,,
v
or
EVENING PUBLIC LEDGER-PHILADELPHIA, WEDNESDAY, JANUARY 28, 1920
16
li
NEWS OF FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK QUOTA TIONS
warn- o fc.
HBl, ? : jitti
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CzaHarHf H
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if
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Baft' .-
mm
Consolidated Gas Co.
of New York
Tho Fivo Year Sccurrrl lc
Convertible t'old Bonds of
tbo Company will constitute
Its only bonded debt. Net
Fnrnings of the System in
l'19 moro than twice all
interest ehavtrcs', includinpr
tlis i 8 a i c. Estimated
population served exceeds
4(0i)0,000.
Price: Par and Interest,
Yielding 7 c'o
Circular on request tor PV ra
HwNationalGly
Company
8 Corrrtpo'iStnt a&ccs Iu o.tr s CWat
I Phllmlelphli -1421 Chestnut Street
Atlantic t-lty wmllonlc uioca
1223 tloJrdwulU
STRENGTH OF STEEL GROUP
(BACKBONE OF THE MARKET
Interest Centered in High-Priced Industrials ISctvly Pro
moted Oil Shares Hammered Again
Investments Based on
Established Records
In the last analysis,
consistent earning
power provides the
best protection for
any security. We
' shall be glad to give
on request the record
of earnings of any im
portant corporation
and also supply data
regarding the man
agement, bonded
debt, etc.
New York. Jan. 25. The favorable
showing made b. the United States
Steel Corporation in the statement for
tho quarter ending December 151 gac
fresh impetus to the recovery nioveincut
in the industrial division in today's)
stool; market. Under tho leadership of
Cut1 steel group, further substantial
advances were recorded by nil the
prominent industrial shares, nnd while
the full iuiptocmcnt was not main
tained, the tone of the market at all
timci was decidedly strong, and. hs
noted in the preceding sessions, the
'oot resistance was encountered with
the rising prices.
Once more the high money talc and
a fresh demoralization in foreign ex
change, c.irr;. ing rates to still lower
liH-. were entirely disregarded, other
than koepiug the trading contingent
within reu.Min.ibIc bounds in thr.ir op-e'-atious.
While the dealings coutinued
of the same highly professioual caliber,
jet. according to the testimony of the
leadinc commission houses, uu increas
ing demand, was noted from outside
points.
The United States Steel O
i statement was in tho nature
' nn( zt.miei Ttf.,.n,,k nf the Intll?
period of the sfike trouble and the
many days in which the output of the
plants was far below capucity there
had been some talk that the statement
mmiiM Tippp-nrilv reenrd :l deficit iu
! meeting dividend rcnuireuicnts on the
common tock. tnsteau. tioweter, oi
there being a deficit, tho statement
showed a surplus over dividends on
both preferred and common blocks of
more thnn S.I.OOO.OOO. To be exact
the earnings for the quarter amounted
to $33.701, "02, while the earnings for
the jear nmnunted to Jflin.in.Ull),
renewed weakness in foreign exchange,
tho London rnte falling to o, new low.
Despite this bandicnp tbc industrials
e-itemlod their gains in the first hour
under the lead of the steel issues. Sub
stantial advances were scored by Cruci
ble Steel, Bethlehem Steel, Oulf State
Steel. Republic Iron nnd Steel. Ir
giuia Irou. Studebakcr, fetuU Chand
ler Motor, General Motor. Baldwin Lo
comotive, American Locomotive. Amer
ican Woolen, Endieott Johuson and
Savage Arms.
The concentration of interest in these
high-priced industrials caused consid
erable commcut. more especially because
of the. tnrdlnexs of the other industrial
shaves and the Hue of cleavage still
conspicuously drawn between the rail
road and industrial divisions of the
market.
The momentum of the recovery move
ment iu these highly speculate e issues
was subsequently arrested wheu renewed
weakness dooloPcd in the low-priced
petroleums, or leceutlj promoted com
panies. A weak spot was found in
Middle States Oil. which was bam
mered down from -IU1! to )"-
This had all tne carmorK-i ui r
common stool. .
i Backed up by this favorable show -ing
the market opened active cud
stronc. United Stated Steel onlv made
i ' a ...-point gain, but the related issues
Tt i -it tvt o r ! were up 1 to almost " points. The
riempmll, NoyeS & CO. I initial bulge probably would have as-
XtmbTi u York stoc-t rniaf!, turned wider proportions but for t.ic
Franklin Bk. Bldg., Philadelphia
New York rtoston crauton
i . inrrnncrd concerted bearitli drive to fa
nCs" S ""rinB elsewhere Still it was
the P lone Mldent a much freer supply was being
encouutercd at tne n gner imi. -
tienic udanccs made iu the earlier
trading, in consequence, were consider
ably reduced at noon, but the tone of
the market coutinued quite strong.
Iu the early nfternoon interest was
shifted to the food, chemical and paper
shares. Corn Products. American Cot
ton Oil, Cuban Americnu Sugar Vir
ginia - Carolina Chemica Interna lona
Taper anil American ..."." ,--"
preferred recorded gams of 1 to O
points. The advance in the call money
to 10 per cent from i per cent, the open-
... ., - - - . -.- , . r iinmer nu i iiim
equaf to about 104 per cent on the log .reiewa, ra . ., -V-j "jj
able profit -taking wii being done in
the earlier lenders under coer of the
strength of these new favorites.
Many gains were cancelled when call
loa'na rose to 15 per cent, but partial
rallies followed the decline of money to
1'J per cent iu the final dealing:-.
Salfi
.ton
00
1.100
i.100
700
-oo
310
1D00
too
0500
800
1800
7100
00
700
3,10
160
700
1080
n:oo
110(1
300
280
too
2600
300
1480
sno
too
3300
33000
170fl
500
30U0
100
100
1700
1.100
3ao
oOO
coo
10ft
400
350 JO 3.50
Hlch
TRADING DULL
New York Curb
The Hoast oCH"AS. H. JOKES & CO.
We. Offer
A Textile
Preferred Stock
Yielding 7.22
Company incorporated 1879.
Net assets $263 per share.
DividendG earned 7.88 times.
Common dividends since 1?09.
Liberal sinking fund.
tcmJ for Cirrulnr "I."
MUTIiCIPALRAILROADr'1
Corporation Bonds
4o Broad Street - Hew York
rmccTciasv tuu iBataa'ujamar-
AND AIMLESS
VtiiH Kplos
Anier Grandl Candy
Atu Marconi .
Am safptv U.tzor
l.TKt'li Am Chen-.
Hnt-Ainr Tob n-K
Prtt-Airipr Tolt coup
lar l.ignt
1NDUSTKIM
1 1 ith
Priro Tonrlenr.V Unward DeSDlte I'oiumWa.nmcwU
Frequent Attacks of
Boar Party
UNDERTONE WAS
CtfnTal Asphalt
uen Metoro
Urals Ola
(loldu-"n rieturcB . .
llupn Motors
IndUn Packlni:
M-tntKomer-Vara .
Nor Am Paper . .
nrpli-u-o circuit .
Ft O M ' Perfection Tiro
I tt III Itcpuhlle Tiro nub
Stanwooii Hubbnr
Hubmnrlno Hot
, TrUnzlt Film .
f s. I, ft It
1- S St.-am
Unlt.-'l rioi J'rnd
u
. "JO
.' 17
..lls't
. 32
. . P,
.",1
. 1.-.'.
. IS
. !,SU
17W
. 1
IjOIV
10'
1
9
10H
Tii'.
l tr.
3l-j
n,
at
1SH
is
ca"-,
I-"-,
l.vi
Allied. Oil
Aln
rKansasr Natural Una
Poon Oil
rtostcn M'voinhis- .
Burkn't Van Cleave
Carlb Srn
Coydn i, Co . .
Dominion
New York. .Tan. 2?. The New York
leuing Suu'.- closing financial lcview
toda sajs:
Dull trading and a constructive price
tendency, dcpitc all that the bears
. l . t .1- :.. .!.. V..MW frnni time to
i ' time n;. various stocks which coraed
to invito attack, were the features of
another uninteresting market se'stou
While the short interest was i.irgc. gJJJ'-g,",";,, ,,t
i it has been for some time, it wa-. a f-,nK,,,r, ivirol
nlmp one in most respect- and it was ' i:nrralda oil
more read to take refuge in V,m r- omtVamt " "
in" on the slightest pretext than it was oienroc'.- oil
i extending it-elf , Clufrey Gllltsplo
Tin- state of thins- not oul had an ?!, '
luiluenco in inducing some to sell sliorl nu,ijn on
.,t the same time that others were get; Jnfr Petrol
out but it save a cnaracier ,-an Co 0
iM)):rrjsi)iLT tni.s
In
31
1't
i
4-'-:
S'.
34i
at,
1A
ON
IN
E. H. Rollins & Sons
Investment Bonds
Send for current tut.
1421 Cbcttnut St., Philadelphia
Eosfou New York Buffalo
Albavy Chicago Sa Francisco
l.iWns-ton
Msracalbo ...
Merrttt Oil . . .
North Aiwr OH
Onnr Oil
P-nnok on
Phillip? ret
&. lionnprh
Tax Exempt in Penna
Wc ofTcr a new ."-Year Lo
cal Issue to yield over 7r.
Convertible into long term
Ce Boiids at a low price.
De'ci'd Vpi" Rrrjiirz'
Frederick Peirce&Coi
i
1421 Chcitnut St, Phila.
Safe '.nveat'-9 s v -civo "tarti f
knotciti'j uriei 'o Viiy your bonds.
ninermanency to the market itself and
made it difficult in the extreme to ap-
iraise either the near or distant future.
' To some eMcnt it tended to bring
i, mf closer to the normal condition
in which the stock list becomes more PrMtieir
nun. V.- the will of tho-e .bnU'.WIM
r . I K...I imii . ilpv,l- !' ". . ."
civnuance ur soon m u.m m.- utijoiii
opmetn-. a- the oac muv be. Sfl'.urKn1 l'TOi.
.Tu-t now the public has ceased to b t;, ;.
a faitor nnd theic is uo immediate pro"- v',inhrn .st-tc.
,ect of it becoming one. Accnrdmgl -Kn .
the liader- utilize what theie nun be I u'an Oil
ilmt i- fnor.tble or otherwise in their mute JH11.
own restricted -phere. without much I 3IINING
thought to broad interpretation. Alaska-Br Ccl
The steel group did fairly well. ns'A-Hnn.... .... .
lV,t Vi,. KTnocteil n the licht Of thC al- Atlanta
together" encouraging report of jc j AVieheVjsRwKmt -. ' 1
United Ftates Steel Corporation for the gSolh . ...:
closing quarter of 1011). The showing Hoton Montana ..
was distinctly better than was anjwhere SiSmt Xrj-r-meT
anticipated, notwithstanding the steel ca-ida. Coppt
and tuel strike- and the maintenance of j:"de?1l"riYin " '"
the prite scale established laM Mrfrch. ir?,oii c"w ' '...
The motors and equipments did well c-wtn. McNamara
also. The paper and tobacco share- were , g i
in good toue Tho oils were heuy. I he Iror'v-mr.e Mining
laiU wtre quite -eterel left alone and 50!15e,,l jyji,,.
price ductuations were negligible. ir-.Adn-M ftiivcr Pti-'k
Call monev renewed at S per cent aud Gold 2on
the loaning rate advanced to 10 per ent j 4kk
at nnddii. The treatt outlook, while jumbo 'uxt
ai the moment f lightly brighter, has Knox Dividj
provided too man' toutradklor inani- i JiVu", Darr5h
fitatiou.- to lit. other than n dampi uo,-. itacVanuri
particularly on the foreigu catcnanges Vrmbirlod"
v hioh, in the ca;e of the leading centers, i V,rray f'rf
diopped to u"w low love1-, stjjjlii drafts svada. Opjlr
on l.oudou receded to within a fraction &" Hfeui
of 'fo .""0 ' i:x Cona . .
Detailed figures of exports for Do- ' TiohetrMinca
I... ,U I .. ,.n..,nt,nV.I. Mn.lnn ' IIOP"- OrOUP .
i I'uiucr ruunm i i iiiM. i.uvi. A.urtvu pan Tov
cs
fi
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44
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IN
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33 N
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ION
f.l,
13'.
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lli
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31
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33 N
5
1TN
10
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3N
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31
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3N
f.N
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34 N
UN
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IN
4SH
31V,
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3N
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33
31
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4
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30
31
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1
7
30
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30
LIBERTY
$50, .$100, $1000
BoughtSoltl
Rccomaitadcd for Investment
Newburgcr, Hemlersou & Loeb
IWNUEIW
1410 CHESTNUT STREET
Member J V i I'htta. Stock IU-rbjnfru
in tottnn jnn mineral on snipments
abrnad aud increases in corn and rje.
while on tho other hand wheat and
:infiu. lonns of beef consignments dis
c 10-ed a decided decline.
,smr KlnB of Ariz
8urt Mln 5
Tnnnnnh Cash rOS'
Tono Plvlda
Tonopah Kxt
Tono Jim 1
Tonopah Mldwaj .
Tonopah Mln
Topopah Montana . .
Tonopah ttescus I.ula..
t- vj ron
t nlt-d KaJtern . . .
Reserve Batiks' Discount Rates
T h first column ghes rates for all
lenoil. in) to and including a fifteen-
dn i.int'intv tho seconil tor 4 period ot I rir,,
iMi ii to iiinct diijs. Tb third and i .gjlJ caps Eit
inn -ili mlunm- ivo the rates for dis- Wllbert
r.nints nf cnll.-itpr.il loans w-eiircd bv I Yerrlneton
goernuient bunda or uotca.
Cuid'1 prer tiovt papir
IB to 00 lUtotlO
13 dayu (las 13 dayn days
:?. :
2
5s
33
30
liH
3'1
!
IN
,5
IN
II
4
3
1'i
01
3S
iin
19
.
ON
3N
2N
11
30
(1
t
s
11
37 i
1
IN
?!,
30
3
IN
1A
3
A
3N
'
4
7
30
3 I
4., I
n. i
100
loo
300
3 10
100
100
13 id
300
37000
too
300
4i:o
700
nou
390
330
330
3)0
10)0
3
300
too
1700
100
30 U
100
ICO
100
300
3SC0
100
3!rt
no
310
ooo
300
300
100
300
310
t7l0
300
700
10 t
1000
300
100
3i'0
13)0
1350
400
100
I00KI
17l'0
G10
400
100
ton
COO
IV'
300
100
ISOO
400
300
100
too
1500
100 '
3C0
ASOO
71 e,0
:o
100
3300
110.10
310
31)0
33J0
3000
3030
37J0
3000
100
730
100
300
300
100
300
100
7f30
17C
1700
8900
3900
Adams Express 30
C AJax Itubber 834
. . Alaska Juneau Q M . . 3
.. Allla-Cltalmers 30 H
8 Am Ajrrla Chcm .... 93
3 Am Bank Is'oto pf . . 45 Mj
N Am Beet Susar 61 li
8 Am Bosch Magneto ..1344
13 Am Br Shoo & lMy pf.t70H
.. Am Can li
13 Am Car & Tdy 139
4 Am Cotton Oil S3
SO Am Drug Syn Ml,
. . Am Hide & Leathsr. . 3B
7 Am Hide & Leath pf . .118
4 Am Ice 4N
0 Am Ico pt 03
6 Am Internat Corp ...112U
Am-La Krunco Ihiguie 14
Am Unseed S54
Am Locomottvo 100H
Am, Ship & Commerce. 36
Am Smelt & Hot ...'. 68H
Am Smelt & Ref pf .. S14
Am Smelt Seo A 8lli
Am Steel leoundrles . . 43 H
Am Sugar Bet 1301
Am Sumatra Tob .... 9314
Am Tel & Tel MH
Am Tobacco pf new . 98
Am Tob Sco temp ctfs. 60 M
7 Am Woolen 103
. Am AVritlnc Paper pf. 574
Am Zlno lyead & Sm.. 30
t Anaconda Copper .... 0314
Ann Arbor 1'
Assets RealUatton . . 41
Asso l.ry Ooods ...... C5
r. a teh Top & Santa Ve. 84
5 Ateh Top & S V pf "U
Atlanta Blnn e Ait . r,a4
AtlGulf & W IS S...1C4
AtlOulf & AV I S apt. 61
Auto Sales C tern ctfs. 17?
Baldwin Iocomotlve..tl8?
Baldwin Iioco pf ...101
Baltimoro & Ohio . . . 31 w
Baltimore & Ohio pf . . 4414
Barrett 1J0''
Barrett pf B,!?
Baton laa JllnlnS .....
Bethlehem Motors
Bethlehem Steel . . .
Bethlehem Steel B .
Bethlehem Stl S pf
Booth KlEherlea . .
Bhlvn Rapid Transit
Hltlyn RT cttaot dcp.
1
3
C
"l
1
S
3
7
10
H
R
6
10
.1.
30
0414
09!'s
113V
13H
144
0
niO
Brown Shoo ,ol
TJutto Copper &. Zinc . to
. . Butto & superior cop. i
Butter.el; .... " ,,
. . Caddo Central O & R- -
California Packing ... MJ6
, CalifornU Petroleum.. 41H
7 California Petrol Jif . . . 7V
3 talumct & Arizona... 01?
la Canadian Paclflo ....137W
7 Ctso J I Thrcah M pt. Mvi
.". Central Lcatlier MV
7 Central Leather pf ...107
7 Ccn & ho Am Tel "4.4
8 Central of N J I"4
4 Ceno do Patco Cop .. -J4
5 I'hnniltor Motors ....133
4 Chesapeake k Ohio . . 5
.. Chi Mil S. St Paul :IN
.. Chi MI1& St Paul pf.. S
5 Chi Pneumatic Tool ..
. Cht Koclt Isl & I'ao . . i
0 Chi It 1 & Paottc pf.- W
7 Chi & Northwestern . .
7 Chi P. 1 & Pao "co Pt.. 7
.. Chllu Copper J?
3 Chino Copper -J'
1 Cot liraphophono . . .
7 Col Graphophuno pt..
.. Coca-Cola 3''i
3 Colorado Puol A: Iron. 41 It
Colo d Southern 33 V4
t Columb Ga.i & Ulec... 3?4
1 Conip-Tab Record
. . Con Interatato Cal M. . 13
7 Consolidated Gas .... WJ
3 Consolidated Te-Ullu . 31 U
1 Continental Candy . . . '-' .
5 Continental Insurance. 73
t Corn Products Ref... 87
13 Crucible btcel SIS
Cuba Can Sugar -H6
7 Cuba Cane Sugar pt.. 84
10 Cuban-Ainer Sugar ..4M
9 liclawaro & Hudson.. 95
10 licl UicK Ss VTcstevn. .IsO
. Dtintr & Rio G pf . . . ;!'
I Donw Mines 1-4
3 1.11: Horn Coat -
3 Knd'cott-Johiibon ... U-l
7 Kndicott-Johnsoii pr , .10-
.. i:rlo l'i
Urie 1st pf JJ'J
Kri :d pf i ' ' ' .
ramou3 Players-l. .. S-
Pc.li.ral Mln & Smolt. 134
3 Federal Mln fi. Sin pf. 33 U
risk Rubber 3
3 Krtcport Texas ...... f'
t Gt.aloii Wins Si Wig i
0 General Chcm pt J3'
General l'lectrlc .. .0'
13 General Motors j
Cmeral Motors pf . . a,Yi
U General Motors deb. . . SI
0 Goodrich B K "
7 Goodr.ch B V pf 07'
7 Great Northern pf. . '84j
4 Gt Northem Ore ctf3. 39?4
.. Gulf States Steel -?4
4 HacJtcIl & Barker Car. CO
6 Inspiration Con Cop .. 37 H
.. Intcrboro Con Crtrp ..
.. Inter fon Corp pf '-
Int Agrlcul Corp "JO?
A lnt Agrlcul Corp pf. M
r. Hit Harvester o'
7 lnt Ilarv pf new.. . 114
.. Int Mer Mailno .. !"
C lnt Mcr Marina pf . . :
.. International Nickel.. -
. International Paper . S 2
.. Iron Products Corp o'ls
Low
391,
8U4
3
4014
OS ft
4'A
etH
132
170U
J494
139
4015
13
214
H0H
uy,
03
10014
13
83 H
0814
2S'
0814
98 H
81V4
44
130
01S
88
98
C8 5ti
171,
6
19 U
1I4
10 M
IVi
63
S3H
79 V
O'i
1C3
C7b
177i
1101,
101
31 4
44 Ht
139
10014
l'4
38 i
91 ?8
97 i
113it
1314
14n
9
100
OT-a
37
33i
33 M
S3
4114
73 'A
64
137 V
99 U
9l-i
107
i ali
us 50
13 He
Today" Net
Close Che.
30
8314 114
3 ..
Jio 14
83 1W
1.1 14 Vt
81 K 14
133-4 - H
170U li
an
138 - H
33 3
134
3314- 14
1111,- u
44 H- 14
03 14
111 VA
13 H- 14
83M- l?s
- 14
3314- 14
6814-984-8114
15
13614
91H
98M
06 - IK
6Si-
13714- T4
6
19 ft 1-filft-104-
414-
C2J4 1
834- H
791, . .
6H 4
103 114
07 a r H
174
117?4- 14
101
31 14 - 14
4414 14
139 - 14
10914- 3
IU
3814- 1
0494 1H
984 ?4
1131i- U
13ft 14
14H 14
954 54
10114 114
oft .
37 - 14
-.P,- 1H
Sates
100
100
100
100
1300
800
Dlv.
Iu
nish
Jewel Tea pf 414
Jones Bros Toa 3314
Kan City Southern ..16
Kansas Cltv So pf.... 4!4
Kelly-SpgTIie 138
Today Net
Low Close Chse,
700 3
S00
400
A00 4
100 2
300
100
A09
11400 10
300 7
.100 7
37380 1.30
2500,
300
too
400
380
200
300
300
700
100
200
1100 ..
200
400 1.50
) 700 10
6
Kennecott Copper ... 31
000 1 .34 Keystone Tiro & Itub, . 374
3400 6 Lackawanna Steel .'. . 86,
lot .. Lee Rubber & Tire .. 3314
300 S.50 Lchlgll Valley 43
Loewe Co 31
Loft porp 3314
Loose-Wilea Biscuit .. 694
Mockay Coa pf 0
Miami Copper 2414
Mai well Motor 3114
Maxwell Mot let pf... &9ft
Maxwell Mot Sdpf.... 38
Moxlcan Petroloura ..30114
May Dept Stores ,...12H
May Dept Stores pf..loo
Mlddlo States Corp ... 4614
Mldvala Steel & Ofd.. 60H
Minn St Ht L now.... 1314
Minn St P & S S St M. 70J&
Missouri Kan & Tex..
Missouri Pacific 23 14
Missouri Paclllo pt. . . . 40 Jt
Mulllns Body 4734
National Acme 38 14
Nat Anlllno & Chotu.. 67 J4
Nat Conduit & Cablo.. 1014
Nat Enam & Stamp.. 82
National Lead 85 s,
Nat R R of Mex M pt 5H
Mi.vla Con ConDer .. 1014
Now York Air Brake .1084
New York Central ... 8814
New York N II & H.. 20 H
New York Ont & W. . 17
Norfolk & Western ..10114
North American 38
Northern Pacific 78
Nova Scotia S & C ... 1"h
Ohio Cltiea Gaa 4814
Ontario Silver M!n...i 914
Okln Prod & Ref 014
Olia Elevator 138
Otis Steel 38ft
Owens Botltlng Mach . 60
Pucltlo Gas & Eleo ... 5014
Pacific; Mall 3
raclfla Tel & Tel .... 4314
Pan-Amer Petrol & T. 9514
I'an-Amcr (B) 0214
Pennsylvania R It . . . . 43
Pcnti Seaboard Stcet . . 33
Peoples Gas Chicago.. 4014
Peru Marquette 29)4
Pcro Mai a prior pt . . 05
Philadelphia Co HSn
Plerco-Arrow Motor .. 7114
Plerco Oil v - ia'
Plerco OH pf 5,,
Pittsburgh Coal of Pa. 021,
Pittsburgh & W Vu..., 39U
Pond Crcclc Coal .... 24
Pressed Steel Car .... S9
Pub Serv Corp N J. . . 68
Pullman l'c
Punta Alegro Sugar .. 80
Railway Steel Spnim.. 034
Ray Consolidated Cop. 21)4
Reading 74'
Remington Typewrit.. S6'2
Ittnlnirln Steel 40
94
00
1300
200
aioo
400
ICOO
COO
BOO
400
1330
too
3100
300
100
100
300
6200
1300
1000
300
400
1100
100
3100
6300
700
300
600
100
100
1800
300
COO
y00
1000
400
700
330
too
37500
0100 8
1300
I 100
300
1400
3300
500
100
19900
7000
3600
5700
100
1100
100
35600
3300
1100
300
400
1900
900
900
800
8000
500
1400
000
400
400
300
400
300
13400
00
400
4500
200
7C0O
300
39100
1900
500
600
100
300
900
100
100
100
300
400
100
3300
30
100
1300
11300
300
B700
3800
100
5
1
7
5
7
.1
1
.80
5
3
5
1
414
2514
10
4514
135)4
3014
36
85
3514
42 ft
30 4
224
0714
61
3154
31
59 ft
28
1974
123
10514
40 ft
494
1314
70 ft
9
25
40
47 ?4
38 ft
5H
1014
8114
e3'
594
1814
107 'A
6814
5 Republio Iron & Stool. U7g
0 Royal Dutch N Y HOft
. St L San Francisco.. 1894
St L Southwest pf . . . 25
1 St Joseph Lead 15 ft
. . Savuga Arm3 'J
. Saxon Motor 15
Seaboard Air L pf ctfs 714
I Shattuck Ariz Cop ... 1214
. Shell Trans Tradlnd . . 00 14
. Sinclair Oil rta "94
6 Slosa Sheff S & I ... ol?4
(i Southern Paclflo 100 U
8 South P R Sugar pf . .116
Southern Railway .... 2l'a
s Southern Railway pf . 5W
7 stuueoaKer
...100U
10
Stromberg Carb
Stutz Motor
Superior Steel
Tcnu Cop is Chom . .
Texas Co
Texas & Paclfia ....
Tidewater Oil rts . . .
Tobucco Products
Transcontinental Oil
Transua & Wnw Steel
Lulon OH
Union Pacltlo
Union Paclfia pt . . .
United Alloy Steel ..
United Drug
Un Ry Investment . ,
Un Ry Invest pf ....
United Retail Stores,
fSClPS Fdy . .
U S Kood Products .
U S Ind Alcohol
U S Realty & Imp.
U S Rubber
U S Rubber 1st pt . .
U S Steel
U S Steel pt
full Copper
Vanadium Corp ....
Va-Carollna Chcm .
Vu.Cae Chem Pt
0 Va. Iron Coal & Coke
. . Wabash
Wabash pf
. . Wells Kargo Exp . .
Webtern Maryland .
Western Pacltlo ....
Tl-oallnr-tmllSft A Br.
4 Westlnghouse K & M. 5414
1 wevman Brutcn Pt ..""
Wheeling & L Erie
4 Wblto Motor
1 willys-0orIand ..
5 Wilton & Co
10 Woolworth I' W ..
.. Worthlnston Pump
6 Worth Pump pt B.
2
8
8
8
8
A
7
C
4
8
9H
133ft
1394
lift
20314
37
2114
91 4
J7
624
34W
.12394
. 07
. 4914
.143
. 1314
. 2814
. 90 94
, . 23
. 684
.10014
53)4
.127 ft
.114
.107H
.11534
. 7694
. 18
. 81 34
.110
. 86
. 8
. 22
. 53
. 10 ft
. 24
.116
1
62)4
2934
75
2394
9114
73
17
loift
57
77ft
72
18
014
914
138
3794
60
56)4
37 O
42 li
9294
01
4214
3314
3994
29
65
4094
69
IS
95
6114
29 4
34
98
G734
115 ft
9034
09 ft
2114
7194
86 ft
40
11414
109
18)4
B'
15ft
73
19
714
13 ft
87
42
7S
93'4
110
21
5tJ4
104
7614
130
48)4
lift
201
36'4
101,
91
25 ?4
62' i
31 '-4
121 ft
C0H
in
11314
1314
2314
8894
2214
03
10614
53 'i
125ft
113 y
lOOfJ
1154
76
48 ft
6814
110
81
8
(
52
1094
34
1IG
33)4
101
1194
OVA
3814
71)4
35
3394
71
4134- 54
2314- H
16 14
4514-
13514 194
3014- 54
30 - ft
8514
314-
43
3034
2294 6914
64
21ft- 54
31H 14
59ft 54
28 394
189- 114
125 114
105J4 14
434- 314
4934 54
1354
70 ft
8
25
4014
.
8114
83 H-
534
1614 10834
0814-
26
17 -
10114 5ft
5714 54
78 15
72 - 14
18
014- 14
094- 54
133 1
LOCAL DEALINGS SMALL
1 - -
WITH IRREGULAR PRICES
Philadelphia Rapid Transit Voting Trust to Be Dissok)
Market Found TJiinm Spots
privileges, "vrilih tho dissolution f 1,
voting trust nest month, tneri?":, to
niter bo only regular Mock .1 '",nc
Moderate Rclllnrc conlfcucd fn t kalt. '.
bringing, the lice back to -V C stocV.
Further offrtrings of Electric
Battery disclosed a thin malL?'0",-'
tht stock dPPlng .rrtS3
Small offerings of the Northern v
tional lJnnk Warrants carried ill h"
$2 lower to 28. Alliance C,fr
warrants wre.wcll hUsUined ill n5e
.uu.u ju.uljvu .fA-t iu aui.
Trading iu the local market cou
tinued of tho same narrow limitations.
There was nothing to bolster up in
terest in any of the local stocks ; rather
to tho contrary, everything seemed bent
upon accentuating tho watchful waiting
policy. Price movements wcro mixed
and irregular, but apart from less than
a half dozen isstics variations did not
exceed tho smallest fractional limits.
At tho outset the market gave some
protniso of cutting looso from tho narrow
apathetic rut. Initial prices wcro gen
erally higher and tho dealings wero n
bit more animated. The improvement
soon faded away on tho nppenranco of
fresh dribbling liquidation in several of
tho local fiuorites, which disclosed a
very scant demand,
8omo light was shed on the recent
selling of Philadelphia Itapid Trantdt
in tne announcement ot thn dissolution
of tho voting tnibt, which was extended
to laciiitatc uiq operations of the
Stotesbury-Mitteu management. There
has always been some littlo spread in
the market price between tho voting
trust certificates and unasscntiug stock.
Just why, no reason was ever given,
as both issues enjoyed virtually the same
Strong spots, wcro found in AbhtIm.
Stores, which mndn. 11 f..i. "?.rr
of S1.60 to -123.i. ni,n, ; ,??""
part of the cairi: Amnril '?,",'; 'W
?.nJ Wam and Seartotc. on lfi
ltcd dealings', moved tip ?l Vom ti'
pevionV. sales to CO and 30, rpC '
corded in Giant Portland Ccmeit J,
ferrcd, Lonston Jlonotypc, PbilsW
phia Co. cumulative pr&rrcd, S
Kailways and Tonopah Belmont. Pen,
sylvania Hailroad continued to be wii
tlono in
gation.
dono in Lehigh Vnllcy or Lehigh Stf.
94
COTTON PRICES STEADY
DESPITE POOR DEMAND
38
00
60)4
J37
4214
42ft -33
3994
2914 65 -,
OJ594-
6914
19 -
95
0114
?014 24
99
08
115 ft-
90 9,-
89ft- 94
2114 ..
74H- 54
8614- l'4
40-14
11514 14
10994
ISJi
75
19)4
714
12ft ..
80ft 3-43'-
94
781
Now Orleans Reports Some In
quiry for Middling and Abovo
for Export Account
Now Yorlt, Jan. 28. There were scv-,
oral telegrams received and circulated
on the cotton exchange during the after
noon telling of poor spot demand at
southern points, but these failed to pro
mote any . pressure ngainst contracts.
which ruled steady on the basis of 34.3oc
for May.
New Orleans reported .1 demand for
middling and above for export account.
The exports wero 48,3-15 bales, iu
cluding M-I.S.I') bales to Great Britain
nnd lo.nOIi bales to the continent.
Ycst. Todns-s lt-00 1.30
close open a. m p 111.
Mrnh .. 311.03 31130 30.20 30.27
May? 31.13 34.30 .14 30 34.43 31.48
July .... 32.18 32.33 32.3S 33.43 32.53
October.. 29.03 20 SO 23.70 23.02 ....
BUYING ORDERS HALT
LOSSES IN CORN Pll
Trade Dull and Featureless
. Car Situation Worse.
, Oats Dull
3:30
P in.
hrt.Ji
Philadelphia Stocks
99 94
110
31
5414 .
10194
7814-
130
49
lift .
203
91
33 ft -
1234
67
4914
143 54
12 li1 .
2814 .
8994-
33 'i SK
68 1ft
14
154
54
34
34
54
ft
'l4
54
94
Net
Hlsh Low Close, ctuje.
70 Allia Ins
war ... 0 C'ls ?8"
SIS Am Strs. 43 41 42
SAm Gas. T1 fil CI Vj
12 Am tt pt 00 00 00 1
20 Cou Trac
N J . . 40 40 40 . .
010 r.l Stor..l20 127120 1
14 fit P Com
nrcf ... 181. is. 18.-
ioi Co n a .141?. :y2
18.-. Lk H Cor 2014 20
i r ,f Cl.l" GAA'
20
4a;4- it
84ai
03
43..
2S 2
43 .
4214-
108
53 U-12694-114,
10614
H634
70
48 ft
7254 3ft
110 1
80 194
8
33 - 14
32 -
10ft- 94
211
116 1
54)4 I
101 1
U34 54
0114 14
29 14
74)4-
54
8314
73
'11
J1
1.0
FURTHER DROBSSSoir -gS.
796t tuW Creamery.
7 . --..JR?'.W- fean.. ejtrat, (1
Swiss Francs Show Loss ot rour --f' ,.bc "cTwrnin; "'cuVrWt0 mW3
Pnints Scandinavians Lower
;. rf.nl.. . . nacKlne tiocu
3. 11 H '3 I-,1
ing to locale Taj lor after the iTre was
extinguished.
158 1S
41 ' . .
."..- M,
'-'.vi.. t
OO'i -)
2 tj
2..
54
10 Tjiui, M. 8-13'. 84
168 Leh Nav. 0394 t!33t
lOLch Vnl. 43 43
10 Nth Nat
15k war 2S 2S
35 Penn Ccn
Licht... 43l't 43
201 Pa H K. 42 42 Vi
f! Pa Ht Mf 75 75
203 Phila Bk
war ...158 111
35 Phila Co. 41 41
135 doo'm pf 35 35
370 Phil Klcc 2.Vt 25
1314 PKTtes 24A 24'.
10 Ph Trac. 00 00
30 Ton Bel. 2I 2
515 Ton Min. 2 2
HO TT C. I... fllV. 51
450 -iU 8 Stl. 107 lOO'j 100 t
,,() w .i & ;i ; ; -t-i
(1 IVe.st C. . 75 75 75 . .
5 Vork Hy. 10 10 10
10 do pref 31 31 31 Hi
Total mtlen. MM aharcH. compared with
7310 shiren enter.lay. Thus far tlila week,
17.430 share?. Hamo period last wcelt. 13,111.
S'alcH 111 I KINDS Net
J100O Hlch Ixw CIoso chse.
2 City 4s M5 U7 07 07..
10 Lk S lip inc
0s GO 00 CO 1
3-20 Lib Bonds
4th 41Ls. 01.52 01.52 1)1.52 .20
4 Vie 43ib.. 0S.30 08.30 08.30 .03
1 rat Prop
1-0$ .... 30 30 30 ..
1 Phila Co
consCu.. 80 80 80
1 do 1st Cs.100 100 100 ..
10 1-0 Ph Klcc
1st 5s ... 01
(1 Bend gen 4s TO1)!
2 Un By Inv
5s 73
5 Wcls Co 5s 0S
1 York lKt 5s 82
riondn. 840 330. compared with
3et.terda Thus far thin woek. M 330.
frame perloo last pk unil Mm
Cuicajgo, Jan., 28. A soft tone toll
cath article, favorable weather, a dt
cline in hogs and the demoralization i
foreign exchange, made corn fututt
heavy today. Losses were checked t
the, cafc-cution of resting orders to buj
Trade remained dull and featureless.
The eastern car situation was dt
clarcd to be worse and there nas Hit
to enwuragfi commitments on the bi
siile At the same time sellers we
cnutipus, as receipts Bhowed no tlrr
of increasing and winter accunnilatic
appeared to be remote.
A local authority declared that U
coudStion of winter wheat was the hi
est ut this season for a number
ycai;s, which, with higher prices I
cas'a wheat ut Minneapolis. Mas 1
.igaSnst aggressiveness by the bears.
tjals albo were dull. Uood buyiDiu
uoU-d on Hips because of an adiat
in the cash article, but resting orde
lo sell, at slightly holow the previo
clusc, kept tho market from moi
uiiuurd.
Tho car .situation was against shi
intents to the beahourd, which, togetb
vdth tho crash in foreign exebanje, pr
vented fresh export buMues.s.
It was reported that exporters b
taken JOO.OOO bushels of rye.
I.eadliii; futures raneed an follows'
Corn (nfw dellery) If
upon iiiRii iiw tlis ci
Jan. ... 1.43 1.43 1.44V. 1 U? It
May .... 1.33 lra.lVi 131!, 13", 11
July .. . 1.32'4 1.32 1 32 1 32
ualH
May .... S3 Mli Wi SJ'i
July
1'orK
Jan.
May ....30.25
Lard
Mnv .... 33.03
Julv ....34 33
Jllbs
May ....20 50
July
Bid.
73V.1 73s
73'j 75'.
30.40
30.25
21 O0
34.33
20.r.0
20.B7
3I .'."
3b 8j
23 43
33.50
30 30
.'0.72
39 :i Man'
38 S3 39 :
33 ir,
SJ.kU
L'O r.o
0 7'J
Ml
:io
ll
:oc
NEW YORK COFFEE MARKE1
New Yorit, Jan. 2S. The col
market opened 11 to 13 points lov
this morning on disappointing Hraiili
cables. Trading was very quiet on 1
call. The continued sharp breaks
foreign exchanse, together ith a At
decline in Santos futures, tended
work against prices.
After the call, prices worked W
March selling at 15.58; May ot 13
aud July at 16 cents, or 3 to i poll
below initial figures.
Vest rlo-e open 11
, 13 7.1 W 70 l.i 50 l
15 P.'iftTMi nu 1
io lntoio in hi
15.89 90 15 77tfS0
March .
May ..
July ....
facptcmbcr
00
70I
73
08
821,5
73
ItH'j..
82
It 521,0110
Liverpool Cotton
Liverpool, Jan. 28. There was m
inquiry for spot cottou today, n
prices firm on the basis of au ndvai
o 57 points for middling at J7.1
Sales were C000 bales, receipts
bales, none American. Ptiturcs v
blcady in the early dealing!.. j?i
prices were: American, middling is
03.45d; good middling. 3".20d l.?
middling. 20.20d; middling, -';
low middling, 25.i0d; good ordina
22.45d ; ordinary, 21.45d
ADDITIONAL FINANCIAL fJEV
ON PAGE 19
ttlStOOc.
xi S
I',
II
:o
r-j
:
so
fH
13
21
0
t'.
2.
12
frosli j
Lama
flrt i
. '-..i. t., "v 'i in nrnie lie- . luud i,.' kl-7 .. ..
'I: UZ" ,n th," foreign exchange ' $?&$ $$$j u
market continued to exut tbi mom- T'nVSJ.T
lg. Swiss fraiu, .howed a lo o,a'a'liSl,a.ai'
1 points and the Scandinavians were '"'CFliunettied nerelpts "M.t
' ., ... 1 T!1-lo ov..l,nni.o ,.?HUSi. llk. nt. held. fJWlal. 31Vt
Send for "Bond 1'alk"
HeO0"TKl
115 rroawar UtocU Eieh
NEW TORlt
015 Main ft.
VRllTOItPOHr
Blda .
X'UIUVPCLPUIA
UO Stale St.
IlOoTUN
lKn'on
Nw Torlc
Htilladelphla
1'ichmond .
"l.-veland .
vtUnta
lilcmo . .
.-t Lout3'
ft neapollD
r-a'iras City
r?uae
4'4
0
r.
o
!?:
h
r.',
D
I
4S
3"-J
'5 !7
A
'Yi
st?
niiM
Anaconda 6
Allli.ri Parkara Hi.
Atlintlc Frutt7...
A T I o oi -4
Am topaco ip w
High
ln
P1'
I
S3
07
t5
Last
S.I
07
95'i
lllvlM.1 rinvt Or
nlnlan Oot r of '23
r c c t L us
Int fl T 7 .
T7.iKlAn fi-lB ....
rtuss'an 'ia
PV PS! 5'i
f '30 . loos looS 100H
of 31 . 9' 98', 08',
9ltS
31
31
Ort tlfl
KHt, M.U
m so
31 31
10 30
,-.. ..11 firnmiM. 1.0 Clan l-AUUHUfci: I mntp Mnoie un.rv
iuc. " -.. - l',.pv,f do avi
also Is down l cuitimcs.
QuotatiooK were:
nniifatr. Btate.
gr ru". .--, -.;,, m ....
wl,ole milk ""AoViMSOc
do. averao run, 30Vi M'30c.
Bar Silver at New High in London
Bar silver toticlien anomcr new uiu
Demand sterling 3.53',. cables 3.51,
kuc cables 13 05. checks 1...0t ; lire
ii ir. .)". r.lirMia IS. 57; Suli-H ra
llies.' 5. 18." i-ho. k 5.50: guilder cables r,,ronl u tbc London market today at
'i')1. chetks 30: peseta cableb 1S.M1, , g jv.cl an ounce, tin advance ot -d."
checks IS. 70; Stockholm table. 10.05. i
checks 110; (liristiania cables 18.15., -.,-,...,: nM p. ill HRFN
Vi 1 ranilrco ' lri t 1'v
'Bates ou outstanding certihcales of
iodebndnes3 continue unchanged at l!' i
per icnt
1947
191.1
1034
1 920
MdNEY-LENDING RATES
NHW YORK Money on call opened ctiica.o
today at 8 per cent for lending and
renewing.
The time money market shows an
ren (inner tono than of late. The re-
ceut high quotations for sixty and ninety
BANK CLEARINGS
Hank clfarlnits today compared with cor
r,,PO,.dln dfjf U.i f'-.fl.r.
Plllla J77 764 33t Vl.1 331 J3O.170 733
Bo.ton M 713 3K3 44 03 :07 37 775.911
Haltlniore 13.13.1031 11 231 33S . .. .
S Y 77n.73n.303 S30.R50.IW13 400 77 7M
i.a iou. i ei.?.Q.i&4
S'tantMiirir Mvl Coropony lit ,iltr. o,
lilted li Klrctrlc lorporutlnn ,
udliuiplf Nortlirrn Irmllon Co. &,
.!.. I.ita romnmiT. toll. -TrU.t op,
lValtrivP. Mir lull Northrrn . 1010 i ceut ntgli quotations lor sixty ano. ninety
AnntfTranU l: A. CoV To. lt 3;. 1033 iaT unB t,eeu S pfr cent, that figure
Ttt Jlaulv. Iprfplf. " Bin. toot. vrtl. b) jj Ultay uitu ttie or D0 Inoney
aUIllUCI IV. I lllllll'."' v - onering. t urrent. rairn are iuku i--
youd prccetient lor una time ot jcar.
FARMERS MAKE DENIAL
Member fhllmlflnliH Moik Kr.uuu
! IP-"l.-l 1 r-
Georgia Rwy. & Pr. Stock
REED A. MORGAN & CO.
WBKT END TBUST HUILDING
pawi u wa tnua. ctpcn m.
I.IIll.AnKI.IMIIA rll. B nor pent:
i time. 0 per cent ; commercial pa
pert tbrco to six months, 0 per cent.
LONDON Money 13 quoted at 11 per
cent. DUcount rates, tiort bHls, 5 per
unl tlira. month lilllii-CSi ntr feat
Not in Favor of Government Retain
Ing Railroads
Columbus. 0., Jan 2. (By A. P.)
Stout denial that farmers of the coun
i in in fnvnr of'thc covernmeut re
taining control of the railroads waH made
here tdday by Oscar. B, Bmdfute. presK
i .l- ni.lA T.-nM. nurnmi liAfi.rii.
oeni oi inc tram au.... ...-,. ---
Hon, in on address to farmer at, pblo
atm TTnlranhltv. v
!"' -.. -... . -iat.tj .i
itraiffuia was a IP lain i i
i,.l . 1St f 'nnvuhoKon cables 1(155
ehecks 16.10: Belgian cables 13.70
checks 13.72; Austrian kronen .30.
At midday, the dowuward movenicut
continued nnd tarried demand hterling
to the new low of 3,505s and cables
to 3.51- Marks rallied 12 points
to 1.14 for cablet and I 13 for checks.
Francs were quoted at 13.28 (or cables
and 13.30 for checks, and lire ot 15.10
for cables and 15.12 (or checks.
DIVIDENDS DECLARED
Standard Oil Co of California, Uy'Cr'
lv of Il.ttO n aliara and an ultra p' !
payaMo March 15 to .torn .f record Ireo-
,Ul.leU Mw Tobacco Co Quarterly
of i Ser cent on common, payable Msri-h 1
to itocvi of rord ytbrury It)
American Caramel Co ouarterly of 3
,,,., and an extra 3 per cent on account
if back dividend" on preferred, both payable-
February 10 to etoclc of record Jan-
""Baitero tlteel Co. quarterly 3'4 vvr cent
on common and 1 per cent on flret and
econd preferred. The common la payable
April lK to to"u of record April 1 Pre
??J2!a 'it.!, u to etock of record March 1
CJIaea Machine Co .
eemla
abie;
lllii
naat
ftutfalo. llocheeter and nttuburali IUH
way. aemlannual 3 per cent on lommon and
a per cent on preferred, payahlo February
10 to Block of record I'ebruary 7
Pennaytvanla HallroadCo.. ouarterly of
t vi ..in, '.-'V' -'' ::- '. -" -
cenr. uiscpuni, rates, uvrt diiib, u Prl.if,r : ;...i,..ij.I ,
4l; tkrteiomUi LllliJ-GSi W cttWteev,' " Wu-tiW
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holders ot record Kibruiliv'; . ,, . . .,,
Atnrlcati anltTNot Cd. dlvMend of IU
wt. tmnf nn ihhkiwiii. navatua February IS
lrJto atouk ot rccofi February 2.
CONFERENCE ON CHILDREN
Institutions Hold Meeting at Munici
pal Court
A conference of institutions for the
care and training of children waB
held this atternoon at the Municipal
Court, Twenty-first nnd Race streets,
The peakers were Dr. homuel Leo
pold, Municipal Court, whoso subject
was "Some Problems in Mental Hy
giene in Relation to Probation and
Municipal Court Work." and Jestle
Taft, director feybert fvhool for Child
Ktudv. who moke on the "Work of
the Psjcbologfst lu Ihc Care of De
pendent Children."
The Importance o( mental work in
planning the caic of dependent and
delinquent children has only recently
beeu fully appreciated and eveu yet
mauy institutions and agencies arc
struggling with children whom they do
not understand. This meeting tbrew a
strong light on many child-caring problems.
EATS WHILE STORE BURNS
While A. Taylor, proprietor of an
antiqup shop and upholstering estab
lishment at 812 (Veen htrect, yvos .at
lunch today fire, believed to bav.e orig
inated from an overheated stove, swfpt
through tho first lloor of the building.
Tho amount of the dage 1m sot
Wen determinedv Police vj-wtj itllptry,
l . ' -' ii-'
I
Arkansas & Louisiana Railroad
First Mortgage Guaranteed 4 Gold Bonds
DUE MARCH I, (934
, Payment of Principal and
Interest Guaranteed by
Chicago, Rock Island & Pacific Railway Oo.
A guaranteed absolute First Mortgage on an important part of the
great "Rock Island" System, forming its southern extension in the
States of Arkansas and Louisiaiui toward New Orleans and other
Gulf ports.
These bonds in normal times sold above 90, and wc believe that, only
unusual investment conditions make possible the present quotation
on the New York Stock Exchange of behveen 62 and' 63.
Payable in 14 years at the full face value of $1000 per bond, the
present price of say $625 (62y!) would show an average income to
maturity of "
9.30 Per Annum
YoarOrdera Solicited " " ' '",. '
CARSTAI.RS & GO,;, '
Members Philadelphia and . ., - ,
New York Stock Exchangc8 "",.
1419 Walnut Street
Philadelphia ,
- $"fM.ty.ru xi --. . a ytfA-yr '
$m '
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