'." J . . " ' '."
' 7j 'vr '
-i y y
H si
.1 K 1 . ', vfi
. "'"i'X
,wv.-.."
i.. . t
BVBMflNC
tNtf KJBLlO tEPGBlM
' . ' .. 1 .. 1 . "
rrFr
V'M
i ir
.w
Lit?. a?
v .
Si
5
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r
..
V Chicago and
i North Western
Railway
Company
Ten-Year Seven Per
Cent Secured Gold
Bonds
Due June 11930
Piice 100 and Accrued
interest
Further details on request.
Chandler & Company
MMIMfM
Franklin Bank Dldg.
Philadelphia.
New York
New Haven
Boston
llaltlmore
CHHttf 1
CHILLED MARKET
Cessation of Pool Activities
Brought General Lower
ing of Prices
Service and Stability
The Intangible
Something
which attracts and holds
our customers is difficult
to describe.
Wo call it SERVICE,
and it must be experi
enced to be fully appre
ciated. . The real desire to serve
and the friendly rela
tionship with our depos
itors are felt in the
cheerful atmosphere of
our bank.
Integrity
Trust Company
, Fourth and Green Street
Capital 500,000
Surplus & Profit Sl.700,000
iliiiii""""j
Ultra-Conservative
Investment
7 tax exempt stock secured by
real estate In center of financial
district of Boston.
Kqulties assure safety of prin
cipal and long-term leases guar
antee definite Income unaffected
by Increasing costs. Special fea
tures of attractiveness.
Frlre $100 per share
Special circular on request.
Fairman & Company
Drexel Bldg., Phila.
Established 1903
If BURGESS, LANG & CO.
Members of Boston Stock Exch
New York, .Tune 17. Torino's stork
market in It general ehnrnrtcrlstlrs dif
fered but slightly from the Immcdlnte
preceding sessions, except thnt there
Nat n perceptible lessening ot pool ne
tivltiei in various industrial special
ties nnd increasing irregularity in price
movements.
The outstanding development wn fur
nished in the big slump of over seven
points in Crucible Steel, on the over
night announcement of the stock divi
dend of 10 U-8 per cent, and the reduc
tion in the cash dividend from o 12 to
an 8 per cent per annum basts.
The reactionary party took advantage
of the selling of Crucible to raid the
entire list. The drives, however, while
bringing n general lowering of quota
tions, apparently again signally failed
to dislodge any considerable amount of
long stock. To the contrary, the whole
lint became Intensely dull on the de
clines, with the market virtually coming
to a dead standstill by midday.
While the stock market was inclined
to mark time fresh weakness develop
e din the commodity markets, with
breaks of 30 to 40 points In cotton. On
the other hand, quotations in foreign
exchange were noteworthy for the
maiked strength of remittances to Lon
don, demand bills approximating $4 to
a pound. Call money market remained
relatively easy, loans renewing and
loaning at 7 per cent.
When the pools nud speculative-combinations
ceased their bullish tactics
the market fell back into the old
familiar apathetic rut. indicating a
closer adherence on the part of the more
Influential interests to stand pat on the
watchful waiting policy until some of
the uncertainties of the general situa
tion clear up At the same time the
relative steadiness of prices around
the current level would seemingly indi
cate the market to be in a thoroughly
liquidated condition, in the phraseology
of the street "sold to a standstill." The
recent backing and filling process carried
little significance except the scalp
ing operations of the room-trading con
tingent. The Crucible Steel break indicated
that the traders continue to construe
stock dividends at, bearish. This was
further attested in the two-point de
cline in United Retail Stotes on the an
nouncement of the ft per cent stock
dividend by that company. The felling
movement, however, extended to the re
lated industrials, also oils, motors, to
baccos and textile thnres. resulting iu
reversals extending from one to over
two points. The shipping sbaies and
the railroads were less susceptible to
pressure. Several of the chemical shares
rallied before noon, but the general list
remained dull and heavj .
Stagnation was mo.it pronounced in
the final hour, a few leaders including
L'nited States Steel and Baldwin re
acting moderately.
LOCAL DEALINGS
! CONTINUE SMALL
i
Thinness of Market Reflected
in Wide Fluctuations of
Inactive Stocks
Why Not Prepare
for the btter posltlnn marketer of
certain securities ,-xpected to be Influ
enced by the events of June I'Don re
quest we wi 1 send u it tertlntt facts
and futures per'ajninB ti thr ti.u.i
well worth wat. h.ng ASK Ftin SPE
CIAL LETTER 3
Marhelab'e jemnMes earned pon
eon an a f it margn it &jv. ODD
LOTS a upceialtj, Inquiries (ntlfed.
fiOLDBERG ft HEIM
Member I'SJ&'eWY.
1622 Chestnut St., Phila. I
Phones, Hell, spruit- "117 4300
K--tone. Rare 7.V) '
71 Ilroadwnjr 4 4R! 4th Ave., N. V.
Vnmfnntr Conn.
Canadian Not. SW, 1032
JoneN A Laughlin teel fis. 1030
C, I. C. A M. I,. 0t. 11(30
hb.i(Ter OH A Kef. 6. lOiO
II. F. Ooodrlrh 7n. 1035
e I'enn I'oer tin, lOifl
Otto Kluenlohr Torn. A I'ref.
American St. A Tr. Common
Morton Lachenbruch & Co.
LAND TITLE 1II.DO.. rillLA.
Tel Sprui e 3S1 naco nn.io
New York Ohicaeo Detroit Plttsburch
All offices connected bv private wires
Extreme dullness and narrow fluctu
ations again marked the operations in
the local market. The dealings were of
the same familiar llstlpss rharncter.
which, however, was to be expected in
view of the monev market conditions
nnd the apathetic state of tli other se
curity markets Further dribbling -ell-ing
orders, however, caused fresh frac
tional shading of prices keeping the
greater part of the list within a shadow
of the low pri'-es of the jear.
As naturally would be expected, under
existing circumstances, the market re
mains very thin. This was trikinglv
illustrated todin in the SU decline in
Little Schuylkill to 3 With the mar
ket for the ustiillv active shares great
ly restricted, it i, to be expected the
demand for Inactive Issues is very lim
ited. On the other hand, small buying
orders in American Stores preferred
raised the price of that stock SI to 1)2.
Little in the way of comment is to
be said concerning the transactions in
the representative local shores. The
utility group weie inclined to droop.
Philadelphia Electric shading under 22.
on the supposition that the company
will be compelled to pay larger pre
mium for the underwriting of the pro
posed new preferred stock issue. Union
Traction fell back to the bottom nrice.
2. but Philadelphia Rapid Transit
held at 10. United Gas Improvement
was & nigncr, at U'fa.
Philadelphia Stocks
Baltimore Tube Co.
5-Year T'jO'n
Sinking Fund Gold Notes
A Mali-Grade Industrial
To Net 8ri
JosepKW.Gross &,Co.
1421 Chestnut St.
Correspondents
Aldred& Company
MACMEEKIN ,,.,,,
WILLIAMSON Securities
nnon ami snhom bts.
NOKTIIEAST mRMHt
Members Thlla. Stork Ktrbanxe
Net
Utah Low Close enre
22.'AmStr.s 41Vj 44 V3 44 ft tt
20 do pref 112 02 02 1
00 Am Oas. 38 38 33 ..
40 CI Slor.,117 117 117 1
ftO I C N A 30ft 30ft 30ft..
.10 do rcpts
full pd. 20ft 20ft 20ft -f- ft
120 Lake Sup 13ft 13 13ft ft
43 Leh Nnv. 50 ftS GSft ft
104 Leh Vnl. 42 411 41 ti
2 L Schuyl 3S 38 38 2
130 tMidvale. 42V 42 42
30(1 I'a It K. 3S7 3Sn8 3S ft
IIS I'hlln Co
cum pf. 32ft
832 Phil Elec 22ft
;i' 1'nii it t. in in
lift Phil Trae ftOft 50ft
32 ft 32 ft
21-I 21
1
10
GOft-f
20 ft
?
An Unusual Investment
Yielding 8.64
Circular Upon Rcqucbt
NAULTY & CO., Inc.
Flanders Building
PHILADELPHIA. PA.
an rnu irac ,kivj iiuvjj
uiai limn .iiiu ifn irj
10 t'n Trae. 20 20
72 U O 1 .. 41 v. 41ft 41ft
lOOtU S Steel 02J 02
tNet cliana made by cnmparlaon wltb last
sale on New Yorx Stock Kxcbanie.
Total sales, 3013 shares, compared with
30fr.' thares yesK-rJiy Thus far tills week.
10 U4A shares. Sinn period las, week, 18,.
ISO Hhares.
Suits in IIONDS
J1000 High Low Close
7 Klec & fCO
NEW YORK STOCK EXCHANGE TRANSACTIONS
i i i '
i
y
M
V,
w
it.
V
?i
1
. Plv. Today's Net
Sates in I fgh Irftw Close Che.
200 .. Alaska Gold Mines... Wi Vt iH ..
00 .. Alaska Junca a M... 2 3
200 s Am Beet Sugar I) 90& 0tS 2K
000 .. Am Can , 40 U 40 40
200 it Am Car A Fdy IJSJi 137 U7yi V4
100 7 Am Car A Fdy pf.,.,108 10S ,108 W
200 4 Am Cotton Oil 46 48 40 W
109 so Am Dru syn 11H 1H tlW ..
100 6 Am Exm-ess iso 130 ISO
00 e Am Internat Corp ... B4V4 RV4 e3J4
200 3 Am Linseed .(! R0 80
loo e Am Locomotive 08 ej 07
100 7 Am Locomotive pf ..101 101 109 4-
300 .. Am Safely Haior .... 17M 174 17y4-
00 .. Am Ship A Com .... idtf S3V4 8yi-
J00 4 Am Smelt A Ref .... 6014 00J4 0
300 3 Am Steel Foundries.. 30 yi 30 30
300 7 Am Susnr rtef 1MU 191 1M -
310 io Am Sumatra Tob .... F7H MH MH
100 Am Tel A Cable 47T4 47J4 47J4
1201 g Am Tel A Tel BSli 941 0SyS4-
000 6 Am Tob Sco temn ctfs 0 IS5U fSyJ
2000 7 Am Woolen 08'4 9714 07 y5 SJi
oann . . Am wool nts s, H 14 ,
100 .. Am Writing Paper pf 40U 40K 40VJ
200 .. Am Zlno Lead A Sm. 13ft 1.1 n 13Ji-
00 4 Anaconda Copper .... 88H 0H 'y4
100 . Assets nenlliatlon ... 4 4
100 7 Asso Dry Clds 2d pf.. 00 00 60
800 o Atch Top & Santa Kc. 70 3( 79 70
400 n Atch Ton A S Fe nf.. 74 ?J 7414 74
700 10 Atl Oulf A W I S 3...101L5 ISOJi 180J4
100 7 Atl Reflnln let, nf. . tnlU 104'4 10IU-
21100 3.40 Baldwin Locomotive. .117H 116H 116ft
310 .. Baltimore A Ohio 31 30?( 31
1ZB10 8 Barrett IBOM 146W 149
100 7 Barrett pf . . . . , 10514 10514 10t4 3yS
210 .. Bethlehem Motors ... 21J 21 H 21 H H
1800 a Bethlehem Steel B... 91 DO 90 1H
900 s Bethlehem Stl pf.. 107',4 107ft 10714 ..
300 .. Booth Fisheries 8H Wa 8H (i
100 .. Bklyn Rapid Transit. 12 11 12
200 ., Bklyn B T ctfs of dep. 0 9 0 Ti
200 7 Brown Shoo ORyJ 98 n8ft 3yS
100 7 Brown Shoe pf 93ft 93ft 03ft ..
300 . . Butte Copper A Zinc. . Bft 8 8
100 .. Butte & Superior Cop. 21H 21H 21H H
100 .. California Petroleum. 29 H 203 29J4 1
S00 io Canadian Paclflo ....113 117ft 1131 M
400 b Central Lenther 08 J$ 64 J4 flfl?J4- ft
in 7 Central Leather pf. . ..100 loo loo
400 4 Cerro do Pasco Cop.. 43 43 3
000 io Chandelier Motors ... 90 97ft 98
400 4 Chesapeake A Ohio... M 8114 At 4-
310 s Chicago Northwestern 70 69ft 70
200 Chicago & Qt West pf 21ft 21 21
300 .. Chi Mil & St Paul.... 33 3J 33
700 .. Chi Mil A St Paul pf. 40y 48 48ft-
900 .. Chi B I & Pac 86 3M 36
100 6 Chi R I A Pac 6 pf. 04ft 64ft 64ft4-
100 7 Chi R I & Pao 7", pf. 74J 74K 74--
O00 8 Chi Pneumatic Tool... 80ft 88ft 89ft
100 .. Chile Copper 1SH 15H ISM
300 l.Bo Chlno Conner 30 ft 30 ft 30ft4-
100 8 Cle Cln Chi A St L pf 04 Ji 64f 64JJ
I8D0 i Coco-Cola 3S 31 3!4 4-
00 3 Colorado Fuel A Iron. 33ft 37 ?2ft
100 s Columb Gas & Glee. !Hl 84 X 3tt4-
fiSOO i Col Graphophoie .... 31ft 31 31ft
100 4 Comb-Tab Record ... 40 40 40
100 7 Consolidated Gas .... 70K 7BJ4 79!4
200 i Con Intrrstato Cal M. 13H 13H 13-
200 s Consolidated Textiles. 3.1 H 33 H 53 H
400 l Continental Candy ... 12U ijh 17J4 4-
3S0O 4 corn Products Ref... f.1 ZVA 3ft-
300 7 Corn Prod Ref pf....t04H 104yi 101H4-
200 2.80 Cosden A Co 36 36 36
9400 8 Crucible Steel ...140ft 137ft 133J
8700 .. Cuba Cane Sugar.... f3yi 3H VA
300 . 7 Cuba Cane Sugar pf.. 70 J 70 79 -
1'JO 7 Cuban-Amer Sugar... 6H 8?i 86W
230 o Delawaro A Hudson.. 88ft 87ft 87ft- 1J4
900 io Del Lack & Western.. 185 184ft 1843- !4
3100 .. Denver & Rio Grande 4ft 4 4 -
1300 .. Denver & Rio O pf... 9ft OH OJi H
7310 o Endlcott-Johnson .... 00ft 87 ft 00 ft 4- 324
200 8 Famous Players-L ... 70 74 H 74 3t 1H
3'0 7 Federal Mm & Smlt pf 35 35 35
1450 3 Flsk Rubber 33H 32?4 32J
iJo .. Freeport Texas 34 24 2
00 .. Gaston Wms & Wig. . 13ft 13 12ft-
003 8 General Chemical ...178 174ft 177
100 6 General Cigar C5ft 65ft 65ft-
11510 l General Motors ctfs.. S3ft 23, -.SJi
20000 . Gen Motor? Corn Us. . J
00 8 General Motors deb.. 72ft 72ft 72ft
000 fl Goodrich B F f3 I5ft f2ft-
200 2 Gray Davis 21ft 21 21
110 4 Gt Nor Ore ctfs 35ft 35ft 35ft
13)0 7 Great Northern pf f9ft (JSft 683i
100 7 Hsrtman Corp "3 b3 83 2ft
3910 4 Habkell A Bark -r Car 71 34 60H 713(4- IH
310 l Hupp Motor Car 17H 17 17 ft
100 8 Homestake Mining ... 55 55 55 1ft
100 7 Illinois Central 81 34 8134 8134 ..
3.19 .. intcrboro Con Corp... 3ft 3H 3H ..
200 8 Int Agrlcul Corppf... 83 82 83 3ft
400 7 lnt Hartter .. 133 132ft K3 4- 1ft
2rt(i e Inspiration Con Cop.. 3 f3 83 4- ft
210 .. int Mer Marine 31 ?4 30ft 30ft 1ft
030 A Int Mer Marine pf... 8S 87ft h734 !i
1000 .. Internal Motortruck . 03H 60 60
2111 3.50 Int Motortruck 1st pf 78 78 78 4-
200 ; Int Motor Truck : pf66l, 60 ft 66 ft
10UO .. International Nickel .. 17ft 17ft J7ft
loo 7 Inter Nickel pf 1 81 81
800 .. International Paper .. 77ft 76 70
100 4 Kansas City So pf.... 42 42 42
300 4 Kelly-Spg Tire 100 105ft 105ft
100 8 Kelly-Spg T 8 pf... 05 05 05
600 2 Kennecott Copper ... 20 3 26ft 26ft
Total ssWs IJ'i 31(1 shares, compared with 370.100 shares jeeterda
week 1 02rt 400 hara
lft
ft
ft
H
"ft
1
ft
X
ft
lft
ft
ft
ft
"ft
H
"ft
ft
ft
'ft
ft
1
i.l
1
ft
lft
ft
3
1
ft
ft
lft
1
ft
ft
lft
ft
IK
i
Sales
600
800
1000
1100.
300
100
100
100
100
400
200
1600
200
1300
1700
310
2400
9000
100
100
6400
010
100
100
100
500
100
700
200
1500
100
200
1100
400
400
400
200
5700
400
100
000
600
1100
300
200
7900
2100
100
310
100
800
200
800
100
200
2(10
100
2400
100
100
1100
2500
1500
3000
600
200
300
200
100
500
4500
500
600
3ro
:oo
3
2321
100
100
610
5400
103
200
3100
2000
100
810
2100
100
1C0
2101
310
210
400
100
6500
310)
6310
1100
001
200
100
12500
SCO
300
13310
810
300
1600
100
100
100
100
100
3J0
400
300
100
300
Dlv. "
In t High
1.20 Keystone T A n 27H
6 Lackawanna Steel ... 71ft
3.50 Lehigh Valley 42ft
1 Loewe Co 29
.. Loft Corp lft
.. Loose-Wiles Biscuit .. 46 ft
1 Louisville A Nashville 98
4 Mackay Cos pf 60
.. Maxwell Motor ctfs.. 17ft
.. Maxwell Motor 2d nt. 1434
8 May Dept Stores 111ft
10 Mexican Petroleum ..178ft
2 Miami Copper 20 ft
1.00 Middle States Corp... 29
4 Mldvale Steel A Ord.. 4
. Mo Kansas A Texas. . 5ft
.. Missouri Pacific 24 ft
.. Missouri Paolflo pt... 40H
7 Montana Tower pf. .. 06ft
.. Montgomery Ward .. 3.1J4
,. Nat Aniline 3 Chom. 73ft
.. Nnt An AChemVMlpr. 95
.. National cond A Cable 8ft
6 Nat Enam A Stamp.. 07ft
Nat R R of Mex 2d pf 4i
Nevada Con Copper.. 13W
New York Central... 68
New York N II A II. . 2834
Norfolk A Western... 8534
Northern Paclflo .... 71ft
Nova Scotia, S & C. . . 54
Nunalty Co 16
Ohio Cities Gas 38ft
.40 Okla Prod A Ref 4ft
.. Ontario Silver Mining 7ft
.. Otis Steel .,.....'.... 74
4 Paclfla Dcvel Corp... 62ft
o Tan-Amer Petrol . ...If2ft
7 Hn-Amer B 67
4 Parish A Bingham... 3134
3 Pennsylvania R R... 8834
.. Penny S C pf 93
.. Peoples Gas Chicago. 39 ft
. . Pcre Marquette 23ft
3 Philadelphia Co 36 ft
.. Phillips Pet 40
.. Plerce-Arrow Motor.. 50
8 Plerce-Arrow Mot- pf . 3
.. Pierce Oil 16
8 Pierce Oil pf 85ft
.. Pittsburgh A W Va.. 27ft
Pond Creek Coal .... 17H
Punta Alegre 8ugar..lMH
Rwy Con Cop loft
Railway Steel Spring. 97 ft
Rwy Steel Spring pf..l00
Rand Mm Am Shares 39
Reading 84 ft
Reading 1st pf a?4
Rending 2d pf 433
Replo Stel 84 ft
6 Republla Iron A Steel. 92
4 Republic Motors .... 51
.. Royal D N Y ....118ft
.-. Et Louis Southwest... lift
.. St Louis Southwest vt 21 94
.. Saxon Motor Oft
.. Seaboard Air Line... 7ft
.. Seaboard Air Line pf. 13
.74 Shell Transport 75ft
.. Sinclair Oil 31
0 Sloss Sh off C8
6 Southern Pnclna 0134
.. Southern Rail 23ft
8 Southern Rail pf .... 60
20 Standard Oil of N J.. 062
7 Stan Oil of N J pf 100H
7 Stern Bros pf 97 ft
4 Stewart Warner 3p.. 0
4 Stromberg Carb 7ft
1
5
1
R
7
i
2
2
7 Studebakcr 68ft
6 Superior Steel 50
.. Tenn Cop A Chem.... 10
2.80 Texas Co 7 ft
.. Texas A Pacific 40 ft
. . Third Avenue 12
6 Tobacco Products . . . 68H
.. Transcontinental Oil l'ft
7 Underwood Typew pf.l08ft
8 Union Bag A Paper.. 87
.. Union Oil 28
10 Union Pacino 11334
4 Union Pacific pf 1394
13 United Fruit W3ft
.. Unl Rwy Invest pf... 21ft
3 United Retail Stores.. 80ft
6 U S Food Products... 60ft
8 U S Ind Alcohol .... 91
..US Realty A Imp... 59ft
8 U S Rubber .0134
BUS Rubber 1st nf...l08
6 U S Smelt A Ref.... 58
BUS Steel 83H
7 U S Steel pf 105 ft
7 Utah Copper 07 ft
0 Vanadium Corp 84 34
4 Va-Carollna Chem ... 76J4
8 Va-Car Chem pf 100 ft
0 Vr Iron Coal A Coke. 110
2 Vlvaudou Ino 18 ft
.. Wabash pf A 13
.. Wells Fargo Exp 51
.. Western Maryland ... 9ft
4 Westlnghouse E A M. 40ft
4 White Motor 40 ft
1 Willys-Overland 10
7 Willys-Overland pf... 83
7 Woolworth pf 100 ft
6 Worthlngton Pump... 06
Rx-dlvldend.
Thus far this
IxjW
27
70
41H
28y4
16ft
46ft
98
60
17 ft
144
lllft
176ft
St2
41 ft
Aft
24
ft
06ft
3334
7tft
03
8ft
67 ft
434
13ft
68
28H
85 H
70
54
16
38 ft
4'i
694
J3J.
It
101ft
97
3134
8Sft
93
38H
73 ft
36 ft
39
49K
C3
lft
85 ft
2694
17ft
103
16ft
97ft
100
30
MH
4334
4334
3ft
91
47 ft
116ft
11
2134
Oft
7ft
13
75
30 ft
07 ft
01ft
22 ft
5534
658
100
07 ft
40
75
67 ft
60
10
47
3Bft
12
d8
1334
108ft
87
27 ft
113H
6.' 34
2C3
21 ft
78H
64 94
87 ft
8ft
9334
108
58
03ft
106 ft
67 ft
82 ft
7434
106 ft
110
18ft
23
51
0ft
49ft
40ft
18H
8394
106 ft
0534
Today's Not
Close Ch(e
27 ft - ft
70 - lft
41M- lft
8ft- N
16ft
46ft4- lft
III 1,
60 ft
17ft- ft
1434- 3H
IU ft -294
176H- n
20ft4- ft
29
nft- n
5ft ..
4ft ft
3ft- 1H
06ft lft
3394- y
73
03 - lft
8ft- ft
67ft ..
4 94 4- ft
1294 ft
68 - ft
28ft- ft
88J4 4- ft
71ft 4- H
54 94
16 4- ft
38H- ft
4ft ..
7ft 4- ft
'8ft- H
53-1
101H- K
97
3194 ..
38ft- ft
93 4- S
39 4- ft
23 ft 4- ft
86ft ..
40 VA
49H- y
93 - 1 ft-15ft-
ft
85ft 4- 3H
2694- 94
17ft
103
in4 ...
07ft4- ft
100
20
Mft- ft
434 ft
4394 ft
S3ft- 2ft
91ft- lft
40?4- 1H
11694- lft
11 - ft
21 34
Oft- 34
7ft ..
13
75 ft
30H ..
67ft lft
01 H ft
3Xft- H
5H ..
662 12
100ft ..
97ft lft
ft
40
75
68
50
10
47ft- ft
39ft- 94
13-94
68ft- lft
11
108 ft ft
871
28 ft
11334- ft
6234 ..
2C3 ft
21ft -7894-
2ft
65ft 94
80ft H
50 ft
91ft- ft
108
58
53 - H
105 ft-, 94
67ft ..
8394- 94
75ft- ft
106 ft ft
115 5ft
18ft- ft
13 ft
5t - 1
9ft- ft
19 ft 1- ft
50ft- ft
19
8394 ft
100 ft ft
6694- 2ft
week. 1,608,200 shares Same period last
Commodity Markets
Net
chce
I Lawrence b. Brown & Co.
9 ernTirirn mm ir irrntiMTiiiTi
Il&rtiirii.i' i uumu AVLuuniniiij
16IB HKAL KSTATK TKl'HT ni.Ofl.
Investigate, and adjust .partnership u4
rorporaliou arrounts. AIM prepare V, .
Inoeroe Tax Kelurns.
85.38 8."5. 10 Ki 10. 10
88.88 88.88 88 88..
85.B4 ar.f2 8.-I.54 .08
05.70 05.50 Or, 5(1 .04
05.00 05.00 05 00..
Having n private wire to the
financial district in New York,
would entcrtnin proposition for
connection with satisfactory
parties. A 313, Ledser Office.
Fidelity Trust Company
Member Federal Reserve Bystein
Capital $5,000,000
Surplus $1 6,000,000
TVwnfnwn WHeei 15th A Chestnut
3tK-83 (,'hratnnt St. ....81, Oflleet
4S-BD t. rynnrin ei. m s ,ir,,,u. n.
Tr 4s ... 50 51 54
1 Lake Sup
ine 5s... 60 50 50
7 Lehlsh Val
cen 4s.... Gl 01 01
2 Lih ItouJs
2d 4Vis.
0 3d 4is..
0 4th 4'..
11 Vlc'y 4-V4s
5 do 3?;..
1 Penni Co
cons 4fts. 84 84 81
23 rennn It It
temp ctfs.lOlft 101 101
4 1-10 Phil Elec
1st 5s 81 63 81
1 Ileiid'ic e 4s 76 76 76
Total 180.100 etmpared with
yeateraay inus tar mis ween. asi,0o
kame period last week. 14,17 450,
New York Metal Market
New York, June 17 Copper, dull, elec
trolytic spot, June and July 10c, August
and September. ICe. Tin spot June jnd
July 47c Iron. Arm and unchanzed. AMI
nrony Re ....
Metal exchange quotes lead quiet, spot and
June, ottered 8c; xlnc, oulets East St. Louis,
spot, 7.4707.5RC.
At Iondon; Standard copper, jpot. 83 7s
ftd: future. 184, i7i0ri electrolytic, spot.
iOSI futures, 1106. Tin. spot. 1240 Sal fu
ture. 1245 ojf?iit "I 10 futures.
433. Zlno, tmjL lit V futures, 441 6.
ft
'i
1145 01)0
COTTON MARKET
New York, .luue 17. The cotton
market turned firmer in the afternoon
on n active local covering movement,
inspired by high temperatures in the
eastern belt, where they ranged up to
105 degrees and private predictions for
rains over the Southwest, The advance
brought in comparatively little fresh
outside buslnefiv however, nnd demand
from the trade was also limited. At
the best level of the rise up to 2
o'clock prices showed net gains of 15
27 points.
Prulous
dose open lllsh Low Close
...... - l-rt OT OK OT IK 37 4fl 37. -IS
Oct . .44 58 41 SO 3 77 34 SO 31 457
Pec .. SI 24 81 IS 41 42 32 04 33 30
Jan ... 32 44 32 44 32 70 32 30 32 47353
Ma-eh 32 O 32 04 S3 2M ai.Tn r V
May ... 31 0 31 47 31 44 31.47 31 80
GRAIN MARKET
Chicago, June 17. Cool and showery
weather in the belt nnd recessions in
the cash article aided the bears in corn
today and futures generally were wrak
,. aUhM.iri, nrirp nrnin nursueu an
erratic course. Local operators were
bearish most of the tiny nnrt sold, wime
Nome of the important professionals,
helped bv commission concerns, fur
niMietl Mipporf. The start was easier
under scattering selling, the moisture
being rrKorded as beneficial for the grow
i... ., r .,., tVinrn uL-nH n full re -
lug i:i"l'- '"' w..v , i
-- ,i.. ih.nn thnt not ennuch
"1',,'IJ Ull uic ........ -- -
...., i,i i, mnveil tn eliminate
premiums of the cash nrticlc. Shorts
in July showed some unensineMt uunus
.l. i .nJ hull contended that
the transportation situation was stl 1 the
ninin governing muueuce " u.m
fnr unni p time.
p..;. sexier. M-tnArl ii nrhnntrt?d . but
later declined 1 to 2 cents. Shipp ng
t,ales were 5000 bushels and canceua-
.i t nnn i...,.l.i,1a Ktneks nre small
at terminal points, but are liberal at
country centers.
Ont were Irregular nnd followed the
trend of corn. Trade was ramu, iuvu,
The start was lower under selling pres
.. -.1. trJaa nnrl RPntirOfl POtTl
sure rum ,m, - "r'J. " ijVi .h.r
mission nouses, iubuc w .-. ...-.-.
for the crop, looter me iwyn "-- -
covered on buying by commission houses
, i-..,. u .hnrtii In the after-
noon the market weakened. Hbijiments
of ooU from Argentina for the week
...i.,i- at 1 .nrin.fltin busheiH.
were "piiii cu (-"-i - -pnPiliitlons
of 10,000 bushcU were
announced nere.
Isdtnit fu'u" "JJ""1 al "H01"- T,
rnm (new deUvery "'
, . if le-V, T jiw Plnas fnm
i inn iiiasit ""' -
ti 1 78 1 70W 1 76H 1 77U 1 78T4
S?l?. "."'. 168H1607S 188; 1.67 1.0'A
fi:1-84,-aj.,B1S8,a
tMlv"1"" ... 84.02 84 64 34 B2 3(73
Sept ".'. 30.10 38.22 30,03 86.10 138,23
Jur.d.T20,l0 20.00 20.82 20 2 20.05
Bept. ...21.85 31.J3 31.80 21,80 21.02
Juir.Tr. ... 18-45 18.85 18.40 18.4T
8Pt. "10-40 10.43 10.8J 19.67 19.4J
Bli tAJked,
FOREIGN EXCHANGE
New York, June 17 At the foreign
exchange opening this morning sterling
cables were offered at 3 08V4 and 3 984
bid, with demand 3 97 , franc cables
were up 14 points at 12 60 and checks
12.62 ; marks at 2 60 were up 12 points.
Other quotations were Lire cables
17.08, checks 17 07, Belgian- cables
12,15. checks 12 17. Swiss cables 5.49.
checks, 6.51, guilder cables 36ft, checks
36; pesetas cables 16 65, checks 16. bo;
Stockholm cables 2190, checks 21.80;
Chrlstlanla cables 17.50, checks 17.40;
Copenhagen cables 16 90, checks 16.80.
In tho early foronoon sterling gained
further to 3.98 for demand and 3.99
for cables. The advance was Bteady,
the Impetus apparently originating in
London. There was some selling in the
New York market Francs were easier
at 12 62 for cables and 12.G4 for checks.
Marks were 2 CO.
YESTERDAY'S CLOSING QUOTATIONS
SterllnE Frnnra l.ln- Guilder
Demand . 3 04', 127 17 47 SHOO
Cables 3 044 1.' 84 17 45 30,02
TODAY'S OPENING QUOTATIONS
merlin? r ranee Lire
Demand
Cables .
3 1)84
3 OSS
12 no
12 82
17 OS
17 07
Guilder
ami
30
Demand
Ciblei
NOON QUOTATIONS
Sterllnc Francs I.lr Guilders
3 08S 12 87 17 02 30
3 9H U 05 17 00 30V4
TODAVS CLOSING QUOTATIONS
Sterling Francs Lire Oulldera
Demand 3 07 12.70 17 02 80
Cables 3 IHVj 12 8 17.00 30vi
MARK DOWNJNVESTMENTS
Banks to Make Reductions Until
Bonds Reach Market Value
Wnshlnicton, June 17. Examiners
making their rounds are complying with
nn order of the comptroller of the cur
rency, issued some weeks ago directing
that at least 26 per cent of the aKe,v.
gate depreciation on all classes of
securities, exclusive or those of the
United States, be required to be charged
off during the examination of national
banks unless there should appear to be
reducing this pcr-
for
MONEY-LENDING RATE8
NEW lonx Call money steady;
h hrh. 7 . low. 7 : rullnir rates 7 : clos
Ine bid. 7 . offered at 7 : last loan, 7.
Bank acceptances, 6.
The fcatum of the monev market tO'
day uas the large offerings of call funds
In the forenoon at the 7 per cent
renewal ftgur and the light demand.
This condition Is In line with expecta
tions based upon the completion of the
June 15 counter-currents In federal
operations and the light demand Is In
part due to the less extensive stock
market requirements Time money was
reported quiet at nominal figures of 8
to 8, per cent, but surface indications
gave the tone a slightly easier appear
ance. In prime mercantile paper and bank
acceptances, the situation was un
altered Whatever paper Is moving Is
at 8 per cent minimum and the market
Is not active.
Purchasss of choice New York mem
ber hank acceptances by savings banks
and other Institutions are still respon
sible for a scanty supply of New York
prime member ninety-day bills. Offer
ings of prime out-of-town bills ore
smaller than of late. Rates are un
changed at 64 offered, 6 9, per cent bid.
rillLAnKLI'IlIA Call, 6 per cent!
time, 6 per cent; commercial paper,
three to six months, 6 per cent.
( Note These are merely nominal quo.
tatlons. as the legal rate of Interest In
the state of Pennsylvania is fixed at 6
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 six months
Is being offered at 7ft to 8 per cent)
LONDON Money. 4ft per cent Dis
count rates, short bills, 6ft per cent
Three months' bills, 6 11-16 per cent.
Regular Northern Pacific Dividend
New York, June 17. Northern Pacific
declared the-regular quarterly dividend
nr i a: iter cent, payable Auirust 2 tn
tockoX-Mtford July &, v
good reason
centage.
Hanks are being advised that In addl
tion to charging off 25 per cent as In
dicated above, they should make perlodl.
cal reductions until all the bonds are
carried at their market value.
Some time ago the comptroller Issued
Instructions to national bank examiners
that they need not require national
banks to mark doun the prices at which
they are carrying Liberty bonds nnd
victory notes below the bona tide pur
chase price paid for them The banks
are not permitted howoer, to carry
these bonds on their books at prices
aboo ninrket prices when purchased at
the market pilce or less
The rcqulrtmcnt of the comntrollor
that depreciation be marked off 25 iSf
cent prior to examinminn v... ,vM ..i 'J ,
bank examiners applies to good securi-
... ........ ,. ulr irunK line ra roads
Pennsylvania. Baltimore and Ohio
an,otdhlearaIn'r-0,'hfl0.a' UMh Valley, and
all others of that chaicter Where tho
depreciation means a Wul loss this "s
per cent reduction does not apply
In all such cises the i.n,.iV.n.l. ,-
that the full
charged off
ibises the tenu remem u
amount ol the losj bo
CURB MARKET TONE
GENERALLY FIRM
Tradora Pfckod Out Gonoral As
phalt for Attack, but Had
Good Support
New York, June 17. Although some
stocks receded In the forenoon, trading
on the Broad street curb was generally
firm in tone and the Important move
ments were to higher levels.
General Asphalt was picked out ns
on ribject of attack by the room traders
nnd was forced down over 1 r'nt n,ir"
Ing the early forenoon, but was in
stehdy demand, being quietly absorbed
by strohg interests. , .
Texns Paelfic Coal nnd Ong showed
Rtrength nil through the early trading,
moving up over 1 point Io 4fl?i ""
there was n large volume of trade in
Cnrlb Syndicate, which rose from 18V5
to 20. Itovnl Dutch (rights) were
heavy, yielding from 33 to 33.
Industrials were generally steady
and without change In their market po
sition, although some Irregular move
ments occurred. Sweets Co. found
support nnd made n gain of 4 to lft
and National Fireproof preferred
ranged from 15 to 15ft. Singer Man
ufacturlng Co. sold down to 117 ami
Goodvenr Tire was traded in at 1.28
to 127. Aetna Exploslvts was un
changed at 10.
INDCSTniALR
Hlh
Acme Coal 4
Aetna Kxploslves in .
Alum Mft- 22U
Amer Candy 7
Amer Chicle 44
Amer cnieie prer if
Brltlsh.Amer Tnhnren reun MM
car i.iRni a
Columbia Emerald . .
ronlev Tinfoil
umpire Tube
General Asphalt
Soodyear T
oldwyn Pictures
urane on
Grape Ola pref . .
tiercuiea rarer
insr
OU
lit
23U
Indian Paeklnsr Sl
J I Case Co 17H
Lincoln Motors A 44 U
Nnt Fireproof pref 16J4
North Amer Paper 6 '4
i-eriecMon 'lire
rtadlo Com
Radio Com pref
nalnler
Santa Ce-llla. 24
RlnaerMfr II'
Kubmirlne Boat 18
Sweets Co 1 '4
Tooa unin 177
2 M,
Mt
Low
2'
10
Il
ni
40
fl
Ik
?44
H
72
126
1" .
ft
2?s
17
44
16
S
4
i
U
U 8 .Steam 24
.1 lfh Speed Toot 31 H
lt7
ins 14
323 32tt
U 8 Transport 10S 1S 10i
United net Prod IS itf 15
United Profit Sharing- .... i'J its 114
warren iiros 7n 77 n
Willys Corp 10U 10U 10W
STANDARD OIL STOCKS
Anflo-Amer Oil S4i 21 24 M
Standard Oil of Calif ....312 312 312
Standard Oil of N Y 380 076 Sen
INDEPENDENT OILS
Allied Oil
Arkansas Natural Gas
Arkansas Nat Gas ....
hit: Heart
lloiton Mexico
Uoston W omlntr
CaUb Syn
Cofdtn & Co
Cushlng Pete
Lomlnlon Oil
Duquesne
Engineers Petroleum ..
Esmeralda Oil
Federal Oil
Glenrock Oil
Guffey Gillespie
Ir vincible
Island Oil
Kay County On
Kins Petroleum
Lone Star Oas
Manhattan Oil
Maracaibo Oil
Metropolitan Pet
Mexican Pan
Midwest HettnlnB
Morten Pet
Ohio Fuel
Okla Nat Oas
Panhandle
Panhandle pref
Pennok Oil
Producer & Refiners ....
Red Rock Oil
Rlckard Texas
i,t.nn nil
"111 ll 1
jioyai uutch rta 884J 33 33
Sapulpa Reflnlna; bU (stf 8H
S.mma Ptt 17H 17 17C
gkelly Oil 04. OH 1)2
Spencer Pet 21 20 'l "1
Superior Oil rta 10 in 19
Texaa Ranser T, u ft
Texas Pacific Coal 48 4T.H 48
Texaa Pac Coal (full paid). 44H 44 46l(
Tropical Oil 20 lo'l 20
Union Texaa Oil '4 tJ ti
Victoria Oil new l nj i!
Vulcan on stl a4 38
White Oil jotl "0 -n
Roy de France o o $
MINING
Alaska-Brit Columb'a .... m 1'4 m
Atlanta It, m 14
Belcher Divide 4 6
nelcher Extension 0 a 0
niar Ledso U j, u
Booth 4M 4V? 4ri
Rnston Sl Montana 71 70 71
Caledonia Mining 20 24 2(1
Calumet & Jerome li u u
Candelarla Mlnlnc A
Con. Virginia 21,
Cortex Silver GO
Creenon Gold 1A
Crescent McNamara .... H
Divide Ext 26
K. Salvador 2t
. 42 34 40
, 13't K'W 13
. 1H l(t IU
. lOH lOVi lOVi
: 2J.
. 20 18J4 loV.
: Is lit
. 10'4 10 10
: i $ ft
s -it -a
. !0H 20 V? 26ti
. 38 37U 38
. OK ? 4'i
: 15 i
, 14ri I4H IS)
.146., 142 1484
. Sr. 8V4 8H
. 23
: 73 71 78
S H i
22 'A
Eureka Croesus
Eureka Holly 1
Golden Gate Exp Vi
Gold Devel 8
Gold Kewana 1
Gold Merger 1
Gold Sliver Pick 7
Gold Zone 14
Great Rend 1
Emma Silver 0
Hecla Mining 4 A
Honduras Syn HIV,
Knox Divide 4
McNamara jl
Marah Mining 14
Mother Lode 47
Mother Lode new t
.Murray Mog 7A
Nlplsslng OVi
North Star 7
Ophlr Silver 14
Prince Con A
jvocne.ier Klines ........ li
H
34
4'1
IS
1,'.
14
JAPAN SITUATION
General Financial and Industrial De
presslon Shows No Improvement
slon shoved no sign of Improvement
said a dispatch today to theTepirtment
TokirmerCe ,rom ,ts "l'"BenuflTO 2t
The Mogl Dank at Yokohama, which
was forced to suspend on May 24 failed
to open last Tuesday, y ' cu
rnlnLlH1""011 BVU1 tnat th's Indicated
continued uncertainty In the silk market
and tho failure of the banks and silk
merchant and manufacturers to reach
eT snlt1"""16'" aS t0 the securlty value
Sliver Quotations Chanaed
New York. June 17 As a rotult of
the arrangement made today by tho
Treasury Department to purchase silver
trom domestic producers under the
terms of the Plttman act, on the basis of
rhn1.rtUn.i,' d6;16 I" the metal today
S,2ns'd.. thelr form f Quotation to
foreign metal Domestto was quoted at
D9H cents an ounce with foreign at 90
cent, the latter being based on the
London equlvalnt
Broker Suspended
New York, June ,7 The board of
governors of the Consolidated Stock
Bxchange has suspended Charles A.
nertrand for a period of one year for
acts detr mental h. lit...... i.j'..,..r
aro ot 'the exchange, ,u we"
Rope Group
nan joy
Silver King nf Arts
H Silver Lead
Success Mining
Tonopah Itelniont ....
Tonopah Cash Hoy ..
Tonopah Dlwrte ...,
Tonopah Extension . . .
TonoDah-Jlm llutler .
ronopan Aiinway 11
Tonopah Mining J,',
Tonopah Mlxpah 14
Tonopan Montana 11
Tonopah Rescue Eula ...14
U S Cont 7
United Eaatern 3 A
Victory 7
West End C 1 A
White Caps 11
White Caps Ext 2
Wllbert ft
Yerrlngton 3
IIONDS
Allied Pack 7s 704
Amer Tel lis, 1U23 034
Am Tel fls. 1021 04
Ancio uii 7tib m,
68
24
1
8
1
1
7
14
1
8
18$
0
14A
76
0
:
4A
30
4
li;
ilH
A
lJA
It
14
P
.1"
2
6
24
45.
Delalan 7V4 a of
Delglan Os. 1021.
Ilelglan As of '2
" 4 N W 7 ...
D & II 7a
Goodrich 7s
Uusslun 6V4
Russian 04 s ...
Sinclair 74a .. .
Texas Co 7s OS
West Elec 7a 00
97H
08
SO
COS
00
?r
07T?
684
0V
03'4
00 ti
or
08
884
o4
004
04
HIS4
67't
07 ,
08"?
S
00
24H
2'i
1S
8H
1
1
7
16
1
s
,6A
67
iK
76
ft
-
1
r
is
6
i!w
2
6
24
70
02
04
03
074
08
HftK
SI
0b
04
27
2H
07T4
noir
81
Durham Hosiery
Mills Endorse
Credit Insurance:
The manufacturers of nationally-known "Durablo
Durham" Hosiery are noted for their progressive, effi
cient business methods. Read their experience with
the American's Credit Insurance:
"This will acknowledge receipt of your Adjuster's
Draft for 16353.15, in settlement of our excess losses
for the past year. Thee losses were most unexpected
to us and were on well-rated and highly valued customers.
"For such commercial accidents as this we carry Credit
Insurance and thereby feel satisfied that our book ac
count are well protected against a re-adjustment period
which is rapidly approaching."
If you are a manufacturer, wholesaler or banker, we
will gladly send you full particulars of ihe American's
Unlimited Policy, also a copy of "Commercial Safety",
a new book containing the business counsel of over 200
leading firms. No obligation, of course. Write or phone.
AMERICAN CREDIT-INDEMNITY CO.
'or NEW YORK
E.M. TREAT, president
IMUia TANOAnO unlimited roujiis
W. J. MORPHY, Manager
J. F. McFADDEN, General Agent
Mutual Life of N. Y. Bldg.
Phone- Filbert 5603 Philadelphia, Pa.
08H
Today's Range In Liberty Bonda
High I,nw Cloai
Liberty 3Vas .... 02.0S 01.80 02. (if
Liberty 1st 4s... 85.05 Rn.CO 85 5(
Liberty 2d 4s.... 85.10 85.00 85 0
Liberty 1st 4Ms.. 85.84 85.58 85.7(
Liberty 2d 4is. . 85.88 85.10 85 l'
Liberty Hd 4Wh.. 88.00 88.74 88.8(
Liberty 4th 4V.S. 85.00 85.42 85 61
Vic Notes .THa... l5.8 05.52 05 5
Vic Notes 4 s... 05.70 05.62 03.0:
BANK CLEARINQ8
1030 101
1018
Phila . tlO2.7A0,ina 181,816,021 183,178 480
Raltlmora 10.413.041 18,284.1,11 " ''
Chicago, 110,127,044 P4,ia,t4i
N Y. ..000.468.183 841.0M,681 B81,867.'668
St. Lou Is. 30.38.710 2fl.04n.o38 01'"''un8
Cloverseed
Toledo, June 17. Cloverseed. prime ra.h
24. October. $24.ilo: December. 24. AhUki'
Time caah. 126.241 October.' 627.24 1 lft
i, -.. .iiiuiiijr, primo caan, mi7.
i
r
ML
Rtcktvt'J Er Company, em eftht three largest manufacturers ef
thicelate, chtttlate-clatlng, tttea and tanJj in tht United States,
htt been estibiished in lireetyn, Ifew Tork, ftr jf yean.
Rockwood & Company
8 Cumulative Preferr6d Stock
Net quick aiieti are equivalent to 120. for each outstanding
ihare of preferred ifKk. Current a3et are about five times
current liabilities.
From the earnings applicable to common itock 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 properties or atsets of the Corr.fxny.
Annual net earnings for the past three years averaged 8 11,877.56
and for 1919 cre 1,508,655.15, or approximately six times
preferred dwidend requirements.
Price $100 per share, yielding 8
Ikurlfiivi tlrcuUr msilij lift rtfunt
flollisteiWhite & Go.
taooAfCD,
BOSTON
SrHINCriELD
North Ameri:an Building
PHILADELPHIA
PROVIDENCE riTTSPlBLD
NEW YORK
PORTLAND
AtcMson
'The Pennsylvania of
the West"
SERVING with Its 11,000 mllea
of trackage a rich but not
wholly developed territory In
the West and Southwest, Atchison,
Topeka & Sunt Fa has possibili
ties for future welfare perhaps as
rreat proportionately aa any rail,
road In the country.
Under the favorable Influence of
the 1920 Transportation Act, with
its mandatory rate-flxlng- provisions
assuring- Income, Atchison, well
fortified, well maintained and pro
gressive, may be looked upon as
ranking high among tho standard
rail Investments.
Few railroads aro today In better
physical condition than Atchlron,
and, like the Southern Pacific, this
road owns valuable oil lands pos
sessions that enhance Its Intrinsic
worth and add materially to the
equities behind Its shares.
The current number of our
Market Review contains an
interesting article on this
road that will be sent on
request for L--H3.
HUGHES & DIER
Members
frhlls. H
J Plttabur
) Chirac.
Mtnrk F.trlianre
rsli Htork Kxrhnnce
Hoard nt lrnnr
roduce Cxchante
1435 Walnut Street
Philadelphia
Telephone! fipruce 813. Ilace 1805
New York Office, 42 New Street
The Belgian Government
has had success in placing: dollar Loans of
$75,000,000
Upon a 7 to 8 basis with small premium attractions
Statistical Experts claim that Internal and
External Obligations share about equal Security.
The Internal Restoration 6 bond, 1934 (optional),
purchased now at approximately $81 per 1000
francs, will yield 5U. This return will improve
to n possible 12, should exchange rctifrn to
normal, while the principal sum, now at $81, would
then equal $198.
Edward B.Smith &Co
bankers
ESTAnLJBHED 1803
Utrtlers New York and rMladefpMa Stack JTrchOitOf'
1111 CHE8TNUX BT riULADELTHLV
VT.W LONDON - EABTON
rOTTSVILLB. IU. NEW VOUK ALLENTOWN
$50,000
Pennsylvania Company 4s
Due April 1st, 1931
Free of Normal Federal Income Tax
Tax Free in Pennsylvania
These Bond Bear the Indorsed Guarantee of the
Pennsylvania R, R. Co.
Price 76 V4 and Accrued Interest
Yielding About 7
Boenning, Garrison & Co.
Stock Exchange Bldg.
Philadelphia .
1
- 13
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