-,iy;j
P.'
,J
lu
Income
Tax ;
Returns
I Through the kindness
fjf the Internal Rev
I) ... Bureau a reere
eatative haV been
I" wfneSl te thU Cem
.-pay from March fit
le March I5tn te assist
a making out your
Iticeme " return,
lecept your affidavit
without charge,' and
rtceive payment of
tbe first instalment of
your taxes.
COMMERCIAL
TRUST COMPANY
Mttsbsr Tdnt Rmmw SyMMn
City Hall Square
llMAK
ftfWtfl
CLOSING MARK
CT-
VERY UNSETTLED
Position of, the .Constructive
Forces Is Being Constantly
Strengthened
Leng bland R. R.
I ' Refunding 4s
DtUd 1903 Due Mar. 1,-1949
' GUARANTEED
'Principal and Interest by
Pennsylvania R. R. Ce.
ftice 74 and Interest
te Yield 5.90
lABCLAY, MOQRE CCO,
Real Estate Trust BIdg.
Vtmberi jr. Y. and.PMla.
Sleck Exchangra
W own and off mr
Dsrbir.Media & ChesterSt. Ry. Ce.
fat Mortgage 4J6 Geld Bends
Due July 1, 1936
Price 8iy4, Yield 69
Hohnan, Watsen & Rapp
Land Title Building
apruce 7497-7498
Accountants Wanieu
ler accountants for field worn, ther-
irtlr experienced In income Tax pre.
Int. Hillary commensurate with ability
perience. rermaneni wera witn
ince for advancement. Stat
itlentlltv and experience.
iiercnanta Trade journal. Inc.
Manser Building,
Washington, D. C.
tie Bendslnvestmerjfc
ALSEV;LSTUART
&iCO.Inc
Ucewtii.cn 1
Laad
UWrence E. RrnwtvJiY r
WlFIED PUBLIC ACCOUNTANTS
TATF. TRUST BLDO.
tie anil Nflli. ..... ., .-a
BBBBlfr.M.1.1 1 .,.. Wliwi.livil BI1U
UUturns " a prepre Income
las
Wn
I TlUe Bid.
Phene. Leauat 741t
C. S. PATTON & CO.
3D A CHESTNUT BTS.
BANKERS
.... Bneeeaaera te
SAILER A STEVENSON
I SHIM 4atM.tra lutu.ka .a a
.ifcrtiS PhTuyk"E,gBff.''
Title Bid.
Sails. Staak Tirai
New Verfc, March 4.--Thc week cloned
with nn unsettled stock market today
find with generally lower prices. There
was an increasing- volume of realizing
FOlea which, tejether with the weight of
profit taking of the previous sen-ien.
rauMfrl it irenernl melting of price-. The
setbackx was orderly, notwithstanding
tlie reaching and uncovering of "steps"
in vernal of the meter shares and ether
speculative specialties. After partlallv
retrieving the lfi of ground made at
the opening, the generaf list again
yielded in the flnnl dealings under In
(re-jIii7 ndllng pressure.
Htudcbnker lest 2 points, Chandler
and Vn ted Htnt ii,,hk, 'i i,7
'?itx,can r,ctre,e". I'lerce Oil, Pure
vi, American locomotive, Ilepubllc
Iren. American Hide and Leather pre
ferred, American Sugar, International
l'aper and United Fruit also falling 1
mi P'nt8- Junier rails, espeelnllv
Missouri Pacific common and preferred
nntl Kansas f'lty Southern, were de
pressed, but Ann Arber common gained
3 points. Several of the local utilities,
ns well as Laclede Gas and Jewel Tea
preferred, were strong.
A two-point rise In Mexican Gov
ernment Rh was the feature of the quiet
and uneven bend tnarkct. Japanese 4.
-LW iViS nndl8J. "e'slan Os and
San Paule 8s were fractionally higher.
Danish Os, Chinese Railway fis, Chile
8s. Zurich fls nn.l H-..1l.t, n' "5
S I slightly. Demestic issues wcre Irri..
uinr, Pennsylvania. geeral 5s, Sea
, beard Consolidated Os nnd America.
. .telephone Os making moderate cences-
7- iaeerty issues were dull but
steady. '
i.Wihn.,l-ycnra.?0 u seemed te be a
phy-icnrimpesslbllity te arrest the con
stant crumbling of security values, it
leek-sat the moment as If It was an
equally hopeless task te check the rap
Idly rising barometer In virtually all
the markets. The performance of the
last fortnight, In all events, would ap
parently dissipate the slightest lingering
doubt as te the force and breadth of
the constructive movement. Superfi
cially, the character of many of the
demonstrations, both collectively and
mwiiuuuii), wumn suggest action re
gardless of motive or factors. In a
sense this 1st pnrtly true, for in many
of the recognized selected peel issues
the Inability te attract outside follow
ing has necessitated the continued
marking up of prices in order te main
tain the market position. This, how
ever, does net apply te the movement
of the main body of stocks, which un
questionably, has much stronger and
lasting foundations.
It does ne't reeulre nnv irrpnr amnim
of experience or training te find ample
i en wim ier mis market pnenomenen. In
the first place, generally speaking, de
velopments with a bearing en the busi
nUHH futUte Shew that thpre hrni huen
at least a temporary turn for the better
In finance and industry, as well as ag
riculture. This, with the Increasingly
ncaiiny eanKing situation, Improvement
In the International exchanges, and re
ports of changing economic and neil-
tical conditions abroad, all serve te give
n better tone te sentiment. There arc
remaining, of course, n few disturbing
specks In the financial horizon, but In
the present optimistic mood of both the
financial and market community there
is a growing hope, if net confidence,
these matters will In the end be satis
factorily adjusted se far ns their direct
influence marketwlse Is concerned.
Of these remaining possible disturb
ing elements may be mentioned the sol
diers' bonus bill nnd the possible re
tirement of Lloyd Geerge. It nppears
almost certain the soldier bonus bill
will be passed by the present Congress,
and after all the dust throwing has
stepped, previsions for the payment of
the same will be nrrnnged in a mun
ner and form that will be the least dis
turbing te the business and finances of
the country. In high financial circles
the overthrew of Lloyd Geerge would
be regretted, but the opinion prevails
that his position, by reason of his won
derful attainments in settling the many
troublesome nnd complex problems left
by the World War, Is really Impreg
nable.
While the distressingly peer earning
statements of the biz Industrial cer
poratiens make mighty unpleasant
reading matter and are hlguiy discour
aging, from a shareholder's observation,
wlttfeemsequent reduced or- supsended
dividends, they are te be viewed In the
light of past conditions which months
age were , measured by the yard stick
of market' valuation.
wt$m
fiKlsJ
7mj
fWcvvra
l'JVi.,,-.i. -IT: V.i ' V d
LUJHUiKlllAVm ArJ
j-w w i i
fewwwm
hmrW ,4. a .Wii
LX.'IUAIW
HLt . I -
1 NEW YORK STOCK EXCHANGE TRANSACTIONS )
iwr.y;,.Tfl
tkt" .
awt". ' ,i.
3c
'
1 4 nfWffftSriWfr
'1 FOREIGN CY'UOinr
Klierk, March 4. Opening fig-
ftr foreign ,.),.. -i .
. .. " "lu"e Dnewea a ae-
13i nnln. I l. .
l, , '- wing irem yes-
r-( UUEl. Whlnh ,,.
1? reJerted spec
,0n the Ilcrlln Bem
My ' ri"-.iiiens in various en
Nwr' ln. ell-Informed quarters,
I-US t heCH, "I""11 t0' Jt W
In the ,S.?'irkf Vsre,tehl"' nnd
. i ." SDe Week hail hpn l,,fl.. i
ZS'ZJ
'enthirtV,i "r "I'i'earea te he
u2L LtJhc.?1,arl.dccllne in various
te, whi; AT ral,y ,n mu v-
b ievebB,,.t0)"' tt ceutra-y me-
fcttrfe1..-
' iin- . ...irj- ""
0f 1 . '. ,vi',ca out.
T.B03.000
ft, 056,000 0.036,000
3.834.884,000 3,8111,175.000
1M,I0,000
33.0D,0UI
Rtarltnn
Wm in,i ?"'' francs were off 7
Bi" ecc rr,rre ,1 P,n-a Jewer.
K?al&e
19. rt.,.' i"ecks 0.02: m nmm
BSt!..l."'l" ".IS'. ! im.k en, '" HnV4iirl.rt ... 8"!. 184.000
with Vn Ar"?real was lower' te. I ' AcruAb
ij - tt iira.mii. -k " . .
"Jisl. in '""MHi en ieV Ynrk i ini ween
CnVl-Per cent. Th, .11 i"S ' Bce ..- . tMs.054.ear,
, ---u.un ium M , v... Vr'.-"""1 'Asrcftteraerv .?!."
Wifl. Per wet.
ab,."."' "urenenn .,...1
ff-iian .70 . , r: ---uungcs were
NEW YORK BANK STATEMENT
'
Deficit of $12,054,030 Belew Legal
Reserve Requirements 8hewn
This Week
New Yerk. Match 4. The actual
condition of the Clearing Heuse banks
and trust companies for tne week shows
a deficit of $12,054,030 below legal re
serve requirements. Lenn.s and dis
count! Increased S13.881.000 and de
mand deposits were $0,051,000 larger.
With the increased liabilities reserve
credit at the Federal Itescrve Hank de
creased $54,025,000, resulting in a de
crease In the ctcess reserve of $50,
250,550, leaving the deficit as stated
above,
Details follew:
AVER AG K
Excels leeerte .
Avuregate res...
I.eana. etc. . . . . .
faah In aulla c
member banka .
Heaervn In mem
ber bnnUa and
reaervv banua .
Reaerve In State
banka and trust
companies . .
Reaerve In State
fcnnki and trust
company doposl deposl dopesl
torlea . ....
Net demand de
peslte
Tlma deposit . .
Clijulatlen .. .
U: 8. deposits
deducted .
This weelc
11.001.000
5.0,310,000
I.Ull Wrk
B. 788. 020
511.750,000
4,378,010,000 4,365,083,000
03,047,000 64..
1,000
503,701,000 405 220,000
7 502,000
204.2(11.000
38,485,000
88,415,000
,ol(,h,eoi,i,.Bn.JU: Greek
it. ". Serbian, no quo-
DAYS OPENING JUOTATinv
KS WQQ8 AND CHEE8EV
SMUn
K??iSla .S?.C.',.f...8?i895 ....
Byw
I.aat Week
1144, 202.520
640.754.000
jeans. ete...... 4,eiiu,u,uuu ,eu.,.,u,wvu
Cash In auita
member
and
banks
ltrser In mem
ber banks and
rescrve banks. .
Ileeerva In sta"l
banka and trust
cempnnles ....
Reserve In state
banks and trust
company depesl-
tnrli.a
Net demand
peslta .... ,
Time deposits
Circulation
61.520,000 05,080,000
478,032 000 533.007,000
de
ll 10, 000
0,023,000
7,632,000
0.115,000
3,8.'l. 827,000 8,811,876,000
.n.'.uu.uuu 2(3,uun,mje
33,831,000 83.627,000
4kt-.(nt Hfi.taHf-
posits deducted 85,120,000
tDefleclt. IB reserve.
84,800,000
8TATE OF TRADE
Chansea that have taken place In the
commercial sltuutlen thin week have been
for tha better aicerdlna- te reports received
by the mercantile agencies. Dun's Jlevlew
'cialns de net coma ether than slowly
and Irresularly, but constructive forces ar
exertinc sreattr Influence, and the ventral
(Mllna la mera eneeriui. . mwinasa eapenaa
JT laraalr Uen sentiment that Ua SftsMt
(WfiMSSr, Pi 2i"MS:
" " ?--TTr,
Bales
100
1SS0
11)0
700
1300
et
tot
500
100
100
100
1800
tee
400
soe
00
100
"'SOO
400
000
tee
100
300
1300
tee
S500
4090
IC40
SOO
400
SO)
300
380
300
3400
1300
1000
100
4300
100
tee
3109
300
700
100
300
400
1580
100
3X0
1300
300
400
N00
3300
100
300
SOO
3100
100
tee
1300
(300
400
300
100
000
3501
300
300'
300
300
300
300
3100
600
300
3100
SOO
300
18300
400
100
300
3400
100
300
300
3300
300
3000
3100
500
600
300
100
000
700
SOO
3300
300
3100
500
500
4000
100
1000 3
1601
100
3300
3300
4700
1500
ISO
310
300
100
1500
800
ISO
30
TOO
10
4700
300
100
406
3300
3000
700
4000
100
500
100
1300
100
1Q0
100 .,
1400
300
1000
100 ..
tee
5000
300
300 '
1300
100
400
500
100
300
SOO
300
100
100 2
300
100
800
1600
000
100
3800
100
1100
400
8000
300
14300
3000
Dlv.
Inf
.. Adam's Exrjrcsi ...
.. AJax Hubber ....;
.. Alaska Geld Mines..
. . Alaska Juneau O M.
4 Allied Chem A Dye .
4 Allla-Chalmera
. . Am Agrle Chem . . . .
Am Agrle Chem pf.
.. Am Beet Sugar
Am, Besch Maenstn.
. 4 Am B Shee Pdy new
m i;nr ft Fay, ,
. . Am Can ,
7 Am Can pf ...,
.. Am Chicle ,....
.. Am Cotten Oil .
. . Am Cotten Oil pf
..Am Drtijr Syn .
i S Am Exnresa . . .
.. AmHdn A T.ra,h.r. 1
. . Am Hide & Leather pf 70yi
1 Am Tee at
. Am Intemat Cerp.... 44)4,
nm-m I'-rancn isng.
. . Am Linseed
0 Am Locomotive . . .
4 Am Bodlater . . . .
.. Ant Safety Razor ..
. i Am Ship a Cem..
. . Am Smelt
9 Atm Om.I m.
,m Steel Foundries'.'. 83W
. Am Bteei rays pf . . . . te
. . Am Sugar Ref 74
7 Am Sugar Ref pf .... Sty&
. . Am Humatre 30
0 AtrcTcl Tel ....i.llO,
is Am Tobacco . . .
13 Am Tobccce B.
. . Am Waterworks
t Am Woolen . . .
. . Am Writing Paper pf 38
Am ine Lead A Bmlt la
Htirh
. S3J4
. "ft
. K
, K
. 87 J
. 48H
. SK
. 58H
. "J
38 Y
St '
..140K
... 41.yi
...1034
... 10
... 34
... 534
... 814
. . 188 ft
. 10IT
. 33
.111
. 86(4
. H
. IS4
. 48
0014
.138
.134
814
88
Today's Net
Lew Clese Che.
S3U- !4
14ft-
83W
14
8
Total
. . Anaconda copper .... 4t)4
. . Ann Arber 30
. . Ann Arber pf 41
4 Asse Dry Goods .... 8314
6 Asse Oil 1034
Atch Tep & Santa Fe. 07
.. Austin Nlcheins .... 334
7 Austin Nlcheins Ine pf 70
.. Atlantic Fruit 4
.. Atl Gulf 4 W I S S.. 37
.. Atlanta Blr & Atlantic IVi
.. Atlas Tnck Cerp I7J4
7 Baldwin Locomotive .107
.. Bnltimere ft Ohie 37
4 Baltimore & Ohie pf . . 55
. . Bernadale Class B ... 34
6 Bethlehem Steel 50
5 Bethlehem Steel B... 64
7 Bethlehem Steel 7.. 01
5 Bethlehem Steel 8 pflOft
.. Beeth Fisheries 7
.. Brklyn Rapid Transit' 0
. . Brklyn R T etfs of dep 814
.. Brit Em' Steel 2d pf. 31
. . Brown Shee 45
.. Bums Bres A 136 '
. . Burns Brea B 30
7 Burns Bres pf 04
.. Butte ft Superior cop 37
.. Butterlck 31 ?
.. Cadde Central O & R 11
. . Callahan Zinc Ht Lead. 5(4
6 California Packing . . 74
.. California Petroleum. 63 I
10 Canadian Pacific 130
.. Carsen Hill Mining .. 14
. . Central Leather .... 35
. . Central Leather pf . . .T 70
. . Cerre-de-Pasco 35
a, Chandler Meters .... 74
4 Chesapeake & Ohie, . . 5014
. . Chicago ft Alten .... 4
. . Chi ft E 111 (new) .. 17
.. Chi ft E 111 (new) pf. 3BI4
.. Chicago ft Ot West..: 7
.. Chi-ft Or West pf 174
. . Chi Mil ft St P 33
. . Cht Mil ft St P pr 30
5 Chi 'ft Northwestern. 68
.. Chicago Rift Pnc... 40
.. Chile Copper 17
.. Chlne Copper 30
4 Coca-Cela 45
. . Cluett-Peabedy 64
5 Colerado ft Southern. 44 J4
S Celum Gea ft Elee .. 77
.. Celum Graphophene. 3
. . Columbia Graph pf . . . . 10
4 Cemput Tab Recerd .... 704
.. Consolidated Cigar.... 35
7 Consolidated Gas 00
. . Consolidated Textiles. . 18
. . Continental can .... 60
4 Cern Products Ref.. 104
7 Cern Products Ref ptll3
BO Cosden & Ce 35
4 Crucible Steel 57
7 Crucible Steel pf. ... 832
.. Cuban Am Sugar .... 21 ?4
. . Cuban Cane Sugar . . 11
. . Cuban Cane Sugar pr 334
. . Davisen Chemical . . . 50
6 Del Lack & Western. 11314
1 Deme Mines 244
.. Duluth Se S ft At 3
.. Duluth Se S At Pf... 6
II Electric Storage Bat.. 1424
B Endtcott-Jehnson .... 82
7 Endlcott-Jehnson pf. .1074
.. Erie 10
.. Erie lat pf 17
.. Erie 3d pf 11
5 Famous Playera L.... 84
4 Federal Mln ft Smlt pf 31
B Fisher Bedy of Ohie pf 85
.. FIsk Rubber ,..,13.
., Breepert Texaa '18
. . General Asphalt .... 03
5 General Eleotrle 154
.. General. Meters 8
a Gen Meters pf 70
8 Gen Meters db 6.. 08
7 Gen Metera deb 7.. 78
.. Goedrich B F 38
. . Granby Consel M ft M 20
. . Greene Cananea Cep . 26
. . . Ollllland OH pf 68 '
1 Great " Northern Pf . . '5
4 Great North-Ore ctfs. 36
.. Ouantaname 'Sugar .. 10
, ,. Ouan Sugar pf rets. . .' 83
.. Gulf Mobile ft Ner.. 10
.. Gulf State Steel 70
.. Hubershaw El Cable.. 1
7 Hnrtman Cerp 103
.. Hendee Mfjr Ce .... 18
5 Hemeslake Mining . . S04
.. Housten Oil 77
.. Hupp Motorcar 144
.. Indian Refining .... 7
.. indiRhema Ref 3
.. Inspiration Cen Cep.. 30J
. . Interb Cen Cerp .... 2
.. Interb Cen Cerp pf.. 8
se Int Cement 31
.. InterCembEng 24
5 Int Harvester new. ... 00
. . Int Mer Marine 16
a Int Mer Marine pf.... 71
. . Internal Motertruck . . 38
1 Int Motertruck lat pf. 604
. . International Nickel . . 18
6 Intemat Nickel pf . . . 06
.. international Paper.. 474
6 Inter Paper pf atpd . . 66
.. Invincible Oil Cerp.. 1054
.. Iren Product) 31
.. Island Oil 1
.. Jewel Tea 30
sales, 430,500 shares
57
45
35
58
St
38
60
M0
41
101 H
te
24
63
5
138
16
St
08
43
10
33
100
80
5
IS
47
68
88
05
73
SS
37
110
136
133 K
8t4
87
26
13
48
20
30
63
103
00
33
71
3
26)4
1
ion
1051
37
65
33
58
034
01
108
0
0'
8
20
46
44
;b
04
27
31
10
5
73
614
135
14 .
J5
70
344
73
60
4
17
28
7
17
224
30
67 Vt
39
17
28
44
54
44
70
3
10
68
24
084
IS
68
103
113
35
60
82
21
10
81
68
113
34
3
6
143
83
1074
10
17
11
83
m
86
13
17
83
163
' 8
78
68
70
28
20
28
86
78
34
0
72
102
IV
80
75
14
7
3
30
3
0
ai
24
80
14
70
37
60
13
08
47
061,
16
303,
1
10
H-
4
67 .
48 -
36 .
64 .
30-
fW
tt -
141-11-
101 li
lt -
34
584
5
136
IS -
St -
S8-
43-
10
32-
108-
80-
5
13-
47-
60 ,
33 -
SS
73 -i
tt-r
97-
US-
1SS-
1334-
87 -.
28 ,
13 -48-26
4
41 83-
103
90 ,
-
3
20-
1
17
1054-37-5.1
-24
8
-
108
7-
t!4
8
,
120
38
04
27
MK
10-
73
514 135 -
14 -35-70-344-734
'
50 -
4
17 -38
-7
17 -33H-30-87-S
-17
-26
-44-64
3 4.
10 -
B
II
l
V
H
i
l
i
3
K
'
U
4
IJ4
1
'ft
'
M
3
3
3
"'4
'4
H
1
14
'
lfc
1
i
W
Va
s
V
Vi
!4
1
u
niv
1 Bales jn 1
88- 1
36
884
18 -68
104
113
35-
67 -83-21
10
33
58-
113-
24-
3-
143
83 -107
.
104
83
38 86
.
76-
68 -70-3fi-20
-20-U5
-I
75 -34-10
-83
10
7 -
1
102
18
00
75-
"94
714 3-
30
2
an
ai 24
(-
is
70-
'tt'2 .
604 .
2
1
1'4
a
H
!4
H
a
4
y
3
1
2
3
tot
200
tot
800
28tt
8t0t
S300
,400
100
30V
80S
8tt
Jewel Tea pf
Hlh
. 74
Jens Bres Tea ssu
. Kansas City Southern 26
. Kansas A Gulf 5
. Kelly-Sprlngfietd ,'itre 48
. Kennleett Cep-wr ... St
. Keystone T ft R 16
Kresge S S 1SS
7 Kresge 8 S pf Its
. Laekawanna Steel... 46
. Laclede Gas of st L. . 66
t Lee Rubber Tire 31
1800 g go Lehfgh Valley
vv
300
400
100
100
100
300
600
300
1800
700
3500
tee
SOO
6800
let
3400
400
100
200
300
3500
8709
2090
3400
3800
100
100
300
600
200
800
200
100
tee
201
1000
100
200
409
100
tee
700
400
400
100
3400
100
3500
1300
700
1500
800
300
1700
1200
200
.100
100
000
1400
1700
1100
200
tee
200
1300
100
100
800
100
1600
1800
700
400
1600
100
3100
100
300
1500
100
60
7 Lima Locemotlvb S7M
12 Lerlllard Tobacco ...16S
.. Leewe Ce 134
. . Manatl .Sugar 49
Manatl Sugar pf 78
7 Manhattan Rlev guar. 3H
.. Market St Rwy 7
. . Market flt Rwy pf . . . . 36
.. Market St Rwy pr pf. 56
.. Marlln OH 36
.. Martin Rockwell 7
.. Martin Parry 3S
.. Math Alkali S3 j
.. Maxwell Class B.... 16
13 Mexican Petroleum... 136
3 Miami Copper 37
CO Middle States Cerp... 13
.. Mldvale Steel 39
.. Minn ft St Leuis 7
7 Minn St P ft s St Me. 68
.. Me Kan ft Tex ... 5
.. Me Kan ft Tex (wl).. 13
.. Me Kan ft T (wl) pf 384
Missouri Pacific 21
.. Me Pacific pf 64
-.. Montgomery Ward... 16
.. Mulllns Bedy 28
.. National Acme 13
. . Nat Cleak ft Suit 43
I'at Enam ft St 34
8 National Lead te
. . Nat R R of Mex 3d pt 3
.. rtev Cen Copper.... 14
0 N O Tex ft Mex 83
.. N Y Air Brake 88
B New Xerk C ft St L. . 84
.. New Yerk N H ft H. 17
3 New Yerk Ont ft W. . 3S
4 N Y Shipbuilding....
7 Norfolk ft Western..
5 North American etfs.
7 N American pf ctfs. .
7 Northern Pacific...
3 Ohie Fuel Supply . . . .
.. Okla Pred ft Ker....
.. Orpheum Circuit ....
Owens Bottling Mech,
8 Pacific Gas ft Elce. . . .
8 Pacific OH
8 Pan-Amer Petrel....
Pan-Amer B
3 Pennsylvania R R...
.. Penn Seaboard Steel.
5 Peeples Gas Chicago.
.. Peoria ft Eastern....
.. Pcre Marquette ....
8 Pere Marq prier pf..
5 Philadelphia Ce
. . Phllllps-Jenea
60 Phillips Pet
.. Plerce-Arrew Moter..
. . Plerce-Arrew Met pi.
.. Pierce Oil
8 Pierce Oil pf
B Pitts Ceal
6 Pitts Ceal pf
.. Pitta & West Va....
80 Pend Creek Ceal
. . Producers Refiners ..
4 Pub Service of N J.,
a Pullman
. . Punta Alegre Sugar . .
C Pure OH
.. Pure Oil 8
. . Ray Cen Copper
4 Reading
3 Readlna- 2d nf
..' Remington Typewriter 35
. . ntrin xypewrner 1st pf S3
.. Replogle Steel 30
.. Republic Iren ft Steel 49
7 Repub' Iren A BtMl t, l&t.
2868 b 20 Royal Dutch N Y.... 63
3860 . . St Leuis Sah Fran. ... 28
380 .. St LOUla San Wan n -
.. St Leuis 8 W 28
.. Santa Cecilia Sugar. 3
. . omen meter
. . Seaboard Air Line . . .
.. Seaboard Air Line pf
.. Sears-Reebuck
.. Seneca Cep Cerp ...
. . Sinclair OH
.. Sleaa-Sheffleld
. . SO Perte Rice Sugar.
S Seutherln Paolfle ...
. . Southern Rail
.. Southern Rail of...
4 Standard Oil of Cal.. 98
B Standard OH of N J. 170
7 Stand OH of N J pf. .114
. . Stromberg Carb 44
7 Studebaker 88
ouemanne ueat Cerp 6
33
00
66
43
70
48
, 24
16
32
86
40
87
63
35,
7
75
1
26
70
35
80
34
10
33
74
40
60 '
91
28
IS
28
83
116
4t
34
10131
14
73
47
800
100
1300
800
200
2100
2200
0700
100
100
2100
2209
200
200
600
1500
100
30100
600
300
2400
300
3300
1400
300
600
700
700
16200
100
100
100
1800
1100
300
100
100
SOU
100
100
1800
2600
400
100
600
1S0O
600
6100
300
400
3
4
7
SS
14
23
37
'64
84
20
6.1
. . Superior OH Cern
.. Sweet Ce
.. Tenn Cep ft Chem..
3 Texas Ce
.. Texaa ft Pacific ...
1 Texan ft Pae C ft
3 lex Gulf Sulphur....
. . Third Ave
6 Tobacco Products . .
.. Transcen OH
3 Twin City R T
10 Underwood Typew .
S Union Bag ft Paper
. . Union Oil
10 Union Pacific
7 Union Tank Car . .
7 Union Tank Car pf.
' .. United Drug
a United" Fruit
.. United Hwy Invest
. "it
.. 3
.. 10
.. 45
. . 31
O 30
.. 45
.. 181-2
.. 58
.. 0
.. 42
..129
. . 64
.. 17
..131
..107
..103
.. 63
..141
.. 10M
United Rwy 'Invest nf 2u
t United Retail Stores.. 44
. u B vi 1 f ec way, .. .
8 U.S C I P ft Fdy pf.
. U S Express
. u S Feed Products . .
. U S Ind. Alcohol
. U 8 Realty ft Inu
. U'S Rubber
BUS Rubber 1st pr
u a smelt & Ref
20
02
6
3
44
60
58
101
Today's Nat
tiew Clasa Cht.
7 1
86-
3444- 1
'- H
it. ..
sU-
1SJ4
186 108 -
46
4 39
68 -87
-
1814-
76
38
7
36J4
28
83 -37
13-304-
7-
68 - 1
"-
33 -21
4-634-18
2 -12-42-
34 -80?4
34
-
63- 1W
18
22 23 -0914
,
60 -42
.
2
60
48-.
66- 1
51-
35 -7
75 -
15
25-
70
35
00
33
i 16 -
33
. 7(4
48
OS
91 -
36 -
18
30
83
110 -
40
34 -101
14
SM:
34
S3
30
48
78
63-
27-
48 -
31-
3!4
1K-
4-
7-
68-
14
23-
37
54 -84-20-53
-96
-tit
-114
ft -
67 -
6
5
3
10
46 -31-20-444-18-8-
nt
43
139
.4,
ie,H- &
108 .
140 I
10-
28 -44
-
07
85
244
."
43
38
ISM
184
108
45 84
38
68
07
1814
134
49
79
38
7
88
58
25
8
28
33
18
123
27
1
38 H
7
08
8
11
33
1
53
15
28
12
42
34
894
3
14
03
66
63
164
22
22
09
50
42
70
48
2
16
31
CO
48
50
81 K
35
7
75
14
25
70
344
80
334
10
33
7
44
60
01
36
16
20
82
110
304
33 !4
100
14
73
47
34
6.1
7S
63
37
48
2714
3
1H
4
7
08
13
22
37
64
84
20
52
06
170
114
44
B7
6
5a
34
10
45
5
s
V
Vi
1
'
',4
l
H
'4
114
4
4
1
l
4
i
'
ytr
1'4
V2
4
'
I
'
IK
1
"
y
V
H
1,
1
H
3
"
1
100 3 50 U S Smelt & Ref pt 43
15100
600
1800
1100
SOO
200
tot
7100
100
1200
600
100
400
300
000
100
300
700
300
2100
800
100
200
200
BUS Steel
7 U 8 Steel pf
2 Utah Copper ,
. . Utah See . ,
. . Vanadium Cerp . . . .
.. Vn-Car Chemical ...,
. . Va-Car Chemical pf , ,
. . Vivadou Ine ,
. . Wabaah
.. Wabash pf A
Western Maryland..
04
US
034
"
36
33
73
8
74
34
84
West Maryland 2d pf. 17
Western Pacific
8 Western Pacific pf.
4 Westing-heuse E ft m
.. Wheeling ft L E, .,
4 Whlte Mojter
. . White Oil Cnn,
.. Wick Spcnc Steel Cerp 14u
.. Willys-Overland .... 4,
.. Willys-Overland pr... 31
.. Wisconsin Central .. 28
8 Werth Pump pf r... 66
25 wrigm Aero 714
18
67
544
79
39
D
yi
20-U
444
18
58
8
42
128
04
17
131
101
103
02
140
10
28
434
29
02
6
34
44
584
38
101
34
43
94
1164
624
14
36
33
73
8
7J4
23
0
17
10
604
5S(
74
38 'j
9
14
5
29
28
08
7
114
1
u
compared with 015,400 ehares yesterday. Thus far this week, 0,030,800 shares
7K 1
8
3
584-
68 -101
34
43
04 -lit
034-
14 -
.IS -
33
73
7
23-
it"4-
16-504-554
74
38
!i
14
5
38
28
66 -
7
H
H
V
'h
PENNSY WAS FIRM
IN LOCAL MARKET
Concerted Action Needed te Off
set Uneasiness Caused by
Recent Failures
The firmness of Pennsylvania Hall-
read was the, sole feature of t'ne brief
session In tbe local market. Apart from
that stock and P. II. T., the dealings
were of dlmlnuttve proportions nnd
generally mnde up of smaU odd lets.
Pennsylvania Railroad moved up te
35, equaling the high price of the
year, nnd which represents n rite of
ever 8 points from the low of the vear.
The stock apparently i again growing
In favor with the smaller Investors,
since It has been demonstrated the divi
dend would net be further disturbed.
There was the same steady accumula
tion of P. It. T.. with ever 500 shares
in small lets taken between 25 and
25 V.
Price movement In the general 1st
was mixed ns a result of the narrow
ness of the market. American Stores,
after dipping te 036, rallied te 04.
Lehigh Navigation wa fractionally
better, while Lehigh Valley lest a point.
The Philadelphia Electric and the U.
O. I. issues were steady, but were
given little attention. Brill preferred
ran off 4 points en small offerings, nnd
American Gas was ?i under the previ
ous sale.
Rightfully, the endless announce
ments of suspenlens of brokerage
houses, Including some having member
ship en the regular exchange, has cre
ated n great deal of nervousness and
timidity among investors nnd stock
dealers. Much of this apprehension is
warranted nnd some of It is net. The
time, In all events, has nrrived when'
there should be concerted action en the
part of all financial Interests te pro
mote every means te alleviate the ex
isting uneasiness.
Among several things which could' be
done, and which weyild greatly assist
tbe legitimate brokers In the transac
tion of their business and help te re-Inspire
confidence en the part of the In
Testing public, would be the making of
transfers and Issue of new certificates,
whether temporary or permanent, mere
expeditiously? Most all the leading
houses have been subjected te consid
erable annoyance in this connection nnd
in 'some cases the Inability of the
brokers te obtain prompt transfers has
promoted a feeling of suspicion as te
their solvency, entirely unwarranted..
A striking illustration in this con
nection is the protracted delay In the
Issue of the New Philadelphia Elec
tric Company preferred stock certifi
cates. While thp payments of these,
through the purchase of warrants by
the brokers, was made prier te Feb
ruary 15, it was announced yesterday
there would be no delivery by the trust
company until March 15. Naturally, a
great many people who bought the
stock through the warrants cannot un
derstand when their broker tells them
eacn Bucceeatng any tne stecK nas net
been Issued. In view of the unscrupu
lous action of many of the se-called
bucket shops, which recently were
forced into bankruptcy, the inability of
the brokers te deliver the stocks peeprfe
paid for three weeks age, naturally,
makes them question the truthfulness of
the brokers' excuses. In thla particu
lar case, the broker Is helpless. There
does net seem te be the slightest ex
cuse for such a delay. Other instances
net quite se negligent could be re
counted, but the principal question Is
for all bands te get together and get
busy and speed up transfers se there
will be no room for complaint or bus
plcien.
NEW YORK BONDS
IBALK8 IN 11000
Arse rtep'e BsiJap Oeve't 1st
10 R1H 2 00
0.
2.
6.
6,
1.
2
81 4
Canadl'n Nthn
OVii rets
1.... 100
Cana'n Pacific
Ce D wl
2.
4.
15..
40...
5. .
1...
IS...
1...
77
77
7734
78
78U
77',
77
78
"':
Can fle'n It r,
1 0OU
Chile Cep'r Of
0 8544
1 8
IS.. .. sqi,
B... . 8B
Chile Cep'r 7s
10.... 1004
Chinese Oeve't
H-K niy 5
2 55 V.
8 55 v;
1 BOH
City Ilerne ft
10.... 110".
10.... Ill .
City Ilerd'x Of
1..
a.
1..
.
83 W
85 Vi
83 U
85
-'.... 83i
"2.. .. 854
2 85 Vi
0ea!e) 85 Vi
Cty Chrls'a 8s
Z.... 100
City et Copen
hasen 6a
2 00
City Lyens 6s
1.
1..
2..
1..
2..
9..
10..
85
83S
80
35
85
83 n
83
City Mars' os
0.
2
1 .
1..
1..
1..
2..
83
83
85
85
85
85S
85'.
Cty Kle de Ja Ja
nerte 8s
8. .. 101
1.. 101
1. . 101
2. .. 101
City Snn Paule
8s wl
10.
1
2
1
1.
7.
4
1
101
101
101
101
101 Vi
101
101
101
City Zurich 8-
I . . 110
.. 110
Cuba-Am S 8s
1
1
Cuba
0
6 .
21 .
10
3. .
4
5.
104
104
8 CV
70
70
79
70
80
70
80
Cuban c'a Sue
8a ata
I.
5...
n...
1...
6.
78
78
78
78
70
Cuba Rd Ce 5s
1 7t
Cuba Railroad
Ce 7s
1.... 102
Denmark Cen
ct A 8s
8.. . 108
2 100
1 100
1.. . 100
uepi tiein 7s
12..
1..
1.
2 .
Philadelphia Stocks
Lew Cleie cbse.
wVj 3yj
123 123 3Vi
55i 55 aj
00 60 ..
75 75 4
Vi 142 142 Y
13 13
1Yi 71& 42
50 50 1
21k 21
35J 35
S 15
28 28 4- 4
27-f-
25- 2
K -Mtti. I
s 08 08
35 35..
41U 41 U 4
51 51 ..
J 74 7i 14
0 9 0 .. 1
45 45 45 3 '
GRAIN MARKET
Wheat
May ,
July
Corn Cern
May ...
July
data
May July
Pork Perk
May I.ard
May .. .
Julv ., .
Hlbs
May . . .
July
Open High Lew Clese
1 45 1 45 1.41 1.42
1,22 1.22 1.10 1.20
6AV 6UU 624 03
S U8. US 03
41 41. 40 41
48 43 42 42
21.10
12 l- 12.15 )1 S2 11.00
12,82 12,32 1J 00 12.10
11.110 11.30 11,20 11.26
10.110 10 00 10,80 10 t0
Mar .
May .
July .
Oct
Dec ..
Spot
COTTON MARKET
Prev,
Clese Open Illsh Law
18.28 18.11. 18,20 18.00
17,04 17.87
17.26 17.18
16,60 16 52
10.44 16.87
618.80.
17.H2
17.23
16.5H
10,80
Clese
18.00 (02
17.72 17.72075
17.05 17,06007
16.40 16.40
10 23 10,25
N. Y. C. Would Issue New Bends
Washington. March 4. The New Yerk
Central Railroad seucht permission ted.y
front the Interatate Commerce Cemmlss'un
te Issue 160.000,000 In new 5 per cent re.
IE1!,1.'? J?0',,, .?" reai1 proposes te u.e
I48.0B5.00O of the receipts from thw new
'J'.iK. ,0 eti' account In relation te
additions Hnd bettermenta made te Its prop
erties durlnir the laat three years. Ap
proximately $26,500,000 of this aum will pay
off nptca held asa'rat the railroad company
by the railroad administration for the ex
pensea of betterrptnta made durlnir Ue em
inent control, while ndcjltlenal sums will be
used te pay debts Incurred by the purchase
of new equipment and te reimburse the
treasury of tha railroad for advances made
out of It en capital betterment account. The
sum of 111.045.000 of the Issue will be used
t.'.J n,..f ii. ."A i'u's in tne New
July 1.
system which fall due next
NEW YORK COFFEE MARKET
lllsh Lew
ClOSd
N.620a.1
tfi.HH
8 67 8.72(378
Onen
March ".ou
Anrll
May... 8.6706b 8.78 HUT 8.72
June. . i ...... .' ... tS 78
July.. 8.604-0.00 8.74 8.74 18.74
Au... i-.vi.vj ,'ii -ii 'fi.77
ItlfWP. ,'' ,! .l"
..a'cr
iT... ....
B.TB
ml
69 8
Test.
close
8 57
8.03
8.00
8 71
8.72
11.7
DIVIDENDS DECLARED
Allls-Chalmera Manufacturing1 Company,
quarterly of 1 per cent en preferred, payi
able April 16 te stock of record March 24,
American Woolen Cemninv nn..,..,..
I 1. per cent en common and preferred, pay.
acie April id te stock or record March IB.
. B' ., Reynolds Tobacco Company, quar
"'y. i Pr, cent en preferred, payable
April 1 te steclc of record March 1b"
Hears. Ileebuck a Ce., Quarterly 1 per
cent en preferred, payable April I te stock
et record March IB.
American Wholesale
German Bank Statement
t"!11. March 4. The statement of the
imperial Bank of Germany .. of February
J8 shows the following changes: Total
coin and buUlen Increased 1.102.000 marks
sold Increased 700,000: twasuryTele? di.
creased 984,005,000: note. of ether "ankj
decreaaed 4.032,000. bill, discounted in
creased 0,783.708.000; advances T'? ,
4021.000: .nvesunent's JrZZ
ether securities decreased 285.503 1,.?'
In clrcuutlen Increased 4,22 i IM Ban. i"
CSf nfl"4 3.8SS..281 u.)0i e'.KS' .AT
." .." .nt-rcuaea -iuu.u.l7.nnn. .:--. '"'
holdings 086,888,000
total sold
Reserve Banks' Discount Rates
Cernaraffnn ......
tsrly 11.76 en preferred, payable April 1 te
stock of record March 18.
Waetara PmISe Railroad, quarterly iu
watt AprU 1. te rteek at m
llosten , , , ,
New Yerk . . .
Philadelphia .
Cleveland . ,
Klchmend , , ,
Atlanta
Chlciise
Ht. Leuis ....
Mlnneapella .
Kansas City .
Dalian
San Francisce
-Teas, Mb. Cwi ,,
Ctra. hnn,l. -;. " wwii
T.-T-- -w.. uanrt. e..k.
JU 1.'.'
A if T
1
.j- s p !
' 5 K 0
' ft 5 5
1 5 ft ?
:h U 3s 5
High
137 Am Stores 04
30 de 1st pf.123
30 Am Gas.. 56
enankNA
war w I. GO
10 Brill pf. . 75
184 Elec Ster.142
12tFisk Rub. 13
300fGen Mtrs 8
25 Leh Nav. . 71
20Leh Val.. 50
lOtMe Pec. 21
815 Penna R R 35
55PhilCecpf 38
25 Phlla Elec 24
08 de pref . . 28
20 de war fp 27 27
GC0 Phlla R T 25 25
lOOfPitts & W
Va 20
280 Read's Tr 20
lOtStudeb'ker 08V
an L'nienTrac 35
270 U G I.... 41
2S de pref.. CIV
lOOtAVabnsh...
25t White Oil,
100 W Cramp
& Sens.
tNet chansn made by comparison with last
sale en New Yerk Bleck Bxchanca.
Total ealcs, 8293 snares, compared with
5003 shares yesterday. Thus far thla week.
43,602 shares.
PimADEMHIA BO.VTJS
500 Liberty 2d 4a '42 07.30
15000 Liberty 2d 4s '42.... 07.28
50000 Liberty 4th 4s '38. .leta 07.50
100 Liberty 4th 4s '38 07.00
2000 Victory 4s '23. . .lets.100.28
1000 Bell Tel 7s 108
1000 Elec & Peep 4s 05
1000 Elec & Peep 4s fl-5
2000 Phlla Elec 1st 5s. . . .lets 05
4000 Phils Elec 6s . . . lets 101
Total. 171.600. compared with I1S3.430
yesterday. Thus far this week, 1664,800,
MARKS AT NEW LOW
Drep Due te Inquiries In Connection
With Reparation Payments
New Yerk, March 4. The quotation
of $.0030 for German marks yesterday
establishes a new low since the last
week in November, 1021, when the rec
ord low of $.0033 was touched. The
present,posi"en et tne mark is the re
sult of the first violent fluctuation since
that time. ,
Hlncc November the prevailing quo
tation has averaged within a point or
two of $.0050, although en one move
ment it went as high ns $.0000, nnd a
low of $.0040 was reached early in De
comber. The decline since February 1
has been $.0010, or 20.7 per cent, and
during the past two weeks $.0007, or
15.2 per centl
The bear movement, which staitcd
Monday, is said te have hnd its origin
til huge German inquiries for dollars,
sterling and francs with which te pay
reparations.
02
82
02
93
92
03
02
02
93
02
03
02
no
02
02
82
02
Dem Rep'c 5s
1 88
u Canada '26
7..
1.
14.
O
ib"
e
i..
i..
i..
2..
6 .
80
60
80
80
80
89
7a p Cleven' ( 4 s
B 70
6 73
1 75
K Belgium Os
0.... 102
2.... 102
4.... 102
1.... 102
4.... 102
2.... 102
1.... 108
K nels'm 7f
1.... 100
1. .. 100
ft,... 100
Amn fllRli
1,
5...
2...
1..
1..,
1,.,
4..
8..,
1..
1..
80
89
88
80
88
80
88
88
89
86
lAmanean Mug
Hers 0s
08
108
107
107
108
108
107
Kingdom Dan-
mark et 6s
8..
1.
1.
1.
3
1.
1..
0..
1..
1..
2..
14..
1..
1..
0..
4..
8..
08
08
08
08
9
08
08
06
08
08
08
08
Kingdom Den'
mark ct 8s
100
2...
1...
4. .
16...
1.
100
100
100
110
110
K of Nether
lands 6a wl
04
04 Vi
04
04
04
04
04
04
94
04
04
04
04
04
04
04
84
U4 V,
B4
04
04
04
Kingdom Ner
way ct 8
8.... 110
I 109
2.... 110
8.... 110
2 100
K Sweden 0a
10.
0
B... .
11
2... .
1.. .
2(sale)
2
0.. ..
4.. .
3.. .
18... .
8... .
24...
1 . .
1 ...
1
18
4 . .
8
1
5.
1004
101 '
101
100
100
100
100
101
101
100
Queess'd 0s wl
98
ale)
11.
1.
20.
85.
S.
34.
7(i
2.
40
5... .
B
0(sale)
B
17
0(sate)
6
2 ....
B... .
1.. .
1, ..
8.. ..
1
2
Am T 4
1. . .
1 .. .
84... .
Am Tel
08
08
08
08
08
08
08
08
08
98
08
08
08
08
08
08
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O... . 79
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3 . . . 05
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5 80
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6. . 80
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Continued en Next Pag
Bank claarlngi
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iMtitiiii tssMliMtssslliiilinlii'- "' i iMllmTMryftiiiM riillitssWin ' ' -mt..t',! .tj
,1ANK CLEARINQ8
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U. 3. Certificates and Treasury Notes
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Rutd Date
4H April, iu.j..
t4 June, 1022..
t'6 June, 1023,.
6V4 Aug.. 1022..
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t5 Kept.. 1022..
t4 Dec. 1022..
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tIM Sent.. 1024.,
t4 Mch.. 1S23....100 Il-lO 180-13-IO 4 In
Exempt from Federal normal Income tax
t Acceptable for payment of Income tax
due en data of maturity.
Aled Yield
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" "T
INCOME TAX RETURNS
Through the courtesy of the Collector of Internal
Revenue, a representative from his office will be at
this bank daily from March 6th te 15th, inclusive, te
assist the general public in the preparation of their
Income Tax Returns.
HAMILTON TRUST COMPANY
U 4k Markat Stra.U
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