Jf'
r
BVE,NIN 'tJBLIQ K
It:
U
m
&
ft
PA'
f
K
B -
M
M
1
J
I'll. fi
IWHighCost
6f .Capital
j v JTIie Inducements offered
A '(""'ors mi connection
wuii rcccm issues oi oonas
and notes have amazed
those who have not been in
close touch with investment
conditions. While recent
financing has been almost
entirely on a short time
basis, we believe that in
vestors should also con-
V sider seasoned securities
witli long maturities as they
are yielding almost as much
as the new issues. In other
words, it is possible to buy
a very large income to ex
tend over a period of from
ten to twenty years.
For suggestions lertfr for Circular
No. K.7I
Chandler Company
Franklin Bank Bids.
Philadelphia
rivw York
New Haven
lie. ten
llsltlmore
STOCKS FALL BACK
IN SOFT MARKET
General List Dovoloped Docidod
Reactionary. Trend After an
Irregular Opening
Write for Our
List of Safe
6 Bonds
A LETTER, post card, or
'phone call will brin jou
full information on the scien
tifically protected, first mort
gage 6 serial bonds safe
guarded under the Straus
Plan.
These bonds, through their
record and their wide popu
larity, have established a wcll
mcritcd position as the stand
ard safe 6 investment of
the nation. Denominations
$1,000 and $S00. Write today
for our booklet, "Safety and
6." Ask for
BOOKLET No. 372-Q
SWSTRAUS&CO.
IITAtUlHtD lltj INOKI0.ATED
stock rxriiANnn itrii.uiNci.
i'inunui.rHiA
38 years without lots to any
investor.
Low Bond
Prices
High prices for commod
ities mean low prices
for securities. Arc ou
taking advantage of the
i opportunity offered by
present conditions to buy
sound bonds yielding
abnormally h i g li re
turns? We have prepared a Cir
cular Letter No. 2420 on
this subject, which vc
will send on rcquc-.t.
Bonbright & Company
437 Chestnut Street
Philadelphia
New York Chicago
Boston Detroit
New Yorh, May 11. KovcrslnR yrs
tcnln.v's program for tin first half of
tntlny'H trnding, the stock market win
Inclined to bo reactionary. The name
pronounrcil (Inline developed on the
declines that recently followed the ad
vances. Altigethcr the market retained
all of it recent nnrrow and uncertain
characteristics, emphasizing more con
vincingly than ecr the ultra-professional
makeup of the current specula
tion. The about-face turn was not un
expected, ueitlier wni It surprising. The
majority generally recognized that the
luorket was in trudiuc aren nml most
an. tiling could be expected in the day-tn-iliiv
tiiictiiatlons. Other than citing
technical conditions, It would be rather
difficult to point out any particular in
thienee which could be lield fully or
partly responsible for the drooping ten
dency of (ceurlty prices. It Is true,
development in the industrial situation
seemed to offer little inducement to
thoe pledged to constructive side. On
the oilier bund, according to the hoard
reports, call money was plentiful at
7 per cent, which, however, wns up
parent l due more to the diminished de
ma nd rattier than because of any great
inllux of louuuble funds. Altogether
tin reactionary trend of the murket was
the outcome of the fact that the rank
and lile of the trading community wus
very bearish than the result of adverse
conditions outside of the market.
With the tide running in their fuvor,
the bearish contingent were disposed to
make capital out of the cabinet meet
ing culled for this nfteruoon, but this
lost much of its terrors when it was
later learned it wus simply usual week
ly meeting, and had no special connec
tion with the Mejicnn situation ns in
timated. From the outset, however,
comparatively little opposition was met
In the marking down of prices. There
were the familiar sporadic rnllies. but
the market superficially larked sustain
ing power and repeatedly sank either
miller its own weight or from the sheer
luck of interest. The opening wus ii -regular,
but apart, from a few special
ties, price changes were narrow and
generally fractional. Aiili from the
oils, which continued to be sustained b.
further ndvanccs of pioducts, the gen
eral list became reactlonarj immedi
atelj lifter the initial dealings. Steel
and eiiuipmetit shares and motors again
bore (lie brunt of the .selling movement,
but rcviu'd shortly before noou. A
secondary reliction soon ct in, forcing
the popular issues under the lowest quo
tations of the morning, extending the
losses from 1! to 4 points inula yes
terday's final prices,
DROOPING PRICES
IN LOCAL MARKET
Philadelphia Electric Touched
iow Low Record for the
Year at 21 l-li
llllllii
!
iSgffiEMtlMlttilUHliltillll'llili;!
Investment
Suggestions
We have just prepared a circu- jj
lar liatinpr 96 nttractivc bond g
offerings, including: g
28 Municipals, ff
) 14 Railroads, 3
1 16 Public Utilities,
' 6 Industrials, fl
17 Foreign, I
1J5 Short Term. 8
The rate, maturity, price and if
yield of these bonds are in-
cheated, as well as their tax- a
exempt features. Muny of the 8
bonds nre legal investments g
for Savings Banks nnd Trust g
Funds. a
Send for a complimentary copy fc
of this circular, Xo. L-GO fi
1
A. B. Leach & Co., Inc. I
115 South Fourth Street H
wmmmmmmmmumuMwm
The loeul market was soft with sag
ging prices. This was partly in
sympathy with the lowering of values
In t Ik larger market, parti because of
the extreme nnrrow lies of the market
and imrtlj because of the total lack of
speculative interest. There was no
great amount of selling in any part ot
the list, but with the demand painfully
limited prices naturally suffered. He
cesvjnus from small fractious to nwr a
point, wen; ill consequence recorded all
through the list. There was ouly one
exception .1. (!. Itrill. which ul the
opening scored a gain of Sl.,'0 ou very
small transactions, at III.
Hrihblinc liquidation reappeared in
Philadelphia Klectric carrjing that
stock down to a new low record for
the jeur St -4's- At the same time.
1,'nited Ous Impioveincnt, on moderate
selling dipped to I.V's. Hinall selling
orders forced I'cnn.lvnuia Itailroad
under 40 to .'tfl's. On more limited of
ferings Klectrie Storage Ituttery dropped
back SI to 111). Insurance Company of
Noitli America yielded '... at i!!l. I.e
liigli Navigation was it lower at ("
and 'l.elugli Vallej s at It's. Ameri
can Stores lost '-j nt 415' -j. American
(Jus seemed to be pegged lit 412.
All other considerations, for the time
bring at leust, have been relegated to
the background by overwhelming influ
ence of the acute monetary situutlon.
In banking circles it has been stated
continually for some weeks that the sit
uation here is absolutely sound, and
brokers' loans are smaller than ut a
time in many years, nnd most of the
larger houses are perfectly able to han
dle tlie rut rent business fiom their
ideal bulnnc.es.
None of the promised sensations ma
teriuli.ed ul the (Icncral Asphalt an
nual meeting. As suggested in this
column u few days ago the management
had a very comfortoble majority of
I loxies and the meeting and election
went through accordingly to slate. If
there has been any wonderful change
in the character of the ownership noth
ing transpired nt tin cut and dried
meeting to throw any light on thut sub
ject. In all events, the majority of
the shareholders appealed to be en
tirely satislied with the directors and
management, which they demonstrated
in their proxies.
Tennessee Power Co.
First Mortgage 5s, 1962
Texas Company
3-Yenr 7'fc Notei
&a)L.irl.$o
DA.NKEIIS
321 Chestnut St., Philadelphia
Urmbert h'nu York aril rhiUjiltlchla
Slock Bichnnof
Philadelphia Stocks
I 30 Net
llieh l.'iw p m ctise.
.'!.-, Am Strs.. K'.'a i:i'a Ct'i j
110 Am Oas. I1J 4J 4'-' ..
IT. Itrill .1 i III is 111 -flj
.-OCunt Iron IIS'j :'.sj :!8j..
II." Kl Stor..li;o lilt lift 1
HI Cen Asph (Hi' . t.'.i'.. (Illi.j l"i
Ull I Co N A l!!l !l lift
10 Ke Tel. 10 III 10 . .
70 I .eh Nnv. IK'. (Ki (l.'t - -
is I.eh Viil.. I'J II "C, 41 Ts
411-J I'll It K.. 101, ISO's 40's
.". l'a Halt. "Il'j 7:t'A -:Vi..
1." l'hila Co
rum pf. !ll
(KiftlMiil Kler '2V
lilO IMill It T ir-'".
IT, Tono Min Pi
ir.n ii r. i... .ir.Tc
' 'erfelk' t. I'nrtNinaiitti Traction lit,, I'j.lil i
J Isiiurnrturrr"' Water Co. Jut . 5. lU.'tu,
hlliirinlohlu hnburhuii iu A ICIrv. H. 1D1;
i. VVurne, Von Wtrl i. Limit Tr. 0. 1U.1H
tuttrrr Oil & Urtlnlni (umminy (U, lOill
Rational l.., Kie!. . "V " 1B:"
lacksonTllle Oub Comiumy Iltb. da, 1 0S
Samuel K. Phillips & Co.
Members I'blladolphla Htork Kxchaiise
607 cukktmit ht.
Hill. Ul
:n :tiH-f-
'1.', '"2U,,,
"T5 i(5..
4or,s 4r(r,i 's
K iu i..
!l !H III t;
lunj.'.' inH0 hi irinipnrlson Hh lat
.S York Hiuik i:chHn
IIOMIS
do war
MW S Stl
NEW YORK STOCK, EXCHANGE TRANSACTIONS
Salon
309
.100
ZOO
600
400
200
3000
400
400
1400
too
1100
300
000
I0J
2000
300
moo
II III)
1700
400
1700
eoo
700
ftOO
1800
100
3700
100
0400
300
too
fflOO
100
MO
1Z0K
4100
100
35700
' 400
too
N00
300
23300
000
200
too
750
300
100
noo
100
loo
200
too
200
1700
400
3500
100
100
200
300
400
200
300
5100
400
300
200
nou
tun
too
2000
1 1200
1300
200
TOO
700
300
21700
3309
4-.I0O
200
100
100
1300
too
100
900
100
700
300
100
700
300
1100
.101)
700
1400
100
200
1300
2203
15300
100
200
1700
100
100
ton
200
100
400
1400
500
700
100
200
600
1000
700
100
100
1100
2 1 no
300
100
niv
in.)
li rltl.. SO-Veiir 5,
.lrJnr
1070. W. I.
ii-. !?----- . .. . ' an..
riria. H ilfauinr irrni. us,
Lrlllsfi Vslt.J Con, l'. i II. IU23
l.rhlsll Vallfr Cull " 102S
AtU.llU VMr, II. If, , 10S0, , ,
dumestown, I'riinklln A Clrurllrlil In.
Wllm. aurin. irrcsirrniuiiii
1050
M0ENNING, GARRISON & CO.
HTOCK KXI'lIANdK IIUII.DINO
Dlrrrl rrivale Teleiilionp to New Vork
, Mrmbera I'lilla. H tut-It Kicliaiita
S'dl.'M in
SKiuii II
I Iinlduiu I.o
1st lis. ...
'.', Klec & I'co
Tr 4s ...
II Interstate
Hwys 4s. .
1 2-5 Mh Ilond
(111
,'!0
1.0 IV
ill!
:io
I 3D
P Ml
DO .
r.sy, ,
30 .
Net
ihtf.
i 4V,s.. 8.i.:io sri.an sri.an..
2U,1ll-'J0 4jh4vifir.70 W.R0 M.70 .02
:m viet'y vy,n im.oo rm.no no 00. 12
tM) I'll tern rtf.lOHi 101"i 101", h
fl 1-10 I'hll Klec
1st TlS.. S.-1... S1TS S.-,l..f '.j
CHICAGO BUTTER AND EGGS
ClilraKo, Mny tl HUTTKIt Lower.
JkOOS lower. neeelpts, 45.(184 rei,
Klrsta. 4JM Vli: orainarx '"" aavitvc.
Vat jnarY.ce jnuuiwh. ,vv
llUh
.. Aavanco iiumoly .... 35
0 AJo Ilubber Ct
.. Ala8lta Gold Mlnca... 194
.. Allla-ciialmcrn ....... 35
.. Allla-Chalmers pf .... 7514
h Am Airrlc Gbom... ... 87
Ani'IJcot Sucar ..... not'.
10 Am Hosch Magneto . .10914
.. Am Can i2Yz
12 Am Car & I-'dy 133
4 Am Cotton Oil 461$
80 Am Drug syn 12J4
.. Am Mldo & Lcatlier.. lOJ's
7 Am Hide &. Leather pf. WVi
4 Am Ico , 43
0 Am Internat Corp ... 90
1 Am-La Franco Kng... llli
3 Am Linseed R414
. 2:80 Net
iw in Tim) cruro.
o Am Locomotlvn osu
.. Am Safoty Itazor .... 13 V
.. Am 8hlp & com 22J4
Am Smelt & net.... GOJi
3 Am Steel Foundries.. 42(4
7 Am Sugar Itcf 131
10 Am Sumatra, Tcb .... 80 V
K Am Tel & Tel 94
0 Am Tobacco pf new.. 01 ft
6 Am Tob Sco temp efts 00J4
.. Am Wholesale. 7 pf. t3
7 Am Woolen 112$
.. Am Writing 1'aper pf. 41
. Am Zlno Iad & sin . 1014
4 Anaconda Copper .... tit 'A
. Assets llcallzailon ... Vi
7 Abso Dry Odn 2d pf . 02
o Atch Top ft Santa Vc. 80
10 Att Clulf & W 1 S S..10H
. AtUSulf & W I pf.'... B7
3.50 llnldwln Locomotive.. llfiTi
.. Haltlmoro & Ohio .... 34
.. Haloplla.s MluliiR .... irs
.. Bethlehem Motors ... 23Vi
n Bethlehem Steel 1!4
0 Ucthlehcm Steel B.... 01
.. Booth Klsherlea 10
Hi Burns Bros 117
7 Brown Shcu 03ft
4 Bruns Term V V 7
. . Butto Copper & Zinc. . 0',,
.. Butto & Superior Cop. 22
. . Caddo Central O & It.
0 California Pocking...
7 Cnllfornlii Petrel pf...
1 Calumet & Arizona...
7 Case J I Three M nf..
10 Canadian Pacific. . . .
fl Central Leather . . . .
4 Ccrro do Pasco Cop.
10 Uliandler Motors
Chcsapcako & Ohio.,
.. Chicago & Alien
.. Chicago & Ot West...
.. Chi Mil & St Paul....
. . Chi Mil & St Paul pf . .
7 Chi & Northwestern..
8 Chi Pneumatic Tool..
. . Chi II I & Pao
fl Clil K I & Pao 6 pf.
. . Chile Copper
1.B0 Chlno Copper
l Coca-Cola
3 Colcrado Fuol & Iron.
0 Column Oas &-Ulcc!..
1 Col Graphonhono ....
1ft?i
75ta
07
. oi'S
. 02
.U7Ji
. 714
. 40V4
.143
. 517.
.
. 8
. 34 Ji
. 60ft
. 80
. 80
314
62 ft
10 ft
31 ft
31?,
35
68 H
35 j;
.. Col Gruphophono rts. 1ft
.. C'omput Tab llec rls. . ft
2 Con Interstate Cal M. 15
1 Consolidated Textiles. 37 ft
7 Continental Can 80
1 Continental Candy ... 12
4 Corn Products Ref.... 80ft
12 Crucible StVel 141ft
10 Cuba Cnno Sugar..... 63?;
7 Cuba Cnno Sugar pf.. 80)4
10 Cuban-Amer Sugar ...606
. . Denver & nto Grande' 031
. . Denver & Bio G pf . . . . 13
7 Durham Hosiery pf . . 03
.. nik Horn Coal 2I?4
fi Kndlcott-Johnson ....100
7 Kndlcott-Johnscn pf... 08ft
.. Krlo 12s
.. Krlo 1st pf 10ft
. Krlc 2d pf II
K Famous Players-L ... 71
8 Famous Players pf . . 81
3 Federal Mln & Smlt pf 40ft
10 Fisher Bod 128
3 Flsk Ilubber 31 ft
. . Frceport Texas 22
.. Gaston Wins & AVIg.. 13
fl General Clgnr 02ft
8 General F.lectrlo 142ft
.. General Flectrlo rts.. 1H
1 General Motors ctfs.. 2094
fi Gencrat Motors pf.... 77ft
0 General Motors deb... 71 H
fl Goodrich B F ". . 02
. . Granby Consol M & M 40
7 Great Northern pf.... 73ft
4 Gt Nor Oro ctfs 30
.. Green Cananea Cop... 32
Hartman Corp 80
7
' 4
1
.00
lluskell & Burlier Car 03
Hupp Motor Car 18ft
Indlahoma Ref 7?i
11 InsDlratlon Con Cop.. 2ft
.. Int Agrlcul Corp 22ft
5 Int Agrlcul Corp pf.. 80
.. Intl Harvester New. 123 H
.. Int Mer Marino 3391
a Int Mer Marina nf... 85 JJ
3.50 Int Motortruck 2d pf. 00
.. Int Mo Truck rts.... 7ft
. . lntcrnatlcnal Nickel . 104-
Internatlonal Paucr . . 72
.. Iron Products Corp.. 45ft
Jewel Tea pf 3 '
35 H
OS ft
1?
.16
76
87
91ft
10834
lft
130
4ft
12ft
19ft
95
43
87 ft
1131
84
03
12 ft
22 ft
00 ft
4tft
120 ft
8SH
01ft
01 ft
50
9.1
110ft
40 ft
10ft
66 J
4ft
02
79 ft
102
67
113ft
34
I's
22 3i
89ft
91
10
lilt
13 ft
Oft
9
22
18ft
75ft
07 .
01
02
117ft
69 ft
40ft
140
51 ft
9
8
33H
40ft
79 ft
80
31 ft
02
10ft
31 ft
31
35
58 H
33 ft
1ft
ft
16
30 ft
87
12
94 ft
137 ft
52
SO 5
606
031
lift
03
21 Jl
104
98 ft
12ft
19 ft
It
70
82
39 ft
128
3IH
2191
13
2ft
111ft
I ft
'iH
77 ft
71ft
01ft
40
73 ft
:o
31 ft
80
ft
1754
734
52
22 J,
85 ft
123
323,
64
60
7
10 ft
69
45
3t
6H- ft
6UJ4 1
154
ft
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It
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y
2ft
194
H
1
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76 -87
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42 1S1
89 4-9ift-91ft
69
03
110ft-40ft-10ft
,
66 31-4ft-62
-80
-
162
67
113ft-
34
2331- 34
so ft- aft
92 - 1ft
10 ft
110 2
03ft -35ft
flft ..
0 ft
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lft
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'y
2
234
Yi
114
ft
1
r.
231
"VA
18 ft ft
75ft- 191
67
61 - ft
92 - 2ft
"7ft- ft
69ft- IK
40ft- ft
140 - lft
51 ft- ft
9 - lft
8 - 'A
3334- 154
49ft- 31
79ft- 1?1
89
34ft- 94
02
10ft- ft
31ft- ft
34 94
35 - ?1
68i 94
3394- lft
lft-. ft
'A- 34
15
30ft- 1
873
12
94ft- 1
138ft- lft
63ft- H
8031 ..
60S 4-15
031 ft
-
931
2131 . .
104 . 4
98ft ..
12ft- 94
19ft- ft
14
70 2
83-3
39 ft 2
128 - ft
31 H- 34
13 '.'.
02ft- I
141ft- I
lft- ft
2854- 31
77ft lft
71 94 ft
01 ft 31
40
73ft- I
30 l aj
31J- 494
80 - ft
01 A- 3ft
1794- ft
734- 94
62ft- ?1
22J4 ft
85ft- ft
123 - 3ft
32 94- 194
84-2
CO I
7 1
10ft - ft
r.ft 3
45 - lft
31 4
8alt
1800
100
200
100
300
. 400
' 4000
100
200
100
2300
1100
600
300
3100
3300
100
100
100
100
300
17800
2800
1800
100
600
100
2100
60S
1700
400
000
100
300
100
200
200
1300
2200
600
100
too
' 300
200,
800'
2000
200
300
100
1600
20000
3100
1700
200
100
1000
100
100
8409
1200
600
100
300
400
7900
200
11900
100
300
7000
11800
14400
2100
100
300
1800
1800
0000
2700
300
10
1000
1000
100
10700
100
0000
9000
200
800
100
200
200
200
100
600
100
300
100
2300
000
600
MOO
1100
7900
too
200
19200
200
100
100
75110
200
100
2II0
300
200
100
100
600
100
100
5800
100
1000
800
100
niv.
In I tilth
4 Kansas City Southern, 18
4 Kansan Cltv So of.... 43
4 Kelly-Spg Tiro 111ft'
7 Kelsey Wheel . 1 71
2 Kennecott Copper .... 2731
3 Keys tono Tiro & Rub. 30ft
6 Lackawanna Steol ... 77ft
.. Leo Rubber & Tire... 30ft
3.50 Lehigh Valley 41ft
12 Liggett & Mycm 160
.. Liggett & Myers rls.. 1531
2 Lcewo Co 29 ft
. . Ixft Corp 17
12 Lorillard Tob 139ft
10 Mnnntl Sugar 130
.. Martin-Parry rts ... 234
.. Maxwell Motor ...... 25ft
.. Maxwell Motor 1st pf. 45ft
.. Maxwell Motor 2d pf. 21
. . Max Mot 1st pf ctfs. . 39
7 May Dept Stores 121
10 Mexican Petroloum...l83ft
1.60 Middle States Corp... 3291
2:80 Not
Low (NYtm) CM.
4 Aiiavaio steel & uru.. yi
7 Minn St P & S St M Pf 8
.. Mo Kansas & Texas. 8ft
.. Mo Kan & Tex pf.... 12ft
.. Missouri Paclfla 25ft
.. Missouri Paclfla pf... 43ft
.. Montgomery Ward ... 34
4 Mull Ins Body 40
3.30 National Acme 30ft
.. Nat Anlllno & Chcm.. 03
0 Nat Unam A Stamp.. 71ft
0 National Lead 78
1 Nevada Con Copper... 13ft
..NO Tex St Mexico. ... 38
Ji Now York Central... 7034
.. New Tork N It & H. 2931
.. Norfolk & Southern... 21ft
7 N6rfolk & Western... 91
7 Northern Pacific 74 ft
0 Nova Scotia S & C... 58
.. Nunally Co 1831
4 Ohio Cities Gas 40ft
.40 Okla Prod & Kef 431
8 Otis IClevator 120
.. Oils Steol "ft
4 Paclfla Dovcl Corp.... 0731
.. Pac Tel & Tel 41ft
0 Pan-Amer Petrol 102ft
0 Pan-Amer B 07ft
3 Pennsylvania U R.... 40ft
.. Ponn Seaboard Steel..' 29ft
.. Peonies Gas Chicago.. 34
. . Pcro Marquctto
3 Philadelphia Co
.. Phllllps-Joncs Co ....
. . Plercc-Arrow Motor . ,
.. Pierce Oil
.. Pittsburgh & W Va.,
1 Pond Creek Coal. . . ,
8 Pressed Steel Car...
8 Pullman
fi Punla Alcgro Sugar.
1 Ray Con Cop
4 Reading
2 llcndlni: 1st nf
. . Iti-nilnclon Tynewritcr 72
.. Rcplo Steel 90 ft
0 Republlo Iron & Steel. 95ft
6.20 Royal Dutch Amer...l72
.. St Louis San Fran... 2.1ft
.. St Isolds Southwest .. 12ft
0 Suvugo Arms
. . Saxon Motor
.74 'Shell Transport ....
.. Sinclair OU
0 Southorn Pacific . . .
Southern Rail
2531
37
62 ft
67 ft
17
31ft
1831
.100 ft
.114
..111
17ft
89 ft
43 ft
78 ft
11
82 ft
35 ft
05J4
2334
20 Standard Oil of N J.. 690
7 Stan Oil of N J pf... .101ft
.. Standard Oil N J rts.. 131
8 Stewart Warner Sp. . . 43
7 Studebakcr 77 ft
fl Superior Steel 48 ft
2.00 Toxaa Co 49ft
Texas & Pacino 43 y
0 Tobacco Products
.. Transcontinental Oil.
6 Trailauo & Wni3 Steel
.. Union Oil
10 Union Paclf1o
4 Urtlon Pacific pf
4 United Alloy Steel...
g United Drug
3.50 United Drug In Pf--
IS United Fruit
. . Unl Kwy Imest pf..
3 United Retail Stores.
.. I'SiMTS Fdy...
fl U S Food Products.
U S Ind Alcohol . .
U S Realty & Imp
U S Rubbor
US Rubber In pf.
US Smelt & Itcf ..
US Steol
U S Steel pf
Utah Copper
. Utah Seu
n Vumidlum Corp ...
4 Vii-Carolinii Choin
Va-C.ir Chcm pf . .
Vlvaudou Ino . . . .
Wanash
"Wabash pf A
Western Paclflo ,.
Western Paclflo pf
Western Union Tel
WcstlnghoUHO A Brakclllft
Wcstlnghouso B & M. 40
Willys-Overland 19
Willys-Overland pf . . . 80
White Motor 6231
n iVorihincton PumD .. 0
C Worth'ton Pump pr B. 69ft
8
65 ft
10
54
30
.11794
. 02ft
. 4231
.132
. 4031
.310
.' 7234
. 17 ft
. 64
. 86
.. 64 ft
. 98 ft
.10831
. 6334
. 04 ft
..107 ft
.. 68ft
. 8
. 79ft
. 73
.10634
. 10ft
. 8
. 2331
. 28
. 60
. 85
18
43
108ft
27 J5
29ft
70 ft
30 ft
41 ?1
109
1531
2891
H31
13934
133ft
3ft
25 ft
45ft
31
39
120 ft
170
31 ft
43ft
86
8
12 ft
24 ft
4134
33 94
39
38 ft
03
71
78
13
38
0931
29 ft
24
01
74ft
58
1S31
40 94
!4
123
20ft
0731
41
99ft
04 ft
3931
28 ft
34
34 ft
37
02 ft
56 ft
10ft
31
1831
09 ft
11.1
10714
1 ft
84 Ji
43ft
73
87
93ft
120 31
23 ft
12ft
77
12 ft
81ft
3194
04J1
2234
600
101ft
lft
43
74 ft
48 ft
48 ft
4331
06
16
54
30
117ft
0331
4331
131
1931
209
22
71ft
17 ft
03 ft
85 ft
54
9734
10831
03 94
S34
107 ft
C8 ft
H
7031
72 ft
10G31
19
8
.2331
28
CO
85
U lft
40 "
17 ft
80
32 ft
111)
69 ft
'A
"?4
ft
VA
.1
',4
34
'4
1
2
431
3ft
H
31
631
ft
94
91
34
Vi
ft
ft
ft
31
ft
'ft
lft
ft
34
ft
34
Vi
3
34
10 - lft
43 - ft
109ft- 3ft
71 - ft
37ft- ft
29ft- 31
70ft- 114
30ft- lft
4131
160 1631
2894-
1631-13934-
130
35 ft-
t8ft
21
39
120 ft
170 ft-
3334-
43ft-
85 -
8 -13
ft
24 ft-4134-
33
39 - 134
30ft- ft
0.1
71 -
78 -
13
38
0934-
29ft-
24ft
91 -74
14-
6S
1831-
4034-
491
125
20ft-
6731
41ft 134
99ft- 134
Sift-
3934 y
23ft- lft
34 ft
24ft- lft
37 - 31
2ft ft
55ft- lft
10ft- ft
31ft ..
1831 2ft
99ft- lft
113 - 194
111 -
17ft-
89ft
3ft
72 -00
ft
05 ft
12034
23 ft -13ft-77
-
12ft- 134
83ft 94
.15
95 - ft
3234- ft
090 r- 5
104ft r- ft
lft- 34
43 - 131
74ft- 3
48ft
49 43ft
54
30 -
11794-
0331-
4331-
131 -
4931 ,
210 4
4
ft
154
1
ft
3ft
34
ft
ft
3ft
1
73 ft
-f-80
54
0391
04 34-
107ft
08 ft-
8
7734 4-
73 4-
10034
10
8 -
2.194-
28 -60
-83
lllft
40
17ft- 194
80 - 1",
V'34-i ft
' - ft
09 ft- 14
ft
?1
ft
94
134
ft
ft
ft
ft
ft
54
'ft
ft
.ft
134
lft
'334
Ux-diiJv.nd.
Commodity Markets
COTTON MARKET
New York, May 11. After opening
a little easier, at 2 to 18 points decline,
the cotton market became firmer this
morning on predictions for showers
over most of the belt tonlijlit and to
morrow. Prices rallied .10 points from the inl
tinl call levels on this news, hut met
loeul pressure at the advance. This
eaiihod reactions of about 1." points from
the top. . . ., ... .
At the entl 01 ine nisi iwcni.v min
utes the list wus about evcu with lust
night's close.
Mnv
July .
(ICI
Dec
.Inn.
Mamn
I'rev. cloo
. '. 38. IS
. . . .'I.VII.I
. . . :u on
(4 III
,;:t s.
IN' Y
Open'c
10 -JK
3 ul
!!. S3
:h v.
:n .'.'
:i:i 7h
time)
11! m. 1:30 i m.
38. os
l.VRO
.11 M
31.17
SIT.II.'i
n.'i r.o
31 113
GRAIN MARKET
Chicago. May 11. Renewed sticngth
was hhow'n in the corn market today,
when Muv sold at the previous top price
of $1.05 and Julv within 'c and Sep
tember within :!Bc of tlu former top
most quotations
Immediately after the start there was
selling hv a leading commission house,
which attracted followers among the
local crowd and forced 11 setback. The
arrival lieie today were 5.1 cars.
Miij lipcncd al Sl.n.- to Sl.OlTs and
later sold 'ji- below jchtcrduj's close,
at SI 111 .Iul v,J ipioted ot S1.7."i''i
to SI. "."'. at the outset, against Sl.To's
nt I he end jesterdny. and receded to
Sl.T.V'd. September started at $1.(1." Vg
to Si. 01. against SI. (I- nt thecloso yes
terday, nnd declined to Sl.Oli?!.
Oats opened tinner, Mny selling nt n
new high rei ord for the season. After
the start, selling by commission houses
developed and ruii-ed reactions. Re
ceipts here today were I'J" curs.
Muv opened lit S1.0S to $1.(IS'a.
ngninst SI.07'- at the close yestrrdii..
and declined to SJ.OlhV duly opened
at IMc to 01' 1 and sagged to OIlUc
September stnrtid at ""Tie to 78c, and
Inter sold down to 7r.
Receipts of wheat here today were S
frH,
I.eillnf future" ranged 0 fnlloivn.
rm in.iv dellrr)
" - . .!.
rimu
FOREIGN EXCHANGE
New York, May 11. The foreign es
change market opened .-irons this
morning, demand sterling rose to
3.84'i and cables sold for :.35. Krancs
were lB.TiO for cables and 15.52 for
checks. Lire sqld for ID. 80 for cables
and 19.82 for checks.
Other quotations were:
Swiss cables 15.70. chec.l.s 15 71;
guilder cables 3G3. checks 30 , ncsuths
cables 10 05, checks 1G.88; StoiMiolm
cables 21.35 checks 21.10; Chrisllunlu
cables lft.05. checks 18.00; Copenhagen
cables 17 10, checks 10.95, Uelgiiin
cables 11 50, checks 11.5.'; marks 2.03.
The market held slront: In the early
afternoon on quotations from abroad.
.Sterling icmalned unchanged and francs
and Hi u remained around the morning
levels.
Yi:s.Tl:ltlY S l'INAI, QUOTATIONS
Storllnc Frurrs IAtp CJullrt'r.i
Domand . 3 S3 1.1.7" VO 27 Ilrt'ii
Cables . II S3 15 7ft 20 :. 30,
TODAYS OPIiNl.NO QUOTATIONS
MerluiB Prunes l.lr" (JulliliTl
:isi'4 1.1 .vj to S'. ;j(is,
a sj 15.50 li 0') 3n
MJON QUOTATIONS
StorlhiB I'raniH l.lr OullderH
IH,
Financial Briefs
nmand
Uuliles
Demand
Cables ,
I SI'..,
J h5'
1.1.27
tu 2 u
10.7
1U.
3ll3t
Onu
1 0.1
I 7.1'i
1 os
91
.'uly
Ont
Julv
rorn
,luly 1.37 30
lu,'v'lr"-2. 51
l"h" . .,
Jub 1i 10
tAl.rl.
1 H.I
1 1 7e'
I nsi,
til1.
37 .10
21 .1.1
10 2.1
Low
1.0314
1.74
Ii34
10.30 Vl
it. m clos.,
1 i4Vt1.ni j
1 7IT 1 7.V,i
1 Oil'.tl 0T'
n:r
37 03 t!17 05
:! ,10 21 12
111 10
1 1 2H
Of!
;i; 20
ji ii'i
III JO
MONEY-LENDING RATES
KV VOKK Money on call, both
classes of collateral, opened today at 7
per cent for lending and renewing.
The market for time money was un
changed today In point of dullness nnd
lack of offerings. Nominal quotations
weio S'jl; 9 per cent for thirty to ninety
davs
I'rlnie nieicantllo paper Is In moder
ate Inquiry nnd the tone Is firm ,Vo
business is being done under 714 per
cent
Hank in eeptuncoH of cholcn quality
ar unchanged for thirty, sixty and
ninety das.
Call Pans on acceptances nro still 5ft
per cent.
l-lf I I.ADIM.I-III fall. C per cent;
time. 6 per cent ; commercial paper,
three to sli months, 6 per cent.
(Note These are merely nominal
quotations ns the legal late of Interest
in 'he statu of Pennsylvania Is tlxed at
C ner ciMit Plus proniium and com-
11 issinn time money for thirty to ninety
tl.i Is loaning at 7 per cent, while com.
meiclal paper from three to six months
Is being offered at 7 and 7',i per cent.)
LONDON Money Is quoted at 4's
per cent Ditcount rates, short bills,
ft per cent; three months' bills, b 11-1C
MS per cent.
1
BAR SILVER
Bar silver was quoted In! Tendon to;
a it fiOd, an ounce, down lVkd.
BANK CLEARINGS
Hank clearing today rompired with cor
reaiiundlntc (lav laat two veara;
1020 1IIIH 1018
I'hIU. . 101 IHI.n.'O (I.1,S4II,4.VI 0'J.Pfe.l2U
llilllmoru liinio.20: 12.177,74.1
Honton . 7S.r.0L'.8S2 R2,1S7,S4II
lil.. axo 10.1 ttS.I)78 101.073.1131 . .
Prices Easy on Paris Bourse
larl, May 11, Prices were easy on
th Bourse today. Three, per cent rentes
were rftioted at S7fr 70oj exchange on
ixmuoti. BBir uoi.o per corn, man, mir
6a. ThoWuUar, w" J"otcd at lilt Hi.
HEAVINESS MARKS
TRADING ON CURB
Losses Cpnfined to Fractions
and Wore Without Special
Importance
New York. May 11. A heavy tdno
prevailed In the curb market today, but
outsilde of a few issues the losses were
confined td fractional amount nnd
were without special importance.
General Asphalt w"f about tho weak
est feature, falling, during tho first
half of tho dor. from 70 to OS. There
was n fair amount of business in other
petroleums, but without special change
in their market position.
Industrials were irregular, Cuban
American Hugar being n strong feature,
advnnclng from 05 to 67. llritish
Amerlcan Tobncco was traded in at 16
to 10 and United Itetail Candy sold
at 16 to 13. 11. .1. Reynolds (new)
"B" stock sold nt 10 lo 41! the!
old stock sold at 000. '
Amcricaii Woolen (rights) vcrc
traded In nt .1 to UO- and I
port (rights) at 2.1 to 21
INTJUSTimLS
Amcrlcnn Candy
American Wool rts . .
UrltUh'Amer Tub roup...
Central Terciu
Cuban American Huiar
(leneral Anphnlt
CJranft Dla
Orito Ola nref
ilerculea I'aper
jsonn American
Perfection Tire
J'resaman nre
Itarilo Com
IlHdlo Com nrtt
llanler
H J Reynold 11 new ..
n j itoynolds old
Hlnuer
Sweets Co
Times ftquare
U B HlBh Speed Tool
U 8 Steam
United Plct Trod
United I'ront Sharing-
nr 2S
can Taper .. Oft
1 Hjf
:!.:::::::::: m
INDKTKNDFaii'T OILS
.. 2'.S .251
.
3?l!
t!
Tho average price of twenty, active In
dustrial stocks declined 1.42 per cent
yesterday to 93.33, while twenty rall
roads declined 0,23 per cent to 73 C5.
William it. rtomlck was re-elected
president of tho New Yoik Stock 1Z
chnnge nt tho annual election of of
ficers. Tho Xew York Stock Bxchange has
admitted to list tho following: Cuban
American Sugar Co. tempoinry cer
tiflcateH for J10.000.000 common htocl;,
$10 par value; V. Vlvaudou, Inc. per
manent engraved certificates for 300,000
shares of capital stock ; Columbia
Graphophono Manufacturing Co. 200,000
shares of common stock, and the Hank
of America, 14,000,000 capital stock.
In the year 1910 tho not federal hi
come from operation of the T.ehlgh and
Xew England Hall load was $957,021, or
84 3 per cent of tho annual standard
compensation, as against il, 208, 109. or
106.1 in 1918.
Tho American Beet Sugar Co. In lis
nnnual report for the ear ended .March
31 hhows u surplus after charges and
taxes of J2.42D.810, equivalent after
prcfeired dividends lo 114.1" a abate on
the common stock. In tho preceding
year tho surplus available for dividends
was $1,200,739, which was equal to $C
a share on tho common.
Tho New York Subtreasurv gained
13.773,000 from the banks jjstrday.
making a cash net gain since Krlday of
$8,341,000.
came reports maicnicii mat some
American nnanciers unci acquire cl a Iaige
block of stock In the Herman (5ener.il
Ulectrlo Co. It was Inferred fiom this
that the General 1'fcctrlc Co. In thin
country might be Interesting Itself In
tho German concern. This was denied
vestcruay ny omciais or ilia General
Rlectrlo Co, Tho General i:icctrlo Co.
does not even have a working agree
ment with the German concern of the
same name at the present time.
BUTTER, EGGS AND CHEESE
New Vork. Ma. 11 Ht'TTKIt mini-tiled,
Iterelpta H1UH lulu 1'rennnri, lilulier than
itrim, ." "' ;c 1 re.iiiii'rv. extras ihl"
renre). Mill riP'te llriln IKS 10 Ul srorel. Sfl'i
'iiJ.1He, rutckliiK Htot-U current muki1. Nu.
. 30li 40e.
l:a(f.S Irrrirular Itcrelpti, 37 01a cae.
HtorHne-paelied. extra flrat". 4Nies llrt.
4ilft'4Ba: frenli-pralhered. extra flrat'i, 47
4Set llrata. 4404ilVic. ilRle. Pennlvanla
and nearby wmterti hennery wlilloa. flmta
to extras. 47tr.11c: atnte, TVnnsMvnnla and
nearby hennery browno. extraa. 30.llo: do,
Rathered hrownn and mixed colora, flrata to
vxtrai. 4n40',4c.
I'lIKKHE Mrm. Itecelnla, "O.-.n boxea.
Ktato. whole-rnllfc. flats held, specials, white
iind colored, 31W32c. do, average run, S0e:
state, whnle-mllk Hats, current make, spe
cials, white nml colored, 2Hi2l)c, do, averaxo
run. 2n27'ie.
Allen Oil ..
Allied Oil ,
Amal Itoyalty
Arkansas Natural Gal
Ills- Heart 1
Iloslon Wyoming . .
Carlli 8yn
Carlh Tradlni: .. .
Continental rtef ...
Dominion OH
Knclneers I'etrol . . .
Ulenrock oil
Home Oil
floino I'etroltum ...
Hudson Oil
Inter Petroleum ....
Island oil
Mvlncstou
lino Star Gas
Metropolitan I'et ...
Ohio Kul
Phillips I'et
Troduccr & Ilctlners
Red Hock Oil
rtyaii Oil
Halt Creek Prod . .
Heuuovall Oil
btlmma Petroleum
Shill Trans
Skclly Oil
Spencer Petroleum
Stanton Oil
Texas Hanger
Tropical Oil
U11 Texas Oil
Victoria OH new
Vulcan Oil
MINING
Alaska Brit Columbia ..
Alaska Mines
Amur Tin & Tunir
Atlanta -'-i
jlelcher Divide 7
llelcher Kxt ,. 7
nitr I.edxe
Ilooth 4'4
Boston d Mnntsnu 7il
Caledonia .Mining 2!)
Calumet & Jerome A
Canada Copper I'd
I'andelarlii Mln iV
Corli ji Silver BS
Cresson Gold 1
Crescent McNamsnt ... I1!
Divide Kxt 3d
Hureka Croesus 1,'
Kurvkn Hollv 1 .".
rorty-uoiie Mining l'
Oolden Unto 13xi ".
OoldOeld Cons ...-. -. tl
floldllelil Devet . : .- ' T
(Joldfleld rerer 2
Oolddelrt Sliver rick 7
floldfleld Zone I'l
Hmma Silver 10
Itecla .Mlnlnc !
.lumbo V.xi 0
Louisiana Co '
MacNainara ,'
MitKma Copper .1.1
Mother ldn .17
Murrav Mos 7.1
National Tin I
Niplsslno: Jo
North blar fi
Ophlr Silver .1 .... f
Ilex Cons. .., 0'a
Ilochrster Mines HI
San Tov .1
Silver King Arizona Ci
S Sliver I.eid A
Steward Mln IS
Success Mln .1
Tonopah Cash Uov 7'a
Tonnn.th Dlvldo I V
Tonopah i:xt 1"
Tonopah Jtm Hutler 1H
Tonupalt Midway in
Tmiopah Mlijlnir I'
Tonopah .MI.P11I1 Ill
Tnnopsli llescuo Kula . .IS
Vi ion in
White Cans 11
White Chps Hxt 2
Wllbert .......ww,..,..,. rt's
Yerlnislon 3
I I
lis H'
fi .1
a
HI
Allied Pack
ATT lis -of
A T T lla of
Anslo-Ainer
Cons Textile
Del & Hud 7s
Goodrich 7a
Slriclalr Tin
Swedish Govt
Texaa Co 7s
Wist Hlcc 7
HONDO
os no'
I '22 IMH
r '21 0.1
011 v lnn'i
7s 07
: ions
011
II7H
t. n
imS
us;
09'
111S
03
lno4
0ft1
ioou
0.1V1
7K
SIS
OR'
lISs
LOCAL MINING STOCKS
TONOPAH STOCKS
Mid
Cosh Hov HT
Jim duller Ill
MncN.imnra .' .'
M.icNamara .Crtjcent
Midway in
Mlzpah Uxttnslon 011
Montana 11
North Star H
Itrscue nula 17
Tonupnh Hxtenslon 1 '-i
West i:nd I'J
Wml TononJh 01
DIVIDE STOCKS
Allied Divide 01
Alto Dlvldo ".
llelcher ml
llelcher Kxtenslon Oil
Hen llur U.'
HrouKh Divide 't
DMile Hxtenvlnn 3.1
Divide Svndlcitc , 01
Divide Con .'
Dividend "7
Kast Dlvld UJ
Hnnnlll u
llushrouck DUIJu 02
Hl2h D'.vlde ill
Kevert Divide "'
Heuo Divide 01
itosetto 01
Hllver Klnc ..,..' 02
Tonopah Hosbrouck oil
Tonopjh Hoshrouck 0d
Victory Divide 12
Verde Divide Ot
y.otvi 1 h
C.Or.DKIELD STOCKS
Atlanla ul
lllue Hull ni
liooth "I
COD , . .. .112
Combination" rruitluu .. .02
I'railierlack Oil
DUimmltlrld II II "'
Daisy 02
Klorencn 1H
lloldOeld Con 08
Goldneld Mercer O'J
Gold Development (t7 .
Great Hepd ni
Jumbo Kxtenslon 0.1
ICcwanas 02
Lone Star . f'3
Orn 01
lUd IIIIIh n.l
Sliver IMik OS
Spearhead HI
Amparo
Arizona United
Uden
ItothT I.odo ..
Nevada Hill . . .
Nevada Hand .
Nevada Wonder
Tecopa Mlnlnir .
Vllbtrt
RAILROAD
Plllt.AniJLPIlIA
EARNINGS
AND IIUADINO
1020 Inoreaen.
.02
.08
.00
LIVESTOCK QUOTATIONS
.March sroas
Ilslsnce after taxes.
Met oDer. Income
Three months' cross, 20,n'Jn,ntl)
liais.nc aiier ixe
Net oper. deOclt.,
A.ftift SflR.
.Itii. 1111 X.tltT.
VO,VQI -w.BlV,
Clileaso, May 11
relpls, an, 41)0 head;
Slow. Klrst snlea
llaht sows, JU..20.
114.74.
CATTI.i: Hitlmated roeelpts. llt.OOO head
SHUKP Ustlmuled receipts, 11,000 head
J-1IOOH Uatlmatid r.
left over, lO.USS head
lfi(l2fic lower. Gooa
Avcrana cost yesterduy,
f -t l if.'u . Vj j v
Write or call
for circular 4-A,
This circular gives full de
tails regarding the common
stock of the Philadelphia Insu
lated Wire Company, a Pennsyl
vania corporation succeeding
the Alfred F. Moore Estate.
The business of this company
' has been established for more
than 100 years and consists of
the insulation of wires and
cables of all kinds, such as tele
phone and telegraph wires,
automobile wiring, magnet wire
for motors, etc., etc.
The management proposes to
pay $6 per share per annum,
which at offering price will yield
12.
Price $50 per share
GEOBKENDRICK 3rd S CO.
H431 WALNUT ST 2(M PHILADELPHIA.
Members New Yoric and rhll
ilelphU Stock Kxclmniei
Telephones! Bell Sprure 0420
Keystone Race 113S
U. S. A.
A Standard Unlimited Policy
of Credit Insurance providing for
protection against loss on accounts
arising from goods shipped during the
whole Policy Period no matter when
insolvency of the debtor occurs.
U. D. O.
A Standard Unlimited Policy
of Credit Insurance providing for
protection on losses due to insolvency
of debtors and occurring during the
Policy Period.
Guarantetd Collection Service o'btains under
both Policies and adjustments arc made -during
the period of the Policies after excessive
losses have occurred.
OUR SUPEIV
SERVICE
at vniin;
SERVICE j
Losses Paid In
AmericanCurrency
Established ,
Eirtiteen Sixty-nine
LONDON GUARANTEE AND
ACCIDENT COMPANY LTD.
Fhone Lombard 1016
luuei Standard Unlimited Tollcles
R. A. IRVING, General Agent
820 LaFayettc Bldg.
Tax Refund in Pcnna.
ELDER STEEL STEAMSHIP COMPANY
7 Serial Gold Notes
Scries A due October 1, 1920
Series B due October 1, 1921
Series C due October 1, 1922
The company has called for payment during this
month $100,000 of Series A, which were made pay
able October 1, 1920.
The company's steamships, Deerfield and West
Catanace are in active service, and earnings in ac
cordance with existing charters are expected to pro
vide a net income for the year in excess of the par
value of the note issue.
We offer- the unsold balance of these notes:.of Scries
B and C, subject to prior sale, at a price
To Yield 8
Baker, Ayling & Young"
J. W. SWAIN, Jr., Manager
Land Title Bldp.
Boston ' Philadelphia
rTM
l'lltshurili. Msv 1
ni'00 head. Iwer. Heavy, 114
Idas necelDIti,
.up it,. .u I
S7.t7:i.nnn i'.n:u.i)ii4
flnj.ajS 1.71S.2I0 heavy yc.rl.ers, Sin.S0HIS.7.1t light yorkera.
u.ngn niibcir nu uiniio-iieeeints, bdo Bead,
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Lower.
$500,000
City of Philadelphia
Axzo Bonds due March 1, 1949
Price, 99 and Interest "
MONTGOMERY Sc CO.
133 S. -1TII ST.
NEW YORK
PIIILADBLPIIIA
CHIOAGO
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