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EVENING' PUBIiXO DGBK--PHIliAI)J3Ij3?HIA SATUBDAY,,- j&ARCH
0"tO2r-
Eiptrt Preparation nml
.Ilevlew ef
Income Tax
Returns
Thone Filbert 2430
BENJAMIN ROBIN
(Formerly mill) Hur Tnf. Rett.)
Connultlnff Accountant
19 NOItTlt AMCniCAN lllln.niNCl
iubqh Dlda. Trinitv Ditto.
Wotn., ), O. New York. N. Y.
Investment Banking
MS Frederick Carles, ot tho Stock
Exchange Arm o(
HARPER & TURNER
wilt Instruct for us u class In Invest
went llanWue cciiniiercunr Thursday
vcnlng, March 11, at 7:30 o'clock.
Enrollment la open ,lo members nnil
employes of banking house?, brokerage
firms, commercial organizations and
private Investors.
An outline of the course will be mailed
an request.
YMCA
1421 Arch St.
NEWS OF FINANCIAL WORLD-NEW YORK AND PHILADELPHIA STOCK QUOTATIONS
WANTED
Young man at title officer by on up-to-date
trust company; muit be ex
perienced and competent; (irit-clati
raferenco required.
A 415, LEDGER OFFICE
STOCK MARKET OPERATIONS
INTERRUPTED BY STORM
Early Declines Overcome by Renccwcd Strength in the Motors
and Specialties Trading Professional
. - i
New York, Murch 0. The weekl tliln. indicating the outside interest is
cloved with a dull and unlntorcstiug still nt n low ebb nml the 'o-rniicu
traders' market today. Interruption to public is still surprisingly roy in tnKinB
traffic because of the slorm compelled the tempting bnlt offered in tne aire oi
the postponement of the opening until the quick ndvnnclug priecs.
10:30. but even at that time there! To seek nn explanation P"1'"! U1C
wero only limited facilities for trading. I most convincing answer would De toiiihi
Telegraphic communications. Knst.l In tho merciless treatment they received
West and South, was seriously inter- in the violent shnkedown following tne
rupted, nnd most tit the business repre- application of the screws t" enforce the
sented operations by the professional deflation of the credit inllntlon. An
traders on the floor. ' other could be found in the extremely
I he initial quotations showed u pre heavy carrying charges ns renit oi mu
money market tension.
As n mntter of fuel wo-i f Jc
leading houses nro ilNeournging rather
than attempting to encourage nii wide
public interest in the market. All except
those living lu n fool's pnradle readily
recognize thnt the posibilitv of n
heightening rather than n diminution
Lot tho money tension until nftt'i- riio
tii payments preclude the posi-'iiniiy
or probability of any concerted move
ment on the constructive side of the
market. , , .
No one will deny flint the hank
ing and federal reserve system nu-
thnrlllca nrn tnnldtie sntlsfuctorv lllld
reaching nature, sti" Impressed upon encouraging progress in getting the
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
in is rum., f.stvti: tiii'st ni.mi.
ImeMlcilo nml ndjuat partnership ami
corporation iircounta. AIo prepare. U. S.
income inx iirturn-.
pomloronce of declines, nlthough the
changes with few exceptions were con
fined within narrow fractional limits.
Those declines, however, were soon
overcome when the motors nnd their
subldinries strengthelied. Features of
thnt group included General Motors.
Stutz and Keystone Tire nt gains of .1
to 7 points.
In the recovery tho metals, leathers
and several obscure specialities nlso
rose t to 4 points, but the steel nnd
equipment stocks and the railroads re
corded only nominal changes.
The week, tilled us it was with so
mam important developments of far
nil .llrctlv or imllroetlr Intorostoil In , f. tlintlnil well ill linml. htlll In'TO I
market affairs
NEW YORK STOCK EXCHANGE TRANSACTIONS
J
the absolute necessity
of civiuc stricter attention to nnd
closer study of the bnsic fundamental
conditions, rnther than being led by the
slipshod day -to day mercurial whims of
tin1 professional trading contingent.
;ever hefore. perlinps, in tne nnnnis
ttMliltif In c(tlf which lllllll CIVO .in.V
reliable promise of mnterlnl enlng of
money mnrket conditions. A great
hullnhnloo was made out of a decline
of 1 per cent in the call loan into fiom
10 to 0 per cent, while time funds were
viriuniiv tinnntninnn ( in ho t.ir in
iL of Wall street has n week been crowded stock mnrket accommodations wen
('AMIIIUA lllll.t I IIAII'ANV
The Annual Mccttmr of tha atockholdera
f tho Cnmhrla Iron I'omrmy will bo held
t the onVi" or th rrmi'un I (ISO Widnr
Hulldintt. ,Iunllr nnd Chnslnut t-rts Phll
adtlphU, I'nnrnjlxanlH on riimilm. Miirrh
10, 1030, nt 'J o rlork p in wlieti an flection
will Ira livid fur ilircUoro la ncrMj (or the
Isnxulits year
v n zminrcn ohiii.t.
Hrrtsry
It ' t
1
rronosTl
l'UUI'U!lAI.S
pon mi: '(ii.i.i:tiiin wo nispoxi.
OK (HUH Mil'.. TIIMN-llll' OI' I.OWEI1
jirniON. motciomi:kv rot vtv. v.
PropoHi'n lll be rwlinl ttt th orflo of
'th CommlsfloiiTn of I,o-r Mrlon Town
shlp. Ardtnor1 Pi until noon if Tiitdilm,
IMarrh S3. 100. for Ui. rolliTtlon nn.l ills
i poaal of icarhaiio bv fending In -wine
1 Speclflclions. plan of K.irb.ic li-trirl.
jform of propoa.il and fcnirart rrnv b In-'apeete-1
at tho aboxo-mfiiilonul offlco. Par-
(Ilea i1ealrln lo tako, awav cnpifn of th
speelrtcatlon ft- ma do o b drpoi(nB
n dollar" IJIO) In rah or .rtlfli rhr1
Thlf depoBlt wl'l bo relo.ip'-d upon tho return
tiz ma perinonuon- fir . io uif 'fretarv
nf tha Township within three da.' ufiee ih
openlnr of the Mda otherwl-e the depoel' .
will I" forfelled to iho townehlp I
All blfla mutt bo arcompanlcd a certified
ehaek drawn to the order of th Tonpehlr t
lot Lower Merlon In tho eum of Ave hundred
dollars IIMdl nr a iruarnl that the eur
cttaful bidder will oxecnto the contract ai
rcoulred
Bids muet bo deposited In a sealed en I
velope. addresse.1 to the Chairman of the !
Health una urainaR i nmmittee. indorsed
"Pronoiai for ColUctlon and Dlarosal of
Oarbare."
Tha Hoard of rommlssloneri of Lower i
'Merlon Towtisnip r'ro tne ncnt to reject
any or all bid ne th may deem beat for
the Interest of the township
aconan e andeuson'.
Peoretarv
with so mum highlight events, nnd
which exerted so lltlc influence, senti
mental or otherwise, in shaping the
mnrket trend. Ordinarily Mich eveuts
as the return of the railroads to pri
vate ownership, the clean bill of health
given the United States Steel Corpora
tion nnd the putting through of the
heaviest, most complicated nnd most
piituicsquc spring settlements which
the banks of the figrlcultural stntesever
hud to reckon with would have been
u sigtinl for itu outburst of spccukithc
enthusiasm lieyonu nil measurements.
These events, with the rather fnn-tnt-tic
story ot the possibility of n lnnv
gold movement from Knglnnd nnd
France to this country, gave the large
ly over-extended short interests several
cemed, even nt 0 nnd 0' per cuit
The high call loan rnte bns creaf'd n
unique situation in thnt these nit"s ni
trncted n considerable surplus funds I
from the interior. It is reasonably cor
tain, however. If there should b' a sinl
den casing of the cnll rate. sti to 0or"
per cent, these funds would be n'U'kl
withdrnwu, and in short order it dearth
of call money would be created such ns
existed before the 1Q, 1." and IT per
cent, rnte wns enforced by the scarcity
of funds.
Mnny seem to think much of the ad
verse side of tlie general situnlioti has
already been discounted by the nuirkit.
Undoubtedly this is true. For the mo
meut the market is absolute! iinib-r
the domination of professional Wall
mighty unpleusnnt diijs. After these street and should be judged according!.
gentlemen had paid the pennltj for sell- If so. it will save much mental worry
ing what "wasn't his n the liujing nnd save considerable shrinkage of
power wns found to be still lnmentublj I pocketbook.
tho,
NEW YORK BOND SALES
Summary of Individual Transactions on tho New Yorli ICxcliango
i Am Tel & Tel Co Bs
I Kino 81 V4
1 Ant Tel & Tel Co Cs
1 moo f)T
Anglo-I-'rcnch U
20000 .
union
noon
PKOOtl
i on no.
1000
.1.101111
,'inuun
250011
2000
2000
2. Ml 00
.100110
25000
Armour
1
pRorosAi.s. rou tiii: rnxsTitcrrmv
of a 'unnl to Renerni etorohnuees etr '
Office of the officer In rheree of const rile- I
tlon. Tranliford Arsenal Philadelphia. P
Retled proposals will - received h-re until '
t p. m.. March in. tn-JO. nd then opened
far the construction of a tunnel ki stated
aboe IMniifi and pe itlcatlons furnished
en arpllctt on
PR01'0.I 'lt sT0llrii Oftice of
the Jiartrmii"rr "Jen-rnl ClotMna nnd
Kqulpaae Division Munltlnnr Uulldlnir
WaahlnKTton P i - Sealed rroooenie jn
duplicate e-ri h. rT 'ed here until It 00
1 Murch 2'!ml. 1020 for furnnhlp.- all
ft any par f ' OOO 0o. pa re cotton Silo, k
tnrs tore- i . . ..-m .
Dlrldrtids ZITZZT
OKLAHOMA PRODUCING" ANDEFINING
CORPORATION OF AMERICA
New Tor March lik. Jp;o
rent on thn omnion Stock of nklnhnm. At! toast l,in" is
Prodiirlnc and Hettninn i orrnratlon of Amer
ica will be paid on prll tat. 1920, to
atockholder., of record nt the close of busl
Iihh JIarch I'.th ltijft
11 I lPlWVItn f rel;,rr
II h
IIS
!)H
!IS
!IX
IIS
!:
!IH
!IH
HH
!IH
!IS
OH
ns
& f'o -i t rt J
S.t
i S Ve 4s
Hudson & Man fd
10000 . . . SHVt
moo .... n;tj
Hudson & Man In
2000 is'i
8000 18
Illinois Central fd
70no vm,
Illinois Steel Co t'i
2000 .. . 8 Hi
1000 . . . Ht
Imp Jap Got 1st
Penna II
.innn .
10(10 .
."eon .
100(1 .
Co Sa
8 8 Mi
884
8a4
88'U
03
T S I "orp of X J
I (ion . . 02
1000 02 Vi
Hop of Cuba 6s '04
I Texas & 17jstern is
I 3000 .. . 81 '4
Third Avo U It Is
1000 .. 48
Union Pacific UK fd
lono . ffm
Union Pacific ft ts
2000
Atch T
i 1000 "',
lono . ''
.lono "',;.
1 toooo ... "
' Atlantic C Line clt
1 1000 off.
I 1000 . U4
10000
10000
10000
sono
.1000
1000(1
5000
2000
.1000
.1000
1000
;.i
Mt
IT
"4 Mi
7T'
7H
;j
i Imp Jap Govt 2nd
V.. 1. LARK A CO.. Hankers
Office of the HIM.OK KMI.WAI. i LI.KC-
TICII (tlMI'VM. llmiKor. Il.ilm-
PRRFEIlrti:!) .-T'li'lv IHVirn:Mi Vi 3
The Board of Directors of th" Tlonfor
llallway A Klectrh- o has ileare,l the rec
ular quirterl dhid-nd of One and three-
nuarters per cent. 'I'M-.! upmi the i'ri
ferred tn. k nf th- i imrtmi iMnhl prll
1st, 10'0. ii .. I.h..lder of re. urd ..( Hi-
close of l M Mrh -Oth. 1120 I iciKI
Will V il..l'-.
ii v 22r'J' IIM'Ci Treasurer
fiii: .i.r,( nut sTniiMd: HATTriti
i oni'wi
Mleuliriii 1emiH nnil lOlli s-trect
riulHd. Iplua Miirrh a 1020
The Directors tin'- di'oTir,'d n MUirterh
dividend of two .10 ion dollars (f3.,",0) pr
share from th" " i irrun of the Cum
pnny on botii ornmon and l'ref, rrcd ihcls.
payable April I. 1020. to Hiockholdrs of
record at tht . lcs of business on March 10.
102U. Che. I s Mill l, mulled
WAi,Ti:n ti. iinvnintTnv Tre
B35-1 NOTH'll IS IIKKLIIV OIVILN
;iy the underslcnrd ha.e -ued a
rn.r
dUDll-
cate certlflcHte representlnir n shares capital
tocK or tneir cninpxn in iiulo or trr
tttlcate No. 17. rci:i.tcred In the hams of
Mnriuret IV. Tulnlnc, the sair.c havlnc baen
ioat In tbi tiuiil nnd trunsf, r st.iuiosl
HI l'I IILIC OIL ND HAS CO.
2000 . . . 7.114
Baltimore & Ohio cv
2000 . . . it Vi
looo . . OtVt I
2000 . . . . V
Baltimore. & ' 3'sS1
4000 . . . 8!'4
2000 . . . a;i j
oao . . 82 '-a
Baltimore & Ohio Is
I 200(1 4 'b
J -.inoo niVii
l..ilti"iorc &. ' '.Ho Os
I 1000 Kl"-i
.loon " i
I .1000 81-Ji
, inoo s.l
Can ?o ltaiinay 5s
' f.ono sj'i
!(Vnt IHl of N J Cs
2000 . .100
I Central IMclllu 1st
7000 . 72 Vi
Clusk Ohio cv IVjS
toon .... " Yi
40110 . . 7IV.1
J (101) "i1)
Chcs & OlliO CV 63
;voo
10000
10000
1000
15000
2000
scoott
73ii
73it,
73"
7S'4
73 U
73',
73'i
. noli
cc I, 1'is
(il ',
. ni,
. til-1,
. iai.
Air I, at
38
38a,
i".il.o.ird Air I, fd
.1(100 ?
Soniliorir l'aclll- fd
I nooo 7.1't;
looo . T.l,
Southern l'ac cv 63
20UO
n Isl Ark
.1000 .
.1000
moo
2000 .
1000
SL'nho.ird
looo .
toon .
Imp Jap Govt 4i
toooo
.10110 .
loooo .
mono .
.1000 .
looo .
inoo .
2000
.1000 .
3000
20(10
2000
Imp Jap
200(1
so1),
. 00
BOVj
. 39
flO't
. BO ".i
MI'v
no
no .
lioa.,
.Ill ' .
.-llt.J
fjo t Os
!llll
1000
8000
3000
southern
nooo .
looo
7000
2000 .
1 0000 .
Southern
100(1
St I- 1 Mt A
2000
3000
ino4 ,
101
101
nail's ta i
. .17 'i
. .17 V.
. 57 V,
nail's 5s
. . Sia '
F Itv &a !
R7', I
87
10000
20000
nooo
U K of O U
10000 .
1000 .
100O . .
2000 .
2000 .
2000 .
U K of
rets ot '22
8000 . 071,
U K of ! B '
t.ta of '23
2(101) . . 01 1 3
lono . . Ii2'i
l.ioun . ni
V K of ii iu l :
82 '4
82 's
H2Vj
. I "2
0.1'J.
n.i;
US'!.
u &
Rales
n -too
180
3 00
309
200
4100
000
400
100
800
1200
lOO
100
200
3U0
100
200
100
200
200
300
1SO0
200
200
GOO
300
400
200
800
7(100 3
1200
400
200
2800
MOO
300
200
100
000
2700
100
200
300
.100
200
3011
700
too
800
300
1210
100
0101)
100
230
1400 I
230
300
!)()
18.10
1 401)
liOO
.-.oo
6700
ion
200
too
1 100
200
mo
100
1210
1.10O
S(I0
IIOi)
loo
1300
1)300
7MN)
I3sfl0,
1 1110
too
too
ton
300
too
22 J)
100
niv.
Ill s
0
12
.so
7
c
.1
G
'4
8
7'
10
Ainx Hllbber 7.1
Alnskn, Gold Minos. 1. l?i
Alnska-Juncau a At.. 2
Allls-Chnlmers 40 ft
Am Boot Sugar H3
Am Can 4354
Am Car A Fdy 133 'A
Am Express .....,.,102
Am Hldo & Leather.. 21
Am Hldo & Lcath pf.. 0915
Am Internat Corp ,..9
Am Unseed 7814
Am Locomotive. 04?
Am Ship & Commerco 73 ft
Am Smelt & Ref C2ft
Am Snuff 110ft
Am Sugar net 127
Am Sumatra' Tob .... 87
High Low
ft
.10
3 Am Steel Foundries . . 42Ji
H Am Tel & Tel OSft
6 Am Tob Sco temp ctfa S7ft
7 Am Woolen UW
7 Am Woolen pf 10JK
Am Writing Paper pf 4
Am SCIno lead & Sm.. 2014
6 Am Zlno Lend & S pf. 60ft
4 Anaconda Copper .... OS
Asso Drv Goods 80
Atch T & S F 82
Tlnldwln Locomotive. 112ft
Baltimore & Ohio...
Bnltlmoro & Ohio pf.
Bethlehem Motors . .
Bethlehem Steel B .
Booth Fisheries
Ilklyn napld Transit.
3ft
47
219
87U
10J4
lT4
I Ttnl aatc
. week I 8
llrooklvn Union Gas. . A3
7 Hums Bros pf 1031
.. llutlo Copper & Zlno.. 10
.. Bulto & Superior Cop. 27H
Buttcrlck 18 Ji
.. Caddo Central O & R. 22ft
0 California, Packlnff .. 7094
California Petroleum. 30ft
4 Calumet & Arizona . . CO
10 Cnnadlan Pacific. ....121H
fi Central Leather 19a
4 Cerro do Pasco Cop .. 48ft
8 Chandler Motors ....120
.. Chicago & Or Wcatcm 04
.. Chi Mil & St Pnill ... 38
.. Chl Mil & St Paul pf..
.. Chl Rock Isl & Pno ., 374
7 Chl R t & Pao 7 pf. 7414
.. Chllo Copper 17
.50 Chlno Copper . .' 34?
1 Coca-Cola 37
3 Colorado Fuel & Iron. 31ft
,1 Col Graphophono .... 44 ft,
3 Con Interstate Cal M . 10J4
4 Continental Candv .. 1"W
3 Consolidated Textile . 23
4 Corn Products Hot,.. 4 ft
12 Crucible Steel U7ft
. . Cuba Cnno Sugar 13ft
7 Cuba Cann Sugar pf.. Hl?i
in Del Lack & Western .1715
.. Denier & Itlo Opt .. 141
." Dultltll So S & At H
5 Kndlcott-Jolinson ....lOGft
.. Krlo "14
.. Krlo 1st Pf 23ft
8 Famous Players-U .. 70ft
. . Famous Players rts SO
.. Flsl Rubbir :!ft
. . iTcoport Texas '-'3
3 Gaston Wms & Wig . . 10ft
12 General Motors 23094
7 Gen Motors deh 7 .. H
Cieiicrnl Motors clfs. . . -0
0 Goodrich HI' ' l
7 Goodrich 15 F pf . . . ?4
. . Granby Conaol M & S. 37
7 Great Nortlii m pf .. 77'4
Grecnc-CJlianea Cop . 33
4 Haskell & Barker Car. .10 ft
t Hupp Motor Car .... Hft
tt Inspiration Con Cop .. 3Jn
2.10.100 elinrcs. compared Utlil 0j.'
"Oil eh.irca.
74ft
194
2
40ft
81ft
42
131ft
102
21
00
03 ft
78ft
04
22 ft
2W
HftO
127
87
2 ft
.osy,
7
117
10354
44
10ft
0ft
0ft
4094
82
11194
35 ft
47
219
80 H
1094
0J4
52
10494
10
20
1894
22 ft
70
30 ft
CO
121ft
81ft
48ft
127
094
37 ft
26
30 Ti
7 1 ft
Ift
34
3G9i
39
4 3 ft
lft
1094
28 ft
84
ion 1 5
43 ft
80 ft
17.1
14 ft
m.tft
lift
23
73 ft
9
38 ft
21ft
in
232
80
2.1 la
70
02 94
37
7754
33
69
13?i
."3'b
Todav'n Net
Close Chie.
4ft ,,
14- ft
3 ..
40ft ft
83 3
43.
131J4- H
102
21 - 4
ooft 1
4
78ft- ft
04ft ft
22ft 94
i2ft ..
110 ft- ft
127
87
42ft- ft
08 ft 4- 94
7ftH- ft
118J4 ft
103J4 94
44 - ft
20ft ft
Mft 1
tS8
to 1ft
82 ..
111ft- ft
3ft ..
47
2194 ..
80J4- 94
loft ..
0J4- ft
A3
10494 ft
1094 94
2094 1ft
18J4 94
22ft ft
7094 94
soft- ft
CO 1ft
12194 - ft
8194 ft
48ft ft
128 ft 3
094- ft
37J4- 94
so
37ft- S
74ft- 1ft
1094- ft
3194 ..
3094- ft
30ft- ft
13ft ft
IB ft- ft
1094- ft
28ft ft
8lft ft
100ft ft
43ft4- 94
8194 194
175 1ft
14ft ..
5 ..
I05ft 1
14ft- ft
23 ft
70ft 3ft
00 ft
38ft 1
25 H
10ft 1ft
258 94 094
80
20 94
7tft 94
0294 ft
37 - ft
7794
31 1
59 96 94
llft 94
53'i-i- ft
Dlv.
Inf
0
Bales
200
400
700 0
1800 ..
1400 ..
300 ..
700
400 ..
1400 4
300 2
1720O 1.70
700 ..
200 3. SO
400 ..
1S0O
1800
100
300
3100
200
4300
300
400 ..
700 7
200 7
200 2.50
000 ..
200 7
600
800 C
200 4
4800 .50
1800 0
000 3
800
100
100 3
C.1C0
600 6
200
100 8
400 1
200
240(1 Ii
1200
0700
100 I
800
100
too
1800 .74
0100
1200 0
1800 II
100
6200 7
100 5
4500 8
100
2300 10
300
lOO
GOO 0
1200
200 G
4000
500 10
100 7
1200
1H0O 3
1400 t
100 7
800 8
8900 8
12200 5
100 C
100 4
100 8
100 ..
200
201)
300
100 4
210 4
201)
120U 1
.300
Int Harvester 'J,
Int Mor Marino . ..w 3594
Int Mer Marino pf ... 0094
International Nlckol . 21ft
International Paper .. 78
Iron Products Corp .. 42ft
Jewel Tea 16
Kansas City South .. 17ft
Kelly-Spg Tiro 120
Kcnnccott Copper .... 29ft
Keystono Tire & Rub. 3894
Leo Rubber & Tiro .. 319a
Lhlgh Valley 459
Loft Corn W w
LoosoAVIles Biscuit .. 55
Loewo Co 31
Mnnatl Sugar "
May Dopt Stores ..120,,
Mexican Potroloum ,U,?
Mldvalo Steel & Ord. 40ft
Mlddlo States Corp .. 34ft
Missouri Pnclflo 27
Nat Anlllno & Chcm . . "J
National Biscuit ... "
National Biscuit pf .MVA
Now York Dock .. "J,,
Now Yorfc N II & H. ;"i
Northern Pnclflo ';
Norfolk & Southern.. n
Nova Scotia S &C ... "
Ct.l rill.ii ftnm I 45
87 ft
42ft
20
40 ft
3794
60ft
66 ft
03 ft
01
Rich. .Low
119
3494
Okla Prod & Ref
Pan-Amer Petrol
Pennsylvania R R ..
Pere Mnrquotto
Parish & Bingham . .
Philadelphia Co
Plorcc-Arrow Motor .
Pittsburgh Coat of Pa
Prctsod Steel Car . . .
noiium, , Kieel SnrlnB
Ray Consolidated Cop 19
Repub Motor Truck .. 38
Rcpubllo Iron & Steel. n34
Royn: Dutch N Y ...10
Saxon Motor lnH
St. Joseph Lead
St I' Sun Francisco .. 23J.
Senboard Air Lino ...
Seaboard Air Lino pf. 17ft
Shell Trans Trading .. 81ft
Sinclair Consol Oil,
Sloss Sheft S & I . .
Southern Paclfla . . .
Southern Railway .
Studebaker
Stutz Motor
Superior Steel
Tcnn Cop & Chcm
Texas Co ,
Texas & Pnclflo ,
Third Ai enuo
Tobacco Products . .
Transcontinental OH .
Transuo & Wins Steel
Union Oil
4lft
. 094
. 24ft
. 8794
.125
45
. 10ft
.181
. 35 ft
. 1294
. 4ft
, 2594
68
34
Union Paclflo itOJi
JOO sharci jesterday.
United Drug
United Rv Invest
United Retnll Stores .
8 U S Ind Alcohol . . . .
U S Ind Alcohol pt ..
V fi Realty & Imp ..
U S Rubber
U S Steel
Utah Copper
Va-Curollna Chom ..
Va-Car Chcm pf ....
Vanadium Corp
Wabnsh
Wabash pf
Western Muryland .
WestlngliouBo U & M.
White. Motor
Wheeling & L Erie. . .
Willys-Overland
Worthlngton Pump .,
Ex-dUldend.
Thus far ttila week, 1.111,800
13 ft
II
7094
82 i i
07
40
10294
07 ft
71 ?
en 94
107
48
lift
27 ft
1094
61 ft
5.7
1294
24 ft
77 ft
00
21
77ft
42
15 ft
17
110 ft
29
36ft
33
4594
1094
61
31K.
100
120
177 ft
4G
3394
2794
69
113
lllft
35
32 ft
78ft
15
5894
46
5 ft
87
42 ft
2894
40 ft
37 94
65 ft
65 ft
03 ft
flt
10
38
88 ft
100
10 ft
1094
2394
0
17 ft
80
40 ft
71
C5fa
24
80 ft
123
45
It)
179 ft
35 ft
1394
C3ft
25 ft
68
339a
llft
131 ft
1094
70
82 ft
07
40
103
0014
7lft
C094
107
48
094
27 ft
1094
51 ft
61ft
12 ft
2ft
70 ft
Today's Net
Close Chie.
110 1
35ft
00 - W
21 - y
77ft- y
43 V
15ft "
17ft -170
3
29 ...
3791 T
394 1M
1094 '
54 .,
31ft 54
100
120
17791- 1
40
34 - 94
2791 y
01 1ft
lllft 4ft
lllft- 91
35
32ft-
78ft- ft
10 1
toft 1ft
45
694 y
87-2
42 ft . .
20
40ft- 94
3794- ?4
5094 Ja
55ft ft
03ft ..
04
19 r 94
3S
89 J4- ft
100 1ft
1094 94
1094 ft
23J4 ..
n
17ft- ft.
81 1
40ft- 94
172 1ft
5ft
24
8794 ft
123 ft 1ft
45 y
10
180ft- 194
36ft 94
191 ft
C4ft ft
2591 ft
58 ft
34 ft
11091 ft
134ft ..
11 ft
7094 ft
N82ft- ft
07 194
48 3
102 ft - ft
07ft ..ft
71ft . .
fi0J4 91
107 ft
48 ft
094- ft
27ft- ft
J094- 9a
51ft ,.
64ft ..
- 12K- ft
24 ft ..
70ft- 1ft
TRADING IN LOCAL STOCKS
LIGHT AND FEA TURELESS
Recent Costly financing Demonstrates Necessity of Corpora
lions Keeping Surplus Reserves in More Liquid Form
'The trntling- In the locnl mnrket was
very light nnd void of feature of inter
est.. I'rlco movement wns confined with
in nnrrow frnctlonnl limits, with insig
nificant net changes.
Moderate selling of United Gns Im
provement carried the prico bnck to the
"v icvei 01 mc, year nt IP, oui uuju'h
orders were reached which brought n
full recovery. American Stores wis
strong nnd well tnken nt -1574. Phi a
dclnhin I'lloctfle milled to tmr. Phila
delphia Ttnpld Transit met supporting
orders nfto thmiln,. under '.'!. Small
profit-taking snles chipped Vj off f
Electric Stornge J3nttcry nt 1K1. There
was good buying of l'cnnsylvnnln Itnil
road which lifted tho price to -12.
Tho dealings were greatly curtailed
by reason of tho storm, which not only
cut down the nttendn'ncc in the brok
ers' offices, but also Interrupted tho
wire service.
Nothing in recent yenrs has come in
for more wldcBprcnd discussion than tho
announcement mndc this week by the
United Ons Improvement Co. of the pro
posed issue of new preferred stock. Any
one having made only cnsual study of
monev mnrket conditions at onco rec
ognized the mnnngement hnd no other
nlternntlve in making prepnrntions for
tho financing of the underlying com
pnnics for the Incoming fiscal year.
Tho proposition, in nil events, will
provo much less expensive nnd trouble
some thnn if nnotlier short term note
issue hnd been made. With time money
virtually loaning on a 1) and 0V4 per
cent bnsis, and almost not procurable
even ut such prohibitive rntes, any one
with the lenst bit of imagination can
appreciate the price Iho company would
have been compelled to pny for the same
money if it hnd gone into open mnr
ket for it.
Some criticism was mntle of the new
financing policy of the management on
tho ground thnt resort should havo been
made first to the large accumulated
surplus. It will he recalled, however,
that Samuel T, Hotline, the president of
1110 company, nt scverni ot the annual
meetings of the shareholders went out of
shares. Samo period last
. . t , ....,:. . Il.n XT,. Vnel SItnol l.?Tolifln!-o
rc quotation table printed above U ernnpWr summitry o , ,r .. ' , "ft"
'oinpleteiicsM of it- service.
Ill, reason of the cripple, wire scrv. es u. ' ;-- ""- ,.,. ,...,. . comnlct0 Mlmm.iry of the
J 11 order to give tne reuinni " "- .... - - ,
day's irnnsn.'tions this tnble wns obtained by f.peclal wire.
NEW YORK BANK STATEMENT
thnt existed concerning the Inrgc surnliu
of tho company. On ench of theso oc
cnslons Mr. , llodlne pointed out that
tho funds were invested in securities of
the underlying compnnlcs and were not
in ensh, no n grcnt mnny supposed
and accordingly nurh funds were nnt
uvnilablo for cither distribution or other
l.urposcs. vr
The Incident has brought up the nun
tlon of surplus reserves cnrrlcd by nil
classes of corporations. Tho present
dilemma in whidi many of these con
ccrns find themselves ns result of in
ability to obtain necessary working, .,-!
tnl A.ri.nt nf n,.,!. tLtil.... ..
vui, Muin , ,iuuiunivu rutes, ques
tions the wisdom of tying up these sur
plus earnings In whnt might now be
designated ns unmarketable securities
.ii, 10 11 ftiiuwii mtt mat 111c invested
eccuritlcs held in tho Btirplus reserves
of many of these corporations would not
bring thirty cents on the dollar. When
conditions get back to n normal state it
might ho well to make u radical clmngp
in the fashion of surplus creations, and
keep a large proportion of these larger
comings in a more liquid form. Prom
nn employment viewpoint the surplus
rcscrvo of the majority of the corpora
tlons is entirely n myth.
Money market conditions arc still tie.
all-absorbing topic of discussion n
market circles, as well as constituting a
big stumbling block in the wny of widen.
ing spcciuniivo interest, 'ine tlghtnesi
of the money market is constants
brought to tho attention of the ntnei,
exchange houses in some unpiea.nnt way
ui uuuuiL-r iiiuiuai. cuuti mircccuing dor
An incident of which wns cited by a
well-known broker today. It appears
the firm hnd a standing loan for a nuin
ber of years with n prominent fiuancial
institution, nnd while there never had
been any question raised as to the char
acter of quantity of the collateral or In
test rates, the loan much to the chajrin
and discomfort of tho firm, was called
n few dnys ngo. I)y rensou of the exist
ing conditions in the money market, the
firm experienced considernble difficulty
in obtaining accommodations elsewhere.
The incident is a straw in the wind and
is n rencction ot the process ot dcDatlon
his way to dispel nny misunderstanding I of bnnk credits now in force
COTTON OPENS STEADY;! LIGHT RECEIPTS BULL
FIRST PRICES HIGHER1 INFLUENCE IN CORN
Market Quiet Because of Wiro
and Transportation Trouble.
Domand Easily Supplied
Commission Houses Persistent
Buyers of Small Lots of
Staple Oats Scoro Gain
!Z?S!TRA1G ON "CURB
New York, Mnrch 0. The cotton
market had a quiet opening today be
cause of wire and transportation diffi
culties, but noted steady, first prices
being 15 points higher to fi lower.
A small demand from Liverpool nnd
spot houses was supplied by room
traders.
The receipts ut the ports for the dny
nro cstiniutcd at IS, 000 bales, compared
with 28.C00 bales last week and 11, -ICO
bales Inst year.
rrev. olono Open Hlah I,ow close
March 30 IS .'Id 20 :m..'iO 3D.0.1 30 01)
M :i sj :t.i sr. 3d ft.-, .in so an.s2ift3.i.S4
1 July 3U 1)3 33.117 n3.MI 33.0tl 3L' 073'.'.ns
;i:s ,io :is ;,i).;;s au.ou :iu i.,(t.iu.ui
8(1 ll
Mil',
. 8l-'
of S Ft)
:n
3000
1000
snoo
Unilfd I.
4S et ct
lllllll .
1 .KHiii 'zr,
1(1000 . 27
,1111)11 2.1
30(10 8.1
U S Heal & linn 5
l()0(i 7.1 'h
U S Iluliber i'o is
1 Inte.nr.tfl M M tis
o. Q
FOREIGN
New orh. Mai
exchange ni.irki t 1
morning, mi, rn
EXCHANGE
li I! Tin- forei
iicnci
hem
llll Clashes nt 1 , htingr.
Openii g iii' 11 1 t-it)-, hitp
Demund -filing .'!ti(l"i,
3 01 ' . frm I'l,, 1" "!!.
1.1.81 . Jir- .iilile- is no. , hu-k,
Swiss cobles Ti !U1 .Hecks .1 !iL' .
cables ;i7-l. i-hei k ".T'i ; tii'ta
lower this
in 01 dt r in
10(10
moon
chl H
1 tnoiio
I KIIIIO
', ."OIIO
i (lllllll
I Chi U & Q
I nidi)
,nn ii 1. &
11)00
lMs
7Uft
II 43
01
III
1)3
Jt
II 4'sH
70iM
r i'o "s
71'
Is
MP M A: M KI! I '.)
joun . r,:t
t I. i. s-m l"i in nt
inon t;t;
loon 1;
1000 . , 1;
iiiiiii .. i; 1
kooii . ti
.lono . 0"i ft-t 1, & s',n Pr.m ,ij
Interhoro Met i1t;s ;i0oo . l3tM
1000 . Il'i i;t i, ,t .-a .-r a
loooo '' ' 3000 . .i;-Ji
moo . .ik
3000 .IS
1001) .IS
1000 . .1a',
St 1. & San Fran II
1 1100 . ns j
1000 HVj
St I. & .".in Fran C
80
si
-l.ol
1 ; 1 ..
in '..
.
si '1
h. 11 l-t
'II 's
I! I " 1st
'.",, .nil o Ur't Wist
1 "' ' .,,,,,,
1 v n 1 ""'"
lUlllllT 1
c.ihles
17.00, clieekx 17(1. Stnckhnlin uililes
lf).7fi, cluck- II (in, 1 hritiiitiiti miIiIim
37.70, checks 17 '!0 1 'opi'iinagcn 1 ulilp-.
10.05, clu-ik. l."i 'tO Ilelgiju cable,
tlS.tri. checks 1". 17 inat'ks 1.0"
TnsTiirtDw s i iai, ql'otatki.s,-
s,. rlln; rrin'n l.ir- Ouil't'Ti
Domand . 1 ni'i n '17 17 el' J7
Cabled :i ml 13 tl.'. 17 sn 37'.
TODUI- nl'ITSIN". JlOVAIION.s
hter1 -trf PrMli, h I. ir Uu Ideri
Doitmiv) :i tin", ust iiij ;i7i,
C4l)l( I HI' j 1 1 "w li on 37.
BANK CLEARINGS
Hank clriirinc tcl-iv ,ompBred vi'h n r
rndlnB da...,, ... j.jr.
ThllB- l1") "l'1 " 1" "' 7l'"i '! I"11 17'1 111
lioiton. .1- J"v ''' 1 -' 3s 1 mis 311 710 1st
rhtcaso 117 071) is'i
Jf, V 711 (is'J 117
-
S f. t'i I
,10U(I
Kino
lr M ,i t I
I 1 nun
CM St P
I liKin
jnniiu
! cm H
lono
1 lunn
! 1 11110
I iiiiiii
I 1 noil
j .10110
1 lliiii'i
I .
c 4'.s
II'n
7 1 V.-
f.l '-.s
(,ll U,
gin I M:8
73t
7.1'.
Pho fU
mi
Cii
nil
lid
mi
tin
0(1
Mr-INPV.I PNOINO RATES
,.,,,.
IMirXAHKU'lllA-1'iill. i per cut;! V.'.L'
........ . 1 .-,.".
.1000
111(10(1
time. 0 per 1 out ;
three to six monll
iMiinuierciai
', 0 per cent
paper,
LONDON Mone
ncr cent Miscounr
nnd three nioiitlih
per cent.
Reserve Danko'
The first column
is quoted nt .'i'j
rales, short bills
bills 5 l.'i.l0i7i.V
Discount Rates
ivex rales lor all
' .,
r,eel.ls iiii to i) ml ini'luiliiig a fifteen
day nwturit, tin1 second for n period
m' , , A- ..l..n(.. .1.,,. Till, ,1,1.1
01 BITIICn t" mi"'., in.,-. , i..ii.
und fourth columns give the rates for
inliscouiitK for collateral loans secured
by, government bonds or notes.
Com I tMiier Gov't paper
, Id to DO 10 to DO
10 da)'"
. . il
tl
. . tl
tl
H
n
n
ii
n
u
H
11
YtAfctnn
N'mw Torlt
Phlladvlphla
Jtlclimond
Cleveland
AtlnnU
Obir.Ku.
inn"i"'
! City
LeeB , ,
i' Frincljco .
du5 0 13 diiyt riae
H : .Ii
ii '3ii mi?
Il 314 M"
tl ."Hi M'i
II '. '-.'j
Il 'l1 .',
II VI', M',
II M'l MV-)
II M'4 Mil
II M M
tl Mi Ml,
fl Rli fllj
Chllf Copper Co Bs
jiion . . 70'W.
C of N V 4s of 'SD
Kino sn
C or" V V 4 'is nr CO
(Kill UO'li
inon 'in
( M I'vsnf 01
111(10 !l'l'ii
Paris B Bs
III
01
'il
.Villi) 1)1
Consol rt J.s Co 7a
llllll) lno'a
r.oon lllOis
Kino mult
lllllll) IIIO'j
!i(i(i(i lao'i
r-nlnn Am Sl'o I )-i
' 3000 77'
Dcti rtlo Gr.tnrt fd
HOOD 10:)i
Den & r. urana a
inon . . . n.i
Dom of Canada "0
loooo .. 031
nooo . Ml
jiioo . ni
looon . . . iMWi
I -J 0(1 II . 3Vi
18000 03H,
Intcrloro Hap T fd i
SOIIO . . .13 '
101)0 . SSli
Intern'l Agr Corp 5s
1000 li)
loua Central Ity 4s
inon .. tl
Kan City i S Ry Cs
soon . anVii
3000 . tVi
Kxtn City Tor fly 4s
inon "1
Itck Sti el Co of 'DO
Minn . H7!
Tjlgg, it i. Myers 7s
jnon ID" Vt
I, s & II bo 4b '31
Iiiiiii S3
l,or i ml T Co 7s
.mill . . lOS'-fH
L, & v it P. & s ny
Monon 4s
imin H3,j
Mann itt.m r: ny is
101)1) . . . i13?d
mi. ii nt nn D Is
jnni) . . . SO'U
Mnl Seel & Ord Cs
iiiiiii . H3V4
Miw.iilkeo I.uko S
A W'n n It 4s
liniii) .... 33 ,
Mo Kan & Tex 2nd
mini . . . so V
Mlseourl Pac irm Is ,
nooo . . . 'Ill
jono .... ss'Ji '
1)1100 . . . ns '!
X Y C 4 11 II It s
3000 . O'J'h
Kino .... US'ti
!)00(l . . . 02 Vi
y y I, II & P ''o -is
jnoo .. . wiV
N Y Ont & W It 4s
SHOO .... 1
N Y Uallways Is
inoo .... as
N Y Telephones Cs
nooo .... !
"uno . .in
Norf & Western
nooo . . . ".TV
Norf & West ov
looo . . .1UI14
nooo ... .loiWi
Northern Pacific Ss
inoo .. ftl
nnnn .
Kino .
noon .
St r M
1)11)0(1
I nnn
. si)
so
M C4I
KM
101
Rk
inon
Cti'd
lunn
mini
mini
iiino
rinli P
'.'mm
,Vlri i
I -joint
WrIm-i
I 'Jllllll H7
I lllllll S". ,
West tl I'hc I! I! 1st
lllllll HJ'j
I West -!l ore II It 13
I (,nini 7l'-j
' ll--oii ( o luc cv
3IIIHI
lsnnn
, Wii- i ' n
innn
Y s. nrun
I A I MilUl
1 (iiiiiii
Ill's
HVi
III'' 1st
!H1
"cut Sup
Iiv fd
IS
5
Unl Is
Oni) tenln
7S-, ooo Ham
2S ofin en i i
ThuB ',
nod I f-i
I"
lU'ill.-
. J7I
", !,;, lion
I'niitN .'!'.,
liomU 1st
Itonds L'd
Knnils 1st
lionds -M
llnnds '!
I I. il ltomls -Ith
I Victory Notes
. Virtoiy Notes
I. ill
".il.
i.ih
I. ih
r.i'n
I. ib
ii -
. . . il.'l lis
Is. . HO
is. . sn :,i;
'Pais !! in
11, h Ml s
l',s frj lv
IV, s !I0 in
01
H7
H7
t"oe
ICi.O."
HO.'JS
SO. 10
oi :;o
?!i.7S
o'j.n;
oo. OS
07.10
07. IS
A Hidden liprush in foreign exchange
with tho nound sterling home ri0 ceuts
lover it-" low record of u month ugo nnd i
coii'iu-rent advances in rates to the j
, otlic allied countries were mo lore
most features of the week in the finan
cial market.
Ili'pnrts of immense use nf coin ou I
farms have tlniio much this eek to force
ii lively an ont of Iho com market. Com
' pared with it week ng". corn quotations
thih morning blinwed a net gain of fPic
to ll'ije, oats were up,'Jr,se to '.',1 ll',i''Ar
and provihitiiis -,"m' to S2c
It was aiiii'iiincetl ln-l inglit nt the
New York IVd'Tiil H'-k'tm- Hank that
in, covt illi tiles of indeliteiliiess mntur-
inc Mnrcli 1." nltl iu New irl; district
niniiiiiited lo SOI 1.000 0(10 About
Sri!l 1.000. 000 of these lav certificates
me now being In id 1 li.inks corpora
tions and other in this district, as
about S.'0. 001 1,000 have liom retired.
II is reported (hat the I'nited Iron
Works will change par of lominou from
SI (10 to !?."0 und i"sii'' to new shores
for each' share outstanding, nnd also
offer stockholders new stock around
SUL'.riO.
The nteiage price of twenty active
industrial slinks declined 0.11 per cent
jesterdiil to 71. ."1. while twenty rail
roads advanced 0..".0 per cent, to 1)1.08.
The Muck exchange opened nt 10
o'i'Iih k tins iiioiiiiiig and then ad
journed until 10. .'10 because of the 11b
M'lic of 1 lerKs and number who were
deliiMil in reaching their ollices by the
slut in Similar lu-ium was tuken by
the 1 'it-li nnd ciiiisolid.'ileil eichnnge..
IS AT STANDSTILL
Price Changes Generally Small
and Result From Offers
by Boar Traders
Actunl Excess Reserve Cut Down toOctoi
,,,., vr'VoX ZL. t GAIN IN LOCAL CLEARINGS
J Villi; J5 v,H . iv" ,-... s ...s....
furnished nn unplenhnnt surprise in re
OILS SELL AT LOWER RANGE
Now York, Mnrch 0. Trading on the
Ilrond Street Curb was almost at 11
.standstill today. Price changes weic
generally small and consisted of de
clines resulting from offerings by bear
traders.
CJenernl Asphalt wns firm, moving up
from 88 to 80. Indian racking wns In
deninnd, innging from i;t to HVJ,
Tho oil stocks were generally in sup
ply nt 11 lower range, although White
Oil continued in demand nnd advanced
from -0 to liO'-j. Texas Co., new,
sold nt 'lO'.i. Dominion Oil dropped
from l"1 10 Iflifc.
Submarine llont fell from 17 to 10,
but recovered pnrt of its loss before
the close. Hrltish-Aineiienn Tobacco
wa stend.v. sellnc nt IS
There was little Imsine in mining
stocks, tJinse Issue lieing specially In
Jliieuced by the suspension of telegraph
communication.
IMU'STKIAI.s.
HUh
Arnii) I oal . . lTn
Amer ( and
Hrlt-Amer Tob coiipon
len Anplialt prif . . .
venllng n reduction in excess reserve of
RS2,40..,000, cutting tho actual surplus
above legal requirements to $2,009,000.
The reserve in tho Federal Jtcsorve
llnnk bhowed n decreuse of $30."00,000.
while the liabilities were materially in
creased in (lib jump of $i:i,lU:i,000 in
demand deposits. No doubt 11 larger
percentage of the deposits represented
tax. pulmonis, finus showed a nym
innl iiicrcaso of $.VJ 1,000.
Details follow :
AvniiAai;
.?,1. 001, 177,000
l.iiirj.illl.nuii
lii.
is
Sit
II',
to
LIVESTOCK QUOTATIONS
I llli inn. Mini) il - IPKiS llecelpte.
ooiiii mud. held over I7M head Htendy
mik 1 1 7 1 n n 41 . 1011. tin
llt.ll!
l.'i I.'
'II I I
plK
II V.I'S
Jr, inn
mi:
tc
13i
11 :
nn litis-
cklnx
1 3 I'M". -Iteiclpts. 1000 Ii. ml C
1l1h w." 1, nso. Most uri,,M of be
nml butfher Hock 75c In II higher.
Local Hid and Ashed
Am M.lp and Cum
tmru'in Siorae
II, Mm In
llr IMi
Mutt .- .sua
Ilulf & Sun pref
1 r.iinp
SRti!
at in
on ou't(sudln? ctrtlHeatn. of ln
1 contluuu Mnchansstl at Vfr vet
11)110 . 31
Oregon n It & Nav
1 Co 48
1 JUDO . . 7
3000 . 7'l
owash n n co &.
Nml Co 4s
snno .... Vi
jnoo . . os'4
I Pac flan & Bleo Cs
000 .... ,t,'
i:i,f st,imu.
1I1 11 Aeplult
i n AHpliblt prtf
K. 'IVI . .
I. j,(e Sup Corp
l.fli Jh Nu
, l,ehll!ll Vulley
I leiiiifii Vol Tr
t.nliltth Vul Tr pref.
7,ennlinta
4b 1 1'hll U'.ee ..
Philu Co
t'hilH f'o .1 p c pref
bs I ptilla f'o a P c pri f
rhila II T .
He.i,)lrE
Tim lie!
Ton Mln
I'n True
I- r; 1 . .
1' Pteel
Vork rtwy
York ltwy pref
Tnd.n 1etirdu'a
Tl il ., in. I , .1.
'-"j -i1: :jb 1-1
1.1 in 1114 ns
111 . 11- 11V 11.1
: 11 i-' 11
" 1.0
t" "'i 17 in
isii 1 -. 1.0 i-,-,
113 II".'.. IIS 111
SS llll MS il,
l'JS I I I3ii Mil
IIH3 II (,i, I)
ISL. l'I 1st.' I.t.
.' 1.. . L' ll'.-'.j
411-j i- f.l, 4,
Il in '1 (I)
.11
12'. l-t 1J'. 4
37 i-'t :is :tsij
1."' 'in L's 311
3'J II lis na
t"."i ."t'i ajT, l'3';
75 7',' j 7r, 7.1't
,-;. -". '."t L"i
31' 3.' j 341J 31t-t
41 Hl'v lll .l)li
1)7 1171, 117't Ii7i
lu 11 10 II
M'l 'II jlO'j Ml
lllllll lights 114 .0W
8owi smooth, $13.-3
mins rnusti. l-.riuwi-ii
(lO 14.73 . ..
V.OIIItUI R".
or Hieers
ciinnors.
i..ni..r Iw.loifiia unl hi. iv liuel ImllB.
'Hi 11 c lower, cuIvck ei.nh 10 :!3o hlBher:
lm kr and feeders. a!W ; 5n. hlirhor.
in;i:i' llcuiipti'. ioimi iiHud compared
with 11 wetk uiio: Hem linrdt weight lambB,
'.ill 30o lower, others lnt 7S(- lower: year
lllnim MM 5Uc lower. c ete.idy to -3o
iowi 1
I'ltlsl.ursh. March tl - IH.fJ3 ,HelliJf.
IMin lieud Lower II, ..he tll.N5vl-i.
heuv yorkore 110 M& Id 10 ilBht yorkir.
... 111, n n .t ,.,--,,
Mlii'KP AND UMIW ll.eeiptM. 200 head.
st'nU Ton sheep. 115 lo top lauibH. 120.
CALVES ItecelptB H"l bead. Steady.
Top 421) )
r.ai.1 HiifTolo. N. V.. March ll CATTI.U
1, ,., u,n. 350 head Moit f'alvca Ho-
celpts ilOd head; 2 nit iucr J1W20.
I H 11 IH ItecelptB. IH'in Ii ni 'J.-, to 40 cetltil
li.... . II. ,.w JIT, 211(11(1 mled. 110.2311
'J'" !.- iirt ir.. i nn 1...1.. tin no
IINll, "",'J.'..ii
oiitns, i.ah
ItecelptB. 2800
lower I.amb.
nitre, si.-i.au
uheep, 11.50
Indian I'urluni:
.Norm Anicr rupnr . .i-t
Orpheimi Ckt . . 32
Perfection Tire . i'.
Iloot Vuiid, rort . 47
Hepubllo Tiro Huliber . l'
riubnuirlno lloat . .17
Sweet h Co . h84
11 M Htep.ni . . . 3
United l'kliire lrol UU
lNDlil'llNDKNT OILS
Allied Oil ... '-.
Amal Itovalty . . .
lloonc on .
Rarlb Hmi
CltlcH bmiri' if cttn
Condeii & 'o
Dominion
Du'lUfsnii
Ulk ll.tt-ln I'et
Uriel oil
Ksmetaldi oil
Federal Oil I
Lo v
l't
!i
IS
Si
13t
aft
.r
I",
111
!.!
Clote,
t't
n
IS
SS
31
Loan dtr
N,t il in ni'l 'I I1
Net ttnic ib p
circulation
cash In muiIik. . . .
lleeervo In Kidertl
HeHOrc HanUH.
Iteeervc In elate
bk3. and tr i"
rte.ero in si u
bunk nnd tru-t
compiny tl'P
AuKncUK leseno
Itecro renuii'rt
Cll!.SH
tL'nlted Hutei dipolts deducted
OOO.
ACTUAL
Loans 15.104. U7.O0H
Net demand mn T
Net time Ijep
Circulation .
Cash In null
ltenrvo In ll'ili ral
ItnBdrvo llatikn.
Hesere In stale
bks. und tr. i o .
ne ro In it no
hank and truM
lompaiu dep
A(Wremo reeri.
Kenorvo requiri i
llxeeHH
tUnlted Slatts (lpoi"ll deducted
OOO.
!) crenie
3IH.S33.UOII
33,021,000
00, 105,000
510,110.000
12,801.000
10.fl.12. nnn
MM, 11.111,1100
513,773,530
20, IK 170
f1.OSII.2tlK.0ilU
24ll,n.1H,(IUU
33,384.00(1
V8,o:is.ooo
Tnereale
$1.2111 001)
3.1,573 noil
I. Ills, (""I
l.lllll Oiiii
1.2l7,0iJU
Corn
Jlny
Exchanges This Week Ran 28.6 Per
Cent Ahead pf Last Year
M Ivn llllllltl a lAnnl Kunl' AlnnalAMi.
noted lust week was more than made i Spneral gnin
up lliis week when the aggregate) ran
2S.I5 per cent above tho corresponding
period last enr. Total for the week ivns
S110.-iril.031, ngaiust $:W.100,S26
thi.s week last year. The Mime guin
per cent was made by New York ami
lioston.
Tot nl clearings of nil the clenrlng
houses of the I'nited Stales nc-
ording to the I'iuuncinl Chronicle,
were sn,122..S70.l7n, ngninst ?,SI2,
fl".n,ri02 In the same week lust year, u
net increase ot .;;., per cent.
Comparisons follow :
11120 mm r c
NY ... II 031 30.1.0.10 J3,lli3.3()0,3n24-2R 11
an.vi.v BELT u-katiier rOHECASl
Cldenco, Jlarch 0. Illinois. MMnconiln
fair tonlBht nnd Sunday, colder Mimes
eota. Iova, South Dakota. Nebrneka ami
Kansas, folr tonlKht and Sunday, warmer
.INorth rlnkotn. Montana and .'iVyoinlnr
fair tonlKht and Hunday, warmer.
Chicago, Jlarch 0. Strength dcrcl
oped in the corn market today nflcr h
hcsitnnt opening. Lightness of receipts
ucieu ns a DUiiisn lnuucncc, and to, too.
iliil annDunccment that the United
States Grain Corporation contemplated
selling ii.uuv.uuu unrrciN ot tlour to En
rope on credit. Darin? the imtiirn mm
mission houses were persistent buyers of
(mini lots of corn.
Openin,; quotations, which ranjed
from fjsc decline to 4c advance, were
loiiowcd by u moderate general advance
Oats hurdened with corn. After nnen-
ing unchanged to Mc off, including Julr
at "fi'TiC, the market scored a sllshl
1.IIV
.tuly 1.35U
bertcmber .. 1.3111
vain
. R2
35.00
Open JIbjr Iiw
May
Julv
1'orlc
May
July
ltrd
May
July .
Ill on
May .. .
July .
1.15
1.3S"i
1.33
s.vt
7tl
35.10
1.4t'i
1 35',i
1.3l't
7ui
31.83
Cl0!
1 !!
I .IS'
1.35
Vh
7C'i
21.13
1S.3.1
18.00
21 3.1
22.10
18.42
J 8 00
21 4.1
22.02
1S.32
IS SO
31 HI
3175
21. SO
22 07
I B.I?
18.8:
107. Oio
1 20.000
41 t.nno
7H1 lino
i r.'.is s'jn
.-. nrn s.'n
H8.023
rhlcico
riiil.i.
lioiton . .
KatiHdH City
St l.ouls .
San Trail..
Plttsliursli.
Detroit.. .
ll.iltlinorc
N'. Orluans.
I173.li.'ffl.52l
llll. I.il IMII
31111.117:1 l.l'l
a 13 :i:is oi'.'i
11,0 ,100 21".
1 III 5.1...7III
111.1113 SVD
1110,321). 1110
S2.ll'll 312
07,bl7 021
17(1.017. 2I4S 1 I
:iln,1l!ll,H2(l-f 28 ll '
237,lll)2,5l)tl 4 2K il
1TT.7 10,27.1 .111 I)
12S. 5111.3034 21 S
1I8.7I1.SK.1 IS I
11)1,0011.203 1
UK. 215, 377 32 I
C,7 217.r."R22 1
48.402,232 40 t
miadclphiu Stocks
DIVIDENDS DECLARED
15(i nnn
in ii:i;t non
2.15'l OIIO
"i nun cent common. pnablo April
'5' Ul I rciord March 2H
Texas Co.. nuarterly 52.50, payablo March
31 to stock of record March HI.
Cudahy ratklnu Co., quarterly Ut per
u to filOCK or
32
l"-i
211
311 1 1
''I
1.
Pet . .
Hertnere
ICrl ll It Gen'l I.len livmiii H It 4s of '21
1000 3 ' 4000 . 01 Vi
Krle 11 It Co ov D I Prim H It gnt H4
000 2 000 - "
Krle H It Co cv 4a j 0000 . 'i
4000 .f. 54 X00O . ... 87,
BUTTER, EGGS AND CHEESE
New Vork. March 'I Ht'TTKIl Firm,
llece.pta 1111 tuba i'rnmery. hluher than
extraa. 05H(l'i'4c, extra (U2 acore). 14W
ilt'ic nmtn iss to in ncorel OSH x u:
iMcklnc atock. current make No, 2. 38W
38'4; e
CnilU I-t,kllll.il riMalntB 111 AtA mH
rresh-eathered extraa flrata Blc. do. flrata,
1I)1r',0 atale Pennaylvatila and nearby wett
rrn b, nm ry whitea tlret to txtro, 33530,
do broun. eira B4iff55 do. 'Kathered
brown and mix '0 coli.ra flrat to extra, 4DW
53e
rilKF.RlV-Hleady Ilecelpta, 2880 boxea.
Htate, wholo milk flata, held, special. 20 W
gaict do, Hveraro run. 28120oi atata, whola
milk, twin, held, aneclala, 2JSt20!c: do,
ttyerara ruaMTn 2$M
It I r,(i yorkera. H'!i5' 'l i'io. li
S1II3I). Pl5,11?'M,"" "
1 HI KBI' ANI 1.AMJIS II,
s..i Minn' I.amln 21e OI
li,f20; yearllnka. flJ" is ei
'till. eve. IH14 50 inW.d a
1 5.
rnt St. Iinls. Mu -b r, HOOH n,
celnis 5300 head lllith. r Hulk. Iir,.n0
CCipin WWVW .,r,firi4 If. m,HIm tIK .Itffl
ivoii: iicKt, IK-nnH'i iu-ht uBhia. Iin.r.ow
e i.nnW nacklnar Huv m tmooth. S12.75vil
is "3" puckltm sows, rouih 12.60(J13:
nH IU.50W15 50
1'X'ITI.K llecelim 2,-,n head For weelti
Hutchera, 60 renta to 11 hluher: ennnera itrd
voala. 23 centa lower sto, ker cowa and helf-
HIlTllSl ltecelpla. son bend. For weak I
Lainba, 73 centa loer, aheep, 50 cents
hluher.
Kunaaa City, llo.. March fl 1100811'
..i,m 11100 bead. Strops lllllll. 114 7.1
11 151 haailca. 114 4IIW14 75: medluma.
ili J10W1B.10, ilahta 111 7liffiri.1: parkin
Iowa. 12 30W13 '.", plk J125O01525.
CATTW'-He 'pia 7fln bead For wek:
Htnerv. 25 en a 'o tl j higher calvea,
mostly 50 cent lilsher feejeri, 25 cents to
75 ccnt nlaber
StSifP IjKalPta, 250 head. For weekl
Ijimba nnd yrarllnica, 23 csnta to BO centa
lower; sheep slcadyj ftedln lamba. 75 cent
ti 1 OWf
Hlenrock Oil
Homo oil .
.Island OU
Kay lo liua
l.ltlnimtnii
I .uno hlar
Metro iiolliiui
Producer
ltan uu
Halt Cruk l'rod
rlon.uov.ih mi
Hkelly OH
Hlmni" l'i t .
Hpencer ! t .
r.au. Itnuuer
Texas Co Ml . .
Tropnai nil
Victoria OH new
Wlnt" OU
MIMNfi
Alaa-llr Col . . ...
Arizona HtlM'r
Atlanta ....
llelcler Duldo . ..
Uolcher DIMda I'.xt
Dootli
Caled Mln . . . .
Coph Vlriflula
Creacetit MiNumuni..
El Hulviidor
Oobl Kewalia
oobl .iieruer .
Oobl Hllver Pli k
(lold .onH
Jiimoo i:tMulon .. .
Knox Divide
Louisiana Co
McKIn Uar
McNamara
llocneater .ilinea
Hopo llroun
Bllier Klnit of Arl...
Hllver KIiir IHMda
KucceMB Mln
Tonopah Cah lloy . .
Tono-Jim It . .
LTonopah lldwa ,
Tonopah H'mue i;ula
l'nll"d r.umini
Victory
White Capa ,. ,
Whlto Caps Kit
IVllhert ...... ..
YcrrLoiitOn
3'j
:i
,i't
,j't
llfi
III
si!
4ll-i
21
1.
2'Jl,
l"i
ll
14
5
31
14.
a''
3
i!
So
Vi
it,
2:!S
3s
K'4
u;i
n
:;
3'
'
3
4'1t
T't
3.1
t'4
47
3iJ
12'.
IH
21
3li 'i
s .
I'l't
S'
!
't
I
31,
3
C,
h
3
521, 230.000 30 300, ODD
13,075.000 308.000
10.511,000 7810(10
rilt.M2.000 3I1 77.1.110(1
512.152,040 l,7IS.li'in
li'lli.ono -ll. l'i i nnil
lis n,i2
Ol'TSllii: RANK STATHMKNI'
hi A fl'. HANKH
Lovintl .
Oold ....
Currency bank
notes . . . f .
n-posllH Federal
ItcHerxo Hank of
New Vork ... .
Pepnatts . .
Ilenerve on depoHlt
I'ercontaKc of re
aervo
.70 201.200
U.53S.300
31 510 300
ii7.rns.nnn
S27.S3I1,50II
12,1.010,500
I.oHtia . .
fiold . .
Currency
notes .
l'0)tH
20.2
THL'bT COMPANIES
... 12.01)0,1181,500
ll.lU7.tino
bank
federal
In .
7in on
7 in uno
I 03(1 Ron
10 Ml 2IID
3,1 Wi, 1 00
)!,", I II. nnn
33,700
20.800,000
55,500
H. II Krea.". quarterly I por cent on com
mon, pa innn .il.n i to niock oi record April
jn and 1" p'T o nt on prefetred. payable
April 1 to stock of legord March 20,
Armour Leather Co . dividend on preferred
nt rati; of 7 p r icni a e.ir for period from
Viiroh 1 to April 1. Dividend li payable
April I to Block of record Mnrch IB.
rial, Hubb'T Co . iiuarterly lit por cent
nn sot oud pieferred paMiblo Juno 13 to
Bioik of record Mnv 31.
Iloolh I'I.hIi' rl"s 10 iiuarterly Jl.7,1 on
iirnt pr'fured pajabln April 1 to ntoi,k of
in ord March 13
iliinie llunil''v Co nuarterlv lij, per
' ent on lireT'Tied paMiblo April 1 to atock
of reiord March 15.
Manhattan lMectilc Hupnlv Co . quarterly
1 pi r cent on common and l8t per cent on
tlret and Is per cent on second preferred,
nil pa) able April 1 to stock of record March
OUh Steel Co., quarterly l'i per cent on
iir ferred payable April 1 to atock of ucord
Mnrch 20
BAR SILVER
Commercial bar silver was quoto'd in
New York today at $1.28!H. down 1c.
In London tho price was 78d. up Id.
M!
Hlcli Low Cle. clue
D.i Am Sirs. -htVj -101, dri, .
22S Kl Slor..ll.'ll, 1111 11". -I.
2S.-i I O N A
war R S S
ll LK H Ijor ! JMi 18-Vi.
35 T,eh Nav 02 '4 U2K 02ij,
Jill Pa Tl It. -12 42W 12 U
fiO I'liil Hire 2.") 24i 2.'i
2K, 2.' .
15." P H T.. 2.'l
lfiO Ton Hoi. 24
707 U O I... -VnVi
10
in'1- 1
Total aalea. 20 17 rhnrea, compared wltl
14.001 aharea ycaterdny. Thus far thla w.
12.5,18 aharea. Hanio period Inat neck, 52'
2,i4 sbnrea.
Hi lea in IIONDS !4
liono niKh Low Closo cfiie
,'l Bn Id I.oco
1st ris ... no 00 no - 'j
1 T-eh V Coal
5s 07 07 !"
Ui Mb Honds
.'id d4s 02.4S 02,'l.S 112.1S.48
100 3-5 do -Ith
JVtR... 110.01 00.02 00.021)
I! Vic -10in. . 07.10 D7.-I0 O7.JO-t-.01
3 3
411'. IDly
I I . 1 1 1 "
III 111
21'!, 21',
l't ti,
4I'ti HJIj
21 21
IS 1
20 :u
i't i't
i'i
13 ll
11 11
r. .1
3.1 3.1
4 ,
f. A
2 3
3 3
3 3
Heiiervo Ilank of
New York ... 220.000,300 4.242.100
DepoBltH 2 1211,1127. 1100 35. 1SI.2IHI
Jlcono on deposit 301.045,000 11.117.1100
I'erientago of re
erve 17 t 1
C'lATi: llANKh A.S'D TRl'HT COMPANIFlt
NOT RlirOllTINU TO UI.llAllIKU IIOll)
1777.171IOOII Jl. 0.17 7110
S.2'.) .illU
Ilo-ida. tRIOP compared with $.10 sOO yi
terday. Thua'far thin week, J210.150. Stm
period lafcl week, 52IB.1SO.
CHICAGO BUTTER AND EGGS
S"lileuito, Maroh 0. DUTTEU Hltaer
Creamery, 48W05C. ,
IXK13 Haaler. Ileoelpla, 14,087
rimt, 4m(3l3ci ordinary flrala. 37ft
ut marl; caaca Included, 38WI4C.
b it 11 K
29
01A
1H
7 7
f.'4 5Vi
K 8
21 21
13 11
11) II)
37 37
I) N
12 12
30
7H
7
61
10
7
jjVi
21
1",
111
37
It
12
t
7
3
I.iun3
1 .old
1 i.rri ni
lliilr,,
I)eioriltH Federal
Ueeere Hank of
N'w Vork
T,ii 1 1 ilepotlta
N, I ilepollta
lui-ere on d poeu
i'i 11 entuke or r,
e rH . . . .
Decreaao.
18,0011,000
70.081.000
S37.441.40D
788.(1(18 7011
141.8l2.bOD
20 I
1 1 1 .mi)
1.10 200
2 S7H. 100
II llSI.Hio
s, 3'J2,4ni
I 711 001
BUSINESS NOTES
llin fnrelirn commerce of our I.iilln
Ainerlcnn nolghbors aggregated iihout
15,000 000,000 In 1919 against slightly
less than $3,000, 000,000 In 1913 Their
aggregaio population Is nearly 100,000,
000, and aie'i 8.287,000 square. mllcH.
Approvlniutely 2,115,000 pniimU ,,f
wool, valuo $1,225,000, was produced
In Alberta In 7919. Tha Alberta dlrec
tor of tho Canadian Co-operntlvo Wool
Growers. Ltd.. nays prlcca averaco about
tlfty-elght cents 11 pound. Tho quality of
mu wuui in nam 10 no mu per cent,
Thn steel mills nro fliturliit on enor
mous tonmiBo for tho railroads, an It Is
believed that tho quickest way to re
store transportation facilities Is to fur
nlsh tho railroads with needed supplies,
mainly car's, stiel producta for repair
work and rails. With these additions
the roads can then make a. much better
allowing.
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIMIIIIIIIIIIIIIIIIIIIUII7:
I Foreign Bonds
E A comparison between the cost of Intomul Bouda ot
certain counttica boiifrht at pur prior to tho Wur with
tlic cost now, duo to the extreme low priccB for Foreign
s Exchange, shows:
(real llrllaln il. llonile
Trench 5 ltnnda
lletEliim .1. Ilniiils
Itnly 5 HiiiiiIh
derinan M11nlrlp.1l 4t Honds
I're-Wor Approxlruala
(,'oat nt I'nr Coat Now
10S per CI00 33ll
m: per inoo l"r. 2
103 per 100(1 IV. n
SI03 per 1O0O Lire 5
238 per 100O Mark
We arc prepared to executo ordcrrf in bondB of the :
above nutions and havo prepared a special letter giving :
fncta und flgurea about them for tho guidonco of thoso :
wlio may be interested. ;
Copies mailed upon request, :
liintallon subject to rliunga In forrlcu eiclianje rat. :
li'lrnlione or wrlle for current price. :
West & Co.
1417 CHESTNUT STREET :
Member
riilludelphlo Htock Kichnna :
Neir York Htock Kxclmnga :
lie Alnnja lime uu Hand a I.Ut oT High Grade Uuu,r Z
CorretpoiuUnco luvlled '
5niiiiiiiiiiiiiiiiiiiiiiiiiuiiiii iiiiiiiiiiiiiiiiiin nn iiiiiiiiiiiiiiUillliB
f
a..
a.
mmmu.tt,i