? Sif7t- jff "J '-a '10 EVENING PUBEIO LEDGEllHfeADELPHlA, SATURDAY, JASTlillt? !22, l021 ""'it. a tilt' 'lit1 ' srVi ' irtw IPs lli P I? s 14, .' III; i 5 'tPIft? mm W-Wh'M Wi &.? "If ; tm r&wtt i 1 1! ct" - ill' . Pf ;! : mbn- VLXhY f 4 if- , i i w : nn a-7- v - r , ..-"1 Fi':J' I" f 1 ?Af r l sir fJ ' 111 Ifa'H m til tsar rikii ' r . j. i ., .. ., 1H Wdl tr W ffi fjiTl! ,'tfr lift ;' GREAT NORTHERN Arteries of the world's granaries over 10,000 miles, lakes to coast The great Jim Hill Road Discussion analysis map other features in l Ask for a copy PMS1 MARKET OPINION R. H. MacMASTERS & CO. Ut mbert Contnluiatcd Stock Exth. of S Y 82-84 Broad St. New York Thone: Broad M0. Entire Pint Floor CUJOAQO UILWAUKEB NEW UAVKN CLOSING MAKE I VERY IRREGULAR Week's Demonstrations In Spe cialties Imparted Artificial Strength to List United Security Life Insurance and Trust Com GOo Chrstnut St. Solicits your business Capital and Surplus $2,000,000.00 2 int. paid on check accounts 4 int. paid on savin? funds CAnliU J. MiUK. Jr. Vrt dent. ononac m. hrndukhon. Vice lre'.dcnt. GRAIN PROVISIONS COTTON Our Dally Letter Sent on tttqutit Hughes & Dier I I hlcucn llnarrt of Trade N Y rrrxliirr Krlmno ) riilla. S.nck Kirhnnre ' ri'thnrh xtork Frhnnt 1435 Walnut Street Philadrlptiii MrnVn Crin Mi Bic. ISM Marland Tank Line Equip. 8s Philadelphia Plan Dec, 1926-1927 100 and Int. to Yield 8 Townsend Wholen & Co. Mrmbrr N. Y nrd I'hlln. -e(irk r.clmnr 305 Chestnut Street t. SI. SAII.EH C. S. IWTTON Sailer & Stevenson 3D AVI) rnwM-r sxg, BONDS Tax Free. Yielding 4t$cc to 8 Stockwell, Wilson & LinviJI Certified Public Accountants Land Title Bldg.. Philadelphia Safe Bonds j6r Investment HALSEY, STUART &. CO. Inc. STOCK SALESMAN Oil BROKER it.) j -'p 1 .9fU9 of i .run f t v rtc. Lawrence E. Brown & Co. CERTIFIED PUBLIC ACCOUNTANTS iiivi ki vi. rrrr. mir iii.ik. IhtoUs tr mil utlj in partnrr.Ulu uml 'in unit I .i KrtiLrn.. I'. J. VAN UILLIAUD .c i oi rNT-i d;toi; I ""laii'lntl III IKDKKAI. IMOMi: TXK pr "j i.il'i Income Tux Intl i .t- a i u hi p"nij .. eiu Oil HI I. CSTATK TRUST IlLDfJ. rll'i.r' .TII " -!I7 Moore, Swartz, Hindle & Clark ACCUUNTA.NTS Income Tix Coit Syitrmi iodib fcprurr 1777 IltUI) III ILDINO AU r.ttiMMird nliolrsnle ciial Iiou. U In ttimt uf n salrmnun. on nho U tv1 fn.iiu.ilnfil uitli iiirH ttt tiltu niinnttK ritnl In rtiit.iilflphl.i uarl Hcinlly. t sn, i r.ix.rn orrn r. FOREIGN EXCHANGE Xotv York, .Tnn. 22. Tlie wocts cloed with nn IrrcRii'nr nnd nHoffCthrr color 'rss trndcrs' utool? mnrkot todny. An otteniivo drive nitnlrift tlie londlns Rpce- illative Is'-iipt wni mnde nt the openinc. brlnsinc declines from 1 to "J polnt. Tlie movement, however, soon (.pent Its force, nnd before the enil of the firit hour free covprinjr or the Bliort in frret vet In. The rnrlirr deoline were mioklv retrieved nnd the rebound quite fnlmnted In the steels, ol's, equinments nnd other ii'UCH nbieeted to pressure nt the nutet nnd in the brenlf. yeter ila nfternonn The whole wformnnce un wlflintii- slfiitfirnneo In that npnrt f'om the fn''il''nr wei-U-end ovenin? tin of the prnfelonn1i speeirntive in terest was nt very low level. After lettine bnek on n rnrl'v w't" lnl,5 night's eln.'nc lere' the entire list drifted 'n nn indoh-nt manner. The Melilv sneeln'Ied elinrneter of he trndlnc nnquestlonnWy rohlied the week's fornrd movement in seeurity 'n'nes of muoh sintnenn'-e. With In terest nnd netlvltv eoncentrnted In com irntively few seleeted Industrial spe "hltles. 'cenernllv known to be bus "rititi'e to pool manlpnlntion. the mnr 't was plvon n tone of nrtlflelnl -treneth. At different intervals, the muvemenf seemed to be quite real. -other than of the furred ehanirter tjs r a, nnd there were unmitnl:nblc riossibiMties for n time of it budding into n ceniilne bullish demon -trntlnn. T'nfortunntely for the nmrki't. the 'nder..ilp fc,,'e tlon wns extreme'v poor. In fn t. rnther thnn b-!ne Inpirlns. the vnrious demonstrations invited U"pi ".on. niore o l)er'inie o( "the eonsplc-u-oms tendency of the more representative -hnre to mark time mthrr thnn par t oipatinR in the .e.'min!; upwind trend, or what home mark-t ob-ervers have 'een plea.ed to call the traditional Jan uarv rNe. No one will denv the market wns en 't'rd to n subitnntlnl teenverv from the etrcme low levels established last month. No one can 'deny, likewise. . -e Ins been a wonderful chance in the mental attitude of the market vnr'd Neither v.ill nny one deny the situation is much better than was proR inisticali'd 'ess than a month np. Many ff Inst month's rIooiu.v predii't'ons hnve i! m, far failed notably of fulfillment. It Is doubtful if many of them ever will be ('Hilled Hn the other bnntl. there has Von no indi ntlon yet of tin' ind itnnl 'iinlnow I'linimeriinl and credit situa tion having reached the stngc where in unreti nini'd bull movement is feus. li'.i Tlio nvemcp nrirp of the active inliistrl.il Hoiks at the top prices of In. wl( stood nver ten noints from low water mark of December: that of the mils nnnroximatelv 8 Points. This is f.nirlv siilistantial reeovery consider- ns conditions. More especially when ill imllentimm noint to it being a ills ibitiug rather than un accumulating iiirl:pf . A number of flgnilieant nnd reliable i - hnve been detected iudh ntlng cou- tr.itive L'hnnses in the economic and il.ii ii'iital conditions. As these arc ..i"-th in the preliminary intlier than :stalluing stages, it undoubtedly will "a suliguuiil t still juactice laution i,d disi'iiminution until the points of -ervatinn an- cleared to make a safe .-. kctiiug of the churtcred speculative cas. DROOPING PRICES J IN LOCAL MARKET Retrenchment Instituted by All Corporations Outstand ing Feature of Situation Ilnside being dull nnd narrow the i nl market tlevi 'npeii a ilistinet , ilrooping tendem-v. The trnd.ng. In'w- Mr. as of the iisunl perfum torv i n-aeter witnessed in the br ef session I ut tin- week-end. Apait from I'uin-I -'viinia Hni'road the dealings uere of tie same limited d mensioiis witnessed in the pr ding dns uf th i.inent 'voi-k. (Ifferingi of "IV'nns" ei j 1 trie i.ii'p liberal, but were will ab-I sorbpd uitlrn n narrow range of line- i I tuntinn. Kraetional reresiotis rang I 'ng from ls to a'i were Mistained bv , !' fi Storace Ilatterv. Huntingdon I I nnd Broad Top preferred cert tientes of I deposits. I.nke Superior. I'luliib lphia i Klei trie preferred mil I'nited (Jas Im provement All or wliieli v en; obviously result of the narrowness of the mnr net rather than beiauve of urgeney in el'ing orders. Ili-astie retrenehments being insti t.tnl by the inilroail. industrial ar.d i tll.ty rorporation.s tliio ighout the igt'i nid lirend'h of tie I md are at l'je moment eonimand tig die upper in' st i onsideration in tlnnueial nnd mm k't eiri 'es NEW YORK STOCK EXCHANGE TRANSACTIONS Snls 109 109 109 2.501 001 CDO aoo 3I09 1710 3310 310 10)0 100 4710 700 013 711 .101 0)1 201 401 1311 7 a 710 S 0 40) 1000 1(10 000 12)0 mo 2)0 210 03 '0 100 230 0.1)0 910 310 100 Dlv. In With . . Advanci numely .... l 4 Ainu rtubber 3 .. Alaska Juneau O M.. itt .. Allied Chem & Dyo... Wi 4 Allls-Chalmer SOS'a 8 Am Agtlc Chem sn Am fleet Suirar J. 10 Am noach Magneto.. IVt .. Am Can 20 12 Am Car ft Fiiy 123H o Am Druir syn 7K .. Am Hide A Leather.. M 7 Am !l do & Leather pt 4-V4 4 Am Ice 43 .. Am Internnt Corp... 471$ 5 Am I.'npecd SSVi 0 Am Locomotive ..... A3 Am Safety Itazor.... 8ri .. Am Ship & Com 1114 4 Am Smelt & Xlet 37 V, 1 Am Smelt & Itcf pf. . H2 8 Am Steel Foundrlea.. SOU 7 Am Suirnr Ref fJH 10 Am Sumatra Tob 78K a Am Tel & Tel 'i 12 Am Tobacco II8K 12 Am Tobncco 0 114i 7 Am Woolen 07 .. Am Writing Paper pf "OH .. Am Zinc Lend & Smlt HU 4 Anaconda Copper ... 3R'i Atch Ton ft Santa Fo f2Ti .. Atlanta nir ft Atlantic nl' 7 Atl neflnlm: 7 pf. ..100J 10 All Qulf ft W I S S.. nB'4 .. Austin Nlcholna .... I2& 7 Austin Nicholas Incpf 70 7 Ualdwln locomotive .89 .. flaltlmore ft Ohio.... 34 a: 4 Raltlmore A Ohio pf.. M? 3 Harnett Leather pf. 400 2. so Ilarnsdale Clns.s n. 74 29 12 tr,v HO . I3cthlehem Motors 310 o Hetht-hem Steel .. 0S10 6 nethleh-m Steel n. 300 H nethlehem SIbpI 8i nflO.1". 2710 .. Hiklyn Rapid TranMt 14 400 .. Rrklyn It Tctfs of dep 0V ino io Burns Hro 8914 2)0 . . Hutte Copp-r ft Zlno.. r,y, 030 .. lluttp ft Superior Cop 13 'Oil .. Caddo Central o ft H 17ft 100 o California Packing ... r3 0303 .. California Petroleum . 3U 600 Cat Zlnk ft Lead .... 0J 1410 10 Canadian Pacific ....110 100 7 Case J I 1st pf 81 23ia .. Central Leather 100 4 Cerro de Pasco Cop... TO' 2310 io Chandler Motors 10 1310 4 Chesapeake ft Ohio... CO 100 .. Chicago ft Alton 7' S'lO .. Chicago ft Grent West 8jj 310 . . Chicago & Gt West pf 19j C10 .. Chicago MM ft St P.. . 18! j 200 .. Chicago Mil & St P pf 43 coo 6 Chicago Northwestern rsij 210 .. Chlcaeo It I ft Pac. 70?i 100 1 Chi It I & Pac 7 pf 731, 100.1 .. Chile Copper 113; 100 .. Clev Cln Chi ft St L.. 40 100 0 C'uett Peabody 3)0 .. Coca-Cola 0U0 B CV.umb Gas & Klec. . . 3010 1 Col Uraphophone . . , 100 7 Col Graphophone pf . . 100 4 Comp Tab Records... 100 7 Consolidated Cigar .. 103 8 Consol dated Textiles. 310 . Continental Cnndy . 1001 4 Corn Products Ref . . . flIO 2. CO Cosden ft Co., 0100 400 100 1700 100 200 830 310 1403 109 1S''0 400 233 010 16300 too 2100 2031" 400 21 211 2000 200 300 300 100 203 (101 700 10J 2103 2501 200 12011 200 2fl'M ftl)l 100 300 700 200 1211 203 33) 130(1 300 too 37 33 V, 0?i "K 67 '-a 30 Ji 61 l!)?i 3'a 70'$ ro'4 f.1'5 231' 8 Cruclhle Steel . . Cuban Cane Sugar 7 Cuhnn Cane Sunnr pf rfi'i 7 Cuban Amer Sugar . f0?i 0 Delaware & Hudson. . 1C0 Ji .. Denver ft Rio Grande 1'S .. Denver ft Rio Gr pf . . 2" 0 Krdlcott-Johnson .... f03 .. Erie '- .. Trie 1st pf 1H 8 Famous Players L... '"'i .. FIbk Rubber 14 H .. Freeport Texas 17H .. Gaston Wms ft Wig.. 'i . General Asphalt 03 fi Gmeral Cigar 01 H 8 General Klectrlc '75 1 General Motors 14? 0 General Motors pf . . . C9JS 0 Gen Motors deb 6 To.. CO Uoodrlch U K 40; 7 Great Northern nf... 70 .. Gulf Mobile ft Nor pf 21 .. Gulf State' Steel 20 4 Hakell ft Barker Car SO .. Homcstake Mining .. 10 .. Houston Oil "0 1 Hupp Motur Car.... 12H 60 lndlnhoma Ref 0 .. Inspiration Con Cop .. 33 .. Intorb Con Corp Yz .. Interb Con Corp pf . . 13 Internat Aerlcul .... 12i 7 Irtl Harvester new. .. 04V. .. Inter Mer Marine.. . 11 . . International Papr . 59ri .. Invincible Oil Corp.. -.MS, . .Iron Products 37 .. Island Oil ' H .. Kan Cltv Southern . J9'i 2 La Rubber Tire 19Tj 4 iveliy-Mpringlleld Tlrn 47 8 Kelly-Spg T Jlpf.. 2 2 Kennecult Copper .... -0 .. Keystono T ft R. 11 '2 U Lackawanna Steel ... f3 T.nel...lf. Gas of St L . 41 Total B.-ilei S0.1 00 nharen. compnrf(l with Low 19 35 tn 48 K 35 Vx 4Ti 40H 2V 70 n 121 H 7 0l' 44H 43 40 it 8IH II 37 H 81ft !0ft ri&4 70H 9tK UGH 113 r.V sen 8V ' .17 i't 82 H r. 109ft n7H 12'4 70 S7W r4ft fift 74 28 3 roft ran 103ft 12H 9 89ft ft 12H inft 13 34 Bft 115ft 84 u'n r.s BHX 7' Rft 19 28 43 f7H 2i'' 13!', UH 48 57 23 10 lift 17 ft 52 10? 391 no; so u n 23 nr.ft 29 100 ft 1H 2 CO ft I- inn rci 14ft 17H 4H rift . Gin 124 14 no 09 40 75 H 21 ro sr. ft 50 74 12ft n?o 35 3 13" 13 W 13 i .17 ft V3' .17 19ft 19ft 4.15, 02 JU'i DPI ; 2 j 41 74.-i.00O Today's Net Clo8 Chi It - ' 3 ft 1H .. 59 V 3W ? b ?; 4?- H' 2'- H 28ft 1ft I23H 1ft 7ft- H 0K V 45 43 ft 47M H ft .. K3 1 8Ti 3i lift- Va 37 H .. 82 SOI ft n2ft .. 78 V l' Utti .. 118" 1ft 1.V ft n ' Si in ii M H 'i !i ', n 1 H Y !i V ' Dlv. Sales In High 300 .. Lake. Erie, & West... 13 100 8. SO Ix-hlgh Valley e2i 109 12 Llggott ft Myers 1381' 30 3 TOewe Co lAft 100 .. Mnlllnson ft Co 10 300 10 Mnnntl Sugar f0?( 309 7 Mnnhattnn Elev guar 50 100 2 Martin Rockwell 14!' 100 2 Alnrlln-Pntry lift 200 .. Maxwell Motor 6ft 100 .. Maxwell Motor 1st pf. 7ft 100 . . Mnx Mot 2d pf ctfs. . 3ft 400 8 May Evpt Stores 74 10090 12 Mexican' Petroleum. . 157 200 2 Miami Copper 18 X 2300 i.eo Middle States Corp .. 114ft- R7 30H- 8ft- 38 V. 82ft nv 109ft 69 -13'-70 88H f4'5- Glft V. 71-0 21 X 3JJ - ' 0ft- 3ft 6H l' 103ft .. I4ft IK 0ft 1 80 ft- ft- 13H- 1ft- t3 35K- nft 110 j- 84 -0ft- rov cs?4- 5BU 7' 8 ft . 10 28 - 43 C7K-3K-73ft- 11J4 40 -87 -33 -f03'. IIK- 57ft -103- 3ft , 70 ft :oft- 03 ft-?-33 ft r.ft 30 100 ft- 1K- 2' C0JJ 57K 141, 17H- 'V-n3ft- 61ft 125 -U-69ft CO -0V SO 5H -50 74 - 13ft- GH- 35 - 5ft HI 14? 1ft I 12ft ft y.ift- 15 503- i4H- 300 39,1 300 100 100 409 400 too 200 100 600 100 100 300 100 40 Middle States rta.... 2 Mtdvnle Steel ft Ord . . Minn A St Louis..... Mo Knnsas A Texas "ft 31ft 13 2K 7 Minn St I'& St S M... 70ft Missouri Porlfla 19 . Missouri Paclflo pt... 38ft 4 Mulllns Rody 33 7 Nat Clonk A Suit pf.. 75 .. Nat Con A Cbl 4ft 0 Nnt Knam ft Stamp. . nl 7 Natllonat Lead pf.... 103ft , . Nat R V of Mex 2d Pf 4ft . . Nev Con Copper 1114 0 N O Texas ft Mex C6 B New York Central... 71 K 10O 3. BO New York Dock 21M 200 .. New York N' H A II.. '0t 200 1 New York Ont ft. W... 18ft 200 7 Norfolk ft Western... 100 1300 7 Northern Pacific 3Ji 300 a Nova Scotia S ft C... 31 100 40 Okla Prod A Rf.... 400 2 Orphcum Circuit . . . 100 0 Pacific Gas ft Elco.. 391 .. Pnclflc Oil 5639 0 Pnn-Amer Petrol . . . 500 0 Pan-Amor U 1500 6 Pennsylvania R R . 3010 .. Penn Seaboard Steel. 401 .. Peonies Gas Chicago. TOO .. Pcrc Mnrquotte 17ft 100 6 Pcre Marq prior pf . . . 60ft 330 8 Philadelphia Co 2 319 .. Phillips Pet 39 400 .. Pierie-Arrow Motor . 25 K 700 .. Pierce O'l 503 7 PIttrburgh & W Va. 100 1 Pond Creek Coal... 2310 8 Pressed Steel Car. . 630 fi Pullman 500 3 I'untn Alegre Sugar 1830 4 Pure Oil 409 1 Ray Con Copper.... 0019 4 Readme non .. Remington Typewriter 33 Ji 100 .. Replo Steel 34 6010 0 Republic Iron ft Stc.il f4ft 500 . . Republic Motortruck . 31 60.0 B.20 Royal Dutch NY C5ft 210 1 St Joseph Lead 12K . St Louis San Fran... SIM . St Louis Southwest... 20K St Louis Southwest pf 38ft Low 13 "ft 138ft 10H 19 80 H 66 14 ft 19ft 5M 7ft ft 74 15ft 18K 13K ft 31 12 2M 70 ft 18 ft 38 K 35 75 ft eft ToJuy's Net Clone Ch(. 13 53ft- M 114ft -5 W 16(- ft ie l 89- V 563 14ft- K 19ft .. 6ft ft 7ft- 4ft aPi- ft 741 157 ft ft 18- ft 18ft ft 81 is H 2 .. 70ft ft 18ft- ft 3BH- H 25 4ft 753 4ft .. 01 ft r l 103ft 103ft- 254 ' ft :? 27K 47ft 30 74 ft 68 41?i . 11 V, . 39 . 14 . 89 .107 . 485 . 35 ft . I3ft 3H 70') 1C0 109 100 GO 3 509 103 7030 300 4000 4000 3010 310 100 3UU 310 1O10 8009 1110 5)0 4310 100 143J0 509 .. Kaxon .Motor ' io 8 Scare-Roebuck f 3 .. Seneca Cop Corp.... 18ft .74 Shell Transport 3 .. Sinclair Oil 33 0 SlossSh ff 63 0 Southern Paclflo 7 .. Southern Paclflo rts.. 21(' .. Southern Rail 53J4 B Southern Rail pf.... SSft 7 Stand OH of N J pf..10") 7 Stem Bros pf 88ft 4 Stewart-Warner Spoed :3' 2 Stromberg Cnrburctor1Wft 7 Studebaker ' ft .. Submarine Boat Corp Sft 2 Superior Oil Corp.... 13 3 Texas Co 3ft .. Texas ft Pacific 19ft 1 Texas ft J'ac C A O. . :4J' Third Avenue, 18 330 2.30 Times Square Supply. 10JJ 1 ?i 1'' ft H! 3 37 - 2ft ',-IBft-19ft 47 C2 20 llft-f-53 - 41 -4- ft hurl, yesrcrJny V i ft V v- 430) 1101 330 MOO 403 710 Oil 100 503 3)0 3)0 4310 111' 600 1231) 31) 1S01 109 40 1 Oil 501 4'l.l 531 230 03.1 100 20.1 100 4'l 3 in 23 il 1U0 733 27 i0 7J0 233 0 Tobacco Products .... '.Sft .. Transcontinental OH . 10J 5 Transue ft Wins Steel 41 10 t'tuon Pacific 110ft 4 United Alloy Steel 32ft 12 United Fruit 104ft 3 United Retail Stores. . f5' .. United Rwy Inest... 10 0 U S Food Products.. '5 8 U S Ind Alcohol C7ft ..US Realty & Imp... 40ft 8 U S Rubber 60 0 U S Smelt ft Ref. ... .14 fi U S Smelt ft Ref pf .. 43ft BUS Steel 3 7 U S Steel pf 111K C Utah Copper 50 .. Utah Sec 0ft 4 Vn-Carollnn Chem . . 37 4 Vanadium Corp 37?j 1 Vlauadou Inc 7ft . . Wnbnuh fcft .. Wnlinsh rf A '0i . . Wells Fargo Ilxpress. GO .. Western Man land .. '074 0 Wi stern Pacific pf . . . 70 7 Western Union Tel... 87H 7 Westlngl'ouse A Uruko 0o j 4 WtStliiRiioutiH i: ft M 4ft .. Whcellni ft L 1: 10 .. Wheeling ALE pf.. 17 4 White Motor 3D .. White OH Corp 131 1 Willys-Overland 8 8 Wool worth F W Ill 6 Wortlilngton I'utnp . . 4SJ 4ft 11 C6 71ft 31 K 20 ft 18 ft 1C0 flH 34 3M 37 ft 47ft 35 ft 73ft 07 4IH 15 36 17 ft 66ft 33 28 ft 34 ft 11 30 14 84 106ft 48 343, 13ft ft 33 34 3ft 31 C4ft 12 ft 2tft V6H 38 ft ft r.2ft 17J1 43 23 ft 2 96 ft 20 H 22ft "ft too 88ft :3 3Cft 2J 13ft 2ft 19ft ::sft 16 10 ft .'4ft 0 40 H 118ft 33 1C3 Ml) 10 24ft 7ft 48 n: ft r.4 43ft 81ft HIM 55 H Oft "ii ! Ztt'ii 7ft !i a', GSft 10H 70 7H 95 34 4ft 9?i 17 39 15 7H 110 48ft NEW YORK BOND SALES Summary of Individual Transactions on New York Exchange ft " ft ft lft ft ft H ft ii H ft ft 1 ft 4ft- 11ft- 65 71ft- 21M- 20H 18ft 160 83ft 34 IK 8H .. 27K 47ft .. 30 - ft 74H I 67M- 3' 41H 15K r ft K5 17ft- K 50ft - ft 33 30 35 K lift- Y ' 39 - ft .14 80 4K 100 ft 48 -36 ft - 3ft - 34 - f4ft 31 - C5ft-12ft-21H-20M-38 ft 4Ji f3 '3Ji 52 -90 M 68 ft 100 -88 Vj H3ft 3Sft 4Ji l?i 8ft- H 122- 43 - 19ft- 34 18 h 10ft 5ft lft 10M ftt 41 119ft 32 A O'fl M cv D 1 19 A A A C 1 Bi 0 DO A Smlt A It Ro 1 78 3 78 Am T tk T elt 1 78 1 78 B 77K Am T & T B 1 82 1 B2H Am T A T lis 1 (lOH 2 OrtH S OOU 1 !HHi 2 00U Armour 4Hs 3 81H AT.UFMi 3 79 1 70 1 70 B... . 78 2 70 Atch Topoka A St To cv 4s C 70 4 70 A T A B Fe a J B 72 Atl A Han lit 1 70 A Ooaat L'e 7a s3... 10.1 6.... 10a Dalt A Ohio ev 2 704 o 79m n a Ohio :i".n n 84 0 84 Unit AOhlo 41 23 now in cn'i 23. ... 60i Halt A Ohio ,1, 1 .... 70 0 70 3 COli 10 G9U Unit A Ohio (Is 2 02U 1 n a o p u 1: I A V Va 4 10 05ft 20 01) 1 OS 14 15 60 Ii&u Hwn a'sK 4 78H 4 78H 1 78 mow 49 a so nell T 7 rets tflALKS IN 11000 4!t 44H .4411 104ftJ '5 ft l 10 'Mft H8K ?A - 43ft 2 h2 111M- .'5?, Oft . i-'.Oft-6Sft- .3 70 H7H 353; 44ft 10 17 -39 I 13ft 1 8 110 -4S?4 H M ft H H ft ft ft lft ft "ft H 1 ft ft ift 1.. 1.. r... 1.. 1.. a.. 10: 10: 10: 101 10: 102 Colo A S 4Hi 2..1-, ..7BH Cuna'd Oa, 7 1.... 100H 1.... 100H 1.... 101 1.... 101 Cuban O 8 c 2 841. 8 84. 1 84 ; Den A 11 O If 1 6SH Do Can Bs '21 1 00U D Can BH '21 20 DW'k 1 OOlt 25 09 id D Canada '3il 3 nm 8 91 Da Canada '20 2 02 1 02K 1 92. B 02H Hast'n T Vn A aeonla en 1 8014 Rrle Oenl l.ler 3 44U 11 44U IB 44 4.. 2.. K.. Erie II If'cV I 0 44A 2 44H Crla Ity Co 4s 1 B5K 2 BB (lene'l Kko 0a 1.... 101 0.... 101 Oovi K n rtc 1 00H 2 IXI'i iniii on 09 99 09 00 09 00 09 (in f9 ll 00 00 nun no (IDS (OH t'9 00 00 00 09 00 on -1 OOH 00 h (1 Swlti'd rets 102U L A Myers 7s 2.... 1004 Lorlllard C Bs 1 81 f.ou A Nah 4 S 3 83!, 2 83V Lou A N cv fl. 1.... 104W Marthat Ul 4f B SOU Mid S A O Sa t 78 3 78 Mo moil 1 01 Mo K ft T fd 1 B4 Mo Pacific 4, 8... 1... 1... 0... 8... 10... 12... 10... a... r... . B... 1... IB... 8... 10... 2... 12... 4... 1... 13... B... 8... 3... 2... 1... 2.. 0.. S.. 8.. 3.. 2.. 1.. B. B5l B5 BU Bfl'i BBi BBS C'.H EBVi Ment'o I'wr ft a 8C-1 New Or Tex A Mexico 4a 2 05i New Or Tei A Mexico Bs 1 r.0'4 0 BtM4 N Y Cent'l 4s 1 80Vi 3 BO'i N V Ctl en 4t 1 72 N Y Ctl 4s '42 2 70 N Y Cent'l lis 02S 2... 8.. fl.. 1.. 3.. o a!! 1. 6211. 024 02 024 02H 02'i P24 024 02H 02 H lleth Steel fd 7 834 lleth Steel 1st 1 884 lleth 8 3i 'M 7 HI2 1 8"H 1 ... ina 1 82V, B. . lf)24 B 82i 6 ... 103 IlUn-ndl Co BJ J.... 102 4 80 1 ... 102 1 80 1 . . 10-"i Ilrkyn H T Bs 5.. 3 25 I 10214 Iir'ivn II T 7 2 .. 10."i B... . 40! 3 102 Pii.h 111.1 :.s 6. .. 102 20 71HiO'l Trunk lets ( al O & 1. .'.3 1 2 102 2 R3V4 3.... 102 1 h!ltt 1 102 Canadian N'nO Nth Illy lat N-n Illis rcls 2 S2'4 f..... 101H " 'I A V Ilv 11 1 101 "4 i 10 1.... mi',. ' 714 1.... 101 'i .1 ... 7'i 1 101VV 10 7U 2... . 10t,'ll(ielc'B V 4H'1 3 10li,i 1 73 1. .. lOt'i'Hu.l A Man M 3 ... 101 '4 2 . . C4U Ct'l of a 1,1 Hud A Man In N Y C "s rets 1.... 103 0.... 103U 2.... 103 New York Ct'l I. R 314a 1 0314 N Y N II II 4a of 'BB 1 48W New Y N II A Hart'd n 1 7tft 1 70 N Y O A V 4s 1 031.4 N Y Tele 4V4s 1 70 1 78H Nsw Y W C A Host 4 Via 25 41 w. 2 4114 B 42 1 41 l.... 42 Ntk A W'n 4s 2 70 1 70'4 Nfk A W d 4s 1 7 10214 N'k A W cv rts 10 104H in loi'i N'n I'Acinc Is 10 78'; 1 7M. 1 78 Nth Went'n u Tel wl 7 Thus f.ir tlilaweek. SS'.uOOO nn.arcs. Commodity Markets Philadelphia Stocks I'rU, 1- r. s- t - 1 r- r f.' TiT' ' 1 ' Bj cheeVs .1 c; , 1 J 1" ':i the ' i" n 'u p- js 1 I the :, -he 'II M' s ' . r.ti ! '4', ' -r at '.r de . . e "O.tS I-. 70 1 S'oek f'ir a 'open : Be' mark.. Nm fo-- ft 'if .. e.-n . 1 - - x Ir. I"r. 1 ' 1 ' n OUIS'u '.-' ' ,i top f ' ' r tr. a ir'T'i 'ic w nt'ove .. t-s'- 'd.iv fr.r fv"' S77S f'r 'il'. n ai 'I I. r. -1 at S ' " fi r it -s a'i I Otl.-r ii'.t" ' ii a r ri . .I..s II T" jt'il'J - r t.Vs 'I1, eht ta ra'' . s 1 ' - ' r h holrr cit'.'i L""' '-' ' 1 ' tlanU e.ib s .'.1 ;r, i-1-. k hngen '' .es '5 10. 'u 1. Klim call fS 7 Z'i. 1 n-ci l.GS St-.r''v a'i r 1 1 1 ' (.. marke' reee'l'd I r rr - ties- tv ir-s es'dt li-nd horMv H'tr tu -M'r.irg stcrllnu tie cllnlnu ', to ? " ' j for cables nnd 3 76 '"r 'irs'-il Kr.ire.s nfter reach Ins 1 'J for 1 it-'es res'ied to 'i nn 1 Ch'eks re ?" d 1 ' ca 1 -1 '4 1 1 .111'. for rat'.s and !(' ' . , ..rks Marks w-re ' '.1'j . i ! ,- ".ir j I .st 5 rrilr.'s to - ZZ f .r .nb.. J 11 1 "21 for ch'elcs C. n'ral I.ur- j.-in ('... wer nuoie'l todav rfir nn h follows llr. ek Tin, 1 '3" -'o:iU 1 1 1j; Jur"-S.nvn i. , IiuU-si )j, iU. mnnlrf. 112: I'"lnnd. ,lj; Srbl,i, . 'jO , Vienna S5 The p'en lum n Ni-w York ivhinj. In Mmitrt-Hl w.is nut iippr. . abiv rhnnited rft 13', l'r rt Th- ' h. ..un' nn i'.iniiliiin fuds In ,NVn York was unchnnirnl at 1 1 74 to 12 per ten tp:mt':iiI)aY"i kivsi. u'-imTi"i btl ITU I' l'll I.I'M II .1 t.r D'irsn.1 .177'. 1' 7 il) 31' 1 C,. .3 7 i' v.i -i c: fa , ioi;Ai s "I'i.niv; c,i utatii m: S' I K I I 1 .. .jU r, ! , 11 'ii'. s i.:i , i.i 1 :i i- ' '". :i.i j i .5 ( l.'isINti Ql-' 'TATiriSS b'-rllnj Jan a I '- flj.lli-rs ... 3.77 il a I 8 .".7 3111 . 3 r7i C 80 8 1U J.I 23 BANK CLEARINGS rum, 'liarlni. Inlay rnininr. d lth -or-rcinii.Jniu 1 .. lam tn r, l:t IIU0 nm ;i -.mi sin S7 sin) 7(7 ."0 s"i 717 11 ill .'M IT 7 I 1 s ill 7. I .1 I 1 ' s., 1 HJ II 1 .H I. "I s; si. 1411 j COTTON MARKET New York. .Inn. 22. Renewed II- I qui'latlon of March was a feature in the eotton inniket this moining uml cliii'flv I'xplnineil an openinB deeline of I 2 to '22 points. A weak stock mar ket, rather fre selling by fie South and Liverpool, nnd further local un Iiiadinz de)i-.se( HPiitiment and val- 1 lies sfr..riil further losses after the start Ma rontrnets droppins to H.iJ'l. It has m, to divert or ''.' l,nlnH "niier tie iimiiu iee,s attention for the tine be uk from the -Marcn conirnets sou. - i-onus ui irritatuns and worries of the v.'xms 'a-' nislit s close cred.t situatMin. At the ..mm time it 1 Hurini; most of the foreiionn the mar supplies lonvinclng circumstantial tes- 1 lft u.is eaU and under he.ivv pressure tiui.'tiv of the sl-ady prnjre-s to re- "f cenernl March liquidation and store order o.it of litt'e sho.t of 1 linos st-nd. lie reTer.sin-,'. Spot firm" ere ns result of the transit on from the asiiin eonspi' imus by their sellinK of ui'd 'lr aeeo'n'.am Mia t'e w.r'd nar t' e ti-n'er positions, nt tmrs b'ninc: to normal P' ace ei millions. Like a 1 Mnv ncainst their sales of tin- nl'nrer iler de. Ti-s(ii'e.l disensis. the i ure lias irr-nt'i. Wall street House, uere sollt'i -1 Nat Hl-h low Clou- chie. .10 Alii InMir 1 lRas 1!!; r;s 110 Am Strs.. -11!' 1,5 -HI' lli I Klec Stor 03 9T D3 .. :io 11 .t ut pfctfotii inii ini3 id'j Vj 22 I Co A 22.- Luke Sup BANK CLEARINGSDECREASE Local Exchanges 11 Per Cent Below Same Week Last Year Local bank clearings again showed n loss for the current week, the aggre gate exchanges being 53."!), 170, film on J oi, 3 o.! 'JZ r luen,nHt 5-lO.,.r.l.'S.505 the rorrespondins "sa ",si , "so, iJ'ii'ck ' ln2(), or a decrease of 11 per a . . . . n.i Ctl lMclflc 1st 4 74ii 10 74H 2 71 rn l'aMii.. aii 1 77ll Ch" k A d fd 1 ... 84 10.. 20.. B 11,. 1 I n" r... 28 u. 2S ', 2S4 2SU, 2Si 20 28 20 2S 20 29 1 70 6 ,7014 S'n Pao Term' 4 7414 8 70 B..... 70 B'ti Italfw'a 4 1 01H 4 OlVi 3 61U fyn nallw'a As 1 8814 1...,. B8M Term'I n It A of St L 6s 1 SOW Tex A I'AC lal 2 8t Third Av aj 14 31 W 6 81 10 31 Trl-Clly niy A Light Co Bs 1 00 Union I'ae 3 84 3 ... 84 2 84 Union t'ac M 2 704 t'nlon IV10 Us a.... ioi4 V K of O Writ A I'd 1021 10 09 7 00 1 00 I SO U IC of a llrll A I'd 1022 7.... n.... 3.... fl.... 20.... 23.... 1.... 08.... 8.... 0B'4 05t4 9SH 031,4 SBH 0314 051.4 03 03 '4 V K of O Brit A I'd 1029 1 80 10 80 UtCcta Jlrlt A I'd 1937 80 88 80 fid 8914 83 K 80 80 80 80 80 80 1.. 0.. 1.. 3.. 1.. 1.. 2.. 2.. 8.. 1.. 1.. 2.. U M II A 1 Bs 1 83 10 83 U'd It'ds 'Ban F unct 4a B 32 0 82 U S Hub'r lat 1 72 V 8 linbb'r 5 0 79 B 78 U fl Rubb'r 7t a 08 V 8 Hub 7' U fl Smelt IV ft M'c Of 8 83 U Va nallw'a Ba 1 84 IVabaah II 1st 1 80ft 0 88 Weat'n Md 4a 2 60 U 3 BOV, 2 B0 '4 Weat'n N Y A pa n n 1st 1 88U Wn Pacific lal 5 83 Weat Shore 4a 1 73 Weat H 4a re 20 71 W B ft Mra- 7a 7.. 1.. 4.. 1.. r... 10.. B. 100 100. 100 100 100 100 100 U'd H Steel v 1. 10.. 6.. 8.. fl.. 1.. 10.. 73.. IB.. 05 03 05 05 06 05 05 or. 03 4 1 1 3 1 1 1 12 1 1 1 14 00 'i 00 on 00 09 on 09 00 00 00 00 09 00 III)1. 00 011'. 09 119 09 U A.... 2.... 1.... 1.... 2.... 0.... 3.... Vllnon Co ev 3 80 fl 85 Wllaon Co 1st 1 89 5!)1i Wla Centr'l 4s 1 71 1 71 Total. 13.727.000. comjared with 10.011. O0U yesterday. Thus far this week, tut,' -'114,000. Hluh Liberty .Tjs Liberty 2d 4s . . . 87.S0 Liberty 1st 4'4n . 88.20 Liberty 2il 4Vs . 88.00 Liberty .'1.1 4Mn . Jill. 10 Liberty 4tli 44n . S8.H0 Victory Note .Tfts 1)7.211 Low C'lOBO MARKET SUGGESTS TRANSITION STAGE Speculative Influences Weaken Beforo Steady Investment Demand New York, .Tan. 22.-Tl,o financial outlook Ik presented In the Hcrnld to. day as follows: The current week In Wall trect wa, more clearly stamped, perhaps, with the outward phases of transition than previous weeks of the new year. Th feature of the fccctirltleg markets In this period was consistent Investment lemand which encountered less of th repressive Influence of speculative offer, lugs. Several elements of nltozclhcr lojlcal development entered Into tho situation from tli0 viewpoint of both the bur,? nnd the seller. Liquidation " ffi vaH carried to a degree of saturation by December as to compel n readjust, ment of .dens and, fcrentunlly. of noil, tlon within the mnrket Itself. lTh. eventuality as It appeared last month seemed to take definite shape this week In the sense that the Investment nUt wns defined In manifest lines. The ndvnncc In vnlues. pnrtakias el the spectacular, was restricted to Jpe. clalty issues. Standard shares on th. other hnnd. comprising preferred ftocks reflecting the Influence of Increased ac' 'Ivlty In the bond department, wer absorbed In a mnnncr to suggest a mi. terlnl reduction In the floating stinplr At the same time the short Interest became more and more circumscribed. The onnoslnir fnetnrn tnn.tn.1 tn .,...i..i 1!' 8;-Jg SS-lli" V- in!tln,,,vr ".n"v '!. ii- 01. o, nun riinuurive. inneeii, to bulges nt in. 88.00 tervnl.s without greatly affecting the net 81. 1) 1 f result. 88.2(1 1 S,ur1' Crw,!t s'm TlwI I'P (17 '"il The chance to be reckoned wlih ... Victory Note 4h 1)7.20 1)7.18 07.20 (""" pf sentiment. Money worked easier 1 111 nip ursi unit 01 tne week and Hir 87.80 7.8(1 87.80 110.04 88.10 07.10 U... 3... 10... 8... 10... 1... 3... 1... 1... 10... 1... 1.. a... 3... 2... 6.. 07 117 07 17 07 07 07 07 07 07 07 07 07 07 07 07 (7 07 07 07 07 07 07 C A O cv 4 B. B 77 I 3. C Is A O cv S,llll Cen'I 4s MOreu A Cal 5s 4 84 I 1 72 I 2 00 O. I D A Q Krni 1 72 Orrfon a 1. Is 14 . . SO", B. ... 72 3 81 CM It A 4s 111 C Ht LAN 2 81 1..!.. 07! (. Jt lids Bs lOrrMV'n II Co 1. iS 1 85 I Nnvl to 4 r.2--i 11 4 r.2'4 .Vja, )i cent. 41 'i 41!4-r- s :iai, Ml t I --H Wl.. u t.ei-n painful and the convuWi ing u n l.iv siv A tin re ''ign '..'i auiiiorl ti. s aeilrim the cnt cal pei iod of the .,'.enl lm. been snfe'j pa-sid. 'J'li.. re- over . wliib' it tuny rei-cssarily lm ' t,,n mnrket. -'iw, is procep'iing u easy staged init . in the nulit diiectlon I Altl ouh litt e was done or aecom- 'r .Hshfd In the week's local maiket, it '"h s encouraging to note that nil ion llt, , lerneil are looking into ihe future with Oct n greater degree of 1 onlidctn e thnn was, !pc,x thought possible a sl.oit time- ago. With the mum illative element irn tiea'ly elim inated, of lourse, the rehabilitation of) cjiimgn. Jan. 22 f.pnernl busing the ken' mnrket must necps-nrlly he (,v cntnmissimi houses e,'ins".l Minrp ad - lower than the nc.ini.l hinents e'-e- ,,,,, j w)Pat this morn ng following when Ibis is eoiinterbaWi-il poaablv 'llrrllPr losses nt the imm. dinte stait. ,j the know edge hat perhaps, nfter .l,ll,,ll,nt nf tin- 1 unci, mum of the 11 ,1 .....1 ..ilr.. ..,, 1. ., ....... - --'- 11. in- .... in ...... .i. s...,s u ,u..,i. ,i, nns between th '" - ' .r'.bibly iutluenced bs the waUness of st.uk 1. Ads iii's from the il"th murkcts "iiigisleil n falling off in demniid. 1 r"habl I'uc to the de line In the lot- rrevloua Cl'iso Open Hlh ! T'nse . . 10 40 10 an IR 1 1 I' 'hi 1'. 11". . . 14 0-, 14 J". 14 "1 11 27 1 1 41 14 71 14 75 14 71 14 l I 1 InWl . 1.1 HO 14 01 14 '.4 14 01 14 70371 11 10 15 0.1 K. 0;. 1 1 71 14. SI . . in.ISc GRAIN MARKET stub.e basis. IVminil 01 lis D'tnnnU Csbil'J . I'M'.' N Y 1' II.. ,t ! I'.OHI I hi hi American Druogist Passes Dividend Nesr lord .'11 "-' ""' ' 1'i'iK t7tlt SymtiiVita lins pnaacil iho acml nnuA dividend of 4 pw cent. MONEY-LENDING RATES I'llll Alii'.! I'lll fill. C in r cent: "rn.- 0 per c.-ii , eommercnl paper i,if. to n rrontns 0 per cfnt i S'oti Th.'Se lire u.'relv noirltitil quotations' a the i al rate of Interest r, tlw stat of I'eiir ss.s.it ,n is (ivh.i ,(t il p r cent I'.us picmiuniH .md c .inmls- t''ins time tu nev f ,r thirty io nlnit ,', .s 'oan. il at f to 8'j p r en i poti hi. r i il l'iip i f'oin thr'e to ,"' ili3 s Leil.B oft inl at S to 8'.. , r .mt I LONDON". Jan i: M'.n.y I', quotpd .ii 6 per cut It io int r it. s short Luis-, C'i(6',i p. r cent, three month bills, C, ir cent Anthracite Shipments Tho thlptmnts of .inthrn'ito In P pember. as reporteil to tho Anthracite liur.-'i i liifonn.it ion nniounteil in ., iii, ' ' K'osH Ion a.un t B 765. ',17 ons in " .rinl.fr nn ui.r.a of ii,G7'i, ,7 ic.m 'lb. r.- rti-n- issi-ii' -four wink flj; , l . S 1 ' ll Villi t 1. f IS'll.ll.l i , ,' r 1,1 1 ' 111 J r S.11I1111; ilut 11 i; 11, -j. nt 1 pi'iluc d nn asrraii dai'v h' i' 1111 1 I of J'iSlSi tons Tlie nv. .IK din's s'llpmen' d'liiriK tl-e rionth of Xo .eiii'bir wn.. .'74.5lu toi.j, with tvsenty Olid .1.1)3 uoiltcd. Ilelglan f!ov erninent and .Nesv iork bunks for 11 loan of ifllO.OOO.Ono and an Increased demand f"p exiniit were the bullish f-ntors. Kales to foreigners In the Inst twenty-four hours ixroedei! 1,000,000 bushels. March open-d nt ".' (U"j to 5) O."1!, nnd Inter wi'd nt n net gain of l',o at sil.fiU'i. May stnind at SI .fit to SI 5.", nnd ciosed up to 0 net gain of 1 ... to Sl.r.U'j. t'nrii also ssas stronger on good buy ing bv n pio .incut wire house. Offer ings svere Ir.'lilcr. May opemd nt 07 1, c to 075,0. July tnrted at tls'sc to llsijc and rose to 0'Jc, a net gain of c. 10 Leh Vn! (H',2 I'n It It. 10 I'hlla Co cum pf. n.'li .Tt'i 2.14 I'hliiKlec 2Ji, 22', .'',.'!:t do pref.. 27 27 V, 110 rhilaUT 17:,i 17n (CitHending.. S'-"'; vjij 17. U (J 1... .12 ;n ', ;-.2 .. tNet rhsn-e mad" ty p.mn-rl,on with laat alo on Now Yurk Stuck ICioluncc Tctil sale,, 25IH j inr. I'.ir.iired I'lth .T.ilO shares el.rUa Tl.uj fai ibis weeic i-;,r1n'har" I...,,, r Net J1000 Hush Iy.'v Clne chia. 1 I.eh Val 04. US lis US . . 1 1.1b IloiwU 2d 4 ,. )smii hs.im rsi.iHi .11- .san Vta. a 4 1-4 :id 4Mb.-. 01 01 01.01 III 01 .01 I'.ti.ujrKli 20 4th 4',s.. M.:t()SS.20Ss.2ii-.18 " 2 Vic 4yH... !l7 21!l7.24tl7 2l-r.02iN. OrHar.s 1 la It It 78.103 105 10.. .. 0 I'nited Itwy Invest fis.. 70 70 70 . . Total. 111200, compared wl'h 1202,3(10 yealerday. Thua far Una week. 101)1 7.10 ip..,i ..1..- ll .1 iuini L'ivuinrj 01 uu me cieailng houses In the I'nited States, as com piled by the Commercial and rnanelal 27' 1 Vs I Chronicle, wire .$7,85.",1)j0,91o. com. Ii Wheat Oiwn Hlirh Isivr I'loae March 101 1H7 1(14 1(10 May .... Ill 1.58'i 1-RI 1 .17I I'orn Slav f 7 fl 071; r.ss, J11 v .... iis illi il8 1,11 i Vv 1.1". ir. 1.7 t' Ill' l 11 43 ( I' 11 n- r.njary . . 2110 st iv .10 .'.1 r.;. :-i ;.ii .3 .is 1 .1 1 l..njar . 13 10 ,n .13 117 13 Hi) 18 07 IS 77 January 12.02 IM. .... 13.03 12 72 12.83 12.72 LIVESTOCK QUOTATIONS rhlniro. Jn 22 HOOS Kailrnated re n mis 7000 head, left or 12 nil.' bead S' ry little dotnt.. alln l.V to 25c h.uher 1t.11 in jeaterdaya avraKe 10 SO 1,1.1 fr Muht Many hois h"l m hold r,(t th- market uiiipv n.oatly iood rxTTl.rj "satlmated reci Ipta MOO hr.d hMKKI' Ilatliiiut'd rci-elpia 20u0 heml. Kist Ht. Iiula. III,. Jan 22 f'ATTI.K nenlula. 40(1 head Nn trad'na- I .'Hy Cim-.ui.-d svlth a wj'k (iko- Hie-rs, B11 to 7Be l,,Tr helfrr, BOc ti II InnT bills and raw, 2.1c to BOC Icier, cuiiicrs ,lenilv , seal ralvs 70c lowar. aiucatra mm irtruTM. .j 01iiiii-!. rtrrelrts 4.10(1 head Hints HhtIv enouch trailtnir t warrant 'itintabU "' . '. . -..I-.. "tftrt ... 1,1. .....I. . thnn marKHi. nwii mi.ro - . . ...' PU'llt'S IIVTilH-e T'il nl is 2.s.. t.t jtcher top, I'l 7.1. lm k lii-h', and in 'Hum, 'i1iftP7.1. rn "t ef hrati a un.n..l fe'v snli, at l9.259S-i p.11 k. rs ei.tts 2.1. In .'r bl..er pla about 1.1. .i.lt aiul hI.ov to -IKr.P -Nona. No tra'llr.K trdiy (,oin .. ,r. I tvlth a week ns-i 1 nib, nnd j'ar .liuts 7.1c 10 11 lover I'.ws 2.1c hlnhtr. others steady , I'nst Iluffnln. N 1.. Jan 2i CATTI.K rtcrelpts 400 head I'll Calv.a. rerelpta. I..1 head. Hteady. Illi 18 IlorjH IteeilPl" 4fc"0 hrnil PI.-, 2.1e hlaher. Ileavv flu rclwl finfi 10 40, ..rkerB fl0 81l0:in llht do and nln, 1" llit 11: rouuha. (Mil J:;, simbb, ,i riild il .in SHI7KP ANJ1 I.AMHH n.-c.lpta, 2400 hMi.d Yearllnna, 2.1. o,r l.mnba JiK1' 11 "1 jearllnas Mi s SO wthnra IflUT il 10 cwa l.'83 inlt..' m ..p. ,1 7,1"jtd paied with .?s,748,8l)7,07fi the same week Inst yiar, and representing a loss of 10.2 per cent. Comparisons follosv: 1021 1020 i r New Yotk 3.'11 S17.003 f3,0K2.ll74 1134 81) n.11 -.'77 4H7 12 5 408 MS SOB ll.o 343,lll,2:n 20 0 2.'1 Bll (lis 30H 1..5,. 117. 2110 2.1 II 13'I,7S1,H42 13..1 141 S3ll 413 'j 3 lOl.liillI tiui) lij ; 73 .120 130 (j ,j 77.S40 US3 3.' 5 C il. ago I'hi... . . ' "Hiun . . 1 Kali city. Lojt,. 4(1 i,ll8.7.'I 3..! IT' I UUII 27 I.37II.43S K.I; 1 in 04s 110 71J.8IU 121.2CO.Olli) i;is .-.oil i.u 1 K7 his 11711 OU,114,B47 3.'.513,770 2 .... 07 Inthoro M l 3 .. . 74 3.. .. 07 10 ... IS Pac T A T Bs en t o iv ii m . .. is. 2... . sa 1 r.3 1 .1 1014 Pa II irm 4'vs 10 Sll'.'i" Mulct 4' 1 81 2.. .. r.8! 7 14'? 2 82 C M A t 1 4sl in 4jl'enna It It Bs 1 70 ill... . in 3..?.. 02 3 "O'l 3 14 l'enna It 11 7s 1 70'j in 10 1 1"1 1 71l 1.1. ... 10S 1 101 fhlenun Mil A .1 10 3 105 HtP d 4a Intboin UT fit 1. . in"' 3 .... 03 I 12... . 52 2 104 Chlcaxn Mil ft' 3 52 2 101 a. Ft P 4,3 '2,1 I 10 B3 4 104': B 77 ! 2 33 1 loO'i rinPRKO Ml A 1 .13 IB 101 PtP cv 4 i 1... . br! a.... 101 2 71 10.. .. ,13Ter Mar'it 4a 3 71 10 Bin I 3... . 70 17 71 1 B3i,il'hll County cv 10 . .71 2 . .. ,13 B 02 13 71 IS B3! 2.... 02 17.. .71 2 J... 83 I 1... . 2 2 71' B S3,,! B 02 .. .. 71 M 5 53 0. ... 02 B 71 lnt Asr C'n 5a 2 02 2 .. . 72 1 73 I., a.llrirf lit 4s 1 72 .1 1.. u 1. . M II 71 5 71 I 1 ... 81 il . 71". . 4 ... 70 Hep's I.' .".' 'I 4 . 7H4 Id... . 70 1 78 riven,-.) Mil 4.-I 10 7liTt Is IA.I. itj S'l- fd 4, . 20 70'. 1. ... 00 2. . . 04 Jill. Uov't 2 . I ' 1. . . 114 20 78'. I 2 ' 1.. .. 04 1 78. 2 09 Chi A Nwn urn 1 78' 1 00 NEW YORK BANK STATEMENT Heavy Increase In Loans and Dis counts, While Deposits Drop Off $89,985,000 Striking changes sverc sh'own in tho various items of today's Nesv York Clearing Hoiipc statement. In the first place, tins largo government withdrawal svwe reflected In the rcmnrkublo de crease of ?S!).DKri,000 in demand dvpos Its. At the rime time tlie expansion of loons nnd discounts-of ?21,4!)0,000 sscrc subject to tsvo Interpretations ono n 1 stock market. Nevertheless the resette reflection of Increased pool activities J position of the banks lins shown in and the other suggesting an extension 1 provemeiit, particularly In itidiistriil of borrossing of the member banks nt centers svhere payro'ls lias-e been jreatlf the federil institution. Tlie reduced I reduced by the laying off nf svorkmrn, liabilities, together svlth the increase of I reduction In the svage scale and our- Mill COO In credit reserve nt rhp IVil. I tailed hours of emnlovmi-nt. .1 ilnutil,. crnl hen-rye Hank, wns sufficient to i edged process, hosvover, which rarrie-1 fenrd in the second hnlf. Aside from tho cnllinc nf funds from il.li p,m. to the interior and the withdrawal of government deposits from the bankinr, amounting In the nggrecntc to $4t, 000,000. the member bnnks were en gaged In pavlmr off their ohllgntloni to the 1'Vderal Reserve Hank. That 11 good deal of credit ssas Mill tied un svns scnrcelv to he gainsaid, Time funds svere marked down In a measure nnd finally r-vsta'llr.ed at (1 to 0'i per rent, but business in that quar ter was nt a low ebb. The banks were ns careful in extend ing lonns as at nny time In recent months nnd none the less determined to discourage bullish operations n the overcome last sseik's deliiit of legal re quirements nnd lenvo an actuul surplus or ML'.L'dl.llKI. Details follosv: Implicationii ut dlfilciiltles ebeithete than In the strictly banking field. l'eriod of Quiescence, The outlook promised a period of iiniescunce. Tin- near approach of a change In administration at Wnxlilngte,! m b e r hi. 701, 000 510,000,000 u.103,000 0,0.12.000 AVnitAOIl This ttek Last t.-k Kirati rp,rv... S13.77S 140 f22.343.OB0 Accres-ito rcis. ai-VlJI.riBq 3 is 013 qna WOrktiI for hesitation (11 market con. loiiii., tc .i.ino.uuu.uuu O.lll.'I.M.UUU ., ,,..111 I .Ml. I -.a in vaiiiia mitiiients. A holesa c and rein 1 1 un da- ; tlon lias gone far cnougli to eitablHh .ia.003.000 1 ,,, Rort (lf im!)it4 rr constructive bui- ' Hess, but not far enough as et to tlii. 540.223,000 rl(,nt- the nctual time for definite lnnl- 1 ness revival. This tendency, therefore, 0,273.000 svns to wait nnd watch cscnls 1 Developments In Kuropo were of 1 I nature to stimulate Interest in the po( C.41,1, 000 nihility of adjusting tlie problem of ,035,384.000 4 015.370 1100 Sormi.n reparations-. Ciibfed advlrri 203473.000 274i7il7,iioo seemed to iiidionte that t ranee asd 34 032,000 Cerinnny sverc getting nearer togelW 17.370 000 on '''e subject. Involving potentlulltin 1 in international trade which ci.iiitnaniltJ Last ett Iitstant nttentiou on this side of the lix-.'J.H!!? Atlantic. Tin- sentimental effect oa ?S?-,.'-??9u . l'f...,.. oTPli.nir-e wns considerable. fram checks ads'.'iiicing close to flJ ,., ... cents ngiunst 0 cents last swell s8 7.3,ooo Mliris ,,ntumll.v ropomieil to thi I reparations reports, uml the other 511.737,000 pnntiiiciital rates svere not fur helilnd. nlthuugh the ltalinu Urn tended M 0.404,000. nnd 111 banks llesnrvp in metn I. Silks and les vt banks Ih-aervA In btnte bank, and trust comimnle, .... rti'H'rv.' In suit" banka end trust comnany deposi tory's M.,1 ilpmanrt di - posits 3 Tim dern,ltn. . . circuniiion .. B4.aiii.ouo United States dopje. deducted. 124.013.000 ACTl'AI, This tteek Exr.s. renorse JI2.I27 0IO Accreftla -ea'so .13.1. ll.'l. 001 l...ne, e'r. .1,1.14 O'VI.IHIO .1.1:12.3(1.1,000 (a,r. in vaults iipil muintuT bunks Ilea, rt In m.ni 1 t banks and rf,i'rvn bunks . Heserve In Mat" ba'ka 1 nd truit eompanloM . . lUe.rto In stata banks ami tiust cnmpanj i!.po,t tarlc, N.t .lt'inHnd de- inslts . ."3 0"T irtn not) 4.017 1-1. mo Tlm nVnoilu .. 2.11087.000 274.77t.00n rircnlatlf.n . . .14.107.000 34,323.00') 1 I'n led 1 1 t e s ili-pn-. drducti'd 103.U1S.OOO tDcncit. STATi; I1ANK8 AND TltUSfr COMPANIES I.nflnM nn.1 lntert- .,I1I1..IS,KI1II 7,001.000 2 ..'.'. 78 I 1.1. ClncaKO ft Nlbl 10. W'n ext 4a 10. 1 SS 13. 1 . .. 87 Jap iloie' 70 ,Bl l 1 Mi x --1 711 I It A Q dv , 701.; 1.. . 71 70s, S' MSf al Reserve Banks' Discount Rates oaiclnl rediscount raten at the t,K ... eral llcjrtu L.n.kit ara na follows f " ?. AW.", ItOKtOIf New York Phl'adelphta rieteiard .. lll.ninr.nl .. Atlanta ChlfHEO St. Iiul, . . M nneHpoll, 1. a nana city Ilillai . .. San Kranclaeo il Treaa. . 6 . r. ..tn .to tu 11 tl! til til SI 0 c, n B 0 0 5 u il 5 fi' s II u S per tent on papsr aecured by 0 n. rent eertlflceiei and .1 per cent on not,,, terured by 4 per cent and 6 per cent car line, .lea " rite correspond, with lwer,,i i.y lert.llraie, plded as colli" iilmuiri of .1 par cent In the caao t)l,cnuiit rite rite tiorne I. and eral Willi rniuimuin or .1 per cent In lha cao ci i-iniiiiK'ii'ii a fti.ania itansaa City ati.l Pa la,, and 5 per ont In tho caae of flute. land. Itlclinioii'l I hlcag-u and Han Tranclaco I'n.. Jar I lllk".r In lieasv ind IIBIU ork r, LAMMS f.lil.liiirfrl. ipta 1.1'in lieno i.HJH III I3U I" MlU'.Kl' AND h. ad. Hleadv. CAI.VKH Receipts, 500 head. Top. 115.50. 22 HOUS ne ll.atl.'a III 7.11T II" ... rl(i tin -Iteceli'ts Top sheep 10. 40; top lamb. Steady. 1 SO C 4 Ntsn it S; 5 05 Chi A Nw'n - 1.... 103 3.. . 101 1.... 101 (il linllw 1 r. . . . . 1111 1 Ml U It I A I' f.l 1 il1 4 ... ns 1 eo 2 o :b . 4.. 20. .1. . a".! r... eo 00 (10 nn 00 11 no coi, 30. il Mt 1 B. 10. 3t. M M M Oil 0.1 1 j n.', 0.1' j 0.1 1101,1st liHP tu 00 81.372.000 ,11 1,038,000 0,003,000 10,038,000 0,770.000 drag. ments Oold Currency and bit. note, Deposits with the S'ed Jl. Hani; nf N. Y Tntal depoallH Iii.nfltn, e'lmln ittlnic amis dn.s frnin reserve tie. luiHttarles a 1. d from other bks. and trust com panies In N. Y. cltv exrh. an" deposits by L'. t. (lnt t proof!! of eale of bonds H.M-TVe en d"P IVr en' of re,-v.i Increr.,i 12.184.000 272,(100 17,022.000 Bl.ir.7.r.O0 031,117,300 1.3 .100 1.350.100 3.014.700 43 00 22 40 B 00 ft 111 Kan (.' I"t a A 1.1 ... si, Memp 4a 22 4 1 07 B . . 18 ICan C A K V 1 . . 18 2 50' 1. . iss, 2 08 2 ... 60 10... . H 10. . . (I8 .1 . . . .,0l 2. . . 40 C II 1 A P 4, 4 50 61 I. A S Frai 2 73 IK i! T Illv t I HpiIm A 10 78 I 3 73 I 1 .. . 02 Chlcaicu 6t 1 'ICeokuk A De, B.. H2"i Minn A O.la . .Moines Bs 7 02 1 . SI 1 72 '(U I. A H Plan fill V Hta 4 K llelplum 11, f.irlos II Move Crucible Steel Offices to N. Y. .Nets- York, .Inn 22- The exccullse -.f lie. s of the cruclhle Ktecl Co. In Pitts burgh, svill bo moseil to Nesv York horn" t mo in April or May, It svns announced t' dny by the New York offices of tlin company. Tho change, it was an nounced, svlll bo in tho nature, of a con-.-olidatlon of the staff of tho orKunlzn tlou. Arrjentlne Not Seeking Loan New York, Jnn 22 - Iteports from Ilueiios Aires thit tiigollatloiis for a SSnn.unO.oiio loan to the Argintlno (Jov crrinunt by New York linn kern Imil proved unsuccessful wt-rc met toduy with statements from renresentatlseii of th South American bunking group that nn recent tu gotlutlons had buen in pro grcsd. It svus stated also that tho nn.ount incntloneil svas fur In excess of tho sum dlbcussed when the matter was under consideration norao tlmo ao. 3. ... 152 Chleacn t'nlon 8t ct 0" 1 ... 10rt I.... 10a Chl A W I ir S... . Ill Chl 9 I'ep r C 2 73 Chine,, Ott 1- 1 ... 42 1 . 42 Clt iern s. 3 . 00 1.. . 5 1 . .. 00 B... . 05 1 00 1 03 Cty Chrla'a s, 1 .. 00 1 08 City Lop'a- 5 3 . .. 75 City Paris lis H IWH 3 .... 00 1.. .. 00 4 . 00 0 H 30 .. 00 C Zurkh i.ta 5 ... 08 4 07 2 . .. 08 CI'd Cln Chl A Ut I.QUla (la 5 00 1 fit 1 (II IC HelE'in 7n 0. 1 17 13. 10 7. 4 . 10.. 4.. 1.. 1.. 1.. 1.. 7.1 75 75 73 73 75 7.1 Bt I. A fl Kran Serlea C B 80 7... . 80 St I. Htn nn st I. Httn ci 1. fiiii e U4 I inl", .su 1. Sown .i- , on 1 3 I a.. . 00 2 07 2 . .. 00 .ac'e.1, (J i'i nt fit 1. r.a 1 ... 72 Lock Steel '23 2.. . 05 ,nke Shore M 8 4a '28 1.. 1 1.. 1,. 5.. Lake finrc .11 S 4, '31 1 S3', 3 83 10 ... K3 1. A M)era Ba 3 83 ) i(1 Ii(1 00 II u 00 ll 07 O'l (HI on 00 Kan Autonlit i A Taa lllf 4 a 2 Srab'd A 1. al 1 118 2 .... 88 S Air If sla 4s 1 37 Heab'd A 1 0 4 53 1 53 2 .. . 58 2 ... 58 Ko'11 Pacific fil 4 77 25 78 B.. .. 78 Ku'n I'aclrU 4 s Trade .Journals Cheerful The trade journals sounded a note 0. optimism ssith l-cipect to g. ncrnl busi ness, although many unsatisfactory features still prevailed. While there .,.. iiiiiiwtpmiu ulintMi limit rn! in (lit J IICIV llltDISIWll-l -! f x. -..... -. -" -- 38,011,0001 ferent trades and Industries, it "as to be nbaprrt-il that gains nutiiiunocreii setbacks. The most encouraging fea ture svas thut orders were beginn e to come in moro freely from ilutrb titor.s. svlth conseipieiit strengtheniai of prices In somo instances. According to both Dun and Brad street there svas a material reduction In the number of failures. There sri little that ssas significant In the fteel indtistrv. A slightly better demand svas noted, svlth nn occasional ccincei slou in price. The average pnre 01 eight principal steel products, cotnylW bv the Iron Age. svas unchanged from last week, standing nt $(H.M1. anlnit Sll.-i.24 on December 21, and fiO.w sear ngo, . "Neither from jobbers nor froa moiiiifiictnrlug consumers," obserrrt that Journal, "are orders comliig mai eating more than perfunctory ti ling i". pending rial developiucnts on the prtci problem." NEW YORK COFFEE MARKET New Yorlt. .Tim. 22.- The coffee fu tines market opened scry dull " ........ 1.. lib nn nlisenco of orueri' 1 111. ill. a ... .. ., I Tl,.. nnlv ii-nnsnctlnns on the call "" Prices Heavy on Paris Bourse twi lots of .Tulv. nt 7 I'-'c Initial (juo- l'nrU, Jnn 22 fries wm hensv tntlons were 2 points losscr to - po j on tho n-iurse todny. Three per cent higher. Jlecelpts nt all primarj- pomu entfbu r.nfp .ii-1 pTchnnup nn iin.ir,.. "i !.,...,., ..,i there siere nu aoJfa?fcwSa- TMAl 2 T1- fa any decrease In the iinmedl.ti BS.I.RIO 000 110,250.000 20 7 7 450 40.1 8.730.200 1.4 DIVIDENDS DECLARED Consolidated Clsar Corioratlon. uuarterly 1 per cent, pavab's March 1 to etock of lernrd Feluuary 15. T .liaco l-n.luct, CorporaMun, ovarterly 1150 on common natable In 2-y ir N per rent ncrlp February 13 to slock nf record Jan-iary 31. Kmcreon Shoe (' i.. quarterlj 11 7.1 on pre ferred, piiyahl.i February 1 to stuck of record January 2(1. BAR SILVER Iloiiiestlsi bar sliver svas unchanged In "iini.v rcceints nt Santos are tendlsf to illsciiiirago local bulls nnd the ro ket appears to be ulthout awre'i'" DomeBtlsi bar sliver svas unchiiiigd In ket appears to be ssiinoui ;",". , New Yo.-k today at ODUc; forplgn, Kftpporl of anv kind. At the end oftM 66 d, down 4d. In London tho prices "'; i,our, Mnv sold nt tl.r.0, July t was 'id losver. at 39-..1 i" JJ'heVomber at 7 85. or art ,si,r-n,.. ..-.,,-- r.k, ' changed to an adviince of I now GOVERNMENT BONDS I'lilllpplne -, 1031 I'hlllpplna Is 10.15 . i' H (lav enanon 2,. IU3t 11 H flnv registered 8 1010 10J L' U Gov coupon 4s, 1025.. 102 Hid A,k 81 on ino 02 103 .02 105 changed n """' "' ', il j ( but the business was scattered and ' small volume. ,.,rt "'"' LM-i iiiJilf .14.1 It?! ii(iif'i ;!! J-.n. . i Teh March , April May ., June . Raw Sugar Market Steady Nw York. Jan 21. The rnsv sugot JulV mnrket ruleu steady nnd there Was n A"ir. ehnnge In prices from yesterday, svhlch z."?x .uu.a 19-c cohi nnii rrairnr n'ria i,,oi -' refined market was unchanged. Open ,'i0.30 i "675 '. a si o so iiS'5!i 7 lue'Ji .ei Nov. lie.-. 7'lSB2O7 20 7 10 7 22? i j il 7."50l Git T 0 T ST T STtrW t.JJ '! 7-s6(SB'i7 02 7S.1 7l.Offl)4TM 83 SB sr. S.I 80 72 B'n Pao cv 70 70 70 Midi Railroad Company (Companie des Chcmins de Fcr du Midi) Interim receipts of A. Isclin & Co. for N- Per Cent. Bonds of Midi Railroad Com pany, may be .exchanged at the office oi the undersigned, No. 36 Wall Street, New York City, for the bonds specified in said interim receipts. A. Iselin & Co. JIG Wall Street, N. . i , .,L t....Ai4!al.,t ..ii UjmI uibaatft atfl6 .iJfcWj . -miU&&mil; Sss!!! .
Significant historical Pennsylvania newspapers