fvsrm'Ftffv ' ; ' m
Jn
WJ1- i
.V''. ..1 n 1111 ' altjiiaytsiaisii a. , 1 'Sisajsi.sii 1 ssii
f i in- irrr r-rTnr - '" '".
V4- Y
' 1'-il l..j. 'I "?"" ' ' ' """T' . '"' ":ry " " r'-ft"'-.-. i -f-.-ii:,. - - ;.
'''MaMMNMMnni I - Ma t -1 J .' ' l ' " j i ' i , ' it . -' -..-.. ' -'.. .v . ... . f T i V 1 1 'rt'l'fftf!
v..
l" .1
k'.x
.' ?
M
I V !
I5t
"Si
i
i
I
8,
A
VI
fr)
I1!
Ifc-
P
i
U
ti
R
V
r
r
'
uLUdllj 'MAKKt 1 NEW YOK STOCK EXCHANGE TRANSACTIONS IWALL SIKtti
ji l l
r'v.
In 1
Prod Ujcef Wanted
' Well-known broktraft firm, bumbir
Ceaiolid'atcd Stock- Excainn - of He
York, Wi an optBigg for two er tVrtt
taronf.Mr experienced and capable
Bosrdrcom Proilaceti for its PHILA
DELPHIA OFFICE.' Matt be f.aiilit.
wits Stock Exchxr.ge anil New Yo'tk
Corb Market itctrrititt. Ettablitbed eU
rntela It net altoiethcr ntceitar; lia
paralleled opportunity Write for ap
poititmtnt, hint .full perioral biitort.
Applications beld itriellr conGdent'ul.
Address
Attention A. B. C.
Care Frank Kicrnan
Advertising Arcncv
J.Vi Uror-dwav Nw York
1 1 n msauwjc
Why Not Prepare
ertelti seou'1e. especled to bo Infill-,
enced hi the eient of .lime. I'non re
ttnret we wll wnil von Interesting 'nil
unci figures pcrtelclhn; to tr"ce is.nes
irelt wo-rS wetch.ilg. ASK H'P, SPG-
ctAt. lettcr 3. j
Hnrhr table jfetirfM-s rn at ni
cmHTvattvr innroliinl liieis. On) I
LOTS o wcialtu. Inqjlrie f n ifrrf.
flOLPBERG&HBIM '
Member, j JsruNV.
1622 Cheatnut St., Phila.
Phone. Hell, Mirim- 3017, 4390
Kev-totie. llnre 7.10
71 Ilroailnny A IS1. .Itli Ave.. N. V.
1mfnrt1, I'onn,
a Security Salesmen
Extraordinary opportunity.
Write for appointment. Replies
confidential.
A 405, Ledger Office
Wc Invite You to
Open an Account Here
Third National Bank
Opposite Broad Street 3tatlon
riNA(CIAI.
TO Till. IIOI.UtKS OF VEUTF.H
f'nill Mnil I nkn I'nfiimtnw'M fnniinll
lutril lint Murtcuce Hit Per Cent Hold
Band:
NOTICn l lireb clxcn. pursuant ti
Artlcl Tourtli of the Coninlldnteil First
Morttmt ilnteil ilari 'i 1st ll'c'2. wrurln ,
th bor 1mr1 that on th flfttrntli U.iy '
f July. IB'ZO. at hpH o'rlnck Noon, at
llonm 41 '"Phpn Olnnl nulliln, 1'hlla
1lpnl. Peniifvan!a. here will h .1 met
Int; of tlio tioldrs of ll. outstanding bond
1aau4 ndr and scurnd by sjld Conol.
4atrd Mrt Mortea for th purpoe of
otln: on tn.. oropufd rela from -the lii
nd operation o." tala mnrtaaee. of the fol
lowlnc ptrcels 01 land Included In said
mortiaKC
Three tracts or parre! of surface In Sum
Tnhlll Township. Camhrla (.Vint. I'nn
rlvar.U, acsrrBatirg about .149 acres SJ
perches, oroposcd to te oM to Cunrad
Vend4rnth. . ,
Twnt.v-tleht 'racl rr prcl of coal,'
Ituate in Cambria Crovle and Sjmmerhlli
Townhln, Cambria ''ountj. Pennsylvinl".
ecrearatlnir about 340" arrs and ftt
perfbes. with 17 acres and '2' perches of
aurface. prnpnaed to ha sold to thit felva
Cet "ompan.
Elzht tract? or parcels of rial ltu'i'e In
tummerhlll PortaB ind Murte- Town
ahljJ. Cambria Countv Penn'jhinla. nit'
artsatln; about 1S1 acres a d fl perches,
propossd t' be exchaned wilt' n-e Summl
water Supplv Coinnanv for inn 'rirt of
coal In Munster and SummerhlU Townships.
Cambria County. Pennsylvania, aztrros&tin
an enual a renne.
WEBSTER COM, AMI CORK roMPNY
By a. n. nriWAnni
Secretary end T-asurr.
Tli'M Viv T.l' .Tun. 1-. II'.'O
June I. 1a0 KASTKKN Mldr.P, r. VS AND
KI.lXTIlir CO. tlehentiirr llond".
Notice hereby clve'i that the romnane
ha elec'il to redeem .".".. (inn par Mi1ue of
1lta Depnture Pond under the nrovlslci of
Artlcie 4 of the Ind-mtire aecnrlns the Janne.
In accordance therein lilt Donds Nos.
10 r.-i un sin ;n
vm sn 1 n 21s :m
ss no 1 .VI '.M mi
R2 12s iii' :,in .
sri v" n s-T .:
r.o inn top. vn "9
m iw :ot 24 .;
r)se heen drawn for pavnient et par an
accrued Inierejt on Aimut 1. 10i0. at the
cfflee of the truatce MT 1 hetnut treet
Fhlladeirhla afier which date all Interest
on -aid ' oer1 hall cease
THE PK.VNTLV.VCVIA CCI FOP. IVt'ri
a.VCBS O.V MVK.M AXn nmvTvi
ANNUITIES Trustee. w
C S. '. P.kCKKr.D. Pr.d.nt.
nitlilemU
4
T.ITTI.K f lirVI.KIM, WVII.ATinV
IIAIUtOU. AVn COAI. (t"l"VVv
M3 Unlnnt "-Irert
PIlHadeinhln Juni T in'ifl
A dKidcrJ of One Dollar '111 per share
" ZS? 0rc 3r,d- !l'l'l Ihrrsdj. .lily
Cheek"! Hill lie mailed.
Transfer books tn lie c'0,) vnml.,
June 21 at 2 o'clock ! r ar,1 rinZLHi
KrWaj. Julv in vi;o at n ., Hock v m
PRESTON PRUAni.FV .in
Treasurer.
orritK or uki.miu-ii roMPvvv
R'ouceetei V J Ja- ll 1M
The Directors have this d.l .l.clirerf n ,.i
S55?"(i,"vid' ?..,-u,p. ,hrr "' ;nre'.i,anifT.';
eerji (is ,vi j,e- ehare) nn Ih Preferr.rl
tO-k and , ,J,ylH,d .if r.r cent i J" no
per share! ,..1 In mmc, H,V n.V.H.
the close cf i..j,i,,., J'u-.e -1 to-'o rhl ?
srIU be mailed ' IJ-- Lh"cks
i m nnvt.rv
. ra surer.
OFFICK OP Till
N.
,M,-N,TT!Vl."AS"l,,nOTr'
t rornpr Itrniil mill W.. .-
nini .i.i..i 1.. . " "
. ...in. ii,,. M .11. Mt) ti iHn
Tll rtirv tirn lf
.1- .. .1 . ' .
fltlart.rl' dlMdeld of , ,rT.ent lii" no".
narvi on tee common fo k of this inS..;.
DULL BUI STRONG
Eager Covering of tho Shorts at
Outset Was Not
Continued
Np Vrtrlt. .limp 111. Kurthcr cov
rrltij liy shorts inipartPil n tone of tle
'iilctl strrnstli to the I'P.rly WRrkot tlii
iiioriiliiR. hfxiilot hi iiiKinc wibatantlnl nil-"
vmicpi in nrli-PH In ninst of tho Hprcti
lativp furorltri of tlic imltihtrial list.
I'roeprctlvp colli lmorts gavo n fi-osli
Impotiis for tin ipeovery inovcmpiit
which vlnrtcil ycstrritn.v nml tin1 forward
"wliiK tlnritiR the first hour of the trnil
in; embriiii-d i'vcr. important dlision
expppt tho rails. When the more urgent
tlcmiinili from the shorts ilai'fcpnr.d th'p
nini'kel' ilrlftoil Into a narrow rtit anil
wriilp littlo projjrr'H either way tluriu;
the bnlnnre-of 'the session.
The nrtion of the Northern I'uolfie
nml (Jrent Northern tlireetors this wppk
In ileclnrins the rcKiilnr dlvitii'tiils on
thosi' two stocjis illii imieli to illssltint'.'
the pposiinisiii ronccriiliiK tin stability
of iliviili'iiils of mniij of the hlch-Braile
invpstinpiit rnil shures which hail been
provoked in the preceding week by th
reiltictiou of the Chicago nml North
vctcrn dividend. Measured from 0
si'iitinifiitJil viewpoint, the inniutenunce
uf the dividends on these prominent
issue', the effect was far rencbiiig. As
a mnrki't stlmulntor. however, it fell
n Hat n a pnnenke. Insofar so that Is
eiiiiceriied. It Is a matter of considerable
interiM liit wlmt would be rrquireil
to extricate llie market from the
'itiiarg Into which it has fallen.
l'ive full sessions of perfunctory
trading and vcr uncertain price move
ments followed the Republican National
Convention. At tirst Wall utreet pro
fcsseil to be crentlr disappointed, over
the selection of the candidate. As the
week progressed it was found the
standard bearer of the (5. O. 1. was ac
ceptable to the powers-that-be of the
mnrket and bunking world. In truth,
the opinion wns expressed his strength
would increase us the campaign
progressed, in that there seemed to have
been found a striking similarity be
tween Mr. Harding ami Mr. MeKln
ley. thereby foreshadowing continued
prosperity of domestic industries.
The apathy of the market therefore
was due to other intlueuces than politi
cal development, yet one of the reasons
offered for the watchful waiting stand
of the market community was the un
certainty attending the forthcoming
convention of the Democratic party,
especiall. as ro the platform to be
built niid the selection of the candi
date. The latter question wus further
confused by the open refusal of Mr.
McAiloo to enter the race.
After all is said and done and in
getting down to rock-bottom facts of
the case, undoubtedly the greater iu
rluenee of restraint was t(1 be found in
continued stringent money conditions.
It is noteworthy that the heav. income
i pnjmcnts niid Libert Hond inter
est disbursements were perfected with
out causing any unusual Hurry in the
mono market. Call money Vds rela
tivel abundant at the ruling rate of 7
per cent, but no relief from the pro
tracted stringency in time money was
evinced, nor is an favorable chance
expected until the end of the current
mouth, or until after the large .Inly 1
ilisoursenu'lits. Humors persisted of
another moveiuput of gold to this cen
ter from London aud maybe the Far
Last. These w re supported mainly
by the strength of sterliug exchange in
this market and enlarged bullion hold -i'iirs
of the Itank of Knglund.
In nil deliberations of tho current
market situation, the ultra professional
caliber of the trading must always be
taken into consideration. Hy reason of
this indisputable fact little siguiiiciiu -e
is seemingly to be attached to backing
and tilling procem. It is only fuir to
slate. howeer, that in the opinion of
competent observers thnt market has
entered the stage of what is popularly
designated as "u sneaking bull mar
ket." The so-enlled public, it is true,
never enters the speculative arena at
the bottom prices, but only ohows in
clination to enter the lists when market
nlues show a positive upwaid trend.
LOCAL TRADING
DULL AXD ARROW
Week's Sagging l'rices Re
flected the Restraints of
Continued Tight Money
Sxh
20
110
7.10
SIR
100
CO)
too
1710
, 100
loao
400
310
100
510
rt'n
fl!0
3110
100
710
400
400
100
lllali
.. Alnslia Gold Mines... IH
7 Am nr Shoe & Fdy... 0014
.. Am Can 41
15 Am Car ft Fdy 13054
4 Am Cotton Oil ". 4V4
80 Am Druit Syn ll-M
.. Am IIIJo A Leettier.. 1714
i Am tnternat Corp ... r7
3 Am Linseed S?.
0 Am Locomotive 18
.. Am Safety ItKror .... 17'i
.. Am Ship & Com .... 24
4 Am Smelt ft Ttt ... OOU
7 Am Smelt ft Kef pf.. 1)1
3 Am Steel Fouiirtrlct.. 3
10 Am Sumatra Tob .... Hi,
H Am Tel ft Tel 13''.
Today's -Net
1,01V Close Chce.
Ha l?i . .
0Ot 0yS Vl
40? 404 K
130 , 139 IS
44 ,44 - 3
11J4 11H W
J Am Tob Sco temp ctfs iSSj
Am Woo! Kts i
. Am ', no Load ft Sm. 14 Vj
4 Anaconda Copper .... CJj
a Atcli Top & Santa Fc. 78'i
.1 Atcli Top ft S Fo pf.. 741
10 ah Ctuir & w 1 s S. . . ti
7.J10 3.J0 unjdwln locomotive. .110 '.
.. llaltlmoro ft Ohio ro'i
f Uarrttt !....U4'j
Crthlehcm Motors ... '?'i
h llethlebem Slccl tSf.
:. Hetblchem Steel B... I H
a Hethlehcm StLr pf..ln7!j
.. Ttlilyn nnpld Transit. 1"
. . Butte Copper ft Xlnc. .
(1 California Packing... fl'.
.. California Petroleum. 3?,'j
10 Canadian Paclflo . . . 11.1
too
. c.l in
too
109
2SM
too
too
too
100
;oo
311
000
100
ooo
100
too
too
100
110
100
110
too
1700
800
no
010
1 arc J I
7 Cae J 1 M pf
r. Central Leather
7 Centrnl Leather pf....
4 Cerro do PasCo Cop..
10 Chandelier Motors ...
4 Chc'npcako ft Ohio...
. rhIcaRo ft at IVest...
.. C'hl Mil ft St Paul....
.. Chi Mil ft St Paul pf.
5 Chicago Northwestern
Chi Pneumatic Tool...
.. Chi n I ft Pac. .....
7 Chi P. I ft Pno 7r pf.
Chile Copper
10
04
B71J
100 ' 3
43!
10'4
7 14
rvi
1714
17U
.334
00 14
St
3S?i
7?A
I3K
3'i
ttli
fl,
70?',
74 H
1GI
118',
30?i
1371,5
72ti
f8f.
00 If:
107 4
19
s
fit',
3tl'n
is
04
C7'i
lonn
3VS
too
.M'i fit ta
! 1.30 Clitno Copper
1(00
cno9
100
0800
3100
2000
290
200
200
noo
690
110
100
300
3410
110
11?0
2)0
110
77
400
4030
2400
2)0
400
1740
3)0
210
4010
1.'3
2)0
4)0
210
100
3)0
310 .
4U0
509
:
321.
SO
OS)'
08
?;
is
to
31
3I,
30U
31
9S!.
7 i
S2lj
49-U
6S
OS
rc,
7
13.
30 '1
3J'i
29 4
34
I3,
1 Cnco-Cota
I Col tirnnhophone ...
3 Consolidated Textiles
4 Corn Products Itef . .
H Crucible Steel 1465n144'S
.. Cuba Cano Siicnr.... 3H B2J
7 Cuba Cano Sugar pf . . 8014
7 Cuban-Amer Sugar. . . S
. . Debcors Co V5
10 Del Lads ft Western.. 108
.. IVrxer ft Wo Grande 4
Denver & Klo O pf... OKt
2 Durham Hosiery .... SO
Puluth So S ft At.... 3i
5 Lndlcott-Johnson .... 02H
.. Erio HJj
3 Flak llubber 33 14
.. Froeport Texas -3
8 General Chemical ...17Syst
0 tle-icral Chem pf 85H
8 General lPectrlo 1014
1 G- neral Motors ctfs.. 13
.. Gen Motors Corn rts.. H
6 Ceneral Motors deb.. 72!4
e Coodrlch n F 0414
7 Great Northern pf.... 0Ji
4 Gt Nor Oro ctfs 35J5
.. Green Cananea Cop.. 30
4 Unskell ft Barter Car 73?,
1 Hupp Motor Car 17
,60 Indlahoma IUf ?
0 Inspiration Con Cop. . t.t
.. Interboro Con Corp. . . 3H
5 Int ABrleul Corp pt... 84
. Int Mer Marine 32
a Int Mer Marino pf... 80?i
,. Internal Motortruck .. 62 U
.. International Nicicei .. u(
SO
SS'4
34J4
102
4
'i
30
3'i
91!
nn
:3le
:3!s
12.115
osu
140Vi
.3J4
i
72!
13'.
60 !i
3SH
M'8
72
17
7'.
2
3 "i
84
32J
8'.
C2
17?,
I74J-T 'A
h7"....
8234 -f ,
t7l, - li
17 Vi
U
60U
91
3.1&4
t7?-
13 m-
ssib l-
H-
lt!i
79 r.
?4X
161 -
118",
30i --
1S315 2,i
22(4 - 'A
181 r 1
no vs- j
107 !S
12 -f !'
f - VS
son Vi
31?i l?4
itsi;
is -
0t !
..7'i lOOVSr
43V5
103
siVS-
7!-
371,4-
49?4
08N-?
08
3KU -71
16 I
31
3Slj I
SOU s
34
u'r
2'i- !
80 ?4 I
8 'a - 14 '
34 Yt -f u ;
198 8
4 - 14
9S
so -, !S
31 -- H
01 a-- J4
11 7i-- !
:3'5 -fH
73VJ-T H
17SVS- '-:
9SA 2!-i
HOIS
-3K- H
H - 14
72V- '4
3T. !.
e4 -3.1
,
3,1 -;3.
t
17 -
7. !-
34
84 -3274
-
SM4
12
I7? -
biv,
bales In $
210 .,
400
14600
100
100
U)
Itlsh
7llT
IS
?s
IS I
H
.-
" h
VS1
!S
l4
Vi
VS
14,
14
14
IS
14
H
414
K
I.4V4
it'A
29 Vi
14
1
'A
r?s
a
v
'i
14
3
14
T.OW
International Paper .. 7714 77
. Iron Products Corp., 47 4 40 VS
. . !, Oil ft Tians Co... 1 034
. Jewel Ten OH 914
4 Kelly-Spa; Tiro 100t 106J4
2 Kennecolt Conner ... 2091 2614
io j.20 Keystono T ft It 20 J,
nio n Lnoitawanna steel ... 72
too 3.B0 fcchlcli Valley 41J4
2790 ! Lotwo Co 18
110 .. Loft Corp 16 VS
800 10 Mexican Petroleum ..179X
1011 .. Missouri Paclno ..s
10 .. Missouri Paclrio pf.
3710 1.60 Mlddlo States Corp.
109 7 Minn St P ft S Rt M ut 80??.
'100 .. Mo Kansas ft Tex pf. BVS
1300 .. Nat Aniline ', .Chem. 7lyj
410 . Not An ftChemVcal pr. 13
100 s Nat Cloak ft Suit.... 61 U
iwi a New York Central... 68 VS
200 .. New York N II ft II.. 29Vi
600 7 Norlhorn Paclflo .... 71 VS
010 .40 Okla Prod ft Rof...... VA
100 8 Otis nievntor 122
100 .. oils Steel :njs
SOO Paclflo novel Corp... it.
p .. pacino uoveiop rts,
3)0 ft Pnelfla Gas ft Klec.
4330 0 Pan-Amer Petrol ..
300 7 ".Tin-Amrr H
?0O 4 Parish &lncham.
800 3 Pennsylvania It It.
lno .. Peoples Gas Chicago,. 38 VS
100 . . Pere Marquctto 34
100 3 Philadelphia Co 364
7S00 .. Phillips Pet f3a
3600 .. PITrco-Arrow Motor.. 8V4
200 .. Plerco Oil 101,
100 8 Pullman . . 1114
too G Punta Alegro Sugar. .113
too 7 llwy Steel Spring pf.,100
1900 4 Iteadlnsr 84TJ
100 neadlng- 2d pf 44
100 .. Remington Typewriter '3J4
700 .. rteplo Stel ... 83VS
200 Republic Iron & Steel. 93
300 4Republlo Motors .... 61 i"
800 .. Royal D N ? ....110V4
100 .. St Louis Southwest... 114
200 .. St Louis Southwest pf 23
300 1 Santa Ceclla Sugar... 24
100 . . Saxon Motor
too 8 Sears-Roebuck
100 . . Shnttuck Arizona , . .
3J0O .. Sinclair Oil
1800 6 Sloss Sheff
1810 0 Southern Pacific ...
100 .. Southern Rail
000 7 Stan Oil of N J nf...
20 4 Stewart Warner 3p,
IO11 4 Stromberg Carb ....
16700 7 Studebaker
100 .. Tcnn Cod ft Chcm...
1 ns follows :
T,ll Intel ni 1.a TA.i.t,1IWnn convention
",4 154 Int Chicago, ,Vnll street was content to
Yt
, 47
.10414
, f7&
. 32
38 W
4700 2,60 Texns Co
. 91,
.204
. 8J4
. 31 Ti
. 71J4
. 13
. 13
.100',
. 4014
. 72VS
. 724
. loli
. '634
4oj;
1
i - .
To-al enlej. .,01.2uiexhares conipareawlth U0S.3U0 shaies -cstcrda:
eel. 2.010,4(1(1 shares
200 .. Texas & Paclflo
800 fl Tex ft Pac Coal ft Oil 47 ?
3)0 6 Tobacco -Products ... 60
1290 .. Transcontinental Oil 14J0
200 s Tranouo ft Wins Steel 80
9000 .. Union Oil
109 10 Union Paclflo
109 4 Union Pacific pf
100 4 United Alloy Steel.
13V0 3 United Retail Stores
601 0 U S Food Products.
3600 8 U S Ind Alcobol ..
13 7 U S Ind Alcohol pf.
100 ... U S Eiprcss
129C 8 U S Rubber
42-10 5 U S Steel
K0 7 U S Steel pf
7 NO 0 Vanadium Corp ...
390 Vlvaudou lno
200 .. ,Vabash
3)0 . . Western Maryland . .
too .. Western Paclfls ...
109 4 White Motor
1400 1 Wlllys-Overland ....
100 .15 Wilson ft Co
Thus far this vce.
.11"
32
11314
C3
43
80
ntVi
no
. .. m
... S714
... C3Ji
. . 108 A
... 8414
,.. 1914
... 7H
... 9U
. .. 27 !S
...32
... ion
... C1J4
TOO sharci
Today's Net
Close Clise,
77
47-1-1
7 Vi
014- VS
10634 4- H
26V4- 14
29J4 - A
13
.41V4 V
16VS
178 - ?
24 VS- IS
40VS- 4
29 V4
80Vi - 14
9
71 '
0214- IS
0114- 3
08VS
39(4- 34
71 - 134
4H ..
122 2.
S3!, - 3.
37 I
K-
tav, 'A
ifa?4 y
r,7 is Vi
32 -i- H
3834- 14
38 Vi - !.
24 li
3014 .
4214 !i
31 - !e
lJi - ll
Ht.H
10:1 - 14
100 ..
8434-1- 34
44
MVt Vi
13 Ji
9234
S1J4 14
116 -- (5
1134 Vi
-3 4- li
22VS- 1VS
flJi-i- 14
204 1
83- Ji
3114- 14
71 1 -
2Vi- h
23
10034
4JV44- VS
731S- a
72-4-1
loli !i
4014- ?a
40 J4
46J4- Ji
t8H- 94
1434 4- V4
36 l
31VS4- 14
ll31i- H
CSV,-
'43 4- VS
7934- J4
7Vi- 34
00JJ4- Vi
II 1-1
6H- Vi
re 4- i-s
-3H- Ji
losvi 4- Ji
84(4 3
10 V4
J 34- Ji
Vi ..
27VS .
32 - "4
10
6134
834
7134
IU
3
16 VS
178(
84 Va
40VS
'SOJi
9
71
92 VS
01 J4
68 VS
. uns
70J4
ni
132
.3Ji
S0V4
Ji
40VS
l3f,
07
3134
38V4
38 Vi
. -24
36 Ji
43
31 3i
1614
1U34 '
1C3
too
84 V4
44
03 VJ
821J
9231
81 Ji
116
1134
21;
22 Vi
9J.
204
834
31 Vi
71
2!i
'.3
10034
0VS
7314
70 VS
io5i
46
40
4634
834
1414
33 34
3134
11354
C3J4
43-
7034
6714
9054
96
OH
row
1334
105 Vi
8234
19
7 '4
05,
27 54
83
19
6134
s. Same period lasi
vmm
EYES OUFHSGO
Securities Drifting Until Status
of Democratic Party Is Sot
tied Definitely
TRADERS ACTING GINGERLY
Amer'n Attr .ft
Chem Ba
1 07
Amor Smolt'B
A lun'B r
1 - 7714
11 77
6..... 7711
A Tel ft T clt
2 74
A Tell ft Tel Ra
1 74H
A Tel &Tel 0
4 03Vi
I..... 03.
1 oa.
Ana.r'rench 0a
10..
(1
"
New Vorlc, .Itin- ;.. 1'Iip finnnrial &
outlook is summarized today in the hun I ,
13 ..
n.
1.
10.
".
3S
Arcentlfle
IIUU
0S4
l83.
4)8 4
1I8.
084
08H
08
08H
09
ns;-
084
111-
Pliiladclphia Stocks
Commodity Markets
nun
r.nAm Sirs. 14
4 Am Itwys
iircf 40
L-.nn r.lecstiir.i-jj
4 I Co N A. .iO'.j
100 do rcpts
full ml. 20..
TO Lake Sup Ill's
VA', Leh Nov. ."S
::c.4 vn it it.. :js7;
-2 I'hiln Co
cum pf. ;'.2'j
7 Phila T.lec L-J
JO Phila KT lSv
L'70 Tono Itel. 1 a,
J.-. Tono Min 1 as
J.-.l i; (5 I... 4L
5 York Kwy
pref ... :iO'-j
l.ow-40
121
Close
4:t'..
Net
chtc
10. r.
12:; 1
no- no' j.
Q!H.,
T:t-.G
TiS
:is''S
lns
11
HO" a.
."S -
::s-, .
n2l2.
lSvi..
I'V.-r
l3s
42 -4-
COTTON MARKET
J New York, .Tune lit. The cotton
I mnrket reacted slightly later in the
morning under local realizing, but on
I tlm it'lw.lA .liudlnvml n firm lin.lci'tnne
In the second hour prices were again
lending upward on the forecast of con
tinued unsettled weather over the cen
tral and eastern belt and private pre
dictions for unseasonably low temper
atures over tho cotton region.
Wall street nnd western interests
continued the biggest buyers largely to
cover shorts. There was further iindo-
I ing of July new crop strnddles. result -
. . nc in a narrowing of the July prc-
Philadelphia Markets
1
n
nuuin.
MS, ::oi.y
E diMdend today Amer Stores, St.
1 . .Tnl
- kct.
Uec.
Jan.
MurVi
Total sales. 2060 shares, compared wl!,n ! juv .
payable .lute 13 IW"n
reeorii a 'ce c 1 .. -,?s
Checks wi!' be n-' ed
I V vnp.jitq
lchnlildr-
J .ne 30. 1920.
Tre-isurer
COI.fMIII AVi:. TKI-S.T tn
JiwT'j ',,,, ""olmnhli ave
, .. . PlilUdelphla. June 1 1020
. A' ?Mm"l?s "' lh" ,noarl ot n,r.-for.
held this date H semUnnusI dividend of
four 14) "er cent a declared nn.hi.
mly 1. 1020. to stckl,,1r, of .ecnrV T,hJ:
20, 1O.20 Checks Tilll I,. rnn
wii.i.im .wjmii.ti.i: Tr-asJre-
orricK or tiii: iiiankkori) tim-s,-
rilMPsM Inn,, tj ,,,V
The Posr-l of rureciofB h.110 tv,i. -i'.." .
IP.,1 ,tl ...ll'., au.nl... ., , .. ' "'
..-'. . M, Mltllljrt, , ltvf,l
-r.ri. .". .r... .. f . ... ,11,. ..inclt no'ne-a
of r.'cnrd 'had. 1 Tbl- Jul) , n"o
C'hecl s hiiI bf mal'cd " '
I'HAWKl 11 'iRVKI.r. ,sv,
f
ai
r lari.
ProiNisals
WF,kt jr.it-ni wii i.siini:r ,, ,
Philadelphia June Hth t!cn. ...,, ."' "'
'posala Kill b recei'.-d a, ,., , f f ' n-n
noon of th 1st day of Juh. 1(1 'n r ...
ale lo (his 'ump-ini nt no. , :,.'r '""
nf all or an part uf u mar n' ,h,. iJl'.
Jerrey and Seashon Ha lr..nl 1 ,,,," "
eonsolldaied morteuKe b nds , . ,-T i. '
cured for th. sum ,t 1 .; ; YL "
tithe ainkln. fund -PP.lcabi.
I I' Ml Y'.sr. ,.',,-
I rratil-er
rnoposAi.s jojuih. nulK AN"D l
Staled bids will I re.eii'ed until 2 p .
Jane 21st. 1020. awl then opened, for' ll
ProJilmatelv Three -.files lloa,!. w h coper!?;
i uherts and also Seiwaee and Drain...
B.tem at this Plant .Must of materia Jnd
equlpmsnt furnls h.d Pu, anii Vpecitl "
tlons may e oblalned h' apulvinj to 1S1.
efflce
Corjtrucllhff Quartermaster
V H Vitrei. Pnt '0
MfSfl.n SHOALS
SHOALS ,"lA,
cqMrKL-( nos
reien.cl at thu m.
viiiii'ii '-' ,,,!
Reuled I Ids Mil, l
u.ll Inn. -'II. 1 1 J '-. . . .n.l t,,A,
Improveniei'is .f uuarri rnrnprlsliw appro,.
Imatelv four milee rallioad. crusher"pj.
.torsi . blna bouslnu- and se acre dlspoa.l
Moat of materUI and enulpnieiit furnished
ll. ns and .Pciltli-.tions lu.y be .,1., 7, u:
-- '.mm
.nm this limine
Constructlnr Quartermasle-
V. 8 Nltra'H Plan. Xn -Mrprtxjyjn;vji
A; K
PItOPtlSAI-S Full 1KANS.M1.smon Y.IK
sealed bids v.lll be retelved until l- i 11
June 21st. 1021K and ihen upened fo crn:
atructlen v I raiiamlar-lnn l.l-e i.mn
Plants N- 1 ""d . approimHt,4
miles.. Motji of material ana rg.uipm.iii
Furnished. Plana and sp-cineaipin. 11.. D.
obtained by upplilns at this on. "'
" Conatruitina: Quaiterniaster.
l.'tj 8 Nitrate Plant No
MUSCJ.R HIIO l.S. aT s
TBOPoSA..-qT.nIiixii.aAL "
Sealed bids w.ll Im received until p m
June 21st, I92. and then opened for addi
tlona and alterations lo Ilia mechanical
equlpintnt at Ihla Plant Plans and tpn.in.
ealloa nia te obtained from this ..fflg-.
Cunstruclln Qua'te-master.
U. S. Nitrate Plant No. - .
ML'BCrt R "limr q 4. v
ifi'nCF. (IIJNBBAI ,t PPI.1 IIKPOT. UTII
and F t' N W. Mshlnt;ton I), c -
flealefl prnpoaals lll le opened at above ao;
rtresa 11 a. m July 7. 100. or 310.000 ft
common while pine lumber Information and
proposal forma may be hid upon application
Vr.
I.lpetric .stora;i Lattery continued
to monopolize the limelight in today's
local market. The trading in this favorite 1
was quite animated as result of the air
of uncertainty attending tho nllegcil
stock allotment. Ileallngs otherwise were 1
entirely perfunctory and of the familiar '
week-end listless character. In the ab
sence of ofhcial conlirmntion of yester
ila. 's stock allotment reports, Klectric
Storage iinttery fell back to 121 in the
early trailing, us compnred with yes
terday's top noteii of 1201,-.. When
these realizing snles were absorbed the
price (iiickly rebounded to 111 I, ami
'iclil within u small fraction of thnt
figure .Ml other price chouses were
enniinei tn small frattions. with th.
grcHler part of the list unchanged, but
with the iunjorit nt or near the hot
oiii iiintations of tlie week.
The local market this week settled
deeper in the doldrums, which was
iieiihcr illogical nor unnatural in view
of the surrounding restraining influ
ences. In view of the extreme narrow
ness of the current dealings, neither
was (lie drooning tendency of priiis
surprising. The nin'rket for some time
bus been conspicuously thin on both tlio
buj ing and selling sides nml it is eri
likely to continue so until restrictions
placed b money londitions nre removed.
I Ind it not been for the nl ready h ir
oughly liquidated state of the mar'.el
still lower iiuotutions undoubtedly
would have been experienced. A stage
apparently has been reached wherein
the Miippl) and demand is about evenly
hninmed If the tredit restm tun s
(ontinue much longer, there may he
further liipiidiition of M'curities on the
pint of both oorpnruto nnd indiwdunl
interests who have found this about the
onlj menue open for replenishing ap
ital requirements.
'o signitiennce is to lie ntlached to
the dny-to duy variations, becaui- of
the narrow limitations ot the mnrlcot.
In the opinion of close observers, about
nil the bud thinge that could possibly
happen have been more than discounted
In the steady marking dn.vn of niiri t
allies s:nce the early spring. Of course,
there Is little to induce cxtonsi-o lay
ing. Still the technicHl position r,f l'be
market, unless nil signs are failnis. !s
being constantly strengthenxl. 'lhis
is strongly continued by the know ledge
of the large amount of outright lutving
these days, which cventuallv is certain
lo cut down the suppl hi meager pi.
nortions. Il would be no exngge,a(Ion
to state that more than 7"i per cent of
llie securities purchased within the hist
, two month have found lodgment in
atrong boxes and will not reappear
again until the lerel of prices is cou-
I aldcrably higher.
..Ill shares esterday. Thus rar inis ee. 1
, n u:!T Snme period last week. :o.o .
ni. i itnvus Net
1 t 000 Hleh Ijovt Close chge.
U4 II-10 Lib Hond ., ,
4th 4is. SI1.M S."..l)l 80.2 14-. 5ft
0 1 -10 Vic 4'J,s ll.-'.St) 05.80 05,Sft-r .18
." I'nited Uwy
Incst 5s. 07' i Ci1 Gi's-t- 2
Total. 33.ono. compared wI' 32'0C!.''.,"
terdai Thus far this week. J4l)7.1UV same
period last week. 1017.200.
FOREIGN EXCHANGE
New- York. Juno 19. Forcl(?n ex-
..imncAs were steady In the nominal!
n..eniiir- nnotntlons. Demand sterling
was 3 96s, cables 3.97 U ! franc cables
were unchanged . marks were oft 2
, points and Belgians were up 1.
Quotations were Franc cables 12. CS,
cheeks 12 80 ; llro cables 16.G0. checks
1G02, Kelslan cables 12.06. checks
112 07. Swiss cables 6.48, checks 6.60,
1 Builder cables 36, checks 35 74 : If"'"
cables 18.65. checks 16.60; .Stockholm
cables 2190. checks 21.80; Chrtstlanla
cables 17 80. checks 17.50; Copenhagen
nMe ih'.m chocks 16.80; marks. 2.60.
Sterling ruled steady through the first
hour at 3 9e for cables. 3.9bJVt for oT-
mand. Franc cables were 12.60. checks
12.62. llr. cables 16.62. checks 10.64,
n.arks 2 D7. Argentine cables were
veuker at 104. 9U.
TOUAV rt OPKNINO QUOTATIONS
Kiertlnz Tranca I.lre Oulldora
3 U7 H.H7 lti.tlT .30,
. .1 074 l'-'.Oi l)'"3 l"'
.NUON QCOTATIONS
Hlerlln Francs I.lre. aulldera
. 3 itlj l'J.OO M.62 S'
3 I)"' 12 .'.S I'l.HO 3l
CI)SINO QUOTATIONS
sterllne Kranca Ure Guilders
. :i 07
. a.uti4
illd.
A'est Today's
closo open Hlph Low Close
. ST.r.n 37.61 37 so 37.53 37HSM73
. 31.110 33 1.1 33.43 3.1.13 33 J3",7
. 83.111) 34.00 34 20 33.1)7 34.03
. . 3...WI 33.40 33 30 33.23 33.4Stl48
Xi 43 S2.7 K'.' ? 3S.70 35. R1
31 1)0 3.! "J3 3J 37 .11. L'O 'a'.' 31)
IVItKAT Uecelpla. 31.SS4 bush. Market
largely nominal. Car lots, In export elevator
No. 1 red winter, J3.li): No. 1-hard win
ter. J3.10; No. 2 red winter. 13.07; NV.. "
.ettle bnck and let the market for se
eurltto .li-lff u-l.lll.ee If would. Or- I public lis
........" "" - j ! T0U
cuiiiaianrpi conspiretl to piicohiukv , a T t. S K 4
waiting attitude. It was important, for. 1,.... 7H
lcln,,n. I" . . -!.. l.... Il.n ...MllltrV I ""' '?0
niniituui i.u iint:t-t 11,111 jiun ." ...........
tided over its financial affairs of tho
midyear nnd to appraise the effect on
the general money situation.
It wns of consequence to give care
ful "intention to crop developments, to
the efforts exerted to nmeliornte rail
rond congestion, to the trend of com
modity prices nnd to the course of events
in .the hearing before the Interstate
Commerce Commission on the subject of
freight rates. It was desirable to
know what sort ot n platform nnd what
sort of n candidate the Democrats would
provide nt the convention to meet in
Sltll I'VnnoIeon nil .ItlllA R.
Ill view of these considerations me ni 3ia
1Mltlt 1...1.1 1nnr 4Hn,., ...n.'hnt nnpril- 1..... 00
tlons nnd traders felt their way gUger- Hcigian 7Vjs I
1- en.- i. ..n il,n .to lout ul 1
J1IC IC9IIII. WHS ipilic n- .,..-
0
1 71
ATtBP ttjs
2.,... 64T4
1 oo
Atlanta K &
Cln 4a
3.,... 01
1 04
Atlantic Coasi
I.lno clt .
3 Ot
1 0234
Atlantlo Cons:
I.lno 4s
1 714
Hart 4. Ohio cv
in ..
Ualt & Ohio '4a
0 Bfl'4
Ualt & Ohio .0s
1 80
U & O 3 w-n
AMKK V&
-, mm rHTiiiic
03H wvnw 1 L.IIIIIIII
' ' ,- "
(SALES IN J1O0OI
17..... 03 I 0 ... 7')
r-nlnr'n R 4s 10.... 704
1 i?k ore-wasirn u
Cnpenhn 0H Co NftV Un 4"
1.1 iai
Coria'd Oaa 7t
yl 08
Cuban Of cv
a -07 '
2 no '4
Den A 11 O fd
2.,... 40
Den & It (I 4 s
1 00J
Dtllll 4t4r
. .N . . 00
D & It U'd 3s
t..... oo:i
Dum Canada
5 '.in '21
I D7U
t of Can '20
1 881
D of Can '2p
:. UO'a
c noii
D of Can. '31
1 86U
rJrle Clenl Men
.1 40
Oen'l Kleo fls
J 1)7
1..,.. .0714
ill ocntrul fd
1 08Vs
III Cent 4s '02
1 03
111 Cent 4a '53
1 0034
4 01'4
III' Central fivi
r,..,.. 83 '4
Imp Jap U 2d
2 73
Imp Jap OHs
- 30
n 0.1
10
Paclflo Uasft
Kico Bs
8 7314
Pa II am 4 Us
4,-... 70
1,.,. 70
S...,. 70 I i
Pcnna 11 It 7s
3..,-, lot's
3.... 101 ',4
!).... 1014
3,... tol'i
I,... 10IU
L' 101 'A
fore Marq fs
2
rtradln 11 ta
1.. .. . i'i
Ilock 1st A t
I' 4a
2.,... 0214
St I. I M a
It fc 11 av sis
"a .... Illii
St U & S V SJ
1.. . '"
a ... ot
1 01
1 ... 01
StLaS r 10
2.,.,, '
1 .. . 4751
a .... 47
St U H Fran
Heriea a
10..
r...
2..
8454
ly.
week of the yenr. and with few exeep
tions, narrow price movements.
The period wns of n character to give
bennt promise of nnlmntlon for some
time. Tho Whnlcnl position of the
market wns good. Tlie undcrtouc wns
firm to strong throughout and senti
ment was better ns the week progressed.
It wns apparent that most things pos
sible to be foreseen had been pretty
well discounted.
Uulllt.li Inltlntltc in Sight
"With the mnjor uncertainties out ot
the .yny, sny within the next four
weeks, it was generally thought likely
that bullish initiative might neveop
although the more conserv
ought Ilk
:ht devcc
,-ntive qui
1.
07 14
l"54
07 1
s...s. ni;
2 075i
B.f.. 074
2 07
JI Steel 6s '80
r 4 78
Unlway & 7th
Ave en
s 40
Brooklyn nap
Transit 7a
1 41
C & O cv 4Ks
3 00 !l
1 70
CIllCBBO It'll &
Qulncx em
1 7254
Kansas C4ty J
4ij a
ters were constrained to look still fur
ther ahead to n broader npcct of the
economic position of the country. Thnt
position wns regarded with n more
hopeful feeling but with full under
standing that time wns the principal
clement working for restoration to nor
mal conditions. ,
The money mnrket was relatively
easy. The week began with call loans
renewing nt 8 per cent, but the -ate
soon dropped to 7 per cent, nt which
it ruled until the close on Friday, when
I) per cent obtained. Demand and sup
ply of loanable funds were alike Light.
1'rcparations for meeting federal tnxes
on Tuesday and for payment of coupons
on the llrst Liberty loan and the Vic
lory notes were completed in the week
before. Tlie offering of $400,000,000
in treasury certificates of indebtedness
was made the snmc day and on the
next it was announced thnt books bad
been closed, with moro than the full
amount subscribed. It was estimated
that government tax receipts amounted
to $750,000,000.
It wns to be considered, however, that
taxes were nartlv nald in outstnnd!-iir
I certificates nnd that the treasury was
nr" 1 Chicago Ifn ft
nara winter. 43.07; No. 3 red win-cf. S3 04 "-"." - ...-.
No 3 hard in .,11. v- , . 1 . . ' cal ed tipoiT to meet the retirement of
13; No!'" d"' win c'isf n4 led ' "- -mc $500 OOO.O.rO maturing certificates
ter. Ji'.nti: No. 3 hnrd winter. I2.90T Sun.- P" Ju,y '' additional certificates will
P.e a coodlnit to quality. - mutnre mnkliis; n toinl of .tioh r.
ZNE'towmftkfilSlr. dcmpUon about $1 .000000.000 he-alJr-9J
" ,ho UUer 'r No- 1 yellow. tween June 15 nml July 15. This
nrS,fedr''ioV,'l"I .?, that new offerings
while. 11 aiei.as; No. a whit, ti. 2001.30 I will probably oe made in tlie coming
ft V .i-whlt'!' ''-'ii.2: No. 4 white. 11.au weeks. Not long thereafter nttention
Uulncy 4s
r 031,
7 1(1
0 04
Chicago It U't
Weafn 4s
4 B2
Chicago Mil k
St I' 1 4s
2 63
Chicago ..Mil 4
StP fd 4Kb
2 83
Chicago & Nth
weal'n cm
a Ui'j
1 .... 703
Chicago llock
i t pjic ra
0.. .. 04i
1 ... 04 i
Chicago ItocU
I & Paa 4s
3... . Cd
L Chicago Union
G...4 100
3..., 101
1.... 10t
7 101H
City Paris 0
2.1 02'.
1 024
4 02l
8.
10
1 f.31
In'o Itap T fd
10 33
Int'l Merchant
Marine 0a
10 gl
Kan C Ft S
Mcmp 4 s
I.... SOU
Knn UtU.1i
1.. .. 32f
1 33
Kan C & S Ss
1 e00
10..
1.
33 !.
63 S
63 S
63s
33 'i
63
03 Vi
04
Utko Shore M
U'n 4s '28
1 78V4
Lehigh V"y 0s
4 02;
C 024
t. U Myers 7a
1.... 101 Ti
Lone Island It
11 6s '31
1 84
1. & N rets 7a
11 00.
Mlchlir'n State
Tel Co Ba.
t ft.l
Mid S i'ojj
2 78
Mo Pac cm 4 s
3 ,-.2U
10... 2l;
Mobile "i O 4a
1.... 63'4
Mobile 4s O fls
4 84i
Ne- O Tex &
Mexico 3a
2 47.
S V O 1 H II
n n sua
4 03V
N Y C Si It It
n ti os
1 8
1 83 Vi
N V IUwya 3.1
1 O
N Y Tel'a 4s
6 74i
B 74
1. ... 74 A
N Y Tele's 0s
1 88
1 88Vi
n y v & 11
rin 4'i
tO 30
N'n Paclflo 3s
4..... B2V4
1 02i
II... . B2,
2 63
02VN,n Paclflo 4s
J .... lU'k
Ht l. & H l'ran
Serlea u
h 84
St L & Bouth
West'n l-
nt
St I illnn
ManlloDa. in
1 . . 84'
Seab'd A I. M
1. 2
So'n Hell T Ba
5 . . i'
S'n Paclflo fd
1 70Mi
S'n Pacific 4s
1 . .. o'
t. 04 4
S'n Pac cv is
2 76
S'n Pac cv 6s
1 . . . 11
1. ..:: ot.
Tex tt rac 1st
rv. . 78
Union Pao ev
2. ..
Union Pac 0a
3. . o
UKUBI '21
IB
1 .... 07',i
'. ... 07
oitonti
rets -a
2... .
2. .. . 044
4 .. . 04'i
u k a n & i
rcta -3
Oonoral Asphalt Again Traded!
In LlAntftl. . . m
. iiouyiij uGnorai
, ' List Firm
New York,. .Tunc 111. ,
i!,.!:..J.lrT, jt? .l ' ti-e ZJ
euuni, in .Mf-xirsin rnnuco. ,iri. "" r
in deinnnd beeniisp of stnten en . .V1? ll
talcinenl. u". il
nre .vn. , . ""i
be nnnoiinceil next week. There ,. ' 1
...:. . 'i
special tlcvelopnients
firm tone to other stocks Konerilir,i
t he enrh' trnt 11-. In.t Wni... . l.ir?"r h
mndc ,ln ilip first fifteen ml .1' ?" .'
I'efliieeil nr lnbt 1,nH.A .1. . .
.;." "i iv''. '".:ur ' rlm
lllli'l 111
tradctV I
dropping
nl Asphalt was ngnln Vntll,
In. opening nt 7.Vf. nn, it ' ''
1 Ir'Wl SI'""- IVhoC
ollOlVC.l (1 (Irill Imin 1ll.. Z. V.,J"I"U"11
ki..svs . hi iii Vet'siia IIIII ni Ijii a
there wns n fair dpinntitf for l!..! '
Oil. whlfh wns trndedl ntTlV ' " !
Iloynl Dutch rights sold ot :i't. ''',
iiitiusirinis were cenernllv
Aetna Lxplosives being iinehnngcl'; ,' .
snles nt 10 nnd United ltetall i'.i '
sold at 141A. United Steam hln S,.
steady, selline nt 2V. ic? -..v m'U
Mnniifneturlnir sold nf nn k ""'8W il
s Ati..t.. .!. -.-.-: i.i
-.. "'" """" wcrc wlut spMal SI
1NDUSTIIIA1.S
Acme Coal . . . ,
Aetna Kxplna ., ,
Arner. Cnndv' ,.,
General Annhnlt
drape Ola preferred
iiercuies
i.umar
Mercere
Perfection Tire
iia,o.io com
Radio Com oref
Ilalnler
Hlna-cr Mfar
t' S Klarh Speed Tool..
IT 8 Transport
I'nited Plct Prod
United Jlet Candy . . , .
ItlTh
,214
lo
7
72"'.
Lo,r I.n.1 '
.-" SV
1" 1
I 7
4't, l,-
la preferred 2I ;,?, 'i
i Paper 2u ;.f .Jtt
Coat o( 7 ',' -j"l
t0',r. 18.. IS i!
"S
' ,-''
. 3'l
111!
. 34
. in'l
3 .
20.
1.
0.
80 ',
80H
80 Vi
80 Vt
80
89 !
U S llcalt fd
2... U(S
U S Uub'r Ba
j . . 78
3. . 784
4. . 784
U S Ilub'r 7a
2 .. 100
U S Steel Ba
3 . . .80
".. . 884;
2 . . 8Hs
1. "SOU
2 . 80V i
Utah Power .
Light Bs
d. -7414
. . . 73
West liliore 4a
1..... 07V4
West'n U 4a
ll. ... 67
Wilson Co tv
? . .. 83
1. . . SB'.,
7. .. 83
Totnl. JO.823,000. compared with tll.021..
OOO yesterday. Thus far this week. 7...
478,000 Same period Inst weckf- ISO.43J.000.
lbs,
kTo'ck necelpts. 022 bbls. and 2.312.172 ' 'J'' ,e devoted to preparations for
, nnvna. uuii una uncnanKeu. uuo. . iinancillll lliu uru it.
tatlons. Per 100 lbs., parked In 140-lb. 1ut I Monnwhile there will be teen com.
sacks Soft winter atralKht, western. 13 2.1 Jiennwniie. mere win ue Keen coin-
v... .,y, uv, uu. nearDy, i.-. jj(j, ia; Hard I pcuuuu iui iuiiiihviliiu iiuuuitiui,, ,u-
lurn of the ruiiroatis to private owner
ship has proved a heavier drain on the
treasury than was anticipated nnd funds
must nlso be provided for the revolving
fund ,out of which loans nre to be made
to the railroads for equipment linuncing.
Thus money continues tho fundamental
GRAIN MARKET
winter. stralKht. 18'itl3..HI, do. short pat-
V '"T""u"i sprint?, nrsi clear, iii.t.iW
12.50; do, patent. I13.50M14; do. ahort pat
ent, 114,. Bifid. B0. fancy aprlnc and city
mllla jjatent. family brands. I10W10.1U. llie
Hour, $12 13 '.'3. .
l'HOVISIONS Quiet but ateady. Quota
lions: Beef. In sets smoked and alr-drlcd
31c; beef knuckles and tenders, amoked and
air-urieu, H.c; porn, family, 47c; hams. S
1UUSC. .JUIU.ISC, uo.
o
Liberty 3,i8
Liberty 2d 4s. . .
Liberty 1st 48 .
Liberty 2d 4VS.
Liberty 3d 4Vis.
Liberty 4th 4V4s.
Vic Notes 3'74h
Vic Notes 4'y,s..
. lllsh
1)2.28
85.00
8(1.10
Low
02.10
85.10
85.70
85.08 '85.5(1
W).(H 80.14
80.30 85.8(1
05.81 05.70
05.08
Close
02.28
85.50
8ft.0
85.05
89.30
80.20
05.70
Allied OH
Iloone Oil ?-. . . . .
noston IVJomlnar
Coaden & Co ...
Cushlnar Peto , . .
Dtnuesne
Klk Tlaaln Pet .
Engineers Petrol
Federal Oil ....
Olenrocl: Oil'. ..
Granada
nuffey Olllesplo
Home Oil
Houston Oil
Hudson Oil ....
Invincible
Kay Countv Gas
Klnr Petroleum
Merrltt Oil
Mex Pan
Mexico OH
Ohio Fuel ......
Okla Nat-das ..
Omar Oil
Ited nock Oil ..
Itoy de France .
Roy Dutch xt .
Ttt-an Oil
Sapulpa Ref . ,.
Slmma Pet . . . .
t-kellv Oil
Superior Oil ...
Superior Oil rts
Texaa Rancer .
Un Texaa Oil ..
White Oil
lXnr.PENDENT OILS
1,
31
nn
.11 w
in
1
nv.
il
n
lis
,ipi
in
i
11
I
....
37
3
7"
11
4i
S
'.
2J,
2 J.
2flV?
2
78
38A
IS
4V4
in
in
1'4
31
3s
04
8S..
311
BH
17.
01
in
'":
in'i
31
3'.
i'.
74',
V.
37Vs
IS
4 i
10
ir.;,
is
33
y,
's
R't
31
a'.
B',
17,
d'
18',
19
U
lfl4
7'
P
l!t',
31IN1NO STOCKS
Alnska-Rr Columbia .
American Mines
Canada Copper
Cnndelarla Mln
Cortes Silver ;
Creason Gold .........
Crescent McNamara . .
Kl Salvador
Kurrka Croesus ,.,..,
Fnrtv-nlne Ml nine
Golddeld Devel
tloliinald Silver Pick . ,
(loldfleld Zone
Hecla Mlnlna;
Honduras Syn J
.Ttimho Extension . . . .
JfocNamar. . .'
Mother Lode
Mother Lodo new . . ,
Rex Cona
Rochester Miners
Ronn Group
S Sliver Lead
Simon Silver
Tonopah Belmont . .
Tonopnri Pluldo
Tonopah Ext ..,
Tonopah Jim Butler
Tonopah Midway
Tononah Mln '
Tonopah Mlzpah
Tonopah MontAna . .
Tonopih Rescue Eula ,
1J S. Cont
United Eastern
West End Con
"Wilbert
Terlnzton . .
en
'ft
le,
1
1
t
69
1
7.'i
1.1
4
181
0
'
05.74 05.70
I P. cured
I .-17(&:tl!c:
6. I
sklnneit. Inn.' fnoln In the nresetlt nml the itwIoOntlr,
do smoked .lllftl Jlli" hum ...
boiled, boneless. 35c. nlrnic shoulders, s 1' lUiurc.
CM(ii0, Iln,C1.!J.,7!"i.T0i,,?,,;" ! !r!.feU.:e0."ro'o.V.,C2.-'c0' bSVal't nf'Sjc"'.
litre diouii ue."11 .". ,iiw. ...(, ...,. .... i iaru, ..c.
market was strongerjj July touching a
Precious Metals Are Big Factor
new top mark for the season. There
was buyiug by some prominent com
mission houses and overnight shorts.
Receipts were 141! cars. July opened
nt $1.70j to $1.70-, against $1.70':..
nt the end yesterday, nnd ndvnuced to
$1.80: September opened' at $1.70
to $1.70' ',. compnred with $l.C0d nt
the close yesterday, ifud rose to .l.'O1).
Onts nlso were firmer, with offerings
small. Tlie demand came mostly from
slioits. Trade was small. Receipts
were 47 tars. July opened nt $1.04'
to SLCHBg, compared with $1.04 at
the close yesterday, and advanced to
Sl.OSi; September was quoted at
SflVic to SCc at the outset, against
8014 nt the close yesterday, and later
sold nt 8(7,c.
Itcceipts of wheat here today were 4
cars.
Dmand
i 'utiles
P-msnd
rabies ,
Demand
i.'au.u.
12.8I)
ia.ua
10.82
10. H4
BUTTER Quiet but firm The ouolollons . "1" gom uuu Mivcr were prominent
are: nona-pacKei cream try. fancy, h Kh- ill me wiw s ucn.-iuinii.-uis. jc wnsi.70 ,i nvriiniint interest diS
scorlnB goods. 3uic extras. BSc: extra renorted that some SC.0OO 000 in pnld ments and goerumcni, luiiriai, un
flrata. B337e. firsts, .iiiff.v.'c; seconds. 45 I Lvi. .- i.. H.l.tZsi' .'.. t." ,B . Ibursemonts wercs.known to have taxed
4c; sweet creamery choice to fancy I10ira uv v.,..-. m. uvm i.iisiauu
02c: fair to good. 5or,v.)c. prints jobbing ' shortly. Tho Hank of .England's
to choice. 0,"U 1",dHt 5ueoUo'orA,rtatPincnt disclosed n further increase
EGOS Firmly held The ouotationi nre ill that ipstitlltion's bullion holdings- of
us luiiu.s. ii in' u"rs. nearuy iirsm, .,c i nrnr v rl tlllll. 111)11. mnuinir n tntn n.lilml
to the store there in the last three
WPPKB 01 uuout gi-u,iiuu,inn).
por doxen: neurby current rwelpts, 444(444 0.
iicnruy uiuiimrj- lu lair, lli'sac; wesiern
Treading fu'ures ranwsd as followa:
open linn i.ow
BANK CLEARINGS
sn.332.26l 74 088.083 00.983,79;
Corn -July
Sertembor
Oats
July
Septemlei
Pork
July faenl
Lard -Jul)
.
Sept .
Ribs
July Sept
1 7fi'4
1 7(1
l ni'-j
sil'j
.11 S3
3H to
20 90
21 ?,1
1 81 1..
1 71's
1.0.1' a
87'a
31.81
.40
3D.-
20.90
21.83
1.70'4
1.0'J
1 Ol'i
80
31.80
30.33
20.7.1
21.72
Hi 15 13 45 10.42
Close
1.81
1.71s
1 Oil
S0'
34.00 '
30 35
20,80
21.72
18.43
19.45
extra flrata. 4Hc. weHtern flmr. 4lit4..n.
seconds nnd poorer .'IiiHj He: selected frcah
egg" Jobblna; at BqPBbc per dozen.
CHEESE Quiet but steady. Quotations:
New York state, whole-milk. Ituta. held,
fnncy. 28tf29c, specula higher: do, average
run. 2382ic. state, wholc-mllk, current
make, beat, 27c. common to good, 23 9i 211c;
Jobbing sales of fancv held goods, 30ff631c,
LIVE POULTRY l'ow Is. fancy, 301P37C,
do. common to goo.l, 3KtC3.1c; broiling
chickens, fancy Mlnw-sklnned. not Ieir
horns, weighing 14 ?2 lbs. apiece. I13W
il)c: weighing 10 I'i lbs. apiece. S.ISTilftn:
white leghorns broilers, weighing 14 ff2
lbs. apiece. OO't'O'Ji amaller sizes 40iiii4.1c,
oia rooaiers. .-;u.-.ic; aucKs. Udril2c, pig
eons, old, per pair 45ffS5rI do, young, 40c.
Illr;HKU I'Ul'lniY Fowls, fresh-lillled,
dry-picked, tn boxes, weighing 4 W.I lbs.
apiece, 43c; weighing 3V4 lbs.. 4IW42c;
weighing 3 lbs 37i39c: fowls, fresh-killed,
In bbls.. dr-plc:ed. elchtnir 4 t .1 lbs apleco
42c; weighing 34 lbs 40lT41c: weighing 3
lbs.. 3,iy37c, old rooelera. dry-plcked. 26c;
southern, 24v2,V spring ducks, L. I . 33c.
LOCAL MINING STOCKS
TpjOPAH STOCKS
Financial Briefs
Tl. . ..
1lfillmni 1.1 7II7.IK11
I hi. ago . I'ri.l'ifl 54U
llul... . li'J.Jt) 1.331
13,941.417
7l'.US7'.l).2
MONEY-LENDING RATES
PIIILAliEI.I'lllA Call. C per cent;
rue 6 per cent; commercial paper,
I:.." to six months, 6 percent.
. s'ote These are merely nominal quo-
ns. ns tho legal rnta of Inte-res,'. In
n ., stato of Pennsylvania Is fixed at 6
,. r ci nr Plus premium and cornmls
s.ou ilr.ie i..oney for thirty to ninety
tUs is Jonnlng at 8 per cent, while com
merclal paper from three to six months
I Is being offered at 71a to 8 per cent.)
LONDON IH per cent. Discount
rates: Short bills, 6.s per cent. Three
1 months bills, 6 11-16 per cent.
The New- York Subtreasury lo3t $280,
000 to the bunks yesterday.
Bank nf Bombay has announced a
reduction in discount rates from 7 per
cent to C per cnt. On May 28 tho bank
reduced Its rate- from 8 per cent to 7
per cent -
Commercial failure this week In
Cnlterf States ns reported by II. O.
Iun & i'o nre 152 against 178 last week,
I'll in the preceding week, and lot In
tho corresponding week last year. Fail
ures in Cannda number soventcen
against ten lust week, alx the preceding
will' anil nlno last year.
I Paine, Webber & Co, amiounce the
1 appointment of S, Rt. V'. Brings, ns
manager of their stock department of
the Philadelphia branch.
Cash Hoy n.l
Jim Butler 14
MacNamr.ra i
MacNamara Crescent ,V
Midway oft
Mlzpah Ext i
Montana n
North Star OS
Hearuo Hula 14
Tonopah Hxt j ,'
West End Hi
West Tonopah 03
DIVIDE STOCKS
Allied Divide 01
Alto DlWd'j n
Belcher n:i
Belcher Ext n
Ben Hur ill
Brouuh Divide 07
Dlvldi Kxt 34
Divide Syndicate nl
Dlvldo Cons in
Dividend n,1
East DHIdo oi
Harmlll ..
Hashrouek Divide
High Divide
Revert Divide . ..
Reno Divide
Roactto
Hllvrr King
Tonopah Dlvldo
Tonopah Hasbrouck
Victory Divide
Verde Divide
Zone
Reserve Banks' Discount Rates
Corn lias Jumper! this week to the
highest prices yet for 1920. Prospects
. , n ,,.,, ,, -.t Uu taelve " ' J'tuinB-oii in receipts aner tne nexi
iimelal redlscotnt ales at the v eivc, ffw (, . . h . w h
' ,, 1 .,!,. ,,. am fnllr.v( . ' ,r" O.I3 IIHO II1UCI1 lO IIO VVI,!!
Federal lUs-rve banks aro as .strengthening the. market. Compared
if. Ho'ndi Paper Aicepi w1"1 a week ago, corn quotations this
I1 ion
Nr Yuri. .
Pli'ladelphla
I I'levelanl
Blihnicnd .
rttlintA
i'hlor,gi
H l.iiuls
MirneapolU
ll.'l.i" . .
. i 1' ar.cis'o
B4
.14 0
5 3 3i B'
. r.4f-,'f .14
B tii.1l, 64
S 3U B4
B 3'i 8
fi WBHv B4
ft CTB', 0
B 3. B4
Bt 3,
u
f.'l
niomlng were up 4 -1,0 to 7c, and oats
irnguinr arying from 'jc decline to
a nee provisions snoweu gams
to 60c.
H
I4C adv
f :',!
GOVERNMENT BONDS
niri
BAR SILVER
N'w Vorlc, June )' ""r nnvcr
64 Panama coupon 2a. 1988
B4 Panama registered 2s. 1930
Panama coupon 2, 1938.
P.mina rg!lered 2a. 1988
'Panama coupon 3a, 1981,
. , Panlrna registered. 8a, 1081
( phlliDDlne 4s. .!?
1980.
Ask
100V4 1814
HinU 1014
.lonu 101
London, June 19. Dar silver
lttd hlghertoday mt 6094 d.
inn
77
77
78
78
78
00
mctttlc 99'4iv uticlinnged, and foicign ' Philippine 4s. 1JJ3J--rTiiiA
nt. alliance of 2i cents. ,1'hlllPPlne 4i. 1036....
t4V..tll " ' " 11 H OOVl COIIPWII 4 4T4JV 1UU
V fl awtTrjaioterta A3, ltcsliioi
101
S2
82
S.I
8.1
S3
ion
10
105:
103
Atlanta .
Blue Hull
Booth
COD
CVimhlnailnn Traction
Cracl.erJ.ck
Dlamondlleld II B
Dilsy
I'lorem
Ooldflcld Cons
iloldfleld Mercer . . .
Holdtleld Devel . . .
Oreat Bend
.tumlio Hitm'toti .
Kewanaa
lone Star
Oro
Red Hills
Mlver I'M k
Spea rhi ad
.02
.01
.01
.01
.01
.02
I'i
.01
.07
.02
14
OOLDKIELD STOCKS
01
.01
.14
.01
.na
.08
.01
.01
.18
.O'l
.(ll
.07
.01
.05
.01
.00
.01
,0J
.07
.02
I
Mls-CKLLANUOUS
Amparo li
Arizona United .10
Hden t.
Mother Lode , . . ,58
NovaiU Hill (12
Nevada Rand 18
Nevada Wonder 'i
Tecppa. Mln 07
Whits 1 Caps .....,.M....M .10
.WllDsrt ..,.....t .04
Ask
.07
.10
4
A
.ns
.21
.IB
.07
.18
1A
1,
.03
.02
.04
.01
.1)11
.02
.ll!l
.28
.02
.11.'
.07
.113
,o.ili
.03
.mi
.02
.112
.03
Hs
.on
.08
.01
.10
02
.(12
.0(1
.0.1
.01
.10
.02
.0"
Ti"
(12
.OS
.02
.07
.02
.ns
.02
.03
.08
.1)1
1'i
.16
no
.nt
,09
.13
The report of gold coming here nnd
the bank's showing were the occasion
for a sharp vise in quotations for ster
ling exchange, which came within a frac
tion of the $4 level for sight drafts on
London. After reacting broadly the
first half of the week, silver turned
about and advanced briskly (pllowing
clarification of the terms under which
tho government wns prepared to pur
chase the mctnl under the provisions of
the Plttmnn net.
Tlie price In London ro?e to 4014
pence. These were world marhct
quotations ns distinguished from tho
mint prico nt $1, which would net the
seller OOVi cents per ounce 000 fine.
Offerings of silver at the mint were not
previously forthcoming because of the
lequlrcnjent calling for nn nffitlawt
showing that silver oitcrou was mined in
tho country.
Modification of the rule was mmle
permitting the offering of mixed silver
provided tno venuer gave satisfactory
proof of the proportions of American
mined oro and of reductions from
foreign ores. I'lio first to offer metal
under the rule wns the American Smelt-L
lug aniL Refining Co., the sole of that
company amounting to 1 1,500,000
ounces.
Interest in railroad matters was
lnrgcly concentrated on tiie dlviaem,
outlook. The receut action of the
Chlcngo and Northwestern directors in
cutting the rates on tho common and
preferred shares gave no littlo concern
to holders of railroad stocks in general.
This was ncccntunted by the fact that
meetings of Great Northern and
Northern Pacific were scheduled for
this week. The former was not held
because n quorum waB not obtainable.
Dividend of Northern Pacific
At the meeting of the latter company
the dividend was maintained to the
intense relief of the stockholders, 'x.
action was freely prophesied, but ful
fillment of the prophecy was onlv mod
erately consoling, in view of matters
Impending. In September Great
,orincrii nas ,j-,uoi),uuu ot gold notes
maturing, financing of which hns
already been arranged for here, it w'as
understood.
On July 1, next jenr however, the
two roads have their ji int Burlington
bonds to pay off. amounting to $107,000
000. These obllgatlous and tho uncer
tainty ns to what will bo dono hi the
way of granting freight incrrnses left
the dividend question nt the .September
bcr meeting open to question.
The situation was not without its
bearing on the whole railroad dividend
outlook. .Sharp prices were not ma
terially changed nnd it is unlikely that
tho speculative and investment position
in that Quarter will experience Improve
jntnt undex tht clrcumstancega
NEW YORK BANK STATEMENT
Deficit In Excess Reserve of $3,847,
970 Loans Expand' f
A deficit of $3,847,070 in'cxccs.s re
serve shown in today's New lork
bank statement was an unpleasant sur
prise. While the week's financial opcr
.lr,o nttnndlntr the itfcome tax pay-
the Clearing House institutions severely,
no such severe cut in reserves wus iou,-
ed for. , , ,
The stntement snoweu nisu u i--Idcrablc
increase In liabilities , by rea-
sou 01 tno cx.iiuiMuu u ?-j"7"u "'. "
loans nnd discounts nnd $11,2I.),000 in
net demand ucposits. hi uie unie
time the reserve in tho Federal Uescrve
Hank showed a decrease of $30, 1 1.0,000,
the result being n cut in excess reserve
of $41.040,8S0. making a deficit of
$3,847,070 below legal requirements.
' AVERAGE
This week Last week
rcesa reserve.. J83.748.H70 J23.82L00O
Aggregate rei. .193.480,000 B74.1O8.UO0
L?Sna" "to" .;:; 0.142.427.000 3.121.071.000
Cash in vaults u
member banka. 90,002,000
Reserve In mem
ber lianas ""
reserve banks..
Reservo In state
banks and trust
companies
Reserve In state
banka and trust
company deposi
tories ...... ...
-.Net demand de
posits Time deposits...
Circulation ....,
unltea niaiea
dep. deducted..
,''
,?
su
124
1
!8
14
14
B
1A
nn
, 13
14
8
3 A
1U
tt ft
is"
Is
rY'
B
.''
19
13
S4H
3J,
1"
SJtJ
73
lit
18
18
IS
52
.1.1
;
3?
si
a
si
lit
u
67
vS
i
IS
r.
nt &
ii'
it
a
1
BONDS
Allied Tack 0..
Chi A N W 7s.
D & H 7s
Sinclair 74 s ..
71
99J1
99
974
78
9114
PS'I
U7H
:i
S'N'
LIVESTOCK QUOTATIONS
Chicago. June 19. Potatoes weak. r
ceipts. 82 cars: Eastern Cobblers, bbls , JM
13: Florida, Spauldlng. 113014,
Pittsburgh. , June 19. lioas-n'eelrii.
8000 head: lower. Heavies. 515B155JI
heavy yorkers. I10.3.1W10.41. light orle
ers. 814. 731B: pigs. 113 73(8114. l
SHEEP AND LAJIBS Receipts, "0 h"l
steadv. Top aheep. 19.80, top lamtis HI
CALVES Receipts. 300 l'oad, lor T)J. .
118.60. " '
CUiclnnatl. O., Juno 10. HOCS-lterlplJ I
3500 head. Steady. Heavies. 113 iDSllJ.il
packers ana nuicncrs, ,in: nrnvy i. .;;-2 i
J8W12.23: light figs. JOHNS 23. sfa.-', liO.-l
"CATTLE Receipts. 700 held ..WeiV. ;l
Steers, $0.30010: heifers. ,1 B0rii f""! '
i .inwto.30; calves, ateady to 2jc loner, V
SHEKP Receipts. 3800 head. Sieady. ft
8. Lambs steady. SCT17
Cotton Receipts '
..-i. T.. 1(1 Crtltnn rerlotl . 1
.-sew Hire, uuim a. v..,. -"-;.. ' fl
at the ports for tho day are estimate" .
at 6600 tiaies, against dux n"'" ",;.i
,-igo, 10,920 bales a year ago and iM
Dales two venrs ago.
90,525,090
673.762.000 038,131,000
H MlrttriaTaPUWa 9 '
8, 7S3. 000
8,933,000
6,953,000
9,0:. 000
4,227,339,000 1,1,1,1,393.000
234,3911,000 250,104,000
34,091,1)00 31.933.0U0
2.839,000
81,577.000
ACTUAL v
Deficit 13,847,970 1138,008,010
Aggrugato rcsorve BBl.798,000 BO'.MIO.OOU
Loans" etc 5.187.493,000 8,114,084.000
f.u.K In aulta
,..,, ... . n. , nftA
VUlt.UiVVU
04,
. I.
,000
531,471.000 874,191,000
8,485,000
8,842,000
8,781,000
9.141.000
Xr itinmher banks
Roservo In member
banka & reBervo
banks
Reserve In etalu
banks and trust
companies ....
Reserve In state
banka and trust
company deposi
tories Mat .temalld de
posits 4,105,0.11,000 4,103,908.000
Time deposits... 230,054,000 249,870,000
Circulation ii4,'JU5,UUU 3l,U44,u00
United States
dep. deducted.. 111,519,000 22,971,000
tKxcess,
OUTSIDH BANK STATEMENT
STATU HANKS
Loans, Investments,? 741,079,000 10,611,400
Gold .r 6,0.12,400 232,301)
Currency bank notes 82,128,700 iOO.OOO
Federal Res, banka 78,300,500 2,118,400
Deposits 870.957,401) 18,1109,300
Reserve on deposit 120,411,700 107,200
Percentage of deposit 19,5 1
TRUST COMPANIKS
Loans.lnvestmente. 11.091 615,900 J12,398,200
Gold 11,289.600 23,80O
Currency hank notes 1)1,871, noil 7i)i an,,
Federal Ilea, banks 2J4.297.300 1.800 300
Deposits 2,070.831,71)0 U7 131, lull
Iteaerve on deposit. . 292,922,800 U,0S8,iiuo
Percentage of reserve 17 3 3
Decrease,
STATU BANKS AND TRUST COMPANIES
NOT REPORTING TO CLEAR
1NQ HOUSE
lnvi
The New
Canadian
Budget
. shows clearly what
a stronfj position
Canada is in.
It will, give great
impetus to tho in
vestment of Ameri
can capital in Can
nda. If you want to
know why read
tho latest issue of
Investment Items.
A copy will be sent
you by return of
mail. 83 '
acTemcy or
Roval Securities
Hx 'corporation
(CAitao)
H RS Broadway fiewi""
estments,1788.2.'3,30O !, 113,300
., 8, 1 17,001) . 237 800
ank no'ea 18,220,900 l,o,ir,2oo
i.,inn,nuii l.20'ft0n
883:OI1'000 'nL-S'SoM
Ixans
Cnhl
Cllrrencv bank
Federal Ilea, banks
Total deposits
'et denosltn .
Reserve' on deposit 140,050,90)
t'ercrniage ui riserve
Dccrtase.
807 314, soil t2 IrtsXr,"
.'30.000
.1
.211
. DIVIDENDS DECLARED
Republic Motor Truck Co,, regular ouar
terly of 11.76 on preferred, payable July t
m IfuklirnvMAPai rt -ntnA Iiih. in "'
Air Reduction Co.. regul
to stockholders of record Juno 21.
Alf Reduction yo., regular quarterly of JI,
pajrabla July 16 to stock ot reuord JuX Oo,
ll i C Rrnurn & CO.
Lawrencv. u. "" ,T.NTS
CERTIFIED PUBLIC Attuu"
1015 11HAI. TATETritSytiV ,BJ
Iniesllgntr anil fMlJust iarii i Vt g.
...piwtriiou arrounis. ..
Inrun.e Tux llelnrns.
MAN OF MATURE
, ....n. i.i. .. nosltlon of Ir""'
veabs
, to tl
is available ror pos.ie". ' - ti mv 1
in an e.ecullv. capaclll I ' MI,,nf i
mnjiager, crenn man, ",,,
treaJurWl Pak four lnu&rr.
trea.reri FDGER OFHCB
Am.LEDGER
y
V"
&
i.'sffl.
j?i.
":qa