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A
EVENING PUBLIC LEDGlSKrr-PHIADELPHlA, TUESDAY, lAP&U 13, 'li20'
18
,
IP '
n
KW&
v
$1.1 '
m
New Issue
Bond Secured
Gold Notes
A direct obligation of
United Light & Railways
'Company. Secured by
Company's First and Re
funding 5 Bonds in
the principal amount of
33V7o of Notes out
standing. The Company
owns and operates twenty
one properties in the
Middle West and is consid
ered one of the most
successful public utility
.companies in the country.
Price 98. to yield 8
Ask for circular
Bonbright & Company
MOniUS WISTAll mtroud. Jr.
jranagor
437 Chestnut St., Philadelphia
Now York Uuton Chicago Detroit
SUGARGROUPWAS
STRONG Gil
L
IRK
Market Picked Up Strength on
the More Encouraging
Strike News
RAILROAD
ISSUES
Information in
detail gladly
furnished upon
request.
Send for Circular
jAAcKiEaco.
Invettment Banker
lumbers Phila. Stork Exchanat
Rati Estate) Trust Bid.
Philadelphia
NEW YORK STOCK EXCHANGE TRANSACTIONS
ivi: own ami oKrnre
FOREIGN BONDS
Berlin 4s
Bremen 4it
Cologne 4
Dresden 4' j
Leipzifr 41
Munich 4s
Manheim 4s
Frankfort 4s
Stuttgart 4s
New Yorli, April 13. Considering
what it wns up njtnliit In the way of
upsetting Inlltienccs, today's stock mar
ket pivc n very Rood account of itself.
N'nll street lins often spoken of sweet
eners In lonns, but today the market
itself reflerted the sweetening effect on
leeilrit trndinp of the strength nnd ac
tivity in the wijrar stocks. This croup
not only supplied 11 powerful bulwark
to the cenernl list, but wns practically
the backbone of the market. The re
markable sugar trade conditions and the
steady elevation of the croup of sugar
shares oer tin- last two weeks appar
ently attracted widespread attention.
As these appear to be most susceptible
to manipulate influence's naturally
the attention of the tradinc ele
ment wns diverted to this division of
the market. When the rest of the ll.t
was under pressure, or without decided
trend, as n result of the unrest created
I b the growth of the railroad vtrlke and
uncertainty as to the money market con
ditions, thee sugar stocks surged up
j ward with gains of II to 120 points, at
I the same time establishing new "tops"
1 tor 1111111) in the current movement uud
1 new high records for others.
I The market world did its best to for
get the extension of the labor troubles
and comforted itself with the hope that
the worst of the tie-up had been seen.
They still hud the late flurry in call
monej Mcrdu to contend with and
naturally 11 great deal of caution was
manifested until the opening of the call
loun market. The renewal rate was
tlxetl at 7 per cent uguiust yesterday's 18
per cent renewal and final rate of 10
per ceut. There wus fear of another
pinch by reason of the geuernl knowledge
that the time was drawing near for tlio
announcement, of tlte-tinaneing plans of
the I'nlou l'nrillc, Southern I'uclllc,
j Atchison and Central Railroad of New
.Ier-c. Hut there seemed to be n fair
I supply at 7 'per cent, while foreign
j exchange was much steadier. Offsetting
1 this, however, was the weakness of the
I Liberty bonds nnd Victory notes which
' etabli-hcd new low records. The
strength of the sugar stocks, however,
held the head of the market to the wind
ward, in addition to sugars, various
I... .. I.1..I. !....! .. !.l I
inr., wnn'ii ruuiur Hn-ui'iuii'u w mi
impi'iiding stoik dividends, were taken
, up by pools. Hiuh-grade oils rose '2 to
.1 point, shippings to 1 and minor or
independent steels and equipments " to
(1. .Motors nnd their subsidiaries were
iui'lired to advance, but deulings in that
group were relatively light and rails
were altogether neglected. The market
derived much of its further imple
ment at midilav from encouraging ic
ports regarding the ruilroud strike.
.Many specialties, embracing steels,
equipments, tobacco, textile and cliem
i. al groups, showed gains of - to 4
points and sugars continued to rise.
FRENCH VICTORY 3s
'rim on application I
IVY offer bond of all other for
eign Cities ami Gortrninrnf.!
S-end for full detailed deM-rlutlon
( lrculur No. LM-3UU
Farson,Son&Co.
Members New York Stork Kxchnnze
115 Broadway, New York
A'etu York Curb
IMIUSTHIAI.s,
A-tn.i i;piiMv'r . . .
Km aln lUz.ir
H.'ufunl Auin Prod.
tliltibh-Am Toliar, o tie
Hrnish-Am Tol, coup
m ral AMtilt
11-.lin I'hPin .
Nat Fireproof
, Nor Am r.iper
'orphfum circuit
I'irfictlon Tire
Pronmnn
I Itndlo Com ....
1 Itadlo coin vret ....
Slneer Mf
t Submarine l.om . . . .
.Svpt Co
I' s Illsh ripee.l Tool. .
F S .Stwim
FnltcM Plct I'ro-t . . . .
L'tiluil Profit f-hurlns-..
ltlsh
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so
M
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NEW ISSUE-
New York Central
Railroad
7 Equipment
(Philadelphia Plan)
Pennsylvania
Railroad 7 Bonds
Bought Sold Quoted
Struthers & Hiscoe
20 Broad Street
New York
Itrrtor B413
i Allen Oil .
Alllfil I'll
Ill Hciilt .
Hoston V".'jinln
ivntral Oil .
f'ltles Sirvlre -U c
Dominion Oil
Ksmeralda Oil .
IVderal Oil
illllllaml Oil
(Irunad.i
Huffey llllfpl ....
Horn Petroleum ...
r tit Prtrol
Island Oil . . .
I.HIncnton ..
M.iittr.j Oil . . .
M. tropolltan IVt
l"Xlco oil
'Unar OH ...
Producer and lUrtnern
lied ISok Oil
IDan oil
Seaboard Cdl 4 Gus
v imins Pf t ...
.sk.llv nil
Mjer.l I I Pet
T-x.-ia Hanger ...
T XdN I ' v I
I n Texan Oil . .
i torla Oil new . .
White tarfl.. . .
IMICI'KMIUNT OILS
:,
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(100
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ino
2.100
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700
300
400
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1000
10(100
2000
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100
12300
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100
too
100
100
700
300
100
2000
100
1(100
30200
200
100
too
isoo
100
R100
.too
700
100
200
300
200
COO
100
200
1200
200
200
300
100
100
100
100
400
soo
5100
300
100
200
200 I
300
1000
3000
400
100
M)0
4000
400
4UII
11000
300
4S00
100
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2C200
1100
400
100
401)
100
SOO
100
300
100
7C0
0(10
400
500
200
400
1200
S'Wll
700
500
1S00
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200
172UU
1100
1200
300
100
14700
100
2400
200
1000
1700
400
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0011
800
C200
100
2000
a 3000
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1100
1200
100
000
WOLF & CO.
Investment Bankers
Thirteen five Walnut Street
Philadelphia
Respectfully beer to announce to
the public and their clientele that
their company is not now nor
lias not been at any other time
affiliated with any other concern.
G. ALBERT WOLF.
MYER J. CLICK.
B. F. Goodrich 7s, 1925
Mahoning & Shtntnjo Ry. & Lt. 5i&6i,1920
Southwestern Bell Tel. 7s, 1925
Dell Tel. Co. of Canada 7s, 1925
Ponna. R. R. 7s, 1930
N. Y. Central Equip. 7i, all maturitiei
Texas Co. 7s, 1923
Western Elect. 7s, 1925
Bought Sold Quoted
AgCownCQ
' I.AMI T1TI.K I1MIO.. I'llll.t.
Member I'lilladrltilibt block Kvclmnt
A mka-Ilrltlnli
Helcher Dltldii
Heicher Kxtenslon ..
-.i d Mln ,
Carson Hill
( (ins Cop M
Cortes tllp ....
Crescent Mi.Vamara
Iiolorei Ipr.inz
I dude Kxt
I'inm.i PI ... .
Kureka llotlv
Forty-nine Mlnlnff .
llol.l l),.el .
Hold Silver Pick ..
;oid one
Ilecla Mlnlnit
Knox Iilde
M( Namafrt
Mnrth Mlrt . . ..
Mother l.'de
I rlrce i ou . . .
It x i onn
It'.i heater Mln-3
v er Klnpr of ArU
sum r I. a. I
T nopah Holmont .
Tono DMilo
'I ono-Jttn H
Tonopah Mln
t'nltcd Kantern ,. .,
iVletor
Vest Knd :
White Caps
JIIMNO
Columbia. .
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31
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Anrto-Amrrlritn IVi, 102.1
l'liOa. Nub. I. us A F.ler. 5b, 1060
I'hllii. Klrrlrle 0. 10'iJ
Ituqiirsne I.. A , 1010
(T. (I. I. fl. 1021
Malmnlnc A Nhennnso llr. A II. 5s, 1020
HENRY D. B0ENNING & GO.
Biont KXCIIANOK nUII.DINO
Direct 1'rlvaU Telephone to New York
Members 1'hila. block ICichans
DESIRE TO MEET PARTY of
means who would become
financially interested in organiz
ing mercantile company in Phila
delphia. Very good proposition.
C 830, LEDGER OFFICE.
Mnniifucturers' AVuler roimianr
Nulmrtimi as oi iiiiiuueiniii4
'eonhitnli ItullrouU 10-1 r
1 nlteil.
() of I'ldlmlel
anli ItullrouU 10-1 ear
fins liiiurureiueut Co..
w Chester Watee Co. imt
eflileliem Nteel llir. Mono'
T.-:-. . ...-. ...-i---. i--.
5a, 1030
flu, 1052
7a, 1030
fl, 1021
As, 11113
It), 101IS
Ss. 1034
I., W'fne ttabasn alley Tr.
Stimuel K. riiilllps & Co.
i rmiaaii.iii mom Kiehanr
. tM7 CHtfeiNur ar.
Foreign
Exchange
In spite of the pessimistic
opinions of many financial
authorities, Sterling ex
change has shown an al
most startling improve
ment during the pnat few
wooks. In comparison
French francs have shown
a slight decrease in value,
and therefore it is still
possible for Americans to
invest In French Govern
ment internal loans on u
basis which provides possi
bilities of profits in excess
of 200.
C'i'rcufar E-71 on request
Chandler & Company
Franklin Bank Bldg.
Philadelphia
New York
Nw Haven
lloiton
Ilaltlmore
niv.
In I High
.. Advance rtumcly , ,., 44J,
(I Advanco llumely pf.. 70
8 AJrx Rubber 7J
..Alaska Gold Mines... 2
.. Alaska Junoau O M., 24
.. Allls-Chalmors ...... 43
7 Allls-OhalmcrB pf .... S2U
R Am Arfrlo Chem .... 0t?
5 Am Dcct Sugar 1001s
10 Am Qosoh Miignoto.. .120
12 Am Car & Kdy 113 X
.. Am Can 49U
4 Am Cotton Oil 0yi
6 Am Kx press 140
80 Am l?rue Syn 1314
. Am IIIilo & leather... 24 i
7 Am Hide & Leather pfllt
4 Am Ice 4S?'s
G Am Intcrnat Corp,...102H
1 Am-I.ii Kranco JJng... 13),
3 Am Unseed 92 yi
7 Am Linseed pf 04
C Am locomotive 100K
.. Am Ship & Com 23
4 Am Smelt & Ilef C8H
3 Am Steel Koundrlcs. . 40H
7 Am Sugar Ret 141H
10 Am Sumatra Tob...., 101
7 Am Sumatra Tob pf.,103
8 Am Tel ts Tel -96M
5 Am Tob sea temp ctfs f8?4
7 Am Woolen 13'j
7 Am 'Woolen pt 100 js
.. Am Zinc Lead & Sin.. 18V4
C Am Zlno Lend & Sm pf 54
. . Assets Realization ... 5
7 Asso Dry Qds 2d pf .. CSJ-i
0 Atch Top & Santa Fe. 81J4
5 Atch Top & S Fo pf.. 7S!i
7 Atlantlo Coast Line... 87
10 Atl Oulf SWIS S..172
7 Atl Relnlne 7 pf...l09
4 Anaconda Copper .... fc3J4
3 50 Baldwin Locomotive... 142
.. Baltimore Onto ... 334
4 naltlmoro & Ohio pf.. 45
.. Barrett 127
.. Bethlehem Motors ... SOU
8 Bethlehem Sll 8e pf.112
A Bethlehem Steel B... S7;,
Booth Fisheries 11
.. Bklyn Rapid Transit.. 15 U
10 Burns Bros .. 123
50 Butto Copper & Zinc. 0'5
.. Butto it Superior Cop. 20H
. . Buttvrlck Co 18
. . Caddo Central O & It 23
7 California Petrol pf.. 70
10 Canadian Pncillo . ...121'j
5 Central Leather 80
4 Cerro da Pasco Cop.. M
10 Chandler Motors 150
4 Chesapeako & Ohio... 55yJ
.. Chi & B 111 Kq T ctfs. 0
. Chicago & Ot West... 814
5 nil st P Minn & O.. C3
.. Chi Mil & St Paul 35H
. Chi Mil & St Pnul pf. 52
S Chi Pneumatic Tool. . .108
.. Chi It I & Pac 34
0 Cht R I & P 6 pf.. I3'4j
7 Chi H I & Pac 7 pf. 74 li
.. Chllo Copper 18J
1 50 Chlno Copper 3H
3 Colorado Fuel & Iron. 30
5 Columb Ons & lilco. . . 13 V
1 Col Graphophono .... 47'b
7 Consolidated Gas .... 85
C Consolidated clear .. CRJ
1 Con Interstato Cal M. 18
3 Consolidated Textiles. 37J
7 Continental Can 0."Hi
1 Continental Candy. . . . 12H
4 Corn Products Jlcf..l05'4
7 Corn Prod Rof pf....105
12 Crucible Steel 272
7 Cruclblo Steel pf TVz
10 Cuban-Amer Sugar... C00
.. Cuba Cano Sugar ... iS'i
7 Cuba Cane Sugar pt.. SI
1 Donw Mines 11
2:50 Net
Low (NYtm) Chw.
At..
Pf
4rt
20H
851j
11014
100
13 Vi
144
86
90
30
37
. 2C!5
. 15H
Duluth So S &
. . Klk Horn Coal ..
7 Kmtrson-uraniing
5 Endlcott-Johnson . .
7 Hndlcott-Johnson pf.
.. Krle
.. Kilo 2d pf
8 Famous Playcrs-L . . .
.. Famous l'layer.s pr ...
3 Federal Mln & Sm pf.
3 FlBk Rubber
. . Frceport Texas
. . Gaston Wins &Wlg
8 General Klectrlo .
.. Gen Ulectrlc P.ts . 2J's
0 General Cigar 3
7 General Cigar deb pf. SO
10 .. ... 1.. Motor.) 3049
0 General Motors deb... 74J4
7 Gen Motors aeo 7... 82
35 Genei.il Motors New.. 3SV4
C Goodrich B F Hi
,. Gt Northern pf 70
C at Northern Ore ctfs 3'i
Gulb Mob & North pf 3)
1 tTnU,ll & Marker Cur 75 '-i
21 Yz
88?
8H
57'
4M
147a
252
85
142 Vz
112
38 V'
07 H
. Homestake Mining.
1 Hupp Motor Car ...
7 Illinois Central
. Indlahoma Ref Co..
C Inspiration Con Cop.
. Interboro Con Corp..
. Inter Con Corp pf...
. Int Agrlcul Corp. . . .
5 Int Agrlcul Corp pf..
C Int Harvester
7 Int Harvpf new ...
Int Mcr Marine . ...
,. t. T.r Marine nf . . .
50 Int MotortrucK 1st pf. 70
International Nickel... 2jli
International Puper.
0 Inter Papor pf tpd
Iron Products Corp.
83 H
75
40
4214
00 H
75
2
41 V.
82 U
01 u
07
u'A
142
4714
47
139 n
13 A
24
113
47f's
101
13 H
00
91
105
22 H
8
4(IH
137 Vi
98 H
10214
90H
00
130
100 H
18yi
54
5
CSH
811
78J
87
108
109
62
13814
33J4
45
120
2914
112
'
11
lo!4
153
91's
20 4
IS
22 Yi
70 K
1214
85
62H
15114
55
SJ4
13
35 ?J
51 Ts
104 H
33 Vt
(3
74(4
18 H
30!4
38?,
13
40
S5
CSJi
1714
au'
02 14
12'
1021
105
2073
714
5D0
5G
8214
11
4 Is
20
8514
115
100
13'4
l'A
81 H
80
38 J
50 H
25?
15 ,
152
no
8G
349
741
82
3414
09(4
70H
38
30
71
Gil '4
20 34
88 ?
814
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2414-
114
47J4
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80H
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223i ..
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40HK 14
140 2H
9914 314
103 - l'
08H Y
08)4 214
133H 114
100 j4 n
1814 !4
51
5
os 14
81H-
7sy ,
87
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3314
45
120
30!
119
973
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123 914-
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1R 22(4
70 U -12114
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270
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57J4 l's
84
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1C314-
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70
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30 -
75 -f
0014-
2114-
8834-
8H
57
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85
141
112
3714
90)4
79
Sales
100
100
100
400
300
1100
niv.
in I
2
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1
34
Y
1
114
14
114
54
1
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13
900 1 20
800 0
200 3 50
300 i.
7400 3
300
300 12
1100 ..
3100 10
400 1 75
100
100
400 7 ;
gooo in
100 8
200 2
21400 1 20
1000 4
300
500 . .
400
300 3
21ft ..
100 4
100 3 50
300
1400 7
300
100 C
1100 G
100 10
100 1
100
200 s
100
200 2 50
2000 ..
200 7
400 1
200 5
1800 4
2100
400
200 3
8309 0
6000 7
100 1
500 3
330 ..
200
300
400 3
1400 ..
200
100
400 5
100 7
3900 8
300 8
22400 S
500 8
200 1
1700 4
500
12400
7500 b
0700
900
100 0
6600
100 2
100
100
200 . .
200
2400
8800
400
2000 7
000
00
100
100 .1.
35 20
3J0 7
7500 4
1100 4
14000 7
200
20U
3300 10
3000
COO G
-100
200 5
llleth
Jewel Ten 10)4
Jewel Tea pf 38
Tones Bros Tea ..... 24 ,
Kan City Southern. . . . 1014
Kelly-Spg Tiro 13114
Kennecott Copper ... 31 H
Keystone Tiro & Rub 4J
LnckawAnna Strel ... 79 34
Lehigh Valley 4314
Liggett & Myers rts,, 10(4
Loewo Co .'. 35 H
Loft Corp :.. 19)4
Ixirlllnrtl .Tobacco ....142(4
Lorlllard Tob Rts... 714
Manatl Sugar 148)4
Manhattan Shirt .... 30)4
Maxwell Motor 37
Maxwell Motor 1st pf 14.
May Dcpt Stores ....128
Mexican, Petroleum... 201)4
Mexican Petrol pf. ... 91
Miami Copper 2414
Middle States Corp... 331,
Mldvalo Steel &. Ord.. 4714
Missouri Kan te Texas 8)4
Missouri Paclfla 2614
Missouri Pacific pf... 44
Montana Power 00
Montgomery Ward ..3714
Mtllllns Body 4514
National Acma 37 54
Nat Aniline ft Chem. CO
National Biscuit 118
Nat Conduit & Cttbto. 12
Nat Knam & Stamp.. 77J4
National Lead 01)4
New York Air Brako. .107
Nevada Con Copper. . . 14
New Or Tex & Mex... 40
New York Central... 70J4
New York Cft St L.. 3GH
Nc York Dock 41
Ntw YorkN II & H.. 32)4'
Norfolk & Western... 03 J4
Northern PaoWo .... 77)4
Nova Scotia S & C. . . 00
Ohio Cities Gas .... 43
OUla Prod & Rcf.... 514
Otis Steel r.114
Owens Bottling Macli. CO
Pan-Amcr Petrol ....1071
Pan-Amcr B 103)4
Paclfla Mall 33
,3iS0. Net,
Low iNYimj urge.
Pennsylvania It lt... 41 14
Pcnn Seaboard Steel.. 33
Peoples Gas Chicago.. 30)4
Pero Marquette 2714
Philadelphia Co 38 J4
Plerce-Arrow Motor. . CS
Plerco Oil 18H
Plerco Oil pf 914
Pittsburgh C of P.... 02
Pittsburgh Steel pf . . . 01
Pressed Steel Car ....111
Pullman 119
Punta Alegro Sugar.. 111)4
Railway Steel Spring. 104
Ray Consolidated Cop 19)4
Reading 83)4
Remington Typcprltcr. 86)4
Replogla Steel 58 H
Republla Iron & Steel. 11114
Royal Dutch NY 100)4
16)4
71
1714
8 '
15)4
22
32)1
11)4
80)4
2!4
7G
18)4
-2H
100 2 50
114
54
'
' Ya
3
Y
3b
54
V
V
14
1
4
1'
1
14
14
- 1
82)4
75 -I
40 -
900
12)0
700
000
7500
300
2000
,200
200
100
2100
3800
2700
3400
200
22000
200
2000
200
2500
100
18100
1000
400
700
400
100
100
400
2500
1800
100
800
8
io
4
12
St Joseph Lead
.aviige Arms
Saxon Motor
Seaboard Air Line . .
Seaboard Air Line pf,
St Louis San Fran.. .
St Louis San Fran pf .
Shattuck ArUona . . ,
Shell Trans Trading .
Sinclair Consol Oil . . .
HIoss Shcff S & I
Southern Pacific
Southern Railway . . .
So Porto Rico Sue pr.110
Standnrd Mllllnc Co.. 159)4
Standard M'llllng pr. . 85
Standard Oil of N J.. 710
Stnnd Oil of N J pf.. 109)4
Stewart Warner Sp.. 50)4
Stromberg Carb 104)4
Studcbaker 110)4
Tenn Cop & Chem... 11J4
Tcntor Fruit Prod A.. 45)4
Texas Co 20014
Texas & Paclflo .... 41 J4
Tobacco Products .... 72
Transcontinental Oil.. 2414
Transuo & Wms Steel
Twin City R T
Union Bag & Paper.
Union OU
Union Paclflo ....
United Alloy Steel ..
Unltea I'TUU
United Rwy Invest .
United Retail Stores
U S C 1 P & Fdy..
U S C I P & Fdy pf.
U S Express
U S Food l'roducts..
U S Ind Alconot van
U S Realty & Imp... 04
U S Rubber Ill 14
U S IJubber 1st pf
U S Steel
U S Steel pf ....
Utah Copper
Utah Seo
Va-Carollna Chem
Va-Car Chem pf .
Vanadium Corp .
Wabash
Wabash pr A ...
Wells Fargo Exp
Wester Maryland
Western Paclflo 30
Western Paclflo pf. . . t
Westlnghouse V & .I
Whito Motor
Willys-Overland
Wilson & Co
Worthlngton Pump .
. CO
. 35'
.124)4
. 3414
.119
. 48,
.210
. 11
797,
22)4
55
8
08)4
...111)4
...105)4
,..112
... 70
... 974
...18
...110
... rOH
... (4
... 20(4
. .. f8)i
10)4
52
05 )'
24',
73J,
S3 H
1014
38
24
l14
131
3114
3714
77'i
43)4
1014
3414
1914
142)4
7
142
39
37
5914
127
198
94
24
3114
0H
814
2614
43 H
0114
3714
4514
37 H
05)4
115
11)4
77J4
8914
107
14
40
70
3014
40)4
31
S3 14
77
G5
43
.',
31)4
00
104)4
9114
33
40 V,
32)4
36)4
27
3854
0014
18'4
01)4
oi?4
91
100
118)4
10S
103
10)4
82
85
ai'
109'
107)4
1034
71
1014
8
M3,
22
3114
1114
58J4
4114
75(4
t7!4
!2
110
159)4
85
730
100 H
4814
100
11814
11)4
5',
20514
40
70)4
2214
00
35)4
121)4
31
118
47)4
310)4
10)4
78)4
22 Vt
55
8
CGH
C2)4
0114
Ul
11134
101 '
111)4
75J4
9)4
74H
110
80)4
8 'A
20
57
10
30
01
51),
0)4
2374
737,
82
14
54
T4
14
214
?4
54
54
3t4
54
54
154
14
14
154
1
s..
54
154
54
454
54
.74
114
14
14
2
1054
38
21
1654-
31K4
40
79)4
43)4 1654
3174
1BH
11254. r
7
146
29
37
5954-
127 -
199
04 -
24
3254
4714 854
20)4
44
6474
37)4 .
4514 .
37)4.
60
118
107
14
40
70
3614
-
0354-
77 -
65
43
S
31)4-
60
101)4
-40
J4
33 -
36)4- 15i
37
38M
9134
"01)4 01
109 -118)4-
110
103 -
1014-
82 -
8534 f
55
110
107)4
-
1014-
15)4- t
22 3214
11)4
80)4
18J4
i?54
110
15034-
85 -710
100)4 '
50)4 2)4
10414 414
110)4
1174
514
30014
1154
72 t-2254-00
35'
12154
31)4 110
4814
310
103-
7074
22)4
55
8
tfl-34
05(4-1-
G4
11134
11134-
7574
f74 7.1
110 -
8034-
814
20
58)4
10
30
nt
52
51',
24
737,
L
OCAL ISSUES
REMAIN
E
I . fc. e -5 - - K . . -t- ..1J-J I t
n HFAUY "Commercial '
Further Sharp Doclino in Amor
ioan Gas on Small Transactions
54
13
54
'ill
14
214
54
34
14
154
334
"34
14
5
54
'54
54
14
254
14
'A
V
14
2
54
454
2
34
154
14
54
254
54
1H
154
54
1)4
14
14
1
54
714
54
1H
!4
1H
134
1
34
54
H
54
54
2)4
o
y
14
"y,
54
114
'54
154
The local market continued to show
the same drooping tendency nnd ns n re
sult most, of the local stocks sought
fractionally lower levels. The weak
ness of American Qan nnd the strength
of Electric Storage Battery were the
outstanding fenttircs of the trading, to
which could bo supplemented the con
tinued llmiidntion of Pennsylvania Ilnll-
ronu. The offerings 01 American uos
were reintlvcly small, but in view of
the similar limited buying demand the
prices sustained n further shnrp conces
sion of nearly .$1 to H8. On the other
hand, Klcctrlc Storage Battery, "
fairly heavy buying, was carried up
nearly 53 to 122, n new top for the
current movement. Not all the gain
was sustained, but the buying was of 11
confident character,
Pennsylvania Itnllroad was again sold
freely with tbo prjee declining to 'loy.
thereby equally yesterday's low anil
within a Rinall fraction of the lowest
price the stock has .sold in n great many
years. There was also further liquida
tion in Lehigh Navigation, which yield
ed 51 to (!3. United (las Improvement,
at the same time, continued alo to be
freely Riipnllcd, but the price was still
pegged at 40, the low water marl:. Trad"
ing remained moderately nctlve In .1. O.
Urlll, with a fluctuation of $1 between
M and 55. Small wiles of Philadelphia
Electric depressed that stock to 24.
American Stores continued steady, as
was Lake Superior Corporation. Phila
delphia Traction, on limited transac
tions, receded !)j to COM, new low
record,
A circular letter sent out by a prom
inent downtown house offering an even
exchange of the Philadelphia Co. first
mortgage 5 per cent bonds for the
Pen 11 sy Ivan I a llallroad new 7 per cent
bond) conic' Ic for considerable discus
sion in local fitiiinclal circles. There
was more or less speculation as to the
motive.
Philadelphia Stocks
Crises"
Valuable Book Fre.e '
One well-known businc"ss man remarked,
"The American Company's frequent pub
lications arc not simply interesting and in
structive; they, arc a most worth-while
contribution to modern business literature."
"Commercial Crises" is of 'the. sgme high
standard that wc aim to make a characteristic
of all our books. It thoroughly discussed
the present economic situation, showing the
fundamental causes of previous crises, and
suggesting precautions for averting any fu
ture panics.
Every manufacturer, wholesaler and banker
who reads this book will want to keep it
handy for frequent i-cfefcncc. Write or
phone for your copy today.
AMERICAN CREDIT-INDEMNITY CO.
or NEW YORK E.M-TREAT, president
ISSUES BTANDARO UNLIMITED POLICIES
,W. J. MQUPHY, Alanagcr
J. F.McFADDEN, Gen. Agt.
Mutual Life of N. Y. Bldg.
IMioik Illbert 6503 Philadelphia, I'a.
HIkIi
102 Am Strs. iWi
1011 Am Oils.. 40i
5 tllaldwln
I,o pf. -101 M:
2411 Drill J (i. .I."
50 tChi Mil
& StP !!.-..
870 El Stor.. 122-1, pjo 1
Low
44-ls
.'58
101 V2
53
1 .30 Net
p. m. eliKc.
IS -3?i
101 i Vi
5.1 . .
:i.-Vj :i5Vj m
m 101 17: ki n?
I Vj-t-1-Ji
;w . .
28 Vt..
18j..
o:i 1
4:1 jj
07 V "j
40f)i- ',
10 1 Co x A :io :io
50 rets f nil 2SL'. 28 '4
00 M S Cor 18'-j lSj
102 lh Xav, 04 0.".
55 I,ch Vol. 4:iTs 4.".
42 X Central -i,2 07 '-.
1070 Pn It It. 41 40-Tt
100 PhHtt Co
cum pr. ,'ta :i::
' 75 Phil Elee 21 W
10 Phil True 50M 50M
700 Ton Pel.. 2U, 2 2&
III tl U 1. . . -HH4 -Hi 411 ..
120 tU 8 Stl.105 104W. 104. .
(15 War Iron
& Steel. 8---C S':U &T'k 1'H
tNet ehnngp mndo by cnmparlnon with last
said on New York Htock IIxchHiiKe.
FOREIGN INTERNAL BQNDS
Wc have established t
Direct Cable Communication
with
Belgium, France, Great Britain and Italy
nnd through our agents in these countries can offer subject
to change in price ' '
:i.l
24Ji .
50 4-
1i
u
HhIps In IIONDS 1:30 Net
I1O0O lllffh I.otv p. m. (Iizd.
1-10 City 4s !." OISVj Ji2 l):ia. .
5 I.ehigli Val
gei. 4s ... 70'j 70. 70',-j-f Vi
1 Lehigh Val
Coal 5s... 1)5 1)5 1)5 1
5 Mb Ilonds
2d 4U.. 87.50 87.50 87.50. 20
25P.-20.1il4Ms 01.40 1)1.20 1)1.40 .,'12
40 4th -IMh.. 87.80 87.50 87.70 .'M
,T f. Vic X 4-i, s 1)7.10 117.10 07.10 .08
2 Penna R ."is SI SI 81 ..
2 7-10 Phil Klec
Ul 5s.... 88 87-H S7-?, i
FOREIGN EXCHANGE
N York. April 13. Opening foreign
exchange figures showed a continued
conru.-ed and widely fluctuating market.
Sterling opened at 8.92 V tor demand
and cables were 3.93. Compared with
yesterday's final, Swiss were down 2,
cullders U. pesetas and Copenhagen
10 while ' Stockholm and Chrlstlanla
showed gains of 20 points. Belgians
lost 10 centimes, while marks gained 7
points from tho forecast, touching 1.92.
Uuutatlons wera:
Demand sterling 3.92U. cables 3.93;
frai.. cables 10.90. checks 18.92; 1 Iro
cables 25.30, checks 25.32 ; Sss cables
5 5 .-hecks 6.54 ; guilder cables J7W,
eh.-eKs 37 U; peoetaa cables 17 CO,
checks 17 50; .Stockholm cables 22.1S.
checks 22 00; Chrlstlanla cables 20 15.
-he-ks 20 00: Copenhagen cables 18 63,
h... i,m 1RK0: BehTian cables 1600.
rlu-ks 16 02. marks 192, currency
nominal at 20.05 to 20.15.
Around midday, marks had decllnpd
to 1 72. against 1 85 at the opening.
Otherwise, the market wan stronger all
aVoun Hterllng. at 3B3U for demand
and 3.91 for cables, was up l'4o from
the i-.irly figures. French exchange wim
7 centimes better, at 16.08 for cables
and 16.70 for checks. Lire showed ft
furtlur consldcrnblo advance t" il.OO
Tor cables and 21.05 for checks. Belgians
wer better at 15.35 for cables and
15 38 for checkB. ,
Tho market continued very confused
with differences In quotations of as
mui h as 30 points by leading operators.
YliHTEHDAVH FINAL QUOTATIONS
Hterllng Tranca Lire aulldjri
CahU'H 3.911- 17. OH JH.40 3I'i
TODAY'S OPEN1NO QUOTATIONS
.Sterling Krancs Lire Oullilrs
Deman.1 . . ?'('i IBM S JJ HJ.
BANK CLEARINGS
lUnk rlearlnus today compared with 1
re.pondln dnUat to yeara. jjftj
Phll.i .. J8(I 083,:iD7 Jllu.llJ.uju ow. IJ
HOStOn HHIHS.MB
Ilaltlmoro H. 191, ISO
N. Y 1 00(1 am
Commodity Markets
GRAIN MARKET
Chicago, April 13. Itoports of an
improvement in tho strike situation on
the railroads here nnd an easier tono
to the cash article caused selling ot
Corn, principally by local operators, this
morning, and the market was weaker.
On the decline there was bujltig hy com
mission houses. '
Sentiment was more bearish 011 tho
theory that the technical position had
been weakened us the result of tho recent
heavy demand. Tho orriuls here today
were seventy -three cars.
Mnv onened at SI. 00 to S1.G0V;.
against $1.07 at the end jestenlay, uud
later sold ut $l.(IUUj. July started at
?1.504 to $1.5014, against $1.00 at
the close yesterday. September wus
quoted ut $1.04 Ms to $1.54 at the
outset, against ?l.(Wa, yesterday's
last price.
Trade in oats wus light uud the mar
ket was easier. A leuding beuboard
house bought May. The receipts hero
today weio eighty -one cars.
May opened V'sc lower, at l)4a,e. and
later sold ut 040. July started Vjc
lower, at 85:&c. and later sold at 85Vhc,
The receipts of wheat hen- toduy were
tovi'ii curs, against tweuty-four curs
last year; at .Minneapolis, 101 cars,
ninliist ninety-eight cars: nt Duluth,
forty-two cars .ogalnRt three curs, and
at Winnipeg, aou cars, ugainst sixteen
cars,
Lending future rinded fa follows.
Corn (new dcllvcrj)
icnirago umei
Vi, 147,13.1
12.3SR.1I'-'
IM0 707 I0.'.34-J 700 I
0 177
GOVERNMENT BONDS
I'apHnu foupon 2. 193(1. . .
Panama reeliter-d 2 1038. .
Pnnuni coupon Ss, 108H. . . .
Panama renlHler I 8s 1038..
Panama coupon 3a. 1101. .. .
Panama rmlstered 3a, 10111..
Philippine 4a, 1(1.11
Phiiippino u. ipsa
Philippine : IfdH
U H (lovt. roupon 8a 1930. .
U H Ont. rssinered 2. 1030.
I' H (lovt. coupon t 192S .
.1 H Govt rental e.-eii la, ln!.V
DUt of folumbl S-IWIa, 1021
DM
. lOHt
IOIV4
,101'.
.101U
, 8(1
. Nil
. 85
, 85
. H.F
mi1.
,10l4
,10114
10014
. 07
Ask
10.'
10.'
10J
10-.'
B0
80
Uj
11.1
U.'i
102
102
107
107
100
LIVESTOCK QUOTATIONS
riilrata, April 13 HOflS Eitlmated re
calpts, aOOO head, left over 1148 head. Utile
dolnc, a (tw aalea around 2Sc higher. Aver-'
B SC2. Y.t,K&&..,-lv.,... .... t....
,1." piiiii.ru ivicm. ..v. (.
7Q0U nta
C'TLK Estimated receipts
SfclEKl Bstlraatea receipts,
Open
1 ml
1 59' 4
Ma
Juis
OatJ
May
Jul
Lard
May. . .
Jul . . .
I11D8
Ma.... 18.22
Juh . 1S.U0
tAaked.
IU4
85
Illuh
1 H7
i.r.u'4
83,
Ixw
1 US'-,
1.37'
flV-t
SIS
1(1 ..'10
a, rn,
1 B3
1 SsW
03.
til's
Ye
clone
1.07
1 00
Ot!,
bu't
10.0.1
20. In
19 nr,
211.45
18 22
18.70
16 20 tlO 40 10 K.1
20.(12 20 15 f.'ll.DD
18.01
18 37
18.0.1
18 70
tl8 2.1
118 75
urc estimated ut 10,000 bules, ugainst
111,111 1 bules a week ago, r.'.bOl bales
a jear ugo, uud 1,531 bules two ycurs
ago.
May
July
uctooer...
Deccinbir.
January. .
.M.trcn ..
Pie,
clonn
41 H5
:is v.i
tl,S3
31. SO
112.73
32 01
Open
41.33
IIS.75
31.70
U3 as
a j. 70
32.00
(N. Y.
11.30
a. m.
41.23
SS 8.1
84. Hi
32 70
time)
1.30
P. tn.
88.08
34.12
34.10
Prices Firm on Paris Bourse
l'nrln, April 13 Prices wcro firm on
the Bourse toduv. Three per cent
rentes were quoted nt 57f; exchange on
Ixiudon 67f 18c, 5 per cent loan. 88f
uoc 'l Ho dollar wns quoted at 17f 5c.
More Gold for South America
iv York, April 13 (".old coin to tho
amount of $15,350,000 has been with
drawn from tho stibtreasury for ship
ment to south America,
MONEY-LENDING RATES
NIJW YOIIK Money on call, both
Classen of collateral, opened today iit 7
per cent for lending and renewing,
At midday, an urgent demand wns
reported nnd 7 per cent bid for call
funds. There was nothing doing In
tlmo money.
In addition to tho heavy shipments of
gold to Argentina, the United Htates
Government Is withdrawing $25,000,000
from the banks today and will taku
120.000.000 moro shortly.
Tho largo volumo of gold going out
to Artrent na and tlio nrosnect of still
further exnorts to that country, takes
away mobt of the significance from thu-l
Imports of tho yellow metal thus far
from Great Britain.
Prima mercantile paper averages 7
per cent minimum, with occasional spe
cial quotations at 63t per ceut.
1'1IIL.I)1:L1MIIA Call, C per cent;
time, C per cent ; commercial paper,
threo to six months, ti per cent.
LONDON Monoy Is quoted at 3 pot-
cent. Discount rates, snort bills, :is
per cent; threo months' bills. 3 a-lGti
3 per cent.
Today's Range In Liberty Bonds
(N.Y,
Lib Hoik! "!..
Lib Ilnnd 1st
Lib Pond '-M
Lib Pond 1st
Lib llonil :m
Lib Pond llil
Is .
I..
U.S.
1",S.
IVis.
I lleh
IMI.tl!)
1I0.M)
87. NO
no.no
s.oo
111.(10
Lib Pond 4th l',is SS.OO
Victory X '!:Us... 07. 112
Victory X 4;"is... 07.18
Low
01.80
no. io
S7.!i0
no..".o
87.0
01.40
87.4(1
fm.no
07.0J
time)
1:13
n m
115.40
110.40
87;40
IW.H0
87.48
01.00
87.71'
07.10
117.10
BAR SILVER
Hur slher was quoted ',d lower
I London today at 69 Ud an ounce.
in
'i.
COTTON MARKET
New Yorli, April 115. Strong cables
were ignored by tho cotton market at I
today's opening, which was 1 to 50
points net lower, except for a 3-point
advance In January contractu.
The nelling appeared to bo local and .
bnsed on fair weather, .except reports
of thundcrshowcrs In the Carollrias. I
T.ivernoel was a btlfer nrtd this, with '
auliaenucnt trade buvlng of new crops
and reports of lower temperatures in
Texas, caused rallies which parriVl
nrlces 20 nolnts above tho opening, ai-1
6 points over last night's close. '
The receipts at the ports for thejiiy
1
UNITED STATES
GOVERNMENT
LIBERTY LOAN BONDS
Loans
Kale
1st 3V2 7o
l$t 4 o
Victory 3
lt 4V4
2nd 4 ;
2nd 4V4
4th 4V4
3d 4V4 7o
Victory 4
Appro. Yield IC Apnnn.
,.,,,, .. i iillNl. or If 1 If Id to
lallalile Due helling- nt Pur .'Maturity
on Callable Hate
1932 1947 3.96 3.76r',
1932 1947 5.01 '( 4.60
1922 1923 5.00 4.75
1932 1947 5.27 4.87
1927 1942 6.10 4.94
1927 1942 6.26 i 5.20
1933 1938 5.60 5.31
1928 5.53
1922 1923 6.20 5.77
J50, $100, $500 AND $1000 DENOMINATIONS
MONTGOMERY & CO.
133 S. 4TII ST.
NEW YORK PHILADELPHIA CHICAQO
OoTammeot SsetuiUea Department
TKLEriIONK9l Ball, Lombard 4S:o. Ksjrstana, Main MM
. , t M.mM.ntaf.ji
Belgian Govt. Restoration 5s. .
French Govt. Victory 5s ..... ,
French Govt. At of 1917...-.,
British Govt. War Loan 5s.
Monday' Closing
1'rlres
,.$6334 per 1000 fn.
.. 541a per 1000 frs.
,. 44 V4 per 1000 frs.
.359 per 100
I'rlcesnt Tar
Hclinnge Normal
$193
193
193
486
193
Italian Govt.ConsoIidatcd War Loan 5s 36 Va per 1000 lire
Belgian Govt. New 5s. 1920 $6712 per 1000 frs.
French Govt. New 5s. 1920 60 per 1000 frs.
Wc aro prepared to frivc information concerning theso and
other Foreign Securities nnd invito correspondence on this
subject.
EDWARD B. SMITH & CO.
Bankers
1411 Chestnut St, Phila.
ELKINS, MORRIS & CO.
. Bankers
Land'fiUe Bldg., Phila.
Let your money earn 8 .
WHEN you purchase 896 Preferred Stocks issued
by well established manufacturing companies,
earning several times dividend requirements, containing
strong sinking fund provisions for retirement, with no
mortgage indebtedness, you are taking no risk in having
your investment depreciate in value.
We have a tartfulhj selected Hit ef
PREFERRED STOCKS
TIELDING 8?o
which we tan reefmrnend to the
moit conicrvativc investor.
. Ask for Booklet No. P. P.L.-3S7
HollisleiWhite&Co.
lCOSPOATCD
North American Building
PHILADELPHIA
BOSTON NEW YORK NEWARK SPRINGFIELD TROVIDENCE
The Service We Render
V. Correspondence
EVERY client has a full correspondence privilege.
This gives him the right to ask for special fe'ports,
infoimation, advice and opinion on any security in
vestments or any financial or investment subject at
any time during the period of his subscription.
IT is especially useful when the client fs solicited by
security Bellcrs to purchase new issues or urged to
make changes in his present list. A very largo per
centage of our subscribers secure a great amount of
investment protection through correspondence of this
character. Many never make changes In their holdings
or purchase new securities until they have secured full
information, advice or opinion from us.
OUT of town clients find the correspondence privilege
of great value, as It necessarily often takes the place
of direct personal consultation. Our correspondence is
handled in the same efficient and expert way- ,tha( we
carry on the consultation service. Local clients also
make full use of it.
THE scope of this feature Is very broad, and it Is
really a service In Itself. Does it not appeal.to you as
an urgent need? If not, wait and watch.
Moody's Investors Service
JOHN MOODY, Pml,,1
35 Nassau Street Pcpt. 21
r,
New York City
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