i
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w
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y
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H. H. Franklin Manufacturing Co.
(Franklin Automobi)6 Company)
, i 'syncuifc', Ni Y.'
v . S
7 Cumulative.' Preferred Stock
Additional $1,000,000 .Issue . '
' 'i
m
Price $100Per Share .
Dividends accruing from date of;issuc
are payable
. i N i ' i "
February 1, May,l, August 1, November 1.
I
Dividends-Exempt from Federal" Normal
I 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.
x
For Circular and Subscription Blanks address
H, H. Franklin Manufacturing Co.
Syracuse "N. Y
laiBWBMWMWHpBWBiMRfa-iS-B. II n .", ' . ' i NEW YtJRK COFFEE MARKET
t e,,. W-M'tf M 4
ffl'smiuyL -. vi
11 pTJniHp "; JLrwttna jsres)
lBMlMMgB?. .t
'jfipg
""j
Tinting si
ft.f AND . g
trernendotis power presses which
run oft the enormous editions of the
bljr metropolitan newspapers bear but
Blight resemblance to the printing
press which Franklin used In 1725.
Each step of Inventive improvement
since ,172C has always been followed
, by! the nepessary financial arrange
merits, to put the Improvement Irf oper-ntlon.
To tho Industries of Philadelphia, In
tho''prcicfcKs of expansion, the Franklin
t Trust Company has a worthwhile
' Hanking Sen Ice to effer.
' .We are 'Commercial, Convenient, Pro
uresslve and "at yoUr Service" Day
and Nlght-8:30 A. M. till Midnight.
Frank
15th. St. below Market
llTL I
mm
rust Co.
fphila. 52nd 6 Market SH
What Service
Should a Bond House Render?
There is only one thing which justifies the existence s
of the Retail Bond. House.
Because the Bond House purchases securities in large '
blocks it con afford to spend much larger sums' of
money and more time on investigating each issue
than could tho individual investor, whose investment
in any one Issue is relatively small.
The Banking House applies to this investigation a
judgment and experience only gained after years
devoted to the analysis of investment values. '
Investigate the Bond' House, then let them
Investigate the Issues.
BROOKE, STOKES & CO.
Member. Philadelphia Stock Exchange
15th & Walnut Streets
Philadelphia
102 St. Paul St.
Baltimore
30 Years
in
Export Banking
TNTIMAX& KNOWL-J-
EDGE of ,thc needs
and habits 6t the' people,
acquired,' by years of ex
perience and actual resi
dence in the cduntries
themselves, is ""essential
when transacting busi
ness abroad. ,
Our 23 branches In -South
America, 8 offices In Eu- u
rope and direct connections
throughout, tho world round
out a service broad and com
prehensive in every detail.
Anglo-South American
ank,limited
New York Agency, 49 Brond'war
New York. May G. nllehtlv morn
optimistic feeling regarding the various
manteia secmcu to prevail tills morning
and the local coltce futurcsi tnafket,
opened unchanccd to an mlvnn nt (
'points. There were buying orders
around the rlne from Wnll nfrt. nn
,voll as,for Brazilian and Uuropeau ac
count, uu BCBiiereu trade Interests
sellings
Financial conditions arc such that It
Is possible that any real aggressiveness
on the buylngslde wduld be checked
until conditions become more settled.
Right afler the call, coffee como out
freely on the advance and sent July
oft to 16.16, September to 14.83 and
December to 14.78, from which, level
there was a aulck rallv nn ,mnilnlnn
house buying and covering of the shorts
on me urmer itio market. Prices
worked up to the best point of the
morning.
Transactions appea to bo confined to
backing and filling among traders
already In the market and are based on
Brazil advices from day to day, there
being practically no new business from
outside' sources.
T. Time)
11
a. in.
,t,.U
Nhiv York Honda
SALES IN 11000
From Openlns Until 3 P. M, (N. Y. Tlmt)
Amir Smelt's
Rtfln'r 6a'
i ii
4 74U
1 74
'1 744t
A Tel & Tel ell
1 744
A Tel fc Tel .1.
ll..., 70
, 1....1 70S
A Tel fcTfltt
1 MM
1 04H
Ainer W V 7n
3.. .. 80
AnK-French, (la
May . ...
July .... .
September
December ,
March ...
nirl
Yest.
ClOM
14.N7((I0
is.iwi.-i
M.KOWHl
14.78V80
Today1
optn
U.N7
IB JNfl
14. R4 Iff Ml
14.7OHO
14.70M80
!0 IS. IB
1812
THE
1920
Pennsylvania Company
rpmS1" on Llvcs and Granting Annuities
TRUST ANI SAFE DEPOSIT COMPANY
Capital and Surplus ..." S7.000.00O
Member Federal RM.-.,- c;.. "
517 Chestnut Street
Philadelphia
IIOAD ITIlr. ..
,.u.t-Sl YJX
' BKcaia
" -,
liUiiLHlll
i jmimmiiijMi'iiiiin
iiUjmmiimiiiimiiiim
GIRARDTRUSTCOMPANT
iilhj L'iiSI CapJ'' and Surplu,, S 10,000,000
j m B3 p -b twum h
flflHi
tMTT m i ii ViHtf
THE modern rrianr woman
of affalra realize! the advan.
tagea In a trutt company aa
aol or co-executor and truatee,
Slnpo 18)6 the Clrard Truat
Company haa maintained Ita
reputation of managing citato,
large and amall, to the adyan.
tage and aatlafactlon of Its
patrone,
BROAD & CHESTNUT ST3.
If The Wall
Street News ' '
." On This Page
Puzzles You
call, phone or write for
our booklet, "The Lan
guage of the Stock Mar
ket." It clearly explains
more than 200 words and
phrases used by brokers,
bankers, financial report
ers.. Free to those inter
ested in the market.
Ask for No. T U 885
JONES & BAKER
SECURITIES
Widener Bid, Philadelphia
Phones Bell, Locust 4730
Keystone, Race 2200
Direct Private Wjrca
Offices in 8 Principal Cities'1
Ameripan Tel. & Tel. Co.
Collateral Trust 5s
Due December 1, 1946.
Secured by collateral
with a value 33 1-3 in
excess erf the amount
of the issue, a margin
which the Company
agrees to maintain by
depositing additional
collateral if necessary.
These bonds are a
legal investment for
savings banks in Con
necticut and yield
enough to attract the
private investor. We
offer a block of them ,
within a fraction of
the lowest price at
which they have ever
sold on the New York
Stock Exchange.
Price and further par
ticulars on request.
Hemphill, Noyes & Co.
Members iVrio York Stock Exchange
Franklin Bk. Bldg., Philadelphia
New York Ponton Hcrant'on
1.
33.
100.
10.
10,
Bf
10.
1.
10.
3.
1..
1..
1..
07 IS
OS
. SK
. 08 W
. 08 U
, D8g
. OBH
, 08
, 98
07 IB
. 08
. 08
. 08
07 IS
. 08
. 0&I
. 08
. 0HH
. 08
. 08
. 98
. 08W
. OH
. 08
. 08
08 U
LIBERTY BONDS
All Issues
Bought and Sold
$50 $100 $500 ' $1000
Graham, Parsons & Co.
435 Chestnut Street
, . , Philadelphia
Railroad Equipments
are now offered at
Bargain Prices
Canadian Pac. 6s
Virginian Ry. 6s
New York Central 7s'
Prices to yield 7
Reed A. Morgan & Co.
Wot End Trust Bldo., Phtla.
Members ot the Phtla Stock Exob.
FINANCIAL
ALTOONA COAT, AND COKK COMrANY
Flrat Mortxaso Hlx Ivr Cent HlnUlnr Fund
. . Gold Ilondi
NOTICE OF REDEMPTION
Pursuant to the provUlona of Article, IV
of the Mortgage or Deed of Trust from
Altoona Coal and Coke Company to Phila
delphia Trust Company,1 aa Trustee, dated
June 1. 1010. notice la hereby elven that
Altoona. Coal and Coke Company will redeem
and pay on the next ensuing- Interest day at
on hundred two. and ona-half per cent
(102U) of the principal amount thereof,
with the accrued Interest thereon, the bonds
laaued and outstanding under said mortsaire
numbered as follows, to wit:
78 81 80
77 Hi 87
78 , 83 88
70 ' 84 811
80 85 00
Upon presentation and surrender for can
cellation of the bonds above described, with
the coupons payable June. 1. 1020. and all
subsequent coupons attached, at the office
of Philadelphia Trust Company. Liberty
Building, N, , B. corner Broad and Chestnut
streets, Philadelphia, Pennsylvania, on or
after June 1, , 103O, redemption wilt be
made as above stilted.
, Interest on said bonds numberod 70 to 00.
both Inclusive, will cease on and after
June 1. 1020
ALTOONA COAL AND COKE COMPANY.
1 Dy JOHN LLOYI), J!l
Treasurer.
Dated May 0. 1020.
FIDELITY TRUST CO.. TBCSTEE UNDER
. the Mortgage, of the Hanburr. Hatle
fon ami Wilkeebarre Hallway Co., dated
May 1, 1878, hereby gives notice that In pur
suance, of the provisions of the said Mort.
gage, (seventy-six) 70 bonds of Series "A"
secured thereby, namely)
67, 83, 80, 108, 117. 145. 172. 202, 280, 242.
260, 284, 280. 271, 318, 840. D79 420. 404
508, DOS, sir. 824, 042 (Twenty-four bonda
for One Thousand Dollars each)
837, 710. 747. 777. 803, 870. 038 088. 1018.
1043. 1004. 1127, 1143. 114. 1148 113,
1101 (Seventeen bonds for rive Hundred
Dollars each)
IBIU, 1J40, 14UI, 14V0,
1457, 1523. 1840. 1540,
1071, lino 1725, 1720
1821, 1837. 1870. 180d
100, Zini J1IU 2180
one
1200, 1277, 1300,
1428, 1434. 1447,
61, IflSN. 1071
1781, 1744. 1818,
fnin. iosr. 2080.
(ThlrtyTlve Donda for
Hundred Dollars
fsrhl
In a amounting to Thirty-six Thousand Dol
lars (130,000). ware this day duly drawn,
and that aald bonda will be purchased at
Jar and accrued Interest on the First dair ct
une. 1020, by said trustee at Its office. Nos.
125-831 Chestnut atreat. Philadelphia, after
whlchdate aald bonds will cease to bear In.
tereat.X
FIDELITY TRUST CO.
WILLIAM P. O EST. President.
Anrll 80 1020.
Dltldends
THE CENTRAL NATIONAL HANK OF
1-IIILADKI.riH L .
Philadelphia, May Oth. 1020,
The Directors have this day declared n
quarterly dividend of Six Per Cent, free of
tax. payable on demand Checks will be
ma,lea A. D. SWIFT.
v Cashier,
NORTH Pini.Ili:i.PIHA TRUST
COMPANY
Philadelphia. May 4. 1020.
The Hoard of Directors has this day de
clared a semiannual dividend of 6 and an
extra, of 2 payable at once to stock of rec
ord April 24. 1020 Checks will be mailed,
ora APr"InnY p conHETT, Secretary.
KKN8INQTON NATIONAL HANK
Olrard and Frankfort! avea.
Philadelphia. May B, 1020.
The Dlrectora have thla day declared a
aamlannual dividend of six 0.)ler cent (S
per share), payable on demand, free of tax.
Check, will be "VpSjcacj!hLr.
fc0raTOJ.Bhi..Nl.,yI'4?J,feS.
5 JK of tax. Checke will be mailed,
free of tax. -'"v LjNyonD C. NfCE.
faehler
Annual Meetings
h"mt L rh.ud.iphu ir waeffVrfe&swl
iKA?,AJrf ry .. A f
LaaaaaaaaaaaaaaaaaslttaVtiaiilsiiif ifl iriiillliiiiil''il ilil'l rlii . if- i riaVlUitiliiir ( i n '-'-(" 'i
TUB ANNUAL flEETAN0 P THE
stockhofdeVs of tho Mflllam L. Craven
HulldUg and ln Aasociattan will be held
at : the I office! 2010 CoJjmbla avenue, on the
evening of Ht . "? ". ''?- Bt
which tlW there wliVe an electfort of
mcer?i! dlrector.oaarv, for tJjt' on.
uln- V1lVr,VNE irf,7jBWW. ""'"' '"
i v
Tennessee Power Co.
First Mortgage St, 1962
Texas Company
3-Year 7 Note
HANKERS
321 Cheitnut St., Philadelphia
lfrmbera New York and PMIadtlpMa
BtocK Ezchanott
Securities
for Investment
JosepKW.Gross aCo.
1421 Chestnut St
Oorretpondents
Aldrtd eft Company
Bank Wants Male Clerk
for General Work
B 224, LedRef Office
R. B. CARR
Accduntant and Auditor
Specializing In all
INCOME TAX MATTERS
Penna. Bldg.. Philadelphia
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
. 1818 REAL FSTATE TRUST ULDO,
Investigate and adjust partnership and
Income Tax Returns
Also prepare U. 8,
Propoaal.
DEPARTMENT OF PUIILIO WORKS
DUnEAU OF CITY PROPERTY
Philadelphia, May 5, 1020
Sealed propoeals'wlll bo received In Room
210. City Hall, until 18 o'clock noon, on
Tuesday, Mny 18, lOiO, and opened at that
time In same room, for i
1. Ash hoist, .southeast comer tlly
Hall, Philadelphia, ax revised April,
1020, (83 deposit required for plans and
spedfleatlons.)
Contractors will he reoulred In nmnii
iwlth the act of July 10, 1017. relative to
worKmen a comticnsnunn insurance, and
proof must be furnished the department by
saia cuniri:iur wmi no naa accepted the
provisions of said act and Insured his liabil
ity thereunder or secured exemption there
from. For Informatlort and full particulars in
quire at Room 113, City Hall,
JOHN C. WINSTON,
Director.
"VIA COLON
it
0
TAeie (too toorrti trantvMtei tret
-iiyuTw uv any ieiegrapn vo.f
John L. Merrill, President .
DIRECT ROUTE TO
CENTRAL i SOUTH AMERICA
tf
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t
MBrMtJSi,, tw Vet
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12.
1.
1.
10,
12,
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2.
1.
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Armour 4 Us
1 75K
1 7U
S 75
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4 7U4
1 714
B 71
1 72
Atch V & S
l"e cv of '00
100.....-80V4
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Atl Coast L clt
7 00V4
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28 00
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2 80
2 80
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2 70
Brk n T't 7s
10 30
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B.,... CI.
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3 72,
0 73 H
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2 3 H
Chicago & Nth
West gm
10 08
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ft l'ao fd
1 02V4
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Chinese Gov't
IMC Illya Bs
1 41
City Bord'x Sa
3 871
City Lyons Cs
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1 . . 1004
3 ... 1004
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Copenh'n B'4s
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Crucible Steel
Co of A 4fea
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2 00
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1 75'4
1 74
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2 60
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n n Co 5a
1 03'i
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Railway 4s
2... . 58
fit L ft S V nj
BROKERS REM
TAXINGOF SALES
Proposal of Ways and Means
Committee Pronounced Dis
astrous for Traders
Financial Briefs
1
10
3
1
2
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1
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4 . .. 75
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S'n rao cv 5a
B 80
0....1 00
TVx & P n lat
2 .... 70
Third Av n aj
24 .... 22
20 2214
1 .... 23
Third A lilt 4s
1 41'4
Union Pac fd
1 08
1 08
1 68
6 68
Union Pao 6a
2 08
U 1C Q B I '21
1
60....
4....
21....
10....
1....
00....
5....
10....
1....
4....
20....
1....
20,...
1....
4
U IC O
rets of '2.'
2 03
U K O B ft I
rets of
5.
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4
6.
5.
UKoorti
B.
1..
1..
3..
4..
4,.
o
1'.!
ran
U nsan
unct 19
1..... 23
13 23
V 8 Mexico ,1a
10 .. . 321-j
1 . .. 20
4 .. 30
U S Realty it
1 81
1 81
2 81
U S Rubber Bs
1.
o
15
1
n
U a
1
6
U S
O
1..
5
10
T
7
0.
6
(I
Va Itallw'a Bs
6 ... 76
Wabash R lat
2.... 8314
Westn Eleo 6s
1. ... 04
West Md 4s
2 .... 60
1 . 30
Westn Pac 1st
1 77
VWsfn U 4m
2 .. T4U
101 Wla'n Cent 4s
101 a. I 4 .... 031
Liberty 3js..
Liberty 1st 4s,
Liberty 2d 4iT .
Liberty l.t 4..
Liberty 2d 44r.,
WiV
Liberty 3d VAn, .
vlWWK:
' f,W'
C i,C
High
1)0.84
84.00
85.00
0.1.1)2
85.10
80,24
815,70
Of
(N Y,
Low
00.70
84.50
84.80
03.1)2
84.08
80.12
85.00,
00.00'
There were many left-bonded compli
ments beatowed upon the Hourc ivnjg
nnd menns committco In brokers' offices
yrterdny over the proposed tnr equal to
the commlRilrins charged by brokers on
the purcliOKe and snlo of securities.
The senior pnrtner of n well-known
brokerage houws said the effect of such
a tax, In addition to the taxes already
levied on such 'transactions, will be n
drastic reduction of business done, and
the total destruction of a market for
Kecurltles under certain conditions. It
will bo disastrous for traders, the men
make a business of buying and selling
who stocks, relying for their profit, upon
small changes In the market.
These men at'c essential to tho well
being of the' country. They are the peo
ple who arc at hand at all times to buy
nnd sell and provide a market for more
permanent Investors who wish to pur
chase or dispose of stock.
The proposed tax would put these peo
nlo out of business, he said, and In that
i,ay would make It Impossible for per
sons wo wisn 10 sen 10 nnu a marKci.
In order that every encouragement
should b? given, he sold, to those who
put their capital into productive Indus
dtistrlrfl, It Is essential that they be, fur
nished with a free market for tho se
curities hey receive In return for the
money they Invest.
If the proposed tax goes into effect
there will be no free security market
in the United Htntes, he remarked, and
the owner of such securities who wishes
to realize on them must sacrifice them
or wait until he finds some man who
wishes such an lnestnient, as the tradf
era will have disappeared.
The Oerman Oovernraeut, he suid, nt
one tlmo tried Interference in stock ex-
J '"-Lchange transactions nnd increased the
41 cost, with the result of driving the busi
ness 10 loreigil rxciiiingrs uiiii, us 11 rr-
suit, (lermnn capital (lowed to other
centers for investment.
The activity fii rnilroml storks, with
Increased prires, was looked upon with
favor In Jhe financial district. For some
time past the stock murket had beeh
'regarded as too much one-sided, the In
dustrials cinjmlug too much attention.
Now matters'are more evenlj balanced.
Tills was the opinion of n member of
a firm of brokers jestenhij. One tiling
more, he said, is needed In complete the
confidence of Investors, nnd that Is more
activity In conners. Hut. lie continued,
that Is coming, nnd aceoidlng to the best
source of information, will, f 0011 uc nere.
lie gave as u mi son for the spurt in
mil issues the possibility of the Inter
state Commerce Commission granting
the Increase in freight lotes which will
mean an addition to gross income of
between $700,000,000 and $800,000,000
a j car.
A banker, when discussing the
changed situation ns regards rail securi
ties, said that one of the createst draw
backs to a better operation of the roads
at present is the shortage of cars, nnd
that the meeting of railroad men in
Washlncton to discuss the subject with
Senator Cummins oijd rcprestntatlves'of
the government this week will no, doubt
result In some relief, although, he said,
railroad men do not expect any early
relief is possible, but the fact that a
serious beginning is being made to meet
the (llmculty, he said, was in itself an
indication of progress.
He said he understood that owing to
the recent strike the congestion of
freight on some of the roads was so
great that several steel manufacturing
concerns had asked for permission to
employ their own hands to heln relieve
the freight jam which was holding up
raw materials which they wanted to
keep their plants going.
Some financiers were of the onlnlon
that the strength In rnilroml stocks was
a direct result of the low rates for
money, but it was argued that if such'
were the case it wophl have been re
flected in other stocks. One broker
said that If cheaper monej were the
cause It would also effect steel.
It is a well-known fact, he said, that
the holders of the United States Steel
securities are among .those who appre
ciate steel most, and instances could bo
given where home have parted with both
preferred stock and sinking-fund bonds
of the corporation to reintest in the
common .stock.
Conversation in a certain hanking nnd
brokerage office In the centre of the
city jesterdav turned on the panic talk
which is being freely circulated. One
of the members of the firm has just re
turned from extended trips which in
cluded the cities of St. Louis nnd Atlan
ta. He said he did not once hear even a
hint of the possibility of a panic either
now or nt some distant date and he
believed it was for the very good rensnn
that ever thing is prosperous and would
oniy give the lie to sneh talk. Onlv
when he returned East, he said, did he
hear such grumblings.
And, he remarked,, that when he
questioned those who talked of a com
ing panic what were the grounds on
which they based their fears they invur
iably gave home lame excuse 'such as
lioiiHC-earpenters demanding a dollar 11
day more wages, or somo other as silly
excuse.
It irf evident, he said, to anyone who
has not been' in the South for a few
years past tiiat there is indeed a new
South. In Atlanta especially.. he said,
the change is very striking. Tall com
mercial buildings are golug up on the
formerly cxclusUe residence streets, nnd
it was difficult at times, he said, to
realize one was not walking on Fifth
avenue, New York So far us the pos
sibility of anj panic is concerned, he
said, he could ee nothing ahead but un
precedented prospciit).
An investment banker speaking about
the money and tiedit situation of the
country, aud these two are one, said
that evidence of a decided improvement
is not hard to find.
As an instance, he said his house was
called on tiie 'phone jesterday and
asked if they wanted to borrow any
money and the same occurred today.
Refined Sugar Up a Cent a Pound
New York, May 6. Tho retlned sugar
market Is firmer with an adxunca of a
cent u pound In tho price of tine granu
lated, nnnounced bv tho American and
National .Sugar Reflnintf Cos, to 18 vi
cents. Arbucklft 1 nros. allotted some
BUgar In New York stato nt 23 cents
for shipment as soon os pesalblc. The
Warner Co. allotted gomo augur on
Wednesday at 23 cents. Tho raw sugar
market continues firm und unchanged
on tho basis of 18's centu, cost and
freight, for Culms Arrivals of raws
yeaterday Included 29.000 bags of Cubaa
to Arbuckle Bros ; 28,000 bags to the
National Co. and 2933 bags San Dcmln
goa to Canada.
03
03
05
05
00
05
03
05
05
05
05
04
04
05
05
04
ft 1
20
01",
01
01
01
)1
01 li
01
01
01
01
86
86
80
85
86
86
85 T8
1 Vn
80
80
. 70
. SO
. SO
..SO
nub'r 7a
lOOH
100
Eleel 6s
... 0311
03 '
03
03
03
03
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112
02
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113
03
03
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Tlmo)
11:15
a. tn.
00.70
84.110
84.60
05.02
85.10
80,24
ai,4
00,0
The average price" of twenty actlvq in
dustrial stocks advanced 0.14 per cent
yesterday to 94.4, while the twenty rail
roads advanced 0.65 per cent to 73.33.
At tho annual meeting of tho Olrard
Avenue Title and Trust Co. James J.
Diamond. George C. J. Fleck, Michael
J, Ilyan, Daniel Wade and Itlchard Weg
leln, whose terms expired, wcto re
elected. Earnings of the Federal Ileservo banks
for 1919 will be in excess of (ISO,
000,000, Governor Harding told the
House rules committee. Thla compares
with an average of 153,000,000 for the
last three years.
The membership of tho late Albert K.
Turner on the Philadelphia Htnck Ex
change has been transferred to Clarence
U Harper, of the firm of Harper &
Turner. Two new members elected by
the governing committee at the meeting
late yesterday afternoon were Kdward
W. fooe. of the firm of li J. Moore &
Co , who bought a sent of Wynne Pur
vlance. nnd V. Spencer, Uryam, of tho
firm of De Haven & Townsend. Carl N.
Martin wan elected n member of tho
governing committco to fill the vacancy
caused by tho death of Albert C. Tur
ner.
The Njw York Stock ttxehanue has
stricken from tho list General Motors
Corporation common stock, S100 par.
The New York Hubtreasury gained
$2,602,000 from the banks yesterday,
making a cash net gain slnco. Friday of
$6,135,000. "
John II. Moore, formerly with Bon
brlght & Co , has become associated
with tho Philadelphia office of Kountze
Bros.
Tho New York Stock Exchange Jiaa
admitted to list V, Vlvadou. Inc., capi
tal stock without nominal or par value
Tho committee on securities haa ruled
that, until May 16, transactions In 4 per
cent second Liberty Loan coupon bonds
and until Juno 15 transactions in 4 per
cent first Liberty Loan conyerted cou
pon bonda may be settled by delivery of
cither bonds without coupons or new
bonds with coupons which are being is
sued In exchango therefor.
Tho Atchison, Topckn. and Hanta F
itallrond Co., In Its annual report for
the year ended December 31, 1919. shows
net corporate Income after all charges
and taxes of $43,098,857, equal to $16.55
a share on the $22,873,500 common stock
outstanding, after allowing for the pay.
ment of preferred dividends.
LONDON STOCK MARKET
Trade InOII Sharet More Brisk.
Home Ralls Maintained
Tendon, May 6. Trading. In Oil
shares was more brisk on the stock
exchange today and they had strong
undertone. Shell Trading was 10 13-16
and Mexican Eagles OH Moro stabil
ity was shown in the foreign depart
ment. German 3a displayed strength
In sympathy with marks.
There was little change 'In gilt-edged t
section Investment Issues. Support waa
given to Industrials. Hudson Bay wan
714. Notwithstanding on advance In
tho price of bar gold, kafflrs were
flabby. .
Home rails and Canadians were
maintained. Argentines moved upward
again, having ben oversold.
Generally business was quiet, but
tho markets were steady nnd sentiment
remained cheerful.
DIVIDENDS DECLARED
United Cls-ar fltores Co. quarterly of X
per cent on prefrrre1, payable June 13 to
stock of r-ord May 28.
Endlcott-Johnson Corp.. a dividend of 10
Ser cent In common stock on common, paya
le June 10 to stock of record May 26.
NIlts.Bement'Fond Co , quarterly of 2 per
cent on common and 114 per cent on pre
ferred, iTCierrea is parauic ir u io bipvk
of record Slay B and common Juno 21 to
stock of record June 1.
Crescent Pipe Line Co.. quarterly of 75
cents payablo June 16 to stock of record
May. 22.
Arms Tea Co.. quarterly ot Hi per csnt
on first preferred, payable June 1 aa resla
tared May 20.
Catawlasa nallroad Co . semiannual of 2'i
psr cent on preferred, payable May 10 as
registered Mav 0,
RAILROAD EARNINGS
CANADIAN NATIONAL nAILWAVS
... '820 Increaae
Fourth weak April.. X2.47S.641 X167.37B
from January 1.... 20,482,423 2.332,87,1
nurrAi.a nociiKsmn and pitta-
. S.-71. , MUiiun
Fourth wlAiM ,, 037,730
'aoUwl
,Gr
itihta
th
ft
VJVVJ
Kit
BIBBBBBBBBBBBBBBBBBBBBBaW-ailBBBBBBBBiat JQaaWalaslH
Mil
B
It Increases Power
and Saves Fuel
Automatically
THE Automatic Combustion Control (Gray
System) increase power by making nearly
perfect combustion possible. 'Because it gets the
most out of any fuel it enables you to operate your
power plant on cheaper grades of combustible mat
erials. -'
Example: One plant which could never use
anything but the best grade of fuel installed an
Automatic Combustion Control (Gray System)
and now uses all grades of coal, ranging from bi
tuminous to yard screenings.
These results are made possible because the
Automatic Combustion Control supplies at all times
just the right amount of "air to the fuel bed. This
makes nearly perfect combustion.
This remarkable system easily pays for itself by
the saving in fuel and operating expenses it makes
possible 5 to 20 is guaranteed.
Send for complete information regarding this ap
pliance, or make an appointment with one of our
Combustion Engineers, who is trained to advise
you on power plant operation.
AUTOMATIC FUEL SAVING COMPANY
n
B u 1 1 c t i
Building
AUTOMATIC
COMBUSTION CONTROL
CRAY SYSTEM
Telephone
Spruce S874
CHARTERED 5y CONGRESS 1781
JR NATIONAL BANK 1864
BANKy!
North America
30? Chestnut Street
OFFICERS
E. PUSEY PASSM0RE, Preiidcnt
R. S. McKINLEY, Vice Prei. E. S. KR0MER, Culler
W. J. MURPHY, Aut. Clier C. M. PRINCE, Ant Cai.ler
J. W. WHITING, Am. Cubier
DIRECTORS
LINCOLN K. PASSM0RE
JOHN W. PEARCE
JOHN P. GREEN
GEORGE FALES DAKER, M. D
N. MYERS FITLER
CHRISTIAN C. FEBIGER
J. HOWELL CUMMINGS
W. PERCY, SIMPSON
WALTER H. R0SSMASSLER
CHARLES B. DUNN
HORACE E. SMITH
HARRY 9.-EHRET
T
prr
EDWARD F. HENS0N
THER0N I. CRANE
GRAHAME WOOD
W. KIRKLAND PWIER
WILLIAM F. READ, JR.
CHARLES 0. ALEXANDER
LEONARD T. BEALE
MARVIN A. NEELAND
JAMES D. C HENDERSON
WALTER ERBEN
E. PUSEY PASSM0RE
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