' .''w'i-.'l'.'i Evening idblig EEriE i&wf v 1 e ' " H r -1 : T.1 .. . i i t I B ' aH ki i EM m E1 . s-? 'emkT l J Canadian Fundamental Industries The world must have Canada's pulp and paper. The de mand for it is basic and growing. If you wish to know how attractive to American investors, investment oppor tunities are in Cana -dian pulp and paper Corporation Bonds and Debentures, write us and we will send you a list of at tractive offerings. i AGENCY Or Royal Securities 83 CORPORATION ICAN40AI LIMITED IIIII1UI MtWYOle i I ' ; I I i i i : i . ' i i i HAliU.kX In mm MARKET U L NEW YORK STOCK EXCHANGE TRANSACTIONS AND NARROW Few Soft Spots Uncovered, but the General Movement Was Moanlngloss immxmmammmmmmMsa WANTED SUPERVISING ACCOUNTANT A specialized cor poration, located in Philadelphia, needs the services of a P r o fi c ie n t Ac countant to super vise the work of bookkeeping, com puting tax returns, closing books, etc. State experience, former connec tions, references, .salary. A perma nent, high - grade connection. Phila delphia P. 0. Box 1589. tkWKSSm&mmmMmmsmmm New Tork, Maj- 22. Contrasted wWi some 6f the recent exelted sessions to day's stock market rvt n very tame af fair. . In the first place there was little business done, as there was a general disinclination to do much on either side of the market. Price movement. In consequence, was restricted within un- ; usually narrow limits nnd carried little I or no significance, being made up for the most part in the usual week-end 'operations of the professional trading , nntingint. One or two weak spots developed, notably Sinclair Oil and : Missouri. Kansas & Texas Railroad : common stock These individual exhl- bitlons of softness were the outcome C purely local developments and totallv , without influence upon the general ,11st. I Overnight developments were gener- i ally construed as faorable to the mar- net. put. like yesterday, the greater part of the lit exhibited striking un responsiveness This Indicated clearly that the impairment of market com mittments earlier in the week and cre ated a situation that would not be. es sentially improved by overnight devel opment1". In brief, the usunl calm pre vailed that generally follows a period of drastic liquidation and violent fluc tuations such as witnessed on Thurs day. Most of the more prominent specula tive issues were active and strong at the opening, especially the oils, which were strengthened by the unconfirmed rumors of the depth of the former Presi dent Carran2a. Further efforts on the part of the Interstate Commerce Com mission to unscramble the tangled rail road situation had a strengthening in fluence likewise on the representative rails, while the mmr ffrrtim recm-erel ! materially from yesterday's sharp get- back. None of these gains, however, ' were held, as the buying demand was ! quickly supplied in all pnrU of the list. , Some little pressure cropped up here and there through the list, but the natural inclination of the market was to I drift into a narrow rut. so that the net I changes, as a rule, from last night's i closing level were really unimportant. local market had MUCH BETTER TONE Week's Liquidation Reflected the Quickest and Cheapest Way to Raise Cash United States Government Railroad and Corporation Bonds STROUD & CO. afemoers Philadelphia Slo'k ttehangt 1429 Walnut Street OFFICE MANAGER Asa A, thorouehlv Mm. liar with finance exporting tmportjnz anil monm, tax is open for a connection iiisheat referenda. f 101. Idcrr Offlfe. riNANriAi, fOCAHONTAS CONSOLIDATED COL LIERIES COMPANY. INCORPORATED ptr-Vtar Km Per Cent. Oold Honda. Node Is hereby given, puriuant to th terms of t) Mortseae dated July lit. 1T. tiat the, onderelsned. aa Trustee, will rii 'r.S,,P1 proposals up to a. 00 p. m. oa tba tb .day of June. 1920. for the eale 4o It of bonds aa above described, udleliot to dm tba iraol tB4.194.Sl. The under aimed reserve tba rlsbt to reject any or all tender. THE ICEW TORK TRtlBT COifPAMT Trutee. Ttr B O rt'RTB. Secretary. New Tork. Hit 10. 1020 "ry. TUB BOBOCGH OF COI.LINOnALK WIT.I. receive blda upon a 110 000 30-year loan, bond 51000 each at 5". clear nf all tazee Submit blda before June 8th. 1020, to Joieph MacDougall. Secretary. Colllnrpale. Pa. Despite th restricted trading, the tone of the local market was greatlr improved. For th first time during the current week initial quotations were, as a rule, made fractionally above last night's closing level. While the im provement. In a large degree, resulted from the familiar week-end evening-up operations of the trading contingent, yet considerable encouragement j.-inj i from the fact in the absence of further , liquidating pressure. On the other .hand, the stronger ton of the market ! indicated recent nbnormallv low quota I t ou of many of the prominent local I shares had attracted the so-called bar gain nunter in a small wav. In a uumber of the local stocks the ltiitial improvement wan not sustained but while prices receeded the declines were not followed up bv anv great amount of selling. Pennsylvania Rail road after advancing to 30 fell back to ine weeK s io-- market at SUV Philadelphia Electro at the outset ral lied to 23V but ran into fresh drib Jbling liquidation, which caused a re action to a new bottom at 234. United Gas Improvement held fairly steadv at 421.1 On the other hand, fresh pres sure forced Lake Superior to 12T4. after touching 13i at the opening. Philadel phia Rapid Transit was one of the few weak spots. losing all of yesterday's recovery in a decline to 20, which, however, was a., above the .week's low water mark. Flectric Storage Bat try on small dealings rallied $2 to 112. later falling hneli to HK'n. American das a unchanged at 40. After alt U said and done the week's developments in the market proved to the complete satisfaction of every one concerned that it takes money to make the' mare go Stock exchange opera tions, like any other business, caDnot be v cces.ifully transacted without the neeesiaiy funds. Selling throughout the week, if carefully analysed, would prote to have been largely bt corpora tions, individuals and business men, who found this the cheapest and quickest way with which to raise cash. The money market, though improving, has not changed its character to any extent to affect the securities market very greatly The'Federal Res,.ne sye t'in is improving its position. o are the member banks, but the better ment is slow contrasted with the amount of publicity given the liqui dating motement in merchandise. 010 ton :nn tan ton soo inei ISOO 20A .tot sua 400 too loo A00 10 10 100 too I00O non t,100 310 too .100 iooo 1100 too Hon 1700 30 10 ton 1700 100 10.100 1300 401) 1100 4.190 .100 SM 100 JIOO 400 400 300 too 100 .100 mo I0O 3S0O too too 60fl too 3000 .104 DOS 700 1 10 too 600 200 390 2010 100 300 00 10 100 0)0 310 6110 4S00 300 .13)0 too 19 J 23)0 ion IM 30 300 310 610 Dlv. HUH . . Advance rtumely .... 30 Advance numely pf.. 01 H ' 9 Ajax Runber 60 . . Alaska Gold Mines .. Hi .. Alasfcn JuneaO M... 3U .. Allla-Chatmers 33 . Am Acrl Chem Am Beet Sugar MM 10 Am Bosch Megneto ..10394 .. Am Can 37 Ji 13 Am Car A Fdy HIT 4 Am Cotton Oil 4314 o Am Drug; Syn IIJ 7 Am Express 12Jf .. Am Hlrte Leather.. 1CH 0 Am Hide ft Leather pf 8'j 4 Am ice a a Am tnternat Corp ... 83H 3 Am Unseed 1SV4 Am Locomotive. 1 Vk .. AnJ Saetj- Razor ... 14U .. Am Ship & Com 20H 4 Am Smelt ft Ref .... 47 Am Smelt 'Seo A 7i's Am Snuff H s Am Steel Foundries.. 37?i 7 Am Sugar Ref 17AH 10 Am Sumatra Tob .... 87 4 5 Am Tob Sec temp cft J a1 Am Tel ft Tel . 1 Am Woolen 7S 7 Am Woolen pf S1 4 AnHconda Copper .... 44 V i Aeeo Dry Gcods . .... W 8.30 Baldwin Locomotive.. Ill ?a .. Baltimore ft Ohio.... 11 Vi 4 Baltimore & Ohio pf.. 41 Vi .. Bethlehem Motors ... 10 V 8 Bethlehem S'.eel B... SSH .. Bklyn Rapid Transit. 11 .. Booth Fisheries ..... 8 .. Brum Term P P 8i .. Butte Copper ft Zinc. 7H .. Buttn ft Superior Cop. 21 . Butterlck 13 0 California Packing . . 70! .. California Petroleum.. IS 7 California Petrol pf.. 6 10 Canadian Pacific IK B Central Leather oMi 4 Cerro da Pasco Cop.. 41 '4 10 Chandler Motors ....127H 4 Chesapeake & Ohio... 81 'A 1 Chi St P M ft O pf Oft 2 Chicago ft Gt West pf. 204 .. Chi Mil ft St Paul 33 . . Chi Mil ft St Paul pt. 4 .. Chi R I ft Pac 34 4 . . Chi R I ft Pac 6 pf . . 81 ' .. Chile Copper 15H 1.80 Chlno Copptr 303 .. Ctev Cln Chi ft St L . 43 i 8 Cle Cln Chi ft St L pf . 8jtj 1 Coca-Cola 32 3 Colorado Fuel ft Iron. 30 . Col ft Southern ... ,21 B Cclumb Gas ft Clec. . . 83 1 Col Graphaphone .... 31 S Consolidated Clirar . . 10 7 Consolidated Gas .... SO 2 Con Interstate Cal M. 14 8 Consolidated Textiles. 33 i Continental Candy ... 10i 4 Com Products Ret. . . 01 .. Cosden A Co 3.1" 12 Crudbla Steel 137 .. Cuba Cane Sugar.... I0H 7 Cuba Cane Sugar pf.. 81 .. Cbn Am SuarConew. .. s, .. Denver A Rio Grande. 5M .. Denver ft Rio O pf... 10t .. Krle m; .. Krle 1st pf H4 Fairbanks 83 Famous Players-L ... 89 N 7 Federal Mln ft Smlt pt 38 H 3 Flsk Rubber 2 20 'J 901 1301 too 203 390 500 3)0 300 100 100 1310 810 1100 3)0 730 100 133 Itfl'l 000 70U 700 751 2400 1110 too tOO 3 100 4 400 4 100 1400 200 3 100 8 Total !! 4.0M.30O Freeport Texas .. Gnston Wms ft Wig. 8 General Clrar General Chem pf. 8 General Electrlo 1 General Motqrs ctfs. 8 General Motors deb., 6 Goodrich B F 7 Great Northern pf... 4 Gt Nor Ore ctfs . . Green Cananea Cop. .. Gulf Mo ft Nor pf . . . 4 Haskell ft Barker Car 13 .. Hendeectfa 33 1 Hupp Motor Csr . . . .. Indlahorna Ret 8 Inspiration Con Cop. .. Interborp Con Corp. . . Inter Con Corp pf . . . .. Int Mer Marina .... 8 Int Mer Marine pf . . . .. Inteniat MoturtrucK. 3.50 Int Motortruck 2d pf .. Int Mo Truck rts... . . International Nlckol. .. International Panr. .. iron Products Corp. 3 Jones Bros Ta. . . 4 Kansas Cltv Southern HH 4 Kelly-Spg Tiro 13 .. Kelsey Wheel 50 2 Kennecott Copper ... itH 3 Keystone Tlra ft Rub. 2314 8 Laekawanna Steel .... 87 323 10O-harf, compared with 17H 80 H 901 141 28 'J 00 4, 80 12 34 29 V, 28 H 17 VA 10 Ji 354 10 20? 63 OH 64 4 U e 5i V4 I.OIT 70 H 01 ?4 68 154 ?!'' 31V4 80 87 H 10254 37 H 131 414 1 in 175 181, 87 H 43 8'JJe . 7154 8854 14 l'a 57 74t4 0W 37 H 124 V, a7 5i nk 33'i 17 8!4 55 Is 30 1105', 3?4 41 1854 7 11 14 7J4 8 14 754 20H 13 70 28 83 llU 01 ; 114 124 l-i 81!4 90 204 ,13!', 49 33?, CO 4 H 30 H 3Ii 8974 33 28 S 204 n 3154 60 78 14 31 U UK 8054 33 121 19 14 80 H 56 Vi 54 10 4 114 l?4 63 68M 3854 3SK 20 4 114 80 804 141 24 ?4 ri 594 7! 3454 294 3854 62 3114 18', 7 4 50 3 4 tot, 39 83 59 8454 5 1G4 65 454 204 lfc 101 16 U 23 67 884,500 Today'a Net t mot euro 154 W 30 4- 61 66 154 4 314 R0 - B8V4-1034- 37H 131 4- 154 4- Mtt- 135 4- 164 4- 8844- 13 4-8254-78 44-0044-144 2044- 87 4- 754- 09544- 37 n 174 54- 8744- 3M 93 87 4 4 96 4 55M4- 30M4-I10H4-' 31544- 41 18H- 754- 1154 8 54 74 2I,4 13 70 28 -6a I145S4-04?;-14 4- 11454 4 51 4 -90 204 4-334-61 U44- aoy,- 43J4- 834-33 30 4- J0J4- 1 53 - 4 3154 60 4- 80 4 II 31? 10H- 904 33 4-1214-49?4 4- 81 4- , 4- 4 54 154 4- 4 114 . 1854- H to - o. 89H4- 4 38 H 29 - 2044- 13 4 60 -904-111. 25 - 0H4-8844-73 4- 3IJ4 4- 29 4 38 4- 14 3 4- 1J4 3144- 14 7 4- 74 504- 34 10JJ 29 82 -40 - 64 44- 54- 17 65 -454 101 - 4 254 4 2354 4. 67 4-harea 14 34 4 4 4 54 II 54 154 3 H 15 54 54 3 151 H H 3 54 54 4 54 54 H 54 'l 4-54 H 114 4 "4 4 5i H 54 4 1 54 "h K 14 K 54 1 1 4 4 54 4 4 H H 1'4 24 4 3 I 4 j 8tle 168 HO 308 890 490 209 180 188 1(3 100 208 4960 400. 8308 250A 6900 500 2500 100 390 300 400 300 100 209 980 190 109 009 399 1608 300 300 400 200 690 3490 198 399 11390 800 109 330A 1100 1100 209 191 4990 709 390 109 100 300 190 109 290 9100 690 6rf - 3700 300 53 300 3000 199 4690 810 390 108 100 199 100 600 109 23798 109 3000 ISOO 230 1200 1500 199 800 13330 100 1600 1800 8906 409 800 too 3100 140 1499 209 509 1U 200 300 100 6100 200 1400 4100 175VU too 400 1100 000 100 100 400 700 600 400 200 10O 100 600 800 5900 500 300 DIt. n UtH Lncledo Gas of St L. . 37 .. Lee Rubber ft Tlre... 27 1.80 Lehigh VnJtsy 414 . . Liggett ft Myers rts. 14 t Loewe Co 284 .. Loose-Wiles Biscuit .. 4554 It Lorlllard Tob 133 7 Loulsvllla A Nashvllls 98 . . Malllson A Co II R. . 31 4 Mackay Cos pf 1 80 4 7 Manhattan Elcv jruar. 48 10 Mexican Petrolaum ..173 2 Miami Ocpper 30 l.eo Mlddla States Corp... 39 U 4 Mldvale Steel oVOrd.. 414 .. Mo Kan A Tex 84 . Mo Kan A Tax pt. . . . 10 .. Missouri Paclflo 31 H .. Montgomery Ward .. 3lii 4 Mulllns Body 334 8 National Aorta 33 .. Nat Aniline A Chem.. 57 7 Nat Aniline ft Ch pf . . 81 .. Nat Conduit A Cable. 954 8 National Lead 76 1 Novada Con Copper. 11-S .. N O Tex & Mexico... 38 . 18 New oYrk Air Brake-. 9554 5 New Tork Central.... 08 2.50 New Tork Dock 33H .. New York N H ft II.. 1 Norfolk ft Western. 5 North American . . . 7 Norlhern PaclRxi . . .. Nunally Co 4 Ohio Cities Gas ... .. Okla Prod ft Ref... .. Otis Steel 8 Pad Qc-Gas ft Elec . rt Par.-Amer Petrol... 7 Pan-Amer B 4 ParrlBh ft Bingham. . 31 3 Pennsylvania R R.... 394 .. Peoples Gas Chicago. 33 .. Pera Marquette 21 3 Philadelphia Co 344 . . Phllllpa-jonea Co .... 87 .. Plerce-Arrow Motr.. .. Pierce Oil 8 Pierce' Oil pf 8 Pittsburgh C of P.... 6 Pittsburgh Ccal pf.... .. Pittsburgh ft W Va... 8 Pressed Steel Car. . . 7 Pressed Steel Car pf.. t Pul'man 1104 B P-jnta Alegre Sugar.. 163 3) Railway Steel Spring. 99 V Ray Con Cop 17 4 Reading SSH .. Remington Typewriter1 6tK 8 Rem Typewriter 2d pf 8894 .. Replo Steel ...- 854 6 Republic Iron A Steel. 88H 7 Republlo Iron ft Stl pf 964 8.20 Royal Dutch Amer...ll9 .. St Louts San Fran... 2,1 .. St Louis Southwest... 11 ' 6 Savage Arms 47J .. Saxon Motor 18 .. Seaboard Air Line... 74 .. Seaboard Air Line pf. 15 8 Sears-Rcebuck 2074 .78 Shell Transport 74fi .. Sinclair Oil 314 6 Slots Sheff 63 W54 84 49 M 17 30 X 14 3254 134 08 H aj4 84 18 83 164 864 284 954 98 8 Southern Paclflo 924 . . Southern Rail 22. 6 Southern Rail pf .... 554 7 Stan Oil of N J pf..103 . . Standard OH N J rts. 4 4' Stewart Warner Sp... 394 .. Stromberg Carb 61 1 7 Studebaker 64 1, S Superior Steel 47 .. Tenn Cop ft Chem.... 9 4 2.80 Texas Co 46 .. Texas & Paclflo 11 0 Tobacco Products ... 63 4 .. Transcontinental Oil. 14 4 fl Union Bag ft Paper.. 15 lo Union Paclflo 1144 4 Union Pacific pf 634 .. Union Oil 284 4 United Alloy Steel.... 414 8 United Drug m J. 80 United Drug 1st pf... 46 12 United Fruit 116 .. United Rwy Invest... 8$i .. Unl Rwy invest pf... ig a United Retail Stores. 73 H O U S Food Products.. 50 U S Ind Alcohol .... 834 U S Rubber 934 934 1084 68 704 K yesterday, thua BUS Steel 7 U S Steel pf .... 7 Utah Copper 6 Vanadium Corp . 4 Va-Carollna Chem 8 Va-Car Chem pf 105 6 Va Irrn Coal A Coke. 98 . . vivauclou Ino . Wabash .. Wabash pf A . . Westerp Maryland .. Western Paclflo .. 7 Western Union Tel 7 Westlnghoute A BrakelOS 4 Westinghcuae BAM. 404 4 White Mbtor 504 1 Willys-Overland 18 7 Willys-Overland pf .. 79 54 6 Wcrthlngton Pump .. 61 n far thliweek. 4,882,200. aim? 18 4 74 224 9 54 204 834 T.OW 37 .17 40J4 "4 284 45 133 98 304 60 4 43 170 MM 28 4t 54 s 23 K 314 33 33 854 84 54 70 36 54 7 33 17 3, 89 69 J3J4 18H. 39 4 J2K I1H 7 2 31 384' 3154 34 344 57 184 83 4 864 38 M4 96 1154 1014 , 98 17 814 0?4 884 f4 8714 4 115 33 5i 11 47J4 19 m 13 207 75 304 63 93 314 65 10114 ." 394 61 634 47 OH .45J4 40 634 13H MJ4 H3 634 X 41 124 4ft 196 8 IS 734 884 83 0334 914 1054 67 68 4 '154 105 98 184 154 tVA . 284 82J 105 46 4B4 17 -84 014 period Tndijr Net cioae une. 37 - 1 27 - 54 404- H 134- 54 394- H 454 H 138 H 98 0094- 354 604- 1H 43 171 18H4- H 41 SJ4- 344- 3144- H i- 54 il 4 14 1 4 M "54 51 3 4 4 4 4 1 55 94 54 "'5i 14 1H I 334 33 56 4 84 94 76 114 38 4- J4- 67 - 33 27 H 4- 80 4 49 7144- 16944 39J4 4- 4 54 4 ay x 91(44- 14 31 ,4- 1 384- 31544-334-54 57 4JH4 16 4- 3 4-5644-M4 28 - 9544 M - 1104 103 4- 99 4- 17 81944- 194 4- Hi 8894- 54 844- 87H 4- 54 44- 14 11944- 194 334 11 "W4- 10 - 7544- 13 - 207 4- 75 304 ca 93 2144- 5544- 1014- 9a- 394 61 4- B34- 94 "H4-. 49 -C34 4- 75 -11334- 034 2734 41 124, - 49 194 4-89- 18 4-7344-59 4 MJ4 98 4- 61944- 1054- 88 4 7194 4- 195 98 -1854 4- 74 334 y4- 24 3 3 54 34 1 4 54 4 54 54 54 14 14 X 194 H 4 4 4 1 54 2 1i 1 !4 4 i 54 54 4 4 14 4 4 4 82 105 169,4-494-174-5894 4-01944. last week. 19i 1 54 4 H 114 Financial Briefs Propeeals BBTni.KllESt CITY WATER BONDSONE iu.i,ion auvr.N iilmhikd thou. b.M BOLUIID ll.10U,00O) Propoaalu wlli te rH(J ,rui i un p m HMdsr. May Jl. 1O311. fc u,i t,r .'"j if Iha ! "f On .Mi. II n Sven Hunrtrii ThouVand D-llra l ITW 00.. , , hondi "o bl (aued bv n.'l opjn th ereri 1 of the city of feathlehem. N"rihjmpian cvunt Pannayl nla. under and In rursuanr-e at an r.i Banco o( thy Cit (if Ileth eham pajifd s.p. tember 11 UJl" end it h, arrival Jn Philadelphia Stocks obtained at an ei.eiion h-id the. 4th .jav of November 1010 said honda to be ulfrt b' and In Ihe mm of the rity of Bth(ei,,m K Ki AKitA aa of Auauit 1 in?n , L."'l i";.?; i o.,i?. "ii .n.,-.b" w nnvially wt'Jout deduction for any payanie s.ml- normal cant texaa or othir eovernmfntal eharsea. to or 01 men unoininatioi than One Hunarea uouara inno) each . w..j" "-.----. -7 M-r --" - '.,, As Ray ba otainao ropai oiniwui. and num Tad consecutively, the prlnrlpal to mature na pfcoiny '"'," cu, v . . J-01 an inaieiiuiriiyi w .w iibiii inouiand Jw' .n T. '.. '"-'ne n rual II pollara llrat da y of February 10J4. the th ieeda of Tirai uw - - . --. 1 .M. aid bond! to muhu lor ine run-haae of the water wore" " ..--, . . win iinienm .City Water Cnrnpany under authority 0f rartlfieate of pubtu- o.mvenlence laued by tha Publlo Service rnmminlon of Pennsylvania All rropoiala and the envelope rontalnln Ihem niuat be piwniv marKea Blda for Water Honda and mini be accompanied bT Cerunea in.ru v....,ct ,w ,nr my 0f em 111 "i iii"'iii ui ine per cent .1 3f tne nonae mu "r mi oonos will delivered a eoon alter Aiiguit 1 ln;o. IV- 0 41 80 4. ti- 4-1 It ch 3 Am Gas 4ii 10 Brill ,T G -14 250 Kl Stor. 112 SO I Co X A 2!) TiO do rts 10 paid 17A 72.ri Lake Sup 13' i 27 I.eh nv, (V) O r.eh Vnl 41 1, 1-10 Va H U . 30", ) I'hila f'n cum pf. 30U 1024 Phil Kler 2.V 2.12 Phil R T. 2Cvn 4 Phil Trac 03J4 ,'iOTono He, 200 Tono Mln H5 I'fl I . . . 42-1, 10 tr R Stl. 02 Ti'ial ulef 32110 iharej compared with 12 'iL' klhires veaterdaj Thua far thle wetlc 13 01 Same period lt week 22,310. .SVi rhanse made by comparleon with lait ea un New Tork ytoek Exchanxe fommerrlal failures this eek In fnlted States ae reported b It G Dun &. ''! are 137 asalnst 10" last week, 13.1 In th preceding week, lind 106 In the corresponding week last year. Failures in Canada number in. against 1: laft week. 10 the preceding week and IS last year Hei-orejry In the Liberty bonds is the mo.it enoourartn? single development visible in the security marketa for some days. Liquidation of this premier sec.rlty has been constant and urgent and has so radically cut down quota tions that It has unnerved Investment sentiment I Denjamtn West Frailer, of the bank Ins house of Frarler & Co . of New York and Philadelphia, sails today on the steamship Baltic for an extended business trip In Europe. I The N'ew York Subtreasury gained I $1,499,000 from the hanks yesterday. I The N'ew York Cotton Exchange 1 membership of Philip J. Stelnbacher , has been sold to J. M. Anderson for ::.5nrt, nn increase of J500 from last sali itt 10 40 1111- 111U-1U, Th aPrasf price of twentv active no on J Industrial e'c.ks advanced "04 per cent vesterdfly u, sg 20 Shjie twentv rail- ,,, 1 roans auancefi n per sent to 7U.B8, l'-U4- 'ii U Huge breaks in prices and tremendous pressure to sell hae kept the Board of Trade in ne.trh "nnstant turmoil this week F!tnerirenc uctir.n tntmn tit end the railroad traffic blockade brought j enuui me .'vertsi or ine seinacKS in grain values, but confidence of holders had pre 'c.uslv bem much disturbed be generil ciedit tightening and by exten sive prlce-elashlne In department stores throughout the country Compared with a week ago. corn quotations this morn ing wre 13,4C to 20'ic lower, oats down 3ie to "!c, and provisions off 60c to J? 75 17i 12TJ 5071 414 Mi? .".0 2.1 201, n. 1H 1 42 li 02-X 30 2,i t;- 20ts Hi-i- 14- 12I 021,4- H J?1 MERRILL MADE RESIDENT Succeeds Late Walter Kerr In N. Y. Life Insurance and Trust Co. At a meeting of the trustees of the New York Life Insurance and Trust Co.. held on Friday. Edwin G. Merrill was elected president, to succeed ths late Walter Kerr. Mr Merrill was for eight years president of the Union Trust Co. of New York prior to its consolidation with the Central Trust Co.. and was vtoe) chairman and vice president of Oie Cen tral Union Trust Co. until December 31. 1919. The New York Life Insurance and Trust Co. was founded In 1830, and was the first financial Institution to bo or ganised with "Trust Company" as a part of Its original title It has always maoe a specialty of personal trusts, and dur ing Its whole existence of ninety years hss built up an excellent reputation for efficiency In this business. It Is a curious fact that for seventy years out of the ninety years of Its existence the company had but two presidents David Thompson, who served for twenty-five years, lilts to 1871. and Henry Par.sh. who served from 1S71 to 1915. The company Is still doing busi ness at 52 Wall street, New York, the original site upon which its business began In 1S30 Commodity Markets COTTON MARKET New York. May 22. The opening declines in the cotton market were recovered as a result of covering for over the week-end. but the market soon weakened again under renewed liquidation. Rumors that banlts are urging liquidation of cottn loans in the southwest, and that offerings of low gjades are Increasing, combined with the unfavorable view of the goods situation and prospects for good weath er in the belt caused July to sell off td 3 1 ,85c or 08 points net lower, while October also broke into new low grounds for the movement. a certll' JUthUbei aa praclieaDu, ine nurw.iyeri ii. Li accrued interest from 'he data of aald b.nd to tha iPme "f delivery The rlsht to reject any or AW$l lirUKi-1 Thorn.. Oan.y. c.t. oirk. Bothlehem. Pennsylvania .kaliu rnoros.i.s Bid aro belns atked bj the underlined - Until May 27. loan, for the ronatrijetuin $ ST" !' yards of paving by the Hlsh- ay Committee, of Njrrfstown. Pa . of one h following material! Vitrified Brick irUlock, Ameelte, 1-libertine or Topeka Jru. "lflcatlons and further Information mav olsad of 3. Cameron Corson, Borouih l.iineer City Hall NorrHtown. Pa. ( a ly PUIdends n'can Telephone & Telegraph Co. tvti'ivldtnd ef Two Pollers per share will vjijld on Thursdsy. July 15. 1020 10 tvojcider of record at tha close of bual llftviij Sturly, June 19, 1980, l'trli( "a, D, MILNE. Treasurer. atllt-nitlL 'a Salee v Jlrton 1 Lehigh Va ann. 0s ."1 I. ib Bonds .'Id -H.. K 4th 4i no.vDs tiom Net ehe 10 10. 10 ss r,a sfi.so 88 .10 . ss.nn ft-i.85 si 8- 2- 2.1 l-.ri Vie 48 UH.8I1 IIS. HO Ofl.flO .. 04 H.s tern ctf.102 101 A 101 H8 a 11-0 Phil Eleo 1st fia fl Ki M . . Total. 8U:.80(, compared with ll 4"0 .1 'erday Thua far thl week l3ft lnr. t,irrl. period lat week JfllS 00. DIVIDENDS DECLARED Central Electrlo Co . eemlannual o)c dividend of 2 per cant and quarterly 2 on all stock outstanding Doth dividends ar payable July 15 to etoek of record June 10 Chesebroush Manufaeturln Co . quarterly ! fO on common and II 75 on preferred both payable June 80 to stock of record June 1" International Agricultural Corroretlnn quarterly 1U per cent on preferred, payable Jutv 15 to stock, of rseord June 35 The Pratt Food Co. quarterly of s per cent, payable June 1. California Packing Corporation, quarterly $1 50 on common, poyable June 15 to stocic of record SJajsr 29. A Chicago flnard of Trade membership sold yesterday for 13751. off $100(1 from the previous sole FOREIGN EXCHANGE New Vork, May 22 All the foreign , eohangej. ,-r tlrm at the market opening this morning, demand sterling 1 "elllng at 3 83-b and cables at 3 841; Francs "ere up 05. selling at 13 70 for rabies and i-herks 13 72. Lire were firm. 1 quotation - helng 19 00 for cables and i-herks 1? 02 ' Other ouotations were Belgian rabies 13 20, checks 13.22 LIVESTOCK QUOTATIONS Chleaso. .fay 22 HOOS Eatlmated re eelpta 10 Ooo head, left over. 19.795 head. Medium around steady, 114.80 paid Avar are coet yesterday. 114 34 cAT.Iy:"';E,tml"ll reIPts, 8000 head. SHEEP Eatlmated receipts. I03f) head. PltUlinrsh. Pa., May 21 HOOcU-IU. t''VlnS!'J0.i"V1 Mrlt higher Heavies, 514 50314 75, heavy yorkers. 116 50O1S.60: lifht 'orkere, 514. 50B 15; pigs. 514314 25 SHEEP AND LAMDS-iltecllpta! 1200 head Market lower Top sheep. $10.50: top lambs 117. calves, receipt!, 76 head! market lower, top, tie P.aet Buffalo. Jf. V., May 22. CATTLE Ilecipta, 400 head Steady. Calves, receipts. 10110 head 75e hither. I4016. 1 lXift - Hecelpta, 1000 head. Slow. 10c to 2.1. . iwer Heavy, 114.501B. mlaed nnd w.rk-r. 115615.15: lltht. do. U4t4B0; pik 14. roughs, 112012 23: atais. (70. -HEEP AND UAMnS Hecelpta, 400 head. S'-adt Umlii, 18018: yearllnra. J12W l.l " iveihers. tlS.SuOM, awes. 10812 50. mid iheep 112.50915. Today's Range In Liberty Bonds Liberty 3s . . Liberty 2d 4s. . . Liberty 1st 4V4. Liberty 2d -IVis. Liberty 8d 4V4s. !-"viss cables 6 65. cheeks 6.67. cullder i 1-tDerty 4tn-'4 cables 35H checks 36H ; pesetas cables 18 70 checks 16 85; Stockholm rubles 21 10, cheeks 2100; Chrlstlania rabies lllf. checks 18 00. Copenhagen cables 1 40, checks 15 3 , marks. 2.40. YTCSTTIIDAVS ll.VAI. QUOTATIONS Sterling Pranca Lire Oullders Demsnd a K2Ti 1.7 10 27 SUA. Cables S SSS l5 7 10 25 8A TODAY'S OPKMNO QUOTATIONS Sterllns Francs Lire Ouilders Dmand 3 83 4 18 72 19,02 344. Cablet 5 mi 13 70 10 00 38H CIXJSI.VO QUOTATIONS Vic Notes 34. . (ir Notes 4s... High 02.20 81.00 80.00 84.38 88.50 85.00 06.24 00.30 Low 01.60 83.00 80.50 84.12 SS.10 84.72 00.00 00.04 Close 0240 83.00 86.00 84.20 88.30 84.80 00.00 00.00 Detninl Cables . Sterling Franci 3 84; 18.68 3.83 13.85 iv!Bouuae 16.03 t8tt MONEY-LENDIN"Q RATE8 PnlLADELPHIA Call, 8 per cent, hm R ner cent : commercial naner. I three to six months. 6 per cent 1 vnte These are merely nominal quotations as the legal rate of Interest in the state of Pennsylvania Is fixed at 8 per cent. Plus premium and commls slon time money for thirty to ninety days Is loanlnr at 7 per cent, while- commercial paper irom tnree to six months Is belns; offered at 7 and 7?4 per, pejit.j Test close Open July. 37. 03 87.70 Oct. . 34.00 84, 7(1 Dec. 3.1.88 83.57 Jan.. 88. in si so March 33.85 82.25 a7.5o 34. OS 33.8 Low 37 88 Xi .1" .03 R&nn 88.05 82.53 82.00 32.03 Cloea 87.558160 84 07072 33 SOjJdj 82.75 32.25040 GRAIN MARKET Clilcago, May 22. There wero t!o lent fluctuations In corn this morning ca a very moderate volume of business The undertone of the market improved after the start, but there was intense nervousness among brokers. Receints were 103 cars. ' May opened at ?1.80 to $1.70 and IV'on B0H ?' yM'Mday's last price of tiflr.,.,.!l,y w 1ll0i,l t $1.58 to fl.60 nt tha outvet and, after risin in $1.61. receded to $1.50. September at"lC50y $ t0 51,53 aDd UUr BoM Oats also moved erratically. Trade was mixed and lacking In direction, it wa. reported tnat 600,000 bushels of oats had been taken by exporters Cash wheat was weak and there was a general decline of 25 cents a barrel in flour. The receipts of oats here today were 78 cars. May opened ' cent lower, at SI and later sold at $1.01. Julv '. i'.fJz at 85c to 80c at the outset, against 85c "Wnv ndoytrtlay and later sold at 80?4c. September started at 73c to 73Vac. against 73Hc at the end yes terday, and later sold at 7358c. BUTTER, EGGS AND CHEESE New York. May 22 BUTTER Steadv Receipts 2JH tubs. CreameVy, hfahar than extra,. 22Wc: extra (02 Moray 6 li ttrst -(88 to 01 store), 6714 080.; iaeklnr stock, current make. No. 2. JoutSiie EQOS Weak. Recelota. 29J201 eases, morare packed, extra first 473 47140 do flrst. 44tf4Hei fresh aathertd extra flre?' 454 . C4jic. do, flrsUQ45S. itatef rinnly l CHEESE Sieady. Recelpta, 2150 haitm Plate, whola mlllc.lHts. held speetals ?Jlt; and colored. 81f82e, d6, avefaja ran. e ",t:t -.-;r: . i"r;. "--.-' -ii!!iii ineaa, ape mlllc.lUt 81f82e, ml k. fli dais, white and colored, 28H C29c doT'av.r. ageun, 27028c. .. vr BANK CLEARINGS Bank elsarlnrs today comparsd with cor responding dayjaet two years; 1020 1010 tale T)t,H 1A4 M4 BJ4 III Zni ... . t,".. H"yA.im isS'sTX "" io.o, Balte .. 1,7,888 ,48U Boston t 3,l8t,TU 51,850 10,954.381 ,T1 .tltMM Now York Bonds tBALTCS IN 110051 From Opening tXntll 1 .foon (W. T. Ttne) American Cot ton oil 0a 1 82 Amer Smelt's ft n 6s 8 78 A'n T T ell 1 74. A'n T T Bs 1 73 A'n T ft T 03H 1 2H O S2H Anc-Ftsneh s 14. 50.. .. a.. 8.. 15 . 1.. 23.. 8.. B.. 1.. 0. ssn P8U osu 05't 0RU 0SU osu 08 5 9SU ss n Ann Arbor 4s 1 49 Armour 4Hs 2 75H A T 8 P 4 1 70H 1. ... 70H A T t 8 P AJs 2. 02 1 . ... 03 3. ... 82 Atlantic Coaat Lino clt 1 73 Atlantic Coaat Lino Y 3. ... 0SH B Ohio 3Ha 1 784 1 .... 78tt Bait ft Ohio 4s B-. . . . 08H Bait Ohio 8s 1. ... SSH B.. .. 88H 3.. .. 584 Bait AlOhlo da 10. . H4S S . . S4T4 3 85 0. . . 85U 2 .. 85W 1 .. 85 TJ ft o a Win Rly 3H P.. .. 09U i . on1; B ft O Tol 4s 1.. . 48 Brk Rap T 7s 3. - 41 Cant Pac 1st 2. .. 85U 3 . 8tJ 1 .. 03; Ch ft O cr 5 s 4. ... 71 4 .... 70H 1.... 71 C ft Alton 3H 1... 334 1 33 Chicago B'n ft Qulncy 4a 2 . '.94 a . 93 '4 B 9374 Chicago ft (Vt Western 4 s 1 Bl" a.. 61 Chicago Mil ft 81 P ev 44s 4.i. ai; 3. . eis Chlcaso ft Nth West 34s 3... 0 Chlesgn ft Nth West Bs '87 1. .. 6 Chicago Kock I ft Pac fd 1.... 01', 3 3 b or Den ft It O fd 3. ... 42U DlstlU'a flecar Corp Bs 10... . T8 D Can 8s '31 7 08H D of Can '26 2 89 D of Can '29 1 OtH 3 01 O of Can '31 1 as Erie nrt ev D B 34 H Erie n n 4s 1.. .. 47 4 47 Great North'n niy 1st 1 73 Hud ft Man fd 1 BB Had A Man In S 18H I.!... 184 til Central fd 1.. ... 854 8 ... 834 III Cent' I 54 a 1 . . 834 4... 83 i Imp J Qv 1st .. 744 74 4 . 74H ... 76 J Ov 2nd ...74 73T4 73 H . 7344 74 ,. 74 J Clvt 4s ... B74i Info Met 44s 3 IB In Met ct 4 4s 40 14 tnterboro Rap Tran fd 1 52 2 . . . S3 1 . . S3 2 834 IB. . . 63 10. . 63 1 634 I M Marina s 1. . . 854 Kan C Ft 8 ft Memp 4 s 1. ... 59 K C A S'n 4s 3... 604 Kan C ft 8 6 1 . . .85 1.. . 834 Kansas City T Railway 4a 1 83U L'a Oas Co of St n Bs 1 714 Louis A Nash Mono 4s 1?.... 58 Mid 8 ft O Ss 1 1 6 a Imp 6. a. l 4 1 Imp 6. 70 J 78S 77U 77 77 'i Chile Cep'r Be 2. a.. 2 3 4 8 1 Mo Pac gm 4 a 21 .. 51H 3 81 4l 11. - . 1H 1.. 514 NYC 11 II R R 34 1 83 N T C ft II It nnd 1 70 x t c ii n R R en 4e 3... 844 81H N T C A H It 81 H Na 4s 1014 .1014 1014 101H 1014 ini, 1014 101 H 101 101S R 4a , 70 U 1 3.,.. 10.... 1.... 3.... 0..., 1.... 3.... a.... Reading a Republlo of Bs of '04 4 flOH 1.... 40H nu o & w ett 0 40 Ban A A A. V natln-ay 4a 3. .. 87 St L ft 9 K In 3 434 1 45 B 45 StL ft 8 Fraa Series A B B4 B 04 1 64 1. . - BJ?i 3. . . B4 3 84 ML A 8 Fran Series B 3 84 feab'd A I. a) 1 33", 4 33 H 1. . . 33a s na. Seab'd A I. Id 1 40 4 41 S'n raclflo fd 1. ... 89 3 89 B'n Paclflo 4s 4. .v.. 814 1 .... 03 S'n Pac.ev 4a 1 734 1 7IK S'n Pao ev 8 5.... 034 S Railways 4s 1... . B4 10 B4 10. . . 64 Third AHa 1 234 10 334 Union Pao fd STEEL OPERATIONS B7U 07 874 67 K Union Pao 4s 5 . .. 744 5 744 28 744. Union Pac ev IB 784 UK QB I '31 6 n.. 3.. 48.. 2.. 13.. 10.. 3.. U K rats 1.. 3. 3.. 1 . 1.. 944 04 4 944 045i 044 044 04 4 044 ft I 1. B.. a.. 8.. l . l l.. 74', I 744 V T C ft 74W R n 8s 74', 12 87 60 504 H I. 74', 744 74' Chile Cop'r 7e B ... 08 1. ... 084 1 . 084 0 .... 98 Chinese Oov't IMC Rlys Bs 1 42 City NT4 4 05 1 914 City Tsrls 8, 10 014 20. ... 014 4 . . 014 1 . .. 914 10 ... 914 Color'o ft 8 4s 2... . 74 9.. 74 8... . 74 Colo B'n 4 4s 1 07 2.... 064 Crnif'd Gae 7a a uuii Copenh'n Mil 1 784 Con'd Coal 01 Md 6a 73K Cuban C 8 ov 8 07 1. ... 80 1 ... 874 New Tork CI Lk Sh 34s 1.... 80 New T N It ft Hart'd 8a 8 854 M V Tel 44 38. ... 73 B. ..73 i 724 N T Tele's 6s 1.. .. 83 N ft. W cv 6s 3. ... 06 N"n Paclflo 8s 1 BO N'n Paclflo 4a 1 804 iOrg-Wash'n R Co Nav Co 4s 2 62 18 63 Pao T ft T 5j z 704 PHrai 44a 1 73 i Penna R Tl Bs 3 R24 T 82H B 834 4 824 Penna R n 7a 20 101S a b 33 . .. 084 . . 034 . .. 084 . . 084 - 034 U K U U ft I rets '2 2. .80 4 3.. .. 8lt 2 . . 90 UKODl'H 83 4 83 , 834 M 8Si B3H 88 '4 83 83 1.. 1.. 11.. 13.. V 8 Mexico 4, 29...... 284 V S Realty 5, 784 ... 784 ... 784 Rub'r 5a ... 784 .... 784 .... 70 Steel 5s ...00 .. 00 ...00 ... 00. ...90 ... 804 ... 84 jo 1 3. 3. L' 8 1. 1.. 1., U 8 1., .1. 3., 1. 1. 1., 18. 3.. Utah Power A Light 6s 1 76 Wabaah It 1st B 79 3 80 Westn Elec Bs 1. ... 9S4 West Ptc 1st 1 774 Wast Short 4s 1 664 W Shore rs 4s 1 es Wilson Co 1st 1 86 Wilson Co ct 4..... 844 Total 110.802.060. compared rrlth 124.78s,. 229 Jll'teraavi ll)u! '" "! ''I. S130,. 383,000; same period last week, 560.783,000 No Change In Refined Sugar Sxr Tork. Slav 22. -No new ni-li-e. are renorted In the raw or refined mm. markets this morning juid conditions In KCUCtUt IIMIUIH UelUMtaieBftCU ItUall VeS' uma.v. ON THE INCREASE REDUCTION SALES E SWEEPING WEST Movomont of FlnlsHod Product Shows No Improvement New Tork, Mar 22. Some Increases in plant operations are reported from the steel producing: centers for the last week, but th-morement of finished products shows no improvement. From time to time eteel authorities, have ex pressed the hope that the traffic con gestion will be lifted shortly, but during the last faw days tho first developments, which could lead to such a hope in definite shape took place. The efforts being made by government authorities to take steps to brine; about, first, a settlement of the labor troubles nf the railroads, and secondly, the re lief of the congestion which is- reported from all section of the country, arc be lieved to be fairly certain to succeed. However, it is admittel! that it will be weeks before anything like a normal situation will again prevail. 8ome steel companies report a falling off in the buying of steel products, but it is still uncertain as to whether this is due to the falling prices for neces saries alt over the country and the more stringent CTedlt arrangements, or to the fact that there is trouble on the railroads ia moving freight. ' Close students of the situation main tain that the reductions in necessaries and the reductions of credits have brought about the drop In the demand, pointing out that orders placed at this time, would not be nffected by the rail road situation, as deliveries would not be possible until late in the fall at the earliest, and by that time there would be no difficulty in shipping the finished products. One thins appears certain, and that is that premiums are disappearing more rapidly than ever before. Week by week for some time less has been heard about high prices for favorable product and shipments, and the buyers are not willing to wait for their goods until their turn comes on the books of tha steel mills. Some observers insist that If the present uncertain conditions con tinue for any length of time it is prob able that some important cancellations of contracts will be heard about "before the time n'rrives for specifying by the buyer. The pipe market continues strong. Delays in shipping the finished prod ucts to the buyers have caused niany complaints, but the makers are not in control of this situation and. there fore, cannot heln to any extent. The requirements of the oil field for tnbular goods are large and manufacturers of pipe are looking forward to a continued good demand for a long time. lu Iron and steel bars there is n tendency on the part ,of some makers to accept business for delivery In the next three or four months, although the lending interest is booked almost un to the end of the year. The mills accepting these nearby shipments "only a short time ago were noiaing oil lor premiums, on nearby material nnd higher quotations on future deliveries. Numbor Increasing Effective in Making Big Cloaranco of Goods Chicago, May 22.-A feature of ,,. week in general business In the W.i has been the large number of sale, ftf dry goods nnd clothing at subtnnii.i reductions in prices. The nimW " these appear to'be Increasing "Und ,r ' jor tr of them have been Z,m l making a big clearance of goods i, regard to retailers who are sellln ei at big reductions, wholesalers nn,l ut bers sar that the question of nJSl meat of stocks may be a botherAl matter for these dealers, as rood K and prices at the mills are not fol ing the cuts In retail prioee 'v An unusually large number of buver, are expected In the wholesale mnru, tho first week in June, which I, tu customary semiannual clearance n(fJi for Chicago wholesale house Rail situation appears to have m,nl some mprovement the past week li though it has been slow. Coal 1. n,or" ing more frcoly and there Is some . crease in the handling of general freight The shortage of help In the wit"). yards, however. Is felt keenly by mo,t of the roads. Steel business Is rettlctVd nnd western centers report n big A, matid for prompt shipment, with indt cations that- premiums would be nM where prompt shipment could be guar. anteed. nTi!ht m0?e 1 rejtrictlon of ered its have tended to check building oners. lions, but the building now In prom, is taking all materials that can be shin ped in. Uncertainty in regard to both money nnd labor is preventing th amount of apartment house building that would be ddue under more normal conditions. Grain - shipments from the Interior have Increased to some'extent. and there has been a considerable number of wnpty cars sent to western pelnti Every effort will be made to move th grain before new crop wheat and ot require to be moved. Money rates at Chicago were quoted 0 to 7 per cent on collateral; 7 to 1k per cent on commercial paper and 6 to 7 per cent over the counter. Col. lections are reported good. GOVERNMENT BONDS Psnsma coupon 2s, 1036, . Panama reilstcred 2s. 1038. Panama coupon 2a. 1938 Panama registered 2s. 193S. Panama coupon 3s, 1001.. . Panama registered Ss, 1301. Philippine 4s. 1034 hlllRDtne 4s. 1035 'hltlpptne 4s. 1936.... U 8 Govt coupon 2s. 1930... . V S Govt registered 2s. 1030. . U S Qovt coupon 4s, 1025.. . . V B Govt retlstered Is 1923. DIs of Columbia 3-U5. 192 1. . 101 103 J01 102 toi i: 101 103 77 77 M ;o o SO 90 lOt 101', 101 101 , 103H 104V, 10.M, inejv, 03 BAR SILVER Commercial bar Silver was quottl it an advance of one cent In New Torlc today, at II. 00H. in London the pries was 59 IJd, up d. An Income Every Month From Gvefully Selected Securities This is the Time to Save and Invest Your Money $1,940.62 will give you $140.00 per year Monthly Payments. We have selected a $500 3-Vear 7 Equipment Bond 600 in shares of an 8.Prefrred Stock 600 B.Yoar 7 Secured Nolo S00 in a, 6 Bond due 1831 A return of about 7.21 on Money Invested. Thesa Securities aje callable at prices that would bring $2092.50. jflAcKiE-qCg. Invtitmtnt Banker Members Philadelphia Stock Exchange Real Estate Trust BTdg. Philadelphia, Pa. I5l For safety of Principal and amount of income return we consider Liberty and Victory Bonds the most attractive in vestments in the market and advise their purchase. Cassatt & Co. Commercial Trust Building Philadelphia New York Baltimore Pittsburgh Siranton Novvv $ W.v . .14 :. l!l-J aia i.yrlMfki.1..-.l;:M,J. .uvt:
Significant historical Pennsylvania newspapers