- -- I, - - , , t.,n- . . ' . v t x t t r v , ,o- , j ? . " f . T i1, i i-.i " i n "ii - -- vf- f --- t"- "" 'r-i tiLi..A-fc'i j c?(
&.
!;
h
i ; i
fe. -'
y
t
i)
Mk
Southern Pacific Co.
Convertible 4 Bonds
1929
A direct obligation of
the Southern Pacific Co.
and followed by capital
stock with a present
market value of over
$254,000,000.'
We recommend this
issue to investors who
desire an early maturity.
Price to yield about
8.00 ft
Description upon request
ParslyBros.&Co.
UANKliltS
1421 CHE3TNUT STREET
PHILADELPHIA
NEW YORK STOCK EXCHANGE TRANSACTIONS
The Wages
of Capital
The investor with avail
able funds can today
receive the same large
return upon his capital
as the working man is
receiving for his labor.
Wages of both labor and
capital have advanced
to levels almost unparal
leled. This is an excep
tional time to invest if
you seek exceptional in
come advantages.
Write for our Investment
Letter No. E-75
Chandlers Company
Franklin Bank Bid?.
Philadelphia
New York
Nw IlsjTrn
Boston
llalllmort
Tochnic.il Conditions Influenced
General Covering of the Ex
tended Short Interest
New York. Mn.v 2o. Terliniml in
Alienees outweighed the bearish rroHivi
tics nf the profeiaionnl trntiers In to
dnj'H stock mnrket. nml with the de.
mnnd fnr in pure of the supply the
pendulum of the market trend nwune
upwnrd. There wns n substantial im
provement in prices with the extent of
cnin governed largely by the nmount of
the short commitments. The wider nd
VRnces therefore rtcre registered bv the
iiimc nctive speculative issues, although
i with the exception of the copper and
I mctnl groups the forward, or recovery
movement, reached out to nearlv all
part" of the list
The oversold condition of the market,
as result of the Jong period of bear
attacks and forced declines, was np
jiarent in the preceding sessions, but
In the absence of stimulating news de
velopments there wns no Incentive of
forclug n roerlng movement. There
i was no chnnge of conwqucuee in exist
ing conditions to warrant the nbout-
face turn In the market trend todav
either Nor was there any appreciable
improvement in the buying power. The
technical position, however, of the mar
ket ltelf was sufficient to bring about a
reversal in the trend of values
After nreliininarv nianenverinr. ilur
ing which n few stocks made small'
gains, the general market become more i
active nnd strong News from Mexico,
prompted fuither covering of the shorts,
in the oils nnd with the renewal call!
Irate ngoln fixed at 0 iter cent nnd with
apparently a bountiful supply at the
1 rate there was a general marking up of,
quotations along the line, the appre-
ciation becoming more marked as the
1 bear element bent n retreat. Motors nnd I
.equipments followed the steels and
equipments, ndvances running from 1
, to 3 points. There were substantial re- '
I coverlet also in the sugar, textile, to- j
, bacco. leather nnd chemicnl issues at i
gains of 1 to 5 points. At the snme
time the rails became more prominent
on fairly vigorous bujintt of Heading
I and Southern I'ncinc. Most of these
I gains were irregularly increased as the j
1 morning progressed, nlthough business
fell off to a marked extent at the higher
.levels, indicating the demand was still
extremely limited when the require -
, merits of the short Interest were satis
, heu
WNE OF LOCAL
MARKET STEADIER
Financing
? P P
t
Q. What is the cause i
of the record of S. W.
Straus & Co. of thirty
eight years wthout loss to
any investor?
A. The Straus Plan.
Q. What is the Straus ,
Plan? '
A. It is a strict and sci
entific system of invest
ment safeguards, which
has protected our custom
ers from loss for 38 years.
Our booklet. "Safety and
oyc, tells why and how.
Write for
specify
it today and
BOOKLET Q-396
SWSTRAUS&CO.
IITAH.UH10 ,,,, 1-COHKJS.ATJB
, STOCK KriI.OE IUILDINO.
' riui.i)Ki.riii
I Thlrtjdilit yrnr without las to unj
ImeMor
Reports of "Neil?
1 Brought Further Selling of
Philadelphia Electric
The High Yield
of
Liberty Bonds
Present conditions afford
most unusual opportunities
to purchase the safest of
all investments at very low
prices. U S. Liberty
Bonds are selling to jield
from 5', to well cer 6'r .
On request we will supply
a comparison of present
Liberty Loan prices.
Bonbright & Company
437 Cheitnut Street
Philadelphia
Chicago
Nw York
Boston
Detroit
There was also a somewhat steadier
tone to the local market. Imr imr.
.changes were unimportant and generally
meaningless. The more encouragement
was derived in the automatic withdrawal
of liquidating piessure There was eon-
Mderable uivergence of opinion as to
whether the liquidating movement iind
run its (oure The let-up today was
generally looked upon as a resting spell
in the completion of the more pressing
selling ordeis As to it resumption.
I it wns generally conceded that much
depends upon the credit situation or, nt
i least, in the success in adjusting the
present strained condition. While tho
market ordinarily would be considered
'in n thoroughly liquidated state, jet the
embarrassment cni-ouutrrcii in all' quar
ters to obtain the need amount of capi
tal requirements mnv force htill further
liquidation A ranvans of the bunk to
dav failed to show what might be called
appreciable improvement in the credit
situation Most nf the larger insti
tutions are still loaned up to the limit
In fmr. new money not virtually un
obtainable
Ueie and there through the list
t there wur continued selling pressure.
j possiblv more noticeable in Philadel
phia niectric than any of the other
local shareo. although the stock did not
get under yesterday's bottom price The
street is generally convinced there is
some foundftion in the recent talk of
new financing bv the company , which
in view of eriting conditions, will
undoubtedly take the form of another
note issue, although it is likeh to he
held in abeance until the tension in
iinestment market conditions cases up
a hit
Huy mg orders in I'ennvlvania flail
road were of sufficient wilunir as to
bung a recovery of a, ln ,inl ht0( k
to 3HT, Electric Storage Mattery on
small offerings dropped ,1 50 to 107,
but recovered ,1 of the loss Small
sales carried Brill down $L' to 40
I 'tilted Gas Improvement continued
teach at :." Philadelphia Itapnl
1 1 UUSU JK'ICI hi '
Sslc-s
1700
100
SftO
600
too
1100
300
1300
100
4.ion
400
IftOtl
200
100
200
200
2100
moo
A00
200
800
1700
300
too
1000
too
200
1.100
CJ00
too
000
UOrt
1300
00
200
100
100
2000
I0O0
1200
900
200
1200
600
too
2200
100
ion
iro
400
100
700
200
400
300
.100
300
1400
1 110(1
1400
100
100
100
32)0
1010
100
lltliO
300
100
500
1100
1300
400
100
3700
100
500
too
700
300
1390
5700
1000
S500
2000
1C0
6000
200
6011
102
100
301)
100
100
1700
700
ion
400
100
160C
4011
900
200
23000
100
2100
200
2700
100
100
14 'JO
1100
0O
100
1011
4011
DO
lion
i on
(iOII
3500
200
200
loo
10(1
500
300
500
inon
ion
2(100
1700
Hlsh
.. Ativanco rtumely ... 32
i Advance Humely pf . 62
. Alaska Gold Mines . 114
.. Alaska Junea O M. . VA
. All American Cables. 109K
.. Allls-Chalmera 32&
H Am Agrl diem .. RH
Am Been Sugar niyt
10 Am Dosch Magneta ..103?
.. Am Can 3flH
7 Am Can pf go yA
12 Am Car & Fdy 133
4 Am Cotton Oil 41 Yt
0 Am Drug Syn HH
. . Am Hide & Leather . 1J4
7 Am Hide & Leather pf. BOH
6 Am Internat Corp ... 83
1 Am Locomotive ... . 00
.. Am Safety Haior ... 14H
.. Am Ship & Com 20
4 Am Smelt & lief 58
3 Am Steel Foundries... 37H
7 Am Steel Kilyn pf.... 87
7 Am Sugar lief 128
10 Am Sumatra Tob .... 87
Am Tel & Cabto . . . . 48
8 Am Tel & Tel'. . 92 Ji
Am Tob Sco temp ctfs 53 H
7 Am Woolen 98H
7 Am Woclen pf. . . . . 9Hi
.. Am Zlna Lead & Sm.13H
4 Anaconda copper .... 55)4
4 Aso Dry Goods 29
o Atch Top & Santa Ka. 78
5 Atch Top & S Fc pf . . 7H
Mlanta Blrm & All..
7 Atl Ileflnlng 7 pf..,03K
10 Att Gulf A W I S S ,.14H
3.80 Baldwin Locomotive.. 11114
. Baltimoro & Ohio . . 31
4 Daltlmoro & Ohio pf . . 41 i4
8 Barrett 12014
. Bethlehem Motor ... 19U
Booth Fisheries ' H',4
ft Bethlehem Steel 83
5 Bethlehem Steel B... Rtttt
8 Bethlehem Stl S pf 105
7 Brown Shoo 1 0
7 Brown Shoe pf 93H
.. Bklyii Rapid Transit, lib
Bklyn U T ctfH of dep 814
2:80 Not
mv (NTtm) ctuw.
10 Burns Bros 10914
.. Butterlck iZ'A
.. Butte & Superior Cop, 21
. . tfnddc Central O ft It. 1614
.. California Petroleum. 3814
10 Canadian Paclflo . ..11514
n Central Leathor .... 04 S
4 Cerro do Pases Cop . 42
10 Chandler Motors . ..116
4 Chesapenko & Ohio ., 51'i
t'hlcago & Gt West . 8
3 Chicago & Gt West pf 2015
.. Chi Mil & St Paul ... 31 'A
.. Chi Mil & St Paul pf. 47 H
8 Chi Pneumatlo Tool.. 8114
. Chi n I & Pac . . 34H
l Chi I & Pac G pf. 01
7 Chi R I & Pao 7ro pf. 72X
.. Chile Copper 1514
1.50 Chino Copper 30,
1 Coca-Cola . . .32
3 Colorado Fuel & Iron. 30'
Columb Gaa & UIcc... 53 ti
1 Col Graphophone .... 31
0 Consolidated Cigar . 6114
7 Consolidated Gas .. . HO"
2 Con Interstate Cat M 14(
8 Consolidated Textiles. 31 ?
7 Continental Can 8114
1 Continental Candy .. 10H
4 Corn Products Ref .. 91 Js
2.50 ro'den & Co 32 H
12 Crucible Steel 123
. Cuba Cano Sugar.... 51 U
7 Cuba C.mo Sugar pf . hO'j
.. Cuiban Am Sugar, new 50l4
rener & Hlo Grande 6
.. Dcner & Ulo G pf . . . 104
a Detroit KUlson . . 07'j
1 Dome Mines 94
Klk Horn Coal pf . 20
It Kndicott-Johnson . 05
1 Endlcott-Johnson pf . 85 H
.. Eric 1th
.. Erie 1st pf 18?
. . Erie 2d pf 13 'i
8 Famous Players L ... OSU
7 Federal Mill & Smlt pf 389i
3 Flsk Rubber 29 H
.. Gaston Wms & Wig.. 11 li
General Cigar 61
8 General Electric .. ..14214
1 General Motors ctfs.,
6 General Motors pf...,
0 General Motors deb . ,
7 Gen Motors deb 7?o..
6 Goodrich B F
36'i
73
70
82
61
Granby Consol M & M 394
Gray Ials . . 22
Great Northern Df . . . 71i
Gt Nor Oro ctfs .... 35
Green Cananea Cop . 3014
Gulf Mcblle & Xor.. 12
Gulf State Steel 58
Haskell & Barker Car GT
Ilendee ctfs . . . . 32
Hupp Motor Car l
llltno's Central 3
Indlaliotna Ret 714
n Tnsniratlon r"oi. Cor) . 32Vs
.. Interboro Con Corp .i 315
.. Inter Con Corp pf. . 1114
. Int Agrlcul Corp . 12'
s Int AgTlcul Corp pf . 2
Intl Harvester New 122
. Int Mer Marine ... 30
Im Mer Marine pf . o3
Intemat Motortruck.. 5014
3.50 Int Motortruck 2d uf 6114
.. International Nickel . 17 'a
. International Paper . b7'i
I
fio
33
01
1(4
314
109 H
30 H
8314
SO
104H
3514
9014
130 14
4IH
11H
16)4
89 H
81
89 fi
14)4
20
56 H
3014
87
128
85
48
924
5214
95
9B14
13
54 U
28
78)1
72 H
0
103 H
182)
108H
30H
41
12014
18H
8
83
SO
10
1 0
93
.1114
814
10814
13
20)4
1614
27)4
113
63S
4014
12114
6114
8
2014
30);
4014
81 '4
33
61
72H
15
201a
31)4
30
53H
30)4
01)4
79 H
1 114
30
81)4
10)4
00)4
31
118)4
50
811 "4
57 ?i
0
in
07)4
oli
1814
05
05H
II li
17 la
13 li
69
3SH
a
11
00)2
141)2
24 J4
73
60
81)4
50 )
39 ?4
22 H
71
34 i
2D',
12
58
6214
32
10 14
83
04
49H
3)4
11
1714
78
120)4
28K
82
5014
6414
10)4
60
32 I- 114
62 Vi
IV ..
2)4
109M W
32)4 1)4
85)4 5
91)4 3)4
103H M
30 1
90)4 14
132)4 3)4
4114 JlH
UK
10)4 H
89H 3tt
82?4 1H
913
1414- K
20
58 I
7 I
87-1
128 3)4
87 IK
4S - 3
92J4 Vi
52)4 H
08)4 314
90)4
13H
55)4
29
78)4
73H
6
103H-
164 W
111
31
4114
12014
19)4
8
83 -7t
f
105
100
3i;
1114
8'4
109H 1)4
13
21
10)4 f
28)4
115)4
64)4
42
120
61)4
8
20
31
47 li
81 14
34H 01
724
15)4'
30H
33
30J4
63)4
31H
01)4
80)4
14)4
1014
9IJ4
32
123
51
8014 -50
-t-
0
10W
9714-
9'i
20
05 -B5fc-r
11?4T
18 '4
13 !4i
00)4 3S -2914
11)4
01 -142)4
26)4 4
73 -70
c
81)4 cor
39H
22 -r
71?4
35
30',4-r
12
68
63 -r
32
16)4
81
6H-
52 )i
3!4-r
llli
1714
78
122 -r
30 -r
83
60 14
04 In
17 14 -
67 '-;
H
V
y
H
I
t
l
14
14
H
' ' 14
114
1H
IS
1;
1
14
1
?4
n
l"4
3
!4
H
Vi
H
li
1H
H
H
l'4
1)4
1)4
14
1
V
1H
1
3
U.
't
414
a
1H
'4
14
l'4
1 4
1
114
lli
!4
1
14
i
3
H
4
114
14
l'i
14
H
314
'4
Sals
400
100
700
100
800
700
300
700
700
800
300
600
200
toioo
400
6500
1400
1200
1800
ItOO
1700
100
200
400
100
100
100
200
300
400
500
9(0
100
700
tOO
100
100
1100
390
300
1590
1100
310
100
too
37200
4000
100
3400
700
100
600
1700
000
6890
700
100
200
200
300
390
8200
700
'200
900
7200
71
7U0
HOO
5200
200
4300
1300
100
600
100
600
1403
23300
4700
900
40
609
4 SOU
100
200
12100
100
100
110O
10000
10100
100
2100
1100
100
500
1500
1800
too
600
300
3700
100
1500
3100
100
6000
100
100
100
55000
000
2300
400
351)1)
300
500
o00
2U0
100
300
100
100
1700
300
000
6400
500
0C0
100
Dlv,
. . Jewel Tea a
4 Kansas City Southern 15)4
4 Kelly-Spg Tire ...... 102
7 Kelsey Wlncl 69)4
t Kennecott Copper ... 26)4
it Keystone Tiro A Rub. 24
0 Lackawanna Steel ... 67 M
3.50 Lehigh Valley 41)4
. . Liggett & Myers rta. .. 1314
1 Loewo Co 28
. Loft Corp i)4
12 Ixirlllard Tob 134
., Maxwell Motor 33
10 Mexican Petroleum ..174
i an aim t-oppcr
1.60 Mlddlo States Corp.
4 Mldvale Steel & Ord
. . Minn & St L new. ,
. . Mo Kansas ft Texas
Mo Kansas ft Tex pf.
20)4
2914
t
1314
8
Missouri Paclflo 2114
Missouri Paclflo pf . . . 4014
3.50 National Acme .... 33)4
.. Nat Aniline ft Chem.. 57
7 Nat Aniline & eh pf. 83)4
.. .Vat Cloak fi Suit pf.. 93 li
. Nat Conduit & Cable. 0
A Nat Enam t Stamp.. 66
0 National TJcad 75)4
13
07)4
67)4
33
18
1
88
1 Neada Con Copper.
10 New York Air Brake.
New York Central....
New York Dock , . . .
New Torlc N H ft II..
New York Ont & W..
Norfolk & Westorn..
s
2.50
1
North American 48
Northern Paclflo .... 73
Nova Scotia S & C... 60
N'unally Co .. . .... lflU
Ohio Cities Gas 39
.10 Okla Prod ft Ref 4)4
.. Otis Steel 23
6 Paclflo Gas & Elec... 44
.. Pao Tel & Tel 40
6 Pan-Amer Petrol ....10194
7 Pan-Amer B 86)2
4 Parish & Bingham... 30
8 Pennsylvania R R.... :8)4
.. Penn Seaboard Steel. 24
. Penney J C pf . 90
.. Peoples Gas Chicago. 33
.. Peru Marquctto 33)4
2 Philadelphia Co 34
. Plerce-Arrow Mot.. . 48 H.
.. Pierce Oil 10)4
4 Pitt C C& St L 09)4
5 Pittsburgh G of P..,
. Pittsburgh & W Va..,
8 Pressed Steel Car
8 Pullman
14
14
V
1
114
ft
3
r.
5)4
114
14
2)4
1
14
K
!4
i;
H
54
1
n
65
. 28
. 06
,109
.106)4
91
07
10)4
8 Punta Alegre Sugar.
8 Railway Steel Sprlnr.
7 Rwy Steel Spring pf..
1 Ray Con Cop
4 Reading 82)4
2 Reading 2d pf . 41
. . Remington Typewriter 01
Replogle Steel 85 14
Republic Iron & Steel. 88)4
.. Republic Motortruck. 41
B.20 Royal Dutch Amer...ll7
.. St Louis San Fran .. 23)4
.. St Louis Southwest.. 11)
.. Saxon Motor 1014
8 Sears-Roebuck 203
.. Mhattucl; Arizona .... 014
Shell Transport . 75
Sinclair Oil 3014
0 Southern Paclflo 93
. Southern Rail 3114
Standard Oil of N J.. 090
Stan Oil of N J pf 101
Sta Oil of N J rts. ..
Stewart Warner Sp... 3S?
Stromberg Carb 01
Studcbaker 64
Superior Steel . . .46
Temtor Corn & F "A 40)4
.. Tenn Cop &Chem.... 10
U.50 Texas Co 4014
.. Texas & Pacific 40
H Tidewater Oil . . 205
6 Tobacco Products ... 64J
.. Transcontinental Oil . 14
5 Transuo & Wms Steel. 60)4
0 Union Bag & Paper . 77
.. Union OH 2814
10 Union Pacific 116
4 Union Pacific pf 63
12 United Fruit 188
.. United Rwy 1nest.. 8 54
3 United Retail Stores.. 73Ja
.. U S C I P & Fdy.... 10
fl U S Food Products .. 60
8 U S Ind Alcohol S4
S Realty & Imp... 52
S Rubber 834
S Rubber 1st pf... 10014
.74
. U
8 U
8 U
fl U
5.30 r
ft u
7 U
II
S Smelt & Ref 59)4
S Smelt & Kef pf . 43 14
S Steel 9214
U S Steel pf 1064
I'tnh Copper 71 !4
Utah Sec 214
Vanadium Corp 7014
Va-Carollna Chem ... 71
Vlxaudou Ina . 17)4
Va Iron Coal & Coke. 101
Wabash 2 14
Western Maryland ... 9
Western Paclflo 27
Western Pacific pf. . 0014
Western Union Tel. . 63)4
Westlnghouso E & M. 4714
Wheeling & L E 10
White Motor 0
Willys-Overland t'54
WIlBon & Co l Vt
Worthlneton Pump .. 03
W'eton V & M nf B . C18
3,80 Kel
I.OW tNTtm) Chk
8)4
16J4 14
103 3J4
69)4,
20)4 y
34 114
67 3K
41)4 1)4
13 - 14
Z8H 1)4
lili
133J4 1.,
33 - 54
.171 3
20)4 it
28J4
41)4
13)4
5)4
8
34)4
4014
33)4-
57
M14-
92)4
9
05
7514
13
9714
6714
33 -38
10
80
48
72
60 -r
10
381-i-4a
23
44
40-
101 31-i
0614 314
30
MJ4
S4
90
38
23J4
34
48
1054
69 14
66
38
90
109-
105)4 414
911
954- 1)4
10)4
8214 U4
t - 1
01 1
85)4 3
88)4 2)4
412
117
23)4
UI4
10)4
203
914-
75)4
3014
93
2114
090 40
101
- 't
3814 -r
01
63)4
40
40)4
10 4
40
4014 1
205 14
64)4 Ui
13)4
5014
7714
2814-i
11414
62
188
854-
73J4
16
0 2
83)4
53
J3
100)4
59)4
43)4
9314
10514
8)4
16)4
i
68)4
20
33
67
4054
13
31
11
132)4
23
171
19)4
38)4
40
13
6
7
53
40)4
3i
60
83)4
93)4
9
05
74
11
06
214
33
37
10
80
48
71)4
49
16
38)4
2314
'44
40
08
93J4
39
3814
32
90
33
2214
3414
4014
16)4
09(4
65 ,
37
96
109
103
0014
014
1014
81 14
41
110
83
85
40
116
33
11 J4
10
303
9
74
2014
01
2154
055
101
14
3814
01
eo J4
40
4014
014,
4514
3914
205
03
13
48)4
75
27
11414
02
186
814
72
10
5714
83
53
92
10014
6014
43)4
90
10514
0714
7
014
7014
17 T4
100
7V4
9
2014
00 !4
83 Vi
40)4
0
48
16
64
0154
08
1
1
3
54
114
:i4
(4
154
H
?
14
2
54
2
54
114
54
1
14
1
!
2
154
54
54
3)4
14
1J4
14
1J4
1
54
154
14
3
7114 a i4
7
70 54
71
1714
101
754
9
27
00W r
8314
47?4
10
40
1714
6414
2 1
OS 14
14
3
1
54
154
154
154
154
54
"l4
H4
Ex-diviJuiJ
EXCHANGE
Commodity Markets
COTTON MARKET
Vorlc. Mnv Jfi In line
with
frac tionalh higher at li.'"'
Viv nrU Mnv lit
fi..0 t t.lrnrnnnl. clue to Manclies
o. v,,,rin nncl n better tone to the
Egyptian market, cotton opened rather
firm this morning, with first prices o
points lower to s points higher.
Spot houses nnd Liverpool bought on
i i,. ... " th,. nneninir. In addition, considerate
:.' ...-. .- ,-
Philadelphia Stocks
New York,
Philadelphia &
Norfolk 1st 4s, 1939
Philadelphia National
Bank Stock
.David LuptoiVs Sons
prcf.
Isaac Starr, Jr. & Co.
15th and Chestnut Streets
8prucs 3KK.I
It no I8AA
I VI M
Hiich l.n4 p m chue
.il HI Stnr Kill 17 111!) . ij
1 'i"li Asph
pref . 102 0J 10'J U,
1s, I Co N A LI) L'Vl, SO ..
NO.-, l.nke Sup l'M4 l-JU, 12'l4-r '4
J." I.eh Nav .in r.n .10 . .
17 I.eh Vnl. ls II i4 lK-r
r.-.'i Va n n :i'i .!m4 ;m 4. a.
1.1MI l'llll -.- '' I'l'-s I'Pi .
IU.1 Phil li T 2i) 'J0 20 ' .
S tHendlng M XI S1 .
TIKI t'i'ians Oil 1. v.. l.Tij 1,.i a,
I.1.T i n Trac Itlij ,T1 iK :n 14 .
.1.1 1 r, i rji iui; 12 ij..
KM) War Iron
A. Steel v. m, S'4 - 1,
s rharg md b tnmnjnwn ith laat
id . on Nw Tor Hturk Bxrhnnffc
Sa b n IIIIMIs 1 311 ,.
Hi0ii Mian Low p ni m
10' . Klec & I'eo
Ti t 15 .is rs 1..
Ill l.nke Sup
inc ,1s I'.l III .Jl I .
J l.c-h ul II- UK's !M JU-. sj
Jii l.ih ll'itids
Jd -t',s . s ;,o 1 -,o si ;,n- 0
l'i i .1 1th -1'4 .Is ".li K, 'JO S.1 :!' 02
1 HI ic i's !MI 10 IMI08 IKi 10- .10
'..I'll tern elf 102 102 102 -r
fi . I'liiiii Klec-
1st .1 S 1. V! fc", ..
I U'elshjcn.'H lIH'i !St , flfel', .
LONDON STOCK MARKET
..ir, .i..viinned. ndvauc ng October
about 2.1 points over the previous c one,
nt which level Wall street selling
checked furthet rihe nnd caused reac
tions of about 20 points.
The weather was generally favoraDis,
except for private icports of consider
able 1 am at n few points in Georgia.
The receipts at the ports for the day
are climated nt 10.000 bales, against
31 r,T. bules Inst, week and 20,4d7 bales
a ear ago
Pre clnj opnln li
.,- n .it 1111 a,
Ian
Nfirch
MT ni
11 K.
3.1 Vi
.12 as
il "in
,17 no
S4 10
31 IS
:il u.'i
3; JII
M in
:is 4'j
1 p. in
37 43
34 64
.13 II 3
i FOREIGN
New York, May 25 The foreign ox
I change market opened Irregular this
I morning, sterling being weak and fiancs
1 and marks strong Demand sterling was
quoted nt 3 S4 ana cables a m. Tonc
cables sold for 13 40 and checks at 13.42
Lire cables were 18 80 and checks 18 62
Other quotations were
Belgian cables 12.90 checks 12 92.
Swiss cables S 62. checks 6 64 . guilder
cablea 36 a. checks 36 , , pesetas cables
16 76, checks 16 70 , Stockholm cables
21.10, checks 21O0. f'hrlstlanla cables
18.15, checks 18 0B. Copenhagen cables
16.50, checks 16 40 , marks 2 62.
The markets wero liighlj erratic
during tho forenoon sterling cables ad.
vanclmr to 3 85S and receding toward
noon to 3 85 demand 3 84, Francs
and lire were exceptionally strong on
the resumption of dealings In lxndon.
but were quieter around noon at 13.00
for franc cables and 13 02 for checks
a new high for the .year Lire cables
Bold for 18 00 and checks for 18 02
Marks were strong at 2 64
VESTEUDAT P FINAL QUOTATIONS
Sterling I'rrcs l.lie CtulM"'
Dmnd 8 SHU 13 2 18 42 SUA
Cable 8 147 18 30 18 40 Sim
TO-PAY 8 OPENING QUOTATIONS
Sterling rtanr l.lre Oullrt'rs
Demand 3 H4 is 4J iH.nz ass
IUV.C . MW,
Philadelphia Markets
I'ENNA. TAX FREE
SECURITIES
PAUL & CO.
Members I'IiIIh. Stork Kirlianxe
1421 CHESTNUT STREET
Oil Group Reacts After Advancing,'
but Changes Are Narrow j
London, Mav 25 Generally the slock1
markets r stea but trading was
Mglit 1 ho attendance was umall n-unv
brokers having extended yesletUa .1
lioMda
While the gilt-edged section waa hard
there was a disposition to wait for the
final decision with regard to the levy un
war ue.iltl Dollar securities wrn
lower, owing to nervousness over finan
cial and commercial conditions in the
t nited States
f'er irdMiiicin; there was a. reaction
ci 'iio 01 group, but cnangru wer nar
tow Shell TrunctKirt wan 9 15-16 and
.Mexican Ba?les 84.
GRAIN MARKET
Chicago. Mav 2.1 Corn again ex
hibited strength m the early trading
todav
t firdt there was scattered uujiuk.
and offertugs weic liniiied fmmis
I sion houses Rold on the rise. The rc
1 minrs heie tocla.v wero 11.1 cars.
Mav opened nt SI Rfl. against SI SS1.
at the end vesterdn.v. and moved up to
SI h'j .lulv started at 51.111 to
$1 02, compared with $1.01 at the
close vestcrdav and later sold at
SI OS'is September was quoted at
SI .11 ".? to SI .VJ'j at the start, against
$1 .IP,, ifsterday's last price, nnd sold
nt $1 .12.
rn. nnonnrl firmer on scattered buy
ing and a hick of offerings. Trude was
light nnd mixed I.ocul operators were
waiting for developments. Heceipts
were 120 cars.
Mav opeued 'jc higher, nt fl diilv
started at 88140 to 889hl against Siae
nt (he close sterday. September
started at 7,V,c to 7.1c, ngaiust 7l'jc
:it the end jesteidny
Iecelpts of wheat here todnv were
nineteen cars, nt Minneapolis, 22.' cars,
and at Uulutli, forti-one cats
30':
l.eadinc tuturea ranged as follows
(Chlcan time'
corn lne delivery) 1(1 30 Ves
open Itlirn lniy u ni c io9
I 1IM I in -I nt '4 J CIV
1 d.4 i.ni. i Wh 1 niv;
j Sit
1 cu'i
Mav .
Julv
Outl-
vi 1 1 net i nm 1 no 1 01 .
Jul! . Stl'i 8II' 8JI1. '!'
Juvrl i14 r.O .15 00 .14 5 34 70
lu'''"', 21 III il ii 21 07 til 17
Jllly"".7,JIUT IS.Sft M8.1T tl8 25
tin,
'
ll '.M
.'I 17
18.22
MONEY-LENDING RATES
NKW YOIIK Monev on call, both
classes of collateral opened todav at 6
per cent for lending ami renewing
Conditions were unchanged tn the
tr.arke fir time funds Qunt.it Ions
wcr 1 omlnal at S'tfc'J per cent with
only an occasional transaction and that
at tho higher llgure
!? m prime hank acceptances were
one'ianreci with 6'a per cent bid for
ji.-'ne eligible member nmetv-dav bills
and 6 per cent tho offering llgure. Pall
cvin on acceptances weie unchanged
s- 6' per cent
In mercantile paper there was prac
tically nothing new The late was 7
je- cent One or iwo of the latger
hanks were said to be asking higher
figures
rilll. IKI.PIII. Pall 6 per cent:
time 6 per cent, commercial paper,
three to six months, 6 per cent
( Vote These are merely nominal
quotations as the legal rate of interest
in the siRte of Pennsylv-.nia Is fixed at
fl per cent Plus premium nnd commis
sion time money for thirty to ninety
days Ih loaning at 7 per cent, while
commercial paper from three to six
months l being offered at 7 and 7'
pa r cent )
MlMiiiv- Money
por cult, fusoount
ihree months' bills,
cent.
Is quoted at
rate, short
C 13-16tr6T4
5'i
ami
per
Refined Sugar Market Unchanged
New cirk. May 26 The relined sugnr
market remained unchanged, the Amerl
can Sugar Co, and tho National Co. mak
ing allotments l prices prnvniuniy re-
ortcu Tile ruw icmrivei icjr pruniin.
ubas Js uncliangou, acinanu noiuing
strong.
WHEAT Itecelpls 173 ltm buif.ele The
Ridrkut ruled firm ut mvrnmii prices
CORN HecelptK. 3700 luhe Quiet
but offerings llsht and market firmer We
'tuoto. as to quality nnd location, at S2
L'.07, ths latter for No B ellow
OATS Ilecelpta 20 81 bunheln Nom
inal under oarclt
FIJUIl rtocolpti!, 2 114 CII0 pounds In
BHckM Dull and weak Per 10(1 Ibe
pvck.d In 140-lb. Jut enrks Koft winter
straight western 113 2oftl3 r,i) do. do,
nearht $1.' W3 1 S 25 linril winter straight
J13 5014 50, do, ehort patent 514 50
15 50 Hprlnir first rlcar IllWIJ do tmi
ent 5141(14 60. do hhort patent 514 751
16 25 fancy aprlng and llj nulls imtem
family bnenda, $ 1 II (? 1 0 50 I!m, flour. 512
M14
I'HOVISIONS were ateadv but quiet Quo
tations were as (ollowii Reef In sets,
nmoked and alr-drled 51c best knuckles and
tenders smoked and alr-drled 52c poik,
family 4hc hams H I' cirert l.wse DII7P
,'IOc do skinned oose a7'y3,ic, do, do,
smo'cer 3lt 40f . ban's linlled boncdesn 53cj
plcn'o shoulders S I' fureil looie, 24c c o.
binoked 2."r lielhs Iti ri'-l loot. 25c
breakfast bacon H4o lard 23i3c
HUT I'En declined Ir sn,l 1 pjeked rieam
en fancy hlgh-srorlng goo-le H2ffl(14c,
trns Olr extiu firsts MifiROc tlrats 57
5sc seconds 4Sifl,15c s,s" ereani'ry cholcn
10 fancj 033 115c, ordinarv to good 51
O-.v prints jnbblrcr nt 701 72c lur fancy and
at 5tl(9c)3c for fair to uood
l;0(',H were nior ntnMfu and apaln low
er ln free cases, nr-ti' firsts 3ijc per
doen ne.irtn. mrrent net pt 2,jc, rear
In fair 4ii1fi41VJc 11111.rn extru tlrsta,
431, e western firsts 4111,(142140 seconds
.ISIJ.ISc selected liesh ctgs Jobblrr al 51 r
53c per dozen
CHEESK Fancy unci, rn,c. ord Trm
QuolBtluni New York sia'e tnilx-mllk Hats,
held faticn' 32c specl.i s higher do, evarpR
run j.'iffSIr state whe e milk current
make best, 30o common t good 24 ft 20c.
jobbing sslea of fano held ;oodr 333li'
LIVE roULTUV-I'o l fninv S0ff4cir
do common to good Hh'13H- broiling chick
ens fancv vellnw-sklnn'.i noi leghorns,
wslahlng l'aW2 lbs aou e 7HM75C vveUh.
lug 11' lbs miiece cciTi r,r hltn Leg
horn broilers weighing P',iTrl !! apiece,
55(cfl0c weighing Ifll'i .h apiece, 4561
50o old roosters S.'ft.'V rtucas STWSOe,
pigeons, old, twr pan .Miiioc do, lining,
45c
nrtEHSED POULTItV -K.irls fresh killed
drv picked In boxes w.ign'.ng 45 ltm
apiece 43c weighing .T-, I . 41&I.V.
welshing 3 lbs 87039c furls freh-klllcd
In bbls. dryplcted w.Uhinr 405 Ibi '.
apiece 42c, weighing 8'-, lbs, 40041c,
weighing 8 lbs . 16 037c n'd roostsro dry
picked, 30c
FRESH Kill ITS -Annes per hbl as tn
nualltv 100 10 do poi box t2 60fl4 50
oranges Florida perl k ti softs ,n c U
fornta per box II '.; 0 ;:. (Jranefrult
Florida pr box IWI ,S Pineapple, Hn
vann. per crale J5 5ii 'a il Htrawberne.
southern per uuart 2'iflT,
VEUKTAHLEa While coia Florida,
per bid No l.S13'll No 2 I314 .No
: 17411)50. White potam.s , pr CK(
1(115117 50 do pel l',ll n, nag D60'
1150 Hweot potctoes le ,. p,r basket
1182 75 Cabbage Bou'lici p., bbl ciate,
11 75W3 Crtilons Tevas i.ruat II SuiSJ
DIVIDENDS DECLARED
Libby McNeil , Lihbv semiannual nf 5u
rents payable lulv I tn stock of record
June 5
Arkansas Natural (Js Co , ouartorlj of
X't per rent on preferred payabln Aug'ist 2
to stock nf reco-d June 1
American Can Co . cjusrterly nf 1 psr
cent on jreferred pajabl July I to stock
uf record June 10,
Central Leather fo quarterly 1 per
rnt on Drsf erred. Diyabla July 1 tn aiork nt
raord Jus 10.
BETTER DEMAND
FOR CURB ISSUES
Industrials and Oils Make Good
Gains Indian Pack
ing Up
Now York. Mar 2.', Stocks were In
better demand on the curb today, n
largo number of industrials nnd the pe
troleum issues making substantial gains.
A feature of the trading was the ap
pearance of new interests an buyers of
Indian racking, which rose over one
point to above 0. the movement being
regarded by some as Indicating a com
ing change in management. Submarine
Tton't was- fairly active, ranging from
12 to 12Vj, and there was a belter
demand for Aetna Explosives, which
sold from 0 to 0U.
lionMon Oil rose to (10 in the early
troding nnd there were fairly large
dealings in General Asphalt which
ranged from 0401 to COVi. Phllllpn Pe
troleum, which wns strong while other
issues were weak recently, reacted
about 1 point to 35.
Texas Pacific Coal was steady at
42,,i to 42')i. Tho rights were traded
in at l(Hs to 10. Hedcn Chemical
sold nt 4 to 4.
TNDrj8TUMI.8
2U
O'i
Acme Coal .
Amer Candy
Am Woolen nts .
Oenernl Asphalt ...
Orape Ola -
drape Ola pf
Ho don Chemical
Llgmar Coal ....
Atlas Truck .
.Mercer Motors . .
I'erfectlon Tire . ...
Iladlo Com
Radio Com pr . . . .
linger .MffT
Submarine, float
Hweets Co
'rimea flmiar AtltO
Times Ko,uare Autn pf
l; s llign Bpeta iooi
tl II I, 4 H ... .
U 8 Steam . .
United I'rofllslmrlng
United Ilet Candy .
Union Carbide . . .
Hoy do Jnc
STANDAItl) OILS
Allen Oil 2'i
Allied Oil 3S
Ark Nat tins rli
Hoston-wsominsr . . . ...it
Carlb Syn 2;
Klk Ilasln I'et ?
Federal Oil 2i
Olenrock Oil 24
Oranada
(luffey Olllesplo "i
Houston Oil OH
nt l'etrol "
4
.. ni
. . 2A
. . . 4H
... 14
... 11'4
...16
... 2A
:': 2',,
. . 120
. . 12Vi
... 1U
. 33J4
133
.. 32
n
. 14
, B7
. 6;
2'4
65
M
14
im
ir.
2'.
J:
120
12..
t
mW
131
31
14
io
334
Island Oil
Kay County Gas
Livingston
Metropolitan
Mex i'an
North Am Oil
Ohio Fuel
Okla Nat (las
Phillips Tet
lied Hock Oil
Hjnn Oil
hapulpa Ref
Hequoyah Oil ....
Slmma Pet
Skelly Oil .. .
Spencer Pet
Stanton Oil
Stelner Oil
Texas Ranger
Texas Paclflo Coal
Texas Pacific Coal rts. ..
Tropical Oil
Victoria Oil new
Vulcan Oil
White Oil
Pittsburgh
MLNINO
Alaska II r Columbia
Atlantn
liclcher Divide.
Ilelcher Extension
1Mb Ledge ... . .
Uooth
Caledonia Arming
Candelarla Mining .....
Carson Hill
Cons Arizona
Cons Virginia
Cortcz Silver
Crcsson Gold ...
Crescent McNamara. . ....
Divide Ext
El Salvador
liold Cons
Gold Devel
Uold Kuwana
Gold Merger
Gold hllver Pick ,
Gold Zone
Kinma silver
Hecla Mlnlns
Jumbo Extension
Knox Dlvldrt
Louisiana Co
MoNamara
Marsh .Mining-
Motncr i.od
North Star
Ophlr Sliver
l'rinco con
Rex Cons
Rochester Mints
Rope Group
Ban Toy .
Sliver King of Ariz. ...
S hllver Lead
Success Mining
Tonopali Cash Doy
Tonopah Dlvldo
ronopan Extension
Tonopnh-JIm Ilutter . ..j.
Tonopah Midway
Tonopah Mining
Tonopah ATI I pah . . .
Tonopah Rescue Eu a . . .
United Eastern
Vlttorv ....
West End C
Willie Caps
unite Cans Kxt
Wilbert
Yerrlnrton
IIO.NDS
Allied Pack tis
A C I, in ...
Chi t'n Sta own .... I
O C C & St I. fls
Goodrich 7s
I It L 7
Kennecott Cop 7
L L,S 7s
Russian Gov l!W a
Swedish Uuv Us ..
n;
14
14
3V4
25
;m'-i
30J4
3V
44
?
II J.
II)
24
4
1
20
i
34
20
13
K
in
ii
7
.'
27
7A
.!:
60
14
31
2tt
1)
7
HI
8
4'i
r,
ti
4
'.
IR
57
4
14
OS
1B4
2,
4!4
1
424
10M.
18'i
s;
10
13
1
3
57
20
IS
8
t
5
II
18
n
',,
5
14
4
5
tl
lti
,H
11
in"
14
r.
12
H4
8
11
3
clij
1)8
(IDU
83Va
115
72
li
0,
25
b4
'
R
1U
"-
5
m
l4
5
(I
IS
15
II
li"
14
3
11
IS
8
rt
3
OSS
07S
100'
88'
J44
IH
1DJ4
2'f
1
4JS
)-,
20
IS
34
20
13
Vi
H
7
20S
A
50
l'i
s
211
2S
II
7
IH
8
i
A
II
It
57
M
fl
in
S
5
JL;
5
0
IS
ii
ii
.i
14
A
12
IS
8
ii
3
ss
05
100'i
H3'
04S U4S
li 72
lll'i
OBS
24
84
LOCAL MINING STOCKS
TONOPAH STOCKS
n,d
each Hoy OH
Jim Duller . 15
MncNamam ,'.
MacNamara Cres
Mldwn
Munah Extension ,. .
Monlani.
North btar
Rescue Eula
Turopah Hxl-nilon ...
West hind
Wcit Tonopah
.01
.11
0.4
.15
IS
Allied Divl.l
All.) Divide . .
Ho char
Ilelcher Extension
Hen Hui
llrouch Divide
I) vide extension
Dlv Ids Syndlrats
Dlvldo Con
Dividend . .
L'asl Divide
Ilarmlll Hasbrnuck Divide
lllHh Divide
Revert Divide
Henn Divide
Itosetto
Silver King
'lononah filvlde .
Ton Hasbrourk .
Ictorj Divide
Verde Divide
Zoiih
D'VIDK STOCKS
0
02
.05
on
,1)2
10
'7
"ill
02
cm
.02
'(
02
01
05
.01
.01
.02
IS
.00
12
.01
18
OIL
DOS
24
84
Ask
OS
17
II
17
111
05
.17
1H
05 '
02
01
1)7
08
03
15
20
ni
113
ill
03
t
GOLDKIELD STOCKS
Ailanla . . 01
Illue Hull .
Honih
COD
c'ninh Frsr . ..
I'ruckerJaCiC .
iinmf ii H . ..
Daisy
r lorence
(loldfleld Con
Go dtle d .Merger
Gold Dev .
Great fiend
Jumbo Extension
Kewanaa
8J
02
02
on
01
01
. . .Ill)
.02
07
. , 01
.no
02
. . 05
:. . . 01
02
07
01
MlfiCELLANKOL'S
Amparo . . IS
Arizona United .10
Kdn 't
Mother Lode 5S
Nevada Hill . . .02
Nevada nand .20 .
Nevada Wonder . '4
Tecopa Mining . 08
Whlta caps un
Wilbert 08
Lono Star
flri . .
Red Hills .
Silver l'lrk
bpeurhead
L
03
08
01
03
03
l'i
08
13
113
20
01
03
Oil
m
01
It
ou
0J
'4
.11
.03
on
m
07
01
no
02
.04
on
.05
IS
.15
..
04
25
,2A
.08
.08
BANK CLEARINQS
Rank clearings today compared with cor
responding day last two jraisi
1020 1010 ISIS
PhIM 7T,O01.(180 Sn2,5nH,760 J50.105.745
I'ultlm'n Hiur,3,8l4 lQ,M3.n4 . ,
N. York- M0.74y.4UU 5J0,li4J,7n7 T25,48u,43M
Mviia ti,fv. is ov,vi4s4a v.tt,vsa
css
ss
CKV
FREE:
i
Counsel of Leading Manufacturers
and Jobbers on Vital Business Problems
Think of having your 1920 business course charted out
by the keenest and most successful minds in every line
of trade: of being: able to eet the unbiased advice of
real leaders on Buying and Selling, Terms of Sale, Col
lecting, Borrowing, Measuring the Credit Limits, etc.
The tremendous value of such data to ypu individually
as well as the whole business world is obvious. Yet
it is now at your disposal, if you are a manufacturer
jobber or banker, in the form of a condensed report
which will be sent you frtt upon request. No copies
sent to retailers or private individuals. Tell your ste
nographer to write or phone for a copy this day.
AMERICAN CREDIT-INDEMNITY CO.
or NEW YORK E. M. TREAT, piesident
ItSUKS STANDARD UNLIMITED POLICIES
W. 3. Morpliy, Mnnager,
I F. MeFadden, OenAgt.
Mntnal Life of N. T. THdr..
Phone Filbert BB03.
Philadelphia, Pa.
TT"E TAKE pleasure in announcing
1 that, from and after this date,
our business in the State of Pennsyl
vania will be under the management
of Mr. Graham Roberts, who will
have associated with him Mr. J. R.
Montgomery, for some time past our
representative in the city of Phila
delphia. Our office is now located at 1518
Walnut street. Telephone Locust
5395-6.
Blair c& Co., Inc.
New York, May 24th, 1920.
r
Your Dollars
Are Working to Advantage
and are safely invested when you purchase the Preferred
stocks of well-established Manufacturing Companies
earning several times dividend requirements.
They arc assisting the further development and expan
sion of our industries, and creating greater opportunities
for the employment of our people.
If'e have a carefully Selected List
tf Preferred Stocks yielding 8$
tehich we can recommend ti tht
most ctmervative investor.
Ask for llooklct .Vo. J''.l"
Holliser,WKi'te 8c Co.
iMCOaPOWATf o.
North American Building
BOSTON rrlll.AUliLl'HIA NEW YORK
NEWARK smiNCFlELD PROVIDENCE PITTUniXD PORTLAND
Free of Tax in Pennsylvania
EXEMPT FROM ALL FEDERAL INCOME TAX
$100,000
West Chester, Pa., 5 Imp. Bonds
Dated June 1st, 1920 Maturing serially 1921 to 1949
Price and full information upon application.
FRAZIER & CO. M. M. FREEMAN & CO.
421 Chestnut St.
I'honc, Lombard 710
Broad and Sansom Sts.
I'honc, Walnut 5370
A Recent Nation-Wide
utortifig
Investigation
showed tht 90 of those merchants ?
business with nn invested capital of hut ?auu ',
$5000 failed. Tho remaining 10 kept body
In moat cases sought the advice and counse i w
reliable bank or trust company in aw
financial dealings. -
REAL ESTATE TRUST CO.
OF PHILADELPHIA i
Broad and Chestritrt Sts.
J
.1
-rf
f
'
afshstSsliissUBU
Ailj-
JMJfV'V'WrWirjiis'isps' r'' vjy'ix ', ' i .'J.'1
j! .,
i.r, 'j
atmixvrjfpi&m