.HI ' sWJ' f, K MVtF Ml)rfjl m V EVENING PIJBLIO LEDGERr-PHILABELPHIA, TUESDAY, FEBRUARY 10, 1920 IT" a , !wr K l" en r i ' v, r. f ft Barrett for a Big Job Brooke Stokes & Co., 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 the United States, showing earnings, expenses, dividends, etc. The investiga tion will be published and dis tributed gratis to a few of their clients. The mass of fig ures was checked by fivo men, working two months continu ally with five Barrett Model 10 machines. This firm orig inally completed this work in 1016. They had from -1 to 8 men working exclusively at this work and at nothing else for 4 years. At tho time this work was commenced they in vestigated the entire adding and calculating machine field. The gratifying conclusion ar rived at wa3 that the Rarrctt Model 10 is by far the best device obtainable for checking work that must be deadly ac curate. No doubt millions of dollars will bo investpd on the reliability of the fact3 fur nished these investors. The John B. Stetson Co. of Philadelphia, the largest hat manufacturing concern in tho world, use-s 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 Distribute"! Itirrett AiIcIItii Mnchlnej 505 Bulletin Bid. Phone Locust BS55 Barretts are made In Philadelphia. L NEWS OF FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK QUOTATIONS SHIFTING OPERATIONS KEPT MARKET H1GHL Y UNSETTLED Easier Call Loan Rate and Favorable Steel Tonnage Checked Declining Movement Temporarily , Pennsylvania tapany (Lines of Pa. R. R. Co. Wost of Pittsburgh) W? per cent. Gold Loan Certificates Secured by Collateral deposited with the CirardTrustCo., Trustee. and guaranteed as to principal and interest by endorsement by The Penna. R. R. Co. Price: at market, to net '' 64 per cent. iew orl. Fob. 10. Tlierc vraa tnUCU tho Mimp irroirillnritv In tnrlnv's PtOCk mni'knr na nrnvnilnrf iti Mm nro. I ceding Bcsnion except that fluctuations ""' nui so violent, uor oi sucn oi nu t-xtensive character. The market, how ever, experienced considerable ilif ncult' tn finding its level, reflecting the incrcaing mental confusion of tho pro- lesKionai eiecnt, who supplied more j that i)0 per cent of the day's opera -i tions. ; 1 'i.ring the first pHrt of the session, especially during the first hour, the inur j ket was again subjected to concentrated pressure, coming about equally from the bear ciowd and liquidation reprinting I the closing out of long accounts for I the so-calhd lame ducks, of which Wall 'street is now full, and which arc gen erally found in considerable numbers in the aftermath of every pronounced j downward swing in the market, i The ocrnicht announcement nf tho strike of maintennnce-of-way men nf- iorueii a pretext lor the renewed t-ell-ing, whieli caused the fresh sinking spell the market suffered at the outset. While this selling was in progress, there were I declined ranging from 1 to more than 7 I points. Curiously the drive was not di- 1 rected against the railroad shares, as would have been expected tinder the cir cumstances, but the pressure was di- i reeted largely agains the shippings, mo tnrs und stecLs. Trading during the morning followed 1 jc-.terday's unsettled course. In many instances, the initial reactions were ran- rlall) extended, especially the shipping shares, which made new low records tor the movement. General Motors was tin- rao't uncertain feature, dropping 7 points and later making a full recovery. Affiliated shares and the oil group muni tested a heavier trend and the equipment-, continued to sag with the rails. i The selling movement, however, lacked the violence nttending yester da 's shakedown, and there was a much hi'tler absorption on the declines. This induced a general covering movement in the second hour, bringing substan- tial rallies from the lower levels. Ad ditional Impetus to the recovery move ment was mipplled in the 10 per cent opening rate for call money. The fa vorable effect of the apparent easier money conditions was later supple mented by United States Steel Corpora tion tonnage htatcment, showing an in crease in unfilled orders on its books of 1,030,07.1 tons. The unfilled tonnage for January was given as 0,2S5,-H1 tons, compared with 0,C84,M8 tons in January last year. In fact, it was the largest tonnage reported by the steel corporation for any month since April, 1018. Not only was the showing much bet ter than had been expected; but it fur nished convincing testimony of tho growing activity of the Iron and steel industry, which for the moment has been lost sight of by reasons of the mis givings prompted by reason of tho strained domestic and international monetary situation. The good effects of the favorable ton tagc statement and n further relaxa tion of call money to 8 per cent was soon lost nnd, a little after mid-day, fresh weakness cropped up In many parts of the list. The shipping shares continued the most vulnerable, nnd with the oil nnd motor shares featured tho most extensive declines in this second ary backset. Thei downward swiug, however, gradually spread out to nil quarters of the list, embracing the in vestment rails and the representative industrials. The drop in the call rate to 0 per cent shortly before the closing of the market, made It tie impression on nrices. There was tome covering, which caused stiffening here and there, but only a small part of the losses of 2 to 4 points among the standard shares, and 0 ot 15 fiolnts nmong the higher priced specu ntive issues, vere retrieved. Steel sold down to OS, Generul Motors to 250, Mexican Petroleum to 10S, and to on. In the rnil department Reading went below 07. Union Pacific below 115, Southern Pacific below 02 and Atchison below 80. NEW YORK STOCK EXCHANGE TRANSACTIONS SLUGGISH RAIDS IMPOSED Successive Waves of Selling Entailed Lossec in Most Parts of the List j Philadelphia Stocks CALL MONEY EASIER Biddie & Henry ,104 SOUTH FIFTH STREET APPROXIMATE YIELD OF Kennecoli Copper Corp. Ten-Year Secured Gold Bonds Secured by capital stock of the Utah Copper Company, having a present market value of 214 times total issue of bonds. Revenue for poorest of last five years equalled about six times interest charges on this issue. Circular on requts' Bonbright & Company JIORHI8 WISTAR STnOfl) J M'anafcr 437 Chestnut St., Philadelphia Nw York lioeton i hicsa Dt-irou An Exceptional Industrial Preferred Stock Fifty-four years aco the Sherwin - ill ami Com pany was established It is today the lamest manufac turer of paints and var nishes in the world The Company has no bond ed indebtedness. The Com mon Stock is quoted at over $225 a share, which gives a market equity of about $22,000,000 to the $15,000,000 Preferred Stock. 10 lias been, paid on the Common Stock for 21 years. We offer the Cumulative Preferred Stock at Price to yield 7r'e Send 'or Circular 'o. L 01 Ghandleiu Company Frank'in Bank Bids. Philadelphia New Torte Boatoa New Yoili, IYb. 10. The New York I.vrnin; Sun'.- closing financial review today ra5 : Suecpive wave of selling of mod cate forre and volume, ontailinpr in the ascresate lo-e-i of several point- in both the ruilroads and industrial lists, tolled over today's stock mruket. Ap parently tin performance had uotbiny whatever to do with news developments It lelleit.'d. in truth, the bearishuess of the floor trader- only, who were aided not a little in their position b. the pes simistic tone of most brokerage houae' tenders of advice. The selling periods were, therefore, in the nature of rather -lugci-h raids, wlLb no one prepared to withstand them. The public is standing idly by trying to make 'ip its mind whether in fact li quidation lia- run its course, and there i- eery pnnni-e of a repetition of the old. old Mot J the public will not real ize that liquidation lias ended until the price list has gone far enough on the upward grade to render It impossible to pick up what might be legarded as real bai gains. It might have been supposed that lower all monc rates would at lea-t have lender! d the .shorts cautious. In deed such nrcibnblv was the cape, al though the manifestation of it took Ihe 1 lorin of slower trading rather than in ( liange of position. lleiiPwals were made at 10 p-v ut. the lowest renewal rate in a fortnight or so. nnd at mid-da fresh accommoda tion was put through at S pr cent. Ilowmer, all money rate movements uie more a matter of concern to 'he professional -peculation element than to the larger operators, who took to time loans for their Inspiration. And time loans remain stationary at high levels with very little funds forthcoming. The foreign exchanges were unsettled, but there was nothing at all exciting in thru quarter. Treaty advicps from Washington had at least the merit of offering something definite to wit. that the treaty would again come before the Senate next Monday. The railroad wage situation was the disturbing feature among railroad shares. Despite the strike call in De troit for February 17, it looked as though a walkout ml;ht be avoided. The President has taken n hand In the mat ter, and the director general was to. meet the labor representatives again this afternoon. Tho figures of the I'nited States Steel Corporation nf unfilled orders on the i books ax of January 31 were surpris ingb good. Such orders were shown to total t).Kj.-Hl tons, a gain over 'the previous month of 1.020.07."i tons nnd comparing with 7,12S,:iSO tons iu November and with t5,US4,'US tons In January. 1010. Sight drafts on Iondon displayed a reactionary tendency in the early ses- ! sion. selling below S3. 34, but there wn.s partial recovery later to nbove !$3..'ili, i which contrasted not at all unfavorably with yesterday's rates. Francs and marks were relatively steady, while lire advanced 10. points. Helgian francs j were up 1(1 points. Swiss francs and .remittances on the Scandinavian capi- , tals were slightly under pressure. Husi- I ne-s was rather quiet. tUah M Alii Ins war ... !'? : Alii Ins. 22 32(1 Am Strs. 3flH 30 Brill. J G 4"' 320 HI iStor.117 20 (ien Asp !)2 147 I C N A .'id's S". I.k SCor. IS 100 I.eh Nav. (I2VJ 133 Leh Val. 43 f Pa Cent Lght pf 43 .-.C4 Ta H Jl. 41 322 Phila Co cm pf. . 33 220 Ph Elec. 25i 230 P n T tc 23 12.-. tRcad'B. GOV '!i Lev; Close Xct chire. 22 3!) 45 112 i)2 31! IP..", 02, 41i,i 43 10Ts (IS P'Vj 30 4.-. 115 !)2 30 10 .ml 41 1 ".i 43 41 .IK - "H 2U, -Y IL 45 Ton Rel 135 Ton Min 2V. 400 TTrans O 22V 22 40 Un Trac. 34V- 31 110 U G I.. 53 " 52-V, 70 tl' S Stl 00 07- tXst ihanra marir hv wtmnflri.fln with Wst sale on New Tork Stoclc Cxchanne. Total sal"i 480S shares, compared with 3tl29 Bhares yeterdaj. ThUB far this week, S-'S" chares, Same period laet week. lfl.Su 23 OS 2 34".. 02?4 W 'Jilt 2 IIONDS lllch Low Close RO SO 01 100 SO (il 100 tales In tinoo 1 Am (ias Klec n 5 nice & Tr Is .... 01 3 I.eh Val (Is. 100 2S 13-251 Lb lid 4th 4Us.00.70 5 Vic 44s... 07.40 5 Pa & Sid Steel 0s ..100 2 Phila Oo cons C. . 7Sls 4 Phil Klc J st 5s 00 V, 7 I' II &V 4s 00t 7 IWg gen 4s 70 5 I'n Ky I 5s ('! 05 tL. 03 Ser elite 00. Oi H 00.70-f-.3S .40 07.4030 100 100 . . 7S'i 7S 2 00 00 00 00 i.4 70 - - U -2". HcnJs. tBi.TOO. compared with S3S.200 e!terda Thui far thu we.k. eltlL'.UOU, same period last week. $77,000 WEAKNESS IN STOCKS SENDS COTTON LOWER List Under Pressure Crop at 56 to 62-Decline With Oldi Point COTTON BELT WEATIIEH CONDITIONS New York. Feb 10. The following tem peratures were record's in the witton belt this mornlnc: Nass18i So. Okla homa City. 3S, Tort Fm.th 40' Memphis 42, Little nock H4 Tamtm. Wilmington. Savannah ThomaHvlUe and Ivnoxvltle, IS, Macon Chattanoona Augusta, Atlanta and CharUston. 50 fire,eport Meridian and Jacksonville, fl Sin Antonio Vlcka burB 'and Montgomery 34, Pensacola, OH New Orleans. SO: OaHeston 61. and Cor pus Chrlnti fill There was .01 Inch of rreelpliatlon nt Knoxvtlle and Corpus Christl 02 at Vlcksburg 04 at San An tonio. 01 at Nashville. 08 at Oklahoma my 10 at OaHeston, IS ut Shrrveport. S at Kort .smith in at Memphis ahd Chattanoosa. 58 at Little Hock New York, Feb. 10. The cotton mar ket was under active pressure in the early afternoon and prices broke heav ily, old crops selling down to a net de cline of 50 to 02 points, while new crop position? were about 30 points net lower. Henewed weakness in the stock mar ket seemed chiefly responsible for the selling, mudi of which came from Wall street firms. There was also further New Orleans nnd local selling and lirpildrtion of cotton bought earlier in the day for a reaction. Liverpool straddle covering and trade buying absorbed the offerings on a senle down, and the market rallied about 20 points from the lowest. llioo Sales COO 700 S00 1100 J 500 100 600 400 8(00 3000 ZOO 1100 200 2500 300 15000 3600 300 100 S800 2550 too 3400 noo uoo 1110 200 300 8100 15000 100 100 300 0200 100 M0 1200 100 2000 500 300 8000 04500 I 2100 100 490 300 5500 300 14590 100 2.10 1100 200 300 500 25 500 100 300 1500 200 700 500 100 1711) 100 4300 300 700 8400 00 700 230 200 24C0 1500 100 2200 300 700 000 400 1000 500 GSOO 400 800 500 E2 ioo 400 600 1400 500 5000 100 11800 5400 1100 300 200 400 1100 600 COO 2100 200 200 400 300 1100 100 28'JO 100 010 1100 1500 100 1100 25000 (i10 6000 400 109 400 1300 23J0 200 nun coo 400 030 500 2500 3100 200 1200 13000 1330O 100 80 '10 100 moo ioo 200 400 100 000 200 2000 2500 3C00 ' 200 Dlv. In 8 8 ' 8 ii 4 4 8 3 7 10 8 30 0 5 7 7 7 6 a 7 10 .50 10 High Advance Rumclv .... 40 AJax Rubber 73 Alaska Gold Mines . 1 Alaska Juneau Q M ,. 1J, Allts-Chalmera 44 14 Am Aerlo Chem 88 Am Beet Sucar ...... 8JJ4 Am Boson Magneto . .114H Am Can 48 ft Am Car & Fdy 132 Vt Am Cotton Oil 47 Am Drue Syn 13 Am HIdo ft Leather. 21 ft Am HIdo & Leath pt. 10814 Am Ice 40 Am Internat Corp ... to Am Linseed 80 Am Locomotive S3 ft Am Malt & Grain ... 32 Am Ship & Commerce, 1BJ4 Am Smelt & lief .... C3 Am.SnufC 05 H Am Stoel Foundries. 431 Am Sugar. Jlof 12714 Am Sumatra Tob ... 8314 Am Tel & Tel 7 Am Tobacco 240 !4 Am Tobacco pf new. . to Am Tob Seo temp ctfs. 58 H Am Woolen 1'414 Am Woolen pt IOIJj Am Writing Paper pf. 4614 Am Zlno Lead & Sm.. 1614 Anaconda Copper ... 57 H Ann Arbor llj-i Assets Realization ... ZVi Asso Dry Goods 53H Asso Dry Gds 2d pf . . 70 !4 Atch Top & Santa Fe. 80 Atch Top & S V -pf . . . 77 Atlantic CoaBt Lino. . 87 Atl Gulf & W I S S..140& Baldwin Locomotive.. 112 H Baltimore & Ohio ... 30 Baltimoro & Ohio pf. 42J' Barrett 11914 Batopllas Mining .... 1 Bethlehem Motors ... 2314 Bethlehem Steel 85 Bethlehem Steel B ... 90 Bethlehem Steel 7.. 101 Bethlehem Stl 8 pf..H0'4 Bklyn Rapid Transit. 11 ?i Bklyn R T ctfs of dep 7J4 Booth Fisheries 11 Brooklyn Union Gas . 55 Burns Bros 10214 Butto Copper & Zlno. . 8'A Butte & Superior Cop. 23J4 Buttcrick 18 Caddo Central O & R. 1914 California Packing ... 7814 California Petroleum. . 3214 California Petrol p.. 07 Calumet & Arizona .. 6014 Canadian Pacific" . . . .120?$ Casa J I Thresh M pf . 0714 Central Leather 82 Central Leather pf . . .106 Ccrro do Pasco Cop.. 4914 Chandler Motors ....132? Chcsapeako & Ohio . . 51 14 Chi & Northwestern . . 80 Chicago Gt Western.. 814 Chi Gt Wcetcrrv pf . Chi Mil & St Paul . . Chi Mil A St Paul pf . Chi Pneumatic Tool . Chi Rock Isl & Pao . Chi R I & Pao C pf Chi R 1 Pao 7 pf,. 6614 (Jlilla copper 174 Chlno Copper 3514 Coca-Cola 38 Colorado Fuel & Iron. 3714 Col Graphophone .... 4014 Columb Gas & Blec..ifi0l4 Consolidated Gaa . . . Consolidated Cigar . . 7 Con Cigar pf Con Interstate Cal M Consolidated Textile Continental Can Continental Candy . . Corn Products Ref 22 33 51 H 87 2514 5014 764 5G 80 17 A 2714 81 1114 8014 Corn Products Rcf pf.104 ''"flHL. BP? (a Improvement Company 6s, I9.il arr nlrel i.omvnny ii os, usv ,Hallwxr Power Co. Kef. As, 054 luKIMlu reri vuuinii us. vau l'assenier Itaalway Co. 4s. 04S Metric Company 1st Bs, 130 Gas i yuel Co. Coll. Ms, 030 ..Jt Valla A VnHh.n, Km. Illlft Coal Coke Company Ifci As, lilt mi nsM.n nrr irtic, oi, ism Ma rJfetrle Cmmuny Ot. 1U5I Annual K. Phillips & Co. -jn,T,K"h"" MONEY-LENDING RATES XKW YORK Money on rail opened todav at 10 per eetit for lending and re newing. The time money market failed to show any relaxation today. Renewals on Industrial were quoted at O'-jffilO per rent, and those rates were bid on indutrialH with very slight business offered. Mixed money is quoted ut SVjfftO per cent. Prime mercantile paper is firm at 0,j per cent minimum with fair offerings. Prime bank acceptance-, are rV4 per cent bid with business at osH per cent. Call loans are unchanged at ." per cent on this class of transactions. PHILADELPHIA Call. 0 per cent; Ume, 0 per cent ; commercial paper, three to six months, 0 per cent. LONDON Money is quoted at 4, per cent. Discount rates: Bhort bills, fi(25 111-10 per cent, and three-month bills, 01 Q5 13-10 per cenf- Mar h I .May 'July j October Test. Today's close nnen . SI on 35.0. SJ HI 32.(10 30.71 30.0.'i 28.70 28. BO .12 37 no 5 28 04 12 30 P tn. .14 IS 4 .12 33 30 40 28.57 2.30 p m. 32 20 so "jr, 28 43 Liverpool Cotton Liverpool, Feb. 10, There was an Increased request for spot cotton today, with prices steady on tho basis of an advance of 10 points for middling at 28.221. The sales were 10,000 bales. The receipts were 40,000 bales, includ ing '20,000 bales American. Futures were steady in the early dealings. Kpot prices were: American, middling filr, .'!".47d , good middling, .'10,47d ; fully middling. 20.47(1; middling, 2S.22d; low middling, 25.42d ; good ordinary, 22.47d, aud ordinary, 21.47d. BANK CLEARINGS Bank cWarln.s today compared with cor- 1018 Holiday Hoi May Holiday responding day last I'ao years 1020 .210 . 46 . SO 14 .401 . e?is .170 in. .. 37J4 ..111 .. 2314 .. 14V4 63J, Crucible Steel Cuba Cane Sugar . . Cuba Cane Sugar pf. Cuban-Amer Sugar . Delaware & Hudson. Del Lack & Western. Denver & Rio G pf . . Elk Horn Coal 22 ?i Kmerson-Brantlng ... 21 Endlcott-Johnson .... 126 H Endlcott-Johnson pf .101 Urle 12 lle 1st pf H' Erie 2d pt 13 Famous Players-L ... 75 Famous Playera rts.. 87 Ji Fislt Rubber Fisher Body Freeport Texas .... Gaston Wms & Wig General Cigar General Cigar deb pf .1 87 General Electric 15514 General Motors 204 J4 General Motors deb . . 76 Goodrich B F 60? Goodrich B F pf 04 Granby Consol M & 3 4314 Cray & Davis 37 Gt Northern Ore ctfs. 30 Great Northern pf . . Greene Cananea Cop. . Gulf States Steel .... Haskell & Barker Car'. Ilendeo ctfs Hupp Motor Car Illinois Central Inspiration Con Cop. . Interboro Con Corp . . Inter Con Corp pf.... Int Harvester Int Mer' Marine Int Mer Marine pf . . . Int Mot Tr 2d pf International Nickel . , Inter Nickel pf International Paper . . Iron Products Corp . Jones Bros Tea Kan Cltv Southern . . . Kansas City So pf . . . Kelly-Spg Tiro Kelsey Wheel Kenneeott Copper Keystone Tire & Run ' Lackawanna' Steel . . . Leo Rubber & Tire... 74 "J 33 6314 65 14 3814 in 84 K 62 ?4 354 1014 12014 30 S3'4 , 65 22' 87 77Tb 45 24 H 144 45 12114 , 7314 2814 30 -75T4- 31 Low 40 70 IK ITi 4114 88 70 113 4514 128H 4b 12 K 21 106K 40 00 78 8814 33 10 5?t B514 40 124 84 0714 240 00 55 i 122 101K 46 16 55 114 314 5014 7014 78 77 8014 142N 10714 2014 42 J4 11814 1 ID 8314 87 H 101 11014 105. 7tt 11 5114 10214 8 33 H IS 185-4 7814 31(4 6614 6014 11894 0714 77 10514 iS!4 128H 4B?4 70 79i 2154 3214 4014 87 244 5814 5J4 10 '2 35 34J4 3754 3814 55H 7514 56 80 1674 37 70J4 1U4 774 104 20814 4214 8014 400 0114 166 10 23 20 123 101 UT4 1814 1214 73 87J4 3614 111 21 Vt 1214 6014 87 15314 24614 75 6814 0454 4314 3514 3514 71 32 6214 55 35 13 Is S3 54 51 314 1014 11614 2754 7ftJ's 65 20 '4 87 74 45 245, 1414 45 117 72 28 271, 73 3014 Today's Net Closo Chso. 40 70-1 1 . 1W 4114- 354 88 - Vt 70 - 314 113 - 1(4 4514- 314 128H- S14 46-1 1214- 14 31 - IK 100H- 3H 40 -I- 1 so - oJ4 78 - 314 8814- 3W 32 - 10 - ?. 50J4- 21s 54- 3?4 40 - 314 124 - 314 84 - 1H 0714- 14 210 4- 1 00 14 5554 3 122 -13 10154- 4614- 94 1614 55 - 214 11J4- n 314 6014 354 7014- 1H 78-3 77 - 14 8014- !4 145 - 5 10714- 514 2014- J4 4214- 114 11814- 14 1 10 - 314 6314- 3 87 54- 354 101 1 11014- 14 1094- 14 714- 14 11-14 55 5 102J4 114 8 .. 2314- 94 18-1 19 - 14 78i4- n 31 14 1 14 6514- 4J4 0014 !4 H894- 2Ji 7014- 94 7094- 5!4 10514- 14 48J4 l!4 12854- 354 4054- 114 7014- 1 7?i- 14 21 74- tV, 3294 - 1 4014- 1J4 873 2414- 214 68 14- !4 6594 2? 1014- 14 35 - !4 38 14 3714- 114 3814- 314 5594- 194 76 14 563 80 1654 54 2714 1 8014- 114 1U4- 14 7754- 314 104 200 - 3 4214- 314 8014- 54 400 1 114- 94 166 4 10 - ir, 23 - 15 20 12414- 3 101 11J4- 14 1814- 14 13 Yz 72 - 2', 8714 36J4- Ui 111 1 23 - 1215- 214 CO 4 871 15314- 354 246y4-t79i 75 - 194 0094- 94 a54 94 4314- 14 3514- 214 3514- 94 7114- 394 322 6214 394 55 14 3.1 - 314 1314- V 8254- 214 51(4- J4 314- 14 1014- 14 11015- 414 28)4- 294 8054- 294 05 394 2014- 1 87 1 7474- 394 45 15 2494 14 1414- 94 45 H7 - a 7215 114 28 - 14 2714-314 73" "214 30J4- 14 dales 800 1800 600 1600 3390 100 300 300 200 100 200 20ft 100 100 17100 J00 000 600 27000 8100 700 100 600 600 500 100 1000 100 Dlv. in 3.60 ii 7 4 10 .75 10 8 3 .20 4 100 3.60 20O 7 100 7 , 100 5 800 .. 800 100 7 200 300 1.60 100 200 10 1300 8 800 3.(0 100 3.60 7 5 7 5 4 .50 3030 100 100 700 100 5300 1000 3400 6600 300 1400 300 200 200 100 11500 1700 100 2700 1100 6000 '600 13700 100 1000 100 100 2700 700 100 1200 000 1000 1000 700 2900 20000 100 100 cooo 100 200 BOO 12700 8.70 100 6 2100 200 100 .. 1800 100 8800 1 2700 .74 36000 1000 e 16100 6 100 20 3300 100 42300 400 400 800 1100 600 6030 4100 3200 100 8000 700 200 3000 6300 1200 1300 600 1400 100 400 10000 000 1200 5500 1100 10000 400 1700 400 00400 1600 2800 100 1100 4300 1500 600 100 1200 500 200 4000 1400 200 6200 300 23700 100 1000 4100 5 7 7 5 3 4 io llleh Low Lehigh Valley 41T4 1 Liggett & Myers rts.. 1014 1014 Lorlllard Tobacco ...16 153J4 Loewe Co 2814 27 Loft Corp 10 1894 Loose-WIIes Biscuit .. 4714 "14 Loulsvlllo & NashvlIIe.101 100 Mackay Cos pf 83 63 Manatl Sugar 115 H9 ' Manhattan Shirt ... 30 30 Martin Parry 254 3 Maxwell Motor 26 259 Maxwell Mot ctfM .... 2515 21 Maxwell Mot 1st pf .. 60 60, Mexican Petroleum ..174 162'4 ' Mexican Petrol pf . . . OS 05 Miami copper 2294 M Minn & St L new .... 11 14 Middle States Corp .. My4 Mid valo Steel & Ord.. 46 45 Missouri Kan & Tox.. 8 Tn Mo Kan & Tex pt .... 11 u Missouri Paclflo 23?1 3iJ Missouri Paclfla pf .. 3094 Montana Power s "? Mulllns Body 41 41 Nat Aniline & Chem.. 56 63 Nat Aniline & Ch pf . . 85 85 National Acme ....... 30' 3y National Biscuit 10 1; National Biscuit pf ..115 National Cloak & S... 74 '? Nat Conduit & Cable. . 8J4 815 Nat Bnam & Stamp.. 73 70 National Load pf ....W7 107 Nat R R of Mcx Sd pt 454 JJ4 Nevada Con Copper .. 1494 154 New Or Tex & Mex . . 40 40 New York Air Brako .100 100 New York Centrat ... 67 4 6814 New York Dock 3 '" New York Dock pf .. 80 60 New York N H & H . . 259. ? Now York Ont & W. . . 17 " Norfolk & Southern .. 10 10 Norfolk & Western ..01 0014 North American 52J4 J14 Northern Paclflo 7414 70 Nova Scotia S & C .. 54 54 Ohio Cities Gas j ?,& Okla Prod & Ref .... 894 JH Ontario Sltver Mln... 714 1 Otis Steel 3114 3014 Owens Bottling Mach. 65 54 Paclfla Gas & Eleo ... 53 BOY Pacific Mall 37 2794 Paclflo Tel & Tel .... 38 !4 3814 Pan-Amer Petro 7094 75 Pan-Amer (B) ..... 7014 Parish & Bingham ... 30 W 30 V4 Pennsylvania R It ... 41 ? Peoples Gaa Chicago.. 4054 30 Pere Marquette 28 j Philadelphia Co 3714 30 Plerce-Arrow Motor . 6894 65 Pieroe-Arrow Mot pf . 00 08 Pierce Oil "if 1654 Pierce OH pr 0194 9194 Pitt C C & St L ..56 56 Pittsburgh C of P... 56V4 4!4 Pittsburgh & W Va. . . 23',4 3214 Pittsburgh Steel pf .. 901a 00J-5 Tr4 rve!f rnal 1794 17 Pressed Steel Car ... 03 8014 Pullman 3 "H Punta. Alegre Sugar . 8294 7014 Railway Steel Spring. 03 V4 0194 Ray Consolidated Cop. 20 1094 Republic Iron & Steel. 10854 10294 Republla Iron & S pf.l05!4 105V4 Replogle Steel 41 41 Reading "0 6 Reading 2d pf 34 34 Remington Typewrit . 74 14 ? . Rcpub Motor Truck . . 47 45J4 Royal Dutoh NY 9094 9114 Savago Arms 71 14 '1 Yi St L San Francisco... 17 16J4 St L Southwestern ... 1V4 1314 St L Southwest pt ... 2494 2494 Saxon Motor 154 15 Seaboard Air Lino... 694 654 Shattuck Aria Cop ... 11 14 H Shell Trans Trading.. 8094 7514 Sinclair Consol Oil .. 3714 3594 Sloss Sheft 3 & I .... 704 0894 Southern Paclflo .... 94?4 0014 South P R Sugar . . .230 230 Southern Railway ... 20 1014 Southern Railway pf.. 5354 5354 Studcbaker 01J4 80 Studebaker pt 101 100 Stutz Motor 11754 H555 Superior Steel 45 44J4 Stromborg Carb C714 64 Tenn Cop & Chem ... 10 14 10 Texas Co 178 108 Texas & Paclflo 3154 28 Tobacco Products ... 7494 7194 Tobacco Products pf.. 0094 0894 Transcontinental OIL. 2294 21 Transue & Wms Steel. 65 14 55 Union Bag & Paper. . . 90 90 Union OH 30 2894 Union Pacific 11714 11394 Union Paclflo pf 6694 66 United Alloy Steel ... 45 43 United Drug 130 134 94 United Fruit 18014 17714 Un Ry Investment ... 10 10 Un Ry Investm pf ... 34 2214 United Retail Stores . . 7514 7194 U S C I P & Fdy .... 16 16 U S Food Products.. 53 3714 U S Ind Alcohol 93 8R U S Realty & Imp.... 4594 43 U S Rubber 103J4 OS U S Rubber 1st pf. ..11294 112 U S Smelt & Rot 0654 6214 U S Smelt & Ref Pf. . 45J4 45 U S Steel IOO 9654 U S Steel pf 11154 HO'a Utah Copper 72 70 Utah Seo 10 10 Va-Carollna Chem ... 6314 61 Vanadium Corp 4814 45 Wabash 75i 7 Wabash pf 22 21J, Wells Fargo Exp ... 80 50 Western Maryland ., 10 0J4 Western Paclflo 23 33 Wcbtern Union Tel ... 5 8454 Westlnghouse H & M. 5094 5014 Wheeling & L Erie .. 1015 10 Wheel & L Erlo pf ... 17 1054 White Motor 5854 62 Wilson & Co 7014 70h Willys-Overland 2614 25 Willys-Overland pf ..-8754 8794 Woolworth F W 124 . 123 Worthlngton Pump .. 8154 7554 3 5694- 154 00 - 115 UJ5.. 9154- Yi 561 5514 1 2214- 314 9014- 14 1 - 114 012 11094 194 7014- 314 0354 2H 20 .. .106 - IV 105H 414 41 .. 0714 3 31 14 74 44 4514- 2 0414- 554 7114 .. 1614- 154 1214- 94 2494 194 1514- 114 694- V 1114- 14 7514- 4)4 3554- 154 6914- 194 9054- 3? 230 -15 19V4- Ji 5354- 14 87 - 494 ioo J4 11414- 314 4454 54 G4 - 4 10 - 54 108 10 28 - 2854- 14 114 - 394 6614- !4 4354- 194 13494- 3J4 178 5 lfr 2214- 3H "54- 414 10 .. 5714- 2E3 895 43-3 0814- 6)4 112 - 54 6214- M 45-14 07 - 354 11194 94 703 10 14 61 -354 45 - 354 7)4- 14 21-1 501 0)4- 14 23 - 154 85 5014- 54 10 54 1794- 1)5 62-4 7014- 1 2594- 94 8794- 94 123 294 7354- 354 FOREIGN EXCHANGE New York, Feb. 10. With the ex ception of sterling, which parted in a cent under yesterday's final quotation, most classes of exchange showed gains at the opening figures. Rotations were: Demand sterling 3.37. cables 3.38; franc cables 14.40, checks 14.4 i lire cables 18.20, checks 18.22; 8w ss cables 5.05. checks 5.07; guilder cables AM. cheeks 37 ; .pesetas caWw ".'., checks 17.05; Stockholm cables 18,(o, checks 18.G0; Christian!.! cables 17.0... rherks 17.50; Copenhagen cables 15.15, checks 15.00; Ilelglan cables 13.85, checks 13.87; marks 1.03; Austrian kroner .34; Polish marks .73. In the early afternoon demand ster ling moved back to 3.35 and cables to 3 30V'. Mnrks showed considerable Htrength.'belng quoted nil the way from 1.03 to 1.07, while Belgian cables main mined strength at 13.80 for cables nnd 13.82 for checks. . ... , Swiss francs moved off to 0.(10 for eables and 0.02 for checks; francs were 14.48 for cables and 34.C0 for checks; lire cables 18.30, checks 18.32. Y1WTBRDAVH FINAL QUOTATIONS 8t.rilr.s- Francs I.lre Oullders Demand .... 3.37 14.44 18 80 374, Cables ... 3.37'i 14.43 B.4 a" Financial Briefs TODW'S OPKNINO QUOTATIONS Sterllnx l'rsres Lire QuIMers remand . 3.37W 14.47 Cables . ... 3.8B',i Noon quotations: 14.45 18 2T 18.23 Demand -I Cables . . . Stsrllnu Francs . .S.3.1'4 14.48. ..3.8614 14.50 Llres 18.30 18.32 37 i. 375. Swiss Irancs (10J 0.0U 1010 Phila SS8.S1A.021 53.!57.3 Chlcscn 10J.R10.2H H4.904,Stt1 N York. SlO.Olli, It.'.' 6U3.1B5.450 llaltlmer. 11.SS8.4S2 rJ.0S8.C2! HI Louis 23 140,167 23,271,016 The Cmbrl Steel Co, expects to Imre rail mills on triple time by end of the week, drawing from forces of other mills to man the plants. There are a large number of ordsra on hand In addition to .the 26,000-ton order from the Hall iSwd Administration. The average price of twe'nty active industrial stocks declined 0,40 per cent yesterday to 03.73, while twenty rail roads declined 0.31 per cent to 71.00, Application has been made to Hie New Yotk Stock Kichaugc to list Con solidated Gas Co. of New Yotk $25, 000,000 five-year 7 per cent convertible bonds due February 3, 1025, Another heavy outflow nf gold to South Ameriea is expected next week, when the next boat clears New York for Iluenos Aires. The sailing is sched uled February 15. A ship that sailed from New York last week carried in its hold 17,000,000 in American gold. Kxchange still favors Argentina, und it is understood that banking interests are taklug advantage of the opportunity to forward another big gold shipment. Net profits of $135,207 wa shown in the annual report of the Guarantee Trust and Snfe Deposit Co.' for last year. After allowing for dividend pay ments amounting to $00,000, the bal ance of undivided profits was $207,328. The annual report of the Cumberland Pipe Mne Co. for 1010 shows net profits of $723,074, which Is fqulvalcnt to SIR. 20 a share earned on the $1,500, 000 capital stock. In 1018 $37.00 was earned. The New York Subtreasury gained $5,430,000 from the banks esterday. making a rash net g'lin slnco Friday of $0,050,000. American Can Co. reporta for year charges and federal taxes, $3,180,223, equal after 7 per cent preferred dtvj. (lends to $5,50 u share ($100 par) on $41, 233, 300 common stock, against $0,- u,v... v. v.,vu m oiiu.u .11 41MQ 'ihe report of the Continental Can ivo, tor umi snows surplus, after allow ances lor uepreciatlon and taxes, uii.uuuuuK iu .?-,u-1,UIM, TBIS was equivalent, auer tue deduction of pre ferred dividends, to $17.08 n share earn ed on the $18,500,000 outstnn.iin ,... raon stock. In 1018 $13.80 was earned UU IIJU ElUU&t Charters Fifed Dover. Ilel., Feb. 10,-Charters filed here today were the Federated Mer chants' Corporation, 5,000,000, busl ncss ot commission merchants, etc. (T, Li. Croteuu, M. A. Hru.cc, H. TJ, Dill local Wilmington, Del., Incorporators) ; Texas Ilig Four Oil Co., $2,000,000, (iriu tor on and market same (M, h Ilorty, M. C. Kelly, S. L. Mackey, lo eal lMlmiugton, Del,, incorporators) ; -Michissinpi i-etroieuni Corporation, re line and market oil and its products etc., $1,500 000 (T. I,. Croteaq, m" A.' Bruce, S. K. Dll . local Wllmln. Del., incorporators); Indian Uayou Oii i '",.'. ''""""""I ncqu re and de yrlop oil lands (T h, Croteau. M. A. llruce, H. E. D . Inrnl Wllml. -' De''. Incorporators) ;,thc Shcnango Tire -.... .. j,u qu.uuu.tniu, manufac ture of rubber and rubber nrodueta tc (William p. O'Keefo, George o.' Htclglflr. B. K. Abcrle. lnrnl WllVl.. ton, Del,, Incorporators j, nnd Pioneer and Gulf Co., drill for oil and gas (Stilt BAllna asau i lit " T . 1 w ...... c.,uo in, u. ivenington, M. M. Levins, Scranton, Pa.: Prank M ended December 31, 1010: 8u7plus after Kean,e, New York city J, $l',to,000 LOCAL MARKET DEALINGS ON SAME. DIMINUTIVE SCALE SItarp Break of $8 in General AspJuilt Common Reflected Thinness of the Market If nnvrhlnf. nrernltht. rlevnlnnments in tho general situation anchored the local market more firmly than ever in the apathetic rut In which it has been grounded for some time. Dealings throughout the session were on tho same limited scale; in most part they were made up of small odd lots. Little sig nificance was to be attached to the small fractional changed, in that they contained llttlo meaning other than to further emphasize, the extreme narrow ness of the current market. Asa matter of fact, there was only one prlco change recorded wortny oi comment. This was the $8 drop in General Asphalt common to 02, which reflected the thinness of tho market fpr all the high-priced specialties, more particularly those, which bad been in flated beyond all sense of reason. At today s prlco mere was a depreciation in the stock of S00 a share from the high record price of 161, made on Oc tober 31, wnen mere seemed w do n growing fear there would not be cnonga stock to go around. The major part of the transactions in the other local stocks were conspicu ously of n perfunctory type. Electric Storage Battery dropped $2 to 115, but later regained the loss. American Stores moved up 7fl cents a share to 30 on a few sales, then reacted to 80. Penn sylvania Central Light preferred was Co cents above tho previous sale at $3 Philadelphia Rapid Transit dinned under 23 to 22, whilo Union Traction moved up 50 cents to 04. Philadel phia Electric was 25 cents higher at 25. Lake Superior Corporation. uuur uu juuriy huuw oi Bircngm. dlmvrl to 17 on moderate' selling orders, held at 45. rill BAR SILVER Bar' silver was quoted in today at 88d, up d. London Wanted: Advice of Manufacturers and Wholesalers In our desire to render to manufacturers and jobbers a service that may be of great value, we seek your advice on the course that a prudent merchant in your line of business shooild pursue in buying and selling goods, when prices show a declining tendency. (1)' How should a merchant avoid the dinners ln yorved in falling pricci? (2) What'policy should he follow n buying (roods? (3) What policy should he employ in selling; good? (4) What should be his terms of sale to hit customaro? (5) What should be his policy in collecting Us accounts? (6) What should be his policy in borrowing money? We desire to get the consensus of opinion of manu facturers and wholesalers as to the precautions which ought to be taken on a falling merchandise market, in order to avert a crisis or disaster. We are compiling a treatise that will show the views of business leaders of America on this vital subject. To all firms who con tribute to the symposium we will send this brochure free of cost. It will be off the press shortly. May we not have your views on the above? AMERICAN CREDIT-INDEMNITY CO., of NEW YORK E. M. TREAT, piesimnt "th company that isua tms umumvtso muict W. J. Morphy, Manager J. F. McFadden, Gen. Agt. Mutual Life of N. Y. Bids;. Phone Filbert S503 Philadelphia, Pa. VAi FOREIGN INTERNAL BONDS We have established Direct Cable Communication with Belgium, France, Great Britain and Italy and through our agents in these countries can offer subject to change in price Monday Closing Irie at Tar Frices Excitants Norms) Belgian Govt. Restoration 5s $77 per 1000 frs. ?103 French Govt. Victory 5s 65y2 per 1000 frs. 193 French Govt. 4s of 1917 5ZVa per 1000 frs. 193 British Govt. War Loan 5s 320 per 100 486 Italian Govt. Consolidated War Loan 5s 53 per 1000 lire 193 We are prepared to give information concornlng these and M LPre Secunties and invite correspondence on this EDWARD B. SMITH & CO. Bankers 1411 Chestnut St., Phila. ELKINS, MORRIS & CO. Bankers Land Title Bldg., Phila. Industry vs. Speculation Preferred Stocks of sound and old estab lished New England industries are backed by tangible values, consistent earnings and legitimate profits. They are free from market manipulations and wide fluctuations in price. Our Circular PPL-361 de scribes a well-known New England manufacturing cor poration now entering a period of even greater expansion and opportunities for1 larger returns. Ask iu to send you a copy. Hollister,White 6c Go. Bstton IMC4S) DONATIO North American Bnildiai PHILADELPHIA Nw YsrW 8rlaifttl4 Pretfocst Ii
Significant historical Pennsylvania newspapers