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EVENING PIJBLIO LEDGERr-PHILABELPHIA, TUESDAY, FEBRUARY
10, 1920
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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