Ps SapwirtW &m&AMK&& -. ScRs "" "' W?;4,.vo.S( JM-- "'I I 1G EVENING PUBLIC LEDGER-PHIL'ADELPHIA, SATURDAY JANUARY 29, 1921 1 fl. J 'I. F,- I 1 i. i . Ji . I.I' SEABOARD AIRLINE A low-priced rati cross cutting rich cotton and manufacturing districts of the Southeast excel lent tidewater terminals under management of Southern inanclers dis cussion of possibilities analysis other features in Avk for a cojrj PE-82 MARKET OPINION FEINBLATT & CO. Mtmttri ct ttit PtiilaJttpNaSirck Euhanft 139 South 15th St. Philadelphia tUtu: Bill Sprat 7(27; Kt-itai I 110 Charles Jacket, Manager Direct Pricalt Witt to R H.MacMASTERS&CO. V'm erl I vntnltriilttd Utock A'xrA n.V Y. 62-84 Broad St. New York GRAIN PROVISIONS COTTON Our Ihuly Letter Sent on Request Hughes & Dier i i nirnen iin?rt. or irndp J N . Pmd- (f MArh ince ) I li-l i. Mock l.ch iner l"ffhMri;li ocU 11a eh an 1435 WVnut Street Philadelphia Members Bprure SI.I tt.ire 1B91 i. 1. SAII.l'lt . IMTTOI Sailer & Stevenson I ID AM r-t'MTMT t"Tl. BONDS Tax Free. Yirldinz &" to 3T. Stockws-l Wilson & Linvill Certified Public Accountants Land Title Bid--?., Philadelphia Safe BondsySr Investment J HALSkY. STUART &. CO. Inc. Lawrence E. Brown & Co. CERTIFIED PUBLIC ACCOUNTANTS lu.10 KI'.M i.ii: llU-f mix,. lntrittU.it) ntitl uilji st p.trtnrrii.ii and lot me I 11 I --i. P. J. VAN MLLIARD Af tOl STM-l I) TOll rrnr.it Yi.' 'inViViii; "t .w c "i ii nifi h. o, i 7or r nit livrrni nf lnt mnl ''irsi,. oni r w. ittk Turvr ni.rvn. Moore, Swartz, Hindle & Clark ACCOl NTANTS Income Tax Coil Syitemi Aodili Spruce 1"7 lll't'Il III II. DING 4 f U ' Pare' Coxe EDWIN J. SCHOETTLE CO. 133 N. 11th St. Philadelphia NEWYORKBANK STATEMENT M ISSUES LEAD LISTLESS MARKET Many of Croup Score Frac tional Gains Oils Rise Under Good Buying Xew York, .Tnn. 20. The iimv from I'nc's overshadowed cvorv other eonsld- iUmi hi the it-ccf thli mornlnc. The nrtlnn of th nl'led o ports n 11 tin 3 the unoint of (!cr"iin Inilcmtiltv. ami lt tc-ms of pniuvnt. vt under the closest srrutlnv. The fnrt t 'lit the i market fnl'ed to rcs-innd w'th nnv ' '" t,. n- . I !(! nut chance- In prices mlcht correctly bo interpreted ns rollf't i"i the urn rrtitnti fi'it in f-uanclil rh ill's as to whether or nit ni"tliliiii rpi"v itn-or'ant had I-pmi achieved or whither a m w fo in of procrastination had hP' n rente I Tnillns was quirt. Northern Pacific maintained a snod show ' U' nn . nlvanrmi: n fn'l p diit. Other ,-ails wre Inn and many seoreil fraotumal ail Min es. S'ne'alr nssiimed leaiii'rnli nnion-j tlte oils ninl. tiniler cod l-iuttiz. rep inp-e sive'v from '2' t elo"e to 2 i, Meriian Pet'n'eiim was likewise up. eiifill Asjilm't sln-leil off. Assoei-Ued Oil rushed upward " points to over 10'J. Some i ther spei laities were aetive. The week's operations fulled to ills o'.ise eitlii" inn es-eiitinl or siBmtleanl ihatii:' in the mat ket situation When it is lealiz tin- bulk of the dealing nere'y lepreseiited the routine opera tu ns 'of tin professional trailers the i me iii'i'il pr ee a'i.itlon is repriveii in all MiM'.p, anee. Murh the siune us in tli- ir 1ms week, traihns was of a ei ia .ed or ler with the int""et r"ti i'1'llt..Ued ,n a eouil'll' at.te'j few 0 oselv 1 r I lion' issues, "in other words, the ..il.et emit nued m ,i ii'irrnw tradim; a i a in wliu i it is IiKi Iv to re-iiain I tint 1 a ilearr and more -at'sfnetorv eiiasis i, ohtaiiinhle eon. einiii-' the fuiiil'i 'it'j! and insie r-uiditi 'lis ami the eimiom.e s t.i.ition as -a whole. In view of Mime of the ruuortant i'i f iii lite deve o'UiKnK t''e hans-flrp hat-pi ter of the piirient of tlie t a lini; n, av b' illtlieuit for soi.ie t le-onelb. When it is considered, however, that the i urrent market is one pa.v'ni; hut itt'e attention to pns-inp events, and n" Roverned aim ist entrely In- teeli lira in'luences. r.ith r than by out ode conditions, the lethar;v of the spec I'atiim mat be better uiuler.stood. Some 1'ITort has been made to create 'i. ! ip'oss.on currint maneuvers rep- esei.t gridual a ruul.ition of stocks ,t the nielimiti.irv steps of a biK bull mti.; Tlieie has been no dutibt con- sl'h'ia' le iue-f.v.ent biiinK of the i cut R-ade rf sfltrjrities, attracted bv e.i .on of the ajjaorma ly 'ow market ee! In mi'tt of the attractive in- miie basis, tli s wab to be eweted but ri to the urn -oti), ;here hns b en noth , in i in the wa 6T tangible evidence to I mil' the .sIlRiiteit eneouraKcment for I t1 e c'-tiivtatmn of any protracted for ' wn ii moveni' 'ir I On'y a casual nnahsis and study of t.i mone-. ma.ket -ituation. with the id c., ni;iiit i f new bond issues, would iiu'ck'y dissi'iate such an idea. There s u,i ipicti'ii the market, is Roiiic to ',i better this tear than it did in l!i-i Theie is no uuestioti cond.tions will likewise continue to improve und n 'sta lish coiilidence which has been i iiideh shaken. There is no doubt con stru t.ve factors will t -id Iv make t' eir api'iranc. rontii' tiling to : ssrengthen the market position. Hut ul.at aas been oi currins in the market. , espeeia lv comerninR the pool issues. i wnulil mole sI-oiirIj siiRRest a ilistri ' I ii t i u i.itl.er than an uccuinulatioii of -ocki, Kor the m unrtit the market linn been 1 eft to tli tender mceies and wh:m-ica' 1 not:"iis of the li'iifei-siniul trade's and -lion d be judged a' i ordir.R t . On tli" flier I'utnl. a'l evidence at hand would find sttoiijly to show that the real bin people ale u"t on stroiiRlj opposed to alii iouu! of ' s; eculutive Mtliu-l .sm at this tiui", b,it wi 1. fm tlii'rmnre ro out of their win to tlnottle auv con ciTteil efforts made in that .lirectimi NEW YORK STOCK EXCHANGE TRANSACTIONS Reserves Show Decrease of $3,552, 490. Compared With Last Week New York. Ian J'1 T! ' a cmi dit.oii uf i li-ami,; Imu-e bauUs .fid tni-t coinp.iiiii s for tin" w, k s'n'w- t ..it thc hold Ss, -".". l."0 reserve in ec s uf lcRal rt"i .iieuifi.ts. This i a d as,- i of ,:t .VC l''i from lat wn-k I.i.ins lu,i "h -t. '! :-a-ei s;ji American Stores and Electric Bud H"t il man 1 ili-nnsit ".. .S0.- i jioragr ccurv l irce- LEADERS O.V LOCAL EXCHANGE ADVANCE llM.dihJ lower t'niii lu-t W'i-k AVPRAilK I Sl 3x-,..v r,'- A.'nl, ui ' i 1-U.4 Cnh in ITU Ir III Hcprve in minr i ,un. .1 ! rt r. u 2lt'trv l'i Mtri'.a banks hi. J trust cerv, in. 21, i in utalo I , . 1 . t coaipny d-p sl- tr . a N. i a. I,. i-,' ! : T t 1 ' ip, Clrculntiun L' H. drpiw.tn . "O Hi r 4 .,.'ii I," ,.l - i " S. 1.1 i HU" Kxc'ns ?tr Amr,rtA,f r "r ,. !,' . Cosh in vu "i t in !( bir ln'iUi aft& i Jlf'v i b.ms f. I s . , 1 Js, JU I fill IS". 'l'0 Ai-rCAii 1 vl U - K s st , .:, i M- --? '. , V ..I il "' n Ae-k , -" 1 in T.I 'i , 0 '0) t TU1 00 j 1, 'jO'l 1 10" i i a-i no I I. ' -.' fHpl ' - .1 I I.I I .1 " u H ll'i.OUU :jt 013 ou i t . ..; iw ' '11 111 'IU1 . ll ,4 I si IT; ',H1 Point Gains 1 TIUHt T-endinr? fo-t- rn the lnci1 -,-1 nnge t'l'.de f irtl.er i 'vine s In todnv s -.hurt se-sion f1 " rt'i- in wwi" instn'i-'es '"Hi ah o e I l'i,,' f oi-i t - ,' 'erieiin s!tnes I"'i,tric sf0rnij, Illtterv .mil 1'll'feil Has Illl'ltOV Mliept W'T" idV'ITI'-C'l o hi"hei- 'ive's the snr' . if the li'st "nme-l he!nj es eeinl'i stronir the nuo- ll ,,iu ., ti7 -on ,'" 'n "1 I t agltnsf i . ' -i 'a-f rk-'it of 17'.. This npre. in ' e ', "', p out in tl re-nerj of 1 e s.tnk and more thim a -even -point Itiddinij for T'nited i",as Improvement . l.o-f,v 1 efore -h" ' s sent flic n-ir "i to "". n b'oek ,f "J ll! "iw eans'lii ' ,i I- 'if -hif '''i-,, siev-i' ,,'ii 'i,r.t7ed h'o"ks T ,p fin nf f'ie sa'T i In i1 e ' i - ' m fhi re a fi -t' "" '" no a net Rain for li" da-, o' .'! '"i nts r'ntri s!',-!', Hn'ti " ri'', -i'ii I I Anil's 100 100 100 mnn 301 100 210 600 mil 101 .110 100 ill 230 1101 22 1 403 Sill an 1.110 1910 109 .110 20) S01 ao 3110 no 400 : o no 1290 710 410 710 330 too 21 0 00 u .1)0 7)0 210 1803 100 400 400 310 2110 100 200 100 210 .110 2.H0 ,111 210 SiO 4H0 100 101 aoo 1700 210 1B10 2.10,1 asio 3110 1H11 101 40) X00 2100 31) 210 100 400 1710 210 101 301 201 4010 147)1 9)0 511 200 410 1010 100 400 too 310 7911 R11 2010 401 I00 7)0 100 1011 1200 210 100 100 211 3)0 3)0 3)0 410 20) 100 1210 7,1,1 101 S10 3S11 400 100 r.oi 711 Dlv In I lllch Adnmn RrprcM 3,1 'S .. Advance mimely .... ISV4 .. Air llcductlon 30'& .. Allied Chon rya . t!i .. Allied Chem & Dyo pf 03!-j 4 A'l s-C'ialme's 36H a Am Aprlo Chem Mi 10 Am Pooch Mai-neto... 409$ Am Can Sljj 12 Am Car & Fdy 124 i .. Am rirint Svn .... ?H .. Am Hide & Leather .. 0J 1 Am nine n icatncr nr a't 4 Am Ico . .. Am Internat Corp . 8 Am I.lncrd 7 Am I.'nserd pt 0 Am Locomotive ,. . .. Am Safety ttaror ., . . Am Shin & Com . . . 4 Am smelt & net . . 1 Am Smelt & rtef pf 8 Am Steel Fimndrlei 7 Am SuRnr Uef 10 Am Suientra Tob .. fl Am Tel & Cable ... Am Tel & Tel .... 12 Am Tobacco 7 Am Woolen . . Anaconda Copper . Aro Pry Goods ... fl Asho Oil 44 . 47'4 . f'3 . 0.1 . t-n . ffi . 11'i . 40', . M . .in' . r.ij; . Sl' . 1 . i",T5 .MO'4 . 176 . 3H . I02H a Atch Top & Santa Fe s3H 7 Atlnn'lo coast Line . US 10 Atl Citlf SWISS,, 70 . . Austin N'lcholna 11 .. Auto Sale. Corp ... 4 T 7 l'nldivln Iyocomotlve. . f0J4 .. Rait .1 Ohio 33 t.,10 Qarnadale Class D ... 23M It 'hv-i -.ii ito'ors ... 4 Si B nethle'iem Steel .... M'4 B Prthlehem Steel B .. 7K nethlehm Steel 8 nflOS .. rtooth F'shertca tH .. Ilrklvn rtnpld Transit 12Ti .. Brklyn n t ctfa of dep 8' .. Butte Copper ft Zinc. . .''.'4 .. Butte & Superior Cop 13Vi .. Butterlck iH'i . CnoMo Central O A B 17 8 California raeklna- . , f 3 .. California Petroleum. 37i's 10 Cnnadiin Tielnc . . . .11H . Central Leather 41'' 1 d-ntral Tx-atlier pf .. f3 4 Cero de Pnpco Cop .. ?0M 10 Clnndler Mntor-i .. . 72'i . . Chi ft K 111 1 T ctM r?J .. Chlcauo ft Ot West pf 10'i .. Chlr.IRl M'l ft st r.. vsr-, .. Chlcapo Mil ft St P pf 4H 8 Ch'eaco Vorthwestern raij a Chi Pneumatic Tool.. rJ .. riii n 1 & pac 'ii'' .. -Chile Popper l' 5 Cotumh Oas ft r.lec. tn 1 Col fj lphonone ... 11?? 7 Col Ornnhophone pf.. SP'j 7 C.-nso'ldated Has .... 70)j 7 Continental Can .... CO .. Contlre-tal Candy ... 3T, . . Coco-Cola 23 1 4 4 frTTi Prollicts Bef . 72, 7 Com Products Bef pf103?i 2.30 Pisden ft Co 31 a CrurP'le Steel Oi?? .. i""-iriin r-,ine Suirar. . . 23 7 Cuban Cane Sugar pf "3 "uban Amer Sucar... 30 0 Pe'aw-are ft Hudron. . 101 V, .. Prnxer ft Bio Clrnnde 2H . P -r- P.lo G pf. .. 4 J, 1 Po-ne Mines 124 B rncVott-Johnsmi .... '2'j 7 1"' ' "ott-JoV.nsin pf . OS .. KH-. 1"S .. r-' 1st pf 20' i Ftioiii Plavers L... S7'4 .. Flsk Buhber i .. Freeport TeTas IS .. Gaston Wmi ft Wlft.. '-i .. General Asphalt "S-S 8 General Klectrlo ....1V8! 1 Genral Motors 15 0 Gen Motors deb 6.. fs!5 7 Gin Motors deb 7.. f0 0 Goodrich B F '0?J .. Granbv Cor.sol M ft M 23'i 7 G-"at Vorthern pf.... n'i .. Gulf State Steel 30' 4 4 Ha-k-eli ft Barker Car ro', .. Hendee ctfs 17 .. Homestake Mining ... 50 .. Houston Oil 78 1 Hupp Motor Car ... 13Ji .. Inspiration Con Cop.. J"5 .. Interb ron Corn H .. Interb Con Corp pf-.. '3 7 Intl Harvester new... (!fi Internat liar new pt 1 10 .. Internstlonal N'lckol.. !.'.( .. Intermtlonal Papr .. 1J$ .. Inlnc ble Oil Corp .. . !4 .. Island Oil m .. Jew'l Tea 0'4 Jewel Tea pf 20 .. .Ion, "3-os Tia 24 'j 4 Kelly-Son; T '7JJ ; Kenne.-oit Coppr ... 20 T ,'nl Ms SOS ;oo ih-,rrs r-mr""l "tth Low 33 li I84 304 OH C3 33 H fiH 53?? 32!4 124(4 7H Sli ' 41 4M 01 01 ss t 1l'4 roji Ml SO, 1.1 U HUH 1 n'5 ll!4 1,7 3BW 20 !i T84 M 84 H 00H 10 Vt T SI'o P4?4 23 ?4 4 '3'4 7li 103 515 12'5 8'4 5 IS'.i 18 17", f2?J ar.H 11754 40 H (3 roH 70 V, r?? 1 9 '-5 28 H 44 W rs4 r,7j 27 12H 114 iO'j 70 C4 3M 23 '4 T2'-4 inn?; 30 ' 14H '.2 r.5 30 101 1?J 31; 111 I2'i 03 i'5 7'4 10J IS "4 714 128 I'H fS'J H iuV2 23Ii 78 31?; to 17 50 75 13 :Vt 12?; CG 110 1. H CI'b -.?; 4 ',4 7 i3?; 24 ", 7i ihi; 1SS too Today's Net C'oiie Chge. 33!4- ll'j 18U- 3BK-0J-t.1 - ns- 5nH. ?? W i Vt H 32M 12414 7H 014- 44J5 44 -f 83 ,1 - hJi 11 ow 1 M 301,,- i r.i;?-i- U 8i?; iw 51 - 2 n 14 HBli- Yi 07 - J4 30l .. 2J4 - 100 ''4 f 2fi S2?- W S3 70H-101-4 4 '5 80'j- r4 ?; -25?;- 414 .'54 57H 10 ?; v- S'4 5 - lV2 181-4 1 1714 '. f2?; 114 J'OH- k lis H 41 - 3? r.i .; ?oh- 14 72'i-l- 2 ?; ?; 104 !s6 .. 4 4 "A- f8'-j .. f9?; 2714 12H 13 HH- 69 '5 7015 on 3T1 23 ' 4 -2'' 103?; 3014- rs 22 Ti ns 30 10111 2'4 4H 12U f2H- 95 1315 14S 18 'H- f8H 1J8H 25 r5 vo - 3 4 01-',- '4 23' i- "i 78?;- 14 3314 2!i 60 17 60 75 - 1314 rs 4?; 13 l0 110 !-?; r.l'4 25 - 4l'- H'j 20 -4 24 li - H ?4 Vi li l? Y li li 'li V'4 "li 3 14 li 1'4 !4 '5 1-V 2?; '4 v. In f Dlv. High Sales 301 .. Keyaton T A R 134 100 .. Laclede Oaa of St L.. 4014 100 2 Loewe Ci lf? 200 .. 1.0ft Coir .. It ?i 209 7 Irfiu'svlllo ft NashvlllclOlVj 200 .. Malllnson A Co 17?t 200 ,. Maxwell Motor ?4 100 .. Max Mot 1st pf 85-i "BO .. Mux Mot 2d pf ctfa.. 5 3I0 8 May Peot Stores.... 2l"'4 C300 it Mrxlcaf Petroleum... 150 Ji 100 Mlam' Conner TRli 3210 1.00 Middle States Corp H" 1.00 MMd'e Slat' a rts., 200 200 3)0 603 01 4 500 600 600 200 100 020.1 1000 C000 011 2000 30) 230) 2)0 too 1101) SIM lUi) 100 100 1510 100 10)1 603 3)0 111 100 403 16)0 3)0 400 101 100 203 100 Bill 203 4)0 3)1 KB) 100 111 75 0 190 400 10)0 1,10 2 Mldvnlo Steel A Crd. ., Minn A St L nw .. .. Mo Kansas ft Texas. . . Mo Kan ft Texas pf . . . M ssourl I'loln-" . . Missouri Pacific pf. . .. Montffomerv Ward . S.Ro National Acme .. N'nt Cloak A Suit... National Con ft Cable niJ5 n?i Hi 4?; 10'S 4015 i?; 25 Dt'J 4li Nat It B of Mex 2d pf 3? .. Nev Con Copper 1115 a N O Tex A Mex 20 S New Vnrk Central.... "2?; 2.50 New York Dock 24 ?i 8 New York Dock pf... 44?? .. New York N H A II 21 H 1 Norfolk A Western... 101 6 North American . . , 7 Northern PnclPc .. 40 Okla Prod ft Bef.. 2 Orpheum Circuit . . . Otis Steel 6 Pacific Gaa A Eteo , 0 Pnn-Amer Petrol... 66 li t7:3 .!?; 27 V5 1414 47H '&H 09 4i?; '4Ii 0 Pan-American B ... 8 Ptnnsvlvanla B B .. . . Penn Se.ilioard Steel . . People" Gas Chicago P8J5 .. Pere Marquette lTi . . Peoria ft Kastcrn .... 10'5 . . Phillips Pet 2BJ4 . . Plerce-Arrow Motor .. 2CH . . Plcrco Oil ll'4 Pierce Oil pf 70 j; B Pitts Coal ri fl Pitts Coal pf 801J . . Plttshurch ft W Va.. SOU 1 Pond Creek Coal ... 13 8 Pressed Steel Car. . . C6 7 Pressed Stocl Car pf..)00?i 8 Pullman Ill Va 8 Puma Alegro Sugar.. 4i?; 4 Puro Oil 30 7 Bwy Steel Sprlnpr pfl04V5 1 Bay Con Copper .... 13J4 4 KcadlnR MVi 2 B nr"ni- 1st pf 61 2 Reading 2d pf 63&J 0 Republic Iron A Steel 17 Bepulilh! Motortruck. . "-2J.5 14"0 8.20 Royal Dutch N Y. i i 14 V2 I '5 H '. 14 14 V, la H 10(1 101c 400 700 100 4"0 2.JH0 400 701 0011 130 1611 0033 1301) 100 115 8)0 20010 3)1 601 13 i0 5730 34 in 410 10)0 1210 1401 3I3 201 3)0 3)3 GO) 100 6311 100 2101 100 200 3)0 3210 100 700 400 400 230 300 210 400 10.1 2001 1100 luo lUl) 1 St Jos ph Lead . . St Louis San Fran . . St Lou's Southwest. roj; 12'4 2214 2" 14 .. St Louis Southwest pf 39J5 .. Savage Arms 1714 .. Sixon Motor Vz 8 8cars-Bocbuck fl?; .. Seneca Cop Corp .... 18', 14 Shell Transport .... 43?; .. Sinclair Oil 24 !4 fl Southern Rail pf .... 60 fl Southern Pacific .... 88?; .. Southern Paclflo rts.. 27H .. Southern Ball "aft 20 Standard Oil of N J. .159 7 Stand Oil of N J pf..tf8Ji 4 Stewart Warner Sp.. 34J 7 Studehaker 9 .. Submar Boat Corp ... 9 . . Tenn Cop A Chem .... 0 8 Texas Co 44 .. Texan A Pacific 21 H 1 Texas ft Pac C A O .. 35? 8 Tobacco Products . . 66 .. Tranpcnntlnental Oil.. 10U 10 Union Paclflo 120 12 United Fruit 1B9 3 United Retail Stores.. 58?; . . U S C I P A Fdy . . . 13?i 5 U S C I P A Fdy pf 4JJ4 ..US Food Products.. 20 BUS Ind Alcohol .... 70 ','4 8 U S Bubber 1st pf...l03'j 6 U S Steel 83 14 7 U S Steel pf HO'J fl Utah Copper 6715 .. Utah Sec 0?i 4 Vanadium corn 37i; 4 Va-Carollna Chem .. 37 1 Vlvadon Ino 714 . . Wabash 8U . . Wabash pf A 21 .. We-t.rn Marvland .. 10 Ji .. West Maryland 2d pf 18lj . . Western Paclflo 20 7 Western Union Tel ... SO J? 4 westincnouso Eft M 15 , 30 , l'V4 . 81- . 1814 .noij . 51 4 White Motor . . White Oil Corp ... 1 Willys-Overland .. . . Willys-Overland pf. 8 Woolworth V W . . fl Worthlneton Pump Low 12 40 l?i lt?4 10115 17?4 'H 815 !5 72 W 167?; 18 '4 15 3115 y it-?; 4ft H 111 14 2414 31?? 414 ?i 11W 21K .2S 23J4 4415 21 K 101 66 "4 t,0H 3H 2715' 14J4 47 "sy 80 4IJ4 14 J4 S8'5 "Ji 1015 1814 26 ?4 '0?? 7015 01 8015 30 V 13 IU IfO'i 110H 47 H 3514 104J4 1 Ji aV4 61 6314 ICJi 2215 ro'4 12U 22 20 ?4 38 1U4 4H ro!4 18W 43H 2414 60 r8! 21K 22?; 159 18?; 2.1?; 6GH 8?i ?4 3',4 201-5 4 ? 66?; 10 no?; 107 14 5614 13J4 45 26 0914 U3'4 S2Ji H0J4 sen B?4 "715 36K 7 8'4 '-0'4 10H lH'A 20 80J4 43 3834 15 U in 37 11015 61 C'oce rtiRe. Tnilay'S Net 13'i Ji 4014 1'4 ic?; .. n?4 16115 11?4 ?; VS 72'4 l'4 I88I4 ?4 184 It I3J4 .. 3115 nVi- ?; 414 10'4 1'4 !i 14 14 1'4 4oV5 !?? 26 H 31J4 I- 1H 4 14 14 6H H ll!i ? 72 H l'4 '.23h- 4 241 44?; "4 2134- li 101 6314 !4 8615- 1 3?4 2715 - 1414- 47?i 75 li . 00 -4IH 14H . 3815 17J', 1B!5 -2814 20 H 11 '4 20 J5 61 86 15 30 U 13 -T4JJ 1C0T4- 110H 47H-.'614-10414-I3J4 84 - 31 53 H l 2!i G6j; . 121-4 2214 20H . 38 -1714 4 . C1V5 18Ji 69 -3 -109 - loa?; 34 -8?; 8 9 43?;- 21J4 35 - 55?;- 10'4- 110?;- irs 5615 13Ji 46 - 26 - 69 14 103 !4 314 11015 67 b?; 3714- 36)4- 7 - S1'4 20 1-5 -10J4 1S1S 26 toj; 45 1614- 8'4 38 '4 r 11U15- 61 ','4 14 !i 1 ii H 21'4 Ji Philadelphia Bonds BALES IN 10001 Aran Aircul a Chem d Bs 2.... 100, Am Qot Oil 6' n 73 B 73 Amn Hmtlte A If e 6 1 77'4 3 77S Im T T elt B 78 1 78 m T T A" 2 am 4 .. . m Am r A T fli 2 .... 05H Aimour 4'4js 2 . . . 80i 1. ... 81i Atch Topeka A 8'n V's 4s 1 78" AtiJi T A rt IV Arli'n Dlv 3 84U A Count I. "s 3.. . 10.1 'i 1. .. 1031i Unit A O.1I11 ev n nn'4 1 nn'i 4 .... nn4 2 oo n nos l .... 604 Unit A Ohio 4 2 . . . ns 2 .... OS 1 osi; 2 084 0 Cfl Halt A Ohio r fl 60i Unit A Ohio 0b 2 01 Unit A Olio H W'n 34 1 78 2. ... 78 II A O Tol 4s 2 614 1 044 R B3 Hell T 7s rrts 2 . . . 102 1 . 102 1.. . 12 2.... 102 Petti Hteel M f. .. 84 llrkn Itatild T ct 7s st 8 414 Cil O A K 3n 1 ssn Cnnmllsn N'n nirs rets r. ino r ... 100 r, 1004 Ct'l of c. OS 1 ... 00 Ct! I'ncifle 1t 2 73 rbii iOi'.i 2 ... "6i C A O ov 44s 1 76", 1 761 C'k A O ev .11 1.. .. 824 1 82V C A A chsr 6s 1. ... 01 Chi II A 4) 4 18 ... ! 30... . 07 4 2.... 101 Gov't F II rets 2,. 37. 084 084 1184 HO no 084 118 i 08 . 1. 10. B. 2. 1. o mi It iM rcti b.... 102; r..... io-.'. 4. .. 102'. 2.... 1024 1. .. i02; (1,1 Trunk rets 2.... 102 1.... 102 1.... 101 v, B.... 1014 f II A W !.' H B 74 ll'iv'a Ulee B 3 70 till I A Mli'i In 3 28 111 Cent I u I 1 7014 III C 8t T. A N O Jt litis Bn 2 834 B. ... 8.14 2 80 B 80 Ills Micel 14s B 82 B 82 tntbora M 4 4 0 174 lnt Met et 4 4 10 IB 10 IS ,n 1 1 V Intbo'ro il T M 10 .... B04 20 SI 10 Bt 4 314 1.. .. .114 8 .... B14 I M Murine il 814 Iiwi On'l Bs 1 704 Jnn Ooe't 1st 2 814 10 KIH 1 814 3 814 Jsn Ouv't in 1 814 Jap Oovc't 4 1 624 Ksn O A f 2. ... .154 2. ... .IBS 1 .... B.l 4 Itcirtlnir Ity 4s 2 B34l 1... K-m C A .- 1 8 814 1 034 10 814 Knn O A - Ir.lo Ornnd i B.. .. 7441 Wn elt 4- N Rlates V S 2 00 Orfgbn B Is 3 80 Ont-Wn U Co Navl Co 4s 1 73 3 7.1 t'ac T A T 61 1 834 I'n 11 cm 44s 10 804 In llll 4v JI 2 no Prnnn It II Bs B 8114 Va llll 04s wi 4.... 100 S3.... 100 '22.... 100 40.... 100 10..., 100 1.. . 1004 P.... 100 1.... 100 4.,.. 100 n.... 1004 2.... 100 10.... 100 B 100 B.... 100 4.... 1004 B ... 100 14 ... 1004 27.... 100 01.... 100 1.... 100 7.... 100 10.... 100 1.... 100 BO.... 100 SB.... 100 25.... 100 10.... 100 43.... 100 3 100 1.... 100 3 1104 3.... 100 3.... mo 2fl . . UK) Penna n II 1 3.... ioi; 1.... 1034 1 1014 1.... 1034 1 104 1 ... 104 1.... 104 Peoria A I IM 2 60 Pere Marat Is 1 08 Tero Mnrni 3s 1 84 r H C N .1 Bi 2 61 Commodity Markets COTTON MARKET New York, Jan. 20. Kiriniiesa In foreign exchange and the Oerman reparations agreement rnuaed a steadier tone In cotton this mornliiR and nn opening ndvanre of 1.1 to 17 poltitM. Wall ("treet and tlio trade furnished the chief buying iiower nt the Btart, while Liverpool wiltf. Later, wuuil price changes prevailed nnd, at the end of the first fifteen min utes, the market was about 14 polntH net hlgh'r on active positions The market during the forenoon mien, quiet, with offerings in excess of de mand. Ah a result prieeH lost their early gains, the distant positions Know ing net losses of ti to 0 points enrly in the second hour. Much of the business seemed to rep resent switching from near to Inti months, which was effected without materlnl change In the differences. The South was a small seller. Wall street llrms traded Kith ways, while spot houses again sold the near nnd bought Into months. Yft. cliisi) Oiw-n Illsh Low Close 14.48 14. B3 14.H7 14 47 14 ri2CT.3 . 11,88 14.117 IB 01 11.78 14.82 .. IB 20 13.3B IB. B IB. 10 1.1 12 .. 1.1.B2 isn.i iBfl.i 1.1 as 1.1,3s . . 13 37 IB, 70 13.03 IS Bl 13 42 14.70. March .May . July . , " t. . Dee. , Kpot K HtlB'm ?' 3 00i 8 06. K Ilcltm nl Ss 1'4 '4 1!5 !4 hrs etenliy Thus far tfilurk. 3 0.1i),300. Philadelphia Stocks Hlch Ixiw 12J." Am Strs ril'i 4 10 Am C.as.. Ml .11 1II-" KlecSt'ii- 104 lft 1 Ids I Co '.) 'Jsil lft'JIl Lake Sup II (I 'Jii I.eh Nin tl 's 1 I Nor Cent (til till G7S I'n It H.. 41-1, 41 i.j it Phila I"lec 2'.'i 'J22 77 d.i i.ref L'Tlu L'TI- in; Piii'e itT 17T, in Phi'aTrae .".' CftMleudinw M 2 I'u Tim-. .",1 s-pi r t; 1 .. ric, ,'!'J do p-cf.. -HIT; 4 I ni l os N J .. 170 N t C! so chs-" r.i :i . .11 .. KM '.' f) .. (Is -1 W 1 4l1'i ', 'J'J'i . !7a. ' . 17n 1" :tiH.j .1.1 4!lTs u M .11)3. 4. .10 -'t Ill's . 17ft no A-n xa' as 441 -nif ' i' r' rear s r T l.' comrsr I far IS - . N'' 'hnns-- m-'d- hv r mparlon w'"i :at .. or N, is Y ik s, , a Kx liunk" 21, iter! ' s'.,t be- . compnn Jpi"l- Net d iiu- 111 ' I 1 1 - 4lr' 1 i'i ' C S ,..-ts llr.l UTTr: 1 .INK- V "IS (HSI , " 1 .' IM',1 3 M- Ml. ' 1 I . 1 .11 Jtl 1 'I "i T tin l ' V Tit'." li J 3 00 1 1 i, . m f, 1 I- , 11 1111 1 (ivT ,1 , II 4 iT H'i 1 . !!, I .'n, V.l '...I' ' Hf"l c 1 II if v'.i' h it lias he,.n 1" I lit" jjmtis i-1 ,r- ifnim'iiii aoi.t i i- 4 1 ! ban nu'.ei 1), L.,M M A 'h ll I' II'- VRt K ,1 , I New V' rll Total -ll "' s . lKpoa l- 1 Inn. Hi.- 1 , on Uue fl m - f-sa iho T i,J ' " IT ll J I J S'l'l 15.. 111,11 ,0 l I l'MI .sii Jtl 1 2 JOI Sin il ,si ,,0. IITI 11 I tar . otl 1 ' ' ,11 ,. - .111 I trunl 1 ninl 411I' s In . V rk r l' , n ' ,,'ir-' n,l d t " us ,, I'nii' I 1 .' O u i - r -i'i.. t 1 IT f 1 .,f h. I Is 31. , r n i. IM!'! I" ,ori'jlu uf resT. llu n a-i s.1 I I . "i !. il - f 1.1 ' . sl-otlR "fl'l I'i 1IIS1 1- inds bi'twien 41'-'. and r. I 'in in '' '"--id d;v!sir,n rnfl'e hii I" sfo Us f' af the "-o"e "n-.sti.i ' ' '-1" ' f- '.' f " AM. k 'H'I' .Hf.ltH'l in the lu nl ft"ie' V'r""l- "i.'iifi..l iv the t-et'-en.' i'i- on" t'i. counter i.i.i-te.... t-nr'i if 'I 'i i'",itf eer tar the nredi f 01s of 1'ijt )ieiu a I i"i 1- in flu boiid maildt wi'l he m.o f,,'M'i,., TI e reiri'i'lt ib'e t-an 'o-'imit inn tnU'iu; p'a ' n'e "i'"i"i' 111 sir 1 ir ,n is fnre il.lv at'e-t'd in '' ' n-f 'i' '' 'i -ce r iittinlinu the nvirk''t iil' of mime of the re i'f lll"l! ! 'M 1 I"--il- - It i- ll'-l ,!,, i,,., it -, , f' 1. iiiee-nev. (1f a'mii-t i.V c'iisi s of i-ii'i' ' it "ns ti In-1' d vnutac" of the 1 "iinmeno' n'" ' n ranai i'v of 'I'' ' ' I"t to enmnleic I1 il- tifsni'i il ' '"j 1 ni' I' "in 11' indi cations, tie "! ' '' aii-ni,"ntli. is -t'll far f-om fl. sa"i'-.it'nii 1 " n' n't t' , n ,. .1 fi e' fiu n 1 , inl 1 ir'-'es that wn , K 1 ,,'ii. In "lf of the fioi'in ,,. in IIIIMIS NVt SJIUlO It h I1W do.. fh(r 4 11.11 Tel 7- lOJl'i 102 lOJi... 1... 1 Interstate lhu. I-. :io no an l ! Tel lt Tis . . 0." tl.'i 1 4 I.enisli Val i-rri Is 71 71 71 '4 1.. I. ib I!, mils " 'hi 4',s. . . 00. Oft 00 Of! '11, i)fi .10 .1 4th l'i-.. Ml )C, M. 'u; si; ., .tin '. I'n 'o ''' is 100'i, lOO lie) . . .i. 1'hi'ii i:i"'' " 1st .1 . S,-, Jvli S.1 'J 1ol.il J.H ii'ni eiimwi'i ill 11. fl T.0 pul-rilai Thai far this 3.s 1,00 DECLINE IN BANK CLEARINGS FOREIGN EXCHANGE New York, Jan. 20 lull lenccd bv thr i-orr-ctlon this morning f some of tin ll.itortcd rtportB r, lath- to the en-fere-ices between the alll- I premiers the forelcn eieliange market pened with a rr bound In the allied cli'su.s Ster'lni; firted l'i higher, at 3 7 for cab'es 1 nd 1 SCt., for demand Trincs showed 1 ).'.iln of 32 points, at 7 .'0 for cnb'.es and 7 IS 4 for chicks Lire ga'ned H Iioiiii.s, at 1 73 for cables ,nd 3 75'j for l.ecks .Swiss scored an equal rls. .1: 1G "' for cables and 16 00 for checks. "ther quotations were H'lKlan cables 7 51 , hecks 7 .1211 ; gul'ilcr cables .14.00, checks .13 00 : peseta ib i-s 1 1 101. checks 1 .'S , Stocklio'm e.O 1'H 22 in. checks 2Z ' , Chrlstlanla c.-ilileq 18 40, checks IS'O, Copenh.f2en cables 13.10, checks IP ': marks, 177. In the second hour exchange, wns quieter, but dlspla.ed a steady tone, par'hularly In francs The last m-n-fnned were quoted at 7 JO for rabies aid T19"-; for cheeks sterling tied at 'M for demand. and ' Mil, for rulilen Lire cables were quo' ,1 at ' 71 and ,'IhcUs at 1724; Il'lg nn cables were f Id, checks 7 40. nnd marks 1 77 Central European exnianges were nominal without appro able change In quotations from est-r l.i s tlr.als The premium 01 New York In Mon treal today rose to 1:1 M per ctnt This Philadelphia Markets mparea with the 1. w of 10 ner cent mnii. boiiei, boneless, WHEAT Reef lrta. 70 L'S3 bushels. Ma--l.ct ucl npil 3c. Cir lnt, new. In exr-or nnator N,i 2 re.l Minter. I1.R4 s? 1.60. No. red winter Karllrky. 11.7.1'iri.so. Oth, r ,rnJes ijuciteil nt thj follow Iik eclfilule ,,f Jikcounn. Mlsed wheat 5c under red wlntei, .N'u 3 wheat 3e urn., r No. 2. No. 4 wIibi To iml-r No 2, No. r, wheu Ho undfr No. 2 auniplo nccorcllnc to quality CHUN Hccelptn. UT.'nll bushels. Dull an,l 2e ,owr. Cur lota :i, to location No :.X'W- """ 7UCle. .No. 4 jtllow new UAIs Ilecelptn. u 054 bushels Mrkt a'ijnj li. ci.r lots .1 m locution .V,. .Nu 4 white, lli'-s 1i.:o4c "- . Kl.OClt llcceli is ISiiii Mils and OKI's 1 .a 'o,."'"'"."' 'J". nil "uk. Qu..t.u,ui,. 1"1 b nck.l In l4U-.b. Jute si, k 1 H.,ft winter vtr.ilulit. western, JS BOIJii Un. do. narby (a(T8 25. liard winto s ralcni. (VitU.W, ,0 short ralent, lliT,1f 10-j. Tin. flri clur. 1707.7B, do. v. '"', !' -'"IU' 50. do, short patent lf. lii... funry sprlr.s ami city mills m-m ilonti(if,o" ' ,lu8"i -'-' fl-'ur. I'llUV.'.SIllNS S-rndj but quint Qj.t,,. t.ui.s Ii. r in ,ts sino'ii'l anil air-, In.-1 1 v.,'",' f'" k '". 'ir,J "'iti-rs. smok ,i .,ni ,,,'.l'i 1 " P.'.rA( tml 13; hams s "I..V1I. Jo cln. snukeil. "tliflU. 1. 4 1 IB 2. 12 3 4 2 l'T's " 12 074 i" C A K 1 ct 4s 11.. .. 334 Chi A Kast III Oety ct Bs B 804 Chi & t'rle 1st 1 704 "1 a o iv 4 10 ... 524 Chi M A Puuet Sound 4s 2 60i Chicago Mil A fit T'l 4s 25 70 1 70 Chlcatro Mil A Str 4s '25 2 Tfl'; 1 76 Chlcaco Mil A StP cv 44s 1 704 1 .. 704 3... . 70 1 70 1 .... 70 Chlraso Mil A StP fil 44 1 034 Chlcatro Mil A St P cv Bs 1. .. 71 10. .. 70 Chi A Nwn 7s 6 103 Clucaeo II lrd A I'ae fJ 4 ... flsl 3 .... 684 1. .. Oil, Chicago Union Kta 44a S. ... 814 Chlcoico Vnlon Sta ct 64' 1.. . 1014 0 .. 104 Chi A W I 4c 1 CO Chile Cop'r fls 1 ... 734 1.. 3 . 73 3S . 734 Chile Cop'r 7s 1 00 Chinese Ovt Bs 2 42 8 .. . 424 Ctv Ohrls'a R S ... 0741 1 1.. .08 13 1004 10O ino4 1004 100 11104 1004 mow 1004 1004 100 2 7. 1. Kingdom Den mark ct 8s 100 ino 100 100 4 .. . 514 nock Isld A A Louis's, 44s 1 68 ?l I. L ri aj 20... . 03 S 6.1 2 . . 64 4 2 .... 65 Bt L A d ' 10 .... 484 1.... 484 2 48 1... . 484 1 484 1004 Ft I. A H t 1 .111 1"04 Perles A 4 .... 614 3 014 20.. .. 614 1 01K Pi I. A S Kran Series B 3 74 B.. ... 74 3 74 Bt I, A S I'ran Series C 1 884 1 884 5 8S4 San Antonla A A P my 4s 1... . 62 2 0.1 Seab'il A I. aj 7... . 39 2 .. . 384 1 .... 30 So'n I'ncine M 1 774 Fo'n Pacific 4s n.. .. 714 no; fl'M, 00 004 ino 00 v. 004 no rwi; 5 1.. 12.. 2 s!! 10.. s.. 14 ! .Kingdom Nor- wny ct 8s 1.... 100 2.... 100 2 100 B 1004 Lack Steel 'Bo 77 4 Lake more M S 4a '31 1 844 Lo i N elt Cs'S'n 1'ac c 41 2 00 2 784 Lou A Ns'i 7e. 6 784 GRAIN MARKET Chicago, .Ton. 1.1). Hupport was lacking In wheat this morning nnd the market ivoh tinder general selling, based largely on assertions: thnt the feiMral government had not Included seed and farm feeding in its report of supp lew nn hnnd. Moreover, ejtporterH declared that foreign buyers were entirely Indif ferent regardln-r purchases of all grains nnd that Argentine wheat was being offered abroad nt about eight centa be low American grades. A private cable said that the new Australian wheat crop had been vir tually secured and thnt results were justifying forecasts. For the entire commonwealth the production had been estimated at 1. "2.000.000 buahe's. against 44.000.000 bushels last vear and l74,fiOO,000 bushels In 11111). This sea- son n probable surplus for export has been estimated nt 1)0,000 000 bushe's. Shipments of wheat from Australia nnd India for the week will accrccatc si 1 about S.000.000 bushels. Franco has Dougiil consiuernDie quuniiiies 01 wiicui In Australia this year. March opened at .?1.0,1 to 51.02. against $1.0." nt the end yesterday, nnd later f.old at SUM'i. May started at $1.151 to $l.rl, compared with SI .54 14. yesterday's last price. t'niler scattered selling coin nlso wns weaker. Support was poor nnd stop loss orders were reached. RecciptH were lieavv and the demand for export la only Linoderate. May opened nt (1(1 to tl.rnc against lifter at the end yesterday. .July started nt (I'Vjc to 07:li against 0S'V,e. yester day's last price, and later sold at Wc Loral operators and commission houses sold oats nnd the market was easier. May started nt 42V4 to 42t against 42n at the end yesterday. July opened c lower, at 42'&c, and milled Vic Early cstlmntCK for receipts were for fifteen cara of wheat, 375 cars of corn nnd seieuty cars of oats. OUTLOOK IN TRAD E MORE E NC0URAG1NG Situation Losing Powor to Dig. turb Sentiment and En feeble Initiative PROBLEMS STILL TO BE MET 104 104 Mln A m 1. 4s 1 40 2 404 Mln Ht ! A H We M 4s 1 81 M K A T 2a ct 3. . 80 Jin K A T 4 3 1 31 Mo 8 . .. 784 S'n llallw s 4i 1 .. . 604 1... . 01 S'n lUiln's m 1 87 S'n niy Moblli A O Ctfs 4s 1 B0 Tex A I'ac 1st 3 804 50 Third Ave ai BO 1 B 2!4 BO il Htl. A W Is Pacific 4f: 8 B14 this week The illy mnt on Cnnnd an ?nn Is in New York wis 101, ft In", pi r cent This cotii"iiri-s with a low this week of 9 per cent. VnhTl'IlDAY'H ri.VIT. OffiTATIINS) Ptcrllro- r -i- , !,ir tin ir Dirranil .... 3 M "4 ' s . S T2 11 Si l auls . 3 Klh 11 VT 0 71 TODAY ri OPI'NIN'I i4f'TATIJN Htrrllni; I .n I.li" i.u I 1 ri p.niand . 3 sil' TI , 1 7j4 31 '.ill C itiics . . . 3.M7 T .n 1 73 34 1,0 C'LOHINO Qt'OTATKiNri Hte llnj I'rim I. Ire (JulMrs IIMnnnd . .. 3 M TIs 3 73 31 HT 1 uulei . . a h84 7 in 3 TI 31 U7 40t. p.cnlc shouiU-rs' do. smoked i.'0( breukfutc ba- fllUs ,,w M.' '! I n7 NEW YORK COFFEE MARKET New Voili, Inn .' '1 he hj u, 111 11 lirl for 1 offee futuris opene) 'I puiir. lower this morning The mb'es were poor, but it was In leved the and been pretty wed diwouiiteil by the lute de cline 1 e.te l.i. At the id of the lirst hour prh es had uoiki I 2 to 4 polli's almve imtiiil pgiires. hut iradiii hi' '-' I -i.ap ninl there M' iiii'd to li" few cil, 1 ariniiiil the ring in iitlur Mde, the 111.1t ket be ing MT llllil'iiw. Y"St Onvii Hlah t'iv I'linti, , 1 ,u ... (1 .liltj .17 11 .in 11 In 1 i; II .In ll ,-, 11 il fl I 11 il I n iln 11 ,,1 11 ti J ll 11 ll S.'JI 3 il SJ . 11 I'll lit IM 7 01 7 "ll T n.lii ni 7 iij I .'H ll . I 7 21 T JTtf T in 7 41 T 13 T 1 I , , I I T II T HI 11 1 I iln T 7711 7 TO T Ml T Ts T sn 1 -t 7 s 1 7 Sli Til"." II S n 1 nil s III S Utl'S.15 .... S 1 'U 17 S 1.1 M. st n' "ie lienl stocks seeiiiirn;l has 1 rea, hed u Jum ture where the hav found im evi n keel That is to MP fl, i 1 ' ti it ' k '' to do lll'l'-h i'i i" win "111 -nine stiiuif ating ill centiw di velops. Reserve Banks' Discount Rates I f 11' i- I - . F , erai Jle-ere bunks are .is fnllows MKr. Local Exchanges 10.4 Per Cent Be low Same Week Last Year l.otal bank clearings dining the week e'ose I tidav we-e 10 I p. cent below the fiu"i-" re-o't"l f 1" the correspond ing week last ei- Agsregate ex illinjes v.e-e .'1 CI 0 JS..",!!". against J:i7'i. 0ft,0i)1 this , .. ' lnit VPar, 'j'0. tnl clearing! of a' r , e'earing houses BANK CLEARINGS i-ed with cor- I'Ufi fl-,,',i'ii .121 Jan. . l'rb J' irih April yr Jl'lin J'llv , A in: r:i" I. , f- Ik ,. I, I'u,' r A, ": -.'-, ll T r,4 6 7 6 III .'.4 II 34 S ll .. to B4 7 8 11 7 ll -.'-, 54 'I 54 5 7 S tfl fl il .14 'il 14 M BVJ ll 0 ll 6 nn paper ' lr."l I . 4 ill, I 1 per vent ou pspf t it cent un,t .1 per ,. nt itr- Ulld, Pnslen New Ti-k I'll si Mhi, 1 It 1 hn.nril All"t4 1 1 1 ija Hi I n'lls Mlnneai n K11n1.11 cil In ' riarf Kr,ui' le 1 54 Per irit ell , e li' ils , u fl ' y 4 4 p tl rsles fli.seount rale corresponds with Interissi , , , I ,!. I ,1 I , 1 j - . I ' , 1 ,f P ,1 iiiiwph..i Ml 'a Kansas 1 ity and iDHliis mil B4 per , em In 'he a of Cle and. llichmond. Chlcacu and Uan Kranclsco, v,w York 13 1 1 I' aun I'hl'., I 11 t, 11 1,1,! city. f't I., ul . S-hr I r,in 'i"iiir.-h. 1 T ilt I s 1 oru -.' 'ilins Increase ' '.I , .n, flfli 1 ' I Is . il , I'I 31" Ols 1J7 '..n .-!) i1'i 1 In I'll ".l'i I 11 HT is! ion nno loll I '..' 1 '' .sl U- s'n '.'Tu i'i 'fl I'.'t I" m. ' !.' ! ,rk c H,ir hks t'.dav i-c lenLr.l.r.if da lust two r- lii.'l I '-" I'til'a HI s4l 4H2 tl.". ! si7 11.. .t , u Hi 1 jsn 1-, i-n '151 ll ,,,' ,n II nils HJ7 .M' 1H su5 N Y. Urn to 'i 101 l hlia.-o T'l 7.M.MI.' MONEY-LENDING RATES rilll.ADr.l.riHA '., 1. 6 per cut. time, 6 per cent; i mi m relal up,r. r c nf (N'ot.. Tli se an i -rely nominal quotations. aJ the liga, r.ite of Inn rest ,n the slstii of )'i-iins.i.inln Is Hied al G per cent. I'ltia pr, ni u ns and commls sons, time mono, for n, rt to n nety du)-1. Is loaneu at 8 li iij p, r ivnt, while commercial pap1 r, from three to six monttu-, In UUiif uff. rod at 8 to 8"j per cent.) i- J" cured loose, IHc """. in picsie loose coi.' "lie lard. 15'4c. Ht in.lt lull ani -.iwhan-fej g, i . I oiis ru,M iwiked irennier). fatui hlvli m -rini; Bonds 1 i'j 1f II 4 extras. 4M, -ii(irt nrets j. 464 'a IT4e. firsts. 40C 4Be, .econds dii83He, aweet creamery. chnl, in J Si ',? 104 ti 324- fair to nood, ai4 r - . Ki'..li'.-"'.-",'""L' " BstfGOc Ut fancy ,-.S und 4,'i.",T- for fair to choice. n ', "'' r i ri.rt'ier declined 4',i 1''i.itions Nearlo firsts H04c per A ? i, i" i-orrini re(, li s .11 U , molrrr, . t, . ilii4i. do ', :,n4c. Inferior las fcOOtliHrri .'kfl '. M . ....... y.n.l. 1,1 In,. ... .. . "." """."'.".' v,Vllh,''Vl'1 '.r!n v hd Quotatlms. N, iv ., eri'i'ie-iiliiK Hats. Taney, held SSW 'lo, ,:,lr.,.t;' i',""l held 2627c a. r?ni!' .o:.'j-"?MV-e' '' common to fair freth 220"4r. Loniihorns held. 20W20-, . H-?.rv',h, '"jSitHr sinsle Daisies' h',1 r!, I,'!" ,r.'h -n,,t-lr J"bblnu sales if l.tli; run THY i mv.s fancv. 33tT1fl tiirdlum. 33MI4C. small in"' inferior. .IOUJ.'i. while Uuhorn fowls. 33 tf ,i V.,i"''r"rI ehlekens. f.ua;y. welKlunj 14 WJ4 lbs and ,irr nplece, 3U5 ''' ' '" nun-la fm, , It- melted :. I ;j..c i'aBi ouiirf ronslers 2HC2SC, .Id rou.t.ra 2l;.'.",c, turkes f.miy, 454bj In iildll.ar ai.ii.ti duiks wh.te I'.f.l- ;yt"' ,m'i colors loff 12c. do Mustow flB4l'nlon I'ac ev B. ... BB4I 1 .... 93 4 1 . . . . 8.1 Union Pac 4 i 1 . . S.1l S 824 B ... B.IVsll'nlon Pac 6s New- Or Tex A' 1. . . 100 4 Mexico Bs 11 BO 4 4 nn 734 13 60 N Y Cent I 4s 1 80 1 804 N Y Cll en 4 1 72 N Y Ctl 4i'.s 1.. .. 78'- N Y Cent' I 6 .... 00 . . . . 004 . ... H0. . . 004 C 7s rets . .. 102 1024 1. 6 N Y 1. 1. a. . . 074 3 . CT'. 1. . . OH C N Yk 4s '60 3 ... 87 4 City Paris 6s New York Ct'l 4 .... 0141 1. 8 34s B ... 064 1 B .... 624 Ci 1 Ctn Chi AN Y On Wa 81 Louis ns i M la 7 . . P0 3 06 8 WI4 s 1 lele 4'." 1 00 I 1 . 784 Colo A ri 4 4s1 1 . . 784 S 74 .1 1 .... 78 mi U ll is' B 78 B . . . 42 4 N V Tl fl' 1 (104 M 4 IN n Pacific 4s ( 1 .1 n (' Del A Hul id 10 704 Den A It () fd 1 .... 43 fnst'n T Vh A Reorda en 2 804 l.'le tienl "-, 1 .... 424 Kne 11 ll " II 2 . . . 30 t'rle Penna Is 1 724 Do Canada "-"J 1 ('24 4.. . 024 D nn llep'c Bs 6 77 Dun l.lcht fls (1114 pinions. per la.r i . iiicd Stni.s n. m,n..ll.i i. tnree to six montns. t, p 111 .., .....--- ..--. . .. ,....- vf Ihe (' imiiiercial 1.1 d J'linnelal I'liron jele, u.'i' $7 'Ms 11,'t U'J7. compared ! V,,f ss.ODll.O.VJ l-J the sniiie week In I'.i'in or a los ' 15 0 per icuc. Coiiiporisons fol ow ; 1 1 rr 11 lfijo p c st 4 'I in iss In i 4 J 1 I l'i 111 In 1 "vi 10 i'-to .';'. IOVIION Monev Is quoted at 5'J Jul il7 Iij "l'i ' l"'r '"", I'ii-couiit rii'i short bills, 1 as 1 T'l .'ins jt .1 , 1, 's'lii'i p' r ceiu ; mree inoiuns 11IU8, 12", '-.I iris In 1 121 -si sr,i . N SI' 74 1 112 21 2 T Mm nis ii n Til 31.1 US 17.. I Cl,( 11-16 p r cent. Reading Seeks Equipment Loan 11 nsiilimiim, I in I'.i l-'or ni-w equip. 1 m nt ,! 1". ' !-". Mi I' nlidel phi 1 and 11 In' I'.uw.iy ("n .ipihiiid 11 lay 'o th .',' 1,. I'.nii. n ' urn- nip sum for a M teen eur loan of JI, 1 M5.A25, pripoMnii to ,iv L'n p. r cent , if the cqulpin n' cost with the gniern- mrnt loan and flnanc tho rest with I equipment trust ccrtlflcatca. Baltimore &. Ohio to Issue Bonds I WasldiiEtiin. Jan 2'i -Thu lUl'linure ami 11I1I.1 Itillroad fo was authorized j by the 1 .1 1 istnt . Co'iitnerce Cimm ss on today 10 issue 12 744 Ofm ipfundlng nnd ir 11 rnl ' ortgage bonds whllo its sub-sdlar.- 1 li. s were authorized to Issue fl Sfio ii In bonds The bonds of tho par. n 1 uany arf to b held In tho tre.i-ur until authorized Bold by the cominlss on and the Is-uance of the sub sidiary bonds la In imMiutit of certain additions made to their lines by the ' llaltlmoro and Ohio, sr.-.Oc feelc. 2sT(.li 1" 'I .'i.lc 1 '-R ', V'. ''"I f-TUV rowls. frosh-klllel lry 1 li Iko-1 In bin.,s Wi luhlnit 44 (B lbs and our aphce 10 liclflnsr 4 lbs.. 3'ic '.? Vr J".L "si-kll. ,1 la bbls.. dry Pick., I V. Uhln.- If;, lbs. apleei;. dry. la, ,1-1 3Hc ..elahinit 14 lbs 31ff.Hi: 1 . h 'b 5 lbs und under ,10!(S2c: roaMIn,! ih.K.'iis wesi.rii dr-pacleU In Isixes W.i'llMi.K 14 11 1 lbs 11ml ovel aiil.it 3Jf ID iveii'iini,. i it,, , ,i7.'isc roas'ln,- elileii mis west, rn dry p.11 kef! In bbls WVIuhlnu 4.1.'. ll ,,n, ow 1 ,ipi I,. Mil 0i frcr, wesieu, ,r, p,,k. I netsh'nic 3tr,14 llll. a l.lne 31 IV lon'l, rs w.i-t.rii iri-plrk-il w, uhlni- m VI! lis. aid. r.i 4 .Iff 4 5c I mil ire nearby wcKhlnK ' , 1 2 lbs apl-ce 4HWISC. roist.nK chick. ns neurbi, w'uhliu 10 " lb. und over apiece. ,111 W 40c- fir niarby welihlna .'..314 lbs. apiece ,'4 ol .Tic tiirke-n spr '1 famv V'mlnln and t Vliifln'a 61 wn.'c. do do western dr. paiked, flOc, do. do d 10ms 5,'ilf.lflci Cn do fair In I'i'iid 411 10 od rii,-st rv-plclifd. Joe duiks w Mini fnnci 37 W 40e ireet, weM'e-n IDffT.'i miineas. n.r pair Hprlnir. Ilffl21 o d 7BWs5c. RAILROAD EARNINGS CAN1DIAN Pit inc 102(1 December cro . 1211 no I HIS Nel after elp'sH 2 222 012 Twelve in, 4, trrnis 216,1141 31U Net after tsp'sts 89,153,043 In rease t J, 378. .'181 5.10. H(l H 39, 7 1,, 200 m.wt 1.. 1. B. IB 3 flene 1.. 78 sfew Y IV C A (Inst 44s 1..... 414 N k A V ci fl. 104 Nth Wn'n Ititl Tell 44s 1 78 Nth IVe'n Hell Tel 7i 1 . (in' . li'H, .. 00 nn . . 90 in) r.i.. ei . 101 o. . is!! s.. 1.. 4. B . 10 B , B . o 3 3. , nn-. (1114 mi 4 no im 1. no 1 1104 (16 , 06 tm4 U K of O Brit A I'd 1021 2 01 2 . (i0 V K of C. Hrlt A I'd 1922 2... . 9,14 3.... 954 UKof O lint A I'd 1020 25... . K0 1 SO 10 SO I' K nf O Hrlt A I'd 1937 1.... 864 1.. M4 1 . . . 87 V ri Memo Bs 10. . . 42 10.. .. 424 B . . 424 3. 424 U 8 I'.ubb 2 . 78 1. 174 11.. TT4 I' Hub T's 1 . Oft 4 1.. . IH4 IJ'il H Hit'. ,1 1 . 94 ", 1. . . 94 '. 1 94 4 Ulah P A I. f.s I. . 80 Vera Crs 14s 3 214 Va llallw's Bs 1 85 V Union 4 4 3 M14 2 hS A Mf T . .. os ": W K 5.. 1.. 6 . B.. 10 . 9M, lis, 98 4 98 4 08 984 HH, 984 984 New 'iorl, .Tan. 20. The financial outlook Is presented In the Herald to dav na follows: IXremo dullness In the peeurltlei markets, a broad ndvance in Hrlilph. exchange nnd the lape of n positively easier tendency In money cnnditlons featured the current week In Wnll street. At the same time, n more eon fident feeling with respect to the bus!, ness nnd Industrial outlook was mani fest. Through long, weary months nf familiarity with commercial and finan cial handicaps In thla country, with the state of nenr-lmpntenev In Ktirnpe nn,t with the economic dislocation In the world In general, the situation hns lost something of ItH power unduly to dl,. turb sentiment nnd to enfeeble Initia tive. This clinnge In the pa.vchnlnglF.il nsnt'Ct wns noted In December. It ha, become more pronounced In .Tnnunrv and unless something very tinipttliiu should develop, therp would seem to be every promise of Its continued growth henceforth. This may lie sail to he the basis for the more optimistic contemplation of the future even while there la no want of recognition of the dlflieiiltlcs still to he surmounted. The spirit behind the solution of problems has changed witn the incoming of the new yeur. Perhaps the most Important inlhirnre in directing a cheerful forward look was the meeting of the supreme council nt Paris. At that meeting matters o( such significance ai the adjustment nf (leriiinn indemnity and reparation, with all that such an adjustment lintillrs with respect to stabilizing world trade, were to be disposed of. Thnt France and dermany had apparently come to mine sort of understanding was nn impres sion held In finnnclal circles here, and this was deemed highly construetiie. The rffeet was most directly reflected In the course of exchange values. Sight drafts on London got as high as !?.1.s.si'3 nnd In the middle of the week the frntic advanced nearly to 7 Vic. The movement wns rapid and later In the week the In evitable setback came, a'though the re action was not extensive. The situa tion was nn immediate spur to specu lative netlvlty. As Is usttnlly the raw In speculation the movement was car ried too far, yet behind It all was i fundamental force which the prospect of nn Immediate settlement of the economic provisions, of the Versnlllei treaty could not alone create. The temporary stiffening of mnne) rates and the smnll vo'ume of loanin; transactions neither helled recent ns. sertlons of easier money markets nor disproved prophecies of retrogrado stringency in credit. So far this month credit deflation has proceeded space. In the first half of January disioiints and loans were contracted in excess of half a billion dollars. Iletween the period immediately preceding Christians Federal Reserve note circulation stoml it $.1.401,11.11.000. Four weeks Inter that Item was .M.llfi.llO.OOO. a shrinkage ut the rate of about ?72, 000,000 a week. At the beginning of the fourth week of January, the ratio of the Federal Reserve system "" 4S.,"i per crnt. the highest in a long time. Taking the individual regional banks of the reserve system it ivns to be ob served that the ratio advanced in the industrial renters nnd receded In tho igrlcu'tiiral centers. Industrial liquida tion has In truth outstripped collectioai In agricultural teglons. There hns not been the revolt on the part of labor against wage reductions and hour cur tailment that ninny anticipated. Pay rolls have been very materially red need and the burden on the Interior banks correspondingly lightened. Funds havo been released for temporary loaning. At the moment business In that field ip not brisk, but all the factors Incidental to a gradual lightening of banks' burdens are present. It Is, therefore, the slow deflation of the American dollar which in the first nna'jsl.s Is behind the better tone of tin" foreign exchanges. Rut bullded on thin fundamental structure were numerous other developments such ns the llelglau loan for $10,000,000 which in some quarters waa believed to have beca floated by llelgium to liquidate a por tion of her indebtedness to ('rent Ilrit ain. Although the projected French 'min for $100,000,000 has for the time being been abandoned, nccordlng to the statement of M. Cascnavc, the dirretnr general of French financing here, there was the same understanding that (Irent llritniu was to be relieved of a part nf her foreign financing load. Other loans were freely discussed in the same con nection. In short It wns presumed that this country was In a way to take over some of Kngland'a financing responsi bilities, and i this should prove to be so it was not surprising that sterllin; should advance, nnd that nretlletlnas l.l.n l,n n.l,,..lM .,'"."." ,,..,,,1,.,,.. ,,,,,11 . - , i T ,.,... .-I. nnii...... rr. i . .... .......... - .. ..... ..- quarterly 14 Tr c.nt on Vu.ranlesd and fl ' the rate is in the neighborhood f M, per rent mi special betterment stocks both , should be made In conservative qunr nnyable March 1 to stock of record February ,,. rdcr prevailing conditions nf Standard Sanitary Miufufarturlnr Co . world trade that level was regarded H4 estra 2 per cent on common and quartern I the logical point of HtabllUatloil, burrlnt 14 per cent nn common and 14 per cent , .,". ...,. on preferred, all payable February 10 to Unforeseen events. LIVESTOCK QUOTATIONS Jan. 29 CATTI.K I'erelrts Compared with weik urn; llcef Clilciuro, r.nn i,n,i st1- ruuy ii.ic to .i"o lower Bum- soon catt e off more Rood and choice fat cows and heifers. 2,"c to Bc lower, row a selllni! below 13, mostly steady: fnt and bolouna '.ills 2."ic lower ial ealfs, mostly 5nc blither choice shippinn rrndes cnlnl'M more storkTa and feeder steers, 2.1c to Bile 'iiwer. HOtlS Ifcelpts Bono head Mostly lor to 1,'n. hlshcr than .estcrday's nveriuie, spots more: elolnR stiniii:. Tip. 110.3." foe ino to 170-pound araes, bulk uf 200 pounds and down 110,1110 23: bulks 220 pounds and .IP JO BnfiO SO. SlircrcP Receipts. 1000 head. Compared w.th v,k airo- He-idy weight feed.ir lambs .'.".C, to SOe lower; heavies. ,"0c to 7.1c lower: vearllnas and matured shei p, 5()C to 11 lower- fi'dlni lambs 23c lower. Pittsburgh. Jan. 29. HOGS necelpts. 3000 head. Hlpher Heavies J9 jnif tl 7". heavy vorke-s and llcht yorkers, 111911.13: Pics 110.75011. HlinilP AND t.AMnS ltecelpta BOO h"id. Steady Top sheep, JO 7.1; top Iambs, ill. CAI.VBS Receipts, BO head. Stead" Top. J 10. Kist Iliirfalo, N. Y.. Jnn 29, CATT I. E Peeelp's, BOH head Slow Oiles receipts, 2r(l hod. Slow. 75c lower: laffliiaa IIOUH necelpts. 0400 head. St. ady to ..".c hlsher. Heavy. m'c 10.25. irlxed. $10 11 STIO 7.1. orkers. $10 7fltfUl. Ilaht. do aid pit 111111125. rouirhs J80JS.2B. stake 4.1 ."ii)Til.50. I'HHHP AND DAMIIS neeelptn, 7100 bead. BOc lo.vtr. l.anibs I1I6IIOBO i' 'nus. HI 8 80 few. J8 7B wethers t.i atl , a ewes fi'tli 25: mixed sheep. J5 25V 5 B0. Kast St. Lonls, Jan 29 CATTI.K Re ceipts too head. No tradim; today Com l.ired w'th a "k h.-o at ',"s ie s,uff and lulls 25o to BOc lower, canners, 15c to 2,1c hlKher, eal calves, ,10c hlnher: stock ore and feeders 50c lower HOtlS Reielpta. 11,100 head Active and 10c to 25e hlrther than )esterda'H averacre Top 110 30: Uulk. lls-hta and mediums 10 (Tin 25 bulk heavies, sn .lllOTli 75: paiker sows 2.1c blKtier, plws weak and 25c to 50 lowrr. most actllty on lleht nnd medium butchers, lls-ht IlKhts, steady, itood tlcar- SHKIIP Receipts. 150 head No sales to. ds. "-'or week! Lambs. 25c higher: ewes, 25c lower. DIVIDENDS DECLARED West In 11a Sucar Finance, quarterly of 14 per cent on common and 2 per cent on preferred payable March 1 to stock of rneiinl January 81. Diw Chemical Co. extra of 14 per cent on common In addition to quarterly ot 14 per cent on common and 14 per cent on pre ferrid All dividends pi able February 1.1 to Mock of record February 5 Philadelphia Co., semiannual 11 25 on pre. ferred puvnbtn March 1 to stock of record rebruary lu Ktock of record February 4. Prices Irregular on Paris Bourse Paris, Jan 29 PrlceH were Irregular on the Hours" today. Three per cent rentes, B8fr 90o exchango on Iondon, 55fr 20c; 5 per cnt loan, 85fr 20c. The dollar wan quoted at 14fr 24 He BttR SILVER Domestic bar sliver was unchaneol nt ii-,' In New York today, foreisn fl2Jic, down lnJc In Ixindnn, the price wns Id lower at 36'',d, and represents the lowest price touched slnca .Ma) 1917. 9(14 'Wilson Co 1st 97 1... . 804 90 41 4 . 8(14 96J IVIn-Halem 4s 96 2 01 Hlah Tiw finite 02.00 111.112 02.00 8(1 50 miT'l) MI.50 P7..ri0 K7 .10 87.12 SO Oil s.il.50 SO. 70 1KI Oil SII.1IO SO. 112 fi" 20 SO Oil 87.00 07 111 07 1 1 07 .'III 07 10 !I7.:I2 07.11 Total, 16 h6M,000, compared with 11,058 . nno je-'.orday. I'hus fir this wiek, Ji)2.67B (I, JO Liberty .ls Liberty 2d -h I.lhirtv 1st Ps. . Lihertj 2d -li'js.. Mheity 1.1 4i',s.. Lil.ertv 4th 4Vh. . Vic Votes Ifi s. . . Vie Notes 4a',s. , , Raw Sugar Continues Steady New York, Jan. 29 Tho raw sugar market contluui-H stendy nt about 4 &9c, duty paid Rales reported yesterday In cluded 3200 bagi) of Cuban, belnir a bal anco of a cargo In port at 374c, cost nnd freight, to the Warner Co j is.000 bags Cubaa for prompt shipment to nn opera tor und 691)0 bags. Cubaa at 3 cms, cost and freight, to tho American Sugar Co, Importations Included 42 500 bags iuuas in i iiu lynnirr . o ; ig,uii(j naic I .lavas to tho American Co, nnd 10 ROO bags Javas conHlgned to tho trade. Thu local refined market Is unclmnged, I REMOVAL NOTICE ERVIN & CO. DREXEL BUILDING, PHILADELPHIA, PA. Pending removal to new offices nt 1-128 Walnut Street, Philadelphia Pn., Ervln & Co. will be located, on nnd nfter February 1st, 1921, nt the offices of Messrs. Chns. D. Barney & Co., 122 South Fourth St., Philadelphia. HKI.I. TI'T.I'PHONK, X.O.IUIAHD ISO STATISTICIAN AND SALES MANAGER Investment banking house has excellent opportunity for ritjht man in handling statistical work and in salesmen's depart ment. Reply to C 836, Ledger Offices, 3
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