WTirTOlf " '- W ,". F ir "o ' I r-. ''" 'J-T ! - .- i . . :.. . . ... . ? . - i . . - - i i " ' '" ' -it ' t,t !n i I ' '' i IF 1 I 8.45 for 45 Years CITIES SERVICE CO. Seriei "D" 7 Conv. Gold Debentures Due Jan. 1, 19G6 A real, vorth-vhllo, . convertible privilege. 12 months ending Nov. .10 1920 NET EARN INGS ....$23,927,711.06 Total Debentures out standing in hands of. PUBLIC. $26,777,018.00 Those Debentures are SE NIOR to and FOLLOWED by Stocks of a par value $121,572,131.00, having a mniket value at present quotation ef over $150, 000,000.00. PRICE 85 AND INT. jAacKiesCo. Member I'hlla. Slock ntrhange Real Estate Trust Bids. Philadelphia, Pa. Odd Lot Traders Our service is designed and ' directed to meet your needs and wants. We maintain and offer to ' the odd lot trade a daily and yearly service. Throughout active and dull periods our i class of bus'ness receives the ' same attention that is given , to the large investor or specu lator. No commitment too small to receive every advan tage and attention. Direct privat" wire service to New York and other securi ties markets is available. Board room with continuous quotations, coupled with prompt end careful handling of all orders. Mail and telephone inquiries promptly attended to. Per sonal calls invited, SMITH, REDPATH & CO. Member Phlli. "tork Krehaniro 1524 Walnut St. piiiLAii:i,riu Tlione: pruco 0880 haven Enjoys a practical mo nopoly of the New Eng land railroad traffic much talked about re ceivership rumors an interesting analysis with a map other worth while features in Ash fnr n cojnj J'E-'-o MARKET OPINIO?! FESNELATT & CO, Xtmetrs of the PhilaJrlrhu S-rck Exchange 139 South 15th St. Philadelphia Ptonci. Dill Spruce 7627. K-ritoot Rice 1100 Charles Jacket, Manager Direct Private Wirct to R.H.MacIV. ASTERS &CO. Hrm'vrs Con inn d Stock fr)i "f A V. 82-84 Broad St. New York United Gas Imp. S o MOTFQ O I 1 V X i.i A. D. CONVERSE & CO. Commere,il Tr:-t I'.uilding Philadelphia, Pa. 3. ." 'a- uu .St. Garrett IlM-r. N- lork ll'llltn-ri- CLOSING MARKET i WAS COLORLESS Wook's Recovery Largely Made at tho Expense of Short Interest New Yotli, .Tnn. 1.". The week rioted with n colorless and listless stock market today. Apart from the continued stroriRth of Heading there was prnctl- al'y tio fentute to the trading. As a matter of fact, tho inirkct lacked n leliitito trend. I'romitii'iit industrials Hid some of the rails were firm to strong, while in other parts of the list traitionary tendency was evident. ' !i:ine s either wav were without Igniflciinro, inasmuch as the bulk of the operations moiclv teniescntcd the familiar week end even in; up of the rnfc-sional tinders. Moderate profit taking was countcr-bal-inced by dc tl'tory covering of the hoits in nioro active speculative specialties. i rgrni covi'im, t: an iin.viciti.v and over-cMcndrd liort inte'-cst imparted a 'Iegiee of n I'll, lal Mreiith to the week's market and the (ii(-t on is open to do had whether it won't! not have been a wiser roure to have allowed this sleep ing short interest to leinain undisturbed until the gutcral situation became more i larilicil. It is generally admitted the t minding up of the hear paity, with the spe tncular siiicc-iin ; operations in a iinmher of the indii trial specialties, weakened the teehni !al (v-ition of the in.ul.it mateilailj and thereby left the iit more or los vulue-nlile to possible unfavorable development'). The hick of sUbi'lty disclosed at the lusher live's dcmcvitr tted quite cotl- Mi-ivp'y that the larket. after its pro tracttd nerious illne-s of last year, was in an position or s'wie to make a fast hull rau ut th!s j.uuture of the pro ceedings. Admitting there has been a nuteml change in the mental attitude ot the flnnm ill community since the turn of tho :enr. and admitting that inueli of the disaster to the business structure predicted has failed to mnto u.ili.e and further admitting there are distinct evidences of a decided easing of money market condition, jet. on the other li-ind. it is appatctit to'everv care "iil observer that conditions and the out 'ook have not MilIHcntly shaped them se'ves to warrant even the slightest en 'iiuiflgi'input of a revival of speculative enthusiasm. Mil' h till remains to be done to re pair the damage im lined in the last in urns, c reaiiitistment nrncnsn will require time and nntienee. This i urn ii is iiiiivcrcu mere would seem to he no si'bst.'iiithl reasons for nntlci patint; any prolonged demonstration on the onstrm live M;o. Measured bv pre cedents and b sjus. o.ienly disp'laved, theic is i everv i i'lllitv and prohabll- .ty of the secu-ity nnrkets working into a narrow groove. The traditionnl Janu ara splurge has eo.i.e and gone. The net station in ms'.i -corns to be the so-called spring boom. LISTLESS TRADING A' LOCAL SHARES Ready Absorption of Recent Issues Reflected Good In vestment Demand The tradlni in the local market was of the usual I'iiT-IkI'iIiv type nnd like- wise of small d'tnon-inns. The most na-t of the operations were entirely tiorfuneton . ro-iirising odd lots. Do'- sp'te tlm rst"!' fi-d i'enlin"s the market Ind a good irvl' t no. nlthmih price fiinn-es we-e inin. r'eefrie Xto''nge Tlatte-v 'idinii'Td 1 ' .. piiints. nnd fion- " il Asu'ialt 'I'-cfened wts carried up -.'-. Tr'vf:. I'oth on Mm'teil operations. I'n'ffd (Its Ii inrovet"enr Mas friction- n"v I.!-.',,- nt ."01 .. O-i th other hand. Philnde'niil., Kapid T-:irsit. on light sales. st,n,l,., to It. On verv small alej lnir(J K'nilroids of New 'ersey I'ronneil li j points from previous sale.' .linlin 'rom the twt'ninnv of lead- 't l-inkiiT inte-esfs. and '"it few ' vel ininents cnm to light, mn'ters lo- l'wisc imp hn-'iiig up in n sntNfu.-tnrv I'Ttuier. I"vei ' r.ih seepw t" lie jetting ' it of th"ir d fa "Vr- wirl; on' s'i'ht hruis-njand the ii.Th-nts in the financial ' 'i "lit i' are repot il to lip mil; ng en- ctririn: progress with r. i need of any 1 I IT 'i VI" l Mimical (Hi ! It 'litis l'tlce chani'ps underwent little mate iiil i'i'in'" during tlm we,!; on 1 the iior puMloii of the 'isf from .ill sup. '"e nppenrnnfes seems to have nrli n even heel. Some of tit" more vola i '.. ionics s.rreil verv substtintinl recov 'i s from the evfeme low quotations lahli'hrd in De'-ember. s to the eneinl li-t, the lallies m re slow, which ns to be ovpi. toil in vii-v of the lack f invigorating influences. Although local investors Miffered se i'ie jolts Inst year, tin qciik ahsorp Mon or n nui.ilipr of the icecnt new is- "of imli. atul iniife clo.v'v there is still crnslil.'i'tli'e nmnev auuiting invest metit. pa-tli ii mi, u Ii-ii i.Ti-rings are upi-ominon'j nttunln '. as noted in the IIP of the I'ni.id (lis Im-ifnvclilelit ni w eight ier c nt notes, which were ifferi'il on mi Ini-ri'.ia linsis equivalent '" s:!" I "tit. lint there weie other iisani- eV d'-iii in- thi. cageiiiebs to ; s,jm ,u. ( ij, h.irsiiln-. NEW YORK STOCK EXCHANGE TRANSACTIONS b'atpn 109 S01 1)1 filOD 700 3)9 100 13)0 890 im too ii 3)0 0)0 1)1 .101) soo 13)1 3701 J0 100 10)0 100 4)0 100 100 40 490 3)0 3)0 too 3)0 3 . 16)0 100 . 0)0 810 390 100 400 13)0 100 3)0 S3)C 3799 0)0 300 1700 .1 ) 300 3)0 1)0 310 3)0 40) 310 300 400 400 (1)0 3)9 0)9 A09 ff)9 590 3)) 400 3)0 10) 13)0 1010 100 100 3)0 2400 100 23)0 .100 1400 1010 01.10 390 100 090 400 3)0 100 39) 430 100 13)0 1009 490 33)0 109 100 3S9') fSIO 373 U 109 3)0 2)0 3JJ 299 29) 590 190 500 409 100 100 109 no) 1J9 27)9 1530 15)1 Total niv. In lllth Adams Exorea 30 li 4 AJax nubber 35 ., Alaska QoIJ Mines .. 1 .. Allied Chcm ft Dyo.. t3'4 .. Allied Chcm ft Dy pi 83H 4 Allls-Chalmera XS'A 7 Allla-Chalmers pf. ... 78' 8 Am Agrlo Chem 01 8 Am Iteet Sutrar 5& 10 Am Bosch Mnirneto.. MJi 7 Am I) Sh & P pf new 80 .. Am Can 3794 7 Am dm pf 8534 13 Am Cnr ft Fdy 124 ? Am Cotton Oil 21 Ji 80 Am Dnifj Syn...... 7 J, .. Am Hldo ft Leather.. 8?i 7 Am Hldo ft Leath pf 45 Am Intcrnat Corp... 405-S Am Locomotive fall Am llatllator 0Yi " Am Safety Razor. ... b?4 Am Ship ft Com II 4 Am Smelt ft rief R7!i 7 Am Smelt ft Itcf pf . F2 3 Am Steel Foundries.. 3i'4 7 Am Sugar Hef 234 7 Am Sugar Itef pf 101 10 Am Sumatra Tob 77 8 Am Tel ft Tel OH 13 Am r.ilmcoo iin'5 13 Am Tobacco 3 114'i 0 Am Tohneco pf new.. lOtJ 7 Am Woolen CO Am Writing Paper pf 0 .. Anaconda Copper .. . 37 6 A tch I'oo ft Santa Ke f3 5 Atch Tod ft S Pnf... 70 1 .rtiinniic Const Line.. .. Atlnnin nir & Atlantic 10 Atl Gulf ft W I S S.. 6 Atl Gulf W I S S pt .. nuaun .icnoms ... 7 Baldwin Locomotivo .. tlaltlmore & Ohio.., .. Bethlehem Motors .. 8 Bethlehem Steel .... B Bethlehem Steel rt... 8 Bethlehem Steel 8 pf ll 7J5 .. iirKivn liauw Transit ly3 . . Brklyn H T ctfo of dep 7i . . Bruns Term 4 .. Butte ft Superior Cop K14 .. Butte Copper & Zinc.. .Ii .. Butterlck 10 .. Caddo Central O .t It 15J5 0 California Packing .. CI '5 .. Cnllfernla Petroleum . 29t4 10 Canadian Paclrto ....1I7H .. Central Leather 3H 4 Cerro do Paeco Con. . . 3914 iv mamiicr Motors ... 4 Chosnpcnkr. ft Ohio. .. Chicago Mil ft St P. .. Chicago Mil ft st P pf 45' 6 Chicago Northwestern K0V .. Chicago B I ft 1'Jic... 27 J4 0 Chi It I ft Pac C Pf tttt 7 Chi n I ft Pac 1 pf 731$ .. Chile Cjpper US CO Chlno Copper 13 0 Cluett Peabody CO 8 Colorado Fuel ft Iron 29 S Columb Gas ft Elcc... CO 1 Col Graphophono .... 10? 7 Col Graphophono pf.. 7!i .. continental Candy , 7 Consolidated Gas . . . 4 Corn Productn Bef . . 60 Cosden ft Co 8 Crucible Steel 7 Cuban Amer Sugar. .. Cuban Cane Sugar.. . . Penver & Rio Grando . . Denver ft nto Gr pf . . 1 Homo Mines 7 nmer.on-Brantlng pf. 5 Hndlcott-Johnson .... Erlo fiS'S 72?'. 42J4 13 01 V, S7 4 50?6 tit 4 x:i ''2 'A Fo;; 70'j :.Ui 22 !i 14 40 58 "H .. Erie 1st pf 21 8 Famous Players L... 51 .. Flsk Rubber 14?J . . Gaston Wms & Wig. . 5 .. Central Asphalt .... ? 0 General Chem pf 1)3 (1 General Cigar rn'$ 8 Gcnerul Electric 1 23'$ .. General Electric rts.. 1 General Motors 15 J4 0 Gen Motors deb t).. CO 0 Goodrich B F 42 7 Grat Northern pf... 77 1 Hupp Motor Car.... 13!' .. Houston Oil 73 7 Illinois Central 80 V .. Inspiration Con Cop .. 34 U .. Interb Con Corp 4 ' .. Interb Con Corp pf.. Il .. Inter Mer JIarlne.... IRY 5 Int Agrlcul Corp pt.. ,'3 8 Int Mer Marine pf... 5t 7 Int Motortruck 1st pf 75 7 Int Motortruck 2d pf G3?; . . International X.ckel . 15 .. International Pap;r 50 Ji ..Iron Products 10 . Island Oil H adieu, 311, 00 share, compars.l I,ow 3014 n 1 82 ? C2M 34 H 7B' 50 Wt GO 27 HtiYi 121 7M 8M 44 V, 45ls 83 70 11 37 in Vi 12 lot 7r?J um 113 ioj$ 17 r SO 2Ji 7W JJa Ji 71H 42JJ 1.1 I oh cr.i4 ''7?i 50 117'i II 7 4!i 12 H Mi IS '2 '5'4 CI W 29 ncrs "SJi 30' 2 ,H 11 20 4?2 00 VT'i 13 73,'2 IK, 31 CO 29 59?; 10!', 57!', I 80 H roi-i 31 ay2 3"H 22 'A U's Vio 11 4 40 fH iM 21 svs ? Wi 02 ;nv4 1212 4 ItH CO 41 7CJj !2Ji 73 b0!4 3Ui I m lJi C3 5114 75 G3 15 '8K 38 H !i Today's Met Closo CIlRO. 30J- 3J4 tfl Yi 1 13 - H 02?',- !i .".5 14 ? 78V4- V 59Ji- 1 45J4 1J4 M Ji 00 1J4 7H V 8H 121JJ 2H 21JS 1J 7?5- Ji 8M .. 45 - J4 0 ,$ MJi-f J5 7054- Ji 8Ji- Ji 11 37J4 J4 62 Y S0K2 .. 82J4 ?4 101 70J4 - t ''Ji- n 11412 1 ioJ4 !4 co 4- 2'A 30-1 '7M Ji 3 79J4- Ji 85J5 Ji Mi- Ji 72Ji V, 2J4 J4 13 01JJ J4 St'li- Ji 334 .. 7H .. 80 'A l(7!4 ll!'2 .. 7J4 4!4 .. 12J4 54 !Yt .. 10 1J4 SJ4- Vz Cl'i .. 20 n I17? 1 as?a !4 302- r I8!i- J'4 ci 29JS Yj, co' y2 H Yi rs - 1 7314 tA HJ'4 .. " J4 603 29 - '4 Ji34 .. IC4- 7!i !4 4 - y2 fio-sJ Ti J0JS l 31 05J4 l'2 sNJi- Ji 22Ji 34 lJi .. m Ji "34 J4 10 4J4 58 t4 "H Y 21 s4 lJi 4J0 '4 5 H M34 .. 02 3'4 fif)T4 . . W4 !i H 54 14?4 .. CO - 14 42 1 nr, H 234 73 !'4 i9Ji- !4 !!1J4 .. 14 I'A 11H S I5!J H J3 - 1!4 54J4 . 75 - y2 C3J5 J5 15 C0J4 .. 40 2! i Dlv. Sls In t High 110 .. Jewel Tea 4J4 400 4 Kciiy-Springnaid Tiro IBU 1090 .. Keystone TAR 10 Ji 090 0 Lackawanna Steel ... 6ff4 zov s. so Lcnigh valley ...... 55 500 200 100 100 500 700 1700 100 5.1)0 0100 3500 500 200 200 400 090 200 100 15)0 300 100 10 000 200 400 40)0 20)0 25)0 1019 200 100 800 100 810 1500 2)0 790 17010 309 2500 17.10 790 S00 1000 500 6000 109 too 150) 400 ino 30000 coo 1500 4090 X Locwo Co 17 .. Loose-Wiles Biscuit . 33 .. Loft Corp 12 . . Malllnson ft Co...... 14J4 2 Marltn Rockwell 1 . Maxwell Motor 6 J'4 .. Maxwell Motor 2d pf 4 8 May Dept Stores 70 It Mexcan Petroleum ...1C2J4 1.60 Middle. States Corp .. 13 .. Mlddlo States OH rts J4 2 Mldvolo Steel ft Ord .. .'2 .. Minn ft St Louis 11 J4 .. Mo Kansas ft Texas.. 2?i .. Missouri Paclfla .... 1034 .. Missouri Pacific pf... 40 .. Montgomery Ward .. 10 4 Mulllns Body 25 3,00 National Acmo 35 7 National Biscuit ....1C3 7 Nat Clonk ft Suit Pf . . C8 .. National con & Cabla 4 14 . . Nat R R of Mcx 1st pf 7 . . Nat R R of Mcx 2d pf 4J4 B New York Central... 73J4 .. New York N II ft H.. 22J 7 Norfolk ft Western... 10" H 7 Northern Paclflo b4i4 40 Okla Prod ft Rcf '- 34 2 Orpheum Circuit .... 28 .. Utls Steel 15J4 .. Otis Steel pf 85 8 Owens Bottling Mach. 1 .. Paciflo OH wl 8534 8 Pan-Amor Potrol .... 7534 0 Pan-Amor B C0 5 Pennsylvania II It.... 41J4 .. Penn Seaboard Steel.. IO34 .. Peoples Gas Chicago. , 35 a Philadelphia Co 32J4 .. Plerce-Arrow Motor . 24 J4 .. Plerco Oil 10J5 8 Pierce Oil pf 70 6 Pittsburgh Coal tOY 0 Pitts Coal pf 8C!4 .. Pittsburgh ft W V'a.. 31 Y 4 Public Scrvlco of N J 54 8 Pullman 108J4 8 Puma Alcgre Sugar.. 47J4 4 Pure 'Oil 35 1 Ray Con Copper 13'4 4 Reading F0'4 2 Reading 1st pf 1234 2 Reading 2d rf 5754 0 Republic Iron ft Steel 70t4 1093 B.20 Royal Dutch X Y. with 600,300 shared 10)0 310 300 400 100 loco 1500 3.1)0 220) 51-10 2909 10) 400 100 53)0 100 200 309 500 2500 2)9 13)0 400 1590 .ino 000 100 100 400 100 100 0)0 700 2409 290 1H00 3lu 351U 100 2)3 290 2299 2)0 3)0 100 '0u 100 10) 2)9 10o I'll) 3S0l) 310 101 3)g 10) yesterday 18 4 22 Ji 29J4 4 HJ4 02 V 19J4 24 88 Ji "034 3Zi 58 Ji . 1081'a Saxon Motor .. St Louis San Fran... .. St Louis Southwest... .. Santa Cecelia Sugar.. . . Seaboard Air Line pf . 8 Scars-Roebuck .. Seneca Cop Corp.,., .. Sinclair Oil 0 Southern Paclllo .. Southern Pacific rts.. .. Southern Rill , C Southern Rati pf. ... 7 Stand Oil of X J of. 4 Stewart-Warner Speed :o 7 Studebaker '2Ji 7 Studebaker pf 85 2 Stromberg Carburetor 38 .. Submarine Boat Corp OH .. Tenn Cop & Chem... t-jj 3 Texas Co 44H .. Texas ft Pacific 10 1 Texas ft Pae C ft O.. 28 Ji . . Texas Co. Warrants. . 43 .. Tidewater Oil rts.... ilH 7 Tobacco Product ... .'5J4 .. Transcontinental Oil . 10 8 Union Bag ft Paper.. 73 .. Union Oil 2234 10 Union Pacific ro;4 8 United Drug 103 12 United Fruit 205J4 3 United Retail Stores.. tnya BUS Ind Alcohol .... CRJ-J ..US Food Products.. 21 ..US Realty ft Imp... 40 BUS Rubber cr.J4 8 U S Rubber 1st pf...l(3 0 U S Steel -3t'4 7 U S Steel pf 110 0 Utah Copper 3JJ 4 Va-Carollna Chem .. 30 YB 4 Vanadium Corp CD 1 Vlvadou Inc 8!4 . . Wubash su .. WabflHli pf A 22 .. Western Pacific 27J4 7 Western Union Tel... 874 4 Wfstlnghouso V. ft M 44H Wheeling ft L E... .. Wheeling ft L 13 pf. .. White Oil Corp 1 Willys-Overland .... .. Willys-Overland pf . C Wilson & Co 8 Woolworth F W.... e Worthlngton P'imp 101: 17 J'4 10 8 , t'3'4 43t 1HV4 554 Thu, far thin week, 0.001 .mlo Low 4?4 SJi 10!', 6J4 55 10Ji .12 12 14 J4 17 34 4 70 1C0J4 12J5 Ji flH UJ4 2J4 1034 3034 IB 25 21 103 08 4 'A 7 4J4 73 H VI Ji 101'4 e3J4 3Ji 28 1J4 85 51 35 H 75 COJs ItJi !5 31 r.2 24 10Ji 75 Vi 8 83 toy 51 108J4 47 ?434 !34 H'A 1?', JCJ4 CO K7' 3Jb 22 Ji 28 H 3J, HJ4 01 18JJ 2334 DSYa iOV 3J4 8Ji IC8 tOJi 51 J4 85 iH J4 fiJi 434 I8'j 28 43 II 4 34 113; '.3 '234 20 103 20634 54 3', MJi 2235 8J4 CO 10214 234 110 .'3 30 Ji 17 8 8 J'4 22 27'4 8734 4J$ lOJa 17'4 1G "li ,"3'2 43 U 111 5K uhnres. Today's Nst Clono ChB. 4 10K- 10JJ 55 85 I0J4 32 12 14J5 .. 17 Y n- J 4 70 - JS IC2 Vi 13 li- J4 r2 -11 J4- 2J& 19J4 40 -10 25 2134- Ji U3J4 Hi 08 0 '4 V 7 - Vz 4J4 V, ii 134 7334 52 J'4 lt.3 B4J4 Vl r3i ... SB !4 15JJ- H 83 12!', 1 .-.634 Ji 76 t J'4 C0J4 Ti 41J5 '4 IC34 134 35 0 32 - 4 21 - J4 lOTi .. 70 - Ui to 3 80J4 3!4 rii4 Vi 51 - 108 J4 47 - .15 1314 0 ,3?M- IVA C9J4 0714 4 -525i-2Ji- 3:5 ll!i . 02 14 lf)J4 335 88 .0J', '3Ji ro; f2 85 - 18 II Ji- 4 18J4 83$ 43 11J4 10 3 234 JO i..;i '-'3i !4 (H'j !- '3'4 40 CC34 l'.i .3 110 .'3J5 ar.;, rs 8!', N'4 , 1 1 Ji IT Ji J4 Ji 54 Ji Ui 15 Ji 27J4 8734 . 5o 105,5 1714 10 rs ra'i " 43' 111 - 45J6 Ji Philadelphia Stocks I-- 1 rl "Z1 g ,r Ktr 111 Safe liondsjbr Investment MAL5bY, &IUAKT fi CO. Inc. Lw-ts- Lawrcnco E. Brown & Co. CERTIFIED PUBLIC ACCOUNTANTS linn kii. iirii. iiii-i 111.D1. Imrxtliiati' null i'ilj .-I 11 inn,. ...... ,j,, liinni 1 . !! ir- Moore, Svart2, Hindle & Clark ArCOlNTANT- Income Tl Coit Syitemi Aoditi 6prure 1777 111.; U III II.UI.NO V. J. VAN UILLIAIID Acrni mnt-i 11 mi: .sjm i'iii i '; in n:i)i:iiAi. in omi: twin formrlu llh ltl n 7ir t (f WurcdU 0 Ititirnul .'iirnur 0fl) lirVI. ITD. TIJLST 111. IX). , rntifr' itn "M7 !)(P. il.1 1JH Alii 5 Am S 1. l' 1 1 i; 1-. I'JT i: .-, .r. :;io 1; n .iii w-f ... ; 1 c n a -j. Ill I eh N'lV (il 0 l'.i Vntl l.i,'H if UVI I'a 1: I!.. J l'.i S11 1.. Jiiu.l H ' al I. .f ... lux I' iin ir.-c TU 1I1 .ii'f. Jin I'h 'a KT .'i.'i i'..i a 1 114 Wi .... .'!0t Hi a.I ns (."11 T.-n I'- I. ID ! 11 Tiae. 1-.I I" C I... (ii Au r'"'f.. 1IJ I 111 ( U.l N .1 . . . . loir s..t-1-l JIJ u. T 111 -I.". 10 Nit clitre. H"i!'j u0'--r ' !i.-i"a n.-J4 214 t! 10 I1th -"' 1 11 r.l bS I1 Wli' :: ' iii-J lH'P. in 11 ii.-. ' . ,vit; -- H is r.l in 11 j no " . :kii" Hi!, 07-'- 10 .. UT,.. (!"', j s-'l7-)-f-J"l. 1S :): r.l as i' :n 1 1 ::iit' hit: FOREIGN EXCHANGE New York, Jan. 15. Opmlnff figures for 'orelgn oMChanBe today s-howed iiio ntions mainly lower, partlj au a result of proflt-taklnc on speculative opera tions usual at the end of the wk Pn r I'.nc was a stronK exception and Stnc'i halni amonic the Scandlnaians, nhowed the onlv adance. Frenrh .'Nclmnp wn-i stead v" Marks, which had shown vxci 11 t tonal firmness when the market wjn re actionary In the Inst two days, made Rood thi- earlv week predictions of an 'mpi-ndlni: rally, advancing to 1 50. the nlche-sl flKures recorded In some time. Quotations were- Demand mening iis'i, caniea .w.i; franc cahls 0 08. checks C.07,'l ; lln cables 3.43-s. checks 3.43; Swiss c.ilil. i 13 CO. checks 15 57; euliuer catnes sj',, J'eeks 32s : pesetas cables la 22, clink i-20; Stockholm cables 21.40, rhn's 21 3 r ; Phrlstlanla cables 17 20, clucks, 17 15: Copenhagen cables 1" fi."., ch. cits 17 00; Belgian cables C 38. chccl.u G 38 Thi- premium on N'ew York 1 . h.uij; I In Montreal today was a Phailo i.n 1 ,u 1 I ror cent. Tho discount on Can.nl .111 funds In New York was slightly higher at 1211, per rent. After th" hour, quotations were- De mand sterling :i.724i, cable U.TIl'j ; rane cables G0U!i. checks tl 0S94 ; 'i.. oilis " 15. checks 3 H'i; llelgi.in (..il.Us 1, II. checks C.40; maiks 1.4!) J V,th 'h 1 s.'t ptlon of marks, thuFu Ilgur. s nir si nt inoilerate advances over th. i,i. 11 uu rates Ciianges In central Kuroptan exrhinee today were within a narrow rmt?. with the exception of u nominal ad.ini lij poltKs in Greek exchange tu 7 lo nther iiuotatlons wero: Huinaiil.i I ,14 Czerho-Slovakla. 1.22; Juhu-iaia, cy Poland, .10V; Vienna. .18j YUSTCUDAT'a I'l.N'AI. QUOTATKiVS Ulcillnu rr.int3 I 1 .. i.,u' ,1 rH IVmand 3 72"j U us .14;, ,t . , Uiibl-it 3.73'4 lllo a 1; ,1.. b,i TODAY'S CLOriINU QfoTVTIONN Hterllni; ) lanci I.Ih- (luiiil rs ....3 74 (1 ii;1, s 4:1 ,1. ,.-, .. . 3 7.1 1)01 j 1,' j jj Sj CL08INQ QUOTATIO.S.S Stcrlliii; l"i ,n lm dullilxr, ... TJ'i 0 01 ;i 4 ,t.- 7n . . . 3.7!Dt (I lu J 17 'M y) NEW YORK BANK STATEMENT A Deficit of $2,072,300 of Legal Reserve Requirements Shown Today's weekly Clearing House state ment showed u (U'licit of !'J.071I,:W() of legal ii'servu rcqulronicnth. litis was largrlj tint; to the tlccrcae of $17, "iil.OUO In the reserve credit at the retleral Ui's-crve Tlank, tis the liablli th's wcro materially reduced m the full in',' off of $.7,:t(M.00O in ileinnntl de Ii(.its. This wiped out the actual cx tess r'-ervt of S!l.i:tl.,r;iO shown a week riffo. and left a deficit of legal reservo reiiultements ns stnted nbno. Loans and discount showed n remarkable con tin, tion of !?S7,C.'J2,()00. Uetails follow : avhracii: Financial Briefs Kxi ftin rcjpxrve. A-tfr, uutii ifscrvo I.U 1I1A utr. . . . Cash In vaults & m ml.' r lunlis It h re In nii'm h. r b.inkx unit 1. .-rve lunka. . U s rtn In btitto I. niltH nml trust (umvnniiM .... 1 i. In Hut.! 1. nltn anil irml my ilcpjsl- torll;3 . iiiaini o- Thln -tk JSS .llt.i.in ."i.'s.iii.'t nan i.lTl.O-J H'M) l.HOt W"It f,."J,tll..'ill) .",',7.4.11 nun 2111' 12'J.UUO t..'i.003.0iJ') V0. 8(13.000 .10 22.1000 S49.HD.OOO 0.27n 000 (1. 11 "i.OOi) V 233.000 0. 0.1(1,001) Iutltf 1 1 e dcpoMltil 1 1 culat on .... V niiiMirt.atoHili liualta ileJucted ..l.OIO.aTO.UDii I.I11S .'ISD.iKiO Demand t. abltlJ . Dcmaml. t'ubleif . . :; ll-y Hi- :io ij K!-.i.,i'j N'J 4. ::o it M) 31 ha 1 1 111, irnl with i.s kiT-.'ii r .,lay n.us lar tti.x vvnli N 1 it.-i miiD i rnmn-irlfion with laat ' 1111 N a i'ork Ht .It I!i li.inbu, . ll, ItllM)-. Nt II pll I.r.A' (Tloaft CI.KH. 1 iii.'i Til 7-.Hr 1im7v H11 t 1 ACCOUNTANT Thorotiphl'. fain 1 ii tvlti 11 .luufitr'ur n eO-Ol.TUU 111. at 1 uiiiiiiw .tii.i , iirtii' AlHO 'XT ill'!' '"1 ("I' il it llif HI I' tax ilm.r ( 11 k 11 ll. in ui hlBheat reforentea. c-.iu', i.i.ix.i.ii in i hi; 1. li Vnl li 11 -'JO I. lb Ultl'lr- JI 1 ; : 1 l'.i... 1", HI. -P'.i... !l I'lu'll Lli-e 1-t " T. Ml I-' "I0H. a . ruu llua li'j '.JiLj fj; " . . . Ml. (10 - 00 -(J.II0.. 1(1 '.'il "11 '(! ''().f-.0" hV.I VMS 87.1:0-4-. 10 81", Si', 11 1 . Itli Sill 1UJ .. ,1 5'JUa Uj0. BANK CLEARINGS Ilnnlt eleattiiBH tniln iH,rr,ii.u .1 m, , i)r lehionOlnff day lau ttwo v.rx H'21 H'.O !ii rM.r 1 Jim ii-h.o'ii 103 'j'.'i :i7:i jc.n 1,117 oi; N' V ...,7(ll 3S1 7:t;i .. Chicago. . 01.1 an Um l,oton.. SI 1"" M.I ii (IRT l"ii " lialtimore 13.VJl.Jlu Is :st).4U7 MONEY-LENDING RATES lllll.ADi:i.rill. r.iii. c per c-nt ; tlrn.', C pr cent ; tupuniri'l.il p.tp'r, threo to six muntliM, t per cent. (Note These .ire m r. ly nominal qtiot.ttiopa, as the legal rat, 0f uuluHt In the state of Pennsylvania i fixed at r per cent I'lus premiums and cummin slons, time money for thirty to ninety days Is loaned at 8 to 8K per cent, while, commtrclal paper from three lo six months Is being offered at 8 to 8Vj per cent.) r. per bills, Sl'l e ni far li. iOVERNMENT DOiDS it . hl'l I.O or. !wt rriurHin 1'fl. IDS) 100 V t Oovt ooupou 4a, 1V23 IDi l'hllil'l".i 4a, toll i'nlltPPlno " liJ:' it m tio r Prices Firm on Paris Bourse nri-. I.i'i 1 , 1 . r II rm on 1.1 il'.u f I 1 ir u J' 1 i- ot n ni 1 S 1 in s; ' .); 'hi l.ui doi Clf 5e; Ti p r ei.t louii 8D.r 2Uu, Tho dol lar waa quoted lit 10fr 43140. LONDON JInnev li quoted tit i'rnt. Discount ratis. slant b'lls. ta, per cent Threo months' '. 11-10 per cent. Raw Sugar Market Steady New Ynrk, Jan. 15 Tho raw sugar market remains tpil't and steadv on th basis of 4H'C, cost nnd frtltjht. equal to -, r,,. duty paid Them uere 1111 sil' 1 potted jiyt'iday Impurtat'oini In 'inlcd "5 OHO butfs of I'ubi a to the Warner Comp-iny and 11,000 Iiiim (uaa consltined to the trade. Tho local refined market la unchanced, 1i dc t reero . Arf.nis.ite re. .. I.UI1II, etc . . . . 1 11 .11 aulti U mem, U4til.H. l,'-i In in. nt. iiil'i nnd re banks U In Ht.lt li.inke an. trutl euiiijianla . . n. ill alfltn 1 UlkH IIIlU tlUht in Oiipuhltiii I' a Net il. 111 ilepa 1 IMI il IHihllH . . f rt u atiuii . . . I'nlliil Htntcs dip- ."l'l(liil 8T.VII3 DANK AND f.O'tna anil In v Htnuiil.i .... (J0I1I t urri nev a n il (auk nnt a. . . . 1' nn-tlti will iho rid. rat II e e ri limit of .v. tv V K . . T.lal 0i pualts. . U 1 . ,ltH eltnil n "i u iiiuiijnla 0m fruiii !' hito (lepol. t 11 r I e a and trom other li 11 11 It t find trubt e.inpanlea In N w V.iik t Ity, Ltchanu.'a 111 'I '1 puallH liy t'n t' 'I Stotoa (I 11 i. r n im nt pine 'i da llf h llo tlf llUllUH II I. UM OH ilil- Illicit' I1. ri 1 taKn'(.f rc- 1!7 1.7)17,01)1) 34 OaS.OO'J 17.370.00.) ACTUAL JJ 07J 300 r.:tu tun nun ti.iaj.aoj.ooo 01 SJ.I.0D0 31 7iJ,0Oi) b3.k.'l3.0ull '$0 131. .130 r.is OJ7.000 .LLO 1117.000 . 7lK average prlc- of the twenty nctlve Industrial stocks advanced 0.03 ikt c nt yesterdav to 7148. while twenty rail roads advanced 0 50 per cent to 77 in Tho report of the Western Union Tel Krnph Co. for 1!)20, December belnR estlmatetl, Micws net Income, after all -.o1."-"' ,,U'S- taxes, etc.. or U' -784. ,50. etiuh.tlent to $10 S a bhatv earned on its capital stock, in 1019 the company m net Income was $13,081 i.,i .r V u bh'lro earned on Its cap. -WV..Moto,rH Co- for '' H'cal year ended November reports net Income 2a,7Cl7,"'ns.ps i1"'1 ft'tk,ral "m "f Ti , MV' ei" vnl"'t, after deductlnr- pre. ferret! dividends, to ?122 7!) share earned on the r.1,,-,00 shares of emnmoii Bl?.'Ui l P "ar value. This comparer with net Income of JI.OSD.O.M or )". ds a. adiare on the 50.000 shares outstand ing in tho preceding year. Holders of the 8 per cent cumulative pre erred stock of tho I'hllndelphia riee trlc Co have been notified to d. lhv their temporarv r-rtlflcntf s to the l.nnd iltle and Trust Co. on Wednesdiy, Jan uary 19, and r-eolvo In exchat- tb. re. for tho p-rmanent enBraved certifli.it s No transfer of temporarv certlfl. .ties will bo made after Saturday, January Twenty-one national banks announced Increases In capital stock amouiitiiic to $1,GOO,000 duilrtr the last wick, necurd l(T to n statemtnt of the comptroller of the currency I-'uur new charters w. re Issued and applications for seven others rectlvid. BUYING OF STEEL IS ATLOW IRK No Improvemont for Noxt Threo or Four Months, Say Load ing Authorities 88,773. 000 07 748.00U .111.737,000 :0.008 000 ?. I0I.0O0 D 542,000 0.770 000 0 r..7 noo 1.017 11.1 ino 1 oni , 1:1 nml J7I 771 tlOll L'li; V I'l IKU) :ii..i'js 000 iii 707 Dm) 3S 011.0)0 31,073.000 rilt'ST COMPAN1UH J5US 430 400 7.1IJM.000 ltl.'J7.100 r.2 .'ifl7.no.. fil. O.iJ.OUO I SI ll I'.i'O JD.7UJ C!i3,10() Olll.t.OO 0,211). SOO a.'iM. IniTtiantj. 603.200, 100 llb.0U3.100 22 1 1.M2, 100 D, 701. 300 .0 DECLINE IN BANK CLEARINGS Local Exchanges 18.8 Per Cent Be low Same Week Last Year Heavy lifelines tnnrlted hank cleat int-v throughout the country ilttrlni; the wi e Just closed. I'lillatlclphln was no ex ception, tho (Iron helti'; 1S.S per cent, as compared with the same week in 1!)'Jr) AturoKOte eveluiii'ies for the lo nl li.m'.s were .$.'1(11 .71 -.S01, compared with Sll.-i '"Jl.(il7 la-t year. The only cltj in the entire tiniiitr.v to hliow a cnlti was l'ittsbitrch. which inatle au ailvance of 1.1 per cent. Total pxchantrrs of nil the cleat in,' hnn-tPM of the I'tllted States, ns1 com piled hy the Commercial nnd rinan dil Chronicle, were S7 1)1(1 .Tl'J ,Ti:, This cnmimres with !5()..S.'lS,-ir.!),!)l2 the cor re'PondinK weel; luht ear, or a decline "of 10. Ti per cent. ComparNons follow: r r N'ew Yorli, Jan. 15. Altho-iRh omc of the Icntllnjt steel men of the rotintry believe that conditions will Improve within three or fottr months, It cannot he said thnt there has lecn nnv Inerensc n tlemantl for steel products tlurlitR he pnt week. If nnvtlilnc. there has aclttnlly lieen n further falllns off In 'mvlnc. which Is heltut felt to a (trent "tent hv the Intlepentlent cnmpnnles he)i did not hnve lart-e orders on their bonks nt the hcttlnntng of the year. There hat heen some bnvlntr by the railroad. Orders for Rteel rails have "ititlni'cd on a fair scnle. The Carne-jlc 5tee1 Co. lias fallen contract) for 10, 0fin tons from the Norfolk nnd Western. 1"000 ton" from Iho Haltlmnrr nnd 'Mtln and fiODO fnns from the ItniTnlo, Tlorhe'tor and Plttthtirsh. Tn addition, manv other pmnller roads have placed contracts, mnklni the neirettate for all he ti'inlnets rather ImnnslnK. Track nccpiFories also have been pur "'.(tied In larce qttnntlttes as mnny of be rend which recently ordered rnl's are nol nlnelne contracts for the other nc 'ci'dtles. The Inrucit order' win one for "O nnn ons of tie plates nnd 25.000 tons of rni'wnv spikes nlncetl bv the Union r.ielfle with the Illinois Steel Co. Indication are thnt equipment or ders n'so will incrense for n time nt 'cist. Mnny railroads are In the mar ket for cars nnd enilnes nnd the makers arc now mnkltif- prices on the Inquiries. I" known thnt the Baldwin Locomo tive Works Is lilddinK on itn Inotilry for ,,vtv locomotives for the Southern Uillwav. The Louisville nnd Nashville ' contemplntina the construction of tile- encines nt its own shops. I'Ik Iron continues unusually dull nnd the iiulitntions are that prices will ro 'ower. as a result of competition from abroad. A sale of a moderate tonntiRC pf No. t plf iron Is reported to hnve been made in the local market from re sale Stocks nt S!l."i nee ton. llTld'fnllnilrir pis Iron is beiiiR offered hv a producer as low ns $:10 per ton. However, not all producers are willing to press the inaterinl f r sale nt present. Production of nle Iron Is mnterlnllv curtailed. Tn the fcnst only twelve of me nuy mercnanc ittrnaces are operat ins nt present. An important factor re cently has been olTei'lnRs of )Ir Iron from nelslum on a Rrnde equivalent to 1.7." to 2.7." Kllicon iron in this country nt S.TT per Inn, c. I. f., Havann, Cuba. Another llelcian milker is said to have olleret to sell a canto of foundry iron at slightly under S11 per ton, C. I. f., Atlantic nort. without RettiitR a buyer. Tlieio is praeticallv nothiiif- dolus in lerro-mancanese. rroduters are not offering the material merely because mere is no possiiniiiv for them to suc cesxftilly compete with res-ales which hnve been mode as low ns $100 per ton, nnd some observers believe that even this low figure could be shaded. Only 'ast summer sn'es were reported ns IiIrIi ns R2.10 nnd 275 per ton. Production of forro-manganese in this country, which reached such a high tonnage during the war, has now settled to its lowest point in years. At present only two merchant furnaces arc operat ing in the East, and one of these Is ex pected to be blown out in the next week or two. The only redeeming feature Is that the English makers who compete for business in thh country also ate without demand and arc curtailing their operations. A report that an exchange is pending locally involving 200.000 tons of prod ucts tntinot be confirmed. The report hntl it that pig iron and scrap would he offered ccitaln mills in exchange for finished r,tocl products which are being curried in stock, and n value of about S-J0 0!!0,000 wtis placed on the transaction. New Yoik Bonds Ala at fl'n 7s 3 82 A Hmlt & II fit. tPAt.CS IN 11000) 77K 78 78 78 78 T 5l 82 82 83 82 81 H T Oa 1)0 00 a 3 3.... 3.... 3.... Am T ft 1.... 1.... 5.... 3.... 1.... Am T 1.... 1.... A'l'tfl Ve 4-. 5 78?! 3 TB; 3 78!i 7 78', 0 70 Armour 414 1 70 Atch T & 3 I'e cv 4a 'CO A T & 8 l"o al ,1 72'i 10 83N Atl ft Dan 1st 1 70 A Coaat Lu 4 a 2 70H A C Line 4 ' a 2 70S A Coaat I. c 2.... 102 Aire Fruit 7. Do Canada '2!). 0 03 0 0.1 1 02! l SI)' Do Canada '31 l.....'8s Oom llep'c Ba 10 77 8...... 77 Lrlo Utnl Men 2 4 1 ',4 2 44'4 jmo n ncv ii 2 30 V. F.rlo n It cv I) 1 4514 Krlo Ity Co 4a 1 C.1'4 1 SSU acno'l nice 0a 1.... 1.... 70 70 70 70 Oil 08 Ma. I & Ohio cv 10 ;o 5 71 1 70H 1 70, Unit A Ohio ,1a 2 71 1 71 1 71 U 3 7 Hi 4..... 71 Unit ft Ohln Hi 1.... 100 1.... 100 2,,., 100 R ... 100 Govt V 11 rcta 7.... lOO'l 1.... 100'i 7.... 100 1.... 100V4 n.... loon 3.... 103 1.... 100 Vt ,0 Bwltz'd rcla IS..., 103M 8.... 103'i Oil Trunk rcta 1.... lOl'.i 1.... 101 .... 101 a it & w ity ii 2 7H ItuJ ft Man M (I cm B CIS 2 C4' 0 1 04 i Ilu.l ft Mnn In renna 1 2(1. 3. 1. 18. 4. 0. 0. 0. 1... ! LOANABLE MONEY NOT SO RARE NOW 07H 0714 07H 07 14 07 H ,07 U 07 i 07H 07 S 07 07 H 07 li a... 3... N'k ft W'n 4s 10 80 N'k ft W cv 03 101 101 ion 105 ion 10.1 10.1 1.. 1.. 1.. 1.. 4.. 1.. 02 112?. 03-, Dili 03 021: B ft O Tol 4a 2 nnu Del Tel 7 rets 2.... 1014 101 ', 101 101 102 102 5... 1... 1. Iloth Steel M o oi it IluKh IIIJb ,1a 3 724 2 72H 3 73'.i Camidlan .N"n Illys rets 1.... 101 2.... 101 102"4 101 1011 101 1011 101 Ctl I'aclll. tat 0.. 3.. 1.. 1.. C. 1.... 1 1 C Al I) . . 4.... Commodity Markets COTTON MARKET New York. .Tan. l,"i. Although quiet, the cotton market showed fctcadiness at the opening tills mornlns nnd on first sa'es was partly 12 points higher, due mainly to buying by New Orleans nnd v Ire houses with southern connections. Itonm short" also covered a little on bullish weekly statistics nnd favorable trade it-port". Wall street and trade in terests were tho best sellers, but the market displayed a very steady under tone, showing nt one time a nut rise of about 1." points. The market innile additional gains before the end of the first hour and t-hoitly after 11 o'clock prices .showed net ndvanccs of 22 to .'10 points, on buy ing based on the cloth market reports, the heaviest taking of spinners fnr the week and the sttcngth of the January position. There was cnnsidetnb'c sv itching from near tn the later posi tions. The Southwest was a sm.till seller, nnd scattered selling enme fiotn other southern points. Iteceipts of cotton nt the ports for the day tire estimated nt lfl.OflO biles. ngnliHt 22,f)7."i bales n weel; ngo: .'51,227 ba'cs n year ngo and 2,",i)71 bales two j ears ago. Previous C'ioh' (iron IIIBM ixiw cioso 17.0S 17 10 17 US 17 10 17 il.l .. 1.1 02 1.1 01 10 211 1.1.02 HI 2JWi'n 1.101 1.1111 1)12.1 1.1H.1 111 "IW2S 1(1 III Kt.ll.l II! to 111 111 111 3311 10 HI OH 111 .Tun. . M irrli Miy . inly (Jit. . hpot, J7 I'm III 111.40 10.10 M. 4" in'M linn rt Nw Ynrlt J3 .HO flsd (Ttl $ 11.10 ,1(0 010 I'lltC.ttfO I'M: laili Irihla llOKtllll . . KnnaiH f'lty fit. l.oula H PrinclTO )Miiln)rli DUrolt ... Italtlinnra . N ' ' Increai. isn ' .lot at". I-' sol 0'tl 2t7 I in on i s:i 121 r.i7 710 12.1 ski eon 111 1(1 .1.13 71 4'lt III! 72 noi sou r.t -iS7 kiu 004 003 v; 4 1.1 221 (117 37S 11.3 021 22.1 22'l si) 1117.07-' 43 I 14S SS0.101 133 O'S SOU lilt 7.1 1 S11 si, int ncii 113 uoo.ono 21. R 1') .1 1S.S 2 7 .'in 7 27.(1 l.i. r. 1.1 2(1 .1 10 t 14.7 DIVIDENDS DECLARED rrnelter-Whf'eli'r ft Co , 10 jier rerrt on iiinitii 11 I'w.tblfl In tummon atoik January 1.1 10 "tmK u( rernrd Januury 4 In ailjltlon n 11 iri'ily 2 li"i tent 011 cninmnn. rmNalila .titmirv 1.1 ti alot'lt of rrnTil Jiitiunry ), r,j i ii,.iiti."l 1 pi r sent mi 'iffferroil 1 11 ' . il l.reil p.ivalilo Bimodatea, 1 .nf.i, ,. Ii iniiiii.in Htcrifl Ir.n ,. i,s t, rly i'l l en t-umniun, poablu I'tbiutrv I foe 10 hluci ui rctjuiu rf-iiiuui ivt Dei. . .Ian. , I'lll . Mm ill April. Mii . J unit . . Au- Mint Oct.. Opi.n 8 (Mil 01 Holt b OJ NEW YORK COFFEE MARKET Ye. 1 clo n ii i 11 11 1" (I S'l 7 02 7 "2 7 IP 7 7') 7 (in 8.01 n null 0:1 c :,i lUi'sfiiVoi 7 66 I.OW S 00 0 37 n'.so 7 71W7.1 7.82 7.7B 7..10 au.,. Did. rinao 7 'i't i'l' il.l 0 (I'l ''01 II tl)fliJ2 II 117 It Ti (I -IS iff (l() (1 snitfs 7 1 (t''i (II 7 .'l"ff II 7 17 Tin 7. 7(1 "a 72 7.62081 GRAIN MARKET Cliicann, Jim. IT. An abiitidnnt'e of "mall selling orders forced wheat pi ices off fuither this morning. Theie ns huvlng hv n cash concern and a senhonrd house, but the demand was tint snf. f'cient to take care of the offerings, nnd the undertone of the mat let wns weak. Theie were reports from abrond thnt Argentina wheat was being offered nt 2c to Sc under Atnerlcnn grades, while the 1'iitish continloslnn mntle a shnip cut in prices all around in the L'uititl Kingdom. Ma-til opened at $.",Vi to SI. 7(111, ns'tiiist $1.77 . nt the end vesterdny. "Mil v started a,,, lower lit l.CiOVi, and declined tuSLCiO. t'01 n was easier. Selling was led by iph houses, presumably hedging. Ite ceints at primary points were larger. American corn was offered nh-ond under rgentiiie imilze, but while this waH believed tn favor fuither sa'es of tju dnifistie nrtiele for export, it fulled to help the nintUet. Jhi opened ut7!l!,ic to 7'lr)sf, nguinst 71'mc nt tlie end csterday, and later sold at 7,T,sc. July starled at 7iyt' to 7 I " 1 1" . nguinst 7."'i nt the close yes-te-dnv, anil later sold at 7 l-s. flits wmc ijuiit and easy. Cash In tetests bought. May opened nt -ISi'sC In -ISc, iignlnut -IS'hc at the close es tftlnv. nml declined tn '17TAc. July ipeiieil !,;c lower, ut 4"i', uud later sold ut 17',!(. Lit Bros, to Declare Stock Dividend The Lit rims I'nrporntlon has de. clnred a semiannual dividend o.' 5 wr ji nt nnd an itin dld"ntl of iu. per f nt. payable Kibruary 21 as registered Tnnuarv 27 lloolta close .lanuarv "7 opn rdirunry 21. A mcotlnj- of the "oeldii'ldcrs will ln held Mnreh 17 to nlto netlon upon the proospd lncrens.. "t cnplt tl stuck of tho company rom s3 DO) 000 to I3.DOO.000. and to dHtri," uta the new stock when authorized amons Btockholdora as a stock dividend. 10 Ch t Alt 1 C ID' 1 1 I.. ', -. . 4 1 Chi 74 r. 7l'i 7li 70U si SI 81 10. ID. a. 11. 13. 10. 10, N'n Pncltlc 3ii 3 r..1"j 2 MIj 3 CO N'n rncino 4 4t 77H 3 78 10 78 Orel ft Col Rs 3 hV-,, Oregon S I. 5a 1 fiOli OrB-W'n It Co Navl Co 4 a 0 7214 3 7214 2 73 1 73 2 7214 r Itll en 4 'is a ooi r noli ra U cm 4 a 1 81'. 01 'i Trnna II II 0a 1)1', 3. 5. 10. 10. 10. 10. 20. 1. 1(1. 2 '4 201: 20', 2(1'. 20't 2(1 '4 20 'I, 20 '4 20'4 20 1... 2. , l... 10... n... 4... 1. it lt4 101 li 101 101H 1014 10 1 11 Kli'i fll Cn"'l 4a Ml 1 7014 lh Ccnt'l ' . 1 1)1 -l 1 01i Ills Slefl -l1 3 78'4 2 7S!. InBiTPoll Hand1 Co fil 5 08 Intboro M 41, 2 10 Int Met ct 4 V. 3 14 Intboro 11 T fil 110 no 14 00 fii) M fi0; r.oi, 51 (11 r.m oi w r.i '4 r.osi ni r.oi r,o, 01 14 Hemline ny 4a 1 81 3 81 II I A ft L 4 '4 1 01) I nsli 1 CO St .. i'n Ml ft S'n Illy 4 1 72H SI I. ft S I' nj 2 CO 'j 4 r.3'4 2 15 St I. ft 8 I'' in 10 10 3 40', 13 .... 4!l. 1 4I)- St I. ft H Tron Snrlca A 1 02'i 1 02 3 02'j 5 02 St I. ft H Krati Series U 1 70 1 7014 1 70 0 70 St I, ft S Tron Series (5 3 P8'4 &t I. Stv'n 19i 1 08 Mon Who Sacrificed Stocks Are Eager to Regain Thoir Holdingc New York. Jnn. 1T..-The flnnnclnl outlook Is presented today In the Hcrai . as follows: ' In the wok closing todny the prnp,. Iro of nllcvlntlon In money condition, implied in the recent upward course Ir! sterling exchnnge rates, was fiilfll'ej It still remains to be seen whether llili statu of things will long obtain nml wiieiiiiT 1110 nrevai ntr nien f,i nf onnauio iitntis, tentlvely speaking, n cad to revival of speculative in ere, In KcciirltlM outside the ranks of tl,. floor traders. Wa 11 street u-im t.. .1...1. ii iiunnr ritinni'tll! 4tirnA iaI.1 .. 1 .i mi i ,'""".'" '""' outers. Thq stock market Itself failed t0 --. nnnnil With itnclalnti n1ll.n..l. .1 . 1 . , m , ' "," tne near element Was siifllclently pettlirbed with lespect to its borrowing cb'igntion, nnl deprived of the nssurniico wvhleh elmr. "-;" V. ". "i" r"'"ns tnroiiBii p.. cember. Mxcellent absorption of 0f. ferings was n coiisplcttnus feature frnm the lirst to the last, but there was noth ing whatever to indicate thnt the trail, ing public wns prepared to buy . tcnslv, ly. Thoo who Micrificeil storks la- month in the interest of the HVJO nr return were Indeed desirous of rcgalnlni their holdings. It wns nlso true that Investment interests were influenced br attractive prices for some Issues nnj were alert In seizing favorable onnor. Utilities for acquiring them. The two forres constituted tho underlying buy. Ing power which, on occasion, wni sup plemented bv the need of the shorts for covering. Tho 'ntter force acroitntci for the frequent bulges, while the for. mer constituted the bnsis of consistent resistance to pressure whenever th bears felt constrained to Indulge in tha hnbit of months In selling shoit. Prlre-cuttlng Continues These considerations hampered th erention of conditions favorable to .1 beginning of the process of disenuntlni the expected gradual improvemont in buHlnprH and industry. It was scarce.? to be expected that the mental nttitiiili) toward the business outlook should bo I'linnged almost over night. It was ri settled conviction that improvement will be slow, and until more certain evl donees of business revival come to hand, with tho completed liquidation of re tail incrchnnts and adjustment of the wage question, that conviction will pre vail. The banks were, for the momrn) t ,lenst, relieved of a portion of their I butden In the current wool.- tIum Ii. . muL. : . . . r .. . . -.. mvIb 1 ,,cc'" -'-li"nt04l a vttlnernblo long nc- M L Vi" ic cirount '" t,1; fi,ock ""ll('r. I" niBtiT 2!!.'.. si'i a I ino 4'is I instances stocks hnve gone Into stroni 2 Olli 1 .M Mai lu 1.. 1.. I).. HI S1 8t 81 t 1 1 11 ft 10. 3S14 .1 , 1 . Dm 0 Ja. lJu 1 7 Klin C I't 'einp 4a OS' . ... 'is I hands nnd the existing supply of tho 12 0714 standard issues wns not large. Ths senb'il a u 1 buying which lower retail prices in varl 1. 3 SO'i SOVj Q 4s 07', 07'i 117 Chi ft East 111 Oily it 0s 0 7S CI11 liOt 4 2 03N, 8 r.M'- 2 r.rn, n r.3'4 riuc.iho Mi. .1 si r ii 4-i 1 C3 Clileasn Mi. i si 1' 4s '21 10 77 Chlc.ieu Mil ft StP cv 414s 2 70 1. 1. 1. B. 10. Chicago Mil ft Stl M 4 'in 03 7'4 S il. I n Scllh'd 1... 1... 1... 3S 31 at 4' . 07 A I. 0l . O.'l 'i . r,3 . 03 0. 13.. 18.. 1.. 70 70 u 70 70 70 3. . 12... 1... 10... 0 01 04 01 lit 0I4 Chlcnito Mil & HI I' cv 0s 2 .... 71 Chi ft Nnn s'ni 2 78', Chi ft Nn-'n 7 102" Chi Itallw'a .',. 1... C II I 1.... 4.... 1 3.. 10.. 1... ).. nsu, p to 08 08 os IIS OS .I'S 08 (111', CH'i H814 Chleuso Unlun Mo cl 0" 2.... 10.1; 3 . 101'!, 1 105H Chllo Cop'r lia 1 72'. 1 72 Chllo Cop'r 7" 1 .... it" 4 or, 3 !)4, 1 72 ( hiiiea lvi . 1 43 City Uermi 8a 4 nn 0 00" Cty Chrla'a 8 10 07 0.. . OH Cty New Yorlt 1',H '04 20 88i l 111' I'arla i.h 4. ... 00' O ft C ft CO 00 (1(1 0.1 co tm CO !- I- r.3'4 r.r. .S ,1a 73 M'l Kan 1. 1.. 1., 8., Can 1., 1.. K ot Dele Us 1 02 o i)o 2.'..'.'. 02 K Hclii'm ",'4' 1 OSS 2 OS 14 1 08 Lack Stool '2t Of Lake Shorn M S 4a ot '2S 1 84 11 S3 '4 Lake Khori M S la of '31 10 S2 3 82 I. A Myera 7a 2 .. . KIT. '.orlllanl f fia 1 81', I.ou ft Nash St I. Dlv 03 2 00". Ml. I rf ft ! 1 77'4 Mill ft St 1. 4 1 41 M ft Stl, en .". 0 Mo K ft Tex 4 2 OO'i, 1 00 .Mo Pac Cs '2.1 1 88 14 Mor'a ft C 4'i 3 7(1 M ft i:'x 3'4a 1 70 N Y A Dlto fla 2 00 New Or Tex ft M. li-o 4a 11 00 2 00 Cent') '(' j 1 3 00 .N 1 1 ent I 4 0 C"nt'l C 02 on oils cotntnodlties have attracted ennlilcil inerchnnts in n measure to hni'd up their lesontres for liquidating hank loans. While the obligations of the metropolitan banks were such ns to limit the scope of tho relief tn them interior institutions found them-elvM for the moment In funds which thev suit ficcly to this center tu be loaned. "t 11 Iieil Tn ja 3 82 S'n Pacific fd 2 'l Ill-nn ill r.,11 I mm. a'w lf. en Im ui . ..,...., 1,1 77, ino result was a drop in cn'l leini 1 7i7 , Here to li per cent on Monday to limns. 3 77T4 ilnv. nntl on tlm latter dnv tlm rpnnwnl o 11 ii,ii n -. rnte wns tnnrk'nil ilmvn in (I nni. rrnl ,j0' i for the first time in some six weeks, In me niiiiuie in me weeic lived date Inans wero down to (! per cent nKo for mho I collatcial nml C'j to (!rll per ceti' fur all ludustrltil collateral. llu-ie .i? likewise ji good demand for prime hank nccenlances at concessions. Whereas, the official monev rate were slow to respond to this teninornrr state of the money market, it was freelr commented upon that money was hem; loaned outside nt call at from .1 per cent down to 4 ner cent. The leason was clear enough, runt! In ISew lork weio not so plentiful tut thnt bankers disliked the prohahiliiT of their being witkdruwn to the Interior, where pussiblv better nites could he ob tained. It was nlho to be noted t'mt t'J discount ntte of the IVderal Hi-erM1 Hunk still stood nt 7 per pen' nnd It was n oiiestlnn if the nrosont temli'li cies foreshadowed a reduction in that rate. , It wns almiit a -ear ago -.Innii.ir.i . icon 1., I... ntin.i tlm (Im 1'edera! He ..' v.. ,. ... J ".- - v..- .. . siin-i, ilUenniil rnte on colllllli'li OH ,.,,,.. ,, t,u n,1i'iini.nn,l from 4 1 V?r cent to Ct per cent, nnd it wits mi May l) Unit it was raised to 1 per iu has stood nt that figure hIiiio. The total er has nt last been forced t.i face the inevitable and the oieww mnn hits been enabled to purtho-e ar ticles hlch he luiH long been In wani nf but which ho was deterniin.'il not to buv until the retail nierclinnt " dlspo-ed to benr bin shore of""' bu;t ilen of readjustment. That time U 1 hand. Tin trade journals note n iore Ihely interest in the nuilkcf. ilHROOtli in particular. No l'uicliaslng for Speculation "While purchusiiiB N Mil "" and restricted.': writes I uu. larger In some ns tances ha, , l.nil l cMiecieti, nnu 1- i" "', , i M mid ii.iissiirlne beenlise it is Im-" ' iiitiinl letiinrements, nnd 2.. 1.. Third Ave 11J 2.1... . 2.1 t'nlon Pac cv 1 83 2 S.l'ij Union lic fd 1 711)3 4 .... 7l)'s Union I'ac l 0 8M'i 3 83 Union Pac U 2 100', 2.... 100' 1 100'j IT K of O llrlt ft IM 1021 3 8'j 1 tis'i n o"5 r k of n iirit im 1022 2.1 .... OO'i 0 0.1. V K of fl Hrlt ft I'd 1020 SO SO 8S 4... O 1... 1... 1... in... N Y 1. 10. 20. 1. 1)2 1)2 1)2 t2 02 100.. (.' 7.. N Y 02). rctf . I"'" .. 10JS C'.ll ft 1 on ii'jIh -is onf. 1 80), IIO14 N V Chi t. t 1 I l.otils il in 08 2 73 11- IN Yk I.IkIu II 07)4 ft I''r 0a C1M CI11 Chi j.! 2.. . 81 S't Louis Oi 'Nbw Y N II ti I . . . . on III 4a '00 1 00 I 1.. 40 Cnl a ft li la New T N H 4 1 831! 0.. SO 88 1 81 's ss 88 22 88 U K of (1 Hrlt ft I'd 1037 2 80 2 80 0 8(1 0 .... 80 3 8071 ll H Mtxlci 0a 1. ... 41 0 4f'4 10 . .. 41 Vfd RMa Sun I" unct 4a 1 30 .... an it .1 30'i .1.. .. 3tDj V S 11 ft t .1 1 81 i T H nubh'r Or 1.. .. 78'. 1 78 3 78',l L' S Hub 7'ji 1.. . 100'. 0 . . . KlO'i 100 lO'Df, 100 S'lC .la . . D.1 . . 0.1 . 00 . . 00 Vlrtor 1""U"I 0a 1 02 'n ft Hwn in I 1 01 l t 11 M I- I 2 00 V 1 H H lar i 1... 1... 1... ' rt s 1. lint ii 1 Nllu nlutlve anticipation. ,",V. , Z. . In.Kliril I hit II V spread nym "'i "",-, ,nc t Vision OI Wllfs, nil""". - ,. iVhm.i the gcne.nl buyins Pnu . Inlhtence mnUiiiB for i'T I '; , consumers, and .the P 1 '" c tl. special offerings of g"" " 1 cluiiinVls has become won- -'t"c '"nra.lstreet notes that last ww'" ?' .irnUmd broadened nndoennej, ueveitheless iianii ?""'':,", Ttot urn 111 ")---.. a ""'" ... tl.Il tier cnit veal vent any n.,A.w.v. rnnoriH ,1 V. II' 1 ,.,....- S7.-I7!).017.on0. or 12.1 of Cuban C H c 2 71 ; 4 .... OS l 80 1 73 I OS 1.. . SO 14 N Y Tele I . D H7r nl ft Hud f'l 3 78'i 1... 1171, 10 70 Nth West'n li 1...!! Ji7 Iwi , ji (j r Tel wl 7a 3 I1714 - 4it4 2.1 07 3 08 0. ... 4(1 20 117 2 08 Mrs Molnn ft 1 0711. 1.... U8 ''I U ll 8 07 H Wilton Co cv 1 41 10 117 0 04 Pet U 11 4V4a 2 071; Wllion Co lal I 'O 12 07 0 80 4 2 00 12 074 S7 17). 17. 1 1", or 1 1 ,. ui tlm. 1-i.t "crk and IM V" '$ than tho corrcspondlni: . , ',,, The loss wa- grenter In N yr, ""tside. The ..nor,, mpr n..t 7.. .. 70 repotted iosscm mm . . is! . . : : 70 l.fty i-uU-h reporting shoc M n . w b ft MfK 7a lliiHli.ciHfoll.irM (or I ( . 0 07 , ,-i21. nccoiding to Iliadstiitt. "' . ... m ....,,l ultli -lli' list week. 1- 1,'..,'ia lillllV Willi !-- '"- nnd i:i7 in linn. The Dun Pr"l,"r.,,110? HUIlt "" iif incicase 11 'U""V;-, I,.,., to loffff larger. Itendjustmi'nt pf pi I ' to iu IVVoM in the iiholcsao """t' liiiues, couii-iH'ii-i ;;.', 1, -,, four, '"r:: r;:, future Total .1 S8S.000, comii.irpil with $12,8711,. (O chi. riluj. 'Thus f.ir tldi week, 173. 028,000. Willi Low (iu,0 I.Ibetly .'IVis ... 'J2.:i0 1)2.10 Y2.V,0 I.lbeity 2d -Is... 87.00 8(1.1)0 Mi.SK) Liberty 1st -H'-n. 87.0S 87.50 87.(10 Iiibeity 2d -I'is.. 87.1(1 87.02 87.12 Iilberly :id IV, s., 1)0.2(1 0D.OS 00 2(1 I.ibeit 1th -l'is. 87..'I0 87.11 87.22 Vic Noten 3;)i8.. 07.20 117.22 07 22 Vic Notes 4s., 1)7.28 07.22 U7.2J by'an 'exuaonlin ry "rl n sight rates, the hlghi'-t l'",,t-ii ?!l.70Vi. which was th'; bt-t a ot jD( recorded ntiicc Inst Jul . ''"' ,he n npii.eciatlmi of ml spneo of u month, , 'l,c,. ., Vl with tho price not fnr bo ow $J.J' French Trade Recovering WiiNlihiBt'in. ITJn." 1IS,-..,I,X !nriW0 "T Priince lo the United btates in ,(1 tn'" S Cl .125.02.1 an P','1"'1'' Ji,n AGO 607.308, In 1910 ffi5 f f l-ecelved today by tho 13c pan" . Commerce from I onsul Ac. , am at I'arls. l.-M'urts lo An. ra Hiilnr i""s lonfl for " tL"lota tni $0,133,220, whllo in 1913 W lul $1,578,031. RAILROAD EARNINGS WUSTKIlN M.vilYMM' . '.r;.nrt IlUV-f" l'lrat, .. .,. v-...nvu xjL'u.uav l MUU.USO wapil niiuw.. ' . 1 I .M ' -til fAm. ., . UMtXti 'viaimmmmiktA ?" '"' iti'' , , n's jaV..
Significant historical Pennsylvania newspapers