teVENmG50B&O LEBEJPHlLADEtHlA, TUESDAY H3BBTJABY 26, 1920
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The Present
Market Price
of Securities
Many investors owning se
curities which show either a
substantial profit or a sub
stantial loss arc hesitating
as to the advisability of
selling and reinvesting.
The depreciated purchasing
value of the dollar makes it
possible to reinvest at high
interest rates. Owing to this
condition many of the best
bonds arc today selling at
exceeding low prices.
Ask for special list No. 7309
Bonbright & Company
Monntn wist .mi -irnotD Jr
Stnna.
437 Chestnut St.. Philadelphia
Nw Yorli Honi'Jii ih ii,ii Di-troit
'NEWS OF FINANCIAL WORLDNEW YORK AND PHILADELPHIA STOCK QUOTATIONS
MARKET REBOUNDED WHEN
I SHORTS RUSHED TO COVER
I Earlier Recovery Checked With Fixing of Renewal Rate on
Call Money at 10 Per Cent
.Vv York. Frb. L't.. Money market
conditions coutlnucU tl- predominating
factor in tods,' stock market. The
protcMionallsni of the dealinc possibly
hltnatinn i eenerall.v recosuimi fti be
Inc most dc'lcuto and If ill-advised in
torfTctic" can bo avoided, nn urIv -lt -uatiou
w ill be amootlirtl out which will
Ktond out morr prominently thttt) in the inn ke thines easier for everybody
precedlne r5ion. yet. on the other The eonncrs were unions the rofter
hand, it was apparently what little sup- ! spots of the openlne market, which was
EQUIPMENT
5 Year 7' r
BONDS
EQUITY 190fr
Annual Sinking Fund
20 rc plus
25 of net earnings
These bonds should all he re.
tired well before matur'ty.
Callable at 103
May ice send circular
fAacKisg Co.
Investment Banker
Ifcmbrra Pttlla Stock nchni
Real Eatato Trut Building
Philadelphia
nitORcthor logical in view of yester
dny's cut in dividends of Chino. No
nrla C'oiifo'idnted and Hay Consolidated
Copper Cos. This action, nccordine to
opinions expressed tolay, should have
Lcen taken some time uro. and tlie real
ropper situation be made known. It
is not rcsanlod a sane and safe policy
to continue pa.imenr of dividend." out of
surplus, especially when the concerns
s.re fnclns heavy tax assessments.
All along, however, the closer stu
dents of the situation hnve recoguized
the litter artificial surrouudlng of the
red metal situation. The rails and
iquipnipnts, however, also reacted, but
NEW YORK STOCK EXCHANGE TRANSACjfofllI
i ' i . . . -
i port the market enjoved came almost
exclusively from the short interest, the
' buying power otherwise beiuj exceed
insly limited.
The.e fact" were stronsly supported
In the irrepilar. if not erratic, course
of price movements ilurins the morning,
r'urthcr heaviness was shown at the
opening, but the market, taken as a
whole, perceptibly developed much bet
ter resisting powers, and later striking
recuperation. The latter applied to a
nulek rebound which followed the in
itial decline, but when the seriousness
of the credit situation was reflected
, in the opening or renewal rate of 10
per cut for .all money prices began wine of the steels, motors and shipping
to lip away rapidly in all directions. issues made early gains of 1 to !! poluts.
In the afternoon ihe linrt. for otne' Itefore the end of the first half hour
01 cult nuson. took fright again and , most of the iuitial losses were recovered,
tuere was an extensive covering itli!vtool and motor shares displaying esp"
through ihe Int. more particularly cial strength, with the exception of
among the lecognized closely held in- Lackawanna Steel, which repeated e
dustnal specialties. This brought the terday's performance in Republic iron
list back to and nbmc the higher levels and Steel by a violent decline of "
of the tit st hour. points,
There were no further devclonments On thr. rchnoiirl in .,!,,. I, tt, .t,,i.
in the credit itun!ion. but all Kigns were made innny iuvoluntary contributions,
(ouspicnous'y present of a prolonged pe- motors, oils, steels. equipments and I
liod of stringent money with nccoui- shippings were most conspicuous. I
laning higli loaning rates, l'reparu- (irneral Motors registered an extreme,
lions necessarily to be made to meet the1 advance of 7'i points, Crucible Steel
March 1 disbursements and settlements;."1,!, high grade petroleums J to I,
have alreadv token considerable sums i American Locomotive, Ilaldwln Loco- i
out of the market ordltianly available motive anil American Car i! to '''. and!
for loaning purposes. As this is to be Murine preferred. Atlantic ttulf and
closely followed by preparations to meet ' American International 1 to 2ai, Spe
the Income tax and otli-r ta payments olulties were featured by American
be'n-c Mnrrh !.". ii would apparently Woolen. International Paper and In
indicale a continuance of tight money dustrial Alcohol at gaius of .'I to ti i
tonditions until near the latter part of points nnd representative rails rose 1
eext month. V PJ. Mo.st of these gains were'
Many of the disquieting rumors put . shaded or u'tngetlier canceled, how-!
float yesterday concerning further nd- ever, when call money opened nt 10!
valines iu discounts by the Federal lie- per cent. i
serve Rank were exploded in the official I Secondary steels, especially Laek.v I
announcement of merely an advance in ''"una nnd Republic. uNo leathern and
discount rates on loans secured by shippings, were extremely reactionary!
trenury ccrtlticat -. of indebtedness to'nt nooa. hut a counter movement ret In'
i per cent. Ihe iliseouut rale on all other in tile motors, oils, equipment and rails.
Sal
200
too
900
33.0
Moo
too
SO?
Soo
:no
4100
ISOO
600
JS00
noo
J too
2800
'00
300
7J00
?00
0J0
0100
100
3700
1300
3(00
too
1100
1S00
700
njoo
19300
too
700
too
3CD0
too
700
1000
100
3SII0
:oo
3
88 H
Dlv.
in t
.. Advanco Itumcly .,
Advanco Ilumoly pf
6AJax Itubbor .,,...
.. Alaska Gold Mines.
7 Allls-Chalmers
Altlo-Chalmara nf .
Am Acrlo Chem unit
Am Beet Sugar 7H
8 Am Bosch Magneto... 10IM
.. Am Can 41
tl Am Car &Fdy UJJ
7 Am Car & Pdy pf.,... mft
Am Cotton Oil UJ4
SO Am Druj Syn cash... la
.. Am Hldo & leather.. 2014
7 Am Hide & Leather pflOlH
Am Jce 40
Am I co pf
6 Am Intemat Corp.... 10
t Am-La Prance Kngne. n
3 Ab Unseed 7S&
Am Locomotive 10
7 Am Locomotive pf, ..195
.. Am Ship & Com 20
7 Am Sihclt & tut 80i
3 Am Steel Foundries.. 40i
7 Am Steel Fdrleo pf... J9i
7 Am Sugar Rof I2i
10 Am Sumatra. Tob 13
8 Am Tot ts Tel 07'
8 Tm Tob So ctempctfs. St't
7 Am Woolen 138
7 Am Woolen pf 103
.. Am Writing Paper pf. 40
.. Am Xlno Lead & Sm.. 17
1 Anaconda Copper .... S3y
.. Assets Realization ... 3'j
. . Aso try Goods 48
6 Atcli Top i tsanta Fu. S3'S
Atlanta Blnn ft Alt... 8
10 Atl Ouf & W T S S. .147
3 Atl Lluf & W I 8 S Of 83
38 tf 38
, M'4
C8
m
36
61000 3.30 ilaldwln locomotive
European Internal
Loans
French Government
4s of 1917
Par value at normal rxcRt.$ID3
Market value Frb. 24, 54 ,
Belgian Government
Restoration 5a
Par value at normal cxcge.$193
Market value Feb. 24. 7S'
British Government War
Loan 5s, Due 1947
Par Value nt normal exct.$480
Market value Feb. 24, 321
Biddle & Henry
104 South Fifth Street
I
classes of loans being left unchanged.
It is apparent every effort is being
made by the l'odernl Reservr Hoard,
through Ihe regional reserve bank., to re
lieve the situation in the money market.
What the board is evidently 'try ing to
do is to avoid c'ainping the lid on and
forcing nt'iite deflation of credits. The
(icncrul Motor? unci American Woolen
Mended Vhcir earl gains and Cnited
Mates Steel strengthened ,t:bstnntially.
Resumption of the recent demand for
rails, especially lo-pri-cd issues at
gains of 1 t - points enlivened the
rinal hour, the general list aNo Improv
ing on further short covh iug.
SHORTS MADE
A'cto Yorli Curb
HASTY RETREAT m-
I.NUL'hTKIAI.x
11 L-ll
ls l.nst
Quick Turn in Keeping With
Mercurial Temper of
the Street
NEWS WAS DISCOURAGING
New Vorh, l'eb. '.
Uvrning Sun's cloing. financial review
touay says :
Tor some reaon bc.-t known to them
A-motjr-i.' j
1 ar Uelit ....
-ritral T.'rura
iii.umltla UmrruM . .
linoral Asplult ..
lir.iral Moid" .
firphcum ...
IiiOl.n Pckliu
X'l.itsomerr-Wjrd ...
rrrfcctlon Tlrr . .
liadlo Co
K-uuMli: Tire r.u'ubr
Submar.nc Uoat .
i: lll.'h Secj .
1 tnli.ij liui i u,i .
im-4 rroilt ShirlM
,, . .. , fnilrd Pieiure Prod
The eu orUiVjjnc Cul ...
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ai". -j'i', r.oi,
i:i'a i i.i's
3ih 3J'j 3-.-I,
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Vi I 1'.
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M ."J 32
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n1 i 11
2li -I- -'.
r.". 1- -:
i.NTr,ri:ni:.NT int.s
1 .1 led O - . .
A 001 1
' A fuMl Tlrt .lit.
sehes the bear traders took to covering Arkanrai Nat du
u: u. :. .. -j.. .u .. ui.wiru
mill siiuri coiui'iii 1111 uir i'u.t. . 1111 1 1-
Wc offer for sale:
P. C. C, & St. L 4s, 1953
Penna. Co. Coll. 4s. 1952
Penna. R. R. Cons. 4s. 1948
P. C. C. & St. L 4V2s, 1940
W N. Y. & P. R. R. 1st 5s, 1937
Pa. Water & Power 1st 5s, 1940
General Elec. 6s, 1940
Duquesne Light 6s. 1949
Hudson County Gas 5s, 1949
Particular! on Requett
Carstairs & Co.
Investment Securities
Mrintxri I'l'MadFltihlm nn
w Tork fctork ExehaatM
1419 Walnut Street
Philadelphia
71 Broadway, N. T.
IOllM till
T'o,ion W..mtns
i rf rtl Sv ndl ji .
Ciiid-n & i o .
f"mlMloii
LlUflUI.RI.0 . . . .
hrioi''s I'rirol
t:nl On . . ..
i.i.mT'inj.j on . ,
T-drral ijll
I'tliiro.-U Oil . .
llufffj (Jlllespip
rnl
Free of Penna. State Tax
Dayton P. & Lt. 5s
Duquesne Light 6s
Georgia Rwy. & P. 5s
Wet Penn P. 5s
Buffalo, Rochester & Pitts
burgh 6s
Price on pplirntitin
. H. Rollins & Sons
1431 Chetnut St.. Philndelphia
Milt twdng a sain of 1 to ' points, in
stock prices. It may hme been th"
1 large proportions to uhioli the fliort in
terest was growing or it tuny haelii'fii
merely that tboc on tliat side of tlie
, market bud no greater confidence ui
I their convictions tliau thov on the long
' uirlA Kti, tfliulriri flip ,.nni. tlin tuovo-
. i.. . .... .AfutAnf i k........ llomt. r t
i uii-ui wui iuiv' MiM'-"ivuai ii i..a.,.iti.i ifudson Oil
and curiouslj in kipping with the nn-r- int i'?irol
1 fiirial temper nt tlir street in displayed i j!jand .? '
from day to day recently. i.:inrr ieei' . '
.lust why the shorts should T'tI it I.MnitMon . . '. .
urgent! lni'iimbenr upon them t r. make MfJ1!,, m,--' '
:ood the;r borrowing, was not uliolli onwr '""tl .!!.'.
i lear unless oni' cr" 10 itreept the Pnnnk ni!
'lenry of -n m ersnld technical po-ition .',', j'" ile'n'n.'..
N'othing is., wnild holil water uiiir n i;....k . ."
f-ntlv. .ir,i M.ni" d'-veloomenl.s weie J: sn Oil
, -ianvlj of a i.iture to efface the -rat- -,'1Uova'ii Oil
inflicted In exaggerated iuduigoucr in Sk-iiv Oil
g'oomy foreboding. . Sn'Krru,,,
There ns nothing to east a brighter sp.nctr pi .
' hue ou the financial situation. Call Tn '.,'ielP.
loaus were renewofl nt 10 per cent, thcn'tH Texan
highest ieneual rate in several weeks, i virion on n
ihe foreign exchnuges were again turn- I w'n'ftaen on" . '
ed to lower levels and the advance b
, i lie local fisjurnl reserve bank of 'i of i
I per cent In the discount rate on ' AUka-Br Col
fifteen -day paper secured bv t reu ry - J1,"" ) Vn M.
certificates of indcbtedne.sH while not so Ilelehrr Hivld- Bxi..
. ' ver important in itself. u S,'H n'Mh''"14"
sympiomaiic nt wie general nioneiury null" of N" V
tate of affairs. I Moaion J Mn ...".
The statement whieli came over the I Vitndeirun!tAi n '.
I'anadian uire that ihe Itoinimoii gov- cons Vl' ..',
rrnment hud laced uu embargo ou deal- lji!rt 7t'iVa.p r
.uk' in foreign securities appeared to i n ncr ' . .
apply onl to dealings iih tlreat I rjvi.) i:
Hrilian ultliough the steps actually I v,Sih (rnm ".
taken ill bear lurther elucidalion. I furka T I !.!
The taking up of the peace treaty in J?T,,j1',,?,;i1,,k" '.
inr reuute iur iinai ueiiine na ail event i.c'd nns
of m ide interest, of eoir-e, but there '"!''" ' !;'""
'" f"iVer riU
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w ts ts
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MIMMi
nae his'ii o n.iiu
coutradicforv dei 1 1
iiiiiiioinimenis uuu
ipiin nts in that con-
1 In j A l-'iiiinJ
Iniuiictions nn uti thing so uncertain, .iiimt.- t".itnion
The punlic uecordlngi a conspicuous , ; '" t'lvWr
. i i,.. ; .1... ...... i. ...... I. ... ! '' . ""a r"
li ai.-.'-ij, ill iu'- nimi iiiiiiii.-i. .; Vaii'lra
which are supposed to have )'"'
Invest Your Funds
to yield from
6 to S'o
I cent turn t-it
ifjioti reqw '
Reed A. Morgan & Co.
n w
H'mI Fnd Tii
Mrmbr of th- I
I'hw
n h
I iom nue
the large-t -iiort interest made th
broadei irn i ti - n. for eumple. t'rueibl
Steel, most of the motors and oils.
I'aldiu 1 ociiinotnc the shippings au I
o on
I luled s;tnii. S'erl. after welling l.e
Inn '.U. retraced its ii'irsp to abote ;i.",
in the ear! afternoon. All the ei-pno
icen'; showeil considerable strengt'i
I.aekawanuu Steel was heavily sn'ri in
iiiii ii'ipuiinu of a poor annual rciHiii
The copper- made little response to I Tnnpih .ion Putlfr
Hi, reduction, in the porplur dlM ' T"n?pah Ml nnV .
drnds. that luiion seemingly hating b'u Tnop.ih Jtlieah
l.rettk well ijiscoonteil. The rails ere I Tonooaii It. II
lor t tie liost part Dill up 1 I.. . Miints, t ' S r,m
but tlici uere ratlier neg1oct.., , ,.,,,. '.''r. I""""1
I ni i on wi'h the utbiTs in fii li-l i vi i:-i.i reici
- uit,. i an
w lr I'kiih i:t
MONEY-LENDING RATES V'ii"
M'.N YOKK Money on call, both i T" """"'
clns.teH of collateral, opened today at
Min
trfiil. . . . .
v '' r liji? nv
' "-ti i r Kilver ....
v'rlil!or
v' xrin S'ev
" .r'h "Jfar
Ua'lil Mitm ...
ttx emu
I'nrv, ftroup
s lr K'lnir nt Arizen
iHr Klnr Divide
Milk-.. I,at
Tenrinab nlTioii .
Tnnnrs.H l ah Hov
Tenopah D 'M
'I'anopll i.ti
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;ouo
100
too
JOU
no
f:t.oo
:oo
too
ioo
too
.100
I1J0
:i9
110
too
too
.190
1 ton
tiOO
v:oo
HOO
too
nr.oo
-uoo
t. mo
f.'OO
.ViOII
:iuo
loo
100
;o;i
too
3M
li'10
otUO
60D
r.oo
tin
;iia
3100
i too
r,io
son
ion
nno
ion
101)
690
i : to
400
131)0
too
sow
too
tto
110
1110
.00
400
situ
tnio
1110
40J
6100
too
too
j '. 10
11)0
110
too
400
no too
too
910
SUM
401
tun
t; in
Uin
ion
r.oi
310
110
no
too
soo
1.100
aoo
noo
1000
jsoo
too
lino
r.oo
ntoo
noo
too
too
107 S
Baldwin Loco pf .... B0?j
llultlmurii & Ohio. ... 31
rtaltlrnoro & Ohio pf . . 47 Ii
tlarnet Leather to
Harrett itji,
Bethlehem Motora ... it
Hcthlehcm Steel t:.... ,J,
Bcthlcncin 3tl 8e pf.HOJi
Bklyn Hapld Transit . 1.1 ti
Bklyn T ctfs of dtp 'j
Hooth Klaliorle.i 10 Ji
Brooklyn Union Gas , SZ
Burn Bro.l 10.1
. Butte Coppor & Inc.. O'j
. Butt. & Superior Cop. 14
. Caddc Central O & It. tl
0 California- 1'ackltuf . . 7J
. California retrolcum . 31 VJ
,...!.. . . 1.1 urn..
i.iumci oi rtrisona... uo-j
i'anadian Paclflo . ...11i','
Caws J I Thrcoli M pf. 87
Central Lonther 70 !j
t'erro do Pasca Cop. . . 4G
Ccrtaln-teed Prod ... 48
Chandler Motors . . . .IT!
I'licbapeakij A Ohio... 117
Chicago lit Western.. 10
Chi C-t Western pf... 5b
rill Mil & St Paul 38'i
Chi Mil & St Paul pf.. 5714
Chi & Northwestern.. 84
Chi Pneumatic Tool.. Ho
Chi Bock Isl & Pac... Si
Chi U. I & Pac 6i pf. 13
Chi II I & Pac 7 pf. 14
Chllo Copper 10! j
I'hino Copper SSJj
Coca-Cola 58
Colorado Kuel Si Iron, 3i1i
. Colo Southern 14
.1 Columb Gaa & Ulco... 88 i
1 f'ol Graphophone .... 40'-4
4 t'omp-Tab Record ... 44
Con Interstate Ca! M. 18?
:t I'onsolldat'd TeMllcs . 10
7 Consolidated Cigar . . jr,',i
7 Con C gar pf 77
7 Conuolldutcd lias 77
Continental Can 7i
Continental CRndy ... Ill's
Corn Productn Bef... -(8!
10
3
Corn Product3 Bcf pfini
7
1
4
7
11 Cruciblo Sleel t;
7 Crtic.bln Sie pf...,. P.VJ,
10 CubA Cano f-'ugar ... 40(4
7 Tuha Cano SuKir pf . . 10V4
7 Deere i. Co pf 00
8 Dclawara & lludron.. 01
.. Domer & B'o G pf. . . 15
Duluth So S & At ... . .'
.1 Llk Horn Coal 11
4 Hndlcott-Johnson 108 ?e
.. Erie 1414
.. Erie 1st pf S2;
Krlo 2d p! ICli
8 Famous PUycrE-t. ... 71
Kamoua Players rts . . 88
3 Kodcral Mln & Sm pf. 29Vs
. . Klsk Rubber roH
1'recport TexaB ... 24 15
2 Gaston Wnu Wig.. . 131
A General Cigar C3
8 Genera.1 Kletric . ..158
12 General Motors 244
6 General Motors pf . . . 78'i
n General Motors deb . 1ll
8 Goodrich B F 7
7 Goodrich B F pf 63.,
Granby Con M S & P 30
7 liriMt Northern pr . . . 10
t Gt Northern Ore ctfs. 37
Greene Caiianea Cop.. 3l'j
.. Gulf States Steel 60S
0 Int Hancster 110'i
i lUrtman Corp . 80',
4 Haskell ft Barker Car. .14 ..
.. Henden Mfg 3
Hupp Motor Cr US
Inspiration Con Cop.. 61't
Int Agricul Corp .... IR'j
.1 Int Agricul Corp pf-. "8
.. International Nickel . 10'i
.. International Papr .. MS
Internat Paper pr. . . . 11
.. IntcrtKjrij Con Corp.. i
. . Inter foil Corp pf. . 13
Int Mrr Marine 30
Inir Mcr Marino pf... '.'S
. Iron Products Corp . .
. .It ucl Tea ,r
Philadelphia Stocks
,: ,.'i
n r.
in to
."us
is :'
iio.nds
1
1V1 Penn l s, I04H
Cidil rntral nil A Itf r. fls. KI30
Newark I'm Ki. .i I I'm
Amrriran Ire U 11. . 1011
Tub. tiaxr. t'orP. 1. I Bill
HENRY D. B0ENNING & CO.
HTOt'll EHIVMiK HtllDIMl
Olrrr I'rUala Teleiiliuna In Srw Vori
fiaoibrm rtilla. BIckU Kkrham.
I' . r 11.10 Trail
ttims'sn ftS a
yif'mh Oa
tt ,TAX RETURNS
Jf I. Frunklln Howard
Accountant
1 ji) per cent tor lending nnrj renewing, 'a' im r.vi. ,
I A few small trnn.netions re reported a t t h. "j'i
'for ninety diiyc on industrial seouritirs J118"" "M
nt O'j per cent and the quotation are
'llftlfl'.j per cent. No transactions were
reported in tniied loans
I In call money tlie increase to 10 per
I rent in the reneual rate today wnti at
I tributed to the influence of the New
, York Federal lleserve linnk policy.
I Prime mercantile paper is in very
i light inquiry except in the country
j tinns.
1 The tone of the market is quite linn.
Discount rates are ipiotecl, nominally,
at fHi(j7 per cent.
77
n.-,
mi
31
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11
7d
(10 S
MS
ni
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1'!
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P.L'OAm Sirs. IL"..
110 do pref ).'!
JO Am Mi!!. S'a
lliO il'.ulduin
I.oe pf. 1MU..
'27 Kl .Stor. .111
lot) I ien Aph 7S
IS I f V A UU'.;
HI I do war. s'i
.-.(l Kev Tel. lO'.j
m I.k S Cor 17
-".'7 I.eh al. -l.-.ii
11 CO Ton Min. '2
10 Tn Trnc. rtr.Wj
L".n f r: 1.. .vi v..
.-. !' S Sil Jtt'A
jr. fdo cash fit it
HOW I .1- S 8
"'5 York Itwy
pref ... Ill
lyev CI..-
J'JVi -12 1 i
02 .i 0:'.
SVj S'j
on 1 :. 00 '
107" in '
77 77
"01.. 'J!"
"S S '
101j 10'j
10(, 17
4.1 ir.'-.
0. 2
VJiVi Ho';
nn .":.
01'a OIL.
04'. 1 11",
8 S
U. 1
IS.
Today's Nt
Ulo Ch6.
38
CVA 3
081
3 16
ssA
83 - 14
88 i
77I4 !4
imh r
48V4 116
ii3Vi- r
4014- 174
1314- 16
20V5 ..
881,-114
40 114
.181
RSJti- Ui
n ...
? i
80 214 '
114 - 14 ,
1B?- HI
B'i 6094 - i j
83
84
77'S
18814
40
114
11214
ton
uu
1H
84
38
M
8714
12
77
87
104
11'
;b'j
38
83 ?4
14414
0 '4
J6'i
4'-4
llSvn
in
3SU
17
.11 34
J'i
461
M'i
s
137
113
lots
89 H
3-!4
714
1.1
114'
1 9 '4
1
1I0'
131,
8S
IM'j
7
103 "j
8S
LIS
IS';
3t'i
0?4
lt9?4
Ot
76 '4
4'
4S
II7IJ
44
OH
14 'i
304
41 '4
M4
71
32
.1
71
10
3 Hi
37,
31
13
S
39'4
44
S5
14 U
4.1 ' i
70
77
18-H
101
'4
183 V
181 Vt
88 !
. 3814
78 'i
93 ;
82
1314
A
loii
104
1.114
2l'4
1CU
-7(i
80
39U
31 4
214
Wli
C3
140'?
232 'rj
78 14
71
t4
33
30
74 1,
:i.S
3115
.18
I in
C0'4
4I2
3(
13 'i
814
ton
08
1014
70 ?
13
I
ll'i
'.'8
70-4
4 Hi
10
Illv.
In J
ftn 1a
1080 .. Kan City SOutherrt... 179i
3708 K Kelly-Sps Tiro 1H14
280 8 Kohneoott Copper . . . ; 37
898 1.20 Keystone Tiro & nub. ?"i
128)0 8Uickawanna Stool ... 'uJd
"" 100 . .""jlako liTlo & "West pf . 211
too ..?I,c Ttubbcr St Tire... 29
1100 3.40 t.ehlRh Vhltoy , 4H
210A ,. Iilgg & Myers rts inch 18!6
400 .. Ift Corp 181i
1400 2 I.rOwe CO '264
,400 13 Lorlllard Tobacco ... ..lt
200 .. Loore-Wllts Dlscult .. 49
10 1 .74 Manhattan Shirt . .
200 10 Munatl Sugar
14009 10 Mexican Petroleum
480 2 Miami Copper
8190 1.28 Mlddlo States Oil
ToWsMel
itmh -tyi-ir ?faChV
JllMtT
28
I la.
40J4
91?4 . .
12 la
1114 ?4
9814 . .
46H Wi
I18J4 X
13
1-4
94
103 -
40 -17
44?i ji
lt !'a
4H 4-
8816
S
141
M
107 H 4- Yt
M1
1
M4
88H
114
4'i I
14'
'A ,
16
36 (-
4714 I
04 - 4H j
II44- '4
20'4 -1- 1H I
H31S-J- V,
1 10 14 4 i
13 !4- !ii
. 9'.4- k I
ioi4-i
42 -
102!4
9 j
18'4 ..
74 -'- 14
32!4 1
C0J4 - 114
13114 J- 114
971
78!vi '4
40 - !4
48 - 1
12194 315
.17 3
10 - fi
20 r 94
38 M- 1
47H 2H
84 2
"Ji- !i
24H 2'4
C3
74 2'4
1814 14
t3J4 - '4
38 J- 't
37
24
4 4 - 1,
39 ?4
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40',- ',
77 - "4
77 34
M h 14
io; - 1
78 194
103 ?4 114
10814 -r 414
9S14- IM
4014 14
7014- 14
9194 .
33 2
14 - 1
4
21 -
10814 354
1414 I
2294
9498 1 Midvato Steel & Ord.
800 .. Minn & St h new.. ..
380 7 Minn St P & S Ft M
1490 .. Missouri Knn A Tex.
1810 .. Mo Knn & Tex pf...,
7990 .. Missouri Paclllo
1700 .. Missouri Paclfli) pf...
loo 3 Montana Power . .
200 7 Montana Power pf...
308 4 .Mulllns Body
298 3.40 National Acme
80 .. Nat Aniline & Chcm.
100 7 National Blucult ....
280 7 Xatlontll DltCUlt pf .
798 4 Nntlonal Cloak & S-.
290 .. Nat Conduit & Cable.
1.100 0 Nat Enam ft Stamp. .
1300 X National Ixad
800 1 .40 Nevoda Con Copper. . ,
1800 10 New York Air Hrake.
4 New York Central . . .
. New York C & St 1. .
.4 New York X tl & H.
1 New York Out & W.
Northern PaclflJ
Ohio Cities Oao
Olda Prod & Uf....
Ontario Silver Mln. .
Otis ytccl
Owens Bottling Mach
Pacific Oas & Eleo . ,
Pacific Mall
Pan-Ainer Pelro
Pn-Ainc. (tl)
3 Parish & Bingham. . .
3 Pennsylvania H It . . .
. Penn Seaboard Steel.
. Peoples Oas Chicago.
. Pere Marquette
Pero Marquetto pf . . .
4 Pcro Marq prior pf.
3 Philadelphia d ....
. Plerce-Arrow Motor
8 Plerco-Arrow Mot pf.
. Plerco Oil
Plerc Oil pf
Pitt C C & St I.
Pittsburgh C of P
Pittsburgh & IV Vn.
Pressed Stel Car 9114
Pullman 11316
Puntn Alegre Sugar.. 7714
Ttollwny Steel Spring. 00
Hay Consolidated Cop 19
Republic Iron S. ytcol. 7994
Republic Iron & S pf.100',4
I
I.
1014
71 2J4
riO
29J4
xH
1314
C3
114
194
14
14
1
4tio)
100
lOtflO
800
4090
3490
4300
too
(00
noo
400
100
19800
3400
too
2408
100
300
8090
200
100
40(1
11000
100
1300
303
400
.100
1100
000
100
2100
300
.ihoo
32 tOO
189
zoo
10000
100
200
1000
100
4000 4
700
300
ton
300
700
itooo
309
400
300
;.oo
nio
18708
300
16400
4910
310
23000
300
1.00
800
G100
100
400
0600
400
1000
6400
too
4010
100
1100
300
noo
7
4
.40
8
. 28
.110
.17214
. 22
. 2814
. 44(4
. 1414
7016
10 A
. 14?4
. 2014
. 47
04
. 93
. 4016
. 30
. 42
.110
.11216
. 04
916
70
14
00
7214
30 S
316
19H
7794
4114
416
7
294
44
49
31
. 81 '6
. 76
. 38
. 42
. 21
. 30 '4
. 3814
. 48
. 6414
. 3714
. 4314
.180
. 17 '4
. 93
. 63
. 44
17
llenub Motor Truck .. 43
4 Heading 7414
3 Reading let pf . fi. . 31
. . Reploglo Steel ... 3416
.. Remington Typewrit.. 70
7 Rem Typewrit 1st pf. . 08
.20 Royal Dutch N Y ... 89
.. Seaboard Air Line. . . 814
.. Seaboard Air Line pf. 1694
8 Sears-Roebuck 214
I St Joseph Lead . . . IS 14
,. Saxon Motor 1416
., St Ii San I'VancJuco. . . 2414
. . St U San Fran pf 23
St Ij Southwestern... 1614
. . St L Southwest pf.,.. 28
I Shattuck Ariz Cop. ... II
.71 Shell Trans Trading.. 78'4
.. Sinclair Consol Oil... 3814
C Slow) Shcff S & 1 64 li
6 Southern Paclflo 84J4
. Southern Railway ... 2314
Southern Rallwav pf.. 4714
7 Studehakcr '....83
4 Stewart Warner Sp... 39J6
4 Strombcrg Carb 49
4 Stutz Motor . 114
10 Texas Co 177
.. Tonos Co 30 Paid 110
Tcxua Co Pull Paid... 170
. . Toxas & Paclflo 361J
. . Third Avenue 13i
0 Tobacco Products .... C414
.. Transcontinental Oil.. 21?i
4 Transue & Wins Steel 461a
,. fnlon Oil 3014
8 Union Rag & Paper.. 881
10 Union Paclflo
4 Ulnon Paclflo pf . . .
United Alloy Steel. .
I4S -f 3
241 10
7814
JI94
67
83
38
70
.17 -3114
-39
J
116
f6 -
44 'j -
31 -13K
4194
1694
70 -
20 1A
94
1)4
1
14
1'4
700 2.40 United rnig lbt pf..
13 United Fruit
. . Un Ry Investment . . . ,
3 United Retoll Stores.
. . Un Ry Invcstm pf . . .
. . US Fix-press
2 V S Food Products. .
U a Ind Alcohol
8 U S Rubber.
8 U S Rubber I hi pf
.1 U H Steel. ..
7 V H Steel pf
6 Utah Copper
. . Utah Seo .
. . Vanadium Corp . . .
4 Va-Carollna Chi ui . .
. . Wabash
, . Wobasli pf . ...
. . Western Maryland , .
. . Western Pacific
Western Paclfln pf.
I!4
73
4
13 94
3014
83 'i 294
41 K 3 14 !
16 - !'4 i
.4
'-4
300
100
1181)0
100
10O
1100
OIOO
tCsOO
UI)
II1.100
4 CO
.11)0
100
4 00
700
2000
7100
800
300
100
300
17C0
2100
900
12.330
100
100
noo
1HJ0
11894
C8J4
43
40
130
894
C8J6
23
30'i
47
t0?4
0014
112
9494
U0V4
7! 5
9H
4.1
, 62
s
2814
1194
24
CO
Westlnghouse A Ur. .107
Weetlng-house K & M.
. Wheeling ft I. Krlc...
4 White Motor
1 Wlllys-Overtand
7 Willys-Overland pf . .
4 Wilson & Co
Wlnconrln Central . . .
. Worthlnzton Pump . ,
40
1 2 '4
fillj
21
86
16
30
71
188
28 '
27
tJ3
20
21)
4tf
1414
IS
20
14416
48
29
110
16716
2294
28
4294
1494
70
9)4
1414
27
44
64
98
30)4
38
48)6
110
112
63
8
6014
7294
1414
83 ft
7214
38)6
3316
18)4
7414
4814
5
7
28
44
4714
31
77
73
38
42
21
3616
2714
49
6414
3494
4014
100
17
92
63
4414
26&A
8814
11314
76
90
94"
80
10014
42
1216
33
3416
69
88
87
814
16
214
14 !4
1.1
22! 4
31
1614
27
II
77
37
64 '6
8214
2194
4694
80 94
39
.14
108
171
170
170
33
1394
(..T4
204
46 14
28 H
88 '-i
11614
CO
41 14
4916
ISO
9S
ci 5
23
3D
.11!
78
V;
11094
iclil
ItU'l
l9'a
OS
ii
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9
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it
1114
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107
1016
12
404
'"Hi
c
(f,
ro
3794 114
60 - 394
20 - 3
39 - Vi
49
14)4- 11
lr 14
'201,6. ...
141 3
48 1
29 - 1)6
IIP
17094 394
23 16
20 H
43)6- 96
1414 l
70)6 K,
10 14'
1494 1H
2914 1V6
4(1)6 1)4
84 - 1
98 - T6
39)6- 194
38-16
43 .V6
110 - 194
11314- 14
63 - 1)6
70 3H
103
1414 - fi
98 8
7216 '
3814- Vk
3116 394
IS
7794 196
4194
414 )6
7 - 1)4
2894 16
44-1
4714 - 19
31
80J4 316
76 2J4
3H
4214- 14
211
3816- 94
2894 194
48
64.14 t
37)4 l?
2 3 '
100 16
1794 94
92 194
03
4414
2S 114
9116 294
11316 .
7714 314
99
16
18 -
88)4
. 100 '4 1
43J4- 116
74)6 396
331
3414- '4
70
08 - Vt
98 94 316
814- 94
14 -I- 14
214 - 4
14)4" 94
1414 1
2394 '
33 3
16)4
28 - 'a
11 - 1
78(4 3
3814 116
64)4 14
9494 2 14
23 94
46 4 - 14
8214 19i
3814-2
48 294
1T4 4
116 44
170 - 2
170 - 3
36 39,
1394 94
C414 Vt
21J4 94
46)4 J- !4
3014 V
88 14 - !6
11816 2H
6014- 14
43 - 1
48)4 . .
180
li
MONEY PINCH RRmMc.rim "H
IN LOWER LOCAL MARKET
Another Sharp Drop in General Asphalt Fraction-ChinmnJ
k Along Whole Line '
llio money market pinch watt reflected
in a modest way nlao in the local market
"J n Kcncrnl lowering of prices o nibst
pr the more prominent stocks. In cer
tain parts, more noticeably among the
J'?Q cr-priced issues, the market wan
tnin, but in most cases it was gener
ally a case of fraction phipping.
LlttlA nrlrllftrtnnl Itirhf .n I.a M.tll
situation thnn the facts already known
" ooiainaoie in mo oanking district.
There was one commQn expression,
"Money is tight." Of course, the bor
rowers have long since known that fact.
In many cases, however, the question
of rates is positively 11 secondary con
sideration, the more important side is
the matter of accommodation and the
extent.
,It was. however, the testimony of
tlie officials of the majority of the insti
tutions of tberc hnving been already it
very material curtailment of credit on
nil lines. This has been accomplished
by systematic reduction of outstanding
credits upon the requests of renewals.
That is, say, nil maturing loans arc
subject to' severe analysis, und all re
newals ore curtailed as far as it is
reasonable.
A large number of sixty-day loans
ivill be maturing within the next few
weeks, nnd these will bo subjected to
the same drastic process, and similar
treatment will be applied to the ninety
day loans made in the latter part of
December.
In these maneuvers it is expected
loanable funds by the early part of
April will bo in a more liquid form than
has been the case since the outbreak of
the war. While not yet out of the
woods, and generally admitted, It is still
n cas.c of skating on thin ice, there is a
growing belief in banking circles the
worst of tho crisis litis passed. In all
events, the situation is much better in
linud. Everybody understands the real
state of affairs: everybody knows what
they must do. It muy be n dlsngrccublc
doe in some instances, but it is the
oulv way, of averting a bod smash-up.
Klertric Storage Battery wua con
spicuously weak nt the outset, sustain-
Service and Stability
Our Greatest
Asset
Is the confidence that our
depositors and clients re
pose in us.
When personal inquiry
convinces you that our
imputation for soundness,
both of nsscsls and of
banking principles, is
well deserved, wc usk the
opportunity of demon
strating to you tho bank
ing service that has given
us an. added name for fair
dealing and progressive
ncss. Integrity
Trust Company
Fourth and Green Streets
Ing a further decline of i i .
which was $8 under the tLatrl0r
made in last week's recovervTlfP
fcrlngs were relatively small, but ?l'
demand for n t me was eXmewVi8
ralWToTl'o? ,aUr Whcn tbc At",
,ypr?edow?1,;lVc.&
this year and representing a dMlJJ
r 11 snare irom tho 1 gb record n,t.
made on October III last vcar Wm"
price, ot course, was more fi, iL H1 "'
mo new Ynr
bad' been no
local market
?rhe,0s?ka1
since February 14. e j
rums nnpeareti in rnnut ii i
list. rLlladelphla Electrie A
l little more freeiS ..... i '
fcl to 24. Philadelphia RaniJ
It yielded to 'J3, while United tfi!
vement dipped to Kiy, . pVnnJti
Ra road and Leafon . Vll. "SJ I V
uioacrnto selling appeared in trm.i .n
parts of tho list. PL ladclpbin S '
was offered n little miV iii" Vtrl
result fell to 24V. . PMinriL.V'S.'M
transit ;
Improve;
visum itiiurnHM nnn ihinK ir... -
In moro liberal supply, receding (04..
S? 'It 4.5t "8p5?tlvcly' Tll market fi'r
Philadelphia Company cumulative :?.
ferrcd was likewise found limited
tho stock declined 75 cents to 32W
Liquidation of tho Insurance P.am
pany of North America warrants
parcntly 3 completed by those not X
position to take up the subscrlntW
rights, or not desiring to udd to ihl?
holdings. They sold at 8, t V&t
tho low-watcr mark, but did iy
niC20'"..Cain- T"C StCk WB ""'"liS
Capital .........
Surplus & Profit.
. $500,000
.$1,660,000
'i
8 -
CO -)-
Si
38 - 1
f7 -!- 1
?K 1
1314 4- -iVi
1 1 0 34 Vk
8.1 I- VA
110J4 14
78?4 I- 1?4
H - -)i
4 J 4- Jn
Cl' -I- 14
54 4-
38 4- 1
U? 4- ?4
'.'5 4- 1
60
107
i0
"74 4- ?4
8114- Vj
24 -:- v
H0 I
"6 - (j
.-.0 - 3
70JA4- 115
HIGH COTTON PRICES
ARE NOT MAINTAINED
From Earlier Levels on
Profit-Taking
.'!!
'.i
in
4
74',
!A
I'lV't
(l.'iU
ni
91 14
PIIILADKLIMIIA-Call. fl per rent ,
time, ti per cent ; roroincrclal paper,
ttoMt tit tl KJ LuniJ Title Ulds. ' tQ" to "x mouth. P ccut.
Today's Range In Liberty Bonds
1 1 -1.1
Itiflrh Low a m
I.ih Ilond :!'., . fl l.r.O m.Ofl 34. 'JO
Lib Ilond 1st N.. 110.10 00. '.'0 DO. 40
T.ib rtnnd i'n -.. 00.00 SO. 70 SO.0'
Lib Houd 1st 4'.4h fll.10 01.00 01
Lib llrmd I'd 4,h OO.at! 00.02 00.12
T.ib Ilond M VK 112.50 02..10 02.31
Lib Ilond Ith 1'iH 00..-0 00.20 00.32
Victory Note Wis OT.flO 07.51 07.(10
victory Note 'l?is Ui. 01 UT01 0T 01 Net crer Income
T, dividend today U H Hteel .!',.
N'rt rnre nMd bv come-irUon m.
.all- on Na- V'.rk bt.'k KichnnKr
,i Penn r'pn
I. pf... 421.4 42
lO.".-, Pa V. II. -I2V-5 12
10 Phil n'K..:io7 ao7
:tio I'hiia co
cum pf. :n 32
tOSO Phil F.lec. 2T. 249i
,100 P It T.. 2.1 2.1
II Phil Trac 01' 01 It-
Hilf-m liONTJS.
noon llluh Iw,
f'itv Is "iS OU" i 00 Vi
I 1-10 El & P
Tr 4s.... 0.T 01
23 Lib lionds
.tl
FOREIGN EXCHANGE
New Ynrlt, lib -il. - At the opening
of the foreicn rhansc market today
demand htcrlinc ruleil at .'!,37V, be-
1 coming mixed at the (.nd of the first hour
. 1 and being quoted from 3.37 to 3.37',i
1 und cables nt 3.37 1, to 3.3S.
Quotations Off 30 to 40 Points Other quotations were:
rranc rattles i.v;-j, checkH M.'-'4:
lire cublrs 1S.:;3, eliceks 18.35; Swis-
fables 0.15, rhei Um 0.17: Itelglo'u rubles
13.1)5. checks 13.07; guilder cables 37,
checks 'M7U ; pivetas cables 17. 15,
checks 17.35; Stuekhnim cables IS, 55,
checks 18.40: Clirlhtiiinin rubles 17.15,
checks 17; Ciiienha;eu rubles 11.85,
rhecks 14.70; 1'innisli murks 4f.
Around noon, demand sterling held
nt nil advance of I, rent, at 3.37!V,
the weuknct-H being oxportcd to develop
in pla if tlie 10 per rent money rate.
Sterling cables were 3,3S',0. Fa-niK
rabies, were quoted at 1 1.20 and franc
checks 14.22. nil I! centimes, and lire
fioru jenb'ex nt 18.10 nnd checks 18.42.
VESTEIIDAVN ri., QUOTATiONH
I'he curly lift-
MrAPITALSSOaOOOjOoA
f SURPLUS (EARNED)
II 2,000,6O0.00 JI
Vilxlh&SpgGarrJerAI 1
NsPHIlAPElPe
Do You Know
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 rocs 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
FRANCE
Before the World War
4
Before the World War one in every llucc inhabilanls
of France was a bank depositor. Al the same time one in
every ten of the population of the United Stales had a bank
account.
In 1913 France was a leading creditor nation, and
although the war has altered that position for the time being,
ihe frugal habits of its people will aid materially in approx
imating, if not entirely re-establishing, its former financial
status.
Exchange now is against France, so that its government
bonds can be purchased 'by American investors at a consider
able discount, the franc being quoted at less thun half its pre
war value. With the return of French Exchange to par an
attractive profit would result.
For particulars send for Circular No. E-63
Chandler &0Mr?Ajro
WCORPOIATI,
Franklin Bank Bldg.
Philadelphia
Daltimore Now Haven
New York
Boiton
cotton iiki.t wi:.Tiu:n c.omiitkjn.s
New York. Feb. IU. Th fallawlnr Hm-rr-rlurB
wit. rr-rordrd In th rnttnn b-ll
IhU m nine rhHtinnonrn and OHhIioihh
rily. 20: Krnmlltr, Nrnhvllle and Atlnu.
'.'1. Port Pmllh SH: Mar-on and Llttl
Hnr'k. as. M'tidIiIi MrMI-in ,ucui.i
nd Tlion"i, Hlr 110 Hnr-vr-noM. Monl-fnm-rv
rimrlpstnn Ss"in"i1i n"d IVI'
mlrtnli 12. VioWl'bUrfc. IVnmfnlfc and
.larkronvll'... ,"11. Han Aninnln. US. (!Iti-li-.fi
and Nw Orlar. 42. Corpus ChrUtl
and Tanpa. 40. Thrr w,ii 01 Inr-h nf
prclpllillnn at N'ftehvlllr Klllln
wr r'PTlfrt at Thoinasrtlle.
n '
r - i mmmm j
1812 1920
THE
New Yorli. Feh. 211.
ernonn cotton market, uhile steady hn ' Demand
to tone, wus off home 150 to -10 pnintf
from the earlier high level under profit -
taking, locnl eellinR for n reaction, Ne ( r)rnd
Orlenus nnd other toulliern solliiiK. .Cables ,
A watchful eye was kept on the Mnrrh
position, owlnc to rumors thnt ceverul
of the biggest firms were still heavily
long tliat month and were unprepared
W htr'i'o 'nl0 "P rottnn unless the premium '!l1bnn'
:ii7
".: -.1 ;
-'I'".-- W,
'X - V
l'i Vt
s.t
Demand
(.'ub'.cs .
Ill
-1
over .ilny mntcrlHllv increaMd
Manchester nnd Continental advices
were bullish ou teitile eoudltiniis,
A number of IWumn cotton mills
1th 4Us 0fl,32 f)0.20 W).20. .
1 2d -is ... 80.80 SO. 80 Bi..H)-r..10 were reported tn he workinc day and
niitnt in tncir enorts to supply tho de-maud.
I.ilft
i.fA!
11 Phlln Klee
lHt 0s.... 00'. 00 !()'.;..
n 17n Ity Inv
fis ...... (0i OO'-i (iff...- U
RAILROAD EARNINGS
DISI.AWA.rtn. LACKAWANNA .,D
WKSTlSHN
1020 ! ,, rrinf
January (roaa . S,RA2.fi8K 1103, RSS
Ilalanp afltr laxca. .12S.20H A.IS.tfl
33U. Ii) "ODT.Ollr
Vcat TocU'.t
i loae open'
March . . .17 87 37.rt.
May . . .11. tin 113.10
July . as. Ill .15 H.'i
October . . 30. B0 30 ,'15
1 1 00 1 .30 no
a ni. r m. p in
S7.S3 . .
as is nri.io ai.n
a: so as 711 aj a.i
30.6'.' ....
CHICAGO BUTTER AND EGGS
UUTTKn - Lower.
Unchanged,
ChlfJUO. Keh. SO,
Creamery. itOH'Ar
KIK1B neceipta, 0199 caiea
Gull-
M.-rlina rrnnea Lire derw
. . a 4ii. It 08 IH.IA .Kl't
L'ablra - II 11.04 18.1(1 37
TODAY'S OIMI.VlMl (JUOTATIONa
n.iit.
Kl'rllris rrancM Llrn dri.
.1371, II. 54 18.1.1 .'(!
JS ll'.'S 1b33 117
Noun Quotittlnua
SU-rlMrf Kranca Lire Oulldrra
3.37i 1(1 !: 18,.3 . ,
, a.as'n ii ; is. to . .
Clonlne l)uhition
atJr!,n,,'' '"" Lire Oulldera
. 3 31V, II .'Li is.4s !m
. 3.87'.'. II JS 18. IU sail
New York Metal Market
New York. Feb. 2d PorrperBpel. Tcb
ruary and March offered llifto; April oiTer
ed lD.r. May and June nfTre4 lOHc. Mar
ket 'tulet. LeudHpot. I'ebruary and JMrnli
nffore.t OHc. Market nun Bpelier. Ilul
Hi l.f.ui. all months. 8 SSCOjc. Mur.
lot taaler.
BANK CLEARING8
llank rlearlnea tod.iy compared with cor
rtapondlnz 1ay laat two vf.
in:o liuii mts
Thlla. ,.sn.(ll2,341 l.47,Mi 59 83 f,72
nalllmore lS,MS,7n 1H.85I.TSI.
Ilnnlon.. r.B.01111,107 ni. 1112.073
rl'.lraco .H2.t7.T42 128.288.4U . ...
Ht. Iiula. 27.0(2.88,1 2lt!2U.B0D
N. York. 8l3,0T.t08 SST,JJ,0U C33,075,01S
PENNSYLVANIA COMPANY
for Insurances on Lives and Granting Annuities
TRUST AND SAFE DEPOSIT COMPANY
Capital and Surplus - $7,000,000
Member Federal Reserve System
iinoAn street ornm 517 Chestnut Street
Cbtalnut unil Jiuilper Street! Philadelphia
UNITEDSTATESGOVERNMENT
LIBERTY LOAN SECURITIES
$50, $100, $600, $1000 Denominations
BOUGHT AND SOLD FOB CASH
FULL INFORMATION REOARDINO TAX -.
TUnat OF ALL LIBERTY LOAN SBOUR TIM
WILL BE FURNIOHHD UPON RBQUBftT.
CHIOAQO
MONTGOMERY & CO.
133 S. 4TH ST. WKW YOFtK
PHILADELPHIA
nRT.U LOMBARD 40 KKTSTONT. HAW
nrww wmiHt-w .
COVKKNMKNT bUCUUITIKM DKrAHTMINT
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