' - V- 4 '.' -' V-J-j . ".wn? p I " I I i i r ii- , . r t f '4 v ,i i ,1- 4 , " ' V ; ,. i s e 7 .. ' I "' ' ."'.'"" ' " ' T " ' i - ' ' "--- - - ' I " ' v . . I Newlssue r- $6,000,000 American Light & Traction, Company Five Year 6 Gold Notes COMMON STOCK PURCHASE WARRANTS ATTACHED ;t..T-,' Not. ."P " will carry detachable WarranU entitling the holder thereof to purcluue, m ul??t i l?Sl' Common Stock of e Company in the ratio of two-thirds of one .hare for each $100 face value of Notes, at $142 per share on or before May 1, 1922; iill pcr 't thereafter to and including May 1, 1924; end $152 per share thereafter to and including May 1, 1925. Dated May- 1,1 920 I Due May , , 925. InMtS53?-00 rtewi1--tI.By J November 1, In Now York. Coupon Notes In denominations of $1,000, $500 and ?100, reglsterable as to principal only. Redeemable as a whole or In lots of $100,000 of more on May 1, 1922, or any subsequent Interest date on sixty days' published notice at 101. BANKERS TRUST COMPANY, NEW YORK, TRUSTEE Inlere.t payable without deduction for Federal Income Taxes now or hereafter deducted at the .ource, not in excel of 2, TAX REFUND IN PENNSYLVANIA The following information 1. Bummarittfd from a letter of Mr. Alanson P. Lathrop, President of the Company: s The American' Light & Traction Company was organized in 1901, and owns over 99 of the capital stocks of fourteen operating companies' engaged prin cipally in the production and sale of gas and electricity for light, heat and power. The business fields embrace a present estimated population of 2,400,000, and include some of the most important manufacturing and industrial cities in the country notably Detroit and Grand Rapids, Michigan; Milwaukee and Madison, Wisconsin; St. Paul, Minn.; San Antonio, Texas; St. Joseph, Missouri; and Bing hamton, New York. These Notes will constitute the sole funded debt of the American Light & Traction Company, the equity being represented by Preferred and Common Stocks having a market value, based on present quo tations, in excess of $40,000,000. The detachable Warrants entitle the holder thereof to purchase, during the periods stated above, Common Stock of the Company at prices ranging frorri $142 to $152 pcr share. The range in quotations for the Common Stock during the past ten years has been from $125 to $450 per share. Cash dividends have been paid on the Common Stock during the past seventeen years, the rate since 1911 having been 10 pcr annum, and in addition stock dividends of 10 per annum have been paid since 1909. The net income of the American Light & Traction Company for the twelve months ended March 31, 1920, amounted to $4,201,139, as compared' with annual interest requirements on the Five Year 6 Gold Notes of $360,000. During this period the consolidated gross earnings of the Company and the operating companies were $22,686,216, and net earnings $5,826,016, as compared with interest and other deductions of the operating companies and annual interest on these Notes amounting to $1,984,877. The operating companies have been in existence from twenty to sixty years and have shown an un interrupted growth regardless of general business con ditions. The management of the Company is in the hands of the same men who have conducted its opera tions since its inception. HIH MONEY RATES AU E NO ANXIETY Future Might Look Gloomy Ex-. copt That Condition Is World-Wide JVeto York Bonds tSALEH IN I1OO01 From Oittnlnr Until X V. M. (N. T. Time) Amer Bmalt'K tc II Ca 1 11W A TelfcTel clt 2 74 10 744 A Tel Tel flu 10 7514 1 7Si B 70 Vi A Tel & Tel 6i Price )4.75 and Interest Yielding Over 7 WE RECOMMEND THESE NOTES FOR INVESTMENT The Notes are offered, if, when and as issued, subject to prior subscription by the stockholders opinion of counsel as to the legality of the issue and the propriety and sufficiency of corporate. 1. is anticipated tnat temporary INotes will be ready for delivery on or and to action with respect thereto about June 15, 1920. Halsey, Stuart & Co., inc. CHICAGO PHILADELPHIA The National City Company NEW YORK PHILADELPHIA Bankers Trust Company NEW YORK All statement herein ore official, or based on Information which we regard an reliable, and. while we ilo not ruarantee them, they are the data upon which we hae acted In tho purchaao of this e-curlty. Rtcktvecd & Ctrtpany, one tfthi three largest manufacturers ef ehicolate, chtctlate-ctating, acta and candy in the United States, have been established in Brecklyn, Near Fork, for Jf years. Rockwood & Company 8 Cumulative Preferred Stock Net quick wets are equivalent to 1 zo. for each outstanding ihare of preferred toc. Current aiseu are about five times current liabilities. From the earnings applicable to common stock 25 shall be reserved to maintain surplus assets of $1,000,000 in excess of all liabilities, and no mortgage shall be created upon the propertiea or assets of the Company. Annual net earnings for the put three years averaged 1 1 ,877.56 and for 1919 vrcrc $1,508,655.15, or approximately six times preferred dividend requirements. Price $100 per share, yielding 8 tHtcrlfthm cimltr mtilii tfni rijtiit JIollister,White&Cc. BOSTON raiNorutD North American Building PHILADELPHIA' moviDiticH r-lTTSMEXD NEW YORK rOKTLAND ALBERT R. THAYER and June. 1, 1920 Spruco 5646 FRANK E. BAKER announce the formation of a partnership under the firm name of THAYER, BAKER & CO. for the transaction of a general Investment Banking Business Commercial Trust Building Philadelphia " J m M-MBJ MMBMW1 fjf ' LA l' l'-J- -',;g1 III yTLvUys. Business Men today nre finding that their tlmo and brains must do invested in executive work to bo most profit able. It is not necessary to master tho many details involved In every "deal." Dependable, financial counsel is considered a necessity us well atf a convenience by many of our progressive friends. REAL ESTATE TRUST CO. OF PHILADELPHIA Broad and Chestnut Sts. Dividend-Paying Securities At a time when commercial and financial conditions are abnormal in many nspects the discriminating investor is confronted with a most favorable opportunity for tho consideration of substantial dividend-paying securities. Among such securities of current note which have attractive possibilities for the future are 'four that are discussed in thia week's number of our Market Review Westinghouse Electric & Mfg. Co. United States Rubber Co. Railway Steel Spring Co. American Locomotive Co. A copy of the Market Itevteto will be sent to any one interested on request for L-StT. HUGHES & DIER , i rihl.'".ddn-1 .8,?'S. Kxchanae Mtrotxrn i rittubunch Mock Kiclmn.e t Chlci.o Hoard of Trade 1435 Walnut Street Philadelphia TrleDhonr: Rpnice MS, Rare 193 New York Onicr, BO liroad Htrrrt CASSATT & CO. E3TABUSU1D 1171 PHILADELPHIA BALTTUOItB PITTS-DUG sctuirroN !-----.--.-.. -A..--..- - ...S3 r II I I -" 1 ,1 1 I ! i a Announce the removal of their New York Office on June 1, 1920 From 56 Wall Street to 5 NASSAU STREET (Hanover National Bank Building) TELENIOIfS lUtCTOR HOT GERMAN SECURITIES ' CITY BONDS MORTGAGE BANK BONDS SAFEST INVESTMENT IN GERMANY Descriptive pamphlet and prices on application F. B. WARREN & CO. 708 Denckla Bldg., Phila- I'hone: Walnut 5680 New York i IS Maiden Lane Cincinnati i 408 Glenn Bldg. Milwaukee I S12 Majeatic Bldg. V "If It wr( not n world-whip rmp torn, the Incrrnslne interest rates de manded by the bnnkera nnd the public for lonna mlffht occasion some nnxlety about the future," remarked an in feslment banker when discussing hc recent Issue of certificates of Indebted ness Issued by tho secretary of the trensury mi n ."'. per cent rate. Tlie fnct that the two previous Issues at 5 and W p.r cent were far from being the sueeess nntlclpnted forced the treasury to permit the highest rate paid by the United States Government since Civil War times, he snld. lU he continued, the treasury de partment eould not Ignore the hand writing upon the wall, which was clearly indicated 'when, a few weeks ago, the Pennsylvania Itnllrond Co. put out on Issuq of 550.000,000 at T pcr cent. Then this was followed by the $.1(1.000,000 New York Central nerlnl trust equipment certificates, the Sl.n00.000 Northern certificates and $."0,000,000 Pacific Fruit Kxprcss equjnmi'nt trust certificates. Continuing, he said that the rie In Interest rates has been so gradual that no one ran fullv appreciate how serloun It is till thev compare the rate borne bv the two first issues of treasury cer tificates of indebtedness, shortly after we entered the war. which carried in terest at the rate of .1 per cent, and the several Issues which followed bear ing 3', nnd .IV. per cent. The surprising thing, he said. In the face of the present prevailing high rates on both long and short loans, is the exceedingly low rates demanded for call money in Wall street for the past few ilas. considering also the credit situation generally. Uefow are the opinions of some finan ciers and financial Institutions on cur rent nffairs more or less nffecting the financial situation : I'Vunklln National Hank. Philadelphia Hank clearings at the principal cities for April were nearly $40,000,000,000 compared with more than S .1.000.000, 000 in March nnd nearly .$:il ,000,000, -000 for April of last year. Clearings exclusive of New York city were $18, 000.000.000 compared with $10,000. (100.000 in Mnrch and $13,000,000,000 In April of last year, the Increase more than a year ago being .14 per cent. Kxports of merchandise for March were valued at $820,000,000 compared with SO 10.000.000 for February and S(i0.1.000,OOQ for March of last year. Imports were $484,000,000 compared with $40,800,000 for February and sonR.nnn.nnn for March of lost I enr. lenvliic a balance of trade In our ,- .... - -, -- -rtr. favor for the montn oi j.mu,uuu,iih.i compared with S178.000.000 the month before nnd $.130,000,000 In March of last vear. In dollar value exports for the month were the highest ever re corded with the exception of June of lost j ear. while Imports for the month set a new high record for any month. While these comparisons nre niacie in money values and prices nre unusually high on most commodities, It is evi dent that our foreign trade for March exceeded In olume the total of any previous month with possibly a few re cent exceptions. Ninth National Hank, Philadelphia A rnther widespread impression Is pre valent in business circles that the great npparent prosperity of the country is to a considerable extent of an artificial na ture. This belief will receive verification should an? thing occur to bring prices nnd wages down suddenly. Voder pre vailing conditions It is wise to prepare for such a contingency bv a prudent policy la regard to expenditures, with out rushing to extremes. If lavish ex penditures nre harmful to the individual and the community, extreme parsimony is no less so, for this would go far toward drying up production and trade. Should the public spend just n little less on things not urgently needed. -save just a little more at the same to laugh at the fears of those expecting direful events. time working n good bit harder we hhoiild find ourselves able In a short time A. n. Ieach & Co. From the view point of our own country nnd its place in the world, no mnn with the least im great possibilities, the insistent op nginntion can grasp in his mind the the world, deprived of our former seue portunltles, without thrill. To all who enn see beyond the immediate present, the impulse comes to be up and doing. Transformed by the happenings of the war Into the leading creditor nation of and spirit of Isolation, taking on re newed spirit In a world in which dis tance no longer counts as a formidable obstacle In the conduct of business, our present position should, nnd, as we fully realise it. will bring to us u new icn-c of mingled power nnd responsi bility. Hughes & Dler Stocks developed leul strength during the past week nnd on good buying, much of it of an in vestment chnrncter, recovered the losses Mistalned In the previous week. A mn joritj of issues, however, nre still sell ing at what wo consider attractive prices. This is particularly true of the rails, which were bought last week in rates. Assured of sufficient funds, the anticipation of favorable developments ere long as regards increased freight ruilroads will be In a position to pur chase needed equipment, and, conse quently, wc look for Improvement in the market iiosltlon of these iSMies. Mechanics and Metals National Bank, V. v. There is no danger of a ceneral "overproduction." But u condition of unbalanced production already exists, mwl this condition threatens to become more serious unless it is recognized In time ami the proper remedy voluntary thrift applied. There is danger of over iirnihiction of some commodities in rein. tlon to others, though the better way of statement is tnat mere is underproduc tion of these others. The trouble on the railways Is not a glut of goods, but a shortage of labor nnd of railway equipment hxtravneant expenditure brings increased laciuiies lor producing luxury goods to meet the expected con tinuation or Increase of the demand, and If manufacturers In these luxury lines overestimated this future demand, thev will produce more goods at present high costs of production than can be sold except at a loss. If that should occur, men in those lines would he thrown out nf work, nnd there would be n fnllln- ofT In general production and much In dividual distress until these workers were absorbed lu the more essential lines. Unbalanced production will correct Itsplf in the long run. but If this correc tion Is brought about by voluntary thrift it will come wunoui paintui readjust ment. - , Chandler Bros. & Co. -Tun market has nearly reached that atate where It Is no longer profitable to sell stocks. When public holdings have, to a very large extent, been liquidated, meaning tnat sucn hiockb nave oeen absorbed, either by the powerful Interests or the investment class, there remains nothing- much to go after. Wo seem to be not my far from that situation. 03,4 D8H imi 03 Vi nan 03H An.-Frcnch B 23. ft 10. 10. 10. 10. 10. 0 1 6. 10 1. 1. 1. ft. ft. 1. 0B Si OSS 0", 0RH 08 0RN OS '4 OS", 0HS 0R nss1 118' 1 07Vi 1 .... 07tt 23 97U Dm A II O (d 1A 40H 7 .... B R 40K 21 .... 40 6 47H ft 47S 2 .... m. Den . II O 4i A 02 r 02 D.nca a l o Distill'' Seour Corp 0 8 7R 1 77Ti D Can Ba '21 1 67 D Can ftH" 21 1 07K D ot Can '20 1 01 2 01 a no; a ot Erie Gen I.ton 0 .... U'i ft 41 2 414 rnna It n 6 1 8391 1 B8K 1 83H' Pnna II Tl 7 4. 2.. 1.. 1 1 2.. ft.. 1.. 3.. 1.. ft.. 2 5 ft.. 102H 102 'A 102 V. 102 102 102 102H 102 'i 102 102U 102H 102S 102H 102 1021, OSSICrle R It cv A oRr.i 3 34" r H V. I 8 34 ,Vnn Arbor 4i Crle nil cv D 2... . r.O & an. Armour 4 s B 35 Peo Qaa !. 4c Coke Co an 1 . .. 00i lUadtn. It 4s !. ... -7(1 '4 Republic ot C lis ot 'Ot 0 . .. 00 Ilock lal A & i. im IB .. . 01 2 .. oni 9t L, I M - 8 III O D tl 1 IWH StL.BFil 1 la A T H I l 2. ... "7l'i C .... 74V, 3... . 73 4.. 73 AtUntlc Coalt Mne clt 1 13 ft Il.'l 1 . .03 AtUntlc Const I, Ire 4s T '! . 7sw 10 73H IUIt i Ohio cv 10 . .60 1. .00 3 . 00 ft (10 a no '4 n . Ohio 3ia 8 . . SOW Bait L Ohio 4a ft . .01 1 . .. 604 1 . flow Halt & Ohio Sa 2 . 63 1 .. 60H Dalt & Ohio 0 1 R7U I . 87 JO . 87 ft . . 80 1 80tt n ft o a wn Illy 3'ia 2. .. 70 4 .... 70 1 .... 71 2 . . 71 U & Ohio Tol 3 .... 40 0 40 D Steel Ea '30 1 70 Cenfl I'ao lt R . . . . 70 Ches O 4 4a 1 . . 73 C Ii O cv 4W 1 ... 70 l .. oow i . oon C'k & O cv Sa 1 . 74 4 ... 74 3 . 74 Ch'k Oil i A Dlv lit I 63 C A. Alton 3W 0 ... 3374 Chicago B'n & Qulrtcy 4a 1 . .. 04H 7.. .. 4 1 . 04H Chlca.o h O't West 4a 1.. .. B2H ChicnKo Mil ft St P al 21 . .. J024 Chle-.o Mil & at P ov 44i ft 68 2 17 " 67H Chlca.o Mil & St P ta 44a 7 064 Chlcaico ft Nth at os ( 10 R7i Chlcairn Hoc. I ft Pao ftl 64 4 P.hiladclphia Markets Ccn'l Bins 6a R 82 1 82 Oen'l Ulco 6t 1 00i Huil ft Man M1 10 B7 4, ..... . ,..1 J lull ik ..inn in 10 B.. 1 1. 10.. 2.1 . ft lft 6 62 62 01 4 on. 62 62 62 62 624 62 . 624 WHEAT nclDU. 84.4BO buah. Offer Inita light and market largtljr nominal on a biala of 13.20 for No. 2 rM. COHN nelpt-. 1260 bush. Qu!t and earttr. Wo quote, aj to duality and loca tion, at 12.0402.08, Uio latter for No. 2 yellow. OATH nccetpte, 0728 bUih. Scarce and hither. Car lota a to location. No, 1 white. 11.8101.82: No. 2 white. It. 2001.30: No. a white. 1,27 01.281 No, 4 white. 11.20 01.27. KlX)Un Recelpta. l.Ofls.035 lbs. In sacks. Quiet but firm. The quotations follow: I'M 106 lbi packed In 140-lb. lute aaeka HOft winter atraliht. weatern, lf3.2BO18.B0! do, do, nearby. U2.nnW13.23: hard winter traliht, I13.B0O 14.60: do, ahort patent, ll4.S0Qilft.B0: dnrlnir drat, clear, 112013: do, patent, 114016; do. ahort patent. S1B0 16: fancv eprlnr and cltv mllla patent, family brandsV 160 16.60. Hye flour, S12014. PHOVI8ION8 Steady hut quiet. Quota tion!: lleef. In aete amoked and aJr-drled, 61c. bef knucklea and tenders, amoked and alr-drled, B2c: pork, family. 47c: hama. 8. P. cured, looee, 86039ci do. aklnned, looae, 37?3Re: do. do, amoked, 30040c: hama, boiled lioneleaa, 34r; picnic ahouiaera, w. r. cured, looa. 24c: do, emoked. 28c: bellies. In pickle looae. 2fto: breakfaat bacon, 34c; HfrTTEn." Firmly held. Bolld-packed creamery, fancy, hlah-acorln sooda. 62 W 64c; extras. 61c: extra flrete. SR60e; flrata. ."6067C! aeconda. 48B2c: sarlleky. 4B0 47c, aweet creamery, choice to fancy 680 65c, fair to s-ood. ft462c: prlnta idbbln at 70072c for fancy and at 30060c for falrto good. ,. . lyiOH Fine stock acarce and firm. In free cawa. nearby flrata. 43o Pr dozen i nearby current receipts. 42ci JjearDV lair. 40W41CS weatern. extra firsts. 48c: weitern flrsta. 40042c: aeconda. 8.1038c; a'lected freah eggs Jobbing at 61063c per dozen CIIKBSK Fine atock firmly held Quo latlnna! Nw York atate. wliole.mllk. flats, held, fancy. 82c, specials hlgtieri do. aver age run. 2.1081c state whole-milk, current - 'y ...... H3OT3C 1 lO'.ISt I, . U F In 111 Central fd 3 70 i 111 Cenfl 641" ft 83 ' 6 85 f Imp J Ov 1st 1 75S 8 7B Imp J Ov 2nd 1 74i 0 74V 1 74 j 3.. .. 74 I Imp J Oov 4s i 0. 1 . 6 . 6. 6 10 10.. 1 20 10 10.. 3. 8. 1. 3. 1. 1. 1. 10. 07 67 R7Ui 2 ri7 . t io 117V 1 SIM 5 57 4 67 4 Ind'a Steel Sa 1 84 4 82 4.. 84 In'o Ilap T fd 8... . 634 lft 63 B.. .. R3 ;.... ftS4 ICan C ft S 3a 1 03 Kan C ft H S3 2 .... 0CH 1.. .. 00 48 48 48 48 48 ... 48 .... 48 . ... H 48 . . . 48 . . . 484 484 . . 48 48 . 484 . 48 484 . 48 . . 484 . . 484 48 Btl. S Fran Series A 1 .... 1 0 . .. 6 . . 10 0 .. . 18... . 3 . . Chicago Ret-rvo Bank Rale jutf ' Chicago. June 1. The Federal Heji nerve Hank has nrtvartced its rediscount rate on commercial paper and Industrial, agricultural and livestock paper, as-well aa trade acceptances from 6 to 7 per cent. Rate on bankers' acceptances hW ' been raised from EH to ( per cent. ntehmond, Va., June 1. The Federal Reserve Dank of Richmond has ad vanced rediscount rate on Liberty BoniVt and Victory Notes from 6i to 6 pe cent: on treasury certificates from B to 6 V. per cent, ami on trade acceptance' from 6 to 6 per cent. Commercial paper rates remain at 6 per cent. i Atlanta, Oa., June 1. The Federal Reservo Hank of Atlanta has followed! fhA ATnmnlA rt tCntn ma rltv Flalla- -M.1 St. Louis by adopting a schedufe ot progressive rediscount rates based on accommodations an of April 1 Prlcea Firm on Parla Etouraa Farls, June 1. Prices were firm on the Bourse today. Three per cent rentes were quoted at Bf 30c; exchange on London 60f 52c; S per cent loan, 87f 90c. The dollar -was quoted at lit 96Hc, t make. beat. 80c: common to good, Jobbing sales or fancy neia yooaa, UVB rOULTOY Fowls, fancy, 40041c, common to good, iroiic; ur;iiiim u.t-- An -ens, fancy, yellow-Kinneo .14 i A4 t 64 B4 4 B4 4 614 64 64 i 64 4 StL. l a Fran Serlea D 0 . . 66 1 . . . 66 5 .. 66 " 2 604 Lack Steel '23 1. ... 024 L. H M S 4s 28 2...., 80 0.. .. 70 4 70 Vi StL. ft S Fran Serlea C 1 . . 834 1 .. 884 St I. ft South Weat'n en 4 . 63 Lehigh V Trm St L ft South 4 . . 004 I Weit n Be . A, Myers 7s1 2 I.. 1 . 1 0 10 2 14. 1034,Seab'd A I. aj 103 2 31 1024'SeRb-d 1. fd 10241 2 414 102 S . 424 102 Keab'd Air I. 101 0 4s Kta Long Island ft; 4 . 624 n cm fa ,1 aa 1.. .60 S'n IMclflo fd Louis ft N 41 4 . 704 1.. .. 784 3 ... 70 not Leghorna. uclghln 14 02 lbs. aplei-e. 70 w ,.c, weign Ing 1014 lbs. apiece, OOttOBei white Leg horns, broilers, weighing, -," .1'1. ,'." oplece. 60055c; weighing. I1 '" P,fS? 4.101V: old roosters. 22023c; durke, 80 82c: plegons. old, per pair. 50060c. do, young, 45c DItKHSKD POULTIIY Fowls, fresh-killed, dry-picked. In boxes, weighing 406 lbs. uplece, 48c. weighing 34 lbs.. 41342c; weighing 3 lbs.. 37Jc; fowls, freeh. killed. In bbls.. dry-picked, weighing 4 ft lbs apiece. 42c. weighing 34 . lbs., 40041c; weighing 3 lbs., S337c: old roosters, dry ..i.t... ti. ':""'.! ".""-: . .- v.., - . um;r..N fiiu.. vippies. per ." quality. 16010! do. per box I2..1O04 60 orange". Florida, per box $3.7.7 OS; do. California, per box. tl.S0US.R3. Orapefrull. Florida, rer box. OOC0 14.30. Pineapples, l vana, per crate, t5.6O0S reaches, Oeorgla. Ir crate, tl. 0003.60. Strawberries, south ern, per quart, 11203P: do. Jersey, per quart. 20035c. VEOETAllLnS White potutoes. southern. per hbl No. 1. U2014: No. 2, IHWlli No, 3. 1306 White potatoes, old. per cwt., IOB0it7.no. Cabbage, southern, per bbl -crate tl. 1.1&2.25. Onions, Texas, per crate, tl. 1501.00. BOND OR STOCK SALESMEN Established and progressive Investment house In western , New York territory has opening for clean-cut sales men who can sell highest grade Investment securities. Good opportunity for a pro ducer to build a valuable clientele under an attractive arrangement. In letter stato experience and class of se curities sold. Do not reply unless you know how to pro duce. All inquiries treated in confidence. Address Securities, C 511, Care of Philadelphia Ledger Mid s ft o Ss 10.. 2' o so.. 32.. I 80 80 80 80 80 so 10 ..70 ft ... 604 1 ., 60S S'n Pacific 4b 2 65 6 .... 60 S'n Pao cv 4a K04I 2 .... 70 M K C & T fd' 2 75; 10. ... 35 ,S'n PiO cv 6a M K C ft T 4i, 10 UiTi 6 . 6 . 6 . 3.. 1. 1.. 3. 3 6.. a 64 63 i 634 631 03 4 64 64 64 634 634 Chicago t'nlon Hta ct 04 3 ... ion 2 . . 1004 2 ... 1004 3 . . 1004 Chile Cop'r 0a 0 78 4 75 1 ... 75 Chile Cop'r 7s 2 . 100 City N T 3J4a May '8 1 ... 754 City Paris 6a 024 024 02 02 024 01 i oi ; 02 02 024 1.1 1 1 1 1 1 1 4 10 2 City Toklo Ss l o: CI'd Cln Cht ft St 1. gin 4s 1 014 Col ft b'n 4 4a 2 714 Cona'd Una 7s 1 00 1 00 v 5 00 'i Copenh'n 64a 10 . .75 4 1 75 4 Corn Products It Co 4s 1 7141 Cuban c H cv 10.. 10.. 5 064 004 00 004 .134 IS Hallways 4 534 5. ... 564 Ott ft. . 534 Mo Pac gm 4 s 8.. . 534 1 . . 5.1 1 I 1. ... U.I ' Mon'a row Is Hallways 3s ft 784 6.. .. l 0 7841 1 .. HI 5 . . 78 (Texas Co 6s X V C A II n t . 104,4 It n 34s Union l'ac cv 11 ... 644 2 ... 814 N V C ft II R1 1 ... 814 n R 4S 2 . . 81 1. .724 Union Pao fd N V C ft II It 1 .... 714 n R 6a 1 .... 7l 3. ... 88 Union Pac 4s 1 874 0 . . 77 4 2 . . 87 4 .Union Pau 6s N T Conect'cl 2 07 It II 44a iUKODI '21 6 .. 6041 1 ... 01 New Y N II Hi 16 . 04 4 llart'd 0s 0 04 3... . 60 1 . . 04 4 0 ... 60 4 1 04 . 1 604 8 044 1 ... 00 U K a B ft I N T O ft W 4s rets '22 1... . B0 ' 5 054 N Y Tel 4 4s, 1 034 LOCAL MINING STOCKS TONOPAII STOCKS Did Cnh noy 07 Jim Ilutler ln. MniXnmara ? Midway J" Miipah Extension 08 Montana - North Star 04 Itescue Eula If Tonopah Extension K West End IS West Tonopah 04 DIVIDE STOCKS Allied Divide 01 Alto Divide 02 llelcher 6 nclcher Extension 06 ll-n llur 02 I 'rough Divide 10 Divide Extension 28 Divide Syndicate 01 Dlvldo Con , 02 Dividend 01 iBast Divide 03 HarmtJl 60 llaabrouck Dllde 02 High Divide OI nevert Dlvido 0.1 Reno Divide 01 llosetto 01 Silver King 02 Tonopah Divide IS Tonopah Hasbrourk 05 victory inviue u' Verde Divide 03 Zone 10 OOLDFIEI.D STOCKS Atlanta 01 Klue Bull 01 Booth Ot COD 02 Comb Frar 02 Crnckerjack OS Dlamf B II 01 Daisy 01 Florence 18 Uoldfleld Con 08 aolddeld Merger 01 Oold Dev 06 Oreat Bend 01 Jumbo Extension 05 Kiwanas 02 Ixine Star 06 oro 01 Bed Rill 02 Sliver Pick 06 Speurhead 0.1 MISCELLANEOUS Amparo 14 Aril United 10 Eden 4 Mother Lode 60 Netada Hill 02 NVada Band 18 WlltM-rt 0.1 Nevada Wonder . . 4 Twopa Mining OS White Cups . 06 I Ak .04 1 .18 s .10 .10 I .14 ' .17 14 14 .05 , .03 04 07 08 03 .16 31 03 Ot 07 .04 ft5 .0.1 .03 .07 .03 .03 .04 li .07 .10 .05 .21 .03 03 .06 .03 .03 .10 .02 .03 on .To .01 .08 .03 .07 .03 07 02 .04 IW .0.1 I7, .15 4 1 6.1 .04 ! 2.1 ' 07 1 V. ' 12 I OH I Chicago Rock Island & Pacific Railway Co. COMMON STOCK A circular giving full descrip tion will be furnished on re quest. Chandler Bros. & Co. 1338 Chestnut St. Phila., Pa. ; 1 WE OFFER West Penn Power Co First 5s Welsh Brothers 828 Chestnut Street Philadelphia' Lombard 1S43 WANTED Manager of Customers' Room By a New York and Philadelphia Stock Exchange House. AH re plies strictly confidential. State experience, ugc, wages. Box C-333, Ledger Office I'ENNA. TAX FKEB SECURITIES PAUL & CO. Member. Phils. Stork Richanc. 1421 CHESTNUT STREET 07 07 Vi 11. . 75 N Y Tele' a 0s 1 87 N Y W C & D It 4Ss 1... . 40 6 40 Norfk & W 4j 2 73 N'n raclflo 3t 3 53H H ft4 2 52 U N'n racltlo 4 7 71H 2 71. 2 71H N'n Pao 4 Ha ft 71S 2... . 71, 5... . 72W O Calt'a Sa 3.. .. S7 6 804 Pac O 4 E 5a 1 73H Pa n m 4V,i B.. .. 75 1 73'i 2 .... 74S 1 7 I Penna 4Vi'2J 2 . . 07 1 04 S UKUD11 Tcta '20 10 1 12.. 10 04 HH MS MlW 80 80 . UKOBl'31 2.. .. 84' 1.. .. 81 1. U 8 Kealty 5a 1.... 78H U S Itub'r 6a 1 . 80 2 70 U S Steel ,1a 0 01S 2 . . 01H 1 nn, 3 00 4 2 004 2 BH, 10 . 014 Weat'n Md 4s 10 70 Wlleon Co cv 1 . . 854 n 86 Wllaon Co lnt 6 .. 874 Make Our Boardrooms Your Market Headquarters Liberty 32 ... Liberty 1st 4s . . . Liberty 2d -Is .. Liberty 1st 4 V, (.., Liberty 2d -Uh. Liberty 3d . . -. Liberty 4th 4'4s Vie Notes T'V.jk . . Vie Notes 48 . High HI. 60 80.80 80.30 Voir 01.20 80.80 85.50 87.70 87.04 87.40 80.10 01.30 00.00 88.20 87.00 00.00 tw.oo 00.02 n5.no (N.Y time) 1 15 p m 01 .50 80.80 85.00 87.30 80.50 00.20 87.24 05.S2 00.00 LONDON STOCK MARKET Gilt-Edged Issues Harder Oils Strong Fluctuations Slight Imlon, June 1. Gilt-edged Invest ment Issues were harder on the stock excha,nBe today following disbursements which exceeded 57,000,000. The oil group also was strong. Shell Transport and Trading was 9 15-16 and Mexican Eagles 8 13-ls. Canadian" Paclfio ws better and other dollar securities showed more stability. Argentine rails were Irregular. Chances In Industrials wero varied. Hudson Uay was 7H, Little Interest was exlncod In mines. French, Ger man and Ttusslun loans wero stlffer. Generally, the markets were dull, with fluctuations slight. Liverpool Cotton Liverpool, Juno 1 Spot cotton was dull today, with price steady on the basis ot an advance of 2'J points for middling at S7.12d Tho sales were 3000 bales. The receipts wero 18,000 bales. Including 12,300 bales American. Futures wero steady In the early deal ings. Spot prices were: American, middling fair. 31. .7d; good middling. 29.62d; fully middling, 28.37d; middling, !7.i:d; low middling, 23.82d;good ordi nary, -0.tf2d, and ordinary, 19,62d. I r-B-B-B-B-B-P--trte You are wetcomc to call and ask to see our many helps for tradersandinvestors Get this Free Book You will find obliging, well in formed representatives in our board rooms, and in our telephone and cor respondence divisions. Our information files, admittedly the most complete and extensive, regard ing New York Curb Market Securities, are at your disposal. There Is No Obligation In Asking for copies of our latest booklets, pnvatW , wire advices, printed company reports or the "Investor & Trader", our weekly newspaper. Quotations are posted every minute of the market day. JONES & BAKER Specialists in New York Curb Market Securities It tells the general rules of trading, de- Widener Bldg., Philadelphia posit requirements. Phtm RjJL T.nmwt .17. IT,en.. -,- oooti commission charges, ' etc.; ask for No. OFFICES IN 9 PRINCIPAL CITIES T. U.-902. Birct Pritte Wirt las We beg to announce that ' Mr. Benjamin D. Mosser this day become associated with us as manager of our Bond Department. June 1, 1920. Edwajid..B. Smith & Co V s-s i..r .y . , -.- J j ..' . , ' iJrl.. t riA .SK-V.T'" .' . . ,-" N. 1 .'.".-.Jr-M .fc . -( .NiJtY-. 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