vU
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. O r . tr - J w S v v ,1 3, w . )f -
EVENING PfcBtilO IiEDGEK- PHlL'ADELPmA, SATUEDAY, ' JUNfi M12M920
k
'.
rt:
t'
J t
V'L
' f t
&
Real Investment
Values '
R&
fcJV.V
fc" -.V
5'
(SO
W
ftV-b
V
I-
"
PECULATION and
the present economic
situation have caused
low market price on
many high-grade invest
ments such as bonds and
carefully selected pre
ferred stocks.
It is possible to invest in
many dependable securi
ties which, because they
have been more or less
overlooked, return today
abnormally high yields.
A selected list has been
prepared. Write for it.
Invettment Bankers
Members Phila. Stock Exchange
RoI EiUto Trut Bid.
Philadelphia
CLOSING
wm
DULL AND
STRONG
Wall Street Handicapped by
Tight Money, With Plenty
Bullish Ammunition
NEW YORK STOCK EXCHANGE TRANSACTIONS
TsK 1
I
Big Thing 8 May
Be Expected
of the Canadian pulp
and paper industry. Ex
ports have quadrupled
In five years.
The reasons are sound.
Pulpwood is one of Can
ada's chief natural re
sources; pulp and paper
are fast becoming her
greatest Industry. De
mand is world-wide and
growing.
Write for a copy of our
current edition of In
vestment Recommenda
tions. S3
It contains a list of con
servative Canadian in
vestments, rendered
doubly attractive to
American investors by
reason of tho premium
on American funds.
agency or
Royal Securities
X CORPORATION
(CANADA)
LIMITED
165 Broadway Now York
nnmwmiiULy."w
80
13
it
flMi
28
Bond & Goodwin
Announce
that MR. GEORGE S.
RING and MR. MAX
WELL E. BESSELL have
been admitted to the firm as
general partners.
Dated Juno 11. 1920.
An Unusual Investment
Yielding 8.64
Circular Upon Request
NAULTY & CO., Inc.
Flanders nuilding
PHILADELPHIA. PA.
A
FINANCIAL
'""" ' IBS1 K V.vrhRN slump. ns ivn
KI.BCTHII CO IlrlH-ntnrr nonds.
V ;v2,ri "",h""'' ".V'VS2P "e tame.
in in ".' .jOI
" " isi in
20 sn in an
23 1)0 1ST 218
R2 l-'l Is.' "10
BR 121 1(11 2-7
no mi inn 2S1
5. r ni j.i- '04 244 21)7
S- 'hava been drawn for oavment a oar and
PhSdrtPh " after uh.rh' dM.'airinUrMt
on eld bond, -h-.il r.nS(, u '" " """
TUK PENNSYLVANIA CO rOR IVHltn
AXCKS ON- LIVES AND ORAWvn
ANNUITIES Trust- "-JHANTIAO
i- V Pirvinrt n ..
1 -.., rrp.in.HT
. Dividend..
240
SRI
212
2(1(1
71
2 SB
THE BARRETT COMPANY (N. J.)
, A quarterly dlwdmd of Two nnit,.
(12.00) pr .har.fi., bn dw-lirM o?"?hr;
Common fnpltnl Stoi-1 nnd a ouari.riv ji.
dml of One Dollar and S.vMitrnv rln,.'
11 7.-.1 pr har on ih Prf"rr.d rn.7i1
Flock of Tho Ilarreti ompanv. Now lirill1
Pnyaulo on July 1. 10SU. to CorrVrnon ,".
ho dcr" ef record at th oin t hJi..:
Jun. IB 1020 nnd on JuU 11 iS"0 , n7!l
Prfrred tockholdrs of r.rnrd . ,. t?
rlo.a of nunlni!. Juno 20 lnn "" l"''
EKNKbl J bTKEli T.rasur.r
tlTTT.K Tiirvi.Kii.i, vTvTnATifw
T BAILUOAn, .VN.! CO VI. rOMPlNY0-
1 333 Walnut Mrprt
Phila lfinhln Juno 7 iio
A dividend of On, Dollar (X? ,,,,,,
JB." lOTol deC'ar''a pa ,bl8 Tliurnday. Ju"
rhrrlta will h mallrd.
j'iix"rfcat o"-.'i p ,;"""!. M"n""
prhstov nncAnr?rv ,n M
iirriu: or thF'i.v.jt m.: fwtl'
N. VV Conirr llro-, ,,,,',1 TcU sfrpr,
The nir'tni liar rhU lav .l.pl.rlrf
ai'Prt'rlv dividend of tun per rint i i, .
lmrc) on O-e ( nmrno,, "-to. V of f : f "r
puny pajanie .iuit 1.1. 1'IJO, to llopkhiM.
of record at the . loo,, of bu.ln.ii Tun ld!"
vv'll li. mallrd "" ""
i w M'innix Tr.nr.r
iv nr .. .r.rrr. ; .
New York, June 12. Today's clos
ing stock market retained a tone of de
cided strength regardless of the further
uncertainty in tho political situation.
The trading was rather limited and
confined almost exclusively to tho pro
fessionals. The pool industrial special
ties were again the outstanding fea
tures, with Crucible Steel once more
the leading attraction with an addi
tional advance of 7 points. Baldwin
liOromotive, Mexican Petroleum, Re
public Iron ami Steel and Barrett Co.
also mado substantial alns.
In the senirnl list price wovemout
was Irregular, although variations were
confined within narrow limits. Some
of the rails were inclined to droop,
notably the transcontinental. The gen
eral character of the market, however,
reflected a disposition to await actual
results at Chicago before making ex-,
tenshp commitments.
Wall street shifted its scenes this
week from Hudson river to Lake Michi
gan. The usual financial, industrial nnd
commercial considerations for tbo time
being were relegated to the background
by the political developments and kalei
doscopic changes at the big arena at
Chicago. While the market world was
undoubtedly greatly Interested in the
rapid-fire events and seemed to find con-
' sldernble satisfaction with the various
developments of the convention, this
found little or no reflection In the mar
ket trend of prices, the usual barometer
nnd guide of the opinions of the finan
cial world.
On the contrary, never perhaps be
fore in the midst of a national conven
tion hns there been such a conspicuous
indisposition to make oiarket commit
ments. In ronsenuenrc. the week's trnd.
ing was virtually limited to tho lesser
professional element and by reason of
the familiar scalping operations of this
element prices were uncertain at tho
best, until near the close of the week,
when the market community became
thoroughly convinced of the elimination
of the more radical element. Then Bomo
of the pools got busy.
Kven if the selected standard-bearer
of the G. O. I should size up to the
qualifications nnd requirements of stock
market test, the question already is
asked, what will the market do? Much
like n boy with a nresent he hns hiin
hankering for. receives it, then does
not know what to do with it. So is the
market. Undoubtedly much bullish
ammunition could he manufactured out
of the happenings of the big convention,
but the market machinery cannot bo run
without fuel. The fuel shortage is acute
becaiihe of the deartii of funds for mar
ket purposes nnd almost prohibitive
rates exacted for the small rationing
given As a matter of fact, the week
developments disclosed credit rcstric
iiiiiim to be again fcouiitry-wide. For
1 money, the only resource left to the
market community, there was gi eater
llrmnns, the week's range being be
tween 7 ami 12 per cent. So. with the
uo;-t invigorating bull news, Wall
trcet at the outset finds itself gagged,
J bound and handcuffed by n tight money
market.
'From nn investor's standpoint the out
. standing etent of the week was the
'shocking reduction in the dividends of
the Chicago and Northwestern Huilroad
I issues. While this brought to home a
wider appreciation of the impoverished
condition of the countrj's transporta
tion litip, it also created, naturally,
considerable uneasiness as to the
stabilit.v of the dividend of other prom
inent standard rhilroad shares.
In trade i in 1pm there were further
reports of reduced activity and down
ward revision of price schedules for
full delivery. Coppers were influenced
by similar coi ditions. The violent de
clino in price of bar silver seemed to
indicate a collapse of another war
speculative bubble
LOCAL TRADING
WAS PERFUNCTORY
Tight Money Largely Respon
sible for Week's Marking
Down of Market Values
Everybody was prepared for a dull
and uneventful local market today bo
caue of the surrounding restricting in
fluences, so. therefore, the sluggish and
monringlfs drifting nffnir experienced
was not disappointing to nnjbody. A few
of the local storks perked up a bit, but
the greater part of the trading element
was satisfied to let matters take their
own course and defer nil commit
ments until some choice had been made
at Chicago.
About the onlv noteworthy price
change was the additional SI advance
in Electric Storage Battery to WO, the
top price of tho week. Philadelphia
Electric oKo was firmer and Ji higher
nt J24.
From shareholders' viewpoint the
week's developments in the local mar
ker were both disappointing nnd dis
couraging Several of the moro proini
n nt loi nl shares registered new low
prices for the year. and. in one or more
tn-tuuies, the lowest price ever touched.
The leiurring liquidation, which has
lift II ill siicl.liM'un i mil ui-li'l , in not Oil" 1
ticuit ot expinnnuon wnen time is taken .,, cdmimrr
to studv the money hituation. No doubt RAILROAD EARNINGS
if true facts were obtainable it would be ! r.VNADIAN PACIFIC
found that much of the recent selling' , , . , M nu? noa issSfooo
of these shares was not prompted be- ?rr0m jln" iUn TI.T&ooo I2!o4s:ooo
rausc of lack of confidence in the con- ' nr.i.vw vrtK AND HUDSON
cerns. hut almost entirely by reason j v,.,i Dr V 13 020,sn M?S,o??
of necessities following inability to ob-
tnin needi d fuiiN through the r r-suliir
Galea
100
S00
700
700
300
300
309
loan
1700
800
300
100
300
000
lino
3000
3.100
300
400
100
300
MO
400
100
300
100
3000
3700
2300
400
1300
700
100
J500
100
23100
700
100
2300
4700
100
7100
100
300
200
100
1400
800
100
1500
410
200
500
oOO
000
200
4700
109
203
600
30b
300
000
6100
300
900
100
43S0
2103
200
20700
2100
100
1800
000
200
200
100
100
100
1180
2100
S3 00
100
100
400
100
03
2C0
100
10301
300
21731
(100
4100
100
3U0
3300
100
300
100
200
7" 300
3100
600
3300
700
1S00
300
3903
Dly,
lot
Hih
Adnjns express 31
.. Advance, Rumely .... 35
.. Alaska .Tunearr O M.. 3(4
.. Allls. Chalmers 3SH
8 Am Agrlo Chem 87 Yx
8 Am Beet Sugar 0H1
7 Am Br Shoo & Fdy... 80 Ji
10 Am Bosch Magneto ..11054
.. Am Can 41H
13 Am Car A Fdy 143H
4 Am Cotton Oil 44
80 Am Drue Syn 11
6 Am Express 135
.. Am Hide A Leather.. 1814
0 Am Internat Corp.... S8J$
6 Am Locomotive 09 V4
.. Am Safety lUxor ... 17
.. Am Ship & Com 24 H
4 Am Smelt & Ref BIV's
fl Am Smelt Seo A .... 77 J4
8 Am Steel Foundries... 70
7 Am Sugar Ref 175 H
10 Am Sumatra Tob .... 89 H
7 Am Sumatra Tob pf. . 85 VS
8 Am Tel & Tel 84 J4
0 Am Tobacco pf new.. 804
5 Am Tob Sea temp ctfa 58 JS
7 Am Woolen 103H
.. Am Woolen Co rt ... 114
. Am Zlno Lead & Sra. 11 14
4 Anaconda Copper .... 57 U
0 Atch Top A Santa F. 79 H
S Atch Top A S Fa pf.. 74
10 Atl Gulf A W I S 3. . .10554
.. Austin Nichols ,34
5.60 Baldwin Locomotive).. 12074
.. Baltimore A Ohio.... 0IJ4
. . B.irntdall Class II 40
8 Barrett 185
.. Bethlehem Motors ... 23
s Bethlehem Steel 90(4
B Bethlehem Steel B.... 93 ji
. . Caddo Central OAR. 17
.. California Petroleum. r.OH
10 Canadian Paclfla . ...1UJ4
7 Case J I M pf 94
B Central Leather 6914
4 Cerro do Pasco Cop... 4114
4 Certaln-teed Prod .... 87
10 Chandler Motors ... .10514
4 Chesapeako A Ohio... 53
2 Chicago A Ot West pf 22
.. Chi Mil A St Paul.... 3VA
. . Chi Mil A St Paul pf. . 4914
B Chicago Northwestern 70 H
8 Chi Pneumatlo Tool.. 90
.. Chi R I A Pao . 36;
0 Chi R I A Pao 6 pf. 64
7 Chi R I A Pao 1 pt. 7314
.. Chile Copper 16
1.80 Chino Copper 31 4
8 Colorado Fuel A Iron. 34
0 Columb Oas A Kleo... 58J4
1 Col Oraphophone .... 33 3$
2 Con Interstate Cnl M. 1124
8 Consolidated Textiles. 35 ,
7 Continental Can 84
1 Continental Candy ... 1314
4 Corn Products Ref... 85"
2.60 Cosden A Co 30,4
It Crucible Steel 153
.. Cuba Cane Sugar 6174
7 Cuba Cane Sugar pf.. 80 Jj
7 Cuban-Amor Sugar . . 50
0 Delaware, A Hudson.. 9054
10 Del Lack ft Western.. 18 (
.. Denver A Rio Grande 5
.. Denver A Rio O pf... 1014
7 Durham Hosiery pf.. 94
5 Endlcott-Johneon ...
. . Erie
8 Famous Players-L ..
Flsk Rubber ,
. . Freeport Texas
. . Gaston Wins & Wig
6 Oen Cigar 66
8 General Chemical ...16254
a General Chem pf 8254
8 General Eleetrlo 14314
6 General Motors pf.... 70 54
1 General Motors ctfa.. 25)4
6 General Motors deb.. 73H
.. Gen Motors Corp rts.. 1
4 Ot Nor Ore ctfs 36
7 Great Northern pf... 6954
.. Green Cananea Cop.. 2854
. Gulf SLite Steel 63J4
4 Haskell A Barker Car 73
.. Hendee ctfs 83 54
1 Hupp Motor Car .... 18
7 Illinois Central.., 81
e Inspiration Con Cop.. 3H
.. Interboro Con Corp..
0 Intl Harvester new..
. Int Mer Marine
S In Mer Marine pf...
.. International Nickel.
.. International Paper .
. . Iron Products Corp.
.. Kan City Southern..
Total .alee 302.000 shares, compared wlth031.000
week 2.003 500 eharen
Low
31
35
354
38
87
01
87 54
117H
OH
14.1
43
1154
130
18
87 54
9854
16 54
24
00H
7014
304
135
89
8554
0154
8654
66
10054
Ji
14
56 Ji
70
74
165
21
118
31
40
133
224
9054
02 H
17
3054
11314
MH
61
43 Ji
67
10354
61
31K
31 Ji
4054
70
90
2 a
64
7354
10
3154
34
6654
33
1454
34J4
84
1155
94
30
148
6154
80J4
66
99 Ji
184 K
454
1054
04
80
UH
7054
83H
35
Today's Not
Cloat Chce.
31 154
35-54
354 i
3SH
8754
91 -
8054-
118
41-
113
44 -
1154-
133
18
585i
08M
1
3494
6094-
8
76J4 itt
"54 1254
103 54
93 li
143
76 54
75
73 K
J4
3515
05 74
3854
63J4
71
854
17H
81H
6314
854
133 H
3354
69 id
174
7614
46 54
1054
3?4
.13654
. 33T4
. 90
. 18
. 78J4
. 40
. 30 ?4
40 54
135 V
80J4- 54
8554 ..
04H 54
8654-
16 - 214
1C0VS 2
Ji- H
14
8754 ..
79 - 54
74
16554 154
24
no J4
31 - H
40 3V4
132 - 154
3354 V
8054- 54
3J4 ?
17 J4
3054 J4
113S4 54
oiy . .
68H-
13J4- H
87 1H
1C3 34
51 - 54
321
3114- 54
40 J', - 54
70 - N
oo 54
36J4- J4
64
73J4- 14
16 54
3154 14
311
80J4 54
J3J4- Ji
14JI
3144-
841
131
B4Ji- Vt
30 M
18354 654
5154 54
80 Ji ..
60
80 Ji-
184 J4
454 .
1054 14
94 1
803
ll- H
7? J4
33J4 ..'
25
i2H y
co - 55
16214 134
0314 54
14254 154
7654 ..
2554- 54
53H Ji
Ji- 54
3514- 54
0755- 314
2854 54
03 Ji- 54
73 54
3354- 154
1734- 55
81 34 f 54
62J4 54
354- H
16314 H
33J4 H
B954 H
17H 54
77 - 1
4554- 54
1934 1
hares jtsterdiv'
,?ale
300
1800
1000
200
200
1300
100
600
200
200
100
100
4800
too
63 00
1800
100
200
600
1000
1000
100
100
700
400
300
100
100
100
600
2700
1600
400
6600
100
1300
100
300
200
1390
8800
1600
1175
300
1090
310
400
2700
ion
300
100
400
000
2700
400
6800
300
1000
eoo
5500
1600
1100
1200
800
300
900
100
2100
700
2800
1800
10
1000
3100
200
1600
10000
310
200
6700
1700
1800
100
400
300
300
400
1300
300
230
6600
1100
4000
3000
100
19400
600
0500
100
700
20!
300
100
30(
300
100
400
6800
100
100
500
Thus
Dlv.
iril
2 Kennecott Conner
1.30 Keystone TAR 31 H
, o Lackawanna Steel ... 73
2 Leo Rubber Tiro 30J4
3.60 Lehigh Valley 4334
.. Loft Corp 17H
. . Loose-Wiles Biscuit . . 4754
t Loews Co 2954
7 Louisville A Nashville. 9754
7 Manhattan 'Elev ruar. 43
. . Maxwell Motor 23
. . Max Mot 1st pf 40
10 Mexican Petroleum ..183
2 Miami Copper 2054
1.60 Middle States Corp... 30
4 Mldvale Steel A Ord.. 44
4 M St P A S St M L L 82
.. Minn A St L new 18
.. Mo Kansas A Texas.. 54
.. Missouri Paclfla 2434
.. Missouri Pacific pf... 4154
.. Montgomery Ward .. 3454
S.80 National Acme 3454
.. Nat Aniline A Chem.. 6934
.. Nat An A Chemical pr. 93
5 Nat Cloalc A Suit.... 6054
6 National Lead 78
1 Nevada Con Copper.. 13J4
..NO Tax A Mexico... 33
10 New York Air Brake. 9854
0 New Tork Central.... C854
.. New Tork N H A H.. 28J4
.. Norfolk A Western... 80
7 Northern Paclflo .... 71
S Nova Scotia SAC... 64
4 Ohio Cities Oas 88 Ji
i .40 Okla Prod A Ref 454
.. Otis Steel 2434
4 Paclflo E"ovel Corp... 63
.. Paclflo Develop rts.. 154
0 Pan-Amer Petrol ..'..10134
7 Pan-Amer B 0834
5 Pennsylvania R R.... 39
. . Penn Seaboard Steel.. 2734
. . Pere MarquetU 34
8 Philadelphia, Co 3034
.. Phillips Pet 3834
.. Plerco Arrow 82 Ji
.. Pierce Oil 1654
7 Plttsbdrgh A W Va... 2854
1 Pond Creek Coal 1634
a Pressed Steel Car.... 101
8 Pullman Ill
6 Punta Aleirre Sugar.. 1C3J4
1 Ray Con Cop 17
4 Reading- 8534
.. Rerrtngton Typewriter 64
8 Railway Steel Spring. 10034
.. Rcplo Steel S8Ji
6 Republic Iron A Steel. 0134
.. Republlo Motortruck.. 83H
.. Royal D N Y ....116
.. St Louis San Fran... 3454
.. St Louts Southwest... 1354
.. St Louis Southwest Pf 324
.. Saxon Motor 1054
.74 Shell Transport 7614
.. Sinclair Oil 334
6 Sloss Shift 07 J4
fj Southern Paclfta C354
.. Southern Rail 23 J4
20 Standard Oil of N J.. 604
7 Stan Oil of N J pf.... 101 H
.. Stand Oil of N J rts. H
4 Stewart Warner Sp... 1JS
4 Stromberg Carb 70J4
7 Studebaker 7334
0 Superior Steel 50
.. Tenn Cop A Chem.... 105i
2.B0 Texas Co 1834
.. Texas A Paclflo 4134
.. Transcontinental Oil. 14 Ji
.. Third Avenue 1334
0 Tobacco Products ... 71
8 Transuo A Wins Steel 4034
8 Union Bag A Paper.. 80
.. Union OH 3854
10 Union Paclflo 114 54
4 Union Paclflo pf C3J&
12 United Fruit 301
3 United Retail Stores.. 134
6 U 8 Food Products.. 60
a U S Ind Alcohol .... 9034
8 U S Rubber 97
6 U 3 Smelt A Ref.... 58 54
BUS Steel 05
7 Utah Copper 7014
6 Vanadlurr Corp F3J4
6 Va Iron Coal A Coke. 1C0
7 Vivaudou Ino 20
.. Wabash pf A 2354
. . Wells Furgo Exp 51 34
Western Maryland ... 954
.. Western Paclflo 3754
1 Westlnghouse E A M. 80
.. Wheeling ALE 0 Ji
4 White Motor 64
1 Willys-Overland 2054
6 Wilson A Co 0354
7 Wilson A Co pf 93
6 Worthlngton Pump . . 6834
far this week, 2,010,000 sharea
inh Low
37 J4 37H
3054
73H
30Ji
54
1714
4754
2954
97 54
43M
23
40
180
20 54
29 54
43 H
53
1254
434
2434
4034
3454
3454
69J4
9134
0054
78
13J4
33
97H
6754
27 Ji
85
664
64
3854
454
2454
63
94
1C3
98
38 M
2734
23
3034
3S34
5134
1054
27 34
1634
100
110
102
17
84
64
9054
8754
93
48
115
2434
12
?2
1054
75 H
3354
67
03
23
664
"154
54
41
77
7054
0 54
1054
48
10
11
1234
70 54
56
Pflji
28
11254
63 J4
201
8154
"54
8834
(5 34
68 54
P4
7054
8034
109
1934
23
61
054
27J4
50
0J4
6254
1954
6..V4
03
6H
44
54
54
54
34
34
54
Today's Not
Clots Chfe.
3734 54
3034
7354
30J4
4254-
1754
4754
39 54
07 54
43-1
23 54
403
18354 254
3054 34
3054
44 34
523
1354- 1
434- 54
24 34- 14
4034- 54
3154-
3454
6054
781
13J4- 54
33
0854 54
6714- 34
37J4- 154
CO
0754- 3
642
8834- 54
454 ..
3134 54
53 J4
154- XA
1C334- 34
0834 34
3834- 34
3734 34
34
3034 ..
3834 ..
5354- A
1654 54
3734- J4
1034- y
100 - 54
ill 1
10354 ..
17 54
8454-
64
10034 154
8754 ..
0454 1
6334 434
115 - 154
3434- 54
12
23 - VS
1034 54
7534 94
3314- 34
07
0254- 54
23
664 4
10154- 54
V ..
41
7814 154
7194 ..
5034 34
1054 W
48 - 54
40 - Ji
14J4 54
1334 54
7054- 54
50
88 J4- 54
38
U354 ..
63J4- 54
New York Bonds
A Tol A Tel 6(
1 T44
A Tel A Tel 01
3 024
1 034
S 02
B 03U
3..... 03
Anr-French Be
tSAI.Kfl IN $10001
1)0 7
09 Vi
09 0
00 tt
09 VJ
00 4
09H
00 (5
0054
4Ua
70
301 154
8154-
0534-
89
0054
8854 .
04J4 .
7054 .
30
33
6134
014 .
OJi .
64
03
CS
54
23..
10.,.,
B,...
3....
01....
11....
21,...
41 ...
2....
Armour
3....
A T S F 4i
2 73Vi
1 7314
Atlantlo Coast
L rets 7s
1 06H
1 00H
4 00H
3 0014
1 9,
1 004
Dalt A Ohio ov
i no '4
1 BOH
Bait A Ohio 4s
1 603i
Halt & Ohio Bt
1 CO
Halt tc Ohio 0b
1 8U
0 8614
6 06i
B & O Tol i
1 46V4
3 40 U
n A O P L, K
A W Va 8 4s
1 64U
Cent'l Pao 1st
1 CDU
Cent Pao all
4 76
Cbes A O 4 lit
1 71
C'k A O cv Bs
8 74H
C A Alton 314
1 S3
2 83
3 33
Chicago B'n A
Qulncy cm
10 7 Hi
CMeaco B'n A
Qulncy Is
B 0414
1 01H
0 04
Chi 4 E ct 4s
B SOU
Chleaco A O't
Weat'n 4a
1 02 W
Chlcmro Mil A
8t P 4s
3 61
i oh;
Chlcaco Mil A
Et V a 4s
1 B7
Chlcaco Mil A
SIP cm 4 Ha
8 70 'i
Chlcaco Mil A
8t P cv Bs
2 OSS
Chlcaco Rock
I A Pao fd
flan
63
oas
634
03 '4
03 K
1
R...
1...
3 ..
2...
4 ..
Chlcaco Union
Sta et 6Hs
2.... 1001,
4.... 100H
Chicago A W
lnd' a 4a
1 53 H
1 S3
Chile Cop'r 6t
27 74k
1 7B
Chile Cop'r 7t
19 08
City Ecrd'x 0t
3.. .. 8S.
1 83 U
City Lyont Ot
3 86'i
1... . 8514
City Mart's (le
3... . 85't
1 .... SBli
City Tarls 0s
B .. 021,
10 021,
4 .... 02li
7 9211
City Toklo 3s
10 .. . B4
Cl'd Cln Cht A
Bt L im 4s
1 62
Cont'd Oas 7s
1 0911
1 DDU
Coptnh'n Blis,
a 7BU
Del A Hud fd
B 70U
Den A II a 4s
1 67
10 02
,16 63
20 03
D Can 6s '31
6 0T
D C B4a '21
2....; 07
D ot Can '20
10 01K
rle Oen Lien
2 80
Osn'l Eleo 6t
1 07 li
Orsal North'n
Riy 1st
6 744
U.K.. 71 U
Hud A Man Id
1 BT
1 68i
Hud A Man In
1 1DU
III Central fd
10 Oft'l
1 69 H
111 Cent'! B'-ii
1 8B1
Imp Jap O 1st
3 7B
imp Jap o 2d
8..... 74
1 74i
B 74 H
2 74H
B 7414
In'o llap T fd
1 Bit
6 B13,
1 B2
Kansas City T
Ttly 4s
B 03
1 OS
8 05 li
Kan C A 8 St
1 634
L B M 8 4s 31
B TBW
Ltblsh V'y 4t
2 02
Lehigh V'y 6t
1 01W
Louis A N 4t
2 77
1 7T
LAN rets Tt
3 90S
Mo K A E let
1 30 'i
Mo Pao cm It
2 A3
1 .... S3
2 M
1 63
N Y C H B
P. n 34s
2 034
13 03 H
N Y Cent'l M
Cent'l 3M,.
6 BOH
4 BR
10 68
3 .... 68
1 B8W
2 68 H
New Tork C'l
Lake 8 8 Ha
1 BT
N T L A W 0
O D5T4
N Y Blwya 6s
3 0
N Y Tel 4Hs
1 74
1 7114
JTWC4II
n 44a
1 804
Norfk A W 4s
6 71
N A W cv 0s
2 OS
N'n Pacific 8s
1 B214
1 B2li
N'n Pacific 4s
10 70
1 70
2 .. . 70S
3 T0H
Pacific Ccatt
Co Bs
1 07
3 07
Pa P. R 4s '06
78
Pa It cm 4H
1 7B4
1. .. 76'4
Penna II It Bs
1 .. B2
10... . o2,
2 . . S2S
Penna It II 7s
3 . 101",
1 . 1014
mm
2 ... 10IH
1.... IOIVj
it, 101s
tleadlnc ft 4a
B TT
B 77lj
3 77
2 7714
3 774
8 7711
Hep I A 80s
3 85
nio a a v.4
1 0.t '
1 034
Ilock Itl A A
1..... 83l
3 .... H2'
A 02i
8t L A 8 V J
7 61
pt L A 8 F in
3 i 1,
1 47.
Bt L A 8 Fran
Merles a
1 B8'4
8t L A 8 Fran
Brles J
8... . 3s
3..... '
Pt U A BOUlll
VVettn en
1 B3
BB.nT.1".
S'n Pacific fd
ft uu-i
S 09H
p'n Tac cv Is
1 .. . . 734
B'n rMc cv Bs
1 11a
0 00
2 054
B'n Tao Term
3 6J
S'n lUltw'e 4s
10.. . B5W
Union Pao cv
2 80
Union l'ac fd
4...., 084
rmlon Pac Us
ul 06
UKOBl'21
EYES OF WALL ST.
GLUED ON CHICAGO
Stock Reports Perfunctory in
Comparison With News From
Convontion
CURB MOVEMEN
IS
VERY IRREGULAR
4...
8..
10..
5..
3..
1..
4..
3..
10..
4 .
2 .
10..
3..
1 .
7..
1 .
1..
fi .
B..
14.
oos
004
0fl.
004
00
OOS
06
00
OflH
00
0 Vi
00 !i
07
07
084
004
00H
00 lj
00
004
81 S
U K 0 B A I
rets '22
B 044
2 MH
3... . 01
U K O B A I
rets .
4 . P04
1.. .. 00H
1 .. . 894
8 . ., 894
U KOll I '37
3.
3
6 .
1 ..
1...
1 .
2...
10.
85
85
85
81 Ti
81
81
81S
814
U 8 Mexico fls
1.. .. BHtt
2 80
U 8 Bub'r Bs
1 .... IV
V 8 Steel Bs
3.. 80't
1.,... S0i
1... 00
Va I'n Coal A
Coke lsts
1.. .. 82
Va rtallya Bs
1 71
Wett Pac 1st
11 .... 78
Wilson Co cv
B 854
1 8514
3 854
2 .... 8314
1 8.1 '4
3 85 H
Wilton Co 1st
1 88
1 87V.
Same porlod last
Philadelphia Stocks
ret
Hluh Iiw Close chge.
21.1 Am Strs.. 4. 44, 44 Mi
200 KlecStor 110'2110 110 1
21 Int'b Met
rtf dep. l."i ir 15 .'.
200 Lake Sup 131, 13ai 1-14 4
1211 I'n 11 It W !!St; .10 . .
1(1 IM Sn't . IN S (IS . .
21(1 Villi !- 22 22 22 4 J4
270 Phil II T. 1(1'., 10 V4, in ',4 Vs
l.'tr Tono Min li'a li7 1A TB
(10 I'n Trae 2d 2ft 2fl 1
08 V G I... 2 41 Vi -ll-U..
4 Un Cos N
Jer ...1GT 105 105 ..
Total talee 1731 thares, compared with
I08 .hares jesterdny Thut far this week,
28.047 shares Same period last week. 22,
877 shares
Sales In BONDS
1100O High Low
0 uainwin 1.0
1st ."is.. . 01
8 R & O .Is (V)i',
1 Elec Jc Ton
Close.
Net
chce.
01
00
04 ..
00V4 V6
85
Tr 4m
2 Lnk Sup me
,-k 50
"P. Lib llnnds
" 2d 4',s
fi . 1th Pis
5 2-5 Vic 4-V
2 Vennn Co
temp et
4-r rhila Kle
1st fi
irilf: W ts 00
22 Vub Pei v ."3 00
50
55 1
50 2
85 .10
BANK CLEARINGS EXPAND
Philadelphia Exchanges 10.7 Per
Cent In Excess of Last Year
The volume of bank clearlncs desnito
the downward revision of commodity
price' contliiiii". to show the mine re
markable expansion, indirathiB little let
up in the Beneinl business of the coun
try, riiiladelpinn bank echnuges this
week show a riUii of 10 7 per cent over
the correspondins week last jear.
The total cleuriiiRs of the principal
clearing houses of the country, accord
ing to the Financial Chronicle, wore
$8,271, 007.07'!, 1111 increase of 0.7 per
cent over the same period of 1019.
Comparisons follow:
1020 1(110
N. Tork. 13 051,324 202 4 OK' N1R.8S4
Chicago . r,0(l,440.a0S 4S0,C60.fll
i". .. 1 iiip.uui 2i;i
Boston 280,408,589
Km City 189.814 1S1
St liuls 127,623, 117
H rran'o t121,40O nnn
Pittsburgh 132.049 OR',
Detroit sn.t14 024
Baltimore 70 5K.1 Hit
N.uns. ns (14 SIS sl
371.051.008
303.804,901
173 402.28S
110,937,018
109,28(1 174
112,317,700
73 (140,308
(17.003.080
01.779.0110
Inc.
PC.
10.7
B.B
0.4
6.7
17.0
10.0
14.8
o.oa
V,.50 8.,.18 85.48.10
HO 00 00.00 00.00-. 20
101i,101 IOIVj..
S4
S.1
00
00
83
00
00
- V4
Tot-ii jr.c jm compared with "J
vn,rdav Thin far thle weok. JfllT.-'OO
Same pnM net vvoek J804.700
1029. t hecks '
rnM.nv TIV 1 mi. niuiiiinT.T-.-.
V New Tork. June Rth inJn
T1W Board of Directors 1ms today d.rLr.i
an Initial dividend of Klftv cent, (,?nr ,J:''
TdWitfVhlpLtf ' ""ow.r.l'o,
impany Dividend Dlshuralni: Agent
JOHN CQXI.ET, Treasurer
chlinnels.
While in some xcnttrriuj; incidents
local ilevelopmi nts mnj hm riven parth
responsinic mr tne unneiieiablo dppro-
101, B40
K.i.nr, 1
1158 (141
800.490
274,113
vrrn Kt rn .'-A
11 nn, Jit luxe" z'JZ'.Wi
1 , rii nrm 170.IIIS
I rur 1. nil s srohe 11 150 741
P. ft It if! lm 51" "I
v., Mr..i .li-ll t IU4 BOS
SI v H'.llv SKV HAVUN AND UAflT
linn'
k nftrt ?fl-.
cintion in market values vet. it nould niianc, -Vfier tires oo.(.3j
be found thnt the overshadowing in.' .s-t oper.it defleli 740.1M
fiuence was the Sight money market. It Y,n?r mont,?.P f.'SJ, l 72(1:501
''"""' ...-. -.-,. 4 inn iBR
UC14C4V li".!'"
pompany
FropoNaU
18,
(
fcV
JAI.c.1 riuiru-,,iitfi iii,i, iij.; ...v.
rlved at the office of the chief of cnnl
r.Tiii,,;, .llvlalon. rtoom 1-241 s..u "n:
i Street. H. W. Washington D C uniii
"clock. June 23. 1010, and then opioid
tor miscellaneous m at LangleyfleldT
Mampton. Virginia. mlsi-elUneous bulldincs
"oads. sewers heating plant etc Plans and
ipeclficatlona may bs obtained on application
fcy deposltlncj ten dollars lth the chief of
construction dlvltlon. Washington D C of
lb constructing quarirrnmster Iangleyfleld.
lamptnn. Virginia "
j.Hiii'i'fiAi.s roit tub roN.iTiirrnoN
of llsiirrlmrntal Hlmp Ilullillnc OfTi. e r
lh Offlier In I'h'irge uf ( , iru, ti ,n r, , K
h7i Arevntil Plj'ln IM "enli I i r n, ,
wit U rled tr. ji t I . t, i., .,.
1U22. nii'l IHcil on -ncu fi i n i w, i i n ;.
gluteal jibove I'luiu uiid apt, ul, atljns on
application.
OFFiCK OFTHE QUARTBIIMAHTnii OBN
eral. Clothing and . ISnulpaae Division
JlunMlona Bid... Washington. D, C Sealed
proposals. n (wiiine,.. :,Ji.u.rTirivFq Iiera
yjull 11 a. "-1-'uniJ!j1,.-,.0!0' '?r 'urnlthln
tr.swi!) j,mi spools oi inreud.
tSsVMh C, Information on request.
vvoulil oe no eTncgerntion to stntc that1
money is practically unobtainable in
thi cltv except at prohibitive tnic.
In a number nf instances it niimo' be
obtained nt nnv prife. i
N'ever before in the hlstorv of local
bnnking circles 1ms the line of ,s '
iriniinntlnn been nt Hgidh drawn m
wlnt in now pnpulnrlv cnlleil between
essential nnd nnii-rsspntinl Iohmk .n .
thing having the slightest Unvnr nf
speculation W entirely tnhooed hv the
loaning institutlonN. It U possihlv n
etrange experience these dujs for bor
rowers when seeking accommodations
from their bunks to undergo a severe
cross-exnininntlon as to proposed put-,
poses of the loan sought. A fair idea
ot the tightness of the mnnev miiiket i
to be found in the sale n few i0j,h ago
nf the pnpei of une of the prominent
local mercantile eonecniv ai'viMx con
M(l' n d of 'lie liilicst grode This unper
' I ll li Mi 11 l1 tlllK . cid he gleeijin
gr.ibhid nt ' ! "' - m-i- irnt, ,,iH offeioil
nt 8 tii'i- iint With such rent riot Ions
placed upon the highest standard of
credit, it Is almost useless to expect
any. Immediate improvement of money
conditions, in so far as the. stock er
chanse bunincsa la concerned.
DiLrease tpBrti eetlmated.
FOREIGN EXCHANGE
New York, June 12 The forolgn ex
change opening- this morning was Irreg
ular, with only slight changes StcrllnB
caaed up slightly the riuotations beinK
3 94 for demand and 3tl for cables
Other quotations were. Franc cables
13 14, checks 13 IB. llre cables 18.38,
checks IS 30, Belglnii cables 12.G0.
checkg 12 82; Swiss uililes 5 48 checks
BEO; guilder cables 30. checks 38;
Pesetns cables I8 60 checks 16 45;
Stockholm cables 210ft, checks 21.80;
Chrlstlanla cables 17 80, checks 17 70;
Copfnhauen cables 17.00, checks 16.90;
mnrks 2 B3
Sterling reacted further in tho morn
ings dealings, demand touching 3 93
J"1". ?h,cs 3 9 Francs cased a point
to 13 18 for cables nnd 13 20 for checka.
Uro cables were lower nt 18 10 and
checks at 18 42 Marks sold nt 2 52.
VKSTnnriAVH final qitvtatjons
, Sterling Francs Lire Guilders
Demand 3 91 13 1J 18 27 .1H 25
v iidi-s 3 lisii 13 14 18 25 30 27
Todav s Opening Ouotiitlons
, hterllng Francs Lire Guilders
Demand ill 13 14 18 28 3rtH
tables 3 04t 13 10 18 SO 30
$477,911 I ' IlNINC, Q POT AT IONS
Oil. 871 d.l,HM ,-.. - t ,--. r-..n...
l-rV2-S22 I Diirund 3 024 13 22 18 52 30 25
3 1131,; 13 20 18 50 30 27
Commodity Markets
COTTON MARKET
New York, June 12. The cotton
market ruled quiet and steady in the
later troding, reacting from the highest
under local selling on the indications
for favorable week-end weather over
most of the belt.
New Organs ascribed the sharp ad
vance there to wire house buying nnd
covering, and Kent buying orders here.
Wall street was also a small buyer,
but trading in genernl continued very
narrow.
Prev
July ...aC84"(,Pen 8,Sl5.3V,,U0 3S4C3lr8R4B
Jan. ...SS 80 S3 77 .
March.. 33 2S 83 81 ;
GRAIN MARKET
Chicago, June 12. There was fair
selling of corn this morning, nnd after
a stronger start the market gave ground.
The initial gains were due to purchas
ing Dy local traders and one or two
of the more important commission con
cerns. Receipts were 100 cars, July
opened at $1.75 to ,?l 7.H4. against
$1.74 at the end jesterday, nnd re
ceded to 51.74 ; September was quoted
at $1.03 to $1.04 at the start, com
pared with $1.024,, yesterdav', lnst
cllned lolll," ,0UCh",K d-
Stimnloted by hot, ,irv weather
there was a general dcnan.f for oats nt
the opening nnd the market scored "harri
?i?l8,i "' Profit-taking occurred on
the htilce. Tte,. ., i,. .... ii" ""
v . -.- "..v.,,.n uxztu were :in cu-n
.nT'Ji!' '6.833.000. compared with 111,-
J22'i25,00- s"-m" Plod latt weev 400.-307,000.
. ,. ., ' High Low
Liberty 3Va .... 02.10 01.00
Liberty 1st 4s . . . 85.70 85.70
Liberty 2d 4s ... 85.00 84.50
Liberty 1st 4V4.. 85.70 85.50
Liberty 2d 4V4s.. 8.V04 84.80
Liberty 3d 4 Us. . 88.02 88.70
Liberty 4th 4 Vjs.. 85.50 85.30
Victory Noto Mxb 00.00 05.00
Victory Note 4t 00.00 05,00
Net operat.
M-ierrease
4 855,903
1.595.40.1
8,044.400
Financial Briefs
The ftv-erage price of twenty active, in
dustrial stocks advanced 1.14 per cent
v.stenl.iv to 03 06. while twenty rail
roads advanced 0 27 per cent to 71 15
Chicago & ICastern Illinois publla
sale, scheduled for June 15, will be post
poned ninety days
Commercial failures this week In
fnited States as reported bv R G.
Dun A Co are 178 agninst 101 last week.
118 In the. preceding week and nlnetl
inne In the corresponding week
enr Failures In Canada m-moer ten,
against sixteen la week nine tin- pre
tedlnif wetU nnd ten, last rai
Cables
Clcee
02.00
85.70
84.50
85.54
84.S2
88.74
85.40
05.0S
05.0 1
NEW YORK BANK STATEMENT
Further Contraction In Loans and
Deposits Reterve Strengthened
Today's New York bank stntement
reflected a further reduction in liablli
ties of the Clearing House institutions,
and a corresponding gain in reserves.
Loans nnd discounts showed a contrac
tion of $15,864,000, while demand de
posits fell off $0,010,000. On the other
hand, reserve iu the Federnl Itescne
Hank Increased $8,422,000, bringing nn
increase in excess reserve of $0,5,11,610
and mnklng an actual surplus over legal
requirements of $38,008,010.
Details follow:
AVEHAOE
This wek Last week
Excees reserve 12d.h2i.no 122 Jnon-.n
Aggregate resv B74.108.O0O Bsri'pMfton
member bantu
Beav. In member
hanks and resv.
banks
Berv.i In state
banks and trust
companies
Reserve In state
banks and trust
company deposi
tories Net demand de
posits . .
Time depcelts
Circulation
U 8 deposits
deducted
09,825,000 83.IHr.0O0
550, 131.000 5(12 344.01)0
8, 051,000
9 022 000
6 987 000
B 123,000
4,A5A'?2?-2!?2 4.218.205.000
250,194,000 240.S27 000
34,083.000 34,0)7:000
22.880.000 2S,B2,()oo
iSVFXJ:" AC!'
later soldat S n..l7. R,.VS' "nCl Fxce.. reserve 3s.ons,T0 il"
al ( Kit i c-i ' (""uuer open. I Aggregate resv 502.1 1' nnn , 1 ,1 'S
tf . cAt rd.r.y n ,m? . &kv&- .r-" " -"
S'Jwo1;0;.""1 "r'i''Wl.V.'?,lnrr !M7""0" "37r0('f
were two cnis bBnk, nn,, rP,v
banks .174 101 fin 11
Now York, June 12. The financial
outlook appears in the Sun today as
follows :
Wall street lias been mainly con
cerned this week with the possibility
of a split In tho Republican party as
a result of what might or might not
be done at tho Chicago convention.
Accordingly most of the normal activ
ities, particularly those having rela
tion to the market for securities, wcro
virtually suspended or Conducted In ft
manner not to intcrfcro with careful
attention to the proceedings In tho big
coliseum.
Harely lias a party convention for the
business of nomlnatln," a candidate for
tho presidency been fraught with more
real or imaginary consequenco to the
individual business man nnd to the
country's business Ufo nnd structure.
This was 60 not primarily because many
have adjudged the present administra
tion a failure with respect to recon
struction problems and tho question ot
ncaco settlement, but because a cnango
in government under tho circumstances
means a fresh start and moro hope-Inspiring
comcomitants. ,
The sltuntlon presented a very tell
ing nsychologlcal factor, the more so
that the feeling here seemed to be that
the Republican nominee would bo the
next President, a conviction power
fully stimulated by elimination of the
menace of n bolt within tho conven
tion. It was a matter of more than
ordinary concern, therefore, if possi
ble, who the candidate should be, and to
what extent he ehould glvo promise of
measuring up to the metropolitan Idea
of capacity for business and construc
tive statesmanship.
All Eyes Toward Chicago
The street's attention, in conse
quence of this fundamenta influence,
was riveted to tho news tickers. In
terest in tho stock tape was perfunc
tory. Trading merely drifted.
Other influences to the same end were
not wanting. Tho crop reports, cot
ton and grain, nnd weather conditions,
while displaying improvement of a sort,
wcro stlU too inconclusive at this stage
to permit of arriving nt a definite esti
mate of what the harvests would be.
The estimate for the all-whcnt crop as
of Juno 1 was 781.000.000 bushels,
made up of 504,000,000 bushels of win
ter wheat and 277,000,000 bushels of
spring wheat, as compared with the
1010 yiold of 011,000,000 bushels.
Condition was low but weather con
ditions since the estimate was made
havo not been unfavorable. As for cot
ton, nearly two months havo yet to run
in which much may happen, favorable
or otherwise, with present promise not
wholly discouraging. It is. however,
in both coses a matter of waiting to seo
how tilings turn out.
The decision of the Supreme Court
on prohibition was scarcely n market
factor In any sense. Thnt many were
disappointed in the outcome so very
conclusive nnd final, goes without say
ing and may well have been. In n sense,
a deterrent to enlarging innrket com
mitments. The money market hardened
for obvious reasons, the npproach of
federal tax payments next Tuesdny nnd
first Liberty loan coupon payments nt
the same time, with the ordinarily
heavy midyear obligations looming in
the immediate background.
Stock Market Sluggish
Coll loans renewed nt 7 nnd 8 per
cent and the rate for accommodation of
that character was a shigh ns 12 per
cent on one occasion, nnd on scvernl
occasions 10 per cent. These move
ments did not affect trading very di
rectly sice the stock market was nl'reody
subdued almost to the point of standing
still.
The advance in the Federal Ileserve
discount rate last week not only failed
to reduce commerclol borrowing but
seemed to be the signnl for increasing
such borrowings, at least the bank
statement of June 5 showed a material
ncrease in accommodations to member
banks.
The prevailing high cost of credit was
further emnhasUrd bv the offerlnc of
$400 000.000 or thereabouts in treasurv
certificates of indebtedness at 0-74 anil
7 per cent, nreordlng to maturity, the
highest price the government has ever
hod to pay for forced borrowing, The
Treasury Department enmo in for a
measure of commendation for its will
ingnoss to face the facts of n bad situa
tlon on the principle presumably that
to rccovrninc a disagreeable fact is to
give thought to nmellorntive measures.
In both instances the effect quite
logically was to depress the price of
outstanding government wnr issues th..
pressure to sell those issues, however
being more consistent than insistent!
This came nt n time when prices hnd '
been advancing since the break in bonds
and stocks alike in middle of Mnv i
the buying coming about as n result ,
of the attractive yields to be renlijied
from the prices hitherto prevailing '
to the high rates for borrowing nnd I
the inability of both individuals and
corporations to save anything becniipe I
nf the high cost of living and increased i
operntlnc expenses. '
This situation was utilized by not a
few as a bear argument for both stocks I
and bonds. The stock market would
seem to have discounted this six months i
nj-o. however, while now that manv '
things point to mending, it is doubt- I
ful if the nrgument can be very per- I
suaslve. i
Conoral Asphalt, Was Again
Traded In on a Large
Scalo
New York. Juno 12. Movements In
the Tlrond street curb were generallr
nnrrow nnd Irregular, with the majority
of Issues showing some amount of re.
cessions after yesterday's advances
General Asphnlt wns ognin traded In
on a large scale, yielding from 77 to
7,"r74. with a rnllv from its low level
and the dealings In Texas Pacific Coal
nnd Oil were on a smaller scale, thnt
stork ranging fnom 48 to 48Vi.
Island showed strength at the onen.
Ing, with sales nt 0 to 0. mVx .
can Pnnuco was one of the strong fen.
tures, being in good demond at lfiU
to 15)4. Slmms was firm, selling at
18 to 18 Vs.
The industrials were generally hearr
Sweets Co. of America being traded In
on a large scale lit lVa to IU. I'nitJ
Retail Candy sold ot IB to 14. United
Steamship was slightly firmer, with
sales nt 2Vi to 2.
INDUSTWAW4
. . High lyvw Clnss
Acms Coal 3 oTi 'J
Auto Fuel B3 52t! m
Empire Tubs 7T4 7 i
General Aephnlt 77 Tat? -oil
Keystone Solether 1H isJ
Llrmnr Coal 2 2 a
North Amcr Taper BU rm in
Perfection Tire 2(4 9 SiT
Rainier 394 30 W tna
Radio Com 1-1 ,2 3f,7
Radio Com pf 2W 2U oil
Wnger Mfc 121 12iH iSl
Submarine Boat 12T4 1014 iW
Sw-eeti Co lU "Jj 'fj
Times Snuare Auto 31 aitj !JJ
IT s High Speed Tool .... 32 aiii '
It s Steam 21 2i i
0 8 Trantport rt IOH ins in?
United Picture Prod ... l'j 12 ??
United Retail Candy .... in js i0
BTANDArtD 011,9
South Penn Oil 200 Iflfi n
SOllofNT 381 384 381
INDEPENDENT OIM
Allen Oil 2,i 214 -u
Allied OH ni 2S s?H
noons uu a -4 31;
nn.ten Me M t? Sif 5 J
Ilo'tnn Wyoming T4 2
Cuthlnc Pete i (Z
Duquesne 414 4Q
r.iK uhb n jet mi: bh e.r
Engineer. Petrol 1 j il T
Esmeralda Oil ,C t? 7
Federal OH 2$ 2i "ft
Olenrock Oil 2? 25 n2
Granada ini; invr in?
OufTev alltesol r-nif nft l..f
Home Petroleum , 2U 2tZ "-,2
Hufleon oil A 1: x
Invincible 38 3s aa"'
Island Oil n; n
kay'Countr Gas li "tj ,S
Klnc Petroleum 4 3! 1
Maraeatbo Oil 21 21 M
Meriltt Oil 10V4 mij 7nti
Metropolitan Pet BU mi ail
?".??, I"? 18 v? isi?
Producer 4 ReJlnera 7'i 71Z 7
Ryan OH 3 nl I
'. 2." T"J3CB- na 8i sit
gft Creek Prod 81 V4 33V? gSil
Rhell Trna rts 22 22 S3
Plmms Pet isM is iru
gkellyOII jo" 10 V
Spencer Pet 20i 2n: anil
Superior Oil in miZ ,oi7
Texas Ranger 1 1 1 '"
Texas J'acinc coal 48H 1st; 4Rti
Un Texas Oil u tj t7
Victoria OH new m 11Z ij
Vulcan OH 34 3J 43
White Oil 201J 20'i 20i
MTNTNG
Alaska Br Columbia .... IA u ijl
Atlnnta 1 1" irt
Releher Divide n r N
llelcher Extension fi 0 A
nig Ledge A , f,
Tlooth 5 5 s
noet A Mont 71 71 7t
Csled JIIh 2 2rt 2(1
Calumet & Je-ome H , u
Cons Virginia Jn 2 5M
fortes Sl'ver on bs nn
rreeson Oold 14 m ti
Divide Ext 20 2 20
El Salvador 2", 2K 2H
K.ureka Croesus u
49 Mining 1 J 1
Golden Gate Exp S S S
Gold Cons 0 I) o
Oold Kevvnns 1'4 1V4 IU,
Oold Silver Pick 7 7 7
Oold Zone 17 17 17
Emma Silver R s s
Hnndur" Syn 1H4 l"1! 1H
Jumbo Extension 0 fl s
Knox Divide R II S
McNamarn A ,V X
Mother Led- 57 57 57
Murrav Mog 7fl 78 78
Rex Cons 8 8 8
Rochester Mines 11 11 11
Rope Group M H VI
San Tov 4 4 4
Silver King ot Ariz . . . . B5 55 55
S Silver Lead 'I tt VI
Succese Mlnirg 5 5 1
Tonooah Cajh noy B 5 5
Tonopah Extension IS IS IS
Tono-Jim R in 10 18
Tonopah Mlipah 12 12 t2
Tonopah Rescue Eula. . . 14 14 14
IT s Cont 8 7V4 8
Victory 8 R 8
White Cap .. . .10 10 10
White Caps Ext ... 1 1 1
IIONDS
Allied Pack (Is SO 09 81
HeK-Inn Gov 7lis OHJ 97 97",
C N W 7s 99V P0H 04
GOVERNMENT BONDS
Panama coup 2s, 1910,...
Panama reg 2s. 1930....
Punima coup 2s, 1038...
Panama rec 2s. 1988....
Panama roup 8s. 1901...
Panama reg 3s 1001..'. ...
Philippine 4a. 1031
Philippine 4s. 1935
Philippine 4s. 1030
U S Gov coup 2s. 1080
V 8 Gov reg 2s. 1980....,
U 8 Gov coup 4s, 1023.
U 8 Gov rec 4. 1025.. . ,
D of Columbia 3-85s, 1021,
Hid Asked
lno'-i 1014
100V4 1014
1004 1014
lOOVi lOIVi
77 83
77 82
78 81
78 81
78 85
. .. .100 1014
100 1014
. ... 104 1014
. ... 104 1014
03
MONEY-LENDING RATES
PHILADELPHIA Call, G per cent!
time, 6 per cent; commercial paper,
three to six months, 6 per cent.
(Note These are merely nominal quo
tations, as the legal rate of Interest In
the state of Pennsylvania Is fl.sert nt 6
per cent Plus premium and commis
sion time money for thirty to ninety
davs Is loaning at 8 per cent, while com
mercial pnner fiom three lo six months
Is being offered at 7Ts to 8 per cent )
LONDON Money 4V4 per cent Dis
count ifttes short hills, 8HCT6 9-1S per
cent. Three months' bills, 0sf)6 11-16
per cent.
f'orn
Juh
Oala
July
Pork
SPt
Lard
Sept Illbs
Sfpt
Open
. 1 74',
1 01
31 80
21 71
11 20
High
I 71S
1 07
31 81
21 77
11 20
Low Close
I 70S i,7i,
I oi 1 OH.
33 70 31 7n
21 07 21 07
19 17 10 i)
banks
Resrvn In stale
I binks an I trust
' companies
Reserve In state
bnnkn and -.rut
company deposi
tories Not demand de
pnslta Time deposits
Circulation
l' f deposits
deducted
Reserve Banks' Discount Rates
Official rediscount rntcB at the (we've
I-'ederal Reserve Banks uro as follows
Lome InvrMm ts 17.11 7U7 r.no
STATE OF TRADE
Pr'iH 1 moderations nnd tiainrmrla.
Hut dimeultles are the chief facto? Un
lit- llUS ni ,S Situation, in-nr.lln ..,.'
down r,'ri"n Wn'iur.tclure s ,Iown c'urrenev bank
: ; , '.,..,, nut, wuiiriumns are'
turning mor stronglj in u,e bu.r'a
Oun's Ilevlew nays In part .
The wide publicity given to tho re
duction salen at retail counters hns
reemlngly created the Impression amonir
eome interests that In practically no
other quarter has there been evldenc
of price vleldlnc, yet certain Important
1 nnimfiilll au V...A ........ , : '.,fc
501 789 noo
8.781 000 R g.j 000
9 114 000 n 33O.OC0
4'.,7.i 23?'ftftn 4 m io.nno
Si5SIi''a2 -M 414 COO
.14 914 000 31.1011 00IJ
22.97 4 nno
.'2 8.17 (,Oxl
OL'TSIIJE HANK STATEMENT
STATE HANKS
4 sin inn
The pi i-'blent ,f Mi" v n ork Cm
Ion rx(hnir,e n in 1 ted Monduv
Jtinu 14 as the dir on which Vt ballot
upon the pioposltion making July 3 a
holiday on the exchange The New
Orleans Cotton exchange will he closed
on that day and on July B, when
Independence) Pay is observed,
Unit, n
V v Y'.rk
T I u.lelrliia
( le .'1 1 ml
Hi, hninnd
Treas
tirn
.I'd
. .I'i
1,11.
liiiivts
(I
(I
Chicago
8t. Louis .
Minneapolis ,.
Kanssg uiiy . .
Dallas ....... 5
Ban Kran.clco, BU,
Kl.l'i
iff v. -,
n-.ij ;,
(,i VI -,:
Tt V. (I
tfV
V V'i
11
Btt
urn 1 Ac 1 pi
in r An ent
7 11
il IM,
(I .'.14
11
(I
7
0
A
6
0
n-creae
Ml. COO
18(1 I0O
I 259 1(10
1 241 700
11.228 (1(10
045.IIOU
BANK CLEARINGS
t'hlla J81 iS4,JJ1 178 017. nilO Ilk.Mrt-,,,
Tn,nn nnsnisso 04 01S243 -"l
N V .700.830.828 .
Hallm're 11 ilsfl hi 1.1.31111177
BAR SILVER ,
New York, June 12 Uar sliver 'JUc
down 2c.
London. June 12 Bar silver BOiid
down lid, I
Why Not Prepare
for tho better position, market
wise, of certain securities ev
pected to bo Influenced by the 1
events of June? Upon request we I
will send yiu Interesting facts ana 1
flguies pertalnlrp to three issu'is 1
well worth watching, ASK FOR
SPECIAL LETTEn 3. J
Marketable serurttlei ranitd
upon conservative mnrn'naj balt
ODD LOT."? a speciality. In
tuirira invited,
flOLPBERG&HBlM '
, ( l'lilln. Stock Exchange
5Iemliers( Cons. Stock Et. of V. .
1622 Chestnut St., Phila.
Phone Ilell, Spruce B017,
Kejstnne, Rare 79
74 Urnmlway i 180 .11 h Ave.. .'.
Stmnford, Cjiiii.
Lawrence E. Brown & Co.
CERTIFIED i-L'DLIG ACC0UNTANT3
, lfll.lRKAL ESTATE TIirBT M-W-.
investigate and adjust iinrtnerelibnSna
loruorullon areounts. Also prepare u. "
m.-onie tax iteiurnt,
1 nninvrullllou ,.. ..... I,. ., .1 ."' '"'.'
7- ...... ,-r.nr 1 11 1 irecian V
In who esi e nes and oilier. ,..-. .,,.
(Inctly euslei, and some quotations thnt'
.11. elthn unchnngxl or llttln altered1
would dlsi lose sizable declines if 8uf-'
(U em trading were being done to really I
establish .1 market '
Piad-.irerth syvs
5V 1 Vholesnle anil Jobbing trade 1. 1
qu'eter, luirl fl.splta more aeasonab e
weather and idvertlsed price ouu retail
buying doea not expand, the daterrlne
.... v..v. -.. g jWPnfUM
nnten 31 i's :inn
P H banks 71 1K2 inn
Hrpnslla , R.".n 2,17 nnn
Res nn deposit 120,307 500
r r of deposit in n
Tllt'ST COMPANIES
Loans. Investm"sll, 978,947, 700
'"old It, 313 000
( urreniy bank
notes 19 1.12 SOU
I R banks . . 209 491 000
Deposits 2,012 5J3 (Inn
Res nn deposits 231 L'SI Ann
Prrrentngc nf reeerve 17 no change
!nrrcnae "
HTVTE HVNKS AS'D Till ST 1 ilf l v,ien
VilT REPfiRTING TO CI.LARI.Vd' ll-jl'ms
i .ins invesim is I7ai.au ooo
''"'d n 470 ion
i urrrnci bunk
notes 19,270 10(1
P It binks. 75,083, ,10ft
Total deposits , 8fl5,28fl,200
Net dtpotllt ... 810,793, S00
Rat. on deposit. ",48,828.900
P. 0 of reterve 10,0
locretso,
12,0811,800
30,000
1,120 100
282 .101
60.39(1. mo
n 7.12 500
M0 017 10,1
100 30,1
715,701
4,10,00(1
3,098,001
3.421,200
8,804,100
STATEMENT OF THE CONDITION OF
Haddington Title and Trust Company
Philadelphia, June 7, 1920
ASSETS
Caeh and Reserve.. $466,746.18
Commercial Loans
Collateral Loans...
Bonds and Stocks.
Mortgages Owned.
Real Estate
Furniture, Flxtuics
and Vaults . . ! . .
Accrued Interest . .
247,317.15
763,498.66
1,407,822.00
52,600.00
52,822.25
19,800.00
C4.758.S3
LIABILITIES
Capital Stock S125.000.0j)
Surplus & Pront3. 116,878.90
Dividends Unpaid.. 370a0
Accrued Interest . . 11,342.24
Rills Payable 100,000.00
Deposits 2,692,772.43
53,045,301.07
William Glbbonti, President
$3,015,361.07
James W. MacBurney, Treasurer
'
v i
' . v IP
.Uy
IV
i.