War , .'
5
",1-V
r '
fiV
in
I
B?
te
I'
V
''TTJfTFiflf W'(T
"XT' . 7
. i "."- i
St t f - lip III Jl -TW I
EVeWWbUO lfr-grtAI -'-"jW
Southern California
Edison Company
6 Gold Bonds, Due 1944
TO YIELD 7
t The history of the Com
pany's success, its earning
power, management and
credit standing recom
mend thcs6 bonds as ii
highly desirable invest
ment. Circular on request for PE-301
TheNationalCity
Company
Correspondent Offices In over SO Cities
Philadelphia 1421 Chestnut St.
Atlantic City Chalfonte Block
1ZZ3 uoardwalK
P
E
MOVEMEN
T
AGAIN DOWNWARD
i . . .
Market for Both Stocks and
Bonds Thin Under Increas
ing Liquidation
if ! lull
nf
Confidence
it is the efficient meth
ods and modern facilities
of the Continental-Equitable
that Philadelphia's
builders of business like.
They havo shown their
appreciation of these
services and the con
fidence that they have in
this bank by depositing
more thnn eleven million
dollars.
We offer you the same
accommodations.
C07NTTrrrAITJ'QtnrAJI
Title .i-iTHysx Company
Twelfth Above Chestnut
Philadelphia
Capital $1,000,000
Surplus $1,000,000
, Over $11,000,000 Deposit
!llllliill!i;l!liiilllil
HiPtlt
WANTED
SUPERVISING
ACCOUNTANT
A specialized cor
poration, located
in Philadelphia,
needs the services
of a Proficient Ac
countant to super
vise the work of
bookkeeping, com
puting tax returns,
closing books, etc.
State experience,
connec
references, A perma-
high-grade
Phila-
New York. Mny 10. It whs another
day nf molting valtirs. The market for
hotli bonili nml Ftorki wan thin nml tin
der Hip wr-lght of the Inoroiiilnc volume
of liquidation prier brnkr badly in nil
directions. The lifshly .ppotllntivr- spec
Inltics of the industrial rilvUinn proved"
the moit vulnerable but the entire list
wn foft nnd before midday reactions
extending from one to over nine points
were registered In various divisions.
The downward swing wos orderly with
a conspicuous nbsence of any demor
alization or evidence of hysteria, which
would have boon reasonably expected in
view of the semi.co11ap.-e of the entire
market structure.
1 ti ilrlrltllnti f rt tn n t,ntn1, Anbtnn (inn.
M strued from ('ovnrnor Ilardlng'H state--"
. incut of attitude of the Federal TU-rser'P
Hoard In regard to the country h credit
situation, sentiment was adversely nf-
footed by the further alarming depre
ciation of Liberty bonds. The growing
ramifications of price cutting in all
j sections of the country also created
more or less uneasiness in that served
to further emphasize the ncute singe
of the strained credit situation. Tlio
apparent determined effort of the Fed
eral Reserve Hoard to apply still further
drastic policies to thaw out the so-called
frozen credits revealed the imperative
needs for such action. While there is a
utrong belief on the street thnt Wall
street loans have been thoroughly liqui
dated, it was recognized under the con
tious prevailing it would be little short
of ludicrous to look for easier money
conditions in so far as stock market
accommodations were concerned. In
I consequence n good many who have Iteen
i living in n fool's paradise found it a
better part of wisdom today to llghteu
the load as much as possible in order to
have decks cleared in the event of more
severe squalls appearing on the financial
horizon.
The trading during the day was more
.active than any of the preceding ses
sions, but the quickening of dealings
was v holly at the expense of values.
There was considerable pressure ngainst
the motor group which was directly
' traceable to the reports of restricted
I production and suspended deliveries.
i The downward or selling movement,
however, also embraced the oils, steel,
equipments and food shares at losxcs of
1 to fi poluts. Mexican Petroleum,
Studebaker, Pierce-Arrow, Atlantic
(tiulf. Republic Iron nnd Steel and
American Woolen comprised the weak
I est Issues. U. S. Steel and some of the
I other high-grade industrials offered some
I resistance to pressure, but the) like
j wise later gave ground.
, In the meantime the steady offerings
I of Liberty bonds at new minimum quo
j lotions nnd an advance in discounts by
the local Federal Reserve Hunk directed
renewed attention to the strained credit
situation and influenced still further
liquidation.
LOCAL STOCKS AT
NEW LOW LEVELS
NEW YORK STOCK EXCHANGE TRANSACTIONS
J. -
Dlv,
Hnle In. t High
118 .. Advance Ttumely .... 3214
o Advance numely'pL. i
8 AJax Rubber ........ OS
.. Alaska Cold Mined .. H5
.. Alaska Junea O M... 2
7 Am Agrlo Chem .... Bltt
. . Allls-ChalmerH ...... 33 Ji
3 Am Dank Nolo 40
8 Am Dart Sueur SH
10 Am lio-ch Megncto ,.10
. . Am Can 40
IB Am Car & I'dy 130W
7 Am Car Fdy pf....U0W
80 Am Drug Syn
7 Am Express t?7li
.. Am Hide & Leather.. IHVi
s Am Hide & Leather pf MM
6 Am Internat Corp ... 80
1 Am-La Franco Eng ., II H
3 Am Linseed 83
7 Am Linseed pf 97
0 Am Locomotive M!4
.. Am Safety Razor ... I
.. Am Hhlp & Com 20J.
4 Am Smelt & Ref .... (
7 Am Smelt & Ref pf.. H0J4
3 Am Steel Foundries.. 391-4
7 Am Sugar Hef tJ7H
10 Am Sumatra Tob .... 00
8 Am Tel & Tel 03 H
20 Am Tobacco ...874
6 Am Tobacco pf now.. 80
0 Am Tob Seo temp cfta 877
7 Am Woolen 10814
7 Am Woolen pt 88
.. Am Kino Lead & Stn. 149;
rt Am Zinc Lead & Sm pf. 10
4 Anaconda Copper .... SB It
.. Assets Realization ... 3?4
4 Asso Dry Gcods 34 Vi
o Associated Oil 06
6 Atch Top & Santa Fe. 78 '
0 Atch Top & S Fo pf.. 73
.. Atlantic Illrni At Atl.. fl!4
10 Atl Gulf & W I S S..103
8.S0 Baldwin Locomotive.. 11834
.. Baltimore & Ohio.... ViVi
4 Baltimore, & Olilc pf.. 43
2:30 Net
Low (NTtm) Che.
Heavy Pressure Against Lake
Superior, but Whole List
Gave Ground
former
tions,
salary,
nent,
connection.
delphia P.
1589.
O. Bo
Service and Stability
When the Urge
of Necessity
sends you to bank, how
much moro pleasant the
banker can make the
interview.
We like to discuss mut
ters in a constructive
way with our customers,
and where the situation
warrants it, we extend
our assistance willingly
and cheerfully.
JIV particularly solicit
commercial accounts.
Integrity
Trust Company
Fourth nnd Green Streets
The movement of prices was again
mainly downward in the local market.
Recurrent liquidation, some of it. of a
decided urgent character, developed in
different quarters of the list and in
f , consequence of the still limited bujiug
' power most nil tronsactions were made
fif I ut further price concessious.
. The sume Influences causing the other
S prominent markets to totter were re-
g sponsible for the sinking values in the
p , local market. There verms fo be a
j general appreciation the current market
I is o liquidating market, nnd every one
B ' it endeavoring to get the bottom prices
g,This has completely reversed the mnr
g ket conditions only recently prevailing,
P ' in that now thp nuyers have the whip
3 , hand, where as only a short time the
'3 sellers did the dictating,
S I Liquidating pressure was the most
severe iu Lake Superior Corporation,
inniwiimTkS i reflecting a further elimination of spec-mMm-
I ulntlve accounts. As a result the stock
r-lwas easllv forced down to n new low
i level nt l.'IVl. an overnight loss of $1.75.
I New bottom prices, however, were ulso
i registered by I'nited flas Improvement
'at -l'JV.. and Philadelphia Rapid Tran
sit at "Jl. Philadelphia Electric at 1M
equaled its recent low water mark.
, The selling movement extended to all
parts of the list nnd with it came loner
prices. Electric Storage Mattery' dropped
.?3 to 11f. Pennsylvania Railroad yield
ed to 'M)v. Small sales of Philadelphia
'Co. knocked off IV. points ut ,'i."V..
,ElMwheie there was fractionol shading.
Philadelphia Stoclcs
HlKl!
s.. -ililk
Capital
Surplus & Profit .
$500,000
.$1, 700,000
A Company Founded
in 1863
Without Funded Debt
Ii Issuing An
8 Preferred Stock
at Par
Its carnlnss hno averaged 6
times these dividends for tlio
labi. 18 years.
10 Retired Annually
at Prices up to 115
Battles & Co.
INVESTMENT BANKERS
EtTABlUHKO 1000
MflMPeNDtNCE SQUARK, KAST
i.i ,m mrs.. i.g
1.-, do pf. . !1
10 Am (ins 10
1.T0EI Stor..1U5
110 Key Tel. 10
1420 Lake Sup H34
.'ill Loh Nnv (10 Vt
IM Leh Val. 41 h;
UK) tXV X II
& II .. 27
t.-.O Pa R R.. WH
100 Phil & W
pref . . . . 2S
lOPhila Co :i.-ii...
:tr. pbiiu c
cum pf. .TI
20.-, Phil Klec 24',,
1.10 Phil It T lil'-j
711 Phil True fil
101 tReadlng fi.'i
40. Tono Mel 1K
25Tono.Min 1!'i
40lTn Trnc 32
rmv c, i... 43
,"ll do wur. 'm
447 tr S Stl. mu.
20 W Cramp
& Sous. 140
1 York Rwy
pref . . , 31
Low
43
01
40
111
0",
00
41 i
1 30
p m
-
Nt
chee.
27-li
30 W.
2S
3.-.U
31
24
21 ',3
r4
S3
32
42,L.
02
01 v,
40 4-1
II., 3
10 ..
i;iu,li'
no . . "
Hi.. vi
27 "4
28 .,
:i,-,4itf,
83 2VI
Hi Vi
1..
32 ,.
.121 i.'.
02
J
110 140
S!
31
2u.
U,
8 Vt rsj nsL.-
-r "j
si chant" mdo by comparUon with last
suln on Nhw York Stock Kxchintf.
Bx illvidfnri iody Amer Oa, 1 pr rnit.
saks In nON'n.1 t 30 Net
$10110 HlEh Low ii. m. chge.
. Am I Jns &
Klec f,s. . 70 70 70 2
1 ! A. Peo
I Tr 4s . . .
i ."i Lib Monds
I 3.. ... oo.oo no.fio oo.oo 10
I I2 3-.1 Ah -JUa 82.80 82.C,(1 82.80 . 18
4 Vic X 4fts 05.00 05.00 05.00. .
I 34 Pa tern ctf.101 10tj. 10Jt... '.
! 1 Phila Co
' cons fim. .78 78 78
I 1 Read'g g Is 711 s 70i2 7IH.. .
DIVIDENDS DECLARED
I Notional Tranilt To . extra B0 cents and
' Kciiitiinnuiil SO cert Iwth (Myablu June 1,1
to tocl of record May 0
I Meruenthiler Linotype Co quarterly 2V
per rent payaulu June .TO to mock of rec
ord June B. .
Cuban-Aiuerlcan' Hujrar Co., quarterly of
1. per rant each on preferred, payable July
I In atock of rerord June 10 and September
39 to itocK of record Seplember If.
200
300
200
too
700
1400
100
2300
300
1400
800
200
3100
100
300
400
2400
300
700
too
2100
1800
1070
4710
200
100
800
000
1000
too
100
2300
1700
100
600
200
4100
100
iono
too
700
400
sno
3700
42200
1200
300
100
600
too
2300
600
1301)0
600
1100
100
100
100
100
300
90
300
'10
200
800
100
100
3100
000
8600
100
300
300
too
200
8000
too
800
00
2700
too
100
3900
600
300
1000
401U
300'
100
100
600
00
1300
too
300
7000
10C
400
4000
soo
400
13103
100
800
100
100
200
2100
too
300
400
300
ion
.100
300
200
0300
303
noi)
200
100
200
900
2100
23000
300
12011
200
1000
IU0
. t00
700
700
100
600
1000
300
2300
100
100
too
1S00
100
200
200
600
800
1300
Barnct Leather' 60
8 Barrett 124 V
.. Batopllas Mining .... 1 '
,.. Bethlehem Motors ... 70 H
5 Bethlehem Steel 84
R Bethlehem S'eel B... 01 V
.. Uooth Fisheries 8yi
.. Bklyn Rapid Transit, lilt
.. Bklyn rt T ctf.i of dep 8!
.. Bklyn Union Oas .... 31
10 Burns Bros tit
.. Bruns Term P V 9'A
.. Butto Copper & Zinc'. H't
.. Butte & Superior Cop. 22yi
.. Caddo Central O ft R. 18
4 Calumet & Arizona... 57H
.. California Petroleum.. 303
10 Canadian Pacific 115 It
7 Case J 1 Three M pf 04
.. Central Foundry 20Va
II Central Leather 07 li
4 Cerro do Pasco Cop. . 4
10 Chandler Motors ....133
4 Chesapeake & Ohio... 81 li
.. Chi Mil & St Paul 321&
.. Chi Mil & St Paul pf. 40
7 Chi & Northwestern.. 78
8 Chi Pneumatic Tool.. 80
.. Chi R I & Pao 3fi
. Chi It I& Pac 6 pf.. 60!i
0 Chi B I & Pao 7 pf. 73
.. Chile Copper 13
1.B0 Chlno Copper 31 1
n Cle Cln Chi & St L pf . 62
8 Cluett Penbody 80
1 Coca-Cola .. 32
3 Colorado Fuel & Iron. 30
. Col & Southern 22
5 Cclumb Gas & Klec... 36
1 Col Grapl'taphonc 1054
4 Comb-Tab Record ... 40
. . Comb-Tab Itccord rla Vt
6 Consolidated Cigar .. 60
7 Consolidated Gas .... 80?;
2 Con Intcrstato Cat M. 13J4
3 Consolidated Tcxlllos. 34'
7 Continental Can 85
1 Continental Candy ... ll'4
4 Corn Products Itef... 93
7 Corn Prod Bef pf. . . .104!'
.. Cosdcn & Co 38
12 Crucibla Steel 130ya
.. Cuba Cane Sugar.... 53
7 Cuba Cane Sugar pf . . 81 li
.. Cbn Am SugConew... 60H
D Delaware & Hudson.. 0o'
.. Denver & Bio O pf... KK
1 Domo Mines Oyz
7 Durham Hosiery .... 50
.. Elk Horn Coal "0
5 Kndlcott-Johnson ....100
7 Kndlcott-Johnson pf . . 94
.. Erlo Hi
.. Erie 1st pf 13
.. 1la 2d pf 1354-
8 Famous Playere-L ... 70
.. Federal Mia & Smelt. 11
7 Federal Mln & Smlt pf 3734
10 Fisher Body 1234
3 Flsk Rubber 30y
. Frccport Texas 21
.. Gaston Wma & Wig.. 12J'
. Gen Amn T Car Cor.. 51
6 General Cigar 63
7 General Cigar deb pf 81
8 General Electrlo ....Ho'5
. General Electrlo rts.. IH
1 General Motors ctfs.. 2754
0 General Motors pf.... 75
0 General Motors deb... 70
7 Gen Motors deb 7 . 81
6 Goodrich B F til U
7 Goodrich B F pf 0OJ4
7 Great Northern pf.... 7354
.. Green Cunapca Cop.. 3054
.. Oulf Mobile & Nor... 1354
. . Gulf Mo & Nor pf . , . . 30
.. Gulf State Steel 63
4 Haskell & Barker Car 62
. . Jlendee ctfa 30
1 Hupp Motor Car .... IB 54
.. Homestaka Mining ... (5
7 Illinois Central 83 54
.. Indlahoma Ret 7 54
a Inspiration Con Cop.. 61!a
.. Interboro Con Corp.. 3 54
., Inter Con Corp pf.... 1154
.. Int Agrlcul Com "
.. Int Harvester 13
.. Int Mer Marina 31
6 Int Mer Marine pf.... 8
3114
63 H
68
114
83
33 y
40
to
103
3814
12814
10634
13
13754
18
91 H
83H
H
80
(2
0014
1314
lJ4
87 55
0054
3054
120
87
3K
22054
80
5554
133 54
.18
1454
50
SS
334
33
90
7754
72H
6
158
10954
33
42 V,
60
13354
1
1034
84
8054
8
1134
854
51
111
654
854
22
18
57 H
3054
11354
94
2014
65 54
43
126
5154
:?.
48H
78
86
371.
CO 5,
7054
143i
29 V
62
80
31
30
32
(3S4
2834
4034
54
60
' 8054
13 H
3254
'
1154
9054
1054
35
13154
30 54
80 J4
54
S054
1054
54
40
10H
97
94
1154
.18
1354
10
1114
3654
125
29 H
20J4
12
50
63
81
138
154
2534
75
6034
81
5914
90J4
7 154
30 ,
1254
30
SB
60 54
34
1554
53
8354
7 54
51
3!4
II
10
119
30
8034
3114- 1
3H-
68 34
1J4 ..
9 - A
83
3354
46 - 114
- H
IM - 3
38K- 134
12914- 114
109H- lii
13
12714- 1J
1854- 14
IH- V
88 J
1134- 34
80 3(4
92
54- 434
1354- 54
1J4- 14
48 - 134
014 r y
314- 14
1I - 434
873
354- 54
27054- OH
86-4
54- 14
103 554
J9 - 1
1414- 14
53 1,8
334- 54
33 2
0-4
7754- 154
7354- 34
0 - Vi
158 734
10J4 534
"32 - 34
43 - 54
605
12334- 154
1
"34- 34
84 - fi
6634- H
8-J4
1134- 54
854- 54
51 -f- 1
.111 - 35S
0(4 ..
8K ...
23
18 -' U
5734- 334
3y&- 34
11314- U4
4
20544- 54
6554- 334
4354- IK
136 - 754
5154 Vt
3234- 154
834- IH
78 - J4
86-1
32J4- 134
6054- 1
7014- 254
1434- 54
29J4- IH
62 - 154
80-4
31-1
3 - 1
23
5314- 2'e
2834- in
4rt- 54
54- 54
60
8054- 34
13H- ?4
3354- 2H
83 - 154
1154
01 - 34
10454
35 - 1
132 - 454
3054- 24
80J4- H
54 - 5H
It- 54
1014- 54
54- '
50-8
lyi- 34
7-3
4 54
UJ4- 54
18-1
1354
70-3
Sales
790
500
1900
4200
200
200
8(0
100
100
230
2300
3409
Dlv,
in
High
Internat Motortruck.. 5114
.. Int Mo Truck rt8..., 3
.. International Nlckc.. 18
. . International Paper. 71
.. Iron Product Corp.. 47
4 Kansas Cltv Southern 1454
4 Kelly-Rpe Tire ,k..,,1H
.. Kelly-Spg T 6 pf..., 85
.. Kelscy Wheel ....... 8754
3 Kennrcott Copper ... 234
3 Key-toneTlr & Rub. 26 54
0 Lackawanna Steol ... 74
400 3.8O LehlRh Valley 41
tan Net
Low (NTlm) CM,
U54- 354
1
37 -125
-
29-254-12'
-50
-
63 -81
138 -54-2534-73
70
81 -8954-9014-7153-
.30 -
1354- 1
30 - 114
49-2
6054- 254
34 - 354
I514- 154
45-3
S3!4-
7 54- '
51 - 54
355 .
II - 1
19 - 1
119 - 254
30 - 2
8034- 3J4
3
5i
1
54
m
6 Liggett & Myers pf. .10014
. . Llgg-ctt & Myers rts. . . 13
2 Loewn Co 2(J4
.. Loft C'crp ... 16
.. Looso-Wllc- B 2d nf..lM
12 Lorlllard Tob 135
10 Manatt Sugar 181
7 Manhattan Kiev guar. 4434
3 Manhattan Shirt .... 2)4
.. Martin Parry 2314
, . Maxwetl Motor 23
8 May Dept Stores 118V4
10 Mexican Petroleum ..17854-
2 Miami Ocppcr 31
17
99
98
290
160
1200
loto
100
300
100
100
100
100
403
400
10200
600
2600 1.60 Middle States Corp... 3134
2300 4 Mldvale Steel ft Ord.. 4234
400 . . Minn & St I. new 1354
60 .. Mo Kan & Tex 714
220 .. Missouri Paclfto 2314
400 .. Missouri Pacific pt .. 334
400 3 Montana Power 6014
700 .. Montgomery Ward .. 3254
100 3 National Acmo 3454
700 .. Nat Aniline ft Chem.. 61
601 .. Nat Conduit in Cable. 014
300 a Nat Cnam & Stamp.. 6714
300 6 National Lead 7654
1600 1 Nevada Con Copper., 13J4
290 10 New oYrk Air Brake 91
2100 5 New York Central.... 684
800 .. New York N II & H.. 28
100 1 New York Ont & W.. 17
100 7 Norfolk & Wcatern... S8H
290 .. Norfolk & Southern.. 22J4
1000 7 Northern Paclfto .... 73
200 ., Nova Scotia S & C... 5314
100 .. Nunally Co 16
2900 4 Ohio Cities Gas 3934
700 .. Okla Prod & Ref 454
100 .. Ontario Silver Mlnln. 734
8 OtlM Elevator 117
80t .. otls Steel 24
1000 3 Owens Bottling Mach. 51
300 8 Pacific Gas & Elcc ... 43
24t00 0 Pan-Amer Petrpl 10254
2200 1 Pan-Amer B 96J4
400 .. Penn Seaboard Steel.. 2554
1600 3 Pennsylvania R R. ... 354
600 ,. Peoples Oas Chicago. 3314
1200 .. Pcre Marquette 2454
100 is Pere Marq prior pf.. 60
700 3 Philadelphia Co ..:.. 3534
100 ,. Fierce-Arrow MotT.. 5334
2300 .. Pierce Oil 16
300 8 Pierce Oil pf 8354
100 4 Pitt C C & St L 6
1100 .. Pittsburgh & W Va... S0J4
300 1 Pond Creek Coal...
00O s Pressed Steel Car...
100 7 Pressed Steel Car pf
100 . . Tub Serv Corp of N J 63
300 8 Pullman 11154
3400 s Punta Alcgre Sugar. . 1054
400 8 Railway Steel Spring-. 93
1300 1 Ray Con Cop 1754
10800 4 Reading . .., 8514
100 2 Reading 2d pf 43
1100 ., Remington Typewriter 88
7700 .. Replo Steel 87
13100 6 Rcpublla Iron & Steel. 92
0000 0.20 Royal Dutch Ainer... 11434
300 1 St Joseph Lead 15
3500 .. St Louis San Fran... 234
900 .. Saxon Motor 1154
100 .. Seaboard Air Line pf. 1S4
200 6 Searo-Rcebuck 210
100 .. Shattuck Arizona .... 'A
2200 ,70 Shell Transport 70
12900 .. Sinclair Oil 3454
300 e Sloss Shcff 6654
9100 6 Southern Pacing 9414
6300 .. Southern Rail 2134
35 20 Standard Oil of N J.. 670
600 7 Stan Oil of N J pf.... 194
3000 . . Standard Oil N J rts. 154
900 4 Stewart Warner Sp... 3914
1200 .. Stromberg Carb 66
26600 7 Studebaker 6954
400 3 Superior Steel 4714
300 .. Tcnn Cop ft Chem.... 1054
14400 2.00 Toxaa Co 4754
6900 .. Texas & Pacific 4334
100 . . Texas Pac Land TrustSSO
100 .. Third Avenue 1154
600 0 Tobacco Products ... 6314
1700 .. Transcontinental OIL 1514
200 2.50 Twin City R T JOyi
200 4 United Alloy Steel.... 4154
500 12 United Fruit 20554
300 .. United Rwy Invest... 0
300 . . Unl Rwy Invest pf . . . 1054
10000 3 United Retail Stores. 7334
100 6 Union Bag & Paper.. 116
2100 .. Union Oil 2834
1600 10 Union Paclflo 11654
100 4 Union Pacific pf 62
200 3.50 United Drug 1st pf... 4954
6400 U S Food Products
3200 8 U S Ind Alcohol ..
1100 ..US Realty & Imp.
12300 8 U S Rubber
200 US Rubber 1st pf... 10734
200 A U S Smelt & Ref 6054
53300 6 U S Steel 94
700 7 U 8 Steol pf 10534
B 7 Utah Copper 68
2100 6 Vanudlum Corp 75
400 4 Va-Carollnn Chem ... 7354
no 8 Vu-Car Chem pf 10634
100 e Va Iron Coal & Coke. 101
7200 .. V.iudbu Ino 18
1010 .. Wabash 734
900 .. Wabash pf A 23
1200 .. Western Paclflo 27
400 7 Western Union Tel... 85J4
2100 7 Westlnghousa A BrakelOS
200 4 Wcstlnghcuse E & M. 4754
100 .. Wheeling & L E 034
100 Wheel & I. K pfd 10
100 4 White Motor 50 34
5800 1 Willys-Overland 17 Ji
'00 7 Willys-Overland pf . . 79
400 s Wilson & Co 6514
100 . . Wisconsin Central ... 25
700 6 Wcrthlngton Pump .. 67
Kx-dlvldend.
62
80
4354
Wt4
034
3
in
67
47
15
100
85
4754
20
21 14
1
4154
100
13
2854
1414
1M
133
131
44
2454
33
23yi
113
17054
-31
3014
43
12
754
3314
31
60
58
54
6614
7SJ4
13
08
1.714
2714
17
88
33
73
63
16
374
734
115
23
50
4354
15
154
2514
t!4
3334
2354
60
3554
4954
It
82
61
28
17
03
8
63
110
104J4
91
1634
82
42
65
84
80'
-11354
1554
2354
10
13
307
154
74 yS
33
65
334
20
631
103
37
62
0334
46
1054
45
3854
330
1154
0254
it
30
4154
20154
8
10
7154
110
38
11354
03
49
6854
83
49
V9034
10034
60
1
10414
6654
7054
7014
10J34
101
17
7
23 1
25 !!
84y4
108
45 ft
034
16
CO 54
1714
79
65
25
65
S034- H
2
17-1
67 - 4
47 14
1854- H
101 - 8
801
5754- 354
26- a54
24 J4- 1
70-4
4114- 54
100
13 3
2854- 1
14 54-
105- 634
133 - 54
131 - 3
4434- 5i
2514-
3314- 54
2354- 254
113 - 354
170 J4 -10
21 - 54
30J4- IH
42 -
13 -.1
'- K
3354 34
3 -
80-1
33 - 1J4
3154-
58 - 314
W- 14
6654- 2
75J4- 154
12-1
83
6714- 1
27J4- 1J4
17-1
88-
23
- 1
luniinuiDTpriDnc
I mm W V mV F tr MmW tw
TOUCHED ON CURB
72
S3
- Ii
10-3
38-3
4-54
734- 54
US - 5
24
SO - 1
4214- 2
S- 614
154- S14
354- -54
314- 54
3354- 14
2354- 114
601 - 1
3554-
414- 434
16-54
82-1
69
2834- Hi
17 114
93 - 554
8-3
63-1
110 - 154
10414- 3
1 - 154
16- H
83- 254
43 - 54
65 414
84-3
86- 5
11254- 2J4
1514 ..
2314- Mi
10-
13- 14
207 -14
14- y
74-
34 - 54
65-4
3- ..
20- 1J4
651 -23
16334-
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38-3
6354- 414
6454- B 14
46-3
1014- 54
4S - 214
354-3
330 -2214
1154 14
6354- 354
It -
30 - 'A
4115 ..
20154- 5
8- 114
10-1
7114- 4H
116 - 1
28 . 14
li4J4- IH
02-J4
49 14
58 J4- I 4
84 - --J4,
49 - 414
UI14- 3
10634- 1
60
01 - 354
105 - 134
66 J4- 1
7034- 3
mx- 54
10C34 ..M
101 - us
17!4- 134
7- 54
"i4- 34
2554- 114
S41- 154
108 - 3
45!i- 1J4
? 14
ic . .
501S- 1
17J4- 34
79 - U
63
25
65
- 254
Commodity Markets
POTTO N MARKET
Xew York, May 10. The board of
managers of the Xew York cotton ex
change has passed the following reso
lution: "Under the authority conferred by
Rule 30, the board of managers hereby
suspend, from May 10 to May 21 in
clusive, on Slay contracts only, the
trading limit of two cents per pound.
A jump of 87 points in Mny contracts
was tlio feature attending tho open ng.
Later months started 7 to 21 points
lower, being affected by adverse out
side conditions, notnbly the credit situa
tion, which seemed to offset continued
unfavorable weather news.
There were heavy rains reported from
Athens. Ga., nnd -bowers were pre
dicted for eastern states. Temperatures,
however, were said to be getting more
normal, particularly at the (,outhwct.
Liverpool's weoknehs was attributed
to tight money nud less favorable Man
chester news.
During the first halt hour's trade
May contracts were down 20 points
from the top and uew crops ubout 25
points under last nlghtn,close.
.fl.IlOU at the close esterday. nnd
fell to $1.78.i. then rallied to $1.84.
July was quoted at $1,118',$ to Sl.flS
at the. outset, compared with $1,UI)34,
yesterday's last prlrc, and later hold
at .$1.07. September sturted at $1.58
to $1.(57 'j, against $1.00 at the close
yesterday.
Oats nho were weak on general soil
ing nnd lack of support ut the outset.
On the decline, a leading elevator in
terest bought. Tho receipts here today
were 82 oar.
Muy opened r lower at $1.034,
July started at 80e to 8840, against
801,0 at the end jes'crday, September
opened at 74!)hc to 74c, compared with
"!" at the end yesterday.
Receipts of wheat here today were
8 cars.
Leading futurea ranged aa follnwe:
Corn (new delivery) Chloago
time
Mas
Julv
Oat
Mv
Jul
l.ard
Juli Itlba
Julv Hid
Open High
t 87 ti l.ffd
1.6S'i 1.88'4
1 ft.t'i 1.04
SO SO
20 7S 20.02 '.
If n 18 45
tAaked.
Ixiw KliSO
1.78U1I H'.'
l.3 l.flU',
1 03
SS
Tea,
close
t.OOti
1.80'i
Market Acutely Unsettled and
at Times Approaches
Demoralization
New Yorit. Mny 10. The Brood
street curb market today wob acutely
unsettled with trading at , times
approaching n condition of demorallsat
Hon. Many issues wero offered in un
usually largo blocks it now low record
and there was a inrge amount of the
offerings that remained unsold because
of the absence of bids, even nt ma.
tcrlally lower fletires.
General Asphalt was one of the cut'
flr fnlllnir from 0091' to 08 Vi
diirlnit the forenoon. Texas Pacific
Coal nnd Oil, which started IU dechne
n fen. .lorn nen on announcement of n
new stock issue, sustained a further
loss, ranging from (50 to 53. There was
heavy trading in tho subscription rights
from 12 to 10. Slmms Petroleum sold
down from 15 to 144, making a new
low record.
Other oil stocks generally Bold down
from fractions to over A points, uens
In nH. however, won exceptionally firm,
and was one of the few stocks that did
not show a loss during the forenoon
trading. ,
Tlini-e were large transactions In
American Woolen (rights) which sold
down to the new low record 01 LV4
Indian Packing ranged from 84 to 7.
Aetna Explosive was steady ut 0.
INDUSTMALH
High
Acme Coal '-'
Aetna Explosives 0
Amer Woolen rta IVi
214 2
aa on uu
3K aH 8H
a" a 40'
a m in
ioi los lov
4K 44 42
Eft 2tt 1M4
aft 8t4 fttt
flty RH 8H
a au iim
7R 76 76V4
asff 8514
I7 B -i
j. 'i 'J
. 1 Ti 1
. 27 27 27
. 1AV4 1.1H 10
. 4V4 (
. as as ni
. 3H 84 a
. si 33 as
in it: 1 a;
. "rt
(,... .11 a 9K
am 85v s.vZ
'.'.'.'.'. i"S 14$ in
loft 10W 1044
2014 20H
1 1
bo no
llli U'4
194 1B
lit 14 1t
aft a, ftu
214 21 2L
.V
20 70 '20.112
1S.32 US 40
00
20.80
18 45
My .
July
October
rie'-nmber
January
March . .
Trev clone
, 42.10
an 'j
. nct.'iH
. a.i an
34 no
34.38
in. y.
Open
42.08
an, 41
an as
as 40
34.7.1
34.20
time)
1'.' m
3D 112
Ifi.ltl
31 13
GRAIN MARKET
Chicago. May 10. There was enor
mous liquidation of corn this morn ng,
with Muv demoralised. That position
dropped '12 cents early. Many stop
loss orders were reached all around and
support was lacking. .
The belief that priority will be given
to groin and coal and that receipts will
he larger had n pronounced inhiicnce on
sentiment, whllo tho wove of price
ciittlug being experienced in many lines
of merchandise throughout tho United
States wos not without its effect. The
rceelpts hero today wwe pO'cars.
May started t l,8T, compared wtb
NEW YORK COFFEE MARKET
New York, Moy 10. A little stendler
undertone prevailed at the opening of
the coffee market this morning, first
prices being unchanged to 0 points
higher. The volume of business con
tinued very small.
Toward midday, the market broke
sharply, with longs liquidating freely,
influenced by unsettled gcucral condi
tions, which were reflected in the weak
stock market nnd lower cotton market,
July sold down to IB, 20c j September to
14.75c und December to 14.05c, or 2G to
28 points below the high point of the
morning.
Teat, clou
lMftttlo
15.40A41
14.04098
December ,1, 14.70 OH
Slarrh 4. 14.7080
um. j
May
July ....
HeptemMr
S. T. time)
.Qr-en. 11 a.m.
18.10020
lo.iunin
14,0407
uu
M.M
85
ii.'o'l
It.W
FOREIGN EXCHANGE
New York. Muy 19 The forelcrn v.
change market opening was slightly Ir
regular. French, Belgian nnd Italian
exchanges were very Btrong In the early
iiiuuiii uiiu irciiuuii mams wer4 AI80
un to a new high on this ninv.m.m
Sterling was off slightly, demand sell
ing for 3.80 nnd ethics 3.8H4, Franc
cables sold at 13,20 and checks at 13,12
Lire was 19.10 for cables and checks
lii.i., a kuiii ui ,.1 points.
Other quotations were
Belgian cables 13.00. cheHi. iin
Swiss cables 6.67, checks 5.6" ; guilder
cables 364. checkH 3634 ; peKetas cables
16.80. checks 10.75. Stockholm cabes
20.96. Checks 20.86; Chrlstlanla cables
iS'SS' Swi'S I'lsr? ! "Ph-B'n cables
16.60. checks 16.60. Marks wero up to
Tho official pointed to the manner In
which tho French Government had met
the May Day strike.- and the ensulnir
crisis as markedly helping French credit
In foreign markets.
In general tho official gave It as his
view that the production of the world
was relatively In a better position to
ward consumption than It had been since
1914. He noted that there had bean
general tendency toward lower prices In
cotton and wool.and that silk prices were
declining, and he thought that similar
Improvement might be expected within a
year In steel Iron nnd cou
In tho first hour of tho afternoon
franc cables were quoted at 13 80 And
checks ut 13.82, a drop of over 76 cents
from the early bidding. London o5o"a"
lions were received lower on Paris ex
change and the heavy short Interest tlmt
had been built up brought the quotation
ot r?estearr(fay. l th CioMng lov'f-
Mre alno wer6 wejk, offering down to
19.60 fcr cables and 15,62 for checks
11 drop of over 13 cents. Sterling was
n shade easier, but steady at 3.8u",i for
rf.nl.,1.1 fin. O fl, f.. .I..! -T .'
-iii miu u.pi ,ur
wero strong, advancing
jieriiu cnecKS,
Cleveland Auto 08
Columbia Emerald n
General Asphalt 00U
Drape Ota l',
Hercules Fapor 23
Indian Packing Vi
I.lgmar Coal 14
North Amor Paper r."
Perfection Tire '. 3 ft
Radio Com 2.,
nadlo Com pref 214
Iteoubllo Tire Rubber .. . KH
nanler 4114
Singer Mfg 124
Sweets Co .... 114
Times Square Atrto 3714
U 8 (Ueamahlp X'.l
United Picture Prod V4
United Profit Sharing .... 14
INDEPENDENT 01X8
Allen Oil 24
Allied Oil
Iloons Oil
Ronton Wyoming
Cities Service "B" ctfa
Coaden & Co
Cuahlng Pete
Dominion OH
Duqueano
Federal Oil
Feneland
Qlenrock Oil
Home Petroleum
Houston Oil
Hudson Oil .
Inter Petroleum an
island Oil
Kay County Oas
Livingston
Lone mar uas .
Merrllt .Oil ....
MatrODolltan Pet
Morten Pet ....
North Amer oil
Phillips Pet ...
TMllln Pet rlR
Red Ilock Oil ,.... 'i
nyan oil
Bait ureex l-roa
Sequoyah Oil . .
Slmms Pet . . .
Kkellv Oil
Spencer Pet 20ft
Stanton Oil R
Texas Ranger 1
Texas Pacific Coal "0
Texaa Pacific Coal rta .... 12
Tropical Oil int.
Un Texas Oil .
victoria Oil new
Vvlcan Oil
White OH
MININO
Alaeka, Br Columbia
Amer Tin Tung
Atlanta 2
Belcher Divide 2
Belcher Extension ...... 7
Rig Ledga 7i
Booth .5
Iloaton k Montana SO
Caledonia Mining 28
Candelarla Mining H
Cortex Sliver 69
Crei.'on Gold 1
Divide Ext 2S
El Salvador -
Eureka Croesus 1
Eureka Holly lis
40 Mining l'i
Ootden Qste Exp H
Oold Cons u
Gold Devel 0
Oold Kewanas -
Gold Merger -
oold Silver Pick 7
Oold Zone 1"
Kmma silver v
Hecla Mining 4ft
Jumbo Extension
Knox Divide U
Ixiulslana Co II
McNamara
Magma Copper "
Marsh Mining IS
Mason Valley 2
Mother I-ode "IS
Murray Mog 70.,
Nlplsalng H1i
North Star .
Ophlr Silver
Prince Con
Rex Cona .
RnoA Qrouo
Kan Tnv ............... h
Silver King ot Arls .... Vi
K silver Lend U
Success Mining 4
Tonopah-Helmont 1 U
Tonopah Cash Hoy 7
Tono Divide lis
Tonopah Extension 1 ft
Tonopah Midway 11
Tonopnh Mining 1ft
Tonopah Mlipah 1S
U S Cont. 7U
United Eastern ti
victory 12
West End C Hi
White Caps X
White Caps Ext 2
Wllbert 6
KONDH
Allied Pack As 00
A T T lis of '22 04'i
Anxlo-Amn OH 71i ...,1(I0V4
A C I, 7h onu.
Chao Un Sta. 014 a 00Vd
I It T 7 72
I, A N 7a 0K
Southwest Hell 7a 07
Low
21,
6a
(1
!
22H'
a
l'i
?
1
2H
S
41U
2
n
iw
I J St
2H
0
IK
.
It
S3 H
l
OH
2H
r
2U
n
4m
124
li
Sfl.
"4
8 a
H
s
80
67
1W
27
?
IU
n"4
n
7
in
8
4U
II
A
6
i
3214
18
r."
7H
iiii
4
A
a
4
i
7
11
IS
18
ail
12
i'i
8
2
8
60
IH It
100
Ui
tlflla
72
004
U1i
R
7
i
n
80
28
u
69
111
28
. '
1
IU
(1
ti
7
10
8
4!i
n
11
0
H
a2ii
18
o
as
78
?
8
4
IS
7
ift
,
3'2
12
8
o
6
0B
-i :
ror cahics. Marks
to 2.18 bid for
YESTERDAY'S I'INAI. QUOTATIONS
aternng rranca
nd . a.HPs 18.82
a . . 3.82U la.Hd
Dema
Cables
I.lre riiilM...
10.07 ann
19, llli 3fll
TODAY'S OPEN1NO QUOTATIONS
- "'I'iiTJ Vla.n.c" 'JrA Oulldera
wc-iiiu 1 -I 7 in.ia IH... Kill
Cable ,,,! 3. 8 Hi 13,20 10.10 88
S
CHICAGO BUTTER AND EQQ8
Chicago, May IB, nUTTEIl Uns.llled,
Creamery 47 W 88 He. , '
003 undiangcd. Kecilpts, 31,199 Ct
1 v -fjL
mm msw
Simple
Expedient
t
FIFTEEN
minutes was
time enough for
. us to arrange for
the care of $18,000 in
securities which a man
entering military service
wished to put in our charge.
WHEN he was discharged and
wished to undertake the man
agement of his property
again, it took only ten
minutes to. terminate
the agreement.
Promptness and service are our aim.
Commercial
Trust Company
CfcyHall Square W
Member Federal Reserve SjnUMB
1
V
n
CHARTERED by CONGRESS If-i
Jt NATIONAL BANK IBM
Gte BANK of
North America
36rChestnut Street
OFFICERS
E. PUSET f ASSM0RE, rmHsat
It S. McKlNLET, Vice Prsi. E. S. U0MER, Cstliir
W. J. MURPHT, Ant CuVitr C. v(. PRINCE, Aiit CuUtr
J. W. THITJNG, Ant CMil.r
DIRECTORS
LINCOLN K. PASSH0RE
JOHN W. PEARCE
JOHN P. CREEN
GEORGE PALES BAKER, M. 0.
N. MTERS FITLER
CHRISTIAN C. FEB1GER
J. HOWELL CUMMINGS
W. PERCT SIMPSON
WAITER H. ROSSMASSLER
CHARLES B. DUNN
HORACE E. SMITH
HARRY 1 EHRET
EDWARD P. HENS0N
THER0N I. CRANE
GRAHAME WOOD
W. KIRKLAND DWIER
WILLIAM F. READ, JR.
CHARLES O. ALEXANDER
LEONARD T. BEALE
MARVIN A. NEfLAND
JAMES D. C HENDERSON
WAITER ERBEN
E. PUSET PAS8M0RK
A Market
Opportunity
lOli
72
tllHi
DROP U EXCHANGE RATES
Decline Believed to Mean Return to
Old Equilibrium
rurls. Mav 19. Another marked da
cllne In foreign currency occurred In
the Paris market this morning-. The
pound sterling opened nt 48 francs and
tho American dollar at 12 francs SO
centimes. Yesterday's closlnc quota.
tions wero oj irancs tor tne pouna una
13 rrancs 74 centimes ror tne uouar.
A lilKh official of the Bank of Com
merce of Franco expressed the view to.
day that the sharp decline, of cxchiuigo
rates meant the beginning of a roturn
to the old equilibrium ruled by the l.w
of supply nnd demand. He considered
that tho French Government decree,
prohlbltlnir Importations of luxuries
from England and the United States,
was the starting point.
Other reasons were the results of the
Ilytlia conference, where the settlement
of the German Indemnity question be
gan to take doflntln shape, the French
business world becoming, for the first
time, confident that Germany would pay
something of her debt.
LONDON STOCK MARKET
Undertono Firmer Olio Improve.
Industrials Confident
Iendon. Mlfy lfl. While the tinder,
tone of securities on the stock exchange
Kojicruiiy wuti iiriu.r luuuy, lucre was no
cxpansiun 111 uiiHinfn,
The oil croup uhowed an Improvement,
althouEh best quotations were not mnln.
iftinea. ueu Transport som at y and
Mexican Eagles nt 8V4. Changes In the
gilt-edged section mostly consisted of
small gains.
Home rails wero dull, but there was
light buying of Canadians und Argen
tines. Sentiment In Industrials was more
confident.
Trade Active an Paris Bourae
Ptrls. May 19, Trading Vas, active
and prices closed firm on the Doursa to
day. Three per cent rentes were quoted
at 6"f Hoc; cxcl'nngo on London, SIC
I'd, Ptr cent loan, 87f, T'c, The dol
lar was quotcu at lar lie. t " i
Existing conditions nnean
low bond prices. An out
standing example is the op
portunity to purchase a
First Mortgage Hydro
Electric bond at a price to
yield 8.
For further particulars
ask for Circular No. 2421
Bonbright & Company
437Chestnut Street. Philadelphia
New York Boston Chicago
Detroit
Reading Company
First Preferred '
Stoond Preferred
Common
In view of the recent decWon of Utittd
States Supreme Court, a circular
which we will send on request
is of interest to holders
of above securities
MacMeekin &,WiIliim$on
IAN K KB!
MAD SKNSOM STREETS
I NORTIIIUHT rjOBNKR
JUM-BERfJ rHIDRIifHU BMCIC, ;?ffA?t-
. . ' Jl
'
'. .
'.. A . - VA
mjMm .'' V ' -
1 1
- "..!. ; vn. tn
".,
-ta-f.gr
wJ&tei
j-'-fji