'JC
m m
ttr
ONDS
Ar Investment
?J?i
vXach month we t send te
MMnki, corporations and
saratviauai clients a care-
tallv rnntlArrrA lief of
'ikC.m.la T-J. .Vt.U
i
own and recommend
for Investment
Wh
March tiat wilt b mailed
te veu upon request.
TaaaNatAaal 4if ramnu
-T" ' " '
si
aMpasnia -ii7 bnastaut si.
tAttaatU Cltr Chalfanta Black
r
122S Boardwalk
ft City of
: Les Angeles, Cal.
; 5 Bends
' Due 1926 te 1961
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
I NEW YORK
' Philadelphia Office
T Wldener Bldg.
I Telephone Spruce 7040
Five Year Secured
?cjGenvertible Geld Notes
The 5 year 7 Notes of
the Havana Electric Rail
way Light and Power
Company are convertible
at 8214 into long term 5
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
basis, 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 Com
pany's incorporation in
. New Jersey in 1912 earn
ings have never been less
than 2.65 times annual
interest requirements.
Wrtta for Circular,
living price ami particular.
Kvs,k
,&tiC
ffejjlemphffl, Noyes Cfe Ce.
v fww xerjc sroejc ezcnanfa
PliNSldin Bk. Bldg., Philadelphia
W;w Boateo Scrantea
?
yMtta Albas Synaeuaa BaltUaera
: iwi -i n
fi'i;;H Public Service Cerp.
bpll of N. J.
lit! Perpetual 6.
Ml D. B. Martin & Ce.
M-fM Pathe Inc.
m f n wiDiaia Biao. PHtuetLawA
Vfi ,1 MwYMtSeckixdUw I
Vi ' 'IffUaBaaWSTTaanrTITaHBIirir
f&r Ay " ' I 57
t'M,W'", '
' 'M " Mf "n -"."iimimag
Jm
NON -CALLABLE
Ten-Year 7 Collateral Trust
Notes, due December, 1931, of
a rjrosnereus and lenc-cstab-
I' Hshed Public Utility Company.
i. 1IIC9U no its art: ishucii hi uc-
nominations of $100 nnd $1,000.
V e: ..:u or
iittc iu yiciu o,e
Circular .V. h. an. rciuesc
Jib e n
rurmaui company
:Drsl Building, Philadelphia
r.Uhllhnl 10l3
Corrtipendentt
A. H. Bickmore & Ce.
Ill Broadway, New Yerk
iiisvi fat fa1
$f M There U a Market
etwi wan rina it
BWMt
and bends every Wednea-
riav. rViiircinc $1 RO en.
yM' trance Ice for each item. Our
wvemy vuuuuifuea B,lu fuavai
card service reach every mar
, ket. We take pleasure in
M furnishing Quotations.
Vtrnes & Lefland
'SlaaMk II pa War a xnrl AnttjMaa.
- . T 1 . --' www. as
. 147 B. 4th St.
Accountants Wantea
e)r. aoreuntanm ler "" ""' " "r
y aparlenred in liimrna Tax pre.
Ittra, rialary cemmtmuraie wun ami iy
asperiancf. rrinii,n in mi
enanca ier bwv.ih;b"ciii. .umiv
amy an xri'nce.
i,i
abasia Traate Journal, lee..
m
y
' juHaia.
tfStt. I', i .
IRfj!.'
it,n;54?vJ??
a "i
i -, -' ' '.'! jinii' . - , ,
POOL ACTIVITIES
Satea
200
100
se
J tee
10
140
JM
00
JM
400
IM
3100
100
300
?tM
tee
tee
1M0
tee
IM
100
500
1000
100
3.100
3100
1200
300
4S00
3700
500
0O
300
ttoe
7390
100
te
100
300
100
300
100
400
100
soe
100
1800
;oe
00
100
100
600
I 10ft
100
ler
3 HO
4 tOO
400
500
1100
7100
1K00
100
3300
100
100
100
1100
300
300
?00
300
3301
100
100
200
1200
109
2300
1600
1011
Despite the Twisting and Turn
ings of Professionals Trend
Was Upward
New terU, March 8. While there
were the same twisting and turning
of the nrofcselenal trailers, the trend
of today s stock market wax again dis
tinctly upward. I'oel activities were in
evidence In many parts of the list,
which accounted for the constant shift
ing of leadership. It was largely an
industrial affair, as the operations in
the railroads were virtually limited te
the low-priced Issues.
Overnight developments were some
what mixed in their Influences. Jokers
concealed in the bonus bill, while ap
pearing disturbing en the surface', did
net cause much commotion because of
the sensible recognition of the fact that
the bill, In no matter what form It Is
adopted, has still a long and tedious
journey te make before it actually be
comes a law. Little attention was like
wise given te the private advices of
nnether of the occasionally speculative
panics in the Flowery Kingdom, in
volving this time the collapse of the
comer in rice. The sharp drop in the
Federal Reserve ratios of reserve and
a fairly large increase in note circulation
were enen te different Interpretations.
Frem a constructive viewpoint It would
seemingly indicate a sharp imprevc-
I ruent In commercial lines.
I The substantial rebound of the pre
ceding sessions from the setback earlier
In the week logically Invited quite n
considerable line of prefit-taklnc. The
murkct's absorption capacity evidently
was nsaln found te be plastic. Then
came the news of the suspension of a
prominent banking concern whlrh ninde
Its headquarters In Philadelphia. The
only direct reflection was the weakness
jef Transcontinental Oil, In which the
heti'c and its following were supposedly
i larcclv Interested.
, Gains of 1 te points were made by
i various Issues at the active and bread
opening, even the steels coin;; forward,
despite yesterday's suspension of the
Sloss-Sheffield preferred dividend.
Leaders of the early ndvanec included
Crucible. Gulf States. Lima Locomo
tive Computing Tabulating, Hous Heus Hous
eon Oil, American Oil, American Su
gar. Seuth Perte Rice and Continental
Can. Investment rails rose only frac
tionally, but secondary .harcf, notably
Ann Arber prcferred and New Orleans.
Texas and Mexico gained vl and 2
points respectively.
Sellinc for nrefits was In evidence dur
ing the morning, but the market
strengthened and became mere e.pnn
"ive. Many equipment and utilities
were added te the Inns lNt of. higher
I nrires. New Yerk Air lSrnkc. Cen
elidatcd Gas. Laclede Gas. Western
Union and American Telephone rose 1
te .IV. neints. Steels, sugars nnd spe
cialties, the latter including National
! Cleak and Suit. Remington Typewriter.
Otis Elevator. Famous Players and Kn-
dicett Jehnsen, gained 1 te !!,& points.
Oils also were higher by 1 te IS point,
Transcontinental excepted. That f-teck
was liquidated In block of 1000 te 10,
000 bharcs nt a decline of ' points.
Commodity Markets
GRAIN MARKET
ri.lr-.rn March SI. Wheat started 1
te 2 cents up for May nnd 14 te 2Vc
higher for July. There was n gcnernl
ruBh te buy at the outset, while longs
sold out part of their holdings en the
UPCern started V?? te l&c higher for
May and Tfcc te l'jc up for July, with
general commission house nnd local buy
ing at the opening, followed by selling
of longs. ,.i. e
Oats opened Vc te IhC higher for
May and c te Vic up for July. Trade
was moderate, with locals buying nnd
commission houses selling.
tcv 7
May
Julv
,;....'!.!!'!i!"im!',iin,4
September
Cem
Mny . . .
July
September
Oalu
May . .
Julv
Bid.
T1U
41".
4.1".
COTTON MARKET
New Yerk, March a. The. cotton
opening was somewhat irregular thi"
morning, with the near months partly
:i points lower nnd late 4 te. . point
higher. Trade wus net acme. Liver
pool and wire heutes were en the sell
ing side and New Orleans nnd the trade
were buyers. Strength in the stecn
market and sterling exchange, with
tome improvement in Lnglish political
conditions, established s,emc confidence
among traders here, but the volume of
eutslda business wab tee light te pro
mote much strength. Four notices were
issued
Receipts at the ports for the day are
estimated at 14,000 bales against JO, -008
bale a week age, 14.a..0 bales n
year
age.
age.
nnd .k,.iOi eu'3 l"u e -"'
Yt.
. 1 R 35
is (i7
.. 1T.3
. in no
. 10 50
1'eda s
JK ,S".
1 na
17 :i"
HI '17
1 51
r v
is :ie
is et
17 ni
in 73
March .
.Vay .
July
IcteNr
Decernlj
Liverpool Cotten
I.lvarpenl. March S A ceej hulnes nni
lone In ipet cotton te.lay -nllh rri'n l'e
en lha baala of in tidMmre of 11 relnla for
miaflllna. it .08d. The k'I-i tp snne
hale" Th rc-einn wr innO l.al-. Inctui
In "fiO 1'iil-T Amrlrn. Futures were nulel
h III" 'arlv neKllnr Mt nrlcej were'
rn-rlcn, mludllnT fair 1 1.3S-, koe.1 mil.
dliric. ien.1'1. fully mtddlln. in i!H,l niM-
.ulnir. e BSrt low mumiini:. u i;i boeh r
dlnary. &.331 nml eidlnari
s.i.f.
I NEW YORK COFFEE MARKET
New Yerk, Man-h 'i --In ipsponse te
the rather firmer showing of I'.rn.il, the
'leeal coffee, futures market opened 'J te
4 points higher this morning. The cest-anil-freight
market was decidedly
I stronger. Santes Is selling at 12.80e and
12.00c and 3s at 111. 10c, this showing
a sharp advance ever last prices paid for
the same grades.
The local ttaile became enthusiast tr tr
over the sltiintleu this morning for the
J
fimi time in months. Lecal jehb ng
'Imik.. ..nn.lml n vnrr nrtlve fliMiinml
llitiini.n i'. '' .. .v.j ..
from the interior for spot coffee ami im
porters were fairly geed buyers In the
ecit nnd frelsht market, finding It neh-
i oenry te meet Brazilian shippers' Ideas
and paying 12.80e for Sanles Is and
il.'l.lOe for .1. Offers are coming in
unii' nn n lil"linr level. The local mar-
AGAIN PROMINENT
We held sales of Stocka i Let late in the forenoon advanced 11 te
l'J neints net en covering and fresh de
iiiund.
Prev C'lne Open
Mirch H.WtlZl S.BOW.'iT
Mav . .. 8.0 HIUMM
Juiv ...!!.! s.runni s.fl7iee
Heptembfr .j.70 g.T3JT4
Uenrnber T.'l 8.7077
RAILROAD EARNINGS
I'lINNSyi.VAMA 8V8TIJM
1022 IncreBB"
IJan. ener. rv. .lH.r.'-'H.enn Jin.r,i2 fll4
Net ravenue 7.23S.B37 .-,,r.0!i.nrt7
I Net eper Income . B.0O,70l) .-..HU'.'.Bill
ll.l.tVlllH cr.NTIIAl. HVHTKM I
'January rea lia.OOH.fU'a 2.I30 70
.N 't ertr. Income 1 .".8 1.581 M7.-. 00
i:mu HV8TKM
January uru-ii . ,. $3,027. "I2J Ml 2IR.0L'
N.'t or. Income . nua,:MJj 1 Hi (1TI
Decreaae,
A CANAL UP IN TUB AIR!
Maraslna Section of next ri'iwlajr'a 1'rnue
I.rpexu anrt read "Science Telia
'Science TeTla U." by Rene
Uaxjher-rfi',
TTTTYxJ
LEDO
NEW YORK STOCK EXCHANGE TRANSACTIONS
Dlv.
in
1:30 Nl
I. M. Chsa.
1ft H
Hlah
Lnw
3j;
3
4
Jft
ft
Tt
H
4ft
ft
It
H
17ft
Sft
0 ft
41ft
IBl'H
lit
lft
24 ft
1ft
13ft
15ft
70
"ft
44 H
!
H
57
lt
ft
"ft
47 ft
tfVz
33ft
71
8 ft
8ft
60
lltH
l2ft
134
8a
33 ft
7W
857i
ISJi
48 ft
12ft
34
53 ft
7hft
7
8(1
1ft
88 H
3'i
25?4
18
154
33ft
100 H
37
30 ft
4
7
SB
101
S'i
8ft
74
2ft
124 ft
38
1
Hi
31ft
10
73ft
1?
133 H
.. Adams Express .... 14
S Advance Rumely pf . .
4 Air Reduction
.. AJax Rubber 1W
. . Alaska Geld Mines. . . H
. . Alaska Juneau O M. . H
4 Allied Chem ft Dye .. H
4 Allls-CTiaJmers 4H
3 Allls-CTialmers pf.... M14
. . Am Agrle Chem H
.. Am Agrlc Chem pf. .-MH
.. Am Beet Sugar
.. Am Besch Magneto.. SS!i
4 Am B Shoe Fdy new. OJ4
.. Am Cart 42'i
7 Am Can pf ttH
13 Am Car ft Fdy 11
.. Am Chicle 1
.. Am Cotten Oil K
. . Am Cotten Oil pf .... 3ft
Am Kxprcsa 13514
.. Am Hlde A Leather.. H
.. Am Hlde ft Leather pf 7ft
Am lee pf 1Vt
.. Am Internat Cerp.... 44 H
Am Locomotive H!4
.. Am Ltnscbd 914
. . Am Linseed pf '
1 Am-La France Eng... 11 H
.. Am Safety Razor .... H
.. Am Ship ft Cem.... 13ft
Am Smelt . 47!
12 Am Snuff lyi
5 Am Steel Foundries.. 34
.. Am Sugar Ref ?4
1 Am Sugar Ref pf .... MV4
. . Am Sumatra 28Ji
. . Am Sumatra Teb pf
B Am Tel tt Tel 11BJ4
0 Am Tobacco pf new.. 103 J4
12 Am Tobacco B 134H
.. Am Waterworks .... li
. . Am "Waterwks 6 pt. ''
7 Am Waterwks 7 pf. 78
7 Am Woolen 88
. . Am Zinc Lead ft Smlt 13'j
.. Anaconda copper .... 48Ji
.. Ann Arber ItH
.. Ann Arber pf 37J4
4 Aese Dry Goods .... 53ft
7 Asse Dry Goods 2d pf 98U
5 Atch Tep & Santa Fc. 7 ft
5 Atch Tep & S F pf . . 8
.. Atlanta Blr & Atlantle 1ft
7 Atlantle Coast Line . . 88H
.. Atlantic Fruit 3ft
.. Atl Gulf ft W I S S, . 27ft
. . Atl Gulf ft W I S S pf 1H
.. Atlas Tack Cerp .... 10
.. Austin Nicholas .... 34ft
7 Baldwin Locomotive .107H
. . Baltimore & Ohie .... 37ft
.. Barnsdale Class A.. 30ft
fi Bethlehem Steel B'. .. 4ft
. . Beeth Fisheries 7
SB
4 -
UK,
ft-f
Ti
1H
"
"w
H
1
V
H
35-7H-
88 ft
14
41
ll4
151
12 4-24H4-
IJi
"u
H
ft
ft
1ft ..
185 ft ..
I5H4- H
79 -f
7ft
44ft Jlft
33ft 4
57 -
1M-
5ft4-
13ft-
47ft4-
130ft-
H
ft
"h
4
.w
'a
H
3ft
H
'
"ft
ft
ft
V
"ft
ft
31ft
71ft
98 ft
28ft-
0 4-
1IBH-
l2ft4-
134
8ft-
23ft 4-
74-
87ft'4-
18 ft-
t
H
48H ..
1H4- 4
87 4- ft
33 ft 4- 1
78ft ft
7 - ft
86
88H
3ft 2ftft
19 4
17 4
21 4-!Mft4-
H
"i
2
1ft
ft
37 ,
20 ft 4
4 ft
7 89 4-
101 4-
Bft-
8ft-
4-
. 2ft-
134ft-
88
1 -
94-
81ft-
Brit Km Steel 1st pf. 5
S Brooklyn IMIsen ....101.
.. Brklyn Rapid Transit 1W
. . Brklyn R T ctfs of dep 8ft
.. Brklyn Union Gas.... 74
.. Bruna Term 3ft
.. Burns Bres A 134ft
.. Burns Bres B 3Sft
7 BubIi Term pf 1
. . Butte Copper & 551nc. 5H
.. Buttcrlck 31ft
.. Cadde Central O ft R 11
6 California Packing- . . 78ft
.. California Petroleum. 53)j
10H-
78ft 4-
81-
130 -
10 Canadian Pacific 117
. . Case (J 1) Plew .
T Case J I pf
. . Central Leather .
. . Central Leather pf .
. . Cerre-de-Pasco . . .
. . Certaln-teed Pred
ft
"V
M
3ft-
68 -
rsft 4-
04
.14 39 4-
100
12500
1300
200
tee
1H0O
soe
009
1104
1100
100
500
300
400
2000
300
5000
1700
100
300
100
1300
300
100
3300
4400
300
5300
300
3500
3000
1400
3600
1500 2
03)0
300
53illl
100
5300
.1000
1200
200
5'JO
HUO
68
341,
B
34
3B
??
50 ft
4ft
Hft
SB
7
18
23
30
8
65
40H
1
2(
51
1ft
44
24ft
45ft
7H
3ft
10ft
60
33H
7 ft
18ft
67ft.
103 ft
35 ft
7 ft
83 ft
21ft
85
10
30ft
5B
110ft
24
142
81
107
10
17 ft
lift
83
B4
13
18
5B
3
(8
3ft
B
153ft
8ft
8 ft
37 ft
et
75ft
35 ft
8
77 ft
73
1
100
15ft
60 ft
70 ft
14
7
JSft
2",
374 31',
23 ft
15ft
70
27 ft
12ft
03
47 ft
. 00ft
16ft
30
1ft
18
Cll-,
..si;
35ft
'
41
se
05
27
35 ft
Bi
34
3U
74 i
60
4ft
17 ?
38 a
7
18 ft
23ft
37
8H
5 ft
41ft
17
2t
53 ft
I ft
45ft
, 36
fl Chandler Meters
74
58 ft-
4ft
17 r
39
7
18
22ft 36
8 5 -
Chesapeake & Ohie..,
. . Chicago ft Alten
.. Chi & n III (new) .
. . f'hl & K III (new) pf
.. Chicago & Gt West..
.. Chi & Gr West pf...
.. Chi Mil & St P
. . Chi Mil & St P pf . . .
5 Chi & Northwestern
4 Chicago Pneu Teel..
. . Chicago Rift Pac. .
.. Chile Copper
. . Chlne Copper
17
3 -51
-91ft
44 -
.. Cluett-Peabody
7 Cluett-Peabody pf . . .
4 Coca-Cela
.. Colerado Fuel & Iren.
3 Colerado & Southern.
6 Celum Gas ft Elee . .
.. Celum Graphophene.
. . Columbia Graph pf . . . .
4 Cemput Tab Recerd . . .
.. Consolidated Cigar. . ..
7 Consolidated Gas
.. Consolidated Textiles..
45ft
77 ft
3?
ieh
71
33
13ft
60
41ft-
77ft
3ft 10
70
33
98
103
ft
83
31ft
85 4
10 31
. . Continental Can
4 Cem Products
Ref.. 104
BO Cosden ft Ce
4 Crucible Steel
7 Cruclble Steel pf. .
. . Cuban Am Sugar . .
. . Cub-Amer Sugar pf
. . Cuhan Cnne Sugar
36 ft
58
82 U
31 M
85
10
.. Cuban Cnne Sugar pf 31ft
. . Davisen Chemical . . .
0 Delaware & Hudsen. Ill ft
1 Deme Mines 249i
50
- 1
lllft
34
142ft
82ft
107 J
10ft 17 ft
II ij
83
94
13ft f
18ft 9ft
3
8 -5ft-99
153 ft
8ft-
68-
12 Klectrlc storage Bai..n
S30
100
Atn
30 1
7 '10
16300
100
2200
7000-
400
33)0
200
700
100
100
13600
20
lOOO
300 .
300
200
3100
M .
8400
300
800
100
100
130
300
10)
700
300
100
300 :
1500
300
line
200
12090
200
2000
230
100t)
0)
AS 01
400
800
300
300
9J0
4600
300
200
20U0
5 Kndlcott-Jehnson ....
7 llndlcott-Jehnson pf..
.. Frie
. Eric 1st pf
. , Krle 2d pf
S Famous Players L....
8 Famous Players L pf.
. . Kisk Rubber
. . Freeport Texas
0 Gen Am Tank Car ..
.. General Asphalt ....
5 General Asphalt pf ..
83 H
107
10ft
17 ft
11 H
83 ft
4
13
.. "ft
.. fiOft
.. 4Ji
.. 8
.. Mft
pf SO
..153ft
General eigar . . .
; General Cigar deb
g General j'Jiecirie
General Meters 8ft
0 Gen Meters deb G.. 68H
.. Goedrich B F 38Ji
. . Gllllland Oil pf l
1 Great Northern pf.. 75Ji
4 Great North Ore ctfs. 35ft
.. Guantanamo Sugar .. 10ft
. . Guan Sugar pf rets...' 80ft
.. Gulf State Steel 0
,. Ilubershaw El Cable.. 1ft
7 Hurttnan Cerp 101ft
. . Henilee IMS Ce .... 15ft
38 h
61 -14
75 -;- 3.
36ft-l.
10 i
80 76 4-
ft ;
101
li'i
60"'z-f
77
14ft
7
38IJ4
3"'2 F
31
317, I
23 ft i
"Mi
71
37 ft
13
05
47 ft-
3
Hemestakfl Mining .. COft
HnUHlOIl OH 77
.. Hupp Motorcar 14 ft
.. Indian RctlnlnB .... 7
.. Inspiration Cen Cep.. 3S'i
.. Intern Cen Cerp .... 2ft
.. Int Agrlcul Cerp pf.. 37H
be Int Cement 31ft
,. IntorCemb Eng S3ft
.. Int Mer Marine Hft
6
lnl Mer Marine pf. .. . 71
Internat MotertrucK.. -
International Nickel .. 13ft
a
Intermit Nickel pf . . .
International Paper.. 4sft
Inter Paper pf stpd .. 604
Invincible Oil Cerp.. 17
Iren Products 204
Island Oil 3
Jewel Tea IB
Jewel Tea pf 66 ft
Jenes Bres Tea . ... ''H'z
Kansas City Southern 33" 2
Kansas & Gulf ""a
Kelly-Springfield 'lire 43';
Kelscy Wheel 86 ft
Kclsey Wheel pf .... 5
Kcnnlcett Copper ... 20ft
60ft
in;,-
30 -
19. h
06ft
33 ft
25 ft
5 43
86 -95
IX
DIVIDENDS DECLARED
FOREIGN
Jlanutacturera
Light and Heat Company New Yerk,
cent payable April la t' iln n..nii..l
?.""'.:. .r-,.v;r M,.h a
,,..... u t)ir (.ei.i.
Packard Moter 'Jar Company, quarterly
II 7", im pfiferredr payabla March IB te
iterk of recent February 2S.
American ilxpivaa Company, auarterlv $2,
paaMaAprll 1 te atock.et record March 10
MONEY-LENDING RATES
VKW YORK Meney en call, belh claniea
of collateral, epenel teilay at 4"i per cent
ter leuillng and renewing.
ttiiir.Artr.T.pllIA Call. C per1 ent: time,
tien of marks which weie quoted at 1,0' 'i
iih fiL'iilnst 43i. the liiih of 111"' week.
and .42 at the
r,,.nlli il.lnli
The murket In the M-cenil hour wni.
dull nnd showed decided irregularity.
Htdrling cables were 4.12. demand
4.4l; frnni' cables 0.13, checks
0.12 J Urn rubles 5.33, checks 5.32 I
marks, .30.
The premium en New Yerk funds
was quoted in Montreal today at 2,3-10
per cent. The discount en Canadian
funds in New Yerk wns unchanged et
's pr cent; commercial paper, three te alx
, months, 6 per cent,
BANK CLEARINGS I
Hank rlnirlngs tejuy compared with cor cer cor
reapendliK d-fj"' trt,,,1rs: ,(,.
I'hlla .l7l,m"6",nn( nn,232,22l l7,2l2,aR7
it iten Snoen.oon i2.snr,.ae7 :.;,nM.-!M
N : Tork 73d;100000 007.3.17.144 73l,70.'.006
Consolidated Suspends Member
w VerW. Marcli S.Jh" aujpenlen of
fliarUa A. nertrand. of Charle a A Hertrand
At Ce.. vti anneunctd en the Contelldatad
Hleck nxchanc thlf morning.. The effleaa
2 per cent.
VIISTCIIDAV R rrJSTNO QUOTATIONS
Hterlln li'rnnci Lire GulMera
Demand 4.41W ll,10 r, 30 ss.-jj
Cahlea -1 4'.' U.IU',4 5.30",!, SS.'.'O
TODAY'S OI'UNINO QUOTATIONS
Demand
Cables .
of tlw arm ar si airi.
tf '
ll30
Palea In t
lllh
Keystone T ft R !
Lew
74
IM
4
a
9
9ft
l"ft
98ft
191
11H
"ft
Ml ft
113
1H
83
49ft
79
Nft
(
?
17
"ft
111ft
118ft
17
18M
39
8
ft
H
13
34
15ft
22
34
104
P.
IM
IN
liat
IN
9N
Kreege S S 134
i. Lackawanna Steel...
. Laclede Gas of st L.. 54 ft
. Lake Erie .ft West vt. 1
t Lee Rubber Tire 30ft
13N s B0 Lehigh Valtey
5
IN
7 Liggett ft Myers pf...H4ft
ltN
1H
SN
M
SM
IN
IN
IN
ION
IN
1SN
M
N
UN
Nt
U
IN
111N
i uma iiocemotivu .... n
7 Lima Locomotive pr.103
. . Ixewe Ce .......... 18
1 Left Candy 11)4
It Lerlltard Tobacco ...111
7 Louisville ft Nashville M8K
... Maelntyre P Mines.. 14
Mackay Ce 81
. . Manatl 'Sugar
. . . Manatl Sugar pf 79
7 Manhattan Elcv guar. 89
. . Market St Rwy pf . . . . 38
. . Market St Rwy pr pf .
.. Marlln Oil 2ft
.. Martin Parry 8ft
.. Maxwell Class B.... lft
14,
82
59 t
79
3ft-
8ft
2ft-
37-
lft
118
13ft
17 -
13 ft
39ft
8
ft
H
lift
34
15ft
-14
"V4
28 ft
12H
44
1
34ft
14
03ft l-
' 67
70ft
8 May Dent Stores.... 113
It Mexican Petroleum..
t Miami PnnnAF
126 ft
20
17
13
95N 1 in Mlddl RlnlB Cnrn..
aw
IN
Mldvale Steel 30.
Minn ft St Iyeuls... .. n
Me Kan ft Tex ... K
Me Kansas & Texas pf
N
IN
42t
17N
IN
UN
14N
19
25l
3N
IN
109
800
600
200
509
N
22M
19
Me Kan ft Tex (wl).. 12
Me Kan ft T (wl) pf 34ft
MK&Tlstns .... lft
Missouri Paclfle 13ft
Me Paclfle pr 85ft
Mentana. Tower pf . . W4
Montgomery Ward
15W
281
12
44
1?4
34 ft
14
4
7 ft
7ft
64
2ft
17
S3
23 ft
13
9
57 ft
15
28 ft
12
44
lft
34
14
3U .
7
78Ji
64
29
17 ft
23
33 ft
13
99
7
7ft
71
V9ft
22 ft
9ft
13
2
15 ft
138
19
29 ft
49
56 ft
51
35 ft
7ft
74
"ft
27
9
35 ft
33
"ft
!4
7
2
15 ft
05 ft
2ft
82
115ft
39H
34
100ft
13ft
73ft
33 ft
C
30
40
78
33
62 ft
13ft
28 ft
50
28 ft
40
3ft
2
7
C8
13 ft
40
22
tO ft
67
01
84
30 ft
53ft
90 ft
114 ft
S4ft
44" 2
0ft
5ft
6ft
3ft
10
46
:7
44
"ft
6i!.
80 ft
7ft
42 ft
13
17ft
132
28
COft
141
10
Aiuuins Bedy
National Acme
Nat Cleak- ft Suit ....
National Cen & Cauie
Nat Enam & St
Hev Cen Copper....
N O Tex $ Mex
N Y Air Brake
New Yerk Central..
New Xerk C ft St L. .
3N 3 50 New Yerk Deck.
1709
New Yerk N I! & II
290
199
200
109
1799
2N
100
UN
IN
10
100
SN
300
509
IM
100
4099
5100
2390
1599
790
800
2N
UN
809
300
2109
1000
301
3103
300
200
IN
2 New Yerk Ont & W.,
4 N Y Shipbuilding...,
.. Norfolk & Southern.
7 Norfolk ft Western.
3 North American ctfs
,. . . North Amer A Rts. . .
.... Northern Central . . ,
7 Northern Pacific. . . .
.. Neva Scotia S ft C.
2 Nunally Ce ,
. . Ohie Bedy & Blewer.
.. Okla Pred ft Het...
. 7ft
. 71
, 80
. 22 ft
. 9ft
. 12
. 2
. "ft
.139ft
. 10
H
ft
. . Orpheum Circuit
8 Otis Elevator . . .
ft
ft
M
l
ft
l
IK
l
ft.
1
.. Otis Steel
3 Owens Bottling Mach,
3 Pacific Oil
0 Pan-Amer Petrel....
6 Pan-Amer B
3 Pennsylvania R R. . .
.. Penn Seaboard Steel.
C Peeples Gas Chicago.
.. Peoria & Eastern....
. . Pcre Marquette
5 Pere Marquette pf . . . .
3 Philadelphia Ce
00 Phillips Pet
. . Plercc-Arrew Moter.,
. . Plercc-Arrejv Met pf ,
29. ft
49
57 ft
52
35 ft
7ft
74 ft
12ft
27
50
24ft
34
17 ft
35
ft
ft
ft
ft
2
1
ft
IK
ft
ft
ft
ft
. . Pierce OH :i
.. Pitts ft West Va.... 35ft
1 SO Pend Creek Ceal .... "ft
.. Pressed Steel Car.... 05 ft
.. Producers Refiners .. 26 ft
4 Pub Service of N J.. 84ft
8 Pullman 116
. . Punta Alegre Sugar . . 39ft
2 Pure Oil 34
.. Pure Oil 8Tc "5ft
.. Ray Cen Copper ... 13ft
4 Reading 74
. . Remington Typewriter 7'?i
. . Rem Typewriter 2d pf 53
.. Rcplogle Steel 30" i
. . Republic Iren & Steel 40
7 Repub Iren & Steel pi 78ft
7 Reb Rels Ce let pf . . . "
IN
d200
390
1599
1199
100
100
2590
39B0
199
499
200
309
100
3209 fi
1000
1300
400
380
300
200
700
100
2000
7500
200
6200 .
900
400
100
4700
1400
100
100
708
703
500
10100
303
1003
1800
200
2700
1200
1800
240U
100
2903
300
77890
299
399
1909
409
2N
UN
790
5N
400
1400
3309
200
1300
700
3600
100
103
17500
468
1(0
203
2500
2100
5)0
100
700
11 Oil
1200
100
400
400
3700
800
700
tnoe
no
100
400
400
300
10)0
300
100
203
ft
2ft
ft
ft
2ft
20 Royal Dutch N Y 53
1 St. Jeseph Lead .... 13ft
.. St Leuis San Fran.... 28
.. St 1juIh San Fran pf 30ft
.. St LeuIh S W 28
. . St Leuis Southwest pf 40
.. Santa Cecilia Sugar. 3ft
.. Saxen Moter 2ft
.. Seaboard Air Line pf 7
. . Sears-Roebuck
. . Seneca Cep Cerp .... 14
74 Shell Transport...... 40
.. Sinclair Oil "Kb
. . Sleas-Sheffleld 37
.. Se Perte Rice Sugar.. 57ft
3 Se Perte Rice Sugur pi 81
6 Seutherln Paclfle .... 83
.. Southern Rail 31
.. Southern Rail pf.... 63ft
4 Standard Oil of Cal.. 06ft
7 Stand Oil of N J pf..U4
8 StewartWamer Speed 31 ft
.. Stromberg Caib 44 ft
7 Studebaker "0
. . Submarine Beat Cerp ift
.. Superior Oil Cerp .... Ma
.. SwcctCe 3ft
.. Telin Cep & Cheui.... 10
5 Texas Ce 45
.. Texas & Pacific 33ft
1 Texan & Pac C & O SJft
lft
ft
ft
14
ft
ft
2ft
3ft
1
3ft
lft
a
V
5
"2
1
4
2Vi
'jcxlluir Sulphur 45
Third Ae "ft
I
94
ft
1
1
ft
Vm
a
7
3
8
Tobacco Products .... 58 "2
Tobacco Pioduclaei. . ""''i
Transcen Oil 8
Twin City R T 42ft
Union Bag & Paper.. 2
ITulnn Oil 177,
10 Union Pacific 133ft
. . United Alley Steel ... 28
. . United Drug 02
8 United Fruit 141ft
United Itwy inesl... iuft
1ft
.. United Rwy linest pf 28ft
"w I i
0 United ltctall Stores..
. . U S C 1 P & Fdy....
..US Feed Products . .
..US Ind Alcohol ....
..US Rualty & liny....
..US Rubber
8 U S Rubber Ut pr . .
. U S Smelt & P.uf
5 U S Steel
7 U S Steel pf
3 Utah Copper
.. Utah See
. . Vanadium Cerp
. Va-Cur Chemical . . . .
. . Va-C.ir Cliemlc.il pf. .
. . Vlsaileu Ine
. , Wabush
, . Wabash pf A
I Weber & Ik lib" ener .
00 Wellse Farge Kxprcss
.. Western .M.irjl.nid. . .
.. West Maelntid d pf.
,. Western Pacific
a Wcttetn I'.itllle pf. .
7 Western Union Tel . .
4 Westlnghonse V. & M.
. Wheeling S. L E
" '. . Wheeling d L E pi. . .
4 Whlle .Moter
.. Willi.) U.l Ceip ....
Wick Spenu htcel Cerp
'. '. Wllljs-everlanU ....
. . Wllbss Overland pr. . .
K Woolworth F W . ...
4 Worthlngten Pump . . .
Ux-dhldetid.
45 44 ft
29 28ft
4 aft
44 41ft
59ft 60ft
60 AN;
101 101
33 3.1
05ft !i4Ja
116 11.H-
63 h2
14 lift
37 ft Itift
S4 !!,'
72 70
Vl ' 2
5 1U
24(4 21ft
13ft I J i s
I 7U ls
0 1, . 0 " i
17 ft 17
, 211-0 l
, 64 5.''s
, 03ft 0-ft
, 63 55
, 7 J
, IZX 15
, :iu in
. vft
) ll'a 14ft
, 8-J4 6
. 29" 2 2
.148 14H
. 40 4bft
2ft
ft
ft
ft
w
'ft
ft
ft
ft
ft
ft
14
ft
ft I
1
I
-"'ft!
EXCHANGE
Underlying Strength in Weel
lleiMOn, Mhi.1i 3 'Uie Cuinincri'liil llul
Iciln will ' tomurrew . "The lhi.il uenl
auction licM c tha Oeiirnment here Tliuia
dny wus the frwiiH uf nil ultcntlen 'ihe
wool auction with price ptir.tu .1 p.r cnt
nil, hh i'empnr.'d with the r.bruiliv hhc,
nneueil, h'juevcr, that llujrn In undcrblnu
Htrcngth In tlm wool eltuutleu etlll, The
eoeiln market ami the ilethhiK market arc
mill In Khiim centraat with thn alreiiRlh In
(he raw material. In the Went hujlng
lentlnuee te ilraB. grewera liclnir cry Krene
111 their lcwa while Iho dealers nre Icra euxcr
le piy tliu high prUt-d te wlikh the market
hat, risen.
Jlui'cll 3. Verclgn ex-
str.mtr with thn exren.
clete en Wednenlay, nnd I
il.nnn.1 lnuw tt fi n.lntu. I
Effert te Cerner ToKle 'Change Falls
New Yerk. March 3. Thn Japanean stock
and rice exchange at ToMe were closed en
March 1 nfler iiih rollapse of nn attempted
euu toil.'.. """I'ni'i u iir,n rauia aq.
ice receded here, tmlay by Mitsui Ce.,
Importers. Tha dlapatch added that both
exchangee had mutinied operation.
Reynolds Teb. Increases
lilnaliinalem. N. C. fArrh
aternng rranca i.ne uulider
4,42'. (1.14H r..34',i SH.2.1
4.1.1
n.ir.'.i s,3e
38,30
, neynelda Tobacco Company ban declared
.llvl.lend Of eentv.ne r.nl. u l.aVA A
BAR SILVER
class A and class H common, payable April
1 te aleek of record March is. Previous
dividend waa fifty cms quarterly en both
Itar sliver was id higher In Tendon to
day, at 2d,
" 11" V
WmmfPSmipWB
1 BMKEIfS FAILURE il
Net
, WITHOUTEFFECT
Trading in General List Very
Light, With Unimportant
Price Changes
St. CtlE.
1H M
IM 4-
4 ft
4H 8ft
17
19 V
9ft-
114ft ft
NH Vi
191 1
18M-
lift
Ml ft
118- H
Announcement of the auspcnelen of
another prominent Philadelphia broker
age concern having nicmberphlp of both
the Philadelphia and New Yerk Sleck
Exchanges was received with the same
striking complacency that has marked
the multiplying list of collapsing brok
erage houses. In the first place, the
local financial community was pre
pared, the unhappy event having
been expected for some time. It is un
derstood also whlle the liquidation of
the assets may be slew the creditors
will lese virtually nothing.
About the only direct reflection of
the failure was the offering of the stock
of the Philadelphia Insulated Company
nt 45 without finding a taker. The
last previous sale en the exchange was
mode at 50. The suspended firm floated
this company and has been the market
W
ft
3
J4
lft
ft
'
ft
l
l
ft
y
"m
"k
1
K
Vs
'ift
a .
1
ft
ft
K
ft
ft
H
M
ft
M
sponsor for the stock, which was never
successfully distributed, xney were
compelled te taka quite a geed deal of
It within the last year in order te sta
bilise thn mnrkef. Theviwere also re-
nnrted fe he tone of a big block of
(Transcontinental Oil, which was liqui
dated en the big beard tms morning at e
dccllne of IVj penlts under last night s
nlnnlnv. Thn firm WflR also nremlncntlv
associated with the flotation of this
company.
Trading In the general list was rela
tively quiet and was of about the
smallest volume registered for some
time pnst. Price movement was mixed,
but with few exceptions limited te
small fractions. Dribbling liquidation
of American Stores common continued,
forcing the price te 03. On the ether
hand, there was excellent absorption of
P. It. T. between 25'8 and 25V4.
Pennsylvania Railroad remained flrra
nt the top price of the car. Deal
ings were again light In the Philadel
phia Electric issues, which, however,
continued well sustained.
Few sharea of Electric Storace Bat
64 -39
-17
32
23 ft
1354
99
67 -
7ft
71 79ft .
22ft
9ft-12-
2
"ft
139ft
ft
I
ft
ft
3ft
"k
1
tery were taken at an advance of n half
10
20 ft
40ft
67 ft H
52
35 ft ,
7
74ft
12ft
27
69
33ft i
34 16 ft-34-7ft
2514
16ft
6 ft I-36ft-83
ft
115ft
38 34
100ft
13ft
74 -38
-!-55
30
48 I
78ft !-
point en the declaration of the regular
quarterly dividend. The market here
for the stock has become secondary. The'
prlnclpnl dealings new arc executed en
the "Rig Heard." The U. O. I. Issues
shaded en light offerings and Rank of
North America warrants fell back -reints
te GO en nominal dealings.
Philadelphia Stocks
1:13 Nt
Hlah Irfw P. St. chrf.
200 Am Stores 114 03 13
lOOrAm Loee.lOflT, 100.100..
lOOfAm Weel 87 87 872
RS Rank N A
war w L. 00
lOOtReth Stt B 01
lOfChen Mtrs 7414
lOOtChlleCep. 10
78 Flee Ster.142
oe
04 Vi
74 A
10?!
00 2
04 -
74'...
10JI '
142
S31
10
55 . .
35 . .
'17
142
lOt Fa m Play 83 ft
I'Otlnvlne Oil 10
20 Penn Ont
Light pf. ?i
TlSIVniiallll "i
12.-. PhllCecpf .'177,8
llSPhl'a L!ec 21ft
103 de pref.. 28
02 de war fp27
400 Phlla It T 2.V4
."Ten0 Rcl. 1
200fTrans Oil. 8
lOOfUnien Oil. 17
3(H) UnlenTrnc SieMi
10 U I.... 41
20 de pref. . 51
KM
10?i
3
3
35
37
24
27
27
25
1
7
17
35$
41
51
27..
25
17
53
.- 4
rV
53ft
13ft ,
38 ft
50ft I
28ft 40
3ft
2 -
iK iK
ae 4-
13
40
23ft
36
67ft
91
84
20ft-
53 ft
Bilft-
114
34 ft
44 ft r
UBft-
5ft p
5".-
37, r
10 r
463 ,-
32 ft
ft
ft
ft
ft
ft
ft
ft
ft
ift
4ft
ift
ft
ft
ft
4
35
41 Vs
'A Vi
'' rs
102 1
05 ..
s-i 7 -1
IM U t OS .,I.IIC
10fU S Steel 05
102
05
tNct clianee ma.ln by romparlsen with last
eale en New Yerk Htwlc Uxchnngc. ,.
riiuanr.i.piiiA bonus
750Llhcrtj- 3d 4s '28 OS. 01
750 Liberty 4th 4fts '38 07.31
1000 Liberty 4th 4s '38 07.4:
.00
.30
IU0O Liberty 4th dVis '38 07.4
1000 Liberty 4th 44s '38 07.44
35000 Liberty 4th 4s '38.. lets 07.50
1000 Victory 4s '23. .. .lets.100.24
30IHI Victory 4)is 'L'3 100.20
200 Victory 4',s '23 100.10
000 Victory -1h 'L'3 100.20
1000 Amer Oiih Ac Klcetrlc 5s. S."!1
1000 Chi Uur & Qulncv 1st 5s. 07 "
4000 Cens True N J 5s... lets 7.10'.
2000 Lehigh Valley 0s 1028... 101
3000 Phlla Llectric 1st 0s 01
3000Philn Flcctric 0s lets 30H1
1000 Phlla Electric 0s lets 102
2000 United Ualfwajs 5s S2
ft
45 -
inft .
8
89 ft r
8ft-
42ft i
02
Hft
133
28 -
1 -141
ft
lft .
38ft
44ft-l-
28ft-
aft -r
44ft
59ft-
60 :
101 -i
33 ,
03
115ft-
li.l
14
26 ft
33 73
Financial Briefs
1ft
ft
ft
'ft
ft
ft
ft
ft
'ft
ft
ft
ft
ft
C. Truitt Dsrrew has been appointed
nilcs manager for Matkie-Grouse Com Cem
puny. Frank C Bcnben has become asso
ciated with Itiddlc & Henry iu their
s-uk's organization.
Total Victory Liberty lean notes out
standing March 1, $3,260,780,550: viz,
4:i per cent, .$2,030,888,200; 3i per
cent, $332,808,350
The average price of the twenty ac
tive industrials adwinccd 0.70 per cent
jeatcrday te 80.03, while the twenty
tails advanced 0.32 per cent te 78.31.
riabt Asiatic Company report grebs
Hiirplus en 1021 operation of 20,020,
(KK) Hwedlhh krener, and after 20 ner
cent dividend carries forward 4,174,.
000.
ft
in
2
The Swiss National Iiank discount
late will be cut from 4 per cent In 3ii.
per cent and interest rate- from 5 per
rent te -1 Va pt'' cnt, effective March .".
aecnriling te announcement made in
Zurich.
New Yerk advices Fiiy Sinclair Con Cen Con
pelldatcd Oil rnrpnr.itinn U discuing
with Its hankers nn issue of $30,000,.
000 or mere of long. term bends, pro
ceeds te he used for retirement of ap
7 ft .
S
24 r
13
.
ft
17.
19ft 1-
lft
ft
ft
64 8 -
55 j-7-
proximately .T-ii,iJuu,tiuti convertible 7'..
..34-
per cent notes due en May 10, 1025.
Annual financial statement of I",
Lerillnrd Company was about ns e.'
pected. Net nfter tnxes wus S7,010 .
545, ngalnst $7,7flfl,25S in tlm'preced.
Ing ear, nnd a balance equivalent te
$18.15 a share en the 303.O4S common
Hhnres, compared with $18.08, was net
nt all surprising in view of the condi
tions Hint prevailed in the cigar Indus,
try during the early part of 1021.
Fer the calendar pr 1021. imports
of silver Inte the Fnlted Stales were
valued nt $03,242,071 and experts $51 .
575,300, an excess of imports of Sll'.
007.272. Tills Is first time Hnce wir
that country has shown excess of im.
ports, and compares with excess in
recent years as fellows, 1020 $25,5,10 .
1R3: 1010. $140,011,033 and 1018
$181,470,705. " JUi0'
Directors of American Shipbuilding
Company declared operative the plan
for exchenglng its preferred uteck for
common stock. Three-fourths of the
preferred stockholders huve signified
their assent te the plan by depositing
their stock, J or the accommodation of
stockholders who have net as yet been
ttble te deposit their preferred shore
the time for deposit has been eitended
te April 1.
30
0ft
14ft-
6j
20 -
148 -4
Dividend
fi n-hA ti
WHAT WOUMl VOU DO?
Would you send a person te lait? n..
"A Faa Out of a Weman"a BM?lanra h
Florence I,. Banvllle. In tha affilSSS.' .bPy
tlen et next Sunday, rcsuS uSSnJfy.
.t
5 "v
w ,-mi
r
BHulIlUBma
The Obvious Need
The obvious need In bankirig i rviea
where and when you want it. Ihfct
means convenient locattens nd day-and-night
service.
'At the Delaware Ave. at Market
Street office the Franklin Trust Com
pany serves its customers frem 8:80
A. M. until 6sW P. M. All ethr.
offices are open from 8:30 A. M. until
midnight.
Rttemf ' $14,000000
jSjfev
Fraiiklin Trust Ce.
Main Office: Fifteenth Street below Market
Delaware Ave. A Market St. Fiftr-sece" Market SU.
Germantown Ava. sdet wwim "
"Tht liutiMien That Gut FnifsWafcia Day aai ik Straite"
rjT ' Itl
D1RECTOM
Oae.BuajaAM,)i.
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Mr. Charles- F. Miller, President of the
Hamilton Watch Company, Lancaster, Penn-'
sylvania, said te us:
"The past few years have tried every busi
ness man's nerves and soul; only -these who-had; .
connections with a bank that seeks te give eaeh
natren the most liberal, courteous treatment
could hope te succeed. The bank's success de
pends upon its ability and willingness te co
operate with its customers, by interesting: itself
in their problems, by geed service and fair
dealing."
Central National Bank
of Philadelphia
Chestnut Street at Fifih
H
Capital $1,000,000 Surplus and UnAividti Profits Wamti ?, vcee
ATAcr-
frH-Tf,
Equipment Trust
6 GOLD NOTES
W
$200,000
BALTIMORE & OHIO R.R. CO.
Due January 15, 1927 te 1934
Prices te yield 5.75
These notes, dated January 15, 1920, represent a First Lien en
standard railroad equipment te the extent of approximately 3l
of the original cost thereof.
Harrison. Smith & Ce.
INVESTMENT SECURITIES
121 SOUTH 5TH STREET
PHILADELPHIA
LOMBARD 6100
BROWN BROTHERS, & CO.
.'sleMls.cct 1811
VOLUTH & CHESTNUT STHUKTS
ew Yerk l'HII.ADUI.l'HI.V
HIGH-GRADE INVESTMENT
SECURITIES
"PRESCRIPTIVE circulars furnished any time
upon application. ,
A Century of Service
BROWN, SHIPLEY
Founder Court,
I.ONHON, K. C.
ellihu rj
Bank of North America
Rights te Subscribe
If purchased at present prices will yield
OVER 6
We Solicit Inquiries
BARNES & LOFLAND
147 Seuth 4th Street Philadelphia
Telephone, Lambard ills
Investors and Traders
Accountant, Bpeclallzlngr In stock
brokerage accounting, will exam
Inc. analyze and explain your
broker's statements, confirmations
nnd ether notices and communica
tions, Including marKlti cal In!
Dividends, Interest, Warrants
and "nights'' checked up for you
and your equity exactly deter
mined. Under present conditions
this work should be done new
It may profit you or perhaps
minimize your losses,
Chart.a moderate. Single Jeba
or monthly baala,
B ISO, liBOUBR OKriVK
ENQINHRS
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$200,000
MISSOURI PACIFIC It. R. CO.
Due January IS, UM te UI3
Prices te yield 5.tt
n.it.s
& COMPANY
OBlea far Traelri
133 Pull Mall, LONDON, 8, W,
Hathaway, Stene, Wallsw
& WWiaps, (
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