t l l- fi t' ; U a -W&-ii'r?htr.rtL'U & i 1- - . - ' VV- ."."i - "-r . fl " r1- -L- : ' - CORPORATION FINANCING AMERICAN & FOREIGN GOV'T & MUNICIPAL BONDS - BANKERS' AND TRADE ACCEPTANCES SpecinlUls in OHIO RUBBER & MOTOR STOCKS Member nil principal NloeU lltchnncr OTIS & CO. Investment Banker CLEVELAND Cincinnati. Cnlnnitni". Akron, itiiinis town. Denier. Cnolomdo Nprlnn kMmgl NEWS OF FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOQK QUOTAfldW CLOSING MARKET LISTLESS; PRICE MOVEMENT UNCERTAIN Increasing Seriousness of Strained Credit Situation Responsi ble for Week's Recurring Liquidation in All Securities MMMs.sJas.s.sssss 1 NEW YORK STOCK EXCHANGE TRANSACTIONS Dlv. In I New York. Feb. 12S. Tlio narrow j nnd irrcRiilnr price movement in to day's stock mnrlcct carried no slgnt flcnnre whatever, other than to empha size the ultra professional enliber of the current speculation. 1 Oains outnumbered losses at the opening, but the undertone indicated study of the reserve position of the federnl institutions over the double hol iday. The startllnc low, level of the reserve position of the New orK bank brotiRht everybody face to face to the seriousness of the world-wide credit stralu. At the same time re opened the flood gates of liquidation, as ft ..o nf nnra nhrlnun the stronEtncu- In of bank position could only be uc- t,l ipn i... ..,."! I- further diversions of speculative senti. , compllshod by n prompt " ' mont Tiiio ., , t. i. voitinip ot loans. AU1H wo ." "" ... .... .Li 'nn niltfttll u kill! 11I1FV, I . ruiuim- ui ... , -" r -,, r. ment of the railroad stocks, some of subsequently r-y aavancinK u , which supplemented recent ndvances while others were subjected to realiz' nlk'0, percent on advances secured by treas advances, J. V., .,, inri.MnilneMs. brine- tn rcnl z. I rj mm iiw ' " "-r-". :. ,, ,u in, sales of bear pressure. I " this e m ,01 paper -"" III.' more noticeable fentnre nftenil- l,'"cl ""-" XVc offer for sale: P. C. C. & St. L. 4s, 1953 Panna. Co. Coll. 4s. 1952 Penna. R. R, Cons. 4s. 1948 MT P. C C. & St. L. 4128. 1940 W N. Y. & P. R. R. 1st 5s, 1937 Pa. Water &Powor 1st 5s, 1940 United Gas Improv. 6s, 1921 4 Citizens' Light, Heat & Power, Johnstown, 5s. 1934 Portland Rwy., Light, Power 5s, 1942 , , Particular on Request Carstairs & Co. Investment Securities This event was not so particularly .. .u in i,nif. but it clearly re flected n period" of high nnd Jtht money ing the operations of the short session was the apparent switchlnR of specula live interest from the industrial to the rail division The former showed greater degree of resistance apart trom Hock Island th of the croup as u whole interest. In the Industrial division , there ns more or less procure, or at lcat the bear party seemed to be , prepared to take advantage of nil open ings. Oils and motors moved within ""'". " '15 comc uuc the dates for .narrow bounds, but steels and equip- JI?.n Jin.i' ...-."...,, nf fnrm mort- ments incline. I moderately downward. ,mmons ' ' UV "'.f ,.j ifi.iVH hv them - . rrntrn Tiiiiitr. tiiiiLii iauu ,..-. . h..nv J...,---. , .I..H-M has been the odjcci oi bih-l-uiu . r showed n ut'1, tmc until the latter part ce. nIHoiiBhl,ym y ,. Tn brief, it foro le movement . ,nPd m season of tough sled was without s 'J1'10? :u., " :",, m.i,f rommunity. Following closely after , March 1 sett e ments comc the March 1 tax Hcttle ments. probably the hcavlert financial irnin ot the year, in '""'""".,..:";; The week's mniltet was one of man I OKp paper. .Muiiiim. disappointments. Tustead of being thor oughly liquidated, as some observers seemed to think, the market was found as vulnerable as ever What was even more discouraging was the realization of the hard, cold fHCts that the money market situation, instead of having passed the crisis as supposed, was still Land prices, like everything else, have increased spectacularly. itow'".' " the Middle West. The settlement of these accounts. o course, is going to take n grent deal of mono lo "'is ami i iv mi ticipnted from tlie icueriu iaw, Salca too 200 2ro lino I 10) 700 too too 100 soo 2200 2 00 200 800 100 ttoo 2000 300 COO too 090 100 1600 4000 100 too 900 100 too 700 100 noo 100 voo ltl.h 6 Advance Itumely pf . . . jji 0 AJax Rubber Jo .. Alaska Gold Minos,. 2 7 AlllH-Clmlmers 38J4 S Allls-Chnlmers of alii 8 Am Bosch Magneto, . .109 .. Am Can it 7 Am Can pf oo?i 13 Am Car & F&y 13794 4 Am Cotton OH 41 80 Am Dni Syn csuih... 13tf .. Am Hldo & Leather., roli 7 Am Hldo & Leather pf 17J4 0 Am Internal Corp.... 8H 1 Am Linseed 77 tf Am Locomotive Bt j; .. i.m Ship & com 20 7 Am Smelt & Ref 60 3 Am Steel Foundries.. 41 7 Am Suuar Ilef 127 10 Am Sumatra Tob .... 81 8 Am Tel & Tel 07 8 Am Tob See temp ctfs MIS 7 Am Woolen 120 . . Am Writing Paper pf. 41 . Am Zlno Lead & 8m.. 17 H 4 Anaconda Copper .... 7 . Ann Arbor pf 25 Asso fry Goods 47 0 AtclyTop Santa Fo. 82 5 Atch Top & S F pf . . . 78 . Atlanta Blrm gc Alt... 8ft 7 Atlantlo Coast Lino... 87J4 iw ah uur ft w 1 s s..i4o due , f Utmben rl''Iad-lt)hl mil Nrr York SlofU Hirhnnr 1419 Walnut Street Philadelphia 71 Broadway. N. Y. Bonds of Foreign Nations Wo have prepnrt-d on interest ing booklet ckscrtb ng Internal Loans of FRANCE BELGIUM ENGLAND ITALY which can be purchafed today at prices lo show American In vestora a possible, profit of from 40 to 200. Ask tor Booklet I. 00 A. B. Leach & Co.', Inc. Investment Bankers 115 South Fourth St. pass tne crisis ns supposed, was sii n-ii""- -- ---- .i,tln.. ,i10 aP.listurbing clement ;wlth every prob -I at thr ' -el. neTego'Uabie 3Bii ty 01 u prolonged pcrioo 01 siriu- , "; , .,:. f -,n,i- gec.v with accompanying high loan- wcurltle. ; mtnwcil iat dHTcri P,J , ing rates I during the week, and to wnlch ro"'11 , While"it had been generalb appre- he added recurring liquidation for the ,cinted there was little possibility ot fore gn account. . ..,, 1, rontinuing the upturn of the preceding The market, however, is npparen 1 I week for any considerable .'ugth of time approaching a stage wherein it bpcoi ies 1 in view of the uncorrected strained quickly overbought or oversold. In other I i-redit situation, yet the prompt passage 1 words the tradtug is distinctly more I 1 of the railroad bill by both houses of two -sided, whuh is accounted for uj the Congress left some hope of further im- increasing professionalism of the deal- , proemenl in market values, partieu- ' ings 'ind the .orrespondlng dceiensiiig larlv annlviiiB to the ruilroad shares, of public iutere-t This would explain ' More opociallv. In view of the wide- in n large nienviire. the contusing spread recognition that the current quo- mercurial changes in the market trend tationk of manv of these standard divi- from da to da While the turn of 1 ilend paying .shares was considerably , the road is prolmbh not et in sight, under what is regarded as true in- still .1 great deal .nrouragement is to trinsic value. he derived from the undisputable testi- ' All enlculattous on these line were mon that stocks are gradually but promptlv knocked to smithereens in the , steadil passing into stronger hands. SELLING IS RESUMED IN MARKET FOR CORN EARNINGS OF COPPER COMPANIES SMALLERi Predictions of Larger Reserves Two of Leading Porphyry Pro- on Farms and Increased Re ceipts Weaken Prices ducers Failed to Earn Dividends BARGAIN DAYS IN BONDS! What the Experts Say: Moody "We mut co bek 10 ifce 70 a to And the relative bargains that are obtained In the railroad bond market today Babson flood bonds a-e the on y -nings ! am buHUh on Let us submit offerings EDWARD V. KANE & CO. MORRIS BUILDING GRAIN BELT WEATHEH rORECAST Chleairo. Fb 28 IlllnoK xvijeoneln. Minnesota, Iowa North and South Dakota Nehranka. Montana and vomlnff Fair tonljrht and Sunday. Missouri Partly cloudy tonleht and Sunday Kansnj Partl clcudy and colder tonlsnt. Sunday itenerally fair. Chlrago. Feb. 2S. Predictions that the statement of the Federal Depart ment of Agriculture, to be issued on March S, would show larger reserves on farms, ns of March 1. than had been expected, together with increased re ceipts, cnused a resumption of selling of corn through commission houses at the opening today and the market was I weaker. I Hecelnts here were 140 cars. I March opened at $1.41 Mi to S1.42, 'compared with SI M nt the end yes I terday. May started at SI S." to Sl.a.". compared with SI .354 at the 1 close vesterdav, and later sold at Ncu orh, Feb. 28. Two of the three leading porphry copper pVoduc- , ing companies, the Chino and the Ne- ' vada Consolidated, failed to earn their full dividends in the three months' pe riod ended December I!1 last, according lo the statements issued to the stock- holders yesterday. The Utah Copper i Co. alone reported n surplus of S202,- ' 721. an increase of S002.21S over the1, corresponding period of the preceding 1 year. The Chino Copper reported net op- ' crating profits of $400,027. equivalent j to 5rt cents n share, which compares ith S702.3S4. or SO cents a sharf, In I the preceding quarter, and SG6.S01. or 7 cents a bhare, in the December, 1018. quarter. Total profits of 52.1100.450 were shown by the I tali company, equivalent to Sl.a.-.ii July' was quoted at S1.20K ! S1.40 n share, against $2,319,512. or to SI 201. against SI .30. vesterdnv's si.-J'S in tne preceding quarter, and ?.t, last price. September started nt $1.204 331.728. or $2.05 a share, in the cor to SI 26. against S1.20V, at the rnd I responding period of the year before. WRITE FOR YOUR COPY or ocr Investors' Pocket Manual OMni full Information of all lilted un4 unluted securities. Sent tree uiwa request, Scott Stump Investment Securities Jlmbers rontolldateH Stotk j'ichance ot YotW STOCK EXCHANGE BLDG. FlIILADELHIH Ilrll anil Krjston Telephone reterdnv. and later sold at Sl.SO3 Oats opened weaker under scattered liquidation and pressure from local bears. Support was not good. It was . forecast that the government would show greater reerves on tarms rnnn privately estimated. RereipU were 87 cars. Mav opened at 70Vic and later sold ar 70Ke. Tnly opened at 72c to 71 c. I r.gamsr 721n'" at the end yesterday, and later sold at 7iyiC. Open HUth Low Clote 1 3S 1 S7t 1.34 1 .!, 4 rflf l.CW4 J ? I.rtl 1 :?1 1 i'O'-, 1 J7. Chicago By-Product Coke Company Fint Mort'ii 79o Serial Gold Bonds 99 and intereit lo Yield from 7.10'o to 7.2S PAUL & CO Member Phlla stwW Kxrhimer ll CHESTNUT STREET 1 orr Uy Jul" September OfttH May July Por 'Miy July I Ijird May . . . Jul . . Klb May JUlv JO Tl' KOI 73 78', 71 '4 SO 72 'f, 18 ' .14 80 34 4U 20 78 21.27 18 37 13 HS .14.17 34.13 20.30 21 03 is in 18.00 .14.00 34.40 20 A3 21 17 1R 37 IS. S3 WANTED BY PROMINENT INVESTMENT HOUSE ACCOUNTANT About 27 jonr.s of age, haing a banking and securit experience. Man familiar with public account ing preferred. A lOi), Ledger Office LOCAL MINING STOCKS TONOP.Ul STOCKS nid "an Hov 07 J m Ilutler ... .21 M-cVamura 1 Midway. . U j Mlzpah Ext 10 1 Montana . . . . . .11 rth 3tr . . . .07 Rrei ue EuK . . . .20 Fon Bit .$35,000,000 REPUBLIC OF CUBA br,c (old Uondit at 1904 oupons aw. March 1 1020 of the nbovo Binds will be nflld on presentation at our oft Ice on and afii-r that date SPEYER & CO. New York Kobruary 28 13J0 Went Iind West Ton Ai:id DW Altrt DiV nelcher Hen Hur HroiiKh Dlv P ucl- Kxt Div Pynd DW ' on DMdei'd Kat DH HafbreK Di HtKh Dlv Itevert Dlv nno Div Hosetta Sllor Klnr Ton PMil Ton llash'k Victory Dlv Verdf Dlv 7.0 nr 1 Otf As' OB 2t '08 The Navada Copper returned a net nfter depreciation and totes of SUVT.'JOO, equivalent to 34 cents a share, com pared with $404. HO. or 2 cents a phare, in the September quarter, and $10,189. or one-hnlf cent, in the last quarter of 101S. Dividends received by the holders of the rhino C opper stock aggregated 7400 3 40 Baldwin Locomotlvo .108yJ 4300 ., Baltimore & Ohlo....38H 00 4 Baltjmore & Ohio pf.. 8U 100 8 Barrett 100 .. Bethlehem Motors ... 20 4 S300 0 Bethlehem Steel B.... 84U o lictnienctn sti 8 pt.lll .. Bklyn ltapia Transit . 13 4 .. Butto & Superior Cop, 24 .. Caddo Central O A It. 18 Yi 0 California Packing .. 74H 10 Canadian Pacific. ,...123 7 Case J I Thresh M pf. 10 5 Central leather 70 4 Cerro da Pasco Cop... 46i4 h Chandler Motors ,...134 4 Chesapeake & Ohio... 07 . . Chi & E 111 1J T ctfs. 0 3 Clil Gt Western pf... 27li .. Chi Mil & St Paul.... 40 H . . Chi Mil & St Paul pf . . 69 .. Chi Rock 1st & Pac... 41 0 Chi U I & Pac 6 Pf. CO 7 Chi n I & Pac. 7 pf. 76 8 Clil Pneumatic Tool.. 80 .. Chile Copper '. . 16'4 3 Chino Copper 34 . . Coca-Cola 37V&, . . Colo a Southern 20 3 Colorado Fuel & Iron. 38 1 Col Oraphophono .... 41', A Column Gas & Klcc... 6.1 ?i .. Con Interstate Cal M. 10 ? 7 Consolidated Gay . ...77 4 Corn Products Ref... 70VJ 13 Crucible Steel 193 H 7 Crucible Steel pf 88 to Cuba Cane Sugar ... 4 1 Dcncr & Rio Grande 8J Denver & Ulo G pf . . . l&'i 1 Dome Mines 12 . Duluth So S & At ... . 10 . llo 15 .. TCrle 1st pf 24j .. Erie 2d pf 17 'A 8 Famous Players-L ... 704 Famous Players rts .. 80)4 3 Federal Mln & Sin pf. 20J . Flsk Rubber 37 Vi 2 Gaston Wms Wig 134 G General Cigar C4' 8 General Electric 1S8 12 General Motors 243 K. 0 General Motors deb . . 71 0 Goodrich B F GTft 7 Goodrich B F pf 83 Granby Con M S 4 P. 36 7 Great Northern vt ... ITVn 1 Gt Northern Ore ctfs. 30 ', .. Gulf States Steel 58 0 Hartman Corp 80X 7 Illinois Central 87 0 Inspiration Con Cop. . 51ft .. Interboro Con Corp. . . 4' .. Inter Con Corp pf . . . 13J, a Int Agrlcul Corp pf.. 70 7 Int Harv pf new.... Ill .. Int Mcr Marino 31 0 Intr Mer Marine pf... 82(4 .. International Nickel . 20 H .. International Paper .. "I3k .. Kan City Southern... 18 yi 4 KansaB City So pf 48 4 Kelly-Sps Tlr . . ..100 2 Kennecott conpor . . . 28 1000 1.20 Keystone Tiro ft Rub. UUU 6 Lackawanna Steel . . . C0i 300 Lake Erie & West . . 12 . 700 3.S0 Lehigh Vnlloy .. . 40 100 ..3 Le Rubber & Tire... 30 200 500 210 300 300 800 100 800 1300 1400 300 200 400 6900 4200 40000 1900 ono 200 (Oil J loo ICO 300 200 uon .500 tano loo .100 2100 too 730 ono 3100 100 200 7300 too 20J 1300 100 too 23J0 100 hftO too 7S0O 3)0 too 200 300 500 300 100 200 100 100 200 300 100 100 C2200 COO 4000 500 70O 200 200 500 l.ow 05 K 70 3 a7 0t'4 100 40 yi 00 H 129 K 41 12 20 97 yj 8 77 91 29 00 40K IJ7 80 ? 07 SSH 118U 30H 17yJ ilOVi 25 47 112 78 8li S7J' 140 107 37i 48 114 20 H 83' llOyi 13 H 24 1RJ4 I21yi 98 7S'4 45 !4 133 Vi son 8J 20 39 1 3N4 Today'itNet Clots Chire. 054 70 IM 01W '4 109 40 yi H 137 H 4t 12 H 20 Y 77 01144- 30 CO 4t 127 4- 2 814- 1? 97 - 14 w - V 11814 .. 404- yj yi4- V 57 25 a 47 4- W 83 - W 78 8J4 87J4 140 -107- H714 4- 48 U 114K- 204 4- 83H- 110yj 13tf- 24 18yJ4- 71 121 yj . 90 4 70 4- 45yj- 1 124 3 Sales 3300 200 200 100 1200 9900 100 Div, Int TodajrNt men iw cio ch. T.lcrar Mvern rtii mnh Iflt'. 1SU 16H H .. Loft Corp I8ji 3 Loewo Co 20H 1 Loulsvlllo St NaohVlllc.lOlU 4 Mackay Cos pf....... 01 10 Mexican Petroleum ., 10914 3 Miami Copper 21 H 5100 1.29 Middle States Oil 37 4 9 4 37K 39 'a 58 -1-73 80 16 33 - 37 V4 2(' 4- 38 41'4 63 10H 77 70 '-4 -p 193yj- 93 41 4- SU 4- id 12 10 - 14T, - 24J44- ni4 4- 70 80 29 U U 04y4- 158 34t?4 71 36i '7T4 4 30?4 4- 68 - 1 8?4 87 51?4 4U4-134-70 111 30J, 834 4 20 -73 4- 18y4 48 108 28H 2814 co ll'4?E12 ?4 40H4- 30 30 .Ml 10 ,12 '4 37 ',4 25 3S 40 53 li 77 70V4 193V4 08 40 73 15 12 10 14?(, 24 Va 17 CO 8G 294 30 1314 Ct 158 241 71 G5?4 93 30 fl 77 30 58 86K 87 '!? 13U 70 lit 30i 81 10Ii J3 18 47V4 108 28 H 28 Vi t6H ! ! 1 ly4 1 ?i I . I 14 S4 Y 1H ?4 1500 4000 . , 3M .. 800 13800 1490 .. 300 3.50 200 .. 100 .. :oo 1.50 too 10 100O 5 200 .. 100 600 f . . 19500 . . 1300 100 300 400 2500 300 600 100 100 too 9700 500 100 1300 100 0500 200 200 2U0 5300 900 1000 100 100 200 200 200 100 600 700 300 12200 7600 31 H 04 7794 42 "400 5.20 V 1 'i '4 54 ?4 1 l 'i Yt ' too 400 3011 2000 100 65U0 400 300 600 2)0 too 100 92)0 3300 too 33S00 300 5700 600 1800 2000 100 000 2100 600 2200 200 1100 800 2J0 too 3000 300 1100 100 300 1009 4300 1C0 32 H Mldvale Steel & Orel.. 44 Minn & St knew 18H Missouri Kan A Tex.. 10H Mo K,an & Te.x pf. ... 17 Yt Missouri Pacltlo 31H Missouri Paclflo pf... 0 National Acmo MJ4 Nat Aniline & Cheni 53 Nat Conduit & Cable 0 Nevada Con Copper. . 14 Now York Air Brake. . 00 New York Centrnl .. 734 New York C & St L. . . 33 N Y Chi & St Ij 1st pf 01 New Or Tex & Mex. . . 40y4 New York N II & H.. 85 New York Ont ft W. Norfolk & Western.. Northern I'aclfla .... Ohio Cities Gas Okla Prod & Ref BY Ontario Silver Mln... 7y4 Otis Steel 29 Otis Elevator 120 Pacltlo Gas & Elco .. 40K Paclflo Mall 31 Pan-Amer Petro 82 yj Pan-Amer (B) 77 3 Parish & Bingham. ... 38 3 Pennsylvania R R ... 42 . Pcnn Seaboard Steel.. 33 . Pere Marquette 31 yi . Peoples Gas Chicago.. 38 yi Pern Morquetto pf . . . . 49 3 Pcro Marq prior pf . . . 67 . Plerco-Arrow Motor . 63 y . Pierce Oil 1754 Pittsburgh ft W Va.. 20 Pitta & W Va pf . . . . 74 Pond Crck Cool 17 Pittsburgh C of P.... 64 54 rfessed Stel Car 0154 Pressed Sleeel Car pf. 103 54 Pullman 113 Puntn Alegre Sugar.. 75Ji Hay Consolidated Cop 17J4 Remington Typewrit. . 71 Republic Iron & Steel Reading Royal Dutch N Y... Savage Arms Saxon Motor Soaboard Air Line.. . Seaboard Air Lino pf.. 1854 sears-Roebuck 315 St L San Francisco... 25 St Ij Pan Fran pf . . . . 32 St L Southwestern... 17 St Ij Southwest pf.... 20 Shattuck Arli Cop 11 SIofs Kheff S ft I C554 Slow riheff pf . 02 Sinclair Cons,ol Oil... 3954 Southern Pacific 05 South P It Sugar pf..lt0 .. Southern Railway ... 2014 5 Southern Railway Pf . . 37 54 7 Studobaker 8354 .. Tonn Cop &. Client. . . . 0 10 Texas Co 175 . . Toxas & Paclflo 38 54 . Third A venue . 13 Tobacco Products .... CO . Tol St L Wot ctfs . 15 . . Tol St Ij Went ctfs pf 3355 .. Transcontinental Oil.. 2354 5 Transue & Wins Steel 50S4 .. Union Oil 3054 10 Union Pacllla 118 4 Ulnon Paclflo pf C0H 4 United Alloy Steel. .. 435 3 United Retail Storea.. 0754 .. Un Ry Investment. .. . 0 . . Un Ry Invcstm pf . . . . 23 U S C I P & Fdy pf. U S Food Products. 0 87 7054 9054 7354 15 on 40 554 5 3 8 U 3 Ind Alcohol 81 8 U S Rubber 9554 0 U S Smelt & Iter r.4 200 3.50 US Smelt & Ref pf 15 31300 a U 8 Steel 9454 300 7 U S Steel pf 110 54 600 0 Utah Copper 71 200 .. Vanadium Corp .... 17 300 4 Va-Carollna Chom .. J3 4230 .. Wabash J54 C300 .. Wobash pf 10 800 . Western Paclflo 2754 2300 .. Western Maryland ... 1254 1300 . West Maryland 2d pf. 20 400 4 Westlnghouso E & M. 6054 3900 .. Wheeling ft L Erie... 13 1200 .. Wheel ft L Erio pf... 23 300 4 Whlto Motor 53 2100 1 "Willys-Overland 24 100 .. Worthlngton Pump .. 715 1855 20 10154 61 16654 31J4 so 43 17 1054 1054 3054 47 54 35 J4 53 0 14 95 J4 72 3354 01 4054 3454 3054 01 7754 54 5 754 3854 120 4654 31 80 7054 38 4354 23 3054 3854 49 07 62 10 28J4 74 17 54J4 01 10354 113 76 1750 71 8554 76 54 0854 73 "14 'a 0 1754 215 3454 30 17 39 11 lt C554 93 38 J4 954 110 2454 66 60 9 171 30 13 C5 1454 23 21 5054 3054 118 06 4354 CO 54 9 33 40 5054 80 54 0454 C4 45 54 0354 11054 71 46 62 10 39 26 1114 20 60 13 54 21t 53 23 7154 1 1H o4- 10154 01 16754- lyi 3144- 31 4-154 44 4-55 17554- 54 1054, , 17544- l?i 30 4- 54 47J4 35J4 63 0 14 - 3.4 95544- 72544- y 3355 .. 61 40J4- 55 35 4- 20554- 55 91 77J54- 154 4154- 7554-"54 2854- 55 120 3 4654 . . ni4- ?i 82554- l 7055 .. 38 43554- 54 23 3054 . 38554- 3 49 07- 54 63-54 10 55 28544- t 71 17 .. 54 544- 91554- 10354 113 75 4- 17J4 4 71 4-8554-76 4-98554- 7354 14J4- 954 4- 54 17 544- 54 315 2454- Yi 32-1 17 4- 29 - 54 lt4- 54 65 55- 54 02 4- 2 39544- 54 95 4- I 110 c 20544- 1 67W4- 1 80- 1 OH- 54 174 4- 36 J4 13 - 6654 4- 54 15 4- 154 33554- 354 31- 54 5614- 54 30 54 54 118 - 54 G6 I- 14 4254- C054 4- 114 0 4- Y 23, 40 4- SO'- 54 80J4 4- 8554 4- 1 64 4- 1 4554- 55 0354- lio 5i 4- 54 71 54 47 4- 154 C34- 1 1054 20 -26 13 -20 5054 4-13J4- 22 4-Bl 53 4- 1 314- 7154 4- 54 1 rul lilee. 4 w; 200 455 800 share-a, compared with 1 10T.00O aharei jeaterday, thua fir tlila week. 1.623.700; s&m period last week, NEW YORK BANK STATEMENT Actual Excess Reserve Above Legal' Requirements Increased $27,121,240' TodnvV New York Hank statement 002.48.-5. leaving u $101,658 delict for prov-l to be even bettc -than expected Philadelphia Stocks "h ' '7iWUU UUitl-a. iui i . - . - - , . , .. the period. The Nevada Consolidated I " ''w..e n 'ncrP,B?c S"?i"l distributed $710,700. thereby causing t -i.i-i-. ruw.ng iuu !"",i' ' a $U2..T0 deCcit to be made. Holders P "ovo legal requirements to i Srio, -of the stock of the I'tah company shared 102.0(50. This largely resulted from an $2,430,735 in dividend disbursements. I inert asj in the reserve account nt rue DIVIDE STOCKS 02 03 11 .03 II 02 .oa .10 .0.1 .03 .02 .17 .02 .02 .03 2H .10 .08 .10 .28 after which there remained n S202.721 Hurplus. For the year ended December 31, 1010. the Utah Copper Co. earned Sfi.OS a 8haro. compared with SH.OO a share in the preceding year. Net operuting profits of the Chino company in the year were S1.3S9.083. equivalent to S1.C0 a share, against $4,143,317, or $4.70 u share, in 1918. Thp Nevnda Consolidated profits In 1010 were $1, 22",357. equivalent to 01 cents a share, which compares with $3.1540,870, or $1.73 a share, in the year before. After the holders nf the tTtuh Cop npr stork hnd received $0,740,040 in i!1 1 dividend payments in 1010. n deficit of a", tat 'it ,.uA...n Tl, .. 17 I 7l.T'"t '' Ufl "MIU"". Jr IU,VIUVUl 12 nf S'' n't.iiin in dividends to the t'liinn 15 rnnnur vinpkhnldprH restilteil In n ilpfirit of SI 210.0.".'). Tlie Nevnda Consoll dated disclosed a defict of SI ,773 828 nftnr the distribution of $2-.000,lS5 in dividinds was made. LIVESTOCK QUOTATIONS Clilcacn. IVb 2S HOGS Tterelpte. 70nn liejd htrons to 10c higher, bulk. SI 4 2.151' in JS ton II" TJ henvy 11110914 65 . tr-dlum 111 8015 IB llirht JH 0015 81 ?J 'Ijht llBht" $14 6015 ID. hevy paeklnit "2 '"w. emooth 112 T3tf 13 50. purUlnir unwe ' much 112 4110 iv to. piae, iia js'tti4 7S CATTLE Receipt" 1000 henil f'ompard with a weeK aito neet neers una cuicner 01 O.I 13 03 .20 iTnHnml Ttie-e Hank of S28.063.000. nlthough the liabilities were reduced in tho contraction of $7,307,000 In demand deposits In view of the week's heavy 'liquidating movement in the btock nmr kcW on Increase of $11,150,000 in loans would indicate continued borrow ing 1 the member banks from tho fed eral institution. The drop in deposits reflected the preparations for the March 1 disbursements. Details follow: AVERAOK nn.4M.000 l7. 712,000 Loani, IB.005.723,000 Net detrvj.no le- .- poults ft. 57 071,000 Net tlm depoelte 24.7?2.wu fire ul.itlon rah in ault . . llere In fed Ilea bunkn Ite8ero In ntate LanKs una trust ..... a companies . 2 774.000 Heer8 In state banks and trut company uepom- tones .... Axirregate referve He,-re reoulred nxesa Dec JH.072 0O0 40,670 000 2.38.1 oon pm ooo 1 H'- OtJO M0. 007,000 2 1CO.O00 371 000 11,808,000 'SII 000 r.iH.747,000 1 52.1.000 539, 17 1.710 1 H02.0.10 Xr M5.200 3 777.030 tl'r.lted ' Staten deposits deducted 123,- 507 noo Increase ACTUAL iier7P(lin 01 ('i with a week aito Ileef rteers and butcher ' Net llrno den 0 "Hhe" Ktoek, 21 to nOi- lower: rannnrs f.ni. ('Irrulatlon ID loner, bulln atx'Ui steady; calvea DO tn 7Po asn in vauiie 5 10B.ft2ll.OOO !! 15H 000 Net demand dep.t4,000,uso.uw lan Stockwell, Wilson & Linvill Certified Public Accountants Land Title Bldgr., Philadelphia I)lTlileni1 t.Nn TiirsT TitK HAnniNtniiN titi.k (10I4.S01II Market at. miludelPhU Februarj 19 190 fho board of directors has this day de ctarrd A quarterly dlildend of IVi per eent upon the capital stock, pajable March II 1B20. to sipcklioMers nf record at the close t business February 21. 1020 (.hecks will mallsd. JAMES W Macni'RNKT 3cretar . sxiao .MiqiicAiv o.vs co. 1 iOIMarket. st. t'umden. N. J. rtor February in in"n X nuarterly dlrtdepd of 1 ir rent or ti m thirs. haa been declared on Ihn ranftml stock of tbls company, payable .March 1, I0SO. to the stockholders of record 0't 13 o'eloeK noon rsoruary si. mzg. cneoKs Mlanta Blue Hull llrx.th COD romb Frae Crackerjaok Dlamf H Daisy Klorence fjoldf 'nn Golrif Mera Oold Dev Great llend Jumbo i:t Kvwanaa Lone Star Oro Ued Hills Silver Pick Spearhead GOLDFIBLD STOCKa 02 nj .01 .0. .0.1 07 01 02 .25 12 .0.1 .12 02 Oil .02 04 .01 0.1 17 05 MISCKLLAjnOOUS Amparo . . Aru United Eden Mother Iodn Nev Itlll . . Nev Iland . , 7romontarU Nv Wondsr Teoopa Mln White Caps r 14 .15 ,4R .02 20 l'i .17 10 .10 04 01 llj 13 ID 13 30 0.1 01 (14 01 03 09 02 01 30 II CH II 01 on 111 03 02 03 II) 07 1 20 S .no 04 23 Itt 22 13 10 RAILROAD EARNINGS CANADIAN NATIONAL HAILWATB 120 Ine. Third week Feb tt.B53.S0 t,244 Krom Jan 1 . 12 03S.0M ioi'.Ul Sscreaa. , lower unckern ard feeders steady to etrcnif SI1I.EJ" nereipn. omiu neaa nteany Compared with a week as:o Umhi and handy yearllnss. 75c to J1.25 lower, ma tured ehwp tlrrn rlttkhiirdi, Feh 28 HOC1S Ilecelpts 10OO head Steady Heavies, 114 73013 heavy yorkers. $ti!7l17. lUht yorkers. IDI I04i HI 73: pls. 113 2501178. HHEKI" AND LAMrvSRectlpts. 030 head Hteady. Top sheep. 113 30, top lambs, 120. 50. CAIWEH -- Ileceipta, Itos'rve In F. It banki . Ileseno In etati banks lutd trust companies . Reperv'e la etata banks and truet company deposi tories AKs-reg-ate resr'i Hesere reaulrer Kr 247.880,000 38,002.000 us.oal.ooo 7 107.000 1 'Jfll OOO tiO.OOO '50,000 331,020,000 : 508.000 12 077,000 52.000 Top. 121 50. IJist Ht, Louis. Teb 7100 head HUher. heavy I1IW14S3 medium IlKh' S13313 40. Illht IlKhtj lieax-v parking sows, smooth packing sows, rounh, I2ul W14 7.1 CATTLE Itecelpts 600 head Steady tn "le lower Ht:EP Receipts. 480 head Steady 75 head. Steady HOOB Receipts, 73WI1 In Bulk 111 2Sfl!3 S3 III Jtl 75W11 31, 112 30O12 3-1. 30 pIks 112 For week 11.324,003 MO, 000 571 027,000 : OOO.OOQ 340.484.340 047.700 s.i.tu'J.flflO 37 121.240 tUnlted States deposits deducted J1S.020.- 000 Increase OUT3IDE DANK STATEMENT Decrease J702,058,O00 Jl.008.000 8,234.800 ano.Roo 33,828,800 408,200 Iiana (lold Currency b'k notes Depoits Fed. Re serve, B'k of New Ycrk For week. 5e!i? JVll.- 1 Per cent of refl T Feb. 28 CATTLE TUUBT COIIPANIKB Hlow Calves, re elpts. 1ans ,2,031,330.400 17 248,700 UIM00.400 3 144.600 h3A.e5d.700 11.403.800 128.200.flOO I 010.000 20.6 8 i:iiM Rnffnln N". Receipts 230 head 100 2flo hleher HOOH-neceloti' 2IOO head u. ......a. .,A.,.n. , k or 1 w. an 1 k -.a iJi; iii5iici ."rft" -.uwjii-iii inisea. 1111 ,;--."-- T.. t Wir. 23: vnrker iia-nt yorkero and Diss uevu"B, ,,'i ti, ll2510 33. routxlm, n80in.25 sties IH 2rv," bW of NW W.V' . - . ... I":"...- 5 ft8.V14B.70O FillfeJ:.!' u UA.MIIH JieretptH 2800 JJemone j ',,1,1 .ut Iflll head. Lambs 10c lower r.omh. t7 I Reservo on donoirtt. 04,087,101 20 73 Others unchanged ' rercentsK of res. ' 8TATB DANKS AND TIiuoi i ui . ' 2?ff je?'0rJ,;v b'k' notes 11.104,200 20,302,100 217,788.200 O.flOO 124,200 1.(108.600 J J Ulfl.UlKl 2.8(13.300 Net HI ah Low Close chce. 315 Am Str. 42 42Vi 42.. 20 do pref. 03 03 03 V 0 Am R pf C5 05 55 . . JO tBaldwln Loc pf. 00 00 00 4- ai ki ator..iiu ill lia -t-i iu 1 u is A -".i 1735 do war 8 C5 Lk S Cor 17 11 Leh Not 02 lOLeh Vol. 40 uu j.or jcni uuvi 127 fo H 11. 43 20Phila Co cum pf 32U, 32 52 Phil Elcc 24?i 175 P R T.. 23 250 Ph Tract 60 000 U O I... 51 51 51 10 U S Stl. 04 04 0-1 200 TV 7i S -f- 17 17 nmi nol 1 -H "-V4 Vi 40 40 Ut'4 WI'Jj. . . 12 43 f 24-i 24 23(l 23t- il Ul) ou JId. 124 12Vi 12V4. Total sales, 4140 shares, compared with BOSS shares yesterday. Thus far this week, 82.231 shares Same period last week, 34, D2d shares. tNet chance made bv comparison with last sale on New York Stock Exchaiure. Sales In noND9 Net J 1000 Hla-h Low Close chue. 2 Am Gnu & Elec 5s.. 70 70 70 1 2 Elec & Peo Tr 4s ... 01 OIH fll 5 Lch Vol Os.100 100 100 4 Lib Bonds 4th 4b. 00.10 00.10 00.10 .32 8-10 Nat Prop 4-0s .... 27 27 27 .. 0 Pco P tc 4s 72 72 72 1 Head gen 4s 70 70 70. . 11 W N V & Pa gen 4s 02 02 02.. Bonds. 181. BOO. compared with IS8.10Oyes- Thus rar tnis week, i:i,irQ. same terday, period tut week. 1144,200. NEW YORK COFFEE MARKET New York, tfeb. 28. The coffeo market opened easier this morning and trading was not specially brisk. Offer ings wero liberal nnd futures opened 12 to 14 points lower than last night's close. Bears took odvnntngo of disap pointing cables from Brazil and were quite active. The receipts at Rio for the season were 1,740,000 bags, against 1,100,000 bags for tho same period last year. The receipt from Santos for the season to date were 3,120,000 bags, compared with 5,430,000 bags in the past season. LOCAL CLEARINGS DECLINE Exchanges for the Week Ran 3.3 P. C. Below Same Week Last Year Total clearings of the banks of tho Philadelphia Clearing IIouso Associa tion for the week jiibt closed were 3,3 per cent below tho corresponding week last eor. The aggregates of all the larger cities of tho country were below tho snrac week last year. Baltimore was 12 1 per cent below last year; New York 8.3 per cent ; Chicago 8.7 per cent nnd Boston 7.1 per cent. Total clearings nf all the clearing houses of the United States for the week, aecording to tho Financial Chron. Iclo, were $7,347,307,020, against $7, 200,247,018 in the same week last year, or n net increase of 0.7 per Cent, Comparisons follow : J 1020 mm r. I3,207.:is S3B 13,487.003,043 H.3 -1 ' 110 Oli.VHH. 1B2 K 7 341,840,232 3 3 247,139,708 7 1 153,0111,0404-11.8 123.90(1,210 10.0 102,003,0244- 2 0 126.0S1.033 3 2 00,000,0004-30 U 07,880,13412.1 47.007.3814-23.8 N T . Chicago. 1'tllla. . . . U.1U,27l! 7WI lloston.. . 220,711 234 Kan City 173.II-.7 18(1 Ht.-Louls.. 188, Ml-211 B Francisco 108 i li.ms rittabursh, 122 ()' 4 720 Detroit.... 75 (inn 000 llalto 80 2.': 202 N Orleans 80,2 7 634 DRIBBLING LIQUIDATION IN WOTS IN LOCAL MARKET Curtailed Dealings Reflection of High Walls of ?cs,r, riaccd Upon All Speculation atnn The week closed With a niilnt. nnd uninteresting local market. Thcro was cvldenco of continued dribbling liqtil dotlon nt the outset in somo few of tho local stocks which had been under mod erato pressure in tho preceding sessions, nut theso offerings were absorbed read ily without any further prico rcces- fn,nnithoiBei?(ira,,.,mark.ct traliH? was of familiar half holiday character and pcr- Sen1?0.!0 cu,ffnllc(1 by reason of the general disposition evinced to defer new commitments in view of the possibility i mJP,?,r l ,,Icvclopnicnts over Sun- niV ',, mi'T"011. t0 t,l 'Kn ng of tho railroad bill hv flu. Prj,.t,ij .5 " Court decisions on IMonday and tho new -VJ "j.'""' n,,y.D0 "irowD. on tho crcd t bo publ Bhcd nfter -the closo of busi ness today. Tradintr in Dm l., n. . North America warrants was quite nc k. j iuo iniuni ucaiings'tho price was depressed to 7, or within 0f the low level. A much better demand, however, developed which brought n rally to 8. Tho tttnrU t. "i . at 20. '- '""" tt il,ri"r m"3erato selling appeared in United Ons Improvement and Philadcl phia Traction, with both closing nt tho low lirlcCS Of tho vpnr nf M L n.l nn rcsnectiycly. American Stores common uiiu i reicrrcu were strong nt small frac tional gains. Pennsylvania Haitroad nnd American Stores preferred were the stronger spots, tho former being taken nt 42, while tho latter was higher nt 02. It was altogether an uneventful week in the local market apart from the fresh liquidating movement which de veloped in United Gas Improvement Uo. stock yesterday. Tho greatly curtailed market operations, however, wire open reflections of the restraints placed upon nil forms of rjcculatlon by the stringent money market conditions. The money market pinch is being felt as much in local market nnd business circles as nt the other centres of the financial -world. Tlii- purso strings of tho loaning institu tions nro steadily being tightened and nccommodntions, in so far ns loans, being more nnd more restricted. Tlilo ILI.I...I.. . .. is believed by some of the S ltrlnfly3 crs of the morkeliIi.?.i&? .cJ.,ft ."bfcrva mensurc mainly rcsponslbln tnl 10tg' J .tenl of the nporadic Z danST .1 F i iSF nl ""vnls n the socurltv mnii;,. I They point out because If Z ffl of commercial nm i,,t.... tJ.ual?iHIj obtnln iiifTIMnn; -"."c". '"'"cats ft,. the loaning riTtlt ..n'r,0"0"?"8. , 4 vloim outlined campaigns they no IVfl dcavorlng to obtain the additional ' 'J quircments by liquidating a l.Ii,( securit es. Muni, i.b "" .,lue?.f MV.'I of tho Liberty andory Bonds0 Yl!i understood. Iin n.i.iji.iA... ."' oi purpose, nnd thcro are many reasjJ! for Riinnnslm- ,, omn "fj... ""l" Plied to' the persistent ing 7 bib high grade slocks nn,l hn.i. K l D(P -it it u?rcrm?,8t I'U'Posc manifested l , nl directions these days is that ofT tnlning all tho ready cash aval laff, ' The seriousness of the ovcrstrnlni credit situation is being 'more 2 Impressed upon everybody concerned bv each succeeding development In tu S monetnry situation or effort on the part , of the banking interests to brlut nhn,,, i n satisfactory correction of tlio far extended in'7ation. Thus far L 1 remedies applied hnve brought blow re- ? sunn, jet eonu'iniiig real is day Li day. and week by week, being accom- push, and all the time conditions are being brought to a juncture wherein ' n more serious crisis is happily bridge, i over. , In' so far ns the market itHelf u concerned, very naturally in view ot the high walls of restraint which Late been put upon all market activities bt the tight money market, there Is a con splcuous lack of buying power. At tho same time as result of the drastic nd justracnt of speculative conditions, the market is consequently found to be ex tremely thin on both the buing and selling side. This npplies particularly to some of the local issues which were under the Influence of abnormal specu lative conditions In tho latter part ot last yenr. It, however, lias been found the rule in a number .of the inactive and obscure issued. In most of the ordinary active stocks the movement has nar rowed down to fractional limitations, MARCH COTTON SELLS AT YEAR'S HIGH PRICE Lato Months Rule Steady, but Relatively Lower Spots in Demand v. elooo Ophi Tllirtt Txw Closn 07.07 37.70 SS 23 07.03 87.113 3 1, SO 3 1.U3 S3. 07 34.77 84.03 .12.20 32 22 32 43 3210 1)2 27 20.87 20 83 30.08 20.73 20.80 20.82 20.20 20.30 21) 15 20 28 COTTON BELT WEATlIEIt FOHECAST Now York. Feb 28 The following tem peratures were recorded In tho cotton belt this morning-: Macon and Atlanta. 24: AuRUsta, 20j Thomasvllle, Knoxvllle and Montgomery. 30; Meridian, Charleston and Wilmington, 32; Nashville. 34: Savannah. Jacksonville nnd Pensacota. 88: Tampa. Memphla and Little nock. 40; VIcksbursT and Fort Hmlth. 42; Oklahoma and New Orleans. 40; Nhweport. 48: San Antonio. 34; Corpus Christ! and Galveston, 02. There waa .00 Inch of precipitation at Corpus, Chrlstl. New York, Feb. 28. The buying movement which started In the cotton market soon nfter the opening developed Into ft scare of near-month shorts, nnd, before tho end of the first hour, March contracts had sold up to 38.33, or 37 points net higher, far into now high ground for the season and more than 300 points over May. Tho latter nosltion advanced to 85.07. while later months ruled steady but relatively lower. Southern advices reported n continued good demand for spots. March . May . . luly . Oct .. Deo . Did FOREIGN EXCHANGE Now York, Feb. US. The opening of the foreign exchange market showed the allied exchanges virtunllv unchnnged, demnnd sterling being 3.39 nnd cnbles 3.30 nnd frnnc cnbles nt 14.25 nnd checks nt 14.27. Neutral exchanges were slightly stronger. Quotations were: Guilder cables 30ai, checks 30s : Swiss cables 0.18, checks 0.20; pesetas cnbles 17.40, checks 17.30; Stockholm cables 18.05, checks 18.50; Chrlstiania cables 17.20. checks 17.05; Copenhagen cables 15.10, checks 14.05; Hclglnn cables 13.75, checks 13.77; mnrks 1.02; Polish marks .05. After ndvancing to 3.80 In tho early transactions, demnnd sterling reacted to 3.30 In the next half-hour on n dull market. Sterling cables sold nt 3.89. Francs were quoted nt 14.25 for cables and 14,27 for checks, whilo lire (.old nt 18.35 for cnbles and 18.37 for checks. Marks were easier at 1.01. Yraterdny' Final Quotations Sterling Francs Lire Oullders Demand ... 3 38 14 2H 18.42 80 Cables . . 8 88'i 14 28 18.40 30,1 Totliiy'n Oprnlm; Quotations Sterling Franrs Lire Guilders . B.30 14 27 .... 80S . 3.30?; 14 25 30 Closlnir Quotations . Bterllns Trancs Urn Guilders ll.HH',4 14.211 IN. 87 GOVERNMENT BONDS Panama cou 2u, 10.10 . Panama rcR 2s. 1030 . ranama rou 2s. 10'IH .. Panama rcg 2s. 1038 ... Panama cou 3s. 1001 , Panama res' 3s, 1081 .. Phlllpplno 4s. 1034 .... Philippine 4s 1035 .... Philippine -1m. 1030 .... U B Govt cou 2s, 1020 . U H Uovt roff 2s, 1DA0 Aid .101) . too ..100 ..101 .. 89 . . M .. 00 .. 93 00 A like! 101 101 101 101 (U 111 or. :. Vi 10014 101 "i 101 .100 Raw Sugar Continues Firm New York, Feb, 23. The local it fined sugar market Is unchanged both ns to conditions and prices. Tho market for raws continues firm, and while no sales wcro reported, the sales of from 75,000 to 100,000 bag3 of Cubas in port nnd afloat at 014c, cost and freight equal to 10.28c, are confirmed. BAR SILVER Commercial bar sliver was quoted in New York' today nt S1.30 an ounce, nn ndvnnco of yfc. In London tho price wns Ki,. un d. BANK CLEARINGS LARGE Demand Cables . Demand Cables 8.40 14 16 18,85 SU Open September 14.88 Ootobsr Dr. 1 0 NOT ... Itanans Oty. Mo. Feb 2 HOOP n eelpts 1000 head fll-ady Hulk. 118 TBi 14 40, heaviss Jlfl ,1014 medliinoa! in I 3, 4114 hr, packlnr sows. M2 25tfPiarpi-s, 111 ft 14 23 CATTLK Receipts, 80O head. For weelcil Steers steady to fcOo lower; rows, IBo to a.lca tiers nnd calvest mostly 60o loweri feeders. X"dep0,?lt" .IK .. kAm i., I Jl ilenoaltji . UKPOnTINO TO CLHAniNO HOfSB Loans oola Currency b'k notes Deposts roa. iie- e JJ"K oi ittyr !W 1778,131,300 n,io,vm, 17,816,800 78,303,50(1 824.850,800 708,280,800 187.070.000 1B.7 11.622.000 2ai,aoo 221.700 2.411,700 2.817,000 5,787,300 3 071 30O pti itol Novemb December January... .Marcn... April .... May June ... July... . August ., u.bb lV 85 lVso 14. 53 High 14.411 14 20 18 85 14 83 14 50 Low 14.20 - 14'i7 13 70 u'Ai u'M Close 14.27 14.20 14.18 14.17 14.13 into 13.91 14.10 nil 14.81 Yes Close 14,51 Exchanges This Month 17.92 Pep Cent In Excess of February Last Year The Philadelphia bank clearings for tho current month were $319,013,101 larger than in February last year. The turn over of checks through the Phllatiolphiu Clearing IIouso for the business month ended today totnled $1. 770,027,073 as compared with $2,170 -741.0S8 In January. In the sninc month last year tho'S."10",, total clearinm were $1,457,118,012 iPhnnde oj "' wns li23,- This month's turnover compared with last year show a net gain of 17.02 per cent, while for the flrst two raontha the gain was 810,80 compared with tho corresponding period in 1010 Tho following table shows tho clear ings by months during tho present cal ender year compared with those of 1010 ! WKM$8 mmAft ToUl MONEY-LENDING RATE8 PIIHjAniJIjPHIA Call, 0 per cent; time, 0 per cent ; commercial paper, tbreo to six months, 0 per cent. Jan. treb. i.Mt:o T.SSf.Ha.SHiT'.oS Jan Feb 8.052.368,781 in in 13.26 10 284.148 10.fi inc. H-IS March '" April . w'?? -August ,j ,i t:" 14.60 MSM!4ini? 1.223.801 ons in . i.ian.xHii.ozs 1,080,320,047 II 3 "ft Qrt nilM n i J.70,28ll.628 1.427 1TB MT ItIri 1 ISA'iia.'..'. -X"- 1,860,481,010 I,VB3,4H,0nS BANK CLEARINGS Dank elaarlnga today compared with th corresponding day last two yearn J"".. - imw 1018 178.830. B88 $50,850,850 106,430,184 Deo. ... 1,720,507,1 n.as.nns 1, 011.004. 4T4 2,004,070,000 r,7n tt?R 9A1 All 1.711,045,420 fi'M 1.708,812.781 8.77 i.oio.oii ii in nit .070.000 1 ssa' jJf.'nJS 'X? 1,018,007.608 1 78i:7St:827 7 10 i.202.197,880 1.772 JlsSss lJllS ToUl 122,004.088,080 JlO. 718,002,483 1070 CHICAGO BUTTER AND EOG8 fjhlrago, . leeb. 28. BTJTTEni irJihja-. Oreamenr, 40fl6o. Reserve Banks' Discount Rates The first column gives rates for nil periods up to nnd including n fifteen -day maturity, the second for a period of Hixtecn to ninety days. The third nnd fourth columns give the rates for dis counts for collateral loans secured by government bonds or notes. Com'l paper Govt, paper 18 to do 10 to 00 ID oa . . ! York .. lelDhla iticnmona . . Cleveland . . . Atlanta . .... Chicago Ht. Louis ... Minneapolis . Kansas City Dallas ...... H.n KYanriscn "liaiea on ouieiaiiuintr ceruncaies or. in debtedness continue unchanged at 4 per cent. lays davs 0 0 (1 11 11 n (l 11 n (I i) f, n n 0 n n h 0 n o 0 6 0 ys nays (IV. 314 5 5W '5)4 5(i 5t nii 514 nw s wt 5t4 5!4 514 .! 5J4 r,(4 6W 'Vi fttt 'ft1 nCJ aiz Standard Oil President On the Future of the Oil Industry When a representative of the Standard Oil speaks his mes sage is a valuable one to the investor. In an exclusive interview in the February 21st issue of The Magazine of Wall StTeet President Walter C. Teagle, of the Standard Oil Company of New Jersey, reveals some startling estimates regarding the future of the oil industry. Where the petroleum supply of the next few years is com ing from i3 a vital problem. irirtf is Standard Oil doing about it? All business men and invest ors should read this article for a fresh view of Standard Oil's changed policy and its planB for exploration and de velopment. Other Important Articlei in this iiue of THE MAGAZINE OF WALL STREET Thirteen timely articles on iiusldtM, llnnnre ami Infmtmfntl. The HUT- I-OOK, unbiased, luiparuai nnu uu- (horllutlviM fifteen Keciirtty unalsei rourteen urnarinienis. iiciiiuins n" lluyer'H Oulde. Trade Tciidenilri anil Imestment Inquiries. $6 may save you $600 One idea in a single issue may make or save you hundreds or thousands of dollars. Is not one usable suggestion worth $6? You get hundreds such sug gestions in a year's subscrip tion. AT YOUR NEWSSTAND TODAY or mail the coupon II II 1 II II II II ! I M II -" THE MAGAZINE OF WALL STREET 42 Broadway, New York Cllr enclose1 Name Address TL-103 FEDERAL TAX RETURNS Our depositors nnd friends aro Invited to secure nssistanco in the preparation of their Tax Returns for 1919, by availing them selves of tho services of our Tax Dnnnrtmnnt. under tlio sUDCr- vision oft WIEGNER, ROCKEY & CO. Certified I'ubllo Accountants IIAKCII 1 to 15 IlOAHI) OP mKECTOM' M0U National Security Bank j Franklin Street & GIrard Ave. SIIKEI' Iterelpts. 1800 For week! Fat nessrve on deposit lamlis 35s to (Wo lower: sheep, MoTilrh-r ' Percentage of res. (ttdlnr iJtiubs, B0e t 7s levsr. losreas. Phlla. Poston Philadelphia un,Aovj,uio ig,ilut,HI ... Firsts, ftl nu rlJo Trsa surer naltlmor 14,057 000 IS 8t.,909 nii o x,nnn7' .. -.. i-n-" M, lni,ll on..M im1.,A-A lMl..J . " " w ,,,,,, h.v. ,i,vii.i,u, iiwirc, s .uJbJiM1- 1 1. nC.&tSiM&ML. m,. KHjiA:& it prW'iJ ! ttvwbt AHAIlaV rJP V,-f-.. ft J cuuii Kasiei er Tteeelpti, 8724
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