fH
V' '
t ""V
J.J.
, '
.
EVENING PUBLIC LJiJDGiflK PHlLADJiLPHXA, TUliiSDAl', tfEBKUAlttf
25,
4,
c '18
&!
h
lis
,
ft
ft.
U'
J
(7
wr
I
An Offset to
tne Higk Cost
or Living
is the increased revenue
investors arc now able
to get from the money
they place in reliable
bonds, notes and pre
ferred stocks. In much
the same proportion as
the value of the dollar
has depreciated, the net
return from securities
has appreciated during
the past few years.
Suggestions for investors,
will be furnished those
who send for our Letter
E-24.
handler & Company
Franklin Bank Buildinj
Philadelphia
New TorK Boston
FINANCIAL NEWS CLOSING NEW YORK AND PHILADELPHIA STOCK QUOTATIONS
SOME CLOSELY HELD STOCKS
GAIN, BUT LEADERS WAVER
i Moderate Deeline Is Kept Orderly, However, by Sup
J porting Orders Baldwin and Other Industrials
Yield Fear Tighter Money
High Points in Today's Financial News
Mnjoiity of stocks declined on New York exchange. Decline was
orderly, due to supporting orders. Brokers feared tighter banking
accommodations. Curb trading was active, with' oils declining. Corn
advanced to season's high level. Cotton was firm after irregularity.
Spanish exchange continued to advance. Directors of tho Columbia
Graphophonc Manufacturing Company increased the dividend rate and
voted n stock dividend on the common shares-
NEW YORK STOCK SALES
All-Inclusive
Tax Service
Our service covers all
Federal taxation in
come, excess profits,
capital stock, utilities nnd
insurance, estate, etc.
It covers all Pennsyl
vania corporation taxa
tion capital stock, cor
porate loans, bonus, gross
receipts, gross premiums
nnd taxation of banks
and trust companies.
It covers direct and
c o 1 1 a t cral inheritance
taxation, personal prop
erty taxation and mer
cantile license taxation.
It covers taxtion in any
other State, especially
corporation taxation of
New York.
TAX AUDIT
COMPANY
311 Pennsylvania Bldg.
Harriiburr Office, 209 Dauphin
Building
NVvv York, Keli. 25. ISrohoro employed by the rnanlpulntlvo pools
which luive tn-cn strucKling to reduce their lines tried hard to create
liuirlMi cnthuxlnsm on the" floor of. the exchange today by bidding up n
number of closely controlled stocks, making some of these Issues climb
with ii pood deal of visor, with some of them again lifted to new high
tccuttlM. The displays of strength, however, wcio confined to such small
groups that the advance In them was without Influence on the general
llt. which showed a wavering tendency nil through the day.
Orders were well distributed, however, and while selling was in prog
ress. Hiippottlng orders were kept In tho leading stocks, making tho mod
erate decline orderly utiri preventing any marked .unsettlement of trading
conditions.
Baldwin Locomotive failed to respond to the reports that the company
would show 21 per cent earned In the annual report to be Issued tomorrow
and declined more than 1 point to 78. Other steel stocks, like Crucible,
' rallied at times during' the day, but fell away again during the nfternoon.
The trading In United States Steel common wns on ii large scale.
That stock showed n loss of 1 point in the forenoon, when It sold down
to U3,, but lecoveied part of this decline later In the day.
Marine preferred showed stiength for a time, moving up from 99i
to 100. but dropped from that tlgine to SOU.
ICelly-Spiingfleld Tire reacted from 10GU to 102si and then advanced
to the new high record of 109.
The petroleum stocks weio in supply at moderate declines.
Weakness early in the session and for many leaders throughout the
dav was attributed largely to uncertainty over the money conditions
and fears of an early curtailment of banking accommodation.
Trading In Liberty Issues continued the special feature of the bond
market, with the fourth 4's ranging from 91.30 to 94.1?.
There was a fair amount of business In railroad and other bonds,
without material change in prices.
Just beforo the close the announcement that Interborough Rapid
Transit had passed its dividend enw-ed a bieak In Interborough Con
solidated preferred frdm 22 to 20'4.
MARCH THE HIGH SPOT OILS UNDER PRESSURE
Irish Ixiw
Adv Itutnely pf 60 60
AJax ltubber ..76 71
Alaska Old M. .1"; 3j
Alaska Junfau. l?t 1
Allls-Clialmers. .14 34
Am Agr Chem.102 102
Am Hoot Sugar 74 70 ;
Am fan 1tJ 45S
Am Car & F C 90 80
do nref IIS 11C
Am Cot Oil... 44V4 4411
Am Druggists. 12T4 12 U
Am It & I,eath. 17 17-",a
do pref .... 92 ti 92
Am lot Corp. . 6E14 S44
Am Ice Sec. . . 4t 42 ?i
do nref .... 63 62.i
Am Unseed. .. 484 48,i
Am Locomotive 64 i 64
Am Malt lj 1 i
Am Smelting.. 67 U 66 i
Am Smelt pf..l05 105
Am yjm Tob..ll6i 113
Am Steel Ktlry. 82 81
Am Tel & Tcl.lOStJ 10R
Am Wool 57i fifiH
Am Wr Pa pf. 37 ' 3G',
Anaconda 59 i r9
Abso Dry CJds. 22 k 21'i
Atchison 92 91 '
do pref 87 i 87 i
Allan Mr & At R 8
Atlau Coast 1.. 98
Atlan U ft w t 98
fluid Ijoo Co. . 79
Bait & Ohio.. . 4SU
do prcf 65 ',s
Tiarrett Co 119
llatopllas Mln.. l?i
Uctli Steel 11.. 62 T
do 8 p c pf. .104,
Ilklyn It T.... 25
lioolh rishr.. 2t
llutterlck Co.. 18U
Cnl Petroleum. 27-'i
do nref 73 a.
Cal I'acklnsr. . . 53 U
Canadian I'ac.163
Cent, FUy Co pf 32
Cent Leather.. fi2;
do prer 106U 10C Vi
Corre do Pasco 31 T 31 a,
I'handlrr Mot.l23'i, 124 '
:hes & Ohio. . G7'- 57'i
Chi C.rt West. . 8 8
do pref 25 25'i
Chi M & St 1 3S 5i
do pref 69 U 8'i
Chi H 1 & 1 to 23 U 24
Chile Copper.V 18 18
Chlno Con Cop 33 33
Col G & i:iec. . 4i 43
Corn Products. 48'.', I";
Crucible St;. . . 60 58,
tuna 1 ano Hug 113 1 ulMi
00 pier
Distillers' See.
Krle
do 2d pf . .
Kisher-liody . .
do ptef
OaBton-Wins ..
Hen Cigar Co.
lien llutots . . .144 14 141 U
Net
chue.
Clno
60
7414 U
3i U
it ..
34 U
102 ft
.7314 3
nk Ti
90 , U
116
44 4 i
12 (,
17,i .i
92 '4 1
65 '.4
44i li
63
48J4 ..
6l '.4
li .-.
4 ?
105 -4- 4
113U T
81 Ti '.fc f 22
US Steel 'tilt
do prcf ....114
t'tah Copper .. 67
Utah Sco Corp. 16
Va Car Chcm. 64
Wabash R'.i
do pref A , . 33
do pref Tt . . 20
West .Maryland 11 ',4
West Pac pref 65
West Urt Tel... 87
Westlngso Mfg. 43?i
Wheel & L K. . 9
Wlilto Motors.. 62
Wlllys-Ovcr ... 27U
do pref 9214
Wilson Co .... 691,4
Worth P& M.. 60
do prcf A... 93
do prcf B... 71
I.01T
93
lit
67 "4
16
E3;
sU
32
20
11
65
87
43
8T
E1V4
26
92 4
694
59
92
70
Nft
enup
93 4
114 Ji U
67 H !
Nciv York Bonds
llkh
105 M, '-k
66 ;
36 ti 1H
S'ji
91
-Hi
97 i 97 i,
98 98 V,
77, 78 1
48 !i 48i ,4
65',ii Eoii Vi
118V1 llSij,
l'i Hi U
62 62 1, a,
104's 104N
24 24 IS
20T4 20".
18U 18U
26 14 27 1n U
72 72H 1!4
63 63 ii r '.
162',- 162'. I'.i
32 32 U
CI ,i CI', in
16
64 4
8' 4
32 ft
20 V4
11
65 ',4
87
43 ', 4 U
8J4 ",4
EU4
26 ?
921,4 -f
.694 1
59 2
93 1
71 -K "4
ids
Iiw Clone
97Vi 97i
99'i 99
90 90
102 102
88 88
74 74
82 82'4
82 U 82
76 76
77 77
85 U 85
98 98
96 97
97 '.4 97
96 96
81 84
Philadelphia Stoclts
EOHrlll .T 0211
105 Cam iron 41
235 Klco Stor 60
660 Uen Asph 69
190 Ins C.N A 28
190 Ins CN A 28
360 I.k Sup C 20
127 Lea jsjav. 71
166 Leh Val.. 65
2.Mlnehlll.. 62
389 PennallU 44
SO Fa Halt M 84
152 Phlla Kleo 25
82 P II T t c 26
10 Ph Tract69
104 Heading.. 81
2070 Ton Del,. 'sU
60 Un Tract 38
29 U O I... 71
9 U r, N J.186
695 U S Ktecl 93
100 War I &S 8
65 W Cramp 75
,,
611
67
28
28
20
55
62
44 4
81 i
25
25j
60
80
3
38
71
186
D3
8
75
IION'DS .
Hun Jxw
IOC"
31.
124V
5
C
1
14
73I3 72
65 tt
17 16
20 2"
49 47
95 95
31 30
52 52
35
69
2511
18
33
44 1
47
60
22
3
I uo pref
. Goolrkh H
. 85,
V. 7 (Mi
I uo prer . ,IU6
. Hen Mot def . . 86
Ct No O subs 39
,C5reene-Can op 42
. 1111 Agrieui . . 14
nN inriiN kx hatK ; uk v AKKh; "?p'raion o44
Pprncfi 136 Race 39!
PAINE, WEBBER & CO.
INVESTMENTS
h:i land title bldc. piiila.
Direct Wire Service
Botton New York Chicago
Atlvuncf of 27 Points iMatle in j.Geneially Heavy 'I
U. S. LIBERTY BONDS
$50, $100, $1000
BOUGHT. SOI.tl AND RErOMMRXDED
FOB 1NVK.HT.MENT
Newbarger, Henderson & Loeb
1410 CIICSTNTT STBEET
tiMibtn V. Y. and rblla. Stock KichantM
'Suttnm
IIANKEHS
AMI
BBOKKR5
IT M euMTNTT UTS.. V.E.Cor.
nun ns rniiaoipoia idd ; -y
Terk Rtck Richaoict.
HECteRfeo.
Early Trade .General
List Irregular
COTIIIN lli:i.T WK.Tlli:il COMllllllNS
Nr- Vork. Frl. 23. The follow IliE Irw
trrnturr Mere rcrdrd In the iotlon belt
thN tunrnlliK!
Alillrw, :illt OI.I:llioiii!l H.. 2ll Knox-
lllr. 4I l.lttlr Kork unil Miollt lllf , IXl
Allunln. McninhU nnd mi Antonio. ,30
ShreiriHirl. .Miiron, AiiruMu and UllmlnE
Ion. 56l Vlckslinrc nnd .MnlitKoini-rt, 3H:
('liiirlptoii. li (inletoii. Ihomnatlllr. Su
iRnnuli nnd .liirkonlllr, nil orpu
ClirNtl, New Orlrnns and I'rimuinlu, C-,
Tiiinnu. (18. , . .
lhire uu .01 Inch of prrclimittlon t
IlklHlioimi (ll and rnn Anlonlo, .10 nt
Wllmllieton. .12 nt Utile Itock. .Srt.iit
Miretritort. ,211 nt C:ilehton. .14 nt Npw
(lrletin, Knovillle. Nnvtilllr and Jiuk
omllle. ,5'J nt AlrmnliK .72 :il lcks
Itnrc, .Hit ut iiiuiinuh, .92 nt Atluntti.
.UM at Thointivlllr. l.H nt AtiEiifctti und
rfiiHittol.l. t.5l nt rlmrlrMtnn. 3.16 ut
.Mikoii und 4.00 lit Mnntcomrr,.
TratliiiK War -Is
one
sues irrei
to
lar Tobacco Active
Inter-Cons I'orp
do prer . . . 22
Int It Cp new.ll.'iij
Int Sler Marino 24
do iiref . .100
Inter Paper . 46
liter Nickel . 26
Jewell Tea.. . 32
Kan C South . 19
Kelly Sprlngrd 109
Kenntcott Cop. 3o
Lack Steel .... 66
LehlBh Valley. 5;
Ni-h Vork, Keli. 25 There wan a gen- , , "'T,'1 . i"!i,' i
ally heavy tone to tho trading on tlie ' i"SSBe-"v B !S 43
road Street Curb today with mobt ' ,0 ;, prcf,. .,41;
N- York, 1-Vb
-The cotton mar.
I i road
importance attaclieil to tne pressure
apalnst many of the ncetitly active
petroleum Bhaien. -Most of the Mocks In
that croup declined after the opening.
eneial Asphalt selllne at 68 to 67.
and Sinclair llulf at 28 to 27.
International Petroleum was firm. m-II-iiiK
at 22 to 22, and Koyiil Dutch
uaa traded In during the greater part of Mo, Kan &Te
tne any at S5v to 86. island oil sold "o vrn
at 7 to 7. Midwest ltellnlng, after
declining to 153, rallied to 154.
War clocks were Irregular, with con
tlnued Hlrength shown In Submarine
Uoat, which advanced from 14 to 13.
LIBERTY BONDS
BOUGHT and SOLD
Anr Denominations
Samuel K. Phillips & Co.
80T CIIESTNOT ST.
Hmbr rblladelpbU Mock nxcbaito
1 ue low-priieu tooacco anaieit weie
ket had an Irregular opening, with 1 made actl by the Wlialon Interests.
March 27 polntti higher an.l the general ;m1"'1,l," ,10-"0" V"!"'8 of ,-'",l,1 I,ront
and 5000 phaiea of I'hlllp Morrlt hold
at 8 to 7.
ISUVHTUl.Xt.S
MONEY-LENDING KATES
NEW YORK Money on cal'. mixed
collateral, opened today at 6 per cent
for lending and renewal, un an inuus- H1.re buyers of the new ciops on the uu
trlal collateral the opening rate was 0 Vi 1 faorubIe weather news
list 2 points lower to 15 points
higher. The absence of M'arch notices
proved the early feature and explained
ilic strength of the mar months as It
led to active local and Liverpool cov
ering. Liverpool alto bought May. but
sold July.
Wall slreet and the South furnished
the contracts and later'the market cased
off 10 to 15 points. Foreign houses
m.l
tit r.nt
Borrowers of money, nnd some of tho
brokers, express the opinion that the
firmness of the money market Is only. a
temporary flurry, while bankers who
were said to have been premature a
week or two ago In predicting a harder
market reiterate that the outlook Is for
firmness. This Is not duo to an in
creased general demand for money, but"
Is predicted upon the present and
prospective largo requliements of the
j-overnment for funds.
The demand for time-money la not
urgent so far as stock exchange bor
rowers aro concerned. Fixed date funds,
however, were stimulated b ythe 7 's
per cent rate for call funds late yester
day and were quoted today at 5 ft 6
per cent for thirty and sixty days on
Industrial and at 6'SW5 per cent on
mixed securities, the last clans of loans
being almost negllble In point of busi
ness. Some bids were in the ma) ket on
Industrials at 5 per cent.
Large brokers In prime mercantile
paper say that the Increase in the of-
The early irregularity was followed
by lather a sharp advance. The absence
of March notices appeared to make a
bullish impression on sentiment. There
was a feeling that the big discounts on
the low grades, combined with the dis
parity between the March quotations
Aetna Kxploslves
Am Urlt Mfg 2
Am Marconi 4
Aincrcaii Will Pap 4
.Mr Reduction 50
Canadian Car Co .... 25
Can Car Pdy pfd. . 75
Charcoal lion 6
Chevrolet Motors ...160
Cramp 75
Curtlss Aeroplane ... 11
Caruen Tool . ." 3
Carbon Steel 9ft
Linerson Phonograph 2
llendee .Mfg K
l.ake Tt.ip lioal 1
Lehigh Co.il Sales . . 80
Lima Loco 23
v.-
6
4
lose
7
and the orieo of middling cotton In the I Maxim xinni'i.!." "
1 south was sulllclcnt to make tenders , s V Shipbuilding ...
unprofitable. This led to covering by .Voith Am Paper Pulp
near month shorts and sent March con- j"''", '';lel'?,nr,
tracts up to 22.88c. or SO.polnts hlRher. f"less Motor
There was scattered buying of new serlpps.Uootii' ".'.'.'.'.'.
crop months on the complaints or de
layed farm work and the active positions
sold about 24 to 28 points above last
night's closing figures.
The advance was checked at this level
by leallzlng and there were moderate,
reactions with trading becoming less
active after the first hour.
There will be no session of the New
York Cotton Exchange on March 1, be
ierinKS aoes noi snow uny uiKency on i ,. , .. ,,, f-.lu vw.n.iyv .,. vw
th nart of business men uenerallv. Lit- 1 cause of the Mardl Gras holiday at .New
Standard Motors . . .
Steel Alloys
Submarine
St Joseph Lead
Todd .Shipbuilding . .
Triangle Kllm
t'nlted Profit Sharing.
1 H Steamship
t'nlted Motors
World Film
Wright-Martin Air .
n
34
3
62
19
,20
15
8
5
15
It
102
xk
3
40
56
35
S5
85
12
.
65T
20
40
30
9
8
15
105"
1
3
41 Vi
3
Lorlllard P . . .164
.vi ar j;oci . . . is ',4
Max Motor . . 35
do 1st pr 57
do 2d pr . . 25
Mex Petrol ..181
.Miami Con Cop 22
.Mldvale Steel.. 42
Mln & St Lnew II '.
6
n-.
.Missouri i'ac . . ...
.Vat Acme .... 3
Vat C.& Cable. 16
Nat Hlscuit pf.,120
.N'aLKiiam & Std 52
NaiUrtMex2dpf 9
.VeV Con Cop. . 16
Xew Or T&.M. 36
X V Air Drake. 1U5
.V V Cent 75
.V V Dock ... 21
do pref .... 45
N V .S" II & H 28
Xorf & West.. 106
.North Pacific . 93
;Okla p ref 8
1 Ohio lias .... 37
Ohio 7as its. . 3
'Ontario Silver. 7
! Owens Uot ... 49
' Pan Am Pet. . . 80
i do prcf 139
1 I'enn UP... .. 44
IVo (ias & C. 49
1 Perc Marquette 14
Phlla Co 35
l.C C & St L.. 47 Ti
Pitts & West.. 38
do pref 82
Plerce-Arrow .. 42
: do pref 105
, Pierce Oil 17
Pitts Coal 46
' Pressed Stl Car 7
, P S C of N.l rts 2
Pullman Pal C.115
85
68
106
83
39
42
II
4 4
21
115
22
96
45
25
32
19
1112
29
66
35
26 '.j
4 3
91
164
78
33
56
24
178
22
42
11.
6
11
21
55
16
20
48
95
30
62
143
86
69
106
86
39
42
II
44
6
21
1I5S
22
97
43
19
106-
29
66
55
27
43
94
1644
78
34
1.
1
1
3
1
1
226000 Anc-Kcll 5s .97,
26000 Am For Sec fs 99
4000 Amer Smelt 5s 90
8000 Am T& T 6s.. 103
16000 Amor Co 4s 88
4000 Atchison Co 4s 74
4000 Atchison 4s .. 82
12000 Halt & Ohio 5s 82
10000 do 4s 76
8000 do cv 4s . 78
4000 Ilklyn Up Tr 7s 86
6000 Can Gt 5s 1921 98
7000 do 6s 1923.. 97
6000 do 6s 1931 . 97
8000 Cent Lcath 6s 96
2000Chllo 6s 84
19000 Chile Cop 7s. 108 106 106
2000C & O cv 4s 78 78Vi I
1000 do 4s 78 78 78
11000 do conv 5s.. 85 85 86
lOOOChl ci Alt 3s 36 36 36
1000 CM & K III 4s 29 29 29
5000 Chi lit West 4s 62 62 62
7000 C Un Sta 4s 88 88 88
16000 C II & U 4s.. 95 96 95
9000 Chi I & W 4s 62 62 62
8000 C M A: St I
rfd 4s ... 70 70 70
15000 dncnnvBs.. 79 79 79
3000 do cv 4s . 78 78 78
1000 Col & So 4s. 78 78 78
17000 City Paris 6s. 100 99 tt 100
lOOOConip Tab Ilec ....
Co 6b 83 83 83
2000 Het Kdl 5s '33. 96 96 96
10000 Krle cv 4s Sr U 47 47 47
26000 1-Y Ilep 6B..105,
19000 Ilud k M In 5s 17
1000 Indiana Stl Shi 97
5000 loua Cent 4s, . 44
81000 lnterb Met 48 43
23000 Int Mer M 6h. 99
16000 Kan City S 5s. 84
2000 Kan City Tcr4s 78
700U Lack Stl 5s 'BO. 87
Minn I -ik.. SilebtH'31 8731
7000 Ih Val rcts6s.ini 101 101
3000 Lie & M T 6s.. 91 91 91
6000 Lorlllard 5 . . 91
3000 I. & N 4s 85
lJOOOOLIb lb nd 3s 98.76
461000 do CV 4s. . . . 93.4 4
19200" do 1st Is ... 93.80
2644001) do 4s 95.66
62000 do 1st 4s . 95,18
84900(1 do 2d 4s . 94,22
3841UO0 do 4th 4B. 94.30
1000 Lions ts ... .iui-;,
Net
Close che.
41
60
68 2
28i
28j
20
71
65 V,
52-
4 4 '4
84
25 (i
25 i -r 'A
69t
81 4- tt
3 ..
38 ..
71
186 ..
93 1
8 ..
75 ..
Close
88
102
101
93.90
Net
chse.
-.34
12000 Con Trac
X J 5s. 88 88
400QEqult 111
lias 5s. 102 101
8000 Leh Val
Coal 6s.l01 101
2200 Lib Bonds
Ith4s9l.24 93,90
ssitv uo 3d
4s. .95.6(1 95.10 95.50 .14
60 do 2d
4s .. 93.90 93.90 93.90 -f .30
200OPa A Md
Steel 6s. 101 101 101
2000 1'ft Co tern
Cts4s 95
4000 I'll Co 1st
6s stpd.100
8200 I'hlla Klcc .
1st En.. 91
6000 Heading
gen 4s.. 85
iuuu npan-Am
Ir 6s.. .100 100".
18000 Un Itwy
Inv Be.. 67 67 ii
95
100
93
85
105f luuIf
10 ft
16TI.
97
44 i
40
97
84
78
86
87
97 c
44
40
97
84
78
87
87
95
100
93 -
85 -
100 -
67 -
INACTIVE STOCKS
ii
PUILA
l-ollowlng are quotations for Inactive
slocks listed In the Philadelphia Stock
Exchange and In which there were no
transactions today. The price given la
the last previous sale:
Alliance Ins . 19 Key Tel pf .. 60
15IKMI Mo Pac Kll 4s 62
.tliOOMnntana 1 5s. 91
4U0O N O T & M 6s 96
2000. Mag V V 6s 95
1U00 N (as Klcc.
L k II Co 4s 73
lflOOXYC&ll 3s.. 71
1000 do con 4s. . 74
22IHKI do 6s 98
limit il, 1 I..H 841.
2000 XVCy 4'lis '65.10Hi 101
91
85
98.64
93.34
93.54
95.4 4
95.10
94.10
94.18
101
61
91
96
95
73
71
74
98
S4
91
86 ii
98.7U
93.36
93.70
95.56
95.18
91.18
91.24
101
I.IV4
91
96 ii
95
Amer 'las.... 6:
Amer Ilwys pf 65
Amer Smelt.. 67
Amer Stores. 28
Am Milling . 10
A O war ... 7H
Ualdvvin Loco 79
Hurt & Sus pf BO
Cambria Stl 110
Catawlsso 1st
pfd ,. 40
Cen Pas Itya.lim
Con Trac.N J 62
Corn Ex to B.345
Cuba C Sugar 23
K Pcnti It it. a. i
Krle 16
Fire Asso ..285
Krth St Nt B.310
Hunt & II T. 10
Hunt& n T pf 19
Key Tet .... 11
Leh Val Tran 20
Leh V T pfd. 25
Lit Bros .... 24
Llttlo Schuvl. 48
Norrlstown .. 17
North I'enna. 94
North Cen ..73
I'enn Nat Bk
war 277
Penna Trat . 2V4
Phlla Co c pf 35
I'hlla El w w. 2
Phl!a& West. 6
P It T 25
Press Stl Car 68
llwys Gen .. 2
Tonopali Mln 3 f,
Un Pass Itvs.150
Wclsbach ... 4 lis
W Jer&b .... 44
York Itwy .. TV4
York By pr. . 31
WEAKNESS OF GENERAL ASPHALTS
IS FEATURE ON LOCAL EXCHANGE"
Neither Common Nor Preferred Is Active, but Both
Decline Sharply P. R. T. Certificates Yield on
Earnings Report Trading Small fl
Trading was exceptionally umall In today's session on tho rhls
dclphlu Stock Exchange, and, following tho opening declines on tho big board,
prices wero Inclined downward. Tho outstanding fcaturo was tho weakness
of General Asphalts. Although neither tlio common nor preferred showed
activity of consequence, both classes yielded moro than 3 points, with tho
common showing most momentum.
Indicating some disappointment among Rapid Transit trust certificate- V
holders over tho annual report Issued lato yesterday afternoon, the certifi
cates yielded V,, but thcro was no unloading nnd tlio dccllno was recorded on
a trilling turnover. Tho report showed net earnings for 1918 of only $1,534,818,
fiAtntlfirful With 40 Eftfl 51 In 1 017 tA altln lliA IhMah.1 Mniilrninsnla nt ih ?
.... T-,.,. ... - .... . .,,.. v..U ...M."uv..l IV ... t
C per cent rato being maintained arc $1,500,000 tho net returns aro only a
small amount above tho total payments for the year. On the other hand
Union Traction did little, but held steady, while Philadelphia Traction gained'
Os.
Electric Storage Battery lost , Insurance Company of North America
ns much as M and Lako Superior Corporation was lower after a slight gain
early. Philadelphia Electric, United Companies of New Jersey and Warwick
Iron nil appeared unchanged. U. G. I. further reflected, tho decreased earnings
In 1918, reported yesterday, by a small loss nnd Pennsylvania Salt yielded
Steel common took the samo course ns In New York, losing moro than 1
point beforo midday, but recovering n llttlo later. Reading Company recorded
a small' loss, while Pennsylvania Railroad changed hands nt Its previous
closing price. .Mlnehlll, on u trifling sale, gained 14.
Bond business was limited, with .changes mixed.
a
i
15
120
51
9
16
36
105
74
3 a: i Ky Steel Spring 76
' Itay Con Cop. . 19
. ' i Heading 81
, . i Hep Ir & Steel 76
;itoyal Dutch.. . 96
Saxon Motors.. 11
14
St L S K
1!
106
92
.8
7
2
;
4 9
78
139
41
49
14
34
47
37
82
41
105
17
45
66
113
76
19
80
76
94
10
12
8
170
10 ii
50
36
101
25
178
-'-'?
42
11
I.
11 -
24
30
15
120
51 ',3
9 ..
11
36
105
74
21
4.-.
28 ..
106
92
8 ..
37
3
'
19
79
129
44
49
14
35
47
38
82
42 ii
106
1711
45
66
2
115
75
19
80
75
96
11 ii
12
8
1711
10
60
36
101
-1
-
I (inn NV XII & II 6s 87
5000 X V By 4s. . . . 43
2000 X Y W C &
I) ls .... 50
1000 Xorf & Sth 6s 6.
1000 Xorf k. XV 4s. 84
90(KI .Nor Pic 4s... 84j
9000 do 3s 59','
1000 Ore Slioit L 4s 86
1100(1 do 5s 98
15001) Ore 11 & X 4 s 85
100 Prima 4s '21 97
4 200(1 do 5s '68. . . 95
20011 Pio lias ds
1:7000 IIcrceOil6
40tio Itio Ur fc 4S .1
inoo St L IM&So Cs 95
106000 So Pac cv 4s.. 83
129000 do cv 6s. . .P'3
12000 do rfd Is. . .81
8000 So .Uwy 4s. . . 66
14000 do 5s 95
SOOOTexat" f'o i. 1"2
I9OH0 ThlrdAv adJ5s 32
50(10 Tol.lo. 5s 82
luOOuTri-Clty 5s 96
300U L'SOovt 2s reg 97
24000 do 4s coupon. 105
10001' H Mexico 4s. 55
3000 1' S P.calty 5s. 68
3400U L' S ltubber 5s 86
3U"U do 7h 103
29000 CS Steel s I 5s.l00
71
74
98
81
101
87
43
50 ij 50
67 67
84 81
M'. '
69 69
86 i- 86 ii
9S 98
85 85
97 is 97
95" 93
11)0 100 100
21 93 Vi
95
83
103 it
M
'6
94
101
31 i
s2.
96
97
103
55
68
86
103
100
;i
DIVIDENDS DECLARED
Amerlean Power and Light Company,
nualterly of 1 per cent on r. nmon, payable
March 1 to stock of record Pebruary 24.
Oneral Klertrln Company, quarterly of
ti, payable April 15 to stock of record
March 10.
lloston nnd Albany ltallroad. quarterly of
12, payable March 1 to stock of record Feb
ruary 28,
Ooodyear Tiro and Rubber Company, quar
terly of 3 per cent, on common, paable
March 1." to stock of record March 1,
WiaconslnMlnnpsota Uffht and Power
t'ompanv, quarterly of t per cent on pre
ferrcd, payable March 1 to stock of record
' n.-istern Wisconsin I-lcctr c Company.
i quartfriv oi 17 per cent on preierrca,
I abl March 1 to stock of record of
1 ruary 20.
I Wolverine Ooppsr Company, a dividend of
I fifty tents, p.iable April 1 to stock of
! record March IS,
Amerlcun (an Company, quarterly of 1
I pr cent on preferred, payable April 1 to
i stock of record March 14,
Central Leather, quarterly of 1 per
cflit on preferred, payable April 1 to stock
of record March 10.
I Texas Company, quarterly of 2.."io. ny.
I able March 31 to stock of record March 7.
Iteyvvood Uros. & Wakefield Company,
Vmlannual of J3 per share, pavablc March
1 1 to slock of record February 23.
KK:
83
103
81 ii!
66
9 I'd
11
31 ,
82
16 Ii '
97 i
1115
65
68 ,
No Change in Refined Sugars
Xew York. Feb. 25, Ilellncd sugars
are unchanged at 9c less 2 per cent for
cash. Ilavvs are uncnangcu at v.:sc uc
llvered.
MARWICK, MITCHELL, PEAT & CO.
Accountants and Auditors
We beg to announce that we have admitted into
partnership Mr. Thomas Ritchie, for many years. Manager
of our Bank Audit Department; Mr. James B. Campbell,
C. A., C. P. A., who has been Manager since 1911 of our
St. Louis Office, and Mr. Andrew Stewart, M.-A., B. L.,
C. A., formerly Manager of our Vancouver Office and now
at our New York Office.
1421 Chestnut Street,
Philadelphia
Liberty Bonds
ALL MATURITIES
By dealing through members of t
The Philadelphia Stock Exchange
Buyers or Sellers are assured of obtaining the best market
in Liberty Bonds and Other Securities.
In addition to market price the Seller gets accrued. Interest
to the date of sale.
86 !
103 t
100
1
1
1
-1
l..
1
3
tlo or no paper Is being discounted In
New York as low as 5 per cent. The
average Is 6 per cent and from that
rata up to 6 per nt. In the country,
some paper Is being discounted nt 5 per
rent, but there are more transactions at
SU to 6 '.4 per cent.
Prime bank acceptances rule unlet at
4 04 6-16 for prime member blllH. Call
loans on prime bank acceptances are un
changed at 4 per cent.
riIII.AIr.I.rilIA Call. 6 per cent;
time, 6 6 per cent. Commercial pa
per, three to six months, 5W5 per
cent; six months, 6 per cent.
Orleans.
March
May .
July .
Oct ..
Dei. . .
)s. Today's 10.30 11:30 1.30 2.30
t loan open. am. a.m. p.m t in.
.,., .. ...,!-, '.-,-, '...-,.-, -,., ' irJ
.21.72 SI. 73 '-'I -' 21. "3 HI. Ml 21.1111
JO !! 'JO .Mt "(I H.,
..111-.'. Iil.hr. 10. 70 1II.7H lll.li.". 111. Oil
. 10 54 10 70 19.70 111.7(1 19.70 19.711
1 . -I "1 kll " 1 1111 -
(Mill 2ll!ll!l 2l!ll 18 O N .1
s u x y
'Reierve Banks1 Discount Hates
Official discount rates at the twelve
Federal Reserve hanks vvero as follows:
(The first column slves the rates for
all periods up to and Including a fifteen
day maturity, the second for a period
of sixteen to ninety dayp. The third
and fourth columns are the rates, for
rediscounts of collateral loans secured
by government bonds or notes.)
Com. paper Gov. paper
16 to 90 18 to 90
13 days davi 15 ilavs da
.
trv
l Hoaton
r" t-hlladtlphla
w Tork
lvt.land
Richmond .
Atlanta . . . .
1 Chicago
' fit. Louis ....
Minneapolis . .
Joan m..,"v.
Kansas City..
XalltJ .......
4
4
4
4
l
4
4
4
:
4"t
4
4
4
4
4
4
4
4
4
a i
da
t'l
4'J
4'i
41?
FOREIGN EXCHANCE
.w Tork. Feb. 25. The feature of
the foreign exchange market today was
a. further advance In Spanish exchange
to a. new high on this movement. There
la, no local Information to account for
Be aavcuicr, "icjn ... .w .u.,n,,..u
In- London. French exchange was a
v! . atlcht ahade easier.
'? Vtbe market was dull and otherwise
1 ', not appreciably changed from the final
' s flrurca of Jlonday.
Quotations were:
Demand sterling 4.75. CAbles 4 78
T-l: alxty-dav bill, nominally, 4.73;
litftyday bills. 4.71.
. Trano oahlea 6.45 3-1. cheeks 5.45
ura eiea .. cnecaa, .u vj
oapie ijiVki.ciiNHs 1.71'.
- ..LI., iltf' .Lfa-k-' ill'
VStWHi -WITH. "-vP 'II''
i, cnactta ;..
Collon Uujcra and Sellers
New York, Feb. 13. March Cone,
McUnany nnd Sellar bid ; Itoscnberg,
Hartcorn, Newman, Montgomery,
Drooks, Orvls, Hopkins, McKnany and
Royce offered.
May Wilson, Cuppla, Hicks, f'ardoza
and McKnany b'd 1 Carpendcr, Itlordau
1 and Allen offered.
July Russell, Downs, Wenman, Mont
1 gomery, Ilounlree, Weld, .Mitchell and
Orvls bid ; Walsh, Burnett and b'ellar
I offered.
October Kcllar and Hlgel bid . New.
man, Uartlelt, Wenman, Frcderlckson,
Uartcorn and Wleck offered.
Liverpool Cotlon
Liverpool, Feb 35. Spot cotlon was
nulet today, with prices easy 011 the
basis of a decline of,33 points for mid.
dllng, old contract, at 17 47d ivales
wero 1000 hales. Receipts were 7300
bales n'.l American. Futures were quiet
In the early dealings. Spot prices were:
American, middling fair, 18.78d; good
middling. 18.IOdj middling, 17 47d; low
middling, 16.42d; good oidlnary, ll.SOd,
and ordinary, 14.37d.
German Dank Statement
! llerlln via London, Feb. 3'5. The
statement of the Imperial Bank of Ger
many issueu reoruary 10, snows me
following changes Total coin and bul
lion decreased 2,193,000 marks: gold de
creased 2,601,000 marks; treasury notes
Increased 30,144.000 marks: noles of
other hanks Increased 87,000 marks:
bills discounted Increased C4D, 149,000
marks: advances decreased 992,000; In.
vestments Increased 171,000: other se
curltles decreased 23,693,000 : notes in
circulation Inrrcased 95.025,000; de
posits Increased 604.887,000; other lia
bilities decreasd 46.639,000; total gold
holdings 2,249.549,000 marks.
HANK CLEARINGS
689
328
7&
'2
2 2 2
83
24
54
3
18
7
27
7
3
ii.
1 J
i
JIank ilearlncs today compared with eor-
reponuni ""J.'"' '"" inn
tntT
3
hTAMtAltn (III.
Illinois 168 172
Ohio 326 328
Prairlo Pljie 267 271
S O Cal 270 272
.685 691)
.326 330
IMIHI'KNUKNT Oil. KTOCKM
Harnett Oil & (las . . f,
Cosden & Co 7 7
Klk Basin 6
Federal Oil 2
Inter Petrol 22
Houston Oil 8li,
Merrltt Oil 21
Midwest Helming ..153 I
Met Petrol 3
Ohio Fuel 16
Sapulpa Ref 7
Sequoyah
Sinclair 27
Island 7
Ulcnrocl; 3
.MI.MNO STOCKS
Atlanta 3
Big l.cdge
Butte New York....
Con Arlx 1
(. F t. & Jerome. . .
First National
Coalfield Merger . .
Uoldfleld Cons . . . .
Coldfleld Florence .
Uoldfleld Kewanas.
Jreen Monster
Ilecla .Milling
Howe Sound .
Independence I.cad
Jerome Verde . .
Jim Butler ...
Jumbo Extension
McKlnler Darrazli
Magma Copper 27
.Mother iae ....
Jllnes Co of America
Nevada inns
Nevada Wonder . .
Nlplsslnr
Ohio Copper
Ray Hercules . ....
Kn Toy
Stewart . . ,
Tonopali Extension
United Verde
West ISnd Con
White Caps
Yerlngton
' BONDS
Bethlehem 7s (notes).lOl
Cosden Oil 6j ...... 90
Cosden & Co (S .... 90
Cudahy 7s 101
Russian Gov 6s ... 51
Russian Gov' 6 'At,.., 61
Wapwinr i.:iJ.
81
24
154
7
3i.
Seaboard A I.. 8
' Sears-Roebuck. 171
' Shattuck Arlx. 10
S.She St & Ir 50
(Sinclair Oil .. 36
Southern Pac .102
'Southern Jt It. 28 28 28-
SlUdebaker ....'i9 54 &'.)
'Stuts Motors 15 42 42
Sup Steel 31 31 31
,T Cp & Cli w l 13 13 13
I Texas & Pac 32 32 32
Texas Com'y..l93 192 192
Tobacco Prod'ts 89 88 89
do prep 105 105 105
iTran Williams 39 39 39
I Union Pacific .120 129 129
! do pref ... 74 74 74
Cnl Alloy Stl. 41 40 41
1 1'nl Cigar Strs.124 122 123
Unl Ry Invest 12 11 11
do nref . . 25 24 24
CSCIP & Fdy. 20 19 20
i do Dref ... 64 54 31
I' S Uxprcss . 18 18 18
I C S Ind Alco..lll 109 110
! do prcf 103 103 103
V S Realty .. 25 25 25
1- 8 Rubber .. 83 81 82
C S Smelt & R 47 17 17
NEW YORK COFFEE MARKET
Vevv ork. Feb. 25. Much of the early
trading In the coffee market was In tho
wav of exchanging, July being switched
Into December at 45 points. Otherwise
tlire was no special trading feature.
Commission houses were scattered sel
lers. Millie there appeared to be enough
buving for trade account to give tho
ma'rket a steady undertone at the de
cline. Owing to the holiday there were, no
cables from Brazi'. but there ivas noth.
lug In the firm offers received here lato
vesterday to suggest any Immediately
pending change in the primary mar
kets. . , ,
leBlirnay s juuij a
open
14! on
.13n
in.'.i
13.43
May
Julv
Heptmbr
December
.tanusry ,.
February .
I'lOS
.. 14. ni.
.. 14.10
. 13. Ml
. . ls.nt
13.0
I
5
1
- -: ;
-1
1
- - .1!
Offering Aluminum Co. Noles
A syndicate headed by the Union
Trust Company, of Pittsburgh, and the
' Mellen National Hank, of Pittsburgh,
and the Uuaranty Trust Company, of
I New York Is offering an Issue of $12,
000,000 6 per cent serial gold notes of
the Aluminum Company of America,
Thes.' will be dated March 1. 1919, and
mature 84,000.000 annually March, 1921
'and 1923, Inclusive. During each of
J the last four years the annual net earn
ings, after taxes and depreciation, hayc
not bee?) less than $8,000,000. 1
Organize IlritUh Overseas .llank
London, Feb. 25. The Anglo-South
1 American Bank : (llyn. Mills, Currle &
To., the Northern Banking Company.
I of Belfast; the Union Bank of Scotland,
and Williams Deacons Bank are com
bining, It Is announced, to furnish capl
tal for a new hanking Instltut'on to be
called the British Overseas Bank. The
special object of the new bank will be
to facilitate and finance foreign trade.
r
1 1 ...
4 6 5
18 20 20
16 18
4 6
. .
4 4 4
3 4
2 3
37 40 38
12 U 13
45 48
27 29
30 32 32
L.li32 ..
3 6 ,,
70 SO
'2 '!. .?
2 2 2
6 8
16
-U - 211
31 32 ..
I ft u ..
in 11 11
4 5 . .
101
91
93
102
60
67
60
II
Federal Taxes 1918
CORPORATIONS contemplating the
payment of cash dividends prior to
March 2, 1919, should consider carefully
the ndw provisions in the Revenue Bill as
recently passed by Congress. There arc
many additional new features which should
be considered before closing books for the
past year.
ERNST & ERNST
TAX SERVICE
AUDITS AND SYSTEMS
Telephone Locust 2081 2023-2024 Land Title Bldf.
'" -' '' " ' r -rfaaBagr-Trrnrr.TTaHs
II
f I
HI1"'
Tax l?rce
$2,000,000
Joint Stock
Land Bank 5 Bonds
Datrd November lit, 1918 Due Noiembtr nt, 1958 Redeemable at par and accrued intcrcit on any intereit date after
November nt, 1913. Coupon Bonds, exchangeable for teyiitered bonds and interchangeable. Denominations J 1, 000 and
$ ?oo Interest pajable semi-annually, May ut and November lit, principal and interest payable at the bank of issue or col
lectible taiough the offices of the undeitigned. Issued by the following Joint Stock Land Banks under the supervision of the
Federal Farm Loan Board, 1 bureau of the United States Treasury Department.
Lincoln Joint Stock Land Bank 5's
Virginian Joint Stock Land Bank' 5's
Arkansas Joint Stock Land Bank 5's
Mississippi Joint Stock Land Bank 5's,
loAva Joint Stock Land Bank 5's.
Attention is called to the following investment qualities of these
4 Joint Stock Land Bank Bonds.
(T) Instrumentalities of the United States Government.
(2) Exempt from all Federal, State, Municipal and Local
Taxation excepting only Inheritance Taxes.
(3) Legal investment for all Trust and Fiduciary Funds under
Federal Jurisdiction.
0 Acceptable as security for Government Deposits, including
Postal Savings Deposits.
Secured by first farm mortgages made under Federal
supervision or by U. S. Government Bonds or Certificates.
The Attorney General of the United States has rendered
an opinion approving the constitutionality of the act and
the validity of its provisions.
Price to yjeld over 4.50 to optional date; 5 thereafter
Stud fir cur htekltt "Jiint Stock Land Bank Btnit"
which euli.iei tht invutmtnt qualifier tf then bundi ,
The Equitable Trust Co;,
of New York
t BOND DEPARTMENT
37 WALL STREET, NEW YORK .
Halsey, Stuart 6b Co.
Incorporated Successors to
N. V. HALSEY & CO., Chicago
NEW YORK CHICAGO
LAND TITLE BLDG.,' PHILA.
9
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