i EVENING PUBLIC -LEDGEBJPHILAfeEJlHlA, THURSDAY, FEBRUARY 19, 1020 " i -,"' T HI ; 1! SBSmmSEZmi NEWS OF FINANCIAL WORLDNEW YORK AND PHILADELPHIA STOCK QUOTATIONS 1 US' I m 3 WTALS500.0Q0.001 SURPLUS (EARNED) ' - t i.' - TL- - - - -zl i $2,000,000.00 J Ulh&Spring6aidnZ Are You Aware that, if you arc married and have no children and do not make a Will, after certain allowances to your wife she will receive only one-half of your Estate, while the rest perhaps goes to a very dis tant relative? If you leave a Will you make sure that the wife will receive what you wish, not what the law would give her. We cordially invite you to consult our officials freely, without expense, and to con sider the advantages of ap pointing this Company your Executor and Trustee. Upon request our representative will call upon you. You Should Make a Will Today TRADING DEVELOPED MORE TWO-SIDED APPEARANCE Railroad Shares Taken Up Again in Afternoon and Given Further Substantial Advances NCW' Ynrll. Vi.il 1H TrnAinrr In in. ,M..f .. t.alt. .Mnlfml ttenlf Intn a I (lay's stock market was distinctly more I battle roal between the contesting mu-siuca, nna price movement, in con- forces or the professional clement, witti sequence, was highly irregular. Almost .from the outset fluctuations were un certain nntl confusing, not because of lany adverse development"" overnight, but entirely because of technical condi tions within the market itself. To those who had expected n buoy ant response to the report of the con ference committee on railway legisla tion the market undoubtedly was disap pointing. There was a show of strength in tho rails at the outset, but the moc ment was short lived, although the transportation shares, as a whole, gave n good account of themsehes during the balance of the morning, particularly in few of the increasing strength of the reactionary currents in the industrial division. , Tbo street interpretation of the con ference committee report was generally favorable, but it was widely appreciated that the proposed bill had u hard row to hoe ahead of it before it finnllj emerged from the two houses at Wash ington. The various provisions were widely discussed, but opinions were dc feired until the temper of Congress and the labor representatives was ob tained. Apart from the railroad legislation developments bearing upon the market were of minor significance except in foreign exchange, in which further im provement was shown. The market vir tually made no perceptible response to tho maintenance of the 0 per cent call money rate. It. however, is generally conceded, both in banking and market circles, there is little possibility of per manent easier conditions in the money market until the time loan rates recede and the supply of loanable funds be comes more liquid During the best part of the day the neither side obtaining much of nn ad vantage at any time during tne scsRton. The ebb and flow of supremacy on either side was about equally divided until around midday when the general market showed signs of slipping off all along the line. There was little semblance of yester day's buoyancy when business was re sumed this morning. In place of the exciting rising quotations, confusing changes were recorded at the very Ir regular opening. General Electric lost 3 points on u single sale, and Mexican Petroleum. United States Rubber and Retail Stores forfeited 1 point each.. This was onset by gains of 1 to l'j points for Northern Pacific, Louisville Nashville, General Motors and Pan American Petroleum. The uncertain price movement con tinued throughout the forenoon, which was nccompanied by a perceptible steady diminishing dealings. Crucible Steel was the most unstable fintuie, after opening 2 points higher nt 208, reacted to 204 Vj, then rallied to 2011 Similar tendencies were displaced by the motor group and the equipments. The railroads lost some of theii lecent strength, but the group, as a whole, put up much more resistance than the in dustrials. During tho noon hour, when indus trials and shippings were being freely sold, the railway list was again taken in hand. Secondary rails were in greater demand than representative shares nt gains of 1 to 2 points, although the investment group was fenturcd by a 4-point gain in Canadian Pacific. Trading in the later dealings derived most of its impetus from the further advance of rails, industrials and special tic also improving materially. The closing was strong Service and Stabitity Tuesdays, Thursdays and Fridays from 1 until 4 p. m., we will have a tax expert (a former attache of the Treasury Depart ment), at our office, who has been retained by us to advise you on Income Tax matters, or to as sist you in the prepara tion of your return. We invite you to avail yourself of this service; without charge. Integrity Trust Company Fourth and Green Street MARKET SMPLY Philadelphia Stocks Capital $500,000 Surplus fi Profit $1,660,000 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 & Co. Imritmrnt Sceurlt'ei Members Philadelphia and New lork Mock Exchancca 1419 Walnut Street Philadelphia 71 Broadway, N. Y. TRADERS' AFFAIR Railroad Bill Received as the Best That Could Be Expected PRICES UNSETTLED HllllllHlllllllllllHllllllHIllllllllllllHIII STOCK SALESMAN WANTED Hlgh-rade man hatrjs own clientele to handle a proposi tion owned and operated by Philadelphia business men A bonus feature to the com mon stock makes it extremely attractlo to itnestors. Xo oil. gas or mining bpeculation. but a sound in esurient in a legit imate, well-established and hlett'y profitable manufactur ing business. We seek onK' Ingh-class man Bble to furn sh responsible references Address C 603, J edger Oilier lllllllllllllllllllllHlllllllllllllliHlllllllll wrn orrEit Beech Creek R. R. Co. First 4s "Tax Free" in I'enna. Welsh Brothers 028 Chestnut Street I'lilludelpUi l,tnbrd 1.113 LIBERTY BONDS All Issues Bought and Sold $50 ?100 $500 $1000 Graham, Parsons RCq, 435 Chestnut Street Philadelphia Roanoke Gas Light 5s, 1927 Luzerne Co. Gas & Elec. 5s, 1948 Counties Gas & Elec. 5s, J 952 ,GnerI Elec. Deb. 6s, 1940 JHP Cowia&Cot HW land Till Bids. New York. Teh. 11). The New York Evening Sun's closing financial review today says: There wa? unsettlemcnt in today's "dock market through a good part of the forenoon, in which period many is sues suffered sharp losses while others made little change, and a few, like the oil group, were strong. The reason appeared to be that trading was left almost wholly to the professionals, who continued more or less bearish in their conictions. The series of raids if they may be so dignified were kept going bv an eicess of effort that demonstrated clear Iv enough the artificial character of the undertaking. Trading was thin, in truth, from the beginning and there was little inthe way of news developments to swell it Ex cept in the case of the oils and -omp scattered issues under the influence of special conditions, the li-t did not show material sigrs of stiffening until close to middav, and then not all of it. The steels continued backward, also the coppers and motors, while the oils onlv abont held their earlier advances of 2 to 4 points. Such buing power as there was centered in the lailroad department. The proisions of the bill which the conferees hae agreed upon and re ported and which will come up for de bate ir the House on Saturday, while not meeting unanimous approal uat urall . were accepted as probablj the best that could be expected if legisla tion was to be emeted in time to pro vide for the return of the lines on March 1. The larger roads were said to be pre paring to test the bill in the courts as soon an it should bccome law on the score of confiscation, while the labor element was credited with the intention of opposing the measure's passage be cause of the clause entailing a six months' status quo with respect (o wages Thus opposing to the bill iNelf and satisfaction that some sort of legisla tion would go thiotigh in time apparent h conflicted in some degree, although price motcments favored the construct ed s,de. Two to three points were added to the clo-.ing levels of Wednexdaj , the lower priced issues displawng the most pronounced strength, such as Rock Island, New Haven, 'Missouri Pacific. St. Paul nnd so on Heading nlso did well, while Union Pacific moved for ward some ". points from the low price of the forenoon. Evidence of d further hitch in the progress of tho peace treaU matter was in general rather dampen. ng. Call loans again renewed and ruled at 0 per cent for the third con-ecutive dav, but it was not npparent that the circumstance was a positive factor in sustaining the list. As the session drew to u close the industrials continued to improve grad uall, while the rails gathered new strength, some of the latter, like Itock Island, gaining as nun h ns 4 points Short covering became very active in the last half hour Bonds were stead, some of the railroad issues showing fractional advances Bosch Magneto Increases Dividend Boston. I"eb 10 The American Roch Magneto Corporation increased its dividend rate from 'JS to $10 per nnusum b declaration of tiunrteih div idend of $2 ."0 per share, pin-able April 1 to stock of record March 15 High J.ow Close Xet chpe 70 Allia Ins war ... OH II (j 1G00 Am Sirs. 11 40 toy. iy, :il2Am Gas. f)vH .TJ i" 3 " 10 Am It pf 55 fili "3 . . CO tA T &T 97 07 !17 4,'!U, 44 112 114 K! K 1 1 -MVL HO Brill J G 44 3!S El Stor..ll4 10 II & B T pref .. 13 2871 C X A war ... 10 r.00 Lk S Cor 17 13." Leh Xn. G2V- 100 Leh A'nI. 4S-yt 10 tMidale. 40', 1017 I'a It H. 42$ 21 Pa Salt. 7uf. 340Phila Co cum pf. 32,i 375 Phil El 24 140 P R T.. 23 V4 145 tKcading 70 100 Ton Bel. 2 100 Ton Min. 2 12ST G I... 54 2 tWesthse 51 3 W J 5. S 37 51 West C. 73 T.i dividend Phlla Elec A tet change made bv comparison with last salo on New York Stork Exchange Sales in IlOMlSJ Net J10O0 HlBh Iiw Close chxe 1-3 Am Gas &. Elec 5s... SO SO SO . 2 Leh VaUSs.100 100 100-r o Lib Bonds 2d 4148.. flO.54 00.54 00.54 .00 7 3-10 4th 44s 00.02 00.72 00.72.02 1 I'a gen fis. MJ"j siil'j 2 Phila Co cons 5s... 77 77 31-10Ph Elec 1st 5s ... 031 4 2 Read gen 4s 70 Va C l"n Ity Inv 5s . 70 10 10 171" 17 01 (U 1 I314 43 14 40 40 41 42 -f 73 75 . . 32 32 "4 14 24 VW 23 23 72 70 3 2 2-f 2'j 2 531! 54 51 51 30 37 73 73 4-1 " 001'. 79! 70 S0. 031.4 ,nu, 70"Vj 70 FOREIGN EXCHANGE New York. Feb. 10 The strength which marked the close of jesterda in the foreign exchange dealings was re flected in the nominal list at the open ing today, in which Swiss francs were the sole exception to continued strength. Quotations were: Demand sterling 3.40'i. checks 3.41. franc cables 14. checks 14.02. lire cables 18.10, checks 18 12, Belgian cables 13.4". checks 13 47, marks 1.04, Austrian 37, guilder cables 37?8, checks 37'v, pesetas cables 17.45, checks 17.35, Stockholm cables 18 75. checks IS 05. Christiania cables 17.30, checks 17.35, Copenhagen cables 15 05, checks 14.00, Swiss cables C.12, checks 0.15. Sterling held firm through the morn ing, being quoted around noon at 3.40"54. The market continued nar row, as in yesterday's trading, with the advance in sterling reflecting a slight demand here Franc cables were strong, touching 13.80, nn advance of 20c, and checks were 13,82. Vienna kronnen were stronger ut .42, and Polish marks de clined to .00 fESTCRDAT t TIN b QUOTATIONS Strllnjc i ranca Lire Guilders Demand s 3rt 14 24 IS 27 S7 Cables 3 374 14 HJ 18 ' 37'i TODAY S OPENING QUOTATIONS Lire Qulld-rs 1H 10 374 IS 12 37", NOOV QUOTATIONS' Franos l.lre Guilders 13 81 IK 01 17A 13 Hi 18 0.' .I7,', (.LOSING QUOTATIONS Sterling Francs , Lire Guild'rs 1 4 I1 IS 7 18 04 37, 3 41 IS 05 18 0J 37'i Demand Cables Demand Cables Sterling Francs 3 41 14 02 1 40'1 14 OO NEW YORK STOCK EXCHANGE TRANSACTIONS Dlv. In Sale? $00 800 100 3S0 300 100 700 o 300 400 400 3600 400 HOO 600 1200 00 300 4700 .100 30 too 3300 1.100 800 100 7J0 200 300 53400 moo 100 700 100 100 1000 300 1300 100 1000 3200 300 400 300 600 31590 3.(0 9000 1100 30) 3100 7000 J00 700 600 3800 3400 7i)0 300 410 400 430 0.100 3300 100 400 700 100 300 100 600 1700 2000 7000 100 3300 2Z500 1700 1230 3000 300 100 3100 100 1700 100 2000 300 300 600 9)0 490 101 3100 100 19000 3070 100 800 600 1S00 5700 500 00 1(100 3000 4510 700 6)0 4 10 300 100 100 35)0 3419 400 690 500 19G10 100 500 100 2010 1500 COO 4800 100 700 100 400 100 800 200 700 SltO 2300 100 100 5300 2!90 9)0 1400 100 200 100 3400 600 300 1700 8)0 1 Adams uxpress , .. Advance Itumely .... 40 J$ Advance numely pf.. ei AJax Rubber 73 .. Alaska-Juneau O M . . IK . Alaska Gold Mines .. 1J4 .. Allts-Chalmcrs 41 8 Am Arrla Chem 89JJ 3 Am Bank Noto 40J$ 8 Am Beet Sugar 83& 8 Am Bosch Magneto ..113 .. Am Can 44J4 13 Am Car & Fdy 1 80 Am Druggist Syn ... 12J4 0 Am Express tl .. Am Hide & Leather.. 32& 7 Am Hide & Leath pf . . loo 6 Am Ico pf 68 Am Internat Corp ... 88$ 1 Am-U France Engine.' 13 3 Am Linseed 80 J4 7 Am Linseed pf . . . . . 9S V Am Locomotive 91 H . . Am Ship & Commerce. 2VA 4 Am Smelt & Rof .... 63 J4 Am Smelt Seo pf .,.. tSVn Am Steel Foundries . . 43ft Am Sugar Ref 138 Am Sumatra Tob ... 84 H Am Tel & Tel 7H Am Tob Sea temp otfs 60 Am Tobacco pf new. . 04J4 Am Woolen 1J7 Am Woolen pf 103H .. Am Writing Paper pf. 4S& Am Zlno Lead & Sm.. 17 6 Am Zlno L & S pf . . , . 4 .. Ann Arbor 10 Ann Arbor pf 20 4 Anaconda Copper .... 57 !4 6 Atch Top & S F 84 5 Atch Top & S F pf... 7755 Atlanta Blrm & Alt . . 8- 7 Atlantic Coast Line . . 88 10 AU Gulf & W 1 S S. .140?; Baldwin Locomotive .11214 . Baltimore & Ohio .... 34 'J 4 Baltimore & Ohio pf . . 40 8 Barrett 110 Bethlehem Motors ... 23?i 5 Bethlehem Steel B... 88 8 Bethlehem Stl 8 pf . .110 . Booth Fisheries 10J, Batopllas Mining ... V Bltlyn Rapid Transit. 1414 Bklyn R T ctfs of dep. 10 Butte & Superior Cop. 25JiJ . Bulterlck 33 . . Caddo central O & R 30 J4 6 California Packing . . 78; .. Calif jrnla Petroleum . 33 10 Canadian Pacific ....134 5 Central Leather 78 4 Certain-teed Prod ... 0 4 Cerro de Pasco Cop.. 0 8 Chandler Motors ....138 4 Chesapeako & Ohio . . S8J4 ChlcMtro & Alton .... 10 Chicago S. Alton pf . . lfi . Chi & E I pf E T ctfs 7 . Chicago Gt Western . . 914 3 Chi Gt Western pf . . . 25S .. Chi Mil & St Paul ... 39 . Chi Mil & St Paul pf . . 50H 7 Chi & Northwestern . . K7 Chi Rock Isl & Pac .. 33 6 Chi R I & Pao 6 pf. WA 7 Chi R I & Pao 7 pf. 7GVS . Chile Copper 17V4 3 Chlno Copper 36 Clov Cln Chi & St L. . 43 . Coca-Cola 3li 3 Colorado Fuel & Iron. 38 . . Colo & Southern 27 4 Colo & South 1st pf.. 0 1 Col Graphophone .... 42,5 5 Columb Gas & Elec. . . 0 J 7 Consolidated Cigar ... 50 7 Consolidated Gas ... 7 . Con Interstate Cal M . 18 3 Consolidated Textile . 2634 7 Continental Can 80 Vi 4 Corn Products Ref ..8134 7 Corn Products Ref pt.105 i Crucible Steel 20S . Cuba Cane Sugar .... 44 7 Cuba Cane.SugaT pf.. S0!j 9 Delaware &. Hudson .. I3?i 10 Del Lack & Western.. 172 Denver &. Rio Grande. 8!? .. Denver & Rio G pf .. 15 1 Poma Mines U Duluth So S & At pf . 10 Ji 5 Endlcott-Johnson .. .113 Erie 14H . . Erie 1st pf 34 i Erie 2d pf 15U 8 Famous Players-L ... 73 Famous Players rts . VIM Federal Min & Smelt J 1 Vi 1 Federal Min & Sm pf 30 7 Fisher Body pf 09 1'isk Rubber 3Ji . Freeport Texas 37 Yi 3 Gaston Wms & Wig . . 14 llltli Low 3l? 3194 1 General Cigar l6? 8 General Electric ... .158J,2 1J General Motors . .. .339',$ 6 General Motors pf ... "4 t General Motors deb . . 74 H 7 general Motors deb 7 S73-4 0 Goodrich B F 69, 7 Goodrich B F pf .... 09i 4 Gt Northern Ore ctfs. 3734 T Great Northern pf . . . 784 Gulf Mob . North pf SO'-i Gulf States Steel .... 4'i Greene-Cananea Cop. 31 4 Haskell & Barker Car. 6 Hendeo MfK Co ctfs. 38 Hupp Motor Car .... 14 Illinois Central Sn Inspiration Con Cop . . 4 Interboro Con Com . . 4 1's Inter Con Corp pf ... 1314 Int Harvester 115 Int Harv pf new . . 112 U Int Mer Marine Si's Int Mer Marine pf ... ttv International Nickel . 31 U International Paper . 77 b Internat Paper pf . . 13 'a Iron Products Corp .. 3H Jewel Tea pf . . ffl?s Kansas City Southern. 1814 Kansas City So pf... 46 Kelly-Spg Tire "D Kennecott Copper ... 3914 Keystone Tire & Rub . 14 40 61 73 Hi 1 40H 8914 40J4 81 113H 4314 129H 1214 734 31 Ka IDS 8 00 Ti 12J4 8 14 05 90 3034 62 85 14 41H 127 8414 07H 58 H 9474 124 102)4 4614 10J5 3 1414 30 634 81J4 7734 8 88 145 noii 32 45 116 20 J4 864 110 1034 1'4 13!4 fl 24 3i 10)j 7714 33 120 7714 0 1915 136 34 Vt 15 6 814 3Js .-.01 4 5314 8414 38 3 63 70 17 3014 41 3014 38 34 50 41 56 50 77' 1814 36 14 8014 80 34 105 20i 4314 80 Vi 93H 170 7'. 1314 1034 9 112 1314 21 1434 7014 87 11 30 99 3434 35J4 14 66 157 f3VS 74 v8 87 34 S 2 I334 36 9a 75b .1014 1 2 '4 31 6514 38 13',. 1j7 C.l'2 34 II 115 mi4 29,, b.-' 31 ;t.4 71 i 4,1 40Ja IO14 1514 110'i 2014 Today' Not Close Chit. 3134 54 4014 H 09 1 73 1H Vi 134 - 4014- & 89?4- 1V4 401,4- 14 81 - 114 11314 44 12934 1354 98 3214 105 81 9334 13fi - 8014- H 95 8114 30T4- H 33 -- 14 9514 1 42H- !i 138 8414- 14 734 6oh m 94J4 Itt 125 1 10214- 14 4614- Vz 16K- H 54 4 16 114 36 4- 14 5714 14 8414 1 7734- 14 8 14 89 145 214 1103- 114 Ells: '7M 00 100 109 500 Dlv. Jn High trfiw Lackawanna steel ... 514 73J4 . . Lake Erie A West. ... 1 1 ,. Lake Erlo & W pf. ... 1.1 J4 xe iiuDDer a lire ,. 31 1J4 114 V 31 4fi 4 116 - 2334 H 88 14 110 1034 114 '4 1414 114 4 XA 34 - 114 23 1 1H4- 1 784 '4 33 - 14 124 314 7814- 14 50 4014- 14 128 - t f8!i 314 !4 314 0634 10 79 634 1 7 1 ' 9H 3. , 3514 3 3814 3 6 314 I 873 3314 3Tei t14 314 76'4 514 1 17 30'4- lil 43 14 38 - 34 38 - 14 3034 314 50 - 2 , , 4214 -r ?4 I 56 - 1J4 1 56 1 7714 '4 1815- 14 1 3634 - 1 8014-r 14, 8114 1C5 30 14- 4334 - '4 8014 1 93i - lli I 173 2 I 8J4-r 1 I ,.13 2 1034- 34 l'i H 1 112J4- 1!2 14(4 114 I 24 b 314 I 7015- 3 15 87 It 301 09 - 3', , 35', - 14 10 V it - yA CO 34 15815- 114 33714 714 A'. 34 S74- 14 C9 -, H C4 - 3s C6S, -7814 3014 II 31 5514 38 14 - .4 881 "34 - 14 4 14 13 -I 1 115 - 274 113U 1 11 14 ' 8414 34, 31 14 14 7814 114 7314 3(4 I 41 4 I loj. V,i 18 f 114 ' 46 1J4 110 sa 14 3914- I2 1310 3.5 Lehigh Valley 44(4 69 ,. Llg & Myers rts moh. 1614 200 2 Loewe Co 2714 1809 .. Loft Corp 20M 100 .. Loose-Wiles Biscuit .. 4014 300 7 Loulsvltlo A Nash.... 101 14 1000 13 Lorlllard Tobacco ...152 100 2 Martin Parry 2614 10 . . Maxwell Mot 1st pf . . 50 31300 10 Mexican Petroleum ..17834 130 2 Miami Copper 32 14 1110 1.30 Middle States Corp .. 3S4 3300 4 Mldvale Steel & Ord.. 4014 380 .. Minn & St L new.... 13 30 7 Minn St P A S St M. 7134 .. Missouri Kan A Tex.. 10 14 3400 . . Mo Kan A Tex pf ... 18 14300 .. Missouri Paolflo 2914 230 . . Missouri Paclflo pf . . . 46 10 .. Nat Aniline A Chem.. 514 230 7 Nat Aniline A Ch pf . . 86 10 7 National Biscuit 1U 16 National Cloak A 3.. 14 20 7 National Cloak pf ... 9414 00 .. Nat Conduit A Cable. 60 0 Nat Enam & Stamp.. 75 1800 5 National Lead 83 10 7 National Lea.l nt . ..10634 300 1.S0 Nevada Con Copper .. 1514 . iat it Jtt of Mox 2a pr . . New Or Tex & Mex . . 45 10 Now York Air Brake .10014 New York Central ... 73 14 ..NY Chlo A St Louts. 2914 . . New York N H A H. . 3134 1 New York Ont AW... 30 . Norfolk A Southern.. 13 7 Norfolk & Western. 4 Norfolk A Western pf 7 Northern Paolflo . . . , 5 Nova Scotia SAC... 4 Ohio Cltlea Gas 43 . . Otis Steel 31 14 Okla Prod &. net 514 3 Owens Bottling Mach. 651-4 6 Pan-Amer Petrol .... 81 J4 8 Pan-Amer (B) 79J4 3 Pennsylvania R R ... 4234 .. Ppun Renhnnrri .! . . 23 14 v . ...-. . . .-. . . Ifcoplcs Gas Chicago . Pere Marquette . . . Pero Marquette pf . 5 Pero Mara prior of. 3 Philadelphia Co 3714 .. Plerce-Arrow Motor .. 54H .. Pierce Oil 18 8 Pierce Oil pf 0.'34 5 Pittsburgh Coal of Pa. 5614 4 Pitt CC A St L l's . .. Pittsburgh SWVa 1 Pond Creek Coal . . 8 Pressed Steel Car . . 7 Pressed Steel Cur pf 8 Pullman Punta Aleirro Sugar. . 8-! 8 Railway Steel Spring. 93 2 Ray Consolidated Cop. 20 14 4 Reading 763a 3 Reading Ut pf . K 3 Reading 2d pf . . 34 14 6 Republic Iron & Steel 10034 7 Republic Iron & S pf 101 Repub Motor Truck . 45 . Royal Duch NY.. 10114 1 St Joseph Lead . 10 . St L San Francisco.. 34 Ji .. St L San Fran pf .. 32 . . St I, Southwestern . . la4 . St L Southwest pf . . . 38J4 8 Saage Arms . . 7034 . . fcaxun Motor 15 14 . . Seaboard Air Line . . . 9 .. Seaboard Air Line pf. 17J4 .74 Shell Trans Trading.. 8334 ii I 200 1100 100 800 ,200 1460 2500 500 1200 100 6700 100 1100 100 3000 700 10690 1000 4900 200 500 167 00 300 100 700 50 00 400 100 600 100 5000 .390 700 100 500 600 100 400 30200 .100 400 13000 100 3700 6100 900 25 7 00 1700 300 800 100 1000 5100 4500 900 100 13S0O 300 37700 100 10000 1200 200 172 U 1100 200 200 2600 13200 600 ft 100 2700 200 5200 100 1400 0800 100 100 loo 400 309 2 JO OiaO 100 3500 500 oono too 400 38 3J 50 6'. . 2934 19 9314 10114 .lit 1 Shattuck Ariz Cop . 1034 .. Sinclair Consol Oil ... 4014 6 blots Sheff S & I... . 71(4 C Southern Pacific in'4 20 South P R Sugar . 305 Southern Railway ... ' I'A S Southern Railway pf.. JO'l 4 Stewart Warner Sp.. 41 12 7 studebaker " 4 stromberg Carb 60J 5 Stutz Motor 120 Tcnn Cop A Chem ... 1014 10 Texas Co It314 Texas . Paclflo 3SU Third Aenuo 11 3.50Tln City R T 3114 Tobacco Products .... 6') Tol St L West ctfs .1114 Transcontinental Oil . 2334 5 Transue & Wms Steel. 5614 Union Oil 33 10 Union Pacific 131 4 Union Paclflo pf .... 6614 4 United Alloy Steel .. 4434 7 United Drug .. . 130 '-4 10 United Fruit 133 .. United Ry Incst .... 10 United Ry Imcst pf . . 2314 1 United Retail Stores . 704 3 II S Food Products . 0?4 8 U S Ind Alcohol ... .84 8 U S Realty & Imp . . 46 8 U S Rubber 100 8 U S Rubber Ibt pT 110 6 U S Smelt & Ref... 04 34 100 i. JO US Smelt A Ref pf . 46 5 U S Steel 8834 7 U 8 Steel pf 1104 6 Utah Copper 73 Utah Seo .'. . ... 9'4 4 Va Carolina Chem ... f514 Vanadium Corp 49 Wabash I) 'a Wabash pf IB Wabash pf B 30J4 37390 9)0 21)0 100 500 1300 4970 12600 200 500 12700 1200 4500 000 100 1030 12900 WOO 500 400 95110 600 800 100 Wells Fargo Exp . . 60 Western Marylana . . 12 West Maryland 2d pf 2014 Western Paclflo 2715 4 Western Pacific pf 62 7 Western Union Tel .. SS 4 Westlnghouse 1J A M. 50 14 Wheeling A L Erie . . 14 Wheel A L Erie pf V2 i White Motor 5 Wilson A Co . C9 1 Willys-Overland ... '5 Wisconsin Central . 30 !2 Worthlngton Pump 70 'i 6 Worth Pump pf B 7 J Ex dividend. 10 1334 2934 42J4 114 2714 2014 414 104 14914 28 J4 0 17J14, 21 Ji' 3414 4534 13 70 8(4 13 2534 4114 6434 85 11314 0514 84J4 9 7414 8115 10634 1514 4 m 1014 7114 39 Yi 38 1714 1114 03J4 70 5634 43 3114 34 55 8334 78J4 42 23 37 3814 4934 05 37 3 1734 0334 5li 914 3714 18J4 9214 10114 H3Ji 8014 13 30K 7134 31 3414 1814 101 45 131 1514 1934 29 15 26H 7034 1534 8)4 144 82 34 10 34 3914 05 205 f5 41 "1 19 10 181 31 13 J Hi 814 10J4 3iJ4 64 3114 11614 60 44 i 130' 5 11:1 Oh 23 I 3 Jo 60S 8114 10 8S'8 110 6i2 46 8715 11034 71's 9'4 ri'c 8'4 31 'i 1 78 40 10'5 19 34 II ' 7 50 ' 8 IPa 303, 5114 CS V4', 2H '4 70 7.' Today's Net Close Chg. 74 - M 1UJ4 1 1334- 334 31 114 4414 ' 1614- V 2714 3034 J4 4914 H 1414 194 14034 8J4 2614- Yi 0 17014 "1M 22-14 34 J4- 34 4014- Va 134 2H 7134 H 10 l' 18 4W 2894 3 40 414 414 Vi 881 11314 y 0514- 14 014- 2! - 54 7194- 14 83 , 4 10034- 1H 1514- 94 4 14 47 14 1014 H4 72)4 '214 214 214 31Kf8?4 303 13 2 06H I'A 70 14 70 314 66J4 - 1 14 43 14 3114 494- 314 51 852 78J4 4394 1H 23 37 3 14 3114 334 50 653 3734 14 54-14 1734- 0134 14 614 334 914 V V!4 134 I8J4 36 94 9! 101 113J,- 114 8014- Kb 93 - 14 30 14- 14 7J4 334 351 34H- '4 034- 1 101 1 15 102J4 34 1514 14 3414 414 31J4 3H 1534 194 18 14 314 7034 4 15 34- 14 a 1 1714 '4 834 5o 1034 - '4 49 - 14 71 - 14 I8J-, 314 205 -4 -r 3 JC15 4 114 41'5 14 734- s 5914 13b 130 '. 104 11-1(4 1- 194 37J4 534 14 -r 114 3114 115 AMERICAN STORES OFF ON DIVIDEND DISAPPOINTMENT Trading in General List Continued Narrow and Without Feature of Interest Disappointment in the (allure of the directors to make some distribution of surplus enrrilngs to the junior share holders uab reflected in a decline of $2 m American Stoies common stoyk nt the opening local market to -10. Interests in close touch with the management went out of their woy'in the lastfew, dnjs to discourago reports circulated of the possibility of some ac tion being taken for tho inauguration of dividends on the common stock. It, was pointed out while the largely increased earnings last year undoubtedly warranted some distribution, it was be lieved to be the consensus 6f opinion of the board it would bo unwise just at this time to commence dividends on the junior stock. Inauguration of divi dends, houever, is not far distant, nnd unless there shall be some slipping of cogs, there is every probability of action being taken In the second quarter. The stock wan readily absorbed on the decline, especially at the lower to el, disclosing t fairly good.sired olumc of underlying buj ing orders, No effort - as made to Ioko a rally, but the quick ab sorption of the cnrlicr offerings later in fluenced a partial recovery to 40. Trading in the general list continued of the same limited proportions ns ob served 111 the preceding sessions. The extreme narrowness of the market wan indicated in rntlier wide price changes leeordcd if several Inactive issues. These neic made on a very limited amount of business. The more noticea ble included $4.ii0 advance in American Gas to rAWi, the fl.fiO decline in J. O. Brill to 4olt, nnd the SI advance in Westmoreland Coal to 7.1. In mw-t ol the moie prominent loin! tocks it was a repetition of the same niggling f fractions. Electric Storage Rotten was about tho onlv notewortln exception, with a $1 decline nt 112. There w is continued odd-lot bujing of Penns.vlvuuia Railroad nt 4'2V. Insur ance 0. of orth America" warrants seemed to have been successfully pegged at 10. Philadelphia Hlectrie recovered more than half of the quarterly dividend which whs taken off today. Philadel phia Rapid Transit wus VJ better at 2"4 I.uke Superior Cniporation de clinid to 173-i, while Lehigh Navigation receded SI to GUi. The narrowing down of the trading is neither unnatural nor illogical when the tight niotiev market is taken into ronsiiieiation. The inability of obtain ing neeesMiiv accommodations in time loans, and the continued high rales for call money leave little encouragement to eithei increase or extend market com mitments. In addition to the lestrnints of the nione) market the uncertainty concerning bnsic conditions tends to promote caution. These have chiefly to do with the foreign exchange situa tion, foreign trade, wages and the volume of business, credit nvailablc. The iuabilitv of forcing u quick liquidation of commeicial accounts is widely iccognl7cd uot bnlj In banking circles, but clscwhcie as well ffi must be done on much more conscrva tive principles than the drastic purgiL process which was applied to the de llation of stock exchange credits tL remedy in the lnttcr was drastic nml the correction prompt. Iu -bringing about the readjustment or deflation if commercial credits the procedure miict bo pursued on easier stages. Tho ad , jiwtmcnt is necessarily slow, but ne cording to the testimony of leadlnc banking officials satisfactory progress" has already been mode, and it is be lleved the more fccrious stages of the crisis is now behind us. MOfJEY-LENDING RATES NEW YORK Money on call opened todav at 0 per cent for lending and re newing. No change was npparent in the mar ket for time monc nnd rates continued nominal at 8 per cent, bid on in dustrlal loans for ninety dujs and S per cent on, mixed securities. Little or no money was avuilable. The supply of call money nt (1 per cent was leported In excess of demands Some increase in volume of dealings m prime nlcrcantllc pnper is noted, with the tendency of discount uitts upwurd Quotations are 0 per pent, with busi ness at 04 and 7 per cent. Prime bank acceptances shnuo,! . moderate movement nt unchanged Agnus of 5 to 5 per cent. PHILADELPHIA Call, (I per rent time, 0 per cent: commercial mm. three to six months, 0 per cent. ' LONDON Money is quoted at ,13. per cent. Discount rates, liort ami three-months bills, r9ijJ3 lH-lG per ce,nt. NEW YORK COFFEE MARKET New York, Feb. 10. The maiket for coffee futuies was irregular nt. thn start, with December 4 points highei while other positions were 3 to (! points lower. There seemed to be a little scat tered liquidation bj trade interests, al though business was not particularly active. , Offerings wcie rendily nbsorbed on the opening dccllue, owing to (he strength of the Ilio maiket as reflected in the earl.v cables, and iirin. lnt, advanced on icnewed covering. There was uiso some Dining oj houses with Rrn7ilian connections on the IihIti. which carried May epptracts up to 14.7", or f) points net higher and into new high ground for the movement. Other months sold about 0 to 10 points alnve last night's closing figures nnd a pmate cable was received here stating that the Ilio market was up 150 reis at 11 milreis for 7&. Yea close Open n m March 14 34 14 27 14 17 May 14 S8 14 02 14 71 Julv . . 14 110 14 S7 14 llll September .. 14.83 14.S0 "U so Uld . - 14 I'M - 14 114- 14 014 14 32 12014 -r IJ4 1.0 A -r 14 443b- 1301'. 215 l't -114 2J14- 14 7014- 14 C0H 14 SP4- 14 i, - 14 0914- 3b 110 1- H14- 34 46 V4 S15 14 111 il'4- 114 914- 14 ."14 J4 1734- 14 9H 1 8 .1 30 J4 414 50 114 1194 1 20 "14 3714 334 tUi 3 85 Zk 514 14 H14 134 4 34 3 1)4 C8 '5 -) 301 7614- 72 n sterling 1 Ul4 3 4.' Ph Deman i Cables Clovereeed Tolulo O., Feb 10 Clovsrseed Pi im rah 111 60 February. 131 M Mar b JJ Arrll 114 'i0 Ortober, J2B 71) tlmkr , Trlme cash J33 JI. March. 3V 2 Timothy Price rash. 1017 10 50, 1018 jn ',0 lOVJ, I IB 70 Match. JO 83. April 16 70 Mary, JO 05 RETIRE MILLIONS IN BONDS Liberty IsBiies of $14,881,950 Par Value Taken Over In January Washington, Feb. 10. Libertj bonds 1 of a par value of 514,881,l)oO were pur chased or retired in January, aside from , the operations of the bond sinking fund it was announced todav at the trcasurv This includes S4.172.2.")0 from the War Kisk Insurance reserve, which onlv recently was made available for invest ment in Liberty P.onds. nnd surplus 'urnings of the Tederal Ileserve bauks I to the amount of $2,022,450. The remainder is made up of S.lfli .000 worth of bonds delivered in payment of estate nnd inheritance tnxes nnd $7, 301,750 which was returned to the treasury by foreign governments out of unused credits established for them in the I'nitcd States by the treasury. BANK CLEARINGS elejrlnzs today compared with cor r'apcmlms day laat tuo jears 10J0 1019 IBIS F 1 U.i JR2 (197 O"0 103 1T1 W! Tl 7'7 14" 1 rk Til 1(11 071 .-74 BS". 4111 57l 340 TT'I i ll . ,uo 1IH .ITS 111 DJ 1IS3 111) 1 .Itlnore ll.Ojr. Ill 11 ,141. 34 ' Ilojtnn CD '115 074 47.4H1 70S V I ouis 32 704 71H 34. 477. 102 Prices Easier on Paris Bourse I'uris, Feb. 10. I'rues were easier on the Roursc todaj. Three per cent rentes weie quoted nt fi7f 00c; exchange on London, 47f; fi pci (ent loan, S7f 7.V 'I he dolloi was qtiotul at l."lf Stl .r GOVERNMENT BONDS National Baiak. "Where Arch Street Crosses Third" in Philadelphia A continued and pcisiitent growth in our businebb' has made necessaiy the purchase of the pioperty at 109 North Third Street This pioperty adjoins the two other piopcities recently purchased. We aie now engaged in lebuilding and extending our bank so that we may bettor, take care of the increasing growth in the volume of our daily business. The figuies below show why this expansion is necessary. DEPOSITS Dec. 31, 1915 $ 6,399,191.68 Dec. 31, 1916 $' 9,626,230.34 Dec. 31, 1917 $10,985,906.12 Dec. 31, 1918 $13,687,507.17 Dec. 31, 1919 $17,032,834.19 TIire llrfiires ,it Imlucle Government Deposit J. S. McCULLOCH, Preaident LOUIS N. SP1ELDERGER, O. STUART WHITE, oic.:Vf'- and clr Alttnt Caahier iSAMUEL CAMPBELL, FREDERICK FAIRLAMD, .siiani lasmer Aiiiatant Caahier HENRY B. REINHARDT, Assistant Cashier Panama cou 'Jh Panama rer J Panama cou Js Panama- refr Ja Panama cou Ji lull, IIHil IHSs inns mill I RAILROAD EARNINGS III FFALO n.OOHERTnn AND riTTSuunaH 1020 Increase Sr ci, 1 ntclc Teh 1140 I'll 1 rom Januarv 1 137 11 Cottonseed Products Report Washington, Feb. 10. The Census liureau in a report issued today on cot tonseed and cottonserd products pluccs the production cf llnters for the period 14d -S4 from August 1 to Junutuj 151 at 401,733 .o i u ouo-pounrt baler. Panama reff 8s 10G1 Philippine 4a 1IM4 Philippine 4 llH-i Phlllpnlne 41 10111 tJ S Oovt cou in 11)1(1 II S Oovt rep . mm V S Oovt cnu 4 11)25 U fe Govt rec 4 10J1 D of Colufnbla 3.01s lfiji Hid mo 100 10ft inn hM HH !)() on no ino'4 inn (J ion 101. 97 iked 101 I 101 'II I 5 i I HI 101 101 1011 1. 101'. WORLD'S FARMERS TO MEET European Governments' Internal Bonds Orders executed at current market prices Biddle & Henry 1 04 SOUTH FIFTH ST. DIVIDENDS DECLARED merlcan Storea nuarterly of 1 rr ren on 1st and 2d preferred pj.ibl Aprtt l to stock of record March 20 New lork Air Hrake Co quarterlv 2b per cent payable March 24 to stocl. of raenril t a fVi Wllmlneton Oas Co semiannual W on nn ferred payable Alurcn l a rcgioi ruar 21 Pooks close rebruary March 1 .... Cambria Steol Co nuarterly l'j P'r nt and an extra Vi per cent both pavabv March 1.1 to stock of record February SH American International Corporation quar terly of 11 SO on common and preferred pa able March 31 to stock of record March 10 Committee Will Arrange Conference With Foreign Agriculturist Washington. Teb 10 (llj ., !,) Gold Coin Withdrawn for Export New Vorlt, I'eb. 10. Nine million dollais in coin was u itluli aun toda. frritn tlin Kllhtrp-nHll! c fni hhlnmnnl- In South America The mttal is coiinr tol I'lans for an international conference on ered" Feb Argentina and is beiuc forwarded bv a apiculture were revied today ut the 21 open croup of New York banks in connection meeting of the National Hoard of Purni organization, nt. winch more than thlrt agricultural bodies weie repre sented. A committer was annolnterl n uiraugcan early conference with rcp j with exchange. TO DISCUSS PAY RISES BAR SILVER Commercial bar hilver was quoted in New York today at ,$1..'!0 an ounce, tin changed. The price in London wa i,d lower, at 83d. LONDON METAL MARKET Sew ork. Keb 10 Cabin advices received DISCUSS RUSSIA SECRETLY Allied Supreme Council Withholds News of Proceedings London. Feb. 10. (By A. P l The allied hupreme council spent most of its first tesslon today in what was characterized as a "preliminary discus- I sion" of the Russian situation. Many Accept Mayor's Invitation for Public Debate on Question Numerous acceptances were rercived by Slayor Moore todu for the public discussion on the need for higher pay for poliio and firemen The meetiug will be held nt 3 o'clock tomnrro aft ernoon in the Major's reception room. Among thoie who have accented are: Samuel P. Townof the Orand Army ot tne uepunuc; tiiorge wood, William . . :..! .!... n,l,).l .W !," "r m'l'iuia... ...... .. mill, 1. unum at the New York Metal Exchange this morn- "" ,," "i'u. W Z 1 ,ic UM T l.i "P" enl George J . Hrnden, . of ir- quoted prices in 1-ondon aj follows- Tin yu' -""" - :- ,';" , ' the Central tirancu, 1 ,11 (' oted prlcea In London a, follows- Tin council i-ouwurreu ii iuu,,awo ",,, Central Branch, T M P A.; l0i! an advance of IS 15s, futures the public know what feature of the Henrv E Tlernardinn. Charles II P.rnVe. Lo, 'To!5 to-nl iturVsVU. situation was (Willed. ";"; "Sl. nirHc'lt! Ira Wli dDOt and stra b.la. SI. Htandird copper -Spot inn in, futures Williams, Charlton Ynniall, Dr. James tons' fulure;.uV,no ton.uu''hlectrolytT0D'co'pp;;! CHICAGO BUTTUH AINU fcUUS M Anders, l.isl.op Kl.lnemn, le. Arell- Ppot 11.17. future 1.10 both unchanged ' riilrato, Teb 10 nUTTKP. lllth.r blfehop Dougherty. George Dallas Dixon, lAd Spot ISi 7s lid an upturn of I2a lid Creamery loesic .Herbert D. Allinan, .1 WaHhinzton futures. fM 7 lid a ealn of 17a 6d Spelter i EC1C1S Lower Receipts l-'.njil casea ,'' , ' nn.l Tlr Tnlm I nrk... .;.. fepot CHI up 10s futures f3 10s. an a. 1 Irsts H3c. erdlnarv firsts, 15fl50c at marV. J'US a? ' "r',Jol'n ' afber, iuper- ance of 12 ou. cases inciuuea gvg.c iimcoucin ui mruuuie.. lesentatives of farm oiganizations of ioreign countries a. Senator Aithnr Cappn addressed the conference, snjing the greatest sen ico the national organization inuld tender to aguculture would he "to speak pluinly to ptir repres,entatifs as to what jou believe jou are entitled to." Teachers Present Demands Ilarrisburs, Peb. 10 The Teachers' League has presented its demands for a new salary schedule to the tily school board. Tho league proposes that'salaries range from $000 to .'.'K00, and tliut the eealc he based upon the (iiafiiation and expirience of the teachers, rio did tinction being diawn bctwren the grade and the high schools, Board oflicials refuse to comment on the demand, Kay lug that the $1100 minimum alone would take $22,000 additional mcnUe n year. The Role of the United States In Relation to Hie Reconstruction of France France is in the process of reconstruction, and the same determination and resourcefulness which prosecuted the war may well be expected to be available for the pursuits of peace. But on account of her losses and devastation some of the sinews essential to rebuilding must come from the outside. In this the United States has a part to play, iintl one opportunity offers through the purchase of the French Government war loans. A' purchase of these bonds carries an attractive speculative feature, since, if exchange returns to par, the invested principal would more than double. Send for Circular No. ' E-02. 6HANDLER&gOMPANY HCORIOIIATS Franltlin Bank Bldg. M . Philadelphia New York Baltimore Nov Haven Bolton I ' I ' I i M m I 'I 1 I 41 '- ) i-- ,U1 .l
Significant historical Pennsylvania newspapers