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cyj,Vtf.raa??w"7"!;'oj
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ii
18
EVENING PUBLIC LEDGER-PHILADELPHIA, MONDAY, MARCH 21, .1921
rfc-Jp ',
MX
m
$
,i U"i Mi'"mfl'1'i
la' T'JP 'at.. 5t''' Sir '
l 2i mj t'&vt r
as i;.Hv-
KJ LT "1 . , .-. TTC-J. .
FkHL'Sn Hi ?:!
KB
11
J:fiiIS
?.:
Business Conditions
When business conditions art
hi the process of readjust
ment there is a great deal
ef comfort in knowing that
your money is invested in
sound, welt-chosen bonds.
The owners of sound and
properly safeguarded bonds
can be practically sure of the
security of their investments
nder even the most adverse
business conditions. Our
March Investment Circular
describes a large number of
bonds which we recommend
for Investment. A copy will
be sent upon request.
Ask for Circular IM2
Harris, Forbes & Go.
Pine Street, Corner William
NEW YORK
PHILADELPHIA OFFICE
Widener Bldg.
TORS STRONG IN
UNCERTAIN
MARKET
Easier Monoy Conditions Sup
plied Incentive for Ronowed
Pool Activities
NEW YORK STOCK EXCHANGE TRANSACTIONS
I SJS1 & m ' " V
IllJ ll 1'
A Guaranteed
1st (Closed) Mttr.
Railroad Bond
Dated 1SS9. DUf 1939
Only lien on main line
trackage at the rate of
$32,258 per mile.
liitei on New Yeri Exchangt
1'
i Price to Net 7.54 M
BATTLES & CO.
W Lstoblkhrd flje
9 tnnpndrr "aanr (Knsti B
OFFICES FOR RENT
Occupancy May 1st
1429 WALNUT ST.
3rd Floor
(Longacrc Hotel Building)
About IK) sq trtl in lz TVs ara
rfvlntr thun ut (o mo into larser
ofllcs at 1M3 Walnut Street
Moore, Leonard
& Lynch
CTJSHMAN XBW11ALI M&T.
Bond Department
1429 Wnlnut Street
Board Boom
Ritz-Carlton Hotel
Members
New Tork Philadelphia L PltU.
bureti Stock Exchanges
New York, Mnroh 21. Nothing of
snlHrlent Importance developed over
Stmtliiy to release the tnurkct from the
fnmllinr elrrumscrlbed trailing ne.i it
hns oecupled for f.ome time. Willi" the
surface, movement continued mixed und
tinecrtnln, the undertone was decidedly
Mronger and Incrmslni; resistance wns
manifested in most every quarter of tho
Hut. The motor shares and the motor
accessories were the real foitures of
Ktrencth, although further pool demon'
ntratlond were nlsti noticed in a number
of the highly speculative Issues. The po
sition of the more representative stocks
of both the industrial and railroad divi
sions could be best described ta one of
marking time.
The outstanding development of the
day was the easier tendency ef the
money market. Call loans renewed at
ll"... per cent, the lowest Initial rate in;
many weeks, and according to the street
reports, private call loans were, negoti-
ated at A and fity per cent, There was I
also reported to have been some shading.
In time money, but this lacked conflr-j
mation. The market community old
not seem to pay any great amount of
attention over the big German majority
in the plebiscite held In I ppcr Silesia.
If an.Mhing, there was a tendenc to
interpret the result :m a bullish rather i
than a bearish argument, bwause tho
victory of the Germans would place
them in a better position to meet tne
reparation demands of the Allies.
Uecause of the confusing influences
resulting from the large income tax
payments the bank statements likewise
were treated indifferently. On the other
hand, although not warranted by any
concrete facts, there was a strong im
pression the railroad wage question
would be satisfactory adjusted. To
this could be coupled the confident feel
ing of the War Labor Hoard rendering
it favorable decision on the abrogation
of the offensive agreements and likewise
a decision of the Supreme Court
strengthening the position of the Fed
eral rate-making body with the elim
ination of state interference.
It was the easier call money ronrkct,
however, which supplied the stronger
ncentive for the resumption of pool ac
tivities In the motors and other indus
trial specialties, and the more confident
position assumed by these speculative
comblnat'ons had a corresponding
dampening effect upon the ardor of the
reactionary party who for so long had
matters pretty well their own way.
The whole murket picked up strength
fast following the uncertain opening,
and the. forwurd owing was well sus
tained duriitj the most part of the fore
noon, tiiilns of 1 to 2vj points accom
panied the Hiving of C'hundlcr, Stuile
baker. Maxwell, l'lerce-Arrow and
International Motors, also Kelly
Springfield Tire and Stromberg Car
buretor. Pools furnished tne momen
tum in American International, General
Asphalt, American Woolen, Industrial
Alcohol and Central Leather at galnB
f 1 to 1 Vtj points. Hails, equipments
and steels for a time displayed reac
tionary tendency without losing much
ground, and later the momentum of
i the unvvurd swing elsewhere was suffi
ciently strong to carry them along
with it.
PESNSY REMAINED
LOCAL FEATURE
Rale.
100
101
3708
nu
0ll
1000
3000
100
too
UI0
700
100
0000
1010
tot
804
tJ0
.00
ttOO
:oo
atto
1300
100
toot
TOO
too
0400
)00'
1100
lot .
aotrv
.r too'
tot
70O .
S0A
12400
S.00
80-J
T) 100
.180
5 '0
4000
100
2S00
m too
MO
380
tnoo
700
500
too
300
.00
800
8J00
300
000
SOU
300
BW300
1100
200
700
loon
400
100
400
4700
100
1100
aooo
3100
100
Dlv.
In Hlh
.. AJax Rubber lift
.. AlMkn. Gold Mines,, . lj'
Allied Chem it tfyo, . . 44'
4 Allla-Cliatmo-H 30 H
8 Am Beet Sugar 43H
8 Am lloscli MfirnMo... 47J4,
.. Am Can at
Am Cotton Oil ta
. . Am Drug Syn H
. . Am Hide A Leather.. It
. . Am Hide it Leather pf 44ft
8 Am loo pf t!4
.. Am tntcmut Corp.... 48V4
3 Am Llnned saji
7 Am Linseed pf 8514
Am Locomotive. 87
. . Am Safety Uaior Oft
. Am Ship A Com 8V.
4 Am Smelt & Ref . . ..40ft
5 Am Steel Foundries.. 30
10 Am Sumatra Tob 80Ji
1 Am Susar Uef 4H
7 Am Sugar Kef pf It)
Am Tel & Tel 100
1 Am Tobacco HH
1. Am Tobacco 1! lUJt
7 Am Woolen 88H
.. Am Zinc Lead & Smlt t
.. Anaconda Copper .... 38)4
. Asset ncAllwitlon ... 314
4 Arao Dry Goods 28 44
6 Ahpo Dry Goods 1st pf a
Atlantic PVult ft
8 Atch Top St Santa. Vo. 81
. . Atlanta Blr A Atlantic 4
10 All Gulf & W I S S. . . 34ft
7 tlaldwln IxKomotlvc . 88ft
. Baltimore A Ohio. .. J3Ji
4 Baltimore & Ohio pf . . 4t
.. Hatoplla Mining- . ...
. nithlchem Motors ... 3i
8 Tlethtehem Steel B.... 7J4
.. nooth Fisheries sft
. nrklj-n Knpld Transit lSJi
. nrklyn Tt T ctfs of dep 8 'A
10 Hums Urns 88
. . Butto & Superior Ctop Uft
.. Caddo Central O & It. 14ft
. California Tctrolcum 41H
Cal Zinc A Lead ,
10 Canadian Pacific . ...ll.V
.. Central Leather . ... 4lft
7 Central Leather pf . . . 8614
4 Cerro de Pasco aj ft
10 Chandler Motors 7
4 Chesapeake A Ohio... 8t
. . Chicago Mil A St P. . . 34H
.. Chlcopo Mil A St P pf 37ft
.1 Chicago Northwestern 68t
8 Chi Pneumatic Tool.. SO
. Chi It I A Pac 3H
Chi U I A Pac 6 pf 61
. Chile Copper Iftft
.. Chlno Copper 20ft
.. Coca-Cola 31J4
. Col A Southern 33
6 Columb Gas A Kleo. . 8J4
Col Graphophone .... 7
7 Col Grnphophone pf . . 40
7 Consolidated Cigar . . 48
. Continental Candy . . Hi
4 Torn Products Uef. . 74 T4
7 Corn Products Itef pf.lOSH
V 200 S.JO Cosden A Co
MSEaEHranM
ESTABLISHED IS65
BIOREN & CO.
BANKERS
410 Chestnut St., Philadelphia
Government,
Municipal, Railroad
and Corporation
Securities
Hfmbrrj v u v, t, nt ti VhxUidelphUi
Slock Biclutngea
rowsnwOTmwixiaTiiiriiarjsi.KaMrxK'Hi!
lift I sPruce8200
BOUGHT SOLD QUOTED
PENNA. RAILROAD
15 year 6'j8, 1936
CHIC.& N.WESTERN RY.
13 year 6,s, 1936
Urgent Appeals From Small
Investors Concerning Safety
of Present Dividend
The continued free offering of Penn
sylvania Itailroad stock constituted once
morn the overshadowing feature of the
local market. The offerings were not
quite so heavy as In some of the ses
sions last week and were absorbed with
out any further price concessions. The
bulk of transactions were made between
.Wx and IW'i suggesting quite a good
deal of short covering.
Interests supposed to be closely allied
with the management were noncommit
tal as to th' possibilities of dividend ac
tion. One of the banking Interests stat
ed he woh virtually overwhelmed with
communications from all parts of the
country containln gurgent appeals of
j investors seeking some assurance as to
I stability of the current dividend rate.
I In reply to all he stuted he was not in
I position to give positive answer, neither
J could he give them the leust assurance
I the present dividend would be main-
tained. Itctween the lines It would
I s.m from his remarks he rather feared
a reduction would b unavoidable.
Kxcept for it few Inactive Issues there
was n't much movement In the general
local list Price ehungcH were rather
mixed, hut gt-nerally of small caliber.
An advance of over a point In Lehigh
N'av'giitlini made on very small dealings
furn sheil convincing proof of the scant
supplj of the better grade of stocks
when an.v demand appeared. This was
offset in a measure by a point decline
li Minehill. Among the more active
local shares relative firmness prevailed.
This applied to Electric Storngo Bat
tery. I'. G. I,, and American Stores.
The street railway shures were un
changed Slight shading occurred in
Lehigh Valley, Philadelphia Klectric
and I'niti'd Gas Improvement pfd.
4800
1300
300
100
3100
4(00
tun
4800
1000
eoo
6800
1100
SlOtlO
390
7.100
100
100
3000
100
1000
too
too
300
800
7800
100
to 600
800
1100
100
as
100
300
1800
too
1300
2000
600
8700
aoj
300
10
11600
100
son
SHOO
100
300
400
Crucible Steel
Cuban Amer Sugar. . .
Cuban Cano Sugar. .
Cuban Cano Sugar pf
Denver A Itlo Grando.
Denver A lllo Gr pf . .
Dome Mines
Endlcott-Johnson . . . .
Krle
Famous Players It. ...
risk Rubber
Qaaton Wms A Wig1. .
General Asphalt .
General Electric . . .
General Motors . . .
Gen MotoTs deb t . .
Gen Motors dob 7..
Goodrich B F
Oranby Consol MAM
Great Northern pf . . . .
Great North Ore ctfs.
Gren Cananca Cop. .
Homestake Mining
29
61
2914
344
63 ft
1ft
an
KM
. 83 ft
. 13H
. 674
. 13 H
. 1H
. 64
.187 ft
. 3H
. 63 ft
. 7.1ft
. 38
74!'4
33
ai
36
Philadelphia Stoclcs
BEcrniTirs ni:r.nTMr.NT
COMMERCIAL TRUST
COMPANY
llfinber I'fdfral ll'Htit bynlfm
City Hall Square Woit
Hifh
Insur lb
W
6 to 9
Short Term
& Long Term
Bonds and Notes
A Dozen Attractive Issues
Send for List D-217
Baker, Ayling & Young
JOSErn IT. S1TAI.V, Jr.. Mnar
Und Title Old.
2" A Hi
.'!.' Am Sirs
ca"h
lOtAtl Gulf
& v i.. :civ
laiW'olGr'ph 7
i'o niec.stor.inri
'JK1 G.'ii Anph QZK
'.'."tGen Mot. l.'li
2'JS l Co-N A
7 I.eh Nov.
1ft I.eh Val .
.!7L' Pa It It..
."ft I'hllll Klee
l''ll do pref..
KKI Phila ItT
10 PhllaTrac
.ttOtUeudlng..
1,'K) I'n True.
10H T I...
100 do pref..
t.N'nt rlian nirt ry
alo on New York Mock
18
i tr.
I m
18
Nrt
chut
Houston OH 6ft
1 Hupp Motor dr. . . 13ft
80 Indlahoma Itcf 3T4
.. Inspiration Con Cop. 33
.. Interb Con Corp... . 5ft
Inter Con Corp pf . . 13ft
8 Int Asrrlcul Corp pf . . . 48K
7 Int Harvester new... 87ft
. Int Mer Marine . . . 13H
6 Int Mer Marine pf. .. 3ft
Internat Motortruck. . 33i
7 Int Motortruck 2d pf. 63ft
International Nickel.. 13 H
. . International Paper . 38 X
Invincible Oil Corp 18 ft
. . Island Oil 4H
. Jewel Tea 10ft
. Kansas City Southern 33W
8 Kayser A Co 6S
1 ICelly-Sprlngfleld Tiro. 4.V4
7 KelBey Wheel pf . . . . 76
2 Kennecott Copper . . . 18ft
. . Keystone T A It 16W
.. Lake Erie A West .. lift
.. Lake Brie A West pf. lt4
I Lee Rubber Tire. ... 35
Low
S3
1W
43ft
3 ft
4 Ji
IS,
3ft
as
H
47
Sift
SS'A
SOW
H
ft
40ft
30
7
SH
10.1
100
its
113ft
67
"K
37 H
Jft
37ft
61
Sft
80H
4
33ft
87 H
33 ft
4
H
s
sen
Sft
13ft
8tt
R6
13 ft
14
4M(
su
113
40
66 ft
34ft
1
SSft
34ft
47
03
60
35 ft
61
10
30 ft
21ft
3.1
at
7U
40
47
1ft
74
103H
33
81
38 ft
34
65 ft
1
3
13K
01
13
67 ft
14H
1ft
61ft
137ft
13
Sft
73 ft
37 ft
18ft
"ft
33
31
53
69
14 ft
tr,
3
IS
48;
87 ft
13ft
S3
33 ft
63ft
13
47ft
18 U
4fi
10
33 ft
88
40i
78
18 H
13ft
tlft
1
34ft
I18O
Lilt
Net
Chie
ft
ft
H
ft
ft
ft
ft
ft
ft
.
H
H
ft
ft
ft
ft
tft
H
ft
- 1
S3
1ft
43 ft
38ft 8H
!
4ft
ft
4Sftf
S3ft
8M
86 ft-
ft-
8ft
40ft S
71 -t4
-103
100 ,
IIS
113ft
8H
t
174
Vi
38ft Slft
13
ft
8-
4
34
87-Slft-4
-
3ft-
-
ft-13ft-
8ft
8 13ft
43
Sft ..
113 - ft
41ft V ft
86ftr4ft
34ft ..
77 i ft
SSft- ft
34ft- H
37 ft
A3
60
10
30ft
31ft -f
33 -f
S9-
7ft
40 -f
48
1ft
74 -103H
30
flH-
3ft
34 -
63ft .
1 -3
-13,
3ft
13 -07
ft .
13H
1ft
lft
187 ft
13i
65ft
'3ft
.18 -
lOJa-r"
73ft-
33
It
36 !
6 13 ft-S7-334-ft
ISft-f
484
87ft-
H-
83ft
33ft f
ft IS -S7ft-I8ft-4ft-10J4-33ft-68
43ft -f
76
18ft
t6ft
11ft
18 -35
-
ft
'4
ft
ft
ft
4ft
"a
3ft
ft
"ft
ft
ft
1ft
ft
"ft
H
ft
ft
1ft
ft
.Ii
""
1H
Sale
800
7S0O
904
200
1M
100
1600
t
31
11IM
Div.
In lllch
8.80 Lehigh Valley SOU
1 Loewe Co 18ft
1 lAft Candy Oft
. ..Loosc-Wllos Dlscutt., 33ft
7 Loulsvlllo A NaalivlllelOO
8 May Dept Stores 81
. Maxwell Motor ft
.. Maxwell 1 pf 8
. . Max Mot 2d nf ctfa. . . 3ft
12 Mexican Petroleum ..147ft
3 Miami Copper
100 1.60 Middle States Corp.
40
MO
300
300
COO
500
1300
100
100
1100
800
100
700
300
1606
300
3000
too
3400
100
180
300
3400
100
100
300
8300
0M
10800
700
300
300
100
21700
100
400
340
100
10
100
600
300
300
lot
1000
3800
- 400
800
40ft
17ft
13
30 H
10
10
3ft
18
36 ft
"ft
Mldvate Steel A Ord..
. . Minn A fit Louis now.
7 Minn St P AS St Mo..
.. Mo Kansas A Texas..
. . Missouri Pacific
. . Missouri Pacific pf . . .
.. Montg-omcrv Ward ..
7 National Ulscult ltt
7 National niscult Df...lU
.. National Con A Cablo 3H
0 National Lead 73 1
. . Nftt It Jt of Mex Id pf H
. . Nev Con copper 18
10 New York Air Brake. . 77
8 New York Central.... 70ft
.60 Now Yorlc Dock 33ft
.. New York N H A II.. 16
7 Norfolk A Western... t7ft
7 Northern Pacific .... 78 ft
.80 Nunally Co my,
.40 Okla Prod A Itef 3ft
8 Otla Elovator 138
e Pan-Amer Petrol .... 71ft
6 Pan-Amer D 63ft
.. Pariah A Tllng-ham... 15ft
Pacific Devcl Corp... 14
. . Paclflo Oil sax
8 Pennsylvania It K. ... SSft
.. Penn Seaboard Steel.. 15ft
. Peoples Gas Chicago. . 43ft
. . Pere Marquette lj
3 Philadelphia Co . . . 34
.. Phillips Pet 33ft
. Plerco-Arrow Motor. . 33ft
8 Plerco-Arrow nf 83
Plcrco Oil io
Pierce Oil pf 73H
Wits Coal 48ft
Pittsburgh Steel pf . . . 80ft
Pittsburgh A W Vu.. 35H
Pond Creek Coal 13ft
Pub Serv Corp of N J. 65
Pullman 5
Punta Alcgrc Sugar.. 47ft
Ray Con Copper 13ft
Heading 684
tlemlngtbn Typewriter 31
Republic Iron A Steel. 67ft
itepuhllc Motortruck
3006 8.20 Itoyal Dutch N Y,
ft
S
ft!
ft 1
ft
ft
ift
1
ft
ft
ft
4
ft
1000
360
300
400
300
1800
400
300
300
1600
4300
800
100
1(10
900
100
8tt
800
3t300
500
800
300
370(1
400
30
30 00
S00
1300
1600
100
400
100
800
700
100
100
1300
340ft
100
10301
300
700
7400
1200
100
3000
300
100
700
300
800
108
30n
300
300
100
. 3300
100
St Joseph Lead.
St Iouls San Fran . .
St Louis Southwest. .
Santa Cecelia Sugivr.
Savage Arms
Saxon Motor S?4
Sears-Ilocbuck 78
Seneca Cop Corp 14H
30ft
634
13
31ft
37
34
18
72
Shell Transport . .
.. Sinclair Oil
6 Southern Pacific .
. . Southern Rail . .
.1 Southern Hall pf.
SO Standard Oil of N J.
7
7
4
t
7
. 41
33 ft
. 74
, 31
4ft
146
Standard Oil of N .1 pf 1074
Stern I'ron pf 104
Stewart Warner Speed 32 .
Stromberft Curb 36ft
Studebaker 70ft
2 Submarine Boat Corp. Sft
. . Temtor Com A V "A" 134
. Tcnn Cop A Chem. ... 7ft
3 Texas Co 43
Texas A Pacific 31ft
. Texas Pac Land Trtist340
1 Texas A Pac C A O. . . 304
Third Avenue ltft
6 Tobacco Products1 . . 48
Transcontinental OH . 84
Union Oil 10H
10 Union Pacific 1174
1 Union Pacific pf 66
8 United Fruit 103ft
3 United Itetall Stores . 50ft
. U S C I P A Fdy . .. 184
8 U 8 C I P A Fdy pf.. 4t
. U S Food Products.". 33ft
8 U S Iml Alcohol 71
U S Realty A Imp. ... 45 ft
8 U S Rubb'r. ...;... 73ft
8 U S Rubber 1st pf 103
3 U S Smelt A lcf 304
5 U S Steel 81?4
6 Utah Copper 4tft
. Utah Sec 13
4 Vanadium Corp 30ft
4 Va-Carollna Chem ... 33ft
8 Vo-Car Chom pf . ... 97 ft
6 Va Iron Coal A Coke 89
. Wabash 74
Wabash pf A 30
.. Western Maryland tft
.. West Maryland 2d pf 18 H
Western Pacific 36 ft
1 Western Union Tel..
., Wheeling & L E
4 White Motor
. . Willyu-Wverland . . ,
ft WoTthlngton Pump ,
6 Worth Pump pf B..,
88 ft
84
434
7ft
1H
74
1.0W
I
18
ft
33 ft
10"
Bt
Sft
8
8ft
14S ft
17 ft
13ft
30 ft
H
tft
3
17 ft
3
17
106
111
"ft
44
7ft
01
334
13ft
17
77 ft
lft
3K
i:
71
3ft
ft
14
33)4
35ft
13ft
43
17 ft
334 '
3SJ4
314
83
18ft
73 ft
atft
80ft
33 ft
IS ft
63
ft
47ft
"ft
7 ft
3tft
07 ft
38
01ft
11
31ft
37
3S
17
ft
77ft
n
.41
33
74
20 ft
4J,
146
187H
104
33
36
I SH
8ft
13
7ft
41ft
38 ft
140
26 H
18 ft
47 ft
Sft
ltt.
117ft
66
101K
40H
18 ft
49
23 ft
09ft
45 ft
70 ft
103
39 ft
804
48 H
12
3tft
33 ft
7ft
77
74
19 H
Etft
16 H
30 ft
68
84
40ft
7ft
30
34
Net
Chg.
Ex.divldrnil
1:30
I.sst
SOU
18 -
ft-
83 ft
160 81
ft
8
3ft .
17 -
17ft-
13
30ft .
U
70
lft
17ft-
30 -17ft
tot a .
111
3ft
73 3.
K-
H-
76 ft
61 -
31H
H
118
71H-tft-18ft-1
3
35 ft
14 -43ft
17ft
' 34
35 ft
38ft 4
83 1
18ft
65
S
47 ft
13ft
67ft-
31
7ft
30ft
Hft
37 -
3?4
17 4-
SH
78
U
41 -33ft
74 -30
ft-Sift-
146 il
107
104
31ft 4
36
70 4-
8ft-?-13ft-
71.
340 -r!3
30M4- ft
ltft 4- H
47 ft
8!4 .
?4 I-117ft-66
161ft
40H-
18H4-
41 4-
23ft 4-61ft-45ft-
73H4-
183
31ft
81 -49
ft 4
13
29 ft
3tft ,
16ft I
8S -
74 ''
19 H
Oft
16H4-
30ft 4-
88H4-8H4-
43 4-
7H
31ft 4-
64 4-
MODERATE TRADE
8
lft
ft
ft
m
ft
ft
H
u
ft
ft
i
ft
w
ft
tft
14
lft
1
ft
ft
ft
ft
'ft
3
ft
ft
lft
1
ft
1
1
H
'h
"4
Sft
ft
'ft
tt
ft
ft
ft
ft
H
tt
'ft
ft
'4
3ft
ft
.
ft
lft
K
'ft
ltt
1
H
ft
CURB
MARKE
I
Stocks Show Strong Tono.
Durant Motors Sooros
Now High
New York, March 21. Although
business was In only moderate v.tlume
on tho Broad Street Curb today many
Btocks showed a strong tono, among
them being Durant Motors, which
moved up to the new high of 2'i. Inter
est has become acute in this stock be
cause of Its steady ndTonce. although,
so far, the company has not yet an
nounced any site for 1U manufacture
"uJ!,h American Gold and Platinum
was another strong feature, tnovlns up
from 0 to U on unusuany large vxuu
There wan good buying In man of
the petroleums, aierrui y was in
good demand and advanced from 1J13
r 10 n. ..-. Mlllpsnle. however, was
again' heavy and sold down from 11 to
ifi' ri h Nvn run whh iiuij uv-
tivrl'selUni; at 0Vi to 0. Mnrncnlbe.
after reacting during the later trading
Inst week, was again strung, ;'"i
Jfiit international Petroleum was
".V ..in . in tft 14ai.
8Tfew 0 tife industrials were In mud -..:.
j ..,,1 Vnrrell Coal sold nt li.
eraic u-" --- ..1 I. oie nn.t
..- TU, wnm ntlOtetl at i4
and Drltlsh-Amerlcan Tobacco nt
INDUSTRIAL
ltlfh
Acm Col .
Ilrlt Am Tob r ..
llrlt Amer Tob coup. ..
Car Llht
ftursnt Motors
Karrell Coal '
Krnplre I'ood
Perfection Tlr
ltivdlo Com
Itmllo Com pref
U H Hhlp Corp
X! 8 Steam
United Profit Sharing ..
Peerless Motor
STANDARD OILS
Anslo-Amer Oil Vi
tndln.n P L I
StanU Oil of Calif .!;
iVs,
1:30
low p. m.
iyt at. -7
13 R 2
'll 'll lfa
a 21 22
8 211
'i i If
20 26 20
Hinnrf Oli of Indiana new. 70
INDEPBNDENT OILS
Allied Oil t.,
noone Oil J
llonlun Wyoming J
Carlb SynS 7
Mt Service II ctfs 3J
Derniv OH ,,
Knilneera Tetrol S
Federal Oil ,H
Ouffcy Olllesplo 11.
Hudson Oil ,.A
Int Petrol ,,
Maracalbo Oil J'
Merrill Oil 18,,
Kay ret J
Mountain Produott OS
Nnblo ,
Omar OH J?
Hvan Con ,J
Halt Creek new 11 H
filmmii Pet Vfc
HUolW oil 1U
Texas Pacific Coal rUht. 21
t'n Texas Oil rt
Victoria OH new
MIXINO
Alaska. Br Columbia .... i
Atlanta 1
Iloolh
Iloaton A Montana 68
Caledonia Mlnlnr 12
CanOelarla Mlnlr.ir 14
Conn Vlrslnto. TX
Corte Silver 72
Creson Gold lyi
Creecent MacNattmra .... 18.
Kmma Sliver 2ft
Kureka Croesus 1
Kurelia Holly 1H
Oolrl Cons 8
Hold Devel 2
OoMfleld Florenc, 8S
Gold Kewanaa 7
Gold Silver rick 0
Gold Zone 20'
Great Ilend 2
lfecla Mlnlnz 4
Jumbo Kxtenfilon ........ ,
Knox Divide 20
MacNamara 18
Marah .Mlnlns 7
Mother I-od 83
Mother Lode new B
Nlplsnlrsr T
North Star 6
Ophlr Silver 1H
Prince Con. hi
Ilex Cons . 8
Ilocheiter Mines fl
San Toy
Silver Kins Dlvld 3
South Amer P It G .. .. 6
Sland Silver Ix-ad f.
Tonopah flelmont lf
Tonopah Cash Hoy T
rnnopan invine It
17'4
183
302
70
174
183
302
70
LO
5
Commodity Markets
COTTON MARKET
New York, March 21. Hcports that
German; was to retain Upper Hllcsla,
coupled with firm cables and better
Manehetcr advices, caused a firmer 1
opening in cotton this moruing and first!
nrlei-s were li2 to .11 points higher. The
buying was mostly for local and Wall
firici-s were 22 to .'11 points
which was supplied by
street account
southern bouses
Although the ginning figures were
liirgf, in comparison with last cur,
they exerted little effect, hariiie been
prettv well discounted. Reactions oc
curred after the start, but the under
tone remained steady and, at the end
of the first twenty minutes, the list was
still about 20 points over Saturday's
close.
LIVESTOCK QUOTATIONS
rhlraco, March 21. CATTMS Hecelpts.
llooo head lleef steers slow, uneven,
earlj kaIcs to iihlppers steady to Strom.
Hulk beef steers, l8.n0On.7ft; butcher she
slock strong to 2ftc higher: bulk fat cows
and heifers. lfi.7Mn.S0; cannera and cut
ters largely 1394 SO: bulls steady; bulk.
tS.2CIC6.2S: cales slow, lower; bulk vial-
b llOltll. mockers and feeders steady
CATTLE necelpls. 25.000 head. Light
and light butchers mostly ISc to -So higher,
others slow, mostly stendv to 15c higher
than Saturday's average. Top, 111.75 early,
bulk 200 pounds down III l.ltHl.AO. bulk.
pounas up III 23 10.BO. pics
4t closo Open 12 m.
March 11.82 1 1.63
Mas . 11.72 11.08 11. KJ
Iul . 12.1H 13,88 12 33
OetotT . . f.'.SS 12.02 1J SO
Deceml'ir . . . 12.02 18.14
January 13 Oil 18 23
"iV! ri5i rirn-
v.j
(I-',
ill'
27 N
17
8
H2
:ir
r.ai.j
7M,
H2'
l.t Va
28
117 .
M'lJ
.'I.'Ah
22' t
27
17
."'J
(17
:t2
49 T(,
rumphr1an with list
Kichrtnjre
.1.1 Vi-
74 a4
105 . .
112 1H
2ft H
07S 1S
r,'
.ir.'l..
22 - .;
27 v..
17 ..
il7H li
.12 iJ,
.IS . .
!" 's
GRAIN MARKET
Chicago, March 21. There was ac
tive buying pf wheat by communion
house, oud alt,o covering by shorts this
morning, and the market opened
M ranger. The advance was due to re
newed prospects for export, credited
to (Jient Ilrltaln, und to reports that
tin- decline recently hm rent Americnn
(juotiitlons under a parity with those of
Argentina In Kurope. Good rains in
the Southweiit were considered favora
ble foi the new top, however, and there
whs it n-odrable selling, which cheeked
tho rise
March nnvned at ,11.5.1 to Sl.(i.1i!.
acalnst $l.fi2V at the close Hatiirda.
I Mu opened at SI. 42 to $1.4.1, and Inter
j hold at a net advance of 1c nt Sl.414.
1 Porn was firmer on covering by over-
night shorts and on buying by tommis
hint hoiiH". due to siniill receipts.
Tr.id"1 vvas moderate.
, Muv opened nt rtflr to 07Vic,
nghlnst 00-ltf nt the end Saturday.
.Tiilv itartid at 7tle to iii"n agninht
tlOStjc. Saturday's last price. September
I opened V6e higher at TlVjc.
Dealings in oata were light, but the
'market waa firmer. May opened at
UVe to 41 c, and later sold at a net
advance of at 11 "V8f. .Tilly started
at ".'ijC to IftVjc, against 42c at
the clo.e Sat'irdav. September opened
,'te higher nt t3'ic
Sc
IKINDS
High liw
Boston
Pliil.delpl.il
ft'ali-s In
I loon
1 Am lias a
Klec ". ..71 71
1 Hell Tel 7s. 102- 102'
JI5, Lib llonds
2d 4Vs ..
lj .'til 4VtH.
2 1th D4S..
(I,v Vic His. .
j V H&W Is
1 IS
p III.
1021,
20
hlch'r
SIIKEP Itecwpts 17.000 head. Slow,
gercrally, 23c to 80c higher. Lomb top,
(10.73: early to cltv butchem. Hl).nnnn,i
shont lambs, 10.30, some held higher, bulk
fat wuoled lamb, early. 10, BOfic 10.25: 10
pound shorn yearlings and twos mixed, 10.75,
no sheep sold early
I'ltUburgti, March 21 CATTLK R.
cnlpts. M(h) heo.l. Steady Steers. Jloft
10 76: holfers. IS80. cows. 0U7.fi0. Calves,
ruelpts, 1100 head. Steady. Top. J 11,50.
HOGS Htrelptn. 70OO head. Steady to
higher. Heavies. IlO.L'nW 10.S0, heavy york.
urs light yorkers and pigs. 111. 75 V 12.
HllUlil' AND lOtHH Itecelpts. SOOO
henil Ixiwar. Top s'leep. lO.CIIi top lambH.
I0.S0.
liu.1 llnffulo. N. V.. March 21 CATTLK
Hecelpts SOCIO head Steers. 25fir33o
louer Shipping steers Iftff? 10.20: butchers
ISV0 2B. leanings, I011. heifers. 111-3
" M, rows. I2.SO7.30. bulls t4.B0Qtl All,
stiTkers and fieders, 3 B0f7. fresh rrnvs
and sprlngurs. ISSWllo, Calves lU-crlpts,
40nn hi-ad Two dollars lower, 10018.31.
HOGH Receipts, 11,100 head Pigs
stendv , others, 25'frSOr higher llftavj. 111
11 30. mixed. 111,7612. yorkers, 811. 7S
12 25. light yorkers and pl 112 i3Vl'-.3(l,
rough? 18 50OH.75, stage I3.BOr7.
HIIKEl" AND I.A.MIIH Herelpts, 12.000
ICwes 23c higher Umti IAO10.B0; ear.
lings IA9 8SO wethers. 10 307. ewes, 12
ffe;2S mixed sheep. ,2BW0.BO
NEW YORK COFFEE MARKET
New York, March 21. The locol
coffee futures market opened 11 little
easier this morning ut declines of 3 to
0 points, there being n feeling in some
quarters that the reel nt sharp advances
here hud fully discounted the strength
shown in the Itio market.
Prices worked lower after the call and
around the noon hour were 24 to 2(1
points net lower. Much of the selling
pressure seemed to come from a trade
source which might be taken to mean
that Hantos was not holding recent
gllilih.
Norm of the various rumors here nt
the close of the week have been con
firmed, although it is possible that
Itrit7.il may be considering some step to
stabili.c prices there.
Financial Briefs
TonODah Kxtanslon
Tonopah-JIm Ilutler ...
Tonopah Midway
Tnnnnih Xflnln,.
lyt I Tonopah Mlxpah
Tonopah Montana
Tonopah Rescue Eula
I U S Cent
1 mioa r.asiarn
Victory Dlvlda
West Knd Con
White Cans
tVllbert
J'lat & Fail
3X
Tho averairo price of twenty active In
dustrial stocks advanced 0.26 per cent
on Saturday to 76.66, whllo tho twenty
railroads advanced to 0,24 per cent to
70.99.
Tho Colorado Kue and Iron Co. reports
for tho yrur ended December 31 surplus
after depletion, depreciation and federal
tax J 1,286,806, equal, after preferred
dividends, to 13.28 a share on 134,235.
S00 common. In 1919 the company reported-deficit
of 1677,616.
The Colorado I"uel and Iron Co. re
ports for tho year ended December 31,
1920. surplus, after all charges and fed
eral taxes, J1.2S6.806. against a deficit
of J577. 610 In 1919.
lhe
Ris.ni 8ti.stiw.ni- .14
1KI.00 IMl.OOOO.OO .,1(1
87 14 87.01 87.11 -.08
07 12 1)7.10 07.12 .12
!)!i4 HO1-, !)i,..
Again Postpone Goodyear Meeting
krnn, O., March 21 -Announcement
wus niado at tho offices of the Goodyear
Tire and Hubber Co. today that the
stockholders meeting on refinancing
nions. scheduled for tomorrow, asraln
I would ta postponed for 1 t-nort period.
Liverpool Cotton
Liverpool, March 21. SjKit cotton, was
quiet today on the bawls of a deellno of
1 oolnt for middling at 7.30d The sales
were 1000 haleB, including 3000 bales
nierlcan KecelptH were bOOO bales, of
which tOOO balen were American. Spot
Iirlcs were American, middling fair.
0 75d: good middling. 8.75d : full mid
dling 8,otd: middling, 7 30d, low mid
dling. 6 tOd ; good ordinary, &.15d, und
ordinary 4 40d.
DIVIDENDS DECLARED
fsmidlan Car and F"oundrv Co Ltd.,
quarterly of IS per rent on preftrrod, pay
able April II to stork or record Maruii zb,
Penn I'nwor and Light Co,, quarterly of
Hi per cent on cumulative preferred, pays
bis April 1 tu stock of record Mrch 1 1
Mav
Jul)
Seinemts-r
Deremtier
Hid.
Prev Close
. B 0fl07
0 31ft8il
. 71U75
7.12ffl8
flnen
B 01l02
'11.32
B.70f71
7 00008
FOREIGN EXCHANGE
New York. March 21 Storling wits
up ono-half a cent at the opening of
tho foreign nxchango market this morn
log Krancs showed a gain of onw point,
but lire were off 6 Klnts Marks Im
proved 4's points.
Quotations were-
Sterling cables 3 92 H, demand 3.91H I
franc oabley 6.96H, checks 6.96 ; lire
cahlea 4.04, checks 4.03t; Swiss cableo
17.43. cheeks 17.36; pesetas cables
14 02, checks 13.98; Stockholm cables
23.35, checks 23.0G ; Chrlstlmila cables
16.15, checks 16.06; Copenhagen cables,
17 40, checks 17.32; Delglan cables 729,
checks 7 26 ; marks 1.64 s
SATURDAY'S K1N.VI. QUOTATIONS
Sterling Krancs Lire Oullrt'ra
:I0I' 03 4 on 84. ns
3 02 07 111 3443
TODAYS Dl'KNINO QUOTATION'S
sterling Tranea Lire Guilders
HOIS O.HS". 4,O.Tt Ulaer
3 024 OU0li 4 01 . ..
BANK CLEARINGS
llanlt ilrarlngs tndy i-ompared with cor
reiiniling ,m, ui two vmrs
lO'.'l lftjo loin
Phila Il.' S1J.HI0 I73h.IS.744 ini.480.H3B
oston ail.2in.Hi!H Bfi.oi.l.a:i7 il-n SS
40.'.88 733 SII4, 422.288 470.080, 4bB
Demand
Cable.
Demand
Cables'
N. Y
United States Treasury Certificates
Maturing
duto
April IB in
May
June
1' June
Julv
Aug.
t Sept.
Oct.
t D
1.
IP. 1021
IB lU-'l.
IB. 1021.
IB, 1021
HI. 1921
IB. 1021
IB. 1021
IB, inifl.
Int.
rat
BH
B.
B
s
5
. 6.
II
nid
too
100
100
100 A,
100
100 e.
iniiV
100
100 A
Offer Yield
lOOeW 4.03
100
100 A
ItOA
limA
loot.
100
1O0A
3.20
3.20
S.20
B 23
3,30
B.B0
3,30
0.53
Mxeniot from normal federal Income tax
only.
Acceptable for payment of Income lax
cut, oo data 01 m.iuriir.
MONEY-LENDING RATES
M'.IV YOIIH-Money on call both
classes of collateral, opened today at
G Mi per cent for lending and renewing.
ikt imiu iiiuiiey marKet today was
ii c.ii.iicij iui"i aniiir llates for all
industrial money ranged at 7 per cent
and for mixed collateral Cyt per cent
for periods ranging from sixty daya to
sU months It waa said that only a
very few transactions had taken place
up to m dria), the Indications being that
in,- iiimuri nijuiu rim snow any mate
rial i;liuiit,'c one wilv nr tlw, ,iihn in.......
dlatel "
Acceptance bills were about un
changed, the ratiH being. Mncty-dny
bills, tiH to 6 per cent; sixty-day bills.
0 to 6T per cent: and thlrt)-day bills.
6T to 6 tier cent discount Tho mur
ket waa quiet
I-llII.,Di;i.rillA (nil, 6 per cnt;
time, C per cent; commercl.il paper,
three to six months, 6 por cent
(Note -Thebo are merely nominal quo
tations, the legal rate of Interest in the
state of Pennsylvania being fixed ut 6
per cent I'lus premium and commission,
time money for thirty to ninety days Is
loaned at 8 to 8' per cent, whllo com
mercial Daner. from thr. ! ,.
la being oCtered at t to V, per cent )
HOMM
Allied Pack 6 . ...
Aluminum 7s
Amer Tel es 1024
Amer Tel da 1022 ........
Anaconda Cop As
Anarnnda 7s 1020 .
Armour 7s ... ...
Heaver Hoard hi ...
Heth Steel 7a 1088
Can Nat Ity en 7 ....!
Cerro de Pasco 8s I
Copper Kxport As 1022...
Coppor Export Ss 1028...
Copper Export 8s 1024...
Copper Kxport Ss 1023.
Cons Oas Ss
lien Asphalt 81
Goodrich Tire 7s , .
Orand Trunk (IVi
Humble Oil 7Hs . ..
Inter It T 7s
Senrs Roebuck 7s 1021 . ,
Sears Roebuck 7s 1022...
Sinclair 7tta
Stand Oil of N T 7s 1925.. 100. lofli
40H
00.
87
10O
105
100
08',,
08 U
0i
i8ft
1004
103
100
09
08
Swift Co 7a
Un Ry Havanna
IUh.
07
osh
08V4
COTTON CROP NEAR RECORD
Production Laot Year Sixth Largest
in Country's History
Washington, March 21. TfWv larreet
cotton crop since 1914 and the sixth
iiu-Krei in tne nisiory of the country
Ginning statistics ror tho 1920-21 se..
son announced today by the Census Du
reau show a. totat of 13,366.764 equiva
lent 500-pound bales compriso the 1920
crop. That Is about 2,769,000 equivalent
600-pound bales less than the record
crop of 1914 and Is slightly smaller
than the 1904 crop.
The Census nureau's figures of col
ton actually irlnned, which are accepted
as the final production statistics, bViow
tho crop to be 378,751 bales more than
estimated by the Department of Agrl
culture last December In its final fore
cast of the year.
Tho 1919 crop was 11,326,532 running
irths, or 11,420,763 equivalent 500-pound
bales, and the 1918 crop was 11,906,480
running hales, or 12,040.532 equivalent
500-pound bales. An stlmato of 12,
987,000 equivalent 500-pound bales for
the 1920 crop was forecast by the de
partment of agriculture, last Douember
Included in the 1920 production nre
211.893 bales, which glnners estl
mated would be turned out after the
marcu winm. nuuiiu pairs included
aro 206,534, compared with 114,306 for
1919. American. ICgyptlan Included war,
91,966 bales, compared with 40,437 for
1919. Sea Island. Included, wn nir.
bales, compared with 6916 for 1919
The averago gross weight per bale for
the crop, counting round as half bales
and excluding llntcrs, waa 506,4 pounds
compared with 604.2 for 1919 and 605 i
for 1918.
Olnnerles operated for tho 160 cfop
numbered 18,428, compared with 18 816
for 1919. '
Total glnnlngH. In equivalent COO
pound bales by states, follow:
Alabama, 870,721; Arizona, 104,863'
Arkansas, 1,177,095; California, 77.443'
Florida. 19,194; Oeorgla. 1.446577
Ixulslana, 388.655 ; Mississippi, 897 733 :
Missouri. 74,332; North Carolina, 936.1
682; Oklahoma. 1,287,089; South Caro
Una, 1,639,470; Tennessee, 313747:
Texas, 4.130,197; Virginia, 20,844; nl
other states, 12,673.
Trade Quiet on Paris Bourse
.VH' 1Marcl1 -l.--Tradlng was quiet
on the Ilourso today. Three nor cent
rentes, 68f 30ot exchange on London
IB01 l per cent loan. 83f 96o. Th
ISf
llfilgiPBSrrPsrtfrSir'l '.'Jr!
asiff-i ! t 1 1 1 m ajTirsiCBCBWiwa4MB V
fW sslssMrlsssHsH lssssn sV
; ' Ik -IS Eil'i i I
'lit IVU llir-' lEtfA lf?
'31i iKSI illMzi Isw'i I1
51
1431 Chittnut Stmt
The Savings Fund Department of Fidelity Trmt
Cornpany has printed in convenient form the Preface to
Benjamin Franklin's Almanac, for the year 1757, cntided
"The Way fc Wealth"
Copies will be mailed or famished upon application at any
of the Company's offices.
The following arc a few examples of the proverbs of Poor
Richard contained in this little book :
"A word to the wise is enough."
"Dost thou love life, then do not squander tune."
"For age and want, save while you may ;
No morning sun lasts a whole day."
"Drive thy business, let not that drive thee."
"Early to bed, and early to rite, makes a nun healthy, wealthy,
and wise."
"Diligence is the mother of good luck."
"He that hath a trade hath an estate."
"One today is worth two tomorrows."
"A fat kitchen makes a lean will."
"Creditors are a superstitious sect, great observer of set days
and times." '
"If you would be wealthy, think of saving as well as of getting."
"Thoie have a short Lent, who owe money to be paid at Easter."
Interest allowed in Savings Fund from date of deposit.
. Fidelity
Trust Company
325 Chestnut Street
1431 Chestnut Street
6324 Woodland Avenue,
West Philadelphia
Capital $5,200,000 Surplus $16,000,000
Funds held in Trust more than $250,000,000
$250,000
City of Harrisburg
Dauphin County, Pennsylvania
5 Per Cent Bonds
Dated March 1. 1921, Interest March 1 and September 1
Coupon Bonds $100 and $1,000
Free of Pennsylvania State Tax
Free of All Income Taxes
Legal Investment for Trust Funds in Pennsylvania
FINANCIAL STATEMENT
Assessed Valuation (December 31, 1020).. $65,100,850
Net Outstanding Bonded Debt 1,950,213
Net Bonded Debt Lei Than 3 Per Cent of Assesses! Vakiatlof
Population (Census of 1020) . . . .75,017
MATURITIES
58,400 March
8,400 March
8,400 March
8,400 March
8,400 March
8,400 March
8,400 March
8,400 March
8,400 March
8,400 March
8,400 March
8,400 March
8,400 March
8,400 March
8,400 Mitch
1, 192Z
1, 19Z3
1, 1924
1, 1925
1, 1926
1, 1927
1, 1928
1, 1929
1, 1930 g)
1, 1931
1, 1932
1, 1S33
1, 1934
1, 1935
1, 1936
100.19
100.37
100.55
100.72
100.87
101.03
101.17
10U1
101.44
101.57
101.60
101.80
101.91
102.02
102.12
$8,400
.8,400
8,400
8,400
8,400
8,400
8,400
8,400
8,400
8,400
8,400
8,400
8,400
8,400
6,400
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
I, 1937
1, 1938
1, 1931
1, 1940
1, 1941
1, 1942
1, 1943
1, 1944
1, 1945
1, 1946
1, 1947
1, 1948
1, 1949
1, 1950
1, 1951
102.21
10ZJ0
102.39
10147
102.55
102.62
102.19
10171
102.63
102.89
10195
103.00
103.06
103.11
103.K
Accrued Interest to Be Added
Prices: To Net 4.80 Per Cent
Biddel & Henry
1 04 South Fifth Street
The tnfariimllnn anil statistics contained herein hie ben
obtained from lotm-es hlcl t believe to be reliable.
This advertisement appears as a matter of record onljr,
all the above bonds having- been sold.
dollar was quoted at Hf 33c,
To Holders of
National City Company Interim Certificates
for
KINGDOM OF NORWAY
8 External Loan Gold Bonds
Definitive bonds will be ready for delivery upon surren
der of the certificates on and after March 25. 19ZK at
the office of the undersigned, 50 Wall St., New York City.
THE NATIONAL CITY COMPANY
Fidelity and Deposit Company
of Maryland
I'.VKKY KIND flV Hl'KKTV IM)M
.HERMAN HOOPES, Inc.
(lenrfal Acrat
IMS KEAI, B6XTK THC8T BLDO,
t
Safe Bondsrlnvcstmeof
HALSEY, STUART
ii. CO. Inc.
f.