n M 9t . I 'J IV- p if1 -art; 'V?. ,. tf" KJ 'i.iW. VJWP 'rv It rrnfSf.i,.,f ')W, mns v. illy ificial la the relationship we desire te establish with ear denoslters. f W net enlv Trececnlze mi obligation en our part te serve our customers, but find a real plcasure in working in their Interest. The varied and complete Hrviee possible te secure in a modern Trust Com pany is always at your command. Vi Rf in Integrity Trust Company Fourth and Green Streets CsswW Mmrptat A Profit. . $800,000 .$1,890,000 jwr 'mt-wWm ByKMMQ. PPBIJO .VfD&Ufii&a&QimVh& AGAIN IRREGULAR Geed-Sized and Aggressive Bear Interest Net-Lacking of Ammunition ;U1 Spruce 8200 United States Government Securities BECCKITIKS DFPAKTMENT COMMERCIAL TRUST COMPANY Member Federal Reeerte Srattm City HaU Square West W7E advocate the pur- Wc chase of bends se cured by lien en proper ties of subsidiaries of the American Tele phone & Telegraph Ce., and recommend new Chesapeake & Potomac Telephone Ce. of Vir ginia 1st Mortgage 5s, due 1943, which at pres ent prices yield about 6.60. Inquiry is invited en any viw.v... .................. .j.n Iharper&turner i Investment Bankers jfrmber Phlla&tlphia Stock Sxchangi & Stock Exchange Building ;awiei Philadelphia " New Yerk, March 2,1. Oonslderable Irrapilarlfy mnrltrd the movement of today's rteHt market end the tendency of the irreflter 'tmrt nf thn liar was tletvntvnnl. In different quarters, espe cially omenf the recognized peel lunues the mnrkct wemed te be full of ntecks 'with every indication of the existence of numerous r-ton-leaa erdem in many of the ever-exploited speculative fa- inrltes. At the name time it was no 1 tired flnasraedlc efforts, te start a fresh upwnni swing In various selected stocks were net very successful. On the ether hand it was observed the trading be came relatively dull and narrow en the , recessions, indicating the inability of , the reactionary party te dislodge any Reduction of the Northern Pacific dividend from 7 'te a C per cent basis was the ever-shadowing overnight de velopment and was open te dfverscnt Interpretations. This action in the first place hnd net been generally expected. rnil in the censenuence. was looked unen by eme observers as a signal from the influential banking Interests of their op position te a continuation of the re cent strong-arm peel methods. In the ether quartern It was regarded as n favorable rather than a disturbing mar ket influence. The initial trading in the mock was naturally looked for with a high degree of interest because of n general denim ' te note the effect this dividend change would have en the market position of the fteck which has held n high position in the investment field for se long n time and a little ever twenty jcars age sold as high ns $1000 a share. The opening dealings was cxclfpd, and It took ever ten minutes for the com mittee te decide en the record of the opening transactions which were made en the tape as 'e00 share nt 74 te 74 3. a less of 3 points from yester day's final sale. Great Northern was naturally influenced by this recession and dropped l?i points. Little rallying power was shown by either issue and the heaviness wns later communicated I te the ether Pacific reads. The ether I rails were net affected much. New Yerk Central continued te held well and sev eral of the junior rails, notably New Haven, Norfolk and Southern and Ann Arber, were nulte strong and higher. The general lift was reactionary, which was te be expected in the re newed aggressiveness of n geed-sired bear interest. In conjunction with the Northern Pacific dividend incident, the stiffening of the money market, probable Heuse action this week en the Soldier Iienun Kill, together with the coal strike preparations, the reactionary party were net lacking ammunition. 11" n n III, Central of Georgia (Oconee Div.) HI- 1st 5i. 1945 111 v II ' HI Southern tlndiana ,i'" 1st 4s, 1951 Macen Terminal 1st 5s, 1965 HI Widinm liee. PmuDtiraiA. I Mrmltrl PkiUJtMm nd J Him Yfi itffi kxitmpt i. n Commodity Markets GRAIN MARKET Chicago, March 23. Wheat started vie te a,tc lower for May and c te Vic off for July. Trade was fairly active, with influential commission beuse sell ing causing bearish sentiment among lo cals, who followed their lead. Uuylug wns scattered and weak. Cern started ',4c te Vjc lower for May and f?ic te zc off for July. Commis sion house helling was fairly general, while buying power was weak. Oats started unchanged te c lower with selling credited te a leading In terest and buying support peer. Previsions started steauy out mm. I l'roletu I' Cle Orn A. M. MT".a.Vr. 1.3M isn't SI 3Ri 1.3 Juli- .,... l.lOVi 1.10'i 91.10 1.1JV Sept. ........ . . l.U MaLyTn.TT.. l "7 "'v B0 July .... Ut i3S '3S "1 Sert. .... ... CO'4 0 Cfl'4 03H M'tT... .is 38 9 37 RTH July .... 40M 40 II E9"4 JO'i Scrt 40 0 JuPy'T ,2$ Sept 8-' July 11.07 11.07 l-ffMAt" Aiiiavaiv . I "z ' ," ' .' '."". ' '".' ' ....I.. . litiAiA. tniimni . n r -- "III I I mM MtPJ iil JSW am.' Mn .. .. I llll II II It"' III III . -.-: . ' ,-.( -v FTrf rmUL mUVCIflCII I 1 inilw yuku mucis. iiAv,nAiNij iKATCAtiiuiN5 vihUKUUS PU I ini-i ViI&9LL v J ?irePF!!v !Ri IvL ' mmwwmw BSm.k ' fSWSB?... baHSS JHniiTT B"f Nuwfflii- ssLS " BafcppjIPMaaaaT'Xj pji w,y sbi as i k j bbsbbsj bbbbhi flilBVrQHBBCrs!iBw--rjfl I 3fl IbSHbh HHHHI1 mHJT pHflnR Knzi W laBllHHI HHaffl BHn rlfliffr fliM " ' HbW1a sSiiMlBn bBbHLBSI 9HLflBMBHlBBk4Bflsll D II m flwH BH HmM I ' 1 hbSHIbBHubSRII H H ILJbI bHH HkVB bSEz'IJI jbbbbbbbbbbbbbhSjbIbIBjb' i.MavavajBBJBKViraBhBBZBBawffiSIOSsn IJZaBPXBV9alBTx39BBBBBBBBBBBBBf nlilHfS lta, tJr" VIbWbW ymWmmP'Z-iiukS.' Div. Salf In I 300 .. 100 .. 100 . 4200 TH 100 100 200 100 100 100 100 100 1000 300 100 100 200 200 100 700 100 100 103 300 . 800 100 100 200 400 700 800 100 200 500 1200 300 100 100 100 500 100 2000 1100 , 4000 600 200 100 200 200 100 300 100 4600 1100 800 100 9000 100 6200 100 3000 400 1100 200 200 200 2600 200 600 300 300 100 800 1300 300 1930 1C0 400 100 2100 700 900 -. 300 1400 100 330 400 900 900 700 1600 200 22C0 530 200 3000 100 100 1930 1500 500 1030 930 3200 fote 300 2300 BTOCIC Hlltl . Advance numely... 14 .. AJas Ilubber 18)4 . Alnaka deld Mines, . K 4 Allied Chem St Dye. C3H 7 Allied Chem A D pf109 4 Allli-Chalmere .... 45H 7 Allls-Chalmera pf.. B3H Am AstIe Chemv... 39 4 Am Ban Nete..,. 67H 5 Am Bank Nete pf. . 53 Mr Am Beet Surnr. ... 41 V4 Am Besch Magneto, Z' Am can , . , . mil juwi. .,. . Am Cotten oil AnTcotten Oil pf . , , . . Am Drug Syn...i. Am Hide Leather. 45 9K 24 S4 6 15 Vew 14 16H.' 62H 109 43 93 M 30 67 H 83V4 41 yi 42V4 4414 9K 24H 34 6 15 691 1:10 P.M. 14 16V4 63yi 109 4 39 -67H-83J4-4154-42H-44H- 9M - 6 15 - 69K. Ntt am. I'll H H 1 H 14 H H Yt yi 114 Vi it Am Ice 113yi 1H,.i"3 '77 eAmiespf eey. eew eeg- .. Amlnternatterp... 43V4 Vf f w 1 Am-La rranee Enf . HW ilu"t4 i. j iau. S34 34yx r M u Am Loeemotlve....108yi 4 Am Badlater 86)4 Am Safety Baser. . 7H .. Am Ship ft Cem.... 13T Am Smelt 51 Am Steel Foundries 34 H Am Sugar Ref 70 H 7 Am Sugar Ret pf.. 97 W .. Am Sumatra 32' 6, Am Tl 4 Cable..., 65 Am Tel A Tel 12TV U Am' Tobacco 136 J4 12 Am Tobacco B....133K Am Tobacco pf newlOOJt .. Am 'Waterworks... lift 7 Am Woolen 87 .. Am Zinc Ld a 3 pt 38 .. Anaconda Copper.. !0v6 ..Ann Arber 18H . . Ann Arber pf 50 . Atch Tep San Fe 96 H . . Atlan Bir A Atlantic 2K 7 Atlantic Coast Line 90 yi .. Atlantie Fruit 3H .. Atl Gulf A W I 3 S 20 Ji .. Atlaa Tack Cerp... 19 6 Atch Tep A S F pf 87J4 .. Austin Nicholas.... 25 7 Baldwin Locomotive 1074 .. Baltimore A Ohie.. 38y 4 Baltimore A Ohie pf 56 .. Barnsdale class B.. 25 .. BatepIlM Mining... 1H C Bethlehem Steel.... 3 5 Beth Steel B G9!4 7 Beth Steel 7 pf.. 91 .. Bklyn Rapid Transit 16J4 8 Burns Bres A 128 2 Burns Bres B 41 yj 7 Bush Ter Bldg pt.. B0 V .. Butte A Sup Cep... .. Beeth Fisheries.... .. Bkln RTctfsef dep .. Brklyn Union Qas,. . . Cadde Cen OAR.. 6 California Pecking. .. California Petrel... 7 California Patrel nf 89 yi .. Callahan Zinc A Ld S 10 Canadian PaclOe... 135' .. Caie (J I) Plew... 5 . . Central Leather . . .. Central Lenther pf. . . Cerre-de-Pasco . . Certaln-tecd Pred.. 8 Chandler Meters 4 Chesapeake A Ohie 61 y& .. Chicago ft Alten.. 7 .. Chicago ft Alten pf 14)4 .. Chi A E 111 (new).. 22K .. Chi A E 111 (new) pf 42 J4 . . Chicago A Gt West. 8 , .. Chi A Or West pf.. 19H .. Chi Mil A St P.... 22H .. Chi Mil A St P pf.. 37H 6 Chi A Northwestern 70 yi .. Chi RIAPac 0H 1 Chi R I A P 77 Pf 92ya .. Chile Copper 17yi .. Chlne Copper 27H .. Clev Cin Chi 4 S L 65V4 4 Coca-Cela 46 .. Cole Fuel ft Iren.. 30 3 Colerado ft Southern 6 Celum Oaa A Elcc. . , . Celum Oraphophene . . Cel Oraphophene pf 4 Cemput Tab Rec. . .. Consel Dls Ins 7 Consolidated Qas.. .. Consel Textiles.... .. Continental Can.... 4 Cem Products iter. 26)4 6yi 16J4 92 12K 75 fc 51 yi 36H 71 yi 35 V4 42H 72 yi 1200 2 Cosden ft Ce. Missouri Pacific R. R. l 1st & Refg. Mtge. 6s Series D of 1949 98 yield 6.10 GREENE & CO. Stock Exchange Building Philadelphia Spree 9580 '1 Kate 0523 COTTON MARKET New Yerk. March 23. Favorable TventliiT in the belt. unHcttled labor conditions, lower foreign exchange rates and rather free selling by New. Orleans and ether Southern interests led te nn opening decline of 1 te 7 points In the cotton market. Later, the list held fairly steady, redlining part of the less en.bujlng by Liverpool nnd the trade, based en better reports from! Manchester and strength at Liverpool. Kusincss. as a whole, was only mod erate. March contracts displayed re'a- I tlve weakness, telling 5 points under J May. Thirteen notices were In circula tion. Itecclpts at the ports for the day nre I estimated at 15,000 bales, against 10,002 bales a week -age, 8320 bales a i ...... .. nn.l 3ft R7A tlAlAU t VPfi Vfflll f age. . IBSl, C.UBO ll"3I! .A J. Jl, March I4.J- IMay 1T.JS July 17.31 .OcteW .., l'l.JJ Dfrmlr IOCS I January 1n Hl 17. 11S 17. R.I 17.31 ldli' ll.Si) 10.00 17.H0 I 17, S3 17.SD1 10 03 1 Orders Executed for eeth or en a eenitrvctlve mar 'gtnat.batU, In all aecurltlea Hated est the New Yerk Stuck Exchange. Large or amall Ieta, McGLINN & CO. 1 Mtmhnt Ntu) Yerk Sloth Exckangt Wdener BldEn Philadelphia Kew Verk lioaten MCewitfCa Una Title Bldg. Itraibtra fall. Bteck Eiehsat '"KSTUIAIOH Uua fumllUr ttlttt El ftdAAi.l .il,4if naBltfi at earfllfa fif.ll IuLai .. t sis PPM 1 'Hi, asaewsi nv T"" ,f t rxperlenre, t, eaantlti In Krnral bulldrr eniita. ' Capable or idkiui run nurse. 3 as, i uenigepre. will cewldriiilnl. wmtetme. be trvntrd. Mut Cerrrn. Wrlcily I' 8JS. LISnGKIt 0FTICK I Liverpool Cotten Llrrrpeel, March 2n. There waa nn artlve I IcJemanil for net cotton tfily and a larva bunlntai waa done, but rrlcea were eal-r nn I I the baula of a deellne nt two relnta for mill- ! Illnc at 10. Hid, Tlie anlra n-ere IIS. 000 union, I The rerelpta ware 1000 bilei. Ineludlne .100' balea American. Futurea etarle'l Irreiculnr r.d then turnd veiy iteady. Stt irlce i were: American, mlildlln fair li.20d: (reivl i mlddllnir. 11 Aid: fully mUldllnir. ll.OSd: I mlddllnc, in.sld' low mlddllns:, II Old; geed l erumary. y.uea, anu erainnry, n.oeu. NEW YORK COFFEE MARKET New Yerk. March 23. The local , coffee futures market opened tiuiet this morning' with prices 1 te 3 points lower. Just before the start, a special I ' cable reported Hie 100 te 125 rcls I higher. Much .of the recent demand here has come from covering of trade i 1 shorts, the buying being based en the improved technical position of celTec. There was presuru thlR morning in the far months and some of this soiling I was believed te have been for Kure- ! uenn account. I I'rlcw at midday were about 2 te 4 points net lower, with trading quiet and the market void of fresh news or fur ther development of any kind. It is pointed out that stock and afloat for the 1'nlted States of Iiriizl'.lnn coffee is new below half of lust yenr's figures and there scemH te be little chance of re plenishing except at iirlces considera bly above New Yerk values. Test, cl'iie Itfiy U.SiiffSS July .. n.l'nf3i September . lOOSO December U'1:j 13D0 2300 1530 600 100 100 100 25.0 102 700 200 10:0 100 23 00 100 200 100 3100 1400 700 100 3200 700 5100 100 300 200 300 100 300 5100 100 100 400 400 100 700 103 700 400 100 5300 400 700 300 1000 500 100 400 403 100 700 400 200 1200 M'.OO 300 800 10 300 2300 4200 200 100 1400 830 1500 600 200 100 100 Crucible Steel Cuban Am Sugar... Cuban Cane Sugar. 47 E24 3 V I3V4 67H V. 107.. , 134 62 1C414 35 56 24 16 Cuban Cane Sue pf 35)4 .. Davisen Chemical.. 57 9 Delaware ft Hudsen 1 16J 6 Del Lack ft Western 115 .. Duluth Se S ft At.. 3 1 Deme Mine 28 JA 10 Eastman Kodak... 730 6 Endlcott-Jehnson .. 82 . . Erie 1 1 H .. Erie 1st pf 10 .. Erie 2d pt 12 g Famous Players L.. 79 'A 8 Famous Players pf. 93 yj 10 Fisher Bedy 102ft 8 risher Bedy of O pf 95 .. Flsk Rubber 16K ., Freeport Texna.... 17J4 . . Oaaten Wms ft Wig H C Gen Am Tank Car. 56 .. General Asphalt... 60 8 General Electric... 155 .. General Meters.... 10ft 6 Gen Meters pf 77 6 Gen Meters deb 6 76 7 Gen Meters deb ITe 67 .. Goedrich B F C9 7 Ooedrich B F Pf... 84 .. Granby Cen M & M 28 7 Great Northern, pf. 73 ft 4 Great North Ore ctfs 35 . . Greene Cananea Cep 27 . Guantannme Sugar. 1 2 Ji . Gulf Mobile & .Ner 9 .. Gulf Meb & Ner pf 25 ft . Gulf State Steel.... 72 .. Hablrshaw El cable 3 3 Itemestake Mining. . 62 H .. Housten Oil 74ft ,, Hupp Motorcar.... 1 5 ft .. Hydraulle Steel.... 8?a 7 Illinois Central.... 101J4 .. Indlahema Kef 4 .. Inspiration Cen Cep 40 .. Interb con Cerp.... 3H .. Interb Cen Cerp pf 8ft .. Intcrnat Agrlcul... 10H .. Int Agrlcul Cerp pf 40 2 Inter Comb Enp.... 26 6 Int Harvester new.. 85 ,. Jnt Mer Murine.... 15ft 6 Int Mer Marine pf. . 70 V 1 Int Motertrck 2d pf 67 .. Intemat Motertruck 35 . international Nickel 16ft 6 Internal Nickel pf. 71ft ,. International Paper 6 fi Intcrnat Paper Pf.-'OO 6 Inter Paper pf stpd 63 , Invincible Oil Cerp 18 .. Island Oil 1 $ .. Kan City Southern. 25? .. Kansas ft Gulf 5 .. Kelly-SPB Tire 44 ft .. Kelsey Wheel S7ft .. Kennecett Copper.. 29 .. Keystone T ft It.... 17ft C Kresgn S S .I?$ .. Lackawanna Steel. . 40 Laclede Gas of St L 61 108 86ft 7 13 51 34 70 ft 97 31 14 63 121 136 133 100J4 1114 E6J4 38 50 ft 17 ft 48H 96 2ft 90 ft 3H 27 ft 19 87 23 106 ft 37 55 ft 25 1H 63 68 91 15ft 128 40 90 ft 26 ft 6ft 15. 91 12 V 75 51 89 ft 6ft 133 4 35 71ft. 35 42 72 . 61ft 6 14ft 22, 42ft' 8ft 19K 2Zft 36ft 70 ft 40 ft 92 ft 17 ft 27 ft 4 ft 46 30 47 82 ft 3ft 13 65 74 107ft 13 62 ft 103 35 56 ft 23 ft V, 14 ft ft ft 1ft 2 'i. V4 ft ft Yi " ft 54 "14 ft ft 15 34 56 ft 116ft 115 3 ?8 728 82 ft lift 17ft 12 78 93 ft 102 95 15ft 17 ft 56 58 153 10 77 75ft, 87 ft 38 84 28 72 ft 35 27 12 9 25 ft 71 3 62 74 ft 15ft 7ft 101 4 39 3ft 8 ft 10 40 2574 95 15ft 70 ft 67 34 14ft 70 ft 45 ft 100 63 17ft fft 25 ft 5 43 93 ft 29 ft 17 ft 136ft 46 61 108 86J4- 7 13- 51 - 34 :oft- 97 31V4 65 -I 121 136 -133 38 80ft 18 9ft 96- 2ft 90 ft- 3r 28ft 19 -87 -25 106ft 37 J4-55ft-25 1H 63 - . 69ft 91 16 14 128 .. 41ft 90ft 1 26ft- 14 6ft 16 ' 91 -12ft-75 -51 -89ft 6-r 135 - 5 36 ft- 71 ft 35 -42- 72 -61.- 6J4 14ft 8ft-19-22ft-37 ft ft 27J4 30 47-82- 3ft 13ft 65- r. 107ft 13 -62ft 103-33-"56 .23ft 1 1 15- 34 57 116ft- 115 730 B2 11 18 12 79ft 93ft 102ft 95 -I6ft-17- 56 -58- 15354-10-77 76- . 87- 39 72-35-27 -12ft- 9 -25ft 72 - 3 62 -74ft-15ft 8 101 Ji 4 39- 3ft 8ft 10 40 -25J4-95 15ft-70ft- 67 35 ft 16ft 71ft 46" 100 -f3 17-Ift-25ft-5 43 .. 96 .2 y -I7ft-136ft , 1ft ft ft 14 ft ft ' H ft ft 2 1 1 J4 1 'ft ft 1 V 1 1 'A 1 . 'yj 114 ft ' 'a 'n ' ift ft ift i i 'ft ft Sales In, 100 ,, ioe :: 1700 1100 100 100 000 1600 400 12600 100 200 900 100 100 700 200 100 3700 600 100 1000 300 9700 800 Nash. 114ft e Ml.. 21 STOCK Hltil Lake Erie A West..' 17' . . Lake Erie A W pf . 33 t Lee Ilubber Tire... "32 T Lima Locemo tire.. 107 7 Lima Locomotive pf 106 ' T Liggett A Myers pt 114 . . Leewe Ce . . V. .' 1 S 14 i irt Candy......'. T Louisville A Nash. Mclntvre PereMI. . Manatl Snnr. ..... 47 7 Manhat Kiev Guar , . 39 Manhat Shirt 37 ft .. Market St Rwr... 8 Marktt St Rwy pf , 32 . Mar St Rwy pr pf . . 58ft Mar St Rwy td pf 16ft .. Merlin OI1.......J. 25 .. Marlln ReckwelLt. 24 .. Martin Parry 27 Math Alkali 34 . . Max Claaa B...... 164 .t May Dspt Stores. ..113' 1 Mexican Petroleum. 121 i Miami Copper 27 26001.10 Middle States Cerp. 13 4300 400 1100 1100 2300 100 1300 30 tee 100 400 2300 100 200 1200 400 400 2600 Mid vale Steel...1... 34 Minn A St L new... 10i . Me Kan A Tex (wl) 12K .. Missouri Pactile. ... 21 Me Pacific of...... 33ft Mentana Power.... 63ft Montgomery Ward -16ft .. Mulltna Bedy 28 ft National Acme 13ft Nnt Cleak & Pult... 42ft Nat Cen A Cable. 2ft .. Nat En A Stamp.. 34ft 1 Nat En A Stamp pf 88 t National Lead 89 .. Nat R Ref M Id pf 4 .. Nev Cen Copper... 14J4 6 N O Tex ft Mex.... 63 B New Yerk Central, ,87ft 100 Ift New Yerk Deck. 12600 1100 1900 300 300 500 21200 100 1600 2600 400 1200 330 700 100 3540 4200 1000 100 200 3200 800 400 400 1300 100 390 700 700 100 600 300 300 '30ft New Yerk N H A H 20 ft 1 New Tork Ont A W 24 ft .. Norfolk A Southern 19 7 Norfolk ft Western 1 00 Ji 8 North Amer" ctfs.'.-. 55 N AmrrlcTi n ctfs 42ft Northern PaclCe.. 75ft . . Ohie Bedy ft Blewer 13 . . Okla Pred ft Ret..., 2 .. Ont Silver Mining. 8ft . . Orpheum Circuit... 13 ft .. OtU Steel 12 .. Otis Steel pf....... 31 2 Owens Bett Maeh. 31 ft 6 Pacific Oai ft Elee.. 66 3 Paclfle Oil 49ft Pan-Amer Petrel... 33ft 6 Pan-Amer B 49ft . . Panhandle 7ft 8 Panhandle pf 69 2 Pennsylvania R R. 37 .. Penn Seab'd Steel. 8ft B Peeples Qas Chicago 81 ft . . Peoria A Eastern .. . 15ft .. Pere Marquette.... 27ft 6 Pere Marquette pf. . 60 ft 3 Philadelphia Ce .... 38 2 Phillips Pet 36 .. Plerce-Arrew Moter 17 ft .. Plerce-Arrew Met pf 35 Pierce Oil. 8 Pierce OH pf. 6 Pitts Ceal pf. 300 1 pond Creek Ceal.., 8ft 50 ft 92ft 18ft 70 ft 27 85 700 .. Pressed Steel Car. 100 .. Producers Refiners. 200 6 Pub Sv Cem of NJ. 3100 8 Pullman 124ft 1100 .. Punta Alegre Sugar 40 ft 2000 2 Pure Oil 30 100 8 Pure Oil pf 99ft 100 8 Railway Steel Spg. 97 ft 500 .. Ray con Copper... 14ft 100 4 Reading 73ft 100 2 Reading 1st pf.... 43 100 2 Reading 2d pf 46 200 .. Remlmtten Typewrit 36ft 100 .. Rem Type wait 2d pf 60 700 .. Replegle Steel .... 31 1200. .. Repub Iren A Steel 51ft 410 2 Rep Iren ft Stl pf . . 78 1200 .. Republic Meters.... 7 700 . . R J Reynolds Teb B 44 16005,20 Royal Dutch NT.. 52 100 1 St Jeseph Lead.... 13 1400 .. St Leuis San Fran 27 100 .. St L San Fran pf. 49 500 .. St L S W 28 100 . . St L Southwest pf . . 41 2800 .. Santa Cecelia Sugar 5ft 2100 .. Seaboard Air Line. 4 2000 .. Scab Air Line pf... 9 2190 .. Bears-Roebuck .... 71 600 .. Seneca Cep Cerp. . . 13 100 .. Shattuck Ariz Cerp 8 18800 .. Sinclair Cen Oil.... 25ft 200 .. Slose-Shcflield 40 ft 2200 6 Southern Paclfle.... 66ft 2200 .. Southern Rail 21 100 .. Southern Rail pf . . 52 ft 400 4 Standard Oil of Cal 95 ft 300 6 Standard Oil of N J 172 ft 200 7 Stand Oil of N J pf 114 300 7 Steel Tube pf 79 ft 600 .. Strembcrg Carb.... 45 20700 7 Studebaker 1 04 ft 300 .. Sub Beat Cerp 5ft 100 .. Superior Oil Cerp.. 5ft 1730 .. Sweets Ce of Amer 4ft 1 1.00 . . Tcnn Cep ft Chem. . 10100 3 Texas Ce 1800 2ft Tex Gulf Sulphur. 1200 2100 100 100 tee' 700 100 200 1600 409 200 200 500 500 100 400. 500 3200 2500' 2000 BOO 100 3100 100 300 4300 100 100 400 900 320 10700 100 tee tee 200 300 600 3 JO 500 300 200 410e 200 , 200 200 703 100 103 lift 43 ft 41 32 26 Texas & Paelflc. 1 Texad & Pae C ft O .. Third Ave 20ft 6 Tobacco Products.. 61ft . . T S L & W pf ctfa B 35ft .. Transcen OU 9 4 Transue Wm Steel 38 ft 6 Unten Bag ft Paper 61 ft .. Unten Oil 18ft 10 Union Pacific 133 '4 Union Paclfle pf 72ft 7 Union Tank Car pf. 103ft ., United Alley Steel.. 31 .. United Drug 69 8. United Fruit 138 .. United Rwy Invest. 12ft . . Unit Rwy Invest pf 31 6 United Retail Stores 45 ft .. U'S C I P ft Fdy.. 35ft .-. U-S Feed Product. 6ft , .. U S Ind Alcohol... 46ft 7 U S Ind Alcohol pf 93 ..US Rubber 61ft 200 84 U S Smelt & Rcf pt 45ft 10800 6 U S Steel ' 7 U a mei'i pi ? 2 U"tnh Copper 63 , . Vanadium Cerp.... 38ft 7 Van Rualte 1st pf. 92 , . Ve-Car Chemical... 34 Ji .. Va-Car Chemical pf 74 ft , , Vtvadeu Jno 10 , Wabash 9ft . . Wabash pf A Z8 ,. Wabash pf B 17 ft 1 Weber ft Hellbroner 13 . . Western Maryland. 10ft , . Western Pacific... 18 2 Western l'.icllle pf. 53 Ji 7 WeBtern Union Tel 98ft 4 Westlngh K ft M.. 57 ft ., Wheeling ft L U. .. . 9 '.. Wheeling 4 L E pf 18Jg .. White Oil Cerp.... 9 ft .. Willys-Overland ... 8 .. Willys-Overland pf 39 ft . . Wisconsin Central.. 28 8 Woolworth F W...135 4-Worthlngten Pump. 50ft 6 Werth Pump pf B.. 69 7 Woolworth F W pf117 100 .25 WrlBht Aero 8 Ex-dM'!""1' la ' '17 "33 31 H 106 106" 114 13ft 13ft 113 20ft 47 39 32& 32 37. 16, 28 . 22V4 27. 34 . 1 112 120ft 27 13 33 10 12 21ft 33 63ft 16ft 28ft 13ft 42 ft 214 34 88 69 4 14ft 63 66 J4 30 ft 19 23 ft 17 100 34ft 42ft 74 ft 13 214 7ft 15V4 12 50 31 14 66 48J4 54 ft 49 7ft 69 37 8 ' 81 IS 26 60 Ji 38 35 17ft 35 8ft 50 92 ft 17 70 27 85 121 40 30 ft 99 ft 97 ft 14 73 ft 43 46 36 ft 60 30 ft 51 77ft 7ft 44 52 ft 13 27 49 27 ft 41 4ft 4ft 8J4 70 ft 13ft 8 24 40 ft 86 21ft 52 ft 95 172 114ft 79 ft 45 103 5 5ft 4 11 42 40 ft 32 ft 25 20 ft 61ft 35 ft 9ft 38ft 61 18 132ft 72 ft 103ft 30 ft 67 138 12 30 4 34 5 46 93 60 ft 45ft 93 116 63 38 92 34 Je 73 10ft 8J4 26 ft 17Ja 13 10ft 18ft 53 97 ft 57 ft 9 18 9 8 3'Jft 28 155 49 ft 69 117 8 ft 14 "yi "H 14 "h ft 4 ft ft 14 1 "14 214 H ,11 1 "l'4 1 14 i 14 14 ft 1 1 1:80 Nat P.M. Chi. 17 - ' 14 .33 ft 3214 106 M 106 -lift 114 2 lilt: .8 '2?i 8 47 - 1 3H- H 37 H - -ft 32 - 314 37 - 214 16 .28 22ft I 27 - n 34 18ft ft 112. 120ft V 27-13-33ft-10 12J4 2114- 33 -65 ft v16ft 42VJ- 2ft 89 - 4-14J4-63 -87 ft 30 ft 20 ft 24 -19y4 100- 34 J4-42ft-75 - 13 -2ft 8ft 15ft . 1214 50 - 3IJ4- 66- 49 34 49 - 714- 69 -37 8 81 -13 - 27 -60J4 38 36 - 17 ft- 35- 0ft- 50 -92ft 17- 70 -27 85 -123 40 -30 9914 97ft 43 46 36 ft 60 -31 51 -77ft- 7ft 44 -52ft-13 27 49 - 28 -41- 4ft- 4 9 70 13- 8 25 40- 86 -21ft-52ft-95ft- 172ft-114 79ft 1 45 - J4 103 5ft- ft 5ft ft 4ft .. 11 42JJ 41 -32ft-28 20 ft-61ft-35ft 9ft- 38ft 61 - 19ft- 132- 72ft- 103ft- 30ft- 67 - 138 12 31 6ft ee- 45 ft 94 11S 63 -38 -92 3J4 73 -10 9 27J4 nft- 18ft 53 98ft 57ft- '-18J4- 9- Bft-39ft-28-155 49ft-69-117 8 - J4 114 1 14 14 1 Vi " ft ft 1 14 14 14 i ft 14 yi 14 'J4 ft ft ft ft 14 OF P.I COMMON Steady Accumulation of Rapid Transit' Attracting Consider able Attention en the Street The continued activity nnd strength of Philadelphia Rlacrrlc wan the out- rtv'nrilnif futma nt rh Inrfil market. While there la no definite development in the affairs of the company the buying movement m of tne same apparent tinrMit nhritr nn nntml vestcrdaT. This carried the stock te a new high level for the year at 20 Vs. and nearly u point above the previous top. A variety of rumors however, were In circulation, none pf which obtained confirmation, and several apparently wern hull tmnn vnev fllmiv foundation. One mas a probable increase In the divi dend rate te an a per cent dbsis. .in terests close te the management assert such a thought had net even been en- tertamea ny tne management., jvnewcr was .negotiations had been reopened by certain Interests closely allied with the United flea Tmnrnvement Cemnany .for either an absorption of the Philadelphia Electric by the U. U. l. or a scnemc for the amalgamation of both utility companies. The same two powerful in terests, who a number 01 years ege unset thn mercer, maintain the some attitude, nnd are understood te be rendy te contest sucn n consenaoiion as on en terly as they did before. There wns nevertheless an unusually large turnover In the transactions, nnd before neon approximately 2000 shares of the stock had changed hands. In the meantlme there wns fairly heavy dealings also In the preferred, which, however, had a narrow variation be tween 27 and 27. Next In prominence wns the contin ued steady accumulation of Philadel phia Rapid Transit stock. The street Is about convinced Mr. Mitten's posi tion Is practically Invulnerable, and from the Inklings that have Altered out In recent weeks, it Is evident the ground was" covered very carefully from a legal viewpoint before Mr. Mitten launched his sensational policies. The firmness with which the price' held within the neighborhood of 20 Indicated the avail able floating supply of the stock is be ing steadily absorbed. Price movement In the general list was very mixed. American Stores in dicated dribbling realizing, which caused tne price te react 1 points te De. The first preferred lest two points en small sales. Light transaction in Bank of North America warrants were made nt a decline of two points. General Ab phalt preferred was off ever fifteen points from the previous sale nnd the common lest two. Explanation for which wns readily te be found In the llgures presented in the preliminary an nual report yesterday. U. O. I. shaded fracUenally, but was dull en a small scale. American Railways continued te climb, making a new top nt 0. Philadelphia Stocks 1:15 P. M. Net Itifh Lew P. M. chge. 318 Am Stores 1)7 00 1)0 l'i 21 delstnf.128 128 128 2 20fAm Ice... 113 113 113l:Ki 448 Am Rwys. 10 t Dank X A war w 1.. C5 lOOtB & O... 37 lOOfBroek R T 10 10 Gen Asph C8 100 de prcf.. 90 200 Hunt & B Tep pf... 13 85 In Ce N A 34 fJOtlnt Nickel 15 CO Key Tel pf 28 10 Lake Sup. 8 lOLch Nav.. 70 lOtM Sta Oil 13 lROfNerth Pnc 74 12tW Pennn R R 37 20 Pcnna Salt 72 20 Phila & W 0 300 Phil Ce enf 3ft 2013 Phila Elec 20 25 1140 de pref.. 27 27 1380 Phila It T 20 20 00 Phila True 05Vi 03 zuTiuiuuan ..litt 14 0 10 55 ft 58 00 13 WA 28 8 70 13 74 37 71 1) 3534 500Tone Bel. 1(H) Tane Min 1 1 1 53 2 377i- 10 - 58 2 00 15 13 .. Wt $ 28 .. 8- 70 .. 13 74-2 1 i 0 38.. 20 20 .. 05.. 124 2 OOTaneMln. ljjf H 13 -A, 10 UnlenTrae 3S 38 38 35 U G I.... 44 44 44 I y i ft 3 1 " ' Vz 1ft 14 -Yi "ft ji ft " 4ft "ft i ft ft ft ft i ft ft ft !. IK ii " y MONEY-LENDING. RATES NK1V VOKK Menoy en call, lith claie nf cellat'ril. open-d tedny at 4 Per cent fur lendlns and renewln. I'HILAnriJ'HIA Cull. 5 r cent; lime. rt.v. 13 cer cmi: cuimm."-.-' r"r n.leYfil Ihuntha. 5 te f.Va Pr win, i' lMftiu D.H1U18 New Yerk Brokers Suspended Raw Sugar Quiet and Steady New Yecfc, March 23 The r.iw "(? .b. ...intlnui-a nuifl nnu aie&uy, mi rutMlw Mnh ami April ahiimi-iit rjuetud . . t m!.fl ta.h Ml lr, ,I...IJ r n..i.n '1 T.lT.r. CUIU UtlVf I ' . . "- " Ii e-irw aurttai . . -.wi.mM.iij n iinin -.-.;. , ,.- t)itn th y.I.nu 1 l.itri . 1 l-aaa 1 a 1 t-. .. n llnaiul i..1nt j. .. u... tl 1 1 VrilltrUU' - ,,. ..--. ,.-... ..- JSP' : : ".ui :. Sr.f'grrt.::" "r"1 , SI.' ; 7.tc. lu a l-l r.Hn-r, ra. Cl " - 1 ;,. Haymour U. Crumw , prldnt of ported. Iinsorlstlena Vh in-ri?.ki. SiiLr S PAT! ON & CO hllichanp, daclard 1M au.Mn.ln. . u,7--,;Smnl The lecM r i U S , O, mi IU11 OS. V.V. I ., m a relutln of th Bavarnlnit lUflnln (ompenr. ie wi ' ni i " ..ir.mliti. uh ill nreh ll mrmt,r. trun kt i unmunirq n iiw .." ,. n 5. PAT! ON & CO. II a CUESTMTT BTU. BANKERS Hnrrraaara ( air.r.ii a ntevrnnem ItaMs and aterha nmirht an4 aeM, fA D. CONVERSE & CO. l- - an.-a DM. Dkll. I irwi a mm. smsstj,. ICS; PI (ii.nlltiir wllh uutalda cnllrna rr makinir f prectlca uf (akin tha aide of lha market I oppealta te thrlr cuateman In traneactlnna ninda for their own acteunt. Thf ncfij chnrif" asnlnal earli man waa net divulged. Mr. lld Is a rnmlr if the nrm nf Ilevd, KeUl'd A Ce., 1ZS IlrnRdwny. nnd Mr. (Jucpel a member of the llrni uf (lecfel 4 Ce. BANK CLEARINGS -f.Bentt 'cleartnfa today cempnr.ed with cer- 2 per cent fir ca.h for fine granulated. Dank of England Statement Tendon March 28 Th uceldy atntement ( th- lPaPk nf I5r.la4 ahea the tellj.lna ?..,; Tietal reaerva.. rierjanwl 58.OO0 icreulatlnn il-rrs"l " "! nuiimn in- til nan. etlW .Irr-uilt. Iner;j.j I4.TIT ilOi nubile deeilt ncreal IJ.UJL'.OaOi niii ffWI'HV " . nfihi flniiaKnmanl aaaMtlf(. OIVIDENDft-DECLARED rittaburch Ceal Company, nuartnly l'i per c-nl en comhien nnd H4 rr rent mi vre. lerred, pajuble April i'S te ateck of record April T. MUaeurl Paclfte Ilnllread Cempnn)'. In a tentatle report filed with, thn New Yerk Sleck KxrhHnice for tlw year ended J).)m ber SI. 1U1M. ahewa a renturntn nM Income of 1.1,087,010. ua cempiirdl wllh an nc-tual cermrala mt Income of S,UU3,v7n for the year ended 1020. Truyler KiwIiicerlnK nnd Manufacturing Company, fiuarterly of - P"r cent en pre-fi-rrid, imuble April 1 te uteik of record Maich 3.1. " Urhfr-Harrli Company, qnarlerly of IX per cent en preferred, ptiyablH April 1 Kalrnn rtteal Company, iiuarlerly of 1 per cent en common and quarterly of l per umt en preferred, both payable April 1 r ntncW of record March !!0, Iulavllle (inn nnd Klrctrlc Company, nf Kentucky, quarterly. 14 per tent en pre ferred, payitble April 15 te ateck of record Marrh .11. Plttaburirh Ceal Company, quarterly of H4 per rent n tommen nnd 1V1 par cent nn preferred, both p.iyatile April 25 te nteck uf record April 7. Utility Earnings Southern Utllltlea Company enrnlngi for incivs muiiiita viiucu rcurunry r. Oreii eperat. revenue. 12,711,80" uperni, exp, la.tea. ',u,.l.un. W.'V...,. ,.., M ,M Operating Income uiiner income limn Incetni Unilurl)lnk cumpuny'a clmrvea Ilalance S3H.40N 4. 4UI SlSO.Udl.' 12,700 Increare IJ2.7H5 U3.7HI MI.S.Ml 1.737 SS.'.'Utl IB4N,202 lJf'lUcllntlu from Income Intciest en tHindx ,, M1,020 Other Interest 24,410 Int, en 7 Kehl nole i. 17.32U Amnrlltatlen of di'bta, discount i. eipcnaea 41,040 Total S203.H02 Net Income 1284,400 Ineludee reaerx for enewAla and obae- karunre $S3,08S t)ciease. tH8,2llil J IS. ."70 17.I7H UU7 20,007 1374hi) 04 73' 74 08 134,810 H.H33 100 le pref.. 52 51 51 mil -A.l. II nntr nnit ti im xuin, nwjr ' ll'iJ IIVJ.. 35 de pref.. 355 35 35-f- tNet chanife made by comparison with lait aale en New Yerk Stock Ktchanee. 1'1IIL.I)K1J'IIIA 1IONDS 3000 Liberty 4th 44 38 08.30 8600 Victory 4s '23. . . .lets.100.U2 1000 Amer iii'n & Klcctrlc 5s. 84 3000 Electric & Pee 4s... lets 5000 Keystone Tele 1st 5s. . . . 1000 Keystone Tqle 1st 5s. . . . 1000 LchlRh Nav gen 4's '21. 10000 Phila Klectrlu Oh lets 101 iruinj Heading Rcnvrnl 4h. . .lets 84V, 5000 Readlnu Traction 0 101 ' 1000 Spn nihh-American Om.... 100 1000 United Hallways 5s 84 ANOTHER DROP IN MARKS i - - German Currency Falls te Lewest Recerd of All Time New Yerk, March 23. At the open ing; of the ferclitn exchnuga market marks were .30. The figure allowed u new low rt'cenl for all time and u less of 3 points from ycstcrd'uy's tinul. In the general market, with nbeut the only general exception of pvhctns. which showed a gain of 4 points, losses from yesterday's closing rnten ranged from c in sterling te 10 points in home of the Scandinavian eludes, which hnd shown decided strength, The (Sermon mink, under the Influ ence of the demands of the Allied Coun cil en Reparations, shaded at the end of the lirht hour te .30, n new low record. The market generally wiu quiet nnd a uliade easier. Quotations were: Sterling cables 4.38, demand 4.37; franc cables 0.02, checks 0.01; lire cables 5.00V. , checks 5.00; marks .30. The Central Kurnpeun exchanges were quoted today as follews: Ruman ian .74; Uiilgeilan .70; Serbian 1.23 ; Ureek 4.18 ; Czecho-Slevaltian 1.74 bid; PelUh .0250; Finnish 2.10 Austrian .0130; Hungarian 11. The premium en New Yerk funds In Montreal today wns 2 13-10 per cent The ditceunt en Cnnndlan funds in New Yerk today was 2tt per cent. This market reflects shipments of funds from New Yerk te the Dominion In the last day or two, representing the proceeds of leans nnd ether transactions. YESTERDAY'S CI.OSINU QUOTATIONS Sti'rllnK I'ranca l,ru Qulidera Demand 4.311 A U.Uh', n.l.t : u??J Uabiea . V.00 n.iaVi 37!87 TODAY'S UPKNINU QUOTATIONS Sterlln Francs I.lre Oullderu Demand OSV. U.03 S 111 3 ! Cablet .8S 0.04 3.1UV4 37:3i raeerva Increaaed I1.1.000) (nvi.rnment aecurl- l.9i ir cinti last ! 't waa 18.U8 par at. ' BAR 8ILVER Dementia tuir allver. was Xtvf Yerk today, at DOHc.Ber W Ktlcn. 04 lie. a lea f'sA-.Jn E line was UU lewsr.'at 83 54 d,' un hanrcd In ijie oune; enuun, i New Orleans Cotten Firm Falls New Orlrsna, Marrh 2.1 Announcement ttim made at the lecul rnllnn (xcliinen lu- day nf the failure of the .ikjI and f uturen j celpts. Cnnildarable ee in Niuin far s bains Of iw( l pelBttM quaUUen. t.60; top, LIVESTOCK QUOTATIONS iil(liTivh. March 23 HOflH-rtw.ui...- 10g head. Higher. Ilfn lt, SI0.70WIO 7ft lc.v jerktra. Ill WiJi!'.1' . ""' yorliera. I10.SSS11I Pl, llO.ToWle.8.1. '' ' MlRUU' AN1 I.AMI1S ncelp3. 300 he.id, Sieady. Tuu aheap. IIUJ top lambs. SKI. HALVES Hecelpls. 10(1 head. Blmdy. Tep, 111, Kaat bl. JxiuIm, March 2,1 101 00 head. Vi.,In.0, Shf.rard A Olucli. en steekara and beef cnvyi qualify plain "''ihn ?P,v,i"', "! ,h ,r''- u" &'. lWr lBi'B07.3(J: bulk baif m a.beut i i '"iT31"" ""! Ui, 4.7.!T3.T5i veal calca meady, sy PATTI I'li qenerully ateady: alew 18,13. -'iJ-:-. ,? Way of Doing Business is entirely different. from that' of Cheeps! King of Egypt, who used the labor of one hundred thousand men' for twenty years te complete the 'building of the Pyramids. The modern way is exemplified' in Gen eral Goethnls, who built the Gatun Dam a work that he , accomplished with I HP IwfnnPVn ei the time used by Cheeps," and who, j. iik luuuvi n could have bullt the pyrarrjfd; ln nlne; days with one thousand men. , , This brings te us the thought that many people are like Cheeps they waste their time by improper methods, 'going each day out of their way when" they might' get as geed or better results in one-half the time if they would use the things at . hand. Nearly every one comes te the Center of Things and that is where we are located, and we would be glad te serve you in any' banking capacity. Why don't you step in and open a savings account with us? It is only a few steps Opposite Bread Street Station ' Take a Step in the Right Direction Tilled. Organised 1863 I $500,000 Lackawanna County Pennsylvania 4 Per Cent. Court Heuse & Read Improvement Bends Due April 1, 1942 Tax Free in Pennsylvania Free Frem All Income Taxes Legal Investment for Trust Funds in Pennsylvania Circular Dttcribing Thi Itiue en Application Price: IOIV2 and Interest Te Net About 4.15 Per Cent. Riddle & Henry 104 Seuth Fifth Street Philadelphia The Information and atntlattca contained bercln have been obtained from sources which rve believe Te- te reliable. DUTCH EAST INDIES External Sinking Fund 6 Geld Bends Due, March 1, 1962 NON-CALLAnLK FOB FIRST 10 YEARS The Dutch East Indies is an integral part of the Kingdom of the Netherlands and includes the islands of Jnva, Sumatra nnd Celebes. Their natural resources have enabled the maintenance of a substantial excess of experts ever imports. Fer the six years 1915 te 1020 inclusive, the Dutch East Indies had a larger favorable balance of trade than any country in the world, excepting the United States. Price 94 and interest Te yield about 6.35 te maturity, or 6.73 if called in 1932 ELKINS, MORRIS & CO. LAND TITLE BLDG., PHILA. Members New Yerk and Philadelphia Stock Exchanges ADDRESSING MAILING MULTIGRAPHING FOLDING ENCLOSING SEALING ilui7Jif Lists Compiled and Corrected Daily C. E. HOWE ADDRESSING & PRINTING COMPANY Howe Building 704 Chestnut Street l'vbluhert llevd's Uirtcteriet .Th rtad Bgelut) jS- j Public Utility CITY OF PHILADELPHIA 5Vs Bends Due July, 1971 Nen-callable prier te maturity Price Te Yield 4.35 Edward Lewber Stokes & Ce. 20 Seuth 15th Street PHILADELPHIA Lecuat 0345 rr Preferred Stocks Present trend of the ln eminent n'"!1',! Inillcatea Mlirher urlcea. We call allenllen te h stock which Ima bnck of It irJ wiultlea. Itequirementa for wm illvlrtcnUa earned mere than llfleen tim In 1021. Atk for Circular D HENRY L. D0HERTY & CO. 604 Merris Bldg., PhildeIphjJ Lawrence E. Brown & Ce. CERTIFIED PUBLIC ACCOUNTANT.) 11130 KKAI. KeTATK YIUlrtT 111.10. InvaatUata and iirtjurt corporation and rartneiahln account awl prepara Inoema Tax Returni. i ' TAX KKTUHNS At'MTH NYHTJBI I. Franklin Heward & Ce. Certified PubiN Accountant. Liiiul Title lllds.. Munaejf Bl t'hllndrlphln, Pa. Wuhlnten. 1. ft i I ftii.Jl $4AUJ, .& .t. f 4 dmfmf-i T : .1 - "Av ."' atrM ej. r 'jiifiJiW'S-M'"'- r,.l-Ji iv'-ii
Significant historical Pennsylvania newspapers