timj.igyTUg'jBw.wMMm. w.vittt.7mtttt'tWNiwHirv9WMmmwmmKmam9v-is;F3:vpvTv ' ttMBisuiu'aaB'imjsuiiMP'ryri mil is niiiiii I'l111!! B--OL;-jc.'frrair3'"A.tt w iiw.).T:, i
mmn
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fr7'
MARINE
EQUIPMENT
SECURITIES
Are classified today tin
among the really Bollil
'worth . whllo invest
montJi. Due to tho tre
mrndous Impetus given
this Industry during
tho war, a realization
nt the Btablllty necru
itiB from well-managed
shipping companies,
and tho profits from
tlie present hlch rates
of freight which seem
likely to continue.
America la fast assum
ing her rightful posi
tion In tho BhlpplnB
world.
Security and h I c h
yield can be had from
(rood Marino Securi
ties, Investment Banker
tftmbsrs rhlla. Stock Hxeliaturo
Real Estate Trust Building
Philadelphia
jNEWS' OFFfNANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK (
p.."f- .-.. , I,. .
MARKET RAN UP AGAINST
FRESH UNSETTLING FACTOR
President's Position on Adriatic Question Provoked Renewed
Heavy Selling for Both Accounts
New Yorlt, Feb. 1(1. The stock mnr- 'cleared away it was promptly retiog
t J..- .t.i
II II I I AA I it Mm
fcjf. - " " VsasfL W llkfcjf
V ' ' I
l w r h,
,JL .. ik, 1. -., --w
rWil WL,'2ihrfn
Mm
NEW YORK STOCK EXCHANGE TRANSACTIONS
Wc offer for sale:
Pa. Water & Pow. 1st 5s, 1940
Hal-wood Elec. Co. 1st 5s, 1939
Lehigh Val. n. R. Coll. 4s, 1922
Phila. Elec. Co. 6s, 1922
Panna. R. R. Cons. 4s, 1948
P. C. C. &St. L. Cons. 4s, 1953
W. N. Y Pa. R. R. 1st 5s, 1937
Particulars on Request
Garstairs & Go.
Ini-tstmrnt Securities
ltembeni Philadelphia anJ
ir Vork Stock Kichajices
1419 Walnut Street
Philadelphia
71 Broadway, N. Y.
-
WE HAVE MARKETS IN
American Water Works Elec. 5s,
1P34
Doited Traction (I'gli.) B, 109?
Southern Traction (I'sli.) Sr, 1930
Jones tauthlln Steel 5s, 1039
Federal St. & PL Val. Pais. Si, 1943
Dnqnesne Traction (Pgh.) Cs, 1930
liuquesne Light 6s, 1949
Consolidated Gas (Peh.) 5s, 1948
Thompson Conuellsvllle 5s, 1031
lllrmtngham (Ala.) Water 5s, 1939
Heaver Co. Light Co, 3s, 1940
Racine (Wis.) Water fls. 1031
Moore, Leonard & Lynch
Cuihman Newhall, Mgr.
Ritz-Carlton Hotel
1340 Walnut St
Near York,
111 Broadway
Pittsburgh,
t'rlck Building
f MEMBERS
5W TOIIK, PHILADELPHIA &. PITT3-
1 Btmait STOCK EXCHANGES
krt ran up against a fresh uusctttling
inuuenrc this morning in regard to the
President's position on the Adriatic
question. Aside from the latest un
pleasant International development iu
the international situation, conditions
were further complicated by another
setback in foreign exchange, the Hrlt
ish rate canceling more of its recent
recovery. Then, again, the analysis
of the two bank statements left little
hope for any material easing of the
stringent market conditions in the im
mediate future.
All prospects of continuing the re
covery movement further were quickly
knocked to smithereens at the very out
set. When the opening gong sounded
almost the entire room truding contin
gent seemed to be arrayed on the selling
side. The attitude of the President
caused a general withdrawal of buying
orders, which were supplanted by fresh
liquidation and renewed vigorous bear
attacks all around the room. lly reu
son of the violent rebound in the latter
part of Friday's session und which
was continued on Saturday, and which
v.as obviously largely made at the ex
pense of the shorts, the technical posi
tion of the market had been mate
rially weakened, and consequently was
left vulnerable for just such an unex
pected bit of news as furnished in the
Adriatic dispute.
It was not surprising prices broke
sharply under the circumstances, ns
ittle effort was made to check the down
ward plunge. Initial prices, or those
immediately following, were anywhere
from one to over seven points under
Saturday's iinal quotations, with the
greater weakness again developing in
the more highly speculative industrial
specialties. Declines were generally
increased within the first half hour.
General Motors showing an extreme loss
of almost 10 points, with further re
versals in the steels and other active
industrials.
After the smoke of the first assault
nlzniJ the spllinc movement was of an
entirely different caliber from that wit
nessed last week. While there was un
questionably considerable liquidation, it
was not of the same urgent or persistent
character. On the other, the greater
degree of pressure was quite easily
traceable to the professional sources,
the maneuvers in various parts of the
list having all the familiar footprints
of n concerted bearish drive.
This vaB confirmed in the subsequent
automatic withdrawal of selling pres
sure, although prices continued to hang
around the lowest levels in the nbsener
of more than tentative support. The
rails were the only representative stocks
to manifest rallying tendencies, but the
dealings in that group were relatively
light.
Additional rallies ensued before noon,
the 7 per cent call money rate being a
material factor, but the recoveries were
indifferently maintained. This was due
to the absence of both sustaining and
buving power on the rallies, reflecting
a very limited demand after the inquiry
from the short interest was met. Then
again it was generally recognized the
apparent easier money conditions as
indicated in the 7 per cent call loan
rate was more artificial than real. That
is to say the lower rate reflected a
diminishing demand rather than a more
liberal supply.
The vulnerable position of the market
was more btrikingly illustrated in the
second successful raid directed against
the list by the reactionary party shortly
afternoon despite the casing of the call
loan rate to 0 per cent. General Mo
tors was driven down lo points from
last week's closing, while the steel,
equipment and allied shares were de
pressed 3 to 8 points lower.
Moderate recoveries among motors in
the later dealings were balanced by
further reactions in other industrials
and specialties. The closing wns
weak.
STOCKS
YELDED
Philadelphia Stocks
N
MARKET
Bears Took Advantage of Presi
dent's Extraordinary Adriatic
Dictum to Depress Prices
LITTLE LIQUIDATION
More Than
a Place to
4eposit Money
""" As a business man you
quire a place to deposit
ann)Ur money an(j when se-
Ptlic.'cting your banker you
fr$hould requite of him serv
.' ice and business counsel.
Keep in Mind the
Tliird
National Bank
Opposite Broad Street Station
'qo'Z Drafts I-'or .So 11 r v
Hlch
JMAllia Ins
war ... 04
1110 Am Strs. 41
- Am K pf C
mtAm Can 13U,
10 tBald Loc
pref ... 00Vi
2 Brill .1 G
pref ... 80
1 Catawissa
1st pref 40
060 El Stor..li:?
10.1 1 C N A. V,2i
1552 do war. 11
810 I.k S Cor lOTs
20Leh Nov. t!2y.
t!0 Lch Val. 41i.
10 tPierce-A M',
720 P R It.. 41 1,4
230 Phila Co
cum pf. H2V
312 Phila El 2o
10 P It T.. 22
10 Phila Tr. f0?i
100 l'u Tract 34
437 I'fil... 7,4
Low Close
Net
chffe.
0
40
cr,
43 M
DOffl
so
40
100
32
11
lfli,i
02
4U8
.-2
41
OH-f- M
41 1
Co . .
43 1
00 H -SO
.
a.
40 '.s
lOOTsHa
il'Uj, 4 u,
11 ".. "
IHVi..
02 V.
41
20 War I &S S
13 Cramps .13,1
70 York 11 pf 31 Vt
32
22",
C03i
34
53
07
8L'.
13.-,
31
(I0t . .
31 U
.-,4
07l
si: Vi
13.T
tNet chins? mad bv comparison nlth last !
sale on New York Htock Exchange.
Sales in
BONDS
HiKh Low
SO
so
OG
02
Closi
SO
06
02
Net
chec.
sinon
2 1-10 Am G &
Eire us..
2 Buld Loco
1st 0s ... OG
1 Elec & Peo
Tr 4s ... 02
10 Lib Bonds
2d 4'is.. 00.10 00.10 00.10
1 do 3K.S. OG.fil 06.r.4 DG..14.
0 1-5 4th 44b 00.70 00.00 00.70 .20
S'J
1
.44
5s..
Elec
S Penna
3 Phila
silst .IS
11 1 Ity Inv
00
00
S0
001 1
60
80-
00"
"s ,
AIN DAYS IN BONDS
Railroad Issues at the. Lowest in
Fifty Years
let Us Submit Offering!
EDWARD V. KANE & CO.
Morris Building
tsnnecott Copper 7s, 1930
lib. Electric 6s, 1922
unicipal Service 5s, 1942
:hnylkill East Side 4s, 1925
New York, Feb. 10. The cw ork 10 tPierce-A 52y, 52 52";!, 2Vs
Evening Sun's closing financial review ,J0P It It.. 41',4 41 41'4..
today says:
There was a pretty general feeling at
the close of last week that liquidation
had run its course for the time being at
least, but then Wall street did not
have the week -end developments to
take into its calculations nor the in
different bank statements.
While many of the outward aspects
of the market were not dissimilar to
thoe prevailing in the selling move
ment which ended Friday, the market
did, as a matter of fact, enter upon n
new phase at the beginning of the new
week.
Iu the first place trading was quiet
and thin, and price reaction were ob
viously the result of well-directed
speculative raids rather than liquidation
of long accounts. In other words there
appeared to be little in the performance
today to belie the assertion that the
market had turned, however varied tho
interpretation placed on the term
"turn" which may be construed in sev
eral ways.
I The bears took advantage of the I
c President's extraordinary Adriatic die
I turn, nf the rlismii,'tiide created l,v the
'summary dismissal of Secretary Lansing
I and the widespread criticism aroused
thereby, and of the failure of the bank
statements to disclose positive improve
' ment in the financial situation, to in
! crease the short account.
I It did not transpire that the public
figured to any considerable extent in
murket operations. Much of the initia
tive was attributed to the so-called
"uptown crowd." However that may
be, the market tone had a highly pro
fessional ring to it. which did not neces
sarily prejudice tnc tneory cnat lm- divide stocks
provement or a sort was likely to follow
i last ucek s rather drastic shakcout.
I In mot eases the list yielded 1 to 3
points nt the opening and a sagging
terdeney wus in evidence through the
i greater part of the first hour. Theic
i followed a brief period of stiffening.
.which served merely to usher in a still
l.'oadcr decline. Tt was not clear nt
j anv time that offerings were made in
I volume.
i nt're was very rcai nnxiciy in tnesrreet riospita o;
i as to what effect the Presidents com- stler King 04
i munication to ureal Jtntnin. franco anil
i Italy on the subject of the proposed
I'liime settlement might have or our ro
i lation.s uitli those powers. The incident
evited amazement not less real than the
recent cabinet episode mid in a sense
dislodged whatever comfort was begin
ning to be derived from the prospect of
an imminent ratification of the pence
treaty und enactment of railroad legislation.
LOCAL MINING STOCKS
TONOPAII STOCKS
LoeuK 0104 Land Title Bide. Bac u
JVcto York ret. CniMl 11 HI
"rmbrr PMlatlphia Stock Pxcfconoo
) BX-SEltVICE MAN. experienced
il In nrrnuntihtr and office man
agement, desires position. Salary
J2500. Satisfactory references.
C 533, Ledger Office.
Ljra J I . . . i ii . M I I M 11 si 1411
I Rockwell, Wilson & Hil J
f nottified Public Accountants
6i
:i
r"
Tit!e Bldg., Philadelphia
iladianapolls Union Ry.
finr 6ce Notes. Due 1923
BED A. MORGAN & CO.
BUT KND TrtUflT BUILDING
ibern oX the I'hlla. Htock Rich.
FOREIGN EXCHANGE
New York, Feb. 10. Nominal quo
tations for foreign exchange at the
opening today were us follows:
Demand sterling 3.37, cables, 3.37ai ;
franc cables 14.13, checks 14.20; lire
cables 18.10. checks 18.12; Swiss cables
5 OS. checks (i.00; guilder cables 37:!s.
chfcUs .",7',; pesetas cables 17. ,"0,
checks 17.40; Stockholm cables 18.70,
checks 18.55; Chrlslianiu cables 17.60,
checks 17.15; Copenhagen cables 14.60,
hecks 14.45; Belgian cables 13.70,
checks 13.72; marks 1.02.
At the noon hour foreign exchange
quotations were holding firm. Demand
sterling was quoted nt .,..i'i ami cables
rancs cnules were nlso firm
nd 11.22 for cheek. Lire
quoted at 18. U5 and checks
d mnrks were sold at 1,01.
HitturdaV I'inal quotations
Sterile rrancs Lire GuilrWs
Pen-und . . 3.4Wi 14.03 17. H2 37H
Cables .. 3.18'i 11.00 17.10 37'
Todsr's Openlnr Quotation
Pemand
tables .
Iemaivi
Cablea
3.37 14. IS IR.IO 37i
3 37"; 11.20 IS 12 37'i
Noon (luutationa
Sterling Trnncs Lire Guilders
. 3 3HVi II 20 1. 2.1 37".
. 3.37 14.22 IS. 27 37U
Cash Boy
Jim Butler ..
MacNarrura.
Midway . . .
Mlzp.ih Kxt .
Montana . . .
North Star . .
Repcue Hula
Ton nt
West i:nd . . .
West Ton . .
Allied III,' ..
Alto Dlv .. .
Helctier
Hen Hur
Hroush Dlv .
Divide rcxt .
Dlv Synd
Dlv Ton
Dhldend
Hast Dlv ...
Haohrck Dlv
Hljh Dlv ...
Revert Dlv .
Reno Dlv
Ton Dlv
Ton Hasb'lc . .
Victory Dlv . .
Verde Divide .
Zone, , . , . w , . ,
Did
.07
.23
.12
.OH
.10
.ns
i
,t;
.112
.01
.17
.01
il
.02
.03
.in
.03
.02
.02
.Ifi
.02
M
.13
.t4
.13
.32
13
nq I
.is I
10 '
2.1
04 j
i n
oil
.01
n.i I
OS
0.1
.01
.IS
2i
20
III
IS
.3.1
Sales
200
400
100
400
1400
300
200
700
MOO
1JI0O
200
1000
1500
2300
300
0100
700
2110
32)0
10.10
100
700
.100
1200
400
00
400
200
10300
100
400
300
3100
100
800
1800
400
200
2500
44100 ;
2000
1000
. 200
2000
11200
.100
300
200
leoo
100
700
000
100
loo
1100
1100
80
1800
mo
1190
200
3700
1600
100
too
2800
1200
2700
200
700
000
1000
100
100
COO
aoo
100
7000
100
1000
100
100
1600
200
4100
409
23500
100
2200
100
200
200
700
100
400
100
100
1300
1800
600
400
1000
100"
600
1000
200
3800
200
400
1300
300
39800
400
2100
100
1600
100
100
1300
2900
100
100
400
300
700
800
2400
500
500
000
8000
3000
100
5000
3700
100
400
200
100
1500
2600
3630
Dlv,
In
8
8
8
8
12
4
.80
4
7
3
7
10
7
8
5
7
7
High
Advance Itumely pf., 65J4
AJax. nubber .1 70 14
Alaaka-Juneau O M . , 1
Alaska Gold Mines ., 1J4
Allls-Chalmers 38 yj
Am Agrlo Chem 87
Am Beet Sugar 81
Am Bosch Magneto ..110H
Am Can 44 !
Am Car & Fdy 1201',
Am Cotton Oil 43 j;
Am Druggist Syn ... m&
. Am Hide & Leather. . 21 yj
7 Am Hide & Leath pf , , 10b
4 Am Ice 40
Am Intcrnat Corp ... 03J4
3 Am Linseed 78
6 Am Locomotive ..... SB 51
Am Ship & Commerce 20J4
Am Smelt & Itef .... 62y&
Am Smelt & Kef pt . . 95
Am Steel Foundries .. 4154
Am Sugar Itef 120 yi
Am SumatraTob ... 83 U
Am Sumatra Tob pf.,84.
Am Tel & Tel 87yi
Am Tobacco pf new, .i 05
Am Tob Sec temp ctfs SS'A
Am Woolen 127
Am Woolen pf 102 Vk
Am Writing Paper pf 47 J4
Am Zlno Lead & Sm.. 1814
Anaconda Copper ..... 5714
Ann Arbor .'11
Asso Dry Goods 51 K
Atch Top & S F 7014
Atch Top & S F pf... 1VA
Atlantic Coast Line . . 87
At! Gulf & W I S S.. 147J4
Baldwin Locomotive .10
Baltimore & Ohio .... 3054
Baltlmoro & Ohio pf.. 42 yi
Batopilaa Mining ... Ui
Bethlehem Motors . . . -el
Bethlehem Steel B... 88 y
Barrett 1I7J4
Barrett pf 106
Bklyn Rapid Transit. 12J4
Booth Fisheries 1031
Brown Shoe pf 07 14
Burns Bros 100yi
Butte Copper & Zinc. . 8
Butto & Superior Cop. 23 ?i
Butterlck 18
Caddo central O & R 10?4
California Packing .... 77
California Petroleum . 3314
Canadian Pacific . ... 118$
Central Leather 79M
4 Cerro do Pasco Cop..i 4814
4 Certain-teed Prod ... 50 yj
8 Chandler Motors ....130
4 Chesapcako & Ohio .. 5014
7 Chi & Northwestern . . 78
2 Chi Gt Western pf . . . 22
.. Chi Mil & St Paul ... 3314
rhl Mil & St Paul pf . . 60?i
. Chi Bock lal & Pan . . 26T4
6 Chi & n 111 G pf 57?4
7 Chi P. I & Pao 7 pf. C8
Chile Copper 17
3 Chino Copper 3014
Clev Cln Chi & St L.. 4314
8 Cluott Pcabody 88
Cc-'ca-Cola 38
3 Colorado Fuel & Iron. 3814
4 Colo & South 1st pf. . 4714
, 1 Col Graphophone .... 43
7 Col Graphophone pf.. 89
. . Con Interstate Cal M . 10
7 Consolidated Cigar ... 67
3 Consolidated Textile . 27 !i
7 Continental Can 81
1 Continental Candy ... 1114
4 Corn Products Ref . . SOU
7 Corn Products Ref pf.104
12 Crucible Steel 20014
7 Crucible Steel p 97
Cuba Cane Sugar .... 44
7 Cuba Cane Sugar pt. . 8014
9 Delaware & Hudson . . 0014
10 Del Lack & Western. .170
10
li)
102
. 10Js
. Sl's
. 35
. 22 '4
.117?4
. 12',8
. 18
. 13H
. 73
. 87'i
. 23 Vz
.135
. 9734
3514
2834
1314
. 0614
15714
.232
. 7734
. 75
. 86
. 6914
Denver & Rio G pf .
Coma Mines
Elk Horn Coal
Elk Horn Coal pf . . .
Emerson-Brantlne . .
Endlcott-Johnson . .
Erla
Erie 1st pt
Erie 2d pf
Famous Players-L .
Famous Players rts.
Frceport Texas
Fisher Body
7 Fisher-Body pf
. . Flsk Rubber
2 Federal Mln & Sm pt
2 Gaston Wms & Wis .
C General Cigar
8 General Electric
12 General Motors
6 General Motors pf . .
6 General Motors deb .
7 General Motors dob 7
6 Goodrich B F
Granby Coneol M & S. 38
Gray & Davis 33
t Gt Northern Ore ctfs. 36
7 Great Northern pf ... 7114
Oreene-Cananea Cop.. 33
Gulf Mobile & North. 71:
. Gulf States Steel . . . ,
S Hartman Corp.
4 Haskell & Barker Car,
1 Hupp Motor Car . . .
C Inspiration Con Cop .
. Interboro Con Corp .
. . Inter Con Corp pt .
In Harvester
lnt Mer Marine, . . .
Int Mer Marine pf .
Int Mot Tr 1st pf . .
International Nickel
International Paper
Internat Paper pf .
Iron Products Corp
Jones Bros Tea . .
Kancas City Southern, lays
Kolly-Spg Tiro US
Kennccott Copper ... 2y4
Keystone Tire & Rub . 31 34
li
6
.50
6334
86
54
1434
. 6414
. 354
. 10
.11754
. 31
. 84
. 75
. 21 Vi
. 70
. 70
. 42 V4
2614
1.20
Low
65H
6834
154
134
38
m
80
109
42 yi
12714
43 H
12
2094
104
39 !4
91
7734
8714
1914
61 K
(15
41
12454
8234
84
87 U
9354
5714
122
102U
4014
10
56y4
11
6114
78 !4
7614
87J4
143
1073s
29 y4
42
114
1914
8654
11534
106
U34
1014
8714
98
8
2354
19
19
7554
311'2
118J4
70J4
48
60
1264
4814
79
2.2
31 !4
48
2594
5734
67
16H
35
4314
88
3714
38
4714
38
88
18 yi
37
3714
80
II 14
7814
10314
10834
97
4314
8014
00
170
10
10?s
21
3!
23
114
It's
1814
13
71
8754
23 yi
126
87 yi
3414
2834
I3y
6.1 ya
150
226
70
745s
86
6794
3S
S3
2515
7154
33
714
63
86
S3
1394
314
354
854
114
2854
7814
75
2094
75
70 .
43
23 Ja
1514
115
3814
2094
Today' Net
Last Chgo.
65J4 I
7014 lyi
134- 14
154" 54
3814- 214
80 1
80-54
11014- 194
4294- 1J4
12714- 2f4
4314- 2
1214- V
2114- 14
104 J4- 3yJ
394 .
0114- 1
78 54
88 294
1834- Vt
2M -
85 114
4194- 14
12494- 314
8214- 94
845
8714BI14
8394- 114
5734- M
122 634
10214 .
4614 4- '
16 - 1V4
68J4- 14
11
5194- Vt
78 4- a
7614-
8714-!- l
143 694
107J4- 214
2814 114
11 - 1
114
2094- 1
8694- 194
11554- 2?4
106
12144- V
10)4-1- 's
9714- 114
98 2
8-14
2334- 1
18-1
18-1
77-14
3114- 1
118T4 l'4
77J4- 14
48 V4- 114
50 - 114
127y4- 234
4814- 114
79 4- 34
3334- l!i
501
25 34- 14i
S734- 14 1
C714 ..
1694- 34 I
35 - I i
434 114
88 -f 1
3714 ..
38V44- 14
4714- 234
4094- 114
801
1814- ?i i
67 54
3714- 14
so - Hi
1U4
7834 - yi
104 - 14
20014- 9y4
87
4314- 1
80H-r 14 i
9014 - !'
J 70 -i- 5
10-54
1054 1J4
2114 34
35
Dlv,
In I
6
Balrs
1800
300 ..
200 3.50
1200 ..
2300 - 3
2000
100
300 7
100 3 6
300 7
100 1.75
800 2
300
600
200
13100 10
200 2
27000 1.20
0100 4
200
100 7
1100
200
1300
200
100
100
1800
400
200
200
200
800
COO
100
100
100
1800
3
4
'7
7
5
0
5
7
ib
5
100 2-50
6
114 -
12
1894
1394 71
8754-
33J4
135 9734
13J4
66
157
229 13
, 7754 4
7434
86 -6734
3S
33
35 J4 -72
-33
-i-
714
62
86
33
334
5354
354
994
114
30 -8034-75
2094
76 70
43
28 14
1514
115 -2814-30'.
-
'2 I
94 i
114 1
34 '
'A
14 '
!4
154!
94 j
Til
1
94
Vi
154
250
100
3700
200
100
300
4000
1700
1500
2600
300
1600
1400
100
100
100
10500
1500
2300
400
300
5600
100
1000
13600
300
2600
200
600
900
1700
300
1100
500
300
300
1000
6600
300
400
21000
9700
700
3200
200
1200
200
2000
28300
100
9100
3100
500
33600
2000
300
100
309
4000
3100
2000
1700
7700
300
200
5000
2200
700
900
too
100
600
100
76110
200
109
High
Lackawanna Steel . . . 7414
Leo Rubber & Tiro .. 20
Lehigh Valley 41 14
Liggett & Mycra rts.. 1614
Loewo Co 29
Loft Corp 1854
Loose-Wiles Biscuit . . 4854
Louisville & Nash.... 10054
Mackay Cob 64
Manhattan Elov guar. 47
Manhattan Shirt 2814
Martin Parry 27J4
Maxwell Motor 2434
.Maxwell Mot ctfs .... 34
Maxwell Mot 1st Df . . 60
Mexican Petroleum ..172
Miami Copper ....... 2214
Middle States Corp .. 3854
Mldvale Steel & Ord.. 48
Minn & St L new.... 10 14
Minn St P & S St M. 67
Missouri Kan & Tcr.. 7!4
Mo Kan & Tox pf ... 1094
Missouri Paclflo 2314
Missouri Paclflo pf ... 3814
Montana Power 61 94
Mulllns Body 4094
Nat Aniline & Chem.. 5154
National Biscuit 113
National Biscuit pf . .112
National Cloak & S.. 0754
Nat Conduit & Cable. 9
Nat Enam & Stamp.. 74
National Lead 7854
National Lead pf .... 107
New Or Tex & Mex . . 40
New York Air Bralto .101
Now York Central ... 68 14
Npw York Dock 33
New York Dock pf . . . 48
N Y Chi & St L 2d pf.. 43
New York N H & H. . 2694
Norfolk & Southern.. 10yi
Norfolk & Western..' 91
North American 5214
Northern Paclflo .... 7314
Nova Scotia S & C... 5794
Ohio Cities Gas 43
Okla Prod & Ref 834
Ontario Silver Mining. 7
Otis Elevator 125
Otis Steel 30'A
Owena Bottling Mach. 5214
Pacific Development.. 70
Paclflo Gas & Elec ... 51
Pan-Amcr Petrol .... 7894
Pan-Amor (B) 7414
Pennsylvania, R R ... 4114
Tcnn Seaboard Steel . . 24 yi
Teoplcs Gas Chicago.. 39
Pcre Marquette 2734
Pere Marq prior pf . . . 62
Philadelphia Co 3614
PIcrce-Arrow Motor . . 54
(Plcrce-Arrow Mot pf . . 8054
Pierce Oil 1814
Pierce Oil pf 8254
Pittsburgh Coal of Pa. 54
Pitt CC & St L 53yi
Pittsburgh & W Va. . . 2514
Pond Creek Coal .... 1814
Pressed Steel Car .... 3114
Pullman 11134
Punta Aleere Sugar. . 83
Railway Steel Spring. 93
2 Ray Consolidated Cop. 20
4 Reading 6854
3 Reading 2d pf 34
. . Replogle Steel 3614
6 Republic Iron & Steel. 105
Royal Dutch Amer . . . 9S
1 St Joseph Lead 1554
. . St I, San Francisco. . . 183
. . St L Southwest pt . . . 32
.. Saxon Motor 1594
. . Seaboard Air Line ... 654
74 Shell Trans Trading.. SI
. . Sinclair Consol Oil ... 3B54
6 Sloss Shelf S & 1 69
6 Southern PacMc U.i
.. Southern Railway ... 2014
5 Southern Railway pf. . 53!4
7 Stutlebaker 87 14
4 Stromberg Carb 3954
5 Stutz Motor 112
3 Superior Steel !
Tenn Cop & Chem ... 1014
10 Texas Co 183
. . Texas & Pacific -?'
. . t Tobacco Products .... 6894
. Tobacco Prod Rights. A4
. Transcontinental Oil . 2354
Transuo & Wms Steel. 55
Union Bag & Paper . 8894
7
S
7
S
4
.50
Union Oil 094
Union Pacific U
Union Pacific pf CU
United Alloy Steel . . . 4134
United Cigars pf 109
United Drug 128
United Fruit 1
United Ity Invest pf . . 33
United Retail Stores.. 70U
1; S C I P S Fdy 18
U S C I P & Fdy pf 45
31
94
. 80
, 1514
99 5s
11134
, 64
, 9814
.11054
. 7114
, 6354
, 48
, 75.
22 '.1
200 . . US Express
I 700 2 II S Food Products .
54 7500 S US hid Alcohol
54 1500 8 U S Realty & Imp...
1 15600 S U S Rubber
100 8 1" S Rubber 1st pf
3? 300 6 U S Smelt & Ref
54 ; 63000 5 U S Steel
54 800 7 U S Steel pf
I 2290 6 Utah Copper
14 ' 800 4 Va-Carollna Chem . .
J, ; 2090 . Vanadium Corp
1 100 Wabash
1 400 Wabash pf
1 Vi I 700 Western Maryland . .
254 500 Western Pacific ....
' 100 7 Western Union Tel .
34 1600 4 Wcstlnghouso B & M
t'4 ' 1200 Wheeling & L Erie .
4 ' 2200 4 Whlto Motor
1 14 1 300 5 Wilson & Co
234, 5100 1 Willys-Overland ....
H1 100 7 Wool worth pf
6 I hoii . Worthlngtou Pump .
Ui-dlvldcnd.
t Ex-rlt-hts.
954
2234
, 84'
, 50 Vi
, 1094
, 3314
, 69yi
. 35!4
.113
Low
3394
2854
54
16
27
1854
4954
9954
64
46
2914
2694
24
24
50
107
22
34
45
1014
07
7
1094
23 54
3814
6194
4094
6054
ill
113
87 54
0
7214
75 yi
107
40
101
67
32
48y4
43
2594
1014
01
5114
7114
65
43
754
634
135
3894
6314
70
51
75 y4
7214
4054
3314
38
2614
62
33 94
5114
98
1654
83
53
55
24J4
1814
80
110
8114
0154
1994
6614
34
3614
10114
9094
15
1714
1554
694
79 'i
38
69
9154
20
52
84 94
5814
110
44
10
177
28
6614
9s
2194
5154
88 H
29 54
11414
65
44
109
12s
13
23
68 54
17 54
45
38 li
.18
f034
45-4.
08J4
11194
1:354
9694
11014
6954
83
4514
7 54
3134
O'j
23 14
St
50
1054
3394
c
3454
113
'I
14
14
14
14
Today' Net
Close Chss.
7354 H
38
4114
18
37
1854
49Ji-
9954 114
84 - 1
47 214
2914 154
27 1
34-54
24 154
50 - 114
16814 1
2354 14
3454- 314
4594 li
1014- 54
67
7
1094
6154 l'
111 - 354
113 - 2B
8754- 134
9
7354- 114
7514- 9s
107 - 54
40-54
101
6714- 94
32-1
4814 354
43-3
3534- 94
1014 14
01 54
5214 14
73-1
55 254
4354- 114
754- 14
7
135 5
3994 54
5254 14
70-1
51
7554- 3
7354- 3
4054
2394 194
39
2714- 94
63
3594 94
6394- 294,
99!i !
1714- tt
9394 154
53 - 3
55 54
54-
00
92
-31
3654-
10134-
.634- "
1554
17 54
ELECTklC STORAGE SOFT
SPOT OF LOCAL MARJKET
Most of the List Stood Up Well in Face of the Surrounding
Distributing Injlucnccs
Wlillc there was an abrupt disappear
mice of the strength in the local market
which prevailed on Saturday, aside from
Electric Storage Uattcry most of the
locul stocks stood up well. The fresh
unsettlement provoked by the news de
velopments in the international situation
put an effective damper on local market
interest rather thun causing a recurrence
of last week's purging liquidation.
The selling in most all parts of the
list was of a dribbling character, 'and,
in view of tho continued extreme nar
rowness of the murket, there wus a gen
eral fractional shndlng of prices, The
dealings, however, were more tranquil,
reflecting the nppareut compltion of
the more drastic house cleaning of the
wenkcr speculative accounts.
Weakness iu Klcctric Storage ltattcrv
continued throughout the day. with
price declining to 110. or $1.50 under
Saturday's final quotation. The reces
sion was made on a relatively small
volume of transactions. lusurnncc Co,
of North America wns the only other
lock to register loss beyond fractiounl
limits, un moderate ollcrlngs the stocK
sold at S2y3, compared with lust pre
vious Rale of 37, which, however, was
."ex rights'" The rights to subscribe
to the new stock sold lit $11. As the
stockholders of record of February 14
have right to subscribe to the extent of
; per cent of their holdings, today s
quotation on the stock represents a net
uccnnc ot i-jt
pressure reiaxeu mere wns 11 mil,. t
United (.as Improvement Wt ,.
I- ..ni ' .." '3
ti
nn iu ni IllsT UTlk' vi VII t.
under par. while; Plllladelpnia iffi
Transit, on small trtnnsnotfn,,., .....,.
hotter. Union Tructfiou was uuehnngcii
nt 31. l'ow sales wore mtl in Ciurntis
nt 135, the last ifrevious miola ft
A inttnrt t HrnfAU rJH..I f . ' '
imyni.uu u""vo .1 irucil lrilCt OTllllli.
higher, only to reedc ngnin to 4ri
American Railways preferred wits mis'
tnincd at 55. orM ltuilways nreferre.i
held nt 31.
decrease of SI.hIO.OOO In thn ,o-..
reserve, bringing thV surplus above egai
requirements of ) the local Clearing
House institution!, down to $007,000
furnished nn unpleasant reminder of
the continued stringency of motley mnr.
kefc conditions. With such low reserves
there Is little luopc of any substantial
chnugc iu credit conditions. It spells a
long continuance of the prohibitive in
tercst rate foff all classes of loans, ami
n diminutive sipply of funds usddc from
the more pressing business uud commer
cial needs. .1
The furthrf expansion of $1,200,000
in loans and Miscounts shown iu the
weekly ClcnriliJ House statement would
apparently ifidlcntc the, member hanks
are still borrowing heavily nt the Fed
eral Iteservcinank. in order to mnlnini,.
1,11 reserve nbWc the legal requirement.
nun iuiic.i. nun ever, was reflected in
Lake Superior Corporation, after I the last wcrfk h statement of the fedenil
opening fractionally higher, rue into a I institution. I All of which goes to Indi-
trcsn wove of liquidation, which dc- i cntc tnc vciry slow progress being mndii
pressed the price to 1GV&. When this 11 the so-cajlled deflation of hank credits
Market Moves Up After Losing
Ground in Initial Trading.
Cash Article Strong
Early Market Off 33 to 63
Points on Unsettlement in
, Stock Market
14
34
134
14
14
14
54
.54
54
3 54
2i
34
tt
1514-09s-
8054- "V
38 - 3
69 - 314
93 14
3014 -r It
63 14 - Vi
554- 354
5814 3J's
11
44
10
177
38
6
8
1
- 654
- Hi
- I
54
2254- 154
5454- 114
8854- 1H
29 54-
115 -
05 -'
44 -109
128
18294-
23
6354
17 Vi
45 -
114
Hi
1
54
1
54
'ils
GRAIN BELT WnATHBB FORECAST
Chlciuw. Feb. 10. Illinois. Missouri.
Iowa. Nebraska. Kansas. North and South
Dakota. MontRna and IVvomlni? l-'Mr and
warmer tnnlitht and Tuesday. Wiscon
sin and Minnesota Partlv cloudy and
warmer tonight and Tuesday.
Chicago, Feb. 1(1. Small receipts
mode .sentiment in corn more unani
mously Dullish thun for some time to
day and the market moved up sharply
after it had lost ground in the initial
trading undef selling, caused by unensi
ncss over tho political .situation, reces
sions in foreign exchange nnd unset
tlement in securities in New York.
Estimates of 200 cars here were dis
tinctly disappointing, and when enrly
sellers tried to replace their lines they
found little for sale in the pit. Long
stuff was sold on the bulge and this
checked the l apid rise.
It was declared in bull circles that
unless corn came forward within the
next thirty days there is little chance of
accumulation taking place at terminal
points until furmers are through with
work in the fields. Offerings from the
country showed no signs of increasing
today and the cash, article was stronger.
Oats sympathized with corn, advanc
ing after a lower start. At first local
operators sold and support was lucking,
but later good buying by commission
houses developed and offerings de
creased. Itcecipts were disappointing
and stocks urc being reduced.
The cosh article was higher, and of
ferings from the country were small.
No fresh export business was announced.
11:00 1:30 2.30
a. m. r. to. p. m
3H.O0 30.28
34.03 33.73 .13.53
31.Br. .11 110 31.70
20.07 20.10 29 48
31
58
S04
4.154
S094 - 354
IU34- 14
6114- I
s!i- 214
11014- !4
6954- 214
(3
4514 - 2
7 56- 54
2134- 1
954
2214- 34
hi
3014
1014- 94
53 - 14
(IS 2
2394- 54
113
7354 3 5a
1.4;
i.;ia4
12:30
1.4'Jj
1.41H
' tadinc future, ranged as follows:
u I Corn (new delivery)
" I Open HlEh Low
V, ll'eb 1.42 1.4.1
,.: March .. 1.39!', 1.12
!?? I Oats
''2 I May SO', 81'
?4 I Julv .... Vlt "3
Porl.
a.i.sn
3.1.00
S'S iy'
May 3.1.00
July 31.00
Lard
Mhv 21..-.-,
Julv 22.00
Ulbs
May 1S..10
July in.li
.13.00 135.70
31.1)0 '35.00
."..1.00
31.115
22.00 "21.. in
22.40 21.07
21.00 2l.r2
22.35 '21.no
NEW YlORK COFFEE MARKET
New Yofkh. Feb. 10. The feature or
the coffee Yutures market during the
onrlv morniiig was the twitching opero
tious, Mavchl to September tit 40 and is
point. AlnrJ-h to May nt 30nud ..j
points nnd Alnrch to July at 3i and .,3
.ic( nfu 1
I I"""-- ' 1 , ..,... , u.
Htisiucss wnisoi mouerme voraiiiv,
vnli, n- hnlillmV c use to initial tigurw.
.?"'. I hut there nnncVnrctl to he uo early uoivs
."'" . .1 ,. .i i
in tnc uum.ci i
-.. nSflwtt. uwln
if :., ..:', n.i Ant Hint the world's con
sumption of ooMcc in very clo.se ;o llie
largc-t on record! and that HI the pre-ciit
rate of eousiininAlon the visible suppir
r nrrn ni tiir. nnhl of the crop year in
be. the smallest oif record
1.40
1.40
o;
72"i
Bid. tAsked.
18.00
in. so
IS. .10
10.10
1S.S0 '18.42
10.27 H8.03
New York Metal Market
New Yorlt, r 10. Copper Spot and
February, offered. 1S14 c: .March, offered.
1RTic; April, offered, 10c. Market wns mi't.
Lead Spot. February and Mnrcli siHlic.
Market quiet. Spelter. I'.nst St. Louis Spot.
February and March, 8.67s G8.87'-''e Mar
ket quiet.
March
May
July
September
Uld.
Todays
open
13 75
14.20
11.41
1.137
BAR SILVEK
Commercial bar si Iyer was quoted in
New York today at 5l.: " ";
,ioltnr. nf 1 cent. In London the prite
was 83hl, up 1 Willi
LONDON STOCK MARKET
COLDFIELD STOCTv
Atlanta
Itlue Bull ..
Booth
c o n
Comb Frao .
'rackerjack
Dlamf II 11
Daisy
Florence . . .
Ooldf f'on .
Ooldf Mors
Oold Dov . .
Great lle.id .
Jumbo Ext
Kewanas . . .
Iine Star J
Orn
lied Hills ..
Sliver Pick
Fpearhtad .
02
.01
.01
.02
.0.1
.0.1
.01
.02
.Tl
.02
.18
02
.Oil
.02
.03
.01
.03
.10
.05
Trading More Brisk Industrial
Shares In Demand Revival In Oils
linndon. Feb. 1(5. Cheerfulness i
marked the trading in some securities
on the stock exchange today and the
markets were more brisk. There was
n revival m the oil group. Shell Trans-
0.1 i
.03 j
.Oil I
.05 pert wos quoted at 13 and Mexican
.OS
.0.1
.03
.30
.13
.04
.1.1
.01
.OS
(II
.01
.0.1
01
.12
eagles to 10T',
Oilt-cdged investment issues were
steady, owing to a less active demand
for money und today's big exchequer
bond redemption.
Industrial shares were in demand.
BANK LOANS LARGER I
Excess Reserve Above Legal Require
ments Reduced to $697,000
The reserve of the 1 oenl clearing
house institutions at the Fedot lie
serve Hank was reduced ?l,ri2.i,J(M
last week, which together with in
creased liabilities, us result of jump
of $0,581,000 in individual deposits,
cut the excess reserve $1,71(1,000. This
it ft a surplus above legal requirements
of only $007,000. , ,
The expansion of $1,200,000 in loans
and discounts apparently reflected con
tinued heavy borrowing by the mem
ber banks at the federal institution.
Details follow:
Liverpool Cotton
I.lienwnl, Feb. 10. There
was a
ALL
l.OJllN
Exchee. CI. House
Due from banks .
Hank depisitu
MLMncns
lH in "in Ilepri.aKO
.lsoi.35O.0O0 '14,200,000
MISCELLANEOUS
" ! fair request for spot cotton today with Individ 7 SVro'itV
Amparo
Ariz United
Eden
Mother Iide
Nevada 1II1I
Nev Itand . .
Promnntarlo .
Nev Wonder
Teenpa Mln .
White Caps
1.70
.1.1
'
.no
.02
.20
1'.
.17
.10
.10
, nr! firm on the l;asw of an advance
iROlnf J 31 points for. middling ut ."O.OSd.
5P The sales were 8000 bales. The re
!m ccipts were 37,000 bales, including 23,
oi ' 000 bales Anvriruii. Futures were
25 ' steadv in the curly dealings. Spot prices
'.'.V were: American, middling fair, 3f!.23d;
good middling, 3:.J..d ; fully middling,
iiiw mmiiiiiiK,
or
Reserve
Tho first
Banks' Discount Rates
ill I ;t" 23d : middling. 30.0Sd ; low middli
"TllSd: good ordinary. 21.73d. nnd
T. ' ' ni -",.1
dinary, -n.i.m.
Tlmo deDoilts
Ites. with r. It. 11.
& legal depositories,
rash In nults .
Totnl rt'tcrve. held .
Reserve required ..
Excess reserve .
"H.osO.000
121.001.000
130,702.000
.127.H31.000
S.23S.00O
52.370,000
13.S79.OO0
113.180,000
33.78.1.0011
007.000
tfll.OIMI
7,072.000
2.148.00(1
'ti.r.Ki.ooii
1)5,000
1,S23,00rt
l.as'-'.iMin
1,824,000
7S.0C0
1,7 Kl.ooo
RAILROAD EARNINGS
CANADIAN PACIFIC RAILWAY
a
1020 I nor ,s,
First week, February. 53.2'iS,noo tiUO.OOo
SOUTHERN PACIFIC i
December cross . ..120.877.ni.il s.32,5.'3
Italanee nfter taxeJ.. 2.870.732 i.W.M 1 I
Net ojer. Income... ",201.527 ti.0.903
Twetvo months' srosa.227. 1)25.01.1 lrt.uls.illl
Balance after taxes. . 43.517,004 M,757.S22
Net opcr. Income. . 41.T37.U71 I1.S7S1I.-,
ADD UAILHOAD EAI1N1NC1S
CII1CAUO. JIOCK ISLAND AND I'Al (Kill
f PY8TI5.M i
December uroks 110,080.712 11.SR2.2S0l
Dellclt after taxes.. 200.700 '170,115
Net oper. dellclt .. 310.027 '357.IS5 ,
Twelve months' Krosa.lt!l,024,083 12. 335, US
Balance after taxes. . 10,780,3.17 387, HIS
Net oper. Income. 8,048.742 '231,073
COLORADO AND SOUTHERN SYSTEM
December Brass $2,138,023 'Jln.n3
Balanc- after taxed. . 370.40.1 '213 2U2
Net VOJT. Ifcoms. . 217,131) M49.30U i
Twelve, months' irrosa 21.13S.IH0 S.'J40.!)lH
Balance, after taxes.. 1.807,178 8SH.TH2
Net 'Wr. Income 1.113,311 'tM.2il,
COLORADO AND SOUTHERN LINES
J 19(1,155
:.744.38S
First w"..i February
From January 1 . . .
UUri'AI7. ROCHESTER AND
11UROH
First week February.. 1207,177
Decrease.
MH. 238
3.10.872
PITTS-
w.r.ai
MONEY-LENDING RATES
NKW YOHK Money on call opened
.r-Tiie-i.u rir-ui-T'l( CVKTV.M
.III,...,,....., j.U.'UI.X. "" , -... ..,..-- . .... "- ' v,.vu.
Reserve held j.io.121,ooo ii.4on.ono today nt i per cent lor lending and re-
Exciss reserve . .. 45,00p 1.RU3.000 newIng.
TRUST companies NOT ME.MHEIIK , There is not the slightest chungc in
I
rtE8ERVE SYSTEM
J3.3.10.000
column gives rates for ull i
periods up lo and including a fifteen- !
day maturity, thp fceond for a period
of sixteen to ninety days. The third
and fourth columns give the rates for
discounts for collateral loans secured
by government bonds or notes.
GOVERNMENT BONDS
iio'Jnil 2S5'Hn I '" fl,lrly aT&' Vor ""' shorter mnturi-
BO.00O 3..3.O00 Ups ,, Mnt !g m on IudllBtra- n,
ids for Investment
I Clfilulur I'lion Ileouest
U1QHHI uuy company
kie.it OtU-'9 in over lo t flirt
lie lj 1225 llourdvvulk
1 Boston
N-w York
Com'l paper
in to 00
1.1 days days
Panama crupnn 2. 1030. .
Panama reslstered 3. 1030. .
1'anama coupon 2, I9'J. ;
Panama reiiister1 .s. 1038.
Panama. .s-.up.Mi3s 1001 . .
nminu ris-lstered ?s. 1061..
I Philippine 4s, lH--
Iluring the afternoon the allied ex
chances dowlopeil softness, demand ' Philadelphia
sterling reocliing a figure 5c below the
i lose of Suturda.v nt .'(.Jlt'-y and cables
...35' J. Francs fell to 11. 30 for cables
mid 1 1.32 for checks. 12 centimes below
the opening today. Lire cables were
1S.27 ami checks IS. 20; Itelglau cables
were 13.00, checks 13.02, with no trans
actions bi'ins made
Richmond
rii.eianj
Atlai.ta .
chuacn .
St. Ixiula
Minneapolis .... il
Kansas City .... 0
Pallo-i 0
San Francisco . . 0
Kates on numanoine rertineates
deMeijness continue unchanxsd at 4
13 dajs duyn
-..'I -..'A
r.'4 '.iu
" ".
is?
'.114
of In
' per
4s. 193.1.
4r, 1030
f'AUDOR 2s. 1030 . .
U S Oovt res-l.terod 2s. 1010.
U 8 rioit coupon 4s. IB-'"
U S Oovt reslstered 4, 1023
Govt, paper Phlllpplna
it .. an ulllnnlne
.., ,,, b . . . rr ..,nnn !1
1J ? l0"v VMM."... --
Uld
. . 1 on
. . 1 oo
.100
, .100
88
. . 88
. . 110
. . 00
no
Ask
101
lot
101
101
111
01
1)5
W
r.
Reserve held ..
i x17:: "'.'"' ' .. "" ties It ncr cent s b d on udustr nls und
i - llltl-nri-, . .-. ... -, . --
i In addition to the deposits sbovo th"re for the longer maturities H to ',. per
I were this eel: 13..-.24.000 irovernment yle. ,.rnt f(0 nomuttl quotation. No money
posit, asalnst which no reserve Is required. ,8 (.om,n ,n worth' mt.ntimiill,,. '
The collateral loan situation coiitiuui'H
,1ll(l'i 101
.looi, mi
.100 100'i
.100 too?
i
m.
554
No Change In Refined Sugars
New Yorlt, Feb. 10. The local mar
ket for fine refined sugars remains un
xtmneed both as to conditions nnd
nrlces. The market for raw sugars con- iioston.. 60.640.o04 40,080627. 40,313,0.1.!
Ii il. nnlal Tho ilnmnnrl la len 1een "a lllmore lljai.niiu lu.nnN.-.-uj .,
tiniirs quiet, me uemana is less Keen N Vork (i(n,sun,270 lOT.3,fl5 443, s.n sio
and offerings are somewhat lorger. 'chicoBo 121 190 3:0 01 iti 200
Prices Firm on Paris Bourse
Paris, Feb. 10. Prices were firm on
the Ilourse today. Three per cent
rentes were quoted nt 58f -10c; ex
change on London. 48f 3(lcj 5 per cent
loan, S7f 70c. The dollar was quoted
at Mf 21 'jc.
BANK CLEARINGS
Bank clearings today "c-mpared with cor-tispondlng-
day last two yinrn:
1030 1010 1018
Phils. . .RS.0t)..!29 100.800,421 fll.MS.OTO
to slow uii the market for nrime bank
acceptances. Rates are fiVitJi.fJi per
cent as heretofore.
Call loans on prime bank acceptances
are unaltered at 5 per rent.
PIMLArtELPHIA Coll, (1 per cent ;
time, II per cent; commercial papers,
three lo six months, (I per cent.
DIVIDENDS DECLARED
Copper Rome Co,, quarterly of 30 cents,
pajable March 15 to stock of record Feb
ruary 20,
Standard OlT of New Jerey, quarterly $.1
nn common and tl. T5 on preferred. I)aab,.
March 13 d stock of record February 20
mm mmmrnE of mum
RATES
The fall In exchange rates and the fact that many ddjmestic
bonds were held on tlv other side has caused much foreign
selling of our domestic securities, thus giving, the American In
vestor the opportunity to take advantage Indirectly of the fprelf!"
exchanne situation without buylnn forelan obllnatlons. and of
obtaining well-recured American bonds at exceptionally, ,ow
prices. In taking advantage of this situation the Investor sl,oult)
Will
not only reap a substantial monetary reward, but also he
Indirectly help Europe In Its reconstruction and assist In
blllzlnu conditions at home,
INCREASED SECURITY OF OLD DOHDS
The replacement value of much of the property securing' old
bond Issues has undoubtedly doubled In the last few years v.'h"e
bond prices have declined sharply.
The Investor who huvs well-secured old Issues of compara
tlvely lonp maturity will find them returning him a high rafe '
annual return and havlna the advantaae ovtr new Issues of""'
opportunity for a material enhancement In market value, snl)
he need not worry about falling replacement values as these boridi
were Issued against properties at old pre-war costs.
We offer at the oreoent time three well-secured Old Flf'
Mortgage R. R. Bonds. '
i
One Rated AAA
, One Rated A
x One Rated BAA
Prices Between 60 & SS
Yielding GJ Gft Qc
All Purchased from Foreign Holders
Detail Upon Request .
MARTIN & CO.
1411 WALNUT ST.
PHILADELPHIA
SHARP GAIN IN CORN I SPOT SITUATION HALTS !
ON SMALL RECEIPTS) RECESSIONS IN COTTON
COTToK'-Iinj.T WEATHEIl CONDITIONS
New iVorU. I-'eb. 10. The following tm-pei-aturs
were recorded Irr the cotton belt
thla mornlnc: Nashville. 10 deirees'.
Kiioxvllle. Chattanooita, l'ort Smith and
AtlantO. 14 decrees: Msmphls, 10 deitre-s
I.lttle 1-loclt 18 dentrecs; T.1con. 20 depreps
Aumistn. 22 decrees: Jterldlnn. Mont.
tromery( and Wllmlncton. 21 desrees
Cliarl.dton. 28 degTees: Savannah and
VIcltsbArc. 30 decreeR; Shreveport and
Thomafivllle. 32 degrees: Jacksonville end
Pensae(nla. 34 desreest New Orleans. Sari
Antonlif. 42 deirreeB. and Cnrnus Chrlstl
and Orilveston. n2 degrees. There was .01
Inch Yt precloltatlon nt I.lttle Hock an
.0-1 at.I'-ort Smith.
Nejv Yorlt. Feb. 10. The cotton
marlcjet developed considerable weakness
todair under renewed selling by some of
the lliouses which had been prominent
on Vhe i-.nme side early last week, and
Nevl- Orleans offerings.
There was also more or less liquida
tion.) promoted by the unsettled stock
market, nnd prices sold off to n net de
cline! of 33 to 03 points, March ruling
relatively steady. t
A jUrtinl rally occurred towurd mid
nftcrnipon on southern reports indicating;
no wcMkness iu spot cotton.
The otton receipts at the ports for
the dayl are estimuted at 20,000 bales,
against llO. 705 hales a week ngo, 10,00.1
biilos a vvear ago and 1S,0!)3 bales two
j ears ng
(at, louay.
rtoe onen
March ...130.23 30.30
May V4.1" l.n
.Iiili. t'.0I 32.10
October .. 20,"3 211.83
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