:
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e
i
26
EVENING PUBLIC LEDGER PHIIAIBLPHI A," imiDAY, OCTOBER 21, 1921
I
fc
'V
The Action of
The Bend Market
is encouraging te all in
vestors in conservative
securities. The factors
which are creating high
cr bend prices are
fundamental and the
days of high yields from
long-term, well-secured
mortgage obligations
appear te be passing.
In view of conditions it
would seem as if the
average investor is justi
fied in employing his
liquid funds at once te
buy bends of the first
grade. Upen request we
will submit definite
recommendations.
Write for Circular E-63
Hemphill, Noyes C& Ce.
Membr New Yerk Stock xcAanj0
Franklin Bk. Bldg., Philadelphia
New Yerk Bosten Scrmten
Buffalo Albany Sracuie Baltimore
A First Mortgage
Power Bend
Yielding 7.20' (
Appalachian Power
Ce. 5 geld bends,
due 1941, are secured
by first mortgage en
its entire property,
including hydro
electric and steam
plants with an in
stalled capacity of
63.000 H. P.
Write for circular
Bonbright & Company
437 Chestnut Street
Philadelphia
New Yerk ChlcafO
Bosten Detroit
NTEREST SHIFTED
CJiBMBBBMBBBEBSMlHIMir.
Knew Your
5 Securities s
Keep Careful Data en Every i
Investment
We have prepared a 3 ,
booklet, tastefully bound
in leather, for your cenve-
nience. It fits easily in the '!
pocket, and contains a JJ 1
systematized arrangement
for recording your held-
ings.
A table of incomes from
various stocks listed in the
back will serve as a valu- 5
able reference. g
Jet down a memer-
andum new te call or write 3
for this booklet today.
Ask for L-2.
P. It GUTHRIE & CO. S
IIANIiKKS WD TIROKEHS
Members of PhVartrlphte Stock
Exchange Jg
1418 Se. Ptnn Square. Philadelphia
M'lTE 800 5
Krpitene- Race 48J7 5
PeV Phnnr: Rnnic 07HS 5
BBBBBBSBEBBBBIBBBBEBBIV
If There Is a Market
We Can Find It
We held sales of stock
and bends every Wednee
day, charging $1.50 en.
trance fee for each item. Our
weekly catalogues and postal
card service reach every ma
ket. We tnke pleasure la
furnishlnjr quotations.
barnes & Lefland
lock Brokers and Aeclluma
147 S. 4th St
TO SPECIALTIES
i
Market Community Still Hope
ful of Settlement of Rail
road Laber Controversy
New Yertt. Oct. J1. Despite the tlN tlN
nppelntlnc results of the rnilrend Inber
conference nt Chicago between the
Rnllrenil I.nber Heard nnd the llrothcr llrethcr llrothcr
heod chleN. tedny's innrket gave n
Reed account of Itself, mnlntnlnlne tin
undertone of consistent strength. Spe
cialties were the renl features while
mere or len Irregularity nttcndrd the
movement of th general list. Trading
was rather dull nnd te a large extent
confined exclusively te professional and
senil-professienal contingent.
While disappointed the market com
munity refused te give up hope of an
adjustment of the railroad situation.
It was pointed out that while the first
conference failed, this did net mean
that the deer of settlement wns closed.
On the contrary, a number of ether
conferences were looked for. notwith
standing the seeming stubborn attitude
of the contesting forces. Jut hew the
present deadlock was te be broken, no
one was willing te venture an opinion,
but the rank itntl file In the market
eenimiinity maintained the same opin
ion voiced all during the week, and that
Is the wulk-eut of the railroad workers
will never occur.
As naturally would be cxitcctcd, the
strike situation overshadowed till ether
onsideratlens. Fer that reason the
further strengthening of the reserve
rutin of the Federal Ueserte systems
was nil as a market feature. Neither
the continued easy money conditions
cut much figure. But this was all
entlrelj logical when the professional
caliber nt the market was taken into
lull in the trading in the general list,
consideration Taking advantage of lull
in the trading in the general list, a
number of the lesser peels trotted out
their specialties, which were marked up,
while the mere representative shares
j marked time. The only exception" in
I the latter were some of the mere closely
held oil stocks, and these were made
j the leading vehicles of speculation.
I Selling of the rails en a modcrute
scale attended the early dealingB, but
outside of (treat Northern nud North
ern Pacific there wnB no great amount
of pressure, and as with the steel group
there were net offerings te speak of at
rhe lower levels. The sugar and to
bacco issues were Inclined te be heavy,
otherwise, after the initial dealings, the
list showed a distinct tendency te ignore
unfavorable developments. Such spec
ialties as International Paper, May De
partment Stores, Haskell & Barker.
Associated Dry Goods, Burns Broth Breth
ers and Famous Ilayer received mere
attention than most of the usual pop
ular leaders. Heyul Dutch, Mexican
Petroleum and Ban American featurede
the oil group. Mexican Petroleum,
making a spirited rebound midday, when
shorts endeavored te take In some of
the outstanding commitments.
STRONG FRONT PUT
UP BY THE LOCALS
NEW YORK STOCK EXCHANGE TRANSACTIONS
Dlv
Poles- in t
809
00
.100 4
400 7
00 4
100 T
100
00 4
100 s
100
100 7
700 12
400
1100 , ft
000 .,
S00 7
700
100
200 e
tee
300
400 8
oe
1100 7
MOO
300 7
1000 e
400 if
1200 7
100 7
14D0
l0t 4
300 8
1700 0
300
2000
4J00 7
1400 ..
lsse a
100
100
1700 ie
100
100
100
1200
3600 10
1800
1200
500
300
100
1000
1400
eoe
tee s
100 7
eon
304)
tee
2400
100
tee
400 a
300
100
1100 7
200
3300 S
6000 2 SO
1T00 4
100
200
i no
100 2 36
loe e
tee
400 S
1400
JIM
1000
6600 8
200 g
100 g
300
100
600
6000
I
Bulk of Operations Again
Were Made Up of
Odd Lets
Edward B. Smith St Ce
1411 Cheatnut Street
Member New Yurn .I'vi I'mmdelphia
Stock Exrbaneej
Investment Securities
Philadelphia
New Yerk
i insiili ring all things, most of the
local stei ks put up a strong front In
today's market. There was net much
done In any of them. Among the
pure local issues prleet. were steady ;
in the majority of caes were fraction
ally higher. The railroads gave some
ground This, however, was merely a
reflection of the lower prices for the
same group in the bigger market, and
f- be expected, in view of unsatisfac
fnr ending of jesterday's conference at
Chicago.
'Hie sluggishnr su of the trading in the
general local list, as in the recent ses
muiis. from a sentimental viewpoint,
was offset te some extent by the broad bread
ening edd-li't tiansactiens in the so se
called New Yerk stocks. This innova
tion bus proven one et the most suc
'rssful and lucrative moves mmie by the
local members in a number of ears. It
s astonishing the matter was net
i.iiiiichfd months age-
Tie dealings in the local stocks lucked
individual feature, although in the case
of flie increased offerings of Philadel
phia Electric 'amnion recent intima
tions of 'iew financing negotiations
which were denied, apparently has
caused seme uneasiness among the
smaller holders The stock had geed
support and offerings were reidlly at
"rbfd. A strong position was maintained hv
the American Stores at the best prices
( the week, and within fractions of
tne record prices for all these iFsues.
American fias lest a point en limited
sales, while Pennsylvania Salt was up
'' '. I' I. had a much firmer mar
ket reaching X A few shares of
Uectric Storage Hatter were taken
at '-j point higher at 10t!,
2000
7(10
300
400
4110
300
100
tee
3490
J00
13JI
100
330
30tl
1000
400
100
400
30C0
100
400
100
1300
200
100
390
S00
1700
900
100
300
100
Hlh Lew
Adams Express 0 40
AJax Rubber ' 1W
Allied Chem & Pye... 45H Y
Allied Chem & Dye pf. 87 H '
Allls-Chaimera 34 31
Allls-Chalmers pf .... 16 76
Am Agrlc chem pf... H H
Am Dank Nete & "J,
Am Hank Nete pf . . . . 47ft 47J4
Am Can 36 26
Am Can pf 85 8J
Am Car ft PAy 138 138
Am Chicle 10H 10
Am Kxpres 131 137
Am Hide AI.eather pf 4V& 48 H
Am lee 64V4 64
Am Intern.it Cerp.... 31 ji 3H4
Am Linseed 34 31
Am Locomotive 8!$ 8tH
Am Safety llaief 4K H
Am Ship & com K
Am Steel Foundries. . 2S$ 23'4
Am Sugar Ref 514 504
Am Sugar Ref pf 73 74J4
Am Sumatra 35H s4
Am Smelt Sec A 78 11H
Am Tel A Tel 108 108
Am Tobacco B 124 1234
Am Woeltn 74H 74
Am Woolen pf 7'4 1i
Anaconda Copper .. 38 SH
Asse Dry Goods 34 32Ji
Atch Tep & SanU Fe 85 85
Atch Tep & S F pf . . . 81 80
Atl Gulf & W 1 S S... 26J4 264
Atlantic Pet 31 31 K
Haldwln Locomotive . 86 H 85
Baltimore & Ohie 3!i 3Js
nethlchem Steel B.... 531 52JS
Heeth Fisheries 3H 3H
Brltlyn Union Gas. . . 6H 6JJ
Burna Bres let Ji 108
Butte Copper & Zinc. . 4'i K'i
Butterlck 24 24
Cal Zinc & Lead 3ft 3JJ
California Petroleum. 43 41 Va
Canadian Paclnc Ill 10t,4
Central Leather 27 4 26
Central Leather pf . . . SOW 37H
Crro-de-Pasce 29 28H
Chandler Meters 41ft 41
Chesapeake & Ohie... 44 ! 63
Chi & n 111 pf ctfs. 1H 1
Chi Mil A St P 23 239J
Chi Mil A St P pf 383, 38 V-i
Chi & Northwestern . 60'4 C6J
Chi & NerthweBt pf..l00 100
Chi R I & Pac 31ft 31K
Chile Copper 11
Chlne Copper 24 24
Clev Cln Chi A St L 42 Vt 41
Cluctt Peabody 30H 3H
Coca-Cela 35 35
Celum Gas & Elec. . . . 61 61
Celum Oraphophene. . 3'4 3'5
Cel Oraphophene pf . . t2S 12H
Consolidated Gae .... 90 U S9
Consolidated Textiles. lOJj, in
Cern Products Ref... 80!i 79?J
Cesdcn A Ce 3: 31
Crucible Steel 60 594
Cuban Am Sugar ... ll'i 11 i
Cuban Cane Sugar... 7' 7
Cuban Cane Sugar pf 16 4 16 j
Detwers Cens Mln Ltd 10 16
Del Lack A Western. . 1U5 183
Elk Hern rna! 17H 17H
Endlcott-Jehnson 61 64J5
Erie 12 ll'S
Erie let pf 171J 17 U
Erie 2d pf lift 11 '4
Famous Players L. .. . 3ft ClH
Famous PLiyers L pf. 79 78ft
Fisher Bedy of O pf . . 67 87
Flsk Rubber 10U lnft
Freeport Texas 13 13l
Gasten Wms A Wig. . li a.
General Asphalt Si3 3"4
Genera! Electric 1383 125ft
General Meters .... 8Ta 8'i
Goedrich B F 31 30?,
Gray A Davis. ... IlKj II
Great Northern pf 714 70
Great North Ore ctfs. 3!i 39 'i
Granby Consel M A M 1H IK
Guantanamo Sugar... 7 7
Haslcell A Barker Car 69 ?,
HemestaVce Mining . 50 "0
Housten Oil 66 H 63 1 2
Hupp Motorcar . 10ft 'Te
Indiahoma Rcflnlns .. 3(i 3U
Piternat Agrlcul . 7'4 7V
Int Harvester new 75 74'i
Int Mer Marine pf 4Bt, 4d4
lnt Motertruck 1st pf. 4b 04
International Nickel 13'i 1.1 '
International Paper t ' 7
Inter Paper pf strd. . . 69 9
Invincible Otl Cerp... II I0"e
Iowa Central ... 6 B
Island OH 3 2ft
Jewel Ten Ilia lift
Jenes Bres Tea.. .. 26'j 26VJ
Kansas City Southern 23ft 23H
Kansas A Gulf Ce ... 6ft C
Kelly-Sprlngneld Tire. 401, 30tf
Kennecett Copper ... . 31 20Ji
Kresge SB ! "
Lackawanna Steel . . 39 3S
Laclede Gns of St L. 47i 47J4
ft
1:30 Net
1 M. Chse.
49 ft- W
i
45 H
87
3JH ..
76 B1
65H- a
5SH W
HX ..
36 - K
85
128
10 -130
im-
644
31J4-
24
80H
4K 5
33 W-
50ft-
75 Vi
34W-
77(4
108
134
18ft
38 - ft
33 1 I
85 - ft
80-1
264; ..
31H
66
35 ft-
53 -SH-69
ft
109 -f
4 54
34 4-
3ft
43 --
110 -2ft-57-
28H-Ift-53
-
1H
22 H
38?4f 6ft
100 31ft
HJi 24H .
42 t
39 ft -35
61 J,
3ft-
12-
89 ?4
16ft 4
80 ft
33
59 -
5
14
ft
ft
"w
ft
ft
14
ft
'H
ft
ft
ft
J'a
H
ft
ft
ft
H
1
itt
!4
ft
tft
H
ft
4
1
ft
ft
1V4 I
ft
1H
ft
ft
101,
16 L
105 -
17,
64H
11ft-
17 ft-11ft-62ft
10ft T
lft 4.
r
-11K-71ft-29
ft -18
7ft r
50
C3H-10?,-
3 ft
7'4
74 i
ft -r
13 ft
8ft -f
(JO
II
3
llft
20ft
23ft-
6ft
40
21
160 -3
47 H
'4
'4
ft
V
ft
ft
i
2ft
ft
H
H
1ft
ft
i
IK
ft ,
ft
H
H
ft
.
1ft
ft
ft J
Pales
100
760
100
300
100
100
1300
90709
400
1700
500
200
100
600
000
1000
100
300
700
300
100
160
200
209
100
700
1100
4500
100
100
300
100
14600
6000
1500
400
100
1450
300
2000
1300
100
100
1400
2600
700
100
100
100
100
100
300
100
300
3500
600
2600
800
1900
100
1500
4100
100
4200 I
100
100
500
200
800
240
2100
300
6200
1600
700
1200
60)
200
200
4200
100
700
100
200
5400
200
3400
200
1100
2300
100
2300
900
100
SOOO
400
200
400
7300
000
2200
100
300
200
100
600
100
60U
30ft,
205
100
300
000
lene
300
200
300
coo
100
Dtv.
Int
t
ltlhX
Lee Rubber Tire 28
S.fiO Lehigh Valley .s, 61ft
.. Lima Locomotive .... 73ft
.. Loe we Ce 13ft
1 Left Candy 9ft
1,15 Manhattan Shirt 27
8 May Dept Stores 89 ft
It Mexican Petroleum .. 97 H
2 Miami Copper 33 K
1.20 Middle States Cerp... 13 ft
.. Mid vale Steel ,. 33 ft
.. Minn A St Loul Oft
.. Me Kansas A Texas.. IK
.. Missouri Pacific 18
.. Me Pacific pf 41ft
. . National Acme 14
1 National Biscuit pf. ..110ft
7 Nat Cleak A Suit pf . . 54ft
a New Yerk Central.... 73
. . New Yerk C A St L. . 53
8 N Y Chi A St L 1st p& 01
2.80 New Yerk Deck..i.. 37 H
.. New Yerk N H A H.. lft
Norfolk A Western... 94
Norfolk A Western pf. 68
North American 40 ft
North American-Df.. . 36
Northern Pacific 73ft
. Ontario Sliver Mlnlnr 4ft
2 Orpheum Circuit 18
8 Otis Elevator 15
. Pacific Gas & Elee. ... 00
. Pacific Oil 43M
6 Pan-Amer Petrel .... 44ft
9 Pan-Amer B 43
. Panhandle 11
. Parish & Bingham.... 13ft
2 Pennsylvania R n.... 35?t
. Pcnn Seabeaid Steel..
. Peeples Gas Chicago. . 33ft
Pere Marquette 18
3 Philadelphia Ce 38W
7 Phllllps-Jenes pf 75
. Phillips Pet 28ft
. Plerco-Arrew Moter . . 13ft
. Plerct-Arrew Met pf. 28ft
. Pierce OH 7
ft Pitts Ceal 60
6 Pitts Ceal pf.' 88
. Pitts A West Va 24
. Pressed Steel Car. ... 65
. Producers Refiners . , 21 ft i
. Pred. A Ref. pf 38
, , Public Serv of N J. ... 61
8 Pullman !i
. Punta Alegre Sugar. . 26
8 Pure Oil X4
. Ray Cen Copper 13ft
4 Readme 8ft
. RenTlnrten Typewriter 20
. Republic Iren A Steel. 46ft
, Republic Meters "ft
7 Reb RelB A Ce let pf. 7
P Royal Dutch Amer. . . 43ft
1 St Jeseph Lead 12ft
. St Louts San Fran.... 21 ?i
. St Leuis A SWIIR.. 23
. St Leuis Southwest pf 31
. Seaboard Air Line. ... 3
. Seaboard Air Line pf. 5i
. Scars-Roebuck 06ft
Shell Transport 33
Sinclair OH 31ft
6 Southern Paclfle 77
.. Southern Rail 19
. . Southern Rwy pf 43
4 Standard OH of Caitr. n
6 Standard OH of N J. ,148ft
7 Stand Oil of N J pf..l09ft
7 Btudebaker '3
: Submarine Beat Cerp. 3ft
. . Superior Oil Cerp.... 7ft
Superior S.teel 28ft
. Tenn Cep A Chem. . . . 7?J
9 Texas Ce 40
.. Texas A Pacific 21
1 Texas A Pae C A O.. 25
. . Tidewater OH 15lft
8 Tobacco Products .... 64H
Transcontinental OH 8U
8 Union Bag A Paper pf 66
Union OH 20ft
10 union racinc !'
,74
Union Pacific pf 67
United Retail Stores.. 53ft
U S Feed Products... 12a4
U S Ind Alcohol 44
U S Realty A Imp. . . . 58ft
U S Rubber 48ft
U S Rubber 1st pf . . . . 89
U e Bieei n'4
30
U S Steel pf
Utah Copper
Vanadium Cerp
Va Iren Ceal A Coke . .
Vlvaudeu Inc
Wabash
Wabash pf A
Wells Farge Express.
West Maryland 2d pf.
Western Pacific
Western Union Tel...
Wostlngheuse E A M.
White OH Cerp
Willys-Overland
Willys-Overland pf . .
Wisconsin Central . . .
Woolworth F W
Worthlngten Pump. . .
Ex-dlvldend.
110ft
53 ft
30 ft
81
8ft
7
20
64 ft
16H
20
82 H
45ft
13
3H
25 H
25 ft
130 ?4
39 ft
Ixiw
28
53 ft
73 ft
13 ft
V
37
86 H
H
23 ft
lft
23 ft
6ft
lft
17 ft
41)4
13ft
110 ft
54ft
71 K
53
01
37
13ft
64
68
40
35 H
73S
4ft
18
94
60
43
43
41
11
13 ft
35 ft
8ft
30 ft
18
28 ?;
75
28
12H
27 ft
60
ss
24
33
21 ft
3S
61
S3
25
29 ft
12 i
68 ft
20
43H
894
43 ft
12!i
21 ft
22
31
3
5ft
C5H
32 ft
20 4
76 ?4
183,
43
7Sft
14S
tfl0'4
72
3ft
7ft
28ft
39 H
21
24 ft
151
63ft
H
66
20
118
67
33 ft
13 ft
44
53 ft
464
'4
77 ft
110ft
62
30 ft
81
8
t
30
68
16 H
20
82
44
12 ft
5H
25 H
25 H
1184
39ft
1:0 Net
V. M. Chse
28
63 ft
72ft 13 ft
tft
37
88
96ft
33 ft
13ft
23 ft
0ft-
lft
17 ft-41ft-13ft-
11014
54Ji 61 -274
13J4
94 -68
40ft
36
18
94 -60
42 H
44 -r
41 34
11
13 ft-35ft-
33 ft
18ft -28
M -78
-f
38
13
27ft
7
ft
1
154
H
ft
!i
'
1H
ft
ft
ft
ft
8
1
'a
IK
ft
H
H
lft
"V4
H
H
ft
ft
H
ft
3 ft
1
V
3
60
88
24
55
21ft
38
61
06 --25K-20ft-12K-68?-
20 -46ft
Oft-f
7
43 ft f
12 ft-21ft-5-32
i
31
3
3ft
66 -S2ft-21
76 i-18ft-
43 e
7ft
118 ft i
109 ft
72?.
3ft-
7ft-
28ft -r
74
39 ft-
21 -
24 ft-151.4-
f34-
06 f
20ft 4-1I8-87
4
52 ft
1214 -
44 " -B3ft4-47H-
84 ; -
78 -110ft-62
30ft 4
81 4
8 7
20
64ft 4-
H4
20 -
82 -
5ft4
12ft 5H
25H4-
25 ft 4-118-
39 ft-
H
1 '
lft
IS
ft
lft
ft
ft
154
t
154
ft
ft
54
H
ft
lft
ft
lft
54
54
?4
H
t
ft
ft
l
l
ft
ft
!4
ft
ft
1H
4
ft
ft
54
3ft
ft
H
ft
1
3ft
t'.i. n 01 There wns a
.sew iuiii. vvn :"-". ;
falling off In the volume of business to te
day In nil security trading markets and
.. i i l....lrt0ii ii.nti nrnnetineeil
uiLS uecrrnscu mii"i ""- ,
en tlie New Yerk Curb. Offerings were
small nreund prevailing nueiuumw .
i. i i (h ., tetfltnfr flemnnfl te
li. requireii em. " ....... "-:.-
cause advances In n number of Issues,
but comment was niacin even mn. ,i
...!.- .t.n....wl ttrenetli about the KICK
of bullish speculative sentiment.
.. . .. .. - n nmst iHinllv fnr
account of interests cenccrntxl In Mm
M..4lAa na In StWPPtfl tJOITl"
pany of America, In which , there a
action in connection iiu i" s. -of
two banking men te the llenrd of
Directers: the stock, however, was un
changed in price uireugn uic i'
.. " t.i.. "Ti" nfnelr wns nreml-
nent nt times, moving up from 20 te 60,
and there wns n smnu umiuin ui ""
newt in Farrell Cenl. which was un
.i i ,... notnrilnr'e rtilimr nrtcc.
Glen Alden Ceal showed a strong tone
with trading nt 40 te wjnu T
Safety Hazer was traded in nt 1U7 te
101). Tobacco Exiwrts cnangea mums
at 5l4i
U1...II.- n.rnn tn(Mrfinpnt 1 WCrP TC"
corded In the petroleum group. Heal-
Inge in tne . uics eerviti- --"" -light
and there was virtually no
fluctuation in three c a l tock
during the first half of the day. Miirn-
calbe was faliiy ncuve, '", "i' """
23i Tte 'J3-,. International Pctreleun
was in moderate supply nnd declined
trem lii'i ie ie-'ti
Commodity Markets
L
Philadelphia Stocks
INVESTMENT
SECURITIES
Elldns, Merris & Ce.
Land Title Bldj:., I'hila.
New ,rk a. h,n, st.rk Kxchamre
Ijew
It
tlEWOUER.
HENDERSON & LOEB
Members New Yerk and
Philadelphia Stock Exchanges
1410 Chestnut St.
Foreign Exchange Explained
Aat for Free Uoelilet f.2
Wm. H. McKenna& Ce.!
221 Sculh 15th St., Phila., Pa. j
It'll l'l'unr Imimt I77H
New Yerk Pateraen i
T5
C. S. PAT i ON & CO.
3t) A nil'TM'T STS.
BANKERS
iii it'kMr in
HAII.l.K HTKVItMlsO.N
Hum), unci -li'iUn IxiikIiI mid Mid
.ltmlier I'lilln MiifU Pxrlimae
iliVh
170 Am Str-. 7ti 7."ii
ltld de ,ref .lliHin 103
." Am (Su . .'IS 3S
20 1 A Sum T Z ,'I4'
2em &. n no x,
"tCornPred ) li)
2.". Klec Ster.lOfl' lfMi,
letrnml'ln l!2- 2',4
iiii cieti .hpii
JOtlJen Met
nelsl Oil .,
l.'l I Ce N A
12(1 Key Tele
l.'iO I.eh Val .
fiOtMex I'et
lr.t.Midvale.
.V.tNer lac
041 Ia II U..
2." I'a Salt
20 I'hila Ins
Wire ..
.'. I'hila Ce
cum of .
37." I'hiliiKlee
l.'l de prel . 20
UK) i'hila & w ;ivi
lOTriillman.
5tSt. L &
Hwn ..
10 fn Trac
DO I'lll .
IOOtI'S Steel
fiOtWubash
pref A..
N-t
ChtT1)
i.r.
P M.
7(1
le:ii.s- l,,
M 1
i,
Iiii
10
. 20
"I'N
no
i'l'h
73 H
DO
eO
31,
22
O.'.H
21',
31
33 ,
78
mi
ie
2!t
7Va
en
23
7.1
3,Va
00
50
31 -i
HMI',4-
2i-r
,ViU,
1"t
20
ru, -
im
3 V,- -
li
T.'Uu leL
.(.(',
2f5 U
3V4
i
nsu
21 i
31
331 J
7S
00 -CO
..
31..
22i,i .
20 't!,
3Vj
IWV -r
21 14
31 ..
33
7S
6
mecKwgII. Wilsen Lli
Certified Public Accountants
Und Title Bldg., Philadelphia I
201;, 0014 20li if.
Net chans" mud.- b romparlaen with laat
aaln un New Terlt Steik Eachana-.-.
PMII..lKI.nUA IIONOH
!(7."0 Liberty 2d -I'iK '42 02 r,0
2000 Liberty 3d -IVi '2S )4 7(j
.-.-.( Libert v 3d 4V,n '2H 0-1 SO
KWKI Lllien.1 3d IV,N '2S 04.70
000 Llbem Ith 4'',s '2H 02.00
."ilillll Amer ("las kt Electric 5s. "7
1IMMI Klectric A People's 4s. . ,'i7
20011 Klectric; & I'eeple's 4h . . .'(.ly,
2IMI0 Ijniltublc fins 5h. . . 100
lilMIO Kiiiiltalili. (ins "ih. . . IOO'h
10IMIO X V Chi Ht L !( 78ij
1000 Peunsvlvnnln Os 101'.
GRAIN MARKET '
Chicago, Oct. 21. The whenr mar
ket acted strong most of the early ses
sion. Commission houses were fair
buyer- und shorts covered, while a tea
ture was the paucity of offerings.
Around top prices, un elevator Interest
sold. Locals were mainly bullish, be
cause of the light offerings. Expert
sales of 2.'i0,000 bushels were reported,
but Spain, Greece nnd Italy were re
ported in the market. Hcd wheat pre
miums were lc te 2c higher, while bard
and spring wheat wa' unchanged. Ship
ping nales were 20,000 bushels.
Cern was firmer with wheat Trndc
wns exceedingly slew and featureless.
The cash corn basis wns unchanged.
Shipping "ales were 200,000 bushels.
North bought December and sold May
and Armour did the reverse The cash
basis was unchanged. Shipping sales
were 00.000 bushel.
COTTON MARKET
' New Yerlt, Oct 21. I'nfin. .ruble
'.livclepments in the railroad labor sit
i ntien furnlfhei' a bn-is for active sell
ing of cotton nt the start teda , at
tended by a drop of 20 te .15 points n
,r:cfH Weakness nt Liverpool end In
euirlties here added ie the bearish feel-
ng en the flnei. The best buying was
l.v the trnde. Japanese interests sold,
and there vn- considerable resiling
l.v operators who covered earlier in the
Vek Vt (he end of the firt lifteen
n.inmes the list we- fairly steady at
cbeut 10 points above initial levels.
Ilecelpts nt tin ports for the day
,.re estlnmtH at W1.000 bales iipaiii.t
13 003 bales a week ace. i.t.lti.l Dales
n year age and 33.74 bale- two years
eee.
1 rrnvlnui.
. 'Ien OpiMI
is SI
Jtrrmbrr
tjcnu.iry
Mirrh
Mny . .
July
NEW YORK COFFEE MARKET
New Yerk. Oct. 21 A general
dciwnwnid swins s noted in ceiree
future prices this morning, with n
scatterei' deiimnd en sule .lewn. Most
f" the curb nrvuu w,i- in the March
lesitinn nnd the-e offerings cm ne prin
cipally from a bnd.et believed te have
I been operating fei -ttlier Ilrnilian or
Kurepean account. I'ncc- en the call
u'ere 2 te 0 points le-u'i
Around mlddaj. (he iimrkct was do
ing a Hide better, Mtirch and May
advancing point-, with 7.3." being
1,1,1 for Dccelilbei Tiitll Kin epiailK
en Londen shows mere, siaiiiiiiy, int
market here is likel te rellect mere
or less irrcgularitN . and being se nar
. nnler- ellliei- wav eflsllv Inillieiice
..!...... .... n i nil n
pre.- ti' " .........
I) i emtir
Mur. h
May
July
Hi4
34. 10,
13.27,
23.25,
12.05,
Ht.J
FOREIGN EXCHANGE
New Yerk, Oct 21. At the opening
of the foreign exchange market this
morning sterling was ,i below the pre
vious close. Marks were off 2Vi points,
while lire were unchanged. Francs
also were down 2 points from the pre
vious close.
The quotations fellow :
Sterling cnbles .'t.O.V'. demand 3.05;
franc cables 7.33. checks 7.32; lire
cables 3.1)7, checks 3.07 ; Swiss cables
l..iu, checks jb..m ; gunner cu-mes
checks 34.05 ; peseta cables
checks 13.25; Stockholm cables
checks 23.20; Norway cables
checks 12.00 ; Copenhagen cables
checks 10.20; llelgian cnbles
7.11), checks 7.1H; marks, .05.
In the second hour of business about
the only exception te a lower range com
pared with the opening figures was
Swiss, which advanced 5 points te
18.41 for cables and 1R.3S for
checks. The ether quotations were:
Sterling cables 3.04. demand 3.04i, ;
franc cables 7.20, checks 7.2SVs ; Bel
gian cables 7.14, checks 7.13; lire ca
bles 3.05, checks 3.01; marks .00 of
fered. 'l In' nremium en New Yerk funds In
Montreal today was a shade easier nt
0 -B'10 per cent. Canadian tuncls in
New Yerk were n shade firmer today
nt 8i ner cent discount.
The Centrnl Kurepean exchanges were
steady today. The quotations were:
Humanlnn .70. Hulgarian lisi... Serbian
1.30 Czecho-Slevnkian 1.00
Slavian .359J. Creek 4.52.
1.02. Polish .02"',. Austrian
Hungarian ,14Vj.
YnSTEHDAY'H I'INAI. UevrATION.H
Starllnc Kranri. I.irr Oullijara
Calil"" . . a.M 7 30 8 .', 34.01
TODAY'S OPE.NINQ ClUOTATIOS
Sterllm 1'rnnrn Ure Qullilera
Demand . .08. i ?? ? . 3 0B
tables
.luge-
Kinnlsh
.00,
Financial Briefs
1hII.J T)ll..a tni..M.( f. ,
utli.cq ll.,ia.D .tiicD.iiicil, V'Uinpttny (UIB
leiuuu ,ib .iiiiu.i iviiuii .vi me JIBCU1 Par
ended June 30. ahewlnir total Income before
taxea and charsra of ll,T62,flSn. asalnst
11.730,718 In the preceding year.
Stockholder! of the Virginia Iren. Cel
and Coke CemDani wilt meet 'nv.mlj.r i
at Itoaneke. Va te autheriie an lnrr.e.. in
ilJ'n?SPan!,H.L'ftpl"11 b' ,he lnauranre of
ru.uuu.iniu et ir t"ni ciunuiative preferred
ateclc. The company new linn no preferred
and $10,000,000 common ateck. ""rre
DIVIDENDS DECLARED
Producers and Hednc-m Corporation, q'tar
terly l'i per cent en preferred, payable No
vember 7 te ateck of record October 31.
Droe'Kbn Gdlaen Company, quarterly 12
payable December 1 te ateck of record No
vember 18.
California Packing Corporation, Quarterly
Jl no en common, payable December in te
ateck of record November 30.
OFFERINGS OF CURB
ISSUES ARE SILL
Lack of Bullish Speculative
Sentiment Narrow Move
ments in Oils
INDUBTMAIS
Acme Ceal
Hurna Pres H
( T.lirht
Chicago & Kast Ills ....
Columbia i:mernia
c-aw&n rnul
SlbBOIl Hewell
len Allien Ceal
Gillette H II
Lincoln .Moter" -
l.afa.tlnn Tlr,) ........
Phillip Merris
Southern Cenl & Iren. .
Sweets Ce
Teb l'red Hxn
U S Ij ft H
ttnlnn l?arbtde
Wayne Ceal
wea: iina tnera
STANDAHD OILS
Ansie-Am Oil ln
Atlantic l.oDea ;
Imperial Oil Can ej
Seuth Penn Oil 202
S Oil of Ind 7S4
lllRh
.. r
. se
, l
, 13
.. l'.
. m.
. 15
.1 4CIV.
.1(111
. 12
.. 00
:4,
. r.'i
. IN
4?a
. i
Lew
tr
211
l
18S
17J
40
11)7
10
01J
r
2H
2Ji
ii
n
i
87
.02
78U
1:30
P.M.
85
30
lk
40H
108
10
ae
r,
2i
2'
r.'i
1
42S
l
ins
OS
88 '
2D2
78'.
IMKPKNrKNT OILS
Qas .
:
3.96S
7 33
3 1174 34.10
t8 77
IS r.3
' s a:.
17 1)7
17 M
is r.n
1H .Vl
IS 2.1
is or,
17 CIS
17 3.'.
10
P M
IS.40
1R.11
17 02
17 (12
17 12
pre- . eldhe cirn
7 S'i 7 3C11JM0
7.33 7 At
7IIH102 7nr.7
. 7 70f71 7.0i7
Raw Sugar Market Steady
New Yerk. Oct Ml The iaw lUBiir mar
ket this mnrnlne hail u. M-kdj tone with
further ali" t Cuban b the i emmlltee te
iiutperia at 2Vjc, com and frctcht und u
small Invoice of Perte UUr.t iifleit at 4c.
c I f. delivered limine Iniermi for
prompt augar at slieve prlrm continued but
no neurb leta arc available. It generally
eiiwctid that the rnmimttee will seen be In
a position te offer rulnn t"r prompt clear
ance Latest Iju-lnes- Im lude,i inelrea of
Cubaa for prompt shipment te N w Orleans.
A close Interest aheuld In ehen-n by refiners
genernlly In early shipments ter their future
tequlrements. Orterlngs of Philippine centrif
ugals for middle nnd s.cend half of No
vember arrlvala continue at 4i- dellvert.it.
Silles confirmed by the Hugar Finance Com
mittee were 110,000 bags Cuba lentrlfugals
at 24 c coat and freight, basis 01 degrees
Including 15,000 baas for prompt shipment.
New Orleans, and 13 000 bags te Philadel
phia te the American Sugar Itellnlng Com Cem
jury, and 30.000 bags te i-reflnry w.ire
house In Philadelphia te the McCahnn Hug.ir
and .Felassss Compans Prlre- of the renti
er for granulated rennln unchanged at
3 20c te 3.30c, less 2 per ci nt for each for
granulated, the Federal Company only quot
ing at the lower lnvel A mederatu te fair
business la reported
Lew-Grade Weel Tending Upward
lloHen. Oct 21 -The Cemmerrlnl llulle
tln tomorrow will say "There has he. n u
fair amount "f business done In the Kant, rn
wool msrketa this week. Including I.r th fln
and medium te low wools, as well na greasles
and sceureda. Prices are ntrady, with '!
clruhlc low grades tending upward The
goods market la without material change.
Ferelan markets are strong, and AuatrallH
nnd New Zealand have advanced at the re re
tuinptlen (f tales this week, mere or lass
In line with the rise In price In JAnaep.
.here price have been firmly maintained,"
MONEY-LENDING RATES
NKW YORK Meney en call, both classes
of collateral opened today at 4 4 rcr cent
for lendlnjr and renewing.
BfcOO per cent, commercial luper. three te
six meet i)i. Mi (?a per rent
Federal Reserve Ratios
Washington, Oct 21. ltntle of total re
eree te net deposits, and Federal Fteserve
note liabilities combined, for the twelve' Fed-
tint nrpi tt j in (inn rtliu (1)6 Pnilr" BVftf fTT1
as of Octptr 10, 1021. compared with ir.
102C1
Oct 22
31 1
3D (1
32 3
32!s
4S 8
40 f.
30 3
41.3
30,fl
42 B
40.0
44.0
Til
Arkansas Natural
tloene en
Bosten Wyoming
Carlb Sn . . .
Cities Sen Ice (old) . .
Cities Senlce "11" ctfe
CHUM Service nfd
Edmunds
Klk Ilasln ret
Engineers Petrel
Federal Oil
atlllland OH
(Ilenreck Oil
Int Petrel
Ke stone Hanger ....
l.vnm Pet .
Magma Oil'
nraracalbe oil
Merrltt Oil
Mexico Otl
Mountain Products ...
Omar Oil
TJniH llettners
Salt Creek Pred
Mtmma Pet
Skclly Oil
Texon
Tuckeney
Wilcox Oil
v nn
Southern It It
.MINING
Alaska Hr Columbia
Alaska. .Mines
Aiardo .Mines
Hlg l,erig
est & Ment
Canada Cep
Creeson Geld
Dundee Ariz
Uureka Croesus
Oeldflcld Flerenco
Oeld Status
Howe Sound
McNamara
Mnih.r l.ede clt
National Tin
Nevada Ophlr
Nevada Sliver Hern
Nlplsslng ...
Hex Cena ....
Silver HlllH of Nev
St Antheny Oeld
Tonopah Dllde
Yuken Geld
IIOND.S
Amer Teb 7s 1023 .
Amer Tel tin W22
Amer Tel fls 1024 .
Anaconda 7b 1021'
Angle-Amer OH 74s ....
Armour 7s
Can Nat Ky eg 7s
Can Pac, Q
Chicago Kast III 3s . . .
Conn Gas Klec Iln.Ue 7a..
Copper Kxpert 8s 1028. .
Copper Kxpert ks 1023. .
Cuban Tel 74
Gen Asphalt e
Ooedr eh 1 re 7s
Grand Trunk 4e . . . .
liumeie una 7 ....
N V N II i II H
Shawaheen 7
Sears Ilevbuck 7 1822...
Hears iteebu.K 7s 1U23 . .
Solvay 8s
Southern Hy fls
Stand Oil 1 Y 7s 1827..
Swift & Ce 7s 1031
Tel Kdlsen 7a
Texas Ce 7s
Tel Trac 7s
Un Hy Havan.i 74 s.
Vacuum en 7s
Western Klec 7
West Va 34 s
Argentine , nni,
Swiss 34 h ... 03
vjeus week and a tar age, follew:
Bosten
New Yerk
Philadelphia .
Cleveland . , .
Hlrhmnnd
Atlanta, .
Chicago .
St IxjuIs . . .
Minneapolis ..
Kansaa City
Dallua
San Francisce
Total .
Oct in
70 0
M3.il
08 4
OR 1
44.7
40.3
70.0
(13 1
80 2
33 d
30 H
71 1
Oct is
70 8
77 0
72 a
07.8
3 2
II. II
70 fi
114.3
41 7
(1.1.3
38 a
08.2
08.3
Reerve Banks' Discount Rates
Offlcl.il rediscount rates at 'he twelve Fed
eral Itesrrve Hanks are aa follews:
Treaa. Lib Cem' I Hkra
ctfs. bends paper, accent.
Ilesmn .... ft s (i
New Yerk 3 S a 2
Philadelphia R 3 ", 2
Cleveland 3 4 3V4 34 su
Hkhmend n n 3W S
Atlanta 0 i) n J
Cli.cacn . . ,0 ti i n
St I...U a ... tl (1 fi .w
Minneapolis ... (1 n n ,!
Kmiiuhh City ..a it .,
Dallas .... A ft e ,1
ban Francisce 04 SS 8 4 34
Paris Deurse Dull
Purls. Oct 21 Trading waa dull en the
Heurae tedaj Three per cent rentes, 33
francs IS centimes, exchange en Londen, 34
francs 10 centimes, 3 per cent lean. 81
franca IS centlme-j. The dollar was quoted
at 13 francs 71 centimes
Products Pays In Scrip
Nw Yerk. Oct 21 The Toburre Predurta
llThU lAt u"VA4J alA Ben.al.b ..u
Tobabcce
f '.. nnr, nn
.,,,,...,.,,, .,.,. .,,-,,,v, i, in i rn Ulll T mir'
terlr dividend of II 30 nn the ommen stock
pnable n twe-jear strip bearing Intereat nt
the rate of 7 per rent per year, payable Nu.
vember 18 te stock of record October 31.
Bank: Clearings
Hank rlsiirlnsa today compared with cor
responding day laat two yearal
11)21 lfi'jn mm
Phlla VI7 000.080 188,687,717 184.108,712
.10 0Ti 91i
. 20 27 20 i
, 81 78 80 .
.5 I'l 3
.170 178 170,, 1
. 10Vf 10S 19S I
: B,? 5?$ 61h f
, OS tl OS
. 82 32 82
. IS 1A IS
. 8i 3S 3S
. IS tS IS
. 134 134 IBS
. IS 1A IS ,
08 08 08 J
IS IS IS J
23S 234 28i ,
10 10 10
IS 1A IS "1
. US OS OS 1
,10ii 07 07
44 14 44 .J
12S 12', 12S jM
7s 7 7s wm
OS OS 8S T
72 7t 71
70 70 70
3 3 3
73 74 74
3 2S 2S
37 37 37
n e e
7 7 7
30 34 33
Irs 1 I
81 31 31
IS 1U 1
01 til tit
88 38 38
42 42 42
3d SCI 30
2S 2S 2S
13 18 13
13 13 18
03 08 03
30 30 30
7 7 7
r. r 5
t N 8
03 .03 .03
22 20 20
70 08 08
IS IS 1H '
101S 100S 100S
004 00S DOS'
Oil OhS 08S
08S BU4 DOS
102S 102 1024
100 HHi ion I i
102S 102S I02S I 1 I
08 U8S OhS I I
03 03 03 11
07S 97S 07S L
101s 101S 101s
102' 102S 102U
UBS 03S US' '
rees 100s loes ,
OSS OSS 03S I jl.
005 U0S tl0'
U8S US'i US'a I
ni di 61
084 084 1184
a4 004 00U
085 OSS 08S
10CIS 1004 1004
Ul'S 00 (je
1034 1034 1084
100 100 100
084 08S 084
1004 1004 1004
085 08S OSS
07S 07S 07S
1035 1D3S 103S
1014 1014 10H
80S 80S 80.
New ftMue
$376,000
Westmoreland County
Pennsylvania
SV2 Per Cent. State Aid and Highway Bends
Dated September 1', 1921 Interest March 1 and September 1
Coupon Bends $1,000 each Series of 1921
Principal and Interest Payable at the Office of the County
Treasurer, Greensburjr, Pennsylvania
Free of Pennsylvania State Tax
Free of All Income Taxes
Ne Certificate of Ownership in Collecting; Interest Required
Legal Investment for Trust Funds in Pennsylvania
FINANCIAL STATEMENT
(as officially furnished)
Total Assessed Valuation (1921) $164,211,380.00
Actual Value, (estimated) 400,000,000.00
Net Debt (including this issue) 2,014,650.68
Ratie of Net Debt te Assessed Valuation. ... 1.31 Per Cent
.Population (Census of 1910) ... .231,304
Population (Census of 1920) ... .272,000
We offer this issue if. when and as issued, and sub
ject te approval of legality by Jehn Hampton Barnes, j
Esq., arid Francis B. Biddlc, Esq., of Philadelphia.
MATURITIES
$37,000 due September 1, 1932
37,000 due September 1, 1933
37,000 due September 1, 1934
37,000 due September 1, 193S
37,000 due September 1, 1936
37,000 due September 1, 1937
37,000 due September 1, 1938
37,000 due September 1, 1039
37,000 due September 1, 1940
42,000 due September 1, 1941
104.14
104.42
104.70
104.95
105.19
105.42
105.64
105.86
106.06
106.25
and interest
and interest
and interest
and interett
and interest
and interest
and interest
and interest
and interett
and interest
Prices: Te Net 5.00 Per Cent
Biddle & Henry
104 SOUTH FIFTH ST.
Harrison. Smith & Ce.
121 SOUTH FIFTH T.
The Information and statistic contained herein have been
obtained from sources which we bell. te te be reliable.
A BANK that offers construct
ive banking service based
upon its own experience and
that of its customers in various
lines of industry and trade.
Cktntral National Bank
of Philadelphia
Chestnut Street at Fifth
Capital $1,000,000 Surplw and Undivided Profits Earned $4,400,000
I
iw ft
034
HOC
113 li
LOCAL MINING STOCKS
TONOl'AII STOCKS
Cash Hey
Jim Dutli-r
MacNamum
Creseent
Midway
Mlzpah Ext .
Mentana
North Star .
Rescue Kula .
Tonopah Kxt
West Knd . .
West Torepah
Allied Divide ..
Alte Ulvlde
Hatcher
llelcher lixt
Hen Hur
HreuKh Divide ....
Divide Kxt
D'vlde Cen
Dividend
Kast Divide
IUrmlll
Ilasbreuck Divide . .
High Divide (..
Knox
Hevert Divide .
Iteseta
Silver King
Sutherland
Tonopah Dlvlde
Tonopah Ilasbreuck
Victory Dlv'de . . .
Verde Divide
Zene
Hid
03
C17
13
Oil
It
Wl
03
03
18
.... IS
SO
.00
DIVIDi; STOCKS
.01
.01
02
.01
.eti
2.1
Oil
02
01
.14
.02
OS
02
01
III
c'-
n
12
01
01
11
OOI.DKIKI.D RTOc-Ks
Heeth . 02
Comb Fraction m
Crackerjack v
Dlamendneld Ulue Hull ...
Florence 43
Oeldnelcl Cen
deldneld Dev 01
(Jeldnelil Deep
Great nend 01
Jumbo Hxt cm
Kewanaa 01
I.nne Star 02
Ore
Ited Illlls 02
Silver rick nn
Hpearhuail 02
MISCELLANEOUS
Amparo
Arltnna Urrited .
Caledonia
Kden
Kmma HlUer . . .
Kureka Crneius ,
Kureka Helly . . .
Ilncla
Mether I.eile . . .
vvu1,i Hill
Suvadci Wonder
Success
Tecopa Mlnlnir
White Caps
Wllburt
S.I
.01
.en
.10
.01
3(1
4.011
.OH
01
10
02
0.1
.0.1
01
Ask
.05
.en
.18
.08
13
.OS
.03
05
.21
l
.03
.02
.02
03
03
01
.08
20
03
04
.02
.111
03
01
10
03
02
02
.03
.70
04
.02
03
1.1
03
02
e-i
.01
.41
00
.02
.01
.02
0.1
02
03
01
.03
en
03
n.i
.10
07
is
.02
.in
.Oil'.
4.:
HI
02
20
O'l
in
04
02
BAR SILVER
Demestic bar silver was unchani.-..,! 1,,
w.. TV tniCiv at Un nor fl i! . .!!.. " " . "I
t'.ii' ir--..5;h.iTrt. fja-L'-.'L' '?r
flM, ,......-.. V-f. -- ,",,
waa unaiterea ai tu;a.
den the price
A First Mortgage
Power Bend
Yielding 7.20
Appalachian Power Ge. 5 Geld
Bends, due 1941, are secured by first
mortgage en its entire property, in
cluding hydro electric and steam
plants with an installed capacity of
63,000 h. p.
Write for circular,
Bonbright & Company
437 Chestnut Street, Philadelphia
New Yerk
Bosten
Chicago
Detroit;
Circular
PL U2
'ICONOCLASM,
as much as need be, regarding
The German Mark
may serve te clear up the
situation responsible for its
continued fall. We discuss
the intricate and debat
able problem frankly. .
Walter j. Schmidt c& Ce.
Mtmbtn ContelUalcJ Stock Exchange of Nev Ye t
PHILADELPHIA. IJU WALNUT STREET
NEW YOHKiSO DROAD STREE319 FIFTH AVENU",
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