TWfiYi7re, -,sV- ' WKmmmimssm r,&fA"ft. !'",(' "i'Tttfilfc .1 EP? m trt 'a1 "WVUAiZL.3MI&&: ' . a'" '.T ,'! w jvjNJLim 1'tuiiiu j. 1lnVTJ " ,. V 1 IfLriVfl EDO .yy':... M KJ!S2ES2Sfi kr Hllti . Republic den t Steel CaAbunjstema H usiwil.te m rtO 9 MUmt MH la We hare been success fully constructing steel 'structures for mere than 20 years. The practical knowledge acquired in that period is available te 'hose contemplating steel con struction of any type or size. McCIintic-Marshall Company General OlTlreiti I'litsburch. 1M. H.lludcltM.i: Merris Ulilir. Vew Yerk ClJlcacu Han Francisce lit' i i Ii7bW ft' sVWl'.t Si tf" L . m Mcaintic-Marshall fi i SteelBridges $ Buildings ,. '; ARGENTINE ' Recissien 4s : i 5s, 1909 BRAZBLIAN GOV'T Sterling Issues 4s, 1889-1910 4s, 1833-1888 5s, 1895-1)03-1908-1913 Railway Resc. 4s, 1900 CHILE Ss, 1911 V ' 5., GRAND TRUNK PACIFIC 3s & 4s of 1962 4s, 1955 Branch Line 4s, 1939 Canada Atlantic 4s, 1955 CASSEL, ftUNES & CO. ilimhcra X. 1 Stock Exchange 60 Broadway New Yerk Telephone Beicling Green 3141 Province of Saskatchewan 3 Bends Due May 1, 1939 Principal and Interest payable In New Yerk Saskatchewan is best known as a grain growing province, t having the greatest produc tion of wheat and eats of any province in Canada. Price 94 and Interest Yielding about 5.55 Full Particulars P-Zli en Rcquett Weed, Gundy & Ce. Incorporated 14 Wall Street, New Yerk V IV u: 1" Terente Londen, Ens. U V it? Analyzing Your Railroad Bends Fer many years we have been prominently identified with the railroad bend mar ket, net only as dealers, but also as underwriters. Consequently, we are well equipped te analyze the in trinsic security value of railroad bends, and te de termine their relative at- tractiveness as invest ments, based upon income return, present market po sition and outlook' for ap preciation. We shall be pleased te analyze any rail road bends you may held, or te submit for your con sideration a number of issues we recommend. Send for Bend Circular 1112 IRedmonil&Ce. Bread & Stniem Sis., Philadelphia New Yerk Pittsburgh Baltimore , Waaljlncten Members New Yerk, rh(laile!pi a and Pittsburgh S'nek WrrJ-ari-e. We ener a selected li$t of Municipal, Railroad and Corporation Bendi We art prepared te purchaf teund iffues nf Corporation Benat which have an titabliihed record of e-ernirt" STROUD & CO. !'"" W'mi' . PhiUflxInfiU 43 Exchange Place. New Yerk pillllllllllllltllllllllllllllllllllllllll vxraXvii.cyvjL xv.vr. WIDENERQLDG. MEMBERS-NEW YORK AND PHILADELPHIA STOCK EXCHANGE- STOCK EXCHANGE SERVICE IIIIIIIIIIIIIIIIIIIIIIIIHIIIIIIIIII BUItV"?.?. V --A9JUT ;tCUft Vlite & CO. 1 Trust nidr., Phil I STOCK TRADING WAS SPECIALIZED Much of Nervousness Over Sol dier Benus Legislation Is Disappearing New Yerk, Feb. 14. Developments ever the liellday and week-end indi cating the possibility of a Government bend Issue In tend of a special tax for the proposed soldier bonus made for a stronger stock murket today. Much of t lie nervousness manifested In the lat ter part of last week disappeared. The earlier movement was attended by con cen con Mdernble caution but as the session advanced this also disappeared. In the iteriioen tliere was n derided broaden ing of the trading and with the lowering f the call nite te 4 per cent there was a general forward Bwing In the last hour. All imrrnundlng Influences otherwise were distinctly in favor of the market. I Krncwcd strcimth appeared In the grain markets; cotton also showed a rising i trend, and most of the foreign ex changes displayed a rising trend. The call money renewnl rate was fixed at 5 per cent, witu funds in the outside mar ket beins ncaln offered under the effi cial quotation. There was also n mere liberal supply of time funds, ranging frcm 4-?4 te e per cent. The B. and O. piellminary statement for last vear was especially gratifying, in that it clearly indented un upper Jiund had been at tu. ned by the nvinagcment in cutting diwn the butdcniemu overhead. About tin only really unpleasant news was the niineuncen.cnt of tin. suspension of an other "tock cxciiniige house. The market, however, was entirely In the hands of lirefp.ssInnnlN. unit tn n lurcei extent was governed by the peel activities. The outstanding .e. etuent was supplied by Mexican Petroleum, Which was carried up ever 2 points. It was In Mich recognized speculative Is I sues as Baldwin Locomotive. Stuile i baker. American Cun, Cern Products and Gulf States Steel interest com creed. Associated Issues moved In sympathy, I giving the trading u mere or less spotty .aspect. Nevertheless the tone of the general list was decidedly stronger and with few exceptions showed u rising trend. Then was only one weak spot I in Seneca Cejiper, with a drop of ever '4 points, which was attributed te the fuilurc of the stock exchange llrm. I A number of selected Issues were markcti up rapidly iu the early after noon, especially stocks which arc or dinarily net prominent in the dealing.. I Otis li evater was carried up 7 point. ' American Ice common and preferred, Laclede Gas. Associated Dry Goods, Unit products and Famous Players at ; the same time scored gains ei 1 te .i'j points. The ropreentative shares while showing little movement were well sus- taiued and the market, as the nfternoen advance displaced increasing bteadth. I The drop in the call money rate te -1 per cent was additional impetus and in the last hour the whole list was carried i forward embracing the high grade r.il s, I I -.peclally Canadian Pacific and Read ' iug. Commodity Markets GRAIN MARKET Chicago, Feb. 14. A rise of 0 cents in wheat en the outside at the opening was the result of general buy ing and a paucity of offerings. The buying was inspired by the bhurp ad vance In Liverpool cables. The. visible 1 supply decreased only 103,000 busbelw, which was net enceuiaging te the bulls. The cash wheat basis wus one cent lower. Shipping tales were 0000 bush- t els. Exporters reported a cargo of Ne. 2 i hard offered for resale en basis of Saturday's close. Minneapolis mllh reported geed Heur sales. Receipts show ' no let up. Cern was higher en big upturn in Liverpool spot corn and reports of geed expert sales ever the holiday and light offerings from the country. The visible supply Increased "001 bushels 'ast week. Cash corn di&counts were Vs te 1 cent wider. Oats fe! owed the trend of ether grains. Northwest houses bought carl; . I Cash eats discounts were Vi te cent i wider. The visible supply increased Mentrenl Winnipeg 150,000 bushels. ' Wheat Opn Msy 1.37 July 1.22 Hlch Lew Clese 1 3IH4 l.SOK 1.314 1.23 1.20 1 21? Mai- . . .U" lU'4 IIJ IJ'J-1 )." OJVj HI' il J July Oits May July 41 41as 43 40 12 '. 41' 42S I i-erit May f.: 10.40 ard- May ..10.00 11.0.1 ..11.12 11.25 10.00 11.12 11.02 11.23 rJuty . . lilbe May . . July .. ...10.45 ...10. B0 10 no 10.70 10.4.1 10.30 ie. r7 10.65 COTTON MARKET New Yerk, Feb. 14. The cotton mnrket enened firm nt an advance of 15 I te 24 points today en the strength of j Kng ish cables, bullish January do mestic consumption fig'ircs and firm ncs of the fercljn exchange market, Liverpool, New Orleans and .Tapanesu 1 buying. Later the list eased slightlv 1 uniler active profit taking by elder longs. The market turned strong in the i arlv afternoon, prices selling up te net I advances of 35 te 30 points, led by I October. The advance appeared te at I tract comparatively little selling from i the Seuth, the principal supply of effcr- ngs coming from old longs who were i 'Ispesed te tnkf profits as May contracts i iica red the 17.50 cent level. Kxperts were 31,020 hales, including 1 1,037 bales te Great Britain, 330 bales ti Prance and 10,053 bales te the Con Cen .limit. The total for the season has cen 3,557,500 bnles, compared with ',225.141 bales for the corresponding period last season. I Sat 1 close TecUv'j epvn 17 4.1 17 20 l.ns 10 25 M u:i P M 17 7 17 ll 1(1.17 lit' is ! March .. May . . . 'July October . , Rec m be r 17,20 17 no Hi se 15 01) 15 s7 Liverpool Cotten Liverpool, I'eb. 14 Spot cetlnn wan e.ulet O'lHy, with pr'cn steady en the bal of n Hiliar.c of lh nelntu for mlrtdllnir at 'i 70d Th nates were OOiiO bales There ere no receipt Tu'ures wire quiet In the I early deal rr Spot er'cea wen- Amen- .in, middling fair, 11 70d Reed, middling, 'i l.'.d fully ml'ld'lnc, 1O0M. mlddl.nK, p 70d, low mddllnK. s 7'ld, eoed erdlnari. 7 50d. und ordinary, 0.75rt i NEW YORK COFFEE MARKET New Yerk, Feb. 14. There was a toady undertone in the local teffje futures market at the start this mewi I ng, due te the firming up In Ura7.ll ever the he'!das. On the call, prices wire te 2 points higher. Piist notice daj for March delivery en coffee will be February 24. Late in the forenoon bid prices were .' te 3 nelnti above the opening level I I and tlicie (clued te be llttln disposition te offer cotfees around present prices, Seme local traders expicsscd the oplu eplu oplu Ien that Match contracts might advanc as netlc? day approaches. In thn event if nnv serious show of weakness It Is - the onlnten that the llrazl Ian Govern ment ajain w.ii elite;1 as euyer and re eltr. t'rev. iier Open 8.SSW37 H.aseiin MarcU lay . s..i:niMi 8IS7 July 48 8.40tBO' I'W HI" 'I J '" " '( T-' I T 7 '" "" '-' ."1 A. Tj ,M. - J- ' ' mL$mhjfex&&tiuif BTSTSTSTSTfeuDW.a. . - tliitS . damSxi! UjlSJ.JK'. ,.X. '&?... ll- r. i y i. . NEW YORK STOCK EXCHANGE TRANSACTIONS . . r . Dlv. in Today's Net Clene Ch. 65 3 MX W 16 Salei 101 300 MM 30 ten 100 8"0 100 ltne 400 200 13700 1700 1200 1200 500 300 600 300 6100 1700 37 00 BOO 3700 3100 tee 200 200 300 100 900 100 4100 200 8.100 300 1390 000 100 900 100 800 200 200 100 4100 100 1.700 100 100 2100 SOD Mlsh Adams Express ....... 68 Lew 61H 16 113 5M 163 45 92 33 J4 57 58 37 ft 1U ?V4 20 H B 133 13H 64J4 80 4214 31 10614 8 V 4 45 87 122 32 60 95 23 531.2 1MH 133 100 129H 22 M 824 26 13 38 H 47 10 53 76 77 97K S0 23 1 0W 72Si 14 102 ?' 100 35JS 84J4 21 58 C3 H fl 22 11 9H 70 110H 32 5?I 26 30 J4 11 5H 15 49 127 51 15 3214 66 33 is a I 64 57 ?i 2 KM 33 7 1VA G7 20 3ls 6512 34 75 88 83 15 20 82 53 45 26 43 54 53 00 US 7 (17 DU'i 12 5414 6S 102 ;i 114M 34 62 18 9 23 50 H 18 11214 23 139 16 4 ?w 10H 161-2 10 H 80 93 83 1214 1374 53 01 4 Air Reduction S3 . . AJax nuhber 11 U All-Ameriean Cables.. 11 4 Allied Chcin A Dye... 8K 7 Allied Chem & Dye ptlOS 4 AlllF-Chnlmcra Ui 1 AlllB-Chalmcra pf 92H .. Am Auric Chem 34H . . Am AgTle Chem pf . . , 7 4 Am B Shee Fdy new. . 80 . . Am Can 3tft 12 Am Car ft Fdy 148 . . Am Chicle . . Am Cotten Oil 21ft . . Am Drug Syn ....... 3 Am Kxprcas 134 J$ .. Am Hide & Leather.. 14 . . Am Hide & Leather pf 64H 7 Am Ice 0&K 6 Am Ice pf 82 . . Am Intcrnat Cerp.... 43 K 1 Am-La France Enj. . 9(4 . . Am Linseed 32 e Am Locomotive lOJJft 4 Am Radiator 83yi . . Am Safety Razor. ... 4 .. Am Ship & Cem H .. Am Smelt 48i 0 Am Smelt Sen A 87 12 Anl Snuff 130 s Am Steel Foundries.. 3" 14 . . Am Sugar Ref. ..'...,. 7H 7 Am Sugar Ref pf . . . . 95 . . Am Sumatra 25 7 Am Sumatra Teb pi , . 54 0 Am Tel & Tel 118H 12 Am Tobacco 184 0 Am Tobacco pf new, . . 100JJ 12 Am Tobacco B 13014 . . Am Waterworks 8 pt 2?H 7 Am Woolen 83 . . Am Writing Paper pf 26 .. Am Zinc Lead & Smlt 13; .. Am Zinc Lead & S pf. 3H . . Anaconea Copper .... 48 . . Ann Arber 10 4 A-we Dry Goods B4J6 6 Asse Dry Goods m pt 70 7 Ase Dry Goods 2d pf 77M n A tell Tep & Santa Fe. 97 Ja 113 '4- 193 - 45 4 2 34H 7 59 39 148 4- MH 6 133- 13H 64- I 54 Vi H 1 3 1 114 V 9Ri4- 4?i 81W 42M -r W fl- H S1H- 54 107T4 1H 83- IX 4 8M .. 45 .. 87 127 t 8K 3? 67 -J- 1H 95 24J4 634- llSJif 134 4-100-130 22- 82 26 13544- 36H H 10 - 54 2 76 77 97TS sr- 23 2H- 7 72- 144- 104 100 - 36 64i- 21 584 W 614 0 22 11 94 70 2H- 110 32 54 arMf .12 11 - 64- 40 128H 51 -15 324 06 33 34 -04 -5S 24 C Atch Ten & S F uf 80 loe 2. no Atlantic Pet 23 100 nne 200 Atlantic Fruit 2S Atl Gulf & W I S S. . 7 Austin Nicholas Inc pf 75 noe 8201) 100 1800 400 200 ion 2400 200 ;;oe 200 400 200 100 100 100 2700 100 200 700 tee .VJ0 aoe men 4S0'I 1C0 r.oe 2,'iO') 100 :tne 100 7200 800 1000 1100 2400 200 400 5.MU 500 2400 200 8899 200 500 100 2300 800 Aute Sales Cern pf.. H? 7 Baldwin Locomotive. .104 7 Baldwin Loce pf 106 .. Baltimore et onto.... 3G!n 4 Baltimore & Ohie pf. 84& .. Bnrnsdale Class B... 21 f Bethlehem Steel CSK 5 Bethlehem Steel B.... C4i . . Beeth Fisheries CJs .. British Em Steel Hi .. Brit Em Steel 2d pf . . 22Vj .. Brklyn Rapid Transit 1114 . . Brklyn R T ctfs of dep 0 H . . Brklyn Union Gas .... 70 .. Bruns Term H .. Burns Bres A 116' .. Burns Bres B 32JB .. Butte Ceppr & Zinc. &H .. Butte & Superior cop. 26 . . Butterlck 3? . . Cadde Central O & It 11 .. Cal Zinc & Lean SH 6 California Tacking .. 72. .. California Petroleum. 2J'a 10 Canadian Pacific 129;.; 3 Canada Southern .... 51 .. Carsun Hill Mln.ng. . . 15 J4 . . Central Leathe- .... 3' . . Central Leather pf . . . . f8 . . Ccrro.ile-F'nsce US .. Certnln-teed Pred.... 34 A Chandler Meters .. 05 V 4 Chesapeake & Ohie... 5SJS .. Chicago & Alten .... 2W . . Chi & E 111 (new) .... 1K .. Chi & E 111 (new) pf. .,34 .. Chicago & Gt West., t . . Chi & Gr West pf 1734 5 Chi & Northwestern.. " .. Chi M'l & St P 2"!4 .. Chi Mil ft St P pf 35 4 ChlcaBO Pncu Teel. . . . Of . Chi R I & Pac 35K 6 Chi R I & Pac 6 pf 75J 7 Chi R I & Pac 7 pf 88Jg 7 Chi St P M & O pf. .. 83 .. Chile Copper 10 Vx ' ' Y 3 15H J4 33 . . 7 17-r 68 20 35 J 00 35 75 88 83 - 1 10 a 26 829J5 rhino Copper -i'A 100 s. BO Clev CIn Chi & St L pf S2J4 1100 Cluett-Peabody ...... "7 50 1700 209 1100 100 200 390 3100 700 400 Out i:sne 500 100 4t0) 200 4 Coca-Cela 4"Ja . Colerado Fuel & Iren. 26 3 Colerado & Southern. 44 4 Colerado & Se 2d pt. . 51 . Colerado & Se 1st pf. 5s 0 Celum Gas & Elee. . . . COM , . Celum Graphopheno.. 1? ,. Cel Graphophene pf.. ' 4 Cemp Tab Rec 6' Vi 7 Consolidated Gas 91'2 . Consolidated Textiles. I2f . Continental Can ... ficVi 5 Continental Insurance C 4 Cern Preducs Kit...l03 7 Cern Products Ret pilHJi 45 205 44 54 51 09H 1W 7 !4 lis 2 1?4 Y " 07 .. 01 r 2 125 .. 56 34 US 1 103 11 34 ?4 624 184 AH- 23J4- 60 18 112 23 13.1 ' i - 16 4 ; 80 10 16 104- 82 94 83 12 H 134 53 62 1100 2.B0.Ceden & Ce "i 1010 4 Crucible Stic! MJ 2t00 .. Cuban Am Sugar .... lKf 1200 .. Cuban un.ne sugar ... 500 .. Cuban Cane Sugar pf 2 7000 .. Davisen Chemical .... 60 '4 100 2.30 Dcbcers Cen Mln Ltd 300 Del Lack & Western. "2' 2 709 1000 200 100 2700 1500 809 1O0 11000 200 100 400 200 (100 4400 100 300 5S00 100 100 309 800 400 fiOO 2100 100 100 400 1400 400 200 1300 500 1300 100 200 noe 200 Deme Mines ia' Electric Storage Bat.. 140; .. Elk Hern Ceal 16 14 . . Emersen-Brantlng S Endlcott-Jehnson . . Erie . . Erle 1st pf . . Erie 2d pf Pamnila flavors L 4 80H 11 16 10 M V 94 1 '254 54 "l4 1 82t 8 FameUH nayers u pi 8 Fisher Bedy of Ohie pf MJ4 .. Flsk Rubber e . . Freeport Texas 13 74 6 Gen Am Tank Car. . . . S3'2 . . General Asphalt 02 1 General Cigar pf J!4 8 General Electric . .... 147 . . General Meters 9 6 Gen Meters pt '; tt Gen Meters deb 6.. 70 . . Goedrich B V " 7 Great Northern pf 5J-8 4 Great North Ore ctfs. 3H . . Guantanamo sugar .. 7J4 . . Gulf State Steel ?4'j . Gulf Mobile & Ner. ... 7K .. Gulf Mobile & Ner pf. 22 , . Harblrshaw El Cable. . Hi . , Hupp Motorcar l'2 . . Housten OH 7 1 IlllneU Central 102 100 146 8 72 70 37 74J4 35 754 72 22 1H 14 74 102 3 37 2H 8 36 84 105 M 8 29 X 21 14M 694 30 09 54 12 69 47 08 14H 28 2 13 52 H 35 23;a 54 CH 30 H - 100- 2 147 1 8H 72 -70 37-. 758 35 - m 74 ?u 22 1H 14 75 102 3 3h 3 8 36 Tndlahema Ref ' Insp'ratien Cen Cep..j;38!4 Interb uen uerp Interb Cen Cerp Pf--Int Agrlcul Cerp pf. Int Harvester new. .. Int Harv new pf 3 8 30 'j 841j 106 li M'g 30 . 2H 15 70!j 84 1 106 8-2"-25H 27 -00 54 Vi-12-60 -48 OS -144-314 214 14 55 35, 24 5- -37 27 H 54 14 14 1 54 ?.y- A 54 1 : 54 'in 2 154 54 54 H 1 100 Internat Agrlcul .... 300 2. SO In Cement 4700 Inter Comb Ens.... 600 2300 1200 200 219 009 109 3209 300 2100 5200 600 4109 1009 210 600 100 2700 1000 2900 , Int Mir Marine 0 Int Mcr Marine pf. .. i,iirn.it Motertruck. 27 Vi 7 Lit Motertruck 1st pf OO 7 Int Motertruck 2d pf 55 International Nickel . 12 ft a Internat Nickel pf . international Paper .. 46 u Inter Paper pf slpd.. li . Invlnc'ble Oil Cerp.. 14 J? . Iren Products 31 J. . Island Oil 'A . Jewel T 11 ? . Jewel Tea pf . Jenes Bres Tea 354 Kansas City Heutuern 24 ft 4 Kansas City Se pf. .. 54'4 . Kansas it Gulf ?4 Kelly Sprint-field Tire 37' . Kennecett Copper... 273 MONEY-LENDING RATES 'i:V VOKK- Meney un cull, both Classen of ceiir"l 1 opened today at 5 per cent f0rT1;.nffi trtei; today enened at r. r-r 1 nt for nil maturities Subsequently the rulu .i chaded te 4'4 pei lent, at whlrh level a nviH amount uf business w; .'". " .i Th. .-.iru.r u.i character zed RAILROAD EARNINGS rin:sAPi:AKK and 01110 19U1 Inereace December Kresj . .. A..inli,U73 $3,131,S.7 Net eDer. Income . I.tfl0,41 1104.457 Twelve months' l eptir. income,, MJei-rease, I'm narrow, and tlicre was 1 tile lnltlalle en 1 the turt nf lh-borrewer or lender. ' Auepiance bills were unchanged at a dls- reuri of from 4 te 4W pr cniit. ,lPnillntr upon He maturity, name, etc. There was little delnic In the bill market. Paris Bourse Heavy Purls., Yeb. 14 Prices were heavy en the Bourse today. Three per cent rentes R8f .12c. Exchange en Londen, BOf B2c. J'lve per cent lean 78f 03c. The dollar was quoted at llf B7c, BAR SILVER I'lllI.AIlKM'IIU Call, .'.per cent! time, 5U it .1 i per cent, remmercliil paper, thrsa te six months &Vj03 per cent. Demestic bar 1-OSDON Menxy 1 quoted at 3 per seat. Nevr Yerk tndav at nisceunt rates! Bneri niiis. ,i 0-10 per 07 sign, oe?c, an . . -. . w three months' blls 3Htf 8 818 percent, i the price was Hd Vi' VL-". tjft Dlv. Pate In 4 Hlfth Keystone TAR : 16 Lew Mt UK 135M 47 M 40 H 30 374 54) 169 118 95H UK 184 150 113 3 44 44 39 5 37 48 14 37 294 83 46 114 197 119 80 25 130 12V4 29 8 3 10 27 18 H' 48 7 12 76 27 10 132 30 75 IK 41 88 34 134 69 75 8154 17 1004 66 7 76 244 124 2)4 5 154 127 10 274 6J4 65 12 46 53 474 344 8 ',4 75 22 574 67 334 92 31 14 26 H 8H 58 00 24 16 054 79 115 37 34 13 97 73 30 30 52 5 48 19 j 13 534 41 21 37 4 814 62 12 10 H 394 82 50 18 50 177 115 100 3294 39 834 4 CM 2 10 94 44J4 305 24 42 22 824 3 34 19 130 73 162 264 US 134 8 24 5194 244 63 44 8194 54 994 34 88 116 61 124 34 30 67 82 794 7 214 134 82 84 is?; 1594 00 624 7 94 37 8J4 14! 'a 5 27 34 57 40 68 1999 (00 309 309 Kretffe 8 3 .ltt . Lackawanna Steel . . M4 . Laclede Oaa of St It. . 51 . Lake Erle A West pt 31 3 Lft Rubber Tlrn 37 K 380 209 3. B0 Lehigh Valley 59 109 12 Liggett A Myers 189 200 109 3000 509 199 50 189 MOO 409 7 Liggett A Myers Pf . . . 110)4 7 Lima Locomotive 95 H .. Leewe Ce 13 1 Left Cnndy 184 13 Lerlltard Tobacco. ...188 7 Lerlllard Tobacco pf . , 113 ., Mclntyre P Minet.... H . . Manatl Sugar 87 7 Manhattan Elev uar 45 160 1.75 Manhat Shirt 86 800 . . Market St Rwy a 399 . . Market st Rwy pt.... 38 3100 .. Market fit Rwv nr nf 4KV y 190 499 4190 100 200 109 1009 30100 608 109 10 . . Market St Rwy 3d pf 14 .. Marlin Oil 374 .. Martin Parry 81 .. Math Alkali 32 . . Max Moter Clase A. . 47 . . Maxwell Class B Utt 8 May Dept Stere 199 12 Mexican Petroleum ..130 8 Mexican Petroleum pf 88 2 Miami Copper 35 micnigan cent ISO 1800 l.ie Middle States Cerp. 124 Mldvale Steel 30 14 600 1300 3300 700 1900 1209 190 4100 57 300 00 108 100 200 200 1800 100 200 700 300 6000 000 3800 200 1100 1200 3100 100 100 000 700 1000 2300 700 600 200 100 1600 800 3200 2200 1400 900 1400 2100 ftOO 20 310H :u ltiua 1700 . . Minn & St Leule .... 8 .. Me Kansas A 'lexae. 3 .. Me Kan A Tex (wl).. 10 . . Me Kan A Tex (wl) pf 27 .. Missouri Pacific 19 .. Mo-Padfle pf 49 3 Mentana Power .... 87 . . Montgomery Ward . . . 13 S Merris A Essex 78 .. Mulllns Bedy 27 .. National Acme 11 7 National Biscuit ....182 . . Nat Clenk A Suit .... 80 7 Nat Cleak & Suit pf . . 75 . . National Cen & Cable 14 0 Nat Enam A St .... 42a 0 National Lead 88 , . . Nat R R of Mex 2d pf 3?4 .. Nev Cen Copper 14 0 N O Tex & Mex .... 60 B New Yerk Central ... 70 8 New Yerk C & St L. . 62 . . New Yerk N H A H. . 18 7 Norfolk A Western ... 101 8 North Ameri" ctfs.. 67 .. North Arner tta 7 7 Northern Pacific .... 80 .. Neva Scotia S A C. 244 . . Ohie Bedy A Blewer . 12?4 .. Okla Pred A Ref 2 .. Ontario Silver Mining 54 . . Orpheum Circuit .... 18 8 Otis Elevator 133 .. Otis Steel 10 2 Owens Bottling 28 . . Pacific Devcl Cerp. ... 7 5 Pacific Gas A Elcc .. 65 .. Pacific Mall 14 8 Pacific OH 46 c riri-Amer Petrel .... 54 fl Pan-Am Pet Class B. 48 J4 2 Pcnnsllvnnla R R. . . . 35 .. Penn Seaboard Steel. . 8 r Peeples Gas Chicago.. 70 ?4 Pere Marquette 22 , 7'ere Marquette pf . . . 58W f Pera Marq prier pf. . 08 J. Philadelphia Ce 344 . Phillips-Jenea 92 50 Phillips Pet 31 V 14 Yt v Yi 'Vk !4 194 42 88 -394 1394 60 76 82 18 1004 57 755 80 254 5 10 132 18- 29 1 H A IH !4 4K 114 y a v 1 1 Yi is u 14 !4 1 v H 3 3 46 x-ierce-rrew Moter. . iJ-s Plerce-Arrew Met pf . . 29 200 4600 100 8 200 B 500 Pierce Oil Pierce Oil 8 Pf. 68 Gl 24 15 Pitts Ceal Pitts A West Va. 100 l.ae Pend Creek Ceal 100 Pressed Steel Car r4 100 4 800 8 700 1300 2 300 .. 300 s 4800 4 400 2 7f.O . . 200 2500 200 Pub Service of N J... 79 14 1 1?4 I 14 1 Pullman 116 Punta Alegre Sugar.. 37 Pure Oil 344 Ray Cen Copper .... 134 Railway Steel Spring. 97 Reading 74 Reading 1st pf 45 RemlnRten Typewriter 31 Rtplegle Steel 31 Republic Iren & Steel 53 Republic Meters 02 50 J4 20 Y 13 244 1500 8.20 Royal Dutch N Y 3?4 1 115 Rutland R R pf 300 200 2800 300 800 1300 2100 1000 900 30310 3000 J 00 7330 200 8709 2100 120 400 200 5300 100 15200 200 100 1400 1090 4300 3300 000 4200 200 400 200 300 9100 409 4100 200 100 200 200 1100 3200 3900 3200 4500 300 2200 700 000 2700 115 100 29000 700 3200 2600 800 1900 400 300 700 700 2800 200 . . Saxen Moter 1 St Jeseph Lead . . . .. St Leuis San Fran . . St Leuis San Fran pf 42 . . St Leuis & S W R R 25 . . St Leuis Southwest pf 38J4 .. Seaboard Air Line .. 4 .'. Seaboard Air Line pf 9 . . Sears-Roebuck 03 .. Seneca Cep Cerp 15 . . Sinclair Oil 20 .. Sless-Shrffleld 394 0 Southern Pacific 834 . . Se Perte Rice Sugar. . 60 .. Southern Rail 194 .. Southern Rill pf .... 5134 B Standard Oil of N J. .179 7 Stand Oil of N J pfll5 7 Stern Bres pf 100 -8 Stewart Warner Speed 35 . . Stromberg Carb 39 7 Studebaker 94 .. Submarine Beat Cerp 4 . . Superior Oil Cerp .... 5 . . Temter Cern A F "A" 24 .. Tenn Cep & Chem ... . 10 3 Texas Ce 454 .' Texas & Pacific .... 31 1 Tex A Pac C A O .... 24 2.BO Tex Gulf Sul 43 .. Third Ave 22 6 Tobacco Products .... 63 .. Tel St L A W ctfs B. 37 . . Tel St L A W pf ctfs B 35 .. Transcen Oil .. Union Oil 30 10 Union Pacific 1314 4 Union Pacific pf 73 7 Union Tank Car pf...W2 .. United Alley Steel .. 264 . . United Drug 6S 8 United Fruit 137 .. United Rwy Invest.. 0 .. United Rwy Invest pf 2C 6 United Retail Stores. 54 .. U S C I P A Fdy.... 26 5 U S C I P & Fdy pf. . C3 ..US Feed Products.. 3 .. U s Ind Alcohol .... 444 ..US Realty A Imp 62 Us 114 14 'ti 1 1 114 Is 1 14 54 39 22 03 28 - 34H - 19 - 13194 73 162 264- 88 137 894 26 6494 26 63 -3 44 614- 554 100 -f 54 54 H 2 Is 114 54 U S Ruhber 55 U S Rubber 1st pf..,.100 ..US Smelt & Ref.... 34 BUS Steel 99 7 U S Steel pf 1164 2 Utah Copper 014 . . Utah Sec 134 . . Vanadium Cerp 35 .. Va-Car Chemical 314 . , Va-Car Chemical 'pf. . 07 6 Va Iren Ceal A Coke. 83 ,. Vlvaudeu Inc 7 . . Wabash 7 . , Wabash pf A 22 .. Wabash nf B 14 400 2.60 Wells Farge Express. 83 700 100 209 600 1080 300 200 800 3000 400 1700 100 1300 700 J3 309 . , Western Maryland,,. . . West Maryland 2d pt 154 . . Western Pacific .... 154 7 Western Union Tel .. 01 4 WoBtlncheuse 15 & M. 63 . . Wheeling & L -E. . . . 7 . . Wheeling A L E pf . . 15 4 Whlte Moter 39H . . Whlte OH Cerp Wick Spenc Steel Cerp 144 WJJlyfi-Ovcrland 5 Willys-Overland pf. Wilsen 4 Ce Wisconsin Central.. Worthlnsten Pump. 27 37 28 46 70 Werth Pump pf B.. zuu Ex-dlvldend. Raw Sugar Market Steady New Verk. l"eb. 14, The raw nugiir mar ket Is quiet and steady ivlth Cubes for Tcb ruitry shipment quoted at 2 1-11 coats, cost and freight, and for Mai eh shipment at "It rents, cost, and freight, Importations en Saturday. Just reported. Included HN.oeo bags Cuba; te the Amerlcnn Hugar llednlna I'empanyi 30.000 ba Cuius ie the ."atlenal Kugar Iteflnlng Company; .1000 hags te the Warner Sugar Running Kempany. lLfJOe' bags Cubes and 10,000 bags Han Domlngei en route le Canada, and IH.OOO bags Phlfle. Pines te the Fideral Sugar neftnlng Cempsiiy The local refined Is unchanged 6 te 5.10 cents' less 2 per cent tir cash, BANK CLEARINGS sress. 83,(IS4,0'.7 e.r.ni ,7 7 le.uditeui ii,ui. Bar.k clearings today compared with cor responding day last twj years: silver was unchanged In flUllii tver flne eufic! far. Vi. JS.J eunce: lor ler In Londen anvunce m c, 7 , T.. ... - , ... of Me. ,t 84Hc PMia. .,9fi.el llestrn .. 49,000 lower st O.Oe.O, 780. W,0H m .M5., ' ' CfflTlNUED ACTIVE Today's N Clew CliM 1614 J4 11- 48 1 5114 1H 31 Vi BUYING OF MT. 37M 59 Trend of General List Was Re actionary, With Shading of Prices 188 - 54 11854 H 95H H 114 194- 5 158- IK 113 3 3- H 3.54 g 38 34 48M 1M 14 ' 27- M 39- S3 - 46 114 54 16894 194 129 54 83 25- H 130 1394 .. In view of the highly interesting de velopments concerning the Philadelphia Rapid Transit, proxy contest ever the double heliday1, attention in the local market centered in that stock. While the trading was net se active or ex citing as witnessed en Saturday, there was annarently still a geed Inquiry; I which carried the quotation te 24 't, equal te the hlgn maiK maue two weens age. The bulk of dealings, however, wcre In small lets, with a notable ab sence of the big block which changed bands last week. The stock was again supplied mere freely after crossing the 24 mark, causing a subsequent slimline te 23. The street is watching with intense Interest the various moves of the opposing interests, but are saying little. Union Traction en light dealings declined point, te 85. The most of the balance of the local list showed a tendency tb react. The 3094 8- 354 1014 27 1894 49 Philadelphia Eltctric issues continued conspicuously heavy, with the common making a further recession te 22. The preferred warrants were sold neavny between 1 and 1. The preferred 18 194 76 37- ll - 154 133 30-1 75 - 3 stock at the same time shaded te ZY'i. Efferts te realize disclosed a surpris ingly thin market for the American Stores shares. The common yielding a point te 07. while the preferred lest mere than 2 points, declining te 127. Electric Storage Battery, 011 light offer ings. nl.'Q lest a nelnt at 140. Consoli 154 n 54 54 "54 54 14 54 94 "3A 54 !4 "54 54 s Vi date Traction of New Jersey surren dered a point; Keystone Telephone, Lake Superior, Insurance Company of North America, U. G. I, common and preicrrcd were irein V te Yt points lower. The IJank of North America warrants were the only exception, ris ing Vz te 03. the top price of the move ment. American Gas in the afternoon rose te 0, a gain of 2 points. Philadelphia Stocks Net Clese chre. 1(7 1 127 2 Vi BO 4-2 07t3'j High 180 Am Stores US 103 de 1st pf.128 t7 127 Bl) 09- 154 65 134 194 40 Am Gas. . CO ROf Am Ice. . . 07 V2 110 Am Rwys 5Vj lOfAtlnn Gulf 27 114 Hank N A war w 1. 03 100 Cen TrN. I 47 225ICRI & P. 3."vi lOtChile Cep 16 00 27 0A. 279 Va 54 48 34- 8 76 22 68 4- 154 54 54 54 02Vi 47 MVi 10 027&.. 47 1 ie te, 94 94 00 Elcc 131)1 120tFam Pley, 81 lOfG St Steel 73 113 I Ce N A. 30 10 Key Tel... 8V4 130 L Sup Crp 0 SOLeh Nav.. 70 23Lch Vnl pr-20 478 Penn Cent Light pf CI 017 Pa It R.. 35. 45Phlla Ce.. 3f 150 de cum pf 38 078 Phila Elcc 2;fi 321 de prcf.. 27 4430 de war w i 1 3088 P It T... 214 50tSt L & S V .. 24 lOOtStudcb'ker 03T 10t Seu Pac 83 BOO Ten Bel.. 1 775 Ten Min. 1 200 Union OH IOTA lOOfTrans Oil 0'A 220 Un Trnc. 35 12!) U G I .. 3!9i 55 de pref . 52 02 U C N J. 100 lOOfU S Steel. 88 DOfU SCI Pipe ... 25 80 81 68 1 7.1 80 (a 8 0 70 20 00 'M 34V4 38 7178 30 i V 8 Vi 34 1 82 31 14- 284 -61 -34 15 1 1 94 54 54 1 94 94 54 54 20 . 531 1 U , e OiJ a 23'i Vi 116 14 27 27 1 13 H 23 23?i 24 24 03 03 S3 83 1 1.- 1 l Vi 111 11).. D'i 0V4 35 V 35 Vi Vi 311 31) 51 "i 52 .. 100 100 . . 88 88 37 i 4- 7 34 - 1394 87- 74 45 63 6 50 18 54 154 54 154 2 154 54 'B 13- 249a.. 94 421 25 3894 54 4 .. 9 63 1 15 25 20t White Oil i) .0 0- tNct change made by comparison with last sain en -New yeik HtecK iixcnar.se. Total sales. 14,473 chares, compared with 10,055 shares Saturday, rillUMlKI.l'lIIA' neMis 400 Mbeity Ut 3s '47 00.04 0000 Liberty 2d 44s '42.. lets 1)0.08 139s- 3 18- 394 8394 50 - 1094 51 178 U5 100 194 3 95 94 1 54 12000 Liberty 2d 4is '42 1000 Liberty 3d 4V.s '2S 0000 Liberty 3d 4b '28 HIKK) Liberty 4th 4 ViS '38 lets 1)0.12 1)7.10 07.22 lets 00.44 5000 Liberty 4th 4s '38 H0.4S 2000 Liberty 4th 4VJs '38 00.40 1000 Victory 49in '23 reg 09.04 7000 Baldwin Loce Int 5s. .lets 100 1000 Bell Telephone 7k 10S 33 2 83 4 8 2 104 44 304 13000 Electric & Pee 4s.. ..letH 04 JOtK) l'lilln Klectrlc iHt rw, 1500 Phila Electric let 5s lOOOPhlla Electric lft 5s, nif) .lets 04 03 3000 Phila Electric 0s... , .lets 102 IOVj. Z4?4- 50(H) United Hailwayfi Bs. 17000 United Hallway 5s. 43 J. 1 lets 80 2000 United Railways 5s 80 54 1 94 1 54 194 "94 54 1 3 4 194 W 54 W "54 54 194 5000 United Rail Why 5s. . .lets si Total, urday. 107,900, compared with 112,000 Hat- FOREIGN EXCHANGE New Yerli, Feb. 14. The foreign ox ex change market opened strong this morn Inc. In the early afternoon, tliere was a strong tone te the market and a larger volume of bills was beini? sold. Ster ling cables were 4.30, demand 4.30li ; franc cables 8.07, cheeks 8.00; lire cables 4.88, cheeks 4.88; guilder rabies 37.45, checks 37.40; marks .DO';. The Ontral European exenanges were steady. Quotations were: Greek 1.57; Hungarian .10; Austrian .03; Bulgarian .70; Rumanian .80; Ser bian 1.32; Ozecho-Slevakian 1.01; Jnie-Sliivlnn .33; Flnnlh 2.01'; Polish .031. The rate of premium In Montreal to day en New Yerk funds was 4 per cent. The rate of dlceunt in New Yerk en Canadian funds was 4 7-10 per cent. TODAY'S OPDNINCJ QUOTATIONS Sterling Krnncs Lire dultders Demand 4.8rjV4 H.84 4.77 H 87 35 Cables 4.80 8.115 4.78 37.40 NOON QUOTATIONS Sterllns J-rnrcs Ure Guilders Demand 4.d.lJ, 8.(17 4.87H .." Cables 4,3H S.II7H 4,88 .... BANK LOANS EXPAND Deficit of S447.000 of Legal Re quirement 8hewn by Lecal Institutions A deficit of $447,000 of legal rcKcrve requirementH was shown in the weekh statement of Philadelphia Clearing Heuse Association. Leans and dis count allow an expansion of .$0,150,000 while demand deposits deerenscd SO -' 004,000. Reduced liabilities however, was offset by a decrease of .5,"i.3R1.000 in reserve credit, resulting in a de crease of $5,233,000 in excess reserve, leaving deficit as stated above. Details follew: Feb. 18. 1022 Decrease Dean tini.7ia.oiie ( no oeo llxchij. clr. Heuse.. 21.731.000 B noteoo Due from bonks,.. 8n,l7il000 4 a'tn nan 54 34 IV 89 2 116 - 6194 ' 14 35 1 3194 14 87 - 83 - 1 794 .. 794 22 "54 824 8 - 15?4 15?4 91 53 7 54 894 1494- 84- 27 - 36 -f 8 ; 46 CH. 94 94 94 94 54 54 54 94 "54 154 94 154 54 "t 2 54 94 94 UatiK uepesus .... jos,nn4,neo 2 inn nun Individual deposits, Time dereslls. ... . Iteserve with 1 11, W,ir5?? ,.04,ene in, 17(1,000 4,020,000 If, nun legal as. poslterles 48,081,000 Cnsh In vaults .... 9.nne.dnn 11. ssi, noe 887,000 .1, .1411,000 122,000 B.223, 000 Total reserve eld, 40,82r, noe Iteserve requireq. .. 012(17,000 Excess- reserve ....f 447.000 MEMBRRS nESRHVE SYSTEM Reserve held 4fl,82il 000 14. sin nnn Excess reserve .... tl.l4.'l,000 ""S'oeo TRUST OOMP4NIEB NOT MEMIU'lix BEJERVK BYfTKM L,US Reserve Bald 18,404,000 ti"a nnn 1S2S "SrliK''bev.-jhVr. ttllffim;'0! - posits aialnit which, no reservi fa reTuir00"' rtptreaa. Tuencit. ,-..... i a., " . .l7 .!, Are Your Vita! Assets Protected? What is of mere vital importance in your btuineM thaa your W atauntif At the tame time, what asset it ex. peied te half u many rib and haurdaf ' Therefore dovnet hesitate a minute about aafefuardinr your credit account against losses beyond the normal. Remember, bad debt losses come "without warning! One of our Policyholders writes : The losses we have Had have invariably happened as accidents) that is, we have had no occasion te distrust the accounts until te late te avoid less." Protect your credit accounts, all through 1922, with the American's Unlimited Policy of Credit Insurance. N ether form of insurance affords se great a service at se mall a premium. Limited Policies at lower cost Pajmtntt it PtiicylitUtrs retr j$l 1,000,000.00 AMERICAN CREDIT-INDEMNITY CO. e NEW YORK E. M. TREAT, iimmnt M9UM TANOAelO WMLIMITtO et,KIU W. J. Merphy, ManagcT J. F. MacFadden, General Agent 1011 Chestnut St. t Mem Filbert 8503 L. Philadelphia, Pa. WE ANNOUNCE The Opening of our New Ground-fleer Offices at 1615 WALNUT STREET With larger space and increased facilities for taking care of our clients' investment needs. SCHIBENER, BOENNING & CO. Invettment Bende w Phene Numbers ) Locust 7460-7471 i Beca 3268 l " jtayW Te buy a home without insuring its titles is hardly wiser than te purchase a property without seeing it tall. Encumbrances are often hidden deep in the details ei past exchanges. Title Insur ance is your protection. North Philadelphia Trust Ctx Bread St and Germantown Art. Above Erie Ave, Philadelphia WE OWN AND OFFER 500 Shares Northern Central Railway Ce. Guaranteed 8 Stock Leased te Pennsylvania Railroad for 999 years fro 191 1 at an annual rental of 8. Dividends paid Jan. 18th and July 15th. MORLEY, WOOD & CO. 333 Chestnut St. Members : Philadelphia, Pa. New Yerk Stock Exchange Bell. Lembard 047. Philadelphia Stock Exchange Keystone, Main 4IM Sigourney Meller & Company Life Insurance ANNOUNCE THAT Mr. ROBERT MEADE SMITH, Jr. HA8 BEEN ADMITTED TO THE FIRM AS A GENERAL PARTNER Sigourney Meller & Company FORMERLY MELLOR & ALLEN NEW YORK 120 Broadway UNITED STATES VICTORY 334 NOTES The Treasury Department has called these bends for redemption at 1 00 and accrued interest en or before June 15th, 1922, which redemption may be effected at our office. We Recommend for Reinvestment Harritburg, Penna., Scheel District 4l2 Bends Te Yield 4.20 WURTS, DULLES & CO. rrsauin Bank BiuMlag, PMUstelsais , M'l (J It 1 I PHILADELPHIA 1431 Chestnut Saiittiifc fn 'jl i-nf !m i&SiMuH'-.vXA
Significant historical Pennsylvania newspapers