FTprap"- "P ;trk .y "Pf j"W'v.r.. v y . -.sc V ,'",J 4 ' I s ;S'C:''t k. . f -i - . r J ' V' I'1 if teVENING- PUBLIO LEDGER-PHILADELPHIA, MONDAY, JANUARY 10, 1020 J i WJ'.ITW .NEWS OF FINANCIAL WORLDNEW YORK AND PHILADELPHIA STOCK QUOTATIONS. ft PVJfl t . W,5ilA rase :'M ;lbi tow To Trade In The Market and other rules and -methods of interest to bus- iness men are Riven in our free booklet, "The Invest ' ora and Traders Guide." lt tells: 'The General Rules of Trading. How to Gie a Broker Instructions. Brokers' Commission Charges. How to Endorse a Stock . Certificate. (How to I'm? Collateral in u Trading. tflow to Group Invest j ments. Thc Deposit Requirements ? for Carrying Stocks on ' Account. The Rights of Stock and ', Bond Holders, etc. Written in simple lan guage and easy examples givcii. No obligation. Edition limited. Call, 'phone or write at once. Ask for No. T. U.-U7S JONES & BAKER SECURITIES Wldencr Bldg., Philadelphia Phones Dell, Walnut 6065 I Keystone, Race 2290 Direct Private Wires . Offices in S Principal Cities STOCKS BACK AND FILL IN SAME UNCERTAIN FASHION Constant Shifting by Traders Made Price Movement Ragged and Confusing Low-Priccd Rails Taken Up NEW YORK STOCK EXCHANGE TRANSACTIONS Dlv. In New York. .Inn. 111. Tlio character of tniluy'M stock market differed slightly from that of the preceding sessions. T'ic more active .stocks continued to unit at Rains of t to ,"'- point". Before the end of the first fifteen minutes most of thec K'dns vanished, but the market seemed to enjoy crcater powers m iu- lo and fro without decisive trend, waves j slstance and came back well, livery of j-trenpth and heaviness following In ' time, however, prices pointed upward quick succession and with tne general list in the interim gradually working into n narrow circumscribed rut. Nothing in the nvcr-Hunrtn.v develop ments could be counted upon producing any great amount of interest on cttlxr side of the market. There wn I lie usual sparring for time during the fore noon incidental to the familiar Monday morning speculation as to possible de. visions from the rutted States Supreme Court. Nothing likewise transpired during the morning up lo the time of the convening of court from which much cticou'rageincul could b. derived by the contesting forces of the trading ele- ...!, Kiit.- tirr.ac.iirn was enontintrrcd. II. -oil i-.lllllf, ,,...- ... .--.-- 1, being more conspicuous in some of the high-priced industrial specialties. Kittle remnined of the opening ad vance at the end of the first hour. In several noteworthy features, such as Uenrral Motors, Mexican Petroleum, Shell Transport. Crucible Steel nud American Woolen gains were replaced by losses, the market becoming very dull on the reaction. Trading later switched to minor rails, St. Louis and San Francisco common nnd preferred. St. Paul, Wis consin Central, Pete Mnrnuctle. Rock Island. Texas and Pacific. Colorado Southern nnd Western Maryland scor menf. ... " W? 1 !P 1?". J ing gains extending from large.fractions :ill 11-11 infill ll(i .1 1 1 1 VI 1 iPiiii" . n of the room-trading contingent, and the cmirial tluctuatious were the outcome 7 10 s c to .T-j points. The S per cent opening ; ate for call loaus mane no npprcciuuic i rthonitn n I iiunn Then- was :. fairly broad covering pren.e Court had again delved act Ion movement at the opening, ostensibly I nn the mucb-dlscussed stock diudeul tTinvnmMi! ni tnr (infinite ! ":JT;Tl Obsenre specialties weakened again i h.ink M.iK m- lit. ' us ci i ik i i u venresentnt ve issues nu- e'adingpeculaVi ' &. Mo or K proved in response to a demand from st eel and e',,1 ipmr-ntH "rd the inovem-o. the shorts for oils, motors nnd steels. STOCK AND MONET i Philadelphia Stocks f RATES DECLINED iVM' m m mM w WW , S Slock Island, Ark. & Louisiana First 4i2s, 1934 These bonds arc now selling on the New York Exchange between 62 and 03. Yield at this level about 9.30. Wo feel that they present a splendid investment oppor tunity at any figure under 70. All orders uccufed at Market Carstairs & Co. Members rhltJtklphta and 'cw lork Miwk lrluuse 1419 Walnut Street , 71 Broadway, N. Y. Behavior of Market Cave Prom-, ise of Another Week of Liquidation 4 1.-1 ti.".2 l' RAILS HELD BETTER New York. Jan. 111. The Now York ' Kveuiug Sun's closing financial review today says : The behavior of tlie sto. k market to-, day gave promise of another week of liquidation notwithstanding that the money rate declined fairly early in the session to (! per cent after call loan re newals bad been made nt S per cent. While the call rate was lower, pre Miiiinblv as the result of the improved banking situation reflected in the Satur day statements of the Federal Reserve W'w York bank sstcm and the ( lour- .. , . 1 ... I I. .-..lev .1.1- ng House, lunu win- "i" " ".' ' plv while Pi and S per cent urns K.,;,,.. .itfereil for lixeil date accommoi! J tion. without drawing out any ap preciable sums in the vay of new loan.-. ' 'fho outlook for money was Mill re garded as dubious to 11 .'.cgree. although it might wen lie uiav u.u ..-....-., .- slriinTent .onditious has had an e(Tcct n, the securities markets out ot propoi - lllcli 1"W 170 Am Strs. '.Wa J'J Am (?as. .. '-' tn c 'v x .1 in 7P-JP.I Stor..1M", 1110 110 Hen Asp.ll-tVJ 11 lilO T C A o4 JfM) l.aclede.. l.'i lsr.0 Yk S Cor HI H'J I.eh Nu . Is'."i l.",t Leli Val.. II lOMidvale.. IflV-j .-j:; Pa nn.. -iub I'Jl Pu N b war ...P.'O 10r Phila Co cum pf. !-t Kiissrhil r.lce H.".1" :;op u t tc H7"'S 1 1 Ph Tract COL.. j; p&w pf nn 1(10 T-Ucniling 7ti1,s 100 Ton liel. :: 0OO Ton .Hn. '-Vi 100 iVn Oil. .11 JO Tn Tract 30 Vi DP," I' d 1.. . ."" :: r c n .i. .is. Net che. Olo?p :tiii ;w-h . . .-1 VI- .-.2 1 lo 10 . . 11 :t vl :.4 ir. . . JOT1 U V; V. 'i: W: 70 Vs ji; (Y.', i:tv mvi4- 's W Vi rjs'iovi lio 'I H7Vj V liOU. :!'i 'S"i k ,s 7 V i -1- M: KB m wm i.i"V. mi IMIiliraDKlllllliniililiDlllilllil'illlllllllBllVJ ESTABLISHED 1865 BIOREN & CO. BANKERS 410 Chestnut St., Philadelphia Government. jj jAlunicipa, Railroad jj Corporation and Utility jf Securities 6 Members -Veto York and PhilaiclvMn Stock lixchanuts li:ii:i!!ll!III1Ullll!lillllil!Blilill!il!i!i!il!liai!i'jil iUJLiixi 1 1 1 ii i imjuimmiximi- tion to what the actual situation 11 u be a few weeks hence, I rofewonal sentiment continued distinctly bearish. the the Ill-Hi .yii .... , --, .. ,, i u , i no le Mirnrisiug u i-.-.i- ': .. .. nut -running conviction based on sound economic grounds.. There was not a great deal m .1....V ,l,.lnnment to influence cour-e of prices. Opening quotation-, "ore higherl but after the lirst fiftijen minutes it bagging movement set in Ml if h gained momentum as the session pro; "ressed, entailing reactions of l to .. points among the more conservative is -1 i ... ,...,..ii !i4 I! to s, Doints else where in the industrial IM. Contrary to the usual thing on Monduy when h' Supreme Court failed to announce a de cision in the .Ma-fomber stock dividend case, stocks did not rally. Cnited States Steel ruled fractional below 111.-.. Crucible Steel dropped ome 0 points and the others in that group 1 to 12 points-. The same tendency was noted in the motor and oil lists nud even more so in the shipping' and va rious miscellaneous shares. The suggestion that the better sit uated rails should help out the los fortunate lines gave some support to the rails in general, more patticularlj the lower-priced issues, which made substantial gains under the leadership of Pere .Manpiette. It was indeed ob vious that speculative attention was for the moment diverted into that quar ... ..tihiM.oh trndinz th"re. as else where, was far from aggressive. GOOD GAINS ARE MADE :.! :4' :sV. ::ovi-r- 1Js.-, IP-'.. 4(11 S SH.ltl.li.'i 1(1.1 HMVl.. tXrt chaupo niudp bv comparison with last salo on Ni- Vorl; Stock l-Ixchancc Hales In 1IONUS Net $1000 llluli I.o f lose chKO. 12 Am (in.-, i. I'.lec -... Ml SO SO .. 12Citv Is :: P77s '.17'.; 07';- Vi t bids were i 'jtv .), ;',) P7TS 0V;S !I7'S,. o ;!-'() Lib P.nnds 4th Hi. !l.-0 01.120 Ol.'JO .:i!2 2o Nat Prop i-o :u :u :si i !! Pn Co colls 4''..v !I2 10 Pn Co -I' s 012' 'J.-.U, 1 Mi iln Co 1st ."is ... m OOli 02 1 1 Ittad gen Is 7'J's TUTt, 7!) Y 1 Span-Ainer I IU 1001-- 100i lOOV-j ?i 11 Un lty Inv us 74 7;i:U 71 'i !I2 02 1 ":)s. k:J&ih PRESSURE IS APPLIED TO THE CORN MARKET in Following: Sharp Break Wheat, Prices Sag Realizing Sent Oats Off liiiAiN uei.t WEATttr.n l-onucvisr Chlrarn, Jan. tn .--- ;:'.nois . Partly e'crnly .'mil rnldr tonlsht. Tuesday snow. MlB.-ourl Increaslnir clouillne-s. tollo;pil by snow Into tonltllt or Tuedaj. colder tonlnht. 1VIconsln rair and colder to night. Tuesday partly cloudy and cold. Minnesota rartly oloudv tonlsht and Tuesdav. continued (old Tuesday. Iowa Tncreisms cloudlneHs followed by snow Tuesday and in west tonlsht. cold;r. Tsorth Paltota Cloudy tonlsht vlth llsht Know,. TueicUv senerally fair. Fouth IaKota Snow and colder tonlirM and I'uesday. Nebraska snow and colder tonlcht and Turiav. Kansas Increaslnc cloudiness fallowed by snow late tonlsht or Tues day, colder tonlcht and llle-daj- Mon tanaSnow and much coldir lonieht, lU'sdav aenerallv fair and colder W y; nnileir Snow and much colder tonlsht nu 'j'UeedjN. Sales IDS .loo 700 200 100 MOO .100 400 700 son r.'oo X'8011 looo ;joo 409 1600 7000 300 3M00 nsoo , 3000 1C00 800 100 uoo 1S0O 1700 too 5500 1(1000 200 400 1700 aoo 600 700 aoo x;on loo 41000 a. so 100 fl00 4 soo s 400 100 i 15000 j ,'S0 s 1000 1500 100 100 600 . 7C0 soo looo 100 tioo -.uoo 700 too MOO 400 :too MO 100 1400 400 0i 300 700 700 72QO 1700 200 2900 AOO 200 200 1000 100 490 bOO 9000 (1.100 4400 400 290 aou too non mo 200 200 400 4 COO 200 1400 aoo 100 r.oo 9400 200 500 4U00 400 100 too uoo 1400 100 100 100 300 1100 100 600 200 9900 2200 ioo moo a ooo 400 100 1400 13700 :aoo Adams Express Advance Itunicly AJax Itubber Alaska Gold Mines... AIosKa-Junonu G JI. , , nti-h 313 41 Vx 'A Allls-Chalmcrs- 4714 88 , . 2 ..110 .. aii .. 53H ..137 .. 601a .. 14?, , . 20 .11814 ,.110 14 82i 98 Mi 63 !j . 43! . 93 li .135fi . 3 a; . 81i 975 10 02 4 9J4 84 V, 70T ,.15 7 Allls-Chalmers pf. Am llect Suirar 8 Am Bosch Mauneto , Am Iiosch rts Am Can , . , 12 Am Car & Fdy .... 4 Am Cotton Oil SO .Am Druggist Syn... Am Hldo & Leather. 7 Am Hldo & Loath pf 6 Am tntcrnat Corp . t SO Am-La, Franco Engine 3 Am Unseed C Am I.oeomotlvo Am Ship & Commerce., 4 Am Smelt & Itef 3 Am Steel Foundries . , 7 Am Steel Fdries pf . . Am Sugar Itef Am Sumatra Tob . . Am Tel & Tel Am Tobacco nf new. Am Tob Sec temp ctfs. 6714 Am Woolen IWi Am Writing Paper pf. ? Am Zinc Lead & Sm. Anaconda Copper . . . Assets neallzatlon. . , Asso rry Goods .... Atcli Top & Santa Fe Atcli Top 4: S F pf . . Atl Gulf & W I S S...162 Auto SaleR C tcm ctfn. 17 VI Ualdwin Locomotive- ..H3U Baltimore & Ohio . . , BaUlmuro & Ohio pf llarrett Udthloliem Jlotors . Bethlehem Steel . . . Bethlehem Ctecl B. Brooklyn Vllson . . Bklyn Ilapld Transit.. 13 BUlyn 11T ctfs of Uep. 831 Burns Bros IDS Butterlck 21 Butto Copper & Zinc. 10 Butto & Superior Cop. 37 9i Caddo Central O & It . 23 California Packing ... 80W California Petrol pf... 7414 Canadian Pacific ....12914 Central Leather 94 Cerro do Pasco Cop. . . S6U Ccrtalu-tccd l'rod .... S6 Chandler Motors ....126V4 Chesapeake & Ohio . . 5514 rid & 1-: ill UTo pr... Phi & Northwestern.. 85?i Chi Pncumatia Tool . .100 rnu st P Minn & O... 37 Chi St l'M&OpI... Chi Bock Il & Pan. . Chi U 1 Ai Pac 7Tu Pf- Clillo Copper Chlno Copper Coca-Cola Colorado Fuel & Iron. 42 (-dumb Gas S: lOlec... 04 Col Graphophone.. . . Colo & Southern Comp-Tab Kecord . . Consolidated Gas . . , Consolidated Tcxtllo 7 Continental Can I Contlnetal Candy... . . Con Interstate Cal M. 4 Corn Products lief. IS Crucible Steel ..'..., . . Cuba Cane Sugar . . 7 Cuba Cano Suirar pf L'enver & P.lo Grande to' 10 50 6 7 10 4 4 8 4 (', 7 8 5 3 32 46 2714 S9 94 52?; 27 H 70 1914 asTs 38 Vi 52 '4 23 Yz 54 S0!4 28 '2 872 1214 18 83H !05 51 Vt 81 8(8 IVnvpr & Hlo Cr pf . . . . 13U 1 Dome Mines . 1-H: Umurxon-Brnntlng pf. i lSndlcott-Johnson .135 7 Kndlcott-Johnson pf..l025a 1400 3.50 Krlo . Krlo lBt pf 80 8 Famous Playcrs-L . . . 86 'A 3 Freeport Texas 32 vi . Flsk Kubber 43 ?4 2 Gaston Wma & Wig.. 1714 0 General Cigar 7 8 General Klectric 168 2 General Motors 309h 6 General Motors pf... 84 7, General Cigar deb pf . 82?i 4 Goodrich B F 7U 7 Goodrich B F pf 100 . Gray & Cavls 44 4 (it Northern Ore ctfs.. 38H 7 Great Northern pf.... '8 5 Hartman Corp 108 C Homestake M'nlne 7 Illinois Central ..... . Interboro Con Corp . Inter Con Corp pf . . 0 Inspiration Con Cop . lnt Agricul Corp . . 6 lnt Harvester 7 lnt Harv pf new . . . lnt Mer Marine .... C lnt Mer Marino pf. . Internal Motors 1st pf. 84 . Intcrnat Motors d pf. 70 ! . International Nickel . . 24 . International Paper C Internat Paper pf . . 2 Jones Bros Tea 27 4 Kansas City So pf . . . . 46 4 ICclly-Sp? Tire 133 3 Kennecott Copper ..." 30 ?i 0 Keyst6ne Tire & Rub.. 36Ji 6 Lackawanna Steel ... 8111 Lehigh Valley i Low 31 U 41 83 1 47 87 !t 9i?; lion 6(4 52 J4 135 4814 14 26 116 107(4 14 80 14 95 2514 67J4 43 93 Vi 135 92J4 98 07)4 66 t46V4 55 18; 6014 4S4 59 83 5i 7914 157 17 H 109 3t?i 45 12 1 2714 89 94 (12 Wi 8! 108 24 9Ta 26 2314 SO 14 74 129 93 5514 55 Is 123 5514 6 85 100 3614 51 '4 26H 70 IB DS'a 3314 40U 64 51 23 5( 80 2714 81 !4 1214 18 V SOia 19J14 4?i 8314 814 13 1214 S5 133 103 ;s 13 20 80 Vz 33 41 1714 Today's Net Close Che. 31 41-14 8314 '2 1 .. 47 -"14 87)4- i. 93 4- 14 117 - V. 014- 53)4 )4 137 W 48)4- 1)4 14 - H 2 14 110 3 100 - 14 81)4- ltt 97)4- Y 2SH- H 68)4 14 43)4 J4 83)4 .. 135 - 1 3H- 54 98)4 )4 07)4 14 66J4 )4 149)4 .. 55 3)4' 19 14 63 1)4 414 )4 50J4 84 H 79)4- 94 159 - 1)4 1714 .. in?; 3t 45 - 121 - 27)4-S9H-95 04 . 14 t)4 Sales 200 4400 2600 300 300 100 , 100 100 109 600 10S 300 300 100 24200 100 300 Dlv, ln ltlih 10 ' $ 7 i ,50 108 - )4 24 J4- !4 37 - 23 ?; 80)4 )4 71- 14 139H- V t3 Vz 14 50-3 55)4- 14 125 14 5514 4- 14 C 1 85 100 36)4 14 51)4- 1 26 14 70 14 19 38)- !4 3G- t 41)4- 14 6t .. 51 1)4 22 J- 1 ' . . 67 , . o37 .. 3J, . . 12H .. 56), . . 19 14 . .128(4 . .414 .. 43)B . . 9714 S3 76Ts .167)4 29S Si 8314 77 1001-2 41 39 H 77)4 106 67 S? 3Ji 13)', 55 19)4 138 114 384 95)4 S4 0 3314 Si ?6!b 37 16 133 ao 33)4 82 Ji nji 54 80)4 28)4 87 Yz 12(4 , 18 (4 83J - 814 124 1214 . 85 -. 133- 10294- 13 30 83 -32 41 -17)i 72 107 14 -304-84 8214 IS , 14 I !4 1 1)4 14 l K 4 H y 114 100)4- Vi 44 - )i 1 38 - 14 , 77)5 14 107)4 3)4, 67 3)4 89Ji .. i 37a . . , 13- 14 ! 50 Ji i 10)4 - 12S14 3 ; 114 14 40 Ui i 90)4- S4 i 84 3)4 70 .. , 34 82 ..i 70)4- 1 , 27 14 46 14 133 30 H 34 2J4 84 )4 42Ji- 114 41900 1.20 3000 . 1(09 509 100 400 500 UOO 6000 300 309 1000 200 400 300 900 1800 700 1400 1600 1600 .. 200 1800 400 200 loses 1700 190 200 1030 500 7700 2000 11300 700 400 400 100 800 200 4 CO 300 1400 000 390 1500 400 27700 100 14800 300 12690 300 26'iO 100 8700, 15900 60 0 100 9500 60ft 100 1000 49500 590 300 100 4000 9300 1400 2500 10600 SOU 100 100 2300 2000 200 100 400 7700 300 100 100 6200 5300 2360 16200 100 900 Leo Itubber & Tire.. 3t . . Loft Corp 23 S Loewo Co 31 13 Lorlllard P Tobacco., 170 . . Looso-WUea V 2d pf . .115 7 Louisville & Nashvllle.l08(4 Mackny Cos 64 4 JIaay Cos pf 6 .. Martin Tarry 39)4 7 Manhattan Kiev guar. 45 ,. Maxwell Motor 314 .. Maxwell Moto 1st pf. 00 .. Max Mot 1st pf ctfs.. 59)4 7 May Dcpt Stores .... 22 10 Mexican Petroleum .. 95 8 Mexican Petrol pf.... 102)4 2 Miami Copper 34)4 Middle States Corp . . 45)4 Mldvalo Steel & Ord . . 19 Missouri Kan & Tex.. 0)4 Missouri Puoino 25 Missouri Pacific pf . . . 41)4 Montana. Power 64(4 Mulllns Body 48(4 National Acmo 3SJ4 Nat Anlllno & Chcm.. 05 Nat Anlllno & Ctt pf . . 87 Nat Conduit & Caldo.. 10 Nut Enom & Stamp.. 83 National Lead 80)4 New Or Tex & Mex.. 44 New York Air Brake. 106 New York Central.... 6994 New York N II As H. . 26 Norfolk & Western... 07 Northern Pacific ..... 78 Ohio Cities Gas 46J4 Oltla Prod & Rot .... 9(4 Ontario Silver Mng... 0 Otis Steel 3 4 Paclflo Development. . 74 6 Paclilo Gas & Elec. . . . 58(4 0 Pan-Amcr Patrol .... 02)4 6 Pan-Amer (B) 88 3 Parish & Bingham ... 43 . . Peoples Gas Chicago. . 36 3 Pennsylvania P. R ... 43)4 Penn Seaboard Steel.. 30(4 a Pero Marcmctto 30)4 . . Philadelphia Co 39 . . Plerce-Arrow Motor . . 70 . . Pierce Oil 49 8 Pierce Oil pf 5? 7 Pittsburgh Steel pf ... 3 5 Pittsburgh Coal of Pa. 01(4 . . Plttsburgn Jt W Va. . . 29)4 1 Pond Creek Coal .... 23 J4 8 Pressed Steel Car ... 96 8 Pullman l,...lll J Punta Alegro Sugar . . 88)4 8 Railway Steel Spring.. 06J4, 3 Hay Consolidated Cop. 31 4 Reading 76 . . Romlngton Typewrit.. 85 Republic Iron & Steel. 110 14 4 Repub Motor Truck.. 51(4 . Roya.1 Dutch Amcr...l07 1 St Joseph Lead 18 St L San Francisco... 10 . . St L San Fran pf .... 27 . . Sa.on Motor 10 !4 1 Shatluek Ariz Cop ... 13)4 . . Shell Trans Trading . . 81 . . Sinclair Consol OH ... 43)4 0 Slobs Sheft S & I .... 71 7 Sloss Shelf pt (i Southern Pacific 101 .. Southern Railway ...33(4 . 5 Southern Railway pf . 55)4 Today' Net Low Close unie. 10 5 1 8 ib "4 ib 3 690 3.13 66600 300 22D0 1500 400 400 109 490 100 100 1500 400 400 100 1100 600 1200 699 S40t) 500 909 100 Stromberz Carb 72 Studebaker 194 )4 Stutz Motor 124 Superior Stect 17 )4 Third Avenue 13 Tenn Cop & Chem. ... 1314 Texas Co 20314 Texas & Pacific 3S Tobacco Products .. l?i Transcoulinetal QJl . .26(4 Transuo k Wins Steel. 6014 Twin City R T 31 Un'on Hag & Paper. . 31 Union Oil 31 Union Pacific 12214 Union Paclflo pt 87 Un Ry Invest pf 35 United Fruit 190 United Retail Stores.. 87 V S C I P & Fdy.... 29 XT S C T P & Fdy pf.. 5314 U S Kxp.-ess 31 U S Food Products... 7014 U S Ind Alcohol ....107 U S Realty &. Imp 53 !i U S Rubber 125 (4 U S Rubber 1st pf... 11314 U S Smelt &. Ref 70 U S Smelt & Ref pf . . . 40 U S Steel 106 U S Steel pf H5)4 Utah Copper 70 Vanadium Corp 60)4 Va-Ca,rollna Chem ... 66(4 Var-Car Chcm pt 14a Va Iron Coal & Coke. . 79 Wabash pf s)a Wabash pt A -3(4 Wells Fargo Em 53 Western Maryland ... H'4 West Maryland 2d pf. 20 Western Union Tel ... 87 Wcstlngliouse' A -Br. . .117 Westinghouse 12 & M. . . Wheeling & L lirle.. 4 White Motor 5 Wilson & Co 1 Willys-Overland .... . . .Wisconsin Central , . . . Worthlngton Pump . . Worth Pump pf B. . . . Er-dlvldsad. i'a 13 61 75(4 39 33 93(4 74 34 21 30)4 170(4 115 108(4 64 64 29)4 44 31,(4 59 59)4 90 102)4 33 41)4 49 9 25 41 )4 64 47)4 38 01 87 10 82)4 80)4 43 105)4 68 30(4 9514 78(i 46)4 n . 8J4 35)4 73 58 90)4 87 43 35)4 42 30 SO 14 39)4' 67 19 93(4 91(4 81(4 29 23 Ji 91 111(4 87(4 90(4 31(4 75(4 85 107(4 351(4 164 15 Ji 18(4 38 1894 12(4 8t!4 42)4 73 88 90 Ji 21 55(4 71 iooi l'l 47)4 13 tl 107(4 37 !MJ'4 25 59 Jo 31 91 33 rii 0714 25 19514 81)4 20 53)4 31 67 104 30 123 113)4 70 46(2 101 11514 75 40(4 65 10 79 8 23 li 62 11 19 80Jo 117 52 11 59 75 4 28ji 31(4 89)4 74 34 23 31 - Yz 179 115 0 108)4 54 64 - 5 '4 29)4 a 44 31)4- H 60 1)4 6oy2 h 321 2 103)4 1)4 3414 .4M 49 914 2514 41)4 10 83 80(4 13 10514- 09(4 D'i 28(4 ' 95)4- Di 78- 1H 46J4 0(4 .. 8J4 35 Ji- i 73 3(4 58(4 ?4 81)4 l 88 43 36 m Vi 43)4 30(4 V 29 14 39)4- 14 69 V 19 14 0314- V4 01(4- (4 61)4- (4 32 14 14 234- 14 95J4 Ui 114)4 .. 88 - J 4 96 14 21J4 54 76 851 10914 9 .51)4 . 1D6 3)4 15 J4- (4 18 37 3(4 19 - ii 13)4- Vz 84 434 94 73 88-3 100)4- Ui Cb LOCAL PRICE MOVEMENT MIXED, TRADING BROADER !.(! HI I III I Philadelphia Electric Company s A'ciu $12,500,000 Two-Ycaf 6 Per Cent Notes Offered by Bankers The offering of the Philadelphia Elec tric Co.'s SIL'.COO.OOO two-yearO per cent notes by prominent local banking houses supplied the most Interesting de velopment in tlic local lmirket. The bonds were offered nt 0701 yielding about 7't per cent. After providing for the $7,500,000 notes maturing ou February 1 the balance will rnrnlsh the company approximately $5,000,000 ad ditional new capital for developing the constantly growing llfc'lit and power business. According to the statement furnished by Joseph B. McCall, the president of the company, gross earnings for the year ended December ill are estimated at $1(5,228,705 and net earnings after operating expenses ut :$5,S70.030. De ducting the annual Interest of $2.005. OOT ou the new note issue and the funded debt, 'there would remain u bal ance of ?;$. 214.507. In other words, it would make the net earnings approx imately two and one-fifth times the above interest charges. "After the announcement of the nolo issue, which wos much larger than had been expected, the stock wan sold rutucr freely, which carried it buck to par. On the other hand, the first 5 per cent bonds developed notcwortny strength, idvancing 1 1t cent to 1)2. The highest price they have reached since lust fall. After a hesitating opening the gen eral market developed a mueti stronger tone with nn appreciable liicieasi; in the volume of dealings. Trice move ment was mixed nnd Irregulnr with about an even break iu the distribution of gains and declines. Trading was much broader in Lake Superior, United Gas Improvement, Touopah Mining nnd Electric Storage Ilattcry. Lake , Superior Corporultoii was one o the strongest reolures, ml vanclng to 21. Electric Storage Rat tcry fell bifek to 1.10, n decline of ,f2 "r," but half of the lo?s wns later regained,; United Ons Improvement was well taken at 55, being strengthened by the rcndlnewi with which the recent notcn issue was absorbed. Small selling orders nppearcd In Le high Valley nnd Lehigh Navigation bringing .Mi loiut recession in both lisucs. Odd -lot buying again held Pennsylvania Rnllrond steady. Phija. delphia Rapid Transit advanced Vt to. 27 and Union Traction wa3 fji hicher nt ntl's. but Philadelphia Traction, in falling back to OO'j, was 3( lower. The trading in the. Philadelphia Na tlonnl Rank warrunts came in for it great deal of..nttenliou. With the tell ing by the estates completed, the supply wns found to be extremely scant. Xit the ufternoon an uctivxc demand spriins up, which enrried the price up to 120 or .$7 above Saturday's final prieen and 811 above the low (inure made Inn I week. The initial sale ou last Wcdaca day was uiudc at 1..J. The local Clearing House Institution;' succeeded in cutting down their loam and discount lost week $3,172,000. On the other hand, the reserve position was weakened. Ar ii result of the reduction in reserve in the Federal Uewrve BanV und incrcu&ed liabilities through an ex pansion in individual deposits of $5,. l.'i'l.OOO, the excess reserve wan cut $3, .'145,000, .caving a surplus above lejat refiiiircmenta of $2,300,000. Little, comfort Is to bo found in buch an ex hibition of any material change in money market conditions in the very near future. 55)4 ?4 71 - 1 103 - 134 - Vz 47(4 14 13- 14 12(i 202 2?i 3JT4 91)4 - 14 20)4 ' 14 59J-i J- 31 r 1 94 - 1)4 34)4- 94 123 - Va 07 .. 35 - ! 196 r 85(4- IS 20- 53(4 . 31 117 - 7i laoKi - Ji 52J4 '" 14 124 - !i 113(4 71 - 46(4- ? 105(4 115(4 70 50(4 05- 10 - 79 8 Ii, - 23 '4 53 -k 1 1 (: r so -;-. 87 U7 - LONDON METAL MARKET Nw York, Jan. 10. Cabld advices re ceived at the -New Torlt Metal Ilxchanzc cinoto prices In London as follows: Tin Srot, 384 10s. or advance of 8; futures, tUStf 5s. an upturn of 5 17s Od; straits, 3B.t 10b, an upturn of 8 10s. Sales Spot, 20 tons; futures, 060 tons. Standard copper Siwt, 117 13s. unchanged; futures, 1110 ISs, oft 5s. Sales Spot, 23 tons; futures, t3ii tons. Hlcctrolytlc copper Spot. 122: futures, 123, .both off 11. Lead Spot 17 12h Od, an advance of Cs: futures, 47 17s (id, a earn or us (in. spelter spot, im: futures. 00 Ills, both up i"s. Liverpool Cotton Liverpool, Jan. 10. There ws a moderate demand for spot cotton to day, with prices easy on the bnnis of u decline' of .18 points for middling, at 2S.28d. The sales were 7000 bales. The receipts were 41,000 bales, includ ing ;!tl,"00 bales American. Futures were Heady in the early dealings. Spot prices were: American, middling fair, ,'W.7Sd; good middling. .'10.53d; fully middling, 20.5.1(1; middling, 2S.2Sd; LONDON STOCK MARKET Hesitation Noted In Mining Section Gilt-Edged Issues Narrow, but Harder London, ,Tau. 10. Trading iu securi ties on the stock exchange was quiet today, but .the undertone of the market generally was linn. The toreign' de partment presented a checkered appear ance, but Russian descriptions were better becnu.se of the new policy ct the, Allies- T;ie oils also were irregular. Shell Transport was. 12 10-3(1 nn'd Mexican Eagles were 12 o-10. Support vms given homo rails, and the .shares of Argentine roads rallied. Hesitation wns noted in the mining section. Gilt-edged investment issues were narrow but harder. BAR SILVER low middling', 2..i.ld: good ordinary,1 Commercial bar silver was quoted lo 2'J.7nd, nuu ordinary, -'l.ou. ILom "jondon today at 70d, a gain of l?jd. (4 More Than a Half Million in Deposits the First Week More than $300,000! What a response of the business public! What a vole of confidence! Of course, we're gratified. It's a record any new bank SSww" I. rHE SJ-ri-ggfcici ma-,B !"l , : i (4 Sf V ti I 337s 11 50 - 1(4 75 )i 29- i 332 91)4 4- Vi 713 OHIO RANGER OIL COMPANY g Bought-Sold-Quoted E Prices Work UP t0 Net AdVanCC of 7 to 20 Points on wan Special rcpoit uton icquest supplying ii'foi mat ion runcrni jns important nrg-otiution-, just completed now bpinjr rcllucted by an advancing market on the New York Curl). Fairman & Company DREXEL BLDG., PHILA. Established 1902 Wade, Templeton & Co. ifT!lttr ' ' I. 4! Street Buying :m Wk GE0.A.HUHN&S0NS STOCKS AM HONn.i Mntern "f 'So rhlladiiili.a. New Tork nnd Chlcasu stock KichanM New York Coitou Cxchang Commission Ordrrs Executed In AH the Principal Markets UKLi.r.vur. cih'kt uluu. WIS Wnliiut St. NEW VU11K OFFICE 111 llrouilvmr. New York break iu prices for wlicat at oiumup .!. .......... T,.-, .n.iilirxl in (ho corn ON COTTON EXCHANGER her'; today, an., it od after vi 1 w i ivi ijt liu( )jcca strons lno.t of ti, fore. noon. The mornins upturn uns luc to cov ering lv short-, and linyinc by (ominiu Mon houses bn-cd on diuppointing receipt-, unfavorable weather, nn advance in boss nud s-trength in the cash nr- Adi-patch from Minneapolis said that cprini! wheat had fallen 10 to o0 cents u bushel there. It could not be said that sellers of corn here were iiKuressive, inasmuch as oilier sections continue to compete with Chicago for cash com, as the car situation showed no appreciable inv provenirnt. , p-(i.,,nin of P.00 curs for tomorrow did" not look law, representing two dav' inspection. ItcnlUinK r-l' nt ("its off following fipinniM curly, when there was good buving by shipping luiuse-.. two -A-ii evidence of a fair uiipiirj for oats for export, but forwarders were cautious about making ofFcrs. on account of transportation conditions, which threatened delays in delivery. No fresh sales for foreigners were ro- PIIe'aviness iu rye bud nn unfovortible effect on o.lts. ,... Lcaulns leaiures rjis-u ...- Cri-w l.tlrl. I uuiimi" 1st l((rr. (is rnltmli'lpHU i oimuit ls( MIki. r,- pmilltwrktrrii (-us .V l.lnlrlr ( u. i'n iiiIa(1 '1'rHt-tion (v, of Indjunit (N IU)MUJNiKiri ti.is ( oniian isc .-. 1113 1 IIMU hi;; ll'! iu:i9 r air-vfOit nr . f S,lW( ,M.'H w ;ruirlor viiarii iron icci i o. (w, io- ' o r'sfySffiWai? I liulUnauolls Muter Hlk n-. (j-. mix, 4 ''lS'iiTt HHrk Cunsolidatol (,'is. oiiuiiiiiy .In, lDIK'jan TT ' ' 5,T1f I Tl'.V"! 1 . -7. luilii f'wlnii lulU X Nnrllinpii Kl. Kii,. ,. , ,,. m. A auniuca iv. i uiiwiin tx vu. f.'. Memltern riillilriiiliin Stodt lijcliance t. """""'j,, ullisrM'l' ST. Sun Co. 6s. 1929 ry s. T.-.. Ac ICIZZ fCHto Eisenlohr com. & pfd. f.Wttk. National Bank Warrants . nTTON 1.U1.T WHATIinr, (-riNDITION.-Nnn- nrU, Jan 1(1, The following tfm TMi:itur' were riroriled In lh" eotton bi"lt hi i- momim Knoxvlll,' 2H, Chattanooga. :iii F.irt .smlih. 10; Oklahom.i city and NnshMl.c. 42, l.lltl" Rock. : Majon. Al ia til .1 at,d Htvannah. 4S: JImphm. I'harlisiou. Tampa and Jacksonville, mi, M..iitBomtT.v and Thom.isvllle, 52: Vlcks buri! .aid San Antonio. 5R; Bhrevjport, ("orpuH i hrlHii. Nrw Orleana and rensa- , o'a. ',". ',a,ion. u. i uric ,.,. ,. . . t-ipitation rpported. j New York. Jan. . 10. The cotton niHrlict had a comparatively narrow and featureless opening today, with lii'-t in-icHv steady and unchanged to l.i , .. . I '..I. .'..I.I.... ....i..a (l,-01n tll?l ' JHIIUIS UIIM'l . 1 Ulll'". -t- it.... . .".... due, us a result of continental buying, hut Liverpool wns u seller of the later month- iu the local market. , The South sold, partly to liquidate speculative long holdings, while the trade was a hner. Initial iirmuesu in securities nnd Wall street buying led to improvement in contracts following the opening, pi ices selling up to a net advance of " to "0 point.-. Itcceipts at the ports for the day aie c-tiiiiated nt "0,000 bales, against !"'!, 100 liules ii week tigo. -1 .-TO bales a ear ago ami 10,05" bales two years -i'. Todu's 11.00 Iopa orcn a. in. lia.a.i 38. 10 ni.3t H.r.n ."rt..'.r, at 70 ai.7.'. 11171 aa.ir. aa.in . ao.is 3'l 50 30.40 GOVERNMENT BONDS 1.30 -.'30 p. m. p. m. as. 40 an. t.i ati.sa ai.fii at.r,7 .tS.li.l 3S.D3 30.30 FOREIGN EXCHANGE New York, Jan. 10. The foreign ex change market opened weak. First quo- Chicago. Jun. 10. IVllnwiug n sbtrp j.iony fol. Fterliug indicated a loss of i,..c from Saturday's final of .".GO for demnud and .'1.00'i for cables. Francs at 11.00 for cables and 11.0- for checks showed a loss of 5 centimes, Lire were I points lower at l.i. (ill for cables una 10.71 for checks. (Swiss showed a loss of 5 centimes to ."."i for cables and 5.57 for checks. duUcler. were btcauy at ".71" for cables und IITs for checks and this was true nt pesetas nt 10.10 for cables and 10.0(1 for cheeks. Stockholm shown! n loss of 10 points at 20.05 for cable and Utl.."0 for cheeks. Copenhagen was 5 to 10 points lower at 17.00 for cables and 17.15 for checks. Christiimia was steady at 10.45 for ca bles and 10.:!0 for cheeks. Ilelgians at 11.55 for cables and 11.57 for cheeks were about l centimes lower. Marks were 1.77, against 1.81.' nt the cloic Sat urday. . ,. , , The chunge in the policy ot the Al lies for trade with Hussiu was retlected iu' a further sharp advance in ruble, notes, which were niioted nbnnt 75 noints advance ut "..'JO for 500's and a. 05 for lOO's. In mid-afternoon sterling rained '.jc to Ji.ftSVj for demand ami u.GO'i for cables. .... The market generally was dull, but with a steady tone. A featun was that for the first time in a number of weeks French exchauge was quoted a centime above Uclginu exchange. Previously lielginn exchunge ranged from 1 to 10 points abovo francs. French exchunge was quoted at 11.57 for cables and checkf. were 11 :50. Ilelgians were quoted at 11.00. Lire were quiet ut lli.OS for cublcs and 13.70 for checks. Marks shaded to 1.7-1 for cables and 1.7!.' for checks. Financial Briefs !' Opn lrifth Low mm (new delivery) Ian 1.3SW 1.3(1 l.Sh , MaV ' ia.-. l.naii l.auB Mm"1" - Ml. ?fr HYi July 'urk Voat. Close iloBj 70U 75', .Ian . as.no Mas 30.10 Mrrt-24,',0 July .. '.14.00 ! Klb May .. 20.00 : July . . ait.o."! : Hid. tAsked :is,7."i 39.10 Ji.nn J4.ori ss.r.n 38.60 24.30 -'1.(13 1.3R'. l.RS'i i.ai"j hi'. 7S. 3R.7.'i 38. SO 1.37'i 1.83 R21 7.1i 3S.r. (18.05 21.3.1 23.70 24.(17 '24.42 10,60 20.40 20.4: 10.05 20.73 20.71 1 !.". t20. 17 The uveiaue nriee of twenty ncth'c industrial stocks advanced 0.40 per cent cm Saturday to 102.41!. while twenty railroads advanced 0,!!5 per cent to 74.00. Paul Tappun. formerly with 1 . II Price & Co., Boston, mid until re cently with the American International Shipbuilding Corporation, has become associated with Harrison & Co.' Chicago, Itiick Island and Pacific Railroad had executed contract with railroad administration fur S155,SS0, S01, approximate amount of standard return. Henry O. Brenglc, president of tlio Philadelphia Trust Co. who is a mem ber of the delegation for Panama, is In Washington this week attending the second P'nn-Amcricuii (iuunciul confer ence. Charles II. Smith, of Charles Smith and Sons, left today for a mouth's lisli- ns trip iu i londu waters. The New Vork Subtreasiiry lost RUO, 1S.'!,000 to the banks ou Saturday, mak ing u cash net loss since Friday of .!M,OS7,000. BANK LOANS REDUCED Big Jump in Deposits In Local Clear ing House Institutions Re serve Lower The outstanding feuturc of the weekly Philadelphia Cleuriug House statement was the reduction in loans and discounts of ?:;,17'J,000. On the other hand the reserve account in the Federal Kcscrve Hank was out $2,005,000, At the tame time liabilities were increased in tv-- ex pnnsiou ot $5,4:'.:.000 in individual de posits. This resulted in decrease in ex cess reserve of .f.",!!45,000. briugiug the surplus nboc legal requirements down to $2."07,000. Details follow : k ALL MKMIlCllS .Tun. 1(1. '20 Iiutu.-' I,oan J7Oa.O04.O00 J3.l72.0u0 Kxchirt. Ut. House uue trom banns , . . . llar.1; .depoalta . . . . Indlv. deposits . . . . Tim deposits . . . . lies, with V .11. K. ii lfgal dcposltorlck Cash In vaults Hotal ret'rve held.. Ilcaerve required .. lxcesB fscrva K0.C.S2.00O 133.703,000 15'.'riHrt,flO0 7,nno,ono 7.050,000 .miB.ooo 0.437, 0'lO r.oo.ooo 310,0,11) 3t,000 T 'SZZFEl&'acnBr-Z'r.yrrvm.ii i,v, . . i ja i Ni I rail ,'iir-; can be proud of. Can't wo have your account, young Mr. Business Man ? You'll find tho connection helpful in many ways. orticmis: A. 1'. Sttlnfleld, President -. S. Autrbiiiii, AvUkc V'te President Hllllani 1'. Krleliel, (iihlcr I. eon N. Dulsimcr, lCuln KUIa. llarrj; l.urirniuii, II. J.Insk nnd I'dwaril Oat, Vice I'rcstdcnts Wolf llodek. Chairman Hoard of Directors li BANK CLEARINGS Uanle clearings today compared with cor retpondlna day last two years: i20 mm mis rhlla ,.77.f,0(l,r.94 14,R02,(1 ,-.4,3l',ll,3Sn IToston . 02,7611, B40 10,303,(1.19 3(1.010,135 f'hlrago. llR,r.8Ma!l lU.JIS'.'.al.t Kaltlmorc 1S.M.1.347 14 l)2ll.lill.1 N. Y (152 331,157 4.R,601. 373 119,M3.tl St. Loula 11. 21)0,71.1 a4.it0fl.101 m-' lw rr4' tfCewnO V.t.jil!iw4 TitU Bldg. kJ iik riwma coupon 2-. 13 , r.mal,ia rBlteV"d 2 JJ'"' I l. 4111.1 ' "UP II '.- I"-"' I'anam.i r-k-iai re,) Je ll)Js l.inoma 'imiwn ,1a 'JO'.,,, Panama re-rlsier-d 3i 10(11 I'hlllpptne Ik. lost l'hlllpplno 4t HMt VhllippllW 4. 1U3II . ... II a iln.r fniimn 2m. 1V30 II H Govt rtlterd Cs, 1U30..100 U M ovt coupon -i. i. ti n nn rRtf,ttrpd At. 102 PIt pf 6rtumM 8Sr. 18 nid mi, d'ii, mi'j Oil's SS'-J ss' as 83 02 IIU Ask I '"' -... 1.L In 10 w!!!,' hit and KMiruary. oft'-red. tftV'. '"arch, "" -tt i lot- . VTnrlrt Willi nuipr New York Metal Market 'tnier Spot Jj, nu- unij, l.eol :..... 105'1 02i,.10S4 Mfli. 8T T ' ' Ail nontha, sa lllir Jiaraer urni. nmitr, Hii.t St IjjuU -Snot, .lanuan nnu reuruar-. I 0,20Ul.30ci larcn anu .prii. v.-mvyv-n. RAILROAD EARNINGS rA7AnrAK" PACIPTC I Id'JO Tn-j'a.a I Sewfti ve'elr. January JJ,531,Ooq tW.OWff m. ! Prices Firm on Paris Bourse Paris .Tun. lO.--Prices were firm ou the Bourse today, traders being well impressed by the election of Frederic Francois-Martial, iinnnee specialist, as minister of tlnanee. Three per cent rint(' were nnoted as 58 francs 00 cen- 1 times, cxclinnse on London 42 francs 03 centimes; 5 per cent loan, SS frnues , 55 ceutimes. The dollar was quoted at 11 francs 51 centimes. Buyers are projecting their thought to the, probable attitude of retn.il buyers months hence, .TN is,truo particularly swy w Reserve Banks' Discount Rates fTbe first column gives rates for all periods up to and including u fifteen day maturity; the second for it period of sixteen to ninety days. The third and fourth columns give rates for re discounts of collateral loans secured by government uouus or noics.j paper 1(1 to 00 days I '4 fti'ol dry. good from' mbJiow' jnl.thlV.hiir- Ronton New Yorli I'hlla . . lllchmond Cleveland Atlanta . (-h lea ho St Louis.. 4 Sh JiVin, ; Torn' I i in days 4ii j8; 4 4i Yt (lovl njni. is io to on days 4s, 4 4; pIS S 4 9, 4"; 4i 4i r,n.47R.O0O 2.ori,ooo 14,331,000 1,308,(1111) H7, 42.1,00(1 2-'flS,flli() .",1,121,001 747,000 2,307,000 '3,315, 000 MUMiiuns ni.si.nvc svstuji Itewrvc lield '. . $r.:l.7iiO.0On $2,13.1,001) Kvress reaene . 2,(131,00(1 l.M7,0.)o TRUST COMfANIKS NOT Mi;Mlli:ilH RU3WIV11 BYBTEM .neeervo held J3.S08.000 ! 1111,000 Excess reserve C7'l,00o M08.OO0 Decrease. .... In addition to the deposits above theie were this week S2(i,77U,U(iO uovernment Uu rcsits aealnst which no rest-rvn la required. MONEY-LENDING RATES NKW YOKK Money on call opened today at 8 per cent for lending nnd re newing. Conditions were unchanged today in the time monry market with Vi6iS per cent bid ou good mixed and S(5iSi per cent bid ou industrial loaus for sixty and ninety days. Very little money was avuilable und, consequently) the market was dull. I The minimum discount figure for nrime mercantile paper is unchanged ut 0 per cent. Prime bank acceptances continue quiet, influenced by tho collateral loan market. Hutes tire unchanged und the cull loan ligurc stands ut 4ij per cent. Will Foreign Exchange Return to Normal ? Investment and Speculative Possibilities If It Does AX EXAMPLE: The purchase!' of ti 1000-Franc French Government 5?'c Victory Loan nt $82 would have an invest ment worth at par $193, an increas'e of ?11J, or over loSCe; 50 Francs a year income, now worth $L!i0 or about5U ce on the investment, would be worth !i!).C5. or nearly 12e on the original investment of ?82, and this high yield should con tinue until 1931. , Other Foreign Internal Loans offer oven greater possibilities. Direct Cable Communication With Foreign Countries. EDWARD B. SMITH & CC. Banker 1411 Chestnut St., . Philadelphia ELKINS, MORRIS & CO. Bankers Land Title Bldg., Philadelphia S 8 14 I Jji I l'lIIIiADKM'IMA Call, 0 percent; K ) time, (J per cent : commercial paper, ! ft n Vi three to six months, 0 per cent. LONDON Money is quoted at 3'. per cent. Plecount rates, short bills. 5's per cent J thrAfith bills, 5 ptr cent GEORGE K. WATSON & COMPANY Public Accountants & Auditors announce the establishment of an INCOME TAX DEPARTMENT Under the Direction of EDWARD J. MALONEV Recently Revenue Agent with the Philadelphia Income Tax Examining Force Real Estate Trust Bldg. PHILADELPHIA Bell Phone WALNUT U4 Keytone Pk,',," BACJ3 - i fc.tf. jIii rlrJj. i . Tr ,'ti .j,ani jyw.
Significant historical Pennsylvania newspapers