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
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and comprehensive knowledge of, tho Federal In
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Public. Accountants & Auditors
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Wal. 4144
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to aitra, ti.it 6W. was oou, uuwn a-, so.
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