vr
VJ,X,
EVENING PUBLIC LEDGBIPHIIADKLPHIA, WEDNESDAY, EEBIttlARY 2, 1021
1(J
""""" . .
The Tide Has Turned
AND the streams of business urc moving forward in gntlo
flow within their banks, but there nrc many evidences to
those who have their eyes wide open that there will bo a
rush of increased business within the next few months and
that unlcs3 you have safeguarded your interests this increased
busings instead of being n benefit to you possibly may bring
disaster.
To avoid this it would bo well for you to look to your associa
tions and connections and learn if you have selected the right
kind of u bank, a bank that is interested in your business,
that wishes you success and helps you to promote it, and
that furnishes you with nn oar or two when the tide is hard
to stem. Wo arc
In the Center of Things at ft road and Market
Third
Opposite Broad
'EQUIPMENT TRUST Obligations offer to the dis-
criminating investor a surer safety of income and
maturing principal than any other, form of security.
The remarkable record of these issues even under the
most adverse circumstances has been unparalleled in
railroad financing. In receiverships the courts have
ordered the receiver to pay interest and maturing prin
cipal on Equipment Issues prior, in some cases, to the
First Mortgage Bonds.
New York Central R. R. Co.
7 Per Cent. Equipment Trust Certificates
Issued Under the Philadelphia Plan
Dated April 15, 1920
$25,000 due April 15, 1932
25,000 due April 15, 1934
25,000 due April 15, 1935
This issue is secured by recently acquired equip
ment consisting of 9,200 Steel Box and other Freight
Cars ; 265 Steel Coaches and other Passenger Cars ; and,
193 Locomotives. The Equipment Trust Certificates
mature in 15 annual installments beginning April 15,
1921, and represent only 75 per cent, of I he cost of the
above equipment. As no provision is made to call any
part of this issue prior to the maturing annual install
ments, the high rate of interest will accrue to the holder
until the maturity date of the certificates he holds.
Prices to Net 6.30 Per Cent.
Biddle & Henry
104 South Fifth Street
i h mforinnll'in hii1 ftiMMl
n.id from houtcm hh-
BROOKE, STOKES & CO.
DEALERS IN CONSERVATIVE, NON-SPECULATIVE
BONDS. GIVING THE HIGHEST RETURN COMPAT.'
IBLE WITH UNQUESTIONED SAFETY
110
South Fifteenth Street
Philadclphiii, J'u.
Fifteenth Street N. W. j (12
Washington
731
"mnt than an ojtct building"
I PwlTOfll
might he called
Broadway and Fifth Avenue V1,u '" Husines
at Maduon Square Panels of buyers
New York v (laily-
""iiii.-i-.. .. ..
fie Mnlitlng 5s, 10G7
,cnn ,'owc'" r'. 104t
Atlantic City Electric lis. 1938
I'Ciicml Asphalt 8s, 1930
BOENNING, GARRISON &C0,
,5r.t,:,:"?.I"'".".''rN"vVorU
" mm. mock Kvrliuii,...
Safe Bonds STlnvesttrW
.HALSEY, STUART
&. CO. Inc.
" n III"
Street Station
. M.ilnrd
wo lollo
to Ij rclinM
St. I'mil Street
Baltimore
THE
FIFTH AVENUE
BUILDING
Just in.sido the portals of
tliis Iniildiiiy is a roster of
tenants that speaks for itself.
So many leaders in so many
lines are included that it
"Who's
ss. I hou-
foiisult it
yyvrerMEiyMrrMfL . i j
New Issues
Penna. R. R. Co
United Gas Imp Co.. .
Atlantic Rctinirt- Co.
.15 year 61
. 2 year 81
.10 ear C'Ij
EDWARD V. KANE & CO.
Morri Building
Siockwe!!, Wilson & Linvill
Certified Public Accountants
puid Title Qidg., Philadelphia
GOSSIP OF
THE STREET
'i'fiuso who comprise, the speculative
CICMCnt Contlliun In loll nlinnf ilnrlln.
'"8 prices and liavo much to ny about
U'o, newly created stringency In the
money market, and nlso the opposition
In llcrlln to tho reparation!) nicrecmcnt,
is a reason for unsettled ronclltloiw in
tlio financial oltuation. dutnido ot thU
clement vlewi In regard to tho ticcurlty
JradiiiK Mtuntlon continue, confident and
tho more. Important Interests on tho
trcct Insist that the manner In which
tn market linn acted Indicate that the
Koneral security trading situation Is ono
i pronounced strength, and mat im
portant tleclltinii urn tint tn lin PYtinrteri.
In Homo oif Micmi circles It Is thought
uucnuon attracted to prevailing money
conditions might bo an Incentive tdr
bear attacks at Intcrvnls, but it has
been shown that n good demand Is to
be expected on any decline, nnd that,
where iinpnttaut changes occur In tho
near future, they will bo o higher
prices.
There aru mnnv who think that even
it favorable developments should occur
in the general situation tho market will
be. held in check until nfter pending po
litical developments aro written Into
tho record, nml on that account tho be
lief prevails in somu quarters that lit
tle in the u-nv nf iinwnnl movemcuts
can bo expected until after tho change
oi nunnmstrntion on aiurcn .
. Banhint; Opinion On Money Murjiet
The Federal Reserve Bank ot Phila
delphia hus ncnt out to Bomcthlng moro
than n hundred banking institutions an
lnauiry comnrls!ni cntrirorlrul nucstlons
as to bunking opinion -on tho future, of
the money market from tho point of
view of cneh hnnW. Tlio rr.mlt. as nilb
lished in the Reserve Bank's monthly
bulletin for the rlose of Jnnuary indi
cates n curiously interesting divergence
of opinion. Iu particular, it shows that
baukln? Iiiilempnt In rnrv far from tin-
nnimous as to whether wo urc past the
period of maximum borrowing or
whether easier money Is in sight, even
four or live months from now. Further
more, the banks do not agree its to
whether tho recent restriction of credit
has been wiic or unwise.
To tho question, "Do you thrtik efcler
money and credit will bo likely ob
tain within the next six months?"
eighty-four banks answered Yes ""d
twenty-four No. To tho question, "la
tho volume of frozen credits with you
still too high?" thirty-seven banks nn
swered Yes and sixty-six No. That "the
peak of heavy borrowing has been
reached nnd possibly passed" was tho
nninlon of elehtv-seven banks, but
twenty answered that in their Judgment
it lintl not yet been reached.
Asked whether "In your judgment
has tho control over credit exercised by
tho banks during the last six months
been unwise?" ninety -five, banks re
plied that it had been wise, but four
teen thought thnt it had not. It was
asked whether tho banks had noted any
Increase In tho use of trndo acceptances
during the last year, to which question
fcerentv-two hnnks renlleil Yes nnd thir
ty-four No. Tho final question, ."Is
much unemployment noticeable in your
community?" elicited somewhat surpris
ing iinan-nrs. Out of 10S bunks which
replied, thirty -seven answered No, the
remaining f.ovcnt-on agreeing that
unemployment was clearlj perceptible
Silver Outlook In tDU!
In mcw of the continued slump in
tho price of tllver bullion the quota
thm in New York yesterdny having
been tho lowest since December 10,
UlliO, and in London fclnco November
IM, lillO the following on the outlook
of tho market for the current year from
Samuel Montagu & Co., the London
bullion denlers, will prove of interest
"Tho world 11s 11 whole, would have
good reason to welcome the return of
the price of silver to a pre-war level.
Tlio persistent adwoicc in the price qf
this inetnl has much to do with the
increase in tho prices of commodities,
the reatoii being that the Allies had to
depend mi largely upon the products of
the East, chiefly from India, with
whom the world balance of trade has
always been -- uules-s the monsoon
proved n failure heavily In her fnvor.
Wheat, rice and beans, jute, cotton,
hides and skins figure largely in tho
useful goods which come from India aud
China. It was the rise in the cost of
such items as them which stimulated
that of other commodities in tho market-,
of the world.
"The total output for I'.lllO is not
expected to thow much change, but
the apportionment among the contrib
uting countries will he different. Tho
United States will record considerably
less, and Canada will show 11 further
shrinkago. These reduced contributions
will be offset by nn Increase from Mex
ico and from Burma. The last-named
mines, worked under British nusplces,
used to bo exploited by Chinese. In n
hluular fabhlon, Prof. Sayco deduces
from recent discoveries that Babylouian
firms worked tho silver miucs of Atia
Minor centuries before tho dnju of
Abraham.
"A good deal of misconception out
todo India as to the rupee, problem
arises from nwrlooklng the fact that
the natives of India regard the ques
tion as one of bullion rather than cur
rency, und choose to set their own
rutio between currency composed of
gold and of siher. In other words, the
two precious inutnW aro looked upon
as commodities, flic imprints of n die
being but an ofTieial certificate as to
the contents. The Indinn Government
during the "ear ' Iearlj indorsed the.
unlive point of U'' hi removing the
prohibition iigiiin-t Mslng gold and siher
coin otherwise thini 11s currency, tints
I'ouferrins 11 prMlego not enjeyed iu
tiie United Kingdom. Gold und silver
coins do not chnngn hands In India to
uu. tiling ltk' the extent that they do in
western countries. They arc obviously
more treasured than current."
Corporate Financing In Jnnuury
l)e-pite slowing down of industry and
general deflation In lai.unty, new
financing was conducted op a large
scale Aggregate- railroad, public utility
und iiidusti'i'il Issues limited was ?277,
,'5'Jl .li.". against .OUJ.VJ.OTO in De
cember nnd $-i'J!i,ti;ill,'Uri in January,
II lift 1. industrial issues were iu the
lend with a total of .lLM.-ll'J.'-TiO.
The two largest and mobt important
issues in the industrial class weru
Pacific Oil Co., ?52.500,000 stock.
',500.000 shares, at $15 n share, nnd
American Agricultural Chemical Co.
,:i0,000.000 7'y per cent bonilb. Among
be nubile utilities, nil offering of North
western Hell Telephone Co. !:W,000,000
tir-f mortgage 7 per cent IioimIh was the
teature
luti-ront rates . reflected in new
offering continued high in .liinuurj,
Miiti most Issues hearing rates of from
7 to S. per cent. There was some slight
evidence of a lowering of Interest rates
l.y the offering of StlD.OOO.OOO fifteen'
jenr rt'a ,,r ,',,nl bonds b Mm Penu
shai.la Itnili'oud late iu tho month.
'1'licso bonds wcro publicly offered at
MU'i and subsequently sold iu tho open
market at a high of 100',. Had tho
bonds been issued for a longer period
of life the) could have earned a lower
Interest 1 ale. At present there is an
unusual demand for long term issues
due to anticipation of c' np money in
the ears to come
T1IF THAI Wit.
RAILROAD
i,i;iiuiii
nibr sroM
EARNINGS
VAJ.l.lJV
1112(1
J7.31LM.VJ
as mm
7fi,ori7 701
n 4K SNl
Ini-r'-iho
Hoc
ei
opor. im.-nii"".
is mo
'iwxlve mouth' (.'Hi
JO.Krtl RTft
N't opr officii
'PrrrnW!
o iim.o
t
Commodity Markets
COTTON MARKET
New Yorh, Feb. 2. The cotton mar.
kot opened 8 points lower to n points
higher this morning. 'Thoro was con
siderable selling pressure in near posi
tions from Liverpool interests who
were nt tho same time buying lato
months. From commission houses nnd
Wall street there was fair support
oarly, but this later subsided, nnd
sngged n Utile from tho opening levels.
Wnll street traded both ways.
At the end of the first twenty min
utes tho market was steady again, but
quiet, showing about 11 points net loss
on .May.
rrtvtotm 12:no
CIom Otvn r. tn.
March !.' in.7T. la.RS
May ll.lt H.io 14. la
July 14.4B 14.411 14.17
October 14. OT 14.(1.-, 14, on
December 14.70 14.81 . ...
GRAIN MARKET
Chicago, Feb. 2. There was n rush
of shorts tn cover in wheat today nd
the market jumped shnrtdy. Lead
ing commission houses sold on tho up
turn, nnd Micro wcro. recessions from
tho top. Tho initial advance was due
to reports that Italy and Holland had
bought 000,000 bushels In America, not
withstanding cheap offers from Argcn
llnc. ns well on a closing gain of 4V
cents nt Buenos Aires. Good rnlns
wcro noted In Indln where crops have
been suffering from droughts and caused
further buying.
March opened nt $1.57 to $1.58,
against $1.55 nt the close yesterday,
and declined to $1.50. May opened
at $1.45 to $1.40, against $1.14 at
the end jesterday, and later sold at.
$1.40.
Corn albo opened firmer, but on the
riso there wns freo selling by brokers
supposed to be acting for n leading
elevator interest.
May opened nt Ciic to G5c,
against 04c nt tho end yesterday. July
started nt OOc to tt74c against COc
at the close yesterday.
Oats opened quiet nnd firmer. Com
mission houses bought at the stnrt. On
the advance, thcro wns selling by a
leading bear house.
Financial Briefs
The averago prlco of twenty active
Industrial stocks decltnod .65 per cent,
to 75.48, yesterday, while twenty rall
roadp wcro .79 per cent lower nt 76,38.
Tho government! will withdraw $13,
900,000 from the member banks In the
Miw lork district tomorrow.
Tho Plerco-Arrow Motor Car Co. has
Issued lta annual report for tho year
ended December 31, showing not profits
after chargea and federal taxes of $1,
769,914, equivalent after deduction of
preferred dividends to 3.38 a. sliaro otr
tho 250,000 shares of capital stock of 110
par value. This compares with net prof
Its of $2,491,070, or $6.75 a nhnre, in tho
previous year.
Qross sales of the Trumbull Steel Co.
for 1920 wcro $35,850,811, against $24.
569,841 In 1919. Not earnings approxi
mated $2,500,000, against $2,388,258.
Gross assets aggrcRnto $37,000,000 of
which $25,000,000 represents plant in
vestment, Tho company has established
a reservo of $891,602 for federal taxes,
written down Inventory $1,112,000 and
credit $1,067,000 to property deprecia
tion, while $2,053,000 was spent for re
pulrs nnd maintenance,
A special mectliifT of stockholders of
tho American Agricultural Chemical Co.
will bo held In New London, Conn,,
March 3, to vote on authorization of
new first refunding mortgage bond Issue,
of which $30,000,000 Is already sold,
and to authorlzo n call for redemption
on August 1, 1921, of outstanding C per
cent convertlblo debentures.
Only routine business was transacted
at tne mommy meeting or tne. i.cnign
Valley Knllroacl directors this morning.
LONDON STOCK MARKET
Changes Irregular and Trade Con
tinued Quiet Home Ralls Lower
Ixmilon, Feb. 2. Changes In securi
ties on tho stock exchange were again
Irregular today and trading continued
quiet. After drooping, gilt-edged Invest
ment Issues rallied on cosier rates for
money. French loans also wero steadier
with tho-frano and other continental
loans Improved In sympathy.
Homo rails were lower, and dollar
descriptions nlso wero weaker, following
Now York exchange. Hettor labor news
brought about nn improvement In Argen
tina rails.
There was profit-taking In tho oil
group. Shell Transport and Trading
wns 5 11-32 and Mexican Eagle 5 23-32.
Industrials lacked steadiness, with
trade reports mixed. Hudson's Bay was
0 1-16. lCafflr;i wero flabby.
One Cent a Gallon Off Gasoline
New York, Feb. 2. Tho Standard OH
Co. of New Jersey today announced a
reduction of one cent a gallon In tho
price of gasoline nnd koroseno In New
Jersey, Maryland, Virginia, North Ciro
lna and Louisiana. Tho wholesale price
of EttAOllne In Jersey City and Baltimore
was also reduced from 28 14 to 27''
cents a gallon, and kcroscno from 18 ',
to 17 cents a g.Ulon.
YounijMown, i) rcli, 2. Tlio prlco
of gasoline rell below uo cents a gallon
hero today for tho first tlino since tho
year beforo tho war Tho Standard OH
Co. announced reductions of ono cent, to
29 cents, for gasoline and 19 cents for
kerosene.
New York, Feb. 2. Th Standard Oil
Co. of New Yoik reduced the prlco of
kerosene from 1!' lo 18 cents n gallon
by tank wagon motor Knsollno fioni 31
to 30 cents In steel barrels, and varnish
makers' and painters' naphtha, 30 to 29
cents, effective toria
New orU, Fob. 2 -Employes ul nil ot
tho refineries of tho Standard Oil 1 o. of
New Jen-ej have oluntarlly accepted
a reduction of one-half of their cost of
living bonus, effoctle Kebruni 15, It
was announced heie today at tho gen
eral offices of the company. The re.
duc.tlon Is cqulalent to 10 per cent of
tholr wages.
Raw Sugar Market Quiet
New York, Feb. 2. Tho raw sugar
market opened quiet and somewhat eas
ier with inodor.uo oirerinas on thn biusls
of 34 cost and freight, but with buy
erM showing llttli. Interest. Tlio only
snlo imported yesterday w.ia a lot of
800 tons Venezuelan afloat nt 3 'Mil
cents, c, I. f., to a Philadelphia operator
Importations Included 24,000 bags t'ubas
consigned toArhucklo Bros, in th local
refined market tlw Arbucklo and Na
tional companies announced a further
reduction to O.65o
New York, Fob. 2. -Arbucklo Bros
havo Just announced 11 prlco of f.S5
cents, lets 2 per cent for cash, on hard
and soft grartet. of refined stlijarw, and a
prlco of 6 75 1 cuts, less 2 per cent, on
grades numbered 8 to M, ucluit. This
Is n reduction of 16 points on hard
grades.
Reserve Banks' Discount Rates
Olllelitl rrOlm-dunt nilen nt the tHl rcl.
crai uesorvo iihukb ur na lonow:
Trras, i.ib. iVim'l IlUrs.
rlfs. Honda. Piipr, Accept.
Ronton ) H 7
Now York . BS il 7 0
Philadelphia ...1 5' BW
i:ieland .. ..ta : n r,
Richmond til 11 (I n
Atlanta til .-,14 7 11
I'hlrnjo tn 11 7' (1
St. I.outs 'B'j .i'i 5't
.Mlnneaill B'v 'I T n
Knns1.11 (Mi til r, 11 hi
D.illas . . . tn .V 11 54
finn rranrlsro. .til 0 11 1)
VI per rent on paP'r sfiired hv 5 Tr
emt wrtlBcntes and 5 pr cent mi pairr
ncured with 14 Per cent anil 5 per cent
certlllcates
tDlneount rate cm responds nl'li Intrn-si
rato borne by corllflcates plrdKVd 11s rollat
eral, with minimum uf r, per ertit In the
caia of Philadelphia, AtlinU Knnsas Cltv
and Dallas, and 5 per rent In th cn of
Cleveland hlehmond Chlrspo snd fan rran
ctsco.
New York Bonds
tBM.r.B IN MOOO
Aran Smelts 4'
lto'K 0a
2 77 i
11 7711
1 77
AinTtT elt
1 77U
Do Canada '20
Ntw VNII
4 02U
2 02
Dun I.lgllt 0s
2 80i
Brio It It cv A
Hart'd 0s
1.1 08
N Y Itwys 4 s
1 18'i
N Y Telo iVt
1 39
1...., 30
3 77U
2 77'.
B 77
AmTtTti
1 ftlU
1 Sl'l
Am T & T fin
4 0AU
1 0tVi
fl P3V4
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Armour 4W
Erl II II cv D
42
New Y W G &
Brls Illy Co 4s
Bost 4W
0 4H
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P 53
Oen'l lZlM As
3....
1....
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101 H
10m
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N'n raclfle 3s
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Both H Ks '30
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1 01
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B Corrr M Da
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15 .... S3
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Reading Ry 4o I
Iowa Ccnl'l 4 s
2.... 101'.j
B.... 103'4
Ilrkjn Tl T 7
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15 43i
Hush Bide 63
1 70Vi
3 40V4
Jap Qoo't tst
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Wn clt 4s
1 50
Jap Oov't 2nd
2 80
1 60
Rock laid A
Cat O & II 5s
Louts' a 4s
1 08
1 83
Canadian N'n
Itlyn rets
2.... 1004
3.... 100
2 80't
Jap Oovo't 4s
St li S K J
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mark ct 8s
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S'n Rallw's 5s
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Chits Cop'r 0a
8 4s '28
B 85
2 s.'.'l
Wn Rly Mobile
1 734
O Ctrs 4S
1 50'i
City Borne Ss
2.. .. l)5'4
U Vy en 4 '4 s
Union Pao cv
Cty Chris's. 8s
1 .... Rt
8 83'4
2.. . 07
WN New O &
Union Prc 4b
C N Yl lVt'lH
M Dlv 1st
1 101
1 101
1 82'4
0 B2V4
r. o7'.
City Tarla ns
2... . oo';
U K of CI Brit
Man H stn Is
A I'd 1021
7 09
25. .
15. .
IB.
0..
3..
10 .
20..
1.
r...
10..
00
1
OUS
Mtd S & O 5s
U K nt fl Brit
I'rt'i
t'B'i
00
OH
IM 1022
1 5
Min fit r & a
Ste M 4 s
2 St
U IC of O Brit
08
& I'd 1020
tl 88
lias
Mo K ti T 2nd
00
1 M
1 33
Mo Pacific 4s
1 53
U K of O Brit
00'i
OH'!
I'd 1037
4 M
B 80
Colo & S 4'jS
I. 73
Columbia (ins
ti i: Irt .it a
1 . .. 85
2 55 '.4
1 80',
1 SO'i
U 8 Matlcn :
5 42
1 55
10 55
Mobile & O Is
cVns a Oai ,s
t 5N
V 8 Realty i.
lmp't 5s
1 . 00
1 Btf
Crot Carp't Co
Mont'ii Pwr 3s
5 SIS
U S Rubb'r i
2 77S.
1 77 'i
5s of '31
1 87
1. . DOVi
New Or Tet St
Cubun O fi cv
Mexico 4n
1 on I
1 17
New Or Tex a
Mexico 5s
1 01
1 no
10 84
U S Rub 7H
Dtl i. Hud cv
B 00S
4 00'4
2 00
2 00'n
Il'd S Steel 5s
fi Ot'a
1 05
10 95
A .... 814
Del & Hud
1.... 103H
Dcniiiiirk Con
Mn.nu 3s w I
N Y Cont'l Is
2 HO 4
1 80
2 1S
N Y Oenfl 0s
r. os
2.... 08
Titn & R O Is
2 . . . 114
5 HI
D H I! li 1'iH
10 0S'
D'S MoIiich &
lt Vmita Is
1 41
DulU C of '21
0 .... 6'
Do Canada '2il
l..
l..
i..
l..
i. .
N Y
01
01
01
00 t
HO?
01
Wi-st'n Sid la
II 54
3 B4
Wn Pacific 1st
1 .... 83S
V union 4 '4u
B 8d
W I. Mfir 7s
3 08 .
t. .. 08.
t... . 0Si
2.. I'S,
2 08 'i
I.. . HX'i,
Wilson Co 1st
Ctl
fl'is
B ...
N Y O
1 ...
. o;
s rets
102 '.4
li..
10:
N Y'k r.lstit V
I'wr Is
1... . 07
.New V II J
II 4s '50
s:i
1
. 8!t
II jr.
!!i.7i!
W. 14
MI.4I1
S'.fiO
Ml OS
Ml. 1)4
117.24
7.1!S
i.
47
1 1 1Kb
111. SO
W.44
MUtl
S.1.70
Ml. 115
Ml. 11!
i..i
IU.71!
W.44
MI.4II
s.-.r.n
M1.01!
M1.00
117.1! 1
117. 'J I
Libert 4
I.lhertj
Liberty
M
1st
l-i .
I'i-..
Liberty
Libert :kl l'is. .
Liberty 4th 4'i-.
Victory Notes .'iiH 117.1! I
Vli'too Notes I'it.OT.L'S
Gold From Turkey
Nou- York, Keb. 2 --Tho first !.himnt
of gold from Turkey Blnro before Hie
war arrlvtil In New York on Momluj by
tho HtenniHliIp Angi'leH. It was rnn
alimed to the "iuininty Trust i'o or .Sen
York from the lalter'n I'oiiHtatitlimide
office. lUKl amounte.1 to 50,000 Turkish
pounds, or about $2111,500 The xhip
ment wan entirelv In ifolil eolim or Tur
key, nnd w.ih fonlaliied In a key-open-liitr
wfo mudu In lllrmlnchnm, Knuhunl.
beforo the thus of eomblnatlon locks.
B. R. & P. Pays $3 on Common
cv "York. I'Vb 2. Tlio Uuffalo,
nochester ami Pittsburgh Hallway Co
declared u leiul.innunl dividend of $a
on tho coniniun Hioek and the regiilar
semiannual dlxldnul of $3 on the pre
ferred stock, boib payahlft February 15
to ptock of recrl Kehrunry 10. Pre
viously, the iimjnv had been piiIiir
dhldendH of ?.' a s.iare on tho common
Hcmlnntmnlh
Montnna Lumber Yarda Consolidate
Orent IrivllN, Slimt., l''t b. S.' --C'onpoll-riatlon
under tho nnme ot tho Monnrcli
Lumber Co. of more than one hundred
ret.ill lumber yards In Montnna was an
nounced here today. Headquarters will
bo In Oreat Kails Inercuunl economy
In tnuniiftrmrnt wiw K'ven as the reason
for the merger
Liverpool Cotton
I.Ueriiool, Feb. I mierx as a ile
mand for spot cotton tncl.iy with prin-o
uteailj on tho basis of an advance of lu
points for middling at S 5Sd The sales
wero 5UU bales. There ern no receipts
Kutuies were steady In the oarly deal
InKs Spot prices wcie' American, mid
dllng fair, 12 33d ; koo4 middling, to OS. I ;
fully inlddlliiFT, 9.43d; middling, 8 58(1;
low mlddllnir, l.itti- Rood ordlnnrv
, 5.33d. and uidlunrr, 5l8d.
NEW YORK COFFEE MARKET
New York, I'cb. 2. Tho market for
coffee futures opened ono point lilfihcr
to two points lower this morning, yes
terday's Into decline seemed to linvo
dlscouutcd tlio poor showlnic of tbo onrlj
official cables today. Hpcculatlvc In
terest In coffee Is very much restricted
and most of tho recent business lias
been In the nnttiro of hedging transac
tions against actual coffee.
While tho receipts ut JlIo showed
a sharp Increusc, Santos nnd tho other
two points showeu a toning on, out ""
sufficiently marked to have much Influ
ence. . ...
Toward midday n Iltim scnuerins
.!. ,1 f,i- Mir nnd .Tlllr CllUied II
rally of 1 (0 7 points, with little for
sale. However, thn inurket seemed to
lack snup of any kind und trading
dragged along quietly.
l'rcv. Clo Opn
farch n.4H0so n.4oBr,o
May ...v....::;;;:.!;- n.B8tm n.Rswss
July I-a-i5 J-r'.XSS
Heptemoer i,' i.uiifu-.
MONEY-LENDING RATES
NI'AV YORK---.Money on coll, both
clnses of collateral, opened today nt 8
per cent for lending and renewing".
rillhADKM'lUA Call. 6 per cent;
lime, 6 per cent: commercial paper,
three to nix months, 6 per cent.
(Note--Theso arc merely nominal
fpiotatlons, as tho lefeal rato of Interest
In tho state or Pennsylvania is iixeu i
6 per cent. Plus premiums and com
mission, tlino money, for thirty to
ninety days, Is loaned nt 8 to 8 ',4 per
rent, whilo commercial paper, from
threo to six months. Is belnp offered at
8 to 8 , per cent)
$100,000
City of
Detroit, Mich.
Gen'l. Imp. School 5s
Due 1936
Price to yield 5.10
Blodget & Co.
Real Estate Trust Bldg., Phila.
BostoR Chicago New York
Walnut 160G Rnco 1271
Riordon Go., Ltd.
Twenty-Year Wo Bonds
These bonds are the obli
gation of one of the largest
manufacturers of bleached
sulphite pulp in the world,
and can be purchased to
yield over 8. We recom
mend the purchase of long
time bonds at the present
time.
Ask for Circular F-8
Harris, Forbes & Co.
Pin Otreet, Corner William
NEW YORK
PHILADELPHIA OFFICE.
Widemor Bldg.
Wc offer
l
Southern Calif. Edison Co. j
Gen. & Ref. 6s, 1944
I
Yield 7.10"c
Niagara & Erie Power Co.
First 5s, 1941
Yield 7zr'c, Pa. Tnx Refunded
Kansas City Power & Lt. Co. !
First & Ref. 8s, 1940
Yield 8r'r, Pa. Tax Refunded
Welsh Brothers
028 Chestnut Stuust'
Philadelphia
Lombard 1543
Investments
Baker, Ayling & Young
JOSEril W. SWAIN. Jp Munnirr
Land Title Bldg.
Boiton Philadelphia
TREiSURER
dtrrtUer, ho him lipid
pnidtluii of I'rraftiirer for it
number of iNjrn of u rir
ixirnlliin iIoIiik n bimlnent of
) til KPiril lllllllllllN hii-
iiliall), nciH Hffl.. iii'm ran
nerlliiii. iiiniirteiit lo tiikr
pnllrr rlirite of llniiiicru, r.
rountliiK, ereilltn n ti tl nillri
IIuiim or Keiirrul niiiiiiiunirni.
Heroril ileun. Hi t of bnnl.
Iiik, hiiKliieim und prmonul
refrrenee. All rorreNpnnd-rni-fi
i oiillilenllul. AddrehH
Tretiiiurrr, 1. O. llo IftO'J.
I'UIU.
I
rfctual Movement of 25 Bonds ftirpcrocf of 2 years
During the war period bonds and stocks
were at low levels. After the armistice
bonds went down even further, reaching new
low levels in June, July, 1920, and again in
December, 1920. Since December, 1920, a
better movement is apparent and all indi
cations point to a gradual raising of bond
prices with consequent decrease in yield. A
study of the chart will show the movement
from high of 80 in January, 1919, to low of
67 in December, 1920.
As money becomes easy and interest
rates decrease, bond prices, according to all
precedents, should advance.
We recommend the purchase of high
grade bonds now.
GEO.WKENDRICK 3rd 5? CO.
c7?3J2ers .
1431 WALNUT ST. . PHILADELPHIA.
Members New York and
Philadelphia Stock nxchanses
The
First National Bank
of Boston
Transacts Commercial
Banking Business
of Every Nature
Make it your New England Bank
Capital. Surplus and
The Strength of
Power Bonds
Bonbright
437 Chestnut
New York Boston
Quality or Quantity
Which ?
I Ml I i. li il. ti 1. M. I i tvm 10 -. ri-rf of .1 ttl.t. , im.4 .Seu orU MO..
1 .MilmnKe Hn-urii) than I fhareH uf n very much unlisted sto'-k
ou nuw pun-iaii .nv nt h Io'Im trr.nln N York Stock Ux-
i-huiiKu stHMiiltiei throuKh Uh on nut lv.rtml I'njni nt rinn In lots a'l
Miiall as 10 shares I'.ij an Inlnal d.-iwi'. und thn lmUncn In conenlen't
monthly Installments,
Our booklet "Sav.nn and Inventing will lie cheerfully sent you
on icquen!.. It explains the) ston
Alan A. Alexander 8c Co.
STOCKS and BONDS
COLONIAL TRUST
llrll : l.fx-unt MIO 1 2-U-t
Ivrjutonr: uce 1071
.mllllll" . UXllUS
, .. IC
Twenty-Year 8
Bond Secured Gold Notes
of Public t tllltv fotnpany operat
ItiK In llftt en stalei
J1S0 par value of bonds nledRivl
for lath S100 par aluo of note
nUtntimdl'iB
liuitj tepiesonted by Invehtnient
in junior el'urltls etc aKKre
Kiltc- $.'fi.iiO",00n,
Price to yield 8Vs
( i 'k M 11 i it I clirv
Fairman & Company
Drexel Building, Phila.
I t,iblllml I'JII'-'
31 A. H. Bickmore & Co.
Ill Broadway, New York
JYrrrmTTTTrrvT! r itntmi rrrirr.
INCOME TAX RETURNS
PREPARED
Trlf'jlinni. l.o(ul llK'l nflrr II I'. A
ii r iidilroH -III l'arl.UH) llullcJlnsr,
I'lilln, for upiHilnlnirnt.
wr
Telephones! Hell Bprur 0120
Keystone Race 1138
Profits, $37,500,000
Steady revqnue, small op
crating charges and a
service essential to mod
ern life and industry, are
some of the reasons why
mortgage bonds of estab
lished electric power com
panies are so popular.
We suggest the First and
Refunding Mortgage 6s of
the Northern States
Power Co.
For further information
and price, write for Cir
cular 7.W5.
& Company
Street, Philadelphia
Chicago Detroit
BLDG., PHILADELPHIA
llrnnch )inr
Ilrldcton. N. J.
iVetu Imiuc
$100,000
Milton, Pennsylvania
6(V School Dist. Bonds
Kxccmpl from Federal Incomo
Tnxes.
Duo seriully $1000 each year.
1922 to l'J4b but hUbjcct to re'
dcmption Fub. 1st, 193G.
Wc OITcr Theso Donda to
Yield 5.20
for hc several muturitlea un
to 1936.
HENDERSON & L0EK
Bankers
Members or" New York and
Philadelphia Stock Eichanqts,
14IO Chestnut ,
!
--J
.jfi