i ffHlf III MM mi in 1 1 iiipwrirr ir ii ii nr 111 mi i i iiiiiiimiiiiiMiin 'iimi i imiiiiii 1 1 1 is 1 nil- -- 1 1 is 1 I'iiw in ' 1 w'"is in 1 in hi hi a- ';' ."'- .. w ismr-" '.,. s ,"ik' , ... fvr'.-- ' ., . '...i1. ..." .-.' -.." ft IT WR Lffll 'v . M d- i 151 Ovl 'f In' -'VkMrt her V 1 rol; elglft' utK &". seco jocniv Chett rcr. frs' iftethWJ " II V.mPj It 5?fe trio i'JBojtt- an duri ?3i a mo cert the tvLi! set. A O. itD I. tfitf est R um V;W RVnm-'i.' tr C - "iw ' : Mrs. D ji2LI--r- , Iderit. V ' ' V One theVrK to though i emu no mi" v, -r-"- . - rn. fit vermes - o Rets 1 '( for li hr Toi will K, 31mm :1 get S .Baft thn t &. tho af withl. net w" I for fie. IH' prizes. twice, placed etart'l tha" ci Jor-ta then? "Wfc! m : Of 1 wHruVM- Vv turtle sn hf$ la"" fifth,, vfer leH: th' ri' lsthri UP pi Mf ' W,i Mi , CXRHaf "VEti ' iyNn(r.M&Iiti (ire mmw, MfKf 1 :. m Ri.flJTOt'il KJ m;'r ,i 'JK v i Bra m ,num. .-sr "." i Kv;'?me Make Your July Reservations Farly OUR July Investment Guiclc, now in the liimds of the printer, de scribes , an exceptionally attractive and well-diversified list of first mortgage serial bonds, safeguarded under the Straus Plan, in $1,000 and $500 denomina tions, .yielding the favor able interest rate of 6. We suggest that you write for it at once, and make early reservations for July investment, in order to obtain just the bonds and maturities you most de sire. Ask for CIRCULAR 410 Q SW.STRAUS &C0. IITASLIIHID 114 2 tNCOS.SOS.AUD STOCK EXCHANGE IIUU.U1NO. riiiinr.i.riiiA Tblrtr-elgut year, without Io to uny Investor SELLING MOVEMENT AGAN RESUMED Dovolopmonts Ovor tho Holiday Gave tho Advantage to Bear Party . , . ,. . . . r , L ,- - ir n - - hi r - i iimi i i i--i i- - - --- j - 1 1 NEW YORK STOCK EXCHANGE TRANSACTIONS The Presidential Election 1789 to 1920 Poli-tho We have prepared a ' tical Summary of United Statei, containing abstracts of our Early Gov ernment and the Electoral System, Concise Biog raphies of the Presidents, Political Parties and their Origin and results of Pres idential Elections. This booklet is of timely importance, and wilt be useful for convenient ref erence throughout the campaign. Complimentary cafj on rcqutt handlers (Company UMMNtMU Franklin Bank Bids. Philadelphia New York TtostoTi Jfpir TlnTrtl n.-iltlmor The Recognized Safety of Equipment Trusts Experience has proved that railroad equip ment trusts, next to government and munic ipal bonds, provide the greatest safety possible. The present market af fords opportunities to make investments in securities of this type at prices which provide a return of 7 or better. There is one equipment trust we rec ommend particularly. Ask for Circular .Vo. 2(J.J jiBbnbright & Company 437 Chestnut Street Philadelphia Chieafo New York, .Tune t. The stock mar ket ran up nsnlnst a mountain of bad j news today. As n matter of faet, thfro were sufficient developments. on the nd- I verse side oved the double holiday to knock the props from under any mar ket and precipitate another general lulling movement. As it was. it. wab bled n bit but on the declines became I Intensely dull, Indicating the complete , absence of urgent llnuiilatlnc nrpsmirc. Two of the more disturbing elements uas the further advance in discount I rates to new high levels and the pass- 1 age of the bonus bill by the House. Neither of thce events, were, how- 1 ever, altogethe. jcxpeeted. Last week's confrence at Washington between the Federal lle.crvp Hoard and banking 1 representatives easily suggested, from the remarks, that some further radical Meps were about to be taken to enforce I the credit contraction. After the first ingnt nau worn on, tnc market com munity sensibly recognized that the further rise in discounts was directed more agaiust commercial loaus, than any direct Map at Wall street, or Wall street's busluesb. Although, at the j same time was generally appreciated i as an additional warning against ex i tension of speculation on any line, i As to the passing of the soldiers' i bonus bill by the House, the sting was j somewhat modified by the growing confl uence oi tno uui opiug defeated or pigeon-holed in the Senate. Yet at the samp time, in view of the fact it belnir a i'ar of politics, there was some fear some sort of a trick might be pulled off, and. rather than looking upon the de feat of the bill an being cock sure, it I would be the better part of wisdom for all hands interested to redouble their I efforts nnd influeuce to have a quietus put upon this business-killing measure. In addition to thee two disturbing influences, there was the uncertainty of the Mexican situation also to create more or less tineasiucs and give fresh excuse for resumption of the selling movement. Supplementing these bear ish factors was the renewal of the re cent liquidation in Liberty bonds, the second 4s showing marked weakness nt a decline of 1.64 per cent. The other issues held ground much better. On the other hand, call money foiled to re fleet the further stringency in time tunas, opening ana renewing at t per cent, at wnicn rate most nt the day s requirements were supplied. While there was unquestionably some little real liquidation, the bulk of the selling pressure emanated from the professionals. The market opened weak, initial losses ranging from 1 to 4 points, tne greatest weaKness being shown lv Crucible Steel, Bethlehem Steel, 1J, puoiie tron aun steel, Mexlcau an i Pan -American Petroleum, American and Baldwin Locomotive und nflilintcil industrials. Almost without exception losses at the outset were extended dur ing the morning. Additions to the In itial setback included United Truit. Sumatra Tobacco. Chandler Motor nnd motor specialties nt extreme recessions of 2 to 4 points. High-grade oils met i with occasional support, and Crucible I Steel recovered much of its reversal. Rails rallied later on buyiug of Uock Island, St. Louis and San Francirco, Missouri Pacific and Southern Railway. Shorts presred their advantage during the stagnant midsession, making fur ther attacks against motors and their subsidiaries, as well u.s equipments and food issue. Traders awaited word from Washington, where the Supreme Court was expected to render several impor tant financial decisions. Nw York Boston Detroit mmmmmmmmmmmmmwiWim ESTABLISHED I86S BICREN & CO. BANKERS 410 Chestnut St., Philadelphia Government, Municipal, Railroad Corporation and Utility Securities Member.1 Jfru- York ad PhladelpMa I is lock Erehatigrs t Bwmmmmmmmmmwmwmimmt! Tennessee Power Co. First Mortgage 5s, 1962 Texas Company 3-Year 7 Notes &lU.!ark$o. UVN1IEU9 321 Chestnut St., Philadelphia tttmUra Ntvt York and Phiiadttvhi Stock Dtohoneot LOCALS SHOWED DROOPING TREND Aside From Electric Storage Battery, Losses Confined to Small Fractions Sympathetic influences was mainly responsible for the drooping tendency of the local market, w hidi followed a fairly steady opening There was a renewal of some little selling pressure, but the fresh liquidation was more of a dribbling character, rather than the urgent bell ing pressure witnessed in the first purt of last week. Efforts to force a further credit, con traction by the Federal Reserve Board naturally had the same repressive in fluence upon market enthusiasm here, as well as elsewhere. Local banking in terests were not altogether In favor of this further advance in discount rates, and a number were of the opinion, that far more reaching results toward ob taining deflation of credits would have been obtained in the application of more stringent discrimination in loan ao ceptance. With one or two n.xccptions the losses of the day were routined within frac tional limits The only noteworthy de cline, in fact, was sustained by Kler tric Storage Ilnttery. which ran off $2 to 110, more because of the narrow ness of the market rhnn result of In rreased offerings. The new controversy in the local rapid transit situation was without ef fect on the local trolley shares. Mod erate selling orders caused Philadel phia Rapid Transit to fall back to 20. n los of Vi- I'uion Traction on a sale of a few shares was lower at 30y,, On the other hand Philadelphia Electric hud much better support, rallying to JlTs. although subsequently fell back to 21 . I'nlted Oas Improvement found u bottom at 42 Vi. American Stores was among the strongest fea tures, with a Mi point gaiu nt 4.i. Trading in Lake Superior Corporation wuh indifferent ut 1H44 to 14. Pennsyl vania Ituilroad held fuirly steady at 40. Salts ton too 300 200 100 800 too Q 300 1300 400 400 1S0O 100 too 100 00 to 4401 1800 1(00 300 100 200 700 100 3400 000 100 900 1100 1(300 1200 100 100 1000 100 3300 200 200 200 300 1000 600 2200 2400 300 200 1000 900 40200 201 too 1800 400 MOO 100 200 100 i700 300 100 000 100 200 7900 200 200 0200 ?on 1300 1100 100 200 100 1140 2000 1300 100 2100 ihoo 200 400 200 7300 300 300 00 -100 430 200 10U 100 100 1400 too con 1200 100 ion mo oo 110 .ion 100 1100 2100 100 300 100 100 300 1400 100 1000 700 .,00 I Philadelphia Stocks 1 .30 Nf t p m chin 44 .10 . . :7 fjs 110 2 20 .. 14 .. . CITY OF PITTSBURGH Yo Serial Bonds to yield -.85 EDWARD LOWBER STOKES 20 South 15th Street EXECUTIVE-ENGINEER Toun n1nr, SJ. n onranUjr fnd.ansl. ivvMi nwsa iintistiTri UTHciure, tiTKrv inuuikciui, nwi in A.nMtrit v avtarinrp(i in inn minu "'""r" i -.-!-- -i.- i -;. uinn. iiiBUCLiiuii ui niiiinii nu ui uu' 1 div biiivu invmi ihuuiiivi wi itvci I t.71. Inmaillu I. tf a I'rrwlilit I An tm ecullve. 0 010 Lcdstr Ofllce. Huh Low TOO Am Strs.. 4." 44V.- 40 Am Jas. !!l !t0 r.o tchi it i. :t" :i" 'MOKIerStor.Hl 110 2.1 I Co X A 20 20 CIO Lake Sup 14 1311 ii I'enn t ent Light pf 41 Vi 4H. 41 i .vt 44,-iPa II It.. 4 30 40 .. 2 Pa Salt. 70 70 70 414 Phil Elec 21 450 Phil It T. 20 no tHt L & S W pref. 24 21 24 .'UfS Tono Hel. 1 1 lt, r, ln Troc 30-V, 30 30a; a; 320 r I.... 42', 42 42 tNft chnngp made by comparison with last sals on New York Stock Kichange. noNDH 1 .80 Net Hlsh J-ow p. m. chte. 02 02 (12 .. 21 21 20 20 S!ale 10 jioort l.r) Leh V g Is. It Lib Ilondrf Dlv, ' ltlh . Advance Tlumely .... 34 Advance Itumcly pf.. 4H AJax nuhber OR , Alaska Junea O M... 2tf .. Alaska Oold Mines... ij'j . . Allls-Chalmera 36 Am Agrio Chcm 8894 Am Deet Sugar . . . . 80 10 Am Bosch Mngnoto ..118 . Am Can 3t, 7 Am Can pf lj 12 Am Car & Fdy 131 0 Am Drug Syn 12 .. Am Illdo & Leather.. 1RJ4 7 Am Hide & Leather pf. HYk Am Intemat Ccrp . . , 84 3 Am Linseed 83 & a Am locoinotlvo BOH .. Am Safety Ila-or .... 14J4 .. Am Ship & Com 21 V 4 Am Smelt & Itef 0H ft Am Smelt Seo A 74? 3 Am Steel Foundries.. 38W 10 Am Sumatra Tob .... 87 J4 8 Am Tel & Tel 03 H Am Tob Sec temp ctfs S4 7 Am Woclcn 7 . . Am Zinc Lead ft Sni. 15 4 Anaconda Copper ... 57 Atch Top & Santa Vo. 80 V4 3.80 Baldwin Locomotive.. 113' .. Baltimors & Ohio.... 32?( 4 Baltimore & Ohio pf.. 41 .. Batopllas Mining .... . Bethlehem Motors ... 21 A Bethlehem Steel 883 n Bethlehem Steel B... RS',4 .. Booth KIslierlcB 9 .. Butte Copper & Zinc. 8 Si . . Butte & Superior Cop. 22V4 .. California Petroleum. 30 10 Canadian Pacific ....114; 5 Central Leather OS'i 4 Cerro de Pasco Cop.. 44 Vt 10 Chandler Motors ....130 4 Chesapeake & Ohio... 3JS 2 Clilcagc & Ot West pf '1 .. Chi Mil & St Paul.... 33 V .. Chi Mil &St Paul pf.. S2 .. Chi II I & Pac 38J4 . Chi P. Isl 6 pf 84 6 Chi It 1 & Pac 7 pf, 7314 .. Chile Copper 1C) J. in Chlno Copper 32?$ 1 Coca-Cola 30 3 Colorado FujI & Iron. 32 . . Col & Southern 23 0 Columb Gas & UIcc. . . SO H i Col Oraphophons .... 31 V. Consolidated Clar . . 08 2 Con Interstate Caf M. 14 '4 3 Consolidated Textiles. 34 H 7 Continental Can 84 1 Continental Candy ... 11 4 Corn Products Ref... 03V4 7 Corn Prod Kef pf....l00ii 2.00 Cosden & Co 33 14 12 Crucible Steel 133 Vi . . Cuba Cane Sugar .... 404 7 Cuba Cane Sugar pf . . 80 7 Cuban-Amer Sugar .. 594 lo Del Lack & Western. .17.1 . . Denver & P-lo O pf . . . 10?4 8 Detroit United Uy.... 90 8 Kndlcott-Joluison 82 .. Krle l-'-i .. Erie 1st pf 20J-; .. Erie Id -pf 4 55 8 FainouB Pluycrs-L ... 7.T4 3 Flsk Rubber 3094 7 Federal Mln & Smlt pf 30 H .. Frecport Texas 20 8 General IJlectrlc ...144 1. General Motors ctfs.. 27', 6 General Motors tkfb. . . 73 1; 7 Gen Motors deb ?.. 87 fi Goodrich B F 05 J? 7 Goodrich U F lf 90 Vt 7 Great Northern Df ... 71 4 Gt Nor Ore ctfs 30 .. Green Cananea Cop... 30J4 .. Gulf Mcbile & Nor... 14 .. Gulf Mo & Nor pr i 4 Hmlcell & Barker Car G8H 7 Illinois Central 84 ?4 .no Indlahoma Itef 71-5 fl Inspiration Con Cop. . 52 ?! .. Inter Con Corp pf.... 13 . Int Agrlcul Corp "I'Vo .1 Int Agrlcul Ccrp pf . . hZ .. Int Mer Marine 30 B Int Mer Marino pf . . 84 .. Internat Motortruck.. 57 3.50 Int Motortruck 2d pf. 67 .. International Nickel.. 18t4 .. International Paper .. 70JJ 0 Inter Paper pf stpd . 73 .. Iron Product a t-orp .. 40J, 4 Kansas City Southern 15H 4 Kelly-Spg Tire 105 2 Kennecott Copper ...27Ts 1.20 Keystone T & R. 27? 7 Kress S H Pf 11 6 Lackawanna Steel ... 70'-; 3.S0 Lehigh Valley 43 . . Liggett & Myers rts... 11 34 - 1H 84 W '4 f-44" 07 V tM . 35H- tH 88H . 89' 2 mw- 4 38H- 91J4 4- 14 1MK- -W 12 4 14 1814- 14 91V4- 214 8394 R33- 14 9514- li 1414- 14 29J4- H 80U- 14 74J4 4- 14 3RH- H 80H- U4 93H- 14 M- 94 9814- 114 15 14 57 - 1 80VS- 14 113H- 1!4 3214- H 42 - 1 114 4- U so- t 88944- 1H 8.194- 114 914 8J4 2314 4- 'i 2914- ? mi-;- 2 0494 - m 14 5 1 2:80 Net tiOW (NTtm) ChK; 31 414 '511 114 3194 8894 SB 11514 38 9114 133H It 1814 9114 8394 83H 9114 1414 20 H 8014 794 38 H 86 93 H 55 H 8014 18 87 80 111 32 42 U4 2094 8894 8794 814 114 2214 2914 11314 C494 4314 127 5311 2194 3214 At 36 U OS H 7314 1094 3214 3W 32 23 5034 31 6814 1414 3344 84 10J4 9194 lOOU 3394 130 48 li 70)4 8414 175 1094 90 87 ? Ii 19H 1414 7294 29J4 30H 20 V, 144 2014 73 87 C4U 0li 7314 3594 30 4 It H (.',; 844 7 '4 5214 12 201J 82 '8 29 'i f.3 50 07 17 T4 70 73 in 1394 105 2794 20 Ij 101 00 43 OH 44 127 5315 21 - .1314- 519 3714 4 04 -t H -3314 35 32 4 23 - 3094- 5U 4 1 9i 1 H H i4; H it 1 1 4 114 iii' ui Iii Mi! 2 14 'i 1 1 ' '. HI ivj 94 1 3I!4 0894-1114-3394- 84 It 4 93 109U- 3394 13314 - 4814- 7914- 5414- 175 4- 10J4- 00 8794 1214 20144- 1414 4-7314-21)94-36K-2094-111 - 26J4 -73 -87 4-64T4-901j-7414- a.i 4 -"0J4-14 4 67'i-84H- 715 5214 -12 -2014 4 S314 4 20 '4 S3 50 07 4 177. 70 - 73 40 1594 a4 105 -;4I 27?1 4- i 274 101 09 4314 4- 9 94 41 :?i 1 14 H SV 94 1 IV'4 114 214 Hi - 1 li I - 1?4 1'4 - 2'4 HI Sales 990 390 400 100 100 100 200 UO 800 500 1100 1400 500 ICO 200 1000 409 209 100 500 100 200 100 300 109 1800 89)0 100 MOO 100 1400 1000 100 300 100 19190 1300 800 1100 3800 100 500 1000 8100 200 100 500 100 800' 100 3300 200 200 8800 600 too 2900 6800 100 2100 140 6700 100 500 1330 1200 200 1100 6900 7100 3500 600 30 1400 8000 000 22000 100 600 0500 2200 1900 2C.0 ion 300 100 400 1400 300 100 200 200 13800 16C0 .700 100 3200 100 100 25100 20li 700 1200 400 650 1800 309 100 2200 000 103 400 500 ICO 900 Dlv, In t Hlth 7 Liggett A Myera pt..,102 2 Loewo Co 2994 .. Loft Corp 1514 7 Louisville & NaBhvllIelOO 7 Manhattan Kiev guar. 42 .. Maxwell Motor 3214 .. Max Mot 1st pf ctfs. 3414 10 Mexican Petroleum ..17814 2 Miami Copper 20H 4 Mldvale Steel & Ord.. 43)4 1.60 Middle States Corp... 25T4 .. Minn & St L new.... UJ4 .. Mo Kansas & Texas. A . Mo TCan & Tex pf.... 1014 . . Missouri Pacific 26 .. Missouri Pacific pf... 42J4 . Montgomery Ward .. 31J4 4 Mulllns Body 39 3 National Acme 3414 .. Nat Aniline & Chem.. .65 . . Nat Conduit & Cable. 9 6 National Lead 76 .. Nat It Rof Mex 2d pf H 1 Nevada Con Copper.. 12 10 New York Air Brake. 9894 5 New York Central.... 7114 .. Now York N H & H.. 3194 A North American 6134 7 Northern Paolflo .... 74 J4 fi Nova Scotia S & C... 5394 4 Ohio Cities Gas 3814 .40 Okla Prod & nef 414. 8 Otis Elevator 123 ..OtlB Steel 2 1 Pad flo Mall 3014 fl Pan-Amer Petrol .,..10214 7 Pan-Amer B 07 3 Pennsylvania R P.. . . . 40 . . Peoples Gas Chicago. 3714 .. Pero Marquette 25H A Pcre Marquetto pf... 43J4 3 Philadelphia Co 3094 .. Phillips Pet 3814 .. PIcrcc-Arrow Motor.. 4914 .. Pierce Oil 16H 8 Pierce Oil pf 894 . . Pittsburgh & W Va . . . 4914 1 Pond Creek Coal .... 16 8 Pressed Steel Car ... 0814 7 Pressed Steel Car pf.. 9914 A Punta Alegro Sugar.. 10114 8 Railway Steel Spring. 9414 1 Rny Con Cop 1714 4 Rending HJ4 2 Reading 2d pf 4094 . , Remington Typewriter 65 . . Rcplo Steel 88 6 Rcpublio tron & Steel. 0094 7 Republic Iron & Stl pf 0494 6.20 Royal D N Y rets 1314 1 St Joseph Lead 1614 .. St Louis San Fran... 25J4 .. St Louis San Fran pf. 3314 .. St Louis Southwest... 1294 . . St Louis Southwest pf 25 .. Saxon Motor 1014 8 Scars-Roebuck 210 .74 Shell Transport . . .. 75H .. Sinclair Oil 3214 6 Southern Poclo 0414 .. Southern Rail 2394 A Southern Rail pf 6694 20 Standard Oil of N J.. 699 7 Stan Oil of N J pf....t03 . . Standard Oil N J rts. 1H 4 Stromberg Carb 7014 7 Studcbakcr 6714 6 Superior Steel 4714 .. Tenn Cop & Chem.... 1014 2.50 Texas Co 47 4 . . Texas & Pacific 42H Tobacco Products ... 03 7 Tobacco Products pf. . 8894 . . Tol St L West ctfs pf . 1014 .. Transcontinental Oil. 1494 0 Union Bag & Paper.. 8294 Union Oil 21 10 Union Paclflo 11414 1 United Alloy Steel.... 4314 8 United Drug 128 12 United Fruit 200 . United Rwy Invest... a 3 United Retail Storca. 78 6 U S Food Products .. 6t'2 n U S Ind Alcohol 1 ..US Realty & Imp... 53?J 8 U S Rubber 014 A V S Smelt & Ret 60 A.50 U S Smelt & Rcf pf.. 43 5 V S Steel 0214 7 U S Steel pf 1069 7 Utah Copper 0934 0 Vanadium Corp 73'4 .. Vhaudou Ina 18J4 .. Wab.i6h 8!4 .. Wabash pf A 2134 . Wheeling & I.. E 1014 4 Whlt Motor 5215 1 Willys-Overland 1814 .. Western Maryland... 04 7 Western Union Tel ..8214 4 We'atlnghouso E & M. 40 A Wilson & Co 63?1 8 Woolworth F W .. 101 W 6 Worthlngton Pump .. 0615 Evdlvldend. 101 2914 1814 100 J 42 2214 34 173 3094 4314 2514 13 514 1014 25 4134 .1114 39 3414 0394 9 7514 414 13 Vt 98 H 7834 30 61 94 71 '4 6394 3714 414 123 21 1014 10014 06 3914 37 2414 43J4 36 .IS 4814 1614 8114 49J4 IB 97 9914 9814 9414 1714 8314 4014 0414 8534 87 9434 1234 10 2t 3314 12 21 034 216 7494 ,.13 9334 2234 6014 690 . 10214 1 72 6114 7'i 10 46 U It eon 81 34 inv. 11H 824 21 41334 '13 121 200 0 75 6314 82 H 53 4 0315 60 13 3114 10015 03 7114 11:4 894 2314 034 6215 1734 014 8214 48H 0234 10194 CO Lo AuAIN btnitK , u iii iiihiii 1111 iiiiiiii t imn v V' A IBP H . & 2:30 Net Txiw (NTtm) Chge. 14 103 S994 154 . 100 . a 42 - 14 2314- 114 34-14 17414- 394 3014 - 14 4214 4 0 - 1014 26 42 -3144 -39 3414 65 - 9 7514- Wi 414- 14 1114 . . 9894- 114 71-14 31 8194 7 14- 52 94 37'- 414- 1 -r 24 - 3014 101 - 394 9814- 40 3714 4 1 25 43 4 36 - 38 -49 -1614 -8114-49144-16 97 9914 99 9414 1714 83(5 40H 6414 8591 - 87 - 3 T494 4- 34 13 - 16U 4 25 33 14 4- 1294 4 2 034 216 4-73144-37 4-8014- 690 -10 10234 .. U4- 94 7315- .114 6014 - 2!4 47 - H 10 - li 40 42 - 0194- 8834 1915 4- 1194- 82 4- 28 114- 4314 128 - 200 9 78 9434- 00 43 9l-10014-69 10J4-5214- r- 14 194 14 114 94 1 '4 9 34 3 94 14 !4 s4 314 2 3 194 94 34 14 'll4 34 Homor Field Issues In Vigorous Demand at Advancing Prices 1 J4 34 "is 34 H ' 14 134 i 3 14 94 114 114 34 14 -14 1 94 2 214 34 14 New York. June 1. There was strength In the stocks of the Homer field companies in today's trading on the Broad street curb. Simnis Petro leum was In vigorous demand, moving up more thnn onrf point. There was good buying of other stocks with prop erties in this field, at advancing prices. Mexican Panouco, after yielding mod erately In tho early trading, became strong, with buying based on reports of the coming merger with another oil property. Aetna Explosives was firm, a small amount selling ntftVi. Indian Packing sold nt 0. American Woolen (rights) sold nt to 1. General Asphalt was steady, with a "'oaerato nmonnt of business nt CS to 0S',4. Sweets sold at IV. to 1. INDUSTRIALS . H'ti .ivnie lodi .... Aetna Explosives . Amer Cundy Amer Woolen rts . . Car UtM Oenrl Asphalt . . Hereules Paper . Indian Tackinc . . . L.t.mar Coal . . Mtrcer Motors .. . Perfection Tlrn . . ndlo Com Hadlo Com pref . Sinter Mfa: awceis uo Time Squara Auto. 11 5 y & si"1 To01 U H MbM k Ueat XI a steamship .... United Picture Prod 1NTBPKNTENT OILS Allen Oil ei Aiuea un .... Arkanaas Natural CJas Ills Heart . . . . Iloone Oil . . . I . DoBton Wjomln . . Coden 4 Co . . . CushInK Petn .... Donlnlon OH Duquesne .... Engineers Petroleum Esmeralda Oil Federal Oil . Olenrock Oil Outfey Cllllrapl Home Petroleum Inter Petroleum . . Island Oil Lone Star Gaa . . .Metropolitan Pet . Mexican Pan .... Ohio Fuel Okla Nat Can . . Pennok Cll Pittsburgh Oil Producer & Ueflner ned nock Oil Roy d France Hyan Oil ... . Salt Cri-ek Prod 8eauovah Oil Hlmms Petroleum Sltelly oil Hpencer Petroleum Superior Oil Texas Pacific Coal rts Texas Jianzer Toxaa l'aclflo Coal Tropical Oil . . . Union Texas Oil . Victoria OH new . Vulcan Oil . . White Oil .... I.ov Lflut !'? OH !t .7 7. 7 . 1 Jt 1 . 2Ji 5i 2'i . 28 22K 23 . B'.J o'?- 0 o o 18 17 18 . 24 !H !!W 14 1 t 122S 122? 2iV, IS lH IVJ . 84 84 34 32 32 32 . 24 5li 2H . 2H SH 2S 2 2 2 2'i 2U :m an an : 8 sh h :: ?5J ?i ?? . 10U in 10 . 4S IS 4ft .. 2H 24 2'J . . 2H 2 2ip . . 27 S6 21 , .. .114 3( .1'J . . X;Vi 35 4 3.1 Vi . 6 5)4 0 . 2!4 214 284 . . .. 4S 44 J 17 164 104 . .. 24 M 214 244 . ... .114 a4 314 ... 64 64 64 . ... 134 13 131, . ... 74 7 '4 7 ' st r. 5H r.4 34 3H 3S . ... 36 354 30 ..f ..N ..S 17"4 1"'4 ll tflli 104 104 .... 204 204 204 184 17 14 in oi 014 1 '4 ' 41 41 41 2 21. 22 lj lj X nt n, :i 224 224 22' Buying an Income TVHE yields ot high - grade railroad bonds, by five-year periods, since 1880, brings out in strong contrast the high yield which may be secured from invest ments made at this time. 1880.,.. 5.18 1885.... 4.41 1890. . . .4.72 1895.... 4.47 1900.... 3.95 1905.... 3.83 1910.... 4.13 1915.... 4.43 Compare these yields with the following for today: Government bonds now sell to yield up to 6 or better. State and municipal bonds cover about the same range. Foreign governments and municipals yield from 7.50 to more than 10; short term railroad, public utility and industrial bonds yield from 6.45 to 8.45 : railroad bonds from 6.50 to 8 ; public utility bonds from 6.70 to 8 ; preferred stocks from 7.20 to 8 ; while a first mortgage loan on the highest class of improved business property may be had to yield 6. Such are the attractions offered in our June Purchase Sheet, which will be sent to every investor, or any one interested in buying an income, upon request for PL-308. , The National City Company Offices in more than fifty cities Philadelphia 1421 Chestnut St. Atlantic City Chalfonte Block 1225 Boardwalk P 1 's 17 H H K""U 83)4- 1 MM- in 10154- 3 60 1ft Commodity Markets 87.40 87.40 87.40.. 00.10 05.84 OS. 84 .22 2d 44h.. 7 Mi Vlc4s.., 1 reuna co temp ctfs.l02il02M.102V4. 2Vj Phlla Elec 1st Cs. ... 84 S2i)8 Kl -8 Welsbach Cs OS 08 08 . COTTON MARKET New York, June 1. Oiving to un certainty regarding the status of the contract established by tho wartime legislation of 1010. whleli expired by limitation lam night, the board of man agers announced before the usuol open ing that the exchange would remain closed today. The bill continuing the presnnt contract han been passed by Congress nnd is expected to be signed by the President today. Tho present contract came into force in 1018 as n rider l the wheat pur chasing act. Traders arj uncertain whether explratiou of the time limit on tho wheat measure also affi'Cts trading In cotton. The board of managers voted to maintain in force tho wartime form of contract. . Trnding was carried on as usual on the New Orleans Cotton Rxchnnge to dav. although the bill to continue the present form of contract had not beeu signed bv President Wilon when the exchange" opened. Traders acted on the assumption that the signing ot tne on was n formality whleli did not necessi tate suspension of business. ..... Private crop reports were published over the holidays, one making the con dition 07.2 nnd the other 117.4. Washington. June 1. President Wil son has signed the atsriruUiirnl appro priation bill, .peelflra ly Pr",,HVI(1,;a' he amendments to the cotton tut urea act providing for government clnsslfioa tion of cotton grades for delivery and for a reduction in the deliverable grades of cotton from twenty to ten grades shall be permanent legislation. GRAIN MARKET Chicago. .Juno l. inere oral rush to bm corn in the early trad Ing tills morning. Shorts were in a panic to get under cover, nnd big gnins were made. Tho receipts were not up 'YaTof brings was a feature The market wuh very nervous, and there "e frequent harp jumps between trjlT.y started at S1.00U to ttt.BRU. , ''. i uit. nt tho close Saturday, n a va n red to $1 .70 . September onened nt ?l..r.l to Sl.H,. against $1 54 at thi close Saturday, and moved "Valsalsowere strong. Two pre dominant houses, one with wnh connections, purchased. This was the ft7 "of thePenrly dealings. OlfcrlnM were lacKlng. mu ""!- " Cajulv started at 80c to 8094c. against 80c at the end Saturday, and ndvaneed to 01 c September opened nt 7(5o to 7ftAc, against 75T4c at the close Saturday, nnd rose to Jc. Receipts of wheat here today were 87 rnrs. t.fllnir futures ron.e'l follows Iesainir iuwr . (ch)cago tmo) ..-. .. ,l.llurv 1..1 TI -" open High Ixiw i,i.. urn 1 71 i nn li ; 04 1 B7W 1 ost July .- s"" SfPt v I'oru FOREIGN EXCHANGE New York. June 1 The foreign ex change market opened IrTecuHr with sterling strong, demand relllng at " fiSU nnd cables at S.'J Franc cables r.old at 12 90 and checks at 12 92 Other quotations were- Lire cablefl 17.00, checUs 17 02 I Helslan cablea 12.10. checkH 12.42; Swiss cables 18.01. checks 1" 97 ; guilder cables 3i!4. checks 365i ; pesetaH cables 10.35, checks 16.30; Stockholm cables 21.10. checks 21.60; Chrlstlanla cables 18 00 checks 17.90; Copenhagen cables 17 00 checks 10 00. Marks were 2.61. In the early afternoon demand ster ling touched 3.92 Vi, but cased off shnrply to 3,91 H- Cables were 3.92 V. Other quotations were1 Franc cables 21.80, checks 21.82; lire cubits 16 90 checks 16.92; marks. 2 65; Austrian kronen, .73; Polish. .62. HATl'RDAY'8 FINAL QUOTATIONS Stirling Francs l.lre Oulldrs Dmand .. . 3.R7U 13 0' 17 na 30j Cables . . 3 S 13 00 17,00 38Vs TODAY'S OPENINO (H'OTATIONH Sterling- Francs l.lre Guilders Demand .. 3 ss 1L' 2 17 "2 sin uvi rabies a n IS ! 17.00 MONEY-LENDING RATES NEW VOUK Money on call, both classes of collateral, ojiened today at 6 psr cent for lending and renewing. The advances In the New York Fed eral Iteserve discount rates werft the subject of general dycusslon among bankers and business Interests, as few. If any persons had expected so radical an action as the abrupt Increase to 7 per cent on eligible commercial paper Tho greatest Interest whs regarding the probable effect of the advances along tho various lines thereby affected. As a matter of fact, there did not appear any material change this morning In: the purchasing: open market rate for accep tances by the Federal Ileserve Bank. Some brokers sold bills at the rate pre vailing last week Irr the general bank acceptances market, rates were up about V4 per cent. Brokers wore bidding; 6S per cen for prime member ninety-day bills and, although they were not offering optoly at the figure, 6 per cent could be mac. In call money, a fairly good demand was reported at G per cent. In time funds, the demand was good at 8Vi per cent A little money was available, I'lIII.ADKI.I'lIM Call, 6 per cent; time, I! per cent commercial paper, three to six months, 6 per cent. (Note These are merely nominal quotations, u the legal rate of Interest In the state of I'ennsylvanla Is fixed at 6 per cent Plus premium and commis sion time money for thirty to ninety doyfi Is loaning at 7 per cent, while commercial paper from three to six months Is being offered at 7 and 7Vi per cent.) I,oiidon. June 1 Money Is quoted at 5 per cent. Discount rates, short bills, 6S per cent, three months' bills, 6 U.16ift64 percent Financial Briefs Benjamin D. Mosser, who for a num ber of years has been connected with Browir Bros. & Co, has this day'be come associated with i;dwiirTl B Smith & Co. ns manager of their bond de partment. The New York Subtrea'sury lost $111, 000 to the banks on Paturdav, making a cash net loss since Friday of $312,000. The average price of twentv active Industrial stocks ndvaneed 0.25 per cent on Saturday to 92.06, while twvntv rail roads advanced 0.35 per cent to 73.24. BUTTER, EGGS AND CHEESE New York. June 1 nUTTt'il Steady Receipt. niOS tuns. Treamery, tdgher thin extras. (I0W Wlllci creamer extras 2 score). fHic first (PR to III icon-) MfllMic parking mock curnnt nuike. No UivY KOOS Irregular receipts S3 P.I2 casts ?!'2J?5?i,,!u'k"i. ex,.r? flr.",s' WWc (Iretk. 44W4.V4C fresh gathered extra flrtts 44 4nc. firsts. 41H'6 4Sc. state. I'ennnlvanla and nearbv western henrnrv whites firsts to extras. BO'S Mc state. Pennsylvania and nearby limni-rv browns, extras. 4l)iSS0c do gathered browns ond mixed colors firsts to cxtraa. 4aT4Se CIIBKHB i:sler. neeelpts. 2173 boxes State whole.inllk.tlMs. held special,, white and colored 31 32c, do, average run arw state, whole-milk. flat, rurrtnt make specials, white and colored 3lr.l2e. nV average run 30c state, wholc-mllk. flats ourrent make, specials, white and oinrtil 2R(82a4c do. HveVage run, 2727'4c DIVIDENDS DECLARED Canadian Car and Foundrv Co, n'l'irtetly K per cent nn preferred, pajable July i to stock of record June 20 Oklahoma Producing nnd Ileflnlnc Corn nuniWIy of 2 per ient nn common, pas.ibia July 1 to toil( if record June IS Atchison, Topelin. nnd Santa ! Iliillrnni semiannual of 12. .",o on prefemd p,iHle August 2 to stock of record Juno .in American Urake Shoe and Foundry Co quarterly of 14 per cent on common nnd 3 .er tenv uu I'unu'w, iMtyiiuie june jo stock of record June in to BAR SILVER Commercial bar silver was quoted In New York today at 99VsC, down ic In London, the price was unchanged, at 57 d. niu 77V4 80S 76 1 704 1 (5n4 Bl 77S close 1.6i)4 1.64 81) 7514 July S4.00 Sept. ...bo.oo u.ut. 84.00 ja.oo July B,S.td. 20. OS .21.77 SM.S2 tAsktd. 83.r5 34. sr, 20.12 21.70 33.85 84 IS 3S.0O t33.1& .1.10 21.50 20.il 2I.7T Reserve Banks' Discount Rates Official discount rates at the twelve Federal Beserve Banks were as follows: Treas. Lib Com'l Ilkrs. ctfs nonds j'aner Accept .1 UK 0 S n SVi WflW mi MSH xn tlnston New Yoik Philadelphia Cleveland Illchmond Atlanta . Chicago . St. Louis Mtnneapu! o Kansas City Dallas . Han Francisco o2(nAV4 3'4 B5V4 si; A 51V B n A n w, n BVJ RAILROAD EARNINGS COLORADO SOUTHKIIN I.IMJsi IncrHKf. Third week May From January in in o tron,n87 4(1-1.022 S 14.93(1 1.871.811 MrNlNO Columbia ... n i 5 26 a'" n so ll Alaska-Drlt Atlonta ... Ilslcher Divide . . . . Ell.- Ledge Booth Calfd Mining Cons Arltona. Cons Virginia CorUs Silver Divide Extension . Kurcka Croesus . . . Eureka Holly 40 Mining Oold Cons Oold Devel Oold Kewana Gold Merger Oold Silver Pick ... Oold Zone Orcst Bend llmma Silver Ilocla Mining . Jumbo Extension . Knox DIMde, Marsh Mining- Mother Lode Murray Mog Nlplsslnc North Star Rex Ccns Rochester Mines . . . Rope Group San Toy Silver King of Aril. S Silver Lead . Success Minim; Tonopah Belmont TonODlh Cash Dov . Tonopah Extension lt lono-jim u X7 Tonopah Midway . ...... n Tonopah Mining .., 18 Tonopah Mlzpah IS ronopan .inning 14 Tonopah Rescue Bula ... II U S Cont 7 United Eastern at, West End C I u White Capi 8 White Caps Extenelon 2 Wllbert 3 Yerrlngton ,1 BONDS Allied Tack 01 A C L 7s 08'4 Belgian Oovt 0s of '23 80 Cloodrlch 7s 0Mt Loulsv and Nash 7s . 100 Sinclair 7 Vis 97' Texas Co 7s . 9$ 1 li 1H 7 20 ., ti t 6 A IS no 7 f)'i n 8 IB n i' r l's 7 3 2(1 f7 30 10 7 II 20 a '4 S (1 It 60 76 O'i .1 8 IS a i"t ' 3 in 17 t 13 11 II 3. 8' 2 ii :i 03 08S 7P 03 li 100 07', n 2 n .V.I 30 ; ItS, in; 10 7 7 20 ii 4'1 fi n is 60 70 0'4 fi 8 13 ? l' 7 .r; 9 18 13 14 14 7 3H .V4 s 3 08S I 70 ino 07', 9Ri LIVESTOCK QUOTATIONS Chicago. Juno 1. CATTLE Rcielpin 7000 heiid Hoef steers ISWlOc hluhrr. lien--Biilnlng most Knrly top heay J13 7.", top yearlings, 111.30; mnny good nnd rhnn 1813 eo. "'she" stock steadv to 2.V hlalicr Erlmo heav-y cos, tll.30; bologna and limiw utcher hulls strong: light butcher bulla nr. tlve, fully steady, silves ninntly 50c hghr top vealers. J13 feeders. 1.10 23c lilghr IIOOS Receipts. 30.000 head. Jlntl 2,.c lower hnn yesterdnv's nernge, heaw ry lull: bulk all weights. J13 8501 1 30, tm, f 14 110: pigs steady to 23c higher. SllEUr Receipts, 13,000 head Slow Best grades mostly steady, others wc.il; choice sprlnir lambs J14 30, ihnleo and prlmn shorn ewese. 110(3 1U..10, medium feeding lambs, 111. Pittsburgh, Pu., June 1. -HOC5S Re. relptn. 1700 head Market lower HhI.s 814.30. heavy Mirkers. 11,1; light jnrkers 113 73M4 2ft- pigs. 113 013 30 ' r"ers, SHEEP AND l.AMUS Recolpts, (100 head Market steady. Top sheep JO. 7,1. top lambs, CALVES Receipts 300 head Market steady. Top. $10 AMERICAN KARDEXCOMPANY (Incorporated Under the Laws of the State of New York) TONAWANDA, N. Y. 8 Cumulative Preferred Stock NEW ISSUE $500,000 Price $100 Per Share Callable as a whole or in part on any dividend date at $120 and accrued dividends. Dividends Payable Quarterly: January 1, April 1, July 1 and October 1 Current earninp;s and running at the rate of approximately 32 per share. Tho charter of the company prov'des for a Sinking Fund to retire the Preferred Stock at ?120 per share and accrued dividends. ' Kardex Common Stock is pafinjr dividends at the rate of 16 per annum. Ono share of Common may bo purchased with four shares of Preferred, to yield 9.G7e on the investment. ror Circular and Subscription Blank Address P. B. PORTER, Treasurer AMERICAN KARDEXCOMPANY Tfmawanda, N. Y. Branches in Thirty Principal Cities B l!nt llurrnlo. N. Y., June 1 CATTI.r RrCrlpts, Monday nnd Tuesday 1721 h.'i. Active, strong. Shipping steers l.V,Ml butchers, tr SO ft 12 73; earllngs, I3 l-elfers. 0 30f( H.nOi cows, 14 2.1911 V hull. I7?10,ftn fresh cows nnd sprlnar'rH 1.1.1 W 130 Calves. rM-elpta, 3(100 head (two' davs). Lower. 10W10.B0. " IICKlrl Receipts 14 400 (two days). "OUT 73c lower, lle.iw 113 J.19I.1.S.1- rnlxed anil yorkers. 13.40Wir..4.1: light yorUrrs, j "?,(! SHEEr AND LAMBS Rrrclnts, 820(1 lwo days). Market ensler. Lambs I8rt7r,n enrllngs, HOWl.l.nO: owes, 111 .lOiiTl". mixed shicp, $n n wethers. 110.304? 11. V Bar Gold Unchanged In London v .., Inn. 1 Ylui irnlrl UflN lln changed fiom yesterday at LOG Sd per ounce toaay. BANK CLEARINGS Hank clearings today compared with cor responding day last two years 1020 nun inn Rnston .131.040.072 I78,HHI1,12 147 1,81131.1 Baltimore 17. "04. 102 16,3011,103 . J Refined Sugar Market Unchanged New York, June 1. The local market for refined suearu wns unchnnijed hoth as to conditions nnd prices Raws show an easier tendency and In some nunrters a lower price level is expected In the near future. Rome sales were reported for May nnd June shipment at 19 v centB, c. I f , to a New York refiner. Parents' Day at Friends' School Parents' Day exereli.es weic htld this morning at the Friends' West Philadel phia School, Thirty -fifth street nnd Lancaster uvenue. More tliun 100 par ents of the pupils were present. The program included n "March of the Na tlons," by pupils in rastiunp; athletic drill by the boys and May pole dunce, by the K rls:- HlnlnK-nt-pntilotle,4iauB8 concluded the celcbrnlipn. NEW YORK COFFEE MARKET New Yorli. .Itino 1. The nmrket for coffee futures opened onsy this morn ing with prices 1(1 to M points lower ThW weakness wns attributed to the weakness displayed in tho ltjn ninr kets ns shown by the nflii'lal rubles of the morning, thev being around .00 reis lower than on the closing days of InNt weex. Trnding on the cnll was inactive nnd confined to a few lots in July, Septem ber and Maj. July ... September. . December . March Hid. l'rlday's close 13.04 Wot, 14.747S 14.00ft 70 1 1.110670 . . N-V iooay s open 14,80B'82 time) 14.3Jft8.1 i4.niTA4 14.B8VHO llam. 14 80 14 .1.1 14 32 GOVERNMENT BONDS Panama, coupon !a, Panama registered 1030 :. 1836 1VS8. 1 anama coupon 2s. rannma registered 2s. 1038 Panama coupon as. linn... Panama registered 3s, 1001 Phlllpplno 4s, 1034 . . Philippine 4s 1033 ... . Philippine 4s, 1030 11 H Oov'. coupon 2s. 103(1.. U B Oovt registered 2s, 1130. , HYUOUPPn 1. 1(1X0,, ( vi registered is, 1112ft Columbia 3-Bfls, 1024 11 D UOYI Dlst ot ' nid .101 101 tot 101 77 . 77 . 80 80 80 .101 .101 1.1.1 1)3 Asl. 102 1112 102 102 84 84 00 till mi 102 102 lO.Vi 10.11; SALESMEN WANTED by a large, international investment banking house hundling a large list of securities. The house underwrites entire issues for its own account and also participates in all important syndicates. There is n desirable openinc on profit-sharing basis for trained bond man with clientele and also opening for a man who has not had extensive experience. In replying please give complete information as to education, experience, etc. Replies treated confidentially. Address C.514, Ledger OfJlce. Thou Shalt Not Steal! -"""S"SSSS"SSS"S" li 2nr ilz IS ,r ,B ," many automobiles are stolen. afln. ii... ! ,nsuran to reimburse you against loss m case you should be one of the unfortunate whose car is stolen. ict us explain to you these low-cost policies. R arris J.latta PENNSYLVANIA BLDO. PHILADJJLPMIA. Race 3432 Locust 578 HlneUIr Consolidated Oil Co, iieern vrrf-K 1 dm, a, 1 oke f'o. ! t." an Kninlre ilea lndlanspolls uissi 7Ws, 102.1 As, 1014 3s, lOi.1 4s. 1038 . 0s, loss . Ss, 1032 3". 1022 lllllflTtnii X Ml.. Llfhttnt CompMiiy lit Mills North TpUirH Mlml Vilify (Ui I viZl r Samuel K. Phlllhw Jc, r "Jlrmbers rtilladrlpliln HlotV Ktrl,.n.l 807 CliemMTT fir. Lawrence E. Brown & Co, CERTIFIED rURIir irrnilNTANTi I'flJ'5li'AI. KSTATR TRUST IIIJIC . roJno'r'a'ilnS ..nd "IJust .n-rliifrsfili., rSirora.",T.V7A,J A!",P;",l,r V' I----"-"- niru niM. 111 urns t. Iteliirns. 1 m'jr$9ihk 'Ste .i .- L ;.r '. a-fjVj j3j-u . . -ft. , I?" jrl ".!!
Significant historical Pennsylvania newspapers