mmmY'jf
fr .1
Wr 4
fc
f4tfZ
t
lthmfEm
: H
y
fort
i
I
Near Eadt Relief J
' is In urgent need of
funds te carry en the
most important work
it has ever under
taken. If you care te help
send your cheek te
t
Cleveland H. Dedge,
Treasurer- '
151 Fifth Ave.,
New Yerk City.
Hemphill, Noyes C& Ce.
Mmbn tfw Yerk Stock Btehangt
Franklin Bk. Bldg., Philadelphia
Hillsborough County
(City of Tampa)
Flerida
Highway 5 Bands
Due July 1, 1929 te 1949
Exempt- from all
Federal Income Taxes
Prices te yield 4.825
' Circular upon request
Harris, Ferbes & Ce
Pin St, Cor. William
NEW YORK
PHILADELPHIA OFFICE
Wldener Bldg.
Telephone Spruce 7040
.
UPWARD TREND IN
THE STOCK WEI
Ppppptpia
BVENINO- PUBLIC LEDtei-PHIEADBLHIA: WBDyESDAY. DECEMBER 20.' 1922
fWWSWfUPS
NEW YORK STOCK EXCHANGE TRANSACTIONS
Onfy Afternoon Repert in Philadelphia Quoting Futt List
After Hesitating Opening, the
General List Steadily Picked
Up Strength
1 1
Net Yerk, Dec. 20. The line et
least resistance In most Ml of tmlay
financial markets was encountered en
the upward tacks. While the reversal
of trend was largely due te technical
Influences, It nevertheless Imparted h
mere cheerful atmosphere. In the
stock market, the trading was again of
n highly professional calibre and con
spicuously spotty, but the main body
of steckB, for the first time during the
current Week, showed n disposition te
respond te these Individual demonstra
tions. Although Bemc weakness was noted
in twittering parts of the list, the gen
eral behavior of the mnrket suggested
the se-called bad news of the two pre
ceding sessions had spent Its force as
either n market or sentimental factor.
The better erasn of the constructive
forces was reflected In the wider ac
tivities of a number of the speculative
combinations.
After some decree of hesitancy at
the outset, the entire market picked up
strength steadily during the forenoon
under the stimulus of the confident
I bidding up of such speculative fuvor fuver
I Ites as Ilaldwin Locomotive, 'Stude
I bnker, Pan American Petroleum nnd
j ethers of like character. Speculative
i confidence en the long side, however,
i increased with the development of u
i broader dcmnnil for the railroad shares.
I The se-railed cealers led tha advance
iii that division, but they wVre seen
I followed into higher ground by the grain
, carriers, the only exceptions being
some of the lower-priced rails,' of hlch
the Chicuge (3 rent Wcstrrn issues were
, the most vulnerable. Theyinlse felt the
iuiiiiu uiiii iiuer iii me uiiy rcgumcu
u larger part of the early losses.
There were n few points of weak
ncss, particularly in the shipping, cop.
per nnd 'low-priced oil divisions. Mu
rine preferred dropped 2 points en
speculative uncertainty concerning the
dividend action of the directors at to
morrow's meeting. Bethlehem "II"
lagged behind the ether steels. Mexican
Petroleum was pushed up 4 points te
n new high record for the enr and
Pestura Cereal advanced fi. Other
strong spots were American Tobacco
"H." Western Union, California Pe
troleum. Standard Oil of California and
! Canadian Pacific, the gains ranging
from 2 te 3 points.
Commodity Markets
CAROLINA,
CLINCHFIELD &OHIO RY.
1st CONSOL. MORTGAGE
6 BONDS 1952
WITHIN TEN YEARS
GROSS BUSINESS INCREASED
FROM $2,515,650 TO $7,538,734
Year Ended Oct. 31, 1022
Net Earnings ff, 119,577
Interest Charges... 1,583,983
TAX REFUND
IN PENNSYLVANIA
PRICE. Wt AND INTEREST
REILLY, BROCK & CO.
306 CHESTNUT STREET
PHILADELPHIA
GRAIN MARKET ,
Chicago, Dec. 20. Although wheat
today touched new high nrice records
for the season, the upturn which took
place i during the early dealings was
i seen much mere than wiped out. Gen
eral selling by leading houses thnt were
In n position te realize, profits op-
peared te be the chief reason for the
break In values. The advance earlier
was ascribed te higher quotations nt
1 Liverpool, -
Opening prices lierc, which varied
from 4c te lV4c higher, with May
S1.2.VM te S1.25K. ami .TnK Si. 11
! te $J.1G. were followed by a sudden
1 drop te about 1M.-C below yestcrdav's
i finish and then by something of a rally.
i-ern aim ents paralleled the action
of wheat, corn climbing quickly te new new
ten prices for the season, and then
undergoing a sharp decline Heavy
selling, due te large receipts of corn
and te profit-taking by holders, was In
evidence. After opening c te tjc te
c higher. May 75c te 75 e. the
corn market hardened n little mere, and
then underwent n material decline.
Oats started 3c te Kr Mirlmr Mnv
47Vje. and later showed decided losses, i
Previsions were upheld by higher
quotations en hogs. I
Lern Ye t. riose Open
7Si 701,'$ 7KK
74 t 7.1W 73tt
74'i 74K
E. H. Rollins & Sens
Petindrd 1A70
N investment Bends
1421 Chestnut St., Philadelphia
I'lient l.nrutt 7300
aolHmere Chicago Ban FranciZe
Adirondack Power and
Light Corporation
Rrrt & Refunding Mortgage
aenei of Sy2 due 1950
Th DreDertift. nt tU:. r-
"present a ru""'"
Over ISnr .--:," vmue et
eut.tJnJi f ," mer,BB bends
outstanding, nnd net earninns are
ST- ia" 8- bend I"
...... -uarge9.
Price 96 and Interest
Te yield
5.75
Descriptive circular
Dec.
.Miiy ...
July ...
Wheat-
I D"C. . . .
May . . .
July ....
Oats
1 D. ...
May
July ....
Itye
Mny ....
I-uril
Jan
May
12 M.
74
7J
M
M
1.27 H
1.S.1W
l.inH
1.2SH
l.'.'l'tOlflU
i.ie i.iaH
4M4
47
43H
1.27 W
1.24
1.14S
44
4ll
43U
D30 03M 02K
l
..in b
..10(17
in.. in
10.72
COTTON MARKET
New Yerk. Dec. 20. The cotton mar
ket had an active opening today n't !5
i te 15 points net rise. The glnnlnc
figures were considered bullish, as
pointing te a crop under 10,000,000,
and there was enough faverable spot
news from the Seuth te stimulate goea
speculative buying. New Orleans,
Liverpool nnd local houses all bought
en the Initial call. The sellers were
Wall Street.' the Seuth and commission
concerns.
Hecessiens followed the first upturn,
but thev were recovered and at 10:15
o'clock the list was firm. About twenty-one
notices were issued.
Yeit. clese Open
December 2(1.00 2fl. 10
Janunry 21. SI) 28 HO
Murcti 2U14 :n su
May 20 27 211 SB
July -ii. in 20.20
October 24 43 24.40
i: m.
23.01
211 14
2H. 24 ,
20.04 I
en vj.-i i
We Specialize in
Public Utility
stocks
American Gas & Elec.
CemVlth Pr. Ry. & It
Federal Lt. & Traction
Kentucky Securities
National Pr. & Light
Portland Ryf Lt. & Pr.
Republic Ry. & Light"'
Tennessee Elec. Power
i'ublle Utility Uoekltt
Btnt en Htquett
Gilbert ElietU Ce.
Hembr Ntw Ywk Stock Lidwist
,f!1.MP',e N.wVerfc
uuwuna Uretn Otut
NEW YORK COFFEE MARKET
New Yerk, Dec. 20. The market
for coffee futures opened Inactive, with
prices snowing a decline of one point.
There were seventeen cegce transfer
notices issued today.
. Frevleiu clna
December 10. 010 in OJ
Marlh 9,aa& 0,08
Mny 0..1.1
July s nam S 0.1
oipien ner .... sic
uu.J).... S.10Q
Dec.
S.B2
8 IS
n en oe.oi
0.09O 0.07
S 500 H.Jj
8.10 8.JS
DIVIDENDS DECLARED
i-d. Frent Sliarlne Coupon Company
ly IB per tent, paynbie January It
k of reierd Jamiftrv n. l
Unltixl Alley Steel Corporation, auart.rlv
',0 .ent en common ami 1 Per cent en
Bnlen
1100
500
100
4200
200
700
100
1500
4S00
100
100
100
400
400
100
100
100
1600
500
200
100
2500
1700
300
100
200
400
100
100
200
600
100
2000
100
300
300
300
100
200
700
200
300
1300
16000
1000
100
2000
Dlv,
ln
PIOCIC High
.. AJax Ttuhbcr 2H
.. Alaska Oeld .Mines. W
7 All American CnblnllByi
4 Allied Chetn A Dye 01 J4
7 Allied Ch & Bye pfllt
4 AJlts-hnmbcrs .... 4S
7 Allls-Chnlmers pf . . 07
.. Am Agrle Chem... 33 H
B Am Can ... 74H
1 Am car A Fdy....1B2
.. Am Cotten Oil pf. . 314
I Am Express 13514
7 Am Ice , 110y&
.. Am Intcrnnt Cerp.. 28 54
1 Am La, France En 1 1 Vi
.. Am Mnsfed 31 yi
.. Am Unseed pf 52
8 Am Locomotive ...125.W
n Am Metnln 5"
7 Am Metals nf 1 13Vi
Am Safety Itazer. . . 6H
.. Am Ship & Cem... 20 H
.. Am Smelt 56yJ
3 Am Steel Foundries 37 H
. ,i Am Sugar Ilcf 75
..' Am Sumntrn 28 yi
9 Am Tel A Tel 123
12 Am Tobacco 154(4
6 Am Tobacco Pf ncw102
12 Am Tobacco D 152M
7 Am Woolen 95 J4
7 Am Wholesale pf.. 80
.. Anaconda Copper .. -0
., Ann Arber pf 35
.. Assets Realization.. 1
6 Asse Oil 115';
8 Atch Tep A San Fe.101
5 Atch Tep A S F pf 91 14
.. Atlantic Fruit .... 194
.. Atl Gulf A W I 3 S 22M
.. At O A W 1 S S pf 16
.. Austin Nlchel 31
.. Aute Sales Cerp... 12
7 Baldwin Jocemotlve13t H
.. nnltlmore A Ohie..' 41 ft
. . TJfirnett Lcnther. ... 44
. . namsdall Clni A.. 30
200 2.40 Beechnut Packing . SO'j
300 B Beth'ehem Steel ... 59
6 Beth Steel B 61 V2
.. Beeth FIsherleB ... 4J4
7 Brit Em Steel 1st pf 69
. . Brit Km Steel 2d pf 26
8 Broeklvn Edisen ..113'4
.. Bklyn Bnpld Trnnslt 15J4
i.. Bklyn It T ctfi 12J4
8 Bklyn Union Qas...113
.. Brown Shoe 60(4
10 Burns Bres A 14314
2 Burns Bres B 44
.. Butte Cep A Zinc. 9?
.. Butterlck Ce 18
.. Cadde Cen O A B.. 7H
,. California Petrel .. 61
.'. Cat Zlne and Lead. t!4
10 Canadian Pacific . .141 94
.. Case J I Plew 3
.. Cen Leather pf 69
.. Cerre-de-Pasco .... 45
6 Chandler Meters .. 62 ?
11800
200
100
100
500
100
600
100
500
200
100
1500
100
200
5800
1400
100
tee
TOO
1100
600
1503
290
103
600
2600
1100
2700
100
400
800
200
8600
500
1900
1000
300
200
100O
300
1500
400
1900
8990
1500
200
700
2100
6600
2900
800
100
100
1300
100
100
300
100
200
100
400
600
3500
800
600
800
100
1700
900
tee
300
900
2900
100
700
4 Chesapeake A Ohie. 71 Vt,
.. Chicago A Alten... 2ft
. . Chi A C III (new) pf 57
.. Chicago A Or West 4$,
.. Chi A Or West pf . . 9
.. Chi Mil & St P 22
.. Chi M A St P pf... 34(4
6 Chi A Northwestern 7014
7 Chi A Northwest pt1!3J4
.. Chi R I A Pac 3114
.. Chi B I & Pc 6 pf 80H
.. Chlle Copper 29)4
.. Chlne Copper 26fi
.. Cluctt-Peabedy .... 60(4
8 Coca-Cela 76(4
.. Cel Fuel A Iren... 24
II Cel A Southern.... 42
'6 Celum Oas A Elec, .105(4
.. Celum Grnphophene 2(4
.. Consel Cigar 38(4
8 Consolidated Gas ..11894
.. Cen Oas of N V w I 5996
. . Cen Oes rts 1 Ji
.. Consel Textiles ... 12
.. Contlnental Can ...110
.. Pent Meters 11
4 Cern Products Bef.131
4 COBden A Ce 51(4
.. Crucible Steel .... 71 (4
.. Cuban Am Sugar... 26(4
7 Cuban Am Sugar pflOl
.. Davisen Chemical . 32(4
9 Delaware A Hudsen116
8 Detroit Edisen ....107
.. Duluth Se S A A... 2
2 Deme Mines 43
C Du Pent 6 deb pf 85 94
G Eastman Kodak ... B4 H
4 r.lec Storage Bat.. 55
.. Elk Hern Ceal 22'4
.. Emersen-Brantlng . 7 54
5 Endlcott-Jehnson .. 8894
.. Ele 10(4
.. Erie 1st pf 14(4
.. Erie, 2d pf 11
8 Famous Players L. 91
10 Klshcr Bedy 210
8 Fisher Bedy of O pf 99
.. Flsk nubber 12(4
.. Freeport Texas ... 17
3 Oen Am Tank 67(4
.. General Asphalt .. 46(4
6 General Asphalt pf. 78
8 Gen Electric 184(4
100 C0r Genl Elec special pf 11
4200 Vi General Meters .... 13
100 7 Gen Meters deb 7 97(4
100 .. Glmbel Bres 41
200 .. Goldwyn Pictures .. 5(4
200 .. Goedrich B F 34
200 .. Granby Mlnlne .... 269$
100 .. Grav A Dals 13(4
1500 6 Ort Northern pf. .. . 78
1500 3 Grt North Ore ctfs 31
1400 .. Gulf Stutes Steel... 79
100 .. Ilablrihaw Elee ... 1(4
400 .. Housten Oil 68
2900 2 Hudsen Moter Car. 26
100 1 Hupp Moter Car... 25
3600 .. Hydraulic Steel .... 5(4
400 7 Illinois Central ....108(4
300 6 III Central pf A.... 113(4
200 .. Indlahema Bef .... 14?4
300 .. Inspiration Cen Cep 36
5100 .. Inter Cen Cerp.... (4
700 . . Inter con Cerp pf
200 .. Inter Agrle pf. .f. 30(4
300 2V4 Internat Cement ";. 34(4
200 6 Int Han ester 'new. 90(4
600 . . Inter Mer Marine . . 1 1 (4
3100 6 Inter Mer Marine pf 48(4
900 .. Inter Nickel 14
100 6 Inter Nickel pf 64 J4
500 .. International Paper 52(4
2700 .. Iren Products 47(4
3300 .. Island Oil (4
200 ., Jewel Tea 20
600 4 Jbncg Bres Tea.... 53
300 7 Jenes & L cum pf WI10854
700 .. Kan City A Seuth.. 18
100 4 Kan City A Se pf.. 53(4
500 .. Kansas A Gylf IJi
200 .. Kaser A Ce new.. 43 '
100 .. KellySprtpjrneld ... 43 ft
100 6 Kelsey Wheel 110
1400 3 Kennecett Copper ..37
1400 .. Keystone T A It.... 10(4
100 2 Lee HUDDer Zb
5800 3 Lehigh Valley
66(4
I,ew
12
118(4
fO
111
44(4
97
32(4
73
182
34(4
135(4
110(4
27(4
11(4
31(4
52
125
49
112(4
6
19yt
55
37(4
74
:e
12ZJ4
154(4
1'02
152
95(4
88
50
35
1
115
100ft
91
1
2194
16
30
12
130ft
41(4
44
29
50(4
59
CO ft
4?i
69
26
113(4
15(4
12(4
113
59(4
143
44
9K
18
7
57
9
141
3
69
45
62(4
71
2(4
57
4ft
7
21(4
33
78(4
112
31
80(4
28(4
26(4
67(4
76
24
42
105
2ft
37
118
58
1
11
110ft
11(4
1297.
51
69
76
101
32(4
114(4
107
2
43(4
85
84 ft
55
22
7
86
10ft
14ft
11(4
91
209
98(4
12(4
17(4
66 ft
45
78
184
11
13
97 ft
41
5(4
34
26 ft
13(4,
77 ft
31
78 ft
1ft
67 ft
25(4
25
5
108 ft
113(4
14
35
(4
(4
30ft
34
SO
11
46
13(4
64 ft
52
46
94
20
52(4
108(4
18(4
53 ft
194
43
43 ft
110
37 ft
9
26
62
1:00
P.M.
Net
Chse.
ft
14
(4
f8
(4
1(4
(4
1
ft
94
yfi
'h
(4
ft
1
114
ft
(4
1ft
1
ft
'ift
2
IK
'i
12 -
94
118ft-
re -
111 ' -
44 4.
97
33
73(4
182 -34(4
4-
135(4
110ft
31ft
52 -
125
50
11314
6ft
20
56(4
37ft 75 -20
122ft
164ft IK
102 - 1
152ft 2(4
05 94
80."-
i.
1l5ft
101
91
1
-
31
12 -130-
41(4
44
29
50ft 59 -
eeft-
4ft
69
26
113ft-
15(4
12(4
113
60(4
143ft
44
9K
18 -
7
59
9(4
141
3
69
45 -62(4-71(4
2ft
57
J4
33
78ft
113 -31
ft
26
68(4
76 ft
1C3
2ft
38
118(4-58-1-11-
1104
"94 130 -51
14-VOft-26
ft
101 -
32 ft
116
107
2-
43(4
65-
84 ft
55
22
7 - 1
87 1ft
I
1
"ft
'2
"ft
94
ft
(4
ft
(4
H
194
"(4
ft
(4
I
94
"ft
(4
ft
ft
ft
ft
(4
(4
'i
(4
1(4
ft
" 14
ft
ft
"k
10ft - ft
14(4
11(4 ..
91-
209 - 1
99 ft
12(4 (4
1794 ..
67(4
45-
78- 1
184ft ..
11
13 ..
97(4- (4
41 1
5(4- ft
34
7794 (4
7?8
67ft
25ft ft
25 ft
5(4- ft
108ft
113(4 ..
liH
36 (4
(4 ..
30 ft ft
34(4 (4
90 - ft
11(4 ..
46- 1ft
13- (4
64ft ..
52
47(4 1(4
J5B..
43"..
h
37ft- ft
9H ..
26
66ft 1
Dlv.
Sale In STOCK Mb"
400 4 Lima Locomotive . . 58 ft
400 ,. Loews Ine f9
100 12 Lerirar.1 tPIcrre) .166
300 ., Mack Truck ...... 55
400 ,, Magma Copper .... 32
10600 .. Mnlllnsen Ce 36
300 .. Mnnhat Kiev ctfs. . . 40
. 300 ,, Market St Bwy.... 0ft
200 6 Mar St Itwy pr pf . . 68
2100 4 Mnrlnnd Oil 26ft
100 2 hUrtln Parry Cerp. 28
600 ,i. Mnth Alkali 48 ft
100 .. Max Meters Class B 14 ft
1200 10 Mav Dept Stores... 68ft
200 l Mclntyre Mining .. 18ft
100 18 Mex Petroleum 255
3100 2 Mex Senbeard 18(4
1300 2 Mex Seaboard Oil ct 17(4
300 2 Miami Copper 27 ft
10 4 Michigan Centrnl ..310
2800 1.20 Middle Slates Cerp. lift
2300 ., Mldvale Steel 20
300 .. MIn A St Loul 6(4
300 .. Me Kan A Tex (wl) 14
300 . . Me Kan A T (wl) pf 39
100 .. Missouri Pacific .. 154
800 .. Missouri Pacific pf. 42ft
2900 .. Montgomery Ward. 23
4500 1 Moen Moter Car... 19
3200 Mether Lode Mining- 1 1 ft
200 .. Nat Acme 12
2100 3 Nat Blicult wl 3694
3000 6 Nat En A Stamp... 67
1300 8 National Lead ....127ft
900 ., Nat n It of M 2d pf 3ft
700 .. Nev Cen Copper. .. . 18ft
100 8 N O Tex A Mex... 85
100 4 N.YJVIr Brake A... 48ft
5300 8 N Y Central 94
200 2ft New Yerk Deck.
24
400 .. New Yerk NH A H 20
200 2 New Yerk Ont AW 20 ti
800 7 Norfolk A Wcstern1l0
100 4 Ner A West pf.... 76ft
700 E North American ... 92ft
600 fi North Pacific 75 ft
100 .. Neva Scotia SAC. 26ft
2100 .. Okla Pred A Ref . . . 1ft
200 .. Orpheum Circuit .. 18
200 .. Otis Steel 8ft
ew .. I'acKam Moter .... 10ft
100 7 Packard Moter. pf. .. 91 ft
200 .. pnclfie Deiel Cerp.
300 E Pac Ga A Elee.... 86(4
2100 3 Pacific Oil 44ft
2??22 8 Pnn Amrr Pefel 92
24100 8 Pan Anier B 86
400 .. Panhandle 4
100 8 Panhandle pf 62(4
1500- 3 Pennsylvania R R.. 46
400 .. pCnn Seaboard Steel 3ft
500 .. Pere Marquette' ... 36ft
100 a Phlla Ce 6 pf.... 42
5100 2 Phillips Pet ....... 42
!S22 PIcrce-Arrew Moter 13
'?22 Pl'rce-Arrew Met pf 32
400 .. PJerce Oil 4
200 . . plarce Oil pf 37
S22 1'lRKly Wlggly Store 51 ft
1000 .. pitta Ceal 57ft
3600 i4 Pend Creek Ceal... ?6
100 .. porte Rice Tobacco 65
5400 6 PeHtum Cereal ....117
100 .. preFsed Steel Car.. 79ft
'?22 Producers A Ref... 42ft
100 8 PubSer nf N J pt.105 94
600 8 Pullman Ce 131
500 2 Pure Oil 27(4
700 .. nay Cen Copper... 14ft
3100 4 Reading 79
100 2 Rending 1st pf 52 ft
300 2 Reading 2d pf 53
400 .. Replogle Steel .... 24
200 .. Repub Iren A Steel. 45ft
300 . . Republic I A S pf . . 82
900 3 Reynolds Teb B.... 48ft
1400 4.13 Royal Dutch NY.. 51
900 .. st Leuis .San Fran. 21
800 E St L Southwest pf . . 56
200 . . Saxen Moter 1ft
1100 .. Seaboard Air Line.. 5ft
1000 .. Scab Air Line pf... 8
900 .. Sears-Roebuck 89 ft
100 .. Seneca Copper .... 7ft
4900 2 Sinclair Consel ... 31
400 8 Sinclnlr Cen pf. ...100
2400 ..SkellyOII 9
7100 6 Southern Paelfle .. 88
3100 .. Southern Rnll 23(4
700 G Southern Rail pf... 65
100 .. Splccr Mfg 19ft
100 8 Standard Mill 127
3200 4 Standard Oil of Call 16ft
600 5 Standard Oil of N J195ft
300 7 Stand Oil of N J pft16ft
5200 .. Stand Oil of N J wl..-39ft
200 7 Steel Tube pf 82
500 4 Sterling Products.... 61ft
200 8 Stern Bres pf 106ft
100 4 Stewart Warner Spd 64
800 6 Strembers- Carb ... 62
40400 10 Studebakcr 135
200 .. Sub Beat Cerp 7
300 .. Superior Oil 4ft
100 .. Superior Steel 30
300 .. Tenn Cep A Chem.. 9ft
1400 a Texas Ce 47 94
2500 5 Texas Gulf Sulphur 59ft
300 .. Texas A Paclfte.... 21
100 1 Tex ft Pac C A O.. 20U
zvu .. -inire Ave
100 .. Tidewater Oil ...
200 8 Tlmken Rell Br..
700 . . Tobacco products
1800 7 Tobacco Pred A..
300 . . Tel S ft L A W pf
1200 .. Transcontinental Oil 12(4
100 2 Transue Wms Steel 33 ft
100 .. Union Oil 17
5200 10 Union Pacific 136ft
100 4 Union Paelfle pf... 75ft
300 7 Union Tank Car... 132 ft
100 .. United P.wy Invest. 10ft
2800 2 United Retail Stores 71
100 .. U S C I P ft Fdy.. 27
200 ..US Feed Products 4
100 .. U R 'Heffman Mach 19ft
r2500 .. U S Ind Alcohol.... 67
200 7 U S Ind Alcohol pf 99
1300 6 U S Realty A Imp.. 87ft
1300 ..US Real A Imp its ft
100 7 U S Rltv A Im pf w!100
900 .. U S Rubber 52
100 8 U S Rubber 1st pf 96
100 ..US Smelt A Ref... 38
22300 6 U S Steel 107
100 7 U S Steel pf 120
200 2 Utah Copper 64
100 .. Utah Securities ... 16
100 .. Vanadium Cerp ... 33ft
800 .. Va-Cnr Chemical .. 25ft
100 .. Va-Car Chem of... 62
200 . . Wabash 8ft
300 . . Wabash pf A 23
300 .. Western Maryland. 10
100 .. Western Paelfle ... 15ft
100 6 Western Pacific of. 53
1400 7 Western Union Tel. 115
M00 7 Weitlngheune AB...113 54
1400 4 Westing E A M.... 60
200 .. Wheeling A L E.... 9
200 .. Wheeling A L E pf 16
400 2 White Eagle Oil. ... 31ft
500 .. White Oil Cerp.... 3ft
300 .. Wlckwlre Spene Stl lift
1800 .. Willys Over and ... 6
100 .. Willys Overland pf. 42 ft
100 8 Weel worth F W... 208 ft
100 .. Werth I'umn AM.. 31
16ft
.120
. 32
. 55ft
, 83 ft
S3
Ex-dividend.
I.OW
S8
19
166
55
32
35(4
40 ft
8ft
68
25
28
47
14
68
18
255
17
17
27ft
310
11
27 ft
6(4
14
39ft
13
42
22
10
11
1194
36 ft
.65
127 ft
3
15ft
85
48 ft
93
24
20
20(4
109 ft
76 ft
92(4
75 ft
26 ft
lft
"17
8ft
10(4
91ft
B6ft
44(4
90 ft
85(4
4
62 ft
46
3ft
36
42
41
13
32
4
37
-51ft
57(4
26
65
114
79J4
41ft
105
130
27 ft
14
79
52 ft
53
?4
45 ft
82
48 ft
50
21
55 ft
1(4
3(4
B
89.
7
31ft
100
&94
87
23
64 ft
19ft
127
114
195
116ft
38 ft
81ft
61
106ft
64
62(4
133 ft
6ft
4ft
30
9(4
-.47 ft
58
21
20
16ft
120
32
53
82(4
53
12ft
33(4
17
135
75 ft
132
10
70 ft
27
4
19ft
66
99
86
ft
100
V
96
38
106
120
64
16
35 ft
24 ft
62
8ft
22
10
13ft
53
114
113ft
60
9
16
31(4
3(4
11(4
6(4
J2
208 ft
31
ft
94
J
94
ft
'94
ft
'ft
I
(4
(4
(4
(4
1
l-no Nut
r. M. ChK.
58ft
19-14
166 (4
55 ft
32 14
36ft 194
40 ft
8(4
68
28(4-
28
47 -
14ft
68
18
253
18(4
17(4
, 27(4
310
11(4
27ft-
6ft-
14
39
15-
42 1
22ft K
19 ft
11(4
!27ft
3 15 '
05 '
48 ft
93 24
20
20 ft
110ft
ft
75ft 26(4
1
17
8ft
10ft
86(4
44 ft
86(4 1
62(4
46 -
3ft
36ft
42
42ft
13
329
4 -37
-51
ft
5714
26
65 -10
114 . 2
79ft
41 ft
-
27ft
14ft
79(4
52ft
53
24-
45 ft-
82
48 ft
51 -
21
56
1(4
5(4
8
69
7ft
31
100
9(4
87
23
64-
19ft
127 -116
193
116ft -
39ft
82
61(4
106 ft-
64
bZft-
LITRE ACTION IN
LOCALTRADING
American Gas Recovered the
$1.50 Quarterly Dviidend
Taken Off Today
. - - -
in it
(4
ft
(4
1
ft
"x
" H
V
94
ft
2
ft
ft
94
"ft
1ft
" ft
ft
i
1(4
ft
Hi
"(4
"ft
The action of today's market sug
gested n tendency of most of the rep
resentative local stocks te settle nreund
present levels until some new devlop devlep
ment occurs te affect values. The trml
Ing nssumed the familiar chnfflcterNtlrs
of the holiday season and with few ex
ceptions wns of small volume.
American (las came In for attention
hecnuse of the recovery of ."M.fiO quar
terly dividend declared yestenlav nft nft nft
ernoen nnd which was taken off thN
morning. Onlv a few shnres en me out.
however, nt R2. Inst night's cleilng
quotation. The action of the heard
took the street somewhat bv surprise,
because it wei only three months uge
dividends were resumed, l'mm n gen
ernl viewpoint, however, it wns re
garded significant, in thnt if furnlshel
additional convincing testimony of the
remnrknble "cemebnek" of nil the nub
ile utilltv corporations from the hard
knocks of the wnr period.
With the exception of P. II. T.. all
the utility shnres displayed n stronger
tone. U. u. I. made a iiirtner roily
te fll. Philadelphia Electric Issue
moved up nnether peg. The common
reaching 31 nnd the preferred 31 Vs.
P. n. T., en the ether hand, nppenred
te meet realizing snles, yielding te 30.j.
Pennsylvania Railroad's action we
again disappointing. Despite the vigor
ous rally In the rnll division In the
New Yerk mnrket, the stock lagged at
40. On the ether hnnd, Lehigh
Navigation followed the upward pro pre
cession of the ether cealers, advancing
te 75U,
In the miscellaneous shnres n very '
narrow mnrket prevulled. American
Stores was V4 better at 150. Electric
Storage Battery brought RBVa n a few
odd lets, while General Asphalt cased
off n point. Pennsylvania Salt con
tinued Ann nt 8Ji. Tonepoh Mining
ex-dlvldend of 15 cents share
brought 2.
Philadelphia Stocks
Net
High tow 1 P. M. chite.
BAm Gas.. H2 C H2 -flVa
80 Am 8trs..l50 IBT.Va WO Vft
j Yt
lOOtBnld Lec.l.'MJVa 130 130V4
OWNERS OF MILLER BONDS
ARE GETTING 7
(4
lOfBethStin 00?i
10 Eicc ster. rr,v.
210 Gen Asph. 45
IB In Ce N A 43
201 Leh Nev.. 73Vi
10 Lehigh Val
Transit.. 10
475 Penn Cent
Lgt wnr. 1
B de pref.. B5
303 Pcnnn Salt 40Vs
5 Pennn Sbd
Steel.... R5
0S0 Philn Elec 31
10 de pref. . 31
746 Phlla R T 31
25tPlerce-Ar 13
BOtRyl Dutch Bl
100Tone Min. 2
105 UG I.... 51
txi-ji
5.-Vi
4RV4
43
00 1 ,
BBV4 ).
43 V4 I
754 Vi
TNVESTORS in every State and in twenty
foreign countries are V receiving regularly,
year after year, the liberal interest return paid
by Miller First Mortgage Bends. Net one of
these investors ever failed te get his interest en
the day it was due. Net one has ever had te
wait a day for payment of a maturing bend.
The pleasing experience of these thousands of
owners of Miller Bends is a reliable guide te
every investor who is seeking a liberal income
with assured safety and freedom from worry.
The security of every issue is ,simple and fun
damental a closed first mortgage en an income
earning building, and a first claim en the building's
earnings. Our booklet, "Creating Geed Invest
ments," explains the way these bends are made
and protected. We will gladly send a copy en
receipt of the coupon.
G.L.M I LLE R SL ifg
mmammmmmmtmmmt incorporated -vsm
60S Stock Exchange Building
Philadelphia, Pa.
Telephene: Spruce 9256
New Yerk, St. Leuis, Atlanta, Knoxville, Memphis
"First The Invester's Welfare"
MAIL THIS COUPON TODAY
INTEREST PAF- p -
HtVXTT CFDTfrP.
Investors heldi ng
Miller Bends, interest
en which is due next
month, can cash their
coupons immediately
by presenting them,
personally or by mail,
at our New Yerk or
Atlanta office.
a. I.. MIM.KK COMPANY. Inc..
1101 Cnrlildr A Carben Mtilldlnir.
30 Knur 42d Street. New Yerk.
Denr Sirs: Plenac send me booklet, "Cro "Cre
atlng Geed Investments." and recommend
nn Investment for t
maturing In about yearn.
(These lilanku need net be filled In. but the
Information helps us te gte the Invester
personal attention.)
Name . ...
IL
I
Address
City and
, .State....
10 10
1
55
1
55
40 40Vs.
85
31
31
30
13
51
2
se?;
TENTH NATIONAL, BANK
'
Bread Street at Columbia Avenue
51
Kx dividend.
TNet change made by retnparlxnn with laat
aala en New Yerk Stock Exchang.
rimnrxrm. uends I
. 1000 Liberty 4th 4Vis. '2S 08. 4S
1 axiu Kiectrlc ! l'eep Tr 4s 60
4
2(4
ft
ft
(4
154
(i
(4
ft ! 0000 Lake Superior Ir.c 5s. . ,
juu rniin Kiectrlc 1st Os. .
500 Phlla Electric 1st 5s..
2000 Phlla Electric 5s...
1000 Phlla Electric Oh
4000 Phlla Electric Gt
24
100
100
102
105 V
105
LOCAL MINING STOCKS
TONOf AH STOCKS
Caih Der . .
Jim nutler
niz j, t i, ' Jim.iiuui
2 if A . MaeNnmara.
"ft .. Cre,cent
Mlipeh ISxteniten
Mentana .
North Star
Itascue Eula
4(4
30
9(4 ..
47 U 4. Ii
Seu j. 1 ?i Tonopah Kzteneten , . . .
9i i (? wst
21 ft w,t Tonopah
16ft
120 32-
nid
.10
.OS
.00
.mi
Midway 08
ft
55
82
53 -
12(4
33 ft
136 1ft
75(4 ft
132(4- ft
10
71
24V..
19ft- ft
66
66ft
100
ii
,efi
120
64 16
35
efHJ
2B(4.
10-15ft-53
115
113(4
60
9 -16
3lft
3(4
11
6ft
200(4
DIVIDE STOCKS
Allied Divide 00V4
Alte Dlvld 01
Ilelc her . ni
Telcher Kit 05
irretuh Divide 08
Divide Kxtenalen . ...i 10
Divide Cen ei
Dividend 03
Kut Divide ei
liarmlll e.i
Knox 03
Slher Klnx ie
Sutherland neu
Tonopah Divide 7ci
Tonopah Hmhreuck en
Victory Divide neii
Varde DIUde OS
Zene (,
QOL.DFIKIJ) STOCKS
.10
Your choice of this BANK in opening
an Account will be appreciated.
We have many opportunities te be of
service te you along the same sound lines
that have resulted
growth.
Beginning January
until further notice
in our own steady
1st, 1923, and
yf Interest Paid
fO en Savings
Accounts
Resources, $7,000,000.00
JOHN F. BAUDER, President
HERBERT L. SHAFFER, Cashier
.. Beeth
ft Combination Fraction
, Crackerjack
Dlamuntineld Blue Hull....
' Klerentfe
9t , Oeldfleld Cen
1 Geld Dev
14 Oeldfleld Deep
( 'Great llend
ft Jumbo Kxtenalen
, Kewanaa
1 ' Lene Star
7J Ore
n ned Hill. .
ft Silver Pick
ti Spearhead
J4
Amparo
Arizona United
Caledonia
Candelarla . .
Emma Silver . .
ii iii.
' ,, ' Kureka Cre'aua'
Eureka Helly .
Hecla
Murali
Mether Lede . ,,
Nevada Hill ..
Nevada Wonder
Suraeaa
Tecopa Mining- .
Volcano
White Capa . . .
Wllbart
ft
GAIN IN COTTON GINNINGS
cent oil Total te December 13, 9,403,296
Bales, Against 7,790,656
Trumbull htcel. ntinrtrlv
2 cents
prcferied. hetn payaMe Januury 10 te iiterk
e( record D'lenilmr SO. ieck
ucneru r renroen ir 'nmiunw ...
..fflVS'iryyaKfeJffW" J"nr"i Wellington. Dec. 20.-Cotten gin-
i...i..:u j.:.; ..r."7 -"- ... i- i in ..j .
lieu prier te ueeeiuucr jd euiuumcu iu
11,403,'JOO , running bales, Including
101,000 round bales counted as half
bales; 21,013 bales of American-Egyptian
ami 5255 bales of Sea Island, the
Census Bureau announced today.
common nnd quarterly $1,75 en nrefrr.,T
United I'rellt Hhurlnir Company, quarterly
15 cent, payulile January la e ateri ..?
reierd January 3. ,0 ",eck "'
Lockwood. Oreen ft Ce.. quarterly n i
per cent en preferred, payable January i
te Meck nf record December "uary
Welflbnrh Cnmniiny. Mmi.nn.T:.. .
per cent oil urefrre.1. payable December Jn
te Bleck of recird December je"'"1"" "0
if III..... ....inn., w wil ,
,JS5.r".r.,! .? 'i
te stock of record December 111.
per cent en pr-ferred, injuble j,innV
ctsTpatten & CO."
milM'MJT HTd.
BANKERS
wts .ut rmirii te
-!!- nil . Miml, y,r, int.
lawlnn Mills Corporation, euuri.riv ..
ner cent ami extra of 2 nr lent tfnvni ii
Ut-tember JO fu stuck ofTecerd D.cimbYr s
Raw Sugar Quiet, but Steady
New Yerk, Dee 20 The raw mum.. n.
ket I. qplet but steady w"t Va? frn'iI:
ismber alilpmtnt quoted at SV rent. ,Jr
and frelshtT and (or JunuarPWpm.nl 'a tf
te 3 cents. cost and freliht Hal., nn
Tueaday ncludecl 3000 ban. r.,,1" .11
jpreinnt shipment at a4 rents, cost ami
f re Uht. te a .local refiner. Arrival, nf -?.m
inciuaetiinuu uukh Cudu, , lh A,e-r
... r:vi " "v " iiiit iiH.ni
rKRI 1st mniUrnl.l., .i.r. '
i ,. t i
flusar
Cubits
lettned
iiiKinni ia iiuuierniaiu ... . . .
jfflJW'&.fe'1' 0t T.10c.tJ.-S.,g"g
Chicago Trade Beard Open Saturday
.?;h,''!.V.,t".''- rfft ?! St. Trad,
FOREIGN EXCHANGE
Nw Verlt, Dec. 20. At the opening
today, sterjlng was steady at Tuesday's
.ji.iJ,e,w,n8.gl,lFe? I10'"' nnd I
v.'.; . 5 points, tiullders and
Norway were dirau 11 points, Danish.
,Vnlnne.1,r?, Siv,ss nn, Spanish v,ere
down 2. Marks were up B points
Speculators were disposed te prrss " hc
mnrket en the uncertainty restive te
nnedouUeoB8COf,he,0re,,fn8Uuat,''
S'irt "" .?e rA, ,f"in caMe,,
Montreal inAnv m.. .
Discount en Canadian funds in vnt"
Yerk today Inereased "te ,
YEaTKIlDAVH CLOSlNe ?'. Cnt'
MOIEY-LENDING RATE8
KEW YORK Menty en call, both class,
of collateral, opened today at IV ,, 7.,i
for ItPdlni aid renew lii. vtr ctnt
ritlUMHCI.IIIIV Call ft per cent: ttm.
8 per cent! commercial paper, three te six
months, S per cent. '
Te December 13, last year, glunlngs TAnlX 7 4?i1. ,franc niAn',
v.ere 7.71KI.0B0 running bales, Includ- q'm', checks.' 0 Ws'llS'SSP.ft'
Ing 122,041) round bales counted as checks, B.07Vj ; Sw ss en Wei i ni '
half linle: 25.827 bales of American- ehe.-ka ihr, .?. 5".n.Us' iS-DL
, n" r
will i.um
half bales: 25,827 bales of American
Kgnptlnn and 3002 bales of Sen Island.
(Innings this jenr te December 13,
by Htatcs, follew: Alabama, 811,751) ;
Arizona, 31,401; Arkansas, 01)0,1(18;
Cnllfernln. 20,101; Flerida, 27,052;
Oeergia, 724,870; Louisiana, 341,070;
Mississippi, 070,021; Mlrseurl, 130,
7011; North Carolina, 830,305; Okla
homa, 020,172; Seuth Carolina, B02,
r.4 ; Tennessee, 373.000; Texas, 8,
005.072 i Virginia, 24,072; all ether
States, 15,132.
BANK CLEARINQ8
Bank elearlnss today renuvtre with
""ijiiujng aav last iwe yeaia;
, I02J mat
I'lilla. ,,,SHti neu, nod si, (iiio.iieo (si
n open for busln.sa ii Sii..,S" ! "" ...Isii imo.emi si.oeo.noo
wu r uuain.sa en aturdy, Uei;wBl,, B.'.Otttt.OUO 39,uutvuv
checks, 18.88; peseta
CLOSINO eim.n..
Sterllnr Ktancs l.ir. e,,im !'8!i 'r.. 10.'
1-22.. M9 n.eni4a,".2cH !!iS (r.. i:.
-i.ii.i ?n - . ui. an
TODAY'S 0,.KMNtJ QUOTAT1O.N8 ""3
Demand 4.HI u' 7:4111 M.r.0ullders
t'.' W ".J.,
U.S. Certificates and Treasury Notes
int.
Kale
Demand
Cabin
C4bl.s
t4i Mar.,
t'SJi June,
I . Dee .
I'.i June,
r
Liverpool Cotten
UieriKJel, Dec. L'O .....
today, with price. Meadv n.ll?.i
quiet
nuvunre et v pe nta for ml.MiiV; """' "r an
Tb. la. were 4000 bale. Thiln" R. ln.03,1.
24.000 bale.. lncludln 080O balCjE.'" ."
FMturea were steaily In ,1,. .''- American.
Maturlna
U4I
3
3.
1021
1021
lO.'T
in.M
10J4
in 2ft
lO.'.l
l(i2.'i
less
11120
Sept..
nid
ion
.100 t-32
. . !'!
09',
lnO
101V
Asked Yield
100 1.82 3.17 I
100 3.18 147'
J22 8.7ft
' S 7ft
1"0 1-10 3.US
me ji!
Vniil-10 lla-16 4 40
.! - inusf 4.44
n 100 1.16 4 47
90 no 4 4,1
lene. in inn 13-16 4 in
I'M 1,11.. 4 Jd
4Jt Mar.,
MVi June,
MS Dec.
4V Mar..
ill M.n,
.2 -.. .,'.i. I'l. 1'1'4 4 41
.a1"?1 Jrer5 P""1"-'" nerml Inrmne tax
tAec.Ptable for piyinent et Income tai
u. en date of maturity ml1 la)
Cbdstmas 1922
7TVTI eitene te leu our most
trlcnM Greetings as we
appreacb anetber milestone in
lire's beurnes ane we express
our Ceep appreciation te you,
wbe bave belpeb te inspire us en
our reab te Success.
ur sincere wtsb is tbat Tunc
mas Play? an important part in
malttne tbe comine TEwclvc-mentb
increasinelvi pleasant ane prottt prettt
able ter l?ou.
JFtebertck ipettce Si Ce.
iiiei-KB, m.tMs; peseta cables in 7rt ' P"i prlce were: Anierliiin ,n,V.',", "nus.
stS W; !v ' i": 3rtwM& HP s
i necKS, Ji.n, Norway cables. IS.nn. dlln, 14,78d' iroed erdin,i .?'v..ew mid.
checks, 18.01; Swedish cables "0 n'
checks, 20.00; guilders Sffi 3078
cheek nn 7.1, mnrku nirH '" "'
In the Centrnl Kurepean exchnnM.
today, Czecho-Slevaklnn rose Klnts
Serbian 4 and Hulgnrlan B. Tge".'
Slnvlan rose n pe nt. Finnish th,
ether hnnd, lest 3 peln a n,i ,?Jh
and Polish lest i pelnl , he"at te Z
ew record. Rumanian dropped V
Quotatiens: n.ilgnrlan. .TK?PK?'-
lan, .01; Serbian. 1.15: OrV.L i T4.
nit. t... ! "
ie,
dlln, 14.78.1' iroed ordinary. 14 iWew 'ild
dlnary, U.b8d "'. n.lfld, Bnj or-
Erie Light Paya Initial en c
ft.- TJ.I la-.. - '"Millien
. Initial dividend of twtX.n! 5C1"1
men
bVr 2S Th;-.rd e'f 'd.rr.T.VIn d'"':
the appropriation for reaeJe te ,ncrr""
that the total uneunt !.' ,,Vn,l .S
fK amnt 1V3i w"' cr..:uef
. t'ZPOhn.Klnnnlilnn OAK. '" "'. UniO rUB Uava E7u.. !,... .
"- .r- .",",,, ,,.iru : .mm. m. ..i... -..-- . . , w tai u
,e .? Polish. .0030: Flnnl.V AX". . I'llUburth. .Dec. 20,--Th. Ohi.
im im. .MiMrlnn. ,00H: llunsnMn' 7. ",nnR,.,,' S " V0'"'"', "' t
'JJ1.01U'- I'WUllllW oil New 'or!; .I.'..?.?' .' JOlilenS of 24 per .ni.
.- --uutv u uary 15 te neck
The Dhln
ed an em
iEK,,5T,
.. ...j-;'." ?m
. .uru ucitiuber 3U,
Reaerve Banks' Discount Rates
Official redlaceunt rate, at the tw.uj
l'ed.ral nes.n. Ilnnk are as fellows I
f"""! I Ultra '
Tln.tnn "Z i" ,wr A.lei.t
N.nr Tn.t A j 1
Philadelphia
Cleveland
rtlrhmend ,
Atlanta ...
ctiicare . , ,
HI I-eule ..
Mlnneanelta
Kan.aa City
Dallas
8an Frajicl.ce
Tre I.lh.
.,,. 11.......
4 4
A A
w
ia is ft ii
'!" ""! IS slIX
,
Prince In Fishing Business
Reme. Dee. ?r ti, i.i
TT.ll.. I -"I.. -'. . "v. "I-
moend Udlnc, a member of the Italian reyn.
VaFdilidB.UnP;'?ml3r i.'nt ,n,n trm'" Jcsterdny
rwr'SrlJ V t'l Uk,n nl' '!" PH In the or
1 1'any, .
Railroad and
Terminal Bends
SHEAR, BARTON & CO.
.,. NASSAU ST.. NEW YOHK
i'r.ttaiielpnia T,L New Yerk T,L
Lembard 7957 R.c ter 6781
.1 ' .
"iK rtuenL 1 1
Purchasing Agent
tlA tmrt,";. 'Vln" P'"clm.ln, ,cu.
wld. knewliaji i of SiarhM. V '".r- ,,n''
Irma which i"redure Jnii". unl ",,l .?
leriletv !. fclj aTr.. rfult. reiwui.il u.
urn i
aeiijii ' .
Unlisted liends
Fabian F. Levy
Drexel Uuildlnu
Bell Umb. 7.4 v. " ,. .
furnlshcil
--.-....... i.r.i r.intan. . ... .
!. Utfscr Ofilii: wu "
.,-.-'
.fj,ieit y. Vt' I (..''.
)')
f
- - mmut M7)
.AV