PISfcA . .. -j ,
&j
'
t,N?
MS
'C
ft
lit
WH
rx
U
LS T
V"
J
.y
('
. u.w vrimam. . . i ".jif. j.
r7
w
olmsoii&(b
Members
HY. Stock Exchange
An AnalyiU of
Banking & Investment
Conditions
of timely interest to busi
ness men, bankers and
investor.
Credit' conditions at home
and abroad, indications of
deflation and the outlook
In various important secur
ities groups are reviewed
aa of May First.
TM attains ' '
tipo'i request lot i . M
MAKnt rtNUULUM
,r . " : -''i: i.irw rtr niinnnrvr 111 ,.,, ,.,,
NEW YORK STOCK EXCHANGE TRANSACTIONS
AGAIN DOWNWARD
i
Bale.
DP
In I
60Broa.a&xy, cwYorlS,
ielepheme.Bowlmd Green4290
io,
Legal Invest mevt inr Saiinas
Banks in Xrw i ml irf
Vpif Jersey.
$100,000
' Great Northern A'.
St; Paul, Minneapolis
& Manitoba
Consolidated Mtgc. 4 Vis
DUE 1933
To Yield 578
Blodget & Co.
SOI Real Estate Trust Bldg.
Philadelphia
Telephone. Walnut 1000
t Boston New York
Prices Sink to Lower Levels as;
Selling Pressure Against j
the List Increased ;
New irli. Mn.v 3. For the fifth con
seiiiiivc Mnmliiy the ac week started
with ii sinking market today. Thorr
n nothing particularly disturbing, i
other tliiin that which Wnll street was
already thoroughly familiar, in theovei l
holiday development. About the only
adverse Inuetioe was the disappointing .
bunk statement. This indicated n i
irnntinutiui'o of the tight -motiev market.
, in so fnr n stock-market nccmumoiln '
firms were concerned, for some time to'
come The stringent money market '
condition, however, were alread
knnun and therefoie i oilld hardly bo
held tesponlhle for the further wide l
sprend of the bearish market enti '
inent. !
Throughout the dn the market sus- j
tnineil n .erics of 'inking spells and i
eath .succeeding one carried the nctWp
stock. to still lower level'". As ill inot
of the preceding session", the wenkei
period was around itnddnv. Trading
biM'iime dull as prices vielded, indirat
HiK n completion, for the time being,
tit least, of the innie urgent liqulda
tion of ovet -extended speculative ac- J
count-. While this .uperhVinlly te
tln-teil selling movement had spent its
foil.-, the market a a whole -howed ,
feeble rnlt.ving pown. aud about the ,
onh siistaitiing intluence was derived1
from the desultory covering of the short ,
interest. j
Trading utter the double holidnv open- .
rd with u number of substantial ml
Miners, sentiment evidently becoming
tirouraged at the absence of labor (lis
turliances during the ircoss. The ad
Mince subsided n soon a- the bujlng
power hud run its course. The trading;
clement on the floor when the market
showed the 'first signs of yielding re
iimeil their recent attacks on such is '
sue- as Ameriian oWolen. I'rucibh
Steel and (Senernl Motors, in which ic ,
.utioiis ranged from ." to "0 lioints
uth'i ,itivo is.siies in the industrial di
siion against which quarter the brum
,if the sellini: nressuiT was concentrated
dmpped hack ' to ti points Lnckawanna
Slcl and Hethlehcm Steel were promi
nent t"'iiions for u time with ad
x nines ,.f over I points each on the
stieiigth f icvamped stories lomeru
mg the iiuii h rumored new steel com
lunation, but they too. later fell back
with the lest of the market. Heaviness
bi'iiimr inure 10 ute during the noon hour
Fresh liquidation of the I,lzrrt. Honds.
met the :;i.js ,um1 th third 4l4s making
tnw low recoids and the Mexican situ
ation being added to other unfavorable
diicloptucnts including the lenewiil rate
,.f !t pel icnt for call money
Stocks and
Bonds
Bought and
Sold
Private Wires to New York
and Pittsburgh
MOORE
LEONARD
& LYNCH
CUSHMAN NEWHALL
NANAGCR
HtWYOItH
III
MtDAOWKT
I340 WALNUT STREET
RITZ CARLTON HOTEL ,
HrHOr. PITTSBURGH
MEMBER rl)ICK
. NEW YORK. 8'JIVBINl
'MILACtLIm
I PITTSBUKfcM
JTOCH EXCHANOtS
UNDERLYING
RAILROAD BONDS
To Yield 512 to 7
List Oil ApjiUvahnu
Blodget & Co.
501 Real Estate Trust Bldg.
LAKE SUPERIOR
fVDER PRESSURE
rus of 'ic Canadian Slvvl
Combination Partly Resion- ,
.ible for Frvsli Liquidation
ilnei imminent, and d"vi lop
mems in the local market were com ,
l.leteh- overshadow pi b the renewed I
,eHv liqiiidntmn 111 Lake Superior t'or I
i 01 at inn From the uir.vt the stoik wu
,111 il pressed, suggesting urgent seljlng
.1 spei-ularive marginal in counts iin
11 red in thi lecent drastice slump in
1 In linger tnurket A great deal of
selling apparently was also provoked by
the announcement of the new Canadian
steel combination, which, it was feared,
v.. mid seriously cut into the business of
the steel plate of the Lake Siipetiur "or
pointion The stoi k tor a - otisideralile
imit of :he time was absolutely without
.import, which icsiilted in a further de
iline to HTs 11 uew low- for the move
inent. aud the lowest since litis. Around .
miildav siippoiting orders ven sent in
which stuyed the downward movement
ami wii.ed tlie (iiu:jtioii fiactionally
nlnne tlie lowest
Th" weukues. ,,f Lake Superior was
without cffeit upon The general list,
wlnln a- 11 whole, stood up remark
ablv well 111 fine of the surrounding
un-ettling lurtuemes The m.uket
however, was agiiiii I'Mretnely narrow.
1,. indi-ated in several wide declines
i.'ade on relativelv mall offerings of
' stoik. .1. i. Urill. for iiiHtance. ran
oft S" to ll. "ii u smiilV odd lot. On a
,ule of 1 shines l'hiladelplut Co. was
oft neiirlv 4"J fmm the previoiiK sale at
Couip.irativelv small trail-actions ite ,
,0 css.'il r.lectric Storage Ituttery ''.
puint- to l1... n the other baud
1 lilted (Jus Impioveliieiil, I'liillidelpliia
K.leitric and Philadelphia Itnpid Tran
sit weie steadv to firm 1" J I. nil
annil ."0 cents above Fndav'n finul
sale to -14. I'ennK.vlMinia Railroad was
again sold 111 sinull 'lots shading lindei
In to ::'.iTs. Ameriian Stores and I'nion!
Tni'tioii weie unchanged
Philadelphia Stocks
Tel. IGOb' u
Boston
nut
New York
lllllll'WWMlliiBli.llffllWMi it ifl'iajiBWailll '
ESTABLISHED I86S
VB10REN & GO.
BANKERS
H0Chostnut St., Philadelphia
11 tfn
"..i.i All! Ml lo!,s
Id Atchiou 71.
in I'.nll .1 Ii 10
U."i Kl Slor .TJI
J4."i!i I. like Sup I."1"1,
lll.i .eh al . 1.
J." Mineliill.
lie I'M it 1:
Iiki 1'lnl.i ('
l!l I'll 1 111 Klei
"it I'lnl R T
Jsj Mteiidiug
ItlHI Ton lie!
Hilt I 11 Trui
:m I ! I
pin -SI S Si I
s
1 1 mtui ini'U
14
I"',
:iii',
-'P.
S.-l
:t-j
!i.".-.
lo
1 .10
1 j w p tn
:
T's's
(0 10
1ISL. 1I.S.1-J
11'S l.'-'s
!'. HL.
II II
:!ll7. 41)
too
100
.100
loo
ion
uoo
.n
too
Hon
icn
lion
4900
ion
icn
ion
tr.on
1 000
.100
.too
uOll
.toon
1500
coo
4X00
loo
700
1 too
1 900
i;oo
too
1 (00
IMOil
t'.'OO
loo
4ion
.too
too
10,1
ton
300
:on
100
moo
4000
too
1600
ma
:on
700
isoo
37400
0ll
ton
A 00
non
too
.too
400
.ton
soo
too
soo
noon
join
.tsOO
400
inn
too
non
too
lioo
500
ton
;oo
.no
ton
ion
son
:t0o
1i'.ll0
to.ton
inn
inn
onn
iosoo
non
.oo
M.tnn
10(1
7000
son
1 mi
too
100
non
moo
21m
400
100
soo
.ton
non
son
.t-:nn
.too
Km
40H
ion
1000
joo
ion
4011
1400
4000
0100
ton
16000
400
no
J 1 00
100
.'.00
tsoo
00
700
oon
1000
son
1500
ton
mo
inn
.toon
ton
a i ini
40(11)
4 011
.III
400
3IIIIII
1011
1 no
.inn
too
l.lim
.100
7 on
ton
j 7 on
tr.no
100
it.too
HlKh
Vdatns Kxpresn non
Advnnce Rumely . 3HU
6 AJs-t Rubber OSU
Alaska Gold Jtlncs 1
Maoka Juneau U 5! . 1i
Mlls-Cliatmfrs . . SOiJ
n Am Agrlo Chem . . 8
.1 m Dank N'ole pf . . 41
H Am Beet Sugar ... Mi
10 Am llosch Mnfflieta . 10Ti
Am Can 40
Am Car 4 Fdv .... IUVa
4 Am Cotton Oil . . . . 44
no Am Druir Syn . . ItJi
Am lOxpretoi . . V19
Am Hide & Leather U
'. Am Hide & Uathci pf l7
4 Am Ice
Am Internat Corp on
x Am l.lnseed . M
m Locomotive 'S
Vm Mnfety Razoi isit
Mil Ship & Com . ta?
4 tn Smelt & Ref . o
Am Smelt Sec A so
s Am Steel Koundites 0
7 ni Sugar Ref ISO
in Am Sumatra Tob . M'i
Am Tel & Tel.. 4
it m Tobacco pf new 91 U
A ni Tob Sec temp ofts 57 '4
7 m Woolen tl.t'
Am Zinc lad & Sm 1J
m Zinc Lead & Sin pf SI
4 Anaconda Copper 4M
4 Asso Dry Uooda a
fo Dry Qds 1st pf .l
7 sso Dry ads I'd pf t
7 Vtl Refining Tr nf I0?'
tch Tol & Santa Kc 1S'
A Atch Top & S K pf 73
1 Atlantic coast Line. 88
li All Gulf & W T S S.14R
.t.AO Ualdwlii locomotive. i3U
1 Haldwln Loco pf I00'
Haltltnore & Ohio .It's
1 Ualtimotu & Ohio pf 43 'j
Darren . . 121 'i
lletlilcheni Motor? t.t'i
A lletlilehem Steel . 91
a Hethlehem Steel B 9t
7 Hethlehem Steel 7, -10IU
k Hethlehem Stl 8rc pf I0
Booth Fisheries '
in Hums Rroa 117'i
Uutte Copper &. Xlnc. 9
Unite & Superior Cop. t234
Caddo Central O & R. 17 4
California Packing . .
California Petroleum
4 Calumet S. Arizona
10 Cnnadlan Pacific
A Central Leather ....
4 Ccrro de Pasco Cop.
In 'handler Motors
4 1'hesapeake & Ohio
3 Chicago & Ot West pf
. Chi Mil & St, Paul. .
Til MU& St Paul pf .
7 Chi & Northwestern .
x rii Pneumatic Tool
chl R t & Pac . .
6 ( "hi R 1 & Pac 6 S, pf
Chile Copper .,
I.Od t blno Copper
("lev Cln Chi i Si L
I Coca-Cola
3 Colorado Fuel & lion.
A Columb Oas & Elec.
t Col Graphophone . .
Col Craphophonc rts
1 Comb-Tab Record
7 1 onsolldated aas
i (.'on Interstate Cal M
1 consolidated Textiles.
7 continental can ... .
1 Continental Candy ..
1 1 orn Products Ref
cosden & Co ....
I'j cruclblo Steel . . .
in Cuba Cane Sugar .
7 1 'uba Cane Sugar l'f
in 1 uban-Amei sugai
7 Deere & Co pf
Delaware & Hudson
Denver & Rio G pf
nuluth So S & At
r.ll; Horn Coal
7 Lmerson-Branting: pf
s Kndlcott-Johnsoii
7 Hndlcott-Johnsn pf
., lire
Crie 2d pf
H Fatuous Playeis-L
X Famous Pla.veis pf
2!30 Kt
IJw INYtm) Cn
30't 30H.J. y,
IH 14
MJi- H,
41-3
- 15
10?i4-.aFi !
3H- 1W
mx- an I
4tV4 ..
tin- v,
itt ... 1
10 - k;
!4- Ui
41H H
871S- 1H
t-VA-
14- tji
HW4- H1
tH- 14 1
ft . ,
80 4- l4 I
4014 .
I.V4- li
so - J4
VA-
108 4
1W 20
5 -3W-110
-M
-
I07U-
77
7t'4
SB 4-
143' -
IM'A-
100 54 -
3tl4-
43J4-
ilVA-
ttH-
89
?4 h
101 14 4-
109
304
01
I10;4
7tU
40
14.1
51 ,
ti'
33
48 U
sn
85 '2
3t'4
60
I0'a
3t'ii
4JW
34 4
as
38 '-j
30
IH
40i-i
St 4
14
40
UI
13
934
41
143
494
SO
300
96 U
9l?
till
3 4
;t4
80 14
I034
98',
ltU
I3?4
7t
SA
Federal Mln A: S111U pf 37
3
III
A
Fisher Body
Klshsr Body pf
FisU Rubber
Frcelioit Teai"
Caston Wins A: Wig
lienerul cigar deb pf
Ceneral 'Rlectilt
Ceneral F.lectri. us
ieneral Moti rs
ieneral Motois 1
1 Ceneral Motors cits .
0 (ieneral Motors deb
7 Gen MotCTS deb 7'. .
e Coodrlch B V
; Goodrich B F pf
7 Gieat Xorthein pf
1 Gi Nor Ore ctfn
Green Cananea Coo
Gulf Mobile i n '
i ask.ell i: Ban.er ( ar
I Hupp Motor Chi
.mi Indlahcma Ref
H Intplratlon Co'i Cup .
lnterboro Con i.oiu. . .
Inter Coil Corp pf . .
6 lnt AKflcul ('oiu Pf .
H lntl Harvestei New
! lnt Harv nf new
lnt Jler M.n n
ij ini Mer -Marine pf . . .
Inte111.it Motoitiuck .
. . lnt Mo Tiuck. Ms
International Nitkel..
Internatioiidl Paper . .
a inter Papei if stpd . . .
. . Iron Products ( orp .
Jewel Tea pf .
2 .lones Bios 'IV.v
4 Kansas Citv Southern
Kay set -.lulus Co .
4 Keily-Spg Tire . .
7 Kelsey Wheel
Keuneuoii Copper
l.to Keystone T & R
A Kreuee S S
U Lai kawanna 5leel
1.11
1(144
3t'
tt'
13',
81
I4S'4
300
77 Ji
taw
714
80'
OS
9t
74
35?
30
I3U
C4U
18'.
"JIi
. 5tH
. 35.
. 11 U
. 7974
its
.ioa?4
. 3tf4
. 88 '
.107 "2
. 54
. t0' 4
. 704
. 7t
. 4t
. 38
J3 4
14
.100
till
. 70
8
30 U
147
81 ?4
ABU
or.
li
tc,
344
83',
41
88 4
1 00 14
39 H
ItsH
44 4
Wt
It?
19
414
87 4
81 4
91
It4
3? 4
.19
80
404
170V.
84
mv
91 U
.7S
100 4
tA'i
eft
AJH
3S4
lift
A I
107 '4
77
Jt
A
I434
110
mo'i
314
43 4
Itt "2
T!a
s9
88
101
till
0.
117
It'.
I7H
774
:to
m
II6'(
At)
II
140
A0
tl
33
48!i
.s0
8.1 4
.10 .
A0
104
31 ?4
45
34 4
3.1',
37 4
34 4
14
494
8t
n'
304
88 4
It
91 4
41
131
48
80
5lin
8C4
90-
III'',
34
.;
804
I0H
984
It
13
liH
84
37
130
104 4
314
SI
It
81
14t
134
80
77
ts
71
0
04
lit
!
71
X
A
"J4
H,
4
1
it
4?l
I
4
4'
H
3
Ui
Va .
8lf
400
1000
100
100
5300
900
100
100
ton
too
30
100
500
600
too
7M
1A0
6100
500
too
.t(fl
306
600
1100
100
160
too
IttO
MOO
too
117
4-
tt4
I7J4
77 44-
30
61 -1164-
89 -
14
n
14
1
74
34
44 - n,
140 - S
.10 - 1
II I t
33
48 H- 4
80
854 - 4
son - v
oft - 4 !
184- 41
313J- 4 I
4.1
344- 4
.134 H 1
577- 4 I
34 4 - 4 4
1H- H
49 4 -
8t 1 -itH-
1
37 , - t4
884 .' '
It
OtJi- 1 .
41 4- 4
133 -104 1
484- 7,
80-1
500 -105
904- 34
90 ?i- 4
104- 4
34- 4
r
74
35
30
13
Al
18
'U
17-
34
114
794
m
1004
to 4
8t
100
3
94
A3 4
7t
41 4
3S
-3 4
li
100
107
70
t;1.
wn
147
75;,
tt4-
80 4 -100
984
It
13
6V4
85 -37
'
131
104 4
31 4
tt
It -N4
-
lit
17.
t89
77 J4
t87i
714
.HO
A4
t
74
3.1
311 -13
At
IN
U
517,
3H
114
707. l
1t4
109 n -
494-
8t;-
107 4
5 -
194-4-7t
414
38 ,
!34
I34 -100
108 -711
t7 4
304
147
77 4 '
l4
1
I
14
14
tH
3f,
4
7
t4
M
4
3H
14
'4
14
H
.4
4
4 '
4
Vi
3 4 ,
I
t4
t
4
1
4
34
'4
34
14
too
too
700
600
400
too
800
too
1100
100
100
l0O
1 too
10(1
ttoo
100
1900
300
700
300
ton
100
tocoo
1900
1 on
8300
300
100
tooo
too
1000
11100
toon
too
too
1500
100
1400
ion
100
4900
100
tooo
14800
too
1400
13900
ttooo
ton
ion
toooo
ttoo
too
1.100
300
ion
ton
100
1300
13600
70(1
9,100
1500
too
on
H00
ion
1 too
39000
too
too
.1011
7700
tun
43011
inn
too
90A
uoon
100
too
1 mi
l ton
1300
80(1
too
900
tOU
ion
3 1 no
400
3300
4000
1400
Ition
900
100
75300
1400
tooo
too
14900
110(1
ion
inn
ion
too
ion
MOO
.ton
too
ion
itno
..00
ttoo
1690(1
ion
100
100
800
Plv.
In I
Lee Rubber & Tlie
S.An Lehigh Valley
7 Liggett & Myers pf
f.lgffett & Myers its
1 Loewe Co
. T.oft Coip
. Loose.Wllen Biscuit
7 lOOte-YV'ltes B 1st Pf. 64
it lorllhitd Tob
7 Louisville' &. NashvllIelOti,
10 Manati Sugar Itt
7 Manhattan Kiev xuar i
Martin-Parry Rts
. Maxwell Motor
Maxwell Motor ctfe
7 May Dept Stores
7 May O'ept Stores pf
10 Mexican Petroleum
Miami Copper
1.60 Middle States Corp
4 MldVale Steel & Ord
. Minn & St li new .
Mo. Kansas A Texas
Missouri Pacific . .
Missouri Paolflo pf
3 Montana Power .
7 Montana Power nf
. . Montgomery Ward
Nat Aniline & Chem
Nat Aniline & Ch pf
National Biscuit
Nat Biscuit pf
Nnt Enam ft Stamp.,
National Lead
I Nevada Con Copper
in New York Air Brake
A Kev "Vork Central .
t.30 New York Dock
New York N H & II
7 Norfolk &. Western
1 Norfolk & Western pf
7 Northern Paclflo . . .
A ovn Scotia S & C .
. .Vumilly Co
4 Ohio Cities Gas
3.30 Ohio Fuel Supply
.40 Okia Prod & Ref
H Otis Klevutor . . ..
. Otis Steel
3 Owens Bottling Mach
4 Pacific Devel Corp.
Pno Tel & Tel
a Pan-Amer Petrol . .
a Pan-Amer B . .
I Parish &iBIuk1i.iiu.
3 Pennsylvania R R
. Penn Seaboard Steel
Peoples Ons Chicago
. . 1'cro Mauiuetto .
1 Pcre Marti prior pf
3 Philadelphia Co
Plerce-Arrovv Moloi .
I'lerco Oil ...
K Pliica Oil Pf .
A Pittsburgh C of P
. . Pittsburgh & W Va
Pitts & W a pf
Pretsed Steel Car
Pressed Steel Car pf
Pullman
Punttt Alegie hugar
Railway Steel Spilng
Ray Con Cop . .
Reading
Hemline -1 of .
Remington Typewruci w
Rcplo Steel 2.
a Itepubllc Iron & Sttel 9A
7 Hcpubllo Iron & Stl pf 87 4
4 Republic Motors . 4'
j.to Royal I.nitch Amer IU7
st tiulM San Fran tlH
0 Savage Arms .
.. Saxon Motor .
Seaboard Air Line
Seaboard Air Line pf
11 Seais-Roebuck
Shattuck Arizona . .
.74 Shell Transport . .
. . Sinclair Oil
o Sloss Sheft
A Southern Pacltlo
' . Southern Rail
A Southern Rail pf .
to Standard Oil of N J
7 Stan Oil of N J pf--A
Stewart Warner Sp.
4 Strotnberg Carb
7 StudobaUcr
A Supeilor hieei
. Termor Corn & F
Tenn Cop & Chem
l'exas Co
Texas Co GU Paid
Texas & Pacltlo . . .
Third Avenue
Tidewater OH ....
Tobacco Products.
Transcontinental on
Hlh
41
tot
isk
30
17
56
114
ti
its 4
tot
1704
. 4
334 '
4
it
8
t4,
. 40
. 3?
95
3t
614
85
l13l
1114
. 7t
. 77
134
954
, 70Ji
334
, .84
10
, AA
. 74i
. 314
, to
404
5t4
4,
130
. 1754
.13
70
39 4
03 i
. 89
30
. 104
ts;,
. 33
ti4
At 4
. 364
. 57H
. 104
867,
.18 4
30 H
764
08
100
.113
10A4
917a
179.
. 884
40 4
OrSn Nft
l)w (NTTtm) Chr.
;.ju
J8
14
7?4
13
tlA
04
77 4
3AH
07
94 H
ti
A.I
69t
1044
4t4
714
. . 109 4
. 48 4
A' 4t
. . 104
. 454
l8
3794
.. 1-14
..191
634
154
Tralisue & Wins Steel. 53
J.30 Twin CUV '"
X Cnion Bag i Paper
fnlon Oil
in L'nlon Pacific
4 United Alloy Steel.
8 United Drug
12 United Fiuit,
. . I. nlted Rwy Invest. .
Unl Hv Invest pf .
8 United Retail Stoies
. u s c i p & ray...
L S Foid Proaucts . .
n. u s Ind Alcohol -,x
U S P.valty & Imp
A U S R'ibber
ACS hmilt & Rf'
3. jo U S sn.elt k. Ref pf
U S S;eel
7 U S Mt-el pf
11 Utah copper
Utah S.o I
A Vanadium Corp ....
4 Va-Caiollna Chem . .
9 Va-Cai Chem pf
11 Va lion Coal & Coke
Wabash
Wohahii pf A
Wells Fargo lixp
Wesurn Maryland..
Wesiei 11 Pacific .
1 vWar-in T'llk'Il Tel.
7 Westmghousa A UiaKen.i
1 UVutiruhnllRB K & M 49 4
Wli-e'lmr At 1. B. . . 9
4 Wliltn ilotor
I Wilhs Overland ...
7 Wllljs-uverland pf
Wlhconsln Central .
A WIIfi n A: Co
6 Worthinglon 1'uinp
t94
113
. t91i
117
. 437,
.134
.to
10
tt4
A94
17 4
04
84
33
1004
1134
454
USH
108
Cifl'j
84
784
67 4
104
90
H
3
5t 4
97,
2SVi
84 12
30
41
lAt
I3H
t8V'4
164
.
64
13
11
111
46
tt
to
144
tot
166
tl
314
44
lt
7H
t4
46
63 H
91
30 H
604
85
113
111
7ft
764
13
4
69
34
37 H
ft
66
7tH
58
to
39 4
334
4
lt7
t7
34 4
61
39 4
897,
84
36
39 94
t34
33
234
4
36
54',
III
' 8674
57 ?i
t8a4
764
95
ion
113
1004
I4
17
8K
4n
67
71
90 H
974
41
109 4
314
574
134
7H
13
t1
!.
78H
344
A5
13
to 4
33
690
10374-
4t
113
lotS
47
4t
10
44
168
33 4
It4
ino
At'2
14
3t
t8?4
, 113
t8 7,
1154
43 4
134
to 14
14
JI4
6A
17
I, (I
.10
t
74
14
H
3
14
14
4
14
3
4
H
I
?4
1
H
4
I
IH
4
4
IH
I
H
I
14
14
14
i
3
H
4
Hi
1
55 4
184
804
t7 4
66
71
A14
45 4
9t4
107
05 4
."'
74 4
At',
104
96
H
Tt4
it 4
9 4
t5
84 4
113
48 4
94
337.
I7S
s.04
t7 4
06
304-
414
10 '
is4-
t9
164-
50 -
184 -
135 -
101 4
111 -
46 ,
I 4 r Vt
tl - 1
to -l
lt4 F
tot
1684- Vt
314 v H
3t4 H
444 4
1U4
JH-134-4ft
r
ts -
30J -
61 -
85
113
1114
70 -
764
13 -.184
694
34 -t7M
-to
-
A6 4
1-
tO r
34-
3t4-
44-
1t7
ii
34 4 -69
39 4
99 -86
3(1 T
40
t3 4i
33
t.14
6t 4 4
36 -
544- t4
16
864
47 J4 -t8i-704
95 -
100
113 -r
101
9174
-40
07 4 ?4
79 - '4
!- 2W
97 4 U4
41 - 1
Itt f 24
t!4
58 t
13
tlO r
07,-
75?, -
344 -
115
93 -
to4-
.1.1
list
. 10374 -
4t
A5 -
ioH
47 4t
in
44 -
1 1.8 -10
34-
lt4 t-
191 -t4
6t4-
14 -
53
t8 Ji
IM t87.
117. -
43 4
131
to I 4
97,
tl 4 -on
17
0(1
79
01 12
4,14 -
107 -
65 4-
84
714 -64
4
104 9A
h
ttj.
At 4
9 4
!5 -84
4
113
484 "
?i
S3 7,
-
t7 4
06
67 -
IMIiMlr.WrMI
111 riiinn rihiiii i
HlUKDIVIflrCI
it.
I I
74
H
4
I
t4
a 4
Stocks Break Abruptly Under
Moderate Offerings.
Oils Firmer
New Vorli. .Mav It. Some of the
Mocks traded In on the Hroad street
curb thin morning 'reflected demoral
ized trading position, breaking abruptly
tinder moderate offerings otid finding
little support, even when disastrous de
clines occurred. '
General Asphalt attracted most at
tention, yielding from 73 to 08. There
wa pressure against the Curlb Issues,
which may have been due to fears that
a change in the Mexican Oovernment
may interfere with the tights of tbnt
company in Columbio.
The pocking stocks weie also heavv.
although the downward movements 111
those issues were more moderate than
in the other weak features
Tlie petroleum stocks acted In a
firmer manner than the industrials,
some of these issues being iu good de
mand, with a brink demand fpr Domin
ion Oil.
HoiihIou Oil ranged fioni HO to 87.
White Oil was sternly with sales nt lit!
to 2o. Oklahoma and Texas Petro
leum, one of the lowest priced issues,
was in good demand.
INIIfSTKIAI.s
MAY, 1920
454th Monthly List of
Payments to
Investors
THIi attention of bondholders Is called to the following list of pay
mants of principal nnd Interest due. In Mav on first mortKnua bond's
safeguarded tinder the Btraut Plan. All these bond Issues are
amortized bv annual serial payments of principal. In addition. v
i-eoulro cich borrower to make monthly deposits In advance from the
earnings of (he mortgaged property, thun automatically providing the
cash to iibV both Interejit and principal on the- days tlue. Funds,
ther'fore. nre now ready to meet the following semi-annual Interest
coupons and principal maturities.
Interest and Final Principal Payments Due, Paying the Entire
Bond lasuei in Full
ll.rtard HWr iCIilesBO). .
Mloiivlll IHils IChlcMoJ
HUckbiiinf Apt" (Cnlcaso).
.Into'! Douslaa RliU (.'lilcto) ,
m A' Ardmeie lilda. (Chlcoro).
1st 6's lip1alneit Uldg. (Chlcto)..
Acnin foul . .
Aetna Kxplon . .
llrlt-Amer Tob ret
Urlt-Amtr Tob ioup . .
Columbia Kmeralil . .
Cubati-Amer .Suk
(Jenaral Ai.phall .
Hercules Papr . ...
Heyilen Chem . ...
Key atone Slolnthsr
I.lbby JleNell
Carboi.' Steel .
Mercer Mntora
Nor Am Pane r
Perfection Tire , .
Pressman Tire . ,
Radio Com
Itadlo Com if
Swift International .
Sweets Co
17 S III-h Speed Tool
t: H Steam . .
United Plot Pi oil
United Profit Hharunr
United Jtet Candy
Union Carbide .
ltalner
Singer
11111
.1
. 'J11W
-QV,
I
"I
;:i 1
I
74
4
14
A
4
14
74
4
IH
H
0
4
8
4
114
Ohio on
Prairie P I.
H Oil or X Y
acuum Oil
HI1.
js
inn
is
A'l
J',
J'
'-'.
1".
!'
Ill
ii
. t
11
A.'
ir.
13"
8T,M(ARI IIII-1?
. . 3.".'
4
IIW
8
2(
-04
A
A3
84
21'
AN
II)
J7
I on
ts
Si!
1:80
a m
t
H
1!04
VOI,
II
At
A.
Ill
-'8
inn
IK
-i
3A'i 38'
l' I'l
31 31
24 '-',
3 3
14 , 1,
14 ' t4
nn4 iu
394
39A
44
180
A.".'
L'20
Stlt
38?
4A
130
3J2
J'.'O
314
3S3
Interest and Serial Payment Due
((Jhlcatn)
Terminal HidK.
tal Aa Heven Kims Illdu. (Chlcajto).
vvrecsina
(Chl ) tat A' ChlonKO llouan
lat hi v nicBxni , ,...,
tat A'h rolonlal rarkway Illdn
Po
-i It),
(N. T List As
Ruin)v Hid
VfafllanM Ten
t'll.- ItMe- (ChlCAirO)
Weatmlnater lllilg. (Chicago)
llvan HUlaa. (HI. Paul) .
v?non Ave. Hldir. (Ohlcago).
firre-nVnrV'iu l'o DeirS t ' S 6'S ockford Vlfirm'oclitoVa: III V ' R K
Vtounment Kq Hid (Cnieaso). Ill ill ""'"3"'1 "" , iv-ai.
tat A'a I.oeb ArcAde lima-. (Minneapolla). tat A'
iidiwuvi i.uuu jiiug, 1 v.int;aKOI . . lat As
1st A'a
lat A'a
Hex Arms nidg-. (I)etrolt).
.1st A',
Illdr, (Bloux.
Hhrlver-Johnson
Miamoiith lllda (Ml. Ioulal
Park Apt, Hid , (St. t.ouis).
Ilxeter Hid (Ml. i.oula). .
Viirk ll'dt (Ht Uoilla) . . . .
Sherwood llldr iChlcato). .
1st 11 s
lat A'a
lat A'a
lat A'a
oaro)
ICefler. Ave
UIKO)
CI.
'lild'a
Albion Hid (Chicago). .
tal A'a cnaoi 115'.',
I" ".." tit ,iMku-liH rt DM. ink) .. .''.-T. "
la- A'.
(Chl
1st V'
J.-..M " 8',
icni
Weshlnaton So. tllrig
lat A'a at. Mlcnaelin CI. Bldg. (Chicago) tit 0
Interest Coupons Due
INIJEI'IIXOK.NT 011,8
All
JII',
271
3U
A'a
S's
I3J.
I'.
A
Allen Oil . . ..
Allied Oil
Arkansas Xntural Oos
tloston Vomlnir .
Ceiflrat Sivn I'et
Clltea Service "fl clfs
Continental lief
C'oaden t: Co ...
Unmlnlon Oil
Klk Basin Pet
Unalneera Petrol .
I'ederal Oil
Qlenrock Oil .
Home Oil
Houston Oil . .
Hudson Oil -
HughDH Petroleum 3A
talund Oil .... A'-
Kav County Ua . . . 2J
Llvlngaton .... l'
Oranada ... 12
Merrltt Oil . 134 '
Metropolitan l'et 44
Ohio Fuel 2A
Omar Oil '
Pennok Oil 314
Producer L Reflr-eis ,"
llvan Oil . . ;'
4,11 C...L trml . . AS
Hequouh Oil .... S
I Himma Pet !
, Skeltv Oil
Suencer I'et 1J
Stanton Oil
Suuerlor Oil 1"
Taxaa tanger .1
Texaa l'acllle CJl '
I Vn Texas Oil '!
I Victoria Oil nw . . "
. IVhelell Oil ... 1
ni.iu r,il . In
?4 I U'nodburn .... 4
1 4 I Oklu Oas ... 3 ija
'i
1 4
?4
tH
3
4
4
u
V,t
4
3 4
4
14
IH
J4
I
I
14
i
1 7a
14
1
4
Pittsburgh oil
Shell rta
MINIMS
Alaska Brit Columbia . .
Alaska Mine
Amer Tin t Tung
; vrlsonu. Silver
Atlanta .
Bolchec UiMde . .
, Uouth
j Bunion Sl Montana
Cal.-1 Mining
Calumet i .leromi) . .
I Candelarli Mining
i Cons Virginia.
Creaaon (lold ...
Crescent Alexandra
Cortez Silver
Dome llxt
Kl Salt udoi .
Kinnia . .
Kureka ('roeaus
I Ilureka Hollv
Torty-nlne .Mlnlna
lioldllelit Cona . . . . .
iloldfleld llcvel ...
Huldflelil Kevvaiiua . . ..
itolilftelil .rerger
Ooldfleld Zone .
Hecla Mining
Jumbo Kxl . . . .
Knu Ulvlde
Ma Niimnra
Mother lodi
Mni her I.ode new .. .
, Vlunay AIok
.National Tin
North Slur
uphir Pllvei
Prinre Cons
Il Cona
Iloiliesier Mlnea
Hope ilroup ...
s u..r KinB of Arizona
s. "Jllver Lead
I Tunopah 'aah Hoy
; 1 moiiili Ulvlde .
Tonupali 1-xt
Tnnopah .Ilm Butler
Tonop.ih Mldwa . .
Toiidiuti Mln
Km, .p. ill vuzpan
20
4
27S
31",
4
N'.
1S4
SJ,
,1'i
-"t
HJ:
87
3..'"
A4
2
14
in
1.V,
4
2 A
4'i
30.
74
a'4
37
.
l!i
111',
HI
17
1
7 A
I
1 '
1
2 A
44
3A4.
124
21
7
4 I
n.1 sa
HI 31
A '.
ii
a t
'.
AS Ml
.111 AS
2". J'i
in (i
p. P.
i . I A
IS IS
ii ii
ir,
I'd
3fl.
&
13S
.r-
2;
2
87
3AS
r,',
14
114
'ft
til
4S
34
in
ins
X
17
t
1 I
t
I1
3
124
J1S
.
K
4
Hi
31
3
'4
AS
All
24
10
14
k
a
National Ass n Off. IHdg. (X. Y.)Ut A
r. ... jl nnvtiolda Co.. Inc
(llrooklvn) ,
nroadway Bldit (Chlcagol . .
'olllnjrwood H ock (Detroit) .
Alctr nitl. (Detroit). .
Klrvvood llld. (ChlcRBOl..
VVIIahlre Apis (l.os Angeles)
Wllson.Jones Co. (Chlcaieo)
It Klectrlc Hide. (Chicago).
Oarfleld Park lljdg (Chicago).
Jordan Apt. Hid (Chlrago). .
Kalrford tlldg (Chlcngo). .
I.archmont Apts (Chicago).
South Ceptral Iltdg. (Chicago)
Southern Holel H!lg. (Balti
more, Md ) ,..,. i
nntfi.nnii A Co (llrooklvn)
Standard amih Co iVnrl
oils Cities) tat A a
lat A'a
1st A
1st A'a
1st A'a
lat A'a
lat A'a
1st A'a
lat it's
1st A'a
1st A'a
1st A'a
1st A's
lat A s
1st A'a
1st A a
tlldg
lildr.
(Ne
(Wash-
Hotel Hamilton
Tork) ....
Chanstellnn Apt
ington. u. u.i
Victor Bldg. (Cleveland). .
Wlnthrop llldg. (Chicago)
Reynolds Bid. (Chicago)
Berwick Bid. (Chicago).
Salisbury llld. (Chicago)
Aberdeen Btdg. (Chicago)
The Homestead (Chicago).
Flathush Industrial Bldg.
I llrooklvn)
noawortn Ave. Dit. chcimi ii i
Clyde Bldg. (Chicago) 1st tl
Curtis Court Bldg. (Minneapo
lis) . ft
Turner Ave Bldg. (Chicago) 1st A
Hotel Conper-Monatab (Chica
go) 1st
NKtt KIRK
:itii!(iii
DKTROIT
c-i.i:vKr.AM
BOSTON
1VAI1I0T0N
IllIFFAI.O
MINNKAl'OI.IS
riTTSllURtill
SAN KltANCISCd
MIIAVAfKUK
INDIANArOLtS
Thirty-eight years without loss to any investor.
31 n-iraajaJLaaafo
4't
A
IH
u.
II
A
S
r,i
A'l
7 A
4
IS
Ex dividend
Ex rights.
TiiiopHh Motilana .
Tuiiop.ill Rescuo hula
I'lllleil llaatern
VI, tory Divide . . .
V eat I Ind ('ons . .
White CapJ
Wli'te Caps Kxt
Wilbert
Yeilngion
h. 14
I tl 1
IK IK
12 12
1 4 I 's
12 12
14 14
IN IK
:i. 3 A
It II
1 I s
II II
IIOMIS
New
FOREIGN EXCHANGE j
VnrU. Ma J - Nominal nuoia-
Commodity Markets
llid
Alnei
'
Tel
keia As
Ha III.'-
:;c.4
tut
-- i
vr: :
I'H
:cj :
i-i
'.Ci !
..iiiPH ni
En, haru',
.:ii4
Jl i.i...
-- i
s". -
i ;
- T.
H'a-r- Bi!
!'"' :,i
n with )iat
tlons at the openiK of tneiore.K --
cbange
Kuropea
Quotat
Detnan
steulng
cnei'KB io di. """" .-,? ' .i,.nLa , miiveinen
nil1 sXR,,.ableJ "61 . clleck. 5.6S ! ndvanted prices as much as (10 points
iuUderleH3?'. .hed 36.: pesetas. ot the htart on Mime of the new cn.p
cables 17 clwcks 16 S3. Stockholm ca-, postioiiK. increasing the rise later on
hies : l 3D. die.ks 21. 1B: (-hrlHtlarila .ont,ml(j K0,)(J H111)p0rt from Wall
cables 19 30. checks i'j in. j opej" '""?" i street, the South aud win; houses
lull- nnened at JsU'ac to !t0c. auainhl
a. ..".. tlie close Suturdav. and advanced Belgian Clovt Ua IU24
llllS',, Knntenilier started ill l.ei!. '..'. "l '
.,,..-... -- .., --.. . uooancn
Mill. (Is
has
st
''A'
711
7(l'7
on'.
IIA4
SI
fiAli
TO
4.
A
7 H
4
IK
7
i.
i.
18
12
14
14
IH
34
II
I'.
11
70'y
II3
li 114
K4
11.14
7IF
i
H. H. Franklin Manufacturing Co.
(Franklin Automobile Company)
Syracuse, N. Y.
7 Cumulative Preferred Stpclc
Additional $1,000,000 Issue
in I'vya
.., -. ..-.. .j,., THi'. IHHl IlinVI'll till in Tli'ul. IiiImt It T 7
r"' .,--- . - ,,, . -I 117. 117 7- !ITi
maraet mi" "lu''V,".,"p( ' COTTON MARKET lleceipiu oivvneiu neie touu.v were .1 :r":' "'.' i,' . ... nSi i,h. 9S;
n exchanges generauj """ i,.i..,. , (nrn. nzalnHt 0 cara lunt year: at .Mm- , v..i Kia.tur 7s tw. 1)84 uaS
rA.s ...-: .;;;-:s:k,,j .r.sirr.i:!1 , 1
.i:n?i".s ; '' ': .'a'..riS checks , the l.-ar.iliii.i Ktarreii a ires. ou ng U; .- - - - . ,".,., ;tl7' ..,.. I ... " --.' -"" ,, " JJ. 7J. , ..
. in .'.., .a, line mnm.nv unm, ....-..'., 'tiu.n. uv .. --, .vy.i--i ,n. ,,,-icu ,c
L III UllUI lUl" in"' .. .. ...... .
i.oadlnr futures ranged aa follows.
(Chl' jcu tlmi.)
Open High l.o'V Clo.t Sal
I
Jfe.
HO""
T Id
llllNlls
II ao
'Government,
Municipal ,
Railroad
Corporation and
Utility Securities
ii1.'
:i
Mn ' ill- V
Km .1-
a'duiii I."
l-l .'s
ili I'mnds
'.M I 4
::! 4'4e.
Hh 14"
'111''.
:m;
i 3n
p III
ll'1h
Net
ihgo
-uvi..u 1 7 05 tbetks lb an. mariv . .
UVTCHDAYS KINAl. QUU I'A i tu.so
Slerlli.g Prams
llelllHTid 3 V,". Id 72
,.uki.. a ..1 A 7o
lOti.WIS .'ITMNvl yfOTATlONW
.1 .'. IH il7 -2 1
I. Ire Uullilem
hih
J4
22 2.1
Later thete was h vvitlidrawal of
biiving. attended by recensions; of nbniit
'r' points from the top, due. in part,
to easiness In si-cmities
D-HUIld
i ablK
S Slj HI 111 2J IA
3D , '
30 4 I
v. :;u s.'i.:',n .Vi.ilfl TO
liii.di) Ml iu mi.DJ .ls'
v.! vi H.VHt! 8.". 70 1 1
!)ii ..ii '.Ml. Hi SHI.4II .'J
11 I'm tern ctf.KH'i Kll'4 HUM
ion I'hil 1.1"
i.tv 11
i"
MONEY-LENDING RATES
M,V VOItK '.Money on call, both
, assen of collateral, opened today -at J
u,i ient for lending and renewing
' ' ., .':..v,i- ii,,, time raonev market
ii uiu ""?, - .. vrv
lulv
O, lOb I
DeremliT
.iHii'Mn
March
s lime
Prnvioue 1 1 30
rluae Open a ni
40 2.1 40 In 411 111
nS 211 AS II AS 20
AA 4A 31 Al al 7A
. 31 70 34 8S 31 04
34 21 31 'ill
. 33. All 34 DA
Corn (new dellver)
.V.4 1 77 I 78 I 7A
Julv 1 AA'j I " 1 A14
Hnl,
Mav ... 1 u34 1 01
July . . W' "'
JurOr.K3A,50 'aO nr,
Ijird
.May . . 1.7.1 1 H7
I July . . 20 Al 2U 7.1
:M.fy,bri7 4.i'.7:,n
July . I 5 I" ''A
Bid
BANK CLEARINGS
l
1 UG'i t 1134
Uelpts. 4.1 dOO head, leftover. 4401 head First
aie n light nnd IIkIiI butchers mostly
atadv. utbera slow. 1 B0 paid Average
Icom Haturdu. $14 10.
CATTl.U Estlinnted receipt. 17 000 head
SHKI.I' e.tltnateii recnini io.uiiu ueau.
I nj'i 1 ni1. 1 irj
nil's ttll'i 8'j'
3A Aft 'SO 0.1 3D 71
Hi 7.1 1ft 0.1 IP sn
2U 3A 20 7A 20 .15
17 II 'IT 111 17 Ail
lt IT, lb 52 IK 15
llll.l.ii..l.. 'Mm,
I'.'lKI head Higher,
rra. H'.'fiiri )ws
lecclpts 1201) head
iiuup iveti-ieis
'.I CATTLE lleieluta
Steers. 114015, lielf-
IH.Aiiwio nn. Culvea
Hteadv 'I'nii. 11.1 AD
4.10O bead Steffi'
Price $100 Per Share
Dividends accruing from date of issue
are payable
February 1, May 1. August 1, November 1.
i
Dividends Exempt from Federal Normal
Income Tax.
After depreciation and taxes, earnings for
past five years averaged four times the divi
dend requirements on preferred stock out
standing including this issue. In 1919 these
dividend requirements were earned over
seven times.
For Circular and Subscription Blank address
H. Ha Franklin Manufacturing Co.
Syracuse, N. Y
t&vxttaaizpsB&BimatV3!&iaBmamaBB
1st n
l.t As
1st A'.
I'Ui '
tit A ,
1st A'a
l.t r, .
1st A i
l.t A .
tat A .
lit n ,
t(t A.
1st A a
l.t A's
Coupons duo In May should be sent to our olllco for payment nt
once livciv Investor should post himself on the Stiatis Plan of nafc
guarding Invested funds. The aboVo statement Is our 454th Monthly
table of Interest and serial payments, on which there haB never been
a Blnitle dav'a delay In navment for 38 vcar.s. Our booklet, "Safetv
and A." IH tell yon why. Write for tt today. Ask for
Circular No. 390
S.WSTRAUS&CO.
ESTABLISHED 1882 INCORPORATED
STOCK EXCHANGE BUILDING, PHILADELPHIA
Joseph U. Rubin, Resident Manager.
1 .t ."is . . . .i
I lldid'p e Is 7V
:', ."i I ui Itw vs
i i A- . I'.
SI',!.,
T.Vj
II
Ml',
II
Hank rlearinga lodav ioinpaie.1 nun
responding day last two veara
11)20 lnifl 101
rhlla jsi.ajnaiu ns oiin,4HA U4 S.I.
1
BUTTER. EGGS AND CHEESE
V
m.
1
IK
IB .'
aMifiMStali.WlirjailJif'niril'
''1
:cTrtoer vm
II ' Slock tflC'Kliioe.
fl ilrte pilo
fl-jfi --
IV... n.nnii it nminc
vA BAKUAir. in duhwj
A First. Closed and I'mlarlying ot.im
'fit "'Ri'tiroad Uond la.ued In 1809.
' To Return 8.70
Ma sold high a. US now 50
i(gll on attillcal(oti
IPWARDV.KANE&CO.
;-4TPjW.rrii.
Buildinr
Ne lork. it.' 3
,,. ..... Tiii. iiiIih i rnierv
. l.r. r.,r .''" '-:. -, ,ftl
I , ure 024 0 rta. n-ami-ry flr.la (B (o Hi
..,rei' 1U-iA2i pai king atot k tuiren'
Ill-He, N.i - 41 fl I J . ,,
Kills IriifUlai I'.ecelpts J. ..; 'Hits
si,,rau DM.krtl .xtra rtrt 4i' !
tlrais 4ill74c Kreah-gnthered. extra
tlrau HIS 017'. v rtrsta, I3li.. sluf
. ennsvivHiiU vnd nearby western hennir, i
swnil'. tlrsu to ixirn 4h58c atalo Pent.
.. I ai,m imd nearin nennr lirowna etrn ,
lli'U.'.u. do gatber.',! browns and llilv-jj
,,, . trals to eitiaa 4ilU4lc
i IIKHhE- Klnn lleeelpt.. 13,1 in.ves
si.t nh'ilemllk tlata. held. speeUU luu
anil .olnr.d ao'-a 31e do average run 2S
ojlt trti h)ienllk current make pe. '
i,l, when and .oii.red 27' -'H d.i a er
age run .'7V4l'Yl'
William (i. Hlmi has become asso
' , ,.uh with the -contract department of
th 1'hlladelphla-ntihjA of Krnst 4 Brnst
BrniL, -
h
enAlhl MAPtfFT
the time money inarwni. urve-tus ,-,n,...-
,,.rf. nu llll er than evei ...... . . ,,.,,,. viur ;;; A ainieiui-lli l)v
;ui be loaned dt h iH'Mt""- ,,, a.' l-ntton. obIIIdk jitt;nti..i, lo gj .fKJ TsTsWS?
trUla and 8'j per tent on goou inixeu, M.riM8UesH of the world k fond situ- s. Y. . '165 U3.1 8'JK 402 573.0A7 4.17 477
'f ,HU)i ie Lnkera expressed the opinion , ation and opposing an 0ien market for
rhaTldfciiUnH pointed to uMiilnuerj Uhpot. togetlier with lilt it mnpU.
m-n n X mone, until tlieHTMl m-M ,eaus.d strenKtl. in rorn his ...ornin-r.
f inattrlal now neiu uw l,,"""; , ' Aia.v miiiiie "i "" "-"
were sinuit umi ini-ir
b.v cominisslou liuusea.
Today's Range In Liberty Bonds
IN V
-i .1 iif t infill. .
ui.rrKriiiiii.ii i iveu iraiiBi'ui "" "" ..----,- - imeriiius
,,. ......-. --;- . . .... ..,rt,.,i ,. ...I no iveieii . . , -
nuher tna i ties an ! '"'"',.." i;:, , i.i.,e, .luir ouyiux
teature "i """' ",",t: ,-,:,,. Vuf'There wan n KIlKtii. iinprovemrai in tne
rate for pr me mere a lie Iper i ut ' 1l.f.ir.t8 here today were 18
aevrul inoiitns. mi niiiiuiiu." . - "-,"" - "
Vur:,aHbeen7per,ent.withlttl
no inquiry irum .--.. ;";--- ,,.
it Ik now stated that no apnre-
utuount of iiawrjan ".""'"' ".'
an" t-4i-i - -.-
,i iruod
tlOHH
i labl,
7 per ( ent
,..,,.,u,l
in mime bank at ceptances,
,.,,, i.. iu lenorted at 4
loaiiH on choice acceptances
.hanged at fi'i JPei cni
I'Hii.AnKr.i'iiiA ivii 6 P" -'"
nine 6 per cent; comineiclal p-per,
three to six months, 1 per cent
LONDON Moniy In quoted at 4
ler cent. Discount rates, jhprt bllw,
S. per cent; three mopth ..
against S1.7.'iJm at the end Saturday,
sold at $1.78T thi-n ipactlns th HtH
Julv wn qiioteil ut l.KH(, to Sl.ll.'-t,
Uf ilm outset . comiiared with Sl (l,"1a
per cent Call, at the end Saturday, and later sold at
ices are Un St.iMi,. September a'arte-- at $1 TO to
Jl tlrt'-H, IIKai 111 NH'IMTJ ....... ..uao
Saturdav. hi 1 later sold at .Vl.riSV
flnts 'also were firmer. The huyinR
wan led bv a house with eastern con
nections. Offerings wcro limited, Me
celpts here today .Wfr; 10 cars.
My wail quoted otr?X.raM to ..,5
at th outt, cotnprecl wjth, 1,0?,
Liberty ''a
Liberty 1st Is
Liberty 2d !
I,iberty 1st 4.V
Liberty -M 44h..
Liberty 3d 14
Liberty -1th -IV
Vie Notes .'Ih.
Vic Notes 4I4S.
Dial.
III 70
K4..".0
w.:io
811.0(1
M.:iL'
1)0.11(1
85. SS
III). 11(1
lltl.(K)
iii mi
h4."i(i
M.MI
8.'...t()
S." 10
SO. 80
ST.. Kl
ll(l..".0
lit! Ill
'I11141
1 l.i
p in
in .no 1
8t.no1
sn.fK) .
8.-.110 '
8n.'j' 1
hii.no;
R.".7Sl
im..'io
mi It)
Heavies tiniaif...in. heavy vorkeia and I '4, lit
orkers llTfflT'J.I nien. lAlA..in
' HHlCi:!' NU I.V.MHri lleielpla 400i)
head Steads Top .heep J13 CO. top
lambs 118
1 Kaal lluffivlo. .N. Y itny 1 CATTf.K
fleeelpts lnoo head Aitue HlilppliiK
atera. liatTH: few. til SO, butchers in
13. earlln $12 BOil3- helfera imif t0..1u;
cow.. tlfniiMI. bulla, 7H 1(1. stockara and
, feeders $nfi 10. freah cowa and aprlngera,
none offered Calven. receipts, find head.
I Active 18.10.
IICKJH UeielnlH IBUll nenu. Active tirin
Heavy. SISbir. 75. mixed tlA10Olil3.1i
orkers I1A .MO IH 35, tight vorkera, tllltl
IA25 plgi tlA. rouglia H2012..1U. ataKa,
i;lh no
HIIEUI' VI I.AiriJS Receipt. AAOO
head Htrong clipped lamb. IRU20;
vrarllngs, tta IT. wether. I14W14 10.
e.ves. iltfl3.-il mlMd ahoep. tl3,in(fll
DIVIDENDS DECLARED
I'ontln.ntal I'ap.r Bag L'o , quarirm uf
ll ptr 'ent on common and 1'i per ient
preferred, payable Ma 13 to .lock of record
Colorado Fuel and Iron To quarterly nf
7B eenta on r.ommon and J'J on urofarr.d.
both payable May 20 to .lock of recorj
J, a. "vThlla., Man.g.m.nt Corporation,
quarterly of tl 7 on preferred, paygbla
June I (0 .lock of rgceril May i, ,""'B",
Lehigh Valley's Small Net
, A decrease, or t1,6l5.GL'l.29 In the net
Income Is shown In the annual repot t tf
I the I-A-hlgh Valley , Railroad t'o. made
' public yesterla The 1919 net Income
I was 14,77,212. compared with C,692,
834 In 1918, yleldlnR approximately 14 11
1 per share, compared with J6.fi, In-eluding-
federal Blandard return The
federal compensation In 1919 was Jlk.
316,196, a Might ueciease trum the
vear before, when the compensation wa
JU. 321,233
Gross oneratlnir revenues for the year
' were IBS. 612. 602. while the ODeratlnir
expenses umuumqa to ou,ug,Dtio, leav
lng; a net.revenue from railway opera,
tlons of 46,643,936. The company ex
pended durlnr the year for additions
and betterments of rod and equipment
K tola) of (4,1,- C
SAFE BONDS
In these unsettled times many investors arc seeking absolute
safety of principal, rather than the prevailing high interest rates
for securities running only a few years. The selection of a con
servative, long-time investment is made difficult by the con
fusing number of issues offered each day.
To obviate the confusion arising in the selection of a suitable
bond, certain general principles may be used for the ultra-con-seivathe
buyer:
A first closed mortgage on the main llne of a
large railroad, follpwed by a number of junior issues,
is always to be preferred,
Mortgage bonds which have been outstanding for
the past twenty-five years1, or longer, are naturally to
be preferred to more recent issues which have not stood
the test of time.
Bonds which aie purchased by our large Savings
Fund Societies are, as a rule, more satisfactory than
other issues; it is natural for thesd Institutions" to take
the utmost care in investing the money which belongs
to their depositors.
Bonds outstanding at a low rate per mile of road,
over which passes a lurge volume of business, are rarely
disturbed even under drastic reorganization,
We have, therefore, from tinio to time, purchased, old, undet
lying issuvis which are unusually conservative and which, although
not paying the high rate of Interest of new Issues running a few
years, neverthel&ss are severely depreciated in price. Bonds of
the highest character are now selling al lower prices than third
rate IssueB of three years ago.
Biddle & Henry
104 SOUTH FIFTH STREET
,1
I
. .Y
V'
rV' i s.4 ''
f, j.
:i. . .
.'
taw ' .C . 13
viA.'iia.
a4Jdl.l