V:,; fSfnZMwWm vs T EVENING PUBLIC liEDGEfe-PHnJAJDELPHIA', SATURDAY, FEBRtJARY ffOiflaa i r lV 8 NEWS OF FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK QUOTATIONS jft&.T3F$!piiV.t( "V ft ItV ft. till "Tf f '-? ' r-''-l--'! gfi Open An Account Here Whether you have a large or small balance, satisfactory banking service will always be rendered here. The location of this insti tution, the courteousness of the officers and employes, and the banking facilities we pos sess, will prove your selection a good one. S'art Your iccount Toaay 4H&V & I 111' National Bank In the Center o' Thmtj Opposite Broad Street Station Pood Drafts lor Sale Here FUR THER RECO VER Y MADE IN LIVELY OPENING MARKET Extensive Short Covering Contributed Largely to the General Advance in Prices YOUR OPPORTUNITY National Life Preserver Co. Stock Last Dividend 10rc Advances to Par $50 Per Share on February 20th, 1920 Send in Your Subscription Now at $45 per share and save 10 Latest Bulletin mailed free won request Philadelphia Office: 703 Lincoln Bids. Phon" Walnut 4SS6 Joseph Hamilton, Manager Now York, Feb. 14. Stock made further substantial recoveries from their recent acute depression at the lively opening of today's brief session, short covering contributing largely to the general ndvance. Although the outcome of the railway wage controversy was still in doubt, traders seemed to be of the opinion that conditions favored nn early adjustment I of that situation. ! Italls average 1 point gain, but among I steels, equipments, motors, oils and I shippings advances) extended from 1 ito almost 4 points within the first half i hour. me stcls were strong because ot tnc demand being far in excess of supply around current prices, and those issues steadily made gains, with Crucible moving up 2 to 210 . United States Steel made a gain of l1 to OSVj and Baldwin 1 to 111. Similar advances veto made in all the other groups, the greatest gain be ing in Kent nil Motors, which rose four points to 1M."M!. Iloyal Dutch ad vanced ls to 101 . In the unsettling violent slump of the market this week a crumb of comfort Is to be found In the thought of the possibility of professional Wall street overstepping the mark. I'xperi eui'e has proven conclusively that nil the great market movements huve been (carried to extremes. This applies as much to downward as well as to upward swings. In either case the following becomes alto gether too bulky and extended for com fort or safety. Invariably u juncture is reached whereby some of the shrewder members of either the bull or bear pnrty do u little sidestepping before the in evitable collapse of the respective move ment occurs. Considering the violent and far- reaching depreciation which has oc- ( urred in all classes of securities since last November, with the nccompanying flood of liquidation, voluntary and in voluntary, coupled with the vigoious and concentrated drives of the bearish element, it is altogether reasonable to presume the market has reached, or is .approaching, a badly oversold condition. lu many ways the very violence ot marginul holdings had been greatly iin pnlred by the gradual crumbling of market values, nnd who finally were compelled to jettison their holdings through inability to meet additional marginal demands. Some of the lesser pools nnd cliques were hit hard in this connection, and it is safe to state some of the more powerful combinations were not im mune In time of crisis it is difficult to pre dict when the height of the tension has been passed. Alarmist rumors and alarmist talk always tend to overdo n liquidating movement just as fanciful talcs and extravagant stories overdo the natural tendencies in a dull market. It is only when viewed in coolness that a proper perspective can be obtained. The more disturbing factor in the cur rent liquidating or adjustment market movement was to be found in the acute domestic and international monetary situation. At the moment, there is not sufficient evidence obtainable to permit a reliable prognostication of either situ ation. It is only a matter of common sense, however, to appreciate that much of the desired deflation of credits, in so fur as the stock exchange nnd stock ex change business is concerned, lias been more thau accomplished in the terrific, if not alarming marking down of market values. As stated before in this column, if the deflation of bank credits iu all other lines is conducted on the same scale with the same satisfactory re suits, it will not be long before the equilibrium of the banking situation has been restored. As to the foreign situation, the future outlook is even more difficult to deter mine. As it stands the situation is strikingly similar to conditions fre quently existing in this country prior to the inauguration of the Federal Re serve system In times of stress it was necessary to resort to the issuance of Clearing Houce certificates. In so far as the locality iu which they were is sued they hud u full face value, but outside of the particular localities value diminished. It is the same with sterl ing francs, lircs. guilders and other forcisn moneys. The Tnglish nound en joys its full value purchasing power in NEW YORK STOCK EXCHANGE TRANSACTIONS Salt ZOO too too JtOO 400 600 ztoo 100 1000 100 noo 100 son 1000 4G00 300 100 1100 2100 1400 .too 100 700 300 300 500 3000 3400 104 BOO 1300 3)0 100 1300 100 400 100 Dlv. In Adams Express ...... 27 J4 . . AiosKa uoia mines , j .-. Alaska Juneau a M . . 1 .. Allls-Chalmers. 41 & 8 Am Beet Sugar ..... so 8 Am Bosch Magneto . .11014 .. Am Can 44K 7 Am Can p , . 9S 13 Am Car & Fdy 119 7 Am Car & Fdy vi . . .114 Am Drug 8yn 13 Am Express 00 5i Am Hldo & leather). . 20 Y Am Hide & Leath pf.lOSJi Am Intemat Corp . . 04 Am Unseed 78 Y2 Am Linseed pf 94H Am Locomotive 00 Am Ship & Commerce. IB 14 Am Smelt & Ret .... 0134 Am Smelt Sea A .... 80 8 Am Snutt B.f 3 Am Steel Foundries. 41 J 7 iAm Sugar Ref 124 10 Am Sumatra Tob . . . 82J4 8 Am Tel & Tbl 07 fi Am Tob Sec temp ctfs. SI Y2 1 Am Woolen 128 .. Am Writing Paper pf. MYt . . Am Zlno Lead & Sm.. 17H Anaconda Copper ... 50 . . Assets Realization . . . 3 . . Asso Dry Goods 51 ?i Atch Top & Santa Fe. 78 J Atch Top & S F pf... 70$ Atiantio coast Line. . 87 Atl Gulf & W I S S..148 High Low .80 7 fi a 7 i 6 14300 3.S0 Baldwin Locomotive.. Ill the breaks witnessed this week would ' Kugland, so does the franc in France smizest the early culmination of the downward swing Sufficient testimony was given in the character of the deal ings throughout the week to indicate the thorough purging of weakened spec ulative accounts. It was not the slaughter of the inno cents, as witnessed in the inception of the market houseeleaning in November and December, but was more the elim ination of the so-eulled "lame ducks that portion of the trading element, professional or semi-professional, whose matical. and the lire in Itulv. but outside of each of the separate countries the purchasing power is greatly diminished. When the banks here w ere in position to call in the Clearing House certificates and do business in the good old regular waj, everything went on smoothly and the financial machinery of the country ran in unison. It will be the same in Europe. Today she is doing business on at Clearing House certificate basis. Just when she can redeem them is proble- POSITION WANTED with firm having" agricultural holdlrgrs o connectlons, by colIse graduate with prac tical experience In farming; 30 years old formerly captain. Veterinary Corps. U. S A, Personal interview desired C 317, Public Ledger iT i Philadelphia Markets SU- Stockwell, Wilson & Linvill;; Certified Public Accountants rtand Title Bldg., Philadelphia PROVISIONS riieie was n. limited Jobbins movement nnd no important change In prices Quota tions Beef in seti. smoked and nlr-drled. -ilc beef knuckles and tenders smoteci hiiu air dried. ."2e pork, famllv s f cured Iocs.- 270 2c loo'-e JJ'iSIJSc. do (Jo hams, boiled. New York Bonds 51'c. hams do skinned smoked. 2rtH f? boneles" 31c. picnic Am Tel & el Co 5s 1000 . . 81 Am Tel & Tel Co 6s 1000 . . . 8fW 1000 . 98 1000 . 9Vt 2000 . . . 88'A Anglo-French B 5s M Ki WANTED, by old-establMied Stork Exchange House, experienced cleric. Good opportunity for advancement. AH replies will be treated In strict confluence. lleply to 1' 818, Ledger Office Idem S P cured, ba on :!2c. lard. 25c loose. 25c, breakfast DAIRY PRODUCTS i KBE.SE Trade was slow end prices fa .rfrd bujers Otferlncs wep moderate but ample Quotations. .New ork whole-milk fla: held. fanc. SIWH-'C, held Ur to ',io .lu03O,sc. current make nominal; wis ronsin whole-milk flats, held fancy. 31 ? 32c held fair to Rood. 3080i. Jobbing sales of fano held goods. 315fajc 90000 11000 11000 25000 .10000 2000 Atch T 5000 . 5000 94 94 y4 91 84 y4 . 94 S Fe 4s . . 74 75 Atl Coast Line 4s 1000 . .. 74V4 1000 . . . 74 VI Baltimore & Ohio cv 1000 . .. 59 Vi Lawrunce E. Brown & Co. CERTIFIED PUBLIC ACCOUNTANTS 1615 BUM. IT TI". TRUST Hl-DO. Investigate and adjust partnership and corporation accounts. Also prepare C S. Income Tax Keturns. POULTRY LIVE The market was nuiet and un-i.i,-. ..... . ff,.r,n Ountatinns cr.anBeu Willi .mi "- , ' ,.,?:(, IJnirr,nrn X- ("I 3U.B Fwls line tat. .i-vinoi". uv. "c;'"-; "-: i -"" . - , 37c broilimr chickens fancy soft-meated. oono ... 79 eiirhinc mC2 pounds apiece. 50 0 s,c. ,,, ,.r "princ chlckJns average soft-meated. 3Hi l"00 . vir do inf-rior 3Vst37c. stagBj- ous 1 Baltimore & Ohio 4s "meter 2ll30c old roosters. 25. . 1 ,,, 61 SSSSL, 'roil'So. 443u.'&v,?-!?m2 Baltimore. & Ohio 5S lleeje fat 426 15c do average, 30 6. 35c. Turkej- 30fl5.'c PlBeuns o d, per Pair. 55c do youne per pair 4oW0c. Financial Briefs V- riNs iu, Gold llmuls (Logan T" isr f'ompanv of Phi'adflphla Trustee un 1 LoRat Coal Companv Mort jraffe of Sept,-mVr 1st 1917 hereby elves notice that tl f LoBan Coal rompary have f elected to nJ..m the entire amount of !onds outsMndinK of the Issue above referred to, and n pursuance with the terms of Article 9 of the mortgase will, on March lfit, 1020, rd.rm all said bonds at the price f 102 tnp. th-r with accrued and unpaid Interest at in1 office of the Loyan Trust Company of Philadelphia Trustee . Loean ' i. f'ompanv requires that on leaJcl redempt'on date said bonds accompan ied by a'l matured and urmatured coupons 'be. presented for -edemption and payment at the office rf ald Uosan Trust Company of Fhlladeiph'a. H31 Chestnut street. Phila delphia Interest w 1 case f-om and after March 1, 1B20 or a' I bonds not presented for ! redemption ur that dat IX.OOAN THV1T COMPANY OP PHILADEL PHIA Trust"' 4 iv ji'h.n n whip sec-tary . Aiaieu -iiuhij'-iiii.i .mi.-jcti hi 1020 ' Proponl WuieM-iiead refusal of farmers to sell r Chf . ...,i, in. it-fink tn rnmnc all IU : achnnce in the com market. Compared 1 -'" with a wck ns;o, corn quntationh tliH I -morning were 2c to 3c higher, oats,1'"1 houetl gains of l'jc to 2hc. and pro- 1 30P35C. , ftno ... (tl Baltimore & Ohio 6s r.ooo . . . H2 Balto & O P & L E & West Va Sys 5s 5000 .... 53Ti & Ohio cv G." 000 . 7.1Bi D i fn. w fun r'fiir 4-vv f-xintl jioriKUKc ovc t-s-ifar finKing ruu;jias (jone mili'Il tills wwu iu u.n.r - Quincy "" l . (iu B & Quinoy 4s 000 . 93i . ! n .ti.nl..,.. tt ,1 uuu., . . -- , vi-ions vaneu iruiu -it ucuuv. . The of 20c. K .ie 110 ni of i:nrcTiov. unit nuch of Audubfn ' air.Ui-n Co. .V .t w,i 'receive prr.pojals for, tl-o conteroolated . Pr5 The average price of twenty active in dustrial '.toc'ts advanced 2 per cent yes terdnv to 02.(50, while twenty ranroads advanced 1.55 per cent to CD.3S. V notice ha, been sent to holders of the Imperial Russian Government 0 vear S'i per cent bonds, dated lie (ember T. lOlti, nnd due December 1 1021. stating that in view of the default in pavment of coupons which matured December 1. 11'1'., It l" desirable that holders unite for tho purpo-e of taking concerted action for the protection of their interests. lth this in view, n protective committee Mh been formed at the request of the hold- of a largo amount 01 tne uimui 2000 us '.4 3000 . 52V4 Lack Steel Corp '23 2000 . 92 Yx L S & JI 4a of '31 2000 . . 80 Mo Kan C & Tex 4s 80000 . 53V4 N T G & H Ti R 63 8000 . 90 K Y Railways 4s 1000 . es X Y Telephones IVi 8000 . . 'HVi 1000 . 78Vi N'orf & "Western 4s 1000 . .. 75V4 Korf. & West cv 6s 7000 .. .100 Northern Taciflc 3s lonoo . . . 50 Peoria & E Rly 1st 2000 . . 51 Philadelphia Co cv 2000 . . 87yt Seaboard Air li aj 13000 . 30 Southern Pacific cv 5000 . 83 Vi Southern Pacific 4s 1000 . 68 1000 08 2000 08(, Southern Pan cv 4s 7000 77V4 Southern Pac cv 6s niooo . 08 South Railways 5s 1000 . . 83 St L, Iron Mt & So R & G Dlv 4s 2000 . 6fl4 11000 .... (10 100 1400 a 10 200 1000 son 100 4000 IfiOO 10U 300 100 too (100 20 n R00 100 .110 2900 100 300 ,100 10O 300 200 500 1300 400 100 100 r,oo 700 300 200 3100 , 190 100 200 too . 50O 3800 5700 2100 1700 400 400 7)1 100 :i.o 1 JO 1310 400 2'J)0 HiO 111) 300 0400 too 7110 3J0 400 210(1 .110 200 200 2J0 530 .3 JO 100 100 2900 3S0O 3700 1500 7 Baldwin Loco Df 0SH . . Baltimore & Ohio ... 30 4 Baltimore & Ohio pf. 44 8 Barrett 1184 . . Bethlehem Motors ... 21 Vi 5 Bethlehem Steel 83 S Bethlehem Stl 8 pf..l0a Bethlehem Steel B ... 87ft . . Booth Fisheries . ... 104 . . Bklyn Rapid Transit. 11 14 . . Butte Copper '& Zlno.. 8H .. Butta & Superior Cop. 24 H . . Butterlck 1 Caddo Central O & R. 18?i C California Tacklne ... 70 California Petroleum.. 3114 California Petrol pf.. 0014 Canadian Paclfta ....119 Central Leather .... 78 Central Leather pf . . .lOt'J Certaln-teed Prod ....tl'z Cerro de Pasco Cop.. 49?' Chandler Motors ....130'4 Chesapeake & Ohio . . 40 J Chi & Northwestern . . 78 Chi Mil & St Paul . . , Chi Mil & St Paulpf., Chi Rock Isl & Pao . , Chi R.I & Pao 6 pf, Chi Pneumatlo Tool . Chlno Copper , Coca-Cola 38 Colorado Fuel & Iron. 38 J coiumb Uas & Blcc Col Graphophone Con Interstate Cal M, Consolidated Cisar .., Consolidated Textile , Continental Can Continental Candy . . , Corn Products Ref . , ! Crucible Steel 2105 . Cuba Cane Suffar ... 44 yz ! Cuba Cane Sugar pfi. 80)4 , Denver & Rio G pf ... to y2 I Dome Mines 10 y2 Endicott-Johnson . . . .120 14 1 Endicott-Johnson pf .101 , Erie 1134 . Erie 1st pf 10J4 5 Famous Players-L ... 71 1 Freeport Texas ... . Z3 y2 . Fisk Rubber 3H i Gaston Wms & Wig . . 14 B General Cigar U43i H General Electric .. ..ISSJj, I General Motors 24. 0 General Motors deb .. 74 i 8 Goodrich B F C814 . Granby Consol M & S 38 4 Gt Northern Ore ctf3. 3J?4 7 Great Northern pf . . 72? ( Gulf States Steel .... 03 0.554 35 33'2 51 no 84 30 A so 12 Vz 18 ?a 275 80 y2 11 H 80 J4 Haskell & Barker Car Hendeo ctfs I Hupp Motor Car 13 0 Inspiration Con Cop.. 51J4 . . Interboro Con Corp .. 32 .. nt Aerlcul Corp . ... 10J4 6 Int Harvester 118 . . Int Mer Marine 32 J4 0 Int Mer Marino pf . . . 81 .. International Nickel .. 20 .. International Paper ,. ?7!z 27i 1W IPs 41 80 11014 4394 05 128 111 13 96 ?4 20 !4 10414 932 78 12 94 88 ?4 18 (112 80 9S 4114 124& 83M 97 55 U 120 Vi 4014 17 6' 3 am 70 ?s 762 87 148 110 39H 41 118 21H 82 loew 8714 1014 11 'A 8!4 2H2 17 1S?4 70 312 604 110 70 104 Yz 50 49 129 4914 7S 33 19 25 511 St 35 'i 371 37 50 41 184 60 '2 2714 80 11 V2 79 200 43 80 14 1014 10 110 101 11 19 60 Z33u 341-4 13 61 14 155 213 74 67 H 38 35 H 03 3 35 13 51 3 104 118 31 82 20 ?,, 70 J 1:30 Net Last Cnee. 37 A 1 14 1 a 11 1 80 Yl 110 3 43 'A 95 128 111 12 - 00 1 20J4 Y 104 1 03 7S IK 04 IU 88 18 1 Vt 80 95 4 0 41 .. 12114 1 82 97 5714 120 40 1H 1714 1 5014 H 1 51 1 7SH 70 87 2 148 HI 1 98 . 30 44 118(4 Y2 21 S3 - 1 100 87 1014 . 11 8 .. 21 171 18 70 31 1 U0! 1 119 7S 114 104 51 3 10 1 130 3 49 1 "S 53 1 51 1 25 y, fi - 841 30 114 ra 8 50 t- I Sales 100 100 200 200 100 300 Dlv. In t K4 Iron Products S3orp . . Jewel Tea, 10 . . Kan Cltv Southern ... 11 1 Kansas City So pr ... 44 4 Kelly-Spg Tiro 110 3 Kenneoott CoODer .... 28 1000 1.20 Keystone Tiro & Rub. 31 800 0 Lackawanna Steel ... 73 100 .. Leo Rubber & Tiro... 20 300 3.80 Lehigh Valley ....... 41 High Low 43 S in 14 44 118 28 4 Looso-Wllcs Bis Co...' 49 2 Loewe Co 37 Loft Corp l Manat) Sugar 114 Martin Parry 20 .. Math Alkali .. Maxwell Motor 22 .. Maxwell Mot ctfs .... WVi . Max Mot 1st pf ctfs.. 48 10 Mexican Petroleum ..175 3 Miami Copper w 15000 1.20 Middle States Corp . 39 1400 4 MIdvale Steel & Ord . 45 100 .. Minn & St L now . . .11(4 800 . . Missouri Kan & Tex . 7 000 .. Missouri Paclflo 33 100 3.50 National Aemn too 300 700 200 100 100 100 100 600 0100 200 10 2 1000 .. Nat Aniline & Chem. 500 .. Nat Enam & Stamp, 200 Nat. Lead Co 700 . . New Or Tex & Mex . "00 5 New York Central . . 100 2.50 New York DocK .50 0300 1000 100 1504 500 700 100 3000 300 100 900 300 300 2000 10O 100 1200 400O 1000 400 300 200 400 100 100 400 10100 2000 100 2 4000 8.70 New York N H & H Northern Paclflo . . . Nova Scotia S & C Ohio Cities Gas Okla Prod & Ref . . Otis Steel M'A Paclflo Development . 71 Pan-Amer Petro 78 Pan-Amer (B) 72 53 J4 74 75 40 67 32 2G 72 58 43 7 Yz 3 42 18 . 60 27 79 210 3 80- 10 10- 110 1 101 11 .. 19(4 713 23 1 35 1, It 64 2 155 1 246 4 71- 1 68 381 35 . 72 03 55 3 35 13 51 3 10 1(4 118 2(4 32 - 84(4 1 20 77 a Parish & Bingham . . . 37 3 Pennsylvania R R ... 40 . Penn Seaboard Steel . 22 . Peoples Gas Chicago.. 37 . Pere Marquette 27 Pero Marquette pC ..48 5 Pere Marq prior pf . 63 3 Philadelphia Co 309 . Plerce-Arrow Motor . 64 .. Pierce Oil 17 5 Pittsburgh C of P . . 53 . Pittsburgh & W Va. . . 25 1 Pond Creek Coal .. . 19 8 Pressed Steel Car . . 87 5 Punta Alegre Sugar . 83 8 Railway Steel Spring. 03 3 Ray Consolidated Cop. 19 fi Republic Iron & Steel. 105 4 Reading 8 i Reading 1st pr 3iJ4 Royal Dutch N Y . ..101 St Joseph Lead . . 15 St L San Francisco. . . 17 St L San Fran pf . . . 25 St L Southwest pf . 21 Saxon Motor 15 Seaboard Air Line ..7 Sinclair Consol Oil ..38 Shell Trans Trading.. 82 Sloss Sheff S & I 70 Southern Paclflo . . . 92 Southern Railway ... 20 Southern Railway pf . 52 Stromberg Carb . . . 58 Studebaker 89 Stutz Motor 101 Tenn Cop & Chem ... 10 Texas Co 179 . rex Co Thirty (30) Pdl73 .. Texas & Pacific 28 . . Tobacco Products ... 68 0 Tobacco Products pf.. 31 1 Twin City R T 30 5 Transuo & Wins Steel. 55 .. Transcontinental Oil.. 23 - 8 Underwood Typewrit 108 .. Union Oil 29 10 Union Pacific 11455 too 3.50 United Drug 1st pf.. 40 500 10 United Fruit 183 3 United Retail Stores . . 70 .. U S C I P & Fdy .. .! 8 U S Ind Alcohol 80 2 U S Food Products . . 67 8 U S Realty & Imp. . . . 46 8 U S Rubber 685$ 5 U S Steel 9854 1 U S Steel pf HI 6 Utah Copper 71 .. Wabash 7 .. Wabash pf 22 .. Western Maryland .. 0 Western Paclfia ... . 23 Westinghouso E & M. 60(4 400 1500 100 100 mo 200 10100 2600 200 4700 200 100 1000 11500 100 300 3400 100 1000 2300 100 100 300 J5100 100 3400 800 .74 n 11 5 1 7 6 io 4100 00 3000 600 700 9000 17100 100 300 300 1700 200 300 lbOO 600 900 800 1399 100 200 Wheeling & L Erie .. 10 White Motor 53 Wilson & Co 70 Willys-Overland 25 Willys-Overland pt . . 80 Worthlngton Pump . . 75 30 73 29 40 49 37 19(4 113(4 26 30 22(4 23 18 171 23 39?4 45 H' 0 23 30 51 74 75 y 40 I 67 32 M J4 72 58 51 7 ,10 71 77 73 37 4054 21 37 27 48 62 36 64 17 53 21 19 87 82 92 19 94 101 07 31 101(4 15 10 25 21 15 7 3754 82 70 2 2354 62 68 88 109 10 17S 173 28 C0 91 30 55 itis 29 114 40 183 09 15 84 5754 14 97 97 111 70 754 23 54 22 49 54 53 70 80 74 11:80 Net Last Chga. 4354 54 10 A 14 V 44- 118 2 28J4 W 31 S 73 1 29 41 .. 4 3 37 194 i 114 0 282 30- 23.. 23& 2 48 175 3(4 23 . . 39 3 45 1114 .. 7 23 30 52 74 1 75- 40 .. 67 - 222 20 731 58 1 41.. 7 Ye 30 7t 1 77 72 .. 37 40 31 37.. 27 48 - 03 .. 30 54 17 63- 24 1 19 87- 82 2 02 19- 105 4 6754- Y 34 104 15 17 25 1 24 15 7 37 82 1 70 03 - J4 20 .. 621 58 88 109 10 178 1 173 5 28 (8 2 912 33 1 65 S3 I 168 1 29 H4 40 183 1 70 1 10 81 57 45(4 2 97 9854 111 1 71 1 7- 22 9 23 1 5t) 1 10 (4. 53 701 -''! - 80 .. 75 1 ELECTRIC STORAGE FEATURE IN PHILADELPHIA MARKET Ttrr r.i I n 1 T O" T m T. . . M weeks Shalteaovon negaraea oignot o i urmng fouu-in. Tide of Values ' b, IntimntioiiN we rvon tnnM . '.1 time of buying for control, whfchNt,! supcriicinuy cpmirmod In tho vior. if not urgent buvlnc dcmnml. n?.'lu preccdcntcd high prices apparent!!,,! M nil times was n secondary conBidcrarii $1 1M... lnf H,n n...1- ...-..i" i.u.cranw. vi ... V....O mw ijutwjr niiia;uiaijvc (j... nctcr of tho campaign in these jZ:, Pi issues has been fully disclosed, It i i markablo theiholdings so acquired wh '1 held intpct throughout the recent drastic ''I adjustment marKcc process. There'll nlways a breaking point, and tint juncture apparently was reached tM. week, when by tho violent breaks nan than 70 per cent of tho inflated valiS tion of these Bharcs was wiped out. Some of the closer students of tfo local market situation attach consider able importance to the week's shabw down as bearing upon the future rsn crnl market trend. Briefly, they assert it is a reliable signal of u turn rn ,. tide of market values. This idea 1 " based largely upon past expericne ' That is to say, the local stocks havi nlways been the last to move un nr r..! down. In other words, the tailend of '. uvcij uib B'tai, uioiki swing nas been accompanied by either a vigorous un. bidding of tho local share's or similar marking down. This may only bo a mere onincl,n. with the culmination of all the great I mnrlfof nxtrlnira lull iir,ADln It .. ll marked the approach of the turninc point in the market. Hegardloss of this theory, every reasonable thinking person recognizes, with securities forced down to levels far below intrin sic value, tho bottom of the downward movement cannot be far distant. That i seems to be about the state of the mar ket just at tho moment. It is appar ently scraping bottom, and, unless signs ore misleuding, tho lowest prices have been seen. This does not foreshadow an immediate recovery or tho wide de clines. To tho contrary, it foreshadows a prolonged spell of convalescing, wrought with many disappointing and dibcouraging days. It will take a lonr time before the market can regain its normal vigor. The tone of the-opening local mnrkct this morning was greatly Improved con trasted with tho feverish initial opera tions of the preceding sessions. Deal ings wero considerably smaller, but prices wero steadier In all directions. Electric Storage Uattery wns the foremost feature, scoring u further re covery of $2.50 to 111$, which price was $13,50 above, the low-water quota tion recorded on yesterday's slump. American Stores was a good second, scoring a rally of $1.25 to 130. In tho other local stocks transactions comprised Bmall odd lots with mixed re sults. Lake Superior Corporation was off Vk at 10Kt ; Lehigh Valley at 41 was under yesterday h final. On the other hand, Pennsylvania Railroad ad vanced , nnd Pennsylvania Salt 4. Philadelphia Electric was firm at par. Small ollcrmg ot American Knilwoys preferred caused n drop of $3 from the previous sale to 55. The extreme weakness which cronned up in scattering parts of the local list this week in view of the seeming im munity of the market heretofore to the liquidating movement occasioned con siderable surprise in some uuartcrs The Hharp break, which was confined principally to the hiehcr-nrieed sneclal- ties, was not, however, the outcome of cither any adverse local development or unfavorable conditions respecting the concerns in question. On the contrary, it was the logical sequence of the vio lent marking down of values in the New York market. There is every reason for believing) the heaviest declines in the local stocks most affected wns due primarily to impaired marginal ac counts, or to calling of loans, which forced tho liquidation. It will be recalled when a number of these shares were soaring skyward day after day in the remarkable bull movement of last fall, persistent reports were made of heavy buying for the New York account, or by interests closely as sociated with several of the spectacular movements in prominent speculative footballs Of the larger market. TRADE IN THE WEST CONTINUES FAVORABLE Buyers Are Present in Central Markets in Larger Numbers Than Last Year Chi M & St Paul 4s St L & San Fran aj "receive prr,poain ior ire conteronlnted '' "' " . V , V 1 .11 v,n tlw. Rlterat.on .in.l .idditlorfs to School Ragmi and depositaries! thereunder will be the No. 2 anil No 3 a rer piam and spr viiinnnl Cltv ISnnk. of New ork, nnd Jflcatlons um 1 8 o'clock p. m.. Tue-dm. . '2?, A 1 rr , :,.- ( Ttnotnn Ijrtarrh 9th, 1020 when um. will re ripened the Od Colony Trust Co.. of Uoston. in um una' 1 jipurn. iv-naoi itousr .no i , Holders ot tne ooniis may urrumu !' At the aim time, separate proposals for ties'to the agreement bv depositing the: Ul heat re rntilatlon. plurablns work , , , v.. -n , f .. ,lr,i.olrnrips Snd eleirn di work will be received and bonds with either of these depositaries ppeneu , All pripckd for treneral contract must be. accorrr ,n -'l u lth a fortified check of llfteen H.-ntd Doliarn (Jiloo 00) All propf.ii" for hratincr plumbing and iectnea' ork muit be a'.compunied with k certified T- V for not legs than 10 per cent of ilie cntr-ft p-!ce Plana and tp 'irjrHtfnna can be had from The Subtreufcury lost $321,000 to the banks esterda The annual meeting of the ; Philadel phia UnnicI Transit Co. will be held Mnreh 17 The record of btoekholdern ,r5S5.Sr7r,,KVi-?8.S,0'5iriili be 'taken at thPcloM of bi.siue.ss i . ,. .. ....... .. . . . -. .. i t- i n ... !-. "itnlu rln not close. A flonnft't of Twenty-five i!.1 ni,l nnll. will be requlnd on all plans and epeclilca tlons. Bmi. 'i returned when plana and speclflramn are returned The Hoard reserves the rlsht to accept pr reject am or all proposals for the best Interest" of Hoard ! All proposal must b mroed. sealed and marked for the work bid for. and ad rBsed to the BOARD OF EDUCATION 4 Borough of Audubon I Camden County. N J. HEOnCE N HOt'FMAN', District Clerk. Box 36 3J7 Virjrinla Ave . Audubon. N. J. rllOrOSAIA FOB HUNTING Offlce of the Quartermaster Ueneral. Clothing and Equipage Dlvltion. Munitions llulld lnr, Washington, D C ttA.i. Tirorjosals in duplicate will v, received here until 11 A M M.ircli 1, 1020, ior furnlshinc all or any part of 223.000 3ri Wool Hunllnr. Information on re- -aueal. PBOl'OSAI 1'"" WIIHTOKD Office of ' the Quartermaster Oeneral. Clothlnir and qulPaeo Division. Munitions Hulldms fvasbtngton. D C sill Proposals, in lupllf-le. will be received here until 2 n. m . rt oil 4000 ""'', D Wh'word. Infor STatlon nn request riiorosALS for nnixoiiNo on February .". linoks do not close. trict Judge nrr in the Cnitcd State Di ct Court at Pittsburgh, overruled 13000 .... R Chi M & St P cv 5a nooo . ao Chi T. I & Pac fd 1000 . . HI 0000 0114 Chile Copper 7s 8000 . . .IOOVj 0000 . . lOOVi C of N Y 4Hs of '63 rcg 1000 05 Con Gas Co 7s 1000 . BO- nooo . oo 300ft 9'b 1000 !! Den n Kio Grand ti 2000 . . 40-i, Den & Hio Grand 4s 10110 ... 60 Dom ot Canada '26 0000 . . . 93 Dom of Can Os '21 inno . . . 07 Dom of Canada '29 200(1 . . 03 1000 . 03V4 8000 . 03 Dom of Canada '31 2000 . rl Ms General Elec Co Ba oooo . Kl Imp Jap Govt 1st 9000 . . . '" iinou . . 72 10OO .... 72Ms 1000 ... 72 the motion for an appeal by receivers of Pittsburgh Hallways to. to uie .m. .- j Govt 2nd i fmin from his decixion that that ' "''' "' ,,,. fe. TJntted States Engineer Office. Phlla- Seale'd proposals will be received here Watll 1 noo, February 18, I02O. and then . ened for dredging In Delaware river, Iu ilWIodelphla harbor Further Information jiljippllcattor W101HSA1N VOll OAIUKKINK Office "of ril Quartermaster General, ClothlnB and Wtoas Division. Munitions Ilulldlntr, 1 WSCuurton. O. C. Sailed proposals. In let. will ba received I'ere until 11 a. SrTKbruMT M- mo- for jurnlshtnr all or K iti irt ot 4S0O yards of O. D. Uabardlao. 1mwU4- rmueit. company nny -hi.'i.i." IP "" due the Philadelphia ... w men mm OKked that it be reimbursed for $l.-.ii.-000 of payments it. had guaranteed for bond and rental interest. LIVESTOCK QUOTATIONS rln.aim Feb. 11 HGQS Estimated re refpi !o 0O.1 heart left over 5S1 Market sfow to open few early sales about steady with yesterdays average, J1S 3.'. paid Quality falrlv good Average cost yesterday. "rATTI.E Estimated receipts 15.000 head SHEEP Estimated receipts I.IOO head. l'ittkliiirsh, Ta.. Feb 11 HOOS R (elnts 1000 head Higher Heavies tSif nr.o heavy yorkers $17 2r,B17r.n light vorKera iinf.'iwn; iks ii'mm. SHEEP AND GAMUTS Receipts. 3.10 head Steady Top sheep, tin, top lamtis 121 80. CALVES Hecelpts 00 head Steady. Top, 2J GOVERNMENT BONDS Panama cou Ss 1030 . Panama, res 2s. 1030 . ransma cou 2s 191J Panama reg 2s 1J1J Panama cou 3s lni Panama reg as. J.'Ol Philippine 4s 1934 Philippine 4s Vi" Philippine 4s U'Sr U H (lovt cou 2s, '010 U R Oovt reg is, 1030 it a rinvt cou 4s 10? U 8 Oovt reg 4". 1025. Bid HiO ion .100 .100 . 88 RH 110 . 110 Asked 101 111 101 101 01 ni 05 ii r. or. loos 101 IIW I'll toil 10 2000 .... 7IV4 10000 . . 71 Irr Mer Marine 6a 8000 .. 7 Inter. Met Co 4tia 5000 .... 10 Inter rtap Trana fd B000 .. 52 H 3000 . 52 1000O . . 52 1000 . 62 Vj 50000 . 02 Vi 10000 .... 57 2000 . . 57 V 2O0O . 57 Union Pac R R fd 1000 . 724 2000 . . 72V4 1000 . . 72?i U K of G B & I '21 3000 . . . 05 1000 . 81V4 2000 03Vi U K of G B & I rets of '22 25000 . 00 35000 . . 90 11000 90 13000 90 10000 . . 90 25000 . . 90 U K Of G B & I rets of '29 35000 90i 2SO0O . ooy, 1000 90 U K of G B & I '37 1000 80 0000 . 80 3000 . 80 0000 80 U S Real & Imp 5s 1000 ... 70 1000 . . . 7 U S Rubber Co 3a 2000 . . . 82 Ya 7000 . . 8314 U states Steel Co 5a SHARP ADVANCE MADE IN PRICE OF COTTON General Level Rises 15 to 20 Points Over Last Night's Closing Quotations BUSINESS NOTES COTTON BELT 1VCATHKA CONDITIONS New York, Feb 14 The following tem peratures were recorded In the cotton belt this morning Oklahoma City, 22, Tort Fmith 30; Little Rock. Memphli nnd Knoxvllle, 32 Macon, 34; Augusta 38 Nashville 40 Shreveport, Vlcksburg and Montsnmery. 12. Atlanta, 44: San Antonio and Thomasvllle 40; Charleston W1I mlnctnn Pensacola and New Orleans, no. Ruvmnah, 52, Jacksonville, 54, Tampa. 50. Corpus Chrlstl and Galveston. 58. There was 01 inch of precipitation at Shreve pert .02 at Fort Smith: 00 at Vlcksburg, .10 at Little nock and 20 at Memphis New York, Feb. 14. That the mv ering movement in cotton was not anticipated yesterday was evident by the action of today's early market, which, after opening C points lower to 27 high er, advanced sharply to n genernl level 15 to 20 points over last night's close. In addition to covering, there was good Liverpool buying nnd more or less commission house support based on bull ish consumption figures, a strong stock market nnd higher exchange figures. At the end of the first fifteen minutes, the list was still firm at 20 to 22 points net rise. 1000 11000 4000 2000 S00O 1000 0000 95 II 5 05 03 051s 95 93 Vir Car & Chem 1st looo .. . 03 2000 . . 03 Wabash R R Co 1st 3000 . . 87Vi West Maryland 4s 5000 oo I Wis Central Rly 4b SLUMP IN PRICE OF SILVER U 8 Oovt reg ". lu-ia im juot p,,,,. D of Columbia 3-OSg, 1D21 ...- L eWn- Metal Drops to 82 on Cessation of Buying by China lnilon, Feb. 1 1. Silver slumped iu price today to 82. due partially to firmer American exchange and tho gov ernment's proposal to reduce the silver content of Ilritish coins iu future. The principal reason, however, is paid tn be a cessation in buying from China with the upproach of the Chinese new year. This demand has recently kept the market here short of supplies, but they ova YirtM- lorter wllli mnilerntii n'- 1P5J ferings from the continent and from- 18? Ip.lln. Vow that the clothing and cnrmenl manufacturers luio hail the opportunity of totaling the amount of goods the mills will permit them to hovu lor the coming fall and ,-lnter, he majority of them (Ind there will bo plenty of most ma lerlals for their needs. In fact. In cer tain directions there appears to be a greater yardage allotted than the cut-ters-up will require. AVliile they are by no means blnmlnc; the express officials for their action, It Is an open secret that the temporary withdrawal of "pick-up" collections by the express companies Is working a hard ship on manufacturers of women's ready-to-wear goods. It is probable that these manufacturers make use ot this method of shipment more than any othci one class of shippers, and anything that tends to make It harder for them to do so tends to slow up business and cause serlcus delays, If not actual loss. Truillng In the erny irooris market yesterday recovered slowly from the dis turbing effects of the holiday, and the business done was limited both In quan tity and the number of sales put through. The recovery in cotton stiffened prices sliphtly. Some 38-lrtch C4-G0s were sold rather early In the day at 22 cents for quick deliver', but later on bids of that figure did not bring goods out to any extent. Other print-cloth business for the ay included 39-lnch 68-72s at 24 cents. yheetlngs, fine-yarn goods, etc , produced little of Interest. Iu one of t lie show rooms tlslteil yes terday a buyer In process of giving his spring order came across a style that suited him The materials offered, how ever, did not satisfy him. He picked the fabric he wanted In another style and asked to have the model of his choice made un in that material The manu facturer quickly assented Tho Incident was considered pretty fair evidence of a return to normal conditions, because six months ago it would have been very likely a case of "take it or leave It," and no changes were countenanced. About the same thine; has occurred In the shirt trale aB happened last fall In tho women's garment line and this win ter In men's overcoats There was a shortage of shirts some months ago and many retailers felt called upon to order more than their usual nmounts so that they might obtain their usual supplies. In other words, a retailer who listened to a manufacturer baying that onlv CO per cent of his order would be deliv ered put in a Din ror no per cent wim the Idea of getting 100 per cent delivery The buyers aro now getting 140 per cent in Deiateu aeiivenes. cancellations, es pecially from the smaller and not so well conditioned retailers, are consequently rather free. The Cmiimerrlul Ilullrlln says Kxtnyt "Interest In this market has been cen tered chlelly upon the Government wool auctions, where wltnrtrawols have been rather heavy on account of poor selec t'on. Good wools of tho finer grades have moved fairly well while tho lower grades of medium and crossbred wools have been little above withdrawal limits and frequently withdrawn. Private tnv. ing has oeen limited. The manufactur ers are opening their goods at prices pretty close to the level established by the American Woolen Company last week." A lending Independent steel producer Is requiring that inquiries be accorn panled with specifications and positive statement as to the use to which ton nage sought .vlll bo put before it will auote Drlces. Tills is due to heavv de mand for steel and Intention of the pro. ducpr so far as oosslble not tn fLri.,nt nr silver was 2tl lower In the Lon- any business but of most assured char don market today, at-82d, lacter. Mann Maj July October Prev clos9 35.93 33.115 . 31. OS . 20 35 Open 11am 35 00 311 Oil 33 0(1 33 K5 31.02 31 b3 20 33 Philadelphia Stocks Hiirh 2 Allia Ins (i 200 Am Strs. an 10 Am II nf f!5 50 Kl fltor. . 112 low fi 'Of. 110 10 G Asp pf.l.'iO ISO M0 LU f? Cor 10 KiV- MI! Lob Vol. 41 Vd 40 40 7"i4 Net chine ii no a m (i . . Ii!) !, r,r, r, 112 :i mo 5 10Mr 4 40 Vi 40 . . 7514 Vi 207 Pa II It. 40 'A-i I'a Suit. 75 'i SO Phtla Co cum pf. ?12 210 Phil Rice 2." 100 tlteading 08 200 tTrans O 22 TiO West C. . 74 Net channe made bv comparison Willi last ale on NeW York Stock Exchange ft2 24 OS 22al 74 .i OS 22 74 . 110ND1 lllKh ow 11 no 80 80 00 07 117 Sales in emnn l-iu Am uas Elec 0s. . . 80 2 Raid Ijoco 1st 5s ... f0 I Cltv -is Ml 07 M"A"h! 00.00 00.00 00.00. 7VhR!..lD:VYf 07V. 7V. , 1 Wels Co 5h 08(4 08V BAR SILVER Net (.hire .10 STRENGTH IN STOCKS CHECKS CORN SELLING Traders Cautious, Believing Rise Has Gone Far Enough. Oats Are Firmer (JRAI.N BELT WEATHER FOR-CAST Chlcnsro, Feb. 14 Illinois. Missouri, Wisconsin, Minnesota, Iowa, Nebraska and Kansas Generally fair tonlaht and Sun day North Dakota, South Dakota, Mon tana and Wyoming Mostly cloudy tonight and Sunday. Chicago, Feb. 14. A leading com mission house absorbed offerings of corn this morning and the market rallied after showing easiness in the initial trading. Dealings -were small. Local interests were the principal sellers. Caution was in evidence umong pur chasers, because it was believed the rise had gone for enough, but selling-was checked by strength in securities and an improvement in foreign exchange. Receipts were 230 cars. Mny started at $1.32 to $1.32y. and moved up to yesterday's final quo tation of $1.83. July opened at lfl.201. to 1.2014 and later sold Vc above the previous final price of $1,20. Septem ber started c higher, at $1.27. Oats were firmer on buying by a broker who acted for a leading professional. Local operators were mostly on the sell ing Bide. Commission house business was small. Receipts wero 112 cars. May onened at 70V. in srio n,,,,:., 70Vjc at the close estcrday, July ranged from 72c to 71c at the outset, compared with il'.c at the close yes terday. The receipts of wheat hero iml.nr -.. 31 cars; at Minneapolis 213 cars; at curs, aim at Winnipeg 150 Chicago, Fob. 14. Kxcept wht;re production has been cut down by lack of labor or scarcity of rail equipment, busincs conditions in the West continue favorable. Money rates arc higher nnd there is more difficulty fn obtaining funds than a week ngo, but, on the whole, conditions in this respect are not giving any anxiety. Collections continue good and buyers are present in the central markets in much larger numbers than at this time last year. Special efforts will bo made the next two weeks to move grain from the country to terminnl points, which will go far toward easing the western money situation, and to afford greater facili ties for the producing interests. Lack of cars has kept much grain back in the interior that would ordinarily have been moved before this time. The re sult has been that the interior banks have been obliged to make loans prin cipally to local parties. Consequently, they have been out of the market for commercial paper to a larger extent than for a long time. The btcel and iron trade, os a baro meter of business conditions, reflects prosperity. Prices are advancing for ooin steel ana iron with a strong de mand, especially for nearby shipments. Railroads are beginning to place orders for rails and equipment, and are finding difficulty, owing to the plants nlready being crowded with orders. Transpor tation problems are a serious matter in this industry. Huilding operations are another in dication of the activity in general busi ness. These operations are expanding as fast as tho supply of labor and ma terial permits. In all western centers the building activities are great. In the dry goods and ceneral mer chandise trade there is no abatement of the demand. A reactionary tendency in prices has jet to be displayed as buyers continue to anticipate future needs, factories are sold ahead for a number of months in most cverv line. with no indication for n change, retail iraein Deing active. Chicago rates on money were 0 to Q per cent on collateral. Duluth cars. NEW YORK COFFEE MARKET New York, Feb. 14. The local cof fee market opened steady lit nn advance of 0 to 22 points. March selling nt 13.75. May at 14.30 July at l' In, September 14,43 and December 14 38 -,,1h?rtKT00verp,'1 ou l advance' of d in Itio expunge on London with no change in the Rio and Santos spot markets. Yej close Open .laiuii . . , . , i May . 14.07 July . 14.30 September . ... 14 20 December 13. SO 14.30 11 31 14 35 Ham. 14 40 14 30 National Candy Increases Dividend St. Louis, Feb. 14. The National Candy Co, declared n semi-annual div idend of 4 per cent on the, common plaoirtg the Btock ou an S per cent basis, and an extra dividend of $5 on the common. The previous rate was 0 per cent per annum. The regular semiannual dividends of SVj per cent on the first and second preferred stoelss wero nlso declared. All dividends are payable March 10. At the meetlm. nf I iue uuuru oi uirvcipra, ameers were re eiccica. FOREIGN EXCHANGE New York, Feb. 14, Demand ster ling opened up 2J,4 cents, at 3.45V4, and cables ot 3.40. Francs were 8 cen times stronger than last night's closo, at 14,02 for cables and 14 for checks. Lire cables showed a similar advance at 17.00 and checks, 17.02, Other quotations were : Swiss cables 0, checks 0.02; guilder cables 37, checks 37 ; pesetas cables iy.oii. cnecKs lY.mi: .Stockholm cahles 18.70, checks 18.5." j Christiania cables 17.40, checks 17.25: Copenhagen cables 14.05, checks 14.50; Belgian icables j.i.uu, cnecKs i,i.ii ; marns .U. Yesterday's "lnal Quotations filerllnir Francs Demand 3 41 14.22 17.0i Cables . . 3.41 14.20 17JIO TcHlay'ti Opening Quotation Demand . 3 45Vi 14 00 17 bo Cables ... 3 40 14 02 17 00 I.lre Guilders 1174 37'i 37 VI STEEL ORDERS WILL . KEEP PLANTS BUSY I Corporation's Unfilled Tonnage' Cause of Varied and De cidedly Opposite Opinions' ii MONEY-LENDING RATES PHILADELPHIA Call, 0 per cent; time, 0 per cent; commercial papers, three to six months, 0 per cent. LONDON Money is quoted at 4 VI per cent. Discount lates, short nnd three months' bills, 55 13-10 per cent. Reserve Banks' Discount Rates The first column gives rates for all periods up to and 'ncluding a fifteen day maturity, the second for a period of sixteen to ninety days. The third nnd fourth columns givo the rates for discounts for collateral loans secured by government bonds or notes. Coml paper Oovt paper 1(1 tn fin in tin iu . ubjo in onyi aaya ' -oft 5V4 .88 5 5' 51 51 5'y 51 6' 5 Rates on nutntunrilnir mha.i.. .. ' debtednena continue unchanged at 4V per Now York, Feb. 14. The leading de velopment in the steel industry recently was the increase of more than 1,000, 000 fons reported in the unfilled orders of the United States Steel Corporation as of January 31, last. Opinions ex pressed on this report are' varied and de cidedly opposite. For instance, some observers state the fact that the corporation is accept ing new business at a rate so much ahead o production is not to be .con sidered a most favorable factor, because they believe that prices will be advanced later and then tho corporation will le filling orders which were taken at tbe present quotations. , On the other hand, the lending au thorities make the point that the cor poration's attitude on prices is well known nnd add that the management will hold off making any increase .to quotations until it is virtually forccd'to take action. They assert that the cor poration can mako n eonfl nrofit at present quotations, and even if a higher ' price were to rule on the present booi ings the greater part of the advance would go to the government iu tax pay ments. Therefore, they argue, the corpor ation's management has shown keen business judgment in continuing prices for the timo being at least, and the action is likely to result in one of'the most favorable developments in the af fairs of the leading corporation in the future. Certainly, the total bookings on hand now are sufficient to keep tbe plants operating at present production until some time into the last ouarter of the year nt least. The report of the American lion and Steel Jnstitute showing a decrease ol 141,110 tons in the ingot production in January as compared with the same month of 1018 did not cause any sur prise in the trnrln Tr woo Irnnnn tlllt operations wero (-iirrn'livi rlnrinir the I month and the expectations are that 1 -eDruary win show a further falling off owing to present curtailment. Conditions in the trado have changed but little in the last week. Reports from manufacturing centers state that operations are still being curtailed by the car shortage and "by adverse weather conditions. No improvement in the immediate future is looked for, although the managers of the various mills are making every effort to overcome the obstacles which have confronted them recently. There is no slackening in the demand for steel products, especially for wire and nails and for "oil country goods. It is learned that the bujing of mre nnd nails recently has been enormous,. This 'is not considered unusual, how ever, as the season is now on wh,en jobbers all over tho country r'400 JJ" tiers for their requirements later in the year. In some quarters it is stated that many jobbers will find their stocks de pleted to an unusual extent, with t& possibility of replenishment interfere ti.1,1. K t. 1 JnllnHtna atv. wblCu have resulted from tho cur situation ana ntlim. ind, ,no Bnnl. !n(lreSI8 -l"e expressed tho opinion that the jobbers jj at present are "overbuying" In the none 'j of getting at least some of the material '1 wanted, but this belief is not neiu is-.- ernny in the trade. . 4, mi. ,i.nnH.i nnMa lina crown. to ' xiiu ucuiuiiu mi ii.ij " .-- . .'. remarkable proportions and some o i"r independent makers are asking ""j0 "j celving $1 or moro over the price -S3.2,- per keg asked by the ', Ame"5f . Steel and Wire Co., the lcattjne nn facturer, which Is still hoM1?.-'-.! prices agreed upon with the intl board in Washington in March or ia eThe pig iron market is Btronff and hnvnra ni nunrhlT material arO ID. f". ""'V " """'-"-, In nnv nil" Iloilon New York Philadelphia . Hlchmond , Cleveland . Atlanta ... Chicago St. LouIb . . . Minneapolis . Kaniau City . Dallas Ban Kranclico 15 days days 5V 5V nv 5Vi 5M 5V 5V r.v n 5W DIVIDENDS DECLARED Dominion Oil Co . monthly of 1 per rent. to toc bt record Feb. i wlt' pavahle Ttfarrh 1 ru&ry 15. V nnd appear willing to pajwi" for the iron. It is report thr one sale of basic pig iron . , at $14 per ton, valley, rinS,hmn weck. This indicates this jKifjJa consumers in need of the Iron 'j ?ti it difficult to get their order i W the timo tho deliveries are ws-tM.ft, Several large Inquiries are m market for fturo delivery, WtF" ducers nrc not at all anxious to al thiH business at present, t0.Z ltl It tinued belief that prices " ."j?!, li advanced further. It is ej"ro&r somo official quarters that i ,'. fM, Iron alone the new Inquiries '?;,, be out during tho ltw " twren 40,000 anil M.000 ton. 'ftft large contracts pending " grades. ! - t 0 ,fe!UW.-Mn.vry,,- r,'i
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