& ', . i. P.- ii. ..it f ,' ' tr i fi?J "i"-ii it ii i. 'fBPtiJ- W JW "kwHPL ' W!P4fll ,,-, WtyW V4" . To Corporations and Private Investors We offer full facilities in the one case for satisfaction of capital re quirements, in the other for the proper investment of surplus fujids. We specialise in the many estab lished OHIO RUBBER, MOTOR and STEEL SECURITIES, which are listed only in Cleveland. OTIS & CO. Investmtnt Banhart CLEVELAND Cincinnati Detroit Colurubtn AWroa ioungln?n OmaliA Denver Colorado Hnrlnn Jfmtiera all principal jrchanoe9 Privat tcfrea (a hading markets ETalCTBHc!lJ TbW9h NEWS OF FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK QUOTATIONS) INCREASING PRESSURE GAVE ! MARKET SEVERE BA CKSET I Further Collapse of Foreign Exchange and High Money Rates Furnished Dear Crowd a Free Field BETHLEEEM STEEL "B" WE HAVE prepared a short analysis of this stock, which we would be glad to send upon request. Moore, Leonard & Lynch Cuihman Newhall, Mgr. Ritz-Carkon Hotel, 13-10 Walnut St. Nw York. Ill Broadway Vtttsburzh -rlck Uulldln.i MEMBERS NEW TOUK rHIt,ADELPJtt PITTS nURGIl STOCK UXCHANOES New York, Feb. 3. l'urthor col- lapse of foreign cchntige anil high money rates gave the bear party prac tically a free fii'ld for their operations in today'M stock market. From tlie outset the market disposed a soft tone, I and during the morning this not only I became more pronounced, but gradu ally and persistently extended to nil parts of the list. Apparently little ef fort was made to stem the reactionary current, but, on the contrary, there seemed to be a general disposition to let the mnrket run its own course. Apart from the domestic and Inter national monej situation there was nothing particularly unsettling In the overnight development or morning news. If unythiug. the early advices were rather cheerful. This Included I the better prospects for agreement on the peRce treaty, ulso on railroad legis lation, while an agreement on the oil leasing bill has been reached. With ' mone. loaning at M to 16 per cent and hard to get even lit these prohibi tive rates theie was no incentive to support the murket. extend or make new commitments. o,u the constructive side. In some quarters, however, a more hopeful view was token on the stand i that the worst part of the money mar ket strain is being seen now and in a few weeks much more comfortable condition will be enjoyed. Others failed to see such hopeful signs nnd contended money market conditions were likely to work still tighter. This opinion was based upon the practical withdrawal of tune loan funds ami the high tension of the call money mnrket. The latter interest also regard the fnrelgn exchange situation us an acutely disturbing intlueuee. The further col lapse of sterling today to a new; low ..uter mark was spoken of ns indicating a dispo-dtioi. to refrain from buying credits on foreign countries until ship ments abroad come nearer to balancing our exports. Whatever were the real influences), Wall Street, nt all events, suffered an acule attack of pessimism, and the nt- mospherc wns heinlly surcharged with blue funk. For a time it looked aH if the entire trading outfit had switched over to the bear side. In truth, the Ultra bearishness or market sentiment was altogether too pronouueed to be of the genuine article. To be candid, too many were altogether thinking, talking nnd doing much the same thing to have the real ring to it. In the ineuntime stock values suf fered severely, as there was a persistent nnd consistent lowering of prices all along the line. Much the same ns in the preceding sessions, weakness con centrated in the high-priced Industrial specialties, particularly General Mo tors, Crucible Steel. American Woolen, Endlcott-.Iohnsou, Mexican Petroleum and motor specialties at extreme loo of three to seven point. Low-priced oils also suffered additional impair ment. Declines in the railroads for u time were nominal, but toward noou. when the selling movement gained additional momentum on rumors of free-loan call In, ihev went with the rest of the list- . , , i Selling became active and broader later, embracing the more substantial stocks. An unusual theory advanced in connection withjhese offering was.that 1 rtocks were being unloaded by foreign owners, who found it more advantageous to nvall themselves of exchange rates ! at this center. The last hour, the most nctlye of the dav. witnessed further shrinkage of market quotations with concurrent de preciation of exchange. NEW YORK STOCK EXCHANGE TRANSACTIONS Dlv. In $ wm MiT , UNDER PRESSURE: Philadelphia Stocks T,ow Clo "1 Not clac. HUGHES & DIER Members Philadelphia Stock Exchange Pittsburgh Stock Exchange Chicago Board of Trade Pittsburgh Stocks a Specialty Latest quotations on all ac tive stocks traded on the Pitts burgh Stock Exchange. 1435 WALNUT STREET Philadelphia New York Office, 50 Broad St. Fact Strongly Impressed That a Market Cannot Be Run Without Money (1 to' : 12T ii.-.,; JO Kl IP.' -in C0;s U2 0 to r,! i ll!7 l :i.v-s.. jo t )?., -in .. tWs tlH . i SELLING WAS HEAVY $200,000 City of Phila. 4s Coupon and Registered Various Maturities Tax Free in Penna. FREE OF ALL INCOME TAXES Price: 98 and Interest Biddle & Henry 104 SOUTH FIFTH ST. New York. lVb. ."..The New oYrk Sun's closing financial review today say." : After having held relative stable for several days past, the stock market to day succumbed to the adverse occur rences in the monej and exchange mar kets. There was nothing new or novel In the high money rates which prevail ed, or in the further break in exchange, but the cumulative effect of these of these unpleasant reminders that nil is not well in the credit situation told more severely on security prices today. Those who had been lulled into n state of confidence respecting the tn bilitv of securities, merely becaufo they had thus far ignored danger signnn. were rudelv awakened today. Stocks were heavily sold right from the open ing and were progressively weak during the greater part of the stock exchange esion. , . . A stock market cannot be run with out mnne opinion to the contrary not withstanding. This hab nee the pn marv force militating against value-. A cont'ributarv cause "has been the record breaking decline in foreign exchange rates, the downward movement contin uing todav with great violence and carrving -terlinc. lire and francs to uew'low figure- for all time. fall loans renewed again this morn ing at the significant figure of 1 1 per cent nnd ruled at this level during the greater part of the day, despite steady i:..;,!in nf securities. Time monej was almost unobtainable, although the ..r,rAor,tfiA rates for this season .' l'4 , . , -f CI' . Cl .. nnl i"ir were pui m - iu . ! .. 21 , IK) oo :t on j Tl's V 1 M : 21.', Hlih SSA111 Ins war . . 0,vs v?0 Am Str. ls 140 Ct 1st pf SO s.-, riec stor.rjs inn i c s a. nrs 2010 I,k Su Cp 20V4 140 Leh Nov. M5 0(5 Leh Val. -WJi .-ii) t.Midvale. 40 20 tN Y ct got; .-,02 I'a 11 It. 42 V 1.i I'a Salt. 75R 171 Phila Co cum pf. "-"Vi 222 Phil Klec 23 Ttini P U T tc 21 2.". Phil Trnc GO iiPOTon Bel. II 27." Pn Trac. .14 I.-1.-1 tl C, I... i4 i 1.-.0 TU S Stl.ltHj lo;i'j4 ni.i-)i vs ia:; w ,i ft s 3Hi :t.""4 ."-r4 Vi tNet chance made bv comrarljon with Urt rals on New Tork f-Iock Exchansc, ci i., nilMM r"! Siikmi men 1 Am Has A: Klec r.s.. S2 S2 2 Clec & Peo Tr 4s ... CSV.. Oil 1 Leh Nav Mn iu,s. sn 80 1 Leh Val fKlOOU lOOVi 100U U r. dogiHMisSl SI M IVj 1 Leh V Coal . w r,s nsi nsvi Wj.. 'i Lib llonds :id 4,s.. iis.oi o:t.oi n;;.oi .is 7-10 Nat Prop 4-fls .... ao '.) Pa gen .'. W 1 Phila Co cons rs. . . SO'h 11 Phila Elec 1st .'s ... OOVj ." Head gen 4s 70 101'. L'n Uwys t K !-... 4GM; ljiv Cloo chut 32 2 on iri sn :;o no :tn !K1 SO1, f-ON no 7HTs no 7!IT; . . 415' i 111' b 2Vi t XPRESS MERGER 10 BE CONTINUED of BUY TREASURY SAVINGS CERTIFICATES 19:0 1SSCK A $100 certificate cost 8i.60 In February. 10'40. On Junuury 1, 1023, yonr Government will redeem It for the foce lue, 100. 1 VVucce-sion of be'ar raid- wu- Combination to Exist Under Pri launched again-t price- during tnr ur balf of the -es-ion and it was not until 'quotations had been pushed down an where from 2 to S points that the market di-plaed rallving power. tu. in.. fi,irn nf January were du- pheated and in some instances stocks vent even lower. There wa undmibt- ' edlv a good deal of real liquidation, some of it forced, nnd much of it m- i .i,-.,i hv discouragement as a result of the tense money situation from which bankers profess "to ese no immediate re lief . Railroad stocks weakened in ympa- thy with industrials, but the selling in this miarter was not licavi,. hashing- ton advices respwuun " )"''.f." '" tin. conferees on the railroad bills were vate Operation After Relin quishment by Government PLAN HAS MANY ADVANTAGES New Yorli, Feb. H. The American Railway Lxpress Co., a voluntary or ganization of the big corporations of the countrv for war operation under the railroad administration, will continue as a combination under private opera tion after relinquishment of govern ment control March 1. it was announced today by Oeorge C. Taylor, the presi- . Phila. Elec. 6s. 1922 U.G. I. 6s, 1921 American Ice 6s, 1942 , Georgia Rwy. & Pr. 5s, 1954 Lee-at 81B1 Land Title Bldg. " in, . ,...... --- - , - hopefu . Senator i umni ."' f- .. ...... . hnt ,p Amcrtcan IffiC of the VailradThad beS. ! Railway- KxpresJ will continue to est practlcalCv completed l'rospecis oi 5rl Bull" bt I'ower romoanv .',. lVrbater Coal a tokn ( omnanr Ut .. r " ti. ......i.. fl r.a.ini r.. I rat tiun . .n.i.iun, v i nern TrMciion -i lrr Traction 4, loJTanaco!!" TrlLon ' Indianapolla .Northern Vhtlada. 4 We; Che.1 19M 1U4J iui:t l3i 10.12 1111 1 Mrranton Trnct un L'ompnnr It ". i. .ZCrarilw' ..h,i u,.,- f ,.,, nv A. 1flt w.,,w.,",..k ";.: .. :' ,ur Lerlck rompmr lt Mlee. H. 1931 Samuel K. Phillips & Co. Member Philadelphia Htock lixcha """807 CIIKHTNI'T UT. SOI1V time a at leiiFt. The Sherwin-Williams Co. Vfa Cnmgltlive Firit Preferred Stock Price 100 and Accrued Dividend PAUL & CO. Mirnbln rhlla. Mock Eifhanre 1421 CHESTNUT STREET GRAPHIC CHARTS On Stock txchange decunlle From 1914 Wfit' fT Particular The Mas"'"" WH Street IS Uroadwar. Nen" York &. '' WW January 10, 1920. Mr William fcQwara torrey L thU day been authorized to SEn ?or us "per procuration" in fKiladelphia. V Brown Brothers & Co. - K. Cor. -llh and Chestnut Sts. :.ic,,.itolv ns t offers onnortunity lor an early agreement on ' more efficient and economical OP""""" the Peace Treaty aroused no enthusiasm ot tn various ""i'' - - . i . ni t nim n ritrn i nr nit iiiiiii. iij i w ink ....-, --.-. . rip. c .) --- interchange of traffic between individual .niTiiK nnd having the advantage of general use of all equipment and junction points throughout the country. Although definite action has not been taken to continue the American Rail way Express for a stated period, it will operate under private control as it now Is until pending legislation in conjunc .t. ...iti. ii. o .-ntiii-n nf railroads to their owners is settled definitely, Mr. Taylor Consideration of application to the Interstate Commerce Commission for an increase In express rotes will be taken up as soon as congressional action en railroad legislation is taken, but whether the increase to be asked will be large or small cannot be foretold now, he said. The companies making up the Amer ican Railway Express neter have been PHILADELPHIA Call, 6 per cent; , directly under government control, Mr. i time, tl per cent : commercial paper, I Taylor said. They are the Adams, I three to six months, 0 per cent. American, Southern, Well -Fargo, Oreat Northern, ."sorincrn onu western LONDON Money is quoted nf :i-. ExpreBS Companies, per cent, uiscouni rates, snort nius, 4Tfc per cent ; three-month bills, 5 per cent. BANK CLEARINGS nanfc riearlng-s toda compared with cor vntxiTi'ltne day last tv,o eara: in.'o lftio 1918 I'hlla UOHnU.MJ rt0.7Pl 017 J41 113X4.1 Bostrn 7H life l (15 737 M5 27 C09.10K Chleaeo 111 104. (110 Srt.,'.or,.32S Balt're 10 S5 (124 12.632 010 N. V . .1 238.447 S13 73ft 271 030 313.143.341 DIVIDENDS DECLARED Southern Pipe Lino Co.. quarterly of J3. MONEY-LENDING RATES SEW YORK Money on call, both miid collateral and all industrial col lateral, opened today 11 per cent for lending nnd renewing. Monev brokers today described the time money market as "frozen. ' They ixpressed willingness to pay 0 per cent for sitt and ninety days for any money that might be available. Prime bank acceptances are quoted at fiiA ($r per cent for prime bills. The 14 per cent rate for money naturally slackens business in acceptances. Call loans on this class of business still rule at " per cent. Prinze mercantile paper is slow at a I minimum di-count figure of 0 per cent. Sales 100 1I0O moo 400 too 3100 200 300 2000 2X00 100 weo 100 1200 000 2100 000 00 300 8400 200 3290 MOO 100 "00 1800 2300 MO 100 3100 59 (100 2500 1000 100 moo 10700 too 090 400 10200 2S0 200 1000 330 1400 ooo 800 '4800 00000 100 1100 wo 090 100 ttoo 100 100 intoo 000 1100 600 100 100 neo 4,00 ltoo 1700 ooo 200 200 100 2300 4300 100 2000 COO 8M0 700 200 M0 100 1310 1800 3110 200 700 400 1100 11130 790 2100 1000 100 . S20U 900 100 COO 200 &00 soo 1400 aoo G700 100 10010 1MC0 1300 1(10 100 230 890 400 C35C 510 700 100 too 4000 4'l0 ioo 200 22)0 1160 010 700 10410 10290 200 000 15000 SOO 300 teoo 2300 , 200 100 ioo 200 700 SIM) SOO 2700 1300 100 1300 290 11210 4100 100 100 0000 10100 100 1200 100 100 300 2200 100 Hlfh Adams Express 30 Advance Itumely .... i AJax Rubber ,. 80 )t Alaska Oold Mines .. If, Alaoha-Juneau O M.. 1J Allla-Chalmers 49H Allls-Chalmers pf ...87(4 Am AbtIo Chem ,..'.,. SO Am Beet Stirar 90 14 Am Bosch Magneto.., 123 Am Br Shoo & Fdy pf .175 Am Can 53?, Am Can pf , . ft Am Car A Fdy .-,.... 13tft Am Cotton Oil 30 Am Druggist Syn .... 134 Amlltda & Leather. .. 2 AmHIdo & Leath pf,.114(, Amlco 44'4 Amlntemat Corp ...107H Am-La France Engine 14 H Am Linseed 85 ?4 Am Ioeomotlvoi 08 Am Locomotive pf ,..104ft Am Malt & Grain .... 30 Am Ship & Commerce. 24 ft Am Smelt & Ref .... -117 ft Am Smelt & Ref pf.. 97H Am Smell Seo A 81ft Am Steel Foundries .. 45ft Am Steel Fdrles pf ..03 Am Sugar Ref 134 Am Sumatra Tob .... SI ft Am Tel ft Tel son Am Tobacco 200 Am Tob Sea temp ctfs. (Oft Am Woolen 151ft Xm 1'oolen pf 103 Am Writing Paper pf . 65 Am'Jna Lead & Sni., Anaconda Copper . . Ann Arbor . Assets Realization . . Asso Dry Goods . . . Asso Dry Gds lnt pf. Atch Top & S V.... Atch Top Is S F pf. AtUnt'o Coast Line . At! Gulf iWIS S..163 Baldwin Locomotive. .117H Baldwin Loco pf 100 ft Baltimore. Ss Ohio .... 31 H Baltimore & Ohio pf.. 44M Barrett Barrett Pf Bethlehem Motors . Bethlehem Steel . . Bethlehem Steel "Tc Bethlehem Steel B. Booth Fisheries BHlyn Rapid Transit 18ft to ft 13ft t 57 73 82J1 77 ft 81 ft ..12014 ..103 . . 28 .. 01 !i 113M .. 0K 13 ft -: 0 Brooklyn Union Gas . 32 . Brown Shoe ioo 7 Brown Shoe pf . 39 10 Burns Bros . . 9D?4 .50 Butte Copper fc 7,lnc. 9ft Butts & Superior Cop. 25ft Caddo Central O A R. 22ft 6 California Packing ... 83ft California Petroleum . 40 7 California Petrol pf 71ft 5 Clov Cin Chi A St L pf 44 19 Cajiadlan Pac flu 120ft 5 Central Leather 91ft 7 Ccn & So Am Tel . . 112 ft 1 Cerro de Pasco Cop... 55 4 Ccrta.ln-teed Prod ... 54 8 Chandler Motors 137 ft 1 Chesapeake A Ohio .. 35 ? Chi & 13 I Pf E T ctfs. 5 7 Chi A Northwestern.. 834 2 Chi Gt Western pf ... 23 ft . . Chi Mil ti St Paul ... 37 . Chi Mil A St Paul pf. S3ft Chi Rock Isl & Pao .. 27ft S Chi R I A Pao Ci pt. . COft 7 Chi R I A Pac 7 pf . . 00ft 8 Chi Pneumatlo Tool . 3 Chile Copper 18U 3 Chino Copper 30 8 Oluett Pea body 95 ft Coca-Cola 37 ft 3 Colorado Fuel A Iron. 30ft Colo A Southern 23ft 1 Col Graphophone 50 H .'. Columb Gas A Klec . 61 ft Comp-T.il Record . . 52 Consolidated Cigar .. C2ft Con Clear pt 82 ft Coni-ol dated Gas .. . 79 ft Consolidated Textile . 30 ft Continental Candy ... 12 Con Intel-state Cal M. 10 to Corn Products Ref . . 84 H Crcx Carpet 5' Cruclbh Steel 220 Cuba Cana Sugar ... 40JJ Cuba Cane Sugar pf . S3 Domn Mines .i 12ft Delawaro A HudBon.. 04 Del Lick A Western.. 174 Denver A Rio G pf... 135 Klk Horn Coal 2 Kiulicott-Johnson . . . .129 Hrle ;rlo 1st pf Krlo 2d pt Etiicrson-Brantlns pf Famous Playcrs-L . . Famous Plavers rls . Fairbanks '8 Fsher Body 121ft Flsl: Rubber 41ft Freeport Texas . . . . 27 Gaston Vim Wig ..17 General Clear 60ft General Electrto K'0'4 General Motors . . . General Motors pf General Motors deb Goodrich B F Goodrich B F pf . Grav A Davis 42 Gt Northern Ore ctfs. 38 ft Grea.t Northern pf ... 78ft Greeno Cananea Con . 34 4 Gulf States Steel 73 Gulf Mob A North pf. 50 Hartman Corp 101 Haskell A Barker Car 38 Hupp Motor Car . ... 15ft Illinois Central . . . 88 Inr.nlration Con Con . 5 Interboro Con Corp Inter Con Corp pf. Int Harvester Int Harv pf now . . Int Mer Marine . . . Int Mer Marino pf. Internat Mot Truck Int Mot Tr 2d pf International Nickel International Paper Internat Paper pf . Iron Products Corp Jewel Tea Jewel Tea pf Kan City Southern ICelly-Spg Tiro 135 Kclly-Spg T 8 pf..102 13H 10ft 14 80 80 M?4 ,304ft 81ft . 80l . 7S9i . 9fi 3ft lift I'M ft 113 38 ft 85 ft 120 07 23 ft H3ft 75 ft 50ft l?4 15? Low 30" 39 ft 7894 1 Ui 4ft 87 80 M 88 ft 118 175 50 H 08 133 47 ft 13 34 114 44 105 14H 83 94 H 10(ft 35 23 H 63 ft 90 U 81ft 435, 93 132 ft 88 H 99H 200 02 142 103 52 H 17W 57H 12 ft 4 53 71ft 81?4 77 ft 88 ft 157 111 100 ft 31 44H 125 ft 100 20 91ft 113H 93ft 13 13ft 61 100 09 91 9 24 ft 20 H 82 40 71ft 44 126 ft 83 ft 112ft 63 53 ft is: 54ft 5 Soft 23 ft 30 51ft 20 ft 60 09 90 17ft 30 ft 94 36 ft 38 ft 33 ft IS oo H 62 01 82 ft 79 ft 29 12 18 ft 82 ft 65 210 46 81ft 13 ft 04 173 ?i 12ft 23 X 123 12H 19ft 14 84 78 88 78 121 40 ft 25 ft im C8H 1C1 '92 "si ft 79 ft 76 94 ft 40 37 ft 76 ft 34 H 73 30 100 57 ft 14 H 87 54 X 3 lift 123 11" ft 25ft 93 120 67?; 22 78 W 75 ft 47ft 18 41 ?4 15ft 129 102 Today' Net Clote Chfte, 30 - H 39ft- 1?4 78H- Hi l- ft 1J4- ft 46ft- an 87 . .. 89 M- 3ft 88 ft- 3 118ft- 5J4 175 50 H- 314 08 - ft 135 1ft 47ft- 3ft 13 - ft 2ft- H 114 - 1 44 - ft 105 3 14H- ft 83 25" 044- 3ft 104 ft- .54 35-1 23M-J" J4 Jft- 3ft 90 ii- J4 81ft . 43ft- 1ft 03 132ft- 3 89 3ft 09 K- ft 260 - 62 - 4ft 14? - 10 103 - 1ft 529(- 2ft 174 - H 68 - 3 13ft- IK 4 65 - 3ft 71 ft- 3ft 81 - 77ft- 1ft 88 ft 194 157 - Oft 11 1H- 5ft 100 ft- ft 31-1 4 4 ft- ft 125ft - 1ft 103 - ft 26 - 2ft 91 ft- 3i 113 - H 93ft- 2ft rialrs 4400 4500 3S0O 200 100 600 300 2900 100 1800 2900 600 200 100 1100 990 niv. Int J 1.20 3.10 lllih 30 ft 30H 83ft 10 16H 34 3 4 .50 7 13 12ft 51 too 99 - nt - 4 ft 6 H "ii 2ft 1 54 1 ft ift 24 ft-21H-82a 40 -71ft-44 126 ft- 89 ft- 113 ft- ?i 53-3 63ft- 1ft 132?,- 7ft 64ft- 1ft 5 - 1 83W- 1H 23 ft ft 36 1ft 51ft- 3 26ft- 1)4 COft- ft 9ft 3.60 i 7 5 7 5 4 .60 3 h 6 1 I 0 3 4ft H ft 1 1 ft 14 1 1ft 1 17J4- 36 ft 94 30 ft 39 ft 23 ft-48ft-004 53 01 - 83ft- 79 ft 12 13H 82 ft 55 212 47 -81ft-12 ft 94 - 1 173N 2 12 ft- 23J- 1ft 125 - 4ft lift- ft 19ft- 1H 14 so 134 784- 3 P8 1 18 124 ft it ?4 2ft 7ft 2ft ft 40ft- 1 2.1ft - jft 10?4 - ft ns H- 1ft 104 - 293ft 12 81'4 H 7 ft - yt 75H- 1 91 76 - ft 40 5?4 3Jft- 1ft - ft 34 j- 73 - 3 30 3 ioo a 58-1 "H- ft 87 - 1H 61 ?- 15 3ft ft "ft 123 - 3ft 113 3rfft - 1 ft 83 3 120 - 2 61 H- 1ft MM- ft 785,- 4ft 75ft- 1 47ft- 3ft IS - ft 41 H .. 13 ft ft 123 - 7 102 13 7 7 7 300 1.75 300 300 7 400 300 300 100 100 15800 1400 44300 7800 200 600 200 1000 1000 300 300 200 100 800 too 100 500 1600 190 600 2900 610 1200 390 1400 300 2730 900 0100 4100 6100 1790 300 400 100 7700 790 300 390 2800 2300 300 3S00 3500 12000 100 2500 800 100 1800 300 100 200 300 700 100 1000 1890 500 200 2100 200 100 36000 1500 0109 8.70 100 5900 300 305 100 1200 51300 2100 1300 400 700 7900 100 100 1500 29100 400 400 1100 0400' 200 300 2300 100 4900 300 6900 800 2900 100 0400 106 1100 100 2500 1300 800 25000. 1200 1400 100 2900 9100 800 23000 400 300 71300 2600 1990 200 1600 100 0300 100 IOO COO 100 2700 1200 too '200 3600 1600 7400 100 300 3300 400 Kennecott Copper . . . Keystone. Tire & Rub Lackawanna Steel ., Lake Erie A West. . Lake Brio A W pf . , Lee Rubber & Tire . Lehigh Valley 434 Uggott ft Myers rts..i 10 Liggett A Myers pf. . .108 Loewe Co 29ft Loft Corp 23 Lorlllard P Tobocoo. ,165ft Loose-Wiles Biscuit ,. 65 Looee-Wlles B 1st pf.. 08ft Iulovllla A Nashvlllo.107 Manhattan Elev guar. 43 Manhattan Shirt .... 33 Martin Parry 27 ft May Dcpt Stores ....132ft Maxwell Motor ...,. 30ft Maxwell Mot ctfs 30 H Maxwell Mot 1st pf.. 59ft , Max Mot 1st pt efts.. 57 ft Maxwell Mot 2d pf.. 25 Mexican Petroleum ..193 .Miami, Copper 23ft Middle States Corp .. 39 Mldvale Steel A Ord.. 49 Minn St P A S St M.. 71ft Missouri Kan A Tex . 0 Mo Kan A Tex pf . . . 13 -Missouri Paclfta .... 234 Missouri Paclfla pf . . 42 Montana. Power 65 Mulllns Body 7 National Acmo 37ft National Biscuit 118 Nat Anlllno A Chem.. 63ft 7 Nat Aniline A Ch pf.. 87 .. Nat Conduit A Cable. 10 6 Nat Enam A Stamp. 88 H 5 National Lead ..'... 8l . . New Or Tex A Mex . . 41ft 10 New Yorl! Air Brake. 106ft New York Central . . . ? New York Dock 404 New York N H A H.. 37?i New York Ont A W . . 17 Norfolk A Western .. 07 North American ..... SSA Northern Paclflo, Mfc Nora Scotia SAC... 69ft Ohio Cities Gaa 4CH Okla Prod A Ref ... !4 Otli Elevator 131 Otis Steel 302 Owens BoU".ng Much. 39 Paclflo Gas A Elco ... 54 ? Paclflo Mall 37 ft Pan-Amer Petrol .... 03ft Pan-Amcr (B) . . . . 89ft Parish A Bingham . 43 Penn Seaboard Steel.. 31 Pennsylvania IS R ... 41ft Peoples Gas Chicago.. 38ft Peoria A Eastern ... 14 Pero Marquette 30ft Philadelphia Co 39ft Plerce-Arrow Motor.. CS4 Plerce-Arrow Mot pf..104 Pierce Oil 18 Piercj Oil pf & Pitt C C A St L . ... SS Pittsburgh Coal of Pa 69J Pittsburgh Coal pf .. 91 Pittsburgh Steel pf .. 90ft Pond Creek Coal .... 20 ft 8 Pullman '"., Pittsburgh A W Va.. 2tft Pitts A W Va pt "' Pressed Steel Car 1Y? Punta Alegre Sugar .. 87ft Ray Consolidated Cop. 20ft Railway Steel Sprinc. 97 Reading 's Remington Typewrit . 80 ft VMnlncrln Kte.el 43 6 Republic Iron A Steel. 113ft 4 Repub Motor Truck . 31ft 70 lloial Dutch NY 107 Savage Arms Saxon Motor 16ft St Joseph Lead ..-. 1 Seaboard Air Line ... 7 Seaboard Air Line pt . 14 St L San Francisco.. 18 Sinclair Consol Oil .. 404 Sloss Sheff S A I .... 754 Southern Paclflo la Southern Railway ... 314 Southern Railway pt.. 51ft Shell Trans Trading.. 87ft Standard Milling 140 Stewart Warner Sp..l40ft Stromberg Carb 731 Studebaker 101 Stutz Motor 130 Superior Steel 48 Tenn Cop A Chem ... lift Texas Co 109 Texas Co 30 Paid.... 180 Texas Co Full rald,.18S Texas A Paclf.o 36 Tex Pao Land Trust.. 300 Tobacco Products ... 87 Tobacco Products pf..l02 Transcontinental Oil . 354 Transuo A Wms Steel. 61 ft Union Oil 32?4 Union Bag A Paper.. 00 Union Paclflo 122 Union Paclflo pf 67ft United Alloy Steel ... 60 United Drug Co... . 140ft United Fruit 101 Un Ry Investment... 11 Vi Un Ry Invest pf . . . 27 ft United Retail Stores.. ?5?4 U S C I P A Fdy 20 (JSCIP4 Fdy pf.. 60ft U H Express 20 U S Food Products... 60ft U 3 Ind Alcohol 100ft U S Realty A Imp... 50 U S Rubber 127ft U S Smelt A Ref 70 U S Smelt & Ref pt.. 40ft U S Steel 1014 U S Steel Dt H3ft Utali Copper 74 ft Utah Sea 10 Vu-Carollna Chom ... 68ft Va-Car Cbem pf 109ft Vanadium Corp 514 Va Iron Coal A Coke. . 87 Wabash 8 Wabash pf 23ft Westtnghouso A Br ..115ft Wcstlnghouse 15 A M. 63 ft Western Maryland .. 104 Western Union Tel .. 8014 Wheeling A L Erie... lift White Motor 6014 Wilson A Co 73ft Willys-Overland 28ft Willys-Overland pf .. 89ft Woolworth V W 123 ft Worthlngton Pump . 91ft Worth Pump pf B.... 72ft Low 29ft 34 ft 81ft 10 16H 33ft 43ft 10 108 29 31ft 164 63 ft 98 ft 104ft 41 32 26 X 120 ft 30 30 H 68 67 ?4 23 188 ft 23 ft 34 474 71 8ft 13 ft 34 ft 40 66 40 37 ft 118 03 ft 87 10 88 K 78 ft lift 105 ft 69 ft 38 ft 36ft 10 ft 96 ft 54 ft 78 07 ft 45 8?4 130 3.1 68 54 ft 37 ft 804 88 ft 40 ft 31 41ft 30 ft 13 ft 284 37H 654 104 18 ?4 93 ft 55 59 91 90 ft 20 ft 114 26 ft 76ft 85 ft 83 20 ft 06 ft 74'; 86 ft 43 107 i 60 ft 104 71 15 16 7 14 1754 39 ft 72 ft 98 ft 21 Sift 83 ft 140 110 ft 71 101ft 120 ft 46 lift 18R 4 ISO 181 314 300 83 101ft 21ft COft 33 90 120 ft 07 ft 48 ft 110 ft 185 10 ft 25 H 82 19 ft 43 29 04 ft 1004 49 1224 60 46 102ft 113ft 73 Oft 67 100ft 40 ft 87 8 22 ft 115ft 324 104 K0 ft 114 58 ft 70 ft 27 ft 80ft 122 H 85 ft 72 Today'sNaL Close ChgeX 29ft- H 34ft - 3H Blft-3 10 104- 33ft- 1H 48ft- 14 10 108 - Vk 29 --1 3154- ft ioi - c 6Sft- 3ft 08ft- ft lotft- aft 431 32 - ft 364- 3ft 120ft- ift 30 - 14 304 681 57H- 3ft 35 - 3X 188ft Oft 334- 1H 31ft- 47 ?4- V4 71 ft 8ft- 12ft- 1 31 ft- l'4 40ft- 1ft 65 48 - 1ft 37ft- ft 118 63ft Vi 87 - ft 10 - ft 884- H 78ft- 3ft 41ft T4 105 ft 3ft 68ft- 8ft- 3ft 26ft- 1 10ft ft 95ft ft 64ft- 78 4 67ft- 3ft 15 - 14 84- H 130 7 35ft- 3ft 58 - 1H 51ft ft 37ft- H 894- 34 88 ft- 34 10ft- 3 31-1 414- V 37 - 3 14 1ft 28M- Ift 37ft Vi 60ft- 3ft 104 - 1 184- H 034 3ft 55 691 91 ooftB ft 29ft- 2ft 114 94 28ft- 3 70 ft- 1ft 90 3ft s3 5 HEAVY SELLING CARRIED RAPID TRANSIT TO NEW LOW Source of Recent Liquidation Remains a Mystery Evidence of Esjatc Holdings Coming Out Thn local market rnmmunltv hns n fresh mystery on its hands In the still unexplained liquidating movement in Phlladclnhla Itnnld Transit, stock, tin. dcr persistent liquidating pressure the stock was forced down $2.50 to 21 the lowest price touched since 1010. tn April Inst year the stock touched 2.1. While the source of the belling was .till undisclosed, the stock, especially during the morning, was offered freely, with sales for the forenoon aggregating close to 0300 shares, including'one block of 1000 shares, which changed hands nt 239',. There was indirect evidence of the liquidation by an' estate, which, how ever, could not bo vconfirmed. It was learned, nevertheless, most of the stock offered since the movement stnrtcd has been in the same name. The name given, however, wob not gcncrnlly known in local financial circles, This meant nothing, ns it is a common prac tice of many large holders to carry stocks in other nnmes than their own. It fcemed to be about the most plaus ible explanation, os such persistent sell ing recently witnessed could hardly be inlluenccd by such groundless theories of hostility on the part of the new city administration. The retention of Direc tor Twining nt the head of Rapid Transit Bureau should not be interpre ted ns nn act of hostility on the part of Mayor Moore. Director Twining's thorough knowledge of the local transit situation, by reason of his many years connection with the Philadelphia Itapid Transit system makes him a valuable man, nnd there docs not seem to be any other as well fitted for the job. The local transit problem is still tor from solution, nnd it would be much better to have it man familiar with the sltuntion to handle the city's interests than one unfamiliar with the subject. Director Twining has never taken a hostile attitude townrd the Rapid Tran sit interests. He has only endeavored to obtain the best service nnd terms for the city in its copartnership, id the local transit situation. , Neither could the selling movement be attributed to the proposed dissolution of the voting trust. This action means nothing in so far ns the management of the property is concerned. It simply means a return of the property to the shareholders nnd leaving to their de cision and vote who shall be the mali ngers. From the results obtained, tt0,t every one is satisfied with the KtotM bury-Mittcn management, nnd do nni desire any change. ' ' There was a story on the street t the effect that the insiders were smi Ing. This can easily be put down a A I simple tommyrot, and tho solo ctci. tl uuil vi u uiaurucn'ii uniiu, xm As might rcuHonnbly be expected, id, "renounced weakness of PhllnrloUM. i Uupid Transit gave n chill to some of me niun: liuihi uuiucim ui union 'irao tlon. Tho selling of this stock un . ' a much smnllcr scale, but the matket '' was found to be exceedingly limited ' hence n drop In quotation of 2 points i to '&&, or within of the low price J touched on December 27, when it sold , nt 33. Philadelphia Traction on light ' sales declined 75 cents to 00'4. ' Outside of the traction stocks there ! ... nnf m,1 llftW'Ifv 1 .nlin (!..-!. . Corporation contihued to bo offers freely, but had n good market at 20U 4 !.... uAn nrt i.t , , V' iiuii:i icuu oiwu-D) unci luamug a nigafr , opening, ran Into fresh profit-taking ; i i, "r" , i, i '4' nm. i iieipnin jvh.-1'uic mm unuea ties Im provement were only slightly hanged ! Klectrlc Storage Battery was $1 kn ' at 1-1. The weakness of the traction stocki was communicated to the bond market i with the Klectrlc nnd People's 4s iron.' i ping 1 to 03. United Railways trim j certificate 4s declined 2' per cent to . 4(l1,. Other changes were confined within btnall fractions. Reserve Banks' Discount Rates The first column gives rates for all 1 in'iiuan uji 10 unu including u liuecn day maturity, the second for a ncHind t sixteen to ninety das. The thlr.i ..j s fourth columns give the rates for dis-1 ....u.n .vi .uiKiiii.i, ,uou-i secured i)i government bonds or notes. Com'l pnnr Oov rair ui to un is in ,0Bi 1.1 rifoa du)s Bojlon ... (1 H New York . . . (1 Phlln. n n Richmond . . .0 a Cleveland . . . . fi H Atlanta .:...(! c, Chicago St. boulfi .. . 1 tl Mlnneapolla . . . l 1 Kansas City . . it n Dalian ." ." San Francisco . . 0 fl 'f Ji, Mi su 'J M. Rates on outatandint certificate of (. debtedncas continue unchanged nt 4, rr crnt. oNa : 5V si? ' II ii r, 3', - ft 20 ft ?4 80ft- 1ft 75 - ft 80ft- ft 13 - 3ft 107ft 6ft 60ft- 54 101 - 4 74 - 1 15 10 7 - ft 14 17H- 14 39ft- 1ft 734 98ft- 1T4 21 - 1 51ft- 4 83H- 4ft 140 140 ft- ft 71ft- 34 1014 Sft 120ft- 3ft 47ft- 1 lift- ft 189 -11 189 - 3 181 0 J314- Sft 300 29 83 Sft 101ft- 3ft 24ft- ft 60ft- 1ft 321 80-1 1204- ift 07ft ft .ISft- 4 110ft ft 1S6 - Sft 10ft- 1ft 214 - 34 S3 - 4 10ft- ft 434- 7ft V9 - 1 64ft- 3 101 - 5(4 49 - Sft 1224- 4ft 092 46 102 ft "3 ft 73 9ft- 07 109 ft- 50 ft- 87 - 8 - 23 ft- 115 ft 52 ft 10 ft 86 ft ft 70 ft-274-89ft 122 M- 80 6ft ii 1 I All France Your Security Throughout her history France has shown a marvel ous capacity for economic and industrial expansion. Thrift is a national trait, and to a people so consti tuted the payment of its financial obligations is a matter of paramount concern. Even after the terrible disaster of 1870-71, when to the world France seemed definitely crushed, this wonderful country not only paid its war indemnities and obligations in one-quarter of the time demanded, but in forty years had become one of the richest na tions per capita on earth. Now France emerges a victor, her rich long-lost provinces restored. French Government war loans at present exchange rates offer speculative in ducements. Further particulars on request for Circular No. D-60 GMNDUER&'GOMR&NY OtCORPORATEO Franklin Bonk Bldg. Philadelphia New York Baltimore New Haven Boston ft 3ft ft 154 ft 1ft 1 3 ft 1ft 3ft 14 ft 'ft 1ft 3ft X ft Ii payable Slarch 1 to stock of, record Febru ary 10 American Cotton Oil quarterly of 1 per cent on commen nayUlu .March 1' to stock of rernrd rbrir 14 Studebaker Corporation quarterly of lf rer rent un common and 1 per cent on preferred. Prices Firm on Paris Bourse Paris. Feb. 3. Prices were firm on the Rourse today. Three per cent rentes were quoted at 58 francs 50 centimes; exchange on London, 48 francs 70 cen times; 5 per cent loan, 87 francs 50 centimes. The dollar w;as quoted at 11 fruncs 40 centimes. Rumors of Irish Changes London. Feb. 3. The possible reeig- natlon of James Ion Macl'horson as chief secretary for Ireland again Is being freely discussed in Dublin, and rumor nlso is busy with the name of Field Marshnl French, the lord lieuten ant, according to the Dally Mall's Dublin correspondent. STATE GRADUATES 116 93 Students Get War-Service Certi ficates With Their Diplomas State College, Pa., Feb. 3. Ninety three of the 110 Penn State students who received diplomas nt the midyear graduation exercises here last night, were awarded certificates that showed each had "unselfishly devoted himself to the needs of his country in the great war for the defense of democracy. Men who had formerly been affiliated with the classes of 101(1, 1017, 1018 and 1010 received those citations from the college for having dropped their studies to respond to the call of the nation. The diplomas were awarded by Edwin K. Sparks, president. An address was delivered by Judge H. "Walton Mitchell, of Pittsburgh, president of the board of trustees of the college. Mr. bnarks talked to the graduates informally at u meeting prior to- the ceremonies. .Tnrtre Mftehpll coneratuiated the men on their war record. Most of the men In this "war class" were commis sioned officers in the army, and several were captains with overseas records. One of those, George L. Wright, of Xnrrlatown. was decorated with the Croix do Guerro and the Distinguished Service Cross. ' The baccalaureate sermon was de livered to the graduates Sunday morn ing by Dr. Earl Barnes, of Philadel phia. Tha second college hemcotcr opened yesterday morning with an en rollment nf more than 3000 students. FURTHER DROP IN EXCHANGE Market Confusedly Weak With Wide Variations In Rates New York, Feb, 3, The foreign ex change market this morning continued confusedly weak, with wide variations in rates. There was a crash in demand sterling, that exchange dropping to 3.37 for demand nnd 3.38Vt for cables. Franc cables were driven down to 13.00 and checks to 14.12. Other quotations were : Lire cables 10.3."), checks 10.37 ; Swiss cables fi.73, checks C75 ; guilder cables 37. cheeks 37 ; pesetns cables 18.15, checks 18.0.T; Stockholm cables 10.40, checks 1!.'J5; Chrlstiania cables 17.113, checks 17.i)0 ; Copenhagen cables lfi.SS, checks 15.00; Belgian cables 13.03, checks 13.fi5j marks, 1.07; Austrian kronnen, .30, About midday, the tourkct showed continued weakness, especially in fraucs and lire. Kruncs cables fell to 14.13 and checks to 14.15 and lire cables touched 10.88 and checks 1U.00, a drop of 30 points from the very weak open ing. In mid-afternoon Italian exchange made the extraordinary quotations of 17.20 for cables and 17.22 for checks. Belgian exchange was eomewhut stronger than fraucs, being quoted at 14.25 for cables and 14,27 for checks. French cables were 14.35, checks 14.37. De mand sterling is quoted ut 3.35 and cables at 3.35. Marks are quoted at 1.08. SUPPORT WITHDRAWN ON COTTON EXCHANGE Despito Frequent Rallies Market Rules Barely Steady Senti ment Against Advances New York, Feb. 3. rWliile there were frequent rallies, the cotton market ruled barely steady today with prices crowd ing the earlier low level under local and Wall street pressure in the absence of important support. There was nothing particularly fresh in the news, but sentiment appeared to bo against advances for the moment and rallies encountered renewed selling. A prominent Wall ktreet onernfnr u-n suid to have considerably Increased hU line 01 old crop snorts today, while a spot firm, with southwestern bcadnuar tcrs, was a large buyer of March on a scale down. Toward 2 o'clock prices broke heavily under general belling, based on further uniavoraoic foreign exchange develop-nients. as. n 1 31.02 20.29 High Yield Convertible Bonds For Ihose who wish to invesl con servatively and at the same time in a way which will enable them to take full advantage of favorable influences in the stock market, convertible bonds offer distinct advantages. We suggest at a price lo yield 7, a short term convertible bond of the Cuba Cane Sugar Corporation, the largest single producer of raw sugar in the world. Ask for descriptive circular 7306. Bonbright & Company MORRIS WISTAR STROUD, Jr. Manager 437 Chestnut Street, Philadelphia New York Boston Chicago Detroit Teat. Today'a 11 00 1:30 rloae open a. ni p. m March sa.12 ?d,00 3VM S.I Ml May 31.14 ai.fl. 33.85 .1.1 ss July . Sl.n.l 81,00 .... SI, 71 Oct SO 67 20.81 20,oo 2t.il 1 Same Family One of New England's oldest enterprises has been in the con trol of the same family for four generations 106 years. The present remarkable earn ings and investment history of this successful company are de scribed in our Folder P.P.L. 361. Shall we tnd you. a copy? Hollister,White&Go. .: II .INCORPORATED llll rJJ North American Building III fj' PHILADELPHIA . 1 Bolton New York Sprlnnld Provld.nca j V AJiii r.A 4 J&iilLiS-aJVi ,m',., .,;.?, :.i-.'l.f'jjbm:n2.:.r.Jj, sZii'iit , .', .'... ai!dl..l, -v ..lifti.'tfck. -mifetlk.'LIM Jtfcf BHaaMu
Significant historical Pennsylvania newspapers