'ffff fr,$Tft'V1KJI, roSjypWrs.ffv jT'STT'rWrlJ IS iS to d pi i Ani W JJ til if thy i ?&. ln.1 .. -TOH 1,1 arm .l MS la-il S3 wfo K ;ttt ami . &' t iifl vi if 0 "' T It! .. j. 4. M. 'x i.' 5 frill W"? w dai ,IV, ?WdU L" fSiKfc : VWfl J -' 1 If ill I ' ' '.$ Pj i Mtl f r wmi mrfii j i' rawi rs.tKJBi UP. if i In ( hV1 , if i i! J' en I Pi" " ii' , thf . $.' 'i R 1 1 j " U V 8H. L h 3" '. Write for Booklet 446 A. NEW financial booklet has Juat been published by S. W. STRAUS & Co. -the House hich has a record of 39 cars without loss to any imestor. This booklet shows how you can secure complete safety for your savings and the best interest rate compatible with such safety-togcthcr with a thorough investment service rendered without charge. You cannot afford to be without this booklet. Write today for BOOKLET 446-Q W. STRAUS Sc CO. INCOKrOHATtn . UTABLIIHID till Stock Exchange Bldg., Phi la. Ttttiioiu Srtvci 561S 39 years without loss to any investor MEANINGLESS DRIFTING MARKET Same Mixture of Strength and Weakness With Scatter ing Boar Drives 'WHugyTraECTgwji iuitfLaLjuiLm.ueiiLajiamaiu Copjligbt ipu, by S. W. Striui k Ce. Oil s'rucc 8-00 f FEDERAL FARM LOAN BONDS 4 Vis and 5s Due 1937 to 1939 8TJCUTUTIB3 DEPARTMENT Commercial Trust Company Mambe Fadtnd Iluun &rtm City Hall Square West Do You Prefer Nen Vorlt, Mnrch 15. The opera tions In today's stock market, taken na n whole, were an mpfinlnnleM and col orless ns they possibly could have bcn. The dav'w movements were n mixture of strength and weakness, consequent of the continued outcropping of liquidation and profcRMlonal selling on the one side and sporadic covering of shorts on the other. This variable performance was Independent of either domestic or for eign influences, being entirely produced either by technical conditions or the outcome of further adjustments of spec ulative accounts. Poislblj the more noticeable feature, judged entirely from a technical point of view, was the unmistakable signs and evidence of the overcrowding on the bear side. This was first Indicated in the natTowlng of bearish drives down to a relatively small number of stocks, while the general list drifted almlewlj bnrk and forth, according tn the tiblit Ing and reshlftlog of the trading con tingent, Indicating the full blow of sell ing pressure had spent Us force. At the outset heavy pressure was di rected against Mexican Petroleum, Crucible Hteel nnd Reading, the latter getting within n fraction of last'ycsr's low these thrtf apparently being singled out as the bear targets. Yet In none was there anything to warrant the bearish demonstration except that It might have been the knowledge of the existence of further impaired accounts. Other vulnerable spots included United Fruit, Pan-American and American Hide and Leather. For no other reason than inability to dislodge any considerable amount of long stock and force n general selling movement the majority of the early sellers became equally prominent on the buying side. From the lower levels of the first half hour brisk recoveries of 1 to 3 points were registered with the earlier weak spots becoming the leaders on the uDwnrd turn. Heading, for in stance more than retrieving its loss, on did Mexican Petroleum. Just when the recovery movement seemed to hove struck n gool gait, a vigorous drive was directed against . Stndebaker and Oeneral Asnhnlt. with lntu or tnchc specialties oreamng sharply under pressure. It was one of those sharp snapp) rnlds and was over as quickly as It started. Prices steadied again, but nil the life petered out of the trading and by early after noon the genernl list was almost at a dead Maudstill. SPOTTY SELLING IN LOCAL STOCKS 8.30 7.10 or far twentr vein Circular 7311, which will be sent on re quest, summarizes the advantages and disad vantages of each type of security and gives particulars regarding an issue of each kind. Bonbright & Company 437 Chestnut Street Philadelphia Nw ork rti(r(o llnnton Drtrolt Unusually Large Turnover Suggested Houseclcaning of Impaired Accounts NEW YORK STOCK EXCHANGE TRANSACTIONS riv. Bales In I too ;, 200 j,, 300 , MOO . . 400 100 100' ZOO 800 200 200 1300 300 400 100 300 300 1000 r 300 100 100 0000 100 200 100 44 100 3300 48 00 r 100 1300 500 400 too 100 300 400 100 100 31000 300 4000 300 3100 100 OTIS & CO. Stocks Bonds Acceptances Spccialuts in Ohio Securities Member 8 of New York Stock Exchange Boston Stock Exchange Cleveland Stock Exchange Chicago Stock Exchange Detroit Stock Exchange New York Cotton Exchange Chicago Board of Trade Private wire connections tvith all principal markets. CLEVELAND New York Boston Detroit Cincinnati Columbus Toledo Akron Voungttown Dnyton Denver Colorado Springs Soiling in scattering parts of the local list todav bore all the familiar ear marks of enforced liquidation of im paired marginal or speculative accounts. Such nrocedure was at least suggested in the uncommonly large transactions in American Ship and Commerce in which considerable amount of stock changed hnnds, including one block of 1000 shares at 7, although the low mark of the dav was made nt 79ft. This brought the local quotation on a closer parity with the ruling priic In the New York market. Similar selling was Mig gested in the unusual larseturn over in Tonnpah Mining. Otherwise the continued heavy telling of Pennsyhania Railroad remained the principal feature of the dealings. After dropping back to JtO, the stock made a smart recovery to 3(3r,i. Those who have been making n close study of the day-to-day movements expressed the belief today that the buying was much better than the nelling. Yet. on the other hand, the source of the contlnu 011s suiiolv of sto(k to the Btreet is somewhat mystifying. Electric Storage Battery wai the fea ture of strength, making a recovery of a point. (Jeneral Asphalt was off nearly 2 polnw, but this decline was made on small transactions and was wholly influenced by the sharp mid da break in that stock In New York. Lehigh Navigation's rallv of a point suggested a want supply of free stotk on the market The recent action of the board in deferring action on the divi dend was rehponsible for n 4-point de cline in West .Terse and Seashore to .10, while the extreme narrowness of the market answered for a point loss in Westmoreland Ooal to 74. In the remainder of the local stocks it was the same monotonous juggling of (.mull fractions nnd odd -lot transactions. Philadelphia Itapid Transit shaded to IOV3, while Union Traction was Rllghtly better at 30'4- United Gas Improve ment moed up to 33. No change wae made in the Philadelphia Electric shares. 000 8000 800 100 100 100 400 300 300 n 40O .- xoo 700 300 100 300 1700 200 100 (100 300 200 100 100 1400 300 100 300 100 100 so 100 200 100 3440 200 100 100 700 3000 200 11700 100 300 100 too 200 100 100 200 400 300 1100 100 100 000 100 -rsoo 32800 300 700 6400 1200 100 1000 300 100 100 100 100 00 too 100 100 100 100 100 200 1400 000 300 Htlh Adams ISxpros . . , 38!t ,. Ajax nubbcr ,.. 3SU . Alnska Ooid Mine... 1 ,, Alaska Juneau O M. 1H . Allied Chem Eyo... 43J4 4 Allls-Chnlmers 34H J Am Bank Note pf . . . . 48 8 Am Beet Sugar...... 4U4 8 Am Bosch Majrnoto, ,. 43tt . Am Can 20 JA 7 Am Can pf , 8W ie Am Car & pay 133 . Am Drug Sm 8W . . Am Hide & Leather pf 48 4 Am Ice aotfc 0 Am loo pf to Am Internat Corp . . 41 8 Am Linseed ... , , 41 8 Am Locomotlvo 83J4 7 Am 7ocomottve pf . . . . 184 4 Am Radiator 70U . Am Safety Raxor. . . 6 Am Ship A com 7ft 4 Am Smelt & nef 88 7 Am Smelt A ncf pf .. 7414 8 Am Steel Foundries.. 30J4 7 Am Steel Fdys pf . . . . 84)4 7 Am Bug-ar nef 81)4 10 Am Sumatra Tob 7tJi 8 Am Tel & Tel 103 it Am Tobacco ll55 IS Am Tobacco B 1U4 7 Am Woolen 64' Am Writing Paper pf. 0U Am Zlno & Lead pf . . . 37 . Anaconda Copper ... 34 !4 8 Atch Top & Santa. Vo. 80 Atah Top 4 S K pf. . . 77 . Atlanta Blr & Atlantic J 10 AU Gulf & Vf I 3 S. . . 87 8 Atl Gulf 4 W I 8 S pf 34ji ' 7 Baldwin Locomotive . 8414 7 Baldwin Loco pf 18 . . Baltimore Jk nhin v. 4 Baltimore & Ohio pf . . 47 3!4 3 44 100 t so BarnadaJo Claas B. The Railroad Situation A resume dealing: with the position of the com mon earner-i is presented in U10 current issue of The Kardon t& Burke Review Head t) i(.sior -nil b tnosti men throughout 'Kb rountrj Cop will be en' fre upon ioqust for So 115 Kardos & Burke tSTOtKh ai novns 1424 Walnut St., Philadelphia H lork I'ltt.linrih Cblcuo llilllmorti Direct Pi Kan, N irta Philadelphia Stoclts I 1 IB Net Hlrh Low p m Jin, Z'AV) Am Ship & Co. 7i 7 794 M 215 nieeStor. 00'4 00 00A1 20 (ien Asph R0i 50A C0(i 1 20 Key Tel. 7 74 74 Y 10 Lake Sup 8 8 8 . 17 Lh Nav fill (J.1 00 1 100 Leh Vol. H)' -19s 40M, 2217 Pa It It. 30 30 30V3 130 Phlla Kle.- 22Vi 22V$ 22V4 . . 10 do pr.f 27 Vh 27H 274 14 100 Plula It T 10S, 1V5 10 2.'.tllt oiling . Ml 00 00 1220Tono.Mln 1 1 1-f 2.1 Pn Trat 30V4 30i 30H4- U 104 I O I 33 338 33 a, 10H West Ter & S 30 30 30 11 Wistml d Coal 74 7J 74 I Income Tax Returns A representative from the Internal a... -J: nnln. Is hA- Hnllv tn ttnln you prepare your Federal Tajt neturu. Union National Hank 'Mt'nr JLreh Strtrt CroatM Third" IN PHILADELPHIA iNi ch-mur mult by onmDariMn with liat aalo m V York Block Exctianire Sdlrri in rtONDH 1 14 Nt I1OO0 Ulra Low p m chr. ' Hell Tfl 7s WZ'fy lOJt !"', 1 5 niw & Peo 'lr 4t. ." .i4 04 1 Luke .Sup in Tts 10 40 40 .$ 2 Lib Bonds 2d IVts 80 80 80.80 80 60. IMi 3d lUs. 00.18 00.18 00.18 .04 10 1-10 4th 4Us 80 01 M 80 80 0-1 02 2 Penna Co OVjh 08 07 f7- I Phila Klee 1st 5s 84 S4 S4 r Raw Sugar Market Quiet ,ew York, March 16 The raw sugHr market continues quiet and unchangitl at about S tmw crxst and freight for Tubas eu.il to 6 02o dut paid The 1 ubui flnnnco committee made no eaJes estorclay and so far aa can be learned It cannot be Htated definitely when the ommlttee will make a new offering rher were no salea of outside sugars made Independent of tho oommlttef'a report ImiKirlartona Included 83,000 bags Cubas to the Vatlonal Co , 14,000 bags Ran Domlngoes and 19,000 bags Sur&nlmn enroute to Canada. Th lo cal refund msrkat Is uncltantfud. Bethlhm Mnlnr. 8 Bethlehem Ktrnl n 8 Bethlehem Stoel 8 pfl034 .. Booth Fisheries 4)4 . Brklyn Rapid Transit YXV . . Brklyn U T ctfo of dep 7)4 . . Butte Copper & Zlno. . 4)4 .. Buttcrick 17 2 Cal Zlno A. Lend 8 8 California Packing- . . . 88)4 . California Petroleum . 34 J4 10 Canadian Pacific ....111" .. Central Leather 37 Ji 7 Cemtral Leather pf .. 84 Ji t Cerrode-Pnsco 34 10 Chandler Motor 73 4 Chesapeake A Ohio... 48)4 . . Chi 4 E III Bq T otfa 3 .. Chicago ft at West pf 18)4 .. Chicago Mil & St P. . . 34 .. Chicago Mil ft St P pf 37)' a Chicago Northwestern 88 8 Chi Pneumatic Tool.. 68 Chi R I ft Vo 34X Chi R I ft Pac 6 pf 48'. 7 Chi R t ft Pao 7 pf 70 . Chile Copper t . . Chino Copper 30 . Clev Cln Chi ft St L. . 41 Cluett Peabody 45 Coca-Cola 3914 Col 4 Southern 83)4 8 Columl) Gas ft Eleo. . 48 1 Col Graphoplione .... 7J4 7 Contmlldated Cigar .. 47J4 7 Consolidated Oils ... 80 8 ConFolldated Textiles. 18H . Continental Candy ... 1)4 4 Corn Products Rof . . 70)4 00 Corden & Co 27 8 Crucible Steel 84 , Cuban Cono Sugar. . . 2li 4 Cuban Amor Sugar . . 28 8 Ddawa.ro 4 Hudson.. 88 .. Demer & Rio Grande. 1)4 . Denver ft Rio Or pf . . 3J, . . Emereon-Brantlng- ... 7J4 s Endloott-John.ton . . SSH Erie 12 . Erie lstpf 18 . Brie 2d pf 13ft 8 Famous Players L. . . . 86 ji Federal Mln ft Smelt. 4Ji 10 Tlsher Body 83J4 . . risk Rubber 18J4 . Freeport Texan . . . , 15 . . Gaston Wma ft Wig . 3 . Oeneral Asphalt .... 81 8 General Asphalt pf . . . 88 Oeneral Electrlo . ... 139J 1 General Motors .. ., 13 6 Goodrich B V 35)4 Gray Davis 15 7 Great Northern pf . 71)4 4 Great North Ore ctfn. 30)u 2 Guantanamo Sugar .. 13 .. Gulf State SteeJ. . .. SM4 . . Hendeo ctfs 15)' .. Houston Oil 81H 1 Hupp Motor Car . . VtV 80 Indian Refining .... 8Ji 60 Indlahoma Ref 5, .. Inspiration Con Cop . 30 jj . . Interb Con Corp ... 5 8 Int Agricul Corp pf . 4434 7 Int Harvester new ... 95 Int Mor Marine . . 13J, Int Mer Marine pf . S'A . Internat Motortruck.. 30J4 . International Nickel . 13 Ixw 9S'A 38 1 1H 41)4 84)4 48 41)4 43)4 30 H 84 133 8 43J, 40J4 80 40)4 47 83 105 70X, H 7H 38 74W 3K 85)4 8H im 183 1114 114 SJt 30 37 M)4 80)4 77 3H lU 35 V 83)4 7 3 J4 47 H 24)4 3)4 43)4 103H 4)4 13U VA 4H 17 5 40 34 K 111W 37 J4 84 Ji 25 73 58)4 3 18 3314 30 K 86 80 Vl 48 70 ? 30 41 44K 20iJ 32)4 58 714 47 SO 18 W 1)4 J4 aoji S3 '4 21N 36 88 1'S 3 7)4 48. 12 n 13H 05 H Hi 82)4 13)4 15 2 48)4 85 12' 13, 34)4 14 70)4 Mify 13 !8)' 13J MU 13 8Ji H 30H 4 4K 04 13; 47 30 I3K LONDON STOCK MARKET Oil Easier Industrials Irregular. Home Rails Strong London, March 1G Sentiment In the city continued cheerful today and trad ing In securities on tne stock exchange was fairly brisk There were further galna in the gilt-edged investment list, hopes of a reduotlon in the Bank of England's rate of discount offsetting a temporary retlghtentng' In the monetary situation Deallngn In oils were professional and tho shares had nn eauler undertone. Shell Transport and Trading was 5 G-16 and Mexican Eagle 6H. Tho industrial department was Irregular. Hudson's Bay was 5. Thero was light buying of rubber Issues. Home rxlls were strong, but dollar do ecrlptlona failed to Improve, owing to pesalmistio advloHB from New ork. South American rails hardened. Continental loans hesitated and Mexi cans were Inollned to droop Kaffirs were steady, out diamonds reacted 1.30 Net tikat Chr. 38W 14 38 - J 1 1H W 41)4 V 14K H 48 H 41W w 14 W H 14 85 -f- U 123 1 sw .. 43K- 1 4P)4- 1H. 0 41 !4 481 8H H 104 70W H 8) W 7 14 38 J4 74'i 14 38J4 H 85W- 3)4 OH.- H 77)4- 1J4 103 1W14 1 m4- 14 84W W 30 - 37 1 38)4 )4 83M 1 11 J4 H .. 33V.- 1H 84 ) .. 84W 1H 7 - H 8114 4- !4 47J44 J4 34)4 )4 3)4 .. 84V4 H 103H- H 4)4 .. 13W- 14 7)44 H 4VS 14 17 - V, 5 48)4- H 34K- lUU V 87J4 M 844 aj4 34 )4 73K J4 48)4 . . 3 - J4 10H 34 y, 36W )4 86 t 60 24H 1 l'4 70 X !4 20 - U 41 - 3 45 4- y 20)4 . . 33)4 . . 88 7)4- ! 47 T 31 80 - k 18 H 4- )4 )4 70k -r k 30H- )4 84f t -i; H 36 80 J4 1!4t 14 3M- )4 7)4- tH 3854 4- H 13 - J4 8 'A, 12J4 H C5J4 K 4J4 .. 82)4 . . UJ4 H 14 3 40)4- Vt 85 VA 130)4- 54 1204 WHf H 14 71 - i4 30) ' 13 28U - a 155 4- !4 ik 4- k lak-i- k KM .. N-r "4 30H .. 5 1 iiii r 54 851 !4 48k -r , 30 - 4 13X- A Dlr, Sulfa in t 1500 . , 8 C00 . , 3000 . . 300 ., 3400 ,., 108 I IM 300 1300 100 Men International Paoer . . 48M . Invincibly OH Corp... 17 X . Island OH 1)4 . Jewel Tea. 10 . Jewel Tea. pf.. 94 . Kansas City Southern 33 K 8 Kayner ft Co 88 4 Keliy-Sprlngfleld Tire. 18 t Kennecott Copper ... 16 J4 . KeystoneTftR UK iaicKawanna uteei ... son 100 8.80 Lehigh Valley 46)4 208 106 a IM 100 304 38400 100 t Loewa fV 174 1 Loft Candy 14 .. Loose-Wiles Biscuit.. 35k 7 Manhattan Kiev guar, 404 8 May Dept Stores 74H 12 Mexican Petroleum ..140)4 z Miami copper 4 is iok 3)4 414 468 l.fltl Mlllitla. !.. rnrr. 300 8 Mldvalo Steel ft Ord. 108 . . Minn ft st l.oul8 new 100 . . Mo- Kansas ft Texas. 16A . . fft Tftitinna A fj.v v.f 300 .. Missouri Paclflo ....'. leh 100 .. Missouri Paclflo pf... 84)4 300 . , Montgomery Ward . . 17 100 ., National Acme 33)4 100 7 National Biscuit 14)4 100 7 National Biscuit pf... 147 100 e National Lead 70H 100 . . Nat R R of Mox 2d pf 4 ft 300 . . Nav Hem enmur. . SLL 300 a New York Central 67t4 31 106 2.60 New York Dock. 300 700 300 J 300 100 100 100 100 4100 8400 100 3004 300 300 800 7i0 3000 300 Aon 100 300 100 100 100 100 1600 100 2406 300 mo 300 New York N H ft II. . lu 7 Norfolk ft Western., , 84 7 Northern Pacirio .... 76)4 .40 Oltla Prod ft Ref 3 8 Otla Elevator 131)4 . . Otis Steel 18)4 .. Paclflo Devil Corp... Ilk 5 Pacifta Gas ft Elce... 47 .. Paclflo OH wl 30 K e Pan-Amor Petrol .... C7k 6 Pan-Amer B 58k 8 Pennsylvania R R. . . . 36)4 .. Peoples Can Chicago.. S8J4 3 Philadelphia Co 33 Penn Seaboard Steel . . 6JJ .. Pere Marquetto 18 J4 .. Plercc-Arrow Motor.. 36 . Plerco Oil 14 8 Plerco Oil pf 75k .. Pittsburgh ft W Va.. . 25U 0 Pitta Coal 67)4 1 Pond Creek Coal 18)4 8 Prcsaed Steel Car.... 84)5 8 Pullman 104 8 Punta Alegro Sugar.. 464 4 Pure OH 38)4 .. Ray Con Copper H34 4 Reading 60)4 2 Reading lot pf 38ft 2 Reading 2d pf 40)4 u iiepuoiia iron & ateol. 84 300 8.20 Royal Dutch N Y. ... 01J4 100 1 St Josoph Lead 11)4 100. .. Bt Louis San Fran... 30)4 500 . St Louts Southwest... 37 SOo 8 flears-Hoebuclt J3 100 .72 Shell Transport 41 8100 .. Sinclair Oil 23)4 3000 o Southern Pacific .... 73)4 COO . Southern Rail SO 100 8 Standard Oil of N J..137j4 100 1 Standard Otl of N J Df 147 300 7 Steel Tube pf 78J4 100 7 Stern Bros pf 101 100 4 Stow art Warner Speed 31)4 100 2 Strombcrg Carb 3lft 16600 7 Studebaker 60 300 1 Submarine Boat Corp 8 200 . Superior Oil Corp.. 8k 300 Temtor Com 4 F 'A" 14 10800 3 Texas Co 40U lft0 ., Texas Co warrants... 38 300 Tcxaa 4 Paclflo 20$ 70 Texas Pac Land Trust210 300 1 Texas A Pac C & O. . . 22; iuus.no Times Square Supply. 8)4 1300 100 3 00 800 300 100 100 too 18300 100 3300 1O0 100 200 500 1400 200 17000 600 300 1800 300 100 300 700 700 300 100 100 20a 300 300 400 300 100 300 0 Tobacco Products . Transcontinental OH . 7)'4 Union Oil l8tf 10 Union Pacific 115)4 4 Union Paclflo pf 68 .. United Alio Hteel .. 31ft 8 United Drug 83 .50 United Drug 1st pf . . . 43J'4 8 United Fruit . . United Rwy Inv pf. .. 34 3 United Retail Stores . 81 . . U S C I P & Fdy 1474 8 U S Ind Aloohol 60 . U S Food Products.. 21 . . US Realty ft Imp 43 8 U S Rubber 68H 2 U S Smelt ft Rof 30 3 U S Steel 78 8 Utah Copper 48 H . Utah Sec 13 4 Vanadium Corp 31)4 Va-Carollnu. Chum . . . nftu Vlvaudon Ino 6J Wabash 7 Wabash pf A 18i Western Maryland JJJ West Maryland 2d pf 16 Western Pacific ... . 35 J4 Westlnghouso E & M. 46k Wheeling ft L E ... . 834 Whlto Oil Corp . . . 13 Willys-Overland . . 7)4 Wlllya-Ovorland pf . 33)4 Wilson ft Co 40 Wilson 4 Co pf 84 Worth PuitiD pf B. . . 034 Low x -1T)4 H BK 3X 33X I 7H ilk H 50H 4)4 k 14 34k 44)4 74H 137 K 1714 13 3 J4 14k 3)4 4)4 34)4 17 33)4 "4 167 70t 414 14 7)4 31 17)4 MX 714 IX 121)4 1H ilk 47 3X 4X 48k mi 3854 33 k 16)4 35 10 74 k 3454 7J4 13)4 84)4 104 44 X 33 "X 84 3K 40)4 4 61J4 11)4 3054 30 78X 41 31X 73k 30 13T14 107 754 101 31)4 31ft 48X 8 8k 14 314 38 oX 310 33X 8)4 00)4 7 k 18)4 H4X 66 3tft 93 43k 97J4 24 40X 14 ft 68 31 42 66 30 78 4H 13 30X 30X 6ft 7X 18)4 9 k 14 25 ft 40 ft NX 13 ft 7)4 32)4 40 84 03;; 1 o Net lrtt Chs. H 17X 14 3)4 ! H n ax 33X- .14 4-1 88-14 Ml 14X4- 0X FOREIGN EXCHANGE New York, March 16 The foreign exchange market opened In the allied I exchanges with moderate Irregular re coerles from tho extreme declines sus tained lato ye-Uerday, Tho extreme low figures yesterday were made at the eJ end of business It watt reported that francs had been quoted as low oh 6 89 for cables. The closing figure on the same day a week ago was 7.17, Quotations were Demand sterling 3 89 cables 3 8t franc cables 6 92 V?, checks 6 91 Vi . lire cables S68W checks 3 68, Swiss cables 17 00 checks 16 97; guilder cables 34 3D checks 34.30 , pesetas cables 13 92, checks 13 90, Stockholm cables 22 65, checks 12 60 Chrlstlanla cables 1G 15, checks 16 10, Copenhagen cables 17 IB, checks 17 10, Belgian cables 7 25 checks 7 2J, marks 1 58b TB3TKIID.T H KIVAL QUOTATIONS dterlln(f Franca 1Ar Oullder Dom.nd 3 8fV 1 00 8 08 84 10 Csb'ei J OO'i 7 Oi 3 TO 34.40 TODAT'tl OI'U.N'INd QUOTATIONS lomara 3 80 6 0IW 3 OS 84 80 ibli 3.60; I1H2H 3 flHH 84 85 BANK CLEARINGS lUnk clurlnsi toilay conrpard with oor reipondlns da) taut two yer. 1HJ1 1H20 1010 Phlla 100 SW 018 8103 .INO 387 170.440 014 N V 7T1 001 3fll 1 210 712 TS3 M2 211 000 IJoitcm ISO (191 BVt 72 101 21 ill 315 717 MONEY-LENDING RATES Ct tOKK Jlonoy on call, both c aMB of collateral opened today at 7 per cent for lending and renewing I'll U.AnKl. I'M l. Call. 6 per cent, time 4 per tnt , commercial paper, three to six months 6 per cent (Note These are merely nominal quotations, the legal rate of Interest In the state of Pennsyhania being fixed at G per cent. Plus premium and commis sion time money for thirty to ninety dajs Is loaned at 8 to 8'A per cent, while commercial papor, from three to six months Is being offered at I to tH psr cent ) 4(U 1X K 14 k 33k k 4- 14 7414 ! 144)4 )4 17W H 13 3J4- 14 Mk k Jit :: lft 14 3414- k 17 ft 3)4 IK JKi iw 74X- 14 rt H 4)4 14 7)4 .. 31 X 17)4 14 "X- H 714 .. K 14 133)4- 14 13)4- ft llk 14 47 X 80X 14 54 H 8k- IX 38k ft 38)4 54 331 14 14 MJ4 ft S - )4 14 74ft- X 35)4 k 754 14 13ft- 14 84)4 1 104 X H- 14 38 - ft 11X .. 0)4 54 3ft ft 44)4 .. 4 k 1ft- 14 1154 k 24ft X 37 4- 1 73X k 41 31X 73 X -T-30 187)4 107 - 79K4- 14 141 1 31)4 ..W 31ft IX 58)4- X 8 ft sk k 14 - X 40k k 3 4- k 3X4- X 310 31X 1 8ft .. 44ft ft 7k- k 1854- X 114X- 14 66 Ift (3-1 43k - X 8)4- 3 24 X 49X- X lift .. 60 ft 31 -r- 1 43 .. X ft 36 78ft ft 48 ft 13 k 34ft- ft 30)4- ft ft- X 7X .. 8 54 X 10 1 3ft 1ft 46ft .. 8X . 1314 ft 7ft 33)4 40 84-8 63X ft CARIB GROUP WEAK f SPOT ON THE CURB Trading Company's Share Soil at 8, Against 370 a Yaar Ago Mines Improve New York. March 15. The nutket on thft Broad Street Curb tody was farly active, but uneasiness w6 shown In some Quarters over the conditions prevailing in the Carib group of stocks. Carlb Trading wM-wlUiout support and sold down to the new low record of 8, compared with 070 a. year go. Carlb Syndicate was traded In at 0 to nw. i,n rnnnrtlon consisting chiefly of manipulative trading pparently for the purpose of inducing buying or un stock. ... ... ... Outside of these groups vn roaracv showed a steady strong ton. Durant Motors attracted mot t attention because of buying orders, coming from Inside sourcw, which put the stock up from 20 to tho new nign rrcora oi'. tf-i..,i n.tflll nandv was fairly well held, selling at 7W to 7. Bweota Co. sold at 2! The market for this stock has not been tmproyea py lae muu ; li.i iln Mafetv Ttar.nr. con- III WltlVU UlliVli-u M..rf -, trolled by tho samo IntcrcBta. wan per mitted to yield to the new iiw record .n -- . iMA1iiit4 nm ft tint fit business in Iteadlng rights at 13 to 13, more disposition pemg n trade in these rlghta becauso of the ioi ,,n nt the Initial stepn In tho hearing in Washington. Petroleums were sonerauy " " " Basin selling at 8Vdand Inter-Petrol- . 4,ii .. 1.. vr.nAilhn nil ron. tinucd in good demand. Belling at i. Texas righto sold at 1 to 1. Thero was a inue more bv.h.s -mines. .... inv un i iv.ua rtwutntiM tittntKrii trn nntnn kiatw " mumtm First Mortgage Gold Bonds Fully Insured as to PRINCIPAL AND INTEREST Six Per Cent Interest Guaranteed $800,000 Green HH1 Farm Apartment Hotel City Line Avenue and Lancaster Avenue t Lower Merlon Township Montaromerv Cmmh, d.' v Denomination, $500 i Dated March lat, 1021 Maturet Starch l$t, W16 Intoreit March Jtl and Sept. tit One of the most finely no pointed apartment hotclB in Philadelphia or vicinity; Con. tains 151 rooms, 80 hatha dinlnsr room, etc., overlooking Overbrook Golf Course Sen. $1,000,000 Gomery-Schwartx Bulldins N. W. Cor. Broad and Cherry Street Registered Principal and y Interest Denomination, $1000 Dated Feb. 15th, lilt Malum Feb. ISth) lilt Inttreit payable Semt'onnuatlg Feb. ttth end Aug. ISth A splendidly located 10-Btory cttpied by the Emergency ?lcct brick and concreto building oc y the Emorffcncy Fli Corporation and other tenants, as wen as oy tno owners as salesrooms for the well-known Hudson and Essex Automobiles. arato sraraeo. Also includes .homestead and mdnelon Iioubo About C3VJ acres. Tho unsold nortlon of the above bonds arc offered at nar nmi Interest fully Insured, both as to Prlnolpal and Interest tho guaran teed rate of interest being six per cent per annum. i Legal InveBtment for Trust Funds. 'For full details addrcta PHILADELPHIA COMPANY FOR GUARANTEEING MORTGAGES 224 Land Title Bldg. 4' . lllHBHHBHWBSSJSSllStSSWOWIvifllHlinWBBI m H Commodity Marlcets COTTON MARKET Now York, Morrh ID. With tho cr ccprion of March, which, because of th issuances of eleien notices before the start wan 3 points lower, the cotton market opened 8 to 10 points higher. Firm cobles and n bullish report on con sumption during February counted chlefl) for the steadiness early. Liver pool and spot houses were fairly good buyers, the spot interests taking May. The bulk of the trading, however, remained professional, and appeared to be without dgnilicanre. At the end of the first tueutj minutes the market was steaily and about 15 points net higher. Ileccipta at the porta for the day are estimated at 1(1,000 bales, against 20, 4.19 bales a week ago, 20,400 bales a cor ugo nnd 15,031) bales two years "go. Prvlou 13 80 Clnce Open p m March 10 08 tl 00 ur n so ii, bo .. no: July 11 00 12 04 12 is October 12 40 12.68 . 12 0 Deeembor . 12 1 12.8i Jmuary 12 71 12 R780 . GRAIN MARKET Chicago, March 15. Additional Bales of 1,000,000 bushels to the British com mission imparted firmness to wheat this morning. Offerings were limited and commission houses were ou the buyin? side early March opened nt .$1 5.r'(4 to 51 55. find later sold at a net gain of -c, nt $1.55a4 May was quoted at $1.47 to $l.!7Mi at the outset, against $1.40 at the close vesterdny, nnd Inter sold ut ?1.17K. Corn also was firmer, but dealings were small The market was helped by unsettled weather and smaller re ceipts. May started at 08c to OflVic nnd later sold at a net gain of c. at 08c. Jul) was quoted at 70c to 70c at the outset, and later sold at a net gain of Vic at 71c. Trade In oats was confined to small lots May started nt 42V&C to 42Vic, and later sold at u net advunce of 14c at I2c July started at 439c to 43M,e and moved up to 43!)ic, a net gnln of 1. I!. Karly estimates were for 50 enrs of wheat 250 cars of corn and 00 earn of onts RAILROAD EARNINGS JIOCK1NO VAM.ET 1021 lirreane January stock 4682 083 'tiU,(2i Net optr. deficit 180,154 882 020 CENTRA!, ItUUlOAD OF NB' JKItHHT January Krorn 14,204 Oil IBM BM Net oper Income 101 084 424 iTl IIUKTAU) AND 3UHQUEIIANNA January rroia 122!, 847 11040 Nat oyer Income,,., 17.898 33,182 DtcTfllt. LESS COTTON CONSUMED Spindles Aotlve In February 32,458, 528, Against 34,655,677 Last Year iraahlngton, March 15 Cotton con So?1??, J,u,rtn8' February amounted to 398,583 bales or lint and 33.339 balea of nters, compared with 615,399 bales of lint nml !r. oaa e iin.. ,' .Tt lost year, Uie census bureau announced Cnttnn nn htrn.l HAl.r,.nH-. i SV"1! ,'Rtabltshments amounted to 1. 335,436 bales of lint and 305,646 of lint- public storage and at compresses hold- 3j3,447 of llnters compared with 3.530, 654 of Unto and 368.978 ,.f itntnr n ,.. ago -, .II?l,Cth. during February amounted to 28.066 balos, compared with 123,880 In f ,ar5fIlnt, y"ar-- ..Porta amountwl bales ot llnters compared with 040.320 balea of lint Including 0217 of llnters In i rui uiu y nisi year. Cotton splndlco active during Febru- a?'rnrUi?l'e.rod,3?'4B8'628' compared with 84 655,677 In February last year. NEW YORK COFFEE MARKET New York, March 15. The disposi tion to sell coffee contracts on the local exchange was in evidence again this morning and first prices were un- chnnirivl to ft nnlntu Iaiha mji however, wnh quiet and tho volume of W..O..I.T. i.,., niiiuii iii i-siiioiisn nny par ticular rhnracter. Trading nt midday continued quiet with prices slow I j working to n slightly higher lot el on possible bin tag for fresh account, together with n little short Mnerlng. There was little or no pres sure against pi Ices after the open ing Hm ly today, home low cost nnd freight offers were reported around nnd thu mav have accounted for the de cline ot the sinrt. Tnt cloie Ooan Juii noosfoi Sm Heptembrr n fistrf to n Bgiainn Dccmlvr . 7678 fl.707" DIVIDENDS DECLARED American fla anil mrctrle Co auartrrlv of '.'Vi per cent on common ana Pi ner rant or. praferred Common la pa able Adi-11 i ii atiK-k of record Jlarch 10 und prererrll Ma? 2 to atoolt of record April 10 y Kamous riasr I.aa.j t Corp quarUrlv Loan" a riiea.ri To quarterly of 2 ir cent and an extra of li r'r cnt tiolh pajab nrll I in Block uf record March 23 fralrls ripe Line quarterly of s pr cent payable April 80 to elorlt of re-rd Muriii 31 United States Treasury Certificates !nt Maturity nala Vi1',,,., J Aaked Tlald -Ol MTU in, t"til liiw iK May lfl t0.il 100 Junn 10 ltt.'l inu June 1A 1021 !HV, lulv 111 10J1 100 Aug IS 1021 10OW Hept 15 l:i UK)', Oct IB 1021 inn Dee 15 1021 10DA Hlth A va. 4TAt ....AKASaaaae 1 Aema I'acklns: .J Auto nisi -"j lirlllah Amr Cham 3 nitimhla Flmerald .., Durant Motors " Mn,th Amee Patxr 4 Radio Com .. Kadlo Com praf , 2 Ilradlns rlthta 18 Het Co 3 u h snip worv u o aiTfuit .............. United Rat Cui4 T BTAMJABn OITuB Anilo-Amer Oil 1JH Hiana uu or ina rrew won lNPifcrENDENT OILH Allied Oil lioone uu Ilnatnn Wvonrlnr f-av,K QlM, . . . . Clt Hrv "B" ens ex aiv. - Denny Oil itiK jiaam i- ju Knilnears Petrol 1 i'wiiorui ji. ..... ....... rilnrn.V Hit Q iiurter uuieapis . . ini i-eiroi Mariana oat uu . Maracalbo OU ... . aiexico uu Midwest Texas . .. IMODlfl Omar Oil Producer a itanntra nii nocv on Ilyan Cons , Halt creek new o.... r. DIIIIII1B . C, , ...... .., . W Skelly Oil 6 Texaa raclfle Coal rtrhta. n lln T.Iii nn victoria uu naw ' M1NIMO Alaska I3r Columbia .... Atlanta mr ls liooth . . . ., . noaton a Montana . Cona Vlrrlnla Cortai Silver Creaaon Gold .. Crearent MacNsmara uundea Aria Emma Hllver 1'ureka Croesus C,trtrB Ifnllu Ooldflald Florenca ....'... Gold Zone Hecia, Mlnlns Knox Divide MacNamara ,, Mother Loda Mother !odo naw ., upnir niiver ..... I'lat A Pall Prince Con . . . , , Ilex Cons . . ... . Tonopah blvtda . ror.opan sxtenaloa Tonopah Midway Tonopah Minimi U S Cont United Eaatnrn United Mlnea of Mexico,, Victory Went Knd Con WhlU Caps nopfDs Atllf tAtr . Amar Asrl Chem 7H wniar 101 oa iv .,,,,,, Amer Tal 1024 Anaconda Copper 7s 1820 Armour 7s nth Steel 7s 1022 Ileth Steel 7a 1028 Ileth Hteel 7 1085 Heaver Hoard 6s , , . Carro da Pasco 8g Copper Export 8a 1032 . , ennn., ITnwt.. a. .An Coppar ISxport 8a 1?4.. copper Kxport B 1838.. Cmi flaa B. Delavella Rep 8 MlnRlRlSQBSaJI Erank tlfeStb4wMHte Bill Phon; Sprue 6901 'fK t6l 5V o t ' ' 100 10OX 100 lnoA 100,1, 100A 100 inn 100 f, 4 87 5 21 5 20 8 20 5 311 SftO SM A no 0 BS aRxambt from normal Kederat in,nm. ... only lAcceptable for payment of Income tax due on dat of maturity ! Urn rm 4? 4S r. i ft a aft u 4 i 5 '3 a x a K 7 7M 8Vi flftvt 1 10 11 1H itt K Mi r,U 8U 27 , 27 m an aft i j a (I i IT 1171 1ST 1171 14 14,. 14. 18 17ft 17H 22S M 32V ::::: iS ? i . .... H A V '.'.'.'.'. 7 7Ji 7 I 9'4 fi H ' at. At ,u f H 6 K 1 " i l r ...60 87 80 ... 7W 7S 7H ...70 60 70 ... IrV l l ... 12 12 12 ,.. 1 1 3(8 J .! .i 28 ii 22 4 8'i 4 28 22 38 18 to 15 ! 82 02 82 I B 3 5 I :::::: BC $ B? ::.. : 4 J eft 1 ::::::: i A A IS IK IK 1 14 14 14 1 H iH iH 2ft -1 k 8 5 8 I i s I R1 ri.1 .an 1 :... S7V& ?" s?a i . MS 06H C I MJI WA1JNU1. Ol. OTi tin anil I B 9H IW li I 00 oo oo" X ' . SS4 87 11 -.a : .S14 ?oH a if : 8ft III 4 - . OIK 0 on 4 . .' ftiH lOo :oIH eJr . Ofli tni .tom . 80S . 08r .100U . BtlU New Issue United States Treasury Certificates of Indebtedness Dated March 15, 1921 5'2's due September 15, 1921 5's due March 15, 1922 Denominations, $500, $1000 Subscriptions Received at Par and Interest Subject to Allotment i-Mm A1JLJU ,-M relist Co. LW Phila. 52nd t Market Sta Keystone Phone, Race 17S2 Ooodrlch Tire 7 . . , . Orand Trunk OMa Oulf Oil 7 ..?........, .viiis wo tm . , Nat leather-fit ,. . ,,, Heart IloebucU 7s 1081.. (1mm nnhiit, Tm ,fwvA fllnelalr 7Hb .. . .";,; nnivfcy hsj HouthwMt nsil 7 .. " HtAnrl DM V V T tnie g,7? on n y 7. ioi8.: Hwlft Co 7 "i" v-o ,a Union Tank 7s .." Weatern Bleo 7 ..... SO'A 801 06U k.8 on OB' itm SnU. mi vv 86!4 07 04H 044; v 102' 100' on Wi SSI 18V 00' If So8 Zl.. 0 mi;' 091 06' J2i 'oi id M 00 OflU 1 06 i IS LOCAL MINING 8TOCKS TONOPAII 8TOCKB faah Hor , . Jim nutter ....;;' MacNamara , , , Mfdev?aaym,rr .?Sf'"t': Misread Extentinr! ;.';! Montana North Star .. Iteaeue Eula , ' ' Tptiopah ExUnalon . Weat Knd , . West Tonopah . . . Allied Divide A to Divide llelchar ...... Tlclcher Extenalon rien ITur Uroush Divide . , Divide Extenalon niid Nmdlcate . Divide Con . . Dividend Kna Divide . . Hnrrnill .... Haabrouck Divide Ilnh Divide .. .. Knox Itevert Divide Ileno Divide . . , I.naetto , , Silver Kinf . ... Tonopah Divide . Tonopah Haabrouclc Victors' Divide . Verde DIMda . Kens nid OS 14 18 .10 OS nn .18 IS 01 in Dn'IDE STOCKS 01 .08 4 .04 01 13 0 I .02 .18 01 21 4 .02 (18 21 G-OLDFIEI.D STOCKS AtlAnta . . , .01 nine Hull . 01 Pooth, ... .. 04 C O ii , Combination FYaotlon . , ,01 Craclcerlack ... .oft Dlamondfleld II D ,, .00'. Daisy ... Klnrence . SS Ootdfleld Con .07 Oo dneld Merser . . Oold Development , 02 Ore nt Ilend Oi Jumbo Extension OT K(nn ,02 Ion Htar , 04 lIU . . Ited Hills , Hllr Pick Spearhead Atk 07 18 16 18 .18 8 00 ,ns 0 .12 .13 02 04 .01 08 .02 14 5 .01 ni 02 na 01 .22 0 01 02 .03 0, $ .33 on 03 .08 3 00 .08 03 MISCELLANEOUS 1.20 Amparo . . Arixona Unlteii Eden . Mother I.oda Nevada Hill Nevada, Wonder Tirope, Mlnlna; , Whits Cap WtlberS ,,,, .in .10 Di ?8 ,08 .07 :U 08 .01 r 04 1 30 .20 a Oft .03 Earnings 4V2 tinier interest charges Wc own and offer a First Con solidated Mortgugo 6 Bond, at 66 and interest. This company has a strong sinking fund fea ture and is earning ovof: 4V times its interest charges. Vurther information on application. , GEOWKENDRICK 3rd tf CO. "SaiUzers Tf PHILADELPHIA. l'kLUJaipnia a lock Kichiasa TsliMnuaai Ball Hpn.ee UI Kciitoaa Baaa UU 'THE firm of Boenning, Garrison 6c Co. has this day been dissolved by mutual con sent. C. K. Garrison and Daniel H. Killion, Jr., withdrawing. The business will be continued under the firm name of HENRY D. BOENNING & CO. MemberB Philadelphia, fitook Exchange STOCK EXCHANGE BUILDING PHILADELPHIA Direct Private Telephone to Uerdell Bros., New York Harrison, Smith & Co. INVESTMENT 6BOURITIES 121 SOUTH 5TH STREET PHILADELPHIA TELEPHONE I-OMtlATtD 6100 Counties Gas & Elec. 5s,. 1962 Met. Edison 5a, 1922 Humble Oil la, 1923 Amer. Pr. & Lt. 6s, 2016 Pn. & Ohio Pr. & Lt. 7i2s, 1940 North Perm R. R. Stock MCowtt8sCgv Land Title Bldg. Uoattars X'kUs, Utotk Kxtaaata To Yield 8.80 A lono term bond seeurej by mortgaos on PoP.'"1; conservatively valued more than 3 time total funded debt. Earnings 8t rte or 6 limes Interest cltsrget Follovye'd by 8 dlvldtnJ paying stocks which prsssnt quotations ih"w equity of 200 followlitB these bonds. Detcrlptlve elreulsr on requeit. PAUL & CO. Members rhli. niocn "" , 1421 CNE4TNUT STREET. Safe BondsOr Investmcirf HALSEY, STUART & CO. Inc.
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