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18-
EVENING PUBLIC LEDGER PHILADELPHIA,' JtfONDAY, MARCH ' 31, 19J.D
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LIBERTY BONDS
BOUGHT nd SOLD
Asur Denomlnatlsaa
Samuel E. Phillips & Co.
M7 CHESTNUT ST.
Members Philadelphia Slock Exehaais
FINANCIAL NEWS CLOSING NEW YORK AND PHILADELPHIA STOCK QUOTATIONS
TWANrtAT,
Dlrldends
UAMIET STREET TITt.K AM) TltUfiT
COMIWNY
S. XV. Cor. FIftr-aecond and Market Sts.
March 12. lflin
The, Board of Directors hava this day de
flared a semiannual dividend of three per
rent on the capital of thn Company which
ni paid In prior to November in. WIS.
payable May let. lf10. to stockholders of
record at the clone of business April 1.1. 1MD
riEQINALD n. CHASII. Treasurer.
PARTNERSHIPE
NOTICE IS IIERRnY C.IVKN TIIVT Till-.
copartnership between Samuel dlnaburic
tnd Morris Glntbnrir, trading- as N. lln
orr Sen. dissolved March 58. 1811". by
mutual 'consent. Huslnes will be ronducted
at SO North 3d st by Morris filnsburit.
ANNUAL MEETINGS
. THE MEMIIERS OF THE I'llII.A-
delphla Contrlbntlnnshln for the
i&
Insurance of Honsea from 1ohm by Fire are
fiotlfled that a general meeting of the con
Hhittnra will he held n the office. "12 South
Fourth street, on Monday, the 14th day of
April, at o'clock In the afternoon, to
rhoosa directors and a treasurer, in i
cordance. with the charter.
t. SOMER3 SMITH. Secretary
March Sit. 1019,
RTEAMSHir NOTICES
AUSTRALIA
'HONOLULU. SUVA. NEW ZEALAND
CANADIAN AUSTRALASIAN ROYAL MAIL LINE
Largest, Newest, best-equipped Steamers
For fares snd ulllnss apply Canadian Pac. By.
29-631 Chestnut St., rhlH.. or In (ien.
Atent. 040 Seymour St.. Vnnroutrr. II C.
Outside Stock Prices
(March 31. 1010)
The following table shows the last re.
corded sale price and dates of transjctlons
of bank, trust companj and various local
stoelva seldom, and In som cases never,
dealt In on the Philadelphia Stork Bxchance
Quotations compiled by Barnes & I.onand
Tlanla
American Bank .It's
Rank of Commerce '",
Hank of North America 2S1 '
Broad Street . . .no
Centennial National . 27.1
Central National . . 41.
Com Eirhang-e Nat'l . 3n
Eighth National .. .421
Farmers & Mech Nat . 17"
Flrar Netlnnal . ... 21.1
Fourth Street National. 310
Pate of
Last Sale
May 211 V
e-,
in
2(1.
Fox Chase
Franklin National
Oermantown- . .
Cllrard National .
Kenslnrton National
Manayunk National
Market St. National
Middle City flank
National Security.
Ninth National .
North Penn .
Northern National
Northwestern rs
penn National . . .
Philadelphia National ,
Quaker City National.
Second National . . . ,
Sixth National ..
Southwark National .,
Southwestern National
Tenth National
Textile National
Third National ..
Tradesmens National
TTnlon National . . . .
-West Philadelphia ...,
121
.102 "
14(H
344
in-,
tin
ISO
.'.2'
442
3401,
12.1
"00
tlonal 401 U
27W
3 VI
isn
31 7 'i
202
irru
lis
120
ll.Vi
2X0
2.10
210
4.1
Nov.
.Inn
Feb
Apr
Nov.
Mnr
Pec
Aug
AUT
Feb.
Oct
Feb
Oct
Nov
Oct
Dec.
Jan
Oct.
.inly
Nov.
Mar.
July
Tier.
Feh
Feb.
Mar
Nov.
Nov
Oct
Apr.
Jan
.Tulv
Sept
"Pec
Ian
Mar.
14.
2H
24,
'-'.1.
21
4.
31.
20.
12
20
3l"
13.
1.
31.
20,
2S
10,
12.
14.
K
3
in
i.
31.
12
24
0
11).
TRADING SHOWS SLACKENING
TENDENCY ON NEW YORK 'CHANGE
Movements Are Mixed, With Vigorous Advances for
Some Groups, While Others Decline Rails Be
come Prominent Reading Company Strong
Now York, Mnich 31. Trading on tho stock p-tcIiariEO today was
moderately quiet, compared with tho vigorous dealings that havo been
In progress on tho exchange for many weeks, and there wore at times
Indications of a slackening off of the buying power which mado many
think that the bull movement is, for tho time, becoming stale and needs
some new Incentive lo give It renewed animation.
Irregular changes at the opening were attributed In banking circles
to the manner In which the financial world Is beginning to view tho
long extended Peace Conference in Paris and the delay In recording
definite results fiom tho deliberations nt the peace table. This feeling
had an Influence in Iho trading In some of the foreign bonds and caused
diminished demand for tho leading Industrial stocks for a time.
After the first few minutes, however, advances wcro In order, with
some stocks moving up wit ha good deal of vigor, but from a period
after the opening until the close there was no unislon In the market
operations, some gioups moving up when concentrated buying occurred,
with the general list lemainlng nt a standstill.
Corn Products was one of the most prominent features, advancing to
the new high recoid of G03, and attention was attracted to Central
Leather, which rose more than 2 points to 77.
Aiotiml midday the railroad stocks were forced Into ptomlnence,
Southern Pacific advancing 1 to 102, and Heading Hi lo 84.
Then there was a demonstration of activity and strength In tho
traitlon shares, with Interborough preferred advancing 4 points to 16V&
nnd Biooklyn Rapid Transit and InterborouRh common also moving
up, but this upturn was followed bv a sharp reaction in the late, aftei
noon L'nited States Steel common alternated between strength and weak-ne-"
all through the ia. selling as low as 073i In the morning and ns
high as 99'i in the afternoon
There was a falling off In the volume, of business In the bond mar
ket, which was most noticeable In a number of the leading foreign
issues, with modeiate pressure In those securities attributed to the
vailous statements in regard to the situation In Europe.
Some of tho rallioad bonds showed strength In the afternoon, and
tliete was a better tone to the market for the l.ibeity Issues, but with
out mateilal change in prices
MtTaTIVEIs LACKING SWIFT INTERNATIONAL
IN SECURITY MARKET ! AGAIN LEADS ON CURB
NEW YORK STOCK SALES
rrcvloug
close
Adams Kxnresn
Advance Humely.
Adv Itumelv nf. . .
AJax Itubber
Alaska Gold St...
Alaska Juneau...
Allls-Chalm Mfg..
.'wiis-unaim m pf
.13
27U.
02.' i
3'i
2).
.TS
02J
O
High
Ixiw Last
fills'
72
2)(
35
74K
3)
2.
35
02
74,'
ah
aii
35M
Am Agrlcul Chem'.lria;, Yot lfBH 103J.
Am Deet Sugar. . . 7fiH .755, 74!. 74K
m tan finjf 62M 51 51
Am Car Fdy... OOH 00 00 01)
Am Cotton Oil,... W4 4Q 49 49
Am Drug synd... I3jf 13! 13' 13J
Am Illda & La.. 11) 10H 18' 10J1
Am II & Lea pf , . f(7J 09H 07J 90H
Am Ice 4f,
Am Ice nf .... im
Am International. 7o.' 70)i 69!i 70K
Am Linseed 50) 50.", 40 50
Am Linseed pf... 00 SOU 89K 89)J
Am Locomotive... 00 CjVj 05 05
Am Malting .... ! i!j l'S U
AmMlstpfcofd.fi! 50 50 50
Am Smelt & nef. . 093 J 00! J GS.'i GS!i
Am Steel P'drles. 82U 82 82 82
Am Sugar nefln.125 125!f 124Ji 125H
Am Sugar Ref pf.110'
Am Sumatra Tob.lll'i 111' lOSJillOJs
Am Sum Tob nf.. 05 95 95 0,
Am Tel &, TeI....103f 105 lOi'i 105
Am Tobacco .... 205'f
Am TU pf new.,101H
Anv-Woolen fi4;i 54,'i 54't 5IJi
Am Writ Paper pf. SHU 39 38! 33'
Am Zinc- L & S . . 13!'
Anaconda Copper. 00't d6H HOli OOJ-a
Associated oil... 73J
Atch Top & S p.. oiv
OVA 91
Atl Gulf & W I ,112'i' 115'ill3
91
1 15f
Trust Companies
Aldlna Trust ... . 1J0
Belmont Trust . . 31
Central Trust & Sav..
Che'.ten Trust 14
Colonial Trust .101
Columbia Ave Trust. . 201 U
Commercial Trust . . 400
Commonwealth Trust 230 i
Contlnental-EnultTrust S4
Kmnlre Title Trust.. IT
Kxeelsior Trust .... so
Federal Trust . . . 121
Fidelity Trust 120
in vo or i' jsi pret. i""
Teh.
Jin
Mar
2
17
1
leot. 20.
Oct.
do 2d nref
Frankford Trust
Franklin Tni"t
Hermantown Tmst
Cllrard Ave T ft T .
Glrard Trut . .. . ,
nuarantee Trust
Kaddint-ton Tltls ft Tr
Hamilton Trust
Holmesburr Trust
Tndustrlal Trust
Tntejrrlty Trust
Kenslnrton Trut
I.snd Title ft Trust .
Liberty Title ft Trust.
i oaan rrusc
177
1R41,
2I71
Manayunk Trust
Market fit Title ft Tr .
ROB 14
120H
121
tao
2t
ITS
22-m
r,nit
40',
103
111
04i;
nt
V.n,h.mta TTnlnn Tnit OO
Mutual Trust . 3'i
Northern Tru"t . ROO
North Phlla Trust . 20"
Northwetern Trust . 20
P-lham Trust . vjn't
. Terma Co for Ins etc, i00
Peonle's Trust . 3t
rhlla Co for 1 Mtaes 140
Philadelphia Trust . TIO
Pro1dnt Life A Trust 431
tlesl Kstate TUT, 3Mi
Ilesl Estate Trust com !""
' do pref
Ttoublle Trut
Rlttenhous Trust
Tacony s P T ft T
Tloca Trust
tlnlted Pec I. 1 ft T
Wavn Junction . .
Wept Knd Trut
West Phlla TAT..
97U
r.i
I no
tan
147
Teb
Mar
Nov
Jan
Feh.
Jan
July
Mar
Orl
Feh
.Inn.
Jan
Oct.
Nov.
Feb.
Mnr
T)c
July
Inly
Nov.
Feh
Oct
net
Mav
Mar
Msr
Nov
Nov
Msr
Oct
Iter
Tlec
Tel.
Oct
Mar
Mar
Mrt
Tan
Nov
Feb
Mar
tur
Fell
Apr
Fh
Vusr
Feh
Jan
Jan
27.
1
17.
23
10
17
19
17
'18
IS
10
MR
in
l'l
IS
17
III
IS
in
18 1
I'll
MS I
is
in
Hesitation in Buying Because
of Disquieting Reports From
Overseas Undertone Firm
Keystone Tire and Phillip
Morris Touch New High Rec
ordsOils Well Held
Murk sales lining on Hie New
i:rlinticr tiitnlril 73', Still nliurra.
nrU
New nrk, M.tirh 31 Tho New V tirk
!venlng Suns financial rvkw for toilaj
follows
There was n linn unilertonn to the llHt
in todav'n stock market and trading was
In fair volume but tlieic was lacking
IlirouKh mnt ,( the t-esion Hie initia
tive and agRr'Hivenp-s wliirh cliararfr
Ized the market in t lie second half of
last week
Tills stale of afTaiis lellected, on the
one hand, til" teniloni of Ihe profes
sional bears lo put out new short lines
and, on the other hand, taking of profits
and hesitation in buj Ing because of the
disquieting reports of Jlssenslon in the
Peace Conference It was dlllicult satis
factorllv. to appraie the course of
im events In Paris Piogrcs In one diieo-
'5' "IT I tion ,s no ftoonpr announced than a lntcli '
5 '' In another comes to notice. Onl.v those
13 I'1 in the i-iiiT rin lo on Hie spot ran tell j
is Is "hat propoition tlieie mav bo of going
2. 'IS ahead nnd what of going batknaid ,
in 'i1'? olonel House's cNpected statement ,
7 '17 did not materialize and that was some-I
J " j thing of a ilitappointmeiit hecaU'-p It
nn .'iq iReeniitl lo give color lo r ports of want
or agreemem jiuk'hk m h "' i
The. market, in ionen.uein e w tit ,
thiouRh a sort of marking time pcrfntni-
anre The motois and tiaitlons vserei
t.lfe Insurance Comnnnles
rsirard I.lfe Ins R'4 Mar
Philadelphia Wfe. . 10 Feb
lire Insurance Companies
A Wane- . 20'i Mar
Fire. Association . 3:n,
Franklin .
Independence Seeurltv TIU
Ins Co of North Am
ins c.o or mate or ra
Lumbermen's
siecnanics; ., .
people's National
rtellance
United Firemen's,
4
J 00
71
1R
SO
12
.Mar
4.PT
Jtar
Mar
tier
Spt
Vnv
Msr
.May
Arr
New 1irk, March 31 The Urnad
street eutb market was Irregular In the
early trading, but around midday many
Mocks became strong, and some issues
moved up lo new' high prices for this
movement
Most Interest t attached to the
trading in Swift International after Its
advance to a new high record on Sat
urday the higher level bringing in a
suppv of slock After opening at 61 s,
It declined to 62, with a rally to fi34
Llbb, McNeil u Llbby was steady, sell
ing nl SC", to 30 Vt
Ke stone Tire moved up fiom S4 ' to
Sf34, a new liigh tecord, and a new
high recoid was alo made bv Philip
-Moirls. which advanced from 12 lo 124.
The oil slocks were generally well
held, with the heaviest trading In Com
monwealth Petroleum, which advanced
from 17 to 1S'4 Midwest sold at lot
to 15") and Merritt was traded In at
31 '4 to .1014
Amctlian I'.oad Mai nine sold at 31
lo .13 United Motors was again strong,
sellinsr nt in to 4(i Sinclair Gulf opened
at 17'. and dcr'lneu to 4r.-V with a
rallv in lfi" Island (111 sold at St and
.iiaironi or America was steadv
Ing at I'.
lML.riil I,S
Atl Gulf & W I pf. CO GO 00 0T
Baldwin I.oco.. . 88'i 88! 87 87JJ
Bait & Ohio 47H 47H 47! 47H
Bait & Ohio pf.. 64
Barrett Co 120W120K 120i 120'
Batopllas Mining. H l!i 1H V.i
Bethlehem Steel.. 00! i GTi 07'i 07't
Beth Stl Class n. G8U GBH 07! G8H
Beth Steel 8 pf. 105
Booth Fisheries. .. 2Vi 22 '2',i 2H
Brklyn Rap Tran. 22 23'i 22 23U
Brklyn it T o of d. 22 23K 22 231i
Burns Brothers.. .141 140 140 14q
Butte Cop & Zinc. 7
Butte & Superior. 2Ui 21Jt 20!J 21U
Butter,Ick Co 23't 24 2.1 24
California Pack... C0U 00,'j G0' 00M
California Petrol.. .-(I 20!i 20tt' 20!i
California Pet pf. 70
Calumet & Ariz... 58't 59 59 5!)
Canadian Pacific. 159!i 159 159 159
Case (J L) Co pf. 94!.'
Cent Leuther Co.. 7l 77 74"i 7G'i
Cerrn de Pasco C. 30M ."6!i 35i 30!s
Chesa & Ohio. . 58 585i 58!- 58!s
Chi Great West . 7'
Chi Mil & St P . 37! 37!i 37 37
Chi M & St P pf 08' 095i OS'S 08!
Chi & Northw'n . 94i
Chi It I & Pac . 23'i 21 23! J 24
C IX I & p 6 pf. 05'
Chile Copper 231 23;i 22's 23!i
Chlno Copper 35 35!S 35 35
Cluctt-Peabodv .. ti.i'i
Colo Fuel & Iron. 43 42'i 42 42
Columbia G & i:i. 4Pj 44'i 44'i 4t'j
Coniput Tab Rec. 4t
Continental Can. ,
Corn Ptod ftefln.
58!i
77i
Corn Prod Ref pf.l055 10ft
Crucible Steel
Crucible Steel pf.
Cuba Cane Sugar.
Cuba Carie Sug pf.
Del Lack & West.
Denver & Rio Gr,
Distillers Secur. . .
Dome Mines . . . .
Hrle
llrle 1st pf
Fisher Body . .. .
Gaston Wm & W.
General Cigar
00
94'.
23'
74! i
170! i
4'
04
12 J,
16'i
28
57" 2
31',
54
00
93! i
2,Si
74' i
77!
58!
100
05! i
93' a
2J't
74! a
77!
59
100
05! i
93h
23'
74h
05's
121.
10! i
28
fl,)l4
31
.Wi
O.V.
12
10! 3
28
01
12
I6 i
28
55! j 55'
31 31
);
sell.
Fassemer Railway Blocks
Camden 8uburban .. 20
Citizens' (10th ft 11th). 273
Tontlnental Pft
Fmt Pk Haddlns-ton. 41
rifth Slith Bts 2S4
Oermant'n (4th ft 8th). ?Mi
Heatonvtlle M F 32U
do pref Kl'
Creen A Coates Sts.. . 117H
Philadelphia Cllv ,. . 1"1H
Philadelphia ft Tlarby.. 30'4
Phlla ft Orajs Ferry . 07'i
rtlde Ave 200H
Pecond ft Third Sts . 210
Thirteenth ft tRth Sts. rniij
Union Passenrer .. 1.10
(Vest Phlladslphla .... 1(7
Railroads
Camden ft Rurllnr Co . 2R'
Catawlssa 1st pref... . 40i
do 2d nref 40
Chestnut Hill S3
Delaware . ... - .... 4K,
Del ft Hound Frock..,. ISO
East Mahanoy noli
Kaat Pennsylvania .... SN
Elmlra ft 'Williams com no
do pref 70'i
RuntlnsT ft B Top com.. n
da prsf 19
Lehlsrh Valley pref.... 120
UttU Schuylkill 44
Jypksne Valley 14
Mlnehltl ft Sch Haven.. .12
North Pennsylvania ... 80
Phlla ft Trenton IPS
Phlla atn ft Norris.... tin
United Cos of N J 1S7
Western N T ft Pa... 21
Miscellaneous
Amer Pipe Con inV4
Btrcner ft Eni'l Brsw. 044
do pret 2d
Brill Co.. 3RVi
as prei , tu
13a Lonsr Hook ft Ere. .
Enterprise Mrr Co
Ksystons Watch Cass. .
Merchants' Warehouse.
MuliaTd H K Co
Northern tibsrtle Qas
t
SBBiiniiw ..
rmmriii sirr. . .,,.
pas& Cold etorsta. ...
Tn Warshouslnc...
Pblta, Bourss
Am nraf ............
Phlla, Warehouse
St
70
no
f.7
1 0O .
A
Apr
Aug;
Msr
Oct
Auir.
Msr.
Tuly
Mar
June
Feh
Dec
Jan
Nov
Mar
Mar
rer,
Mnr
July
Msr
Feh
Jan
Mar
June
Ausr.
Nov.
Oct.
June
Feb.
Feb.
May
Mar
July
Mnr.
Feb.
Msr.
Feb.
Mar.
Aur.
Feb.
Feb.
Bee.
Mar.
Mar.
Feh.
Jan
Apr.
Bept.
Jan
Jan.
May
Mar.
jua
2.1
1
20
30,
21.
.1.
3.
n.
14.
in.
is.
to
27'
l'l
1-
2.
m,
31.
r.
in
12.
it.
20.
30.
27.
is.
.
4.
1.
17.
2S
17,
J4
13.
12.
H.
2.
III. '19
in. Mo
18, '18
27, '10
IS
in.
so.
17
11.
2.
.
IB,
20.
IS
July v in,
Mar. n.
fiept. 2B,
Sept, 23.
Mar. 20.
Jan. 22.
Mar. 14.
&tv'S3&.rh No'"UT ,n ,he
Phlla Whs ft C B...
Stttam J B ,
ti Brer .:
Wsstmorsjand Coal.,
IB
120
8T
22t,
ISO
73 V,
sliong ,i" a group, and individual sii.ucs
stood out like torn Products Refining Aetna IJxploshcs
which went Into new hlgn ground noove ,ni Brit MfR
CO, coincident with the announcement
from Washington that lounse for that
lompanj had informed the Supreme
Court that the appeal In the dissolution
suit had been withdrawn. American
Telephone and Telegraph. American fan.
United Mates Rubber, which hail a good
annual icport and Wilson fonipanj
The strength in the tractions was al
trlbuted to the favorable outlook foi the
Martin bill at Albanv s for forn
Products, ii has been known, of tourse
that efforts were being nde to dissolve
the companv In a wav satlsfactor to
the stockholders and acceptable to the
Department of Justice Apparently that
has been accomplished 1 lie rails were
In fair form, with a few spots of ex
ceptional buoancj. such as Reading.
Southern Pacific and fhesapeake and.
Ohio.
The annual report "f United states
Steel had been discounted by the previ
ous broad advance In most of the steel
sroup and found but modest response
todav The assets situation both In
United States Steel and Mldvale was
highly encoui aging and the showing hi
earnings all that could be eipected un
der the clrcunftances
Fluslncss was riulet in the afternoon
and prices ebbed and flowed within a
narrow range Thero waw some ten
dency to shift speculative attention from
the Industrials to the ralls.but the move
ment was not carried far. and botli lists
were disposed to settle back In the last
hour. Liberty BondH were somewhat
lowr
Virginia debt bonds nold at "Ulj, i
jp on advices that tho bill In the West
Virginia Legislature providing for a
settlement with Virginia was ghoul to
pas. Interborough Metropolitan 4,4h
tOCAL MINING STOCKS
TONOPAH STOCKS
ma
lm Butler 32
arnarfc .no
. .30
Extsnslon . .- .on
. ..... .1(1
"ar ,07
suia na
Bad, ,, ...,. i
fJOLD FIELD STOCKS
..... .... ns
fcr"s sspsfssT -
SU ..,..,.,..,..., .03
fltM B n ......,, ,njt
MM4i"mi,iM4 nn
f 4)t(4 01
Vff V" :-
bb 9is Ji!?"
k ' QCZ?l?
w1gr
4"J
Ask
.34
.113
.32
.07
,18.
;oo
l!i
,oa"
.05
,3.1
.04
01
07
!t2
Ai
advanced to 31, mora than 3 points high
er than the Saturday closing, but re
ceded a point or mors In the late cts.
slon.
Thero was little In the mone market
to call for comment. Time funds were
nominal at 5',2 per cent for the trading
rate Call loans were quoted at E'4 to
0 per cent, the latter the renewal rate.
Foreign exchange firmed after early
heaviness. Francs touched a new low
level at 6.05 francs to tho dollar, but
tater advanced to 6.02. Sterling went
down to 4.68 and "covered partly to
4.58 H. Ure made a gain of some 35
points. Neutral rates "'
n, Th ilOO.OOO French 54 per cent
all lite " i V, tnmnrrnu
two-year-loan is payuum noo ....-..
Last February Morgan & Co. an
nounced the terms under which the
notes would be pald-that Is tosay, at
105ti of the principal amount, payable
both In dollarB here and In francs In
Paris It Is expected that a good pirt
of tho loan will bo paid under the terms
specified, the Bmall balance to be con
verted Into French Republic twenty-year
B'4 P61- cent bonds, according to the
terms of the loan,
BUTTER, EGCS AND CHEESE
New York. March 31. nUTTER n
celptaV 4)0I tuba, llarv.t steortv Creamery,
nlsrher than extras. Oemet creamery
?ii?J. Si Voro. dseooiio: firsts, 63V4 fi
esyi o: packing atock, current make. No, ,.
4 EOCja--Receipts. Ss.BIJ '.. M"tl
steady. Fresh sathered extras, 44Vi4c;
f.l",r)r'.,h.rn r.iinn 41O430I firsts, cen
tral and southern section. 40V4842c: state
Pennsylvania and nearby watern hennery
whites, flna to faacy, 4BJc; state Penn
evivanla and nearby hennory whites, orll-
r lO vtuh".
Hkl
n'
3
48
5
f.o
2 1
7R
r,
130
sr,
u '4
3
3'
Am Marconi
Am Writing Paper
Air Reduction
Canadian Car Co
Can far & Fdy pf
Clmrcoal Iron
Chevrolet Motors.
cramp . . , , ,
furtlss Aeroplane .
Carvvcn Tool
Carbon Steel
Hnierron Phonograph
neiiuee .vug , . 17
Lake Toipedo Boat 2
Lehigh Coal Sales . S3
Lima Loio 31
Maiim .Munitions . '.
.V V Shipbuilding.. 34
Nor Amer Pap Pulp iU
Otln nievator fifi
Peerless Motor. . 21 12
Poole Kng 20
Scrlpps-Booth 20
Standard Motors.. . 8H
Steel Allojs . . .5
Submarine . ... 13i
St Joseph Lead.. .. 12 'A
Todd Shipbuilding . 88
Triangle Film H
United Profit Sharing U
IJ S SteamshlpT. . . 2
1 nuen motors .. 15 vi
world Film..
Wilght-Martin
l
Air
,STNIIARI) Oil, hTOCKH
-al
Ask
1i
4
4 s.
51
BO 35
sr,
7
200
so
13
5
92
4
25
H
86
:,6
72
22 Xt,
40
30
0
8
14
13
05 i
t4
2H
46'
r lose
(sale)
OH
4'i
13i
2'i
45H
Illinois
Ohio
Prairie Pipe
S O Lai
S O N .1
SON!
, 167
338
263
262
672
.315
172
340
265
26S
677
343
338
678
IMIKI'ISMiKNT OIL STOCKS
Barnett Oil & Gas..
fosden & Co
i:ik Ilasln
Federal Oil
Inter Petiol
Houston Oil . .
Merritt Oil .
Midwest Refining
Met Petrol . . .
Ohio Fuel
Hauplpa Ref
Sequoyah
Sinclair
Island ...
Glenrock
A
6s
2
21
79
30
153
3
16
7ii
46
8
4
MINING 8TOCKS
2
216,
80
30
155
I."1
7!i
461,
8.
4
Atlanta 5
Big Idge
Butte New York ....
Con Ariz . . .-t 1
C F S & Jerome ....
First National 1 i
Coldfield Merger .... 7
Coldfleld Cons 18
Goldfleld Florence ... 65
Coldfield Kewanas . . 6
Green Monster ,i
Hecla Mining .... 4
Howe Sound 3 It,
Independence Lead . , I
Jerome Verde, ,
Jim Butler 35
Jumbo llxtcnslon ., 13
McKlnley Darragh . . 45
Magma Copper .... 2R
Mother Lode 44
Alines Co of America. 1-32
Nevada Hills 3
Nevada Wonder ....
Nipisslng , 9
Ohio Copper
Ray Hercules ... 1
San To 6
Tonopah Extension . . 2
United Verde 34
West Hnd Con 1
White Caps..,.,... . 12
Yerlngton 4
BONDS
Bethlehem 7s (notes). 101
Cosden Oil 6s 901
Cosden & Co 6s 901
Cudahy 7a.... ,,102
1
H
14
9
22
65
7
4T4
3
3
37
15
49
29
49
6H
94
54
2
8
3.
i!H
6
79
31
3
8V4
454
54
4
74
19
75
64
'.4tl
14
43
94
'J
2rV
'if,
Previous
close HUM Ix5iv Last
U S Sm Ref & M. 40! . 60 49 H 49!i
V S Steel OSSi Wit 07! 98!i
U S Steel pf U4H 114H 114J, 114S
Utah Copper .... 7oU 73' 73 73!f
Utah Securities... Wi Wi I4!f 14f
Va-Caro Chem... 68 dSii 67J, 67
va-caso Chem pf. 113'f
Wabash pf A.... 33 33 33M
West Maryland .. . 10!i ICBi lOJf
Western Pacific... 18J 18 IS
West Paclfla pf.o4
West Union Tel. . 8S7J 89!f 88Jx
Westlngh K & M. 46H 40J4 40
White Motors ... 63!f 54 63!j
Wilson & Co g-l1; 84H 83H
vviuys-overiand '.'0 29!i 29
12.1 125 125
05! j 00! 1 055.
71 71 71
Woolworth Co..
Worlhlngton p...
Worth P pf B...
33M
10f
18
88J4
4GM
64
8Mi
29,'j
125
GO
71
Philadelphia Stocks
i--E5ii"vl,endA"l8-Chalmers Manufacture
",' SJ- ' cent; International Acrlcul. pf..
Ir'4 o14.".'1 c"y Southern Railway, pf 1!
F.. ? ,,,n1,5,,..,I Alcohol. IK I Nova pcotla
a.?'v.!i ' ?httucJt Arizona, ; j Ohio Fuel.
?s! National Dlscult, 1.
New York Bonds
1-oaa. . , , IllRh Txiw 2.30
1000 Am H- Jfr T. Co inn .'B ."
3nnn0-m For Sec 6s 99, 99U 994
16U0 do 6n m"u
1000 Armour C 4V4s 87-4
2000 Atchison 487 82 U
15000 Bait & O 34s 88
3000 do 5s ....:; 7g
3000 do cv 4t4s. 74T4
2Can Gov Bs '21 98
4000 do '26 .... 97 14
f 000 Col G & E 5s 94
1000 Cen Pac 34s 83
64000 Chile r, .
122C,h"e CP 7s..ll7'4 117-i
7000 C Ocv 5s.. 86. SR.
10000 Clin atVaiiV SS ' S5--
1000 Chi B & Q 4s.' 95
3000 Chi Mil & St P
cv 4 ',4a .... 76
5222 d. en 4'8' so,
4000 Col Indus 6s. . 75
4000Oltjt Paris 6s.. 98
222?, Sen & u Gr 4s 68
3000 Erie cv 4s Ser
A ......... 47
4000 do Ser D 48'4
19000 Feh Rep SWs.lOS,'.
1O0000 Intrb Met 4 'As "8-1
HZ". ?. " T "' 68T4
103
87
82 i
88
78
li
98
97 M
94
83
83 14
87'
96
76
!.
98
68
28000 Irit Mer Mar 6s 97 i
.,,222 v re's 6s.l0lii
1339O0OLIb Bonll SU. 00 n
46 'i
48t
28
68
97 Vi
10li
103 W
87
82i
88
78
74T4
08
071
94
83
86
H7',4
85
87
95
76
80
75
08
68
471i
4814
106A
28
68
97l8
339O0OLib Bnnll 31i' oi.;...V
"52222 '1 conv 4s 936 93.64 93.56
iUs'jL d, l8t 4s " 94B6 B-5i 9'B4
ooono0 l' 4''iS ' 352 9B'10 9S.10
n52222 do Jst 4'is- 94-68 04.60 01.60
S?2222 3 2d 4"'4" 93'66 93.64 03.58
3178000 do 4th 4 'is . 93.70 93.56 93.60
1000 M.nn&S L 4s R 74 74 74
1000 Mo P WI. !!'! t 11c 00
flionn Tn r . --B ..' ":'
vmvuu.v, 1 oj & -b,., 00-4
1000 N Y CS.11 6s . 974
",'222 V Y CJ'4-S,65.1O0
J J55 do4V4sMy'57.100H,
1000 NV Ont&W 4s. 65'-
26000 N V nwy 5s.. 11
3000 Nor Pao 3s. 68'
1000 Ore & W R &
-N 4s 771,
1000 Pa gen cl 4 '4s 85
102000 do 6s 1968 .. 94
1000 People's Gas 6s 77 V2
1000 Pub H .V J fis. 78
2000 Pere Marq 6s. 84
3000 Reading j-en 4s 81
2000 Sinclair Oil 7s 961
3000 So Pap cv 4s 83 'I
51000 do cv 6s.. .103
f.000 South Rwy 6s 03 '4
1000 Sou Ry Mob&O
ctf 4s fifi
5000 Texas Co 6s.. 102
5000 Utah Pow&L5s 88'4
I00OU S Realty 5s. 714
11000 U S Rubber 5s 87
juuu u a atl sf 6S.100U
58 V4
07 0
100
100 V4
t54
10
584
' 85 Te
04
77 ',2
78
84
84
96I4
83',.
102
934
58 9,
074
100
100 '4
65 H
10
58'4
77's
86
94
77V4
78
84
84
96 ',4
83
103
03 1,4
General Electric. . 150!i 155 155'i 1553
General Motors. . .IGOJi 17IH IGO.'s I71sl
Gen Motors pf... 0! 01 00W 01
Gen Motors deb.. !)0!a 01 00U 00!
Goodrich (BDCo 07 bS! 07 08
Granby Consol . 07 Ii7 G7)i G77i
I Ureal Northern pf. ,T 4 03'i 03'j OV.i
Gt N C for Ore P 41'i ll'i 40. 4I'4
Greene-Can Cop . 43 13'i 43! 43.
Gulf Stales Steel 51
Hrrtman Corp 01
Haskell Barker. It', .
Illinois Central. . llSJi . ... t
Inspiiatlon fop . 48 Ifi'i 1S!i 4S'a
Intcrboro Consot 3 1 3 4 I
Inlerboro Con pf IVA 15 11 It
Inter Acrlcul pf . . 07 ..
Inter llarv new 123
Inter Mer Marine. 20l 28! 1 2fi'I
Inter Mer Mar pf. lilt. Il'J. 110
Inter Nickel 20 2(ii 2d
Iiiter Paper . 15 44! i 11
Inter Pap pf stpd 72 . .
Jewel Tea 19 38 3h
Kansas Cltv So . 1!) 10 18.
Kellv Sprgfd Tire 11S. 119 HG.'t
66
102
88 V,
71
86
4000 Union Pac BamrtiA injii
137000 Un IC Gt B & I
5 ',4s 1010 . .. 01 90
20000 do 6'As 1021. 98 97
185000 do 5s, 1937 99 98',
5000 Va 6s Brown B 70 70 "
66
102
88
71
87
1001
103
09
97
01
70
120 Am Mill. 12H
20 Am R pf 64
62 B & S tc 68
300 Corn Pr. 69 i
3 Corn Ex
Bk ....370
700Eleo Stor 704
100 Erie .... 16
76 Gen Asph 65
145 do pref. 98
85InsCNA 284
26 Lk Sup C 19
136 Leh Va!.. 64
100Mldvale44 46
151 rcnnaRR 44
228 Phlla Co
cum pf. 354
2136 Phlla Eleo 255,
80P Ii-T t c 24
200 Reading.. 84
5 dolstpf. 37
IUOI,,, 70
1105 U S Steel 99
100 War I &S 8
60 W Cramp 94
Low
12
64
68'
8
69
370
70
6?
974
285
19
544
46
'44
35
25
24
83
37
70
97
8
03
BONDS
Itlsh Low
("lose
124
64
68
69
370
70
16
bo
Nel
chse,
!
11
97
19
644
KB
354
25
24
844
377?
12
99
94
1
6000Eouit III
GaB 6s. 1024 102V4
2000 Key Tel
1st 5s.. 88 88
6000 Lake Sup
lno 6s. . 62 62
3850 Lib Bonds
4th 4a 93.64 93.30
do 3d
4s .. 95.20 94.80
do 2d
4 s .. 93.30 93.30
do 2d 4s 93.20 93.20
do 1st 4s 94.00 94.00
do 3 '.4s 98.70 98.70
3000PhllaKleo
1st 5s.. 93 934
6000 Reading
gen 4s.. 844 84
1300Welsbac.lt
Co 5s.. 96 96
-74
4
Net
chce.
3650
500
350
250
250
Close
1024 ..
88 2
62
93.30 .10
94.90 ..
r
93.30 4-.30
93 20 .10
94.00 ..
98.70 ..
93
841 ..
96
MARCH CLEARIN.GS LARGE
Was
Aggregate Business for Month
$1,730,286,526
Local bank clearings In March were
large, although not equaling January,
December and other months last win
ter, but surpassing tho short month of
February. The figures for the month
closing today are $1,730,286,626, com
paring with $1,427,175,667 In that month
In 1918 and $1,467,016,516 In 1917.
Monthly clearings are given In the fol
lowing table:
mm huh
Jl, R32.17D.23I J1,B22.827,10
l,4.W.llil,llli: l,..A,nr.,!,it
January t . . . .
February ,
March
April
May
June
July
Auirust
September ...
October . . . . .
November . . , ,
December .
'twelve months
1, 730,280.6211
l.tJ7,17,-.r,.17
l,ft7ll,S2.",3(14
1,711. 114.",. 4JII
1, 7011,3(10.173
1.7B3.N12.781
1.731.I13S.9H2
1,010.(111.1112
l,8HII,41ll,ntll
1.781,704.327
1,772.418,771
10,710.002.4113
LOCAL LOANS DECREASE
Reserves and Deposits Also Lower Than
This Week Last Year
The avetage condition of members of
Philadelphia Clearing House Assoo'atlon
for the week preceding today Is shown
In the weekly statement, with compari
sons, 83 follows:
ALL MI5Vtn?.R-S
l,oan9
Kxchas. Clcsr. House
Due from banks...
ltanlc deposits .. ..
Individual deposits..
Time deposlt3
ittserve wiin 1 . 11.
and legal denosl
tarles
Cash In vaults.. .
Total reserve held..
Reserve required . . .
Excess reserve
'March 31. 101B Decrease
l7S3.stlt.uuu X.I..V4 l.ouo
L3,,VU,UUU l,Urf4,WHI
OU.049.mm 2.272.000
1.1112.000 4.000,(1(10
40U.ti13.O0n 0.200,000
5,483.000 213 000
52.113.000
10.271.000
r.2,08H,000
52.0.14.000
02.000
3,140 000
48,000
5,182,0011
1,080.000
4,000,000
RAILROAD EARNINGS
NBW TORK. CHICAGO AVI) faT I.OIIIH
Increase
February Fross
Balance after taxes
Net oper Income.
Tko months gross
Ralance after taxes
Net oper Income
$2.nnn.r,in
1,2.1. 1 4
470.1,11
4 078 002,
R74.0B7
777.180
' r""'.' "i.V."17'7K.llllMlsll ciovt ovvn... 01
MsyJ ssHiuarF- wuwra, aww, ,sur i. ,i.iui........... tviL
SaT ni;ilu. aswolaU. lf Blnctalr Oil ...!.., 94
BTSaWili yiit,' -WklUi . VoM IJhilAlaatl tw.W -,
iKSvAlsiil ,-... tJ ti?A..L 'I&at.'i.iij aAJU'MijJi ,
93
93
102
56
4
49
vv
;.?"
U'neentt fnn. .. 'JL
Kresge (S S) Co. 04
Lack Steel .. 70' i
Lee Rubber S. T . 26
Lehigh Valley .. 31
I,orlllard (P) Co 158
Loose-Wiles Bis . 4b
Maxwell Motors . 37
Slav Mot 1st pf 07.
Max Mot 2d pf 32
May Dept Stores 75
Mexican Petrol . )8I
Miami Copper . 23!i
Mldvale Steel.. . 46
Mo Kan & Texas 6'f
Mo Kan Tex pf . 10
Mo Pacific 23! j
Mo Pacific nf . 61
Nat Clk & S nf . IGli
Nat Cond & Cable. )G!i
Nat Enam & S... 52H
Nat R of M 2d pf. 10!-J
Nevada Con Cop. . 16! i
N Y Central .... 75
N Y Dock 2Jj'
N Y N II & II ... 29)i
N Y Ont & West. 10H
Norfolk & West.. 104!,
Northern Pacific. . 02! 4
Ohio Cities Gas . 30
Ohio Fuel Supply. 46h
Ontario Mining. . 6W
Oklahoma P & R 8!a
Owens Bot Mach. 48
Pacific Tel & Tel. 25!:
pan-Am Pet & Tr. 807s
Penna Railroad . 43!,
People's Gas Chic. 60
Pere Marquette... U
Philadelphia Co.. 35!,
Plerce-Arrow . .. 45
Pierce-Arrow pf . lfti
Pierce Oil 18!4
Pitts Coal 48!i
Pitts & West Va.. 36! j
Pressed Steel Car. 00H
Pullman Co
Ry Steel Spring..
Ray Consol Cop..
Reading
Reading 2d pf....
Repub Iron & Stl.
St L-San Fran . . .
Saxon Motor
Seaboard Air L.
31'
L'D'4
54.
154
."I
08
32
.76
182
23!.
46
' iojf
24(
51!,
'io.
52
"lu.
75
21.
30
20
101
1)3' t
3!)'.
"g '
8
47
26!.
80
44'
51
13!,
30
45
10.1
18
48!,'
37
o:;i
-M.'i
54.
151
37.
06'
31
5
2fl!
112tt
2t,
41
3S
18
11SJ,
31
7li
25'
54!i
164
3S
f.G'
32
70
i eorusr.i arosa ,
I Ralance after taxes.
Nef oper Income, ,
I Two montl s' gross , ,
Balance after taxes.
Net opcr Income .
HURMNGTON
IRR9,.1.1
.1(13,041
012.2.11
1.1171.100
l.21.1.!,.1S
1,30.1.803
180' 181
.'3'!
45'
"l0!j
23'4
50!4
'lG.
' io.'
7L
21!i
21)
20
101
!-'!'
38! i
"0!,
8
47
25
SO
41
50! j !
13! i
35'
45
103
18
48
30,
ma
23.
45H
10
23!f
51
'ion
52;,-
"mi
75.
21 H
20.
20
101
03'i
30
"ej,
8j
47
20
80.' i
14
60!ii
I3li
35
45! i
103
18!i
48H
37
0H
1105. 120 U0H 120.
78 7b 77!i 78
20 20VJ 10,'f 20
83. S4)a 83 83!i
37!-i
S2!
12
H
Vi
82,'i
12
82
12
7!f
VA
170
11
46
53
139 131) 139
05!f
51'
39H
64!,
61!,
37
04H
5I,
39) i
64
81
12
"i V,i
8 7!
Sears Roeb & uo. wo 1(0 176
Shattuck-Arixona. 11H ll!i II
Sinclair Oil Ref.. 48!f. 47 45.
stnsa.Sheff S & I. 54!i 53 53
South Pao lOOJi 102 100" 101H
Southern Railway. ay m L',, 8:
South Railway pflUWS
Standard Milling. 136
Stand Milling pr. . Ml
Studebaker Co . . . 04M
Stutz Motor .. .. 62! i
Superior Steel ... 38
Superlork8li isi pi. (." f
Term Cdfl & Chem. 12!, 12J 12!, 12
Texas Co 211H2UJS210 210,
Texas & raclflc. 32H 33H 33 33H
Third Avenue ... , YAK Wi 14 14
Transue & Wins. 41)i 45 41Jj 45
Tobacco Products. 02 01H OOJt 01
Tob Products pf.. 101 101 101 101
Union Pacific ....128.' 129 127 I28.f
United Alloy Steel. 43 44U 43!f 44
United Clg Stores.134 134!J 133W 134
United Drug.,.. 116 lUJi 113 113
United Drug Zdpf.105 106, 100!, 100H
United Rys Invest. UH
Unit IUa Inv pf. 25H 25JJ 25JJ 25)i
USCIrPtF.. 10 10' 10 10(
UiHC I P & V Vt, 65, .. ,,,. ...
UW lnd Alcohpl. ,144 141U142 HI,1;
u 9 ma jvico pi,.jo . ,..- .
J1O.470 340
l,707,7r,O
1. 017.222
2J.14d.42T
.1.710.717
3.44.1,887
PACIFIC '
J7.nill,2.1
2.3(11,311
2,7.14,101
10.200,7.10
. 4 013 877
4 112.1 (103
MISSOURI PACiriC
I'ebruRiy aross . .. J7.014.731
Ralance after tsxes. 254.027
Net oper Income . 147,OHfi
Two nonths gross . 13,8(11,314
CJRhAT NORTHGRN
Tebruarj gross ... Jfl.200.811
Two months' gross. 15,084,23.1
Balmce after taxes 820,000
Ne oper. Income.. 782.H".1
PE.NVnR AND RIO GRANDE
1 eoruary gross . J2.101 300
Balance after taxes Us.38.1
Net oper. Income. l.l'i.ss '
Tno months' gross. . 4,(171,7(11
Balance after taxes mi ,s"
Nt oper Income , f,8.i 3i
UNION
February gross .. .
Ralanco after taxes. .
Net oper Income..
Two months' gross..
Ralance after tares..
Net oper. Income..
Jl.fiOS.OSO
431.782
23S.4O0
4,107,4BS
1.201 701
073 (140
J2.0DI.01l
1 111.07.1
1.087.21)1
4.S02.47H
2.441,37.1
2,311 2'0
$702,814
880..131
787,307
1.732,043
$1. 202.304
4.2.11,171
1,092.018
1. 358.6.1.
J68.01.1
SJ.'.B.'O
247,701
204,001
222,BB1
284,041
'' U Kity.44 Ci?it M rftt 33 I
-U.S. STEEL'S NET DROPS
nepon lor 1V18 Also Shows Lees
lor Dividends
oiAnrplli? to'LMS yedr "I of 28,
936,360. after d v den, ,a.,... TI -
per cent on preferred Btock and 14 per
cent on common stock (Including 9 her
r-.if'ra'' ,ls "corded n the seven-
unnlh. ?.1,",,ualc,reP?rt' JUBt lucd bv the
United Stales Rtpei ro-,.,-ui YJ:"
ih'fiH , un,dW?. 8. rp .?. pi De.
- " i( i.o, iu 100,558,421. Tht
raian.1 for dividends of the corporation
for the year were 137,632.77. an
amount equivalent, after deduction for
dividends on preferred slock, to ""Of)
per cent on the $508,302,600 common
percent" IiMd"? ' comparetl "'"' 38'83
War activities of an extensive nature
are summarized In the report which
shows that an allowance of $12 '16 000
has been made during the .ear "to cover
amort ration of proportion of cost of
facilities Installed for production of
articles contributing to prosecution of
the present war."
Gross earnings were $1,744,31" IB"
ast year, compared with $1,683.962!b52
In 1917, but the net was only $229 "01 -611,
as against $349,651,016. -'"
LIVESTOCK QUOTATIONS
Chicago, March 31. ROGS Receipts 30 .
000 hesd. Market active, mostly 2O-025c
higher than Saturday, Hulk, I10.60ol 8(1
heavy, JIB. 75 10.00; medium, tlO.SOOlo'si'
J? m "'"' '.' v.e.ov, ,ini, ,J7,S(U
10.40; heavy parking aovs J18.0.1O 10 in
packing sows, $17.6018,60; pics, J18.73-
CATTLE Receipts 1300 head. Reef steers
strong to lBc higher: butchers, stockera and
feeders 16023c highs.-; canners steady:
calvej 25o lower Heavy beef steers choice
and prime, U8.2520.46; medium and good
14 2.1018.00: common. ill.75142r.. llarhi
beef steers, good and eholcs. 11.1 ka'ib..
common nnd medium. J11.25 13.03. butch.
era. neirers. n.'.iwu ao; cows. 17.400
1.12.1: calves, I13W15 25. ' "'vv
SIIKEP,-RelPts. 11,000 Jlead, Marlu-t
strong to 10c higher. Choice ewes 115.
lamts. opening steady to strong, J20 paid, '
Kansas Cltr. Mo.. Itsrrh 31 irncia n.
relpts, lrt.000 head. Active, generally 13
to 25c higher: rlosllg strong with advance
Hulk. J10l0.(VOi heavies, 110 01 80- me.
dlum weights, $10.2010.70: lights, Ji Tnai
10,3; light tights. $18.oO&lH 85 licking
sows. $18 2310 S3; pigs. J1B18 80.
.X.ruii'iSc'vln- 13.000 head. Calves
:000 head. Reef cattle, steady to weak
butcher stock, ateady to strong; canners
weak to lower; calves and feeders, steady'
Heavy beef steers, J13 OOttlD: light beef
steers 18 85W1T.8.H butcher cows and h..'f.
ers. JA.TBOIS; canners and cutters, IS "',
J.01; veal wives. 110.78014; atocker. and
feeders, steers, J8.33018.75.
SlIEKP Receipts. 8O0O head. Medium
grades fat lambs, ateady to strong; best un.
sold; few heavy natlvs ewes. J 14.7.1. Lambs
84 pounds or less. I1T.10O18.7B 88 S
V.aT.V- "0O?.73l culls' and common!
JI40I7; owes incllum tu choice.' J12S14.
brec-dln." twos. 10.BO1T,80. '-"'"i
MCMRr.RS OP RESERVE SYSTEM
Reseive held .. , J40.710.000 J4.30S.oo
Excess reserv MS.OOO 3.340.000
TR'JS-T COMPANirS NOT MEMBERS OP
RESERVE SYSTEM
Reserve held . . . J3.20fl.00O JJ77.O00
Excess reserve . . . 000,000 747.000
Deficit . ,. .,
In addition to the deposits abovo Uicro
were this week $31,173,000 government
deposits, against wh'ch no reserve is re
quired. money-lending rates
NEW YORK Money on call, mixed
collateial, opened todav at G per cent
for lending and renewing. On all In
dustrial collateral, the opening rate was
6 per cent.
The market for time money Is Inactive
and indications point to continued quie
tude until after the notation of the gov
ernment loan. For three, four and live
months, 6 per cent is bid 011 good
mixed securities, with little or no busl
ness. The flgure on industrial collateral
loaiu, for sixty and ninety das, Is 5
per cent.
Prime bank acceptances are slow at
4 B-10 and 4 per cent for member
bills and 4 and 4 5-16 per cent for
nonmembers.
In prime" mercantile paper there is
little or no Inquiry In local financial cir
cles for paper, but out-of-town pur
chasers, are taking offerings at 0 per
cent.
PHILADELPHIA Call, 6 percent,
time 54f6,per cent Commercial pa
per, three to six months, BS,5 per
cent ; bIx months, 6 per cent.
LONDON Money is quoted at 3
per cent, DU-count rates: Short and
three-month bills, 3 percent.
Fair Demand for Refined Sugars
.ew lurk. March 31, Tt
.unch&nud at sir 1
for' cash,'.' Ttta cUmtnd la
ar7tsMkaniMl At Tiflfe
New Turk. March 81, Tttflnad sugar.
..., ..ni;an4 M teis. icsai
Xtm
vVT4sfl, ,jts A;
FOREIGN EXCHANGE
New York, March 31. Although quo
tations for foreign exchange were large
ly tentative, business was fairly active.
Rates, with the exception of French ex
change, were nominal. Kranc cables
fell to 6 05 and checks to 6.07. approach
ing the low record of all times, of 6.08,
reached about two years ago.
Other quotations were:
Demand sterling 4.58, cables 4.59.
Lire cables 7.45, checks 7.50.
Swiss cables 6.00, checks 6.03.
Guilder cables 40, checks 40.00.
Posetas cables 20.20. checks 20.10
Stockholm cables 27.00, checks 26,
Christian!! cables 26.00, checks 25.
Copenhagen cables zi, cneclts 25,
Throughout the morning there was a
rapid exchange of telephone negotiations
on nil clases of exchange. Nominal limi
tations for ruble notes were 14.10 a
14.25.
RANK CLEARINGS
Rank tlearlngs today, compared with
corresponding day last two years:
lflin , 1018 IfltT
Chicago. J87.832.510 $07,415,107 J80,0U4,80
Haltlmore 1B.00II.030 11.4U0.834 O.II10..1.10
Phlla .. 01.886.037 63.7.17,800 81,717,2,1.'
llOSton.. n2.Ml,B3.1 . 42,800,887 40,200,0(18
St Louis 30,371,976 20,221,604 21,442,181
NEW YORK COFFEE MARKET
New York. March 31. Tho coffee innr.
kct opened firm on a small demand and
an absence of offerings, call prices show
ing advances of 4 to 12 points, with the
greatest gains In the far distant posi
tions. There was little change In mllrels
prices In Ora7.ll, the Rio and Santos
spot markets being reported unchanged.
Santos futures were. Inactive and came
unchanged to a decline of twenty-five
rets. Freight rates from Braxll to the
United States show a declining tendency,
but aro officially quoted unchanged.
Late In the morning there was no
further change in prices and leas than
2000 bags had exchanged hands.
Saturday's Today's
close opeirg
July . , Mr'-
September 14.14
December ,.,,..,, 13.88
March .,,,, ,,,
PHTT.ATY17TPWTA T7T T7rrrr?Tr' rrrrTi?
--""" "xxx xux x xuu iv.xiYJJ J
LEADER ON THE LOCAL EXCHANGE l
One Block of 1200 Shares Changes Hands, With thai
d.:... An- cf i .1 ,-1 i , , i
i nee yju ongnuy general Aspnalt Uommon
and Preferred and Cramp's Gain
Phllatlelnhla sloelr trnrltnr- ..,&' al-l Un.l ...f... U..1 .,..,,..
, .i....B ,,(W .niuj uiuau luuti), uut Hcuvuy waay.
coiu.nea lo a tew issues and price changes were mixed. Philadelphia BlecAj
trie became tho local leader around midday by turning active, but ItHW
price went off fractionally, with one block of 1200 shares coming out at-a
the low level of 25 U. .flftj
Electric tiiorago Battery was moderately active nnd held steady, whllo 'M
General Asphalt common ndvanced 1 point nnd the preferred on Bmall S
turnovers. On trifling sales William Cramp certificates were firm, Phlla'- ft
delphla Company cumulative preferred was marked up ,JA, Lake Superior -X
v-orporauon yielded slightly, Rapid Transit certificates lost a small fraction
and American Railways preferred was unchanged.
Tho reports of tho United States Steel Corporation nnd the Midvalo
Steel and Ordnance Company for 1918, showing large gross business, but,
decreases In net returns, duo to larger exDenses nnd taxes, mode, a fsvmw
able Impression on the financial district, but were virtually without effect 1
v... ...c i.mmei. oieei common was not very active, but It turned upward
after starting off a little, but no sales of Mldvale were recorded here ud ,1
to near the close. , "Jw
uans were slow, with Reading Company strong; Pennsylvania firm, ffil
mm ceiiign vaiiey on a traction.
The suspension from the exchange of Josenh M. Penle. for ins-nlvenov."
had no Influence on trading. Ho had been a member since 1S39 and was
a flodr trader, doing business under tho firm name of W. J. Pealo & Co, 5
Recently ho had not been active in the market. a
4
Reading general 4s were active In tho bond division, but held slesHv
and unchanged.
MARCH CORN, IS BID
UP TO $1.77 A BUSHEL
Jump Due to Belated Cover-
Price Suddenly Drops.
Market Strong
in;
Chicago, March 31. Pionounced
"trength was displayed In the corn mar
ket today, a tight situation In March
scaring many shorts In thj later months
to cover. Commission houses generally
were on the bulng side. The volume of
business was only moderate. Many trad,
ers evened up for over tomorrow's elec
tion holiday.
Strength In rye and harley, as well
as In hogs, was a bullish influence.
Weather conditions on the whole were
favorable.
In tho last few minutes or trading,
March was bid up to $1.77. an advance
of 17',ic over Saturday's close, and tho
highest point reached since the begin
ning of the war. The Jump was due to
belated covering by shorts, and after the
high point had been reached there was
a sudden drop of 12 cents.
There also was a good bulge In oats
In sjmpathy with corn after the market
had dragged early. Local Interests
pressed the selling side aL-flrst, but later
were forced to cover. Landing cominls.
slon houses purchased. Trade was not
large. Receipts were moderate.
Leading futures ranged ns follows:
curn inew ueiiveryi
open nmn Low
1 jiji L.-plVj 1 47
I JO- 4 4U'l
Mav .
July
uais
May .
July .
card
May .
July
11 bs
Atay
Julv ..L'l
rork
Mav 40 10
Julv 4 1 41)
ni
ll3Va
-"s
fl-l
til
7 V
i 30(S
S.VJ
' hO
2.1 .12
21 30
L'7 SI
20 0.1
J4 SU
40.10
43 51
2R .10
i'7 07
41 0.1
43 40
l-lt.
Cloe c!og3
1.31 1 47J,
1.3'JS 1 37'i
0 1 ll.1
U's tU
2S 1(1 27.R1
l!i 8,1 J7 1J
2.1 01 21 1.1
Si 5(1 i'4 (10
1(1 30 4.1 30
U .1.1 42 S3
CHICAGO BUTTER AND EGGS
.March .11. BUTTHn Itecdnls.
Chicago
404 tubs
1.0
IS04 tubs .Market Arm Extra, 04c, firsts,
lOft'O'JWc: seconds, .llUf.lfic
I-.UGft Receipts. 1M..V1R rav, ut..i
firm Firsts. 3014 40i urdlnarv firsts, aiji.
STSOc. mlscellan'-ous. 37's fr.liiVic,
,
Virginia Debt Bill Passes
Charleston, IV. Va,, Mnrch 31. Tho
Virginia debt bill was finally passed this
afternoon. The bill Is effective at once.
MODERATE SELLING
ON COTTON EXCHANGE
Weaker Cables and Favorable
Weather Influence Trade.
Market Barely Steady
New York, March 31. The weakness
of the cables nnd favorable weather
over the belt caused moderate selling
nnd an easier opening on the cotton
exchange.
Old-style contracts declined 35 to 45
points, while nuw-style contracts werei
3 to 25 points higher. Thcr chief
pressure came from Liverpool and Wall
street, while spot houses bought mod
erately. Some regarded the" foreign
news ns less encouraelnir. whllo nthem
jWere optimistic and believed peace may
.-win.- uitr I1IKI11.
The early decline carried the active
months about 3t to 58 points under
Saturday's closing figures. Wall etrcev
was the prominent seller on tho decline i
which carried May off lo 21.46c and"H
There was southern selling of old
oij-iu inomns, vviuie i.iveipool bought (S
some New Orleans selling of tho new .1
Spot houses were buvers of Mav. how. J
ever, and the firmness of that dellvery-v
checked the selling In later months with
prices Utersshowlng rallies of 20 to iJ'
poiiiis on coveting.
Slav- .
Julv
October
.Mav
.lull
October
Ucieiiibor
January .
OLD PTVI.K
f-a' Todaj's 1 1 -.00
close open a m
. 21.23 2.1 N7 23 S7
. . 22 20 L'l. 7.1 21 72
10. Ml 10 83
nV STVLI3
21 77 21 7(1 24 70
2.' 411 22 28 2J 01
20 38 20 3.1 20.15
2(l Ut 2(1 0
20 20 "10.87 10.87
1 30
p. in
23 87
2.'. 10
19.85
21.70
22.40
20.44
20.01
2:30 ?
-4. J j,
'22.111 k
10.85, Jl
24.70
22.50
20. HI
20 04
19.S7aJI0.87
War Tax Cuts Dividend
A quarterly dividend of $1.30 per
nhnra liaa heen rtrlar.1 nn lh. -h.m
arl Cnatna IkVrAeta Dbllo.lnlnl,.. Tn. h-'
ir ii w..w.c , iiimuciiniin ( aacii-
ger Railway Company, pa) able April 7
as reglsteied March 22. Green and Coates.
Is one of thH three subsidiary compan
ies a to which the court decided thn
Philadelphia Rapid Transit Company was
not liable for federal taxes and the
above dividend Is after deduction of.
such taxes, the full rental being $1.50
quarterly.
14.4A
14. IS
13 811
14.00
DIVIDENDS DECLARED
United Drug Company,
r rent on first Drefern
to stock of record April 15.
Quarterly of 1
per cent on first preferred, payable May I
SIOCK OI recoru spin tu.
Oklahoma Natural das. quarterly of. .2
per cent and l'i Pr cent extra, payable
4,prll 21 to stock of record April 4.
Units States Smelting and Refining Com
pany, quarterly of 11.2.1 a share on tho
common stock, payable April 15 to stcck of
record April 7.
Seattle Takes Over Car Line
Neattle. Wash., March . Sratlla
city official win,iiirn ovm IW.9po,OM
In utility Don w "iwrw
.1.. nVA ritf id MiafLa-
.v.,.nwMulo.W. 0V
tire luavtu Mtri
UNITED STATES
GOVERNMENT
LIBERTY LOAN BONDS
atari fcr
Rat
3iz
4
4
4y4
414
414
4J4
Callable
1932
1932
1927
1932
1927
1933
1947
1947
1942
1947
1942
1938
1928
Annrnx. yield If
Called, or Ii
Kelllnr at Par
en Callable Data
4R
Maturit
3.60
4.55
4.95
4.82
5.19
4.86
3.55
4.32
4.45
4.60
4.70
4.75
4.90
ISO, SIOO. $500 AND $1000 DENOMINATIONS
FULL INFORMATION REGARDING THE TAX
FEATURES OF THE LIBERTY LOAN BOND
ISSUES WILL BE FURNISHED UPON REQUEST
MONTGOMERY & CO.
1S3 SOUTH 4TH STREET 14 WALL STREET
PHILADELPHIA NEW YORK "
GOVERNMENT tJKCVIIITIKS UEI'AKTJIENT
, TEl.El'HONli-i. lltSI.I.. I.OMIIAKll 43iOl. KKVhTONE. MAIN 33St
m
The
Elimination
of Chance
Safety of principal is thV vital ele
ment in your investment.
High rates of interest cannot com-
pensate for loss of capital.
Your only real safety is in the ab
solute elimination of all chance of lots.
The Guaranteed Mortgage was de
vised to produce an absolutely safe,-non-speculative
investment.
i i
It combines safety, both as to your
principal and interest.
PHILADELPHIA COMPANY
for
GUARANTEEING MORTGAGES
"SI
Tl
rr. A. NlthtUm,
4w9WrwWm
n
Land Title Building
i:jk-