ai
vl
J"- :,.lA.
U
m
m
1 1.
I
:- Tii hiii Bub
We have prepared an illus
trated boolcjet rivinjr a his
tory Js'nd description of the
. railroads' comprtsinj; the
Hill System. The booklet
eofltafai a map showing
graphically the extensive
' territory served. '
The Hill System operating
ever 26,000 miles located in
seventeen states draws its
traffic from a more widely
diversified territory than
any other railroad on the
continent
Copt of this boo)tUt win
me MBI to Investors pop
rtqutiL
Harris. Forhes & Co
P.B St. Cor. William
NEW YORK
PHILADELPHIA OFFICE
WUsaer Bldg.
QUICK RALLY MADE
ON FREE COVERING
Federal Farm Loan
4K Bomls
Dim May 1939
Pric to yield about 5.18
Pacific Fruit Express
T Equipment Bands
Du Jun S931
Trien U yield about 5.505c
Libby, McNeU & Uhby
First Mtf. 1?c Bond
Due May 1931
Prica to yield about 7.60ft
United States of Brazil
Nor-Callabla 8 Bond
Due 1941
Prica to yield abaut .259c
Elkins, Morris & Co.
Land Title Bid., Phila.
Uimlnri
New Torlc A Phtla. Stock Kschanses
m
U. G. I.
Wo have prepared a special
letter showing: the change in
attitude toward gas com
panies and its bearing on
the United Gas Improve
ment Co. and the local situ
ation. Ask for L-J5
P.KMfWm&CO.
Member Palls. Stock Kxefcanso
1418 S. Perm Square
SUITE S0O
spruce T6T race 48.17
' Direct Wire to New Tork and
all Principal Market
Suggestion of Window Dressing
.to Expedite 8ale of New
French Loan
New Yorfc, May JJ3. For the first
two hours todafl stock market dis
played a strong upward trend and a
considerable part of the lost ground
last week was re trleved in a number of
the speculative specialties. Thf re
versal In the market trend had Its in
ception In a spirited forward movement
In the o shares, particularly the Mtstl
can Issues, The recovery, however,
quickly spread to the steel and equip
ment shares, which were moved up well
under the rtlmulatlng leadership f U.
S. Steel. Then the rails Joined the
upward procession, with substantial
rallies occurring; in those shares which
were hit the hardest lmt cck because
rf dividend uncertainties. Just about
the time when it looked as If the mar
ket had started on a well-defined ad
vanco sudden weakness cropped out in
the motor group, with tho flunk of the
attack resting on Pierce Arrow. Hut
nil the auto shares proved to be vulner
able despite the hard hammering they
had suffered. This cheeked the recov
ery movement elsewhere and the mar
ket became quite Irregular.
In the opinion of some observers
the day's operation had all the sus
picious earmarks of "window dressing"
for the benefit of the $100,000,000
rrtneh Government 1h Pr CCI1 ovx.
While, no doubt, considerable of the
recent selling was for the short account
nnd the market was closely approaching
an oversold condition, the manipulative
nialiouveri, attending tue morning move
ment were too plainly "trude-mnrked'
to he mistaken. No doubt the powers
to he. much the same ns doing the
maiketing of tre Ilurlington bo.ids.
were nialctis to hnve snappy nnd living
market to expedite the distribution of
the new French loan. A more psycho
logical moment "tould not posslhly hnve
been selected. After ten days of al
most steadv hammering by the pro
fessionals thp market was Just ripe for
n technical rnlly.
T'nfortunatcly there was nothing par
ticularly inspiring -In the ovcr-thc-week-end
developments to help the
movement along. Despite the continued
disappointing firmness of money, with
the renewal rate for call loans fixed nt 7
t'er cent, the screws were applied to
the shorts from the outset, although
there was no evidence of the "forcing
process so conspicuous In the upward
swing of a fortnight ago, when the big
Burlington issue was being placed.
Mexican Petroleum was the dominant
feature at the opening and for the most
part of the morning that stock evi
dently being selected because it was one
of the easiest to move. But the real
scare for the shorts came when the ac
tivity was shifted to United States
Steel with that favorite leader quickly,
marked up to 84 on last running snicsv
In the meantime Mexican Petroleum
was run up 4V6 points. Pan-American,
General Asphalt nnd Tidewater were
Smong the other strong oils. Uethle
em, Republic and Crucible Steel fol
lowed United States Steel with gains
ni l tn l'.A nolnts. Shorts were also
given a severe twist In Bosch Magneto,'
American .Liinst-cu, icoint, uo mm
Famous Players and some of the other
specialties which had been unduly de
pressed. In the srx.-ond hour fcome nttentlor
was given to the rails, shipping and
copper shores, .lust before mid-day the
flank drive against the motors were
launched with that group breaking
bedly. cspecUHy Pierce Arrow, al
though General Motors for the first
time dipped under 12.
LOCAL TRADING
WAS COLORLESS
More Than Usual Interest in
Baldwin Dividend Meeting
This Week
'. "mi J "'"'W ' 'sasa ami, 1 ,.,,. , , ,!,,, ai sa sgwisfc n antli w,i, ?m 1 ' M sn-iisi n npni ini-ri" ll'aWa ' fj
NEW YORK STOCK EXCHANGE TRANSACTIONS
..... . I 1 in i , , i. I 1 mi i W
JL
Spruce 8200
. I. duPont
de Nemours & Co.
10-Year 7y2s
due 1931
100 and Interest
SECCR1TIKS DKPARTJtKNT
COMMERCIAL TRUST
COMPANY
Jlrmbrr Tnlrrsl Rrxerrr Trm
City Hall Square West
rKi
V
Erie Railroad
Equipment Trust
Certificates
due 1923-1024-1923
To Yield 7V4
Fr of Ptnna. Tax
Baker, Ayling & Yotmg
JO&KriI W. SWAIN. Jr.. Msnassc
Land Tltlo Dldg.
Boston Pliiladalphla
Trading in ttie local market remained
altogether colorless as well as unpro
ductive in so far ns price changes were
concerned. No response whatever was
made to tho rebound In the larger mar
ket, but as there was prncticnlly no
t hort Interest thTe was nothing to work
on. Lacking this nucleus, the trading
was. In consequence, of a perfunctory
type.
l.t'i than a half-dozen shares suc
ceeded in reaching a turnover In excess
of 100 shares. In that tue bulk of the
I transactions were made up of umall mid
lots, the small totals we to be ex
pected. Notwithstanding the strength
ening 11 pof the rails in New York,
Pennsylvania again shaded under 35.
Lehigh Navigation, on small offerings,
dropped bac kn point, but Lehigh Val
ley was higher.
The utility group continued to bold
well and quotations for tbat group were
stationary. Limited transactions in
uch inactive issues as Cambria Steel,
Wetmoreland Coal, United Railroads
nf Jersey and York Railways pre.
terrcd were registered at previous last
prices. Electric Storage Battery, de
pite the fresh sinking spell In the
motor group was well sustained ut 112.
More than usual Interest Is attached
to the meeting of the Baldwin Locomo
tive Works directors scheduled for Fri
day next, when action will be taken on
the dividends on both thf common and
preferred. There has been quite good
deal of speculation as to the ability of
the company to maintain the common
dividend in vecj of the big falling off
of business of the equipment companies.
It was stated the company hnd only
two months' business on Its books, and
with tho railroads In their present Im
poverished condition there was little
likelihood of many orders coming from
that quarter.
(F
Bonds for Investment
Circular TJpn nroaeat
The National City Company
Crrfponiltt.t Often n Oinr 60 Clll
riillmlrlphU Jl Chnlnnt fit.
Atlantic Cltr IStS Rosrilfralk
BVBatUKY INSURANCE
TJUMky and Deposit Company
ef Maryland
itJaTTijrj
3praftc-
Increaa
IDAS 1ST
RAILROAD EARNINGS
SOUTHEHN RAILWAY SYSTEM
10S1
Second wuok May 13,038. 6;B
Jan. 1-May 14 HI, 450. 323 fi,03S,sr
'Decreaae.
BAR SILVER
Dar llvr a Hd hither In Iiniion to
day at 33'id
Reduction In Crude Oil
Ktndlar. O.. May 2fl. Thn Ohio nil r.
iu.r reuueuon or S3 cent
Italians of nve sradea of
?l fl"t oil. The niw
II HO;
today announced furthe
Barrel in me auo
Central Wert grade
neea are: "
12.08, Indiana,
H
Wooetsr, fS.SO; Illlnola. 2,02i Princeton
IJ.OJ.
Financial Briefs
The r.vyra-e price Of twenty active Indue.
trial tocli declined B.4S rer ent on Botur.
Cay to TB.BB. while the twenty rallroada de
clined 0.CO per centJnJJ.SS. " u"
The Northern Central Railway Co ' an
nual report for the flecal year endtd Decern
her SI. show rental from leree of road of
f2.BB0.B2J. After deduction, for Intareit on
funded deW. eto t.M.& there wu
net revenue of J2.16Sia8, Dividend! of 8
left a balance iorthe year of iipfl
Dlr.
,n t , mh
.. Advance, rtumely ..v. 1H
Advanco numclpf. .. s
.. AJax Rubber ll
.. Alaska O0I4 Mines... U
.. Alaska JUneau O M.. 1J4
4 Allls.Chalmers 3S
7 Allls-Chalmors pf.i.., 78
a Am Actio Chem 10M
.. Am Deet sugar au
Am Dosch Mngneto.,, BH
.. Am Can i4
12 Am car A Fdy Hi
7 Am car Fdy pf...t
fl Am Cotton Oil... k... 14
Am Cotton OH pf St
.. Am Drug- Synv, H
. . Am Hide ft Lifflther. . 12,4
. . Am Hide ft Leather pf $S
Am lea .... v u
.. Am Tntemat Corp,.. 47s
.. Ani. Linseed ...3t&4
Am Locomotive . ,, .. 87
.. Am Safety lUzor.... 6H
. . Am Ship ft com SJ4
Am Smelt ft Jiof 43M
0 Am Smelt Seo A 71
7 Am Sugar ntf..,.,,. o!4
5 Am Sumatra l
Am Sumatra Tob pf . . ft
Am Tel ft Tel its
It Am Tobacco IJ5J4
Am Tobacco pf new.. 18
12 Am Tobacco B I20J4
7 Am Woolen . 7S4
,. Anaconda. Copper ... Hyi
i Asso Dry Goods 8S4
B Asso Oil its
Atch Top & Santa Fo i
a Atch Top ft a F pf... 7814
7 Atlantic Coast Line.. R8H
. Atlantic Fruit ,..... SU
10 Atl Gulf ft W I S S.. 31 W
.. Atlantic Pet .. , IS
.. Austin NlchoUa H
7 Jlotdwln Locomotlxi,. M
. Daltlmoro ft Ohio.... 40K
4 Baltlmorn A nhl nf sou
200 J. 50 Oarnsdala Class B... 314
jjatnienem Steel pftDlH
8 Rcthlehsm Steel D.... 804
.. Urklyn Rapid Transit H
. . Urklyn R T ctfa of dep 7H
10 Burns Bros 97 J4
.. Uutto Copper ft Zinc. tVt
.. Butte & Superior Cop. U'A
. Caddo Central O ft It. 1H
2 Cal Zinc & Lead,.,.. A
6 California Packing . . CO
.. California Petroleum . 474
10 Canadian Pacific .... t!4
2 Calumet ft Arizona... St
.. Central Leather 404
7 Central Leather pf . . . 7i4
2 Cerrode-Paaco 38
10 Chandler Motors .... !i
4 Chesapeake & Ohio... 48
.. Chloxa-o ft Alton fiK
.. C.&C.T ptct lstnsstr 1'A
.. Chicago ft Qt West.. 8
.. Chicago ft Ot West pf 18
.. Chicago Mil ft St P.. 38
. . Chicago Mil ft St P pf 43
5 Chicago Xorthwestorn 8
.. Chi R I ft Pac 3fa
8 Chi R I ft Pac pt 85
7 Chi R I & Pac 7 pt 74"
.. Chile Copper 13ft
.. Chtno Copper 38ft
. . Coca-Cola 3ft
3 Colorado Fuel & Iron. 31
6 Colum Gas ft Elec. ... 80
. . Col Graphophone ... 7?
7 Col Graphophone pf . . 33H
7 Consolidated Cigar . . 3S
.. Consolidated DIs Ins.. H,
7 Consolidated Gas .... 8) ft
.. Consolidated Textiles. 10
7 Continental Can 47 ft
.. Continental Candy ... lt
4 Corn Products Itef. . . 78ft
.60 Cosden ft Co 38
s Cruclbla gtsel 731,
7 Cuban Amer Sugar pf 33 ft
. Cuban Cane Sugar... 18ft
7 Cuban Cane Sugar pf . 89
1 D.nLpon Chemical ... 31
1 Dome Mines 1J,
5 End Icon-Johnson .... 07 ft
. . Erie 13ft
.. llu 1st pf 20ft
.. Fairbanks Co 37ft
8 Famous Plaers L . 73ft
.. Federal Mln ft Smelt. 7
.. Flsk Rubber li
.. Gaston Wms ft Wig . 1H
. General Asphalt ... . 70s,
s General Cigar 80
s General Electric 137 i
I General Motors ... 13ft
7 Gen Motors deb 7.. 78ft
. Goodrich B. F.-.. 3Jft
7 Great Northern pf . . . . 07 ft
.. Gulf State-Steel 36ft
.. Homcstoke Mining ..88H
.. Houston Oil 76ft
1 Hupp Motor Car .... 13
.. Inspiration Con Cop.. 3SH
s Int Agrlcul Corp pf . . 48 H
. Inter Con Corp pf...- 12ft
7 Int HarAcfcter new. . . . 01
. Int Mcr Marine lft
6 Int Mer Marine pf . . . 88
. Internal Motortruck.. 36ft
7 Int Motortruck 1st pf. 73
. . International Nickel . 18ft
. International Paper ... 71ft
.. Invincible Oil Corp... 17i
.. Island Oil 4ft
Sales
868
880
too
i860
660
460
398
806
368
1366
1164
"6
106
480
108
100
680
868
188
1300
3509
2100
4fi00
1406
5800
100
600
6500
100
SO
1360
100
700
3100
1200
100
160
180
100
106
386
2100
100
100
13166
3S00
108
too
4300
300
100
1)0
300
200
000
1100
100
3.100
300
160
3000
460
400
8800
S890
200
100
390
200
900
800
800
4000
100
100
1100
800
1100
100
40o
3000
100
100
100
300
200
100
300
18300
1100
31800
2500
600
1000
100
300
3480
4700
800
300
600
160
2600
100
14600
100
100
56300
200
100O
3100
1100
300
1400
2708
500
3P0
500
1800
200
800
100
a 100
3 300
3000
1200
1)08
3:80 Not
i.ew trf.i.tm.f cms-,
ISM lit- H
4714 W- tM
ft 81ft H
tit B-,,k
8ft 3IH
78 76 - H
0K 8 H
W M - 14
46ft 46ft 1
38H 38H V
134 174 - ft
tft
188 "ft 184 -
36ft 30ft
SI
6ft
lift
M
68
48ft
38 H
88
43ft
71, I
90
64
88 '
165
137
98
136K
7
41 K
33ft
188
6H
76ft
86ft
6ft
39
18
8H
83 ft
39 ft
80ft
3ft
ism
ft
13
m
92ft
s
14
lift
s
60
46ft
114
51
38H
79ft
39
6Sft
Sift
7H
1ft
8
18ft
37 ft
43 ft
64
3tf
85
75
ft
28
39 ft
31
59 H
7ft
35ft
38
8ft
87 ft
19
47ft
lft
68 ft
34
76M
33 ft
18 H
58
32
10ft
3 H
13ft
30
37ft
73ft
7
15 ft
1H
GSM
06
137ft
lift
78ft
36ft
60 H
34
tan
144
13
36ft
4BH
13 H
80ft
15
51ft
36ft
73 X
1H
76ft
17K
3ft
51-3
6ft ..
Hft-f H
Slft. 1
SS
47J4 3
31
86 - H
6 ft
H- ft
43 1H
71
80 - J4
64 - ft
861
105 .,
M8ft H
66
H6ft ft
76M 1H
414
3ft- H
18 1
mh- a
76ft ..
86H ..
6ft H
39ft lft
18
fH ft
84i- ft
40H lft
tt& ..
35ft ..
101H- H
ilft H
HH ft
7ft- ft
90ft - H
ft ft
14
18H. 14
5
8 f ft
46ft- ft
H4ft ft
St - ft
40ft lft
Hft ft
29
63ft- 14
"H H
74 ..
lft- H
8
"ft- K
31ft- H
43ft ft
65 ft
33 ft
65 .. "
75 H
13ft ft
36 - ft
39ft- ft
50ft- Ml
1H ft
35ft f ft
38 -Tft
8ft ft
81J4 H
JOft-f ft
41ft- M
lft- ft
18H- ft
35 ft
712
32ft-
18H- ft
58 - 1
3 H
1H ft
6JH ..
13ft ft
30ft -r ft
3lft- ft'
ft ft,
1 - lft I
"ft- ft I
lft- ft1
60ft lft-
80 - lft
137 ft lft '
lift- 1
18ft- ft
31 -r ft
67 ft
35ft ftj
45H- ft
a - ft
13 - ft
36M H
49ft ..
13ft- ft
99
Hft ft
55
36ft- 1
73H ft
ft ft
70ft
1794- ft
Dl
In k Ulsh
.. Kansas city Soithern UT
Kansas City So pf... SI
i KIIy.pprln(leld Tiro. 44ft
. . Kinnecott Copper ,. 314
.. Keystone T ft Ui.... If ft
LAko Krle. ft West, , . . HK
..... 36ft
flale
1366
166
3180
1188
1368
160
108 Leo Rubber Tlra
" .80 Lehigh: Vajley Ift
?!! "sLIggett Myers v.. S3
..2JJ , nTirgett fttyem fe..l
16200 " t Loewe Co ....... 1...' Hft
188 1 Loft candy ....k(t.. 13 H
oj ., Loose-WIISs Biscuit . 38ft
308 n LoriuartJ TobaccW' ...ISlft
JJK 1 LouIsvIIIb A NasVllIa H
180 .. Marland Oil ........ 36ft
..ilJ Maxwsll Motor ctfo.. tft
32000 12 Mexican Prtrolsum AlMH
3 Miami Copper ....vHK
3 1.69 MiddU RUtes Corp.. 18H
388 .. Mldvalot Steel ft
800 .. Minn ft Kt Tiiln itti
. Mo Kansas ft Texas,, lft
. Missouri Paclflo ..... 21 4
. Missouri Paolflo pf... it ft
. National 'Con ft Cabla IK
T National Biscuit Pf..U6
6 Nat Knam ft Stamp.. S6M
7 Nat Enam ft Stamp 'pf 814
. Nat R R of Mex 2d Pf
Nov Cop Copper 13ft
166
1266
1380
186
too
1590
166
180
100
1006
S New York Central SS
188 t.80 New York Dock."1 87ft
1508
.488
168
4186
380
1S80
100
166
100
106
160
4300
6566
1300
2500
ISO
1160
300
1600
11506
1280
106
1300
300
800
100
180
900
1400
2400'
300
100
366
3460
400
100
800
300
4390
1600 5
4000
1506
306
800 I
too
4100
100
10800
fJ3270
300
1800
200
300
300
200
100
46766
100
3680
460
11880
3100
3100
206
100
r34fiO
3160
5100
1600
8800
1000
800
800
7300
100 t
13100
600
360
168
1389
900
200
200
700
100
100
300
100
700
390
300
500
100
300
786
New York N H ft Hi . 1914
.. Norfolk ft Southern.. H"
7 Norfolk ft Western... 9J
7 Northern Pacific 794
5 Nova, Scotia SAC... 84 1
.40 Okla Prod ft Rsf.f.. 3ft
2 Orpheum .Circuit .... ,35ft
7 Otis Steel pf ,.. 68
2 Owens Bottling 49ft
.. Pnclflq Devel Corp... 16ft
8 Paclna Gas ft Elcc... Si
., PacWe Oil 374
6 Pan-Amcr Petrol .... SJft,
6 Pan-Amer B 66
Pennsylvania R R.... 35
.. Perm Seaboard Steel. 16ft
. . Peoples Gas Chicago. . Sift
.. Pcre Marquette ...... 31ft
.. Phillips Pet 36ft
.. Plerce-Arrow Motor . 38 4
8 Plerce-Arrow pf 66
.. PJerce Oil tft
8 Tierce Oil pf 70ft
5 Pitts Coal . S3ft
.. Pittsburgh 4 W Vo.. 38ft
7 Pittsburgh Steel pf... 81ft
8 Pressed Steel Car.... '83ft
7 Pressed Steel Car pf. Bt"-
8 Pullman .7 101ft
0 Punt a Alegre Bug&r.. 89 ft
4 Puro Oil 33H
7 Rwy Steel Spring- pf . . 99ft
. . Ray Con Copper 14 ft
4 Reading- 73ft
2 Heading 1st pf 4JJ
2 Reading 2d pf 46
.. Remington Typewriter 34 ft
.. Republic Motortruck.. 15ft
.. Repub. Iron ft Html. Soft
,20 Royal Dutch N Y.... 63ft
.. St Louis San Fran... 33ft
. . St Louis Southwest. . 28
. . St Louis Southwest pf 38
. . Saxon Motor S
. Seneca Cop Corp 17
. Sears-Roebuck 78ft
. . Shattuck Arizona Corp 7
.. Sinclair Oil 26ft
4 Southern Pacific 78ft
6 South Porto Rico Suk. 87 1
.. Southern Rail 204
8 Southern Rail pf 511
5 Standard Oil of N J.. 1484
7 Stand Oil of N J pf.. 108ft
2 Stewart Warner Speed 27 H
.. Stromberg Carb 3Sft
7 Studcbaker 77 ft
9 Studeboker pf 804
.. Superior OH Corp.... 7ft
.. Tenn Cop ft Chcm.... 9ft
S Texas Co 38
.. Texas & Pacific Z4ft
1 Texas ft Pao C ft O. . 27H
.. Third Avenue 17ft 17
is Tidewater Oil 165 165
e Tobacco Products .... 58 56ft
.. Trans Con Oil n 10 Oft
.. Union Oil 35 34
10 Union Pacific 119H 118
S United Retail Stores. . 62ft 80ft
..US Food Products... 31ft 31
. U. S. Ind. Alcohol... 664 08ft
.. U B Realty ft Imp. .. . 564 5Gft
8 U S Rubber 13ft 71ft
50 U S Smelt ft Ref pf. .. 41ft 41ft
5 U 8 Steel 84 83ft
7 U S Steel pf 108 108
4 Utah Copper 55ft 55ft
.. Utah Seo 10ft 10ft
. . Vanadium Corp 33 31
.. Vo-Carollna Chem ... 33ft 30ft
5 Va-Car Chem pf 84ft 84
.. Vlvaudou Ino 7ft 7ft
.. Wabash Rft 8
.. Wabash pf A 21ft 31ft
2 Weber ft Hellbroner. . 13 13
.. Western Maryland ... 10 ft loft
. Western Pacific 3ft 38ft
4 Westlnghouso E ft M. 47 46 ft
.. Wheeling ft L K.. .. 94 9ft
.. White Oil Corp Hft "ft
.. Willys-Overland .... 84 8ft
. Willys-Ovcrland pf .. 37ft 37ft
5 Wilson ft Co 41 41
0 Worthlngton Pump .. 60ft 49ft
T
2:60 Nt
Law (N.T.tnvJ Ctw.
JHft 3BH
81 - ft
41ft 4SM ft
l4 314 ...
is isft-r- H
HU 12H If
30ft tSft-f- ft
S3
16 V 14
13M-. H
lift- H
18Tft Ji
98-1
88ft- H
i4SVjf
31M 14
1814 - K
37ft- H
134 f H
2&t 3:
4tft lft
14
lit
I6ft.. ft
894- 3
13ft "H
88 - ft
36ftf 1
11 - 14
87 f ft
784 114
34
ft ..
3ift- 14
68
48ft ,
16ft ft
64 ft
374, M
66ft 1M
86 lft
344- 14
16ft ..
68ft ft
314 14
36ft ..
35ft- 3M
64 - 3ft
9ft ..
6J?i ft
ft ft
30
81ft ft
83ft ..
89 ft
101 ft 1,4
35ft- 3ft
33K ft
99M- 14
lift- ft
70J4 4
45ft 3ft
461
33ft- 14
18ft- ft
5Sft 1
83ft ft
33ft- ft
38
37M- ft
5
17 - ft
76 -
7
36ft ft
10ft 4
57-1
284 ft
81
148 - 1
108ft- ft
37ft- ft
38ft- ft
73-4
804 ft
6ft- 4
8ft ft
37H- M
34 ft
1f4
st
t14
at
1H
lift
186ft
!
36ft
V
111
31 H
13 ft'
1 ft
21
1M
,
4tft
8t4
s
"ft
68
tft
18ft
11
67
"tft
34
3ft
35ft
68
iSft
10ft
84 '
37 ft
8 ft
89
344
10 ft
60
31M
26
38 ft
61
8ft
69 ft
62ft
36
81ft
83ft
86
99
35ft
37 ft
99ft
lift
794
45
46
SJft
18ft
574
63
38 ft
37 ft
37H
5
17
76
7
354
75ft
1787
20 ft
I
146
10ft
27 ft
38ft
12ft
904
6ft
8ft
37 ft
23
264 3 28ft
KM
ISSUES
FAVOIHTES ON CURB
Lackawanna Rifhtt Rantje
From 30 to SQy-Oil 6ri6up
Holds Well
New York, May 23. Chief Interest
In the Broad, Street Curb continued to
be attached to the: trading- In the secur
rities resulting from segregation of coal
properties from railway systems. Rcadr
(or 'Cotl Land stock sold tt 8S nd
Reading righto wkro traded In at 15
to IR, a little animation boring beeij
caused by th report of approval by
me unitea ntaies ceuris 01 uv nioj.
fled pln N
Lnckswannt rights were fairly ac
tive , ranging from 30 to 80Nand a
sale of Glen Alden Coal was made at
85M. Southern dial and Iron was
also in fair demand with' trading st 4
to 4. Other industrial issues were
quiet with several of them slightly
lowt "
Bwects Co. Of America 1 sold t 34
and 3, and Acme Coal was traded in
at 1. Amalgamated Leather was
steady, selling at 1S to 15. Durant
Motors sold at 22.
The pctr.oleum group held well in.
view of tho further cuts in tho prices
of, crude oil and petroleum products,
but some of those Issues In which there
bad been active speculative Interest,
Miowed moderate declines, among them
being Arkansas Natural Gas, which
yielded from-12ft to 11.
fcilK uasin sold, ex rignts, aq o anq
rrr-
wm-ia. 19&V JtJMm
hii off, Ltbtrty r ngn-f rasfa oariefs iwaW th fetUwingi 'i
E. i; Dt PbNTDE iNEMOURS & CO.
74 Bonds, due 1931
t 100 and IntrMtf to Net ,7Va
CTiy OK DETROIT '
6 Sonds, duo January', lW6t ' '
' ' a at si Price fo Nt' 5.78
. ', ' ' '. S
OREGONAUPORNIA RAILROAD CO.
First Mortgage b Bonds due 1927
at OOVfc and Interest, to Net About-7
rm
Fblt information on rooummtifr jj"!
HARRISON & CO.
MNKCRt
-at
Nmhr Nmu York nf PhitaMphia Stock Egthongo,
1.
imall
17
185
67
10
24
lit 1
61ft lft
3lft ft
69ft ft
58ft
71ft
41ft
83ft
108
55ft
10ft-
a34 lft
32ft lft
8ft- M
1H ..
8
31ft ..
131
I0M ft
28ft ft
40 ft ..
84 ft
13ft ..
8ft- ft
3lft ft
41 - ft
49ft- 4
- M
M
'ft
H
'ft
H
s:
Philadelphia Stocks
la 1M 'A
MY 20i..
05 65 1
,W9i 52
27 2714-r- iyi
21 21
34 344i
70 70 1
r.iy4 5i i
1:16 Net
Hlsh Low 1. M. chse.
23 Cam Iron 115 35 35 -JS
20tColOraph 7 7 7
11 ElecStor.112 112 112 ..
TiOtErie .... 13 13 13
lOfGen Mot 12
5 I Co N A 20U
200 Leh Nav. 05
50 Leh Vol.. 52
lOtMidvalc. 27
lOOtMo Pac. 21
205 Pa II R.. 35
10 Pn Salt . 70
10 Phila Ins
Wire... 51
25 Phila Co
cum pf.. 32
20'PhIlElec 21
100 do pf csh 20
75 do ret fp 25
33 do cash. 25
10 PhllaRT 18
300Tono Mln 1 VA
40 Un Trac. 32U 32
03 U G I... 30 30
1 Unl Cos
N J... 107 t07
35 West Conl 70 70
1 York Rw y
pcef.... 30 30
tNet change made by comparleon with laet
ale on New Yorlc Stock Kichanse.
Ex dividend today
riHIAnKUHIA nOND
32
21
20
25
25
l
32 . .
21
20..
25
25..
18 ..
1
IOU.
' '
32W4-
V3
17 107
70
30
Commodity Markets
COTTON MARKET
New York, May 23. The cotton
market opened steady at 4 to 0 points
lower, lnlluenced by generally favora
ble weather over the week-end, poor
cables. May liquidation and Liverpool
and New Orleans selling. Trarto Inter
ests were fair buyers on a scale down,
while spot firms covered May short con
tracts. Trading, as a whole, was not
active.
Favorable weather news seemed to
bo making the most impression for the
time being. Forty May notices worn
in circulation 'at the opening of the
market, all Issued by one firm. Trad
ing In May contracts will cease at 12
o'clock noon today.
Receipts at the ports for the day are
estimated at 21,000 bales, against 23,
050 biles a week ago, 3730 bales u j ear
ago.
IN T, lime
May
July
October . .
December
January
March . .
PrAvflmie
Close Opi
. 12.S5 IS.
. 12.80
. 18.17
13.76
18.82
. 14.18
en
30
12. (SO
13.80
18.70
18 78
14 13
1-80
P. M.
12. 19
12.05
13.34
13 70
aided by some by the bulge in wheat.
Crop news Is favorable, but the yield
is not likely to bo a heavy one. Moist
ure Is wanted in spots. Light demand
for cash was reported, while receipts
were heavier.
2300 Liberty 3d 4W.
1200 Liberty 4th 44h...
2000 Victory 4s
1000 Bell Telephone 7s. .
3000 Hell Telephone 7s..
1000 Pennsylvania 0s
00.70
87.30
07.00
102
102
05
MONEY-LENDING RATES
NEW 10IIK Money on call, both claim
of rollnteral. opened t dr.y at T per cent
for lendlM and renewlns,
riUIAnr.I.rlllA Call, n per cent, Mm
(1 per cents commercial paper thr In aU
monthe, per cent.
Note The r morely nominal quota.
lion, the Ire! '. of inteie,t. ln th" 6ut
of !'ennyltania belne fixed at per cent
I'lue premium and commliilon, time money,
for ihlrtv to ninety day is, loaned at 7 to
7V4 per cent while commercial paper, from
thirty io ninety day. Is loaned at 7 to 7H
per cent,
LONDON Honey 1 eiunjed at, 8 per cent.
Dlieount rate: Hhort Dili. o per cent;
lCI VDII1.
three months' bjll. 8.
per csnt on toe stocx, amountlns to (2,100,.
11.
Edward B. Smith
UtfiU Miu hj I
their tMn4 dvpanment
a Co.
BPinonnA
baeome associated with
that
m
V
IVislon
New Tork
J hllaCrlphla.
Cleveland
Richmond , ,
Atlanta ,
Chicago .
St. Louis ..
Minneapolis
Kama City .
Dalla
Ban Francisco
n. . T liv
" "'"1
etfa, Doimj
Reserve Banks' Discount Rates
Official rediscount rate at ;he twelv Ked
tral rietene Tlnnk are as follow
mm i jmrn,
riper, Arc.pt.
0
d
8
S
0
(1
(1
8
J
. 8
0
.
0
o
n
8
it
8
8
8
II
II
8
8
8
0
8
n
8
8
h
8W
ti
-uiecouru ro wiicuivitun wiin iniereit
rate home by certificate pledsed ae collat.
tral. with minimum of 5 pr cent In the cat
of Kansas CltrandHtit perA.nl In the csm
V
GRAIN MARKET
Chicago, May 23. There was a big
bull msrket In wheat and July reached
the highest mark on the crop an hour
after the market opened. May sold up
to 1.70, or only 5c under the highest
mark for that contract, which was es
tablished July 15, when trading In
wheat features was resumed. The buy
ing power was enormous, and despite
the liberal offerings put ln the pit, pre
sumably by profit-taking longs, the
market had a big bulge before tho
weight of these offerings were felt.
The principal bull factor was the
estimate by B. W. 8now that Kansas
would not raise over 100,000,000 bush
els. Favorable weather from now until
harvest Is needed to secure tbat amount.
The cash premiums were unchanged.
Chicago Is now the high wheat market
which may attract enough wheat to
this market In time for delivery on
May contracts.
One seaboard agency reported tbat
Germany had aecetped all wheat offered
over Sunday, but others claimed there
was no activity. Shipping soles were
5000 bushels.
The strength in wheat helped to hold
corn prices. There was some short
covering and some buying of an invest
ment character, but the hedging pres
sure against heavy purchases made to
arrive put a load ln the market which
was hard to absorb. Tho cash corn
basis was slightly easier.
The domestic shipping demand wan
slow, while exporters tried to secure
offers but refused to make any bids.
The weather was highly favotnble for
the crop. 'Shipping sales were 40,000
buabtla. ,
Oats also acted heavy, hut were
NEW YORK COFFEE MARKET
New York, May 23. The coffee
futures market opened firmer this
morning in response to more favorable
advices from Brazil, first prices show
ing advances of 0 to 8 points. A special
cable from Santos reported an addi
tional gain there of 75 to 150 reis.
The response tierc to the higher Bra
zilian cables was apparently restricted
by liquidation of July contracts. Sales
of July, during the firht hour, nmotinttd
to about 31,500 bugs, but the offerings
were absorbed at the olx-ccnt level and
prices held generally btcady nt the in
itial advance of 5 to 8 points.
A special cable reported a further
advance of 75 to 150 rels in the San
tos market and rumors nre circulating
.that the Braxllisn flnwrimuinl lc n-
lauglng to ship purt of the coffee It has
v-Ju...u ,u Kureim on consignment,
lliere were also rumors that the recent
loan of $25,000,000 to Sao Paulo Is to
bi. Increased to $50,000,000.
. NT. Time
i-rsvious ii .oil
open A. M
6 88
07 7.1
July . ..
September
December
March , .
Hid
Close
n.u
, 8.81
. 5-n
. 7.1
nnutveoo e.oo
!I
H.84W0H5 8 DO
Wl,l
6 38
'7.15
BANK CLEARINGS
rJlinn!S.n0i"'"'".!od.: ?mpard with u.r-
, r ..... ,, .--v ...u ?unr;
1091 tni.
ni.li. ,. ;'... i"v
" . foi,lin,,ooi l?n,I
,- ior".oni,uu.!,uii a
139. ion
Chlraso
intn
88.417 I50,4S.,S3S
SJ'SS?!! n!.050.l76 447 Oil 781
H'Slhlll 80.488.688 38 018 816
BUTTER, EGGS AND CHEE8E
New Vork. May 23. HUTTEIt firmer n.
emu. H-AV.ou,. am.r" hlahVrVan
exiru. -v. W.'syici creamery, extra. 0"
core, Z8B2SV4cl creamery. Orel, as .- at
mrnrm. 91Ph41.. ...t.- ''r.' '" ,wi i
make. No. 2. 17c!
KOOH flrm, flecelpt
the rights were traded in at
Standard of Indiana was aulet. a sma
amount of stock changing hands at 74
to 74. Slmnls Petroleum 'ranged
from 8 to 8. International Petro
leum sold at Ifl'i,.
Eureka Croesus, In the mining group,
moved up on Western buying.
iNDUtfrrtiAi.8
Hlsh
Acme Coal...... IV
Am Leather ,.
Auto Fuel "...t
C a B Ills Pf6
1) U W rts ..
Durant Motors
empire rooa . , ,
(Jlen Alden Coal
renertion Tire
Readlnr rlsht . . . .
ileadlns ruhts Coal
Southern Coar Iren
Sweet Co ........
u a Distrlbutlnc
U H Bhtp Corp . .
U 8 Hteam
ATANDAIUi OtMl
Stand Oil of Indiana ... 74ft
INUETKNTinNT OILS
Aiti.rt nil 6
Arkansas Nat a 12U
Iloone Oil .lit
Kostoh wyomlns 04
lltlS
ww a, in,
1V ltt
10- 18 ID
41 41 41
30 10 80
aoH so suH
32 22 22 a
4T4 4!4
35V fS Sii
11 Jl J)
18 10H JSH
88 88 86
4H 4 . 4ft
3 3H
jiil ".iii "lU
:::..: - 4
L.. ,.
74H 74ft
I
6 6
it 94
1 -r We desire to announce 'that
Mr. Wm. Moiri Tilden
has' this day become associated tjjth us in our
Bond Department
Eowaad'B.3m.tm kc.
May 23, 1821. -
I BBBBaf SBSBBBBBBBBBBBBasti "
tssaHaBssss8J sssTII asssB &VsH J I 'tsalssBatsl asssasBSBsal
TltTfeaSBMsV ssarnr CLtH I 1 1 BrffijSaraTBfllzBfllrBaf
mm t
BL. 94..
IT 17 l"t
2T 27 37
?
8 8,8
, , 1
...::.... ik ivt m
.;..;'.. iou 158' ie?l
SOil 305 SOU
IK IK 'IK
4 4J A
7K 7H 7Vi
38 85 . 36.,
n
2H 3H 2H
Carlb 3
Cities tUrv "S" ctfs
Creolo aynd
Denny Oil
Elk fjaaln Pet rs rts.
Elk Ussln Pet rlilit .
Ensineer i-etroi
federal Oil ....
Hudon Oil
Inter Petroleum
Maracalbo Oil . . .
Mexico Oil
Noco Oil rret
740C0 oil
Noble
Prod a runners
Simme Pet
Skelly Oil
Texon
ITn Texas Oil ,
United Royalty .....
MIN1NO
Atlanta 1.
nig Ld-e ft
Bocth 4
loston t Montana 60
Caledon'a. Mln 11
Candrlsrla Mln 85
Cortex Silver 76
Cresson 'Oold IK
Crescent MacNamara ... 10
Dnlorea Eeperanx 2K
Dundee Arlsona ... 1A
Kmma silver
Eureku Croesu ....
Eureka Holly ... .
Cnldfleld Con
Uoldlleld Dtvelopment
aoldflrld Florence .
anldnet KewsnaS ..
Goldnetd BJIver Pick .
OMdfleld Zone
1
A
4
60
11
88
72
1A
o .
I
Orest Btuf
Mecla Mlnlnr ..
Iron Dlniaom .
Jumbo Extension
Kpoi Divide . . .
Marsh Mlnlnr T
Mother Lode (new) 6ty
national Tin ....-, 1
4Va
6
10U
liocnesier ATlnea a
3 3
64 88
JH it.
1 1
88 31
.,
8 6
17 16
2 2
7 i
0 fl
16 16
18 18
7 7
1
4
60
34
7,K
l
l
2
84
TH
1
83
3
5
17
2
0
16
18
7
NlDlsslnr
North Star
Hex yon
San Toy ,.. 4
Biiver Kin Divide
Slher Kills Nev
no Amer r o.
81lver Lead . . . .
Hueceas Mln
Tonopah Belmont
Tonopah Caah Boy 6
Tonopah Divide 1 A
Tonopah Kxt jH
Tonopah Jim P-utler .... 10
Tonopah Midway 14
Tonopah Mining t IK
ii-nopan nspan ..... ,
Tonopah Montana
Tonopah Heecue Eula .,
United Eastern
Victory
West End Cons
Whits Csps
Wllbert
BONDS
Allied Packer 6
Amer Asrl Chem 7Vks
Amer Tel 6s 1022
Anaconda (s
Anaconda 7s 1029
Armour 7s
Anslo OH 7Vis
lloth Steel 7s 19 SIS
Chlcaso Ka.t 111 5s
Cons Oaa 8s
Con Textile 7 . . . .
Grand Trunk 6'4 ... .
UUII UJl is
Individual
Requirements
The selection of an Investment
should satisfy the need "for a
long- or short term security.
In considering which ara best
for your requirements permit
us to present our recommen
dations. BATTLES & CO.
EitabHthed iSiO
Isdependeaee fanare (East)
a'.
t
ki
Humble Oil 7s
inte
nterboro 7.
Sears Roebuck 7 IS2S.
Southern Ry 7s . .
Southwest Ilell 7 .
Stand Oil N V 7s 192S
8tarrt Oil N Y 8H .
Bwlft a Co 0 .
Swift A Co 7.
Vacuum Oil 7 100ft
nenern jsieo fa , . . ui
6 8
10 10
0 6
4 4
Ills
28 52 22
? ? :
IK 1H
6 6
J I14
10 10
14 14
n h r
0 9 0
1R 18 18
2H 2A 2'4
3 3 6
i h i
7 7 7
4 4 4
41 41 41
96 ti "'- l8
97U S7Vi S7U '
874 87U 87U
VS 0V 0.1U U
96 IlKfi 981)1 -
140 100 100 f"
9ft 4 96 OtlU
A0K 604 00H
iooh ioos ionJ
S 06 08
01U Q 04
. un oS "8
0K 06K 08K
. 74 74 74
"I P7K 07K
. PJK 5fi 00K
i tievj fiu odvI
JOlJy lOlK 101
100H 100 100
. OOVi 0H 08
mi un am
100 100
00 i
Stock Broker
with adequate facilities to
handle the Securities of a
Chain Store Clothing
System operating stores in
six different states.
Dividend, of 10
has been paid annually
i n c e inception of the
corporation.
Write to Box 33
Baltimore : : N : Md.
It!
I'7I Si
m
ADVICE TO
THE SMALL
INVESTOR
Our current Marie Uu
contains some valuable mki
gestions to the investor irttr
wishes to limit the size of W
purchases to. small units. T4
A brief review of the U;
lowingailroads is also givtl,
Norfolk & Western ,v.
IhesaDeake & Ohio
Southern Railway
Make request for '
o free copy of L-S5
B tkea.u m -.!.,'
j. r. moiiuwtKB & uu.r
dinuuin I .-IU1. DIOCK JSXinSBfa '
14(0 8aulh IVnn Sg Thus. Vf
Spruce 6416 Rare StS)
New Yorkt 32 Broadway '
uroars oxeeated in all Markets:. if
aver fast Direct Wlrss
rt
1Z
"A'
l
rV
v4
i v
1 Wexown and offer subject! I
I to sale n:l
00 H
current
rterelnt IS I AT ..-... ti, L
jrathered. extra nrst. 21y8c. nrsts. S1K 0
23V4C. stste, Penwylvanla and nrarVwliI.
If?, """ry white, firsts to extras. 28083o:
state. Pennavli.nlA .ni nBri,u n-ltZZs!:?-
nery brawns, extras. BloSiei do, sathered
Se?Co.,,ffl.B1 Vs6, ",fA n""' 291
CHEESE steady. Receipts, 2723 boxe.
nVAi. wh2' mllk nu- '"'. Pclls. 18
OlOKc: do, aerase run. MOlSci state,
whole milk, twins, specials. IBfflSet do
averste run, HOIJfc. ' '
DIVIDENDS DECLARED
Hears. Roebuck ii Co.. nti.ririv tt tn Mn
preferred, payable July l to stock of record
June 18.
Porden Co., quarterly of Hi per cent, pay.
able Juno 16 to stock of record June 1,
Truscan Steel Co . nuerterlv nt ti.7
preferred, .payable Juno 1 to stock of record
way 2i,
Prices Heavy on Paris Bourse
Paris, May 33. Price were heavy on the
Pourie today. Three per cent rente. 66
frsnes 89 eenMtntsj e,xjhn on Indon.
46 franefvO eeotlmes: 8 per cent losn. 82
irsprs 7 nninr, to aousr wss quoted
FOREIGN EXCHANGE
New York, May 23. Foreign ex
chonce disnlaveH a deeitlrdlv ennUr- tn.
In the early dealings today, all the prin
cipal European currencies, led by ster
ling, opening downward. The losses
over Saturday's closing ranged from 1
nolnts in the case of the Tiritlsh ...
change to more than 16 points in French
irancs. i.ignt demand, coupled with
orer-8unday developments in the Si
leslan situation, were responsible.
The quotations were:
Sterling cables 3.08, demand
3.07", i franc cables 8.58, checks 8.07 1
Belgian cables 8.57, checks 8.56 ; Swiss
cables 17.05. checks 17.02: lire ..,in
5.60. checks 5.40 j peseta cables 12.45,
checks 12.43; guilder cables 35:85.
checks 35.80; Stockholm cables 23.50
(hecks 23.45; Chrlstlnnla cables 1B.88!
checks 15,83 ; Copenhagen cables, 18.15.
chocks 18.10, marks 1.06.
The rate of premium In Montreal to
day on New York funds was 11 ner
cent. The rate of dltcount in New
York on Canadian funds was 10 pPr
Central European exchanges were
quoted as follows: Creek, 5.43; Ru.
manlan, 1.77: Bulgarian, 1.30; Aus
trlan, .24: Poland, .13 Oxecho
Slovakia, 1,40.
BATURDAT'B PINAL OUOTATIONfl
Bterllnr fr.ni. f.t.-. n..n
Demand . .. SaMtf' Kft Csi 'isTH
i.im.. . , i.uh o.iu 8.09 88,03
iuuai'h urenmu QUOTATIONS
Demand
Cablea
Sterling- Pran
OPENINO Q
yVj'.1? ?r.!-r Uf Oullders
im in s-oH ssTso
Raw Sugar Market Quiet
New Ysrk. Mw 28. Raw susars urs
3ulet and unchansed on tli basis of 8 oti
uty nald. There were no sals', ".&??&
Saturday, Importations on that day eon.
OTglta-aia
vnchsssrd. v ' '
Jap. Cort. 4s, 42i & Si
Buenos Aires 5s & 6s
Argentine Gort 4s Sc 5s
Chinese Hn Kuang Ry. 5s
Chinese Reorg. 5s
Brazilian Gort 4s & 5s
Inquiries invited from Banks
and Broken.
COWEN & CO.
67 Exchange Place, New York
Telephone: Reetor 6700
WE SPECIALIZE
In
ODD LOTS
Formign Exehango
Boaght and Sold
MILTON HEIMtTCO
MSHasna- ,w .
1622 Chestnut Rirt
- Phsnest 3111. ttpruce 81111.-4
74 nreadtmy & 1
irrstone, Race 760
lwr 1: iHB Ait. a...
Hl.mford, Cnn. Hnrlnsneld. sii'.V
A.. N.V.
Boles IpWestwood
JAmbaa IWli.toek,Exch&nAi
INVESTMENT
SECURITIES
LaiifiTiTje !d4 Phlladeiplila
PHONE LOCUST 4731
E. I. duPont
v,
10 year debenture
. 100 & interest
Established 186 '
BIOREN & CO.
410 Chestnut St.
FlirLADELrillA
Hembera Ntw York and
Philadelphia Stock Exchanges
BABSON
Glees a fsrond warnlnr
on Bonds.
"Htndjr fundamental
condition."
Such a study will show
you that seasoned old line
Rsllroad bonds are a mnit
fe and profitable Inreit
mint.
List H-2 will be s.nt upon
request.
Look tomorrow for Rat
son's next injunction.
Wrong RtaawfKiussipnu
i xLU wi tL.M
f , ntMsvraat
'
MtitilM
Ilablrshaw El. Cable Co. 7s. 1935
Standard Oil of N.Y.e-."'?
Lehigh Power Securltlea 6s, 1927
Penna. Power & Light 7s, 1951
United Gas Improvement 8s, 1923
AtfCOWttaVCA
Und Title Bldff Phils, Pa
Kkfrs Pftllaa,A(0 tlnu JUhZ'tt
WIEGHER.ROCKEYtGO.
Certlfifd Public AccounUnU
Drenel BuHrJi, PhUadeliThia
PENN
NATIONAL BANK
Independent
of Control
by shy Individual or gnWi
conierfipg its own Individuality
end lending its aid to all I'l
imate and prudent buihwij
transactions ort ths bsrir f
fab dealings end mutual Met
att. ResoarctB
$20,000,000
lorkrf at n..mh r
I ..!.. !- JR. Ctnl R. 1910
Hershey Chocolate ,7 '. J'J0 ,
Central Illinois Lt. 5s, 1M
HENRY, D."B0ENNINGjf
r)TOC KXCIIAN.QK nOlf.Pi
Usasbars Palis. Ml" ex,
ir
'wn.
. ",j' v.-u....-.
t tlr ,
Wif . - i.t t
. J. PleS&tlfJ,