rjT-
I ft
15
fc- u -
EVENING PUBLIC LEDGER-tHILADELPHiA, MONDAY, FEBRUARY 2, 1B20M' -
-
umm
I
v'
1
Barrett
for a Big Job
Brooke Stokes & Co.
a well-known Philadelphia and
Baltimore bond house, has just
brought up to date their most
exhaustive statistical analysis
of fifty ono of tho leading rail
roads of tho United States,
showing earnings', expenses,
dividends, etc. The investiga
tion will be published and dis
tributed gratis to a fow of
their clients. Tho mass of fig
ures was checked by five men,
working two months continu
ally with five Barrett Model
10 machines. This firm orig
inally completed this work in
1916. They had from 4 to 8
men working exclusively at
this work and at nothing else
for 4 years. At the time this
work was commenced they in
vestigated the entile adding
and calculating machine field.
Tho gratifying conclusion ar
rived at was that tho Barrett
Model 10 is' by far the best
device obtainable for checking
work that must be deadly acj
cUrate. No doubt millions of
dollars will be invested on the
reliability of the facts fur
nished these investors.
The John B. Stetson Co.
of Philadelphia, the largest hat
manufacturing concern in tho
Vorld, uses six Barrett Model
10 machines four on payroll,
one one building and loan, and
one in the shipping depart
ment. Send for literature.
Barrett Sales Company
IMitrlbutors nurrrtt Atldlns Maehtnea
505 Bulletin Bldg.
rhone Locust S8S5
Barrett a are inado in Philadelphia
NEWS OF FINANCIAL WORLDNEW YORK AND PHILADELPHIA STOCK QUOTATIONS
HIGHER OPENING FOLLOWED
BY USUAL IRREGULARITY
Another Collapse in Exchange and 14 Per Cent Call Money
Deterring Factors
Now YojU. Feb. 12. The growing
mental confusion among tho professional
tindlug contingent, and tho sharp di
islon of opinion lcgarding the gcuernl
situation were both forcibly exempli
fied In the conspiououslj unsettled price
movement in today's stock market. In
fluences which recently acted as a check
to the market were ngaiu operative.
Further weakness of international cred
its, as indicated by a new low quota
tion for the London rate, vvus accom
panied by statements emphasizing the
probable effect of the exchange situation
on this country's trade balance.
Little comfort at the same time was
to be derived from Saturday's bank
statement. On the contrary, all indi
cations pointed to another week of tight
mono, which was confirmed in the
opening and renewal rate of 14 per cent
for rail loans The tension of the
monetary situation was further em
phasized in the difficulties experienced
in obtaining time loan accommodations.
It is understood that H considerable
amount of term loans mature this week,
and it was intimated funds available
'would provide for nbout only 20 per
rent of demand This would mean the
borrower would be compelled to tin! re
course to day-to-day lenewnls in call
money market.
Over the week-end envelopments, if
am thing, contributed to intensify the
confusion already existing, particularly
concerning the peace trentv controversj
and the railroad legislation. These
fnetois. however, while unquestionably
earning considerable market influence,
wee entne:, eclipsed by the acute do
mestic and international moncv situa
tion Wall street, of course, is keep
ing a weather eye on Washington, for
it is reasonably certain something big is
going to break loose soon.
The market started with a show of
strength at the opening with the ini
tial prices gentrally higher. In sev
eral divisions. Mien us mncpenacui
early gains extended fiom one to al
most thiee poiuts. Tc railway list at
Mint time gave no signs of following
up its moderate ndvantngc of last
Saturday. Later in the morning, how
ever, couditions were reversed, when
the industrials gac ground under re
newed selling pressuie, while the rails
slowly hardened.
The opening demand -was not sus
tained and the same familiar rcac
tionaiv current set in before the rud
of the first fifteen minutes. The ship
ping shares and the cheaper oil slocks
were the first to give way. represen
tative industrials nnd high priced speci
alties soon following. Once again,
however, the wider fluctuations wcie
confined to the lecognized pool nnd
clique industrial specialties. The set
back became mote general when call
loans opened at If per cent,
Geneial Motors, Crucible Steel nnd
American "Woolen were the prominent
sto"ks under pronounced pressure at
mid -day. losing .1 to D point-. Halfway
rallies occurred when announcement
was made that the 1'nlted Stntes Su
preme Court had again deferred nction
on spyernl impoitnnt caes of interest
to Wall street. As the court adjoin ned
todav until March 1 the traders will,
for u month at least, be freed of the
usual Monday morning unccitainty on
this question.
Selling piej-sure. however, perceptibly
slackened prior to flic disappointing
WnehlnptAi npws and irrcculiir rallies
began with renewed moderate buying of
the railroad snares. Atioincr nowgc
nMn ff.itiiriv nnd in some nuarters re
garded as a good sign, was the in
creasing dullness which accompanied
u n..iinini, ,v,r, nitmnt nf tho mornini?.
indicating Ihe continued absence of
liquidating pressure. .
Tmilini- u.ix at a standstill in the
last.hour. but the market yielded again
I mpiw vr.Di cTTHnw rvru Aium? TDAWCArTinwQ I
tjuT A JSl. tJ A VSVs&. JL.lJUkivML4 & avxth x-& iiunu j
riiv.
In
8
8
7
13
.80
7
(I
1
it
6
n
CORPORATION
Income and Excess
Profits Tax Matters
Expert preparation
1919 Returns
Export Review
191719181910
Returns
Consultations
Conveniently arranged
Phone: Filbert 2150
Benjamin Robin
(Formerly tilth Bur Int. 77 ei.)
Consulting Accountant
219 North American Building
1A III 1.KV1N. Krsldrnt Manager
steels, equipments motors nnd oils, I when call money rose to 10 per cent.
STOCKS
SHOWED
Philadelphia Stocks
1
MORE RESILIENCY!
i
Surface Movements Uncertain,!
but List Quickly Stabilized i
Itself on All Declines ;
RAILROADS WERE STRONG
120
;i
201-4
85
2S
13
165
Vs U
51 Vi U
c.o . .
120 ..
r. ..
.'15. .
20
Si
28
12
1
f
16S ..
RiuOS Bids
IVaii., D C
Trinity Bldg
.Vcio York, N Y.
Rittenliouse Trust Go. Rights
Bought and Sold
PETRY, TOLAMD & WEISS
Members
Philadelphia Stock Exchange
New York Stock Exchange
1326 Walnut Street
1'hlladclpMn
Members riitladelphl.1 Mwk Ktliansc
Rittenhouse Trust
Co. Warrants
BOUGHT and SOLD
M. F. Middleton, Jr. & Co.
Stock Exchange Bldg.
Spruce S12D
Kme SIMS
Northern Ind. Gas & Elec.
Preferred Stock
Co.
HEED A. MORGAN & CO.
WEST END TO ST Hl'ILIUM)
Members of th I'hiU stock ExUianc
riN.vyci m.
I'AilT.NKBi'.IIII"
EDWARD B. SMITH A LOMl'AhY
JfOriCK Of DIxoOLLIION
Notice is hcrebv cimmi that th rar'n'r
uhlp horetofore citlnc brtin Robert P
Crar. Albert I smith. William Aldeii
l'rait, Thomas Nnwha.ll rrtdcruk S-asrave
nud Radcllrto Chefcton Jr arrliiff on bun -
rTIns undr the nnn ijiti.- nt Edward II.
Smltn & tominins . ai nil i npsinui ir-n,
t.hllaAlnhin V.n ,r l ., n 1,1 ..lid 30 Pin
J.m. J!,.. M v.,, nri. i i1 S..1HA nf tjpvr
v York. Feb. 2. The New York
, nvcnins: Sun's closing financial review
toihn avs :
1 So far as surface movements were'
'concerned the stock market at the be
ginnins of the new week disjilaj-e'l
ennsitlerable uncertaint of trend at
I limes, but the price list ever stabilized
itself not far from the Jsntunuy cios
I ins levil when tradins became nuin
than u-ually dull
There was some show nf strenct'
nt the opening, but after the firt fif
teen minutes or hi a sagsiuc teudenej
was in iideuce which developed into
dei lines of as much as 1 to 2 points
in m.lll issue- in me -ceoun nnur.
The bear- -tioe to utili7e epecta
timis auent the -took dividend n-
l.emliUR liefore the Siipreni" Court r'
WnshiuRtmi That tribunul. however
did not hand down au.v importaut de
isions before taking a recess until
"U.ir. h 1
The faet that the chief justice liail
announced la-t Mnndm that surh a
n(f-s would be taken beRinnitiR tnd:i
une an uddituuial luiudle for the beats
t i Rrjsp a- a leveraRe to push prices
ihnvn. as the case ha- been before the
lonrt for many ek now and a de-
i-ion unfailinRh looked for each Mon
la -uiee nn'l, of eotirse, it was not the
sliRlite-t ta on uediilit; to Mippo'c
that the matter miRht l' Imrrioil on a
bit m order to dispose of it before the
prolonsed adjournment
V ith the assurances that Midi was
tint to be. the stoik li.-t .showed imme
ilinte ltnnroveinent. and ill the earh
afternoon net price ehanRCs'werc vcrj
narrow m the industrial group.
The feature of the session. as ou Sat
urda, was more than usual interest in
i the rails. In that quarter a certain
I amount of strength wa- consistently
' maintained, moie particularly among
I the lower-priced shares.
Washington advice- were very prom-
i ising of an cailj aRrccmeut between tin-
ti.nferee- on the House and Senate rail-
load bill- nud it might well be that tu
siji li an event the rails might become
1 -iisieptible to speculative atttiitiou if
. i.ntv momi ntarilj . -
1 he fait, however, that legislation is
to hedge the roads about, as it were.
tends to reduce their stocks, to a stnctiv
investment basis, and lealizatiou of this
ha- had mmh to do with lestricting
their movements.
Notwithstanding favorable bank state
ments on Miturdaj. money rates fou
tin'ied I113I1. 1 all loans renewing nt 11
pep cent , anil time muds iiniug .11 .-
S Alliance. G"
100 Am Strs. 41 41
7 Am Gns. 51 51
8 Amer Ily
pf .... GO
115 Td Stor.120
GOrant PO 5
102 I C N A. .15
725 l.k K Cor 20
15 Ijiii Mon S5
:.5 I.ch Vnl. 4:'.!i
' Vnp Vnt
Hk war. 2S
Sii0Pa Kit. 420',
do cash. 43
S4 Pliila I5k
war . . .1GS
ITPhila Co
cum pf. 05 34
153 Phil i;iec 253s 25
10 P U T tc 21'i 21''s
700 Ton Tel. 3 'J
245 f G 1.. 54"s 51
10 tTT S Stl.105 105
4rdo pf.. 11-1 114
10 Wst Coal 75 75
Net (hatic-u made hv romuarlson with last
sain on New Torl Stock Uichanso.
Kx divldenO
Total alr 4047 Hharcs compared with
J70il -harca Saturda.
Mil. shl WINDS) Net
1'inii lllKh Iiw rioie cho
1 i:iee & Peo
Tr 4s.... lU--'i (14 vv Ot..
1 l.eli Valtis.lOO 100 100 ..
1 Lehigh Val
Coal 5s.. OS'. OS'- 0S..
"T Ub 13ds4th
s 00.54 00.51 00.51 .21
1 I'll gn 4'js Sl"' Slvs 81sv "s
s -i-.i I'lnla 1.1
1st 5s fi."
(! Heading
gen !s... T!'"s
1 vi elsuach
Co 5s ): f)S '.IS'....
Hondc. tM S00 rompjrcd "with "1
.Saturday.
.14
25..
24 ;
2
54
105
114
7u
!0
711
oo-
T0-
0,000
Combined Reserve Bank Report
Washington, Feb. 2. The wo-kly ic
port of the combined condition of the
twelve Federal Reserve banks, at the
close nf business on I'nila.v, Jnnuar HO.
announied bv the Federal lleservc
Uuard. is as follows (OOl) omitted) :
itEPOt rci:s
sJanuarj 30 Jamjar J3
Gold roin and ci-rlifl-
cates In vault 122" 110 52J" .'11T
tiohl ffltlme-it fund 4 II S.'4 44l.4'i1
Gold with for'n ascncitn 114 ujl 11T.3JJ
Total sold h-Id by h'ks J77U.OOI J770.1OS
Gold with Tederal Itf-
serva asreiUs .. . . 1.110. 426 1.12H281
Gold redemption tund
with V. b. Treasure 111 221 121.221
Total sold resents J2.012.ti5') .' 028 B50
Lfsrat tender ?llvr
utfs . suDEltltarv ioin m.-.il ui,.ii
Sales
400
.100
700
300
1900
400
4500
244)0
too
800
",'000
300
500
8000
.100
3100
3000
100
1)00
200
100
3(00
aao
1000
2400
100
loon
9000
K i.w
100
200
-I500 4
100
200
700
100 B
S00 7
1200 6
300 .?
200 7
700 10
100 3
41000 3.50
too
1700
200 4
100 $
10O
7000 5
200
200
100 7
700 10
400 .50
100
(00
500
2000
300
too
3000
100
2(00
1700
800
7 00
200
1700
1S00
100
3300
700
200
2000
400
100
soo
700
100 ,
1400
100
400
400
100
500
1100
20
8700
290
10
2300
200
200
200
1000
200
100
300
300
200
1.130
17C0
700
3230
400
200
400
100
10000
100
300
-4000
2000
nno
1100
100
100
.100
2500
1500
100
too
8500
1200
1500
3S0O
300
300
COO
2')0
200
GOO
100
41 Vt
80 H
17.
Atlnms Kxprcss . .
Atlvanco Uunioly
AJax Rubber . . . . ,
Alaska Gold Mines
Allla-ChaJmers ...... 0
Am Asrlo Chcm .,.. ns
Am Dosch Magneto. . .125 J4
Am Can 55H
Am Can pf sa)
Jimar : iciy .
Am urugglst Syn .... 14
Am irdo & leather. . . 25
AniIIIda & Loath pf.,116!$
Am Internal Corp ..,10S4
Am-L.i Franco Engine H14
Am Linseed 8C?B
Am Locomotive 9894
Am Malt & Grain .... 30
Am Ship & Commerce. 24 ?4
Am Smelt & 1W ....074
Am Smelt & Rot pf.. 97H
Am atcei founarles . .
Am Steel Fdrlca pt . ,
Am Sumatra Tob , , . ,
Am Tcj & Tel
Am Toriacco pf new. . .
Am Tob Seo temp ctfs
Am woolen
High Low
30 9i My2
4iH
0194
9294
99 ft
97
079b
.150"2
Am "Woolen pf 101 H
Am "Writing Paper pf. 55
Am Zlno Lead & Sm.,
Anaconda Copper , ,
Ann Aibor , . , , , . . . ,
Ann Arbor pf
Asso Dry Goods , . .
Asso Dry Gds 1st pf.
41!
so y2
Ua
49 V
92
112
532
98U
.1372 I130J4
13'4
2414
115
1071a
14 "4
85
98
30
24J,
07 94
9794
45
93
91 !i
09 j
97
BOTi
15012
1041?
55
is,
60 94
12Ks
2514
50 Vx
73!'2
73 Vz
82 ',4
79
89 V
ir,:tii
25
11094
100 H
32
4194
127?'.
2815
OG'i
13',
13!4
100!4
too
?
2.1J4
Today's Not
Close Chsv.
30944-
V,i- 114
80 J4- J4
IT. ..
(9U- A
93 - 1?4
121 4- 2
83!4- 1!4
98 Ki- '4
130K- 2
13'4- H
2114- U
11014- !4
10S - 1 Yz
14!4 !4
84-t- U4
18!4
13M
25 &
57 !4
73Ka
S(
. 79
. 89'4
.105 !4
. 25 !4
.11BJ4
.10014
. 3294
. 1494
.127
. 28 ft
. 07&
13J4
Asso iTy Ods 2d pf . , 71
Atch Top & s V, . . .
A tell Top & S V pf.
Atlantic Coast Lino .
All Gulf & W I S S.
Auto S C tern ctfs pt.
Raldwln Locomotive.
Baldwin Loco pt . . , ,
Baltimore Ss Ohio . . .
Baltimore & Ohio pf.
"Banott
Bethlehem Motors . .
Bethlehem Steel II..
Booth Fisheries . . .
Bklvn Rapid Transit. 13!4
Brown Shon 100(4
Bums Bros . . . 103! 2
Butte Copper i. Zinc. 0v4
Buttu & Superior Cop. 25'4
Caddo Central O & R. 23!s
California Packing ... 84
Canadian Paclflrj . ,.128?4
California Petrol pf
Central Fund pf . .
Central Leather . , .
Central Leather pt .
Cerro da Pasco Cop.
Chandler Motors . . .
Chesapeake & Ohio
Chicago Gt "Western
Oil Gt "Western p .
Chi Mil ft St Paul .
CM Mil & St Taut pf. 55
CM & Northwestern . . 84 !4
CM Rock Isl & Pac . ,
CM R I & Pac 6 pf.
Chi R I & Pac 7 pf.
Chila Copper
Chino Copper
Cluett Peabody . ...
Coca-Cola ,
Colorado Fuel & Iron
Colo & Southern . . .
Col Grnphophone 61
Comp-Tab Record ... 51
Continental Candy ... 12'
Consolidated Gas .... 79J8
Consolidated Textile . 30
Con Interstate Cat M. 1994
Corn Products Ref . . 85
Com Products Rcf pfl03
Crucible Steel 221
Crucible Steel pf 99 'j
Cuban-Amer Sugar ..150
Cuba. Cano Sugar ... 50
Cuba Cane Sugar pf . 83
Delaware & Hudson . 95 'A
Denver & Rio Grande. 7!4
Denver & Rio G nf . . . 13!4
Kndlcott-Johnson ....133H
Kdnlcott-Jobnson pf
Lrlo ,
Krio 1st pt . . .
Hrle 2d pf
Famous Playcrs-L
Famous Plajers rts
F'bhcr Body . . .
Kis! Rubber
Frteport Texas . . .
General Chem pf . .
General Cigar
General LSlectrle . . .
General Motors
General Motors rts
General Motors deb.
Goodrich B V
Goodrich B F pt
98
30
2114-
6794-
9794
4594 I-
0.1
91 !i-
9994
97
CJ4
152 104H 4
181,- !4
00 4 - '4
13944- 19i
25J4 '4
57U4- 1
73(4- 114
73(4- l'j
82 !4 IS
H
394
1
8994
1 (!3H-
23(4
32
4494
127 '4 r
28Ja -9094-13(4
13!,
100(5
100
4
25(4-
(i
6!i
Dlv.
SaUn In t
800 6 Lackawanna Steel
100 . Lea Rubber & Tire .. 3414
200 3.50 Lehigh Valley 34
100 12 Liggett & Myers Tob. .198
7 Liggett & Myers pf... 108(4
Liggett & Myers rts..i 10
. Loft Con 22(4
Loose-Wiles B 2d pf . . 115(4
Loewo Co 30
0 Marjln Rockwell ... 63
7 May Dept Stores .,.. 2194
0 Melcan Petroleum ..188(4
3 Miami Copper 21 94
0 Middle States Corp .. 4114
4 Mldvale Steel & Urd.. 404
Minn & St L new .... U94
Missouri Kan & Tex . 994
Mo Kan & Tex pf ... 13(4
Missouri Paclfta .... 28(4
Missouri Paclllo pf .. 12(4
Montana Power pf . .100
National Acme 38
Nat Aniline & Chcm.. 01
Nat Aniline & Ch pf. . 87(4
Nat Conduit & Cable. 10(4
Nat Dnom & Stamp. 81
National Lead 82
Nat R R of Me 2d pt B (4
Today's N't
High Low CIobo Chee.
84 W 84(4 81'4 94
200
200
700
200
100
120
200
0100
300
22000
2200 4
500
300
too
,3000
1300
800 7
300 3.50
000
100 7
100
.100 a
100 5
200
31 H
43(4
198
108
10
22)4
lUft
30
8294
2494
191(4
24
38
40
13)4
9(4
13(4
2594
4 1(4
9994
38
03
' 87(4
10(4
8094
5!
31T4- H
4394 I
193
108(4
10 - 1
22)4- H
115(4- H
30
0294
2194- n
10494 2
2194 J4
39(4- 194
100 1.50 Nevada Con Copper .. 10
New York Air Brake. 107(4
72
47
. . 112 '4
..loH
55 12
..139!4
. . 50
. .9s
.. 2.1 !4
3774
27 !4
con
09 T4
18(4
37 !4
95
3794
40(4
249b
101 J i,
. 13
. 20(4
. 119b
. 82
. 0094
.12494
.
. 28(4
. 98
. 70(4
.K0!4
.310
. 80 !4
. W)('4
77(4
05
4 Gt Northern Ore ctfs. 38-U
7 Gieat Northern pt . .
Greene Cananea Con
Gulf States Steel . .
5 Hartnian Corp
Hupp Mo'or Car .
r, Inspiration Con Cop
Interboro Con Corp .
0 Tnt Ilnrv ester ... .
nt Mer Marino . .
0 Int Mm Marine pf
International Nickel
InUrniMonal Paper .
0 Internal Paper pt
I, Ir.tet national Salt .
Iron Products Corp
1 Kellv-Spsi Tire .. ..
S'Kell-Spg T 8 pf.
Krnneuott Copper . . .
Keokuk & Djs M-
Total rererves
12 073 nil J'J (lf7.M
:i
1800 1 .20 Keystone Til o & Hub
7aM
70
105
15 7
5(."4
3'4
127s4
30 )4
no
21(s
8t!'a
70(4
70
50 (4
130 (a
102
30 14
e2
3194
83'i
1274
71 T4
47
9114
10094
55
137
55(4
S'4
23'4
37(4
53
81
2094
CO
00(4
18(4
36!s
95
37(4
3994
2494
50J4
51
12
71
30
10W
84(4
103
21814
99)4
450
4914
83
95
7(4
13
129(4
10l?4
13
20
14
so 94
89
121 !4
41(4
28
98
70 (-4
100
30394
SO V4
80(4
70 34
91 !4
33 '4
77(4
3
70
103
ISI4
35 H
3 '4
126(4
37 '4
9594
23 H
82(4
70 '2
70
50
13G
102
30(4
4(4
30 U
84 A
12794 (4
72 (4
47-3
91)4- T4
10094
55
138(4- 'i
SO 'a
8(4 '4
23(4
37(4 -9
53(4 1
84 !4- '4
20 94- (4
00
09(4- 3
181-4 v
37(4- 14
952
37)4- (4
3994- 94
2494 '4
50 (4 - 14
51 - 3
12(8 -
79 - I,
30 "
19 S4H- r4
103 4- '4
219 H- 2
99(4 I- '4
450 4-10
49)4 (4
83
95
7(4 '0
13 14
129(4- 2
101 J4- (4
13 14
20 - (4
14
80 34 14
89 - 94
12194 4 1
41(4 1(4
28
9S 1
70)4- 94
ICG
305)4 2(4
80(4- I
80 (4 4- (4
77 - '.4
91' 2- 94
38 34 t I,
77 h- 4
33 - I
70 - :i
103 - 234
IS", -
501j - 9,
334
120(2 - 2 i
3S 1 1 4
DO u
23H- 54
- 1(4
70(4
70 1 2
50 - H
130
102
39 (a .
4)4
37 Vi
100
2200
100 2.,
200
0200
100
300
3200
400
400
900
3000 .
700
100
100
70VO
400
100
2500
200
400
700
5100
1000
G700
100
400
500 t
400
400
300
100
10O
100
100
40o
200
500
1000
100
21800
3100 8
100
2500
400
5100
100
1700
9300
200
10300
21)00
300
!00
14900
.100
150U
100
1000
1000
1100
I2ll0
200
2C0O
100
400
too
800
8700
200
100
ion
Mi)
0100
700
l00
GOO
2000
300
5C0O
100
500
250 0(1
1000
500
1000
1230
2U0
too
tsoo
1000
5500
100
100
800
500
100
1000
II'OO
3f0
700
400
100
New York Central ... 70(4
Now York Dock 42
N Y Chi & St L pf... 28
New York N II & II.. 2894
New York Ont & "W . . 17
Norfolk & Western .". 90)4
Northern Pacific 7
Nova Scotia S & C... 70
Owens Bottling Mach. 00
Ohio Cities Gas- 47
Okla Prod & Ref .... 9(4
Otis Steel 37(4
Paclflo Development.. 71
Pacltlo Gas & VAca . . 55
Pan-Amer Petrol .... 9294
Pan-Amer (B) . . . 9014
Parish & BltiKham .. 42(4
Pcnnsjlvanl.i R R ... 4294
Ponn Seaboard Steel.. 32
Peoples Gas Chicago. . 40
Pittsburgh & W Va.. 23
Pcro Marquette 31
Philadelphia Co 4o9a
Plcrco-Arrow Motor,. 70)4
Plercc-Arrovv Mot pf.. 90(4
Plerca Oil !8Ja
Pittsburgh Coal of Pa C0i8
Pittsburgh Coal pt . . 8t
Pitt C C & St L 5.
Pittsburgh Steel pf . . 91
Pond Creek Coal ... 23
Pressed Steel Car .... 9!)
Pressed Steel Car pf.. 104(4
rullman 11474
Puntrt Alegre Sugar . . 89
Railway Steel Spring. 98 14
Ray Consolidated con. 21
Re-idlng 7094
Rem Typewrit 1st pf.lflO'A
Republic Iron & Steel 110
Rojal Dutch NY ... 108(4
Savage Arms 75'4
St L San Francisco . 199a
St Joseph Lead 10(4
Saxon Motor 18'4
Seaboard Air Line ... 7)4
Shell Trans Trading . 88(4
Sinclair Consol Oil .. 41(4
SIoss Sheff S & I 77)4
C Southern Paclllo IOI94
.. Southern Railway .. 22H
5 Southern Railway pf . 5394
20 South P R Sugar ...215
7 Studcbaker . 105?',
10 Stewart Warner Sp 142
4 Stromberg Carb .. . 7G'4
3 Superior Steel . . (8)2
Tenu Cop k. Chcm ... 1194
10 Texas Co 200)4
Texas & PaelCo 38
.. Tobacco Products ... 87 '4
7 Tol St L West ctfs... 1194
Transcontinental Oil . 20
5 Ti-nitsue & Wms Steel. 0194
1 Twin City r.T 31
8 Underwood Typewrit.. 175
.. Union Oil 33(4
10 Union Pacific 123
4 I'nlon Pacific pf 07
8 Union Bag & Paper.. 01
4 United Alloy Steel ... 49(4
.. United Drug Co ... U194
3 United Retail Stores . 87'i
f a C I P 1: Fdy .. 20)4
5 UHCIPi Fdy pf . 52
2 U S Food Products... 07(4
8 V S Ind Alcohol 10094
8 U S Uealty & Imp... 51(4
8 U S Rubber 128V4
8 I S Rubber 1st pt ...113)4
0 U S Smelt & Uef .... 71
5 U S Steel 10594
7 U S Stiel vt 113(4
0 Utah Copper 75
4 Va-Caiollna Chcm .. 0994
Vanadium Corp 53
0 Va Iron Coal S: Coke. . 90
Wabash 8)4
Wabash pt 21 U
1 Westlnghouse K S. M. 54hi
Wcstcrn Mar) land .. 1094
Wctit Mai)land 2d lit 18
. Western Pacific -3
7 Western Inion Tel . 8094
Wheeling &. L Urlo.. 129e
Wheel & L i:rIo pf .. ln)4
1 Whlto Motor 0094
I Willys-Overland 2S8
AVIsconsIn Central .. 2G'i
s Woolworth V W 12394
Woithlngton Pump . , at J4
0 Worth Pump pf B.... 73
!
10
J0714
03(4
42
28
27(4
17
90
78
0994
59 94
1094
0)4
3094
74
55
91)4
87)4
42!4
4194
32
40
28)4
M
3994
0894
90)4
IS 94
00
Hi
54
91
23
98)4
104)4
1U94
88
7J4
2014
75(4
100 H
113(4
10794
75 (4
19
15 J4
17
7J2
8794
4054
77
10094
219';
5194
215
101
141
73(4
48(4
11(4
199(4
3094
094
1194
2594
6194
31
175
3294
122
07
91
19)4
111
85)4
J9'z
32)2
00(4
10594
51(4
120)1)
113 Ji
70)4
10194
11 J (4
71(4
(9
50 94
90
8
32'.
53
10(4
IS
23)4
S0(i
12
19(4
00 14
2.1)4
20(4
12394
93
73
19
13)4
994
13(4
2594
4194
100
38
03
87)4
10(4
80 94-
82
5)4
to
107)4
1!4
)4
70
42
28 -27)4
17
90
7894
70
9)4
37)4
71 h
55
0294- 14
0)4 'A
42 !4- 1)4
4114- !4
32 1
10
90)4
1894
00
91 -
94
'A
Va
'A
14
H
J4
W
14
1
DEADLOCK IN THE LOCAL
MARKET STILL UNBROKEN f
Excess Reserve of the ClcaringxHousc Institutions Reduced to
an Vncomjorlably Low Level
In looklnc around for nlnuslhln ex
planations for tho pronounced contrac
tion of the volume of dealings on the
local mnrkct, It Is not necesstiry to go
further than muklnir only n rnsiint
aunlysls of the weekly Philadelphia
Clearing Ilousn Association statement.
it likewise will supply ample reasons
for the existence of tight money market
conditions, und furnish ninpln proof nf
the scarcity of funds, not only for stock
market purposes, hut in general busi
ness os well.
The entire answer Is to be found in
excess reserve above legal requirements
of only $."84.000. This is close to the
lowest notch in reserves of the local in
stitutions since tho operation of the
federal reserve s.vstcm. It conclusively
shows the dangerously thin lee on which
the loaning institutions tire skating, und
al.so the necessity for the application
of the drastic steps already taken by the
Federal llcscrve board.
A closer examination of the state
ment makes the showing even less fa
vorable. Appnientl) the member banks
found it necessary to extend their bor
rowing from the Federal Itcscrvo Hank
considerably, which is suggested iu the
Increase of ..-(W.OOO In loans aud dis
counts in the weekly statement. Such
expansion in loans, in view of the
knowledge of the curtailment of bank
credits iu nil quartern, could hardly be
.explained in any other way. The con
traction of credits now being enforced is
partly reflected in the drop of $l.n.,8(,
000 In individual deposits, while the
active interior movement of funds is
shown in the falling off of .f(i,lirj,000
in hank deposits.
Such an exhibition offers little coin-
1
- 0
194
A
1?4
)4
94
fort for any immediate material casing
Of the current stringent money market
conditions. On the contrary, tbrouRli
the apparent window drcsslug, it would
seem that a further tightening of the
bank puisc ilrlngs may be expected,
with the accompatijing drastic curtail
ment of credits.
Today's local stock market like most
of the immediate preceding sessions
was 11 dull and colorless affulr. It was
n market iu name only, ns tho major
portion of the dealings were of u dis
tinctly perfunctory t)pe. Price move
ments were conlliicd with the same fa
miliar circumscribed narrow fractional
limits, altogether meaningless.
Here and there through the list des
ultory selling vvus in evidence and
more noticeable In Philadelphia Itapid
Transit nud Lake Superior Torpor
atiou. The former yielded lo '24 VJ, or
within 3A of the low nrlce nf the mnvn
inent, Lake Superior dropped hack to
i!0'4 011 selling that had the uppcar
nnee of impaired marginal accounts.
Pennsylvania Railroad nud Alliance
Insurance Co. vvarrouts were the
stronger spots. Good buying continued
iu Penns.vlvnnla and nearly nil the
seveutv-flvc cents dividend, which come
off today, was resalned. Alllanee In.
suraucc Co. warrants ou smull dealings
esuiuiisiicii n new lop price of Ur;'s
Northern National Bunk warrants were
better supported and were pegged at
IBVi. In the Philadelphia Katioual
Hank warrants trading showed signs of
fagging. There was, however, a spread
of !?a on much reduced transactions be
tween 105 and 108. United (ins Im
provement made some show of strength
nt the blurt, hut fniled to hold the gam.
Philadelphia Klcctiie was fum at 523 Vi.
I
.
91
23
98)4
1U94
S8
87)4
21 7514
100)4 1-1)4
11194 '
108 Vi
75)4- 'A
19
10(4 )4
17 - l!4
7)4 ..
87 J4- !4
11 - )i
77)4- 1
10094 1- y
2194 - 'a
5594 94
245 2
101(4- te
141 - V4
75(4- 18
48(4 - (e
11(4- "
210 29i
3S 1(4
87(4- 2(4
II3J
2594
0154-1
31 -
175
33(4 'A
12! - I
07 - 94
91
49 (i (4
HI - 1
80 - 194
1094-
51)4
00 14'-
100)4-
51)4-
127 .
113'.-
70(4-
13494 -
113)4 4
75
1.9
5t(4-
80
8!4
2.194 -
534 -
1094-
18
25
19)4
00(4
28)4 -
20ti 3(4
123)4 14
93
7.1 -i A
LEADERSHIP LACKING
IN MARKET FOR CORN
Depression in Foreign Exchange
and Setback in Cash Article
Discourage Bulls
URAIX BELT WnATHKIt rORKCAST
Chlrajro. Tob. 2 Illinois Iowa and WU
cnnMn rart rloudy unci colder tonight and
Tuesday Missouri and Kniifaa Cloud v and
unpttled tonight and Tuesday Minnesota,
North nnd .South Dakota nnd MontHn i Utn
prallv fair tonight and Tucsdav, Nebraska
Hnd. Wyoming Cloudy and cotder tonight.
Tuesday probably fair
ADVANCE IN COTTON
IS NOT MAINTAINED
Market Quiet AH Day Trade
Buying Induces Firmness
in Late Months
CIiir.iRO. Feb. 2. The com lnar
Kel wns unsettled toda . but trading
a not ritousivc und lendiThliin a
lacking. Acute depression in foreign
exchange mid a H'tlmcK in tlie cash ar
ticle disdiuraged bulU. Commission
houses furnished support on breiiKs, but
pressure vn.i emounlcrcd on rallies. A,
cold wave was piedided for the West.
suggesting n further hindrance of the
nioonvnt.
(i)Miti elnuitnm weie snid In lie
full of ioi n. bill l.i fk of (ins and ino
tie power is Keeping grain iiwii from I
terminal point-..
I' cam that the area to lie devoted to
grain this jear will b" cut b senrcitj
of labor and dissatisfaction among
farmci.s oer their proiits lontiuued to
liinc an effect on seiitiment.
Oats turned heavy after displaving
iiriiiuc.'.s ca.dv. The nmiKrt showed no
cotton nr.r.T wnATHEn conditions
Nim York, Tob 2 Tho follow Ins tem
rcr.vtures wero recorded In the t otton btt
ihls mornlnar: Macon. Knoxvllle and u
ffiMtt. 3J; rhattnnooffa Atlanta and
Charleston, 42, T.lttlo Hock. 41: 1'ort
Hmlth, Meinnhln Montgomery, Thomnavlln
and Haxinnah, 46, Oklnhoma City, TVnaa
tola nnd Rferldlati, 48; Abllpnr. Shrevp
port and Vlcksbure r0; Nw Orl'-ans. r4:
(lalvefton fill. Man Antonio and Corom
rhrlstl. BS. nnd Tanirn. 110. ThTe waa
1 fl 04 Inches of precipitation of Jackson
ville.
Now York, Feb. !2 The cotton mai -Ket
wns comparatively quiet todaj. The
rall.v from the early decllue carried the
netive months nbout t to 1!S points net
higher with late months relnthely linn
on bujing by trade interests.
Tlii, advnnce was not fully main
taii'td, but the market was generally
steady around midday nud thcie was
some tocring by people who had hold
eail) on talk of an easier spot basis,
owing to the abmiee of helling presui
from that quarter.
The leo-ipts of cotton nt the ports
for the da.v wero estimated at -1.000
1
l'8
'A
!-
'A
V
VA
A
"A
a
"
'A
I '"a
1H
'A
n
A
i.ri.iucss rn. r,. i i.e mm k i s . , , ,.omprpi wiln 27 -,so balcN la.t
snap. The I.as was sell r. .u . lot k , J,, nR , , ,
longs liquidated bemuse of icsjIcs nt -.,, ,, ' . . .. ,
cash onts by eastern (.xpoitcrs in the Todays loo m .ji.
Hills dlscojnted securi"d
bv covt. war uhllrnt li $1 457 StJ SI "f-d "14s
Ml other . . . 7HI 4i" 7I7 110
Bl In bouslit in on'n ...... .. .,
uidrltet .. . run.. in r.7- 70
Htreet. City of N-w 1n. J 'd t-tato or New .,., forc,ii:u ,,x.
. . - . " . . . . .. . . i ... 9 1'. ' ). .
luutuai consent i oi 'ni it' tjjjf ut tw
tuary. lu.u
n"BErtT V ritKOAR
VbBlKl' L urit
UI1.LIAM AI.D N rltATT
THOMAh NLUIIAI.l.
FHBPKRIK SKAURAVB.
nADCLirrU ItlBblON. Jr.
rDAVARD II. fMlTH A COMPANY
Nolle la hereb tlien that tho under
Imed ho formed a cnpartierjhlp In pur
malice of tho Uws of tho stale of Pennsyl
vania to carr on buflntts undr tho firm
narao of Kdivard II. hmlth 4 Company t
No. Kit Chestnut Street Philadelphia
Pennarlvania. and 10 Pino Hir-et. ' Itv .of
New York, fitat of New lork. and else
where, tho partnori in wh . h nnn are
Jtibort P. Ore;. Albert L smith. Um
lied, and Albert I. smth nral Had
cllffo Cheaton. Jr harl's S rheaion and
Albert It. Marrkwaid The ;ald lirni will
tarry on tho busmesa heretofore toncluolejl
l.y tho former firm of i;dril II. Mnllli 4
Campuny. of Phll'lphU und New iork,
which fi. brnMi rMnKn
Al.BBKT 1. SMITH M ,
iiADi-UFrn iii.s rpN Jn
A I.BERT II JUrtCKWAI.D
Tabruary 1st 1920
clinii'' innrKet slumped to further new
low record J'uels or sterling lrnncs.
llelgian franc and lire, sight drafts on
London dropping below $'.',. 17. Lire sold
ver (lo-e in 10 lire to the dollar.
Financial Briefs
iitT.Fnsmi nissoi.CTlON
Notice la hereby 1en that lliirw J.
Luets and Milton A lllldenbranit en -rea
Total bills on h.md 12.730. 70 $2 720 247
U. S Govt bonds. $.'7.U1il J27. flirt
17. ?. victory notes i o-t
LT S certificates of
Indebtedness . . 27(1 121 27fl.7-
Total other
aeacta
rarnln:
53.0.10 I'll $3.03.1 112
Hank premie-
rncolli led items (d-
du led from ariie de-
poaitbl
riv Vki em redemption
tnnd acilnht r XI
bank noira
All other reFources
JI0 1ST JIO.40J
933 12S 1 0.-2 033
l IVESTOCK QUOTATIONS
,.., .-., . UOl-.h Il'CflptB IS Of")
heaJ lllsl)i I'u'l'
IIS I.1 h.a .11
! '" . !"!" . '''.'."-, mV; ernootll
. "A"? v?. '...",'.;,v ;;us' .ou.iir ,u
4MVI 1-1 tin
if. Iilfrt 11 11(1 IOP.
ch, ir, .(O nifJiuui u in
i-. ir.'it iri . iwm ii".v
, . .noblntf HOV J.
: utntr bows. .uUbH. li
WVak
14 P JlliMI nr.nnnuA
imnium ji u i. ... .-.. - . .. ,dnnre
Vn-J-.wi.j-o .oUe. Jfi 7-.fl : i '-"U I
and ciiD-re r. I0rl0 '5- "S'l" . '.lock
8T10 f.O f'.dr aleers. JSWl-.i. "-u'
Ffi!.:. .iVe, .....000 H,ad I-.
17 7:. .)(- in.dium uooil and ewil i. .1"
rahe S117r.ifii7 fni-dc r sl).er,". JK 2,-ifi 13.
stucker hteera ?)'. "Offi 111 10
sHCni' K'c. ipt, bono hciii lowir
I'tcdre htiidv 1 (tube I7 2r, n .0 . ),
tulN and . onm i.n Jl J ."ij(tl 17 Mt wnrllrK
withers 5 1 -'.-) 71 s , eivex, ,$li I0 4V1J T.1:
culls nii.l lornmnn $." 2r.$MI 2.'). liDt.llnu
ov.o SiSfi u 2.-i. fctdtr Unil), $l."i .'.iMf
IS 21
Ve-t. Tlie absoiptivc power v .is not
B00''. . . . .. , ,
llic export munition is uusaiisiiicior.
b'iliui. of innbilit.v to get the grain to
the senboaid and the bad position of
foreign cm hange. The in-di articlo was
easier. Receipts reniaiued light.
laaillnj futurea ranireu ua ioii))a
t'orn mew- a-uuryj
tlnpll
1 12',
, 1 311
1 ,12'
rel
.Mhi
July
Oati.
Mny Julv
IOl k
May .
I-utd
May . .
Julv
nibs
May 20 I"
Jul . 20 SO
tAuktd
nub
I 41'?
1 32'.
M1.
7'i
Sit
l.nw Clnao (lopo
i i .).. l i. l "i.
i i-.Bl 1 ,-- i
) ) l-H
1 .l.'Si
sT,
5 3s.:
:i li
:.i sr.
23 S7 2 I 01
jn ,-,n
jo so
20 in
20 lo
1 .1.- itl.4l
1 .l.'H . .
si i
t-l.',.
22 70 tjl .",
21 l: 21 1)0
20 in L'li.'J
20 10 20 1)0
jrn
341
12 llll
r is.:
jiis;
i JIM ami common Ji V i
-rt. ceipte
The neraie nriee of twenty active
industrial toeks drclintd O.I'.fl per cent
on Saturda. to lli;ivj. wnile ivveiuj
railro.idi. advanced 0.00 per tent to
7I.GS.
The New York SublreaPUl.v lost
siTfinon in tlie banks, on Saturday.
making n ciikIi uet lo ulncc 1'riday of
.fOJT.OOO.
I'anl P. Howe, formerly witli Iec.
lligginson & fo.. has become asso
ciated with lira ham. Parsons & Co.
New Jersey Zinc Co. reports for De
cember .11. 1010, qu.uter surplus after
charges and taxes .V',f,7."i,-lll!. equal to
R7.01 a chare (l(m pari on .vio.mm.-
Total re-ourres Jfl 074.41
btAIllhlTIKH
Camtal paid In . W .
Surplus
tjOt depoeltH
Due to memoera ir
eere account .... l.eiO
Deferred availability
II. mn . . . . . 720.820
Other ill noils Incl for
Eovt .redlta . . 9.1 IIS
12D 120
72 'J7 I
712
11 171.747
JR7 SS'l
120 12H
00 148
1 S.11 140
70.1 7S2
05.007
SI0.47O
PR hJ?eio(o7a traded a HUd.nbrand Brother.
L and havi. by mutual consent dlasolvcd part
' ,f)iln. . . . -.
I.uru Oliu .....v"... - - "---.. man 1.1.11 II )
in'5 tSfnSS.",? Trad." ayillldenbrand'0(11) capital fctork. l.gaillKt S2..".i:i.O0!), or
Wrother. 1ijnse.uccrre.cld A . I Vj.riW II I Kl"- SO 01 n '
Total irroea depoeita , 2.730. .
rederal neeervo note .,.. . .,..,.,.
In actual rlnulntlrn . 2.S30HII .'.S11.2-.
1'ederal Ilea binU notes
In . Irrulution net Ha- ,., ..,.,,
l,ilHj 2 iO f)3'l 2jl SI3
All dttfr liabillllea in-
.ludme forelsn soit .,.,, . .0
iredlln . .. 2.1 31.' -'4 402
Total liabilities . JO, 071 112 JU.17
Ration of total reserves
lo net deposit and P.
rt ,,ote liabilities com
blned
Ratio of rold reserves
to Y It notea in elr
eulotlon after eettlne;
dde .t'. per cent
mtalnst net deposit liabilities
11 51
SO a
747
1 II".
brand ajifl
W. Theodore lllldrnbranil. who
share. In December, 101R, qunr-
-iifrlii .n
-in 13 J-) mil
ter.
Frank JNIdenbrand
'.".'."... 1 . A
md'W. Tiwodoro Hliaenorana ii Ti i li
5ra havt bean umed bv and all bine
Sua to A Frank Hlldenbrand and W Then
lSri Hiliienbrand ae copartners ars rfyabla
V Ilarr J. I'Uts and Milton At Hllden
br'andT tradlnr an Hlldenbrand TJrothers.
W VilftODORK HU.nBNIIItANP
M5'" lixRVEY J. LUTZ,
J IiiAton a HiwiBvnitANn
Vi.lMx Ma HII.DKNURANO IinOTIII.II
Pr1s and Cumberland Pts. . Philadelphia
f KP DISSOLUTION -OT.C&-NOTICIJ IS
W . hereby. lven that M. Wind und M
$k 'IKSit ".i' dissolved Parlnerilnp
Win "J.nuary. 7. 120 a.i hP-"nhn" ""n'"1
mt'v ..,D!."",r,r. . "j....mwH
Reserve Banks' Discount Hates
The hrst column Rives rate for nil
periods up to nnd .including a fifteen
day maturity, the second for a period of
eixteeu to ninety days. T'jp third and
fourth columns give the rates for din
counts for collateial loans becured by
government bonds or notes.
Com I paper
is to oo
15 daa .lR
U
aiimsr
Tlnalnri
N1V To.k a
Phlladelp.iln ';
llu hmonil
i ,eM-land !'
A'lauln 't
Chicago . '
Pt laul J'i
Mlnneapclla J '
Kansas fit' J.
Rale, on outstandlnc rertincalea of in
debtedness con'lnue unchanged at i per
cent.
II
II
'"
41.
II
44
44 (
D
Govt paper
1H to no
IS days days
S't
.Vf ".li
i-.v5 'riU
4", l4
4-j 4i
4' 1'a
5 4', l,
.v., r,
H ."V
1 HURT BY EXPLOSIVE HOSIERY
I i nAllr D))T7leH nt Dneer py.
planatlon for Injuries
Vienna. Tcb 'J (Hy A. 1'.) Police
officinls of this dty arc confronted
with the question as to whether stock
ings muy be explosive.
A man was seriously injured, a bubv
bruised and a house badlj damaged heie
..nilr The injured man told the
I police 'that while uhout the Iioiim' in
IliH blOCMUgCIl l"" " "H iiiiiihhii u
j"hted cigarette on the floor and when
he tried t" slninii out the tire one
stocking exploded lie said he found
Ihe stni king-" in n neighboring village
nnd that liia wife Iiad icpaired them.
The iitltlloriiKH nave u tnrury iimi
.. . i.. i-. " i . it in
I'aisi r-i. inue, i -. - . .--.-,. ... ,.--(,
17(10 head rfleuij '""' ' . .i, ,-. in I
LIZ... tu -. U7 -. in medium wris'Ut, SI.) till
', 7n iiehi Jir. .-.wir, su iieiit iiKbts
J (115 10 Vivv pa WllB I-0"'".'.'!"',
tl'l 7-i1l 2'. lurlilns- ous rouv.li ?l I -
Vn3 , f'nd
He. ' ateirs uie,-i,ini and helm h 7 and
iirlnie $11 "-.11 111 ined um and Bood 511
tSlT'iO i.nnion 1W171 llsht eocKl .nil
choir. tl2 -.('"I l'l 2.-1. lommon ami medium
n ,-.s) U J' bun her cattle hi Iters '
M-. cnu 17 7VM130 lannern and 1 ul
trrV r.!'(i"'7-n 'eal .alve. IlKht and
hand r.B'n lt1,-".7Jin'1.',; Kl'r"
M,-nilj n.i'k.r sticre J7V1" ;"
PIlI:r.P ll.i-elpln 21.011 he id Ueak
To...),. 117 T,'n J "1. CUUJ im 'iMllui-"'
11.11 17 - n-rlllil wether III
ewes, medium ind choUe 1.'
and common, KiJO.
Kast Iltirtill'i N. I.. Peb 2 ATTI.K
neV?lpt. W.!!l. bead Ilea VJ , '" ?$
era etcadv Prime elcera V'"tnAVi
ihlonliiK Slrrrh I1314. butchers tOWM.
CeirHnfs JI Ml", heifers. Jiif" 14 butrliers
? lltOll. heifers. lflill criwa
MoOWlOSf I llills IsffU M. slockera
and feeders IH10.Si: fresh cos ana
sprlniter- HP. a lfs J" "sl' lR,,n
hl: head Ilea-
win 40. Ilht do and pigs iiiiw in . 1
loiieh" S1IW14 2.-. lJ ,"1'', ''
SHK1;1' A1J li,iIli.T-ii""l"n;
heid I.anihs SI loner
ii ic- lower Ifciiube
111 13 v.lhers
in
1 1 1100
otherH steady to
f 12W 20 no iarllnas
1 1 4 1 4 SO ewes. "13
mined rbeep J13B13 7IV.
P tt.burclt. r.b 3 'AlJtX-lleo nip'
1000 head lratvr. Hleers. 1ft l la M hnlf
ere. llrl2 tuwa J 0On 0 rahea .1..
iflpto 000 head Lower Ten I..
lioas Reielpta T.'iOO head HlaU r
Heavies. Ill 738!.l on. heavy yorkera, llulit
Site 'l?rfe'P.s. 1.00
New York Metal Market
New lork, V"t 2 Copper bpot of.
fered lO'vc r-biuari and March oflereil,
10'4C, April olferel llic Market quiet.
I.eid fipot Pi bruarv .mil March. Hi4'fiNr
.Market oulit l-p Iter, l"ai.t HI Ioula
-pot and Pebruar s liO'irn.O.'Vc. Mart,b.
S H2', (!?fi 02'ii. prll May and Junu b S3
m Pc. MarUit pi
CHICAGO BUTTER AND EGGS
(lllrusn, 1 cb .' nL'TTUIl llUliir.
Cr.iimerv ilnfill'j.
i:iHih- Iawnr llnelpts. 111 3113 1 i..
Pirsts. sj'-i UtMi ordinary llroii IJiiSOc.
at inirlv La8e iniiud'd ."ViKifflJc.
'CHRIST OR CHAOS WHICH?'
Rev. J. S. McGaw Preaches Dangss
of Radicalism In America
I "Pin 1st or ilmo which is America
to accept?"
That wa-- the ipiihtiou put by the llcv.
.1 S. Mcliavv. In Id secrctur. of the
! Naliiiunl Id fin 111 Association, to the
I I'resbvleriiin MiuiMi'iiul Association in
tlie W itln rspnnii llnilding todaj.
Tiiis i-. tlie p-- 1 liological inoineiit
when America must 1 house, the speaker
said. "Tin ic are no t'hristiau an
nichists, no Clui-iian bolshevists," he
maintained. ' The disturbers of the
nation toda aie figliting Christianity.
I'russin is -still ti.lng to cairy her iiagan
political philosophy to all. Todio
America is ousidered u Christian na
tion. I'.ut Ihe greatest b..ttle of the
time is for the 1 onsen ation of national
Christiauitj.
"We must teaih the Itihle and religion
in the schools if we Mant to prevent
bolsheiMii ninl anaiehy."
GERMAN CULPRiTS NAMED
7 311.) 111111
11 p.
l.i sn
head, bteadi
$21
l-op sheep, 111 2.1. top lambs
IKKin- 11.
Hulk III S"
Kansas Hj Mo.. ,Pef,
. ... 1 1 nnn tiA.ii Mia he
.ill -. In ni 111 wirfll 10 iniillum
IMh. HI -1 Hi I'Bhi i,,n-nr' " 1'ics'nit
,, xi8'inli pus ll.iwin
' CATT ' K-llec.pts' 21.W10 lie., I IleV
I. f ateers choice and prime I4 7.fl 7a.
ii.V .i VA,,i tit Knftll ?. toinmon
.11 III 1 lILI'llllllll Hi"-. bw-. T . . -- - :.. IAI1.
the man was" keeping in bis room c I 1' ""m'mWV I "u
nlosive he had stolen fiom a munitions . f,ut.her rattle helfera I71.1 ,w. 1 l'l Tti
tmMl'Jt Llltll" -.----. -1 .--- - --.
lactory
List of Those Whose Extradition
Allies Demand Completed
l-aris. l-'cb. '2. (Ily A. 1'. I The
list of Herman silbjects whose extradi
tion is demanded b, the Allies was
imnll.N upprovtd bv the council of am
li.issadois today. The council also ap
proved the teinis of the note to iiccoin
puny the list.
The list and the note probablv wilt
be handed to Imrou an Iiersiier, head
f the tierman peace delegation, as soon
s the covering letter has becu framed.
BANK LOANS INCREASE
Reserve Position of Local Institu
tions at a Low Level
I'xiess 1 r--.cn e f . ",0 I'hiladelplua
dealing House institutions wan re
duced ,:S,."J,IKM last week, bavuig a
sui plus ocr legal rcipurenituts of only
!.-jS4.nOO.
Thih resulted largel.v because of the
lediictiou of $4. l."O,UO0 in the leservc
nrconnt in the Heder.il Hc-cive Ibiuk
Liiiliillties, on the otlier hand, were
materidll cut down. In Ihe contraction
of $i:;.Mi2,0()0 in indhidiinl depovits
und n diop of tl.lLHJ.oii(i in luuk de
pusitb. l.o.ins and di-iounts were in
cniiKd ?l,i;ii.",(MJ0, wliii'h would super
fu'inll.v indiiate tlie local institutions
weie again heiiw boi lowers at the
federal Itci-ervc I'.ink.
Details follow :
am, ,Mi:.Miu:ns
Pet) . '20 Im reie
Loans . , S7!in..l4b.ll(U Jt.Jli.l.llOO
i;iliK9 rir nouiie -ji.i.ii nun .1 iijs.uno
Due from banks lis 11 10 Olio
llink ileposlta , . i:m,il73,O0ll
lndlv deposits . 'II' 17C 000
rima deposits . . S 177 IHlll
Ile ullh 1' II n
t legal depu-llinirs ."J IJ7 001
dish In vaulls 12 t'10 oun
1nt.il reserve lirll '. I iril.on.l
Hi tcrve inquired -.2.7117 I1O11
lliicsa risen r,s1.000
MK.MUKRa m:si:itvi: sisn:.M
Rescrwi held . . . t lll.7-.-i nOO lj-.j 01I1.
Kxceaa retervo . s.itniii i asu.uuo
TRUST COMPANIHS NOT MIIMUPJIS
hi:si;rvi; svsru.M
Reservo held . . J3,riiin.nno Jlso.ilOO
i:icss reaena . 170 nno 21'1 OOo
Increase
tu addition lo the dcrmalta above there
were ibis week t.'l slij (1O11 enverunienl dc
posits ncalnst which no reserve Is rcuulrid
IDENTIFY 4 DROWNED MEN
Bodies Washed Up on Jekyl Island
Those of Wrecked Sailors
Saannab, tiu., Peb. li. Four of
five bodies unfiled up on .Hk)l Island,
near here, yesterdav, with wreckage
from an unidentified craft were ideutl.
fied today as those of members of the
crew of n lug, brllocd to have been the
ocean going tug 1'ortiine, which carried
a 1 lew of fiom fourteen to twenty men.
Those identil'ml were Jacob Colum
bus, chief engineer, il.'il I'ortv seventh
street, Iliookljn; William MiCaithj,
assistant engineer. New York city j Asa
Jaiv-en. DanJ-di, with n passport fiom
Cardiff, und Ilniil V, l'urn, Danish,
witli a Danish passport.
MONEY-LENDING RATES
NKW YOHIv Moue.v ou call opened
toda at 11 per ccut for lending aud
renewing. ,
With the exception of a few transac
tions nt 0 per cent, there is nothing in
tlie tiine-mone market nt present wor
thy of note, ljven more tonsenatisni
lliiin proiously is now shown by bank
ers. Mercantile paper continues "dow.
There is m'ij little iniiili.v bv local
bankers. The minimum dieiniuit llguic
is li per cent and from tiul late up to
OK per tent rules, ou prime paper.
Quotations aie nomiiiall.v unchanged
it IVjf'J'i Pt "eiit for prime bill:-..
I'IIIIiAIMCLPIIIA Call, (i per cent
time, It per tent; commercial paper
three to sl mouths, (1 per cent.
LONDON--Mone.v is ciiotcd nt .".K.
per cent. DNioiutt rute. -hint bill-.".
47s per rent; tin 00 montlu' bills, ,"ia
pi r tent.
BANK CLEARINGS
Hank tliMriups tiH compared wall cor
responding djv last two Tcsrii
1P2I) 1011. luljV
Phlll ,7l..'i'l4,.-il1 -'0 2SII 47" J-.7 12- Il.T
ciikaso iit.osii.7si m :m.i nnn . .. .
Halto 17. 1411. 1. Mi 1.1 1.1 -..211 J
X, V 727. S7I P2 1 701,1110,11011 . ,,
Boston, -i,.in-.,SSll 43 IDS 170 ... ,
.St. .mils 3S 227.S1I0 .11 IT7.S11
.March
.May
.lilh
October
30 llll
34.02
.11 S".
211.32
.111 0"
.14 10
31.no
211. 00
3.-. IIS
33 117
.81
.11.02
.11 SI
25.30
34 07
3I.IIO
2! 3S
BAR SILVER
Connneiciiil bar silver was 1 1
higher
vSJJIJ1 ill the New York market todn.v'at 51.31
7; iimi ; an 011111c 111 London, l!ii' met w,l
,S1")(I. up .)il.
Liverpool Cotton
Liverpool. IV.b. ". There Mns only
a limited request for spot cotton today
with prices easier on the basis of u de
cline of I'.." Doints for middling at
'-'T.'.MJd. The sales were fiOOO bales.
The lece'ipls were 71.000 bales, in
cluding 00,100 baits American. I'll
tures were quiet in the early dealings.
Spot prices weie: Ameiican, middling
fair, ;ri.::iiil : good middling, ."(l.lld;
fully middling. 131.1 Id: middling.
UT.SOtI ; low niiddling, 'J.'i.r.ld: good
ordinary, 22.M!d ; ordinary, -l.JH'nl.
STERLING AT NEW LOW
British Pound Quoted at $3.46 h in
Market for Foreign Exchange
New York. Feb. i!. Another low rec
ord for the Hrltish pound sterling whs
made todaj wheu it opened nt J3.4S,
or one cent below the previous low
1 cached twice last week.
Later steiling dropped to ?". 17'.
Trench franc and Italian Hies al-n
made new low records at 1M..TT and
1"i.f7 to the dollar, respectively. Mnik
weie quoted at 1.0S cents and lfelgltin
fin ncs. at l.'l. 110 to the dollar.
In the earl aftornoou, new low
iccords for nil times were cMiiblPdicd
iu the allied CNchiiuges. Sterling fell to
::.4(i.. for demaud and !!.47si for
cables": lue tables fell to 1. ".!'"' nud
tliciks to 1.1.H7 und franc cables de
cllncd to i:;..-:t and cbet'is to 1.".h.j.
Marks sold at 1.17.
The mai ket continues to chow wide
variations in quotations in early trad
ing b the various Innkers In one tae
there i-. a viiiiiince of 1(1 seutlines 111 the
late for nelghm--, and quotations for
marks were . points apait.
Kurlv quotations weie:
Demand sterling, .'i.in,, cablffl
"..."l)''. ; franc cables. i:!.i!4 chetks
l.'i."(!; lire cables l.(.U.", cheeks 1."i.(ii i
Swiss cablei .".7I. cheiks fi.TII ; guilder
tallica ;177's. hecks :7')i ; pesetas cap es
1S.05, cliecks IT.'.IO; Ktot liliolm cables
10.no. rlieeks UI.K."); Christiania cab e
17.(111, checks 17.4."): Copenhagen cab es
1(10(1, checks, in.sri; llelginn cables
l."..l.", 1 hecks "." marks, 1.120; Aus
Irign kronen, .!!(!,
I I III 00)
i,n hud
1 112 no')
SMI OHO
3 .'i7''i 000
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiiiiiiy
NEW JERSEY MUNICIPAL BONDS
Exempt from all Federal Income Taxe3
Tax Exempt in the State of New Jersey 5
Essex County Court House 4s, Aug. 1, 1938-4G 4.55
Essex County Bridge 4b, June 1, 1921 4.60?o f
City of Trenton School rcg. S'jB, Nov. 1, 1929 4.607c 5
Bergen County Building 4'2S, May
Middlesex County Bridge 4'js, Jan.
City of Paterson Renewal 4'2s, July 1, 1937 4.65
Borough of Glen Ridge Sch. 4'2s, Dec. 1, 1937-40 4.65
Town of Wcstfleld Sewer 4s, April 1, 1939 4.65
1,1925 4.05
1, 1928-34 4.65
All of these bonds are a legal investment for
Savings Banks and Trust Funds in New Jersey
1 EkDRjBB.G and Company
I 4?EVBhr!WAXIy 3XRBET "NEW "YORK.
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