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MOVEMENT
MORE IRREGULAR
M
W.
:&
Eftf
'W'SAJ-
jsliv -. ....
..?rr'wnaD Menev Sudd lied the Cen
m ':"
'&..- structive Party With a
fa'?
.c.r s
Powerful Lever
ti.
LW
MY
ST.
n?
A V.. Wl VaI Ma.t 1 Wh 0 UFlCP
asa-2.v' " " v: :::.-..' .......
rvwjHVieineni wis miTrc irn-auini iimnj s
tvWlnr stock market maintain! n
a(raff undertone. The bulk of the trans-
Uf'aetlnna pitnrncnnlixl 1in fAinlllnr week
tysiiaA Kvenlnr mi nnerntlen nf (he pre
Kjtwlenal cenMltutlns; nlient an mnal
i$rdtyUlen of preltt -taking and short eev j
eruif. 'me main body heck r-eiiiiinicii
i feed demand en slight collections
indicating a considerable volume of tin-;
lerlvlnr liuvliiir nn1ir. An u rPMllt ml-
llCa quickly followed nil decline- allowing
th line of leant resistance was itlll en-1
countered en the ndvanelng Hide of the
market. The further rfhetind In foreign
exchange was a wippertlnp: Influence.
with sterling advancing ever 2 cent
nbeve yesterday' final quotation, which
brought the rate up te mere than 13
CMU above the low price recorded
...earlier In the week. Similar rallies from
the week's low were made In French
and' Italian exchange. The Independent
uttll shares nnd the coppers were among
the mere prominent features but the
rails again showed neglect.
Liberty Issues were active and at best
prices of the week In the bend market.
.Most ether domestic bends and the pop
ular foreign Issues held or extended re
tent gains. Trench 71!!s and 8s were
at new high records for the current
movement and Argentine .Y also
strengthened. New Yerk Central De
benture fa. Chicago and Eastern Illi
nois os. Clioiincnke and Ohie Conver
tible 4Vbs nnd American Smelting 5s
made fractional advnnces. Moderate
concession were registered by Rending
4a and American Telephone Os, and
local tractions were Irregular.
In looking for a motive for the re
markable progress of the constructive
movement in the security markets there
la no need te seek further than money
conditions. With an abundant supply
of call money in the se-called official
market at ,1 per cent, and with offer
ings In the outside market at UV3 per
-cent there U little possibility of reac
tionary party Interfering te any great
eitent with the plans of theve pledged te
the forward swing. The comfortable
money market conditions, however, are
net alone confined te America, neither
is the steady climbing barometer In
security values. Te tlie contrary re-
.fnt advices ,from both Londen and
Paris would indicate similar rapid '
progress was being made in the read-
juntincnt, as accomplished en tliW side
of the water. As the turning of the
eerner was first retlected here in the
bend market, similar sign symptoms
are new quite apparent in foreign In
vestments. The relaxation of money is, of course,
a decidedly useful ugent for the opera
tions of the peels and ether speculative
omblnntlens that have been largely re re
spensible for the recent uplifting of
market value. On the ether hand,
when the dally transactions en the stock
exchange crceii ui nbeve the million-
-share mark it Is almost certain the .
Vpeculative fever is extending beyond
the circumscribed rank of the pro pre pro
fraalenul trader. There may net be, ,
hs yet, the wild speculative enthusiasm .
of the public such as mark the orgy j
of the war period, but there is unques
tionably a pronounced widening of the '
outside interest, and which according ,
te precedent and the annuls of Wall
Htreet Is mere likely te e-tpand thun
decrease under the stimulus of a ,
UglreuH rising market.
Ne greuterproef of the stability of
" the major movement new in progress I
could be given than In the rcinnrkuble
indifference with which a core ami mere '
of disturbing events and elements have
been received within the last fortnight.
Any, or all, of these unsettling de
velopments if the market was net in
perfect 'tontrel of the bullish interests
would surely have been an occasion, or
at least an excuse, for a material buck
set and possibly the upi-ctting of th" '
entire bull program. A year age tecu- ,
rlty values kept persistently shrinking ,
despite encouraging events and pros- i
pectB of better things nnd conditions
'ahead. The market today with the
i-ame stubborn persistence is steadilj '
climbing almost each succeeding tlj
Inte new high ground in face of the most
dismal exhibition of earnings, reduction
or passing of dividend anil ether mat
ters net likely te be conduct " te bullish
tfltimcnt.
It, however, siii.plj exemplifies the
old-established tradition ei' the market
never looking buck, but ulwuy.i ahead.
That is te say, the seeming parndexical
movement has no connection with any- i
thing tli at happened today, last month '
or. last year, but is foreshudewing con-
ditlens which will prevail six month:; ,
and may be a year ahead. It means
America has come back nnd general
prosperity which a year age seemed te
be lest forever, is muklng rapid progress i
en the path of reality. '
NEW YORFBANK STATEMENT
Tex Payments Figured Prominently
In Week's Financial Operations
. The week's heavy financial operations
Incidental te the tax payments figured
conspicuously In today's New Yerk
bank statement. I'eiuutul deposits
showed an increase of $74,l'J.'l,oeo.
Leans nnd discounts showed expansion
of ,,02,841,000, which was also partly
due te the marked expansion of deal
ings en the stock exchange. The In
creased liabilities, however, were offset
by the increase of S'ju.tsiu.oeo in re
serve credit at the Tederul Uewrve
Dunk, resulting In an Increuse in ex
(ce8 rewru; of JS1S,75S,U70, bringing
the surplus above legul requirements up
ta .$ t'.Lnw.r.'jn.
Details fellow :
Al'Tl'AI.
Thin w-k
etna rri- . tiie.a.'u
-reai ret. iiOS.7.i;.oe)
I-ean. etc. .
Ch In vaults
and iii'm. dks
1 t we. a I
Sg In ii.lu
40 1U3 Ui
lUservn In mem
ber liaMlii and
VMrv bank!
Krv In Hints
banki ami trum
oempaiilo
neaerva In 'tM
butikx mill mm
oempaii)' Ui r"l-
wn
yt
i, 400,613 00) 4, 348,7011, euO
(J0.5i) Owl O.I.IflS.OOi)
;ei sis oeo
4 TO OO'i
43O,M0i
ins.
33,
.1.1. Wi"l
M,00
ilrinaii'J ite-
ixin (
'rim (Ifiiienlts
Clrculatl'in . .
4ducU'l (i3.itu.0CI0
avkraui:
Tli' Vk
8'.',SI1.730
47 02. U01
4.U7S
3 S4 1)00
e ji;.",.oeo
a.oii.a.iJi.fleo s s4r.,taa,oiie
L'flS 3US.IIIDI
3.1.SO0.OUU
3.1 J43 OOO ,
NEW YORK STOCK EXCHANGE TRANSACTIONS
niv.
in
OalMi
G'JO
tee
2430
6roe
533
P.CI0
900
88?0
tOTO
tee
200
200
2400
300
' 200
600
tee
soe
100
POO
530
1303
930
SOO
600
330
300
700
1700
1903
1900
200
300
730
200
800
2403
tee
700
1077
1200
200
100
300
300
100
5830
800
300
1600
301
2300
203
400
700
8C0
300
1000
tee
tee
100
3403
900
936
100
1100
300
100
17330
15100
1100
103
1100
1700
100
300
400
700
3300
700
700
100
4033
400
100
400
1330
600
7700
530
900
100
2400
630
500
1203
200
100
740
C94
2303
100
100
2530
610
200
300
2300
600
100
2730
3500 . .
30O ..
200 4
730 ..
11 CO 7
saoe . .
53d . .
1000 4
1000 2H
20 JO
.00 7
2600 . .
2333 . .
030 ..
1900 ..
100 C
bee :
3Jd 8
tlOJ 1
100
6100 j
3J0 ..
i00 .,
500 ..
20 1(
190
2100
100
203
233
7500
1230
1500
500
2530
100
500
28 JO
200
200
100
20U
100
400
1300
4J0
1300
1403
80')
130
S.iO
100
400
400
500
630
GOO
UIJO
200
High
. 6614
. 16tt
,. 55 U
17 i
1
47 V4
64
40 K
67
43 H
4614
STOCK
. .dnn Exeregs . .
.. Advance rtumelv..
4 Air Heductlen
AJax Rubber
. . Alaska Oeld Mines. .
.. Alaska Juneau O M
4 Allls-Cnalmera .
Allied Chcm A Dye.
. Am Airrlc Cr.em. . . .
Am Aurle Chem pf.
Am Beet Suiar.. ..
Am llnftrh Mntmate.
Am Can 47 J4
13 Am Cor A Fdy.... 134
.. Am Chlele 1014
.. Am Cotten Oil 26H
. . Art Cotten Oil pf . . . B6
. Am Drus; Syn 5I
8 Am Kxpreas 135
.. Am Itide A Leather 15J4
.. Am Hide & Leath pf 71 H
7 Am Ice 109U
. . Am Internet Cerp... 43Ji
1 Am-La Frenc Enr. 10'i
Am Linseed
Am locemotlve. ..
Am Mall A Grata.,
4 Am rtadlater
Am Safety Razor.
. Am Ship ft Cem...,
Am Smelt. ........
" Am Smelt pf
" Am Steel Feundrle
.. Am 8uar Ref
Am Susmr Ref pf. .
.. Am Sumatra ....
i Am Tl A Tel....
H Am Tobacco B..
is Am Tobacco.. ,
33 ft
, 108s
, 12W
90'4
. 7V
, 1414
, 34W
96li
33 fa
73Vi
98 V4
34ti
.122H
,134U
, 13B
Am Tobacco nf nswIOl
7 Am Woolen PflVa
. . Am Waterwerka... H?i
.. AmTVatrwks 6 pf 30
. . Am Writ Paper pf . . 28
.. Am Ztne IA ft Smlt IGli
. . Am Zlne Ld A S pf 3914
t. Anaconda Copper.. 52Ti
4 Asse Dry Goods.... SG'fe
. . Atests Realization. . 2H
6 Atch Tep & San Fe 97 h
C Atch Tep A 8 P Df 86 H
.. Atlan Ulr A Atlantle IVt
7 Atlantic Coast Line 90 ft
.. Atlantic Fruit Yt
.. Atlaa Tack Cerp... 20 Ji
.. Atl Oulf A W I S S 30
. . At O A W I S S pf 22
.. Austin N'lchelae.... 27
6 Austin Nlch Ine pf 85
. . Aute Sales Cerp... 6
. . Aute Sales Cerp pf 14ft
V Baldwin Locomotive 100
E Beth Steel B 65!a
. . Baltimore A Ohie.. 38 V
4 Baltimore A Ohie pf 55 4
. . RateplUs Mlnlnsr. . . i
. . Barnsdale Clait A. 28 '4
7 nrlt 12m Steel 1st pf 61
. . Bklyn Rapid Transit 18! 4
.. Bkln R T ctfn of dep 16H
.. Brown Shee 45'.i
.. Brklre Union Gaa.. 66
t Burna Brea A 127H
2 Burna Brea B 40ft
7 Burns Bres pf 98ft
7 Bush Term Bid pf . 91 !
. . Butte Copper A Zinc 0'j
. . Butte A Sup Cep. . . 26 S
.. Cadde Cen OAR. 13!i
6 California FaclMnK. 76ft
.. California I'ereleum 52
7 California Petrel pf 9114
. . Callahan Zinc & Ld 7
10 Canadian Pacific. .. 136 H
.. Case (J I) Plew... 5
.. Careen Hill Mlntne. 15
.. Central Leather ... S8i
.. Cerre-de-Pasco .... 36U
6 Chandler Metcra ... 75
4 Chesapeake A Ohie 61 ft
. . Chicago A Alten... 5
.. Chicago A Alten pi 9!4
.. Chi A K 111 (new).. 234
.. Cht A 13 111 (new) pf 44
. . Chicago & Gr West 8ft
. . Chi A Gr West pf . . 19ft
t Chi & Northwestern C9i
7 Chi A Northwest pf 1 1 1
.. CM Mil A St P.... 23H.
.. Chi Mil A St P pf.. 37 si
.. Chi III A Tac 407i
6 Chi RI A Pac 6 pt 79T4
7 Chi P. I A P 7 Hf 92
.. Chile Copper 1 85
. . Chlne Cepper 29
. . Clev Cln Chi A S L 63
Clcv Cln C A S L pf 8a
Coca-Cela 45 ft
Cole Kuel A Iren.. 30 'i
Colerado A Southern 47 ft
Celum Gaa A Else. . 85ft
Celum Graphopheno 3
Cel Graphophene pf 16 W
Cemput Tub Rec. . 70 Ji
Consel Dla Ins 1ft
Consolidated Gas..1107i
Consel Textiles.... 13H
Continental Can.... 63ft
Cern Preducta Ref. 105ft
Cosden A Ce 3CH
Crucible Steel E5H
Crucible Steel pf... 65
Cuban Am Sugar. . . 25T
Cuban Cane Sugar. 1 7 Ji
Cuban Cane Sug pf 39 H
Davisen Chemical.. 60 '4
Uel Lack A Western 1 1 4 1
Delaware St Hudsen 118
200 2ft
900 2
1C0 5
200 T
710 ..
1203 C
500 ,.
9)0 7
30J
39J0 . .
200
530 ..
03 t
4433 .,
203C0 . ,
300 , ,
2000 . ,
Tut 1 1
Detroit 12dl!-en .... 107ft
1 Pome Mines 267i
. i:n. Hern Ceal . 16'
j liidicott-Jehnson -39i
.. Krte 107.
.. ICrle 1st pf 17
. . Krle :M pf lift
10 Kastman Kodak ..700
Ji K'lec Storage Bat.. 149
8 Famous Players L.. 81
4 Fed Mln A Smlt pf 40
iu Fisher Bedy 105ft
8 Fisher Bedy of O pf 95
.. Flak Rubber 174
.. Freeport Tezea.... 18ft
. . Gasten Wms A Wig J,
7 General Cigar deb pf 100ft
.. General Asphalt... 60 JJ
6 General Cigar 70
g Uensral Electric... 156 '
,. General Metera.... 10'
5 Gen Meters pf 74 ft
t; Gen Meters clcb 6 74 ft
7 Gn Metera deb 7 85 Ji
.. Goedrich B V 40ft
; Goedrich B V pf... 86
. . Granby Cen M & M. 29 3,
7 Great Northern pr. 75 '
4 Great North Ore ctfs 33?i
.. Guantanamo Sugar. 13
.. Gulf Stale Steel.... 74ft
.. Habirshaw HI cable 3i
. Jlendee Mfc Ce 19ft
.. Housten Oil 76 j
.. Hupp Motorcar.... 1'jft
Hydraulic Steel. .. 8ft
T Illinois Central.... 1C1
Iniltahetr.a Jv:f. .. J ft
Inspiration Cen Cep 42 5
Interb con Cerp. ... 3
lnterb Cen Cerp pf 01
lnt AKricul Cerp pf. 41 ft
Int Cement 33 hi
Inter Combustion.. 17ft
lnt Harvester new., 94V,
Hit Harv new pt. . . . 1 '0
Int Mer Marine.... 16
lnt Mer Marine pf . . 7H
Intemut Motertruck 32 ft
Jnt Mote trclt 1st pf 76 j
Int Motertrck 2d pf 64 ft
Jntfrnatlenal Nickel 154
Internal Nickel pf. 71
International Paper 44 1
Inter Paper pf stprt 62
Invincible OH Cerp 19
Island Oil n.
Kan City Southern. I5S
Kuntua A Gulf 5 3
be
Lew
63 Vt
1GU
62
17
H
'GH
63 H
40
67 U
43 Ht.
46
46H
153K
10ft
26 ft
5fl '
133
1S
70J4
108H
43
10K
33 ft
10BH
12ft
89
7
13
B3!i
9Gft
33 U
72H
98
33S
121T4
134 ft
137
101
80ft
11
27 ft
16ft
30 ft
52 ft
5Gft
2
S7U
eon
2 '4
90 H
4
20 ft
29 ?;
21
2C
65
6
14ft
107ft
14H
37
55
I
28
61
13
12ft
44
OC
1?6ft
40
8ft
91
64
26 ft
12
7C
51 T.
91ft
6H
136ft
5
14ft
:bs
36
' 74
CI ft
5
9ft
23ft
44
8ft
ICft
69 ft
111
73
37 ft
40 H
79 ft
92
18
28
63
85
if.
30
47 ft
84 ft
3ft
15
70
"i
110
13
621.
K4ft
36
E4!j
5
5ft
17 ft
39 ft
59! ft
114
117
ICVft
20 ft
16ft
10
10
17
lift
690
149
80S
40
103
94
17
17
100
60'
70
ICC
10ft
74
74 t
85
40
06
29
74H
35 ft
12ft
73!,
.1
19ft
7s;i
15ft
u
KOft
3ft
41ft
2!i
U
41
331
:6S
94 ft
110
15ft
71'4
32 ft
74
CJ
IB'a
70
44ft
CI
I0h
Hi
25ft
Te.lav's Nft
riots una.
ft
3H
- ft
ft
"ft
ft
'
ft
ft
'
H
lft
ft
66
16ft
54ft 17 ft -V
H
1
46
64
40K4
67 -f
43 ft
46 ft -46
ft-
154
10ft-
26 ft-
56
BW ,
135
15i
7114-
109 -
43 ,
10 4
33 ft '?
1C8H- '
12ft
89
71;
I4ft
53V4-
96 ft -i
ft
98 ft .
34 -
122W
134ft
137 -
101 i-
B8Vi-
114-
- 30 -t-
28
16ft
3914-
52 -:-
56 ft 4-2H-S-
97 ft
86 2ft
90ft-r
454
Ti V
26 ft-
85
6
14J4 1
107 ft-64-37
J4
55 4-
1
28 ft
61 -18ft4-164-45
-96
127ft
ft r
91 -
6ft-26ft-12
76ft 4
52 91 ft 4-
6Ji
136ft 1-
. i
ft1
1
ft
ft
III
ft i
V4
114
ft
ft
1ft
1
'
ft
ft
ft
ft
"ft
1ft
ft
ft
ft
it
Sites
200
900
200
100
4200
9400
200
800 ..
200 ,.
100 ..
900 ..
2200 2
1100 SH
iuu
500
tee
2503
4500
5700
1000
300
2300
200
200
400
200
500
000
3700
700
2900
- 1
ft
5ft
5H
r;
ft
ft
ft
ft
74
ft
'.ft
14ft
38 ft-
36 ft
74 ft
61 ft -!
5
9ft
23 r
44 -
8ft ,
1954 4
69 111
23
37 ft -40
ft -
79 ft '
92 -18
28 -C3
85 4-45ft-30
-47
ft
85 -3ft-15
-'Oft
-i-
110
U'4 I"
63ft
104ft
26 ft
55 4-
85
25 -r
17ft
39 ft -
59ft-
114 4-
118 f
107 ft -i
26 ?i
16ft
b3 T
10'4 -r
17
llli -
ft '
"Hi
1
ft
',4
ft
ft
1ft
-
;- ft
ft
ft
ift
1
n.ej, ''ILTOO hare teti.imrnl nltl.
700 J-16
149
80 Ji 4
40 -
105ft
95 -
1714
18 -
H-
100ft
6er-
70
156
10 ft
74ft
40 -86
n
29 -74-33
-13
-73'i-
3Ji
19'4 76 -l?ft
8ft
101 -
37i -
41ft -
3 r
8
4ift-;-
33 r
26 ft -94ft-110
16 -71ft
i2ft i
6ft 1
e4ft ?
15 -
71 .;
44ft -12
i
ieji
Da -
25ft-
3 -
I J01.IOO ,
1
ft
ft
I
ft I
H
ft
4
lft
214
ft
ft
ft
1ft
ii
niv.
ln STOCK Hlih
8 Uayser A Ce 97
.. Kelly.Spr Tire 46 ft
7 Kelsey Wheel pf. . . 100
lSrel!!t8S '3814
. Laclede Gns of St L 63
W Erie A Wen. .17
. . Laka TTrta A. nf i .Z
J-e-JRubber Tlref i 34
Iehfa-h VH. SS??
"?
5 ffi1, Myeri...l63J4
7 r ",Locen'Otlve.. 102ft
Lima Locomotive pf 106
Leewe Ce tRii
1 Left candy::::::;: &
" M.nityr" Pope Ml" '9,
'4 JfJ" Suw se
2 ""hat Shirt 35 ft
.. Market st Rwy... 9ft
Marland Oil 7. 27
Martin Rockwell ... 16
400 r,??'?nJpe"um.122
??oei.io m ss: eS.???rA---- ?
tiii . 'ves v-erp. 14V4
" vi""i? S,,, 32
"d "," St Leula... 9
Vr" P S S M.. C1H
" Kansa Texae 5ft
Mp Kan A Tex (wl) 12T4
.. Mlaseurl Paclfle.... 22ft
Me Paclfle pf 54,4
.Montgomery Ward 17
' i lat'enl Aeme 12ft
"-nenai Blacult. . . 1 37
'at cloak A Suit.. 42
16300
300
tee
400
700
1400
900
120O
500
200
100
400
100
400
200
200
803
400
13700
' -Nash. Chat A St L... 84 ft
-Nat us, stamp.. 36ft
- R of Mex 1 pf 7ft
303 J 14
2000 .
100 e
200 "
500 h
100 3
2000 7
2100 7
400
500
1300
100
100
300
603
1400
700
5200
1100
1100
600
1400
8300
700
500
4800
1700
100
300
2500
200
1600
100
100
100
1200
700
500
6330
700 ..
7100 4
1830 ..
100 J
100 ,.
830 ..
3100 ..
1800 .
100 7
1200 i,
200 ..
500 ..
200 ..
800 1
3G00 ..
600 . .
700 ..
400 ..
300 ..
1 300
1200 ..
100 .
3230 . .
2103 ..
3800 6
100 ..
2800 . ,
100 ..
300 i
100 I
500 ;
100 ;
1130 ..
1 4403 ;
400 ..
K'O ..
100
6 J3 .
2400 .
3300
600
900
900
10
340O
300
100
400
3100
600
190O
2300
100
200
1900
100
8 50
500
1700
300
3100 ..
200 5
400 ..
1400 ..
1400 ..
600 ..
200 3ft
nn.Y)-.. m a.
;.. n n or m na pr ,
ev con Copper... 15ft
O Tex A Mex... 63ft
ew Tork Central. 86
iNT Yerk Deck.... 30ft
" ;w ynrk Deck pt 54
; New Tork N H A H 17J4
- cw Tork Ont A W 22 ft
Norfolk A Southern 15
North Amer ctfs... 56
; N American pf ctfa 42
Norfolk A Western 101 Ji
7 Northern Paxltlc... 77ft
2 Nunally Ce 10
. Ohie Bedy A Blewer 14
. Okla Pred & Ref... 2
Ont silver Mining. 6ft
. Orpheum Circuit... 14
Otla Steel 12ft
- Owens Bett Mach. 32ft
. Pacific Devel Cerp.. 10T4
0 Pacific Gas AElec.. 67
3 Pacific Oil SO
8 Pan-Amer Petrel... 56ft
6 Pan-Amer B 50ft
. Parish A Bingham. . 16
2 Pennsylvania R R. 37
Penn Senbeard Steel 8
B Peeples Gas Chicago 83 ft
. Pere Marquette.... 28
.". Phlhdclphla Ce 39
2 Phillips Pet 26 ft
. Plerce-Arrew Moter 17
. Plerce-Arrew Met pt 36 ft
. Pierce Oil 9ft
8 Plerce Oil pf 57
. Pitts A West Va.... 28
. Pressed Steel Car.. 71
7 Pressed Steel Car pf 92
. Producers Refiners. 28ft
4 Pub Service of N J 87 ft
8 Pullman 118ft
. Punta Alegre Sugar 43 ft
2 Pure Oil 33ft
. Ray Cen copper. .. . 15ft
4 Readlng 74
.. Repub Iren A Steel 52
C Rtp Iren A Steel p 78
. Republic Meters.... 5
rteploa-le Steel .... 32ft
. Remington Typewrit 37
11 .1 Rynlds T G B.. 44ft
Jt J HyildaT C pf. .113ft
U0y.1l Dutch NY.. 53
St Leuis San Fran 28ft
Ht L 8 W It II.... 29
St L Southwest pf . . ' 43
St Jeseph Lead.... 13ft
Santa Cecelia tfugar 4ft
Savage Arms 1 0 ft
Saxen Moter 3ft
Seaboard Air Line. 4
Seab Air Line pf. . . 8ft
Sears-Roebuck .... 72
Seneca Cep Cern... 14
Shattucl: Arls Cerp 9
Sinclair Cnn Oil 24
Sless-Sheflleld 41ft
Southern Paclfle.... 86ft
Se Perte Rice Sugar 52 ft
Southern Rati 21 ft
Southern Rail pf.. 5''. ft
Standard Oil of Cat 96 ft
Standard Oil of K J175
Stand Oil of N J pf 115
Steel Tube pf 74
Stromberg Carta. ... 48
Studebaker iu.n
6
ft
harfu
4330
200
1100
200
5303
103
100
400
600
800
100
400
400
20O
600
530
300
1100
20J
330
135:0
1400
300
200
taw
300
230 ,
yrrtiril)'.
Sub Beat Cerp C
Superior Oil Cerp.. 6'
. Superior Steel 27 " 4
. . Sweets Ce of Anier 4 1 '2
. Tenn Cep A Chem.. 11
:i Texas Ce 44ft
ft Tex Gulf Sulphur... 44
.. Texas A Pacific... 33ft
1 TrjLUj) A Pac C A O 27 ft
. . Tex Pac Land Trust 420
.. Third Ave 21ft
Tidewater Oil 120
.. T St L A W ctfsB.. 25
6 Tobacco Products.. 63
.. Tronacen OU 10ft
4 Transue Wm Steel 37
.. Union Oil 19
10 Union Pacific 134
4 Union Pacific pf . . . . 73 ft
7 Union Tank Car.... 98
.. United Alley Steel.. 30
7 Unit Cigar Stores pi 109
3 United Trutt 140
.. United Uwy Invest. 12
.. Unit Rwy Invest pf 32ft
United Retail Stores 47
U S C I P A Fdy. . 37
U S C I P A Fdy pf 67
U S Feed Preducta. 5
U S Ind Alcohol... 47
U S Rubber 64 ft
U S Smelt A Ref.. 38
U S Smelt A Ref pf 44 ft
U S Steel 95ft
BS Steel pf 117ft
U Utah Copper 65
, . Utah See 15ft
. . Vanadium Cerp.... 39ft
, Va-Car Chemical.. . 35
7 Van Uaalte lat pf. 92
. . Vlvadeu Inc 9ft
, . Wabash 8ft
. . Wubash pf A 26
, . Wabash pf B 16
. . W Maryland 2d pf. 17
7 Western Union Tel 97
4 Westlnghouse Air.. 81
i Wcstingh U A M.. 57
. . Wheeling A LE.... 9
4 White Moter 41
.. Wlilte Oil Cerp.... 10ft
White OH rts ft
. . Wick Spene St Cerp 14 ft
. . Willys-Overland ... 7
,. Wlllys-Overlund pf 38
, . Wisconsin Central.. 30ft
x Wee worth ' w... ieu
WnrthlllKtOll J'UIUI). 53
; Werth Pump pf B.. 70ft
, Wright Aero 9
Thun ttr thla week. 11.041, 100,
Lew
95
45K
SS
100
30
ie
135
46 ft
62 ft
17
32
34ft
58
163ft
102
106
16J4
12ft
1BH
22
50
39 ft
35ft
9
61
19ft
26
15
17
112H
121H
28 ft
13J4
31 H
9
61ft
5
12
21
54
16
30
12H
137
40 ft
84 ft
36 ft
7ft
4ft
15ft
63 ft
64 ft
30 ft
54
17 ft
22 ft
15
56ft ,
42
100ft
77 ft
9
13
2ft
6V4
14
12
32
10
6714
49
56ft
50
16
37J4
8ft
B2ft
27 ft
37 ft
36
17
36
9
57
27 54
71
92
28 ft
E6
118
42
33
15
73 ft
51
78
0
32 ft
35 ft
43 ft
113ft
53
28 ft
28
43 ft
13ft
4
18
2ft
4 ft
8ft
71 ft
13ft
9
24 1 s
39
85
52 ft
21ft
52 ft
96
175
11474
74
47 ft
102ft
6ft
6ft
27 ft
4
lift
44ft
44ft
33 ft
27
420
20 ft
119
25
63J4
9Ji
36
18
133
73 ft
98
29 ft
109
13914
11
31
46
36ft
66
5
47
C3
37
44ft
95
117ft
64
15
39
35
92
9
8
25
16
16
97 ft
81
57
Oft
41
10
ft
14
6'i
25 ft
29 ft
150ft
51ft
70 ft
8 ft
Today's Vt
Clots Ctice.
97
ft
14
14
ft
ft
1ft
J4
4514 -98
-
100 -30H
18J4-
135 -49,
62 ft
17 334
34
58
163ft
102 -
106 4
16 13
18
!
40 -t-35ft
.
9ft
CI -19)4-27
4
16 1BH
113
122V4BW
154
1ft
ft
1
'ft
- ft
Si
U
1ft
14
1
1ft
28ft
1414
32 K
914
61ft-5-12ft
22 -54-16-30
-12ft-
137
40ft
8414-16
36ft
7J4 4
4ft
15ft ..
63ft
86 ft
30 ft ,
54 -17-
1 22ft
15 -56ft
42-
101
ft
1
ft
'ft
ft
H
ft
ft
1
ft
u
ft
ft
1ft
ft
'
-
- 1ft
77 -a
10
14J
2
6ft-14-12
32
10 -67
ft-49-56
ft
50 ft
16
37 ft-
6ft f
83 ft-27ft-39
I
36 17 -36
(
9ft
57
27 ft 5-71
92
ZHft-J-E6-118
42
33 4-15-74
ft
51 78 !
5 i-
32ft
36
44
113ft
53 -2814
13ft-
4ft
IB
3ft
4ft -!
8ft
72 -13ft-
9 -l
24 ft
40 'r
86 U
52ft
21ft
52 ft -t-96
-175
-114J4
74 -t-48
102
6ft-
6ft -'
27 ft !
4 4
lift
44 ft i
44
33 ft
27 420 4
21ft
119
25 -
63 ft
10 -36
18
134
73ft
98 -30ft
!
109 4-
139 -12
32 !
47 !
36-!
C7 1
-63
-37
-44(4
95
117 :
39ft !
35 -92
9
8 -
26 (
16
16
97 r
81
57 ft
9ft
41
10 ft
ft
14
7
28
30 ft (
I
70ft
9
1
i
ft
' ft
it.
ii
ft
1
14
CURB SPECIALTIES
GOOD REQUEST
Substantial Upturns In Spots
and Several New Highs for
Year Are Touched
New Yerk, Marclf 18. There was. h
broadening, tendency In tTanwictlens en
the curb today, en which ninny stocks
in that trading center made substantial
advances, several of them selling at new
high records. Pestum Cereal was
prominent nnd advanced te the new high
of 05, the preferred rose te 1CI V4
Hudsen nnd Manhattan was another
strong feature, being in brisk demand,
following the heavy trading In traction
stocks en the New Yerk Stock Ex
change. Goldwyn Pictures, after react
ing yesterday, wan again strong, entl
moved up te above 7.
Tobacco stocks were firmly Jicld, Rrlt
Ish -American Tobacco moving up te
14r,A, and Tobacco Products Experts sold
at (1. Philip Merris was steady at 10Mt.
Southern Ceal and Iren, in wmch there
has been accumulation by strong inter
ests for the last few days, made a fur
ther gain.
Moter stocks were irregular, Conti
nental Meters holding strong nnd ad
vancing from GVh tn 0 and Durant
Meters was in fair demand nt 29. Good
year Tire sold nt 11. Lincoln Meters
was quiet with sales nt 2 te 2.
Movements in petroleum stocks were
comparatively narrow. Cities Service
was the most active ef'thls group, rang
ing from 107 te 200. International Pe
troleum recoiled slightly. Klrby Petro
leum was lu renewed demand nnd rese
from 22 te 23$. Slmms Petroleum
and Kyan Oil both made fractional
guln.t.
IXDUBTRIAM
High
IOU Acme Ceal lft
SOMO Acnie 1'acUltn . . . BO
400 Amir Leather .... 12
Me llrlt-Amcr Teb res. 14ft
Sdrt llrlt-Amer Teb coup 14H
loe Carlisle Tire 2S
.tOCMIuleld Ce pt ..lOS't
4ne Clilcnire Nipple . . 2
loe Chicago Nlppl II.. Z4
lOti Cleean1 Aute ..82
(ISOO Centlannlsl Moter. 7
IUiiDpiiv & n urnnde 6
neunen & n a pf... fle
SOU Durant Met Ind.. 13
i.00 Durant Meters ... MO
4D0 Knatm.in Kedr.k . . 70ft
lien Mlee Sier llntlcry. ns
lOOOIeii Aliton Ceal.. 48ft
ZOOIIlette safety nnz.lSnta
SOD IJoeOyear Tire ... II
SHOO Oeldwyn Pictures.. 7V
juiMiruni Moter ,.
Itoeileydon Chem .
ir.ne Hudsen A Man
iiuu inter Jiuuber ...
Mm .Tullui Kayser ....
200 J Knyrcr rts . .
t!SUQI.Ibhy McNeill . ..
2e Lincoln Meters A..
"00 North Amur 1'uper
hu iiKKiyiMKiriy ,,
HOOJ'hlliu Merris ..
2800 I'estum Cereal .
f.00 Pestum Cereal pf
mm. fianie com
.100 Itadln Cem pf . . . ,
TV.ue Seuth 'eal 4. Iren,
40" Term Uwy
noeToli 1'riid I'.xp ....
143 Tedd Ship
.11100 l I, jt II
5"10 H s Hhlp Cerp . . .
200 Cn lref Hhar new,
2O0 Unit Profit Shar. . ,
seu Unit He! L'miii' . .
.1300 Wiyne Ceal ....
K.en tv.-st Knd Chem
li Wm DaMcs ....
OOil Vunrualt
n:
01.
eVi
2Y'
St
5w
or
. iei;
.103
. an
5s
. r.'.
.112
. 74
. 30
. r,s
Lew
itt
!12
H
00
00
iav
29
70
21M
484
18fl4
lO's
H
09
HI
nf
104
a',
:i
IN
r.'i
74
S .
04"
.11)
Ge
I.nst
45A
12
s
2S
104
2U
32
no
r.e
13U
29
70 W
3S ,
4114
1-.04
11
7
02
tir
24
I
ii'i4
.1.-4
lu.l
.14
3
:
14
54
1A
'ft
r,
112
74
.10
m
!s
H
1'i
'.'4
1
1',
10
s
US
u
hTANn.tltl) eir.s
'110 Ar.gle-Ain Oil .... 17?i 174 174
l'i Atlantic I.obei ... 10 JO 10
2'JS Iluckee 1 1. . . . . M D24 fl'.
H Impi-rlal un Can .101 101 Hi I
.10 Indiana P I. HM 101 1'nJ
1200 H Oil of Ind 8S4 SSU hs,l
20 Vacuum Oil 35s 357 1157
'j
wp
myjBS) , i
eui
lOMRi
4infu wv mil ii,,,.
seimi ii rt V v T. 109a.. in.1
1000 R O N T 7s 192S..10S4
1000 H ONTli ltUl.ilOX.,
C00OH O N Y OUs. ....10114
1000 mew War 8s 108 4
20OOKlft 7a I B25 1014
4000 Bwlft 7s 1031 1024
(1000 Texas Ce 7s 101.
limnTMnl rimmr. Tm till
nOOOTel Edisen 7S....1044 104.4
141100 vacuum Oil ,s..,. 10(1!. 10(174
10000 Warner Hug Ta ... 064 1104
2(1000 West Elee 7a ....lOOU 1004
.-. m im
ion.. iuii
10H4 105
IDS 10S.
100
103'
imi
1024
101.
1M1
BOOO Wlnehestsr ( .. Ill)
SOOOO Argontlne 7 ..... 084
2.1000 City Pt Al llr 8s.. 101
2000 Russian OUs lit
OOOenusslan BUa .... IH'i
88OO0 Swiss B4 1004 1004 100
1184
IIS 4
101
in
1S"1
10 i
10.14
1024
102 4
1014
101 ,
1044
inn4
084
1004
1184
084
101
i".
iWra.rnjKHh.iWWiwifBB.-1?. mnn i " ' x maramrr wxrt vxwammmnm.t mr-wim
BRawa'gvg
gssssSBSstMssssissssssWssssssss
NEW HIGH RECORD
FOR m SIDES
Position of the Utility Concerns
Throughout the Country
Greatly Improved
INDKPKNDKNT OIf .
lilOl Alliance 75 00
lm) Arliunsns .Nut Gait. 10 l
Aeuii Iluun oil . ... n 7
L'aJi," ''"'ten WjemlnK .. 77 7.1
210eCarll. Sn 4 34
loe Continental Pet ... 14 14
lsOOCuns Rnjaltles .. 14 Hi
105 Clllen Marv (old). 200 11)7
200 Clt Serv II ctfe.. 21 21
line Columbia ivt .... Ill li
500 Cuntlnelital ltef .. l, 3
lOOCeBden & Ce uf .. 4 44
200 Creele !-n . ....' 24 24
Wiiie KnglnrerN Petrul . 04 U.'l
210(1 J-'nleral Oil . , 1J.
fi'MMlllllland OU . . S4 S4
St'iie iilenriH'k e:l .. 1 1. ji!
30V OriiiimU 34 a4
74000 Hudsen OU .. . ' 4'i 4S
JIJOO Int Petrel liji, i,
a.l'n'Kliby Pet . 24 '
2IHKI I.lvlniilen OU . . . a,-. "?,
r..i(in i.ivlngsiun Pet . 14
3700 I.j en Pet .. ..1.100
lOO.Marland Mev i a,
U00 Maracallrt Oil .... 244
11(H) Merrltt Oil il
loon Merldan ivt 17
1(1800 M'Tlen Oil .. . Sr
lOOMrx Pan ; iL
"Mi'iMexlin Heahunrd . 304
2(10 Afiiuntaln Pruil . . 114
2MiO Mutual Oil 111,
i.Odi) Ne l' . . , an
Iienn Surthnest oil . ''5
4011U ithlii ItaiKer ..11
I52"'j emar oil 1 1;
1"0 I iiiek 011 ... . nij
J oeo itvl Uiuika ... ; ;,
SuO ltyan 'eni (.
1200 Salt frei-k Pred 1 1
SOO Sapulpa Kef :
4ii0O Hlmmi Pet .... . ht.
lflft l-kUy en .. .ft
20'i !-euth Pet & llnf .. 24
" S.Mitlmest Oil ... Ii
500 Hpenrvr Pet 1
.?Sii,nn,un " IT
CMllO Tenen 70
3700 Wilcox Oil I. 414
SUO Woedlurn v 75
8 ion V Oil ui
14
li.'
14
244
114
in
M
114
i.U
:i2 '
i'e
14
54
2.1
54
21;
T
111
M
14
70
19
10
IS
73
34
14
14
ins
21
14
34
14
24
bt
'
S4
14
34
4(1
104
21
25
14
05
14
244
114
ID
24
'4
304
114
"'"
31
The buoyancy of tlie American Stores
shares was the outstanding feature of
the brief session in tlie local mnrkct.
Beth tlie common and first preferred
made new IiIrIi record prices nt J00 nnd
332, respectively. The street was talk
ing much higher prices for both Issues,
but unve no fresh reason. The further
advance, however, disclosed a relative
ly scant floating supply nnd the urgent
character of the buying suggested be
lated covering of un overstayed short
Interest.
. Tim tone of the general list was
strong, but price changes were slight.
There was continued quiet accumulation
of P. It. T. around i!0. The V. O.'I.
issues remained firm nenr the best prlce:i
of the week. Pennsylvania was iu
moderate demand, holding steady lit
ai'J. American Ualhvnys crewed It.
but Ilrlll, en light offerings, dropped
2 points from previous sale. Yerk H.ill
?!?' .nf,cr t0UC'ili'B -0, reaetcd te
1D7i, later renching 20 again.
The local market community thN week
succeeded in getting several troublesome
matters off their chests in the clearing
up of the Philadelphia Ilapld Trnn-lt
controversy and the ratification by the
American Stores shareholders of the
conversion phin. Mr. Mitten hnd almost
a unanimous indersement of his policies
nnd new the local bonking nnd market
community Is patiently waiting for
him te carry them through. Frem his
remarks at the iinuunl meeting he seems
te hnvu lest nntfe of his confidence in
currying out hW end of the program.
There arc ninny reasons te believe, for
signs show it plainly, that the securi
ties of utility enterprises throughout the
country nre going te receive n much
better deal. As n mnttcr of fmt. there
hns been quite a marked improvement In
the tiosttlen of these concerns both from
a physical and financial standpoint.
Practically all of them nre beginning
te reap the benefits of lower operating
costs and better service rates allowed
in various properties by the State Pub
lic Service Commission. Most of these
enterprlM's Micceshfully weathered the
severe storms of the war period nnd
i-eonemlcs enforced during the strc.s4
times liuve net, apparently, been iu vain.
It put the management of many of
thee concerns en their mettle and
brought the best that was in them out,
which uniiuestletubly xill prove profit
able te both the bend holder and the
stockholder. They learned hew te de
things In the way they previously
thought could net lie done, nnd the 10
suit N the tnnjeilty of the utilities of
the country are being better managed,
better conducted nnd operated en a inure
economical basis, than ewr before In
tneir History.
Philadelphia Stocks
iiigii
Am Sirs.. 100
de 1st pf. l.'U
Ii;
'4 I
14
'A
1
T
1
'4
Hi
t).202 000 63,273,000
TJgCMxe rejerve
Aggregate reserve
Ixians, etc
Cash In vaults
and member
banks . . .
Ileaerv In mem
ber bank rim
reserve banks
lleaerve In state
, banks and trust
1 !Ml m 1 In llBlH
MR,Kni. and trust
TS j?-etflipngr uepesi-
i' teri" .
iVU il.minrf tie-
W'rlaM droesit. .. 2(15.778,000 2irt.l7n.oeo ffi?
f.?1 CtreuUtlen 38,70D.0flu 33,731,000 ' 'uly "
?:;! UnlledHtat-ade. I
tlU deducted 8s.3Tn.0rte 83,1ST,000 .ean
l.HSt WvrU '
115, IDS, 11,10
522. 1)0(1. 00(1 1
BT.Vbil 1.314 823,000 wheat
May . ,
July . .
I oil. -
May .
05 44C.OO0!Jui;itH
Mey
7 042 000 ,uJrk.
,M.y .
1 I.ard
.i8.oeo , S: ;
ItlUs
GRAIN MARKET
530 518.0HI)
407 U00
0. lltf.OUO
Ovn
I !.s4
1.204
2'v
ii:. 4
:;.)
H4
Um-h
1 Iin4
I 214
l.J 4
054
:i'4
I.OM
1 .17,.
I l4
1114
1144
llsli
44
i'u4e
1 3H4
1 21
2
n
384
iu4
20 00
DIVIDENDS DECLARED
I Hrpr .r,inufuetur.lrc i' 111p.u1. SI 23,
'r.i.vMl)le Airll 1. ta eii. K of I" "Pi M.ir,h 15
I l.uurentide P.mn ,Jlltan. 'iu .rtnrly 14
J rcr ei.l. pnable !"H 15 te U(,',i f
etd Mi.nh CI.
YeuiKvtuun Hh-et .it.d Tub.. ' nntMr.
Inuurlirlv 30i en iMinmen, 1,1 d 14 I"T cent
en yrferr-d, both paable Avrll 1 of ricerd
NEW YORK COFFEE MARKET
11 10
11 00
11 45
11.05
11.13
11 33
w
"Srl
11.15
11 a;
10 se
JO 30
Extended Me. & N. Ark, R.
"OT J,
cer-
f'm
M
lVitkhlnaten. lar, Ii is Te old lie re re
kinni'tlen n epcratl mi ttt tl.e MUmhiiI and
North iilcMiHati 1 1 .1 lemt, tlie inureiate
I'nnirnerrB (elnnilf ion save netlcu ledlix a
Qevernuient liv.n of ;1,M)0,OOD meuM be ex.-
. a.. ... ,a. 1,1 ija m . (.. liniltd. nreviuina1 tout tne owner and tlie
...UU...UUU ....i,,v..u a..,.u......u. 1 "'-- .-.--.... w . .-- . - .-.
AVii ilt nun 49 r.n an aa 01a Hi raaelver nf the Dreutrly' comply
. ... IS4U44 WHVI,U9 IU ll bW.4M.fWlv
141m.
, PW
BANK CLEARINGS
elearlnaa tediy reninared
ns day last two ema;
! 1U-I.
with
1020
..000 42.750,611
!:m . ::;
.,4.
'V'
with eer-
reeraaalia-
J March 20.
.Milam Power I'empaiiv, (tujrerly 1H
(per ient en pref-lred, payuble ,:jr, I te
stock of record March 31
' Central petroleum lernnanj, mlnnunl
I2.3U en uiiferred. pAyabie .vprii i of rec
a i e-d Much 24.
n" Un h Hakr Cenuunj. iiuditu : ',( per
mil mi preleried. pajaiiie Ajiri, I uj k 'nni
M.irrh 25. ... ...
Tim PhlladslrliU Cunpiin iuarierl5 73c
en cotntnen. puialile Apill 2D of record
April 1 mid semi-annual fl 3D en new pie-
ftrred. payuldn May i or receru April i
iM.rih
April
i Mm- .
i June
July
, Auic .
Hi pt .
OC
Ne
Dec . .
Hid.
Open
J Hell Lew
.MINING
1710 Alui Hr '-'elumliln. 2
OOO A A (' nf Se Afr. 234
100c Held or DlMdii . 2
Oni'10 Hljhr Extension . 7
1510 llltr I-edtre 2.'
15000 llehtmi 4 Memma 4i
21 OU llnetnn & Mell " lis :!,
7000 Cat 4. Jr m . . . 24
200y (-unnda Copper . . 2'i
oe(o t"mii"larlii Mln , , 2.)
100 Coeler canyon . iii
3100 Cnrtec Silver .. fi.1
1000 Crens.in Held , . 'ji',
3000 Kureku Cruemis , 2'1
H'10 (irltneM I'leiLnC" . 23
lOdO (Icld mm It
loeo JIi.nl Miell . . . 2e
100 HecU MIlllTlIt II
lfn Itelllncer iii.
HiQ Howe .Sound 3'
JO00 Ind I.'iud ..... 20
20O Jereiu. rue I")iv .1 4
20e I,a Itose Miilnir .. 55
11)00 Ixme Hlar 2
2'MID MeNainar.i ... I 12
4D0 Magma Ceppir . 24
lHOe Meiher l.ode C'H S4
2D0H National Tjii .... 15
1300 Nrvtida Old Ir . . . . 50
70IM) Neiada Sll Hern 5
300 Nlideelntr i!4
40e Hlher I-'e .... S
21)00 Hllver l'lck .... H
200 Hlmen HI 50
lhOOO Hteward Mln .. a
2100 Tonep.ih Jilvlde . Ul
1400 TnneiMh i;xtetislen 1 ,V,
2700 TiieIuiiii,.. C"
250e t'nli-d i:HHtrn .. -
200 t'nlted Vc.-ili . . 4S
20O Went Hnd Cull . . 10,
2000 Willi. Cps Ot Ilea. I
HON US
10(11)0 Allied P.i'k Us ( If Id
JOoeAlilid J'.ii-ker a , e'iJ4
lDime Aluminum 7j. '23.1n.4
H-1.0 Aluminum 7s, '33.1024
liDOO Amer Mulil 04 .. . ler.
SeOeOAiurr Tti i.. '21..I01
5UDI) All.er Teb 7 J, '22 .J"0
.'vjeu Anaeni'lu uj
500U AninendJ Is, '2D
IMieii Armour 7
30OO llarnndall ta .
10U0 llealer llenrd 8h
IU(jI) lleth Hlecl 7s, '23.
S 'jil 11.00 H.'JO
S. IU) 'flli 03 11.03 t'l.'e'.'i
;i 00 i)!e3 liliie
..e5
tNemlnal,
11,00 0.05
Vest
Cleso ( lese
ts,ii2 dim
IN Oil 8.1)3
u.oeyoa t
tli.Ol OD i
11.021113 11 III
tli 02 i uj
II 021) UJ i nj
tli ui tint
tl, 'Hi l Oil
ii.08 'j 10 U.US
Price Heavy en Parla Bourse
Purls. March 18 Price were heay en
the lleiirse today Three per rent rentes, r,s
franrs 43 centimes! urchanae en Londen, 4i
francs 55 centimes, ft per eint lean, 78 frjnis
D'i rentlinef. The dollar win iiueted at 1 1
francs Vj cetlinse,
tier
nrf) .April It
Demestic
1 'Mew fork
iiun.Mn I.laht Company, auartcrlv
. .. m.imrA n.u.hl. Ua .. t n .uj 4 , A A fi
tr ceni e 44es4tw. '' iwy- 'iurviei. n se. m-..v
v win iw tjivm we i"vh'
BAR SILVER
bar ullver. waa
today at en we
e. an aavance
unclianeed In
er nne ounce!
Ue. In Tin.
t ant.
IO00 Until Kl,'l Ts. '3
30IIH Can Nat It K'l
11)011 Cent Htf hs .
IMiO Oel tlraph S
3000 Un rlfs
30IMI Cens tlilrt 7s . .
220()ii Cens Ceal 5s . . ,
1000 Cuban Til 74 .
lOOOu IVrt Land Ii'k 5s
HiOil ilrtlcrm 7h
2iie (!en Asphalt Cit .
SOO'i (loedrPh Tlic 7s
liiOiitlulf Oil 7 . .
7000 Helns Cn 7k .
iione Ifewl Itublur 7h
3000 Hurnhle oil 7n ..
5,ltiun liitrrbore as .
Kine Khiismh Uas Us
loeo Kinnei'etl Cep 7s
200U I.iiclcdit das Ts
30UU Marlund 74 s
21)00 Manitoba JMwer "
lDOOii Nat Acme 74 .
20UO Nat CMh'i 8s ,
I OOO Nat l.csth.r Ss
220(H) X V N II i. It Is
3n00 Plilla Ce lis
tliiiiu Phillips P" 74 k
undo Pub !n M .1 7s.
21)011 Jlnbt (lair
,.Lr
103
.HI4
. ns4
. Il
.1014
.1014
5s tni,
is4
in
40
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07
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1 113 4
Iis4
74
1154
inn
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mi
2000 Haks Ce Ts 1004.
.... ; " . 7- i'i.A "
4UOUII nuars.jn
Jtoe 7s
40OO Hhawahsen 7a 103'
1O00 Badly Oil 7Hi,...lH
(a.ien
Win,
234
M4
2'
2'i
2.'
i 1
2'l
1!
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h
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10J
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1,-(1
fiO Am Jin
21." Am Itwj.s.
let Am Slim.
10 Ilrlll .1 (5.
000 Klec Hter
new . . . .
fiO (ietf Asph (ier;
fiu tns t; n , :;.(i
llOtKeim Cup Jill-)
L'OO I.k Htm C 0
1. 1 I.elt Nuv.
Ill I.cli Vel..
COtMIdvule..
lOOt.Me Tac...
4UX I'entia It IC
SOOtl'enmi Sbd
Steel ...
"0 1'eiinn Suit. 72
10 l'lilla & V N1,
1(M1 l'lill On-pf :ts:i.
jfiOi'iiiiu nce l'U,
lti! de pref.. 'J7'(.
0.'l I'hllu JI T iiK
lOfJtep r & S .-
lOOtSaxen Mtr :1H
lStSeurHltlk T2
I'M V ii I.... 45
15 de pref.. r-
JOOtWlllyH-Ov ti"'
510 Yerk llwy '2W-K
i 1
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:is..
:;s'.
7d',i
r,;t 1 i
U2i
ti.,
I0IT
IKS
1:10
4Ti
1
r.s'j
as
oeTis
:;;i
'.Wis,
70K.
"iS;i7
ai!
224
O I ','S
St..
Net
Clore clute.
Ct ..
:is"-
-1
:isi
-'I'I
271i
72",
1-P,
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(Ki7. i:,
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it y.
7014-. y
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52 -f- -.
J.h.. "
v.r-
I Nsef.Vnelr. M... m ,IA.
-;-" --,.-.. ,4.' j
Te the Helders of - -
THE NEW YORK, NEW HAVEN AND HARTFORD
RAILROAD COMPANY FOUR PER CENT. DEBEN
TURES DUE APRIL 1. 1922 (issued In exchange for
Franc Debentures of the Four Per Cent.' Fifteen
Year European Lean of 1907 of the Company).
There are new outstanding $14,118,000, principal amount, of the above
Debenture maturing April 1, 19" .These Dellar Debentures were issued
in exchanee for Debentures of the Four Per Cent, fifteen Year European
Lean of 1907 of the Company. Franc Debentures of said Lean te the prin
clpal amount of Fes. 69,762,500 are also outstanding, payable in Francs
and ether currencies, including Pounds Sterling of Great Britain at the
rate of 19-15s.-6d. for each Fes. SOO Debenture. The company will net be
able te pay these Dellar and Franc Debentures at maturity, because un.
der prevailing conditions the Company is unable te dispose of its Mortgage
Bendswhlch are reserved te refund the above Debentures under Its First
and Refunding Mortgage dated December 9, 1920, te Bankers Trust Cem.
pany. Trustee, and no ether method of financing it ava.labli. The Plan here. '
fnafter described for part payment and extension or the balance for three
years at seven per cent, is therefore proposed by the Beard or Directors.
When the Plan becomes operative Debenture holders will be paid ten per
cent, or the principal amount or their Debentures in cash and payment or
ninety per cent, or the principal amount will be extended until April 1,
1925, with interest at the rate or seven per cent, per annum. Interest at
the rate or seven per cent, per annum will be paid upon the cash, payment
from April 1, 1922, te the date en which such payment shall become pay.
able te depositing Debenture holders. Tha United StaCas Government
has agreed te lean te tha Company tha amount of cash necessary te
male tha ten per cent, cash payment. The lien or the First and
Refunding Mortgage as security for these Debentures will remain unim
paired. Debenture holders are urged te deposit their Debentures as promptly as
possible, and in any case en or before March. 27, 1922, with Bankers
Trust Company as Depositary under an Agreement dated March 8, 1922,
copies or which may be obtained from the Company, or from the Deposi
tary. Tha plan can only become operative If with substantial
unanimity the heldara of the Dellar Debentures and tha holders
of tha Franc Debentures, te whom an offer of extension la also
being made, dtpeait their Debentures en or before March 27, 1922,
or such later date as may from time te time be fixed by the Company.
The extended ninety per cent, of the Franc Debentures will be payable,
at the option or the holders, in dollars in New Yerk, vlx., $86.85 per Fes.
450. The Depositary will issue negotiable Certificates or Deposit for
Debentures deposited. All Debentures deposited must be in negotiable form.
The April 1, 1922, coupon should be detached, and may be collected in the
usual manner. - t
The Company may abandon the Plan at any time, and if the Plan is net
declared operative en or before July 1, 1922, or sueh later date as may be
fixed by the Company with the approval or Bankers Trust Company, the
Depositary, depositing Debenture holders shall be entitled te the return or
their Debentures free of charge.
As seen as possible after the Plan has been declared operative the cash pay
ment of ten per cent, will be made and the deposited Debentures will be
returned (against the surrender of Certificates of Deposit) appropriately
stamped te show the payment or ten per cent, or the principal amount and
the extension of the remaining ninety per cent, te April 1, 1925. New
coupon sheets representing interest at seven per cent, during the period of
extension will be attached te the Debentures.
It seems clearly in the interest of the holders of maturing Debentures te
accept this extension, under which they will receive payment or ten per
cent, or the principal amount or their Debentures and an extension of the
remaining ninety per cent, of the principal amount at en attractive rate of
interest. The inevitable result of the failure of this Plan is a receivership
for the Company, which would entail delay and the possibility or less te
the Debenture holders. On the ether hand, ir the Plan or Extension be
comes operative, the Beard or Directors believe that within the period of
the extension the Company will be able te restore its credit and take care
of these Debentures at maturity. The operating ratio which prier te the
war enabled the Company te meet all obligations is gradually approaching
its pre-war percentage. This has been accomplished by a reduction of
operating expenses and by a mere efficient operation. Since 1915 the Com
pany has expended $56,000,000 for new locomotives, passenger and freight
cars, modern classification yards and additional tracks and sidings. A part
of these funds were obtained from the United States Gevefnment, which
for this and ether purposes has leaned the Company substantially $80,000
000. The Company is in a position when business shall return te nermLl te
operate mere efficiently and economically than ever before. It lias reason
te expect, that its earnings will still further increase and its expenses stilt
further decrease. The decision or the Interstate Commerce Commission
increasing the divisions or joint rates should give the New Hnven System
increased earnings upon the prospective traffic of the year of approximately
$3,500,000.
By order of tha Beard of Directors.
THE NEW YORK, NEW HAVEN AND HARTFORD
RAILROAD COMPANY,
By Edward J. Paaraen,
President
Helders of Dellar Debentures may deposit same with
Bankers Trust Ce., of New Yerk,
Old Colony Trust Company, Bosten,
or Drexel & Ce., Philadelphia.
Helders of Franc Debentures of above issue may deposit same with
Equitable Trust Ce., New Yerk,
American Trust Ce., Bosten,
Rhede Island Hospital Trust Ce., Providence.
-M -I'.h ML'....
-M -Wis M....
i.M -His IL'....
."ii -1'4n S.. .
:il 'I'.s 'S....
:m -I', 'in..i,.b.
t.N'ut ctianKc mii.le b comparison' Tilth last
Tntiil an uu at1l ..i. ' '
.':;' r.., .nni wiuri-s, vim i.tr(i with
OTa'si "Xres ThU" far ",ls '"
fIlliai)i:i,lIUA IIONDS
101)0 I.llw.riv lul :it.. 'ir ..- -,.
UMOO I.ibiTt'y lt J'i"n !-.. 'let's tis'rib
WW 1.101'riy
fillOO Hbuny
i!0U0 I.iht't-tv
800 Liberty
."0 Liberty
'-'DO Liberty
10000 l.llii'i'tv I tli -Ji.h ':.-.
100 Liberty llli -P,s ,'!.. reg
mm i.ineriy itn -i'js ,,s.... ii, i'i
iilOUO Liberty -It It 't .,,,S..lnts li'i'oe
10000 Ciuis Tract N J ru 771.. ,
fiOOO Cens Tnti't N .1 Tis 7s'" !
fiOOO N , N II A' II Us ,;S
yoeo I'witm "s ieiJni
JiOOO I'hllu t'e Cens .'is V
2000 I'hllll JIlec Is 771;,
100(1 I'hllu Lie.' 1st .'is ....'. i,yi'
JOO l'lilla Kiel' 1st .'is ,-, l
1000 I'hllu i:ier 1st ,-, !i(
l.'iOOO I'll Uwy ,"s let s:i !
1000 Tn Uwy Tn s'ii
Total. fllMw". i'uini.jre, mill j'jii .'iin
Vitci(la. Thus far this nei-K, J7M IDu I
07. lit
07.70
07. M'
US. 70
!i.s.7
I KS.. 10
07.110
07. till
Salesmen
A FIRM dealing In those'seund
. Investment bends most suit
able for the conservative Pennsyl
vania investor wants ambitious
bend salesmen men who fully
appreciate their trust te the client
In the intelligent investment of sav
ings men who knew that ultimate
success can only be gained By ab
solute honesty and diligent appli
cation in acquiring the confidence
of an Increasing clientele.
Graham Roberts &.Ce.
INVESTMENT BONDS '
Franklin Batik Building
COAL
Representative of producers
will enter into contracts for im
mediate delivery of nil or part
480,000 ions.
110X C 329, LKWJER OITICR
UL
Spruce 8200
RADNOR TOWNSHIP
Del.' Ce.. Penna.
4Vz
Scheel Bends
1932-52
Te Yield 4Va
MCUUHITIKS UKPAHTSIKNT
COMMERCIAL
TRUST COMPANY
Mrmbrr I'Mrral Itwne Hrstfm
City Hall Square, Went
FOREIGN EXCHANGE
New Yerli, Mm fii IS. At the open epen
ing of the fnrtlKii i'xdi;iiii;e iimiltet tli
upward movement In the principal ex
cIiuiikch I'liiitiniied wltli c.iins uf 10 te'
20 points en the week from ihe low I
tigilics of Meitduj and Tui'mIiij. ijue. '
tutleiiH were: ,
At the end of the tirst Leur the mar
ket wan it sdmdii under. .Sierlluj; rallies'
weru 1.40, demand 'l.;i!l.j; friuie cah'es 1
0.0(1. ehi-pltH 0.05: lire Vables fi.1-1
cheeks r.l!ti ; inarltH, ,!13H.
The Central Lurepeaii eM'hanxe.s were,
Kteadj 111, fellows; Itnniiiiiliiii r: .
ItulKiiriun, .70: Serhlan. l.U-; (:Ze,'.,J
Sliivakliiii. J.7l'j; lireek, i () pi...
,,N, "H: I'elish. .eim; Ai.sttla,,
.OI.1.1; iliiiinnrliiii, -r;H,
Vi:,STi;ill)AY'.S 1'l.O.sl.Nu (jrOTATIONS
1 .iii3, h im i,j ,-, pi .,. .
1..17 u un r. mi, .17 -l
a tifiiMNu yuorATie.N's
aiurlliiir l'rutu'H i.irn ijuii.ir
.. l.31i' li.em, r"i. 371!
.. 4.VIS U074 B,5' U,W
I.OSINO r0TAT10NS
.H,"Ie'lu,718,,H -!-!r." '.!''"
. I I'J".
Safe Bends for Investment
Halsey, Stuart
& Ce. Inc.
Uad Title Bldc. TtUphent Leaut 741 9
Land Title Bldr.
Urrabtra riiUa. titack CieliaaA
V;
I IIIIIOItATID.N KxrAIH-l"!'' i'.'U'lt
i:.K!. MANlVI-.tCTI IHM' .JJi,
LINK. OITKKMN I'M "vJ'Jil
Tl'.MTV TO IMilVlll.l ',' ., ,'in
siimi: '.IIT.I. OK Hi:iNi All! I'.jn
in'ii;iii:st i'i:itONh wi
llljl INTKKV1K1V WHITJJ
iiavh
KURTZ BROTHERS
BANKERS and BROKERS
Eitabliihcd 1866
Members Phila. Stock Exchange
1421 Chestnut St., Philadelphia
Jlr mullil
L'alil'.a
tUUAl"
DemiilHl
Cables
Ii, lUAIul
Cables
c.
S. PATTON & ClT"
SD 1 CIIKh'l'NliT srn.
BANKERS
Hiirrrers te
SA1I.KK J STKVKNSON
nends nnd tnrka heuelit anil sold.
Msmlisrs riitln Hir, Hflmn.
II OHH
II
'.ll'l
COTTON MARKET
I7.IMI .
.'17 lu
l'tev
Mar, ,
May.. ,
July,'.
Out. .
Use. U!,yB.
Hpet, TMS,
1 in.
C',0C Dtieli Mluh I.cim-
IS 11 ,U 1" IL ,11 lu ' "
'.t'i'iK 7.i5 Wu ,;:.r, J'A-v " iii
IT.'SII 17.112 17.60 17.82 7.7W Ts!
,,W1 J,H7 Ifl.KH 1B.HR IHRMSliii-i..',
ll.yS.4U.7a lO.tH 10.73 JB.SU
IIAVi; YOt IIIIAltn M ,.uu..
..iuhtt.M ti., h.i.i .wiit i 1. .. .v:...r.,lvt v
ulltlillM llirini ,l.,..it l .. ' '.."'
.Iu,. un.ili 11 11 Ii i. 1 4 . .
SI"' iiilllll II I
,,ll,
vm ll i
ll .
iimiurciii4
l,,r J..V .., . ." "I '
.Irises and ibiishs l.u .....V' ,...',."".':' I"""
,.,:. .,.., !k,. "".':'.
4 ..,' n.w.
Bln , miissinns OI I II lull- 11
5y? &,$ Waaaslna tjrrtlen g
.1 IWsycmirS l.eXunT:0 aX
fhiijnd efull.iin.u.ii.ni,ui;. ...
tmit aun.
RENT
608-612 Chestnut
Street
570 Square Feet
Sth Fleer
-rent Reems
Apply
MR. DALLAS
Second Fleer
.Public Ledger Company $
c
'X
iR
A
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aa ww.w
fcfr Adv
WHW
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