- yo&-? I "' r b 14 EVENING PUBLIC LEDGER PHILADELPHIA SATURDAY, FEBRUARY 8, 1919 tv u A ' Av- --, Oar ba.ln.ia poller ' and alsrage as btn to distribute Local Industrials Only Adhering to this. we ore offeitng th original Issue of YORK STEEL CORPORATION Btrtn Per cent. cumulative, par ticipating, preferred stock on the partial payment plan Upon In vestigation you will find the op portunity for conservative invest ment beyond the ordinary. Xlnute detail will be furnuh.d on re Quest. Benner & Company. Inc. Widencr Building Walant Three-Four. Fife FINANCIAL NEWS CLOSING -NEW YORK AND PHILADELPHIA STOCK QUOTATIONS SPECULATIVE INTEREST LACKING ON NEW YORK STOCK EXCHANGE Little Disposition on Part of Public to Participate in Trade Shipping Shares Show Weakness Marine Preferred Drops Two Points Coppers Irregular hAJnx lltibbcr .Alaska (lid M Alaska Juneau Allls-Ohal Co Al-Chnl Cn nf m ,gr rnem luoft !', i-3i Pim-ni.i.rni. rv. jvm'iry HfZt si. 19ID At stated meetlnx of the. llonrit of Dlrtctnra of Hi" I'rnilrlent I4fr mil Trust ( ompanr of I'hllailc lihl, held tidar. Mr Hamu-I Itea was duly elected n idrector of this cornpanv for the unesplreil term of Mr. Henry H fnlllns, resigned I Secretary. High Points in Today's Financial News Lack of speculative interest is shown on the New York Stock Exchange, with cspccinl weakness in shipping shires. Local market sacs nftcr makinR brisk start. Heavy trading in foreign bonds marks operations on the Curb. Foreign exchange was featureless except for slightly firmer tendency in neutrals. Cotton i lower. After irregular start, corn develops strength. Bar silver is unchanged. HVlNOWi nmial M.etlng. frJ- TIIK ANNUAL MI-KT1M1 Or TUB Mp entrlhutnr ff The Methodist 1 lls cfcnal Hospital In the t Itr of Philadelphia will ha held. at the-ltospltal Muth llruad ajid Wolf rta . Philadelphia Friday. J'ehril. arr 14, 1919, at .1 o cock In the afternoon, fhen the report of the lloarl of Trustees Wilt bo presented lay trustees elected ane" Miscellaneous business transacted. J CHXni.KS W STHAW yecretan .J35 TIIK ANM I. MFI.T1MI OK TUB WES Whlte.WIMams Foundation for (llrls JI1I he held nt the Church House corner nf Walnut and Wth Streets, on Tuesday, February 11. 11)10, at 4 r m ....... I MM.IAN If MANN J Proposals linnPfi.it I. I lire tlRt.IMllS'l. t'. i Knslneer Oftlte. Philadelphia. Pa. Sealed I trnposals will be rerelred hero until 15 , iKin. Marrh It. IDID, and then opened for rearing In Delaware Mv-r In Philadelphia Harbor and on Ne-w Castle, needy Island ItsVer and fjston Llchlhousn Uanges Iur tper Information on arrltratlon ' TB15ASUP.Y STOCK l'OB 8 MX Money to finance the manufactur ing of a meritorious ilerlee. I Particular, upon request. A 317, I.edser Office. BUSINESS NOTES Commerrlal failures this week In the United States are 163 against 165 last ljeek, 135 the preceding week and 161 tfte corresponding week list year. Fall uVes in Canada number 12. against 31 lst week, 0 the preceding week and 25 last year. Captain !. ltoy Klrharils, who re ctntlv returned from Frame, has re ceived his honorable discharge from the United Mates army and has become as aoc'ated with the Xagle Steel Companj steel plates and sheets, Fottstown. Pa . nji Philadelphia sales Hgent Offices hac been opened In the Morris Building Mr Htchards was for a number of ears Philadelphia sales ngent for Worth Srothers Company, Coatesillle. Pa, hlch company was bought out by Mid '41 lo Steel and Ordnance -Company, with ifhom Mr. Iticharils remained. c Vorlt, 1'cb 8. The htock nmrkot today showed a further con traction of general outride Interest In tho speculator Held, and thoro was llttlo disposition on tho part of tlio public to participate lit tho trading In any group of stocks although pool acthltics continued In somo of tho uisll moved specialties. The shipping Mocks became tho most prominent features, because of the Bttlon of tho Atlantic, Gulf and West Indies In announcing tho Withdrawal of three lines from It service, and that stock jlclded more than -J points to 92, the lowest price touched In a long time. Tho reductions In oceiii freight rates, which preceded this action, was another factor In depressing tho shipping shares, with Marino preferred dropping more than 2 points to 31, and United Trult sold down more than 3 points to 158a8 Tho weakness In this group caused selling In some of the other Issues which had been under pressure earlier In the week. United States Steel common hold down to 88Vi, a loss of k, and fractional losses were re corded In other steel lndutrlils, with American Can reflecting llqulda tlon of speculative holdings and falling nearly 1 point to 13Vs Tool efforts lifted Tobacco Products 'a to 80, but that gain was (lultklv lost. Tho copper stocks were Irregular, with Utah Copper making a sub stantial gain In the curlv trading, with u reaction before tho close. Anaconda was heavv, falling VS to 074. American Hide and Leather preferred was a strong feature, advancing 16 to 87s4. In tho bond market nil tho Interest was centered In tho trading In the fourth Liberty 4Vs, which at last broko through 9 In spite of recent gov ernment buj Ing and enormous purchases for savings banks and other Investment accounts. Other bonds wcro quiet and without Important change. LARGE BUYING SENDS IMPROVED DEMAND CORN PRICES HIGHER IN THE COTTON MARKET Market Develops Firmness After Irregularity Trade in Oats Lacks Snap Sharp Ilully Follows Firmness in Early Trading Close Steady at Declines The thlpplnc rate to France Is down a ner ton from what It was a week ao. The rate Is still double what It .jssts to ship to Kngland and at present 0 per ton weight or measurement Shipping brokers are looking for a sharp induction Ir the rate when cargo space becomes more plentiful. report of traffic conditions for the Yfeek ended February 3. made public by Walker D Hlnes, Director General of Railroads, Indicates that while the volume of general freight showed a slight falling off, as compared with the Week: previous, except on a few com modities, export freight Increased con siderably In volume A consumer baa purchased a jot of IPO.000 pounds of copper metal at lT'.c per pound delivered on Staten Island. Tve copper Is to come from a smelting vjjorks In New Jersey. tTha Atlantic lleflnlnr Company has JOst let a contract for the construction OK nineteen steel storage tanks at Its terminal at Guajavallttos. Mexico These tanks will provide storage for approxi mately 800,000 ban-els of oil. It Is stated Seven will be of 55,000 barrels capacity , each. It has also assembled 6000 tons " oj material at Port Atlantic which It vrlll use In construction of a refinery, ocean-loading station and other 1m nrovements. It Is stated ocean-loading facilities will consist of six ten-Inch pips lines. e !8Teral million forms of Income of Jf000 and less have been printed by the r bureau of Internal revenue and are now cji the -way to collectors throughout tho dbuntry. Forms for the filing of cor pbratlon Income and excess-profits taxes ere being printed and will be In the hf.nds of the collectors by March 1. They will be released by the collectors when the revenue bill Is signed Forms for tpose having Incomes of 15000 or more will also be ready Inside of fifteen days Financial Briefs Regarding the Public Service Corpora tion of New Jersey three-year secured convertible 7 per cent gold notes, Drexel Co . Philadelphia, and Bonbrlght Ic t. New York city, announce1 that orders received now assure sale of notes. aibscrlntlon books will he r.lnsea ut r, tiday. It Is expected that allotments vlH be made on Monday, February 10, 4 which time date will be fixed for pay- t.ltUN nhl.T WEATlir.il lORFCVST t lilraao. 1 eb. K Illinois Fair tonltht and Sunday. Missouri Fair tonlrht ond Sunday, pre ceded by Meat enow this afternoon: rolder eolith tonlchtt warmer northwest stindis. Wisconsin Fair to night and unduj I warmer Sunday In west ... Minnesota ralr tonlcht and Sunday! silently warmer Hiindar. town Fair tonlcht and bnndarl warmer. North Ilakotu Fair to nllht and un dan warmer. . South Dakota and Nebraska 1 olr to nlxht and Sundjjt warmer. . Kansas Fair tonlcht and Sunday, pre ceded by llcht snow this afternoon In southeast i colder tonlclitl rising tempera- 1UMontana-rartlr cloudy tonlcht r.""1,10"; dayi probably snow or rain west of the Dlldet warmer east of the DUIde f"""! Wyonilnc lulr tonlcht and Sunday, except probably snow extreme northwest. ,.,.1 r.h Commission houses and local 'interests were large buyers of I corn In the cany irauinB u), "- after an Irregular start, tho market de veloped firmness. On the rl- concerns with connections In the Hast took the selling sldo and forced a partial re action Sentiment was divided Some authorities argued that after a decline that has lasted for thirty days, during which period values have lost from 24c to 2e, It was time to bo cautious as to bearish operations, while others appeared to be waiting for hard spots upon which to sell, as they believed that the revision downward had not yet been completed The arrivals here today were 131 March started fee higher, at $1 20, -.i i.i.e ni,i at Jl lO'A May opened at 1 13 to 1 12'4. against 112i at the closo jeslerday and, after touching SI 13, declined to S1.13H. July was .,i nt ii.ngii to $1.03. against 11084 yesterday's last price and, after selling at 11.03', receaeu 10 .' , nam nneneil steady to a shade nlgli er, but after the start tnero wis selling by a leading cash house and prices re acted Thero was not much snap to the demand Operations wero ngni. n he ar-Kala here today wero 51 cars March nnened '4c higher at 56Hc; rr-., amrterl at 664 to 58c. against 5Cc at the close yesterday and declined to 66Hc; July opened at 54c and re ceded to yesterday's last price of 64Uc Tho receipts of wheat at Minneapolis today were 82 cars, against 147 cars last year; at Duluth 3 cars, agalnBt 2 cars; at Chicago 27 cars, against 4 cars, and at Winnipeg 27 cars, against 307 cars. Leading- futures ranged ai follows. Corn (new dellvcrye Test Open High Ixw Ctoto closo May , . 1.1.! 1.13H I H4 1 U 1.12s July '... 1.0U J.tnift 1.0T Ills'. 1 OSV, oats May SOU 50J GT-i tii"i nS July ot',s sM OJ'4 Lara tOTTON lIM.r MF.ATIIEK CONDITIONS New -ork. Feb. B Tho following tem- r'ernturr wero recorded In the cotton belt his morning! Oklahoma, .10: NasliTllle. 32i Meridian. 3tt l-ort Smith. Memphis and Chattn- nfM)gn, tot v icventirr, nnoxTiue and it. nnlu ti l-enirolM and Macon. 40i shreieport. 42! Abilene. Aucusta ( hnrleston and Wilmington. 44 1 nn An tonio and Narannah. 4Si Jacksonville, 4ft Tampa. A?, and (inlreaton, S6. There waa .Ot Inch of precipitation at Oklahoma and ( hattanoocn: .10 at Jack sonville, and .14 Inch nt IsashrUle, Meri dian and Vfemphls, New York. Feb 8 Reports that there would be a drastic reduction In the com ing acreage; rumors that tho govern ment might stabilize prices and a better demand for low grades In the South led to an Improved demand for cotton In the last half hour todny and tho market rallied sharply after It had been weak, following firmness In the early trading Tho start was 13 to 65 points net higher, mainly on covering by Wall street houses and buying for Liverpool account, but the list dropped right nfter the call under a renewal of liquidation of March and continued selling for southern account. Tho offerings from southern sources made a bearish Impres sion on sentiment The close was steady at a net decline of 6 points to an advance of 20 points. Yesterda'a Close Open Tlift-h Low Close Jl 17 21 21 78 21 04 21 '0 .II 'l) jo 711 LO 80 20 OS JO 47 19 8 20 10 JO 15 10 SO 10 !-. 18 70 in to in t.' is r.o 18 8-, 10 25 10 21 18 00 18 fln 18 30 . ... 18 87 18 47 18 GO Ncv York Stocks High Low . 7t 71 3U 3 '4 I'i IT. 31W 314 Si 'i 84 93 67 46 Am Agr Ch pf Am llect bug Am Can A Cnr & I' Co 85 '4 Am Cotton Oil 42 Am Druggist 114 Am ltldo . I. 164 do pref . 7Ts Amer Int Corp 52 4 Am Ice See . 3 Am Linseed. 47 Am Mnlt...... 1 K. Am Smelting.. 614 jvm sum Am Steel Am T Am Tobacco.. 1 97 4 1374 137 Vj 33 67 45 4 81H 124 mi 164 87 62 X 33 47 iv; 62', Net Close ehgo 71 1 34 14 314 1 84 , 4 loo ji H D9 67 H 45 14 a, 84H 4 4Z4 ll1: 16 87 52H V. an tt 47 4 U Hi .. 62 , U BONDS LEAD THE LIST IN OUTSIDE MARKET 4 ls f 'i 'if1. 4 4-2U Heavy Trade in Foreign Gov ernment Securities Oils Fluctuate i New lork, Feb. 8 Heavy trading In foreign government bonds was again tho principal fenture on tho Ilroad Street Curb. Italian Government 5s sold nt 144 to tho 1000 lire, later reacting to HI. Thero fl K'Vv iiu,iiu' JTi' i "" llli"y trading again in Ituss'nn ex trel rn ' '?i fX& tlxt i ternnl bonds, the 64s selling at 674 to rtc4' T dJ. .lo! 4 10.3 101 SJ I 1 h ,'. t 60 to W. Am wool .. 46 Anaconda , . 57 Asso Pry Oils 13'i Atchison ... 904 All ( & W I. 35 Baldwin loco 66 unit & Ohio . 45't Barrett Co 1164 Btth Steel B 691 do 8 P c nf 103t, 102'. Brook It T 22 2t Butte C & 7. Co 5t 5", Cat Petrol pr 68 67 Cat Pack Co 51 5 1 4 Canadian Pac 157, 157 Cent Leather.. 57 66 4 v nesa or unio 54 "s nis Chi M & St P 36 4 Chi 11 1 t I1 tc 22 do 6 ;c pref 63 Chile Copper 17"s Chlno Con Cop 324 Col Cat & Klec 40 Consol Gas 31 1 Com Products 47 Cru Ible Steel 5J Cuba I 'line Sug 2.' ' Pome Mints 12 4 Olst Sec 52 4j Klec Storage 55 l.'rln . . IS", 1'rlo 1st prcf 25 4 Ted M & H pref 31 Gen Motors ...132 4 d rts . . .24 Goodrich B P. 8 4 Gt' North pref 32 do Ore subs 37'i Int Agrlcul . . 14 Insplr Copper. 42 4 46 66 4 P)S 304 92 4 66 454 115 mil 34 22x 63 , 174 324 40 314 46S 5J4 224 12 524 55 J5?4 25 4 3t 130 23. 58 32 37 14 42N 46 56, 19 K 904 93 4 66 45 4 116 58 t 102 4 21 5 67 614 1B7 3 2 '. 4 1H 664 4 Int HCor(new).ll2it 1124 Illx 96 34 67 26 304 55 214 94 4 184 67 26 764 30 4 SI 21 53 211, 6 Int Mcr Mar do pref . . , Internl Paper do pref stn Int Nickel Jewel Tea Kclly-Spgfleld. Kcnnecott Cop Leh Vallcj . Leo Hub A. Tire 23 Max Mtr 1st pf 53 4 do 2d prcf 22 May Dnt Strs.. 64 Mex Petrol . 16b4 1654 Miami Con Cop 214 214 Mldvnle Steel.. 40 Mo Pacific .. 23 4 Nat C S. Cablo 14 4 Nat Bis pf..,120 Nat i:n Slpd 46 Natl Lead .... 65 4 N RIl M 2d pf 6 Nev Con Cip . 164 N V Cent.. .. 714 N YNII & II 28 4 Northern Pac 89 4 Nova Scotia S 17 4 Okla P & Ref.. 8 4 Ohio Gas .. . 3l Ohio Gas R & S 2 64 3M, 22 63 4 174 324 40 9 l'i 46 54 22 4 12 51 55 lffi 23 4 31 1304' 2 4 58 32 374 14 42H 1124 214 34 4 4 4 4 4 a 14 I? i ' 4 14 4 r4 i H 4 4 i 384 H 67 26 , 1 l" 1 74 314 67 14 4 47 , 45 34 4 394 164 46 V, 404 23 14 120 454 654 6 164 71 284 89 4 474 39 74 29 4 67 444 47 43 34 4 394 164 45 59 116 694 iu 76 4 30i 55 23 53 t 64 165 21". 404 23 It 120 45 654 e .. 164 -1- 'i 71 28 4. 4 89 4 4 47 4 4 8 .. 39 "J 24 4 74 .. 30 67 ", 44 4 4 47 43r 34 4 V, 39 4 164 . 4j . . 60 116 1 69 51 1", 14 Vi March May July October November December m4 &34 ' 1 Proposed transfer of memberships on tfe i New York Stock Kxchange are: Jo ii.B!, "US8"11 .,n wllam C. Wilson. JJI.OOO: William II. Dixon to William (Jochran. 868,000: Huette Cammack to rtevid L Iney 869,500; James J. Jen Una to Neville Gordon Hart, 870 000. and William F. Stafford, deceased, to O. Barley Harrtman. 869,600. Member ships transferred ue: Lamont Domlnlck t Bancroft Smith: William Erdmann to enlamln F. Sfchwartx; John R. Liggett t George F. Naphen and Samuel D. Bibcock, deceased, to Donald Y. HI1L The Wheeling Steel and Iron Com- C'T '." Vr l?..? Ve most active Indus Ml In the Wheeling district, as the apany is booked virtually a year mA on pipe for delivery tn cnmnant erating In Texas and the southwest. e comnanVs larcrest nina ninnt i. .. il. ir... n "'- -" " w SIMMS fCll, J IQeorge I. Skinner, State superlnten- tvi. or Dimu ot iNflW xoric. has n,lH taWt aiTlniS Instltutlona In ih. oi.i. r lend money to depositors on notes utBU ujr kuxy uonai. t Lawrence Pulp and Lumber Corpo- XZZ A icucinpiion at tue rsttu iiuji i.oraiiny ine il matur- ef 1U C per cent first mortgage serial i- auel Rea. president of the Penn. Rla Railroad Cbmpany, haa been a director of the Provident r.tr. I TrtMt Company, of Philadelphia, to nm vn unexpirea term or itenry dlliw, resigned on account of HI New York gubtre.aarury gained iae oanxa on rriaay. fclM aatmttui ended December MMKet company ep- war taxes : ' 23 00 J.' Hi May July . . HID. May I'org May ....37.00 21 05 23 30 2.' 35 21 32 3?. 83 22 07 Si VI 20 07 37 00 23 30 ii 32 21.32 37.S5 22 80 21 95 20 82 30 90 RESERVE BANK STATEMENT Increase in Bills Discounted for Mem ber Banks Note Decrease The statement of the Federal Reserve Bank as of February 7 shows a ratio of total reserves to combined netdenoslt and reserve note liabilities ot 43 5 per cent as compared witn 41 st tnc ween before. . . rtllla discounted for members secured by Government war obligations were renortcd at S168 186.522. against $166.- 361,982 the week before, the Increase being due to the continued offering of treasury certificates. Federal Reserve notes were 3203.864, 825, against 1209.920,560 the week be fore, being the sixth consecutive week In which a decrease was reported. Cotton Buyers and Sellers New ork, Feb 8 March W. Gum oens and Flggett bid: Hyman, Burnett, Rosenberg and Hanncman offered. May Wade, Newman, R. Hubbard, Nordcn, Abraham and Deacon bid ; Slgel, Oeer, fcellar, Hartcorn, McKnany, Pllnn, Mitchell, Rosenberg and Welck sold July McEnany, Seller, Martin, John ston, W. Oumoens, Frederlckson and Morrison bid ; Watklns, Rlordan, Young, Beardley, Jay, Slgel, Hopkins and DwlRht sold October Montgomery. Hartcorn. Rlor dan and Seltar bid ; Wilson, Schaefer, McKnany, Ranger. Jones, Schlll and G. Gumoens offered. N. Y. BANK STATEMENT Ontario Silver Pacific Mall . Pan Am Pet , Penn II R .. Pco Gas X. C . P C C &. S't I Pitts & West, PIcrce-Arrow . Pierce Oil Pitts Cbal ... Pressed Stl Car 60 Pullman P Car.117 By Stl Spring. 69 4 Ray Con Cop. 13 Heading 77 Rojal Dutch . 74 Saxon Motors . 8 Seirs-Roebuck 17.1 171 173 24 Slss-Shefl S &. I 47 47 47 1 Sinclair Oil .34 33 13 South Pacific 97 4 974 97 4 Southern R It. 264 26 26 4 Btudebaker ... 60 49 60 4 btuiz .Motors 4a 124 42 4 Tenn C & C w I 12V4 124 124 4 Texas i Pacific 3 Hi .11 31 U Texas Co.. .1864 186 1864 .. Tob Products 80 79 4 79 Underwood T 110 130 13ft Union Pacific 126 1264 1264 4 Un Alloy Steel 39 .13 39 4 Un Clg Stores. 1134 1134 1134 77 77 Jl 7(4 744 41 84 8 4 15 154i 4 Industrial notes wiro also active, sv till Anaconda 6s selling nt 97 4 nnd Beth lehem 7s nt 100i. General Asphalt continued In supply, as It has been since the stock crossc.il 70 and a fair amount of ttock sold today at 64 to 63. Oil stocks fluctuated within a narrow range, International Petroleum selling at 20 to 20, Island Oil at 74, Cosdcn & Company nt 7 nnd Midwest Re fining at 146 to 111 Intor-Contlnentnl Rubber continued heavy, falling from 174 to 164. Key stone Tire was nlo heavy with trading at 59 to 89 North American Pulp sold at 3 to 315 Aetna Kxploslvcs was quiet, RClling at 7 and Submarine Boat sold at 114 R T. Re;nolds Company sold nt 330 nnd 340. Rojal Dutch sold at 734 to 73. Tonopah stocks wcro firm and other mining stocks were Mulct. Philadelphia Stoclts 10 Am R pf 66 loo Cam iron 10 SoSLleo Hlor 53 4 lOWIen Asph 64 4 17 1ns CN A 28 30 Lk Sup C 19 VI .40 Leh Vnl . 65 285 1'ennaRH 44 120Phlla Co turn pf, .13 124 PhllaL-lec 25 205 P JIT t c 244 8 Ph Tract 69 20 Reading . 77 335 Ton Bel . 3 16 Un Trntt .17 23 U (1 I... 72 175 U S Steel 894 20 YorkRpf 314 1m W 66 40 5 61 28 'i 194 54 4 444 39 25 4 21 69 77 72 88 314 Net Closo chge. 65 40 H "6 4 28 194 66 44 .. 32 4 o V . , 84 4 4 9 "& 4 60 li . 77 34 374 M 45. 8 4 314 Total snles 1847 sKirea, this week. 33 .hares: last week. 61,744 .hares. 098 Net chgo Hon 11s J500An,O.isciU"'h ,'ow Clos ioooi.i:&.V7 ST " z000I.I?riton.Ul00,t ,00,i 100,i li 3d4V2s 95 01 or. n o:ni 1 o. do 4th ' T"" 448... 94.10 94 in Olio J. in lOOOPhllal lec . -. .v -t-.o,, 2000ncaillnRg-93T4 3T4 '4 ge.n .48 . 85 85 8SU U 1000 ten 4a 6000 Spah-Am I 6s ...101 101 101 -r- ',4 la.wcc's'.Mi'00' thl" wk' ,01'150i Local Bid and Asked I.NIlLSTlllM.S Vest In' Ak (S"l, I iVj 'iM 6 44 34 114 Aetna Kxploslvcs 7' Amer Brit Mfg 2 Amcr Marconi 4 I Amer Wrltlnir Paper. 2 'AI. T-., .1 . m wmi iieiiuciiim . . oil fit, Canadian Car Co . 25 .13 Can Car & Pdy pf . . C5 80 Charcoal Iron ... 1 '.l Chevrolet Motors ....165 170 v-ramp .... ..75 g;, Curtlss Aeroplane... 11 2 Carwcn Tool .... 5 8 Carbon ttel 90 95 Kmerson Phonograph. 2 2 4 Hcndeo Mfg . , o 18 Lake Torp Boat . 2 2 4 Lehigh Coal Sabs 83 86 Lima Locomotive . 23 33 Maxim Munitions. 4 1. N V Shipbuilding 34 37 " North Am Pap Pulp 3'i 3 Otis Llcvrttor 66 68 Peerless Motor . 194 u Poole Knglnecrlng . 25 10 S'crlpps.Bnoth .. 15 "11 Stnndard Motors 7'f. 84 Steel Allojs . 5 ' R Submarine .11 12 St Joseph Letrl ... 11 12 Todd Shipbuilding ...103 108 Trlangk Film .... 4 r. United Profit Shnr 15, 1 1-12 United Steamship.. . 3 '4 3 United Motors . 39 39 Worlds Film . . is 1. Wright-Martin Air .. 3 3 3 ST.VNI),Itl OIL STOCKS Illinois ..." 163 168 Ohio 322 326 323 Prairie Pipe 266 27ft Standard Oil of Cal..270 274 Standard Oil of N J.. 693 69S Standard Oil of N Y.323 .126 326 INOF.rUNnF.NT OIL STOCKS Barnett Oil & Gas. Cosden & Co Klk Basin Federal Oil . Inter Petrol Houston Oil Mcrrltt Oil Midwest Refining . Met Petrol Ohio Fuel Oklahoma Ref . . . ounumi itei i . 1 Requojah 4 Sinclair 24 21". Island Oil 7 7 4 Glenrock Oil 3 3 4 American Store. nun k nusu .,,,,,, I ) pref Hrlll J a llallwln " Mi trlt. Mtorair.. . (ictieral Asphalt il 1 Pref ... . Ki) Tel I. , do prcf Iike Sup Corp,.. . I.ch Nav Lehigh Valley I.ch V'al Tr do prcf Penna Phlla Meet ! l'hila Co do 5 per cent nref do 0 pr cent pref 3 i-iuia ii x 1 c Heading Ton Bel Ton Mln Union Trac I! O 17 . II S Steel ork Itwy . . do pref .... VVm Cramp & Sons Today Bid Asked .10 Yesterday Itlrl Asked 711 51 .11 2V 60 "1 no 4 nitu 61 ,1-,l, .-,-, HI 0". l,l, 97 1110 ns I". 10 94 47 Rl) 47 19 11H 111', 70 70'k 70 nli 61 61 14 11 21 JS 24 44", 4 1 a. 44 2J4 21 j-,4 31 ,1J 31 .10 3." 32 32 21 Jt 24 77 774 77 .14 34 .1, 1 T. liV .17'. .17 17 71 7." 71 '. 88 8S 88 7", 74 7 .11 11 31 7N -80 78 .111 711 SI JH (17 0M4 1,14 in to An Mil, 71 554 2.i. 44 264 3J 30 834 24 72 M'i 74 3t SO ,5i 39 4 7 6 O 20 80 144 14 16 4 74 4 24 7 3 74 64 IV. 21 82 22 145 3ft 18 3 4 20 81 23 141 3 51 PHILA. INACTIVE STOCKS Following nro quotations for Inactive stocks listed In th Philadelphia Stock Kxchange and In whtUi thero wero no transactions today. Tho prlco given Is the last previous sate: Acme Tea Co 79 Leh Val Iran 2(J Alliance Ins . 134 Lit Bros . . . 4f Am Gas .. .. r,3 Little Schuyl . Ii Am Milling.. 10V4 llldvale .... 414 Amer Stores 25 Norrlstown ...'17 Ant Stores pf 90 Nor Central. 1.1 A O war ... 74 North Penna. 34 Baldwin Loco 65 Penn Nat Bk Brill J O.... 20 war 277 Huff & Susq 70 Penniv Salt . 84 Bur & Susq pf 60 Penna Traffic 2 4 .tuiiuii-i on. iiovj inna to .... i uataw ist pr rz v-atavv 2d pr 54 Cen Pas Rvs 103 Con Trac N J 62 Corn Ex N B 345 i: Penn R R 65 Krlo 16 Tiro Asso ...285 Frth St Nt B 310 Gen As pf . . 984 nunv 0! u t. H & B T pf.. Int M M pf. Keystone pf . Key Tel Key Tel nf.. Lehigh Nav 10 19 60 11 SO 70 7 Leh va! tr pf 2C u; Phlla Co pf. 31 V4 i-nna 1.1 w w 24 Phlla & West 6 PlttH Coal pf. 864 P R T 25 Rwjb Gen .. 2 Tonopah Mln. 3 A Un Rys In pf 14 Un Tass Rjh 150 t'n Co of N J. 187 Wnrwlck I&S 8 14 White Motors 474 Welsbach ... 414 W Jer & S S 45 West Coal ... 75 vYm Cramp . 80 York Rwy .. 74 York pr .... 32 BUSINESS LAGS ON LOCAL 'CHANGE AFTER HAVING MADE BRISK START - - ' i" Prices End Lower and Market Shows Tendency tq Heaviness von Slackened Demand Whole List Is Weakened Little Interest in Bond Section Tho Philadelphia Stock Exchange, following n rather brisk opening, fel) back Into the rut that has been traveled most of tho week- and ended with) prices lower and a tendency to heaviness, due to lack of demand. Hlcctrlc Storage Battery, after maklnft a good start In tho early part of tho short session, nnd advancing point, failed to hold tho gain and fell back to Its starting price. General Asphalt was down and Lako Superioi) also weakened. ' United Gas Improvement and Philadelphia Electric wero about the only Issues on tho list to show small gains. Cambria Iron camo out for n .mail amount and sold at a concession. Tonopah-Bolmont ended fractionally lower' lor 1110 utty. js Llttlo of Interest developed In tho bond section. Ono or the principal sales was a bloclctof JS000 Spanish-American 6s ata. gain of . INQUIRIES FREQUENT ' IN THE STEEL TRADE Decided Improvement in Un derlying Conditions During the Last Week New lork, Feb 8 According to romo or tho best posted authorities In tho Meel trade, there have been some signs of Improvement In undcrblng con ditions during tho last week. Somo con sumers havo dlsplaed a greater In terest In market affairs and as a re sult Inquiries, although for rather small quantities, hav 0 been more frequent than In many weeks. There appears to be a feeling of con fidence In somo circles and steel ob servers maintain that this feeling has been brought about by knowledge that urgent work which will require steel will be undertaken shortly. Tills In cludes new building operations as well as itemnnda from tho government for various purposes, It Is said. Operations of the steel mills of, the country arc nbout unchanged from a week ago. The plants or the United States Steel Corporation contlnuo to work at n rather rapid pace when com pared with the demand new existing, but other mills are still working at 50 to 60 per cent or normal capaclt). Somo of the plants of the MIdvale Steel and Ordnance Company aro now operating at 70 per cent with tho de mand accounting for about three-fifths of tho output. No Increase In operations by the Independents Is looked for until there Is an Increase In buying There havo been no concessions In prices to far as can bo learned by the leading manufacturers, and It is signifi cant that no ono In the trade In looking for any change for the time being Whether romethlng will be done later Is problematical nt this time, it is t-akl by tho leading authorities Tho future of quotations for steel products depends entirely upon the demand which will come to the makers Considerable Interest was attached to the announcement that various rail roads of the United States had Informed the Federal railroad administration that the were In urgent need of rails for repairing their tracks, and although no action on the matter has ns yet been taken by tbe director general of ralli roads, tho opinion Is expressed that thi, rail mills or tho country will soon b4 called upon to furnish tho requirement!. 01 inose lines. It Is Btited In the steel trade that thl roads referred to will require approxl! mately 600,000 tons of rails as soon a. It Is possible to' get them. This woulc) Involve a money expenditure of $27,600,t 000, allowing 855 per ton, the prevailing quotation for Bessemer ralb, but thcri Is no doubt that at least somo of thl lines will ask ror open-hearth rails, which would cost 857 per ton, thus Increasing the sum Involved to somo extent While contracts to tho rail mlljs rol about 600,000 tons at this tlmo woul be considered large, It Is pointed out 1: tho steel trade, as well jie Ir) railroad, circles, that such an amount Is only t small portion of what all the roads Id the country will need, and It Is consider ed likely that when the Federal railroad administration begins placing orders fo) the carriers, the rail mills will be given orders sufficient to keep tbcm busy foi a long time. Bids are to be opened by the Navjj Department on February IS for approxli mately 22,000 tons of steel products td be used In connection with the construct tlon or four battleships and one fuel vest scl. The steel companies have received notification of this fact, and most o( them are preparing to submit proposal! lo the government. Approximately 16.000 tons of plates, 4700 tons of shapes and 100 tons ot bara are wanted for this work nt this time. This Is the first tlmo this year Hint the Navy Department has requested! bids for work, and It Is considered likely, that other contracts will come later In connection with the government's policy or Increasing the strength or the, navy. About the only steel product on which premiums are being asked for export orders, so tar as can be learned In tie trade. Is barbed wire. Whereas the domestic price for this article Is 4.35a per pound. Pittsburgh, It Is stated In the trade that on export Inquiries the prices offered havo ranged from 6 25c to 5.40c per pound, Pittsburgh No Change in Refined Sugar New York. Feb 8 No change Was reported In the refined sugar market to day. All refiners continue to quote on the hasls of 9c less 2 per cent for cash, for fine granulated Raws also are un changed at 7.28c delivered. 95 96 158 169 3 10 10 13 134 4 3314 100 73 74 1(4 SJ-J4 88 31 10 17 57. 87 47 24 89 4 122 hi 67 88 United Drug . 95 United Trult . 161 Un Rwy Invest 10 do pref 19 U S In Alcohol 100 U S Rubber . 74 U 8 S A. Ref . 43 U S Steel. 89 4 do pref ...1134 113 1134 ctan uopper.. 66 654 66 vvanasn pr A 31 West Maryland 104 West Pacific. 17 do pref .... 67 West Un Tel . 87 White Motors . 47 Wlllys-Ovld ... 24 do pref . .. 89 4 Woolworth .122 Wth P & Mach 51 do B prcf. . . 67 43 31 104 17 67 87 47 24 83 4 123 61 67 A Total .ales 114 100 .hare.' th'a week. !.UO3.C00 .hare., la.t week, 2.255,400 .hare. Decrease in Average and Actual Loans. Average Reserves Increase New lork, Feb. 8 The New York bank statement this week shows de er! ase In average and actual loans and Increase In average reserves and de crease In actual. Details follow : AVERAGE Loan. Iiemand deposit. Tims depo.lta fle.erve ACTUAL I.nans .... Net demand depo.lta .... Time depo.lta Ileservs 'Increase. Decrease 141, 4S 000 85 A34 OOll 1,101 oon 0,653,000 53 087.000 77,831 OHO 8 02 OOO 29.815.07U New York Bonds I4.CT1.UI, Ml Reserve Dank Annual Report The fourth annual report to stock holders made by the Federal Reserve Bank gives tho following summary of transactions from January 1 to De cember St. 1918: Applications approved from 457 banks for discounts, of which 31,534,956,270 were secured by United States obligations and 8333,134,448 other bills, total 81,868,099.718. Bills bought by the bank were 8118.655.324, United States bonds and notes purchased $60 546 560 and municipal warrants 810,000, making grand total or loans and Invest ments 82.047.302,692 The profits and loss accounts shows balance on December 81, 1917. 8120,218 and net earnings for year 33,088,219. There waa reserved for depreciation on United States securities 8118.111 and distributed In dividends $511,982, leav ing balanca of 32.603.148, of which 11, 304,171 was transferred to surplus and 11,104.171 transferred to account ''re served for franchise tax." The transit department reports that 17.111,7(1 Items were handled, aggre gating 111,292.410,112. Ii '3mAK mi: LOCAL MINING STOCKS TONOPAH STOCKS nid Jim Tlutler 41 MarNamara L8 Midway 31 Mlipah Ext OH Montana la North Star M ue.cue Etna, iis West End .,.., 14 OOLDFIELD STOCKS Atlanta 01 lllue Hull 02 Ilooth , .1J iiMmt n n o: Prackerjack nil Daisy 0 Kewana. 04 nro nt Hpearhead u Silver Pick 03 MISCELLANEOUS Arizona United 23 N.v.da Wonder ,. 711 Tecopa. Mlnlnc ,u Ask 43 .10 11 07 20 in J" 14 01 .03 .14 .01 .07 .in .Oil .01 .14 .07 .27 .73 .13 974 97 96 83 85 974 97 96 83 00". 81 71 79 77 1UU Rl 71 1024 974 97 96 83 85 84 71 79 784 100 105, 99 40 9T4 NEW YORK COFFEE MARKET Isew York, Feb. 8 There wero no fresh developments In the primary mar kets which might tend to stimulate trading on the buying side or the coffee market this morning. Wall street and scattered trade selling was In I evi dence. After the opening business was light operators seeming to be disposed to await fresh developments next wL The etrly cable to the exchange reported the Rio spot market not quoted, SantoW 100 rels lower and Santos futures un changed to an advance of 25 rels. Firm offer from Braxll were in poor demand and generally unchanged on the basla of 19 0o for Santos 4s and Ee. The loeal spot market was dull and prioes . i .... . Hlsh Low Close 1000 Am Ag db Gs.101 101 101 88000 Ang-French Es 97 97A 97A 9000 Am For Sec 6s 99 99 99 31000Am Smel 5s... 904 90 90 10000 Am T & T 6s. 102 1024 1024 10000 Atchison 4a .. 83 83 83 1000 Beth Stl 5s '36 80 80 80 ouuuuxiyn Jl T 7s. si i 2000 do Gs 714 714 34000 Bordeaux 6s..l04 102 12000 Can Govt 6s 1926 6000 do 5s 1931.. 2000 Cent Leath Es. 14000 Chile 6s 3000 Ch&Ohlo cv 5s 9000 Chi Mil & St P 4s '25 84 1000 do rfd 44s . 714 3000 do conv 6a . 79 3000 do cv 44s . 784 2000 Cltv Paris 6s. .100 46000 Frh Rep 64s. 106, 105, iuuu uen I'.icc os . 93 u-j 58000 Intb Met 44a. 404 40 25000 Int Mer Mar 6s 97 4 97 3060 Leh VI rets Gs 101 101 101 3000 Llg & M T 78.1124 1124 1124 2000 Lorlllard 7a ..112 U2&- 112 Vi 2000 Louis &Nsh 4s 854 864 854 140000 Lib Bond 34b 98 94 98 86 98 90 102000 do conv 4s,. 92 82 92.60 92.76 18000 do 1st 4s .. 93 02 9100 9102 912000 do 44s..... 95.12 96 00 95.10 40000 do 1st 44s. 9S00 94 90 94 90 850000 do 2d 44s.. 31.10 92 98 94.10 1434000 do 4th 44 94.10 93 98 94 06 44000 Lyons 6s ....1024 102 102 24000 Marseilles 68.1024 1024 1024 soouMiavaie os . .. v4 904 10000 Mo Pac gen 4s 61 61 2000 Mont rower os i: uz'i 1000 N x A una es -. 8000 N V C & H 6s 99 4 3000 N Y Ry Es... 124 7000 Nor Pac 4h . 84 14000 Pa Es '68 9(4 (000 Pub Ber N J Es 78, 1000 Pierce O 6s '24 91 6000 Reading 4s .. 85 1000 bo Pao rfd 4a 82 4 2000 South Rwy 4s (7 lOOOThlrdAv adj 6s 29 laooo II S Rubber Es (7 3000 do 7a 103T 1000 US Steel sf Es. 100 100 100 4000 Union Pao 4s 884 86 86 J6000 u KOIU un 84s '19 ....100 100 ma SE000 do 64s '21. 98 98 98 110000 do B4s '17 .101$ 101 jji Total aalea. tS.210 000: thla we1r a. 291,000; la.t we.k. 108.541,000. " MIN'INO STOCKS 44 Atlanta Big Ledge Butto Now lork.. ) Con Ariz 14 C F S & Jerome... First National 1 Coldlleld Merger ... 5 noldneld Cons. 19 Ooldfield Florence .. 13 Ooldficld Kewanas . . 5 Green Monster Hecla Mining 4 Howe Sound 3 Independence Lead . . 2 Jerome Verde .... Jim Butler 42 Jumbo Extension ... L McKlnley Darragh .. 45 Magma Copper 25 Mother Lodo ........ 28 Mines Co of America. 1-32 Nevada HCs 2 Nevada Wonder. u 8 4 Nlplbslng Ohio Copper . 4 liay iiercuies -' San Tov 7 Tonopah Extension.. 2 United Verde 314 West i:nd Con 14 White Caps 14 Yerlngton 3 BONDS Bethlehem 7s (notes) 101 Cosden Oil 6s 86 Cosden & Co 6s.... 90 Cudahy 7s 102 Russian Govt 64s... 68 do 64s 67 Southern Railway 6s. 994 Sinclair Oil 6s 83 Todd Shipbuilding 6s. 104 5 4 u 14" i , 14 7 2t 3 5 7 4 44 4 41 13 '48 26 30 41' 80 8 32 4 14 16 4 1014 90 92 102 61 68 99 88 108 3 4 4 42 15 61 69 VtH 5- teM Ktoll-Tw,cua 1BU WTTAUt, JMNMM 854 61 92 4 99 99 4 99 4 124 124 834 84 96 4 964 784 784 91 91 85 85 !? ? 29 29 17 87 !" 103 MONEY-LENDING RATES PIIILAIIELI'IIIA Call. 6 per cent: time, 5 6 per cent. Commercial paper, three to six months, 606 per cent; six months, 6 per cent LONDON Money Is quoted nt 34 per cent. Discount rates, short and three-month bills, 3 17-32 per cent. Reserve Banks' Discount Rales Official discount rates at the twelve Federal Reserve banks were as follows: (The first column gives tbe rates for alt periods up to and Including a fifteen- aay maiuruy, m nct-mm tor a perioa of sixteen to ninety dnys The third and fourth columns nre. the rates for rediscounts of collateral loans secured h arovernment bonds or notes 1 Com paper Oov. paper no.ton New Torh .... Philadelphia .. Cleveland .... ntehmond .... Atlanta Chics. o Bt Louie ... Minneapolis .. San Francisco Kama. City .. Dallas ..., 15 day. Ik is to oo in to on dar. 15 day. days 4S .. 4 4 4V1 4S 4 4 4U 4'i 44 4U 4 4 44 41. 4 4i i h $16,000,000 Illinois Central Railroad Company Fifteeri-Year Five and One-half Per Cent. Secured Gold Bonds ' Due January '1, 1934 Interest payable January 1 and July 1 ' - RAILROAD BUYTAIA IRNINCS N , -4MB MTW- FOREIGN EXCHANGE New York, Feb 8. The rorelgn ex change market was featureless today with the exception of a slightly firmer tendency In some or the neutrals, not ably Swiss, Business was on a very mod erate scale. Swiss cables rallied to 4,90 and checka to 4.94. Quotations were: Demand sterling 4 75 13-16, cables 4.76 9-16. Blxty-day bills, nominally, 4.734: nlnety-day bills 4 714. Franc cables 6 45, checks 6 46, Lire cables 6 3E, checks 6 364. uu.li, cables 4.90. checks 4 94 Guilder cables 41,hecka 41. Peseta cables 20,18. checks 20.10. Stockholm cables 28 10, checka 28.10. Chrl.tlanla cables 27.E0 ; checka 27.10, Copenhagen cables 16.20, checka 18.00. Ruble currency was dull at unchang ed quotations of 16 41.7, . """BANK Charles A. Peabody, lisq., President of the Illinois Central Railroad Company, in a letter dated February S, 1919, writes in part as follows: "The Bonds will be the direct obligation of the Illinois Central Railroad Company, and will be secured by the deposit with The Farmers' Loan and Trust Company, as Trustee, of the following securities, having a present market value of about $20,000,000: $17,350,000 face value Illinois Central Railroad Company and Chicago, St. Louis and New Orleans Railroad Co. Joint First Refunding Mortgage Five i Per Cent "Bonds, Series A, due December 1, 1963, and $4,550,000 face value Illinois Central Railroad Company Western Lines First Mortgage Four Per Cent. Gold Bonds, due August 1, 1951. Pending the pledge of the above bonds, or any of, them, cash is to be deposited in accordancs with provisions to be contained in the Indenture. The Trust Indenture is to contain provisions satisfactory to you that any of the pledged bonds may be released upon the deposit of Fifteen-Year Bonds or cash to be applied toward the purchase or redemption of Fifteen-Year Bonds. . The present issue of Bonds is being sold to discharge obligations incurred on account of expendi tures for additions and betterments to its railroads,terminals, equipment and other facilities. . The Illinois Central Railroad Company has paid dividends on it capital stock uninterruptedly Inc 1863. It has now outstanding $109,296,000 capital .lock, having present market value of approximately $106,000,000, and on which dividends are being paid at the rate of 7 per annum. , An agreement between the Director General of Railroads and this Company denning the terms and conditions upon which Federal control shall b: exercised and fixing the compensation to be paid by the Director General is being negotiated, and will, it is anticipated, be executed shortly. Under this agreement, the compensation payable to the Illinois Central Railroad Company proper 1. expected to be not less than $16,282,000 per annum, and in addition thereto the Company will be in receipt of other income estimated at about $6,602,000 per annum, making available for fixed charges, taxes, dividends, etc., the sum of about $22,884,000. All fixed charges of the Company (including interest on the present issue of bonds), Maxes, rentals, sinking fund payments, etc., are estimated at $12,220,000, leaving a balance of $10,664,000 in excess of all fixed charges. The present issue of bonds, will mature on January 1, 1934, and will bear interest from January 1 1919, at the rate of 5'j per cent, per annum, payable January '1 and July 1. They will be issued as coupon bonds in denomination of $1,000 and will be redeemable in whole or in part at the option of the Illinois Central Railroad Company at 101 per cent, and accrued interest on any interest date on or after January 1, 1924, upon sixty days' previous notice. Coupon bonds will have the privilege of registration as to principal and will be exchangeable for bonds registered as to both principal and interest, which latter will be re-exchangeable for coupon bonds under the conditions provided in the Indenture. Both principal and interest of the bonds will be payable in gold coin of the United States of America, of or equal to the present standard of weight and fineness, and without deduction for any tax or taxes (other than Federal Income taxes in excess of two per cent per annum) which the Railroad Company or the Trustee may be required to pay or to retain therefrom under any nresent or future law of the United States of America, or of any State, County, Municipality or other taxing authority therein. The issuance of these bonds has been 'approved by the Director General, United States Railroad Administration, and application for approval thereof is about to be made to the State Public Utilities Commission of Illinois. Application will be made in due course to list the Bonds on the New York Stocjt Exchange.. Pending the engraving pf thi .'finite bonds, temporary certificates will be issued." The undersigned will receive subscriptions for the above bonds at 97 12 per cent, and accrued interest to date of delivery, temporary certificates deliverable if, when and as issued. At this price the bonds will yield 5 per cent if held to maturity and 6 per cent, if redeemed at the earliest redemption date. A first payment of $50 per $1,000 bond subscribed for should accompany ail subscriptions. Tbt balance of the amount due on bonds allotted upon subscriptions will be payable ct the offices of eithw ' of the undersigned on five days' previous notice from them. . .' . " Tl.a ..nltt 1 mmmti tr .fciS.. Itta a.t. l&l tVM 0 1 anv tff HfllllAUf iHAlt.a . ..L.,''.-.. .'.kI.'..1!-f -a ,it iiftin vv vu iu wwi. t,,v .uTOia;i"'-i -v ""v F1i,-.i.mi,i i(ar ijr i iiTsnsjs lls.t .. atM9l! .. . than antllJ 4J .. ' -it . - V. kA ., itf..,. .-& .A. "If1" r-?- JMr m wffjw !"""LF ,- .im. than asDliod far. rj "r.. r oiT. t xu S m r X m HM df, TV 4
Significant historical Pennsylvania newspapers