The Philadelphia Inquirer from Philadelphia, Pennsylvania • Page 42

THE PHILADELPHIA INQUIRER, SUNDAY MORNING, JANUARY 11,914 2d Sec. ft li InillTinil ruuw urai -rii The clotil.ir was uncertain, with prices ranging from above to below parity. PAPfS 1A Tfirsa ru. wtt rHtlIKlrn STOCKS FIRM AFTER UNSETTLEMENT TITLE PUSSES TO GilitE of in Activity in Bond Department, With City as the Leader, Feature of Local Trading EAVY buying, of city bonds was local Exchange yesterday. 1941 were sold at a substantial During the snort session $70,000 4s of advance, while SS000 of the 4s of 939 sold at In other bonds the trading also increased, showing that the investment public is turning to bonds.

Throughout the bond department there was a noticeable hardening of prices. While the city bonds were in greater demand American Gas and Electric 5s Philadelphia Electric 4s, Reading General 4s and Interstate Railways 4s all sold at better prices. Interstate 4s sold at 59V, an advance of a full point over the previous transactions. NATIVE STOCKS RULE FIRM Ths native stocks reflected the strength displayed in the bond depart' ment, and although dealings were restricted, firm tone prevailed throughout the list. The arbitrage issues early in the session sagged in sympathy with the unsettlement in New York.

Later they hardened and closed theses-sion at higher levels. United States Steel was the leader in the arbitrage group on the strength of the improvement shown in the steel trade during the past week. Cambria Steel advanced half a point on the sale of odd lots. A reaction in Tonopah-Belmont and a slight advance in Tonopah Mining was one of- the features." Baldwin Locomotive preferred lost a full point and a fraction on the sale of one share. Slight gains were made by Keystone Telephone preferred, Philadelphia Rapid Transit, Union Traction and Philadelphia Company.

The money market again showed signs of improvemenyesterdax. One. brokerage house was able to obtain funds at 4 per but thegeneral call rate remains at 5 per cent. 4s the feature of the dealings On the NEW YORK BONDS NEWBURGER. HENDERSON LOEB, 1410 Chestnut street, report transactions Last Low.

sale. as follows Sales. High. 1000 Amer Agr 5s 983 4000Am clt 85'2 20000 do conv 4s 96 2000 Armour Co 4'2s. 90 27COO Atchison 4s- 933s 5 000 do adj 4s 8434 1 000 do conv 4s 94 Vz 13000 At Co clt 9 1 38 6000 Bait 3128..

91 1 7500 do ev ret p. 9 i 3-4 1000 Bkn Gas 1st 5s. 103 300OCen Leath 6s 9734 7000 Ches 4V2S. 943a lOOOChes 5s 2O00Chl 5s 2I.IOI'8 95'2 9512 9314 93 '4 9038 9034 9114 91Va 94 948 7 centimes lower at 85 francs 70c. Prices were heavy on the Bourse today.

BBRLIN. Jan. Trading was dull on the Bourse today. New York Bank Statement NEW YORK. Jan.

IO. The statement of the actual condition of Clearing House banks and trust companies for the week shows that they hold $32, 1 89, 1 OO reserve In excess of legal reuircments. This Is an increase of 1 9,999,550 from last week. The statement follows: ACTUAL Loans Inc. $5,491,000 Specie 345,444,000 Inc.

22,714,000 Legal tenders. 87.728,000 Inc. 5,377,000 Net deposits. 1,766 990. OCO Inc.

3I.I77.O0O Cir-ulatlon 45. 1 43, OOO Dec. 118,000 Banks Cash reserve in vault, Trust Companies Cash reserve In vault, $62,771,000. Aggregate cash reserve, $433,172,000. Kxcess lawful reserve, Increase, $19,999,550.

Trust Companies Reserve with Clearing House -uiemlKts carrying 25 per cenL. cash reserve, $52,122,000. Summary of State banks and trust companies In Greater New York not Included in Clearing House statement: Leans $547,656,800 Dec. $5,947,500 Sixicie 60. 625.

IOO Inc. 845,400 Legal 8,227,300 Dec. 770,900 Total 603,986,400 Dec. 2,078,900 Mining Stocks TONOPAH STOCKS. Closing.

Stocks. High. Low. Bid. Asked.

Jim Butler 77 76 76 77 MacNamara 9 10, Merger 54 50 54 55 Midway 36 37 Mizpah Ext 31 33 Montana 1-16 .1 Va North Star 3712 3812 Rescue Kula 10 II Tonopah Belmont 79-16 77-16 77-16 72 Tonopah East End. 8 10 Tonopah Ext 1 34 I 3a 1 34 I 13-16 Tonopah Mining 7 678 67s 6 15-16 West End 1 14 5-J6 GOLD FIELD STOCKS. Atlanta 8 18 I7V2 18 Blue Bull -5 5 412 5 3 4 Comb Fraction 7 8 Florence 28 32 Goldfield Cons 3B I 7-16 Jumbo Ext 14. 15 Kewanas 3 4 Merger II 3 Oro 8 9 Sandstorm Kendall I II Silver Pick 42 AVz 4 5 Vernal 5 MISCELLANEOUS. Amparo 36 142 Arizona 3 3 2Vz 3 Fair Aztec 2 3 Keane Wonder It 13 Kimberly Cons 17 20 Nevada Hills 37 37 36 38 Nevada Wonder ..185 Q2Vz 18212 187 Vz Tecopa 20 21 Toronto Mining Stocks FRED R.

JONES 75 Bay Toronto, and Real Estate Trust report quotations as follows: COBALT STOCKS. 1 I I I i 5. I i 9512 958 Market Resists Adverse Influences, List Closing at Higher Level New Haverr Sags, 'Then Hardens tZii 1 NEW YORK, Jan. 10. STOCKS were undisturbed today by the news that New Haven is not to be allowed to make its proposed bond issue and by Washington advices telling of administration plans for drastic anti-trust legislation.

There were declines at the opening, but stocks rallied promptly and continued strong during the rest of the day, most of the leading issues ending with slight net gains. Even New Haven rallied well from a sharp opening break. Petroleum shares were active and strong again, Texas Oil being the spectacular leader of that group. Southern Railway issues moved up on the news that the voting trust under which the company has been managed has been dissolved. Local traction shares were well bought, and showed much strength.

Just at the closing Steel Trust figures were published, showing decrease of 114,000 tons in booked orders as the net result of December opera- tions. The bank statement was highly favorable, showing a gain of more than twenty-eight millions in cash. Loans increased more than five millions and surplus reserved advances twenty millions. VEEK OF PUZZLING IRREGULARITY Wall Street has had a week of puzzling stock market irregularity. Stocks generally were quite firm and at times quite strong, and yet reactionary tendencies were much in evidence so much so that professional traders found many new arguments to support their bearishness.

The price-level, however, was very well maintained and the net results of the week should be considered both satisfactory and encouraging. A great deal of realizing was accomplished and a great deal of short selling was done so that the technical position of the market was considerably strengthened without much decline from the best prices of the season. To be sure, favorable developments did not have as much effect upon quotations as they should have had and to that extent the action of the market may have been disappointing. But the presence of those favorable matters cannot properly be regarded as unsatisfactory and momentary indifference to them may mean that their good influences are yet to be felt. Perhaps the Union Pacific "melon" announcement should not be regarded as a matter of great or lasting consequence, but that was neither the only nor the most 'mportant development of, the week.

Having much greater bearing upon the future was the great change for tha better in the money situation outlook, both at home and abroad, and the indications of improved and improving sentiment in many industrial and commercial quarters in our own country. Of consequence also were the additional evidences of a new and better understanding r.t Washington of the business necessities of the moment an understanding which may be expressed definitely in the near future by the President and the party leaders at the Capitol. In' comparison with these matters, the Union Pacific announcement appears as a mere incident, spectacular as it is. And they rather than it should be' given most attention in estimating the probabilities of the stock market's future. UNION PACIFIC NEWS RECEIVED WITH SUSPICION 4' This is not to say that the Union Pacific "melon-cutting" plan is not a matter of stock market consequence.

That would be far from the truth. The company's announcement represents the realization of long-cherished expectations, and it is not unreasonable to assume that the development has not yet had' its full stock market Under other conditions and circumstances the news of the decision to distribute Baltimore and Ohio shares -as an extra dividend to Union Paciiic shareholders would have been received with great enthusiasm on the Stock Exchange and would have had great influence upon the general market as well as upon the stocks directly involved. At the moment, hewever, the Wall Street rank and file the speculative small fry is nursing its pessimism and refusing to see good in anything. Therefore, the Union Pacific news was received with suspicion and as meaning nothing but the transfer of some of the company's assets from one pocket to another. Within ten minutes after the announcement was made speculators everywhere were proclaiming that the distribution was made because Baltimore and Ohio dividends were about to be reduced and that the scheme was so clearly illegal that it should not be treated seriously.

Such arguments were and are unimportant except as indications of the present state of mind of most speculators, professionals and laymen alike. As a matter of obvious fact the Union Pacific melon is' a very substantial one and will add materiel- lj' to the market value of investments in Union Pacific stock. Of course, it does not add to "equities. No distribution of assets does that. One apple is no more than one apple whether cut in half or left intact.

But after Union Pacific has distributed its Baltimore and Ohio, the stockholder will have more collateral than he had before. And as to the legality of the plan, the shrewdest corporation laws'ers in New York approved it before it was decided upon. MONETARY IMPROVEMENT DISREGARDED Speculators are showing the same indifference toward the marked improvement in the money situation that they are showing to all" other constructive developments. And yet nothing can be more important in its relation to the future of the 6tock market. That increased supplies cf money at all the great financial centres is due largely to industrial and commercial contraction is quite true.

But that does hot make them less favorable to securities. Funds unemployed commercially will turn and, indeed, 'are turning to bonds and stocks for profitable employment and thereby are providing a market for new securities. In due course, the latter, by increasing the buying power of corporations, will bring about industrial revival. Perhaps that revival will be delayed; perhaps not. But in any event the increasing ease of money the world over must work in favor of the security and it will not be ignored by any student of financial tendencies.

Our own money market promises such ease hat, spite of relaxation abroad, w. may send gold to Europe when impending large loans are ready to be out. Such exports, if made, will do no harm here and will represent merMy advances to Europe which will increase the Old World's already iar, cbliga-tion to America. Concern over indicatiors 'that general business is at low ebb at th- moment should be diluted with consideration of the better feeling that is appearing in many industrial quarters. Corporation returns showing greatly reduced profits during November ami December are unpleasant, to be but they represent past and present conditions rather than the promise of the near future.

It should be remembered that the stock market's decline, which ended in October, anticipated with accuracy the unfavorable matters now coming to light. In view of that there would Seem to be very good reason to believe that by its recovery since October, the stock market has anticipated some measure of improvement in business conditions generally. Much will depend, of course, upon the attitude of the administration at Washington toward "the interests" and toward "big business" as it will be disclosed in the near future. If recent developments are trustworthy as signs of the times, the influence of "Washington is to be helpful rather than harmful and is to promote confidence rather than uncertainty and distrust as heretofore. Certainly it is within the power of the administration to do this and certainly if it shows such a disposition the stock market can be depended upon to make prompt and satisfactory response.

Bid. Offered. 478 5 3014 3 1 Vz 195 205 18 19 30 35 53 168 170 6 93A 1014 2 214 443 450 175 179 106 110 23 "4 23 Vz 47a 6 2 2 Vz I Vz 212 5 12 13 23 30 6'2 8 IOOOC, jnt 4s. 9558 1000 do gen 4s 5000 I col 4s. 1 000 Col So 4'2s.

4000 rf 5s. 220OO Dis Seen Corp 5s. 5COO Erie gen 4s 13000 do ov 4s ser A. 28000 do ct 4s scr B. 2000 do prior 4s 91 2 4834 91 2 6734 6314 4358 4834 6734 72 '4 7334 723A 837 a .101 '2 99 8434 76 Vz 9434 SO '2 70 98 86 8912 I2OV4 8838 74 8 I 12 61 7212 103 9814 82V8 8 6 '4 73 Vz 72 Vz 7334 7234 lOCOHud Co Gas 3000 Hock Val 200O Ind Stl el ret 5s.

1 000 111 Steel 4'2s 540OO Int Met 4'2s 200O Lack SU 5s 1915. 700O do do 1923. 7000 do do 1950. 1 000 Lac Gas rfd Es. 4000 La ke hore 3 Vz s.

I OOO do db 4s 1931. lOOOLig 2000 Mo, 4s. 3OO0 do 2d 20OO do 400C Mo Pacific 4s 230OO do cony 5s 4000 do 6s 10000 Nat Tube ret 5s. 4000 3'2s. 4000 7638 76V2 7 1 14 7212 98 93 30O0 4s 1959.

967,8 963i 108000 do 4, 1963.. I04V8 104 I0OON 4148 7COO NYC 4'2s, '57. 10438 5OO0 Gas 4s 84 I0O0N Gas 5s .10234 967a I04ia II 3'2s. 20C00 do 6s 39000 Rwy 4s 93000 do 5s 1 000 Norf div 4s 1 000 Nor Pac prior 4s. 6000 do gen 3s 1 00OO Ore Ct 4s.

20OO Pacific Tel 5s 4000 Pa cv 3'2S 200O Pub Serv 5s. 6000 Reading genl 4s. 5000 Rock Island 4s A000 do rd 4s I 1 000 do 5n 70 69 70 12 I IO'2 I 1 2Vs 76 5914 5914 88I2 927a 65S8 65'2 6538 90 97 98ia 93 93'8 89 93 9278 93 8478 73 7214 72 72 Vz Buffalo Chambers Ferland City of Cobalt Cobalt Lake Great Northern Gould Consolidated Hargraves Kerr Lake La Rose McKinley-Darragh Silver Leaf Silver Queen Trethewey Wettlaufer PORCUPINE STOCKS. Big Dome Dome Extension k. Dome Lake Folpy O'Brien Hollinger Jupiter Moneta Porcupine Gold 1475 1725 1500 7 22 2212 15 20 1750 7 738 934 10 SVz 10 I 134 2 .15 20 1 34 418 438 1 1 92 uiiiiiDii unvr iibALiii KEEPSOHjMPHOVinG Average Cases Reduced in Five Years and Loss of Service Through Illness Much Less Special Cable to The Iuquirer.

Copyright, 1013, by -New York Herald Company LONDON, Jan. -health of the Royal nav.is reported on in a Blue Book issued by the Admiralty, giving statistics for the year 1912. The returns show a continuous improvement in the general health of the fleet as compared with the preceding five years. The case ratio was lower than the average for that period, and the average loss of Lservice for each person compared very favorably with the five years' ratio and with that of 1911. The final invaliding ratio and the death ratio, however, were slightly higher in comparison with the averages for the last five years, but the increases in each instance were only fractional.

The total force, corrected for time, last year was 119,540, and the total number of cases of disease and injury entered on the sick list was or 642.5S per 1000, a decrease of 24.1, as compared with the average ratio for the preceding quinquennium. The total number invalided was 2216, or 1S.53 per 1000, a decrease of .43 on the average ratio for the preceding five years. The number finally invalided, i. representing the waste of the service, was 2023, of whom 98 were invalided after refusing operative treatment. Of the 2216 invahdiiigs 20S4 were for disease and 132 for iniury.

Cases of scarlet fever numbered 390, of Avhich 199 were due to an epidemic on the Impregnable. The highest case ratio was that ofthe East Indies station. There was 2-7S cases of tuberculosis, followed by 219 final invalidings and 22 deaths. Venereal diseases were responsible for four deaths and 141 final invalidings, the cases totaling 12,667, a decrease of 13.S3 per 1000 the case ratio compared with the average for the Previous five years. The number of days ost to the service by reason of those diseases was 269.210, and the average daily sick list 735.54.

The use of salvar-san as treatment was chiefly instrumental in reducing by 14,000 days, compared with 1911, the time lost to the service. Cases of alcoholism numbered 114; foTr? men were treated for tobacco poisoning, one for jellyfish sting and one for In 1950 Mrs. Smartleigh seems like a very capable woman." "Yes, indeed. She's the chief regent of the Daughters of the Panama Canal Commission." Cumulative Little grains of short weight, I jttle crooked twists, Fill the land with magnates And- philanthropists. FINANCIAL PURCHASING POWER Many outright purchasers of dividend pa'ing mining securities are unaware of the full purchasing power of their investment funds.

They fail to see how that power may be tripled without strain. It may be done only by the utilization of all the forces at their command. A tripling of the purchasing power of your funds for outright investment will not appear so unusual as it seems after you have digested the manner in which it could have been done and can now be done, as outlined in our WEEKLY MARKET LETTER (Free on request) THE POINT IS r.KOIniT IT PARTICULARITY for THOSE who buy DIVIDEND PAYING- MINING OUTRIGHT. CHARLES A. STONEHAM 6 CO.

COMMISSION STOCK BROKERS Established 1903. REAL ESTATE TRUST PA. Bell Walnut 4083. 4084. Key.

Phones: Race 2265. 2264. Our private leased wire system gives us instant connection to all markets and between the parent office in New York and own branch offices in Chicago, Detroit, Buffalo, Boston, Worcester, Springfield, Providence, Philadelphia and Toronto. ANGLO-AMERICAN WASHINGTON OIL UNION TANK LINE We have new reports on the above Standard Oil subsidiary companies and will supply them on request. Execution offered in odd lots of one" share upward.

We will sell any Standard Oil security on time payments of 20 with the order and eight subsequent monthly payments of 10 each; no calls for margin. FRED R. JONES CO. Established 1904. Real Estate Trust Phila.

Wall Street Trend Letter BrG MOVEMENTS ARK IN PREPARATION" THOSE WHO ARE INTERESTED IN THFJ STOCK MARKET WILL RECEIVE MY "DAILY WALL STREET TREND LETTER" FOR ONE WEEK FREE WITH MY MONTHLY EDITION OF UP. TMg. CSS. ACP. KH.

SP. KP. Paul. Atch. NYC.

PA. Goneriil Railroml ami Industrial Barometer. Ste'l aud Copper Trend Charts and 40 Bonds Chart. A. FABEICIUS.

4S Maiden Lane, N. Y. City. STANDARD OIL I Our Pamphlet Embodies DIVIDENDS, ASSETS, EARNINGS MARKET PROBABILITIES A necessary booklet if you own or contemplate owning STANDARD OIL SECURITIES Free on Request C. W.

CANNON CO. 20 Broad Street. Now York. BIG MONEY IN WHEAT S10 00 Buys Puts or Calls on 10.000 Bushels of wheat. No Further Risk.

A movement 5c from price gives you chance to take $500 00: 4c $400.00 3o $300.00. etc. For particulars write THE STANDARD STOCK GRAIN CO. "Established since 1906." 701 Electric Cleveland. 0.

Incorporated in Ohio. AN OPEN FACE WATCH will tell you -the time of day by looking at it. And your writing to me will get you facts and fi'gurea for your Life Insurance Policy. Spence Harvey, Jr. 302 REAL ESTATE TKL'ST BUILDING.

MONEY IN WHEAT $10 00 Buys Puts or Cnlls on 10.00O. bushels of wheat. No Further Risk. A movement of 5c from price gives you tliance to take 4c 3c $300.00. etc.

Write for purticu- THE CENTRAL STOCK GRAIN 1'arK vieveiana, u. YOUR CHANCE $500 to $1000 will start a business that did and will again pay a moderate fortune. In. vestment secured or real estate. X-156, Inquirer office.

EUiMTHEATBE Newly Buiit Germantown Playhouse Acquired by J. Fred. Zimmerman Conveyance Made of Property 918 Walnut Street Subject Mortgage of $18,000 i at to Record was made yesterday of the transfers of title from Marshall W. Taylor to J. Frederick Zimmerman to tlie Orpheum Theatre, at 42 West Chel-ten avenue, which was opened a few weeks ago.

The consideration was nominal, subject to mortgages of The lot has a frontage of 90 feet on Chelten avenue and a depth of 181 feet, Last year the land was unimproved and the assessed valuation was $05,000. Title has been taken by Charles S. Powell from Frederick J. Powell to the three-story house at i)18 Walnut street, including a two-story stable in the rear on Chancellor street. The consideration was nominal, subject to a mortgage of S1S.0O0.

The property occupies a lot 15 by 172 feet and is assessed at The city of Philadelphia has acquired from Robert E. Gamble the three-story dwelling at 2111 Wood street, lot 10 by 60 feet, assessed at $1000, The purchase price was $1700. Brokers Report Sales Adolph B. Caspar has sold 1709 North Sixty-iirst street for W. H.

G. Gould to Joseph F. Samules for a nominal consideration. The assessed valuation is $3000. Potts Townsend have sold for Caroline S.

Cheyney to John Lindauer, the property at 419. South Fiftieth The' E. and T. Doyle Co. report the sale of 1432 Xorth Sixty-second street for Edward C.

Bozarth to Edward J. Carey for a nominal consideration. II. J. Dager, has sold for Mr.

and Mrs. Langdon E. Mitchell, of Philadelphia, to Mrs. Isaac R. Davis, of Penllyn, the large country seat known as "The Apples." The same broker has sold the following: For Joseph H.

Fretz, of Ambler, the Cloverdell Farm of. 235i acres, with modern improvements for stock breeding purposes, to R. Hayes Dutton, of West Chester. This farm was formerly the property of the late Alfred Moore; for the Fame Building and Loan Association of Bridgeport, factory building and tract of two acres of ground at Souderton, to Alfred Schland, of Allentown, who will install proper machinery and operate the mill; two lot? on iftenton avenue, Chestnut Hill Heights, Chestnut Hill, for John M. Kennedy, of Philadelphia, to Louis A.

Schwarz. of Germantown. The purchaser will build a bungalow on these lots during the spring; for Thomas Tom-linson, of 'Hatboro, farm of 93 acres at the corner of the Babylon and Herman roads, Horsham, to Dr. Norton of Three Tuns; and for Howard J. Dager.

et al, of Ambler, the property on Weiss avenue, Flourtown, tO Ernest Hemming, of Chestnut Hill. The sales total about $90,000. H. Blair Cooke, of Collingdale. has sold for the account of John A.

Yunek, of New York, the three-story dwelling at 919 Andrews avenue, lot 100 by 230 feet. The same broker has made settlement for M. L. Scott for the brick dwelling, oh Parker avenue, east of Clifton avenue. He has taken title to his office building and residence at 710 Parker avenue.

The total consideration was $11,000. Leases Closed Edgar G. Cross has leased an office on the fourth floor of the Bellevue Court office building at 1418 Walitut street, to Edgar H. Butler, formerly of the firm of Graham Co. George H.

Johnson has leased for Apt Brothers the fifth floor of 721-723 Arch street to the United Knitting Company, and the second floor of the same building to L. A. Shatz Co. Plans by the Hoffman Company have been filed by George Hogg for a moving picture theatre, 30 by 113 feet 3 inches, to be erected at 412-414 Market street, for May H. Powers.

The building will cost $9500. It has leased to the syndicate headed by Charles O. Kruger. John R. Wiggins Co.

have filed plans for a two-story machine shop, 114 by 0O feet, to be built on the south side of Christian street, east of Schuylkill avenue, for the Philadelphia Elec- trie Company at a cost of $35,000. The Charles McCaul Company has I filed plans for a two-story public school, 1 4 feet lO inches by 39 feet 3 inches, to be erected on Ludlow street, east of Forty-second street. The building will cost $30,774. Shane Wilson, who purchased the Millbouri.e Mills at auction some months ago, contemplate the erection of an office building on the property at Sixty-third and Market streets. F.

L. Hoover Son, J. E. and A. L.

Pennock and the Roydhouse-Arey Co. are estimating on a four-story Y. 'M. C. A.

building, 95 by 153 feet, to be erected in Coatesville. The new structure, which will cost about will replace the building destroyed by fire a few months ago. To Erect Catholic Clinrcu Maler Dolorosa Roman Catholic Church of Frankford is having plans prepared for a one-story stone church. The structure will be 50 by 125 feet. II.

H. Burrell is taking approximate estimate? on plans for a one-story vestry room, 10 by 24 feet, to be built for the Protestant Episcopal Church of the Redeemer, at Bryn Mawr. Revised bids are to be taken shortly on plans for a two-story fireproof theatre, 153 by 200 feet, to be built at the northeast corner of Germantown avenue and Venango street for George F. and Walter Steumpfig. The estimated cost is $150,000.

E. Allen AVilson has completed plans and specifications for forty-eight houses to be erected at Firty-first and Spring Garden streets for Edward F. Gorman, who is taking estimates. These houses will' face cn Spring Garden, Forty-first and Forty-second and Holly streets. They will be two-story porch-front houses, 15 by 40 feet and 15 by 3S feet.

Permits Issued Yesterdar A- Patterson, rebuild front wall. Hamilton street, for Win. J. Benham; cost i0. II.

I. Speese. third-story brick addition, 16x Jh. rear of 431S Westminster aTenue. for Mrs I redH Hertensteiner; cost $.300.

Wni. Morrow, repair fire damage, 25.1 Xorth Fifty-second street, for Williams Walton-cost A. I Fraira. alterations. 2660 Frankford aTenue.

for Provideut Life and Trust Co. cost $1 luo. Tony Costfinlo, alterations. 752 South Ser-ii th street, for Sylvester Cabuto; cost $10O hlward Flanagan, new brick front. 2102 Kast Cumberland street, for Katarm Lacey: cot I.

Blunwnthal. alterations, southeast corner Addison and Perth streets, for Hyinan Fisch; V. Astolfi. alterations. 4960 Lancaster aye-nuc; cost S2O0.

Woodward Stubhs. one-story brick stable 16xoO. 3719 North Third street; cost 0 J. 1. Henon.

heatius system, north side of Knisrhfs road, east of lied Lion road for 1 I. Denser; cost $260. Chas. J. W.

Piatt, second-story brick rear idltion. 22 1010-12 Market street for tieorffe B. Evans; cost $600. Camden County Transfers Waterfonl township 2V4 acres Emma May Woolstou et al. to Daniel Mehargee et ui.

370O. Pensauken Lots 212 and 213. plan North Merchantville Land Asso Mary Chand'er to Davis R. Rose. $20.

Haddon township Lot 1. See C. plan West-niont annex No 3 Earl Llppincott to Harry Plaff. $2800. Wiuslow township 18 and 96-100 acres John Kaslowsky to Russell.

$300. "Audution Lot 2a, B. plan Brown's extension Willitu Farm Realty to Walter II Andrews, Camden 20 Fogarty Mary Rutherford et al. Martin Kwiney et in. $650.

Camden 1222 Tuunv.sn-Williaui Jaeger to Jan Parylak et nx, $2000. Auduixiu Lot 14. Sec 24. plan new addition Audubon Audnbtin Heights Inipt Co to Merlon Sparks. $1.

RPH IS Peruvian Indian Leads Explorer to Machu Picchu on Top of Andes One of Most Important Finds- In South America Since Days of Spanish Conquest Special to The Inquirer. WASHINGTON, D. Jan. for the accidental meeting with a i-eruvian Indian, the discovery of the ruins of the city of Machu Picchu, the cradle of the Inca Empire, on the top of the Peruvian Andes, in South America, by an expedition under the auspices of the National Geographic Society of Washington, D. and Yale University, probably never would have been made.

Professor Hiram Bingham, of Yale, director of the expedition, in his preliminary report filed with the National Geographic Stociety, states that the ancient capital, Machu Picchu, probably will prove to be the largest and most important ruin discovered in South America since the days of the Spanish conquest. While it not only is. larger and contains more edifices than any other ruin discovered in Peru, except Cuzco, he points out also that it has the additional advantage from an archeological viewpoint of not having been occupied by their descendants; which accounts for its not having been torn to pieces by treasure hunters. Professor Bingham tells of having come across the Indian, who was selling food and pasturage for horses to traveiers, on the mountain trail, six days out from Cuzco. The when questioned, said that he believed there were signs of ruins on the top of the high and almost inaccessible precipices near by and ottered to act as guide if he were well paid, his idea of proper pay being fifty ceints.

Professor Bingham became interested and took the Indian at his word. A few hours later the ruins were discovered, but their real importance was not fully realized until weeks later, when extensive excavations were in progress. Mas' Be Tfxiniu Tocco "The fact that one of the most important buildings was marked by three large windows, a rare feature in Peruvian architecture, and that many of the other buildings had windows, added to the significant circumstances that the city Was located in the most inaccessible part of the Andes, inclined me to feel that there was a chance that Machu Picchu might prove to be Tampu Tocco, that mythical place from which the Incas had come when they started out to found Cuzco and to make the beginnings of that great empire which was to embrace a large part of South America," reports Professor Bingham. "According to the old legend, the Incas became crowded in thtir mountain home, to which they had been driven by barbarian hordes, and, eventually recovering their military -strength, they left Tampu Tocco under the leadership of three brothers, going out of three windows, and started for Cuzco. The pref-ence at Machu Picchu of three large windows in one of the most conspicuous and best-built structures led me to wonder whether it might not be possible that the Incas I had purposely deceived the Spaniards in telling them lampu Jocco was southwest of Cuzco when it was actually north.

City of Refacre "Machu Picchu is essentially a city of refuge. It is perched oft a mountain top in the most inaccessible corner of the most inaccessible section of the Urubam-ba River. So far as I know there is no part of the Andes that has been better defended by nature. Here on a narrow ridge, flanked on all sides by precipitous or nearly precipitous slopes, a highly civilized people artistic, inventive and capable of sustained endcavor-at some time in the remote past built themselves a city of refuge. "Since they had no iron or steel tools only stone hammers its construction must have cost many generations, if not centuries, of effort.

Across the ridge, and defending the builders from attack on the side of the main mountain range, they constructed two walls. Within the outer wall they constructed an extensive series of agriculture terraces. Between these and the citv is a steep, dry moat and the innerwall. When the members of an attacking force had safely negotiated the precipitous and easily defended sides of the moat, they would still find themselves outside the inner defences of the citv. which consisted of a wall from 15 to 20 feet high, composed of huge boulders, many of which weighed many tons.

is not very profitable to speculate on the habits of these ancient people until we have had more opportunity to study the finds made in the burial caves and to compare these with finds made in other parts of Peru. We know that they were masters the art of stone cutting, that they knew how to make bronze and that they had considerable artistic sense originality and ingenuity. Their pottery is varied in form and attractive in ornamentation. They understood how to plan great architectural and engineering works and to carry them to a satisfactory conclusion." Professor Bingham's final report of the 1 A 1 A 112 expedition, dealing wven me scienime data obtained, will be made to the Na tional Geographic Society tne near lu-ture and through the society will be given to the world. -a- CUBA RAISES GRADE OF CONSULATE HERE J.

J. Luis Is Informed by Home Government of His Advance in Rank 4 J. J. Luis, Consul of Cuba at Philadelphia, yesterday received from his home government announcement that it had raised the Philadelphia Consulate to the first-class in recognition of the large increase of commerce between Cuba and Philadelphia an? the promotion of Mr, Luis to new position. It is a personal advancement in the grade of the service for Mr.

Luis as well as recognition of the importance of Philadelphia in the eyes of the government of Cuba. Mr. Luis' new commission as "Consul of the first-class is signed and sealed by the Cuban Secretary of State, Dr. C. Toriente, upon whose recommendation he was nonii-nated to the Cuban Senate by President Mario Menocal, after the manner of American nominations to and confirmations by the Senate.

Mr. Luis' consular jurisdiction is Pennsylvania and Delaware, lie was born in Cuba, served in the Ten Years' War of Independence under General Agri-monte and also with the junta led by Palraa, who became first Cuban President, lie was first appointed Consul in Chicago and has been at Philadelphia as second-class Consul five years. Pride" a nnfF Knit to be since he bought that farm up-State! Why, every day -the grinning nut comes to the office wearir a raw potato for t. watch charm." Smith "Yes; he explained about that potato to me. It: was his share of last iyera crop.

Summary of the Board Report WOELPPEB. CRAWFORD COL, 19 South Fourth street. report transactions as follows Pres. Last Div. Sales.

Stocks. Opg. High. Low. sale.

7 10 Am Gas of 101 6 5 Am Rys. 38 38 7 4 do pf IOP4- 101 '4 7 Bald Loco pref .10134 10134 5 73 Camb Stl 48 48 Vz 48 48 '2 4 75 Elec Stor 48" 48 's A8Va 5 70 Gen Asph pref 75 12 4 Ins A. 2212 52 Key Tl pf 51 Vz 8 lOLeh Nay. 83Va lO 26Leh Val. 7AVa 90 Val Tr.

19 75 -22 Vz 5 1 Vz 8318; 7478 19 I 834 I 83,4 6 133 Penna R. 55 1-16 5514-55 1-16 7 25 Phila Co 394 3914 6 50 do cum pf 43 Vz 7 229 Phil Elec 26 Vz 17 Phil li T. 1834 30 do l9'4 43 Vz 26 Vz 1834 I 9 4 8 2 Phil Trac 82 82 8 2010 84'2 84 13-16 8412 8434 6 100 So Pac 9I3A 100 700 Ton Bel. 7Vz 100 505 Ton Min 6Va 6 39 Vn Trac 45 '4 8 l5UnI Gas. 83 '4 5 4642 tl 5834 8 7 War I 5 12 West Jer.

53T8 7 61 Westm'd. 60. BONDS. WOELPPER. CRAWFORD 9134 7'2 7 453B 8314 59 '4 lO 537a 60 73 67s 6 83 5834 712 15-16 45 Va 83 5918 I 19 South Fourth street, as follows: report transactions SSOOAmer Gas Elec 5s 8234.

do do 83 400 do do 83V I Baldwin Loco 1st 5 1 02 '4 28.00OCity 4s, 1941 lOOa 42,000 do do IOO'2 8,000 City 4s, 1939 IOO4 1 ,000 Elec Peo Trac 4s 82 LOCO Cons Traction of 5s IOI'b I Harwood EOectric 6s I OO 2.000 Interstate Rwy 4s 59 Vz 1,000 Lehigh Valley Coal 5s 104 1 0,000 Penna cony 3'2s 98 1 ,000 People's Pass 4s 84 1 ,000 Phila Electric 4s 803 do do 80 '4 do do 8 1 Vz do 80 Electric gold 5s 1 025's 2, COO do 200 do 12,000 do 4.0O0 Phila 9,000 Reading general 4s 9278 I.OOO do do 9234 2,000 Spanish-American Iron 6s 10012 I.OOO United Rwy Iny 5s 71 1 ,000 United Railway 4s 72 MOXEY RATES money, Xew York, nominal; Call loans. Time money, New Tort, 334414 per cent. Commercial paper, New Tort, 55' per cent. Call money, Philadelphia, 5 per cent. Time money, Philadelphia, 55Vz per cent.

Commercial paper, Philadelphia, 5534 per 'cent. Call money, London, 2'23 per cent. I'XITED STATES BONDS Closing. U. S.

2s, registered, 1920 98'4f? 99 U. S. 2s. conpon, 1920 98i4(gl V. S.

3s, registered, 1918 102 I03 U. S. 3s, coupon, 1918 102 3I03 V. S. 4s, registered, 1 925 II I 34 1 234 U.

S. 4s. coupon, 1925.. 112 FOREIGN EXCHANGE Demand. 4.87 5.1834 .95 .40.25 Sterling, per Francs, per Germany Holland, guilder Changes of the Week NEW YORK STOCKS.

Stocks. Jan. 3. Jan. 1 0.

Amalg Copper 723a 72 Amer Car Fdry 45 45 American Can 29 Vz 31 Amer. Locomotive 32V4 3234 Amer Smelting 63 Va 64 Amer Telephone .....11834 I 1 914, Atchison 93 Vz 9434 Bait Ohio 92 90Va Bklyn Rapid Trans 87 Vz- S8Vz Canadian Pacific 208 Vz 208 4 Central 27 23 Chos Ohio 5912 605a Chi, Mil St 9934 100 12 Colorado Fuel 28 Vz 30 Vz Consolidated Gas 12912 l30'2 Erie 2712 2878 General ...140 141 Great Northern pref ..125 Vz 126 Illinois Central 108 10734 Interboro Met 147a 1 5Va Louis Nash 1333-8 1358 Mo, Kan Texas 19 20Va Missouri Pacific 24 25Va New Haven 7634 75 New York Central 9078 89 Wa Norfolk Western I02V2 1003a Northern Pacific 1093-fe 10934 Penna 1 093 'a 11038 Reading 16738 16934 Rock Island l3'4 l3a Southern Pacific 8834 917 Southern Railway 23 24 Va. do pref 76 7778 Texas Pacific I3'A 15 Union Pacific 154 l574 Rubber 5734 58 Steel 577a 594 do pref l07'a Va Car Chem 267a 30'4 Western Union 5934 59 PHILADELPHIA STOCKS. Stocks. Jan.

3. Jan. 10. Amer Railways 38 38 Cambria Steel 48 48 Vz Electric Storage 47 48 '4 General Asphalt 37 36 Vz do pref 75 '4 75 Keystone Telephone I 12 do pref 5014 5l'2 Lake Superior 22 21 Lehigh Nay 83a 8334 Lehigh Valley 743 747s Lehigh Valley Trans l8'2 1834 do pref 3 1 Vz Penna R. 54 11-16 Phila Company 4034 39 '4 Phila Electric 26 26 Vz Phila Rapid Transit 1834 T834 Reading 83Vs 8434 Tonopah Mining 634 .6 15-16 Tonopah Belmont 7'2 7'2 Union Traction 454 45 Va United Gas Imp 8318 83 Net change.

38 134 78 "2 I 4 13 I 4 I Va 34 2 I 1 3'a 2 14 4 2V4 I Va 178 134 I 4 I 78 38 I 233 Va 3Va I 4 178 134 314 4 3 78 33fe Vz Net change. Vz I 14 Vz Va- I 14 I 58 12 14 I 7-1 M2 Vz I Va 3-16 Va Va PHILADELPHIA MARKETS Saturday. Jan. 10. There ha been rather more trade In most wholesale lines during the past week, and values are well sustained.

The grain markets, however, developed a rather easier tone, under lower cables and bearish speculation in other heme era in centres and prices declined Vc on wheat and oats and XVtC on corn. Flonr was ouiet and barely steady. Feed ruled firm, under scarcity and prices of spring bran advanced 50c ptr ton. Desirable grades of hay sold fairly and ruled, firm and higher, under lie'ut offerings. In provisions there was a lie'ot jobbing trade and no lmnortant change in prices.

Butter was ouiet and with 'lower outside advices prices declined 2c on solid-packed creamery and on. prints. Eggs were more plentiful and $1.20 per case or 4c per dozen lower, but at revised figures choice fresh stock met with fair sale. Refined sugars were quiet aud lOnlS points lower. There was little trailine in cotton, but with stronger outside advices urices advanced 2o Dointa.

Wool was in rather better retiuest and values Of desirable stock were well sustained. YORK STOCKS SATURDAY street, New York, report transactions as follows: Stocks. Opj. of Last Net sale, change. High.

Low 05 Vz 105 1 05 Vz 10512 14973 224 1 3578 50 "4 I 78 2 2 78 4 l052 14934 223 135 5014 15018 224 13578 50 12 Pearl Luke Porcupine Tistfale Preston East Dome Rea Porcupine Imperial Swastika West Dome BROTKERH-QQO WOULD DOUBLE MEMBERSHIP Andrew and Philip Sets Goal fo International Convention Here Next Sprin 1 or Double the present number of chapters and members, is the goal set by the Brotherhood of Andrew and Philip, to be reached before March, when the International Convention will be held in this city. The local delegates met last night in the Reformed Church building, Fifteenth and Race streets. An extension movement under the leadership of International Secretary 11. Howard Taylor has been planned for tlwi- whole" -United States and Canadal The Philadelphia Union is particularly enthusiastic about the subject, because it feels the coming of tidal wave responsibilities with the approach of the International Convention of the Brotherhood in March. There were about seventy-five delegates present and they represented twenty-one chapters.

President H. W. K. Patterson presided and W. T.

Wallace, chairman of the Extension Committee, rtresent.efi rennrta kTi I' i vnu. 1 wac Ull" ditions in all the districts were ripe for tne -iuu per cent, increase contemplated. Bridget's Choice Gloom stalked into the home of the Begonias in "lovely Acreville, well within the commuting zone." Bridget, who for six long months had been "the best servant we ever had," had given notice, though the Begonias were paying her four dollars a month more than she could ever hope to get in the city. Begonia was in the kitchen trying 'to prove to Bridget that she was better off in the country, where she could save all her money and have an easy time. From the kitchen window Bridget Hiked out over the stumpage of a partially cleared stretch of "lovely Acreville." 'Tis saving money I can be here wid youse," she Availed, "and it's treatin' me right you have been.

But all the same, Mr. Begonia, I'm that lonesome it's back to the city I'll be goin'. Sure 'n I'd rather be lookin' out of a winder at twenty dollars a month and seein' live people go by than be always starin out at a lot of "dead tree stumps at thirty the month." Bad Outlook for the Others o' fc. jrvu going to do with ourself now that you've nnmt l-kTL-T frnm Ha 3 7 -a A.wua. uLoinj UJiilC thing, I suppose 'i Eh what Al 1 3 1 -m Algernon repiacea nis monocle, nicked a speck of dust from his cuff and looked thoughtful.

"Yes," he replied; "I've decided to study medicine. His friend gasped. going io spend your life chopping people up? Horrible horrible! Besides, it's a very, overcrowded profession, and that sort o' thing, don't j-ou know." lies, sam Algernon; I know it is. K-fJIl T'va malo MVfc nrt ir min1 I 11 study medicine; and, as for those already in the profession well, they'll have to iol-a thpir fhances. t.riat.'n all A -11 their troubles are no concern of mine! snow, are tney: Not Guilty said Bobby, "is it wronar for little boys to tie tin kettles to does' tails?" "Decidedly wroncr.

Brvbbv hnnp you'll never do such a thing as that." "No, indeed, ma replied Bobby. "All I do is to hold the dog." Harper's Ba 2ar. i Myers Nafh 135 Petroleum 50 Vz Copper 224 M.I.25VB Kan Tex. 1 93j Pac 25V4 Rumely 15 Chat 141 Lead 45 Consol 1 434 Central 90 73 West I0O38 Pacific ..10958 I lO'iz Gas 1 2378 Lorillard Co 1 69 Coal pref 86'4 Steel Car. 28 Steel Spring.

255a Con Copper .1 778 Steel 20 Island 13 pref 20 Air Line. I8V2 pref 483a 1st pf. 16 Pacific 9 I sa ctfs 9778 Rwy 24 pref 7758 lOOOSt L.IM&S 4s. 77 I 1000 St rf 4s. 73 5000 St Sw 1st 4s.

8514 4000 St Paul Div 897s 8934 4800O do rt 1st 4'2s. 101 14 101 350OO do gen ct 42s. 101 1007s 1 000 San A A 4s. 78V'2 8934 1 0 1 14 1 007a 76'8 9000 Sea A adj 7614 3000 do rfd 7414 lOOOO South Pac cv 4s 8712 5000 do rfd 9 03 '3 76 873 8712 I OOO South Rwy 4s 7414 ICOO do 5s 03Va 1000 Tei Pac 1st 5s. 9934 2560O0 Texas Co cv 6s.

03 1 02 12 3000 Third Ave 4s 6 1 3a 4000 Third Ave adj 5s. 17 Va 30OO Tokio 5s 8S 500 Gvt 3s rev-I02 1 80OO Steel 5s I CPs I OOSb 7000Lnion Pacific 9Va IO312 1 007a 550O0 do conv 4s 9071b 500O Va 6s Brown Bros. 5712 40O0 Va Car Ch 1st 5s. 913-4 800O Wabash 4s 553fe 2000 do 1st 5s 10212 3000 do 2d 5s 9578 30O0 Wab ct st 4s. 50 5C00 West Elec 5s 1 0034 2000 West Md 1st 4s- 76'4 2000 West cv 5p.

90 Vz 5000 West Shore reg 4s. 90 Total sales. SI.524.00O. 9012 9112 543-i. 9034 9112 5434 9M4 9578 90 14 90 '4 HAVEN TOWNSEND, No.

1415 Pres. Div, Sales. Stocks. Opg. 21 71 Vz 92 31 nigh 21 72s 92 3 1 Vz 9M2 45 3'6 385 24 3234 96 64 I9'4 246 1 0212 1334 3378 9478 I 0234 907s 79T3 31 68 Va 8858 23 Va 582 20818 12 2814 2838 IOO'2 l232 38 13012 06 95 1 7 Va 287a 4438 36V2 96 I I314 43 Vz 83 22 Va 81 Vz 126 35 Vz I0734 1518 I5V4 6118 1 00 Alaska Gold Mines.

6 670O Amalsr Copper 4 20OAm Ag Chem 2800 Amer Can Co 7 300 do pref 915'a 2 100 Am Car Fdry 45 lOOAni Cities Co 90O Am Cotton OH 1 00 Am Ice Securities I OO Amer Loco 7 IOO do pref 4- 300 Amer Smelting 36 33 24 3234 96 .104 I 1914 7 I OO Amer Sugar 8 600 Am Tel Tel 20 400 Amer Tobacci 6 1 50 do pref new l02'2 IOO Am Paper 1331-1 2 200 Anaconda Copper 33'a 6 l2COAtcn, 948 7 200 Bald Works pf. 10234 6 3500 Bait Ohio 8934 4 200 do pref 79a 300 Beth Steel 30'z 5 20O do pref 68 6 600 Bklj-n Rap Tran 88's lOOCal Petroleum 23'4 7 125 do pref 58'2 10 4000 Canadian Pacific 1 00 Chi Gt West 12 150- do pref 284 3200 Oentl Leather 28 5 4COChi, St 1003a 7 IOO Chicago ...12812 60 l2COChino Copper 37s 6 lOOConsol Gas 1 302 1 00 Comstock Tun 06 7 1 00 Deere Co pref 95 100 Dis Securities 17 Va I 1 00 Erie 300 do 1st pref 44 Va 100 do -2d wref 36 Vz 4 900 95 7 IOO do pref 13Va 1400 Gen Motor 43 7 800 do pref 82 4 600 Goodrich 22 7 2CO do pref 8 1 Vz 7 300Gt North pref ...12534 l500Gt Nor Ore 34 Vz 5 1 00 Illinois Central ..10734 300 Inspiration Copper. l5Va 20O Interboro-Met l5's 900 do pref 6014 NOTES OF THE STREET In 1913 there -were seven national bank failures, with liabilities of eighty-eight State and private bank failures, with liabilities of $16.128.253: ten trust companies, -with lia bilities of $3,044,501. and fifteen savings batiks with liabilities of These suspensions -were greater in number and larger in liabilities than in any recent year. The" deposits of the Franklin Trust Company increased $35.034 in the year from January 8.

1913. to January 8 of this year, the amount this year being $1,523,305. compared with $1, 167.271 on January 8 of last year. Resources are over $2,000,000. Chandler Bros.

Co. say: "We hear the comii'K message of President Wilson will be NEW Walnut etreet, Philadelphia, and No. 4C Wall Last sale. 21 72 92 3 1 14 91 Vz 45 36 3834 24 3234 96 64 104 I l9'4 246 10212 1334 337a 94 Vz IC234 90Va 79T8 31 68 Va 885fe 23 VA 58'2 208 Va 12 28' 28 IOO2 l28'2 33 l30'2 06 95 1718 2878 4433 36'2 96 3Va A3Vz 82 "2 22 81 Vz 126 35V4 1 0734 1518 I5V4 6IV8 Net change. Va Pres.

Dir. 5 5 10 12 7 40 7 Low, 21 7 1 3g 92 307a 9 I 38 45 36 38 24 3234 96 637 104 I 19 245 Vz 02Vz 1334 3378 9412 10234 8912 79T8 30 Vz 68 88s 23 Va 58 Vz 206 Vz 12 28 Va 28 I0O38 l28'2 3753 l302 06 95 2838 AAV A 36 Vz 95 I l3'4 43 82 Vz 22 8 M2 12534 34 Vz 10734 1518 1518 60'4 Sales. 700 Int Harr lOQI. Harv 1 3CO L-jhigh Va Vz 200 Lig 200 Louis 200 Mex 500M)aml IEOM. St 7CO Mo, l700Misosnri 1 00 160 Nash 1 00 National 600 Nevada 9000 I 1 900 1400 Norf 500 Northern 400 Penna 1 00 People's I OO 500 Pitts 40O Pressed IOO Rwy 300 Ray I 690O Reading 225-Rcp Iron 400 Rock 200 do 600 Seaboard 268 do I OO St 37C0 Southern 1 35 So Pacific 2700 Southern 700 do Va Vz Va 34 Va 7 3 30 5 6 -7 6 8 10 5 2 15 8 Va Vz 2 Va Va 34 I Va Vz Va 33 Va IVb Va Va Va Va Vz 6 6 02 I 200 Studebnker Va Va Va Va I Vz Va Vz I 8 I Vz Va I 34 3 7 12 7 IOO do 500 Teun Tesas 300 Texas 3000 Third 26 1 CO Union I OO Uni Rwy 2CO 20O IOO do 17100 1 420 Utah 200 Va Car 30O Westinghouse 5 6 8 5 30 4 7 -t- 200 do Total sales, 139,283 18 Va I Va 6 Va 38 l4 58 Va Va I 34 Va S8 Va Vz Va Va Va Vz 34 Va 14 Va 5'2 3g Va I Va Va Va Va Va 14 I 12 pref Copper Co Ave Real Rubber 1st Steel Copper 1st Corp IO512 22 "4 Valley 14934 22 Vz 1 255a 20V4 264 15 141 45 15" 9014 75 14 101 1093.

1 roi2 1 237a 169 864 28 Vz 2553 1778 16978 20 1318 20 Vz 1834 48 Vz 16 9 1 7a 97 78 2412 78 20Va 7134 323s 142 l5'2 4418 20 55 5838 103 593, 493fe 30 Va 66 Vz 2238 12538-125511 1934 20'8 2514 257g 15 15 141 141 45 45 1434 15 8918 8912 73 75 1003fe 101 l09'2 I093A I IO14 IIOV 12378 1237a 169 169 86 86 28 28 Vz 2588 258 1778 1773 169 16934 20 20 13 l38 20 20 12 18 Vz 1834 483fe 48 12 16 16 9138 9178 9778 9778 24 244 773a 78 20 20VA 7134 734 32 Va 323s I363A 142 15 15 433b 44 15634 57'4 20 20 5434 5434 58 583, 103 103 585b 59i4 4873 49 2934 3014 66'8 66I2 116 lift 20 pref ....116 16 shares. DiTiCend basis uncertain. ta-iffreTi0U8ly Unfler "IHngley A loss of $1,608,372 in gross earnings of -thirty-seven railroads was. reported for the fourth week -of December. FOREIGN MARKETS LONDON.

Jan. were 1-16 higher at 4 1 for money and 71 for account. Canadian Pacific was 1-point lower at 211 Grand Trunk closed higher, at 10. Money was In good supply and discount rates were easy today. The stock market was dull and easy with the exception of gilt-edged securities, for which there was a fair Investment demand.

South African labor unrest Induced local and Paris offerings of Kaffirs. DeBeers and coDner stocks and the other sections sagged in symnatby. unchanged, and. later declined under realizing. I 73a 32 14-8200 ..137 Pacific 1514 Rwy 4358 Pacific ....1 5634 Inv Co 20 Imp.

55 58 pref 103 588 49 Chem 2934 Elec. 66 Va very conciliatory and will be full of bullish influence upon the market. Reading- atts as though getting ready for important movement. We think better conditions are shaping for better times." Commercial failures last week in the United States were 422. against 381 the previous week," 2S0 in the preceding week, and 363 In the corresponding week-of last.

year. In Canada the failures number 51. against 34 the previous week. 28 in the preceding week and 32 In the corresponding week of last The Merchants' and Farmers Bank of Oxford. has closed Its doors.

E. C. Davison, a director, and Cashier J. Mathews were appointed to liquidate the concern. It had deposits of about $200,000 and loans of $280,000.

The General Asphalt Company nas reduced the price of crude asphalt a ton, as the result of the removal of the duty of $1.50 a i. Jb y- A l- L. Is.