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20
EVENING PUBLIC LEDGER IJHlLAi)ELlHlA, THURSDAY, MARCH 3, 1021
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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 lattt
copies will be gtaJly tent
upon receipt of 10c in
etampe to defray eoit of
mailing. Write for Q-10.
J. F. McGOVERR & CO.
Member Hills, "fork Eiihint
14J0 Sooth rtnn &.. Ffetla.
04 to Raea SM
w TerU tt Bre&ewa
LOW-PRICED RAILS 1 NEW YORK stock exchange transactions
THE SIRONG SPOTS
Same Sluggish and Uneven
Movement in the Gen
eral List
sr
For
Investors and Traders
Our year book of price move
menti and other valuable in
formation it ready for distri
bution. Now U the time to make com
panion of pricei and make
election of stocks for pur
chase. A copy will be mailed with
out obligation on your part.
Write for it today.
Smith, Redpath & Co.
Members Phil. &lork r.irhanie
1524 Walnut St.
iiiii.i)Kr.i'iii
f'hnne. Sprnrr USSO
ay JMurfuj ymmtrr .
ri ii Hi I i"
fj aaa
To Net Over 7
An oblltratlon of a company
nerving a population of 700,000.
About onr-half l In powtr
Kenerated by Hydro-Electric
plant.
Earnlnifs over twice Interest
charge-
BATTLES
i
& CO. I
KstabHshed ts0 R
I Indnndne Sqnsre (Rait)
Service and Stability
A Deputy
Collector
of Internal Revenue will
be at our office on March
9th, 10th, 11th and 12th
to assist our customers
and friends in the prep
aration of their Income
Tax Returns.
On other days our own
officers will be filad to
give you their expert
assistance on the com
pilation of your Return.
Integrity
Trust Company
Fourth and Green Streets
Capital $500,000
Surplus & Profit . . . .$1,770,000
New York, March .1. What linserini
hope there remained for the promL'eil
inaugural bull dpmoaitration faded
away In today's Hock market. There
va the jume -lug-i-leh and Irregular
drift wlt'j reactionary tendency cropping
up here and ther which was offset by
strength elsewhere. The general tone
of the market continued strong, but
price movement was again very uneven.
N'o effort was made to continue the re
covery movement which developed In the
late trading yesterday, mainly because
the requirements of the shorts had b-n
filled. On the other hand efforts on the
part of the reactionists to depress price
apparently met greater resistance, and
it was obvious when such pressure re
laxed the entire llt recovered quickly
Much the same n In the preceding
aesftlnns the trading was conspicuously
specialized. The weaker features were
onhncd to the industrials, especially
thoe harrs in which dividend doubts
exist. This rule, however, was not con
sistently followed, as while Chandler
Motor dropped back nearly 4 points
because of dividend doubts. I'toh Cop
per nude a Kmart advanre following the
announcement of the reduction of the
dividend rntc from a fl to n -I per cent
basl. Atlantic fJulf, which is also
inder the shadow of dividend doubts,
declined over U points, most of which,
however, was subsequently regained. At
'lie same time a number of other in
dustrial specialties which were marktd
up in yesterday's brief drive against the
i-horts showed n tendency to ease off as
teult of the elimination of that sup
port. These individual feature of weak
ness were without effect on the general
list, and instead of running off the
market settled down to extreme dull
ness after t.i- first hour, with the deal
ing" falling to lftirlcr proportions. The
deadlock was virtually broken shortly
before noon by the strength and mod
erate activity of the low-priced mils.
Knnsa City Southern nnd the St. I.oui
and Southwestern isues were particu
larly prominent, but the entire group
:i(iH n r'SKnie tindencj . While
the movement strongly suggested ma
nipulative tactics, it served to enliven
the trading, mid was followed by u gen
eral hardening of prices nil nmug the
hut. and by which mot of the weaker
features of the earlier dealings made full
recoveries
CONTINUED HEAVY
SELLING OF PENNSY
Some Doubt Created as to
Ability of Maintaining
Present Dividend
Continued heavy trading in Pennsyl
vania Knilroad 'fork was once more the
overshadowing feature of the day's
otherwise limited operations in the local
market. It was evident throughout the
cKsjon that I'ennsy was on tap and
was being offered as freely ns the mar
ker could absorb It, between 't-i and
H. It will require -nine time for the
unfavorable influence created by the
ttinual report to wear off, more espe-
sally when it is considered that some
onditlons reponsible for the big
-hrlnkage in ne.t income Mill remain to
be corrected.
At the ame time while not altogether
v.iirranted. Mime doubt as to the main
tenance of the present rate of dividend
had been created. Of course, if the
conditions which made ucli serious in
roads in the company's revenues nre not
fully corrected and earnings continue
to shrink as the have nnd If the busi
ness depression continues, the directors
would have no other alternative but to
reduce the dividend. Any talk of pass-in-
the dividend should be entirclj dis
missed. The low price established by stock nt
nny rate would leemingly discount the
most unfavorable possibilities of the fu
ture N'ot since the I'ittshurgh riots in
1S77 has the Mock touched such an ab
normal low level Previous to HllO the
Issue was traded in on a percentage
basis of 100. In the panic of 1007 the
low price was lO.iy,. which, on the
present basis of quoting, was equal to
about T,Vh. In 1!I01 it sold ns high as
liO. or equal to s.. Pennsylvania stock
was listed on the New York Stock Ex
change in 1.S0II. but the records go back
many .warn further, for before that time
the issue was listed on the Philadelphia
Stock hxchange.
Philadelphia Stocks
l.iO Am Strs. T,'Z
100 Am Hwts
pref 21
'nUIIaUl I.oc
pref 101
1.10 KlifStnr.in.i
'T.'i Pa K It.. ,'IS
.i Pa Salt.
loot Pitts AW
Hi Phlla Co
cum pf.,
17' Phlln Kler
1HM do nref.
'-'" Phi In ItT Ifl"'.
700 Tom, Mln 1
07 V 0 I... an
1. 15
i- in.
.Vet
chgfj.
's
-"I
22 i
271.
21
100
101
,'tS
72 M,
20
.'12';.
22 ' J
27'
lfl-V,
1
21 1
101
104
.'f.s-i;
72H4-
20
2''
1 "',
1..
.'Kl . .
1
l'i
:i (l
'Ni-i rhsnae murlr by nnmiiarliinn wlih In
I.- n Nrw Vork Htrk Kxchanso.
Spruce 8200
IIONOH
nigh rin
1 is
P m.
Net
i tut".
L
A Nation.Wide
Market
(or
Liberty Bonds
Victory Notes
slid
Treasury Certificates
SECURITIES DEPARTMENT
Commercial Trust
Company
Member Fdtrl FUierv Sritera
City Hall Square Weil
70
KV,
70
70 f
102 102.
Til', fill,
-l"i ai.
i'
Dlr.
fl'l's In I
109 ..
1M
tM
US
J
H4
191
SO 3
too
alto
2f
110
17(0
14
44)
110
74
1100
SOI
40
40
.110
100
17)0
3)0
200
M
1414
1 04
7114
1M
'40
lOo
740
1704
3I4
104
300
.104
714
144
44
3-M4
1C04
700
21(40
0(4
1S4
240
311
1740
.140
1144
100
13)0
204
144
14
100
800
140
1(00
144
204
110
204
1101
104
100 :
.'034
111
104
(1)0
140
410
3.11
104
404
100
3U40
loo
400
(04
17R00
101
2190
too
.100
1901
1.104
100
.104
204
214
301
IIXl
100
104
110
304
'0
310
lion
Ilxh
.. Advance Ilumely . . .. 19
.. Alaska Oold lllne,,. V
1 Allied Chem Dye.. 43K
7 Allied Chem & Dye pf to
4 Alllt-Chalmers UA
Am Artie Chem 4
3 Am Hank Note., 41
3 Am Bank Xote pf . . . . 4
Am Beet Sugar 4H
3 Am Bosch Magneto.. A3H
- Am Can 3H
0 Am Drug Syn H
Am Hide Leather pt 44i
4 Am Ice
.. Am Internal Corp... 4(
1 Am-La France Entf. .. &H
( Am Locomotive Mli
- Am Malt 70
4 Am nadlator J7
.. Am Safety Razor.... 7
Am Ship & Com Ji
Am Smelt & IW 41
17 Am Snuff l7'4
3 Am Steel Foundries.. 2IM
7 Am Sugar lief "
14 Am Sumatra. Tob. ... 7
Am Tel A Tel lol
12 Am Tobacco 171
17 Am Tobacco B HTfi
7 Am Woolen (4tt
. Anaconda Copper ... 3M4
Amo nit K
Atch Top ft Santa Fe 3
10 Atl Gulf W 1 S 8.
3 Atl Gulf ft W I S S pf 40'
7 Baldwin Locomotive . tt'A
7 Baldwin Loco pf 9Ji
.. Baltimore ft Ohio 34'
4 Baltimore ft Ohio pf. . 20
JO Bamsdale Cla-s B... 34 Ji
.. Bethlehem Motors ... 2J4
8 Bethlehem Steel B... HU
. Brklyn It T ctfg of dep 8
Bruns Term 4K
10 Burns Bros
7 Bums Bros pf 113
.. Butte Copper ft Zinc. . "
.. California Petroleum. 40M
5 Cal Zinc ft Lead 3
10 Canadian Pacific . ,..l!4i
. . Central leather aW
10 Chandler Motors .... fl9fc
4 Chesapeake ft Ohio... SH
.. Chi ft E III D- T ctfa Yi
. . Chicago ft at West. . . S
.. Chicago ft Ot West pf HJ4
.. Chicago Mil A St P.. in
.. Chicago Mil ft St P pf 43
.. Chi Tt I ft Pac 27 ri
I! Ch R I ft Pau pf 83
.. Chile Copper 114
. . Chlno Copper 31 Vi
.1 Clv Cln Chi ft St L pf 8(
6 Cluett Peabody 49tJ
.. Coca-Cola 2lH
.. Col A Southern "JK
6 Columb dan A Elec. '
1 Col Graphophone .... 9
7 Col Graphophone pf . . 64 Ji
7 Consolidated Gas .... 83
3 Consolidated Textiles. I9K
7 Continental Can .... JJ
.. Contlnntal Candy ... ly
4 Corn Products Ref... 71
80 Coiiden & Co 3itJ
( Crucible Steel U
4 Cuban Amer Sugar... 31 J5
I Davison Chemical . . 24 '4
.. Denver A Rio Grande IS
. . Denver ft Rio Or pf. . 3
1 Dome Mines li'J
.. Duluth So 3 ft At.... 3j
5 Hndlcott-JohnKin .... C0i
.. Erie 13H
.. Krle 1st pf 19K
8 Famous Players L... t8
.. Fink Rubbr 144
.. Freeport Texas 11 V4
.. Gaston Wms ft Wig.. 3ft
. . General Asphalt 87
n General Klcctrlc lSO'j
1 General Motors l'U
7 Gen Motors deb 7.. 78 H
8 Goodrich B F 3 H
7 Great Northern pf.... li2
4 Ot North-rn Ore ctfa.. 3l'4
.. Green Cananea Cop.. 314
1 Hupp Motor Car 1.1ft
4 Illinois Cent 89
2 Indian Refining 9
.. Inspiration Con Cop.. 34ft
.. Inter Con Corp pf... 12ft
.. Internal Agrlcul 8ft
6 Int Agrlcul corp pf.. 48ft
6 Int Mer Marine pf... '1ft
Interim Motortruck.. 32ft
fl Int'rnat Nickel pf. . . 80
.. International Paper .. S
.. Invlnclblo Oil Corp... 21ft
18
lit
43ft
I
31ft
47H
4IK
4(
4'
(3
29
(H
44ft
M
4 ft
8H
88
74
77H
(54
0H
102ft
29H
(I
S7
109 H
119 ft
117H
C3ft
94ft
MH
43ft
37 ft
C9H
99 ft
33?i
80
24 H
2
87 ft
S
4K
114'A
4ft
40ft
8
114 Ji
39 ft
es
89
8
Mft
21ft
42
27 H
81
lift
21ft
CO
49 ft
31
.1.1
MH
8H
4
S2
19ft
31 H
1
71
MVi
94ft
31ft
25 ft
lft
2H
18 ft
3ft
,0i
13
19 4
C7
14 ft
17 H
a
s&K
130 ft
13 H
18 ft
37
5 ft
30
21ft
13 '
S8
9
34
12ft
'4
4ft
81 ft
37 ft
80
ti ft
20ft
1:30
Ijut
18
1!4 .
3 ft
47ft
48 -53
-
39 -
H-
44-J-f
58 -48
8ft-
Yi-
20 -f
73K
I4-
9J4
41 -
187ft
39K
93
7 -
101
119i
111J4-
3H-
3ft
9Sft-
SH-
41 -
40 -
90ft
30 4-24K-
3ft-51ft-
8
4X4-
8 -
115 '
4H-
0H
8
H4K---
19ft --
re -
59ft .
'4
8
18 ft
28 J-
2J4--
27K4-
83
1IH-
31ft-
86 J-
49ft-
2IH--
5H
(H-
54M
s2
19 ft ft
7-
I -71
28 ft
15 -31ft-25
ft-
H
24 4-
14 ft .
3ft .
COft .
4
C7J. Hft .
UK -
3
8ft
1.10ft -13H-T-76ft
37 -75ft
.
31ft 4-21ft-J3
-(9
4-
H .
34ftX
12H4-
'4-
isftt-
51ft
32 ft
80 5-4 4-2lft4-
Net
Chcc.
ft
4
H
IVk
Ji
"4
H
V
1
K
ft
ft
H
'A
lft
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ft,
ft
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ft
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Kl
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134 ..
314 ..
8".8l ..
.104
II)
10)4
1019
374
17(3
004
309
104 7
100 8
184
40)4 17
11(9 1.80
404 2
14(4 . .
300
114
390
104
2-10
240
140
314
700
109
800
4000
110
1704
1700
1(0
7900
114
100
890
740
300
1S00
114
100
2100
100
109
100
609
100
1400
600
100
204
1
7
7
.40
7
8
8
4
8
1
4
2
4
30)0 3.20
4604
loooo
2409
119
200
mo a
1A0
1U0) ..
1600 0
2310
700
210
400
109
309
10230
291
.109
230) 3
800
2.100 1
1440 2.80
1400 6
110
600
100
140
nw
700
.100
8)0
200
6011
100
1600
10O
3100
100
1340
1301)
319
2810
700
600
100
400
200
100
810
100
119
900
300
10)0
1S00
10
4
8
ltl-h Ln-r
Island Oil 'A 3ft
Jewel Tea ' t'A
Kansaa City Southern J4K 21K
Kansas City So pf... 9ft 48
Kelly-Sprlngfleld Tiro. .18 K naK
Kennecott Copper ... 17 K 17ft
Keystone T ft R K 54
Lackawanna Steel ... 44 H
Loewe Co H 184
Loose-Wiles Biscuit .. 31ft 33ft
Lorlllard Tobacco ...148ft 147ft
Manhattan Kiev guar. 41 (1
May Dept Stores 73ft 74J4
Maxwell Motor 1st pf . 8ft 8ft
Mexican Petroleum ..158ft 157K
Middle States Corp... H 13ft
Mldvale Steel ft Ord.. 3054 30 H
Minn ft St Louis lift US
Mo Kansas ft Texas.. 3ft 3ft
Missouri Pacific 19ft 1S
Missouri Pacific pf... 39 C9
National Acme Co. . 33ft 3ft
National Con ft Cable .1 3
Natlonat Lead 73ft 73ft
Nev Con Copper 18H I6i
N O Tex ft Mex 69ft 09ft
New York N II A H.. 19ft 19
New York Ont ft W . 17K 17 H
Norfolk ft Western... 99K 99
Northern Pacific 81K ' 89K
Okla P ft Ref.. . . 3K 3ft
Pacific Oil wl Sift 31
Pan-Amer Petrol 74K 74ft
Parish ft Bingham... 13H 13ft
Pennsylvania R R. ... 38K 38
Penn Seaboard Steel. 10K 10K
Peoples Uaa Chicago. 39ft 39ft
Pere Marquette 18 ft 18
Philadelphia Co 33ft 33ft
Phillips Pet 25 31ft
Plerce-Arrow Motor.. 27K 314
Pierce Oil H "
Pierce Oil pf 74ft 74ft
Pittsburgh ft W Va.. 39 38ft
Pressed Steel Car pf- 94 94
Pullman 193ft 195ft
Punta Alegre Sugar.. 48 48
Pure Oil 33ft 33ft
Railway Steel Spring. 89 89
Ray Con Copper 12H 13ft
Reading 73ft 73ft
Reading: 1st pf 44 44
Republic Motors 19K 19K
Royal Dutch N T.... 80 9ft
St Louis San Fran... 23ft 21ft
St Louis Southwest.. 36 SSK
St Louis Southwest pf 40ft 19
Saxon Motor 5ft 5ft
Seaboard Air Line.... 6K 6ft
Sears-Roebuck 7SK 71K
Shattuck Arizona Corp Oft 8ft
Sinclair Oil 33ft 22ft
Southern Paclfto 76ft . 16K
Southern Rail 23 21ft
Southern Rail pf 57 ft 57
Standard Oil of N J..14SK 147K
Stand Oil of N J pf.. 106ft 10H
Stewart Warner Sp... 32ft 32ft
Stromberg Carb 3.1ft 33ft
Studebaker 60ft 48ft
Superior Steel 40ft 40ft
Tenn Cop A Chem... 8 7K
Texas Co 41H "H
Texas & Pacific 24 22ft
Texas ft Pao C A O.. 24K 24H
Times Square Supply. 8ft 8
Tobacco Products ... 55K "4 54
Transcontinental Oil . 8ft 8ft
Union Oil !0ft 20ft
Union Paclflo 120 ft 1:0ft
United Alloy Steel 29 29
United Fruit 102;.- 107ft
United Rwy Invest... 13 11
United Rwv Invest pf 23ft 24ft
United Retail Stores.. 45ft 44;,
U H Express flK 6ft
U S Food Products.. 23ft 23
U S Realty A Imp. ... 44 44
U S Rubber 07ft 66ft
U S Rubber 1st pf 182ft 102ft
U S Steel 83 81ft
U S Steel pf 409ft 109ft
Utah Copper 80 46K
Vanadium Corp 33K "3
Va-Carollna Chem ... 33ft 33ft
Vivaudou Inc 6ft a
Wabash 8 a
Wabash pf A 21ft 20ft
Weber A Hellbroner.. lift lift
Western Maryland ... 10ft Oft
West Maryland 2d pf. 17ft I7K
Western Pacific 28 vs
Western Union Tel... 87ft 8K
Westlnghouse A Brake 95 95
Westlnghouse K A M 46ft 48ft
Wheeling A L K 9ft 9ft
Wheeling A L E pf... 10ft 10
White Oil Corp 12ft 13ft
Willys-Overland 7K 7ft
1:34 Net
Uiet Ch(.
K
Oft ..
34 ft 4- IV
48i 4- 14
28M ..
17H4- 5
UK
44H- W
16ft 4- V
34ft 4- Ji
H8ft- '
41 4- K
74144- h
8ft 4- 54
149ft4- Ji
K
39H4- M
"Ji 4- K
ft
19ft H
39 4- ft
33ft4- lft
3 4- 14
72ft4- IV
I9J4 4- 14
9ft- ft
1914 V4
17H4- H
99 4- 1
81ft 4- ft
3H- 14
31 - H
7114 ..
I.1H4- 14
MH- 14
10J'4- ft
39H4- H
18144- IK
3314 4- 14
24 4- K
37144- 14
11
7144- 14
s ft 4- V
94
104ft . .
45 - ft
33ft - ft
89
13ft- H
23144- ft
44
19K- ft
60 - lft
23H4- IK
30 4- 1
39K4- K
4ft ..
H4- 14
.8-14
6144- ft
23ft- ft
76H ..
31J4 4- 14
57
147K- 2
106 ft 4- ft
3314 4- 14
33144- 14
80144- H
40ft 4- H
H- H
41ft- ft
33K- H
25H4- ft
8J44- lft
55 ft 4- ft
14 ..
20ft- ft
120 ft 4- ft
29
103H- ft
2 4- lft
25K4- IK
55 - ft
H ..
23
44 - JJ
0K4j ft
W2ft- ft
81J44- ft
109ft - K
49 4- lft
33X4- K
23144- V
6
8
211-4 4- K
lift ..
10144- ft
17ft 4- ft
28 4- 1
'14 4- ft
95
46 ft .
.ri.
"14- ft
7ft -.
CURB OIL SHARES
UNDER
PRESSURE
Anglo-American Sells Down to
17 Carib Issues Heavy.
Durant Motors Firm
Commodity Markets
COTTON MARKET
New York, March .".. Disregarding
steadv cobles from Liverpool and
firmer foreign exchange rates, the local
cotton market opened unchanged to IS
points lower under scattered southern
wire house nnd spot firm "-clling. There
was nn absence of Imnortant demand.
Itiisiness was less active than recently
and there appeared to be a disposition
to confine operations to hmall limits for
the time being.
Wall street nnd some of Inc local
operators were modcrnte buyers, largely
to (over s,nrts. anil the market during,
tlie eariv trading mien steady at emsi
to the initial levels.
Receipts nt the ports for the dav ,
are estimated at l.'.OOO bales, against ,
12,:r.01 bales n week ago. 23.00(1 bales I
a year ago and 12,052 bales two years
ago.
March
May
.!uy
Octet "
Ijccf'nrr
January
Provlnu-
lo :h
11.43
. U.S.-,
. 12.2S
. 12.4.-.
. 12..VJ
Wl.lllt
It. 40
11.71
12 12
12.27
12 2S
.in :
m. i
II .Ml
11 IMI
12. 4S
12 5H
GRAIN MARKET
SSI. lo
lliino
1 10 Am Cas &
r.ler ,s .
'! 110 Hell Tel
IK 10.".
2 KVc A: P.o
Tr Is. ... fill',
i.eiiign av
cniiH (1,k,
I. ib HoiiiIh
.'Id -1 ', k . . . 00.22 00 22 00.224-. 0(1
-i.ii i.ii S7.2O4-.20
I 1th -Ixs.
1st ,s... MPJ, S.'1'i S.-tl. .
1 Heiiding gin
s hi i. Nil. tii .-
. , . -, , , -.,
DIVIDENDS DECLARED
rtTiii r.i'fin l-xpri-i t-n. ntinrtf.r
ff J2
i Kardos 8C Burke
STOCKS AND BONDS
I424WaInut5t.,PJiiladclpIiU
New Yk Piitibtirs'i
CUct tUIUmor
Duwt Prim Witw
t.avi,n Apr I 1 to Mirk of rm.nl March li
Kl.nrlc Hlornre llattrry fn . oiiVrterly f
1 rr r-nt an l'r-f-rr.,1 n,l rornmnn I py
hIiIh April 1 In Mock (if rcrnnl Miirch 14
z H-rvIc, Co.. M rnt on U I lank.
cr' har pny.il.lo April 1 to rlnrlt f ,,1.
' nl .March IS "
Armour & Co.. nu.irt-Tlsr of 1 r-r rfnI nn
(rofvrrMl payalilo April 1 to Mock of tie
.nrf March IS.
1 Huryrua Co '4 of 1 pr cent on pro-
torri-d In llu of nccumviliitHii illvMoniln in.
i ndicl of l1 per c-nt u priivlounly duIi.
, imbed.
Amtrlrun 8'ccl Koiiidrl- nuartrriv nr ji
(int '.n riininmn nnd 1 '1 per com on ore
(erred Common In puxildo April 18 to
cice k of iccord April 1 nnd pr.'forrod Man h
i :il lo Mock of record .March 1.1 r "
In ernntlonal Onmni (imrtrly of nt",
(lit- pnjaldii March 81 to Mock of reioril
M.-irc.i 1 r
oils Hlo:l Co.. nurtrlv of l p..r cent
on pr-ftrred. nyablo April I to mock of
record Mirch 1
Orea- Niitthirn Ore, 12 on lt certlflratei
of lunerlclal Intere-t. pnyahlo April IS lo
koiIi ot record March 2H.
OAR SILVER
Pomemlc bar silver was unchanged
In New Vork today ut HlM-c; foreign
.'ie, an iidvnncu of Uc. In London
ii prl'-e n- id lilgher. nt IIT'Jd.
CIiIi'.-iro, March '!. Offerings of.
wheat were light this niornini; and on,
buying b a local profesHional mid by
eiiHtern cniinnisHiiin liouseM the market
was firmer. Trnde was moderate, llieie
was little In the overnight iicwn to in
duce nggrcMic operatioiiH either wny.
The foreign iditical nltmitinii contin
ued ngaiii't the bears nnd there wim n
.,.n,l .I....1 .r ,. 1 1.. filjiiit rim finuklhlllt i of
...i.i ,, ,. i ... . i. , n uv-.i. ... ,. ....... . . '. i
crop xi-iircH. On the other hand, cash
nnd export demand wan less active.
Murch opened at Sl.OSli to Sl.CS.
neainst SI .(is! nt the end yenterda.v. and
later hoI.I ut $1.(JSA. Mn stiirted atl
iill.OOli to SI "!lr,i. against $1..ilt'n ut
the close joterday.
Corn also wns firmer. Ccunmlhinn
houses generu'ly bought In a unnll way
on lighter offerings from the country
nnd prospects of a decrcaHo in the
movi'iiienf .
Ma opened nt 70i,jc to 70Hc. agniiiHt
70'' at the end yesterday, and later
sold at 71c duly was iioted at 721ic
to 72'e nt the outset, ngilllist 72Hc
nt the close yesterday, and later Hold
nt 7.1c.
Outs also gained ground on reports
of a slight improvement in the demand
for the a hartlcle.
Mm opened ut -lfiVic to -I.'"h:, against
Ifi'jc at the end vesterdny. July started
c higher at 4l1c.
French Bank Statement
I'nrU, March 3. The weekly state
rnent of the Bank of Franco shown the
following changes: Oold In hand. In
creased 3 1 1.000 franca; tillver In hand.
Increased 852 000 francs; notes In cir
culation, Increased 337,836,000 franca;
treasury deposits, Increased 40,310,000
francs, gen'-ral deposits. Increased !i3 -018,000
francs; bills discounted, In
creased 183,730.000 francs; advances,
docrennd 09", 000 francs; uilvanceo to
the state durlnK wie weelc amounted to
inu.oini.ooo francs.
Dank of Ennland Statement
London. March 3 The weelilv state-
nifiit of the Hank of Kngland shows the
followInK changes Totnl icser;ve, d-
reniwil 1,803,000 ; circulation. In
cieasod 11. 002, 000 ; bullion, decreased
ffitK; other securities, Increased 3,105,
000; other deposits, Incri-ased 11,321,
000; public deposits, Incrtaktd 2, lit.
nno ; notes reserve decreased ilf.ni,
ion , government securities, Increased
13 301,00", The proportion of the
bank's reserve to llnblllty Is 13.21 pt-r
.i.t l-is week It wis 14 fi!i pc cent.
It ' of ( coiii. i T in r rent
BIG NET PROFIT FOR OIL CO.j
Standard of Indiana Earns 20 Perl
Cent on Investment I
Chlearo. March 3 A net profit of,
i IO.9t3.484 10, after deducting Income
tiTXPft. fir 2fi Tlftr rert nn nn iaIiioI i I
.-.., . ., !- . i.' in un nt a-,iuu ill-
vtstment of 1203.809,123.82, was earned
I by the Standard f)l! r'o.. of Indiana, for
... ti., i.w, awiruuiK 10 ine iinnuni
report submitted today at the stockhold
ers' annual meeting nt Whiting, Ind.
Ulthout Income tax deductions, earn
ings were 101,377.803 20. A reserve of
.'i,i'M,jiu.io ih matin to meet estimated I
Income taxes for 1920. leaving the com
pany a net profit of 40.D73,484.10. Of I
'Ills, J3,193,"C9 13 was received In royal-
-,..T ... in.- uuiioii and oiner processes)
owned by tho company, but not Included I
'vl 4 V-i k t-krtlr r. 1 . . .. . M & ...
... ,i,n u.iun iniui- oi me company a I
a."K'ts.
As against a capital nnd surplus on '
January 1. 1920. of 1135.117,250.81, the i
company reports capital and surplus on
. . ...... . .... ..-', i,l tiWtf,OU3tl -O.O,
of which only i4 130.403.07 Is In cash,
the remainder, In k epln-f with the com
pany s policy of using earnings to ex
pand the business, belntf Invested In
properties, merchandise and securities.
Outstanding capital stock of 188,038.
312 50 Is reported on December 31, 1920,
as compared with J30.000.000 on Janu
ary 1. 1920. Cash dividends of i9,110,
078 were paid during the year.
The report shows the company has
tu,,.m.mv iiiirdo-ii in oiner companies.
FOREIGN EXCHANGE
New Vork, March 3. Belief that a
solution on fjorrminy's obligation would
lie reached at the beginning of next
week was reflected In a strong opening
for foreign exchange. Sterling gained
Si. francs 2ft, Swl- 3, guilders 6,
Stockholm 3, f'hrlstlanla 30. Copen
hagen 5. Herlln 1. as follows :
Demand sterling 3 88ft, cables 3.89i ;
franc cables 7.17, checks 7.16; lire
cahles 3.00. checks 3.05 ft ; Swiss cables
10.08, checks 16.05 ; guilder cables 34.25
checks 3120; pesetas cahles 13 94,
checks 13.92; Storkholm cables 22 40,
checks 22.35; f'hrlstlanla cables 10.85.
checks l.8f: Copenhagen cables 17.05,
checks 17 00; Belgian cables 7.60,
chtcks 7.49; marks 1.00,
'lHft np.tlllllm .... X..... Vn.l. .... aI.a .. .
. ' ' ., w, .xin a u, r. rAuinuinC
III Montreal today was slightly easier at
I t per cent The discount on Canadian
funds In New York today was 12 VI per
cent.
YI.STBrtrJAY S riNAT. QUOTATIONS)
Hlerllni Francn I, Ire Guilders
Jmand . a S7' 7.14 3.R4 34.10
ful.len . a sss. 7 111 :i.60 34.20
TODAY'S OPK.VINO Qt'OTATlONS
SterllnB Krancs Lire (lullders
.1 Sfc'i 7. Ill 8.6514 .14.20
3 sit 7 17 3,01) .14 SB
Financial Briefs
iJemand
C.blea .
BANK CLEARINGS
Punk rloirliiE -Tlnv compared with enr
reapnndinu ,,,v ln mt, veara:
wi ui2o mm
I Mia 175.. '.7.1 S'.'ll SN4.20N 713 flO.(lin.2SO
lloaton. 47.10'i.nni m. 2.10, 710 01.007.474
Signal Company Passes Dividend
ltoehesler, . Y March 3 The Gen
eral Hallway Signal Co. has passed tho
regular quarterly dividend of lft per
cent on the common stock due at this
time. The regular tuarterly 1ft ier
cent preferred dividend was declared,
payable. April 1 to dock of record March
21 A statement Issued following the
directors' meeting said In part: "In
view of tho general business depression
nnd tho uncertainty as to when there
will bo substantial Improvement, the
hoard deems It the part of prudent busl.
ness management 10 conserve the com
pany's cash assets."
Liverpool Cotton
Liverpool, March 3. There was a
good demand for spot cotton today, but
prices were easier. The sales were 8000
imlcs, Tho receipts were. 17,400 bales,
nil American. Spot prices were; Ameri
can, middling fnlr, ln.ndj good mid
dling, 7.87d; fully middling, 7.27d ; mid
rtllng, 6,5!d: low middling, B,82d; good
ordinary. 1 37d, nnd ordlnarj, 3,02d,
The average price of twenty active
Industrial stocks advanced 0.48 per cent
yesterday to 75 19. while the twenty
railroads advanced 0.42 per cent to
72.83.
The report of the American Interna
tional Corporation, which Is to be made
public In the near future, will show, ac
cording to Information obtained yester
day, a total asset value of J76 a share
The report Is expected to Include for
the first time a complete list of the
company's security holdings.
nhcr. n,es .i Wllllnm S- Ooenntr
and C. Kenneth Oarrlson have been
posted for membership on the Philadel
phia Stock Kxchange.
C. Itu-sell Auchlncloss has been ad
mitted as a general partner In the firm
of Itedmond & Co.
Calumet & Arlzonu production In
February totaled 3,330.000 pounds or
fine copper. New Cornelia production in
rebrunry totaled 1,975,918 pounds.
Kmployes of the United -tate- Steel
Coriwrntlon, to the number of 81 710
have subscribed to 205,308 shares of
stock under tho corporation's plan The
stock was offered this year to employes
at 181 a shnre. Imt year 00,777 em
ployes subscribed for 107,407 shares.
There were fewer failures In Feb
ruary than In January .according to
Dun's Hevlew. which pl-oes the number
at 1041. compared with 1895 In Janu
ary A year ago there were 492. Feb
ruary liabilities totaled 100,862,149 nn
Increase of i8, 700,000 over January.
Officials of thn Philadelphia and
Heading report that the campaign for
fuel conservation on that rond resulted
In a wiving of 15,875 tons net In Decem
ber In Its freight service. In lw.mh..
1920, it took 264.0 tons of coal to handle
1000 gross tons of freight over a mile
In contrast to 280 tons In December,
For the year ended December 31 tho
McCrory Stores Corporation reieorted a
net Income, nfter federal taxes and
charges, of 1619.484. eoual. nfter nr..
ferred dividends and sinking funds to
ilO 21 !! sharo earned In tho preceding
jfur nuit-H uniuunien lo al4.rJ9.346
against i2,712,301 .-".
Net profits, after reserve for taxes,
of tho Atlas Tack Corporation for the
year ended December .11 amounted in
$130,853, compared to $349,289 n the
preceding year.
Raw Sugar Market Quiet
New York. March 3. Thn raw sugar
market continues quiet. Tho Cuban
sugar committee has disposed of all of
in iiiiiiiii oucriiiK or. iuu.uuu lolls for
February and March shipment nt 4?ic,
cost and freight, equal to 6.77c. duty
paid. Details of tho sale have not been
mado public yet but nre expected to bo
given out nt a later date. It Is also ex
pected that a further offering by tho
committee will be made In thn near
future. Sales yeeterdny Included 10.
non bngs Cubns afloat, nt 4Wc. cost nnd
freight, to a local refiner. A New York
refiner also purchased 4500 bags Kan
Domlngoes afloat nt 4ftc, c. I. f The
sale of 2000 baj-s Surnnlms afloat nt
4 9-1 Cc, c. I f.. to a local Interest was
also announced. Importations Included
22,000 bags Culms to tho Warner Co
The local refined market Is unchanged!
Tho Federal Co. Is still withdrawn and
the Warner Co. offers soft grades, but
Is out of tho market on the hard grades.
Again Postpone Goodyear Meeting
Akron, O., March 3. Falluro of small
creditors to assent to the readjustment
detullH In tho proposed refinancing plan
has caused a iwstponement of the Cooil
year Tire ond Huhber Co. stockholders'
mentlng from Mnrch 4 to March 15, It
was announced todny
s'ev York, March 3, The Important
feature of the Droad street curb mar
ket waB the weakness In several Issues
which were under moderate presiure
for special reasons. Apparently ef
forts were made to reduce the bank
holdings of Ityan Oil. that stock belng
o!d down to the new low record of VA,
There was pressure against Iteadlng
rights from the opening, and sales were
made at 14 to l3-)i during the fore
noon. Some of the traders apparently
believed that when the bearing ends
the terms pi subscription would Mem
far less valuable than they did when
the fie-regatlon plan was first an
nounced. The Cnrib properties were beary In
their tone, Colombia Emerald selling
down to 2i. Carib Syndicate was
traded in at 0 and 0. Mld-Co-lombla
Syndicate was steady, selling nt
olA to G. A feature of thn trading
wns the weakness In Anglo-American
Oil, which sold down to 17Vi. the low"
est price, touched In a loDg tlmr.
Standard Oil of Indiana was quiet,
with a small amount of business being
transacted at 00 to 08",. Standard of
New York sold at 320. Texas Co.
rights were steadily taken at 1 and 2.
Simms Petroleum sold at 7 and Skelly
nt 0u to 7. Mnracalbo, ivhirih had
been the strong feature for some time,
was quiet with sales at 2214.
Acme Packing sold nt 4$ to 5 nnd
Indian Packing at 3 to 3. Imperial
Tobncco was traded In at 8.
Durant Motors held firm at its high
record of 20.
isni'STnuLf
Acme. Coal ,
Acm Pack
Amer Leather ,
Brt Amer Tob coup.
Car I.l-ht ........
Columbia Emerald .
Durant Motor ....
Par re 1 1 Coal
Haines Knlttlnc
Kalnea Knlttlrur
Imrerlal Tobacco
Indiana racklnr
Perfection Tire .
Had In Com
Radio Com pref
Readme ri-ms
U K Ship corp
U S Steam
L'rr.t-d Profit Sharing
1:30
lU-h Low . P. m.
.I 5 4& 4$
. lo'i io lotl
. 14 lfl 1J4
24 t 2H
! 20H 20(4 20V
. 14H 14ft 14H
A" .... 124 12H 18J4
ii? js j$
4 2 ,4.,
8 3
1H IH IH
m
RTANDABD 0IT.8
Anrto-Amer OH 17U.
Htanrf Oil of Ind new ... SO 6
Stand Oil of New York...j28 320
INDErKNDENT OILS
Allied Oil 11 10.
Hoone Oil 1
lloaton vvromlrur
Carib Hynd
uiuea .service -- cw.
Columbia Bynd
Denny Oil
Elk Darin Pet
Enaineera Petrol
Federal Oil
Olenroc.lt Oil
int 1'etrpi i.
Kay county uaa l fi
Maracalbo Oil 2.i
K
2?&
Mid Colombia nt
ItI
Mldueit Ref UnM
North Amer Oil 2J4
Producer t Refiners 4i
Ityan Cor-j "Vi
simmi pet 7
Skellv Oil 7
Tezaa Co rl-ht 2
un Texaa oil A
Victoria Oil new 4i
Woodburn IS
MINING
Atlanta 1
Belcher Extenaion a
Big I.ed-e H
lloolh 5
Button & Montana 00
Culedonta Mining 12
Candeiarla Mining 10
Cona Vlrclnla e 8'i
Corte- Hllver 71
Crcaion Gold lri
Creacent MacNamara .... 12
Durrlea Arlx 1
Emma Silver .1
Eureka Croeaui 103
Eureka Holly 14
Cold Cona 7
Oold Devel 3
Uoldfleld Florence 35
Hold Kewanaa 3
Oold Silver Pick a
Oold Zone 18
Oreat llend 3
Hecla Mining 4i
Iron Illouom A
Jumbo Extenaion 7
Knox Divide 10
MacNamara 1.'.
Marah Mining - 7
Mother Lode 62
Mother Lode new 5U
Murray Mog no
North Star 0
Ophlr Silver l'a
Ilex Cons 7
P.ocheater Mines (1
Han Toy 0
Silver King Divide
Stand Silver Lead
St Croix
Succeaa Mlnitu
Tonopah. Iklmont
ronopan laan uoy
Tonopah Dlvld
Tononah Extenaion
Tonopah-Jim llutler
Tonopah Midway
ronopan .inning
Tonopah Mlzpah
Tonopah Montana
Tonopah Ite-eua KuU
United nantern
Victory
Weat Eral Con
White Caps
Wllbert
IIONDB
Allied Packera 6a
Amer Agrl Chem 7is....
Amer Tel (la. 1022
Anaconda a . ,
Anaconda 7a 1U20
lleth Steel 7s. 1933
Cerro d Pasco s
Coppar Expert Sa, 1622...
Copper Export Kb. 1021...
Copper Exjor-. Ha. 11125...
Cona flax 8a
Gulf Oil 7a
Ornnd Trunk rt'ia . . . .
I. ti S 0V4 St l, dlv Oa..,
Slorrl" Co 7Vi n
Ohio Cltlea 7. 11)24
Seara Iloeliuck 7s, 11122. .
rolvay Rs .
Southwcat Bell 7a ... .
H O Of N Y 7, 1025
H O of N Y 7. 1II2I1
H O of N Y 7s, 102S....
S O of N Y 7, 1030.. .
S O if N Y 7s. 11)31. .
Texaa Co 7a
L"nlon Tank 7a
Sao lUulo ha . . .
3
3H
P
IH
1
3
A
05
12
1
H
OS
1
12
1
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IK
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17
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7
15
15
62
a1
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7
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n
68
320
11
IK
4
"4
h
M
140
il
7
1
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6A
08
12
10
8
71
1
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1
.1
100
1
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3
S
18
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IH
15
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52
an
GO
II
IS
7
(I
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.ft ". "ft
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. 63
. U7',4
. Bd
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. oas
. 90
.101
.He".
, HOT,
. tO'i
. pn-4
. 07 V,
, H5i
.llll'i
, DM,
, U3 (4
Cl'i
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lOPi
loin
,102
.ui2n
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. ims
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H7 '.4
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10.114
100U
nus
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inpl
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SIU4
10IU
101 '4
102
102'i
103
nn
100S
97H
3
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(I
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2V4
4
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314
52J4
97S
08i
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H314
00
lot
100 vi
0014
00
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1151.
101 Va
HHV4
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IM "
100',
111114
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101 '4
102
102-4
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W7H
LIVESTOCK QUOTATIONS
Oilmen. March 3. CATTLE TlecolpU,
00(10 head. rut cattle Kenorally nteady;
early top. on beef elee-a. J10.40: inme held
higher. Hulk beef ateera, IS.R0flD.2S: bulk
butcher '.she" atock 4007.50; cannera and
niicrv arce y 1304.50. cnlvea "r.Kt'.n..
lower: bulk vealera, llfl.50Cn.5Oi bulla
arxely I5.5ptt0.25: "tockera and feedera
steady to atrons: hulk 7ittH.50.
IIOOS- Itftlrjti-. 20.000 head. Active, un
even, 254i)y hlahjr than jeitenlay'a aver
ace. Top. 111.25: bulk. 20.1 lb. down. 1117
11.20: bulk. 22(1 lbs. un. 110.25 10.83: plaa
mostly ,2'e hUher.burk desirable fco to 120
i. welvhta. Il0.20tri0.75.
SHKKI' necelpta. 15.000 head. Tradlna
verv ulnw: no choice handy welaht stock
early. 10 0.50; blddlni- xenerally lower.
.5J?"L-1,0A -'".t1 S' CATTLE Re
celpte. -0'S Jjfr-l- H ArUyr. ani- "a"- Calves,
receipts. 800 head. Plfty cents lower; I3
1-50! few. 110.
I 008 Itecelpta, 240O head. Steady to
25c lower. Heavv. Ill'.50 Ji'U , mixed. Ill.ro
11, 70s yorkera. tll.75iri2; llnlil york.r.
112: Pise. Iiai rouitha. 8,2S4j8..?0. aiaji Yj
0.50.
SHEEP AND LAMns necolpts. 2000
head, Iw. Imbs, 50o lower; iambs In
Jill others unchanaed. '""" "
Plttslmrsh. March a lions neoelMs
23011 head. Steady. .Heavies. 410.2sSlfVgs'.
airfst?!! 00' "" I"'ht y0rkr" nn'' Pi".
8HEF.P 'AND LAMtlS-Iiecelpt,. B00 head
TcurilOO. -" -""y.
Katt St. f-niil. ill . March 3 CTT!r
Itecelpta, 1200 'head. Htec. mcVjV to
atront. Top, lOlhulU, IH.nnWn. ,o" , 1?
to 25c hUher: bulk. I3.boijo.bo; helfjr,
steady! bulla, atrpni: canner, and stock,;
atuff -teady; veal ralvea, tip. 11 ; t.ulk
$0.50tl, . "' "U,K'
HOOS Itecoip's. 10.000 head. ,Bhta and
modlums active and 25c to 50c hltther thaK
yesterday'! overase: hiavles held hlKh.r ffit
no eirlv ale. Top. 111.55; bulk i.h,V
tll.40eil,B0i bulk. n illurna. 110 7.irf 1 !'
bulk, heavies. tD.73trtlO.2A. packef sows Vr?,i
-J-' nn- . ROo hlrher' tmaiuj ... ".V.V and
Organized for Service
In the development of our 5nvtment banking organize,
lion, now comprising n sales and office) foreo of twenty.
two people, we hav sought to put all .phases of our
t buainess under the direction of persons well qualified to
render on efficient service.
We Seek and Endeavor to Retain Our Clientele on
the Basis of the Character of the Service We Render
The various departments" of our business are conducted
under the direction of the following I
Mr. Charles L. Sheppard Office. Manager
formerly Treasurer A. U. 4 F. It. Uppincott, Inc.
-
Mr. David MeKnight Accounting Dpt.
Twenty year' experience in financial accounting
Mr. J. Bateman Dulles Statistical Dept.
Formerly terifcr on financial tubjtcti with the
Philadelphia .Vet-s Bureau
Asst. Office Manager
Llbntr Band DanfL
Formerly Aft Stiperv lanr, Production Dept,,
U.WT
Mr. Conyers Button, Jr.
emergency Fleet Corporatl
Miss Mary Morri-ey Filing Department
Formerly Fltinp Cerk, War Raving Btomp Dept.,
Federal llcttrvc Rank, Philadelphia
Mr. M. R. Hansberry
Stock DparttBnt
Mr. L. Fuller Partly Partner Sales Dapt.
Ten Year' Experience in Inveitment Banking
Mr. Elmer C Partly Partner Buying Dapt.
-"otirfsen Year? Experience In Investment Banking
Joseph W. Henderson, Esq. Legal Adviser
Itawle tl Henderson, Philadelphia
a
For the execution of commission order in
Stocks Bonds
United States Government Securiee
vre have, in addition to our membership in the Philadelphia Stock
Exchange, direct private wire connections with members of the
New York, Boston and Pittsburgh Stock Exchanges.
EarslyBros. & Co.
BLANIOBRS
1A2I CHESTNUT BTRSET
PHILADELPHIA
Mf HBCRS PMILAD-X-HIA STOCK EXCHANQK
Sell
Safely!
Sales, sales, and more sales! that's
the 1921 slogan of every manufac
turer and wholesaler.
Such a policy is important vital but just
as important is the policy of insuring pay'
jrumt on those salesl
The American's Unlimited Policy of Credit
Insurance docs this. It guarantees to pre
vent, else pay, bad debt losses beyond the
normal. In any emergency of credit ac
counts, there is nothing so strong or so safe
as the American's Policy.
Get the full particulars of this broad, pro
tective service, which has such a stabilizing
effect upon business in general. No obli
gation. Write or phone today.
Payments U Policyholders over $10,000,000 00
AMERICAN CREDIT-INDEMNITY CO.
or NEW YORK E.M. TREAT, misioint
ISSUia 8TANDAN0 UHLIMtTIO POLICIES'!
W. J. Morphy, Manager
J. F. McFadden, General Agent
1011 Chestnut St.
Phone Filbert SS02
Philadelphia, Pa.
M
and medium -lualitvj one deck of faViy
nvvu - - ---. - .. -.- v. am-
ddniniiiiiiiiiii i iiiiiiiii tit iij t ii tin iii in i ii J 1 1 1 f titUtmiiiH tiiiiiiiiiiunTS
PARIS-ORLEANS RAILROAD CO.
6 BONDS
(Compasnie du Chemin de Fer de Paris a Orleans)
?o!,o i8onc,ofiho. In,r8t rroad8, operotlnp; about
4 848 miles, in Centrnl France, as well as providing a
direct route between Paris nnd the Important Seaports of
Bordeaux, Nantes and St. Nazaire.
Payment of principal and interest
guaranteed by the French Government
Circular and price upon application.
U"MZlUVtn
West & Co,
BS Broad-ia-
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W. .w.,. .,.. UHMWl Oral. Bead.
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1812
THE
1921
PENNSYLVANIA COMPANY
lIZTvl1!!1 L,ves and Granting Annuities
TRUST AND SAFE DEPOSIT COMPANY
Capital and Surplus
$7,000,000
Member Federal Reserve System
nnoAK KniF.iT tiiMor...
tlKKlnnt and Junloer Hlrrets
517 Chestnut Street
Jfmladelphia
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