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20
Common Sense in
Investing Money
A BOOK L1C L' which gncs
the fundamental, com
mon sense rules of safety in
investment has been pub
lished by S. V. Straus &
Co. the House with the
record of 39 years without
loss to any investor. '
This booklet will be !-cnt
free on request as long as
the edition lasts Wiitc to
day for
BOOKLET 502-Q
SWSTRAUS&CO.
Iltllth III) "' l01 eO.AT
Stock Exchange Building
Philadelphia
Telephone Spruce 502S
39 years without low
to any investor
Cotvrioitf, 10)1 lv K V .Slrciwi rf I o.
Confidence in
Canada's Bonds
The bteadj in:re.tsc in sav
ings deposits reported by
banks in Cnnndu is proof
positive of the thnftincss and
stability of the people of that
country. This outstanding
characteristic of the Canadian
peoplo inspires the confidence
of investors throunhout the
United States, both private
and institutional, in the secu
rity underlying Canadian Gov
ernment Piovincial and Mu
nicipal Bonds.
We now offer bonds of Ihii
class to yield from
6V2rc to 7V2ro
Principal inil Intercut p-wnMej
In I'nlted Statoa IuiK
"til! parfieuln-i I" 21S on rrqveit
Wood, Gundy & Co.
Inrnorated
14 Wall Street, New York
Toronto Hlnnlpoe
London, l'Jir. Montreal
RAILS LEAO TRADE
IN ACTIVE MARKET
Efforts of Boars to Break Read
ing Meet With Partial
Success
New Aork, l'eb It" A tcii until
rallj to be pxpivtm, Henriing uomlnnti'd
the earlj truillng. At the outset there
was n division of opinion in regnrd to
tfif rffrot of the spRresatloii p'un of (Iip
ioliinui tin1 ilptnlls of which wore
nntiomiipd tliis niornlnct Tho murkrt'H
dIipiiIiir found ltdidiiiK roimnoti offprpil
in n patrnt rffort to lirpnk the t.tiok
snd It rnpldl; old down to ""'j
Sliorth ufttTN.ard It ralllpil to 70 Hut
nt this iint tlip prrsnurn bePnini so
(i rruhplinlnc Unit it rould not be
I ilpnird anil Hip wtopk took a spin to 7."
I It nillipil Iipi-p hlluhth. In onncction
ttli this tnowinptit inltinl tnnllnR in
llpniliiig rights uas introduced on the
curb at prps raiipinp from HMj to 20,
from hlih the yieldpd to lfi where
tho found a rather sternly market.
Thp rit of the list uis irrrKular.
TliPre werp indit ntiotiM of uccumultitlve
lni. In? stronit interests and in all
likelihood this would have hnd the
ffpc't of moilnic prices senernlly hlchci
if It liud not bien for the spectacular
performance of KendiiiK. Cill monej
rninliif( ut 7 per ent und foreign ex
i himge at new higlis helped to boNtir'
the Hit
l'l'ttoletmi-i uere In pood demunil
Mexican had an eurh decline, hut ml
Hid later I'nn Aniprlcan, on the other
hand, wns utrong at nil times. (Jeneral
Asphalt was up nearly two points und
Sinelnir frirtlonitllj. Hphvj nlllnB
iiKiin fentund Texas Pnplfu Coal and
(111 It nppiars us if bnnklnc interests
that too't over larne amounts of this
Mod. in Dpi ember were now reducing
their hoMinR1"
The stiifiirs onlinued to b bought and
idiiiniil moderately. The report that
the sug'ir companies might combine to
effict vome ucli Hnanclng plan as the
i upper produierH have Just successfulh
launcnnd had --omethinK to do with this
fresh displnj of strength.
Hie hteds lael.ed life and were in-
lined to he weak
GOOD GAINS MADE
ON LOCAL 'CHANGE
EVENING PUBLIC LEDGER-PHILADELPHIA,. TUUSDAY FEBRUARY 15j 19
r
i
NEW YORK STOCK EXCHANGE TRANS ACTIONS J
Industrial
Preferred Stocks
19191921
About two years ago
preferred stocks
reached great popular
ity and consequently
high prices. Today
the market for pre
ferred stocks is de
pressed and prices arc
very low.
We suggest the
preferred stock (listed
on the New York
Stock Exchange) of
a strongly entrenched
corporation, at a price
which yields about
9.50rf.
Write for Circular "0T
Bonbright & Company
437 Chestnut Street
Philadelphia
New YorW
Doiton
Chlcngo
D.trolt
Wp have orders and
solicit inquiries in
Louisiille & N.isli
xillc Equip. 6'is
Gulf Oil Corp. 7h
193J
Atlantic Keflning
G':s 1931
General Asphalt
8s 1930
Lnitcd Gus Im
proement 8h 1923
Moore, Leonard
& Lynch
CLM1M .v M.W1IV .1
Homl It pnrrmrt
1-129 Walnut Street
tin ir I J oi r
RiU-Carlton Hoti 1
Kew York I ntlad" pr a S.
liuri;' J J r ai i-
Mgr
Pi -
lsplialt Scores Five-Point Ad
vance Rails Spotty No
Changes in Utilities
Active trade marked toil.ij s session
on the rhilmlelphla Stock Hxchange
with omo very sub'tiintlal gains being
mode in a number of inup The open
ing market was firm with intercut cen
t red In American Stores and Illectne
Stojage HattPt. The former sold up
to ,",, which was the peak reached yes
terday, but in the later trade xhnilnl
somewhat. KIcctric Storage, on a fair
,olutnp of huslness was carried to lO.T,
this TPpresents a gain of almost two
nioints and places the nhares elose to the
high figure for the er The rei overv
j in this stock is but a reflertion of the
, better felliug In the automobile Industry.
i Genernl Asphalt mode a spurt dur-
I ing the morning thut enmed it up for a
."point gala at !0 l'hllndelphla I'.lee.
trip was the lender of the market, being
offered in large blocks the common
lacrltlcing a mnoll f nut Inn. while the
prererred, on sinalli r transactions,
i gained.
j Ititls were mixed, following the lenl
of the New l ork maiket In spite of
the active trading and wide lluctuatlon
of the Heading issijes on the big board,
none of the stock camp out here up to 1
o'clock Pennsylvania held st.aih at
A0 and 10V4, while violent lunges
occurred In Huntin;ton and Ilrond Top,
the common dropping points and the
nnferred 2 and the urtifi" ales v nt o(T
II ixilnts.
t'tility issiiis registered no nportant
changes, although 1'hlI.uMphln Knpld
Trans t was In fair demand ilurin? the
ilav
Market sentiment has imuroicii with
the ad inees which took placp ixtir
das At the name timp dealings are on
a n stricted scale, which Indicates that
sentiment regarding the future is un
certain. The public is still on of the
market, nnd until n gnutir ibgnn of
Interest it shown by the outsldi i theie
is litth hope of a su-tampil forward
moi tnent V th the turn of thp month
'there is eiKi tiition of a nubHtnntiul
I reduction in moncv rates This would
1 hdp the market iimterially It is said
.to b men itslnfly illfliuilt for tlu banks
I ti maintain the recent rail money rate,
as th r is a lnrgi' amount of cash
j available at ) per cnt and even lower.
The annual report of the Baldwin Lo.
oiiiotip Worka will b published this
week It Is i xpected to ahow a sur
plus equivalent to fl a share on the
I I on mon as against $27 earned Itut j ear.
I I ast year's larnlngs were below tho
pneeding yenr but were still above the
7 pi r i ent dividend riiiiilrementH. de
spite the fact that a large part of the
business of the period wis repair work
Philadelphia Stoch
ion
700
oo
310
tJOO
3700
ft0
too
1201
400
(100
iMO
mo
100
(400
1(10
7000
(.no
100
1700
400
V.-00
3100
100
100
100
400
030
A Of)
2J0
00
3t00
300
300
.100
.100
100
300
300
too
100
2700
10(1
100
300
11700
1100
100
J10
ton
too
nooo
100
100
100
000
400
100
9)0
300
9J0
no
aoo
.100
C.DO
'-'on
".1)0
loo
1100
500
too
aoo
100
33)0
Dlv
in 1
Adams Kxpress
AJax llubber
Alaska Junenu O il
Alaska iJold Mines
Allied Chem lio.
Allls-Clmlmoi.s 38Tj
Hljh
, .10
, 30
, 1H
. !
tou
Am Agrlc Chem ASU
0 Am Affrlc Chem pf .. 16
5 Am TlcM SUKar 21
10 Am Ho sell Magneto. , iO'j
. Am Can tl0i
7 Am ran pf 861 i
. Am Cotton Oil .. .. 3"4
. Am Drutr Sn . . 7
7 Am Hide A Icather pf 464
6 Am Ice pf !i
.. Am Internal Coip ... 47J
8 Am T.inseed 65-i
7 Am Unseed pf ... 88
0 Am Iocomotlvo 83 U
. Am Safety Ilaror 8?J
. Am Ship & Com ll'i
4 Am Siii"It A lief.. .. 4
3 Am .Steel roundrles . 36
7 Am .Sugar Kef 94 Ji
7 Am Sugar Iter Pf....l03
10 Am Sumatra Tob ... 80
a Am Tel & Tel 100
13 Am Tobacco UMl
0 Am Tobacco pf new . tli
li Am Tobacco . . Ill
7 Am Woolen 68JJ
7 Am Woolen pf . . . . SJ
. Am Wrlltng Paper pf 36
. . Am Zinc Lead & Smlt t
. Anaconda Copper ... C!i
Assctn realization ... 3',a
7 Abso Ivry Goods 2d pf 83)4
0 Asso Oil S
3 Atch Top & S 1" pf . 78-i
Atlanta Ulr & Atlantic 5
10 Atl Oulf & W I H H.. CSi
3 Atl Julf & W I S H pf 43
7 All Hellnlns 7 pf...!07'-i
3 Auto Sales Corp pf . 13
7 Baldwin Locomotive.. 6311
. Daltlmons & Ohio . . 33i
4 Italtlmore & Ohio pf.. 60
i.atopiins Mining ... i
Uttblehem SU-el 35?i
Iktbleliem Steel 8 pf!06
a iietnieiiem steel u .. osu
. Ilrklj-n rtapld Transit 13
Urklpi Vnlon Jtw 31
10 Hums Bros Sf
Hutte Copper & Zinc. . 5'
Caddo lentral O & I. 1
0 California racking . . C2J
. . California retroleuni . 41 'J
7 California. Petrol pf.. 74;
10 Canadian Pacific ... UOTi
. Central leather 40ij
7 Central leather pf . 8s
30 Cerro de Pasco Cop . 20
10 Chandler Motors 73'j
4 Chesapeake & Ohio . . SV
. . Chi & i: m no. t ctts s
.. Chicago & Ureal West H'j
., Chlcigo Mil & St P... 28
. . Chicago Mil & St V pf 43 i
3 Chicago Northwestern 67',i
.. Chi Tt t & Pac 20?;
0 fhl n I A Pac 6" pf 63
.. Chile Conner 12
700 1.30 Chlno Copn . .
100 . Coca-Cola 2JH
300 3 Colorado l'uel &. Irvi 3Rh
4 Col & Southern 1st pf 36
3 Columb Ciaa & nice . 00'i
l Col Uraphophono .. H
3 Conisolldated Textiles 26 Ji
. Continental Candv .. t
4 Com Products lief .. 72J4
t0 Cosden & Co . . . 36
8 Cruclblo Steel . . 90 W
. Cuban Cano Sugar .. 2JIi
7 Cuban Cane Sugar pf 67 Jj
7 Cuban Amer Sugai . 33
7 Cuban Amr Sugar pf 4
1 l(alson Chemical ... 2J'5
0 Delawuro & Hudson . 10l'j
Denver & Hlo Or pf . . 4
1 Domo Mines 16
3 lTndlcott-Johnson . 63
Krte 131 j
Krle lat pf . 20
Kamous Pl.ivcrs 1. .. 60'j
K KamoUH Plajers pf... 81
1 Isk llubber . . 14 T
. Cfirton Wms &. Wig . 3M
. (Jeneral Asphalt .... '
fl Oener.il C'frir . 3'
H (Jeneral Electric . ..138H
1 General Motora 14
0 Gen Motors deb C, .. 66 U
7 vfen Motors deb 7 77
6 Goodrich B T 39T,
7 Great Nortliern pf . 76i
4 Great North Ore ctfs. 30
. Gulf Mobile A Nor l)f 25
100
3)0
34U0
700
tum
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400 ;
4000
3100
800
3C0O
1A0
100
too
GHO
4300
700
100
too
2600
100
300
000
11080
300
400
300(1
310
000
700
210
400
100
100
1&10
100
200
100
too
300
101)
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100
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100
too
MO
2300
1300
soon
200
I ii
30
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87 !i
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rs
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1 10 Net
Lost Chxii,
36 -I 1
31 -l'i-
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m
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l'i
m3i
Sstes In I l'l''
206 4 Kansas CUV So pf . 46 )(
H0J 4 Kelly-HprlnRflold Tiro. 16 V,
30ft 3 ICennecott Copper ... IIS
201 .. Kcystono T A It 14 4
1600 0 Lackawantu Steel . . M
230 3 60 Lehigh Valley A3J'4
1286 Loiwo Co 174
300 .. Loft Corp 11 '
200 12 Lorlltarct Tobieco ...141H
100 7 Ijrlllard Tobacco pf.16
1)100 7 Miuihuttan LleV guar HVt
' 100 2 M.irlln-1'arry ..
200 , . Maxwell Motor
' 390 8 Mav r-cpt Stores
18106 12 Meslcan Petroleum
260o 1.60 Mlddlo States Corp.
11
i.ulf Main Steel .1.,:l4
Guantanamo Sugar . 13'2
Haskell A Barker Car 'a
Houston Oil
1 lljdraullc Sttel .
I Iljpp Motor Car . . .
60 Indlalioma Tlf
. . Inspiration Con cop .
. Interb Con Corp .
interb Con Corp pf .
. Internal Vgrlcultura .
7 Intl Harvester new . ,
. Inter Mt Marine
6 Inte- Mer Marine pf.
. International Nickel ,
. , International Paper , .
.. Invincible Oil Corp .
. . Island Oil
, Kan Olt Southern ,
73
17
13'i
6!
33 H
3
M'4
II
17
14Ji
31
13Ii
CO
231J
4!.
111
on 1 4
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160
406 3
480
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4306
160
.190
180
3308
300
100
100
1400
100
806
109
.100
460
300
2600
3011
7000
7011
101
400
3)0
400
100
400
2010
160
100
100
1011
500
666
80)0
2300
1300 I
300
20000
hOOO
3000
200
30)0
3000 C
100
100
1000
100
1900
6500
100
100
3091
SHOO
800
300
100
2400
10(1
310
700
6S00
160
COO
too
100
1300
1300
16000
360
coo ;
300
006
260
300
700
400
100
700
1600
1200
10)0
100
600
600
6460
10
(200
100
1700
600
400
700
100
100
100
400
000
100
200
300
COO
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300
100
000
700
300
11)4
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18)1
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US
24 H
101
113'4
4 "4
r4
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26)4
11)4
((
58
84',
37',
3'4
37),
Mbisourl Pacific
. . Missouri Pacific pf ,
. . MontRomery Ward
80 National Acme . .
7 National Biscuit ..
7 National Biscuit pf
. National Con A Cable.
6 Nat Inani & Stump..
. . Nev Con Copper
8 New Vorlt Central . .
.. New York N II A II
1 New York Ont A W .
7 Norfolk A Western...
0 North American .
7 Northern Pacific . .
3 Nova Scotia SAC..
40 Okta Prod A ltcf
2 Ornheum Circuit . .
. . Otis Steel Wi
3 Owens Botllinir Mach. 60)4
5 Paclflo Gas A Klectrlc 47 T
.. Paclno Oil wl 3IH
Pac Tel A Tel .. .. 46)4
0 Pan-Amcr Petrol .. . US
0 Pan-Amcr B 7'i
.. Pcnn Seaboard Steel. 12Vi
3 Pennsylvania It n. .. 40',
.. Peoples Gas Chicago. 3J)i
.. Pero Marquette '1
.1 Philadelphia Co 3-V4
. . Phillips Pet '-'CJ.
.. Plorce-Arrovv Molor .. 26'4
.. Plcrco Oil t;
6 Pierce OH pf 16)j
3 Pills Coal . . . .6
. PlttHburg-h A W Va.. 39)4
8 Pressed Steel Car. ..81
8 Pullman 167 '4
8 Punta AIcrto Sugar . 81 '-J
4 Pure Oil 31'.
31 It.uid Mln Am Shares 21?;
1 Ray Con Copper .. 13"s
4 Ttoadlnc 70 ',
3 Reading 1st pf . . . 634
2 Readme 2(1 pf . . . . 3b
.. Replo Stoel 31)4
0 Hepubllo Iron A Steel 61
20 Royal Dutch N Y . 3
.. St Louts San Pran . 21 )4
.. St Louis Southwest . 2t4
.. Santa Cecelia Sugar. . 5U
Saxon Motor 4T
a S'oars-RoebuoJw . . . . 88
.. Sinclair Oil 24 s
0 Sloss-Sheff 32
11 South Porto Rico Suit 87
0 Southern Pacific . . . . 70
.. Southern Pacific rts., 16'$
. . Southern Rati 23
3 Southern Rail pf. . . 57
20 Standard Olt of N J.I539J
7 Stand Oil of N J p. 16s4
7 Steel Tubo pf. . . . 80
Stewart Warner Speed 3l4
2 StromtwrK Carburetor 38 H
7 Studebaker ... . 38)4
.. Submarine Boat ("orp 8'n
2 Superior Oil Corp... !''
n Superior Stoel . . 41
4 Terntor Corn AT . 36
3 Texaa Co 41H
. Texan A Pacific... 23ta
1 Texaa A Paclflo C A O 31 Tt
.. Third Avenue 184
:.80 Times Square Supply, ll'i
6 Tobacco Products ... 67
,. Transcontinental Oil . ',
3 Tronsue A Wms Steel lOVfc
8 Union Has A Paper . 72 'i
.. Union Oil 23'4
10 Vnlon Pacific 120
i United Alloy Steel ... 12',
12 United lVult 107',
. United Rwy Invest 10T8
. United Rwy Invest pf 23' ,
3 United Retail Stores.. 3S
.. U S C I P A Fdy.... 12',a
. U 3 Kood Products.. 23
8 US Ind Alcohol C8V2
ll'S Rubber 70'3
8 U S Rubber 1st pf . . . 10-'S
3 IT S Steal hi
7 U S Steel pf 1I0J
0 Utah Copper 63T
4 Vanadium Corp .. . .H'4
4 Va Carolina Chem . . 3S'3
1 VIvaudou Ino . . . 7'4
. Wabush ... .8
. AVabash pf A. . . . 20 'j
Wells Parco IIprisi CIS
Weatem Marind . 10
. . Western PaclfM
6 Western Paclflo pf
7 Western Union T I
4 Wistlnxhousi' 13 & M
Wheeling A L 13. .
. Wheeling ALU pf
4 White Motor ....
.. White OH Corp
1 Wlllys-Overlojid . ,
6 Worthlngton Pump
232
69
S8S
41
0;;
13)i
.18
13
"U
50
13x dividend
low
46
46",
1C4
14n
56
81 J4
11)4
ll4
ni?;
161
63
ll)i
5 'A
14
1(1
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C84
114
24
161
113W
3H
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llti
71
19!',
17
B
53
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3!a
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13;;
50)4
414
SOU
4(.)4
764
70
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11
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1054
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2 Ji
95
ioc;
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73
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is
31';
C6
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23' 4
3'4
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sis
24
6!
S7
78i
15'4
21?;
86 s;
133S
10S
80
3V4
3H
6734
8 '4
01-4
41
26
43
IV i
27
18 s;
16TC
53
9
46 1 j
73
32
110',
3." 4
lon'j
10
23
864
12'2
2TJ
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70
10H
(3H
110i;
r-iH
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6T
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10
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69
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45
(?4
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38
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7S
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1 80 Nl
T,t Clue
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82)1.-
lli r
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14174 t
105 r
84J4-1
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1334 A
18)4
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11 9
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161
113U-
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am .
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ns 6IT4-
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IS
Steady Later Around 16 In
dustrials Show Bettor Tone.
Mines Strong
New York. l'eb. 1.". A large part of
Hie nipculatlvc Interest on tlie "road
street curb was concentrated In the Ini
tial trailing In Heading Coal rlshts
which ranged at the sfArt from 115 to 20
and then yielded to 14i. The dealings
lit Ihc rights were chiefly by traders
who apparently found In thtfstf rights 11
Held for speculative lentures. Prac
tically no part of the buslnes could be
traced to lending stock exchange, bank
ing or railroad lnrresta. After the
sharp reaction, the right for a time
ruled steady around If!
Increased lntereit was attached to
the trudtng In United States .Ship Cor
poratlon because of the undemanding
that there will be no further exchanges
of United States Htcamriilp into that
Rtoek. The trading in Hhlp Corpora
tion shares was on largo scale at prices
ranging from Ts to I1.
Industrials, generally, showed a bet
ter tone, but movement in most 01 the
stocks were confined within a fractional
range. Car Light again sold at .1 to .Mi
nnd Durant Motors was traded iu at
18T4. Cnitcd Iletail Candy was heavy,
declining from 8j to 8. Sweets held
Hrm at -"i to ::., Carib Trading
ranged fnini Ir,it to U'J. ,
Petroleums were generally well held.
Standard of Indiana, new , being traded
in at 7(1 to OB Mi and Angll-Aincrican
sold nt 1KM: ls'i- Minima retroleum
was steady ut "&. International Petro
leum sold nt 1(1 to lCTi.
Mining stocks contluncd strong, Lu
reka Croesus ndvnnclng to 1'4.
IMIlHTniAlA
nuii
&
Jyvv
Aime Coal
Car Uht
Columbia nmnralil
Uur&nt Motors
(loiidear Tim pref . .
Imllun Parking ..
Inicr llulibcr .
)'aikard Motort prtf .
l'orffcllon Tiro
Itwllu Com . . .
lU-aillnv rlihta
Hwei-ls Co ..
L H Hhlp Corp
V M Htfam
L'nltnl 1'rodt Hharlnr
United Hat Cand' ...
IP
7
&
'
1
1".
8
'1
'i
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;
1
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H
1
34
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280
343
Commodity Markets
New
COTTON MARKET
York, l'eb 1" The
CHILE BORROWS $24,000,000
(otton
Most of Money to Be Spent In U.
for Railroad Equipment
V ("hll'-an Government loan of ?J
S.
L
Financial Briefs
ferwl at a sllRbt discount from pxr to
morrow This Is the llrst of tho South,
The avtiiiKo prlco of tvvpnty ait.v
Inilustrtal stocks .idvaneed .8.' per -nt
to 76 41 vesti-rilay, while fvcntv nil
toads g.ilneil .Z'.i per edit, at 71 !'
With Jl'BOn.ODO itMiilablo to lo.m on
foreign tr ido deals, the Tedoral Int. mil.
tlonal Danklntf 'o, urtranlzed undi-r the
IMko net. beoarmt a rolnir concern tod.iv
In nnanclni; thl movemct of Southern
Rather Unusual
We offer an investment
that possesses the following
features:
1. Total fixed charges
earned eight tunes over
2. Joint obligation of ix
companies.
3. Coupon rate 8r, .
4. Can be bought to yield
9.70
5. Hat a troiig Sinking
Fund.
C. ConTertibln into Brc Pre
ferred (lock
7. Readily Marketable.
IV'ouW You J ikr fo Itmr ' (u r
I6n.t ' f
Frederick Peirce
& Co.
ltOM)s
I OR
IMl'sT
Ml M
llil rlifKlnul Stnrl, I'lilUdrlphl i
0 itiufllnf Tlfrrlv a nattrr nt
Mou (c ii hrm la bun vovr fc.nili
It Kh Iliv j, i i rhBK
IT Alii Insur IK IS Is .
-'S Am Strs . .""i ,"1 ." I 1
Kn. Huff i. S
t . . 2 TJ 7-J -S
'i do pref 1 ! )". 4 o
I'lf'am Iron DT 1,7 .'17
Jl" I.leeStor Urn Ki.'t Ml .rlij,
HI i,rn Aiph 0') ',li ij'i -r,
U II ,S. II T
pf etf of illi 17 17 17 - '!
I Co N A i-'s L'si , jsi,, - K
17't I'.i U It lo Iiii, lot. . I
-i0 I'lula Co
cim if .J :'1 V. .11 i i I
sj(l I'hila i:ie l!Ji, J-Jl, J'JiJ.. "
"." -In prif Js ' "K - I
'jsn I'liilnTme 51". .". 1 ij r,4i-i- '..
JTilli mliiu
Jl prif r.l' .".P.. r,Uj
i" r (i i mK :uv, :ii78- 1,1
-. ii., pni w" l'i", i'i .
.5 Wmtm'd
Coal . . '" M so .
. . i
maiket opcnnl htenily at an advance oi i ooo.OOO in tv4itj jear 8 per cent Bold
G to 15 points, and lcur ruled very sinking fimd bonds will h formally of
steady despite considerable helllnc from
innt flrtnR nnil hv southern wire housefl.
...! vi - Ktfnr Tlr.rr.nnl I American tlnanclnif to be announced In
" . , . , ,. I this country' In somo months, and It Is'staiile products to forclRn marltfts An.
cables, firmness In stocks and lurtner cxpo;ted that If the ofTcrlmr proves the pllcitlont fur loans alnady xeeed tin
cains in sterlins Liverpool utid Walllsu'ress antlHpitml loans to Arnentlna.
Kain jo ' nn,i l0 iirIlIi vl all he announced shortly
street nrms wre piinnasirn iuiiu- Th ml)uinK roup which is offerlnn
ntse inttrists were selkra on the ad
vance T rudlnr. was more netive and fjeneral
than on esterda and hcntimcnt sieintd
to be a little less peslinlstl( . although
some of the loial traders appeared to
be putting out i otton on the rise.
The receipts of otton at the ports
for the daj are (stlmatid at -2,000
bales, agalnit -" ViJ bub's n weekauo,
H'.'.Tri'i baleM a vinr uso and 17,0U.I
bales tvo veurs ugo
Mar h
Jul)
Oi u i r
!r i' r
Jar ir
I r'M. n
( it Opel
1J f. Ill ru
MM 110.'
14 21 U 13
H HJ II rtS
H S', 14 II J
14 IU 13 UJ
12'I0
I m
IS 71
14 H
II "ii
14 U.I
GRAIN MARKET
( lilraso. IMi I i 'I iiule in
thn 4'hlleim loan Is composed of J 1
Moriran & o , Kuhn. Ixjeb & Co , the
National ( Itv Co , the Guaranty Co nnd
Hsrrls Wirbes & ("o . all of New York,
and the rirst National Bank of Boston
Thosn Institutions, vt th ono addition,
constitute the so-called South American
K roup
Tho pro'eeds of tho loan vlll be ex
ponded .ilmoht entlrd" within the United
Stales lleporls from Chile that thu
loan was m In half of th Chilean ht.ite
Hulluajs have been denlod but It la
understood that the C hlleait (Jovern
merit 11 turn over most of the mom v
thus r.itm-d to chile in rallwavH, vi lib h
are .inxl.ns to pur.hnsn rolling stock
and rithi r ' lutpm nt and bulldlntf ma
terials 'o inorn, It was txplalned
jiNtirrlar is to he spent on new rail
ways but a portion of It will lx usd for
btllirmeiitH and Improvements for thosa
no v In use
Tlirt Chilian loan his bttn under ills
euhHiiiii for some months It vvns llrsit
hut neKOtlnllonii din
ohnnirw ma. h aimturtui r uih
h n New York Siok I schu tt
a ry in ll()MS 11', V t
It MO lllyh l.o m Ij
I'j Hell Til 7n 101 101 Hli n',
I I.vhlih Vul
S'4 ,S'4 S"t- i 4
..!,( t. ill. Ml Of 1.131 fill
wan rmt largi earlv touav ntu iiihh r nn, ,ns tthop n,.lttfr. uns deferred until
prohl tiikiiitf b I'm i! npiratiirs tlii-mar- aft, r ,h turn ()f tn Jiar jt has now
ltet was wuikir III ports troin Wash , iH.n hannliiK II" for sevnral wtelts, but
iiiL'tmi that Pri Mil' lit Wilson would vitionh ithln tin last day or no was the.
,e Piriliuv a"ff l..l. th., .vent of v-ia. ..,;, tract ffi uy l
its paKsug. and the measure to rein hClltat u, of ,.,
late grain 'iiitianKth would o over to
Erie LiRhting 5s, 1967
Great Western Power 5s, 1946
Market St, Elevated 4s. 1955
Georgia Ry. & Power 5s, 1954
I0ENNINQ, GARRISON & CO.
STOCK KXCIIiNOU IICIXIUMI
l)lrt I'rlvate Itleplione In Ntw oik
Uawbcr 1'ltlli. HIckU Kxtbtnt
gni iVis.
M Lib Honds
Jd -1h
10 Id IVJs
inj.-i lib l',s
1 Vi 1 ,s
s Pi una Con
r.'..,s
t do 7s
l'i Phila Co
ons !
i piiiiii i:u
1st .is
.". Kind'tt g
'ii 's'. Kli !Xl si! !nj
'hi 11 liO 11 '.Mi U
S7 'JO H7 (Ml S7 'JO .
U7.JO 17 'JO 1)7 JO
I'll',
1(J'I
fifi
in:.
lift',
10' J -
70' . 7b1 j 711'j
si
M
V.'. .
I Pennsylvania Crude Oil at $3.75
I'lttuhurgli. tb 13 Itedui-tlons of
Ii m ten to fHtv cents In tho prln s of
crude oil hi i "announi ed hern todav by
the prliulp.il imrihaKlrifjr nuenclis I'l-nn
tiu.iiln Lruile reeelved a Ut of ll't.
I tents a barrel making the i i prlcr
IU 75
ai . ... .....I i '.in pn h. were Influences carlv
'lliais were timid about prisslng the
silling sub' too far und the marKti
idiownil fair reslhtan'e.
I Mareh ;i ned ut .! 70 to 51 tlfl'i,
against 1 "O'j at tin- clohC jesteldoi',
und receded to 1 (!'.l'4 Maj opened
at 1 ."Ki-j to 1 Ml and later sold at a
nit Idkh t't 'ti , ut l TiHiJ
CuimnHslun hous and local brokers
liud mIIIiu orders m corn, and the
1 iinileitime of the market was cash r
Tluro wus mini buying on the eipci la
tion of mon- export business, as prbes
In tin liiit.d States arc (onMd'rabl'
below rinse fni Arguiliii" orii ii
I'lirope
I Maj started al 70"si fo70iii' ngaiiit
i70.i at the i rnl visfirdaj, and '!
illiiid to H'l's' .'"b "I'""-'! nt ,'Uf
i... 7.iu ..u.n.i 7'j (! nt the end ves
in -,-, tii,..,..-.. . - n- :--
Other reductions Include c abell.
t.r,liii nnd riH I deil tO 71 ''iC
Local operat4irs prei-sed oats for Mill
nnd wcnkenisl the market aftir it had
htirtnl fulrlj Mcaib
Ma iitMiud itl 15 '' I" ln'sC and
lntu -old at a net oih of 'te at nj;uJ'
IJJ1. .Somerset 13. SoinerMt Ulfb'. . .j,,. wasciiiotnl it M'jC to 10V4c at ra
I .' 5 and n.iKland, Jl IB rslanfl vvua I , ' tNf t lgllKt JO'c at the cntf yC3- i ,
MONEY-LENDING RATES
MM 10IIK- Alone) oil call both
lisSKSofcollatei.il op. lied toda) at 7
jcar int for lendlni; and renewing
IMIII. Mil l.rillA Cull 6 per 'ent
t mo per cent , commercial paper,
threr to six months C per (ent.
(Nolo These are merely nominal
ipiotatlons aa thi enl rato of Interest
In the K'ltr- of l'nnh)lvanla Is fixed at
f, p r urit l'lun premium and (ommis
slon timii montv for thli tv to ninety
lit) Is loimd at S to 8H per lent
while noiunii rclal papi-l, tiom thrip to
six months Is beliur ofttrnl at 8 to 8H
p( I uliL)
DIVIDENDS DECLARED
i i I in l'iill Ilallv.il ( " , nujrdr
f J . iw ' i-nt on mninori tail iimlminurfl
if J h r i ml on yri-O rrvd 1'itti lavanv
Ai r i I to hIimU of n-cnril Mnirh 1
IUml Minis Ltd .' d on Ihn Ilnnker
truHt ifrilrl biiim for American shiuf" luy
rtlli- lVliru-vry 23 lu utock of rtcord I'fu
ruiirv 'l
'In ml ( lifHr 'n iuarrl nf tl iS on
I rrfrrM pa hI.Is MarUi I to stuel. uf Tt.
oi 1 IVI.ru in M
C anaillun IMdric. mlttnnul '.' prr tint
in lirTeirn ruyAbli Auri
reenro .Muri.li l
e .M 4 rch
cur; A
Initial capitlty of the bank, It was an
nounced, inoHth on 'otton to he shipped
iixiiniiiiiii iiii. i iipitai stoca was sub
Kulbed bv 13ho bmln In nlno .Southern
ulatin
Hutte foiptr and Zlno Co tor the
year ended December 31, reports net In
comi, after barges and taxes, of 113').-
u, equal to seventvslx cents a sharo
ipar mi earned on tint 13,000,000 capital
slock In the previous var tho com
p.iny shtwid a dWktt of JOISI
rulodn Has I.lirht i'o for the vear
ended lieecniber 81, repot tn "Urplur,
after ilnrges t,1Xes and pri fern d divi
dends of III7HJ7 fiiih.ilent to 1 JO
a share irni d on the, 110,700,000 com
mon stoik i,n lutnptred wth JHJ 7j4
or Jl U i Minn n liis
Hiddlo & llmrv iiunouncn. lb it Wil-
Ham ( lauili Thomas has Jollied tlit-lr
siiiini; urranizniion.
FOREIGN EXCHANGE
New lorli. l'( b 13 -The entir.. fr.r.
elun ex'haiiKe market where there were
changes at the, opening, show id ad-
I vances, with the single exception of
marks ahl'h at 1 72, showed a loss of
, !'.( points from yestirday's final and a
I s of 4 points from thu recent high
Stirling ut )Slt for dbles and 3 50H
tor demand, showed a net high riLord
on tho rail) from tlm decline from 1 Odi
In tho spring of last year Prune cables
showed a gain of fi'.j nolnts at 7. Vi
lli d cumt) within Uss than 10 points of
lh 1!)20 high Checks wern 7JC'i
Other quotations were
IPlglan cables 7 73. checks 7 7.' , Sulsm
ihlcH 16 60 i hecks 16 47 , guilder cables
31 Oft checks 3 1 111 , pesetus cablis 14 JO,
cbeiks 14 18 Stockholm cables J2 03
cities .': 15 ( hrlstlniiia iiibl's IS
thicks 1" 'i0 i openhagen cabli s 18 CB
ablis 18 5C
The primlum on New York ix hinir.
In Montreal toduv was onlv Hllfhtlv af
i luted bv thn strength of Stirling nt
I New Yor, 1h( pieinlum iifed to U',
I r cent The dlsount on i aiiadlun
funds In Nm York vias filrlv ttad)
I at l.iat2l4 per tilt
ii riri.unw h ris'Ai. ctcurAnuss
hterlliiK 1'rncH I io ((iiiklrrn
lifiiunrl a SS'i 7 .'i .'I til H jn
i uliloi H hli. 7 JS n 4H 3'i
TOI)AV H OI'l.NINd ytOTArid.VS
HlerllnK Prunes I Irn (Jullilern
llemaml 8 tm'4 7 snij, ii
1 m- i oi
as,
18'
OS
an
79
l'i
JH
20
2H
x
8i
HTAMrAlll) 011.1
Atislo Am Oil ISO
(Ihlu Oil JSil
S(iJ Ull of InJ new TlVt
stand OH of N 340
IMIKI'KNDhNT OILS
AlllPd Oil . . . 14 13
lloonc Oil . l't I
HoMon vv yniuine i
Oarlli hjiifl ... "
i It Hrv II" ctf ex dlv. 2li
Cll irv pret x dlv... . TOVi
Knglnfers 1'etrol 1
Oli-nrock Oil 2H
(Iranaita 0.
Iludaun Oil H
Int Petrol ... 16
MuKln.i Oil 3!t
Merrill Oil . . l-'i
.Murium) Det ... "-
.Meilni.011 . . l'i
Mountain l'roilucts . "
.National Oil N J . .
North Amr oil . . '-H
.Noble . ji
Omar OH . . -'
I'roilucer 4 Hollnera . . i,
led Hnck OH . .1
Ilyan Conn .... S't
Halt creek fa . . 0W
Slmmn l'et 7
SXelly Oil l'i
L'n Irinr Oil ri
Victoria OH new . . 1
Y Oil . i'i
MINlMi
MiKlti Ilr Columbia . . (i
Atlanta 1.
IIIk Uta . . '
llooth . 1
llontnn & .Montana. , 6H
Caledonia .Mlnlnir . . 1-
("anrlelarla Mlnlnir . 1"
Conn Irslnla . . . 4
Cortex Hllver 7o
Cretflnn Gold 1
Oreraent MacNarrrara 17
Dundee Arln IS
El Halviulor . .?'
Kureka Cro.iUH . 1
Kureka Holly . tt
Hold I ons I
Gold lvel .... J
Uolilneld 1 lorence .IS
Hold Keuanas . 1
(JoM or- . ... 2J
Ureal llernl
Heclu Ml n In.
Iron Iltosiiiini .
JunilH. r.M.'nslon
Knox UK Mo ..
MacNamar . . .
Marhh Mining .
Mother lde ....
Mother Ide ne . . .
NUImlnic ... ..
North Htar .. .
Ophlr Hllvor
Prince Con . . .
Ilex torn ...
Hochekler Mlne . .
silver King Divide,
Maml Hllver l.eiS .
Succenti Mlnlnir
Tonopah llelinoc
Ton ipih I'anh llo)
Tonnpah Dlvliln
Tonopah Kxtenslnn
T. iinpah-JIm Ilutler
T n p.li Mldwuj'
Tonopah Mlnlnir
lonopah Mlcpah
Tonopah Momma
lonop ill Heacue hula
I H Cent
I'nlteil Haiitern
Mitor Divide
Weit Htul Coim
White Capi
lltort
1 30
p in
at!
,1H
lS'i
3S
3'4
70
10
i.
1R
2MI
C'J'i
34'l
14
14
0' Olt
20k 1UV,
70b 7Mi
1 1
1
0 5
s
ini 134 I
A 3i
:i 22
l' IMi i
S bS i
4'i 4H
2S UH I
ijj 9J
1 1
V 1'
7S 7S,
7V 7W
r.
on
u
17
4',
OS
l'
14
h
as
.i
IIS
1 )
S'
70 I
1
17
l' I
i"
s
as
,T I
10
14
IS
10
B4
55
S
'4
r
a'"'
i'i
n
ii
n
n
20
3
u
fl
1 1
17
10
114
6'4
H'J
S
ft
7'd
r.
3
A
T
ic"'
IT
13
l'i
11
II
20
2
3
IIONDM
Li
HUi,
1IU1
lrj.M
10.1
Allied Packer 1.1
Aluminum 7
Vmer Ai.rl Chem 7
Amer Tel (In 1IKJ
Amer Tel rt 11154
Anaconda 0
Ana.oniU "' 1 0 JO
Angln-Anier 7'i a .
Armour Tz
Heaver Ilnr.l Sm
Hell, Sleel 7 l'lSS
( npi-r llxi i ru M
i opier l'port s
Copper l.MiorM Ms
('. i ier 1 xl rl i.h
( Itv of lleruen Ss
( erro ile 1 asi o h
Cona tlm ""i
( ona Textile 7i
Dlamonil Matih 7'-j
(.alenu 7n
Uoiilrlch Tire Tpt
(Irani Trunk -, ?
Helnt 7b
(lulf Oil 7
Inlerlioro 7
1. icl- 1e Hie "
UN BHj llirfl
Morrl 7'
Nut ('loss H It he
N'at I-vther
pair Amer l'i I 7h
Seara llol urk 7
Hlnilalr IVan
hiilvay
Mwlna fiW s
H O of N V 7
K O o V V 7
H O lit N Y 7
H (1 of N' Y 7
Huirt & Co '
revas Co 7
t'n ll Hnvnnnuli Tn"
I nlon Tank 7a
u Caio ( hem 7r
IU'
12J
in .'7
Id. s
IPTO
lint
'
un-
07 V.
on
sns
100
. 07
no
look
100
i. OS,
imi;
om,
104S
tuin,
fl
lot S
(i i 'i
ov
. 07
074
07
01
100
OR
02La
Oil
01
on
Ilj
inn
SJ
lol'i
101'.
I0J.
103 V,
(inu
uoii
ii
ifsm.
OS't
X,l
W!4
07
uS
sne,
MS
lil
064
nos
0B4i
unit
rniVj
UU
UR-,
H'i
mi's
no4
uo
101 v,
nov!
PCIi
07
07
(17 H
01
101 111
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s:
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loss
toi
ons
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Seasoned Issues
Railroad Bonds
We own and offer, subject to prior Bale,
limited amount of the followm bond:
Secut-ilr R Due
PhUa. k Reading R. R. Co. 4 1947
Improvement Mortgage ,
Mohawk & Maloae Rwy. Co. 4 1991
First Mortgage
New York & Putnam R.R. Co. 4 1993
First Conbo). Mtgc.
Pitti., Beuemer & L. E. R. R. 5 1947
Consol. First Mtgc.
Beech Creek R. R. Co. 4 1936
First Mtgc. Kcflr'd
Mahoning Coal R. R. Co. 5 1934
First Mortgage
Norfolk & Weitern Rwy. Co. 6 1932
New River Dlv. First
Oregon-Wash. R. R. & NaT. Co. 4 1961
First & Rcf. Mtgc.
Weitern N. Y. & Pa. R. R. Co. 5 1937
First Mortgngo
Pennsylvania Company 4 1921
Tirst Mortgage
Pennsylvania Company 4 1931
Collateral Trust
Louisv. & Jeffersonville Bridge 4 1945
First Mortgage
FREE OF PENNSYLVANIA STATE TAX
. PRICES AND CIRCULARS ON REQUEST
Bs.ii
5.12
5.12
5.38
5.35
5.59
5.50
5.50
5.70
6.00
6.Z50 i
6.25
6.45
Biddle & Henry
1 04 South Fifth Street
'the Information nnd statistics contained herein liavt bun
obtclncd from sources which we believe to be reliable.
""T
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Railroad Mortgage Bonds
TO YIELD 7.75
Frat f Fanna. $UU Tai
Company Ktiumii tha 2 Normal Fadaral Ineama Tai
For the conservative investor who prefers the
old seasoned mortgage railroad bonds wc arc
recommending investment in NEW YORK,
CHICAGO & ST. LOUIS R. R. 4 Gold
, Bonds, due in 1931.
A 40 increase in freight rates, earnings of
more than TWICE its fixed charges, and
dividends earned and paid on both Preferred
and Common Stocks, place the mortgage
bonds of this road in an especially secure
position.
Price and full particular! on raauttt.
CARS TA IRS & GO.
Conaervative Investment Seeuritiea
Utmbcit: Ji'no York rnf VMtodtlphla flfoefc Ezthangit
1419 Walnut Street
71 UROADUAr. N. 1.
rillLAIIULl'IIIA
Paris-Orleans Railroad Company
(Compagnie du Cherain de far de Pari at Orltam)
Jo Bonds
i
i
t ipi
Payment of principal and interest guaranteed
by the French Government.
These bonds offer the holder an opportunity to
profit in French Exchange.
Price on application
Further information and circular upon request.
GEOKENDDICK3rd CO.
1431 walnut er.
'TZaiyJzer'S
.Mnnbr New Tort nnd
rhlltUelDhli mock fcichantei
w
PHILADELPHIA.
Ttlepheneei Bell fl(rtjiey,!
Ktjileit 11
Asiril I to Btocli of
nnllnentnl Oil deel.rnl (juarterly IJ, t:
ID tu ituck o( record 1
K:
1 ablea
.14 SO
BANK CLEARINGS
JlnnU rleurlniln toilHy 1 ompueil vwth eur
reonilliU il lt tu eiim
IbJl lU'.O 1010
rhlla . 1M.0I4 880 tm J3.3fl $08,444, fl.11
Hoiton M.SM.aOS A8.U1 nj 07 BUI jo J
.S? V . .,7aV5J.55T 038,lll.I 703l3i.997
f
NEW YORK COFFEE MARKET ,
New Yorli, Till. l.". The lourkot lur ,
coffoo fiitiiroi oiiomd fl to 0 point!
Iillrtir thin mnriiinj; The early nfiiclnl l
rnlili h ropnrtiil tlii primnry inHrkotn'
hixlicr, iibniil llic KOino iih reported In
prlvot'' ilNpati'lin lute jpHtcriliiy. Nutli
iiie (lilliilt' iin Known roirorillni: tin1
IliimnrH on tlie llrarllliin lonu und thru
ua no rnn"W ul Irailc ill 11111111I
At midda uiftic priicH woro ing
gliu nnd lliiinpi' watt bMldrd tu tin
hilllns licrc tliriiiiRli u prumliunt Wall
stroot liuiip Mardi mild off In II Oil,
Ma to 7 1KI, .Till) to 7 10 nnd Siptcin
lipr to 7 HI, or not iinpliiumc'l to a dp
(lino of t poiiitH and ll to IK pointH
Ik low tlie lust point of llie rail
Hentlinent (onlliuifH unsettld) pend
ing continuation of tlie wirloun loan ru
morn wliioli rieentlj have liien clien
lntlnK In tho trade.
rWwwiiffliWiiiWTiiirriiiiiirriiiiwiniiBM
Paine, OTUMer & Company
I'alaVlldhed 1KI0
1422 SO. PENN SQ.
Jlrmlicia 0 j;uifon ( Meago anil ,Vctu 1'orfc 3locv hxckangei
Offer to Investors
Ohio Power Co. 7( Milwaukee CoVa & Gat 7(i
Adirondack Power &. Light G Cedar Rapid Mfjr. & Powar 0
Spcclnlisti in bonds of foreign GovernmcntH in Sterling1
denoniinntlon-i.
Dirrct wiro and cable conncctionu to nil principal markets.
aint, W&tbbtr: & Company
n?K(rle Inxttrd
tiiiiaittiwwMiiiM.iiMiiiiiiiiic m miwmmmmKnwBsmsmimM ,
March
May
Jul)' 1
Heptemlier
Dereinlwr
llld
I'rev f line (lnn
nooiiiil 0i.Hiili
1.1
7 111 01
7 4HM1
T 4tiSi
20 tf '.'I
J I
7, no
7H70o
H '.'5
GRAIN
PROVISIONS COTTON
Our XJatly ieldr Aettr on HcQuttt
Hughes & Dier
I vl,,,R ,lj?'r !
'..In' ' jrmtw-.r9ni
Tidewator Oil Company
1 s'
llMbin
j r. . I'MuJiiv. ir..i..
1 mi. t&vys&zisr j
i-iiiFiwrtii Blerk Rirhaait
1435 Walnut Street
PhlUdalpliU MXm,
Gulf Oil Corporation
Louisville & Nashvills
Eulprrnnt C''a
EDWARD LOWIEU T0KEI
I S( UTIT BT. LO0TJST I".
i