1
I H
Sv
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ft
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BE V". '
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F TJiTRADING
Southern California
Edison Company
6 Gold Bondi, Due 1944
TO YIELD 7
The history of the Coin-
pnny's success, Its earning
n power, management and
credit standing rccom
' mend these bonds ns ii
highly desirable invest-.,
ment.
ALMQS
T
Hvaatnfe public 'MMMtm' W'a-'"-"" ''ffT-A' .y :'', V"'""
- " ' '' - i ".".iV" .' " ' f ' '"- " i ' ' ' mmwmmmmmmmmmmmmmmmmmmm "
NEW YORK STOCK EXCHANGE TRANSACTIONS
ATASTANDSTILL'3
Desultory Covering of Shorts
Imparted a Firmer Tone
to the Market
Circular on request for PE-tOt
TheNationalCity
Company
Correspondent Offices In over So Cltlea
Philadelphia 1421 Chestnut St.
Atlantic City Chalfonte Block
1225 Boardwalk
JJ
Now orli, May 14.--Thn extreme
iliilliii'xM of the trailing in totIn.v'n Mock
mnrkrt nlmnt rrnclinl n point o( coin
i)pti MtiiKimtlon. Altliinit'li tlioro vviim
llttlo riiroiiriiKPinrtit to bo found in
oithor tlio llniinrlnl or iniliiitrinl niltm
tlonu. I lie tono of I lip innrki't un inn-
torlnlly Improved compared with tlio
roocnt iosoIoiis. TIiIm with tlio price
rooovorj nn duo ontlrol) to rnveritij; of
tho Hliort Interest nppnrontly by some
of tlio lesser nieiiibor of tlio lienr party,
hm tlioro was virtually nothing to In
lliienco nn.v rotront upon tlio part of the
more ncRrossho oloinent of tlio reac
tionists .Wither did tliey evlnee nnv
disposition to do mi. Yet It vvni ob'
vimm tlint tho technlcnl position of the
market vvn miicIi as to tinariant fur
ther extensions of short llne.s. At tho
same time (ho bii.vinj: power otherwise
o.. ,. , - . conuiiueu of tlio same. narrow liniitu-
OltUatlOn Confrontinef onH, ntvomitlnft for tho listlesynexs of
i tho dealitics on the niisuinir.
, Trices worked to u higher level, dur
ing tlio morning, gain in some of tho
I more closelj held specialties extOiMlinj
to over t points, hut the nvernge recov
er wan within a point About the
only nnteunrtlij feature nttrntling tlio
i sIukri'sIi oiioiations was the renewed
strength of the railroads, more espe
cially tho minor or low -priced issues.
nmiotigli tlio standard Issues also scored
substantial lmptociiiciit. Tlio strength
in this ilivNion developed after tho more
urgent requirements of the shorts had
been sntistiod in the industrials.
Cull money was lilicnill.v supplied at
S per cent, but was speedilj absorbed in
anticipation of higher rates for loans
over tho week end. Inasmuch as the
tightness of mono) in tho last few da..x
was largely the outcome of the lieavj
government withdrawals, there wits a
general fooling mono) conditions would
be easier next week, as tlio mono paid
out by the government in bond interest
would s,,on llnd its way buck in the
banks again. On the other hand, at
tention was rediioctod to a delicati
credit situation by the continued liqui
dation of Liberty bonds mid Victor)
notes at new low records.
The market was almost at a stn niNt ill
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
Hemphill, Noytj & Co.
Members .Vcio York stocm Exthangt
during the intcrntcdiato period, but ml'
winces continue to bold at top levels on I
I Mill 1 1 tin v ltjiit iwl uiitiiilv it ftnlt tit it tint it t I
Franklin Bk. Bldg., Philadelphia ' s lor cent. Traders 'regarded the dull- I
IVw York lioniim Scrunton m"" "H 1'iillrutive of an oversold con
(lit ion i
,(
Low Bond
Prices
High prices for commod
ities menu low prices
for securities. Arc jou
taking advantage of the
opportunity offered by
present conditions to buy
sound bonds yielding
abnormally high .re
turns? We have prepared a Cir
cular Letter No. 2420 on
this subject, which vc
will send en request.
Bonbright & Company
,437 Cheitnut Street
Philadelphia
New York Chicago
Boston Detroit
Stocks and
Bonds
Bought and
Sold
Private Wires to New York
v and Pittsburgh
MOORE
LEONARD I
fc LYNCH
CUSHMAN NGVYHALL
MANAGER l
I340 WALNUT STREET
HITZ CAftLTON HOTtL ,
MIWYORK MIMBCR
MQADYW - NtWYORK.
HILADELPMIA
C PITTSauabH
TOCK UCHANOtS
MARKET VERY THIN
FOR LOCAL STOCKS
. 1
icw Bottom Prices for Phila
delphia Electric and United
Gas Improvement
licsldes continuing extreme!) dull, llie
oca I market proved to bo exceeding!)
thin, as indicated in the further maik ,
ing down in limited values, regardless,
of intrinsic position or earning onpnoit) J
of the corporations which issues wer'ej
effected. In most parts of the list the 1
offerings continued small, but tlio bii) - I
lug demand unfortunately proved even,
smaller Theie was -evidence of recur '
rent liiiiid'itiou in scattering pails of
the list, being tho more conspicuous in
I'hi'iidelphia Klootrie. and o.s so in
I'eiiiisvlvauiu Hailroad.
A decline of $: in American (ias to!
10 on sales of nine sluues was olivine
ing illustration of the pronounced uar- '
rovvness of tlio market and total lack of
sncciilative interest. W'lii'e tho 10- J
1 essions elsewhere wore a matter of'
small fractions, the fact remained that 1
all offerings wore made at price ion-
cessions' frgm )esterda)'s closing Jevel, 1
t thereb) bringing prices back to and be
low the recent low levels. New low
! water mark was made h) I'liiladclphia I
I Klectrie at 'J4 and I'nited fins lm- 1
provemont nt -J.'!'... I'liiladclphia ltapid
Iransit at the same time cuunlcd its
bottom price of the )oar at "2.
Klectrie Storage (lattery continued
under modeiato selling pressure, fold
ing to llll'v Insurance Co. of North
Amern u was . Iiiglior at tlio start at I
-'.. tin t Tin led In hold American Stores,
however, showed a gain of nt 4!lVi.
tllv.
Halca In I
,!(
ROD
00
ono
I0)
irn
on
3400
700
.110
oo
too
.100
200
2.00
Ml
100
2(00
1100
1000
lino
200
200
01
400
1101
4101
100
soo
MOll
.100
401
101
1(100
H00
Ml
.loo
210
1900
100
1700
2.200
SOO
too
000
100
228 110
10)
100
100
;oi
too
too
ISO
100
1000
1200
300
4(00
too
103
1(0
200
000
.110
2 lit
icon-)
160 J
410
1703
.')10J
2 1 700
ICO
V0IIII
100
3)0
i.MO
101
11(0
1901
.l.'.CO
2200
200
010
EX100
(01
IU0
701
200
100
103
700
ltro
100
.11 0
3200
2000
100
101
201
A01
H0
19 J
am
too
7.10
I7C0
io(0o
500
200
I1C0
200
l-'O
800
100
1(100
100
son
100
tio
.100
1.100
HUh
Adams KxprcJig 32
Advnnco Humcly .... 33
Alaska Gold Mines... 1J4
Alaska Junaa f M... 1
All-American Cables. 107 M
...5-',o. Net
l)W INIimi vJHB(
S3M
. 3VS
. ton
. 90
.13ttt
. 42
1 04
M
91 U
, 03
1.1 H
20J-i
00 H
AIlls.ClinTFncr.
7 Am Asrlo Cliem . . . .
Am Ueet Sugar
Am Can ,
7 Am Can pf
12 Am Car & Fdy
Am Cotton Oil
0 Am Drue Syn ,
. . Am Hide fit t.enllior
7 Am Hide & Lonthcr nf. 04 U
0 Am Internat Corp ... 8734
a m Linseed
1 Am Linseed pf
0 Am Locomotive.
Am Safety rtnzor . . .
.. Am Ship & Com....
Am Smelt & llcf....
. 7 Am Smelt & llcf of.. 9VA
Am Snuff 101 Vi
8 Am Steel Foundries.. 3934
7 Am Sugar Itef '29 V
10 Am Sumntrn Tcb .... 87 Vi
8 Am Tel ft Tel 03ft
20 Am Tobacco 129J4
0 Am Tob Sco temp efts 48 V
7 Am Woolen 109 J4
.. Am Writing Paper pf. 39
. Am Zlno Lead & Sm. . IS
0 Am ZI110 Lead &. am pf SCK
4 Anaconda Copper .... 40
4 As?o Dry Cloods. . . . 3S
7 Abso Dry Gds 2d pf .. 61 H
0 Atch Top & Santa Fc. 79 H
8 Atch Ton & S Fo nf.. 7i!4
10 Atl Gulf ft W I S S,
7 Alliuitla Coast Line.
. . Ualtlmore & Ohio . . ,
8.80 Daldvvln Locomotive,
2.80 Harnsdalo Class A..
.. Uatopllas Mining ...
. Bethlehem Motors .
8 nethlehem Steel
8 Uethlehcm Steel B..,
.. Booth Fisheries 9Yz
.. Bklyn Uapld Transit. 12
10 Uusjis Bros 114 Vi
.. Butte Copper & Zinc. !i
. Butte & Superior Cop. S3
.. Buttcrlok . .. . 14Vi
0 California Packing... 70
4 Calumet & Arizona... 10
10 Canadian Puclnc...,
8 Central Leather
4 Cerro do Pasco Cop,
10 Chandler Motors . . .
4 Chesapeake & Ohio.,
CM & R t pf K T ctfs
.108
. 84 54
. 32 Ji
.110VS
. 4?.
. 1
. 2134
. 88
tt-lit
32
12 Yi
114
2
107 Va
33
8.1
93
09 H
00 Vi
139H
40J4
12 J4
19
93 Vi
h6Vi
8114
0114
91 34
13
20
89 Ji
9li;
191)4
39
12914
84 J4
03
12934
88
108H
394
llli
(014
88 li
32
0114
19H
7414
Kb
4'i
32 U
114J4 ."0J4 H
32 H
34 - It,
114
2 ..
10714 11
33 J4 15
88 3
9.1t44- 1
U Li
014- H
13114 V
40 li- 3
1214 14
19-14 14
J414 1
8734 114
88 3
9114- 114
3 4- 111
1334 H
2014-
StH
114
10114
9Vi
12914
8434 - 3J4
93 H- Vs'
22934- 114
8814 14
100 Yx
3914- (4-1414-
14
8014 14
i- 14
3 4'i
0115- 115
70H
7414 ..
100 114
84 M- J-5-,
33 J4
.11.-.
. r,94
, 411
.13314
LI
RH
.. Chicago & Gt West... 7',j
2 Chicago & Gt West pf. 2.
.. Chi Mil & St Paul 34
.. Chi Mil &St Paul pf.. 50
7 Chi & Northwestern.. 79
42
1
21J,
88
89 Ji
915
12
11414
8 34
22 Vi
14 Vi
74
no
11434
OS
40
MOii
42
034
715
:oj4
1314
48H
70
53 K
ISJi
. . uiij 11 1 & pac ;ii
.. Chile Copper lAJa
1.80 Chlno Copper 32V4E3'?4
1 coca-Cola 34
1 Col Grnphophono .... 30'5
.. Col Graphophone rts. H
4 Comb-Tab Record.... 80 Ji
.. Comput Tab Bee ns.. !4
0 Consolidated Cigar... ftOli
2 Con Interstate Cat M. 14
4 Consolidated Textiles. .15
34
'iji
114
14
li
1
H
14
7 Continental Can f 7
1 Continental Candy ... 11',
4 Corn Products Ret.... 1314
12 Crucible Steel 1.1HV5
10 Cuba Cano SugaV 42 Vi
7 Cuba Cano Sugar, pf.. 80?i
. . Cbn Am Sug Co new. . . 84 U
10 Hel Lack & Western. . 170
.. Denver & Rio O pf. ... II 'i
.. Elk Horn Coal 21
.. l'nierson-Brantlng , 2015
7 KnuTsoii-Brantlng pf. 7SVi
6 Hndlcott-Johr.son ....102,5
7 Lndlcott-Johnscn pf .. 07 34
.. Krle IU'j
.. L'rlo Isfpf 18V5
.. L'rlo 2d pf 13J
8 Famous .Players-L ... 70 Vi
Federal Mln & Smelt 1434
3 Federal Mln & Smlt pf 44 3i
. . Freeport Texas 21 d
10 i'lsher Bodv 125".
Fisher Body pf 10.134
3 Fink Rubber :0
.. Gaston Wms & Wig.. I2H
General Chein pf . . . 90
0, General Cigar (12
7 General cigar deb pf.8lli
8 General L'lectric 141 'i
.. General Llectrlo rts.. 134
1 General Motors ctfs.. 3734
A General Motors deb... 7115
7 Gen Motors deb 7... 82
n Goodrich B F 02
2 Gray Davis 2515
.. Green Cananea Cop... 3134
4 Haskell & Barker Car 0334
. Hendee ctfs .10 Vi
1 Hupp Motor Car 17
.00 Indlahoma Ref 734
0 Inspiration Con Cop. . 52
s Int Agrlcul Corp pf.. 8.1
.. Intl Harvester New. I2A
. Int Mer Marine 31
o Int Mer Marino Df... 8414
3ii2
28 V5
Vi
50 Vi
Vi
59 Vi
13 J
.14
87
11V5
92 H
13434
81 Vi
60 34
44 V5
170
HVi
21
20
78V-4
1'2V5
t734
M?i
iRVi
13J4
70 V4
14
4(1 H
21 V,
12515
10334
30 3s
12 Vi
00
njj
8114
10?4
IV5
20
7115
8
cor.
23
M34
CIV4
;ovi
10 Vi
734
41V5
83
U4!i
31
84
42
i - 14
2114- H
88 - 134
H0J4- 34
9V4 ..
12 14
11415- 15
834- 14
23 15
HVi ..
70 t
GO 1
II4V5 ..
08 -40
132 r
42 -
034
754
21
f4
80 4
34J4 154
1SJ4 14
1214 4- 34
3254 H
3015 114
34 14
50 Vi-Vi-SO
-
It
34 34 4
87 11 li
13V4
1C0 4
42 4
8034 54 34
170 -
1115
21
2011
3155
13 W-70V5-HJ4-
43 4- "iH
21 Vi v:
1V8V5 I
103 34
3034-
12 Ji -
00
02 - i
81 Vi- 234
H(3i- Vi
I b 4 !4
I8J4
"14
32
3814
00J4
S34
09
0834
30
. 44 Vi
.104 34
. 8814
20 Vi
. 40
. 32 Vi
. 2534
. :03(
0?4
Vi
V5
"34
1
M
34!
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V4,
V4I
5 I
Vi
?4
Vi
!4
Vi
Vi
14
v
3
14
14 1
34 1
4,
27 -
7154 4
82 -
02 I 2V5
iSVif Vj
3134
13 H I 2'4
10 Vi 1 Vi
17
794 - Vi
42 4 ".
83 - 3J4
124 15 4- u
31 h 34
84V5- 15
Dlv,
Int
i. Internat Motortruck.
.. Int Mo Truck rts,..
. . International Nickel ,
.. International Pnoor .
.. Iron Products Corp.. 48
4 Kansas City Southern. .1034
4 Kelly-Sp Tire 107
7 Kclsey Wheel . C3V4
t Kennccott Copper .... 2734
8 Keystone Tiro te Hub. 10 K
0 Lackawanna Steel ... 7434
4. 00 Lehigh Volley 4155
2 Lcewe Co 2814
.. Loft Corp 15J-3
12 Lorlllarcl Tol 130
7 Lorlllard Toll tit...... 101
7 Louisville & Nashvlllo 99
.. Maxwell Motor 25
.. Maxwell Motor 2d pf. 20
0 Mny Uept stores pf... 10055
10 Mexican Petroleum. . .18134
2 Miami Copper 2114
1.00 Mlddlo States Corp... 3114
4 MldvnUwSteel & Ord.. 42 Ji
.. Minn & St L new 1334
Mo Kansas & Texas. 734
.. Missouri Pacific 23 Vi
.. Missouri Pacific pf... 4134
.. Montgomery Ward .,
4 Mulllns Body
. . Vnt Aniline & Chcm
. . Nat Conduit & Cable.
0 Nat Ennm & Stamp,
0 New York Central.,
2.80 New York I.tick...
.. New York N II & H. 2BJ5
7 Norfolk & Western... 0214
' 7 Northern Pacific 73 Ji
4 Ohio Cities Gas 40
. Okln Prod & Ref 434
8 Otis Klevator 121
3 Owens Bottling Much. 83
... Pacific Devcl Corp... 05V4
6 Pacific Gas ft Hlcc.
fl Pan-Amer Petrol...
7 Pan-Amer B
.. l'enn Seaboard Steel,
3 Pennsylvania R R. .
.. Peoples Gas Chicago
. . Pere Marquette . . .
8 Philadelphia Co ...
. . Tierce-Arrow Motor
8 Plcrcc-Arrow Mot pf.. 9754
.. Pierce Oil 10J4
8 Pressed Steel Car.... 0714
7 Pressed Steel Car pf.100
8 Pullman 112
5 Puntn Alegro Sugar.. 108 15
1 Hay Con Cop........ 1734
4 Reading 8534
. . Remington Typewrite? 70
.. rteplo Steel 8RV5
0 Rapuhtla Iron & Steel. 03
8 Republic Iron & Stl pf OS
15 It Rels fc Co 1st pr... 80
B.20 Royal Dutch Amtr. . .HSJi
1 nt Joseph Lend
. . St Louln San Fran.
. . Saxon Motor
.78 Shell "transport ....
.. Sinclair Oil
0 Southern Pacific . . .
. . Southern Rail
20 Standard Oil of N J
7 Stan Oil of N J pf H4V5
. . Standard Oil N J rts.. I?i
4 Stewart Wurncr Sp.. 42
4 StromDcrg Carb 0815
3 Superior Steel 43
7 Studebaker 71 Ji
.. Tenn Cop & Chcm.... 1(1 55
2.50 Texas Co 48?j
'. . Texas & Pacific 4134
0 Tobacco Products .... 0355
.. Transcontinental OIL. ISVi
fi Transuo & Wms Steel. 531i
2.50 Twin City It T 3014
0 Union Bag & Paper. .11834
.. Union Oil 20
10 Union Paclflo 110
4 Union Pacific pf C2V5
4 United Alloy Steel 41 1,
8 United Drug 12734
2(0 3.00 United Drug 1st pf... 4854
20J 13 United Fruit 2C0
3 United Retail Stores.. 7054
.. U S C I P & Fdy 10V4
0 U S Food Products... 01 Vi
11 u o ina jicoiioi o;
8 US Rubber
8 US Rubber 1st pf.
..US Realty & Imp
5 US Steel
7 U S Steel pf
7 Utah Copper
. . Utah Seo
4 Va-Carollna Chcm
0 Vanadium Corp ..,
. Vlxaudou Inc .. ...
. . WiiDash
. . Wabash pf A
. . Western Maryland
. . Western Paclflo . .
7 Wohiern Union Tel
4 Wcstlngliouso K & M
Hales
BOO
800
1300
10C0
430
V 000
. 310
100
800
2290
7001
100
1300
2000
200
100
200
100
1C0
too
4300
100
1200
1700
000
200
2900
400
too
100
3Q0
300
100
400
100
1900
400
1000
1100
2030
200
100
200
100
D400
1800
300
100
200
000
500
4200
100
300
40U
100
1(0
3C0
100
7400
100
2000
5800
100
200
2200
100
4300
1100
800
2700
720O
3800
f 00
100
900
100
400
100
1940
400
7000
12700
0D0
000
200
100
200
410
1000
100
100
1G0
. 2:30 Net
High Ihvw (NYtm) Chite.
o 40 Vi SI
1V4
18 V'
. 21 34
. UJi
. 73
35
. 05
. S3 Si
.080
1201
3r0
2901
1200
:noi
303
400
21930
1001
.".CO
100
100
3tno
1U0
100
800
GOO
coo
400
2100
too
703
12J0
1430
40f
5 0
mi
200
... 1034
...108J4
... 8334
...04
.. .107(4
... 10 J',
... 734
... 73 Ji
...75
.. 18
... 7Ji
... 2355
... DJi
.. 37J4
...85
47 i
4 Wi stlllg II (c M 1st pf 02J4
Wheeling & L V 1054
4 White Motor 8154
1 Willys-Overland 18
7 Willys-Overland pf... 80
. Wisconsin Centrnl ... 2734
7 Woolvvorth pf 110
" Worthlngton Tump .. 07
Kx dllJni. t Kx-rlclil".
t
1814
7154
43 J4
.
ICO
03 J4
37
20
74
41i
2814
14 Ji
13S
2.V
30
100 Ji
180
2154
30 H
4215
13
2334
41
33
38)4
00 H
34
09
C8
30
28 14
to
7314
39 Ji
414
120
83'
CS
44 Vi
103 V,
0734
255
40
33 H
21 Vi
3054
83 14
0754
HIJ4
87
100
112
108
1 34
84 54
70
8714
0114
05
80
mV5
15 54
2.1 Vi
1134
7734
34 J4
04 54
3134
(0934
U4V5
134
43
00
48
6934
10 Jf
4734
43
63
18V4
8314
30 14
115?
28 34
IIS
0214
41J4
12734
18 V5
208 14
0014
1054
CO 34
8334
OS
108
83
93 Vi
K034
10V5
714
73 Ji
74
18
7Ji
S3
0 34
27
8434
4034
02 Ji
10
4034
1734
70
27
110
07
114
V4
Ji
34
14
34
14
154- 234
18J4 14
72J4 1
45 1
1034 V
107 2
0SV4- 114
2734 H
20-1
7434 . .
4155- 54
2814
14J4- 34
135 - 1?4
101
90
'28
20 - I
10054
180 aivi-
3154,
4334
1334
734-
2514 154
4114 14
32
3854 1
0034- 114
034- 14
09 V5
08J4 J4l
30 4- Ji
28V5 Ji
M14 254
73J4 34
39J4- 14
434 54
120 3
4.1
IIS 3
4414 ..
10434 1J4
H734 54
2015 Vi
40 54
3214 - 54
2534 V4
301, V,
5134 Hi
07 V4- Ji
10V5 li
0714- 14
too
113 - 54
108 - 14
1734
8534 194
70 4- 1
&8V5 115
03 4- 1J4
95
80 - 1V5
1I8J4- 54
IS 15 -I Vi
2434 134
11J4 H
7734- 34
35
85 4- Hi
42V5 1
(0934 154
114 V5 r Vi
134 .
42 4 134
00 - 1V5
48 Ji
0034
Hi! 5 ..
4834 1
4434 -54
C3 - 14
1854 54
5314- 14
30V4 ..
1154 34
28 ?4- Ji
115 - i
0254- 54
tin- 54
12734- !i
481-5- IVi
2C0 4- 34
7014 4- 15
114
0t!i Ji
8434 Ji
8034 I- IJi
10814- H
5334-
84 r
11634-
C0J4 4-755-
73 Ji V,
4- 154
18
7Ji-23154-934
27J4
84-
4034- I
02 Ji- 314
10V4 4 V,
8034- 134
734- Vi
80 4- i
2734 .
no - 1
C7 - 54
1
Commodity Markets
Philadelphia Stocks
COTTON MARKET
New York, May 14. The cotton inar-
..i sj ket opening vvns rather featureless to-
da.v, tirst prices showing " points net
fllC.
4- 1
1 .10
llluh Ihw p in
I.-.O Am Sirs.. V.W, -lit''. t.'U.
II Am (ins. 40 40 III L' I decline to 4 points iidvnnoo. Liverpool
i:i4 i:i Hlnr..ll-Tnt llll-'s 117 'ijwiis a buyer of July. Uooin traders
HS7 I Co N A L1I L'SVj 2SU... bought a little cotton on private rc-
.11 I.0I1 nl.. 4P4. 41 414,4 s I ports of heavy rnlns in Oeorgin. but
1 tMidvnlo. 1.1 . !.. I.. 4- 'j ator sold on iinoflieial nrodletlnns for
I fnlr conditions In the West. There iviis
bout cool
lil
PITTXBURCM
TRICK
UIIPIN8
Kvji Phil r.iee im;
4(11 Phil H T UJ'j 'XI
10 tUending S."'1 S.V",
!." Tmin ltd. I'l, 1ai
J.lt! T (i I.N II l.'l '..
200 do war. 's K
10 tr s stl. :: f"',
TOO tWA.1, K 10H UVH
10 V N V & '
I'ii 12 l'J
-' ' 1 ' lonsiderablo complaints al
.os"' ' .s 1 niglits in the eastern holt.
I'll 'u l. 1..KI..1 11....,! ...t
I'll 2u !' ..til lliltllll tl.Viilu tii-1.nu fnll nlmiit
... . . ' " .-...- .. .. . r. 1. i. ...... v
t.t .. - ' . .i.i n,.lnR lmt rprrninnil nil tit., liuu jut
. . . 1 l ......I.. 1 !..!. ...!..
llll.t IIIKf Mllll(t III lllllll'JIIUlllMl HI 11
bullish consumption icport. and wore
about 10 points over Inst night's close.
i.-s v time)
1 1 :;o
'
ii:ii, u,
10i, 'i
12 -2
t rhanc maf bv coinpdrlson with Ui-t 1 fQV
kdl on New Vurli Him k Kxihanae I July
IIONI)
lllKll !.'
I .11
NVt
I hue
eiii!ffliMiiiiaiiiiii.iiiiiiii:i!i!iiii!irj:iiiii!i;i;i;!!iiii;!Ui;ii;i!:i(ii;iaiiirj'JU
Investment S
Suggestions 9
We have just prepared n circu- 1
lar listing 90 attractive bond y
orferinRS, lnciuriinf::
28 Municipals,
14 Railroads,
16 Public Utilities,
6 Industrials,
17 Foreign,
15 Short Term.
The rate, maturity, price and
yfeld of these bonds are in
dicated, as well as their tux
exempt features. Many of the
bonds are leRul investments
for Savings Banks and Trust
Funds.
Send for a campltmenturji copy
of thia circular, No. L-60
A. B. Leach & Co., Inc.
115 South Fourth Street
1
ffiSfflliiHMIMIJKlfiBEOMBIttE
'S
hftl.K 111
iP0i
I lilec I 'on
Tr Is .1!! .VI .-,!! ..
1 Lehigh Vnl
g IV..s :003 75 7." 7."i ..
1 Lib Bonds
1st i,s. S.- 10 R.-.I0 S.-, 0 1
I 1-." 2d 4i,s. M Ml S4 so Sl.so .'JO
7 :td i'4s.. .:ts ss.'j ss.u'j .(is
04 'i Itli 4'',s. 85 4(1 s5 18 S5.:i(l .22
22 Vlct'y -n,s H.-i 7S li.-, 70 115.78 12
10 Natl I'rop
I -lis 15 15 15 ..
lid I'n tern otf.llilns lOI'-j 101's..
I Uend'g g Is 7!Mj 7!'j 711' i Vj
l
NEW YORK COFFEE MARKET
Now Yorli. -May 1 1 In the absence
of official cables from llrazil. owing to a
holidnv there, the local coffee futures
'market opened ver.v quiet this morning,
unchanged to 1 point higher, with
M tiansai tions conliiied to a couple of lots
FS ... .i... M..-..1. .i.,ii. ...
Ill llll' .111111-11 llt'Jlli'1.1
Tlio innrket continued inactive around
imddnv. with trades in September and
March at initial figures, tlio undertone
being ver.v stead), with operators
uvv nitiug developments.
('inn offers' from llrnxll were few in
number and iiracticall) uucliHiiged. The
local spot market continued to show a
moderate demand from tho interior nt
iinclianged prices
The Safest Investment on Earth:
LIBERTY BONDS
at thn prrnrnt "llnrcaln" Iriel
Scott Stump
Investment Securties
tJI'KOIAMHTH IN ODD LOTS
Stock Exchange Bldff.
l'HILADKM'llIA. I'A.
New York Onlrr. 40 Ktrhanr I'liro
Rmnrbeal CoalmvlII. NarrUtown. 1'u.i
Chiuiibrrbunr. l'. Dlrisrt 1'rlmlr UJrra
we
rp
lllll
hipleml.-r
Dectmtirr
Murth
Vl
I IOH
H (III1R
1 1 nutpno
II .10DI.11
U .101. 11
IS y tim)
Toilayg
npn h in
11 BSWtr. 10 1.1 01
it no fen i ii hi
1 1 so i :.t
14 filsl.11
Or I
Doe
Ian
March
I're rlnao
40.:il)
nK.II.'i
. n. on
.1.1 I Ml
.14 .1M
'C'liinw a m
III IDId 40 III 17
as on a? 0",
.11 fl.1 .11 SO
:n ill .11 si
:ti .il' 34 a I
.1.1 7 I
1 ..111
p in.
ns io
n.'i wi
a i. in
ai in
Tioga Trust Increases Dividend
Tho Tioga 'Crust Co. lias declared a
semiannual dividend of 1 per cent, pay
able June 1 This Js an Increase of I
per cent In the regular semiannual ills,
iributl ii. :uevIous declarations having
bi!-n Hindu u- 'J in lent regular and I
per cent extra Tho sum of J 10,000 has
-rfen ailiied to surplus, making tho total
JflG.OOO.
BAR 8ILVER
Commercial bur silver was quoted In
Sew York, today at 39c nu ounce, a
decline of Jie in ixmuon, ni "u lower,
ni ou.
GRAIN MARKET
Chlcagn, Mav II. After an iriegu
lar start, the corn market improved this
morning. The volume of business was
sniull. but lui) lug orders In the pit were
sufficient to iib-orb offering. JQi homo
iiiurters seiithiicnt was bearish on tech
nical conditions, lmt receipts were iignin
small, amounting to only .'11 cars here.
Ma.v opened 1 i,o lower, nt $l.!irtj bill
rallied ' cent later July was quoted at
$1.75 to SI. 75'... al the outset, com
pared with SI 75','j at the close jester
da), mill impioved 'i cent. September
started nt SI. 02 to ?1.(12, nguiust
S1.(I2', )esterdil's last price.
Onts were steadier, but trade wns
'light. Openitnrs wore waiting for n
leader. I'xporters wore again in the
market for wheat and shippers declared
that all the wheat offered over night for
I'uropo had been accepted. HecelptK of
oats hero todnj were sixty cars.
.Ma) opened V higher at, !fl.(H:i.
anil moved up lo $l.()."iVfc. .IliTv started
at 1HV ' 01r)sc. ngiilnst III ' t Iho
closo yestordn). and later sold at JJ1,V'.
September started at 7"V4' In 75'yc,
jigalnst 75!I'C at tho elosu jeHtonlu).
and later sold at 750.
Heceipts of wheat hero today were
live enrs. n .Minneapolis 18(1 cars, al
Duliith lifty-scvon cars and nt Wiuul
peg 12S cars,
Leartliie fulurei runiioil an foo
Cliliaco
I'orn (nnv rtlvT lm Vent
Open lllnh 1)W ini.in cio.
Mj . t n.1 1 U.14 1.U3 1 . tl IU'4
julv i I 7.1 I 7Uli 1.7H 1 70S I 7.V
Mnv'"-. 1 nt4 l uH4 1 ni iiiiVjint'i
July tiX 'Ji nS i'2'l mt.
Ju,'Br',T21 30 21 10 21 '.'O -M 37 '21 42
juii"'" 'isnn os '18 us in.oo io.o.i
III'! tAnki-rt
Prices Steady on Paris Bourse
farls, May 14 Prices were steady on
thn Hourse today Three por cent lentes
were quoted ut 68 francs j exchange, on
london, 68 francs. 30o; C pe,r cent loan,
87 francs, 06c. The dollar was quoted
gt 16 francs sotjic
FOREIGN EXCHANGE
Jsew nrU, May 11 The opening
quotations In the lorelgn exchange mar
ket were Irregular vv lib slight changes
Prime Luropean ecnanges showed de
clines Kiel ling was again easier, dc-
Financial Briefs
Tho North Philadelphia Trust i'o linld
Its annual banquet fortmiplojci of tho
company at tho tlellcvue-Ktratford IiihI
mun.l Mellliin. fur .ml nml c.il.les nt "" i nore were niiy iroseiu lll
. ., ' , ,., . I ulnnor was follovveil ny u nance
1 Ot A' I........... .. ARn .1.... .. nnlllmr ..I ,
d,n-, ,-i.iii.n .. vi ...j..i.
Relllng at
16.36 for cables and checks at 15 37.
Llro were quoted at 20.00 for cables and
checks at 'JO C2.
Other quotations weie.
Ilolglan cables 1145. checks 14.17;
Swiss cables 6 70. checks 5 72. guilder
cables 3G '., checks 30, , pesetas e.ibles
1C.85, checl.s 16 80; Stockholm cables
21.00, cliecks 20 90 J f hrlstlanla entiles
I8 60, cliecks 18 10; Copenhagen cables
HG.70. checks 1GC0; marks 2 07
YKSTCIIUAV'S I'INAI. HL'orATIOS'H
SlerllnK Francs l.lr Uulldna
Dninn. .1 si 1.1 22 20 a: am.
CablfH .1 st" )IV2n 20 SI mm
TODAYS OI'KNIMJ QL'OT VTIO.NH
a si in :i7 2H 02 aos
3l 1.1.11 2" ilu 3HV
NOON yUOTATIOS'S
Mrrllns: Kraiu'H I. In- liulltlerH
3R1U 1.132 2" .12 3111.
.1 S2 1.1311 20 W) 3I1'A
Dfinnnd
C'ublrs
DniHiul
Cilhles
MONEY-LENDING RATES
M;iV 10I1K- Money on call, both
classes of collate rat. opened lodnv .it 8
per cent for lending and renewing
There vviih no Indication of leliixation
In thn time money market toda, tho
only rate mentioned being '.' peiv font
Business was at a minimum. In piliin
meroantllft paper, the minimum was
again closo lo 7 Mi per cent
Prime bank acceptanies weie quoted,
noiiilniillv, nt CUti6Vi Per cent The
market was narrow ami Inclined to dull
ness i 'all loans on acceptances were un
changed at 5'i per cent.
I'll II. Mir.l.I'MIA Call, r, nor cent,
time, fi tier cent; cojnmerclal paper,
thr to sl months, U per cent
(Note These nro morel v nominal
quotations, as the legal rate of Inteiest
In the siato of Pennsylvania Is llxed nt
fi per cent Plus premium and commis
sion lime money for thirty to ninety
dnjs Is loaning 7 per cent, whllo com
mercial paner from threo io six months
Is being offered nt 7 and 7' per cent )
LONDON Money Is quoted at 69i
per cent Discount rales, short and three
months bills, 6',j per tout
BANK CLEARINGS
Hank clearlnmi today compared with cor
rmpoiidln day lant two xnars
lO'.'n mill 1018
Phlla , 8S,iimi 731 ini.nns sr.s tno.ft.is.'.'oi
v. . 730.874. ii4(i sin.noi I7H
llHlllinorn IS. 200.130 I2.HH4 1120
llQHton 07.0111,017 0(1.11.0 111.1 6U.13U.U71
LIVESTOCK QUOTATIONS
Chlrairo. May 14 HODS- r.stlmatrd re
rttpt, 30.000 lieert, left nifr. 1.1.542. HteaOy
to loo lower $18 111 paid Avrraue rci
vetlerday. I4 111)
I'ATTI.U 15llinatl reentpts, 7000 head
BIIKEP Katlinateil ruelpta,. 5000 head.
l'lttsliurdi, l'a.. May 14 1IOC1H Ite
rolpta. 1200 head Market higher Htavlea,
J4 r.0(i(H.55i heavy yorki-ra J1H4P HI -Jll;
lliht yoiHera. 11.1.25815 75 pl(a, I1I.75M
'"hhBBP AND LAMIIH-Itcrelpta, 1400
head. Market aleady. Top aheep, 11.50i
top lamhn, 1". ... i
CAI.VEH Reeeli'ta, 200 head. Market
al..rfu TAT! IIS. "
(WWVfl
Tho averngo price of twentv active
Industrial stocks decreased 0.49 per
cent yesterday to 90.80. while the twen
ty railroads declined 0.03 per cent to
71.73.
A. I. VS. .Smith, president of the
Northeast Coal Co. and afllliated com
panies; Henry W Bromley, vice presi
dent of the North American l.aen Co ,
and William S. Kvnns, of tho luni or
West & Co., havo been elected direc
tors of tho Colonial Trust Co.
The membership of IJ J. Scott on tlio
New York Cotton Lxchonge, has been
sold to II. a. doss for $2-. 000, a jp.
crease of J2500.
vfllllnm S. Kvans, of West & Co has
been elected to tho board of directors
of tho Coopers Creek Chemical Co., of
West Conshohocken.
The New York .Subtreasiirv gained
$.111,00(1 from the banks .veslerdii). mak
Ing a cash net gain since. Friday of
$2,866,000. y
Reserve Banks Discount Rates
Ofllcloli discount rates at the twelvo
Federal rtesorvo banks were as follovvs
(Tho first column gives rates for all
periods up to and Including a flftcen
day maturity, tho second for a period
of sixteen to ninety dii)s The third and
fourth columns glvn tho rates of dig.
counts of collateral loans secured by
government bonds or notea )
fom'l paper fioilm.
,1. (U 1,1
Ul 1H)H
II
noton
Nw York
Philadelphia
Richmond .
Cleveland
Atlanta .
Chicago .
81. I-ouU
Minneapolis
Knnaaa'Clty
Dallaa .
San Krnnclm o
1MI in I.. nrt
das I5ilin ansa
I ii
1 II
0 ,,
II n
(I n
n II
il II
fi
il H
(I it
0 il
ft 14
r'!
"?
ni4
51,
BVi
5 '4
5 'A
nvj
r.Vi
ii-,
r'i
Ilntes on outhlnndimr reriin.-r. in ,.r
Indebtedness continue unchanged at 6
per cent with tho exception of Minne
apolis, where tho rale Is 4?, per cent
GOVERNMENT BONDS
Panama coupon 2a 1030
Tanama reg-latered 2. 1S30
Panama coupon 'i 1031
Panama reslatered 2 l3s
Panama coupon 8 10HI
Panama realalerM 3. Hull
Philippine 4, lli.1l
Philippine 4a, 1035 .
Philippine 4a. HI.HI
U H Govt roupon 2a. lliin
V H Oovt registered 2s 1030
IT H Oov( loupon 4a 1U2ii
U H llovl reglatered 4a, 102.1
Hid
mi
.101
101
.101
. 7S
7R
. S.I
. A I
. SI
mi'i
lOI'J
ion
i on
Ask
102
102
102
1112
SI
SI
111
ia
U.I
111.'
111'.'
107
107
U. 8. Releases Nitrate of 8oda
Washington, Mny II. Under nu
thorlty of o Joint resolution ndoptoil re
cently by f'ongrcss, tho War Depart
ment yesterday released 100,(100 tons of
nltrati! of soda for solo to tho public
Tho selling prlco haH been fixed of
SS8.D0 per ton, which Is estimated to
government.
INDIAN PACKING
HITS NEW LOW
Curb Issue at 8 Aftor Selling
Abovo 50 Less Than ,
Yoar Ago
New York. Mny H. There here Ir
regulor clinnRrs In tho Ilrjmd Ktroct curb
mnrkof today with most liniiorlnnco at
tached to tlio action of Ind nn I'sckiiiR.
wlilcli sold down from H'i to N'h. "
now low tocord. I? than n yoar ngo
this stock sold above TiO.
United Hetall Candy, whlclf advanced
to 17 last wook, was inner pressure,
sollliiB at 14?i to 14 nml Hwccts Co.
of America sold at 1!)i to IVi; Suli
marinc Hoat was In t Rood demand,
movlnR up from 1.'I to UI-JJ.
Ocnoral Asphalt won one of the mnit
nrtivo fcnttlroi, nilvniieluif over two
points to 70 In the forenoon with n
reaction in Iho Inst half of the day.
Hlmnis Petroleum was dull, with n
small amount of business nt 17.
Phillips ronecd from .'11 to .'10 11 lid
International Petroleum sold nt 5W.
IMIUHTIUALS
II lull
2!i
. 7
1.114
7
7Ni
till
12
n4
2.
2'4
.12
lit
II
12.1
134
14
30t
.11
'J
1H4
I IVi
3S
22U
3S
llll
7
12(i
Kt
2
10
20
3'i
80Vj
3Sft
5S
I'n
34
34
.1H4
14
4 '
I
30
a
17
1014
btl
!.
1
2V4
II
7
low
2W
15 it
OIlW
20
54
Si
114
as
24
it
13
'!
3Hi
31
41$
37
..
3014
00
7Ji
12i
S'4
38
20
3';
S0j
'4
3S
6'i
i.v;
4
ai
3.
"Si
3.1
17
10H
754
I
1U
i:no
U.ni.
?H
u.(,
7
711
20
r.;;
K4
ny,
OS
4,M
125
l.iH
IN
3S'4
31
'-'Ji
14
uw
11(4
2W
38
2.11
.HI 1,4
on
12(4
atfc
'4
20
80'4
',4
.m
13S
p.
. as
n
3o4
1H
3'4
30
n
104
SO
,vt
1
1U
26 26
81
28
4'
50
1"
.A
11.
:l
0
7
i
r.
S3
2S
59
Vs.
i;
0
7
.1
Arm Coal
Amerlrnn Candy .
Am Woolen Ills
Ilrlt Amer Tob loupon
Columbia I'.mcrald
(leneral Asphalt . .
Uerculea Paper . ..
Ileyden Chemlenl ....
Indian Parking1 . ..
National leather . .
North Amer Paper ...
Porfertlun Tire .
Itadlo Com
lladlo Com pf . .
II J llfnolda (new) .
Mlngrr Mfe
Submarine lloat
Swecla Co
Tlmea Miiuare Auto
U S HUh .Speed Tool .
U H Htrani
United I'lit Prod .
L'nlli.d Itet Cundj
Itanlcr .
IMIKI'BNDKNT nif.S
Allen Oil
Allied Oil
lloatnii W'jomlnK
Carlb n
Cltlea Service "11 '
Cltlca Hervlee pf.
Coaden A Co
Dominion Oil
Klk llaaln Pet
(llenroek Oil
(Iranada , . .
llufley aillenple
Home Oil
Houaton Oil
lludaon Oil
lot Petrol . . .
Inland Oil
Kay County linn
I.lilnKston
Morrltt Oil
Metropolian I'd .
.Ifprlen Pel ... .
Norlli Amer OH
Phllllpa Pel
Phllllpa Pet Itli
Itcd Iloek Oil
Itjan Oil
Salt Creek Prod
Mequujah OH
Slmmn Pet
Skelly OH
Texas PailOo Oil.
Tr nltr oil
Troplral Oil .
un Texan llll .
Vlptorla Oil ne ....
MIMMi
VtaBka Pr Columbia.. .
Atlanta .
Helcher Plvlde
neither Hxtennlon .......
Ills I,edKc
1100111 . . r
IIOHtnn A. .Montana
Caledonia MlnliiK
Calumet H .teronie,
Candelarla Mln .
Corler. Silver
Crcnon Gold
Crencent McNamara
Hureka Croenua . .
tJurrka lloll)
40 .Mlnlns
Uoldcn Halo Hxp .
Gold Cona
Hold Development
(lold lieu una . . .
Hold Merger
Hold Silver Pick ..
Hold one . . .
Hreut Mend .. ..
Kmma silver
Heila Mining
Knox Divide
I,outnlana Co ...
McNamara
Marah Mining . .
.Mother l.ode .
Mother lode new .
Murray Mog . . .
North Slar
Ophlr Silver ..: , ..
I'rlnie I'on ...
Hot heater Mlno
Hope tirovip
San Toy
Silver Kins: of Ariz
Silver King Divide
Steuard Mining-
Sllrceaa Mlnlnir
Tonopah-Helmont
innopah Caah Ilov
Tonopah-JIm Ilullor
TonoDah Mldw.iy
Tonopah Mining
Tonnpnh Itenme Hula
united KaMern
Victory
West llnd C
White Caps
While Caps Kxt
IVIIbert
Ycrriniitun
ItONDS
Allied Puckers 0s
Del A Hudson 7a .
Texas Cm 7a
Weat r.lco 7a
MORE COTTON CONSUMED
Spindles Active During April Num
bered 34,346,737
Washington, May 14. Cotton con
sumed during April nmounted to 667,839
bales of lint anil 29,955 bales of Intern,
thn census bureau announced todnv
Consumption In April Inst was 475,875
bates or lint and 11,478 of llnters.
Cotton on hand April 30. In consuniliu;
establishments, wns 1.809,253 bales or
lint und 287,716 of llnterb, compared
with 1,379,392 of lint and 273,748 of
llnters a year ago. and In public ntoniKO
and at compresses 2,967,931 bales or lint
und 392,876 or llnters. compared with
3,976,257 ot lint and 211,326 of llnters
a year iiro.
Imports durlliR April wore 69,357
bales, compared with 36.163, and exports
546,125 hales of lint and 6158 of llnters.
compared with 411.916 of lint and 951 of
Haters In April last year.
Cotton spindles uctivu dtirluK Apt II
numbered 34,346,737, compared with .13,
2,o8,670 ill April last year.
Quotations Mixed on Refined Sugar
New York, May 14. Tho Federal
Sugar Ilellnlng Co. has iinnnuirtoed a
prlco for rellned sugars or 26 cents per
pound, less 2 por cent for cash for July
and August delivery. Tlio American
Kugnr Heflnlng Co. niyl the National
Co. continue, to offer rellned nt 19.5,
less 2 per cont for cash. Albucklo Dros.
quote 23 cents, but aro accepting no
business. Tho raV market continues
narrow, with only 1C.0B0 bags reported
In the sales of yesterday.
Boston Wool Market Dull
lloatnii. May 14. Tho Commercial Ilul.
letln tomorrow will say: "Tho wool mar
ket bns been dull this week for tho
most part and prices aro easing a lilt
except on thn choice flno wools tho
world over. The Australlaii clip pool
has been rejected by the growers who
want a fren market. The goods market
Is very dull anil unsettled and cancell.i.
lions have been reported morn generally
In woolens. Iluylng In the West has
lessened."
1
11 11 11
in is is
'!' 2'4 2V4
II II 0
t" IS IN
0 11 0
ii Z ii
10 in in
50 5(1 51)
.IS 54 5 '4
71 7.1 7.1
.1 5 .1
'. " N
r.'4 r." ,V
t i i
.1 3 .1
li is is
1 1 t
HI HI HI
7', 7' 7 '4
IS IS IS
10 10 10
ir W P
is is IS
:ii 31, 31,
12 ti 12
1 A 1 '4 1 '
111 in in
ii ii ii
.1 .1 3
on', fig
iiiii'I inn Km
US'. OH". lS
lis' 08'. Uii'I
Liverpool Cotton
Liverpool, May 14. Spot cotton was
unlet today with prices easier on the
basts of u decline, of 14 iolnts for mid.
tiling at 20.10(1 Tlio sales wero 4000
bales. The recolpts 14,000 bales, In
cluding 12,100 bales American. Futures
were easy In 4ho earlv dealings. Spot
prices were: American, middling, fair,
3190d; good middling. 28.90d: fully
middling, 27.65d; middling, 26.40d; low
middling 23,10d; good ordinary, 19.9Ud.
and ordinary, 18.90d.
Steel Merger Hits Snag
New York, May 11 While tho pro.
posed Independent steel merger, hivolv
Ing Ilethlehem Steel Corporation and
Uickavvanna Stool Co., Is not definitely
off, It is leiKjrtod by onn of tho news
bureaus that many obstacles havo been
encountered which Interests Identified
vvlth transaction ,may not bo nblo to
overcome,
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o
NLY by the test of everyday business
contact can you realize me iuu vaiue
of Continental-Equitable service.
OFFICERS
JOHN V, SKl'.l.l.V, President 1
JKRKMI.XII J. NIII.MVAN. Vleo Preahlenl
JIIIIN .11. t'AMPHKI.I., Mre I'realilent
.KIIIN It. VJINTK1). Vice Prealilent
.KtllN V. I.OIKIIINKV, Seeretnrj' anil Treasurer
limVAKIl T. KMITII, Aaslslnnt fieerelarr and Treasurer
1MM.IAM J. I'lTZPATHICK AWatnnl Herrelnrr
JOHN P. Mr.1IKN'.MIN'. Aaalntiint Trenaurer ,
IIK.NUY 1. HTITKKI.f.. Trust (Mirer
IIKMtV M. Kni.t.KIt, Title Officer
.HIHKI'II .11AM.ON, Ileal Kalnte Officer
ltltOWN' & WILLIAMS, Counsel
DIRECTORS
M'ATHON" K. AI.COTT
LDWAH!) P. llHALi:
ALlltKH K. llUflK
JOHN M. CA.MI'IILLL
JAMKM .11, DALY
THOMAS DHVI.IN
ciiAni.ics r, lmui'.niNO
JAMIW A. FIiAHHIlTV
MOWAltD II. IHI'.NCII
JOHN J. HKNDICnSON
HKNltV C. LOUdllt.lN
WILLIAM 1. MrflLINN
PI'.TKIl 1'. MOVUXN, M, 1.
JOHN V. HKKMiY
JtinKIIIAII SULLIVAN
JOHKP1I C. TItAINKll
JOHN It. UMHTKI1
AtlllltnV WKinilTMAN
IRA JKWKI.fi WILLIAMS
CONTINENTALr EQUITABLE
Title aw Trust Company
Twelfth above Chestnut
Philadelphia
Capital: $1,000,000
Surplus: $1,000,000
Over $11,000,000 Deposits
Bethlehem Steel Corporation
7 per Cent. Equipmont Trust Certificates
Dnted Mnv 1.1. 1020. Due Annually. May 1.1, 102 1 to Muy 13, 1030,
Inclusive
Issued and Outstanding $2,660,000
Issued Under the Philadelphia Plan
Guaranty Trust Company, New York, Trustee
$30,000 Due May 15, 1926 98?4 and Dividend
50,000 Due May 15, 1927 98 and Dividend
15,000 Due May 15, 1928 98 !i and Dividend
5,000 Due May 15, 1929 98 and Dividend
Prices to Net About 7 'Per Cent
Tliit issue of Equipment Trust Certificates will be secured
by new cquipmentconUting of 1,000 pre cars, upon which the
Bethlehem Steel Corporation 'hat made an initial cash pajlment
of 20 per cent. Title to the equipment remains vested in the
Trustee until the last maturing installment has been paid.
Biddle &, Henry
104 SOUTH FIFTH STREET
8 Safety Profit,
Can be had in a bond which is the only obligation
of a company that is one' of the largest in its line.
Net earnings last year over $21,500,000. Aver
age last 3 years about $19,000,000. This year
will probably exceed $30,000,000. Total interest
charges, $3,500,000. Followed by stock with a
present market value of $150,000,000.
Extraordinary convertible features.
May we send you particulars?' ,
jAeKtEGo:
Investment Banners
Members Philadelphia Stock Exchange
Real Estate Trust Bldg. Philadelphia, Pa.
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NEW JERSEY MUNICIPALS
Exempt From federal Income Tax
$19,000 Essex County, N. J., Hospital. 4 t
154,000 Essex County, N. J., Imp 4s
10,000 Elizabeth, N. J 43s
,28,000 Plainneld, N. J 5s
80,000 Passaic County, N. J 5s
300,000 Bayonne, N. J., Water 5y8s
42,000 Perth Amboy, N. J., Water, .43s
100,000 Collingswood, N. J., Imp 5s
47,000 Haddon Township, N. J., Imp.5y2s
75.000 Haddonficld, N. J. 6s
M. M. FREEMAN & CO.
421 Chestnut Street
TO VI LID
ntJi: Alton
1927-1934 4.80
1924-1929 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
Phone Lombard 710-711
Philadelphia
V
GE0.A.HUHN&S0NS
RTorus and noNns
Mtmbera of the Philadelphia. Nt
York and ChlcaKO Stock Kuchinits
Ntvt York Cotton Kxchanira
Commission Orders Executsd In
All the Principal Markets
uio.Lr.viiK couut hluu.
1418 W'ulnut Hi,
NHVV YOlllv IIKl'-ICH
111 llroaJwuy, New York
Ainrr. Watrr WorVa & YArc, On, Jim
Joiim & I.miKlilln An. 1B3U
rhlruao Union Nliillon I1U,. 11)03
I'oniwilldutril Tfvllln 7. I0S3
Krutiblln ltvyy. & l.t. Common '
KUrnlolir Coinmoii & I'rVfrrrrtl
Miihoulna & Nhriiunsu ltvi, & ,. .,,r
llur Mlirtl y ''
Morton Lachenbruch & Co.
Utili TITUS 1IIJ)II 1'IIIL.l
J1; J2E"ctt 88,j. Kaoj 6080 '
New York Chlcasra Detroit I'lttsbanrb
iib inn nrni'iun nnui v ti a-
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What
jf Yield
urn vnn irflUincr from
your Investments
Is tiio return common
surnto with increabcd
costs ?
Wo havo somo excellent
offerings whoso yield is
high und safety unques
tioned. Baker, Ayling & Young
J. W. HWAIN, Jr..!MW"
Land Title nidff
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