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EVENING PUBLIC DQERtoMifefiS, THUBeDAY, AknOWmid
it
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Service and Stubttity
Optimism
and Progress-
nre, and always must be,
closely linked.
The business man who,
with an abiding faith in
his own future, conducts
his affairs in a practical
and legitimate mariner,
cannot help but progress.
THAT is our belief and
none of our depositors
need fear that we will
chill their spirit of enter
prise bydolcful warning,
when they come to con
sult with us.
Integrity
Trust Company
Fourth and Grot it Streets
Capital $500,000
Surplus & Profit . . $1,660,000
STOCKS
BUOYANT
MARKE
I
NEW YORK STOCK EXCHANGE TRANSACTIONS
The Exciting Forward Movo
mont Assumed Wider and More
" Impressive Proportions
French
Government
Bonds
can be bought today at
about the following
prices :
I 000
lYnnc
U of 1917 $36
Victory ."is STO
Ncu 3s of 192U..MM.
The redemption value
of these bonds with
French exchange at
par would be approxi
mately :
1i of 1017 ?19.n,.H0
Victor 3s 193.00
New us of 19:20 289.30'
Carries 5(Kc premium in
semi - annual redemption
by lot.
Circular ti-67 oi rcqucil.
(9HANDLt"f& Company
UCft
Franklin Bank llldtf.
Philadelphia
Neit Hnwn
llallliuore
New York. March IS. There m
another broad and buoyant xtock mar
ket tf:lar. with mimcrotw oxiitiiiK and
violent price movements. Tlic forward
owing from the very outset axsumeil
wider and more impressive proportions,
and nlmott every clnss of stocks par
ticipated some time during the cession
in the bis buy In? movement. The great
est htieugth v.as again shown by shares
of companies which nre expected to
declare vtock dividends in the near
future. Including the leading motors,
steels, railway equipment, lenthers. tex
tiles mill chemicals. The speculative
iMitliuiain was not conllned to these
pnrtlcii'ar shares; on the contrurv. It
reached out to nearly all parts of the
list, embracing the railroad shares and
n number of usually obscure issues.
The rnnid pace set at the opening
with initial advances of 2 to 8 points
un well maintained throughout the
forenoon, extensive short covering add
ing to the enormous turnover. The bear
'crowd aptiurently were completely stutt
,neil by the sudden reversal of the mar
ket jpstenlny am innde frantic efforts
to reduce their extensive short lines,
but buying orders were In practically
'all the importnnt groups from the
strongest speculative interests on the
street and this accumulation practicn'ly
exhausted the supply, giving the shorts
little opportunity to cover. '
It was among the closely held pool
issues the bear crowd suffered the se
verest punishment. This was strikingly
illustrated in the sensational advnnce of
S'j points in Stitta Motors on the ton
of yestcrda.x '. gain of 17'.' points. Other
noteworthy features included Oeneral
Motors. Pierce Arrow. Motor Acres
ories. American Woolen. American
fan, New York Air llrnkc. Republic,
Crucible. Vanadium and l S. Steels.
Atlantic CJulf and West Indies. United
Kruit. Central Leather, Texas Co. and
Utah Copper at gains of .! to Id
noints. Italdwin Locomotive in the
open lint bulge advanced to 1".7'. hut
'ost all the Ruin. A renewal rate of 7
per cent for call tnonej gave freh
liiiiuliis to broad boxing movement.
i A'ew York Curb i
Suit
It
lni
100
JftO
ut
in
ts 10
Aid
400'
Hit
t.100
100
1?1
lOCDA
40
17911
S700
3310
'7no
1D0
1.S101
1.110
' 410
lit 10
31'I0
31 its
too
t?s m
300
3100
son
'.too
M0l
no jo
son
.100
2810
:11a
1310
400
1410
700
Dlv.
In $
Kith
Adams Express 34
Advance Uumely 40(4
Advance Itumely pf . . 6TJ4
Ajax nubber 17
Alaska Gold Mines
v :,.
10
7
u
.so
7
Alaska Juneau O M. a
Allls-Chalmcra ...... 44!
Am Agrla Chem ti
Am Banl: .Vote 4?
Am Beet Suirar 9
Am Bosch Magneto ..119
Am Br Shoo & Ydy. . .,
Am Can tU
Am Car & IMy IC
Am Cotton Oil 4
Am Drug Syn Wb
Am Hide & Leather .. !Bft
Am Hide & Lcath pt. ,1J0
4 Am Ice 1
iAm Ice pf .
4
e
7
to
R
s
s
to
3
. 7
.ll?i
.10
.17!4
. '8
?
Am Ititeniat ("orp
3 Am Linseed
7' Am Linseed pf .
Am Locomotive .
. Am Shin & Com
Am Smelt ft Hef
Am Smelt Sec A 8 Hi
Am Stect Foundries .. '0!i
Am Sugar Kef 13!i
Am Sumatra Tob .... M V
Am Tel f. Tel 1005
Am obacco pf new ... MH
m Tob Seii temp ctf. tflJi
Am Woolen
Am Writing Paper pt. 33
Am Z.ino Lead & Sm.. 18 H
Anaconda Copper .... 1J
Asso Pry CJoeds 43'4
Atch Top & Santa Fe. U
Atch Top& S Fpf ... 7
Atl Gulf & W I S S..H7
Auto S C lem ctw pt. V2
5730) 3.(U Baldwin Locomotive.
10
INDCMTItl.U.S
Hlch 1.0'v
v't ii't
1'(,
!.-..
The Earning Power
of the
Chain-Store Idea
The hueecxB of the chain-store
enterprise in its many forms
is the subject of the loading
article in the current number
of our Market Review, anu'y.
injr the reasons for its rapid
growth nnd .stability and pre
senting interesting facts about
fiomc of the important com
panies. F. W. W00LW0RTH
UNITED RETAIL STORES
UNITED DRUG COMPANY
Sent on request for L-505
HUGHES & DIER
!HiM t stork t'.irh'incr
!1tthurcli Mork Kirhunzo
Chimin Hoard of Trnde
1435 Walnut Street
Philadelphtu
EO Hraad Mrert Nrtr orU
lU
. tl
. . .V
. r.'i
11.
tn
10'ri
I'v
is
in'.
I'V
jn
3i
I
Foreign Bonds
1,000,000 Marks
City of Berlin 4
Bonds, $16.00
Per 1000 Marks
All Foreign Ismich Traded in.
Send for Detailed Circular
With Prices
' '' t t (Ml , . .
tut-r M,tn onl ...
('hi I lulu J'ft
if . r il ptmk 10"
t. rntr iiln
!... i4 .. i.i...-
B I'I'll 1 l l' HIMJi . , III'
lptnn Ktilt Krather .. in'
I ll.lt. I lm illllrit II It
I N.-lliilMl li- . . .
N' riii ni" r t'Hper
l trphou it
1 P . -nii-. . .
i ll.tilln i..
I Ih'hii r' ' Hoi: t" IT
1 T.-I.in'" ri'in s '
' i -J -t s 31 31
1 1 ! '' a .'.
I"i 'lul I'm. I "im-Imc ., . "'4 '."4
. - I f H11-. t'l-nd Ill I.-
h.tilnu I'h. isn is
IMlKIT.MtKNT lll
Mil. rt CHI 1 ,
I MI.mi . "Ti
v - i it.ttHits . . . :; :ts
.-i.(S,( Vt ( , ,, t a...., ...
r.(n up tv r
i' V . 'Iiir I A IN
-- 1 s ml't.itf r' :tn
I .'.ili-n J1B ;i
ri.iiiiniiui 11', 11
l-njlni.or tvinjl I '.. P,
'. Will, oil , ',
r .irni oil a', a;
' ll'aii'i (H I.-.
' liirin-i (ill a' ;;',
II Hr ' -T-PI
lilt IVtrol
Iiilii.lhl.
tndlahoinn lief
I4 r.i il.it
I. iv Invsiftn
i'ir '"nibo
Shin
Virlll Anirr OH
HniMr Oil
Dllllit'S I'M
tiiil S. Upfln.rs
Ilsiin oil
.salt t'n-i l( Prod
HiipulDii It.-f
, HequilMih Oil
Hlinnia Pit
Hi.ric-r r-t
Toxr rH'ltV
1 Trxtt I'o v
1 Trnpli'al Oil
I'nll.il T.hfl
Vli-torla Oil new
Wlillo Oi.
.1IIM.NO
Alunku-Ilrit ('ol
Ar zona SlUer
1 Atlanta
I Hlff l.edire
Huston A Montana 71!
t'atfl .MIl.tnic .',
rresM'in aold I.
''rejirfni M.icXumara . . m
Oh Hcfra 4t'rg
III SaUmlor 3
Kurfk.1 f roei'j ... f
r.oUl Silver Pklt 2-:
Gold Zono 7
I.oulUna To
faN'alAa U
5fothir Ixide 30
Motlier IJde nirw ."
r, C'nnn 10
Hop Group 1i
Pllxrr Klnr if Arlonu '
S Slher tx-art .-,
Hu-cs. Tlnlnff it
Tonopih Dlvld 2S
Vlmnry 10
Wllbert 11
itovns)
Allied rar't.rs . . . 7T
Onpral Hl.i-lrlc 6i , . Wi
Texat Co " . . :is4
III',
V h
111". 4
I
IV.
IM'
1U
.".I
3
ii:
is'.
3S
3 ' .
n;
I , '
3"
I,"" I
I'f I
.vT i
as
4
I
109
SOB
310
3)0
300
llll
MOO
10
3tlA
too
391)
200
100
39
1
401
(110 C
610
100 7
6i)0 10
290
75 IU fi
-.7U0 t
asoo M
7H 4
.10
no
13 'I
l
MO 7
I Ml
tin 7
1100 5
s
4o i.jn
4'H
.1J0
no
in
too
too
1 1 II J
.1 II
1.1 0
IJS00
390
Jin
9". 0
101
43)0
too
too
100
I0
son
3,10
31
137 14
V.aMwIn Ijocn nf I
. Baltimore & Ohio .... 37 Ji
4 Baltimore & Ohio pf . . 4S
. Barnet Leather 85
8 Barrett S!A
. Booth Fisheries .... t3
. Bethlchpni Motors ... 31 i
Bethlehem Stnl .. 8'5
4 Bellilchem SteC M ... i7
. Blslyn Bapld Trang't . 14T
Blilyn U T ctf3 or aep r.'
Burns Bros lti
Butt Copper 4 Zinc. . Ii
Butto & Superior Cop. 6(4
Butlerlclc IHi
Cadtlo Central O k It. 'V
California Packing ... H
California Petrol .. "J
California Petrol Df .. 70 U
Canadian Pacific ....t"45i
Calumet & Arizona . I2
Central Leatl-.tr . ...!!
Cerro de Pasco Cop . . 5"?4
Chandler Motors K
ChesauenU & Oh'o.. S
CJiIcano & Ot West .. '.i
Chi (It Western pf .. "'A
Chi Mil &St Paul . .. 0i
'hl Mil ft 8t Paul Dt '
Clil & Xorthwcsteni '9'
CM I nock Isl Pac :sai
l N U I V Pac '- i 6
Chi n I & Pao 7 p! . !
Chi Pncumntlo Tool 101
Child copper s4
Chlno Copper . 31':
Coca-Cola
Colorado Fuel & Iron. '
Columb Gas & Elea .. 60'
fol (TraphnnhonB 4"
Col Oraphopliono pf ""
Conip-Tab Hecoio .. j'i
Coimulldated Cigar . .
Consolidated Gaa . . fl
Con Interstatn Cal M . "
Consolidated Textile . 31 H
Continental Can S
Conllnentul Candv . . J
Corn Products Bet . . Ms
Corn Products Bcf p'ircW
13 Crucible Steel ".37
6 Cro Carpet O'.'ft
. . Cuba Cane Sugar . . iftja
Delaware A Hinion . i9
Del Lack & UVulem .103
Denver & TUo 'Jrande. 714
Denver tb '.c G pf .. Sl'i
Kmcrsun-Brantiiig pf . 83?4
10
as ni. 3S
l 13 4,l",
3i'; 31"- 3T.
s S1,
I 1 'i I '
IS i'. 1'.
V'S -fi -"S
4S l. HI
I Si t
.1 (V, 3
11 411'i II
US n n
a'. 3 n'i
ri sol. pus
'J . '?
3.11, 3.'. 314
21 5. SI1. 51
I D3 101 111",
34'-, 3.T-, 3
i!li l, Ji
1 '. I 1 .
1". IS IS
30 L's'i SSS
1 . I A 1 ,,
1 S I '.a I '1
;: ;i 3
Farson, Son & Co.
Sirrah ew York !Uirk Kirhance
115 BROADWAY
NEW YORK
4t
'a
'
9
n
10
IS
3
-7.
DO
3
10
10
10
110 i
mm'.;
P!)f
11 m
3J0
A
too
IliO
A l)
J.U
3IC
3J0
110
193 lU
too
11.1 O
300
100
3700
33 JO
USOl)
too
l.MU
P300
600
11000
100
liija
10J
0J0
1100
:0 a
7 m.
3710
36)0
300
.US
. .4!
t. 4 '
. 7744
130
.H6VS
7 '-a
. "7
. U,
. 6V
.117
. :.33
. 71
. SS?4
. .34
1H
73U
4 Haskell & Barker Car. (3U
. Ilendee ctfs 40'e
1 Hupp Motor Car .... 315
7 Illinois Central 91
6 Inspiration Con Cop .. s6H
. Interboro Con Corp.. 4(4
. InUr Con Corp pf ... I5V5
. Int .Arrlcul Corp .... 2G94
5 lilt Agrlcul Corp pf .. 1 3 A
6 I in Harvester 1 i n J i
Int Mcr Marine V
G Jnt tier Marine pf .. 13 ?i
. Jntcrnut Mot TrucK. .103
Endlcott-Johnsoii
K.-le
Krlu 1st pt
FamouB Playcrs-L
Flblier Body
FlHher Body pf . . .
Klslc Hubbi-r
v reeport Texas
Gaston Wmu Wig...,
Goneral Clear
General IClectric ....
Gen ral Motors
General Motors pf . .
General Motors Ct(a..
General Motors deb .
Gen Motors deb 7 .
Goodrich B r...-,..
Great Northern Df .
Gt Northern Ore ctfs
Gulf Mob & North pf
Gulf States Steel
T.OW
34
mi
6714
74 U
3
314
mi
13
47
8
116 Yz
US
X0V2
147
40
13
14J4
11s
17
18'
r3J4
PS
10JE
!iM
I 8 '4
8l!
46)4
13
07
ino!4
"!4
Ti
137
S2
18 H
d
4314
f3Jj
78
!
35
33
100
?
48
81
'
13
3?4
S8'5
St?
16;4
lt
lBf.
Oli
56 Vi
1!4
rsH
siW
40
7'
l!8
03
18'i
lulU
7 4
14
3
38 n
f4
f
VA
0 -
71
01
ISW
i
am
3S'4
60
I'i
no;,
S3
I
7,4
IH
3074
tl
11-54
14
lK4
331
63 14
7?4
19
103
?4
!"4
83 54
M4'i
154
4
77
130
HG54
-6i4
6H
16
1414
37714
M'4
3?4
74 lj
sVi
7354
83 54
4on
71
"'?.
3854
17H
81
.654
'A
IS
' 3J
83
138 Ji
;oh
S3
103
1:80 Net
Close Chxe.
34-1
40V4 55
74- T4
N77 3J4
41
13 ... '
43 - 14
854 154
117J4 t
89-3
434 31
143 ltt
48 t
13 54
!8 4
US 3
SI .1
r.7 U4
10U. 354
8494 54
06 U4
ios!4 .
'44- i
CO 54- 54
8154 t
'954 3
133J4 154
7 - 1
10054 t 54
93!5 . .
ISJ4 1
138 454
47
43)4
f5
79
16654
3S54
13S
mo . . .
3J?4 ii
is 54
8$ S
133 54 25i
13 54 1
S0!S- 94 1
S8J4 .154 .
67 454 '
I3?i
11H-
10SI4
8J4
3U4
1BT4
.3ji
n l-
4054-
7054 314
I-.-4J4 154
63 . . H
00 3
w 54
183 3
S7J4 91
954 ..
"H - 54
3854- 1
.B4 194
8994 ..
.894 1
- 6 94
:7 54 5i
100 54 17
Sales
108
14000
800
30
300
33JJ
3340
3
94
54
154 J
54 ,
riv.
int
.. Int Mot Tr 1c! nf . it
309 3 .40 Int Mot Tp ",! nr 11
3400 1, International NiMr.i . 'tin.
. . International Paper . . 8I94
. . Iron Produota Corp. . . 4S
. . Jewel Tea is
Kansaa City South . . 18 54
KellySpg Tire 1314
Kcnnccott Copper .... 3154
Keystone Tire A Rub. 37 54
Lackawanna Steel ... 81)4
Lee Rubber & Tire .. 36)4
Liggett & Myers rta.. 1)5
Loewo Co 3154
Loft Corp 1994
Loulpvlllo ft Nash ...K6J4
Mnckay Cos pf 63
Martin Perry 38
Maxwell Motor 31b
Maxwell Mot 1st pt.. S9J4
Max Mot 1st pf. ctfa.. 64)4
May Dcpt Stores ....138
Mexican Petroleum ..1S
Middle States Corp .. 13
Mldvale Steel ft Ord. 4894
Minn ft St L now .. 1694
Missouri Kan ft Tex . . 9J4
Missouri Paclflo 30
Missouri Paclflo pf . 47
Montana Power 16
Mulllns Body ,. 455-i
Nat 4nlllne ft Chem . . 67)4
National Cloak ft S . . 70
.Vat conduit ft Cable UK
Nat Knam ft Stamp.. 80H
National Lead 8794
New York Ont & W.. 31
New York Air Brake.. 11354
Xew York Central .. .0)4
New York N H ft H. 16)4
Norfolk ft Western .. 67
Northern Pao 84)4
Nova Scotia S ft C ... tS
Ohio Cities Gas 1 4694
4
3
19 lit 1.70
14809
400
309
1100 2
400
309 7
100 4
700 3
.till) , ,
300
39 . .
108
IUJ0
7
10
18300 1.20
4700
109
300
10J0
30
390
190
690
199
4JJ
3000
SJ0
10O
3609
2300
SStIO
100
1600
HID
13,11)
1600 3.60 Ohio Fuel Supply.... t
li
94
9i
I
15:
94
J4
3
1
54
IK 55
i4
60 -
4
81J4
3
60 -e79i
H
8 -i
11 J4
rs)4
108)4-
331 Ji
6354 1
.791 5?.
0
103 -
794
'
839i-
11515
14 ft
"4
77 J-
130
I0G):-
7
'094
II!
69 4
M54
331 14
8154 3i
3'. f 1U
7194 !4
f9 94
7394
354 94
41 '.
38 - 1,5
73 114
164 f. 7
40J4 IJi
i' 94 54
01-1
'654 94
4 5 4
1654- 55
36J4 IK,
3!4 3)4
1.3!4- 54
G54 ?4
i-394-r 354
103J4 !4
54
54
94
94
54
' 1 54
7
4
55
H
54
54
"s
t'4
I'i
400
9JU
700
36UU
100
300
109
76J0
1000
400
700
14110
1690
7111)
3'ilt
100
61 it
163 0
SJ0
490
300
999
7 10U
3100
17 JO
4Si)0
131)
174 JO
100
30U
RJJ
33i II)
too
64 lU
400
33IJ
too
1011
430
36i)
77 10
3)J0
3WU
31
4 J
43)
37311)
33 )0
300
3 j
87)0
100
0S,t
30 il
100
48)
43J
17 J')
300
810
60
3J0
73 111
300
890)
OtuO
375)0
310
111800
SJO
1000
3650J
39 JO
100
7J0
a iv
300
500
3700
400
too
'.3 ni)
too
31 ut)
GiU
300
600.
900
300
8
.60
S
It
19
4
13
8
Ontario Silver Mining 8)4
ouia. Prod ft Her .... 54
Otis Elevator 114
Otis Steel . 30 Ji
Owens Bottling' Maoh. 63
Pnclfla Envelopment .. 73
Paclflo Mall '34
Pan-Ainer Potrol .... 89
Pnn-Amcr (B 93)4
Parish ft Bingham ... 43)4
Pennsylvania. II R ... 43)4
Penn Seaboard Steel.. S9)4
Peoples Gas Chicago.. 40
Pere Marquette -'9J4
I'ere Marq prior pfT.. 66
Peoria & Eastern.... 14
Philadelphia Co ..... 40)4
Plerce-Arrow Motor . . tC)4
Pierce OH 18
Pittsburgh Coal of Pa 8Xl
Pittsburgh ft W Vs. .. 28)4
Pond Creek Coal .... 3194
Presed Steel Car . . . .10394
Pullman 133)4
Punto Alegre Sugar .. 8494
Railway Steel Spring. 103
Ray Consolidated Cop 1894
Reading 87)4
Reading 1st pf 3494
Reading Zd pf 36 J',
It iiiippvon Tjpwrit.. 86
Rcpubllo Iron ft Steel. 105)4
rtennh Motor Truck . . 44
Royal Dutch N Y ...,103i
Savage Arms
Saxon Motor
St. Joseph Lead . .
Si 1. San Franc ieo
Seaboard Air Line pf. IS
.Shell Trans Trading .. 7994
Sinclair Consol Oil... 44)4
Sloss ShefT S ft I .... 17)4
Southern Paclflo 10394
Southern Railway ... .474
Southern Railway Pf .T J894
Stromberg Carb
Studebaker ....
6 Stuta Motor . . .
8 Superior Stcci
. Teiin Cop & Chem .. J8J4
Texas Co 316
Texas Co Full Paid .205 54
Texaa ft Paclflo 42 ji
Tobacco Products ... 73)4
Tobacco Products pf.. 96)4
Transcontinental Oil . 3794
UnlorvOll ?594
union taenia ...-
United Alloy Steel ... 15
United Fruit
United Ry Invest ..,
United Rv Invest pt
United Retail Stores
U S C I P ft Fdy . .
U S Food ProducU..
U S Ind Alcohol ..
U S Rubber ,
U S Smelt ft Rvf . .
U S Steel ,
U S Steel pf ,
Utah Copper
Vanadium Corp ...
Vu-Carollna Chem
Va-Car Chem nf
Wabash ti)4
Wabash pt 28)4
tilth Low
74
N 62
42
88)4
44
18
18
1S694
31
t64
75)4
34
1694
3994
19 U
1C6)4
63
36)4
.11)
68
62
129
109
39)4
17)4
1694
994
38 Ji
464
6594
15 !4
66
79
11)4
78)4
83
31
110
75 '4
iS)4
17
83)4
64Ji
4694
51
854
654
141
2954
63
70)4
34
9U4
83)4
4394
42
X6)S
3814
-9 !4
66
14
3994
C4
19
68
28)4
894
103
116
83)5
100
194
1:30 Net
Close Chce.
74 154
62 1
.3
TONE OF Ml
CO
17?.
1654
-'54
Wells Fargo Exp
Western Maryland .,
Western Paclflo .....
Westorn Paclflo pf .,
Western Union Tel ..
WeBtinghouse E ft M
Westing B ft M 1st pf
Whtte Motor
Wheeling ft V Erio...
Whoel & L Brio pf..
Willys-Overland ....
Wilson ft Co
Wool worth I' W.. .
Worthlngton rump
ICx-dlvldeao.
66
3494
36J4
84
55
44
id!
46J4
17 54
161-5
.394
15 54
7815
4394
."6
1004
4H
77 74
.10794,10394
.188 180
4854 4814
10?i
213
30S14
41
71
to 54
2694
t3J4
13194
45
305
13
'.
654
1894
894
CO 54
100J4
bt
100 94
113
:
60
77J4
111
"54
18
54 94
1094
25 J4
63
89)4
.3
65
'
1354
2054
15)4
76)4
135
83
3C014
. 1394
. :s
. 7794
. 18
. 70)4
. k89i
.11494
. 69)5
.103 Hi
.U3J4
. 75)4
. 63
. 78J4
.111
54)4
1154
27
65
83)4
1394
65
19 4
. 1294
. 21
. -694
. 77
.12.4
. tu)4
91 3)4
45 1)4
181
18)4 J4
130)4 3J4
31)4 H
7 J4
817
!5' 154
16)4 54
31)4 94
19)4 '..
16)5 V
63
38 4
31)4 154
68
54)4 1
129 54
195 4
33 54
4854 154
1694 -' 54
994
39 1W
47 r- 1 ,
6594- ii
46)4 T4
CO 94
70 - 3
1194 15
,8654- 394
8394 1M
31
113)4 5)4
.6)4 I
:6Ji 1
07 1
8( 54
67 54 454
4694- 54
51 3
854-
6i ..
114 6
30J4 154
63 94
13 4
34 3
88J4
9354 - 94
43 54
43)4-1 54
2954 3M
40 t?i
iuji,- n
rs
14 - I
39 Ji Ii
ti6!i 354
19 4 54
68 '4 I 54
28)4- 54
3154 255
10394 94
13. 6
8494 94
103 54 3)4
lft'i ..
8794 3W
3494 Ji
35Ji 94
863
101 54 794
41 194
10194- 54
19 3)4
17)4- 94
1654-1 94
2454 5i
IS
7994 1)4
41)4 94
"754 3)4
10394 3!4
494- 54
84 )4
77 654
10794 94
180 10)4
48)4 )4
I0J4 A
316 0
305)4 3
43J4 IJi
7354 254
9054 54
1694 - 54
3594 194
J2a 1)4
46 - 14
206)4 1
1394 94
28 1,4
.794 194
1894 54
70)4 3)4
9894 194
11494 &H
68)4 14
103)4 394
i3)4 54
7494 194
3 3Ji
78J4 2)4
HI )4
!4- J4
2S) )j
54)4 54
1094- 94
27 1)4
66 3)4
t9)4 1)4
1394 VA
65 94
4894 154
1294 54
21 ..14
16 ji- u
' 1)4
135 - ft
MARKET
STRONGER
Very Activo Trading in Lake Su
perior on Announcement of
Bondholders' Agreemont
Lake Superior Corporation continued
the lending attraction of tho local mar
ket, mnking n further advance to -
on the official announcement of tho
terms of the agreement made with the
English railway bondholders. Briefly,
the terms, stibjcctHo the ratification of
the bondholders, reduce the guaranteed
obligations of the Lake Superior Corporation-
from S1C.080.000 to 50.003.000
in principal and from $754,000 to $300,
1C0 in annual interest. The, trading
in the stock was quite active, represent
ing more than (50 per cent of the total
transactions. The. higher price was
made shortly after the opening, and
with the publication of the terms of
ttin nrrronmnn) tliprft WAR COnslllCrttblO
profit taking, which caused a fractional
shading in the price.
Amorienn Stores was the next note
worthy feature by reason of the decla
ration of the initial dividend of 1 per
cent yestcrdny by the directors, placing
the stock on a 4 per cent per nnimm
dividend basis. This, was in lino with
t' information given recently by nicv
t"s known to be in close tflii'h with
ii- rft'airs of the company. Thii news
also rroved to have been dlsiuntcil, ts
the stock, after opening at 43Tj, or
within a small fraction of tKe to price
of the year, yielded to 45 "n 8niolI
ronllzing Kales,
While tbese two issues commanded
tlio fnromoit attention, the ccncral list
displayed n much better tone nnd prices
were lirmcr nil along tnc line, ana in
most cases fractionally higncr, tno
market, as a whole, benefiting to some
extent by tho buoynncy of the New York
market, and the intimations given by the
lending banking interests of the possi
bility of easier money marKct condi
tions within the next two weeks. United
Gus Improvement was notably firm, ad
vancing to 40, in response to tho re
sumption of dividends by the Public
Service Corporation on tnc common ana
proterrca stocks, of wmen tnc u. u. i.
is a large bolder. J. O. Brill, on small
sales was up $1. Philadelphia Elec
tric and l'liilnrtclpma liapiu Transit
were firm nnd unchanged.
Foreign Government
Securities
The Latest Edition (now ready) of tho Sta
Reference and Rating Book
"MOODY'S ANALYSES OP GOVERNMl
AND MUNICIPAL SECURITIES"
is the only publication containing complete informA
iana statistics leguiumg iuiuhjh -uAierniu ana Intcrr
w.4 w -----0 v f mvi, ouumviSloi
re coveruu, iiibiuuuiK
Argentina
Austria
Belgium
Brazil
British Empire
Chile
China
Cuba
Denmark
Dominion -of Canada.
Finland
France,
Germany
Hungary
Italy
Japan ,
Mexico
Nethcrlanai
Norway
Peru
Portugal
Russia
Spain
Sweden
Switzerland
MORE than 75 cities in United Kingdom, and over 30 Gorman !
ana otner uuiiiiv.ui uiiiHinu mu tuioituj no vcji as oil the c&nititi
nnd other important cities of tho entire world. Details of ail th
.principal lliuiii.iui uuuSawuna uj. uiuau iuiuiku C1UCS tiro fUrnishM
DOMINION OF CANADA is fully covered, including Cani,.
niunicipalitles as well as' all of tho provinces. s wiaataa
IN ALL, more than 80,000 distinct government and municipal lond.
are classified and rated. Nearly two thousand American dtW
towns nnd countries arc included.
THE EDITION IS LIMITED and we therefore urge cvervon .
okuu 4" ".v.. .v.. ...w v,.,,. 4.44uu 4u iiui-copy, aeuvtrcd I
MOODY'S INVESTORS SERVICE
JOHN MOODY, President.
35 Nassau Street, Dcpt. K New York-City
Netv York Bonds
UiVm A & Ccv 5s 01 01
5'JAm T X- V fl. DRU AS
. .... m. w m. -. -- , --.
r & T rt 4s 77 77
1 Am T
120 Aw,lo-Fr Tis.... 07
1.1AT&SF adj 4s. 77
11 4tl Coabt Line -U 70
4 Atl Coast L ct 4s 07
1 Bulto & Ohio Cs 80
1 Halto & O Tis '05 04:i
5 1, & O rv 4VjS. 05
10 11 & O P I, E &
W Vo Sys 4s. 57
li Halt & Oh It Vis 83'f!
2BC & Z Co 3 Vis 73, i
10 Ilk Rap Tr ct 7s. 42 ,
li Chi Un Sta 4V6 80
1 Citv of T.vons l!i RilU
1)7
7fi
07
8
04
W
57
83 Vf
73-l
42
80
80',
so Vino
81
01
,!S'f
07
77
70
07
80
(!
05
57
831$
73
42
80
80 V.
80Vi
1)0
81
1 City of Ilord 0s. 80l.
22 City of Paris (is. DO
e irni oi iieo en., oi'i niyi oi
17 Cent Leather 0s- DIM 1HV4 1)4
8 Cent i'nclfic 1st.. 72 72 72
OChcs & O cv 5s 70Vj 70'i 702
7GV 7(1 A 70A
1 dies & O cv 4ij8 73 73 73
M'M
4 Clies & O 4js.
4 -.. . r ..
i .iips ucv -ivas .-7 (.its
!) Chi & Alton 3V5n 35 35
5 Chi B & Q4h... 04 04
15
3 Chi
& Gt W 4s C5A 55V.
04 Vj
55 Mj
"i
Philadelphia Stocks
Nit
i! r m. olme.
1.Vb ,S
Itleh J.mv
510 Am Strs.. 45 4.VK,
ui Am iiy pt .ih o ics ..
25 Ilrill .1 G. 45 45 45 1
50 151 Stor.,117 117'-8 117 Vs
40 1 Co N A. 2S 28 2S . .
5tHI do wur. 7 0ni 7 . .
405l Lk S Cnr 22 21 21
50 Lans Mon 81 U. Rii,, siifj.-U,
4U.h Nar. (((if. Ill (!4V.-4- Vj
r.i 4rt.i..nin .tor .io:' .ict li a'
Ha VI
l75
Wj
LIBERTY BONDS
All Issues
Bought and Sold
$50 $100 $500 $1000
Gwaham, Parsons &Ca
435 Chestnut Street
Philadelphia
Phila. Elec. 6s, 1920
U. G. lL6s, J 92 1
HENRY D. BOENHING & CO.
Tllrrrt Trlnit Trlrnlioni. tn .Nw YorU
i FOREIGN EXCHANGE
w VorU. Maj-rh tR Tlie forelim ex
1 clianue marltpt sl-owtd an caBlr tone
I st the opening this mornlne. Demand
I uterllntr opned at luft night's clonlnc
flB-tiren. at Ii 71 'j ami rabies nt 3.72 i.
, Ot'ier ouniatlonn were:
Franr cabh IT, 53, check 13. CB: lire
cables IS l". checks I 47; S'ts cables
5 SO checks B SJ tnillder cables 3fi74 I
checks 3B i : pesetas c-ibleR 17 So. checks
17 7"i. Stockhn'm cables 20. 5B. checks
?(M0; Chrmtlanln c.lhle 1R.15. checks,
I'SOO; CopenhaK'en cnbles 17 50, checks'
'7;i5; Belgian cable? TJ.00, checks
i 1 3 0 J : marko 1 ?S.
I SierllnB wa steady in the early after.
I roon, the demand rate quoting at 3.72 'v.
fables 3.73 l4 Krancs were also steady
at IS 57. checks 111 51. l.tre were weak-'
er. with cables 18.5D and checks IS.Cl.i
.Marks ere 1.20.
ArBentin exchanKe todav touched
, 1 0'J Arcentine dol.ari per N'ew York,
dollar, at which point the shipment of
koici rrnm .nmt vorit to Arcentina is not'
prolltable on direct arbitrage. L I
TESTUnDAT'B 1"INI, QL'OTATIONg i
HtTlIn FrBiics Lire OuIMti '
Demand S Tl Mi 1.1 fiO IH 12 MV, '
Cabin 3.72'4 13 -IS 18.40 86;
TODAY-S OI'KNINO QUOTATIONS
Strl.ni Prancs I.lre Gulhlem
Demand .... 3 TH. 13 rA 1R.47 3Hi
Lades .... 3.72'4 13 S3 18.13 .".8'. '
NOON QUOTATIONS
Sterling Tran'-n I.lre Guilder!
;t t"i in . iH.ttl
3 T3'A
50 tJliih-ale.
218 la It It..
272 I'hlla Co
ruin pf.. 351.
Ill Phil KIik 25
055 1'hil UT. 2,il
50 -UleodinK. fcO'i
l.lOTono Min 2
fl2 I'O I.. W'h
JO50 TU S Stl.103
4M-S
J3-8
24
Stis
411
35Vi-f-
21 VS
21TT Vi
t0-r-l(r
2-f Vt
4IIV. i
100 103 4-2
Demand
Cables
3 73'.
13 r9
18.50
United 0 ImproTrmrnt oinpunr 6. lo'i
Teiua Company U-Year Drh. ;h i).v
Kennerelt ropier t'nnwratlnn T, lo.tn
TWewater Toner fnitinanv lat . B, mil)
Amrrirun Ife 'o. It en I I.nUle fi, mix
1'mplr lia V Fuel Compmir V, T. (1, io?s
IValerloo, Cedar KalU & Northern 0a, 1040
Samuel K. Phillips & Co.
MONEY-LENDING RATES
I'llII.AniU.l'HIA t"all U per cent
time. 6 per cent; en nmerclal papei,
1 threb to six months 6 per cent.
LONDON Money -was quoted at 3',i
I per cent. Discount rates, short bills,
I ST per cent; three months bills CTitj1
I R r. . C naK Man.
U U'lU fcJC -ll.
Kxpert rreparatlon and Review of
INCOME TAX RETURNS
nf oorperationa. partnerahlpa. Individuals, eta.
rtur ajtartarormartyconneatedavltll U.HXlovt.
Corporation Tax Service Co.
WQ Heal H
Heal Ktaj Trunt Btdf.
I illburt B310 or Itsc 21T
BANK CLEARINGS
Dank clearings today compared with cor
responding day laat two jenro.
1020 1019 1918
Phlla ..Snl,in-:,04! $"S,M7.4?T flrt,774 101
Boston. T1.isn.3rt3 0 Tl0.t)ri2 48,078,870
Daltlmoro 18.H14.342 H.OoB 112
BAR 8ILVER
Bar tilver was quoted In L6hdon to.
day at ssjia, upfta.
'Net change made by comparison with last
ale on New York Mtnck L'xchancc.
fialmtn nn.M)S Net
$1000 High Jtovr 2 r m. chse,
1 Klec- & I'eo
Tr -is .... (i.Ti o'sa't cna; .-Ji
12 Lak S in ., Uu 00 00 . .
1 l.chlKli Nov
'oils -I'-js. S7 S7 ST . .
IV Lib Ilimd
lth 4U"- 00.00 R0.0S OOOO.Ol
5 Pn Ken 4s M 81 81 1
2 I'hlla I-
1st 5i.. . 01 01 01 ..
2 IU-ail gen Is 7!i', 70, 70Ut- V
DIVIDENDS DECLARED
PhlladelphlR Co., nuarterly aeventy-tlva
centi on common and semiannual 11, B0 on
preferred. Common Is payable April 00 to
slock of record April 1 and preferred Hay 1.
Proctnr t Gamble Co , quarterly - per
cent on 8 per crt preferred, payable April
IS to stock of record March L'ft,
American Mores Co . quarterly 11 per
ihare (no par value), payablo April 1 to
.(ru.t( nt refYirri Marrh "0
American Cynamld Co, quarterly H4 per
cent on preferred payable April i o moca
ne i.nrii Mnrfli 9.
Cities Sen Ice Co monthly eaah dividends
or "i per cent on u per com curnuianvo
preferred. W per cent on preference II and W
nr r.n, on ooinmon and rts:ular monthly 1 .
.n. rin pimmrin n.vnhl. In UDItnOll
fc-T .VWL Zi. j.-.ij 1 ' ....t,i. U.v
SIOCA ai par. n uivmenas uro ,r".,.M"' ""
1 to stockholders of rerord April 10.
8teel and Tube Co of America, quarterly
Ht ptr cent on preferred, payable April i
to stock of record Marrh iO. ...
fnlted 8tates Worsttd Co.. quarterly of
11.75 on llrst preferred, payablo April IB to
sioik of record April 7. . . . ...
Duqueine LlBht Co. quarterly or 1 per
cent on preferred, payable .May 1 to atoclc
of record April 1. ft
Atlantic Coast Co.. quarterly 13 50. pay
able AUrch 81 to stock of record March -M
Great Northern Iron Ore, a dividend of t2
on iTtlflcates of beneflclailnterest. In Great
Northern Iron Ore properties, payable April
IS to stock of rerord March VI. ...,. .,
United States Food Products, quarterly at
Hi per cent on common, payable April 10
to siosb oi -Tecora .aprii jr " ,r
ORGANIZATION MEETING
President Grange, of Local Stock
Exchange, Announces Committees
At tho organization meeting- of tho
sovernlng committee of the Philadelphia!
Stock Exchange yesterday afternoon,
Harry C Thayer, of West & Co., nnd
George K. Itellly, of rtellly. Bfock & Co.,
were elected members of tne governing
commltee to till vacancies. John W.
.Sparks was re-elected vice president of
the exchange, Horace II. Lee was re
elected a truBteo and George Stevenson
a trustee of the cratulty fund.
President William D. Grange an
nounced tho following standing commit
tees: Finance: David A. Freed, chairman;
Horace II l-.ee, Frank L. Newburger;
Charles II. Bean, William M. Klklns.
Stock list : John W. .Sparks, chairman ;
Frank L. Nowburger, Clarence t,. Moyer.
Building: Horace H. J.ee, chairman;
Frank C. Matthews.
Rules: Albert E. Turner, chairman;
Heutly C. Dulles ; Frederick 1. IllHtlne,
chairman; Harry C. Thayer, Uiyao l,.
I'aul.
Admissions: Howco II, Lee, chairman;
Heatly t:. Dulles, Tennell C. Klrkbrlde,
Itobert D. Taylor, Melbourne I'. .Middle
ton, Jr.
Commissions: Vrank C Matthews,
chairman: Melbourne I'. Mtddlcton, Jr.,
Edward BrjIawUI.
Insolvency: Horace H. Lee, chairman;
Heatly C. Dulles, Pennell C. Klrkbrlde.
Arbitration: Charles II. Bean, cnair
man; Henry D. Wleand. Kdward J.
Moore. John W. SparkB, William M. 131
klns, Clarence L. Moyer, Frank L. iSew
burger. Elections: Harrison G. Heeler, chair
man i Gordon S. Carrlgan, Kdward Bry-
lawskl, Clyde i. i'aul. ticorge k. liemy.
Clearing house: Harrison G. Heeler,
chairman ; Gordon H. Carrlgan, Itobert
D. Taylor. ,
Reserve Banks' Discount Rates
The first column gives rates for all
periods up to and Including a fifteen
day maturity, the second for a period
of sixteen to ninety days. The third
and fourth columns give the rates for
discounts for collateral loans secured by
government oonua or notes
Com'l paper
14 to 1)0
IS days daya
Commodity Markets
COTTON MARKET
New York, March 18. Tho cotton
market openod Ann at 9 to 19 points
advance on faorablo Liverpool cables.
All months, with tho exception of
March, mado new high records for the
movement. Toward 38c for May and
abovo 32o for October heavy realizing
was encountered which brought about
a moderate reaction. Tho undertone re
malned steady with the list showing net
gains of 20 to 24 points.
Liverpool bought old crop months and
New Orleans sold these position)
Receipts at tho ports for the day aro
estimated at 18,000 bnles, against 40,
388 balen a week ago and 81DD bales a
year ago.
lfSrt
11am. p m.
Yest. rlono Open
March .. .. 40.15 40.S4
May .-17.71 87.H3
July 34.81 34. Pn
October .. . Sl.Oi 81. OS
December . . 11.no ai.l'.'
January .. . . 30.00
.-1H.0H
89,18
32.1(1
as so
fln.39
32.20
rsoston
New York. . . .
Hlilladelphla .
Richmond
Cleveland ,...
Atlanta
Chicago ......
HI. Louis . . .
Minneapolis . ,
Kansas City
Dallas ........
ban Francisco
Govt, paper
16 to U0
10 aaya oa
ya
oft -ovi
SH 'oil
BM enVi
Stf 'inj
BV5 'BVl
stt r.W
nti sh
bw (
bw n(i
rsi, mi
Rataa on outatandlnr certlflcatM nt in.
debtedniss continue unchanred at 4i nr
cctitv
GRAIN MARKET
Chicago, Mnrch 18. A little scattered
buying caused furthor gains In corn at
the opening today. On the riBe there
was Belling of July and of May, which
caused a reaction. The demand then
Improved nnd all deliveries sold at high
records for tho movement.
Small receipts and light stocks were
tho basic bull factors and the opinion
prevails that It will require more actual
corn to check the rise. Receipts were
16S cars.
May opened at $1.6791 to 31.es
against el.67Vi at the end yesterday
and.,1 Bol(J at Jl.68. July opened
at 1.60l and then moved up to 11.61 .
September started at J1.47U. reacted
w 4.i74 uuu mier Boia at 1.47
Oats opened firmer on scattered buy
ing, with offerings lacking, but the mar
ket reacted after the start on realizing
sales through commission houses. Later
the loses were recovered. Receipt were
62 cars.
i7viyo?p?iIed ai 88 lo S'c' "sTalnst
87p at the end yesterday, and, after
dipping to 87c, moved up to 8810.
July opened, unchanged, at 79T4o and
later Bold at 80 He
Receipts of wheat here today wero 6
fa.r.?i.a.t Minneapolis, 214 cars; at Du-
luth, 12 cars, and at Winnipeg, 44 cars.
.... Yost.
, "Pn iiin Low 12:30 close
May.... 1.B7J4 1.B0 1.B7J1 1,8841 1 B7W
Juy..... l.B0 1.52W, 1.60?J l.Bltf 1.50S
Oats-
May.... hV.i '. S7W gas R7i
July. .. 80
1-orK
Mar.... 87.00
July. .. 80.60
Lard
May.... 21.00
July.... 22.C0
nibs
May,... 18.SB
JUiy...
81
87.28
87,10
21.08
22,70
10.13
lt.Bo i&.oa
tAkl
70h tiOS 70T
87.00
86.B0
37.15 3fl.!,1
87.TJO 30,10
21.80 21,00 121.80
22.B0 i2.70 22,47
18.BB 10.13
19.60 eiO.SS
18.83
19.88
J C M & S P 4s H5 77 77V. 77Vj
1 CM & Sl cv 4V.s 72 72V, 7U!
HI CM & SPfd 4i?s 01 Vi tiO-7, 01
7 C K I & I fd -Is 07 07 Vi 7
Il Chi & W Ind 4k 50 511 50
00 Chile Copper 0s. 702 70 70
30 Chile Copper 7f-.10.1 102 10.T
I! Colo Indust ct 5s 74 74 74
2 Colo & South 4s 82 82 82
' 2,1 Con Gas Co 7s.. 100 100 100
1 Ken of Cuba 1001 1)1 01 111
1 Den & Itio G 5s 04 01 04
ii uen oc too U -is lil til
10 Den & R G fd 4s 42 42
l uom of Can Ds 31 1)1
1 Detroit Kdl 5a . 87
1 Dom of Can of 20 03
1 Eric It It cv 4s 40
2 Erie It It gn 4s 40
3 Erio cv D 43
10 Hud & M fd 5s. 59
7 Hud & Man uj. 18
I III Cent 4s '53.. 07
.'till Cent 4s '52.. 00
0 Int Hop Tr fd 5s 05
5 Iowa Ccjit 4s. . . 43
00 Japanese Gov 1st 70ty
131 Japanese Gov 2ds 75
47 .Tapani-no Gov 4s C0
1 K U V a & M 4s 05'A
2 K City So 3s
vt,
J. 7
iVj
01
87
58
18't
07
B0
05
43
75
Vs
00
C5M
54 Vi
01
42il?
01
87
03
40
40
43
50
18
O712
55
43
75
75
00
05
54V3
15 Louis & Nash 4s 81 81 81
4 Mid S & Ord 5s. 82 82 82
10 Minn & Ht h 5s. 53 52 52
3 .M St 1 M & Ms 70Va
4 Mo KG & Tox 4s 07
17 Mo Pne gn 4s.. 00
2 Mah Kiev 4s... 55
1 N V Telen 0s... 00
7 NYC & I lit db Cs 02
7NYC&HU 4s. 70
70 V,
57
50
05
00
01
1 iu 0:1111 'l'38 lOVj "'j
lNYC&Hlt en 4s 70 70V.
1 NYC&IIR 3s. 05 OTAT.
1 C of NY 4s '57 00 00
lC'of NY4s'05 00
5NYNII&II cv 0s 70
2N Y Tel 4s.. 70Vi
0 N Y Tel deb On. . 00
1 NYWC & IJ 4s 40
2 Nortli I'ncine lis 53
1 N Y & Queens 5s 81
OOro Shprt L 5s.. 02
0 Ore Short L rfdls 81
1 Tere Marq 5s... 85
0 Pa R R g m 4s 81
4 Phlla Co cv5s 2 87
2 P 8er Cor N J 5s. 02
10 Reading gen 4s.. 70
0 Rio O & W ct 4s 40
0 R I Ar & h 4s 01
3Rt Ii & SF 0... 80
4Senb A Line fds 45
11 Scab A Lino ni. 38
87 So Pacific cv 5s. 104 103
ii soutn rac cv -is. 7i
7 So Pacific Is ... 00
1 So liwyn Oh 84
7 St Ti & S V nj 0s 05
10 St L & K Y In 0s 40
3 St Ij & S P A 4s 58
1 8 L & 8 P J 5s 08
IS Texas Co cv 0s. .104 104
1 T St L & W 4s 40
10 UKOni 5b '22 02
4 UKORI 5b '20 00
14 TJKORI 58 '21 00
11 TIKGIil 5s '37 88
13 Union Pnc 4s... 82
J. un l'ac us it)l
70
07
mVi
55
00
01
70
70
05
00
00
70
70 Vt
05
40
03
81
02
80
70
40
01
80
45
37
104
78 70
00 00
84 81
5 05
40 40
08 08
104
00
70
70 Vj
059S
40
53
81
02
80
KJ
80
87
n'-f
78
40
01
80
45
51
40
02
00
00
87
82
101
04.
10
02
00
00
88
82
101
38 Un Pac cv 4s... 84 84 84
4URof SFefd.. 30 30 30
0 Un R Inv Co 5s. 70 70 70
34 U S Rubber 5s.. 84 84 841,
1 U 8 Rubber 7s.. 102 102 1021
17 U 8 8teel 5s . . 06 00 OOtf
2 Utah P & L 5s. 81 81 81
IVa Rwys 6s ... 82 82 82
r Wob H 11 1st.. 88 88 88U
a
11 W Maryland 4s. 52 02 52
0 Wilson Co 4b... 04 54 54
2 Wilson Co cv fls. 02 01 01
U:1S
1)7.20
Lib Bonds 3s.. 0720 07.20
Lib Iloctls 1st 4s 00.50 00.42 00.42
Lib Bonds 2d 4s. 80.50 80,42 80,48
Lb Bonds 1st 4s 01.04 00.00 01.00
Lib iionus M I'iS oii.oK 80,70 80.81
Lib Bonds 3d 4s 02.88 02.04 02.04
Lib Bond 4th 4s 00.04 80.08 80.08
Vic Notes 38.. 07.04 07.02 07.0
Vic Notts 40... 7,02 U7.C0 07.D8
llllllllllllllllllllllllllllinilMMMIMIIIIMIIltllMlinilMIIIIIIII,,,(iiTJI
Foreign Bonds
A comparison between tho cost of Internal Bonds ot
certain countries bought at par prior to tho War with
the cost now, due to tho extreme low prices for Foreign
Exchange, shows:
(rent Britain 5 Bonds ....
French OV. Hands
Heljrtam 0 Bonds
Hair 8 Ilonils
(ierman Municipal 4 Bonds
Tra-War Apprsihtialt
Col at Tut Cost New
.488 per 100 utn
.X103 per 1000 Pr. sJl)
HS'i ,00 ! 1
.K193 tier 1000 T.tnt UI
.8238 per 10OO Marks 830
Wo aro prepared to execute orders' in bonds of tho
above nations and have prepared a special letter giving
facts and figures about them for the guidance of thost
who may bo interested.
Copies mailed upon request.
Qnotations subject tn rhanfre tn foreurn cxchanit raUa.
Telephone or write for current prices. " '"
West & Co.
1417 CHESTNUT STREET
Members
Philadelphia Stock Exehansa
New York Stock Exchange
Wo Always Have on Hand n XJst or High tirade Uouus
Correspondence lavltad
rilHIIIIIIIIIIIIIIIIIIIIHIIIIIHMIIIIimimilllllllHIIIIIIIIIHHIMlnliiiiiiililllllliii
Japanese
Government 4Vi!8
lirt Series
1 Issued March, 1905
Due February 15, 1925
Callable by lot at 6 months'
( notice '
Inued in pound iterlintr, payable as to principal and interest
at the fixed rate of exchange of $4.87
Secured by a permanent cliarirc on Japwneso Got)enintnS
tobacco monopoly which yielded approximately, in 1019,
$30,000,000.
Price: nt-lbe market, lo net about 11 per CCIlt
Japantso trade and industrial
statistic furnished on reijuest
Biddle & Henry
104 SOUTH FIFTH STREET
1812
THE
1920
PENNSYLVANIA COMPANY-,H
for Insurances on Lives and Granting Annuities
TRUST AND SAFE DEPOSIT COMPANY
Capital and Surplus
nnoAD KinEKT cut-ice
Chestnut and Juniper fcUrects
Member Federal Reserve System
517 Chestnut Street
i Philadelphia
INVESTMENT
In tho expansion of America and tho reconstruction of the
world food stuffB with other prime necessities are tho vitais
all nations. ,-, ,nas
Such essentials tho world cannot do without n0"?
business through our world wide connections is being close
Descriptive Booklet mailed to capital seeking; safp mvesonn
A limited amount of Btock to bo issued. Namo of company
request.
FRANK PERRY BUTLER
327 Broadway, New York
EXECUTOlt
rscettf
OHAnTEllKU 116S
FIDELITY TRUST COMPAN?
Member Federal Reserve System
Capital $5,000,000
Surplus $16,000,000
Main Office: Broad Street Office:
325331 Chestnut St. M. E. Cor. of .
43-33 S. Fourth St. Broad and Chestnut
CD
ADMINISTRATOR
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