; A'TTSF
...ii -v . ., g
fiJVV'
iv.
":- 'f,
rv m.
,v ''" , "' J,. .' r .' ,
t
t w i 1 j: j
u
J L.
&
,
tv
The Wages
ofCapital
Tho Investor whh available
funds can today rccelyo tho
6amo largo return, upon his
capital as tho working man
i? receiving for his labor.
Wages of both labor and
capital havo advanced to
levels almost unparalleled.
This is an exceptional time
to invest if you seek excep
tional income advantages.
Write for our Investment
Letter No. E-75
CirnSar en request.
CHAWPtERIrgOMPAHy
Franklin Bank Bldf.
Philadelphia
1
New York
New ITtTen
Pollen
lUHImor
MARKET fN HIGHLY
NERVOUS STAT
Jiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiii:
I FOREIGN 1
I Securities
E England j
5 Germany
E France E
1 , iiy 1
E Austria E
E Belgium E
E and other countries E
I FOREIGN 1
lEXCHANGEl
E 3
S Currency E
S E Checks and Cable Transfer E
E to All Countries
Raabe, Glissman & Co.
E 1329 Walnut St., Philadelphia
Phone:
Walnut 19M-10J9
Kite 1009
?iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii;
Iv
atas of Liquidation Reflected
Effectiveness of Efforts to
Adjust Crodit Situation
ffcto, tW&C &
Complete Investment
Service
By receiving our
"Weekly Financial Let
ter" regularly you can
keep in close touch with
market conditions.
We outline the trend of
things in the different in
vestment groups: Steel;
Metals, Oils, Moto.rs,
Transportation, etc., etc.
There is an interesting
summary of the general
market situation in each
issue.
Send your Name and
Addrese to receive this
letter regularly
1122 South Penn Square
Philadelphia
membens op new york stock
exciianoe:
II Which are the best for Con.
aervative Investment and
Profit?
Hew 1 R. R. Bonds
Old 4 R. R. Bonds
Comparative study sent on request
A
MARTIN & CO.
1411 WALNUT ST.
PHILADELPHIA
New York, Star 20. Trading wis
mucli morn two-sided in today's stock
market. There wns further liquidation
In both stocks mid bomls. but the ab
sorptive power of the market was much
better, due to the towfold Influence
of liberal covering of short") and con
slilrrnblc outright buying by tho so
called bnrsnln hunters. Trice move
ment was highly Irregular nt intervals,
in fact both conflicting and confusing,
which condition was to be expected
after tho violent fluctuations of the pre
ceding sessions.
Hccauso 6f Renewed heavy liquidation
the opening market wns distinctly weak
nnd the initial quotations showed ex
tension' in the losses of the more active
stocks from 1 to 3 points. In scatter
ing parts more severe breaks were reg
istered by.s'dmc of the Specialties, notn
bly Strombcrg Carburetor and Fisher
Body.
The continued urgent character of
the early sclllngg was accepted as fur
ther proof of the effectiveness of the
policy of credit deflating adopted by
the Federal ltcserve uoarci witn tnc
banks in all parts of the country. The
liquidating movement, however, spent
its force before the end of the first hour.
In, the meantime a great degree of re
sistance was manifested iu different
quarters of the list, indicating the mar
ket was not entirely without support.
As a result a vigorous rally set in be
fore noon under the lead of the oil and
food shares, which not only regained
tho earlier declines, but also carried
many of tho active issues from 1 to
J points over yesterday's closing level.
Prominent In the rebound were Mexi
can Petroleum, United Fruit, Cuban
American Sugar, Corn Products. Bald
win locomotive and American Car and
Foundry, and such high grade rails ass
Union Pacific und Beading. The re
covery movement was also strength
ened by tho smaller offerings of liberty
Bonds, which, however, with the stocks
made new minimums in the curlier
dealings.
After reaching the higher levels the
market showed an inclination to lag
ns It had done on the previous rallies.
but for" n time held the ground well
until n fresh selling wave developed
shortly after midday. In this secondary
liquidating movement all the principal
stocks were again offered freely indicat
ing the existence of considerable volume
of "placed" selling orders which had
been sent In above the current quotation
level. u. a. Htcci, the principal
motors nnd American "Woolen were
forced down under the lowest, prices
of the morning. This setback was
nccompanicd by more extensive selling
of Liberty bonds, especially the second,
third and fourth 4 Us. in lots as large
as WO0.O00. This was accepted as
further evidence of the screws being
applied by tho banks in more different
parts of the country. Another incen
tive for tho fresh outbreak of the sell
ing was the dcws ot the recommenda
tion by the ways and means committee
of the Hcuisc of placing a ten per cent
retroactive tax on stock transfers.
FURTHER TUMBLE
IN LOCAL SHARES
Continued Pressure Against
Lake Superior General
Market Again Thin
Suits
1000
2100
too
0(l
too
1100
. 2100
400
ICO
00
TOO
S00
3700
ZOO
00
900
1200
1300
K0O
700
6700
800
5100
3M0
0400
3(00
3700
1000
1500
800
100
I00
900
300
2JC0
saoo
ISO
300
1700
0(0
3Z0O
100
00
30
,3514
eiji
05
H
3
31 U
7
40
90
ply. 2:80 Net
in, men ixtt wiini cure.
Adams Express M..t 3014
.. Advance Ilumely . ... 37H
i Advance Homely pf.. 3J4
0 AJajt Rubber ,...i... 05
.. Alaska, Gold Mines ,.. 1?t
.. Alaska Junea a IS... Xlt
i.-. Allla-Chalmera 3X
7 Am Agrlc Chem .... 7I4
s Am Dank Note ..... 40
s Am Beet Sugar 00 V&
10 Am Bosch Mesneto ..103
.. Am Can ..,..,.... 39
18 Am Cnr . Pdv 13014
i Am car & Fdy pr.,..ioo . i
4 Am Cotton Oil t 04
0 Am Drug Syn ........ M "H
7 Am.Express ...,i..lMK t'S',
i. AmUlda & Leather.. 16 s 1814
p Am Hldo & Leather pf 834 88
4 Am Ice ...... ....... 49 ?,.
o Am Internat corp ... '? 1 8,f
8 Am Linseed 77, 75
Am Locomotive 88 87
.. Am Safety Haor ... l'H ilY
.. Am Hhlp & Com 1?4
4 Am Smelt A Ret .... 57 H
s Am Steel Foundries.. 35ft
7 Am Sugar Ret U?8
10 Am SumatraTob .... 88
s Am Tel A Tel 3H
o Am Tobacco pf new.. 85H
O Am Tob Seo tomp efts 53 &
7 Am Woolen 007
. . Am Wrltlne Paper pf. 38
.. Am Zlno Lead & Sm. 14
4 Anaconda Copper .',.. 554
.. Assets Realization ... 3H
4 Asso Dry dcoda ...... 33V4
fl Atch Top & Santa Ke. 77 H
6 Atch Top ft S Fapf.. 72K
10 Atl Gulf,: VT I S S..157
.. Atl Gulf & Vf I Pf....
7 Atl Refining 7 pf...l04
330 j.oo Baldwin Locomotive.. 108?X
7 Baldwin Loco pf...... 00 fa
.. Baltimore A Ohio.... 31
4 Baltimore Ss Ohio pf.. 43
8 Barrett 121 H
.. Batopilaa Mining .... 1
.. Bethlehem Motors ... 18'A
6 Bethlohem Steel 84J4
5 Bethlehem Steel B... 8BJ4
.. Booth Fisheries 7(
.. Bklyn Rapid Transit. 11
. . Bklyn R T ctfs of dep 85
7 Brown Slios 100J1
.. Bruna Term P P 6
10 Burns Bros 113
.. Butte Copper & Zinc. 7H
.. Butte A Superior Cop. 'J I
.. Butt crick 14
.. Caddo Central O ft R. 1714
6 California packing .. 70
.. California Petroleum.. 37
7 California Petrol pf.. 65
4 Calumet ft Arizona.. 67
10 Canadian Pacific 11314
7 Caso J I Thrco M pf 93
5 Central Leather
7 Central Leather pr... 10191
4 Cerro de Pasco Cop.. 43
.. Certaln-teed Trod ... 30
10 Chandler Motors ....133
Tennessee Power Co.
First Mortgage 5s, 1962
Texas Company
' 3-Year 7 Notei
BANKERS
321 Chestnut St, Philadelphia
Utvtim 2few York end PMIadtlphla
Stock EtchanoH
Specialists
m
Financial
Advertising
Matos Advertising Co,, Inc.
Bulletin Building, Philadelphia
Phontt Locctt 5498, Race 670
Recommended for the
attention of discriminat
ing: investors is a first
preferred stock, cumu
lative and convertible,
having; assets of over
$600 per share. Price to
yield 10. Address Box
B 833. Lcduer Office.
t
NORMS, GRUBB & COUGHLAN
Frtok L. NorrU, Certified Public Account.
P. Ernrtt Grubb, CharUred Accountant
Ed. A. Coufhlan, Certified Public Ac
countant WEST END TRUST BUILDING
The tone of the opening local market
was again weak and the movement of
prices continued downward. There was
a material increase In the volume of the
dealings and a much better distribution
of the trading. All of this improve
ment, however, was at the expense of
quoted values.
The initial dealings reflected con
siderable accumulation of selling orders
overnight by the rommisslon houses,
but n many of these were nt fixed
prices the lower opening .level left the
majority unexecuted until later in tho
session. The heaviest nresbiire was
ogaiu directed against Lake Superior
Corporation, indicating continued forced
liquidation of speculative accouuts. As
11 result the stock had n further tumble
to 1-Vi, a new low price, and nearly ?0
under the top price of the year.
The market, however, wni found to
be thin in all directions. ' On small of
ferings Kleetric Storage "Battery droo
ped over $0 to 109. Philadelphia Co.
cumulative preferred ot the same tinn
lost $1 of yesterday's recovery, falling
back to 30. Lehigh Navigation. United
fins Improvement and Philadelphia
Klectrie were sold moderately at yes
terday's low prices.
Tho selling movement was of a
progressive character nnd extended
gradually to all parts of the list. The
thinness of the market was strikingly
illustrated In the $7 decline in .T. (5.
Brill to -12, which was miuleou very
(.mail offerings. In the meantime, new
bottom prices were struck by Pennsyl
vania Bailroad nt 30',. Lehigh Nav
igation at fiflTi and Philadelphia Itaiild
Transit at 103',. Philadelphia Traction
equalled tne recent low rccom ai in.
t'nion Traction doing the some per
formance at 31. Philadelphia Klectric
on the other hand, apparently had bet
ter support at 21'i. America Stores
uas the only one to show n gain, and
. mt i.tl- . 4 I ...I.I-U 1. 11
I WHS ipl lllKllcr HI- I"1' IVMK'U PMlir ni
U LUU DtVK. ..I Mn ". ll vw..i.u
narrowness of the current market.
According to advices frojn New York,
n very largo proportion of the heavy
belling of the Liberty bonds in the two
preceding days came from this city.
Explanation for tills could easily be
found in the recent letter sent out by
Governor Norrls, of the Philadelphia
Kederal Reserve Dank, to the member
hanks requesting more active co-operation
in reducing outstanding loans. The
letter called particular attention to the
loans being carried on the Liberty bonds.
At the same time hero, as well as In
other parts of the country, business and
Individual interests, being unable to
obtain sulilrlent accommodations from
the banks, were compelled to sell the
war bonds and other securities having
n good market.
FOREIGN EXCHANGE
New York, May 20. Tho foreign ex
change market opened steady, only alight
chance halng recorded over yeaterday'o
cloe. Sterling wus 3.80 for demand
and 3.81 for cobles. Frano cables aold
for H.US and chocks for 14.30, and lire
wun also unchanged at 19.80 for cables
and 13.82 for checks.
Other quotations were:
Belgian cables 3.70, checks 17:32 ;
SwIKs cables 5.06, checks 5.68 ; guilder
cables 36?i, checks 36,i ;lpesets cables
16.72, checks 16.67: Stockholm cubits
20.05, checka 20.85 ; rtiristlanla cables
ll.lb, checks 15.25; Copenhagen cables
16.50, checks 16.40. Marks 2.23,
yESTBUDAT'S FIKAI, QUOTATIONS
' Htnrllhfi- Franc Mre O'M-ri
ntttuna .... n.l.. !." v.i ns
u.ni ;
300
1400
1300
1100
300
2000
f.oa
1700O
900
500
100
20 0
J00
400
3100
1300
100
700
200
400
100
100
4000
100
4C00
4000
3000
100
10100
400
300
rioo
4600
3700
noo
900
5100
400
200
2700
2100
100
1800
400
3900
7600
100
200
400
100
1200
1000
3000
900
5C0O
7490
300
100
9000
12600
S00
9100
100
00
330t
100
100
400
3200
2800
COO
100
1700
400
too
100
3600
809
100
300
000
S151
33600
100
300
400
toon
500
200
600
300
I 400
300
too
200
1800
100
1300
300
400
2800
1760
400
100
too
HOO
2309
3230
23U
(150
3600
3100
100
noo
200
500
3ft
35tf- a
em- 3
es i
VA- J4
7B - 4
40 k ..
ooW4 a
01 li tniU4- 14
. ' ll
12SH 130
10 -?
40 U-
13 ..
15 - S
lIi-. V4
88-3
41 -83H-7014-87JS-HH-1H-57H
-84-
8Sil-
5214- 3W
09J5- 2
37 .-' 3
13 ' 114
4- ?i
3 ..
33 - 2U
77 M
73 - M
135 1J
flt 3
104 . .
108 1?1
00H- H
30H , !i
4315 -' 54
120K-1J4
1
18W- 94
84JV ,J4
88H
7js- a
11 ..
100 'J4
0 .
7?4 !J
20 J4- 1H
14 ,
Chesaneake & Ohio... 31
.. Chicago & Gt West.. 18
2 Chicago & Gt West pf. 2034
.. Chi MU& StTaul.... 31 J4
.. Chi Mil & St Paul pf. 48
7 Chi & Northwestern.. 77
8 Chi Pneumatic Tool.. 4
.. Chi It I & Pac 32U
. . Chi R T& Pac 6 Pf C0H
8 Chi It 1 & Pao 7 Pf
.. Chile Copper 11';
1.80 Chlno Copper 30 Ji
. . Clev Cln Chi & St li. .
1 Coca-Cola 3t4
3 Colorado Fuel 4 Iron. 28 X
6 Cclumb Gaa 4 Eleo... 51H
1 Col Graphaphone .... 29 ?4
1 Col Grapnopnonc pfi . 85
4 Comb-Tab Record ... 48U
.. Comb-Tab Record rts 14
0 Consolidated Cigar .. 59
7 Consolidated Gas .... 78
8 Con Interstate Cal M. 13'S
3 Consolidated Textiles. 31J4
1 Continental Can 8
1 Continental Candy ... it
4 Corn Products Ref... 90V5
.. Cosdcn & Co 35W
.. Crex Carpet V5
12 Crudbla atcel 128
.. Cuba Cano Sugar.... 5056
7 Cuba Cane Sugar pf.. 81
-.. CbnAmSugConew... 50U
c Delaware & Hudson.. 90S.
. . Denver & Rio Grande. 4J'
.. nenver & Rio G pf..j 10
1 Dome Mines 9!4
.. Duluth So S & At pt.. .7
.. Klk Horn Coal 13
5 Endlcott-Johnson .... 9Si
.. Erl "'
.. Brio lt pf lYz
.. Erie 2d pf '3
s Famous I'layere-li ... 08
8 Famous Players pf... 80Ji
7 Kederal Mln & Smlt pt 35J4
.. rishcr Bcdypf tot
3 insk Rubber
.. Frecport Texan 20
.. GiiHlon Wins 4 Wig.. Htf
0 General Chom pf 02
8 General Electrlo ....137
ni.ti.ral tflcctrla rts.. I
"i General Motors ctfa
n !pne.ral MOtora pf..
11 General Motors deb...
7 Gen Motors deb 7..
O Goodrich B F
. . Granby Consol M & M
s Gray Davis
7 Great Northern pt....
4 Gt Nor Ore ctfs
.. Green Cananca Cop..
.. Gulf Mobllo & Nor...
.. Gulf Mo Ss Nor pf....
Gulf State Steel
C
i Haskell 4 Barker Car CO
. . 1 lend co clla
1 Hupp Motor Car . .
7 Illinois Central .....
. . Indiahoma Rcf . . . . .
6 Inspiration Con Cop
. . Intcrboro Con Corp
. . Inter Con Corp pf. ..
. . Int Agrlcul Corn...
s lnt Agrlcul Corp pt
. . Int Harvester
.. Int Mer Marina ..,..
0 Int Mer Murine pf . .
.. Jnteriiat Motortrucit..
.. Int Mo Truck rto....
.. International Nickel..
.. International Paper..
6 Inter Paper pt etpd..
.. iron I'roducta Corp..
2 Jones Bros Tea.
Vi
494
CO
hi .
'9?'
SO!
2314
7PJ
sty
28 U
13
3U5
57
31 54
. 1514
. 82
. 754
. 5054
. 3
. 11
. 18H
. 80
.11854
30 yt
81
054
in
icy
6554
71
44
3054
4 Kansas City Southern 15
56?4
33
170
84
2'4'
8554
3354
9754
37
12
54
-3H
83
78 Vi
72
11 H
84
104
ton 54
90 H
3054
425.4
t054
1
1794
83
8554
754
11
854
100
0
113
654
2054
14
17
6954
20 H
G5
67
110
93
63 !4
1004
4154
30
11854
so
754
20 ?i
3054
47
7054
83
3IJ4
80 ,
70J4
I4J4
30
45
3054
28
5054
2754
85
4ft
14
ah
78
13
hi
1054
88
34
0654
124
4754
HO 54
3J4
804
454
on
54
7
I8J4
S3
II
1754
13
07
60
35 J4
101
27J4
'20
11
S-4
134
?.
2194
74
CI)
80 54
6854
.30J5
2
70J4
34
28 Y
13
3154
6554
3954
3154
14Ji
82
754
3054
35i
II
l54
80
IIS
2954
80
50K
1
15K
61?,
71
43
205;
14 Si
t4
1H
V4
1
1
254
1
!4
14
194
1
1
54'
1
54
1
154
54
1
154
54
1
'a
1
54
17 ' - '
88 55-20-65
-57
11254-
93 -
63?i-
10054 -
4154- H
00 114
118J4- 854
61 1
8
20-
30U-
47-H-705S-83
-33J4
0'A ,.
70? ..
30f - 54
45
30J4 54
28-1
5154
2?4Bt
as . s
43 -
54
59 -
78 H
1354
3054-
82 -
10K-
88 -
3554
6654
124 -
50 J4
81
50J4 3?4
so 54- J4
4J4- J.
10 - n
54 ..
7
18J4-
1)3
H54
18)4
13 r-
7K
80 -
3554-.
J4
54
?4
J4
154
154
254
1
1
101 -
27 H
20 -11
-93
134 --3-74-00
-
so 54 -.
58 94-30J4-23
-70J4-31
J4 -38fi-13
3154
57 -
6954-3154-1454-
82 -
754
50 54
nu
ll 18?4
80 r
11855
.'9HS3
81 -50
V4-
1 54 -1S?a
.
6.IU 4
71 -4314-WA
1455-
1
14
54
1
54
194
4
u
A
H
.U
i
Ys
K
3
2H
9t
94
154
54
154
2
94
254
54
1
Y
54
54
'94
?4
94
54
54
U
54
94
T4
294
54
tfatr.
90S
308
3669
8200
1300
500
300
100
2000
30p
100
100
too
100
100
200
100
3
10508
300
RU0
6500
600
1290
300
nooo
: loto
409
309
403
2100
200
210
2flQ
400
800
100
500
100
400
1800
200
' 3000
300
000
100
100
100
1400
700
3500
7000
100
300
1300
200
300
ton
2S500
OtOO
400
2700
700
1400
2100
1200
100
11900
1800
200
100
100
1300
2280
900
400
3000
300
800
13000
100
B 100
600
3500
15800
100
200
300
6200
100
4300
100
1300
200
100
450
. 200
1708
38700
1100
9890
2300
40
1600
1900
100
2200
25100
13'JO
100
1630
31200
03400
400
200
330U
700
200
200
4300
2400
. 600
1100
000
ISO
4100
100
noo
CI00
100
1600
9S00
300
1400
200
702000
900
3100
300
800
100s
13600
700
A00
1100
930
3.10
3C0
3U0
2S0O
1000
200
2300
128)0
00
300
3300
200
3
8
.
3.50
0
2
8
10
. 2
1.00
4
Kel y.Spg Tlra ..1...IM
Kelsey Whetrt ....... Si
Kcnnecott Copper ... J4I,
Keystone Tlr 4 Rub. 24
Lackawanna Steel ... 67
i-.ee number 4 Tire,.. 37
Lehigh Valley at
Liggett & Myers pr(.,t8oti
LoaWft Co .....,..., 28'-
Loft Ccrp 14 ri
Loose-Wiles B 2d pf.,lM
Lorlllard Tob 13.
Lorlllnrd Tob pf ,'4.10
Louisville A Nashville 98
Maxwell Motor 1st pf 4 37
Maxwell Motor ctfs.. 16 J4
Max Mot 1st pf ctfs.. 33
May Dept Stores. ..,.113 ,
Mexican, Petroleum .,14814
Miami depper ....... 20 M
Middle States Corp... 30 H
Mldvalo Steel 4 Ord.. 4154
Minn A St L new I354
Mo Ivan 4 Tex 4 7U
Mo Kan & Tex pt,... 10M
Missouri Paclflo ..... XSj,"
Missouri Paclfla pt 40
Montgomery Ward .. 3i54
Mulllns' Body ....... 36
National Acmo 34(4
I.ow
8854
5354
S454
8154;
.
26 U
41
10014
m
10
K
S.50
8
1
7
4
n
7
Nat Aniline 4 Chem,. '55
Nat Aniline 4 Ch pf,. 84
National Biscuit ..,.107
Nat Conduit A Cablo. O
Nat Enatn 4 Stamp.. 65
National Lend 74 Ji
Nat R R of Mex Si pi 4H
Nevada Cop Copper., t?54
N O Tex & Mexico... 31
New oYrk Air BraKo. 93
New Tork Central..'.. 67
New Tork Dock 33 pi
New Tork N H A II.. 2754
rs'ew Tork ont & w.'. Kl
Norfolk 4 Western.
88
Norfolk A Western pf. 64
A
Norfolk A Southern
North American .'.,..
Northern Paclfio ....
Nova Scotia SAC... 60
Ohio Cities Gna, 38
Okla Prod & Ref
Ontario Silver Mining.
Otis Elevator Ho
Otis Steel , ,2254
owena Bottling aiacn. 4
T'aclna Gaa A Eleo ...
Paclim Mall J.
ran- Amer Petrol .....
Pan-Amer B
20
48
72
4
894
435
3854
9454.
89 U
0
7
4
7
0.20
1
Parrlsh A Bingham.. 32
'Pennsylvania It It.... 39 H'
Penn Seaboard Steel,. 24?4s
PcOplea Gas Chicago. 30&
Pcra Marquette 33
Philadelphia Co ...... 3154
Phillips-Jones Co .... 67
Plerce-Arrow MolT.. 4754
Picrco Oil .......... 1594
Pierce Oil pt 81 J4
Pittsburgh Coal pf..,. 80
Pitt C C A St L C54
Pittsburgh A W Va... 27J4
Pond Creek Coal 1794
Pressed Slccl Car.... 9254
Pullman 110
Punta Alegre Sugar.. 105
Railway Steel Spring. 9054
Ray Con Cop 1634
Reading 8154
Reading 1st pf .....A 4354
Reading 2d pf 41
Remington Typewriter 004
Replo Steel 8454
Republic Iron 4 Steel. 8694.
Republic Iron 4 Stl pf 95
Republic Motors 39
R Rets A Co 18
Royal Dutch Amer... 11294
St Joseph Lead 1554
.. St Liouis San Fran... 2374
.. St Louis Southwest pf 22
.. Sason Motor 10 4
.. Seaboard Air Lino... 7
.. Seaboard Air Lino pf. 1354
5 Sears-Rcebucle 20594
.. Shattuck Arizona. .... 9
.75 Shell Transport 74
.. Sinclair Oil 3354
8 Sloss Sheff 63
0 Southern Paclflo 91 J4
.. Southern Rail 20J4
20 Standard Oil of N J.. 610
7 Stan Oil of N J pf.... 10354
.. Standard Oil N J. rts. 1
4 Stewart Warner Sp... 38
.. Stromberg Carb 3954
7 Studebaker 63
3 Superior Steel 4554
.. Tcmtor Corn A V "A" 4054
.. Tcnn Cop A Chem.... 10
2.00 Texaa Co . 44?4
.. Texas & Paclflq 39 M
.. Third AvenuH II 54
8 Tobacco Products ... 8154
.. Transcontinental OH. 14.
3 Transitu A Wins Steel. MU
2.60 Twin City R T 30
6 Union Bag 4' Paper.. 73
.. Union OH A. 28U
10 Union Pacitlo 11454
4 Union Pacific pf 63
4 United Alloy Steel.... 4154
12 United Fruit 19934
3.50 United Drug 1st pf.
a U S Food PrcUiiclB...
.. United Itwy Inveat...
. . Unl Itwy Invest pf, . ,
3 United Retail. Stores.
.. It a O I P & Fdy....
s U H lud Alcohol ....
..US Realty A 'Imp...
s U i Rubber
s U H Rubber 1st pf...
O U S Smelt 4 Ref
3.50 U f Smelt A Ref pf.,
0 U S Steel -,
7 U H Steel pt
7 Utah Copper
. . Utah Seo
4 Va-Carollna Chcrti ..
48
6754
8J4
18
71
in
8234
4854
l
10654
3854
4354
15&
106
86
754
3?4
I........
8 Va-Car Chem pf.
0 Vanadium Corp .
.. Vivauiluu Ino ..,,
. . Wabash . .
.. Wabash nt A....
. . Western Maryland . .
.. Western raclfla .....
7 WcBtom Union Tol...
4 Wcstinghcuse W A M.
7 Wcsllnghousn A Brakal0554
.. Wheeling A L K 9&
.. Wheel ALE pfd J5
4 White Motor :. 4834
1 WIllvB.Overlnnd Jt4
7 WlllyB-Ovurlnnd pf . ,
o tvnauii v,o
0 worthing ton Pump
n Worth Pump pf B....
Ex-cllvldend.
losu
89
18
754
23
0
25 J4
84
4654
70
05
0i94
6854
14
1H
133 '
104
98
37
16V4
33
11m
16154
20 U
2954
1 054
13
? MM
23
39
315$
34
33 Ji
54
84
106(4
O
64
74 .
4H
' 1J4
34
93
33
l'37
16J4
88H
61
20
48
7054
4034
37J4
3W
6Ji
107
4 33
4.K
3H4
93
,88
31
39J4
21
30
2354
33 H
67
46J4
15
8154
88'
C954
27 U
1554
0054
109JJ
104
90
1634
7994
4J54
59?4
S3 54
8554
05
3834
18
199J4
UY
10
7
I3U
205
0
7234
31 54
61
SI
20 54
140
102
94
3134
65
3934
45
4054
034
4354
38
11
8154
1334
40U
30
73
2754
11354
03
41
195
is?;
ta
814
1754
0854
to
hi
46
81
106
6054
43
8n
10134
86
754
6754
1064
00
17
754
2134
9
2515
84
46
lot 5;
f54
16
47
16S
70
64
CO
6854
j.. -4
tNTtrnfChfe.
99H K
5354- 3J4
S4K- 54
stfe- a
, 3
2654- 1J4
41
10994 H
2794- U
h u-- ;4
10534 y
133 U
104
98 - 1
37 , - 54
ist4- a
83 - 4J4
11154- 14
16854 354
2054- H
2054-, 94
41-94
13, ..
r ..
1034- 194
3J4 54
40
3154 14
34 - 5BJJ
3354 1
54-4
84 -I
106J4-
8 - H
64-1
74-1
494- 14
1254-
34-4
93 2,
07
33 - 3 v
37 ..
16 U- U
8834 U
6t - 1
20 - t
48 - 194
' 54
- '94
14
314- U
94-1
107 . JI
22 V-l
49 - 1
42!4T 54
30)4- 354
4U 94
89U 3,
31 - y
39 H 54
2 - 154
30 - 54
3t!4- IU
32 Ji 1
57-54
47J4-3
15-1
8154- Y
88 - 54
8U U
2714- 54
1554- 54
9354 14
HO y 54
10s ' 1
90
1894- 54
URB
1 -
Many Instancos of Forced LlquF'
datioh Hoayy Sales .of
Houston Oil
73
80
38
7894- 354
42J4- 154
41
6934- !4
3 J4- Ti
634 54
95
3834- IU
18-3
11294 94
15U- 54
2394 54
,22-3
1054- 54
7 - 54
13U- 54
203 - 2
9 -
72J4-
31U
61 -
91
2054
840 -11
102K- 234
:is -57
-
03-
46
4014-
9J,-
44 55
30
11
l!4-
J374 H
503
30
75 10,
2794- 54
H3J4 1J4
6254 54
41 - i
u
94
354
3
ti
A
.4
254
-55
55
54
54
34
U
J Vrl. May 20 The feature of
the Broad Street Curb today vs the
continued ' pressure from stock ex-
.1 '. ...... tnUat in h ereatest
extent In Houston Oil, which sold down
from 70 to G-i on heavy ouenngs.
There were mony instances of forced
,..i-,.i 1 u... tin. w.rn rAnflnen to
unuiuaiion. uw i"w 7-" "-;: ,
ludustrlai Issues. Sweets Co. of Ameri
ca, which was. thrown onthenarkct in
Jorge blocks, dropped to l.nd Hub"
marine iiom. rum u.i --j, -
Trading in General Asphalt was on n
Jargcr scalp,- but that stock-' showed
stubborn resistance, ami uncr j''uiu
to 03V&, rallied to 05A, or Obovc its
opening price. ,
International Petroleum sold lown
to .12V6. with n rally from its low level.
American Woolen rights wcro. traded
In nt 1 to ai premium, olthougb the
stock wos selling below T-ar on the ex
change. Aetna Explosives was steady,
with sales at 891.
1NDU9TTUAI.H ,
' Rich
Arm Coat .......
Aa.tcb T-vnlA.lv.a
AmerKAn . Candy .
Am woolen nu . .
General Atphalt ..
drape Ola.
1 ,..,.. fhm ....
Indian I'acklne ..
Ner Amir Paper .
Perfection Tlra..t.
nailln (!nm nref
Il.nln. ...........
Iioy Dc rrAnco
Minger mii
flffMW
xiiiira H'i tiw i
rt. tit Atitfa nrni
U High Sicd Tool .
U H Steam
United net Trod
United I'roflt Sharing
United Ket Candy
Lorr Iet
::: fil A
'.'.'. 05JI 03(j C'.C
::: at m 4$
co i?i? 1rs 1ia
ISO
11!
.1?
INDETENUKNT OILS
iar.
154
11
inn '
.U'U
n
ilH
1004
4H?4
f 1
'a .
13
70'5
16 S'154-I-
4855
BIIJ4-1-
106 -
o4-
43 -
U054-19134-
0555
75i .
67J4-
Vi
54
15
U
94
2
154
54
14
54
IV,
10554- 354
08 -
18
'54-
"n -2554
81
46 -
10134-
94-
16
4854-16?,-78
66
tou
65 55
154
34
54
54
54
"u
54
94
54
194
i4
SJ4
COTTON MARKET
v,n vnri Vkt "0. The liauldating
n....nnr. In rntlnn. l lltfll. coined SUCh
.impetus yesterday, was scontinucd this
morning. First prices suffered n urop
of 11 to 40 poiuts in conscnueqeo, fol
lowed by other sharp declines.
Wall street was perhaps the. heaviest
teller on weak conditions in the stock
market, but there was also nettre sell
ing of late monttiH by Liverpool follow
ing Weakness in that market.
The list here showed a net loss of
about HI! points during the first half
hour, followed by rallies of 10 points
on covering.
Cable .
13.80 tti.SI) 30)4
TODAt'ff OPb!NI,VO QUOTATION8
Btarllnr lYanea I.lr Q'ldera.
Demand ,,..', fl.SOJi H.SH 19.S3 3ll
eWe ...'...' 3.81 U.M 10.50 30'J
Commodity MarJccta
(N. T. tlnm)
Today'a 12
opn
Slav
July
October
December
janunry
Marph . . .
4,311
as.:n
n.vno
64. 18
flS.IM
33,05
noon
:i, 111
31 -J7
GRAIN MARKET
Chicago, May tiO. Covering by
shorts rallied July and September corn
this morning after tbey had suffered
further losws nt the outset under a
renewnl of liquidation.
Houses rcnrcbcntiog eastern inter
est continued to sell. Dealings in thenc
positions wero active, Trade in Moy
was extensive und firmer, Jtcccipts were
r.2 cars. , , ,
Mhv opened cent higher, nt
Sl.KJVi, und moved up to $1.37, July
stdrtrd nt $1.07, to .l.CO, against
R1.(i7Si nt the end yesterday, nnd rose
(o Si.tiT?!. September was uuo(ed at
$1.57 to $l.Iilln, and rallied to yes
terday's Inst price of $1.57.
Oats opened cosier. There was scat
tercd selling by commission Houses ami
support was lacking. Jtcccipts were 01
cars.
May opened ( cent lower, nt $1.01.
July .started at 80c to 8fic, but later
sold at u net gulu ot ',sc, at 60c.
September wns quoted at 74c to
74M-C ut the outset, nnd later sold at u
net advance of c, to "fl'ic
Kcccipts of wheat here today were (1
car; nt Minneapolis, -OS care and nt
Duluth, i'IO cars,
I.';aijlnc futures ranged an rollowa:
(Chlcaro time)
lOiSO Veat.
ODfin Hlxh Iw a. m. clone
(new dellvory) 10J10 Vt.
1,8354 1.87J4 1.S5U l.Rii tl.Sr
1,0754 1.USV4 l.CU LOS'., l.U7'4
7 1.01 1.03T4 l.OI el.OSW tl.Oltj
fcO'.i 0054 R8'i OOU 6054
.1(1.01) 36.2.1 36.22
20.BO 20.'.pl 'Ht.m 2O.'J0
21.4b 20.00 21.23 20,02
IS. 10 18.00 U8.45
t'orn
Mty .
July
Onta--May
..
July .,
July '... 30.00 30.23
l.ord
M- ..'lO-IS
July ... 20.00
HIM
July ...18.40 18.02
tld. tAaWed.
Philadelphia Markets
T
AVHEAT HicelplH, 120.00S liuahela. The,
market ruled firm at eovernment price.
CORN ileoflrln. fiOOll builielu. Steady at
lata decline. V nuole. o to quality and
location, at I2W2.UX, tbe latter for No. 2
ypllow. '
OATS Tleceipta, 24,028 bushels, -.Scarce
and nominal. y
HaUil neeelpta, 2,fl7.fl3t 1h. In ae1(.
(Jut but. firm..- Ouolntlnns: rer 106 lbs.,
racked Mn- 140-lb. lulu aarka Safe winter
atraUrht,. Wfeatern. 'Il3.2uyi3.50i da. do,
nearby.' ltJ.f518.J.V.7,hrrt winter "tralaht.
ttS,ROtl4.60; do, ' abort r patent, tlV.ffotO,
lS.SOi, anHnar jflrali eletr. ltl.nof12,.'.n: do,
potent, UH.C90).25i fancy iprlns and city
mills patent, family brandf, linMIII.SK. Hye
flour, 1214.2.V
rilOVISlONS Firmer. Quotation, neie
aa follow at Beef. In aeta, amoked and air
dried, Mc; beef knucklea and tendera,
smoked and alpdrled. B2ct pork family
!J?Jn,.l ' &r.T'.,Uon?- SnfSffe: do.
.7Si,.1"-Sl'""i.i:.,i""-.; ""."" T""eo. anw
40c
shoul
smnld
bre
: .Jhania,o boiled, boneless. BSoi ycno
iilder. P. P. eired, loose. 2loi do
DlJd. 2So! belllea In nlckle. loose' -.3?.'.
akfast haenn. S4o: lard ml, ""'" ""
lltm-KR Steady M late decllna, Tlte
nuoutlous: ttolld-pHcked creamery fann
blah.srorlnc cnoda. n.T Kt nr. . .i.,'.. ' .;r.i"
V.,a,fl, B061ci firsts. nsSo: aceonds.
3?!H0i "w.t creamery. chole to fancy
V,l LAfl! ."VS'SW i" ?CK"'' B33e; print,
jobbing; at TlT8e for fancy, und at BOOTUe
for fair to Rood. "
KOatf Fine eras firm. In frea ease
ncarbr flrcta. 17o per doiciij nearby, current
receipts, Jiioi western, extra firsts, 47c:
western flrets. 18cj selected fresh ecsa Job.
bln at S4O5B0 per do.en, " J
CIICK8M laney stock tlrm. Quotations:
New Vorlc slate, whoje-mllk. nata hiiii
fancy. n2ci special. hlefierVdo awlia nn
"AWniC! atatj. whole.mlll, -,..;f!le ". "
be.fi, 3001 common to" Bnod, 24 WSflbj Jobbfiuf
sale nf fancy held (roods, SSOaie '
do. common to rood. SSWaoei brolllnn clilrki
ena, fancy, welft hlnif lm lb. , a pie?,. 70 to
bvoi win.n i-caiiorn nroiiera. n0006l old
roosters. 2202ao;. ducks, STOSOet rjlavnna
, wvp.b.v, ..v..., .mjcKI. mtVrattti hlff.nn.
old. ier nnlr. r.iififlM do, Couni 4.lnn?. '
DltESSED roULTHT l'owls fresh.klle,1
v.lshfnt; BJbe., a7W30e fowls. reaV-kMed'
n bbls.. dry-picked, weighing a ba
iplera, 42o welahlnr SH lb.".. 40O41ri
Today's Range In Liberty Ponds
Mberty .'1
Liberty i!d -Is...,
Liberty 1st -IVih..
Liberty 2d 4(s..
Liberty 3d I'is.,
Liberty 4th 4.8.
Vie- Notes Ms,,
Vic Notes 1B.,
, llm)
l:in
n. m
OO.'Jfl
1 .40
fli.r
4
(N. T
Hh Uw
0,!)o oo.io
81.P0 R1.40
81.50 8U0
rjl(l IHI.III K1 KA
Ki.BO K).
-P-'.OO
4.72
.7Q
V
80,48
82.78
04,00
Ol.OO,
80
82,14
04.72
01.70
m.iin nn
rittsburzli Oil .
MIMM1
Alaska Br Columbia......
Atlanta, ,. ...,.'
ItMcher Divide
nelcber Kitenslon .
Illc Ivcdzo ....;..
Itoolli ..
Boston & Montana,
c:alednnli -Mlnlne
Candelarta Mln
Cons Vlmlnla . ,
Cresson Oold
Crescent McMnnw ....
Dhlde Hit
i:i Salvador
KurekH.' Croesus
Kuroka Hotly ...........
Uolden Oate Eip...
(told Cons
Oold novel
Gold Kewanas
uoid Jiersor
Oold Bllver rick
Hold Zone
Hnimi Silver , ,.
Ilecla Mlnlne .'
Knox TJlvlda .'.
Ixmlslana Co
McNainara, ...-
Atimna Copper
i.'ortrz Mil ..'
Marnli Mlnlnir -. ..
Mother 4d , ....
Murray Mob
Nlplssfnir
North Star ....s..-
opliir rsuver
Hex Conn .' ,
Rochester Mines .;
ltupe Group , ...
San Tor
silver Kins- or Ariz
So Am P k Q ...' 1
Huccesa Mln
Tonopali-Helmont
Tonopah Cash Boy
lunopoil uiviur ........
Tonouab Kxtenslon
Tonopah-JIm Butlor
-rononnn Aimway ........
Tonopah Mlnlne ....,,..
Tonopah Mrspah
Tonopah licacue Kula ...
U (1 Cpnt ,..
United Eastern
Victory .' J........
West Knd C .,...,.....,
Willie Caps
White Caps Bit
Wllbert
Yerrlnjlon ,,,
'.:..'.:::: 3 3.:
.... -It . lV
.... low it ji ;
::::- is" is';
.... an . sr.H 35i
:::;..... io ioj io
:::: '4 ty Sf,
:::: 9. 4 i
.... 28 2Ti 271
. 314 atV ail
.... oil R. s
:::: J
: :: iU n iw
tau. In la
::::::::::. h s
ajs ai. '"vi
... 35 . ,as 3.1 ,
... aw ' aft aji
;:: 7 7,l 'ft
aS stl si:
v.... 33 34 , 35,,
:::;: wft i
10 9 0U
"0 20 2U
::::: i ti ;
...... i i k
n7 n.i nass.
18 , 1SV
H , 3Ti
20 2o
11U ltti
Allft Oil
aiii. nn
Ark Nat Gaa rts . . .
Hit jieart
tl.A.. (Ill .........
Boston Wyomlne ...
central Ann i ...
fltl Herv "B'1 ctfa
Cosden fc Co
cusmna- ra
Ilnmlnlon Oil
Uuautsne
u ik iissin vi .
Ksmeratda. OH .
itaHa.bi nil
lilenrock Oil ....
Granada
Gurtey Gillespie
Horns Betroleum
Houston oil ....
Hudson Oil ...i
Int Tetrol
Island Oil
Kay county Gas ,
Lance Creek . . .
I.lvinsston
Metropolitan I'et
3iex ran ... .
Morten ret .
North Am Oil
Ohio niei
nwt. Kat aaa ....
Omar Oil
Phillips ret
Producers Ileflnera
Bed Bock Oil
rtvfin DM
Bait Creek Trod
tJequoyan uu ...
Hlmma Pet ....
Hkclly Oil ....
HiH'ncer I'et ...
Stanton Oil ...
Mtlnie fill
Texas Banter
Tropical Oil 18
Un Texas Oil U
Victoria Oil new , 1j
Vulcan Oil at
' . it" ta.
i . l
hiV, ,
JytieWqlef -- I
Frank!
I5th. St. btow Market
Thi typewriter or lM--ChM!irhUT
bet's Prtntln lUdilne "wm ?'
carded as an Impractical curiosity H
mariyoreara It lay neglected jnon'rHl
effects of Its deceased Invenior. TodiJ
the typewriter la regarded, along mu.
tho telephone, as one of our mo.i i
uiafvi.oouio uuDuicpa cunciencies,
Tie most" practical Invention cei4
.never become a worth-whlla titiblta
seryant without lh aid of, capital. Xha
finest, business will never reapy ,
"rive wlUiout the proper banking coal
nectlons. '
Wo'sro Commercial, Convenient' aaj
rogresslve, and. at your service Day
rind Night from! 8:30 .A. M. till Mid.
night. .
efustCo.
Phils. 52nd. 6 Market 5l'
?l
Invest your money
in active industry- , '
Safety1 'of principal most besjoor firtt coosiderttioa;
intereit retorn and pciible profits are secondarr.
Preferred ttocb, iseUed by well-eittblkWj Rftrtnfiictiir
Ing Comptnies with no mortgage iridtbtedneu and
earning several tirnUTidendixquircTrcnt, offer nrmsatl
opportunities for, tbe life investment of your fundi at
attractive rates, and you are assisting, tbe development
of our industrial cxpmruion.
Wt httvta urefullj Seltttti List
f Preferred StithjUlding, 8 fj
which tee can reetmmenJj$ the
mast ctciervatieelMvesttr.t
! -Aik'or Booklet Ko. P.P.L. tn
Hbllisier,WHite & Go.
,0oia.
H
BOSTON
NtWAMC
North American Bnflding
, PHILADELPHIA NrVORJC
IPfclNqflLD. PRCrVIDfKCa MTTtFlttD POKTU1TD
20i
11H
ii
n
4'4
fto
7
17
8 .
4tf,
6
at
an
is
r.o
7,l-4
n
n
c
18
,1
14
n
rt "
. 3
1
r
0
4?i
70
2U
J! lU
7 7
o n
H 8
n'4
o
4A
711
20
lfi
ti
in
s
t'i
o
n
.ft
7
17
0..
1
?s
MV, 2I(4
07' rr.i
IS
M
!.
!!
ii
,?'
Ji
a
is
Ml. '
7.1
i
a
,
i
r.
:
liu
14
II
7
if1
ii
a
IIONIIS
Allied Pack 0s
A C I. 7a ....
Con. Text 7a' . .
t It T 71
I. & N 7a
Texas Co 7a . .
r.n
"Hi
n.i
72
18 US
Oil', flHI
nn
7l'i
ni
i'w I'm. mi
. 0B 0H PHa
na
72
Pli
Philadelphia Stocks
lllah
el0"jm Strs.. 44
DO Am Hhlp
& Com. 10-V,
10 Am Cos.. 40
15 Huff & Hi
t c prcf. 40
2.-i mill ..T O 42
010 Kl ator..ll.1
200tRrio ... 11
ir.O I Co N A 29
fiO do rets
10 iiaitl 18
2.".00r,ake Hup 1!5
201 I.eh Nnv. 00
2 r.eh A'nl, 41
. fiO tMiil Hint '
x Oil ... so
4o:i Pn n it.. :;n'a
250 Phila Co-
eiim pf no
224 Phil Klec 24,
1808 Phil TI T. 20',
100 PliJI'ra'p. Kl
HM Titeaatng
1st prof,
lIOTono Bel.
1B4 Vn Trac. .12
42!l U O I... 42J4
17 no war.
tOlO U 8 Htl,
4J
Irfw
ioy,
40
4(1
42
100
11
21)
1$
12 Vf
go
.10
ai)'t
.10
24
10i
an
42
1;.10 Net
40 .
-atf
'40
42
101)
11
20
18
1.1
00
41
no
7
0
VJ
8
VA
no -1
24 U u
20
a:i 1
.!
,11
42
A ,r-
00 1)0
chire,
4n -
niI
W - Ik
Net chanuj. trade by comparison vvlth last
safe on New Vork Htftck Kxchanse,
Hales In I'.ONOtl 1:30
It ISlec & Pc-o
Tr 4b . . , 58 r,S 08 M
11 Lib P.onils . "- v
.Id 4Mh.. fi0,40 80.40 80.40 ,10
no :icj ,4Vis. 82,00 82.no sa.ns .42
11 Vlct'y in 05,00 04.00 05.00 ,0(1
in Natl Prop ,
' 4-0s ..rr 0 0 0 5Vj
48 Pa torn ctM01 101'i 101 it
1 Phila Co - ' 'BT n
1 consOs... 77'j 7Tj IpA (.
1 Phila Klec r ' " "
1st 5s,... 83 8.1T, 83(6 ',
4Span-Amec
iron us., iin'a 11K14 nsit n
1 Welsb'ch Cs 0B4 .08ft 03'4i.
Denver & Rio Grande Railway
v Rio Grande Western Ry. Col
First Trust Mortgage 4s, due July 1st, 1939
Thctfc bonds, which arc u direct, obligation of tho
Deliver i Rio Grande Railroad, aro a first, closed
-mortgage 611 .the most important part of tho system.
Ueing followed as they arc by a' second, a 'third and
n fourth mortgage outstanding to the extent of
58,119,000, their security is beyond question.
Wo believe tlicso bonds to ho tho best secured of all
the long term railroad bonds yielding. 7V6 or more
and wo strongly recommend' their purchase.'
At Market, yielding about 8
. BROOKE, STOKES & CO.
Members Philadelphia Stock Exchange
15 th & Walnut Street
Philadelphia
, a V102 St. Paul St.
Baltimore
(""T'l I
The
;&- First National Bank
;.-' . or Doscon ,
v;.
i '.i,
Ti. . I
" .-Is, . T' '
"- ff '
Capital, Surplus, and Profits
37,000,000
1 .
. .'V"- v Deposits t
M i 1V,VWV)VUM
lotal Resources -280,000,000
.
(.!
vfy; -
fii
1920 :M
1812
THE
PENNSYLVANIA COMPANY ;
for Insurances on Lives an'd Granting Annuities ' '
TRUST AND SAFE DEPOSIT COMPANY
Capital andSurplus, - - - $7,000,000
Member Federal Reserve System
nnoAD '6TBKr,T omen 517 Chestnut Street
CUesUiut and JonlBer (itxeetf 'Philadelphia
1
N, Z. GRAVES
Incorporatn)
400 CHESTNUT STREET
PHILADELPHIA
Tbe House of ppfla1tlf In Taints
and VarnlsIiM ,
Canadian Nor, OUs, 1022
till ijersini os; iu
Cnunar 1. I Bill
Nt. I.awrrncs I'ulp I.ambsr Si, 1933
Penn Public erli 8;i0I0
neunscoK voiir 11,. jv.
rrn pewer Ss
i opinion
8t. Lawrrrilfe Pull
AlliaMlIn Htf.l Ca
ttp K.Ueniolir Cimimon rrefsrred
slnl.nnlna Ml Hlifnanso Prfferrul
MortoB Uchenbrucb Co.
yams TiTJ.ao wioju., PHILA.
Tor Cbtca;s patrolt Plttataj
Fidelity Trust Company
vetnber Federal "W'S-V () 'J
capital ....... "u"r,"Ii
Surplus i6A?Aim
nonatown Offleei' . B'"S'rAi, aWaal
1 '- i . 1 1 1M
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