fc-aSiBSftffl v 1 , .- ' r i-t- -riw . "i ' ' ?y .jrvj 7r( ,fC-5");4 !"'" &m EVENING PUBLIC ' LEDGEB-PHILADELPHIA", x TUESDAY, EBRTJAfttf 8, ' 1021 18 -TO K5. J?A.vj. Jt i it'll f wj.ij .'N't ; (A 5". ' r jIb r i ' f ' rs ! .' 1 t v If , ' ( r ' I i i hi 'I i 'i : I K . I ff&fFil How to Pick Worry Proof Investments A BOOKLET which an1yios the investment field today, and shows how to select the best worry-proof Investments now avnllnble, has been pub lished by S. W. Straus & Co. the House with the record of 39 years without a dollar's loss. This booklet "Common Sense in Investing Money" will be sent on request. Write for it today. Ask for BOOKLET 632-Q SWSTRAUS &CO. Stock Exchange Building Philadelphia Trhfihone Svnice 5618 39 years without loa to anv investor Cenrlnht. lll tiy 8 TT StrnuJ 4 C. Confidence in Canada's Bonds The steady Incvose in sav ings deposi'.1-- reported by banks in fnnada is proof positive of the thriftiness and stability of the people of that country. Th's outstanding characteristic of the Canadian people insnirps the confidence of inves'ors throughout the United States, both private and instU''onal, in the secu rity underlying Canadian Gov ernment P'ovin.ial nnd Mu nicipal Bonds. Wo now oTer bonds of this cla;s to yield from 1 a D720 to 7'27o Principal and Interna pnynbte In I'nlted States Funds. Full particular P-29 o reqvrtt, Wood,Gundy & Co. Inrornorateil 14 Wall Street, New York Toronto Wlnnlpei TREND IN STOCKS 10 HIGHERLEVELS Market Shows Recuperative Power of Varying Degree. General Motors in Demand NEW YORK STOCK EXCHANGE TRANSACTIONS trillion. V.nt. Montr nil New York. Feb. 8. Knrlv trndlns wni of n very desultory rhnrnrter, thoii;h Mich price- movement n there were Inillrntril n trend upward. Storks tlint were notlrenbly under pressure yesterday. thN mornlnc showed re I'tiprrntlve powers of varying decree. (Senernl Motor, in which more than fifty thntinnil shares were trndril In yesterday, was in pood demand this rnomlne and quickly rose from lt opening of 1.1 to 14-,. It was said tlint tlie present liquidation tn this Immip tint) at last run its present course, Ilnynl Duteli nnd Mexican Petroleum, which have suffered the brunt of the at tack on the oils, were each up about II points. These were nit natural reactions and possessed no unusual Hisnlllcnnce. The failure of the House to pass the Wlnslow Mil yesterday, which permits partial payments to the railroads, did not exert any particular influence on the rails today. This might be explained by the fact that Wnshlnptou dlspatehen tated that the bill would (time up I" the House again today under a rule clvlnc It right of way. Much Interest was attached to trad ing In Southern Pacific which today -old ex rlehtx. The stock closed Jes- terdav at '.17 Vs and opened this morning at H-. the right sold around IN'4.. Pacific Oil was unchanged. The mils generally shared In the general las situde of the market. l'hi re was no fresh news to explain these advances, but conditions regard ing the (lerman reparation question, and partlcularl the ('mil stand that France will take In the matter, are so much n matter of conjecture that the situation naturally lends Itself to specu lation in foreign exchnnge. I'ndoubtcdly this is now the controlling Influence In that market. Close to Sl.TO.OOO.OOO new financing is expected to come into the market this week and until this is consummated there seems little likelihood of money rates working lower. LOCAL LIST IS QUIET; PRICE CHANGES FEW Salt 11)0 ins lot too 304 40 tsna l lot too too too 700 son coo 100 TOO 1100 Tion .10(1 400 TOO 100 too ao) It 300 too too 300 too lot 1700 1S"0 rtno 100 t)lv. In I 4 Itlth Max Rubber MM Allltd Chert & Dye... 4RK .. Allied Chem A Oyo pf OIU 4 AlllB.Chalmera 34V4 Am Aerie Chem 84 H n Am Peet Sugar 4il'4 . . Am Can 30 ? 7 Am Can pf Hfl'i It Am Car FMy ltl?( . . Am Ctton Oil 23H . . Am Drug Syn....,(.. H . . Am Hide leather. . SJ4 7 Arq Hide Leather pf 3H . . Am Inlernat Corn... 44 Linseed A7V locomotive ..... (? Ship & Com 10 Steel Foundries.. 2 Sugar Iter 10 Sucar 1W Pf 10JV4 Am Sumatra Ton 7li Am Tet ft Tel 0 Am Tobacco 110)4 Am Tobacco II IIC4 Am Woolen fH Am Writing Paper pf. 34 Anaconda Copper ... 3SW Asso lry Hoods 4' Asso Pry uoods lstpf SO As.o Oil Atch Top ,4; Santa Fe. Atch Top S F pf. ., Atl Ouir A W I S 8... Baldwin Locomottvo . Haltlmore ft Ohio. ... Haltlmore ft Ohio nf.. 3 Am fl Am Am Am Am Am S 7 7 10 S It It 7 4 S 10 7 100 t.SO DarniJale Clas 11. 300 001 too too too 00 tot too 319 100 1100 10A 10A 400 too too too lot 0t 1 300 1100 too 300 sot t03t 100 1300 lot 300 1090 OH S1K 7R X (3i R754 4H 36 8V- 8 Ilethlehem Steel n S nethteh-m Steel 1 nflltVu .. Uooth Fisheries Vi .. HrKlyn lUpId Transit 13K . . Butte CoplKT A Zlno. . iti . . Caddo Central O ft U. 14 6 California Packlnc .. B .. California Petroleum. 3'li 10 Canadian Paclflc ....lit . . Central tjenthcr 4(1 4 Cerrti At Pasco Cop.. tsH 10 Chandler Moton .... 70 4 Chesapeake ft Ohio... 4SVJ .. Chi ft t: 111 pf ctf.s... 6H .. Ch'cago Mil ft St P.. H .. Chicago Mil A St P pf 41 H .. Chi It 1 A Pac 10 Chile Copper ItU .so Chlno Copix-r 7 Cluett Peabody pf... . . Coca-Cola . . C01 a Southern 4 Col A So 2d pr 5 Columb (Ins A Flee 1 Col Oraphophone .... 7 Consolidated Cna .... 7 Continental Can .... . . Continental Candy . . 0 Continental Insurance 4 Com Products Itef. .. 400 t.SO Cosdrn A Co. Present Bond Interest Rates indicate that prices of well-secured obli gations are slowly ad vancing. Any inde cision about investing your funds now may mean a real loss of income to you. Write for circular 7306 which decribes a hU;h yielding secured obliga tion of one of the best companies of is kind in the United States. Bonbright & Company 437 Chestnut Street Philadelphia. Ntw Torn inicw o American Stores Only Feature in Otherwise Dull Market Dotton Detroit We have orders and solicit inquiries in Gulf Oil Corp. 7s 1933 General Asphalt 8h 1930 Caddo Cent Oil & Kefinini; 6s 1930 Pa. Water and Power 5 s 1940 Atlantic Refininc 6b 1936 Newark Pass. Ity. 5s 1930 Moore, Leonard & Lynch CUSHMAtf cJKWHAT.L. Wnr. I)rnn Drf.nrfmrnl 142V Walnut Stmt lrio ItiHim Rltt-Ca.iton Hotel Jfin.oar New Tork PMUaelvnU Pltt burgh lit' ffiiAkMrw Soo Equip. 6V28 Due 1935 Price on application PRATT, BREHM & CO. BOURSE BLDC, PhiU. Imibard 'i 1 3.1 Main SMI Today's nes-don on the local utoek erehance" was extremely dull. There wan nome demand 'n the earl tradlnc for ieTeral of the favorite lnues, but for the most part the llt wan quiet nnd prices showed litt'e chanRe. The one redeeming feature In the first hour of bilslneni wax the jfrcneth .hnvn by the ahnresi of the Ameriein Store Co. This stock more than made up for the recenlon of jesterdny when the opening transaction of the morVng va made at MH. an overnlcht Rain f IVi points. Suhsenuent offers were napped up at mounting price until hort v after noon, the price had reached Titt. and the aegrepate of sales ran in the nelhborhood of l.'.OO phare. The recoverv of the -tocl would seem to Indicate tat the drop 1at nUht, t" AW, was due to the sell'iiR of small amounts In a thin market. There Is little to he said of the re-...-.In.!., nf Iip list Pennsvlvanin Hal'- ro'ad and Phi'nde phin Klectric were the only other Ihhiics to receive any iiuen t on. holding about firm. 'rii... u llttl.. Ilkelihooil of any sus tained nctivitv In the market as lone as the public continues Its attitude 1 nf disinterestedness nnd the lnrue in tercut are tmwii'tng 10 ninnc roiumii ments. The apathy which hus laid hold on securities can also he ascribed t' the neutral character nf the news from da to da and to developments with out the market. The announcement that the IteadinB segregation p'ans were rendv, wiucit caused a churning ubout of the share nf the company for a time .sterdav dues not Neem to have been given very serious consideration In autlmritatiM quarters. The intricate financial struc ture nf the IleadlnK Comnnny. and the Interlacing of its securities, wake the early prcxentation of even a pre liminary nnnmincenient of the plan n remote possibility. Those In a losl .... ... iniw rar that an outline; 01 such o plan cannot be offered before in xt summer and tlint several years ma-dapi-e Wore a final consummation. In the meantime, the action of the ttcad ns flocks suggests n confused state or mlmi on the part of the speculative puhll as to the benefits. If any. that will accrue by any arrangement that ma be made. ... -. frl.nf lino mllltntprl , 1)11 Ol J1I-MB H.V "- " nuamst the railroad group of htockn was the fal'ure of the House jester; ay to take come action regarding the Inslow 1,111 The measure would permit M ment to the railroads of amounts that have I n certified by the Interstate Commerce Commission, nnd In view of the fact that no political out-turn 1- . t t n.n n m !., t.l 111! .nvoleu, oannrrn - derstand the attitude of ( ongresw. Iltiiid were weak, with no trance- tionn of any slie. The new Pennslvanln mi, uii.i .,(T tn ihelr isHiilne price ami hiladelphla Klectric first .". were off 1. at fP',. Hell Telephone m were i, a half at 103. Philadelphia Storks ssnn itt 3713 4t 30O 10 100 3)0 120A ta 11)0 ton ooo lot '00 100 KOI sea ninft I 4A0 310 100 tou 5 too 110 3J0 400 100 too too e too 790 300 ina 100 ns 39 ts tow 10M 1W t tVt eotf it tiyj 80 Crucible Sterl . . . Crucible Steel pf . . Cuban Cane Hugar Cuban Cane Sugar nf Cuban Amer Sugar.. 29V5 tlavlson Chemical ... Jil-S Delaware & Hudson.. 9Ji Denver & Hlo Grande. 1J4 Denver A Hlo Or pf.. 4 Kaalman Kodak .. ,.00 Kmeroon-Ilruntliifr pf. 33(4 Kndlcott-Johnson .... lr Krle ISri Krle 1st pf ltt Federal Mln A gmlt pf Oaston Wim A Wig.. 3?i Oeneral AFphnlt fH General Electric U'V Oeneral Motors 14 H Goodrich D F 30 Great Northern pf . . . II Gulf State Steel 33 t Hometake Mining .. 40 Houston Oil 0f; Illlnola Central I. L.. . as; Inspiration lief 34 Interb Con Corp 4 J' Intcrb C'nn Corp pf . . . 15 Int Mrr Marine 14 Int Mer Marine pf... 0?; Internntlunnl Nickel . l.Hi International Paper .. Ht'i Invincible Oil Corp... H Island Ull 't Jtwel Tea 1 Jones llros Tea J3J lw 36H 48 01 'A 34 K HVk 41 ?o H 8C lll!l J3H N an 41 S7V, ntn 10 30 an 104 nv, 0IH Mali HOW 64 H 3S ssK ISO OS Kl-K 7H H tt!4 33 V 4014 IS 3H 104H v 114 4ft t f1 : it K 70 3HH 7K IH 20 H sow 81 K 3t 14 to 10H 70 W ion 14 ra ISM K eon At '.'1 3W 19 MI4 00H in 4 cot 34 K 01 W 1814 0,4 17 3K (Ui 17K Wi 38 J4 75 W 3W to 'Oh S8M 34 & 13 14 40K 10 3W 1314 4 7 13 Yi Nrt Chr. H 1:30 lASt 30H 4R -MW 44 14ft 43 -30J4 8 -I1IM tH n- 4314 43 T!'t - 101 - 78 V- oM um .. llV 04H u asft- J4W 0 OS slM- 7CH CS14- 87ft 33V4 40W . I JStt . 1MW ft 1314- 4T4- 13 :ov, f v, J 40 :a 70 AH J4 14 4I t lt'4 tt At 70H 30 41 ow . 10H . 70 W- o?4- 2H to K 80 it ei 30 3314- 00J4-1?4-4W 00 sin- m 3W 1054 37 3K I4J 117 W 14 4 38 -78 33 ft 30 r.ow 88- 34 -3 - It 14 30M 13 - tOW M- 4ft 7 "ft w ft !4 1 14 'ft "74 H 1 14 W W a ft 'v. H ft M ft W X ft ft Ji ft ft H ft H X X w 4ft V, ft flltr ttt 1400 300 300 1M 3 lit Itt 4A0 10 100 3(100 100 1000 1 loot tnt too lot Mo too JIOO 400 31)0 ItOO 30J0 100 100 IA00 1000 tttO 7S0 ttt 3)0 101 100 3JI) 400 100 too too 110 110 too 700 000 70S 1000 100 too 3110 700 300 I)lr In I Itlth Kan Cltr Southern.. 10 4 Kelly-Springfield Tiro 4tft t Ktnnceott Copper ... loft .. Keystone T A It 1 80 I.ehtgh Valley 81 7 Liggett A Myers pf. .101ft 3 I.oewe Co 18H .. I,nft Corn H 0 Mackay Co 37 1 Manhattan Kiev guar lift It Mexican Petroleum ..ltd t Miami Copper 1AH 0 Middle States Corp... 14ft 3 Mldvale Steel A Ord.. 30 H .. Mo Kansas A Texas,, ?4 .. Mo Kansas A Tex pf. . W . . Missouri I'aclflo 18 .. Missouri Pacific pf... 3M .. National Con A Cable Oft .. Nat 11 11 of Mex Id pf Cft .. Nev Con Copper.,... lift 3 New York Central... lft .. New York N II & II.. 31 7 Northern Pacific AK 40 Okla Prod A Itef..... 3ft .. Otis Steel 14ft .. Pacific Oil w 1 34ft 0 Pon-Amer rctnol .... 73ft 0 Pan-Amer n 07 a Pennsy'vanln It II... 40W .. Penn Beaboard Stoel. lift .. Peoples Oas Chicago. 38 .. Pe,ora & 12atem.... 10 3 Philadelphia Co 3tH rhllllps Pet Tierce-Arrow Motor Plerce-Arrtrw pf . . . . Pierce Oil Pitts Coal Pittsburgh A W Va I'nased Steel Car.., Pullmnn Punta Ategre Sugar, rure Oil 30 ft . 34ft . 78 . 10ft . 18 ,. 33X . 13H .107 4tft 3tH Ilay Con Copper I3H rteadlng HH Heading 1st pf ttft Heading 2d pf Al Ilrplo Steel 0 Hepubl'c Iron & Steel, it 7 Republic Iron A Stl pf 04', 6000 8. 30 Hoyat Dutch New Yk (0 100 COO 100 ieoo 300 1010 titmo 0300 ttt 100 too too ttoo 100 too too 100 700 100 tooo 1100 too 400 100 too 1300 100 300 300 100 1000 too 1400 too 48un 100 300 101)0 1.100 300 too ion 'too 100 too 700 100 100 ItOO 100 too tfft St Ixuls San Fran... tH .. St Louis Southwest.. 34 . . Baton Motor 0 Stars-Hocbuck i .7 Shell Transport 41 .. Sinclair Oil 33 8 Southern Pacino 7t .. Southern Pacific rts.. 18 fi . . Southern Hall 33 8 Southern nail pf 17( 30 Standard Oil of N J.. .183 1 Stand Oil of N J pf. .108T4 1 Studcbakcr fiOH .. Submarine Uoat Corp AH 3 Superior Oil Corp.... Oft 0 Superior Steel 43 . . Tenn Cop A Chem. . . . Aft 3 Texas Co 43 H .. Texas Co' warrants. . . 41 W .. Texas & Pacific 33W 1 Texas A Phc C A O. . . 31 H . . Third Avenue 10 .. T"no ntlnental Oil . 8J4 8 Transue A Wins Steel. 10 H .. Luton OH 33 W 10 Union Pacific liOH s United Drug 100 It United Fruit 100ft . . United Itwy Invest pf 33 3 United Retail Stores.. 84ft ..US Food Products.. 33 W 8 U 8 Ind Alcohol C7H BUS Hubber B8ft 8 U S Hubber 1st pf...l03 3 U S Stoel t U S Steel pf 0 Utah Copper ..... .. Utah Sec 1 Vanadium Corp . 1 Vlvndon Inc . ... , . Wabash . . Wabash pf A. . . . . . Western Maryland .. West Maryland 2d pf 18 1 Western Union Tet... 81ft 4 Wcstlnghousc 13 A M 4 White Motor .. White Oil Corp 1 Willys-Overland 1 Wilson A Co pf 0 Worthlngton Tump Kl-OlvlJnIid. t KitIrM. 83 .110ft . "ft . OH . 31W . H . IX . ion . 10 3d 14W 7H 80ft 48H tow It 43 It 13H sf 1 ft 1H 11 W 17 lift 11414 18H 14W 30 M 3 'W 18 30 4ft tft lift 7AM H 83 H ft 14ft 33H 71 ft flOft 40 lift 3A It 33 ft 30ft 34ft 7A iW 18 30 X tax 10 Oft 4 4ft 34 ft 13ft A1H 11 w 81 31 4 ft 3 17 30 M 38 ft 4ft A1H SIM 33 ft 78 W 18H 31ft MM IC3 108ft 18 AK Oft 43 Aft 43 H 41W 33K 30 ft It AM 40H 33 W HAft ItO loew 23 84 ft 23ft 07 ft CAft 103 Alft "ft "ft 0 34 ft OH 7M 10H 0M 18 81 ft 4 H 38 14ft 7ft 80 ft 48H INDUSKALHF Nt Clilt, I 1:30 I.ul 10 41ft 10 It 31 103ft 1AH . 1IW- 17 - 11ft- m 'x 0 H ' ft 1tSft 1H 18H 14W !H- 3H .. 4 18 -30 11M 70M A 83M- ft .. ft- eoft- 40ft iift- 38 - 10 - 33H ft 7A -10ft . 1A -30M 03 ft v&. 83 - 83ft- 31 - At 03H- 1A14 30M 3 ft- Bl k 4 33 - 78H 18 ft- 31M 7M 183 - 108ft . 0H AM H- 43 8ft-43ft- 41W 33 W 3ft- 10 8- 40H 23W- 1I0H 100 - loaw - 33 14 ft 33 W Mft CBft 103 81M llft Mft 0H 34M 0H 7M 10H 0M IB UW 7M 8 48ft N DEMAND ON CURB Modorato Gains Are Mado on Limited Sates Candy Stocks Unchanged ft ft 1 J 'w X ft ft w X 1W w H H X 1W X w & w 3ft 'w 'ft 'ft ft "k ft ft H X w 1H i: ' Ji w w !t "ft !i U X ft New York. Feb. 8. There was nn actlvo demand for many of the lead- 7--- . . : . .. . 1 inif industrials nn tne nroan Rtrect curn; today, but movements were genernlly held In chrrk because of the declining tendency shown In the trading on the' stock carnage. There wat no pressure and moderate gains were matte in sev eral stocks on a small amount of busi ness. llrlllsh American Tobacco Co. va prominent, the coupons advancing to 1ft on minimally iargc trading, t'nltcd Htates Sld Corporation waa also strong, moving up fractionally to nbow yesterday's 'ov range, Candy stocks were unchanged in mar ket position. There was fair amount of business' In United Htatcs Profit Shar ing which Fold nUlVd and 1. Ihirant Motors waa firm, selling at 18. Farrell Coal was heavy, with sales at 14. A small amount of busi ness was transacted In (Soodycar Tire at 2 land 20. Standard oil of In- ! dlana ranged from 0T-)i ,to 07. I Independent oils were generally heavy, international Petroleum yield ing to 18. and fractional losses were sustained in the medium-priced stocks like Producers aud Hellncrs. Mnraralb" was exceptionally tlrm, selling at W'j to 111. There was a further incrense in ac tivity In the mines, Kit roll a Croesus being a strong feature in that group. Itoston-. Montana and Florence Unld field was also prominent. Nlplsslng .vas steady. IMDUHTRIAIA WE HAVE A Nation-Wide Market & Commodity Markets ' COTTON MARKET New York, Feb. 8. The downward trend of cotton price iw coutiuued this morninj with decline of 1! to 'J.' polnti ut the opculne. due to eay in hies and helllnc pressure from tht South and Wall ctrret. There was lit tle bu)ing from room shorts, an pri vate uiblfh continued to give a gloomy view of trnde cnnd'tlnns at Manchester. At the end t the llrst twenty min utes the market wa unsettled mid heavy at a net loss of aboit 24 points, with May only about 20 olnts above the previous low level, while Murch equaled its former low when it sold at 1,'l.lOc this morning. 0:00 p. m. 1.1.VI7 in rt'i it. 11 h.:i5 Trnt. Tutay'a rto.e otrn March 13.S3 l-"1.'0 y ........ ... 3 " 3, wuly " ' u " uUVndwr .. 1 88 14 33 I IS V rn. Nit chK !... tilll.. Ilfllwiby ClilruKu Wrolrrn ImlUilj II l.l.-lil Co. ., iIUiIj II. 11.. t'linnul, I uir i.i . ruMfr . Tnirt. 1'lilln. II mill Trinmlt n. I:mllr) lUllnln CoininT 'nrrllriit U & l.lli'ln , . Mlrhlnii Uinlrniil Cnnuianr Oulf (III 1'iiriHirsllun jltlnntle Itrllnlnr (Viintnnr Mnltfr Oil & llrllnlhii I vinimnr Ohln Trnrllon Cnmiunr l'ortlsnd ll l.t. A I'oxrr Co, Vrnnnrlvnidi t'omminy IndlntlK FM-Mirr Curn. llrf 1. liim 4ntrteii Dnlniirn.i. t , Co .&' lull! ins iua.i .14 iun-; y iic.i-i 4ii.' inn i s1. mtt 7'. iusi ivy is i a into y ib.ih . III4J .' Illti 5' iirtn n man High IT HUr. Am Strs.. .'l.l .lll'-j l(K) Pa 11 H.. 4't 40 4D, 120 Phila Co cum if. aa aa aa . . J.-.O Ph.laKlec 22V, 22H 22', 40 Toiio Mm 1ft 1ft 1A .10 t'nl Coi N J... 170 170 170 .. A lUIN'ItM lllvn Mvf r4 ;i Samuel K. Phillips & Co. Mrnilir- I'Mlnl-lnhln lrrV Ktrhnnte 807 f'll.'WTN'I'T IITIflfVT P. C. C. & St. L. Series "J" 4, 1964 HARRISON & CO. n.NKr.nn tlC SOUTH FOURTH ST., PHILA Membrr tt'exo Vorfc ami Philadelphia Start; Virchangtt 1 a in ti nrtu 'J Hell Tel 7s.lO.'l S P.lec & Peo 'IV 4t.... 1 Uhlgh Vul ann 4Vjh.. 2 Lib Bonds 2d 4,... .-, 4th 4'.is.. 7 Vic N 4-VS. 07 2 Peunn . I HHn noi 1 a Phlla P.lec lt ."is.... M' a P 11 &V 4s. IIS1X, 102 m I t.'. I'. H)2;4 51 sa llk' '4 HO.OO 80.00 SI1(V . K7.00 87.00 N7.O0, M 117.20 '.(7.20-r ooH ini 8 1 K M'i- '.IHI... QRAIN MARKET Chicago, Feb. 8. Official announce ment that Italy had suspended Indef initely all c. i. f. purchases of cereal ause'd weakness in wheat this morn ing. Selling was led by a house that uoually represent? foreign interests, lluying was scattered and poor. March opened at $l..VIVi to Jfl.tVl, ind later sold at a net loss of 2 cents, ,. i r.'JV. Mnv ouoted at SI. 44Vi lo SI .4:l at the ou'set, against ?l 44;', at the end yesterday, and later -.old at $1,411 Mi. Corn was alo lower, with selling led 'iv houses that have been bearish. On the decline comtniHsiiiii houses filled renting onlerH, absorblits the surplus. Trade wa moderate. May opened at tl3'c to 05 Vir, against l.1p at the end yesterday, anil later Mold at 0r.c. July startrd at 07MC to. (l7Vlc. and later sold at a tin uecnuc of Vsc, at 07c. Oats wer' easier under scattered celling by cotmnls!.'.on houses. Hup iMirt was lacking. .... May started at 42o to 42Vc. lgainst 42c at the close yesterday, .lulv opened 'ic lower, at 42c, and rnlUed c LONDON STOCK MARKET Movements Narrow and Irregular. Induitrlalt Mlxid Rail Bag London. Keti. Securities on tho stock cxchaKBi continued to move wltltln narrow limits today and the markets igiiln displayed Irremilarlty .roVn' rial llnuldatlnn caused heaviness ,n; oil group .Shell Transport was, 5 l-J-1 and Mexican r.igle 5 M. Indualrlals i.. -. l A Itiuljnn'u HnV WflH 0 Oram! Trunki were niibbv or i ills ptrltei announcing the defeat or . n. Tnfl In his attempt to submit expert te ttmony showing Its actual Physlc.il value of the system before the artiltra tlon commlhslon Home rails W'a ansln on poor earnings. Alterations in the .burns of Sou'h American rails were fractionally mixed. flllt.edged lneMment Issues were flritj on easy ratrs for money. Continental loans were dull, but Mexicans scored further gums. LIVESTOCK QUOTATIONS Chlruco, Krb. S. HOCIS llrcflpt.. 42,009 hd. Kalrly active, Urtrly loft 1.1c lowVr than t-Ht?nuyn avrrase; rpota fin nwre un lllhta anil .Ighl nutchrra. I.urly tup. 110.15, bulk, 2UO ll,, iwn, IU.Mj'Ii 10; bulk, 200 Ibi. un, ta,'Jl; pin iimrr, CATTLK llrrelple. 10,000 hrad. llrller llratlc l'tf .trera atoady. othrm alnw, Karly top, I'.i.T.'.. hulk. 17.5090. butcher nlork HtrHily to 8trun; bulk tmtchrr cows and tii'lter. I J It .'i. '.'..: bulk canncr. nnd cuttrra, l.l.sr.tr 4 'J, bulk t-rf ati,l tuloima bulla. I.7,','i 1), n ti hlahrr; bulk rulera, UO( 11, .Ml; rlnrk-ra ami trVdtra li'i,ly. 1 1 1 1 1 : 1 Itrcrlpta, 10.400 hai. .rmtlr arnd Uimb.. tup, lilt bu k, IB U II. 7.',, no clmlre maturrl nherp auld rarly: bulk mi ewri, I4V4.VO. Kaat Ht. Loula, 111.. Krb. 8. CATTL.K nrrrlpu, sooa hfad. Htrern atrons. Top. IS. bulk II1TAQ7 50 hrlfora. 2,1o hlshrr: bulk. &.r.of7.35; cnwii inttZAc hlgh'r: bulk. 1I(1; cannera ran: bulk. 3.anr3.mi; toi'krrii ami frrdrra mrumc: Imlk, 45. SOU (1.2.",. tup (rrrtrrt, IIS 75: bulla Mfadr; rul calve. .H4l75c hlahrr; top. JI2.2J: bulk, lit nni2. ItrXj.s Hrrrlptii, 14.5O0 hrail. Sow and wak; atMiut al'aily lth rstfnlay'a ctoai", or stfRily tu lor Imv.r than the averaiir. Top, 110 on Hfht. bulk llshts. Ill T5ftlO: bulk me'tlum., IK 2500.75: bulk h-avlm. fS 7.141U.25, packer aoi. and i1irs 25c low.r; quality simkI, il-msnd poor; cloau Rortlns un nearly all cradra. SHIIKr UfCflpta. "1000 head. No early trailing undrrtonr cteady: quality muatlr food weatern lamba. . rittaburgh, Feb. S. nno.1 nrcelpla. lOuo head. liwer. H-nMtf. I0.50loj heavy yulk-ra ami llcht yorkera. 110. 75W 10.S5. plira. $10.0Oin 75. HIIKKl' AND 1.AMIVI Ilrrelpta. 100 head, Staady. Top ihei. 15.90; top lamb. MO. CAl-VKrt Itecelpis, OO head. Steady. Top. 14.50. Financial Briefs Knit n.iff.lo. N. Y.. (Vli. S rf?ATTt.lC Itf--rltta lliiht. ."l-a.ly. Calvea llevelpta. 250 head. Steady n J3(1(V50. HIKIH It .ultli. 7:oil head. Slow. I.lKht all aity to 25( Inwr: other. 28W5HC lower. Hea7. ts 7500 25: mixed. J9,i50( 10.60: linker" till 5041 lo 75; llahl vnrkera and I'.kii $10.75frll, rniBlii. t7.23(7.50; atara, 5 n rHKRP AND I.AMIIS Ilelpl. 4KO0 read. tJimba 53c hlm.er. l.amba. taeilO' yrarllnra. IHH1 50; w.thar. t..tl5.50; tnt: 1204. 30, mil nl aherp, l4.Tr.di5. The average price of twenty active In dustrlul stocks declined .25 per cent yesterday to 74.80, while twenty rail roads were oft ,32 per cent, at 74. SI, Statements of forty-seven roads In various partM of the country for Decern her reflect the slump In traffic. Qroa ri venues under rates averaging about 32 Iht cent above those of December, 1919, and passenger fures for the must part 20 per cent up, show an Increase, over those of tho same month the year before of only 2U.19 per cent. This compares with an Increase of 35.1 per cent In No vember, 26 ir cent In October and 23.3 per cent In Heptcmbtr. .Net operating In coma of these roads shows well by con trast with that of December, 1819, when the railroads were still laboring with tho aftermath of the coal nnd steel strikes, but they are not good In them selves. Delivery of common stock of the Amei lean Hallways Co. and of the new 7 per cent income bonds to formor boldt re of .Mitionni l'ropertles bonds, under the reorganization plan, may be made within me next thirty days. Tne rennanclnr plan having been carried Into cited nnd tho 1900,000 floating debt having been taking care of, the American Hallways Co. Is now In position to work out Its aftalrs from nn operating standpoint. The annual report for 1920 should bo Issued ni'Xt month. It In understood that gross earnings of approximately 118,500.000 for the year will be shown This comparer with I1G,312,230 In 1919 1918. Aetna Coal 4 Amer Writ Taper 8 Auto l'uel 0,, llrlt-Amer Tob rear 13H Hrlt-Amrr Tub coup i Columb a Hmerald 1'! Pursnt Motor Ifttt I'arrell Coal 14 Unodyear Tlra 21 (.nrland K H of N T .... 1 , llaliua Knlttlnx "A" .... I4H Hnlnen Knlttlnc ',".... 14 1 alnea Knllllna; pfet .... 00 , liter Hubber ltiH t' rtanlon Tire liV .Mat 1 l'lanad a lindlo Com 2 Itadlo Com pref 2b .lueeia Co 24 ' H Htemnahln IVi 'nlted rrodt fihur'na; .... 1H . lilted ltetall Candy .... h'J riTAM.vnr onx .stand Oil of Ind (new).. S7K .tand Oil of N T 341 INDKTENDENT OILS Allied Oil IB,, Huston Wyoming- II tarlb fln .Ml arlti Kvn Trade 1H f D nny Oil 1 .nuinaera Oil lfa IVderal Oil IT illenrurk Oil 2H Inter I'eiroieum l,' .Co' County Oaa 1H ..lururAlbo Oil 10S Mirland of Detroit 2.1 tlerr.tt Oil 13., Mexico Oil IS Mountain Products 8 Nobis ,mr Oil 2 'riiducira A lleflners 4H ilt Creek (new) fi f. x Ken 1 ,'n Texas Oil A Victoria Oil (new) 1 V Oil tt M1N1NO VKuka.Hr Columbia H A lanta. 2 ilk- Iedxe ooth lotion t. Montana An '.led Mln ) 'nndelarla M IS 'ons Vlrxln 4tt 'urtei Silver 70 r( ain Uold 1 CreacentMeNiimara. 12 Kureka Crocaua 9H uurelia Jlu.ly 1 1 1, Hd Cons t lolit Development 2 (lolddeld riorence 42 lolrt Knwanaj 2 CoM Silver Pick 8 lold Zone 23 .lieit llend 2 llvcla Mlnlmc 4S Jumln) Extrnalon b '(rrfix Divide 14 MrNamara HI Magma Copper 25'4 Murah Mlnlrur U Mother tjnde 53 Mother lodo (new) 54 NIPlealnir 4 Ilex Cona a llnrhrater Mines 5 h H ler ly-nd A Huccea Mlnlnr 2 Tonopah llelmont 1 A Tonopnh.JIm llutler 17 Tonopah Mlnlnc 1A Tonopah Mlip.th 12 Tcnopah Montnna 0 Tonopah Ilraeue 15ula 20 United Eaatern '-'S Weat End Con 1 A hlln Caps 0 WIlLert S for Liberty Bonds Victory Notes and Treasury Certificates Bought, Sold and Quoted Call, Write or Telephone Commercial Trust Company Member Federal Reserve System City Hall Square Wet 07H 340 074 341 Better Tone to Business A demand for goods is reviving. You can sell with greater confidence to those whose financial worth and paying ability justify credit, when you have The Unlimited Policy of The American Com pany guaranteeing to prevent, else pay, bad debt losses beyond the normal. In any emergency of credit accounts there is nothing so strong or so safe as the Amer ican's Policy. It would take but a few minutes for us to thoroughly explain to you the advantages and real economy of this broad, protective service Write or phone. Peymmti u Pillcyhtldtrs tvtr $10,000,000.00 AMERICAN CREDIT-INDEMNITY CO. ot NEW YORK E. M. TREAT, pnnotm SMMiaaa vtamdam unlimitbd policics W. J. Morphjr, Manager J. F. McFadden, General Agent Mutual Life of New York Bldfr. Phone Filbert 5502 Philadelphia, I'a. nnd 114,234,404 In LOCAL MINING 8TOCK3 TONOPAH STOCKS ll'd Caen Hoy Jlrn nutler .07 ...1H :18 .IS .11 .04 1. .01 .01 .oi .04 Mar.Vamara MacNamar Creacenl Midway Mlipah Kit Montana North Htar Iterue Kula Tonopah F.t Weil Knd Weat Tonopah .04 DIVIDtt STOCKS Allle. W,1e tlto DlWde Ilelrher Ilelrhe Kit Hen llur 'trmiih Divide .... Divide Kit imide S.tM Divide Con Dividend Oat Divide lUrmlll . .. ItaalirourV Divide . Illvh Divide Itevett Dlvlda .... 'Itno Divide Uoaettn silver Klnw Tonopah Divide ... Tonoph llaelirouck victory Divine Verde Dlv'de Zone OOI.DH1KLJ BTOCKS NEW YORK COFFEE MARKET Nrw York, Fb. H. I)iillneHH iigaln limvnllnl nt thr npenlnc f the rnffre futiin-n imirket thin mnrnlng. with firet prlrt'H II to 2 polntn lower. Thrrf wrrr no ulllrini raoitu iruiu mum uniiiH m litilldar Lhrre. in,j . onen n.lintri fl. 701171 7.10H14 7.AOV33 7,BKd& March May July September 1 jjemur Teat cloa H,ner70 T. Htll 7.50151 i.tiuat i Liverpool Cotton rovarpool. Feb. 8 Hpot cotton wn neelected todny with price easier on tho baS h of a decline of 40 point for mid lllnK nt 8 03d ThP Hales wf.ro 3000 Jil". There vv.-r no rrcelpt. PMluri-a er nolel In th- early deal nir-.. Hiwt nrli. wero- AmerlcAn. rnlddllnx fair. 11 ami. rood mlddllnir. 9 3Rd: fully mid dlnir 86d; mlddllnir. 8 03d i low mid- InK n SSit . k-ood ordlnnry, B.18d, and oidlnary. 4.38d ,13 .2H .OS .02 .02 .! .01 .01 .04 ,6i .02 .02 .04 .04 Atlanta Illue Hull llooth COD Comb Oactlon CrttraerJacVi DlamondOelil Illue Hull Dalav riorenre Iloldfleld Con (InldOeld Mercer Clold Devel Oreat llnd Jumlii Kit Kewanas Iine Star Oro ... lied llll'a Silver TICK Spearhead Prices l'nrlft, on inn rentm, Stronger on Parle Bourto Feb, 8 Prlcen were ntronner iinnn. iminv Three Dtr cent Mfr 90c: exchantro on Indon, ...- u.. .a .. in.i. nr urt 'l'ne dgllar waa quoted at 14fr JOHo. - .01 .004 .04 .03 ,00 .01 .40 .07 .01 .01 .07 .02 .04 1.00 .07 .03 Amparo Artinna r.den Mother Ixide ,, Nevada Hill .., Nevada Wonder Tecopa Mlnliu , White. Cap ,,,, 3J: MlBCnWANKOUB 1.23 United .10 .10 .25 ,03 .04 Ak .oti .10 .17 .12 .13 .12 .00 .OS .31 .niH .05 02 .03 .0.1 .05 .01 15 .30 .01 .0.1 .01 Ot .30 .01 .112 .05 .01 .01 .0.1 .01 V. .113 .on 01 .23 .02 .u .02 01 .4.1 .08 ' .02 .02 on o.i .05 oovi 2 oo oti .03 1 40 .13 .20 bU .02 :h X ft Tho nillette Safety Oaior Co. nnnunl report for the flscnl year ended Decem ber 31 .shown net earnings. Includlnp; HutiildlHrlrs, without reserve for tnxrs. of eC.S03.407, compared with $6,OIS,3R0 In 119, l1,:ri2.13S ln1918. nnd S4,fi0:i.- 78J In 1!H7. On the 20.000 aharca of Mtock outntnndlne the 100 earnlnKP were equal to 27..'l a miare, an nKtunnt K'l 10 a nhare In 1919. Calumet & Arlxonn production of line copper for January waa 2,438,000 pnuniiH, co'npared with 3.3ou,uuo in He cember and 3,23(1,000 In November. New Cornelia January production totaled 2 10 000 poundn nf copper agalnnt 2, CR8.454 pounds In December. The United Sloten Hteol Corporation will publish Its unfilled Bteel tonnaKa tlKuren an of January 31, on Thurndny thlH week. Kstlnmtei place Hlirlnkaee for the month around 600,000 tons. Atlns Powder report for year ended December 31, BUrplun after charKen, fed. eral taxen and adjustment of Inventories, Jl 434.813. hhiiiI After ore erred divi dend-, to .10.22 a Hhnro on 5,ril t.62.1 common stock, nnalnst 11,680,089, or 122 39 a shire, on 15,002,400 common stock In 1919. Atlan Powder reports for tne year ended Deci-rr.'ier 31, net Income after taxes and charges, (1,434,692, airainst 1.660,0(t tn 1919. Tho annual meeting of the Hallways Company Oenonil will be held February 21 Htockholders as registered Febru ary 1 arn entitled to vote at this meet Inir IlookH close February 1 and open February 23. The annual rerjort of the Baldwin locomotive Works, which was approved by tlie directors on Monday will show Kross sales of nbout (73,000.000 aa com pared with (84,307.776 In 1919. New Financing of Bankrupt Road IVnahlnitun, Feb, . In Its reorganl ration of the bankrupt Chicago and Kastern Illtnolx Ilallroad Cb., the J-t Illinois Ilallwny co. was authorued to day by the Interstate Commerce Com mission to Issue stocks snd bonds aggre gating (88,971,160 The bonds will be divided, (4,285.000 of first mortgago nnd (32,166.000 or secono rnortgege. and there wlU be .Ai0,,.8 nf Preferred stock and (26,500.000 nf common stock Suspend Member of Consolidated New York, Feb (. The suspension of Harold U Bonking, of the firm of Dunn St. Co., "' announced on tho Consoli dated Stock bxcn&nsu thle mornlnir. nomw Allied Pacliera As Aluminum 7a Amer asm Chem in ... Amer Tel ill. 1022 Anaconda As Anaconda 7a. 11) ."J Armour 7 Ilrtll Steel 7S 1H33 Heaver Hoard In Orrn do Paaco 8a (leneral Asphalt Ma nuir un 7a Iloodrlrh Tire 7s Hrand Trunk US a inter U T 7s Kennecott 7a National Cloak 8s National leather Ha Onto Cltlea 7a, 1021 Seara Iloebuck 7a, 1022... Seura Itnebuck 7. 1023... Solvav 8s Southern Ity 7s Southweat llell 7a S O of N T 7a, 11123 S O of N Y 7. 1027 H O of N T 7a. 1028 S O of N Y 7a. 1020 S O of N Y 7s. 1030 Hwlft U Co 7a Va-Caro Chem 7H a Weatern Hec 7s Swcdlah fla SwUs 5Ha 0HU 054 C8H so si; t'Uvl H7i; poh Ull l, n.n, i'SH o UllH io.h; 101 07 K IHIVi H5H IllHJ 00H 0.1 on HI oo n.iN loo 06 ons 1014 101S ini 101i lirj r FOREIGN EXCHANQE New York. Feb 8. Openlnrr figures for foreign exchange wero generally higher with the exception of Chrlstlanla nnd Copenhagen. Sterling stnrted In. Influenced bv Iindon cables to New York, at a gain of 2 cents over yester day'H final nt 3.87 for cables and 3 8fi VI for demand, Franca showed u gnln of 5 points nt 7 10 for c.ibles nnd 7 09V for checks Lire wero steady nnd un changed lit 3,03 for cables and 3.62 4 for checki Swiss gained 7 to 18.15 for cables and 112 for checks, while guild em Improved 20 m nts to 34,20 for cables and 34.10 for ch-cks. The other exchanges wero quoted ns follows: Pesetas cnble-i 14 40, checkn 14.02; Stockholm cables 22.10, checks 22 00; Chrlstlanla cables 18 15, cheeka 18.05; Copenhagen rabies 19.00, checks 18.00; Helglun cables 7 45, checks 7.44V4 ; marks 1 62 TI'.STEIIDAYH I'IN.M. QUOTATIONS Fte'llnij Prnnca Ure QuIMern Demand ... . 3 MS 7 02 3.62 .13. H7 cablea . .. SHIS 7 Ot 8.01 33.97 TODAY'S OIT.NINf QUOTATIONS Sterlln Praiwa Ire Oulldera Demand . . . . 3 MV. 7 on't 3 624 31.10 Cftblea 8.87 7 10 3.03 34.20 BANK CLEARINGS IlnnW rlearlnira today compared v,ih cor. reapondlnr day Inat two yearn 121 I02U 1010 Thlla... (83 677 180(68 51(1,021 (53.037 Sill Uoaton . 48,163, S78 05,254.173 00,171,070 GOVERNMENT BONDS nid W Own and Offr Subject to Prior Saltt PWC0 (1) State of South Dakota To yum About Rural Credit 5' Bond Due 1941 5.40 (2) Pennsylvania Railroad Collateral Truat 6, Bonds Due 1936 6.50 (3) Tide Water Ofl Company Ten-Year Cold 6yi Bonds Due 1931 6.70 Pari-Orlean Railroad 6 Franc Bond. Due 1988 6.75 Southwestern Bell Telephone Company 7 Bonds Due 1925 8.00f Danish Consolidated 8 Municipal Loan Due 1940. (Guaranteed) 8.29 (I) FREE OF ALL FEDERAL INCOME TAX (J) FREE OF PENNSYLVANIA STATE TAX (J) NORMAL 2 TAX PAID BY COMPANY Harrison, Smith & Co INVESTMENT SECURITIES 121 80UTH 5TH STREET PHILADELPHIA TELEPHONE LOMBARD 8100 Panirna coupon 8a. 1001 Philippine 4a, jnjl IMilllpclne 4a m.1 ! S Clovt coupon 2 IMn tT S )ovt reaieter1 2a WW II S Oovt realaternl Si. 11)48 . SIH . SI '4 . nI d04 1034 Ae' no fio lOo mo 101 HI I.. piyati DIVIDENDS DECLARED Iiula. llockv Mountain und relHe liarterly of 1 Dee enr ..n ......!'' FVhruary 28 to itoe. : of recoVd rei!. rnary 19. llrooVlyn Rdlaon C quarterly (3. payable Marrh 1 to sti-rir nf reronl Klirufv 18 Ceaden ft Co quarterly 14 per rent' on Pair" K.rW" M0', " ,0th "' reco Financial Fables No. 2 Oncu upon a timo there wns a mnn who had saved $100.00 nnd he whs very nnxious to Invest it in the better-grade New York Stock ExchanRe securities, but ho thought 1100.00 waa not enough to start, and so he never invested. Mortfl: "Fashions in investing change, aa vell at in dreti." How to buy stocks on our Partial Puynient Plan, a small sum down, a small sum monthly, is explained in our booklet, "Saving and Investing," cheerfully sent on request. Alan Av Alexander & Co. STOCKS and BONDS COLONIAL THUST III.DG., PHILADELPHIA llellr Loeuat .1340.1.2.3-4 lire-atnnri liner 1071 nroneh Offlte llrldnrton, N. J. lVjinii(i-i: j.iiig.tr'g-J-JSiA, lO H H III mismess lvien today ure finding that their time nnd brain.-! mun ti inve8t0( m executive work to be most profitable. It ia not necessary to master tho many details involved in every "deal." Dependable, flnuncial counsel is considered a necessity as well 113 n convenience by many of our progressive friends. REAL ESTATE TRUST CO. Broad and Chntnni St ik-A.. i. A , - 111 t j-r .m!f-l fK
Significant historical Pennsylvania newspapers