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MACKAY & CO. BANKERS Changing economic factors make necessary a regular sur? vey of your investments. General business conditions in? dicate a contraction in the de ' mand for money. Capital, therefore, must eventually seek the investment market. Long term bonds are selling to? day at low levels, yielding a liberal return over a period of years and permitting a substan? tial enhancement in value when money rates are lower. Suaaettion* en reouelt 14 WALL STREET NEW YORK Members Sete Terk Stoek Exchange Empire Oil Purchasing Company 7% Notes (NEW ISSUE) GUARAN TEED ? principal and interest by Empire (las and Fuel Company. PARTICIPATING?to extern in ratio of one-third the entire profits of the company after payment of all operating ex? penses. An investment embodyinghifrh degree of safety and oppor? tunity for ultimate additional profits. Circular H-4 on request Henry L. Doherty & Company Bond Department G'J Wall Street, New York Standard Oil Co. of New York 7% Serial Debentures due 1925-1931 Redeemable in whole or in part on any in? terest date on and riter January 2, 1925, at 105 and accrued in? terest. Net assets over nine times the principal amount of the Deben? tures. Prices on application to yield about 6.65% Colgate, Parker & Co. 49 Wal! Street, New York STANDARD ? L ISSUES STANDARD OIL Circular on request CARL H.PFORZHEIMER & CQ I Dealer? In Standard Oil Sernrltlea 25 Broa.d St. Phonea lnfio-I-':-:i-4 Broad J.K.Rice,Jr.& Co. Will Sell I .'(? Amerlrao-Iluwiiilun S. v x<> Hii-.li Terminal ( mu. .V I'M 2.1 < ?-ni. I ilion Trusl Stork .'li liisi Nul, I tunk Stwk MM? InKcrsoll-K.I Cum. llll) I.?inn I Mill.iiiir ( urn. ? Pfd. ;:. Xllea-Benient-I'oild t'om. 200 Pyrene Manufacturing ."(> Singer Manufacturing non Thii'lirr I artlien rrodurta J.K.Rice,Jr.&Co. ?hon?* 4#?0 to ??1? John. .1? Wait St N T. ( Alberta Province of < Nova Scotia ( Ontario FREDERICH.HATCH &C? 74 ?u>uy NY - QS?Ul-VQD ?&$}~ Tel R>ctor?M? u/iSs c?N??c.riuN? BOSTON CHJCA6Q PHUA .MONTREAL OTTSBUR?? ?rf--*"? miiiu.u .uo Vnn ?I CfiniiiticUi Uanklai %?,VCHA1HAM& PHENIX ? NATIONAL BANK <ATWl ? vat/, Canil al A Surplus.SI'i.OVO.OilO X\^W. Iteaourcea ...'... $10.1.000,000 ftjy\K 149 Brindway, Sinurr Bldj. .i ?. -? t...... Anil IS llram-he?. ?PI-? ?r..-i-i National City Bank National Bank of Commerce Guaranty Trust Co. McCLURE .'GTiES & REED Jffictwi \eu> York Stork Brrhange 115 Broadway Phone 3321 Rector ; ?* Inner Forces Cause Rise in Stock Prices Upturn Largely Expression of the Changed Attitude T o >v a r d Immediate Outlook of Professionals inner forces of speculation, rath?r than the stimulus of events from with? out, yesterday made for r further re? covery of security prices from the low levels attained during the break late lust week. The upturn was again very largely the expression of the changed attitude towatd'the immediato outlook of professional traders, some of whom covered their short contracts and others actually purchased long stock for a quick.turn. Besides, commis? sion houses reported a slight amount of outside buying, originating presum? ably from individuals who believed slocks were ?tain on the bargain counter. The rally affected both industrial and railroad stocks, and after each reaction liiere was a heightening of buying. A conspicuous exception to the general M.-nd whs Atlantic, Gulf & West Indies, which, for peculiar reasons, continued weak. i-?aston, Williams & Wigmore stock closed at $2 a share, *>fT one-eighth for the day. In 191G, soon alter the for? eign I rade and shipping corporation had been organized, the stock sold ns ll gh as 7i)i??. In the steady decline in the market value of the stock since that time is the story of the receding fortuites of this concern, which start id on a shoestring, grew up toward greatness with amazing rapidity, and then, with foreign exchanges disor- I ganized and foreign trade depressed,! began to wane The culmination came late yesterday, several hours after the i market had closed, when il became ? known that receivers in equity for the company had been appointed. This, decision to throw the company's af- j fairs into the bands of the Federal ! Court was reached by directors at a meeting Tuesday, when it became i known that George A. Gaston had stepped out as president. The railroad securities moved up vvard with the industrials, and for the -ame reasoji, because the market was temporarily considered in an oversold ? ;ondition and hence in the buying zone. There was some disposition to draw j favorable inferences from the secret j conference between representatives of the worker? and railroad executives at \ l'h iladelph ia. In the foreign exchange market I -telling was unchanged, but Belgian and French francs were off for the day. Marks were a shade lower and Swiss francs were up. The lack of any favorable ifews regarding repara? tions is beginning slightly to upset, ihose who \vor?\ inclined to bo optimis? tic over the outcome, despife the fail-, ure of the London conference to bring about a solution. Speculators in the ?lock market, however, were not sensi? tive to the vicissitudes of European politics. Quiet prevailed in the cotton market, with a slightly higher tendency, and : grain prices were up for the day. Money mid Credit Call money rat-'s dropped to 6 per cent at the Stock Exchange yesterday after opening -anti renewing at 7 per cent. Offerings were liberal. In the outside market loans on call were made in small amoonts on a ? per cent basis. Bankers attributed the easier condition in the money market to the fact that checks turned in for tax payments have not yet been cleared through the banks. Yes ter- Year day. ago. On mixed collateral .7 9 On industrial collateral. 7 9 Time money (mixed ?col? lateral): Sixty davs .7 8%?9 ' Ninety .lays.7 8Vz6i;9 Four months.7 8 '??f" 9 Four to six m o n tii s.7 8 *\(<i 9 Hank Clearings Hank clearings at New York yesterday'were: Exchanges, $8-10,091.175*; balances, $114,974,097. Silver London, :'.'J'.d; New York, domestic bar, 99'?c; foreign, o.V'tc; \| ?xican dollars, 1^ '/??c. The Dollar in Foreign Exchange Trading in foreign exchange was quiet against yesterday, and rates moved within a narrow margin. There were several interesting features of the movements, however, prominent among which were another advance in Austrian and Swiss rates and setbacks in llrazilian and Chinese exchange, The improved trend in Austrian Browns is attributed to the belief in London that the reparations commit? tee will lake steps to help Austria recuperate from the war's destruction. The commission, with authority from ?he Allies, is prepared to release the first lien on certain Austrian bonds in order to enable Austria to issue bonds against these in accordance with the Ter Meulen plan, according U> A. \V. Kiddy's dispatch to The livening Post. The continued advance of the Swiss franc to the highest point since lasi July probably reflects depreciation of other European exchanges. Weakness of coffee markets and the inability of Brazilians to dispose of stocks caused further weakness of ex? change on R?O, vates dropping live eighths of a cent. Exchange on Shanghai and Hong Kong dropped back a cent, having advanced on the previous day. F.iRorr. yester- Previous Year day flay. ago, CUlEAT BR?TATN (pal ?l S6 a sovereign) Demand . S S975 3.8975 - V 76 Cabins . ? "?' ??' "" x ? :?" HO ilav I.Hi? .....".'? '<> - '?S .Ia.\ Mil* .... ' ?? ?' ** 6.BO Kit A Nt'10 I oar 1 9 '< ???Us a 11 ?io I I.?..I . 6.91 6 '"I T .49 Cables . C ??' '. oo 7.60 1:1:1.1 ; i I'M ( par l " ?? > ents a n. ) - p. no,.o? . ?.:?:! 7,:tl 7 75 , * . 7. " 4 7.32 7.76 SU IT/.Kit I AND (par 19 3 cenia a fraii. i H n ami .I ,.:':. 17.08 17.IS i-jil.l, h .17.' ; 17 10 1 .? ???? ITA I.Y (par 19.3 cen? h a Un, I Demand . :i 72 3.69 6 &? rabies . ?-.726 II 695 b 64 lini.i.U'li (|nr -o ? ,.. m a florin) ? lienutii.l . 34 ? ". 3? :t.ri 36 626 i -, pi, r. i ?! 34.3.' Ml.76 flKHMAN'T (par : f cents a mar?) Demaml . I 6X6 I 69 1.17 ? ablfs . i :??? l :."& 1.39 Al'STKIA ipkr 50.3 cents a crown)? D> niand .24 .236 .4? ' ., hie? . ,-'41. .24 .4? '.'"i;? ay (par 26.8 . >nts a crown)? I " inanvl .Ir. 90 1 H 05 1 7 90 Cables . I 5.9!) 1 ?. in 1 s. 10 RWKDKN (pai !C.I eents h crown) I a inand . 22.63 22 61 20.20 i '., bles . . 22 i!* 22.66 20 :'.6 [iKN.M A RK i par 26 8 eenta a crown) Dell.I . 17 03 17.1111 17.06 I 'ii bles .1 7.1V? I 7.05 ! 7.20 SI'AIN ' i ai 19.3 i ? ills a pesi la) - ! i. ii ami .i vu i ? .,,, 17.jo i ?able!? .I ".?l 13.92 1790 pi iltTlV.A 1, (par los.05 cent? an escudo) 1 lemailil , . . . 9 00 8 75 4V90 i ' ibles . 9.125 R.X75 49.00 i; I'.i.i:. '10 11 ?r I 9 '; cents ? drachma > Demand . 7 54 1 1.15 i 'able* . 7.68 7 .'.7 1 1.25 POi.AN'D' (par 23.8 cpiiIs a mark) ? Demand . 12 ,12 .K5 Cables 125 .125 .67 CX.ECIIO-SI.OVAKIA (par 20.3 cents a . i ,.v. i, I I M-mand . 1.32 1 31 1.3g ? '?bles. 1.33 1.32 1.43 .ri'ilii S?. A V.I A (par 20.3 eents a crown i - I M?m mil . ." .70 .74 . 705 ,705 ,7? Itl'.M A.N'I A < pa r 19 eents a leu > : I ,. ,,. md I 137 1.S5 Cable? . , I.3S ! '5 1.70 KIN'I .AND (par 19 cents m mark) - Demand . 2.74 2 74 5.40 Cables . '.'17 T.77 5 4 5 t \R EAST CHINA (Shanghai par l"6."0 cents a tfcOl)? Demand . 63.09 64.00 136.?9 Cablea .?3?26 64.62? 136.69 Transactions Yesterd Siiinmary of Stock ^Exchange Dealings (Copyright, 1921, NewYorlt Tribun? lnr.) STOCKS Ba? Year January 1 *? Hate. Yesterday, before, ago. 1921. 1920. 1919. Railroad ?locks . 70,400 99.900 274,300 8,901,300 14,998.700 10,136,400 Other ?lock? . 801,900 635,700 773,500 25,264,800 40.7R4.200 26,318,600 AH stocka . 872,300 635,600 1,047,800 34,166,100 55,782,900 36,454,900 1IOND8 January 1 to date. Yesterday. Dot hefpre. Year ago. 1921. 1920. U. S. government bond?... $4,763,000 $6,062,000 $6,214,000 $445.769,000 $694,477,000 Railroad bonds . 2,025,000 1,901,000 1,869,000 96,184,000 116,896,000 Other bond? . 2,291,000 1,696,000 2,944,000 106,979,000 129,224,0Q0 All bond? .t. 9,079,000 9,659,000 11,027,000 648,932,000 840.597,000 lay in Listed Stocks Record of Stock and Bond Averages (Copyright, 1111, New York Tribuno Inc.) STOCKS lange Jan. 1 to Rani? foil Yeater- Bay Year date. year 1920. day. before. art. High. Low. High. Low. 20 Rnllrond afocka . 62.68 61.25 67.70 ?8.60 OT.10 73.80 68.80 30 Industrial ?tocka . 74.03 72.77 100.90 76.80 71.70 110.30 67.67 50 Stock?. 69.48 68.18 87.62 72.12 67.06 92.05 64.30 BONBS 1P Railroad bond? . 74.06 73.89 73.52 76.23 73.65 76,97 66.73 1C InHuslrinl bonds . R3.4S 83.45 88.86 84.53 82.06 91.45 81.30 6 utility bonds . 73.23 73.13 73.86 73.33 70.13 74.53 67.44 C5 Bonds . 77.65 77.56 79.72 78.41 76.31 81.71 73.94 High. Low. DW. .1921. 1921. Rale. 2?'? - 18% ? 25'-a - V* - 1 ? 38% ? 35 191, 39'/, 1'? i% 55% 93% 37% 65% 84 51 58% 91 32% 127' 4 120 29 21/4 23% 19'/4 8% ? 133 120 11 ?(/, 63'? 40% 87'4 293* 45% 72*4 39% 49% 89 25 52 62' 2 87% 10 14 44/j 83 31% 96 1C7' i 88 102 123% 12C 4 71% 9% 40' ? 84% 7' 2 86' a 76 44' 2 13'4 92% 37% 54 35 4% f9% 63% 14% 10 91/4 6 14% 20 18% 64% 42' 2 77' -. 7% 50 119% 85% 8% 43% 86 34% 76% 62% 20% 31 46% 71 70% 2S% 75 1 64 | 12% , 23' ! 62', 42 57 38% 811-4 5% 6% 35 73/4 29 88 100 73% 95% 112% 12 110 12 57 7 8 ? 33% ? 77' 2 6 2% ? 80% 7 32% 10 32' 2 5 9% - 82' 4 7 30% ? 47 24% 2% 50' i 53% ' 10% 6% 81' 4 4% 10% 14% 11% 59 25 68' 2 Sales. Adams Express . 200 Advance Rnmely ... 200 Ajax Rubber . 2400 Alaska (.'old Mines . . 200 Alaska Janean . 400 Allied Themlcal _ 1400 do pf . 200 Allla-Chalmer? . 1600 Amer Agr Themlcal. 700 do pf . 200 Amer Beet Sogar ... 1200 Amer Bosch Mag Amer Rr Sh A Fdy pf American Can . Amer Car A Fdy . . Amer Chicle . Amer Cotton OU ... Amer Brug Synd . .. Amer Expr?s.? . Amer Hide A Leath. 200 do pf . 900 Amer Ice Securities. 1200 * do pf . 200 Amer inter Corp . . . 2700 Amer Locomotive . . 3900 Amer Safety Razor.. 2400 Amer Ship & Com.. 1900 Amer Smelling . 2700 200 55 55 54% 100 ?0 90 90 3900 2? 29 27% 2300?121% 122% 121% 200 22 22 22 400 21 21% 21 300 6% 6% 6% 6%-? 200 124% 124% 124% 124% fc -r 2 do pf . Amer Steel Kdy . . . American Sugar . . . do pf . Amer Sumatra Toi?. 500 77". 800 30 1600 893 200 101' 3900 80 101% 101% Amer Tel A Tel. 3900 102 American Tobacco 2400 114% 116"' '4 2% 10 do B . 2000 113 American Woolen ... 5600 *62' j. American Zinc . 100 8% Anaconda . 5400 37% Alch. Top A San Fe. 2100 80% Atlanta, Birm A At. 500 3% Atlantic Coast Lin?.. 300 81% Atlantic, (Juif A W I 53900 35% 41> 2 110-8 77 5% 35% 80 23 64 55% 15% 23 36 63% 59 22% 68% 563 do pf . 200 32' ; Austin Nichols . 200 10 Baldwin Locomotive.. 24900 8F% Raltimore A Ohio... 2100 32'? do pf . 900 48% Rarnsdall B . 200 24?, Bethlehem Motors . . 400 23, Bethlehem Steel _ 200 62'? da Class B. 3400 55?i Bklyn Rapid Transit. 6400 13 do rtfs . 4700 7', Burn? Hroa . 100 86 Hutte Copper A Zinc 1900 4' Unite A Sup Copper. 900 12' Itutterirk Co . 200 19 Caddo Oil . 1400 13 California Parking . 400 59' California Petroleum. 5700 37'?'? do pf . 900 72 Callaban Lead A /.. . 1500 5' Calumet A Arizona.. 200 45' (anadian Pacific . . . 4600 112 Case, J I, pf. 100 82 Case Plow . 200 6 Centrkl Leather _ 2900 38 do pf . 200 85! Cerro de Pasco. 600 25? . Chandler Motora .... 20100 74^ Chesapeake A Ohio.. 1C00 58 Chic (?real West pf.. 400 16^ Chic, Mil A St Paul. 3700 25' do pf . 3900 38 Chic A Northwest... 1400 66 Chic Pneumatic Tool 200 6V Chic, R I A Pac_ 3700 25' do 7% pf. 400 71 Ho 6% pf. 300 60 '4 37% 52 123, 62/4 63 83 21% 66 5 73 % 32% 107% 91 33' 2 2( 67% 102 2% 4% 1b' 2 633? 14% 21% 15% ? 09% , 84' 2 ? 80 ! 15% 20' j 5% I 71% ' 112% 62' a 92 133% 16' 2 70% 82 44% 25 15% 79' 2 32' 2 24 19% 51% 80' 4 13% 91 * 7% 15% 13% 67 36'i 5% 16 100' j 17/4 C3% 38 63% 64% 1 75 16% 26 4% 11% 28% 25% -24% '4 9 ? Chile Copper . 4600 19 ? Chino Consol Copper 600 43% 6 Cluett-Peabody . 200 19 ? Coco Cola . 1400 27% ? Colorado A Southern 900 49 4 do 1?t pf . 100 6% ? Colombia Craph .... 27100 48 7 do pf . 300 56% 6 Columbia Cas A Elee 900 77% 7 Consolidated (?a? ... 200 18 3 Consolidated Textile. 600 56% 7 Continental Can ... 200 1 ? Continental Candy 900 65 4 Corn Products . 4600 25% 2% Coaden A Co . 160C 73 8 Crucible Steel . 221C0 83% 7 do pf . 400 ,25 4 Ciilia-Amer Husrar .. 1200 2034 ? Cuba Cane Sugar .. 2400 61% 7 do pf . 200 98' ? 9 Del? A Hudson _ 200 ' 34 ? Denv A Rio Grande*. 200 11/4 ? do pf . 600 10' ? 1 Dome Mine? . 400 52 5 Endicott-Johnson ... 2900 11% ? Erie . 1400 1/ ? tin 1h| pf. 1600 12% ? do 2.1 pf. 300 Famous Player? .... 3400 do pf . 200 Fisher Body . 200 Kisk Rubber Tire.... 400 Freeporl Texas . 700 Gaston William? _ 1600 General Asphalt _ 38700 do pf . 200 General Cigar . 200 do pf. 200 Ceneral Electric Co.. 200 48 76% 79 11% 13% 1% 40% SO 54 84 120% 12'4 63 73 34'4 18% ? 9' 2 ? 69 % 7 28% 4 18/4 ? 16 ? 49 ? 59% ? 11% 1 85% 7 5% . 8% - V a - 42% 6 29% ? S% ? 10' 2 ? 93% 7 12% ? 46% 8 30 ? 57% 7 43% ? 71 6 1.1% - 16% ? 3% " 4 8% - 14% - 18' a ? Ceneral Motora . 16100 do 6% deb. 200 do 7% Pf. 200 Coodrlrh. ,B F. 2700 Granby Mining . 200 (?ray A Davis. 400 t.'reat Northern pf... 4900 Gt North Ore subs. . 800 (.reene Can Copper. . 200 Ilendee Mfg . 100 Homestake . 200 Houston Oil . 1400 Hupp Motor? . 1700 Illinois Central . 300 60 Indlahoma . 200 Indian Refining .... 200 Inter Agriculture ... 300 do pf . 200 Inspiration Copper . 2800 Interfolia Corp . . . 4700 do pf . 3500 Inter Harvester .... 400 Inter Marc Mar _ 1900 do pf . 5400 Inter Motor Truck . . 200 do 2d pf. 200 Inter Paper . 2600 do pf atpd . 200 Inter Nickel . 400 Invincible Oil . 8900 Island Oil . 5600 Jewel Tea . 4900 do pf . 1700 Jones Tea . 200 Kansas City South'n 4200 High. 1921. 49% ?9% -IG 21 17 22' a 56' j 18'/4 12% 12 - 63 89'/a 58% 78 167' \ 19?/8 15'2 33/a 13 73 20-? <( li.i 19% 10a 36% 5% 65 74 6% 12 '7', j f,9 74' a 23' 2 104% 83% 4 2?'? Hi 54% 41 '/a 71% 4 I-'4 17 19% 45 35' 2 31'. j 27% 117a 7F C2% 32 96 f-2 1 I 1 ' 2 61'2 36'4 89% 14-1 ? 69' 4 65 67% 37'2 73'4 24'? 69' 4 5' 2 13 24'/* 33' 4 30'4 41 5% 12 93'4 20' i M. | 25 % 101 247-8 60 102 -.6;' a 110 s. 37 421 64' 10? 13 \ 48 Low. Dlv. 1921. Rat? Sale?. Open. Weh. Ixiw, Bid. Ask. 45 ,3B'/4 35 16 8'4 17'2 49'/? 15 9% ? 31 69% 68 45'a 65', a 137% 15% 11' a 28 9 66 16 33'',, 14% 102 25''2 2'2 49'8 69'., 4'4 ?'/? 60 74% 66 16 93 75% 3% 25% do pf . 200 Kelly Springfield . . . 12700 Kelsey Wheel Co ... 200 Kenneott Copper . . 2700 K erst on? Tire . 2400 Lee Rubber A Tire. . 200 Lchlgh Valley . 1690 Lock's, Inc . 2"00 Loft Candy . 200 Looae-Wlles Blsentt . 200 Markay Con . 200 Msnati Sugar . 200 Manhattan Elorated. 2900 May Depart Stores... 400 Mexican Petroleum,. Miami Consol Copper 1.60 Middle Stales Oil.. 7600 53? 4 35 '4 8% 33% 15% 34 32 23'j 19% 10 74% 56% 25 8P/4 54 102-%' 43% 31 82 11 65 37% 40 25% ? 60% 14% 56! 2 3% 11'4 29 2 Midvale Steel . 1400 30'% Minn A St Lenin new 200 10% 7 Minn, SI P 4 8 S M 100 69% ? i Mo, Kansas * Texas 200 2'4 ? V Missouri Pacific _ 2900 18% Ho pf . 1400 35% ? Montgomery Ward .. 200 17% 7 National Biscuit .... 200 105 ? Nat Cloak A Suit... 200 30% ? ' Nat Con A Cable... 400 2% 6 Nat F.namel A Stamp 200 58 6 National Lead . 300 71 ? Nat R R Mex 2d pf. 400 4% ? NVvada Con Copper.. 1900 9% 6 New Orl, Tex A Mex 200 66' 2 10 New York Air Brake 200 78 5 New York Central.,. 2900 68% ?- N Y, N H A H. 9600 17% 7 Norfolk A Western. . 1600 96% 7 Northern Pacific .... 9900 79 .40 OUIa Prod * Ref... 700 3% 2 Orpheum Circuit ... 200 *26% ? Olis Steel . 200 13% 3 Owens Bottling Mach 400 *47 5 Pacific t?as A Flee. 300 47% Pacific Oil . 22200 32% 6 Pan-Amer Petrol ... 9600 68% 6 do B . 1700 61' 2 3 Pennsylvania R R... 8400 36% ? Penn Seaboard Steel. 600 10 ? People's Gas A Coke 700 39 ? Pere Marqnette _ 1900 16% ?? Ho pf . 100 40 3 Philadelphia Co _ 1600 33 ?? Phillips Petrol . 2600 24 + 1! 63%- 2% % 10600 253 1400 10' 200 76 500 59' 1300 257 600 85 200 61 400 106 200 47 3600 33 200 89'< 1900 11S 85 135 <? 4 9% 45 43% 26'., 211 36% 20 57% 12% 75 24% 122 67%' 34 106 47 20/ 121/4 26 17% 46% 27% 72 51% 58% 72% 103% 35% 85 ?12 59! g 12% 41 42'/'a 8/4 78 8% 23% 15 11% 19% 29% S8% 96% 48 47 11 19 17% 42 9 40 113% 108t 52' 2 43 65% 61 16% 210 21% 13 ? 49' 2 6% M, 17% 113% 64% 27' i 92% 43% 97% 9% 19% 11% 39'4 19 64% 41% 49% 62% 101 29% 77% 107 46% 8% 29 29% 5% 75% 7 18 12% 9% 15 23% 84 83 42% 38 3% 14% 12% 35' p 30 ? 8 6 6 ? Pierce Arrow . ? Pierce Oil . 8 do pf . 5 Pittsburgh Coat .... ? Pitta A V\'est Va ... 8 Pressed Steel Car . . 4 Pub Serv Corp N .1, 8 Pullman Co . 8 Punta Aleere Sugar. 4 . Pure Oil . .3 liy Steel Spring; . . . ? Ray Consol Cop .... 4 Rending: . 9400 68' 2 do 1st pf . 400 41 2 do 2d pf . 200 42 ? Remington Type ... 1200 26 6 Rep Iron A Steel . . . 3900 65' ? Rep Motor T?nck ... 1200 163 5,20 Royal Hutch . 4600 62 ? Santa Cecilia Sugar. 200 4 1 St Joseph Lead _ 100 11', ? St I/onia A San Fran 1600 21' ? do pf . 200 30 ? St Louis Sonthw'n.. 7C0 28 ? do pf . 200 37 ? Sn.tnn Motors . 2n0 47 ? Sr.-ihoard Air Line pf 20O 10 8 Sears Rnehuck . 3600 77 ? Se?era Copper . 6">0 H' ? Shattuck Ariron? ... 200 6 .72 Shell Trins A Tr. .. ion 41 ' ? Sinclair Oil . 8600 22' 6 Southern Pacifie _ 9700 7.3' ? Southern Railroad . . 3900 20< 5 do pf . 400 54 7 Stern Bros pf. 100 102 5 Standard Oil of N J . 200 135 7 do pf . 2400 107' 7 Steel & Tube pf. 100 79 4 Stewart Warner .... 1600 313 ? Slromberg Carb .... 300 33 7 Sludehaker . 56900 60-i 1 Submarine Boat .... 600 8 ? Superior Oil . 1900 8' 6 Superior Sleel . 400 40 ? Tfitn Copper A Chem 700 7' 3 Texas Company .... 18600 40' ? do warrants . 100 405 ? Texas A Pacific. 2400 21 104'% 107 % do Land Trust . . . . Tex Pac Coal A Oil. Third Are Railway., tobacco Produc?s . . Transcontinental Oil. Cnion Bag & Paper, t nion f)i' .... . 2C0 210 10100 23^ 2600 18' 3600 513 5600 7-1 200 70' 2700 197 Lnion Tarific . 3200 116 do pf . 200 657 United Alloy Steel .. 2O0 32 I'nited Drug . 200 93' ?lo 1st pf . 100 4,3' t'nited Frnlt . I'nited Ry Invest +-. 200 do pf . 12C0 I'SCI Pipe A Fdy. 200 do pf . 100 U a Food Products . . 1600 U S Ind Alcohol . . . 1200 V S Realty A Impvt. 1200 I'nited Retail Stores 8600 U S Rubber . 8900 do 1st pf . U S Smelt A Ref U S Steel . do pf . 890O 100% 200 101% 101% 1013.? 1013% 200 31!% 31 Va 31% 31'% 24900 79% 80% 79% 803-4 Copper . 1500 200 4 Ltah ? Ltah Sec Corp 4 Vanadium Steel .... 3600 4 Va-Car Chemical . .. 300 ? Ylcaurinu . 600 7 Van Raalte 1st pf.. . . 200 ? Waba.sb . 900 ? do pf A. 1800 ? do pf B. 100 ? Western Maryland . . 200 ?- do 2d pf. 24O0 ? Western Pacific .... 700 7 Western Lnion Tel. . 610 7 Westing Air Brake.. 200 4 Westinghouse Mfg . . 1400 5 Wilson Co . . . .._ 200 ? Wheel A Lake ftrie.. 1700 ? do pf . 100 ? While Oil . 600 4 White Motors .,. 200 \\ illys-Overland .... 8200 da pf . 200 Wonlworth . - 200 Worth Pump A M. . . 200 do pf B. 100 200 108% 108' g 108' *Ex dividend. CHINA (flung Kling par unsettled)? Demand .48.SO 4T f.o us.to i hI.I'S .47.'>f> 4X00 93.60 JAPAN (par 49.S ? -mm? a yen) ? lleiuuhil .48.2f. 4S 26 47.0(1 Cables .4?. 60 4.?,.80 47.25 INDIA (par iS.fi.'. ."'Mis a rupee)? rVinninl .26 ?0 26.00 48.00 ???bles .28.25 21.25 48 25 ?TVA ITS SKTTLKMKNTS (par 5?.S cents u dollar) Demand .45.25 45.26 - Cables .45.60 45.?0 - TI1K AMERICAS ARGENTINA (pnr 42.44 cents a paper peso) Dfinnnd .S?.76 34 375 43 825 Cablea .33.676 3 4.?O 43.75 BRAZIL (par 32.46 cent? a paper milreis?? Demand .13.876 14.50 27.126 Cables .14 Ofl 14 625 27 25 PKKC ipar $4.36 a pound) ? Checks . 3.32 3.P4 4 8} ECUADOR (par 48.?o rent? a sucre) ? CHILE) (par 38.5 cents a pen., i - Checks .15.00 15.126 23.76 CHCOCAT (par 103.42 cenis a peso)? Checks .73.50 75 25 i \ BNBZUKLA (pur 19.3 e-nts a bolivar) Checks . 5.93 5.87 -, Canadian Exchange New York funds In Montreal, 14\ per cent premium: Montreal fluids in New York, 12 \ per cent discount.. . o Paris Market Stronger TARIS, March 1?. Prices were stronger on the Bourse today. Three per cent rentes. 57 franc- 75 centime?. Exchange on London. 55 francs 53 cen? times. Five per cent loan, 53 francs 95 j centimes. The dollar was quoted at I 14 francs 21% centimes. Bid and Asked Following are the closing bid and asked quotations of stocks listed on the Stock Exchange in which there were no transactions yesterday: n (1 Asked A.l Rupr pf... 48 5? Air KmIiji Hoi Allis-l'tisliii pf SUV4 S'J a A Cable. ...l";i l"* Alliance Heal. 70 Am Bank Note 50 52 do pf ... . 47'j .',0 Am ill Sillar, 4'.'S 43 no j>f _ *0 Am n S .V K 4'. 47 Am l'an pf.... B2H 85 Am C * K pf.llOH 113 Am I'm Oil \tt B.'l 118 Am l.a France va s! Am ljn (?1. .. 47 'j 4" do pf . 83 S6 Am l*?.o pf . I HA 107 Am Malt A 11 20. 25 Am Rsdlator.. IT 72 lio pf . 108 Am Sin pf A. ill ' 88 Am Snilft . .101 III do pf. .". 85 Am St! KMv pf -". im Am Sum T pf 84 874 A in Tel .<< i l A Tot. pf new. 90 !?l Am Uli pf 94 Mn Woolen pf I \ 9, Am Wt r>r pf 31 ':.' A Z & L pf.. 20 2? Araal ?UK?: . 90 loo Ann Arbor . - 1.1 do pf 18 A?sjWA Retll-. 24 As&ac rh-r Gdi 24 4 2S4 rt? 2d pf. Hi 45 52 a r AsF pf 774 7: Attantli' Rof. .000 97 do ?if .168 10' Atlantic hYult. 8'? Atlantic Tack. 18 16 i Austin Nich pf 04 6' Auto S C. 3'/4j do pf . 0 1 Barnen llalli. 29 3 do pf . 0? S Barnsclall .. ? ? IReecl) Creek... ri4 B. S SS pf 104*4 lft44 do H ..... 56H 5f Brk vn Edison 88 Bklrn I n <?*.*. .8 8 Ihn .10 |.f rick I'.r I'.r lion- R A- P... 87 do pf . no Ruff A- Pusq . 87 ?!?' Pf . H Burns Bros pf'.lO." Bush ?rm Canada South it CRIlrfSJ 190 On corp do let pf. . ? lo 2d pf.. . ? Clii< A- Alton ""? lo pf 11 Chic A- B El. 34 ' ' t? in i 45 d? l?t pf... 6$4 61 /C 4? N W rf.103* 185 Bid. C St P .M * o 55 do pf . S5 C i' ( 4 St L 39 do pf . . i; ''l*?e A PltLV C5 1 ?"?;' IVjli pf SO ''"! F A I pf 'I. ?"??! A S 2d pf 44 Con i'lt?r pf. 7d dm '_'*ji i< .. 1 ' ? ! - i.' ..01 Crea l'arpet C? Am s,:* pf l'a? Cliem . .. 231 1 >r Beers ... 11 I '..?irt. i ' . pf D I. A \V ! .".210 Detroit Edison :lt".' Detroit I H 11 6 ? Dlam Ma-, h . mo D S S A At.. 3' do pf . :,i Durh Hosiery. ->5 do Pf. ?5 E?*l Kodak... 800 do pf .. . . : io El loin ?vi t* ?.-, Eleu Si,.r Bat.100 Klk Horn .. i?i do pf.?)i Em-Brant pf 2s Hrls .* Plus,. 4". 1 am Play pf. S3 '? ? 1.1 .7 Fed Min A S. s do pf r ?? er l:??!,? pf .in Gen Am I (?en Clg 1st pf si On Mde ? i 1 ? ?dajid O pf Ri GrvKlrieh pf 7! Gulf if AN d ? ?y Gulf St Steel. ;1: Earb Else .. . 11 H arts ir. Corp "0 Haakeli B ... U 100 '.'4 16 10'. du 1st pf . r<? Kelsey Wli pf. 7n Kell? Spttfd pf 744 vl) in h>.-k A f> M. do pf ...20 Kr^ss A So. . . 7.', S5 do pf . 85 Kresge .1S4 14". do pf _ 08 104 t. K A W. ... 11 1314 do pf . 104 .' ; t.Un A MrervH.i 141 du pf.lnji3 105 d.i ? . tin 148 t, \v r ut pf. rr. no .. do 2d pf . "<" '?* s fxirillard pf. l/ml? A N.s Mai-kav O* i Mali Cuai :i:,ii ;on MalUiuiHi pf.. i'.m Manat? Su? pf - 94 Manl 11 Rea h \ '?1 M.tnm Parrv. 1 "> 1< 114 Martin r.xt, .' . ?1 85 i Math A!k w p , 18 !'?, Mai Motors,. .1-, ^^^^^?pf... :d pf. loo' \i, !> -11 Mej Petrel pf ?5 95 1 Mien Centrai. '7 17 13 MStPAtSSM pf S3 W 74 do i l. ???* W i? M K 4 I s<% 4% Bid. A'ked.i Montana Pow. 51 "t S3 do pf .. 33 99*? Mont Ward. . 17 i:4i Morris & Ees. 85 -? i Miilllna Bj pf. 90 Nat A-me . ?1 2;i ? Nash A I'll at 05 105 ? N Biscuit pf,.10S 111 | N ilk A S pf >lfl 70 n Su y st pf si 04 Milt..I'M l-t pi S4 12 NY.' A St I. 40 1. do lat pf.. 80 do Jd pf . Vi 81 N V i. A W v '' 8.1 N V Dock pf. 4 .'4 50 Norfolk Souili 94 to Norf A W p: 85 06 N S.V?A clteel 33 85 N'untiallj ... 9 11 Ohio Bodr ... 8V4j 9 Ohio fuel ... ?8 5? Out Sifter.... 44 '< Orpli Care pf.. ? no Oil? HI or pf.. ? ?0 i Hi? Steel pf. 75 SO (?well? Bot pf. ? 10.1 Pai-iflc I'oaal.. 13 1.? do lat pf . 60 loo Pacific t)e?el 11 *? 12 PacUic <! A K 47 '4 47 4 Pacific Mall.. 14 18 Parr Ring- ... 1 i'j 20 Pmnv I I? pf. S2 ?B Per* Mar.] pf. 53 534 Pettlbone .... 3494 62*s do pf . ? 111 Phil .1>?i"S . .- "04 374 do pf .. . . 85 67 Pler.-e Arr pf 71 7* pre A SU. cf> SI S?4 p rt iv a c ut'4 - Pitts roa! pf :8 $t Pit's ?reel pf SU K. P & W Vs. jtf 70 7? Pto!? Crk CoaJ 13 1344 Pr SU Car pf 93 95 By SU Spi pf.103 10? w Fid. Asked. Rys Eeour ... 5.4 56 Reis . 8 9 do 1st pf. . 49% 88 I\ 1st pf - 66 do Rep I A S pf 92 9.1 Sarage Ann?.. 15 17 Seaboard A I, 6 64 S, aca-ltoeli pf. '.''? 10 : Shells I' !> 414 42 -.:.*,-Slieff pf 70 ?s S V It .-Ufc-ar 7 2 76 du Pi Ort 108 Standard ME1.105 140 .do pf . 7.8 -i Slu.Jebaker pf 90 93 Super Steel pf 97 % ? Tbmtor Com A 11 13 do B ... 194 40 11.le W ("hi...84 174 Tot. Pro! pr . S5 90 rstUtW etfs. <4 9T4 ?Jo pf ,nfs . 15 20 Transue W .^_ 39 41 Twin il'i RT ill 42 ? do pf . . ? 95 Cn ("lyar S;..116 ?.iil it.. pf ... 100 hi; Cud 'lVpewrlt 1434 13.1 d.? pf . HI 120 I! S El preis 54 7 I'' S 1 Ale pf 96 ion Il S K M pf 414 4'.\ til' i'Ii pf. . 95 97 '-. i'i :;i'\ 4'' -4 234 Vulcafi Detlr do pf . ;o Wel.-Hell .10 11 u-ills-Farm ' West Pic pf. . 68 K1 WesUnjh pf.. 50 Wick Spen ... 1? 1' Wilson pf BO "'is Centra! SI :>4 Woalworth pf.105 1U4 W Punjp pf A 794 ?1 In Wall Street RegnlarTrncible Dividend The strength in Crucible Steel ?hares the past two days, following a sinking spell which carried the price below R2, mRy have been due to buying in anticipation of the regular dividend declaration which took place after the close of yesterday's market. Crucible led the independent steel shares in point of activity and added 2% points to the gain of 1% on Tuesday. Cruci? ble ?r one of the steel companies that has not yet made public its annual re? port for 1920, but, judging from the showing of the other independents, it should show the present 7 per cent dividend on the common stock amply earned. Earnings of the steel com? panies last year were not seriously affected until '.voll beyond the first six month?, so that the depression now in effect was not greatly reflected in the annual reports thus far published. Market Opinion Mixed Opinions of stock market observers af'er the cl.ose of yesterday's market were decidedly mixed. One house, which has been bearish for the last six months at least, thought that the last two days',swift upturn in prices was for the most part due to short covering and that when this hag run its course values will again sag be? cause there is nothing in the business outlook yet to warrant a sustained rise. Another house expressed the view that the rally would iast until some time early in* April, and offered this argu? ment: "To sustain it we believe there will be an ea-:cr monpy condition after tightness to-day and to-morrow, a mor? definite prospect of the new Adminis? tration's legislative program, con? tinued if irregular g?nerai business improvement, reduction in unemploy? ment, and consequent increase in pui? chasing power. The chief hurdle that the market will be called upon to take in the immediate future will ^e thf4, danger of temporary tightness in cal! money when income tax checks are be? ing cashed in the next few days." Gold Ponrs In Banker.*, estimated yesterday that, an aggregate of $12,000,000 in gold has arrived in this country during the last two days " or is on the way. Thi3 is gold that is coming from all quarters of the globe. The National City Bank announced that 51,250,000 in the metal had arrived at San Francisco in a con? signment from Australia. This is the fourth shipment the bank has received from the antipodes. The Ryndam, in from Holland, brought $200,000 to the Citv Bank and $250,000 to Goldman. Sachs & Co. The National Bank of Commerce received $665,000 from Sweden and $65,000 from Denmark. The Albania arrived in this port yes? terday with $1.750.000 for Kuhn. Loeb & Co. and $500,000 for the Equitable Trust, Company. The Aquitania, due in at the "tul of the week, is bringing a cargo of $5,313,000 in gold, of which the Guaranty Trust Company gets $1, 700.noo in a consignment from India, via London. Fart of the balance of the Aquitania's gold is for the account of Kuhn, Loeb & Co. Tractions Strong Traction securities made a buoyant response yesterday to the news from Albany relative to the new transit legislation. The stocks of the different companies displayed pronounced vigor, advancing sharply on active buying. Third Avenue w-as a leader in point of strength, climbing 3% points net to 19%, and closing at the top. Brooklyn Rapid Transit jumped 1% points, while Interborough Consolidated preferred showed a similar gain. The common closed a small fraction up. Denies AGWI Siience Policy A leading director of the Atlantic. Gulf <v West Indies Steamship Lines. : following a meeting of the executive committee yesterday, denied that the company is seeking to withhold infer- i mation concerning the company's af? fairs from the stockholders. He said that every shareholder that had com" to him for information or had gone to the company's officials had had al' his questions answered. Regarding reports that a minority stockholders' committee was in the making, this di? rector declared that the company had I no knowledge of such a movement. Discussing ?GWI affairs further, he said: "We have nothing to report re-! garding our financing plans. We still reed $15.000.000, but have not yet been ?ble to arrange a loan. In previous negotiations we had our contract al? ready to sign twice, but bankers de? clined to close their side of the deal because of the IVprfield incident in Chicago and later publicity, which the company has greatly deprecated." The annual meeting of the company will be held the last Tuesday in ?pri'l but it was said yesterday that the annual re? tort will not be ready for publication at that time, as the figures from all the subsidiary companies will not be avail? able. AGWI snares were weak in yes? terday's market, while the rest ofthe list showed continued strength. At ,'3% the price was off 1% points. A Call for Help The Denver & Rio Grande stock? holders' protective committee, of which ex-Governor Benjamin B. Odell ic chairman, has prepared a letter to be sent out. to stockholders to-day asking 'hem to contribute $1.25 a share for? ward raising the $100,000 that must be posted with the Federal Court in Kan? sas City by March 25 if the road's shareholders are to be allowed to bid for the property. This plan was agreed '.?pon by the members of the committee as the most practical method of meet? ing a situation that needs quick action. It is understood that the committee ?epresentation is in excess of 100,000 shares. ? Pressed Steel Meeting Adjourned The Tressed Steel Car Company, which has been trying to get together rnough stockholders to aot on it? re? capitulation plan, adjourned yester? day a meeting calle 1 for that pur? pose. This was the third adjournment. '! he plan as suggested by the board of directors calls for an increase in the authorized common stock from $12,500, 000 to $50,000,000; the exchange of the outstanding $12,500,000 preferred stock | tor an equal amount of common; the | declaration of a 20 per cent common : stock dividend and the participation therein of both common and preferred shareholders. Motor Shares Continue Strong This week's declaration of the reg 1 ular dividend by Chandler directors and the publication of the Studebaker leport showing more than $13 a share c-irned for the sti>ek seem to have re? stored a certain amount of confidence | in the outlook for the motor shares. | The particular feature of the Stude ? baker report that commanded attention | in the Street was the statement of ; President Erskine that March sales ' will probably exceed 5,000 cars and , that, barring unforeseen circumstances, the company"* business this year will ! probably exceed that of 1920. Interests : close to (.'handier are also understood : to hold an optimistic view of the out ; look for the current year. Both (handle? and Studebaker made new 1 highs yesterday on the current move? ment, the former getting up to 76 % and the latter to 64 1-8. Vanadium Meeting Postponed Vanadium directors were scheduled ; to meet yesterday, but the meeting was postponed to await the return of ? Charles M. Schwab from Europe. Mr. Schw-ab is now on the way back, and it ; is understood that the company's divi j dend action will depened on the nature j of the report he will make on the out? look for European business. r 4% ' 1 First Mortgage Railroad Bond TO YIELD ABOUT 63/4% Secured by a direct, first mortgage on a 32 7-mile double tracked line which constitutes an im? portant part of one of the trans-conti? nental railway sys? tems. Write for Circular So. ?03JI Describing These Bonus. SpehcerTrask&Co. 25 Broad Street, New York AIJ?ASY BOSTON f Hlf \<,<) M?mh?r? New Tar?t Stock Exchange MT-.b"! 'M'?' -"?? < Excl ni? BANK OF BRITISH WEST AFRICA Head Offic-?London BRANCHES IN Liverpool, Manchester. Egypt, Morocco, Canary Islands, West Africa Exceptional Facilities for France and Belgium Bills of Exchange Bought and Sold Commercial Letters of Credit Issued Travellers Letters of Credit Paid up Capital, Reserve, and undivided profits over $9,000.000 c New York Agency, 100 Bearer Street Agrents B. R. AJPPI.EBT ROWLAXT) SMITH DETROIT STOCKS Direct Private Wire to DETROIT Pittsburgh Grand Rapids Chicago " Kansas City TOBEY&KRK Members .\ en> \ ork Steck Exchsngt 25 Broad Street, New York C. M. & St. P. European Loan 4s, 1925 Should the ? be selling at any of the prices given ,below at the maturity of these bondo, the possible profits through an investment at to-day'3 prices would be as follows: If the ? is Anprotlraat? Qnot/'d at Profit SS.TiO 21*? 4.00 W. 4.SO 56'i 4.?'i63 68'? Price and description on re? quest for circular TR-83. George H. Burr & Co. lr\'rst?,r< Securities Commercial Paver Equitable Building New York Our offlc?? in 15 Cille? Offer Ton A National V?t A Personal Servies Scr?cil l&t?thtts ?Jublic Utility &rrurttir? ?ll ?roa?ujaa, ?'ctn ?ar? ^American Pr. & Lt. Co. Dcb. ?%, duc 20!6 Central Illinois Utilities Co. 6-%. due 1523 Northern States Power Co. 6%. due 1926 Pllonr? Rrrtor ?980-?. 97?3-7. 69?2-S Privai? Phones to Philadelphia * Boatos Mark A. Nobl* TTieortnr?. r. forrr-S KOBLE & coRWir; tS Broad St, >*w \ork | BANK, TRUST, INSURANCE AND INDUSTRIAL STOCKS BOt'GBT ANO ?OLD. Telephone 1111 Broad. i