V-r WJ3 wf. ,V' '- At Hft t TS , si in I i fe J, W .'MS. EVENING . fcTJBUO KEDGEIPftlpABBIiPHtA;1 BATUBDAT,' Al9&ABT S,, 1921" ..? CLOSING MAI EI VERY IRREGULAR Week's Recovery Largely Made at the Expenso of Short Interest New York, .Tun. 8. The Irresulnr nml rncceil nppenrnneo of toilnv's clo insr mnrket wim to be expected, iew Mbly in view of the week's substantial reeovery movement. After n heltnnt opening the market ran Into n wnve of heavy proflt-lnklnir nnd considerable "hort selling. Tlie setback to "omc ex rent was npcrnvnttd by the recurrent wenknea which developed In Atlantic Gulf and West Indies. That stock opened nt a decline of 1M points, which soon wn extended to more than 0 points. Mexican Petroleum was nlco subjected to further pressure, drop I'lnj more than 3 points nfter Martins out fractionally higher. A good many soft spots, however, cropped out on the reaction, especially nmonc the Indus, trial specialties, which had been mark ed up vigorously in tho preceding se blon. Tor n time the reactionary current reached all parts of tho list, but at tho lower levels tho general list dis played the name resistance and resil iency ns noted rcsterelav and on Thurs day, This Influenced taking In of some of short lines put out earlier and brought Irregular rallies. In a number of instance full recoveries were made. The entire moemcnt uns obviously of professional origin and in reality car ried no significance. In that cither swing merely represented the familiar v.eek-end cvenlng-up operations of tho trading element. Without attempting to judge its qual ities, little complaint can be made of the first week's mnrket of the new year. Considerable recovery was made from the low levels established in the clos ing week of the old venr. This was charged to three different influences. First. relnestmcnt buing. Second, covering of a largely over-extended short Interest. Third, rebuying of Htueks by thoc who hod recently sold for establishing losses for income tax pur poses. Of the three, short covering un doubtedly was the greater propelling lorce. This fact, however, will be de termined when the Inherent position of the market is put to the real test, which will come when tho d"imuds from the fchorts are met and the rebuying Is com pleted. Quite a fw observers advance the opinion the real "corner" of the market Mtuatlon has been turned. Possibly that is true. At any rnte, every un biased thinking person will grant the market was entitled to a substantial re covery from the recent abnormal de pression. Whn It comes, however, to predicting a sustained forward move ment in the security or other markets, it simmers down to a genuine case of throning dust In the ojcm. A much more material Improvement, must be ac complished In lorrectlng the credit sit uation before ouythiug resembling what in called a "bull market," may cen be hinted at. No one will deny the speculative po rtion hus quite fully discounted adverse trade faitors that have so far developed. Bank failures, business mortalities, omission and reduction of dividends which are now coming to hand lime been pretty well taken Into considera tion b the recent low level of market prices. Still, the outlook remains too uncertain to warrant the least encour aguncnt of speculative enthusiasm. LOCAL TRADING WAS COLORLESS Business Situation, According to Bankers' Testimony, Well in Hand The week closed with a rather color less lne.il market and mixed price moc ment Tin- ttadlng continued light and unattended b nn spciinl feature of interest It was a case of fraction scalping all through the list. The onh exception was supplied in the point ud vancc in J. O. llrill from the previous Kale. Klectric Storage Unttery, Lake Superior. Philadelphia nicctne "common and tinifi rre.il and Lehigh Vnlle urn fractionally lower. I'nited (ins Im plement moved up "i to 31 'i while the prefc-md shades under par. The flattening of market interest in the local nliares duniu the week wns without special significance. It war (.Imply a natural aftermath of the com pletion of the "loss establishing" oper ations. Taking the week's flurtuatlons ns n criterion, the majority of the lo cal stocks apparently hae reached an even keel. I'tilcis something unfore seen turns up, the mot t them are liable to remain In this semicomatose condition until the restraints nnd re strictions nou holding spi i ilmion irnn bound arc returned Just when this hopp event will transpire ran onl be conierture. According to the testimnm of lead ing bunking interests, the IomiI busi ness situation mm be described ns a shade healthier than at some of the other large finunrial renters of the I'ountM The result, bankers a(-ert, of the pioveibial iiltrnconenati-.nl of Philadelphia banking interest A num ber of cripples are admitted to be in the flnnnelnl hospital which not ui prising, cumjhkring the hnnl bumps kiiHtained last vear In almost cer ipiartei- It is helped, 1h,wm, t . real crisis has bun sufeh pnse i nnd with caieful and bcentifie ru Hnc the health of gentrul business win l. cr,. uall) restoied during the mnent jiar. r i Philadclphia Stocks N' " i hire, .' I - .", "! Is !l nil I.OT fso Prill .i . :.t ,l 'J." K'e M.r 'Mil i",l . Ill' I I'n A L' i " L'si" 270 Lnl.' Sup l 'n, II l.eh Niiv (IS i;- I Leh Val . r r, 't7 Pa II It IP. ti 7 Pa Salt tlTi".. iWi? 20 Phlhi I ns Wire . r,2 ."J 117 PhllaHlee 'J'J i.. s J1R do pr. f L7 L'lii. .15 Phlln 111' His ll! M J'hiluTrue n:j V! T. Tnim Mm 11 11 aOOiTiunsOil 11 t HI, H.Vll. 111(1 I',. Tn fill .'. n.n "A ' J 30:1 I'tii .. ai, :w :io7M i in do pref . 1!)T; kit,, r,T. .? fi0tVills-O 8t; Ms kt;, ,' tNi't clisnc made by ciniurlnn j 1 1 1 i ,. isle .n New York Stock Bxcrum-e ' NEW YORK STOCK EXCHANGE TRANSACTIONS Snln ton 400 100 1700 70 300 800 noo 900 eoo 700 )0 20!) lTOfl 200 810 390 700 noo 1200 100 200 7000 511 3)9 70J 100 100 300 1310 1001 1300 200 NIO 000 100 1230 1230 290 100 8310 100 009 430 .1010 200 ion ooo 2)0 20310 A90 noo 290 12100 ion 10)0 230 100 100 2000 2000 700 nOO 100 8)0 310 100 noo 1090 030 200 101 HI 9 .VeOO 100 1400 100 1790 2400 1210 18)0 noo 300 100 230 2110 790 200 1000 210 210 4100 2100 830 100 230 1210 200 23 100 ltoo 13000 1H)0 700 2)0 10100 100 390 100 S)0 Oil 28)0 1011 100 200 100 100 710 9)0 3110 200 1710 700 2)0 1010 2700 1400 11000 .-.90 310 1410 3000 110J0 700 100 Sioo 100 .100 310 300 230 200 200 3)0 21(1 IOii S)0 10)0 too 200 400 3 no Mi) no inn 400 7.P') 200 10) mo sun 200 100 10-J mi mo 'on I'M) 'I ml Dlv. In I tilth . Adams Express 28J4 . Advanco llumelr ... 1H Air Reduction 34 Ajax llubbcr 37'4 Alaska aold Mines... lKs .. Allied Chcm Dye.... 4 Allls-Cnalmers SM 7 Allls-Chnlmers pf ... 7Ji Am Agrlo Chcm " 8 Am Ucet Sugar 40 10 Am Poseh Slaitneto... 73 Am B Shoo Fdy new. . 47',i 7 Am U Sh & P pf now 8755 . Am Cnn 28 7 Am Cnn pf 8!4 It Am Cni & Fdy lti .. Am Cotton Oil 22H 80 Am Drug Syn 7li Am Hide ft Leather.. 11 7 Am Hide A Leather pf 30!$ 4 Am leo 43 Am Ico pf 37 .. Am Intermit Corp.... 43H 1 Am-La Franco nng.. 1014 3 Am Linseed 143s Am Locomotive 83H 7 Am Locomotlvo pf . . . . 1024 .. Am Malt 1li .. Am Itndiator 631 . . Am Snfetv Razor. . . . ' .. Am 8hlp & Com 1IU 4 Am Smelt & Itef T8T4 7 Am Smelt & Ref pf . . 80i a Am Steel Foundries.. 31 7 Am Sucnr Ref S3 7 Am Sugar Ref pf. ...10.1 10 Am Sumatra Tob.... 70 8 Am Tel & Tel BV, 18 Am Tobacco linn 12 Am Tobacco 11 113W 3615 53 !S 7 33 y2 8U 8H 30 t2U I3J5 8 ICJj 7J5 . '0 .118 . 40U 30 Vi . 71 . oi : o 10 Vz 30 Am Woolen nst$ 7 Am Woolen pf OSHi . . Am Writing Pnpor pf 38 .. Am Zinc Lend & Smlt OH .. Anaconda Copper ... 38 4 Asso Dry Goods 28 0 Asso Oil 07 0 Atch Top & Santa Fo 81' 5 Atch Top & S F pf. . . 7!4 10 AtlOulf & Wl S 3... 71 3 Atl Oulf & W I S S pf 42'5 .. Austin Nicholas .... 13 7 Austin Nicholas Ine pf 05 7 Da'duln Locomotive . 90 7 Baldwin Loco nf 100 .. Baltimore & Ohio.. 4 D.iltlmore & Ohio pf 3 Rarnett Leather nf. 2 30 Harnsil.ile Clnss H.. . . Bethlehem Slotors . B Bethlehem Steel B.. 8 Bethlehem Stiel 8 pfl02 . nooth Fisheries flJ a Brooltljn Kdlson ... 88 .. Brklyn Rnpld Transit 12 . . Bklyn R T ctfs of lep . Brown Shoo 10 Burns Bros . . Butte & Superior Cop .. Butto Copper & Zlno. .. Butterlck .. Caddo Central O & R 13 0 California Packing .. 01 .. California Petroleum. 29 7 California Petrol pf.. 73 2 Cat Z'no Lead.... 4 Calumet & Arizona.. 10 Canadian Indue .. . . . Central Leather 4 Cerro dc Pasco Cop. 10 Chandler Motors .... 4 Chesapeake & Ohlj... .. Chicago & Gt West... .. CTilcino & Gt West pf .. Chicago Mil & St P... .. Chicago Mil & St P pf 4Sii S Chleano Northwestern flOJS 1 Chi A Northwestern ptlOO .. Chi R I & Pac 27H 0 t'hl It I & Pac 6 pf 04 7 Chi R I & Pac 7 pf 74& .. Chile Copper HH 1.30 Chlno Copper 2214 .. Coca-Cola 21 Consolidated Cigar .. '' Consolidated Gas .... 80'4 Consolidated Textiles 21JJ Continental Candy ... 4Jj Colorado Fuel & Iron 30 Colorado & Southern. 27U Columb Gas . Ulec... 3!r( Col Granhophone .... 12 J Corn Products Ref... C031 Corn Products Ref ptlOl'j 0 Cosden & Co 31! j 8 Crucible Steel 00 7 Crucible Steel pf 80 7 Cuban Amcr Sugar... 29H . Cuban Cane Sugar... S33i 7 Cuban Cane Sugar pf 13 Denver &. Rio Grando l'i . Dencr i Rio Gr pf . . 2T 1 Dome Mines 11?i 8 Durham Hosiery ... 27 7 Durham Ilos'ery pf 8H 3 i:ik Horn Coal pf . . in . Emen-on-Branting ... s4 5 Lndlcott-Johnson .... .'7)1 Erie 14'i . Erlo 1st Pf "-I . Erie 2d pf H3 8 Famous Players L . . 32 8 Fumous Flaers pf 80 7 Federal Mln & Smlt pr iH . Flsk Rubber 14'i . Freeport Texas . .. IS' . Gaston Wms . Wig . 1'j . . General As-phait . . f fi . . General Asphalt pf.. 9" General Cigar 3S'; General Electric . 121 Ji General Electric rts , 4'i General Motors 13)J Gen Motors deb 61.. fl0;j Gen Motors deb 7.. 77 h Goodrich B F 42 Ji Gianby Consol M & M 23 Gray & Davis 12 Great Nortnern cf. .. . 70J4 Great North Ore ctfs 29', Green Cananea Cop . 2'J' Guantanamo Sue Co 1GH Gulf State Steel 31 Hablrshaw El Cable. 1-"i Haskell & nirlcer Car .51 lUndee ctfs is Houston Oil YiU Hupp Motor Car 13 Hjdaulie Steel . .'() Ill riola Central 69 lndl.1hom.-1 Ref . 7'-j Inppiratlon Con Cop . Sb Int Agrii.ul Corp pf.. ili'j Inll llnr-bi. r n .90 Inter Mer Marine. .. 11 4 Int Mer Marine pf .. 4634 Internal Motortruck 311 7 Int Motor-truck 1st P" 's 7 Int Motortruck -d pf 00 . International Nlel.el IflU Iiiternntlonal I'jDer . 33!J 0 Int Paper pf stpd 71 1 . lninoihlii Oil Curo .. '.I'J . Iron Products r,s . Island Oil Hi Jewel Tea '.' lona Bros Tea 1SJ5 Kun e-itv Southern 20' I 3 7 oo 3 7 6 2S4 192 .11 3Hi 1 4. 34 70 02 43 BOH 47 87'4 27 JJ 82 124 UH 731 104 4Ra 43 37 43' 10 34?; 84 102' 154 C8'i 0'i 10'i 'S sow ."01 i H23I 103 78 rsr 118 t 11.1 H U7 93 '5 3'. 8H r.s 27'i 97 3'4 :0'i on 41K 12W 05 8'S 100 30 f3 73 33' J 41A 7's 1025 3o 8B 11?4 n 39 bl'4 12"j 3Ji !' 15 OO'z 28 7 31) 117 3ST, 29', (IS'j C0'5 0 10'i 29'4 44 J5 ro 10b'5 27' 64 74 11'4 21H 23'5 A3 80 U 21 4'i 30 27'4 9 12 fOH 10034 31'4 M'i MI 29 2334 I2'i 1 24 " 27 8S 40 8U jO'i 14H 2034 14 34 0 34 78 V8 I4li )7 4'i MH 02 IS 121 '4 4 13'4 Cli'-j 77H 41 23 12 70 2915 22 Ji 1015 34 12'j isr 70 124 2014 8815 7 SO w3 9534 1314 C4 34 33 H 73'j bo 13H A.I 7l4 234 iS !i 3 15 20 '. Today's Not Clono Chin. ISJ4 1 19J4 Yz 34 1J4 37H 2'4 154 V 48 - H 34'4 JS 7Ti 1 - H 43 - 134 S M- J4 47V4 1 87J5 W 28 P8J5 1J4 1244 - H 22H H 7n W 10J4 34 48H- 1H 45 3J5 37 43U- 1 io'- J4 5434- l 8 55 102'4 34 19J4 J5 0834 Vt OH- J4 ll'4 J r - 1 S0!i . r.i fi - J5 101 78 - Hi SH IlC'-i - ?4 113H- Ji 07S- X 054 3M rs 34 .. 38 - J5 29 1 07 3H- H 794 15 074- 5H 4134- Hi 13 n 4 88S- 1H 100 .10 4- M f34 1 73 5 334 - H 4 3i V4 37- 14 1024 -r Ji 3H- H 883 1H4 H 8H 39 82 -124- 534 16H 13' 004 29 7 - 7 -30 117 - 40 - 30 i 70 - to4- 4 3 IS U5 19't 29 34- 444 594 109 - 27U 64 -f 7'5 118- 2134 24 35 80 J4 21 4 4. 4J's 30 27'4 -594-1234 r.9'4 ior.5 3IV4-4 8734- 13i 80 29 23 34- 634- 1 - "4 3; 15 44 H V2 15 li lHt H l 4 l'4 - H sv - 4 UH- 27 883 40 3 8 "4 . to 34- 4 21 ? 4 14 34- V '.2 4 803 28'i r 1H 114- Ji 8 14 44- 3i A3 J- 234 !I3 '- 2 38'j-l. 14 121 '4- 4 44 !i 13 31 li 60J4 Ji 77H 1H 42 - 1 23 12 70H 294 h 224 164 a. ! A9 -1834-70 -13 2034 884- 7 .10 804 -9434-13 34 13; 30- 73 vni on I 13J4- '4 55J5 24' 7IV4- Ji I 234- 4i :." H5'5i 4 34 3 - '4 15 - 1 20 a - V - li U4 -IV Sole 309 200 3890 3100 2(00 100 304 100 300 too 1104 804 333 100 300 310 104 1290 ION 194 800 14390 400 500 3100 100 1700 1330 790 700 300 300 2300 1404 700 300 500 300 400 500 3000 304 100 3000 3)0 1009 810 100 830 3300 100 330 500 1000 000) 100 100 3210 700 310 100 too 700 7000 3500 100 400 100 300 890 100 300 500 1800 1000 100 1000 3501 too 390 200 3500 600 8009 300 400 100 150O 1500 100 090 3000 4000 290 3890 6800 109 100 3000 8003 3319 100 100 noo 1390 7700 1600 700 700 100 400 5000 100 3700 2701 100 100 820) 1C0 600 22790 200 100 2100 1100 100 100 too noo 100 3800 104 7400 4600 10 3500 310 400 14099 1209 3090 200 lfjOO 400 100 800 890 noo 500 300 200 300 400 100 109 100 too 400 200 300 5Si)0 100 5100 890 100 '-'00 2U0 Dlv. In t Itleh 4 Kansas City So pf.... 474 84 Knyser A Co 71 4 Kelly-apringtield Tire 4734 t Kcnnccott Copper ... 304 .. Keystone TAR 134 6 Lackawanna Steel , .. 544 .. Lake Erie & West p( 34 3.50 Lehigh Valley 13 Liggett & Myers 140 7 Liggett & Myers pf. . . 101? t Loewe Co IS .. Loft Corp H J5 13 Lorlllard Toll 143 7 Lorlllard T t pf 108 1 Louisville .Sashvlllal03Ji .. Malllneor t Co 14Vi 7 Manhatt 'ev guar. 48 . Maxwell .ttotor 54 . . Max Mot 1st Pt ct sta 74 . . Maxwetl Motor 2d pf . 4 8 May Dept Stores..... f?i It Mexican Petroleum... 187 3 Miami Copper 184 1.80 Middle. States Corp.. 54 2 MldvRie steel & Ord . 33 .. Minn A St Louts.... 124 .. Mo Knnsas A Texas,. 334 .. Missouri I'acino 204 .. Missouri Pactflo Pf... 414 .. Montgomery Ward .. 10H 4 Mulllns Body 27 .. Nat An & Chem ctfs MJ4 1.00 National Acme 39K .. Nat Con A Cable.... 4 fl Nat Enamel A Stamp. 514 a National Lead 73 7 National Lead pf. ...101 , .. Nat R Rof Mcx 2d pf 4K .. Nev Con Copper 11 10 Now York Air Brsko. 84 5 New York Central... 734 . . New York C ft St li. . 47J4 2.60 New York Dock 334 .. New York N II 11.. 3IVi 1 New York Ont ft W.. 1834 7 Norfolk ft Western... 101 7 Northern Pacific .... 84 S Nova Scotia S ft O.. 34 50 Nunally Co 134 40 Okla Prod ft Ref.... 34 2 Orphcum Circuit .... 27H .. Pnclflo Devel Corp... 194 S Pacific Gas ft Eleo... 48 .. Pacific Oil Co wl 38H t Pan-Amer Petrol . . . 7414 0 Pan-Amer B 09i Parish ft Bingham .. 14 .. Penn Seaboard Steel. I3ji 2 Pennsylvania R R ... 414 .. Peoples Gas Chicago., 34 .. Fere Marquette 194 S Peru Mart) prior pf . . 50 8 Philadelphia Co 3434 .. Phillips Pet 314 .. Plerce-Arrow Motor . 35 34 8 Plerco-Arrow pf .... 7J .. Plerco Oil lit; Pierce Oil pf 77 Pitts Coal Pf 63 Pittsburgh ft W Va.. 31 Pond Creek Coal l'4 Pressed Steel Car.... 85 Pullman 10734 Puma Alcgra Sugar.. 4(4 Puro Oil 36 ' Railway Steol Spring. 8I4 Ray Con Copper .... 1394 Reading F44 Readlra 2d pf 84 Remington xypewntr 33 . . Replo Steel 36U a Republlo Iron & Stsel OR?; .. Republic Motortruck. . 23 5.20. Royal Dutch N Y ... TO St Louis San Fran pf 32H St Louis Southwest. Santa Cecelia Sugar Savage Arms Saxon Motor Seaboard Air Lino . Seaboard Air Lino pf. IBJi a 1894 3'i 634 13 8 Sears-Roebuck 983-4 .. Seneca Cop Corp ... 194 . . Shattuck Arizona Corp 44 74 Shell Transport ItVi .. Sinclair Oil 344 4 Sloss-Shcff A3J4 12 South Porto Rico Sub. 82J4 0 Southern Pacific .... 094 .. Southern Pacific rts . 234 .. Southern Rail 23J4 5 Southern Rail pf . . . 7J4 20 Stundard Oil of N J .1604 7 Stand Oil of N J pf. .108 4 Stewart Warner Up.. 33 7 btudebalcer 514 2 Strombcrg Cnrb 424 .. Submar Boat Corp .. 10 3 Superior Oil Corp ... S3 4 Tcmtor Corn ft F "A" 254 .. Tcnn Cop & Chem ... SH 8 Texaa Co 444 . Tccas Pao Land Trust211 .. Texas ft Pacific 184 1 Texas & Pac C ft O.. 30H .. Third Avenue 144 10 Tidewater Oil I70 .. Tldewnter Oil rta .... 134 2 Times Square Supply. 114 C Tobacco Products ... 554 .. Transcontinental Oil . 12 5 Transuo ft Wms Steel 43 8 Union Bag ft' Paper. . 73 .. Union OH 24 10 Union Pnclflo 1314 4 Union Pnclilo pf 60 4 United Alloy Steel ... 33 8 United Drug lis. 13 United Fruit 204 .. United Rwy Invest.. II 8 United Retail Stores.. 574 B U S C I P ft Fdy pf . . 401 a U S Food Products.. 25'4 8 U S Ind Alcohol .... 704 ..US Realty ft Imp... 46 BUS Rubber 484 BUS Rubber 1st pf. .10334 BO U S Smelt ft Ref 35 BUS Steel 834 7 U S Steel pf 10(4 a Utah Copper 44 .. Utah See 94 0 Vanadium Corp 374 4 Va-Carollna Chem ... 384 8 Va-Car Chem pf .... (54 1 VUaudou Ino 84 .. Wabash 84 .. Wabash pfd A 23 J4 . Weber & Hellhroncr. . 104 .. Wells Fargo Express. 531'4 Western Maryland .. 114 .. West Maryland 2d pf 184 . . oemern racino 374 0 Weftern Pacific Df . . . 704 7 Western Union Tel .. 8754 7 Westlnghouso A Brake SB 4 WeHtlnghouse E ft M. 45 4 .. Wheeling ft L E .. 104 . . Wheeling & L 7 Pf . . 18J4 4 White Motor 404 . White Oil Corp 17H B Wllaon ft Co 45 1 Willys-Overland 4 .. Willys-Overland pf .. 39 H Woolworth F W . ...1134 a Worthlngton Pump .. 454 6 Worth Pump pf B... fll Lew 474 7934 144 344 11 54Ti 36 544 144 '444 17H 13H 141 103 1034 14 48 434 7-Ji 4 8J5 1544 18H 15 31 Ji 134 2H 194 4034 19 14 344 44 51 73 1004 44 10i 79' 784 44 234 204 184 100 'A 34 30 13', 4 334 3794 1434 4734 38 13H 09J4 14 134 4ttt 38' 19 56 34V4 384 3434 73 H34 77 834 304 134 83 107 484 354 844 134 3Ji 54 33 Pfl C54 31J 064 3iH 3015 5 '634 4'i f34 1194 (4 194 0'4 43 74 123-4 82J4 19 224 524 '734 1604 10634 31 60 4 404 94 124 354 894 4334 311 184 304 144 170 13 114 '44 10H 43 72 3J4 121 CO .'3 SJl4 3024 11 '54 404 23 69 46 6734 1084 344 83 J4 1094 534 94 S5J4 :h 954 74 8M S2 104 53 114 184 374 70 4 8794 00 45 104 84 40 164 45 8 74 1124 454 01 1" luo .1. ana (umpired witrtl 207 U00 ihitn iesunlaj. Thus far (his week. 4,580,000 nharti. Today's Nt Cloio cnn 474- 70 34 47Ji 144 36 as 140 10134 18 134 141 108 1034 14V4 18 -54 . f( 154 3194- 134 19H- 27 814 1J4 1J4 It 1 .1 '4 Ji iji 134 Ji "H 'Ji 34 'Ji Ji 134 Ji 134 Vt 34 H 1J5 "li Ji 2834- 4Ji 51 73 1004- 44- II 74V4 7!i 40 -214 1004- 13Ji 36 13T4 .IJVr 47J4 39 -73ji-09)4 14 UJi 41 34 85 14 66 35 -73 1134 77 - 63 -31 UJi 85 107 -494-354- 644 -134x 834 5 - 33 -36 f54 32 184 334 364 .. 184 34 5H 4 634 1194 K3 - 1914 64- f3?4 244- .'2J4 Ji 3JS 94 94 34 Ji 'i iJi Ji Si "li Ji H '5 Ji Ji 3 1 "n ji 334 Ji Ji '8334 234 - 1 to 22 23 -5734-1604 108 3I'4- 50 94 13 254 894 434- 211 184 304 170 -10 94 J5 94 !i 134 Ji 'h Ji 4 12 U4- '44 - 12 J'a 1 134 42 72 24 121 T3 1 054 4 2034- 14 11 34 o'4- 34 404 14 i?4-r 14 tu 40 74 10334 344- 624- 094 f4 04- "534- .'84-834- m 22'4 -1JS "V.4 tl4- I8'J-274-704 87 9 90 J 454 4 104. '834 40 04 43 - 84 '8 - 1 34 Ji 34 94 "li Ji IJi li 1 li 34 li li 34 Ui 34 1 '.i Ji IJi 1 II34- 454- 61 Commodity Markets V2 n 2d ; in s .71 ,- 1 llONDS llluri Uv 101' hit; IS 3ft " tn 1 1 iinn US Rill Tel 7s 10'.' I Eleo A. I'eo Tr Is ... 1 Ke Tel Int OS , I.nlve Sup in 5s . . . . Vi Lib IloncN ,'ld 4's ., 8'.. -1th Pis.. O'J 1-0 Vie I ,n .5 l. 1 1 r.lce lbt Ss..,. K Finn Frnn tn 0d tJOJA 00 00J4 (13 50' 4 IS I. sc 1 ! 00 tf IS , s 1 i.j 1 v, I COTTON MARKET New nrli. li S--At tin iiMtnuK of the enltnil millkct the uildettoii,. :n ,teiulv follow uu tlotriiiir lliirdiim's oiituiiith siieuli lat night, nnd nn mi priiwinent rep" ted In elotluni; and cot ton textile" in lep Pint iirni'H wen- 1 to ID points holier but with tli mnrket lit New d", u,il I emi-ld' 1 nidi li"Ui "ell 111" ii.ill'l i -ti'lllin'-e llll'l.ll tlllllMH-ti?ll-"l Mini'' el Olid the llvf uolkecl nff about 10 pointi nndei ounniB UveU by the end "f tli" i'i"t fifteen minute's 'i niiiiUet lieeaiue nctive nnd Ntrems in the later tiudin. with ccimmlxsliiii hou.'S lepmtlns tl.i; receipt of a stejul U brniidi ulni! public interest, rrlr-es wnrKed up to 0 nit llduuiee of IS to .1.1 loiiit- . urij in 111' '.nnd hour on the i, 1, f.i"iiibl" nihil cm from spot and . !,th ui.irUets and u-ports of furtlur Mititluiii mill i'"utnilionM The streiiRth of tin- 'toilt mniliit as nl-o a fiutor. in,. Wall htreet u-. a goon uujei ' cotton. I'reinuH on r.n nn no no do 7 Ti'l s" l S7 -,o H7 01 '17 (111 !i; 110- 1 1 III loe Oivn nun iiw ' m in i in jh in in in i in nn r mi 1 1 .r l'i ""i 11 l'i i" I7i i-. 1 j i.i ' i', 111 1", in 1-1 r.i O I- .M r, 10 11 7T 11 .M 1". I12'l!"i 1 1 1 1- r. n " 1"' 1.' i"i Tit'i xo 1: Hi Kl S S-'ll GRAIN MARKET CUIcnso, Jim. 8. 'I'rjtdlug la wheat this liiornlnc wiim ijuiet ami the marliet was nre'piliir in the tarn trailing, but uenenilly weaker The sellini; was led by n leu 11I pioh-Moiiul An export hou-'i' puriha-ed Traders vere In cllnul to liold off until somethlnj; definite de eloped in reijard to the tariff. Geiuiiiio took about 1.000,000 bushels jcterduy uiid as said to have made pure liases in Austrnlia. Stiinli ojiened at $1.72 to SI 7.'t. but deelliuil to the lnt price of vei-teidav, $1 7Hi Mti started at SI CVS to 'JlO.'l1!. I"'t '"l" h"''l ,'r l"l0W till' previoiiM cliiM- at .1 01'i Coin was irriRtilai In the earh trad-InK- Huyms a led h pit traders and local piofuMslonals. Sclllny was by cash one ei ns nnd pieMimabh nualnst pur chases of tin' actual cram 111 the country on overnight bids. May opened at 7 1'io to 7lf'IC nnd later sold nt cttei din's final price of 7tijO .Till opened ''ic higher ut 7iic, but"l't the Kiiln. Oats vere cpilet nnd featureless. The niuiket wax a shade easier. May opened ut lS-'sc to W)iC, against -18c at the end vsterduv July started Vic lower at 17'li''. BAR SILVER Iieiiii-Ml b ir slher was un haiiKcd In . w VrrH today nt SO'jc; foieltm 65"io, down 14c. In London, tho price was Hd lowec. at 40d, T NEW YORK COFFEE MARKET New orl(. Jan. 8. The lowil cot. fee futures market dot duped u firmer iinilertono tnis morninc, due to tin. bet ter cables from Hrazil. Tliciu wu. little ntw outside demand In evidence anu n Rencraii netter feellni; tlirouirh. out the trade. Opening price "',5 to 11 points above the pre ions close. iii. iic run vi rne nr-t hour 1)1 ic es were slowly vorkinj highc-i some 1.-, v.Ir4. sin! ..!. I..t. 1 o.iii- mi t-iiiii iii-ins Shown at 11 11 i-ium, iiii .uiirrii si'iilli; to I .1 1(. nMli M.i ... n 111. rpi i..I " """ ""' V V iiuikci sriu nppeiirs to lack ilEKro-lhn. buiini' i......... 1.... the opinion hus been expressed that if any sort of important demand nppeared values would advance fust, r tlmn can be checked by Itiiizllinn selli rs Test open 1111,11 i.ow l'i,,,, cio.V - r, . t, i """II-' 111) . 1 0.' 7 11 J H iiiio; 7 7S 0 17 A im r. s it ,1 'ifo.ti 11 14 4a u bo 0 13 i7is8 11 an I) 858T 0 08 0 83 n 07 00 (1 97 T.SaCfS0H7T88?j?45iS?lJ 7 3Si)0 7 Oil 7 .111 7 ilMr?!) ?'47 7 S081 7 .18 STEEL TRADE WAITS LI OIK PRIES Reports That Independents Will Cut Prices Bolow Corpora tion's Level New York, Jan. 8. The new yenr has not brought any developments in the Hteel trade on which n definite fori eat of the Immediate future can bi made, except to nay that conditions arc not chanced to nny extent. Iluylnjr of steel lit still at n minimum, some con sumers being out of the mnrket en tirely at present becnueo of inventory time. There nrc some nuthorltlct, however, who are looklne forward for Improve ment in some linen in the near future. They make the point that indication1 arc that consumers will soon beRln thinking about their future require menu, nnd when they nrc convinced that prices are at a low level and no further reductions arc likely in the near future, they might be expected to place some fair orders. Iteports have reached local interests that there hove been offers by tome In dependent companies to cut price Hllghtly below the levels of tho United States Steel Corporation on certain products. These advices, however, have not caused much surprise, nnd it Is possible that more of this will be heard In the coming weeks. It must be remembered that thore oro a number of smaller steel companion with books bare of orders. Nnturnlly, they will make rtrenuous efforts to get buslnes in their particular lines, nna ns some of these makers have n sur plus of mntcrlal on nnnd they arc likely to moke low offers from time to time In order to get funds. However, thus far there has been no indication of nn nctunl prlco-euttlnH campaign. It is realized thnt if such n dcelopmcnt enmc the United States Steel Corporation wott'd be in a position to meet such competition, but it is not likely that cut-throat methods will be allowed to come nbout because it would be dlxnstrous to all the companies, nnd more o to the independents. There were many observers who be lieved thnt the railroad business during December and n spurt thnt wns ex pected to follow the price reductions bv the independents would result in lnrgcr business In that month than In the past half yenr. Apparently, this belief wns unfounded, for, despite the railroad buying and other purchnsc. It is esti mated in some quarters that the unfilled orders of the Steel Corporation ns of December 31 last will show a decrease of something around 1.000.000 tons, and might even be in excess of this figure. The reduction of the dividend on tho stock of the Mldvalc Steel nnd Ordnnnce Co. during the pnst week did not come ns a complete surprise In the steel trade, although the financial district was not prepared for the cut from ?1 to 'l e cuts per share. However, the ac tion wns conservative, ns the entire di vidend for the year had been earned in the first nine months of the jenr. Some observers have cxpiessed the opinion thnt more thnn one of the other independent companies will find it ne cessary to reduce the distributions made to the shareholders, but no official in formation is obtainable although meet ings nre scheduled to be held this month bv Bethlehem, Ilcpubllc nnd sevcinl others. In local quarters the warehouses and iobbers are shading prices In nn effort to attract buyers. There is no demand, however, nnd consumers nrc out of the market except for actual Immediate ie quirements. Some jobbers, however, nrc still holding to their original prices, hcliotlng thnt the situation will improve in the near future. A report enme from Pittsburgh dur ing the week of a steel merger to take in the Youugstown Sheet nnd Tube Co., the Lackawanna Steel Co.. the Pitts burgh Steel Co. nnd eight other smnller concerns, but could not be confirmed in this city, nnd ninny steel Interests are not inclined to credit the report of such a merger. However, it is believed that event ually it will be neccssiry for some of the independent steel companies to get together lor selt-prcsorvation. A com bination would permit reductions in the ovcrhend expenses and make for more economical opeintlons. During the past few months there hnvc been mnny merger reports, nil of which have failed to materialize. NEWY0RK BANK STATEMENT Heavy Contraction In Loans and Corresponding Jump In Deposits Tho two outstanding features of to day's Nek York Clenring IIousu weekly stntement was the contraction of $54, 254,000 in loans and discounts nnd a corresponding expansion of $40,22l),000 in demand deposits. Offsetting tho in creased liabilities, the reserve credit at the Federal Heseive Dank Increased $1,107,000, so that excess reserve wns only i educed $1,012,3.10, leuWng an nctunl surplus oer legal requirements of K!,131,r3(). Details follow : AVERAQK This week 1J. POD, nni IW, 484. 000 JJ,l.'0,OU0 Last week ilO.OSil 4.1U 543,85,1)1)1) 00,803 000 5.1:111 ou7.oiio 0&.S11.000 510,115 000 5J7.507.000 Excess remre AifKrpKato reft Loans, etc 5 Cash In vaults anJ mem bk lies In member bunks n iu res bnnlti Hcsorve In Mate hanks and truit companies Ilearvo In state hanks ami trust cmnpany u- pusltnrles . Nit ilcmand de posits . . . . ins si3 noo s 071 am no 0,253,000 9 030.000 0 388,000 8,800,00(1 Time denoslti Ore .nation United Slates deposits d Uuctrd .... Excens reseno AgKregate res Cash 111 au!ts and member bunks lies In memler banks and rr binks . . . lira In sUto bnnks and trust rompailes ltrs tn slam banks und trunl ro depositories. Not demand dep. Time deposits Circulation . L', S dep ded 1M11 S!?K lino 31,77.' nun 83 831 000 ACTUAL T Is Week Hi 111 111) '.IS 027 noo '."15 Mill 01)0 31.771,000 42,712 000 Last Wekn n on ri-o Ml 311 ono 07 748 nno 101,718 000 5!0 MS 000 521 001 000 0 Sl.'.OOO D.22J ooQ B W.OOO n iw nno 4eii,4 741) 00iil,nin r,"n orm .'ii7 24i) nno 's4 njS nor! 31 71)7 000 34 7?,i n"n "73 oon iSi'nis oo" Vn Dec Tan Teb March April May . Juno July Auit. Sept. Oct. 3 l)U 0 Hi BANK CLEARINGS llmk leiirlniCH tmly cnmtmrid two iears reMunillnu day lust II) JI Phlla HI!) 1411,88.' Huston 5ll.ai.4T4 N Y . IW7 Ills 004 ilttltO.,, il,8W,20T ftllli cor. ll'J'l Kiln $74 138 178 Jllt.niltl 014 00,100 512 40,703,080 10.191,877 iteeieiil, LIVESTOCK QUOTATIONS Clilcaeo. Jun 8 IIOCIH Esilmi,i celpts MM" hmd left over SiW ,d a.k" Inc hlBbr, fnv salei around m,. hlulier than ,esterdaj' aer. Hi, paid (or ihi rATTI.K Ilsllmateil receipts innii hrf HHElSr-Kstlmaled receipts 30n hiffi1 Pittsburgh, Jin 8 1IO08 nrini. noon head Hle-aH Hoavlei ttn(&7oP2B,1 heavy yorlicrs light yorkers and plea. I1IU3 lll-;L'.t- ai i.aiiii Itero nt .Af Tnn a ibnn tit ..... , .. -L . CAt.VBS Ileielpis Top, Steaay. I op sieap ll top Iambs, 112 50 iis ;n 200 head. 10n head Sleudy New York Bonds 1 Adams KP 4t 4 77 18 77U A Hmlt A It As 0 .... 701,4 0..... 7T 2 77 Am T T alt 8 T0V1 0 70S A TAT CV 41j 1 SIH Am Tel ITS' 1 81H 1 8174 1 8Hi 1 .... 81 1 SIH 8 81 Am Tel A T fll 4 00 V4 2 03V4 Armour 4Ws 1 78H 1 78K 1 78 Ara-'e Hep'e R 2 07 A T A M Te 4 27... 20... 2... 2... IBAI,EB IN 110001 8 ens e Pott 2 05 H C Zurich rets 1...., DTK 4..... 07 5 07 7 07 CI'd Cln Chi A St I. urn 4s 23 07U 10 84 CI'd Cln Chi A St li 0s 1 00 U Colo A Bo'n 4s 1 80 Colo A H 4'4 1 73 '4 Cuban C B ov 8 8.i 0 85 2 85 U Den A n U Id 1 43V. D A It O fd ct 3 41'4 Den A 11 O 4 2 03 't 78 (Do Can 0s '21 78 5 00K 77 "4 D Canada .i 78 4 U2V4 'IN Erie Oenl I.le 78 A T a 8 FMl 2 704 A Coast L'e 4s 3 78U Atl'e Fruit 7s 1 04 M, Dull A Ohio ct 2 48 '4 Crls It n e A 2 80 1 SOU Frle Hy C 4s 1 7TS 2 77. Nik A W 4s 1 70i N'k A W cv ns 20 . . 104 -i N'n Paeinc a 1 B0 17 fiVl N'n l'nclfle 4 0 774 Klhn A l'wr As 1 7414 Ores' A Cat Rs 2 88 H 8 .... 88 Ort-W'n n Co Navl Co 41 1 71 r n 11 4 'ot 2 .. 83'. 2 .. . B3V4 re nit en 4s 2 en1 2 t)04 Pa It 11m 4 4s 7 81 '4 Penna It It t 2 .... DVi 1 00 ',-k Tenna It M s 2 .. 101 1.... 1014 2.... 101 2.... 101 1.... 10m fere Marui 1 80 1 B5Vi JTmAnil nv 4S Cene'l Elec us. . -n 00 00 Oil ,. 00 ., 70 ,. 70 O 8U 82H 1. Oy. 2R. 1... 1... Halt i 1... Dalt A Ohio 4s 2 00 n ns 4 08 R 00 8 70 L'alt A Ohio Ss a 70 Pnlt A Ohio 0s 2 02 1 92 Halt A O Sw'n Kb- 3 Vis 8 73V4 Ilel Tel 7s rets 2 1. 1.. 1.. 1.. Gov't R.. 2.. 3.. 3.. 1.. 1.. 10,1 7. 1.. 1. "''."Wo Urtind n'i Wn clt 4 0IH 00 j,. 11 rets 100 Vi 100 4 lOIUSi 100S 100 V4 100 v. 100 V4 100 u 1U0V, 100 v, 100 V4 C Swltt'd let, 8.... 103V. 2.... 103U B.... 104 Cd Trunk rets 1 1. St li B'n 0.... 15 ... S.... bib. 0.... 10.. . 5. St I R. 10. IOI14 . . 101. Rs 30 75 2.. 3.. c'.'. 0.. 2.. 1.. 3.. 10.. 1.. Ilelh 1.. Ukn-Bdl Co Rs' 1 7fl nrkjn n r 3 43 Ilrkn Uapld Ti 7s ct Bta 1 .. . .13 II n & r 4V4s 81 Cal Q A E Ss 3 83 'A C Nn Itys rets 10.... 100 S.... 100 3.... 100 3.... 100 eti racinc 1st 2 74 8 73 Ctl PaclDo 14 2 75, C A O cv 4VjS 1. 1. 1 C'k 102 101 101 101 101 101S 101K lOlTilluil A Msn In 1UU'4 u ... .J 10U, 1.1 Central (d II11J . S.. 10.. 0 . 1.. 3. 102 v; 111214 . iojy . 102 Man Id .. 01 .. fll .. novi 01 (it 70 75'. 73 7R'4 73V4 1 CI 1st 3 4 1 71 111 Cen'l 4s '33 21 50 A L 4 14 ,... 00 .... 00 l'n Ml my 4s , . . . 72 72H A H tt 1. A Series 2.... 2.... 1 1 72 I- O 04 04 , 01 I- In nn . 50 H 1 ran A . fll nn 02 03 St I. A S I'ran tkrles 11 1 74V St I. A B l'ran Series C 1 8fl 3 80'ii Bt I. Sw'n en 1 03 M I. Sw'n Rs 4 .... 03 6eab'd A I. a 2 30 1 30 Feab'd A 1. M 1. ... 41'i 2... 1... Chi n IS... 10... 10... R... 10 ., 4... 27... 7314 .. 7SVi .. 73?, O cv Ss .. 84 .. 64 Vi .. 84 A Q 4s .. 00 .. "OS .. 00 .. 01 .. tlfl . . 00 . . DOS .. po .. 1)0 .. tins .. ()tlV4 .. on .. on Erie 1st .. 7Vi .. 80 .. 80 a w 4 ?. 1 . . 7(1 ion u"' ' 1" 0.':::: 70 '.. SlU 111 c st I. A. : 5" '' " O Jt Dds 5S '; 1 bl'4 B 7VJ lntboro M 4,Pn 'M 2 15 I 1 lntboro III Mb'n i-ae tv os 2 40Vi 1 40'4 1... 40 ) M Marine 0s 10 78 0 78 liap Oove't 1st 0 70V4 on 7BVi(S'n Itallws Be JaJ Oove't 2nm 10. .. . 87 23 .... -OVii" K ..,,,.' 10 .... 7UV1 ..4..ill 21.:..! 70v!TStt.& W 4s 25... . 7(1".. 2 . 411 10 70 Union Pac cv 10... . 70 2 83 3 7U 0 .. ! Jd Uo't J.lrnlon I'ae 31... t... 10... 24.., 3... Chi A 4... 1... ChJA 1... C M A St P 4s 1 ... 82 Mil A Is 02 02 33 63 W. 02 '4 Mil A 23 77 78 77 Chlcnao St V d 1..... 10 10 .. 3 10 .... Chicago SIP 4s 3... t . Chicago Mil A StP cv 4 Vis fl S.. 3 fl 3 1 Chicago now an ll'l '4 0')V4 09 V4 din Mil A StP fd 4V 1 03 Chlcaco Mil A St P g-m 4V4s 1 77V4 Chlcaro Mil A St P cv Sa 8 72V4 Chi A Nun 7s S 101 S ... 103 Chi lUtlw's Rs 3 03 Vi C It I A P fd 3 1 1 1 1 1 .... 13... , 10 . .. 10 . . 5 Chicago 07 7 (17 V4 (17 07 V4 67 V4 07 07', 07 07 Union Sta tt 0V4s 10 . . 105U 0 101 Vi 1 . . 103 Chile Cop'r fls 4 71 R. ... 71 II ... 70 V, Chinese Ovt 5u I . . 42H City Ilorno 8 2rt . . 01 1 ... 03V4 City Clirls'a 8a 2 .... 07! City Tarls fls 3 4 10 1.. 1 13 . 4 0.. IS Totals, II. Mi niii, I1 1 ni m 91 tn H 05 03 Vj R ... 0V, 7 9'4 I 1 Illl'i in .... no 3 00 2 1)8 S'n nallws 4s 1 (10V4 4 . nn'4 30 58 1.. .. BSM Kan C Tt S A Mcmp 4a 1 05"4 Kan C A S 3s S r,5 1 5.'. 1. .. rs Kan C A S Rs 1 71 K C T Illy 4s 7 72 IC of Iicle Us R 1)1 10 IU'4 1... . 02 K Belc'm 7 Vis 1 08 1.. .. U8 1 01 Lack Steel '23 6 02 1 0J Lack Steel Re 1 .. . 74 1 .... 7d'k Lehigh Val Os 4.. .. 08 L A Ml era ,3 ,1.... 101 10.... 104 4 101 L li It em Is 1 -r, I.ou C A I. 4 14 1 . 87 Mln A St I, til 1 .... 18 Mo Pacific Is 18 5... 10... 7... B... 1... 4... 2. 54 'i 5.1 R1 R3 R5'i 53 B5 BS Mont'a Pwr Rs 1 84 Vi N T C A II II R R 3V4s 1 60 K T C A II n R R en 4s B 704 h V C 4 II II n r os a. 01 01 01 oi 7.... S 01 V'ih V MCtll II 1 R R 7s Kts 1 10 IUIVi W-est'n New T .N II 4 1 1 Hart'd 0s 1 2 67 W n A H T Ohl A 8(1 a Louis a 40 12. 1 73 ft N Y'k Lack A' 2 VVest'n Bs 2 )3 New York O A Wcsfn 4a S 00 r. Y Rlwys Ss 1.. .. 4 N Y Tele 4V4 1 . .. 77 1 . .. 77'. fl . .. 77Vi N Y Tele's (I- 1 . .. 80 2 . . no New Y W (' A Host 4 Via 2 3il' B . . 30VJ N'k A W'n 4s 77 '4 I fd 1. 78VI Vnlon Pac 4s 4... . 82 1 82'4 ITnlon Pac fls 100 V K of O ltrlt I'd 11)21 40 . .. 08 8 08 23 ... D8H 28.. .. 08 1 10 .... 08V4 22 . DSV4 2 . . (18 Vi U K of O llrlt A I'd 1022 1 .. 01 1 (i.l V K ot O llrlt A I'd 111 .'It 24. ... SO 10 Ml 1 .. 8(1 2 .. 8!) VI R . . 8'l V K of O Tlrli A I'd 1037 3. . 8rt 2 8V, 8 . .. 85 2... . 81 3 . . . 811 1 ... (:. 1 . 81 2 . 83 1 . .. 81 ',' h Atexlc 1 4s 1 ... 30'4 .' .- MlCXeo RS in .. . 41 B0 11 Ut'd n'ds San r unct 4s 3.. . 2S'4 s Ilubb'r 2 77 2 .. . 77'i 2 .. . 7TV4 Rub'r 7s .. OTVa Hub 7s . . 08V4 . 08 08 V, . 0S 08 V4 . ns i Stiel 3s . 04 t s 2 . 1 . B 3 4. . o i.: R .. H . 3 1 1 W A I. 1 . 01 A t. 3s 78 77 Mil 4i 14', 34 V4 Mf! 7 s on 011 (111 0(1 . Oil', . on dfl (111 on . Oil', on inn, 0HV4 n mis ORS i:rle 4i 30 TV llson Co ev 0. 1 Wllcon 1 . 8,1 81'i 8.1s Co 1st .. 81) 14 183,000,000, 7,133,000, sieruny compared Itius far with 117. this neek Liberty Liberty Liberty Liberty Liberty 3Mi8 ... 2d 4s ... Int PlH. IM -IVis. 3il Liberty 4tli Pis.1 Vic Notes 3y,H.. Vic NoteH 'I'Kb... Iligii U3 10 87 70 S7.18 00.00 S7.ns 07.00 07.0(5 Low IIL' 14 Ml 00 HT.JIII S7 0I 00.411 K7.30 on iis 1)0. till ( lose ll'j tl Ml.00 S7 10 S7 111 00 .10 S7..10 07.00 0(1.03 Kt nufTalo. N. Y Jan. 8 CATTLE Recelils 400 head Steady Calxes re rvlnta 400 head, hlxty.nvo cents lower, 4 110(18 Receipts. .1000 head. Light. 23c lower Heavy. 110 210110 50: mixed, (10 50 KH10 7R yorkers J10 7RW1I! light do and pigs. Ill roughs. 11 5098.75, stags, 13 well 50 HHKhl' AND LAM1IS Receipts, 2000 head Limbs 25c higher Lambs, 113.2.1 others unchanged New Orleans Cotton 'Change Closed New Orleans, Jnn 8 Tile cotton ex. change remained closed today, the on Dlverettry o( tho battle of Now Orleans, RAILROAD EARNINGS CU1IA UAH.ItC VIJ IIUli October gross , JOII.1 S42 neflilt after expenses 31I11 IU) Ileflcl' after charges 44l) O.'l) four mon'hs' gross 4 4311 217 Iieflclt after taxes 12.' 4111 Deficit after charges, '917. 023 Decrease. Ine rnij.u 75 din mi nn n.'l 171 . 288 1111 1 518 lis 1.570 3U3 Caah Dividend by du Pont Chemical M IliiUncton, Del,, jan g Tj, , Pont Chemlcul Co ha clcclmul caul, illv dfiicli of 4 per cent on tho conuim fSanrS,n?er,:,aVCmm0n taw YEAR STARTS BRIGHTER WITH MARKET Soemlng Determination to Make Best of Confessedly Trying Situation New York, Jan. 8. The Cvenlnj? Sun In its closing financial review today Bays : Although operations In the Rtoek mar ket this week did not reflect conaiatent strength, the net result wns n higher level of prices nnd the creation of the Impression that the period had been constructive tlmn otherwise. The new )car uns Introduced with much In ItH fm or nnd its how to the world, while diffident, was gracious. Its precedessor had been a grim, forbidding mctnphnrl cal figure nnd Its demise was not un welcome, releasing, ns Its passing did, the natural instinct of mnn to Indulge in hope. Wall Street, not unmindful of obstacles nnd difficulties yet to be sur mounted In the tedious process of re cuperation, bore the forward look easier than the cowed nnd dejected mien. This was translated Into a seeming deter mination to make the best of n con fessedly trying situation nnd to Beck the elements of progress, not to ignore tin in. It would be hard to sny whether In dustrial nnd business depression had passed Its worst phase. That i n mat ter which a clearer ntmosphcre than the present can snpplv in required to dem onstrate to the satisfaction of most per hons. The subject of "frozen" credits appertaining to the foreign Indebted ness due this country, to the conditions prevailing in the South with respect to cotton mid In the West with respect to grnln, to the ombarinsMncnt of the mer chant with His heavy Inventories nnd the manufacturer with deferred buying and accumulations of fabrications nnd to the outstanding fuct of labor liquidation still to be accomplished, Is one of un ending ilNciisiion nnd of import con dueUo to confusrd thought and groe doubt. The facts themselves were pietty well discounted, it would seem, In the last half of 11120. .Should this proc to be true, the new 5 ear should tend to illhslpate the ugly fancies which hnvc raNcd a burdensome superstruc ture on the pile of real construction sufficiently formidable in itself. Two Lending Tactors Two factors enteied into the securi ties markets this week as basic influ ences on the course 0 prices. They were n substantial short interest under circumstances In which the bear trad ers wanted confidence In their position and n natural dciie to regain stocks which linn ueen "old to establish losses ngaiiit the feilirnl tnxes for 1020. There wns still, however, 11 lingering feeling born of past ext.erlencp thnt price levels mn not hno reached bottom. This feeling wns a hangover, ns it were, from the repented disappointments suf fered in November nnd December. It wns .cariely to be expected that such a bugbear could be overcome In so short a time. The new cround. while ap pearing firm enough on the surface, was 0 bo tMadftt jvlth cnutioh, ami th ,1 tho key to opornUonj in the ciiWiJ'1 week. The bears, while a bit d,. IW a bit dmihif.r had Oil could not so rentilly rellfifiulsh the li.!!.' of attack' which the last two m3 thoroughly,""' public wns a poor ally for inveni,,.. ' '.' rcnlbcd thnt standard shares were 1 moat caecs, cheap. It was to b ftin served, nevertheless, that resistance i pressure was firmer nnd that recoveV were of broader scope once tin., more 1"1 slstcnt pressure was lifted Th i"' true of every session from Mondaj on ItcstiKs of Under Consumption. Indications from nbrond as won nt home pointed to Intensive uf, , nmellorate conditions arising finnn world-wide credit sltuntlon. ln" lh( don there wns n meeting of lirliil!, financiers to discuss the subject of la surcd credits for the purpose of enfthlk Impecunious nations to buy needed " , plies. It was not clenr that the ,iu . cussion crystnllUcd Into any pn, program, hut it did serve to eninhn,,! that what the world wns suffering frn wns underconsumption rather thnn over production. On this side the I'reW'. veto of the measure for reviving ti! IVnr Finance Corporation wns override! in the House nnd Senate. Uy SOm(! ".V was regarded ns n backward step nsmuch ns it would brlti? back at. measure tending to stay the progress of deflation nnd of war recovery in .. cral. Those who took this view "... prone to argue that readjustment though bringing bitter fruit to man. should be carried to its logical concln slon In the Interest of nil. Others took the stand that conditions wero so tr. trnordlnnry nnd unprecedented and their effect so widesprend nnd disastrous th! such 11 remedy rh complete deflation provided might well prove too drastie and In more wnys than one defeat iu own purpose. In nny event It flg ... likely that the War Finance Corpora. tlon would become operative for several months, since some vacancies were to bt filled nnd Inquiry into the merita of each application for financial relief would necessarily be long. Meanwhile other agencies nmong private banklnt Interests were nt Work to proWde th needed relief, nnd It wns deemed un HKeiy mat, tnc rears 01 the proponent! of cither view would be realized. GAIN IN LOCAL CLEARINGS Week's Total 9.8 Per Cent Greater Than Last Year Local bonk clearings during the week ended yesteiday showed a gain of 0,3 per cent. Total exchanges were $4G3,. 772.025. ngalnst $422,284,350 the cer responding week lust ear, and com. pares with n gain in New York of 5 per cent and u loss of 1.3 per cent in Bos. ton. Aggregate exchanges of nil the clear ing houses In the United States for the week were 50,700,315,740, against $D,. 810,117,033 this week last jear, or i loss of 1.2 per cent. 1S1. 1020.'nC"'" Nhw Tork H,sn.ii37.ao n.nis 4SI 712 ji) rhlrasT) I'niia . Ilostun Knn Clt Ht. I.ouls H I'ran. . Plttshurch Dnlrnlt Haltlmore N Orleans Decrease. BBl.fl (125 I01.772.S27 31(1 101. flirt I'll. 740.207 n7.HSS.4H7 113,000,00(1 171 470, nu so.nno ono 02 .108.871 rs 014,000 .170.74 1.(110 81 422 SRI 319 M I1'(I,R22.70 Ml 'Jl4,noj.8i:iii LIS 10IS 242 J I 141,100 211 ill 1A1.7SR (111 II sinnsn.'i i: 7(i r.s-t no ui SO 77fl374'5)l Odd Lot Traders Our service is designed and directed to meet your nccdj nnd wants. We maintain and offer to the odd lot trader a daily and yearly service. Throughout active and dull periods your class of business receives the same attention that is given to the large investor or speculator. No commitment too small to receive every advantage and attention. Direct private wire service to New York and other securities markets is available. Board room with continuouj quotations, coupled with prompt and careful handling of all orders. Mail and telephone inquiries promptly attended to. Personal calls invited. Smith, Redpath & Co. Members Philadelphia Stock Exchange 1524 Walnut Street PHILADELPHIA l'hone: (Spruce C8R0 We have orders and solicit inquiries in Cent. Pne. It. It. Kef. Ik 1010 Jours ,t I.nuglilln Hterl Co. tin 1030 Men Ten Ity. Ss 1031 Westlnclinuse Machine Co. 6s 1040 l'ennu. Olilo l'ower and Light Bs 1030 Moore. Leonard & Lynch Cuihman Newhall, Manager llonil Department Board Room 1429 Walnut Street Itltz-Carlton Hotel PHILADELPHIA NEW YOIttC PITTSBURGH Jomlirrs .Vlu York, Phila rf Pittsburgh Stock Exchanges BOND SALESMAN An excellent opportunity for a man of experience nnd clientele in Philadelphia and vicinity to represent an established house. Replies will bo held in strict confidence, but must bo explicit and complete. B 917, Ledger OHlcc I .1. VAN BILLIARD Auoi NT,sr-.ui:T(ii; Me4ul(tlnu l'i I'llir.llU, intomi; TAXIW lormcrlu wSth ticuine Tax ifnit llurcmi o Internal icctcnus ooo ui i. usi vtk 'iiti'ST ni.nn. rilliert .1310 Itme 2017 Stockwcll, Wilson & Linvill Certified Public Accountants Land Title Bldg., Philadelphia I. M. SAn.lOl O. . rATTOS bailer & Stevenson tn UTS. Avn niFHTvi'T BONDS Tax Free, Yielding tyt tc 3 Safe Bondsr Investment HALSEY, STUART &. CO. Inc. Trust Officer Old-established Trust Com pany offers an unusual op portunity to a capable man. Correspondence Strictly Confidential B 937, Ledger Office What Is Your House Worth? Wkat Will It Coit Today la Replace ll? ,i.ry0nl"'.r "honlel know (his More M cm proiurly put a pile on Ills hoo, HOELL & CO., INC. ii.v""""'" A 001 W Idrnrr llli 1'ropertv Vnliintlon, Anprnlisli nar. ADDITIONAL CAPITAL. Capital required in well-fiUb-Hshed Investment house, a"0 able terms will bo nade to any ono furnishing $60,000 to $100,009. Answers will be treated con. fldentlally, 11 osi. i.EnoEH orncK Lawrence E. Brown & Co. CERTIFIED PUBLIC ACCOUNTANTS JflSO KKAI. K8TAT15 TKURT III-W. Invrtlenli nd sdjust purtnrrsl)ll M 'ihpiiik T; It. turns. ' I Moore, Swartz, Hindle & ClaA ACCOUNTANT! Income Tix Coil Sjitemi AcM' Spruce 1177 UEEU DDW11 P, V. 1 j, I - Tfli.'iiV viy'WriHi? t?pfyW.WK -u u. raygfeftjfrfr .3iBrivMiSie.lWCT'rKf?.' .TJH 1' ",,. i.v.,,n.s.,l.;.t.J...t.,v.i.,., ,.i - v u 1' -NiVsmiw m '"v 'wimejxiiWf&B
Significant historical Pennsylvania newspapers