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EVENING PUBLIC LEDGER PHILADELPHIA, TUESDAY, .TUNE 8, 1920
- ' ' " .
(V
'! '
Expert Selection
for the July
Investor
v
m
fl
S,
M
CAREFUL selection
, made by nn expert
organization of long cx-
rPiicutc ana nation - wiac
JBcopc of the best first
mortgage ovo real estate
bond investments nvnil-
TaV1i im iU iiiKn1H TTMttM,t
i?;Statcs, is offered in $1,000
ftjynd $iUO denominations m
fcjpwr July Investment
Jjuigc, now in process of
publication. Write for
.'this valuable booklet to-
, day. Ask for
'' BOOKLET Q-412
SWSTRAUS&CO.
;tHJMll) I,, a lCOH0.ATtD
STOCK KXCIIANOK ItDILDINQ
' rillUDKI.rilIA
ThJrtr-eleht jenri "Itliout Ions to nnyl
' T inventor
MARKET MERELY
DRIFTINGAFFAIR
Railroads Commanded More At
tention, With Roading as
tho Star Attraction
NEW YORK STOCK EXCHANGE TRANSACTIONS
&fi-
tft
; r 1" '
gpf a
tr N III I
jj .' Mill II
Mkiii r Money Invested Now
INI-
!jlli 711 , in preferred stocks Is- I
Wj J II sued by well established
'Uf-llll? manufacturing companies
ft-''li,,j earning several times dlv- I
fiw Hit' ldend requirements will I
s?' W I carn substantial profits I
W ' ml' when interest rates be- II
E ffll ' come normal. I
$1 1?
Ail .Wli llll
'''!' II I' ' have1 n cnretnllr I
1 V I KEI.KCTniJ LIST of III
,-' . I preferred stocks I I
r
i)V ' Yielding 8
$ .f ; Ask for Folder P.P.L. 357
i
if- . Ii I
fjSil' Holhster
f White & Co.
' ' ll Incorporated II
fe I Worth American Building llll
W 2; r rniLADEunxi
k; f in i v I'll I
f 'i Kjl ' BOSTON NEW TOKK
?. 4-)' W
I ii nl
fl sir
8:
,K ft
.SJ
fl
s I
Years of
Remarkable
Earnings
if. We offer on better than a
vo basis the 3-year notes
of a large corporation
whose net earnings for the
past ten years have aver
aged over twelve times in
terest charges on this issue.
Notes carry common stock
purchase warrants which
.should prove valuable as
" 10r cash dividends and
lOo stock dividends have
been paid regularly on this
stock since 1909.
Asl( for Circular 2424
Bonbright & Company
437 Chestnut Street
Philadelphia
' Mew Yorlt
jj Ooaton
Chlcazo
Detroit
Jt
il
Cti
New Yorit, .Tunc S. Except In n few
scattering spots the trading In todny's
otock mnrkot wns again lifeless and gen
erally meaningless. In nddltion to the
restraints nrlsing from the uncertain
ties of the political developments at
Cliicngo. yesterday's Into flurry In call
loans nlo put n damper upon specu
lative nctlvlty. Thrre wan, in conse
quence n general disposition to go slow
until me rencwni rate Had been fixed
on call loans. This was made nt 7 ner
cent, as ngninst yesterday's closing rate
ot 1U per cent. The Rupply. however,
was found to be exceedingly limited,
and in consequence, tho rate as soon
raised to S per cent, Koine effort had
been made to create the impressions
tnat yesterday s late Hurry was wholly
unwarranted and entirely n rigged op
erations. The tightness of the market
somewhat upct this foolish Idea.
In betted informed circles ,it is gen
erally recognized that market probably
will have to tight a period ot stringent
money until the end of tho current
month. There has apparently been con
siderable withdrawal of funds by the
Interior, then again the banks arc neces
sarily starting to make preparations for
providing funds for the July disburse
ments and settlements which arc usual
ly the largest of the year. Tho second
instalment of income taxes on June 15.
and Victory and Liberty bond interest
payments on June 15 and July 1, re
spectively, will nlso serve to keep the
amount of money available for call
loans ut a low ebb.
The convention at Chicago, however,
continued the dominating factor, and.
the proceedings were watched closely
by both the financial and market com
munities. As a mutter of fact, more
attention was centred in tle various
developments after the opening of the
convention than there was in the mon
otonous backing and filling of the va
rious stocks. As has been experienced
tor some time back in periods of dull
ness, more attention was paid to the
railroads than the industrials, but, aside
from Reading, even the movements in
that group were uninteresting.
Stocks were inclined to react at the
quiet opening, but the whole list soon
ralld from this backset on the further
strength of Reading, which rose almost
4 points. New York Central also de
veloped a firmer tone with numerous
secondary issues.1 These included Texas
und Pacific, Kansas City Southern. St.
Louis and Southwestern preferred, llock
Island and New Haven at gains of 1 to
13 points. Other strong stocks in
cluded American Sugar, Industrial Al
cohol. Crucible Steel, Chandler Motor
and Atlantic cGuIf. Marine preferred
made up its loss, but paper shares for
feited part of their recent advance.
Dullness became more pronounced dur
ing the mid-session ou call money's rise
to S per cent. Asido from the wenknevs
of Chicago and Northwestern, which
fell 5 points, changes among representa
tive stocks were Insignificant.
LOCAL TRADING
AGAIN LISTLESS
Hair
100
100
500
10
ZOO
800
00
100
300
100
ooo
200
700
000
10(10
300
700
3600
600
3700
700
400
700
100
100
7200
100
3200
300
300
300
4C0
100
1300
300
700
300
100
100
100
190
100
600
100
300
200
3000
400
000
110100
100
8800
100
1000
200
1000
fiOO
100
100
00
300
1700
200
2300
300
100
It 00
300
400
1600
380
6iw
Equipment Bonds
Free of Penruu State Tax
Free of Normal Income Tax
To Net 7.10 and 7.S0
'Jg Townsend Whelen & Co.
&& 505 Chestnut Street
Exceptional Opportunity
for relUbla and capable Hfcurlty nalei
rnen. Experience not necessary but
preferred The most saleable security
ottered for seeral years This Is an
unusual opportunity for a. few good men.
Itqply, clvln experience and rcfernus
Box C 820, Ledger Office
Further Dribbling Liquidation
in the Utility Group Caused
Fractional Shading
Interest continued nt a low ebb in the
local mnrkct and for the greater part of
the session the dealings were entirely
perfunctory. Price clinnges were ex
tremely irregular, et seemingly carried
little significance rxropt to further em
phasize the extreme narrowness of the
current trading.
In view of the halting character of
the other markets and considering the
increasing uncertainties injected into
the gcnerol situation by reason of the
further tightening of money rates,
coupled with apparent muddle local
transit situation, there wni little won
der the rank and tile of the lorn I trading
element were dSpooed to .tick to jddo
lines and look on until the situation1 be
came clarified. Mkiipj. in b fur, as
stock market accommodations nre. con
cerned is practically unobtainable, nor
does there seem to be much hope of any
immediate improvement.
At the outset the list showed n ten.
dency to improve, but most of the guins
were soon lost from sheer inertia. There
wan little spiling pressure, but there
was still continued dribbling liquidation
in scattering purts or the list, notably
U. G. I., Pennsjlvunla Railroad, Phlll
ndelphia Electric and Philadelphia
Rapid Transit. The absorption, how
ever, was better and, in consequence,
pi ice loss was smaller. I'. (J. I. seemed
to be ppgecd at -12. Rapid Trausit
after selling at 11) Hi, dropped back to
10. Philadelphia Electric shaded from
1 122r,i to 2214. Pennsylvania Railroad
jiclded to 30't. Electric Storage Hot-
I tery on nominal dealings swung be
tween US and 11RH;. American Stores
was nearly SI hiehcr at 4. Lehigh
1 Navigation, on the other hand. lost
nearly SI declining to GO. Union True
tion despite tho declaration of the rcg
, ular dividend yielded Vt to U0 .
300
300
303
100
100
100
3800
800
6300
300
700
400
7330
9200
700
400
1000
200
000
300
100
l'O
oco
200
1100
500
500
2000
1800
500
100
500
500
Dlv.
In . , Hlqh
.. Adams Express ..... 30 U
6 AJax Rubber , 67
.. Allls-Chalmera ....., 37?
10 Am Bosch Magneto ..110JS
. . Am Can 30
1 Am Car & rdy 140
4 Am Cotton Oil 43
.. Am Hide & Leather.. 17J4
7 Am Hide & Leather pf 82
3 Am Unseed 80H
0 Am Locomotive 7J4
7 Am Locomotlvo pf ... D9M
.. Am Safety Razor ... 15 i
.. Am Ship & Com.,... 24 J4
4 Am Hmclt & Ret..... 50 H
7 Am Sugar Ret 12 (4
8 Am Tel A Tel Otyt
s Am Tob Sea temp ctfs 8H
7 Am Woolen tVA
. . Am Woolen Co rts . . . H
4 Anaconda Copper .... 57
0 Atch Top A Santo Fe. 80
10 Atl Qulf A W I S S. . .165H
7 Atl Rclmlng 7 pt.,.105
. . Austin N'tchols 24
3.30 Baldwin Locomotive. .11514
7 Baldwin Loco pt 7
.. Baltimore A Ohio,... 324
3.30 Barnadala Class A..,. 43
.. Bnrnsdall Class 11.... 37 V4
8 Barrett 175 !4
.. Bethlehem Motors ... 20H
r Bethlehem Steel 87 H
5 Bethlehem Steel B.... 10
.. Booth Fisheries
.. Bklyn Rapid Transit. 137
. . Bklyn R T ctfs of dep
10 Burns Bros 100
. . Butto Copper & Zinc. 8?(
.. Buttcrlck 1J4
. . Caddo Central O & It. ft
10 Canadian Pnclfla ....lilt
a Central Leather 63 U
7 Central Leather pf... 0BJ4
4 Ccrtaln-teed Prod .... 53
4 Cerro do Pasco Cop. . . 44
10 Chandler Motors ....131
.. Chi Mil A St Paul.... 331,
.. Chi Mil A St Paul pf.. C1H
7 Chi & Northwestern.. J0J4
8 Chi Pneumatic Tool. . 86
.. Chi R I A Pac. ....... 37M
7 Chi R I A Pao 7 pf. 73J4"
.. Chllo Copper 10
1 Coco-Cola 3SJ5
5 Columb Gas A Elec. .. 56
1 Col Graphophono .... 3t'4
7 Consolidated Gas .... &0
2 Con Interstate Cat M. 14 H
3 Consolidated Textiles. 33?i
1 Continental Candy ... 11
4 Corn Products Ref... 03ft
3.50 Cosden & Co 354
12 Crucible Steel 137 Mi
.. Cuba Cane Sugar 48H
7 Cuba Cano Sugar pf.. 7Ji
7 Cuban-AmerSUBar .. S0J4
0 Delaware & Hudson.. 03
.. Denver & Rio Grande 4ft
.. Denver & Rio G pf... 10'
8 Detroit Kdlson 9714
1 Dome Mines J
.. Elk Horn Coal....... 20
7 Kndlcott-Johnson pf.. BSH
2:30 Net
Txiw iNYtm) uns.
TT.rln 1
.. Erie 1st pf H
. . Erie 2d pf
8 Famous Players-L ... 71ft
3 Flsk Rubber 32ft
.. Freeport Texas 24 ft
6 General Chcm pf M
6 Gen Cigar O'H
8 General Electric 144
1 General Motors ctfs.. 20J4
.. Ocn Motors Corp rts.. IJi
7 Great Northern pt... 72
4 Gt Nor Ore ctfs 355
4 Haskell A Barker Car 08
.. Hcndco ctfs M
7 Illinois Ccntr.il 83 ft
.80 Indlahoma Ref 'g
.. Interboro Con Corp...
5 Int Agrlcul Corp pf . . . 8-H
tl lntl Har?ster new...!33J
.. Int Mer Marine 32
e Int Mer Marine pf.... 'i
.. Internat Motortruck.. 65ft
. Int M Truck 25r0 paid. 10
.. International Paper .. 77 54
4 Kansas City Southern 17K
2 Kennccott Copper ... -'n
6 Lackawanna Steel "
7 Liggett A Myers pf . ;
2 Loewe Co -,4
20 M
67
37
118ft
38 a
138ft
43ft
17 J4
02
80 X
w
08
15
24 H
50 ft
124
04ft
7ft
0ft
H
soft
70
163
105
34
H4ft
87
31ft
42
37 ft
125 ft
20 ft
87
89 ft
12 ft
0?4
100
8
13ft
10ft
11234
65
ooft
52 H
44
129
33
50 f
71
86
30U
73 H
15 J4
33 ft
55ft
30 U
80
l'K
33 ft
10 X
03
35 ft
136
49 ft
70 J
56
92
4ft
'06ft
Oft
20
08ft
12
10H
13ft
77
32 ft
22 ft
92 ft
65
144
20
1
71ft
35
67 ft
32
:oi H
67
37 - M
118ft ft
38 H- ft
140 194
43ft- ft
lTJi- !
92
80-2
sft 54
08 - 1ft
16 - ft
34- ft
8H ..
154 1M
04ft- ft
8?4 1ft
97ft ft
ft ..
87 ft
70 J4- 14
U3 - ft
105 1
27" ..
114M ft
07
32 ft
42
37ft 2ft
125 ft- H
20 ft-
87K-
89 ?4-
0 -
12ft
0?4
109 -
8i
"13ft
1ft
H
ft
lft
lft
Bales
109
100
200
1700
2400
100
200
100
500
2000
1200
300
2700
100
100
200
600
3300
300
800
300
900
700
300
100
300
6900
200
100
1600
400
800
16ft-11,24-
65 ft
99 ft-
63
44
129 H 4-
33
5094-
71 -10
7
394
82 H
132
32
86 K
54 4
10
70
16ft
27
70
102 ft
28 ft
86 - ft
37 ft
73ft-
15M - ft
33ft .
56 ft
3lft H
(iO - 1
1454 X
33ft- J4
11 - ft
03 - ?
33ft - ft
136 - ft
49H H
7o;( ..
66J4 H
92 H
4ft ft
8 - ft
97ft-
Oft .
20
88 H
12
1014- ft
13ft- ft
70ft 2ft
32ft- ft
2tft 2?
03 1
05 ft
144 - Vi
2ft- ft
lft .
71ft- i
35 54 - ft
07ft ft
32 1
81 ?- 2H
7J4 ..
3 94- ft
82?4 - ft
1S3H 3H
32
87ft H
64 ?4- lft
19
76 - 1H
16ft ft
27 - H
70 - 1
102ft ft
28ft ft
200
200
300
000
300
100
100
100
100
100
300
200
2100
100
100
too
1590
100
400
3500
1700
300
200
100
200
600
3700
4410
1690
100
10
1700
6249
800
8700
100
1900
2400
1600
200
1(0
200
400
2900
230
400
100
100
470
2700
11011
700
10
18'JO
200
200
9100
1500
000
100
2300
200
300
4C0
290
210
100
1000
200
3jI
P'V. 0-n0 Net
ln HUh lw (NTtm) Chi .
7 Louisville A Nnshvlllo. 00 ft 09 ft 19ft ft
7 .Mannattan Kiev guar. 44
2 Marlln Parry 20 H
10 Mexican Petroleum .-.170K
1.60 Mlddlo States Corp... 38ft
4 Mldvale Steel A Ord,. 42K
.. Minn A St Ii now 13J4
7 Minn St P A S St M.. 00 Ji
.. Mo Kansas A Texas,, 6ft
. . Missouri Paclflo 36
.. Missouri Paclflo pf... 43ft
3 Montana Power 61
.. Montgomery Ward .. 35H
.. Nat Anlllno A Chem.. 85
.. Nat An A Chemical pr. 87ft
1 Nevada Con Copper, . 13ft
6 New York Central.... 68ft
.. New York N II A H.. 30H
.. Norfolk A Western... 89
7 Northern Paclflo .... 73ft
B Nova Scotia S A C... 58ft
4 Ohio Cities Gas 37ft
.40 Okla Prod A Ref 4ft
. . Ontario Silver Mining 7ft
8 Otis Elevator 125
4 Paclflo Devel Corp... 66ft
0 Pan-Amer Petrol ...,101ft
7 Pan-Amer B 96
4 Parish A Bingham... 32ft
8 Pennsylvania R R.... 39ft
.. Peoples Gas Chicago., 37
.. Pcro Marquette 24 ft
5 Pere Mara prior 39
3 Philadelphia Co 37 ft
.. Phllllpa Pet 39ft
.. Pierce Arrow .49ft
v Pierce Oil 10
8 Plcrce-Oll pf 83
7 Pittsburgh A W Va... 38ft
.. P C C A St L cfd.'... 73
8 Pressed Steel Car.... 98ft
8 Pullman 110 U
a Punta Aleirro Sugar.. 101 ft
1 Ray Con Cop 17ft
4 Reading 86ft
2 Reading 1st pt 43ft
.. Readl.ig 2d prcf 43
.. Remington Typewriter 13 ft
o Republto Iron A Steel. 8994
7 Republic Iron A Stl pf 94M
.. Republics Motortruck.. 43ft
ff.20 Royal Dutch Amer... 118ft
,. St Louis San Fran... 25ft
.. St Louis Southwest... 13ft
.. 'St Louis Southwest pf 25
.. Saxon Motor 10ft
.. Seaboard Air Line. ... 7ft
.74 Shell Transport ..... 70ft
.. Sinclair OU 31ft
0 Southern Paclflo 93ft
.. Southern Rail 23ft
5 Southern Rail pf 56
20 Standard Oil ot N J.. 601
7 Stan Oil of N J pf . . . .101ft
. . Stand OU of N J rts. ft
4 Stromberg C'arb 72ft
7 Studebakcr 08
4 Tcmtor Corn A F "A" 43
47ft
2.50 Texas Co
.. Texas A Pacific 42ft
0 Tobncco Products ... 70ft
.. Transcontinental Oil. 14ft
7 Twin City R T pf.... 80
8 Union Bag A Puper.. 80
.. Union Oil 2734
10 Union Paclflo 114ft
4 Union Pacific pf 0ft
8 United Drug t20ft
12 United Fruit 201
.. United Rwy Invest... 11
.. Unl Rwy Invest pf... 13H
3 United Retail Stores.. h2
6 U S Food Products.. 63
8 U S Ind Alcohol .... 14
7 U S Ind Alcohol pf.. 05
8 U S Rubber 94
8 U S Rubber 1st pf...l08
0 U S Smelt A Ref.... 50
5 U S Steel 98ft
7 U S Steel pf 108
0 Vanadium Corp 75
8 Va-Car Chcm pf 07Ji
2 Vlvaudou Ino 20ft
.. Wabash
.. Wabash pf A '3J4
7 Western Union Tel... t3ft
4 Wcfctlnghouse E A 51. 49 ft
.. Wheeling ALE 10
4 White Motor- 61?4
1 Willys-Overland 18ft
7 Willys-Overland pf... 70ft
0 Worthlngton Pump .. C7
44
30
ft
28
42
13 ft
09
ft
24J
42 ft
60
3H
65
87 ft
12 ft
on
39 H
88ft
72
50
37 H
ft
7
125
56
100 ft
90
8ft
39,
38
23 JJ
30
37 ft
38 ft
48 H
16
83
2834
73
9834
11034
101)4
17
8334
43 ft
43
C3ft
HJ4
9434
43
1143
24 H
13ft
Uft
10 ft
7ft
754
31ft
02ft
22 ft
50
661
101
34
70 ft
66 ft
42
0934
"ft
80
83
2734
112ft
64
129
201
It
22 3i
70 ft
62 ft
h3H
05
93 ft
108
69
02
H5ft
74 ft
107ft
20
7ft
i:3ft
83
40 ft
10
6134
1834
70 ft
b7 ft
443 lft
201
17ft- lft
28ft- ft
42J4- 1
1334 VA
6834-
ft ft
261
43ft ..
81 - 1 ,
3534 Ji
63
87ft ft
13 ft ft
09ft lft
2934 ft
89
721
60
3734- '
434 V
7 - ft
125 I
58 2
101 ft
96
32 ft ft
30
36
?4ft ft
39 4ft
37ft ft
39ft- ft
49ft- ft
16 ft
83 - ft
2834 14
73
0834- ft
11034 ft
101 ft- ft,
17 ft ft
80 3ft
4"ft lft
43 3ft
63ft- lft
80ft ..
9434 . .
43ft 34
115 194
25ft 34
13ft 34
24ft 1
10ft- ft
7ft- 34
76ft lft
31ft- ft
9254- ft
22 ft ft
50 34
661 0
101 ft
34 ..
72ft- 2ft
00ft- lft
42 ft
4734 ft
41 ft
70 - ft
"ft- ft
80
853
2734 .1
113 - ?4
64ft 54
CURB MARKET WAS
STRONGJ SPOTS
Island Oil an Outstanding Feat
ure, Making a Now
Top Prlco '
New York, Juno 8. There were
many strong features on the Broad
Street Curb today and although price
movements were irregular, tho tone was
generally strong and most interest was
attached to the Issues which made sub
stantial gains. Island Oil was traded
in on a large scale, moving up to 0, a
new high for recent trading, and there
was a large amount of business in Met
Oil. which made a fractional gain.
Texas Pacific Coal and Oil continued
in good demand, advancing about 2
points to 48 on sales of over fiOOO
shares. Tho rights were traded In at
11 to 12-14.
Simms waB steady and White Oil
was also In fair demand but without
special change in price. Carib Syndi
cate showed a strong tone, moving up
from 10 to 17. Submarine Boat
sold nt 12U to 12.
United Retail Candy was pressed on
the market during the morning, declin
ing from 154 to 14. Aetna Explo
sives again sold at Oft.
INDUSTRIALS
120 ft ft
201 3ft
11 - 54
23J4- lft
783i 134
62ft- lft
83ft 34
99
03ft- ft
108 34
59 lft
Aetna Explosives ....
Amer Candy
Car Light
General Asphalt . ...
Grape Ola
Grape Ola preferred
Hercules Paper
Imperial Tobacco ...
Inter nubber
Mercer Motors
North Amer Paper..
Perfection Tiro ....
Radio Com
Itado Com pref....
Italnler
SlnKor Mfr
Hubmarlno TJoat ...
Sweets Co
Times square Auto,
tl S High Speed Tool
IT H flteum
United Plct Prod l's
United net Candy 15'i
8TANDAKD OILS
Anslo-Amrr Oil 234
Standard Oil of N Y 385
INDEPENDENT OILS
lllsh Iiw
o; on
..6i fl'i
t2 2.
00 0H4
2 m
23 22 S
10 10
im nvi
18 17
6$ ?.,.
2H -"
1 '4 1 ;
2H 2S
3s asJ
120 120
12'4 12'i
33 32
32 32
2tl 24
1.
14Vi
2.1
385
Last
0'i
0i
2l
OH V,
214
23
10
114
is
!
IT.
3S?i
120
12U
IS
32 i
32
2H
1'4
3S0
92
100
74 34
107ft
20
ft
40 ft
10
6134
ft ,
0734
- 34
ft
Commodity Markets
J
COTTON MARKET
New York. June a.-iu.uuSi
Southwest and trade interests were
buyers of cotton this morning, a marked
improvement in weather conditions led
to heavy liquidation of old nccounts
under stop orders, and this produced a
weak tone after the opening.
From a decline of B to 2!J points on
first sales, the market broke to a net
loss of about 25 points on all active
new crop portions by the end of the
t twenA minutes. Liverpool also
was a seller here and the New Orleans
market showed healne-s m the early
tradiug.
Philadelphia Markets
WHEAT Receipts. 171. Bin bunhel.
I.niiir, Lar lolt In eiport elevator No. 1
July
October .
Dember
januarj
Muich ...
Tet Todaj's
clo open
;i t'l 31 TiO
. 3.1 rt7 83 0
, at n 34 17
, st m 31 (in
. . 33 f.3 33 J3
(N T.
11 10
a. m.
SH.31
83.80
31.20
time)
l.su
p m.
ns.an
as.ti')
34.32
33.20 33.47
GRAIN MARKET
Chicago. June S.-Traders applied
,. ti.n .irii mnrkot ill WC
'nnenlnc todaj and initial quotations
MVre easier. The selling was mm
...l Kv onlnrced receipts, the am
,.,iW ln.re toda.. being 11 cars,
influ -
rri-and
FOREIGN EXCHANGE
New York, June 8 With tho excep
tion of German marks tho entire llBt
. , .!-.,. aii-nni-tii in tlm onenluR
snowcx "-- " - -yVxehanco mar. ' 'M Muter $3 i 13i No f.iard winter. 13 13;
quotations of the foreign exenango mar Nq rrd ulnteri $3 ln. ., hllrd wJ,lter,
ttet thla morning Sterling was up 1 :t uf: n.i. .1 ted winter. :i (i; No 3 hard
point, demand selling for 3 00ft and
cables for 3 lit. Other quotations were:
Franc cablen 12.95. checks 12.07; lire
-.,hi 16.05. checks 10 07; Belgian
cables 12.46. checks li! 47; SwIes cables
6.51. checks 5 53; guilder cables 30ft,
checks 36H: pesctai cables 16.40.
checks 16.3?; Stockholm cables 21.75.
check" 21.65; Christians cables 18.10,
checks-18.00; CopeiihaRen cables 17.10.
checks 17.00; marks 2 44
Sterling entered upon a rally In thu
midday trading "V'1 .w"riUPmi .hles
Demand was quotid nt 3 !W and cables
at 3.U3. OthiT quotations w.'re: 1- rant
cables 1 3.0(1, checks 13 2; "ro mblei
17.no. check-i 17 02, tn irltH. 2.4B.
TODAY'S OPKNtV! JL STATIONS
HKMiin. Irxiii I .lr Uull'lers
Demand ... 3 f'V. 12 1;;. 10 03 30ji
Caliles 3UI 12 Hi lo U7 JUrt
YHSTEKDAY'K TINA!. QUOTATIONS
Hterllnn Krrtn'S Lire Oulldera
. 3SH4 13 02 17.02 BUJ.
. 3 00U 13.00 17.00 38V
NOON QUOTATIONS
Sterllnt Francs Mre Guilders
3.92U U HO 17.00 ....
. 3 03 111 "J 17.02 ..
Allied Oil
Iloston Mexico
Notion Wyoming
Carlb Sytdlcate
Duquesne
Knilneers Petrol
Esmeralda OU
Federal Oil
Gtenrock Oil
Oronada.
Home Petroleum
Hudson Oil
Island Oil
Kay County Gas
lattice Creek
Merrltt Oil
Metropolitan Petrol ...
Morten I'etrol
North Amer Oil
Ohio Fuel
Pennok OH
Plttsbunrli Oil
Producer and Refiners.
Red Rook Oil
Roy de Franco
Ryan Oil
Sapulpa Ref
Plmms Petrol
Hkelly Oil
Spencer Petrol
Superior Oil
Shell Trans rt
Texai Pacific Coal ...
Tcras I'ao Coal rts...
Un Texas Oil
Victoria Oil new
V'fBtern States
Whlto
2S
17
4;
2H
2
OH
3
-i
iti
Demand
Cables .
Demand
Cables .
tf
An Unusual Investment
Yielding 8.64
Circular Upon Request
NAULTY & CO., Inc.
Flanders Building
PHILADELPHIA, PA.
tf Pcnna. Co. 3',s, "B." 1941
V Savannah Gus 5s, 1923
v I'hlla. Kapid Tranhit 5s, 19.-.7
t v Lehigh Coal & Xav. 4';s, 1951
. CHARLES FEARON & CO.
jpTSv 333 Chestnut Street
imii
Philadelphia Stocks
inch I.",
22 Am Strs.. 45 44ia
25 Am f!as.. :1 IHI
flOKlecStor.llR117
.10',
1 130 Net
P. nl, rhp"
" "M
:to . . .
m 1
30)4 a,
2DU M
no T's
r.in-., .
81
42
30
L.M I !
:iny. vt
42Z i's
:io..
hS
h T,
fet '.
ifi
erlran Gas Compunr 100-Yr. 6s, 2014
lilKli t'oul NHYlcatlon Co. 4s. 1054
i!iiti liuii.vw M.ir, u... ... i,ii
i ,. n. .i.i nl. it. ffiiiiiiuny Conol Ah. 10M
ufayette I-naunsiiort Trur. .. ft. 1II3B
!1.mI. Titles It.. IT. Si Tr. . fin, 10(12
'V.?ladel.l'li KrarUnr Ktendeil 4s. 1037
Mill.. Wl inliwtoii iiniii. ... . is. lu.-i
,"l ".." i.u.-lil li . I mini ICaiilu. .. 7h. Rerlul
; : York Peiilml Itallro'id Kq. 7s. Merfiil
j ' - 1 T7" n L X 1 1 1 sr ri JP iO r
DUmuCI IV. riiuiiuo ix vu.
607 CIIK8TNHT 8T. t
Members rhllidelphl Jitotk Exchange
foii
Remington Phonograph Stock
5tiuiMl Iwjond snpjlr. Output contracted
OT. special rirriiMir .. i...i .ww... ....
iata on phonosroph Industry on request.
O. if. IjAJNhiinuwk v uu.
1034 ("HEHTNI'T ST.
Hprui'a XHIU
ifl ''",
fwpci
jm l..
Will, Wilson & Linvflf
Public AcciuiKb4i
I Co N A KOVi
25 do repti
. full pd. 2I)4 201,4
f,0 I.ch Nav. 50. 50
111 I.PII .M1V, HUM. Illl'i.
nod ia n n.. 'wv-i .".nu
204 Phil Klec 22'iS
.105 Phil It T. 10.
225 tKeadlng. mA-
25 I'n Trac. .'lOf
701 I' I... -12W
10 York II pf .Wj
tNet chanee made by compirlson with last
sale on New York Stock Kxchunire.
Sales In IIONDS 1 30 Net
$1000 High Low p. m. chee.
5 Baldwin I.o
lbt 5s.... 04 01 04 -v,
15 Cong tm ctf COM- UOVi 00 ,...
1-5 Klec & Pco
Tr In ... 50 5(1 50 1.
1 Key Tel 1st
5s 07 07 07 ..
0 Lehigh Val
gen 4s... 01 Ms 01 Oil '..
OLib Ilonds
2d 4Vis.. R5.50 85.2(1 85.20 .01
3 7-20 3d 4Mb 80.50 80.50 80.50 ..10
02 4th 44.. 85.00 85.58 85.70. 20
1 Nntl Prop - .
4. Us .... 5 5 5 i
4 Penna Co
temp cts..l0n, 101 Mi 101
CHICAGO BUTTErtAND EQG8
-1'TWgVR IIUW.
Iti.i in it. -- ..
by generalh fut.-rable reamer rou...
ftous thrntighout the belt, u the setback
there iwis scattered buying by com
ll'lnn li.m".. ttlitrh caud rallies
from the lowest. t1 7n,
lulv opened at $1.71 to -"'i'
ngainM S171 .it the end gMtfrday.
and later sold at SlTlVfc; September
was quoted at SI 50'j to $1.50 at
'.... . .! u-iin iL.t m
hW and later sold
" There wax w.me local selling of oats
nt the stall, but the market was not
weak. CciimiN-inn houses purchased.
The receipts hero today were Hbht.
amounting to only 47 earn. .Inly op.'J
it H0e to im',f. against OOVjc at tie
close jesterduj; Scpteiuber started t
78-T4c to 7SV4c, ugulnst 78c ut tho
end jetcnlaj. ,
Uecelpts of uheat here today were
10 cars.
. . -. am fnllnns:
i.ea'iinx luiurei rn" .n.in Test.
tnhln. tlm)
OPn lllah Lo,v a. m. close
I 71 1 .-V3 .'',1,, T -TV 1 .17t
Ort OT'i. BtV'i
78U 7S'. 75i
33 37 83.00 33.0" t.J '
31 75 131.45 t34.4.1 34.70
Com (new delivery)
MONEY-LENDING RATES
s:. Verk. Juno S. Call money
opened at 7 p-r ceni, but later advanced
to 8 per cent
In time funils there was no business,
transactions ronsistlng of an occasional
renewal ot moderate amount. Nomina
quotations won 3 per cent bid on gpo'i
mixed and 8's per cent on Industrials
for all maturities For prime bank ac-
A I. ...-.! nt. .r.mhPF lllllH. OU
per cent was freely offer 'd The bidding
rate was 6& per cent Locally, notninK
Is moving In prime mercantile Paper
under 8 per cent and some of tho nanus
are asking "j per cem.
niiL.MiKi.riiiA fail. r. per cent;
time 0 per cent , commercial paper, three
to six months, 0 per cent.
(Xotc These are merely nominal quo
tatlont), as the lepal ra'.u of Interest in
the state of Pennsylvania Is fixed at o
per cent Plus premium and commis
sion time money for thirty to ninety
days Is loaning at 8 per cent, while com
mercial paper from three to hIx montns
la being orcerea at 7 to a per ecu...
LONDON Money 4 ',4 per cent. Dis
count niH-H- Short bl.ls, 0 11-16 per
cent; three months' bill. OH per cent.
HIIK. rill'i, aft July .IT' J Vi
."O'i .HIV,.. tv.pt . 1 AU 1 "8
111 10 r',hei't 7si -oil
l'nrk
JUly t.1.1 40
Sept 31 75
l.ard ,
July 20 57
bept -1 50
Ribs
July . . 1" 03
Hmnt . . in nif
Uld. tAsked.
20 57
21.50
IS. 05
18.80
'0 35 20-37 t20.fl.-i
21.25 '21.27 '21.50
17.90
18.70
17.00 18.07
18.70 U8.8J
DIVIDENDS DECLARED
St. Louis. Iloricv loun.Jn nd rjeinr
fo . rellar HUarMrW of 1 Pfflrrrcenl n
common and I'i '',",,., Vord June 10.
aide Jim. ,30 to stool of ritord rJunHery of
T II "''"',,n,mn;nrun.l 2 per cent on
I. .K' ." nm 'nmpHynBm? July 15. to stock
JiTVeconl June' 15 ami preferred ..uiy
do. not cioie ,,,.,acturna. regular.
aV;fwSSh SSt"oanClprenfSrr.5eKda85 ?25S
I'hll
Luelon
llontoll
BANK CLEARING8
m.'o nun
mis
-,-ss,-,ii7 ;ru,ii:iii,,h3 $rj7.is2,3io
iiii.on-.uu.
1.4. S7H 11117
U4 Sill OUT
lialtlmore l.'i.iW2.ti4U
III 42 Jill
04. 482.210
14.7N.M2U
on w.. ....- -, i,,n. ib, common ijm.
jlTni'l?.'.?" ?l?r.c0 kr,,rrr,nuarcr.v
,lr?en.,',oen,rlfe;!.Tyb.o 1
KTre. V'SSir i i fa wur'1
Reserve Banks' Discount Rates
Oftlclal rediscount rates at the twelvo
Federal Reserve banks are as follows:
Treas, Lib. Com'l Ilkrs.
Otis. uonos i aper vv;ili
5'A I
fi'4 H . 7
5 5'i 5V4
5 n54 51
r. o.i-4 r,'l
.1 cir.ii n'i
.1 ire.iu 11
r. Tin rH
5 03U J
I
54 5
llnnton . . .
New York
PhlUdelphU .
Cleveland
Hlchmnnd .
Atlan'a ..
Chlcatto
Rt Ijtmls
Mlnneu polls
Knnsns City
Hallux .
San Francisco
6
II
5
r.V4
n
Stt
SHARP BREAK IN SILVER
Rlumn Followed a Further Severe
Decline In London Market
.. ,. i... a -Ilar silver made
nniiir. vininit riecllno In tho local
''..' ...i., fniiinv nhnut in rents to I "nlv
''.',rl '. ' ""'.'. '" A e.rll.er uliinil, will 'f.'enleinli.
in 11 "!" .-,. .le-l'nr amount. .. ..'
uMninr 1:107. No. I red winter, l.'l 03. No. 4
IihiiI lnl. i. .i n.i. No 5 mil winter J2.t)!:
No. 5 h.ml Mint r. . I'll Sutnplc uicoid
line to iiu.illt.
COItN Un.-lpts. S33II bushelH Quiet and
easier. We ciumi" as to auallly and loca
tion 12. 0aW2.DII. the latter for No. 2 yellow.
OATS Uecelpts, 20,301 bushels. Trado
alow at former rates. Cir lots as to lo
cation No. 1 white. $1 2781 28; No. 2
white. 51.25W1.20. No 3 whlto, J1.23&
1.24: No. 4 white. J121W122.
KLOUIt Receipts. 2,227,5114 bushels. Dull
and lower. Uuotei. Per 11)0 Ibo., packed In
140-lb. Jutn eacks-.Sott winter uniluht.
western, n813.25, do, do. nearby, $12.75$()
13: har winter, stralnht. $1314: do.
short patent. 114CJI.1, airliiK, tlrst clear.
Ill .1041 12 .111: tin patent. M3 5OU14.10, do,
short, patent 114 r.iifU.I .in, funcy sprlnu
and city mllla putrnt family brands. $1,1 no
(i 1U..1U Ite Hour. Jll .".iij Kl
PUOVISIONH nulet but steady Tho quota
tions follow, lleef In bets, smoked and nlr
drled, Ale. beef knui.kl.-8 and tenders,
smoked und uli-drli'd 52c pork, fiimili,
47c: hams. 8, P. mrtd. loose, 3ili!f3De; do.
skinned loose, 37 6381. do, do, smoked, 3'J(iJJ
40c: hams, Inilled, lioncless. 54c, picnic
shoulders. H V. cured loose, 2.IV4c: do,
smoked, 244c: bellltis. In pickle, loose, 25c;
breakfast bacun, 35i: lard, 23c,
HUTThlll him and hlKhir The quota
tions: Solid-packed, creamery, fancy, high
scoring kooiIh, .ItliiJIllc extras, 5Sc: extra
firsts, 53ii57c, llrsts, .10 53c; seconds. 44W
411c; ordinary Krlli.k. 42(4 43i sweet
crivmery. eliolce to fancy. ilOenl.'c, fair
to wood. 5ll!f5Iie. prints lebtliiu nt ()7(.tf
lillc for fano and ut .lilfiiiik for fair to
cholio
KtlUS Hrtianed 1c In free cases, nearby
llists, 4C,o per diu'n, nearby mrrnt re
ceipts, 44c. nearh fair. 41ii?43c, western
extra tlrsta. 41k. uestem llists 421144c
seconds, 31V Id' sele.led fresh eegs Johblne
afc IIIVtKIl (Tl llr
ClUIKSi: In mini! supply and steady.
Quotations New York state whole.mllk.
flats, held fancy, 31(t32c specials hlah.r:
do, uveruifo run. 25(3nc, Hate. hole-nilIk,
current make. best. '.Oc eoinmnn to Bund.
24f2Sc: Jobbing sulei of fancy held goods.
33034c.
1.IVK I'OUI.TnV I"owts lancy. 380c:
do. Lommon to good 3ff37c, brolllnc chick
ens, fancy. elluw-sklnncd not Leghorns
weighing IHW2 lbs i-plece, 7U75c; weigh
ing lOl'i lbs uplece, (l()8i(iae, white Leg.
horns, biollers, welglilna HjJl?4 lbs
piece 306 53c; w Ighlnir Itf!1; lbs apleie
VO04Sc old roo.t.rs 22t J3o dm k, 3njj
32c; pigeons, old, ptr pair. SOWOOc, do,
younfr. 45e
DUKSSKI) POI'LTIIV Miwts. fresh-killed,
dry-picked In boxes, weighing 4JP5" lbs
apiece, 43c; welnhlns; 8V4 lbs, 4142c.
nelshlng 3 Iba . 87f80c, fowls, fresh-kllled.
in DOIB., urriiivi.eu, wnantng 4VP.1 Ins
apiece. 42c: welchlnc 3'4 lbs., 40Sl41o,
welghlnic 3 lbs. 35irr37c: old roosters drv.
picked, 30c: sprlnif ducks, L. I 3flc.
KIlUSH FltUITS Apples per barrel, as
to quality, WWIO: do, per box, $2 r0W4 ,10.
Oranges, Florida, per box. 3 SOCtR 01. do,
California, per box. II SO M 5 3.1. Orapcfrult,
Florida, per iiox, iiiiew;i si) l'lneaiiplrs,
Havana, per crate JBifi'll Penrliei, (irnrala,
per crate, 1 0Rr4 Stranlwr-les, pel quart
Jers-y, fancy lame ,tnl,3.V do, fair to
good l.1ffJ2Se, snuth'.rn, lOvi'JIe
VBtlr:TAHI.13.4 Whii. iMitiiines ii'iiillierii,
per bbl No 1 $t(i 12. No 2. M .'I'd 7 .10,
ro, a. .- i.i in 1'ano.ige. southern per
bbl. crate 3H4. Onljiis. Texas, p. r crute,
5IIC&11 110.
NEW YORK COFFEE MARKET
New York, Juno 8, The coffee futures
market opened quiet thlB morning, but
tho undertone was steady and first prices
were 3 to S points 111 Eh Jr. Salen nn th
call wcrn only ono lot cf December at
14.6UC, or a points aDove the nrnvniu
nlKlU'a close
There was no Hpeelal tradlnR feature
In the coffee market duilm? iho early
session The oinnlnc; lulvanco of 3 to
5 points was nom'nal In the caso of
most positions, as the only salo on the
call waa ono let of December, at 14,50c
Later. July sold at 14.87c. or even with
last night's dosing quotation, while Sep
tember advanced to 14.65c, or 8 polntB
net higher.
There was nothlrnr, however, to In
dicate any chango of sentiment and
traders evidently found no fresh In
spiration of confidence In the Brazilian
rnuiiive
3
lR'i
RH
3,
3 ,
24
il'i
'Si?
"
51.
3
S
104
0,
2114
in
211,4
48
12;
"
i
.
Eaelo 204
MIN1NO
Al-iskn Brit Columbia.
Arizona Ulobe
Atlanta
Ilelrher Divide
Pelcher Extension ,
nig Ledgo .'
liooth .V
Iloston & Montana '
Caled Mlnlns 27
Culumet & Jerome '
Candelarla Mining S
Cons Cop Mining 3S
Cortex Silver Oli
Cresson Uold JH
Crescent MacNamara .... 1."
Dlvldo Kxtcnslon 27
llmma Miter 8
llureka Croesus 41
Eureka Holly 1
Uoldcn Oale Lxp "4
Cold Cons !!
Onld Development t
tiMA Ivew-anns 1 Vi
r.
Oold siler Pick .'J
Gold Zone
Uroat Ilcnd
Hccla Mining
Jumbo Lxtenslon
Knox Divide
txiulslana Co
MacNamara
Marsh Mining
Mother Lode
Mother Lode new
Murray Moc
Nlplsslne
North Star
Rochester Mines
Itope Croup
San Toy
Miter KlnB of Arls
Filter Kin; Divide
S Silver la?ad
Success Mining
Tonopah Cash Hoy
Tnnopah Divide
Tonopah Extension
Tonopnh-JIm llutler
Tonopah Midway
Tonopah Mining
Tonopah Mlipah
Tonopah Montana
Tonopah Rescue nula. ....
U H Cont
United Kastern
Victory
White Cops ..
Whlta Caps Extension ...
Wllbert
Verrlnston
iion n
Allied Packers d ...
AjiKlo-Amer Oil 7J4 s . .
nclglan Uovt (is, ll'Jl .
Helalan Oovt rts 1-'.
llelglan Oovt 7Hs. 104..
Dela Hudson 7a
Texns Co 7s . .
West Electric 7a
18
l'i
1vV
n
o
is
r.'i
-r,
I;.
12
'4
r.
no
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7
l'i
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ii
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21
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74
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54
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im;
20'4
IS',
214
11,
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5
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70
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3.
BM
14
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li
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im
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20 '4
American Light &
Traction Company
Five Year 6 Gold Notes
THE Notes upon issuance will carry detach
able Warrants entitling the holdei' to pur
chase, within the periods below fixed, Common
Stock of the Company in the ratio of two-thirds
of one share for each ?100 face value of Notes, at
$142 per share on or before, May 1, 1022j
$147 per share thereafter to and including
May 1, 1924 1 and
$152 per (hare thereafter to and including '
' May 1, 1925.
The range in 'quotations for the Common Stock
of this Company during the past ten years has
been from $125 to $450 per share.
This issue of $6,000,000 Five-Year 6 Notes
constitutes the sole funded debt of the Company.
The equity is represented by Preferred and Com
mon Stocks, having a market value, based on
present quotations, in excess of $40,000,000.
The fourteen operating companies have been
in existence from 20 to 60 -years and show an un
interrupted growth.
Price 94 and Interest
To Yield Over 7i
Circular describing this unusual attractive
offcringr will bo sent on request for PL-311
The National City Company
Philadelphia 1421 Chettnut St.
Atlantic City Chalfonte Block ,
1225 Boardwalk
The above Information la based upon oftlclal statements and
atatlsttca. We do not guarantee but believo It to be correct.
AMERICAN KARDEXCOMPANY
(Incorporated Under the Laws of the State of New York)
TONAWANDA, N. Y.
8 Cumulative Preferred Stock
NEW ISSUE $500,000
i
,
14
5
5
70
27
l
3S
oo
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Ill
2H I
o
l
II
i'i
IS
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00
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H774
h7
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. ''Stl
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7.1
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IU4
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7
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87
i'7't
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IIS14
3Ki
Financial Briefs
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 earnings 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 sharo
and accrued dividends.
Knrdcx Common Stock is paying dividends at tho rato of
16 per annum. Ono sharo of Common may be purchased
with four shares of Preferred, to yield 9.6 on tho investment.
For Circular and Subscription Blank
Address
P. B. PORTER, Treasurer
AMERICAN KARDEXCOMPANY
Tonawanda, N. Y.
Branches in Thirty Principal Cities
..n. in.
lJ..!t f record June 21. . ... .. L
Veil
1 In.e
II MJ'SS
I I Mr V
II I'frt'i
11 i"' l'i
14 47 f III
resssaM.K1':"
SL nESS".aaK WMiTOiK .. PArt
Dl UVBQ .r" ". -T.' .UlaWBih
Toil !'
ope 1
11 no inn
14 "0f,v
1 1 .".0 u -,2
I I .'
II .12
Ohio Cities Gas Btocklioldcrs. mcct
Ine In Coliimbu.i last Saturday, oted
to clmnge tho corporato namn of the
tompany to the Pure Oil Co., 1I10 namo
of n former subsidiary. Inst March tho
directors voted In favor of tho chanue,
the reimon given at that time being that
the oil bUBlnem conducted by tho com
pany was much greater thun the gas
business.
The average prlco of twenty active In
dustrial Btocks declined 1 12 per cent
yebterday to 91.13. whllo twenty rail
roads declined ft.27per cent to 71.08.
New Cornelia Copper Co Mny produc
tion nan 3,720,00u pounds ng.ilnst
3,oG0,000 In April.
Money In circulation on June 1 totaled
10,102,162.244 .iltalnnt IE.834.2R8.212 on
Juno 1. 11110, and 5,001.207,441 on May
1, 1920. Per capita circulation Juno 1.
1920, was $00,99. '
Tho subtreasury gained $512,000 from
the banks yesterday, reducing the cash
net loss since Friday to J9,196,000.
Tho Corn Kxchnnge National Bank
announces the opening of its new trust
department on July 1 Tho department
will net for both Individuals and eorpor-
imoutt 111 un uuni inuiicrs. inciuilititf
executor and administrator of estates,
The Inability 1o market copper In solo
reason for passing Islo Itoyule dividend
Company Is carrying close to 6,000,000
JIUUUUO.
Ryan 8ues Exchange
New York, June 8. Allan A. Ilyan
through his attorneys, Stanchfleld St.
Levy, has Hied notice of suit nkiiliibt tlw
Now Yorlt Stock Kxch.inge. Tho nctlon
is believed to have grown out of the
famous corner In Stum Motor iievernl
weeUr. um Mr Itvan" ntlnrncya yes
terday referred Inciu'tles nn to me nur
poe of the Hiilt to tin Vow York Meek
i::;c;hlWBt wlier ofdclalH proteased ur.
prl8 that litigation wim to ho brought.
ind denied, knowing, of. the action, WIN
Kiw.?J Jlij'i.'irv"' r.l" OlOOK
J&7"E recommend for investment the First Mort-
' gage 5 Bonds of a Public Utility Company
operating in the City of Philadelphia and
nearby territory.
The Company now earns over one and a half times
all bond interest und is installing improved equipment that
should produce a large saving in operating expense.
At present prices the bonds will yield over 8 on
the investment free of Pennsylvania State tax.
The issue i3 listed on Philadelphia and New York
Stock r-xchanges.
For particulars addreis
HARPER & TURNER
Investment Bankers
1000-1411 Walnut Strcat
Scranton Philadelphia Reading
tembera of Philadelphia Stock Exchange
SILVER
kM Afltt.A . wJ.7 ... I v .v '
For
reign
National Municipal Industrial
Bought, Sold and Quoted '
9,urF?rS'Bn Department olTcrs complete
facilities for transactions in all foreign
securities.
Edward B. Smith &Co
BANKERS
IIHTAIU.lfiimn 1892
itiiitier New J'orfc nml i'illnilcfiiilii Vtark ;;rr'idnoe
1411 CIIKMTMIT r,T.. nU,AUKI.l'IU.
NKW I.ONIION K.WT0.V
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