IB ?n Waste Every thousnnd dollars unin vesica now represents n as waste of Eiprhty Dollars an- earning power to-day than any time in over forty years. Permit those fnmlliar with the best securities to advise you In selecting a worth while Investment. i BAT' t(MREI BATTLES & COMPANY Established isao M ilepcnilenrr Pnnnre (I'.il w Wo have .orders and solicit inquiries in: Portland Railway 1st 5' 1930 Grand Rapids & Indiana 2nd 4's1936 Northwestern Bell Telephone 1st 7V-1941 Virginia-Carolina Chemical V 1932 Jones & Laughlin Steel 1st 5's 1939 Moore, Leonard & Lynch Cushmnn Xewhall, Mgr. Bond Department 1429 Walnut Street Board Room Ritz-Carlton Hotel Members Now York Philadelphia & Pittsburgh Stock Kxchanges Why Bond Prices Must Advance Investors who ure uncertain nbout the future of security price will And It profitable to renl the nbnve lenflet which we lmvc'jnst Issued. Free Upon Request. Frederick Peirce BONDS FOIl & Co. INVESTMENT 1421 Chestnut Street. Philadelphia Baft investing Is merely a matter of fcnourtno where to out vour bonds injj Underlying f R.R. Bonds We can offer long-term under lying railroad bonds at a price to yield 6.20 Baker, Ayling & Young JOSETH W. SWAIN, Jr.. Manager Land Title Bldg. Boston Philadelphia BAMicaa Dealers in Investment Securities Utmbcrs Ncui York and Philadelphia Stock Vxchanact 321 Chestnut St., Philadelphia Easier Money Conditions Were Regarded as More Super ficial Than Real New Yoifc, .Inn. IS. There was a continuation of the highly Irregular price movement In today's stock market, with waves of stretiKth and heaviness following each other In quick succession. The erratic character of the market wan generally regarded a.s entirely logical and nntttrnl, ni consequent of the forces working toward readjustment, and to bo expected in view of the recent violent lluctuatlons. As In the preceding ses sions, technical rather than outside con dltlnni were the actual propelling In lluencc. There was, however, n dis position to make capital out of the apparent easier money conditions, as indicated in the more ample supply and easier rates for call loans. The renewal rate for demnnd money was fixed this morning at (5 Per cent, the lowest initial rate in several weeks. Some of the more conservative hanking interests, however, assert the seemingly easier money con ditions were more superficial than real. Those pledged on the constructive side were aNo inclined to make bullish capi tal out of Judge (inry's optimistic Inter view on the general outlook and the ap parent progress made in the readjust ment of the business situation. It was evident as the day wore on that unless where n good-sized short Interest ex isted, little enthusiasm developed on the buying side, although It is onlv fair to state pools and other speculative com binations were taking active steps to revive market Interest. Humiliation in large part of the short Interest in several of the more promi nent speculative shares was indicated by the reactionary course of prices at the opening. Crucible Steel fell HVi points, Atlantic (Julf, '2; Mexican Petroleum. Studebaker and American Agricultural Chemical, IVi. and Ameri can Hugor and licet Sugar, 1 point. Within the llrst half hour Mexican Petroleum rallied briskly and the list ns a whole displayed a firmer tone. The early rebound was well sus tained under leadership of oils, steels, equipments, utilities and such special ties as General Asphalt and Allied Chemical, but food, leather, textile and copper issues were backward. Mexican Petroleum. Houston Oil, Republic Steel. Baldwin Locomotive, Interna tional Paper, Wells-Forgo and Ameri can Express constituted the strongest and most active shares at advances of 1 to almost:! points. Gains among rails were limited to the Investment group, particularly Heading and Northern Pacific. Northwestern Bell Tel. 7s, 1941 .Standard Oil of Cal. 7s, 1931 Standard Oil of N. Y. 7s, Serial Lukens Steel 8s. 1940 Virginia Rwy. & Pr. 5s, 1934 Gen. Asphalt Conv. 8s. 1930 Nashville Rwy. & Lt. 5s. 1946 Shaffer Oil & Ref. 6s, 1929 MrCOWttfeCO. rtut 61U l Lend Title Bids. Uu" 414 Weio Yorfc Tel Connection. Canal 1811 Studebaker Send for our special letter on this stock. "20 Payment Plan" Scott & Stump Investment Securities Stock Exchange Building PHILADELPHIA. PA. to Exchange Plat Nra Tort LOCAL TRADING CONTINUED LIGHT Price Changes Were Narrow and Generally Unimportant Either Way There was no essential change in the conditions of the local market. In scattering parts of the list the trading showed u little more action, but price movement continued narrow and nlmost meuningless. Dealings locked initiative and the bulk of the business on the surface indicated little else than the familiar adjustment process, Hrill cninu in for considerable at tention by reason of the apparent quiet but sternly accumulation of the stock, which attracted more notice because of the recent reports of the efforts of New York Interests to secure control of the property. Nothing was obtainable to confirm these stories, but to the ver nacular of the street, "somebodv seemed to be holding the bag" for all the stock offered. There was an early ndvnnco to from 5," to TiO, but wu not maintained. In the general local list the dealings were much of the same perfunctory character us witnessed since the cessa tion of the "loss establishing" opera tions. Hlectric Storage Ilattery con tineus one of the more volntilo issues, dropping back to 04. then rallying above !5. Moderate offerings caused U. G. I. to yield to :tf). Philadelphia Itapid Transit was better sustained, touching li' during the morning. Small soles' f I'ninn Traction wen- made at 'Z ' Pennsylvania Ituilroad remained one of ui" uiiiii-si iui, geiimg u itiiiu ii Minnow hi i. i.nue superior dipped under 0 in absence of supporting orders. There were small transactions in Hun tingdon and Broad Tap preferred and Buffalo and Susquehanna preferred. Dlv, Sales In I 100 2)0 400 i)n .1)0 700 27901) 1001 1300 400 700 100 700 2,10 100 4 DO 00 400 700 1.130 10o 4000 700 100 7J0 100 800 tton 1.M0 400 II M son lino 200 .100 2 5110 leoo 100 3210 20.1 200 100 flOil ISO 100 7200 200 101) 100 12701) 4H0O 100 100 Philadelphia Stocks High 111 Am Strs.. 45 Vi !) Buff & S pref ... 4."! liliO Brill J (i ."l! 7l'." Klec hlor ill! KM) Gen Asph ."Oi JO Hun ft B Top pf . . uo 50 do pf ctf of deb. 20 101 Co N A li 200 Lake Hup Mi 5 Leh Nov. IIS 003 Pa H It.. 41s GO Pa Salt.. 00 NT Phila Co cum pf.. lil't 100 Phila Elcc L"Ji 1) do pref. !I4 50 ?, L'O 20 2S OS 41 00 31V 27 Vi 17 KV: 1 15 Net p m. chce. 45K- 's 45 . . rr. . . oO-r 20.. 20 -r U 2b 1. OS j J,s 00 .. 31 ',4 22.. 27 ,,- 17Vs.. SO 4-2 Penn Central Lt. & Pr. (is, 19G3 Go. Ky. & Elcc. 3s, 1919 (Tax Ref. Commonwth. Pr.. Ry. & Lt. 7s, 1923 Pub. Scrv. Newark Term. 5s, 1935 Georgia Ry. & Pr. 5s, 1954 Hale & Kilhurn Os, 1939 Sun Co. Debenture 6s, 1929 I0ENNING, GARRISON & CO. BTOCK i:rHNOE IH'II.niNO Direct I'rivntc Telephone to New York Memlier, I'lilln. stork IWrhimiri :W5 Phila HT 17' 'JQtllwnilliiir. Si! KltSouPur. Itsa, 084 OS I'n True. 2!t'i 2.li 2ml . . U55 L'Ol... 30 30 30 3 do pref.. CO 50 50 .. 4 I'ni Cos N J 107 107 107 -f- Vj lOtL'S Steel 8!t bit M! a NVt chantr mflde by comparison with laut bale on New York Stock ExihanKi;. 10 10O 2.00 00 000 .. 0JS00 fl 400 s 2)0 aio 100 1230 noo 200 H00 8830 230 100 101) 1H0O 3100 .190 1500 1030 4 1000 10 1830 4 100 200 100 (100 HOD 1200 100 fl 32)0 100 0 4300 400 1.80 100 700 100 200 100 r.oo 3030 230 1230 .100 1900 100 a 4 0 1 7 3 4 7 130 2. SO 9100 230 330 500 300 3)0 300 400 703 100 4200 N30 200 330 1001) 7300 09)0 200 100 SOI) 5130 98)0 1300 1200 100 2200 400 200 100 200 4700 1100 200 530 210 300 400 500 1000 400 100 1400 5130 1100 500 2100 530 200 200 High Adams Express 34 Advance Itumely .... 19 H Air Reduction 3914 AJax Ilubber Wi Alaska Gold Mines .. 1 Alaska Juneau O M.. IV Allied Chcm & Dye... Sty Allied Chem & Dye pf 90 Allls-Chalmors 34W Am Agrle Chem 02 'A Am Beet Sugar 45 J4 Am Boseh Magneto.. 55 Am Can 27H Am Can pf h' Am Car A Fdy pf. ..112 Am Cotton Oil 22 Am Drug Syn K Am Kxpress 139 Am Hlrlo & Leather.. 10 Ji Am Hide & Loath pf 81& Am Ice pf S8Ji Am Intemnt Corp... 47J4 Am-La franco Knn. . 10 Am Llnoeed 54 Am Locomotive niVi Am Itadlator 70 Ji Am Safety Itaior. ... SVi Am Ship & com lli Am Smelt A rief S8W Am Steel foundries.. 30Ji Am Sugnr Itcf 04 'm Sumatra Too 80'4 Am Tel & Tel vfM Am Tobacco )17 Am Tobacco B 115 Ji Am Woolen 0834 Am Wrltlnjr Paper pf 38J4 Am Zlno Ix-ad & Smlt 014 Anaconda Copper .... 3794 Assets Iteallzatlon .. 3Ji Asso Dry Goods 28 Asso Dry Goods 1st pf 68 Atch Top & Santa Fo 84 Atch Top A S F pf . . . 79H Atlantic Fruit 7'i Atl Gulf A W I S S.. 71 Atl Gulf AV 1 S S pf 43 Atl Ilcflnlnfr 7 pf. ..1001$ Atlaa Tack Corp 10 Baldwin Locomotive . 924 Baltimore A Ohio.... 37V4 Baltlmoro A Ohio pf. . SH Bnrnctt Leather pf . . . BO Barnedalt. Class B. . . . 33 Batopllns Mining' .... 1 Bethlehem Motors ... 4 Bethlehem Steel B.... BOf, Bethlehem Steel 8 pfl07 Booth Fisheries 4JJ Brklyn Itapld Transit 11W Bruna Term 44 Burns Bros 80 ' fiutte Copper A Zlne. . 6JJ Butto A Superior Cop 12H Butterlck liyt Cnddo Central O A It 17J4 California Pncklnjr ... 025 California Petroleum . 30 California Petrol pf. . 72 Cal Zinc & Lend 0 Canadian Pacific ....11815 Case J I ny2 Central Leather 30 Cerro do p.ikv Pnn fit u unandler Motors Chesapeake A Ohio... Chicago & Alton Chi & 13 in pf ctfs.. Chlcnsrn A Client Worn- Chicago A Gt West pf 20 unicogo Mil A St P. .. 0'4 Chicago Mil A St P pf 45J1 Chicago Northwestern 70 Chicago K I A Pac... 28 Ch n I A Pac 6 pf 04 Chile Copper 11?4 Chlno Copper 21' Clev Cln Chi A St L.. 45 Coca-Cola 21 Colorado Fuel A Iron 30''4 Col A Southern 20 Col A Southern 1st pr 51 Columb Gas A Elcc... 59 Col Graphophone .... 11 y2 Consolidated Gas .... 8014 Consolidated Textiles. 20' Continental Candy .. y2 Corn Products Ref... 71 Corn Products Ref pfl02yi Cosden A Co 31 J4 8 crucible Steel 101 . . Cuban Cane Sugar... 23'4 7 Cuban Cane Sugar pt 05 7 Cuban Amer Sugar.. 28 O Delaware A Hudson.. 102 . . Denver A Rio Grande 1J . . Denver A Rio Gr pf.. 2 . Emerson-Brantlng ... 9 0 Endtcott-Johnson .... CO 7 Endlcott-Johnson pf.. S3 .. Erie 144 .. Erie 1st pf 21 Ji . . Erie 2d pf 15JJ 8 Famous Players L... 83 . . FIsk Rubber 147, . . Gaston Wms A Wig.. 5i . . General Asphalt .... 57 Ji . . General Asphalt pt . . 90 7 General Cigar def pf 83 8 General Electrlo 122J4 . . General Electrlo rts.. 4 1 General Motors 15 J4 0 Gen Motors deb 6.. 70'4 0 Goodrich B F 42 7 Goodrich B F pf 78$ 7 Great Northern of... 77j 4 Great Nor Ore ctfs... 29JJ Oulf Mobile A Nor pf 24 Gulf State Steel 32 U Homestake Mining .. loy2 Houston Oil 7714 Hupp Motor Car.... ln Jndlahoma Ref lii InsDlratlon Con Cod . . 35 . . Interb Con Corp 4i4 a Int Agrlcul Corp pf . . mjk 7 Intl Harvester new... 9JJ4 . . Inter Mor Marine.... 10 6 Int Mer Marine pf... 01' . . Internat Motortruck . 35T-o 7 Int Motortruck 1st pf 75J, . . International Nickel . 15 . . International Paper . CO J J . . Invincible Oil Corp.. '3;, ..Iron Products 37VS . . Island Oil 4 . . Jewel Tea 4 y2 . . Jewel Tea pf 13 Jones Bros Tea 15 10 70 02 7 54 Hi 1 00 Low .11 181'. 39 SOW 1 1W am BOT's 34 14 6'tV 45 ru m 84 112 21V 7fi 129i 10 4 58j's in 64 t 70i HV It 37 S0V4 03 70 99Vi 117 11514 C8 37?4 014 37 314 28 68 84 7914 7!i 70 42 100J4 19 914 30 Ks 83 80 33 1 3 8914 107 4Ji Ills 4U 8514 5 12 10 10 C2 20 72 014 117 7 39 3014 09 0015 7 5 H?4 19 Ji 20 45 70 28 CI "14 21 45 24 30 H 28 51 5ls lOJ's 8014 19 414 70 10214 3114 99 2.1 6114 28 102 i!4 2H 9 6814 93 14 MK 1 Hi 63 H 14 U 6' 8514 99 HI 12214 4',4 151'4 eoij 41 '4 7814 7714 20 23 'A WW 5014 75 13 c 3 4 Is f4Ji 94 12 15 5931 3514 75 h 151s 57 2.114 3714 4 415 12 15 1 ;S0 Net List ChEe. 3i 'A 1H 39 -3014 1 l'4- 54J4 90 34 ' tVA- Vj 45 - Js 8414- 97 - V 84 112 22 8 129i !' 10- Vl 40 - '4 88J4 84 84 - 70J14- 8'4- u 37-3014-03 -60 9914 117 - 3 11514- y 8l4- J) 38 J 914- Vt 37- 314 28 68 84 -79 714 72 - 43 109 10 91 Va 3015 83 80 33 - I i 4 4?s-1114- 4- 14 V 14 '4 14 1'4 1T4 'a 8714 2V4 14 14 Vi 1 1 1 6- 12T 17 17 02 - 30 72- 1 014- ' 11714- 7?4- V 3014- 31 y 09 - ?4 C2 8 -20 70 2814 04 11 -24 3014 29 4 61 4 60 1914- 414- 7014- 10214 31 100 -23 -0414-28-102 114 2 59 -93 14 21 -83 122J4 4 15 70 7714 13 . 024 .. 4- 4 'A 14 64 9414- IV 10 81 4- 2 35 14 1614- U B014 2 23 . . 37J4- V .. 4Ka- 12 15- V 14 Ti "l4 y Vz '2 'A IV Vi 14 " Vt 1 1 15 Vt Vt V 4 "J4 "l4 1 X. 14 1 14 Dlv. Bales tn 5 High 1830 .. Kan City Southern .. 21 280 4 Kansas City So pf . . . . 471'4 600 4 Kclly-Hpringlleld Tiro 40 J0 Kennccott Copper ... . 0 400 .. Keystone T A R 11 10 s Lackawanna Steel ... 5J4 100 .. Lake Erie A West... 1414 'OO . . Lnko Erlo A West nf 20 1500 8. BO Lehigh Valley MM 7 Liggett A Myers pr. . . 103 2 Loowo Co 17 .. Loft Corp 11 12 Lorlllard Tobacco ...Uo!4 7 Manhattan Kiev guar 60 14 .. Maxwell Motor 8 .. Maxwell Motor ctfs .. 3'4 Max Mot 1st pf it sta 8 100 300 3311 230 400 1700 100 20O 100 (27190 100 H May Dent Stores. 12 Mexcan Petroleum 2 Miami rrnitwr . 7230 i.o Mlddlo States Corp 700 200 100 230 1C0 1300 600 7114 107'A 1814 13 Middle States Oil rts Mldvale Steel A Ord . . ?3 Minn A St Louis 12 M St P A 8 St M L L 6S Mo Kansas A Texas, Mo Kansas A Texas pf Missouri Paclflo .... Missouri Pacific pf .. 1000 3.80 National Acme 500 400 100 100 600 209 2000 100 3000 1000 3230 1030 100 too 530 600 loo 100 100 1030 11630 8600 100 800 11000 100 loo 700 400 100 2300 600 100 1500 .1000 100 1230 000 100 1010 30000 300 101) 100 801) 20000 100 National r-on r?ni,tn Nat Enam A Stamp. . . ivuuonai Lead .. 2 6 20 4114 20 414 8414 72 Nat it R of Mex 2d pf 4 .. Nev Con Copper 10 0 N O Texas & Mex. . . . 03J4 B New York Central... 74 2.00 New York Dock 2314 .. New York .V H A H.. 23 7 Norfolk A Western... 102 'A 1 Northern Pacific 85 in r.- . - - --T vnui i-rou iior .14 Ontario Sliver Mlnln 514 2 Orpheum Circuit .... 28 . Otis Steel 15 3 Owens Bottling Mach. 62 Paclflo Devcl Corp... 18J4 B Pacific Gas A Elcc. . . 4815 1 Pacific Moll . . 17 . Pacific Oil wl 30 V 0 Pan-Amcr Petrol .... 78'4 0 Pan-Amer n 7014 . Parish A Bingham .. 1414 8 Pennsylvania It It 41 . Penn Seaboard Steel.. 15J4 . Peoples Gas Chicago.. 35 Peoria & Eastern ... 12 . Pcre Marquette 19V4 3 Philadelphia Co S3J4 . Phillips Pot 29J4 . Plerce-Arrow Motor . 26J4 . Pierce Oil 11 8 Pierce OH pf 77 6 Pittsburgh Coal 60 . Pittsburgh A W Va.. 3114 8 Pressed Steel Car. . . . 8714 8 Punta Alegre Sugar. . 40Vi 4 Puro Oil 35 8 Railway Steel Spilng. 8514 1 Ray Con Copper 13''4 4 Reading 8014 2 Reading 1st pf 61 2 Reading 2d pf 55 . Remington Typewriter 33 . Rcplo Steel 3814 0 Republic Iron A Steel 7.114 . Republic Motortruck . 2nt4 2200 B.20 Royal Dutch NY 07'A 3000 .. St Louis San Fran... 23 8500 .. St Louis Southwest... 30 1000 .. St Louis Southwest pf 41 200 .. Santa Cecelia Sugar. . 414 230 .. Saxon Motor 4 400 .. Seaboard Air Line.... 0 100 .. Seaboard Air Lino pf. 1114 7 00 8 Sears-Roebuck 94 3300 .. Seneca Cop Corp.... 20 100 .. Shattuck Arizona Corp 0 600 ,74 Shell Transport 43 4200 .. Sinclair Oil 2414 500 o Sloss-Sheff 85 11700 0 Southern Paclflo OOJi 75000 .. Southern Pacific rts.. 21 12000 .. Southern lull 24 30o B Southern Rail pf. ... 00 1900 7 Stand OH of N J pf. .10915 100 7 Steel Tubo pf 80 400 2 Stromberg Carburetor 38 OIOO 7 Studebaker 6334 403 .. Submartno Boat Com 9W wn a superior oil Corp. . 000 0 Superior Steel 2000 3 Texas Co 000 .. Texas A Pacific... 1000 1 Texas A Pac C A O 2600 .. Tidewater Oil rts.. 400 2. SO Times Square Supply. 400 7 Tobacco Products ... 233 7 Tobacco Products pf . 7200 . . Transcontinental Oil . 400 s Union Bag A Paper.. 1100 .. Union Oil 1330 10 Union Pacific 100 8 United Drue 100 .1.50 United Drug 1st pf. !00 1300 loo 500 200 200 100 600 1000 400 1300 100 15500 1000 6103 400 10( 39) 330 2)0 2J 4)0 700 330 00j 6011 030 300 030 1413 2)0 33JJ 2J0 1700 030 12 48 44 20 Vt 2014 11 11 6514 91 11 78 23 171 101 461. is uiiiica rruit 205J4 0 United Retail Stores.. 50U . . United Rwy Invest... 10 . . Unit Rwy Invest pf .. 2115 .. U S C I P A Fdy In 6 U S C I P A Fdy pf . . 4214 . U S Express 7 H U S Ind Alcohol 0015 ..US Food Products.. 2315 ..US Realty A Imp... 60 BUS Rubber 09 8 U 8 Rubber 1st pf. ..10315 6 U S Steel 8315 0 Utah Copper 54 4 Vanadium Corp 30 4 Va-Carollna Chem .. 4014 8 Va-Car Chem pf 9s'i 1 Vlvadou Inc w!fc . . Wabash s . Wabash pf A 23 .. Weber & Hollbroner.. 11 .. Wells Fargo Express. 71 .. Western Maryland .. 11 .. West Maryland 2d pf 181 .. Western Pacific 24 7 Western Union Tel... 87 J4 4 Westlnghouse E A M 45 4 Whlto Motor 30 .. Whlto Oil Corp 10 .. Wheeling ALE 11 . Wheeling ALE pf.. 19 1 vt lllys-Ovcrland .... .. Willys-Overland pf . o uson a co. . e Worthlngton Pump Ex-dlvldcnd Nlj 35 44 8 Low 2014 4714 40J4 20 '4 10 SO 1414 20 6414 103 17 11 140 e 4814 0 3W 814 77J5 1(1.1 1S& 13 3214 12 68 2 6 20 'A 41'4 25 'A 4 61 72 4 10 03 73 2314 5214 10014 84 3 514 28 16 6114 1814 4814 17 5 78 0914 1414 41 14 'A 35 12 18 S3 14 29 25 1114 77 671-4 50 8714 48 35 V 851 1314 R414 61 65 33 ?H 7014 2014 00 23 V 28 V 40 414 4 0 1114 8915 19 4 3 'A 2315 65 18 2015 2414 8914 10914 80 38 6214 14 12 47 43 19 20 11 1114 55 90 10 U 74 23 170 ' 101 1514 20514 55 10 21!i 12 4215 7 00 2215 40 08 103 !4 82 5314 38 3S t8'5 814 8!i 22 11 77 11 1814 2814 87 44 39 10 10H 17 7?i ?4 40 37 21 47'A V 40- 14 2014- V UVt 87 14 V 1414 .... 2 M 65 103 17 11- 14 11014 .. 48J4- 1 0 V 3V 8 1 7714- 14 101 - 1 1815 .. 15 - H - !4 nW V WK- V 883 2 .. 5-14 20 V 4115 ' 20 Vt 414 8414 72 - ft 4 .. 10- 's 0314 4 74 114 2314- H 23 4- 102 'A 1M 84 3 614 s 28 V 1SJ4 4 61)4- 1814 T 1M 4814 VS 17 Vt .15 J4- 70 Vt- 1 09 - l'A 1414- 'A l- 14 1414- ! 35 - 1 12 1014 V 3314- 14 29 - 2514- 1114- 77- 6714- 1 31 8714 V 48- 3614- Vt 851,- 1 1314- 85 1 51 4 14 65- 1 33 l'A 5815 14 71 20 Vt . 00 - 23 14 20J4 1 41 1 414 .. 4- 14 o- 14 H14- !4 00 - 354 1914- 'A 14 434- 1 24 - 14 65 1 09 14 1014- 15 24 00 1 io9i4 y 80 38-14 63 - 114 0- 14 12 . . 477a 43J5 - 14 20 14 29 1114- V 1IJ4-. 65 - 15 913 10'A- 1 75 1 23- 1'0- 14 1.11 4514 14 20514 4 65 - 15 10 21 Vt 13 154 4214 2'A 7 l'A 00 - 14 22- 1 50 - 4 08- 10314 14 83 'A - 'A 63- 3814- V 3S - 2 88 !4 I 15 815 615 14 22 - 14 "- ',4 77-2 H- V 1814 . 28 S j 8715 'A 44- y2 39 10- 10 'A .. 19 a 8t- !, 34- 40 - 5 48 - Is Fonsland Moves Up to 13. Standard List Quiot Candy Sharos Unchanged New York, .Tan. 13. A new feature ,wns ndded to the trading on the Broad itreet curb In the appearance of the stock of the Mid-Colombia Oil and De velopment Co.. which Is to tuke over the holdings of the Transcontinental Oil Co. in Colombia, The stock, when Issued, was traded In nt 0 and 5 and the Transcontinental rights sold at und below Mt premium. In the independent oils Ken si and Oil was the strongest feature, making n gnln of 34 to 13, most of the buy ing coming from Interests Identified with the iiuuiogement of the property. In ternational Petroleum, which had held firm at above 17. declined 1'h to lOi, under renewed Canadian selling. The Stnndnrd Oils were quiet. Industrials were generally quiet, but there wus continued accumulation of Car Light, which sold nt 2j to 2. Ileydem Chemical was also tinner be cause of the settlement of the affairs of Allan A. Ryan. Muxwcll-Cbalmcrs Is sues were strong. The candy shares were without imv kchonge and a stronger tone was shown in l lilted States Steamship. IMll'STMALH Acme Coal . Car Light i:mplr Tube . . . Hoyden ("hem . . . llnlnea Ktlt "A" Balnea Knit "II" . Haines Knit rri-f Max Chalm "A" . Max Chalm "11" North Amer Paper Perfection Tire . llndlo Com lUdlo Com pref . Ilockawav Milla . Sweeta Co U H Steam .. . . Unlleil net Candy U 3 Ship Corp ... Midi I . . (Ml .. (10 .. 18 .. rm :!S . . s ;5 Low INS 7i 14 14,4 00 (111 inn I 30 p. In. Bi 1RU .1 t4 no no IN iw HTANIMIll) OILS AnBlo-Amer Oil 204 Prairie 1 I, Stand Oil of Ind new Stand Oil of N Y .200 . 74 .318 Tif s 114 2011 20O 7314 347 Hi 8 Ik 20' 2iio 7314 318 I.VDKPKNDE.VT OILS 2H 5ft ''j i' s5 ' 134 1.1 Allied Oil 17 jtoone uu Iloston Wyomlt.v Carlb Rind . Cities Servlco "B" life 30 limning I'd . . . . Donny Oil KIk lUiln Pet . . HnBlneern Petrol Knmeralda Oil . Federal Oil . . Kensland Olenrock Oil Hudson Oil Int Petrol Marncalbo OH Mexico Oil Morten Pet North Amer Oil . . roducer & nefhwri lied Rock Oil . . . . Hynn Cons . . . Hlmms Pet . . Hkclly oil Victoria Oil new . . Woodburn .Mid Cont Oil . . . Trans Cont rights . MINIM) Alnaka nr Columbia ... , Arcadian 3V4 JUHIIIS1 I Hbf Iedufl .'. Caledonia .Mining . ... Ill Cnndelarla Mining 23 Corn Vlrelnlii fli! Cortez Hllver 00 Cresson Oold 1V4 Dundee Ariz .... 1'4 Kureka rrorsus 40 Hurekn Holly .... 1J Oold Cons 7 OlodHeld rjoretice In (Iront llend 1 10 1 no 1A n 17 1M? 8K H. n 12 Krama SlUer Hecln Mining Howe Hound Iron llloasom Jumbo Extension First Nat .... Mason Valley . . Mother Lode Molher I,ode new . Nlnlaalng Ophlr Hllver .. Prlnco Coi Rex Conn So Am I ft O . . . Stand Hllver Lead .. Tonopah llclmont . . Tonopah Cash Hoy . Tonopah Divide Tonopah I'.xtcnslon Tnnopah-JIm Duller Tonopah Midway . . Tonopah Mining . . I'nlted I.'uMorn . Victory Dlv West Knil Con White Cup Wllbert ... n r,A l ii 51 81 a 6 '4 5 l', 1,'. 17 15 14 ' V' mil Bsl' 8 1 LI4 211 a o: l 1H 47 l'i 7 17 1 3 Si r.A ,It r.4 r,'4 s'4 r.4 1 r''" iri 17 O iA 30 84 1H4 I 8 ",1 1'4 it 0 in "ii 0(1 18 48 l'i 7 1(1 1 .1 ; 24 (I COMMUNITY) POWER FROM the days when the farmers brought their grain to the village grist mill, communities have relied largely on one central unit for their power. The water wheels of" yesterday have given way to the dy namos of the power plant of today, but the system of merchandising power has remained, In effect, the same. The modern central station, is the heart of today's in dustry turning our factory wheels, lighting our dtles and homes, running our street cars and performing hundreds of other but no less important functions. Electricity has become the modern miracle worker. With the ever expanding uses to which electricity Is being put, and n continuation of the higher rates ob tained during and since the war-period together with the tendency now in evidence toward lower operating costs, the bonds of companies providing these essential services offer exceptional security for Investors. Typical of our present offerings of power company bonds, we cite the following issuest Empire District Electric Company (Joplin,Mo.) l8tLIen&Gcn.Mtgc.8IJonds,ducl040,toyIcld8.10 Kansas City Power St Light Company First and Ref. Mtge. 8 Bonds, due 1940, to yield 8. Middle West Utilities Company S Secured Gold Notes, Due 1940, to yield 8. West Penn Power Company First Mortgage 7 Bonds, due 1946, to yield 7.15. CireiddTJ descriptive of any of the fort' going will be supplied upon request. HALSEY, STUART & CO. Incorporated Successors to N. W. Halsey & Co., Chicago LAND TITLE BLDG., PHILADELPHIA Telephone! Locust 4820 CHICAGO NEW YORK DOSTON DETROIT ST. LOUIS MINNEAPOLIS MILWAUKEE TNI OU M OTI, Commodity Markets Sale .n Sluuii HDMH Hlih Low i ir. p m. Net ins V 3 of w6 V Rfrommfnil fr Inrrttmrnt WATER POWER Stocks & Bonds Low Operating Costs JbsephW.Gross &Co. 1421 Chestnut St. CorrrspontlentH Mitred A Cumpany .ckwell, Wilson & Linvlil f Mej Public Accountants t "dg.,. PhUadcjj ' Am i ,ns i Kler r-. . . 70 70 70 .. 7'. Pell Tel 7s. 103 lOlli 10'J . . .", Lib llonds M 4"jS... Hli.ll ISU.ill hll.iti .U 7 3d -IViS... 00.20 00.00 OO.lfl-f. 10 II -1th -IVls... 87.10 87.10 h7.10 .08 1 Vie 4a, ... !)(! !IL 0(1.02 !l(l.!l' (W 0 :i-5 Phila Klec 1st Ds.... b.i M,i 8.1 -f Vj COTTON MARKET New York, Jan. 13. The cotton market was active and Jlrm again at the opening today with prices up 20 to 40 points, January reaching 18 tents. In face of the heiivy profit-taking by Wall street, the list was well sustained after the start by trude buying and further covering of shorts, partly due ot strong cables and better Manchester advices. Private messnges from Liverpool re ported a good demand for low grade. At the end of the first fifteen minutes, dealings here were still uctlve with later deliveries about 3.1 points over last night's close. Itecelpts of cotton nt the ports for i... .i..v nre .'Kt I muted at 21.000 bales. agaitiht 25,484 bales a week ugo, H2, 227 laics n ear ngo and 10.S30 bales two ears ago. Unumy Mar..ii .May July Octobei PreUuu Clone 0m 17 mi . . 10 is 10 ID . HI '.'-i . 1U IS H 11(1 ID IS Itl 40 111 45 10 411 12 30 p. m 17 7s ltl 117 HI ,'li i HI 40 10 40 receded to 48c. July opened nt an nUvnc of Vac at 4Sc. and later sold at 48ic. L'arly estimates were for 10 cars of wheat, 3S0 cars of corn and 100 cars of oats. Financial Briefs GOVERNMENT BONDS Hid si' 81' Phllliiplno 4. 1034 I'hlllpplnii 4s 111 .1ft L' H GuU iiuiKin 2h V S (Kivt loupun 4 153IJ. 1023 H14 V Aik no 100 104 Game Protective Association How to restock the streams and ic iilenlub tlie fields with wild life was dls- cussed by the Pennsylvania State Pish and (Jiune Protective Association nt the City Club last night The annual lection of officers resulted as follows: President, Hainuel K. Lundlsj vice presidents, Louis llurk, James II. Clark and Edgar W. Nicholson; correspond Inc secretary, Dr. T. Chalmers Fultou ; recording secretary, Lewis -IT. Byroiu, - rci"irer, William Mojor Beatty. GRAIN MARKET Chicago, Jan. 13. Local operntors v , .i. uMllnir side nf wheat this morning mid foiced values down. HritiBh buyers continued out oi uie muruet uuu, with exchange lower, sentiment was less bUMarch opened at $1.81"'. to $l.B2W, against $1.82'4 at the end yesterday and later sold at $1.81. May started Vic higher, at $1 73'i, and declined to SI. 72. Corn was dull und cosier. Sales of 500.000 bushels fur export In the last twenty-four hours were offset by con tinued large receipts. May opened at 7.iVe to 7.c and later sold at a net loss of ,e at 747gc. July opened at 7(lc to 75ic, against 70c at the cud yesterday, and later sold at "P' , , , , , , Oats started u shade higher on n little scattered local buying, but bo came Irregular after the opening. May opened H higher at 40c, awl DIVIDENDS DECLARED Ellc Ilasln Consolidated Petroleum Co Quarterly of 2 4 per cent, payable Fibruary 1 ' stock ot record January 20. Electrlo Hond and Shore Co , quarterlv " per cent on common-, payable Januury 15 to stock of record January H. and 14 per cent on preferred. ouvbl ir-,.Vr!. ..P . P.I slock of record January IV. lu Oeneral Cigar Co.. quarterly 1,G0 en com- Jannua??V24:, "bruary 1 ,0 "lock otreVuM Otto Elsenlohr i Pros., iiunrterly IK b.p cent on conmion. payable Pebruary 15 to stock of record February 1. Atlas Powder Co . quarterly 14 ,wr c,n, on preferred, payable February r American District Telegraph of New Jer. sey, quarterly 1 per cent, payable JanuJrv 20 to stock of record January IB. January Raw Sugar 8teady at 4J,2c New York, Jan. 13 Apart from the r. duct Ion of 16 points ln th , ,,r of refined sucarH 10 7 7.I.. 1... o' ... ! CAe1' f,.r V?Bh' for nno granulated, by ...Uwv...u ..ij.., ,1,0 iuv.ui reuncu market remains unchanged. Ituws held steady on the basis of 4 He, cost and freight, equal to 5 B2o. duty paid. Kales yes terday included 23,000 bugs Cubus for prompt shipment at 4'jc, cost Hnd freight, and 6000 bags I'orto nicos afloat and due about January 17 at 6 62c Lo. cal renners were buyers. Arrivals of raws yesterday Inrluded 41,000 bags Porto Illcos consigned to Arbucklo Ilros Liverpool Cotton Liverpool, Jan. 13. There was a ifood demand for spot cotton todov with price steady on the basis of an advance of 47 TKilntH tor mlHrlllrw nt 10 71,1 Thi niA.. were 10.000 bales. Thtrt, wen, nn r'. I CKlpts. Futures wero uulet In the early dealings. 8pot prices wero' American, middling fair. 14 09d; good middling. U'lOd; fully middling, ll.GBd,; mid dling. lO.Tld ; low middling, 8 99d; good ordinary, 7 49d, and ordinary, 0 74d, BANKCLEARINGS Ilsnk clearings today compared with cor responding dav Inst two vearsi li2t 1020 1010 VK';, I7l,0u.30l 101 301,212 7J.7S:',31D l-MfWi national debt Is now ..831,744,300, according to n govern ment white paper. The postal savings system ntperlenctd nn Increase In deposits of Jl.00u.000 dur ing December, which Is thu average monthly increase since July 1. Total de posits In the United States on January 1 were $163,393,005. , t Ti'iU,JPan.k of "K"I"n1 minimum rate cent remains unchanged at 7 Hi" Jay Cooko wns lulded to the bonid of he, Olrard Trust Co. ut n meeting held this morning. . 7he. ttY,!rafc'! nrlcf' of twenty actlvo Industrial stocks declined o.2C per cent yesterday to 76.88. whllo twenty rail roads advanced 0 31 per cent to 77.30. NEW YORK COFPEE MARKET New York, Jan. 13, The market for cofTee futures showed very slight changes at the opening this morning, first prices being one point lower to one point higher. Thu curly cables from Ilr47.il displayed no particular weak ness in tho primary muikcts and there seemed to be un fresh developments 1 hit h might tend to promoto any change In local sentiment either way. It seems to bo difficult to maintain tho recent advance In coffee futuies while there continues to be 11 fair amount 'of pressure as u result of hedge -selling and profit-taking. It Is believed, however, that most of the profit-tuklng has come from the weaker long Interests, us strong outside buyers continue to taue on auuitional long lines on all toft spots. During tho first hour contract prices worked off 17 to 22 points from the best point of the call. Judging from the character of sonic of the lato morning selling, private udvlces may have been receiveu reiioriuig tower llrazll maikets. Ytst. clese March ,,,,,.,, ...,,, O.tin say ,,,, ,,,,,.. ttf. 7.00 July ... 1,.,.. 7,170 September lit.,, rtis 110 MM Allied Parkers (1h . . . r.R Amer Tl (In. 11122 lull.. Amer Tel (Ih, 11124 .. ,. IMH Amer Tob 7s. 1023 lOO'I Annionaa op tb. H2U . . 1M Angio-Ainer oil 7Vis. . rmour Co 7h Ileth Steel 7h, 1U35. C, rro d Pav 8s Cons Ons Si Diamond .Match 7'4 s Ooodrlrh Tire 7n . llelnx i'n 7b ... Ohio Cities 7, 1H23 e.ire-Hftebuek 7. 1022 Sesre-Hoeliuck 7e. 1023 Sinclair 7'ih . . Sohny Si . fuind nn cnlif 7s. . . . Stand oil N V 7e. I02n Stnml Oil N Y 7s. HI2R. Wand O'l N V 7s. 1031. Snlft Co 7 Texas Co "it Vn-Caro Chem 7Ws . WoHtern niea 7s Denmark fis . Mannheim 4s Munich 4 Norway Sis r.T HO'. Ii 4 W lOnU Bl r, 7 lA i,'. n 3 mm SMV4 im4 034 075 H.1U The Philadelphia Saving Fund Society; 700-710 Walnut Street Condensed Statement, December 31, 1920. ASSETS Cash on Hand $549,274.10 j Due from Banks and Trust Companies 9,287,835.87 Investment Securities Owned, viz: Public Loans $148,635,395.73 Mortgages 16,134,163.60 164,769,559.33 Real Estate 288,780.70 $174,895,450.00 LIABILITIES Surplus Fund . . .' $7,049,126.96 Deposits . 167,846,323.04 "$174,895,450.00 United States Bonds on Deposit. . . $10,521,100 Number of Depositors, 294,526 President G. C. PURVES Vice President JAMCS M. WILLCOX Secretary and Treasurer SAMUEL WOODWARD nnu loon iooJJ . HJ 117. . WIV4 0.1V, .104H 10.114 111) . r4 noVi on' .102 101 R'lH Sli, Il.l1! II',. . no1, mi Oil', PIU, Wl niu. (10 (10 mm inii. .loo, ioos mo'4 ,looi lno'i mo". I'll llll 1(, 10.1 (V, no n.-. loo 01 V, i.m 14 100 102 "111, inn; i nil", nn'i no ion. .10.1 . n-.'t . unvi nn .loiii; Aft", . isu it .10(1 103 n.i'd nil'; or,-, inn', IlltS i.ii 14 100 Onen n.surtno 7.zi)Maa 7.70W71 s.osyig LIVESTOCK QUOTATIONS Chlmso. Jan 13. CATTI.n Receipts. 12 000 head. Ileef eteere. she stock nnd hulls, stendy to higher. Spots, "lie up, bulk steerH, Jsr.OfllO. few choice held, Jll and nlsher butcher cows nnd helfe-s mnstlv 1., 2r,7"r, runners awl cutters larveW 3 25iict3.'i bnlonna bulls month 5 lofi fi.fc.",, few fut bulls aboe 10 HO, veal calve Htemly. hulk JIO r,0ll 2f,i choke, atrong weight ehlpplng veiln, I2 and higher; heavv (oIvch dull miockers und feeders, strong to hlcher 1IOOR Ilecelpts. 31,000 heM Actlle 26c to 4dc higher than yesterday's nteruge. Top, JOS:,, bulk, 111 nOflO.SO; ptf S3e to 40e higher, bulk, desirable. VI) to 130 pound libra ll 71fl O.M. KlinEP ItecelntH. 2S 000 head. All cWn,n vorv slow, nbout steady Top Umbs 111 HI) bulk, S10 76011.73; top ee ear I v. 1,173, nonie held higher; bulk, $58.75: feeder lambs, steady. llllsbursh, Jnn, 18. HOOR llerelpti. Cnoo head, lllsber. Heavies, ID BOOll.76! hsavy vorkers. light yorkers and piss, $10.60 y'lO 76. HIIKEP AND IMns llecelnts. 1000 ,ea'.'. ..?l,,1r. Top thesp, 10.40; top lambs, 112, OAI.VK8 Itecelpts. 100 head. Steady Top, $10 30, Kast llufful'J. Jim 13 CATTI.r: Tie. reliits, 76 heud Htoady Cales, recolpts, 230 hMd. Hteady 14(710. IIOUS rtocelpts, 4000 head Twettv.fle rents to 50r higher Heavy, $10010 2.1; mixed, $10 3.101(1 10; vorkers, light vnrkeri and pigs 110 000 10 75, roughs, $88,2.1, stagH 160(160. SIIi:rP AND 1.AMI1S RecelPtM, .1200 head Steady IjimM $0012; yearllnus ?flT10 wethers nt(l .10, ewes. $203 50, lulled sheep, $3 7.1 W0 l'MHt Ht. IxiiiIm, Jn 13 CATTLI" He. cnlpts. 2200 hend Steers moatly In odd IMe Ntrnng to n shade higher Hulk. 7.27ffh; heifers, steady to a nhadn higher, cows, fantfrs nnd bulls, Hteady. bulk, rows, $6,50 flnnn, bulk mnners, 3 2.1W3 50, eal (iilf top $12 2.1, bulk, $1160012, stackers and feeders Htronz. HOOK Iteceluta 1 1 nno I,a,1 i.ii,. unevenly. 40c to 6o hlsher than vesterdavi niersae. Top, light butchers $10 25, pigs and lights, top. $10 40: bulk lights a"l "i -dlimrs $OSRW10 15, bulk beavles, $0,600 0 75; packer sows, 25o to 60o higher. plg, 6(ic to 71c higher quality mostly good: trading (ondurted by city butchers and ship, pers packers elobnj nothing. HHi:i;P Itecelnts, 1600 Slow few sales himiu eiuiuy; nRKinv nigner on pent iambs Ton 'limbs $11,50, bulk 410 7501123! es op, $5. bulk. $1500153. Bank of France Statement I'nrU. Jan. 13 The weekly statement of the Tinnk of France shows the fol lowing changes. Oold In hand Increased ?ft1!)n"fra"('s' Hllver ln ni"ul ilecrensed 1 056.000 notes In clrculotlon decreased ;8.6?BAJ?0ni tr'nm'ry deposits Increnaod 4.301,000 1 general deposits decreased 11J.087.000 j hills discounted decreale 299,919,000; advances Increased 89,312.' 000 : fresh advances to the state "60 -900,900 francs. -esiaie .Ooc 1812 1921 THE PENNSYLVANIA COMPANY for Insurances on Lives and Granting Annuities TRUST AND SAFE DEPOSIT COMPANY Capital and Surplus $7,000,000 Member Federal Reserve System 1IROAI1 BTKEKT OFFICE. Chestnut nnd Juniper Streets 517 Chestnut Street Philadelphia BROOKE, STOKES & CO. DEALERS IN CONSERVATIVE, NON-SPECULATIVE BONDS, GIVING THE HIGHEST RETURN COMPAT IBLE WITH UNQUESTIONED SAFETY MO South Fifteen Hi Street Philadelphia, Pa. 731 l'ilteenth Street N. W. Wasliinston 102 St. Paul Street Baltlmoro 11IJltC3tlllltl1ltlC?)Iltlllllllli:3lltlllllllltC3ll)llttlllllC3131IIlllJlltCllllllIM;tJ C 3 1 11 11 111 1 1 E 3 1 1 ) 1 1 1 1 1 1 1 1 C 3 II J 1 1 llll ) 1 1 r 3 1 1 1 II 1 1 1 1 1 1 1 T3 1 1 1 1 llf 1 1 1 1 1 C H'. Fifty Public Utility Bonds selected by analyzing The security behind them. Their earning power mid prospects. Their market position. Each issue represents a favorable combination and ull'ords an excellent opportunity for profit as well ns a desirable high yield safe investment. Copies of This List of 50 Bonds Sent Upon IiequeU West & Go. Ml'i.!l"."!"L.str"' J Ilrosdwsr Plilladrlphlii Kew York Members New. York Hlork Ktrhnnrc ... ., Philadelphia Htork r.n haute Ms AIihus lluie on llunrl 11 Met nf Hlili-OraUs llonds w,,,i.iiH,iTg IIITIieO LnuuuiiiiiiaiiiiiuiMiBwiiniiiuaimiiimniiiiuiimiiinnim ' .4 .ft. I . -I-"- ..''- .t .. ,, ,"rrtr E.g.a niitJBmMMnSimSSiLLWBMSnkmm h iJtflfiPlf iV y,)t'- ,r ,, sV ri. 'P-.4 r tA A
Significant historical Pennsylvania newspapers