WfTf H'-" 'WThSi'
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Ifi
,18
EVENING PUBLIC LEDaBR-MlLADEjLPHlATUDAY, teARE-4, ..OjttlU
- .
( w
h?
i.
t
ia
re
K
fl
Yi
'If
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It-tJ"
WL A'
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Cr't-
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:$
Joint Stock
Land Bank
5 Bonds
These bonds are Instru
mentalities of the United
States Government, arc
exempt from all federal,
state, municipal and local
taxation except inheritance
taxes, nnd arc IcrbI invest
ment for all trust and fidu
ciary funds under federal
jurisdiction. They are due
November 1,1938, nnd re
deemable at nar nn(1 ?c"
crucd interest on any in
terest date after Novem
ber 1, 1023.
For further particulars
send for our Letter -25
handler i Company
!,
rianklin Bank Building
Philadelphia
New Tork Boston
Lackawanna
County Coal
Stock
A unique sinking fund
provision of thirty (30)
cents per ton should re
sult within a definite time
in the payments of
Extra Dividends
(In o.-ilion lo regular iivlienii)
aggregating several times
the outstanding capital
stock.
Sew eireular upon requrst
Traded in on New York Curb
Gwynne Bros.
25 Bro.d St.,N.Y. Phone 3232 Broad
Local Industrials
Only
Our policy is to offer for sale
the stock of nearby manufactur
ing coiporations whoso carnms
capacity and executive manage
ment, after investigation, have
proved to be beyond criticism.
A dividend producer of unusual
merit presents itself at this tuna
and we will be elad to furnish
details.
Benner & Company, Inc.
Widener Building
Philadelphia
tranches in Pennsylvania
READING, YOUK, LANCASTEK
tipriirr 1311 " '''
Wttklu IIOMI KKl'llltll on ...I'll"
PAINE, WEBBER & CO.
INVESTMENTS
IMJ LAM) TITLt ULUC, IMIILA.
Member Ne rl Mink Kvrln.n--..
Spruce 343 lUuc SSiJ
Canadian
Municipal Bonds
Bought Sold Quoted
FINCKE, BANGERT & CO.
Franklin Hunk llld.., I'lilliiileliihln
BOSTON NK1V YOUK
U. S. LIBERTY BONDS
$50, $100, $1000
bocgut. (im.n ami kt( (ni.uu.NDr
FOIl INVESTMENT
Newburger, Henderson & Loeb
HANKERS '
ANI
uoKr.ns
ITH CHESTNUT 8TS.. X.E.Cor.
Ucmtwrs of Philadelphia si! N.wj
mm stoe- cirnanrta.
ftECKERfCo.:
FINANCIAL NEWS CLOSING NEW YORK AND PHILADELPHIA STOCK QUOTATIONS
STOCKS BREAK SHARPLY ON BIG 1 1
BOARD, BUT RECOVER NEAR CLOSE
Veto York Stocks
Failure of Congress to Pass Legislation, Particularly Act
lo Provide Railroad Revolving Fund, Causes
-Bankers Buy on Declines
Adams Kx . .
Adv Jtumely .
do pref t
AJax Ilubjfr.
Hlh
41.
24
62 4
:si
SelliiiK-
Iligh I'oiuts in Today's Financial tScms
Stock prices leaded sharply on Now York exchange when an
nouncement was made that Congress had adjourned without acting on
railroad revolving fund bill. Buying by important interests brought
quick recoveries. Cuib business was light. Corn reached new high
level. New York Cotton Exchange was not in session. French ex
change continued firm. An extra dividend of 10 per cent, payable in
Liberty Bonds, was declaied by directors of the American Woolen Company.
I.OW
41
2 31 a
63
3-Vi
1".
34 U
88
102i
134
45.
102
Ml
43 i
13
lSi
98
69 J
43
New Yorli, .March !. The stock market was called upon to stand
another test today In the passing out of existence of the Sixty-fifth Con
Kress without enacting Into law the important measures considered vltul
b Hie administration, and Including particularly the railroad revolving
fund net. frlor to mlddav. when the short session of Comrre-n ended,
there was a waiting disposition, hut with uncertainty prevailing because
or reports from Washington that the President mltilt return the railroads
to their stockholders If the deficiency hill was not acted upon.
The trade had been or the usual pool manipulation in closely held
slocks, with Kelly-Sprltmneld Tire and bucIi issues making sharp ad
Nances, but the standard stock" generally showed a heavy tendency, In
dicatliiK an expected break which came in on abrupt manner Immediately
after midday. Then the fact that Congress had ended without action was
followed by a selling movement on which numerous stocks declined from
1 to points.
This decline was of short dotation, lion ever, being over in a few
minutes and was followed by vigorous buying, most of the stocks sup
piled at low levels being taken by Important banking Interests, nnd It
was not long before the declines were generally recovered, with some
is-ues selling at new high records. This was considered to mark the
lull effect of the disappointing situation at Washington."
Among the important price movements was an advance of 7; in
American Woolen to' 63'J on the declaration o fthe 10 per cent Liberty
llond dividend.
Petroleum stocks fluctuated over a wide range, with constant rallies
and recessions, and the motor stocks also moved over n good deal of
gr.md. Oneral .Motors selling as high as 1ST nnd us low as 132H
Kelp, Sprlngfflekl Tire ranged in the afternoon from 1134 to 1193;
1 lilted States Steel, after declining to 92?;. rallied to 934
There was no change In conditions in the bond market, nearlv all
...- .....-, rsi oeing awacneu to the continued heavy dealings In
r. .. i-uC-. wuii me lourni l',s selling down to 93.8G.
Alaska ( Minn lU
j Alaska Juneau, 2
'Allls-Chal Co.. 34 ;
do pref ... 89
Am Agr Chem.103
Am Ileot tiUKar 73 U
American Can. 47 Vt
do prcf ....102 .
Am C A y Co. 92
Am t'otton Oil. 44'
i Am DruKKlsts . 134
Am Hide & L. 1
do pref ... 99 A,
Am Int Corp. . 61',;
Am Ice hc. . .. 43
do prcf . . 62 v;
Am Linseed . . 47H
do pref ... ,7
Am loco ... 67 'i
Am Malt pf . 48 'i
Am Smelting . 67',
Am Smelt pr. . 104-
Am St.uff ....111'
Am Sum Tob ,114
Am Steel Kdry 8S
Am Tel & Tel. 10614
Am Tobacco .l6n;
Am Woi1 .... 63 lb
do prit .... 97';
Am Writ V pr 40
Am 2lnc & L. 13Vi
Anucond.i i
Aso Oryitood.'i. 21',
Atchison 92 '
Atl lulf W 1.103 in.)
doie
41
23 i
12
3'i
1H
34 .
88
103
73'4
47U
102
91
43?;
IS '4
99',
43
Net
chile.
1
fl
2 u 62 u ;;
45 46 i -f g
86tj 87 1H
66 H 66 H ,
Nctv York Bonds
46
66 ;
104 U
111
us
84
105 Vi
196 i;
861,
97 U
39
13 14
59-,
204
91!
the Lib-
BULLS TAKE CONTROL
IN THE CORN MARKET
INTEREST IS LACKING
IN OUTSIDE MARKET m!
it ,... i o t,:
"'I"MI MAtKUt OUu
Ila'to & Ohio.. i
do pref. 56 Vt
Uarn-tt Co....li84
Hatopllas Mln. 1H
Ileth Steel II . 6(i,
do 8 p c f. .105
Uklyn Hap Tra 24 'J
Hut & Sup Cop 19',;
"'aluinet tc Ar x 58 ;,
i'al Petroleum 27
do pref .... 73
C'al Packing Co 54 Vi
c.-inad Paelflc..l634
Central Leuthtr 65 S,
Cefro de Pasco 32
Chandler Mot. . 123
Ches.1 & Ohio.. 59',;
CIilc tit West.. 8j
do Iiref 25T4
Chic M & st P. 37 Vt,
do pref 70 1,
Chic It 1 & l tc 25
do 6 p c pf . , 66W
Clti&P 7 p c pf 77V,
Chile Copper. 1884
Chlno Con Cop 33j
Col Kuel & Iron 38 4
Col Has & Klec 4 4',4
Col k ."outh.. 26T,
do 1st pref,. 52
font C.in .... 80
Coin Products 48
Crucible Steel.. 62';
do pref 94 Vi
Cuba Cone Sug 21?,
do pref 72'i
Den & It ( pief 7!f,
Dome Mines .. 124
t'lst Securities 61
KNo
do lKt pref
eisner iioiiy
6N
47V-
55 '4
118T4
l'-i
63
1 (!(,
23",
18
58';
26'j
72'.;
54
160;
63
46
66;
104
111
112W
81 ts
106T4
195 Vi
62 ',a
97;;
39
13 !4
60
214
91
1034
79,
47',
551,
11 ST4
14
64 'j
105
2 1 '4
19
64
H
'- $
lift
-Iji
3
38; in
i'h'2
73
54
160-1;
6
32
125
57'.,
"
23 V,
:i6V;
69'.
si
6r2
T4
-fl'ii
-1V4
18?; V4
3354 -t- '
38 4. '4
43.
26 '4
52 2
79',
48U
61J,
.94H
21-
72'i
Supi
Small isible
MiiptnriiU and Meager Ele
alnr Stocks Jump Prices
Hies
Light : Leading Stocks Sell Off Durinc
Karly Part of Day Mod
erate Rallies Later
1110 CIIFXTNITT STnEET
tfanber, N- V. and l'lill Htock KirlianrM
lfW-S.
iili.iioi. .Mmcn 4 iriinoiK i.icnr nuw
"intili nnil ,'iitrnl. rain liirntni; to snnw
Kirerii- null, tolilnhl. UVilrunJaj f.dr
nnil tuttl Mlwourl Kitti nultliwxr Itrftit
now ri hii.I south tonlKht ; WeJhead.iy
'"!' '.'.'J'1 '"I" Wlironln Fnlr lunula
nn.l W.,tniK,liiy ti colli uf .Mlnno
.ilii lulr lonUtit jlIilI W.dnis.l.ij . iiiMrr
xlrmt. niulhe.it tunluht; wiirmi-r V.1
nemi.iv. lono Kalr nml toldr tunluht.
i.lit WHvf .n anj centinl: Weunemlay
fall, nariu.r went. North una" South lu
kntn Hnr n.l ranllnui-a colJ tonulit,
nlnelav fnlr mi1 warnn-r .NVIr.tKa
1'litr luuliilH ana Ui-oneouay. ..olvlvi- lu
iiltfnt outh ftiiil vlreiil.. .ht. vannfi
Weihin.liiy .m.l Thui'nluv Kkii-mh l-'uli
rtlKl lOlthT toiilllht tolll IVUIH 1'Kllllia
fOUtheaflt. WrullPd.lj fall, ttilllnur Wr,l
nH.lav Hftfrnoun ami Thumtlto. Mon
LHiia -rrlt Uouov tonUht ana Wtilnvi-
tii . hroliaMv vnow weut Hint cttitlal
WMiinme l'arliv tloa.lv tonUht unj
WeUni-nilay. (.now extrtmu noitn, ..inui
Wt,llK-Hla
ChlritK", March 4. Hulls took control
of torn today and under the Impetus of
predictions that the $17.50 hoi; minimum
would he maintained throughout .March,
a small lslhle supply, light shipments
from first handH and rmager slocks in
elevators forced prices sharply upward
Into new high grountl for the present
movement.
There was heavy buying by commis
sion houses. Shorts also were anvuus
purchasers, and there was considerable
demand from investors. Those who
favored higher prices did not meet with
much resistance until values had ad
1 Minced to a level where longs could take
generous profits. The weather was not
favorable for any Increase In receipts.
Pair advance In oats, due to covering
by shorts nnd buying by a leading ele
vator Interest, was checked by sales
which came from Important cash houses.
Talk about big shipments of o.td ex
hausting stocks here created a bul.Wh
feeling. The volume of business was not
large.
I.eaulni? futures ranged as follow
Yen.
Open. Hiidi Low Cloe Cloao
t'orn neu delivery!
Ma' . 1.27 1.30'j 1 :' 1 20 1 il)!,,
Jul: . 1 22', 1.2, 1.22. 1 244 1 21!
ll.it.
May . .10', 001, .-,(!'. not. r,.
New lurk. March 4. There was dl
r!iil.he(l outside Interest Hhow n In tho
Ilroail stieet Curb market during the
lay. with an uncertain tone prevailing
dilrltiB the first half of the day because
of the disposition to wait for action at
Washington, while the fate of the defi
ciency bill and other administration
mmsuret was pending.
Within the last half of the day the
market was governed to some extent bv
onjectures over what courso the ad
ministration will follow In view of the
situation created when the session of
Congress expired.
Most of the leading Mocks o!d off
during the nrt half of the dav with
moderate rallies during the afternoon.
Oneral Asphalt sold down from 67 '2 to
64 . with a rally of ahout 1 point.
Iloynl Imtfh dropped from 86',; to 85
nnd Ke.v stone Tire fold down from 66 V,
to 65f'. Midwest Iteflnlng, which sold
as high rs 159 last week, was traded
In at 131', to 150. Submarine Boat
ranged from ll, to 13;.
Mtl'.HTIII.ll.rt
July
i.aru
May
Julv . 24 7U
Itlbs .
Jtav . 23.13
Julv . 21.03
1'ork
Mi . 41 50
Ju v ....
AnktJ
as", .10 ,
M
30'
nsi
2.'. no
21 011
2.1 DO
21 03
41. SO
3S.H0
23 2.1
21 00
22. M
21.02
41 in
as. 3
23 23 2.1 43
21.00 til. .3
"2 S3 t"2.lll
21.02 21.70
Aetna Kxplnslves
Am-llrit Mfg
Amer Marconi ... .
Amer Writing Paper.
Air lteductlon
Canadian Car Co....
Can Car & Kdy pf . ..
Charcoal Iron
Chevrolet Motors . . .
Cramp
Caivven Tool
Carbon Steel
Kmerson Phonograph.
Hendee Mfg .... ...
Lake Torpedo lioat..
I.ehlgh Coal Sales . .
Lima fco ,
X Y Shipbuilding
Xor Amer Pap Pulp
Otis Klevator
Peerless Motor
Poole Kng
Scrlnps-Uooth
Standard Motors . . .
Steel Alloys
Submarine
St Joseph Lead
J4IWTodd Shlphidg
41 1.1
3S.0.1
41 37
3S.2."
MONEY-LENDING RATES
Triangle Kllm
I'nlted Prodt Sharing
C S Steamship
I'nlted Motors
World Film
YVrlght-MartIn Air
II I J
9-7,
2
4
50
28
75
6;
180
73
3
90
P
80
29
34
4
60
21
. 20
15
8
. 5
14
11
.102
Yest clow
k (sale)
9'. 2
4
4'i
5
611
36
85
,4
5
95
r.
25
2'i
85
31
"4 '4
Co
40
30
8',
8
14'i
12
105
9 "4
'4V4
6
4Vi
35
4'
14'
LIBERTY BONDS
BOUGHT and SOLD
Any Drnoinfnntlonn
Samuel K. Phillips & Co.
607 CHESTNUT ST.
Member riiltauttiihU Stork Krlmnce
MJW YOltK Money on call, mixed
collateral, opened today at 5 per cent
for lending and renewing On all In
dustrial collateral the opening rate was
1 5 V, per cent.
The market for time money Is reported
almost entirely nominal, ltates nre
mirttcfl at ll.fl:R tuc n nrt,, .I....-,. 1b .1
little nctual business for thirty to ninety 'Harnett OII& Ons.
u.i.'. in i7, per cent on industrials. il"n,J, -o.
HI 2
3'i 3
42 Vi 42 'i
n vi
4Vi 4.
STAMI.VHI) oil
Illinois 173 177
Ohio 323 327
Prairie Pipe 264 268
S O Cnl 265 270
S O X J 683 688
S O X Y 332 335
INDKI'I'NIILNT Oil, STOCKS
r
30'i
52 ',4
334,
52 'i
Uen Motors. ...157
do deb 85
r!o pref...... 853;
floodrirh B jr.. 70
(Irandhy Mln . 68
(Ireat Xorth pf 93',;
Haskell H liar 4 4
Illinois Central 97";
Inspiration Cop 4,5Vi
Inter-Cons Cor 5?4
do pref .... 19 '
Int Mer Marine 2 4 ',4
do pref 102H
Int Paper .... 4 6 a;
Int Xlckel .... 26',;
Jewell Tea .... 40V,
Kansas Cy Sou 204
Kelly Spgfld...120
Kenne Copper., 30',;
Lack Steel .... 67S
Lehigh Valley.. 55V,
I-ee Iluher & T. 234
Loose-Wiles Ills 48
Iyvrlllard P pf.l09T4
Louis & Xnsh..ltnV4
Maxim Motors, 35U
do lt pf .. 59 T,
do 2d pf . . 20',;
May Dpt Stores 66 Vi
Mexican Pet...l774
Mlnml C Cop. . 22 ;
Mlnn&Stl. new 11
M SP&S St M.. 90
Mm Kan & Tex J
lo pref 12
Missouri Pac. 25 ',4
do pref 54
Mont Power. .. 76
Xat Acme .11";
Nat niscult. . .116
Xat C & S, . 71
do pref 103V4
Xat Knam & St 50
National Lead 67
NHltofM 2d pf '.
Xev Con Cop.. 16V4
New O T & If 31K,
Xew Y'ork Cen 75 i
i .vvc&si.zu pr 45
, N'YXH&H . 29 H
X Y Ont & W 21
! Xorf & West.104'4
; Xorth Amer. . 52
1 Xorth Pacific. 93
Xovo Sco St I.. 48
Okla P A Hef 8
Ohio Gas ... 37
do rts . . . . 2 ?;
Ontario Mlver. 7Vi
Ppc T & T 27Va
t Pan-Am I'et . . 81
do pref ,...138
Penna n Ft. . . . 44i
Peo (las & C. E0"i
, I'erc Marquette 15',i
Phlla Co 35
, Pitts & West.. 38T4
I do D-ef 81 'A
Plerce-Arrow .. 46',4
ao prer . .
Pierce Oil .
Pitts Coal .
i do pref . .
Pressed s Car.
124 ..
60-
in-'; - - -i
287; - l
52 4 s
32 ; '
52 4 -
155 J- V
84 '4 - - '
as;
CI'A 1;
68 ' ..
9,1 ', -- "
44
97; -
45 '.
6',i '-
19 'j
23.4 '
101 4 a
45V 1
26U ',
39 i V,
.104 'A
. 17 74
. 4C'i
. 86
68
,P S Cp X .1... 83 'A
I Pull Pal Car.. 1157i
IHy Stl Spring. 76 Vi
Itay Con Cop. 19 ',4
84 Vt
39
326
686
336
rropogftla
MtOI'tlSALs FOR DKKIH'.INfl. II. H,
Kntlneer OITIre, rhlladclplila, l'a. Healed
propel, will b rereived hero until IX
noon. Slartfa 11 1019, and then opened, for
drcdclnc In Deiawuro niver. In Philadelphia
Harbor and on Mew Caitle. Reedy Xaland.
llakcr and LI, ton Lighthouse Itaneca. r
tber Information on application.
Wall Street InstltlltlonM nrn tiriir.(lr..ilK. lllU Hasln.
out of the market and the current busl- Federal Oil
ness In on out-of-town funds. Inter Petrol
Prime mercantile paper Is slow at a Houston Oil
minimum of 54 percent. 'Merrltt Oil
Prime bank acceptances arc quiet at Midwest Iteflnlng. .
unchanged figures. j Met Petrol
Call ioans on prime bank acceptances Ohio Kuel.,'
continue at 4 ', per cent. Sapulp.i Iter.
Fiequoyah
STEAMSHIP N0TICK9
New York & Philadelphia
Semi-Weekly Freight
Service
SAILINGS
From Pier 44, North River, New
York, and from Pier 2, North
Delaware Ave., Phila., every
Tuesday and Friday at Ci:00 P. M.
J'or rale, and older
laormaMou, apply to
CLYDE
W. II. VIVIAN
Utnaral Acent
?ler S. N.Dol.Ave.
hlladelpata. i'a.
IV
Krt.
Ile
Ne
LINE
r. p. i.evis
. Trattlo Mr, I
r 3(1. N. ltlver I
ivt YorU City I
I'HILAnr.I.nilA Call. 6 pet cent;
time, SHA'6 per cent. Commercial pa
per, three to six months, 5',iW5',4 per
cent , six months, 6 per cent.
LONDON Money is quoted at S!a per
cent. Discount rates, short and three
months bills. 3 17-32 per cent.
Sinclair
Island .
Glen rock
. 6
. 2'i
. 21
. 79
. 24
.150
: ,5
. 7;
2J
ev;
2i
21 i
81
24'4
152
7T4
6",
2i
22 VI
MVi
15
Liverpool Collon
Mterpool, March 4 Siot cotton was
quiet today with prices weak on thei
basis of a decline of 54 nolnts for
middling, old contract, at 10.13d. Sales
, FOREIGN EXCHANGE
I New York, March 4. In the opening
' dealings today French exchange showed
n continuation of the firmness that be
came current In the afternoon yesterday.
Cables were quoted at 5.46 nnd checkr;
i at u.i,. or o centimes .move me invvesi
i of the recent decline. Xeutral ex
changes were heavy to weak. Sterling,
i Swiss and lire held steady.
I Quotations were:
Demand sterling 4 75,, cables 4 76,',.
, Slly-dny bills nominally 4.73',;. ninety
i day bills 4.71 Vi.
I Lire cables 6.35. checks 6.36',
Kwise cables 4,83, chechs 1.97.
i Oullder cables 41',;, cheeks 41
Pesetas cables 21, checks 20.86.
Stockholm cables 28.20. checks 28.
Chrlstlanla cibles 27.20. checks 27.
Copenhagen cables 26.10, checks 25.90,
ltublo currency on nominal dealings
became weak, declining to 14.C0m 1 4.70.
There Is a virtual nbsenso from trad
ing in them,
3;
.MINING STOCKS
Atlanta 5
Hlg Ledge 4
Hutte Xew York i
Con Aril l
C F S & Jerome il
First Xntlonal 1
19
7;
3
4V4
3'i
1-32
BANK CLEARINGS
nnk ilearlnaa todav nun lw rU with cor-
were 1000 bales. Itecelpls were 13,000
MI3-4, none American. Futures were
r,"tuft In the early dealings. Spot prices
XBiai-wvlliei lull), iiiuiiiiiiir; mil, i i.iki:
usad middling. 16.76(1 f middling. 16. LM:
Xl' ..J.iU tab. i "1 ItAllimV ,U". II" "."" l. ,,nvu,jlu u, ,. v., -' ---- -
hum i in. ii.mii ipou oruinary, lrhlcau .tdi.Hl.vssT I03,is8.r.s.i 03,41,410 "'"""'J. "" ' "
;Jiaar,.13,8Jd' ' . ' b," Log!, 20,(33.011 2J.otO,8ti 20,607!8 Todd Hhlpbulldlnr Ca.lO.f
reaiundlns day laat two yearai
loio mis inn
nmton . t3n,'.1l3.730 t49.X4l.1S8 $nn.pn.3.-,n
lsiu n.,ir"l 47 T 7V .11 4fl.l -
V Vnrlr SI.1 0.17.1101 44,.in,1.2l4 2(1.182.2S8
lUlllm'e H.ost.nn R.SS2.MI ft.Mio.-jio
(Jo'.dfleld Merger ... 5
Ooldrield Cons 18
C.olilncM Florence . . 12
Ooldfield Kewnnas . . 4
isreen .Monster . . .
Hecla Mining
Howe Sound
Indenendenee Lend.
Jerome Verde
Jim Ilutler 34
Jumbo Kxtenslon . . . 12
McKlnley-Darragh .. . 45
Mngma Copper 27
Mother Ixido 30
Mines Co of America.
Xevnda Hills 3
-Nevpdn Wonder ... 70
Xlplsslng 8V4
Ohio Hopper 4
Itay Hercules 2 '4
San Toy 7 u
Tonopah Kxtenslon .. 2'I
I'nlted Verde 31
West Knd Con 1 A
White Caps n
Yerlngton 4
HOMIH
Bethlehem ,R (notes), 101
Cosden Oil 6s.,,,., 90
Cosden & Co 6s 90
Cudahy 7h 102
ltusslan Govt 6 Vis.., 67
do 6 Vis 64
Southern Ilwy 5s.,,, 93
I
1"
20
16
c
Vi
4S
3T4
3
'4
38
14
48
29
32
6U
80
914
sS
33
ii
s
3?i
"V4
4? 1 Reading
do 2d nref.
Hey I & Steel. 77 '4
do pref ....10174
Itoyal liutcn.. 1M
Saxon Motors. 11
St L S F 12i
Sea Air Line.. 8V4
Sears Ifbuck..l72
fihattuck' Arl. 10 ',4
'Sou Pacific. ...102V4
Southern It II. 294
Studebnker .... 60 V4
1 Stutz Motors . . 49 H
Texas & Pac. .. 32V
Texan Co ....193 ',4
Tol St L West 10
do rts ...... 6
Texas Cr fl IKl.188
.Tobacco Prod . 86;
do prf 102
I'nlon Pacific .1.11
1'nlt Alloy steel 41
I'n Cg Stores. 132
t'n Dru-2d pr 9 4 Vi
Ffllted Fruit ..164V4
Un Ily Invest. 11 74
do prcf 25 U
I" S C I P & Fo 184
U 8 Ind AICO.H4V4
r 8 Ilealty.. 26
U S Iliniber 8.1 V4
I do 1st pref. .112
1' s sm & Iter 47 Vi
l S Steel ... 94V
U s Steel jr 11 4 H
Utah Copiht .. 69 V,
Va-Car Chem ,.B44
do pref ... .112
Wabash
do pref A. 35
Wells Fargo Kx 64
West Maryland 1114
West Pac. 22 Vi
do nref 58
West Un Tel.. i
67 3,
25?4
it
69
24',.
65 '-j
ts'i
33';
38!t
43-
25
52
78
47;
60'a
94 '4
21!,
71
74
12Vi
C9
16'i
27;
62V4
31 'i
62 '4
152 V,
SIU
?5.;
fis;
68
93 '4
44
97?;
45
6v;
184
23 4
101
46V4
3-3 ,
39
19
114V,
30V,
67
55
25 v;
44T4
109T4
115
34 U
691
25U
66 V4
171-;
22 Vi
11 '4
89 T4
64
HT4
24
631-1
74",
30;
ns7;
71
103'4
49H
67 '4
84
16
31
74
45
28
21
104 4
62
92 ;
48
8V4
364
2
7V4
27 V4
77
138
44 '4
60
14V4
34 V4
36
81V
45Vi
101 Vi 104 Vi
ii'i 11",
4 6',,
86
68
8.T-4
ii5;
75 V4
19';
1T4
ii
- U
1
"i
'.a
1
.1
Hlh
wmra Am Agr on os.mz
221000 Ang-French 6s. 97
HOOOAm VOT
14000 Am Smelt
1000 Am Tel A T Es. 91
45000 do 6s 1034
1000 Am Writ Pa 5s 90
2000Armour 4'4s., 88
1000 Atchison 4s... 82
18000 Halt & O 6s.. 824
7000 do 4s ...... 764
3000 do cv 4Us.. 78
2000 II & O S J 'is 84
4000 Ileth Stl 6s '36 81 14
3000Ilraden C 6s. 94
289000 Bordeaux 6s.. 101 '4
2000Cleve S L 4i 88
2000 Can (Ivt Bs '21 98
2000 do 1926 .... 96
10000 do 6s 1931 . 97')4
2000 Cent Uth 6s. 96 v;
1000 C H 11 N J Es.t02Vi
1000 Chile Copr 7s. 1084
(!Q0UC...& O cv 4 ',is 78V4
6000 C & O conv 5s 86I4
80000 Chi H & QCJ 4n 9574
10000 CM&St P 4s '25 82
5000 Chi Mil & St P
rfd 4 ',4s ... 73 V4
5000 Chi Mil & St 1
cv 4 14 s
lOOOChlncso rets 6s 72V4
.1000 Col Indus 6s.. 737,
6000 Col & So 44s. 78
67000 Cy of Paris 6S.1004
8000 Co Tb Itc CoOs S3',
14000 It & 11 (1 4s.. 70V4
3000Krlccv4s SerA 47',
2000 do Ser It... 60V,
19000 Fch Hep 5Vis.,105A
6000 Hud & M In 5s 164
1000 III Steel 4is. 84,
228000 Interb M 4 Vis. 37 Va
3000 Impr Jap LoV
lids 4s 774
9000 Kan City Tr 4s 78
1000 Lack Sti 6s "13 967
6000 Leh Vnl rl" 6s.ini-;
1000 Llg & M T .Is. 91;
2634000 Lib Ilnil 3',s 99.20
2410000 do conv 4s . 9.1.60
162000 dc 1st Is .. 94.30
2121000 do 4Vs ... 95.34
2000 do 1st 4'; .. 95.00
1948000 do 2d 4;s.. 93.98
3549000 do 4th 4;s. 91.02
42000 Lyons Os ,...1014
96fK10 Marseilles 6s,101Vs
5000 Mo Pac gen 4s 61 Vi
6000 Mont Pow Bs. 91',
10000 N Y C & II 6s. 98 74
1000 X Y City 4 4s
4s 964
5000 X Y Ilwy 5s.. 13,
16000 X 1 Tel gen
4,,s 90'4
6000 X V W C & n
44s ....... SO';
10000 Xor Pac 4s.. 84
15000 do 3s 594
1000 Ore S L 6s.. 101
1000 Pac Tel 5s... 93 4
1000 Pa gen ct 4'ss 87
50000 do 5s '68.. 95
4000 Phlla C cv '22 914'
2000 Pub S X J Bs 79 4
2000 Per Mar Bs.. 86
lOOOltendlng 4s... 84 '4
1000 Ilead-.I Cen 4s 84 V;
10000 Sinclair Oil 7s 96 4
BOOO St LIM A So 4s 79
12000 SeabdAI.ad) Bs 49-7,
3R0nnSo Pac cv 4s.. 83,
143000 do cv Bs. . . .1034
Bnno do rfd 1 . . . "i
7000 sth Itwy 4s.. 67
2000 Sth Hy StL 4s 73
BOOO Third Av ad Bs 2974
lOOOToklo Bs .... 81
1000 Utah P & L Bs 8Vi
1000 U S S & It 6s. 994
1000 V H Mexico 4s 57 4
3000 U S Realty 5s. 68
9000 U S Rub 5s. 8674
45000 17 S Stl sr B'f.101
B000 Un'on Pac 4s 86';
7000 do 6.1 1034
61000 UK off! H&l
54h '19 ....101
Txivr Cloaa
101N101".
ich Bs. 974 97 A 97 A
H Bs,. 99U 99U 99 1
It rs.. 91 Vi 91 Vi" 91 Vi
91
103 i
90
88
82 7a
82
76',,
77",
84
814
94
1014
88
98
96
974
96 4
1024
108,
79
864
9S;
82
91
1034
90
88
8274
82
76 Vi
77.
84
81 Vi
94
101.
88
98
96
974
964
102 4
1084
79 ',4
864
954
73 4
8; 784z784
30000
25000
do fi4s "21
do 8 Vis '37
9 8 a.
, lOO'.-j
'.
73 7,
784
100
834
70
47 Vi
BO',
105 A
16
844
36
77
77;
96
I'M "-4
" 1
98.811
93,46
91.00
91.12
94.90
9.1.84
93.86
1014
101 v;
6t U
014
9SJ4
96 4
13"
90
50
83 ;
59 4
101
934
87
94 ;
914
79 4
86
84 ;
844
96 Vi
79
494
83",
102'i
Jt "..
664
73
29 74
81
88 4
99'i
57 4
67 ;
86;
1004
85 ',4
1034
inn 1,
98i
1004
u
73;
78.
too
83 4
70 Vi
474
cnB
105 V,
16
844
37 4
774
77.
96
101 .1;
in ;
98.90
93.56
94.00
95.34
94.90
93.98
94.02
1111 4
1014
fill,
914
98 74
96 Vi
134
90
BO
83;
59 4
101
9'IVi.
87
94,
91',
79 4
85
8 Hi
84",
96'
79
49",
83',;
101
Qt '
66.
73
29 4
81
88 4
99V5
574
68
86 74
101
85 74
1034
Philadelphia Stocks
HUh low
7 Am (las.. 63 63
lOOAm Mill. lO'.i 10',,
BSOAln Wool 62, B9t
100 Drill J O 28 28
12Kleo Stor 69Vi B9
20 Erie .... 174 1714
235 Uen Asph 664
310 do preMOO'4 99'i
300 Lk Sup.C20Vi 20
66 Leh Xav. 71 Vi .70V,
370 Leh Vat.. BBTi "5
308Pnnn HH 4 4 74 44,
80 Pa Salt M 84 U 84 Vi
1U Phlla Co
cum pf. 15 3S
183 Phlla Klec 2B',i 25 Vi
BOP It T to 25 26
30 Pit Tract 70 69 Vi
330 Heading.. 8274 814
425 Ton llel.. 34 3 4
20 Un Tract 38 4 3Vi
47 tf (1 I... 714 71
220 U S Steel 93"; 93'4
370 W Cramp 85 81
PONDS
U'Bh lnw
UtinoClty ts'4l 96'i 96i
10000 do 1946 97 97
2000 Kl & Peo
Tr 4s.. 70 70
2000 Lake Sup
Inc Bs. . 63 63
2000 Leh Vol
Coal Es.lOO', 1004
5000 do 6s.. .10174 KM
.nun 1.10 iionds
3d 4 'is 95.10 94.90
do 4th
4;s.... 94.00 93.60
do 2d 4s 93.36 93.10
do 3 Vis 98.90 98.B0
do 2d
4'is... 93.60 93.60
louuJ'A Co tent
CIS 4 Vis 95 95
'0 Phlla Klec
' 94 93 '4
9000 Un Ilwy
Inv Bs.. 674 674
Net
Cl6,e rnne
63 1
10 '.4 ..
624 7
28 2
69
17V4 H
66
100
2074
IZ
65
4474
sivi
35
25 4
25
70
82 V4
3H
38V4.
71 4
93',
85
14
1V4
Vi
Cl(.,e
96 14
97
70
6.1
1004
10174
-
2V4
I
84
Net
chie.
'
i
1
CRAMP CERTIFICATES SCORE
WIDE GAIN ON LOCAL 'CHANGE
General Asphalt Common and Preferred,' Brill and
American Gas Are Lower Reading Company Yields,
but Pennsylvania Railroad Is Firm
6650
1450
600
lull
rHILA. INACTIVE STOCKS
There was fairly broad trading on the Philadelphia Stock Exchange to
day, following an unusually dull opening, but activity was confined to a
few Issues, nnd even those did not show momentum of consequence, There
were several wide price changes, however, even in some Issues In which busi
ness was confined to odd lots.
William Cramp trust certificates uttracted considerable Interest by show
ing; more activity than usual nnd by being quite strong, advancing more than
3 points to 83, the highest level reached In several months. This movement
bears out reports In the Street during: Jhe last week that thf certificates
were due for a bullish demonstration, following the lengthy upward course
of General Asphalt common and preferred. And a peculiar coincident In to
day's market was the weakness of both classes of Asphalt stock, while Cramp
certificates took their place as bull leaders. The common dropped back to
66, off , while the preferred yielded 3 points to 99.
Halls naturally attracted attention here after midday, when they broke
sharply in Xew 7tork and carried other stocks off with them, due to Congress
I naJurn"1e7 without taking action on the proposed large railroad revolving
4 4 j fund. But, while the trend was to lower levels for most Issues, there was no
ni in 10 peclal ncuvlly on 'he local board. Pennsylvania made a small gain during
91.90 "the first hour, und, although dealt In moderately compared with yesterday's
93jJ8 .02 j active movement, It remained firm and held a part of the advance until near
98 60 foil I the Clo,e' " tho ,hcr Imnd Ileo(1lG Company reacted as much as 3 points,
.from which it had a partial recovery, and Lehlcli Vallev and Krle showed
-.10 good-shed fractional losses.
. H . Among the other changes tiat claimed attention was a break of 1 point
jt for American Gas, a loss of 2 points for J. O. Brill, a gain of 1J4 points for
Lehigh Navigation nnd an upturn of more than 4 points for American Wool,
- 4 nn nrbltage Issue seldom dealt In heie. This was luter explained by announce-
ment of n special 10 per cent dividend, payable in Liberty Bonds.
ltapld Transit certificates, Philadelphia Electric. Tononah-Belmont nnd
93.60
96
'93 74
674
tollovyltiR nre quotations for Inactive Pennsylvania Salt were steady, while United Gas Improvement and Philadel
phia Company cumulative preferred lost a little each.
United States Steel common was slow, but higher.
In the bond division the outstanding features were a 1 per cent advance
for Lake Superior Income 5s, and a decline of First Liberty Loan 3V4s to 98.B0.
stocks, listed In the Philadelphia Stock
KxchatiKe atid tn which there were no
transactions today. The price given Is
the last prevlouif sale:
Alliance Ins 19;
Am llvvy pf. 64 74
Amer Stores.. 28
A a war ... 74
Huff &,SUs pt no
Carnutla I... 40 54
Cambria Stl. 110
CatavvL-sp 1st
pref 40
Cen P Hys.109
Con T1110 X J 62
Corn Kx X 11.345
K I'tnn It It 65
Kin, Asao . ..285
Prtl, t X B.310
Hunt & B T 10
III & B T pf. 19
InH Co of X A 28',;
Key Tel .... 11
Key Tel pf . B0
Leh Vul Tr.. 20
Leh V c pf, 75
Lit Urns ... 24-4
I.lttit Sonuyl. 48
Minenlll .... t2,
Xorrlttou-n r: 17
North Ponn . 94
Xth Central. 71 Vi
Penn Xnt Bk.279
1'i-nnu Xat Bk
war VI ,.
Ptnii Trat... "H
Phlla Co .... 36 V4
Phlla Kl w w 2 74
Phlla & West 6
V It T 28
Itvvyn (len... 2
Steu Tr & T 60 74
Un Co of XJ.186
I'n Pas nvs.150
Wurvvk I & S 8 4
SVelsbach .. 414
Vorlt Itvvyw. . 7 4
York Ily pf. 1 4
West Coal . . 75
The js.uuu.uuu city ot Philadelphia 474 per cent tlilrty-year bonds, awards
trt yesterday to the syndicate composed of Drexel & Co., Brown Brothers tc
Co. and the Guaranty Trust Company, of New York, nre being offered to In
vestors nt 101 i, which is n basis of a little better than 4?4. In some quarters
In the financial district surprise was expressed because there were so few
bids submitted jesterday.
DIVIDENDS DECLARED
101
98"4
100 4
194 14 I
119
30'i
67
B5
254
48
109 74
115
35
69 Vi
25
664
176,
22;
1174
89 74
64
1174
214
53 14
74 J
30in
116
71
1034
SO
67 4
84
16
31
74 Va
45
2 8 ,4
21
104,
52
93 Vi
Financial Briefs
Sear-Tim-buck Company, quarterly of l
vt-r eM n pretVirfd phyablt; April 1 to
Htock nt rcorrl Mitrch 15
Wlllyr-Overlhti! Company, tiuartcrly of 1
iM-r tent on r-n-ftrred, pnyable April 1 to
nlcli of r'rrt March an
Draper Corporation, quarterly if J'j per
nhar. payable April 1 to stock of record
March H
tVniral IVtroleum Company, quarterly of
12. .V on pref err fd. payable April 1 to
nlork if rernrri March 20.
Kelly-Kprlnirflplil Tire Company, quar
terly -f $!.!"(. en preferred, payable April 1
to "tori of rrront March 17,
Iluffato General Electric Company. nUT
tnriv of ner cent on rnmfnan. njiinlili
I ' March 31 to utock f record March 20.
I American llar.k Note Company, quirterlv
'of 75 centa on preferred, niyahle April I
J to stock of record March 15.
NEW YORK COFFEE MARKET
w York, March 4. The coffee mar
ket showed Increasjnu; firmness and more
activity. There was rather OERressIve
local buylnp of May, which sold up to
16c the highest price touched since
the break to I3.07c for that delivery
toward the end of January. There was
Wall street and New Orleans buying- of
the more distant months.
There were no fresh ndvlccs from
Ilrnxl'., both the Illo nnd Santos mar
kets being closed. Yesterday's late of
fers, however, had Indicated a firm tone
In Ilrazll. and the buying of the near
month here may have been in antlclpa.
tlon of an improvement In the rpot de-
iiiiiuu vvun ine nuv-ance or spring.
M.iy . .
July
Hepiemlwr
IVcrmbpr
Jununry . .
ivlirunrj
March . .
RAILROAD EARNINGS
toili Inert..
CIIIC'AUO AND EAKTEIl.V ILLINOIS
JmiiMry Kro S2.0O3.216
SOUTHEUN TACIFIC
.Itinunry i ni 112,023,802
HfllMrf after taxea.. 2,121,671
Net opel. Income,. 2.113.101
CANADIAN PACIPIC
Fourth vv'ellt Feb... J2..101,0(K)
From January 1..,, 23, .119,000
$783,839
tl.noo.384
22.C8.)
18,404
1109,000
3,fl!IO,000
MINNEAPOLIS. HT. PAUL AND SAULT
HTK. MAniK
January uroaa 13, 173, 333
lltilnnct after taicea., ,1.7, 1143
Net oper. Income. . 27,II2S
YttlTrtuy t 'loilay i.
e'oa. opening
.. t4.7.1 14.K.-,
. . .. . 14.20
. , 13.HS I.H.n:.
ls.ns i3o
. . i:t mi
t.-i.ri.
... 13.34 13.33
100,38.-,
4N8.8M
344,687
PACIFIC COAhT COMPANY
I J.muary urons I4S0.349 IA7,n64
i Net oper. expensea. . 30 3KS 33.8S7
I Seven montha' uroaa 3.300.200 232,304
I Net afler expenaea,. 472,484 1011218
) IIUNVEH AND RIO GRANDE
.lumiHft urosi J , IIS. 4 It.', tt23.98l
llaland after taxea,. 414,1144 611
.Net oner. Income.. 423,1153 10.341
1 llecreaae.
j The Philadelphia Hcst-vc Dank has ,
been Instructed to withdraw on Thurs-i
I day 33 1-3 per cent of the remaining de
' posits of the February 13 Issue of Trens
I ury loan certificates amounting- to $10,
I 908,760.
Regerve Banke Discount Kate.
;
i?
Va The New York Suhtreasurv gained
Vi i $836,000 from the hanks yesterday, wak
ing a casn net gain since hr day of
4i ! IL'.DOl.UUU. I
V4
The annual report of the flrlfTIn Wheel (
Tompany for vear end-d December 31,
shows net profits available for dividends 1
nfter all deductions Including taxes were '
Jl. 120,00!), against SI. 143,240 In 1017. j
rtobert H. Rvnn has lieen elected ex
ecutive secretary of the American Ac
ceptance Council. A meeting of the i
executive comml"pe will be held on
March 13, nnd ot that time the or- '
conization of the New York council ,
will lie completed. The American Ac
crnlnnre Council row hn a total mem- .
i bershlp of more than 250. representing i
V, 121 mercantile, Industrial, and financial '
Stewart Mfg. Co. Increases Dividend
lln.lon. March 4. The Stewart Manu
facturing Company has declared a quar
trcly dividend of Jl, payable April 15
. . lAiitr ttf tnnnpi1 "Tfiri-h 31 lnrPnialnr
tlfflclitl discount rates lit the twelve ,h ,,V,lend from 3 to $4 annual bnsls.
Keileral Reserve nanus were as fo ows: , n-h nVnni mi.irterlv dividend of ' m
(.Tne."t'tiIU7nnd,,nf, 1,5: r '?' fl wTMred wj'oi- the
al periods up to nnd Including a fifteen- ' "'; ,,.,. t the annunl meeting of
day maturity, the second for a period R? it Mnnu actuHng cSJwriuton
Jesse B. Hubbard was added to the
board.
GOVERNMENT BONDS
Vi
'4
I
1
v;
4- Vi
-1- Vi
2 I
of sixteen to ninety days. The thltd
and fourth columns are the rates fur
rediscounts of collateral loans uecured
by government bondH or notes.)
111 to 110 10 to 110
13 riaya claya 1.1aaa tl;
Panama coupon 2 111311....
Panama reentered 2a 11130.
Panama eoumm 2a 1P3M,,..
Panama lealalered t 108S,
Panama coupon 3a llltll....
Panama lealateren 3a Hint ,
Philippine 4a 1034
Philippine 4a 103.1
Philippine 4a 11130
V S !ov coupon 2a 1030...
V H flov reclatereil 2 1030,
lllil
, 07
. 07
, 07
, 07
. N7
, S7
, Illl
, no
!7'4 'ns
07 i 084
A.k
'8'i
'os',
112
02
Illl
till
l..tuti
New York ...
Phllailelphtft ..
''Wveland ....
nu-hmonJ ....
Atlanta
I'hlcHKi
St I.OUI" ....
Ktlnneupolla . ,
Hn Frani-laco
Kunnaa City ..
DalUa
4
4
4
4'i
4H
4'J
4
4
4V4
4'i
ill
4i
4;
4 "J
4I
r,
( 5
4
4
4
4
4'i
4
4
4
4
4'i
4'i
4
4 'I
Kl I
4V1 '
4.!
i
i3
l'.i
2
11
48', 1V4.
" V
36 $
7Vi
27 H
79
138
44-
50
14a
35
37
81 V4
45i
concerns.
The cotton exchanges In Xew York
and New Orleans are closed today in
observance of Mardl firas Day. i
!
4
11.
1V4
J- Vi
V-i
IT.
Extra by American Woolen Company
Iloaton. March 4. Tin American
Woolen Company directors declared nn
extra dlvldent of 810 per share on the
common stock, payable In Liberty Uonds.
In addition to the regular quarterly dlvl-
-.j. .! 11' -.ai sv.4 trtn n litn K w I 1 fl
-. ...i ... Ilrllt ii !- -.--.I ,..,--- ..,-... -
,s.ue or war saying anil tnr it ' : gtock of record March 17.
stamps throughout the country In the , '" """" ,
I month of February were $15.816.5311, be- :... ' -
Ing the smallest full month s total yet
-reported. In .Innuary. 1019, the sales
were 170.996.041. In February. 1918.
sales were 841,148.244. February Is a
short business month. Including two ho'-
' ldays as well as four Sundays, hut even
so, the returns this year male poor com
parison with a year ago. The two big
i months In the sale of stnmps were July.
1918. with 1211. 417.942 nnd August
1 tt29.O44.200. The war savlnca commit
tee of the war loan organization in the
Third Federal Reserve District recently
ERNST & ERNST
TAX SERVICE
AUDITS AND SYSTEMS
PHILADELPHIA
.023-2024 LAND TITLE BUILDING, Telephona-Locust 2681
NEW YORK
PITTSBURGH
TOLEDO
HOUSTON
BOSTON
ST. LOUIS
CINCINNATI
DALLAS
CHICAGO
CLEVELAND
DETROIT
MINNEAPOLIS
3 1,
3T
B'J
20
15
6
14
32
46V4
86
68
83
11BV4
75 Vi
19
81 Vi
37
76'j.
101
91V4
10 'i
12V,
8 Vi
172
103,
99
28V
DH 4
tx
32 Vi
192
10
BVi
188
85 Vi
101 '
129V4
40 ;
130?;
94 'A
164 V,
11.
24 Si
17i
112
26Vi
81 Vi
112
47
92 s;
114U
68i
62 j
111
8
33 ,i
, 64
1034
21
57 V.
88
held meetings In this city to orgnnlsse
Ing to a stimulation of the savings movement.
1 Vi
a
. Vi
101
92
lfl'i
12i
8V4
172
10?i
loon
28i
59
48;
32
192 Vi
10
5 '.4
188 .
85
101 .v.
130
40
132
94 Vi
164
11
25i
18
11211
26
82
112
47
93
114
69
84
111
8
33 Vi
64
10i
57
88
T
The New Tbrk Stock Kxchangc has
admitted to the list American Malting
Company. Ottaranty Company, certlfl
cates of depotlt for first preferred stock
stamped,
The stock lift committee of the Thlla
detphla exchange has today admitted to
Vj the unusten nepanmeni the Franklin
I! I Fire Insurnnce Company's subacrlntlnn
- warrants. The minimum commission to ,
j he charged on these warrants has been !
j fixed at 12 centf per share.
r , The railroad administration, through
i" John Skelton Williams, director of
i ' finance, has authorized the New York
? Central lines to accept the blip of the .
t? i Bankers' Trust Company for $17,500,000
' equipment trust certificates. An official
I it i Btaument regarding the sales will be '
l Iffued Joday.
'-4 AMERICAN WOOLEN CUTS MELON
-
Extra Distribution of Approxi
mately $2,0000.000 to Com- i
mon Stockholders
ftnrln-lteld. Mnaa.. March 4.-An. rvlri
T'jj 'distribution of approxlmatty 2,000,000
T i , to the. common stockholders of lh
1 American Woolen t ompany was voted
J? ' today at the snntral meeting here.
I'ayment will pe tnnne In l.'bertv
Bonds on the hnsls of J10 par value on I
each of the 200,000 shares of common
stock,
The directors voted this bonus In ml. I
dlllnn. In declaring the regular dividend
of 11 per cent nn preferred stock nnd
v5
t.S'
i
Third Issue
"Instrumentalities of the United States Government"
Exempt from Federal, State, Municipal and Local Taxation
t t
$1,000,000
i. .
596 Farm Loan Bonds
Issued by the Liberty Joint Stock I -and Hank,
Salina, Kansas, chartered by the Federal Gov
ernment' under the Federal Farm Loan Act
Dated Nov.,1, 1918
Optional on and after Nov. t. 19.V
Denominations ?! 1,000. 500, 100
Total issued $2,000 000
Due Nov. 1, 1938
1
Westlnghouse.. 46 45 ; 45'4
no i.i prei.. o--ii u.iva u.ra fi-U
Wheel & I, I!.. SK 8i 8 '
While Motor.. B4 B3 54 Vt (
vv iiiyn iivrriu.. 1 1 Ta i - - t 74 . .-
TV.'llan Crt 71 - 7n 7ta x2
2S
Woolworth ...120 V
HVrlh 1 i. XT HOI,
do prtf B, . 70$,
120 120 U CC,Y'! ".A"":
it 58 601. ijlnsyth-K.Ow-1
70 70 1 i f""gre.s. I. d
'" ' . 1 l.en bonorabl
Kv illvldend
Alcohol 4.
-Unltrd State.
Industrial
93
93
102V?
69
65
9 9 VI
90,
0 JU
57
64
President's Niv-1 Convoya Here
The- "torpedoboat destroyers Upshur
and Walters, which convoyed the George
Washington, on which President Wilson
was a paasengeri "are at the Navy Yard
nt league Island for "miner repairs.
The two vessels were n6t In active war
service.
$60 NAVAL BONUS READY
Coimnandnnt Here In Authorized
to Make Payments
aninln Cnone''. commandant of the
..-1. Vut.nl Tllal Irtl Itna tiint v-
' Ivfvt n tolrnni -'nnthnrlr.lnir blin tn
I'nicii, nnner n recent nc 01
due rverv nron who has
j i,en nonnraniv iiiscn,ir.-ii irom tne
1 service, or In the cast of ltsrvlsts. who
lia-e tv.cn re'envn rrom active auty.
He nlso said that men who are gcttlnir
out now could be given the bonus with
their discharges, or releases, but those
men who nre already out most make an
application for the same, addressed to
the commandanti
CHICAGO BUTTER AND F.CCS
rhlrsK. March 4. lIUTTKn llfcclpt..
461 tuba. Unch.nsed.
EdOS JUcelpts. 11,811 caita. Unchanttd.
The Federal Farm Loan Act provides that Joint Stock Land Banks may issue Farm
Loan Bonds secured by deposit with a Fed:ral Registrar, of Government Bonds
and or first mortices on farm land not exceeding 50' per cent, of the value of
the land for agricultural purposes and 20 per cent, of the value of the'permanent
improvements thereon, as determined by Government appraisers.
This collateral must receive the approval of the Federal Farm Loantlloard. and the
bonds themselves are then prepared. engravetPand approved by the Government.
These bonds are a lawful investment for all' trust funds under jurisdiction of the
Federal Government, and may be accepted as security for all Government deposits,
including Postal Savings Deposits.
The Act further provides that then' bonds "shall be deemed and held to' be instru
mentalities of the Government of the United States, and as such they and the income
derived therefrom shall be exempt from federal, state, municipal and local taxation."
411 Irf.l matfari is ttmnretlan trfta (Ml ttmr hair btrn pitted uaon bfi iltltrt,
le OaV'rv, vt CAIraan. oalalaa irtll it fuirlilitit en rcijuctt.
Price 102 and interest
To yield over 4V to optional period, and 5 thereafter
' Descriptive circular on request
; Bonbright & Company
'.", MORRIS ' WISTAR STROUD, JR., Manager
437 Chestnut Street, Philadelphia
' . New Tork Boston Chicago Detroit
-
lo tb. purchass of th .ccurttles deacrlbtd we hav. acted on th. atatcmenta furnished us, which ar
from aourcea w. retard aa reliable
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