve It a
belter btilnnci'd inm"it.
DIVIDENDS DECLARED
Th Drueklsn llcreueli Oa Cemmnv.
quarterly 2 icr iiit. payuM January 10
tu Bleck of recei d December SO,
Nw Yerk Transportation Company mi.n
Wly BO cent., imjable January 15 te nCX
of record Januan I. "" "
Weber rtniie Cenipanj. quarterly Hi rer
cent en rrefurrl. paat! December Jl
te Meck of rfcet.l December 10.
. Vw 'lot'en ''ubllshlnB Company, qiur.
frlv 2.r rcn en preferred, payable J "i,
uar IS te neck of iccerd December 81.
Aeellnn Company, quanerly ll Mr !. i
en nreferre.1. payable .December at te .Wk
of record I)9ti'iiiler 20. .
Collateral Credit Corporation, Quarterly "
rjoJX,zer!'tm'r si ""
U. C. Hei.th t Ce. of Uo.ten. quarterly
Jj per cent en prefwrreil. parable Januaiy
1 te tecl of tccerrt 1) emtwr :n, """""'
Ilayuk Drellierv, Inc.. quarterly 3 ner rent
en nrt and ecend preferrcl. payable Jan.
un,'2,,B.,,?,.tecU ,f
HilladelphM him
pmiv. quarterly IU
Piyiilile .Innunry H
vi. 1 1 1 in i ei
C. II. vilen
. fr rent en
1 te stock of rrcur.1
.HpanlBh llUar
.iu..iiun- n, wr
preferred, navabte
.. ..... v.T..
Jllllua Kayiier
.T wu enillini.
KwnitS 'fJO."
Londen Metal Market
,I)liden, Dec fl Staiidaril ennner ,i.n
ojle.?diuni!8F;
fjl future, ilil 1J 6i .ii0 t,.r,et80la
rSfurf.u.:urT, .,0,i ,Ul " ?t W
Prices Firmer en Paris Bourse
I'arl nw in I'rleti wera firmer en th
i jieuraa today. Tliree eer fni
I soe, Mehanii nn tonien. Hit
I cut leSn Ylf SOe. 'fna ielltr
' t "lit lit!
lleuraa today. Three per cent rani, BOf
in idiiuuu, k. iv.i vmr
t qnettd
Dlv.
Bates In I flTOCIC High
800 . , Kansas A Gulf 1ft
400 ,. Kayser A Ce new.. 42
1100 ., Kelly-Sprlngfleld ... 4394
100 6 Kelly-Spg T 6 pf 61
1500 6 Kelsey Wheel 115ft
3200 a Kenneeett Copper . . 37 ft
1100 .. Keystone T A R.... 10ft
100 .. Lake. Erle ft West.. 34
100 2 Lee nubber 28
Lew
1ft
4194
43
81
112
37 X
10
34
26
6294
5694
18ft
12
35 ft
68 ft
3194
34 ft
41ft
44 Vi
26 Vi
20 ft
46 ft
14ft
67 ft
18
17ft
27 ft
lift
27 ',
80
9ft
14ft
38 ft
t5ft
41 94
2294
18ft
11X
37 ft
64 94
122
3
15ft
84 ft
92 94
20 ft
20 ft
109ft
92
44 ft
7494
10
194
17X
894
10
94
87 ft
43
87 ft
83 ft
4
46
3
35ft
69
40
40 ft
12ft
30 ft
4
51
57 ft
99 ft
33
?6
41 14
45
91 ft
106
130
46 94
27 ft
33 Vi
1494
77 94
5?ft
2514
44H
82
24
48 ft
51 X
20 ft
38 ft
29
56 ft
5ft
67 ft
7ft
92
31ft
9ft
86 H
23 ft
644
19ft
112ft
194
116ft
38 94
81 ft
62
63 ft
61 X
131 ft.
7
4ft
30
9'i
47 1 J
57
20
20 H
16ft
32 ft
54 94
81 Ta
53 4
114
33ft
134
109 94
HI ft
I57JS
14ft
10ft
CO ft
26 94
4 '4
65 ft
87
ft
5194
96 ft
105 34
1?0ft
04?,
15ft
35 ft
61
54 ft
23
125
111ft
lift
15ft
111ft
113ft
60
9X
31
49
ift
11 ft
oft
42 'a
31ft
194
'
M
94
H4
1
1
M
2ft
200 3ft Lehigh Valley
6294
1300
Lima Locomotive . . 57 ft
Loetva Ine 18ft
100
200
300
100
100
100
700
300
5300
100
100
100
1500
900
700
200
Left Candy 12
Mack 'Truck 55 94
Mackay Ce pf 63 ft
Magma Copper .... 3194
Mnlllnsen Ce 34 ft
. . Mnnhst Elev ctfs.
3 Manhat Shirt ...
41ft
44 ft
4 Mnrlaud Oil 2794
2 Martin Tarry Cerp. 28ft
.. Max Meters Claaa A 46 ft
.. Max Meters Class B 14 ft
10 Mav Dept Stores... 68
1 Mclntyre Mining .. 18ft
2 Mex'Soabeard 17ft
'
1W
1
Itt
ft
191
ft
Miami copper 27 ft
700 1 :e Middle States Cerp. lift
2500
. . Mlcivaie steel ZD
4 JISIP4SSM pf 80
.. Me Kun ft Texas... 9ft
Me ICnn ft Tex wl 1494
. . Me Kan A T (wl) pf 39
.. Missouri Paclfie .. 16
.. Missouri Pacific pf. 42 ft
.. Montgomery Ward. 22 94
1 Moen Moter Car... 10 94
U Mether Lede Mining 1 1 94
3 Nat Biscuit wl.... 37ft
6 Nat En ft Stamp... 65 94
8 Notional Lnd ....120
. . Nat R R of M -il pf 3
. . Nev Cen Copper. ... 1 5 V
6 N O Tex ft Mex... 85ft
6 N V Centra! 9294
.. New Yerk N II ft H 204
2 New Yerk Ont ft W 20ft
100
100
1100
900
900
2100
2100
1200
3800
600
900
1900
200
700
400
1100
1000
200
200
1500
100
1ft
ft
ii
lft
1ft
ii
ii
ft
94
9
AorreiK & WeHtcrnilOft
5 North American
93 ft
3 North Amer pf .
44 ft
75 94
10
2
1794
894
10ft
94
87 ft
43 94
88 ft
8494
4ft
46 ft
3 ft'
3594
69
40
X
1000
e rvertlt Pac He
100 .r,0 Nunally Ce
6500 .. Ok!.1 Prerl A Ref.
100 .. Orpheum Circuit ..
500 .. etls Stcel
1100 .. Packard Moter ....
600 .. Pacific Devel Cerp.
100 c Pne Gas ft Elec
2900 3 Pacific Oil
9100 g pan Amer Petrel ..
14100 8 pan Amer B
1630 .. Panhandle
1000 3 Pennsylvania R R..
2100 .. Penn .Seaboard Steel
2500 .. pere Marquette ...
200 r. Pure Marti pf
100 3 Philadelphia Ce . . .
3100 2 Phil Ips Pet 41
600 .. Pierce-Arrew Moter 13
1000 .. Plcrce-Arrew Met pf 31 94
7100 .. Pierce Oil 494
900 4 Plptjly WlKEly Stere 51 ft
500 .. Pitts Ceal 58
100 6 Pitts Ceal pf 99ft
600 .. Pitts ft W Va 33 ft
21300 lft Pend Creek Cenl...
?8i;
1600
Producers ft Ref... 4194
100 3", Producers ft Ref pr 44
100 8 Pub Ker of N J... 91ft
100
100
100
S Pub Ser of N J pf.106
8 Pullman Ce 130
Punta Allegre Sugar 46 94
?00
2 Pure Oil
27 94
200 3 11 Rand Mines
33 ft
148
78 ft
52ft
1600 .. rtay Cen Copper
4100 4 Reading;
500 2 Reading 1st pf..
100 .. ReploRte Steel .
25
2300 .. Repub Iren ft Steel. 46
200 . . Republic I ft S pf . 02
100 . Reynolds Springs ..
24
48 ft
51 K
20 ft
38 ft
29
56 1 i
5ft
89ft
8
92
31 94
9ft
86 ft
23 ft
65
500 .1 Reynolds Teb B
300 4 13 Royal Dutch N Y.
500
300
EOO
gee
700
St Leuis San Fran.
. . St Leula S Fran pr.
. . St Leuis Southwest
S St L Southwest pf. .
. . Seaboard Air Line..
.. Sears-Roebuck
. . Seneca Copper . . . .
B Shell Union Oil pf . .
2 Sinclair Consel . . .
.. Skclly Oil
C Southern Pacific . .
Southern Rail ... .
S Southern Rail pf...
. . Splcer Mfir
5700
1500
100
2600
3200
1400
200
00")
200
1400
400
300
2700
100
200
100
2000
13700
1300
1900
203
200
2400
1500
300
500
400
100
300
100
100
100
100
2500
100
200
100
100
100
100
200
100
200
300
400
400
100
35300
200
100
100
100
100
200
200
200
200
100
100
100
100
700
4800
200
200
200
200
100
600
100
H
ili
4 Stniulard Oil of Call 14
3 Standard OH of N J194
7 Stand Oil of N J pf116 94
. Stand Oil of N J wl.. 39ft
7 Steel Tuho pf 81 ft
4 Sterling Products 62 ft
4 Stewart Warner Spd C3ft
5 Stromberg Carl) ... 63
10 Studebaker 133 94
.. Sub Beat Ceip 7
. . Superior Oil 4?s
.. Superior Sttel 30
.. Tcnn Cep ft Chem.. 9ft
3 Texas Ce 47 ft
5 Texas Gulf Sulphur 57 ft
K !
1
..
3ft
..
v;
li
Texas ft Pacific.
20
1 Tex ft Pac C ft O.
.. Third Ave
3 Tlmken Rell Br...
. . Tobacco Predui ts
7 Tobacco Pred A . .
. . Te' S ft L ft W pf .
20 J4
16ft
32 ft
55
01 ft
J I
19a I
53 H
. . Transcontinental Oil 1 1 94
2 Transue Wins Steel 33 ft
10 Union Pacific ...135ft
7 Union Tank Car pf10994
.. United Drug 81ft
8 Unltrd Fruit 157ft
.. Unllul Paper Heard 14ft
.. United Rwy Invest 10ft
2 United Retail Stores 68 ft
.. U S i" I P ft Fdy.. 264
..US Feed Products 4 9i
ft
1
..US Ind Alcohol. . .
C U .'? Uealiy ft Imp
65 ft
87
..US Heal ft Imp m
I.
U S Rubber
. . . . eia
8 U S Rubber 1st pf 95 ft
BUS Steel IOe'j
7 U S Ste'd pf 120?h
2 Utah Copper . . . 64 ft
. . Utah Semrltln 13ft
. . Vanadium t urp . . 35 '4
. . Vu-C'ar cin'in it. 61
. . Va Iren Ceal & CoKe 54 ft
.. Wabash 8'..
. . Wiiluuh I f A .23
1 Weber ft Hellbtener 121
7 Western llec pf. . . 1 1 1 'a
.. WeBtcin Maiyland. lift
.. Wostern Pacific ... 15 ft
7 Western Union Tel. I lift
7 Wostlngheuse A B.. 114
4 Wcutlng E & M 6 1ft
.. Wheeling ft L H . . . 9?
2 White Eagle Oil 31
4 White Moter . . . 4!)ij
.. White OU i erp. . 3'i
.. Wlckwlre S'l'fiie Ml II 'i
.. Wllls Ovir and . O',
.. Willys evciland pf. 42 ft
lft
ft
ft
ft
i
ft
ft
?4
COO
Werth Pump .il. . Ji
Ex-divldn-
MONEY-LENDING RATES
M.H MllIK Menrv tn call, lth clase
of , nliat'ial nptnul today at 4' ter tnt
lur I M'l iir nnd rinJwlns.
l'llll.lli:i.I'lll. Call, ft per rem tin
r. p.- nut. luininerclal papei, ibrce te lz
mui '1 i i-r t, ni.
DANK CLEARINGS
I . , ' irini. 1 l.i leniprtiej ,n,
leiitfi "iiieni; iln l.l Imii sear
102.' nut mju
I'll, 1 S O.H'O CJ.AOO.000 III !i7u. 1.11
'Change Cuts Christmas Celebration
e url. lice. 10 There will he no
Clumtnia, ri'li'liniilnn mi tli fleer of the
Nu V.rli yx ck HxihaiiKB thle ear the
tui.ni r of tlin rt'h.iiisp havlna decided
Int 11 nnuld b.i Imtivi tu tnUt. part In the
leiilni! c,i'.'en luiuini, ni) f'tlinl. which
Piim.I s fm all of ilie iiMiltM U'luw
I ult 'II 1 tint
Ne Change In Raw Sugar
New Yerk, Dec 10-TlwrAw uimr mar.
Vet wan qulet and unchanued with Cuba for
Di comber alilpineniH uueled at 0a, coat
and frelulu, and for January elilpment at
8 li-lil,, te .14 u. ceet and frelrht. There
with r,i eulei reported jeiterday. Ouma.
Men ititii.it9 tin 1U22.'3 i'ulan crop nt
i lll.l Ml tiilia Ti,rn ,. . a i,... .1,1..... "
,r,'.,r' UecemVer 80
Wenttrn lllay rjn,.
i,r cent en preferrV.I.
te Med. uf recenl De
llejly Company, quartern
preferred, rayahle January
December 2(1 """""'
ulp. and . l'.iMr ' Compare .
win en ueiu common and
Januav
n
15 te ateck
it Ce.. nnan.,i.. ,.
,"'nUary " t0 'tecU et c0"5
: , , ... t.w,, iiiiiiy.iuut
en r.il ki I "line i it l utie Airliala of raw
. n..i,i. in. hided K. vne baSa Cuba, te the
Stil ii. i M,R,11 ItcOll tin Celn.in ntt V..J-
iu u 'l- inn Itie'l nil I tiii
iidii i ei lien nnx . entpany sae rerue
te nil importer and 0000 bag Terua en route
te Canada 'l ha local reltned market la un
chanced en the bala at 7 10c, a Dar
cent for th. w,r
NAR
m
MOVEMENT
N LOCAL STOCKS
1:00 Kt
P. M. Chr.
1 ft - Vi
42 - 294
43 - A
81 - 1
112 J4
37X- a
10
34 - 1
26 - '4
629- ft
37 1ft
18ft- X
12
03 ft- 14
68 ft - ft
31 X- ft
34ft Vi
41 (4 - 54
44ft- ft
26 ft ft
28ft ..
46ft ..
14ft ..
67ft 1ft
18' ft
17ft ..
27ft- X
11ft
20
00 - S
9ft- Y
1494- ft
38ft- IX
15ft- ft
4194- X
22ft ft
1894 ii
11X ..
37ft ft
6554
129 6
3 ft
1594- !'
84ft- 1ft
9294 a
2094 ti
20ft- ft
110ft j- :i
92 lft
44ft ..
74 94 - ii
10
1 94 - 54
17X- 54
894
10ft- ft
X
87 ft X
43ft ..
88
84
4 - X
46 - ft
3 ft - ft
35ft- ft
69
40
4094 4- ft
13 1
31 X IX
4 - ft
51 X
57 lft- ft
99ft- ft
33 - ii
27 3
414- 14
45 -t- li
91 ft ft
106 -f 1
130 -f- ft
46 94 ft
27 54 - ft
33ft- ft
1414 ft
78 X- i
5?ft ..
2594 X
45 X ft
82 9J
24 - ft
43 ft ft
51 X - ft
20ft- '4
38 54 - ft
29 - ft
56 54 4- 2ft
5ft- ft
87ft- 1
7ft- ft
92 - ft
31 X ft
9ft ft
86 ft 4. 94
23 ft
65 - ft
19ft- ft
113
194 J- 1
116ft ..
38 M
81 ft 4- -S
6?. ft 4 3 54
63ft- ft
614 194
13294 X
7 - ft
4ft- ft
30 - 14
9ft - 54
47J4 ft
57 - ft
20 J- ft
20; 4. ft
16ft ..
32 's ..
55 4- ?
81 'a- ft
53 iB - ft
1 1 34 ft
33ft- 1ft
13414- ft
1091a 4
81 54 . . .
157ftJ- ft
14ft .
10ft- 14
68 1 4 - ft
264- 1ft
49i ..
65!i4- X
87 - ft
52 5i -!-"x
96 ft - 14
105 J.- ft
120!,- H
64 J, J- 14
15ft- '.
35 54 - ft
61 - 1
54ft- ft
Oft ..
23 - ft
12&4- ft
hit . .
1U4- ft
15ft- ft
1 1 1 ft - 94
113ft- ft
61 4- lft
,H- X
4D - 94
J'i- ft
lift
6ft- ft
42 ft J. n
31ft- 194
American Gas Surrendered
Most of Yesterday's Advance
en Dividend Uncertainty
Trading in the local market took en
the familiar holiday aspect nnd the
"de nothing" policy wns possibly fur
ther accentuated by reason of the con
fusing mental condition of the entire
market world as result of the conflict
ing developments of the past twenty
four hours.
Attention te the thin character of
the current market was again drawn
by performance of several of the In
active shares. American Oan sur
rendered practically nil the gain scored
yesterday In n sharp drop of liA' points
te 8054. which was mode en transac
tions of less than fifty shores.
It leaked out that yesterday's splurRe
wns te a large extent influenced by the
expectation of an Increase In the divl
1? nl rate te n C per i.ent per annum
bai-is. Tliree months ege the directors
saw their way clear 0 resume dividends
by the declaration of 1 per cent. Evl
dentiy nn overnight sober consideration
of the situation made chances nf a dlvl
ednd lncrcnse at this time net se cer
tain, although, the enrnincs for the
current year nre reported .e be approx
imately equal te 11 per tent en the
stock.
Operations In the general list con
tinued practically en the same hum
drum caliber ns recently witnessed, and
likewise generally unproductive of any
material price alteration. Pennsyl
vania llnilmad yielded another peg,
sinking te -lOVs. t". J. I., en the ether
hand, regained part of the less of the
two recent sessions by rallying te 00.
P. R. T. made no response te the very
favorable earning statement or te the
declaration of the quarterly dividend
yesterday. The stock, however, found
a firm position nt 31. The Philadel
phia Electric issues continued te display
the fame itrcngth. Lake Superior wns
supplied nt e.
Philadelphia Stocks
Net
High Law 1 P M. ehge
45 Am Gas.. Nl', WJ'i S04 a-'j
100 Am ttwys. 13 13 13 ..
3.- Am Htr;..l".U. l.V& l"ij. .
SOtCernPnl.ltKMs l-'-J 120 ft U
70 Elec Ster. 05 438 41 -- Vi
70 llttntci IJ
Tep pf... l.vi ir.Vi
10 In Ce X A -12"i -l'je,
220 Lake Sup. .Vi fiVi
lOT.eh Xav.. 74'.j 74j
lOtl.eh Vel.. OJ.-',, 62
.103 Pennn It U 4(5 , 40 Va
115 Phila .Ce
cum pf.. 42 41Vj
72S Phila Elec 31', 3m
50 de pref.. 31 4 31 U
130 Phila II T 31 31
115 Phila Trae CO 053
i50 Phila Si W S 8
SOTone l?el. 1A 1A
140 u a i rM4 r.eu
53 de pref.. 50 50
15'i .'
42i s
mi..
741 i...
02 ",
40 ',4...
41 ?; '.i
31'i...
31',4..
31 . .
0TT4
8 ..
1A A
50si-i- 54
50 . .
tNet chung" mid by comparison with lait
sale en New Yerk Stock Exchangn.
PHILADELPHIA P-ONUS
10000 Liberty 2d 4 '4s '4 J 0S.1 1
5000 Amer tins & Elec 5s. lets 80
000 Amer Oiw & Elec 5s. . . . S3
1000 Cub C Sugar Ss stmp '30 02
3000 Electric & Pee 4s 0Hi
14000 Electrie &. Pee 4s... lets 00
1000 Electrie & Pee 4s CO".
3000 Lake Superior iuc 5s f.. 21
3100 Philn Electric 1st 5..lets 100
1000 Philn Electric 1st 5s 0:ii4
3000 Philn Elecirie 1st 5s. .lets 0!)
20DU Philn Electric 5'i. 10J,
1000 Phila Electric 5,:s 102"
1000 Heading general 4s SiU
2000 United Railways Im 5." . ST'I
FOREIGN EXCHANGE
New Ynik, Dr. 10. At the opening
of the foreign eichnnge market tedHy
there was, n general break In rates en
realizing profits nnd i-ales of exchange
for short account. Stirlim; s arted m
at a less of lj. francs were down 11,
Belgians down 10, Swiss end Spanish
down 3, Danish nnd marks down 10,
liie and Xerway down J, guilders down
5 nnd Sweden down 1.
Quotations were: Sterling enble
1.03. demand 4 li''-' , franc rabies 7.37
i hecks 7.30'-. ; Belgian cables 0.77,
ihi'cks ll.T'l ' : lire (Meles 5.10, cheeks
5.011' a ; Swls c.ibhs 1V!7. checks
IS. 1)4; peseta cables 15. 7 cheeks
15.70; Ilnnlsl. r.iblei 2O.S0, cheek"
JO. 75 ; Nerwnv cables 1f) i)s, check
111.03; Swedi-.li cables Jfi.'.Vl. check
20.80; guilder cables 40.00. checks
30.05 marks, .01 10. The recrnt high
1'nr the last mentioned was en Snturdnv
nt the close. .011(0.
lu the Central European exchanges
thorn were Nominal advances of 15
pelnts In Czeclie-Sliivakian. 0 In Oreek
nnd 5 in Finnish. Uulgarlnn declined
5 points and Serbian and Polish each
lest 1 point. Rumanian nnd Jugo Juge
slavian were fractionally lnwei. Quo
tations were : Bulgarian. .70; Ruman
ian, .00'.. j Serbian, 1.11: (ireeks,
1.30; Czechu-Slevnkutii. J 00 , ,Iug.
Slavlan, .27"4 ; Peli-h, .0057: 1'lnnieh,
2.55; Austrian. .0011'..; Il'iusJiian.
.0004 X.
The premium en New Yerk exchange
in Montreal today rose ',, per cent te
0-lrt per coin.
TsTi:nrAT s n.eMvn yc T.vrtf xs
I f2V"
A$
St-rllpg lmn. a l.lre CiulMurs
"14 T .M3 B trot, 80 )X
I 01 '4 T 31 .',.10 40.02
Imnnil
Cable .
TODAY'S npBNINO (JfOTATION.S
BOrllni Pranks Lire Guilder
Drr.anil 4 rt2s 7 atl' .1 0(14 30.0.'.
CabUa 13 7 37 .110 40 00
Reserve Banks' Discount Rates
Official rr lis mi t irtiwi nt the turlve
Federal Ileerc H.tnk1 ar ns f.i'lw
1 r.ii. 1. 1- nn 1 Hkm
ar
i'
In K.i Ac ht'
riO'lqil 4 4 14
NViy Tnrn 11(4
I'hlladelphla 4'i I j 4 , 4,
I'liHdar 1 I 3 I . 1 ', 41
lllchmenil 41, 4 . 1 , 4U
Atlsnt.v 4 , 4 1 '4 4La
Chl'-nire 1 , ' . I'j 4 ',
' I.n.in 1 j 1 j I', , ,
.Mlnnenpe't 4'j 1 . 4'. 4t
Kans'i 1 City. I', 4 , i, 11,
"allan I , 4 . 1 1 1 4
00 n rr.tndti.'' 1 4 1 t
MERGER COMMITTEE NAMED
Seven Ministers and Laymen te
Settle Church Differences
Rendlnir. l'.. I.c. l'.V--'nw um,.
mitt co of hcif-ii niiiilktpr mui I.i.i inert
n "roferoiico nml cnitusi'l." ' Im-h will
nillitu (iii'klienn iiri-me tlinitisli the
mfrttpr of I'niiPil I'vnnselii'iil ami lJvan
gcllrnl Askonntien olmrehrs in tlii-i
ilistrli't, win niineimreil liere jesterdiiT,
The Members lire A .1. lirimner. pre
fcldlin: elder, of Ile.i.lins; . Pr. C. K.
Ilinvinnn. Allttiulu ":i.e. nf Myers Myers
tewn: the Ite. II. 1'. Sciiiffer, nf
l.elinnen; the Itei V. S llnrris-, of
llnrUMiiire; the Kt II V Selilecel,
of Slinmehln ; I. (i. ltinimnn, of Ilnr
rlsbtii'K, utteniey, nml tleerge II,
Lcinlncer, of Mohnton.
Hecaime mere than half nf the Evnn Evnn
Kelieftl I'hnrcliCB ami nnsterB In this
cenfercnee refuhi-il te Jein the merger
Hindi frietlen developed, nml the rom rem
initteii. was named t" e tlint the
merged bodies work nienthh '1 he
committee will handle nil irrli'iaiicea,
prellmliinry te the nieruer conference's
annual meeting in Mount I'nriucl In i
rebruary.
in the
Reorganization of
International and Great Northern
Railway Cenipany
Te Helderi of Certificate of Deposit of Banker Trait Company
and of Guaranty Tniat Company of New Yerk for the fellow
in Bend and Notes depeaited under the Plan and Agreement
dated June 1, 1922, for the Reorganization of Intematlemal
and Great Northern Railway Cempany:
INTERNATIONAL & GREAT NORTHERN RAILROAD COMPANY j
First Mertpat-e Six Per Cent, (extended at Seven Per
Cant.) Geld Bends.
INTERNATIONAL & GREAT NORTHERN RAILWAY COMrANYt
First Refunding Mortgage Five Per Cant. Geld Bena.
INTERNATIONAL GREAT NORTHERN RAILWAY COMPANY
Three Year Five Per Cent. Secured Geld Netea.
The securities of International-Great Northern Railroad Com
pany, the New Company organized under the law of the State
of Texas te carry out the above-mentioned IMan and Agreement,
will he ready for delivery te the holders of the above-mentioned
certificates of deposit en December 20, 1922.
Helder of the above-mentioned Certificates of Deposit must,
en or after December 20, 1922, surrender their certificates of
deposit in negotiable form,
if for First Mortgage Six Per Cent, (extended at seven per
cent.) Geld Bends of International & Great Northern Railroad
Company
te BANKERS TRUST COMPANY,
14 Wall Street, New Yerk City;
if for First Refunding Mortgage Five Per Cent. Geld Bends
of International and Great Northern Railway Company
te GUARANTY TRUST COMPANY OF NEW YORK,
140 Broadway, New Yerk City;
if for Three Year Five Per Cent. Secured Geld Notes of
International and Great Northern Railway Company
te GUARANTY TRUST COMPANY OF NEW YORK,
140 Broadway, New Yerk City;
Interim certificates of Tlie Equitable Trtt.st Company of New
Yerk, exchangeable for definitive new First Mertgasc Bend
when prepared, will be delivered te holders of Certificates of
Deposit entitled under the plan te First Mortgage Bends of the
New Company.
Interim certificates of The Equitable Trust Company of New
Yerk, exchangeable for definitive new Adjustment Mortgage
Bends when prepared, or scrip for Adjustment Mortgage Bends,
will be delivered te holders of Certificates of Deposit entitled
under tlie Plan te Adjustment Mortgage Bends of the New
Company or a fractional interest therein.
Voting Trust Certificates for stock will be delivered in tem
porary form exchangeable for definitive Voting Trust Certificates
when prepared. Scrip for Voting Trust Certificates will be
delivered te holders of Certificates of Deposit entitled te a frac
tional interest in Voting Trust Certificates.
Dated, New Yerk, December 19, 1922.
J. & W. Seligman & Ce. Speyer & Ce.
Reorganization Managers
Don't Spend bur
Interest Meney
FUNDS derived from bend interest pay
ments can be conveniently applied toward
a new bend purchase under the Halsey, Stuart
& Ce. Investment Plan.
Compound interest is thus made a factor in
building your accumulation the big factor as
years go by.
10 of the par value of bends purchased is
required for first payment the balance in ten
monthly payments. Interest is allowed en all
payments your money is never idle.
Wc shall be glad te send you
our booklet, "A Sure Read
te Financial Independence,"
which explains the applica
tion of the Halsey, Stuart &
Ce. Investment Plan te the
reinvestment ei interest
money as a part of a system
atic investment program
suited te the large or small
income.
Wis-1!
U'rife for booklet PA-TO
HALSEY, STUART & CO.
INCORrOHATFD
Land Title Bldg., Philadelphia. Phene Locust 7410
CHICAGO
DETROIT
NEW YORK
MILWAUKEE
BOSTON
ST. LOUIS
JIV Recommend for Investment
Chesapeake & Ohie Railway Company
Secured 5 Convertible Geld Bends
Due 1946
Secured by collateral first lien en important mile
asre and by general lien en balance of property.
Kstimated aluc of this prepi-rt $310,000,000
Funded Debt $1SI,11!),000
Preferred Stock 12,338,500
Common Stock fi'.',792.600
Total Capitalization 201,170,100
Kquit) ever par value of tock (18.5'V). . . 18 529900
Karned en Common Stock (5100 par) 1921. . b r,7
Averaue earned 1914-1921 73'
KarninKs for 1922 ns reported for 8 months'
actual results she- an annual rate en
Common Stock i 'r-
lli ,0
Present market price about 95 and interest, te yield
about 5.JSfi
At current prices, the convertible feature repre
sents a call en the Common stock at about $7G 00 a
share until April 1, 1923, and thereafter at s'emp
what higher prices until 1936. e"
Circular upon request.
Harrison, Smith & Ce.
INVESTMENT SECURITIES
121 SOUTH 5TH STREET
PHILADELPHIA
LOMBARD 6100
C. S. PATTON & CO.
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PHILADELPHIA
MINNEAPOLIS
A well-Knewn bend house hat
opening for talesman who can
Place bett quality utility and ra
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