7-y 'k r "f iV ' i V if v l 3- V ' r ' flvHNtera- pub:eio' LfirimB-. tomM&-;fEWJkrm&i?- iw. v 'f M 5t t t 1 . ?l4 E' : A l" , v. r w ,y 7r w u .S Ih 1 at r M Mww a CHAa, If. J0MJ13 ft CO. No. 13 " KtmeUigc and Belief 'The uncertainty attending faillifatmMfr fr... W.to , m peace time basil, Af.teaplcd with the present ., mecslativQ mania nece- siUtes' caution in the se ; lection of investment ic- caritles. Many. false and misleading v rumors are spread broad t, cast and the layman finds f himself in a maze of con '. JHcting reports. i fCareful analysis of real p jraluo is the only solid , Mais for the appraisal of securities. We maintain a proficient Statistical and Analytical Department which is at your service. d'V, . (Ib'be contlnxud.) v-urrtiu invsimern vntr Insa "I." nt upon rrnuf mStHICIPAL RAILROAD " CORPORATION BOMOS iROADSlWEET. - NEWYbRK., npM KCTM SI St tUU MWtl MIOT NUT- TONE OF OPENING, MARKET CONFIDENT Mora' Interest Shown in Rail road Shares Independent Steel Issues Prominont rj4i40HAi titv sajoi For May Investment Our May offering ".licet flist 91 carefully selected issues of high grade secur ities, each yielding, at cur rent prices, an unusually attractive rate. Included are more than M) Municipal issue; icldiiiR from A.W'e to 6r'r. Write for Circular PE-S02 TheJfationalGty Company Corrnpendent Offlcra in over SO Cltlc Philadelphia 1421 Chestnut St. Atlantic City Cbslfonts Block 1225 Boardwalk NEW YORK. STOCK EXCHANGE TRANSACTIONS ,The Amortization of t Preferred Stocks r It is not generally recognized that some preferred stocks have 1 been issued under j provisions which specify that a certain percentage of the (stock outstanding must be purchased annually by the issu ing corporations. In other words, such an arrangement is prac tically the same as sinking funds which retire mortgage obli- Rations. WrUe or nur rcommtniiattan t Priterrtd Storks mlh lufli previsions, yxtlilna our y. Hemphill, Noyes & Co. ittmtsrs Xrw York Slack h'xvhanoe Franklin Bk. Bldg., Philadelphia ' rT- ,'llpsiuK hand NawforU no.loii Scranton ! "c J at H,0" l's,,,1 U New York, May 5. Trading was again in relatively light volume and omlncntly professional in today's stock market. Interest continued to renter to n jargo extent in the pool issue, al though n. wider inquiry was noted for the railroad shares. This was trnvenble I to the request of tlib country's tran- !portatlon lines for increased freight J rates, which would add more than a bll j lion dollars to their revenues if granted. ,Tho market, however, as the day pro i gresed proved to be thin botli ways and the fluctuation indicated muinly the cro. currents of the buying and sell ing of the professional contingent. Tho least resistance apparently was encountered on the upward swings, yet the advances, except in a few scattering closely held pool issues, lacked the snap attending recent dealings. Call monej opened 1 pep rent under yestcrdov's initial into at 7 per cent, and the re ports of the liea influx of funds from the interior was confirmed in the nbund Hnec of call tnonev offered at that rate. lhe morn urgent liquidation of the Liberty Honds nlso seemed to have spent 1 Its force and most of the war Issues uhs appreciably better Despite these more fmorable elements the market as r whole exhibited a dis tinct halting tendency, which was ac centuated by the extreme dullness which developed in cither swing prices, for this suspended nnimatlon there were oeral explanations. One the generallv i recognized strained credit situation and the other a certain degree of apprehen sion felt concerning the pioposed tax legislation. While in better informed I Circles there is n confident frollnc. mimr I of the radical measures will be pigeon- , noieu. yet. ine sensational bills being ' I offered by the "vot hunting" (ongrc I sion is causing more or less uiifuinissi in the financial world. I In the early dealings stock, wete in fairly active demand for Khort nuering purposes, and it was the buving .f tlii sort which supplied the mniu impulse for the continuation of the recover? movement. Yesterday's favorites, iv' sues, particularly independent steel share?, also such specialties as Ilnld uin Locomotive, Atlantic Gulf and West Indies nnd International Paper were 1 to II points higher. Prices reacted 1 to ft points soon after the opening, the re versal embracing General Motors. He- ploglc and Ilethlehcm Steels und Stmle baker. The selling probably was in duced in part bv announcement that the prominence of lteplogle was to form the basis of an investigation by the ex- t change. Losses were soon overcome. ' General Motors extending its gaiu to I over '23 points, while Crucible. Stude- baker, American Woolen, Atlantic Gulf, ' United Fruit nnd other leaders made ex- , trcmc gains of 12 to C points. The ad- , vsnee of rails was w-ell sustained on' further hujing of high-grade and low-, priced shares. LOCAL DEALINGS OY SMALL SCALE Initial Prices Showed Little Chango From Last iight's j Closing Level I'here was a pronounced lontraitioni 'of dealings in the local market at the, ' opening and with little change made I in prices from last night's closing el. In most of the local stocks the initial tiansactions were made p of small, odd lots, the only noteworthy exception being Lake Superior Corporation, which , teemed to have, better Mipport, rally- ! . ing to 154 . an overnight gain of U anu nnout .i above tne low price touched on Monday. I'nited Gns Improvement continued firm nt 40w with little stock, how- s. American Gas i transactions. Phila delphia Kleitric held at 24a. while Philadelphia Ilapid Transit cased oft !' ti 21! W. ln.Mirnnpi Cn nf nrts' ' awa Canadian Pacific Ry. Virginian Ry. Equipment Trust 6 percent Certificates Itsuod Undor the Philadelphia Plan Tho hUlarj of oiiulpmrnl nhlliaUnnn I rtrr lntrri-otlnr tu the ImmUir who Is IsoklnK fnr iiliolul.i p.Hfrl mm tiln4 ulth Inrxf lurome. r nlmll !, (Ia4 to furnish hrlrf outlinn t tli hltory of Mulpinrnt olilliillnn. Biddle & Henry 104 SOUTH FIFTH ST. Anvricii old stock and paid, were steadier. receipts (,10) Philadelphia Stocks 1 .10 p in. 20 It 42 Nei 4- ii. -4-1 li IlKh lrfw SO Alii Insur 20 20 2SOAm Strs.. 41 4K.J 2 Am Gas. 42 12 20 tHaldwin Lo pf.,101 101 101 0E1 Stor..121 120 121 ."0 I Co N A 28'.. '2h"4 28 'A.. 40 do rets 10 ml 17' i 17'', 17'.. :t.'IO Lake Sup 1f! I.T-i 1fi - 172 Leh Vnl . 42 41 n, 41 ''i 22Minehill. 4S'.j 4,'IVj 4:i'r.-- 277 Pa R 11 .41 10H 40'i- .'.! Pa Salt . 7.'ii 7.T1, 7.0.'', . Hit Phil Co cum pf. "OVi :io.. M2 Phil Klec 24',y 24 ".1 Phil II T. 22'-. 22'-. "iO Tenth Nil Hunk . 1 IIS 1 HI 1 Hi COO Ton llel. irH irH iH 100 Ton Min. 1 ", IV - :;i7 f fi I .. itiv.. Hi -lO'i '', 1 Ini Cos V ,Ter..l72U 172' . 172'.... s, ;i s sti. r.',r '.I.-', !i5J-p "; '-f hni mad by rnrnpHrMon wlth'lart il in Sw YurK siotk KxLhduirn Salrs 360 800 100 ato 400 I00 too 1 0 loo 300 loo too 160!) 700 400 oa 3700 inon 700 100 3000 1000 4400 300 100 eoo 400 zoo teoo 3100 2300 109 JSOO 1400 100 100 1300 300 .100 11)00 35000 200 100 '.'00 100 1800 1000 32(00 100 100 300 400 fiOO 400 100 BOO 100 400 100 400 200 ?;oa 400 ; no 100 301) 1000 200 G300 ICO S00 200 4100 1000 1200 3.1(0 200 300 500 00 U00 200 100 7300 100 .-.on 3200 2000 00 100 100 1000 100 too soo 00 coo 100 3A0O 800 100 1S00 100 100 3000 1500 12100 1S200 500 100 400 000 1700 60S I0O 100 too 2C00 100 100 500 500 1100 1300 1011 IS0I) IJOO 1000 ion too lion 2B0O sou 100 Dlr, In I Hiuh . Adams express 33 . . Advance Ilumely .... 37 tf a Atlvanoo Ilumely pf.. 63 H 0 AJax Rubber 0714 .. Alaaka Gold Mines... iH .. Allli-Chalmers H Am Agrio Chcm pf... tl 3 Anj Hank Note 41H a Am Beet Sugar J4 10 Am Bosch Magneto,.,, ill ft .. Am Can 42 H 7 Am Can pf. SI Am Car & Fdy 134H 80 Am Drug Syn U4 a Am Gxpresa 140 .. Am Illdo & Leather.. 30 6 Am Intornat Corp.... HM, 1 Am-La l-Yance Kns". .. 11J4 3 Am Llnseod saw 7 Am LlnsoeU pf 2 e Am Locomotive U7 .. Am Safety Raror 1J4 . Am Ship & Com 34ft 4 Am Smelt & Ret CO J, 7 Am Smelt Seo pf .... Olli 3 Am Steel Foundries.. 42 1 Am Sugar Ref 130 H lo Am Sumatra Tob .... 80ft a Am Tet & Tel 4ft B Am Tob Sec temp efts 5 7 Ana Woolen lllft 7 Am Woolen pf 100 Am Zlno Lead A. Sm.. 18 4 Anaconda Copper 4sH Ann Arbor H Ann Arbor pf 21 Atch Top & Santa Fe. 70 U 5 Atch Top & S Fo pf.. 7 Atlanta Blrm & AH.. A 10 Atl Oulf & W I S S.U8H 3,00 Baldwin Locomotive.. llft .. Baltimore & Ohio ... 33ft 2.50 Barnsdalo Class A... 45 s Barrett 1-S .. Batoplloa Mining 1 .. Bethlehem Motors.... 24 ft Bethlehem Steel tsh ft Bethlehem Steel B... 10ft s Bethlehem Stl 8 pf.,100 .. Booth Fisheries ..... ft .. Butterlck .' . . Butto Copper & Zinc. 0 .. Butte & Superior Cop. 23 . . Caddo Central O R. 18 6 California Packing ... ??ft . . California Petroleum. 324 7 California Petrol pf.. 7U 10 Canadian Pacific ....117 7 Case J I Thrca M pf . 01ft ft Central Leather 723i 4 Corro do Pasco Cop.. 40Ji 10 Chandler Motora 150ft 4 Chesapeake & Ohio... 541-4 2 Chicago & Qt West pf. 22H s Chi Pneumatic Tool.. Sft .. Chi Mil ft St Paul.... 38 . ail Mil & St Paulpt.. 80i 7 Chi & Northwestern.. ? .. Chi R I & Pao 34' 6 Chi RI&Pac6ft Pf.. et'i . Chile Copper .., lft 1,50 Clilno Copper 31ft 1 Coca-Cola 34 0 Columb Oaa & Uleo. . . 60 1 Col draphophona . . . 384 .. Col CJraphophorte rte. IH 4 Comb-Tab Record . . SI Consolidated Cigar. . 0"j 7 Consolidated Gaa . . 81? 2 Con Interstate Cat M. 14 U 4 Consolidated Taztllea. 3U 7 Continental Can 1 l Continental Candy ... 13 H 4 Corn Products Ref... sift 7 Corn Prod Ref pf 104ft Cosden & Co 42ft Crucible Steel UVA ...?.'.0. Nat iTT.-siim) ensa. . 84 . 2 . 10H . 31? 33) 10155 . 12?; ift I3ft . 74 H , 85 tos 1 lo Cuba Cano Sugar. . .. 2?4 7 Cuba Cano Sugar pf.. 81 7 Deere ft Co pf o Delawaro ft Hudaon. . Denver ft Rio O pf. . . . Wit Horn Coat . . . . . limerson-Brantlng Endlcott-Johnson . . . Krlo .. Krle 1st pf .j . ICrlo Id pf .... Famous Plaers-L s Famous Players pf . I.'lhnr llnrtv Tlf. ... 3 Fislc Rubber : , Gaaton Wms ft Wlr.. !? 7 General Cigar deh pf. 84 s General Electric ...,144 . General Klectrlo rts.. 1! 10 General Motors 312 1 General Motors ctfs.. 31 ft 6 Goodrich U V W .50 Gray Davla 2 7 Great Northern pf..-. n 4 Gt Nor Oro ctfs, 35ft . . Gulf Mobile ft Ncr . . 15 .. Gulf Mo ft Nor pf ... W? .. Oulf State Steel 8?a . Gulf State Steel 1st pf 0J 7 Hartman Corp 4 Haskell ft Barl.er Car 85ft Ytniln Ctfa 30 Trnmrntakn Minlnc... l Hupp Motor Car .... 7 Illinois Central .60 Indlahcma Ref 6 Inspiration Con Cop. .. Int Agrlcul Corp pf. Intl Harvester New, Itil Mer Murine A ml Mer Marino pf... 3 io Int Motortruck 1st pf .. Int Mo Truck rts.. . .. International Nickel. .. International Paper.. .. Iron Products Corp. S Jones Bros Tea ..... lift. 80 X 5I?a 81 mil 34 . 86 77 ft , 4 10ft , 73H , 44ft . 23ft 33 3ft 63 H 67 IK 35 ft 01 41ft OtVi 1I0H 43 01 133' 125 130 20 80ft lift 84 93 04 ft 13ft 33H 80 ft tlft 41ft 130 8H 04 57 ft I0ft 100 14 47 ft II 21 7SJi 74 Cft 181ft 118? 83 ft 45 123 ft 1 33 X 04 04 100 Oft 5 8M 22 X na 77 ft 31ft 7 n llI'a 04 Vi 771, 48 110 53 2li Rft at 40H M 33 ft 61ft 18ft 32 ft 33 ft 50 ft 36 I ft 51 80 84ft 14ft 30 ooi-i l! ssj; 104 ft 4tft no?; si?; 81 88 ft S3 10ft at?; 31ft 103ft ls 1U 13 ft 73'; 84 103 31ft 13H 84 141ft" IK 213 28 ft 3K 78 74 ft 35 13 ft 33 ft 18 ft 00 ft Si el 31 l 18 86 H 52?; 81 126 ft 32 ; 84 77'i 4 18H 70 ft 43 23 ft 83 Jftf ift 1H 35 ft ft ft K 9t . H ft lft 41ft- 01 W - lllft 3H 4.J4 ft I M- H naVi-h ft 13H 140 4-10 20 ft Ot ? llft-l- ft 8ft4- 1ft a ; ft M 1J4 iH ft 34 ft J4 .. lft H H 130ft . .. 0ft 1ft 84 ft ft 58H H 110ft 1ft 100 - ft io y tl 1 21 - 1ft ny ift 74 - ft 0 158? 18 J, 118ft4- 3ft 33ft- ft 45 135 ' 1 t 34 X 853; 4- 1ft a' 1H 108 4- 1 ,2r 23JV 18 4- "144 33 J44-67ft-116ft-91ft-32ft4-, 4514 - 150J4 4- 2ft (3 ?l 541 ft' ft ft ?; ft ft ft ?i H 3??-r- 1ft 88ft- 1ft 35 4- 1ft 56 ft 4- ft 81 4- . 33ft 4- 1 OVA -K J4 lft- ft Mft ft 31?- ft 60 ft 36ft- ft lft- ft 51 4- lft so - iy 84?, ? 14M ft 39ft lft 90ft- ft 13H4- H, 97J4 2ft 10ft .., 43ft S4 1414 53? " I SI 86ft .. 93 3ft 10ft- lft 31H- 34' 32ft lft . 10ft 3ft i3; ft 19?i I3ft '4 74ft 14 83 I 105 4- ; i 32? 4 'ft. I3H - '4 84 ' 113 ft , IJi 309 20 I 3lft4- 2ft i 63H- ft i - ft , 71ft ft1 35 - ft , 14T4 4- IH' 33?; 3ft I 38J4 U4 90ft- 2 I H6 - ft 63ft I- 1 38 -r 3 60 18 80 r ?; 8 53'. 4 '4 SI ! 1 127 I- 3ft I 33'2 I I I R3?i ,- 77 ft-- ill 4 I8, - ',, 724 ft I 44K4- lft nft-i- 'ft I Oataa 400 190 too I486 490 5560 300. 108 . 100 908 400 308 1100 1100 300 300 100 100 100 300 100 8800 100 3200 3600 1390 . 500 1190 600 100 340 190 100 300 300 300 109 100 1100 200 400 1000 200 140 400 100 200 300 1004 100 580 300 300 100 009 38540 3300 700 1600 30$ 8000 600 700 100 400 109 300 1700 100 too 100 8700 14000 10400 300 5600 800 300 800 1000 1000 100 800 18200 100 100 6100 800 100 75 200 700 300 '38400 100 200 27800 1500 2300 100 1000 800 too 300 19V0 1500 100 100 300 2000 2300 100 3100 200 20O 39100 400 1100 100 10140 800 300 700 500 100 1300 600 r.'ou 12200 400 100 200 200 DH .' - "M,l 1. . lh '4 Kansas City Southern. 15 it 4 KellyiSpg Tiro 113 7 Kelsey" Wheel 79ft Kennecott Copper.... 37ft 1.20 Keystone T ft R 82 9 Lackawanna Steel ... 83 . Leo Rubber ft Tire... 31 Liggett ft Myers pf. .149ft ... Lirra'tt ft Myers rts.. 14?; Loewe Co 304 .. Loft Corp 17 , 12 Lorlllard Too l8ft 10 Manatl Sugar 133ft .. Martln-Parrv Rts.. ., IK .. Maxwell Motcr 25 ft .. Maxwell Motor ctfs... 31ft .. Maxwell Motor 1st pf. 43 .. Max Mot 1st pf ctfs,. 44 .. Max Mot 2d pf ctfs.. 27 . . Maxwell Motor 2d pf . 30 7 May Dept Stores ....128 10, Mexican Petroleum... 181 3 Miami Copper 3l? 1.40 Middle States Corp... 31 fi 4 Mldvalo Steel ft Ord.. 48ft . . Minn A St L new . . . .. Mo, Kansas & Texas. .. Missouri Paclfla .... .. Missouri Pacific pf.. 4 Mulllns Body .. ,Nat Aniline & Clicm. 7 Nat Anlllno & Ch pf 3:?0. Net Low (NTttn) Cha. .. . Nat Conduit ft Cable. ' Nat JSnain ft Stamp.. o National Lead .. Nat R Rof Mcx 2d pf N.O Tex ft Mexico MM 8ft 24 K 49 H 40 44 85 4ft 7Jft 81ft ft 36 10 New Torls Air Brakci 97ft '5 New York Central ... 73 '. . New York C & St L.. 38ft '8.50 New York Dock .... 33ft .. New York N II ft II.. 39ft .. Norfolk ft Southern . 33 H 7 Norfolk & Western... 92 7 Northern Paclfio 35 ' fl Nova Scotia S C... 60 .1 Nunally Co 18 I Ohio Cities Gas 41 .40"Okla. Prod ft Ref 4ft .. Ontario Silver Mining. 7ft s Otis Klevator 1" .. Otis Steel 37ft 3 Owens Bottling Mach. (4 4 Paclfio Devel Corp... 68ft A Pacific Gas ft Elec. 45ft a Pan-Amer Petrol .... 97 K 6 Pan-Amer B 13ft Pennsylvania P. It 49K . .. penn Seaboard Steel.. 37ft ,. Pero Marquette ..... 35?4 ', .. Plcrce-Arrow Motor.. 68ft .. Pierce Oil 18K 8 Pierce Oil pf 85K a Pittsburgh C of P 9 . . Pittsburgh ft W Va. . . 31 ft 1 Tond Creek Coal .... 17 8 Pressed Steel Car.. .100 6 Punta Alcgre Sugar. .108?; 8 Railway Steel Spring. 94 7 Rwy St6cl Spring pf . 190 1 "Ray Con Con 17?; 4 Reading 87 .. Replo Steel 92ft 0 Republic Iron ft Stoel. 97 7 Republlo Iron ft St pf 96ft 6.50 Royal Emtch Amer... 114ft . St Louis San Fran... 2? , . St IJculs San Fran pf. 39ft .. St L'ouls Southwest.. 13ft .. St Louis Southwest pf 33ft .. Saxon Motor 13ft .. Shattuck Arliona .... 8j; .74 Shell Transport 88 .. Sinclair Oil 4H 6 Sloss SheR 68 7 Sloss Sheff pf 91 6 Southern Paclfio .... 90 ?i , .. Southern Rail 3lft s Southern Rail pf .... 54ft 20 Standard Oil of N J. 700 7 Stan Oil of N J pf..,105?i 8 Stewart Warner Sp.. 44 4 Stromberg Carb 78 7 Studebaker 89ft a Superior Steel 44ft . Tcnn Con ft Chem... 10?; 2.30 Texas Co 48?; .. Texas ft racillc . ... 384 Transcontinental Oil.. I5J4 8 Union Bag & Paper.. 118 . , Union Oil 30; 10 Union Pacific H8ft 4 United Alloy Steel 44ft a United Drug 133 12 United Fruit 313 3 United Retail Stores. 71K United Rwy Invest... 10 .. Uni Rwy Invest pf... 72 ..US Express 7 U S Food Products... 44?; 8 U S Ind Alcohol 88 , U H Realty ft Imp.... 53 8 U S Rubber 10ft 8 U S Rubber 1st pf. ... 108 ft 6 U S Smelt ft Ref 44ft BUS Steel sera 7 U S Steal pf 107ft 70 8ft 83?; 8ft 34 10 37 C Utah Copper . . UtaJi Sec 0 Vanadium Corp . . . Wabash . . Wabash pf A Western' Maryland, Western Pacific . . . 7 Westinghouso A BrakeHlft 4 Weslinghouse I! ft M, 49?; Wheeling ft It E 10)i 4 Whltd Motor 5 i Willys-Overland 19 ft 5 Wilsen ft Co 67 s Woolworth V W 136 ft Worthlngton Pump... 89 H o Worth Pump pf B . . . . 70 Hi-dUldfiid IK 113 70ft 37 ft 31 84 30 K 190 ft 19?; 34 ft 18K 138 134 lft 3 ft 24 H 43 44 33 39 138 171ft 3i?i 33 K 44 ft 12 H 8 34ft 40 40 63 K 83 9ft 74 ft 80ft ft 34 97 71ft 38 ft 8K 29ft, 33 ' 931 74 ft 9 ft 19 49ft 4ft 7ft 139 37 ft 5C 8 ft 45ft 04 ?i 02 49K ( 24 ft 25 47 16ft 84 ft 59 31 17 99 ft 197ft , 94 100 17?; 86ft 88 45 96 ' 113ft' 33 ft 39 ft 12 23 13ft ' 9?i . 78 ft 3j?; 68ft 91 9$?i 21ft' 64ft 695 1C5?; 44 77 78 ft 4014 10ft 46 ft 38 16ft 118 28 K 118ft 41ft 133 20Sft 70 ft 10 ! 7 34 81 3 99?; 108 ft 63 ft 04 ft 107 ft 68 ft 814 81ft 8 21 9?; 37 uift 48 ft 10H 44 17 ft 68 ft 136ft 68ft 70 ifft4- 118 ?4 70i44- ft 37ft- 'A 33. . .... st?; lft 31 ft 190ft- 1J4 15M4- ft 30 M 4- lft 17 4- ?4 l8ft lft 131 lft ft 34W4- ft 31ftl 4 - 1 41-0 33- 30-9 US ' 3 179ft Oft 31K4- ft 33 ft 45ft 4- ?4 131 8 4- ft 94J4 W 49 - y 40 !'?, 61 1 86 . ft lft Ncto YorJe Curb INDCSTJtIAM! Itlth Aetna Explotlvaa Armour Leatlier llritlah Amir Tol ClsvrUnd Auto , . 77 Cuban Aratr Sosar ..... S5 Oenaral Aaphalt aL Drrvl l AA.AAKAaaA rculegper ..t 4944 Carbon fltl ! ft 3K 1' 6 4K ft 75i 2K 8lft lft 5ft ft so - ?; 97ft 4- 2?4 7194 ,. 38ft4- lft 33H- IH 29M4- lft 33J4 ft 8 75 4 40 '19 - 1 ' , 4t 4- ft 4ft .. 7ft .. 133 4- 4 37ft 4- ft 44 4- ' ft 8814 -h J4 Kft- 1 , 97K4- 3?i 93 ft 4.1 14 ,40K , 37ft 3ft 2ft, .ft 58 ft lft 16K r- H 84 ft 68 31 17 100 t- 198?; i- '94' 4 100 4- 17?; . 87 ft 1?4 89 - Sft 07 f Sft 86ft ft 14ft ft 23?; ?; 39ft- lft 13 44- lft 23 ft ft 13K- ?i -?; 80 35?;- 91 - 96J lft 31ft 4- 'ft 84J4 695' 10s?; 44 4- 7S 78 ft 4- -4is-r. io; 4a?; -i 38 15 ft 118 I- ao?; 118ft 44 ft 133 4 313 7lft 10 33 .- 7 C3?;- y 80 2 521 100J4 194 108ft ft 64ft IK 8ft 1J, 107 ft- ft 70 114 8 K 83?; ift Hft4- ft 34 ft 494 - ft 37?; lft lllft 49?; 14 19 ft 34 - Ift 17T4- " 64ft f- 11 U9ft 88K- 70 Amarlcan. Woolan rts Carbon Steal North Am t'aper ..mi rerfeotlon Tlra PrMaiiuih Tlr ........... Hubmarlna Boat nwacta Co ., .. ...,., UnltM Piet Prod ...'..... V Vlvladoulna 10 Prort G-ambht 130 Dinger , ,,., 127 STANDAnp OILS South Penn Oil 200 Htindaraoil of Calif ...,825 .Standard. Oil of N T 403 Vacuum Oil 371 INDEPENDENT OILS Allen Oil 2i Allied Oil .- SS Amal Royalty ...... 81! Arkansas Nat Gas - Poena Oil ,, 4 Boiton Wyoming 1ft Cities Berv.-B" ctfs .... 39 Centlnsntaf Ref Cuahlnr Pete l' Dominion Oil ........... 13'i Duaueana 4Hi kik uaam pet istmerAiaa oil .. Olanrock Olt Homo oil Home Petroleum , Hudaon Oil . . . . Int Petrol ...... Kav County Oaa Iilvlntaton . ....'. lilt Heart OranadA MtrtlU Dll .... Metropolitan Pet North Amer Oil . rminpa rec Produor 4k neflners ld Rock Oil. Ilyaa on ...., Salt Creak Prod Bkallv -Oil Southern Btatta Texaa Paclfio Coal ..-.. nil uii ..... v.. .Vhlte Oil .. Okla A Tex Okla Oan .. 1:80 M BJ1llBfI. ! ' ' ifl ibiV ilkl ii ' Low n.m. 1 COUP.. SOU 201 J0U in m na r,4 60 70S 0' B . 200 .124 401 371 ........ :::::: Sfr ti . .... 8W 83 1 fiL 'rod'"'.!!'.! 3'i' 35H !!:.::::!:: jv' ' A.a i MIN1NO ?; ?4 ft 3 1 fAlaaka-Br Columbia. . Air.tr. Tin inn. Atlanta ............. Balehcr nivlda.i...... Baichar Etenlon .. Blr Ltd.ro ,.,t....... Booth Jloaton and Montan . . Caled Mlnlns Canada, Cop. Candalarla, it roruiz flllvcr Creiaon Oold . . Craieent McNamara Dlvld Kit Kurem urotaua . Kuraka Holly 40 Mlnlnir .. Golden Gata Exp Gold Cona Gold Kiwann Gold Marstr ... Ooid Sitvar rick Orat Bend Kinma Hllver ... Hecla Mlnlns .Tumbo Kxtanflon ... McNamira Murray Mos . North Star Prlnco Con . . . nocheater Mines .. p.op Group . San Tov .... , Sliver Klrur of-A'' Kllver Kin Dllde Tonopah Btlmont Tonopah Cash Boy . . . Tonoruh Dlvlda jonopah Kxtenslon Tonopaji-Jlm n . . . Tonopah Midway Tonopah Mlrtlna ... . Tonopah Mlspati . . Tonopah Montana . . Tonopah Bcue Eula United Eastern . Victory Wot Hnd C Whlto Cap . . . . White Cape Ext ... Wllbert Ycrlngton .. Ifi 6ft ft IH H ? 2ft 7J 40 5 BONDS 1 S lft ft ft' H M ! I Commodity Marhats I .10',., 1 ji 1 "I', 1 COTTON MARKET v- Vnrk. Mnv H. The cotton mor- kot was htrrngthpucd) docidedly thli . morning by nctivc rovoring induced by - ' further reports of heavy and general - l0ius in the Memphis district, which ' offset news of beneficial raiuH atWaro. I Opening nt an advance of 10 to -u I 1 Plnla, thn 1 t oon sold fO"1. 5,s ' on' hither than 1?bt allht'- clow, s 1 after which it rencted about JO points 1 under realizing Wall street, uire houura and commia- aion concern, all purcnasen ll(IM- It Deserving of Consideration Thai opporWnUy to 'iest In well necured Bonis lios present tnorltet TJue la low prcentn ths hieai'a nt earning a high yield on tnoruy Invest ed. Baker, Ayling & Young t. VT. 81VAIN. Jr., Maqaatr. LaBd Title DUg. Boston riillaUclphla 1 Salrn Ui 100i1 MIkIi I Halilniii 1.0 1st .".. Ilflh Steel 1st ."is. .. " lnlernlale ItUjN U . r. I.aki Sup IIU" fi . I l.lh Iloiich M 1',s. 1 :id s 1 in p in. Net rliee. Ki. fli M)l, Si) 1 ill .ill '.0 '.Hi H RO'i T-s .10 , . oil 2 SI ill! SI Oil 84.00 .00 SO If) Ml. 10 Ml. 10 .10 10.1-rHth 4V MOli 8.-1.0(1 ST..0U .01 ivj vict'v n, ('.-o ci 10 on. 10 .'M U J'n tem rtr iim"h liii'i aui s 1 V, 10 Phil r.lee Iht .'s. .. Ma, Rl 81 4-1 I Pub Serv Tis 01 01 01 . . at tho "" : "T. -a i atari. There waH amo tiupput'- .r.ii, hv foreicu interests. Ilj.,..,w -.- -- - -..-- IJ. I limw Y't lon Jay . 40 ftH juiv .... . ij.J2 Oetofrer Jj fj Uertmber J? 13 Jxinurv 23 St Marili ... . 335 Todas npn 40.r n Bfi .Ifl.to ar..s.- n4.oT 31.05 iu rrnon 8 10 :i.i 07 :i3 vo 3101 FOREIGN EXCHANGE Sew Totk. May . Nominal opening quotation ahowed tho European ex change Irregular. Quotations were.: Demand otrllng 3.81U.. cables 3 81, oft U cant: franc cables 6.05 cents per frano; rhecks 6.04; Urn cablea 4.66 centa per lire, checka 4. BR; BalRlan ca bles 0.47 per franc, checka 6.46 ; Swlaa rablca 17 71 ner franc, cnecits nob; Financial Briefs gunner uir . --j. "-". - .v." -.' stoeK cat)ieai i.cnrca. ... "' " ,r, by tho Ulea S1.2U. cnecK" -"" -J"", "" tended to -.i.. iair. rli.ek.1 IB: Conenliacen vl"uou GRAIN MARKET Chiraio, .May ri.Htiylnt power wa limited in the corn pit thla r"nlf; .. on i....niir atnrt. May aellinc nt a new high mark at tho Immediate out- wt, while instant position" wem .u... The entire market becama vretKer. Vnv1v nil eommlaalon uouea Hnd ......... - - ........... .. ...i.i.u -i'nit rhDrtis 1B9R: marks 1 t2 Sterling was iulet and Orm In tlio latii foren'oon. Demand was .. SJ, cablea 3.81h; franc cables C 06 (equi valent 1 6.60 francs por dollar) i heclis 6.0S; lire cables 4.BH (equivalent -1 fiO lire per dollar) , markH, 1 82. Tho long-standing premium of Arm .iHA .v,.t,f,.i.r. ..u rAe.rscn to a nnmlnm on the Now York dollar in Arfc'entlne, when tho r.it went to 103 ,0, Parity ror tne iew ii imi Aigentlno gold l 103.60. TODAVH OPBNINO Jl'OTATirH Hlnrlliiff I'ranra !-lr Guilders CabU. .Ht '001 1,5(1 3i Onta ir frano ana lire. BANK CLEARINGS Bank Hmirlnga today compared with car rtanoiidln day ! two y.ar.l jjg Phlla m.(llT.120 73,IHH,M 80 09riW lUfitun '. 83,782:itt5 'ttl'.D73.B88 10,1H 102 MONEY-LENDING RATES n'kw Yonit Money on call both clase.s of collateral, opened lodav at 7 I selling order for deferred futures ; fr ,.,:, for lenillneiinil rtmnlin ! !h,atb;f,ensl.noV,,inertH.ndB1)eV"r., ,..A,:,.PCall. G per , ISU!" OirheiUaomc resting .Imj. . -nmiereln, , A BARGAIN IN BONDS A. ITIrst. Cloaa1 and Underljlna UUam Itallroad Uotd Issued In 10. To Ref n 8.70 Uaa sold as tilsh aa V8. now SO. Xf(all on .tppKcallo EDWARD y.K4NE&C0, navy Sugars Steady and Unchanged Kaw York, May 5 The market for raw sugars continue steady and un changed as to price with sales of small uuantltles of Cubas for May and June shipment reported on Tuesday at 1H'3 cents c. i f., and small amounts of full, rlniv nalrt auirars at 18 U. cents c 1 f all lotH to local retlLors. Imports "fiontx by mteruay ciiiBisteu or ji.uuu aaa Cuhoa consigned to the federal Sugar lleflnln f'o Tho local refined market is unchanged both na to condition and prices. ..j.,. tr. hn ern reacheil. I no re ceipts hero today were fifteen cars. Mnv opened at ,$1.83W to $1.83 and Inter "bold nt a net deeflno of "c. at $1.8. July started at $1.09 to $1.08 Va. nga list JSI.IU at ine ra;"i -" Inter sold at Sl.OSU. BeP8"'' WB quoted nt $1.01 to $1.00i4 at the out set nnd later sold ut a net, loss of c, at Liverpool Cotton Liverpool, May B. Only a small bust. Tiess was done in spot cotton today, with pricoa allowing a hardening ten. dencv on the basis of an udvanre of t points for middling to 26,88d. The aaUt. wcro 3000 bales. There, were no re ceipts iMtures were dull in the early dealings. Spot prices were: American, middling fair. Sl.Jld! good ill ddl ng, 31,1 Jdl fully mlddiinv.a7.iia; rruooung, fair. 11.114: jroj iiv Triiaaiinir df.iau i nuuauiiii - iiui i fa rv '- ,.na fiiirlv oaneral SflHnff n I H 1 U !" te,. w-.---. I s by commission noqars nii m- market was wrnsrr, win. ,...,-.. -ing. Trade was fairly netlva. Tho r cnlpts hero today were "". f""- ., ItqcelpU ot wheat here today were four cara and Leadln futures r.BWjyg.W, Corn (nw Jallvery)-: . Corn (nw '3 i,U i. May Oats Hay . July .. . July . 8.JS July .... n 111.1. TA VP?"., ."., Vaill 1 !:& i'ZiZ Vast. m. clean 1,2 1 aati l.Jlfl 1 70 1.0A pan i on 3W 38.40 p.8ij l.O.l 1,W LOT llH li 021 no, 25 80,30 88 DO 20.43 20.43 20,70 cent; puner. I tliron to six months. 6 per cant i (Note These are merely nominal quo- I ..i.n. ou .h irra.1 ra.tn of Interest in the slate of Pennsylvania Is tlied at 8 ner cent Plua premium and commls. Son. time money for thirty to ninety rtuve la loan nc at 0V4 to fi per cent, whfe commercial papr. from three to six inonths. Is belnit discounted at 7 and 7U per cent) LONDON Money la nuoted at per cent. Discount rates, short hree months' bills, 8H )r cent Drown a"00 py 8ock Dividend y,w VorU, May B, Tho JJrown HUoa Co. has declared a, alodt dividend of JJl-S.Pfr cant on tlio common etoob. payable to atock of rpord June 10, and the regular quarterly dlvldtnd of i n per cent on common atoeK, PyMl June 1 to atoc-U of record May W S I I I I S llll I I '" LIVE8TOOK QUOTATIONS riiurKpfh. riy ;.jr,l?5i'rr.ner..lP,. so :Jv axx smjxw ii ma iiv' tvv, ANp IAMW3 peeelpt. 300 irkei le-wsr, 10 anaep, u; (0p isisano ll. jr The average price of twenty active Industrial stocks advanced 0,34 per cent yesterday to 94.27, while twenty railroads advanced 0.88 per cent to 72.68. ' Tim time for denosltlnr the Pitts burgh, Chicago and St. Louis Itallroad unacr tno terms 01 ino quer rrman Pennsylvania i;o, nas ueen ox May 23; For the quarter ended MatcJi :ij, American Hido nnd leather leDorfs a surplus equal to $1,83 a nharn on tlio preferred stock, as compared with $1.73 a ahare' In the corresponding quarter last year. Tho New York Subtreasury lost 1B7G,- ,000 to tne nanus yeateruay, reducing tne cash net gatn-elnco Friday to -82,833,000. The annual report of the Kennecott Copper Corporation showod a surplus of JUs, 871. equivalent to sixteen centa a share earned on the 2,787,078 shares of no par value stock, ns compared with 13,80 a share corned In the preceding year. NEW YORK COFFEE MARKET New Yorli, May 5. An en&icr un dertone developed in tho locsl coffee market with call prices Jl to 0 points below laat night's closing figures. It U believed that yesterday's ad anr.e fully illoeounted the firmness sljown In thtIUo market and this morn ing Well street sold. Other 'orders carae from trade houses. Commission houses bought. .Trading, after tho call, dragged along with little Interest shown on qttier gide, Ihe trado assuming, a waiting attitude. Isa pressure has been noted In 'llio and early cables reported an adanco of 200 reU. Jmporter nnd privqte advices from Hrail asserting that the crops there will be earlier than usual. This feu turo may account forthe-rerent offer ihjca for future shipment at low prices. Jjocal operators are not looking for a active, market hero with outaido speculation In 'coffee absent, due lo the unsettled financial conditions. " v . ... . (f7- T. Time) Yat. Tpday1 13 4 loin 'An.n 14,7Ttn '14,71) la.oiotn xl.it 14 75T1 Iie.TBWMJ I head. M" ,'SK'Afc3u May. . July 1 Aepttmber j)eembfr ilarrh Hid H,MM0 M.SIfnn iaooai 14 R U 71 Bar Gold Hloherjn London Lomlen. May Bj-nar gold wa quoted Rt 107a, Id Pr fine ounce today, earn. Allied rackera . . Amer Tel . 1122 Dcla & Hudson 7a w 1 tioourifn lire ir . Hlnrlalr "Vj a Swedish On . . . TfrAn Co 7n Western Blectrlc 7s . 04'I 1.. . o . A3 3i 70' IDS' 100 ns'i II . S2 n,!r OS'i LOCAL MINING. STOCKS' TOXOPAII STOCKB' ' Bid ,0' .17 Cash Boy ., .llm nutler , MacNamara, MaeNemera. Crescent t.,..-. i' Midway ....... J" Mlteah Kxtenaloi 1;; Montana I' North Mar J Itescue Eula l Tonopah Extension ;'. Wert Knd . West Tonopah . .. ' - -04 , DIVIDE STOCKS 01 .02 .00 0 Allied Divide .. . Alto DlWo . llelcher . ....... llelcber Extension nn Ilur llroush Divide .0.' Dhlde Extension Dlvldo isjnau Divide Con. ilcte Dividend Kaat Divide . .. Hnrmlll . ; llaobrnuck DIldo It leh Divide . Ileer Divide Iteno Dildo Ilosetta . Hllver Ktnr. ... .11 ... .01 .. .07 . . .02 . . 12 . . .Ill 07 .11 . 01 02 . U, . . .07 ... 11 . , n-i . . .21 aOLDPIEUD HTOCKfl .......... "i .... .02 ... .02 .12 .01 .01 .20 .OS 02 Tonopah Divide Tonopah Hasbroi .Victory Dlxldo . Verdo Dlvlda ., Zone-.f Atlinfa ll)ue null, ,,.....,..., Doom t,...-.. o o o . . Combination Fraction CrackerjacK ...m.. Dlamondllold Ji D . . ... Dalay .,... .mm IHorencri ,m..,., (lojdfleld Con ........ ... aojdfleld Merger . ... Oold Development Oret Hend n . Jumbo Extension ievsns .. . 01 .. 0(1 . 02 I.on bUr 14 Oro 01 . Ited HUM 0.1 Sliver pick n Spearhead 91 MISCELLANEOUS .. 1. United 1R Ampiiio Arlsona Kdan . Mother lode Nevada Kill .. Nevada lland . N'evada Wonder Terepa ."'.lnlnK . Wlllwrt White Cops K 02 .20 n. o 11 A ik :m .in A A .IS l, .14 1 m l'i i; t, 00 .02 01 UK OS .OJ .01 0.1" .10 0,1 '1 0". . 03 .III .0.1 na 0,1 Ji. 10 1.1 Oil . 0.1 0,1 nil li'l nit tn 02 .0d 28 10 0.1 .09 0,1 .II 0:1 .no . 01 on in ml . 1.1 .20 7?i 01 .'.' 12' OS 1.1 Canadian Investment Service During tho past fifteen years we havo under-, written and distributed in Canada; Great Britain and tho United. States entire issues of more than forty Canadian Public Utility and Industrial Corporations, tho initial Organi zation 'land financing of many of which were carried out by us. We Instance : , Fteserve Bank' Discount Rates OnVlnl discount rated at tlio twelve Federal Iteservo banks were as follona: (Tho first column gives rates for all periods up to and Including 11 fifteen, day maturity, tho second for a. period of sixteen 1o ninety day. Tho third nnd fourth columnB gle tho rates or dlKcounts of collateral loans secured by government bonds or notes ) 1 paper a lotio IS days aavs jdtujs llnstou Nevr TorU Philadelphia . Illchmond . . . Cleveland . . . Atlanta .'.... C'lileaeo . . SI, Louh ., Minneapolis , , Kanaan city 1 Dallas . Ran I'ranclato Hates on outstanding certificates of Indebtedness continue unchanged at & per cont with tljo exception of Minne apolis, where the rate Is 4 rer cent. DIVIDENDS DECLARED Standard Oil of California, entra of .11 and quarterly of I2.no, payable June IS to atouk of rerord May 1(1, Lanston Monotype Machine Co, quarterly 01 in ft 1 ni, paramo aiy u 10 aiocK' ro Mir ai. payable June t to stoek of raoord Amrrican ivoaceo 1 Com'l paper Com IB to HO i S days davs in das a .. 11 II Wt II il ftl . II II .Vy . 11 II V', . 11 ii r.'i H II ,'l. II II M, a it r,',J . a n . 0 Mi .0 6 B'j u, IT! l'"r .in, i'ani. holders of reeord Mav 31 Hartman Corp,, iiuarlarty of 1 ) ei : Co . 01 rent on common, payable June 1 la slock uf uaftuly 6 Ji Per cent, I May II, record May IB, GOVERNMENT BOND.S Panama, coupon pon 2s. 1030 101U Panama registered 2. 1038,,.10Hi Panamn. roupon 2s, lniu Panama, reilstered 2s, 10D8,.,101U 1030... 103H. Hid . .101 Panama coupon Is. Itil... Panama Teslstered Ds, 1VS1 rnuippine 4s, ivii l'niupina ..a Phlllppln 1031 issn A0 85 sn. Ask 102 102 102 102 s . on on 05 iitiiiM'ii.y .. .o, ,....,,,, no, na Abttibt Potoer.A Paper Co. Bell Telephone Co. of Canada Brampton Pulp & Papir Co. Calgary Power Company Canada Cement Company Canadian Car & Fdry. Co. ' Canadian-Connecticut Cotton MUls Canadian Cotton Ccdart Raptds Mfg. aft Power Dominion Iron & Steel . Donnaconm Paper Co. FraterCompantettUmUcd Laurentlda Power Com pany Nova Scotia Steel A Coal Price Brot. Jb Co. Ktordon Pulp A Paper Co. Steel Co. of Canada We deal In Dominion of Canada War Loans all ma turities aa well aa In Provincial and Municipal Bonds. To United States dealersand investors we gladly offer not only,tho services of-our New .Yprk organization, but also .'the broad 'trading facilities afforded by oar parent office at Montreal .and our branch offices at Toronto; Hallfat, St.'John, Wlrtnlpcg,rand London, Entj. A"GENCY"OF Royal Securities NCORPOJRATION . '(CANADA)'. LI M'lT E D a m 165 BROADWAY NEWYORK A Bank in the Heart of Philadelphia's Business e THE Commercial -Trust Comp&fty, City Hall Scjuare WcSt, has. somt service to' oif en every one ot the 100,000 people who ' daily cross the bridgefrom our building to. Broad ' Street- Station. Among the many advantages ur offer ara: Convchichcc of location ! Couttcous,.accurate, tirae-4avin$ Service Commercial and pcrsorialcheeldng actdpliD , Extension of credit to commercial concern! ; . Complete trust service Investment information and advjee Safe Deposit and storage facilities. We Fnvite you to consult us at any time about banking or trust business. Commercial Trust Company City Hall Square West Member Federal Reserve System To Yield 8.12 Hay ic mritd fo van n rtetaiir Wise investors are buying gilt-edged securities of high yield and free of ns many taxes as possible. Wo recommend on 8 Preferred Stock that meets these requirements. (a) Earnings are 15 times the 8 cumulative divi dend. (b) Net quick assets exceed $285 per share of Pre ferred Stock and total net tangible assets over $544 per share of PrefeVred Stafck. ' (c) No mortgage (except purchase-money molt- gage) can hr placed on property witheut consent of 75 of preferred stockholders. (d) Valuation greater than 6i times Prefsrnd Stock offered, (e) Sinking Fund Quarterly. f) Redeemable nt 107'i and Accrued Dividends, (g) Commercial Trust Co., Transfer Agent. Fidel ity Trust Co., Registrar. Price 9812, to yield about 8.12 Members Philadelphia Stock Exchange Real Estate Trust Bldg. Philadelphia, P Do You Employ Labor? If so, you should order at ortce a copy of the new book, "W. B. Wil&on and tho United States Department of Labor." The first half contains the life story, of Secretary Wilson; tho second half n description of the department, its organization und its policies. The author is Roger W. Babson, the statistician who served during the war under Secretary Wilson as Director General of Information and Education ' The book is both an interesting humnn story and a source of valuable information to all who employ labor, y ,, Price 52 post paid. ft , ,f 'c Introduction is by John Hays Hammond, Babson Institute, Wellesley, Mass, Adv. . , pareq wiin 107a aa per Una ounca yes. a 1 N V 't 'H.fv'.A' '. vi y J'-h -. V' J ., tflHAT- '!., iht ,m , ..):- . t. , , tt 6j ,if lOTBffl U.JT ll,a tl.48 O'hlihcr. Tali.
Significant historical Pennsylvania newspapers