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SECURITIES OFFERED AND WANTED PREFERRED STOCKS STANDARD OIL CO. (NEW JERSEY) 7% ATLANTIC REFINING COMPANY 7% CHESEBROUGH MFG. COMPANY 7% STANDARD OIL CO. (OHIO) 7% (W. I.) IMVinKNOS FREE OF THE NOR? MAL REDERAIi INCOME TAX. Circular on request. CARL H.PFORZHEIMER & CO Dealern In Standard OH Securities ' " 23 BROAD ST., N. Y. Phones 4800-1-2-3-4 Broad J.K.Rice, Jr. &CO.WI11 Buy 100 Amer. O-ranamld rfd. 25 American Muelilne & Fdy. Km Biicyrus Co. Com. loo General Baking Cera. & Pfd. 50 ?'lens Fall? In?. 50 Holly Sugar Pfd. 100 Klrby I.umner Com. & Ptd. 800 Kerc Navigation jo Manhattan Mtge. Com. Ml Murray Co. (Texan) 100 I*. F. Collier & Son? Com. 00 I'atlie Frere? Phonograph Com. 100 Pocahontas Fuel*Com? 100 Royul Typewriter Com. 50 Texas Paelfle Coal & Oil 50 I . S. Fire Ins. 50 Weslchester Ins. ltiOW. E. Tillotson Mfg. Com. J. K. Rice, Jr. & Co. Will Sc 100 Atlas Portland Cement Com. 25 Battery Park Nat. Bank 50 E. W. Bliss Com. 100 Eisner Magneto Pfd. 15 General Chemical Com. 10 Hurriman National Bank. 100 Ingersoll-Rand Pfd. lOOJoliet & Chicago R. R. 100 MuIh.ning Coal R. R. 25 National Surety. 100 Penn. Coal & Coke It Providence & Worcester. 50 Southern I tilitles Ffd. 100 Tidewater Oil 50 T.-vus Pacific Coal & Oil. 50 Victor Talking .Machine 22 Winchester Co. Com. 25 Wm. Cramp Ship Si Ens. Bldg. J.K.Rice, Jr.&Co. J?hjanejt_?_0y_?o_4019 John. 8? Wall 8t? N.T. Fajardo Sugar National Sugar Baragua Sugar FREDERIC H. HATCH & CO. Established 1888 Phone Rector 63*0. 74 BVuy, New Twk. WiHK CONNECTIONS Boston. Chicago. Philadelphia & Montreal. If ark A. Nob!? Th?*?ar? C. Owrwt? NOBLE & CORWIN 25 Broad 4?. New Yea* Bankers Trust NUes-Bement Com, Guaranty Trust Tex. Pac. C. & 0 Telephon? 1111 Broa? Steel Trade Has Little Fear of Business Reaction The Iron and steel trade la giving more attention to the possible effect on general business of conditions in the foreign exchanges and the money market, according to "The Iron Age." '?Specific happenings in this connec? tion in respect to Iron and steel," says this publication, "are too few to form a basis for generalization. Home sus? pension of steel shipments into Can? ada has been asked where it now takes 117 Canadian dollars to pay $100 in American money, but even these are not necessarily cancellations. A lead? ing reason ascribed to softness in scrap material is the disposition to call in loans now held on such material." The outstanding facts of the present situation, it is stated, are the continued insistent pressure from buyers, to? gether with small stocks in the hands of consumers and much yet to be done to make up for the enforced curtail? ment of the war period. It is said to be the opinion of the steel trade that if a setback in business is imminent it will bo of short duration and will amount to a mere halt to establish a healthy basis of trading. January steel production, according to ligures of the American Iron and Steel Institute, for 84 per cent of the country's productive capacity, indicates that the output was at the rate of 40, 796,602 gross tons a year, or 84^ per cent of the best rate in 1918. and prob? ably 88% per cent of total capacity. February output, it is predicted, will show a decided falling off owing to fuel scarcity and inadequate transpor? tation service. "The Iron Trade Review," referring to the continued growth of railroad business, states there are a large num? ber of confidential inquiries for cars, including one lot of 2,500 refrigerators. With the improvement in exchange conditions it is said that export busi? ness during the last week has been more active. Philadelphia Company IJNIQUE in its history, w the Philadelphia Com? pany presents an interest? ing study for the investor. An analysis of the financial, business and investment position of this great public utility, operating largely in Pittsburgh and vicinity, is contained in the current number of our Market Re? view. Sent on rsquest for K-485 ? HUGHES & DIER Stocks?Bonds?Grain fPhlla. Stock Exchang? Member?^ Pitts. Stock ?change (.Chicago Hoard of Trad* 50 Broad St., New York Suite 612-620. Tel. Broad 6140. Fifth Avenue Office 60? Fifth Ave. Tel. Vanderbllt 9683 Harlem Office 6T W. 126th St. Tel. Harlem 6661 Philadelphia, 1485 Walnut Street "J Mis Public Utilities Bid. Adirondack Bleo Power. 14 do pf. 77 American Light A Traction.. .177 do pf. 98 American Gas ?ft Electric.120 do pf. 89 American Power A Light. ?0 do pf. 70 American Publlo Utilities. 7 do pf. 23 Am Waterworks Electrte. 2 Am W W A B participating pf.. 3 American W W ft 7 1st pf. 47 Carolina Power & Light. 83 Cities Service.360 do pf. 69* do bankers'' ctfs. 39* do 7 per cent, r,er. B, 106*.. 138 do 7 per cent, ser. C, 1966.. 99* Colorado Power . 16 do pf. 90 Commonwealth Pr Ry Alt.... 17 do pf. 37 Denver Oft? ft Elec gen 6s.... 87 Electric Bond A Shares \>t..?. 88 Empire District Electric pf.. 70 Federal Light ft Traction_ 6 do pf. 43 Gas A Electrlo Securities_300 do pf. 80 Northern Ohio Electric....... ? do pf. 60 Northern Ontario Lt ft Power. 10 do pf. 66 Northern States Power. 66 do pf. 87 Pacific Gas A Electric pf. 84 Republic ft Ry Light Co. 16 do pf. 46 Southern California Edison-86 do pf.100 Standard Gas A Electric. 19 do pf. 88 Tennessee Ry, Light ft Power, 1* do pf. 7 United Light ft Rys. 26 do pf. ?0 Western Power. 10 do pf. 69 Bonfic Appalach Power 1st 6s.17' Cincinnati Gas ft Elec 6s. '68.. 83 Col Gas A Elec 6s, '27... Col Power, '63 . Dallas Elec 6s, '22. East Texas Eleo 5s, '42.. do 7s, '21-. El Paso Elec col 6s. 86 Great West Power 5s, '46. 79 Midwest Util 6s, '26. 86 Miss River Power 1st 6s. 72V4 Northern Ont Light A P 6s... 64 Northern States Power 6s, '26. 86 Pacific Gas A Elec 6s, '31.88 Puget Sound Trac L A P 7s... 94 Twin City C A B 6s. Un Light R 1st 6s, '88. Sugar Stocks Asked. 17 82 188 91 125 41 ?5 74 12 27 4 7 68 88 870 71 41 103 18 96 21 40 ?3 tt 76 I 47 400 86 20 66 14 ?2 62 91 86 17 4? 90 104 21 41 3 79 78 99% 76 99 76 73 Tt IS 81 SI 82 10? 90 81* 9? 74* ?9 89 96 ? 7 71 7? Bid. Asked. Mafc-Ampf 60 70 Michigan.. 11% 12% National .140 145 ?d. Asked./ Card-Am.. 18 22 do pref. 70 80 C Aguirre. 77 80 Fajardo ..142 145 N Niqueo.226 Gt West..400 420 3 Cewlia.. 75 do pref. 115 118 do pef. 75 Guanta'mo. 72 75 Savannah.. 37 Mat-Am . 10 15 do pef. 89 Tobacco Stocks Conl??y Poil.275 825|Por R-A T.128 G W Holmes.150 do pref.. 97 J S Young.. 125 do pref.. 95 Mac A & F.. 140 160 R J Rey A.515 101 do ser B.400 185 do pref.104 100 Weym-B ..155 1551 do pref. 96 Am Cyan. 25 do pref. 62 By-Prod ..10? Casa in Co. 47 Dow Ch..200 Du P C p. 7* Fed Chem.100 do pref. ? Graxelii ..160 do pref. 100 Chemical Stocks 80 69 115 63 9 105 100 170 102 Hook Elec. 65 do pref. 65 Ky Solvay. 90 Mec Co p 92 Merrimao. 88 MulfordCo 63 Nisg Alk p 95 Bemet C..167 Solv Poe.. 190 82 82 39 91 186 650 430 107 165 100 75 76 115 98 92 56 100 Steel and Ordnance Stocks Am Brass.205 Atlas Pw.154 do pref. 85 Bab & W.115 Bliss, ? W.420 do pref. 62 Can FAF.200 Carb Stl.-lOO do 1 pf.107 do 2d pf 70 Colts A... 64 D P Pow.800 216 160 90 120 450 68 225 110 110 76 67 815 East Steel. 87 Emp S & I 26 do pref. 65 ?Here P.. 190 ?do pref. 107 Nil? B-P.107 do pref. 107 Scov Mfg.390 Thorn Iron 80 Win Cor. .400 Woodward. 85 39 86 70 210 ii? 110 410 35 45 *Ex dividend. Miscellaneous Stocks Am Chlel? 74 do pref. 80 Am Leath. 58 do pr??f. 89 Am Mfg.160 do pref. 88 Am M&F.100 Am Typ F 43 A D T NJ 25 A W e pf 98 Atlas P O 70 BBftS 1 p 88 do 2d pf 70 Bor C Mk.109 Bush T pf 77* Celluloid .150 Child? Co. 90 do pref. 96 City Invi? 70 Col B Sy.750 Crk W pf. 96 D L & W.170 F R 1st pf 95 Draper C..145 Int Sil pf. 95 Lima L pf S3 79 tl 65 95 170 91 47 85 88* l\ 111 85 156 95 100 75 850 101 100 147 100 97 Nat Cash.120 180 N J Z wst.280 290 N Co 1 pf.101* 104* O'Neill pf. 98 P helps D.240 Phil J Cor 67 do pref. 90 P & W pf. 95 R Reis AC 22 do pref. 83 Ry Bak P. 140 do pr?f. 90 Singer Mg.145 S L IMAS 43 Stoll S pf.102 S D W pf.102 Stern B p. 100 TAPC&On. 95 Valvol pf.102 V RaalU In 40 do pref. 80 W C Kerr. 60 do pref. 77 W & ft pf.100 Yale & T.260 99* 250 64 93 26 89 150 94 160 47 105 103* 104 100 105 42* 83 56 8C 108 275 New York Bank Stocks ..600 .215 .295 .210 .420 .150 .376 .820 .205 America . Atlantic . Am Exch. Battery .. Bowery .. Bryant P. Bway Cent. 150 Bronx Nat. 150 Butch & D. 85 Chase .430 Chat A P..310 Chelsea Ex.125 Chemical ...680 Citz Nat...260 City .375 Gotham ....200 Greenwich .875 Harriman Hanover . Industrial Im ft Trad.690 ?Irving Nat.385 Liberty ....416 Lincoln _276 Mannat Co..250 Mech & M..450 Metrop'tan .840 Mutual ....490 Merchants ..240 Trust and Alliance ... 80 tAm Trust. ? Am Surety. 73 Bankers ...365 Bond & M.220 Bklyn T Co.600 Cent Unlon.410 Columbia ..345 Commercial 150 Empire Tr..300 Equitable . .280 Farm L&T.430 Franklin .. 240 Fulton ... .250 Fidelity . Guaranty Hamilton Hudson T.. 150 Kings Co.. .640 Law Mt*e..l20 630 Coal ft I...245 ? Colonial .. .850 805 Commerce .225 220 Columbia ..176 ? Corn Exch..465 160 Cosmop'tan.llt) 160 Com'cial E..415 160 Com'wi?alth.221 ? Cuba .170 440 East River.. 160 820 Fifth Nat..150 ? Fifth A vs.. 900 690 First. Nat...960 270 Foreign T B.100 385Garfleld N..235 215 New Neth..200 ? N Y N B A.460 400 Park .750 840 Paeiflo ?..136 ? Produee Ex.875 610 Publie.385 895 Seaboard ...660 430 Second ....400 S85 State ,.210 ? 28d Ward.. 160 460 Un SUtes.. 170 360 Union Ex... 180 ? W'chester A.200 250 Yorkville ..375 Security Companies .230 .365 .255 90 78 375 23? 515 420 365 160 290 440 250 260 240 375 265 170 666 130 Lawyers T.127 Lincoln Tr..l75 Manufac'ers.206 Mercantile .310 Metropol ...295 Mtge Bond.. 90 Mut T of W.105 Nat Surety. 197 IN Y Title. 140 N York T..625 N Y L I&T.725 Peoples _290 Realty Asso.105 Title G A T.380 Un States..840 U S M & T.410 U S T Guar 80 WestchesteT.130 W A BT&M.165 230 180 960 980 115 245 210 480 770 700 425 190 133 tSee New York Title and Mortgage. Insurance Companies Am Alliance.270 City of N Y.175 Con'nwlth. .300 Continental. 70 Fid A Phoe.650 Franklin .. 86 Globe A R.800 Great Am..250 ? Gt Am rto..l51 Hanover ... 80 Home ._540 Nat Liberty. 170 Niagara ...230 Stuyvesant.. 50 Westchester. 35 326 78 675 94 260 805 95 125 205 146 745 310 115 890 880 420 85 140 175 165 675 260 75 40 Bome-Scrymser Co . 430 Buckeye Pipe Line. 93 Chesebrough Mfg Co Con. 820 do pf. 106 Continental Oil Co .......... 490 Crescent Pipe Line Co. 84 Cumberland Pipe Line Co. 160 Euroka Pipe Line Co. 140 Galena-Signal Oil Co, pf, new 96 do pf, old. 98 do com.,. 73 Illinois Pipe Line Co. 164 Indiana Pipe Line Co. 95 International Petroleum, Ltd.. 68 National Transit Co. 29 New York Transit Co. 184 i Northern Pipe Line Co. 99 i Ohio OU Co..-.. 830 j Penn-Mex Fuel Co. 65 1 Prairie Oil A Gas Co. 695 Prairie Pipe Line Co. 230 Solar Refining Co . 340 ?Southern Pipe Line Co. 150 South Penn Oil Co. 300 South West Penna Pipe Lines 93 Standard Oil Co of California.. 810 Standard Oil Co of Indiana .. Standard OH Co of Kansas . . . Standard OH Co of Kentucky Standard Oil Co of Nebraska... Standard OH Co of New Jersey 698 do pfd . 114* Standard Oil Co of New York. 400 Standard OH Co of Ohio. 605 do pf. 106 do right?. t Swan A Finch Co..,..., 95 Union Tank Car Co. 109 do pf . 100 do rights. i? Vacuum OH Co. 886 Washington OU Ce **?.???..? M 680 690 380 490 cellaneous Marl Miscellaneous Oll Comp ?ea li. Asked. Atlantlo Lobos Oll Co, com- }? ?? Atlantic Lobos OU Co, pf.116 Cftsden fk Co.??. *2 Elk Basin Petroleum Co. *% Houston Oil Co. com. 96 Imperial Oil, Ltd . 10? Magnolia Petroleum Co. 400 Merrltt OH Corporation. 18% Midwest Refining Co. 160 Northwest Oil Co. 3" Producers A Refiners Corp.com 8 Sapulpa Refining Co. 6 New York City Bonds Security, rate, maturity. Hid. Ask. Yleld_ Inter. 4 Vis, July. 1969_96 97% 140 8% 8% 100 115 426 19 162 43 8% 6% do 4%s, June, 1966- 96 , do 4%s, March, 1963... 96 do 4%s, My * N, 1967.. 96 do 4%?, April. 1966- 90% do 4*4s, March, 1964.. 90?a do 4%s, March, 1962. 90 ?A do 4%*, Sept.. I960.... 90>/4 do 4Ks, May. -960. ?0% 87 91 78% 78% 97 97 97 92 92 92 92 92 88% 88% 88' la 92% 81 81 108 4.66 4.65 4.66 4.65 4.66 4.66 4.66 4.'fi8 4.68 4.64 4.65 4.65 4.66 4.61 4.60 4.60 4.10 4.10 un I^D, ?way. -ITWU..... pvn do 4s, May, 196?.86% do 4b. Nov., 1958. 86% do 4?, May, 1957. 87 Reg., 4s, Nov. 1955-'56. .. do 4a Nov., 1906. Inter. 3%s, Nov. 1954_ Coupon 3%a, May, 1954., New York State Bonds Canal Imp 4%s, Jan. 1964.106 108 High Imp 4%s. Sept, 1963.106 Canal Imp 4%s, Jan, 1965.101 High Imp 4 Vis, Mar. 1965.101 P Can Ter 4%a, Jan. 1945.101 High Imp 4s, March, 1967. 96 High Imp 4s, March, 1960 '62, lnc. 98 do 4s, M & S, 1958. 96 Canal Imp 4s, J & J, 1960 '62. lnc. 96 Federal Farm Loan Bonds 4%s, 1939 op, 1924. 97 4%s. 1938, op, 1923. 97 4 ?/is, 1937, op. 1922. 97 6s, 1938, op, 1923. 99% Short Term Securities Bid Asked Yield Am Cotton OH 6s, 1924.. 97 97% 6.B0 do 6s, 1924. 94% 96% 6.16 98 98 4.06 4.06 4.06 4. M 98% ?8% 98% 101 Markets in Baltimore Sales Open High Low Last 27 Bait Tube pf . . 84 84 84 84 26 Bait Trust ..160 160 160 160 160 Cen Ter Sg pf 8% 9 8% 9 30 Com Cred pf.. 22% 22% 22% 22% 385 Cosden . 8% 8% 8% 78% 34 640 Cosden pf 1175 Celestino 10 Clt Bank 90 Cons Coal , 70 Dav Chom 5 Houston Oil pf 81% 460 Indlahoma 7% 47 Mech & M Tr 60 29 Md Casualty. 73% 278 Md Cas right. 17% 61 Pa Wat Power 74 16 Was Bal & A 16 80 W B & An pf 35% 4% 4% 4% 4% 2.26 2.30 2.25 2.30 41% 41% 41% 41% 78% - .74 ?a 50 74% 18 74% 16 35% 78 34 81% 7% 50 73% 17% 74 16% 35% 78 34 81% 7% 60 74% 18 74% 15% 35% Bonds 12600 Cosden 6s, A. . 88 * 1000 Cosden 6a B. . 88 1000 Cons Pow 4 Vis 83 8000 Cons Power 7s 98% 1000 Elkhorn 6s .. 93% 2000 Un Ry lno 4s. . 44% 8000 Un Ry 1st 4s 65% Boston _ 18% ... 67% . ... 70 _ 11% 88 88 83 98% 93% 44% 65% 8? 88 83 88% itt 65 % 88 88 83 98% 93% 44% 66% 6 Am Zinc. . 20 Anaconda . .. 250 Ahmeek . 700 Ariz Cml . 656 Big Heart_ 2 Cal & Hecla.. 2406 Carson . 10 Centennial ... 10 Chile. 75 Copper Range. 15 Daly West . P. 825 Davis Daly . . . 660 East Butte . . . 20 Helvetia. 100 Inspiration. . . . 130 Island Creek . 6 do pf . 555 Isle Royale . . 225 Kerr Lake . . . 60 Keweenaw 18 0 Mason Val . 180 Mayflower O C 40 Mohawk . 360 New Arcadian. 175 New Cornelia . 16 Nlplsslng. 805 North Butt? . 67 Old Domlh . . 70 Pond Creek ., 686 Seneca . 660 3up & Boston 100 Trinity . 40 U 8 Smelting. 290 do pfd . 20 Utah Apex. . . 100 Utah Con. 150 Utah Metal. . . 10 Wolverine ... 360 : 20% .13 17 43 3% 11 13 2% 54 40 80 . 31% 4 1% 2% 8% 68% 8 20 10 16% 32 19 14% 16% 67% 70 12 7 365 21% 13 17 43% 3% 11 % 13% 2% 64 40 80 31 % 4 1% 2% 8% 84% 3 20 10 16% S? . 16% 16% 67% 67% 69% 70 11% 12 6% 7 360 365 20 % 21% 13 13 17 4.1 3% 11 13 2% 54 54 40 40 80 80 31% 31% 8 % 3 % 17 43% 3% 11% 13% 2% 1% 2% 8% 1% !% 64% 64% 45 2% 8% 2 18% 19*4 20 10 10 1?% 16% 32 32 19 19 1 4 % 1 4 % 8 6 2 2 64% 65% 46 46% 2% 2 T$ ?%' 8% 2 2 2 19 V4 19 % 19% 19 15 6% 2 66% 46% 2% 8% 60 Bos & Albany.121 160 Bos Elov. 17 do pfd. 566 Bos & Maine . . 77 do pfd "A"... 2 Maine Central. 70 Maas Elec pfd. 645 NY N II & H. . 327 Rutland pfd. . . 16 West End 0)fd . 63 80 83 41 66% 10% 28 16% 53 124 63 121 ' 82 43% 65% 28% 24 05% 10% 62 S2 83% 43% 65 % 11 28% 24 53 Miscellaneous 10 Am AgChmpr93 93 V? 93 93' 76 Arn Oll & Eng. 6% 5% 6% 5! lOAmoakcaK _140 140 140 HO 81% 81 Va 81% 98 97% 98 103 102 102 Vi 4% 30 V? 152 31 93', 27% 24% 71 60'i 98 181 131 44% 5 ,23 4% 31% 21 70 15 2 29 do pfd. 81% 705 Am T &. T_ 97% 62 Am Woolen pr.102 200 Bos Mex Pet . . 2% 66 Century Steel. . 6 36 Clinton Wire. . 23 115 East Bos Land 4% 885 Eastern Mfg. . 30% 46 Eastern S S. . 21 10 do pf. 70 26 Edison .160 4 40 Elder . 28% 12 Qen Electric. .169% 169% 169% 159"1? 290 Gray . 33% 34% 33 H 34% 9 Int Cot MU?? pf 92% 100 lnt Products.. 27% 4 I.lbby . 24% 197 Mass Oa?. 70 13 do pf., 60% 38 M'Elwalnlst pf 98 2 Mergenthaler..131 181 131 131 490 Met Inv. 44 44% 43 43 10 Mulllns .<_ 41 166 Nat Leather.. 14 14% 20 N E Tel. 86 87 130 Ohio Body... 29% 30 60 Paris * B. ... 38 88 26 Root . 44% 44% 92 27% 24% 70 71 60% 60% 97% 97% 92% 27% 24% 10 Reeoe But'hole 16 112 Shawmut 25% 1 4 >i 68 290 Slmms Mag. 30 Stewart Mfg 80 Swift & Co. . .181 121 80 do Inter_ 48% 43' 40 Torrington ... 68 68? 40 U Drug 1st pf 60 50 140 United Fruit..184 185 232 United Shoe. . . 45 45 80 do pf. 26% 600 Ventura . 14M, 950 Waldorf . 18 % HOWaltham W. . 89 5 do pf. 81% Bonds ?6000 K C M & B 48. 68 Boston Curb Bid. Asked Blk Hawk. .86c 89c Bohemia .... 1% 2% Bos & Mon. .6,7 68 Calaveras'..? 1% Chief Con... 4% 4% Con Cppper.. 4% 4% Crown RSV...30 46 Crystal new61 62 Denbigh ...30 40 Eagle B B..2 1-16 2% Fortuna .... 4 Oadsdon ... 1 Horns. .10 Houghton . .75o Iron Bloss. .28 Iron Cap... 10 Jerome Ver.60o 66o La Rose . ... 35 45 Majeetlo ...15 14 86 29 38 ?4% 16% 28% 14% 14 42 14',, 87 30 88 44 *i 16 Vf, 24% 14% 41 120 1?0 43% *'43% 68 68% 49% 49% 183% 185 44% 46 26% 26% 14 14% 18% 38% 38% 1 * Va 39 81% 81% 81% 1% 12 1% 40 14 20 Bid. Asked. 3:e Mex Metals.16 Mid Moss...? MoJ Tung.. 8 Monarch .. .97c Ntl I. & Z. 4 Nev Doug... 10 New Baltic. 3 Nixon .15 Onontlaga ,.16 Orpheum . .29% ?a % Pilgrim ... .19 ?a Pioneer . . .90c 1.(0 Rngr Petrl..? vo Sev Metals. 23 S W Ml f p. 3 Texana ... .27 U Verde Ex.37 Yukon . i VO 15 i'8o 8 16 4 :7 ;o ?4 4 SO 37% 1% Chicago 36 A Pick. 42 42 60 Am Shipbldg..l00 100 7600 Armour Leath. 16? 16% 800 do pf . 94% 94% 1270 Armour pf.... 98 98 120 Booth Fish_ 10% 11 16 do pf . 69 69 420 Chi C C Rys pf 7 8% 660 Chi El Rys pf. 6 7% 20 Chi Rys Ser 2. 6 6 10 Comw Edison. 106% 106% 200 Cont Motors... 12 12% 110 Hupp . 14 14 26 Hart S M. 89 90 26 Ills Brick. 80 80 60 J I Case Plow. 17 17% 200 do 2d pf. 98% 98% 60 Llbby McN L. 26% 26% 700 Mont Ward ..36% " 26 do pf .106% 106 Mitchell .-37% 800 M W Util pf.. 41 10 Nat Carbon pf.lis 2750 Nat Leather.. 14 60 Orpheum .28% 10 Public Svo_ 77 10 do pfd. 88 36 Quaker Oats pr 95% 100 Reo Motors_ 24 % 100 Rep Mot Truck 41% 10 Sears Roe.218 370 Shaw . 64 8760 Stewart War.. 40% .200 Stand Oas. 20% 8275 Swift Intl. 43% 1T50 Swift * Co_120 200 Temtlr Prod. . . 42 4360 Union Carbide. 67 100 Un Iron Works 61% 100 Waldorf . 18% 150 Wahl . 39% 50 Wrlgley .76 100 West Knitting. 19% Bonds 11000 Cm W Ed 1st 6s 86% 2000 Swift 1st 6s... 90 Detroit 42 42 100 100 16% 16% 04% 94% 97%. 97% 10% 11 69 69 7 8% 6 7% 5 6 106% 106% 12 12% 14 90 80 17% 8% 98% 98% 35% 106% 38 43 118 14% 28% 77 88 95% 24% 41% 218 64 41 20% 44 120% 42 67% 52 18% 39% 75 20 25% 26% 35% 35% 106% 10?% 37% 38 41 42% 118 118 13% 14 28% 28% 77 77 88 88 ?5% 95% 24% 24% 41% 41% 218 218 64 64 40 40% 20% 20% 43 44 119% 120 41% 42 66% 66% 61% 62 18% 18% 89 39 76 76 1?% 20 8?% 88% 86% 90 90 90 ?eOContln Meter.? 18 12% 0.2 13% ?ets Am Tel ft Tel 6s. 1928... ?4* ?4% 7.50 Am Thread 6s, 1928. 99* 101 6.80 Am Tobacco 7b, 1920..?. 98% 101* 6.20 do 7s, 1921.101 101* 6.2? do 7s, 1928.191 102 6.26 do 7s. 192.1.101 % 102 6.40 Anaconda Con 6s, 1929... 94% 96% 6.50 Armour A Co conv 1920 1924 .100 102 - Beth Stoel 7s, 1922.100 100* 6.75 do 7s. 1923. 99% 100* 6.95 Can Northern Ry 6s, 1932 96 98 7.10 do fis, 1924. 95 98 8.50 Can Pao Ry 6s, 1924. 94 96 7.45 Cen Argentina Ry 6s, '27. 80 84 8.80 C, B A Q (Joint) 4s, 1921 93 93* 8.70 C, C, Chi ft S L 6s, 1929.. 84% 85% 8.26 Cuba Am Sug 1st 6s, 1921 99 100% 6.76 Cudahy Pack 7s, 1923_ 99% 100* 6.85 Del A Hudson 6s. 1920... 99 99* 6.0? Fed Sugar Ref 6s, 1924... 95 97 6.70 Gen Electric 6s, 1920_ 99* 100 BOO Gt Nor Ry 6?, 1920. 98 98* 8.00 Gulf OH Corp 6s, 1921... 97* 99 6.70 do 6s. 1922. 97* 99 6.46 do 6s, 1923. 97* 99 6.30 Hocking Val R R 6s, 1924 89 91 7.90 Int R Tran conv 7s. 1921. 66* 68 - J Dold Pack 7s, 1920_ 99% 100* 6.40 do 7h. 1941. 99% 101 6.40 do 7s, 1922. 99% 101* 6.45 do 7s, 1923 . 99% 101* 6.56 Kan City Ter Ry 6s, 1923 96* 98 H.00 Laclede O 1st 7s, 1929..,. 95 97 7.45 Liggett A Myers 6s, 1921. 98% 98* 6.60 Mollne Plow 7s, 1920. 99* 101 6.95 do 7s, 1921. 99* 101* 6.20 do 7s. 1922. 99* 101* 6.45 do 7s, 192.1. 99* 101* 6.55 do. 7s, 1924.... 99* 101% 6.60 N Y Central 6s, 1920. 99 99* 6.60 Phlladflphla Co 6s, 1922.. 92 95 8.80 Penna Co 4'?8, 1921. 97 97* 8.25 Pitts A S col tr 6s. 1920.. 99% 100% 4.85 Proct A Gamble 7s, 1920.. 99% 10?% - do 7s, 1921.100 100% 6.20 do 7s, 1922.100% 101% 6.30 Public S N J, Nov 7, 1922 85 8? 12.8? R J Reynolds Tob 6s, 1922 98 98% 6.65 Southern Ry 6s, 1922. 93* 94 % 9.15 St P U D gen 5*s, 1923.. 98* 98* 6 90 Swift A Co 6s, 1921. 98% 99% 6.76 West India Sugar 6s, 1922 90 98 7.30 Utah Scour Corp 6s, 1922 84* 86ft 12.40 Other Cities 80 Detroit Edison. 106% 106% 106* 106* 1600 Lincoln Mot... 60* 60% 60* 50% 100 Nob O A G pr. .170 170 170 170 200 Pack Mot Cor. 22 22 22 22 50 Pa I go Detroit. 38 38 88 38 1200 Reo Mot Car.. 24* 25 24% 24% Philadelphia 330 Am Oan. 50 62 60 62 952 Am 8t?>re?_ 41 42% 41 42 6 Am Rys pf_ 66 66 66 65 283 Alllance Ins w 6% 6% 6% 6% 222 Elec Storage..113 113 112 113 60 Kevstono Tel. 10% 10% 10% 10% 80 Lako Sup Corp 18 18 17% 17% 30 Lehlgh Nav.. .. 62* 62* 62* 62* 196 Ph Co 6 p c pf 32% 33 32% 32% 880 Phil R T ctfB. 23 23* 23 23 12PhllaTrac_ 61 61 60% 60% 885 Phlla Elec... 25 25% 25 26* 165Tonopah Bel.. 2% 2% 2% 2% lOOTonopah Mln.. 2% 2% 2% 2% 66 Unit Gas Imp. 64 64 63% 53% 95 York Rys. 10 10 10 10 , Bonds 81000 Am G A E 5s. 80 80 ' 80 8? 1000 Elec A P T 4s. 61* 61* 61* 61* 3000 Nat Propu4-6B. 28 28 27% 27% S000 Leh V 6s"l928.100 100 100 100 1000 PRRg4*sl926. 80 80 80 80 1000 Ph Co en 6s st. 77 77 77 77 12000 Phil El 1st 6s. 91 91 90% 90% 2000 Reading gen 4s 79 79 79 79 Pittsburgh 20 Am W Gl Men..120 120 120 120 5695 Arkansas Gas . 29 29 26% 27* 25 do pf .115 116 115 115 225 Barnsdall Corp 50 60 49% 49* 200 Carbo Hydro . 2% 2* 2% 2* 350 do pf. 4 4 4 4 125 Carnegie L A Z 8 8 8 8 lOeOGuffy Gill _ 28% 28% 27* 28 210 Lono Star Gas. 37 38 36* 36* 215 Mfrs Lt A Heat 55 65 H 56 65* J66 Marland Refg.. 6% 6% 5% 5% 16 Nat F'prooflng. 7% 7% 7% 7% 150 do pf . 14 14 14 J4 CO Ohio Fuel Oil. 27 27 27 27 170 Ohio Fuel Sup. 45% 4?* 45% 45% 216 Oklahoma Gas". 38 38% 38 38% 125 Pgh Coal .... 66 56 56 65 30 <lo pf *. 89* 89% 89* 89% 2000 Pgh .lerome .15 16 15 15 315 Pgh Oil & Gas 14 14 13* 13* 1200 Rlv Eastern .. 1% 2 1% 2 1200 Ross -Mining ..5 6 6 5 1000 Sari Toy . 7 7 7 7 100 U S Steel. 99*. 99* 99* 99* 50W'housn A B..110 110 110 110 3 00 W Pa Water P 8 S 8 X 90 do pf . 60 60 60 60 300 Wyoming Fuel. 2 2 2 2 Toronto Bid Askj Eid Ask Adsnac .... 2 6 'Mclntyre , . I* 2 Atlas . * % Mln Crp Cn l* 2% Bailey . 3 6 jNewray ... 1-16 3-16 Bvr Con.... * % Ptrsn Lake.15 20 Chamba Fer. 7 10 ('?miagas ... 2 * 3 V Crown Hsv.. 30 40 ' Dom?! Ext.. 22 30 : Duinei Lake. 7 12 ' Gt North. . . 1 3 , Hargraves . 2 4 ? Holllnger . 6 ',* 6 Kcora.16 25 Lak? Short. % 1*| Pore Crown.20 30 Porc Im pH. I ,'i Poro Tsdl.. 1 3 I)... 2 5 Tk Hughes. 10 20 Tt-mlsiiing .H5 46 Th Krlst... 4 9 Vacuum G. . * ' West Dome. 7 I 1 i May Defer National Equipment Trust Offering A leading railroad banker yesterday said th'at the prevailing: view in bank? ing and railroad auarters was that the public offering; of securities in connection with the $380,000,000 equip | ment trust by which the roads will j pay off their obligations to the rail | road administration may be deferred in I order to give the roads precedence in 1 the money markets for accommoda? tions to finance their new purchases ot I equipment. It is expected that prac | tically all the roads will seek new fund? after they are turned over to ' private owners. The Fancy Leather Goods Corporation oi Manhattan has been Incorporated with a capital of $20,000 for the purpose of manu? facturing fancy leather goods, etc. The lncorporators are F. Schwartz, M. Adlo man and J. Herman. Sees Danger in Continued Loss of U. S. Gold Reserves Guaranty Trust Company Holds Restrictions on Ex? port of Metal May Be Nec? essary; Underlying Trade Factors The question of the advisability of putting new restrictions on the export of gold from the United States ia raised by the Guaranty Trust Com? pany in a survey just made public of the international gold situation. "The gold," the bank's statement ex? plains, "which this country has lost since the beginning of 1919 has gone out of the country, partly because of our own debts, partly because of debts that we have assumed for others. How far will restriction on gold exports af? fect our newly acquired position as in? ternational bankers? If we and others must have certain Oriental products, and can have them at the low prices which cheap labor makes possible, will it be more advantageous to do without these, or some of these products, by holding on to our gold than to have them and pay the price in the medium or media?the precious metals?which the East will accept? Must we, fur? ther, rely on the factitious circum? stances of the outcome of gold mining operations and, in addition, subject for? eign exchanges to the effects of the abil? ity of gold miners to hold back gold at any time they see fit, in the hope oi higher prices later on for their prod? uct? Questions Raised "Will it be possible, with safety, t< introduce an element of elasticity int< the arrangement in the shape o? granting discretionary powers to, say the Federal Reserve Board to let out none other than virgin gold, if circum stance? warrant? Having taken such i step, when shall we and under what sorti of conditions once more resume fre< gold exports? Can we not rely on the operations of normal economic forces particularly the possibility of increas ing exports to and decreasing importi from the Orient nnd South America Finally, is it necessary to assume tha the United States should play the r?l< of a trustee at present, or at som< j distant date, for the gold basis coun tries of the world, or those that hop. to be? "The question resolves itself into i I balancing of the immediate and ulti j mate needs of the situation. Ever; I phase of it must be studied from thes' I two points of view. If the imm?diat' ! problem is so acute as to challeng' j comparison with those of war times i j may be justifiable to discount futur difficulties at a liberal rate and adop what is confessedly an expedient n order to bridge the present gap. D present considerations, in other words argue for a step which for peace time is contrary to our natural inclinatio to let economic forces work themselve out without legislative interference? In explaining the underlying trad ! factors, the survey says: "The trad ' export excess of the United States fo I 1919 was four billion dollars?follow ; ing other huge export excesses in pre j ceding years, especially since 1914-191? | In spite of this, the precious metali | gold and silver, are Mowing in a fairl steady stream from the country. Dui ing the year 1919 our net exports o the two metals were respectively 29 and .150 million dollars. In the fir.? six weeks of the present year- fui ther large amounts of gold have lei the United States, destined chiefly fc 1 South America and the Orient. Th ? domestic credit stringency has bee ; reflected in declining reserve ratic ? at the Federal Reserve banks and ht ; been in part caused by absolute losse j of gold in these reserves. Th?e reserv ? banks have raised their rediscount rai ! to the highest figures since the inaug* ration of the Federal reserve systei ' As a consequence, credit liquidatio ?has occurred at the expense of bot I foreign and domestic credits. "The chief net exports of the met? during 1919 were to the following com tries in the amounts given (in millior of dollars) : Country Value Japan . 98.1 Argentina . 56.6 China . 39.1 British India . 38.5 Hongkong . 30.0 Spain . 29.8 Venezuela . 11.6 j Uruguay . 9.2 "Aside from the obvious geographic; I distribution of these countries?all e: | cept Spain either in the Orient or i i South America?it is clear at the fir: glance that all these nations are e scntially providers of raw materials f< the remainder of the world." AB On a Proven Record of 64 Years BSOLUTE confidence in the Executor of your Will and Trustee of your Es? tate should be the determin ing factor in your selection. We invite you to consider . the facilities of this ' institu? tion with a proven financial record of sixty-four years. We shall be glad to send you our book "The Trust Department of The National Park Bank," or discuss with you any Trust matters. The National Park Bank of New York Buyers Arrived Falrchlld Servie? ADRIAN, Mich?Olbford-Welffenbsch Co.; n IT Welffenbach, general merchandise; c' G Hart and K. Ouldbrandson, repre? sentatives; Herald Square. A8HTABULA, Ohio?3. Schulta, women's clothing; Aberdeen. AKRON, Ohio?Akron Dry Goods Co.; Miss M Hlndorer, muslin underwear; 37 "West Twenty-sixth Street; Levla. ALLBNTOWN, P?-- ? Blttner-Hunsicker Co ' J. F. Hunslcker, notions, hosiery, underwear; 60 Worth Street. ALLENTOWN, Pa.?Zolllnger-Harned Co.; C. O. Kldd, upholstery, pictures; The AMSTERDAM, N. T.?Lewin Co.; Mr. Levlnson; ready to wear; 37 West Twenty-sixth 8treet, 7th floor. ATLANTA?John Silver & Co.; Mr. Rnmbo, piece goods; 72 Leonard Strep?. AUBURN, N. Y.?FoBter, Ross & Co.; W. A. McNamee, cloaks, nuits, waists, furs; 1170 .Broad way, room 606. BALTIMORE?Hutzler Bros.; W. W. Wlnk ler, men's fhrnlshlngs; 352 Fourth Ave? nue. BALTIMORE?A. Elsenberg; A. Breslau, shoos; 404 Fourth Avenu?. BALTIMORE?Mlrvls & Small; L. Mlrvls, children's wear, knit goods; Marlbor ough. BALTIMORE?Pioneer Cloak Mfg. Co.; P. Dupkln. woolen piece goods; Walllck. BALTIMORE?The Hartz Co.; M. Hartz, woolen piece goods; Walllck. BALTIMORE?A. A. Brager; Miss N. E. Williams, Jewelry, leather goods; ladies' neckwear; McAlpln. BALTIMORE?American Wholesale Corp.; W. F. Cogglns, fancy leather goods; B. R. Reid, silks, dress goods; M. M. Klrschonbaum, furs, fur coats; 354 Fourth Avenue. BALTIMORE?Joel Gutman & Co.; Miss M. Hass, handkerchiefs, embroideries, ladles' neckwear; Miss T. Sttebel, muslin undorwear; 200 Fifth Avenue, room 1411. BALTIMORE?Neuman Bros. A Co.; J. Neuman, manufacturers pants; McAlpln. BALTIMORE?J. Hass. merchant tailor; Bristol. BALTIMORE?Hutzler Bros.; A. A. Hall, china, glassware, lamps* 352 Fourth Avenue; Aberdeen. BALTIMORE?Joyner, Wits Co.; J. S. Joyncr, hats, caps; The Annex. BALTIMORE?P. Kahn 4* Co.; L. Katzen steln, manufacturers men's, boys' cloth? ing; The Annex. BALTIMORE?O'Neill & Co.: Miss E. Oocklng, misses', Infants' coats, suits; Miss C. E. McCann, fancy goods, leather goods; the Annex. BALTIMORE?H. Wessell Co.; F. C. H. Wessell, house furnishings, silverware, china, toys; Pennsylvania. BANGOR, Me.?L/ Goldberg, piece goods; Broadway Central.' BELLEVILLE, Ont.?C. N. Sulman, fancy goods; Bresltn. BIRMINGHAM Ala.?Markstein Bros. Mil? linery Co.; S. Felhelmer, silks, velvets, ribbons; 684 Broadway, 7th floor. BOSTON?Greenwood & Sons; B. R. Green? wood, wall'paper; Grand. BOSTON?H. Simon, cotton and woolen piece goods, silks, satins and velvets; Alcazar. BOSTON?John R. AlnBley Co.; J. J. Thorpe, notions, toilet goods; Brpslin. BOSTON?R. H. White & Co.; Miss F. Fitzgerald, coats and suits; 432 Fourth Avenue*. BOSTON?Jordan-Marsh Co.; Mr. Howard, millinery; Mrs. Wells, high grade trimmed millinery; 432 Fourth Avenue. BOSTON?Conrad & Co.; Miss K. Des? mond, coats, suits, skirts, low priced dresses find children's wear; McAlpln. BOSTON?Max Weinstein, stationery, etc.; Broadway Central. BOSTON?Gllchrlst Co.; Miss O'Brien, spring suits; Miss Hornstein, spring coals (basement); Mr. Winchester, waists; Mr. Koltner, muslin underwear, infants' wear, 200 Fifth Avenue. BOSTON?Peerless Petticoat Co. ; S. An? drews, mfrs. petticoats; 1182 Broadway. BOSTON?Boutwell Falrelough A Gold; j William Falrelough, lace curtain?, laces; 215 Fourth Avenue. BOSTON?T. A. Brook A Co.; T. A. Brook, tailors; Oreat Northern. BOSTON?Farley, Harvey A Co.; J. F. Johnston, dress goods; 103 Franklin Street. BOSTON?J. F. Brown, millinery; Empire. Simon. taHorir* t? BOBTON?H. the Annex._ BOSTON?R. H. Stearns Co ? T . ^" silks, velvets; 200 Fifth Am??. ***? "^ BOSTON ? Jay's. Inc.; C*^ dresses; Commodore. * ***r?j Continued onnexTpag^^' Vision K I N Gx^ THE men and women who carry forward the work of The Philadelphia National Bank are trained to look at their daily tasks?no matter how apparently insignificant?in relation to the other work of the bank, and in relation to the great throbbing commercial life of the city, the nation and the world. THIS application of imagination to each employee's work stimulates him to broader effort and increases his personal happi? ness and his usefulness to the community. It ?s also of practical benefit to our customers. When each transaction is handled intelligently, not mechanically, mistakes arc eliminated and better service given. HOW may we apply our experience to your business problems? We invite you to consult our officers. THE * PHILADELPHIA NATIONAL BANK PHILADELPHIA, PA. A New French Internal Loan THESE bonds, constituting a 5% Redeemable National Loan, art a direct obligation of the French Republic. They are redeemable on Interest dates (May ist and November ist) by semi-annual drawings at 1 jco Francs per 1000-Franc Bond, the whole issue through these operations being redeemed within sixty years. Bonds not drawn as above are subject to redemption at option of the Government at 1500 Francs per 1000-Franc Bond at any time. Interest and principal are pavable in Franca. In the remarkable progress thus rar shown in reconstructing the industries and transportation lines in the war rone, France has given every indica? tion of repeating the rapid recoveries which have followed previous wars. ?nteres* Rate 3%, payable ?emi-anaually. leaved In Franca and may be purchased In dollars at rate of exchange fixed each day. A 1000-Franc Bond, at pre? sent exchange rates (Feb. 17, 14.35 francs per dollar), may be bought for about $70.00. Bauds win be paid through ?ml annual drawings or through can at the rate of IMt fracas for each 1000-Fraa? Boaul. Denominations: 1000, 2000, 10,000, 20,000 francs. Fr.ee from all French taxes. With the return of Alsace-Lorraine and the rehabilitation of the French steel industry, France will rank high among the steel-producing nations of the world. In addition, its rich territori-sJ and co? lonial dominions comprise a wide range of natural resources, the development of which will give outlet for an ex? panded French industry and tend to increase the national wealth and in? come of the country. Subscriptions to this loan accompanied by cash payment will be re? ceived by us on behalfiof the French Government on and after Febru? ary 19 to March ao unless subscription books are closed earlier by order of the French Government. We will receive payment in United States dollars based upon the closing rate of exchange of the previous day, as fixed by the French Finance Agency in New York City. Price, 1000 Francs per 1000-Franc Bond In order to simplify the collection of coupons and principal, bonds may be held in custody at our Paris Office and the amounts collected with respect to interest and principal remitted by check to holder in francs or in dollars at the current rate of exchange or deposited to his account in Paris. A fee of one-tenth of i % will be charged for this service. Due Bills of the Guaranty Trust Company of New York as agent of the French Republic will be issued against payment and temporary and definitive bonds will be delivered as received from the French Gov? ernment and delivered to us. A circular giving complete information will be sent on request. Guaranty Trust Company of New York 140 Broadway FIFTH AVENUE OFFICE Fifth Avenue and 43rd Street LONDON LIVERPOOL PARIS HAVRE MADISON AVENUE OFFICE Madison Avenue and 60th Street BRUSSELS Wtsii?1 gswamtt tk? rtmttmnu swd figures prestnted bertin, est thej svt uken from sosvui which to* ?fiHevt te b* Accurau.