Lfc-
A'
rW LOW RECORD
.& FOR NEW HAVEN
.Jwal
Motive Behind Week's Ter-
I";; jrific Slaughter of Values More
or Les3 a Mystery
New York, .Tuno 18. Tho week
eloted with another dIcournKlni: market
today. While the sollins did not reach
the largo proportion of tho preceding
sessions and while the declines were not
o Violent, tho tone of the Ht was dis
tinctly heavy, the more disconcerting
development hoing the fresh weakness
' which cropped out In the railroad divi
sion, with Now York, New Ilnvcn nnd
Hartord polling nt 1IH,. tho lowcet
price ever touched by that ftock.
Hurried caret ing of n!iorts In Uic
Mexican oilo, Crucible Stool and sev
eral other industrial specialties which
had seen severe prc'iurc during the
current week brought tubstnntiul
rallies from 1 to more than 3 points. But
this was quickly counterbitlnmecl by tho
extensive offerings of Clir-nppnkp nnd
Ohio, New Unven and other rails. Most
of the initial improvement was nuickly
canceled und the greater portion of the
llflt fell under Inst night's closing level
to the extent of 1 to '5 point" The
trading been mo dull on the ilo. lines,
hut the market as a whole showed little
rallying power. The only demund to
speak of came from profit-taking of the
horts.
It will be a very intercstins story
when the inside history of the week's
terrific slaughter of industrial stock
yalues Is written. I'erhnps the real
motive will never be known and It will
go down in the annnls of Wall Street as
another mystery, Just asdid the "silent
panic," "rich man's panic" anil other
memorable episodes. After six dajs of
one hard drive after another the average
market observer was pretty fully con
vinced that something more than mere
bear raids was behind the nlnrmlng
melting of security values. Somebod,
or some interests, for reasons best
known to themselves were dumping
stock overboard about as fnf ns the
market could take them without pro
ducing complete demoralisation. hen
it is said that the average of fifty rep
resentative stocks sold at the lowet
level of the ear. with nulte n few
touching the lowest prices in many
years and one or two the lowest in n
generation, some idea is given of the
astounding -.hnluj-down of ttock values.
This crumbling of the market occur
red in the face of n number of con
stiuctlve developments. The good In
fluences of theso events, however, were
lost by reason of the further unpleasant
reminders of the unsatisfactory business
nd Industrial situation in additional
dividend omissions and reductions. I! tit
apparentl) there was. still some deeper
influence nt work undermining the
market structure. While the myster)
was well guarded, jot there was present
enough evidence to smuggest belated
liquidation for the account of the large
speculative interests whose recklessness
and bad judgment u year or more ago
prepared the way for Wall Street s
subsequent experience In Cunt, there
are ninny reasons for believing that a
number of speculative pools and
combinations which flagrantly nnd almost
Insultingly defied all cautionary signals
were given just treatment for their
short-sighted policy in hampering the
readjustment or reconstruction program
or whatever else jou may want to call
It.
This, of courfe, is poor poluce to
thoso who had their nerves shattered by
the spectacle of stocks tumbling day
x alter day without any apparent
reason. It must be remembered that a
bear market carries itself forward by
its own momentum after weeks of per
sistent declines and the bottom of the
downward swing Is equally as difficult to
measure ns the pinnacle of an extrava
gant upturn, when prices are run sky
ward until fundamental conditions or
credit and business cause a halt such
an experienced in 1011). There is.
however, a crumb of comfort to be
found in the further depreciation of se
curity values, and that is the common
sense appreciation, in the first place.
that prices cannot go the same way all
the time; in the second plaie, such vio
lent upheaval!! mean eventual clarifica
tion nnd strengthening ot the market
technique; third, the market must
necessarily be approaching a stage
where a decidedlj constructive develop,
ment would produce one of those hair
etanding transformation phenomenas
only seen in Wall Street.
World conditions, .t is true, still re
main in nn undeniable state of unrest,
but satisfactory progress is being ste.ul
lly made in the readjustment program.
Some of the remedies are proving quite
painful and the curative dose hard to
pwnllovv, but still good results nre ob
tained. The recover is going to be
long and tedious, jet vvlil e matters gen
erally at the moment niaj seem black,
the horizon is not so heavily laden with
fitonn clouds ns it was a jear ago. D.iy.
light is a! read v in fight, l'ntii-nlc vill
be ft good thing for all hands concerned
to develop.
EVliJlMa lUiJMO LTDDGRrifelABilHI" SATOJC) TOM 18 ifel
' - t . ' ."
NEW YORK STOCK EXCHANGE TRANSACTIONS
Sties
100
ISO
800
700
300
1200
000
200
100
ZOO
01)0
000
100
800
100
300
0A0
1300
00
000
400
700
800
3900
!fl 100
10200
100
3100
1.100
300
3100
100
3100
II
I q
300
70J
C090
.190
5700
3100
3J0
100
lsoo
100
100
300
400
303
0S90
101
.100
7t)0
ino
300
300
ttoo
5 I'M)
500
3400
..0U0
700
130
V00
8500
100
400
100
200
870.)
100
1000
500
3700
100
109
330
100
100
103
3100
Dlv.
ln High
Advance Humoly 13
AJax Rubber 21
Alaska Gold Mines... H
Alaska Juneau Q M.. 194
Allls-Chalmers 8'
Allied Chem & Dye... S3
Am Agrlo Chem 30&
Am Dank Noto 60
. Am Beet Sugar 2S
Amer Bosch Mag 3554
Am Can 27
12 Am Car & Fdy M'ft
v Am Car & Fdy pf . . .
; A" Dniff Syn
8 Am ISxpress
1 Am-La Franco Eng.
'vm internat Corp.
.10SK
. Js
.120
. 8
im
8 Am Locomotive 7ft,4
. Am Ltnoeed 23
Am Safety Razor.... 5
Am Ship com 7i
Am Smelt & Hot 37?i
s Am Stcol Foundries.. 30
7 Am Sugar IUf 00
7 Am Sugar Hcf pf 88Hi
Am Sumatra 40ft
0 Am Sumatra Tob pf.. 74
0 Am Tel & Tol 105K
12 Am Tobacco 118J4
12 Am Tobacco B 110
7 Am Woolen 71 J4
. . Am Zinc Lead & Smelt 8&
.. Anaconda Copper .... a7i
4 Aaso Dry Goods 28J'e
7 Asso Dry Goods 2d pf . 53ft
0 Asso Oil IS
0 Atch Top A Santn Fe. 70ft
.. Atl Gulf 4W1SS... 20
.. Atlantlo Pot 10
7 Baldwin Locomotive. 004
.. Baltimore & Ohio... 37ft
4 Baltlmoro & Ohio pf . . 50
0 Bethlehem Steel 45ft
6 Bethlehem Steel B.... 48K
.. Booth Fisheries 3
.. Brklyn Rapid Transit 10
. . Brklyn B T ctla of dep 7ft
10 Burnn Bros 80
.. Caddo Central O&B.. 10
10 Oinadlan Paclflo ...,110V
.. California Potroleum . 41ft
7 California Petrol pf . . . 72
2 Ca) Zinc & Lead IV,
. Central Leather 34ft
7 Central Leathor pf... 00ft
.. Cerro do Pasco 70
6 Chandler Motor 50
.. Chesapeake & Ohio... 51
.. Chicago & Gt West... 7ft
.. Chicago & Ot "West pf 10
.. Chicago Mil & St P.. 3
. . Chicago Mil & St P pf 33ft
5 Chicago Northwestern 05
8 Chi Pneumntic Tool... 60
.. Chi B I & Pnc 30ft
0 Ohl IX I & Pac 6 pf. 01
.. Chllo Copper 1K
.. Chlno Copper 23ft
.. ClevCIn Chl&StL... 37
.. Coca-Cola 20ft
8 Colorado Fuel & Iron. 2S
.. Co) & Southern 3'"4
6 Columb Gas & Elec. . . 6494
.. Col Graphophono .... Si
7 Col Graphophono pf. . . 20ft
4 Comput Tab Records. 39JB
7 Consolidated Oaa 85ft
.. Consolidated Textiles, 17 ft
7 Continental Can . .
. . Continental Candy
4 Corn Products Ref.
420 2.50 Cosdcn & Co.
LIGHT DEALINGS
IN LOCAL SHARES
Week's Unsettling Influences
Produced Sympathetic
Declines Here
14300
100
1000
1100
800
100
800
400
300
200
3 too
3700
2000
100
1400
500
400
7000
400
300
4000
600
200
2000
700
300
1 100
200
500
100
100
100
100
800
000
500
200
100
11700
1100
1200 6
200
700
Totnl sales
48
1
"ft
30 ft
67
82
15 ft
0
201j
02 ft
lft
8 Crucible SU-cl
7 Crucible Steel pf
.50 Cubnn Am Sugar
.. Cuban Cane Sugar...
. . Cuban Cane Sugar pf .
0 Delawaro & Hudson..
. . Denver & Rio Gr vt . . .
1 Domo Mines 17
.. PuluthSo Sft At 3
. . P-uluth So S & At pf. . 6
B Kndlcott-Johnson .... 6SK
.. Erlo 12ft
.. Erie 1st pf 18
.. Federal Mln & Smelt. 5ft
.. Flak Rubber 13
. . Frecport Texas 13ft
. . Gaston Wins & Wig... 1ft
. . General Asphalt 63
0 General Cigar 55 ft
8 General Klectrlo 1233i
1 General Motors D3i
0 Gen Motors dab 6.. . C2ft
7 Gen Motors deb 7 . . 11
.. Granby Consol M & M '17 ft
7 Great Northern pf.... 4
4 Gt Nor Ore ctfa 27ft
.. Gulf State Steel 23ft
.. Ilendee ctfs It
.. Houston Oil 50ft
8 Hydraulic Steel OH
4 Haskell & Barker Car' 52
1 Hupp Motor Car lift
7 Illinois Central 80ft
00 Indiahoma Refining . . 3ft
.. Inspiration Con Cop.. 32ft
.. Inter Con Corp 4
.. Internat Agricul ... 7
.. International Cement. 23
5 Int Harvester new,.. 'i
.. Int Mer Marine lift
0 Int Mur Marine pf 48ft
.. Internat Motortruck.. 30
.. International Nickel.. 14H
3t'.20o sharoH, corny ired lth
Loir
13
25
9S
1
32
37ft
30 ft
40
28
35ft
20ft
117
108ft
4ft
120
8
33 ft
75 ft
23
4
7ft
3
25
08
8Sft
42 i
74
105
110
118ft
00ft
8ft
30
28ft
53ft
05
70 ft
10ft
15
07 ft
35 K
40
43
48
3
10
m
85
io?
105
41ft
71ft
4
34 ft
00
26
58 ft
48 ft
7ft
14
24 ft
37
C3
58
28 H
(11
108
23ft
37
nt
28
30 ft
63 ft
6ft
20 ft
29 ft
81ft
17 ft
4S
1
01 ft
2D
5514
82
14 ft
8
to
02 s
l'i
"ft
.1
5
58
11
17ft
5ft
13
13
1ft
50 ft
65 ft
123ft
Oft
C2
71
17ft
03 '3
2T ft
28 ft
14
50
0
63
lift
S'Jft
3
32 ft
4
7
23
feOft
lift
4Jft
30
14
SO. 400
Today's Net
Close Chge
13 - ft
25 - H
94 ft
IK- J
32
37ft- ft
30ft- 1ft
40- Bft
28 - ft
35ft- K
20H-
117 - ft
108ft- ft
4ft ..
120
8
23
4-
7ft
37 -20
08 -
88 ft
43 -74
-
105ft
110ft-
115ft-
OOJj-
8ft
87 -
2ft-
63ft-
06 -
70
io&4
10 07-35-40-45
-48
-
3- ft
ID
7ft 1ft
86 - 1H
10 ft
103 -41ft
f
71ft
4
34 ft
60 -2(1
-68ft-48ft-7ft-14-
24K
37 -OS
-
00
28JJ-
01 -10-23
ft
37 -23
-
28
30ft
64 -
6ft
20ft 48
u
1ft
!4
'"
ft
K
a
3
ift
ft
ft
1
ft
'4
3
54
1
?4
ft
1
lft
lft
5ft
ft
'ft
ft
H
ft
lft
3ft
ft
o
lft
2ft
1
4
1ft
1
ft
i
4
'ift
1
ft
ft
A
ft
Stlds
300
1300
7800
310
003
000
103
700
400
630
300
Dlv.
In f Hlth Low
. , International Paper.. 63 63ft
.. Invincible Oil Corp... 11 11
..Island OH 3ft 2ft
..Jewel Ton 8ft ; R14
.. Kansas City Southern.' 24 23ft
4 Kelly-Sprlngfleld Tire. 38 30H
. Kelsoy Wheel 53 63
.. Konnecott CoDner ...118 18ft
.. Keystone T & R 10ft
. . Lackawanna Steel ... 38ft
2 Leo Rubber Tiro 25ft
Today'. Net
uioso i;ncs
3.60 Lehigh ValU.y 40 ft
'ft
lft
'ft
A
ft
ft
ft
H
ft
ft
ft
62 -20
-
55 ft
63
14 ft-
8
20ft 02 ft-
1
17 ft
3 -
5 -58
-11
-17ft-
5ft-
12 -
13 -
lft
61 h -55
ft
123 ft-,
0
62
ft-28ft-
14
50 -
0
"ft 't
80ft 4- I,
3 li
33 ft-4
300
013
300
COO
200
7000
300
1500
600
300
100
1030
1400
000
20U
70u
100
600
800
200
too
200
1000
23500
100
200
600
1600
100
330
300
300
3100
1200
1500
1300
800
830
500
600
2i)0
700
1200
300
600
100
3)10
1200
2180
200
100
3100
100
300
100
1500
12 Liggett & Myers 141ft
z Loewo Co 11
1 Loft Candy 10
.. Mnrland Oil 17
. . Max at C W V T O A. 38ft
12 Mexican Petroleum ..108
2 Miami Copper 20?
1.00 Middle States Corp... lift
.. Mldvalo Steel 23ft
.. Minn & St Louis it
.. Mo Kansas & Texas... 3ft
. . Missouri PaoICo 30
.. Missouri Paclfionf.... 38ft
8 Montana Power 48ft
.. Montgomery Ward ... 18ft
.. National Acmo Co 10
7 NUlonal Biscuit pf...l09
.. National Con A Cable. IK
. . Nat R R of Mex 2d pf ft
.. Nev Con Copper 11
0 N O Tex & Mex 63
B N Y Air Brake 85
5 Now York Central.... 60ft
. . Now York N H & II. . 15ft
1 Now York Ont & W. . . 17ft
7 Norfolk & Western... 03
6 North American 60 ft
7 Northern Paclflo 08ft
.. Norfolk & Southern... 10
.40 Okla. Prod & Ref 3
.. Otis Steel 10ft
S Pacific Gas & Elco.... 53ft
.. Pacllio Oil 304
0 Pan-Amor Petrol .... 47ft
0 Pan-Amor B 43
2 Pennsylvania R R.... 33ft
.. Penn Seaboard Steel.. 754
.. Peoples Gas Chlcaco. 47 ft
.. Pcro Marquette 18ft
8 Philadelphia Co 30ft
.. Phillips Pet 17ft
. . Plorce-Arrow Motor. . 10ft
.. Pleico Oil 8ft
8 Pierco OH pf 05ft
.. Pittsburgh & W Va... 20ft
1 Pond Creek Coal lift
8 Pullman 04ft
Puntn Alccro Sugar.. 80
4 Pure Oil 20K
.. Ray Con Copper 12ft
8 Railway Steel Spring. 70ft
4 Rcadlnir 07ft
3 Reading 2d pf 40ft
.. Remington Typewriter 184
.. Replo Steel 31
Republic Iron & Stcol. 40
700 b 20 Royal Dutch Amer
2100
300
2700
400
1
?
ft
ft
'ft
ft
lft
ft
ft
ft
3ft
ift
1
33
f0-
11ft-
47 ft-
30
14
ft
2ft
ft
lft
ehures eaunluy.
300
3100
1200
400
100
39000
200
310)
2100
200
103
200
101
200
1200
6200
GOO
52J0
0J0
2000
100
700
100
2100
200
2000
1200
10O
3100
100
030
303
14U0
400
37U0
100
13330
330
503
hOO
200
100
J 700
1200
1300
000
1U0
600
2100
200
2i0
210U
Thus
63
St Louis San Fran... 21K
H' Louie San Fran pf. 30
bt Louis Southwest. . . 24
fat Louis Southwest pf 31
. . Savage Arms 10ft
. . Sears-Roebuck 73ft
. . feeaboard Air Line... 5
. . Seaboard Alro Line pf. 0ft
. . Seneca cop Corp 14
.. Sinclair Oil 30ft
, , South Porto Rico Sujr. 30
0 Southern Pacific 73ft
. . Southern Rail 10J4
, . Southern Rwy pf 44
n Standard Mill pf 75
6 Standard Oil of N J. . .130
7 Standard Oil of N J pflOSft
Stewart Warner Speed 23ft
. . Stromberg Carb
1 Studebaker
.. Tcnn Cop & Chem...
3 Texas Co
.. Texas & Paclflo
1 Texas & Pac C & O.
. . Third Avenue
C Tobacco Products . . .
; Tobacco Products pf.
. Trans con oil 8
Twin City R T 30
. . Union Olt 18
10 Union Pacific 115
. . United Alloy Steel.... 20
8 United Fruit
. . United Rwy Invest.
3 United Retail Stores
..US Food Products,
.. U S Ind Alcohol
..US Realty & Imp..
8 U S Rubber
..US Smelt & Ref...
BUS Steel ,
7 U S Steel pf ,
2 Utah Copper
. . Vanadium Corp
8 Va-Car Chem pf
. . Vlvaudou Inc
, . Wabash
, . Wabash pf A
, . Western Mnrylnnd . . .
, . Western Pacific
7 Western Union Tel . ,
4 Wcstlnghouso E & M.
. . Wheeling & L E
.. Wheeling & L E pf...
,. White. OH Corp
, . Willys-Overland ... .
fur thlB week. I 818 200.
y
74ft
7ft
33ft
21 ft
31
"ft
63 ft
80
103ft
. 8
. 63ft
. 18
. 63ft
. 45ft
. 57ft
. 30
. 74H
.106 ft
. 40
. 37 ft
. 08
. 7
. 7ft
. 20 ft
. 0
, 25 ft
. 00
. 43ft
, 8H
, 15ft
, 10
f?4
0H
37
23 K
40
l4ft
10ft
Oft
10 ft
38
100
20 ft
11
23 ft
10
3ft
18ft
30
48
18 ft
14ft
100
4
11
63
65
05
18ft
17 ft
02 ft
00
67 ft
10
lft
10 ft
63
35
40ft
41
33
7
47
18
30
17ft
1K
8
05
20 ft
14 ft
04
28
25 ft
13ft
70 ft
16H
40ft
18ft
31
45ft
51)4
20 ft
30
31
31
10ft
71
Aft
0
13
10
30
71
18
43ft
75
130
105ft
22 ft
27ft
73ft
7ft
3- ft
20ft
20ft
14 ft
63
80
K
3Sft
18ft
114ft
20 ft
101ft
8
63 H
17H
63
45ft
66 K
30
100ft
48ft
27
67
7
7ft
10 ft
Oft
25
90
43ft
ft
15 ft
Oft
'
a
ft
ft
li
K
lft
V
ft
1
Ji
62ft
ft
3ft 8ft-23ft-
80K
63 18ft
0J4-
37 -25?4-
49 -Kft
144ft- ft
11 ft
10
10ft-
88
107K IK
20ft H
lift .
22 ft- '
10- ft
3ft.
3K- IK
48-1
18ft- H
14ft- 2ft
109 -
XH
4 - V
11 ft
63 - lft
55-3
03- lft
14 - lft
17ft- ft
03 ft
00 07
10 3
10 ft
63
36 ft -40
41
33 -
'K
47 -
18ft
19K
B -05
20ft-14ft-
04 -28
-20
-
13ft-
70ft
l'5ft-
40ft
18 ft-
21
45ft-
aiK-
21ft-
30 -21
-
31 -
10ft
73 -5ft-
0 -14
19ft
30 71 -
18-43ft-75
-
130
105ft
22ft
28 -78ft-7ft-31ft-20-
20ft- 1
14ft- ft
52ft....
80-1
8
Mft- 2ft
18- ft
4ft- lft
-0ft-
101ft- 3
8
53 -
-53ft-45ft-60ft-30
74 ft
100 ft
48ft .
37 -68
7
7ft
20 -
0ft
25 -00
I-43ft-
8ft-15ft-
Oft-
?ft
RREGULAR
ITYIN
THE CURB
MARKET
Interest Attached to Carib Syn
dicate, but-Movement Was
Disappointing
ft
v
ft
i
ft
'ift
ft
ft
"ft
i
V
ft
4
154
'lK
ft
1
"h
4
K
lft
ft
K
lft
ft
ft
New York. Juno 18. I'rlro mown
ments on the Broad Street Curb in two
nours or trading allowed pronounced
Irregularity. Gome iRmien nhntvlmr nlinrn
declines whllo othors were in demand
nnd mado material gains. Special in
terest was attached In trndlng in Carib
SyndicatO because of the nnnnunromont
of the proposed financing of the com
pany by tho Texas Co., but the move
ment of this stock wag disappointing,
uu uuvanco 10 11 yesterday, being fol
lowed by heavy scllltig nnd a reaction
to 0 today. Cities Servico issues were
quiet. Tho common stock Bold nt 181.
OulTey Olllesplo was without support,
declining frotn.D to 8 on moderate sales.
Standard Oil of Indiana opened firm nt
7pU nnd then yielded to 74. Mara
clabo was one of the strong features,
selling at 24 to 24. Simms Petroleum
was firm with sales at 7i and 7.
Industrial Issues were scnornlly quiet
nnd without support change. Ulcn
Aiacn uoni was traded Into n small ex
tent nt 41 nnd Acmo Coal sold at
1. Soutlicrn Coal and Iron was firm,
a large amount of stock being traded
in nt 3Vi.
INDl'STRIAIiB
Acmo Coal
Auto JMl
ColumblA Emerald
Com Flnnncq
nmplro Kood
(lien Alden Coal
i-crroction Tlra
Kouinorn
t; S Dli
It S flhlo
U S Hteam
Universal Uum
STANDARD OII.8
Onlfni 3j 35
Bland Oil of Indiana .. 7811 74V4
Blind Oil of N Y :.300 309
INDia'KNDKNT OU.S
Allied Oil 4
Ilalto Tet c
Iloono Oil
Hoston WyomlnB 75
Carib SynJlcnto nV4
.,,ca Dtmtg loiui Ill
Nctv Yorle Bonds
lllltll I.OW I.IXlt
1H IVi 1H
38 88 38
lft 1 1
42 4J 42
144 14J4 14i
41U ilU ilU
C & I... 3J 3 05
trlhutlng 23J ojK 3i
cn A
:::::: A ft 3
35
74't
300
4
"B- ctfs..
Cities Servico
Creolo Svnrt
Knlneers Petrol
Federal Oil
Ouftey aillespie ...'...:
Hudion Oil ...........
Inter Petroleum .........
Maracalbo Oil
Moxjco OH
Noblo
Noco Pet
Prod & Jteflneia war ...
S'mma Pet
Texan
Vn Texan Oil
United Royalty
Woodburn
MIN1NO
Atlanta. ;
Dooth
Doeton & Montana
Caledonia .Mlnlnc
Candelarla Mln
Creon Gold
Crescent MacNamara . . .
Uureka Croesus
Eureka Holly
Ooldflcld Cons
Qoldlleld Development . . .
(kiMfleld Kewanaa
Ooldfleld Siler Pick ....
Ooldflcld Zone
Hocla Jflnlnir
Iron lilossom
Jumbo Extension
Knox Dlvldo
MacNamara
Marsh Mining
Mother Lode (new)
National Tin
North Star
Ilex Cons
144
8VI
18
0
13A
2tK
1
o ,
"I
1
1
a
r.s
10
31
ill
H
34
1
1
o
13
in
3
14
1.1
r.
r.
H
4
'
Philadelphia Stocks
Dealings in the lornl storks dwindled
to insignificant proportion in today's
closing market. About the onlj note
worthy feature vmis the new low for
tho current movement mnde bv renu
sylvania Railroad nt fH's. wl.ifh is1
only of u point nbovn thi- lou-rei-nnl
jwtation. On nominal dealings Klcc
trlc Storage Itatterv rallUd to lis l,ut
yielded Vj point of the gain. Trading
in most all the other loeal -.luiie, ns
entirely perfunetorj , with prices un
changed. Developments concerning modifica
tions of the terms of ry (jus lnso
supplied nbout the mh real looil event
of the week The rather alarming ud
missions mnde bv the I'mted ias Im
provement otlicinls called attention gen
erally to the necessit of taking prompt
lelief menbures It is rensonabh i pi
tain this will bo obtained, which will
permit tho company to operate the citv
plant ou a moie profitable business
basis.
The market In general was under the
same influences w hit h largelv Mmpd
the course of secuiity value mnteiupntN
elscwfierc, 'ine eltect was alio felt
of the serious Impairment of speculative
accounts as the result of the tremendous
depreciation In market (mutations. This
prompted some ciifoiced selling of the
more prominent luuil stock, whi'e. nt
the snme time, rccuriut mnddiite
liquidation appeured In olhir heretofore
etnblo investment isbties.
As result of the many unpleasant
changes made in dividend pollclea, theie
has been nnturnlly considerable shifting
of investmctitH from stocks to bonds
The unexpected, which happened In the
dividends of n number of stocks, Imih
resulted in (Plating u feeling ,,f s
picion concerning the entire dividend
paying list While this to a Iiukc d
yrec is uuvvarrnuted. jet theie i, tl Vl.,.
thelcss a current of uucertaiuty which
bus never existed beforo. ,
Hlsh
S Am Strs . ;.!)
lOH'KlPcStor '.is
41 I Co N A 2'i
10.- Lake Sup 7:,4
10 Loll Nav. (It
iuoph n it . :wi..
o I'a Salt . (J7
10 I'hila Ins
Wire... oVi
T.O I'hila Co
cum pf . ni'j
100 Phil r.lee 21-
IS1? do uref.. -o
45 I'hilaTrac m
IftOtTob Trod fi'J
o0 Tono Uel. 1
120 l' ('. I... f?4'i
UWtUS Steel. 74 Vl
tNVt change made bv companson with last
ta ( on Sov. York Stock Exi-h.ince.
1 Hal sal- 13J1 shar compared with
4141 shuci intmriny Thus far thin e-li.
.4..'. II uteris
i'iiii.Di:u'iu. novus
.10 Libertv .Vjs ..
2100 Libert 2d i'is
M.'O Llbert 3d 4',s
Net
I."w r-Iose elite.
.V.I .'ill 4- u
Ml !I7 yl
2!l 211 . .
7 '-I TYi . .
VA 04 . .
:;.ls ;w
07 07 . .
r.iVi ruvi..
2Pt or,ST ,
2.V.; 23r4..
o.'i m . .
52 .ri2 li
i i jV
ru ni i,i
71', 7414
9 nn
hlLSO
01.40
11OT.0 Libertv 4th 4'is lots 80. SS
2'tOO Hell Telephone is.
,'(lOO Hell Telephone 7s.
Klilil Citv .".'js 1031. ..
2000 Cit 4 run
lO'MI I.rlngli Vn"ej 'is
0oo l'i nnsvlvniiiU OLjs
1000 Pmnsvlvanin Oijfl
eOOOI'nlla IZlectrlr 1st .
1)00 PUlla Electric 1st .rn..lots
HOIK) I'hila Electric 1st f!
20OO I'hila Electric 1st ."m
1000 WeUbach fis
Tn'al. 140 'JO compared with Jll.r.OO es
Krday. This fur this week f3.'S.40U.
lots 103M,
.lots 103',
!I2
. . . . 7
. . . . 07
!)(!'
!)0'i
84
S,'i.
07i,'j
.lots
BANK CLEARINGS
Tlnt.k (leaunffs todiy c mpared with cor
respondlni; Uav last two ars:
1 121 ifijll 1010
Phl'a Kfl 14110",'! J60 33.' :1 JTl.Oilj 0?3
N York 'H 'l7 nf)"
10.707 uoi
Daltimore 13 lid 710
(.h Liiko . 1U.85J 1.U)
LIVESTOCK QUOTATIONS
rhlniim. Ji-ne is f.vTTI.K-1 Irtu,
l'Ho heuil Cumpnril with w-k ana ln-t
st.ern l,c to '2tif lower She stink tn
irall T3c to $1 lower, spoil olt more Hu.ls.
runners and cutters, '.'ou lowir. falM's,
50f to T".c lower
IIOOS ttece iits, (!000 head Openlnu lOo
to 15o lilehor. One load sorted llu-htB 3n.
proxtkal top Js '.!, bulk IS Ms jn i .jU
clearance pies ttrontf, mostly $7 75 o7 (in
HHEnP Rfcupts SUM) hna.l Herlpts
today nrarly all packers direct Compared
with week aro, lamhi II to $1 2' lower
ypots oft more. Yearllnes, 7uo to $1 lower,
Blitpp, 60c to 75c lower.
I'lttehiirch. Juno IK - HOGS Reerlris
IStiO head Higher Heavies IS 23 OS 33
heavy and lUtht yorkers und !Ik. JS.73
8 SO
SHEEP AND I.AMH3 Receipts. 400
iuii -ron sneep .- 3u, top lamos, jio
CAI.VK3 Receipts. 50 head. Hteai
Tor ill
Hteady.
II11IT11I0 S. . June is f ATTI.E-
i ,tY it iieiid sten ly
i M I'.i lteilpth 3M1 head, steudj . 3
'J 1 ' 'i 1
HciGs- Ile-pts 1 iiMJ h itvl
tilt. 1 r ll'iivy ihsovii mtxei
yorkers, llht lorkers aad p?
rouslw. J0.75OJ1 staifj. H03.5
-Re-
SM&SOa
JOfflC 23
w..
FOREIGN EXCHANGE
New Yorh, June IV Kates on the
principal European centers maintained
a fairly steady tone following the open
ing of the foreign exchange market
tmlay, prices holding mound Friday's
(loe. The quotation- follow : Sterling
tables 3 71), demand 3 7S1,; funic
cables S.17, chei k- " 10; nelglan cable
S.fl'j. cIkcU S.03Vs: lire cables "i.03,
checks ,r).02iL. , Swi-s cablcM lO.'I'J,
checks 111.11(5; pi -eta cables 13.27,
checks 13.25 ; gu.lilcr cables .'ill. 30,
checks 33.25 ; Stuckholm cables 22.H0,
checks 22.4,1; Clirutianla cables 14.,"b,
checks 14..ri3; ('opt.nli.iKun cabled 17.2.",
checks 17.20, marks l.-l.V'l.
There vmis a btronper tone In the for
eign e.clmnge market In the midfore
noon. All of the issuea made fairly good
advances. Sterling cables were !'..70ai,
demand 3.70, franc rabies is. 21, cheiks
.5.20; lire (ablea r).07, checks 5 00j ;
guilder cables 33 20, checks H3.15,
marks 1.40
Montreal The late of premium
ou New Vok funds here today vvin
12:Ji per lint. The rate of discount
in New Yoik on Canadian funds was
11 per cent
Central European exchanges were
steady Greek, 0 2.'; Itumnnian, 1.11;
Bulgarian, 1 LI ; Austrian, .211.;
Poland. OS; ('.echo-Slovakia, 1.40MJ ;
.Iur Slavl,,, .70.
vi:s 1 urdav d cix)siNa quotations
Sturlins Francs l.lro Guilders
Demand 8 7hV4 SIS ft U4 83 16
( ubles . . a. 7d 6 17 6. 0(1 33 23
TODAY'S OPENING QUOTATIONS
Merlins 1 ratios I.tre itullders
Demajid .. . ,1 7S' N 10 (, 0.' aa 1
i.at. j .. .3 71' 17 5 11.1 3J.30
CLOSING QUOTATIONS
Commodity Markets
COTTON MARKET
New Yorlt. .Tune 18. Covering of
shorts for over the week-end dominated
the market in tho later trading and
prices worked up to a net ndvancc of 20
to -3 points. The tiude vmib a fair buyer
again, -eviral spot films tnking October
contractH. High Eastern belt tcrapcra
tuies weie bhown by the weather map,
and previous advances stated that maxi
mum temperatures jestcrday uftcrnoon
touched 100 degrees or above at a
number of points. Some of tho houses
vvith Liverpool connections were later
bu.vcrs, suggesting a more cheerful feel
ing in the English trade.
The receipts of cotton nt the ports
for tho daj are estimated at 20,000
bales, compared with 1.1,017 bales n
week ago, and 4000 bales a year ago.
rmlou
1 loe Open Mull Low Close
Ju y .... 11 2J 11 1(1 11 42 11 07 11 2428
"Holer .. U 02 11 00 IB 23 11.00 12 1317
Le"ern!.r 12.30 12 42 12.73 12.42 lj.o5&0
January . 12 .'.d 12 57 12 67 13,57 12 714,7.1
Ma..r'n .-, ,u 01 1-05 "2" 13.0U11
iapot 11 40c
V mand
.Siorl.np; Trincs
. J 70'4 s is
a so h 20
l.lro Guilders
J "J I io
1 7 33 3u
BUTTER, EGGS AND CHEESE
New orl(. June 18 BUTTER e isi-i , re.
celpts. 111194 tjl. Crtamery. hlKhar than
Mraa. SI'mWHIc. iruumery rxtrae (H2
sire) 32VilS3Hi. firsts (Si to 01 ecore),
.i1(32'4C, packine stocl., current maku No
1 It-Vac
EilGS Irreuular. receipts 21 rn.it c,i".es
Frewh-ifithered extra nrM-, ,s 1 . in tutta
"V? ft.'74 e. Mate IVnnir nla anl ne.irhv
v'nern hennen whitiw rlrta 10 extras 2(j
'fdsi.1 Stan. I nnj 1 ini 1 ind J, irbj
Western lienmiry hrnwiH xtra '13J31c.
d , eathercd brevns und mixed tolois llists
to extras 23V S.'12c
fllEESE tt-ndy Receipts, 4017 boxes.
Stato whole-milk flati- frfsh snno'als, lB'i
r'i Id's c iIj. lucrane run H'tftlVlo State
whn.n-millc twins mkm-iuIs, 1.''4 ft Kit . do,
aver.ifce run 1 IW '1 K,i
U. S. Certificates and Treasury Notes
Following uie the 1 o ns pikes bid .In
tho open inarKi t foi I nitid Stntei ertincatoa
of Indebtedness and noun of the Jirfircilt
Issues.
Aslt Yield
1(10 1-S2 ft 00
100 6-32 ft 00
100 a-3J ft Oil
100 7-32 ft OU
loo K-32 ft ij
100A ft 12
l"rt fi 11
IVt. Date DM
ft'4 July. H'21 . loo
(1 AUK. 1UJ1 1(0V
RV4 Hept . ltiJl K16
n Sept , lli'.'l . KMI'i
ftl? rut lli.M Hill
Mi Oit . 1H.M 100,
ft IJec . lli.'l liHi
ft'a I'i'i Vi.'J ion
Mar 1U2.' IflOli
5'j lune 1 1.2 inn
&, June IH2I luO
HUM.
10i)'4
lim.S,
100Va
GRAIN MARKET
Chlcaco, Juno IS. Whent started lc
to 2,'iO hk'her for .Tnlv nml 1 V. e (,, !..
better for September, with general buy
ing led by nn Eastern house. After
the oponing, thero was belling by houses
with country following and the murket
had n setback. Receipts inspected es
terduy, thirty-five cars; last year, four
cur. Cash market relatively firm, vvith
n good demand nnd modcrnte offerings.
Export trade moderate, but persistent,
with 750,000 bushels Gulf whent re
ported vesterduy. Weather reports show
generally fair and warmer conditions
over nil parts of tho graiji bolt. Senti
ment in tho trade is bullish and bujlng
is more effective than tho selling This
is expected to continue today, although
somo Irregularities arc probable because
of week-end evening up.
Corn started unchanged to ,fcc higher
for July nnd Vac lower to c higher
for September. Trnde moderate with
commission houses selling ,July nt thi
start, while localH were the' best bujer
Oats Btaxted o to &c higher for
July nnd c to c better for Sep
tember, There wero buylnir orders ln
the market at the start, whilo offerings
were limited,
Reoervo Banks' Discount Rates
Official rediscount rates at the twelto lVd
.ml lleaero Ilnks are as follou-N
uiS- iVom ' n"
Bonds, rapei. Accept
Rochester Mines II
San Toy 3
Silver Klnir Divide I
Mlver ICIne Hills of Nev. 21
S .Silver Lead . . . 't
Success Mln :
Tonopah llelmont liV
Tonopah Cash Hoy ft
Tonopah Divide i
Tonopah Extension I'a
Tonopah Jim Ilutlcr .... 8
Tonopah Midway 12
Tonopah Mining 1A
Tonopah Mlzpah II
Tonopah Montana ft
Tonopah llescuo Eula ... Ill
United Eastern 2.
Victory 2
West End Cons 7
White Caps 7
Wllbert 2
110ND9
Amn Tel fls. 1022 07t
Ainn Tel lis. 1M2.1 !I3
Anaconda 7s. 1020 112't
Hlth Steel 7s. 1!I33 ... .112
Cities Servico 7s II 1)2"
Cities Servico 7s C ... St
Cities Her; Ice 7s D . . . S(),
Cons Gas HI0U
Copper Exports Ss, HI22.10(Ht
Empire Obh lis. 11124 . . 81
Empire Gas bs, 1U24 Mi?
Galena 7s I'.'IH
Goodrich Tiro 7h Sli,
Grand Trunk iia P3Vi
Humble Oil 7a U1V?
Interboro 7o 73
l.lbby, McNeill 7s H5hi
Hears Roebuck 7s 11)22. H7's
Hears Roebuck, 1023 . . 00'.
Houthwest Hell 7s ... . HflN
H O N Y O'.s PSVj
Sun Oil Ss 01
1'nlted Drue Ss KiO'i
Vacuum 7s 100
Western Elco 7a OS "4
(1
i4;
HVi
lit
8
lit
24
1
20
7!'
7.
H
A
1
3
ft 7
10
33
14
K
33
1A
7
1
1
ft
1.1
3Ti
M
ft
14
1.1
ft
ft
(I
a
1
21
t
a
I
ft
IrV
1'4
s
12
1A
n
b
in
OH
131
11H
3
1'4
8
.'
13
24U
1
1
3
r.s
10
31
1)2
s
33
1A
7
1
1
ft
13
3'4
HI
r
14
1.1
ft
ft
II
3
1
2t
'.
:i
B
i
8
12
1A
11
ft
10
2 A
07
03Vj 03W
02l; 02H
VI 02
02 2
h.t 83
6314 8fti
10OV llMlii
IOD'4 lOOVi
M 814,
eli'd hflfi
034 03V?
SO'. 80 H
J.Ua 03W
H.V Oft'i
73 73
0V4 0BV4
071, 07i
oo' om;
OIIH OilH
os osu
111 01
1IH1 1011
100 100
Ob'; ovi
Philadelphia Markets
noston
New York .
Philadelphia
Cleveland ..
Richmond ..
Atlanta
Chlcaco
hi tenuis
Minneapolis
liuiK,n 1 n v
f .17 I Dallas
ft .'III
t
ft 71
Aoceotshli in payment of rederul lav..
on the dates of maturity.
ban t'ranclsco
Troas
ctfs
... a
, .. (I
, ..'(l
... (1
... 0
, ,. l
. . (I
, . . (I
... ftV
i
II
0
0
II
II
n
11
11
8'
ft'i
11
5 V,
11
11
a
5
n
a
11
f,'4
ft j
11
DiKinuiit rate correipom?d with int.r...
rate burns by certlllcate pledged as collat
eral with minimum of fi per cent In the case
ot Kansas City.
. V HKAT Receipts, 14.1378 bush Market
3o lower Car lots :n oKPort eleator N'o. 2
red winter, Jl.ftl01.5D. Xo 2 red winter.
Garlicky, Sl.-iO01.4S Other (Trades quoted
at the following schedule of discounts: Mixed
vvhot. 0c under red v Inter No. 3 wheat
80 under No. 2: No 4 wheat 7c under No
2i No 6 wheat. Ilo under No 2 Samplo
according to quality.
CORN Receipts 72.7S3 bush. Prices de
clined 2o. Car lots. In export elevator
No. 2 7B70c: No 3 73374c
OATS Receipts. 13,100 bush Market
weak and li- lower. Car lots as to location
No 2 white. 48048Vic. No 3 white, 470
1-LOUTt Receipts. 1000 bbls nnd 1.248,-5-V.
lb'1: .ln acks The market was
7. ,?J?d barely, tead ,Tho quottatlona
I'er mo lbs., packed In 140-lb Jute necks
Soft winter straight, western. $7 B0W7 7S
do, do, nearby, 17.2.1, BO hard winter.
Vv?Llht' JS.23W8.75i do, ehort patent. 18.75
50 2S. eorlnir flrst. clear 8 8 8.50 dn. nit.
ert lyifii 50, ao short patent JOCnQin
tancv sprlnsr and city mills patent, family
trands tlOflOll hse nouf, $0 21tf0 50
PROVISIONS Steady held Quotations
Beef In sots, smoked and alr-drled, Mc; heef
Knut-kles and tenders, tmoked nnd air dried.
fi.'e pork, family. 43c hems 8. P. cured.
loose 24 021)0, do skinned looc, 251327c
do. do smoked, 272Uc. hemi., boiled, bone
less, 43c; plcnlo shoulders, S P. curd, loose.
1.1 do. smoked 10c, bellies. In pickle, loose.
18e breakfast baccn, 22e; lard lie
nuiTKR was quiet but steauy at the
late advance Quotations HoQd-packed
crtamcty, hlgh-scorlnp- irnods, :na7c. i.
in34ci extra firsts !?33o tlrati 24n &
80V4c seconds 2327c sweet creamery,
choice to fancy 0H33ec. fair to good 25
8V fancy prints Joblilnir at 44U40c fair to
choice 3(lG43c.
KGGS. Irregular. The Quotations were
Nearby firsts, 2Bo, current receipts 2o
vvestern. extra firsts 2Mic firsts 2711
28i. socDnds, 24020c Inferior lots lower
fancy seleited ergs Jobbing nt 3U40o. fair
to itood ot 83038c
CHKKSi: Firm but quiet Quotations.
Nw York whole milk, flats fancy fresh
luviic, uo, cunimun 10 imr ircsn, H'lyirn
I.onshorns fresh, tOC17o single Dalsle
Am Agr A Cbl
7Ui rcti
1 S4U
Am Dk A I Bs
8.... 100H
Am a Kg Ds
1 TO
Amn T A T Ss
1 81
Amn T A T os
8 07H
1 07 H
2 OTU
1 07H
A T A B Fe ct
3 07
A T A 8 Fe 4s
2 78H
3 (sale) 74",
3 74
A Coast I' Clt
B (sale) 07 H
1 .... 07 i
A Coast L 4i
1 .... 74H
A Coast I. 7s
1.... 100H
Atl'o Fruit 7i
2...... 41
Atl Ret ct 0',4
8.... 100
Dalt A Ohio ev
B 07H
1 07
R A Ohio alii
8 81
Dalt A Ohio 4s
1 03 U
Dalt A Ohio Es
.... 08U
Dalt A Ohio 6s
8 88 ti
Dell Telephone
of Ta 7a
1.... 108U
a.... 103 H
1.... 108H
J.... 103U
Drkm n T 7s
0 40J
Dkn 11 T ot Vs
1 4BV4
7 4B
Drkn Rapid T
ot 7a sta
IS 43
Canadian N 7a
8.... ion;
2.... 101U
1.... 10m
1.... iou;
3.... ion;
Cen'l of Qa 0s
1 (sale) 85 V4
Cerro tie Pasco
Copper 8a
1.... 10BVI
4.... 105H
1.... 105
C A Ohio 4 Ha
2 73H
C'k A O cv fts
1 70Vi
7 .... 7H
fi 70
1 70K
1 70
1 70
C A A char 5a
2 83
Chi D A Q gro
2 70
C D A Q OVis
ft .... 00K
2 00H
lft ooh
1 .... 00H
Chicago Mil A
HtP cv 4 Via
8 04
2 64H
Chicago Mil A
StP fd 4Ua
1 BOW
1 00 '4
Crlcago Mil A
StP cv Ss
4 .... 04H
CAN W'n 7s
1 ... 101
1 ... 101 V4
Chi Rallw'n fts
1 .... 82V4
Chi It I A P fd
2 05
5 04'i
Chicago Union
Sta ct 04s
2 ... ion;
Chile Cop'r 0a
2 71M
30 71H
6 71
1 71
1 71V4
City Derne 8s
1 OflU
City of Copen
hagen 0s
1 74VJ
City Lyons 0s
1 70
C N Yk 4'07
1 88
c NYkVi'eo
12 ... 82U
C N Y'k 4H'00
20 82
City Paris 0s
1 ... 83
Citv Parla 0s
0 .... 00
88 .... 00
1... . 00
City Zurich 8s
1 .... 07
Cl'd Cln Chi A
St I. 4 Vjs
1 73
Cl'd Cln Chi A
St Louis 0s
1 . . S0'4
Cons'd Gas 7s
SAUJS IN J10001
1 00
Oovar't French
n 7 Ha rets
E0 95
31 05
20 OS
1 OS
2 03
Gove't FII81
07
07
07
07
07
07
07
07
07
07
1
2
1 )
2
0.1...
1
1
2
3
1
04 Trunk rets
1.... 100
1.... 100
1 ... 100
18..., 100
1.... 100
.Great North' n
Rall'y 7a
1 00
Hud A Man fd
1 00
1 00
1 00
fi 00
3 00
Hud A Man In
fi 87
6 S7
1 87
Intboro R T fd
Oregon 8 I. 0 s
. 09
03
B2
62
fi3
S3
S3
82
B3H
B2V:
1
3
a
8
1
2
2
8
I M Marine 0s
1 70
1 70
Jap Gove't 1st
1 84
1 84
Jap Oove't 2nd
1 64
Jap Oove't 4s
0 00
4 on
B 00
8 00
4 00
Kan C1H3"
1 Bl,
2 B3
0 SB
Kan C A B Bt
3 74
K C T Rly 4s
1 C0
Kelly Bprlng'd
T Co 8s wl
fi 00
fi 00
K Relglum 0s
1 02
K Delg'm 7s
.... ....
Org-W'n It Co
Navl Co 4
1 03
Packard Motor
Car Co 8a
fi 04
Pa II It 4a '43
fi 77
Penna n n Bs
1 82
3 83
Penna n 0a
1 0BW
2 08
1 08
2 0OH
1 00
1 00
Penna R R 7a
1.... 10m
1 ... 101
a.... 101
Publlo Serlvce
Co'n N J os
1 04
Reading ny 4 a
2 73
Rep Chlla reta
2 05
1 04
8 04
2 !S
1 05
Rep'o C 6 '04-
2 81
Rio Q A W 4a
1 u
at h A 8 V aj
a : 1 -- i
I I -f
STEEL PRODUCTION
AT VERYLOW EBB
Prfco War Threatened Unless
Conditions Change Materially
With Another Reduction
D...
1...
1...
4...
1
1.
08 V
08
03
08
08 '4
08
IC UelE'm rets
7 07
1 .... 07
2 07
1 07
1 .... 07
Kingdom Den
mark ct 8
1...
3.'.',
1...
1...
1...
00
OOH
00
08
00
00
Kingdom Nor
way ct 8s
3 1O0S
2.... 100
1.... 100
1.... 100
King Surd'n 0s
1 83
4 83
S 84
I.ako tihore M
S'n 4s '31
1 70
Lehigh Val 7a
1 ... 102
2 .. 101
I, A Myers 3s
1 ..84
u iii n n fd
1 04
Lou A Nash 7s
2.... 101
1.... 102
Marland OU R
1 05
Mex Petr'm 8r
1.
6.
fi.
1.
4.
1.
1.
St I.
2.
S.
4.
1.
14.,
7.,
4.
17.
1
04
.... 04H
.... 04H
.... 04
... 04
... 04
... 04
A 3 V In
,... BlW
... B1H
... S3
... 01
... BtH
... 61
... M
... fil
60
SILAS Fran
Series A
1 tiO'4
1 BOH
1 B0
St I. A B Fran
Berles D
12 71
8 71H
3 71H
12 71
St L Bow'n 8s
1 05
1 03
1 04
St P'l A Slou
City 7a
1 02
Sao Paulo ot
Drazll ct 7a
4 05
1 05
Seab'd A I "J
1 81
Seab'd A I. 6s
1 47
1 47
Seab'd A L fd
1 38
4 80
Sinclair C Oil
Corp'n 7a
1..
B..
(I..
4..
17..
1..
03
03
03
03
03
03
02
Mid 3 A Or 6a
1 ... 76
1 . . 75
Mo IC A Tex fd
2 ... 80
Mo Paclflo 4
100 V
100
. 100
. 100
A B 8S
.. 07
C S ov
.. 00
. . OOH
.. 00
. . 00
.. 00
.. OOfc,
60
freeh 10017c, jobblnir sales of fancy goods!
1UW20O.
J.IVB POULTRY
The quotations were
iowis lanry tat uswaisc medium, 29031c
srrlnot chickens, broilers not Leghorns good
quality, we ghlnjr 202 lbs aplace. RJ
u welching ltflH lbs ap.ei e, 38
- nyr nn chiihi-uo, t-t-siiuril weigning 1
v I 2 lhn iinlfte Ar,u4(l Kmnller !. nt,
J4e roosters lOanfie Durku ivhit 'n-'Lin
JVii&r do mined colors, 22021c pigeons'
per ralr old 41030c young 3V40o
DRK.SHKD POULTRf Quotations- Fowls
frenh-klllej. dry-picked. In boxes weighing
4wfi lbs aplice 34c; do welshing .1 lbs .
3l(8f31c do, weighing 8 lbs , 28030c Fowls
fresh-killed In bbls., dry-picked weighing 4
fl lbs. apiece. dr-plcked, 32c, do, welsh
Inn IfiS Uu apiece. Ice packed, 3lc ilo
weighing 3 lbs 2402Bc. do weighing 8
lbs nnd under 2Jd2o broiling chickens,
Western, 4ftff10c, do rrearh. ftOfTOOc old
"""l-M ,J-,', MV'l.lll 4iV OO
Southern, Pic, ducklings I. I 28029c
nearby, 27c
ilo
do,
GOVERNMENT BONDS
Panama cou 2 1030 .
Panama reg 2a 1030
IHnamv cou 2s 1038
Psnama rig 2s 1038
Panama cou 8s Hull
P-inama reg Sn 1001
Philippine 4s 1031
PMllpplne 4 linn
Philippine In llisn
P S Gov cou 2s 1010
I' H Oov rei: 2s 1030
1 B Gov oou 4s 1023 ..
r 11 Gov re 4s 1021
D of Columbia 8.05s 1824.
Hid
onji
ii nt!
. ii(i;
0(14
70
. 711
Rll
. Hi
Ml
on',
. inn
104
101
. 02
Ask
lonvl
KiOU
lOllVi
limw
80
80
l.'l
k3
h3
HKI14
105
10,1
1
1
3 .
Cuban
B ..
Cuban
4 ..
O...
0...
1 ..
8...
o
1...
Denmark Con
ct A 8s
1 07
1 08
Denmark Con
ct D 8a
2 07H
Den A It O 4s
2 03
Do Canada '21
3.. .. 00S
Do Canada '20
1 ... 00
4 .... 00
Do Cunada '31
1.. .. 80
1 .. 80
D De Nemours
Pwd 7 Ha
1 00
2 ... 00
1 .... 00
1 . .. OflVj
1 . . 08
Duii Llcht 0s
1 . 00(4
1... . 00
Erie II Co Ss
1 ... 84
Gene'l Ulec 6s
1 .... 84
3. ... 81
Gene'l Ulec 0s
0 ..101
Goodjear T A
Rub 8s
1 . . 00
1. . . 00
B2
61
62
B1H
ftl4
ftl
61
Bl
1...
1...
0...
1...
1...
2...
1...
1.
03
02
02
02
02
02
0J
02
S'n Pao cv 4s
B 70
1 70
2 70
8 70
South' n Rly Bs
1 80'.
B 81
Stand'd Oil of
Cnlt rets
8.... 102
Swltz'd Con 8a
B.... 104
1.... 104
2.... 104
8.... 104
1.... 103
Tidewater OU
Co ct OHa
1 02
2 03
Union Pao ov
81
Union Pao 4
8 .... 78
U Tank Car 7s
0 ... 100
U K of a Ilrlt
A I'd 1021
1....
1....
fi
1....
1 ...
Ne Oi Tex A
Mexico 8s
1 . ft0
1 .. 50
N Y Ctl 3s
4 . . 01
New Yk Ctl 0s
1
3
T
i
8..
88
88
88
88
88
88
Now Yk Ctl 7
6.... 100
New Y N. II A
Ilart'd 0s
4 .... 00
3 .... 00
B .... 00
New Y W C A
Dost 4a
1. ... 34"
1 .... 81
1 34
NY BRy 4s
1... . B3(;
N Y Tele 4s
1 ... 78
N Yk Tele (Is
8 00
1. .. 00
Nla F Pwr fls
07
Nfk So'n R Bs
1. .. 41
North Wn 11
Telephone 7a
7 .... 08
0 00
1 08
1 00
2... . 00
N Paclflo It 3s
1 88
Org A Cal fts
2 .. , 80
1 80
Oregon S I. 4s
8 70
00
00 "t
00
00
00
00
U K of O Brit
A I'd 1022
1 07
2 07
U K ot O Drlt
A I'd 1020
2 87
6 87
1. .. 87
2... . 87's
1 .... 87
U K of O Urlt
A I'd 1037
2 .
2..
17 .
3 .
2..
1 .
23..
1
1..
i 84
. 84
83
83
83
83
83
83
83 ,
U S Drazll 8i
15 07H
8 07
1 07
1 07
(J S Mexico 3a
1 47
4 . .. 47
0... . 47
1 .... 47
1 4fl
U H Rubb'r 5s
3 .... 70
1 70
1.... 70
U B Rubber 7s
1 ... 07
1 . 07
U H Rub 7s
! 08
U'd 8 Steel fts
1 .. , 01
2 . 04
3 04
West Shore 4s
1 117-4
1.... 118
8 .... 05
0. ... 08
2.. . 00
W A E Mfg 7s
2
8..
O
8
1 .
1 .
I..
5
00
00
00 '4
00
00
00 V.
00
00
Total. 15, 041, OOO, comrared with nnnj
SSI! y.i1"' Thu, f.rWwTe'k11. S-sSi::
Liberty 3i.n...,
Liberty 1st 4s..
Liberty 2d 4n...
Liberty 1st 4W8. 87.70
Liberty 2tl 4Via.. 80.84
88U0h4
87.30
86.(10
Liberty 81 4'4s
01.50
Low
88.22
87.30
80.00
87.(10
80.71
ill. 42
iviucrty 4th 4'is. 80.02 80.80
Vie Notes 3s... 08.40 08.34
lc Notes iH. . . 08.40 08.32
105,004,-
88.28
87.30
80.(1(1
87.52
80.80
01.50
80.00
1)8.40
08.40
BAR 8ILVER
New York, June 18, Commercial 1,..
silver Ptr fln? ounesi DomcVtlo. OOU e ur
changed: foreign. 60c. an advance of "?"
I.orMlon. June 18. n
higher here today at 85 d,
Pr sliver was d
ft.
Charters Granted
Dover. Del., June 18, Charter, ni.j .
.d,rS.a;Co'l. H'.'5f. Wpor'aVn'
MacFnrlsnd, Philadelphia m' " M
Olobe Chain Htores. Inc , conduct fh.
of stores for ee Int,' of household ,,i i n
r T I'ohee C B Outlet, a i ! J"
Wilmington. Del 10,200 1)00 M'kei
The Uaidlto Co , manufacture f iia.,1...
and other products; manufactured from ii.L
etc , W.OOITOOO. 4. W Ilallnu I? R?1vCnd
C. I. Saulres, Kansas City, Mo. '""
Netr Yorlt, .Tunc 18. Another week
hag passed without nny decided signs
of Improvement in tho steel situation.
Domestic buying, if anything, is smnllor
than heretofore, and the operations of
the steel plants of tho country have
been further reduced, with the pros
pects that unless there Is nn incrcaso in
tbo demand some of the smal er com
panies will be compelled to shut down
cntirelr.
It is reported in trade circles that the
indications nro thnt one or the com-
Snratlvcly largo nhd well-known in
ependent steel companies Is likely to
bo compelled to closo Its plants en
tirely shortly, because at present only
a few units aro being operated on a
hand-to-mouth basis on orders ns they
nre received from day to day.
Somo of the independent plants arc
said to bo operating nt present ns
low ns 15 per cent of cnpnclty, nnd
tho nvcrngo for nil the independents
is not believed to bo more thnn 20 ncr
cent. The mills of the TJnitpd States
Steel Corporation nro doing approxi
mately 30 per cent, so that the average
for the entire industry Is somewhere
around 25 per cent, or the smallest it
has been in ninny years.
While opinions have been clven in
twine quarters that tho end of August
win sec a cnange in tile situation for
the better, boenuso somo expect nn
improved demand from domestic con
sumers. It ennnot be said that the best
authorities nre ns yet convinced thut
"the industry is out of the woods.'
In other words these authorities be
lieve thnt even If there is wmo gain in
buying toward the fall, the increnso will
not be substantial nnd of lonir duration
unless industrial and business conditions
of the country generally nro much better
than they nro nt present. Therefore
some of the best-posted observers have
expressed tho view thnt there nro 11
number of lean months still ahead of
tho steel indu&trv beforo tho turn hn
I been definitely made nnd tho improve
ment, has occn 01 n lasting chnrncter.
Further I'rico Concessions
Thnt consumers of steel nre convinced
(lint prices will bo deduced again within
n comparatively short time Is shown
clenrly by the attitude of users who nre
keeping out of tho market except for
their nearby requirements. Kconomy lin
Mt the consumers to n great extent
nnd when nn inquiry comes into the
mnrket tho prospective buyer tnbes
a long tlmo to place nn actual order.
Apparently the consumers arc having
littlo difficulty in getting price conrc
fiions, especially if they hold out long
enough, nnd it is lenrned that a contract
for Kte4 bars was placed during the past
week for whnt is considered n good
tonnngo under present clrcurnbtniiccs nt
1,80 cents a pound, n reduction of ?I1
per ton from the price established tvv-
months ngo by tho United states Stcol
Corporation.
There Is no doubt thnt the snme can
bo dono on other products, ns officials
of somo of tho companies arc making
heroic efforts to keep their plants oper
ating nt the present rate nud nre will
ing to do business oven at n Iofh, merely
to keep somo sort of an organisation in
tact. Price shading has nil the nppenr
onccs of becoming general, nnd when it
does the United Stntes Steel Corpora
tion is expected to meet the quotations
of its competitors.
Price War Threatened
Thus fnr it ennnot bo uid that u
price war nctunlly exists excopt be
tween some of the Independents who nre
making tho concessions, due mainly to
the fact that the steel eoiporatiim is
adhering to Its published quotation?, but
It will not bo long before n price war
develops unless conditions chnngc ma
terially with nnother reduction tliut is
expected by tho leading maker.
In connection with nny price war that
mieht develop which would Involve every
steel maker it must nlvvujs be borne in
mind that the Steel Corporation would
be in the most favorable position bo
cnuse of its economics in operntion, the
favorable location of its plants, nnd its
ability to produce for a lower rate than
any of its competitors.
Cmciblo Dividend Cut
The action of the directors of the
Crucible Steel Co. of America in re
ducing the dividend on the common stock
from 2 to 1 per cent during the Inst
week was in line with expectations fol
lowing the passing of the Republic Iron
and Steel, Lackawanna Steel and other
dividends in tho lost month or two. In
fact, somo authorities argue that it
would have been more conservative for
the Crucible management to hnve passed
its dividend entirely nt this time.
According to trndo reports tho plants
of the Crucible nro operating nt only
from to 12 to 15 per cent of capacity,
and under such conditions it is difficult
to see how even the 1 per cent can be
maintained on the common stock. The
Crucible Is one of the rompnnk's that
increased its capitalization materially,
and although it is true that it has en
larged its capacity materially, the money
invested in those new plants is Idle dur'
Ing n period like the present when or
ders aro scarce.
Reductions in Fnlnrics were made to
officials nnd other employes by u num
ber of independent compnnles duriug
the week. These were forcenst some
time ngo when the wnges of tho mill
workers wore cut. It Is felt that an
other wage 1 eduction Is on its way for
the workers in tho mills, nnd ns in the
past the lead is expected to be taken
by the independent companies nnd fol
lowed eventually by tho Steel Corpora
tion. Only bv bringing down costs in
every particular can many of the small
est companies survive, according to the
belief in some quarters.
Pig Iron nt Lower Figures
As in tho 'nst month or two, there Is
little to bo said of the vnrious markets.
Pig iron prices went down somewhat
further during the last week, sales being
mnde in the Chicago district nt 521 50
per ton, with reports that oven n lower
figure was dono on some small orders,
although these cannot be confirmed
Pig Iron interests generally nre of the
opinion that the market is nppronehine
a.tlirn J01!10 b?tUr- for tlle time being
nt least. Thov baHe this view on the
fact that selling quotations aro below
the cost of production to n kni,ctn,,,i..i
extent, and further reductions In the
near future nre not looked for excent
in Isolated instances when Boilers are
compelled to dispose of a quantity to
realize funds. ' lu
C S. PATTON &CO-
BANKERS ,
nnnda nnd Htock. Vo,Vi.. 8J"5 ..
Mfmhera rhiln.. R,,,;,7"" soia
FINANCIAL
HTANDAIID OAH AND KIRni-nt"
8 nklnr Ftintl-Pnrehn.. nv"4?.T.RIO CO
Cent Sinking Fund abia iJSndJ r
Pursuant to the provlslona of is.
1011, by the Standard Claa anS f W' L
""''"' i in unaers gned. n ? ,...'"" 0
securo an authorized Issue of ThiT.ri.'5- ta
Dollars Convertible Sinking AVWirAHliloS
Liatunnir December 1. 1020 th 2K u?n.
haraby gfvca notice that it now hnde"LwJ
c-HedTnd0 JKK8& fee &'? fcS
the' mirchaee of said bonds nrVr.e.en,,nt- to
bonds aro Invited nt S. oHco n?."f of I4
par. accrued Interest an rll0.1 1 M'd
premluni Sea ed tenders .hmiiW. vil tent
to th Phllnde nhla Trust r.iSS oodreiifa
Iff. filnklwr Pun8, standard Oaa'Ku IT"''
trio Company. Uroad street cMit?."4 ?'
PlIIjLADnU'IIIA TIIUST COMPANY
. Uy JOHN C. WAI-LaVi'""'
iTillaaelphla. June 4. 1021
Trer-eur'er.
riHLADKT.nilA ItAPH) Tit wo,,.
Under terms cf the S nklrVr "punrf 1D"i
rroposala will be received LW' ""IsJ
Jtmp 27. 1021. nt th. ofn?0 0? th. rPi M'
vanla Company for Insurances or 1 &'?"'
Orantlnir Annultlos. Trustee ?n?,hlv,."1
it nt the Imvest price not OTCr2dln0l?l0 2
ddreswl to ' should b
Tenders for Sinking Fund r
. 1 Ufll u,
hi a T,.
1 T 'onii'
Proposals
i:ai,i:i iiids will nil urcFtvien "-
the Commissioners of Havorfo'rd r. P,T
until JP.M Wiyllght.sa?ln"t,me) Prffi'
June 24, 1021. when the same wni L vJa7l
at tho Tqtvnshlp Building Oakmont -?
cons ruction of a sanitary sewer nl,2?
consisting of approximately 33 miles iHvitft
into seven sections. "ncs, aivldet
Ulds must bo made out on nronoi f.
accompanying th. apeclHcatlona "Si m,?.!
be accompnn ed by a certified eh.-.!.""
flOOO. made payable to the Ti,.,k '"I
flnverford Towns'hlp. D.lawaereCoun,y"p:
Plans nnd specifications may b obuiiii
from the Townsh p Dnglneers Vii,f nI?
Yerkej and A. P. Dnmonf Jr.-VTth" t,.
sh p llulldlng. Onkmont. Mavcrfard tSSI
ah Id. upon the deposit of $S. which .S
will be refunded unon thi return of the??J
and specifications In good condition rn'
The Lomralssloncrn reserve th. t-t.h, .
reject any or all bids or to accept any Jr'
tlon of any hid and to award tho commE ,
?oBrd"Tornr,n?, Ul8 " '"'".fof'SiRS
All bids must be sealed nnd addreeaed t
JJ. A. l'rltschmann, Hecretan', 0,S
llayorford lOHiishlp. Delaware lUlT
pbsal." " outside "Sewer Vn
(Signed). HOnATIOO I.LOTD
Chairman Sewr rommlii'..
FORT JIYKK. VA MKALLI) l"llurnsi"J
in triplicate will be lecclVe until 0 A
Juno 2, 1021. and then opened for ,14
reconstruction of roads within reservation
now roads nnd drnlni around laundry 5ibi.
also timber cool trestle. Oovornment Jil
serves right to accept or reject nny or in
bids Information can he obtained bv il
plication to Constructing Quartermait.?"
Doom 2410. War Trnde ntilldlng "oTh Ii
C sta.. N. W Washington. D. C '
roiiTSivr.it, va. ski,i:d ntorostf.
In trlpllcilo will bo reeelved until 0 a
June 28. 1021. and then owned for constm
tlon of oxtmelon to launrtr. Kurt Myer V,
Oovcrnmrnt reserves tho rlijht to accerit Ve
reject any or nil bids Information unon
npplicitinn to ('onsiructlnir Qunrterm-itM-Ilonm
241(1 War Tinde U.ilu 2111I1 and O
ms , N W . Wrahlnmon l ('
DMilfnils
PHILADELPHIA COMPANY
DIVIDEND No. 150
Pittsburgh. Pa. .Tun. 13, 1021
A quarter dMdem! of setentf.flr ceuft
per share (being one und one-nlf pee ce.it
t'il on the pnr valuo of Kill a share) oa
tho Common Stock of thlt Companv, h-n thli
day been declared. pn,ible July 80. IBil, ta
stockholders of record Jul) 1. 1021.
Checks will bn mailed.
C. J. HIIAI'X ,Tr Treasurer.
duquesneUght CO.
DIVIDKN1) No. 2(1
Pittsburgh. Pa.. Juno 15, 1021.
A quarterly dividend of
(INK AND TIIIir.rc-FfH RT1IS
PHIl CLNT
(lrJ) on the 7 f umulntive Preferrsa
Capital Stock, hni this dav been declared,
payable August 1. lUil, to atockholders of
record July 1, 1021
Checks will be mailed
C. J DRAW Jr Treasurer.
WESTINGH0USE ELECTRIC
A MANI'rACTrUINO COMPANV
A ciuarterly dividend of 2. (1.II0 per
share) on tho Piti:ri:itlti;n Mtoels of this
Compnny 111 bo paid .lulv 15 1021.
riUlMON Stoclt o.' this fnmpanv for thu
quarter ending Juno 110, 11121, will bo paid
Juir :io, 1041.
lloth Dividends nre pavnbln to Stockhold
ers of record as of .Tun- 30 1021
x. ... , , H'.r AI-T2. Tieasurer.
New Yorlt. June 18 1021.
13. W. CLARK A CO., IIVNKliuT
Offlco of the It ingor Rnlhvii.v mid I'lrrtrlf
Ciiminry, Ilimcnr. Me,
Preferred Mock Dividend No. 30.
The Hoard of Directors of the lltngor Rail,
way nud Klrctrlc ( o. hji declnr d thu regu
lar ounrterly dividend of one mil three
tiunrter per cent (l-S'i'r) upon tto preferred
.tocli of the company pavuble July 1, lOil,
to stockholders of record at the close ct
lusln-rs Juno 20 1021 Clucks iII bs
mailed
HOWVItD CriRNIVO
Tf anurer
Ol'FIC'U 01' WKI.SI1VCII COVIPANV
Oloucester City, N. J Juno 15 1021
Tho dlrectora have this du declared a
sotnl-unnual dividend of tlirre und one-liiilf
per cent 13.50 per share) on the preferred
stuck, and n dividend of two per cfnt !
per hlinre) on the common ntock, pajabis
Juno 30, 1021, to stockhold"rs of record st
Hie r!o."0 of business Juno 20, 11U1. Checkl
will bo mailed.
J. M. DEVLIN
Troiturer
American Tclcphono & Telegraph Co.
12TIM Dividend
A quarterly dividend of Tiro Dollurg nnl
Twcntv-I'lve Cent per share will be paid
on 1'rlduy, July IS, 1D21, to stockholders ot
record at the closo of business on Monday,
June 20. 1021.
II. ni.AIR-SJnTII Treasurer.
Oiricv nt
Till". IVITKI) (1A1 IMPHOVnMKvT CO.
N. XV. Corner Ilrond nnd Arch fits.
Philadelphia June . 1021.
The Dlrectora have this day declared a
quarterly dividend of one per cent (50c per
ennrcj on tne common riiocK or tnis t;oji
p.my paynbo Jillv 15, 1021. to holders ot
Common Stock ot recird n( th' clisi of
buvlneB Juno 3u. 1021. Checks will U
malicd I. W. JIORRIS Treasurer.
Till', PK.NNSYLVAMA COVIPANV 1 OH I.V.
siininrvs un I.Ivch und (irauting VnnnltlK,
June I I 1UJ1
Th Hoard of Dlicct rs has this dcy de
clared 11 regular quarterly riMlrml of seven
rer tent (1) per share. panble July 3,
1021, to stockholders i.f ri- id at th c
of business m Jl'ne 23. 1021
J. It t'AHPfcMTR JP
Tr aurr
oiTici: or
tub ritANuroiti) IRIST (OVIPV
June 11 1021
The Hoard of Directors havi t'ns day A
clnred tin tegular s.-'inl hnnu-ii ! 'end or
seven per cent (T) to tho stockholders
of recoul thlK d-vj, p)able Jul 1. ID-1-Checks
will be mailed
CHAni.ES R. CORNm.L. fei retarv
Annual Meetings
,VS-
fSSP-. I'l'W lll'll IllVtl AMI 1.(1 N
" HOCIATION 01' PIIII.ADLI.rilM.
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
H.L. Smith & Co.
INVESTMENT SECURITIES
1009 L"" Title BIJj. Spruce 6721-2
Notice Is here'by given that the annual
meeting of the stockholders of the Feno
Hutldlng and Loan Association of Phllsl'l
phla will bo held on l"rldi, July 8, 1WI.
at 8 o'clock P. M at 170(1 S lSlh st st
which time action will be taken In accord
ance with a teBolutlon of tho Hoard of Di
rectors, upon the approval or dlnapproval or
the proposed Increase of capital stock 01
the said corporation from one million dollars
(Cl.OOO.OOO) to three million dollars ($3,000.
OOO), JAMKS F. IIARH, Secretary
J1ICHADL 1'ltANCIS DOTI.U
Solicitor,
1,12(1 Land Title Hide
PARTNERSHIPS
Tim partm:riiip iiLRKiormti. kv-
Istlng between Abu J-. Liuiti-r nnd lleiijnnim
VViiiik, trading 11 Ijiutrr A Wang, has been
dissolved lune 111 1021 . . ,
Tho business will be continued bv Abe ii
l.uutcr at 41 N, 0th St., Phllad Iphia
aid: j LAt ri n
IIKNFAMIN W (NO
joirpii 8TKnNHi:aai:it,
Attorney.
MI1K P. IS HLRKIIV (.IVL.N uir niR
uiidirslgncd his this d.u wuhdrmn froni
the tlrn uf Lllirriliiuk A tls. I "'"'J'.'
engaged In tho real mat and stearns'W
tlckit buNluoss at rranlilln and Poplar (
Philadelphia.
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