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teVteNlGs PUBITO aJDGERPHTCABELlPHIA, ' WEDNE8dA;T JON) 1 tt92T
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RnmcinnnuiuiltfjntiTttnui'iuijun
For $450
Purchase can be made of
one share each of t listed
dividend-paying stocks that
will return 32 dividends an
anally, amounting In all to
$46
so that the return on the
investment is sliehtly
better than 10 per cent
The 8 stocks referred to
are representative of dif
ferent lines of industry,
thus making for added
safety of principal.
Combined purchase can be
made on a
First payment of $90
Balance in monthly pay
ments of $36 each.
Write Dept. PL-5S for de
scriptive literature on the
above which will be sent
gratis, together with our
booklet, "Thrift'Savings-
Investment."
mmvsMmmm
66 BROADWAY NEWYORK,
vTEUBOWUNO CREEN40Z0-2S
SAME
INDOLFN
T
DRIFTOFMARKET
Different Construction Placed
on Wage Ruling of Rait-
way Labor Board
The Hill Roads
We have prepared an illus
trated booklet p'ving a his
tory and description of the
railroads comprising the
Hill System. The booklet
contains a map showing
graphically the extensive
territory served.
The Hill System operating
over 26,000 miles located in
seventeen states draws its
traffic from a more widely
diversified territory than
any other railroad on the
continent
Copies of this booklet win
Im sent to investors upon
request.
Harris, Forbes & Co
PineSt.. Cor. William
NEW YORK
PHILADELPHIA OFFICE
Widenor Bldg.
CITIES SERVICE
COMPANY
Bankers' Shares
Monthly Distributions
in cash
Averaging for 12 months
Ending May 31, 1921
39.58 cents
A Bankers' Share
Bankers' Shares enjoy a wide
distribution, being held in
practically every state in the
Union and in foreign coun
tries, and command a ready
market.
Over 19,000 holders of record
indicates the great popularity
of this issue.
Circular K on request
Henry L. Doherty
& Company
604 Morris Building
Philadelphia, Pa.
Telephone! Locust 1440
11
Pennsylvania R. R.
Consolidated 4's
Due 1948
21 FsdersI Incomi Tax Paid
.p2em,Bt ln Pennsylvania'
finr iimYi 'ontlnmn
lien on 1403.54 mil., of road
In PennsyUanla- 283 31 mile,
or leas.-holds securities of a
par value of I63.;43.7(9
Price to Yield About
5.35
tlmlly atV tor Circular KS-tS
COMMERCIAL TRUST BLDG.
PHILADELPHIA
NCWYOOK,
WUlMOPI-PITTSOUBSH-SCnANTON
New York, June 1. The biff piece of
news in today's stock market of course
was the railroad wnRe reduction. Sev
eral dilTerent constructions of the ef
fects of the ruling by the Railway
Labor Board were made In the market
uorld. At first gtnnce the reduction of
approximately 12 ner cent was nulte
generally considered disappointing,
mainly because some of the railroad
executives said so. Studied a bit more
closely it was found to be much bet
ter than at first supposed because It
was figured the reduction would save
the roads some $400,000,000 an
amount not to be sneezed at just at this
time when all hands arc pulling bard
to make both ends meet
When examined still more clowly an
even better Interpretation was possi
ble. That is to say. tnose who pro
fessed disappointment becautv 12 per
-"iit wut granted when 20 per cent was
asked, iwi.tukcd the fad that If the
full rcqnMto. reduction had been made
all at once, the result might have been
a series of strikes or threats of strikes.
So, after deliberating over the matter
for about an hour, It was generally con
ceded It was wiser to let the wages
down gradually. Another strong point
overlooked was that the saving of ap
proximately $400,000,000 is figured only
ror the iih roaas, wnich nau suomutea
their disputes to the Railway Wage
Board. Therefore, It is safe to assume
when the remaining requests are settled
It will put the roads on their feet at
once.
As a market factor, however, the In
cident fell as Hat as a pancake lu a
cheap hah house. It did serve to check
a reactionary turn which started at the
opening, or was continued from last
night, but after producing a half-heort-ed
sort of n rally the market and trad
ing assumed the same indolent charac
ter which mnrked yesterday' opera
tions. Altogether the day's market was
to ii lnrce extent nlmost a complete rep
lica of veterday's colorless production.
Although stocks yielded rather easily
when subjected to professional pressure,
there was a continued conspicuous ab
sence of real liquidation and persistent
selling. Selling by the traders, as a
matter of fact, wns noticeably coutious.
indicating an approaching overcrowded
condition on the short side. At the
same tlmo the entire list disclosed feeble
rallying power, or at least ability to
sustain the recovery movement.
Actiritj on cither side was retarded
by the Continued firmness of the money
market. Brokers reported n brisk de
mand for call moncj nt 7 per cent,
while the supply was anything but
plentiful, and It was rather surprising
higher rates were not exacted. On the
other hand, exchange on London rose
substantially over yesterday's litiul quo.
tatlons. Continued weakness of the
Liberty ."Hi per cent bonds, which es
tablished a new minimum at a frac
tion under S". was nleo depressing The
price Miriations, however, much the
same as in the previous sessions, were
governed entirely by the shifting oper
ations of the professional traders.
The entire list turned reactionary im
mediately following the opening. Ship
pings, sugars and chemicnls were added
to the long list of heavy issues during
the morning. Set oral of the minor
rails also registered substantial losses,
but coalers and Pacifies were fairlj
firm. Shorts were aided in their opera
tions by further price cutting in the
motor and oil industries. Sears-Roebuck,
American Woolen. National
Enameling and United Drug represent
ed the reactionary specialties.
European oils, reversing their recent
course, showed fair support. Steels and
tobaccos led an irregular rall before
noon. Passing of the dividend on South
Porto Rico Sugar exerted no adverse
effect, having been discounted in jes
tcrday's severe decline. Motors were
under Increased pressure, however.
Pierce-Arrow preferred falling almost
." points to a new low.
LITTLE ACTION Mr
LOCAL TRADING
Lehigh Valley Directors De
care Regular Dividends on
Common and Preferred
NEW YORK STOCK EXCHANGE TRANSACTIONS
3
E. H. Rollins & Sons
Founded 1878
Investment Bonds
1421 Chestnut St., Philadelphia
Phone Pprure 54 60
Boston .vw York Wilkes-Bam
.Baltimore Chicago San Francisco
Province of Manitoba
6 bonds due 1031
Price 91 2 nnd Interest
to yield 7.20
Principal and semi-annual in
terest payable in gold coin
)'
in New York City
One of the most encouraging dev 'lo,i
ments of the day from a locil lew
point, and which virtually jiaiMd un
noticed, was the declaration of the
regular quarterly dividends ou Lehigh
Valley Railroad common au.l preferied
stocks No change, of course, had cvn
been hinted, but anything is possible
these days. Nevertheless, it supplied
a refreshing change from the disagree
able announcement so frequently made
of either reduction or mission of divi
dends. Trading in the local stocks did not
amount to much. In volume continued
extremely small It was likewise un
productive of any material change in
prices, except in a few scattering in
active stocks. Most of business was in
small lots
No response whatever was made to
the wage reduction announcement of the
Railway Labor Board Pennsylvania
Railroad held between .15 and 35V
Lfhlgh Navigation on small salrj moved
up to B."
The controversy stirred up at laet
night's meeting of Councils over the
Gas Commission report had no pffect
on U O I which ruled relatlely
hrm at 30 What little Philadelphia
Rapid Tran6tt there was offered was
well takm at 173 Philadelphia Elec
tric preferred was offered modeaterly.
falling back to wear's low quotation
Electric Storage Ratterv was steady
around 107. but the trading was on
a small scale The Street expected ttie
directors to declare the regular quar
terh dividend of 3 per cent at their
meeting this afternoon.
BAR SILVER
Domestic bar silver was unchanged
in New York today at f)9'4c per fine
ounce; foreign, r7Ji up Vtc In
London the price was 4d lower at
33Vad.
Today's Range In Liberty Bonds
IN Y time)
11 10
Liberty SV&s .... 87.50 87.20 87 2tl
Libert 2d -Is.... 80.60 88.86 80.80
Liberty 1st 4i',s. 87.00 87 40 87 40
Liberty 2d 4Vs. . 87.00 86.80 86.60
Ubert 3d -IVis.. 00.54
Liberty 4tb 4lta. 87.10
Vic Notes 8 .. 08.06
Vic Notes 4Ms . 08.06
DIV.
Sales In
100
to
100
aoo
400
ISOO
too
100
200
800
300
600
S00
800
1400
100
300
100
400
300
700
300
3000
800
200
400
100
1300
1400
ISOO
100
300
4U0
2S0
4300
3600
3100
S00
3300
200
100
2600
100
100
100
100
7000
300
100
0600
10300
100
1300
3100
100
100
100
300
200
400
1200
1900
100
700
100
000
1100
800
1300
1400
200
1700
2700
100
0000
700
300
1700
200
100
200
100
100
2600
1700
100
100
600
500
1S00
1600 '
11700
CS00
8600
1800
100
1000
700
100
3600
400
100
100
3100
10ft
3100
100
1100
12000
200
GOO
11000
200
100
400
300
1100
200
100
101)
1000
2000
too
too
400
200
200
300
son
400
100
400
son
3000
4600
100
2200
1800
. . Adams Express ...... 43 41
. . Advance Rumelr 5
6 Advance Rumely pf . . . 4 48
4 Air Reduction 3414
.. Alax Rubber 28 ji 3814
.. Alaska Gold Mines... H H
. Alaska Juneau O M.. 114 Hi
4 Allied Chem & Dye... 4214 "1'a
7 Allied Chem & Dyo pf. 81W IH
4 Allis-Chalmera 33 31H
7 Allls-Chalmera pf .... 73W 73J4
8 Am A&rlo Cticm 48H H
.. Am Beet Sugar 36)4 35ft
5 Am Bosch Magneto... 44 H 44
. Am Can 30 30
7 Am Can pf 83J4 83J's
12 Am Car & Fdy 123'A 123)4
.. Am Cotton Oil 18 18H
.. Am DniB Syn 0
8 Am Exprosa 130 128
.. Am Hide & Leather pf 83)4 83
.. Am Hide & Leather.. 13)4 "Ji
.. Am Internal Corp.... 44 43)4
1 Am-La France Eng. . . 8)4 8)4
.. Am Linseed 39H "H
8 Am Locomotive 83H 83H
7 Am Locomotlvo pr. ...101 101
.. Am Saiety Razor.... SJ4 H
. . Am Ship & Com 0)4 8H
. Am Smelt & Rer 43)4 3
7 Am Smelt & Ref pf... 76H 'J4
8 Am Steel Foundries.. 29 28J4
7 Am Sugar Ref 84 8314
7 Am Sugar Rcf pf 95i 95H
8 Am Sumatra. 60 SS'A
8 Am Tel & Tel 104)4 104)4
12 Am Tobacco 135)4 134
12 Am Tobacco B 134W 133)4
7 Am Woolen 73J4 71W
7 Am Woolen pf 98 98
.. Am Writing-Paper pf. 31)4 3U4
.. Anaconda Copper .... 40 30H
.. Assets Realization ... 3 3
4 Asso try Goods 38 38
B Atch Top & S F pf 35J4 75J4
.. Atlnnta Bir A Atlantic 3)4 3)4
.. Atl Gulf & W I S S... 37)4 3t
.. Atlantic Pet 1S& 1S)4
3 Auto Sales Corp 3)4 3)4
7 Baldwin Locomotive.. S3H 81H
.. Baltimore & Ohio 41 40)4
4 Baltimore & Ohio pf.. S1J4 51)4
.BO Barnadale Class B.... 34 24
5 Bethlehem Steel ... S3 52
n Bethlehem Steel B . . 56 65
8 Bethlehem Steel 8 pflOOU 100 U
.. Brklyn Rapid Transit 12)4 13)4
. . Brklyn R T ctfs of dep 7 7
.. Bruns Term 4 3
.. Butte Copper & Zinc. 4 431
.. Butte & Superior Cop. 13 13)
.. California Petroleum . 43'4 41)4
2 Cal Zinc & Lead 4J4 4)4
2 Calumet & Arizona .. 48 48
10 Cunacllan Pacific 112)4 111
. . Case JI A 8
. . Central Leather 3? 36 U
7 Central Leather pf... 73 72)4
Cerro do Pasco 28 38
10 Chandler Motors .... 62)4 61)4
4 Chesapeake & Ohio. . . 68J4 58)4
.. Chi & E III Eq T ctfs. 1)4 1)4
.. Chicago Mil & St P. . . 38)4 38)4
. . Chicago Mil & St P pf 43 43)4
5 Chicago Northwestern 65 65
. Chi R I 4 Pac 33 33
0 Chi R I & Pac 6 pf 66)4 66
7 Chi R 1 & Pac 7 pf. 76J4 76
. Chile Copper U U
.. Chlno Copper 34)4 34)4
.. ClevCIn chl& StL.. 40' 40)4
. . Coca-Cola 28 28
.. Col & Southern .... 37)4 37)4
.. Cluctt Pcabody pf . . 83 .83
. . Col Graphophono ... 7 Hi
7 Consolidated cigar .30 27)4
7 Consolidated Cigar pf 7014 70)4
7 Consolidated Gas .. . 86J4 86)4
. Consolidated Textiles, 10 10
. Continental Candy ... 1)4 1
4 Corn ProductB Ref.... 68)4 07
SO Cosden & Co 33J4 31
8 Crucible Steel 68 05
.SO Cuban Am Sugar 30 10)4
. . Cuban Canu Sugar. . 18 15
7 Cuban Cane Sugar pf. 53)4 5Hi
.. Denver & Rio Grande.
. Domcr & Rio Gr pf. . 1)4 I
1 Dome Mines 184 18
Emerson-Brnntlng ... 7)4 71
ft Endlcott-Johnson ... 61 01
. Erie 14 14
Erlo 1st pf 20'4 20h
. Erie 2d pf 14)4 14)4
s Famous Plajers L .. 71 69
4 Federal Mln & Smlt pt 37 37
Kisk Rubber 14 1314
.. Free port Texas 15 15
. Gaston Wms & Wig . . 1 1 '4
General Asphalt ... . 07 05
fl General Cigar 577a 57
K General Electric .... 133 131)4
l General Motors .... 10J8 10)4
0 General Motors pf .07)4 67 14
0 Gen Motors deb 6 .. 7U 67 U
Goodrich B V ... 36 S
7 Goodrich B F pf . . 79)4 70V4
7 Great Northern pf . . . 68)4 68
4 Gt Nor Ore ctfa .... 28 28
. . Gulf State Steel 35 35
.. Hendeo ctfs 18 IS
Houston Oil .... GOJn 0S"j
1 Hupp Motor Car 13 11(4
7 Illinois Central 01 l
.60 Indian Refining . ... O1 0'4
60 Indluhoma. Refining . S',4 514
Inspiration Con Cop .34 34
Inter Con Cop I 4
Inter Con Corp pf .. 11 11
Internal Atrrlcul .... ft 8
ft Int Agricul Corp pf. . . 48)4 10
7 Int Harvester new . . 87'i 87'4
R Int Mer Marine pf ... 53)4 53'4
. Internat Motortruck.. 34 34
. . International Nickel . 15 15
International Paper. 68 68!
Inter Paper pf stpd . 73 73
Invincible Oil Corp . 17 10
. Island OH 3Jt, 3
87.20
88.86
87 40
86.80
00.40
86.80
08.02
08 00
00.40
80.00
08.02
08.00
United States Treasury Certificate!
Int Maturing
Hat Data
t'D June 13
t' Juna 15
64 July IS.
8 Aug. 16.
t'SM Sept. IB
t'fl. Sept. 13,
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Kancas city Southern. 37
4 Kelly.Sprlnsrfleld Tire. 8)4
. Kelaey Wheel ........ 3
. Kennecott Copper . ..
. Keystone T & R
0 Lackawanna Steel 46
2 Lee Rubber Tire 7
TM Kt
tow (N.T.tm.) Che.
900 8.80 Lehleh Valley "J4
00 3 Loewe Co 14
00 1 Loft Candy 11
100 12 Lorlllard Tobacco ,...1
100 7 Louisville & NoshvlllelOO
10o . . Market St Ry pr pf. .. 40
100 .. Marland Oil 19)4
lOO .-. Maxwell Motor Hi
100 .. Maxwell Motor 1st pf. 8
100 .-. Max Mot 1st pf ctfs.. 5
100 .. Maxwell Chalm wl 12)4
100 .. May Dept Store 83
110Q0 Mexican Petroleum . .14SJi
100 e Miami Conner 33)4
200 i.jo Middle States Corp... 1314
.. Mldvale Steel 74
7 Minn St P & S St Me. 13)4
.. Mo Kansas & Texan... 2
. . Mo Kan A Tex pf 4)4
.. Missouri Paclfto 21
. . Missouri Pacific pf . . . . 3'
.. MontBomory Ward ... 18)4
.. National Acme 20
. . National Con & Cable, ifi
6 Nat En am & Stamp.. 60)4
.. Nev Con Copper 11
8 N O Tex & Mex 1
S New York Central.... 68)4
80 New York Dock 23)4
. . New York N H & H. . 19
1 New York Ont & W. . . 18
.. Norfolk & Southern... 11
7 Norfolk & Western... 95)4
8 North American 9
7 Northern Paclfto 70)4
5 No-a Scotia S & C,
Okla Prod & Ref 2)4
.. OtlsSteel 12)4
2 Owena Bottling 49
8 Paclfto Gas & Etcc. ... 51
.. Pacific Oil 38
8 Pan-Amer Petrol .... 65
8 Pan-Amer B 59
2 Pennsylvania R R ... 35'
.. Penn Seaboard Steel.. 0
7 PennyJCpf 90)4
.. Peoples Gas chtcaaro. . 51
.. Pere Marquette 23)4
100
100
100
100
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500
100
400
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5I0
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100 S
500
400
1000
1400
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15000
100
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300
600
100
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2500
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3100
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5100
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1800
700
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. . Plerce-Arrow Motor.
8 Plerce-Arrow pf ....
. . Pierce Oil
8 Plerco Oil pf
. . Pittsburgh & W Va..
8 Pullman
ft Punta Alesre Siurar.
4 Pure Oil 31
. . Ray Con Copper 134
4 Reading 72
2 Reading- 1st pf 43
2 Reading 2d pf 44
. . Remlnpton Typewriter 21)4
. Replo Steel 244
. . Republic Iron & Steel. 55)4
!n Royal Dutch NY 59
.. St Louis San Fran... 25)4
. St Louis San Fran pf. 34
. St Louis southwest... 28)4
.. St Louis Southwest pf 37)4
. . Santa Cecelia Sugar. . 3
. . Saxon Motor 4
. . Sears-Roebuck 77
'. Stneca Cop Corp 10'A
. Shattuck Arizona' Corp OV
.74 Shell Transport 43
. . Sinclair Oil 33J4
fl Hoss-Sheff 38)4
fl So Porto Rico Sugar. . 45
4 Southern Paclflo 75)4
. Southern Rail 204
8 Southern Rail pf.. .. 474
7 Standard Oil of N J pfl06
7 Steel Tube pf... 78
2 Stewart Warner Speed 25)4
. . Stromberg Corb 37)'4
7 Studebaker 72
1 Submarine Boat Corp. 7
. Superior Oil Corp 6
Tenn Cop & Chem ... 8
3 Texas Co 36)4
.. Texas & Pacific 24'4
1 Texas & Pao C & O.. 24
6 Tobacco Products .... 56'4
7 Tobacco Products pf.. 83
.. Trans Con OH 0)4
. Union Oil 33)
10 Union Paclfto 118
4 Union Pacific pf 61
Union Tank Car 101
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i
1)4
a
'l4
1
J4
14
3
1
14
5
54
54
54
Now York Curb
INDUBTMALS
Hlth
Amer Leather .......... 14 S
empire Food ........... OH
Perfection Tire 4.... lft
!,JLC
Ci
(N. Y. Time)
11:10
MW A. M.
I
.IB .38 ii?
f) 48 4SU
m m
i 24H 24
g 1 1
33
41
54
23
52 -
9)4
-
100)4-
304-30)4-
13)4
D3
1
54
3)4
' ' 54
U4
54
VA
)4
jiaaio .orrr ....
Radio Com prat .........
Readies riante ..........
Stand Com Tab ......... 4
Stand .Com Tab pref,.,... 98
U B Dletrlbutlna- 24)
u s snip Corp J
u p oirnm ,,,i,, ,,
United rroflt Bharlnr ... 1
8TANDA1UJ OILS
Antlo-Amer' Oil ISJi 18V4
Stand Oil of Ind 72 H 72
INDE3?KNDENr OIXS
Allied Oil 1, i. B
Arkaneas Natural Qaa ... 11U
natta rt '.... 0
Boone Oil ............... 1
Jlottpn Wyoming- ........ 90
vjariD eyna 7
Cities Service "B" otfs .. 20
yenny 011
K k Hasln Pet
Klk Uaelii rlshts
Lnslrriere' Petrol .......
aerai oil 1
12
18)4
72
p...., ,,
Ouftey Qllleeple
Hudnon Oil
Int Petrol -. 10
' 1
87.. 0U.
2Jf 22
1 1
12g 12i
!i 1B ISM
ijivinnaion ,i ax ax., a.,
Maracalbo Oil 26t 28'f 26W
Merr tt Oil 9S 9I 01
S
P
......... .Q
....... 1
4?
71 154
8 United Drug 93
SO United Drug 1st pf . . . . 43
8 United Fruit 100
.. Unit Rwy Invest pf.. 23
3 United Retail Stores.. 50A
..US Food ProductB... 20
., U S Ind Alcohol 05
..US Realty & Imp. ... 63)4
8 U S Rubber 67)4
..US Smelt & Ref 33)4
5 U S Steel 80)4
7 U S Steel pf 108)4
1 Utah Copper 53)4
.. Utah Seo 10
, Vanadium Corp 31
. Va-Carollna chem . . . 20
. . Vlvaudou Inc 7J4
.. Wabash 8)4
Wabash pf A 33
. . Western Maryland . . . 10
.. West Maryland 2d pf. 10)4
. Western Pacific 29
4 Westlnghouse B & M. 46
.. Wheeling & L E 10)4
.. Wheeling & L 13 pf . . . 17)4
4 White Motor 37)4
.. White Oil Corp 134
.. Wlllys-Oxerland 8)4
.. Wlllys-Oxerland pf ... 36'
fl Worthlngton Pump . . 40
6 Worth I'umn nf B 63
Ex-dlvldena.
8)4
35)4
23)4
23
55,
82)4
9
31)4
117)4
64
101
01
43
107)4
23
57)4
19
65
S3
65
33)4
784
108
52
10)4
30)4
20
74
8'4
23
43 -
44
24)4-23-65)44-68
4
35 4
34 38)4
37)4
3
4
70 -
16)4-
0-
414
33-
38)4-
45 -75
-20
f
474
106)4
78 25)4 4
37)4 4
71)4
7 -
6 -
854-35)4-34
34 f
E6054
83)4-
054-
21)4
118 4-
01
101
91-. 1
43
101)4-
23 - )4
59 - )4
to-
65)4 ..
52)4 4
f
108)4 4
53)4 4
304 r
774-
8)4
'3
54
1
54
54
74
U
1054B 10 4
19)4 10)44
29
40
9
17)4
37)4
13)4
8
35 )i
40
03
54
54
154
20
40
9- )4
17)4 lU
37)4-
12)4
8 -63
4-
Commodity Markets
COTTON MARKET
New York, June 1 There seemed to
be considerable Southern selling at the
opening of the cotton market todaj ,
which occasioned a partial loss of
three points In all months except March,
uhlch was one point higher. The of
ferings were absorbed by shorts. Jap
anese interests and Liverpool, so that
the list had a steady undertone, and
after the start was only a few points
under last night's close.
Trade was light, with brokers await
ing tomorrow's Government crop report
The N'ew Orleans Times Picajune made
the condition 115 1 and the reduction
in the acreage .10.8 per rent
Receipts nt the ports for the day
are estimated at 115,000 bales, against
lfi,37.S bales a week ago- 12.00S bales
a year ago and 48,300 bales two yars
ago.
tN T tm
12 30
Philadelphia Stocks
July
October
Derembtr
'inuarv
Ifarrh .. ,
Preuoue
Cloee Open
. 12 03 12 or.
. 13 00 18 7
. 14 10 14 00
14 20 14 IS
. 14 40 llri
12 82
14 40
GRAIN MARKET
Chicago, June 1. Crop estimates by
B W Snow and Goodman & Crom
well were construed as bullish and thib
caused the broad wave of buying in the
wheat market, which carried prirti up
sharply. The expert's estimate of the
total wheat crop ranged from 844,
000.000 bushels to 870.000,000 bushels,
against 787,000,000 bushels harvested
last year. Cash wheat premiums were
off nearl) 30c on contract grades. No
shipping", sales were reported. Export
demand wns shut off br the advance.
Strength in wheat caued bullish sen
timent to develop in corn and good gains
were established. Goodman estimates
the acreage per cent larger than a
year ago. Shipping demnnd was slow,
with sales of only 10.000 bushels re
ported Vessel room was offered at hi
cent cheaper, but with this advantage
shippers were unable to interest Eastern
buyers. Vessel room for 1.000,000 bush
els was chartered for Buffalo and Mon
treal Dullish crop reports also had a
strengthening effect on oats. The three
experts estimates range from 1,321',
000,000 bushels to 1.384.000.000 bushed
against a crop harvested last year of
1,(526,000.000 bushels. Tho cash basis
was unchanged. Shipping sales lere
po,uuu Dusaic i m
00 Am Strs
63 Am Gas..
.15 Ilrill J G
High
50..
281?
35
1:15 Net
Low P M. chEB.
SOU 50 V6..
28 28 ..
35 35 1
BANK CLEARINGS
Bank clearing! today compared with cor
responding day laet to :ear:
Phlla. . JOB. 867. 234 f07.28S.071 ISO.110,7,12
i. X. Vmr.fni.HHU I.U4U.UHS,47 1 noi ia,V77n
Boston.. 48,072,400 03,001,4(11 74.130.705
Chicago 100.737 474 112.820,30 100 O32n08
Mexico oil 1
Mountain Producte 10
iiorin Amer uu
Noble ,
Fait Creek Prod
Slmmi Pet 8J4
Texon K ft
Un Texaa Oil U l!
United Koyalty 2H 2J4
SHNINa
Atlanta 1 1
Dlff Ledg A A
Booth 3 3
Ooeton & Montana, 60 67
Caledonia Mining 10 10
Candelarla Mlrrinr i 88 80
Cona Virginia ....J 4K 4)1
Cortez Sliver 75 72
Creaeon Gold 1)1 Hi
Crescent MacNamara .... 0 0
Dundee Arizona T4 T4
Kmma Silver 2 2
Eureka Croesus .'. SO 48
Eureka Holtv 1 t
God Cons, r 7 7
Gold Devel 1 1
Ooldfleld Florence 32 32
Gold Kewanaa 3 2.
Gold silver Pick 4 4
Gold Zon 1A la
Great" Bend , 1 1
uccia Aiming 3ft ail
Jumbo Extension 7 7
KJiox Divide 18 17
XIacNarrrara IB 10
Marah Mlrlnir . 7 1
Mother .Lode new r4 Mi
National Tin 1W 1
Nlplaslng 4)4 4i
jvorin Btar 4 4
Ilex Cons 10 10
Itocnejter Mlneo 0 0
San Toy 4 4
Sliver King Divide 1 1
Stand Slher Lead A A
Success Mining 2 2
Tonopah Belmont 1U Hi
Tonopah Cash Boy B 6
Tonopah Extension 1A 1A
Tonopah Midway 10 10
Tonopah Mlzpah 7 7
Tonopah Montana 7 7
Tonopah Rescue Eula ... 17 17
United Eastern 2)4 2)4
t ct?T. V 3 3
.st ''B11 Co" ' 1
JX!!l,e.cPa "' nl
Wllbert 3 3
noNns
Amer Agri Chem 7"4h 0411 OHi
Amer Tol 6s 1022 OS'i 064
Anaconda 7s 1020 0.1i 03"-i
nein nieei 7s iva ....
Heth Steol 7s 1035 ...
Copper Export 8s 1024
ConB Gas 8s
Cudahy Pack 7s 1923...
Deere Co 7V4s ... .
Grand Trunk arts
Gulf Oil 7
Humble Oil 7b
Interhor 7s
Kennecott 7s
Morris TAn .
Sears Roebuck 7s 1023
Southern rty 7s
Southwest Bell 7s . . . .
StarM OH N T (114 s . .
Stand Oil N Y 7s 1025
Stand Oil N Y 7 1027.
Stand Oil N Y 7s 1028.. 101
Swift & Co 7s 04
Va'Car Chem 7Vis 88
Winchester 7s 0
Swiss 0ft n 84
04'i
OO'i
035
I17A OH 'A 10?!
O.V4 05H lltj
ion nns 100
100 100 100
09 00 00
oavj o:i'i o.Ti
034 3ft OH'
otiw nH o;
onH oiiH on;
72 '4 72 72
01J4 OIU om
054 my, 05V4
bo1' oo(J on4
05i 051 05.
00 OBli 06
100 100 100
ion; loiu ioi;
ioiu nv. tntu
4 ioi mi:
m 8SS, nni
on or
84 84
FOREIGN EXCHANGE
New Yorlt, June 1. There was a
slightly better tone to the principal Eu
ropean exchanges at the opening this
morning. Sterling was up ; francs
BV6 up nnd lire fi points better. Marks
were unchanged.
Quotations were :
Sterling cables 3.80. demand
3.88 ; French and Belgian cables
8.40, checks 8.30 ; lire cables 5.30.
cheeks 5.20 ; Swiss cables 17.5.").
checks 17.52; peseta cables 13.15,
checks 13.13; guilder cables 34.40,
checks 34.35; Stockholm cables 22.05,
checks 22.00; Christiania cobles 15.25,
checks 15.20; Copenhagen cables 17.78,
checks 17.73; marks 1.50.
The premium In Montreal today on
New York funds was 12 1-10 per cent.
The rate of discount on Canndfan funds
in New York today was lO-'ft per cent.
Central European cxdiangvs wor
quoted today as follows: Greek, 5.75;
Uumoninn, 1.00; Bulgarian, 1.25;
Austrian. .25: Poland, .13; Czecho
slovakia. 1.454.
YESTEHDAY'S FINAL QUOTATIONS
sterling Francs Lire Guilders
2-S2I? g.gr -& ft.20ft H4.35
. 3.80. 8.42 8.27 34.30
TODAY'S OPENING QUOTATIONS
n. . "i'll',1' K'iK,' LlreGullders
Cables .. a 80S H 40$ 0.30
NOON QUOTATIONS
Stirling Francs LlreGullders
gmnd 3.01, 8.4S'4 B34 34 58
9abl6 3 02'i 8 40'4 B.34V 3M3
Demand
Cables
34 fln
04.40
Japan's Gold Holdings Decline
Washington, June 1 According to n re
port receded by the Department of Com
merca. Japan gold holdings abroad to the
account of the Dank of Japan and the
Japanese Government amounted to 2.154 000 .
O06 yen at the middle of March, a decrease
of approximately 18,000,000 yen as com
pared with the end of February, The .
cllne. the report stated, represented a fall In
credits held In London and New York, which
transferred to Japan na n, consequence of
Japan's Import balance of trade.
15 ElecStor.107' 107 1074- 1
312tGon Mot 10 10 10t
34 I Co N A 20
130 I.ch Nov 65
10 Pa Cent'l
Light pf 43V.
l',-:! Pn n n . as if
20
64i
13
35
20
65
43
35 ii
13 I'btia Jo
cum pf 32 32 32..
145 Phlla Elec 21 21 2iqi..
108 do pref . 25 25 2H M
125 Pbila R T 17 17 17 . .
150tRoval
Dutch. . 59 59
5TonoBel. 1A 1A
35 U G I... 30 35
10tUS Steel 70 70
Net change made by comparison with last
fale on New York Stock Exchange.
rnrLADELFIHA nONDS
59-f-l
ei A
36 ..
70-
1000 Liberty 3d 4Us 00.46
4 'A
3500 Liberty 4th 4'4s
1000 Liberty 3d
s 00.54
ivxni uiueri.r tin -tviti..., 01 ,i;u
3000 Liberty 4th 4is 86.08
1000 Liberty 4th 414s 87.04
1S350 Liberty 4th 4Vis 86.02
BHOO victory 4is lots im.no
3200 Victory 4s 08.04
3000 Bell Telephone 7o Iota 102
4000 Lehigh Valley 0s 97
1000 Pennsylvania 6s 05
7000 Phlla Co cons 5s lots 81
2000 Phlla Elec 1st 5s 83
NEW YORK COFFEE MARKET
New Yorlt, June 1. Trade interests
were again the chief buyers at the open
ing of the local coffee futures market
this morning, but the persistent offer
lugs of a prominent broker, supposedly
liquidation of old long accounts, eased
eft prices on the call 5 to 13 poluta. The
cublee from Brazil wore about a stand
off. Prices worked off to still lower levels
light after the calUon continued pres
sure of liquidation, the break carrying
July to 0.82 nnd September to 0,65, or
12 to 13 points net lower. The market
then worked up a few points, with sen
tlment still unsettled,
Prev. Close Open
juiy SiigiJ e.33t
September 2-7l2I9 6 607O
December 7.2S024 7,14015
Nureh 7.64CTB8 7.40a4l
j MONEY-LENDJfJT RATE8
NKV YORK Monefetahl I. both cl
of collateral, opened tjSSESti t per cen
lending and rnewtntT
classes
cent for
E. I. du Pont
de Nemours & Co.
Ten-Year 7y2 Bonds
The Companv manufactures
commercial and military explosives,
artificial leather, pyralin, dyestuffB,
paints and acids.
It reports tangible assets at ap
proximately $246,000,000 (of which
$89,000,000 are current), compared
to less than $58,000,000 of total lia
bilities, including these $35,000,000
Bonds which are the only funded
debt of the Company.
Price to yield about T2
Dcjcripttva circular upon request
Philadelphia Office
Guaranty Company of New York
421 Chestnut Street
fsz
1
The Advantage of
Appointing a
"Professional Executor"
f u
When you are in need of legal advice in
your business or personal affairs you turn ',
to an individual, who makes law hi pro
fession. Should you not, then, consider the
advisability of a "professional custodian"'
for your entire estate when you are no
longer present to care for it? '
No single individual can possibly have
all of these qualifications for the highly
specialized and technical business of acting
as an executor, possessed by the Girard
Trust Company:
Continuity of service, uninterrupted, by
death, illness or disability.
Financial responsibility secured by tho
entire capital and surplus of the
Company.
The collective judgment of an organiza
tion, specializing in the financial, legal
and accounting questions involved in
the management of estates.
Frequent examination by federal and
state banking authorities.
The above are some of the advantages
arising from the appointment of a corporate
executor. The fees charged are no greater
than those paid to an individual serving in
the same capacity.
Member Federal
1
Capital and Surplut
Resenre System $10,000,000
EFFINGHAM B. MORRIS, Pmidnt
GIRARD TRUST
COMBUST
CAorfereJ 1836
KfHDCPNatsHUI
tL'XS
. .
Philadelphia
INVESTORS
should avail themselves of the opportunity to exchange
maturing short-term notes for bonds with a high income
yield for a considerable period of time.
Send ui a Iht of your June and July maturities, in exchange for
any of the following:
Government of Newfoundland 15-Year 6y2
Gold Bonds, duo June 30. 1936.
(Interest June 30 and December 31)
Yield
Portland Railway, Light & Power Co.
25-year 7a First Lien nnd Refunding Cold Bonds,
Series "A," (non-callable first ten years), due May
I, 1946.
(Interest May I and November I)
Porto Rican-American Tobacco Co.
10-year 8 Gold Bonds, due May 15, 1931.
(Interest May 15 and November 15)
Mexican Petroleum Company, Ltd., 15-Year
8 Sinking Fund Convertible Gold Bonds.
due May I. 1936.
(Interest May I and November 1)
Pennsylvania Railroad Company
6J9i 15-year Secured Gold Bonds.
due February I, 1936
(Interest February I and August I)
Pennsylvania State Tax Refunded.
Tax Free in Pennsylvania.
7.20
7.85
8.00
8.20
7.00
GARRISON & CQ.
1030-32 Widener Building, Philadelphia
Members
Phila. Stock Exchange
N. Y. Stock Exchange
Telephones
Bell: Spruce 8370-71-72
Keystone: Race 9721-22-23
nJP"
H
A BANK sufficiently large to accommo
date the reasonable wants of its
customers. Yet a bank not so complex
as to lose personal contact with a single
individual customer.
GmtraiNatfonal Bank
of Philadelphia
Chestnut Street at Fifth
Capital $,,000,000 Surplus and Undivided Profits Earned Stocoo
1 -JE
J-,
'"WA-'tiW,- ...
"'(
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