TOW
MWilli ii "';,',..' 'jmwiM
wAa u iirMnV,.rWEi'
Wmi''V' r.Tf'J': ?4vi'S
$K-''
V' V
SVEMInG PtiBUO. ; Lfaj&ii Jl& i
Hi ' 28
j;
WTRiXMEm
wf Czechoslovak
I - Republic
K :: 8 Secured External Staking
I Funrf CeM ei of !
R .!" Due April 1, IBM.
if. Secured by a tint
i1 specific charge en
the customs duties
re and the net profits
. of the tobacco M
IK , monopoly of the U
m, ' Republic. H
b Price te yield about II
I 8.10 II
1 TheN.tienalCityCempaay II
H v Philadelphia 1417 Cbestaut St. II
It I Atlantic City Chalfonte Bleck II
it j 122S Boardwalk
R , ( ,
if II il
I ' Baltimore. M-.
t ' Registered 5 Bend
If 1 due
1930 te 1935
P , 1947 te 1952
Iff
If
Prices te yield
If about 4.15
VI '
11 .
K
it Circular upon request ,
I
Harris, Ferbes & Ce
JET aBKB .. A. .
nite St., car. wimam
mariaf TnH
It Philadelphia Offlcs
1 Wldener Bids.
k Telephone Spruce 7040
B '
KM
I
si' r
I I i
1J' 'k
h
il
mi
GENERAL RETREAT
MADE BY ITS
Judge Gary's Optimlttib Address
a 8lgnat for General
Cevering
wen
NEW YORK STOCK EXCHANGE TRANSACTIONS 1
Tax Exempt
Bends for Investment
During the past 12 months
prices e! bends free from
all Federal Income Taxes
have advanced te such an
extent that it has become
increasingly difficult te
cheese these which provide
a satisfactory return.
We will be glad en request
te submit recommenda
tions of bends that are ab
solutely exempt from all
Federal Income Taxes and
yield 4.50 or better.
New Yerk. Mav 26. There
just enough favorable influences en
hand te make the bear crowd dig for
cover In today's stock market. The
free covering brought a higher rangeef
prices In most all parts of the list. The
trading was net en the same big scale
as In some of the recent sessions, rat
wan bread and active despite the re
tarding influence of the approaching
holiday.
Judge Uary s optimistic address Be
fore the American Iren and Steel In
stitute gave the constructive forces a
powerful lever. They also had the as
sistance of an easy money market with
call money renewing and leaning Inte
next week at 3 per centi The $200,
000,000 Treasury borrowing was less
than expected. Then it did net take
market long te get ever the scare from
the railroad freight rate cut. Te the
contrary, overnight consideration of
this incident left quite a different Inter
pretation, and there was a disposition
te give mere thought te the possible
wage cuts, which, in the opinion of the
majority en the street, dovetail with
the rate reduction. It waa pointed out
in some quarters when tbe big advance
in wages was made It was retroactive,
which fact, It was believed, the rail-
nnu uuiciais may auvnmageeuBiy em
ploy in the present situation. The
slight railing off in Federal Reserve
ratios was net considered Important and
was easily counterbalanced by the con
tinued easy condition of the money
market.
In bis address Judge Gary said the
country new seemed nearer the pros
perity that had been ahead of It for
years, although at times obscured and
expressed pity for "chronic, blind, deaf
and foolish pessimists." As te the
steel industry, he said, "volume of
business Is large and Increasing. The
profits arc net satisfactory, but few,
if any, ought te .be doing business at
a less, and v.e expect seen, I hope, te
fettle down te a readjusted basis of
, prices and rates that In fair and reason
able and en a comparative parity." He
came out 'quarely for a tariff high
enough te protect American Industry,
but net high enough te permit produc
ers te oppress consumers.
Ralls, especially the cheaper grades,
were taken up mere actively during
the mernlnc Lake Erie and Western
common and preferred rose l'.s and 24
points. Rending common and first pre
ferred made like enlns and Lehlah Val-
ley, New Haven. St. Paul and Wheel
ing and Lake Erie preferred rose 1 te
1$ points. Mexican Petroleum con
tinued te feature the oils, increasing Its
rise te 8 points. Crucible was strong
est of the fteels. but that steed and
related equipment? were less prominent
than usual. Specialties were featured
by Coca-Cela, which rose 3 points
te a new high record, and tobaccos
added te yesterday's gains.
Hemphill, Noyes C& Ce.
Meinears New Yerk Stock Ezchanga
Franklin Bk. Bldg., Philadelphia
New Yerk Pittsburgh Bosten Seranten
Let Angeles Albany . Syracuse Baltimore
Wilmington Bridgeport
Commodity Markets
Federal
Farm Lean
Bends
All Issues
Bought Sold Quoted
Elkins, Merris & Ce.
Land Title Bldg., Phila.
Members
New Tork Fblla. Stock Exchanges
GRAIN MARKET
Chicago, May 26. The wheat mar
ket opened steady, unchanged at Vic
advance, despite deliveries of 801,000
bushels en May contracts and early
in the dav was only moderately active.
May worked up te $1.20 or c te lc
advance, but at this point encountered
renewed selling, and quickly sold off
lVjc.
It was generally conceded th May
deal was practically ever, although there
were believed te be a geed many odds
and ends te be evened up and further
feverish fluctuations were anticipated.
The trade, however, was giving mere
attention te ether factors, and the crop
news wa considered the main factor
which is likely te dominate the market.
Cern started unchanged and later
eased off Vac te ytc with a very limited
Interect.
Oats were steady en expert talk, but
price changes were extremely narrow.
Previsions were steady with opera
tion? entirely In lard. Hogs opened 8c
higher.
trv close
Dlv.
ales In t
209 ..
1500
800
3100
100
100
100
200
100
100
200
200
100
200
1600
2100
100
100
900
200
100
200
5500
100
200
100
1500
2600
100
200
100
800
2700
I 100
35U0
100
100
400
300
300
300
1103
2400
100
100
1600
300
4200
1300
300
1600
600
200
4900
200
100
1300
13800
4100
100
400
900
100
200
900
200
400
100
16101
100
1809
103
3100
900
100
100
3503
200
100
4100
600
100
5590
1600
2600
1700
200
230
5033
100
100
14930
400
330
200
700
100
830
200
100
200
100
;;;
8Ji
76(4
37 H
81
STOCK Hlth
.. Adams express .... esj
.. AJas Rubber 17ft
. . Alaska Junaau O M 1 H
4 Allied Chem Dye 72
7 Allied Ch A Dye pMOSH
4 Atlls.Chalmera .... 4tjj
. . Am Agrlc Chem . . . SBH
.. Am Besch Magnate. J
.. Am Can .ii'
7 Am Can pf 103
7 Am Car ft Fdy pf..!20
.. Am Cotten Oil 27H
.. Am Drug Syn ?H
. . Am Mile ft Leath pf ,71 ft
7 Ant Ice ......' i
( Am Ice pf 82
.. Am Intarnat Cerlt.. 48
l Asa La Frame Una 13
( Am Locomotive.... 118H
7 Am Locomotive pf '"J
. . Am Linseed 34 V4
. . Am Safety IUser. . . 7
. . Am Ship ft Coin. ... 20 PI
. . Am fimelt 8814
Am steel Foundries 38 H
7 Am Steel Fdys pf . .
. . Am Sugar Ref ....'.
. . Am Sumatra
E Am Tel A Cahl. ....
Am Tel ft Tel 1"
12 Am Tobaeoo 142 J
12 Am Tobacco B....139
7 Am Woolen 93H
.. Am Zlne Ld ft Smlt 1914
.. Anaconda Copper.. 34 J
.. Ann Arber pf 45 4
.. Assets Realisatien.. 14
6 Asm Oil 126M
Ateh top ft San re. 994
6 Atch Tep ft R r pf . 91 V4
. . Atlan Blr ft Atlantle 4V4
.. Atlantle Fruit .... 4M
.. Atl Gulf ft W I 3 B 39 Vi
7 Atlantic Ref pf 11SM
.. Atlas Tack Cbrb... 20
.. Austin Nichols .... 30 V4
7 Austin Nichols pf .. 87
7 Baldwin Locemotlveiien
.. Baltimore ft Onte.. 48 H
4 Baltl ft Ohie pf ....
.. Barnsdall A
.. Batopells Mining...
E Bethlehem Steel....
5 Beth Steel B
.. Brit BmSUxad pf.
.. Beeth Fisheries..
. . nrnnhlvn PMlenn rtS
.. T4btim nnnM Transit 274
.. Bklyn R T qtfsefdb 234
.. Bklyn Union Gas....1 10 14
.. Brown Sheef 49 J4
8 Burns Bres A 13BH
7 Bush Term Bldg pf 97
. . RuttA Cenner ft Zlne 7 .
.. Butte ft Sup Cep..
...Butterlck Ce
. . Cadde Cen O ft R.
California En eking.
.. California Petrel ..
7 California Pet pf . .
.. Cal Zing ft Lead.
10 Canadian Paclfle
6114
494
114
7614
78 M
29 H
64
24
Lew
65 14
'
71
109H
4914
38H
4914
4814
108
120
27 V4
BK
71 H
111
89 V4
48 U
1314
IIS
1154
3414
7
20J4
65 H
38 H
9814
75 ft
36)4
61
12314
142
1384
92
19 '4
84 ft
454
14
128
994
91
:;;
99
115H
20
:e4
iisS
48
61 H
48 H
tH
76 fc
2914
64
324
2714
1314
79
6114
,. 964
. 10
..142
Central Laathar .... 40 n
. Central Leather pi 73 J4
8 Central of N J ....'"
48 H
40 H
75
6714
124
20 H
37 H
Certain-teed Pred .
. Cerre-de-Pasco
Chandler Meters .
4 Chesapeake & Ohie
. Chicago ft Alten .
. Chicago & Alten pf
rfcl a. V. Til nnwi.
. .... ee -.. -; - - ,-j.
. Chicago & or wesi -
. Chi ft Gr West pf.. ?H
,. Chi Mil & St P.... 'f
,. Chi Mil ft St P Pf.. l
S Chi ft Northwestern 7514
.. Chi R I ft Pacific. 4414
. Chile Copper "H
,. Chlne Copper ..... 31 V4
,. Clev On Chi 4 S L 69H
4 Ceca Cela $
,. Cole Fuel ft Iren .. 3414
Celum Oas ft Else.. "7J4
,. Celum Oraphophene ej
Come Tab Recerd.. 6?H
, . Consel Cigar ....
7 Consolidated Oas
.. Consel Textiles .
. . Continental Can .
I Cent insurance
ten
lie
1314
66
7414
Cern Products Ret. 101
11900 IH Ceaden ft Ce
4514
Corn Cern
Max July
September . .
wheat
May July .. ....
September . .
nTfl-
Julr 88V
l.SS
i JiS
l.lT's
Rye
uiy
Open
si"
1 2S,, t2lg
1.184
SSH
July
September
.11 T2
1 02
06
11.70
0014
COTTON MARKBT
New Yerk, May 26. Business at the
opening of tm cotton mark was mostly
local and without much feature. First
nrices showed losses of 4 te 7 points.
I influenced by peer cables and generally
favorable weather In the belt. Bulls laid
I stress, however, en private predictions
, for Increasing cloudiness In tbe South Seuth
et tomorrow as possibly pointing te
mere rain In Texas. It was reported
, that the commercial
the condition 69.3,
j ear.
anneal had made
ngainst 6S.4 last
July
October . .
ncemDr
20 3
;n ns
19 05
If There Is a Market
We Can Find It
We held sales of stocks J,fanruChry..:::::::::. i'Ss
and bends every Wednes
day, charging
Previous
cies open
!0 2T
10.00
19 as
ll.TJ
lSft
13 00
Nesn
20 Si
20 10
ie.sS
100
200
200
100
400
103
100
200
200
600
100
500
1000
300
200
200
900
300
500
300
200
300
200
100
103
100
400
200
700
3400
430
100
200
230
100
100
103
330
3403
100
26203
100
200
6100
1200
300
2300
100
7414
IH
i
S1.5U en
trance fee for each item. Our
weekly catalogues and postal
card service reach every mar
ket. We take pleasure in
furnishing quotations.
Barnes & Lefland
Bleck nrnkem and Aurtleneeri
147 S. 4th- St.
K
FOR SALE
20 Shares of Acceptance
& Finance Corporation
Sr Preferred
At $35 per Share
GEORGE N. FLEMING
221 LAFAYETTE BLDG.
I'hrrw! I-er-iburcl At 14
NEW YORK COFFEE MARKET
, New Terlt, May 20. Owing te the
small Fiiprdy of ceffep available here.
July shorts feel that the outlook Is for
small deliveries neit month and they
are inclined te cover. On the call, prices
nthani'Pd 1." te 2." neints. the bulge ear
rlm: July te 10.43c and September te
0.00c.
i New Yerk. Mn 2(1 The New Yerk
1 nnftee nd Rtianr exchange will be eloped
en all Sattirdnjs during June. Julv nnd
August, except the first Snturda.v In
July. This decision, the beard of man
flgeri announced today, ai made at the
renuest of members
Prev Cloi
... 10 131JI1T
... a ais
9 17 18
100
100
500
1403
200
2300
100
1400
103
3400
200
28J0
600
100
500
200
100
100
200
npitrlhle Btaal
r..kn Am flUMP . . 24
'.'.' Cuba Cane Sugar.. 164
.. Cuba Cane sugar, pf 35
.. Davisen Chemical.. 594
i . Debeers C Mm Ldt. . 21 14
1 Deme Mines 28
.. Duluth Be S ft At.. 54
.. Duluth Se Sft Atpf 10 J4
.. DuPont (K I) C0..H6H
t Du Pent deb pf 81 54
.. Eastman Ked new. . 7714
.. Elk Hern Ceal .... 22
.. Emeraen-Brant pf. 37 5
I End laott-Jehnson . ?4K
.. Erie ., "J
.. Erla 1st Pf ....-...- J6J4
.. Erie 2nd pf 94
.. Fairbanks 1J4
I Famous Players L. 63 H
10 Fisher Bedy 119 V
.. Flsk Rubber IB
.. Freeport TexaJ 20 4
.. Gsnera.1 Asphalt ... 63
6 General Cigar 74 H
S Gtnerl flectrlc ...1"
.. General Meters .... 14S4
7 Gen Met deb 7.... 95
.. Glldden Ce 14J4
.. Goedrich B(F .... 42 H
.. Granby Mining J4J4
.. Gray Davis....... 1714
7 Great Northern pf . . 77
4 Great North Ore etts 40 H
. . Greene Cananea Cep 33
.. Guantanamo Sugar. 12J4
., Gulf State Steel ..844
. . Hablrshaw Elec I
.. Housten Oil '
1 Hupp Motorcar ...20J4
.. Hvdraulle Steel ....10H
.. Illinois Cent rights. . U
.. Indlahema Ref '
Indian Reftnlnir .10
Inspiration Oen cop 42 J4
" inter Cen'Cbpper.. 2ft
.'.' Interbore Cen Ceppt 554
Inter Agrlcui or. .. .
Internet ceroaei ... r.
. .. nnwrt Stnar . . Z5"
5 int Harvester new.. 103 54
. int Mer Marine ... 24
6 Int Mer Marine nf. . e44
..International Nickel
international Paper E2H
' mxInclbleOUCerp.. 18 54
. iron Products
. island Oil
. Jewel Tea
. Jewel Tea pf
. Jenes Bres Tea . . .
. Kansas ft Gulf ...
. Kan Cltv Southern
, Kayser Ce. new ..
. Kelly-Spit Tire ...
Keleey Wheel ...
. Kennecett Copper.
. Keystone T ft R...
100 2 H internet Cement
33J4
114
23 H
7314
44 H
5
26 K
44
50J4
104
3814
21 N
11014
484
1384
97
7M
314
2714
1314
79
60
964
9J4
142
394
7314
IBS
484
40
744
6714
12H
2014
37 J4
1054
23 ft
27 54
4354
7554
44 54
2254
3114
694
954
3314
87 K
44
69
28 ft
11654
1354
66
74 54
101
45
74 ft
24 H
16H
35
B9K
2114
28
54
10 54
1154
8114
77
21 H
37 54
83 54
17ft
26
19
15
8354
119
18
20 M
634
74 ft
165
14J4-
95
14H
42
34(4
1714
7654
4054
33
1254
84 H
14
8114
2C54
9k
ft
4K
9H
42 H
214
4H
4154
36 ft
25H
103 54
24
84 54
17K
5154
18 54
324
154
20 ft
73
43 ft
4ft
16 H
434
50 ft
104
38J4
21 K
ISO Net
V.M. Cbte.
914- 14
17 14
7lJ-Vtfc '
109ft IH
4954 ..
384- H
4BV4- H
48ft 14
10S - 14
12054
27H H
B- 14
71 J4 14
111 - 14
91 ft sP,H
4854 14
13.14 ,
115 1
1154 ..
34j4- H
7 14
20ft ft
6814 14
38H H
98ft- ft
7e&T ,
37J4 114
61
123H H
142ft- 14
139
93H Hi
1054 ft
54ft 14
45 14
14 54
126ft IH
99H- H
91ft- ft
414 14
414- 1
3914 H.
11SH H
20 14
29H- H
87 2ft
118H 1ft
48ft H
6114- 14
49H IH
114 H
7614 54
78H ft
29ft ft
6H ft
2 ;
27H ?W
33H IH
110ft- 1
49ft H
1334- H
97
324 IH
2714- $
1354 H
79 .14
61 H 2
964 H
9ft- -ft
142 ft
40 54 ft
73H H
185
484 V4
40? H
75 14
6754 H
1254- 14
20 54
37ft- ft
10ft 54
24 14
2914
45 114
75ft ..
4454
22H H
3114 ft'
69H ft
614 24
34ft ft
87-H ft
4ft- ft
69-14
28 H
118 114
13ft ft
66 1
74 ft ..
101 ft
4514 H
74ft- ft
24ft- ft
16H ft
35
59H ft
21ft
28 - ft
5H
1054 ft
115H- H
81 ft ft
77ft ft
22 -t- 1
37ft ..
83ft- ft
17ft ft
26 ft ft
19ft
15 - 1
834 1
11954 ft
IB - ft
204 ft
63H ..
74ft- ft
ies ft
14ft ft
95 - H
14H -
S8t 8
17ft 1ft
77 ft
40ft- ft
33 - H
1214 ft
84 ..
IH
81 H H
20ft ft
10H H
ft ..
4H ft
9 14
42ft H
2ft ft
S ft
41ft ..
36ft H
25H ..
103 54 ft
24
4ft ft
17ft ..
51 H H
18ft ..
33
23ft314
73ft 1ft
4454 H
I 5 e
MH
434 -Hft
, Wft- ft
104
I 38ft -.
21ft ..
Dlv.
Bales inl 8TOCK' HUrh Law
100 Kresre S S, 140ft 140ft
85 ...Lackawanna Steel.. 77ft 7SH
,f00 ..'Lake Erie A West.. 22ft 2JH
1S0f . . Iake Erin W of. 4V 40
300 s Lea Rubber ft Tire. .34 33 H
1200 iu Lehlgh.Valley 65, 64
wu 11 unett a Hnrt ...iei iev
7 Lima Loeomotlve...115 HB
1 Left Candy 13ft 13
.. Loews Ins 17 16J4
Mack Truck 8H 4Sft
7 Mack Truck 1st pf. 86 SB
.76 Melntyre new .... 17ft 17ft
.. Malllnsen Ce, 21ft 21ft
Manatl Sugar 46 48
1 ManhatUn El 8upt B8 BJ
7 Manhat Blev Guar . 52 ft 82ft
.. Mar St Rwy 2nd pf 22ft -. S254
.. wariand Oil "i n
Marlln Rockwell .. 19H
t Martin Parry 33 ft
.. Mathlesen Alkali.... 35
.. Max Moter Class A. 72ft
.. Max Moter Class B. 23 H
IS Mexican Petroleum. 1 33 H
I Miami Cennap SOU.
100 1.20 Mlddl fttafea (Vira. IS
300 .. MMval. tMi 42 W
.. MlnAStLeul 13ft
7 M St P ft S St M pf 95
Missouri Pacific
...Me Paclfla nf ..
.. Me Kan A Tex (wl) 19ft
. Me Kan ft T (wl) pt 41 H
Me Kan ft T Id aw 28
t Mentana Power ..72ft
.. Montgomery Ward,. 24ft
.. Nat En A Stamp .. 47
7 Nat En A SUmp pf 91
National Lead .... 94
. Nat RRef M 1st pf IS
. Nat RR of M 2dpt 6ft
.. NV Cen Cep IBM
8 New Yerk Central .. SO ft
New Tork C48tL. SO
8 N Y Chi A St L 1 pt 90
100
100
1700
300
100
300
100
400
200
100
100
1000
100
tee
BOO
100
303
200
200
300
100
900
600
200
300
BOO
200
1200
6100
200
100
500
800
800
200
itt
J22 aH. New Tork Deck .... 36ft
rrew Tork Deck pf . . 60ft v
tee
7300
100
300
8200
J00
TOO
100
3100
100
100.
200
1500
8000
8300
3100
230
1800
2400
100
1000
9300
100
2100
200
100
100
500
e
New Tork N U ft H 14 U,
New Tork Ont A W 28
7 Norfolk A Western. 108ft
10 North American .. 66
North American pf. 44 ft
5 Northern Paclfle .. 77 H
.. Neva Scotia SAC. 32ft
. . uxia, rrea a net ..
.. Orpheum Circuit...
.. Otis Steel
t Owens Bet Mach .
. . Paclfle Devel Cerp .
s racine OH
6 Pan Amer Petrel
e Fan-Amer B
. . Panhandle .
2 Pennsylvania R R. .
.. Penn Seab Steel ..
. . Per Marquette . . . .
S Philadelphia Ce ...
2 Phillips Pet
.. Pierce-Arrew Moter 19 ft
.. Pierce Oil 10ft
6 Pitts Ceal 61 ft
6 Pitts real pf 95 54
7 Pitta Steel pf.... 95ft
.. Pitts A W Va 3514
100 1 ft Pend Cteek Ceal .. 20
100 6 Pestum Cereal 77
8 Pestum Cereal pf. ,107ft
. Producers ft Ref .. 44
8 Pullman Ce 1 21 ft
Punta Alegre Sugar. 43 ft
3
20
14ft
36ft
10ft
33
60
7ft
41 H
13 ,
33
I
3? ft
34 ft
200
303
400
330
100
200
200
100
400
200
200
200
200
200
200
100
2 Pure Oil 32ft
8 Railway Steel Spg.,104
.. Ray Cen Copper ... 17ft
4 Reading 80ft
2 Reading 1st pf .... 53
2 Reading 2nd pf .... 53
.. Replogle Steel .... 35
.. Repub Iren ft Steel. 75 H
.. Rep Iren ft Steel pf 934
.. Republic Meters .. . 10ft
8 Reynolds Tobacco B 46 ft
Keyneia spring Ce . . 46
400 8.20 Royal Dutch N T.. 63 ft
200 .. Rutland pf 44ft
100 .. Santa Cecelia Sugar 4ft
100 1 st Jeseph Lead ... . 15ft
100 .. St Louts San Fran.. 294
100 ..St Leuis Southwest 204
300 . . St L Seutllwest pf . . 49
800 . . Seaboard Air Line. . 8
500 .. Seab Air Line pt... 12
500 .. Bears-Roebuck .,.. 79ft
1100 .. Sinclair Oil 36ft
100 ..Se Perte Rice Sugar 49 ft
200 6 Southern Paclfle .. 92
100 .. Southern Rail .... 244
200 .. Splcer Mfg Ce .... 204
300 4 Standard OH of Call 15-
100 S Standard Oil of N J18754
300 7 Stand Oil of N J DfM4
200 . . Sterling Products . . 48
200 S Stewart Warner Spd 43
500 . . Stromberg Carb . . 4
1700 7 Studebaker 121ft
100 7 Studebaker pf ....112
200 .. Sub Beat Cerp .... 54
100 .. Superior OH Cerp.. 7ft
200 . . Sweets Ce of Amer. 3 ft
100 .. Temt Cern ft F "A" 1 54
930 .. Tenn CeP ft Chem . 12ft
1900 8 Texas Ce 49
330 4 Texas Gulf & Sulph 46 ft
100 ,. Texas ft Pacific... 33ft
600 1 Texas ft Pae C ft O 294
200 .. Third Ave 23(4
9500 6 Tobacco Products .. 76 ft
100 7 Tobacco Pred pf ..102ft
1300 .. Transcontinental Oil 18ft
100 3 Twin City R T .... 50
9300 .. Union OH 23ft
200 10 Union Paclfle 1 39 ft
400 .. United Drug 77ft
600 .. United Rwy Invest. 15ft
4800 .. United Retail Stores 68ft
200 5USCIP& Fdy pf 70
100 ..US Express 6ft
400 ..US Feed Products 5
100 .. US Heffman Mach.. 25
6600 . . U S Ind Alcohol ... 60
600 .. u S Itsnlty & Jmp.. 70ft
1600 ..US Rubber 64ft
200 6 U 8 Steel 101
800 7 U 8 Steel pf U9ft
100 7 U S T6bacce Ce pf.109
1200 2 Utah Copper 87 H
100 .. Utah Securities. .. .. 17)4
200 . . vanadium Cerp . . .
100 .. Va-Car Chemical .
100 . . Va Car Chem pf . . ,
400 6 Va Iren C ft C pf.
500 .. Wabash
9630 . . Wabash pf A
400 .. Wabash pf B
400
48ft
30 ft
69 ft
Mft
3454
24
1 Weber ft Hellbrentr 14
200 3ft Wells Farge Exp
2800
930
600
200
700
100
1200
1930
400
100
300
300
1100
100
Western Maryland.
. . w Maryland! pt.
. . Western Paclfle . . .
7 West Elec Inc pf . .
4 Westing B ft M
76
. 12ft
. 21
. 21ft
.1014
62 ft
West E ft M 1st pf 72
.. Wheeling & L E.. 13
.. Wheeling ft L E pf. 24 54
2 White Eagle Oil ..26ft
4 White Moter 48ft
.. White" Oil Cerp.... 9ft
. . Wick Spene St Cerp 18
.. Willys Overland .. 9
Wisconsin Central.. 29ft
Kx-dlvldend.
19H
3314
34)4
72ft
23 H
133H
30 ft
IS
42 ft
13H
99
24
,56 ft
19
41 H
28
7214
2454
v44ft
90 ft
94
18
18ft
90 ft
80
90
36
60)
32
28
108
64 H
44 54
77 54
32 ft
3
20
Mft
36ft
9ft
63 H
63 H
59
754
41 H
124
33
39
Sft-
9ft
61ft
9554
95 ft
35H
20
77
1064
44
121
43 H
32ft
104
17ft
80 ft
31 H
53
35
75 ft
93 j
10ft1
46 ft
46
63 ft
44 ft
4ft
15ft
29 H
30 H
4BH
B
12
78 ft
39 ft
49ft
914
24 H
20H
114ft
87 ft
114
47 H
43
53 ft
121ft
112
5H
7ft
314
154
1214
48 ft
46 ft
33 H
29 ft
23
74 ft
102ft
.'B
50
23 54
139ft
77 ft
15ft
68
70
6ft
S
29
9
70 ft
83
101
119ft
109
7ft
1714
48 ft
30ft
69 ft
14ft
!3
23 H
13H
76
12
20 H
21ft
109 ft
Mft
72
23 ft
26
48ft
9H
'I
29ft
"7 '
Newlm
mmm m
MUCHFUEfUONE
U. 0. I. rHaerS Naw High
UvtV but Tracftfif iWas
, I ExoteaN
A-
ft
ft
18ft ft
8 8
90 1
3614 H
6014 H
33H 'B
28
108ft H
63H 1ft
44ft ft
77ft ft
32ft ft
3
20
14ft ft
36ft
9H-
64ft
67ft
)
H
1
ft
14
154
ft
ii
'in
ft
ft
60
7ft
4114 12H
33
3954 -
53H
93ft
334
20
77
107ft
44
121
43H- ft
32ft 54
104 ft
17ft ..
80 ft ft
53 2ft
93 1
35
75H ft
93 - ft
10ft ft
46 ft, ft
46 ' ft
6314 1 ft
44 ft -.1. ,
4ft ft
15H ..
29H ft
30ft .
49
8
12
79ft
36ft
49ft
91 H-
24H
20H
115
18714
114 -
48
43
53ft
121 ft
112
5H
a
ift
12ft
9 ft
46ft ft
33H ft
29 H B54
2354 H
70)4
50
23ft
139 ft f
77H
70
6ft
5
29
59ft-
70 ft-
64
101
119ft
109 -
67H
17ft
48ft-
The (one of the gmmlvllttia ths
local Market was Mach rtapajpr aad
nrteea were) inaer all aIeaatka UaA
waus activity waa cennnea w ,
the tradlaf sJww a bresdenlaf tssi
eftaer and a esfdanlac deataad fer'sieat
of the rtrtsatatlvs shares. .. . .
U. O. I. resaalBed In the llaaeilght,
addlag a MbsUntisl fractleaal .gala te
yesterday.'B warp advance aaa at
same time established a aew high for
the. year at 404. Tha tradlaf, hew-
ever, was neither as aeaty e as ani
mated as witnessed In yesterday's sesr.
ket, but the supply was still apparently
small. Nothing tangible caatt eat M
threw any light en the' meresaeat, ani
talk of an Thcrease la dividend rate
appeared te be entirely presnatare. The
affairs of the company uneraeeaeasBiy
are much mere' comfortable thaa thay
were a year age, but tha Impratesaent,
encouraging as it may be, Maa set
reached sulkknt propertleaa te war
rant any hop f a change la tha divi
dend policy In tha Terr naar future.
There is little possibility of anything
being done in this connection uatU tha
local gat lean preble.hasbeea satis
factorily adjusted. ,
P. B. T. made gcraTy,
reaching W, indleating 0sa;Hfartag8
of the two preceding sesslensNjiad baj
Quickly digested. .Tha share of tat
underlying ceapanleg were alaeuimar,
bat the trading was en a Terr small
scale. Philadelphia Electric shaded un
der 30 again, but apparently hadvaua hadvaua
nert en the reaction, while tha tt-
ferred sold up te 29. making a petat
gap between the two shares, with betl4
paying the same dividend of 8 per cent.
Lehigh Valley featured the raOraals
advancing IH peintt. PenasylraaU
Railroad was steadier and Lahlgh Navi
gation moved up point, te 70. Buf
falo and Susquehanna preferred en-light
aalea earned a point at 00.
Electric Storage aBttery rallied abera
44, but this movement with that of
General Asphalt was without local im
pertance, being largely a reneciionei
tha movement en the blr beard. Amer
ican Oas and ePnnsylvanla Salt were
snn icaiurcs i iue uwun mum
$400,000
,r
First Mertgag Geld Betwli
M iMiMippi Vidliy
Power Company
Je Ssrift. MA"
Datael May 1, IMS
- - t lf47
Continental hni CammircUl Trust mi Satinet Blink, I
Chicate, Trvttetn -
OiiarmnUsd te Principal, Intrat t and tinldng Fund
Payments by endensmtnt en Mch Bend by Fert
Smith Light and Traction Company.
Ittasacs aad Oaaraaly
T:
isJ h At Atkasas RsMreel Csidwlu
These Bends are an absolute first mertgag en all of
the properties te be acquired by tha MlsaiMrippl Valley
Power Company. Power will be purchased from the
Fert Smith Light & Traction Company under a favor
able contract..
Net earnings of the properties te be acquired for the
12 months ended December 31. 1921, war mere thin
134 times tha annual interest charge en this Untie. ,
fn
The MNMewMnf U maar tha aaraaHam at tha
Byttrt9 Mnnaartn-amA Xenaaamaa Corporation
Nv
Prlc. 91 asd htantt, te yield 6.75 '
' '',
H. M. Byllesby, and Ce. j
Incorporated f j
111 Bremdway, Naw Yerk ;
PraTielasKa New Hsyssj
Chicaga
Bastes
Philadelphia Stock$
H
ft
ft
1ft
ft
H
114
"ft
ft
ft
2
ft
ft
ft
H
ft
rename
trig Net
Lew P. M. cbs.
71 71 ..
12 12- N
44 4414 I
8 85 . I
18 18
-11 Vi 11..
l 7ft 75K
85 66 1
K) 83. 88l
& 41 41..
72 72..
80 80
28 20 ..
g 20 29
. 82 82
V4 0V4 OK Vl
86 86
Ul i..
42 42 .
ea 53 ;r
62 62..
8 8
25 29 m
m tefensatlsa aad ataMatfea
meat are net anasaataea, bat
ana w mix
seurees and ws
la' ttle .adrertU.
ra miainsq xresa
lava baan
believe them te be aeevreu.
Htth
20 Am Oas.. 71
35 Buff & Sus
t c pf... 55
lSOfCh ft Alten 12
70 Elec Ster
new .... 44
100 Gen Asnh. 65
BOflnvlnc Oil 18
ZOO Lake bud. 11
115 Leh Nav.. 75
50Leh Val.. 66
125tN Y N H
,& H.... 88
608 Penn BR 41
0 Penna Salt 72V?
lOPUa Ce
cum pf., 89
668Phtla Elec 20
360 de pref . . 29
1380 Phtla B T 82Ti
55 Badle Oer 5
. 20 f Sinclair. . 86
85Tone Bel. 1
45 UnienTrac 42
740 UO I.... 40
160 de pref. . 58
20twestingbse
Elec ... 62
60 War I & 8. 8
50 W Jer A 8 85
70 Yerk Rwy 25
tlfet ebanse mad by cemparlsea with last
sals en New Tork Stock Bxtbaat.
FmXADELrHIA BONDS
2000 Liberty 2d 4s '42 ref. . 99. TO
2000 Liberty 2d 4s '42. .lets 90.00
10000 Liberty 3d 4s '28 reg. . 99.84
12600 Liberty 3d 4s '28 reg. . 99.96
50800 Liberty 4th 4s '38.lets.100.00
100000 Liberty 4th 4s '88 100.02
8000 Liberty 4th 4s '88 reg. 09.80
6000 Victory 4s '23 100.66
2000 Cens Trac N J 5s 82
200 Electric & People's 4s.. 69
2000 Phila EIec5s wl
1500 Phila Elec 1st 5 lets
Sixty Bretdwtrf
NeVYerlc
t
We desire te announce that tut- htvevrtflnixti a
Canadian Scatritics Department
under the rntuidfeirtent of
Mr. W. Sturgtt Macomber
an authority and specialist in Canadian sccurittis
for the past decade.
Canada offers a field far safe and profitable fnvsrt
merit comparable with that offend by the United .
States fifty yean age. f, ,,
We invite you te confer with our Canadian De ',;
partment for Information, quotations, andcaittisel en1
Canadian QetWetnent, Provincial and CJI'endj, ' 4
and the bends and shares of Canadian Railrtad, J
Public Utility, and Industrial Corporations. " J
A priixae wire system links our-office-with the. princr
pal Canadian Markets.
McKlnlcT&.MerrU
' Members Hew Yerk Stock Exchetm
09
98
1
54
-ft
ft
ft
ft
H
54
ft
PI
14ft
34ft
24
i?H- ft
21 ft
21ft ..
109ft
2ft
72 12ft .
24H
26
t 17-H
9
2ft-
ft
July
September
December
March . . .
Uld.
Op-n
10.40ff4S
SSSflSS
50 80
DIVIDENDS DECLARIO
c..h.a.t Penn IIP Llee. qusrterly ef ft
aWsSsfiTKa
0 3
rslf-Aflf MB Ol
a.. I.. A 111 ua
araj. v-a
i etttriBJi fceraitYss company. tre of 1
r.c.? IrTadaltlen te menlbly S Mr esnt.
SSth payable "" 25 te stock of record
h panrn r n sc ,-iiHirmpni -' -v
I.w..w.. ..r- -.-.-...-.,. MfeV 10, .. ., L-an.b
-Th. WPklv alatam.nt al I Rtlfldlfd Oil OreWii7J' .-V": T'
... .. . ..... y,. V,. ..-I k, - -
a pa -"
i
Edward B. Smith & Ce
1411 Chestnut Street
Ulnibtrs New Verk and I'nlladtlptiis.
Sleck Esch&ncea
Investment Securities
Philadelphia New Yerk
fnvla. May
the Hank ct Kr men hewi th :ollewln
rhinin Jn tranci Geld n hand lncrid
I5 000 aller n hand Increaewl 32,000,
1 note in clrculntlan decreased 17.1 005,000
treasury drpealta Increased -S 312,000 gen
eral depeelts dtcreawd 131 US One bills dla dla
reuntfd Increaeed 8,7S8,DO0, advances de
creased r2 3J4.OU0 The atate repaid the
bank 150 000 000 francs
Bends paper accept,
M
t-B'
w
WHkes-Birre Oe A Electric CeS'a 1I9S
nai. KSiireai
ad Kqulp.
f Indiana.
S'a All Malurttles
tr.tl. if Indiana.. B's 1V
... rety. neMsen m rnieT9n... iviv
4ariaaaM M'Jter Company .... All lasuea
S3S: peSrK&rite
SmkwM K. Phillips A Ce.
ri'ctvxW''
Reserve Banks' Discount Rates
Official rediscount ratjs at tha twelve Fed.
eral Reserve Hanks are ae rollout
Treas. Lib CenVl Bkrs
cirs
Deaten 1H
New Tork i"t
Philadelphia ... 44
Cleveland , . 4i
nicumena
Atlanta
PhtraKO
tt. Ul4l JV4
Mlnneaprll J
Kansas City .... 5
Dallas ... ....
ban Francisce . 4H
"V:;;:;;;8
nj
4;
S
ft
4Vi
4
4
'i
4
4'
4'
4
4
n
4H
Cens. QeldSetde Postpones Dividend
14 . May 2fl Consolidated Oeidneld
ha oeciesate
of dividend en
t. suits of year
aeym.
postpeas anneunclnt payment
nrsi prererence
June,
preference shares until
coarse
1(122
I
125
In-
par value,
nuaru vn -"--- ; -,
in.i 11 en nw " "
pf7.brt Behaffmr ft Marx, quarterly of IH
per cVnt an preferred, paable Jun. 30 te
Stock of record June 20.
siecK t mnnthl dlv dands
Wahl .ramwnf. " "-, nu'artarft " H
......... -:-- ---.- .-l.-
nmen ate payabls
nd October 1 te
Ausust l snlBW.
nf flfki etch en
per cent en freferji
fteSfVK5Fr4aQ:AMas,sffi
SSr". 10 a,ockV"rVecerd i.ftmb,r J.
Mathlesea Alkali Werks.auartertyl.sr
cent en prsierren. ..-v.. .-..
of record June 20.
Calumet and ArUen Mlnln Company.
euTy of fifty nt, payabi. Jun. Is te
"TehlSh ylK Ce"m 38.l... Quarterly of
2. PH able July 1 te stock of rerd
aUUnltlid ppewoed Corporation, quarterly of
lltWll en common payable July 1 te
tock of record June IS.
Pennsylvania Water and Power Company,
quarterly e lk Per cent, payabls July 1 as
"e'dVhftyVrdV 'Cerperatlen. quart.rly of
$2. payable June 20 te stock-of record
June 1.
BAR SILVER
Bar silver was unchanged In Londen to te
day at eHd.
LONDON STOCK MARKET
List Displaya Stability Dellar De
scrlptlens Featureless v
Londen, Itfay 20. Securities en the
stock 'exchange displayed stability gen
erally today, although conditions cub cub
teraary at the end of the week prevailed
In the markets. The undertone was
helped by tbe overnight debate in tbe
Houfe of Commens en the achievement!
at the economic conference at Genea.
Although leadership was lacking, the
oil group was steady. Iteyal Dutch
was 42, Shell Transport and Trading
6 and Mexican Eagle 3. Gilt
edged investment issues were Irregular,
bdt the feeling continued cheerful.
French leans were dull in sympathy
with Paris. Operations in kaffirs were
confined te professionals, but values
were hard.
Sentiment in the industrial list was
optimistic, but dealings were small.
Hudsen's Bay was (. Further gains
were registered in home rails. Dellar
descriptions were featureless, with al:
teratlens slight, Argentine rails were
quiet around previous levels. '
The rubber group was flabby follow
ing tbe crude article.
i .. . : .
MONEY-LENDING RATKV
LIVESTOCK QUOTATIONS
raenU
rail 1TITTIIII1 Till, ft nr sent! lime
B per cent; commercial piper, tbrea te six
lUI, I vmt u, ,
.'ayS. . GKTtUQ lUealnts.
.! "."
lines, ih.dui bt
. BO; fat she stock bulls
cnlrt.
4000 hsid. Market Sellvs;
'p y-aninss, es.vut
ers steady; eanners and Jow-prteed cows
weak; mulk fat she stock. tiMmiMt bali.
win.. .n. eititcrp, ee.Qvss
illvs; basnCsrlrnrm.
bulk beef ateera. fSS)
ills, calves and stock-
11 UU kUlb k...
esnaa bulls around 14.93: bulk, vealsra te
iv.ases.TB; outsiders 'upward te
packers,
11
Huaa Itecelpls, 28,000 head. Markeat
aettve. mostly te te ije filShsr than Thurs
day's avcrasi. Tep, slO.el: bulk. Sie.SSS)
S!x,PA,t''cten.,0. ,0 hlSber; meU
tg VVV lu
FOREIGN EXCHANGE ,,
New Yerk, May 26. The market for
foreign exchange at the opening this
merninu reflected a little profit-taking
following the geed rallies' early
vesterdsy. Sterling was an exception,
being close te the top. Francs started
In 1 lower, Belgians were down 3,
Swiss and Spanish down 1, Swedish
down 7, guilders gained 5, getting back
te tne nign receru en tne movement,
and lire showed a net rain of 1.
Marka were down at 84.
Around midday tne market wa
steady at slightly irregular changes
from the opening figures. Sterling held
at 4.45 1-10 for cables and 4.44 for
demand. Franc cables were 9.124.
checks 0.11; Belgian cables 8.48,
checks 8.42; lire csbles 5.25, checks
0.24; Swiss cables 1B.08,
m.ue: ceseta caeies id.hu.
10.78; Danish cables 21.00,
i!l.r: Norway caniea
18.30; Swedish cables
25.75: rudder cables
38.85 ; Danish and Dutch were strong.
Central European exchanges were
quoted as follews: Bulgarian, .75;
Rumanian, .60; Serbian, 1.44; Gseche-
sievakian. i.8z; jugo-eiavtan, .se,
bid; Greek. 4.16; Polish, .0250; Fin
nish, 2.07; Austrian, .0105; Hun
garian, .12, bid.
YESTERDAY'S CLOSING QUOTATIONS
Sterling Francs Lire Oullders
Demand 4.44 B.1SU 6.25,, 88.84
Cables 4.45 0.1SK B.26H 88.8$
TODAT'B OPENINO. QUOTATIONS
Bterllnx Franea Ura. Oullders
caB.:;:-.:t-eiil tttl lib 11:8
Raw Sugar Market Firm
New Yerk, May 20 -rna raw sugar mar-
vueas ter Mar soil
id
nl
frelrht. Sales yesterday Included 250,000
18.85,
25.80,
S8.U0,
checks
checks
checks
checks
checks
checks
ket Is Arm. with
heavywelsM. teod and,' eheic.
jlOtlOOlO.TOl medium, w.laht. .110.840
.u.d.i. ,i.iii w.iBni. 4u.Bves1u.ne:
llaht w.lahl. lift
..I.. ..X .... . .'' "T"-'
iisnis. siu .'dtiii.td; pacai
iu;
'
ID DO
U.AOl
OH
SS pound shorn
Trial
it
4".itf. pawns bows.
rjacklnar sew.. rAuha.
tlllnt pls. B,810.85.
EP lUcelstS. 8000 .head.
steady te streugi atx doubles, ch'el
Iflfc iS.60t b
it Urtt
smooth.
I.2fj
Jamb
Market
k S2 te
beat native
sprlnir lambs. Wd. lis.BO; slraiaht medium
fsd Texas wethers, 7,
rtttsbursh, May as Heas lueeipu.
1500 head. Steady. Hearles, JILIB; hsavy
ers. llsbt yerkers and pita, SU.tlO
yerk
11.4J
8HELP AND . LAMBS Recajpt-. BOO
eneep, top, t.7e( iambs.
head. Steady,
top 3Ii 00 I 1
CA I, VBB Receipts, 200 head.
Tep. 111.50, . ,
Staady.
East BiuYala, Ma:
eelpu. HO head.
recelpU. 10O hi
HOQB 1
S. CATTLE) IU-
r te atrerar. . calvas.
riy etaia r
I
hurhar:
is
neceipt. ayw "-Jfyf 1. n afw,i
lORAaW&Sl&tm
Hin,K.r.ianii liannn 'nanaiuia. uuu
..SSI
quoted at 2 (MB cents, cost ana rrai
ler June impmeni ai.nia .p"
000 bags. Cubaa for Juna and Ian
r juna sninment at la esnta. 'east
frelaht. 10 reflnsrs and operators;
bana Cubaa for Juna shipment at
S V-al cents, cost ana iraiani. 10 a new Or
leans refiner and B00O baas Cubes In pert
at 2 8-10 cents, cost and freight, te a local
r.finr. Arrivals ex raws yesieraay in.
eluded SB 600 bar Cubaa te the Federal
te. 100.
half bl
and
SB.0O0
Arrivals 01 raws yestereay
nan haa-s Cubaa te the FVH
Hurar Reflnlns Company, 18.000 bars te tbe
Warner Sugar Refining- Company. 8000 bags
Tax Exempt ta Sfsxe ef Nam Jersey
Eaesxpt frees FasW unm fsm
Legal for Saving. Banks fa Naw Yerk 4b New Jcney
$119,000
City of Woodbury, New Jcrtcy
V2 Per Cent Sewer and City Hall Bend ;
Dated Juna 1, 1922
Mararing SariaUy 1S23.1IM,
Coupon Bends
eta
Prices te Return About 4,30
Lewis & Snyder Stroud & Company
1624 Walnut Straet
biesrmrats
1429 Walnut Street
the American sugar
ma niui
ejee bi
fn
soeo nags te in. m
Company ana
Refining Company.
enal Sugar Refining
ceniurnea te an
isaa
imoerter. The lecnl renned markst la un
changed at prices ranging from B.BO te
6,60 cents, less 3 par cant for easb.
BANK CLEARINGS
Bank clearings today compared with cor cer cor
.pending day last two yearas
1023 1BI1 1910
. 81,000,000 44.84,?85 61,805,788
I6B.000.000 161,784,688 $81,463,980
Y.. t68B,tO,e00 726.18T.7M 784,985,312
head. -. Slew
awes. 34.eO;
lower. 'lamM.1
Btlls watbers. Jt.M
mUed sheep, fS.T6VT.SB.
tltlUt
jsj
T-
Qrapplers Find Part of Dresa
' Bristel, Iday 26, Men grappling in
tbe river here brought up a small piece
of black satin, believed te have been
part of the dresa worn by Mrs. Cath
arine Butlir, of Harrisburg, who. to
gether with Miss Pearl Teung. of Phil
adelphia, was drowned in tbe Delaware
near Bristel last Sunday when the beat
in which they were 'riding sank. The
police beat Keyburn, 'of Philadelphia,,
came up tbe river yesterday te assist
in the search.
Special Service
in
Ohie Securities
Members
New Yerk Bosten
Cleveland
Detroit Chicago
Stock Exchanges
N. Y. Cotten Exchange
Chicago Beard of Trade
Extensive Private Wire
Syetem
OTIS & CO.
Cleveland
Naw Yerk,. Bosten, Detroit,
Cincinnati, Columbus, Teledo,
Akren, Youngstown, Dearer,
Colerado Springs
fBaBBBBBBBBBBBBBBBBBBBBBBBBBBBBBW PSSB
SBBBBBBBBJBBBBJSBSSSSjaRjBjgBBj , saj
altsiiiLi.MlsBafeBMSBISat4 11U
4
TD A7,riFBS
- n
Our Faralsa Dparti
UsaM i TcaWlars Cbequsslsf
usa abroad aad in Aspenee.
WlwtaaftnoeayUui4alisViT
araraadUy accepted.
COMMBRClAJt
TRUST COMFakwij
Masalwf Pedatal RtMtva tTtssai
City " 8uw
C S. PATTON A CO.
an a crestndt bts.
BANKERS
h.
AnvB
WtamMm and &.
sabers PhUa.
ITfeNgSM
isht aai essaV
Knu
issse.
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