hrA.-
16'
.''('
L
jl wnmw W ' Ttrw. a.. , m nzsi
Free of Pennsylvania State Tex
V ' We offer
Pennsylvania Company
First 412
tout
dim July 1.
to yield 0.70".
(Pennsylvania Company
42 Gold Loan
i due .lun Iff. 1021,
to yield 7
Bubltct to pHor nf owl chaiar (it
price
i, TheNationulGiy
G)mpany
i Cetrtipondenl Offlco In over SO Cities
'rhlladelphln 1421 Chenlnut Ht.
, Atlantic City Chalfonte Ulock
izja uoaruwaiK
Internal Loans of
V TP.i i mnf an ftnuprnrnpnts
Pre
GERMAN CITY
BONDS
Berlin
Leipzig
Hamburg
Frankfort
Dresden
Munich
Cologne
Coblcnz
PRICES ON REQUEST
1,000,000 MARKS
OR MORE
Farson,Son&Co.
I Members New York Stock Kxchang. i
115 Broadway, Nety York I
STOCKS SOAR IN
ACTIVE OPENING
Forward IVIovemont Rosumod
Dospito Furthor Reaction in
Foreign Exchange Markot
s
.a
UA
!l
Vt
Although prices in,
London, Paris, Brus
sels, etc., have re
mained comparatively
strong, Americans are
able t,o buy European
GovcriimeaPbonds at
the lowS2Mccs ever
this coun-
3iy"EFrnis situation is
entirely to foreign
exchange rates. Should
these rates return to
normal substantial
profits would be real
ized by American In
vestors. Write for recommendations
ODD LOTS
for the Small Investor
Wc have splendid facilities for
handling this class of business.
Financial Information on any In
vestment subject will bo promptly
sent on request, without charge.
Scott & Stump
Member roninllilntnl Stuck
Uxcliiinee of New York
Investment Securities
Stock Exchange Building
iMiii.Ai)i:i.rniA, r..
Telephoned Knee SID"
Locus! (lIKO-OIHI-ntR'.'-Olfln
Nnt York Onice 0 Wall Street
Ilrnncli Ofllcet Contemllle, Ph.
Direct 1'rhnle Wire
New York, March 12. With the re
sumption of business today there was n
display of nrniintinccil tttrcnclh. nnrtlv
I due to Iho efforts' to buy buck stocks
soni ycsicrtiny when rcporls ol the
coming Increase in the discount rate
were In circulation. A Inrec number
of stocks sold ex-dividend at the open
I ins nnd recoveries of thoo dividends
were quickly iti order.
The forward movement wn resumed
in face of nnother reaction in foreign
exohnngo, the British rate especially
forfeiting much of Its recent recovery.
Within the first half hour ft the nrttve
trading ndvnnccs of 2 to 111 points Were
recorded by prominent automobile
shares under the lead of (Jeneral Mo
tori. In other pnrts of the lists the
nctlvc stocks supplemented yesterday's
Kains by 1 to 3 points.
.Mexican Petroleum not onlv recovered
its dividend, but made a pain of Mi to
l&S. United States Steel moved up r'i
to 100 Vi, and Baldwin Locomotive ad
vanced Mi to 122.
There was nnother violent advance in
(icneral Motors, which rose i3 points
lo 33,'l. Other motors were in brisk
demand. l'icrcc-Arrow advancing 1
to 0(1. and Studcbakcr advancing over
t point to 0S.
Itnjlroads also moved in hichci- levels.
Texas 1'aclc advancing 1-T, to '10 nndl
nv navcn 1-,'s to JlHi. Industrial
Alcohol made n gain of -1 points to 05.
Commodity Markets
COTTON MARKET
I 'Sow York, March l'j. Tho cotton
I opening today was Irregular, being 13
l points higher to 3 points lower nt the
start, followed by further lospes unncr
quiet realizing. Demand won rather
'easily supplied nnd prices dropped 10
1 to 2o points net lower on tictlvo months
i Wall street nnd tho South sold the
rtlrl .-.VM..1 t..l.lt T l..nn..1 .- , t..1.
i'wiwi "lint uiicinjui lliluea uuui
old
IHemphill, Noyes & Co.
Aft. If tih Vmn nr1f Stftflf t rftin mm
'franklin Bk. Bldg., Philadelphia
New York
Boston
Scranton
lx-
NEWBURGER,
HENDERSON & LOEB
U ncmocrs new xorn ana
i,rnuaaeipnia oiock cixciiangew
(410 Chestnut St.
I
FOREIGN INVESTMENTS
.! information furnlthtd rtgani-
lf ami Corporal
I
WE OFKEK TOR SA1.K AT ROTCRRNT
,ATKR-tN AMOUNTS TO SUIT
v T
ftU.ee0,0Q0 MsrUs ritr ot Munich
' I Art. n, nrl.
) IJteO.000 Marks fit ot Ilamburx
J ' 4V4 Dond.
1.000,000 JUrLs City ot IltrUa
4 Hondo
w
Income Tax
Returns
Wo extend a cordial 'invi
tation to avail yourself of
the services of our statisti
cians in the compilation of
your income-tax return.
Baker, Ayling & Young
.1. W. Mt UN, Jr.. Mniucrr.
Land Title Bldtr.
Boston
Philadelphia
Securities
for Investment
JosepKW.Gross a,Co.
1421 Chestnut St.
t'orrcjpondciif
Aldrtd & Company
L
IRGAIN DAYS IN BONDS!
ti;.- . ,.- c -
t' i' nu iiiv urtfiLiia juy
Meody-
Ci "We mut n tack in Ihs 70' lo
-taa too relttn tMTKalna tliit ar
I obtained In l!i railroad twntl market
'.'today."
bson
fl'ifUood bonda ara tli only tblma t
Wttu bullish on."
Let us submit offerings
WARD V. KANE & CO.
MOKUIS BUILDING
R. B. CARR
Accountant and Auditor
Specializing In all
INCOME TAX MATTERS
Former Income
Tax Inspector
Penna. Dldg.,
Philadelphia.
hrv I
IS X
rood Electric Co. Gs. IS 12
.'-'Rwy. & Power 5s, 1951
Utern Indiana 1st 4s, 1051
Helt Coal & Nav. l'2s. 1851
pies Passenger Is. 1913
fcJ'"
JHARLES FEARON CO.
" CIIKSTNTT STIir.l.T
B . I V H- -. K
cuc;icii rtllici lttUI
k Car Co. Equid. 6s
!: -
IV uue fllarch I92-l!)-M
iFrce or Penna. Slate Tax
Jree of Normal Income Ta
Crct(ar on .v;r. -.i
iwnscnd Whelen & Co.
fiBM fllKSTNIT 'TltK HT
KmktI rrrp.irjtlnn mill Iteilnv of
INCOME TAX RETURNS
nf corporation-, partn.rahir Individuate. t-.
Our experja formerly tonnecled with U.S.Ciovt.
Corporation Tax Service Co.
i 003 Real r.sMr TniKt Ilblc.
Thone Fllhert .1.1111 or Ilace IIOIT
riNANTIAI.
wnjs. Continued and general rains ocr
the eastern half of the belt, led to
1 scattered buying of new crop months
, lino
Yes cloae Open a m
j Mnrrh .1ft.R0 3I.0.1
' Mav .KIRS .111.00 .10 li.1
July 3.1.77 .1,1 SI 3,1 Srt
Octoliet 31. S.I .11. .Ml 31.R1
limibr 30.00 .in n
1 Janum 30.17 30 II . . .
GRAIN MARKET
' lilt ago .March 12 Sentiment In the
corn market leaned to tho bear side in
. the early trading todav nnd. after u
1 mined start, prices were easier. Selling
uas Kept In check, however, by heavj
nuns nicn win ueiay tnc movement
Hecelpts were 103 curs.
Ma opened nt $1 ID to Jl.tS11,
icalnst $1 in at tho end yesterday, and
Inter mM .it S1.48-V July was quoted
ol VI IJ'i to $1 I3'4 at the outset, com.
pared with Jl 13 at the close yesterdav.
nnd later s-old at M.42V2. September
opened t JI.SO'j to J1.39U. against
$1 3!) at the end yesterday, and later
told at Jl US1,
Oats were hcavv on selling by commls.
slon houses, induced by recessions In
foreign exchange and a continued
nbsenco of cport demand Receipts
were 4 3 cars.
J May opened a,t S3 to S3c. against
I ngulnst 83,o at the end yesterday.
Tulv started at 7B, to TS'.Jc, ngalnst
, TCc at the end yesterday
I Receipts of wheat todav were 0 cars,
I against 27 cars last year: at Mlnnea
j polls ISO cars, against 232 cars, at
I IMiluth 7 cars, against 2 cars, and at
l Winnipeg 181 cars, against 40 cars
, FOREIGN EXCHANGE
New irl, March 12. Preliminary
l nuotations show thnt tho reaction In
I foreign exchange was still under-way,
demand ntcrllng being quoted fie below
the low figure of yesterday, at S.fifi'i.
i Mini cables at .1 fi" Oilier exchanges fol-
i 'owed in the decline.
Quotations were'
Kranch cables 13 30, chicks 13.32;
IVIglap cables 12 00. c.hecKs 12 D2 ; lire
nbles 18 10 cheeks 18 12; marks 130;
Swim cables 5 HI, checks 50.1; guilder
cvihles 30 U. checks "C 00; pesetas cables
17 33. checks 17.13, Stockholm cables
I!' '13, checks 111 80, f'hristlanla cabrcs
17 15. i hecks 17 30. Copenhagen cables
chocks 10 30.
1ritrril.i;''n I'll.jl (liintnllons
uterllnit Kranit l.ire GulMer
I 3 7R. 1.1 HJ 17 10 3ii.
3 71.' 11 31 17 in :u
1 ixlii.v'.i Oprnlnc lluolnllnns
ft'rllnir F"ran s I. Ire Guil In i
i"oini .'i.nn't n r,j is rj an
' .tin, ,1 07 1.1 ."0 IS lu ;i,'.
if. 15.
It, rran
i uM".
NEW YORK STOCK EXCHANGE TRANSACTIONS
r- M , II ;i
Salfi
too
300
303
400
3)0
riv,
In S
Hum
,. AUskn Gold Mln,cs.. I
7 Allls-Chalmoro 43H
A Allls-Chalmors pt ... 8.1
,8Am Agrlo Chcm B0?
13 Am uosch Magneto. ..117
300HR7 Am Ilr Shoo & Kdy... 102
Am Boct Sugar St
8
100
3100
200
400
4 00
1700
1000
300
1100
900 3
7OJ0 (
3S00 7
MOO 4
100
400
300 8
200 5
700 10
17500 3 JO
7000 ..
3000. S
40- 8
000
700 ..
800 ..
COO ..
1700
800
200
6000
Am Can 40
Am Car ft Fdy 140
100
500
H90
200
3000
200
300
100
900
100
BOO
300
100
1D0
100
2A90
1710
300
109
100
2M
1090
310
2)0
230
100
10390
7200
(100
200
2.1)0
2 90
100
390
(190
700
230
COO
2,30
2030
(1)0
100
2100
;jo
too
(Uli
ion
2)0
200
r.oo
Am Express ...lis
. Am Illdo ft Leather. . 23)4
0 Am Intemat Corp.... 9'4
ft Am Locomotive 99'A
7 Am Smelt ft net (014
. Am Ship ft Com 21 i
3 Am Steel Foundries.. 40
A Am Tob Sco temp ctfs 6014
7 Am Woolen 120
4 Anaconda Copper .... 0'4
. Asso Dry Goods A0
. Assets' Realization ... 4
Atch Top & Santa Fe. 9UJI
5 Atch Top & S F pf... 00
Atl Guf A W I S S..1SS14
Baldwin Locomollvo .12214
Bethlehem Motors ... 27
Bethlehem Steel B.... 5.1 !4
Barrett 12JI
Booth Fisheries Uli
Bklyn Rapid Transit . 14ft
Butte & Suporlor Cop. 27
California Petroleum . 37ft
Central Leather .-i... 88!
Central Leather pf...l03H
Cerro do Pasco Cop. . . 41 4
Chandler Motors ....148
Chesapeake ft Ohio... JS'S
Chicago Gt Wcatern.. OH
Chi Mil ft St Paul.... 41
Chi Mil & St Paul pf . . CO',
Chi nock 1st ft Pac. . . 39
Chi R I & Pac 6 Pf. (
Chllo Copper 18
Clo Cln Chi ft St L pf 07
Coca-Cola
Columb Gas & Elco...
Col Graphophone
Col Graphophono pf..
Consolidated Cigar . .
Con Interstate Cal M.
Continental Cnndv ..
Corn Products Itef . . .
Cruclblo Steel 234
Del Lack ft Western .104J4
Denver ft Jllo a pf.
Dome Mines
Brio
Famous Players-Li .
FIslC Rubber
Freeport Texaa
Gaston Wms & Wl
General Cigar
General Motors .,.,
General Motors ctfs. .
Goodrich B F
Gray & Davis
Great Northern pf . .
Gt Northern Ore ctfs
Greene-Cananca Cop
Gulf Statos Steel (IS
Haskell & Barker Car. 214
Hupp Motor Car 15 '
Int Harvester 130 '
Inspiration Con Cop.. t&
Intcrboro Con Corp... Hi
Inter Con Corp pf.... IS
International Nickel . 22 'A
International I'aper .. Sift
Int Mcr Marine 30ft
lntr Mer Marino pf . . . 01
international Salt . 70
Iron Products Corp... 43ft
.Tones Bros Tea 2.1
Kan City Southern . 17 'i
KellySpg TIm .... 1224
KcTuiccott Copper .... 30H
hOO 1.20 Keystone Tire ft Rub. 3!)'4
390 0 lackawanna Steel ... 74
300 3.50 Lehigh Valley if.ft
100 2 Loewe Co 30J4
1
4
11
10
C
12
li
.50
7
30!
GO
48!
80
cm
10ft
11
92ft
Iff
.. ft
.. H-?4
. . 79?i
. 38H
.. 25ft
.. 10J,
.. (10
..3.13 ft
.. 33 ft
.. 73ft
.. 35 ft
82
38 ft
30
T.OW
2
4,1
8.1 .
1)0
117
103
84
4ft
130ft
115
23 ft
08ft
08ft
116 ft
J ft
45ft
05
125 ft
39ft
50
4
C5
78?
158ft
120
25
93 ft
125
lift
14 ft
27
37 ft
87 ft
103 ft
tft
45ft
8ft
0?4
40ft
CO ft
379.
05 ft
18
07H
SSft
r,o
47?4
80
02 ft
10 ft
11
91
227
104
15
12 ft
14H
78
38
25 ft
10
HO
325 ft
33 H
73
35
81ft
I8ft
30
(8
01 ft
lift
130
S?4
1ft
14
22
80 ft
:e
90 ft
70
43 ft
3 ft
17ft
122 ft
30 H
38 H
74
iOft
soy4
1 1 :30 Net
Ctoao Chce.
ft
4.1 H
S3 - ft
o - 1
17, - ft
102.'
84 - ft
4ft- 1ft
140ft .
115
23ft- H
98ft- ft
99ft ft
ft- H
20ft - H
40 -05
128 - 1
C0ft ft
591
ft
85 - H
78H ft
158ft- ft
120 - ft
2(1 -f 1
03ft- ft
125 - ft
1U4 ft
lft ft
27 - ft
37 ft- ft
88ft ft
103 ft- 1H
lft ..
144 ft 1ft
8ft ..
..
0ft ..
C0ft
39 ft
to X
18- ft
67H- 4ft
ft ..
CO 1
48ft ft
89
03ft ft
19ft ..
11
92ft H
227 1ft
19ft ft
15 -..
ft ?f
llH- ft
'9ft- ft
38H H
25ft ft
10ft 4- K
to - 94
325ft 3
32H H
73 - ft
35ft ..
81H 1
38ft-
30
C8 - ft
lift- 1
14ft- ft
130 ft ft
53
4 H ft
11 U ft
22 li .
81 ft
30 - ft
01 - ft
70
43 ft 4- ft
2Jft 1
17ft ..
122ft ..
30 H- ft
39 li
74 - ft
4GJ- H
30 ft
Sales
200
100
, 100
3900
07A0
100
100
100
100
too
2M
700
100
100
300
1200
3800
400
too
100
500
100
709
100
100
2000
7400
400
100
200
3.0
12590
1200
200
0
2(0
100
300
300
.1000
7500
400
100
3900
290
300
200
100
1200
100
220U
183)0
85)9
1100
100
12001
300
200
7000
21500
800
800
8100
2090
700
100
200
300
3500
200
300
11590
200
7009
220
13090
200
200
COO
200
100
100
400
200
500
100
000
4300
800
100
.. Loft Corp 19ft
.. Loose-Wiles Biscuit . 58
7 Mny Dcpt Stores 124 ft
10 Mexican Petroleum ..188
1.20 Middle States Oil .... 38
4 Mldvalo Steel ft Ord.. 47ft
7 Minn St P & S St M. 78
. . Missouri Kan ft Tex.. 10?,
.. Mo Knn A Tex pf.... 18
.. Missouri Paclfla 39 ft
.. Missouri Paclfla pf... 17ft
.. Nat Aniline ft Chera.. C2ft
.. Nat Conduit ft Cable, lift
0 Nat Knam A Stamp... 76?
1 .00 Nevada con Copper. .
5 New York Central...
. . New York Nil II.
.. Norfolk A Southern..
mi
. 70H
. 38 ft
27
7 Norfolk ft Western... 97
5 North American 55
7 Northern Paclfla 82ft
Nova Scotia 3 & C... 08
4 Ohio Cities Gas 48ft
C Otis Elevator 134ft
.. Otis Steel 30
.50 Okla Prod ft Ref 54
CPnn-Amer Petro 95
3 Pennsylvania R n ... 43ft
.. Peoples Gas Plcago.. 38
. .. Pere Marquotto 29 Ji
3 Philadelphia Co 38ft
.. Plcrce-Arrow Motor . 07
.. Pierce Oil 19
.. Pitts C C A St L 74ft
1 Pond Crok Coal 19ft
8 Pressed Stcl Car 98
8 Pullman 110ft
5 Punta Alegre Sugar.. 81ft
2 Rny Consolidated Cop 18ft
0 Republic Iron A Steel. 05ft
4 Reading 85ft
2 Reading 2d pf 34
.. Tlftinlnirton Tyoewrlt.. 77ft
Royal Dutch N Y.... 102 ft
St Joseph Lead 10 ft
St Ti San Francisco .. 24ft
St L Southwest pf.... 20ft
Savage Arms 07ft
Saxon Motor 10 ft
Scars-Roebuck 33434
Shell Trana Trading.. t2ft
Sinclair Consol Oil... 44ft
Southern Pacific 101 ft
Southern Railway ... 25ft
Stromberg Carb 67ft
Studebaker 98ft
Stutz Motor 137
5.20
1
.. Twin Cop ft Chem.... 10?4
10 Texas Co 200K
. . Toxas & Paclfla 41
.. Third Avenue 14
Tobacco Products .... 09
.. Transcontinental OIL. 37ft
.. Union OH 34ft
10 Union Paclfla 132ft
4Ulnon Paclfla pt t7ft
13 United Fruit 200ft
.. Un Ry Investment.... 12ft
3 United Retail Stores.. 70
.. U S c I P& Fay 18ft
3 U 3 Food Products... '67ft
R U 3 Ind Alcohol 95
8 U S Realty ft Imp. ... 49
8 U S Rubber 107ft
0 U S Smelt ft net 69
3 U 3 Steel 100H
t'Utah Copper .'. 54 ft
.. Utah Seo 10ft
,. Vanadium Corp 50ft
4 Va-Carollna Chcm ... 71ft
8 Va-Car Chcm pf 10934
0 Va Iron Coal ft Coke. . 87ft
.. Wobash pf 28H
.. Western Maryland ... 11H
4 Westlnghouse E ft M. 3
.. Wheeling ft L Erie... 13
4 White Motor iOft
1 Willys-Overland 26
.. Worthlngtcn Pump .. E.I ft
Worth Pump pf B. . . . 75
Ex-dividend.
T.or
19H
58
124 ft
184ft
35ft
47ft
78
io M
16
29ft
47ft
63ft
lift
764
143
76
3434
27
97
55
83ft
63
46ft
134 ft
30
5".
9334
43?,
38
29 ft
38 ft
04ft
18H
74 ft
19 ft
98
116ft
81ft
18ft
94ft
8334
31ft
77ft
101 ft
16ft
24 ft
28ft
-07 ft
10
23434
81ft
43?i
100ft
24 ft
07ft
96ft
138
1034
188ft
t8ft
13ft
18
27
34 ft
122ft
17ft
200 ft
12 ft
75 ft
18ft
17 ft
92
4834
100
8ft
99 ft
7334
10ft
49 ft
70ft
10934
87 ft
18
lift
(3
13
48 ft
25 ft
F3
.75
1t:30 Net
Rloaa Chio.
19ft ..
58 4- W
124ft4- ft
188ft IK
37 Hi
47ft
78 10
16
39ft 4-47ft-C2ft
llft
76
141
27 1ft
97 - IJi
55 1
82ft- ?a
631
46ft ..
131ft- 334
30
8
03 - 4
43- ft
38
39 K
?4
110ft ..
81ft 1ft
18-'
94ft- 1ft
83 ..
34ft ft
77ft
101 ft ft
16ft ..
24ft- ft
29ft ..
67 ft 4" ft
10 - ft
334 1
82 ft
44 ft
100 ft ft
24 -
67 ft ft
U7ft ft
137 1ft
1034- ft
109ft 1ft
40 ft 3ft
1434 34
19
27ft ft
t4ft ..
122 ft ft
t.7ft 2
200ft 1ft
12ft ..
75ft ft
18ft ft
67ft
94ft 3ft
40 ft
107
08ft- 1ft
90ft ft
74 ft
10ft- ft
49ft- 1ft
70ft- 1
10934
87ft- 1ft
28 . .
11 4- ft
53
13 ft
13ft- ft
10
83 4- ft
75 4- 1
Philadelphia Markets
PROVISIONS Fecf, In pets, smokeil and
alr-drled. 50c. beef, knuckle and tenders,
smoked and alr-orled. 51c. pari, family,
.V-'c hams. S I', cured, loose. UTO-Uc. do.
Kklnned. loose. 24 it 20c; do, do, smoked. 20
I3JSC. hams, boiled, boneless 30c. picnic
shoulders. S. P. cured, loose 20c. do.
smoked, 21c; belte,s. In pickle, loose. 24c;
bn-nkfast bacon. C2c; lard. 234 e
CHKKSK New York, whole-milk Hats,
held, fancy. 20's &30c; specials higher held,
fair to Kood. 2s'4 2Vc; current make, nom
inal, Wisconsin, whole-milk Hats, held, fancy.
jn'iOilOr. fair to good, 2SHW2HC, Jobbing
sales of fancy held booJs, 32033c
J'OUI.THV. I.ivn Fowls. One fat. .1!)
4LV do. inferior 3tl3Kc; broiling chickens,
fancy, soft mealed. welKhlnc l'jft'J llw.
apiece. 551fU0c sprinff thickens, average
Foft-mcate,l, I0W42C. Inferior 3SW3'Jc.
etuRcy ouns roosters. .THt32c. old rooaltra.
25ft JOr. dm ks. white Pekln, l4S)'40c, do,
Indian Hunncr, infti I2e, do, Mustovy, .105?
32c; turkeys, lOlflSc. plBcons. per pair,
55M0O.
MtKSII VnflT.S Apples, per Mil as In
quality. 14 (r DIM. do per box. ."&! 23
iVanberrles. per bbl , I. I'll 7 OranKcs, Mor
Idu, per box 13 Kit s 5n Tjnxcrlnes. Klor
Ida. per '-box 135 25 llrHpefrillt,
I'li'rlda. per box I2i I 3u Straw berries,
Klorlda. ner nt. n.MTl hOr
VKOnT.MH.K.S While potatoes per cwt .
Kill 5 40. Hweet potatoes, noulhetn per
hamper. II.1BO2.30. do. Jerey. por hskt ,
tl ROM 1.1)5. Cabbace New Tork and Dan
ish, per ton. t7R1i8". do. Klorlda per
hamper. t2W2,30. Onions, per Inn lb sacks
ellow. No. 1. t."0tf0 25, do. No 2,
SI -otr 50.
TONE OF LOCAL
Philadelphia StocJis
MARKET STRONGER
inh
ISO Am Strs. 4.
IIW
15 'j
II. SO Net
a. m. chge.
4fi.i !,,
.-in .m oirs. fO'ji '0'j li"i. Va
0K1 Stor..lL'0V61-,0 1205 1"
111 tien AHp.lUU juu iuu
iliU lnUoKA
Trading Showed Broadening
Tendency Regardless of Re
straints of Money Conditions
MONEY-LENDING RATES
llll. ADIW.rillA fall per cent.
per cent ; commercial paper.
ii per cent.
titiii-. i, per cent ;
I three to six months,
'i;.l KV COAI.
MOItK.Alii; 5 PI
1)1 i; 1930.
COSIPANY riUST
:it ei:.M' lio.sns
I'm uh nt to terms of MnrlKace daird
(April lt. infill lis. noo of said bonds num
,l.erd hs below, have hren drawn for re-
limpilnn h Sinking l'unil nt 101 and
rcrued Interest. s nf April 1st. Itlili, when
nil Interest therron will tease, viz .
', I
Air
2.",' I
U'iWi
.''I
I'll i
."HI
I IX
t:j
7.11
- bin i
750
751
7TI
"75
0.11
mill
inji lir.o 1 7.-.1
loin isii mi7
li mi I2'i7 is:,'.-
1 1 7 l.lt.l Ik.-,;,
I 111 I 1553 l-,it
1201 1RR7 IV.1I
1201 1713 mil
1207 1711 1H73
.ill iinnimurrd louuons
,r, semorl for pHment
hi or after April :t,
Reserve Banks' Discount Rates
The first column gies rates for nil
peilodx up to and Including u llftern
ilaj maturity, the second for a period
of sixteen lo ninety days The third
and fourth columns give the rates for
discounts for collateral loans hecured
hv government londt or notes
Com'l paper Oot p per
in to no 10 to oo
l n rt i ys
n
da vs
(1
(I
'lar-li, ! "hoolrl be
I ' nftli of Trust'
I0JO.
I.IUMll) TIltST COMI't.W, Truslee
.ii.witin. ii ,TiL.in on Ireasuier
I02U
I Itnstnn
Vew York . . .11
Philadelphia "Mj
lib hmond '5'
fleveland .... ' 'I "-'-a
Atlanta '
riilcago II H .',
St I-ouls .... ii il '.',
Minneapolis .. n il -,!
iansas cnv n it "t'
lallns . 0 n "V,
j-aii I-'ranclsin 0 r, .-,i3
Hales on "ursian'lins ,erill i,
i d.i a das
I'hllailelphlli Pa . Mar. li 11
m
.0. A. HUHN & SONS
STOCKS ANU IIONPS
ibero of tho Philadelphia New
and Chicago Stork rjirhance
i,Nw Tork Cotton Kxchante
simirtion uraers cxecuiea in
All the Principal Markets
';' BSLLKVOK CO Lit r UUIU.
am iv. ,ln. u.
ir1 111 Broadway. Nw York
JV
Free in Pennsylvania
jUquesne Light
file lof e IQIO
J- inij uzj4 J-"!
, J - - .-
Y 0. BOENNING & CO.
H1K KVI'IIAM.I: lll'llhK,.
lrl'iivale Trlrphnne tn Srw lurk
THE WABASH RAILROAD COMPANY
TriitJ-)e.ir l"ltj l'ir ( ent. I Ir-I I r 10,j
l.nuil'ineilt IllkillK I mid Hands nf
1001, due M.irrh I. IIIJI
111' IIM.Jor't.Eljf.rl " TrUfle, Ijnrl, r t hfl
I 'iiiipim IH AertMii. in dale I ,M,ir I, ip
Eli'" " s..ur. i'i- iMiiids dts, nlHd nlintn
liereh aieh ri'.ll'- Ihal l Will rer,Ht '(enlrl
lirotoxil iip to .1 I' f on Miirdi HH, fr
the s.ll" I" Il f'T ar ..,11111 nf lit. .,)(,;. J.-,...,,
rstahlishel In rl,. e I'eiiih of ih- 8,,,)
Aaretlll'll nf IhiihIh nf III" Iue .. ..rilwd
Hltn Hiiltl, iei.1 subslani lallv m exhaust
ttn7 '-''. OK at k prbe t,..i rX. . d ne 11050
, p, r tinn.l and ii. f ru'd inter, hi
I lln J'llist.' ret.reH 111" nuht In reject
ani .'' nil len.l-rs
Till: MHV MIliK lit! st (IIIIPv.Ny
hh sllicssor I .
I .mill .mill Trufl I'.t of th. ( i ,,f v,w
Y.irk I' II l ' rilT-i So, retarv
Mar li 1 1'UO -
Sneilal 5leetlnts
ranee Company of
(firth AmpiMpji
& Rights
ri i,i.i:it-i.i.ui(iii (iimi-,nv
rirl llortaime li'c hlnkliuc I unit l.nl.l nonds
f,l. - the provisions of ii,- inorlB"K"
ir.ionsuls for the arrniint of thr, atnklnir
luntl will b reeeived .mill .1 ,, , Marrb lk
1'JJO, i.i Hie oOl.. of Hi. Nonliem Trust
I'onipant Trustee f..r ihe r;.l- t., , , ,,T'
luw.M pre- nut ex.ervHnu ID'JIL'- nf ,h'' J
!,,,- ,,.,. " .,-n. in mm manv
' l . ,hrt, ...mnnlim, ,1 I.....H. .. . . V."1""'
puri I a
lh. Uli.
Noiiiiu:itN rin sr coMPAsr
Philadelphia.
,,.,' " ,,-n. in as manv
a.ho.-mrntl.lli d lioiids la t.'O 50ii will
a. Ml tend-ri Humid be addr. used to
n.le. -Isned "
Trustee,
Annii.ilMrellnss
1 1ll: ANM'A.I, M.hiniM, Ml' IKK riifK.
rrin o t nt a m ' nio. rs in int- i ok i-i.apr. tiank will i. iiih
FES & LOFLAND I'le' vrill' l0J"' -"i'ko ,n.
St.. 1'lllla. Tfl. Lombard H-7J i.etora in eervt for the i nauinu- .ar ,niit.rnr
t MsIJs
rt' Sales Manager
..'associate with h tnanufa'
ahtnery with u lr-w to orcun
prairrctlne Ills rxport sales
l.laiu nrranco nn Inte. vipivT
K7, Lcdecr Odicc
ih iron ia. linn nf ail. h Ki'tleial buslnisa
inuy I .rri.r.n,i .,, in.- iiifieiinrr
II A IIAIlTl.r.TT
r'aahie
JJ
.&
I, Wilson & Linvill
I Public Accountants
Bldg., Philadelphia
IllvbleniU
TIIK i;i,i;t'TIII(l HTIIli"(l"l IIATTEKV
COMPANY
Allrihrny Atrniin and llllli street
Philadelphia Maruli 3 HiiO
'llis lihx-tnrs luivi d.clared u 'luarterly
dividend or Iwo 00 100 dollars UJ.fioi nr
aharo from tho net earnings of the Com.
puny on liolh Common and I'refirrrd Blocks
payable April I. I02O, tn atockholdera of
record at tho cloao of business on March IS.
1U2Q Uhecka will Ik) mailed.
WALTlill O. 1IUNBI5HTON. Trcaa.
lehiedness continue
rnt.
unrh.iii.rd ui I',
:2!t
i'-i
Vi
5'i
nf In-
per
Financial Briefs
f'llffoid W.itson h.is heeomo nsso.
elated with tho locil olllco nf Siolscy.
.Stuart H ro
li A I.androth, v. Ito Is in ili.nge nf
drilling enndurted by the Mete Ivtrol
Mim Corporation. Is .now In New York
conferring w lth olllelalti of that . ompauy.
.Mr. Itndrctli reijorts drilling opfrntlons
progresxing favorably and thai produc
ing; wells have been recently brought
In nn fexeral leases surrounding the
company's .Jesse It. Smith lease In
Stephens county. Texas
The Now York Stock Kxchango an
nounceil Iho proposed transfer of mem
bership of Ilnhcrt H. Kllborne to Kdwnrd
T. II Talmadgp. Jr.. for ooniiderntion of
$93,000 and t It nt of William A Mertcris
tn Frank .1 Connelly. Jr.. for tia.000.
ThCBn pi ices uomparn with 1115 000 for
the last previous sain and high for tho
your of 1115,000.
The aetngn price of the twenty .'icIHh
industrial stocks advanced 0 31 pnr tent
yesterdav lo 90. SO, while the twenty
railroads declined 0 09 per cent to 78.4C.
.Murrnt (tlbson. Jr. has become as
sociated with I'arsly Brothers , Co In
their bond department.
Tho N'r-w York Siihtrcisury gained
Jfil'j.onu fiom tho banks yesterdav. re
iluclng ihe rush net lobs since Friday to
323.00ii
Today's Range In Liberty Bonds
II is
1112I1
!.ili Itnmi ::'.,-. . . !mi.''j
l.iii liomi isi is. . no. th
Lib llouil 'M .. Ml."
l'.lli Iloml 1-1 I 'is !U 11)
Lib II01M LM i,k Wl.ilO
Lib liomi :il 1 1 li:;.li
l.lh Unnil lib P'iri 00.18
Victory Note ;n 07.30
Victory Note HiS 07,38
I nw
iMi.ll
OO.M
8!).ri0
01.110
M1.81
03.00
00.08
07,30
97.30
00.1 I
00.B0
8OX1O
01.02
80.00
03.10
00.12
07.30
07.30
DIVIDENDS DECLARED
1 rtaln-Teed Products Corporation nuar
ieri lt percent nn first preferred and P.
p. r cent on second preferred, paalle April
I tn stock of record March 10
V Vlvadou. Inc . quarterly 50 cents on
common, payable April 1 to slock of rcord
March 15.
American Qns und lllertrir Co nuar
'erly 2V4 per cent nn common and l's per
'ent on preferred. Common Is pavnlde April
I to stock of record March IK and pr. ferrcd
Mav 1 to stock of record April 17
Aery Co.. ouarterlv of l". per ennt nn
preferred, payable April 1 lo stock of record
Mnnh 22.
Torrlnston Co, quarterly of ,1 per rent
and an extra 1 per cent on lommon. lmth
payablo April 1 to stock of record Mar. li III
Last Coast Fisheries Co.. quarterly of I
per cent on common nnd tJ pr rent on
preferred payable April 1 to slock of record
Mnrth 27.
Knst Coast Fisheries Products Co . quar
terly 1?4 per cent on preferred paahln
April 1 to sto-k of record March 27.
GOVERNMENT BONDS
Panama coupon 2? 1030 .
Panama registered 2s. lli.lil
Panama coupon 2s IMS
Panama registered 2s IMS
Panama coupon 3s 11)01
I'nnama rcalstercd 3s. 1PM
Philippine Is. 1031
Philippine 4s. 1035
I'hlllpnlno Is 1030
It H Oov coupon 2s 1U30
1 H Oov registered 2s 1030
IT S Gov coupon 4s 11)25
Hid ,l.
Kin 1111
inn 101
inn I'll
inn Kil
as in
ss in
(10 hi
on n"
no 115
Klfl'i 111)
inn', mi
I'll! 1110s
Bank of France Statement
Paris. March 12. The weeklv state
ment of tlm Ilank of Franco shows the
Alln...lMff ,!, r t. n-A u frxi nn 1, ,. ., ,1 In.
1U..U ,..t IMH.ntn , .u... Wit III.IIU ...-
..HAnBH.I 17C OOn ffn nna uli, An nn I, n,t,1
, , v(n;,, .,," ,,.,,,., ....... .,., .u.,,,
decreased 1,663,946 francs; notes In cir
culation increwHcu ion, 001,110 irancn;
treasury ueposiiH iictrcuscu n.ii.,nti6
ennna. r..na-!il .InniHlto rlr.r.r.n.A.1 T.7 .
071,260 francs. Hills discounted do
created 298,394.687 francs Advances In
creased 27,972,011 francs. There were
no fresh advances to tho state during the
week.
Liverpool Cotton
liierpnol, March 12. There was a
sllghtlv Improved request for spot cot
ton today with prices Arm on tho basin
of nn ailvance of 55 points for middling
nt 28.G5d. The sales wern 6000 bales.
Thero were no receipts. Futures were
oulot In tho early dealings. Sot prices
were: American, middling fair. 33,C5d;
good middling, 30 G5d : fully middling.
29.fi6d: middling, 28.G6d; low middling.
25.35d; good ordinary. 22.15d. nnd
ordinary. 21 lSd, '
Refined Sugar Market Unchanged
New York March 12.-Tho local ro
nned sugar market remains unchanged
both as to conditions and prices. Tho
market for raw sugars continues quiet,
but firm. Tho only sales reported yes
terday wbro a lot of 14.000 bags of Porto
Hlcos for Bhlpment this month nt lie
c. I f . to a Now Orleans rcllnory.
LIVESTOCK QUOTATIONS
Chicago, March 12. - 110(1H Estimated re
relpta. 22.000 hendl left over. Sfl.M) head.
Cpenlng, 15a to 2Ro higher than rsterday's
Average, rnnv nu.ve .tn..tjr un .mm una
medium weight Quality good. tl5 00 pah.
Average cost yesterday, 114. S7.
C.ATTLi: Kstlmated receipts. R50n head.
BHKKP -Kstlmated receipts, 0000 head
BAR 8ILVER
Har silver was quoted In 1indon to
day 144 higher, nt 70d.
Itcgorilless of the restrnints imposed
upon speculative activities by the strin
gent money conditions, the dealings in
the lociTl minkot continued to display
nn encouraging broadening tendency.
While the trading was unproductive ol
uny materinl further clevntion ol prices
the tone of general list was one of
pronounced strength.
One of the more noticeable and sig
nificant fenturcs nttt'iiditig the dealing
wus the apparent greater degree of re
sistance met by the realizing sales and
the absorption powers of the market ns
n whole. Tho rapid advance of the two I
nrecedine sessions, osni-clnllv in tin.
higher-priced specialties, invited 'more
or less profit-taking. This realizing
was readily digested., Klectric Storage
IJattcry had n readv market at 120. On
the other hand, General AMilwjt lo.st
$2, dropping back to pnr. There was
also a reaction of in American Stores
tn KVj. The offeritig. however, of
these pnrticular issues discloses n much
wider demand, while in recent sessions
the innrket had been conspicuously thin
on both tho selling nnd buying sides.
The continued firmness of I'nited fins
Improvement nt 10 reflected the grndiiiil
restoration of confidence rosprptinc t
snfety of the dividend, riiilndrlphiu
lOlectric had tho sumo strong support
nt 24'Vi. Union Traction was "t better,
hut Philadelphia Ilnpid Transit shaded
tn 2,1. despite the intimations nf n pos
sible incrense in the rnte of fnre.
LONDON STOCK MARKET
Gilt-Edged Section Sagged Indus
trial Shares Good In Spots
Intndon, March 12 Trading in se
curities on the stock exchnngo today was
generally devoid of Interest Tho gilt
edged section sagged because of tho un
certain outlook for borrowing. A steady
tone prevailed In tho foreign depart
ment. Homo rails were slow, but Grand
Trunks were firmer. Sentiment In tho
oils was 'cheerful and tho undertone was
stronger.
Industrial shares wore good In spots
Kufflrs Improved on nn advance In the
prlco for har gold.
RAILROAD EARNINGS
CANAU.AN PACIFIC
Il'20 Increase
First week March .. t3 211 000 t773.OO0
war . . . T';ji
15 Pa n. r.. i.sy.
103 PhiIaElec2.-
3'JOPliilann 23',
1110 Tono Bel. 2 A
20tTcx & 1M0
20 Va Trnc. 351.'.
ltili HO I.. 40 "
0UCo.NM.175
7Vj
43,
Wl
S"
351,
tS
175
,l't.
40l l
.'l.-,.;. 1.
411
175 . .
JNet change made hv comparison with last
sale on New York Flock Exchange.
Poles In
tiooo
! Lib Iinnd
"ONUS
High Low
1 1 .50
a. in.
Net
lllIC.
New York Curb
A mita nitm ........
Allied Oil
Allied 1'acKers
Am riafetyltaior . . . .
Chalmera ,y
ri. up Ultra ctfs .
Cosden Co
Cramp
Curtlsa
Oen Asphalt
nniaiiA Tlasor
Olllllnnd Oil
rilllllanil prei
(llenrock Oil
Houston, Oil ,
International Petrol .
Invincible Oil
Island Oil . ,
I,eblgh Val Coal Sales
Magma. Cop
Merrltt Oil
Midwest Itfg
Mother Lode, new . . .
Nat Oil .',.
North Am P ft J ,
New Tork Shipbuilding
Ohio Ilody
Peerlera
Husslan 5H
Ituaalan fl'-4a
Slmma Tetro
Submarine
Tob Prod Ex
Union Carb
Un Mln Me.x
United Motora
(I rt Candy
Un Verde 15 r , ,.,,
While OH 1
Woodbn Oil ........,,,,
nm
SVa
li,
3
S'i
Ask
II
'!
20
10
7
11
'.I
170
II
llh 1',h. 00.11 00.11 00.14. 02
" U Ity In 5s 70 70 70 . .
More Gold to the Argentine
New York, March 12. Another largo
shipment of American gold to tho Argen
lino will go forward next week. The
metal will probably bo shipped on Tues
day and tho nmouVit Is said to be In
neighborhood of HO.000,000.
TICKER COmTwTsUED
.
Mistake on Supreme Court Decision
Blamed for Stock Losses
New York, Jfaroh 12, A suit to re
cover $2218, alleged to havo been lost
because of nn error by the Dow, Jones
& Co. news ticker service in reporting
tho United Stntes Supremo Court do
cision in the Macombcr case, in which
tho court held thnt stock dividends nrc
not taxable ns income, has been filed
hero ngninst Joseph Cushman, ns treas
urer of tho company, by Gaston .Taillct.
Martin C. Aiisorge. attorney for .Taillct.
declared the case is a lest suit filed in
the interests of other clients, sonic of
whom "were ruined."
Jnillet eliurgcn thnt Dow, Jones &
"o. "deliberately published und catiFcd
tn he transmitted" on its news ticker
nn erroneous report of the decision, nnd
nun no was iniiucnceii thereby to dis
pose of Rtocks ut n loss. Jaille't said ho
dealt in stocks through a hrokerase
house receiving the ticker service.
CALL JURORS BY AIRPLANE
Illinois Deputy Sheriff Plans to Over
come Bad Roads
lllooniliigton. III., March 12. (lly A.
I . 1 I.egul service by airplane of ven
iremen for a murder jury wns to be
tried in this county toduy for probably
the first time. -
With only three jurors in the box the
panel exhausted und tho roads rendered
almost InipaRsnble by n twentv-four
hour rain. Sheriff Hpnffnrd delivered
Li il-st of RPpcial Pancl to Deputy
Nieriff I.ylc, who owns un airplane.
I.yle snid he would fly from his home nt
1 henna tn tho other communities nnd
summon the veniremen.
The case on trial In that of Kdgar A.
Strntise. of Peoria, charged uith killing
Ilotne Mend.
too 101
170 ISO
43', 45
on us
3'l ,i'i
115 12.'.
OH 71
3'1'i 37
1'. f.
2 no
.17 38ti
20 ' 21
li 75
4 5
5 7', j
,5 "'
37 42
,11 lit
10 41
32 31
II 311
35',4
32 ,T
IS 20
70 75
40 It'l
ll'l 15
.111 30
2 S 211 V.
'i 0i
; ?S-
Republic of France
Progress in tho recovery'of Franco from th
World War has already given fresh ovldenco of
the characteristic vitality of the French people.
We aro receiving subscriptions for account of
the French Government to
The New French Internal
5 Loan of 1920
Redeemable within 60 yearn by semi
annual drawings beginning September
10th, 1920, nt 150, which is equivalent
to 1500 francs for each 1000-franc bond
Subscriptions are payable in'dollars at the rato
of exchange fixed each day by tho French
Financial Agency in tho United States, which
is based on the closing rate of exchange for the
previous day. This price will bo announced
daily in these advertisements.
Price Today $74.91 per 1000 Franc Bond
At the normal rate of exchange the cost'of this
bond lo Ihe American investor would bo $193.,
Our interim receipts calling; for temporary bonds of
the French Government will bo issued against payment
in full In dollars.
BROWN BROTHERS -& CO.
Fourth and Chestnut Streets
PHILADELPHIA
Be a Part of
The Nation's Business
i
THE nation is dependent, upon its banks,
and the banks upon , their individual
. depositors.
A bank account makes a man a real 'fac
tor in the nation's business the patriotic duty
of every man. .
Safe and sound banking practice and a
special interest in .the business welfare of its
depositors are joined in Continental-Equitable
service. s
ContinentalEquitable
Title a Trust Company
Twelfth Above Chestnut
Philadelphia
Capital $1,000,000 Surplus $1,000,000
Over $1,000,000 Deposits
NAVAL OFFICER SURRENDERS
Says He Appropriated $300 U. 8.
Funds in Portsmouth, Va.
x 'S'',,;1. Mnrch 12. Alonzo A.
Munslll thirty -seven years old, n lieu-
1, . ,n .UIC mileil mutes navy.
I nrlsinniitli. Vu bus surrendered nt
police henduuurtcra hnrn Iln r.l.t l.n
had absconded with $.'500 of government
.1. .mi... iiuir ins carelessness had re
sulted in a shortiiRe of $800 In his ac
counts. lie eft n wifo and two cull-
iiC,,V.i ht. ,o11 '"'N0'"' '''lie naval au
thorities hero Mere notified.
' If I had talked it over with my wife
she would havo helped inn to straighten
it out." ho said. "Finally i t0OK; $aoo
from the office funds, slipped over to
Portsmou h anil ditched my uniform for
rnuftl and legged it. Hlnco I deserted
tho service I have gone through worsit
pnuUliincut than auy court can give
Outlook for the Motors
IN the general rehabilitation of nation-wide trans
portation facilities, the motor industry has before
it a commercial opportunity that is the subject of
a leading article in the current number of our Market
Review. In this connection there is specific reference
to conditions surrounding three important motor
industries-
General Motors
Willys-Overland
Bethlehem Motors
A copy containing this article will be sent to anyone
interested on request for L-502.
HUGHES & DIER
.. t Kh1U.delPhU S,ock Exchange
Members PltUburfh Stock Exchange
(Chicago Doard of Trade
1435 Walnut Street
SO Broad Street
Philadelphia
New York
LIBERTY BONDS
Bought, Sold and Quoted
Celt, Phone or Write Liberty Dond Department
West & Co.
1417 CHESTNUT STREET
B.U. Spruce 2S0 P-v&5& Keyttone, Rac. 29Q0
IV. A,.- llW&Btiaa n.toU,U Or.,,. .d.
TAX RETURNS
I. Franklin Howard
Mccounfant
fhootl Sprue. Kil tit Limi'tHI Ulilg.
RAILROAD, INDUSTRIAL,
PUBLIC UTILITY
Sr
I0NDS,
LIST pN REQUEST
MARTIN & Cft
(MWHLUT$Tf
II (1
!
S
- m
't C? "?
Ht "'
. m
.
Mji
A , ti c
6M
O rj!
1 .... t.'S"l
QUI'
vj.
VtT. .'ii
tm
. rt .