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EVENING PUBXJO LEDGEB-PHIL'ADELPHIA, WEDNESDAY, -EEBBXJABY 18, 1920
.NEWS OF FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK QUOTATIONS
in B
:
if
h
u
L
ilft
L
"si
Consumers Power Co.
General & Refunding Mortgage,
Tea Year 7 Gold Bond
Price 93 and Interest
Yielding over 7.28
1 Serial Gold Debenture!
At prices to yield
about 7.75
Complete circular on these attractive
Issues Bent on request tor P. B.-282.
TCtNatkmalGtjr
Company
Correspondent Office In over CO CiUea
Philadelphia 1421 Che.tnut Street
Atlantic City Challontt BloeU
149 Dotrairiiv
m
Investments Based on
Established Records
In the last analysis,
consistent earning
power provides the
best protection for
any security. We
shall be glad to give
on request the record
of earnings of any im
portant corporation
and also supply data
regarding the man
agement, bonded
debt, etc.
Hemphill, Noyes & Co.
Members New York Slock Exchange
Franklin Bk. Bldg., Philadelphia
New Tork
Boston
Scrantoa
We offer for sale:
Miss. River Power 5s, 1951
Pa. Water & Pow. 1st 5s, 1940
Kennecott Copper 7s, 1930
Harwood Elec. Co. 1st 5s, 1939
General Electric 6s, 1940
Penna. R. R. Cons. 4s, 1948
Syracuse Gas 5s, 1946
W. N. Y., Pa. R. R. 1st 5s, 1937
Cleveland Elec. 5s, 1939
Particulars on Request.
Carstairs & Go.
investment Securities
Members Philadelphia and
Hew lork Stock Exchanges
1419 Walnut Street
Philadelphia
71 Broadway, N. Y.
German
City Bonds
City of Berlin 4s.... $140
City of Hamburg 4l2s $150
City of Munich 4s ...$160
Above prices arc per 10.000 Marks
FUM. DETAILS OP ALL FOIIEIQN
BONDS UPON REQUBST
Farson,Son&Co.
Members New Tork Stock Exchange
115 Broadway, New York
BARGAIN DAYS IN BONDS
Railroad Issues at the Lowest in
Fifty Years
Lt Us Submit Offering'
EDWARD V. KANE & CO.
Morris Building
OIL FIELDS OF
VENEZUELA AND COLOMBIA
WITH MAP
This booklet will gladlv be furnished on
request
Geo. A. Huhn & Sons
Stocks nnd Bonds
DEIXEVUE COURT UUILD&0
1418 Walnut St.. Phila.
N. T. Office 111 Broadway.
Wetsbach Co. Col. As 1930
I'hlU. Co. Cons. "n. tDM, stamped
Tenn. r.wpp 1st tie. 1062
Wisconsin lllirr 1' tit. 1041
Txs Anseles Hw7. lie. 1940
Tajlor-1Vherton Iron Steel fls, 194?
HENRY D. B0ENNING & CO.
STOCK KXCHXNOK nUILDINO
Direct Private Telephone to ew Vork
Members rhlla, stock Kichanne
RAILROAD SHARES ASSUMED
ACTIVE MARKET LEADERSHIP
Fresh Outburst of Strength After Irregular Start Carried
Leading Stocks Up Three Points
New York, Feb. 18. For the first
time in many months the railroad shares
dominated the1 trading, both as to ac
tivity and extent of their advance in
today's stock market. As a matter of
fact, it has been over two years since
the railroad group commanded such
widespread attention ns they did today
and In the, late trading yesterday.
It looked for a time shortly after the
opening as if the upward swing in the
rails was going to prove another falsa
start. Yesterday's buoyant recovery
was resumed at the outset, but before
tha end of the first fifteen minutes
strong reactionary current developed. In
which most of the initial gain was for
feited. Before the end of the first hour,
however, the forward movement was
resumed with increasing vigor and by
midday gains ranging from 1 to 3 points
were recorded by all the transportation
stocks.
The incentive for this belated rejuve
nation of market Interest in the rails
was supplied in the announced agree
ment by the congressional conference
committee on the new railway legisla
tion. Information in regard to the pro
visions of the new bill was eagerly
sought, but according to Washington
advices the text of the bill will not be
made known until late tonight.
No one hod a definite Idea as to what
the conference measure will provide and
those who joined in the buying move
ment based their operations largely on
conjecture. It has been the general
belief, however, for a long time, that
an thing in the shape of new legislation
that would clear up the clouded at
mosphere in the transportation field
must have a response in advancing
prices of railroad stocks generally. It
would be no exaggeration to state theft
never before in the history of Wall
street has there been so little speculative
interest In the railroad shares. Fewer
railroad stocks ore being carried todaT
by brokers than over before. Coupled
to this is the fact that recent prevail
ing quotations for tha standard rail
road shares was lowest in the last two
decades.
The railroad shares, in consequence,
were in a position to respond to slight
est turn for the hotter in the transpor
tation situation. There were a great
many who held to the view that a for
ward movement In the rails to be sus
tained must be preceded by an essential
change in the position of railroad bonds.
It was suggested that railroad bonds
generally have been under a cloud as In
estmcnts, partly because of the high
rates at which money had ruled for so
long a time and that their prices were
adjusted to the stringent conditions that
then prevailed in the money market.
With moue easier, the railroad bonds
con be expected to move back to what
will be a relative return compared with
money rates. It is also reasoned if the
new railroad legislation should assure
dividends on present dlvidend-pajing
stock, that its primary effect must be
to fortify interest payment on bonds.
Rails supplemented jesterday 's many
substantial gains at tho opening, trans
continentals and grangers rising 1 to -points.
Shares of the roads covering
eastern and soathcrn territories aver
aged largo fractional advances, but coal
ers were reactionary. Oils improved,
but the movement otherwise wbb some
what irregular, motors, steels nno
equipments reacting 1 to 3 poluts.
When the pressure against tho in
dustrial specialties became moro pro
nounced within the first half hour most
of the initial gains were forfeited. This
setback proved of short duration, how
ever, industrials rallying easily when
bujing of rails was resumed at addi
tional gains. Oils were next in favor.
nnd railway equipmetns followed tho
course set by rails, bosses ot l to .1
points in General Motors., Crucible Steel
nnd affiliated issues were more than re
covered, and specialties also strength
ened. Steadiness of foreign exchange
and the 0 per cent renewal rate for call
loons were encouraging features hnd
gave additional impetus to the recovery.
Shorts were badlj squeered in the
early afternoon when the advance em
braced many speculative favorites le
cently under severe deptesion. In ad
dition to General Motor and Crucible
Steel, which made actual gains of 7
poluts each, various specialties rose 2
to ii points over yesterdaj's final prices.
Highest prices of the session super
seded rails in the less nc,tivc finnl hour.
The closing was strong.
Philadelphia Stocks
Low Close
Not
cnue.
0
41
CO
0-
02 2
283Allia Ins
war ... 0
010 Am Stra 42Vi
334 Am Gas. 52
u Amer Rys
prcf . . . 55 55 55 . .
17 t A T & T 07 07 07
lOtBaldwIn 111 111 111 2
222 Elec Str.113 112 113 ..
100 tG Mot.. 242 242 242 8
161 I O N A
war ... 10 10 10 't
GO Key Tel. 10 Vi 10U 10U..
SO Lak S Cp 18 17 17 ?s
30 I.eh Xav. 02V, 02V, G2U,..
55 Mi Val. 43 43& 43iyj
10 Tenn C L
prcf ... 43
518 Pa It R. 42
30 Phila Co 37
22S cum pf 33
SS5 Thil Elec 23 H
SS0 P R T. 23'6
12 Phil Troc 01
200 tReading 73
153 Ton llel. 2
100 Ton Min. 2
03 V O I.. 54
10 tu S' Stl. 0S
05 York Ry. 10
tNet chanso mado bv comparison with laBt
sale on 2,ew Yurk htock Exchange
Sales In WINDS Net
$1000 lllxh Low Close chse.
1 Am Gas &.
Elec 5... 80 SO 80
1 Elec & Peo
Tr 4s ... (ilVi OH; OH2 1S
3 Leu Val Cs..l00 100 10 3
3 Lib Bonds
2d 4y,h. . 00 00 no go no.i;o.r.u
43 43 . .
41 42
37 37 3
32 32 Vi
2-, 23
21 23 . .
(0vs t.0"', 14
72 734-2
2 2 A
2 2 K
53 53
08 08 Vs
10 10 H
ANOTHER
I
RAIL
SHARES
Belated Response of the Public
a Bit Puzzling to the
Street
TRADING MORE ACTIVE
New York, Feb. 18 The New York
Evening Sun's closing financial review
today Raj r :
To nil outward seeming today's stock
market was much like yesterday's, but
there was far more of public interest
brought in by a further demonstration
of strength in the railroad share list.
The movement was n bit puzzling to
the street, not because of want of de
velopments of a bullish character, but
because the response has been so be
lated it was deemed unlikely that there
would be an. resnonso 11 1 nil.
The rails have been rather arbitrarily
' inn t me "-pet uuitivc class and
the market followers had largeh ceased
Jo regard them as endowed with specu
lative qualities.
While toda's performance tended to
show that such was not mrpasnnlv flu.
ciifce, nevertheless u teviwil of interest
NEW YORK STOCK EXCHANGE TRANSACTIONS
!
Dlv,
In!
Salon
400
600
310
300
1100
00
3100
2100
2700
A00
300
iaoo
400
00
310
700
100
0100
2100
4t
4000
1970
100
100
1890
100
1000
203O
1700
8000
5100
100
bOO
300
3S0O 4
700
200
100
400
3790 n
100 5
800
100 7
1000 10
10O
47100 3.50
3Xat Piop
4-Cs .... 23 27 27
lPagen4M.sb0 ' bO 80 . .
1 Phila Co
cons 3s . 77 77 77 l's
.2 Phila Elec
1st 3s ... 01 00 00
2 Read gen 4s 70 70 70 Vj
MONEY-LENDING BATES
NEW YORK Money on call opened
today at 0 per cent for lending and re
newing. Reports were current of an easier
tone to the time mone market, .but they
are not confirmed by money 'Brokers.
On industrial loans for ninety das 8$
per cent is bid nnd even 0 per cent is
mentioned on some transitions
Very little new moncv is coming into
the market.
PHILADELPHIA Call, C per cent;
time, 6 per cent; commercial paper,
three to six months, t! per cent.
LONDON Monej is quoted at 3Va
per cent Discount rates, short nnd
three-month bills 5r35 13-10 per cent.
Thoroughly Experienced
Bank Teller
can mnke splendid connection
with Olourestrr rit.r tlnanclal
Institution. Artdrrss
P. O. Box 23, Gloucester, N. J.
Expert Preparation and Review ot
INCOME TAX RETURNS
r corporations, partnerships. Individuals etc
Our experts formerly connected with U. 8. Oovt.
Corporation Tax Service Co.
00 Real Estate Trust Dldr.
Fbonsl Filbert 6310 or Race 7917
Liverpool Cotton
LUerpnl. Fob. 18 There was a
good demand for spot cotton toda
with prices steady on the basis of an
aihanco of 12 points fur middling nt
31.10d. The salts were 10,000 bales.
The receiptH were 10,000 bales, none
American. Futures were steady in the
carl donllngb Spot prices were:
Amencau middling fair. 30.41d j good
middling, ?3.41d , fully middling,
I32.41d. middling, 31.10(1; low mid
dling, 27hCd; good ordinarj, 21 lOd,
U11U UlUIII'lIJi .f.t'ftll.
DIVIDENDS DECLARED
National Trinslt Co on extra 50 cents
pasfcblo March 15 to stock ot record Ffcb
ruary 28
American Power & Llitht Co quarterly
1 per cent on common pajablo March 1 to
stock of record February 10
Federal Mining nnd HmelttiiK Co quar
terly of 1 P.r cent on preferred payable
March 1 to stock of record rVbruar 24
Continental Oil Co, quarterly 13 pajable
March 10 to stock of record February !M
Lindsay I.lirht Co . quarterly 1. per cent
on preferred payable March 31 to stock of
record February 28
Cuban-American Sugar Co quarterly of
2V4 per cent on common and ll per cent
on preferred payable April 1 to stock of
record March 13.
300
3600
1000
1200
500
10000
000
400
400
200
1100
50q
200
1090
1200
100
511
930
7 JO
3510
5700
1100
100
3100
3300
100
800
1100
1800
7000
C100
1500
100
9300
300
2300
1300
300
100
3000
1000
200
3S0O
2110
B 200
210
940
400
3490
2C500
2230
300
1430
300
300
5100
200
400
1830
100
31 JO
2810
400
3190
300
100
300
2690
1700
300
700
300
3S9J0
100
800
3010
900
4011
1011
1400
5500
100
100
300
400
500
1000
1500
490
100
500
02 50
4030
3110
5S00
100
100
100
100
1801)
500
7 JO
High
Auvnnco jiumoiy .... Z
AJax rtubber 73
.. Alaska Oold Mlnen .. 1U
Alnska-Junenu O M . . 1J4
. Altls-Chalmers 41)4
8 Am Agrla Chem 88M
n Am ueet sugar ..... 83
8 Am Bosch Magneto . ,115H
Am Can 43ft
12 Am Car & Pdy 131 V4
7 Am Car & Fdy pf . ..113H
4 Am Cotton Oil ayt
.80 Am Druggist Syn ... HM
6 Am Kxprces 7H
.. Am Illdo & Leather.. 22
7 Am Illdo & Leath pt. . los
a Am Ico pf 58
0 Am Internet Corp ... 03H
a Am Linseed ........ 81
Am Locomotho ..... 02
Am Ship ft Commerce, 2yj
4 Am Smelt & Ref .... 62H
. Am Smelt Seo pf .... DtVi
Am Snuff 101'i
Am Steel Foundries , , 42ft
Am Steel Fdrles pf . . 9t
Am Sugar Ref ,129
Am Sumatra Tab ... 85&
Am Tel & Tel 88
Am Tob Seo temp ctts 00ft
Am Woolen 128J4
Am Woolen pt 102J4
Am Writing Paper pf . 47
Am Zinc Lead & Sm.. 17
Anaconda Copper .... 51ft
Ann Arbor 1 1454
Ann Arbor pf 254
Assets Realisation . . 3ft
Abso Dry Goods 51 H
Atch Top & S F 84
Atch Top &SFpt... 77(4
Atlanta Ulrm & Alt . . 8
Atlantia Const Lino . . 80
Atl Gulf & W I 3 S..147U
Auto Sile3 C tern Ctf3 13ft
Baldwin Locomotive .112
Baldwin Loco pf 08 14
Baltimore & Ohio .... 31
Baltlmoro & Ohio pf . . 44
Bethlehem Motors . . . 21ft
Bethlehem Stl 8 pf.,110
Bethlehem Steel B... 8914
Booth risherlcs ... .11
Barrett 110?$
Barrett pt 100
Brown Shoo pt 06
Bklyn Rapid Transit. 13ft
Bltl n R T ctfs of dep. 0 V4
Burns Bros 100
Butte & Superior Cop. 25i
Butto Copper &. Zinc. . 0ft
Butterlck 31
Caddo Central O & R 2014
California Packing . . 7'4
Calif jinla Petroleum . 33M
Canadian Pacific ..,.12114
Central Leather "Wi
Cerro do Pasco Cop.. 50 4
Certnln-teed Prod ... 50
Chandler Motors ....131
Chesapcako & Ohio . . 5514
CloV Cln Chi & St L,.. 42
Chi & IJI pi E T ctfa 6
Chicago Gt Western . .
Chi Gt Western pf . . . 23ft
Chi Mil & St Paul ... 38
Chi Mil & St Paul pf.. 533
Chi & Northwestern . . 84
Chi & Northwest pf ..110
Chi Rock Isl & Pao . . 20J,
Chi R I & Pac 6 pf . 03
Chi R 1 & Pao 7 Pf. 'I
Chllo Copper 17 V
Chlno Copper . . . 3654
Cluett Peabody . . . 88
Coca-Cola 3Hs
Colo & Southern .. . . 24 1$
Columb Gas & Hlec. . . 57 ft
Col Graphophone .... 43
Con Interstate Cal M . 19 !4
Consolidated Cigar ... 57
Con.olldated Textile . 27 V2
Continental Can 80 14
Cont Can pf 101
Corn Products Ref .. 82H
12 Cruclblo Steel 308
, Cuba Cano Sugar . .. 45 ft
7 Cuba Cano Sugar pt. . 81
9 Delawa.ro & Hudson .. 94
10 Del Lack & Western. .170
Doner & Rio Grande. 734
. Dener & Rio O pf . . 1
I Iome Mines 11 Ht
.1 Elk Horn Coal .. ..22
5 Endlcott-Johnson . . .115
7 Endlcott-Johnson pf .101
Erie 13K
Erie 1st pf . 21ft
Erlo 2d pf . . l?i
8 Famous Players-Li . . 14
Famous Players rts . S74
3 Federal Mln & Sm pf 29
10 Flshor Body . .. .12ft
10
10
5
4
4
8
4
Flsk Rubber 3ft
Freeport Texas . . ?5ft
i Gaston Wms & Wig . 14 ft
s General Cigar 0?4
8 General Electric ...160
18 General Motors . . .243
fl General Motors pf . 78
(I General Motors deb .73ft
0 Goodrich B F lift
7 Goodrich B T pt . . 94 14
Granby Consol M &. S. 40
Gray & Davis 34
Gt Northern Ore ctfs. 37 a4
Great Northern pf . . . 7ilh
Giucn I! & West B . 8
Gulf States Steel . . . C5
Haskell & Barker Car. 55U
Hupp Motor Car .... 14(4
Illinois Central 87 ft
Inspiration Con Cop .. UA
Interboro Con Corp . . 4
Inter Con Corp pf .11
Int Agricul Corp . 10ft
Int Harvester .......11794
Int Mer Murine 314
Int Mer Marine pf ... f4('4
International Nickel . 21.
International Paper
Iowa Central
Iron Products Corp
Jones Bros Tea . .
Julius Kaser 106
Kansas City Southern 17
Kiinnas City So pf . . 45
Kell-Spg Tiro 120
'.8U
6
it'i
2fi
i-uuuuuK "i a measure (if rh ,n.i
ment of legislation in the return of the
ro(K to their owikh, uu March 1.
Tho details of tho lull nio,i j
upon by the conferees of the House and
oenaie nre known oulj m a general
wa, but wbut reallj mutteis to every
body is that the bill shall b(come law in
time and that seems iissurid.
Northern Pacific and Oieat Northern
were cspeciallj stimulated by the report
of the merger of the two roads with
the Burlington when the 8400,000,000
bonds of the last iiamtd line shall full
due next jear. The merger story has
been denitd in uilhlentml nuaiters, but
the time is still too distant to preclude
the posslbilitj of suth n step. The
shares of both roids made a gain of
some 3 points, while others were mak
ing onlj model ate gains of a fraction
to 1 and 2 points.
The iiilluemu of (I per cent tall loan
renewals nnd fresh netommodatlon
ruling nt that figure aided In the rise
of industrials and rails alike although
sentiment still favors the Mew that an
extended rice is unllkclj while the time
tnonej market remains in its nominal
condition with rates at 8V. nnd 0 per
ctnt.
The ODeninir was ilropnlm nml nrUi
chnnirts were variable throuuh n m.,,1 , .....it,.,, t i inulnrm thnt imunlh
puit of the flrHt hour !n ulilnb i,,.rl,,,l mm tn morn conventional types ot held. nimriil ilimn rn .1 S.11. nml enblps at
wilotsdnt 'Arir KSU Ssanrerydabe lumo 33.H. Francs held fa.rl, well, 1133
i... . """. """ iliriii 111 some ,.., .,..i ,,,,. nm nir RpaRnn K.,(.... ..,...! miiKIal. nrwl 1 X !t.r. fur
Low
38J4
13i
38ft
883,
Sift
HU4
t2M
129ft
113J4
43i
123s
97
21(4
105
58
014
78
8
20
01 ft
94 ft
1013
42
92
120
83 ft
97ft
57 H
121ft
10234
45 ft
16ft
56 ft
lift
25
44
Sift
77 ft
734
88
146
13ft
107 ft
98 ft
31
43 ft
21ft
100
8534
10 ft
11034
105
96
1255
oft
105
23 ft
3
21
20
78 ft
32 ft
120 ft
H
49
50
129ft
52 H
42 ft
4ft
8ft
2Jft
35 ft
53
81
116
273
6234
69 ft
1G?4
36
88
38 ft
23
57
41ft
1854
57
27 ft
80
101
80
195
44 ft
80 ft
02 ft
170
734
12 ft
lift
2134
11234
101
1234
20
14 ft
7 i ft
87ft
28 ft
129
34ft
24 ft
14
06 ft
159 ft
3lft
78
73
18ft
04 ;$
is
:u
!'R't
74
s
IS
uu
135o
37
1
ift
U
10 ft
117'4
3034
S3
-m.
75 ;,
6
4,Jft
"0
106
16
"ft
110
Today's Net
Closo Chiro,
39ft f 14
73 3ft
134 -134
,
41 134
8834 1ft
B2ft, 134
11334 H
43ft ft
lJ0ft
113ft
4.
1234
07 ft
22
109J4 134
58 1
9234 55
soft 4- 334
91ft 34
21ft ft
12 ft Yi
91ft ..
10134 !
4234
92 -1- 1
12434 1M
81 1ft
9734
59ft
126 4-
102 J4
47
IT
5734
1454 4-
25ft4- 2ft
3ft ft
51ft
8234
89
147V44- 2
nft y
11134 3ft
98ft ..
32ft 4- 34
44ft ft
21ft 1ft
110 54
88ft 1ft
1034 Ye
11634 154
106
96 1ft
13 Si
9ft ft
106 1
25ft 4- 2
934
212
20ft ft
70ft- ft
32ft 34
120ft 34
1834 34
501
50 ft'
129 ft
5434 ft
42ft- 2ft
02
8 54
23ft h
36ft ft
5334 ft
84 3ft
110
5834- 34
0134 1ft
741
17 ft
3054 54
88
38ft-" ft
24ft 1ft
671
41ft
1834 57
27ft
80 ft
101
81ft
205ft 9
44ft- ft
80ft ft
92ft 1
170
Hi- ft
13 34
llft 54
22
115
101
11
21
"34
'3
8734
29
139ft- 6ft
30 1ft
25ft 1ft
"ft 1
00ft 134
160 3
l3Sft 4ft
78
733
C8ft 34
9434 ft
403
.14 1
37ft 1ft
70 2ft
S
f5 .1
55ft-i 1ft
"ft ft
87 - ft
54ft 1
2ft ft
11 1ft
16ft ft
1173. 5
3034 .
83ft 1
21 ft
1715 134
01
ft .
26 - ft
100 4ft
134 ft
44ft- ft
113 3ft
Spies Int Ulijh
100 8 Kclly-Spg T,8 pf.,,100
ltoo 3 Kennecott copper ... 29ft
'3200 1.20 Keystone Tire A nub , 3134
6900 6 Lackawanna Steel ... 75ft
100 .. Lnko Erlo A West. . . . tft
300 ,. Leo Rubber A Tiro v. 31ft
S1000 3.50 Lehigh Valley r. 43ft
300
1400
300
100
200
700
100
'300
100
F 300
10600
300
Ltg & My era rts mch. 16 ft
.. Loft Corp; ,'. 234
2 Loewo Co 21ft
Loone-Wllcs Biscuit ,. 50
12 Lorlllard Tobacco ...159ft
7 'Louis vlllo & Nash.,.. 103 ft
10 Manatl Sugar 113
7 May Dept Stores ....UH
4 Mackay Coa pf 61
Max Mot lot Pf efts.. 49
10 Mexican Petroleum .. 175ft
a Miami copper
6900 1.30 Middle States Corp
2300
1600
300
4200
900
CO 00
1200
300
Mtdala Steel A
Minn A St L now
Ord,
31ft
4634
13 ft
71
1314
27
43 ft
1
4ft
"&
1
34
34
34
ft
'300
500
600
1300
1600
200
Minn St P A S St M
Missouri Kan A Tex.
Mo Kan A Tex pf . .
Missouri Paclfla . .
Missouri Paclfla of . .
Mulllns Body l
200 3.50 National Atmo 3T
1100 .. Nat Anllinn & Chem.. 65ft
Nat Aniline A Ch pf . . 88
National Biscuit U7
Nat Conduit A Cable. ft
Nat Enam A Stamp.. 16ft
National Lead 1
Nat n n nf Mm 2d uf 434
100 l.jo Nevada, Con Copper .. 13ft
00 . New dr Tex A Mex . .
4100 5 tfewr York Central ... Wft
200 . N Y Chi A St L 1st nl 5134
60 New York Dock 35
Nw Vnrlt Nf H & H. . 20
Now York Ont AW... 17ft
Norfolk A Western..) 90
NoTfolk A Southern.. 11
Northern Paclfla .... 18
Noa Scotia SAC... 68
Ohio Cities Gas 41
Owens Bottling Mach. 64?4
50 Oklix Prod & Ref 834
S Otis Hleator 134
.. Otis Steel 31ft
0 Pan-Amer Petrol ... 85
Pan-Amer B) 80ft
3 Parish A Bingham . .3734
3 Pennsylvania R R ... 2
.. Pcnn Seaboard Steel.. .23
Peoples Gas Chicago.. 30ft
. Peoria 6 Eastern .... 13ft
.. Pero Marquette 3034
Pero Mnrquette pt . . . 60
.. Plerce-Arrow Motor .. 55ft
8 Plerce-Arrow Mot pf . . 100 ft
.. Plerco Oil 18
8 )lerco Oil pf . . .. 9254
. . Pittsburgh & W Va. . . 28
4 Pitt C C & St L. 59
3 Philadelphia Co 33ft
1 Pond Creek Coal . .19
8 Pressed Steel Car . , . 92ft
Pullman 115
Punta Alcirre Sugar.. 3ft
Ray Consolidated Cop. 20ft
Railway Steel Spring. S3 ft
Remington Typewrit. . 70
Republla Iron & Steel. 10154
Republlo Iron A S pf.100
Reading 73ft
Replogle Steel . , ... 39
Rbjal Dutch N Y ...102
200
7800
300
1600
100
6000
400
1200
200
1700
400
1400
9700
3690
300
60 00
300
400
300
10000
900
7400
100
700
100
3500
300
2500
700
1-100
300
3200
400
300
200
1690O
400
11290
ooo
6600
100
1600
- 1200
400
100
100
400
800
8400
000
lino
33500
UOO
21400
11300
700
400
18900
100
2300
100
1400
3700
100
15500
4600
310
4800
200
100
11300
loo oo
300
100
400
900
400
7800
400
1900
5600
500
16100
600
1000
G1100
1000
1200
1200
1100
4700
4100
600
COOO
100
4500
1700
100
1700
0100
600
400
15200
700
470J
100
Low
100
29
30ft
14
J4
3934
43 ft
16ft
1934
26ft
60
168
101ft
1 ,
lit
dl
48
169 ft
22
31
46 ft
lift
70ft
8J4
13
25
4134
41
36ft
53 34
80
112
9
14ft
75ft
434
15ft
43ft
1ft
50
31ft
27ft
11
95
11
73 ft
60
42 ft
53 34
734
127
3034
80 ft
10
37
4154
23 54
30ft
12 ft
20
49
624
Clo.oChge,
Tuday'D Not
100
29V4 1
30ft ..
74H - M
9ft IK
29ft ft
43ft'- Yi
16ft 34
1934 ft
Tft't H
602
150ft 5
10334 234
113 3
119H 2
61 - I
491
174ft 3ft
33' ft
3554 1
' 4634' H
13 ' 34
11" 1
8W
1334
2534
414
41'
1H
ft
37
65
81
113
9
74 2ft
19 3ft
4?4" .ft
15ft ft
43ft" 34
1114 ft
591
31ft ft
2834 ft
17 - ft"
91
11 34
772
68 3
43 ft
64 v 34
834 34'
134 ,
31ft 34
83ft 3ft
18J4 334
37 - ft
4154 W
2254 ft
39ft ft
13ft 1
29 Yl
4034 i
64ft- 34
100 ft 100 ft 3
17
9254
2034
57 ft
36
mi
61ft
113
S0,ft
20
C3
73
9734
100
70 ft
30
103ft
17-34
9254- ft
2034 -, 34
69 ,3
38ft IK
ft
LOCALS PAIL TO CONTINUE '
;, YESTERDAY'S SMART RALVY
. ,
27ic Trading Was-of Small Dimensions and Was Conspicw
.' ' ously Lacking of Initiative
ft
34
2
34
ft
8.70 Rojal Dutch Amer... 101ft 101
.74
5
4
7
7
4
5
10
0
10
4
4
10
Saxon Motor 15ft
Seaboard Air Lino ... 0
Seaboard Air Lino pf. 14
Scars-Roebuck . . . , . .218
St L Southwestern ... 14
St L Southwest pf . . . 26ft
St Joseph Lead 16 ft
St L San Francisco... 2034
St Ii San Fran pf ... 2834
Shell Trans Trading.. 83
Sinclair Consol Oil , .. 4034
Sloss Sheff S A 1 71ft
Southern Pacific 00ft
Southern Railway ... 21
Southern Railway pf.. 65ft
Stewart Warher Sp.. 40ft
Studebaker 89
Studebaker pf 10 '
Stromberg Carb 03 ft
Stutz Motor 118
Tenn Cop A Chem ... 10ft
Texas Co 184ft
Texas Co. fullpald. . .17-
Texas & Paclflo 34
Tobacco Products .... 10ft
Tobacco Prod Rights. ft
Transcontinental OH . 23
Transue & Wms Steel. 56
Union Bag A Paper . 89
Union Oil 3334
Union Paclflo 130ft
Union Paclflo nf . . 00
United Alloy Steel . 4434
United Fruit .. , 18454
.. United Ry Invest ... 10
United Ry Invest pf.. 23 ?4
3 United Retail Stores.. 71s
U S C I P A lMy. . . . 18ft
S 17 S Food Products . . 1034
8 U S Ind Alcohol ... 84
BUS Realty & Imp .. 40ft
8 U S Rubber ... . 100ft
8 U H Rubber 1st pf . . . .111
0 U S Smelt & Ref . . 05ft
5 U S Steel 9314
7 U S Steel pf .. '..Ill
6 Utah Copper 73ft
4 Va-Carollna Chem ... C5Jo
Vanadium Corp 40ft
.Wabash 8ft
Wabash pf 26
Wabash pf B . . . . 16ft
Western Pacific 25ft
4 Western Pacific pf . . 60
Western Maryland ... 11
West Maryland 2d pf. 20
7 Western Union Tel ..84ft
4 Westlnghouse E & 51. 5034
. Wheeling & L Erie . . lift
Wheel A L Erlo pf... 21
White Motor 54 ft
Ex dividend.
Willys-Overland
Wisconsin Central .
Worthlneton Pump
Worth Pump pf A.
25
2'
80 ft
89
15 ft
8
14 ft
218
14
26
1634
20
37
83
3 54
70 ft
9334
21ft
64ft
3ft
80
100
59-ft
118
9ft
181ft
172
31ft
07 ft
ft
23
60
89
30 ft
118ft
06
i'H
184
Oft
23 ft
C8ft
18
SOW
81 '4
45
07 ft
"035
64 ft
98
108
71
!?
48
8ft
U
16ft
2434
60
10ft
lift
84 ft
60
lift
19ft
61ft
-'4 ft
28
70ft
89
19
93
113
80ft
30
93
70
101
100
7334 134
39 3ft
iooft n
101 ft
15ft ...
81
14ft ..
218 ft
141
20 ' 1
15- 34
20 -
27 ft
83
30 ft
11ft 1ft
9554- 34
22 -
55ft ft
40ft 1ft
r8ft 34
160
60ft ..
118 4
10ft ft
18134- ft
112 3ft
32ft ft
60ft 134
ft- ft
23ft ..
80 ft
89 ft
32 1ft
118- 154
00
4434 34
181ft 1ft
10 ft
2334 1ft
1034 lft
18 ft ft
C01ft
84 lft
48ft lft
0934 1H
111 34
05ft lft
08- ft
111 " ft
73ft 134
65 2
401
ft ft
251
16 ft lft
2454 ft
60 lft
l34 ft
30 2ft
84ft ..
5034 54
1134 ..
21 lft
64ft
25
Rather than stimulating interest, tho
renewed buojancy "of' the Now York
market had thc'cffccf'to divert 'atten
tion from tho local stocks. Today's
market. In consequence, for tho greater
part of the -session rivns a vety tamo
affair In contrast with the fplrited 're
bound oMIio preceding day,
Tho animated forward movement in
tho railroad shares was reflected In only
n small way, Lehigh Valley and Penn
sylvania Railroad being tho only mem
bers of tho transportation group' which
Were represented. Quotations in both
instances wore governed solely by tho
Ncv York price lovol, nr, In other
wotfds, prices in both markets were kept
In closo parity,
Yesterday's' boom In. American Stores
w4a sidetracked until something definite
was obtained frofh the directors' meet
ing today. As stated jesterday, bank
Ing'Jnterosts In closo touch with the af
fairs of tho company did not expect any
action on tho common dividend at this
time, although some distribution' to tho
Junior shareholders was unquestionably
warranted by the largely Increased
earnings. The stock sold down to 41,
or $1.50 under yestcrdaj's ton' prite,
later milled to 41V&, mainly because of
the limited supply of stock In sight.
Moderate profit-taking by those per
haps who had the temerity to pick
up. the stock during the 'disquieting.
Slump last week (took $1 of Klectrlc
ytorogo 41attery in n decline to 112.
All the loss, however, was regained
on -small buying orders,'
Trading of a conspicuously perfunc
tory type prevailed in most nil other
parts of the local list. Prices were gen
erally stationary, or Insignificantly
changed. Alliance Insurance Co. war
rants moved up to 0, while the 'In
surance Co. of North America warrnnts
dropped back to jestei,da's low mark
at 10. Small dealings clipped Vj point
off of York Railways from tho previous
sale, at 10.
Lehigh Navigation continued neglect
ed, despite the favorable showing made
In the annual report, hut was well sus
tained nt 02&. United Gas Improve
ment was firm at 54, Philadelphia
Electric at 25VA, and Philadelphia Rap
id Transit, 23.
In discussing the local and general
domestic monetary situation, nn official
of one of the larger uptown trust com
panies today expressed the opinion thut
only In the adoption of a strict policy
of't'conomv can there be a satisfactory
adjustment of the credit situation.
There is nothing nlarmlug In thq situa
tion, he said, onlj ever) body hast been
going at n breakneck rate nnd must
makeup their minds to do business mi
a lesser speed. This means, he snld,
the manufacturer and business man w Hi
necessarily arrange their affairs to pur
mlt; reduction of financial ucrommoda'
tlqn. At the same time the loaning hi.
Btituttons must take measures to curtail
credits nnd roducu outstanding i
conservatively. This, In hi, 0ninln
ran bo accomplished' without T? loSs
interruption or disruption to the T.
prnl business situation. B
AVhlle having little effect marketwls,.
the dojolopmentM ronrernlng the trnn.
iiortntlon situation came In for wide"
V-prcnd discussion In both local banklni
am market circles. There has been I
little short of a revolutionary chune.
in tho character of ownership of rail
rond securities in the last three jears'
Rajlroad stocks and bonds have under
gone a tremendous liquidation and hun.
dreds of holders have disposed of them
owing loathe uncertainty as to the out
come of tin, government control.
There Is every reason for bolleWth.
worst side of tht railroad situation Is
behind ifsJ nnd w!ththo return of the
roads to thclt owners, It can be eonfi.
dently expected history will be making
fast in so far asr the countrv 's trans
portation industry is concerned. Unless
some inconceivable catastropho facta
tho carriers', It wll bo man)-,yeara before
the cutrenf level of -prices will be seen
again. . ,,
K
20
77
89
1
lft
- 3
BUSINESS NOTES
FOREIGN EXCHANGE
New York, Feb. 18. The foreign ox
change market opened slightlj lower this
morning, with demantl sterling Dung
GUARANTEED
Railroad Bonds
GEO. WILLIAM WALLACE
334 Land Title Building
Serur 1613
" du Pont Chemical Pfd.
Bought, Sold or Quoted
nVtrn a MnoniN x, m
f X1M1T Ery TKUST nUlJ.PXNa
IsMnbera ti n inns, pipes, ami.
pnwniiBMwiuiinp dim innwinin
B BATTLE&&CO
If Investment Securities g
I Established 1890
H Independence Square, East H
W mm uiMisiniMinsBinT wsi m iik
SALESMAN
A well-trained end productive real es
tate salesman wilt find n prolltablv con
nection awaltlnn him with my offleei ell
answers will be strictly fconOdentUL
1 0 411, Ledger Office, t
instances. After that tho list in general
stiffened materiall) and from then on
mivunres ot suDstnntlil proportions
were noted.
Mtel ran up tloc to par nt midda
ond other issues in that gioup made
even broader gains. The oils again did
exceptlonall well with values and 4
points or more nboe the Tuesdaj clos
ing It is probable that most of this
whs the result of t owing by the shorts.
Trading was in somewhat larger volume
Modify Rule on P. R. T. Certificates
Tho Fidelity Trust Co. has notified
the stock exchonge that it has modified
Its ruling regarding the exchange of
i-iiiinueipnia jiapui Transit Co. voting
trust certificates for shim's nf th ran.
ital stock of the companj, to provide
unit leruucait-s ot capital stotK will be
Issued in the name or names other
than that In which voting trust certifi
cates stand, If voting tiust (crtlflcntcs
surrendered are accompanied bv a sep
arate written signed requ -t bj partv
tendering them for eitlinngc, si ttlng
forth names, addresses and number of
shnres to be issmd rixpu tivelv. Said
names nnd addrtsses must not be writ
ten In the iowcr on the back of the
voting trust certificates or detached
power which maj acompany same.
Transfer stamps need not be nffived to
voting trust certificates surrender! d for
cancellation whether or not capital
stock Is issued in the same name.
BAR SILVER
Commercial bar silver was quoted in
New York todav at ?l,30 an ounce,
unchanged. In Loudon, the price was
B4d, down d.
being quoted for cables nnd 14.35 for
thtekti. Marks improved slightl, the
quotations being 1.03, and Austrian
krounen ulso improved, being quoted at
30
Other quotations were.
Lire cables lS.UO, chei Ks in ; ; rin iss
caps during tho coming season
The spring catalogues at Kamient
mill order houses are Just being dis
tributed and, whllo onl tho prellmlnari
results are obtainable, the response Is
said to be fair
in fl.n i.nlnlnii of snme leaillntr ret ill
clothere English overcoats lrny off. r I clblts 0.17 .checks 0.20; guilder tables
stirrer competition to aomiswc m.i.-s ;-,, chetks 37 ', Pesetas cab es 17.30,
next season than ever before Uxchango ,i' ,kH 17 on. sitoVkholm cables 18 55
rates are now enabling the clothing mer. tlietlM I7.-0 , htocRhoim cames 2"n'
chants to land such goods here nt values checks 18.40; Chrlstlanla cables 1 . .30.
considerably under the accustomed checks 17.13 ; Copenhagen cables 14,00,
prices nnd for that reason a wider dls- thecks 14.45; Relgian cables 13. SO,
trlbutlon stems likely for LngllBh-m.ide I checks 13.82.
garments Yesterday's Unal Quotations
IV hetlier It Is duo to predictions of .1 sterling Franes Mr. Guilders
long, cold winter or to R general desire uimrtnj nt 14 11 IN u Ji
to be charitable, the fact remains that Csbitj at 14 a.' is so ,I0'
manufacturers of stoves hav advanced lodar'a Opening quotations
tneir prices less inun uuy uwici iuhimm
of bulky household furniture At least, p.mnnd
that was the assertion made yesterday. ic.ibles
and It was further Bald that In the last
two years prices on stoves had been put
up only about 30 per cent , j)emand
According tn close observers of ronill- c aides
tlons In the woolen marHet, no real
Sterling Jranrs
3 834 14 81
8 am, 14 31
Noon Quotations
Mre fiullders
18 3J 17 ti
18 30 37),
Merlins Francs Lire Guilders
. .1 37 14 2.' IS 31 17Ti
3 37?. 14 ."0 18 ."J 37'
In the early afternoon, demand ster-
bump" has vet been experienced In that ' in "ie ny niiun 0011, ueumwi sier
business While the cutting-up trades ling took another advance, reaching a
In some branches have suffered a little figure 2 cents above the (lone of jts
through tho unwillingness of consumers ti rdny at 3 37, while cables sold nt
to pay high prices, tho effect has not 3, 374. The strength In sterling was re
hn so trrcat as to be translated Into H,wn, !,, hmm uliM. m,,, ,,,1 t u on
general price concessions on woolens. f()r rnblpK lind 14,00 , ,,leok
,lens rabIeCkwools y " '"' U '"r th !. Onfid",
desirable wools ...... I cables held at 37 and checks nt 37
T he. lute deliveries of shirt". It was MnrkK ... 1 n-i ' 7B
i,a ,t t.utei-ilnv. will not on v absorh ."OrKS were l.iu.
polled out jesterday. will not only absorh
what may prove in ira n rvm.-iiii. ihiko
share ot the demand for new merchan
dise but the price comparison with new
goods may react to the disadvantage of
lines to be brought out, In other words,
those who are studying the sliuatlon
believe that the retailers who are get
ting goods at old prices may not be too
TfrHllns to pay advanced priori for
future oeiive.
r ,
DANK CLEARINGS
Ilank clearlnns toda compared with cor
responding day last two yesrst
lD'.'O 19i joiB
Phila. ,. 1ST S12 433 04 MS 811 54.1144 317
Iloston,. SB.0O7.14O 42 020 1 47.743.11B
llaltlmore 18,801,814 18 017,110 ........
ChlcsKo. 112.072.940 87,801,844, 1!!!!;
N, r. ,.71 SSB.MSTMS.Koo'ziei Slf, V62.709
af, Jioul.. 28.804,414 22.3,2i)l ,,,,,,,,
NEW YORK COFFEE MARKET
New Yor.lt Pel). 18 The coffee mar
ket opened stent!) at nn advance of2
to 4 points' with a continued- demand
from Wall street and tntnmlsalon hpuse
sources. The list ruled steady at prac
ticullv initial figures later in the morn
ing, although trading was quiet.
Thoic are rumors ofn strike In Rru
i which mav spread to the docks.
One importer stated th it If there was
an) labor trouble there he-blievc'd Jt
would be mil) temporary ami that as
far as he knew there were no steamers
due to leave until nbout the first of the
month.
March .
May .
July
beptember
Yes
e'losi,
14 .'1
14 HI 14 'i7
14 78, 14,78
14 71' 14 71
Open
14 25
11
a in
14 it
14 (17
14 78
14
71
X
WE orFun
Beech Creek R. R. Co.
First 4s
"Tax Free" In Penna.
Welsh Brothers
028 CHESTMTJTSTIlErT
riiUadelnhla
Tytmbard 1541 ,,
MERCANTILE-- BANK
OF THE AMERICAS
41 NNK HTRKKT JKV lOBH
n itmertcon JJonfe or Foreign Trade
New Orleans Varls Madrid llarcelona
AFFIMATKn IUNK8 In
"Nicaragua Cuba Co.taltlca llondtira..
DON'T TAKE A CHANCE
Values have Increased and in cms
ot trey you may find your Insurant
much leas than your building or con
tents value. Check up your 'values
nnd Insurance or better still, call In
your agont or broker. Be fully in.
aured.
- .. i
This advertisement Is Inserted by the
Insurance Federation of Transylvania
Comtnunlcato at once with your agent
Ul IIIW.DIi '
DON'T TAKE A CHANCE
Securities
for Investment
JosepKW.Gross aCo.
1421 Chestnut St.
Correapondctita,
Aldred & Company
Stockweil, Wilson & Linvill
Certified Public Accountants
Land Title Bldg., Philadelphia
about xvjii be 4-he return 0n your
(Jf money if you buy at the
ns O market Famous Players-
Lasky Corp. 8 Cumu
lative Convertible Pre
ferred Stock. The Com
, . pany has no funded debt.
i Lw
Ask for Circular 7308
Borabright & Company
MORRIS WISTAR STROUD, Jr.
Manager
437 Chestnut Street, Philadelphia
New York Boston Chicago Detroit
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
Tuesdny Closlnjr Trice at Tar
. I'rlres Kxrhance Normal
Belgian Govt. Restoration 5 578 per 1000 fr. 5193
French Govt. Victory 5s 6534 per 1000 frs. 193
French Govt. 4s of 1917 53 per 1000 frs, 193
British Gort. War Loan 5s 318 per 100 486
Italian Govt.Cono!idated War Loan 5s 53 per 1000 lire 193
Wo are prepared to give information concerning these and
other Foreign Securities and Invite correspondence on this
subject r . ,
EDWARD B. SMITH & CO.
Bankers
1411 Chestnut St., Phila.
ELKINS, MORRIS & CO.
Bankers
J-arld Tide Bldg., Phila.
'
ERNST 5 ERNST
TAX SERVICE
AUDITS AND SYSTEMS
PHILADELPHIA
2023-2024- LAND TITLE DU1LDINO. TJphone.Locu 268)
NEW YORK
PITTSBURGH
FORT WORTH
TOLEDO
UntlRTHM
i4 ATLANTA
-
BOSTON
ST. LOUIS
CINCINNATI
DALLAS
BUFFALO
KANSAS CITV
CHICAfJO
CLEVELAND
DETROIT
MINNEAPOLIS
usARMiNtrrON
JNPIANAPOUI3
i AnsSA
'ilMU.
. itl?a,i&f.iHii.u t ,'jfj , ilfft .VW .wxelgatl;
.u
r