I , EVENING PUBLIC LEDGEE-PHXL'ADELlPHIA, SATURDAY, 'jANU Am v 81,' ' lOSO 10 US kii i WW $150,000 City of Phila. 4s Coupon and Registered Various Maturities Tax Free in Fcnna. FREE OF ALL INCOME TAXES Price: 08 and Interest Biddle & Henry 1 04 SOUTH FIFTH ST. NEWS OF FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK QUOTATIONS PRICES CAVE GROUND AFTER FAIRL Y ANIMATED OPENING Increased Attention Given Railroads to Cover Profit-Taking in the Industrials 1 NEW YORK STOCK EXCHANGE TRANSACTIONS Dlv. In I nStock Salesmen- 2seiv t,rl. Un.KrriiKe Hon" of uniiumlloi.ei stiinilliuc I ! "C til with PiiMnilrlplilii Inquiries Of lilch-, ns. dlvlilelid-pujlm ?tll-Cintintiit nil security short ly to lie Irudeil In on the New Vorb turd, under eMeptlonal Jimrl.et M'O'isorshlp. Thin house tvnntti nne or two sue recsful salesmen with established local r,niiiicctlons iiml credentials to follow up ami close nle In the 1'litliidelphla territory but wishes In tret In toucti with the HHleitmsn himself, not svlllt any brokerage liouo employing him. There ts a hli opportnnlty for (he right ninu who tun shorr revolt. lleply In confidence to the New York address below, uheit un ap polntmeut will he arranerit for n pergonal Interview with one of the !1rni' representation, m rtiltstlelphhi. Address P C. B.. Postoflics Bos 372 City Hall Station. New York City naevw-ii -iihhilulii LjiwiuiiiumBn3Bn New York. .Ian. 31. Considerable irregularity marked the price movement of today's closing stoek market. Uo eau.e of the highly professional char acter of the trading, the unsettled fluc tuations were without any particular significance, in that they were, to u large extent, influenced by the week-end evening tip operations of the trading contingent. There was n bullish demonstration of considerable vigor at the outlet, in which practically all the various groups, of industrials and the roilroid stocks shared, with price moving up in the llrM fifteen minute from one to over three point.1.. The movement. howecr the situation beneath the surface. Lvcr since the brakes were applied to un bridled wild speculative orgy in No vember. Wall street has quietly but per sisftitlv been putting its house in order. The house-cleaning process, many have reason for remembering, was of a drastic order, but the purpose was iiwimnlWiml Tlurinc this severe rend- iustinont the vo-called bear crowd have been selling stocks with complacency, and at times with abandon. These i operations, in truth, reacheil tin equiii degree of recklessness as that which accompanied the demonstrations of many of the pools and cliques when the bullish fever was nt its height last fall. The ' . I. a. was not one- MistniniM mul was fo- reMiir tva uu oversow nmihci. 'owed bj heart selling, which more i The rlub of high money rates and than wiped out 'nil the "early gains. I demoralization in the foreign exchange Ilquipment and steels, as featured by jnarkets failed to make any pronounced Il.iliiwiti Locomotive, t rucible Steel ami Republic Iron and Steel, were the strongest features in the early part of the session, extending ;iesterda's sub stantial gains h 1 to 2 points Motors Impression simpl because the market is so thoroughly liquidated thtTe is no further selling pressure created. So those who having sold stock tn-omis-cuouslj on the idea of a bad smash being inevitable arc not only surprised and their vnppinlties. liicliuliti' tile nil)- ber shares. alo improved. There was, 't 1 not come, mit are umazeu at tue also a moderate inmiirv for the rails. at supply of stocks when tho en uhicl, stXl wi hathe low -priced K- fOTor to reduce their overextended ., ,n i,i.,i,. ,-!.., i tr,,Hitl.s short commitments. ACCOUNTANTS: The Federal Trad Commission in ron tiection "ftiih Is continuous work on bslr Industries netvla a number of senior ac countants. The work embraces both Anarclal and rat ic juntlns A min imum ensopenviu f alu.ut t1e months t6 contemn atorf Application b m nw.nnns full statement of edu- a'lon and experience, toietber v 1th letters i.f rnrwmmendation, should be inaited t bp t'ommlesion before- Februar 7th FEDERAL TRADE COMMISSION WtKhfncton. D. C. T c high -priced spe American Tobacco wns prominent tor its gam of ." points. I ne more encouragement, however, ii'vause of their long spell of neglect, was derited in tile increased ntteutiou raid to the railroad lift. I'nder the cover of tlie strength of the rail-, how -I ever, it was quickly discerned profit -! taking on a liberal scale was being done I in the industrials, especially in some of i the recent active favorites. This 1 prompted a quick shifting of portion of i the traders, aud brought the reversal in I the market trend in the second hour I during which most of the early improve ment was canceled. i To a great many the movements of this wuk' market ma have sMcmed inconsistent. That H usually the verdict when the course of prices is jut the opposite to expectations, nr when the i tide of the p.arket is seemingly run ning contrurj to existing currents. The , week's developments and prevailing con- ihtioiiN ordinarily woul'd have brought, a geueral' lower range of quotations. There was enough bad news on hand to weaktn the general market position 'and influence a widespread selling move merit The market, however, was com- lurativch frci from weak spots, save Slrn inn ions 1000 2200 .100 too 1200 too too ,oo 3000 300 1700 JOO 30 00 100 -700 'soo 100 030 100 1300 too 700 33)0 100 -J0O 000 .100 200 loo loo ",'i)0 too 300 1000 lllih . Alaska Gold flltnes ... 1 Jfc Allls-Clmlmera mil 8 Am llosch Mnsneto ..13311 . . Am Can , 15 K 13 Am Car & Pdy 138H 7 Am Car & Fdy pf . ..lUltj 0 Am Dme Syn 1414 .. Am Hide & Leather.. 2Vi 7 Am Hide &Loathpf.. 117 Am Ico U Yi 6 Am Internat Corp ...111 1 Am-La Franco Engine 11 3 Am Linseed 85 7 Am Linseed pf SJ o Am Locomotive 101 7 Am Locomotlvo pf ...104'5 . Am Ship & Qommerce. 25 Am Smelt & Ref .... 8'i 5 Am Snuff 106 3 Am Steel Foundries .. 45'4 7 Am Sujrar rtef pf 118 Am Tel ft Tel 0?8 S Am Tobacco 265 6 Am Tob Seo temp ctfs. 68 7 Am Woolen 158 7 Am -Woolen pf 105 . . Am 'Writlnc Paper pf. 50 Am ZIno Lead & Sm. . 1Q V Anaconda Copper ... - Ann Arbor Ann Arbor pf Assets Realization . . . . Asso I?ry Goods .... C Atch Top & Santa Fo Atlanta Blrm Alt. . i0 Atl Gulf KWISS 3SJ)o 3.50 Baldwin Locomotlvo. BRITISH-AMERICAN TOBACCO COMPANY, LIMITED NOTICE TO HOLDERS OF SHARE WAR RANTS TO BEARER FOR ORDINARY SHARES. NOTICE IS HEREBY GIVEN that at Meeting of ire Member of the Compinj teld on tho Twenlv-seecth dar cf January. . .. . ... I'l-'niij I9Z0, alter tbe passing of a Keiolution tor (0 th(lse nll) (a.c, ,lf, troui,ie to increasing tbe Capital of the Company dt . the creation of additional Ordinary Saares, it wai reiolvrd: j For the time being technical rather than outside conditions are the govern ing factor. This does not necissarily foreshadow tny pronounced change in the market trend, but rnther points to a continuance of the current uncertain and irregular movement until the linaucial horizon is clarified. For the moment, however, it is obvious to all observers the bear following has become cumbersone nnd experience has shown when either side of the market becomes overcrowded it is wise to do a little side stepping. Evidence was not wanting during the week to indicate quiet but steady ac cumulation of the better grade of stocks was in progress on the part of the more important linancial interests, tcsu- f mony of which was found in the out- , of-town buying orders from points! where these powers -to -be are known to be sojourning to escape the Arctic I blasts. No effort has been made, nor is there ! likely to be, to force an extensive for- i ward movement in security prices. Such a movement is precluded bj the con- I volutions of the money maiket with the , attending prohibitive lates for cither time or demand funds. i Tbe week's demonstration in the niar- m some of the low priced oil and tnis- ,ket. however, wns com living testimony cellaneoiis spe, laities, whoso intrinsic of the underlying strength that has been ' tallies, and doubtful dividend stiitus 'established by the exteusitc liquidation i formed the basis uf renewed discussion. ln the last three months', and that se ine rea.-or for this increasing ie- sistauce of the market is perfectly patent tudy curitj values have reached a level where thej are unquestionably scraping bot- ' torn. iooo asvi I Chi U I Ac l'ac fd That out of the -t 0 additional Shares I nnd the other uii-n-ed Ordinarv Slnres i for the time l-einp uf the rompany there ahall nn nr filinul -hi, Tnlh rlA of Feb- ruari-. 1":0 be -tTcrprl to the "Members . n,clt & Itel 5s Chi & X Wet ii me Jieij'sier m uruinaij i3iimcnv"i- era cti the Twentv-eightli da of Jnnu an. 1320. aii'l 'he holders cf Share "Warrants to Bearer for Ordlnar- Shares on the same date new shares in the pro portion of one shar- for every two exist ing Ordlnart Sharp- (Ignoring share tvhlch are not i unwlete multiple" of two and not allowing r.i-trist-rrU Shares aud Share Warran'w i Bearer to be .idil-l together f"r the DJipose of occrptapce) held by them t 'he price of 1 per share paj-uhle to "". .-'' the lnkcr: ot tho Company vn London on the Accept once of thi offer iiAmelv on th Sotenth day of April. 120 and that such offer NEW YORK BOND SALES 'nmtrmrr of Individual Transactions on New York Exrlianje iiuirt s n, Tel & Tel 5s 1000 . 100(1 5000 1000 Am Tel & 1.-.00H mm io t lion jnoti 100O si it: : Tel s j'i u ;i8'vi tio1. ;is' !!'. 2000 snun 1000 aiioo toon j 0 ii a 11)11" 64H, ill- 0H-. 8 Hi lltt-j lll-t, i!Oi S7 L & X R n & S Ry Saboard 'Air L, ai . Monon 4s 2000 . 37 A . 1000 03 1000 . .1084' Stu-li Tent RR D 4s 1O0U 37 I 000 80 200U 37V4 MiJ SteU & Ord 53 Southern faclnc fd 1000 81, 1 illssoun Pac gm Is ..IK,, .-n s. 13y of April. 120 and that such offer, '"' t,Vl!nch u s bg maJe as to h. Ideis of reglsiered ordi- , Anclo-Iren.n ntyjitare.i hv notice sjit-itXylne the, souo nutntfci'-Sot shires tA tvAIN the mt-mber men "'" l CXeRre.fiU inwiBE' a'ic on or fore nio abov meiU'oiveil. dite it 2U0O 7!)i 300(1 7 7 Southern Pur cv Is 1 20OU . . 7!)i Southern l'ac ct 3s ' 2000 ..103 Southern Railts Is 10OO . . . .'iR'i Is tint be-wlll bo deemed t . lr f'.i ntl! Vrd as to hold ers i:Shar- XV irran' -fn Bearer for Ordinary Slui". su' b advertisement as the Plre. trr shall decin advisable. Such, adterti-nment shall ttate that holders of Share XVamnts toT3earer for Ordinary Shares must in the first in stance arid .m "r before the Seventh day of April 11. n deposit with one of the Banker in London an appropriate Coupon (to be indicated by U10 Direc tors) as et Klrce 01 ow'nership Pro vided alwats tnnt the dates in all or ny of tlie before mentioned cases may riA AV.Anul a . 1n.ni. .1 ita In 1.A nll.n lute dlrereuo.i ..f the Directors t'pon Atcli i such deposit being made the C'ompan . 3000 fhall be deemed to nuke to the Depositor ;tn00 p offer of the number of shares to i.noo Ml, t..t. Ia ..l.l4 ...., .1. .. J. ...Ilc.n "iiiui nt? i '"nil i-'j rti'u tin- tiu.riiin.'- ment shall rquu the Depositor In very case t(. t..i ti ith -ign a form 0 acceptapre for -m. h Shares wh.ch will be supplied for the purpose and to pay the sum of 1 1 in respect of each share accepted If lit unj oa.se a 'Shareholder fihall not slirnift hw accentance and make payment of th- sam sum within 1 ..T ", .5 Birm 4s' 3 tho time spe,-iiird or such extended time , Aliani .- , ns may be rlxd It the Directors as B 1. ,, ' aforesaid th- oft. r ill be deemed to be Ualt & Jbio Toi ia . sono i.-.ooo KKin ioooo 27(111(1 50011 1U0I) 000 1 000 1111)00 1011(10 to 00 5000 21100 1000 ; mi 00 93lti 03-J.i t!S"-l 05 a 4 !)3an JI.'.'Jh !)3Ti !l5r's il5?s ill . 1I3'1h !IX?. WftVa 13')4 S Ve. 4S 77 Yi ".7'i 77'i 70'i tone 5000 Chi I'mo S1.1 t's moil 111(111 Klfi 10110 50 City o( UoideaUN 6s Montana 1' Co 5s 2()il . 'JO . .'(ino si loon !"bh ' Minn er ft l RR 4s somhem Rails s llltin DON 5000 . 38 . 1000 .... 8ta I . u'000 . 1'On,, Missouri Pac gm 4s StL. & San Fran aj I . U00 , . 00 ' 5000 3tti 1000 Vi I t'ltv of Lyons U 63 Mont Power f!n 5a finnn Voir i .'000 . . R 1000 0. . New Hat en 6s' St L i .-un Kran A j 5000 ... 70' I 1000 . . 3i8 ' XYC&HRR34ji 10000 .. 57 ; 6000 flC't ' St I. & San P gm 5s 1 NYC & UK R en 43 11100 .. . 03 16 tuonii . 07 Vi . 1 J c. 11 K If IS moo so ', .11)00 00ls C of Martelltea os 903s, OOi f 2fl0t . . tl0 200(1 003, City 01 Paris 11 6s looir . 1uiiioi) ? ''inno . 1000 unoo 10000 1000 1000 10000 'J 1 H- mi oi'4 nivi uo-y, OO'Ti Ateh T K S -aj nnilll ." iinnii ';'' 2iino O'I-'k 2000 " 200 ;n (""olo Industrial os 1000 . . 73Mt Consol Uiia 7s W'l 2000 90'i Kino o;' dooo nor. Consolidated Gas cv 20000 .... too 2000 ....too I 2000 7 04 X Y 1" & II R R Cs 2000 . 0'.",i 100(1 03 X Y Dock Co 4 b 1000 6 New York Gas L II S. V Co 5s 1000 . 81 ? New Orleans Texas .1 Me. Rly 3t 1000 . 5- 3000 51 ' N Y Railways -ts 4000 . . . 28 Del S. Hud Canal ra ' - y Railways 5s 0(10 . 7l!'4 , 1000 .. 7 V., Den A: Rio Grand 4s 1 ; y Telephones 4t- 000 . . . n:!-i 1 rooo .... so ii declined anJ Ihe Dirfcti.-K mnv fllsnose I utiwi of all Shaies not ari epted and paid for Baltimore & Ohio cv vcJtnln flu preerihid time In response .mm hit'- " to such offers in su. 11 manner as they may consulei ispedtent in the interest of tho Companv Tht said Shares shall rank for dhldend u- from the Sotenth day of April. ri.'O or the date of issue of the parti ular Shares whichever shall be later To enable the holders' of Share AVur rants to Rearet for ordinary Shares to subscribe foi th new shares to which they are entitled th. nuist in the first Instance and "ii h luie tht Seventh day of April l''l) 11. pi lt Coupon Xo 78 atta- hed to .a. ' XV.irrant held by them as etnlerne . ' ownership ut one of the undermeiitio! d Banks, namely NATIONAL I'ltut CIL & I'XION D of Cana 5bs '21 10(1(1 11)0(1 500(1 "" 3(100 . ""'''' 2000 0'l iiooo oou Ilnltimor3 & Ohio 4a 111(10 ,i:,T'S snnii ,i31,- 1 111111 o:i.v, lllO'i ' 1 noil ,i3V"- moo 3000 10011 loono 100(1 10000 07Vi 9KVi . 97 Vj . 9l' 97 Baltimore & Ohio 5s . tniiil 03 '' Dom of Canada '23 toon .... osVj I uoo . 95 10000 . . 94 T moo on 3000 91'- Kne RiUl Rd ct D 11)110 . 3KW; Urie Rail Rd Co 4s 1000 .... fi- X ' Telephones 6s 1000 . . 9316 3000 . 03'. 10000 . 03 X Y XV C & U l'-s 3000 . . . S7 Norf & Western 4s 1000 . . 73M, Norf &. West cv 4 s 250110 .. 77 3000 75 St L & San Ktan 111 1000 . . 11 M: 300(1 . . Illi 0000 . II 1 . St u i Sweat 1st 2000 . . 03 1000 63 V, Third Ato It R aj 5000 39 Texas Co Cs 1000 103 1000 103 U S Rubber Co Os 0000 . S5'n L KoIO Hi 1 21 (000 . 01 a. i 7000 9114 I 2000 . 9I; I 3000 . 9 ti; ' 1OOO0 . . . 91-Ti loood . . gii U K of CI U 4 I rets of '29 20000 . 0.ia4 13000 . . 93?. 3000 . D3?i U K of cl U & I 37 10000 . Xl'i 1000 . his; 10000 87; 0000 87'1i 4000 HIT, 4s 730 noo 3J0 32)0 100 100 JOO con 100 isoo 800 ,1'0 100 70u .11 II) 100 600 ccoo '.00 200 10U 930 S)0 S800 100 aid 500 100 Joo Jill too '.00 130 110 l'MO 100 I'lO 300 7500 1 On 100 1700 230 5)3 too 33 ) i 100 ."! UOO too no 300 100 13J0 1330 I0U '.00 2 HI 83'XI 200 I too 39J0 24 'JO 1001 2 0 100 100 310 3)U 330 500 l'J.o 100 I .".JO SOU 200 300 1330 1700 2300 100 300 OtH 12 V m 4 53 S3 14 7 .107 122H . 33 . 44.93 .12S 88 4 Baltimore & Ohio 4 Baltimore & Ohio pf. 8 Barrett 5 Bethlehem Steel B .. 8 Bethlehem StI ST- uf..lU .. Bklyn Rapid Transit.. nYz Bltlyn RT ctfs of dep. OH . Butte & Superior Cop. 20 Butterick 22Vi . . Caddo Central O & R. 23?4 6 California Packing ... 84?i . California Petrol pf... 72 7 California Petroleum.. 41 10 Canadian Paclfla ....128' S Central leather 03 7 Central Leather pf ...107 Cerro de Pasco Cop., 8 Chandler Motors . . ' Chesapeake & Ohio , 0 Chicago Gt Western 7 Chi & Northwestern. Chi Mil & St Paul . . Chi Mil it St Paul pf Chi Rock Isl & Pac . 6 Chi R I &PacOri pf Chile Copper 3 Chlno copper 7 Cluett Peabody pf . Coca-Cola . 85 V4 .142 Vi . 55 . 8Ji . 86 . 37!i . 53 . SOJi . GO . 1S?4 . 37 U .102 . 38 Colorado Fuel & Iron.40(i 122 W 138 115(4 13 J. 2514 117 lVi 10014 14H 8i?4 0814 8(4 10114 24 54 08 14 10814 44Ta 118 0!4 265 iSoU 10514 56 IS C1V4 1114 25 4 56 14 83H 7 1C 1-2 117 H 31 H 44 137 06 114 1314 9H 25 U 22 J4 8351 7114 41 12714 921 4 107 55 138H 55 8 14 ?4 'A n I Columb Gas & Elec... 61 U 7 Consolidated Cigar . . . 03 Vi I Continental Candy ... 12 U 1 Col Graphophone .... 51 Con Interstate Cal M.. 19 7 Con Cigar pf 82V. Corn Products Ref... 8514 7 Corn Products tfer pf.l03W 12 Crucible Steel 227 '4 12 Cruclblo Steel pr ... MVi 10 Cuban-Amer Sugar ..440 Cuba Can Sugar ... 49 'i 10 Del Lack a Western.. 172U . . Denver & Rio G pf . . . . 13 .1 Elk Horn Coal 5 Endleott-Johiison ... 135','b 7 Endlcatt-Johnson nr . .1029s Hrle tJ's . Erie 1st pf 2014 Erib id pf 14 s Famous Players-L ... l?i 8 Famous Play 8T0 pf.. 8D4 2 Federal Min & Sm pf. 33r Freepott Texas 28(4 Flsk Rubber 3 .' Gaston Wins & Wig 17 'g 7 General Cigar deb pf 90 (4 s General KI-otrio . .166 12 Geuetat Motors 317(4 General Motors pf ... 81 !4 ii Genel.tl Mulula lit SOU .Goodrich B V . . . 787 7 Guodrlfh II 1'' ut ... 36!i Today's Net Loir Closo Cluce. 1J4 1 ... . 12JJ4 3 55 - J4 13814 .- 115(4 117 V4- 100(4 UH .. 84 .. 08(4 DS-K- 1V4 104(4 1(4 2t- 08(4- V 108(4 45(4 'A 118 9DJ4 'A 26S 5 r,7H- H 15594- 14 105- (4 56 is6- y, 01(4- V4 12(4 114 351 4 - V4 50(4- 214 S3 14 7 H 164(4- 118(4 29. 3194 94 i 44 (4 127 1?4 97 - 1?4 114 1314 9K 3594 22(4 8394- 71(4- 1 H 14 127(4 li 82- (4 107 J- 1 55 (4 13S94 14 65 1Kb 8 85 1 37 4- (4 53(4 !4 26(4 (4 00 - (4 18 !'s 37(4 . . 102 38 40(4 (4 6114- 3 63V4 1(4 12(4 '. 50(4 1(4 19 82(4 85(4- (4 102(4- 1 sii- 4T5 on (4- ', 440 - 5 49 - Ts 172(4- 1 12H a J4 131 V4- 394 102- 1294 4 20 (4 14 81 811 -32 Salfs 100 300 COO 100 309 100 100 100 200 100 200 8700 Dlv. ln I 13 7 Rich Liggett & Myers Tob, .108 Liggett & Myers pf,..10U . . Liggett & Mycrti rta.. 17 3 Loewo Co . , 30 . . Loft Corp 2394 7 Loose-Wiles B 1st pf. 00 Mackay Cos pf 04 7 Manhattan Elef guar. 43 Marlln Rockwell 0794 10 Manatl Sugnr 137(4 . . Maxwell Motor 31 (4 10 Mexican Petroleum ..201 Tody' Net liow Cloie Chge. 3700 1.20 Middle States Corp .1. COO 1400 500 100 700 400 Oft 100 200 100 200 100 1.00 100 100 JtOO 100 42 Mldvala Steel & Ord.. 40 Minn & St Ii new.... 14 Missouri Kan & Tex.. 1(4 Mo Kan & Tox pr...- 13(4 Missouri Paclfla 2594 Missouri Pacific pf . . . . 11 (4 Mulllns Body 47(4 Montana Power pf.,.100 Nat Aniline & Chem.. 05 National Biscuit .... 18 Nat Conduit & Cable. . 10(4 Nat Enam & St pf,..101 National Lead 8294 National Lead pf ....100 New York Air Brake .108& New York Central , New York C & St L 200 3.50 Now York Dock 1 C5t N'otlhtMu Ole ctfs. 3SV4 7 Great Northern pf.... IitVi 3 Gulf Mobile & North . S 4 Hackell & Barker Car. 3D ft Inspiration Con Cop . S7 Interboio Con Cm 11 3's Inter Con Corp pf 1 1 (4 7 Iut Ilaiv pf new 114 lot Mer Matlno . 40 0 lnt Mer Marino pf 6'4 International Nickel . 24(4 .. international Paiwr .. S5V4 6 Internat Paper pf . . . 76(4 Iron Products Corp .. 51 4 Kelly-Spg Tiro 137(4 2 Kennecott Copper ... 30 14 j Keystone Tire & Rub. . 39 5 Kresgo S S 155 G Lackawanna Steel ... 85 100 3.50 Lehigh Valley i 36(4 .12 20 (i CO 18 30 (4 102 38 40(4 01 '4 C3'4 12(8 50 ( 1S?4 82(4 8.1(4 10314 09(4 440 49(4 173(4 1394 to 131(4 102 I i ?4 1994 14 81 89 32 ?a 27 44 4-'H 171s 90 166 HOG SO 8J 77 05(4 s(4 78(4 s. 59 aCV4 34 11(4 113 30(4 1)6(4 n 84 70(4 50 M 136 30(4 3714 155 83 J4 404 5100 too 1700 100 2000 1200 1300 300 100 100 3000 300 1700 3500 100 200 5400 800 1000 300 500 200 .100 300 300 too 100 1600 33000 00 14 20 42 38 05 78 !4 7054 4794 0(4 3754 60 55 40(4 94 01 43 Ji 30(4 06 40 Yi 71 (4 894 (4 42 106 30754- C54 80 1(4 so 77- 1 95(4- 1 3854 8!4 94 8 -t- 1 .10 34 60 - 14 (4 (4 113 -1(4 39(4- ao y2 1"00 8.70 1700 100 100 3400 1300 5600 200 1330O 7l'u 100O 1000 11300 100 300 44U 100 1001) 100 1700 100 100O 1500 300 170O 200 100 18UU 3900 100 100 100 13l)U too 100 100 170O 200 7400 500 100 New York N II & II.. 7 Norfolk 1 Western .. 7 Northern Paclfla Nova Scotia S & C . . . Ohio Cities Gaa ..,. .50 Okln, Prod & Ref...., .. Otis Steel , 3 Owens Bottling Mach 5 Paclf.-o Oas & Eleo . . . .. Paclfla Tel & Tel ... . 6 Pan-Amer Petrol & T. .. Pan-Amer (B) 3 Pennsylvania R It ... . . . I'ero Marquette 5 Pcro Marq prior pf . . 3 Philadelphia Co . . Plerce-Arrow Motor . . .. Pittsburgh & WVa.. . . Plerco Oil 19 8 Plerco Oil pf 94(4 1 Pond Creek Coal .... 23 Pullman -14(4 Punta Alegra Sugar .. 88(4 Pressed Steel Car .... 90 J4 Ray Consolidated Cop. 21 Railway Steel Spnnn.. 88 y Rwy Steel Spring pf..l04'4 Reading 70(4 Republic Iron & Steel. 118 Royal Dutch NY 108 St L San Francisco.. 19(4. St L Southwestern .. 13 St L Southwest pf . . . 25 Saxon Motor 19 Shell Trans Trading . . 9 Sinclair Consol Oil ... 42 Sloss Sheft S & I 7s(4 0 Southern Paclfla 101 (4 500 3.50 !4 84 56(4 . 50 (4 136 Vi tus 4 hi V4' lii 1 ! 194 54 1431HI 400 400 100 SW'O 70" 100 400 800 2300 300 100 420J 1300 1400 100 1700 220U southern Railway Southern Railway pt Stromberg Carb Studebaker Studebaker pt Superior Steel ...... Stutz Motor Tenn Cop & Chcm . Texas Co . Texas Co 30 paid. . Texas & Paclilo . . . 8 Tidewater Oil . . Tidewater Oil rt . . . . Tobacco Products .. 7 Tol St I. West ctfs. Transcontinental OH . 20 5 Transue & Wms Steel. 0194 8 Union Bag i: Paper . . 91 . . Union OH , 10 Union Paclflo 4 United Alloy Steel United Drug United Drug 1st pf United Retail Sturea.. 8 94 USCIPi Fdy 20(4 USC IP & Fdy pf .. 53(4 U S Food Products . 8(4 U S Ind Alcohol W854 U S ltealtv & imp . 63 U d Rubber U S Rabbr 1st pf . U S Smelt & Ref.... U S Smelt & Ref pf . U S Steel 1 U S Steel pf, 0 Utah Copper"., . Utah Seo .; Vanadium. Corp , . . 1 Va-Cai'ollira Chem C Va Iron Coal & Coke. Wabash , . Wabash pf Western MaiylaJid 7 .50 a '5 t s s 23(4 . 55 .. 7894 ,.107 ,.ltfl(4 ,. 49 ,.U1 .. UK ..303(4 .103 . 37(4 ..205 .. 20 V . . 90(4 11 :i;t 12314 , 19 143 51.(4 .128(4 .U4!4 . 71 . 46(4 .105 .113(4 . 759a . 10 . 53(4 71 . 80 . 8(4. . 3294 11(1 West Maryland 2d pf. 1794 Western Paclflo Westlnghouso Jjl A M Wheeling & L Erie.. Whlto Motor , Wilson & Co XVillys-Overland .... Woithlngton Pump 108 108(4 vl4(4 30 3294 00 04 43 0794 137(4 30 J4 190 41 48 13 0 13(4 21 J4 41 47(4 100 05 18 10 101 82 100 108 CI) 20 43 26(4 9594 77T4 7014 17(4 9 37(4 DO 55 40(4 42(4 80 42(4 2894 CO 40 0094 28(4 18 94(4 23 11394 87(4 t)9?8 20 14 98J4 106(4 75 ' U49 107(j 1854 13 25 18(4 e8 U Kb 78(4 100(4 31 (4 64 77 105 101(4 18 130 1194 203 193 3594 305 19 1)0 U9 B4V4 01(4 91 3294 1-2(4 13 142 51(4 "7 20 1 52(4 8(4 107 62 12694 114(4 71 46 (4 105(4 1I3J4 7494 10 5114 0994 00 8 1(1 17 23(4 64 11 tv. 73 Norf & West cv 6s Union Paclflo I 3000 102 3000 .. 82 Northern Pacific 3d Union Pacific R 6s 5000 . 53 Vs 2000 101', 1000 53 , Ltd Ry Invest Co of 2DIHI RANK HP Savot f'ouri W C . or ft C i: '" A. 1 I! LAND LIMITED ' Baltirr.ort & Ohio 6s Strand, L udon. liopsgute, London. LIXJYPs, HWK L1M1TV.P Westminster I ' House 7 Xfillh.ini s; y 1. or Lom TH bard Stn 1 LoimIo IE LONDON JOT NT CITY AND flDLANTi HANK LIMITED. W. Iryati H.i'l . -ii isier, 8. W I. or 6, Threadnce.il n,i London, E. C. 2. GUARANTY Tlil'.T COMPANY OF NEW YoKlv , bard Street. Lon don, E c l pon Mi-h 'I p. being made the " me! to nmke to I 3011(10 'ry two existing Cnninan Fhali tho drpohjlor a Share in rt-i Ordinary s,u,r (Ignoring slu es whi, h .ire not complete ' mumpies 1 m o nr,? allowing Reg istered Shan's mid si,.ir Warrants to wearer t" .wueu .(.-itner rur tho pur 83 83- s:t?i 839i KID0 83V- 700(1 Dalt & Ohio P L B 2000 4. XV Va Sys 4s . 3000 1000 33 Hudson V & o b West 314a ' 10000 1000 im sono .1000 7" '"" 1000 I I ODD 1000 isno.i ijuun 100U .enerai j.ietnc os Northern 1'acltlo 4s, fiarrta Fc 3s 14000 75', 2000 . 72V4 Northern Pacillc Cs U S Real & Imp 5s liOOO . 969i Hocking X'allev 4 '. 300C . . 8'i 3000 . OS1)- Hudson & Man fd 70'H I 3001) . 37', . 571 . 37 57',, ' Man In 1 . lBli I 13 . 15 154, 0000 704 Oregon Snort I' Is 200U . 831', I 3000 83 1 Penna RR gm 4 Vis 3000 2000 20011 5000 1000 1000 79 71) 79 7 814 78 78 f one Ordinary rjt.th stePt c 5 36 . Impe.r Jap Govt 1st 3000 84 1. -.1-1 4.- 1-- -t . a I .' ' . "J.l"r. uplro8n r.l, -ir,n (1 Co 58 S00C ' i.n.id.1 S Rally 5s louu savi pose of ai'.-eiitanei) nnd th depositor p,.n.ral fuclflO Ut must forthwi'ii sign form of acceptance i Ce" u, and pay the mm of tl for each share oou, A,,,, ,"!.. -,H coentei) i Chrs & Ohio ct us 1000 loon toon 1000 13000 300U 0011 39, 731, 73 73 7 3 72 3, accepted Forms of jppl.iat . n cut le rblained from the ConiiMiit (UlUe at Westniln Mer Housp 7 Mlllbank. S. W. j, or the Company's Olllce. .a CM, Fifth Avenue, New YorK Coupons and n i eit.iiiceb must not he transmitted lo the Ooniimny'u Hankerw through the posi. but must be lodged personally or thn uirli u Unnker If any t'dllpon act Mniianieri b- an acceptance bo not so deposit, d mi or before the Sev enth riaj of April next or bui h later date its tlie Ro.i'd mm in .my case allow, th" offer shall be deemed lo be declined and th- nghi in respect of such Share Wurran's tr participate In the offer Shull cease and dettrmlne, and the holder thereof thai! hate no claim In rcpect of this offer usalnnt the Com pany or miy uirector tnereor The-new .Sh.-res when ntlotteil win in due course bo Issued as registered Shares and niny bo rxchimged later on If desired for Share Warranto lo Bearer upon, payment of tho usual ten and fctamp dut Registered Shares ami Share War rants to JJcarrr rannrt be added to lether for a'feptaiice purposes, V" - IRITISH-AMERICAN ,; TOIACCO COMPANY, LIMITED . A. M. RICRARDS, becretury m--a ""?!. ;...v.-l. ... 'wrayr' Chrs & JOOO loon :ooo Civs c 3000 looo . 7 78 7H Ohio 44s 731-i 78 Vi Chis & Ohio cv inou 01" Chl & Alton 3i4s 31000 . SOI Imp Jap Govt 2nd IDOn 73 3000 . 72 100(10 . 71Vj 10000 . 7IVi 3000 73 Imp Jap Govt 4s 1 300U 39 53O0O 5Ms Inter Mcr Marino 6s 10011 U'iVi ' 31000 . . su. 1000 . 814 il) S Rubber Co 7s 2000 BIV' I (looo .. .102 VI 2000 81 Vi S000 103 1000 HI U s S M & Ref 6s 3000 81 I 1000 103?; looo nn, , u S Steel Ss 3000 SO 1 3000 . !I7(4 Pennsylvania RR sb ' sooo . . 07 Vi 1000 no ! 5000 . 07'. 4 2000 80 ' 2000 . . 97' Pere Marquette 5s1 1000 . S7V4 .000 . Hsn4 Vlrglna Rlways 5s 1000 8314 3000 82T, P R Corp of N J Gs Wabash R R Co 1st 3000 13? I 4000 . 80 R I Ark . Lo iV4s West electric Co Cs Sunn 10 mi 8000 3000 200A 1000 5000 1000 til's. (Sl? 0 01 60 (iH-i 60 oiN I 2000 . 96Ti j 3000 . 07 I 1000 . OOTit I WeBt Maryland 4s 1 3000 5fl 10000 50 1 Wllfon Co 1st Total sales. 330 000 shares, compared with 500,400 shares yesterday. 3 113 203. 23(4 51J4 13(4 0114 74 28 Vi 38 8494 82 108 108(4- 94 171 30 - (4 2294 .. 00 ., , 64 431 0754- V 127(4- 94 30J4- 180- 3 41(4- (4 40- 14 14 1(4 9 13(4 1 2514 54 41(4 14 47(4 .. 100 05 18 10- (4 101- 831 100 4 108- (4 00(4 14 20 (4 434 37(4 1(4 05 94 (4 78(4 14 70(4- 54 47(4- 54 0 (4 37(4- (4 tiU 551 40(4 3 13 14. SO - V4 43Ji 14 30ft" 1(4 00 io - 14 08J4 1 28(4 94 18?4 'H 94(4 .. 331 114(4- a 88(4 A 99J4 'a 29J4 - V4 83J4 105(4- 'A 70 1(4 114- 3 107(4 94 10 V4 13 V, 251 18(4 14 88 - Vi 41(4- H 78(4' 100(4 nys 85 94 77 - 94 105 Vi 54 10114 (4 8- 130 - 3(4 1154- 14 203 - 1 103 30(4 205 19 - 1V4 80 (4 H94 14 5 94- (4 01(4 01 j 3 13 40 -143 51(4 87 20(4 53(4 8(4 107 - 83 127(4 114(4 71 40(4- 105(4- 113(4 7494 10 51(i 70J4 90 3-.'Vi (4 '054 (4 1754- 2(4 33(4- 11 ' (4 i0(4 194 74 854-' !i t3 - (4 TRANSACTIONS IN LOCAL STOCKS OF SMALL CALIBER Money Market Conditions Furnish Ample Reason for the Suspension of Interest Dealings lu the local market con tinued on the same limited scolo ns In tho preceding sessions with the usual meaningless price variations. With the exception, of two stocks the transactions in tho individual issues, or those for tunate enough to receive attention-, were less than 100 shares. It would require therefore, a wide stretch of Imagination to derive any slgnificnnco out of such perfunctory denlings. . In only two stocks also did tho fluc tuations extend beyond the smallest fractional limits. Electric Storage Hat ,o'o,wils onc with dPclinc of IVi to ??';, 2hc otIier wns the Philadel phia Nafionnl Hank warrants, which, lifter advancing to 108 lost the $3 gain in dropping back to 105. Moderate selling continued in Phila delphia Kapld Transit, tvhlch fell back to -4, nn over-night loss of , nnd the low; prico of the week. There was a quick rally at the closing to 1M. Ihe only feature of comment was tho strength of Pennsylvania Railroad, which moved up to 42. Tho dwindling interest in the local stocks is not surprising when the exist ing conditions nnd surrounding circum Ptttncesf are taken into consideration. The crisis in tho foreign exchange mar kets which gave rise to serious nppre hcnsion nt nil the world's financial centers, und further stringent domestic money conditions, while not exactly having direct bearing upon the welfare of most of the local corporations, still, from n sentimental viewpoint, were un questionably the governing influence in the pronounced contraction in the volume of Stock denllnirs. Investment. conditions continued to be' ORDERS ARE LIMITED IN MARKET FOR CORN Predictions of Decreased Farm Production Have Bullish Ef fect Oats Firmer V4 ili A ''A 7A 1 Thus far this week, 3,130,100. same period last tvcclt, Philadvl phia Stocks lllrti Low Close che 11 Alii Ins war ... i"'33 ' '"' . CM Am Strs. 42 41.j 4'.! -r 0.-. V. Stnr..l'.".( r.ttM 1-.' J- DEMAND IN THE WEST I new yorkank statement CONTINUES UNABATED L'Olj :w- N-t- 's 0U. K i:i:,i i 7(1 i c, s A. 3.'.. 100 I.k S Cor 21H2 r, l.eh Vnl. 43' 1 L'O Nor .Nat lit war. 2Si2 L'21 Pa It'll. VJ1. 117 lh Hank war . . lf .".2 Phil Eleo 2.V. 1324 P U T tc 21:,t 1iA T..., Ttel . !l jll-f "' s .,-, 1ft.ll (10 tl S Stl.l(l.l"l IU.I',1 IV'IM 7S tv.t .-hanee made b omparlson w'lth last Bale on New York St.. 28 1 2Sl V, 12' i 42 Vs lti.', 10S 3 2.-.'i 2.- Vt- Vs 21 2V1.. i -s i:xchanse. Totsl mcn. 2701 si" res. compared with 4336 Jna"; ye.terd.j Thui t k 23.311 hame period I.1-1 tvceU. -l.DJi. rioie 100 N't rhe "' f.eh Val Os.100 100 BISh "'.is! 00.7S 00.78 00.7S-.32 7PiXC?..ioo .00 MO .. Total no 000. 1 vntrday Thus f Sams period last v i.mpared with J40 100 r ihlH week. JJO'J.000. k. J325.500. 1000 Chi it (in West Is Inter Met Co 4Vs 1 300(1 . 071a Cilt B & Qulncy 4 31)00 . Dl'b 1000 !'4'i 10000 II 44 2000 9 4., 1000II 9Vi CJil M A: St P D is 3000 '),, 1000 . 3H4 Chl M Ac tJl P CV 4 14 500(1 . 07(4 C M & St P em 4 's U00 . 78 Chl M & St P ov 5a AOOO 07 5000 60fs f hllo Copper 6s 1000 so Chile Copper 7s 3000 10IH 1V00 -.105 I noon I soon 230(10 .0110 looo 17 17 10V 17 16V 1 Lib lioml 31 as , Lib Ilond l"t -Is. 1 Lib Ilond 2d Is. IliKh iis.21 1)1 ,.10 00 .40 Low 0S.04 01.38 fiO.20 Cloe DS.21 01.38 00.20 inter Rap Trans fd I " ond 1st 4i. 01.32 01.K0 01.50 07000 10000 3000 10000 60000 2000 . 301)0 1000 . Kart city 3000 tOTi 19 Tb l'J' lT . 30 SO 511 . 30Vs & So i Bit Lib Ilond 2d 4,s 00.40 fO.20 00.20 Lib Ilond 3d 4i,s 03.00 02.70 03.00 Lib Bond 4th 4V 00.00 00.78 f)0.70 Victory Note Ss 08.08 08.04 0S.00 Victort Note ljs 0S.0S 08.00 0S.02 I Total J9, 373.000. compared .with 113.14?,. s 1 000 yeaterday. Tmia far tnia wealt. $71,. 11)8,000. fa mo period laat week, 182,400.00(1, k r rta l m n 6s 1000(1, 100 Kings " . K lul 18 3000 65 DIVIDENDS DECLARED J, G, Whlto Manarement Corporation I 3000 05 auartariy I I0 on Pr"rra, pyDl arcb Lehigh Val K Co 6s 1 " AiV Co.. iuirtrl J2. Plybl 1000 ..... 8814 pttttntrr ao to tock of record rebruary 5. FOREIGN EXCHANGE New York, .Ian 31. The market opened confused with the tvido differ ences between quotation that hate be come a feature in the last few days. KterUiiR started V lower, francs lost ft centimes and pesetns, Copenhagen mid lleleians dropped 10 points. Quotations were .,-,. Demand sterllns ; j! 10 ',. (ahles.f..-0l;. ; franc cables 13,3.' checks .(.., ; lire cables l.-i.M. " H.s.1r,'57;.,,w,",l''1a hies ."118. cheeks T, ,0, RUlMer cables Jits- .wu :nii : neseta cables 1S.25, checks 18.1.1; Ktoekholm cables lO.f.O, checks 10.3.1; ChriHtiania cables l..0, checks 17.15; CopenhaBen cables 10.05 checks 15.00; llelsian able l.i.JCf. checks 13.32; murks, 1.2,; Austrian kroneu, 00-3'i. BANK CLEARINGS Bank. nearly, today rompared with cor- rnpiinaiiii -1 j, -W1B ms ts. i-norn iAr,.(il)ii.'.,l l.',n.7ia i ii" -fork' 881 37.8B7 044.51S.dOS 860.070.031 floaton ." OO'.SlS'JOS 47:3J.0- 17.13B.S03 Ji,,, I" BS-'lMisn 05,000,321 56.743',075 Car Shortage Is Acute in Many Sections and Is Restrict ing Operations Clilcuso. Jan. 31. Trade reports covering the Middle "West show a Ren- erally favorable condition. AVhere there is any slackening it is du" to lack of shipping' facilities.- The car shortage is acute in many sections and is restricting operations in many in stances. Tho demand which exists for virtually all products shows no abate, ment. In the steel and iron trade bucrs nre not hesitating to contract for sup plies to till their needs well into the second half of the year. The advance in prices for steel products has not cheeked the demand iu the least. In the case of iron, sales, in many m ttances, arc being limited to each cus tomer. Orders have been received by the rail mills that will keep th"m busy for many mouths. One of tlie largest of these mills is booked virtually through the third quarter. Iluildiug operations nre making heavy demands on the bteel companiis for structural material. The demand for pipe is also heavy with sharp ad vances scored in prices. Building on a big scale also is making a tremen dous volume of business in other kinds of building material, and tho shipping of these supplies is using u large amount of railroad equipment. In general merchandise and drygoods the volume of business greatly exceeds that of u year ago in January. There have been about twite ns many retail buyers in the market ns a year ago, with a particularly big increase from the South and West. Cotton goods nrn in active demand nnd the miljs are bo hind in tliir shipments. Textiles and dress goods continues to advance. Mail order houses as well ns the wholesale trade gencrallj are doing an immense volume of business, showing the great rush buying power of the public nt the present time. Collections are good, much better than ut this time last year. Money rates have been advanced fol lowing the action of the Teilernl lie serve banks. Chicago banks quoted the following rates: Collateral loans. OffiCs per cent; commercial paper, (j per cent; over tne counter, UV) per cent. NEW YORK BUTTER AND EGGS x-.i. Tan . 11 HUTTKIl Strom. n.int. 4417 tuba. Creamary liUiher than Vtru 64'iW05c fxtra (ninety-two eeore), cuf-rOS-l'nul?d " it-'i'lrt. M4! can,, BAR SILVER Pnh aather'1 itra llrt (i.mwiHc; do ., . , , , , . . .. SliT. "m,;b.i,. ate IVnn.yhnnia and Uar slltCr WBS quoted lu the New nearby w.iii.rn hnnry. white Anita to i y0rk market today at u decline of lUc, S5,rUlteb.iatrA!Sf. at $1.33 mi ounce. In Undon the price New iorli, Jan. 31. Today's bank statement proved much better than foreshadowed by the. money market con ditions. T.onns and discounts were re duced ?30,324,000 which coniirmed the reported heavy calling of loans throughout the week. Liabilities were at tlie same time cut down by the fall ing off in demand deposits of 81.000.- 1)00. 'the reserve in Pedcral Hcservo Hank was increased SO.357.000. which resulted in raising the excess reserve K!)..UI,5I0; .bringing the surplus above legal requirements to 522,025,200. Details lonow : AVERAGE :.i8.5ao.noo KS.4S0.000 uu.ouo.ooo Ioant . . J3.216 150.000 Net demand de posits t4, 147,810.000 ?pi time upos Its Circulation Cash In vault".. Itpsprte in 'Fed Itcs. Hanks Iliwrte ln state banks nnd jrust companies Iteservo in atate banks and trtmf rompany dposl torlea AcurfBiite res . . Ilea required.... Lixrai D(rreas 155.311.000 12,270.000 C. 2.11,000 112.000 2,430,000 547,801,000 10.780.000 GRAIN BELT WEATHER FORECAST Chlcacn, Jan. 31. For Illinois. Missouri, Wisconsin and Iowa Partly cloudy to night and Sunday, with rlslns tempera lure. Minnesota Cloudy tvtth rising tem perature tonlirht; probably with snow near Lake Superior; Sunday partly,, cloudy. North Dakota. South Dakota. Nebraska. Kansas. Montana and Wyoming Fulr to nleht and Sunday. Chicago, Jan. 31. Statements by Fourth Assistant Postmaster General Ulakeslee before the Senate postoflicc committee, indicating unrest nmong fnrmers nnd predicting decreased iarm production, had a bullish effect on corn this morning nnd the market was stronger. Higher prices for hogs also were a factor. Commission houses were on the buying side nnd orders were lim- Keceipts were small, amounting to only inti cars here, and little improve ment was noted in the car situation. . January opened nt SI .40v. against S1.40 at the close yesterday, and moved up to Sl.nO. May started at SI .30 to Sl.36',4 nnd later sold nt S1.30V4. July was quoted at $1.32 at the outset and later sold ut 51.33. Offerings oV onts were light and the market was firmer in sympathy with corn. T.ocnl operators took the buying side. It was reported that n cargo of 300.000 bushels had been worked for ex port. . The arrivals were seventy-nine cars. May started at 83-"Kc to 83c, against 8.T)se. yesterday's last quota tion, nnd rose to 84 'ic. July started at an advance of Vic, at "Oc, and later sold ut 7(!c. Open High I.ow Close Corn January I 4v 1.31 1491, 1.50, May 1..16 1.36'i 1.35M 1.35', July 1.32i 1.33 1.3SU 1.32(! Oats May S3'; Rl'i Mv, S.V, July it!"), 7C 73 7BVi Pork January 30 30 Jlay 30,00 39.00 39.00 May 23 53 23.00 23.30 23 KB July 23.00 23.97 23.80 23.00 Ribs May 20.57 20.57 20,32 20.32 July 21.02 21.02 20 00 20.00 15,000 Get 10 Per Cent Rise VomiKstown, Jan. 31. (By A. P.) The louugstown Micet nnd lube Co., largest independent steel company in this district, employing' nenrly lo.OOO men will grant a wage increase of 10 per cent to its employes, effective Febru ary 1. it was announced today by Presi dent James Campbell. Raw Sugar Market Easier New York, .Tnn. 31. The refined sugar market remains unchanged both ns to conditions and prices. The market for raw sugarr, is somewhat less active and a shade easier, C'ubas for early February shipment arc now offered at 12c c. aud f. equal to 13.04c, without buyers. Influenced by the higher rales of di count. It was the general t..Hm of conservative banking intVrcts'wf ever, that the policy of tie ,vJT, Ileservo Hoard aFrcady had borne fe1 mainly by the reduction of loans i, principal rcscrrs centers. nt Nono but those living In n fni ' ndlse look for any aprecmblo1 chate in the investment situation until??! s;PavS ?tevUa-S to 8 ncr cent. Until the ubrlum 0i established on a more normal basis th.? is virtually ,, chance for any d market movements, s UD ,UlIe The announcement of the diasnlni;. of the Philadelphia pipid Trans? W ing. trust supplied the only development of importance dur ng the week Tw seems to have been a curTou, mTSure demanding of this action. It means nothing except that the present r , fngC'ZnVS T'VV01""1 o Prop." tr h.tLei Imnd, of thc sottrcholacri, is there is no longer need of protection of the voting trust, which, us stated before, was only extended to strengthen the position of thc Stotesbury"fitten -.. WEEiJDCOVER!N HELt COTTON STEADY Eastern Belt Advices Report Easier Basis and Limited ' Demand for Spot COTTON BELT WEATIfER CoNDITlOVa ' K" xvni?. WHh.SS0Sftn,Cp.' f fi'i"0 0Csk. "-"d Nashvlllet. 40: San An tone. 42; Macon and Atlanta, 44. .ShretJ ffii.ft'lu" Chrlatl und MontBonVry; Meridian. Galveston. New Orleans and vma.rl,ont S2: !?nacola and Thorn,. i'Jie'mn4i Savannah and Jacksonville 3s nnd Tampa, C,4. There wae .14 inch of precipitation at jnPsksonvllle, 30 at NV Pelfsarola'. Bt Thomasv"lc "" 1.T1 "t New York. Jun. 31. T,he cotton market, during the short session showed very little trading feature. Prices held steady on week-end cov cring and some local nnd southern trade demand, while thero was some sellinu for tho account of Japanese firms und New Orleans houses. Eastern belt advices reported an easier basis and demand for -poii limited. Previous Close Open High Low- Close March .18.47 3(1.41 36.44 SS.OO 3s On Win ' May.. 34.51 34.50 34.50 34.02 "I.O2fi07 July.. 32.5-4 32.43 32 4', 31 SO 31 SS14 Oct . 29.84 29.75 29.80 20,30 29 32835 MONEY-LENDING RATES . PHILADELPHIA Call. C per rent ; time, 0 per cent; commercial papi. three to six months, C per cent. BANK CLEARINGS HEAVY Exchanges This Month 15.79 P. C. In Exceso of January Last Year With tho exception of December the Philadelphia bank clearings this montli were largest of any single month in th history of the local Clearing House As sociation. Thc clearings for the month wero S20,450,172 smnller than the rec ord -breaking volume in December, but were $343, 571,451 greater than Jan uary last year. The total turnover of checks through the Clearing House for the business month ending today were $2,175,741, 088. ns compared with $1,832,170,231 in January last ' year, an increase of 10.70 per cent. Thc following table shows the clear ings by months during the present cal cuder year compared with those of 1019 nnd 1018. 1920 1919 Inc.1 Jan .... J2.175.741.68S Jl, 882.170,234 15 70 1010 101S Ine. Jan. . Jl, 832,170,284 $1,822,827,018 J6 84 Feb..., 1,457,118,1)12 1,223,305,95 16.04 March. 1.780.286.520 1,427.178,637 17 51 April . . 1,03(1,320,007 1,879,825,281 3 4 May . .. 1,72.BB7,113 1,711,046.420 0 111 Juno. .. 1,830,481,010 d,7OO,800,tT8 8 11 July 1,035,488,088 1,785,812.781 8.77 August.. 1.911,094,474 1,310,311,012 10 Hi October. 2.094,079,000 1,886,419,910 0.04 Nov.... 1,018,007,803 1,781,704,327 7 10 Dec... 2.202,197.800 L772,4ta,483 19.82 Total. $22,004, 688,055 119.718.002,483 loTi 11,011.000 11.tlS.ooo 7O.H53.O0O 51,242,840 19. .170,0(1 0 tUnlted States deposits deducted 720. (Kio. Increase 19D.000 moo. oon 19.(179,000 5.051.340 14,023 H0 1131,. ACTUAL I,oans 38,(104,000 U1.49U.0OO . .15.210.005.000 Net demand de posits! ..t4.in.BC8,OO0 Net time deposits Vin, 919,000 Circulation Cash in vaults . . tteserte In Ted eral Res. banks Reserve ln Htate hanks and trust eompanleM .... Reserve In btate banks nnd trust ompauy deposi tories AKgrcsat(. reserH iReserve" reiulrcd i;xeees Decrease J29.324.O0O l.ofiR.oon 13 745,000 257,000 4.1U7.00O 553,710.000 '0,357,000 11.518.000 98,000 11,232.(100 .'3fi 000 57fl,4fi(),000 9,02.1,000 5.13.534.740 338.310 22.025 '(lo n r.,ii ha ttmiieu maii-s aepuaus ueaucieu, Jill,. pu 1 ,000, Increase. STATE RANKS Loans .. J701.295.00O Gold ... 7,927,000 Currency hank notes Deposits Federal Reserve Hank of New York . ... Deposits Ren on deposit Decrease J 6 082,800 33,M0 .11,623.300 1.873,000 70,888.800 4,754,000 RI3, (102,200 10,887.100 125.075.100 il nan rn r, -. ..."- . -.-..-,...,., i ciiJliaiu ui rn-nr, ji, u. uecredtfe .!. TRUST COMPANIES Loans 12,133,380,000 128,079,900 Gold 10.792.bOO '42,400 Currency bank .notes 20,121,400 710.200 IJeposltB IVdcral Reserve Hank of New York 222 491,200 1,801.(100 Deposits . . 2,1811,450.1100 18,174.900 Res on deposit . 298.J99.1i00 2,287.000 Percentag-e of reserve. 17.1s decrease, 2 STATK HANKS AND TRUST COMPANIK8 NOT R13PORTKD TO CLEARING 110U8B, I.oana 1781,173,800 ((old 7,799,900 Currency bank notes , . Deposits Federal Reserve Hank of New Tori: .. Total deposits. Net deposits . lies, on deposit. 18,196,000 92,200 13,068,000 029,200 73,433,000 1 sot r,00 783,013,900 6 228 "00 183.248.100 n.mn nnn t. -nAn n va. i,t !, Ill sQ A. '; . w Income Tax Returns The deduction of all allowable items and the presentation of essential facts in corporation and individual Income Tax Returns require a thorough and comprehensive knowledge of, tho Federal In come Tax Law, and all Amendments, Regulations and Treasury Decisions passed since 1909. Few taxpayers are sufficiently versed in tha Income Tax Law and the application thereof to risk the waste of time or the possibility of error by assuming personal responsibility for this impor tant work. A bpecial department with a staff of ablo audi tors under tho direction of a former Government Revenue expert has been organized by this com pany, in connection with its general accounting and auditing practice, to look after the interests of its large and rapidly increasing clientele in nil mat ters pertaining to Federal Taxation. Accurate, unbiased audits are essential to the proper compilation of Income Tax Returns. This work is clearly the function of tho CERTIFIED i'UBLIC ACCOUNTANT, whose analyses and re ports are reliablo and beyond ciuestion. Wo are pre pared to assume full responsibility for both audits and Income Tax returns, either jointly or as sep arate propositions. Our service covers all correspondence, confer- ences, etc., relating to tax matters between the Government, its examiners and our clients until tho final acceptance of tho return. Conferences can be arranged immediately. George K. Watson & Company Geo. K. Watton, C.P.A. (PA.) Public. Accountants & Auditors Real Estate Trust Building, Phila. Hall I'hone Wal. 4144 Western Office Old Colony llldr,, Chicago Keystone Thoat Bacr. 133 to aitra, ti.it 6W. was oou, uuwn a-, so. to M " A'L . ' ,b'3
Significant historical Pennsylvania newspapers