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EVENING PUBLIC LEDGER PHILADELPHIA, SATURDAY, MARCH 12, 1921
15
p'
IRE
El
DISPLAYED
E
RESIST
A N C
NEW YORK STOCK EXCHANGE TRANSACTIONS
LeaderB Rallied Well After Mak
ing Now Bottoms at
the Oponing
N Vnrli. March 112.--Tl.crc was a
.i,,-. Morfc mnrkPt nml most of the
i. in the oil, steel. .'Ul.mont nntl
S on n-PN.cn,1 new low
riliPP'"" s movement.
n,,otat urn 'or ,"u ' .
K llinff movomont. however, speii
h fore- before the end of the first
lif hour nn.l under froo co erlnuMiorli.
Ltof the ground wnt regained . nl
Sough nftrr .racl.l.nt ln-t nlffl.t h clo
Z level u hnlllnc tendency developed.
,, fn.iiilinr week-end .vcnlng-til.
,lniw of the ptofissionuN supplied
jrf inline, ufter the belated
K In "1,I,r', ',l'l,,vi'1 "vernlBht
"2 c H for. The utter were dn a
III caliber ii ml evidently were tho
; S of the marBlnnl calls sent out
Lv tiled As most of these orders
?' h'.itli "it uinrkrt.'Mt account
! or 1 e Venkness of the general list.
v '. h. mils were ninde by Lulled
l'" Norfolk and Western.
1 lVtroleun,. Baldwin and Cru-
ki. sV.tI The in s were iibout the
el to offer re.Mi.nee to the further
!?! n- .?e"uie except Heading, which
SbflZ . new low for the J ear.
finding the dvcllncs wcie not fol
io, , P hj fieidi' wlliiiB U,e shorts
Lorrril reel nil """'inl the room, but
&! ll,c b"-vl",f l)?w.',r wnH,nRlliM
Mhpble Ily reason of the scant sup
Ruck rallies were in order and were
fc.cnall idimp in tho-e atocks which
r.,1 been nn-ler the most pressure.
Wall tict suffered an nttuek of ucutt
kino fiinl, during tin- week. Jt is true
tt c re "' disagreeable things to
K'. to .IMmb the n.cnt.i attitude..,
tl,.ttcet nml H is true things might
l.teVon iin.eh to had it not b. en
for the market's tnuroughly liquidated
condition. Vet, on the other hand.
then' ere mam vvntrhiug the situation
tarefulh and eiiliul who nlrently raise
the iiiit'jttioii whether the pronounced
iiiiniin pervading nil uuniters of the
financial community has not been over
done. It is tine then- was vlitunll no
i...... - uliiln mi Ilin littler hand
llurc ns nlmost un iiiee.ssiint outpour
mi nf Mocks in pretty nearly every
quarter of the list. Still one very im
iKrinnttiirt was entirely overlooked and
that is there must have been a buyer
for fiery seller to haw- completed the
transition There is i.Iwnjs some one
around holding the bug when most every
oni iNe does not seem to want them.
That some one this week must surely
Lavu enjoyed unlimited icsourrcs nml
that wine one will bo quite willing to
distribute the sime stocks to eager buy
ers when the market community Rets
over Its picsrnt scare.
When the inurket does turn this much
i". certain, it will start from the bottom
round of the ladder, for in tho recent
recurrent liquidation and short selling
all the improvement scored from the
1'ecpiiibfr slump has been forfeited,
nitli the possibility of the current sell
idj wave carrying prices of tlie active
itooks under the previously established
low water marks.
Apart from the determined effort of
the nnuingement of both industrial nud
riulroa.l corporations to force a prompt
adjustment nf operation costs to meet
the cliunced ccouomicnl conditions, there
m virtually nothing to warrant the
widespread misgivings manifested. Koine
of the things lioped for concerning the
fundamental ami basin conditions have
not been renlied Chief of these has
bn the failure of a business revival
to set in This was because many ex
pected too much, and their failure or
Inabihtj to recognize the serious condi
tion of tho patient. A drnstic operation
as required to correct the mistakes
and ovi rextenslons. The convalescing
period couscquentlj mut be tediously
low ami it n.ii yet be some months
t; 'ore an actual improvement can be
flivirneil. It should be at least com
fortmjj n.iil assuring l the knowledge
tnnt the real crisis has been passed nml
the worst is nctuallj behind us. 'I'lie
uiiplfniiant da to dav and week to week
ilHoMires now coining to light were
fores,.,.;, n tle specialists nioutlis ago.
In brief it is not the time to become
i P'ssiiinst but the time to keep tt cool
wwl nml avoid all unwarranted sacrl-Scf-s,
KslRROW MOVEMENT
V LOCAL STOCKSl
Pennsylvania Railroad Sitna-l
tion Overshadowed All Dc- !
I'elopnwnts of the Week
rWl I llinnnnn t- in i, . I...... I ...... 1.
LIS. 'li!!.- ."". p" ?'H
tt.i., ' """"'an, tlie Healings
r.L? " "M'"' 1'erfun-tory tjpe wit
,Zurnn "T. '"," l'lldaj. The smart
Z,V "' '"'"''""'ia to :t(ir.s hup
ii il the ,, encouraging development,
tini" '"'.' ""l"oeni'iit was notsus.
I k ,,'v. '",M'"I: -"fluently fell
lief ii?.'. s, l,l,"r" U,IK " general bi
m f.M?.. qU' ' ls movele" hail spent
iiij ""lhl" "! "" ldi- changes
Aneriilv"1" "f ,h, inactivo IsM,es.
nn,'l'1'r,,Mf''in,riiii't'ii'!i'
Hill! 'I s K "lr 1,ril'" ' 'l''i,i- paritv
;;'- -vwiiiib quotation in the larger
2".n,.('n !' f" 'l,'s Urill ran oft
Vinoif , ., Vn',ri,," tins jieMed
nd lei,,'? v" "n 'l"11"''' transactions,
' '"'gallon was off '.;.
islemli,,. tone prewiilcd in . more
I
i" jii ii fnr ....!. sn
lin -inns I.U'ctrie StoniL'C
::"'-' in inn. .,-1 i in,, . . .7
hstrl,. , i , i. .-' ' "linocipma
re "' ' ,' "'V1 i"-' Improvement
ltapl.1 Tr, nil" Yt.,'r-- I'hllndelplila
lie I,,, " ' nMl1 l nl," Trnctlmi on
JH'"1" h""- eie sllghtlj lower.
L, Financial Briefs
dnitMo5f.pr(',:,f Vw,",ty n(,tlv"
Jt.r,. 7,, 7." U"0i' . J-3D "' cent
roa,Ue lnii ,,-' 11whl,e ,wenty rail-
M.,,, lleceml'eV'-V110 'W levd
yT-Ziti:- l'"u l'""sde
c-mWr 31 k',l!"f h" 5,;"r tndod I)e
Ual t-iM-H , r t.".1' ,t''ol"t ftf'er foil
V1" IsdJ, , ,' 0V '."'V,3-1 "'""valent
I-mls to It ?.- f ,1V,,t'I"u'o stock iltvl
"V7S Ii, , ' ,l HMi,re e.irned on tho
J1'!" n i ..'T,"" KV'0l,,",, "'nimrel
20 - ,,"rj;iV.K",.'" MBI.-
". i j . i.
Bairn
COO
1300
3100
loo
300
.1700
.100
3000
100
1800
1430
.too
000
300
300
3700
icon
loo
3400
0000
000
too
000
1400
300
4000
3400
3100
1000
1700
000
100
3000
460
.-100
01b
000
13.100
000
33300
3S00
000
400
1100
01 DO
:i(i
UiO
OO11
1IKI
100
3(1 0
nno
.10(1
1000
100
U)00
too
141.0
nti.'i
000
3tll0
700
000
villi
1011
37 0(1
3400
400
IBM
700
000
3.100
1300
100
:ioo
300
3400
300
1'llU
oOU
ViOJ
400
7J0
13 III
17.1U0
Oo1)
.'.00
30on
40li
too
son
.100
3J0
3)0
too
1000
700
10)
COJI)
100
a00
3000
000
400
031)0
300
300
800
5800
100
700
300
3000
400
100
300
300
100
100
300
000
1000
300
100
10)0
1090
300
100
300
too
300
300
.too
1000
1300
mo
3100
3O0O
700
a hoo
Ull
niv
in I
TTIeh
.. AJ.ix Itubber 2h'a
.. Alaska Clold Mlnea... 114
.. Allied Chem & Dye... 43
AlllB-Chalmcrs if 43
0 Am Agrlo Chcm 4t
ft Am Beet Sugar 4'i
B Am Bosch Magnoto... WA
. . Am Can 37 'a
1 Am Can pf 8434
13 Am Car & IAly 133'2
.. Am Drug Syn "H
.. Am Hldo & Leather.. h'4
.. Am Hldo & Leather pt 13'A
Am Ico t
0 Am Ico pt fil'
.. Am Internnt Corp... 4 3
0 Am locotnotlvo H3
.. Am Itadlator 7136
Am Safety Razor.... &
.. Am Ship & Com 7'S
Am Smelt & Hef 37
13 Am Snuff 103
S Am Stool Foundries.. 3'i
1 Am Sugnr Rof 1034
7 Am Sugar lief pf,...100.A
io Am Sumatra Tob. . . . HOW
Am Tel A Tel 103
13 Am Tobncco HO
13 Am Tobacco B H3'l
7 Am Woolen 01
.. Am Writing Paper pr !i0!
Am Zlno Lnd & Smlt s
.. Anaconda Copper ... :&
4 Asfo Ury floodii. ... ! 33
0 Asso Oil 7V4
0 Atch Top & Santn Vu 74
. . Atlanta Blr ft Atlantic :H
10 Atl dulf & W I S S. 43'A
Atl Oulf & W I S S )l 30
7 Baldwin Locomotive . v
.. Baltimore & Ohio.. . 313
4 Bnltlmoro & Ohio pt .
.110 Bamsdalo Class B .. 35
.. Bethlehem Motors . . 'iY
0 Bethlehem Steel tt . . iUVa
. Booth rishcrleB .. Vi
.. Brklyn Rapid Transit 11
. Brklyn R T ctfs of de'. 7 Vz
.. Brklyn Union Gas. . i"
. Bruns Term ... Ma
.. Butte & Superior Cop H
.. Buttcrlck 18U
. . Caddo Central O & It 13
3 Cal Zlno & Lead... 6V
ii California backing . . 6'l
.. Callfomln Petroleum. .'.O
7 California Petrol pf "n'A
lu Canadian Paclllc . 113
. Ccntial Leather . . . 30 To
4 Ccrro de Pasco Cop. 3495
10 Chandler Motors 73
4 CluBiii.cako t Ohio... 80H
. Chi & R III pf etfa . 3(4
Chicago & Ot West. . 1Vt
. Chicago & Ot West pt lU'A
Chicago Mil i St p. 2t 'A
Chlcugo Mil ii St I pt 3fii
0 Chlaigo Northwetitern 04
. Chi It I & Pae
0 Chi U I Ac Pac 0 pt
1 Chi 11 I ft Pac 7 lt
. Chile Copper
. Chlno Copper
6 Cluett Peahodr
. . Coca-Cola
Col U Southern
. . Col Uraphophonu . . . .
n Columb rjiis Klcc. . . .
7 Consolidated Cigar .
7 Consolidated Gaa
8 Consolidated Textiles.
4
H
7
4
I
HI
0
Continental Can . . .
Continental Candy . . .
Corn Products Ret...
Crucible Steel
Cuban Cuno Sugar. . .
Cuban ('ana Sugar pf
Cuban Amer Sugar. . .
Davison Chemical
Del Lack & Western..
Dvlawuto & Hudson..
. . Denver & Rio Grande
.. l.'enver & Rio Gr pf. .
t Dome Mines
S Iiiillcott Johnson . . .
.. Krlo
. . Krlo 1st pt
. . llrio 2d pf
8 famous Player L. . .
8 ruinous Players pf...
10 Klsher Body
. . Kisk -Rubber
. . Kreeport Texas
.. Gaston Wms & Wig..
. . General Asphalt
B General Asphalt pf . . .
fl (leneral Clear
8 General Klectrlc
1 General Motors
O Gen Motors deb 6r"o .
0 Goodrich B V
7 Goodrich tt !' pf . .
7 Great Northern pf...
4 Gt Northern Ore ctfs. .
. Gulf Mobllo & Nor. .
Gulf Mobllo Ic Nor pf
Gulf Statu Steel . ...
Guantunumo Sugar
4
38
70 'J
30'8
44 U
3 OVJ
:i30
i8
44
80
8Ki
S--V2
18
70J8
8034
3 in
03 '4
30
31 'J
310
US J j
1?U
miV
13U
08
13
I8i'a
13
CS '
81
83
133s
15
3li
filssi
8334
50
13DJ5
134
G3
3
7.1
7l',4
7 n
34
39U
13
4 Haskell & Barker Car :yz
Hendeo ctfs IS1'
, Houston Oil 1.1
1 Hupp Motor Cir 13
4 Illinois Cent IZVi
00 Indian Refining ... . SJo
00 Indlahoma Rcf '
. . Inspiration Con Cop . 30
.. Interb Con Corp 4 W
. Inter Con Corp pt. . . 13Ji
ft Int Agrlcul corp pf . . 4134
7 Intcmat Harv neu 03J4
.. Int Mer Marino 13
0 Int Mer Marine pf... 18
. . Intermit Motortruck . r.OJj
.. International Nickel . U
. International Paper . . !"
O Inter Paper pf fctpd . 73
. Invincible Oil Corp... 17!i
. . Island Oil 3H
. . Jewel Tea Mo
.. Kansas City Southern 33JJ
H Kn.vser & Co . 70
Tm 11 1 kaleH. 34S.300 hIiuiih e mii'iiril will.
I
3
1
10 tj,
M434
4834
30 3B
3H
3134
8415
131
ni
4334
48 Ji
rtOH
101',
nU-i
713J
0
0J4
3UH
103
itUt-
80
100'A
7734
101
11334
IIO34
031.
:i0ll
n
3 4 'A
3l?a
07 W
77'j
3'A
4H'A
345
h3'A
30 'j
48
3IH
iVi
M3
4'i
nvi
A.t
3
10J4
17V4
11 Ji
Va
ft0J'2
3412
70'A
' non
311
31
70'2
RB'a
a
7 3i
10
33 K2
30 Va
1334
33JS
.1034
(.834
U'a
10 ye
H3i
m'
31
s
37
43
58 34
17
"Si
I
118 !-j
84U
3OJ4
OS',
3514
33J4
310
8&
114
3'j
13!'B
38
H3J '
17
13'4
r.3
81
83
I3U
141.4
'J
48
8334
3'J
138
I3'i
3
33 !'0
71
70
30 3
34
38 14
13
fi4'.2
1CH
302
HJi
83 V2
8?i
3;
30
4!i
1334
44
13
Ml 3b
30
1
'Ma
73
1C34
3i
8
3l3'i
70
1 173.1
Toilny'n Net
Clow ChBC,
34
t -43
MJ4 f-
40V4 -Ml,
1
30 ft
-014-
t-y-
43'A -1
18J4
',4
83ft
.136 f
0 1-
7 -
37
103 -
i0!4x
ti03H
10II.4
80 -)
103'
llrt'j
H3"2
04
301j
8 -
1(4
35
'A I
'A
H1
34 1
a I
''
Ki
!'a
1
1 I
34
'il
'
w
' Vi
ift
134
t
I
14
3ft 34 114
33 -
07i,j--70i2
3 'A -40
-
:ki '
84'A
3l'2 48
33 I
334 r
5J5I4 4
42
11 -
714
oft -
3Ji
10 34-1731-
13J4 4
3'A ?
nOt4-
30 I
70A -1
113 -
r-t.34
3434
7lft 1
fit. r
3
734
Kl 'A
34'4
37 r
04 'A 1
34 A8 4
7015 4-
0 34 1
30 -4134-30
U
33 '
814
071? i
43JS
80 I
54
1-4
13!
34
34
3ft
34
'A
I.
I
70 ft
8
31 ft
115 'A
30
33 ft
310
tlS"2
13a
3ft-
i14
08 i
11 (
18(4 f
I3'A4 lift i
81 -83
-13
ft .
IS
3(4
81
130ft J
13
C3
3 '.ft
73 I
7l'A 3034 r
30 ft -13
31ft
15(4
U -i
13, '
83 ft -
8ft
3ft .
30' h
4(4
48
30 Ji
ll .3-
ft
3ft-
8
33 ft
70 -
s hares
ft
I. 'a
',4
w
ft
1ft
(4
I A
1
ft
10
1
300
300
43000
3100 1
401
300
306
03U
2J04
30h
300
100
300
303
lllfi
100
(ibO
300
3.330
300
33'J'I
300
Ullli
loo
400
3(10!)
310
300
300
300
101)
006(1
13501
3000
11001
mm
, noo
mo
300
300
300
330
17u
lllflll
100
lOod
l0(i 0
41)11
loo
loon
8110
3100
loo
10
8'J0
ir.Oja
3oo
AQ)
3110
too
OjO
Dlv.
10
10
14
Al
40
3 I30WO CO 10 ft
I Loft Candy 10
12 Lorlllard Tobacco ...lis
7 Louisville & Nashville OH
Poles In t Hlrjh
310) 4 Kclly-Sprlngfleld Tiro. 07ft
sou . . Kclsey Wheel ....
30 .. Kcnnccott Copper
430) .. Keystono T & R. .
1300 o Lackawanna Steel
1 100 3. SO Lehigh Valley
100
300
100
Manhattan RIov iruar
3 Mnrlln Rockwell ....
13 Mexican Petroleum .
,0 Middle States Corp..
2 Mldvnlo Steel A Ord.
.. Minn & St L now. . .
. . Mo Kansas ft Texas.
.. Missouri Paclflo
. . Missouri Paclflo pf . .
.. National Acpio
7 Notional Biscuit
. . Nat Cloak & Suit. .
.. Natlonnt Con & Cablo 2ft
rt Nntlonal I:nd 71
0 Nat Rnnm & Stamp. . ar.
.. Not It R of Mex 3d pt 4ft
10 New York Air Brake. 75ft
Al
. 10
.14534
. "ft
. 30 ft
. 10(4
. 2ft
. 1034
. 35
20 ft
.104
. 30 K
Ncv Con Copper. . . .
3 New York Central..
. New York C of St L.
.. Now York N H & II.
1 New York Ont & W.
7 Norfolk & Western..
.. Norfolk & Southern.
C North American . . . .
7 Northern Pacific . . .
40 Okla Prod' it Ref . . .
2 Orphcum Circuit ...
Otis Steel
U
1.7 ft
43
17',
1
VI ft
to
10 ft
77ft
334
20 ft
13?9
3 Pacific Ons & Klec.
Paclflo Oil wl
0 l'nn.Amcr Petrol ....
6 Pnti-Amer B
8 Pennsylvania R R. . .
. . Perm Seaboard Steel
. . Peoples Gas Chicago
. . Peoria ft Eastern . . .
. . Pero Mnrquette ., . .
.. Pero Marquette pf..
3 Philadelphia Co ....
. . Phillips Pet
. Plerco-Ariow Motor.
Plerco Oil
8 Plerco Oil pf
0 Pitta Coal
. Pittsburgh & W Va. .
8 Pressed Steel Cat . .
1 Pond Creek Coal.
8 Pullman
8 l'unlii Alegro Sugar
4 Puro Oil
8 Railway Steel Spring
7 Rwy Steel Spring pf . .
J Ray Con Copper. . .
4 Reading
5 Reading 1st p
2 Reading 2d pr.
Remington Typewriter
Replo Steel
Republic Iron & Steel
4500 o.'jo Royal Dutch N Y
I
1
ft
1ft
ft
3
1,4
1
1ft
1
14
ft
ft
ft
1(4
ft
ft
1
1
3800 . Kt Louis Sun Kran.
1800 St lxuls Southwest
300 at Louts Southwest pf
100 Saxon Motor
IliO Seaboard Air Line pf
3300 H Seurs-Roebuek ...
.".00 . Semci Cop Corp ....
100 Sh.ittuck Arizona corp
000 .72 Shell Transport
Oloii . Sinclair Oil
3)0 u SlosH-Sheft
730U t) Southern Puclflc
fi l')0 Southern Rail
300 . Standard Oil of N J..
3)1 1 Stand Oil of N J pt..
-.11 2 Btrombcrg Curb
100 2 Submurlne Boat Corp
11)0 2 Superior Oil Corp....
10U 0 Superior Steel
100 4 Sttwart Warner Sp
OlliO 7 Studebaker
IllOO . Tenn Cop & Chem ..
13210 3 Texas Co
100 , Texas Co warrants .
130,1 . . Texas ft Pacific. . . .
350) 1 Texas & Pao C ft O. .
10 ft
73 'A
A7
35 ft
&3ft
12 ',4
103',
40
7134
hfl
104
ii(4
00 ft
38 ft
402
25 ft
35
C3U
(3ft
20 1 4
7
to
10
'43
1334
5 31
41ft
l
lift
100 a. 30 Times Square Supply
000
740-1
209
300
2100
300
3(81
1000
1100
3100
100
000
700
100
3100
300
10100
400
3100
1o0
3700
(100
1011
700
70.1
100
300
400
130,1
300
100
400
400
300
300
300
300
000
20 OH
200
ICO
10 a,
l3)ft
1(103,
ia
7ft
734
30
3" ft
59-4
7 (a
30(,
.".S
30
-.334
8ft
lift
7ft
CS
10
113
33
!i
101Jai
0 Tobacco Products
. Transcontinental Oil
8 Union Bag ft Papvi
.. Union Oil
10 Union Pacific
4 United Alloy Steel. .
8 United Drug
8 United Fruit
United Rwv Iinest pt 22ft
8 United Retail Stores.. 31
i; sen1 Fdy . .
..US Food Products
8 U S Ind Alcohol....
t; S Utility & Imp. .
8 U S Rubber
2 U S Smelt & Ref...
U S Steel
U S Steel Pf
Utah Copper
Utah Sec
Vanadium Corn
Va-Carollna Chem . . .
Vhaudou Inc
Wabash
Wabash pf A
Wabash pf II ,
Weber & Hellbroner .
Wells Kargo Uxpiess.
Western .Maryland . .
Western Pacific
Western Pacific pf
Westlnghouae II & M
Wheeling ft L i:. . .
Wheeling fc L i: pf
Whltu Motor . . .
Whit 0 Oil Corp . .
Wick Speiio St el (,ip
Wil.ion ft Co. . .
Wlllya-uiorlanu ....
Worthington Pump
Worth Pump pf B
I
I
13
30
tSJJ
U3!
t 34
30
7834
1C8
47
"'A
31
32
5 34
71'4
1834
13
10 'a
CO ft
Oft
3334
In
13ft
Vft
14ft
38
13
til
30 J,
7 .
1.1ft
CI ft
lnw
35 ft
38
10
1134
40 ft
40 'A
1034
10
117
07J4
AO
0
1413s
11 'A
20 ft
!34
3
IC
34
3034
104
30 31
3(4
7034
(.0
4ft
7434
Oft
an
43
io34
id ft
03
10
5034
70
3a
20
12ft
48
40
28 ft
(iOft
AOft
30
D
38
- lift
10
31
33
31ft
34 ft
10
75',4
SOft
i
83ft
12 ft
102ft
1134
31
85 ft
10
11
t.8'4
37 ft
(l'4
Wft
("'3 ft
12 ft
10(4
23 ft
. ',a
4'n
10
'Ift
l:u.
Aft
41
20
4 134
" (4
I!)
137ft
10(1
38
7J4
7
I'O
t.Oft
57 J4
7
38
::8
i
2134
8 ft
50
C
OS
I
114
33
0334
100ft
VKo
434
13
III
1.7
134
M34
30
J7ft
107
10
lift
70 A
31
5 34
7 ft
18ft
13
10
CO
Oft
33-34
rs
45',
8'4
14ft
38
13 ft
13 34
3S
J
43a
To.1ay' Not
c:ioi :nt:
37
40 r
10 ft
1334
117 -0714-Al
0 -
14A34 4
lift
30 ft -t
034 ,
7(4 V
1034
:ii?4
20 J4-
104
3034-2ft-71
0 -I
4
flA V
07
13 -I7ft
01ft
10 -
ooft
77ft r
3
20 ft-12ft-48
-4
20 (
08ft
nift
30 -
ft
38ft f
Oft
t(l'4
31 -33
21ft
23 -10(4
7SA-
A7 J
35 ft V
83 ft
13A
103 'A
40
31(4-8Aft-101
-lift
ft
25 ft (
35 1.3(4 f
1.3 f
30 ft
7
30
4-
10
7134
13 34"
Aft-
41'A-l
Sift f
4t?i-
72
1034
137ft-
1011-
30ft 4
7ft
7-
30 4
:i0ft
CO -f
7ft -
30 I
38 -
30 J
23Ji
8ft
AH4
7ft-?-08
-10
1154
33 -
0334
101ft 22ft r
51(4 1
15
20 -i
033', !
4134 T
1.034
30
78 i
108 ;
174
lift 4
31 f
32
5i f
7 "4 4-
1834
12 -10
00
0(4
2334 -
rs !
43 ft
8ft
lift
38
l2ft-r
10 -3U34-
7'4
15 ft
i( :oift-
L
Now York Bonds
ft
1
is
ft
ft
ift
i
1
tft
1 ft
ift
34
(4
ft
Di
ft
1
ft
ft
1ft
'ft
4
ft
i
34
134
34
1
ft
ft
Am Hmelt'H
il'f'R Bn
. 1 773,
Am Cot Oil r.a
2 ... 73
A inn 7' A T clt
1... . 78U
1 . . 78'4
Ainu T & T fl
10 ... 81V4
Amu T ft T 0!
I ... t.ns
1 on u
2 f.nii
Are'e Itep'c (l
3 . Oil
Atlh TnlHikn ft
').. 08
Ateh Topeka fc
H'h Te 4 m
I. .. . '
A.
1
3
i,Do Canada '20.1'a R Kin 4"i
1. ... 03U 10.,. . 78t(.
0 . . 03 To H 4 ',4 s '21
4 02 I 0U'4
IJui I.liiht di .IVnn.i It It
77
:')
in j
in '
Brio tlen
1
1
10
1
13
.1. ..
Ilflo It It cv A
10.. .. sn ,
tirin n n ev 111
a on !
I7rle 11 It cv I)
1 Sft'i
1.. .. :'.:. 1
OoVB't K 11 8
SO (I SLID
In 1... . 8n'i
3'lS, 2 bll'i
3'. P11 Kit OH wl
3.
3
fl.
S..
4..
4..
r..
10..
ir.
r. .
Atlitl.tu
Mil.) &
1. .
A ('o.ist
t
7T'(.
77'4
Ki.i.x-
(.' lH
"O'l
I. r,
07 (s
1.
10.
1.
1.
r..
3!
t.
1.
r.
1.7 4.1
t'T'.l
tl7'.l
t"7'i'
nrn,
!'7iJ
Ii" 1.1
H7I,
'. Pinna
1 't
All Cu.ikt I.
Aire' Pr'ult'
113
.14 1
n:i
llefK
Atlnl.tlo
el U'4s
lll.lt & ()hl ev
J. ... Oil
IO Srttti'.l rrtk
W2V
Kl'-'i-i
102
102
H2'.
102'1 1
I..
I.,
il. .
1.
08 'i
. . 1)8 i
. . 1.8 'u
. U8S
. 8'a
. . 1.8,
. !)8'i
. . ns'i
. Il 8 14
lis",
.. 08
. . as',
lis Vi
t.S'i
. HKk
t.8'l
118 ',.
. I'SV.
. . IIS II
'.IS 'J
It It 7s
1 !'('
. inoi
. t'10
11.11 'k
. 100
ion',
ion1,
fmi
11 l.uUl.n ,'.
II Nth Illy ltl 1 UJ
I t . . . . M I. .mi. s, wl
8. .. . St '41 . .:'
n. . . si ' r... . in.
(Ill
u. 11:, 'J
3... flSH,
II .4 Ohio .'ivasj
2 81
I.. . 81 S
Unit ft l.l.l.t H
3 r,7
llslt & urln .'is
2 . 1,7 ',
: . . nr
8 ... (17
1! a- i) ) I, 1:
d W Vu Is
10 .. 113'i
I . ill
in . r.i
. Ill
r,7 . . . u2
Unit fc nlil.i .'
Wesl'n 3...
Oreeti Uiiy &
IVe.t'n II
A... . (1
ft l
Hud & Man M
.St
1...
Hud
10. i.
1 !:.':
r.. .
r. .
i r'
211 Int..
1 ..
Dell T
1;
ft
34
ft
ift
134
1
ft
1ft
ft
34
ft
A
134
ft
2ft
"4
1ft
2ft
1
1;
ft
ft
1ft
ft
1
I 'A
ft
1
I
U
Kb
K4
3
rets-
. .. .'2'i
1.. 1H2',
Bell, .-(eel fil
t . so
Ilktl-Iiill (' ,'it
1(1.. .
Int born
I...
31...
1 ...
in
. (14
Mn ,11
. 33M
iia'.i
. 33 'i'
,. 37 U
,. 3.1 'i I
. 33'..
. 31
. ii 1 4
. illsj
. 34 'j
4'3s
is '4
It T ll
R2'4
. :.2'4
r.2
. ft2".
ft'.' 'a
. '''
I'D
I n li. A
8'n Illy 4s
I. . c,:.
A 11 v al
... ll,
Met
St I.
3..
14.,
1
111
fi
t
T.
3.
St L
li
3.
10.
1.
& H
I.
1.
I M Marlnn C.n 0
1 7(il Bt I
L , Till. 1 S.tI!
3 7I'. 1...
niu
.l.t
l'i
.11
.11',
01 'I
ill',
HI "4
K In
. . . 4 1 ;
41
. 14'
. . 41
. . (."
41
. 13
. . 11
.. 41
... It'i
& H Itui.
A
r,!
Nctv York Curb
INDLHTIILM.S
Arme Conl
Hursnt Motor
I7mplrn Komi l'rod . . .
Heyileti Chcm
.Vat rirtriraf
Nt rireproor t.f . ..
Jtmllo Corn
ItHdlo Com iiref
It J Ite,ui)IJB (now) "II"
a a Hhlp Corp
U 8 Htenm . .
Ifnltoil 1'rniit Hlmrlnir .
United Ilot.ill Camly .
HTA.NDAIll) OILS
Stand Oil of Indiana (n) 084
INDKl'KNDBNT 011.8
HlKl.
1
21
a
'N
. 7
in
: in
1
. 8
I.OW
2W
':
7
1,-,
ft
Cs
Allied Oil
Iloote Oil
Iloktoii Wyt.mlnK . .
Carlo Trade . . .
Cities Herv, "II" otr.
D"tiny Oil
I.Ik HnBln Pet . . . .
Knglner l'eirt.l . . .
Kodornl Oil
(llenrock Oil
(iUIWy (IllleBJllB . . .
Inter ivirol
MnrKcnlho Oil . . .
.M-U 11 (ill
Mountain I'roduets
Noliln
umar I'll ...
Hid KiKk Oil .
Halt Creek (new) . .
Slmtns Pit
Kkelly oil
Texim c,i rts ......
1'n Trias oil . .. .
V Oil
11
1'4
:M
27
1
s
10
1
1 3D
p. m
21
2.
i?
IN
us
11
l'
li u
n', r.
27 27
814 8
1 1 1
1 1 1
2 1 1
11 U4 11
14 13 1K
22Vj VL' 22
i'i l'v IJ4
8 S S
!-j '.
23, 2 2-S,
r, r. r,
n Tt 11 t.
.1 t. 11
u n u
1 1
MIMN'll
Columbia .
1 7'1 Jud llua'i iNtBtl. lisnan
Cn"n..dliin M'n It. 82'jt Series II
Ills rets Jap (Imc't 2d 1... "21i
1.... lf'P. I.
2.. . 101'. C. ...
Calf O . P. Iki 24 . .
8 .. 84'., 20 .. .
r, .... 81 I 1 . .
Ctl leather ,'ij.in Do, v
3 01) 2
Ctl I'uuillc 1st 1
1 . . . 71, K.i. . C i
1 .... CJ 1 . .
ft ... 71 ii f,
(Vntr-t It It of 2
its
82, 1. . .3
8 V Ift ... 72
82'ilfrt I. . t l'mn
,i., Srl-s C
82i. 1 F'l'i
t 4b, St 1. wr. vn J
1 ftft
Scub'd A 1 a J
. 22',,
1... 3214
01
S"3
31
Alaska Ilr
Atlanta
IIIK l.vd,-e
llooth
Hunt i Mont
1 -a led Mm
('niidfl.irlH M
Ciins Vlruh.la . .
Corn?. HlU.r . ..
("reiimin liold .
''resreni MiN.imain
Dund".' Arlr
17mm 1 Silver . . .
litirtk.i Criiesus
linn ku llnllv
I (l.ild ( una
I lie III Duel 2
iIkIiIIMiI M,renc 37
Hold .spr l'li a it
i lold Zone 20
' ireai iw no 2
llicla MlnlliK I
Iron liiossiiin lr,
Jtitnl,,. IJxtenkiun 8
Ki.nx Iiuiili. m
I -Kin Iar ift
Mi Niimara 14
M.tKm i i op . . is 14
dursh MlnlnK s
Mi.Hon nll- 1 V4
.MntliT l.od. ft;i
Mother yid neu r.i.
oplilr Sill..,- i,
I'rinre Cull .
Ilwhi vti r MUn-H .1
8..n To) ft
Suiruss Min . ..I
Tonep.li lli-lmont 1A
Vonop.ih .'nt.n Ho 7
Tonop.h imtd.. 1
Tunop.il, lixtii?, 1
Yonnpiih Jin. Hun. r ... 13
Tonop.ih Mi1vmi .... H
Tom put, Min . ... n,
T01.op.1l1 Mlpah h
Tonopal. '.tewue Hula .... in
C S Cunt H
t'nlted K.iafrn 2'i
We.t Ibid Con 1
White Cntm 8
l'l ilt & Pal r.
3 12 12
1 II 11
SU 7 8
0 7d 70
1 11 I
2 12 12
1 t I
il .1 3
111 1 1
1 It. 1)1
s h s
r.i i.
IV
Scab' it
A 1. lis
. Ill
C T Ul la So n l'acinc fd
1 71).,! 1 .... 7.1
lli'imum i!i 2 .. . "il'i
t ",.D 'I" ... 7ft
UeU- in 7i 3.. . Tft't
ft lift 1 il . . 7ft 'a
ft. . . 03; 2 7ft
1 lift's"'" l'nrlfie la
I . Pft',1 1 'IT'a
I i-.iS'n l'"c c 4s
3 Pit ' 7 78'i,
0
il'i
IS
Ift
14
is L4
s
l'
r.ii
.1
if.
1
i,v
1
1
13
II
1
s
l'l
ft'.
37
l
20
4
13
11.
Ift
II
l',i
8
IV,
ft'
ft
n
r.
4
In
13
14
Js..
S
l'.l
8
3 A
I
8
3
PRICES OF STEEL
HALT ADJUSTIV1ENT
Progross Made, However, and
Conditions Show Promise
of Bettor Things
FOREIGN POLICY WATCHED
r.
-The Niw
"I 2J
.'Si
o tl
I'aelli'
- t
N J
1 r.
Ch'k a o tk K
t 7ft
1 . . 7ft". K
C A o cv 4 '4 s
1 . 7.1 1
1. . . 73
C ., A. i.) c fta,
1.. . 80 ,
1 . 80
". . Mi. '- !..",
1.. .. RO'j 2 . !lft 2 .. . nfti;
II ... S(tj,K HelK'ni reta'Stund'.l Oil 01
I- . A elrir fts 1 . tii'ji Calf ran
3 S8',i' 'I . '.7', t. . ton,
Cli. II A 4' I . !f;! 11 mi'
4n . . . 07 I' . n;..j 11. 101 V
3 .. 07i 10 . IT', Si 11 Kullw
Chi A li III fts, 1 . U7'., ST'
10.. .. 87 Kui.-don, D-n- Third
On to W 4i mark ct Sa I .
1 . . ftn I . '.'7 ' 2 .
2 . . . ftO 2 t.11 Third
7 B0 1 ... 07 ' 2
1 ... r,0 1 !..i 1..
OiIciibo Mil 4 Oil'', Third
St 1 il la K11iK.l1.111 .ui. 2..
2 110 ay ct 8i Tiurwui.r "il
ChUaso Mil &i 1 .. fs'.' r"'' '
.Mt 1' I h '2ft ' 1 DNi.j 1 HI .
3 75H1 ft . lis 1. ... 1.4 -4
ChiciiKu Mil tlt Mjera fts 1 S .. 11
HIP Id 4'l I 1. ... S3 ItJllle.l I'ac u
I.. HO,' 1 83'j 1-. .
I . ill 4 S3 7...
1 t'l 'Lou A NuhIi 4a 2
il CO',' (1.. . 82 20.. .
Chir.iv A Ntn r.ouli. A S-ush Lmun I
W 11 fta ST Mono la ft
3 . . SO '4 1 '13 '-a 3 . . . .
Chliaii-o A Nth Mkh Cfl d l,t"ni n I
II -i, fl'.a wl . 3 7S 0
in . . (.11 Mil 1I.u1 Co Is
( hi Hail fts 3 . .y. SO
1 ... . (11 Mir, It ht I. fil
IhUnirn It Ii'd 2. ... 43
A Pao fd Mel .v t I. tr'
ft . fill 4 1 . 41
f, I11IL4 11 o IC A Tx 4a'
1 ml 1, I ftil 'a
1... 0U 2 ft.Tt
Chienitu It II 0 ft ft.'.
A I'ac 4 12 1.1
1V.1 Mo IC A Y 4 '4 I
ChleiiRD St I'M 18 . SO 1 A Id la;2
sw
Ave .1.1
2S'i
20
Ave la
.. 13
... 43
AW ft
IV
S3 ' ,
S3
S.l
83
1 . t
71 '1
74 H
1'0'i
V K of O Urlt
A I'd 1021
Alllnf 1'ni.K
.Mil, AVI I 1
Ami, Tel lis
IImiIi Ki..a 7 t,f
t rlo de I a hi r,
I op llM'.rt si of
' p lixpurt sa uf 2
Cop l.xport ,.H )f
Cons Has s
l o.ia IVxtlle 7a . .
(jraixl 1 runk nit
nun 11 1 Ts ..
Ohio i nl. a 7a uf
Sim 1 ilr 7'-,s
8ulHV Ss
S'llllllWi-M' II. li 7m .
S O V V 7s of Vft
"UN S In or 27
Ttxai i o 7h
llONDS
33
, ftn
!7'
. .il
1.1
. lull's
lull
. S
US'.
let n
HI
ft
. us
. t..I
P.14
li.
inl'.
.101
1.11
JSW
fto
'..7
mm
ni
1 1.2.4
li'.i'n
l.s
'..II',
!!.
PI
1.4
IIS
pi,
II.14
till.
'.Ml',
lot
1U1
D 4
fto
117'.
j.;
ui
102
I'ltft
.K
liI'Vs
ni) 4
PI
'..1
CS
tm
p.14
inn
101
mi
101
u4
NEWY0RKBANK STATEMENT
1
1
0ft
PI.
Il'i
(.''
0')
III
'It
111
!'J 1
orlt
MAO en lo
ft.. 101)1.1 I
Chl i W I 4.1 I
I . ft!" , I
CIn lid St I. I 3
A Chl 4s
i'liUlk Is
r.2-
;.i
M
jrsierdi). Tims far this mil,. 1,030.700
Commodity Markets
COTTON MARKET
New Yorli. March I'-'. Much of the
liusiness in cotton lit the opening was
tm Itching, which accounted for the nil
Mince of .") points lu March, while later
months were S to IL' points lower.
After the start a lending spot house
became it nu.ilernte liujer. but the lie
ninnil was easily supplied by offerings
from Japan, the south and New Orleans.
At the end of the llrst twenty minutes,
tlie market was quieter and about lfi
points net lower.
The market later in the first hour
sold off to 11 net decline of about 11! t'
JO points under New Oilcans, local and
southwestern offerings. .Much of the
early business represent switching
between .Mil) and .July, two spot linns
heiiig active In these operations.
Most traders, however, appeared to
be waiting developments in the foreign
political situation, or in tlie spot mar
itct it mi there was 11 considerable
iiiuount of evening up of accounts which
left tho nun hot slightly up from the
lowest in the second hour.
Yial. eliiH.. Open HlKll low I'loa.l
'started n t 71c to 71 'tC anil later
sold at yesterday's last price of 71!,C. .
1 Oats were featureless hut generally
I were stonily. May opened at I.'.1;:'' ,0
l.iSl-, IIKIIUIBI -i.l.ijr III 1 ill" e.i.l .-.-
Philadelphia Stocks
Mareh
Mil)
Jul)
(.1 I,
Di..'
Jan
Hid
ll.lo 11.1ft 11 Ift Hi 1.8 11 no
11 mi 1 1 v , 1 ft.'. H.Mh 11. Si.
12..7 U.HS 12 03 11. S3 II I.4WU3
12..1S 12. ft3 12.ft.l 12.'ls J.J.ftll
12 S.V 12.7ft 12 7ft 12 .13 12 70
12. Hi 12.82 12. 82 12 70 12 70
Spilt, 11.40.
GRAIN MARKET
Chicago. March PJ. Selling
of
Lawrenro v n.. p. s
,"" uiiu P"1JC ACCOUNTANTS
'""li'le . in,,?'UI? IKL'M' HLUU.
,''"it Ta, luturai"' t,ur""""l "nil
A"nn'.r,,ot1,ln!i.1:B' Aetlwly Afford.
Pkil 1 . L '"urnltlB Jtecreutlon
llllll. .intlla M I'll. - If 111.
1 " - '-"..III s . ' Ilrii!,il",u?1' Nv York
, "' " w 10 p. nv Opan all yr,
kf i
wheat was resumed this iiiorning ami
the market was weaker on a statement
by a local stntlstlcnii to the effect that
the previous belief in 11 scarcity of sup
plies had been changed by government
reports to confidence in nmple stocks.
There was miiiiO covering on 11 sharp
drop in teniperatuies lu the Northwest
and on cubles from Argentina showing
that prices hail risen to 11 point whole
tlie were above American limitation in
I'.urnpe. This was bel evert to explain
sales of about 1,000,000 bushels for ex
port yesterday.
March openert at SI. !'-" to !'l tW.
against iJl.tW'a at the clnsV ycstenlaj.
anil recoiled to ifl.tll'V May stinted at
HU.iWh to $1.n.'P4. against .flXiIta, al
the end yesterday , ami rtcclined to
$l.fH.
I'orn rangeil ilownwnril nt tho start
hut milled on covering. Trade was
siunll,
May openert nt (in,c to 0fe, against
(ItlMiC jcstcrduy.'ii last pvlwf. July
day .
H-'S
.Inly started. unolintigeU, at
llik-U
H.'- Am Sirs.. ,,:
-'0 .
Itw
r.:i
NEW YORK COFFEE MARKET
New Yorli. March 1- The market
for coffee futures was dull nt tlie opening
tills morning, llrst prices being un j
changed t If points higher. OhViul
cables .reported a little steadier tone
lu the Hio and Santos terminal tuaiUct.
although tlie decline in the late of Hio
exchange on London to !;lsd carried It
to tin- iowest point reached since Ib'.H),
when the rate was t! 15-Hid.
I.ocal jobbers report a ipilel trade in
spot tsjffee with prices having worked
slightly lower, although still niou' .r
less nominal. Ilin 7s were quoted at I)
cents and Santos -Is at ! cents to ii'ic
I'rice changes heie during mid-inoni-ing
M'i-c uniiiiportatit and time wie
::oi...
no ficMi devel'.pments 11,
eith.r trout locals nr from
p.iints
th
.Mr. j
.lulv . ..
September
l)eiemtior
Vest, elo.e
. ft.7l)l7J
. 11. on ii 12
. ll 411 W 17
. II 82 ti s 1
lllil rl.e:
piiiii.ny
Open
ft 7HW71
ll Ulft
.1 l7Wftn
(I slUfuO
Heavy Movement of Raw Sugar
New 11rl1. .March 12--Tlicie has
liein .1 considerable inociiieiit repoi led
In raws, 1'orto Itlcos and I'uh.tns Par
ticularly largo sales of l'orto ltleos haw
been made, totaling IiID.oiiii hags, fiiinil
of which were shlppc-d yesterday and
IM"i,i)00 are already alloat nil sold on i
basis of 0.02O. and a huge pioportion of
which Is consigned to the Uiierlcin
Sugar Itellning fo Ten thousand Ions
of Tubas were sold bv the Cuban
finance conin.ittie at r.i . ent and
fielght, and unon tons at I ? t '..
I'ubii In foielRii lUstinntlon Theie were
is r.iin hags of Tubas received yesieidny.
28. nun bugs of which were for Howell
and the balance for Warner The soft
sugar quotation was 8 cents, all mound.
The larne moMtmnt of Vol to Itieos wax
stlinul.iteil by tho minor that the new
Tongiesa would lose ery little time In
litiltliu; thioiigh an eimigencv tariff
bill. II is expected that tho hiihseiiiKut
ft w days will show it considerable mow
iiieiit of raws fiom I'm to ltlco.
DANK CLEARINGS
Hank eiearliiKB tialiiy, mmpared will, cor
r HM.nilliiw dn last two venra
ii.l'I tn"0 into
Jill. 1.70.72(1 ISO .1(1(1. -18 1 tftft 3Rft 707
la uny is
I'hlla
II tilt
lloati).,
I'hleiwn
V, V
4 ..I Oil S-.
82.1111. I1I10J
1121 1135,711
13,272, 7ft8
.11033,878
Am Shin
& ('mil.
15 Am (Jas..
10 Urill ,1 .
'.'D.'i LlecStor.IOl'
1 15 Lake Sup S
1IKI Leh Nav.
.'10 Leh Val..
JII7D 1'n ll It..
!) I'hlla Co
cum pf .
1-'l Phlln Klec-
I0 do prof..
50.-. I'hilailT
105tl,ierco-
Arrow . .
.'110 Un True.
L'iO I' 11 I..
- do pref..
lOtrs Steel
10 Westml'd
Coal ...
ClOU
.SVt
chare
1 7ft J'niii a I'm
Chili I'm''. 7 T 824
I 1 !.'"- sic" 'Ui T. ,,
.'lt lien. st Mexico Da
2 . 1'1'j' 1 . . '12
Cli ' opV ft 2 til iv
I . . 72 N V Cm! .-14.
7 724 3.. .. 074
I I . 724 N V Cent' I I
CIn I .,ns lis 3 7.14
ft 7R 3 .71)4
City Mutt's ii N' V I'nfl 4'j
1... . 7ft 1 78
1" N k 4' .17 N V Cent' I 0
1.. . 02 ' 1 87
Cliv I'urls us .1 87
jj oil NVw York Cti
1. (Id 7n lets
Clt) I.1K11. -.s 2. .. lot
n. .. Ml-, N V 1 t I it s
(.1
... n 1 ;
pi
u 0 not
I li)2'i
. 8S
sslH
.. fcs'l
2. ... ss
I .1 o. i, 1....
A IM 19.17
1.
I' K
A I
I
I
3
t,.V'(,
l()fts
lilies
;t,'i
:io
is
in".
t!.V
10 "Is
fllllv.
7-1
is
10'
tl.-,a3
lr.i,4
.'10 1,.
1 .)
i'
-T-l'l
n
t.
3
12
10
1. .
1 .
1
sft
s-.
84
s
S4
sft
sftl.
. I. d.l
-in I I-
12 si
27 ; h
lii'i
s ! 1
221,
1'714,-f
l.f...
iioi,
:cia.
Ill's
7ss
:mi.s
lll7s
7N3,
O's
.TU,.
il.
7S!s-
j r.e, '. 1
C Zurkii r. t ' V
1 !1 .14'
Cl'd I In Chl 2
St Ix) ns N Y
1 RT4 '
Col 1 . Is' 11 la N V
ft so
Cons- d iii" 7 2
1 (.'. N V
2. I'd 'a 1
Cuti.in An ' u 1.
bucnr s- mI iw
1 lmi
10 lot
t'UU.lll l' si
'.17
It A 11
1 ' 17 rek'
to 4
,T
41
I -1
.
Iluyw 4. 1.
IS I
Tela 4 4aL S
Heavy Contraction In Loans and De
posits Reserves Strengthened
Tlie reserve position of the New orlt
Clearing House institutions was greatly
strengthened during the current week.
The reserve credit at the Federal He
serte Itank was increased S!7. 114.000.
U tlie suuie time 11 luiiteri'il reduction
of liabilities followed the drop in de
mand deposits of S2S,02,),l)00. As a re
sult the excess rcere was raised Nl'.O,
700, L'SO, bnnging the actual surplus
inn legal rtsiiiieiiieuts up to !?."i4,l)s:i,.
OHO The week's, lieaty liipiiilation in
tlie stock market wn" pnrlly rellei ted in
the 1 oiitraetion of Sl!2.:!45,00(l in loans
and discounts, which also indicated the
member banks had reduced their bor
rowings considerably with the federal
institution
Details follow :
AVI. HACK
New- York. March
York Herald in its review of the finan
cial situation snys further progress m
the threshing out nf the post war crop j
of readjustment problems was made this
week to 1111 extent and somewhat in 11'
manner to disturb the isunnlmlty nf
Wnll street nml yet to give hope that !
the more trying phases of the necessary
piocess to establish a sound industrial
11ml business basis had been, if not'
definitely passed, at least robbed of I
inuny of their terrors by familiarity.
It remained a fact that nothing what ,
ever has happened .since the middle of
1 ice ember Inst to undermine the con 11- ,
dent belief enteitnineil in conservative i
quarters (lint a turn for the better in
economic conditions in this country took j
place at that tune.
Improvement, however slow nml nt 1
intervals beclouded by mists blown over 1
fiom llils and Mil!) storms, has been I
continuous. There has indeed been little I
lu this movement to arouse enthusiastic
optimism It were better so. perhap1.
since there will likely be fewer vnin
rcgiets arising from the danger other ,
wise of nn overextended commercial 1
expansion. In other words, reeonstrui'-
tion has proceeded along sane ones 11
the opening months of 1021. Tangled 1
threads have been unraveled und nl- '
though, in this work, the business fubru
lias not escaped s-.me rents, it hns
shown where in its parts it can be re- j
paired most elfei tivelv.
It is necessary to view conditions ill j
this light In order to appraise truly the
signiticance of industrial reports for
1020 which un- now com'ng to hand.
IV vv of those icports fail to disclose a
state of tilings no longer ohtain'.ng in j
full force vet necessary to take into fill -dilation
that future prospects may 1."
guageil with some degree of accurate
tore-sight. Tlie steps being taken to
prevent a repetition ot the obstacles
placed in tlie wnv of development of re
sources are, ill themselves an earnest in
dication of tlie nation's determination
to get buck to normal. Perhaps tlie most
signal event of the curieiit week was the
nitiat.ve taken P.v th" raiiruiiii ".
panics 111 tlie matter of wngn reductions
The Pennsylvania llnilroad took the bull
by the horns and announced 11 cut in pay
of everv employe fiom president down
through' all ranks. The amount of the
nit was not di-closed. Tlie New ork
Central and the New Haven Go. close y
followed this lead and in turn were fol
lowed bv several western roaus. 1 n- sa
nation thus created was of Intense inter
est because of th iccent ruling of tin"
Ilailrond Labor Hoard in th'- Kric case
and also because of a possible conllict
between the railroad companies mm i"
labor unions. Aside from the direct in
terests involved this step of the trans
portation lines was viewed sympion-
tlenllv as tine ri'Ull site to start tlie
llii.L' toward overcoming me
Spruce 8200 I
ll
Hw
1
Hi
f
IV 1
lit
llf
u
ll'
J
i
Equipment Trust
Certificates
Philadelphia Pint,
Prices to Yield
6.6(K; to 6.30rf
EECuniriEa DEPAtvrmNT
Commercial Trust
Company
Umbr Ftdtral Rtrt lutm
City Hall Square Wcit
Markets for
UNLISTED
SECURITIES
TX7E invite inquiries
from Banks, Invest
ment Firms, Institutions
and Individuals who have
orders in or desire quota
tions or other data on
Unlisted Stocks and
Bonds.
AtCown&Co.
BANKERS
Members 1'hila. Stock Exchange
I. anil Tltlo lllilir.. Philadelphia
:
-M7
,'T
For Sale
Manufacturing
Plant
Good operatinrj organization
available and wide distribu
tion of products.
B 716, Ledger Office
n
rt
rl
IV
4.
CT.
m
to
l.i..i"i rea.-rve
HKr,vaU r,
Loans, fie.
Cah In v.i.it s
it laimlier I.K-,
Hi'serve In rm in
lir hinka .u.l
ros--rv ti.it.ks
ll..Hrv. In st.,i.
hanUs and t.ui
1 ompatilHa
ltsprvH in siut-
hanltH and trus
mmtiaiiy deposi
lories
Net di'IIlatld I
Iwislts
Tim. .lfnosit
CIn ulallon
C H. d lmi- is
in duett d
l.vceh.s resrv
lulcr-sMle rie
I.0.1.IN, U' . . .
Cash In au is
A mi mis r hk
III a.-i-v In m n
t'.r hanli .111 .
leacrv.. l.unl. s
llhrve In t.c
I, links nml Iro-
uomiuintea
Hi a, rvi. In at ii
lui.ka and in.-'
1 onipany deiioio
torles
Net iti'lllund ..
I.slla
Tllllo depoKllM
I'lrelllatlul.
I' .-.. ,, P MI
dislui ted
STATU !IAN. 1
U
Th.s w,k 1 as- i,.k
410.720 soil tl3.lilill.2ia
ftll.ftsil.iino ftl I 120 OiH.
I '..Ift 321. MHO 4 I. eft ls7.0UH
s ss;,oon 7s 3.-3.000
i;t.1 73.1 o.s) 4U.).737.0n0
s '.OT.ODO S T2D.OO0
S.'Jftl.OOO
7si. S3d OoO 3.7s... 120.. mm.
.1.1. e7 I O'.o 2.1.1. sfts.o U')
ll.lil"! II"
Jil SJ4.00H
'TCI.
.14 ilitf.l'.lo
ftliS, s, ift. (i.e.
''!",, -..17 0i'l I.
sOI2 llfiil
31 294, UUU
1U.232 U00
43 fs.i.itfto
fto a. sol 1.110
:.si..sft2.ooo
7'.. 7 IS 000
.10 101) OOo IS9.IS.I2.000
707 Olio ,s (.Jil 000
im.' Ooo s.7;.1.0o.)
'.('in. 3 7I..1. Oil.,.).. 1)
j;n ft:,7,...(i.
,. l.ll.lS l.U'l
til 11.'.' i.e.i
.! rut si
Cs7
;".
;n .1
Tele n ,s 1 .
. sn l4 V I -s .
S'11 0
VV C A 1
Iloat 4 4s Utah 1'
' . . .1.1 1..
3(1 2 .
:No '.SJf rt-.,'.0.I'wj.'!" iti ii
sal., on N Vork Stock UxihaiiK."
.,,', ' l. 47311 aharea. s,
MUI jh.ires veater.las. Then fur tl
31,222 nlmri-s.
Sales In
tluno
1 r.iee iV rco
Tr 'Is....
1.11. Ilonds
2d -I'.s...
lth -lHs..
Pcniia Co
I'"S ....
5 Philn Co
(litis f)S. . .
I Phlln Klec
1st 5s....
Total t2ft OOO
tirdny
(
1
11
IIOMIS
HlKll l.l,
51
red with
his Wrcl..
Vet
chili..
Sll.,-1 1 Ml. 54 8(l.r,4 .
htl.74WI.71Wl.71
.OS
1)8 V
7S
sSh
7S
mua far thia v.w'n. t.132 ftOO
LIVESTOCK QUOTATIONS
iisvi
7S
1 M',
riitnpiirril with
-1
wiOi . .
till Nfti) jeb.
(.IlllllRll,
IO III hen I
Hie rs. she
InillH vieiioy
feedi-ra full,
Match 12 --i'ATTI.U Hm.iIii
lolllPlled vvllh ueik .ik'o Hi.f
ikb ami ratvea uenur 1 ) at,, n
','. 21ie lower Moil.era mid
a- niani
iiiiiin- iiis'uiiiti, 711011 i,nil Attne
l.lifhtB, luti lfte lower 1 tin rr ireni illv
liii to' Ifte liliihvr than eat,ril.iv'a nveiaKti
spot a up nuire eloauiK alrona, top, Ml u
l.ulk it 200 pound", down $111(11 3ft hulk
220 pom da, up tlOli 111 7ft plan 2ftc Io 0e
I 'iver bulk ilelral)ln SO 10 I2D Ilia tlo ftl)
't in 7ft. ihplce stronii vvei.hls Ml
NIIEm1 Hrcelpla IIOilll head. Ilecelpta
K.iliiv nesr'.v a'l pu !,- a .1 ret 1 ninpared
with vvceu lino. Km hmiba. ytarlli.ua and
wethr. mpty Ana l,uiir, few spotn up
'ai 1 ,qs uv'V lr idy
S1it M.i I' I'wr :, I
M 2 . S7' 1..
Con N s 4 VV il 4 I
ft 71 3
'.; Kfk i. W 1 v Ha O
1 . in.', l", inn I
Denmark Con S . ino.4 I
tl 11 Si 1 lin. 1 2
;i '..7 fs A N l'ocii a 1
I '1114: (Va! (.', 4s '. -1 1
P.l'i 1 . . 704 1...
.i fil North Western o
41 ll-ll Ttl 7s VV, si
1, 4a 1 . . H1P4 2 .
il". 2 fitrk 1
112 4 2 I..I v K
1
11
Itenmark
ct A t".
11
CI
ana und 11.
'Ktmeilta
(.old . ..
I iirrein .l I) I
I, ink noli v
. ' Depoalta will
"" ! I ho leilll il !(
!''.'. s. rve I 11 1... I
'.l')4 ' New 1 irk
. . ... 'Total ilepua"
l, piialta. e I ! nf
l.l.illlu at.i'.u. 1-
till frole re
a e r v e !..os,
turlea an-1 ir,..n
1 ther I ti 1 1 Is h .111 I
triiHt tiiinpntues
In Ni' Yin.
eltv, 1 s hanker
... id depoiiila le
Unlled ,-t.lli s
tl o v " r 11 niHr.'
proi h ,1s if s il,
of liotida ii,"
I'.sita t'i.1
l'eteHniiian of r r
1 '. crease
7st.
l3,
1. ftl
77
iiSll.Joo
I 71 Jud
i-.illj Jim
S ..,
(.1 J I'JJ si.O
2il. !.!'l-l, Olio
j 1 ns eon
3.1 4U1I .MM)
o!l'M"!
Incr,'uso
il 3jS inn,
2117, H.11
t 7s.0lS.
, 1.) 401.
. 002 loo
4s
in
u.l
n2
IJ. Jo '
J11.1 -.no
jo 7
, 1,., l.Tuit
1 7sl 7()li
ircune. 4
B3
11
l.-n A.
lu
Den A
ft.
1 .
l) I l
1
12 .
. Can
23
ft
Ift
l)o Canada
1
RATES
il per cent.
paper,
t .Ufa 71
. i
'is. .
I
r..t.,i
I. IS. st
.1 t. . IS)
ftl' 3 . . '.nil,
1HV I I'll",
1 '21 3 . ml",
!.!.. 1 . I.il
PI) 1, 1 mi.
H'l No 11 I Mi Ifl.' Is 2
n 2 ..714 Wtlauii
Oil 4 .71', 1 ..
P1I4 Konli'n HtJtei. 1
1,114' Power 3a il
3 .. . 7t4 I
list,
l'1'l
t.s,
t.s:
WIIkuii Co I V
S7
f,i 1st
Ss.1,,
SS
SS
7
1
MONEY-LENDING
! 11111. M.l.l.l'lllA - .'nil
time C per cent . lornniere.lul
I thru, to six months c ner cent.'
I (Note The.se an- im nlv nominal pio
1 tulions, the leKal rate nf interest in the
Mine ui tt u.is, 1, am.. Heiiig tivt! nt I.
Pel cent l'liisi premium and eommi.s.
alon. tlnio ninii, for thirty to ninety
days is In., lied al s to s 4 per cent, while
10m1nercl.il p.iptr. troin three to M
llinntlld, Is helllfcT olfeivd ut S to !) 1, .r
cent I
tfttlftiliri.il, compared with Ss.Ssl
nl.iv Thus fur this vveik. 5J
l.ibeily
Llbeity
Libcity
LilM'lty
Llbcity
Liberty
ll'j
2d
1st
Is ...
I'.S..
2.1 1'is..
:td p.,s.,
4th -l',,s,
Vic Notes it'lis , ,
Vic Notes 4'l,s.
M Kh
JI0.1l)
Ml .'Ml
Wl ill
Wt It I
'.lll.ltl
Wl W)
117.211
07.2(1
, ov
'.III III)
Ml ill)
WI.MI
Ml 42
00.20
Wl oil
07.111
117 01
''lose
no. hi
mi.:io
wl 00
Wl (II
Kl.'l 1
WI.MI
07.10
07 21
I'lm:
Jan,
RAILROAD EARNINGS
( AN.VUIAN 1 Vi IMC
l'J2t Intrraii.
ueet: Marrh t.1,2ftft 000 tll.Olul
I ?ltr 7 3') 307 0(10 2'J 1.01
KT
LONDON Money -, ijuoted at fji.
per cent I'ltusiuiil rates xhort lillU, 7
tier cm . inree inontns mils, 1,4
mil.
DIVIDENDS DECLARED
(ndAis.iiil'.nt rniun.atle To,. Co ,mri
pet ,eiu 1100 .lutiiieii) j,..) u'ni, pottl pll
line- .,i-,,i
1
VYeKtirn .suanr
xtra of :
I r cent
011
"f 4 is r ,. nt
record Murth
i,r, ul
,,r cnt and uuait.'il) ,f ",
comt.iun ,
Tl.l.'W.it.'r Oil c, 'iunii, ,
,.uul,e Maiih ill t, ..lock t
ililt I'reea rroduoers Ai.",.nll,,n Initial
of 3 pe. cent 1,1.) cents) , ahare, paiuble
April 30 to atoek of re, ord April 1ft
Mldwe.i Oil Co, uuar'ilv of 2 per rent
o- tomiiv n and 2 per 1 1 nt rctmlar un.t 1
wi cent ulra on preferred all pnynbln April
III tu t--' of re. ord March ,11 wr"
1 11 vv ..atin ."niv ' 1p.un.-r1v i'
1.111 on 11 1 1 tc.1 in, 'n'' '.'II'
f 21
ilunttiuli.il DfVdlnpnwui and Oai
nuav'eri) 01 i' rwr ei.ni on preirreil. raj
1,4 ,,r ' o 'Uiclt of "Tord Marc), ,15,
ball
vicious
. . . . 1 , , .. II, !n Tl iv 11 a I
c-rcle ot tlie uign ctt-i "t ...k. ""
intimated clearly enough that if the
movement for lower wages should prove
successful there would ensue a revision
of rates downward and nearer to the
level which tlie best interest for Itii-i-pess
revival calls for. The rediict.oti-'
were to be put into effect next month
Meanwhile the attitude of labor will b" '
watched earofullv and on It will h:ng"
the iiucstioii whether the progress mude
to tlate shall pns'ced or whether the mi
tinii.il iigrceinents shall b- permitted
longer to stand in the way of facing a,
condition rather than a theory.
In the steel industry there was c- j
hibitcd a stumlpiiti-m which was scarce- .
Iv less obtru-ive in its effect than U"
previous dilemma of the railroads. Th.
United States Steel Corporation gave
no sign that it was considering either 1
a wage or 11 price reduction There '
was no promise that Man li would
show more business being done than ,
wus done in rcl.ruary . Signs of n live
buying were entirely absent. ' AH the
immediate improvement exileited." nl.- '
served the Iron Age. "will probablv b"
due to increased purchase, for urg. nt '
consumption, seeing that present out I
put, totaling hardly 40 per cent for the 1
indiistiv 11s 11 whole, is only two-thirds
nf what is considered n s"1,. l" ""'''l
oidiniirv wear and tear " The rail-
toads h'n.l it ilitln nil to get tin- means 1
to enter tin- ,.iiipiiienl mill kit hecuiis,. f
nf the high 1 rice for steel, vvlule on the,
other -id'' a ioviiiui in steel prices is 1
hnnilii-appt'd by high treigl.t intcs nml
of , nurse, hv'. Wllgis A l.egllllllllg
must be made sniuevv here . heme the
great inteitst In the railtniid situation'
where, nt anv rate, lb" issue lias been
joined. It- iuip.utaiuv mn s, arcly
be over estimated and the ..income may
conceivably open tin wuy for -miliar
initiative t N, win re
It nevcrtli'-less tstiitids. to teusnti t imt ,
wliatever is done mi l!n !! "f tit
Atlantic will in it i.'siilts be in
lluenced by what w dot n the ollm (
in the d'erniaii " ;..ii'ati..ti , ne li
was not eiiii.iiriigiug t" 'li nn. un ml !
c.iiiimillilty tlini the 1 uiidoli negntl.i
tintis should I1-.I'' ilnwii inl" iinptisitn.ii 1
of penult It's. Wllllt the lldwillio nl tie ,
allied ariiiies into the Huhr uitnct !
(it'i'inniiv wniild .iii't.uiplisli was prob
lemntiiiil. Th'' most hnpitul view wu
that the Kb. n government wniibl iit.11 f
..nil 11 new gnveruiiieiit at l'.'i lin i'i.,r
IIUielllll.1' to perUlll..ll wollbl be cs
t,ilils,e,i ami the ricgntiiitniiiN icsiiiiimI 1
The npllthV Willi Whl'll the people ,,
Cn-t many witnessed the new ii.vnsi,.i,
was not wholly .'1 ' fii-niiMi,, with tin
llssl'l lions ill .lll'le.l ll.lv pes tllllt iei,pe
stood solidly I" I mil tl"' government 111
its failure in i.mt the demands nl ih"
l'liieiite novviis There were tlmi
here who regal ileil the invasion ie an
Llltl'llte lllllll'l. I when a little llml'',
putieuie miglit pii-linu. linve l.rnug'i'
(be ii.riniu.s l,i terms, jet nt th, ,iiih
time, to permit the invasion wits l,ik
cd upon ,is liei'iiiaii liiiiinlei mn
iiiip li a- n vvicil I tend to Imrileii 111 j
Allies nganist Making , niu i'ii.ii 111 tie'
futii.e Natilially l.olh sides ,kel l"
this iti'ilitrv to state its positmi, nml
much depends nn wlint tlnil pns 1
mil turn out in I"' The . cut, r ,,1' in
teiest si, ltd. I in Walniigti.ii an, I t 1
fact, iissm uiti .I with Ihe iisscmhling "I
till' III'W C tigress nl) it 1 1 I 111 whl'll
the lax n visum iiuestmn und the tnntl
lirobleu. will come up , utised Huh
Stieet to pelMsl 111 its wailing gam.
Ili.niestii' trade lepmi, disi Ins, I
some stiiuuhitinii of 11 .-t iv it in rt mn
dirittioiia sullicieiit tn l.ireslmdnw nn
eiirU opening of "piuig biiMiiess f)f
fenngs ot new men l.au.lise uri meetiuit
with 11 leiulii r s.ile than wiw antiii
pated but ideas of pun basing power
called f"i" 01111' tension because of
wage lediictnuis unpen. ling nml pros
pectivc. The iiii.nev -.11111111011 icmain
cd at deadlock Tightness u, m ev I
dunce because of the 11 pi.ri.11. h ol tax
puymeuts and nun h of the uisior tm
in the eciiiities iiiaikela was traceabl.
to that influence
GRAIN
PROVISIONS COTTON
Our Dally ltvr Bent on Ccouurt
Hughes & Dier
i DilraKn Hoard nf Trtula
J N. Y. 1'rodac" Kichanit
1 1-llllH. IS
I I'lttkbnri
lltmbet
Con
NtnrU orhinr.
lttsbnrnh Htoek ExoMot
1435 Walnut Street '
(13 Baeo t9B
PblladelphU
Auto Owners
Do you know how to
A V O I D ROAD TROU
BLES? 12-lcsson course
will becin Tuesday, March
JC. Sessions al 4 and nt
Y. M. C. A. AUTO SCHOOL
1624 Ludlow St.
Income Tax Service
By Specialists
Schindlcr & Narcn
rrniintnnts nntl Auditor
P'eriu -rl auditors iev'iun Dept)
no iilli.i;ii in. im.
Sor'i" 2 J ID r
lu-" M" office
I'ltilnilrlphln. I'n.
e open fc 9 P. M.
SELL
( 79 Shares
Valley Forge Magnesia Co.
(li 3!)
WM. II". FAUST
I mil 'I tile Hide
serine 7..1.7ft7n
Income Tax Returns
A rrtjrese"ta"vo from the Internal
llevei.' fv M,". is here da lv to help
y i. u prepare your I'ideral Tax Hcturn,
Union National Bank
"Vllerc 1--'. sf-i-it Cro-.i" Third"
IN IMUI.VDKLHHI-N
C. S. PATTON & CO.
no .t riiriTM t via,
BANKERS
luefrssors tn
.Aunt sti:vknson
ttmida und slinks l.i.UKlit anil ulo
nn , , iuiiiiIssIoii
M.mt.ers I'lill i Mnrti I'.xrhauce
Morris Brothers Co.
rutsMtuhfd mnx
Bonds for Invcatment
Municipal nnd Corporation
1421 Chestnut Street
Safe bonds for Investment
HALSEY, STUART
& CO. Inc.
Stockwell, Wilson & Unvill
Certified Public Accountant
Land Title Bldg.. Pbiladclphit
V. J. VAN lill.LlAltl)
f 101 mim i iintiit
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l.ii.iiu ii' Int r,i'il ,'rifnut
(ino m:i. r.si.vn. ruts, r iimki.
rilliert It 111 Km a 81)17
Moore, Swartz, Hindle & Clark
ACror.NTAN'I.S
Incume Til Colt Syilemi Audit
sprine III! III Tl) Ml ll,Ifl
n i
Co
BAR SILVER
I "OllltStlc ll l Hill, I IV. I-
ill IaiIiiIuIi ti.da . a' 1. i '.
V,e at ft'i 'nl in I.' II l"li
was lid ' .1,1 ir .,i I
f..r, i,!ii
'I l
Other Financial News
on Page 16 IL
H.L.SSV.ITH&C0.
INVESTMENT SECURITIES
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