fW -V&JViW ;v -" "' ."" S? fir-a ?MBSJjpe, v- !TSs?5yvv;-rt ( ; t -,, ,-, . 'J, V ' Copper mocks And the Copper Industry Some pli" ''V ,,old n nWn wordt relative . la producer, and refiner, of the metal. n;,aW reduction and Missions, probable future forecasted. Following well-known is sues ar discussed in a Special Letter now ready t American Smelting Anaconda Cerro de Pasco Inspiration Kennecott Comet mailed upon written or personal request. Smith, Redpaih & Co. Mrmurre I'lilta. Htoclc Kiehanie 1524 Walnut St. I'HIUUIUM'IIIA I'hiinet ripruce 0880 EVBNINa PUBLIC liEDGEBr-PHlUADBLPHIA', MONDAY, FEBRUARY 7, 1921 10 GOSSIP OF THE STREET X in flY tiMStaulj-itin nf Aeitnie... ..-.. !. io financial district at tlio dose, of lost JjecK were thn same, as thnso thit liavo .i.l' . ' BiCfl,iy tor weeks pant, con sistlnc nlninof tui.Au.. -u. l'.. .... fnyomble development and predictions of coming declines. Theso statements were !;;?.; '" Ynr " circles, ranglnir from Privilege brokers to lcadlnB members f, J!10 j" oxelmngo and practically ?!' "J0 trailing clement seemed disposed ..i?.i n. Pos','l" m '" I,0 side, re crults belne nddud to tlio bear rnnltH as ,tty r VCi bcpn. constantly, day nfter day. for a Ionic lime pant. rn 11.25? '?. '"''"""fl discission of the ?.. "It'jntlon and It Is thought by "inV.,att tlle "IntementH mndo by Uen So? ierbu.ry Jy01'1'1 Ilnvo n Influence TlK ". t.n(lln ,n 'nnturod railroad wi?M .',? but on ,th0 flnnncIpB Icli many companies liavo n project. niti" V corProtioji statement of tin. It llOt I nPflni-0 in U I..-....! .. ni .. ii expected to n,ld another factor to lw'ma,kct,rr t,,n tter and bring nmny bcnrli TlnfluenM, vblrh ,!, ' i rcversal "' " Prt. llinnull .. ... ---.-.-.. .-.-,. "t: vc-.,or PinR out nbort lines jvnn one of derllninr prices, an n wholp, I irotiRlinut tlio llHt, tWo Is n fcflllnR In Uie best market elrnteM that within n reasonably short time, unless tbero arc i rii r. ,nrK0 offorlngfi of securities, n decided turn for tlio better will tnkc Pi cli nH " Ir regarded as certainty I !n l l"1 m"e""t ludlumtlon of securltlcfi vin have been overcome nd a better de mand created tlmn now obtain. In tbo faro of the unununlly large olferlngn of the last couple of weeks, It Is not dim cult to find an explanation for the downward movement which hns been under way In practically all Issues. Hoiiil men realize that n perfectly good healthy marhot can easily be de stroyed by too extensive offerings of new ("sues, and jet whenever thpro Is any pronounced Improvement In the market there Immediately follows n eoncertrd move on the pnrt of numproijs of the largo houses to Hood tlio market with tllltlMllAlltf InMrn n.xn.t nl u n tiAn.t. notes, etc. When the new issue of I'Aiinsyivnnla Ilallroad flvi per rent uihhm wns nraviiy ox'orsuiiHeriDed. there was n feeling In the trade that this might hove a tendency to turn the vptlr nuout a Counties Gas & Elect. Co. Gen. Mtgo. 5re Bonds Due October 1, 1062 Prleo to yield about 6.7590 Georgia Ry. & Power Co. lit & Ref. 5 Bonds Duo April 1, 1054 Price to yield about 6.75ft The D. B. Martin Co. of Pa. Firt 6 Bonds Duo January 1, 1935 Price to yield about Tfo General Asphalt Co. Debenture 6 Bonds Due April 1, 1025 Price to yield about 7.50 Elkins, Morris & Co. Land Title Bid?., Phila. Mtotnbcra Kf Vorlc A Fhlla. fltoelt nxchansra New lisae $100,000 Milton, Pennsylvania 6 School Dist. Bonds Exccmpt from Federal Inconio Taxes. Duo serially $4000 each year. 1922 to 1046, but subject to re demption Fob. 1st, 1930. Wo Offer Theso Bonds to Yield 5.20 fir fhe several maturities up to 193G. NEWEURGeR , N WR50N & L0EB Bankers Members cf Nov York and Philadelphia Stock Exchanges atuu vnesnun at. U stocks since ilm nD.in ...l...t nroi nd the middle of last month. n.0 market, however, has been nc n'p'l these attack's and there are 3. 1 i comment on the fact that S.i ?. t Vonr .element Is easily success, vni. .i .'" 'c lnc" at frequent intar. l, !nt, ne,t"ia lon '"'H'KB havo not l'Z ' "tiirbeil and It is a matter of ST'" raJ ""'ler.tandlng in the street that L mVf Ule 7ccl,t 8Clllnlf na'1 been for snort account. l,;lnUi',e of ,t,,.. "Peculstivo element H, . "o Indication of uneasiness nnoilt the innrknf niilll, ....1 .1.. t,.!.1ip,.,ient !? mn,, nbout tcnt'y nccn iiitiwir Tma'!y Htock'' l,y Important ii.ii ii . .. "siii sinicu inai I'llUOll StatPH Hto,l xmnmn., Iu k..l.. eodily taken from tho Htreet nnd ref. prcn.cc is mndo to tlm manner jii which that stock acted last week as indicat ing that tho flontlnir uumil.. !... ;... cxtromcly smnll. " ' " Home of those who have matched ine irauing, hut who hnvo had littlo to (,ay, refer to the action of Scnrs, lloebuck nnd Atlantic Gulf & West miin iih jnuicaung mat the short po sition in the market linn Wnm ... crowded and they lowc tor urgent cov truiK oi snorts in many of tho active biockh during tho coming week. American Hide & Leather preferred, Which UOH been In llrirnnf ilninnn.l l.i the loan crowd for some days, Is also BPokcn of as a stock In which covering of shorts may makn n suuatantlal change In its market position. Hlmllar KiaicmeniH are made in tfsunl io t'ru clblo Steel and Baldwin Locomotive. There Is n ray of nopo turnishcd In tho easier situation in the. call money market on Saturday, n moderate amount of money being left unloancd at tho end of the day. This was nt trlbuted to tho rcappearoiico of out-of town money in largo volume. Belter Outlook In Bonds While tho market for bonds lust week generally lower lvol being established throughout the entire list. Naturally. when money rntes stweprd, the no maml for short-term notes weakened rcause institutional buying Immediately becomn eliminated p,s a factor In the market. y Afnrhet Opinion HiighM & Dior Htablllmtlon of production costs at a level which stimu lates consumption, is a matter which calls for ttio best thought and the best effort of our people. There Is much which yhnuiii lm done, and much which can be done, a greot deal of which Is already being dons, nnd this Is encour aging, far. sighted Investment Interests to go Into tho mnrkst and absorb our sound dividend and Interest-paying In vestment securities ln a volume which In. In mnnv cnnos. denuding thn market of the Hosting supply of such Issues. Careful observation Indicates Hint mot ters oro gradually working thonisrlvrs out Into better shape, that conditions arc Improving dy br day, o,nd that tho country Is getting rapidly foundntloiied on such n basis that not only wl busi ness Improve nnd becomo prosperous, but nso thnt the market for securities will sympathetically Improve ami that We may conlldsntaly look (or a strong and buoyant market bfort the close of the current year." Wewt & Co, As against a general opinion that n reaoilnn shoull have op- i i iiH ' - New York Bonds WIHII in n ! - i I A' I 1.. I.. 1 . Am I s Slump In Pennsylvania 0s It SUbsPdlinntlv ilnvMnnpil. linwAvnr. that the l'ennsyWnnta boridH were not as Well llllltrllilltil na tnlirht hnvn linon desired, as within a day or so after the' nirreil In Hip latter half of January, the allotments were made there was a sharp rciicuon io a love! below tho price, at which the issues was placed with the public. Kventually, these bonds, un questionably, will experience better ment, but the opinion at the moment In tho beat bund market quarters Is that such a situation will not dcvelon until after the bomln have licrmnn hotter dis tributed. 'Hits week there probably will b an offering- of Chile Government bonds, The bonkers engaged In tho transaction already have made a definite proposition to tho Chilean Government which is awaiting an unswer. It Is understood that Chile was desirous of obtaining sno.OOO.OOO of now money, but the bankers aro said to feel disposed only to favor her with half that amount.' This Is the flrst floiith American financing that has been undertaken in this country for some tlmo pust, and while there are other South American countries that aro deNlrnus.of obtaining financial accommodations hero It was sold that the miccchm of tho Chilean undertaking will have an Important bearing on Whether or not other trans actions of (his character will be arranged at the moment. Numerous Kuropean governments nlxo are said to be ilenlroiis of negotiat ing loans In this country, nnd if the success of recent foreign government issues may be accepted m a critorion, a reasonable degree of success would at tend such offerings, assuming, qf course, that prices were mado equally as attrno tlvo as those carried by the Belgian nnd Denmark Issues. Toor Market for Short .Term Notes Because of the unusually high interest rates which obtained labt wecK, tho do mnnd for short-term notes fell off con siderably and prices declined to an ap preciable extent in home issues, with a 1. 1.. j.. l.. is.. R.. 4.. 2. 10SH 103 4 man insu J OS 'A 103U 10ft market has hold to the level established carlv in thn month. Mnnv tirotesSloual attpmpta to bring obout a renewal of thn downward tendency hfte failed The main reason for this steadiness Is the better sentiment in business since the first of the year. fnlr demand now cxUts in lenther, silk and cotton goods, and while other lines, such ns steel and oil, have been compelled to shade prices, there is a better business being done thnp in November or De cember. It Is a little early in tho year to make definite predictions that n fall ing off will not again occur but at the moment It seems unlikely. Another reo son for the steoijlness of the stock mar ket Is the Improved condition of the banks, ns Is omphasltd by tin last report of tho federal reserve system Knowing a mtlo of reserves to deposits of 40.1 per cent, ngolnst 48, B per eent of the previous week nnd 44.5 per cent a year ago. Hrcher Co. We have had enough bad news of all sorts last week which, with 8 per cpnt and 0 per cent money, would have caused n serious decllno hod it not uecn that mnny stnegs are sell ing below values. Notwithstanding the extreme pressure nnd pounding tho mnr kpt has been subjected to since Monday prices of active stocks are very little off from the closings of that day. Judging by the slight progress under extremely bearish conditions the natural Infer ence would bo that easier money and n little good news would causa a sub stflntlnl rally. TUB THADKn. Not arnlntro of the Chicago, Milwau kee and St. 1'aul ltallroad Co. for 1920 nro estimated at approximately 15,(00, 000. or the equivalent of about H.74 a share on tho nroforrcd stock. This esti mate Ik based on federal compensation for olnht month and earnings under prlvato management for four .months. tBAI.KS IN I0M Amn Hm.lt i. 3.... 102 1. ... 7T'.i JUf'gfis t.... 10J 1... . 7T',i n TTH Oil Trunk rets 1 TT A T T p 4 ' 1 . . . 101 W Oron 8 ! lis 'i OftU 1.... Ull'A 2 00 H i :,... tom r nn a wi .... io n.... iuit i'U yvA .... Mi, IliM h Mnn M ,,... t04 .... on N 03'i at onVi T Us ft. . till SO..... HO "4 .... nrvs i os s..... mm on a su. a oou . ... OAVi JlU't ft Mini III I'enna II II In i HU 1. ... 0tM4 Ann Arbor 4 X S1H Alcli Toiieku ti H'n To 4 J ... T 4 78 'J 7B Atuli TopkK A H'a V cv 4 1 ASVi Allant'c nf'tf flUi wl it, nt is nv, IT.... ooi 1... . i'ii 11.,... U'J'i n oo'i 4 ooU n nun s on Unit Ohm rv 3 08 1 IS 5 08 1 I KK 1 fcatt Unit 4 Ohio U t. 1 ns4i in ... . ns I 2 Unit t Ohio Sal 1 1 .... OS .1 1. ... IISH 'i 5... . t)84 a Uell T 7 rct' 1 1.. .. 1II21. l M Murine 111 1. .. IO-JV4 B Sl4 t .. tuaW Iowa Cent'l 4 Ilrkn IUi'1.1 l" a 4QV4 rl 7 l Jl Onve' t ll 2 ... 41 1 Ht Manager Philadelphia Office A conservative Investment Banking House desires to se cure a mun thoroughly familiur with tho distribution of hiKh Brade Bccurities who will open and manage a Philadelphia omce. Securities distributed are those originated by the more important hanking syndicates. aii balary "nd commission. All replies treated ns confiden tial. State previous experience, aije and qualifications. Addrets Box 41, Doremus & Co., 44 Broad street, Now York. Boles $.We$twood Mambas Phila.iock.Exchans INVESTMENT SECURITIES LanriTitle Bld4, Philadelphia rnotiE locust 4721 I &?' jg5 jSS 52 Chestnut Street Capital 5,200,000 Surplus 16,000,000 Funds held in Trust more than $250,000,009 is an advantage to the wife and family of a man of small means when a trust company is appointed Executor of his Will, because : (i) They are assured of an Exe cutor experienced in the man agement and settlement of estates. (2) They are not subject to the disadvantages resulting from the death or disability of their chosen Executor, as would be the case if an individual acted for them. (3) 'lc charges are moderate. Fidelity Trust Company 325 Chestnut Street 1431 Chestnut Street 0324 Woodland Avenue West Philadelphia 1 investor's Pocket Record accorrtanco wf.W"-,, Compiled In Ir. . ....... .- Lrfjss, Income V7. SJftln and ilon 'o7 fiWraJ'.,H'd informa. (from H u to 10)' inercat TnbI Gladly furnishes 0'n application. Geo. A. Huhn & Sons a'nli'r. Ir,",""n'". New VorU 1,,lu' St., PhlUd.lPhl "1 Broadway, Ne Yorlr l ''m-nibt'rt"2s5icA'r!!"n'" " NEW ISSUE D.t.d AufUtt 1, 1020 $1,656,000 Long Island Railroad Company Controlled and operated by the Pennsylvania Railroad Company through ownership of practically the entire capital stock Six Per Cent Equipment Tni5t StrUs "Cf Duel $138,000 each yinr Irani Auguit I, 1021, up to Auguit I, 1832 ISSUED UNDER PHILADELPHIA PLAN littarett Ktbrusry A Aujutt r...t nl nulnmcnt S2.O70.080 Cli pnymtnl .... Coit ol .quipm.ni. Amoui 0 Equipment Notts Inutd. . . ,11,658,000 1414,080 S.cur.d on 100 Lnd.rd ttttl piwnr csrs. Truite Fidelity Trutt Co., PhiUdtlphl Price: Yieldinjj 6 The Long ItUnd R. R. Co. w Incorpomted In Nw York lit 1834, Ih. Compnny h. outtUndlne 34,110,250 of t0'1''.0.' Yhlch S3,B23,B0O I. owned by the PENNSYLVANIA .RAILROAD whlih fu"ntee over JZS.000,000 ol the Long I.l.nd Cotnp.ny's refunding bondi. The Long UUnd Rallro.d Compeny owns 322 milee of ro.d from Lpng lelend City end Dy Ridge Drooklyn, to G enpirt niOlcnliuk, el the enetem end of Long liUnd, with numerout brenthee, and Icaeet 70 mllet ol road, no mlUi of road owned end 37 mllee ol the leaeed line are double tracked. Practically the entire tyitem In the ..J . of the UUnd I hi" been electrified, and trains aire operated Into the Pennsylvania Station In New York City. ThVcopany.oentro, all ol the electric railway, on Long t.land, excepting theie ol the Brooklyn Repld Tran.ft Company'a eyetem. , Plympton, Gardiner & Co. 40 Wall Street, New York Cassatt & Co. Philadelphia New York All ol the sbovt litue having been .old Oil advertisement appear, si matter of record only, ft 4v 3.... 102 1.... 102 Qil Trunk rcl 1... 101 W 1.... 101H a,... iom i. ... iol I I ll.1 L Mnn fit N 03'i r. . mi I OS a siM, JlU't ft Mnn Hi IT... . 2(1 o.. .. aim ! :3i 1 S.1IV. R . 20',. s, . mw 1 .. . 2UV4 s ... uim io .... :dm III Cintrnl 3 .... 7Mi III i.'cn'l 4k 'Ai 1... . T2V4 III Ceu'l ,1.1 a 71 1 Ik HivuI 1 ,(! 4. . . 80'4 IiiUmiii M 4't 2 80V4 a . . 2UA S... , l!0t4 I. ... !I0H Mt Mt cMW f. .... 18'4 1 1HK 10. . . leU If.. ... lSW S 1SU Intlioro 11 T fu lt4U rupea On t. CJ Co p 2 TO rr Marqi tr 4..,.. 8ZH Phil Oounly rv 7 OlH Plilla 11 T 4' 1 TI'A nestling n 1 82 4 HUH 1 S2 iiocs isM a - Louis n. 4'e J OT't St L I Ml 1 n t a iiv 4 i,,... osi; HI U fl V e! 3 ' 4 A4S MUlPt I. t H K In C4Si 4M SH A4 A4U 4 .. . IIH 1... 41H Caiiaillnn .N n ll. ret. 4. 10.. 2. 10.. 3 . S. 1 4.. S. loos tons ion iom; mm; KSMi HHl'i mo tui l si a si 1. ..si Jhii tjov't and 10 81 J. liuvo't 4. 1 4M a 4B 7 4T Bt I. rl Vron Series A 1 01 W 1 Ol'i 1 OHi Bt I. Bow'n tBl 1 AT Ht P Kan C B U t'A' Centl nf U en 1. .. 8Sl Ctl lctnc let 0.. .. TS Ch k II tfl 1,. .. 83M, CnU & O 4V4 i :'4 n.. .. TRU 2.. . T8 3. . . TO C II o cv 44 rt. . . . Trt 2 .. 781 C'k ft l) cv Ae i! .. S3Mi 4 R2 1. . SIV4 C 11 t Q II 8U 8 .... 1 8 ICntt C A 1 8 1 Knn O A 3. Chi I I . n. 0. r C ii 10. Chi . 1. Chi 1. .. 1 8 lUn C & 1 1 1 K i! T 3 0 om oau 9 in m SPH 2UV. H 3 83 88 68 84 84H 84 V4 S An . 74H . 74 H . 741 Itly T24 1.. Soub'd 1... 2... 0... 2... Sesb'it A 1.. Heab'U A 1... 1... So'n Pacini- 4a 1 71 Bo'n I'acMi- M 1 77 S'n l'no cv 4e 8 7S 1 is 8'n Itallw'v 41 , 00 Ulan'il Oil of Calf rein OR '4 I. nl .18 '4 88 V. R8 38H I. t'l nu; I. Ila ins 4i Financial Briofs The nvorsRe price of twenty nctlvo ln dUHlrlnl stocks itatnod .Jl per cent, lo 75.08, Hntunluy, whir twenty railroads atlvnnood .34 per cent, to 74.1(0, In tho last yaar tho Federal Hcrei-ve llnnkD lisvn rvpurtod a sulistnntlul re duotlon In tho amount of lonns to mem ber hanks on iiaper secured by aovern ment war obligations. On January 21, total of loann secured by Koveniment ohllyatlons was 1 1,018, J00,000. aa com liarod with fl, 484, 300, 000 on January 2, 1021), a derrenno of MIB.BUO.OOD. Tho Columbia f'luli nnnouncea that It Is prcKirid to rwlaum second niorlajuifi" bonds us provided In the mortKWfB, and requests holders thereof to wend their names and uddresscn and Invito tenders of ssld bonds for redemption, (Irrat llrltnln reduced her national debt by $1,238,000,000 In 1020. The Urlt- inn upiii. iiuiBiiinuinif uii iriiuiii".! was JI,1KO,000,000. computed with total debt of 140,406,000,000 at close of 101U. Less than one-sixth of tho Ilrltlsli debt, or B,!17,,'iOO,00O, In owed to forelBn countries, principally to tho United Htates. New tlnnjiclnit of the Invincible Oil roriNinttloii will bo noted on this week at n meeting of stockholders. Tho Issue iv III bo tho form of B per cant oonvortlble uitcs nnd amount to ubout 13,000,000. Of this, 2, 000,000 will be used to meet the 7 per cent note Issue, wliloh matures next month nnd tho balance mt addi tional working capital. Announcement by the New York Stock HxhunKe Olcarlmr House Corporation that It would begin handling Liberty linnitn l-Vlirnurv 1.1 u-ni rcCLU'Cd with rainlil,.rnlil. li,lrnl In flnnncllll OlfClCB. as It will mean elimination of much transporting of Liberty bonds through streets In making deliveries and mini mize danger of robbers. Tho annua' report of the P. W Wool worth Co. for tho year ended December 31 shown Burplus, nftor depreciation, chnrgcH, federal taxos and . preferred dividends of J8.017.7S1, equlvnlent to $13.87 a share on tho $65,000,000 com mon stock This compares with surplus of t8,rR4. 435, or $17.11, on thn outstand ing: $GO,000,ooo common stock in the previous year. jIHARIMRF MEN OPEN CONVENTION Four-Day Session to Advanco Interests of Trade Starts at Hotel Here MAYOR TO GIVE SPEECH Itarilunrr Interr-nts nre belnc con sldurnl nt the rniivrniiiin of the l'enn- irli-nnln niwl AUnlllll' Kl'lllxllinl Ilnril- wnre AsKnclnllon. In nrj'iitri for four ilnxs. start nz today, nt tho Hellr-vuo- yiNANCIl.M. M.(I.HA I.tirUrOKT (INTAIIIO nUTIt CIIJil'ANV irriiiMlinir ,iinriilire rinKin mnn (ioTit tloliils line IW3S, Tho Koult.ihle t'limPHny of Nf rl,.,... Yiirti na Tru.li'ii iinilcr Nlnsars IeUport n iintsrln row, r ('nmimnv lliirtssg naie'i .innuary St luis, hereby Invitee offer, lo Ih'i WiiViliiK l-uni fr the 1 of lundii liuil timler nnlil MortKntre, to rihsiuit thn um of linn Ihinrlreil nnd IHuhtoen Thouennd, Threo Hun'lred Thirty-two Dollar, and Thirty-s-ven tnl. (1118,832 S7l, Hnaleil nrrorii will he openeil nl tho nlllM f I ho unrrrlnn-il, No. 8T Wall alnet. Mn' York r-ny Bt j o'rinrk itoon. on IVhrnnry ll 1021, nml shiiulil lm endnril "Offer, for llie Hile nr llnnri. In the NlRar. iKicUpore Sr Ontario Power r-omn..nv flnklnn Fund " liffen fhritiM l Hildre.anl to tho Tru.C and l nsrtinenl The iljthl In re.ervril to reject any nil offer.. mi: ICCIL'ITA 111.11 TRffiT f'OMPANY XKIV Vfllllf Tni.l.a . Ily LYMAN IIHOADKH VU-e l'renlden imipti rtfvi, TO York. N Y , Kelirimry 7, lt'21 i Till: IIOI.IIKIIM Ol" KASTF.ItN TIl(l.Kt.M COMPANY. Pnjn lue. ir rent due September Thouah current earnings are. running at u low rnto, American Hmeltmir u net In tho nine years to December 31. 1919. avernitad $13,7,(81 annually, and the balance available for the common stock averaged $7,273,266. oqual to $11. 9i a shsre on the $o0.9i,000 common now outstanding. On basis of this rocord It does not appear that directors over stepped tlio bounds of cmisarvntlsm In authorUIng tha usual dividend at the recent meeting. LONDON STOCK MARKET 08 h Q 4. . 07H .. 07H .. t'TH . HTM UTS ! I rt l .. 83 Kr(e 1.1 SOH IC llelKlum il 1 01 K Ueli'm T'4 8. 1. 10. 1. 101 . IOM. pill. iniS mi U 101 lOP.i 00T4 Trrm'l n II A OSHl of fit L 4. -li 1... . 72 US'. Third Ave nl in., n.. a. n l. r. . 3. & I) V 4e niH .... 82 82 3.. 1. on ni o oan It lleiam S wi 1.... a. Oilooui) Mil t Kingdom UOH 0014 0014 onu nm oo ; nor. him; im Ien- Tldlwater Oil Co 0. wi 2 OS' 1' rl Ii I mark ct S. Kingdom way et 00 H 02 Oltctiifo Mil Ht P 4. '2.1 I 1 70 I 1 731i t'hlrnsn Mil A Ht V ov 8. ,' 2 WIS I 2 COS fill Itullvv'N At. i oau CIlll'ltHII II 11 H I'nc fd 1 C8 I 17 UTV. ' a ii7'i I'liy Heme s. I 1 (Ml 1 3.. ,. US' City llord'x n. t SO 1 HO CIihu I'm 1.. .. 72 1. .. 7S'4 City t'oi.'g r.'i I .... 74 City Purl, iii l on riy ToVIo 8 3 814 C .urn ii 1 .. OH';. Mid H ci'ii rin cm a .08 V4 osh tlhi IIS'4 Nui 2.... 8 . 2.... 1. 82 3.1 .1.1 '4 HI 1 Col" t sm i- f , . as I 2. i rlii'n 4k,M,i i Nl4 1. 1110 l oo; 1.... ion 1.... 100 l tm, 2 UOH I.ucll Hleel '.' 1 0IH l.nelt Hleel M 8 78 10 78 .nlm Hlmrn A Knullt'n 3ia 8 US . ii M)etN I ... 103-v "-lllanl i sm II ... Ml-' .uuia & Nu.h Mono 4a 1 71, I .oil Ns'h 7 2.. . 101 l.nui-i It: .Sattl St I. dv Hfl 1 ... 82 'i Oil . 70 8... 10 ... 111.. 12 .1.... 1.... 13.. . 20.... IT.... Tt I. II).... r.... 3 8 3.. . v os . till OH'i IIS -V. . US'. , 08 . osv. . us. Ii W 4. . 1181 . 18". . 43 4 4.1 111 Union 1'uo M 1 77 10 77 8 ... 7I1; ITnlon Pao 4. 4 82 H Union Pan l! 8,. 100 ',4 V K of (1 llrlt I'd 1021 8 00' C iv nl II ! t I'd 102" ... m . , "'i . .. 88-4 u, II .1 'i" , .. SrtS . . 804 jiutlr . . . . , 33 "i .... 33 1 84 Muxlcii 3 . . . . 1.1 Scattered Liquidation Causes Irreg ularity Oil Group on Mend London. Veb. 7, Thore was scnttorea llnulrtntlon of Btcurltlos on the stock exchange today and tn marKcxs were IrrcBUlar. Tradlmr rcmalnod dull. Oijor ators In tho oil department proceeded cautiously, but tho group was on the mend. Shell 'iranHpori wu u -" Mexican Bngle B,4. Industrials wore .without a leader nnd checkered. Hudson's nay wan 0. Mexicans wero Strong on reports of financial negotiations with Now lork blinkers. French loans lied well. Changes In tho gllt-cdged section were narrow and mixed. nnn. tiActf-inilnnn l&okcn steadiness, moving with New York iixchnngo. Thfv shares of Homo rails wero heavy Ar gentina rails wavereu, nui ,."""" were confined to fractions. Kaffirs wero hard. NEW YORK COFFEE MARKET New York, t). T. l-onr rnnies from Urnxil leil to a lower open nc in I'l.ffi-n futures this mnrnlnn, with call priors 5 to H cents lower. Little at tuition wns jiahl to thn decreasinB re ceipts at the principal primary points. Tho market was under the Influence of rather heavy March liquidation ilnr lnc the morning nml prices toward mlildny were wnrlilnB lower. March sold off to It.'Jlc. May to 0.70c anil July to 7.12 or Ht to 12 points below the prevlmw elnMiiK figures. About 40,000 bogs of March coffee had been trailed In up to 11 o'clock. Prnv fnie Htrntford. The exhibit nf every lino ' l?'5,ft;,,v' meri'liiwidlso handled by (lie linnlwnrr ll0, txcrr()n trailn will be an important fenture oi thn convention. Mayor Moon- will mnke hl nildrcisof welcome to delegates in tho Hose Ilonm of the Ilellcvtie. Stratford thN evenliiB. Henry (3. Hnowilen, ,Tr,, of Meilln. Vn., resilient nf the organisation, will out line tlio object of the convention, lie ginning tomorrow, the rest of tho ses sions will be held nt the Commercial Museum. I.W Smile, editor of Hard ware Age. will rend a paper m "A Talk on Halfsmanshlp." "The .Selling Onme," by A. II . Vnyn. riileiign. and "Your JlnslncsH Hecnrun, ny ". " Miles, nntlonal Held service manager, will be fentures at the Wednesday morn ing sessfon. Colonel Nlieldnn rotter preHinenc oi the Chelten Trust Co., will speak at the Tliursdiiy morning meeting on "Finan cial l ondltlnns. lie will lie tniiowen 0(nr., by V. . Iioyi'fl, dlreitnr of the ntiorinl Iletall Hardware AhMieintlon. who will talk on "Excess, l'mllts." and Sharon K. .Tones, rittshiirgh. M-eretary of the organization, whose address will be on "Your Host investment." The exhibition will he the largest of its kind held b.v the association. More than 400 exhibits will be shown by wholesale hardware dealers from man sections of the country. The Simmons Hardware Co. linn over its booth a huge spread engle with Happing wings mnde of knives. The largest exhibit Is thnt of the .Siippleelllddle Co.. which com prises fifty -four booths. Knelt variety of wares is given nn Individual com partment. Tlie bicycle booth will lie devoted to rnces by professional speed ers. It also has an electric fountain set In ferns and shrubbery, a miniature of the one in Logan Square. Over the display hnngs a large ball made of tiny mirrors, which Is' revolved by nn electric motor. It is so arranged that at night four searchlights can be trnincd nn it from different parts of the building. Scattered among the display nf hunting equipment are a number of stuffed foxes, rabbits and chipmunks. PR, lien eiilli.irriil Irii.t 10 yenr "iiimiiK iiiiiij gold ixinil. , Notice I. Iirroliy nlven that the under alsnrd will recHv on Frlirunrr II, 1021. at . j ,j cini k nnnn. .emeu termer, or propoenin innoe in he eiirrnireo ror I-'clirimrv 1.1. 1021 nt orlce rllnv nn hllnrirtn un.l I n anA nn.. half twr centum (10VV4") of rar plus ne erued Intre.t, out of monoyn In th .biklnn fund nmnuntlnit; to 138,220.01 The rl.ht l reiervrd ,y tlio underjlunrd to reject any ur all Lffer. coi.i'miha TnrsT coiipxny. Trtntee. ny aconaB n WAnitRN. Vice Pre.ldenL Dated Pebrunry 1, 1021. a Anniml Mrrtlnra Krp-VAUV1(I( IKUN n BTKI'.I. COMPANY ,av Th Aniiunl Meetlin; nf IS Stock- holder, of th. Uurwlih Iron A Mteel C'omoan 1 m in. riiiiaagipnia mrj ol i 823 Cheatnut tJIrvet. Turid flotk -, SI. for thn lay. will tie held Comoanv. 8 lrtirimrr Sill. IU2I. ut t n't the flection (if k llonrd uf Ulrectora, to erv lor the rnauins year. Tmnifcr hocilm uf th. Company will ele.e Januury 2Ulh kimI renpen F-hrunry Olh, 1921. If. V TtAT.t.MAN Heretary. I'lllI'.t.lTY Tltt'ST f'OMPANY I'hllnrieltihla. .lanuary 28. 1S21. The etnted a-inual meeilng of the etoek hnldern of thl. company will be held at lie ofne. 32.1-131 rhr.lnut 8tret. Philadelphia, en ToeMlur. Ftlirunry B. 1021, al 12 o'clnek rnnn. for the election of n Hoard of Dl letter, for the eneulns ear. and for thn iruneactlnn 'f .iieh other bu.lne.a aa ma l.e Urounlit Ii fnre them, JOBE I'll M. MOnnta. Seer. tirr. (f- OFPH'K IIP ' BatX rllll.ADI'.l.l'IIIA Tllt'.ST CO.MrANT Philadelphia. January 21, lOJu An Annual Metlns of the Htnekhold.r. of ihle romp.ny will be held at their omce on Tue.iW, Pehruurr 8. 1021. at 12 o'clock in., and on the eame d.y in election will be held, between the houre of 12 o'clock m. and 1 o'clock p. m., for Plrectore to Mrva durlns the enduing year. H. T.. MrC'LOY, Bcretarv. (T-rp TUP. ANNl'AI. Mr.RTIMi OI' Tllij USu" stockholder, of thn Atlenlonn Molllne Mills will b-.held ut the office of In- rjom rany '-M3 . Drexel llulldlng, I'hllndelphla. I'ennei-lvanle on Tiiewlnv. IVbriinry 18, , 1021. at 11 l.i" . m.. mr inn election or nv lir ctn'x lo "-rve lr Hie ensuing year and for eurh other bu.liiess u. ;nuy po brought "" " ;c. nl'HHRT.t. lll'DPI'lrS Weer irS TUP. ANNUAL MKKT7.0 (iFtIIB ' liriV Hiockhnlder.of the Altlrleh I'umn tvmiimny will be held nt the ofBce of tha Company. 283 llrexil llulldhig, PMIadelphta. nn urnuu.'. m u. i.,, iif.i. MI XXUOi for the election of Ova Dlr-r.tort to for tho en.ulns year and for uch other MrSreiU Ptrna p m. rve n-3 TIIK PliNNHYf.VANIA ACADEMY. tlKlHK ri.M". AHTS. Th ANNL'AI. M'l'.i;TINll of the Stock. hn.dr for the elect'on of fair dlreetore to iniee yenrj. rii. ic .lirncior tu i i n-t nnr nnn i -.u earve uapiana Brings o,cuu(uuu in uuiu rnrve tw-n yeara win ne nein lli ,ne ACnilemy, New York Feb. i.W'""' r'h'!lWXhX"W&-H,r. liner Ijiptnnd arrived with $3 200 000 In -; . v v . . rrtTt-i ,v. -I gold bars consumed to Kulm, i-eb & t o. rjp 'H!'rkhnr;N oUf 1A bWiSmI?.? fl . r. t'riu.'d tlai Y.i Mn I'ai'lfli' 48 38 .1 Open il AAtrn.Mi n,n" .n n.sown.si S783S0 T.22'9T.2l T.tSff2ii 3'5 7.H 7.8rtiH1 7.IITWH.O0 TSOflUO U n I. iii! Cii. tin . 100HI l. ... 0714' DeniuurK Con 1 Manu 83 wl I II 08 1.1 OS 2 08V. 1 OS 8. ... OS 1 & 11 ll 4i s llet 1. n 4't- 3.. . no 1 1.. . no I 1 Do Cull S '21 N Y 1 fll 1. 1 1 1 . . . OH 'A 1 6 . . II Clin 3Vj '21 Nnvv 2. . liS't, I. H Jin Caimibi '2i, in. . 1 001, ill 83 1 83 Mo P. io 3 '23 8 (10 Mmit'u Pi' 4 BSH 0 80 Sew ur Te -Mellcu ,1n 1 no N Y Cntl 8 '.4. I 4 . . , un .-N x v;eni 1 lie ... 004 . . DOS ... UOH C 7s ri'le .. III'.)1. .. 103 York I'l'i 3ti. . S3 ... 03 . .. 40 . .. Ii". 4iU. . . 4d 40H 40"; . . 4I1 . . . 4U-S . .. I0"j HI Mi .. IO'i . . 40 j (J H llealty ti Impvt ,1s 10., 4. 3.. 8.. 111.. 10 . a.. .1, . 8.. .1.1 8.. 1. 1. 88. r 6.. I! o 1 . V fi 1 . ,. 4!! 1.. Itlll'l r.uh HIV, S4V4 SI 78 IS 7'4 nnU 00 Vi l0"j U0. V I'liiiuibi 31 New VN II 3 88 llnrt'd flu Him l.ltiht '" 1 ... US -'.. .. SOS 1 .. . 08 Kin- Slenl l.rn 1. . . 07 1 . IIS N V 'lile 4-i,r 1.. . 41S, 3 . T7-. S. . . 4IHiNnfk IV 11 11 S 8,... 12 2 . . 8.1V. Ie It It V " W "y B 3 3841 1 .. 103U 2 HS North Weelern lSrtti It II 0- n flell Tell 7. 4 414 I "US (lov't K It rn 8 ... HUH S 08, 8 .. nns 1.. .. OH'i 1 .... 0H 30 08. I ImIV. 1 ust 1 novi 8 Iistk 1 . I'HH 0.. .. 0HU 4 00V O Hvvlt'd tret. N'n I'uclnc I. 1. .. 102W1 1 77W Hluh Liberty a',is .. . 02.00 U'd S Stee a ni 1... . 08'. If V . I. 8s 1 80M, Vn IIiiIIh's .1. 3 8t 2 St Wiis'ii Klee 1e 1 0.1 Ve ' Weat'n Mil Is 1 81' 1. ... 03K Wn Pttcltlc lt 1 S3 We'll unl"" 2 BBH W K t, .M(u is 8... 1... 3... 4... 8. . 8... WII.011 Co let 8 80 Wis Cenlr'l 4. ! OS lis 11, 0NS nss osn osv. 08V4 Hd.no H7.:io Hil.70 'V'JS . Liberty 2d Is. .. Liberty 1st -t'.s Liberty 2d 4'4s. Liberty .'Id 4V7ih.- i'.2S Liberty 4th 4',. X7.2H Vie Notes ,'i'lis. . II7.'JH Vie Notes 4s... 117. !I0 Trfiw (H.H2 80.40 Hli.llO wi.mi 110.00 H7.00 117.24 (17.21 ' 11.1.1 a in Ol.P'3 Nll1i fl7.:iu K.-i.ttti IIO.L'4 H7.14 07.21 07.24 March May July . Heptoml er December 8000 DISLOYAL TEACHERS IN U. S., SAYS LEGIONARY Investloator Declares 2000 of Them Are In Collerjes and Universities WueJilngton. l'eb. 7. (lly A. l'- There lire 8000 disloyal touchers in educational institutions in thn 1 nltetl Htntes who must be removed, Henry .1. Hvnn, uf Huston, chairman of the Americanism committee of the Ameri can Legion, declared today at a meet ing here of the Legion'H executive com mittee lie eslltnnted that 2000 of these were in colleges nnd universities, Lffnrt- against "the street -corner nullon!" is useless. Mr. Ilynn said, while -chonl childron nml college nnd university students nro being taught by dMiiuil instructors. Mr. Hvnn nnnounceil thnt a meeting of representatives nf u orgulllziltioiiH doing Americanization work would be held In Washington. March 15, for the purpose of consolidating nil Mich work, The organizations to be represented will lie the American Federation of Labor, the Knights nf Columbus, the Y. M. C. A., the Y. W. C. A., the National SiV-uiliv League, the Masons, the Klks. (he Woman's Roosevelt M'mnriul As sociation, the Red Cross nnd the Sal vation Army. The uisiitlve committee will consider the nff'1'' "f l'"' Knights nf Colli nbus to give ..",0otl.00i) for the erection of a iiHliiuiiil iiirmorlnl to the men who lost their lives in tho late war to bu erected In Washington Some members nre understood to be opposed o the ac ceptance of tin donation because of a clause In the offer which provides fur Joint control with the Knights of Co lumbus ns bi'liuf against the policies of the Anierlmn Legion A REAL BOOK OF GRAPHIC CHARTS Covering the price history of all active Stock Exchange is sues has been pre pared by us for the use of investors and traders. While the edition last cople will be gladly tent upon receipt of 10c in ttampt to defray co$t of mailing. Write far Q-JO. and an election ror uireolor te the enaulns year. "Ill be r.etd at of the Companv. .Ninth A Weat. reland Street.. Philadelphia, on Wed. day, VebriiTv nth, o tnelee e'elnrk noen. Company, terve for tne nmc- morj "'-., KiwhIiiI Meeltn.w KS" TUB ItK4lt'I.AH HTATKO MKETINO -" of the Directors of the Allentewn Uolltng Mills will be held nt the omce of the company '.MS Drexel Ilulldlns, Phflidelphla. ennalvHnla. on Tuesduj. lehriiary J3, 1021. ut 11:18 n, m. 11 nt'HHKM. nrnnnws. Peer. t5H TII13 Kr.(lUI.K HTATKll SIEKTINO - r r,l Hie Directors of the Aldrleh liim. ne nein hi in emce will 288 Drexel nulldina, Ph.i delphla. ill. uii lununi. f.uiu at 12 o'clock niMin. romnaiiy fiitnltntiy. Pennsylvania ,n.l Ml 12 f 11 nt'HHKI.l. Ht'DDKIlH Secy ujy the is. IS. nivldemls The Shoe Repairers, Inc. Philadelphia A lu.iricrly divide. .d of two per cent (!) nn in" preferred stock 'ius been declared. penble l'rbruury 3. 1021. to the preferred tiirk!iuldere of record 11. of December 31, lU"U' GEO. J. 11AHSINCJ. Treaeurer. IToiKienla onii i ' Pealed l'ropoartl. will he received at Dm of me nar rbor Coninilsalun. .loom the ln City IUH. on Kr.d, I'tbrnarr II. lbatl l O'ClinK le 1 vii nwi nt R itcly op-nfd t n and thra nttK. Steel ami Manonry Shad. !s .ais,ir. t AA,!.,.,, I 72 fetC 0 lncl. wide. 4(12 fet (1 Iridic lone. GUTHRIE & McGOVERN "ii'fiS"?:'- Members Phils Mnek Ktrban.o 1430 Moiitii i-enii .i , i-niiu. Spnire S41I1 Hnre 3002 New lurk 32 llrniidwiiy MATZENAUER TO I Liverpool Cotton Liverpool, Fob. 7 Thero w.ui only a fair demand for spot cotton today with prices Irreirulur on tho basis of an advnnoo of 8 points for middling; at 8,43d. The sales wero 6000 bales Tho rroelpts worn 1000 bales, Including; 700 bftlea American Future- wro qufo n thn early rtenllnira. Spot prlceti wero: Amerlouiii mlddllnp fnlr, I2.08d irood mlddllnir, O.Tid; fully middilnr, 9.JM; mlddiinw. 8.43d; low middling, 7.2d, good ordlnnry, 5 78d, and ordinary, 4.78(1. ' Shrinkage In State Funds llnrrl.burr, Feb. T. The statement of tho treasury donartmont of the. amount of general funds of tha commonwealth of Pennsylvania shows tho total on hand January SI, exclusive of moneys appro priated to the sinking fund, t bi ine. 858, an against 91,016,693 oi: Janu'.ry 31, Ibio. Of the total deno.lv's -;; r.ij, 8Bf, PhlllwlflpMa Instlttlttl'-rM iinld 8268.898 Janunrv 31, as UGraln.it 1848,071 January 31, 1020. ,, , Opera Star Will Aid Fund for Chll dren'b Hospital Mme Margarctn lJltzlnaller will give u recital at '. o'clock thla after noon lit the Academy of Music, llrond and Locust streets, tor the benefit of the Children's Homeopathic Hospital. "Mi-klln and Thompson .streets, The i-ftu'iit will be held under the auspices of hp Women's Association. ' Mine. Matzeiinurr is considered to be one of the world's greatest eontraltos. Jler last appearance In this city wns in (he ride of Isolde. In "Tristan nml Isolde " nt the Ai iiili'in.v of Miistc, Jan uary IS. We have orders and solicit inquiries in United Gas Imp. 8s 1923 General A&pliult 8s 1930 Atlantic Refining ti't8 1931 I'enna. Railroad fi'js 1936 Pa. Water and Power .Is 1940 All Underlying Phila. Co. of PittsburKli Issues Moore, Leonard & Lynch CUSHMAN NKWIIALTj. Mt. Bond Department 1429 Walnut Street Board Boom Kltz-Carlton Hotel Vtmbtre New Tor Philadelphia ft Pitta. burgh Block Exchantea office by Plan, ard eraflflrotlene on file at .. .f .Ysr 1!nrlner F.nch proposal inu.t. Is. .ccomp.nt.il eaeh r certlfled check to the amount of. 200.00 conditioned th.t the party niaktne tile bid will execute a contract, on beln Kwrirded same The O'mmitee reserve, tho rlaht to reject any or n.l Pule nnd in waive any defect or Informality In any bid. shnu d It be deemed, io the beat Inteieet of the city o to do. Addresa prupoeale marked "J'ropoeai. fop llccl lilld Xrisnnrv Shed t" jicci qkoHOB W. nnADMiV. Chairman llnrbnr Commla.lon Committee, Itoorn No. II. City Hall dniden, N. J. 1'ropoeiiU fur the Cmintriicllnn nf Non- tu 'niiinilbMlnnefl (lltleers' (linirter-i. Ofllce of the ( niistriirtliic lluurtrriiiu.tar. 1 ritUKiorn .irseiini. nun., fit. Healed 1'ropu.al. will be received here) until 2 I'. I".. 1-ehrnnry S. 101. and then npened for Conilruetlon aa stated above, riana and Hpecltlcetloiu on application. J fl Safe Dondsjr Investment HALSEY, STUART &. CO. Inc. 400 Questions Answered Free m i Never before in the history of the United States Iiuvp finaini.i! ami plirasps ,s o gtiicrally Bonds for Investment Circular I'P n Hti i. el The National City Company Certepriil?ef Otriri - , O' rr so cities 1'lilltidrlphlu I4j Chestnut ht. Alluntlr Clt 1223 llniirdiiulk r Financial Fables No. 1 Onco upon it time n salaried mnn saved n little money uiul made up his mind to invest theso gnvinrrs in a few sharoa of tho better-grade listed New York Stock Exchange securities. He waited many months for low prices, und low prices camo but again he waited for lower price nnd prices went up. Moral; Lout opportunity ia the prescribed penalty for those who hetitate. How to buy stocks on our Partial Payment Plan n snail bum down, n small sum monthly is explained in our bvaMet, "Saving und Investing," cheerfully sent on request Alan A. Alexander & Co. STOCKS cwrf BONDS ije COLONIAL THUST HLDG., PHILADELPHIA Iieill I.Ariiei (isi(.t'-u- , H.-n-l, na Itrralnnri Itueo 1071 -, lirsneh nm Drldseton, N. '.. wonlr. b c c 11 used. Dn you uiidcrstatul nil of tiii'iu or is market news " ireek" to you? A free booklet ex plaining more than 200 which are u.setl constantly by brokers, bankers and financial reporters is yours for the asking. full, phono or write for No, T.U.-3B6 Latest available news fur nished on active securities. JONES & BAKER Specialists in New York Curb Market Securities PHILADELPHIA OFFICE WIDENER BUILDING Telephones Bell, Locust 4730 Keystone, Race 2290 BALTIMORE OFFICE 433 EQU1TADLU BUILDUP Telephone St. Paul B431 Omoai In 8 Principal CiUsi Wre-) fi-tata Wlw. L i "aeTaTaTaTaTaTaBeal d nlPleBBBBBBBBBel 9 llHa&aaaaaaaaJI ! iiBsHH ' I'M m ' ii If im mv ' k i ;.sa. M MB i im 4i. .r . .rl tsjl-tl. -r r V 1 iHll-. r ,
Significant historical Pennsylvania newspapers