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EVENING lXJBIiTC LEDGER-mLDELPHlA, WEDNESDAY,
FEBRUARY
11, 1920
-V
NEWS OF FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK QUOTATIONS
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WE OFFER
Foreign Securities
OF THE FOLLOWING
Cities and Governments
t
French 5s
French 4s
Belgian 5s
British 4s
British 5s
Italian 5s
German 4s
City of
Berlin 4s
City of
Hamburg 4s
City of
Frankfort 4s
City of
Dresden 4s
At present price the above
securities appear very nt
Iractlve. An Improvement In the
foreign Mflianice mnrknt
would result In n Hiibstan
tlal profit In thus issues.
FULL DETAILS VPON rtEQUDST '
Farson, Son & Co.
Member New Tork Stork Exchange
115 Broadway, New York
MARKET VERY NERVOUS;
PRICE MOVEMENT FEVERISH
Quick Rally on Short Covering After Urgent Liquidation Car
ried List to IS'aiv Low Levels
-M -
1 NEW YORK STOCK EXCHANGE TRANSACTIONS
i
Jula
Consumers Power Co.
General & Refunding Mortgage
Ten Year 7 Gold Bonds
Price 98 and interest
Yielding over 7.28
7 Serial Gold Debentures
At prices to yield
about 7.75
Complete circulars on these, a Uracil
Issues sent on request lor T. E -282.
TkNationalGiy
Company
Correspondent Offices In over CO Cities
Philadelphia 1421 Chestnut Street
Atlantic City Challonte Block
1ZZS Boardwalk
Now York, Feb 1 1 Today's stock
market Amis iu ii higkl) nervous con
dition and price movements were fevor
lish with wide and violent fluctuations.
! During the morning the market was
! swept by another wave of liquidation of
most urgent character. tarrying the
prices of the active tnilroad and in
dustrial shares to the lowest levels of
the year
The uigcnt selling movement spent its
force by mid-day nnd with the rcdurttnn
I of the call loan rate to l! per cent and
" mut'ii inure noerai supply nt
funds at that rate there was an exten
sive covering of the short interest.
Those operations not only brought a
complete recovery of the early losses
I but carried some of the more iietive is
sues above last night's closing level.
Possibility of some favorable develop
ment turning up over the holiday had
the effect of influencing the reaction
uo pnrty to cut down their commit
ments materially. Otherwise the de
mand was very limited and the sustain
ing power of the market feeble.
The forenoon session was marked by
stead., selling, which Iva reported to be
very largeh for the western account.
Heavy selling, however, was reported bv
the rjrlncipal wire houses from all the
interior centers, reflecting tho inability
to meet demands on impaired margins.
It was generally felt before the open
ing that the character of today's mar
ket would depend largely on the re
spouse to the marginal calls sent out
last night. iTudging from the veritable
flood of liquidation which was encoun
tered atter the opening, the majority
were cither unable to furnish additional
margin or had decided to let go.
It was reasoned out by some observ
cis today that the slump in security
values in the last foil) -eight hours
was a natural sequence or the crumbling
nway of roaikct value-., which has been
in progress since last November, with
only moderate interruptions in the shape
of irregular rallies at times iu the in
tervening period
The declines ot the last ten days
were so extensive that many specula
tive accounts have been crippled, and
it was assumed that holders of many
of the highly speculative issues must
sell if the declining movement reached
greater extensions. The character of
the trading yesterday afternoon in the
last hour and during the best part of
the forenoon today Indicated clearly
the necessity to sell became imperative.
Developments which usually govern
the price of stocks, as money rates and
foreign exchange, apparently ceased to
have any direct influence. Prospects
of an extension of the threatened strike
of the railroad cmplojes of the country
was, of course, a disturbing element,
but was not altogether n factor in the
ureent character of the selling, which.
os stated clearly, indicated further elim
ination of weakened accounts.
The semidemoralization which caused
the further slump in security values did
not develop its full force until the end
of the first hour. During the. early part
of the session, prices moved back and
forth in an errntjc fashion, irregular
rallies succeeding moderate declines nt
the opening.
Clams among the representative
shares, however, were soou effaced when
liquidation of specialties was actively
resumed. General Motors, for instance,
not only cancelled its gain, but fell to
ii new low for the movement, the same
being true of many of the speculative
stocks. Losses ranged from II to 8
points among the industrials of various
classes. Later the weakness extended to
the shipping group, with declines of 1
to .'! points and still later to 'the rail
roads, which yielded 1 to over 4 points,
with the greater weakness developing
in such recognized stable leaders as
Union Pacific. Southern Pacific and
Reading.
A jiillv of more substantial propor
tion occuried in curly afternoon when
call money was in abundant supply at
G per cent:
Extreme losses of the morning were
largely recovered mid some of the high
grade industrials, equipments and oils
were carried 1 to 4 points over yes
terday's tinal prices.
The rally was overcome in the last
hour, absence of buying power provok
ing fresh bearish aggression.
FORCE OF SELLING
Philadelphia Stocks
MOVEMENT SPEN
Tl
Sinking Fund Preferred
Stock
Price to Yield 8.10
Company has no
bonded debt. Earn
ings several times divi
d e n d requirements.
About 7,000 retail
dealers undercontract
assure broad distribu
tion for products, the
demand for which is
established. Company
is one of the best
known in this country
and is rapidly acquir
ing a world-wide repu
tation. Write for Descriptive Circular
Hemphill, Noyes & Co.
Htmbsrs Neu York Stock ExclarQ
Franklin Bk. Bldg., Philadelphia
New Tork
New Low Levels and Easier
Money Rates Attracted Con- j
fident Buying
MORE FUNDS ARE AVAILABLE
.. .... . Hleh
-i,p Allia Ins
- war ... 0
1r Am Strs. SIKH,
1'OAm as. fi()s
2.") tAtchison 7S4
123 tBaldwiu
Loc pf.100
KiO Urill J O. 45
20 ICuba Ca
Sugar.. 42 '4
770 El Stor.,112
4 Gen Asp. 84
11 do pf...l2S
r.o i c x a. ;i7
CO Kcv Tel. 10
3410 Lk Sup..
153 Leh Xuv.
TOLeli Val.
0 Lit Schyl.
SO tM id vale.
12C O Kisenlr 00
"!).- Pa II R. 40
Col'hila Co
cum pf. 32ij
J001 Phil Elec 23
303 P Ii T tc 22V.
Ixm Close
Ner
chce
it
JO"S
(12
41 '4
41
44
,1S1'.
fiOVl
78 y
100
43
12U,
10S
84
123
37
10
10
til1..
41
41
44
00
40U
(i
38
50
78ft 4-
100
43
1
42
108 7
84 8
123 15
37 4-1
10 y4
lGYi
01
41
41 4-1 "
44-
60 ..
4014
32?t
24
22y4
32
24
'U,
.10 PI, Tract 00 00 00 4- U
332 tReading. GG'I 05 04$ tf
30 Ton Bel.. 2 2-"jJ, 2..
2 .
2&
34
200 Ton Min. 2
;j-' un Trae. 31M.
1007 U (J I... r.2?4 52 52 V.
22 CCX .1 .183 1821a lsaS 111
2K0tU 8 Stl 07 07 97 ..
200 tW'bash 7U, 714 714
1WJ4S 3Cir. 30 30..
IS West C. 74 74 " 74 ..
IXet chancre made bv comparison wirh last
sale on New Tork Stock Exchange
ipii sales, lo.joa sharps ramiurfii uith
Thus rar this week, 1
tlAffnd llllrf II Aa1 01 I
B7 '- ". ....
rtai?s In
t liiOd
2 Am
HONDS
llluh I,ow
Close
Net
chre.
Boston
Scranton
LIBERTY
BONDS
$50, $100, $1000 '
Bought Sold
Recommended for Investment
Newburger, Henderson & Lofb
nvNKrns
1410 CHESTNUT STREET
Members ? TorU anil 1'hUadclnlilj
Stock r-tfhanKPS
80
oy..
07 "
01
1
Kennecott Copper 7s
tt Th nn'v nMlcftion of
this It one company 'J
Aerag parn ngp durlnir
past four years owr eevftn
teen timB interest chartr-g
on this Ippu. 1 Favor
able reflmptlon trma
A Security of Rare Quality
Frederick Peirce & Co
1421 Chestnut St., PhiU.
Safe investing w merelya matterof
knowing inhere to buy your bonds.
BARGAIN DAYS IN BONDS
Railroad Issues at th Lottos ta
Fifty Yr
Let Vm Submit Offering
EDWARD V. KANE & CO.
Morri Building
New York, Veb. 11 -The Xew York
Evening Sun'"1 closing financial review
today says:
The storm which has been sweeping
Over the financial markets for the last
week abated in fury today, but not un
til after the stock market fell to new
low levels this morning. When the
market opened it was still under the
Influence of the heavy selling which
proved so disastrous to prices in the last
hour yesterday.
For the first hour or so the list was
very weak, and additional declines of 2
to 5 points were recorded on an ex
fMulinslv heavy turn-over. At the low
i figures reached buyers came into the
market with more confidence than for
simc time, simply because of the enor
mous depreciation which has alreadv
taken nlace in security quotations
rather than because of any fundamental 4ios hares yesterday
'change in the financial outlook. Tin re "-M shares, isime
was one decided improvement, noweer.
and that was in the supply of mone
available for call loans.
The renewal figure was S per cent,
compared with 10 per cent jesterriay and
17 per cent last week. By midday call,
loans were obtainable at fi per cent.
This represented such a marked relaxa
tion from the tense condition which has
prevailed for n fortnight that it im
mediately steadied the stock market,
causing n sharp rally from the bottom
figures. In addition, the foreign ex
change market turned slightly upward,
with demand sterling at 3.3Ca4, upl
noniN Francs were three centimes
higher nt 14.48, while lire rallied 13
points to 1S.14.
The motor and shipping shares were
among the weakest on th decline.
Snidebaker selling down 3 points to 84
and Marine preferred to 78. Selling ot
railroad stocks was again n disturbing
feature of the early dealings, the
standard shares, such as I'nion Pacific,
Southern Pacific, New York Central and
Heading falling from 1 to 3 points.
Heading went below 05 nnd Union
. Pacific under 111 before the selling
I halted. This selling was chiefly due to
the strike threat and to reports from
Washington lliat there would be op-nn'-itinn
to the conference renort on the
railroad lull, particularly the 5 per
cent guarantee
In export cinlns the complaint is
growing that the United States has
lost markets in various countries which
we supplied during the war and which i
it was hoped we would supply pr- (
manentlv. Naturally, foreign cus
tomers are buying only the barest neces-
j.. , r.sn it a Vmon icn rf Vio nnnftrmfll
foreign exchange situntion. It is just speculation, was urged today by Henry
tbLs development which the decline in A .Moehlcnpah, member of the Federal
Gas S.
Elee us. .
2 Bald Loco
1st 5s . . .
2 City 4s '43
7 Elec Ac Pea
Tr 4s
o Lk blip inc
5s
o Lib isonds
4th 4s. 01.00 01.00 91.004-.30
SO
OO'-j
07
. . 05
5S
Ml
11(1
07 "
til
5S
3 Pa geu 4s 80
J l'hila JSlee
1st 5s ... 90
C Read gen 4s 78?S
1 Un Ry Inv
5s 08
5 AVels Co 5s OsL,
t0
00
7B
0S
SO 1
00 . 4
784
S..
OS', '4
Bonds J39 000. comparpd with J67.700
yesterdav Thus far this week, $141 000
Same perlrd last tek JlL'l.bttO
financIaTaidIfor
europe is urged
Scrutiny of Loans Suggested to
Promote Production and
Check Speculation
Dallas, Tex., Feb. 11. Financial aid
or Europe and restriction of domestic
bank loans so as to denv funds for
OIL FIELDS OF
VENEZUELA AND COLOMBIA
WITH MAP
XM toofclet will gladly be furnished on
regueat
Geo. A. Huhn & Sons
Btotks and Roods
WtLkKVUK COVKT BUILDING
1418 Walnut tit.. I'Llla,
JM, T. ontoe lit Broadway,
!l . .
St XonsliUn
Hleel 1st.
( ruel Cull. Tr.
H t nii ',? " , f.
tt (Mauaum wi.jm -.
lis Tracllun & Terminal
fia. 105!l
n. lUJil
tin, IV3 I
As, 1041
As. 111'.' I
Sn. 103 I
kwt. a 1'ower com so prri. siocn
Samuel K. Phillips & Ce.
171 WW 1 ri 1 1 1 pi .
JSVMK JkS.UUWC
stoiks ha been discounting.
When the worst is known the market
will doubtless be well on its way to
ward ouU( ipating a change for the
better.
The passing by the Senate of the oil
land leasing bill, which has alreadv
passed the House, and has only to be
signed bv the President, will be of bene
fit to man) of the smaller oil concerns
and will stimulate the oil Industry in
Woming and California.
Weekly reviews of the iron and steel
industry tell of insistent buying pres
sure at advancing prices. Few pro
ducers, however, have been nble to op
erate ut better than SO per tent of ca
pacity due to car, fuel aud labor short
age. Tho market tinned very dull on the
rallies and the improvement was not iin
presolve A good part of the demand
for stocks represented short covering
1'niled Stutes Steel held steady around
07, although subjected to heavy selling
pressuie. In the final dealings the mar
ket was irregular.
Liverpool Cotton
Liverpool, Feb. 11. There was a
fair request for spot cotton today with
prices steady on the basis of an ad
vance of 32 pointy for middling at
"9 r4ri. The sales were 8000 bales. The
receipts were 10,000 bales, including
400 bales American Futures were
steadj iu Ihe early dealings Spot
tiriivs were American middling fair.
H3.70d good middling, 30.70d . fully
Reserve Board, in an address before the
Dallas group of the Texas State Bank ,
rs' Association.
America's effort, Mr Moehlenpah
said, should ho toward increased pro-
ductiou and individual economy.
Declaring that Europe's neds were
food, raw material and credit. Mr.
Morhlcnpah said these must be fur
nished by America. I
"Where else can our brothers get i
it?" he asked. "The kind of men to
whom we shall extend credit is the
peasantry of France and Belgium, the
kind of men who kept back the hordes
of Germany. These people will pay
their debts. liar
their extremity?"
Stiles
000
500
300
1S00
1200
Ji00
7.100
1100
400
100
3190
1000
coco
100
0400
ion
200
3700
100
rwo
3780
A0II
coo
9800
moo
130
OlOn
100
300
7000
03
700
loo
0400
-'00
sou
MOO
3700
300
300
7.S0O
31000
400
1G0O
500
11000
1)1)
930
- 100
3.WO
100
800
fivoo
fiv'.vio ;
too
2000
490
1000
;ao
:i.ion
36500
AOO
1B0O
1 600
7IS
300
TOO
100
l,no
1100
300
sou
100
14C0
100
100
4300
100
10400
100
1400
400
1930
3700
3000
.100
300
090
3900
300
900
300
2S00
1800
too
30011
1300
300
100
800
4400
300
1900
100
coo
-oo
3000
MO
' 3930
330
13700
4300
500
3110
100
31)00
700
1030
3100
100
2.100
-.00
liOII
3100
200
200
1330
4100
1200
1800
400
1900
19700
200
1930
7400
.-,31)
HO.)
100
3100
40 10
1100
,' 13)0
!00
II JO
1130
200
2'1 )ll
1 1)0
2100
400
700
330O
200
33000
9100
02 1)0
DM0
300
S00
230
100
100
, 300
i. loo
100
100
I 3000
9000
Dlr.
In I
8
6
.1
a
8
7
ID
7
4
.80
fi
7
4
C
n
3
7
fi
7
4
7
S
3
7
7
10
8
30
C
O
;
5
10
.50
t. High
Adams Express 28
Advanca Itumolv .... 38 H
Advance Kumely pf. . on
AJax Rubber eg
Alaska Gold Mines . 1&J
Alaska Juneau O M . , 1 ;,
Altls-Chalmors 40 Ji
Am AbtIo Chem 8SJ4
Am Agrlo Chem pf . . 02?4
Am Bank Koto 40 '
Am Heet Surar 7gl4
Am Bosch Magneto ..113
Am Can , 44
Am Can pf tsi
Am Car & Fdy m
Am Car & Fdy pf , . ,114
Am Cotton Oil ts'A
Am Drug Syn ..'..... J2H
Am Express 9514
Ard Uldo & Leather.. 21
Am Hide & Leath pt.lOoU
Am Ice , 304
Am Ice pf jsovi
Am Internat Corp ... 01 W
Am Linseed 77;',
Am Linseed pf , no
Am Locomotive ...... S8J4
Am Locomotive pf ...10416
Ani Malt & Grain ... 31
Am Ship & Commerce. 19
Am Smelt & Ret .... 10(4
Am Smelt & Ilcf pf .. 90 H
Am Snuft 04
Am Steel Foundries,. 40 J.
Am Steel Fdrles pf . . 93
Am Sugar Hef 124
Am Sumatra Tob ... 83(4
Am Tel & Tel . 97
Am Tobacco . .1 340
Am Tobacco pf new. . SS
Am Tob Sec temp ctfs. 57
Am Woolen 12(i
Am Writing- Paper pf. 4 8
Am Zlno Lead & Sra.. 10
Am Zinc L & Sm pf.. Sl't
Anaconda Copper ...ofi!4
Assets Realization ... 34
Abso Dry Goods .f0
Associated OH 110 Ji
Atch Top & Santa Fc. 78
Atch Top & S F pf... 70 !4
Atlantic Coast Line.. 85j2
Atl Gulf &. W I S S..144'i
Baldwin Locomotive.. 109 Yi
Baldwin Loco pf 90 V2
Baltimore & Ohio ... 29 Y
Baltimore & Ohio pf. 13.
Barrett 110?4
Batopllas Mining .... 1 ,
Bethlehem Motors ... 1D&
Bethlehem Steel B . . 88
Bethlehem Stl 8 pf.. 110(4
Booth Fisheries 10H
Bklyn Rapid Transit. 11
Bklyn It T ctfs of dep 7fr
Brooklyn Union Gas . 5S7S
Brims Term & R R . . 11
Burns Bros 100
Butte Copper & Zlno.. 81.
Butte & Superior Cop 33J'0
Buttorlck 10
Caddo Central O & R. 18 !6
California Packlne ... "7J
California Petroleum . . 30 14
California Petrol pf . . 05(4
Calumet & Arizona .. fiOH
Canadian Pacifies . ...110U
Casa J I Thresh M pf. 97 4
Central Leather 70(4
Central Leather pf . . .105 j,
Cerro de Pasco Cop. . 47
Chandler Motors ....128ft
Chesapeake .& Ohio .. 40H
. . Chi Mil & St Paul ... 33J4
., Chi Mil & St Paul pf . . 49
. . Chicago Gt Western.. 794
2 Chi at Western pf .. 31 J
7 Chi & Northwestern . . 78 Yz
.. Chi Rock Isl & Pac . . 34 Y,
C Chi R I & Pao 6 pt. 0
7 Chi R I & Pao 1 Pf 07
8 Chi Pneumatlo Tool . 84
.. Chile Copper 1CU
3 Chlno Copper 34 ?8
8 Cluett Peabody .... 87
. . Coca-Cola ... , . . . . , . .. tS7 51
3 Colorado Fuel & Iron. 37 Yz
Colo & Southern . .2014
4 Colo & South 1st pf . . SO
6 Columb Gas & Elec. .1 56
1 Col Graphophone .... 30
4 Comp-Tab Record . . 49
7 Consolidated Gas .... 78
7 Con Cigar pf 79&
3 Consolidated Textile . 37
.. Con Interstate Cal M. 17 i
1 Continental Candy . . . 11
7 Continental Can .... 79 K,
Corn Products Ret .. 7914
" Corn Products Ref pf.104
13 Crucible Steel 21394
.. Cuba Cane Sugar ... 4314
7 Cuba Cane Sugar pf . . 80
9 Delaware & Hudson . . 90
Denver fr Rio Grande 0(4
.. Denver & Rio G pf ... 10
1 Dome Mines . . 11
3 Elk Horn Coal .. .. 22 J.
fi Endlcott-Johnson .. .13314
7 Endlcott-Johnson pf .10054
.. Erie Ui
. Erie let pf 18b
. Erie 2d pf . . .. 13
8 Famous Players-L ... fiaj.
Famous Players rts . 80
3 Federal Mln & Sm pf . 28 Yz
:i Freeport Texas .... 23 's
. . Flsk Rubber 30
2 Gaston Wms & Wig . 13
General Cigar . . . :fl
4
10
7
2
10
!
7
4
8
I
0
7 General Cigar deb pf.. 85
H General Electric . . .l.!-i
12 General Motors 250 J4
fi General Motors pf 78
0 General Motors deb .. 71?.
0 Goodrich B F 09 H
7 Goodrloh BFpf,, . 91H
Granby Consol M & S 40
.. Gray fi. Davis :VA
4 Gt Northern Ore ctfs. 33a4
7 Great Northern pf . . 70
. . Greene Cananea Cop 32
Gulf States Steel 03
5 Hartman Corp . .. 8814
4 Haskell & Barker Car. S3'i
1 Hupp Moftr Car ..'... 13U
7 Illinois Central . ... 82 '4
0 Inspiration Con Cop. 1
Interboro Con Corp . 39j
Inter Con Corp ! 10 14
. . Int Agrlcul Corp ... 15
fi Int Agrlcul Corp pf .. 7014
0 Int Harvester 11814
3.M Int Mot Tr 1st pt . . .70
. . Int Mer Marine 2914
6 Int Mer Marino pf ... 7914
.. International Nickel . 20
.. International Paper . 7514
0 Internat Paper pt 7414
Iron Products Corp 447
Jewel Tea . 15 h
Jewel Tea pf 3')
t Jones Bros Tea 2314
.. Kan City Southern 1414
4 Kclly-Spg Tire . ...11314
8 Kelly-SpE T 8 pf .. 1)0
Kelsey Wheel . . '
i Kennecott Copper .... 38
1.30 Keystone Tire & Rub. 27
DIVIDENDS DECLARED
Declaring that the war, finauciallv.
has just begun." Mr. Moehlcnpah
urged n campaign of education "to stop1
the people in their debauch, their
sprees, their extravagant living audi
spending."
tills leshon must dp put uiio pruc
r w Wooluorth Co . regular quartern of
W ih r rnt 011 preferred, paalil,. April 1
to Mock ot rerord March 10
Union 'Pacific. 2V6 PT rtnt on ronunon
m,nd regular semi-annual of 2 per cent on
preftrrfd. both payable April 1 to stock of
recorW Alaith 13
Atlas Pov.der Co , remilur nu-irterly i.t :i
pr tint on common, payable Marrh lo to
Mix U of record F bruary 2S
huiiih l'orto III30 Suear Co nitular auir
terl of 0 per cent on common and 2 it
rml r.n Tirpfpf-tLtl. both rayable April 1 lu
we forget them in 1 stock nt r'cord March 10
we iurei uiciii iu Cerio PaMO (;OPper f , quartern ot
II, parable Marcn 1 10 atom 01 recoru ivi
ruary 20.
National Cloak and Suit Co . rerular quir
terly $1.73 on prefe-red. payable March 2
to Moik of record Tebruary 20
lx)w
25
38 Yz
no
C8
in
3814
82
811
40
78
109
42
0514
125
114
44
12
0514-
19
104.
38 ?s
53
88
7014
so
85 ?4
10414
3114
1714
88
90
94
411
91
123H
8014
COW
235
95
514
120)4
45K
14
51
54 9;
314
48 ?4
llOh
70
702
84
HO 14
100
9914
28 ;
4214
110
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10914
lOJi
104
'
55
0
100
8
2214
15
IS
77?i
28 H
MV4
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11514
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105 ft
45 JS
124
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T
714
21
77
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4
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83
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87
37
3t,'4
20
50
64
381'8
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75J4
70)4
27
10 34
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79
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104
207 Yt
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79 ?b
89J1
!4
9
10 a4
21
lib 14
100
1034
is
1.1
C5
85
27 J,
2H4
537,
12
55
85
18314
245
77
71
08
94'4
40
13U
31 14
Oh 14
31
5014
87 '1
52 14
1314
8114
50 31
314
10
11
G"l
114)4
It
2714
78
20
7314
7214
43
15 h
30 h
S3 14
11
11334
1)3
03
37 31
2534
Today's Net
Close Cturo.
3534- 34
3814- 114
OR 1
08-2
1V4- H
1J4
3814- 3
8334- IV
m, 0
40. 4- 14
79
100 4
42 314
0514- Js
12514- 314
114 31
4414- US
12y4-
05)4 1
21
104 - 294
38J4- 114
5!4 614
88 314
7C14- 194
901
8014 2H
104M- 1J4
3114- Yz
1714- l?i
58 1J4
9014 4- 14
04-1
40J4 !4
01 - 1
124
80H- 354
34- 94
235 5
05 - '4
65H- J4
120(4- l?4
4591- 94
1514 1
61 - 2'
5514 4- )4
3)4
49 5a ?4
110J4- 714
7714- 14
:!4- 3a
8414- 2
14114- 14
107 - 14
9914 14
28 ?s- 114
4214- Us
110 3
114 ..
1814 !4
so J4 r,
109J4 31
low- H
1034 H
1- 14
55
0 - Ji
100 - 24
8
2314- 91
15 - 3
18)4- 14
11- Yz
20 314
t!5!4 . .
69?,- 14
117 - 1J4
7914- 31
314- 334
106J4- Vt
4014- VA
135 334
48)4- 31
1034- 114
48-1
154- 'A
3131
78 1
2334 H
414- 414
05 - 5,
832
15J4 - 34
34 - 1
873
37 - t
3714
20J44- 14
50 14
64 - 134
38J4 34
40 - Vt
ISYi
7914- 14
M4- 34
1714 14
1114- 14
79 - 1(4
H- 34
101
20s 1
43 - (j
o - (4
90 1
14 - !',
14- 34
1034 -14'
2131- 14
11814- 63b
100J4 14
1034- 1J4
18 - (4
13 4 14
05 - 3
8 - lT's
27 J.- 114
23 14
2334- 114
1334 34
50 1
85 3
153(4 -B1J4
238 ' 8)4
77 - 314
7191 4- 91
(.8 54
934- y
lo - 3)4
33(4- 191
34(4- 1(4
00 3(4
31 1
50(4- 3J4
91- 91
63(4- 231
13 9s 4- (4
1.114- 1)4
5034- 34
314 ..
10 - )4
14 - 314
70(44- 14
11414- 3
753
38K 14
78y4- 314
20 . - 14
7414- 34
7414 4- 14
4 31-2- 1)4
1514 4- 1
3934- 134
23(4- U4
14-14
115 -L 2
99 - 14
09 1
2794- 14
2534- 134
Dlv.
In I
0
tSalfR
4000
100
800
1400 3.10
1000 . .
2300 3
5100
200
100
800
400
100
200
200
500
300
300 1.75
1400
2000
900
600
18400 10
S00 3
013900 1.20
12100
600
1700
900
100
100
4430
900
00
900
3000
3700'
100
100
100 7
400
1100
300 7
1C00
1C0 7
1200
300
COO 1.50
000 10
3400 6
000
330 2.60
100 3.50
, , 1,lBh
Lackawanna steel 7314
Lake Erie & W pf 16
Loo Rubber A Tire... 30
Lehigh Valley 4134
Liggett & Myers rts.. 1614
Loewe Co 2G34
Loft Corp 10(4
Looso-Wllos Biscuit ..4514
Looso-Wlles B 2d pf .113
Lorillard Tobacco ...16131
Louisville & Nashvlllo.100
Mackay Cos ... ... 05
Mackay Cos pf . . .01
Martin Parry 25
Manatt Sugar Ill
Manhattan Elev guar.i 41
Manhattan Shirt ... 28
Maxwell Motor ... . - 25
Maxwell Mot ctfs .... 25
Maxwoll Mot 1st pf .. 4994
Max Mot 1st pf ctfs. . 4834
Mexican Petroleum ..1C14
Miami Copper 22
Middle States Corp ..3114
Alldvalo Steel & Ord.. J4
. Minn & St L new .... 10(4
. Missouri Knn & Tex,. 734
Mo Kan& Tex pf .... U)i
1 Minn St P & S St M-. 5
4 MBtI'S St M L L. 60(4
. Missouri Paclflo 22(4
. Missouri Paclflo pf . . 37
3 Montana Power . . 02
JMulllns Body . .41
0 National Acmo 7
. Nat Aniline & Chem.. 6314
"73 National Biscuit 114J4
5 National Cloak & S . . 71
7 National Cloak pf . . 97
. Nat Conduit & Cable.. 894
Nat Enam & Stamp.. 71)4
7 Nat Enam & St pt . . .101(4
Nat. Lead Co 7514
7 National Load pf ....100,14
Nat, R R of Mex 2d pf 4 Ml
-cw ur rex & aicx . 40
Nevada Con Copper . . 14 14
New York Air Brake . 9sJ4
New York Central ... 60
New York r & St Ii . 25
New. York Dock
0700
COO
290
100
4000
2700
4800
100
7230
800
700
1400
0-10
600
100
11100
3000
1000
4600
800
6700
100
1700
11200
200
3000
200
1500
1C0O
100
100
100
1200
2600
1100
3000
700
2500
7400
900
100
18000
400
400
5300
3200
US 400
1400
1300
sno
1000
300
300
100
3700
35700
1100
22500-
100
4200
200
100
39000
1000
1700
800
3500
6C0O
3300
4400
8800
1100
300
3200
100
11000
300
700
400
100
3000
100
200
11600
100
200
1700
0100
' 1300
19790
1200
200
113130
1030
2101)
100
1000
100
300
4300
3000
- 800
200
2200
200
100
3330
1100
200
6700
200
9300
100
200
1900
e
1
j
6
7
5
4
.50
.50
8.70
32
New York Dock pf . . 45
New York N II & H . . 24(4
New York Ont & W. . . 10
Norfolk & Western ..00)4
North American . 63
Northern Paclflo 70
Nova Scotia S & C . 53)4
Ohio Cities Gas 4214
Ohio Fuel Supply . . 4034
Okla Prod & Rof 7J4
Ontario Silver Mln... 7
Otis Elevator 120 54
Otis Steel 3014
Owens Bottling Mach. 53H
I'aclflo Mull . . 30 IS
Pacific Tel & Tel ... 3731
Pan-Amer Potro .. . 7034
Pan-Amor (B) . .. .7194
PaTlsh & Bingham . . 40
Pennsylvania R R ... 4034
Peoples Gas Chicago.. 3734
Peru Marquettp 25(4
Pettlbone Mullckln Co. 35
Philadelphia Co 35
Plerce-Arrow Motor . 65
Plerce-Arrow Mot pf . 99
Pierce OH 1034
Pierco Oil pf .- B0
Pittsburgh C of P... 54
Pittsburgh & W Va. . . 224
Pittsburgh Coal pf... 80(4
Pitts & W Va pf 70
Pitt C C & St L .. .53
Pond Creek Coal .... 10(4
Pressed Steel Car ... 89
Pullman Ill (4
Pupta Alegre Sugar . 80
Railway Steel Spring-. 09
Ray Consolidated Cop. 131
Reading CO
Remlngtdn Typewrit . C9J4
Reploglo Steel 30
Republic Iron & Steel. 104
Republio Iron & S pf.lC094
Repub Motor Truck . . 45 (4
Royal Dutch NY .... 95(4
St L San FranciEco... 10(4
St L San Fran pt . 3114
St L Southwestern . .14(4
St L Southwest pf . . . 26
St Joseph Lead . 15V4
Saxon Motor 15)4
Scaboanl Air Line... 631
Seaboard Air Lino pf. 131
Shattuck Ariz Cop ... 11
Shell Trans Trading.. 7831
Sinclair Consol Oil .. 3034
Sloss Sheff S & I .... 68(4
Sputhern Pacific .... 8031
South T R Sugar . .205
Southern Rallwav ... 18(4
faoutnern itaiiway pf .
Standard Milling
Studebakcr
Stutz Motor .
Stromberg Carb .
Superior Steel
Tenn Cop & Chem . .
Texas Co
Texas & Pacific . . .
Tobacco Products . . 70 7
Transcontinental Oil.. 21 J4
Transuo & WniB Steel. 55)4 5434
Twin City R T . . 30 2S14
Union Oil 2831 2S
Underwood Typewrit .17o 170
Union Pacific 11114 11034
Union Paclflo pf 004 eo'
United Alloy Steel ... 4.114 4015
United Drug 13.191 132(4
United Drug 1st pf.. 5014 50J4
United Fruit 179 170
Un Ry Investment . . 054 914
Un Ry Investm pf . . . 22 33
United Retail Stores . . 71 OS
ITSCIPi Fdy 10 K;
U S C I P & Fdy pf . . 45 45
U 8 Food Products.. 57 5S
U S Ind Alcohol 8814 83
U S Roalty & Imp. . 4334 43
U 3 Rubber 93 94
U S Smelt & Ref 6391 til
U S Smelt & Ref pf . . 45 45
U S Steel 9734 H.
U P Steel pf 11014 HOI',
Utah Copper 70'A 70
Utah See 914 0 If .
Va-CaVolIna Chem . . U GO,,
Va-Car Chem pf . . . .10814 H U
Va Iron Coal & Coke 80 I j
. . Vanadium Corp 46 l?;
. . Wabash 7Ts - 7
. . AVabash pf 31 91 7 -o (4
Wells Fargo Exp . . 499! 40,
Western Maryland . . 99 a
Western Paclflo 31(4 -uy,
7 Westing-house A Br 109 10a
4 Westlnghouso E & M. 50(4 4334
4 Wheeling & L Erie .. 19 ji
Wheel & L Erie pf ... IB 10
White Motor 53 31
5 Wilson & Co .. . CP.f 4 8Si4
1 Willys-Overland .... 2 3454
7 Willys-Overland pf . ftfiji 80J4
8 Woolworth F W 1 ) jjo
Worthlngton Pump .. 7,0 71(4
1
.74
'c
0
20
'fi
8
7
6
4
3
io
8
10
4
4
7
.50
10
8
8
8
0
.60
5
7
Ii
4
8
6
Low
70
10
28
4034
1014
25(4
1714
4514
113
150
98
03
fil
24
108
40
28
20
30(4
-4714
47(4
1G1
2134
2834
44
10
7(4
894
65
B0J4
21
36
02
.18
3594
47
114J4
7094
87
894
70
09J4
74
100(5
414
3014
1414
95
65
21
30
46
23
10
90(4
63
GS
60 94
4091
4034
7
634
122
2954
5294
35)4
3794
7214
G8!4
38J4
40
30
24
35
3514
!94
S 14
1!4
MI4
63)4
2114
83)4
70
63
1G
8014
110
79)5
89(4
19
64 94
7
39
100
100(4
15
9494
14J4
34
11
21
15(4
1431
6(4
13(4
11
70 34
35
r,5?4
f.S(4
311:.
18
Today' n Net
Close Chee.
7094- 314
10 -234
28 - 214
4034- 14
1014 ..
20(4- 14
1714- 1M
46(4- 194
112 - 3(4
160 2)4
082
65
61 - 1
241
108(4- 54
11 1
38 3
20 . 594
204- 614
40(1
48 J4
160144-
21J4-30344-44
1014-
794
94
1
M
!4
154
1
V
14
0(4- 394
654
5014 4- 14
21 - 194
3614- 14
63 H
383
37 94
47 - 014
lit 4- J4
7094-
071
8944- Va
70944- 94
99)4- 214
71 - VA
10014- 114
414- 94
391 Va
14(4- 94
05-5
rsi4- 1
24 3
30
4i 5
2394- U4
1G 1
90)4..
53 - 15
69-1
5314- J4
41 - 2(4
1094- U4
754- Va
634- 34
123 3
2034 t 94
314- Va
3614 1?4
379-t- 15
7214- 214
69 - 214
3814- 1
40(4- 14
3G 3
,24 J4- 14
355
35)4 J4
6194 3J4
08)4 14
1G(4 14
to - 134
63(4- 94
3394 4- (4
80(4 14
70 - 0(4
52 - 3
1G Hi
S0y4- 3(4
11034..
7814- 134
89 J4 1J4
1914 14
OS,- 114
07 7J4
392
100 3(4
100(4 IYa
45 - (J
9514 14
1694- 91
34 - H
14J4 394
34 - 31
1514- (4
1491- 14
GW- (4
1314- 14
11 J4
7834 S?i
3594- 14
07 - 3(4
80 (.5 1(4
205 25
1814- 34
MUCH WEAKER TONE HOWN
BY ACTIVE LOCfiL STOCKS
Electric Storage Battery and Lake Sup arior Corporation Wcr
the Softer Spots of tithe List
The tone of the locnl market was
weaker than has been observed for somo
time. There appeared to be quite a good
deal of belated liquidation, much of
which apparently was the outcome of
impaired marginal speculative accounts
in the New York stocks. The drRstic
marking down of security values in tho
larger market within the last ten. days
has played havoc with marginal ac
counts and made liquidation in many
cases compulsory.
This was strongly suggested In the
pronounced weakness which developed
in Electric Storage Battery and Lake
Superior; both issues, according to re
cent reports, were bought heavily for
8n Nsu' Ynrk account. The market
for Ulectrlc Storage Battery, as in thri
rase of all the high -priced specialtieiA,
was found to he exceedingly tnin. v.u
very moderate liquidation the pnui
was forced down $4 to 111, mokinr; a
net loss of $7 for the week,
The selling movement in Lake f) u
perior was on a larger scale with o: ver
1200 shares coming on the market lin
ing the two hours of the tr Wring,
which depressed the price to the Ir.wcst
in over two years to 10.
Apprehension over the rallroa A labor
situation was reflected in tlr fresh
weakness in Pennsylvania Bail juad and
J
Lehigh Valley, both yielding ii.
polnlj'
unacr '.-yestcrdav's linal quotations
xne. general list developed a distinct
drooring tendency as the morning nto
gresi il, which was to be expected u
view of the unsettling nentimentnl n.
fluc'iee of the further slaughter of mar.
Itet values ou the big exchange, iu
ces jkons, however, except in a few, in.
str.n'ccs, were confined to sntnll frac.
tl's. Insurance Company of Xorth
A Jncrlca losl.fl, declining to 37. Unittd
1 lallroads of New Jersey, on a s,mall
' ."ransaction, dropped $2.00 from ih.
previous sale to 182'j. , m
' Declines of VI to Vj were made br
if American Stores, Lehigh NaviEation
I Philadelphia Httpid Transit and UoiUii
I Ons Improvement.
The market for the General Asphalt
shnres was again found to be very lim
itcd and the price in both issue's vvj
carried dow'n to a closer parity with
the curb inurket quotation. This mmm
a further drop of $8 in the common to
81 nnd $10.50 in the preferred In !'x
A number of stocks seldom trnH jj I
made tneir appearance in xnc attcrnpon
indicating the widespread desire to eaih
in as much us possible. Price changes
were not Important, but in most caset
concessions were made from the preyj.
ous Fales.
FIRMER TONE IN
THE COTTON WARKET
Much of Trading Represented
Covering for O'r the
Holiday
COTTON PELT TVKAT1 O 1R CONDITIONS
New York Tcb 11. ' J he following- tem
peratures were recorded, in the cotton belt
this morolns: ICnoxvl'je and Oklahoma
City. 38: Nashville. 3S " Abilene and Chat
tanooga. 40. Fort Sm' i and Atlanta. 12.
Little notk and Aljjusta, 44; Memphis
and Macon. 4s: Cha floiton. fi2i Jackson
ville. Galveston and .Savannah. 04: Cor
pus Chrlstl and Tan fjn.. R8. and Now Or
leans. ,18. There wi rfi 01 Inch cf precipi
tation at Wllmineto g ,02 at San Antonio.
Fort Smith. Little ' tfclc. Chattanooga and
Charleston 08 ot Oilahoma Cits'. 10 at
Atlanta, .12 at N' ry Orleans and Savan
nah. 24 at Shrev injrt, .30 at Pennarola,
.40 at Thornasvlll l 42 at Macon. .46 at
Montgomery, 48 ?Ji Aucusta and 00 at
Vlcksburtf
New York, Fr t. 11. The firmer tone
of the market v fhich developed on near
months coveriiijr between 12 and 1
o'clock continn e J in the early nfternoon,
although busin e hs tnncred off somewhat.
Sentiment r tr 1 to the later course of
prices remain d bearish, however, and
dfmand from the local clement nnd most
or tne commas sion house business repre
sented sbor' t s'overing for over the holi
day rather 'than n reflection of any
change in camion.
Southern, advices icported & very
general di j msition to hold the better
grades of ,tton for an advance. Cotton
exports f' I; the day aggregated lH..ir.5
bales, int fmling 184." to Great Britain,
i:.7ft3 to ('France and 7!7 to tho Continent'.
lest Today's 1100 1.30 2.30
close open a. in p. m. p
March . 34.70 34.81)
May r . 3J.30 32.40 82 02 32.34 32.43
July , 30..l." 30.40 30 IU 30 31 30.40
Oct f 2S.S2 'JS.4.ri 28.07 2S.30 28.40
CO RN DEVELOPED
' NOTABLE STRENGTH
PARIS TRADING IRREGULAR
Paris, Feb. 11. Trading was ir.
regular on tho bourse today TJirrc per
cent rentes, 57f 7i"c. llxchntige on Un.
don, 48f 7,r)c. Five -per unt loan,
871' 05c. The dollar wns quntnl at
14f 47c.
Cloversecd
Tuleilo, O.. Feb 11. Ckners.
(.ash. 135 DO: February. f:l" 0.
$34.30: April, 34; October. 128,
Prime, rash. J35: March. 15
Prima, cash, 1017 and HI18, 18
nun. H lis; .viarcn, in Hi, April
J8.60.
rnnis,
March
Aljlkr
Timothy
"i" I H.St.
5001 Slif,
w
ien
Shorts Tried to Cover
Market Ran Away From
Them
OVER 8
THE SECURITY: the Tirst Prfterred
Strict., of anfi of the lars-U com
pnnies of its kind in the United
Mate A compnhy which in itaH
Is h Iotrs nnd Important industry
THE PRODUCT: pig iron, steel in
gots, wire rods and all high grade
strcl wire products
RAW MATERIAL: the company con
trola tt own ore supply Transpor
tation facilities ore controlled by
associated interests.
NET ASSETS: in amount equualent
to $267 for each share of First Pre
ferred Stock, par value $100
NET EARNINGS: 4 1-3 times the
annual dividend requirement of this
Stock
Circular h 220, descriptive of this
offering, will be sent on request
E. H. Rollins & Sons
1421 Chestnut St., Philadelphia
Boston New York Buffalo
Albany Chicago. San Fximisco
Wi fii',5 r.i!4- i I
"r "?.. " - I Chicago. Feb 11.'
.? ." SH-3J?, steady -stream of
"" '"?? iur.4-ou .buying orders in the
TA' aV ,,V, 3' and the market i
ur nt- n " ) strength follow lug a we
i ...r? -.: j a There was some selling tl
.' '?"" 'S"??- V.i by recessions on the e
- liiMa IV.
07 ,v.aj
'li--:i4
Mtt--"ss4
no .. iia
112 - n
&
,'k'A- Yz
cs - 14
tSYi- 3y
nr,
5
35 - SH
83J4-4J4
411
83 H
4,i - Yz
C694 -
Hon Y
Yz- Y4
tin?- Va
1084- v
SO - 2
li-
1 Yt
21ft- Ya
4B 1
2114
109 -4
-10
18 -1.1
Ya -
09H-
2414-
80H- Vt
120 3
1Vz i
u
194
FOREIGN EXCHANGE
New -York, Feb. 11. The foreign ex-
every dollar should tsjunt for produc
tion and not a cent for sneculntlon."
Although different plans to deflate
credit are being advocated, the speaker
declared that increased production and
conservative regulation of credits should
be Ihe present policy
Tho I'.iliro foretell 1'innuee. law was
i,i.uii,ir. ii.7flil: m dd nc. ab.MU : nraiseii by .Mr. Aiocnicupan, wno aiso
low miodling, 2.40rl; gppd ordlnorj, 1 urgea entrance intp me reuerai ite
22.54d; and ordinaryr21.fc4d. ieerve Fjstem of eligible otate bnnkii,
tice behind the counters of every bank," ' change market opening this morning
he said. "Every loan should be . was- about nominal, due to the general
analyzed and scrutinized to the end that delay in the arrival of cables.
Quotations were approximately un
changed from the .close of yesterday,
and were as follows: Demand ster
ling .'1.35. cahles ?-S0; franc cables
14.50. rhetks 14.52; lire cables 18.H0,
checks 18.SI2; Swiss cables 5,08, checks
0,00 guilder cables 37. 'hecks !!7!H J
pesetas cables 17.5fi. checks 17.-l.i ;
Btncltholm cables 18.50, checks 18.3.1 j
rhrkHnnla cables 17.40. checks 17.25:
Copciihagen'cables 14,00, checks 14.75 ;
Ilelgian cables 13.110, i-hccks 13.02;
mnikH 1.0!5; Austrinn .0.'!.
In the early afternoon the foreign
I cxthangc market ranged stead), demaud
I sterling selling nt 3.87VI and cables at
I 3'!8. Francs were itionger at 14,43
I for cables nnd 14.45 for checks. Lire
inbles advanced 30 points over the open
1 ing to 18; checks were ls.02 and inuiks
1 vveie 1.02.
esterday's linal Quotations
Sterling- Francs Lire Oull lers
Demand., a .Wi 14 r.ri is 25 117 'UW
Cables. S.38U 14V4H IS SO 87 70
Today's Oinnlnr Quotations
Demand. .1 34 14 f.1 1H.82, 87 824
a a.VVa 14 .11 JH SO 87 7S
Noon Quotations I
Sterling I'ranca Lire Guilders
Jl.Wn 14.47 Is 07 37l
3.37W 14 11 IS 0.", 37H
Final Quotatloim
Hterllnr; I-'rancs Lire Guilders
Demand .87 14.40 18.04 37V,
Cabltw . S.aTK 14.47 1S.02 J7H
Cables
Demand
Cables
BANK CLEARINGS
Dank clear lnts today compared vflth cor.
reeppndlna- dar last two years
1B20
Phii.v 7s.o7(i.an
Ualllmoro 1,1 bnn..14ti
Chleato 104.071.3.111
N. York. 7il2,fi83.i!71
Ht. Louis 2S,025.8B1
Doston,. 01.048,217
llaltlmors 13,b05,3l
1018
57 M2 481
II)
Holiday
13.2RS 2115
Last year holiday i
Holiday 472,001,007 I
25,213.1911 ,'
02.681 "01 4S.702.B8 k
JiolldaV 0,074.7 J(
Government Crop Weather Report
Washlngti ,, ivb, 11 Government
weekly wefa 0 icr report says i The week
just closed -i.vas generally favorable lor
winter gr , cut jn Ia,arly nil sec
tions of t' (. country, drain fields were
deeply i jrcrcd with snow or sleet in
the mid jnl0 ttnu nort, Atlantic const
states (,t the prevailing mild weather
icducei rjn, snow (over In the northern
portioi j 0f the principal winter wheat
belt e jj a left bare many fields which
'i w 't'tfre t'ten covered.
I i at is beginning to show improve
ment , iD the lower Missouri valley, as
r' H tit of the recent mild weather, aud
the i lants havo greened considerably iu
the , tentrnl great plains, while satis -'ft'
tiny advance was made in extreme
"O' Jf hern gieat plains area. There wns
bo a ie improvement reported ulso in por.
'i'Jns of Ohio valley, where adverse
'' ather conditions have prevailed much
p tho season. Considerable See remains
the fields in central and northern
7 )rtlotis of Ohio and Iowa
Ttetallers rumrl that deliveries of
spring shoes are coming through in
fine shape, and express considerable
gratification on the prompt fUlliur or
their orders by manufacturers.
I
Iheie was a
commission -house
corn nit today.
developed surprising
aker tone early.
ien, influenced
urb Inst night.
but the news wns bullish and the losses
were promptly regained, and when
shorts tried to cover the market ran
away from them.
Among the influences were further
gains in the cash article, the holding
policy of the country shipper nnd fnil
ure of receipts to assume the propor
tions looked for. It was asserted in u
dispatch from Omaha that the railroad
administration had refused to modify
the car priority order. The approach-
of spring has led many to give thought
as to .what the uttitudc of the farmer
will be toward putting in normal acre
ages. Oats rallied with torn. The market
started easier on selling by local in
terests, but elevator, cash aud com
mission houses purchased. Shorts also
competed for the offerings, which were
limited. Jtc-ceipts remained light, with
stocks decreased,
The visible supply iu the United
States aud Canada is less than half
that of a cr ago.
Leading futures ranged aa follow s
Corn (new delivery) Yea;
Open Hleh Low Clce close
May . 1 28 1 31 j, 1 27 1 SOli 1 ,iH
July . . 1 20 1 2RH 1 24 1.28 1.33',
Sept. .. 1.2S1 1 2SVs 1 21 l'SH
Oats-r
May . 78 78 78, 78 n 78
July .. 00' 71'i OS's 705 CO',4
l'ork
May . . .34 37 35.10 34 33 34.80 34 25
July 34 75 3450 31.75 33 S3
Lard
May ... ,21.25 2155 2110 21.4621.20
July .. .2127 21117 21.57 2191 21.70
lllbb
May .18 41 18 57 18 30 18 47 M8.37
JuU 10 W IU 00 18 SO 10 00 IS. DO
JJId
MONEY-LENDING RATES
NEW YOKK Mono on call opened
lending and leuewing at K per cent.
The time money market was un
changed toiluj , with little or no busi
ness being transacted.
On industrial loans 0(cj.0V.' per cent
was quoted and some loans were made
at 10 per cent. Itecently as high as
10'1 per cent was paid.
The market on mixed securities was
just us nominal as on industrials, with
88M; per cent.
PHII-ADKU'inA-Call, (I per cent;
time, 0 per cent; commercial paper,
three to six months, 0 per cent
Reserve Banks Discount Rates
The first column gives rates for all
periods up to and Including a fifteen
day maturity, the second for a peiiod
of sixteen to ninety days. The third
and fourth columns cive rh mi., r.
.11 ... e- ..,i. . ,--' ..." wi
umtuuiiia jur ciiiiuieraj loans
by government bonds or notes.
com 1 paper
18 to no
secured
lays days
II 0
8 H
II 8
fl 8
0 8
8
II II
8 II
8 II
5 .1
0 8
Itoston .
New York .
Philadelphia ,
Richmond . . .
Cleveland .
Atlanta .
Chicago
8t Louis
Minneapolis
LKansas City
uail&H
Ban Francisco
'Rates on outstandlne certificate.
aeoteanes continue unchanged at 41
Govt, paper
ir in?
15 days days
0W B'4
5V4 8Vs
314 .fitl
5 VI Bit
5li .8
5W 'bS
'.. '
-o
Of In.
per
WE Ol-TER
Niagara, Lockport
and
Ontario Power Company
Refunding Mtge. 6s
Company serves a population of 1,300,000
In western New Yorl.
Welsh Brothers
028 Chestnut Stii rrr
I'liiiadelphls
Lombard 1513
High-Grade
Investment Securities
JosepKW.Gross &Co.
1421 Chestnut St.
Corirsponctti's
Aldred & Company
If you are a stockholder in the
PHILADELPHIA COMPANY2
OR THE
PITTSBURGH COAL CO.
Communicate with us.
STEWART & COMPANY
423-424 Lafayette Bldg. '
PHILADELPHIA t
Stock Exchange house require'
man in cashicrVi department ex
perienced in bookkeepinff.
C 316, Ledger Oflicc
Stockweli, Wilson & Li
Certified Public Accountants
Land TiUe Bldg., Philadelphia
ntiVAii: sunn, ,n bun.
Woman with practical triilnini. '" l"Tli
ness admlnlutratlon, d-sl-M " " r,.
position with man of I"-'6 ""'" and
nulrlna- executive ability v""", hn
tactful mananement t Boab,mmlUeei
dllnit appointments, lstters '"ii "" J et
editorials, reports and analyses
rellevlne man or ,,,,a,,J" rr IMO"- J
GUARANTEED
Railroad Bonds
GEO. WILLIAM WALLACE
334 Land Title Building
Spruce I 54 J
r.
PhiL. Suburban Ga &Iee'
5 Bonds F.&A-, 100
A. MORGAN- -,
REED
wrist BKo:"i,D' 4Mrtis
k'- . JT..frt
WB8T KNO TRUHT "iWSJST
.v i . ,J i