' EVENING PUBLIC LEDGER PHILADELPHIA, SATURDAY, JANUARY 11, 1919 . , BENNER & COMPANY, Inc. Widener Building OFFER TUB 7 A .Cumulative I Participating 0 Preferred Stock OF TTIB YORK STEEL CORPORATION Subsidiary of YORK CORRUGATING CO. York. Pa. Particulars upon requett NEWS OF THE FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK PRICM MARKET SHOWS NO POSITIVE TENDENCY IN SHORT SESSION Reflects Cessation of Liquidation and Pool Operations. Oils Generally Lower Tobacco Issues Continue in Demand Tractions Drop BarnetOilGas " BODOIIT SOLD QUOTED Morton R. Alexander Phila. Stock Exchange BIdg. 27 William St.. N. Y. City All Kinds of Bonds and Investment Securities Bought and Sold for Cash Regular Market Prices Coll or Write JAMES M. MARRIN 503 Liberty BIdg. Ilroad t: Chestnut Hts.. Philadelphia. r. ' FINANCIAL High Points in Todays Financial Ncivs Trading on Xcw York Stock Exchange v.as uninteresting. Liquida tion and pool operations were not tn evidence. Industrials attracted most attention In airly active Curb market. Corn declined. Cotton was In cllncd to lower levels. Xcutral exchange shoiccd slightly firmer tone. The weekly A'eto York bank statement showed Increases In average loans and reserves, while actual loans and reserves decreased Time deposit increased in both cases, but demand deposits decreased. Mar silver teas unchanged. New York Stocks lllfTh 24U J(OW 24 .J 69 !i 3T4 34 84 '4 Bit 46 '4 51 9014 si 114 43 4 15i 77 66 H 44 t r.7 60 Ii 90H 61 Ann nnl Meetings KSTI1K TROVIUhNT I.IFK AND TBU8T LJ& tnVII'ANY OF rilll.AIlKM'lIlA The Httv-fourth Annual Meeting of The Provident Life and Trust 'Company of Philadelphia will bo held at Its orflce. Fourth and Chestnut ats . on Second Pay (Monday), the Thirteenth Day ot First Month l.laniiuri). lulu, at 10 o'clock n. in. An election of five Directors to servo for three rears will be held between the hours of 10 a. m. and II p. in. LEONARD C. AS1ITON. Secretary. .. T-FMIM) HIM. AMI MIIIIW.KILI. HAVES I;A1I.I((II (OUI'.UV 1111 S. I mirth M. Philadelphia, Twelfth Mo.. 17th. 1018. The anmnl meetlnn of the stockholders of (ho, Mlno Hill and Sfhuvlklll IInen It. It Co will ho held on Second Day, First Month 13th. 1010. at 10 o'clock a m . at the oKlce of thn Company, at wlitch time an election will bo held for a President and ten Man- BB""- lTtANK VT. MILLER. Secretary UCSF MhltCII IMS I MOV Till ST COM fc I'AM', 716-717-71!) Chestnut Ht. The Annual Meeting of the Stockholder of the Merchants Union Trust Company will he Held at the utile cf tho Company on vvcdnehdn, January 23, 1919. at 12 o'clock ""' WILLIAM J. Cf.AniC, Secretary, ,r5S HOUTHWAltK NATIONAL HANK S? Philadelphia. I'n. Tha annuat election for Director of thla Hank will be held at the. Ranklnc House on Tuesday. January 14, 1010. between the hours of 10 o'clock a m and 12 o'clock m W. J. HTEINMAN. Cashier. Annual elections FIMNKI.IN NATIONAL, UAMt (ueatniit aireel. nest ol Mroad I'nuaueipnia. liecemoer i'3, mis. Tha Annual MeetlnK of the Shareholders of this bank for the election of Directors to serve during the ensulnu yar will be held at the banking house on Tueaday. January 1ft 1910. between the hours of 12 o'clock noon end 1 o'clock p. m J VCM TIAnrrr. Cashier. B5F l3KMRTHWLSTERN NVTIONAL DANK 12SS The annual election for directors will be held at th. banking house on Tueaday, January 14. 1010. between the iioura of 11 and 1 D. ro. LINFORD cl. NICE. Cashier. Dividends Philadelphia rapid transit COMPANY Srml-Antyial Dltldcnd No. 5 Philadelphia, January 10. IMP. A Keml. annual Dividend of two nnd one half per cent, or one dollar and twenty five rrms per s,i.,r.'. niv ik.ii ucnareu um ui the Rurplus earnings to P.cember 31. 1018. upon tho capital stork of this Company, payablo January 31, 1010, to sh ireholders of record at tho cloao ot business on January si. lino. Transfer books will remvln open FRANK II. ELLIS. Secretary. SUM; 1I1I.1. AM) M III'VI.IUI.L HAVEN RAILROAD COMPANY, 110 h. lCltlltTlI HT Thlladelrhla, Twelfth Month, Kith mil A dividend of 8 '4 per cent ((1 25 per share) has thla .lav been declared, pavable on First Month, 1.1th, 1010, to stockholders of record at 'J n m on the 1'Oth Inst. The transfer books closlne on the soih Inst., will be opened at 0 a. in. on First Month, 15rb. 1010. Checks will be mailed. w.m nmnr.K. Treasurer. Cfflee of The Ullted tins Improvement Co. N. W. Comer Hroad and Arch str'-ets Philadelphia. December 11. IBIS. 'Ihe Directors have this day declared a suarttriy dividend of 2 per cent (II per sn.rej. payable January 15, 1010. to stock holders ot tccord at the close ot business December 31. 1018 Checks wtll be mailed. I. W. MORRIS. Treasursr. BUSINESS NOTES Now York, Jan. 11. Tho stock market fn tho two hours of trading with which tho teek ended was without any posltlvo tpndency and re flected a cessation of both liquidation and pool operations. Stocks that had been mado stronf; for a long tlmo past wero In supply, a special featuro being Mexican Petroleum, which dropped during tha first hour from 182U to 170. Other oil stocks showed an nbsenco of pool support, which had been the chief sourco of activity for somo time and they showed a heavy tono ccncrnlly, although Sinclair Olt wai steady and thcro wero Indications of orders to accumulate tho stock at slight re cessions. Tho local transportation stocks were again Influenced by tho action of tho Board of HsUmate yesterday and declined under small offerings, Interborough preferred dropping moro than 1 point to 1914 and fractional losses wero sustained In tho common stock and In Brooklyn Hapld Transit. Tho steel Btocks wero unusually quiet and fluctuations In those Issues wero confined within narrow limits, but nearly all theso stocks showed trifling losses at tho close. Tobacco stocks wero made active at times, with United Cigar Stores molng up from 113'i to llt'.i in tho early forenoon, but losing most of Its gain In tho last hour of trading. Cuba Cano Sugar was ono of the weakest features, falling moro than 1 point to 20r;. Government bonds wero again active, with the Liberty fourth 4'is continuing In good demand, mos,t of tho transactions being around 9r.60. Other bonds wero irregular, with tho traction Issues down about 1 point. .10314 103 73s 105 97 CI .291, 'CO 74U 92 4 73 W 49 112 RS 24. BUYING POWER POOR j PRESSURE ON COTTON IN THE CORN MARKET! SENDS PRICES DOWN Sentiment Bearish, Owing to Feeling That Trices Must Come Down The works of the Crucible Meet Com pany, ot Harrison. X. J., which haa liccn working loo per unit of capacity on Co eminent ordeis, has elosul down tnniiuiniily us uult of fcuspenplon of large part of thcho orders. Operations win ne lunumcd grudually as orders still on hand mid new pcaco business decl ojilug vtuir.itit It is understood that other plants of tho company arc affected but not to such an extent. ' iMMni for orirniilrntloii of the board of directors of tho Tiro Asso- i . i l J.'llll h Joi h- .111 w . c mill m.'c pmldiut of tho oiDlutiy l biKivid ThMi lor. II Con il'n '.'Pim1-. .1 ii'Iht olllcers of tho company wero le-elected. Under the order made today by (he anthraclto committee of tho United States fuel administration, anthracite of any and all islzes, other than tstovo and nut, may now ho shipped anywhere, throughout the' entire country and to any amounts called for. Commercial failures this week In the United States are 175, against 140 last week, 126 tho preceding week and 285 tho corresponding week Inat year. Fail ures In Canada number thirteen, against fourteen last wee, thirteen the preceding week and twenty-four last year. Humors are nualn In circulation regard. ing an amalgamation or three of the leading Independent Bteel companies Youngstown Sheet and Tuhe, Lnckawan. na Steel and Inland Steel It can be stated, however, that no plans for such a merger are now under consideration. That a mercer of at least two of thren companlesi Youngstown and Inland, will eventually no c-uiisuiiuiiuieu is not doubted in well Informed circles, but It is suggested that the present would not be an advantageous tlmo to tako action. O, C. For, formerly of Wellington, Sears & Co., will, on and after February 1, bo associated with Norman J. Coudert, under tha firm namo of Norman J. Coudert & Co. They will continue as .Bailing "agents of cotton goods at 542 Drexcl Building. w Tlorlnc the month of November the railroad administration reports five steel pifBsenger cars wero delivered and two wooden passenger cars, 107 steel freight cars and 366 wooden freight cars and forty-six gondola cars. The Standard Oil Company of New Torlc has reduced the pries of refined oil In barrels for export one cent a gallon, effective, at 3 p. m. today. This makes the present prlco 18.75 cents per gallon, Australia lias sold 80,000 tons ot wheat to Norway at i.3& a bushel, f, ' to. b. Melbourne it Is ofllclally an nounced. Norway supplied the tonnage. GRAIN m:i.T WKXTllF.R TORKCAST Chlcano. Jan. 11. Illinois Fair, to nlelit. warmer northett Cunino. fair south and central, probably enow or rain ctreme north. ., , . , , 47 . MIsHi.url nnd Knnsas Fnlr tonlaliraml Slindax warmer tnnUht. . lt , Wisconsin Inrreaalne cloudiness, prob ably follunrd by snow late tonlnht or "Minnesota Fntlled 'tonight nnd Sun dnvi prohnbli sno. . .,., lon Parity cloudr west nnd Mjuth. nosslhlr snow northeast! wnrmer jonlsht. North Dakota Mostly cloudy lenlaht. prolpnblv followed by snovv Hundail (old utremo west Nunilay. b.,i South Dakota Fntr tonlsliti ,s",n"J Inrrraslnir clouillness, probably follone.1 by anew nnd eolder north and west. Nebruska Fair tonluht nnd l",",1'1"' wnrmer tonlcbt In central nnd eitreme southi colder Sunday. ., . , .. Montana loud, folloed by snow Htindaw eolder. . ... , . M j onilne Fair tonttht, Mcept rain or snow extreuio westj Chlcnito, Jan. 11. Sentiment In corn was bearish this morning, owing to a growing fear that the prices of com modities muot come down to meet tho changing social and economic conditions, and tho maiket was weaUer. Selling was general nnd buying pow er was poor, apparently basing been exhausted lato yesterday, when many of tho most Important shorts cocred. Tho olumo of business was smaller than on tho two previous das. Com mission firms and local brokers som Tho buying was mostly on resting or ders. I-arger receipts wero promised for next week. Tho nrriMili hero today were 201 cars. January opened lie lower, nt 31 41 'i nnd dropped to $1.13'. March started at a decline of He. at el.37. and receded to $1.3G'. May ranged from $1 3BH to $1.35i at tho outset, ngalnst $L36 at tho end yesterday and drop ped to $1.35. .... , , Oats were easier on selling by a lead ing elevator Interest, prominent loc-jl traders and commission houses. Busi ness was fair. It waH said that the domestic demand for tho cash artlclo way better. Tho arrivals hero today wero ninety-six cars. January opened at 691c to C9UC, against 69 !$c nt the close yesterday. March win down lie at the outset at 70c. Mav opened nt 70o to 70sic, against 70c at the end yesterday. Tho receipts of wheat nt Minneapolis today wcio 109 cars, ngalnst 156 cars last year; at Dulutli, 24G cars, ngalnst 7 cars a ear ago; at Chicago 91 cars, nqalnst 7 cars last ear, and at Win nipeg 277 cars, against 292 cars. Leadlnn futures ranired as followa: Corn mew nemery Close Barely Steady at Net De clines of .5 to 215 Points (li'i 70H Open Jan. May . O.MS- Jan May . May .. .23 eO lltbs Jan .... .. May ... 23.30 May ....42.35 Yes. Hleh Low Closo close . jiu. i jui: 1.4M 1.4(1 '. 1.33H 1 35 l.SJH 1.31'ti l.IIW 1 35 H Ne Aork. Ji'ii. It. The follonluc tem peratures were recorded In the cotton belt this niornlnei Knox.llle, Slit Miicoii, 2X Asheillle, 30; h irlestoti nnd Thmuasiltle, 31 Mhrele nnrt, Oklahoma I Ity, Nashilllr. Atlanta nnd YlllmliiKtnn, 3 Is I.lltle Itoek. i.k btiri;. Pensacolu nnd .laiksnniille. 3(li Memphis. 3S New Orleins. AliKiistn and Knunn-ih. III. iSan Aiitoiiln nnd (lahes ton. 41: Tumpa, IS. No prerlpltnllon. . New York, Jan. 11, l'ressuro was ap plied again to cotton Inward tho closo today anil after tho maiket had rallied It cgaln weakened. Kentlnfent remained two-sided, and several Important Interests wero said to bo ptpiesslng bullish opinions anil buy ing quietly on declines. Tho demand, however, was checked owing to appre hension over tho unsettled labor situa tion and tho unsatisfactory conditions In tho goods tmdo. Advices from tho South told ot a fall ing off in tho Inquiry for tho actual article, but liidlcaUtl that offerings wero not large. Outside, liquidation nnd south ern selling developed lato In tho fore noon. Tho close was barely Meddy nt n net decline of 3 to 23 points. lesterday'a Todiy' closo open. Hluh Low Closo January ... 1!7 Til . J7 n.v '7.tin "T .n Manh . . . l'ii 14 sunn uii 411 i." us un no .Miiy '.'"Ill L'l HI ''". '.'S 'J4 HI J4 HI July ... :m jh '.'i is i'l 47 'Jl in 24 in October L'J.lll SJ 111 Si 31 SI 05 L'J Wt N. Y. BANK STATEMENT Adv Bumcly do prcf .... B9U AJax Ilubber . 6714 Alaska GUI M 3T, Alaska Juneau 2Vs Allls-Chalm Co 35 do prcf .... 85 Am Beet Sugar 71 '4 Am Can 48 M8 AmCar&FdyCo 90t 894 .jax nun rets. I". Am Cotton Oil, 44 Am Illdo & Ii 15' do pref ... 77 'i Am Int Corp.. B54 .m ice sec do prcf Am Linseed do pref Am Loco . . do pref. Am Malt ... 3 j! Am smelting . 74 Amer Snuff. ..105 Am Sum Tob.. 9 8 'a Am Sugar.. ..114U Am Tel & Tel. 101 Am Tobacco.. 20 4 i do pf new.. 102 Am Wool U Am Wr l'appf To', Anaconda .... 60 Assot'd OH.. 76H Atchison . . .93 Baldwin Loco 74, B & O . .. . 49T Barrett Co. .113 Beth Steel pf. 88 do B 61 'i Ilkljn lt T... 24", Hums Bros... 156 Btitto Con A V.. G'l Bulte ft Sup C. 1914 t'al Petroleum. 22'3 do prer .... 66 '4 Cal Backing... BUs Cinnriiin I'ac .1B9 Central I.eath . B94 1I0 pref . . 105 'Ccrro d" l'nbco 34 iCent & S A Tel. 117 Cl.es & Ohio . 56 'Chicago & Alton 78j ie si tc &t l'... 4i do pref . . 71' 'Chi & North.. 9ti' ll'RIS I'ac to 25 li (Mllll'l HP 79 j It'liluo Con Cop 33 'i Ifluctt 1'eabodv 641s Col Fuel & Iron 37 Col (las ei l:lec 12 . t'ol & South . 21 font Can . . 70 i Corn Products. 50 's Crucible Steel.. G6T Cuba Am Sug 150 Ci'ba Cnne Sug 27 do pref 77 Dcla H Hudson. 104 Homo Mines . . ll?s LiMll Securities 611 Kile gen lieu. 55 l.ilo 16i Castou Winn . 29', len Cigar Co. 5J'i Ceil Jlotors . 128 n 128 do pref . 84 K. Si's Coodrleh II F 57 (.en Motois rtn 1 ', tlninliy Mining 77 'i Ct Nor prcf .. 93 '5 do Ore subs 35 '4 (Jreene-Can Cp 44 tlulf M & Nor 7'i lulf .S'.ates Stl G0 Mask ti Barker 4 1 Int Agrleul . 13U do pief . . 58 't Intplr Copper . 44 Inlerb-Cous C. 5'- do pief Net Close chime 24 i U 59 ii li 6714 11 3Ti Is 21i li 34 i 8414 . 70 ; l'i -l'" INDUSTRIAL ISSUES THE LEADERS ON CURB 48 89 ?i l"s 44 16 U 77 55i 44, 57 BO'i 90H 61 10J 214 .. 738, 10b 97 11314 114'i It 101 101 20l 2044 14, 102 102 1 General Asphalt Continues to Attract Attention Oils Steady, Without Change Philadelphia stocks ' GENERAL ASPHALT COMMON V?J AJND PKEFEKKED SOAK AGAUY New Inrk, Jan. 11. Tho Curb market was fairly active during tho half-day's trading, with tho industrial Issues at tracting most nttcntlon, somo of tho stocks In thnt group show Ing pronounced .strength. General Asphalt continued '"h 24 Am Gas . TI4 10 Am n pf 65 95i:ico Stor B3'i 1902 Gen Asph BOtj 1165 do prcf. 834 435InsCNA 284 10 Lk Sup C 17 4j BOLeh Nov. 724 5 Leh Val, BBMi 40Mldnle.. 44 't 1801'ennu Bit 45t 44 I'hlla Kleu 25a 206 B UTto 27Ts 5 l'h Tract 71 V 60 Ton Bel.. 2i 100 Ton Mln. .1 135 U O I... 72'3 725 U S Steel 91 T Net !w Closo chge 64 64 65 65 .. ., B3a 6314 fs 49 4914 .S 82'4 83 11a 27 28'4 "1. 17 li 17', i 72 ji 72 j, d B54 55 In It 44' 44. .. 45l4 45i .. 25 25i s 27 27 s , 71 71 2's 2, .. 3 3 i 72'a 72n .. 90 90 ' Ts tho most prominent feature, ranging ,V'' I'' (ii,,l0 !1,,r!.,i.rompll..r'l.n'R.... ,, .... , rnLI ,,.,,, ,,' ,i",i 1 15.151 shares cslerdiy: this celt, IIO.OUJ from 49'a to B0V4 With tho demand I shares, last mccK. 13.011 eharcs. Dutch joining from Iloval '1 '4 51 29 V. 60 754 2 93 i 73'3 'a 49 '4 113 88 3 60'i . , "t "s H 1 I Is 14 steadily 8, sources. Intercontinental Rubber was unusu ally actlvo after being quiet for a long period and advanced from 17'i to 19 Swiss International reacted from 47 to 46, and Llbby, McNeil & I.lbby was 'M traded In at 23, n slight recession from 15B9 156 19't 19'i 's 22H 22j tt 66',i b6'4 ' 61 5l'i S 159 159 1 1t B8ii BS', s 103 105 ',4 34 St '4 117 117 2 56j 4 7. '. 41 J- 'j 72'i 96 56!). 7-S 40Vj jesterday's highest price Tho war stocks were quiet. Aetna lit plosives selling at 7'i ; Wright-Martin at 3?i to 4 '4, and Sulimarluo Boat at 1 l-'4 s 1 Tho oil stocks wen' steady nnd with 1 out Important ehango In prices. Hous ton Oil sold nt 82 to 83 and luiyal Dutch wns traded In nt 72W to 725J,. Inter national Petroleum was steady with sales Uurt. A nt 18't to lS'g. Cosdcn &. Co. sold at 1 io prel 7' tb 1 Tho motor stocks wero Irregular. Peerless held strong, selling nt 19 to 191a, while Kovstone Tiro ranged from 50 's to 55 '4. United Motors was steady with sales at 35i to 35,. INDOTUIAI.S IKINDS Net ....... "Igh Low Closo chge 2000Clty 4s 1916 .. 96'j 96'5 9G',4 "i 600 Lako Sup lnc 5s. . 58 68 58 .. 1000 Lib Bonds 4th 4 'is 95. CO 95.60 95 60 .. 3000 I'll Co con 1st 6s.. 100 100 100 Total sales, J03O0, complied with II4.H0O csteda. this week, SJ3.',850, last week, ? 100,500 Local Bid and Asked 79'a 33 'a 64's 37 42. 21 70 49'k 56 150 25 is 75 104 11, 64 ' 615, lb'. r.2 H '4 'ii I 111. ls 791;. 3 1' 64', 37 1 12 21 t 70 19 ', 66 150 25;4 I a 1 60 l"; I1! 77 '4 9 j '4 31-i 43'i 7 '4 5') 41 13't 51 42'. 5 ' 10 14 Aetna explosives ... Am llrlt Mfg .. . . Am Mnrconl Amer Wilting 1'aper. Air Heductlon Canadian Car Ci s C011 Car cl Fdy pfd . . Cha1co.1l Iron Js 1 Chev rolet Motorfc . Is j Crimp ... t uills3 Aeroplane. . . . ' j Cnrvven Tool '.i Carbon Kleel I l.mersoii 1'lionogiaph llen.lec jug Like Torp Iloat . . Lehigh Coil Sales .. Lima Loco M.i vim .Munitions.. . N V SliiDbiitlillnc N'nr Amer 1'apcr I'ulp, Otis Clcvator Peerless Motor Boole Bug Scrlpps Booth Standard Motors . SKcl Allois -.' . Sulimarlnc li Si JnN..iai I.....I (4J4 -. 1 ' Tnild Shipbuilding Triangle I'llin ', Fnlleil 1'iollt Sharing ' 1' S .Steamship .... 6 I'nlted Motors 35 Worhl Film 1, Wrlght-Mnrtln Air .. 4, STAND ltll on. 4'. 104 in, 51 U 54 4 Ill's 39', 6-'-!4 12S S4i 57 s iTs -3 1 I! 114 'a U 9T4 34 43 's 1 .115 . 58 . 11 . I 90 o 10 14 87 30 4 35 . 2'i . ii . l'l . 20 . 15 7'a i . 12 . 13 107 Ycst. clos ASK 7'i n 4'i 2 60 33 85 8 155 63 1.1 8 100 2'i 18 2' 90 35 '"a 38 21'. 65 194 40 60 8 8 12'j 14 109 As US1 tc ref ll.1hU.lll Ilrlll J ll Kleit Htoraco . .... lieu Asp flo pref Key Tel tin pref I.iitie Sup Corp . . . I.eh Nav t.eh Valley I.ph V'nllpv 'l'r (saie) I no pref 7 !s I'cnna . . 1 I'hlla Blectrlc l'lill l Ci . .10 5 per cent rr. il. 11 t rr cent pr I'hlla It T ltiadlng . . . Tun He! Ton Mln I'n 1 rnc It O t If H Mteel lork Kwy do prcf 111 Cramp . . . Todll Vest Hid .slt Hid 70 7J 711 r,i r.i r.i 7.1'i 74 7.1'i 20 r.v r.i r.i'. isl, 40', 4H H.'C, HI HHj , III . 11 HI 47 4 1 17 It's IS I7' , 7i 7:i 7J't , :,-,', ;.i; r.-., ,14 .. 11 rday Ask 7 r..i 7I4 20 51 ff" 411 IS 7.1 r.o Make Up Bulk of Business on Philadelphia Excliimgd and Score Wide Advances Other Stocks Sell in Odd Lots, With Prices Steady ' Outsldn of business In Oenernl Asphalt common and preferred stock, trading was slow during today's short session on the Philadelphia exchange and prlco changes wero few hut generally on tho sldo of advances. Both Genera! Asphalt common and prefened continued nctlvo and- strong, tho former advancing ns much as 14 points to 5014. another now high, and ths preferred 2'i to 839i. within !i of that stock's top record scored In 1914. Tho wldo changes wero recorded catly In tho fccsslon and again they wire) followed by recessions when holders sold for profits nt the high level, 'so , that both classes showed declines fiom tha high of tho morning at the close of trading. Klectrlc Storago Battery wus about tho only prominent homo Issue to show an Inclination downward nnd it yielded i, while Philadelphia Eleclflo advanced slightly nnd Insurnnco Company of North America ndvnncedl point. Business for virtually tho entire local list, outside of Asphalts, was In small, odd lots, nnd prices for others appearing were generally nt previous closing lovels. ' Steel rcicted a little, but was slow. ,l . . e Officials of railroads operating fastw-ird from Chicago and St. Louts re port fairly good conditions for midwinter. Comparisons with other years tare still out of lino its to volume,. At piesont tho roads have, all tho buslnws they can handle piumptly. Hallroads operating In tho South nro handling nbout 8 per cent less business than n jiur ago, with tho car supply easy. GOSSIP OF THE STREET II alone the samo linen, but on the whola opinions were decidedly mixed on the 1 1- ..- mi .... i- I 1 iiiiiiu jjfjiuia Aiifjia .i, nuwover. lit 27 Mi's .IIP 7-"a HIJ :t2 :u s 1,1 . .ima 7.1 OO7. 31 31 27la M's H!. 31 7.". 7'. .11', oil .111 31 I'IKLA. INACTIVE STOCKS 3G, 12', 69 2' 41 I li'i i 584 3 4314 'J SH S Int Mr .Mar pf.l07'B 107 't Int Nickel , Int It T pref .Hen i e.i Kelly Spg Ivennctott t' Link Su el Lehigh Val . L-W Bis Co Lorlllnrd B . Max Motor. . .11 Mi .11 71'- 71 30 ,",0 . 70'a 70 32 ',3 32 '4 . fclla fills . 65 -i, 55 ?t . 4't 41 lfiS lhS . 28 1; 28V May l'ept S pf..l0l 101 Mcx lroL..18JV4 178'-i Miami Con Cop 21 2I Mldvnlo Steel 4l'i Missouri I'ac . 25'- Nat Acme . 31 Nat Con & C . 16 'a Nat 11 & S.... 48U do prof . . 935 National Iead. 64 'j Nevada C Cop. 17 N Y Cent .... 74'. North Amer . . 47 North I'ac . . 92' Nova S Stl rts 'a Ohio C.a l.TSt Ontario Silver fi'4 Okla 1' llet . 10 Ban-Am Bet... 7il'j l'enn It It ... 45j I'hlla Co 31, ritts & West. 3fi4 Blercc-Arrow . 42 '-j do pref.. . . 102 i Pierce Oil . .. 18 I Pitts Coal .. 47' j Itv Steel Spring .4 Increase in Average anil Decrease Itpart 1V1 " ,'''.P I 81 'i Actual Loans Average Reserves Iliph 1 Bep Iron & S 7I1 , Nr V ,J; uJl6 XT Hs'aTl ,.f I.ii hank statement this week shows increase, sipiaiP nil ... 3I. , ...... .. .. ... ... ..... . . ....... . . . -. .. - Southern I'ac iui-s iuu's Southern H B.. 2Si 28'4 do pret . . 00 s In averngo and decrease in actual loans Average reserves Increase, while actual are lower. Tlmo deposits galnln both cases Details follow: AVEHAGR 4314 25' j 31 15'i 48',i !l3-' 64 17 74 '4 47 92 'i 'a 43f !', 'II. 69 '4 45 '4 31 W 364 42'4 102 18 47' 71 20'4 80', 73 71 18'i 314 20 107' 31 71 30 7lH . 32a 05'i, 554 41 If. 8 2S 104 179 t Am (ins ill Amer Milling Hi',, Am Stores pf 90 A O war ... 714 1 Brill JO ... 20 Huff & Susri tc 70 Huff & Sus pf 51 Cambla Iron . 40 Cambria Stl. 115 C.itnw 1st pf, (,; Cataw 2d pf. 54 I Tnt Bass Bys 109 I Con Trau N J 6J corni.s.MUK .130 ' I coiior.il nirrpeinent nn one nolnl. nqmaW STTRSTTTTTTF. TOANl tIiat Mr McAdco's nve-year Government UVJ1JUJ.11U11J AJV-VlSJ rnnlP11i ,. m.-ratlnn ,.v ncrlmenf wMlt.l not bo carried out. t Thero was opposition In some qur tcrs to tho appointment of a Cablmt x incmb. r ns director of transportation, ' 1 the main objection being the dragruir gcslion of Philadelphia Hanker , of le railroads into politics l . There arc a few bankers In thts city, as Sound Proposition I who claim that Government ownership 111 inu ciiu la iiieviuinio iinu arc. uiere fore, In favor of Mr. McAdoo'a five jear trial plan not that at present they advocato Government ownership, but they claim tho drift of tho times la strongly In that direction, and they aay experience shows that tho best plan,(ls to ninko tho best of what comes alongj They say that the present temporary arrangement Is getting to bo Intolerable, and Is having a serious effect on rail- lead securities, and they cannot figure how under Government ownership a PLAN IS FAVORED Financial Diotrict Welcomes Sng , The suggestfon mado In this column on Wednesday, In nn Interview with ono of tho leading hankers of the city as to the substitution for nn issuo of 11 fifth Liberty Loan of an equal amount ot tho bonds of tho Allied na'lons, guarantied Tollowlng are quotations for Inactive Rtrptro tl.. ... .u m.ll.,t.l.hl . UlnnL Vi u "' ."O L llll.lilllin. ...wv. . ,, i ... . 1 .1 i.xciinngc anil In which there wero no " umini .-uuib uuimuiuni, 13 u. transactions today. The price given la subject of vcr favorable comment In tho last previous close: tho financial district The prmclplo ln- Acmo Tea o 79 lhlnh Nav . 73 I volved meets with almost unanimous up- Lit Uros .. -it iprovni, not to say enthusiasm, in somo Little Schuyl. 48 1 instances, Ono banker remarked jester Slim hill ... 60 day that It was tho tlrst and best sug-Vt-irth Central 754 .iinn 1.. 1...1 .... i..m.i ..e n ..ton to Nortli Benna. J4 ., . i,ruiiortlon of our loans 'i I'llnols Ohio . . . Prnlrla Pipe . . . rt O i:nllforiil.i S O New .1. 1 soy S O New York . .161 338 2h7 .238 .72.1 322 Oil. 167 332 26.1 .... 1"5 1 li 3 'i 43 '4 25 M: .. . :u 'i if. li 48'a 93 , 64 17 71's 47 92 '4 6 2' t 811 18'i 8 4 1; .12 311 16 21,7.".-. nnn H1.14H nun .1K (IO11 1.H32.0UU 530.881,000 "LSJIUOO Loans .. . 1 1.751,605.000 Net demand Je- luislla ... .13 020 ORl) 000 Net tlmo deposlta 142.1107,0110 Circulation .Ti.ii-.l.ooii Cash In vaults., 1113,321,000 Jleserie In num ber banks . rteserve In htato banks nnd trust rempinlis .. Iteserve In Mate banks nnd trust eo. depositories. AcKreeato rese ve Iteserve required Surplus Ilecreasp tllnlted Blatea deposits deducted. 1200, 14B 000 ISpcclo Included, 160.003.000. Slnnilanl Mill 120 . htudebaker ... 62 Mi Stut7. Motom. .. 60s4 Increase strombtrg Carb 40 5l.ii.'7.uon sul Steel ... . 36'i Texas & Bac. . 33 , 69 '4 120 r.u; r.nij 37 ? 35 'i .1. tll.O89.00O 0,014.000 r.77,HH7,OV) 510 H70 21(1 5S,O10,70O 37.000 .11.000 .I.R411 ono .',H47 IIMI DOS (ISO 60S (1S ' nn's 70 no4 cu 704 21 43 21 10 21.42 21 40 23,83 23 37 23.53 23 82 24.70 23 20 23 30 2." 87 2J.87 23 37 40 21 42 J3 41 01 41 33 41.01 41.47 46 51 42.35 Financial Briefs RAILROAD EARNINGS , rr" Of the sixteen employes of the Com mercial Trust Company who went Into the military service fourteen reached the other side. Tho following securities have been ad mitted to the list on the. New York Stock Bxchange: Ajar Rubber Com pany, additional $1,000,000 capital stock ; Bush Terminal Company. H45.000 com mon stock: Tobacco Products Corpora tion, $1,600,000 common stock. ' The New York Subtrcasury gained J43.000 from the banks yesterday. A. J. Karllng has resigned as chair man of tho board ot directors of Chl Eag". Milwaukee and St. Paul and will hi succeeded by II. M. Calk ns, who Is president of the Ballway Corporation. Tho New York Cotton Hxchange mem hershln seat of II. li Kohn has been Ml to Q. M. Pynchen for 817.000. This Is Bamo prlco us paid for the laBt seat sold. DIVIDENDS DECLARED Philadelphia Itapld Transit, semlatinusl of 2H per cent, payable January 31 to stock of recora January -1. , . . - Cuba llallroad Company, semiannual of S nor cent on preferred, payable February 1 fo stock of record January 1. GOVERNMENT BONDS nid 2s, reelstered. 1030.,.. 2s, coupon. 1930 98 4s, registered. 1025 3s, coupon. 1025... .. 4s, rrslstered. 1046... S3 3s, coupon, 1940.1 e.1 Panama 2s, registered, IPSA,, 9N Panama 2s, reslstered, 1038,, 0 Panama 3s. registered, ltttl.. B8 Panama 3s. coupon .......... 88 Asked 10!i 100 ACTUAL na, ono 72,000 (Kill 3V.lll.Mini) 1111,457,000 550,021,000 'O.ISS.OOO loans 11.700 327,01X1 115,530.000 ..pi nrinanu ue posit, .. . . f3,ni2,2no,nno ! Net time deposlta 142.318 (inn 2. circulation . . iMsti in vaults . llcseno In mem ber banks . Iteserve In State hanks and trust comnnnles Iteserve In State hanks and trust rompany depositories Accrepate reserve Reserve required Surplus lleorease tUnltcd States deposits deducted, 1213,. 48'l 1100 JSpecIo included, 131,283.000, OUTSIDE HANK STATEMENT BTATB HANKS lnprp.M tnv'stm'ts t325.330.2on til mm 21m Texas Co 187 Mi 185 110.010,000 10,023.000 581.4MI.rnii) 52-',H7H.710 53,010,270 llo rts .. .. 161. I6M1 Tobacco Prod.. 78, 77 Mi Transitu Wins. 37t 37' Union P.10 . .128'. 128 do pref . 72'J 72'4 I'nlted Alloy S i' 37 , Bnlted C StrsUB'i IUI4 I'n Prug 1st pr 62 52 I'nlted Krult ..16.1 13 U S lnd Alco.103 103 II S Realty.... 21 22 17 S Ilubber.... 77 '4 76 do 1st pf...l09 109 i IT S Steel. ... 92- 90", 1'tah Copper . 71 71 M Ctah S Corp .14 14 Wabash 8i 84 do A pf. .. 33 '4 33 West Marvld.. 12 114 West I'll Tel.. 88 87'i WestKhsn Mfg. 42 41, 71111,000 White Motors. 4514 45'4 Wlllss-Overliul 25n 25.-H, do pref 88, S8S4 Wilson Co. .. . 72, 71?, Wrth P&MpfB 67 67 474 000 l,4.".10fl 5,174,0(10 -'.2411 till .',027,850 43", .. 6 , 9- .. 69'a 1 45 i 31'i .. 36 i 42'3 .. 102 18 'i 47'-.- .. 74 2014 U 80'4 'i 73', N 74. H U IS 14 s 341, H 100T, .. 28'5 4 (.9 '4 t- '4 120 61 "4 ' 504 4 1 39 l'i 35 '4 32 la 185 '4 li, lfi it. U 77'. '4 37 4- 'i 128 H 72 '4 .. 37 1. 113M4 's 52 U 163 103 U 22 1 76 l'i 109 H ', 90", l'i 71'3 j 14 Mi 8 'a 3V, i 11?4 i 87 '4 lh 41 S. . 45 14 i 25 ih 884 Mi 71i a, 67 l (! im)I.I'i:m)i:st Harnett Oil & Gas.. Cnsdeii tc Co nik Bnsln Kidinl oil. ... C.lrn Bock Houston Oil Inter Petrol Ir'.-ind Oil Mi rrltt oil j Mlln.st Belltilng . Met Petrol . . . Oh'o Kuel Itice Oil Snj 11 1 1 1.1 Ref .... Stquovah JIIMMI Atlanta Big Leilgi! . . Ilulto New ork . . . Oni Arl7. . . C K S o; Jeroiiic . . , Kinds N11tln11.1l . . . , Goldlleld Merger .. tiolillloid Cons .... C.oMllelil rioreneo Coldlield Kiwnnus .. G11 en Monster Ilccla Mining . .. llowo Sound Independence land Jrriimo Vi rl(. Jim llutlor . .. . Jumbo Kti nsion . . Mclvluley D.irragh. 51ngnia Coppi 1 . . . . Mother Lodo Minis Co of America Via'ti Mills Nevada Wonder . ., s pi.slrig . . Ohio Copper . . , Bay llircules .. San Tov Tonopah Extension. I'nlted Verde Wet Lnd Con Whlto Caps Yerlngton KINDS Bethlehem 7s (noti s) ,1004 . s . S2 .102 . 19 . 50 . 98, 85 Todd Shipbuilding Co. 104 721 221 .STOCKS .A V 6'4 2'i l'i 82 18', 8'i 2 1 126 31i 18 7 "s . 2J'i 21 .STOCKS 1! l'i 21 1 t T; p 4 45 25 33 8'i lis 33 '4 3 12 1 4'-, IS. s 1 . 26 15 47 27 35 1 6 '4 8'i l1! 2a C'i 2 ',4 25 3'i It C's 82 18 126 13 "i'i 'l'a 614 4T, 31 Cosdi 11 Oil 6s Covdin A: Co 6s Cuil.ihy 7s . . Hncsi.ill Govt 5I.H J" ' BushUn Govt u'4h - 1 South Billway 5s . Kluil.nr oil (is KU K5 85 102'i 52 53 98T4 'ID 110 611! HHSKUVR BANK HKPOHT To'al pates, 210,100 shares, compared with Gold Rt'scrven Gain in Statement of Loral Federal Institution A feature of tho weikly statement of thn Philadelphia Keilernl Reserve Bank was a further decline In Federal rewcrvo notes In circulation, from $231,372,230 on January 3 to $224,109,995 on January 10 For the last two weeks the notes have bein coming In for redemption The high point in actual circulation wus $233,4 80, 515 reported on December 28 Gold reserves snowed u substantial in 401 Mil shares yestrrdau this week. 2,701.-. ;"" it0- be'nB r'Vor,,e,d, ni r,viv8,60'14? on Loans. iiom curr'ey bk notes Iieposlts Bederal Keierve bank ot Neiv York . . , . 1 Deposlta Hesv, on deposit. l'erccntase of reserve H.iins. inn 20,111,700 v 4..R(i0.500 n."J.23,l,llii) 107,711,800 017,200 U34.3UU 2 407,400 7,MlV,30() 4,070,000 21.0 TRUST COMPANIES Loans. Inv'stm'ts $1,071,600,800 Hold 13,07.1,700 Curr'ey bk. notes 21,020,000 Deposits Federal Iteserve bank of New York 100,104.500 Deposits 1,1178,741,2110 Hesv. an deposits 301,031,100 l'orcentaee of ie- serve 10,1 .7 STATU HVNK'S AND TRUST COMPANIES NOT nUI'OUTINO TO CLEAHLNQ HOUSE Loans. Inv'stm'ts $721,707,200 $4,004,700 B.I.'H.IIIIO '.'.', 100 10,100,900 141,400 $30 440 400 $10,500 843,300 I 001,700 1.1. 027, SOU 0,270.100 ..vain (lolri Curr'ey bk notes Deposits Federal Reserve bank of New Y'ork Total deposits.. , Net deposits .... Hesv. on deposit Percentage of re serve Decrease. 62,000,400 703,428.1110 701,070 BOO 145,027,000 2,722,700 0,511.300 0.418,100 8.013.700 1.8 Demand for Refined Sngar Light New Y'ork, Jan. 11, Tho demand for refined sugar continues light, local re finers quoting on the basis of 9c, less 2 per cent for cash, for fine granulated. The Wnrner Company ts accepting bUBl. nebs for shipment In turn, while the National continues to accept a limited volume of business. Raws are un changed at 6.066c,, nihMphin CoHmwcMiUrU, tm PHe 16 Ciio shares, last werk 3 000,500 fharvs i N Bk nr-.sa I'cnna Salt . 81'4 Phil Co cm pf 33 rhlla Bl ww 2M I'hlla . West 6 Ii T ctfs.. 27-i Rvvjs Gen .. 3 Ton Mln 2's rln True .. 30'a Lice Storago. 53i Unl Cos N .1.190 4th St N BU300 IJtd Bwvs pf. 14 Hunt S 6 T. 10 Tin I'ss Bvvys.150 lit OTp. 16 vnr I & S... S'i List o of NA 27 'j West Coal ... 75 Lev Tel pf . 60 W .1 & S A.. 45 LakeSup Corp 17'i Win Cramp.. Sl'i iVcio York Bonds lllch 85000 Anglo-Fr 5s '.7 'a 80000 Am For See 5s 'J'l', loiio .nier smelt 5s 02 ''. 2000 Am T (it T 6s 91 IN looo Am TUT OslOl11, 101 'j loooArmour Co Has 88'4 88'- 10000 Urailen Coil 6s 96 9(1 1000 Bk Bapld Tr 7s SI 1000 llordo 6h . 100 ',4 3000 Cen I.either 5s 06 'j. ,1000 Chile 6s . . 84'. fcJ0OO chile Copper7s 107", 4000 Uics&O cv 4 '4s 81 1000 do cv 5s . 87 3000 Chi (St West 4 61 '4 '28000 fill 11 or Q 4s OS, 1(100 f M&StP 4s '25 81 11000 do rfd 4'4s. . 7 I 1000 do cv 4 '4s 80 '4 16000 f Ity Paris 6h. JO 1000 Domln Can '31 07T 4000 (In '21 ... . 98 2000 Brie cv 4s SrA 4 8 2000 do cv 4h Srl 52'i 55000 Fr. nrh B 5'5h 104 '4 104 1000 Htul & M In 6s. 17" 17 27000 Int Met 4'ns . 42 loiiiiii li.t M M (.- . 'is i 13000 Int Agr 5s.. . 78 30 nl Kan Cltv So 6s 85 1000 l.lg & M T 5s. 91 '4 8(1000 Lib Brt S'js . 9'fr.l linono ilo ev 4s 'i j s i 20000 do 1st Is. . . 92 90 670011 do 4 '4a . lib 22 20000 do 1st His 96 52 584000 do 2d 4'iH. 95 21 I2O40OU Low 97 991, 85 lOOij 961.. 8 l'a 107", 80 Vi S7 01 'a !5'.. 81 72'. SIV'S 98 T, 97 ' 98 48 52 41' 99 r, 77'4 85 93 ' O'l 20 qi r() 92 80 00 1 I 96 12 14 to tho Alllis in a tangible negotinlilii form, llo nlso said lwjiad heard the plan commented upon favorably In New York financial circles. "Thero was ono point," said a promi nent Investment banker, 'In connection 1 with tho plan which appealed to inc. but which was not brought out In the in terview. It Is thnt with such nn ur Ir.ingcment thero would bo no occasion 'for another Liberty Loan campaign to I again upset business at a tlmo when we I want to do everything to adjust and .build up business, and that is, if tluse bonds of tho Allies wero given to tho bankets throughout the country Pj sell, and tho Government could affoid to give l.lta... .1 rn lunnnllt.l CnmHllSSlOIl fOr HC'll- t lore! Ing "'em, they would bo sold in short 97 order without any noise or fuss or dls 99s, lno.nllnn of business." 2 1. i Ricnltlonnt In this connection that n ,iisi.ntci, from Washington Is tn tho .met that Secretary of tho Treasury, farter Glass has under consideration tho removal of the embirgo on tho salo of foreign bonds In this country. 91 101'u 88'. 90 85 1U0' 96 'i SI '4 107f, S0V4 87 6 l'i 05 15 81 7-"2 so'. 99 97 Ts 98 48 5 2 ' ' 104 17''. 414 "9- 78 85 93 'i 99 20 '12 50 V2 80 90 H 96 52 95 20 better return could not be guaranteed than under tho present unsatisfactory arrangement LOCAL MINING STOCKS ' TONOI'AB STOCKS Bid Asked Ilm Hutler 31 ,s MncNamara .', ,28 ,81 Midway 18 .21 Mtrpnh Extension 01 .07 Montana 1.1 .15 North Star 07 .OS Hep. ue Euln .0(1 .OS West End -lis lli GOLDKIELD STOCKS .j Atlanta. 01 .OS Hlue Hull 02 .OS Hoolh . . 12 . Dlamomincld 11 II OJ .03 Dal")' 1)2 ,,0S Kewalias 0(1 .08 rn 01 ,.,02 Miearh'inl ..18 .23 Silver Pkk . ... .08 ,,01 MISCELLANEOUS Arlzonu United . ,2S 27 Nevada Wonder H K T.iupa Mining . 11 ,J3 LIVESTOCK QUOTATIONS ( hlrnco. l.in II 1IOCS necelntr.fM.. Ono h.ad Il.ttrr arailes weak to 5e lower man 3esieriia's aerai.t Hulk, 117400 17(10, heaw butchers fI7 S.-.irw.fll: me dium and Unlit butchers 117. 50017.60: lliht ko.hI and chotrp Sl7(?17.50: heavy luiiklne $10 71017 21. medium and mixed lacktriK $17l1',17 4ii thrnwouts. 118 111 1(1 Mrs K"Od to choice $13 75016.50.. CArrl.E Iteielpts 8".U0 head. Compared with 11 nock nso. Rood to best beef butchers slrnnjr to 21e htuher low nrade "she" stock 25c to r.ne loner, hulls, stockera, feed rs stronit to L'lc hluher SHEEP Receipts. 50 000 head Compared with a week 1150, fat lamba and mature Thcro was a difference of opinion among bankers who attended the Pcnii svlvnnla Rankin.' Associations annual dinner Thursday night over tho speech delivered by Frank A V.inder lp. prcsl dint of the Nnt.onal City Bank of New York. Tho majority opinion said ho 1 i...irt in iii outlook for was 100 i.isr.i.,.3..c. "-,"- (f theleheep mostn' i.v to".lo hlherT'varits the future. Tho manager of on. in me J5( ,o r(lc Mtlwr toclUnil lamb. 5a ni,n;r; laigcst Investment nou-.es ... ...-. r-m irked that If ho and his associates I'lti.hursli, Jin 11 HOGS Receipts. . ...... ,1 .....I, . tftus theviouldnt SOU "'"" he.ol l.ower Henvles and heavy entertained such views liievcoii'iiii .. k $(.ffliKHi. llKht jorkers, $IT.'25 I111.111V bonds Wo must no' torgct. he ,-. lc, n7Sn7 2.1 .- 1 ulilcd "lb it w. arc In a trans tlon period SIIEEI' AMI LAMHS Receipts. 300 head, added in.uw. ";'"'',. 'huslness Steadj Top sheep $11 10. top lambs. $17.75: I ns-usua'. ' "' abhough Ve stul Wh"!. ,'-n-, 25 head Steady. Top. I had no cause for complaln.-o.ulto the -- conlrnrj , . Hrrelpts run head Meadv Calves Re. Vv o nil nave our imu- 'j" ' ..-..- c. nus nm neau sienay. f.ti.'nuii. id 'hut this Is no tlmo 10 let uinn know- wo are blue, even for a minute 1 eniii.i h.ivn wished that Mr Vnnderilp had let 11 streak of his usual sunshlno 2O40OD 4th 4.is.. 95 06 0164 95 60 inlo his rematks." 20nn'o v-nlrds 6s.102', 102', 102'. "v'Lr banker said ho was most 1000 Marseilles 6s..l0OMj 100'3 100U Anotliei ""'" ,.,' Wndcrl n's 18iiiiii.)li.ivalo 5s ... h ; 8U 88; agreeably surprised at Mr amicrips 7000 Mo I'ac gm 4s 62i4 62 C 62 ., ' remarks. Tho world, he said. Is now 98 T, 08 'i 88 88 43'j 43'- 1 3 '.j II 86 86 SO'. 80'. 78'j 7S' 102 102 0 2 1, 'i " 85 Mj 8513 8v, 81 , 15(100 N Y f d II 6 90 1000 N Y N II&IICs 88 17000 N Y Uwy 4s. . 43 'u SOdO N Y Bvvy 6s. . 14 1000 Nor Pac 4s . 86 1000P.I gin it 4'sS 89'n 5000 Pub i; N J 6s 78 1 j 30(10 Pierce Oil 20s. 102 1000 do 24s .. 92, loiio Beading Is . 85 Mi 25000 South P cv 4s 8 1 3. 6000 do cv 5s.. .101 10-v, 1000 So Bvvy 4s.... 674 675i 6000 do as 96 'if, lOOOToxas Co 6s.,102'j 102U 102' 5000 Third Avo 4b. 52 52 " 52 " 11000 V S Rubber 6s 87'i 87'i 87', 1000 do 7s 1031, 10314 103', 200OI S S. s f 5s 100 997, 99', 20000 V K of r, 11 & I 3'2s 1910...100Mi 100 lOO'd 125000 do new- 1919.1UHMi 100U 1004, 34000 do 1921 .... 9S'i 98', 0S' 6I00O do 1937 . .KiO'i loo, loni, 1000 Var-Car Ch 6sl01"j 101! 101'2 Total sales. $1 I'M lino, eompartd with $7,050 000 jestenb.y Ih s week, $5J 52.1.UOO, last week, $101 31.0 mill RESERVE BANK PROFITS NEW YORK COFFEE MARKET New Y'ork, Jan. 11. Thcro was an upward reaction In tho coffee market for futures this morning, first prices show ing nn nuvanco of 17 to 25 points This better undertone was believed to bo only natural after recent sharp de clines In contracts here, and the fact thnt tho primary maraets wero nigner may havo Influenced sqntlment on the call. Open May .... 11.30 July is "" September 14 00 December 13.85 January.. 13.73 Birh 14.33 iilos 13 85 Low Close 14 15 14.21 14 10 14 01 1100 13 80 1180 .... 13.73 Yes. close 14 05 13.85 15 75 13 01 13 38 Reserve Banks' Discount Ratei Official discount rates at the twelve Federal Reserve banks were as follows: (The first column gives the rates for nil periods up to and Including a fifteen .day maturity, the second for a period ot sixteen to ninety days. The third and fourth columns are the rates for rediscounts of collateral loans secured by Government bunds or notes ) Com' I psper Oov. paper . 10 to 00 18 to 00 10 aaya aays io aays da; Doston New Yoik Philadelphia .... 4 Cleveland 4U Richmond 4 V Atlanta 4U Chlcaro 4 St. Loul innespolls. 4J4 Man Francisco... 4V4 Kansas City .... 4V4 Dallas 4.1 41! 4S 4II 4 4 4 4 4 4 44105 s e 4V4 mss u Utility Company Defers Dividend The payment of the dividend Mia, Hallway ana i-ower c.ompi innuarv 10 niralnst $126,545,251 on Jsn ii.ii v 3 The gain came through tho gold botllpmcnt fund There was liquidation during tho week III both bills seemed by war obligations (Local Feilcral Institution Mail and in otnir otiis. mo imiu ueuig )in, 062.285 against $180,719,671 tho week before As Liberty Loan Investors pay off their loans at the banks tills Item will show further reduction. Batlo of total leserves to net deposit and reserve noto liabilities was 46 4 per cent ngalnst 42.0 ix?r cent on January 3, I US R.iilPts. .1JIMI head. l'l is sUw othfrs stead , heavy mixed nnd yorksrs. JIS'.'I. ilKht orkers I7 7518 phrs. $17 71 roukhs Sll'Wl'l SO, stags, $10913. SIIEEI' AND LAMHS-Heielpts, 2200 head Mead) Lambs, $11018: a, few $18 10. others unchamtnl ' Kt Kansas Cltv. Jn 1 1 CATTLE Hv teltits I'llOO ht ad Stead. lioiis Receipt,, 4 vi) head. Heat steady sterda) a close Common arade 6c to loe KP Receipts. 50 head Nominal. south (innha, .Ian 11 BOOS Receipts, S70H head stiadv. lo strouner CATTLE Iter, lots 2UO head. Steady. SIIEEI' Recelits. 13(10 head Steady. NEW YORK IJUTTER AND EGGS New irl. Jan 11 HUTTPR .Receipts, 171'. tubs Iltaher scortnr, 70?7(it1c: extrss, f.'io inside tlrsts M1, no seconds, (I4',e Stale dalrj SlOSSHe, Imitation creamer) 43W40c BtlllS Receipts 720 cases Extra flssts (,'c outside tlrsts Ii75fiisc seconds 62 t.ir reiriueriiior lillrll. H M i 4IHl 5IIC St .,.. ..(southern ' Illte OSO,74c l'aclllo roast ivhlt Tho railroad UIBCUFSion si'" seems iu 7-l(. olltt,iP nerbv white l73c; brosrn; UUHllIlili" uto ....... --- Klv na his opln'on of tho plans ndancetf Dowitl i uyicr, uiuinnan ui r.anintr thn Ri.iiitinn of tho irrcatest prob lemi In history, and by no means the hirh.r . , .. ...... ..n.l unl... Miiosttnn.s. nil. least is mo li.uw. .in., .....,. .,-.- . which are almost Inseparable "I, In common with several otlurs be. Ileved when Mr. Vanderllp strayed Into that t'lcld In his remark", he would use tho big btlck or the bU fl as a runcdy, .uhon to our Bunulse lie appro iched the his1 (subject as a statesman, reioguizlng as f,7.i''ono of the big vital questions of the ... I . .u. t... ..nixmiinlnii lietweell can. nay inv cuiot . ---- --'- Ital and labor, that labor Is not a com modity and advocating the grunting to workers a larger share In the adminis trative affairs of tho nation" rerntor special marked. 4305!toi . 1 5.1c No 2 naesile: checks. tate while 7..7.1e western and Illte (ISO'74c Pacific roast white, le nearbv white tl.ttfMae! hnwn. "hSIIJq mixed colors, 0368c: hennery white 47r - M0NEY.LENDIN6 RATES l'lllLADKLI'llIA Call. 6 per cent: time, 6?i06 per cent. Commercial pa- .. eVsaiAA tr olv mnntli fifflid rtt ean 11CI, Hit CO IU OIA lliwimt sM" V 4V WCIIIj , six months, 0 per cent LONDON Money is quoted nt 3 per cent Discount rate, short bills and thrce-montn Dins, a icoa per cent. FOREIGN EXCHANGE New Y'ork. Jan, 11, The Inactivity that characterized the foreign exchange market of late continued today but neutrals, which had shown heaviness nil the week, were a little firmer. Swiss exchange was quoted at 4.8214 for cables and 4.86 Ml for checks nnd pese. tas were 20.15 for cables and 20.07 for checks. Scandinavians wero .also a little better held. Sterling, francs and lire wero dull but Arm. Quotations were: Demand sterling 4.75 ,,, cables 4.78 9-16. Sixty-day bills 4.73)4 ; ninety-day bills 4.7114. .,.,, . , . Franc cables 6.44T4, checks 5,4614, Lire cables 6.35, checks 6.37. Guilders cables 42'4, checks 42',, Stockholm cables 29. checks 38.76. Christianla cables 28, checks 27.76. Copenhagen cables 26 H. checks 264, BANK CLEARINCS Hank cltarlnxs today compared with cor- onVlr. responding day It two year,, , Ihrouch T tho railroad executives' commuiee, to i tho Senate CommltKo on Interstate Commerce, n well-known banker said that what surprised him most was that nfior nil tho execrations heaped on tho heads of tho Interstato Commmcrco Com I mission in tho past, when every one i blamed them for nil mo evus wmen Gooil befell tho railroads, finally forc'ng them Record in 1918 to tho vergo of barkrup . etc, tim ,. . V .. t . , , . the above-mentioned plans Include the Karnlngs of the Federal Reserve Bank ' "' ',"", , interstate Commmcrco of Philadelphia for tho year ended De- ' Commission In a much more important eember 31, 1918, approximated $3,270.- uition virtually as a court of last 000, being equivalent to 43 per cent j resort on overithlng connected with tho on the paid-in capital stock. At the I " " s. ', nth(.r3 maae remarks pnsent time earnings nre running at ""'" Automobile Dump TrucKs Wanted $3 Per Hour, " 10 Hours a Day "! Owners of this class of truck wUI please register with t THE OAKDALE CONTRACTING CO. 1410 Broadway, New York by letter or in person, stating number of trucks you can furnlsk. tho late of about 100 per cent per an num. Dividends paid to member banks for tho calendar year 1918 wero slightly In excess of $400,000, and after pas Ing these dividends tho bank had a surplus of $1,304,000 and paid a similar sum to the Gov eminent as a franchise tax Barnlng assets In the current month approximate, $195,000,000, while In Jan uary, 1918, they wero $50,000,000. The New York Federal Reserve Bank's net earnings last year were close to 100 per cent of capital, which Is $20,820,000. After passing $,7,672,000 to surplus account. Increasing that Item tn the 40 per cent limit, nbout $10,000,. 000 vi as paid to tho Government as a franchise tax. For 1917 business tho local reserve bank showed net earnings of 28.2 per cent. Tho Chicago Federal Reserve Bank showed net earnings for 1918 of $6. 805,081, or 60 8 per cent of Its paid-in capital of $11,185,000. After paying dividends $3,100,023 was turned over to the Government and an equal amount passed to the surplus account. CHICAGO nUTTER AND EGGS Chlcuxo, Jsn, 11. nUTTEU Receipts. 3872 tubs. Firsts. 7cj seconds, 66c. Mar ket halt cent lower. BARsEILVER n VetssievAMIiar sNVMaierV'iV,sasjseSs'sW Have you seen the WOOL DISPLAY by Foreign Trade Department of the CORN EXCHANGE NATL. BANK at the South American Export Trade Promotion Exhibit t under the Direction of the Public Ledger?' " a. vkin.n . mi rt ... Ledger tcntrat Keal tit, trust oiag. umnm t In the display are about 500 samples of Goat Hair, Camel Halr.Anfora.lW. Mohair Goods, Natlvo Wools for Carpets, English and Scotch Merinos, etaoj ut V , OTHER EXHIBITORS Phila. Commercial Museum U. S. Dept. of Commerce . !. 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Significant historical Pennsylvania newspapers