v-rm- r.K H 1 If j Xf tWWrWJfWrQ may ;, xm. tftiifT ORTY EIGHT years' continuous ?tudy of ' investment:? and investors' needs. This Service is yours to Command regardless of the size or frequency ,of y o U r investment purchases. Cassatt Offerings is a list of conservative r curitics sent on request. Kindly ash or Citcular K-21 CASSATT V CO. ' .COMMERCIAL TRUST DLDG. PHILADELPHIA NEW YOB ix BALTIMOnC-PITTSBUPSM-SCBANTON EARLY RAldY NOT FULLY SUSTAINED NEW YORK STOCK JEXCHANGE TRANSACTIONS For Regular Income The market uffonU e onit combinations of ton Herratlvo securities that will illstrlhuto Incomes evenly throughout the jenr. In this regard, our ail vlBory service Ik ready to malic recommendations to Inventor who prefer .1 periodic Income from their holdlntr.i WlDtNIR BlDC PHILADUPHIA Mimltn PkihitMit cd Are York imk Extiatpt not ion mtAttTW.w.1. raKiura PENN -.NATIONAL BANK Your Business Strength to a large extent is depend ent on the integrity and fa cility of your banking con nection. Penn adheres to Com mercial Banking, and by safeguarding its own integ rity safeguards the integrity of its customers. MAKKKT AT Si; ll.MH Holiday influences Were a Dominating Factor in Day's Trading New York. May SMI. The approach llii triple Holiday exerted considerable Inlltienen In the continuation of the be lated recovery inovrinent In the lirst half of torinyVt atoek market. The rallies which Htnrtcil In the late trntlliiR ye.' tcrduy under the lead df the raits won" Ttnnilpil frmn 1 (n .'I tllllllts 111 nil till' active issue. The carrier retained the Icatlerxhtp for a conxlilcrnble part of the time inn the murk nc till ot tills invi- Mmi was facilitated to u crcnt extent by the excellent statement of r.-irnlnxt for April by some of the more promi nent system. As long as the shorts were kept on the run the forward swIiis was well sustained : when the demand from this quarter beRim to show hIriih of slackening tlie entire lNt became dull and irregular. Some shndliiR occurred on profit-Inking, while in home of the industrials there was recurrent telling pressure. A number of prominent Industrial runeerns declared their reRiilar divi dends which supplied a refreshing change from the discouraging contra experience of the three preceding days. These incident were entiiely without effect sentimentally or otherwise. The Improvement in railroad earnings was regarded with mnre significance, jet as a market factor, did not cut much weight. This, however, was because technical, rather than outside condi tions for tiie moment, were the domi nating inlluenee. In other words, the market bud reached a temporary over cold condition, and the correction of the technique position was hastened by ren (on of a jenernl disposition on the part .if the tirnfes-donnls to reduce commit ments tn n minimum oer the holiday. . It wns nliiinly mumrcnt apart from the requirements' of the shorts the buying j power wo extremely limited Firm ness ot the money mariici wmi inn loans renewing at 7 per cent and with a supply not over-plentiful was sufficient to hold trading in cheek and discourage extension of existing commitments. Kails led the lN'l to higher and lir.imlei- lrrniliiil durlui: tin morning. 'Hujing nf those shares at gains of 1 ti) ' points. MltppiUKS inoveu i'i- , ward with "transportations and many 'of the steels mm cquipim-iim iminin their early gains.. The advance niso comprehended mot of the popular oils, motors and prominent miscel laneous issues, including metals, tex tiles and utilities. The udvnnc hulteil at mitlilnj, profit taking? in rail-, steels and oils causing reactions running from large fractions to ! points. There wns further sell ing of rubbers and sugars, some of those issue-, showing actual losses of 1 to 'J'; points, on adverse trade con ditions. NARROW DEALINGS IN LOCAL STOCKS A pril Railroad Statetnen ts Show Improvement in ISo.t Operating Income Do You Need .Additional Capital? Broker with large organization will finance growing corpora tions in need of additional funds by the sale of stocks, bond3 or notes quick action. Must have 300 or more stockholders. In quiries treated in strict confidence Address H. R., P. 0. Box 372, City Hall Station, New York City. U.VXKEIIS Dealers in Investment Securities Members Kiw York and I'htladtlpMa Stock Vidian pa 321 Cheitnut St., Philadelphia Edw. G. Budd Mfg. Co. 1st Mtge. 6s Due All., IDS) Vrre ut t'eniiu. Mali" 'lux frt-e of Niirmul Inriune Tax 03.30 unil Int. to Vlclil rt.SOCr Townsend Whelen & Co.i . 505 Cheitnut St. ! Member N. Y. A I'hlln. Mink l; lunik-i U. S. Government 5J4 Certificates of Indebtedness Uttteil Mny 10, 1031 Due l'ebruury in. 10? i Price on application EDWARD LOWBER STOKES Slrmlirr l'Ullii. .Stuck i;ili.innr M 8. 18T1I HT. LOCUST 314 What little interest prevailed in to- ldu's local market concrged in three j 1 or' four stocks. 'Che day's movement (was .1 couuteipait of the bigger mar- il-et. Smart rall'us were scored at the Uut-et, but tin- demand soon petered out and the market became dull and narrow. Probablt tlie sune disposition to even up commitments prior to the long holi Idav was the ptopelling llitiuence. 1 Electric Storage Itatterv in an open- ' Iiir spurt rallied over a point, l'enn- . -.vlvnnia Uailroail displajcd noteworthy , ii'rmnes at :i.1. but later dipped under 1 that figure, l.ehigh Valley moved up I 1 ",. Philadelphia Kleelrlc preferied was ( freelv offered, but had good support, the , I latter touching Si"-'. n the other hand, i vlinillm. nriees oi.-clirred ill I . ' ' Philadelphia Uapid Transit and Phila- I ilejnhia t'o. cumulative preferred. Ties reports or the larger railroad systems show considerable improve- I ment in earnings during April and in dicate the railroad managers have sue- 1 reeded in getting the upper hand of nnerntiiiir costs. Pennsylvania Haii- rond net operating income for the , month was S3.774.4tK). bettering its showing of the preceding April by Sl'.'. 841,2f)!l. Oross revenues increased S.i, i)4,"i,140 to $.'l!),!)48..';!2, but itajipjTttt ing expenses were reduced ?7,7d7,723 to 8;,r48,1.7.). rellecting drastic operating economies, tlie chief of which was re duced w oi king forces. Naltimore and Ohio for Apriljeport ed a net operating income of $2,337. il!)7. against S(!0.3(Kl in the same month last veur. (lio-.s revenues were Slfi. 1)53.271), compared with iiri.22t5.o!l7. while operating expen-es were cut from SU.M)(I.07 to S12,P0ri,031. For the four months of the ciilendar.vear not operating imome was .S."i,tt23lJ2. against a deficit of $."SS.71.S for the siime period in 1020 (Jross levenues increased S253lP2i wjiile operating ex- ti.tnnri u en. i-nt !s7.H.'i0.4'.)3. The rciiurt of tlie Delaware. I.ncka- j wanna and Western Huilroadfor Ajiril shows net operating income of $l,07.j.- , 2t.- saved out of "I'Osx revenues of .- lss.20tl, in (ontrast to S31."i.f)17 in net operating h licit mid .sl.(;42.tl32 in gross jreieipts for lu corresponding 1020 .nontli, during wliich the outlaw switch- nun's stiihe depuused earnings. The load's foui ueintliH gross nggregattd IS27.410.inO. against .22,47,4i;(i a jear I ago. and its net operating Income to- ! taled $2,227,320, ayainst S3t).".tV.U) ui i pcrating income fur the first tliiul ot : 11)20. Dlv. iirtlfs In t 800 S00 1309 too 1030 400 500 ion .100 soo 1100 too 100 130 100 00 800 100 1)00 300 A 10 MO 100 loo 1 801) 100 A)ll 100 ion too 4100 Aoa 1300 .1800 3403 tJOO 300 ivtn noo HOO 1400 4011 S00 100 .ion 1100 1400 400 1100 H100 11090 H100 3011 100 2 32011 100 100 301) too 100 tsoo 1700 1300 .1100 700 too 1S0O 1500 .100 300 loon JOIO aoo 1U0 .100 sum 100 301) son too 3100 HOO 100 100 too 700 r.oo 1900 3500 15000 100 H00 1.100 1700 1S0O 400 300 3100 1K0U 3001) 400 1S00 18000 100 ion 1000 13(00 100 lxoo 300 MOO aio JIlKh Ailvnticn TlnmMv .... IS 0 Adx'nnco Ilumtly pf. .. 8ji v. AJax ttubbcr 30 .. Alaska Oold Mines,., U , . Alaska Juneau O M . . t V4 1 Allied Chem & Dye... Ui 4 Allls-Clialmors 33ft B Am A&rlq Chem JH .. Am licet Suffnr...... 31 ft Am Hosch Magneto- 45S4 . . Am Can 12 Am car & Fdy 133 0 Am Cotton Oil lft .. AmliruK Svn U 8 Am -Express IS ., Am Hide ft Leather.. 13 . . Am Hide & Leather pt H 4 Am Ice , " .. Am Internat Corn... 41 J4 1 Am-La Franco Kng. . 814 . . Am. Llnsocd ..... . e Am Locomotive . . . Am Mnlt A Grain t Am Radiator .. Am Safety Tlazor... .. Am Ship & Com . Am Smelt A Uef 7 Am Smelt & Itof pf. 0 Am Smelt Sec A. . . .1 Am Steel foundries. 7 Am Sugar Rcf 7 Am Sugar Ucf pf, . 8 Am Sumatrn 0 Am Tel ft Tel 13 Am, Tobacco fl Am Tobacco pf new 13 Am Tobacco B 1 Am Woolen Am Zinc Lead & Smll . . Anaconda Copper . . 2 M Nt l.niv (NVV.im.) Cl.iff. 30U , nr. . t.i . 70 . BV4 S'.i 43 '4 77 . 13 . 2J . HO)', . ; . C3Vi , 10494 .130H . 00H .WH . : OH t!i 4 Asso Dry Goods aos 0 Asso OH 9 a Atch Top & Santa Fo 81? ft Atch Top k S F pf. . 761i 7 Atlantlo Coast Line.. 78H . Atlantlo Fruit 8 "4 . Atl Gulf & W I S S. . 31 . Atl Gulf & XV I S S pt 34J. Atlantlo 1'ot 1 Atlas Tack Corp.. .. 174 7 Baldwin Locomotive H'-iJ-d Baltimore & Ohio.... 1H i Baltimore & Ohio pf ti Bnrnsdile Clu.s II... 3 B Bethlehem Steel B. .. SS Brklyn Kapld Transit in IS 48 2 n 3.1 4H 37 4S 3814 133 im 14 130 Si 45 HJ4 .10 84 Yl 13 70 II 8'i 3 'A 77 73 3 V87K '4 OR 104H 138 SO 136J4 74 41 4 09 81 70Vi 77H 38H .Ills 10W nfi 7 3J 51 35 57 U l3Vi 897t A m; 43J. 5 tUli 37 74 !4 30 o.i u 57Ja 7H ls 3S 431i 5?i 9ft li R0 33 U 0.54 70 HT. is 3s v "h H lh Hi "i l Ji a I a V Vt Ml t I 1 I 'iW! ii 300 700 300 300 100 300 300 300 330 330 3011 100 lo Burns Bros 89J Butte Copper A Zinc. . 5 Butte. & Superior Cop. 13 , . Caddo Central O & It. !? . California Petroleum . 114 t Cnl Zinc & Lead 10 Canadian Pacific .... 115'fc .. Central Leather 3;i Central 1-ealhcr pf . . . 74i t'erro-de.l'asco . . . ' 10 f handler Motors .... Chesapeake & Ohio... B8'i . Chicago & Gt West.. 7i . . Chicago & Gt "West pt 18J . f'hlcatto Mil & St P.. 5 . . Chicago Mil & St V pr 43U s Chicago Northwestern 0 7 Chi & Northwest pf. .. 9'4 a flit Pneumatic Tool.. CO Chi R I & Pao 33 Ji r, Chi lilt Pac Co pt ('' 7 Chi II t & Pac 7T, pt 70 J4 . . Chile Copper 13 Chlno Copper 3s . Coca-Cola 28 W n Colum Gas & Ulec. . . . S0H . . Cot Graphophone .... 7 4 Comp Tab Records... 37'i 31U 7 Consolidated GaB ... 88W H0i . consolidated Textiles. l'4 1U 7 Continental Can 49 4S ,. Continental Candy ... 1J4 1 4 Corn Products Ref. .. C0J4 rs4 t.ftn Cosdcn & Co 33!'a 335' 8 Crucible Steel "I'i ',0 7 Crucible Steel pf S 50 Cuban Am. Sugar... 22 '1ij .. Cuban Cine Sugar... 17Tu 1' '--a 7 Cuban Cane Sugar pf. SO .i!4 1 Daviton Chemical ..44 41 1 Dome Mints J0J4 1U o Delaware & Hudson.. 100 100 a Kudlcott-Johnson .... 3i 03 . Eric 1 . Krle 1st Pf ,l'i "f0,1 g Famous Players L... 1".',4 .. Flsk Rubber "Vi . . General Asphalt 00 7 i:8, a Gcnoral Asphalt pf... 103 103 ii General Cigar ' ti 8 General Electric 131 J4 134 1 General Motors H'i ' rt Gen Motors deb 6l'r . 8U4 07 ! .. Goodrich B. F. 37 30 4 7 Goodrich B F pf h 7 Great Northorn pf 7',4 0. 4 at North Oro ctfs. . . . 38 2S'i .. Gulf State Steel 3014 3JH .. Houston OH '14 i4 I Hupp Motor Car .... 13 J4 13 (k . . Inspiration Con Cop . 30 30 . . Intcrb Con Corp 4 4 .. Inter Con Corp pf.... HH 11 . Internat Asrlcul 014 J4 5 Hit Agricul Corp pf . . 40a 49?i 7 Int Harvester now. . . . 1 01 0 Int Mer Marino pf.. .. 516 fi . Intcrnut Motortruck . 3ft 35 7 Int Motortruck 1st pf. 73 73 J4' H Hi 1 U4 is 484 39 - 1 114 44 saw 4 49H-37 43 .10 4 12.1 4- 1014 - 13H 4U sy 4-4S-HJ4, 3014 h4(4tO!4 13 E70 - MJ4 914 43 I-77- -71 39 88 - K- C3 4-10494- 138fi-- Ui 90 120 y2 - n 4IH 30J4 r 90 4- 81 4-70',44-7814 7J4 39 34 17 l7J4-n!4 83 4- 3!4 41 x " 31 1114 33 &VA- 1214 8Ji- 4 13 14H4 4414 R -11514 31 f fc3U4- C8',4-i- 7 ISJi t 39 1 43 no - 99 14 so 33 4 05 4 70J4 4- 13 25i -28 - 7 37 14 4 8 4 19'4 r 40 -1-114 4 C9 1 33 J 70 J4 4 84 2114- 1714 54 - 41 r iui; : ion 4 C3 4 14J. - 31144 73 -) 14 - si 4 103 4 58U 1341-2 ' 35 80 C7 4 28 304 73)4 1314 4 30 -t-4 UH 91 t 55 )4 4 35 4 73 4 100 3000 200ft 1110 1090 1000 son 200 1190 1500 1400 ion 100 too s, 100 5100 100 110 103 1100 10000 351)0 J 700 15)0 730 10o 1310 1810 son . soo 100 700 240 100 flQO 120 DlV. ln !-'. I 14 A IS 14 S H !4 J. 1 U4 1 v, W 114 U "l4 I Hltrh . . international rsicuei , i4 . .Internatldnal paper . . . 8 .. Invlnolblo OH Corp,., 1014 ., Island Oil , 4 ... Kansas City Southern 2714 4 Kelly-Sprhmncld Tire. 43)4 R KellylSpg- Tire t pt 81 , . Kolsey Wheel ..,...., 5.1 , . Kcnnecott Copper ... 31 . Keystone T ft Hi.... 14?i Iackawanna Steel . . ; 4814 .. Lake Krle & Weat',v. 13 2 Leo Rubber Tire 2J4 50 Iyclllgh Valley t3 . . Lima Locomotive pt ... 93 t Locwo Co ,..... 14)4 7 Louisville & Nashville 97(4 10 Mnnatl Sugar 00 . . Market St. Ry 2d pf. 9i .. Marland Oil f. .. 2014 12 Mexican Petroleum ..152 ,00 Mlddlo States Corp.,, 13 5i .. MIdvnIo Steel 27)4 .. Minn & St Louts lt'A ,, Mo ICansos & Texas.. 2 .. Mo Kansas & Texas pt 43 4. Missouri Paclflo 22 ., Missouri Paclflo pf.,. 41 .. Montgomery Ward ..2014 National Acme 31 " . . National Con & Cablo t 9 Nat Knam & Stamp.. Si .. Nov Con Copper 12 6 N O Tex & Mx, 0314 a N. Y. Air Brake 08 B Now York Central.... 08 ago 2. so New York Dock 35 1100 . .. New York N H & H... 19 ' 300 7 Norfolk ,& Western... 9714 HOO 7 Northern Pacific 7114 200 1.50 Nunally Co 10 100 .40 Okla Prod & Ret.... 314 300 . . Otis Steel '12J4 ton 7 Otis Steel pf 00 100 a Pacific Gas & Elcc. . . . S3T. 4300 ,, Paclflo Oil 3714 3500 0 Pan-Amor Petrol' .... 67 100 0 Pan-Amcr B 00 100 3 Pennsylvania R R.... 34 200 ., Penn Seaboard Steel. 9)4 3500 .. Peoples Gas Chicago., 53 1090 . 1'ero Marquctto 22 200 . . Pcro Marquette pf . . . . 43 3500 . . Phillips Pet 35)4 .4330 ,. Plcrcc-Arrow Motor . 25 200 x Plercc-Arrow p'f 61 300 .. Pierce Oil 9 100 .. Pittsburgh & XV Va.. 30 ."00 n Pitts Coal CO 14 100 e Pitts Coal pf 87 200 h Pressed Steel Car.... 83 .100 a Pullman 10114 400 c Puntn Aligre Sugur.. 34 E300 4 Pure Oil 32 jr-.-in:www?mmkWkWf'fi Tmw ' jf 1' ... - " ' -'L .-."' ai ?' ' '--.. jLi , r)l : ' --.V- . ..' .lw;,l" .'T'.' v-w. "rj .'" 1 'SMSkiikiliik;"!!:''1,.'" -f :r.i-'r:' -t 'ly-T S iwrit. O'V ' ,ikjJTJ - 1 nn 1 1 i 1 liliir IM l 1 1 1 vwrm ., . j rjL - i , 4.i javi -i-: at m- lni -m i m i' ! . ! a h a-i I il IHI 1 1 1 II lite I I I nil , W I' I.91 m m. i I M m Jf H MU W w w I I ; BUSINESS ON CURB mm M Prices Established at Materially HlgHer LeVjals Oil , Issues Heavy a H B New Yorlt, May 20.-iThero was a marked lmproY-'neut, both In the vol ume of business and movement of prices on the Broad Street Curb from the beginning of trading today. 1-. orous ndvorices were made in many of the lending; irsues and the market gen erally was established at n materially higher" level. The segregated coal mock assumcu. (lie mnat- nrnmtnent nosttton. most in terest beinj nttachetl to the trading in the Laokawnnna issues. Dealings in (lien Aldon were on a Inrge scale and that Block moved up from 3O7S to above 40, and Lacka wanna rlglita also made n sharp ad vance. Rending rights were traded in at 111 rVmmnntvenTth Finance was nil' other strong feature, advancing to 3S. Pouthern- Uoal and iron was .actively traded In at 4Vi to 4!j. CoPgrovc llrewinr, n new stock, on the Curb, sold at 10i -md 10. Clilcngo and Last cm Illinois wan strong at 14 and 14'4. Amalgamated Leather moved up from 13j' to 14. Acme Coal was quiet, sell ing at 1. Durntit Motors continued active on favorable reports regard ng choosing a site for .1 plant, ranging from 24Vj to 23V&. Inter-Continental Itubbcr sold nt 10j. The oil stocks were heavy. Alaracal bo sold down to 27j nnd Mertitt sold at the new low of 00i. Klk llasln was traded In nt 70i to 7ft. Omar Oil re gained it loss of yesterday. Htnildnrd Oil of Indluna yielded 72ft and Ihci rallied ! point. INDUMTIIIALS ,.?i M TAl bMiltt it evitdljnt pcrtanct tomcuhtff. Chfi t Minor' NOW and hand it totyeuritcrtlaiy nhtnsouttftatt th mtrtf inj't mtiL 1 Uuylng Is hall1 the battle. In thcd times of etfenuous coriipetftlon ihe'iii man with the lowest cosls.wiU get'ihe business. l r..i ...h.1 nt4ivrt In miAvo V.4, M....i I ' l lOUHWWi"""'" . p,-. . ,ual Know-.. whether prices are goin up or dwn. ,, vAdv!ce to Buyers' service gives you the pUin. unbiased facts and forecasts price changes on oVcr 1500 cotnmoditltss. Clients' following this service saved 102 ?5 on the average price or 5102 on every $1000 they, spent last year. tRpport on quest A Tew copies of the current Bulletin forecattlng prlc chamjeson HI bilc x-ommod ties - are 'available f0 dhtrllrtitlon to Intereittd executives, gratia. ' BBABS'ON'So?Sia WelleiJeyHUIi;82,Ma5i. , ISukOlW t Bill..) ' TAXrfft( Orelft'irt tflturinnt Atvittrk In ib rirtf - Atffi SsnM V Slo. TVfP.MO fnr Ymn .s7.n.. 102 extra Profit 1 writ. nor w. tubson ,. toundi , .? th iifti,,on' follow.! IMm send me n copy of llooklet 84nil, gai: ..k i.. l'i. Iltitittin1' nnrt rernt mimh .n. vff vi, ..w. T f a v,yv'vi. - -."-.- .- -... -n,, iffi - - 100 3.41 Rand Mln Am Shares 21)4 290 n Uwy Steel Spgs. 3090 . . Hzy Con Copper 4190 4 Reading 3000 Repub. Iron & Steel. 100 . Republic Motortruck., 4100 5. so Royal Dutch N Y. I 1 Hi' i t l'4l 14 i sli' ' '-2 .' !4 1!4 1)4 14 ' 14! 3300 300 1000 100 2j0 2100 31(1 100 200 9C00 &00 4100 1810 2701 .100 100 100 32530 700 200 100 300 7400 2400 3100 1300 3201 120O 1800 400 100 900 30" 1700 300 100 5300 17000 0100 A00 1700 1000 eoo 830 800 300 500 100 100 800 400 300 300 100 500 1414 73 7! IS ot !4 214 3414 3S14 o4 11 78 17 Acme Coal mer leather ,. .: . C & E III Com Klnnncc D L. A XV rUhts nurant Motors Kmplre Koid OlfnoMcn Coal Inter Products l'erfeellor T1r Itcnlln right. .Southern U & I . . U fl Dletrlbutlnc .... U H Hhtn Corp . . . . I' H atim United Prollt Hlmrlntc . STANDARD 01 US . ... 10,' Low IK ur i A ift 11:1ft A. M. iiSi t4 14V4 !17 SS ai;; S8 7H T .".OH 10V4 10 i ?J4 liirt " 1A 10 GUARANTEED STOCKS HIGH GRADE BONDS J V i ft n We own and offer1 100 shares" United N. J. R. & and Canal f This-road Is the irialn llneof the Pcnna. R. 15. from Trenton Jersey City, nnd furnishes Nhe latter Its entrance Into New to Jersey York Harbor and Manhattnn Transfer ; also coverM mileage from rmden to ft.uth Amboy, and owns most of the valuable terminal nroDcrtlcs of tho Pcnna. II. il in Jersey t.nj. jL-eaoca to the fenna. R. It. for 991) years from 1871 at a rental of 10. Price on Application MORLEY, WOOD & CO. 333 Chestnut St. New York Stock Fhange Philadelphia Stock hxchangc. Ir; 8t Iouls San Fran... . St Loul.t San Fran pf . St Louis South wes;. Seaboard Air Line.. Seaboard Atr Lino pf . . Svurs-Roobucl: Seneca Cop Co: p.... Shnttuck Arizona. Corp ,11 Shell Transport . Sinclair Oil Sloss-Shcff . . . 4 Southern Pacific . . Southern Rail . . Southern Rail pf T Stand Oil of A J pf..l0t!4 2 Stewart Warner Speed 30 '4 Strombcrg Carb 3(2 1 Studctaker 75?j 1 Submarine Boat Corp. 714 Superior Oil Corp... A Superior Steel Term Cop & Chem. . . 3 Tcxus Co .. Texas & Pacific 1 Texas & Pao C & O. A Tobacco Products... . Trans Con Oil .. Union Oil 10 Union Pacific 8 United Drug . Unit Rwy Invest pf. 3 United Retail Stores, t; S C I P & Fdy. . . U S Food Products.. U ri. I nd. Alcohol.. 7 U S Ind Alcohol pf . . . U S Realty & Imp. . . BUS Rubber BUS Steel 4 Utah Copper . . Vanadium Corp . . Va-Carollna Chem . . . Vlvaudou Ino .. Wabash ,pf A . . We&torn Maryland . . . . Webt Maryland 2d pr 19 4 Westlmrhouse E M. 4CJ4 Wheeling & L E pf . . . 17 4 White Motor 38?s .. White Oil Corp in 14 .. Willys-Overland S . . Willys-Overland pf . . 37 s Wilson tc Co 39 !4 B Woolworth F W 113 6 Worthlngton Pump .. 50J4 43 U 3I4 39 76J, 21 J. , 50 t4 . 40 . 6Ji . 37 . 25)4 . 2014 . 67 a 0 . 2314 .13014 94 J4 2i ooj, 1514 30 69 97 53 70 83 M)i 33J4 31 8H 33U juji 14 Anclo-Anrer Oil 10U Stand Oil of Ind 3 72H INDRPBNDKNT OILS n l 01 s .r S .It 10 1 ij 3 .10 4 13 5014 4- 114 Commodity Markets FOREIGN EXCHANGE j Now York, May 'JO. There was a; further decline in foreign exchange rates i DA1IU maou-c-p t the opining today, the reaction ex-1 GRAIN MARKET tending virtually throughout the on-1 Chicago, May 20. The feature in tire list International bankers, how-I the wheat market was tlie early slump ever, nttached little importance to the I in M nCports that outside ter- lirop "leriiii.. ;-i'" --;-,- - , .:, .. r11,hinir when! to thU mar- Ket to relieve the besieged shorts diused some of the longs to liquidate and tneic was pressure against the cafli wheat coming from an outside market. The biggest selling wus for the 3 ear ago, ago. Juls Ootolei- December January March and 10,304 bales two years in r Frfwou. Clo.e Open . 13.DU l'.'.na . 1.1 08 l.'i.OO . 14.00 14,12 . . 14.31 14.2.1 . . 14. 53 It. 38 Allied Oil Iloone Oil Hotton Wvomlns . . Carlb Syn. Denny Oil r.lk Ua.ln ret Kilt llailn rlsht. ... i:rmlr.xtrit Petrol . . . Keilcrsl OH Int l'etrol Mnrarftlbo Oil Merrltt Oil Mexico Oil Nolo nref Nico Pot National Oil North Amer Oil Noble ... Omar Oil Producer t !te(lnere Salt Crerlc Trod . . . Hlmma Pet Shelly OH Texon Un Texns Oil United Itoyalty Y OH MINING Alaska Ilr Columbia ... . Atlanta Itltr iose IlQOtll Hontoii L Montnnu. Caledonia Mining I'andelaru .MininR Crcnnor? Oold Prucent MacNamara Dundee Ariz Ill Salvador Kurelia Holly ... Oold Cons Oold Dovel Oold Kewunan Oold Silver Pick Oold Zone Great llcnd Iron llWioiom Knox Dlvl'Ts MacNamara. Mar.h Mining Mother I-od new National Tin l Nlpl.ilng North Star Rex Coni Ilochratcr Mines . Sun Tov Sllxer Klt Dlxlde Silver IPIIa Nov South Amr P Q . Stand Silver Lead Succe.a Mlnlnc Tonopah Holmont Tonopah Cash Hoy Tonopah Divide Tonopah Kxtenalon .' Tonopan Aiiun ay Ti.nnnnh Xtlnlnir ......i Tonopan .vispan " Tonopah Montana . ... 1 Tonopah lte.icue KUlu . . 18 I'niieu tia.iern u Victory a,, Vt End Con . .. II White Cap. ... 7 Wllbcrt a CUB11 BONDS '1 t T h 'k 9 M 7 y ' 4 1 f. 3 oo 11 30 1H 10 '; 4 1 17 17 HI in 7 lQ 4',i a 10 a 4 1 23 ftV '' l n 14 14 i li l'.i 5T- 4 73 ! 1 01 7-; 27'S 1 14 3 CO 11 34 PU I) 1 . 17 3 17 16 14 1 lienw demand for dollars in London, opened sharply lower. Quotations were: Merlin cables 3ai. demand 3.0-; 1-rench and Rel gl.in cables S.4P, checks 8.4S ; Swiss rabies 1T.80. checks 17.7. ; peseta ca ble" 13."-2. checks 13.'0; ire cables .".31m... checKs ...; B"" '-""", account of a local long, 'flip market :tr,.l.".r check- Jtu.O's: Stockholm "- cullled later on covering by shorts, bles j:,..-,.. check), '2A I0 ; Chribtlanla ,, wll0a(. HS weoUl.r but ti.cr,. cables 1.'-'J7. checks lfi.UJj, 'i'eni'y " 1 was good buying on every dip nnd the cablcr. 17-UU. ciieciis ..,, - ' inclines were of little in WANTED nr Nsw York Slock Kxrliance llouw IiktIuk liriuuli oinrr III riillailrlnliln. A thoroughly exprrlrmrd 11 ml rrliiilitr sounc mull to iilkt iniiiiiiKrr. Mut hare liehl Hlinllur iiunIUoii, Iki tl nrquulntrd and rome lUchly rccom mendeil. Adi!re "D. C." P. O. Ilox Hii. City Hall Station, Nnv urk cits. Ph iladelph ia Stocks The rate of premium in Montreal today on New York funds was 11 l..;10 per cent. The rate of diwount In N York on Tunadion funds was 10 11-10 per cent. , , Central Kuropean exchanges Jcre lr regular as follows Grfek. Bj4.; . IJu mnnliin. 1.71: Hulgiir an. 1.30: A. s trlnn. .1; Polish. .13: CV.echo-Slo-vakia. 1.47. yi:m'i:HDAV s nNM. quotations , W TFH !vs l!uHfteir5 c'ablo."1 . t4. 8 44 tUU 5 23 KiDAX'S OPKN1NO QUOTATIONS HiBriluc 1-raiK. Llr? llullderH . 3 112 S.4H n.w H 02l a 411 S.SO'-a Domund Cables an. os 3ft 13 IS .V.I 1 I-. 1' .M IS ."ill N't 1-til.i;. Pittsburgh Holla Us, 1032 Phila. Electric 6s, 1922 Hershey. Chocolate 7'j8, 1930 HENRY D. B0ENNING & GO. stuck f.xciiANor. uuir.niNo Direct 1'rHole Telephone to New York Member 1'hll.i. M01U ICxtlmnte .4- "J7V,- 70 3.- V tsi .i . S. PAITON & CO. S .1 rilKSTNUT hT.. UANKEHS Sueceiior to PAIIKlt St Kl'ISVKNSON Ilonili nnd Ntorks lioncht 11111I aold , ml.fr. I'hlln, Slnrk Kxfline Jaouer & llurruusli Co. Ifct Misc. (Urardvllle ltt. 4'oniimiiir . . - , H. Jeriwy Own. Kiev. Triifjloii IMilillo tirrvlre t'orii, f N. J. ., Vllmfmrtaii. CliMter ?.-'t?,",.t0' 'Samuel K. Phillips & Co. (i'h ruan H'm IUIM n'n tofts 7'it I03'l a'H him 0'N 11)10 IliKh 34 All! Insur IS 10 Am Strs. ,"!i ."lOtColtiraph 7 7 7 . rill.1 KleoStor.lnv'i I11M, HiSs'.-rl'i 3 I Co N A '-'', -".Hj 'J'.)',; 4- s 30 Key Tele liref .".)'.. 3(1 30 .. 1IHI Lake Sup S s'it sn, . 70 l.eh Nov. 113 II Pi OP.... 11111 i.,.i, Vnl .va. ."ra. .Va J3t.Mldvale.. l7-t L'7, 41) North l'n 70 70 0'J'J Pa U It.. 33 3a; 03 Phila Co cum pf.. 3.'! 3. S3 Phila F.lec 'J-' liHH si 4 do pref.. 3'i '.'3 13 Pliila It K 17-"1! 17r'H 0tPieri'-A 2P,a L'P-j ntUeadlne.. 71i 7"-' 170Tono Min 1 l'Ts 30 .1" (1 I... 3.T5S 33 100 do nref.. HI ltlTi iii chiiiitf'" inmlo by (-oiniuirlHon with last Kate en Nmw Viirk Htm'k lJX''h intri. I'lllUMIIlI.I'lllA UONDS 1300 Liberty 12d PAs S7. 1 1 4000 Liberty 3d l4s lots 00.34 2000 Liberty 1th 4liH 87.32 2000 Amer (ins & Kleo 3s 74 1000 Hell Telephone 7s 1021; 1000 Hell Telephone 7s 102Vi 1000 Klectric & People's Is.... 03 1000 Lehigh Valley gen 41is... 73V, 11000 Lehigh Valley gen -Hii... 74VJ 2000 Pennsylvania V. 'r',A 1000 Philadelphia On cons 3s. . . 81 3000 Philadelphia EIcc 1st Ss. . M 321,. 22 "4- 23-1. ll'Js- 2IV..4- 70 -1 33s a 4oys BUTTER, EGGS AND CHEESE .JiirS Mflas'ii' patina "! -ur"nt ,n"l?MlHV,,-n?m,T' neie.PU 3fcMtti?r ,flr,'.lJ-e".iS,Srr.l- ' H.aV. ."nWuM."' -a iV.,tfb yVofoni h.nneiy "lilt", f rhtH lo ex rAil 1 3I. nc. Stale. I'.'nnwlv-nla and -..... vi'utrri iitnneri uruwna, .-,-! - n An u .hVi.il hrowiiii anil mli toiori rtrttts t i' fxlr.1 firm ;- Ml" whole milk " lrf', VTlftr MUta 'l LVh'lV &.at'vnV Uclala. 10l0e. 4... meruge run 14W1 'i I.. ... ..in. "ilrjfl'i c: .'li"t.''gc '. btorftK-Pxrk.'d flulu, 'JliVl IV Xi BANK CLEARINGS 11.. 1,1. c'earlnun today comp.irtd nnh ror re.poi.illmt djy last two jean. m( iir,.ir, 145 nsn.ssr, ioi.i)i.ft4ft ir,n,in,44s lio.ion r.JK'V:.? mS. Ii, -ui t.iia san.iiiiT in? V7 i. '';.!- : :;;:...;.-..-. 711. 707 U'l "f ni.il il.i N Y. 1'hlla. illl'J. hOl 03,HHU,n33 BAR SILVER Doin.klie I'dr lei was uiijliniisejl -.1 fio'jc In New 1'ork today, (nrt-len .180, it roevfpion 01 i. i" t.uii4i, .,. ,... n '4d hliiher, at 33Hd French Bank Statement Purl Mav 30. -The weekli alu'cmoni of tho lUnlt of Ktari'o allows the followlntr channel rlold In hand Inerea.ml 332,(i00 trunci. .liver Ui hand tncrmned 49O.0OD frnnrs. note. In clrculntlon depressed 331,. R03.000 franc Iren.ury deposit, decreased 33,1180,000 franc, general deposlta In rreaaed in7,H'.':i,0O0 frunc, hills dl.countrd deerensod 7B.H1I.00I) frsne ndvnncea ile creased 12,001,000 irnno. Tim btata re paid to the bank 100,000,000 franc. !) portnnci selling of July was prompted by re ports of good rains over tho dry spots of Hie Southwest wheat belt. How ever, crop news is such us to udmit much deterioration and a report from the Department of Agriculture tells of M-rious infestation of chinch bug in the Central Mississippi Valley. Exporters reported demand improved on the break today. Cash wheat pre miums were unchanged. Shipping sales were 10.000 bushels. Corn was easier in tone. There was fonie support given September by Omaha interests, while resting orders to buy were uncovered on tho break. Tlie Mtronir cash situation is making friends for the bull side. The cash basis was Vic Higher, despite receipts of nearly 000 cars and the henviest sales on the crop by the country. Ex porters paid 3i: over July. c. i. f. Iluf fitlo. for No. 2 yellow and were bidding 'jac over today. Shipping sales were 230,000 bushels. Oats were weaker with other grains. Commission houses were good sellers for Eiihtern account. Locals wcro best buyers. Tho country sold oats heavllj over night. The cash basis was un changed. Shipping demand was moiP. erate. Shipping snles were nO.OOO bushels. COTTON MARKET New York, May 20. The cotton market opened steady at an advance of 2 to 3 points. Business was evenly divided during the early dealings, New Orleans, Wall Street and the trade buying, while some of the spot In terest nnd Southern wire concerns were sellers. , Fine weather conditions in tho belt offset a firmer stock market, but there wns a continued disposition to even up short lines for over the holitlayn nnd In nntlelnntlnn nf hlllllsll CrOI) reports and thd tene held quite steady. One June notice wns in circulation at the start. . f, , Cable advices reported the Alexandria cotton market closed until further notice, owing to riots. Keceipta at the ports for tho day are estimated at 10,000 bales, against 24,704 bales a week ago, 7030 bnleo 0 NEW YORK COFFEE MARKET New York. May 20. Prices on the opening call of the local coffee futures market were 7 to 8 points above the previous closing figures. This demand was supplied by offerings from outside longs. Tlie llrn.ilioii cables this morning showed very steady conditions in tlie primary markets, and it begins to look as if itruzll'H ability to hold film was telling on sentiment here, resulting In covering of some short lines. Toward midday prices were a couple of points or so above Initial figures, with trading very quiet. September sold at 0.01. or a net train of 13 mints. The future trend of valves might win to depend on whether a good demand develops here before Ilrar.il has to ell. At tl' present time demand is very light. Prcv Cloa Hid 0.11 H.1SW20 0.47 n.nuo.",; rt.Oll 7.00U01 7.23 7.3043l Aluminum 7s Amn Art Chem "H, Amn Tel fin 1022 .... Amn Tel 0. 1IU4 . . . Arnrondn 7s. 1020 Anglo-Am Oil 7 lis . . . Armour ' Cnn Nat Ry "s .... Chi East A III ft. . Cons Qa. B. . . . Cop Kxport. Ss. 1022 Cop Kxport. Hs. lilUS . Cop ).xp rtj, iun . . Cop Exp Ht. 1V2Z . . . Goodrich Tire 7s Qrnnd Trunk GVis Gulf Oil 7. Heinz Co 7. Humble oil 7 , Lrledn Oil. It I.lbby McNeill 7. Ohio Power 7. fVors-rtOfburk 7s, 1022 Kear.-noeuuck 7s, 1023 Southwest ndi 7s S O N Y 7, 102ft . . . H O N V 7b 1020 . . H O N T 7, 11)30 SONY 7s. 1031 .... HUNTSi Swift t Co 0 Texas Co 7a Western Elec 7h . ... , 0il , . Bft , . 07 , . 05J4 . . "314 . .100 . (M'i .1(10 . flflVi . ino 100 W.i ..100 . Ofl'i . . PI 04 ., 0fU4 . uhC ;. on1 . no'i 115 .. 117 .. mm . ion; ..Hll't .1113 ins; ..100 . nov. .. DM, .. oou r.Vi 3 a a 1 1 23 n; 1, II J It V' V u 2,', 3 Jt 7 3 0Ci Oft 0(1 ur'5 USK 100 B4H loo eo 100 ua ' 00H 100 00T. 00 04 0HVJ UO'i DOS 01 i 07 nfi4 oo'i ion, 101't 107 l()lli 100 ohS l)Ki 0!)H 1 3V no it 30 l. It I 1 r f 17 2 t7 1 HI 7 SH a 11 4 1 28 r.K 3A 14 II IS 1812 THE 1 ii j-j" 1921 f PENNSYLVANIA COMPANY for Insurances on Lives and Granting Annuities TRUST AND SAFE DEPOSIT COMPANY Capital and Surplus - - - $7,000,000 Member Federal Reserve System IlKOAD SlItEET OFFICE. Chestnut and Juniper Streets Service and Stability 517 Chestnut Street Philadelphia Mutually Beneficial :i II H on ft 05 tm-4. 0.1 MA 100 ti4 ; 10O no 100 !); I)04 ioo (l0" oo 94 onu vffi onu U0V4 83i II 4 U 1)7 unu onji 101 101'i 103 103 100 9) II S PUS in the relationship we desire to eatabliBh with our depositors. We not only recognize an obligation on our part to servo our customers, hut find a real pleasure in working in their interest. The varied and complete service possible to secure in a modern Trust Com pany is always at your command. Integrity Trust Company Fourth and Green Streets ADVICE TO THE SMALL INVESTOR Capital 3600,000 Surplui & Profit $1,760,000 I Our o.nrrAnt Mnrtf 1 ettf i contains some valuable sue- I gestions to the investor who; wishes to limit the size of his . I purchases to small units. Make request for a free copy of L-35 J. F. McGOVERN & CO. Member at l'hlla. Slock Kxcfuits 1430 South l'enn Nn.. Villi.. Sprnre 0410 lines SOU,'- Xew York! 83 Hrondwny Order, execnted In nil Murkeli over fast Direct Wires i iH'SH0fc II July Beptemter December March LONDON STOCK MARKET Foreign Group Idle Dollar Descrip tions Quiet Operations Small London, May 2(1. Oil shores on tlie stock exchange were flabby today. Shell Tranhport and Trading was 5 7-10, and .Mexican Knglc IH4. The Industrial department was spotty, but stable In the main. Tightness In the monetury sltuation and the over-ulght debate in rnrllament on nnnncc had an unfavor able effect on the gilt-edged hectiou, which was wft. The foreign group wan Idle. Home raiU were quiet and mixed, with brokers waiting the prnmined re sumption of the negotiations to settle tho strike of the Hrltlsh coal miners. Dollar descriptions were firmer In sym pathy wltli New York Hxchange. There wns moderate repurchasing of Argentine rails. The kaflir department was steady. Generally, operations were small and the markets listless, RAILROAD EARNINGS DELAWAKE LACKAWANNA WRBTIIHN 1021 April srross . . . 7.1SR.20rt Net oper. lnconi- . 1.07S.ZH3 Four months' gross.. 27,410, ISO Net oper. Income. .'..'2T,S2ii CANADIAN PACIFIC Third welc May.... 13,0(10,0.00 Jnn 1-May 21 .... U.1,H77.000 IIALTIMOIIE AND OHIO April oper, revenue. fIS.OSHJITO 1720. OKI lncrr.se !2,Aln,274 1,301,183 4.040.1184 1.022,221 1.1C4.H0O B, 344, 000 Net revenue Net Income . Four mos. oper Net revenue . Net Intome . Decrease, 8. 147.1US 2.037. t)!)7 04,102.1811 A, 012,433 0,823,882 2.S17.020 2,277,001 203,402 7,012,OHS G.212.000 MONEY-LENDING RATES quoted t AH short Mils. OH 0 13-10 to per PT 6 LONDON Money Is rent IllMf-nunt rutes. rent three month.' Mils, psr cent, . rilllwtliKl.rillA Call. Pir csnti tlmo, 0 per conf rommerclal paper, three to W month., 0 ir rent. . . Note Thjse are mrely nominal quotM tlon., the ll rate ot Interest In the Mali of Tenn.yhanla belnir flxed at ) per rent Plus premium ana commission, umr mnne; for thirty to ninety day. 1 loaned m 7 to 7V4 per cent, HhU commerolal paper, from thirty to ninety day. U loaned at 7 to 7ft per tint. CHICAGO, HAMMOND & WESTERN RY. CO. 1st Mtge. 6s January, 1927 Company oporatos a conilnu oua helt lino arcund City of f.'hlcngo feeding twenty-four runlc llr.o railways. Price on application Blodget&Co. Real Estate Trait Bldg., Phila. Spruce 8200 A.Nation-Wide Market for Liberty Bonds Victory Notes and Treasury Certificates SECURITIES DEPARTMENT commercial trust Company Uesabtr Federal Reserve Syslans City Hall Square West ffl& Timely Investments The day is far distant vrnen people will discontinue the use of electric current for light, the operation of house hold work-saving devices, etc., and manufacturers will no longer use it for power for production purposes. On the contrary, the demand growl daily. . ! Our observation shows that the conservatively issued se curities of electric generating companies are becoming more and more favored by those experienced in the investment of money. We have some choice bonds and preferred stocks for sale. Yield 6'i to 8.60?o, tax free in Pennsyl vania. Particulars on red '. HARPER SiTURNEH Investment Bankers Utmlera of Philadelphia Btotlt KicM'lW Rfnr.k Exchance Building ,. .... DkS1w1ilnllln l.'(UM, pciuiiiuii a iiiiuui.ii'ii. Boston Chicago Walnut 1606 Now York Ilacc 43G9 Southern Utilities Co. 1st Mtge. 6 londs Price 82Va Interest Yield over 8.30 Pcnna. State Tag Refunded The interest charges for the entire year earned In first three months. Full particular on request. Martin & Co. 1411 WALNUT ST. Phila. ' J? H.L.SMITH&CO. INVESTMENT SECURITIES 1009 Und Title Bldg. Spruce 6721-2 $100 Denomination Bond Secured Gold Note ! . . i Due December 1st. 1i ' jj! of Public Utility Company. et llshed 1906, Karnlngs eoclO",, exceed thoro of previous "i 100 Increase for live-year V?r10U ', nrllni- 1020. ! Price to yield 8V2 Circular T S m rcoiir't I Fairman & Company Drexel Building, PhH. , KstiiMlsheil 1001 A. H. Bickmore & Co. Ill Broadway, Now York . .." rnTff 1 VfifmrnTfTTrrrrTrrrn . . "v. , j I .in.n F Rrnwn & Co- rrnTiPirn PUBLIC ACCOUNTANTS IU50 KKAL KftTATK VorioKll" ,.-.n..i und uiljust eorpof.ii; .;t;.hiD account. ol l"i""V tik Hturni. P. J. VAN BILLIARD ACCOUNTANT-AVOITOU Bptciatlxinu In VCOKItAti INCOMK TAXr.H Formerly with Invcm Tax Utl Bureau of dismal itcvenus JIFJUAV KBTAT5 TfcUBT III4H1.. rilneet S14 K.re gnlT t i rARR ACCOUNTANT & AUDjTOJ Brooks Bldg. , ettat.i.we.-wi. . -r " "( " tt IUII I.IIMI.ll'l o. K f . A I 14 ll-Y tit,jir ,ijt. -
Significant historical Pennsylvania newspapers