"0 1-,'iM " a. r-H y" iV 1 :- ft .r-W r- 1 : ., !: ; ( i -: '' , :-. : 1 I "OF THE CONDITION OF ijr'i r MBfehencial Savins: rJ?Ilind Society P? ti $ Q riiiMDKLruiA :-, tpTOrftt 1200 Chestnut street. Philadelphia v(---- (s 1 iji laoo chestnut street. Philadelphia the close-of business Ityy Hb. 1920 nE80UnCK3 n sVtU K I .A I V"'' .tcla And noi H tfiV'tP06 'rom. approved t'T resarva agents 1.0 208.577 30 . ' -j 'o Iflllll l 1U,DU) QV) 'ifjinni , rnnnnfi nn IB4 nUet t Pr 1,22.1.000.00 ekels and ponia hnKit and cash Items lnan wlfh ,ftH.i..l loans With collateral pa , . 4 . eSS ... , bulidlna: and lot ... t- .r is.ior.5ss in 2.027.1s 4,ims ;s loo.ooo.oo t.iW.Tio.im ..iA.ms.asn.oo . . 3.097.0,0.011 . . noo.ooooo y Total 524,222.940.03 LIABILITIES PRICES DIP AGAIN ! IN SOFT MARKET NEW YORK STOCK EXCHANGE TRANSACTIONS irplui tMi id ill d prdri tfl. jejs expenses V and (taxes rmid IMnlkMri n.M..i. PJH ubjpt to check t'Vj a ' jcpoaji oTinn fund deposits Total Btatn of Pennsylvania. CoimtV of hlladlphls T. A?.EnrPT MITItTMIV ahovs-njmert Havlnc Kund J1.88S.M0 62 209,(130 09 3.075.125 31 18,180.337 01 521,222,940.03 Treasurer of the no solemnly A fflrr.r.lht ,h above) statement la true to the '. b,t- ' W knowledge and belief .' (Signed) AUrilUD J. Mt'ni'HT, V Subscribed and i.in.Mr or jia ,a Treurr. before mo thla Corrwl- At teat tsicnetu awern lo iy. win. AHLES KltEO MILLER. notary ruDiic, JOHN J MarDONAI.D, I A MiMANlg. JOHN' K. LONERCIAN Jfanaa;ers ' w The High Cost of Capital The Inducements offered investors in connection with recent issues of bonds and notes have amazed those who have not been in close touch with investment conditions. While recent financing has beer: almost entirely on a short tine basis, wc believe that in vestors should also con sider seasoned securities svith long maturities as they are' yielding: almost as much as the new issues. In other ' vord ., it is possible to buy a very large income to ex tend over a period of from f ten to twenty years. For suggestion write for Circular No. R.l ( handler Company Franklin Bank Bldf. Philadelphia New York noatan Naw Harm Ilaltlmnra (Jerman City Bonds Bought, Sold and Quoted Scott Stump Investment Securities BrECIALIHTS IN ODII LOTS Stock Exchange Bide. PHILADELPHIA. PA. Now York Ofllrr. 40 Eirhanx Place Brancbeai CoateaTlllr, Norrlatown, p. - , Direct Pr rate Wire Evidence of Considerable Liqui dation to Protect Credit Posi tion by Mercantile Interests New York. May IB. Whether from n further extension of short commit -nieuta. or from drihbHig liquidation the trend of today's stoeU market wns ngnln In the direction of lower price, l.nck of buying power effected n further shrinkflRe of quoted values In nil ports of the list. The opening wns homy" and price continued to snjc during the best port of the session. Sporiidio rallies nt different Interval checked the down ward swing, hut the. entire list again conspicuously lacked sustaining power. On the other hand the selling movement continued extremely light on the down side. Tho liquidating or selling move ment apparently spent its force by mid day and substantial recoveries were established from the lower leevls of the morning. Trading, however, became very quiet on the rebound, emphasizing the limited character of the demand when the more pressing requirements of the short interest were satisfied. Overnight advices dealing with the general industrial and tinnuclnl condi tions were mostly of a character to give reuewed encouragement to the reaction ary party. At the same time there was clear cut testimony to show there had been n lot of liqnidatiou within the lost few days by interests who have been obliged to liquidate security hold ings in order to protect the credit po sition of their own business. This ap parently npplied to many mercantile lines. The sentimental effect, however, of this evidence whs partially offset by the comparative ease in which the mar ket bad absorbed these forced sales without a greater depreciation in quoted values. On the other hand, it served to emphnsize the seriousness of the strained credit situation, which certain circles I of all street have seen fit to attempt I to belittle. During the earlier dealings selling ptessure continued to concentrate in the steels, equipment!), motors nnd textiles, which continued during the first hour. The investment rails ulso lost ground on the threat of a new Ntrikc in the middle West, although there was a hopeful feeling in market circles this fresh un rest would be nipped in the bud by the brotherhood leaders. Commission houses traced most of the selling, other than that of professional origin to in terior noints where restricted credits. labor disturbances and reduced business activity now prevail. Toward noon selling pressure auto matically relaxed, which was followed b a general rally, led by the oils, in which recoveries ran from 1 to 3 point. The easy rebound in these favorites led to a geueral covering movement and. in consequence, gains ot 1 to JVi; points over yesicruay s nnui quotations wen made by Crucible Steel, Baldwin Lo comotive, Ueplogle Steel, American Car and ioundry. American Woolen uud Com Products. Additional backbone was given to the rally by the full re co very in I ntted States Steel. In the memitlme call money opened at ) per cent. SAGGING. PRICES IN LOCAL MARKET Securities for Investment JosephW.Gross &Co. 1421 Chestnut St Correspondent! Aldrtd fi Company Sharp Decline in National Properties Co. Bonds U. G. I. Dipped to 44 and Ite Mtaffrr Oil & Ref. ! 1929 (in, in;fl fii. ttiia Nun Co. 6s. 1920 Kqii'tuhte III. tins I.I. 3s. Ijlke .Superior let & 1911 fitdnriiiril flnH A: Kir Hprlnrtltld Ky. & Lt. 1928 B0ENNING, GARRISON & GO. STUCK EXI'IIANOK HL'II.DINO Direct PrWate Telephone lo ew fcork Uembera l'hlla. Stock lixchanie itK r-v Lawrence E. Brown & Co. CERTIFIED PUBLIC ACCOUNTANTS 1I5 REAL ESTATE TltCST BI.DO. InTeatlcate and ndjant partnership as 4 rorperatlnn ivrauiiK, A1m preoare U. S. Interne Tax lleturna. -'I B.i vu w K 1 If The Price JHistory of Every Stock traded in the New York Curb and in Boston, San Francisco, Salt Lake and other exchanges is given in the May issue of our Free Broker's Hand Book Just out high and low prices for last month and. entire year of 1919; par, capital, dividend rates of more than 800 securi 1 ties. An invaluable guide for those who are plan ning to take advantage of the present technical po sition of the Market. Memo,, page, commission rates, etc. Ask for No. T. U.-890 JONES & BAKER SECURITIES v'WMener Bldtf, Philadelphia '' .Phones Veil, Locust 47Z0 Keystone, Race H90 Direct Private Wires ' s Offices in 9 l'rincipal Cities It was another dav of dullness sagging prices in the lnrnl market. current dribbling liquidation developed in different parts of the list, whihe to gether with the extremely limited buying power resulted in a general lowering of price. Among the more conspicuous move ments of the day was the extreme weak ness of the National Property Co.'s 4-0 per cent bonds which were offered down to 15, or n-arlv 5 per cent under the previous sale. This extremely low price came in for more notice by reason of the fact that the interest is being paid , on the bonds, and as yet there has been 1 no positive tvidenee of default. -Then-i hns been considerable talk on the street i for .some time concerning n proposed re capitalizalion or reorganization of the I property. t'p to this time nothing i definite lias been rande known. Other prominent features included the reuewed liquidation of Lake Supe rior Corporation stock, which yielded lo 15, and rbe fresh weakness of I'nlted (5ns Improvement, which stock fell back nearly !?1 to -It. In view of the of riciol assurances given concerning the Mobility of the dividend, the fresh bell ing was diffijcult,to explain. It was a cane, however, of a general marking down of values us prevailed in the other principal markets. Llectrto Storage Ilattery was offered more freely again, with a decline of 51.75 to 117. Light offerings carried Lehigh N'aviga tiou down $1 to 6'-. Philadelphia Klee trie had sujiport at 24 lt . Union Trac tion lost 'J at Xi. while American Stores. American Ga.s nnd American Iiuilways preferred and York Railways preferred were unchanged. 3a! inn .100 ?oo 7100 3)00 too BOO 1400 voo 1800 100 700 100 000 2100 2.100 JtOO 24110 400 1700 jsno 100 1400 1900 400 1J100 100 200 3800 8000 100 ion iino 3000 ion 200 200 100 100 4400 1100 3700 000 moo C00 170C0 200 700 0J00 inu 200 200 700 too 1900 400 6400 200 t00 700 400 200 2100 400 700 000 too K00 100 noo 4(100 3:100 200 2R0O too soo 2(100 300 1000 C70O 100 .100 3700 2000 109 103 100 900 100 100 300 NOO 701 900 100 1100 932 100 100 3600 100 100 1300 13S0 3.1100 300 2400 200 200 1700 1800 113 200 100- 1000 100 icoo 300 1000 200 300 701) ino 2700 600 200 400 7200 I 2500 700 700 mo 1100 too .',00 Dlv In S Philadelphia Stocks Net chge -1 - - v 1 30 Illur. Low p m 10 Am Strs.. -t.'t W -13 - 20 Am Oas.. 42 42 42 , 20 Am Hwys pref.... IS 45 S , 21tnald Lo pref . ..100 100 100 - 745 El Stor..ll7U 117 117V lOOtlnt Taper 70 70 70 - ISO Keybt Tel pref ... .". :S4 !M .. 705 Lake Sup lfHi 15 15 M 212 Leh Nov. 02 02 02 1 !) Leh Vnl.. 413, -nil' -11 aj.. 200 I'a H U.. 10 :WM 40 .. i7si'ini Eiec 21'i 241,6 um y lOTonollel. l"i Vh 1ft.. iih) i'n Tine. .'i:i w :w v .170 I r: i . 14 11 h, ', HI1 3 .U"V- 10 York It pf :i0-i tNft ch.ngo made b rnmparlon with last aale on New York Stock Exchange. 1 30 Net a nnvns Hlah Low p m chge. 05 'i 50 05 Vj 50 105 05 i 50 . . 105 ,w .S'alea In Jiood 1 Unldwiu 1st 5s V, Elec & I'eo Tr Is . . . 2 Lehigh Val annu y us iw.i 1 Lib Hond 2d 4',s.. 85.12 S5.0S 85.12 :taM .... 01.80 01.80 01.804- :td 4,s.. 88.02 88.80 88.00.. 4th -ihs. 85.82 85.58 85.58 .01 1 Vlct'y 43 s 00.00 05.04 05.0(1 .14 5 Vi Natl Prop 4-0s 15 15 15 1ft 7 Pa tern ctf.101 301j 1013', 14 ". IMiIIh Klec Ml rH Ml 'j i 1-; 1 25 15 00 .00 1st .is. . . 1 Span-Amer Iron 0s. . 118 1 a OSi j. osLj. ltlah Adams Express 37Vi Advance Rumely .... 34H AJax Itubber BSVi Alaska Gold Mines... Hi Allls.Chalmer .1 33Vi 2:30, Net Low (NTtmf Chge. 3 Am Dank N'otn nf 42 Am Beet Sugar 83 10 Am Dosch Magneto ..107 . . Am Ca'n 40 12 Am Car & Fdy 131 Ji 4 Am Cotton Oil 44 so Am Drug- Syn 12H e Am Exprca U314 .. Am Hldo & Leather.. 19U 7 Am Hide & Leather pf. M s Am Internat Corp ... 8BJ4 3 Am Linseed 84 6 Am Locomotive B'i'i . . Am Safoty Razor .... 13 .. Am Ship ft Com 20JI 4 Am Smelt & Ref.... 5H 7 Am Smelt & Ref pf.. 2J4 3 Am Steel Foundries.. 41 H 10 Am Sumatra Tcb . ... 8 7 Am Sugar Ref 129 8 Am Tel ft Tel 84' 20 Am Tobacco 530 0 Am Tobacco pf new.. 90W 5 Am Tob Seo temp efts JH 7 Am Woolen 109 Ji 7 Am Woolen pf 100 .. Am Writing Paper pf. 39i .. Am Zlno Lead & Sm.. 1SH 4 Anaconda Copper .... to Atch Top & Santa Fe. 79 U 8 Atch Top & 3 Fe pf.. 141$ . . Atlanta Blrm & Alt. . 0 7 Atlautla Coast Line... 85 7 Atl Refining 7 pf...iol&4 10 Atl Gulf ft W I S S..168l$ .. Baltimore ft Ohio .... 331$ 3.30 Baldwin Locomotive.. 116 8 Barrett 125 .. Bethlehem Motors ... 22 Vx 6 Bethlehem Steel S!i 6 Bethlehem Steel B.... 91H 8 Bethlehem Stl 8 pf..l09 .. Booth Fisheries ? .. Bltlyn Rapid Transit. 121, 4 Bruns Term P P 0i 10 Burns Bros H5'z .. Butto & Superior Cop. 53 !$ 10 Canadian Pacific 116 7 Case J I Threo M pf.. 01 s Central Lcathor 684 4 Cerro de Pasco Cop.. 45 10 Chandler Motors 133H 4 Chesapeake ft Ohio.., .. Chi Mil ft St Paul..., . . ait Mil ft St Paul pf . . 7 Chi & Northwestern., 8 Chi Pneumatic: Tool. .. Chi R 1& Pao 6 Chi R I & Pao 6 pf .. Chile Copper 18 1.50 Chlno Copper 31 H 8 Cio Cln Chi ft St L pf 0 1 Coca-Cola 37 ;; 3 Colorado Fuel & Iron. 341$ 6 Columb Gao & Elec. . . 37 1 Col Graphophono . . . . .. Col Graphophono rts 4 Comb-Tab Record... . Comput Tab Reo rts.. c Consolidated Cigar. . 2 Con Interstate Cal M 4 Consolidated Textiles 51 .13 5$ 49H 70 88 V 335$ 6114 29 'i 50 ?4 u 0'a 14 H 35i 7 Continental Can S6 1 Continental Candy ... 11 H 4 Corn Products Ref.... S3H 7 Corn Prod Ref pf.,..101U . . Cosden & Co 37 ' 12 Crucible Steel 138'$ 10 Cuba Cane Sugar 521ft .. Cbn AmSugConew. . . 36 9 Delaware & Hudson.. 93 7 D-ecre ft Co pf 93 .. Denver ft Rio O pf.... 10 Ji R Detroit United Ry 92 32 1$ 341$ 65 1$ lit M 42 2U 103 39 V$ m (3V$ 121', iVi 18'i 97 N5'i 83 V4 tfOH 13 '20?a" 58 H 97 1, 41 86 Ji I28!e 93H 230 002i 87 107 99 39 'a 15 551$ 78 Vi 74 U H US 104 16211 32 1I3H 1224 21)'. 8iH 00 u 109 ',i n r, on 11.1 22 Vt 1131$ 94 07U 451$ mis 504 33 40 78H 88 32?; 60 $ 15H 31 H 03 31 Ti 341$ 3Ji 271$ 4 C014 1 371$ 34)4 65)4 11$ . 3.15$ -42 m 107 39W- 131H4 43)$ 12H ' 123 19J'4 -t3 -92)$ 13 H ' 87 - 129 9SJ4- 736 100)4 H 'x 0 V H H 7 )$ V 2)4 )'4 H y 1 'h 3'4 1)$ 'y VA X ooa- iy4 39)$. 15 86 -f 18M- 74)4- 6)4- 85 104 107)44- 32)$- 116 122 ?4 2t)$- 89U- 90)4- 100 4- 9)4- 11J4- 6)4- 115 2214 113)$ -33 34 )$ 14 y M J$ 2 2 2H H 1 X l H 1 !$ H A X ia 94 08- 45)4- 129)$- 80 X- 33 -49H- 78H-, 88)4- 373;-60?4-15M-31H 63 4 33 34',$-85M-27M '4- 50)4- )$ X !$ 4)$ X X y x 1)4 y Vx l'4 2H J4 Dome Mines 10 Elk Horn Coal 21 5 Endlcott-Johnson ....10314 .. Erlo 11 J4 .. Erie 1st pf 18)$ .. Erlo 2d nf 14 8 Famous Players-L . . . 60 X 8 Famous Players pf... 82)4 3 Federal Mln ft Smlt pf 40)4 . . Fisher Body pf 1033; 3 Flsk Rubber 3H$ .. Freeport Texas 21 . . Gen Amn T Car Cor.. 50 8 General Elcctrlo 141!$ .. General' Electrlo rts.. iVz I General Motors ctfs.. 27)$ 0 General Motors deb... 70 J4 6 Goodrich B F 01)4 7 Goodrich B F pf 91 7 Gray Davis 28 7 Great Northern pf. ... 7.1 4 Gt Nor Ore ctfp 35 .. Green Cananoa Cop... 31 X . . Gulf Mobile & Nor. . . . 14J4 . . Gulf Mo ft Nor pr. . . . 31 4 Haskell & Barker Car 02 !4 . . Hendee ctfs 38 1 Hupp Motor Car 17 V 7 Illinois Central 8S 6 Inspiration Con Cop.. 52 .. Interboro Con Corp... 3)4 .. Int Acricul Corp 20 . . Intl Harvester New. 125 7 Int Harv pf new... 10714 . . Int Mer Marino 31 o Int Mer Marine pf... 84 , Internat Motortruck.. 521$ .. Int Mo Truck rts.... 0 .. lntematlcnal Nickel .. 1054 .. International Paper .. 71 .. Iron Products Corp.. 44 4 Kansas City Southern. 134 4 Kansas City So pf 42Jt 4 Kelly-Spg Tiro 100 8 Kelly-SPB T 8To pf... 08 7 Kelsey Wheel . 66 J'4 60 1314 3414 0 1114 92 1044 37)4 13314 8114 55 9.1 95 104 92 10 21 101 " 4 11)4 18 11 69 81 . 40i,i ioi?; 30 21 80 141 1!$ 76 !4 70?; 50?; 01 23 73 34!4 so?; 131$ 31 61 38 17 841$ 611$ 3)4 19 123 107)$ 2914 8.1 82)$ 5 1H!4 09)4 43 V4 15)$ 42)4 104? 98 65 60 14H - 1 14 34)4- tj$ 1 !i n X 11$ m 1$ to 1IH 92?; 4- 104)4-37)4- 138 4 82 4 85 93 95 -10J4- 92 -10 10 4- K 21 102 - 11)$ 18 -14 09?4- 82)4- 11$ 1 14 )4 - 'A !4 VA 40 4 103?; aH 21 - 3ft 11l'4- 1)$ . 27)4- 70?;-' 60 J4 4 01 -28 -7.1 -33 30?;- 13)$ -31 -01 38 - 17)4- 811-i-52 -f 3'$ 20 124 4- 107!$- 30?; 4- 84 4-43)4-15)$-42J4 -105 -98 -65 - H X H IS 15$ ?; 14 5$ 5$ 1 lr4 H 1)4 14 - aj-e IK H 1 14 ?e H IS 1 5$ 54 3 154 6 Sales 2300 2100 3800 4 200 200 800 760 2000 8000 300 100 100 200 200 100 200 6600 .1200 3000 200 1600 600 300 100 700 100 10 I0o soo 100 100 300 1100 100 18D0 lot 600 1700 too lion 200 1100 100 -100 30200 2900 200 700 300 000 1200 100 ' 800 100 8100 1100 100 400 400 100 1200 100 1500 400 200 8500 200 9S90 10700 6700 1600 100 100 1000 2700 200 4000 8000 8300 1200 100 125 2500 1300 1300 1300 26100 100 100 400 21000 100 6000 200 1100 100 100 4U0 770 moo 4400 100 260 100 4000 100 400 200 1900 3100 13100 SOO0O 800 800 200 8000 300 too 1600 100 600 100 800 1U0 100 2300 200 2100 4400 too 700 1300 200 Dlv. Int 3 8 llfgh Ivennecott Copper .... 27)4 " Keystono Tiro ft Rub. 28 Lackawanna Steel ,., 75 H . . Lako Erie ft West. ... 8)4 Lee Rubber A .Tire', . . 30 7 Liggett ft Myers pf..,101 .. Liggett ft Myers rts.. 15)$ 2 Leo we Co 285$ .. Loft Corp 10 H 7 Louisville, ft Nashvlllel00)$ 4 Mackay Cos nf 62 10 Manatl Sugar 13.1?; Math Alkali 32 . . Maxwell Motor 1st pf , 44 .. Maxwell Motor ctfs... 18)$ 7 May Dcpt Stores 118 10 Mexican Petroleum... 182 1.60 Middle States Corp... 31)$ 4 Mldvalo Steel ft Ord.. 43 Mo Kanstiil & Texas. 7?; Missouri Factfia 24 Missouri Paclfto pf... 40 2:30 Net Low (NYtm) Chge. . . Montgomery Ward ... 32 4 Mulllns Body 37)$ 3. 00 Natlcnal Acme 36)4 . . Nat Aniline & Chem.. 61 7 Nat Anlllno & Cli pf . . 8.1 Nat Conduit ft Cable.. 9 Nat Enam ft Stamp.. 70)4 Natlonnl Lead 77 Natlonat Lead pf ....1021$ Nevada Con Copper... 12?4 New York Central... ?4 New York Dock pf... 50 New York N II ft IL. 28)4 Norfolk & Western... 90)$ Northern Pacific 7.15$ Ohio Cities Ga 40)4. 2.60 Ohio Fuel Supply 60 .. Okla Pred ft Ref 434 . . Ontario Silver Mining. 0 . . Otis Steel 26 3 Owens Bottling Mach. 63 , . . Pacific Dttvcl Corp. . . 67 6 Pan-Amer Petrol 10 7 Pan-Amer B 9S' 4 Parish & Bingham.... 34)$ 3 Pennsylvania R R....3974 .. l'enn aentioaru steei. . . Peoples Gas Chicago . . Pere Marquette . . . 0 Tcro Marq prior pf. 3 Philadelphia Co ... 7 Phillips-Jones Co pf i . Plerce-Arrow Motor . . Pierce Oil 4 Pitt C C ft St L.... 8 Pittsburgh C of P.. Pittsburgh ft W Va Pond Creek Coal... Pressed Steel Cur.. Pullman Punta Alegro Sugar 1 8 8 S 8 Railway Steel Spring. 1 Ray Con Cop 27 . 33 . 24 . 60 . 30 . 86 . 63 H . 16 . 69 . 87 . 291$ . 10 . 97?; .1135$ .108 02 l Reading 83 .. Remington Typewriter 69 ?4 .. Rcplo Steel 89 6 Republic Iron & Steel. 02 8.20 Royal Dutch Amcr...l18?i .. St Louis San Fran... 2.1)4 . . St Louis Southwest . . 12 .. St Louis Southwest pf 21)$ 0 Savage Arms 44 .. Saxon Motor 12 .. Shattuck Arizona .... 0)4 .73 Shell Transport 7734 Sinclair Oil 34 yt 6 20 7 4 4 7 3 Southern raclfio Southern Rail Southern Rail pf . . . Stnndard OH of N J. Stan Oil of N J pf... Standard Oil N J rts. Stewart Warner Sp. Strumoerg Carb .... Studobaker Superior Steel . . Temtcr Corn & f "A" . . . Tcnn Cop & Chem . . . 2.60 Texas Co .. Texas Co full paid.. . . Texas ft raclfio . . . . 0 Tobacco Products . . . .. Transcontinental OIL s Transuo ft Wms Steel 8 Underwood Typew . . 12 United Fruit 0 Union Bag & Paper. Union Oil 01)4 . 21 . 61 .670 .105 n '. 41 , . 69?; . 71 . 47 54 . 42)4 . .in?; . 48 )4 .180 . 41)1 . 6.1 . 16 . 8314 .185 .208)i .115 . 29V4 10 Union Paciflo HS)$ 4 Union Pacific pf 025$ 4 United Alloy Steel.... 4214 8 United Drug 128)$ 3 United Retail Stores.. 69?; .. Unl Rwy Invest pf... 20?; .. U S C I P ft Fdy.... 165$ 6 U S C I P & Fdy pf . . . 48 6 U S Food Products... 62)4 8 U S Ind Alcohol 84?; 8 US Rubber 95?; 6 US Steel 3 7 US Steel pf 107 7 Utah Copper 67 . . Utah Sco 7 ?; 0 Vanadium Corp 75)$ 4 Va-Carollna Chem ... 74 0 Va Iron Coal & Coko. .101)4 .. Vlvaudou Ino 18)4 .. Waoash . . Wabash pf A 23',$ .. Wells Fargo Exp 52 .. Western Maryland ... 0 4 Western Paciflo pf . . . 50 7 Westlnghouso A BrakolIO 4 Wtstlnghouse II & M. 48 . . Wheeling & L H 10 4 Whlto Motor 6114 1 Willys-Overland 18 1 Willys-Overland pf... 70?; 3 Wilson & Co 66 o Worthington Pump .. 60 6 Worth'ton Pump pr B. 69 26 ? 26 14 8)$ 30 100 IS 28)4 15 J4 67 13.1 32 4fi ,W 116 178 J$. 30 1274 7)4 23 4b J4 1 32)4 375$ 33 89 X 83. 9?; 68 .77 102)4 12 6774 0 28 005$ 7354 40 80 4)4 6 245$ S3 67 102)4 96 311$ 39?4 25 315$ 2154 60 36?; 80 62 1654 69 67 2954 16-' 86)4 112)5 100 l'4 1 Va 8374 60 87 905$ 117)4 23 12 21)$ 41 11)4 874 70)4 31 9.1 21)4 61 666 10374 1 40 65 69)4 1754 1254 105' 17 180 1154 63?; 1654 83)4 186 201$ 118 29 1U74 635$ 12 128)4 68 20?; 10)$ 16 Vi 61 8.15$ 03)$ iiVi 107)4 C0!4 7)4 71 71 loi)i 18 R 22?; 82 59 110 17)4 10 50 17 79?; (.0 60)4 60 6?;- 28?;r 78- m- 30 100 IS 28)$ 4-1654-9974-62 4- 133?l-f 33 13 -18)4- 116 - 181 3154- 3-7)4-21 -10-37)4- 37!$- 11$ 3)4 1)4 54 54 !$ 174 5$ 2 I Wi 25$ 1 54 !4 !4 Va X 154 2 "35$ 1 m "v "54 5$ 36 61 8.1 -9 J Z 162 54- 1234 . 68 60 28)44-0!4- 73)$ 10 60?4- 1-f 6 21 5$ -63 -67 101-f : 36 - 2)$ 315$ . 2154- ! o- 38 -86 -8354-18)4-69 67 29)4 16 96)$-1125$-108 91!$- 1 17)4 .. 85 4- 74 69-3 89 4-174 905$- 1 118 .. 23)4- )4 13 21)$ 4- !$ 11-7 U54- l 974 54 7054- 2)4 31744- 54 54 14 54 0 X Va '5$ iVi U4 OFFERS ON CURB EASILY ABSORBED Market Shows Decided Im provementOils Lower, but Not Weak New York, May 1. The Rrood Street Curb market showed improve ment In today's trading. Many stocks were in demand nt advances nnd, where declines occurred, the supply nt tlio lower price was trilling in volume nnd easily nbsorbed. General Asphalt was traded inon large scale, advancing from Ci ft to OO'j on trading of more than 5000 shares. Hrltlsh'Americon Tobacco, on n feu sales, rnuged from 3C"& to 15. Sub marine Root was traded in nt 139t to l.Tj. Uuited Retail Candy sold nt 15. It. .1. Hcynolds' (new) srold at 41. Oil stocks sold at moderately lower prices, but did not show a weak tone. Ititernntlpnnl Petroleum was firm, while Tropical Oil was traded in nt 2l"i to 20. White Oil sold nt 23Ml nnd Merrltt tit 15 to 15Vj. 1NDUSTR1AI HlKll it. T .IS .:iHjt 58 on 3N :: q .: 8fc 41tt .1711 , . . 1.1'i . . sn .. 3i ?,' '.'. 15 J4 1 - 1 54 ?; 5 0154 21 4- 5i - 5 6S6 -10 103J4- 74 1 40 09?; 4- 71 - 4754- 42)4- 10)$ 17 180 -105$ 125$ 4- X 62?; 18)$-S3J4- 1SS 205544- 115 29 - )$ 11174- 154 02)$- Vi 12-14 1285$- 54 69 4- Va 20 1J4 16)$- !$ 165$- 3)$ 61 8IW4- 95!$ 9.1 4- 107)4 10 14- 75$- 75 5$ 4- 71 10154- 18 -8 27?; - 62 -9 69 -110 - 1714 - 10 4. 81)4 17 70?; 4 C6 -80 4 60 - Ara r Candy . . Amr Woolen rta Ilrltlah-Amer Tobacco rrt nrit-Atnr tod coup :ievoland Auto Oeneral Aphalt (lenerat .trotora . . . HatiM Knlttlnir .... . lleydon Ctifm .. ! Imperial Tobacco . North Amtr l'aper . Perfection Tire Itepubllo.TIre Rubber. II J Revnolda (new) Hlniter Mfa- . Submarine nnat . . Time Hnunr Atiio . V M Hleh Speed Tool 1J H Hleam . .. I'nlteil I'lciure l'rod United Retail Candy INDBIMWUKNT OILS Allen Oil ." Allied Oil ijj Arkansas Natural Oaa ... - Ilnaton wyominit !. Oarlb Syn -ijj Cosden . co - Dominion Oil lj,. Duquesne ", Krtel Oil ".t I.Vileral 1)11 . . . lltlllnn.l ml -v.. ..' - GlcnrocK oil ;,, (Jranada '!) ? Home Petroleum '. Hudson Oil ' Int Petrol 3;,, Island Oil 87 Livingston ,'' Merrltt Oil IJVi Metropolitan Pet ,, Morten ret ' Okla Nat On 37 Omar Oil y Pennok Oil ' Phillips Pet . 31 'i Producers Refiners .... s Red Rock Oil ,' Ryan Oil , Sequosah Oil ,7J Hkelly Oil IJJi Spencer Pet -'2,' Superior Oil 1J' Texas Rnnner ,J Texas l'ocinc Coal '. ,, Tropical Oil 21 '4 Un Texas Oil J, Vlitnrla Oil new 'J Vulcan Oil 4 White Oil 23J4 Plttsbumh O A 11 1 !' Shell Trans Rts 23 1.0 yr HJd 200 3 Guaranteed Jointly and Sov'crally by Union Pacific R, R. Co. and Southern PiciiicCo, Pacific Fruit Express Company 7 per Cent' (Equipment Trust Certificates Dated June 1, 1920. Due June 1, 1925 to June If 1935, Inclusive. Authorized and Issued $25,000,000 Dividends June 1 and December 1. ' Issued Under Philadelphia Plan Commercial Trust Company, Philadelphia, Trustee These certificates win he secureil by 16,121 refrigerator car norr In the service of Faeiflc Fruit Kxpress Company, conserTatlrely estimated t hare it present value nt approximately 930,000.000 1 nml 4000 new re. frl-ertor cars which will cost approximately $18,920,0001 maklnr the total eitlmuteil present value of the eqnlpment to be embraced In the nireement, approximately $46,800,000, Title to nil equipment la to be vetted In the Trustee nnd lensed by the Trustee to the Paelfln Fruit Kxpress Company nt n rentnl sufllclent to pay the maturing lnstallmenta of principal nnd seml-nnnunl dividends. I'arldo Frnlt Kxpresa Com pany furnishes refrigerator cars to the Union Pnelno Railroad Company nnd the Southern PnelMe Company Systems, for transportation ot fruit nnd veretnbles, In addition to Its equipment, It owns nnd operates, for the two systems, Icing- stations In vnrlons localities on their lines. Its capita) stock, nxirreiratlnjr $10,800,000, has been paid In cash nt par and Is onned, one-half by Union Pacific Railroad Company and one-ljnlf by Southern Pacific Company, Price: Market to Net About 7 Per Cent Biddle & Henry 104 SOUTH FIFTH STREET 154 114 ?; '5 Vi 1 I Ex-dlldend. Commodity Markets COTTON MARKET New York, May 13. An active buy ing inovpment took plnre nt tlio open ins of tho cotton market today and pricey jumped 15 to 1!) points nt the start, followed by further upturns shortly after. 'Foreign and domestic trade Interests, with Wall Htreet jhorts. led the buying and found new contracts for sale largely because of private reports of further rains in central und eastern sections of the belt. May July Octobr December January . March . . Test, eloso 40 42 . as.ir, . . . SIS 113 3. 04 84 nr, . . .113 SO (N. Y. Open 40 no as. 20 SR.lO .18.20 34. 4R S3. 05 time) 12 m. 40.30 SH 23 .10.31 3ft 42 34 7ft GRAIN MARKET Chicago. Mid J.'l Efforts of the rail roads to move grain to terminal poititi caused scattered selling of forii this morning and the market was weaker. Tho volume of busineis was small and the break was held in check by a de mand from a prominent shipping house. U was evident that traders ivero not inclined to become overconfident on the selling side, ncreipta hero today were mirij-Hiup . el nn , Mnr nnened ic lower, ii after i touching SI .fifl? , dropped o Sin.")1 -'ulv quoted at ' ' n net aocwiu tember opened nt Expel Bpard of Trade Member Chlro, May 13, William E. fellcr, of the W. K Keller Co., of Minneapolis, ha been xpe!!ed from the Chicago Hoard of Trade by the. director?. si .nt to $i.o;Tg. against $W". n the close terday. m,d after selling at $1.04. fell to $1Oats'were easier. There was buyiug of .lulv on the decline by an eastern house. ' The receipts were 30 caw. May was quoted at $l;w; " $1 031 at tho outset, agflinst l.oris n the close yesterday. July opened at WW to 02nf. against 03c at tlio end yesterday. September started at ..c to70r, against 7T8c at Uie end yes- teKreolpt of wheat here today were 4 cars. Iadln future, rsn.ed "yj,, . mxn v. f. (nw flftiivery-- " . '"" Ooen HUh A" July 1 7' ,,TS Oats FOREIGN EXCHANGE ' New York, May 13. Tho foreign ex- change market opened generally easier Changes were, email. Sterling- was the ' weakest point, selling at 3.81 ?i for de mand and cables at 3.82 ' j. Francs wcro I unchanged I.lro cables sold ut 20.30 and checks 20.32. Other quotations were : Swiss cables 5.68. ohecks C 70 ; Bel gian cables 14.30, checks 14.32, guilder cables 364, Vhccks 3C4 ; Stockholm cables 21. IB, ohecks 21.00; Phrlstlanla cables 18 6B, checks 18 50; Copenhagen cables 16.85, checks 16.70; marks 2'.02. YESTERDAY'S n.VAI. QUOTATIONS Sterling- I'ranes I.irft Guilders Demand ... 3.R3 IS 12 1R07 3RH Cables .., 3 S3, 13 10 10.05 364 TODAY'S OPENINO QUOTATIONS Financial Briefs !04 311 "4 i . MINING Alaska nr Columbia .. 1' Atlanta 2' Ilelchor nivldo J Helcher Extension 7 Illg I.erlse ,'. llooth : .Hoston h Montana n. caieuonia jtrininK - Calumet & Jerome ; Oandelarla Mln ' Cons Cop Mln 31 Corter. Silver Bs Cresson (Sold 1' Dllile Ext 28 Kurek.i Croesus 1 Eureka Holly 1 41) Mlntnir 1 Golden Gate Exp ' Onld Tons 0 Gold Deel T Mold Kcwana 3 Gold Merper 2 Gold Sliver Pick .'. fi Gold Zone IS Emma Silver 0 'Ilecla Mlnlnic 4 Jumbo Extension n 1 Opportunity Today Seasoned Railroad Bonds yield more than .at any time in forty years. Of tho thousands of issues outstanding which shall -you choose? To help you in your choice, wo have spent years , studying the leading railroads and their thousands of bond issues nnd wo know the income return from all of them at today's prices. Wc can not only tell you which are safe enough for tho investment of your funds, but; Wc can tell you which in our opinion U the safest one of all the railroad bonds returning 6Vz or 7, or any other per cent If you want the best, not the 4th or 40th best, can you afford to do without our services? BROOKE, STOKES & CO. Members Philadelphia Stock Exchange 15th & Walnut Streets Philadelphia 102 St. Paul St. Baltimore Demand Cables Sterling Franca 3 RUT . . 3 824 . . . Lire Guilders 20 32 3Vi 20.30 30S MONEY-LENDING NEW YOKK Money RATES on call, both classes of collateral, opened today at 8 per cent for lending and renewing. Tlio quotation for time money today was ! per cent for ninety days, the price being nominal, as no money was offered. The minimum discount figure for prlrno jnercantlle paper Is close to "H per cent In prime bank acceptances, qullo a demand for New York bills f reported from out-of-town banka Out-of-town bills ure bolng offered also in this mar ket, but are nonmember documents and not considered bargains. Brokers hero aro shading their rates slightly nnd prime member 90-day ac ceptances are offered at 6'.B per cent and borne bills at 6 per cent ('nil loans on acceptances are nomi nal at t'i per cent. I'lIlI.AIiKI.lMIIA Call, 6 per cent; time. 6 per cent; commercial paper, three to six months, 6 per cent. (Note These are merely nominal quotations, as the legal rate of interest In tho state of Pennsylvania Is fixed at 6 per cent. Plus premium and commis sion tlmo money for thirty to ninety days Is leaning at 7 per cent, while com mercial paper from three to six months Is being offered at 7 and 7U per cent.) LONDON Mortey Is quoted at l per cent Discount rates, short bills 0i per cent; three months' bills 6 11-166J per cent. aj rn rinse i oku tt dm: t 07 1 7'4 1 78s 1 77H 1 OMi DS'i 1 IWV, US' Mm Jul . Jgl?.7B0 37.50 July", 21.10 21.80 July 1M w'80 Uld. tAsked. 1 05 "4 1)8 37 35 2t.7S 10.20 1 (A tl 01 U.1 oj'S 37 37 21 73 19.25 37 40 121 3 10.85 Brewing Co. Defers. Dividend rittsburt-h, May 13. Tho Pittsburgh Brewing Co. has declared the regular quarterly dividend of li per cent on the preferred stock, nayable May 2D to stock of record May 19 The action was taken on the declaration of a dividend on the common, which Is usually de clared at the same time as the pre ferred, According to a. director of the Romusny, action was deferred pending the decision of the United States eu, WIO "vv ..- . r 4ha iar1lt sUs. rcss;. : " ' " ;" "" lyvw" "rT v F -- - i The Farmers and Mechanics' Bank of Xew Oxford, I'a.. lias ucen admitted a member of the Federal Reserve Bans of Philadelphia. Thero are now forty state memDers or ino reserve name nore. Two state members recently were con verted Into national banks. Brigadier General C. T. OWelll, who for many yenrs occupied a prominent placo In tho National Guard of Penn sylvania and played a leading role In the development of the state's military forces as commander of the Third Bri gade, has become associated with Hughes & Dler as manager of their Allentown ofllce at 28 North Seventh street. Gcneial O'Neill Is a native of Allentown and Is also widely known throughout tho state Paciflo Fruit Express Co, 7 per cent equipment trust certificates were over subscribed at least 5100.000,000, and some estimates run as high as $150,000, 000. This would make tho total sub scription to tho Issue 1175,000,000. Some of the largest subscriptions were cut down to as low as 6 per cent of the orig inal subscriptions. Tho average price of twenty active In dustrial stocks declined 1.23 .per cent yesterday to 91.29, while twenty rail roads declined 0.44 per cent to 72,36. The New York Bubtreasury lost 52,. 000 tO the banks yesterday, reducing the oash net gain since yesterday to J2, 544,000. NEW YORK COFFEE MARKET Now York, May 13.--The coffee mar ket opened easier at declines of 7 to 10 points due, in a measure, to the casing off In Hlo. ns indicated by the official cahles and reports of anxiety on the part of Iilo shippers to move coffee. Trading durlwt tho first hour was ex ceedlngly quiet, operators and ring trad, ers awaiting developments. December sold up 6 points after tho call, to 14.46c, The action of Plo, whero tho trend Is easier, has dampened the enthusiasm of those Inclined to buy here. Many of those who have bought for months past, and who have accumulated a large long Interest, aro now disposed to liquidate on every bulge In the local market, , (N' T- t'm) Test, rlosn Open 12 m. July .. 14.01W16.00 H.BDOnn 13.10 Sept.... 14.60062 14,fc3BG 14.60970 Ilec. 14,B0B2 14.4041 ..... March. 14.6083 14.42045 Integrity's New President At a meeting of the board of directors of the Integrity Tiust Co., held on Monday, George Kessler resigned as president, to take effect June 1, on which day he will assume tho new olllca of chairman of the board. Philip H. .Guckes, vice president, was elected presi. dent, and William G, Herllngar. presl- Cinvivu ynv i,vviu,,. Knox DUMB OW Ixiuislana Co McNamara 4 i' Marsh Mining m Mother Lode 'i Mother Ixide new m't Murray aroff 73 North Star 3 Ophlr SlUer 'a Trlnce Con Ilex Cons 7 Rochester Mines 17 Hope Uroup ' San Toy -. r ' Silver Klnir of Arli 1Tl Sliver Klnir DIIU 3 S SJIver Irfud A Success Mining- Tonopah-llelmont .... Tonopah Cash Hoy .. 'lono Ulvldo Tonopah Kxtenslon . . Tono-Jlm Jiiuier in Tonopah Midway in Tonopah Mlnlne ' Tonop.ih Mlzpuli 11 Tonopah Itescue Eul .... IS I'nlted Eastern :H Victory 12 West End C 1 White. Caps 11 White Caps Ext 2 WUbert 0 Verlnston 3 IIO.NTW Allied Pack fls 61 Anglo-Amer Oil 7V4s ....I00U Delslan Gov 0s of '25.. 00 C C C t SI L 81 2'4 Goodrich 7s 5tt Sinclair "Vis A7H Texas Co 7s ORU west Eieo 7s vnu ino'i oo R2'i 03H 07 OS OSH In the Investment of Your Funds it u important to consider the splendid opportunities offered to decerning investors in Preferred Stocks iiiued by well-establuhed Manufacturing compinio, earning several times dividend requirements. Prevailing rates aisurc you a satisfactory income, and your funds are actively employed in the expansion of our industrial development. Wt have a ttrefully Siltctti List cf PREFERRED STOCKS jiiUing 8lfo which toe tan recommend t tht mist conservative invest tr. Ask tor Booklet A'o. r. r. I..-3S7 i HolIisTerBTte & Go. BOSTON NITVARK VNCaaoATt North American Building PHILADELPHIA SmtNOniLD PKOVIDINCI MEW YORK riTTtFIEID roRTLAND LONDON 8TOCK MARKET Forced Liquidation Rallied Prices From the Bottom London, May 13. Oil shares weak ened again on the stock exchange to day, but rallied from the bottom, fol lowing the ending of scattered forced liquidation. Shell Transport was 10 S-16 and Mexican Eagle 9 6-16. Mexican rails were cheerful, but there was a reaction In Argentines. The shares of home roads and Canadians wero quiet, having been oversold, Tho gilt-edged section Improved. In dustrials wero flabby. Further profit taking was noted In rubbers owing to tho unfavorable position of the staple. Generally the markets were firmer .al though there was Irregularity In some descriptions. LIVESTOCK QUOTATIONS Pittsburgh, May 13. HOQH Receipts. 1000 head. Hlghor. Heavies. S14.23014. 30: heavy yorkers, S1o.7KeP1A; light yorkers, SIC win !,. nigs, iH.nowis. SHEEP AND IAMBS rtecelpts. 300 head. Steady. Sheep, SIS. 50; top lambs, JIT. CAt.VEB lltcelpts. 600 head. Hleadj. Top, J ID. Kast noffalo, N. Y May 13. CATTLE Receipts, fl'5 head, Steady. Calves Re ceipts. Onn heud 25c higher. SOO 1.1 23. few IIS 50. JtCXIS Receipts, 3200 head; 20a to 23r lower. Ileay, S15O16.n0: mixed and yorkers, SIS; light do, Sin.75WlU; pigs, Sl.vnOtm.75; roughs. S12012.CO, stags, S70 SHEKI AND IiAMUS Rerelpts, 2000 head. LAmbs, 25o lower: others OOo lower. I.smbs. 8i8 60; few Sls.70; yearlings. M210; wethers, 113 606014: ewes, SO 13; mixed sheep, 113013,60. Chicago, May 13. HOOS Estimated re rolpts, as, 000 head: left over, 12.SB1 head. First sales were steady to a ahada lower, SIR 13 was paid, quality mostly good. Averase rnst yestsraay, iif.ou. ' CATTLE Estimated receipts, head. SHEEP Estimated receipts, 6000 head. 11,000 BUTTER, EGOS AND CHEESE IS. DUTTER Firm, Creamery, higher than Ktra. 02.Hforel flAy,. S to Ul-score). 57050c: nacklnc stock. current make. No. 2, Btt'.i ZPibn. a aae-Pi lll'j U4Sfc New York, May neoeints. niD.1 tubs. extras, OOU 406101. extra nrsi Kana HI ore -eaular. uecelots SdflSl pa. lacked, extra firsts, 46'ic; firsts. un vioiii iicBirMBiiiuiTg, tjiirn iireis. At iu-foc, uo nrsi, iiwiittc, state, rennsyi vanui and nearby western hennery white, first to extra, 47T53c; do, brown extras, fiOWBlct do, a-athcred brown and mixed col ors, first to extra, 4(104O'4r. CHEESE Firm. Receipts. S326 boxss. Stats whole-mlllr, fists, htld, whlta and colored, .special. 81W82oi do, average, run, SOd; stats, whole-milk, flats, curront mshn, .white and eolored. .specials, .289zeT do. i, :v:ic -. Wo Take Pleasure in Announcing That Mr. Herbert Van Buron Gailager Has This Day Been Given an Interost In the Business of This Firm REILLY, BROCK & COMPANY HANKERS 306 CHESTNUT ST. MAY 12th, 1920 rniLADKi.riiiA s,verxg run, NEW JERSEY MUNICIPALS Exempt From Federal Income Tax $19,000 Essex County, N. J., Hospital. 4s 154,000 Essex County, N. J Imp. . . ,4y4s 10,000 Elizabeth, N. J 4s 28,000 Plainfield, N. J 5s 80,000 Passaic County, N. J 5s 300,000 Bayonne, N. J., Water 5y2 42,000 Perth Amboy, N. J., Water, ,43is 100,000 Collingswood, N. J., Imp. '. . ,5s 47,000 Haddon Township, N. J., Imp.512 75,000 Haddonfield, N. J 6s M. M. FREEMAN &C0. 421 Chestnut Street TO YlKI.D rnn? auout 1927-1934 4.80 19244929 4.80 1928-1929 5.00 1921-1932 5.00 1930-1934 5.00 1926 5.25 1921-1958- 5.25 1925 5.25 1926 5.50 1926 5.50 Thone Lombard 710-711 -L rWladelphU 3 &JH PI t. "tr m t iMSttttttttsssssm.. .! IAa -,r5 x ,'Aj i sn U ,i. ,: , -'jf. HV MlWWAV&.iMi l-WJ'Wri r3r&M V'jsfri TJ(visJ m:-.jjitm
Significant historical Pennsylvania newspapers