' f'ei.
' Jh. ' - .. "'.will "
1 "
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r
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V
20
EVENING PUBLIC LEDGER PHILADELPHIA, yEDNES:QAY, MAY 12, 1920 '
m
l&
i x
rffifr
b
City of Norfolk, Va.
COUPON 5 BONDS
nur. Arnir, i. 1023
Principal nti'1 Interest
Payable In $Jew York
Exempt from all Federal
Income Taxe
Price 97 and Interest
Yielding Better Than 6
Circular on leanest PR snl
TheNationalCrty
Company
Correspondent Offices In oVr SO Clllss
PhlladtlphU 1421 Chestnut SI.
AtUntlc City Chalfonts Block
1223 Uoardwalk
STOCKS RECEDE
AS MONEY MIS
Drivos Forced Prico3 Lower, but
Failed to Dislodge
Much Stock
a
'i
$40,000
City of Phila.
312S
Due July, I (93i
Registered
Tax Free In Penna.
tegal for Trust Funds
Free of All Federal Taxes
Price: 89.285 & Int.
To Net: 4.75 Per Cent.
Biddle & Henry
104 SOUTH FIFTH ST.
U
H
3
UNDERLYING LEGAL
RAILROAD BONDS
To Yield 6 to 92
List on Application
Blodget & Co.
501 Real Estate Trust Bidg.
Philadelphia
Telephone, Walnut 1606
Boston New York
New Yorli, Mny 12. Today's market
wob ngnln under the complete domina
tion of the professionals. Tho majority
of the trailing contingent were still
bearish and Inclined to work for lower
prices. T,hey succeeded at different In
tervals during the session to force prices
down, hut npparently were unsuccoss
I fill In bringing out much stock. That
Is to say failed In forcing out new
li(tiif1ntlon and the fact that this did
not occur in face of the uncertain money
situation Indicated the market position
was n great deal stronger than generally
supposed. Superficially, however, tho
market's sustaining power was still very
feeble as reflected In Its conspicuous In
ability to hold tho Irrcgulnr rallies.
All other considerations as noted in
the preceding sessions were completely
eclipsed by the undisguised uneasiness
manifested, over tho growing acute credit
situation. The persistence of tight
credit In the interior was especially dis
turbing, in thnt it was known to be
forcing a contraction of lines of ac
commodations to many of Hie promnlent
Liudugtrlcs In the Middle West, par
ticularly tftui? nuiuniuuiic uiuutur.v. no
n matter of tact,, out of town advice?
dealing with the motor nnd affiliftted
trades were far from encouraging.
At the same time signs of more cur
tailed stock market accommodations
was foreshadowed by the 8 per cent
opening rate for call loans. By the
early part of the afternoon the rate had
been advanced to 10, the same rate
exacted in the last hour yesterday and
with the demand apparently far in ex
cess of supply. Further government
withdrawals and outflow of funds to the
interior caused the loautng Institutions
to further tighten the purse strings.
Timo funds were almost unobtainaDie,
although according to the Street reports
some little money was offered at 0 per
cent in sixty and ninety day loans.
The same familiar irregularity at
tended the opening market. Indepen
dent steels, sugars and low-grade oils
wore moderately higher, but the re-
cunt active favorites again tended
downward. The shippings, especially
i I'acltte Mall and Atlantic Gulf, led
the market to higher levels before the
end of the first hour. The railroad
shares, notably the coalers, also re
sponded to a moderate Inquiry, but the
list began to sag again, when the
steels, motors, leather and textile share
became the center of nnothcr selling
movement. American Woolen lost al
most 4 points on this downward swing,
nnd reactions of 1 to H points accom-
i pauied light offerings of other indus-
I trials and specialties. Oils were bid
up at midday, Iloyal Dutch and Mox-
I ican Petroleum displaying marked
strength with some of tho cheaper pe-
I troleums. Other leaders rallied ir
regularly only to fall back again when
rail money advanced to 10 per cent.
The motor group were the most vul
nerable on the further reaction.
DROOPING PRICES
IN LOCAL MARKET
NEW YORK STOCK EXCHANGE TRANSACTIONS 1lpp(!N'FS ON CURB
Heavy Selling of Electric Stor
age Battery Otherwise the
Offerings Continued Light
03 H
"1J4
1H
2li
71
88
01 Ji
Bltt
r,M
&V-
ii .
h '
?w
Situation Confronting
American Investors
The problems pertain
ing to credit, liquida
tion of Liberty Bonds,
the recent railroad
strike and politics are
discussed in a new
circular we arc send
ing to our customers.
It also gives some in
teresting facts about a
ten - year convertible
bond of a company
which dominates an im
portant industry.
Complimentary copy on request
The local market continued to de
ploy a drooping tendency and n lower
level of prices was established with
few exceptions throughout the list. Ex
ceut in Electric Storage Battery, the
offeriugs continued very light and the
sagging prices was once more doe more
to the narrowness of the market and
total lack of speculative Interest.
Electric Storage Battery was offered
more freely, with one block of 1000
shares changing hands at 1KH&, at
tbough the bottom price" was 118-.
In the early trading further fractions
were chipped off Philadelphia Eiecric
and I'nited Gas Improvement at 2-H4
and 45 respectively. Philadelphia
Rapid Transit at the same time yielded
to mM.j. On the other hand, Union
Traction ou n small transaction was
higher at 33 K.
Elsewhere in the list lower prices
were recorded. American Knilway pre
ferred, ex-dividend of 1 ji per cent, de
clined to 4t. Philadelphia Co. was off
points from the previous sale nt
fill1. Hnd the cumulative mcferred was
't lower at 31?. Lake Superior Cor
porntion fell back to lf' and I.eliigh
Navigation was '-j lower at 03. ,
iiiu it-iii-r arm ujr wuyirnur .-vorris. ' . ij,1..l. null
of tbe Philadelphia Federal Ucserve Sagged Industrials Dull
Bank, calling uoon more active ro- London. May 12 Alterations in
operation on the part of the member prices for securities on the stock ex
banks to reduce outstanding loans, not c,an were narrow today but the mar
only came in for considerable com- , generally llrm. Further de
ment, but also served to bring otten- I were" . fn .
tion more directly to the wrlouini ofl "ate n the budBel ro'10sal3i fa"edK1t
the strolued crrdlt situation. While chill gilt-edged lnestments. which
the remarks of Governor Norrls differed I scored further nalns
slightly from thnt of bin lorent speech. I Oils sagged. Shell Transport selling at
the incident, nevertheless made the. JO 11-16 and Mexican Kagles at 9.
Dlv
Snip In t
300
100
300
400
200
700
400
100
100
40
1200
600
100
200
300
too
1400
100
4400
300
1600
100
2400
3600
400
too
200
300
100
10O
400
100
200
600
200
1300
11400
100
100
2100
100
too'
700
400
200
2200
100
42000
200
100
100
00
10O
100
600
1.500
300
200
100
100
300
100
400
300
600
700
600
3000
100
0600
200
100
100
600
600
100
4900
300
100
600
too
600
600
3700
17400
100
3100
100
400
10200
200
1400
7100
800
2000
1700
200
200
200
100
100
100
100
300
4Q0
1900
300
100
1400
100
300
1400
700
100
100
400
3611
i;.im
200
300
1810
400
too
900
100
100
700
100
1400
100
500
2000
100U
HlKh
Adams Express JO
. Advance rtumely .... 35
AJax nubber 68
Alaska Junae O M... 214
Alaska Gold Mines... IK
. Allts. Chalmers 35
Alllu.nhAlmnm nf 75
a Am Bank Note 41H 41 W
3 Am Bank Noto pf . . . . 42 42
Am Beet Sugar 05K !
to Am Bosch Magneto ..10514 101
Am Can 4014 4l
''Am Can pf to
18 Am Car & Fdy 131
0 Am Drug Syn lV4
Am Hide & Leather.. ltV4
Am Hide & Leather pf. t5ft
Am Ice 43
Am lnternat Corp . . .1 8t!4
1 Am-La France Eng... 11 H
a Am Linseed 85
7 Am Linseed pf 13
Am Locomotive t3l4
.. Am Safety rtasor .... Ji
Am Ship & Com 22
Am Smelt & not.... o Y2
7 Am Smelt & lief pf.. t3VS
Am Smolt Soo A ... 80H
Am Steel Foundries.. 42
7 Am Steel Fdya pf.... 8814
7 Am Sugar rtef 13054
2:30 Net
Low (NYtm) Chse.
36
35
65J4
214
1V4
3414
75
7 Am Sllirar D.f nf IDA
io Am Sumatra Tcb .... M'A
8 Am Tel A Tel 4'4
Am Tobacco pf new., tl
5 Am Tob Sco temp efts 80'4
7 Am Woolen Hl'a
.. Am Writing Paper pf. 0
Am Zina Lead & Sm. . 15H
4 Anaconda Copper .... 57
Ann Arbor pf 23
. . Assets Realization ... 4
Atch Top & Santa Fe. 80
8 Atch Top & S Fo pf.. Jl?4
.. Atlanta Blrm 4 Alt.. 6K
10 All Gulf & w I S S..168V4
.. Auto Sales Corp 10
3.80 Baldwin Locomotive.. 110
.. Baltimore & Ohio .... 33tt
4 Baltimore & Ohio pf.. 43 H
8 Barrett 125J4
7 Barret pf 105
.. Batopllas Mining .... 1
.. Bethlehem Motors ... 22 14
8 Bethlehem Steel to
8 Bethlehem Steel B.... 3Ji
.. Booth Fisheries 1014
.. Bklyn rtapld Transit. 1214
. . Bklyn R T ctfa of dep 9
7 Brown Shce Ill
Bruns Term P P 7
7 Buffalo & Suaq 67
10 Burns Bros 116
. . Butte Copper & Zinc. . 8M
.. Caddo Central O & R. Iftfi
0 California Packing. . . 75
10 Canadian Pacific U71i
8 Central Leather 70 J.
4 Cerro de Pasco Cop.. 4514
10 Chandler Motors 140V4
4 Chesapeake A Ohio... 51 M
.. Chicago A Gt West... 7)4
2 Chicago & Gt West pf. 22
.. Chi Mil & St Paul 3114
. . Chi Mlt & St Paul pf . . 50
7 Chi & Northwestern. . 7t
.. ChIR I APao.....Y.. 34H
0 Chi R I & Pao 6'pf. 6214
.7 Chi R I & Pao 7 pf . 7114
.. Chile Copper ...... 10 W
1.50 Chlno Copper ., 81J4
1 Coca-Cola 33
5 Columb Oas & Kteo. . . 6814
1 Col Graphophono .... 3314
.. Col Graphophone rtf. 1
4 Comb-Tab Record.... 51
.. Comput Tab Rec rts.. 14
7 Consolidated Oas .... 81)4
2 Con Interstate Cal M. 14
4 Consolidated Textiles. 3714
7 Continental Can 8814
1 Continental Candy ... 11 Vt
4 Corn Products Ret.... 9514
. . Cosden & co 39 14
12 Crucible Steel 14114
10 Cuba Cane Sugar 534
7 Cuba Cane Sugar pf.. 80)4
0 Delaware & Hudson.. 04
10 Del Lack & Western. . 175
.. Denver & Rio G pf It 14
.. Elk Horn Coal 21 14
8 Klk Horn Coal pf 38
. . Emerson-Brantlng ... II
7 Emcrson-Brantlng pf. 80
6 Endlcott-Johnson .... 103
.. Erie 1214
.. Erlo 1st pf lty4
.. Erie 2d pf 14
Fnmous Players-li ... 7114
3 Federal Mln & Smlt pf 3814
10 Fisher Bod 128
3 Flsk Rubber 31)4
. . Frceport Texas 22
., Gaston Wms & Wig.. 12H
6 General Cigar
8 General Electric
. . General Electrlo rts.
1 General Motors ctts.
6 General Motors deb..
7 Gen Motors deb 7 . .
A Goodrich B F
7 Goodrich B F pf....
7 Great Northern pf.... 7414
4 Gt Nor Oro ctfs 25)4
.. Gulf Mobile & Nor.... 14
. . Gulf Mo & Nor pr. . . 3114
4 Haskell & Barker Car 62)4
Homestako Mining ... 58
1 Hupp Motor Car 18
7 Illinois Central 80
.80 Indlahoma Ref 7)4
6 Inspiration Con Cop.. 52)4
.. InU Harvester New. 12314
10
13M
"14
It
93
43
80
1D4
83 14
0254
12
13
22
8014
t3)4
80
42
8814
13014
108
8114
tl!4
tl
59
107 H
40
18H
to
2
4
7014
74)4
)i
16214
10
113
3314
4314
12514
105
1
2214
80H
0114
1014
1214
0
HI
7
60
116
8)4
is 14
75
117
6814
45J4
13214
51 Va
7)4
22
5N
49)4
79
33J4
62
7114
16
31H
32 H
&7
3314
51
14
81)4
1414
35)4
ss
11)4
t2)4
son
137
51)4
8014
94
175
"14
2114
38
21
80
101
1114
18
14
6t)4
38J4
127
3114
2114
12 H
0214
141
114
2814
7114
8214
6015
9114
7414
34 ft
14
3114
02
58
1714
80
1
81)4
122
30 W
35 14
65J4 3
- lH-"l4
8414- ft
75
4114 ..
42
tsw-t- H
101 0
4014- Vt
cov4 y
isoH- 1H
"14
lift- 14
ts - 2ft
4S 1
86 - 3K
11H
93 ft
92 - a
13V4- W
22
59 ft- H
Mft
80-1-14
42
88ft- 1ft
180 ft- ft
108 1,,
8814- 14
9114 ..
i - a.
59 :
108 ft aft
40
1SH- H
' in - 114
23
4 - ft
7014- ft
74)4-
0)4" 14
163 - 2ft
10-1
113K- X
33H X
4314- ?1
12514- X
105
1 - 14
22 ft- ft
00 ft
9114- 1
1014
13ft- H
9
111 - 714
Low (NYl
3014
3ft
53 ft
0
19
70ft 44 ft
15ft
2:30 Net
NYtm) Chio J
80ft- 2
107
7ft
2tft
30 ft
41
iK
28
no 14
45 ft
20
23 ft
' 2
31
4ft
38
178 ft
1t.11. lit
53)4 4-46)41
0 - ft J
19 - H
70)4- '14
4ft 4- 14
lft- !
107 3
tllv.
S's . In I Hlnh
1500 .. tnt Mcr Marine 31ft
2700 a Int Mer Marine pf... 84ft
460 .. lnternat Motortruck.. 54)4
700 ,. int Mo Truck rts.... ft
2009 ., Internatlcnnl Nickel .. ttft
2WW ,, International Paper .. 71ft
3,9 .. Iron Products Corp.. 43ft
9j0 4 Kansas City Southern. 10ft
1199 4 Kelly-Spg Tire .......110
Kennecott Copper .,.. 27H
309 3 Keystono Tlra & Rub. 29ft
109 .. Lee Rubber & Tire... 30ft
9 3.50 Lehigh Valley 41ft
.699 .. Liggett A Myers rta.. 18)4
3900 2 Lcewo Co 29
119 19 Lorlllard Tob 136)4 136)4 -138)4- 3ft
399 7 Louisville & NashvlllolOlft ltlft 101ft ft
390 4, Mackay Cos pf 62 61ft 61ft, 14
" 10 Manatl Sugar
200 7 Manhattan Elov guar. 45 ft
109 i.7s Manhattan Shirt 20
109 j Marlln Parrv 23)4
30 .. Martln-Parry rts ... 2ft
100 .. Math Alkali 31
00 .. Maxwell Motor 1st pf. 45ft
109 .. Max Mot 1st pf ctfs.. 38,
15400 10 Mexican Petroleum. . .18214
aon
37ft- H
29ft- 14
89ft- ft
41H ..
15 . .
28 - 1H
7 May Dept Stores. .. .Atp.., Itt......
10700 l.oo Middle Stnt COrf7 8214
t j iu. . ... . r . -. ..:t
?" 4 Miuvaie Hteel & Ord.. 4414
Minn.ft-Bt Ii new 13
7
07
118
8)4-
18ft-
75
117
68 ft-
45 ft-
4- A
ft
14
ft
ft
ft
2 ft"
14
13514- 0
lft-
7)4-
23
23 -49)4-79'
33ft-02144-
7114- aft
16ft- 14
aift- ft
33M- ft
57 - 1H
32ft- ft
X- 'A
811
ft
81)4- 1ft
1414- ft
301
8814 1ft
11)4- 1
2)4- 2ft
3014 3ft
137 - 2ft
82 -
80ft- ft
94
175ft ft
"ft- ft
21ft- !i
38 1
31
80 - ft
102)4- 3ft
11)4-
18 - 1ft
14
70K- ft
38J4- 1ft
127 - 1
31ft- )4
31ft- ft
12H- H
6214 . .
Ill - 1
114 ..
2814
7114 82ft -
0014-9114-7414
35
14 -31ft-r
02
48-2
17ft- V,
80
7-
51)4-
123
109
300
809
400
800
200
309
300
100
200
1500
300
300
300
600
100
1900
200
100
600
100
100
son
100
32200
3800
400
600
700
100
1800
100
11500
700
100
600
400
100
300
4800
100
200
11400
300
2900
10500
0100
?J00
100
400
1000
101
1500
1400
300
200
20
100
too
200
100
8100
100
1.0
100
3500
1000
700
300
200
1400
100
200
100
100
200
100
100
100
800
100
100
1500
30U
1800
100
400
7 MhWSt P A S St M pf 81ft
v-Allssourl Paolflo 24ft
-T. Missouri Paclflo pf . . . 41
.. Montgomery Ward ... 33
3.80 Natlcnat Acmo 86
.. Nat Aniline A Chcm.. 63
. . Nat Conduit A Cable. . 10
0 Nat Enam A Stamp.. 71ft
1 Novada Con Copper... 12ft
8 New York Central... 69ft
.. New Tork N H A H. 29ft
.. Norfolk A Southern... 23ft
7 Norfolk A Wostcrn... tl
7 Northern Pacific 74
6 Nova Scotia SAC... 58
4 Ohio Cities Gas 40)4
. . Ontario Silver Mining. 7
8 Otis Elevator 123
.. Otis Steel 2614
.. Pacific Dovel Corp... 67ft
3 Owens Bottling Much. 55
.. Okla Prod A Ref 4ft
1 Paclflo Mall 33ft
0 Pan-Amer Petrol 103)4
7 Pan-Amer B 07H
4 Parish A Bingham.... 36ft
3 Pennsylvania R R. . . . 40
.. Penn Seaboard Steel.. 28
IS Pero Mara prior pf... 42
3 Philadelphia Co 3614
.. Philllps-Joncs Co .... 62ft
.. Plcrce-Arrow Motor .. 8614
.. Pierce Oil 17ft
8 Pittsburgh C of P.... 57
4 Pitt C C A St L 6014
.. Pittsburgh A W Va.. 30)4
fl Pitts A W Va pf 75
8 Pressed Steel Cnr. ... 60
5 Puntn Alegre Sugar.. HI ft
8 Railway Steel Spring. 8214
1 Ray Con Cop 17
4 Reading 66
. . Remington Typewriter 72ft
.. Replo Steel 68
0 Republic. Iron A Steel. 83ft
8.20 Royal Dutch Amer. ..119ft
.. St Louis San Fran... 24ft
. St Louis Southwest .. 12ft
6 Savage Arms 55
. . Saxon Motor 13
. Shattuck Arizona .... 9)4
.78 Shell Transport 80
.. Sinclair Oil 35ft
n Southern Pacific 14ft
. Southern Rail 21)4
20 Standard Oil of N' J.. 686
7 Stan OUof N J pf 104ft
. . Standard Oil N J rts.. 1ft
4 Stewart Warner Sp.. 43
4 StromDerg Carb 70
7 Studebaker .. 74 )4
8 Superior Steel 48
.. Superior Steel 1st pf...lt0
. . Tenn Cop A Chcm. ... 10 ft
2.80 Texas Co 49)4
. . Texas A Paclflo 43)4
0 Tobacco Products .... 63 ft
7 Tobacco Products pf.. 88
. . Tol St L West ctfs pf 17
.. Transcontinental Oil.. 10ft
8 Transue A Wms Steel. 54ft
2.80 Twin City R T 32
0 Union Bag A Paper.. lis
.. Union Oil 30ft
10 Union Pacific 117
4 United Alloy Steel.... 12ft
8 United Drug 129
3.50 United Drug 1st pf... 49H
3 United Retail Stores.. 70ft
.. U S C I P A Fdy 17
6 U S Food Products... 62ft
8 U S Ind Alcohol 83 ft
..US Realty A Imp .... 55
8 US Rubber 9714
8 US Rubber 1st pr.... 108ft
8 U S Smelt A Ref 63ft
ft
ft
)4
r
ft
ft
ft
100 3.80 US Smelt A Rot pf. .
h
44
6400 8 US Steel
100 7 Utah Copper 68ft
100 0 Vanadium Corp 76ft
700 4 Va-Carollna Chem ... 74ft
800 . . Waoash H
300 . . Wabash pf A 23ft
100 .. Wells Fargo Exp 53ft
100 Western Maryland ... tft
300 4 Westlnghouse B A M. 48ft
100 .. Wheeling A L E 9)4
100 4 White Motor 2ft
1100 1 Willys-Overland 113
100 7 Willys-Overland pf... 70ft
100 8 Wilson A Co 07 )4
100 0 Worthlngton Pump .. 08)4
100 s Woolworth F W 137
30 ft
43ft
13
89
24 ft
40 ft
33 ft
36
C2ft
9K
71ft
12ft
88ft
29
23ft
91
73)4
68
40 ft
7
123
35 H
07 ft
55
4ft
3354
101
tOft
35ft
39 ft
2714
42
36
62 ft
84
10ft
57
69
30
75
88 ft
109
92 ft
1 ft
S1H
72
87
9214
117)4
3314
12 ft
52 ,
13
9)4
78 ft
33 H
04)4
21ft
686
104 ft
lft
41ft
70
7314
48
100
10 ft
49
43 ft
63
85
17
10
64 ft
33
118
at ft
117
42 ft
129
7014
17
63 ft
84 ft
5
S6H
1C8J4
03 ft
44
lift
08 ft
76 ft
7414
8
23 ft
52 ft
Oft
48 ft
9)4
52 ft
17 ft
70 ft
07)4
8)4
137
AFTERFAIR START
Opening Demand Soon Satisfied
and Market Turns
Heavy
136H- lft
45ft V
26-3
38ft- 3ft
3 - ft
31 .. ,
5ft ft'
88 jttjX.
181j lft
,0 - ft
31 - lft
43ft-
13 - 14
80 - 214
21ft- ft
49H- 1
83ft' H
36
3ft-9J4-7114
13ft
esft-
29 -
23ft
tl 73J
58 40)4
7
173 3
35H- 114
67ft H
85 ..
14- 14
J3ft 3
103H 2
60V4 ft
35ft- 1
40
2714- H
43-4
36-14
62ft ..
54 - 3ft
10ft- )4
57 - lft
69ft 14
30 1
75-1
99 - ft
101 1
02ft- lft
1714- ft
84)4- ft
73
87 - ft
82ft- 1ft
117)4- lft
23ft- ft
12ft- K
52-3
13 - 1H
9)4 O
78ft- 3
33ft
94)4- ft
21ft
686
101ft ft
lft ft
41ft- 1)4
70-4
74 - ft
48 - ft
190 1)4
10ft- ft
49)4 X
43)4 ft
mi- )4
85 - 4
17-0
10
54ft
33
115 -
30ft
117 -
43ft-
129 - 1
49ft- u
70ft 1
17 . - ft
63ft ft
85ft lft
55
97ft ft
108ft ft
63 ft - ft
44
94IJ )4
68ft- ft
76 ft .
74 ft .
8
23 ft
51 ft 4 H
Oft- ft
48(4- 14
9)4-
53 ft 4
1814 79 ft-67)4-68)4
137 - 1
, New York, May 12. The rurb mar
ket showed a heavy tone today, although
4omp Iksucr were In demand after the
Opening. Oeneral Asphalt was jiromi
hent, moving up from 0U6 to 00, but
lost most of its gain on n reaction
'around midday.
American Woolen (rights) werf
heavily traded io and were under pres
sure, falling from '1A to Mi. fol owlnp
the course of the s.'ock on the exchange.
Indian Packing was a weak feature,
ranging from 10i to !Vj. United Re
tail Candy roftVtcJ a quieting downy
the recent acttvl y and ranged from 1074
to 10.
SimuiB Petr was traded in ou n
large scale bui tor selling nt 10. re
acted to 18 Shell Transport (rlghtn)
sold at 23 to 234. Tropical Oil wa
actively traded in, moving up from 20'.
to 21ii. White Oil sold nt 21.
INDL'SriHALS
Acm Coal
Am Woolen rli
rirlt Am Tob coup . . .
Cuban-Amer aumr ..
General Aiphall ....
Hercules Paper
lleyden Chemical . . .
Indian Pncklne . .
Mercer Motors
North Amer Paper .
Pressman Tire . . .
Radio Com ...
Radio Com nt
II J Reynolds (new)
Submarine Uoat ....
Bweota Co
Times Square Auto .
U a High 'ttpeed Tool
U S Steam
United Plct Prod ...
United Prontsharlnit
United Het Candy . .
High
lft.
67
14
24
10,
Low
i!.
16
86
mv,
"'k
IS
ss w
1:30
p.m.
10
87
I81i
24
IB
2U
41
14
Hi
, 39
, SIM
21i
u'4
40W
14
lft
3D
31
214
2
li
184
Commodity Mprhcts
COTTON MARKET o
New York, May 12. The cotton mar.
ket had nn irregular opening today with
first prices J5 points higher to 20 lower,
followed by rather sharp declines, under
local selling pressure.
According to private reports, there
were heavy rains nt Abilene and Forth
Worth, Tex., and considerable rain In
lie central belt, but sentiment 'appeared
bearish here over the unfavorable dry
foods situation nnd early sellers were
other aggressive.
Vow Orleans and the souths est wen--he
chief early buyers, while Wall
trret nnd Liverpool sold.
Later the market wns quirt nnd
teady, with prices a few points net
ilgher, on buying attributed to the
nins in the cei.tral belt.
N. Y. time
Previous 11:3(1 1:10
clo.e Open a m. p.m
.. 40,111 40J.1
.. .17,01 87.90 37.00 .IX. H
, 38.58 88.80 30.811 33.70
. . 34. AS 84.88 '.11.71 HI. Ml
. 84.00 .13.11,1 34.10 34 Si
. 33.4V 33.42
tny . ..
July ....
October .
December
January
March . .
40h
14
1H
S91n
31
2H
2
li
151.
INDEPENDENT 0IL8
Allied Oil 37
Ills Heart 10H
lloston Wyoming II
i.ario syn -i
Cities serv '" ctfs
Continental net ,
Co.den & Co ...
Dominion Oil . .
Muiue.ne
Engineer.' Petrol
Ksmeralda Oil . .
Federal Oil . ..
Qlenrock Oil . . .
Ourtey Ollle.pte .
Home OJ1
Homo Petroleum .
Hudson Oil
Int retrol ,
Island OU
Livingston
iono Star Uss . . .
Merrltt Oil
.MetropolltAn Pet
Morten. Pet
North Amer Oil .,
unio Ful
3H.
8'
a7,
21
4
.1
8
SO'4
3
3li
l'i
.11
in'
41
3H
Okla. Nat Oas 3.1W
firm.- nil .l'
37
SOU
3C 38)4
7 4 T!i
. 12S 12"i 12'4
. 4J 41 4t
. 1 i
i .
374
B
30
04
3
a
u
Xi
11
88U
814
Ut
31
ltli
45
.
34
L'S
Omar Oil
Phillips Pet . ...
Philips Pet rights . ,
lied Rock Oil . .
Rlckard Town
Ryan Oil
Halt Creek Prod ...
Sequoyah Oil
Hlmms Pet ....
Skelly Oil
Spencer Pet ...
Texas Pacific Cos
Tropical Oil .
l!n Texis Oil .
Vlcloila Oil new . .
Vulcan Oil ...
Royal Dutch Rts . ,
Shell Trans Rts . .
4I
32
14
4
37 '1
-
ID
luS
soli
70
20
1
'
4'i
34
23V,
10
4
a'i
84
a3&
.1- j
'8
.i?
3Utt
1.
ftt
4
37
18 18V.
10V4 10ft
:!0'4 20ii
MIN1NO
Alaska-llrlt-Columula .... Hi,
Atlanta 2L4
Ilelcher Divide 7
Belcher Kxtenslon 7
Dig Idgo -4
Hooth n
Ko.ton Montana "11
Culed .Mining J8
Calumet & Jerome ,V
Candelarla Mining ,',
Cortes Silver 5"
Cresson Oold li
Crescent MacNamara .... 4
Divide Kxtenslon 33
:: 'a
..
.. 9
.. 7
.. .1
. . -jv.
.. H
. . 2,
.. 'i
78V4
l'i
44
34
L'3'i
V"
7
77
I'll
Ux-divtdend.
LONDON STOCK MARKET
Alterations In Prices Narrow Oils
entire financial community put on their
thinking caps. It likewise demonstrat
ed quite effectively the futility of look
ing for ony easier conditions in money,
in so far ns stock exchange accommo
dations were concerned.
i
IV1"
Hemphill, Noyes & Co.
Mtmbers AVit York Storl. Ijr,'wnj,
Franklin Bk. Bldg., Philadelphia
As titvi York lloatnn h ranion
tVkl, ' -
Y'AtA
t W
1 ,-
Philadelphia Slocks
1 .10
p. m
It
Net
chge
'i'
I
E'. '
v
,a.
A CLOSED
JlgRST MORTGAGE
iBeiHl. Outstanding Hlghli'm Tears. Cover
'..wing Htem R R. Tarmlnnia. and
niiulpiiicnt
'-i-nicis iikidiii: TIIK MAR 00.
Now 58V2. Returning 7V2
EDWARD Y. KANE & CO.
' " Morris Building
4? 2
3fi..
3(1 . .
11 sn, UK-')', V,
J! I
2S
l.-K.
153
ll''s
i;
!f1
(13 . .
K'.lVii & iJiuglilln Hjeel B, I03H
'k'jSSes-ICMii Wnlerworlis A l.le-. .1. 1031
JSSSSA Mr UntC ttn. 1913
SS,uh'lc B.' I.I. Conimnii
9( Ulseiifohr Common
.V JUrton Lachenbruch & Co.
I., " . .. ....... ...... .
aI.'.i'UNU TITI.I5 iii.uk.. rilll..v
W' r TelT Hpruiw 881. Rare BOSo
?JF,j'wYrK ChUsrj Detroit Plll.bt
burgh
'f V
KEWBHRGEft,
llERSGn & LOEB
New York and
kin Stock Eeiaroe$
Ihestmit St.
High f.nr
12 Am Slrv. -II i-l'.
30 'Am It.ie
pref . -18 IS
3 f'nm Iron 38 3Si.
30 ('titnw I-ii
2d pf... 3(5 3(1
17.V. Kl Stnr. .120
.-.- I Co N A 2!)
Ill rrts f 1 2S
300 I.11U0 Sup IS 'a
3s(I.oh Nov. 03
.-..- i.eh vni.. in, 1 1 'ts -
10(1 T.MHI Mil
Oil ... 31 31 31 Hi
2IM1 tNe Con 12-T 12 ft 12ft..
".rt:! iii 11 it in 10 40 i
20 Phila Co. 30" i
30 rum pf. 31
1(51 Phil Klee 24
110 Phil It T 22
lOOTono .Mln Mi
10 I'n Trnc. 33V,
207 I' (J I .. 1.-1 ir.. 45
3110 tU H Htl. !'i 111 III
tNet change miule by (.omparl.on with last
sale n Nw Vork Stock Kxchange.
Kx dMdend loclav Amer Itwys pf , l
.,lrlln IIONDS , 1.30 Net
liioo High inw p m chge
I -.1 .m dux tv
i:iec 5-..
." Mnlduin I.o
let 5s . .
s 111..,, .t IVn
Tr i... r.n
ill liiturslate
Uwvh 4h . 30 30 30 . .
12 Lib Ponds
2d 4,h.. S5.18 85.00 85.00 .30
14 3d 4,n.. Sfl.04 88.00 88,00 .34
1)1-5 4th 4V4H. Wi.74 75.02 75.02 .02
ti vioL'v .Ma 00.10 00.10 00.104-. 01
3 Io tow KfbKOl 101, -101 .
rP.ln.lr a D U'pm ,11111 IIUII1U luua "cic
hard and shares of Argentine and Mex
ican roads dlsplajeil strength. Rubbers
drooped In sympathy with tho staple.
BUTTER, EGGS AND CHEESE
New York. Stay 12 Ill'TTER Steady
Receipts, 3004 tubs Creamery higher than
extras. .IBS SflO', r .reamery esjras (!.
.core). 8'4 WM"1. c firsts (88 to 01 scorn).
:.0Vi 3SUc packing stocks, current make.
No ir. SO'-i 10c.
enfts IrrfKUlnr Receipts, II IOJ
cases. Btorage parked, extra firsts. 4N'4o
Philadelphia Markets
FRENCH MISSION HERE
W1II2AT Ilecelnts. 100.fi.1S bushel. The
market ruled firm nt Koernmem price.
CORN Receipts none and market llrm
W quote new, as to quality and location,
at I1.IISI3S.03. the latter for No. a ellnw
OATS Receipts, .1000 -buihels. Scnrca
and nominal
KI.OUR Receipts. O.-18. 102 pounds In
sacks Quiet but very llrm. The quota
tions Per lOit lbs packed In 14U lb jutn
sacks Soft winter straight, western $12 2.1
(1 12 80; do do, nearby, 112(12 J3, hurd
winter straight 113.80 14 SO do. short
patent. 111 .'DVir, 30 spring tlr.t clear.
Ill 25fpl2 do patent. H .'.05 IT, 5(1 do.
short patent. ttS23(fl0, fanr spring and
city mills patent famtlv brands $13 aS'S'
10 23. Re ttuur, JU30O12S0
PROVISIONS Firmly held. Quotations:
Ileef. In set , smoked and air dried, ,"0c,
beef knuckles and tenders, smoked and alr
drled, 31c. pork family 30c, ham.. H I
cured, loose MIV. W 33Vac, do skinned,
loose, 32Va (' ,'13'ic do, do, smoked, 3IV4 w
3SV4c. hams Ixilled, Iwneless 30c picnic
shoutdeis S P cured, loose 22c. do,
smoked, 23c, lollies In pickle, luo.e. 2IVjc.
breakfast bacon, 82c, lard. 23ac.
IIUTTUR Klrm at late decline The quo
tations Solid-packed cruatnerx, fnne.
nign-sinring goon, u'wihc. extras, tuc ex
firsts. 40ViWIc, fresh-gatnerejj eir iireis 1 trn nrsts ,-, bis nrsls, .ITIi.iHi sei ondt,
nrsls 41rll I'ltr. mnip t rm d,i- ...vw.iur, sweci
31
12ft
III
3(1 '4
31
2m
22
1
33 c,
15
01
va
HOW lft
21 4- ',
22 V.
331'. 1
.l.Vi )i
1.'.
71. 71 74 1
ii.v nr.Tn 115
583, ,-,r) ij
tw fH IC.
vanla and nearby western hennery whites,
first, to extras I783e. state, rennsyna
nla and nearby browns, extras, BOWBlc. do.
cithereil browns nnd mixed colors, 40(3'
4BCHKB8K Firm Receipts. 28,42 bJfs.
State, whole milk flats, held, specials, wnlla
and colored 31 32c. do. average run. aoe.
slate, whole milk, tldti, current mrtke, spe
cials white and colored 28(20ci do, aor
ago run. 2(l27'-ic
creamery 1 hole, to fnnrv.
ordinary to good. 33(f02i prints
ILIffOSi
Jobbing at ,04) 72c for fancy and at 5U Willie
1 Army Men Visit Frankford Arsenal.
To View Hog Island
Members of the French ordnance and
coast artillery mission, who aic visit
ing ordnance plants and proving grounds
throughout the United States, visited
the Prailkford arsenal this morning ami
praised the general equipment there.
This afternoon the visitors will go
to tho naval nlrcraft factory at the
Philadelphia Navy Yard and also to
Hog Island. Yesterday members of tho
mission visited the plant of the Mldvale
Steel Works nnd were enthusiastic in
their praise of this establishment.
The mission includes Engineer-in -Chief
Prosper J. Chorhonnier, vice ad
miral of the 'French navy; Principal
(Jeorgn Matin, Paul PiiNqunlier, Cap
tain II. de Corbet to. Engineer C. ('ho
trreaii nnd Commander Charles Tavera,
imvnl nttiichc of the French embassy
"nt Washington. The Fiench officers are
accompanied on their tour by several
American officers.
GOVERNMENT UONDS
Panama coupon 2s 193
Panama registered 2s. lUau
Panama coupon 2s, 103J..
Panam registered '2s 1038
Panama coupon 8; 1081 ..
Panama registered 3s, 1801
Philippine 4s. 1011 . .
Phlllnnlne 4s. 1038
Philippine, 4s 1830
Govt coujoi
fiot regis!
on
erei
s, 1830
1880.
Hid
.-Ol'i
.101'i
.lOIVi
.101 '4
. 80
, SO
. 83
rs
. 83
.101'i
.toi'i
lunvi
, nntT
Ask
102
IOJ
10J
11'2
Ml
atl
113
tif
on
102
IOJ
HIT
107
.. V. ...... fl..,,n,. 4 1n
r S OoM regl.tered 4s, 1023 . . 100V.
Dlst or coiumnia a-iun. ii.-. . .
Hitjri Rate for Treasury Ctfs.
MH.hlnglon. May , Ste"riy
Houston offered another Issue of tress,
urv 'certificates of Indebtedness amount
Inc to 1100.000,000 or more. The Issue
will he dated May 17 and moturo No
"ember 14 with Interest nt 54 per cent
This Is tho highest rato yot carried by
certificates
Refined Sugar Market Unchanged
New York. May 12. The local re
fined sugar market remains unchanged
both as to condition and prices. The
raw market continues quiet and un
changed with refiners buying at .18 He.
cost nnd freight, equal to 19.68 ceats
for Cubas. Operators are, bidding some
what abova that figure. Offerings are
light and for the eugara obtainable the
for fair to good
hiKIS Again higher The quotations
are as follows In free cases, nearbi firsts,
40c per doien, nearby, current receipts,
43c, western extra firsts, 40c western
firsts 43c, southern, 40W43c. selected desh
eggs Jobbing at 33B3c per dozen
CI1KKSC Fancy etixk llrm under sarc
ll Quotations New Vork state whole
inllk. flits, held. fnno. 32c, specula high
er, do, KieragH run 2SW 31i , state whole
milk, turrent make, best, 20 5faili , onnnon
lu fair. 2(M2So, Jobbing salen for fanci held
good. 3:iV.Hr
I.IVi: POLl.TRV rowls. fann stnal .
30W40i do, heavy, 306, Isc. broiling chick
ens, fancy, weighing litl't pounds apiece,
75WS3c while Leghorn broilers 33wt!3c,
staggy joung roosters. .10!(32c old roo.tera
23ti:'dc, duck., 27W.10c, pigeons, old per
' at , j , iiunn.i', mi .vuuiik hoc
DRKS8KD POUI.TRV fowls. freh-
n,,i..., u. .Lnr... ,,, ,.,.-., '.riKlllllK IV I
Ihs apiece, 44c welghipc- 3'. lb. 4:6p
4c weighing 3 lbs . 874rdHc fowls, fresh
killed In bbls , dry-picked weighing 4 lbs
and over apiece 44c. w'elgblm; 3v Ihs. 41
ftlji : welghlig 3 Its,, a 3 f ,17c. old rooste-s
dry-plck.d, 31c
rllKnii KituririAiipies. pr barrel as
to quality, iiwii cxi; no, per nox $2 80113
Oranges. Florida, per lii I, Wo ho. do.
California, per box. I87 33 Grapefruit,
Kloilda. per box, I2.83W7 88 Strawberrlts.
southern, per quart, 331t33c
VEdKTAni.EH Whlto potato's per cwl
JMJi7 23, do per 130.1b hag 10 SOW 1073
do per lflS-lb bag, 111 80 Sweel potatoes,
Hiiulhern, per hamper II 73fr,1 .-id 1I0 ,ler
sey, per basket. IHcl Cabbage Florida
per hamper I3WS B0. do. southern per Mil
c-ate lir7. Onions Texas, per rrati 1130
2 50.
RAILROAD EARNINGS
CANADIAN PACIFIC
1020 Increase
Writ week May ... S,B26.I)00 inni.OOO
From January 1 .... 61,472.000 10,008,000
FREE RUSSIANS' CAPTIVES
Austrians and Hungarians on Way
From Slberla'Afoot Relief Sought
Washington, Mny 12. - I)rcs.oil in
remnants of uniforms thpy wore in
11114 when captured by the Hussions,
Thousands of AiiHtrinn and iluugarinn
prisoners liavp started on foot the
4000-mile journey from Sibcrlnn con
centrntion camps to their native laud.
Iteports to American lied Cross head
quarters here told of the trek of the
liberated prisoners.
No provision was made by tho Tlol
shevist authorities for feeding, cloth.'
ing or repatriating the men, the re
ports said. Amerlcnn relief organiza
tions and churches have launched a'
campaign to raise $3,000,000 to supply
(lie necessities of life ami to nitl In
repatriation. Nearly 51,000,000 lias
already been subscribed.
INDICT MORE WAR GUILTY
Afties Present New List of 45 Names
of Germans Accused of Crimes
Uerlln, Mny 12. The Allies have
presented a new note to Germany con
taining nomes of forty-fivo Germans
alleged to have committed crimes during
tho war for which tho Allies ileslrn them
prosecuted, the foreign office 'an
nounces. a uoio manes gpeqna inn
dlctmcnjKi nd Mrmlts the Inferere
Kl Salvador
Kurekn Cioesus . . .
Kureka llollv
Kortv-nlne Mining .
(lolden dale Kxp . .
(lold Cons
(Jold Development .
Gold Kewanaa
(lold .Merger
(lold Silver Pick ..
Oold Zone
(Ireut I lend
Ktnma Silver
Ilecln .Mining
Jumbo Kxtenslon . .
Knnx Divide
Louisiana Co
.MacNamara
Magma Copper . . .
M.irili Mining
.Mother Lode .
Mother I.ode new . .
Murray Mog
North Star . ,,
Ophlr Silver .. ..
Rex Cons
Rochester Mines. ..
Rope. Oroup
San Toy
Silver King of Ariz
Silver Klnir Divide
S Sliver Iad A
steward Mining m
success .Mining
Tonopuh Cash Hoy
Tonnpah Divide
Tnnnpah Extension
Tonopah-Jlm Dutkr
Tnnopah .Midway
Tnnopah Mining ,
Tonopan Recue Eula ....
I S font
I'nited Eastern
Victory
White Caps
White Caps Exten
Wllbert
Ycrlngton
IIOND8
Allied Packers Rs
Tmer Tel Tel Ss. 18S2.
Anglo-Amtr Oil 7V4 s
r C C ft St. UjuIs s. . .
Dels A Hudson 7s
floodrlch Tire 7s ....
Sinclair 7Vs
80
IS
'4
' 20
svi
4-
0
;
S.IV-i
IK
no
s
7H
3
.
O'-i
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in
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H
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11
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innvj
. 8aV4
inov;
nsj.
. 87'.
7
18
3
4,'.
II
II
13 .
10
80
BI4
70
3
A
i
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18A
4
1I
IN.
17
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IS
ntm
04S
70
20U
lJi
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,-
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is
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7
3
GRAIN MARKET
Chicago, May 12. After an Irregular
tart, the undertone of the corn market
became firmer this morning. Trade was
nixed, with offerings of July limited.
The volume of business wns moderate,
Unaettled weather, with rains over a
largo part of the grain belt and further
xnort bills for wheat, were ojnong the
bullish influences. The cnr situation
was a little more promising. Ilecelpts
were 44 cars.
May openetl Vi rent lower, nt 51.05,
and later wns quoted nt ?1.05. July
started at 51.75 to S1.75,"ngalnst
;i.it7n nt me cioe yesterday, and later
sold at 51.7(1. September opened nt
M.tt2 to 51.03',, and later sold at
Jl.03.
Oats were flriiiei1 enrlv on Hcnltcrctl
buying by commission houses and a scar
ify of offerings. Trade wns light. The
eceipts here today were 50 cars.
.May opened rent higher, at SI. 07,
ind later sold at $1.0flT6. .lulv wns
looted nt 03c to 01c at the outset,
igalnst 03c at the close yestertlny.
September started at 77c to 77c,
igninst 77c nt the closo yesterday.
Ilecelpts of whent here today were 5
cars.
Leading futures ranged as follows:
. (Chicago time)
Corn (new dollverv) 10:30 Yest.
Open High Low a. m close
May ... IBS 1.II0S 188 MIS. l.BSU
1.73'i 1 78', 1.73 1.70 1.73).
ipkttta ateirixwr tcMxx,
Complete Investment
Service
Argentine
Government 4 External
Sterling Loan Bonds
Cumulative Sinking Fund
retires this entire issue
vyi'thin thirty years.
With StcrliiiK KxeliniiRc srll
inn at $4.87, the par valtir of
these bonds cijuals about $974
YEARLY INCOME
Sterling at
$3.90
$4,25
Yield
. 7.20
.7.90
$4.87 9.00V
Price $430.00 for 200 potituK
nt rnto or Z. is por pound sterling
Send for descriptive circular
W'.c will take Argentine Gov
ernment C) Ilonds, due May
15, 1920, at par in exchange
for these bonds.
1422 South Penn Square
Philadelphia
MCMUUIIH OP NEW YORK STOCK
.XCllivNOK
1 Hfl'4 1 07 1 OOVi
83V. 834 '83V4
U Xiifrrmum.itinna
Canada
1'-.
".
inn'i linn.
lnoij mot:
11.-14 IIS'I
87 'i 97
it Stock Exchange I ION 1'rop ; 1U V ,ii7'VJ?vn what abov that figure. Offerings are BAR 8ILVHR .lament and iwrmlts the i ln&rr?l ?2.(lm,07V?.f g '.VAU .,u."y m 4llln' ,, Chlego. May V15, nUTTEP.--Uvrer, , llttu A. Munwn f ;t
, .j i'i I l(na torn cV.'il01101-.l01 iht nd for tho eugars obtalnab e the bah aiuvijrt ?,!FvPe:L.Y r&Fthi n . . -k "VV138T END TIWST DUftDlNO J
LIVESTOCK QUOTATIONS
riilrngo. May 12. HOOS Estimated re.
relpts, 20.001) head; left over. 14,204 head,
Light hogs opened alow, first sales about
steady: top. $18,28: heavy weights, strong
to hlaher Average cost esterday. 114. S2.
CATTLE Estimated receipts, SiMlo head.
SHEEP Estimated receipts. 0001) head.
rlttuburgh. Pa., Mav 12 HOdS Ile
celpts 10DO head. Market elcad Heav
ies, S14.z30l14 30, heavy yorkers. $18 .'UW
13 73: light yorkers, $1SW1S 28, pigs, $14 So
fri4.7B.
HHBEI' AND I.AJ1HS Ilecelpts (loo
head. .Market lower Top sheep, 111 80:
to lamb., $17 .
CAl.VKS lleielpls, 430 head. Market
lower. Top, $13.
Knat Buffalo, N. V.. May 12 CATTLE
Ilecelpts 423 head. Heavy elov Calves, lu
celpts, 401) head Hteady, nl."
111X18 Receipts, 1000 head Steady to
10,- lower. Heavy $13(.&13.80. mixed. $1)1,
orkera, $10 23, light do. and plan, $10:
roughs $12(fl2 8Q: stags. $8tit9.
HHKKI' AND I.AMIIS Ilecelpts. mi
head. Slow. Lambs, IN WIS 73, Others
unchanged
NEW YORK COFFEE MARKET
New York, Mny 12. The nun ket for
coffee futures opened one point higher to
11 points lower tills morning, with
trailing full ly active. Most of the in
tercuts i entered in September, which
Minted nt 1 1.00 und then t-old oil Io
14.51.
After the call, .lulv sold to 18.03. nr
IB points from tho low point pf tlio j
mottling. September sold to 11.65, or 14
points up. rrtccs urounu tne noon hour
held very steady.
Tho eurly decline wns attributed to
bearish interests depressing values In
anticipation of mirchnsex of cheaper
coffee In Hruzll. The offerings, however,
were readily absorbed by trnilo Interests
and local operators.
Julv ...
Oats-
May . . 1.07 1 07
July . . . 03. 84
Lard
July ..2170 21 S3 2170 21 SO 21.70
Rlba
Julv ...10,22 18.30 18.20 18.3018 22
Hid.
FOREIGN EXCHANGE
New Vork, May 12. With the excep
tion of French and Helglan exchanges,
which continued strong, the opening for
eign exchange quotations wero quiet
with slight changes. Sterling wns casv
nt 3.83 ',4 for demand, compared with
3.84 91 at yesterday's close, nml r.nlitcs
were 3,84, against 3.85 yesterday. '
Francs cables sold at 14.80 and checks)
in. ii. o, iirp were ta.ou tor cnoies anu
19.B2 fcr checks.
Other quotations were:
Belgian cahles 14.00. checks 14,02,
Swiss cables B.OB, checks 5.68; guilder
cables 3694. checks 369. ! pesetas cahles
1C.06. rllnrkq 10. KR! trwkhnln, ...ililrtu
21.2S, checks 21.10: Chrlstlanla cables Y
18.85. checks 18.70; Copenhagen cables
iu.90, pnecxs ib.su
Dealings were oulet at midday, francs
and lire casing off 10 to 20 points. Ster
ling touched 3.83 J for demand and then
dropped oft 4. Cables sold for 3.81.
YESTERDAY'S FINAL QUOTATIONS .
Sterling Francs Lire Guilders
Demand ... 3.84"; 18.17 It. IS fl0i
Cable. .... 3.R5V4 lB.lft 10.10 30
TODAY'S OPENING QUOTATIONS
Demand 3 S3U 14. SJ 10 02 sn' i
v-"'ci ... n.ni ll.flil III. on ;iti i.
BANK CLEARINGS '
Hank ilearlnga today compared ullh cor
lespondlng day last two vears.
1020 1018 mis
rhlla. . $R,8fl7.p:3l $73,014,310 $nil,l3,377
Dall're, 18,827.317 13,130,003 , .....
MONEY-LENDING RATES
NKW YORK Money on call, both
clnsses nf collateral, opened ,toduy nt 8
per cent for lending nnd renewing.
A moderate 'amount nf iim, mnn.u
was lonned today at 8 per cent Tho
maiket Is quoted, nominally, nt SViii1!!
per cent. There appeared to ho a fulrlv
good Inquiry for ca,ll funds and money
was In fair supply.
Pilme mercantile jiancr shewed liltlt
feature and continued film In lone, with
the minimum nearer "Vj per cent than
"U.
Call loans on prime bank itrcepinnccs
vere unaltered nt 6V4 por cent Prime
ninty-da' bills showed smin't'dng f ii
ipiend at 6UW6V4 per cent. For slxtv
day hills b (fj6W per cent Was quoted
and 59 6 per cent for thirty-day bills.
rnil.ADin.I'HIA Cnll. 0 per cent;
time, 6 per cent ; commercial paper,
three to slv months, 6 per cent.
(Note These are merely nominal
ouolatlons as the legal rule nf InlorcHt
in the stale, or retiuHylunla Is nxed nt I
0 per cent. Plus premium and com- i
mission time monev for Ihlrlv lo nlneU .
da.vs Is loaning at 7 per cent, while com". !
merclnl pnpor frtini three to hI monlli
Is being offeifd n.t " nnd 7',t pir cent.)
Bear this thought In
mind: Canada's indus
trial possibilities to-day
equal those of tho Uni
ted States immediately ,
following tho CIvllWar.
That explains tho
American industrial
invasion of Canada and
the Dominion's favor
able investment oppor
tunities. Placing investment
funds in Canada with
exchange rates so ad
vantageous to you, au-
fturs well for large In
comenndfuturcprofits. Wo will recommend
you desirable securities
with excellent income
yield if you will write
to us. Address:
AGCMCV OP
I Royal Securities
m 'corporation
8.1
(CANADA)
LIMITED
IIIBSOAnwAV NtWVOIIK
A
i
I
I
BM SmOi l'L2LcJLJm
LONDON Money Is quoted nt 5 per
cent nihcount rates, short bill. HA,
per run ; three months bills, 6 It-K.fi V
per cent.
The House of CHAS. H. JONES CO.
No. 14
An Investment Service
For the past quarter-century
our Ruidinn principle
has been honest and un
biased recommendation of
securities to our customer.
Realization. that our client's
money should be as care
fully safeguarded as our
own funds has prompted
us to brine our Statistical
and Analytical Depart
ment to Its present effi
ciency. We invite your confidence
and permission to analyze
your investment require
ments and to make sug
gestions. (To bt ronltntud.l
Current Investment .Offer
ings "I." sent upon Ilcquevt.
Municipal Railroad '
Corporation Bonds
20 Broad Street - New York
riwu STCIM IMS UU MtlUt"CIKIITMU-
Reserve Banks' Discount Rates
Official discount rates at the twelve!
Federal rteserve banks were as follows i
(Tho first column gives rates for all i
periods up to and Including n fifteen-1
day maturity, the second for a period
of sUteeu to ninety days. Tho third
nnd fourth columns give tho rateH of I
discounts of collateral loans secured by I
government bonds or notes.)
Com'l paper Oovl paper i
10 to on in to nu
13da.vs davs 131ivh iIhvsi
W ? r
lloaion . II O
Now York tl II
Philadelphia . . . II n
Richmond tl it
Cleveland O tl
Atlanta (I n
Chicago II il
St I.ouW . O 0
Minneapolis . . . , n
Kan.as Clly . 0 it
Dallas tl n
Han I'ranWain . II II
B'
BVi
3'v
,-.t;
.Vi
llates on outstanding certllleatcs of
Indebtedness coutlnun utichnnged nt .1
per cent with tho exception of Minne
apolis, where the rato Is 19, per cent
Financial Briefs
May .
duly
Kept
Dec
Ms nil
Yest closo Open'n
14 70W73 ll.ilSlfilH
18.010(112
II ni02
14 anwsi
11.31 W.-tt
14.00(0' 02
14 B0 37
II 43ft III
1 1.321(3,1
IN Y. lime)
II a. ni.
ij.ORtif 13 01
Tl.no
14.82
Liverpool Cotton
Liverpool, Mny 12, There was more
Inquiry for spot cotton today, with
prices easier on the basis of a decline
of 53 points for middling, at 26.41d. The
salei were 4000 bales. Tho receipts were
4000 bales, all American, Futures were
easier In the early dealings, Spot prices
werM American, middling fair. 31.9M:
ST.ssai miauiing, ,ua; tow mlddll
aallflf uraoit .nrrllnnrv. 10 01 .u,
The business development committee
of the Philadelphia Hloclt Kxchitngo h.is
Issued for distribution by members of
the exchange nn eight-page clicular, de
scribing In detail the securities of the
Heading Co. and its alflllalcd conuyuilcH,
llrtlrlng directors worn re-clrctetl ut
tho annual meeting nf the ileal Katulo
Title Insuiunco and Trust Co.
Tho New York subtrensury lost $5,
745,000 to the banks ycstoiday, ludui'lng
the cash net gain since Friday to 12,.
606,000.
The average price of twenty active
Industrial stocks declined 0,81 por cent
yesterday to 92,52, while twenty rail
roads declined 0.73 per cent to 72.80.
Keystone Telephone Co, repot led gross
riirnliigw of $143,689 fnrtAprll, sis com
pared with $130,191 In same, month l-ist
year. The net earnings wero $46,680,
compared with $41,618 In April of lust
year, Fcr the first four months gross
earnings were, $573,468, ns itgiilnsl
$519,900 last ycur, while tho net wus
$14?,438, as against M16,70U. Tlio b.U
ance available for dividends was f 02,
618, as ngulnst $56,054 In tlio corre
sponding period of 1919,
CHICAGO BUTTER AND EGG8
China.. May ' 1" nilTTRn T...
m1fr'lAirfvrt rvrcripis, mm.Oltl . CIVSes
jm?m
UMteiV
V
What
Yield
tire you Retting from
your invcHtmonts
Is the return conimcn
surato with increased
costs ?
We have some excellent
offpiings whoso yield is
hijrh "nd safety unques
tioned. Baker, Ayling & Young
J. ', SWAIN. Jr., 'Vlannger
Und Title Hide
lloston l'lilliulclpliiu
Which are the best for Con
aervative Investment and
Profit?
New 7 R. R. Bonds
Old 4 R. R, Bonds
Comparative study sent on rcijucst.
MARTIN & CO.
1411 WALNUT ST.
PHILADELPHIA
STOCK SALESMEN
wanted who can quallly us Ids'1
pressure salesmen to sell slock in a
well-known Instil motor truck com
puny, established since 1911.
DoroHhow, Hnrnstcln & Cp.
Iloum 001 250 S. Ilroutl blrctt
Mot
Du Pont Chemical Preferred
REED A. MORGAN & CO
W-E9T end 'rnysT vvtvoW i
0 I'hlia Vi
equivalent or sj.uo in,
,.
Members o(.th'J'hll4' siockiJv-"