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--"Wilt- fl WEm'-'-pmm&wmtim.Mmvkti; mj6mfa'sjmBuias& to, 1&2V ' " V "'t't ' " '? 19 , Protection is Inexpensive . Deeds to our homos, our wills and our valuablo bocurities arc just lccords on paper paper that can be destroyed by fire, or carried on" when left in a box in the home. The .welfare of the children and plans for the future ad rest on the safeguarding of these papers. Our vault offers you absolutely modern protection ngainst theft, fire and water. The low rental of $1.00 a year relieves you of all worry ns toJth,e safety of your papers. Larger boxes may be had at corresponding rates. Our central location, one half block from Broad Street Station, is so convenient you can stop very easily and let us show you our vault. &L Franklin m - ir-.L Cl L..t. M.pl.t is&jr IOOT. Ol. uuuw iioi noi '' W ""lilt i-1 Capital, $1,000,000,00 'mm imn mum mm txjjjxcjjjin 1 1 1 i 1 1 1 1 jj iiiiiinimin xa : Middle West Utilities Company Twenty-Year 8 Secured Dated IJccimbcr I, 1910 Int rrent pu) utile npiiiI-iiiiiiuiiII.v, .Tunc Ut New Vorlf. 'iiiipon Notes In liitcri'liiliii:pi.'li- dciiiimlniillnns of $1001), SS00 mill 100, rcdiitcrnnlf' ns to prlnrlpal only. Tlio Middle West rtllltles t'limpiui). tliioiuili Its Hubaldlnrj (oinpnnles, operates In the IoIIowIiir fifteen .dates; Illinois, Indi ana. Kentucky, Maine, Mlclilirnti. Mlssouil Nebiaskn, New Ilnmp Hhlrp. Now York, Oklahoma, Tennexsee Toxus, Vermont. VlrBliilu and Wlhronxln. Tlio Company's subsidiaries scic 190 i-nmmuul-tliM, haiiriK a combined estimated population of 1,317,200. On October 31. 1920, lertrlc customers numbered 221.881 : K.is, r,f,78l ; water. 21.778, n total cf 301,1 IS customer-) for these .services alone. SECURITY Thcso notes will be, secured by pledge of mc-rtfriiKe limuls on properties of subsidiary companies owned entirely or eontiolled bj the Middle West t'tllltles Company, thet bonds .so to. I pli(l;i'il as security for the ptesuit Issue of $2,131.0(10 Series "IS" Notes uKKrcitatu $3,859,000 par value, or J180.83 par value of bonds plrdRed for each $100 par ulue of Notes rUtstanddiK A Sinking Fund Is provided for the Series "H" Notes with n'liil-annual payments, June lht and December Int, umuuiitliur to $.'0,000 each. EQUITY Tne, equity behind th."n Notes, represented by Iniestmeut in Junior secuiltlcs of tho Company and the. reserves and surplus eainliiRS retained In the business, aggregates over ?'-G. 000,000. EARNINGS Tim earnings of the Middle Wot I'tUIUu, f 'oinpunj. us olllciullj reported for the twelve months ended October 31, 11)20, show a net balance of $2,-'81,(J7li 1)0 available for the annual Interest of $liR5.910 on $4. Gil 000 S"r NUcs. Set les "A" and "H," J,330,500 Ten-Year fi Collateral (Jold Honds and $1,100,000 Three-Year Ur- Gold Notes The stability of the public utility basinet's, especially tho elec tric light and power Industry (which contributes over 73 of this Company's utility earnings) has been demonstrated over and over again, and the vital necessity thereof to tho life and welfare of tli" nation has of recent yeais become very bmidly recognized, not only by regulatory bodies, but by tho public at large. As evl-I'-nee of this fact, the subsidiaries of this Compani have been granted tate Increases aggiegatlng ti- date over $1,215,000 per annum, of which $1,112,1'00 was peuircd In thu past six months Price 95 Vi and Interest, Yielding 8Vs Send for Complete Descriptive Circular " A. H. Bickmore & Co. Fairman & Company 111 Brond'v.-iy New York gTrn iiiiimniiiiimii itttvti imnrimmmmmiinmn i-rrrrrii .plwH & Before You Go South for the Winter do not forget to make arrangements for a safe deposit box and storage space in our fire-and-burglar-proof vault. With your important papers, securities, silver, and other valuable property out of a burglar's reach you can enjoy a vacation without haunting thoughts of how things are at home. Commercial Trust Company City Hall Square West Member of Federal Reserve Bank afap 19 iffrust Co. 15" ir M. . n -Jlli nct 3ta ' t ft, Jlna). , ," Surplus; $700,000.00 Usb! r'-". . Gold Notes, Series "B l)ur December 1, 190 mill lln ptnlirr Int, In ClilriiRo nnd Drcxcl Bldtr., Philn. i:talillHlied lfju:j I . It R. CUTTING IIS WMKIDN FORCE Many Employee Will Be Laid Off, Asserts Division Superintendent FORD MOTOR PLANT CLOSES Wllmlnilon, Del., Dee. .10. A drastic cut In the working force of the Pennsylvania Itnllroail In this rcRlon Is now under way. it wns stated Inst nlglit by (iambic l.ntrobc, super Intendent of the southern Rrnnd divi sion with headquarters here. Mr. I,n trolio said his office is wniktng out the (etnlls mid was not prepured to glvt tin estlmale of the number of men to be dropped. H is unofficially estimated from 1"nr) to l!00O men will lose their jobs. This amounts to approximately 10 per cent of tlio working force. The south ern grnnd division comprises the Dela ware, Mar) land, italtimnrc nnd Nor folk divisions, employing slightly less thnn 10,000 men. Maintenance of wny, nliop, office and transportation workers nio affected. Detroit. DeH. :!(). Official admission that the I'ord Motor Co.'h Highland Dark plant, which normnlly employs from fiO.nOH to IJO.OOO men, will reinnln eloped itnt.it Kehnmry 1, was made here. Tlio original intention called for the suspension of operations during the regular midwinter inventory period of two weeks, when the plant closed De cember 1M, but after u conference of Ford olUcials, it was decided to shut down until the 1st of rebtunvj. Although the plant has been working nt full capacity for the last three months, it is known that there has been n considerable falling off in the demand for Ford cnr.s. "The shut-down is the result of gen eral linnuclul and business conditions," wns the explanation offered. "The Ford Co. has been operating while other con cerns Imve been laying off men or work ing them part time." COUNTY MAY BE WIPED OUT Proposal Revived to Divide Forest Among Its Neighbors Tlonoita. I'a., Dec.' .'10. Tho old proposal lo dismember Forist county which has the sninlle-t population ol any in the state. I annexing portion of it to adjacent counties may he re vived in the coming session of the Leg islature. Serious financial problems which confront the county are lespou sible for the talli of legislation lo wipe Forest county out of existence its n separate county unit. In tlio ensuing two years the county coinmis'-ionvrs will be re,uiied to pay out approximately $',";, 000, due for the repair and building of bridges, with no revenues in sight bejoml iIiom' needed to meet the ordinary expenses of the county. Lumbering, once tho chief in dustry of the lountj, is rapidly be coming a tiling of the past, and the few manufacturing iudustiies located within the boundaries of the lounty are said to ne !isi sM'd to tlio limit. N. Y. TRANSIT TIED UP Transit Accident Delays Hundreds of Thousands at Rush Time New York. Dec. .'10. Hundreds of thousands of hurrying Manhattan and lirooltl.Mi homigoeis were delajed al most an hour during the rush hour last evening b an accident in the main power house of tho Interboriugli Itapld Transit Co., which virtual v crippled all subway and elevated laih'ond serv ice. The trouble was caused 1.5 a short circuit. The general congestion was -niii to hao been the worst in Manhattan in j ears. The crush nt the sulm i nnd "I," stations in lo,utnwn Manhattun became so great, ticket selling had to be suspended In the theatrical district the subway stations weio choked with outporing niutinee crowds. 133d C. H. S. Class Meets The first reunion of the Kl.'id clnss of the Central High School look place mi Tiie.sda evening, followed lij a hatiiiiet at tlio St. .lames Hotel, I1iiit, (!ai tenlailb was electfd president of the class for the coming year. i J. VAN HILLIAKD A (CO t'NT NT.. miTOK tVprcinfrlut in IT.DtttAI. INt'OMi; TAM-.S formerly trith Income Tnr I'ntt rittrrcH nt Internal Unirxu 1100 IIMI. HaTATi: 'lltl'sr III.ik; lfire 2017 I'lllirrt S3tf) FOR RENT Office in the Stoclc Exchange Building liirlBlty nil.iiiteil for stork ijroUi .ice bus nn 1. 11 re. bmli iiuli. I renin will ni.ik.. iMi.Mely m tract n li.uml imifii -nil 1 nut imitiliiiiii 11; Intii jirU.ite iiiIIk or cuuntlni; d ptrtmunt Tfletiliniie T.nriHt IIIKO i. s-iwxn w-T-n 55,000 Policy Cos5s $69.70 ll PENN MUTUAL LIFEd ri till iliililcniln rrilnrt! inst nfler llrtll i,nr flrir inlpii IHI7. AscIm 2011 liilllliirw. re VtrlU' rer mieen.irii wne in jour nee llllt'ltNi: ft III KII,M, (irnrriil Ac ntx Wi Mdtiirii iiirnrii iinm., run i., l'i I'Imwi' I'lllirrt S.inH S.1IHI iiiiimiiiiiiiiiTniiiivr -l'i piihiiiiiimiiiij.h Morris Brothers Co. rt.ililllinl IHD.I Bondi for Investment Municipal nnd Corporation 1421 Chestnut Street Savings Fund Interest 3.65 riauJity Trust Company Philudolpliiu Capital $5.200,000 Surplut $16,003,000 R. B. CARR Accountant ant Auditor Nlipd.illiniT In FEDERAL INCOME TAXES I'mn 1. Illilc. I'lilliiMiihl 1 fr- Lawrence E. Brown & Co. crRTiFicn rur.Lic accountants iii.id i:ri iNTvrr 'iiiisr "inc.. Iiiicnlliiiiiu und .11IJ11M iurtmrliU' aiiil Iikoiii.. I'nx IliliiniK GOSSIP OF THE STREET Tl.n I... ...I. , .!. v... Haven restitution ease wns openly con- tlcinned by severnl prominent local In- tcrests yesterday who nro directors of a number of lurge corporations. One of uicm in mien c n? or the incident stated Hint If the attempt made by the New Haven directum in adjusting the. Xw i.nglniid transportation situation had, niuKvu out succensitiuy no cruicism would have been heard, but. on tliu (ontrary, the board would have been patted on the back for their wise fore- tliought. Neither would the effort of centrnllzntlon of the transportation In- (uistry ijc called a monopoly us It is 11 u n , "It seems dike the irony of fate," he stated, "thnt wns regarded u mon opoly whlob was deelarod Illegal if not unconstitutional, is practically NUg- gesteil by the Interstate Commerce Com- mission to clear tip the muddled New i'.ngintui ranronu situation. ' "One of the largo corporations of which I have the privilege of being one of tho directors some years ago com pleted a deal which not only saved tho (orporutlon from being at the mercy of another large concern, but which later on netted the corporation n clean prollt of Slii.CXHMHH). No one oven took the trouble to "ommend the bonrd for its forethought in this case. In fact, the only commendation was n letter written by the pre 'dent of the company in which ho stated before we had dis posed of the properties thnt tho share holders would ome day give us it vote of tluinks. They never did. "It is mighty certain, however," he continued, "If our judgment had proven incorrect, and the venture had failed, and instead of u profit of Slo.OOO.OOO there litmltl have been u loss to mark oil, all of us would have been severely lelisttied anil ptobnbly made a subject of suit, ns in the New llnen case, in which it was clearly demonstrated no bad faith was shown." Outlook Not S Gloomy If tho fiirri'iit gossip to lm heard in btink imrlorN mid in tlio llimtirlul foin iniinlty in k'tutiiI enn be nr ccptftl an fittf'i'lfin, tlio oiitloolt for tlio uctioral biisliioss world as ri'Kiirtli its lu-uvy ma tnritios of tlio first fif the your in voiy imifii iniiroM'il. It Is tho coiihoiisiis of opinion of tlio loniliriR banklnir IntorostH that all tho ninro important romincrrlnl maturitii's hail boon arrangcil. The problems latoly pro.sonted which liavo boon Milvoil have hiohiiled some ililTion'.t onoK. TIiimo is, theroforo, hope tliat iftor tho commodity markets roach a settled basis, which is believed to be 'lose ut hand, and retail price have been reduced commensurate with whole sale pi-icon, a icvlvnl of confidence ma) be looked for. As ii matter of fact, there are quite a lew In the linanclal win Id who believe that the adverse ido of the situation Will bo follllll Illlt IN Ii'iiI m l linu k...... lictured. In oilier words, they assert .nT.ioiMiv mis neeii iiuiv prepared and educated to export the worst. IVimrl. once has shown when the majority et in i.uu hid Di uiinuini: tlio oxpecied never hnppens. It is uliondy evident, it Is pointed out, that tlio tremendous j ear-end settlements nnd disbursements mo not koIiik to create the rumpus many expected. Utherwise. symptoms of the np I'o.icliInK sipmlh would ulrondv be dis cerniblf in the money maiket. Tin ample time and tho conditions oxistina apparently lime alTorilod the bunklni; interests ample opportunity to make their preparations, und which have not boon debt.xod to the eleventh hour as experienced in former years. Mlicht I)ecIop Into a .Melon Oil potentialities evidently huvo not lost (iieh- imaKiimtive influence ns u market factor ns was suRKeMfcd ves torilay in the sharp ii,t. i Nortiiern laellic on the repoits ciiiicernini; the plans of that company for the do.elop ineiit of oil possibilities in the com paiij s properties in Montana. It is understood thai the plans will reeeivo close intention fiom the officials duriii" the net few Vtf-oks, ' It will be recalled that the president of the eumpniiy announced n-iontlv that n developmeiu of the nil mls will bo under n., on a larire sole this spring, either through the iiririiiiintion of an oil foinpam. simihir to that of Southern l'ucilic's arraiiKcnictit, or throURh leases to one or more of the huge producing companies on n ioalty basis. As none of the Northern I'neih'e. officials is an oil man. it is felt that the company should confine it uetivitios to the railroad business nnd leave the oil venture to experienced hands. Flooding the Consumer A review of the "tool iuilustr.x in the last week failed to disclose am im modintc piospoct of new bujing.' IJe le.ise of cars hitherto xostriited to coal carrying, according to the Iron Age, has resulted in a "flood of shin- iiKtits from the mills of nccumuilateil .mil current output." and has placed in consumers' jurds "somewhat morn malt rial than they were able to dispose of, especially what curtailment in gen etal demands!." Want of conllditu o in the fuirness and stability of present prices seems to preclude un early return to activity. I hero is a ieeling among independents that they did their pan In disi minting reduced manufacturing i osts when tho dropped to schedule of the 1 'iiitcd State- Steel Corporation. The close of the jear marks the steel corporal ion at full blast operations, but theie is total idleness reported at some independent mills ami vaning tierceiiL- ages for others. The first week of l'.d is expected to be better because aci umulated mders will bring some mills into opcintiou. Revision of steel contracts to the .March. l!U!l, basis lius not prevented suspensions. TMKTItADKU, DIVIDENDS DECLARED (IIUio',1 Hrlil. Cm iinnrtirl.- of 1 vr e hi noniile Jiiiiuiirj" In to toik of rocoul Jmil.tM II. 'I'r.uisjji. f. Willi imi St.'. I P.iruliir Cn . cni i rt.-r v ,f II '.'."i, '. iblf January L'O M ptnek nt rt i l Jiuuiarj 10 Itmiil Dutih lvtinli'iim f'o ini Intnilm ilhnl"iiil uf I ft ts-i (ml. iui ili, Jmmiry 17 I'ltt Lurch 1'n.it r.i. il'n ) fiunrtvrU uf li, e-r twit on t otnnion .iixl I'm in r e.ti on i t l r .1 hntll I.1 ibh JaflUII .A tu stilvlf ,if I .1 uiti.m 7. fnltisl Allni M...1 f.i dii.irt.il uf II, piii,ibl- J.inu.m L'O to utoilt of reoiinl Jim uary S. s. rnv'.ui. li I nil t'o, of .M.iBK.uhJ- tts. ft per r. ni ejMilile January 1ft to t lot k ui r- .-oiil Jiimii irv :1 Maiiiifnlur.,1 Uul.lirr I'ii nuir'rrly uf H3 isr cent on imf'rtnl, ii.iiiIj1o JanuaiN 1J .im n tUten il Jaiunry s. NEW YORK COFFEE MARKET New York, Hoc, .'lo. The market for coflce futures opened hreeiilur this 11101 niiiB with priics .1 points lower to ' I.I..I..... It..., 1 1111.....1. 1 ., iiuiina .,.(,..... .s ....s ...,, , .nun no 111 IIKUI.' .nil in i-iiui Sllllill Mill JH 1. primary uiatKctH us the cnrl ollicia' cnliles to the exi'liniiRe (pioti'd n new sit of iiKinth'i which prevented eniiiparisons liciut; iiiiule. Local offeriiiKK mi the call were lielnj; pictty well ubsoiln-d by triule interests. M.llill Mjv . Julv tsi'f.ienil.ur 'lllil Ye f'lo.e Open il JJ'u-'.l 11 lii(.2rt 11 11 1 Mid 11 112 ii ill 1. H7 ''Mis VI lis 7.22(1(2.1 7 21 If Jll Liverpool Cotton I lrriniil, IUe 30 There . an lm prinfd demand for xpet eotinn today wlili prlciH Hlendy un tlio IuihIu of nn nhaiau of S2 points for mnldllni; m ;i iCd. Tim ii.ili'H wero iuOU liu'HM, 'nl() ie. elpta win. 1001) Imli'H, IncliidlnK lou lu'ej Anu'ilcan l''uuiieH Here sle.ulv in the tailv deiiMnKs Spot prlivt. weri" Ainerican niidillluir fair l:i77d; Kood 1 .. 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Mm 4 O Ss jo . . 7ilit 1 . . el a m ;ii M no-, I'O'! i.ni !ll)ij '.in '-j inn, ii , inn.. 1 HI H N..w V N II a fill L' Mil i-. ,rfU oa IH l 1. . 7Ti. lll, CM i W I l 1 .1. . 54i'j j fill f 4'oP . , ll . . . (i.IKj n M. . (i:i. K-" f.I. I! 01 . 2 1 12 2 112 ir. s .111 IH. 17 a "in 10 :i 11:1 11. Sl) l . in B 114 n iimi 2.. .. ill r.n n in 1.1 in . 1 1-1 1 nn 'i 7.'. II . 110 71 V C 1 tieli 1st 7 m, r, mi 73 10 Sil, 1 , 2 'J l. Clllle Cup' 1 t .. P'. JO 1 . I") 1 10 1 . . (")! 7. 7i-i,Va Illy .V 1 '.- city lleriH' sk,w v , 2 I'- j I Doitim i ll . . l.-i, Wnt'11 I'm.. It 1 l'i 1 . ,li 2 . St I'liy C.ip'K r.ij N. a',, 1. . a si, r. 7I1,1 J.. . ,-,T, 2 M f Tl'v.N'K A IV 11 l W it I, i-lri. I i" ''". 71 10 71 , .1. II" ( - ,y Nort v.rl, ," I'licltle 1j ". "IIS IB ,11 !' in N 11 l'ntllli Is l'lt I'.inn Un , i'0. 7 1 1. 1 l'i H.. .. 71 2 .in k i'n l'.u I4I I'lM (.'In flit ft 11 7,1 n in 1.1 St I. KM -Is ilrOBon 8 In Unon Co " "I I ll) . .. 77 ' ' 7IH-J 10 ill". (jrsr-Wn 11 C Ullmill Co 1st, Cl'il Till Chi .li NlUl Co Is , 1 S . ht i.uuIh 1,. i I 1 noi, ; m i4 1 . h7 I'.u O fc. IJ ,1hi C'llir Is eolu A So'n 1 1 .', . . 7(lVjl I 70 !! 77", I .". 77 1 2 . 7n 11 1" lllllll I.1VS .1 I' l.iliertl .'I'm. .. SJMIU V,l"0 Ml. (Id I.iberti I'd 4t--. H4. SO M.'l hi so Liberty lht d'iS. . Ml, (10 ,s,,..i) ,s,-, ,-,o I.iberU '.'ddliH.. S1.S0 M.."ll sl.V- l.lhortv .'Id P',s,. .S7.LM ,s7 is s7 1. I.iheiti It li -His. . K"i IHI So 'Jll .-,'.'.; Vie Notes :,n. . U.'i.OO lllllll .-, 11,1 " V.i'. I 1- (T. nn 'H '"j i 1 un WAR FINANCE BODY HIT BY CREDIT M Aninnm inn nnKlirnn Dnwlwnl nt Miiuifniin puiiuuri. uie 011 group 1011 MSSOCiaTIOn UeCiarOS KOVIVai OT urmed firm hi II Tratipporl win r.i, Wartimo Activities Is Seri ous Error DISCRIMINATION CHARGED The Nntinnnl Association (,f Credit Jlen nserts the move taken by Con Rres in directing the soil clary of tho treasury to revive the uetivitios of the vinr finance corporation Is a serious mistake. The banking and currency commit tee of tlio association has, In conse 'Pience, made nn nnnnuncemnnt to i's .'12,000 members on tho Subject. According to M T. rioissiior. of Phil- flllelllliln. elinirtiinti rif tlit . .u.i.nlf ,... I,. . , . " 1"" siep lUKon uy .-sei reiary Houston l lm error becnuso smli a revival would Interrupt the processes of liquidation which have been going on quitr ns ss tomalically as could have In en evpected in view of the extent of the Inlliition under which the country has been labor ing and which should continue until tin public Is satisfied that the lituidatioi hns carried price to n point that as htires stnbllity. Substantial buying will not begin until tiiis has taken place, It it contended by the committee, "Tlio rcvitul of the war iinanco coi porutlon," Mr. Tleisher said, "will mean that tho government will have to come into the mnrket again for addi tional lonns, either in tho form of bond 1 which will compete with the existing war bonds, inevitably resulting in the depression of the latter still further, or In the form of additional treasure er tificatos, thu-i lidding to a Hunting g.e ernment debt of already two and one half billion dollars, cairiod principally by the banks, and a main muse of the credit strain on our banking system. Indeed, this strain would imve hi on thrown olT long ago but for the demands of tho government. "The revival of the corporation will I mean that one clnss of our people Is 1 to be favored at the expense of (.rent , majority to give an artillcial prop to I prlies. ' "This is not a time for expedients , nnd palliatives. Ite-mrt to them inn work no permanent cure, and, indied, I will delay the preparation for n re newal of business, und will work in justice to the great mass of the Ameri can public." I Commodity Markets COTTON MARKET New Yorli. Dec. .'10 AltlioitKli up wnnl of twenty notices were issued this mni nine, tin1 local cotton niniket luiit n 4caily oiMMiini; nt 0 to IS points ml vnnei'. Tlio stuliilit wns due tniiinlv to fiivornWf ciililes. locnl coipring uriil sonic luninR of nenr positions liy I.iwrpunl. Tin" South wns a seller, however, nnd shortly lifter the cull Liverpool nlsn became a free seller, causing prices to react under lnL niclit's clo-e b tin 1 ml of the lirst twenty inintites. I'rel Inn., Hi t(p i'ii'ii fip'-ti I. m . 14 -,j 11 i'.ii 1 1 in 1.1 s; llii'i I 1 , l:i Ml 14 ir. 1.1 '.17 1 I us 1 I 10 1 117 1111 14 U'H Innuari March . May . .lull Octub-r GRAIN MARKET Chiraco, Dim-. .'10. Trunsni tnuik m the wheat pit were mostly 111 si mil lot this innrnini; und iri - were Iireirulir Pe'iveries of 170.0(1(1 liiihi.K ,, )e ci mlier conn nets were reported. Tin market fell the absciiee of ili-nuunl fiom exnorters. iiltlioiich there were 1 ..., ri that mills were liujinc mute cash wheat wlneli were 1. instilled u an mini; irlt the iloiui'stu' imiuirj for Hour wis im proinK. Il the cud of the tir-t half li.mr. wheat futures showed sli,it( cuius frmti Initial levels. Dicembir was or.- 1 ent hiuliei- :u Sl.TO'-j. .March .stinted at S i;(; tl, Sl.tifia nnd Inter sold ill a net inhume uf rlC. at Sl.ti". Mnj .'ii.-j at si.tni tu si.iii'i. nc.iiint si. ui , nt the close yesterday, Trade in coin was also lijrht mi I'liHiiKes in pif is were mixed. Knti'rn shiipuitf Interests hotulit. while ihup. in'ssinii houses sold. i'lii ries of 1 1 7.IHHI liilshels Win- Iiiiule .Hi lie. 1 tu ber contracts. Pi I'l-nilier opened nt "'.)' tn 7L'1 .e uviiliist 1- 'i' at tl Musi lerd.ij Mai stai ted nt 7"i'. I.. 71 llXlllllst 7.V at tin end eiti rdm ut 7."'ic to 7." 'ie. agaiii end ifsterday. I III V opclii.. 7."'-..c lit the Oats was featureless. -1 1 li the under- , tone generally nsier liiliverii- of 1(l."i.(HHl bushels were made on h. eeinl... contracts. Raw Sugar Market Unchanged New Yuri.. Pee .10 '..11111" ..n- 11 ill. raw miL-iir mark, t .tie nl.oiit it.liiiii;. d The only n.iit-n n ported . .t. 1 In . r. lot O 1S.UHII l.ilfH 1 tlll.ls ,. l.r nllp" xlilptnent lo a I'lill.i.P Iplil 1 1 11. 1 1' I've, cost nnd It liT'lt. eiii il .. .. duty paid Tli. 1 w-r.' nn iiii-n :t : ..,. r.po'ted j.si. r.,i Tli, ... , .1.. supar in.uldt .i un. I. ni.'.O Prices Steady on Paris Bourse I'ltris, life n --Prl.'is u.r.. J. .11 Hi.. II 111s. today Tim. p.-rcm 1. '. s .1st 1 . f'liifn.v on Iiiiilmi, J.m'i " ."1 per c.r.t lo.u., i.ifr :. Tin ' ... r .a.s on iled at Mir SO '.e 1812 THE Pennsylvania Company lor Insurances on Lhes and Granting Annuities TRUST AND SAFE DEPOSIT COMPANY Capital and Surplus - $7,0()0,()t)u Membcr Federal Reserve System niiiMii siiti:irr ori'n 1 Chrhtiiiit iimi .IiiiiIiht sjrii JOHN L. MERRILL, Pre. To insure r.ip'd diru" and . . 1 111" ltd I! III. I! DC of ur c ll'l 1 1 Arc-i ntln 1 cud . '1 ..l'i 1 1 mut , f i', .,i, 1 , tl,i s. ,,ti 1 He 1, mill I. 'h tn ' 1 1 . ' IH'j "- 1 i'il ' n r JAHzMMvS h b 1 lTTTVTYTTr. Ju 1 rafBKtaTwSflfeJ . . R-'"N" I H iWSWi4Si r ViS'- 1 "i 1 :.'!! IHiiili . , , 1, LONDON STOCK MAftKET Sentiment Cheerful New Buoyancy Evident In Gllt-Edned Section I.11111I1111, Pec 30 With llcpililntmii nlisetit and yenr-end splilt In ekleni" i'n- stock oxcliatiRf maikeis display il siteiigiti tmlnv. Kentltnent throughout t House was ill orftii. fin. local nnd itid Mexlcnn lO-igli was 10B-1! New liuo.Mincy was noted in the glll idpil hi c-Ini. with wide K.ilim In prlc. s While fori Ign loans were (til t tin v ' showed ino'e itnMlity liollnr d.'wrlp- 1 ilons scon d fresh adnnce. follow, i, he Itnprovetnf nt at New Vork ' f-Viutli Anierlenn rails xere well sup. poittd I'hatigis In home rails mro small hut ihe were mostlv in the tm- 1 lure of uptuniH Indiisiiliils were li- 1 regular MmlHon's Hay was 6 . Iluh- ' hers were hard Service and Stability Starting the New Year liy opcninir an account with u-- will provo to bo a .satisfactory nnd profit able resolution. Wo offer the business mr.n a hanking service of proven worth. Tin ad vice on husiness-banlcini; sublccts and the banking facilities we offer should be well worth the conpitl enition of this institu tion as your depository. We invite youi account. y ' Trust Company Fourth nnd Grcon Strecti Capital SS00.000 Surplus A Profit. . . .$1,770,000 fmm RAILWAY An analysis of what is wrong with this com 1 any that its stocks arc selling so low. In conjunction an able dis cussion on the central eastern rails other fea tures in Ask for n co ity I'E'-7X MARKET OPINION .Ifemfcrr of tin Plnln Stnrl l'rlnn0 139 South 15th St., Philadelphia I'li'ini's: Itcll "rriui- 7H.'7 Ki .tiim It 111 1 inn Charles Jacket, Miinaccr Direct Private Wires to R. H. MncMflSTEHS & CO. limhi '. '..r. . utittii! .S0, ;, 1 r . . . . y. 82-84 Broad St. New York Bond Trader Desires Position Iioivl anil stock tiadi r of -wn-on-'d ex,enence ill .sites .u make .linnr . I'rotjrisi' hou.si' nieferreil. IV r f.nally nciruaintcil with inajmity of hrokers in the I'ritei! Stat".s. I5ii B-720, Ledjr, i- Oflic- GRAIN PROVISIONS COTTO.N Our Dally .if.v Sr-nt on Rrque't Hughes & Dler J ( .ill. 1 m lluird of Trill I I'hlli. tmtk I f ll Ultra 1 I'lltsliur-.-h iih I, r,,aiit, 1435 Walnut Street I -irn.nrri. Spniifi HI3 Ulll'f IMS Philadelphia Kallman & Rosen PL'BLIC ACC0UMANTS and Auditors Income Tax Specialists 510 Rcl Estati! Trial Bldf. Safe Bonds for Investment HALSSY, STUART it. CO. Inc. Z I i20 317 Chestnut Street Philadelphia tilih . "" ' ' 1 11 l a 1 1 .nn 11 1 uniountipj.' to SlN'),0SL'.iniii. (..unc fiom the I'nitiii Stnu ai.d nenrly 21' uf l-ei 1 -ixd't . nniiuintinu' to ,.577 , . U.'i.iJOO, were uxjiiiii.-il m t'i I niti'J Status. RLL AMiTRICA CrtHL" lie I" ' 11 uf If I ,H. s 1 I I 11 1 ' 1 I . xi, 1 Nil, Jj fV 1 1 a llUTJL r '"twiPANf r t ftf-TT-iirT'- ' I w": 'Wina rm f B 1- rr m r JNU flQ Income Tax Analysis For Individuals and Corporations A lino! let exieiiitiint; t h law In Its prefont ferm will bo ghirllv mulled jou unon tc Si I BATTLES a COMPANY g tv fnilrtiirulne 'iiiunre il'. 0.I1 i.mwvwwKwrv7wB4.v Get Your Telephone Service Free! J every telephone subscriber. every buxinen man every firm or corporation. ' li douMlesnly b(. Inter' Hint In a plan for pliminntlnK til ' lmtf till! Iry nn ir.inpetm i,t with a cerfil-i crporntlon it is iinsllile fi-r a llmltid lumber ol f r-oris tu ri cev .1 divliPnd that will pi their tol. plv.n. li 'I- Ot pur Kpfl . lal repi rt free Wri'o for M-ln GUTHRIE 6 McGOVERK 3lpmliir I'hlli. sir, , Kirhin-f 1150 buulli I't'iiu !., 1'lilln rrufe 0110 Knee 30Bt w nrl( S llrondwdf l4i4j4usaiiyLaiisVr.ist)f ( W ?o SV470 Tax Free in Pcnnn. A First Lien Long-Term Bond Interest Karned Oor .T; Times tnfitrnmtian Lpon Rvque.-l Baker, Ayiinjj & Young JOsl'.I'll IV IVA'V. .!r Manacrr Land Title Dldg. Boston Philadelphia Southern Pacific Co, We have prepared a sprcinl letter on South ern Pacific Co. describ ing i tn physical condi tion, high and low price, earninijs and other in terestinrj data. Ash for a free copy. BOUREAU & EVANS Jti ki , PI ilt th'lt'hi'i SI jrt- r.xcHaiiye 130 South 15th St. Philadelphia i1. 1 ' C.j tf 1 Wctt Philn. Ofiioe, 7 X S2d Street W'm. R. White. Manager '; .. 11 ,. , ... - .. loli'ilu. : rrinelii .V N.irvm n I lil f llililri' KiIIIiIiik f ninii 111 f r-u 1 1 n U f llllllHI o 11rnr 1. I h In .', f III. j . It I In II. 11 1 1 ni is 11 m l.r M ..il . suts. si.iiiti. .V llilluiiu ( 1.111 t111 r . 111 IC I In 1 - I mini. .10 Am in in I. ' , I lutrli f 11 ll ill III I t III. Ill 'I f .H tl HI f ll ! inlsii. .'. Nur l.i- si rn It K i-'ulll I. . .V II.-.. Hi. 1: f 1. t nil.. I i..is , I I,. rli f ..re irmi 1 K .ll'i n ' nun' hi I nil 111 1 riln. f rl ,,'s l I 1 t. r I units I'ltlili, s, p. , , !' ,i r ''.i lis J'l.H .T f 'llll . 0 nn. ii 1 . I .noil II l'i II si ;, no us. I 1 lit ', I' u p 1 11 1 1 ne 1 - el I' Is , l.i.li 1. ' I I , In .' 1" out A s, , npitli s f ,, I I I . Irl. I .me ie Iruli ,11 1, 1 II 1 r ( tl n .. 1 rn.1.1 l,i .11 sl 1 II 'ill. is 1 I. . rn f , I'. 1. n I 1. mil I i;:.i I'm. .r f 1. I .li .li li-t i p. ji ffW" V 11 - ii)..i ( 111"; s 111 1 'OKI It's 1 )U ' ill!! ) -. s i!i:u i.s inn " mi 1 s 1 il fi's "' IU37 i.'s I0i'. ". luai idj ir Vs I'll! Vs I0BJ ".'s III2S -.' ion I s t'l.lfl 1 's ll)!7 '.'s IDMI "' s 111.11 "s 'nil fls inn i' s 'noi a Co. .. ll IIU. r S.'MrtK'l K. Phillips . 'li nil., is I'lill l.-l, U.i mm I. I '. I III s I M I s. 111 1 General Motors ;s -ni fo' our npeci.il letter on this s I. 20 Payment IM.in" Scott & Stump Investment Securities Stock E.chi.iis; Hui'ditiz l'iitt..in:i ,' 1 'a i" in ! , It nice I'lure v' nrU BOND SALESMAN Pu ou l((l that vo'.ir Hales are a.s luri. a lliej shtuild he'.' Wiiiild a louiicriion with .111 iiiM".tuu'iit o.-'.;ani-uliili. est;ili!isicf in 17 cities incre;"M jeur tarninv; ioer? tin imII haiu lie liiml .lour ell'or s t!'e name and reputation of a niitlnn all) adiertisefl inM'stine.il lioiisc ufl'ei'in a Inrjfe tllier .ilied list ol lioiul in"luiliig issiif ;l uriy;.iitl -. Replies ulll he lieM in Mrirt eon tidenie. I) 71,1. I.eilfr Ofllve ; Tiioore, SwarJ, Hinrlle S: Garb M fill s ls Income Ti C l Sytii.n A ii di Siiriii 1177 in 1 11 pi niMi j 1 Mi r 1 f 19 I ft I !! l?i1 blfiJ Z1 ".i 'lmiH ,.jai.i'. .-