SMi&fl1
s.
- -. &
r'f
EVEKIKG PUBLIC LEkGER-PHILADELPHIA, FRIDAY, FEBRUARY 13,
1920
NEWS OF FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK QUOTATIONS
B
W
i
114 . O'
k
Consumers Power Co.
General '& Refunding Mortgage
Ten Year 7 Gold Bond
Price 98 and interest
Yielding over 7.28
7 Serial Gold Debenturei
At prices to yield
about 7.75
Complete rlrrulara on those attractive
Issucn tent on request for J' C -282.
TheNationalQty
Company
Correspondent OlBcca in over 00 Cltlea
Philadelphia U21 Chettnut Street
Atlantic City Challonte Block
1225 Boardwalk
LIQUIDATING WAVES AGAIN
PDA Y HAVOC WITH VALUES
Before Downward Movement Was Checked Prices Were
Forced Down 2 to Over 10 Points
Vs
APPROXIMATE YIELD OF
Kennecott Copper Corp.
Ten-Ycat Secured Gold Bonds
Secured by capital
stock of the Utah
'Copper Company,
having a present
market value of 2Vz
times total issue of
bonds.
Revenue for poorest
of last five years
equalled about six
times interest
charges on this
issue.
f Irrutar on request
Bonbright & Company
AtORlUM WISTAH STROUD. Jr.
MVinaecr
437 Chestnut St., Philadelphia
New York Koetou Chicago Detroit
New York, Feb. 13. The market this
morning was swept by unother enor
mous wave of liquidation, with pro
nounced results lu ho far as a further
marking down of values was concerned.
While there was nothing particularly
alarming In the overhollday develop
ment"', the opening disclosed a remark
ably heavy accumulation of liquidating
orders, Thce were paid to be about
equally divided between tho domestic
and foreign account. Coupled with the
concentrated attacks ou many of the
leading Isrucs by powerful bear com
binations, prices melted with alarming
rapidity all along the line.
It was In the speculative industrials
the liquidation appeared to be the most
urgent, although the standard rails also
continued to weaken, which was partly
ascribed to the foreign liquidation, which
in the opinion of borne close observers
has been nn important factor in the
shakedown of security values through
out the week. The rail group were
also adversely affected by the uneasi
ness manifested over the labor situa
tion. For the first ninety minutes of tho
trading, however, the market was
acutely unsettled, nlthough without the
first signs of cither demoralization or
anjthiug approaching panicky condi
tions. On the contrary, the declines
while reaching extensile and alarm
ing proportions were conducted entirely
on an orderly sqale.
From the outset until near midday
the market continued to weaken under
the Increasing pressure directed ngaiust
the highly speculative issues, under the
lead of General Motors and Crucible
Steel, which reacted. 10 and 11 'points
respectively. Among other industrials
tho reversals ran from 2 to 8 points,
the railroad shares at the same time
adding moderately to the initial de
clines. Tobacco, leather and food stocks
were the weakest of the so-called spe
cialties, forfeiting 3 to 5 points.
Toward noon there was a perceptible
lessening of pressure In all parts of the
list which was partly attributed to the
hopeful view of the street of the con
ference between the President and the
representatives of the railroad brother
hoods. Rallies were noted in so many
stocks as to make many believe that
the market in a majority of issues
reached bottom, but similar ideas had
prevailed at all stages of the downward
movement which carried prices to the
low levels reached this morning.
Profit-taking on the part of the short
interest nlso was an important factor
in bringing the reversal in the market
trend. In all events, featured by the
oil and bhipping shares, rallies of 2 to 5
points from the low-water mark of the
morning were established nil through
I the list by midday.
NEW YORK BOND SALES
Summary of Individual Transactions on New York Exchange
NEW YORK STOCK EXCHANGE TRANSACTIONS
DlT.
In I
Bale
00
109
1.100
1000
1700
300
2600
BCtoo
3701)
700
300
4000
300
331)0
$00
3S00
100
300
8C90
300
1000
100
OOP
300
GS30
800
400
C3100
700
1400
S3700
300
7000
10390
300
HO
700
400
5790
200
1S0O
100
100
loeo
too
100
3700 3.50
420O 7
00
390 4
High
38
OS
OS
IK
Am Smelt & P.r 5s
iooo .... ss'.i
Am Tel & Tel clt
100O .. . 77
4000 . . 77
Am Tel & Tel Co 5s
1000 . .. 81
S000 81
Am Tel & Tel Co 6s
3000 ... 00
inoo oo
I 2000 . 06
3000 . . 0"
: 3000 . . 8i
! Anglo-French B 5s
WE HAVE MARKETS IN
American Wnter Works i:iee. Si,
1034
United Traction (I'gli.) on, 1997
Southern Traction (I'eIi.) S, 19S0
Jonca & I.nuKliUn Meel 6. 1939
Federal M. IM. A al. Pat,.. 6s, 1043
Duqueane Traction d'cli.) So, 1930
Duqueaiif. Light C. 1919
Conaollflnleil inn (Fgh.) .la, 1048
ThOMipaon C'onnellallle 5a, 1931
tllnnlnghlun (Alii.) Hater Sa, 19"9
Dearer Co. Light Co. fl, 1940
Itoclno (Wis.) Water 5a, 10.11
Moore, Leonard & Lynch
Cuahman Ncwhall, Mgr.
Ititz-Carlton Hotel
1340 Walnut St.
New- York.
Ill Broadway
Pittsburgh.
l"ri.k Building
MEMBERS
NEW YORK PHILADELPHIA 4 PITTS
BURGH STOCK EXCHANGES
JJUY bonds when prices
are low and the yield is
high.
We have an interesting word
about this situation.
Will you hear it"
Baker, Ayling & Young
Land Title BIdg.
Boston Philadelphia
oiHi
. 01
.. Ultt
04U
94
04
. 94
.. 94
...04
. 04
. .. 94
. 94
. . 01
. 94
. 91
. 04
.. 94
. 04
. 04
. . 94
rtepub
. . 73
Co 4a
. 83
83
S Fe 4s
. 75
10000
11000
3000
1000
8000
sooo
r.ooo
50000
1000O
33000
3000
400O
3000
4000
104000
8000
33000
34000
r.ooo
1000
Argetln
4000 .
Armour &
5000 .
1000 .
Atch T .
3000 .
1000 . 75
5000 . . 75
3000 75
3000 74'
Atch TiSPucvta
1000 . 05
1000 .. 65
Atch T & S Fe aj
3000 ... 68?i
Atl Coast Line clt
1000 .. 68
Atl Coast Line 4 s
1000 75
Baltimore & Ohio cv
5s
SOOO
1000
1000
Chi n
tooo
01
61
. 01
I & Pac 4a
05!
City of Bordeaux 6s
5000 .. . 90
C of Marseilles 6s
6000 . 90
City of Paris B 6s
100O . . 89
1000 ... 90
1000 . 90
Clev C C &. StL- 4 v
SOOO . 73
Con Gas Co 7s
Penna It K en 4 lis
1000 . .. 80
Penrra-RIt em 4H
3000 .... 79
SOOO .... 70
3000 .... 70
3000 .... 701
St L & Sweat RR en
3000 .... 40
C000 .... 40
Third Ae R R 4s
1000 .... 46
i Trl-Clty R & L- C 5s
iooo .... no
Advance Rumelv . .
O Advance. Rumely pf
Ajax Rubber ,.,,.,
. . Alaska Gold Mines
.. Allls-Chalmern ...... 38 ji
a Am Agrlo cnem 85
8 Am Beet Sugar 78
Am Beet Sugar pf , . 01
8 Am Bosch Magneto , .100
. . Am Can 43 U
7 Am Can pf ts
13 Am Car & Fdy mri
4 Am Cotton Oil 434
SO Am Drug Syn 12U
Am llldo ft Leather.. 185
Am Hlda & Leath pf.10
Am Ice 38 U
Am Ice pf A3
Am Internat Corp ... B1K
Am-La Franco Engine, 13
Am Linseed 70
Am Linseed pf , S3! J
Am Locomotive) 8716
Am Malt & Grain ... 31 J4
Am Ship & Commerce. 1814
Am Smelt & Re! .... C8?4
Am Snuff 8874
Am Steel Foundries. 41
Am Sugar Ref r 131
Am Sumatra Tob ... 70 Yz
Am Tel & Tel 7li
30 Am Tobacco 22JHi
6 Am Tob Sec temp ctfs. 68 i
7 Am Woolen 12414
7 Am "Woolen pf 103'
.. Am Writing Paper pf. 44 14
Am zina Lead & Sm.. 15
Am ZIno L & Sm'pf. . 0J4
Anaconda Copper ... 55
Abso Dry Goods 40H
Atch Top & Santa Fo. 77J4
Atch Top & S F pf . . . 76
Atlantic Coast Line.. 85
Atl Gulf & W I S S..146
Atlantic Ref 7 pf... 113ft
Auto Sales C torn ctfs. 14
Baldwin Locomotive.. 108 J
Baldwin Loco pf 99
Baltimore & Ctilo ... 33
Baltimore- & Ohio pf. 43ft
4
8
3
7
10
8
C
4
"a
5
7
10
100 8 Barrett IIS
m 100 ' 7 Barrett pf 106
Pennsyhania RR Bs Union Pacific RR 4s
3000 .... 89 1000 .... 80
Pere Marquette 5s 4000 .... 80
000 83 Union Paclfla RR Cs
Long I R R 4s of 3S 3000 ....100
0000
9000
1000
3000
1000
6000
1000
1000
90"i
99
90
09
00
09
99
99
Den & Rio Grand fd
1000 .... 40
1000 . . 40
3000 . . 40
Dom of Canada '26
10000 . 03
4000 . 93
1000 . 03
Dom of Can 5s '21
3000 . .. 97
Dom of Canada '29
1O0O .. . 03
1000 9301
3000 . 9314
3000 . 93
Erie R R Geir Lien
4000
looon
2000
1000
3000
3000
4000
10000
59
59
50
69
59
59
50
50
Baltimore & O 3is
3000 . . 79
3000 . 79
Baltimore & Ohio 3s
1000 . . 61
3000 . 61
30U0 60
1000 60
Baltimore & Ohio 6s
5000
3000
Hudson
0000
8000
5000 .
Hudson
35000 .
35000
30
. 39
Man fd
. 65
. 54
51
Man In
13
13
'3
111 Central 4s of
1000 . . 66
Illinois Central 512s
3000 .... 90
Imp Jap Govt 1st
1000 71
5000 71
3000 73
1000 . 71
Imp Jap Govt 2nd
3000
3000
3000
soon
4000
3000
3000
83
81
8 Hi
83
81
81
81
LIBERTY
BONDS
$50, $100, $1000
Bought Sold
Recommended for Investment
Newburger, Henderson & Loeb
t
UANKKKS
1410 CHESTNUT STREET
Members rw ,ork and I'blladflplila
stock liichantrs
BARGAIN DAYS IN BONDS
Railroad Iasue at the Lovoit ia
Fifty Year
Ltt Ut Submit Offerinf
EDWARD V. KANE & CO.
Morris Building
B & O So Wet 3as
1000 . 70
Brook Rap Trans 7s
10000 ... 30
Cal Gas & U Co us
5000 . 83
Cent Lcathre Co 59
3000 . 94
13000 . 94
0000 . 91
Ches fr Ohio Rly cv
3000 70
Chea & Ohio cv 5s
3000 . 75
7000 75
3000 . 75
l 1000 . 70
Ches & Ohio R 4i-s
4000 . 73
6000 . 73Vj
' 4000 73
Ches i Ohio cv 4 a
I 3000 70
3000 70
i 4000 70
I 5000 70
I Ches . Ohio R R 5s
3000 90
, Ches & Ohio R cv 5s
OIL FIELDS OF
VENEZUELA AND COLOMBIA
WITH MAP
This booklet will tladlv be furnished on
request
Geo. A. Huhn & Sons
fstorka and lUinda
UELT.15VU13 COllir lit ILDI.M1
1418 Walnut M 1'IiIIj.
y OtTlc 111 Hro.ilay
4000
1000
1000
3000
1000
6000
Chi fc
1001)
Chi
1000
3000
75
75
75
75
75
75
Alton Char
5
Alton 3-4
30
301
10000 ... 70
7000 . . 70
3000 . . 70
6000 . . 70
5000 . . . 70
Imp Jap Govt 4s
9000 .... 57
1000 08
3000 58
1000 . 58'
3000 . 58
5000 57
1000 58
4000 58
6000 . 57
In Mer Marine 6s
iooo .... 88
6000 88
5000 . . 88
3000 ... 88
Inter Met Co 4 Via
3000 . 15
1000 . . 15
3000 13
5000 .... 15
40000 ... 15
18000 15
Inter Rap Trans fd
15000 79
10000 40
10000 . 40
19000 . 48
5000 . 401i
K C Ft S & M R lis
3000 . . . 98
Kings Co U RR 4s
3000 . . 50
Kan City T Ry Is
1000 . 69
L S & M 4s of '31
3000 . . 70
Lehlsh Valley 4jS
1000 ... 86
Lehigh Val R Co Cs
4000 . . . 00
Mid Steel & Onl 59
1000 83
1000 . . 8J
3000 . 83
1000 . . 83
Mo Kan C & Tex 4b
10000 ... 57
Mlssoutl Pac gm 4s
5000 .... 83
Louis &,Kash RR 4s
3000 .... 80
Rep of Cuba 5s '04
1000 .... 91
R I Ark & Lo 4VJe
1000 ... 60
Seaboard Air L fd
10000 . . . -44
Southern Pacific cv
6000 .... 97
1000 07
Southern Pacific fd
3000 75
Southern Pacific 4s
5000 . .. 67
Southern Pae cv 4a
1000 77
6000 .... 77
4000 77
Southern Pac cv 5s
13000 . . 07
16000 .. . 97
0000 . . 97
South Railways 4s
3000 55
1000 . . 55
St L & San Fran ai
10000 57
St L & San Fran In
1700O .. 40
1000 . . 40
7000 . 40
1000 40
St L & San Fran A
200O .... 54
1000 . . 54
SOOO . .. 53
7000 . .. 55
3000 53
St L & San Fran B
5000 . .. 65
St L t Mt t!i ii R is
10000 . .. 33
St L & So West 1st
1000 ... 61
3000 . . 60
6000 ....100
3000 ....100
13000 ...100
U S Real & Imp 5a
1000 .... 73
3000 76
3000 .... 75
U S Rubber Co 5s
1000 .... 83
1000 . 83
U States Steel Co Cs
1000 . . 95
SOOO .... 93
1000 . . . 05
6000 .... S3
3000 .. 95
1000 . . 05
U K of O B & I '21
4000 .... 03
3000 . . 03
6000 . . 03
3000 . . 93
U K of G B & I
cts of '20 '
ioooo .... oi
10000 .... 00
1000 .. 91
U K of G B & I '37
3000 .... 85
3000 .. 85
1000 . . . 85
15000 .. . 83
3000 . . 85
1000 . .. 85
Utah P & L Co 5s
3000 70
Vlr Car & Chem 1st
3000 03
West Maryland 4s
4000 . .. 40
Western Pac RR 1st
5000 81
Wh & L D Ry 4is
1000 . . 60
Wilson Co 1st
1000 . 95
700
B 200 S
0390 5
fit 490 8
1000
790
2 700 ..
300 8
CI100 3F7
100 10
Btoo 7
Ca loo ..
SI coo
400
1339
3100
1300
300
VJT403
15)0
100
5800
100
3000
lf6800
.,1300
800
300
1400
1800
1100
F1200
Cf500
.JB800
100
V13J0
'11590
;i 890
; 390 ,
too
7S90
100
300
57400
500
100
35QQ0
400
7390 3
600
17800 l:
IE6000 SI.
Bethlehem Motors ... 18ft
Bethlehem Steel 83 K
Bethlehem Steel B ... 87
Bethlehem Stl 8 pf..l09
Booth Fisheries 10
Bklyn Rapid Transit . 11
Bklyn R T ctfs of dep 7ft
Brooklyn Edison .... 04
Brown Shoe : 94
Burns Bros 98
' Burns Bros pf -98
Butte Copper & Zinc. . 7; j
Butte & Superior Cop. 23
Butterlck 16
Caddo Central O & R. 18
' California Packing ... 77
California Petroleum. . 30
' California Petrol pf.. 05
Calumet & Arizona . . 5S?a
Canadian Paclfta ....118ft
Caso J I Thresh M pf. 07ft
Central Leather 76
Central Leather pf . . .105
Cerro da Pasco Cop.. 47
Chandler Motors ....134ft
Chesapeake & Ohio .. 47ft
Chicago Gt Western.. 7
Chi Gt Western pf .
Chi & Northwestern .
Chi Mit & St Paul . .
Chi Mil is St Paul pf .
Chi RocA Isl & Pao .
Chi R I & Paa 6 Pi
31
78
son
47
Sfift
5
7 Chi R 1 & Pac 7 pf. 63ft
iVeii) York Curb
INDUSTRIALS
Hish
Amer Candy . .. 9i
Acme Coil l
Atna Kploslea "
Air Reduction .... 45
Allied Packlnr . . 27
rtrltlsh.Am Tobacco coup 17Ja
Columbia Emerald . . . ri
General Asphalt S3
General Motors 30
Grate Ola ... m
Imperial Tobacco .... 10!-,
Indian Packing- 14 V,
Mercer Motorn JO
Montg-omery-Ward . 32
North Amer Paper . . . T,'t
Irpheum 3r
Perfection Tiro . . 41,
Root Vandervort . 47"
nepubllo Tire Rubber 3
Submarine Boat .... 1.1
U S Steam . ... 3.
United Bet Candy . . 18 !
United JTont-snarire
V VlUadou Ino ..
174
INDEPENDENT OIIJ5
Low
li
7.
44
24 ti
17
70
34 U
1
ia'
20
S2i
BV4
28
4
47
31
134
3
13
Last
9
l.
SM
7ai
24 U
1
10i
laii
20
824
BH
28
4i
47
3,2
U
a
iflH
IV,
17
Allied Oil
Alliance
P.ell Pet . .
Iloone Oil
cities Kervl',a "I
Cosden & Co
Dominion
Duqueane . . . .
Klk liasin Pet .
Federal Oil
Gllliland
Olenroclt Oil ...,
Guffey Gillespie
. . 11-10
1V
1
. .. 4
ctfs 101
T'l
114
.. . 5
S
... ft'i
, . S3J
, . . . . 3V,
27 Va
63
52
Chi B & Qulncy 4a
3000 !U
3000 93
10000 93
Chi & Grt West 4a
1000 83
Chi M & St P cv 4s
3000 ,77
C M & St P cv 4 Vis
5000 . . 67
SOOO 66
1000 67
"HmROAD, INDUSTRIAL,
PUBLIC UTILITY
BONDS
LIST ON REQUEST
MARTIN & CO.
1411 WALNUT ST.
130O0
5000
2000
3000
3000
3000
1000
66
67
67
67
66
68
'ihiurt Preparation and Retlew of
IMCOME TAX RETURNS
i kf naMwratloua, partnerahlpa, Indtvlduala. ato.
SJiKiSerlWornwrlir connected wli.U S.Oovt.
(CaroorttUoii Tax Service Co.
Wtr'tm Heal KaUto. Tnia Bid. .
C M ft St P fd 4't
1000 . . 86
.1000 . . . 86
lllOOO . . . 66
10000 66
Chi i- N West 3fts
1000 64
Chi & S West 5s '87
1000 96
Chile Copper Co 7a
4000 . ..100
7000 . .io
Chi R I & Pao fd
3000
8000
3000 . 53
2000 . . . 03',
4000 . 53
SOOO . tii
3000 62
Montreal T'Cos 5s
3000 . 70
N Y Air Brl; Co 6s
3000 . . . 88
XVCiHR R3"j
1000 . . 64
N Y C & H R R 6a
6000 . 90
13000 90
3000 80
6000 89
3000 80
N Y K 11 & Hart 6s
1000 64
1000 65
jf V Telephones Cs
Home Oil 3
Jlou.ton Oil 92
Int Petrol 64
Island Oil 5'i
Livingston IV.
Maracalbo 17
Merritt Oil 18
Metropolitan pet s
Morton Pet . C.
No Am Oil ... 4
Omar OU ... . n't
Phillips Petroleum .. 34'i
Producers 3c Rennera .... 8
Salt Creek Prod 40
Penuoiah OU rr
fikelly Oil OH
Slmmi Pet 351.
Spencer Pet 1S
lexas Hanirer' 11
Teias Co nl 46
Tropical OU 17t
Un Texan . 1 .V
Victoria OU new 14
White Oil . 2J
Woodburn 6'i
706"
1
;
l-Vj
7i;
1RV
4Vi
H
5'1
38
a
27
2".
91
51 Vi
3
1t
Ill's
18
2!i
:;
38Vj
8
4S
9'.
33 1.
"?
48
17
1
IS
Sfl
6
11-10
1BH
1
8
3"1
7'i
IS i
4Vsi
H
r.
33V4
3Vi
27'.
3
0.'
62 K
5
1'i
Ifi's
18
3
2J.
4
r.vi
sa
8
47!
45H
17'i
Jin
0
800
EK300 3
VtSOO
400
300 1
1 0 7
390 3
1709 5
18 0
010
2470 8
390 3
1390 3
4510 ..
490 3
2411 6
200 8
36800 13
. 3000 0
5590 0
100 7
100
3290 4
2tl0 JgS7
500
990
300
1500
100
C90
200
2090
3490
1100
490
800
Gfl 300
8400
0490
8100
7100
EVB40O
500
1S0O
,200
Chi Pneumatio Tool . . 84
Chile Copper 10
3 Chlno Copper 34Ji
. Coca-Cola 37ft
3 Colorado Fuel & Iron. 37
Colo & Southern .... 30
1 Col Graphophono .... 40
7 Consolidated Cigar ... 56
7 Con Clear pf 77
. Con Interstate Cal M. 17ft
Consolidated Gaa .... 75
Consolidated Textile . 26 ft
Continental Can .... 78
Continental Candy ... lift
Corn Products Ref .. 7094
Corn Products Ref pf.lC3J4
Crucible Steel 210
Cuba Cano Suear ... 44ft
Cuba Cane Susar pf.. 80ft
Delaware & Hudson . . 80 ft
Denver & Rio Grande 6
Denver & Rio G pf . . .
Dome Mlne3 1 ft
Durham Hosiery pf .1C0
Elk Horn Coal 315
Endicott-Johnson ....110
Erie 10ft
Erie 1st pf 17U
Famous Playera-L ... 8 ft
Tederal Mln & Sm pf. 37ft
Freeport Tcxaa 23J
Fisk Rubber 34?,
Gaston Wms & WIe .. 12
General Clar
General Electrlo . . .
General Motors
General Motors deb
Goodrich B F
Goodrich B F pf . .
Grav Davis 8:
Gt Northern Ore ctfs. 34ft
Great Northern pf . .
Greeno Cananea Cop.
S Gulf States Steel . . .
5 Hartman Corp
4 Haskell & Barker Car
6 ITomeatako Mlnlnc r.
1 Hupp Motor Car 13 ft
7 Illinois Central 80ft
6 Inspiration Con Cop.. 51 H
. Interboro Con Corp .. 354
Inter Con Corp pf...- !
. Int Aerlcul Corp 1
6 Int Harvester "
7 Int Harv pf new 111ft
. Int Mer Marina 33ft
6 Int Mer Marine pf ... 82ft
. International Nickel .. 20 34
. International Paper .. 70
. Iron Products Corp . . 4s
. Kan Citv Southern ...J
4 Kelly-Spg Tlra "&1
8 Kelly-SpB T 8 p... M
Low
37?4
5
CSft
lft
36ft
8E
74 i
1
105
4
131 ft
43
UK
it
loitf
38 ft
53
87
1.1
74
93 ft
82
30 i
1?4
6 ft
86
40
123 ft
77
86 ft
225
55 ft
120
101ft
43 i
15ft
0
31
40
78 "
76
85
144
113ft
14
103 ft
98
28
42 ft
11C
100
18ft
83
81ft
109
10 ft
10 ft
714
94
04
M
81
J71
22
15
17
744
37 fi"
C5
5ft
115ft
97',!
105
45 ft
118U
47
7
31
75
30 ft
45 U
23 ft
54
64 ft
84
ISM
33 n
36
'30ft
30
36i
V.80 Ntl
Laat One.
37?4- 1?4
651
5ft- 3
'lft
38ft ..
85 114
75 - 1
91 1
105 4
4ft ft
95 Vt
126ft lft
43ft-2
13 ft -t ft
1 - l!4
104
38ft-
33 - 3ft
01M 3M
13 - ft
70 - 154
93ft- 2ft
87ft 1
30-
18ft 1
56ft- lft
88- 3ft
41 ft
125 1
77 - 3ft
87ft 34
335 15
55 ft- 34
124 ft 4ft
103ft 34
43- 2
15H Vi
60-1
65 ft
4934- ft
77ft ..
76 ft
85 ft
144 - ft
113ft .
14 lft
109 134
99 ft
28 - 34
43ft
115 1
100 3
Sales In t
Dlv.
100 ..
100 7
2800 2
3100 1.20
3400 6
200 ..
300 ..
COO S.St
1000 .
1200 a
3000
coo
100
400
Hleh Low
Kelsey Wheek 07
Kelsey Wheel pf . . . 06 ft
Kennecott Copper .... 2754
Keyatons Tire & Rub. 27ft
Lackawanna Steel ... 70ft
Lake Erio & West. ... 8ft
Lee Rubber & Tire... 2854
Lehigh Valley 40 ft
Liggett & Myora rfa. Wz
Loewe Co ""
Loft Corp 18
Louisville & Naahvllle.100
2334
18ft
i
31 Martin Parry
10 Manatl Sugar
ft
ft
ft
lft
200 1.75 Manhattan Shirt
1000
500
390
300
100
11300
400
6100
5100
J300
300
100
2100
100
3000
100
300
100
2400
100
100
100
100
300
1100
200
400
300 10
20CO 6
400
300 2.50
100 3.50
1200 e
100 1.S0
10
3
.20
4'
1
7
. 03
.163
.'.37
. 71
. C8ft
. 04 ft
70
30
CO
87 ft
1
62
77
17
26ft
78
lift
70 ft
10394
197
40 ft
78 ft
8934
6
10 ft
100
21
110
m
1734
CO
27 ft
23
r3
13
CI
1334
228 ft
00 ft
CO
ft
33
33
68T.
2034
834
86 ft
0
62 ft
13
(0ft
50ft
3 34
8 ft
1334
114
HI ft
28
70 ft
It ?4
73 ft
40ft
13 ft
108
16
- 3ft
'i
18 ft-
8394
87
100
1034
11 94
ss -
98 -7ft-23
15 ft
17
7434- 3
302
65
5ft- 34
118 ft lft
97 ft ft
76 4- 254
105 ft
48ft lft
124 ft- ft
47ft- 1
7 - ft
21 - 54
78
30 ft ft
47ft - ft
25ft lft
4?4 Vi
64ft- 1
841
10 ft
34 ft ft
36- 54
36ft- ft
20 - ft
40 lft
56
77
17
75
26ft 1
781
lift .
7094 3
10394-
197 -11
44ft- lft
79ft ft
90 ft- ft
0 - 14
9 ft
10ft- ft
100 34
213b- 34
110 8ft
1014 ft
1754- 54
t.6 1
27ft- 194
22ft ft
3434 ft
12 - ft
63 3ft
153 H- ft
229ft- 9ft
60ft- 4ft
8ft- 34
4ft- ft
33-1
34ft ft
701
50 1
60 54
80ft- ft
51 - lft
02 ft 3ft
13ft- ft
80ft- 94
6194 14
334- ft
9ft- ft
1394-
114 ft .
111ft 1?4
31ft 2ft
81ft 3ft
10ft- ft
70 lft
43 - lft
14
U534 54
7 3
7
7
S
.50
1000
2000
800
7200
5400
200
100
2000
200
100
C300
1400
100
2500
290
2200
200
2000
4990
490
300
800
700
1300
100
100
900
100
1100
1600
200
0700
100
7000
1000
200
100
400
100
2690
200
400
5800
31300
500
11800
1700
100
2300
37600
100
400
2600
6000
1400
4600
2''
7880 . .
700 6
7300
1800
C400 10
700 4
200 ..
200 ?
400 3.50
1300 18
8.7
28 ft
Maxwell Motor 20
Maxwell Mot ctfs .... 20
Maxwell Mot 1st pf .. 48ft
Maxwell Mot 2d pf . . 20
Max Mot 2d Pt ctfs.. 20
Mexican Petroloum Jl8?
Miami Copper 3;
Middlo States Corp .. JU;
Mid vale Steel & Ord.. 44 ft
Mmn & St Lnow .... !
Minn St P & S St M. . 05
Minn St P & S St M P "4
Missouri Kan & Tex.. '
. Mo Kan & Tex pf .... "
MlBSOUrl Paciflo -2 ft
. Missouri Paclfla pf .. 37
4 Mulllna Body ..'. J
0 National Acme ?
NTnt Anlllnn A Chem.. 40
7 Nat Aniline & Ch pf.
7 National Biscuit pf
5 National Cloak & S.
. Nat Conduit & Cable
. Nat Enam & Stamp.
. Nat. Lead Co
. Nat R R of Mex 2d pf
. New Or Tex & Mex ,
.0 New York Air Brake
6 New York Central . ,
. New York C & St L
New York Dock
New York Dock pf .
New York N II &
Nevada Con Copper
xt.iv jp. Wrtern
Northern Paclfla J?i
Nn RMtla S & C ..51ft
Ohio Cities Gas .
Okla Prod & Ref
Ontario Silver Mln.
Otla Elevator
ntl. i,-l
Owcna Bottling Mach
Paclfla Gas &. Elec . .
Pan-Amer Petro ....
Pan-Amer (B)
Parish & Bingham . .
Pennsylvania R R . .
Peoples Gas Chicago .
Pere Marquette
Philadelphia Co ....
Plerce-Arrow Motor
Pierce OU
Pittsburgh C of P. .
Pittsburgh Coal pf.
Pittsburgh & W Va. .
Pond Creek Coal . . .
Tr.ct,nd steel Car . .
Tr.aceii stocl Car pt.102
Pullman "J
Punts Aleuro Sugar . 79
Railway Steel Spring. 00
! Ray Consolidated i;op.
Reading "J,,
Replogle Steel "?
I Republic Iron & Steel. 103 ft
f Republlo iron o !""'
1 Royal Dutcn 1 . .
St L San Francisco,
St L San Fran pf .
St L Southwestern
St L Southwest pf ,
Savage Arms ....
Saxon Motor
rjnknaprl Alt Tjlflfl
Seaboard Air L'.na pf. 1454
shell Trans Trading.. 81ft
Sinclair Consol Oil
Sloss Shell S m 1 ...
Southern Paciflo ..
Southern Railway .
Southern Railway pf
Stromberg Carb . . .
Studebakcr
Stutz Motor
KuDerior Steel
Tenn Cop & Chem .
5
G
'i
R
7
8
S
8
. t3
.114
. 70
. 8ft
. 70 ft
. 74ft
4ft
40
95
65 ft
2334
SO
45
, 24
, 14
8054
. 40 ft
. 7ft
. 034
.120
29 ft
51ft
51
74 ft
70
30
40ft
30
37 ft
35
. 5234
, 10ft
, 61ft
. 89
. 32 ft
, 17ft
85ft
6
.74
B
0
00
loft .
3354
13
24 ft
70
1594
7
10 Texas Co
. 3754
. 64
. 91ft
. 19
. 50
. 55
. 85 ft
.101
. 42 ft
. 9J4
.176
67
04 ft
27 ft
25
08 ft
8ft
2854
40
16ft
20 ft
17?4
99
2354
108
28
18 ft
18 ft
49
20
20
162ft
21ft
20ft
43 ft
8ft
3
9t
0
Oft
21
37 ft
30
35 ft
44
83
114
70 .
8ft
70
73 ft
4ft
40
93
64 ft
2334
30
45
23 ft
1454
88
08
51
38
7ft
G54
120
28 ft
51
1
7154
0754
30
40
35 ft
23 ft
34
48
15
51ft
89
2154
17
84
102
10054
77 ft
90
19
OS34
30 ft
8854
100 ft
05 ft
15ft
2394
12
24 ft
70
1394
6ft
1354
78 ft
35 ft
C4
SSft
18 ft
50
0
81
10054
41
Oft
168 ft
Last ChK.
1:80 Net
073
90ft lft
27ft 1H
70ft- ft
8ft- 1
2854 H
1014
left .
20ft
18
8
28ft
2054
20
49
20-7
20-5
18 134
2134- 1.
31 lft
14 ft ft
9ft- ?4
65
4 4
oft- V
8ft ..
22ft 114
37ft H
38 1..
35 ft- 154
45ft- lft
832
114 54
70 ft
8ft- W
70ft- 34
74-1
4ft..
40 ..
HIGH-PRICED SPECIALTIES
HARD HIT IN LOCAL MARKET U
Electric Storage Battery Forced Under Par Continued Liqui.
dation in General List.
Nothing in the over-holiday develop
ments contained sufficient sustaining or
stimulating influences to check the
drooping tendency in the local market.
The opening found the market much in
the RHino condition as it closed on Wed
nesday, except that the selling move
ment was of smaller volume and ap
parently of less urgent character.
Two of the more noticeable out
standing features attending the initial
trading was the usual heavy trading
in United States Steel common and the
continued conspicuous thinness of the
market for tho high-priced specialties.
There has been relatively very little
trading in "Little Steel" for some timo
in the local market. Tho opening this
morning, however, disclosed consider
able accumulation of liquidating or
ders over the holiday, many of which
were "at market." Fortunately there
was a fairly broad underlying demand
for the stock to that the price kept in
close parity with the flew York market
quotation.
In the high-priced specialties Elec
tric Storage Battery came in for a groat
deal of attention by reason of n further
sharp decline of $1) to 09, which made
a net decline for the week of JflW, and
a drop of $55 from the high price of
last year. Very small offering of Cramni
""" "" i.v UU..H iu j. in, mum wu ;
$(!5 under the previous sale. J
i'rlccA, , However, snowed nMidoncT
to Minle all along the line. nli',n.i. '
. .. .. . ' null J
most ct the other changes were eonlinri) l
wiunii irnciionni innitt. Ani'onoiii
Stores declined 75 cento to .7, rf
high Navigation was DO cent loiter nt
01 and Philadelphia Electric Minded
under par to 24. These rcrcsinm
were nil made, on comparatively u
transactions again reflecting the extreme
r.an ounces' of the current matket
Lake Superior, which appeared to
have escaped the initial opening Mump
wns later offered freely and depressed
to 15, the lowest quotation for over
two years. Later it went back to 18.
Tho selling movement, however,
seemed to have Rpcnt its force by the
end of the first hour, and before mid
day the entire market developed a
steadier tone. There was, in tho mean
time, a moderate recovery movement,
Electric Storage Battery rallied to 10'i
from 00. Lehigh Navigation to 02, mak
ing a net gain of point. United Ga
Improvement went back to 53, anil
Philadelphia Electric to par. The trad
ing became Intensely dull on the recov
ery movement.
U
65 ..
2334-
20
47 ..
2354 '
1454 94
8S - 2SS
88ft- H
filft..
3894- ?S
794..
634 Vt
120 - 4
29 - 54
51ft- lft
51 54
lft
1
ft
- ft
ft
- ft
- 354
ft
- ft
74
70
39
40
36
25
35
49
16ft
51ft 2ft
81 Vt
23ft .
17 1
85 - 94
102 - 1
10834 V
78ft.
90
19 V2
l!6 4 1
30 ft 3ft
9 - 1
101 54
SO ft
16 H
235 34
12 - 3ft
24ft- ft
70 ..
14 - 54
Oft
1354- '
81ft 2ft
3754 1H
C4 - 3
01ft 134
19 54
50 ft
56 - 554
85ft U4
101 6ft
41 - 3ft
954 ft
178 ft
MONEY-LENDING RATES
NEW 'OItK Money on call opened
today nt 7 per cent for lending and
renewing.
. PHILADELPHIA Call, C per cent;
time, 0 per centf commercial paper,
three to six months, G per cent.
i i
Kurn Heads St. Louis and Frisco
New Yorii, Feb. 13. J. M. Kurn
lias been elected president of the St.
Louis and San Francisco Railway by
the board of directors, it waR announced
today. He succeeds E. N. Brown, who
remains as chairniun of the board of
directors. Mr. Kurn has been general
manager of the load since it has been
under federal control. O. W. Ilillard
has rcsigucd as treasurer, but will re
tain the office of second vice president
in charge of finances, it was also announced.
FOREIGN EXCHANGE
New Voik, Feb. 13. roreign ex
change ut the opening was stronn
throughout, with demand sterling nt
3.3S'h. up VA over tho close of Wed
iiosday. Sterling cnbles were qinlcj a
3.39'i. Francs showed a corresponding
advance, with cables at 14.32 and
checks at 14.34, an advance of 13 con
times. Other auolations were:
Lire cables 10.08, checks 18.10; Swhs
cables 0.02, checks 0.04 ; guilder cableu
T7J, checks 37i ; pfsctns cables 17.50,
checks 17 40; Christianla cables lt.'J'i
checks 1715; Copenhagen cables 11.50,
checks 34.35; Belgian cable's 13 7,1,
checks 13.75; marks 1.05.
BANK CLEARINGS
Bank clearlnsi today, compared with m
responding; dav iat two vM.ra:
1020 1019 1918
rhila ...ino.osip,iir,7 sa.i.wM.as.i joi.ms o;
IWtimore 11.2-12.6,10 12.H1K.12S
lloaton ., 50.100.732 43 701,428 41 001 4. J
?eexXCoThIrtV;(VoVPdl64ft ISO, 1MJ4 3ft
300 ..
11800 3
300
100 5
100
1700 3
10600 8
1200 8
29900 8
700 6
82500 5
1390 t
1708 8
100
1000 4
190 8
100 6
3100
200
1100
300 7
3900 4
000
00
10 1 7
1400 4
100
3900
609 5
13900 1
1400
100 0
Texas Sz Pacific 27 ft
Tex Pac Land Trust. .240
Tobacco Products ... 64
Transue & Wms Steel. 66
Transcontinental Oil.. 21 U
Union Oil J
Union Paclfio '
United Alloy Steel ... 43
United Cigars pt "J
United Drug ;,,1?2
United Drug 1st pf.. 60
United Fruit 180
Un Ry Investm pf . . . 21
United Retail Storea .. 075
U S C I P & Fdy 1594
usoirs Fdy pr. . 45
U S Express 1 2J
U S Food Products.. 85
U S Ind Alcohol 82ft
U S Realty & Imp 43
U 3 Rubber '
U S Smelt & Ret .... 63
U S Steel 7ft
U S Steel pt "Jy
Utah Copper J
Utah Seo J
Viv.Carollna Chem ... 0034
8 Va-Car Chem pf 189
Va Iron Coal & uoko.
Vanadium Corp 44
Wabash '
Wabash pf ",::
Westlnghouse A Br. .107
Westlnghousa D & M. 49
Western Maryland .. 84
Western Paclfla -J
Western Union Tel ... -Wheeling
& L Erie . . JJ
Wheel & L Brio pt ... 10
White Motor "ft
Wilson & Co 0714
Willys-Overland 255a
Worthlngton Pump .. 73
Worth Pump p: B
5
340
61
54 ft
30
28
110
41
111
135 ft
49
177
2034
64
1534
43
29
53
77 ft
40
81ft
CO
05
100ft
68 ft
10
50 ft
10854
77
42
7ft
20 ft
106
48
854
20 ft
82
9 U
It)
40
10
24
67
70
41
111
138
40
180
27ft 34
240 -CO
C4 3ft
54ft ft
31ft 1
28ft ft
113 1
- ft
- ft
1
- lft
2ft
30 54-- l'4
0754-
1554 V2
43
39 Id
55
83ft 154
43 - lft
06ft 54
M 3
H5I. 14
100ft-
7U
10
6034
108 -
77 -
43 -
7ft-
21
100 -
48 - 154
854 94
31 - ft
83 - lft
9ft-
16
49 - 2ft
0 3
2534 ft
73 ft
70 - ft
54
ft
Vt
3
3ft
5
ft
3
Ki-dlvldend.
6000
01
3000
4000
3000
1000
100O
Norf &
3000
7000
. . 03
90
03
93
Western la
. .. 75
73
Norf & West cv Os
2000 . ..100
Norf fio R It Co 5a
1000 . 50
Northern Paolflc 3a
sooo , . 60
Northern raelflo 4a
3000 .... 74
Oregon Short L 4s
13000 .... 80
MINING
Columbia .
Alaska-British
Arizona Silver
Atlanta. .f
Itolcher DlvldB 17
Helch.r Divide Ext 18-
nig ieaeo
nooth
Itost Mont
Caled Mln
Canada Copper .
Candelaria M ...
Cona Vlrrlnla. .
Da Ileera
Divide Ext
Kl Salvador .
1'orty.nlno Jllnin
Uolden Oate Exp
Oold Cons . .
Oold Development
Oold Kewana
nold Merger . .
Oold Silver Pick .
Oold Zone
Oreat Fiend
llecla Mlnlnc ....
Timihn rir.nilnn
Knox Divide 8'4
IjUUlBlAit.. WV
McNamara
il...h xrln
Maaon Valley 3?s
Motherlode J;
North Star 10
Ilncheater Mlnea .. .. 22
Ilnpo Oroup i--;,; ff
Silver Kinc of Arlx ... H
S Blher t.ed U
Tonopah Belmont 2,
Tonopah Cash Boy 7V4
Tono Divide 2
Tono.JIm x
Tonopah Midway 16
Tonopah lllxpah . . 7
tl H Cont ... JJt
United KaaUrn ... . 3'
White Cap 10,
White Capa Ext j',,
Wllbert 6V4
1
17
16
n n
70 70
35 S3
l.V l'f,
30 39
k ;
8 2'.
l'i 1
1'i 1
13 18
11V1 18
B'4 8i
"1 a
13 12
30 20
2V, 214,
4U 4U
a n
8'4 S
,. r.
1". Va
2ft 2ft
17
1G
.'4
70
36
IA
5''
39
a.
2.
1U
1.
18
18
8',
3
13
"1
2H
8
-
2i
68
10
32
SELLING MOVEMENT
LOWERS CORN PRICES
Commission Houses Take Buy
ing Side Demand Is Quickly
Supplied Oats Firm
Philadelphia Stocks
?i
100 Vi
30 30 Vi
00 104U 3
Cliliago. Feb. lS.-rofessional oper
ators started a selling movement , com
this morning and weakened the market
after It had started stronger.
At first commission bouses were on
the buving side ami oiicnuis r.r. ......
ited. but the demand was
quickly.
n.roInts were 100 cars.
May. opened at $1.31 to Sl.31,
July started
supplied
!; si .31 at the close "Wednesday.
"...., . 1
i
H
2H 2N
7 7,
2Vi 2.
21 23
15 16
0 7
n.i nj
"S14 aw
10 10
2 2
,; ou
J ,..1!J tr. 1 flflB.i
nt 1 .28 to $1.28?'.. compared with
SI 28'4. Wednesday's last price, and
weeded to SUSl'A. September was
quotcd-at $1.2S to j.w "t '" -set
and sold off to $1.25.
Oats opened firmer on bcattered buy
ing by commission houses. Offerings
,... email. Trade was quiet, with all
transactions in small lota.
The arrivals were 72 cam.
Receipts of wheat here today were
25 cars. . . ......
Ieadlnc ruturei ranacu .. .
Co MSifMTTa5Xr Low .1? 30
fiften : JOT S:8 I:h p
Oata ,D1! ' 7.1;
70
71'i
May .
Julv
rorK
May 35.10
t.?rtsi $
July 21.93
, ,IV,VU
TO
714
78'4
IV7I
78K
70Ti
Wed
cloae
1.38H
1.3U.
7H
70
35,10 tai.87 134 87 84.83
21.47
21.05
21.30
21,75
21.8ft
21 75
Ilk
tAaked.
18.52 18.42 18.42
10.10 Tl,V l.
21.45
tit.es
18.47
10,00
Hlsh Low ' 2 P m
20 Allia Ins
war 0 0 C
225 Am Strs. 38Vt 37 37-
10 tBaldwin
Loo pf.100 100
24 Cam Iron 40
2300 El Stor..l0S
1035 Lk S Cor 16
37 Leh Nav. 62
lOLch Val. 41
60 tMidvale. 41
SMI Pa It II. 40
75 Phila Co
cum pf. 32U'
501 Phil Klec 25
50 P R T tc 22
50 Ph Tract C09i
14 tlteadlng 00
125 Ton Bel. 2A
500 Ton Mln 2
10 IJn Tract 34
533 U O I... 53
1750 fU 8 an 00
500 tWbeel &
h b... n 0
25 W J & 8 36 30
23 West C. 74 74
30 W Cra'p.135 135
Net
chue
15
01
41
43
40 Vi
31
24
oor.i
00
04
2
2".
31 "
Bi
OS',
it
16
02
41
44 ..
40
32
25
22
00-
00 1
nV".'!
53
00
0-30
135
65
Net chansre made by comparlion with )
ale on New, York Stock Exchanxe
Salea In BONDS Net
1 1000 Ulna Low Sim chto.
4 Elec & Pco
Tr 4s ... 01 61 61
1 Leh Val 6S.100 100 100 . .
50 Lib Honda
2d 4b. 00.54 00.01 00.C41.21
7-10 Phila Klec
1st 5s ... 03 03
2 PB &W4s 00 0(1
2 Head gen 4a 78 78
0 Un By Inv
5s , 08 68
1 "Wels Co Bs 08. 08i
03
00
78
3
08
Wt,:
HEAVY RAINS INDUCE
SUPPORT IN COTTON
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
Wednesday Closing l'rlce at Tar
' Frlces Exchange Normal
$193
193
193
486
193
Belgian Govt. Restoration 5s $80 per 1000 fra.
French Govt. Victory St 65 '2 per 1000 fri.
French Govt. 4s of 1917 53 '2 per 1000 frs.
British Govt. War Loan 5s 320 per 100
Italian Govt. Consolidated War Loan 5s 54 per 1000 lire
We arc prepared to give information concerning these and
other Foreign Securities and invite correspondence on this
subject.
EDWARD B. SMITH & CO.
Bankers
1411 Chestnut St., Phila.
ELKINS, MORRIS & CO.
Banker
Land Title Bldg., Phila.
Strong Cables, Liverpool Buy
ing and Covering Factors in
48-Point Advance
cotton r.ELT v;nvninr. -onihtions
New York. Feb. 13 Tho following tem
rcraturea were recorded In the cotton holt
thla mornlnit; Vlckshurp. 34; Fort Mmlth,
R: Oklahoma rity. Little Itoek. Memphla.
Meridian anil Chattanooga, 38, Shreveport
and Knovxllle, 40. Abilene and Atlanta,
42s Ran Antonla 44; Slonteomery ana Au.
iruata, 40: New Orleitnn, Pentacola and
Macoif. 48. Corpua C'hrletl and Thomaa
Mlle, 62: OalveBton. Charleston nnd Sa
vannah, 54 1 Wilmington and Jacksonville,
02. and Tampa, 64. There was ,01 inch
of precipitation at Jacksonville; 02 at
Khreieport; 14 at Chattanooga; ,24 at
Knoxvllle; ,2R at Tampa, 32 at Vlckn.
hurirj .44 nt Macin; 74 at Savannah1 8t
at New Orleana. 1 22 at Atlanta; 1 32 at
Auauata: 1.38 at Wilmington and 2.02 at
ThomaaUlle.
New York, Feb. 13. An advance of
'18 to 48 points in cotton at the opening
today was due to strong cables, heavy
Liverpool buying and active local cov.
ering. There was also more or lens sup
port bused on further heavy rains in the
eastern belt. Part of the Liverpool
strength waa attributed to Manchester
t tiying.
Later the market here continued ac
tivp, with advances well sustained, and
at the end of tho first fifteen minutes
was ubout even with opening IevelB.
rrey. ctno Open 11 a.tn
U,l iu
March .
May ..,
July ...
October
B4.72
82.3.1
B0 2H
29,28
S2.T7
So.76
28.76
I
82,68
80. SI
28,07
Tax Book for 1920 on
Federal Income and Excess
Profits Taxes
UR new book, "Federal Taxes on
Income and Profits," is now ready.
Copies may be had on request.
This book of 196 pages gives detailed in
formation regarding Federal income and
excess profits taxes, with special reference
to problems for the taxable year 1919. Tt
includes a summary of important rulings
and regulations of the Treasury Depart
ment, and the full text of the law.
For the purpose of assisting our customers
and others in the preparation of their
Federal tax returns, Mr. Harry B. Sutter,
formerly of the Office of the Solicitor,
Bureau of Internal Revenue, Washing
ton, D. C, is now associated with this
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of Mr. Sutter's services, which are ren
dered without charge.
CLAYTON F. BANKS
421 Chestnut Street, Philadelphia
Correspondent
Guaranty Trust Company
of New York
Capital and Surplu5 - - $50,000,000
Resources more than - $800,000,000
T
IJlWaW Flltitft &sia llXK ""
$
1
2 .
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