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NEW YORK STOCK
ihulu inuuin
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EXCHANGE
m
If W YOU
ONDS
F"ir
for investment
t-fcaV. ...1 j
individual client a care.
fully considered list of
;Wth-irade Bends which
-.- . ..J ...
j?fe letr Invntnunt
ri' its unii biiu iri:iiiiunriiii
Iw March tltt will be mailed
my - , in thu upon request.
f.M
TktNatienal City Company
FMateaala 1417 Chaatnut t.
.el
at I
jJAtta.tic City Chaliente Bleck
1
iv pgirawui
B?
iy
m
City of
Les Angeles, Cal.
5 Bends
Due 1926 te 1961
i
Exempt from all
Federal Income Taxes
Prices te yield
4.75 te 4.55
(according te maturity)
Complete circular
en request for F-4
Harris. Ferbes & Ce.
Pine St., Cor. William
NEW YORK
Philadelphia Office
Wldencr Btdg.
Telephone Spruce 7040
Wr
W
Five Year Secured
Convertible Geld Notes
The 5 year 7 Notes of
the Havana Electric Rail
way Light and Power
Company are convertible
at S2V into long term S
Bends, listed en the New
Yerk Stock Exchange.
At present prices for the
Notes, the General Mort
gage Bends due 1954 into
which the Notes are con
vertible, are en a 6.10
besisi which seems te be
out of line with ether
high-grade public utility
bends.
Latest earnings statement
shows total interest
charges earned about 5
times. Since the Cem-
Sany's incorporation in
Tew Jersey in 1912 earn
ings have never been less
than 2.65 times annuaj
interest requirements.
Wrltt for Circular,
S
fefemphill, Noyes C8l Ce.
i aVaanaaM War Yerk Stank r..-).....
rVanklln Bk. Bldg., Philadelphia
mifawYeffc Bosten Scraatea
Tmmmbwwi
Albany Syracut. Baltimata
mim$n I) new issue
!ll$!itr Empt from All Fd,ral
B'V 'EX S ncem Taxt
Sngeblp3?' $100,000
f:'City of Burlington,
Vf North Carolina
Ivpl Direct Obligation 534
: WaV-1 GeW Bendl
V fctaWW '' These bends are direct and
vJsujWWJff ""general obligations of the en-
MnB'rlsV' ' "r c'ty aml arc payable
"afff '' 'nm an unlimited tax en all
r 'H k taxable property therein.
0i'Mw Maturititt and Yield.
! i , M 1925 te 1930 5.70
'5' WtliV1- 1031 te 1940 5.60
.h'WWm- - 191 te 1950 5.50
tiK 1951 te 1962 5.40
ii vwi Descriptive Circular
jjif Hw UP Request
-ttmmh
i$Blf B Leach & cm Inc
''(wHS&i Investment Securities
IKHffi i' 115 Se"111 Fourth St.
'HJfi ? Philadelphia
iWMX Si HJ
, 'Sa rrr '
XMX&IewktWM$zSS&MWiBiTi
MHHV WE OWN AND
jleHKMI1 ' ( 0FFER
lfi)Bslvf&4jln SiB- Bend rated AAA 17
llJWllP5 WU e9r. which la Ircnt for Kar
AUuiBM lT'; 'jfll '' lM Biak InvrstmcntN in many I
aHaTS "'ic-:-MB wtme n rear nnd will preb.
v. .Tnem.Jt'.1 ansMr advance Sleo mere within
rfiBaaaaaaaaaaaa&iiaBBBsssajBjBia--s
1 iJaaBBlla' '
SllllVaaHRr I
KA.HUHN & SONS
TOCKN AKD DOKD8
bm a iha Phlladaluhlu. K.
aaal Chlcaas Sterk Kirhiin
t Vk. f....H .5 ..
abjaaaalMten OnUra.EnMuttd la
WiVt r "PrincJsaf Markats
uaht and Said
la (fear BKi.. MIS Waiaat bL
tefivaT,;,J UliBNUaif
0aJBJ--B-a-S-
OF STEEL SHORTS
' 4H
lt
ttee
if
it
is
7
laee
MOO
IN
a
IN
XN
IN
IN
40
U
70
3t3
tee
tea
31N
ie
St.
2300
111
IN
IN
30
108
6200
UN
4N
400
340
100
2200
IN
300
1200
1400
200
100
J100
IN
11H00
200
8300
004
100
100
3 100
IN
340O
IN
100
200
SM
4200
4300
IN
IN
100
1200
4SN
tee
1N0
409
IN
200
8200
200
3N
IN
12N
UN
2N
IN
1200
000
7N
7300
200
3300
300
400
100
300
200
200
3100
100
IN
1300
100
200
300
100
100
100
3N
2N
27N
3300
MOO
0N
400
6S0O
100
200
100
300
200
200
200
8N
300
82N
100
IN
3400
3H0O
8500
400
100
8300
200
200
1309
100
300
300
600
IN
4700
100
400
100
300
100
200
2000
100
400
100
IN
100
100
3N
100
200
28VD
400
1100
100
COO
16700
IN
300
60 au
4000
709
6300
HOO
100
300
200
420
1300
Whole Markat Cam Baek
Streng, Displaying Wonderful
Absorption Capacity
New Yerk, March 1. The market
came back surprisingly strong today,
again displaying wonderful absorption
capacity. The outstanding feature wa
fnrnlihed In the hurried covering of the
short Interest In the se-called tnde
nendent steel stocks and ether Industrial
specialties which recently passed their
dividends. An a matter of fact, It was
mainly nn Industrial market, a the
trading In the rnll division was mere or
less apathetic, the few exceptions being
Canadian Pacific and Texas and Pacific,
the last numed breaking Inte new
ginnnd.
The renewed atrnnrfli nt fnrlc?n n.
change, with sterling hitting a new high,
supplied a strong stimulus and vn
(supplemented by the continued casing of
money rntes. Fears entertained of a
brief money flurry due te the large
March first payments and disbursement
proved te be cntlrclv irrntinrllrsi. Cn11
leans opened -at 4-3i rtcr cent nnd there
appeared te be a plentiful supply of
funds around that rate. The mere en en
"eurnglnc development, however, from a
sentimental point of view was supplied
in the favorable railroad earning re
ports. The Pennsylvania statement
played a strong supporting hand te the
Union Pacific figures of vestcrday. A
gross les of mere than seven millions
compared with January last jear wok
converted Inte a net gain of Just under
four millions.
Curiously, Interest ran strongly te the
Industrial divNIen, rather upsetting the
theory of distribution by the peels of
the industrial holdings under the cover
of the btrcngth of the rails. The g
oreus snapping back of the Independent
steel ttecks was ample proof of an
other miscalculation of the opponents
of the centtructhc movement of the
market position. In addition, however,
te the covering of the Miert interest
there was noted a broadening of the
buying demand with Increasing orders,
according te the beard reports, coming
from several new sources nnd indicat
ing an extension of speculative inter
est following the heavy trading noted
for the Western account.
The short Interest hurriedly covered
Its contracts nt the opening, as many
popular issues made early gains of 1
te 3 points. Leaders of the advance,
which was stimulated by the further
rise of British exchange, Included Gulf
States Steel, nremlncnt ceulDmcnts. oils
and eevcral of the rails, notably Cana
dian Pacific. Sugars and feed special
ties extended yesterday's substantial
gains, National Biscuit rising 3 points.
Gains were made in a number of stocks.
the meter and rubber issues being among
tne most prominent icatures. Hubber
stocks were traded In te a larger ex
tent than for a long time past. United
states Hubber moved up Z points and
Kclij -Springfield Tire advanced 1 point,
while a substantial gain was made in
FUk Hubber. This movement was at
tributed te the persistent buying of the
leading meter snares, which were again
extremely active. The petroleum stocks
were stronger than they have been for
some time past. Mexican Petroleum
moved up 1 and General Asphalt
rose ever a point.
Commodity Markets
GRAIN MARKET
Chicago, March 1. Wheat started
c te c lower for May 'and Tic te
lJc off for July, with scattered com
mission house selling, followed by lo
cals. Receipts inspected yesterday were
24 cars, last year 23 cars. The cash
market was steady for choice and easy
for the lower grades. Expert business
vesterdnv was estimated at 500.000 te
OOO.OOO bushels. Liverpool opened to
day Id te, lUd lower for futures aim
unchanged for tppt. ...
Cern started 'Ac te 10 lower for
May and YtC te jc off for July. Com
mission houses bought en the break
and forced a rally.
Onts opened Vic te c lower, with
selling by a leading house; resting or
ders absorbed the offerings en the break.
COTTON MARKET
New Yerk, March 1. Heavy notices,
iggrcKatlng nt least 30,000 bales. Im
parted an easy tone te the market at
the opening, first prices dropping lfl
te 23 points. In addition te consider
able liquidation, there was Wall street
selling, which was obberbed partly by
New Orlesus and trade buying. The
cables were peer. Later, the list here
recovered part of its less en a demand
from shorts and the tone was fairly
steady.
12 30
P.M.
1818
Test e!ea
.... is nt
.... 1S.24
... 1T.4S
... 1.7S
,... 16.62
Open
18 33
1S.05
17.20
16 B0
ie.te3
March ...
.riy
Jul
October . ,
December
17.3(1
10.63
Liverpool Cotten
I4Ttnoe, March 1. Spot cotton waa quirt
teflay Wlh prlra Irregular. Tbt aales er
(,0I0 ble. The reclpta were 0000 bales,
none Amerlcen. Spot DHeca were; American,
mlddllnr fair. 11 57(1: koe1 mlddllnr. 10 67d:
fully mlddllnir. 10.37d: mlddlln. 10,02d; low
' ordinary, 7.6Jd.
NEW YORK COFFEE MARKET
New Yerk. March 1. Owing te the
holiday Uirrc were no e',cial quota
tions from the primary markets, either
as te futures or exchange rates and this
left the market here in the dark as te
developments in Brazil. Trading en the
call was confined te May nnd Decern-
hai. n,w! iirtiu wprA ltnnhnnff.fi tr a
' decline of 3 points.
I.atc in the forenoon .May sagged off
a lew points una met up wun a stop step stop
less order at 8.50 at a time when
there seemed te be no demand. Bcfore
tue order ceuiu be executed. May
touched 8.13 rents, or 11 points below
the previous closing level. Otherwise,
the market was without feature and
prices ut midday wcre up a few points
from the bottom.
ein
S.M
M.G4Q58
. 00O6J
8 flOWfU
soseea
RAILROAD EARNINQ8
WKST JERSEy AND SnASlIOIlK
1022 Increaee
Jtn epr. revenue.. 7UO,82 UU-.H78
Net enr. def.rit.. 125.620 t.MS
Nit eper. dfrtclt
Inceme HI, 8(8 1,039
PENNSYLVANIA RAIUtOAD
I Jan epr reenu. IJ7, 322.161 7 Sin CU9
Net eper revenue n.anii kwi .Rii.miT
Net eper Income. 4.K66.088 4.D28.233
WtaTKItN MARYLAND
Januir rei . . I1.478.SM M22S015
Kaiance utter Uim, 3I0.894 204,081
Total Income .... 278.220 30,S40
Surplus a,ter chif. . 11.700 10,-tDu
J'HILADEU'HIA AND READINO
January tem 10.120,768 11,732,863
Net eper, Income.. SOH.OliU 181.137
BT I)Uf3-3AN rnANCISCO SYSTEM
lanuary vre 10,146,780 tl,2Sr.,044
111, linr utter taxea.. 1.230.088 lH.TJil
alew,
I IIOCIC ISLAND LINES
January areea 10, 039,1m I2.00H.1M
Teut Income 208,080 35,003
Dccrenae.
'West India Sugar Defers Dividend
Nw Yerk. Starch
1. Tha Wtat India
Suxar Finance Corporation has deterred
oration haa am
lireferred dlvldted
action en auartarly
of
02. dut at tela Una.
' 12.(00
Pr Cleee
Mtreh 5 60
May H,R4M
July 8 61 Ofl2
Ueptrmb-r 8.03 M 64
Decembr 8 67808
Blv.
SalM tat Hlth Xisw
.. Adam. Exnreas .... MR fH
1M .. Advanea Rumsly .... ! "ft
. . Ala Rubb.r M . "J
10e ... Alaska Junaau ait.. H Ti
1:10.
r. m.
Cbf.
- a
18H
I-
1
J4 14
nW- U
10H
Alaska Geld Mines... 54 ' W
3
S
Allied Chsm A Dye .. 'H TV
7 Allied Cham Dye p034. 1MH
Ai!is-cuutnr.
7 Allls-Chalmer. pf. ... Ml
, . Am AstIe Chem 34U
. . Am Agrle Chem pf. . a
. Am Beet Sugar...... 37 J4
. . Am Deach Magneto,. 80 14
4 Am B Shoe Fdy new. 01(4
. . Am Can 40K
4414
47
3)4
H,
s!4
7)4
Mi
34J4
Ml
87
30
M14
40
101
M!4f.
40 -f
40 -
101
150
110)4-
814
3314
40H
H-
1844-
14H
70
44J4
0J4
3 -
100(4
11314
4h
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47)4
N!4-
1H
H
1)4
14
!4
H
14
H
V
w
1
H
l'4
"ji
14
14
7 Am Can pf 101
It Am Car 4b Fdy
...!
140
9 Am Car 4V Fdy of
.110)4 '"St
. . Am chicle b
.. Am Cotten Oil 33K
. . Am Cotten Oil pf .... 40 H
.. Am Drug Syn
8 Am express 1144
.. Am Hide A Leather., la
. . Am Hide ft Leather pf 70
Am Internat Cerp.... 4&Vi
"ft
23)4
40H
n
135)4
18 H
f
44H
!'
83
100
MY
414
13H
47
0!4
1334
31
3J4
!4
27)4
110)4
138J4
13
103)4
80
20)4
124
48)4
0K
i!4
3
24 H
11 H
20
78 !4
100 H
37
'
2JH
44
!4
43H
3J4
107
6)4
lej;
124
38H
8H
25J4
32
"W
51
5!4
136)4
38)4
47 J4
34)4
714
40)4
414
H
17
30J4
44
18 H
23)4
87
074
40Ji
70)4
144
26
45)4
26
45K
S)4
54
74
2
!4
47 )J
48);
J
07
134
40
55
103
113)4
30
!4
104
10
3K
8894
111)4
114)4
71
24 ft
140J4
17
80)4
10H
18
81)4
SH
84 K
124
16H
3!4
00
163
ay-
684
80
38
28
7ft ?4
36
84
23)4
70)4
IK
5
UK
54
76
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0)4
4)4
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014
2)4
30)4
1J4
154
7t
27 y
"H
65
H
ISM
014
32);
14
184
64
-0W
25 H
1 Am-La France Ens'... tfi
.. Am Llnseta
Am Locomotive . . .
7 Am Locomotive pf.
. Am Safety lUier . .
. . Am Ship ft Cera. .
. 32 H
.10IH
.M84
. 414
13
47 H
. . Am Smelt
7 Am Smelt pf.
!
00'
12 Am Snuff 137 14
137)4 4)4
3 Am Steel Foundries.. 31 U
7 Am Steel JAlys pf . . . . ?4
.. Am Sugar Itef 70H
. . Am aumatra 2S
Am Tel & Tel H9
18 Am Tobaeco 130H
13 Am TebtCCO B 133K
6 Am Tobacco pf new.. 102 14
7 Am Woolen 0H
.. Am Writing Paper P' M!4
. . Am Zinc Lead & Smlt 12ft
. . Anaconda cPPcr .... 40
6 Atch Tep ft Santa Fe. 07
.. Atlanta Blr ft Atlantic
.. Atlantic Fruit 3
.. AU Qulf 4WIS3.. 24',;
. . Atl Qulf ft W I S S pf 174,
.. Austin Nicholas .... 214
7 Austin Nicholas Inc pf 70
7 Baldwin Locomotive .107i
3114
03J4
414
37)4-
UH
180)4
134
10214 114
se -r y
24)4 H
13H- V4
48J4
7
l'4- W
a - H
24 - 14
17H J4
23H 94
7 m
1044
3774
!4
28H
44 -
14
83H
2!4
107 -j-
e4-1014-
128H
40
K-
2054
32
114
314
136)4
33)4
67
344
72 -
14
4H
H
. . Baltimore ft Ohie . .
4 Baltimore ft Ohie pf,
.. Bamsdale Class B .
. . Burnett Leather . .
. . Batepllas Mining ...
8 Bethlehem StecI B.
!4
14
!4
"li
"li
14
'
21
1
)
14
4
"
"'h
14
H
'1
M
14
V
M
33
44
14
83H
7 Bethlehem Steel 7.. 02'4
8 Bethlehem Steel 8 ptl07
.. Beeth Fisheries 614
.. Brklyn Rapid Transit 10H
. . Bums Bres A 120H
. . Burns Bres B 4 OH
. . Butte Copper ft Zinc. 5H
.. Butte & Superior uep 204
.. Butterlck 33
.. Cadde Central Oft R UK
.. California Petroleum. 42 J4
. . Callahan Zinc a Lead
10 Canadian Pacific
. . Central Leather . . .
. . Central Leather Pf . . .
. . Ctrro-de-Paseo
0 Chandler Metera . . .
4 Chesapeake, ft Ohie. .
. . Chicago ft Alten . . .
. . Chicago ft Alten pT.
.. Chi & E 111 (new) .
li
.137)4
. 334
. 67
. 84 Ji
. 73H
. !4
. 4H
. "H
17
17
87S-4 1
414- M
18N 14
. . Chi ft E IU (new) pf . 37(4
.. Chicago ft Gt West. . . OTa
.. Chi ft Or West pf.... 18 H
.. Chi Mil ft st P 24
.. Chi Mil ft St P pf 37)4
8 Chi ft Northwestern. 68
. . Chicago R I ft Pae. . . 41 J4
Chi R I ft Pac 6 pr 704
.. Chile Copper 17)4
.. Chlne Copper 25 14
4 Coca-Cela 45)4
. . Colerado Fuel ft Iren . 20
8 Colerado ft Southern. 4474
4 Colerado ft Se lat pf 88 J4
23)4-
37 -
74-
40)4-
70)4
l4-
24J4
45)4 ..
24
4SJ4
48J4-
4 4
?4J4
3 -
14
8 -
48);
..
71
124 . .
4 Colerado ft Se 2d pr. . 84
6 Celum Gaa ft Klee . .
.. Celum Craphophene.
.. CelumblaOraphpf.. . .
4 Cemput Tab Recerd...
2 Consolidated Cigar pf.
. . Consolidated Pis 1 na. .
77M
2
,08!4
.48)4
H
1 Consolidated Gaa 07
.. Consolidated Textiles. . I2f4
6 Continental Insurance 00
. . Continental Can .... 4S
4 Cern Products Rer.,102'i
7 Cern Products Ref ptll5J4
BO Ceaden ft Ce 33K
4 Crucible Steel !4
. . Cuban Am Sugar .... 20
.. Cuban Cane Sugar .. 10'i
. . Cuban Cane Sugar pr 20H
. . Davisen Chemical . . . 60J4
0 Delaware & Hudsen. Ill 14
6 Del Lack ft Weetern. 1144
8 Deere ft Ce pf 71
1 Deme Mines 24
13 Electric Storage Bit.. 140 J4
.. Elk Hern Ceat 17
6 Kndlcott-Jehnson .... Nft
. . Erie . "
.. Erie lat pf 18
8 Famous Players It.... 814
8 Famous Players L pf. 0374
8 Fisher Bedy of Ohie pf 84
.. Flsk Rubber 13J4
.. Freeport Texas 16
.. General Asphalt .... 44 S
n General Asphalt pf . . 00
69
55
10214
113 )4 -30
-46J4
H
10 -
20H
584-
111)4
114)4
71
24
140)4
17
80)4
11
18
81)4
0SJ4 8K
!4
154
03)4
00
153
8H
38 -38
-76
35
84
23)4
8 General Electric 143
. General Meters ....
6 Gen Meters deb 6
7 Gen Metera deb 1
.. Goedrloh B F ....
?
684
SO
38M
.. Granby Consel M & M 28
1 Great Northern pr.. ?s
4 Great North Ore ctfs. 35
.. Guantanamo Sugar .. H!4
.. Gulf Mobile ft Ner pf 23)4
.. Gulf State Steel 724
. . Hubershaw El Cable.. 14
7 Hartman Cerp 05H
.. Hendee Mfg Ce .... )K
8 Hemcstalie Mining; .. 604
.. Housten Oil 70
.. Hupp Motorcar 1414
.. Indian Refining .... 74
.. Indlahema Ref 4)4
.. Inspiration Cen Cep.. 38 J4
.. Interb Cen Cerp .... 2!4
.. Interb Cen Cerp pf.. 7H
.. Internat Agricul ',4
.. Inter Comb Lng 23)4
80 Lit Cement 2H
71J4
M
5)4
144
je)4
76 -
1!4-6)4-414
38)4
3)4
'14
ei,;
2-14
24
14
144
114
66
40
U
)
3JH
10i
8 Int Han ester new...
. . Int Mer Marine
6 Int Mer Marine pf. ..
.. Internat Motertruck.
, . International Nlckel .
6 Internat Nickel pf..
.. International Paper.
., Invincible Oil Cerp.
01)4
154
72)4
28
114
65
40 H
17)4
.. Iowa Central 6)4
.. Iren I'reJucts 33)4
.. Island Oil 154
.. Jewel Tea 10)4
.. Jewel Tea pf 60
.. Jenes Bres ltd. 3s),
, . Kansas City Southern 20)4
4 Kansas City Se pf . . . . 44
.. Kansas ft Uulf 8)4
8 Kayser & Ce 08
.. Kelly-Sprlngfleld 'Alie 41?4
.. Keliey Wheel 87
0514
14 T
-
!-
4114
80
4
08
41 1;
86
i
LIVESTOCK QUOTATIONS
Chlcase. March 1. CATTLB BacelpU,
7000 head. liter nteara and the ateck steady
te atrenc. Chelca 1406-pound aUera. 10 40;
bulk Ix-tf atecra, 7.50&b.40: bulla alew,
about steady; calvea unevenly lowers atechara
and feeder ateady en better arradea; lewer
groilei) bulla,
1IOQB IlecclptB, 21.000 head. Uneven,
meetly lOttlSe lower than ycterda.y' e er
ase, light wolslile actlte. elhera alew. Tep,
and light workers,
H1IEEP AKD LAMBS Receipts. 300 head.
Steady, Tep aheep, 19.00; ten lumba. HO.'Ji.
UAL.VE3 Itecelpte, 160 bea4. bteady.
Tep, IIS
Eaat Buffalo. March 1. CATTLE Re
ceipts. 136 head
200 head. Steady;
iiuua jicceipia, iw ncaa. mew, lit'tv
2.V) lower. llcavi. tll.25011.6U mixed,
111 OOW11.03. yorkers. Ill U3ll 73:, light
yerkera. 11.23jl.03; pIkh. 111011.23;
roughs. 10,2500.(11), tas, I4W9.30
HUEEI' AND LAltiiS llcce'pte 1200
head Slew, levtcr. Lautbs, tU 13.70;
yearlings. I10O14.A0.
411.20! DU1K. IU. luvuaa, piae. ew.u
"otter, bulk dealrabla 100 te 120 pound, 310
tflO.M.
H1IEEP Hecelpta, 17,000 head Very
alew; nethlns choice aeld eurly: blddlnc 2MP
uOc lower; aherii Texas jearllnga and twos,
1100111.75; deilrable 81-pound abcaxlnf
lamba. 114.60 .
Charters Piled
Dever, Del.. March 1. Charters Med te.
day; Plgrly Wlggly Delaware Ine . $1.(173 -000,
deal In feed aupplles, Klwecxl H. lJart
lett, Daniel ), Welsman. AtUntle City, nnd
Jamns a, Huttutlcr, Mew Yerk City. I'rank.
Un Realty und Development Company, Inc.,
transect ecneral real estate business. SI,.
000 0OC Klrb.y O. Sldbury, II. a. Ileth. K
C, lleth. New Yerk City. Increase In cpl
til of Amirlcan-lliiropean Ilnance Corpora
tion from $6,600,000 te $28,000,000) New
Yerk City.
BANK CLEARINGS
Dank clearing today enmpared with car-respendlna-
day last two years;
Eaat St. Iela. March 1. CATTLE TU
eelpts, 2500 licp.0. lieef steera steady te l.te
hlglier; soed sradea In bet demand. Tep.
IS 40 Dld for letie yearllnja; teod 1240
r.n.in1 .i..r. lfl.tS! bulk. I7fi! beef cewa
ateady te l&e lower; bulla, light year-
llngi una atecxers rj, .' civ. jW
0e hlither. bulk, llOBOOlli lop, fll.BO.
nr.iu lWAlni 14.000 had. Meatlv 10
eir.e lower, fop. 111. 20; bulk ISO te 220
wui.t veresea..4U 10911.20! 3S0 te 2S0
pound welghta. I10.7JO11.10, packer aews,
Ue lower; roeetly $0 30,25, pl ateady,
it. r.r fffi l n no
BlllicP llecelpte. 1000 bead, ateady te
2tki lower. Tep, Slees; ewes, itvi.eu,
N,k,wl,. nrr.K 1. HOUM ReeMeta. Phtla.
,TT,000
. 60,000
bead. Lewes. Hearti. (ll,24i heavy Seitea
Hlth
Xennlestt Cenner ... as U
Lew '
IS"
si;
114
nit
it
1M
414
414
M
84,
7
38)4
s)4
11M
113T4
mn-
7.
114
80
S
44
14
UK
334
23
64
2H
1S7
41
s!4
88
US
314
14
01)4'
0)4
78
46
3H
33
1 H
43
714
704
IS
3K
5 14
1514
137)4
714
18K
40
45)5
50)4
8
15)4
38
7K
78
12);
244
604
a
36)4
88)4
14)4
33
40 4
!4
27
N!4
116
1134
744
44 H
314
31
48 14
78
40
64
28-W
60
28)4
41)4
2)4
IK
7K
00
11 r;
22J4
38)4
71
52
84)4
21
52)4
06 ?4
181)4
1MK
34)4
43J4
6
674
37i
10K
46)4
32
27
46
400
20H
130
40
384
CJ4
120
!!(
1314
66
130
214
434
20)4
3
44J4
06)4
50)4
47)4
100h
83)4
04)4
11574
34
134
30)4
60
la
24)4
15H
80
K
104
18)4
67
02)4
65H
7H
16
884
H
15
4)4
40
2014
8JJ4
7N
8N
.1 Keystone TAR 14J4
.. Lackawanna Steel... 47
Lee Rbbber Tire 30 14
(0 Lehigh Valley
V Liggett A Myers pf... 114
Lima, Loceraotivo .... 47)4
.. Leewe Ce 184
1 Left Candy. It
It Lerlllard Tobacco ...141H
1 Louisville ft NaahrlllalUH
.... Mactntyre P Mine... 1
4 Mackay Ce pf 01 4.
1 Manhattan Kiev guar. 41
.. Market St Rwy OH
.. Market St Rwy pf. ... 34)4
. . Market St Rwy pr pf . 7)4
.. Marlln Oil 17)4
,. Martin Parry t!4
.. Math Alkali 80)4
.. Maxwell Class B.... MM
0 May Dept Stores.... 114
13 Mexican Petroleum... 124)4
Miami Cenner 37
100
14N
0N
IN
100
100
ltN
IN
IN
9N
00
109
J4
'w
H
IN
100
1000
16N
10HO
800
38N 1
00
100
MO
300
3N
3300
2N
03N
SON
3100
IN
300
UN
000
8N
240
700
100
00
26N
1100
IN
UN
100
600
IN
3400
400
ION .
700
IN
2600
100
600
IN
300
100
200
600
67N
32N
1800
100
200
1200
4700
200
100
1600
100
109
600
40N
16400
te Middle State. Cerp... 134
.. Mldvate Steel 30 H
.. Minn A St Leuis 8
7 Mmn St P A s St Me. 00J4
.. MeKanATeT ... 8
. . Me Kansas A Texas pf 44
.. Me Kan A Tex (wl).. 11 H
. . Me Kan A T (wl) pf 34 H
6 Missouri Pacific 38)4
. Me Pacific pf 48
.. Montaremory Ward... 14)4
.. Mull Ins Bedy 384
7 National Biscuit .,..187
.. Nat Cleak A Suit .... 44(4
6 Nat Enam A 8t 38H
6 National Lead 88);
7 National Lead pf. ...Ill
. . Nat R 11 of Mex 2d pt 3M
.. ftev Cen Copper.... 14
N O Tex A Mex 414
.. NY Air Brake
5 New Yerk Central.. 78J4
8 New Xerk C A St L. . ,
.. New Yerk N H A It. 17H
2 New Yerk Onl A W. . 33
4 N Y Shipbuilding.... 24
7 Norfolk ft Western.. 08K
3 North American ctfs. 47J4
7 N American pf ctfs.. 42)4
. . North Amer A Rts 7)4
7 Northern Pacific.... 70J4
. Ohie Bedy A Blewer. . IS
14
Okla Pred A Iter.... 34
Ontario Sliver Mining 84
Orpheum Circuit .... 1S4
8 Otis Elevator 137 )4
.. Otis Steel 10)4
. . Pacific Devel Cerp. ... 7)4
0 Pacific Gas A Elec. . . . SOU
.. Pacific Mall 154
8 Pacific Oil 4H
8 Pan-Amer Petrel.... 60)4
6 Pan-Amer B 404
. . Panhandle 8
. . Parish ft Bingham. ... 10
2 Pennsylvania R R... 354
.. Pcnn Seaboard Steel. 74
5 Peeples Gas Chicago. 76
.. Peoria & Eastern.... 12)4
.. Pere Marquette .... 274
6 Pere Marquette pf. ... 504
8 Pere Marq prier pf.. 00
3 Philadelphia Ce 34 K
60 Phillips Pet 334
.. Plerco-Arrew Moter.. 18)4
.. Plorce-Arrew: Met pf. 35J4
.. Plerce Oil 8)4
3 Plerce Oil pf , 46
8700
8400
300
300 1
200
1600
8N
10M
3100
100
4N
1800
330
00
IN
2100
300
100
3030 S
2600
100
1000
100
2400
100
100
1200
1000
12400
100
200
700
1800
2100
100
1700
1700
009
1100
1100
24500
700
2N
100
200
42N
10400
80 Pend Creek Ceal .... 15)4
.. Producers Refiners .. 27);
4 Pub Service of N J. . 80
8 Pullman 116);
. . Punta Alegre Sugar . . 30
2 Pure OH 354
7 Railway Steel Spr pf. 1124
.. Ray Cen Copper .... 14
4 Reading 744
2 Reading 1st pf 44 04
.. Remington Typewriter 32)4
... Replegle Steel 31
.. Republic Iren ft Steel 40
7 Repub'Iren ft Steel pi 78)4
7 Reb Rels Ce let pf . . . 4
20 Royal Dutch N Y.... 44)4
14
V.
1!4
K
J4
1)4
.. St Leuis San Fran.... 204
.. St Leuis San Fran pf 60
. . St Leuis 8 W 28J4
.. St Leuis Southwest pf 41)4
.. Santa Cecilia Sugar. 3)4
.. Saxen Moter 14
. . Seaboard Air Line pf 74
. . Scars-Roebuck 604
.. Seneca Cep Cerp .... 12)i
. . Sinclair Oil 23)4
.. Sleas-Shtfllcld 3814
7 Sless-ShcnieM pf 7t)i
. . Se Perte Itice Sugar. . 53
6 Seuthetin Pacific .... 85
.. Southern Rail 2194
.. Southern Rail pf. ... 62)4
4 Standard Oil of Cal.. 07)4
8 Standard Oil of N J. 183
7 fatand Oil of N J pf. .114f4
3 StewartWarner Speed 34J4
. . Stromberg Curb 46 )4
7'Studebaker 101)4
.. Submarine Beat Cerp 6)4
. . Superior Oil Cerp .... 6)4
.. Sweet Ce 374
.. Tcnn Cep ft Chem.... 104
8 Texas Ce 46 (4
.. Texas ft PaolCe 33)4
1 Texan ft Pac C ft O 21)4
24 Tex Gulf Sulphur 474
. . Texas Pac Land Trust460
.. Third Ave 20H
8 Tidewater OH 131)4
6 Tobacco Products .... 60)4
.. TStLftWcpfBctfs.. 30J4
.. Transcen Oil OH
10 Underwood Typew ...120
.. Union Oil l!4
10 Union Pacific 132)4
. . United Drug 46
8 United Fruit 140
.. Unlted Ilwy Inest pf 28
United Retail Stores.. 46
.. U 8 C I P ft Fdy.... 344
..US Feed Products .. 3)4
. . U S Ind Alcohol 45)4
7 U S Ind Alcohol pf.. 66)4
..US Realty ft lmi.... 60
..US Hubber 68 J4
8 U S Rubber 1st pr ..101
..US Smelt ft Ref.... 03(4
BUS Steel 04)4
7 U S Steel pt U)4
2 Utah Copper 424
. Utah Sec 14)4
.. Vanadium Cerp 1174
.. Va-Car Chemical pf.. 60
., Vlvadeu lnc 7)4
. . Wabash 8
.. Wabash pf A 21)4
.. Wabash pf B 15)4
'a
',
W
000
144N
76
0N
400
3200
400
6500
IN
1400
800
100
300
3N
76N
21N
4N
700
100
6N
144N
200
10
31000
1208
000
1700
2800
100
17N
2000
2200
100
200 2
300
100
3S0
IN
200
7N
800
14
i;1
B
14
3H
tt
ih
H
IK
!4
H
l
"H
li
!4
'?4
V
H
J4
14
se Wcltse Forge Express 80
.. AVcutern Murjlund. .. 8)4
.. West Maryland 2d pf. 164
.. Western Pacific 18)4
6 Western I'uclllc pf , . 62
7 Western Union Tel .. 2)4
4 WesUngheusc E & m. 66 ;
.. Wheeling & L E 7)4
. . Wheeling & L E pi. . . 164
4 Whlte Alolor 30
.. White Oil Cerp .... 0J4
., Wick Spcnc Steel Cerp 16H
000
300
ON
600
1290
600
100
IN
1!4
14
14
!4
S
1
3
Willys-O vet land
614
. . Wilsen d Ce
, . Wisconsin Central ,
0 Werth Pump pf B.
40
2014
67J4
KJ-dlvldend,
lll.70ifll.76; plga, 811.S&
Sal, la I
DIVIDENDS DECLARED
I'ottlbena Mulllken Company, Quarterly 111
per cent en first and second preferred. Day.
able April 1 te (.took of record March 21.
Tens Central Light and Power Company.
Xuarieny i en preierenee
pr.l 1 as reglittred March
Steady. Calves, receipts,
t"3 IB 50
Tonopah Extension Mining
rwrt sTareh li. ' " "
southwest Fennsjlvama Pipe Line Com
pany. Quarterly II. payable April 1 te record
Houth Perte Rice Sugar Company, quar
terly 12 en preferred, payable April I te
. .Vtratlnshouae i;iectrle 'empany, quarterly
$1 en common and preferred. Common i la
payable April 22 elid preferred April 15
both te et-tlt of record March 31 "'
American Cigar Cnmpiny, quarterly iu
per ctnv-en preferred, payable April 1 te
neck of record March 15 l0
Pa-kard Motorcar Company, quartrrlv im
per cent en preferrel, payabla March is S.
stork of record March 1. "-n JO te
P. Lerlllard Company, quarterly 3 nr
leijt en common and l, per cent en prefer.
Mafchr1 P ' ' ,0 tCCk or co,'l
Lehigh 'Valley Kallread. quarterly IK p.r
cent en common and 3W eer cent en r.
erlr&,3.,hl,yW Apr" ' t0 ,,Sck "'
e. w. Jieime company, quarterly 2V4 rer
cent en common and; iti per e-nt en pr
ferred. both rayublu April 1 te stock of nV.
uru, Airgi e.
1022 1021 102D
...i.iibii, uiuiuu i rnmnnnw
,eT00OaSa.- 831 Mt.0 73tNi3fe,r7edO"np.?2b':,0Tp,r0.'J fti
00,090 4,38.e 04.060,448 erd Marc 16. " ' l ,0
2V4 eer cent en cemmnn ini'i
tlSO N
P. M. Chs.
tH ..
14 H
40
n H
- H
114 1
'
" - 1
FOR LOCAL STOCKS
aaaaBaaaBaBBaMSSa.01
New High Mad by Yerk Rail-
ways-Qulet Absorption
of P. R. T.
Price movement In the local
was comparatively narrow, but uie tone
was decidedly strong. "While the vol
ume of trading did net come up te
the recent totals the dealings were
broader, Indicating a steady vrldeninf
of interest. Naturally the buoyancy of
41.. V... Va.I Mkat AvArtnH at iil
verting, rather than a stunulatlnf. In-
nuence. Tinicn, at ieasr, nns ever ou
experience. ,
All the mere prominent local snores
had a geed market, and In most cases
the demand exceeded the supply. P.
R. T. continued te be well supplied,
but all offerings were readily taken be
tween 25 and 25ty. Indicating a policy
of quiet absorption or accumulation
without forcing up the price. Union
Traction was also well taken. Oiilj
a few odd lets changed hands In Phila
delphia Traction. . .
The rails were among the firmest.
Pennsylvania Railroad was in geed de
mand at SOW, reflecting continued buy
ing by the smaller Investors. Lehigh
Valley was also in better demand. Le
high Navigation failed te respond te
iMiax iha nnnAiinnflinnt nf tnt With'
drawal of the suit te upset the sale of
. was a WfMl. TIkkka gTVjal
tne Lenign ana vriieB-aj w
Company te the Reynold syndicate, or
4k mA ..mi.AffiMil fifumrflnecs of
favorable action en tie proposed stock
dividend. . . .
Yerk Railways occupied a prominent
position among the inactive issues, mak-
1 -, l.t-1. tr. ,h. rear at 18. or
ever a point above last night e last
saie. xne prcierrcu was -n ."
nt 35. alight shading occurred in the
null. Jtntl VIa.,.!.. 1ei,na. IT. I. 1..
en the ether hand, remained well sus
tained nt 41. American oierra u
vanccd te 05 en moderate dealings,
while the first preferred lest a point.
The stockholders received a formal no
tice of the special meeting w veie un m
proposed Increase in the common shares
te provide for the future conversion of
the preferred stocks.
Philadelphia Stocks
1:18 Net
High Lew V. M. chge.
350 Am Stores 05?i 05 03 9i
30 de 1st pf. 120 12511128 r-1;
100 Am S & O 12T& 12-1 J2J4
20 Am Gas. . 00$ 60$ 56$
70fAm H&L. 35 15 15
10AmRyspf29 20 20 ..
55Elcc Ster.140 140 140 ..
10 In Ce N A 3VA 3111 Sl Vx
25tKan&Gulf 5 5 5
10 Key Tel pf 28 28( 28 ..
lOLeh Nav.. 72 72V4 72j '
WOlA-h Val.. 60 60 00 1
fi Ppnn fVnt
80
116
1J4
Light pf. 55 55
55 ..
35U
69A..
30 -f
34 -
1124
14 74H
44 H
32)4 31
K
14
!4
li
)4
14
H
IK
500 Pennn R R 304
83 Pcnnn Salt OVV,
25PhllCecnf 37
37 371j,
21 Sllfi-
201 Phlla Elcc 24
27'S
27
Yi de pret. . z
184 dewarfp27
27
27
472 rhlla U T ZS
- 7
65 ..
18 Y
aia 4
10 Phlla Trac 05
COtPleicc-Ar 18
75Tone Bel. 1
200tTrnns Oil 0
215 UnlenTrac 35
120 U O I.... 4l(j
80 de pref. . 01 '4
lOOf Wabash.. 8
5 War I & 8. 8
405 Yerk Rwy 18
50 de pref. . 35
W)4 1J4
40
64)4-
284
50 28)4
41)4 3J4
IK
74
0014
12)4
23)4
53 -f-844
21 -2)4-
64
183 -f
1144
34J4
444
100H-
6 -
74
374
10K
46)4
3K
27 -
tNct chang made by comparison with last
aaia en pew zone fheck j&xcnange.
rnnADKLrniA bends
300 Liberty 1st 3 s '17 00.00
250 Liberty 1st 44s '47 07.10
150 Liberty 2d 4i,4s '42 00.00
7050 Liberty 2d 4Vs '12.. lets 07.02
450 Liberty 3d 4i,is '28 07.84
1300 Liberty 3d 4US '28 07.04
1500 Liberty 3d 4Ms '28 07.08
5S50 Liberty 3d 4Vls '28.. lets 08.00
2750 Liberty 4th 4'is 38 07.28
"i)4
"34
74
14
54
2C000 Liberty 4th 4is '38.1ets 07.30
2050 Victory 4s 'lfl 100.24
1000 Victory 4s '23 100.20
1000 Amer !as & Llectric 5s. 82
1000 Bell Telephone 7s 107
500 Bell Tclephone 7s 108
1000 City 4s 1045 rcg 00
2000 Lchigli Nav cons 4 V.s. . . 01
2000 Lehigh Velley gen 4&s. . 07
1000 Phlla Klcctric Int 5s 04
5000 Phi n Elccttlc 1st 5s.. lets 04
5000 Phlla Electric 6s. . . A . . . 101
COO Portland Rwy 4. Light 5s 82
14
"y
14
!4
14
46
400
2J4
131(4
40H-
37H-
. J4-
120 -
1I4
133
00 -
1304-
28)4
44)4 2044-
3J4
45 -I-
1000 Readlng-JcrHcy Cent 4s.
1000 United Railways 5s
84
81
STERLING FORGES AHEAD
Cables Quoted at 4.443a Nerwe
glan Exchange Galna
New Yerk, March 1. Opening figures
for foreign exchange today vcere fully
In line with the expectations of higher
rates, unins rangeu irem ic in ster
ling te 20 points in Norwegian. De
clines included 3 points In Swedish, 0
points In guilders and V nelnr In
14 1)4
001
574
04J4
1414
84K
60 -
7K
8 24)4
"34
80 -
14
164
8!4
63
2)4
K
774 -t-
H
38 94
0)4 154
,!4
MO
2014-
67 J4
marks, compared with yesterday's final
figures. There was no change In the
conditions governing the market and
none is ei pec ted while sterling contin
ues te forge upward.
At the end of the first hour. Italian
exchange, en political news, became
conspicuous, rising te 5.42 for cublei,
n gain et iu penus ever yesterday's
final nnd a new high recerd: checks
were 5.41. Sterling was c under
the best nt 1.44 for cables nnd 4.43
for demand, FrancM receded 2 points
from the opening, touching 0.22 for
cables and 0.21 for checks Marks Wttre
unchanged at 43.
The Central European exchanges
were irregular, quotations were: Urcek,
4.U0; Hungarian, .14; Rumanian,
.70j; liulgarlnn, .78; Serbian, 1.22:
Czccho-Slevnkian, 1.73 j rinniah, 2.03;
Aubtrlan, .0108.
. t. i- . , .
jxciiuhkc in Montreal today was
steady with the premium en New Yerk
funds 2 per cent. Canadian funds in
New Yerk were quoted at a discount
of 1 15-10 per cent.
TBSTERDAY'3 CLOSING QUOTATIONS
Sterling Francs Lire Guilder.
Demand 4.43ft 0,17. r, 30'i 8S.3R
Cables 4.44 0.17V4 6.31 8S.80
TODAY'S OPENINO QUOTATIONS
Sterling Praties Mr Guilders
Demand 4.'i 9 23 B.38H 88.80
Cables 4.41H 0.24 0.39 88 83
stock, payable
10. 4Dla
Raw Sugar Fairly Active
y Vm-I a.-i. i. s.
Company, quar-
fix:.. V'"'i '3'Vi tiT" "r el
of
"" of
wnv1' MeiDiujrcM i4i me rw surar mar
set lata yMlcrJay, ana prleev held ateady.
1 rmm I aaif,lnaieaa mipnhaiaart I .. li e... ..
at .We cost and frclcht, and 16,000 baa
iz:z vv;: :":.i":ewux)v,! .a can-
tUIUU ums BV4JIIVU ailiinju DSL all Qttn Ilrt-
mlntes afloat at .' 3-J2e, c 1. ".New Yerk
;irlriareJ. KlPimnt at stine. e . T. "?. te
ss :wsR's!
! ' v' ""'" se w ue earner nujrar
Keflnln Company, and 7000 bavs en rout J
changed at B.loe, leas 2 per cent for caih
MONEY.LENDING RATE8
NKW YOUK Meney en call, both pi....
of collateral, opened today at (S W m
for lendlns and renewing, r cnl
PHILADELPHIA Call, s per rent! time
3 per cent: cemmerc Ul paper? threJ, Ji i
mentha. 6 per cent. ' v ' l r" t0 rlx
Prices Heavy en Parla Bourse
BettMay Thrf'Sir t "? '
pr rnt ean, Mc. The deli.e -J!
euuted at 104 (8e, aelUT WM
v.HL"JL
,,.. .
irocPefofS
,,0CI " "
05
18
H4 1 ft
nil enZ iZ
35( 35(4
41i 41Vt
8 8
17 181
35 35 Vi
$200,000
Midvtlc Steel & Ordnance Cempwy
5 Per Cent. SinWnr Fund Geld Bends
Dm. Menk I, 1
LUU4 - lk Nw Vrk n4 fWh. E"M
The only eutsttn-Jing direct funded obligation of
the 'Midv.le Steel k Ordntnee Company,' thl, lue of
$42,479,500 is lecured hy pledge of, 875,068 ah.r of
Cambria Steel Cempwy stock, practically the entire Imuc,
which at present prices has a market value of ever $65,000,000.
Of the Cambria Steel Company stock deposited te secure th
issue, $25,000,000 "was acquired by sale of Midvale Steel &
Ordnance Company stock, thus establishing an equity for
these bends.
The Indenture securing this issue provides that while
any of these bends are outstanding, the Midvale Steel &
Ordnance Company, and certain subsidiaries, including
Cambria Steel Company, will net pledge or place any mort mert
gage upon any of their properties, except purchase money
liens, unless .all of the obligations secured by such pledge or
mortgage are deposited under this indenture.
A cumulative sinking fund of $500,000 per annum com
menced May 1, 1917 for the acquisition of bends at net
ever 105 and interest. The sinking fund has redeemed
$2,464,500 of this issue. . v
Fer the year ending December 31, 1920, the Con
solidated Balance Sheet of the Midvale Steel & Ordnance
Company shows fixed assets of $185,786,965. Current assets
were $98,970,320, including ever $32,000,000 cash and
Liberty bends, against current liabilities of only $12,127,998.
Funded debt consisted of $11,046,000 bends of subsidiary
companies and $42,479,500 bends of this issue outstanding in
the hands of the public The Midvale Steel & Ordnance
Company, as is the case with practically all ether steel com
panies, will report a deficit, after fixed charges, for the year
1921. However, for the five years prier te 1921 net income,
after depreciation, averaged 8.7 times interest charges,
Circular Dtieriblng thl lata en AppJiemUen
Price: 87 and Interest
Te Net 6.42 Per Cent
Harrison, Smith & Ce. Biddle Henry
121 Seuth Fifth Street
PhUadelphia
Tt. Information and Utlrtlej 2UDSSl,tfniJ!iaii,aWa
obtained from sources which we Jbaueve te Be reliable
At Your Service
Beginning today (from 9 A. M. te 3
P. M.) an
Income Tax Deputy
appointed by the Internal Revenue
Department of the U. S. Government
will give advice and assistance in the
preparation of Income Tax Returns.
This service is gratis te our customers and
te the general public.
National
Bank of Commerce
713 Chestnut St
Nathan T. lWwll. Praaldtn
We Own and Offer a Limited Amount of the New Isnte of
THE CURTIS PUBLISHING COMPANY
PHILADELPHIA '
Publishers of The Saturday Evening Pest, Ladies' Hemt Journal
and The Country Gentleman
8 Cumulative Preferred Stock
Authorized and Outstanding, $20,000,000
Price en application.
HALLGARTEN C& CO.
5 Nassau st.
NEW YORK
CHICAGO
FEDERAL TAX RETURNS
OCB IMCOMJS TAX IlKPARTMBNT, VKDt THE
aupsBviaieM of
WIEGNER, ROCKEY & CO.
CERTIFIED PUBLIC ACCOUNTANTS
National Security Bank
Franklin Street & Glrard Ave.
Philadelphia
MARCH 2nd te 15th BOARD OF DIRECTORS' ROOM
104 Seuth Fifth Street
Phlla dalphla
LONDON
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