.1
yp i
;r
: . I r - 1 . '.. k ' "f i-t : : ' ;' "', . V. .'..--, - w.:' : ,
a-
C1-
a'
'- t
r i
w.
r.1
Ui.
r.i''
hi.
SV'
' r.
"l J .
to '
IV C'
ilL
IK
l
l
if
ITl-
r.
V
rv
I
v. H'
Sifvxrifp.
Rendered by this Company Is
founded on the most modern
Ynethods and your business is
handled in an efficient, conserva
tive and safe manner.
rCAPITAL$500,000,00l
SURPLUS (EARNED)
92,000.000.00'
lxlh&Sprin3Garderi5
PHIlADElPHIAxiSTy
It is our business to be thor
oughly familiar with all phases
of trusts, and all details are
promptly and carefully attended
to in the administration of your
Personal Trusts
HEAVY SELLING
OF L BERTY BONDS
Permanent Safety
AN investment which has
held its place lor safety
and souitilncs". for more than
a generation which lias a I
record of 3S cars witliout a
single case of loss or a single
delayed pnuncnt is entitled
to be classified as a firrmu- I
nently safe iinuslmcnl.
Such an imrstment is the first !
mortgage bond safeguarded
under the Straus Plan. These
bonds were safe otcrda)
they are safe toda and thev '
will be safe tomorrow. Inves
tigate them. Write tod.n for
our booklet, "Safetv and b "."
Ask for
BOOKLET Q-395
SWSTRAUS&CO.
HimuNtu mj
lNORI0.ATEa
bTtlt'K EXCIIANC.i: IIIII.DIMI,
i'iiii.Aii:i.riu.
TMrtjclcllt jeirs nltliout limn to nny
Imotiir
Imperative Liquidation Re
flected Inability of Business
Interests to Obtain Funds
New Vol l. May IS. Renewed lini
flat inn ui extremely lienvy sonic nf tlie
Iiiberly Ilnnili nncl Victory Notci put
nil oilier movement.s nncl rotiNirierntlani
In todii'M stock inurkot in the Mimic
In the enormous cmtponrltiK of tliese Is
hiich wns to 1)0 found likewise tlie rcul
cnue of the complete tsngnntion f the
tnnrkot otlierwNe. Wrick, from $100,
000 to S&IO.OOO pur vhIiip forced the
second 4, second 1,,4. third 'IVis.
fourth -t VM nnd Victory Wt to new
low points of discounts. It wus a vivid
ileinnnotrntlnn of the iicntcncss of the
strnineil credit sltuittlou. It spoke In
Milnnie of the Innliilily. on one Nitle.
of husiiicsM nnd Indirldiiiil Inter
est to (ililnin neccinry fund in the
open ntnnor market. On the other lintiil,
it retlected the drastic men Hi res heini;
taken h the banking Interests to force
it deflation of bank credits, which up
to tins tune there seems to hnve been
very title progress made. The usually
bii'Ko volume of the wiling of tliese se
curities was positive pioof of the Im
perative necessity of the liquidation.
In face of this disipiietini; inlluence,
however, the market stood up remark -abl)
well. Tradinp. however, was
smaller in volume and scope than at
any recent period. Aa a matter of fact,
the market was unable to make much
licndwa.v cither vvnj. The little specu
lative interest which existed centered
cntlrclj In specialties. The uo;nr stocks
were anions the stronger features. Mod
erate gains likewise were recorded by
the leather and tobacco shares. Move
ment of the steel-, equipments, ship
ping and oil aNo tended higher for a
tini". hut those share lelded to' pres
sure before noon. In the meantime the
Konvrui list worked into an apathetic
rut. This stagnation was tcmnomiil.v
broken by a reaction in the coal share
ranging from large fractions to 2 points,
industrials easing off in sympnth.v. Oil
also fe'l buck, ltojal I Mitch extending
it initial loss to ,'t'j point
AW BOTTOM MADE i
BY LOCAL STOCKS
Hoiit'ivrd Liquidation in V. G.
. Selling Elsewhere I
Lighter I
NEW YORK STOCK EXCHANGE TRANSACTIONS
FOREIGN
B0MD3
Berlin
Cologne
Coblenz
Dresden
Essrn
Frankfort
Hnmburpj
Leipzig
Munich
German Government
German Industrials
French Victory 5
Belgian Reitoration 5s
Italian Bonds
English Bonds
r"ori;jTi xrh.-inpen is Iovl a Itanc
1ns a ;onlltlnn letum to normal
German mark recently oll t 1
cent To'lny's prl, c J cnti". Nor
mally north M S-10 irnli,
Wb suss'-wt imrt hne l'orrli;n rionrti
8CV1I for full dr'alrii rrt 'ilnt i i(l
tritrnpfio'i ntid ;iers i . -00
?arson,Son&Co.
Jfeinbf-r s (
k Mo 1, r liansu
115 Broadway, New York
t,uiie a tew uf the loinl stocks broke'
Mito new low groiiml in toda.v's local
iii'iiK-i. This wa the oiitcnnic of re
current liquidation in (lifTerent part of
the list, which, lotiplcil with the weak 1
lies- of the I.ibeit.v bonds, intensified the j
gloom whii-li pervailed nil quarter in
marki", i in-le There wns iiiiumiiiII
lienvv s lling of 1 'lilted (in Improve 1
'iienl. forcing the toik back to last j
week' low-wntcr mark at -I.'!. Fresh 1
liquldut on al atipearcd in l'eniisl-'
vauia Itailioad. whnb likewise wn- car- !
l-'il down to tin- low level of .",ll-. (u
mailer amoiiul of selling Philadelphia
itapid Transit wa depressed SI to -!'.,
which came in for more notice because 1
of the tnvorahle statement of earnings j
for April. I'liihulelpliia Klrctrir. on
iioiu'tial offeiing. likewise fell back o
the bottom mark of 'J4.
The market, however, wns full of sell
ing order, whilcb u.vers seemeil to In-1
a seaice as hen's teeth. In conse
quence, all transactions were onl.v niaile
at pi ice concessions, which, in most
cases, were made up of small frac
tion l'lectric Stor.ige liattery ,v lelded
to 117. I'lrladelphia Co. ciimulntive
prcferieii declined SI to '.I'M... I'hiln- .
delphi'i iinil Western pieferrcd lot SI '
at s:, American Itnilwa.vs preferred'
had a similar decline at 17. Hninll frne- '
tioii weie chipped off of American j
Stole and Lehigh Valley '
The money situation, lieie, as well I
a elsewhere, wa the dominating topic I
of discussion. Kvcrj thing esi wu
relegated to the b.ic kground. Different j
CMiinnation weie offered for the ap-
purent increasing tension. One fact
was distinetl.v apparent, that vvns.
uicinc) wa piacticall) iiuohtainnble at
an) rate. Some seem to think the apex
of the crii had been reached, and
the worst iie was now behind us. Con
dition 1 it I not confirm this view.
Sale's
inn
tin
1)0
sou
400
too
soo
,100
too
400
100
100
.100
2J0
too
M0
too
too
700
nun
.110
700
too
.'00
1. too
too
400
2700
1400
zoo
nun
soo
JOO
A 0
vro
MO
ton
ion
moo
AflO
401)
ion
1(0
Hill
lion
200
310
0(1
too
I ISO
.100
lOti
tun
100
100
700
ID 00
100
.100
100
'.10
10200
1200
100
.100
100
100
noo
(1000
A00
.110
1 no
100
10,)
too
100
4 00
noo
200
20C0
100
70.1
100
.1201
70)
11701
noo
AOI)
200
400
too
1(11
1200
.100
sou
noo
soo
.",(10
S0.1
noo
200
coo
20a
10)
too
too
1100
1700
0S0II
Mil
500
mo
100
(00
100
oco
1 no
too
A00
niv.
In t lilih
. . Adams ExproW 3t
. . Advances Ttumely .... 33
6 Advnnco lluiiiely pf.. 04'
.. Alaska CloW Mine .. H4
.. Allls-Clmtmcri! MY
7 Am Ur Shoo ft Fdy.. 0014
12 Am Ur Hhoo ft Fdy pflOA
8 Am Uert Sugar M
10 Am Itosch Mcgncto ..10A
.. Am Can ois
7 Am Can pf 00
12 Am Cnr ft IMy Mill
no Am BriiR Syn 1"!
.. Am Hide ft Leather.. I!)
7 Am Hide ft Leather pf. Ot
0 Am Internal Corp ... WH
.1 Am Linseed PS'4
0 Am Locomotlro 04
. . Am Snfety Razor ... 14 Va
.. Am Hilp & Com 20J4
4 Am Smelt ft lief 0
a Am Steel Foundries.. 40J-i
7 Am Steel lMyu pf. ... 87
7 Am Sugar Hef t3lU
10 Am Hunmtra Tot) .... 01 IS
7 Am Sutnntru Tob pf, . 89ii
Am Tel ft Tel 03 Ji
B Am Tob Sco temp efts B8'4
7 Am Woolen lto
4 Anaconda Copper .... Adl-i
4 Aeso Dry Ccods 3SV4
0 Atch Top ft Santn Fe. 79'
3 Atch Top ft S To pf.. 74J'j
. . Atlantic Hlrm V All.. fi?
7 Atlantic) Const Line.. S4-K
in All llulf ft W t S S..10AV5
20 All llcflnlng 101
. . Auto S C icin ctfa pf . 22
3,o Ualdwln Locomotive.. 1MH
.. Unltlmoro ft Ohio.... 33
1 Unltlmoro ft Ohlc pf . . 4SJ4
llarreti 12l?4
7 llarreti pf 10S',4
ll.itopllaH Mining .... Hit
Ucthlcbem Motorn ... 21fl
A Hethlebem Steel U... 81!
H Hethlehem Stl 89! pf..lC8
. . Uooth Klshcrlcn ''i
in Hums HroM IM'i
.. Hutto ft Supctlor Cop. 23
.. Caddo Central O ft 11. 1H
. . California l'ctioleuin . .11!-,
10 Canadian Pacific HA
A Central Leather 70
.. Cerintn-tved Prod ... tHVh
Cerro do 1'asco Cop.. 4i,
10 Chandler Motors ,...iaA!4
.. Chicago ft Ot West.. 1H
2 Chicago ft (It Went pf. 20 H
. . Chi Mil ft St 1'aut. . . . n.lVa
7 Chi ft Northwestern. . 78?t
.. Chi II I ft I'nc MS?!
. . Chile Copper l?i
1.30 Chlno Copper t- 31 'i
1 Cocn-Cola M!i
A Clo Cln Chi ft St L pf. C3'l
7 Cluett l'cnbotly pf lOOJ-i
3 Colorado Fuel ft Iron. 32
1 Col Cruphnphoim .... 2331
4 Comb-Tab Uccord ... 0Vb
. . Comb-Tab llecord rts !a
l Consolidated Cigar .. GO
7 Con Cigar pf . . . .80
7 Consolidated Gnu M "
i Con Interatato Cal M. 14 aa
3 Consolidated Textiles. 3t'j
7 Continental Can Wl'S
7 Continental ("tin pf.. 100
I Continental Candy ... Il'i
4 Lorn ProductH Itof... 05!i
. . I'osden & Co 3U
r: crucibio steel mo
7 Cruclblo Steel pf OS
.. Cuba Cano Sugnr. .. 3'
7 Cubiv Cano Sugar pf.. hl'i
. . Cbn Am Sug Co new ... A7 H
I) Delaware ft Hudson.. 01 Vt
. . rvnvcr ft Ulo Clrande. (1
.. Denver ft Itlo O pf... Il'i
I Doino Mines 9?4
. . Duluth Sc S ft At. . :'-
.. Llk Horn Coal "O'i
A Kndicott-Jolinson . ..102
7 I'ndlcott-Johnson pf.. 91
.. Krlo I'i
.. Krlu 1st pf !Sr:
.. Krlo 2d pf M?4
3 Klsl! ltubber r8
.. Freeport Texas 21"i
8 Fnnous I'!ayeraI ... 72
8 Famous Players pf... M
. . Federal Mill ft Smelt I3H
7 Federal Mill ft Smlt pf 40
Gaston Wins ft Wig.. 12?
1; General Cigar 3j
7 General Cigar deb pf. 81
8 General Klectrle. . ,.H0
.. General Klectrlj rts.. 1'i
1 General Molor.) ctts.. 27 H
1; General Motors deb... 70
6 Goodrich 15 F . . ,(. . . il 7
. . Gulf Mobllo ft Nor . 13
Gulf Mo ft Nor lif. . . 31 '2
4 Haskell ft Marker Car C3?4
Hendeo ctfs
1 Hupp Motor car . . .
7 Illinois Central
. . tudlahoma Itet
a Inspiration Con Cop.
30 J4
1U?4
SA'i
7'i
AIJi
2:3t Net
Low (NYtm) Ch.
31
31 Yi
fllft
t
33 K
90 A
10A
03 Ji
10.1
no
no
131 Vi
12
I85i
tit
88 V
83V5
04
It
20 (i
A0?l
nois
87 Vl
90
80 !
039S
A7M
109
AG',4
33!3
79
7314
W
M
1G1
104
iii M
3354
43
121JJ
10A4
f
2()'4
niw
101
lll'i
22
18 '4
31
114!i
09 !'4
4S
4 A
133
7H
201-2
33 Vi
78
3!'j
13
31 '2
32
(11 'J
10054
32
20
30
'
no
80
81(4
14 H
34 VS
8A'4
101
IW4
( I
30
13S
93
81 'a
AA!i
90 'i
n
11
!l4
in
teli
lOOli
9.1 Vi
11 ?4
18H
1 3 '2
3014
12
H3'4
in
301.4
12 s,
r,32
81
140
19.
27
70
(10 '2
13Ts
31 !i
(!2Vi
3(1 '2
l(!'4
M'i
7H
Sl'4
31
W- 14
01W IK
154 ..
31H
ooh- Ov
103 -IS
03 14 14
10J ly,
40J4 14
no V
13115 14
12 - l't
io- A
0 1
88 '.'4
83J4 14
011
n - 14
2014
09?i . .
40
87W- 14
131V5 114
00 - S,
8914- 114
03H- yA
68 - VA
loa - n
30 14 ..
33
7914 Va
7314-114
81 K- Vt
10AJ4- 14
104 y
22 - 3H
11314 H
33 !4
43K- V
m4 2n
103!i . .
14- 14
20k- 114
Pi 14
ics - Vi
A ..
1U14 .
23 - 14
I8J4 - 14
31 A
1UK- 14
0014 -- A
4.1 Vi- Vi
43 - Vi
133 U ?(
H- li
so 4 y,
3314 Vi
78 - '
3414 14
HVi- 14
31 :
MV4- 14
0314 3H
100'! 214
32 W
i.t'A yt
50 - J,
!e ..
00
R0 -I 1
8IJ4 14
" - 14
3114
8314- 11-2
too
1114- 14
04J4 114
3(1 - 1
139 - 1J4
95
A3 r ?;
Hl!4- 14
A7J4 3
004- 1!4
(1
II f U
nji- A
314 .
20 Vi- '4
lOOH-j- tVi
taw- 4 4
' 14
I8?4- V,
I3!4- H
30 1-2- ?u
21 Vi
72 3i
81 Hi
13?; f
39 Vi- 11-4
I'JHf 'i
(.31i f- 1J4
81 - J,
Hi) - J4
194 ..
U- H
70
(il 3 r Vt
13J4 ' '
31 -s, - '-4
02 Vi
30 Vi i
ion- ;
83 V U
51 ?4 - Vi
Galen
109
COO
100
300
210
1300
300
' 400
300
100
400
200
2C0
100
1000
700
300
100
1200
200
100
24C0
too
Ulv.
in 1
ltlih
. Int Harvester 12114
.. Int Mer Marino 32fJ
0 Int Mer Marino pf. ,.. 81 (4
,. lntcrn.lt Motortruck.) St
.. Int MO Truck rts.... 2
.. International Nickel. . 18
.. International Paper. ', 71 Ji
,. Iron Products Corp, 4 48
4 Kelly-Spg Tiro 110J4
.. Kclly-SPK T 6 pf,.. 80
2 Kennecott Copper ... 37
.1 Keystonu Tiro ft Ilub. 2014
0 Lackavvanniv Stcol ... 74V4
3.S0 LehlRl'i Valley ...... 41H
2 Loevvo Co 30
.. Loft Ccrp 10
12 LorlllArd Tob 137J4
7 Lorlllard Toll pf ....104
10 Manatl Suirar . , 134
2 Mnrlln Itockvvel! .... 30
. . Maxwell Motor 1st pf . 4814
10 Mexican Petroleum ..182
2 Miami Ocppcr 2114
3300 1,60 Mlddlo State:! Corp... 31
4 Mldvafn Steel ft Orel.. 43J4
.. Mo Kan ft Tex .'..... 714
.. Missouri I'nciricj 21 Ji
.. Missouri Pacific! pf .. 40-
3 Montana Power 01
.. Nat Conduit ft Cablo. 0
0 National Lead 77
in New oYrk Air lirnko.loo
A New York Central.... 09
3.60 New Yolk Dock 30
.. New Yotk N H ft II.. 29J4
7 Norfolk ft Western... 90
7 Northern PacIRo .... 74 A
t Ohio Cities rjas 40
2.30 Ohio Fuel Supply .... 32
. . Okla Prod ft Itcf 4
.-. Ontnrlo Silver Mining. 7
8 Otis 15le voter HO
.. Otis Steel 21
3 Owens UotlllnB Much. 61
0 Pan-Amer Petrol 10.154
7 Pan-Amer It OS
.1 Pennsylvania It I'..... 30 ?i
. . Peoples Gns Chicago. 32J4
.. I'ero Marnuctto 23
.. l'Urcci-Arrow Motvr.. S4;
8 Plerce-Arrow Mot pf . . 97
Plerco Oil 1094
4 Pitt C C ft St L 09
8 Piessed Steel ( ar.... 99
8 Pullman tlljl
3 Punta Alesro Sugar,. 1004
8 Hallway Steel Sprlntf. 03J4
7 Hwy Steel Sprlni; pf. OS
1 liny Con Co 17
4 Heading hay,
. . llenilngton Typewriter 00J4
.. Heplo Steel 8!)
0 Ilepublln Iron ft Steel. 93
.. Tluptih Motcrtruck ... 4014
0.20 IJoyal Dutch Amer...ll7
2:8$ Net
Low (NYtm) CUK.
700
100
1000
3200
200
100
100
100
300
200
I40O
1 100
309
400
'400
(100
100
100
2,10
4t0
6301)
noo
2300
410
700
1000
109
400
21)0
200
200
37(10
100
200
103
3300
100
2301
2100
2110
0700
400
490
100
2300
2100
3100
100
3100
20
4 on
300
mo
A30O
230
2100
2000
21)0
700
200
700
liCO
.100
t 21)0
100
.too
100
9300
'100
too
I09U
800
.100
latio
Ifllf
too
13300
400
200
110
201)
100
100
100
noo
1 0
110
ijn
i,ii)
300
101)
1900
00
inn
too
St Louis San Fran.
. . Saxon Motor
. . Shattuek Arizona . . .
.73 Shell Transport ....
. . Sinclair Oil
.. Southern Hall
A Southern It. ill pf ...
0 Southern Pncltlo . . . .
2n Standard Oil of N J.
7 Stan Oil of N .1 pf...
. . Standard Oil N J rts.
. . Strotnberff Curb
7 Studcbaker
. . Tenn Cop ft Chein. . .
2,30 Texas Co
. . TexaH ft 1'uclfla . . . .
. . Third Avcniin
tl Tobacco Pioducts ..
. . Transcontinental Oil
0 Union Uag ft Paper.
.. Union Oil
8 United 1?iuk
3.A0 United Drut! let pf..
12 United Fruit
10 Union Pacltlo
4 Union Pacific pf . ...
3 United Hetull Stores.
.. IT S ( 1 P ft Fdy
. . US Uxprcss
0 U S Food Products...
8 U S Ind Alcohol ....
..US Healty ft Imp...
8 IT S Hubbtr
8 i; S P.ubbcr 1st pf...
fl U S Smelt ft Hef
A U S Steel
7 F S Steel pf
7 Utah Copper
11 Vanadium Corp
4 Vu-Carollna Chcm
Vn Iron Coal ft Coko.
. . Vlv.iudfiu Inc
. . Wabash
. . AVabasli pf A
Wabash pf U
. Weill Fnro F.xp. . . .
Westcin Pacific,
4 Westlngbcuso 11 ft M.
.. Wheeling ft L K
I Whlto Motor
1 WlllyB-Ovcrland
7 Wllljs-Overland pf
A Wilson & Co
0 Wcrthlnston Pump . .
. 1194
. Ok
. 7314
. 34 V.
. 31 Ti
. 6414
. vr,
.073
.10l9i
1
. cs'4
. 701i
. 1015
. 48
. 43?'t
. 11
. 07
. 1394
. 118'a
. s
.131
. 40 y2
.207
.IIC4
. 02 14
73 9
17
0
0194
87
31
O694
107J4
00
94
lCfiti
07 Vt
73
M)i
1K2
19
794
21
13
30
-'7ii
47
10
32
18
79'i
(i.V.j
!14
12114
32
8414
0M
3
18
1VA
4614
109
80
20
014
7414
41
39
114
130)4
104
13214
63
45J4
180
3114
30)4
4
714
21
40
01
;;
77
100
8J4
30
38
S815
73)4
39
31
4
7
130
21
60
103)4
07
30 Vi
32
S3
33
07
1014
08
on
111J4
1C8
02)4
08
17
85 Vi
VA
87 Vi
02
40
in 94
33)4
11)4
914
7414
31
31 ?4
61)4
01
073
104
1
07
09 A
10
VA
43
11)4
03
13
117 94
28
130
49
203)4
113)4
03S-4
71
17
0
02
83J4
33)4
94
10794
(10
9394
11014
07
JH4
73
112
II)
. '
22 Vi
13
31)
-ah
40
10
A3
17
70 Vi
0311
CD!i
131- 14
33 14
8414 14
so;-
214
18-14
71 14
4014- 1
100
80-5
30 K
26
74 14
41-
30
18
137)4 3
104
134 3
65 - 3
4314 4
181 1
31- 14
31
43
714
34 - 94
49 -
01 - 14
034
771
100
08 94 14
30
39)4
88 - 1
73 94
39
A3 I- 1
4 -'
7 - 14
120 114
24
60- 1
103)4 1
08
3934-
33
35
6494-1-
07 -
1014-
CO
90 )i
111 - 3i
109 1
03 34
08 34
17-
83-
09 1
87)4-
93 - 1
40 -
11434- 3
33 !4
1114 . .
0 .
71-
31 ..
31 - Vi
64 ..
94 J4
073 5
104-
1
evi-v 1
70 )4
10 .
47- !4
43- Vi
11-
03- 134
11-
1174-
28
130 3
49-
307 3
113-
02)4
74- 1
17
0-
02
80 - A
53- I.
03)4 ..
10734-
00 -
04
100',-
07 Vi
71'-
73-
102
19 - 34
794 .
23 1-
15 - 1
30 - 3
iVt Ji
47
10 - i4
18
7 9
C5
C9
134
Commodity Markets
Philadelphia Stocks
Individuals,
Firms and
Corporations
arc invited to open 1111 account
with us unri enjoy the burvicc
others fire receiving.
Our central location, business-banking
ollk-or.s und di
rectors will save ou time in
executing your banking problems.
TiniTcI
Opposite Uroad Street Station
Bonds of
Foreign Nations
Wc have prepared an inter
esting booklet describing In
ternal Loans of
FRANCE
BELGIUM
ENGLAND
ITALY
which can bo purchased today
nt prices to ahow American
Investors a possible profit of
from 20 to 333.
Ash for Booklet L 00
A. B. Leach & Co., Inc.
Investment Bankers
IIS South Fourth St.
Ulch l.nu
1) Am Str . 4.".''.i l''
in Am Mill'R M; M...
In') Am Uwy
pn-f .... -17 17
110 I'd Stor. IIS 117
Pll tRrif .... U", l)s
1 1 Co X A U!) '!)
(is Lob Val.. ! -II -i;
I.-.7 Vn It It . 10 :t!)s
(111 I'liila &
WVat pf. liS L"n
I." I'll iln Co. :t7 117
1 :u nvi
17 -I
117 - ''.
11's..
Ull 1 .
-11',-r i,
:! '',
:;s
fill do cm pf :!()''. uni. Uiii..-
:icc uim m '-'4h.
10 I'liil I
1X1 I'hiln H T
j::r. I'liil True
SOO Tono I id.
.".no Toiiu Min
I'JO I'u Tiac.
1:11a re; i...
IS7 do war. .
.".'JO tC S Stl.
N(l
1
1
u.
r i
:t'j
i:!':
r
lifi
-M'j
r4
1'N
ls
:!'
i:t
'
f'i
i;i 1
.". 1
1 ' . .
:f' . .
lit
!U,
COTTON MARKET
Ni-H olU. Mn.v IS. Coniiilrrnblc
, solliiij; ilpvi-lopeil at tin opcnlnp of the
I cotton tiuirkct today, duo to nu iuiprcs
I sion tlint woathor couditious over the
1 belt line improved. There wrrp private
I reports of beneficial rains In Texas
I where needed, and it wn aid that
j dentine weather nii.nlit be expected ill
the onsterirbolt withiu 11 ilnj or two.
' At the t-nnie time u uumber of privute
advices declared that much irplnutiiiK
would be neccsary becaue of wet and
cold weather, but they did not appear
to check sidling, which continued after
the opening until the innrket was
rather weak at about 1- points net de
cline. (ipfiiinR in ice weie irroculnr. being
trom IS pointH tuhnnce to lM poiuts de
dine, tlie advance being sliowu on a
few old months.
1 .in
i in
NVt
rhBtf
I
-,si,-
licincc tnad h runiCHri.n 1.1h l.kt
v , . .1 i -n lorK mwk i-.xrhrtnff
1'. in IIIIVDS
1CI i' HtKh T ow
1 .1 Ainer (ins &
I'.lcc .-... 7J 7.'
1 I lr X I'ec.
'I'i -4k :.!i .-.s';
1 I. ib Honds
I'd i'ii... s:j -jo ;:..'() s:t -jii .:io
10 :i'.js .. . no 70 1111.70 fio.70 1. 10
7 10 :.i -ii'is. mi no sti.uti sit.iui l.flti
5 l-'-'o -ith-pi-j Ki 00 s:!.:io ,s:t no l.sti
!i 10 ic l:l,. ill. 70 !'!. 70 04.70 .00
11 I'n t.'in ctf.101 ', 101 . J()ial if,
II !i-l(l I'hil Klec
1st r.s... s.-)'j sc. s.i -f ,
I J Hencl'g g s 70' j 7!'i 70'-....
Financial Briefs
Philadelphia Markets
'Pli n n i'itn c, nelnn it lit nnlo i,ol I 1it 1 m
i.i iuiiuou ""' . .i.r-iii ii-ini! una 1 liecn Dt. lu.i.i.tl liit1ili l l
MimiDiitui riui.nn "tLiiu-o v. "i 'i .."ill! . -fc . ui'-'l IITIU r.t RUt eritlTltMH r!( OS
yesterday to lH.L't wliile the twenty I COHN m-cnlpii.. 4Wt ,uM ,nnrn,t
rallrnnclB aclnncecl 0.00 per cent to,-'e W tiuuto un-. m to nunt'ii, mi 1 11?.. V.
72 31.
The No . York subtie.inury c.ilnecl
$4,016,000 fiom tho banltH yesterday,!
tnnklnK a cawli net gain since Fildny of,
6,001,000 ,
FOREIGN EXCHANGE
Nrv Vn'k. May 18 Tho I.atm
linn, pt
fUoi.
l.l'nw j OS. tin li-licr f., x
17.2C9 liiisli .l.,ri
IJATN- ItTclptH
nml nominal.
n.oua Rcreiiiiii ino iiiiu hi, 1 :.in 400
lb. In kHChn Quibi hut m-v nnn Ou.iIh.
tl.in: Per W llw packet In 1 -lb ).;
,VK',.r,So.u "ln"r ""-"llil'i "irn M.l 'ft
in...O! do. du, iicMtnv. tl.'H.-.Hl.l.', ,n
.n,e.r. rVS'irtl- .IJ-;i0? ' '..'" ''" i'-rt iwi.
.... a. .,.,, , , u niirillK lliwc r.nr 1
cluiiiKes nnd (Jerin.iu marks were htroiiKi ij.-,n, ,m, putont. n MiS 1:, ,-,u ,i Mnn'ri
inm. II. i iS(!ia., fn, j mirlmr . , iM
Juh
(VI.
Dei
Jan
.ftin h
, los-i
:i so
:td r.
a-i i'
:ti 7".
c p n v
IS SO
nM a
m ar.
.1! 7s
.it r,j
V time)
1 1 ..10
u.tn.
as.n;
so so
" .!!
:n us
1.30
ii. in
ns on
tin.ao
3.".. 30
In tho foreign eohanKo market 0iening,i""
this morning, otner ratc3 generally
wero unchanged Sterling was un
changed, at 3.82 for demand and 3.82
for cables. Kranc cables sold at U 10
aid chocltB at 14 12. I.lro was up slight
ly, the quotations being 20 10 for cables
ami checkB 20.12.
Other quotations were:
Hclglan cables 13 CO, checks 16 12;
Swiss cableB D CO, cliecks D.68 . Kulldor
cables 36 3. checks 36,i : pesetas cables
16.87, checks 16.82; Stockholm cables
21.10, checks, 21.00; I'hrlstianla cables
18 00, checks 18. HO; Copenhagen cables
16.80, chetkH 16 70; marks 2 08
Around midday, tho market was Ii reg
ular, francs advancing further and
marks touching 2 09, while sterling was
slightly easier.
VKSTKItlJAV S I'lNAl. QUOTATION'S
i .sterling: 1'rani n lire cluililers I
!-!.,. n. I fl k-,l. U 47 00 MM Mll.t- '
'CatiltH gu 14 4ff 230 Wi
1 TODAY s OPKN1NO QUOTATIONS
i Kierllns Frinr I. Ire Uullrim
! Deinaml ii N'.' 14 12 2 ill a :ui',
L'ublea S :', 1110 20 10 3D
inlll patoni. femllj tirtidH. 5Iiii n; sj i,.H
Hour. I!2ff 14.2,-i.
I'HOVIHtO.NH nulet lmt tue-.h cjuntn
tloni wiro us fnllows Um-t In t miiokeil
anil iilr-.lrlcl. file; liecf, knuckled an,) tn!
iVAr"' .",w'o1k'J nd nlr-clrleil. .12c. roik. fuiu
JI,., " tiaina, S. P. circd 0( , :r,ms
,111'iri do, Hklnnca. Inonc. .'l.'iffllilt Ot ,i
amokeil, 37f.'SHe; linnis. lolled. Iiuiielen,"
ri3e. picnic shouldcri" y I' cured. Inme'
22'ac. itci smbkecl 23V, c liellleu i ..i..i,ia'
lcinc. 21'3C. breakfast lucun 31c Inni!
NEW YORK COFFEE MARKET
New York, May is. The market for
nifTcc futures opened irregular this
iiicirning with .Mn '' points higher und
tin other position 7 to 17 points lower.
i.tnrclv s ndvanci' wn heliercd to
i... n.. '...,.,,.,, I ii... ...1,... ,,.... r.t 'i--. ..:, I an
llil.l ll,,,lll,,,t III'' ,1 ,, I. ,'l h,I 1,'lfi,) ,
iwiti'il In tlin Itln imirkct. In this mcirii. ' .
ing' nllicini cables.
Some of the selling enrly wns in the
mil ore uf renli.ing, while a prominent
Wall street tirm hnd .Inly contiacts
was iiImi a buyer of Oe-
GRAIN MARKET
Chicago, May is. There was heavy
selling of corn this morning , and the
market wns weald i. Among the inllu
erres wire n belief that the efforts to
relieve trunfir condition!! will result
in larger i.-eeipn and estimates of 100
cars for the tlu
Mn.v opened at Sl.Pli'i. I'ompnred
with Sl.Do'j ill the clo ehtyrduy.
.Inly langed from SI. 70 to Sl.ToTj at
the outset, eoni'inred with Sl.TO'i at
the dose vchterdiiy. HeptembUr started
,.. si i2t t SI W1V.. nirnliist Sl.fl.'lf'.
M.stenlnyV last ciuotntinn. .classes of collateral, opened today at
....... .... .,ol. ,v ill, il omn lnnll I "r ""in nil iuii.iiiib ...... iratmiu,,
tinclc. The .selling was encouniged
BANK CLEARINGS
Hank ilearinefl lodftv cniniMrcd Willi cor
ropnndlni; dav lant two rarH;
1920 lulu mis
tssaiiniin tn7,ti3, 74j r'-M33 S47
I7.7h.'i.8rii) lS.l.Mi 1st
sii r,il(J. LIS 80,327(121
1 10 U2h.2,iO ri,712H23
mm i'i:, oor, sim '-'" mi Ciiiiniii u70
Phlla
Illlltl f
IlnNiiin
C1U .1Ri
N V
MONEY-LENDING RATES
i:V4 YOIIK Money on call both
for Mile, but
comber.
.mi.
Sept
iiiollv bv the droii in corn. Iho ur-
liviils here today wero 87 cars.
"ilnv iineiiecl lie lower, at $l,0(r)i.
and hiigged to S1.00'i. July started at
1) to !HTk. ngaiiiHt Il-'ic nt Hie ciose
M'Sierdny. Hepteinhcr opened nt 70 to
7,-(7N,.. compaied nith TOfte. yet-tordaj's
last price.
I.e:,.iinu futuies rniiscit follow"1
(Chlcaieo llmo)
rtiliveivl lO.an T'it.
OIL GROUP TAKES
LEAD ON THE CURB
Many of tho Producing Stocka
Make Gains of Fraction
' to Full Point
New York. May 18. Interest In tho
ouUide market wns concentrated on
denllngs In oil Issues, because, of "In
terest in effort to Increase production
nnd more fully meet the pxcesstvo re
quirements of tho trade. V
General Asphalt wns the! most active
feature In this group, raugiug from
(MHs to 71a4. Many other producing
stockx roso from fractions to ono point.
Texas Co. wns strong, selling nt 02, but
later reacted to 50'&.
Announcement was made that the
Mexican Pnnuco Co, Is hnstcning ship
ments by sending pnrt of Its fleet of six
8000 -barrel tankers to the loading racks
on the I'nttttpo river to be. landed with
oil for ocean terminals. Skclly wns
tirm, wllli large, trnding nt 101 to 11.
White Oil sold nt I'l'j to 22 and Bimms
nt 17H to 18'j;.
Indinii I'ncking wns one of the weak
fcnlures. selling nt SlA to 8. nud Bwift
International sold at 'M to 3,"5. Sweets
Co. was trnded In at 1 to ln8i new
low iccord.
INDUSTniAI
AW (."nat . . .
Air Iteiliiellnn .
Hrlt-Amer riiemlral .
lirlt-Amer Tob ioup
Cleveland Auto . .
General Arnhalt . .
Iterriilen Paper
H6yden Chemical
Indian Parking
Inter Ilubher
I.lKmar Coal
North Amer Paper . .
IVrfi'Ctlon Tire . . . .
itadlch Com
Kmlln Com pref . . .
U.inlrr Mntors . .
Hlnnnr Mfc
Suhtnnrlne tlottt .
Hee(B Co
Tlmea Sciuare Auto
I' H HlBh .speed Tool ...
I' J Steamship
I'nllcU Itetalt Candy
INIIKI'EMinr
Allen till
Allied Oil ......
ArkHiuxiN N.it Tihs . . . , . .
Arknnsiis Nat Oaa rts .
His Heart
Idione idi
UnMon Uiomlmt .
Carll) Hyn
Continental lleflnlns: . . . .
Cosden & Co
Dominion oil
Duqufune
ITsineriililn fil . . .
Olenroeli Oil . . . . .
Clrufiml'i
Homa i'etrnleuin . . . .
Ilounton Oil
Hudaon Oil
Inter Petroleum
lalincl Oil . .
Kay County tlaa
Klnit Petroleum
l.lvlneston
I.L liiimlnTi new
Metropolitan 1'et
Mexican ran
Morten Petroleum
rkla Nut elni
I'ennoK oil
Phillips Pel
Phillips Pet r( ... .
Iip, liii.ee .( ltotlnem . . .
lied Itock Oil
KJM Ull
Snlt CreeU Penil
Heiiunyah OH
Minimi Petroleum . . . .
Kkelly OH
upencer I'rtrnieuin . .
Texas I'arltle Ccnl
Texan I'arlfli Coal rla
i rinnrni on
I'n Texan Oil
VulorK Oil new
western sinie
White OH . .
MINIM!
Alaeka 11 r Columbia ....
Amerlrnn Tin 4 Tunn ....
Atlanta
Ilel her Divide
neither Kxtenlon .
Illu l.cj'i
Ilonth
Ilomun & roniicua
Caledonia Mtntnv ....
Canada Copper
Candelurla .Mlnlne
ConH Virginia
Corte Silver
(reae-on tlotd . .
Divide I"xt
I'tireaa Croenua ... .
Curekn Ilolli
Ill Mlulnie
lloliluii Ono. i;n
Oulit Conn
Hold Diol
(luM .Meritcr
Until HIHer t'itlt . ...
Hold one
(ireu Ilend
Kmimi Hllter
Ilecla .Mlnlnc
Jumiju Kxli'lnlon
Knux lJhlili
LoiiiHlanii i1
.Mc.Vunmru
.carah Mliiliu,1
Mother I.01I0
Mcriav .Mci:
NIplKsInt;
opnir Sliver
I'rlncc Con
Ilex Conv
lloehestcr Mlnea
Hope ()roui
San Toy
muer ivini: nt
s Slltr, Lend
Siicceaa .MM1I11R . . . . .
Tonopiih-Helniont ....
lomuiah t'asu lioy . . .
Tonupah Dlvldo
Tinmiinh extension ..
'Minopcn-jiin imtier .
Tonop.ih .Midway . . . . .
Tonupah Minim?
Tniiopjli Mlpah
Tnriopali Ueccuo Kula
r s cont
1 ntU'il naxtern
Victory
at i;ml C
Wfclte Calia . ,
WTiltei Cans
Wllliert . .
VDrrluutou . .
llfrli
:. 4
OS .
".
05
5
N'.k
m
li
II
"Jl-
'ly
D
'
lilt
Oil
1..10
p. m.
2
41 !
t
OS
MVi 70 ii
lllji 23if
r.'J r.h
ii
;!'.
II
.1
. J.i
. 1i
. 13
r 011.9
' "ti
18H
lo'i
-l"
ll)t
'J
I'.H
a'i
so
'4
in"
41
132
1:1
nun
ai
ali
in
n'
1
10
e'l
U
o-i
3.V.
II
XI '1
i'i
t)
ai:
311
;
us
ii
yo'-j
0L'
'-
M
sou
n
a'i
8.l
3ft
4
II',
n!!?r
II
l"
aft
311
no
l-J.
il'4
1.
1'
8
12
?
2
t
4,!i
122
1.1
I'i
.inH
31
35u
mi
II
1''i
lik
80ii
f
2i
1
,w..
'
:t;
3.-.' I
(1
U.I
IJ
"
v.,
3d
II
.'0'4
111
if
'Ik
IS
Ariz
H'i
1'k
Uxt
IIOND.S
V ijll6
CN
On. 11
.Mairh
III. I
IS 323n 1.1.. IS
1.1 (17 ill
In '( W
1.1 latfir.
V 'ime )
11 o m
15 .11
1.1 non 112
11 101 II
14 llSfl t.1
1.1 00 n.i ib
03
May
Advance In Refined Sugar Expected
I Sen Vnrk, Mny 18 Refined sugar.
I eiuuted by leflnera today wero un
1 . hniiKed An advnnco Is .ixpected In a
I clay or two, following tho roport of 11
I ,ile of 60,000 liauH f'ub.t raws , on
Monday nt 21J conts to a New Yorlt
I refiner Hy cablo from Havana todav,
tl Is learned that only ntnety-sioxen cen
1 trals ato grinding, compared with 132
last weeK, 'ini snarp decline in oper
nilnriH la viewed hero na a sharp warn-
ItiB of tho approach of an acuta short.
aev
c itri mew
Op n limn lw m. 111. iue
1 lll'i 1 lll' 1 l3" J."'. "1 '(
Jul . , 1.70 1 7(1 1 72-4 J.ia'.a 1 mv
Oats
May .
Julv
I'm k-Julv
I.anl
May .
July
mini
July
Hid
1 nn 1 oi l.nsH 1 0"'! J.07,
llj 1)2 01 IH'i H2S
30 ,ir. 30 ns no 7:.
'30 0.1 30.7
20 05
20 SO
20 07
20 H.'i
10 fi2
20 02
1Ak.d.
11..1.1 IS 37
tfl. 02 'I'll IJ
20 (17 20 !mi
18 37 tlS (ii)
--I
BAR SILVER
Commercial bnr silver was quoted In
Now Virk todav nt 33aii: nn ounce.
unehanK'd In Ixwidon tho prlcu was
n8d, up ''l.
RAILROAD EARNINGS
CANADIAN rAClfli;
fisond jve'XiUy.,... I,?,0U0 J6U.00O
fair supply or rail money nt 7
prr cent was reported early today,
but tlir.o funds were as hcarce as er
rriii- or two loans and lenewnls wero
reKirted at 9 per cent nnd thai tlnuro
wiiH bid
The tone of mercantile paper Is
firmer Vory little buvlneBs is traiiH
acted under 7'4 per cent tho lecent
maximum
In prime bank acrepuinceH, dealers
wcte blddlnc 09i per cent for pilmn New
YorU member bills nnd (' per rent for
prime out-of-town bills Call loans on
mime, bank acceptances nro nominally
b',4 per cent.
Thnrn seems to bo n supply of New
York bills at around C'4 per cent and
uood offerings of out-of-town bills at
O'i per cent are report01'
I'llW.AIr.I.ni!A f'nll fi p(.r cent;
time, 0 per cent i I'omincrriul paper,
threo to six months, 0 per cent
Note, TheBO uro meiely nominal
nuntattons. as the legal i.itn of lntere.it
In tho state of Pennsylvania Is fixed at
G por cent, j'lus premium iing commis
sion tlmo money for thirty to ninety
rtnva Is loanlntr at 7 per cent, while com.
mercial paper from threo to bIx months
Is being onerea at 1 anci 1 per coin )
LONDON Money Is tjuotecl nt mi
por cent. Discount rates, short bills.
C- (fp6 13-1C per cent, Three joontha'
bills fl&Hi'P 13-16. per cent.
23'yC" C
t;-lTl.'Il ateadliv h. I.I The .,iii,tti,,iK
Solld-piic-ked, rre-iniery, fani. lileli HeirliiK
kooiIh. n.'iMiunTtkc., exlr.ia im v exua
tlr.la, 2t4W03'3r: Orta. liOfrill .. ae, -onds,
,"." n,1f)v, ordinary to ooil, ,17 iff 11.114 ,.
Iirlnta Jolibln- at 7.1fl7.1c for fam., and at
H2i 7te for fair to Kood
KOU8 Klne atotk Orm li f r e raai-a
nearby Oral'. 17c per doz n nearbv curreni
recelpta, 4Uc. weatcrn. extra OrKia 47i
western Orala. 40c. Knlected fieh ,( Jnb
illlK ill 1,1 'i, ,,.11; ,cr .iiiAfn
I'ilcnSK flrni under email uipUe uf
fanry etoclt Quotation .Si nrli mato
whole-milk, flats, held, f ani ;!J , npeetult,
hlsher, do, iivornce run. 2,1 "title atite.
whole-milk, turrmi make best ilOe. com
mon to Bond. 245 20c. jobtiinc; ai h of fancy
held Biiodn 333le
IiIVK I'OUI.TIIY ITnwN fnnev 304ne,
do i.nmmon to Bobil, 30it'l"Cr brolllnii chlek
nna. fancy, welghlnif lwl't Iba apiece 7.1JP
S.le. white I.mhorn broilers. MWufc: old
rooalera, 22023c. ducks 27W.1iii plueons,
old. per pair. fiilfiOdi" do oun .Kir
DRHHHKD rOl'l.TRV Cowls, frenh-ldlled,
drj-plcked In boxes uclghlmr IW.1 ib.
aplerc, 43c. welBhlns 34 ibH , Il(n42r,
welghlnu 3 lbs . ,17Q 311c. funis, fieili.luil.-d,
In libis.. dry-plrl.ed. uiUihlne IW,i lbs.
atilecv, 12c. weliihlnB 3Vj lbs 400 Ur.
weluhlnl 3 lbs., H.'iSillTc, old rounU'l . dry
picked, 30c.
l.'ltKHII KIll'lTS Apples, per bbl ns to
iiuallty, KIWlli do, per box, 2 ftlli3
Oransea. Kla.. ner box, M .KHfjii, do Calif.,
per box. I1.3051. 40. Ornpefrult. Da., per
box, ll.WlCHOS, Sliawberrles. southern.
por nt., 20a,1c.
VUflllTAllliES While potatoes Kl.i . per
barrel No. 1. f 14M I no- No 2, 112 5ll
13..-.0; so a, .oi'i wmie potatoes old.
per ewt , I8WC do per 15u-lb. Imb. SIiicv
11; sweet potatoes, soulbern, per hanipir.
tl 201)3.00; do, Jersey, per basket. 11. "if
CubbaEo, Fla . per hunner I 7r.f2 .10
no, eiiuiiic.,., .- uw,-,,.,.- 41 .timto. un
Ions, Texas, per crate, l BO 2 so.
Reserve Banks' Discount Rates
Ofllolal discount rates at tho twelve
Federal iieservii jj.hiks were as follows
(The first column Rives rates for all
periods up to and Including a fifteen
day maturity, the second for a period of
sixteen to ninety nays 1 no nurd and
.fourth columns jtlve the rates of dis
counts of collatei al loans secured by
government bonds or notes )
Com'l paper tlov't papor
1 11 in nn in ,.. ,,,,
SdaB dava 1,1 days d.na
Allied I'ail; IN
A T T Us of '22
A c I. 7s . .
llelBian (Jnv (la
Del ft Hud "a .
Kennecott 7a
I, & N 7h . ..
.Sinclair 7ta . .
hwlsH ilnv ,1',ia
Taxn a Co 7fl
West i:is 7s
IIMT4
111'.
DIVIDENDS DECLARED
Culled SLitis AVorstcd Co , quarterly ,11
I'n per cent, or 1.1 cents a share, on com
mon, p.tvable July 1 to stncK of record .tune.
2.1. 11.7.1 on first preferrea, payable July j,,
co moc a 01 recoru jmv o, uiso quarteiiy cif
11.7,1 on second preferred, payablo June It)
to Ntork nf recoi' 1 Juno 1,1
Illinois 1'lpe Line o.. semiannual $8, pay
able June" 30 to nock of record Mav 31
Consolidated Cigar Corporation, quai'teilv
II 7.1 or pr-f. re mi. puyable Juno 1 to stork
of record May 27.
Philadelphia, clermantown and Xorrlstown
Ii.Rllro.id Co . nu.irterly $1..1(). payable June
4, na reglsiered May 20. Hooks close May
.11 iipeii uunn
Chestnut lllll ItallroHd. Co.. quarterly 73
cents, piouble June 4 as rrslstereii May 20.
GOVERNMENT BONDS
iiiil Ask
Panama coupon 2s. 1030 lot joj
Panama registered 2s. 11)30... 101 102
Panama coupon 2a, !' 101 102
Panama rcBlstered 2s. 103S...1IH 102
Panama inupoo 3s, 1001 77 SI
Tanama registered 3s, 1001.. v 77 SI
Philippine 4s. 1B3I SO 11 u
Philippine 4s, 1031 SO mi
Philippine 4s, 193(1 HI) 00
IT H llovt toupon 2a. 10.10. ... 101U 102
I' 8 (livt reulstered 2s, 1030.. 101U 102
IT H (iovt coupon 4s, 102.1 1011 107
U H Govt reulstered Is. 1023.. 100 107
Trade Active on Paris Bourse
Paris, Mny 18. Trading was active
on tho lioursa today, Threo per cent
rentes wero quoted at 59fr. 85c. ; ex-
chaiiKo on London. !53fr, ; G per cent
loan, 7rr. 70c. 'ine dollar waa quoted
nt 13fr 74c.
Iloston .,
New York .. . . II
Phllndelpiila .
!tloimcnd
Cleveland 1
Atlanta
ClllCSBO, !
Kt, Louis . . (I
Minneapolis J
Kansas City
nulla . 0
8an Francisco . l
a.
Hi
Hatrs on outBtandlnir certificate nf
Indebtedness continue unchanged at 5
rur cunt, with the cxrenflnn nt Minna.
I apolW. where the rat?, Is f ; per cent.
Which are the best for Con
servative Investment and
Profit?
New 7 R. M. Bonds
Old 4R. R.Bonds
Comparative Btudy sent on request.
MARTIN & CO.
1411 WALNUT ST.
PHILMDELPHIA
H
A co l
I liiK V XiiH I
FREE:
Counsel of Leading Manufacturers
and Jobbers on Vital Business Problems
1
Think of havine your 1920 business course charted out
by the keenest and most successful minds in every line
of trade; of bcinij able to get 'the Unbiased advice of
real leaders on Buyinfe and Selling, Terms of Sale, Col
lectinij:, Borrowinc, Measurinp; the Credit Limits, etc.
The tremendous value of such data to you individually
as well as the whole business world is obvious. Yet
it is now at your disposal, if you arc a manufacturer,
jobber or banker, in the form of a condensed report,
which will be sent you frtt upon request. No copies
sent to retailers or private individuals. Tell your ste
nographer to write or phone for a copy this day.
AMERICAN CREDIT-INDEMNITY CO.
or NEW YORK E. M. TREAT, president
USUI'S STANDARD UNLIMITEO POLICIIS
XV. J. Morpliy, Mnnngrr,
.1. 1'. McFndden, (fen. Act.,
.Mutual I.lfe ot X. Y. Illdc,
1'lione Filbert B803, '
Philadelphia, Ph.
DO YOU KNOW ABOUT
CREDIT INSURANCE?
T TNLESSyouconductyourbusi--'
ncss on a cash-in-advance
basis, you need credit insurance.
It Is even more vital to you than fire insur
ance. Bad accounts arc more frequent than
fires and an uncollcctablc account Is as much
a loss as if the goods were utterly destroyed.
No amount of precaution on your part can
absolutely prevent credit losses, but the
"London" can and does pay them and "loss"
in this connection, is construed to mean any
account covered under the Policy that the
debtor docs not pay at maturity.
It won't obligate you to ask for particulars.
OUR SUPEtV
SEKV1CE
Losses Paid In
American Currency
ATYOUB.
SERVICE
Established
Eighteen Sixty-nine
LONDON GUARANTEE AND
ACCIDENT COMPANY LTD.
R. A. IRVING, General Agent
Phont Lombird 4016 320 LaFsyetie Bld,
rillLADELrtllA. PA.
.tt4MISSJlttJt.nit.SIMSJtIS.(Mti1-'"''Ulllllifc.
Invest your money
in active industry
Safety of principal must be your first consideration 5
interest return and possible profits are secondary.
Preferred stocks, issued by well-established Manufactur
ing Companies with no mortgage indebtedness and
earning several times dividend requirements, 'offer unusual
opportunities for the safe investment of your funds at
attractive rates, and you are assisting the development
of our industrial expansion.
We havt a carfully Sekctld List
tf Preferred St set's yielding 8fo
which toe tan recommend t the
most conservative investor.
Ask for Ilooklct No. I'.P I.. -
HollisleiWhite&Co.
MCOSPOIVATCD,
BOSTON
NBWAK.K
North American Building
PHILADELPHIA
SPMNOF1EI.D PROVIDENCE
NEW YORK
riTTSFIBLD PORTLAND
An Income Every Month
From Carefully Selected Securities
Thia i the Time to 'Save nnd Invest Your Money
$1,91062 will give you $140.00 per year
Monthly Payments.
We hove selected a
$600 3-Yenr 7 Equipment Bond
500 In .linre. of on 8 Preferred Stock
BOO B-Your 7 Secured Note
SOO in a G Bond due 1031
A return of nbout 7.21 on Money Invested.
These! Securities ore callable ot prices that would
bring $2092,50,
$AG&!3GO.
Investment Banker
Members Philadelphia Stock Exchange
Real Estate Trust Dldfc. Philadelphia T"'
. i;
T
u
e 1
r
" i".- "H. -. ' ,y ,j. '
iWi
.V
t.
,V V
';
..-'
'.'l
i&sjgsj- ..''viJ't.Aiifi
ys&M