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THE SUN AND NEW YORK HERALD, MONDAY,- MAY lj), 1920. 10. t 51 Specialists m Unlisted Securities Bonds and Stocks Having markets in Chicago Detroit Philadelphia Pittsburgh Send for Uit A Our own offices in above cities , connected pv private uire HoitoiLliactoTimch.&Ca Td. Broad 7300 FINANCIAL HEWS -AND THE SITUATION More Liquidation, With Dras tic Cnrtailment of Credit Fcaturcfl Wcok. MONEY SUPPLY LIMITED Geo. It. Hahn & Sons MEMBERS New York Stock Exchange Philadelphia Stock Exchanje Chicago Stock Exchange New York Cotton Exchange 111 Bro.dwj New York Phono Rector 5340 1418 Walnut ;St.f Phlla., Pa. Thatcher Manufacturing Co. Ten-Year 7 Convertible Sinking Fund Mortgage Gold Bonds Secured by a closed mortgage upon the entire property of a company producing about 90 of all milk bottlei manufactured in the United States. Net earriingi three and three quartert times interest, strong Sinking Fund and attractive con venion privilege. Circular on request. Price 95 and interest to yield 7 QLII1EN,IAVIBGE&G0. Manias Nat Ycr Stock Exchantt , 20 Broad Street, New York STAN 4DARD ISSUES THE EFFECT OF STOCK DIVIDENDS ON STANDARD OIL PRICES WE HAVE PREPARED A CIRCU LAR NO. J-N, GIVING A RECORD OK THE MARKET ACTION. OVER A PERIOD OP YEARS. OP STOCKS OP STANDARD OIL COMPANIES WHICH HAVE DECLARED STOCK DISTRIBUTIONS. CARL H.PFOR2HEIMER ACQ Dtalera In Standard OU BecurttUv CS BROAD ST. Fhsaes 4SW-J-S-4 Broad J. K. Rice, Jr. & Co. Buy & Sell American Craaamld Cast. A Pf4. American Vanadlam Ca. Bank ( Manhattan Ce. Cel. FbcI Iron Pfd. Cltr of Nw York Is. ndfiitT-rhnU tu. ' rraakUa Plr lasnranea Great American Insurance Hem Iaiarance IndaitrUI Finance Can. A Ffd. Lthlth Valley CmI Sales Mohawk Valloy Co. Mechanics Metali Nat. Baok Northern Beeurttles Btoba N. Y. state Rye. Cms. A Pfd. New Jen. Zlae "Rlxtta" Pinna. Coal A Coke R. J. Barnolds Stacks , Standard OH f N. J. "WrW Texas PaeUla Coal A OR J.ILRfceJr.&Co. lone4000 to 4019 John. MWaUSt.N.T, Strong and Wcnk Toints of nn Unusual Condition Killing Investment Situation. forthcoming- before- Jonr, aa transporta t(onkt the one Industry on Ihe well be. Ing of which the relfftre of very other Industry depends. The country cannot set along without railroads, and If they are maintained In a tdlpshod manner as at present the people will pay the Mil through business unssttlement, decreased Industrial pro duction and further credit strain. It Is to ha hom.il that h will be mrnnted without delay, because 11 win taxe several months to produce the equipment after the orders are riven OUt. Thft rnillMUlAa hlVA in AiljIMUn 1300,000,000 of maturing securities to pay on or reiuna oeiore trto ena 0: this year. This country's foreltni trade Is belnr. larrelv financed with Rhnrr ll-rm rrsrilla obtained from banks of this city, which are financing an Immense volume pLdO rnestlo day to day business. The 'prob ability Is that most of the 1820,000,600 of merchandise and raw material exported In March waa financed by long term credit arrangements on which large bank advances have been made. Inasmuch as the Government officials have never suc ceeded In organizing any relief credits for carrying that business, exporters have had to finance the transactions themselves with the aid of their bank credits. The War Finance Corporation, which Is virtually closing up Its affairs, has been of little service In financing those credit arrangements, for which the law was partly at fault, but In the light of what has happened It Is to .be regretted that an Institution with a 1,000.000 credit at Its command has not been of greater service to the country. Thero Is nothing alarming in the situ ation although many problems), are to be solved and difficult flnan"ln(r to be done before credit wndlUoii4 shall bo normal, Several hundred thousand men are Idle as a consequence .of complica tions growing out of the strike, with Its forced reduction of fuel supplies, greatly delayed merchandise deliveries and In creased business caution. Our Federal Iteserve system has more than 40 per' cent, cash roservt against a cash re serve of about 13 per cent, of the Hank lof England. Besides we hold nearly 40 per cent, of the world's gold reserve. Furious speculation has subsided and the country Is making progress In va rious directions. The average business man, like the average householder, Is mr-r cautious than he woi and resog .i.a. .1. in Mntnir a 'heavily In creased buslneta at a high average price lever. Continued liquidation in uio ios market has depressed seasoned sccurl tu. in IavaIk which. In the last analysis, must compel Investment support. It Is .... ..... a .ii,.al. . I a highly complicated buuuuoh. uui wi ounlry Is taking measures to rellovc .....i fnrtifv thn financial noil- lions of great Industries. One of the most urrent problems nas 10 00 wim provm Irik farmers with adequate forces of workers, which Is of Ufa and death Im portance to the millions of people fed annually from American granaries. There aro better days abend r ad under lying conditions are all the stronger be muso of honest curtailment of non essential expemHturo, Liberty Bonds Boufht-Sold Quoted John MuirS0. ($1 Breadvnrj NtwYerk Br WILLIAM JUSTUS BOIES. For the first time since the European war put the world out of Joint the American people are evincing a lively Interest In orderly deflation and the necessity of forcing their Government to npend less than $11,000,000 a day. Wall Street, as usual, haa been many months ahead of the game In reducing npeculatlve loans, deflating security prices and discouraging the development of new speculative ventures. As a con sequence outstanding loans secured by fitock Exchange collateral are Just about half what they were during the feverish trading of last year, when many peo ple eaw nothing but blue sky ahead. On the other hand, absorption of credit by the Government through financing five Liberty bond Issues on a basis which forced 30.000 commercial banks to carry the load and the sale to those banks of nearly $3,000,000,000 of Treasury cer tificates has made It Impossible lor the banks to finance day to day business In the usual' way. That tleup of credit Is more exasperating at a time when It requires 33,500 to finance a carload of wheat and about $12,000 to carry a car load of butter, which, at the price basis of five years ago, tied up less than $6,000. War Loans, Instead of financing the war through the sale of bonds yielding a sufficient Interest rate to compel their absorption by Individual Investors the Government brought out prodigious Issues at a fictitious urlce basis and coerced the banks Into selling them to their cus tomers on the partial payment plan. The result has been that the bonds re ated oharply In price, with an Immense lore to thousands .of holders who have been forced to sell and further de morallzatlon of the general bond market. Under those conditions the banks could not distribute the bonds and have been forced to carry thousands of such loans. whloh tied up a vast amount of credit needed hv the country's business Inter esta. As- Gov. Harding of the "Fedfral Reserve Board said In, his letter to sena tor Owen last week, It is not the Fed- eral Reserve Board's duty to adjust re discount rates with the view of sus taining the market value of Government bonds, since the law provides that, such rates Shall bo fixed with the view of accommodating commerce and business. Gov. Harding added: ."Were rates reduced with a view of bringing Government bonds back to par, it U the board's belief that the desired result would not he attained, while the demand upon thVFederal Reserve banks would be so great that they would have left no resources available for the ac commodation of commerce and business. As a matter of fact, the policy of the Federal Reserve Board to curb Infla tion will In the long run result In lm- nrovlnir the market value of Liberty bonds, and a contrary policy of furnish ing credit at cheap rates at a time like this would Impair the market. The value of a promise to pay a certain Bum at a future date Is Impaired by the In flation which the board Is trying to control." Deferred War Claims, The Government has been grievously at fault In holding up the payment of Immense. aggregate claims due contrac tors, sub-contractors and others during the war. The exact status of that ac count is not known, because the facts of It have been withheld at Washington, but, from the loans tied up In this city and elsewhere, it Is apparent that the credits represented by such deferred payments aggregate an Immnso Indebt edness. The banks interested In those claims must await the liquidation of the account, which la bound up In a mass of Governmental red tape which may take many years to unravel. Those de lays are working great hardship to the money market, because until the claims shall be paid the banks of this and other cities cannot finance the business that they would otherwise be glad to take care of had the Government paid Its Just debts within a reasonable time. Many of the claimants are business men of small capital who have not resources sufficient to pay off the loans them selves and take their chances with the Government. If the banks should press them the borrowers would go to the wall and a delicate credit situation would be made much worse. But the full account ! ought to be settled forthwith, as the claims are long overdue and the Inaction haa contributed materially to Intensify me creau strain. Supporting: the Railroads. In describing the needs of railroads last week Daniel Wlllard, chairman of the rate commission of the railroads of eastern classification territory, told the interstate commerce Commission that the carriers could not be expected to finance their requirements through the. sale. of. bonds at a time when United States Government issues were selling on a e per cent, income basis and rood Industrial loans were being placed at 7H and 8 per cent. That disclosure pre pared the way for the subsequent re quest for a scw.wo.uw Government loan, as well as a generous freight rate In crease, which the railroad managers contend must be granted to give the country the facilities which it Is In need of. It bos direct bearing on the credit strain, due In no small measure to failure of roads to move produce piled up In warehouses throughout the country, rsia. In elevators and on rail road sidings everywhere. Several bil lion dollars worth of merchandise, on which the banks have made enormous loans. Is thus rendered unavailable at time when It Is highly Important to convert It Into cash. It Is apparent. therefore, that an Important freight blockade roust lead Inevitably to a serious credit strain, even In normal itlmes. But In a season when the coun try Is doing business at the highest price basis ever known an embargo on freight shipments Is on Incident of seri ous Import to the banking community. Neceary Facilities. The testimony of experts is .that the country Is short 100,000 freight cars.' E.000 locomotives, 8,000 passenger cars and 1,000 baggage cars, whloh at present prices will cost $410,000,000, without al lowing for replacements and other nee essary outlays. The banks have advised the roads that they cannot borrow any more money on equipment trusts, and until then credit shall have been re stored It will be Impossible for them to make large' sales of long term bonds. The roods asked, for a 28 per cent In crease In freight rates and a $MO,OSa,000 loan In addition to Uie $300,000,068 re volving credit for which the law pro vides. However the commission' re gards those specific requests, Uteri If, little doubt that adequate relief wft fei TOTAL TRANSACTIONS IN THE NEW YORK STOCK EXCHANGE WEEK ENDED MAT 8, 1920. Sales for week. 1920. 4,698,788 1919. 7,336,S4 1913. 5,527,332 Year to date. 1520. 101,680,200 1919. 34,662,016 1913 46,(61,329 Rtnte mo. IIIfb.1 Low. 119 as 99 109 U 16H 30 72 100 33 SO 93 142 118 106 100 283 ft IG& 106 SI 211 59 6 17 27 6 67 74H 754i 125 36 82 9 93 1670 114 76 19 6 Dir.rniT. la $ I Yield. .ft 12 1,32 8.70 9.21 9.25 6.69 7.23 7.31 8.44 9,22 8.19 8,82 C.36 8.70 6.88 4.28 Bilts. HHh. Low.lLsit. 12.00) e.9e 10.13 10.00 11.11 6.45 7.47 6.6 8.02 1.75 6.66 5.81 9.09 6.19 6.71 2 6.56 8.74 10 10 10 1 , 36 1 10 7611 101 40 140 96 too 39 79 otf 30$ 10 8 if mi 7.76 10.39 C.54 8.49 7.40 6.7 6.91 S.36 6.80 7.51 8.89 8.00 9.52 7.12 3.03 8.57 10.00 8.86 8.19 13.33 7.84 7.65 7.00 8.25 4.11 6.71 1.23 8.22 7.31 5.00 8.69 7.31 9.68 8 8.33 1 10.00 7 7.46 3.72 4.71 7.12 11.11 9.42 7.34 7.69 6.71 9.23 3,23 S.28 7.83 8.36 8.75 9.36 7.71 1.97 9.33 10.96 7.7H S.13 6.27 8.80 8.22 7.271 11.21 Adams Express ... Advance Rumely . . Advance Rumely pf, AJax Rubber Alaska Gold M Alaska Juneau G M All Is Chalmers Mfg. All la Chalmers Mfg pf... Am Agri jnem Am ArrI Chem pf Am Bank Note Am Bank Note pf Am Beet Sugar Am Bosch Magneto Am Can Am On pf Am Can pf Am Car A Foundry Am Car Foundry pf... Am Cotton Oil Am Druggist syndicate. . Am express Am Hide A Leather Am Hide tc Leather pf.. Am Ice Am Ice pf Am international com. Am La France 'Fire Eng. Am Linseed Co Am Linseed Co pf Am I,oeomotlvo Am safety Razor Am Ship A Commerce . . . . Am Smelt A Ref Am Smelt & Ref pf Am Smelt Sec A Am Steel Foundries Am Steel Foundries pf. .. Am Sugar Ref Am Sugar Ref pf Am Sumatra Tob Am Tel ft Tel Am Tobacco Am Tobacco pf new Am Tobacco Sec Am Woolen Am Woolen pf Am Writlnir Paper pf . , . Am Zinc. L A Smelt Am Zinc. L A Smelt of. . Anaconaa copper Ann Arbor Ann Arbor Df Assets Realization Associated Dry Goods... Assoc Dry Goods 1st pf. Assoc. Dry GoodB 2d pf. Associated Oil Co....... Atch, Top A Santa Ke... Atch. Tod A Santa Fe Df Atlanta. Blrm ft At!.... Atlantic Coast Line Atlantic Refining Atlantic Riflnlng pf. ... All. Gulf ft W I 8 S . . . Autosales , Bank of Commerce Baldwin Locomotlvo Wks. Baldwin Locom've Wks pf Baltimore & umo Baltimore A Ohio Df.... Barrett Co . . Barrett Co pf Batopllas Mining Barnsdall Corp A Bethlehem Motors Bethlehem Steel Bethlehem Steel 7 n o Df Bethlehem Steel S p c pf , Jieimcnem steel a Booth Fisheries Brooklyn Edison Co.... Brooklyn Rapid Transit. Bklyn R Tran ctfs of tlcp itrooKlyn union uas Brown Shoe Brown Shoe pf Bruns Term A P. R. Buffalo A Susq'anna ctfs. Burns utor Butterlck Co Butte Copper ft Zinc Butte A Superior Copper. Caddo Cent OAR California Pack Co California Petrol California IVtrol pf Calumet A Arizona Canadian Pacific Case (J I) Thres M pf... Central Leather Central Leather pf Cerro de Pasco Copper... Chandler Motors Chesapeake A Ohio Chicago ft Alton Chi A East III Ea Tr ctfs unicago urt western.., cnicasro urt western Dt Chicago. Mil A St Paul. Chicago, Mil A St Paul pf cnicago ft Kortnweaiern. Chicago Pneumatic Tool.. Chicago. R I A Pacific... Chi. R I A Pac 6 p c pf . . Chi. R I A Pac 7 d c of. . Chi. St P. M A Omaha pf , Chile Copper Chlno Copper Clev, C, C A St Louis....: Clev, C, C A St Loula pf.. Cluett, Feabody A Co.... Cluett, Peabody A Co pf. Coca-Cola Colorado F A Iron ex dlv Colorado A Southern..... Colorado A South 1st pf. Colorado A South 2d pf . . uoiumnia uas & Eleo. .. Columbia Graph ex rts. Columbia Graph rts Columbia Graph pf. . . . . Comp Tab Record Comp Tab Record rts. . . Consolidated Cigar Consolidated Cigar pf. .. Consolidated Gas Con Interstate Cal Min.. Consolidated Texttlo ... Continental Can Continental Can pf Continental Candy Corn Products Ref Corn Products Ref pf . . . Cosden A Co Crucible Steel Co Cruel bio Steel Co Df.... Cuban Am Sugar L'uDa cano sugar Cuba Cane Sugar, pf . . . . ueere & uo pr. . 140 1 30 e1 6i 89 10711 39 9S 128 110 14 1 SB 88 3, 3 !3 )4i 101 v. 108V !3K "8 77 32 .lit H8 a !8 T"i2 !f Delaware A Hudson.... Denver A Rio Grande... Denver A Rio Grande pf Detroit Edison Co. Detroit Edison Co Dome Mines Duluth. B S A Atl Durham Hosiery Mllhs pf. ttiK uom uoai corp.... Emerson Brantlng Emerson Brantlnr sf. ... Endlcott Johnson Endicott Johnson of Erie Erio 1st Df Erie 2d pf .". .. Famous Players'Laskey . Famous Players-L pf.... Federal Mln A Smelt.... Federal Mln A Smelt pf . . Fisher Body Corp FlBher Body Corp pf msk ituDoer Free port Texas Gaston W A Wlgmore... General Chemical Co pf. General Cigar Co General Clrar Co deb nf. General Electric Co General Electric Co rts.. General Motor Corp General Motor Corp ctfs. General Motor Corp pf.. General Motor Corn deb. O Motor Com deb nf 7 d e uoounon a r ex aiv... Goodrich B F pf Gray A Davis Great Northern Df Great Northern Ore ctfs, ureene cananea Cop. . . . Oulf. Mobile A North... Gulf. Mobile A North nf. Gulf States Steel Gulf Statea Steel 1st pf . Haxtman Corp Ilendee Manufacturing . Haskell ft Barker Car. . Homestake Mlnlnr Hupp Motor ,., Illinois Central ex dlv.. Indlahoma Ref Inspiration Con Copper. Interboro Con Corp interooro con corp pf . , !8 !8 31 21 18 6 .8 H 1 J4 lluiC 1DZ0. Hlfh" Low. N8K 142 lib 61 111 170 84 2 83 91-V. 79 61 44 30 1U 118 106 162 1 105 95 51 16 Ulr.l UIT. In MYMiI. ii 3 12 6 6.99 7 8.80 6 7.32 2 3.70 8,66 6.71 3.57 6.90 8.14 7.27 4.80 3.40 7.50 6.26 8.32 7.00 6.67 22 16 lll?i 23 98 80 66 33 80 18 3 7.31 8.39 7.00 9.36 6.45 7.66 15.47 7.14 6.26 6.91 5.11 9.09 4.99 8,91 10.00 Hilei. ISOOIInt Agri Corp-pf. Int Harvester Co. new Jnt Ilnrvcstcr Co pf, new, int Mer Marine Int Mer Marine pf Internat'l Motor Truck.. Internat'l Motor Tr'ok rts inter Motor Truck 1st pr. International Nickel .... international Nickel pf... International Paper Internat'l Taper 1st stpd. Iron Products Com Jewel Tea pf Jones Bros Tea ICassas City Southern.... Knyirer (Julius) A Co.... Kayecr (.1) A Co 1st pf. . Kcllv Sorlnirfleld Tire.... Kelly Springfield Tire pf. Kelly Sp Tire 8 p 0 pf. . Kelscy Wheel Co Kcnnecott Copper Keystone Tire ft Ituooer.. Kresro Co (S S) Lackawanna Steel Co.... Lake Erio ft Western.... Lee Rubber & Tire Lehigh Valley . .'. uggett c Myers tod rts.. Liggett A Myers Tob pf. . Loews, Ino Loft, Inc Loose Wiles Biscuit Loose Wiles Biscuit 1st pf Loriuaru if) -roDacco. Loulwille A Nashville., Mackay Cos Mackay Cos pf Manati Sugar Manhattan Kiev, guar.. Manhattan Shirt Martin-Parry Corp rts. nith.l Low. I Liit ?2f Z 1 74 99 71 !8 14 00 1 Maxwell Motor 50c 4 2 40c 1 7.69 10.00 6.97 6.06 6.58 4.98 5.26 7.67 6.13 10.08 9.33 8.63 2.63 9,82 4.9 10.44 I 12 6.25 5.46 5.80 10.87 3.28 5.81 6.12 10,81 7.48 8.10 7.89 9.20 5.81 8.55 7.89, 6.06 7.88 7.001 6.99 4.71 8.51 7.18 5.45 4.62 4.76 4.76 6 6.28 .20 '1 4.16 C.25 10.16 3. el 4c 1.19 8.57 7.69 6.33 9.09 20 2.1 5.00 S'41 9.04 9.24 6.51 6.90 8.41 6,44 9.20 6.07 7.18 C.71 3 4.63 6 10.00 Maxwell Motor 1st pf. . Maxwell Motor 2d pf. . Maxwell Motor ctf3... Maxwell Motor 1st Df ctfs Maxwell Motor Zd pr ctrs .Mays uept stores Mays Dept Stores pf.... Mexican Petroleum .... Miami Copper Middle States Oil Mid vale Steel ft Ord.... Minneapolis A St L new Minn. St P 4 8 P M. . . . Missouri. Kan A Tex.... Missouri, Kan A Tex pf. Missouri Pacinc Missouri Pacific pf Montana Power Montana Power Df , Mont Ward & Co Mull ns Body National Acme Co , National Aniline & Chem. National Anl ft Chem pf. National Biscuit Co National Biscuit Co pf. . National Cloak A Suit pf . National Conduit ft Cable. National Enam ft Stamp. National Lead Co National Lead Co pf National Lead Co pf... Nat It R of Mex 2d pf... Nevada Con Copper, New Orleans. Tex ft Mex. New York Air Brake.... New York Central New York, Chic A St L.. N Y. Chle A St L 2d Df . . New York Dock New York Dock pf New YorK n h & li N Y. Ontario ft West.... N Y, Ontario & West. . . Norfolk Southern Norfolk A Western , Norfolk A Western pf . . . . North American Co Northern Pacific Nova Scotia S A C Nunnally Co .-. Ohio Cities Gas Ohio Fuel Supply Oklahoma Prod ft Ref... Ontario Silver .Mining... Otis Elevator Otis Steel Owens Bottle Co Pacific Development Pacific Gas. ft Electric... Pacific Mai: Pacific Tel A Tel Pan Am' Petro A T.,... Pan Am Petrol A T B. ... Pnrrlsh A Bingham Pennsylvania R R Penn Seaboard Steel Peoples Gas, Chicago.... Peoria A Eastern Pere Marquette Pero Marquette prior pf. Philadelphia Co Pierce Arrow Motor Pierce Oil Corp Pierce Oil Corp pf Pitts. C. C A S t Louis.... Pittsburg Coal of Pa.... Plttshure ft West Va Pitts A West Va ex dlv. . Pond Creek Coah j Pressed Steel car Pressed Steel Car pf I'Uiiman (Jo Punta Allegre Suirar Railway Steel Spring.... Railway Steel Spring pf.. Ray Consol Cop ueamng Reading 1st pf iteamng -a pi Remington Typewriter .. Reploglo Steel Republic 'Motor Truck... KCDUDllc iron ft steel.... Republic Iron & Steel pf. itooert ueu Royal Dutch Co N 1 St Joseph Lead St Louis A San Fran. . . . St Louis A San Fran pf... St Louis Southwestern... St Louis Southwestern pf. Savage Arms Corp saxon Motor Seaboard, Air1 Line Seaboard Air Line pf.... Sears Roebuck Co Shattuck Ariz Copper... Shell Trans A Trading... Sinclair- consol uil Sloss-Shef field S A I.... Sloes-Sheffield 8 ft I pf. Southern Pacific Southern Railway Southern Railway pf.... Standard Oil of N J.... Standard Oil of N J rts. Standard Oil of N J pf.-, Stewart Warner speed.. Stromberg Carburetor .. Studebaker Corp ex dlv. Studebaker Corp pf Superior Steel Corp Temtor Corn A Fruit A.. Tenn .Copper A Chem... Texas Co Texas Co 60 p o paid.... Texas A Pacific Texas Pac Land Trust.. Third Avenue Tide Water Oil Tobacco Products , Transcontinental Oil ... Transue A Williams Steel Underwood Typewriter pfjios If aw m 100 . 105 107 87 70 27 29 147 75 30 41 15 100 1 tit 9 71 51 147 80 ,? 32 42 15 30 60 96 143 100 64 62 130 45' 4. i 2 5 Union Bag' A Paper. union uil Union Pacific Union Pacific nf United Alloy Steel United Druar Co... United Drug Co 1st pf . . . umtea I-Tuit company.. .. United Ry Investment... United Ry Investment pf. United Retail Stores U S C I Pipe A Fdy u s C Plpo ft Fdy pr. . V a Etrpress. . . .'. U S Food Prod Corn U fl.Ind Alcohol B Realty ft Imp S Rubber U S .Rubber 1st pf U S Smelting, RAM..., U B Smelting, It & M pf . U 8 Steel V a Steel of t dlv Utah Copper Utah Hoc Corp. 1 Vanadium Corn . iVa:CaroIlna Chem Va-Carollna Chen pf.... 118 31 119 65 44 134 49 213 10 23 74 18 60 7 C5 88 68 102 108 65 108 71 83 72&I 105 1 103 H r 10 80 4- 1 t.8 BROWN BROTHERS & CO. EtUUIihed IBIS Philadelphia NEW YORK ' Boiton FOREIGN SERVICE Through our long established connections abroad, we are in a position to render complete foreign service to banks, corporations and firms doing an international business. Our correspondents include the strongest and most progressive institutions and private banks overseas. f BROWN, SHIPLEY & COMPANY I r.UBitrs Court, Lothsurjr LONDON, 2. C Established 1110 Offlee for Travslors 133 rail Mall. LONDON, fl, W. t Standard Bank 6f South AfrimlP WE ARE a tall times very glad to discuss South African and Australian trade conditions with interested exporters and importers. Established 58 Years 360 Branches and Agencies Resources $306,125,415 WH. MACINTYRE, Agent 68 mix STREET NEW YORK Fourth Street National Bank Philadelphia May 4, 1920 RESOURCES , . Loans and Investments , $57,930,655.78 Customers' Liability Under Letters of Credit . and Acceptances . v 4,683,939.09 Due from Banks ..w 14,318,384.17 Exchanges for Clearing House . X . . . 2,544;505(78-' Lasn ana Keserve 5.149.562.54. r $84,631,747.36 - IiABlUTIES , , . Capital Stock I. -Al i3'000,06o.0O Surplus and Profits ' .7,660,7p7J2 Reserved for Taxes and Expenses, '.... ' 92;455.84 Letters of Credit Issued to Customers, and Acceptances 4,689,280.09 U. S. Bond Account , V...... 1,000,000.00 Depowts ; 54,967,602.74 Bills Payable with Federal Reserve Bank Se cured by Government Obligations 9,100,000.00 Rediscounts with Federal Reserve, Bank . 3,353,7600 Acceptances of Other Banks Sold 767,940.77 $84,631,747.36 EveryxForm of Domestic and Foreign Banking. Unexcelled Facilities ; C 7. 81IANUACKEB. President' ' B. J. CLARK, c. F. 8IIAW, JR. Asst. Cashier Vlce-Pres. and Cashier O. K. 8TAUFFER, Asst. Cashier W. K. J1ARDT, Vlce-PreekVnt w. A. BCI.ELF.T, Aest Cashier TF. B. HUMPHREYS. Vlce-Pres. A. MaeNIClIOlX, Asst. Cashier Sldnor F.Trltr. Chairman Frank T. Patterson William A. Dick W. R. Nlcholinn Francis L 0vwo R; F. Shanboektr Jirnn U. Wllleox DIRECTORS Wlllltm do RralTt Oorte K. Jnbnoon JowDh K. Wldsntr Harrr A. Berwlnd William U. Potto Goorso Dallaa DIxoa Jonathan C H'tt i Chti. A. Dinlil ft A. E. Nrwbold. Jr Irtaeo du Pont Iiaao II. Clothltr. It. Geotro F. Ttr W. Artrtll Harrlnua. uoocri r. uooDtr W.F.Ladd&Co. Investment Securities New York Bonds for Investment Harris, Ferbes ft Co. Plae Strati. Corner TVllllaat NEW YORK Most extensive railroad system in the United States, with small capitalization per mile, enor mous surplus" and producing oil lands. SOUTHERN PACIFIC Analysis and 'discussion featured in a full-page report this week. "FUNDAMENTALS Big factors underlying the mar ket, money, etc., in pithy brevities. Otfitr rttulsr futum end (Ktcusttom on: V. s. Btoel Amtr. Woolen V. S. Rubber Csaeral Asphalt Morritt Olt . Va. Retail Candy bi the Current Iau , MARKET OPINIO. t Crem on ntpitstjm C4V. R. H. MacHASTERS &. CO, Utmien OmxtUtfti Srodt zrA, N. Y? 82-84 Broad St. New York Pftona: Bread 6SSD, n Floor. Chicago Office: 327 South La Salle St TRANSACTIONS IN STOCK EXCHANGE RlU ISM. Hlh.l Low. - 1 IMMt. Int. I Yield. 5.36 9.94 S.24 6.09 8.1S T.37 S.00 S.ES 7,35 5.80 8.47 8.67 IUle. 1800 6000 3800 5100 700 1000 3800 4100 800 600 6700 3400 100 9700 64800 700 1900 300 400 6600 300 Va Iron. Coal &. Coke.... VIvaudou V waoash Wabash pf A...... i.tttraou pi . . . . . . . Wells Fargo Express Western Maryland -. Western PacWo Western Union Tel Westlnshouee Air Brake'. Weatlnghoure B &-M Wheeling AXako Erie.... Wheeling & Lake Erie pf. White Motor Willys Overland Willys Overland pf Wilson ft Co Wisconsin Centra! Wool worth. P W Worthlrurton Pumo j Worthlngton PuSBp prB. jnrM Low. I tut Net can- 113 I 88 112 20U 18 20H 8U 8 8U 2B 21 24 16 16, IS 56 S3 S5U 10 9H 10 29 25 29 .85 84U 85 115 lllU 116 49V, 4IU 49 10H 1054 16 16 1 56 63U 84 H 20 17H 20 81 U, 80 lli 68 U 6S ' 68 374. Yty, 27i 1S8H H6( 1J8 .71 iS7- 70 TO 0 70' 16 l!i 4- lh Yields calculated on In fit nrWn Odd lota. Note Odd loV transactlons'aro not rocordetV.lo separate, lint un 1cm sales were made at price outside of the regular full lot ranee. 1 t ri