mmW'mLi6Hmffim-pmijitimW?: &ef&Xs,"& a 1922
BBVJJS -,yi f - i (5!-',l ' " 1 V
ma ' ' .a
M
IfXCELSIOR
TRUST CO.-
Germantown and Lehigh Ayes.
Philadclphla.Pa.
April 4, 1922
Resources
Cash en hand and in
Bank 5260,462.02
If. S. Liberty Bends. . 403,496.88
lians and Investment 3,138,258.74
$3,802,217.64
Liabilities
Capital Stock
Surplus and Undivided
Profits
DEPOSITS
Bills payable
$300,000.00
252,029.30
3,170,188.34
80,000.00.
$3,802,217.64
ALL'AN M. REED, President.
E P. BALDERSTON,"Treas. '
ftrsfrr5Prcer
SD VaNI&RS .
Nucceeierii le
SAILER STEVENSON
nencU and tnek bought nnd aeld.
"'wSnhm Phlla. Bleck Kirhnnge.
Lawrence E. Brown & Ce.
CERTIFIED PUBLIC ACCOUNTANTS
1J0 REAL ESTATE TRUST BI.DO.
tnvtitritl and adjuit corporation and
tirtnerihlp accounts and prepare Income
Ta Biturm.
MgCewrtfrCct
Land Title Bldg.
Memben I'hlla. Stock Exchange
FINANCIAL
nrNTixnneN valley i.iciirr & i-ewer
miiaiiiivv nuyT frntTiA.ic QB-V1.-4U
RAILS CHECKED
EARLYEACTION
Speculative Cycle Toek a Sharp
Upward Course During
the Week
company first MORTAtEv8s-YEAK ItriK jrradtinll.v mid consistently been
5rfKpV"iei'v'UN" U0,I lw' Dl)E counting evidence of the revival of
tiller. 1 1INI. I ,1W1 , .tln1 ..nil.,!... ..
Netice It hereby given, puriuant te Article
Fourth of the MertgOKP. te THE PHIL.A
IELFHIA TllUHT, HAFE DUPOStT AND
ISSURANCU COMPANY. dated June 1, 1001).
that the underalKned Company or Trustee
lll ncelve caled proposals up te 12 o'clock
X., en the 2011. day or April, 1022, for the
redemption of bends at the next Interest
period. June 1. 1D2J. as described as above,
at a price net exceedlng 1024 and accrued
Intern). rufflclent te exhaust the sum of
12050 55, preference te be given by the True
tie te bends offered at the Ien eat price. The
Truitce reserves the right te reject any or
all tenders. Interest en bend se purchased
will cease en June 1. 102L.
Proposals should be directed as follews:
PTropesals for the redemption of B Bends
of the Huntingdon Valley Light nnd Power
Company. Philadelphia Trust Company,
Ilread atr.'ft office, N, n, corner bread
and t;heitnut streets, Philadelphia."
PHILADELPHIA TltUST COMPANY.
Tiustee.
By JOHN C. WAl.UVCE.
Triaaurer.
rhllailelphln. April 8. 11122
PENNSYLVANIA LIOHTINU COMPANY
nRST MORTf.A.Jl: 1WC SINKING FUND
UOI.D BONDS v
Netice Is hereby given that pursuant te
Sinking Fund prevision of the above. Mort Mert
lite, dated July 1, ltllu, proposals will be
received at the office of Commercial Trust
lerarany. Trustee, City Hall Square, Phlla.
ttelphla. for the "lie te the Trustee of a suf
felent number of bends te consume the sum
of 118.773 OS new In the Sinking Fund nt a
trice net te exceed 10.1 and accrued Interest.
The rlsht Is reserved te reject any or all
propeeals In whole or In part.
Proposals should be sealed nnd marked
"Proposals for the sale of Pennsylvania
LUhttns Company First Mertgage Bends,"
and be presented te the undersigned before 12
rlecl neon, en Friday, April 21. 1022.
COMMERCIAL TBUST COMPANY. Trustee.
..X . ... ' " MASON, President.
Philadelphia. April S. 2022.
Dividends
HUPP
MOTOR CAR CORPORATION
Detroit, Michigan, April B, 1022,
The Directors have declared a quarterly
Jlvldend of 2'i en tfce common stock of
the corporation, pauble May 1. 1022, te
ileckVrtdcrs of record April 18, 1022. Checks
till be mailed.
A. VON SCltLEdELL, Treasurer.
I
Annual Meetings
f3TO T1IK STOCKHOLDERS OF TUB
"" rrnnjlanli Ceal and Coke Cerpera
tleni Take notice that the annual meeting
el life stockholders of the Pcnnslvanla Ceal
ml I'eVe Corporation will bn held at the,
principal nltlce of said corpeiatlon en the
alxteenth fleer of lhn Land Title Hulldlne In
the Clti of Phlh.delpl.ln. I'cnnsvlvnnli im
the 1st day of May. 1022, ut 2:30 o'clock n
the afternoon, for the purpose of electing a
tnaril of nine directors te serve for one Anr
ml for lh tinnaaulen of any ami all mlier
Dat'ed ApVll?!0 "'"' "la mcct"e-
ALHKI.rO KUWARD.e, Secretary
...ftnniylvanla Ceal and Cel.e Cnriy.,.t.n
fgp l.I.MIKA AMI WlLlTAMNIMfRT
.. KAILROAII COMPAY
Breed Street Station
v . Vnil.B" pnla' "" Apr I. 1022.
New Yerk, April 8. The . familiar
week-end evening up opcrntlens pro
duced quite n geed bit of irregularity
111 the earlier ilenllni-a nf terlnv'ii Ktnclt
market. There tfas evidently consider-
udie prelit-taklng nJl through the list,
but the market again took these offer
ings with remarkable case. The mod
erate recessions unceTvered a fresh buy
ing power in underlying orders, vvlilfh
net only served te keep the general
list en a fairly even keel, but later
In the session brought substantial re
coveries. Renewed activity developed in
the rail division In the second hour,
which imparted additional strength te
the general movement. Reth the invest
ment nnd lower-priced- rails were car
ried te new top prices of the week,
which, In many cases, were the highest
quotations of the current movement.
Liberty second 4s nnd the second nnd
fourth 4y4H established still higher
prices for the year in the bend market.
Foreign government issues continued Le
strengthen, the various United King
doms gaining large fractions. Mexican
4s lese point 'nnd the 5s 1 points,
the new (.'zecho-SIevaklan 8s also gain
ing 1 point.
Prominent features of the railway list
Included St. Pjtul convertible 4h nnd re
funding 4Vis, St. Leuis nnd San Fran Fran
ciseo adjustment (U nnd incomes nnd
Orcnt Northern-Northern 1'ncific joint
flV&s, nil gaining fractions te 1 point.
Denver nnd Rie Grande 4s were heavy,
falling 1.
TJie speculative cycle took a tJmrp
upward curve in this week's market
and it would be necessary te go back te
the exciting spcculntivc orgy of the
wnr period te And n parallel for the
spectacular demonstrations which car
ried active stocks of both the roil nnd
industrial divisions te the highest level
of the current year, in a number of
instances te the best quotations re
corded since 1020.
While the improving business condi
tions nnd sentiment all ever the world
form the foundation and the moving
force back of the constructive move
ment, the week's remarkable uplift of
security values was the outcome mere
of the rekindling of speculative enthusi
asms among what is peptilatlv desig
nated ns the outside public. Fer ever
ten months the maiket. In ether words,
llflU nttnillinll.. .....t inliul.li.ntlu knaH.tln.
l urn-
rcm-
intTcial anil industrial activity which
hav new crystallized Inte concrete facts.
Recntise this improvement is no longer
in the thceictlcnl stage and because,
within the Inst fortnight, there has been
n tremendous extension in the long jo je jo
sitlen ns indicated in the rapid rise
of brekeis debit balances, some of the
mere conservative market interests loel
upon n continued expansion of specu
lative interest ns detrimental te the fu
ture t-nfety of the ceiihtructlve cam
paign, Until the market shows mere
distinct svmptems of tbphcnvincHs.
there 'would net nppcar te be nn imme
diate danger of a violent shake out, or
nny reason te anticipate impeitnnt ro re ro
icsslens. A careful examination of the
bend market ought te convince the skep
tic of tills, ns that division of the secur
ity market enjevs at leant a six. months
lead en the stock division.
As n matter of fnct. Jthc character of
the market has clinnged In the last week
or se from a highly professional peel
affair te one in which there appears
te be a large and still growing public
participation. The momentum has
readied a stage which is almost likely
te assure a continuation of very active
days with the probability of occasional
reactionary periods. 1'p te the moment
during the whole movement since last
summer there lias been no real recession
nt all. There have been frequent halt
ing periods, but with the increasing
force of the buying pefcr which Is
steadily augmented by tlie unsuccessful
contesting operations of the bearish ele
ment and the hurried repurchases of the
se-called sold-out bulls, the line of the
least resistance U still found while
prices me rising. In brief, the con
structive movement has left the pre
liminary stages mid has bleiMinicd out
into n fiill-tledged bull maiket. the
measurements and duration of which is
just ns difficult te determine ns was the
depressing nnd discouraging bear cam
paign of a year nge.
FOREIGN EXCHANGE
New Yerk, April 8. The market
for foreign exchange opened dull. Ster
ling was strong nnd within rent
of the recent high of the movement.
French. Relglan und Itnllnn were un
changed. Scandinavians showed weak
ness. The market had n Saturday hol
iday nppenrance In most respects.
The favorable foreign political news
was reflected in adirniiclug quotations
in the first hour, with sterling up
4.40Vj for cables nnd 4.-10 for demnnil
...",.1-AWJi.in??- I This is n new hlirh en this iimn..,ll,.t,.
M Bondholders of this Company, and .Te i movement. The strength of hterilnc was
nn.1 .. I .. .. . I .1 . . ...
miieweii uy einer leatnng allied clnsses,
including Canadian. Francs" rose te
JLllVj for cables nnd D.l.T. for cheeks,
nnd lire te fi.K: for cables ami ii.1'1
for checks. Marks were ..'!l.';,4.
The premium en New Yerk funds in
Monreal today was down te '2 per
cent, L'iMiipiirt'd wnii . per tent enlv
HKten for a rresl'len "and' si" Manage?,, ",5
Wl" "" ",'" ". will it "eld it
&ZJS.a M""",, 1"t Ma5' " M
I.-ffWlS NBILSON. Secretary.
I'rnpoeali,
FRM'mL ADDKF.SSF.il
rrtsldeni of the Levy Court
v.ni) UUIIIIIIIK,
TO THE
loom 133,
cent. L'lHiuiiirt'ii wnii . ner lent nn v n
iS in, !-s ' ',t rlwk nm"' Tuesday Anr I f,'w la8 "K0- fills was due te the
&! iw't ! "van. in sterling. The discount en
P.v.1, alas , read tar, ells"n.l ns'feait-'nl.'e '".Vr":1, f,,,,,1S '" NeW Ye,'U " c"t
J?.r,lau.ln,! fruln. th8 rnllread stitlnns n, te - ll l""r cent,
?Win?erUhMn;.lS Z , C:rC.CU rX,C"nn1? " C'zecho.Slevak-
Ur. en, nd asphalt and snre.wff.,i,e .rr""1 1 in, showed continued firmness II the
VZ"J'rJ.W o'n'Te ' 'entrnl Kurepeai, exchanges. QueJa-
I rcineatlen. and "ddlni- .h?.U,nty- ' l""!S WC1-,i ''"""". -"-Vi l Unl-
I .wired at i'.,e einci e tlm Ceuntv pl.n,fy be i K,,rl,,ni "" : MTb nn. 1,'JO; C'zecho C'zeche
IRf1 "LS'T" , ""STwifSf5IV lviklen. 1.04 : (Ireek. 4.48; Polish.
I pgyft&X&W i203! Finnish l.IW; Austria.;. .0133
I funded upon their return In Jin""1 bf, m- llllllgnrlnn, Ills.
'fi," ',L ."0 must acceniHanv ' ,.r,,.",c.'1
no ijCll 1 lllirr tnenr- a- . -vii uill.
!' any or ull hl.ti " ' rlBht ,0 re- Demand
rj c"A,'E?hn."nnn-
WMtMSSPffl
Sterling Francs
i.;ur n i
l.ae'i 0.13'n
.Director's n Vl" KTY
.tlM rrern'wFu1'1.' A A 1SS.
folleilnV.' '"" " 'l neon T" .'1
uhc.au or pet rep. t.
"ectlnu bim.1 inJi'ViA ? .. . lur
tlie
nlslilrig no
he
rd
N'
ad
nr iiwe ' c,"meien street in V "m
tiBoem Sl.1 i-tyalilr..,l. ,he nlj00 te te ha,
NW YORK COFFEE MARKET"
F
Auult
CctebeV t0 I"
January "u
'bruary' " '
(),,c" Hleh !.
0 eSJTllO II ss tl.ku
D.M)
Y,1
. ' S8 elnsA
e. SO li.S.1
j;.Sl83 una
s n.7.1 it.7.iff7n eis.i
-."! II III
IU7JH8 nvi
!''' 7 n.n.i
. ' e.li.i
Mn-lT ii r.r.
u.aj S:51i.a7 i!:3?
i'.n.' ii ij
e ie u id
W -.BANK CLEARINGS
nV0cempa;ed Wllh
T V.. im.aVS ai 1021
m
I. Ire tlullders
ft ''(1 H7 7.1
Cables .. ., LUO' 0.13'n S 30 37.74
TODAY'S OPKNINO QUOTATIONS
V Sterling Francs Lire dullders
. , 4,30' 11,12 H.2S4 .17. SO
4.40j4 0 13 fi,20 37.8.1
CI.OSINH QIIOI'ATIO.NS
SlKrllfj Frnnci I.lre Guilders
. . 4 Wy 11.1,','a r..32l, 37.80
. .. 4.40'i 11.1(1 r, 3d 37!83
Demand
Cables ,
Demand
Cables
GRAIN MARKET
Wheat-May
July .
September
Cern
May ....
July .
September '
Oats
May ...
July . .. .
tleptember .
Hit
May . . .
I.ard
July .
September
Prev Clese
l.SII"
1 111',
.58 a,
1121,
SO a,
.31),
.11 IB
Open
1 .11 ' rd 1 .in
1 10 4 l.lSft
1 12'.,
.Bsr ,ssi3
1121.
.04
..te V
1 02
41
II A M
l.Sl'j
1 20
1.13'.
,n0,
tin,
04',
.Si's
.41',
1 02
II 20
II 40
COTTON MARKET
Previous
Cleae
Mnv 17.78
Jul!.. 17.28
(VI . 17 oil
Dec. 17.0H
Jen 11107
Spot IS 03.
Open
17 78
17 28
17,11.1
in no
HI 03
llleri
17.00
17,42
17.2.1
17,23
17,1.1
Lew
17.117
17.22.
17.01
ln.nii
10.00
Clsne
17.811 f en
17.4(l(u'4 t
17.21
17 21
17.12
DIVIDENDS DECLARED
Fisher lledv Corporation, quarterly I2..10
en common an IS per cent en preferred,
both payable May 1 te stock of record
April 21.
Union Oil Company of California, extra
It In addition te quarterly 12, both payable
,-ji.m '""e.niiti ! iivn & .
W.IM.Mn'nni. ''"I,erT VTT.SDS.ini lni ". "'JF .e "v-nru . Avru ".
k,.:. jii AnT.::x ..-..". -i .'... V. trl mupr Moter company, nusneriy ;v per
NEW YORK STOCK EXCHANGE TRANSACTIONS
. . - 'v.
Bale? In $
100
300
2000
3300
400
900
100
100
300
100
1700
tee
1100
100
300
100
100
soe
1500
100
700
100
700
103
1200.
400
1300
100
1100
100
2500
400
1600
200
200
2600
600
100
100
1203
600
600
200
200
1200
1100
400
100
2000
100
200
100
200
100
2303
103
2200
3700
200
100
600
200
7003
200
13800
400
100
100
100
400
"1000
10600
200
2ioer
200
500
300
400
100
11700
400J
200
200
1000
100
200
203
400
430
700
100
1730
4630
100
330
330
400
4430
1630
1733
530
700
100
700
530
1100
3530
2400
16700
100
400
100
2700
800
100
100
800
1933
503
100
600
4100
1833
930
100
2400'
1700
500
700
2500
STOCK
Hlsh
Advance numtiv . 1714
. r - '
Air Reduction 1 55
48
39 H
66 y4
76U
41
60
45
47 yi
10314
195
117J4
12ft
25
6H
139
1514
6914
107
81
45 H
1Hi
3514
58 H
111 H
86
8
14H
E6H
97
131
38
72 U
9814
33H
12114
139K
SOOYt
. 34
, 69
.105
. 92
5214
Lew
17K
53 yi
AJax Ruhhr- 1716 1614
4 Allied Chem ft Dy. 68 H -67
1 Allied Chem A D pf10614 10614
Aina-Chalmer 48ft
;. Am Agrle Chem... 39 H
. Am Arla Chem pi'. . 66 54
Am Bank Net 77
.. Am Beet Sugnr.... 41 J4
Am B Shee P&y new 62
. . Am Besch Hagneta. 45
Am Can 47J4
1 Am Can pf 103yj
12 Am Car A Fdy....155
7 Am Car & Fdy pf. .11714
.. Am Chicle 1214
.. Am Cettqn Oil 25H
.. AmPrugSyn -614
8 Am Kxpresa 139
.. Am Hide & Leather 15H
Am Hide ft Leath pf 6914
7 Am Ice,. 108
6 Am Ice pf 81
Am Internnt Cerp.. 45 Jt
1 Am-La France Eng 1 1 J4
Am Unseed 3614
. Am Linseed pf 5814
Am Locomotive.... 112 14
4 Am Radiator 86a
Am Safety Razor... 8H
.. Am Ship ft Cem.... 14
.. Am Smelt 57
1 Am Smelt pf 97J4
12 Am Snuff..' 131
3 Am Steel Foundries 38 V
.. Am Sugar Raf 72
7 Am Sugar Ref pf.. 9814
. . Am Sumatra 33
9 Am Tel ft Tel 12! Vi
12 Am Tobacco 140V4
Am Tobacco pf new1004
12Am Tobacco B....137
.. Am Waterworks. . . 1214
. . Am writ Paper pf .
7 Am Woolen
7 Am Woolen pf . . . .
7 Am Whole 7 pf.
.. Anaconda Cooper. .
.. Ann Arber 16
. . Ann Arber pf 47
4 Asse Dry Goods.... 5514
6 Atch Tep ft San Fa 99
6 Atch Tep ft S F pf 89
. . Atlnn Blr ft Atlantic 2
7 Atlantic Coast Line 97
.. Atlantic Fruit 314
.. Atl Gulf ft W I S S 34
.. At O ft W I S S pf 24 U
.. Atlas Tack Cerp. ... 21
.. Austin Nichols 2614
6 Austin Nlch Ine pf. 8414
7 Baldwin Locemotlv115
6 Baldwin Loce pf... 10814
.. Baltimore ft Ohie.. 45
4 Baltimore ft Ohie pf 6014
.. Barnsdale Class A. . 39
.. Barnsdale Class B.. 32
.. Bayuk Bres 354
.. Batepllas Mining. .. 1
6 Bethlehem Steel.... 75
6 Beth Steel B 78
7 Beth Steel 7 pf.. 93
.. Beeth Fisheries.... 714
8 Brooklyn EdlBOn. .. 10814
7 Brit Em Stl 1st pf . . 70
.. Brit Em Steel 2d pf 23
.. Brklyn Union OaB.. 94
2 Buff Rech & Pitts.. 54
. . Bklyn Rapid Transit 24
. . Bkltt R T ctfs of dep 2214
. . BruiB Ter. . .- 4 14
8 Burns Bres A 12714
2 Bums Bres B 41
7 Bush Term Bldg pt S0J4
.. Butte Copper & Zinc 614
.. Butte ft Sup Cep... 26
.. Cadde Cen OAR.. 13
6 California Packing. 774
.. California Petrelm.. 5414
7 California Petrel pf. 95
.. Callahan Zinc & Ld 7
10 Canadian Pacific. .. 140
.. Case (J I) Plew... 4 14
.. Central Leather.... 38
.. Central Leather pf. . 73
.. Cerro-de-Pasco .... 2614
6 Chandler Meters... 7814
4 Chesapeake & Ohie. C5ft
.. Chicago ft Alten.... 8Vs
.. Chicago ft Alten pf 1814
.. Chi & E 111 (new).. 13
. . Chi ft E 111 (new) pf 43
.. Chicago & Or West. 8)4
.. Chi ft Gr West pf... 2014
.. Chi Mil ft St P 25
.. Chi Mil ft St P Pf.. 41
6 Chi & Northwestern 73
.. Chi R I ftPae 44
e chi r i & Pae 6 pt ee;&
7 C R I fd Pae TTe pf 95
.. Chi St P M ft O 65
.. Chile Copper 1 7 ?
.. Chlne Cepper ?8
.. Clev Cln Chi ft S L 6214
.. Cluett-neabedy .... 55
4 Coca-CelR 48 's
. . Cole Fuel & Iren ... 32 '4
.1 Colerado & Southern 46 14
fi Colerado & Se 2d pt 56
6 Celum Gas & Elec. 83 H
.. Celum Graphophene 3H
.. Cel Graphophene pi 16
4 Cemptit Tab Rec... 70 J
. . Consel DIs Ins. ..
7 Consolidated Gas.
.. Consel Textiles. .
.. Continental Can..
6 Cent Insurance. .
4 Cern Products Ret. 103 74
3800 2V4 Cosden ft Ce 37 ',4
11800 .. Crucible Steel 65
200 7 Crucible Steel pf . . eB
.. Cuban Am Sugar. . . 22
.. Cuba Cane Sugar.. 15fs
.. Cuba Cane Sug pf 35 !4
.. Davisen Chemical.. 65
.. Delaware & Hudsen 122 14
9 Del Lack ft West.,.116
8 Detroit Kdtsen 107
1 Heme Mines 25 14
.. Duluth Se S & At.. 4
. . Duluth Se S & At pf 9
12 Elce Sterage Bat...1654
.. Elk Hern Ceal 20
6 Endlcott-Jehnson .. 84
7 Endlcott-Jehnson pfI0914
.. Erie 1314
.. Eile. 1st pf 22
.. Erle 2d pf 14
8 Famous Players L. 83
5 Famous Players pf.. 96
4 Fed Mln ft Smlt pf 40
8 Fisher Bedy of O pf 94 li
.. Flsk Rubber 17
.. Freeport Texas.... 18U
. . Gasten Wuih & Wig !4
.. General Aspnall... 6614
8 Qcneral Electric. ... 161
.. General Meters.... 13
6 Gen Meters pf 80
6 Gen Meters deb 6T, 79
7 Gen Meters deb 7 92 '4
.. Goedrich B F 40
7 Goedrich B F pf... 85
. . Granby Cen M & M. 27
. , Grav Davis 19 14
7 Great Northern pf.. 74 U
4 Great North Ore ctfs 40
. . Greene cnanea Cep 29
.. Gulf Sfoblle & Ner. 10
. . Gulf State Steel.... 84,'i
. . Hablrshaw El Cable 2
,110
. 1314
. 61
70U
900
1900
1400
3100
2300
1030
100
100
400
100
200
200
400
100
3700
5100
1100
8700
500
200
200
2530
1700
330
2700
200
8700
100
1100
200
200
100
300
1030
2100
1300
300
330
11700
200
2100
630
203
200
200
200
330
14400
12700
Housten Oil 81
, . Hupp Motorcar.... 17 J
, . Hydraulic Steel.... 81a
7 Illinois Central 106
, . Indlahema Ref 3
, . Indian Refining.... 714
, . Inspiration Cen Cep 40
2 Inserb Cen Ccrp... 5
. . Interb Cen Cerp pf 12
fiOO 2U Int Cement 35
1100 2 Inter Comb Eng.... 27 '4
fi Int Harvester new. . aaj
7 Int Hnrv new pf... 110
. Int Mer Marine.... 18
6 Int Mer Marine pf. 76
. Intcrnat Motertruck 38
7 Int Motertrk 1st pf. 81
7 Int Motertrck 2d pf 73
,. International Nickel 17 li
, . International Paper 48
6 Inter Paper pf stpu 66(4
Invincible 011 corp la
200
100
2200
3400
S00
00
100
800
'300
100
1500
1700
2700
E 100
Island Oil
Iren Products
Jewel Tea pf.
3P4
6414
VUI
136
11 Ji
32 J4
88
105
92
52
16
4714
5514
98
9
2H
97
3!4
3314
2414
21
25
83
114
10814
4314
60
39
32
3514
1
7414
6
113
7
11)8
09
:'2l4
93 54
54
23
21
414
12714
4114
90 Ji
614
26
1314
7714
5414
S5
6
13914
414
37
72
35
6
65
74
17'4
2314
43;
7Ji
19
24 Vs
3914
72 H
43
80 Js
94
65
17 'i
27
6214
55
'4814
31
46 14
56
t)3
3
1514
69
1C9
13
6114
69
103
36 J.
63 14
fa7
22
151j
24 ',4
63 In
119(s
1 1 5 14
107
2514
4
9
16514
19
C41i
10914
12
20
13
81
9414
39 Vt
94
16
164
14
65
161
1214
80
7814
92U
39
85
26
1814
7314
40
28
9
80
2
7914
17H
8
106
3
7ti
4014
414
11
U
2614
514
110
17J4
76
17
81
73
!6Ji
47
6614
1814
30 J
b4J4
1
I
114
H
14
1
1
114
14
14
14
214
14
1
1
Today's Net
Closet Chf.
1714 ..
55
6?
10614
48 4
39 6614-
77 - m
41 H- .,14
622
45-114
47- V
10314 14
IBS -
11714-
1214
25
614
139 -1514-69H-
108
81
4514
11J4 35
5614-
112 -86
-8
-14
5714
97 -
131
3814
33
12114
13914-
10014
136 -1214
3314
8814-
105
92
5214
16 -47-5514-98-89
2
33H
2414
21
2614
8414
11454
10814
45
6054
-3514
1 -75
7854 114
93 - 14
714 'a
10814 3
69 214
23 1 V
93 54
54 .24
22 -414
12714 -f
41 14
90 Ji-
614
26 -f-1314-7714-54
54
95
6
140 -J-
414-37J4-72-36
8 -1814
-
81a -19J4
25 l
41 -f-
73 154
44
80'i
95 65
1714
27J4-1
6214-
:s
8J4-
5214 4
4614 4
55
8314-
3-
16
69-
10914
13
61
7014
103-
36 Ji -
63(4
87
72
I5H
3514
6314
122'24 115
107 251
4 -9.
165 J4
20
8414
10914 4
1314
22
14 1
83 1
96 2
40 - y.
9454 1
1714
1814 1
14- 14
6514- 14
16! --12J4-80
79 h
9214
39 -85
27
19
74
40 1
29 1
9- 14
8014- 214
2 - 14
80 f- I
114 i
8
106 -
3
714
40JJ-
4
11
34 -26
-9514-110
Dlv.
Balsa In I
100
1100
100
700
300
700
2300
100
3200
200
200
STOCK ltle-h Lew
.. Jenes Bres Tea.... 3914 3914
.. Katnsas ft Gulf 6 5
.. Kan City Southern. . 28 27
.4 Kan City Se pf . . . , 87 56
.. Kelly-Spg Tlr 46 J4 4614
.. Kenneoett Copper. 3014 29
.. Keystone T ft R.... 18 17
Kresge S B..A 138 138
.. Lackawanna Steel.. 84 53
.. Lake Erie ft W pf 3214 31 H
1 Tab T1..UI mi-- vasw 11U
1 n? S V? mh Vall" e4 J 63
ion .! J" Myer...169 169
wma Locemotlve...1!1 110
7 Lima Locomotive pf 1 1 1 54 1 1 H4
.. Leowe, Ce 15V4 14
1 Left Candy 13 1314
Loeaa-Wllaa m..u iiu d?ll
1 Jouiaviiie ft Nash.. 11614
76 Mclntrye new 19J4
.. Malllnsen ft Ce.... 2014
Manhnt Eleo Supply 60
7 Manhat Kiev Qua. . 43
2 Manhat Shirt...".. 39
.. Market 8t Rwv.... 9
Mar St ny ,)P'pf.,. 63
.. Mar St Rwy lit pf 48
. . Mar St Rwy 2d pf . . 26
var.1.ln OI1 28
3 Martin Parry 28 14
Max Moter Class A 65
wax Class B 20
400
200
500
600
100
300
1100
400
500
1200
600
600
' 600
600
500
2800
600
900
700
100
11200
103
1900
114
14
14
14
V
114
1
14
14
14
"l4
1
14
14
"
14
14
114
"h
' i 14
Ji 1
J I
1
31a
14
14
14
114
1
14
'
14
14 1
14
14
18
76
37
81
73 -1714
47 -
66 4
10
Ji
3114 1
64 !4 -
2
114
14
14
" 14
14
'14
'14
14
1
6
1
14
1
14
v.
8 May nn a,n..l ' 1 i iz ,i-?ii Ii7ii4- 14
12.Vexlcan Ptrelaum 133 130J4 13254114
iex l'etreieum pf
116
19 54
20
60
4214
39
OJa
62
43
23 Ji
28
27 Ji
ear
:e
Today's Nei
Clem Chile.
3914 I- 14
6 54
28
57 54
,46J4 1
29J4 ..
17 -ev
138 - 54
84 1
3254
32-
64 154
169
110
11114
15.14
1314
42Ji'
11614
60
4314
39
9
62
48
26
2814
2014
nn
UM. J?,1'8??1 CePP-r,..:: 2954
i6oe5.: M d.a,a."B. corp-
.. Minn ft St Leuis.... 10
Me Kansas ft Texas 7
.. Me Kan ft Tex (wl) 14-
" ,,,Kfn T wl " 35
" M-.K Tex ,st aw.. 17
.. Missouri Pacific... 24
. Me Paelfle pf EB74
J Mentana Power... 67 54
7 Mentana Power pf. 10454
.. Montjremery Ward. 19 Ji
Mulllns Bedy 32
National Aeme 16
7 National Biscuit. .. 135 '
Nat Cleak ft Suit... 4154
Nat En ft Stamp.. 37
j. NatRR of M 1st pf. 10J4
Nat R R of M 2d pt 5
.. Nev Cen Copper... 1514
6 N O Tx ft Meat.... 674
N T Air Brake.... 71
linn 11 ;. " erK central. oe
350O 8 X.e,v Yerk Deck'pf 57
21 05 iS'fHftII21M
pnn . '"'a ent tt, v ten
finn '; hor'elk ft SeutWern 20 "a
DUO 7 Vnrfntl. - '--.. men
8 North Amer ctfs... 57
North Amer Ce rts 7
6 Northern Pacific ... 7714
va Scotia S ft C T9
- Nunnlly Ce 11
Okla Pred ft Ref. . . 2 14
. Orpheum Circuit... 20 Ji
Otis steel 14
Otis Steel pf 65
2 Owens Bett Mach. 31 ',1
Pacific Devel Cerp.. 8
5 Pacific Gas & KIoe. . 6B
3 Pacific Oil 5414
6 Pan-Amer Petrel... 63
6 Pan-Amer B 56
2 Pennsylvania R R. . 4214
. Penn Seabd Steel.. 11
C Peeples Gas Chicago 83 Vi
Pere Marquetta 29Ji
0 Pere Marquette pt. 67
6 Pere Marq prier pf 72 54
3 Philadelphia Ce :914
Phllllps-Jenes 94
2 Phillips Pet 36
. . Plerco-Arrew Moter 2014
. . Pierce Oil 9i
8 Pierce Oil pf 5514
6 Pitts Ceal pf 93
. Pitta A W... tr. 11 xt
Ann ... . "-vt..... -'74
7XX - l Crck Ceal
I Wl
500
100
100
300
200
2700
600
100
9000
10800
500
185
1600
800
200
100
100
100
100
1500
400
900
700
2100
400
300
4300
200
400
1200
3100,
3100
400
100
103
. 300
2100
11500
2100
5100
22800
700
2000
tee
100
2700
100
1100
700
3000
300
100
2100
17 "A
.. i-resseci steel Car. . . 76 Ji
.. Producers Refiners. 27
6 Pub Service of NJ. . E4
. . Punta Alegre Sugar 40 54
2 Pure Oil.., 32
8 Pure Oil pf 101 14
8 Pullman 123
8 Railway Steel Spg 99 Ji
Bay Cen Copper... 1514
4 Rending 79
2 Reading 1st pf 46
.. Remington Typewrit 35
1. Replogle Steel C514
. . Repub Iren ft Steel . 56 54
2 Rep Iren ft Steel pf 80
3 Reynolds Teb B.... 4614
. Reherr lVln A rn inii
5 ' 5.20 Royal Dutch N '".'. 60
euiiiueceiia sucar. 44
St Leuis San Fran 30
St L ft S W R R.. 3014
St L Southwest pf 4414
Savage Arms 18
Saxen Moter 4
Seaboard Air Line.. 6
Seab Air Line pf. .
Scars-Roebuck ....
Seneca Cep corp...
Shattuck Ariz Cerp
5600
200
300
300
1800
9500
100
300
6500
7200
330
4000
203
200
4200
2300
1000
300
400
1400
330
3200
330
100
400131,4 Shell Transport
11
76
13
8
44 Ji
25J4
45 Ji
90
5103 .. Sinclair CM1
2000 .. Sless-Sheffleld .
10100 6 Southern Pacific
4433 .. Southern Rail 24
10CO .. Southern Rail pf. .. 5514
1400 4 Stnndnrd Oil of Cai 96 Vz
603 5 Standard OH of N J176
100 7 Stand OH of N J pf114Ji
630 2 Stewart Warner Spa 4014
1600 .. stremberg Cnrb.... 5114
12700 7 Studcnaker 11714
100 .. Sub Beat Cerp.... 514
700 .. Superior Oil Cerp.. 5J
500 .. Superior Steel C9
500 .. Sweets Ce of Amer 3Ji
330 .. Tcmt Cern ft F "A" i!4
1100 .. Tenn Cep & Chem. 11
2400 3 Texas Ce 44
330 . . Tex Gulf ft Sulp. ... 41 14
4600 .. Texas ft Pacific... 35(4
3100(5 1 Texas ft Pac C & O 27
2300 .. Third Ave 2314
400 6 Tobacco Products.. 64
100 .. T St L ftV etfs H 29
100 .. T StLft W pf ctfsB 401-4
3500 .. Transcen Oil 9Ji
300 4 Transue Win Steel. 4214
200 6 Union Hng ft Paper 61
600 .. Union Oil 19
2800 10 Union Paclrtc 137
uu 4 union pacmc nr. . .
United Alley Steel.
73 Ji
31 Ji
400
600 '..United Drue 71
100 31a United Drufc- 1st pf. 45'4
100 8 United Fruit 146
. United Rwy InveBt.. 15
. . Unit Rwy Invest pf. 3414
6 United Retail Stores 48 'i
. . U S C I V ft Fdy... 37
6 U S C I P & Fdy pf 69
..US Feed Products 5
, . U S Ind Alcohol... 47
, . U S Realty & Imp. 6514
. U S Rubber 63
8 U S Rubber 1st pr..1051'4
.US Smelt & Ref. . . 38
BUS Steel 9814
7 U S Steel pf 11 7 14
2 Utah Copper 65 !i
,. Utah See 17
vuiiuuiuill vurp.... 44' 4
Va-Car Chemical... 34
2100
1000
700
800
900
630
600
3300
400
400
5 0
13400
700
800
1600
1930
100
200
300
600
2600
930
200
400
400
100
5700
600
700
200
800
4700
3200
2700
100
100
100
,t 500
100
.. Va.Car Chemical pf 77 'i
.. Vlvadeu Inc 1 1 14
. . Wabash 9
.. Wabash pf A 31
.. Western Man land. 1014
.. W Maryland 2d pf. 10a4
.. Western Pacific... 19'g
6 Western Pacific pf. 56
I Weetlngheuse A Ur 88 Ji
4 Westing IS ft M.... 62
.. Wheeling ft L 10... . 9
.. Wheellng ft L E pf 20 U
4 White Moter 43
.. White Oil Cerp 10
,. White Oil lis . . 'i
.. Wick Spenc St Cerp 16 4
.. Willys-Overland ... 8
.. Willys-Overland pf. 39J2
. . Wilsen ft Ce 41 14
8 Woelworlh F W...le1'a
4 W01 thing-ten pmnp, 531.
.26 Wright Aero 8
Total sales. 822,200 shnrcH, compared with 1,571.30(1 shares jesterda. Thus far this vveeU.'V Mii.MJO
88
28 J4
13
3414
1014
714
13
35
17
23
5514
6714
104
1li
3114
Hi 14
13514
4154
37
10J4
514
15'.
67
69
8814
33
56
20
27 Ji
20
105
56
6Ji
7614
28 14
11
2
2014
13
63
31 '4
8
68
53Ji
61
54
42 14
1014
8214
2914
67
1 7214
38 Ji
94
36 Vi
1914
914
15
93
31
1714
76Ji
27 14
84
4014
31
101 14
1231-4
99
1514
78
46
34
33 Js
54
79
46
10
60
4
30 " s
30
43
17
4,A
SJs
11
76
1314
0
44V2
25
44
e8
23
55
95
173
114'i
39
50
115Ji
5'4
5
3814
3
2!2
1"j
44
41 13
34 1
271,
22 'B
3
29
40'j
9
41 l4
61
18
136 '4
7314
3114
70 !j
4514
146
14,'i
33
47
36
68 1 i
5
46 Ji
t3'4
63 H
105
37
97
117'4
64 Ji
"16
4314
34
76
11
9'j
3114
IO14
I814
19
E5Ji
88 J,
61
9'4
I914
43
9
15Ji
8
3914
41 I,
161 Ji
53
8
14
14
54
14
Ji
14
154'
2J4
'14
''14
54
'54
Ji
54
14
114
3
14
14
114
114
" 14
1
it
J-a
14
' 14
54
'
4
'4
Ji
Vt
li
88
,29
13J4
3514
10
35
57
5714
104 54
19J4
3154
16-
13554
4114 37
10J4
514 1514
67
71
88 54
33
56
21 -
2854-
20
105 J4 -56
-
7
77
28 54
11 -
2
20 54
1454 65
31 54 -
8
68
54 -62
56
4254
10
C314 1
29
67
7214
3914 b
94
36-1954-9
55
93
31
1714
76J4
27 14 -
e4-
'40 3
:z h
101 14
12314
99 Ji -1514
-
79
46
i
E5J4 S
80 61i r
18 -601i
4
30 J4 t
30 '4 i
44 J4 !
17 -
4U-
6 -1
11
7684
13 '4 -
8 -44
IJ -25-4514
90
24 -J
55 r
15 -173
-114JJ
40 -50
'i -
1 1 6 -5
14 4
5
:e'i -
3Ji -
2',-
IHj I
4414-
41 14
35
li -64
29
40'i -
9
4!'2 t
61 -19
137 -r
73J2-J
31 ;
701J 45ii i
146
15 1
34 li 4
8 f
37 J
69 4
514 -46
'i -64
63 ,
105
-18 f
97 Ji t-
117'4-f
65'i F
16 (
44 14 i
34 -76
-11'
h
9 J
31 1
10 i2
18
19Js 1
56
88 Ji -b2
'4 (
9 -19
-41
9's
CONTINUED ACTIVE
DEMANWP.R.T.
Remarkable Change of Attitude
Toward All the Prominent
Lecal Stocks
The continued active trading- in V.
It. T. was the outstanding feature of
the local maiket. Several Inrec blocks,
including one of 1000 shares, were taken
during the brief session which elevnted
the stock te a new high for the ear
nt 33, which is within n point of the
hlcli record of !!4Ti cstnblMicd in
11)17. TrndliiR wnn ilsn broader in
Union Traction, which renclied n jiievv I
lop nt 11'. j
Seme profit -inkiiift nnpeared ln
Pennsylvania Ilnilrend. nil of which'
was readily taken, lint, the lirice move- i
majit vn minevvcr llinii for some few
days. While (here was n substantial
failing off In the business in the gen
eral list, the inniket ns u whole retnlncd
a tone of decided Ktiemrth. An inter
esting feature was supplied in the mil- j
mntcti mivnnee of ever J points in run
ndclphln Insulated Wire te 'Mni en
comparatively miiiiII trulisictleiH. This
Indicated little Meck pressing for sa'le.
tne maruet for which having been mere
or levs of uiieeitiilnty after the failure I
of the banking linn, which was the .
principal t-pensur.
Winnll friu tleiial gains were inane n.v
T.nbf. S!ntiriif,ii. A ,tii,!,ri i Slrtrp ntul'
.i,... ....I.....,,, ,,,,.,,..., .j... . . .
I.chlgh Valley. Slight -lindlng occurred
in the Philadelphia Klectric Hiuc".
The week's happenings In the local
market were net only of n highly In
teresting diameter, hut weie such from
which mnny were able te derive consid
erable encouragement. Frem nn In
vestment viewpoint the outstanding de
velopment was the pioneuneed strength
nnd material ndvnuip In the Meck of
Peiins.vlvjjiiln Hailrend. Tills in ltvelf
would net call for mere than parsing
comment and could. enMlv be Inciden
tally associated with the general uplift
of pricex Ilcliind it wan a comprehen
sive motive. Thnt vvim tiie official Hm
suranee of an early reM.orutien "f tlie i
II per (iii dividend rate. The annual
lepert was a i!i'iiMiiit Kiirprl'-e. show- '
ing earnings mere than Mlfticlent te
meet tlie reipiiiciiients of the 4 jier cent
dividend lust ,eur. In tlie Iiim M
weeks, however, there luis been u pio pie pio
neuncd quickening of trallic movement
all along I he vaM system. This im
provement has been especially inn iked
east of l'ittsbiiigh. nnd which Is con
firmed In the Increasing operations of
the steel Industry nnd the ether con- '
trlbutlng or associated industries. Iliisi-
! I.. .!. Wf.l.ll.. 11'... .. I,. ..:..! I....
ut-pn in mr .iiimuc eum is imimhk .
up mere slmvlj. It is only n question
of a slieit time vvlien the same influent cs
will extend te thnt section. Tlie only
regrettable pint of the rapid leeupera- i
tlen of tin1 JVnns.vlvnniu prepert.v ami l
the at cempulsing enhniieeiuent In the l
market value of its securities is that
the blighter pieinlscs new held our can
net overcome the unfortunate losses'
many of tlie small holders unwillingly
took net many months age because of
the pessimistic utterances exptcssed by
certain Interests who because of their'
position should have been mere guarded I
in their remarks.
'The continued uninterrupted advance
In the stock of the Philadelphia Itnpid
Transit Compan was another gratlt.v
Ing development, especially te these of
the sliaiehelders who hntf the courage
nnd tenacity le retain their holdings
since the suspension of dividends and
ether li-jing periods. Net only does
the present Increased market valua
tion of the stock virtually assure the
fulfillment of the dividend premises, but '
It iilse (an be accepted as a reliable
rcllev of ceitaln ether conditions which
are icrtiilii te stiengtlien both the phy
sical ami fimtudtil position of tlie com
pany, it Is enlj surpilslng in view
nf the knowledge of these almost cer- '
lain accomplishments n wider interest
luis net developed fur the securities of
l lie undeiljing rempnnies, the position
of which tit e Miriespeudiuglv strength
ened with mete robust suite of the op
crating (enipau.v .
Still another grntif.ving movement
was te he found in tlie ftiiiher advance
In llie Phil.ldelpliiu Kketiic shine.
There seems te he little doubt new as
te the Incteu!' in the dividend rate en
the common te an per cent basis.
While being merely n lellectien of the '
wide spot illative movement en the "big
beard." Kiettrlc Storage Ilnttery cotn cetn cotn
mended a great ddil of liiteiet b lis
spectacular upwind lliciit. I'tem all
lndic.itleiis vet j little of the stock, that
i te nv. the Hunting uplv, new te
inains in till cltv. In fact, it I known
secilllties icpicentlng evv net ship of
smile of the iiilglniil holders have come
eill within the l.tst weeks. West
.lerse.v mid Se.islmie. as tesult of ac
cumulation in piegie ter seiiii.
nieiiths liaik. or shice the sMnpiweii
of dividends, made a substantia n.
li vmii'e te I!" These who should knew
li MIJ the sleik is still veij i heap at the
'i i cm rent qtioi.tiieu
5
Tra of Atl Taxmi' in Pinntvlvanta ta thm Extant f A hi 111 m l
Par Dellar Far Annum (Excapt JSuccattien and Inhar
ilanea Taxaa and Stata Incema Taxaa)
Metropolitan Edisen Company
(PENNSYLVANIA)
First & Refunding Mortgage Geld Bend, Series "B" 6
Denominations, $1000, $500, $100. Due Feb. 1, 1952 '
Territery:
64 communities in Eastern Pennsylvania, including Read
ing and Lebanon.
Security:
First meitgagc en portion of properties; direct mortgage
en all properties, subject te $2,570,000 underlying (closed
mortgage) bends.
Valuatien:
Aggregate figure, based en engineers' report of October
31, 1920, plus subsequent expenditures and including
investment in securities of affiliated companies, $15,350,918,
as compared with total bended debt te be outstanding of
$8,718,000.
Earnings:
Fer 12 months ended February 28, 1922, gross, including
ether income, $2,782,663; net, $1,092,088. Annual inter
est en total mortgage indebtedness, $529,240.
Market:
Application will be made in due course te list this scries
of bends en the New Yerk Stock Exchange.
Price 98 and Interest; Yielding About 6.10
A circular fully descriptive nf thin isswe tui'i7 be supplied
upon request.
HALSEY, STUART & CO.
INCORPORATED
Land Title Bldg., Philadelphia-Phene Locust 7410
niif'Arie
ninueiT
Xi:W YOltK
.mii,walki:i;
riiii.AiKi.rniA
MIN.VKAl'DMS
IIIISTtlN
ST. l.OtlS
14
2'4
1
Mutual
Trust Company
Main Office: Bourse Bldg.
BRANCH OFFICE BRANCH OFFICE
60th and Ludlow Sts. 2809 Germantown Ave.
Statement of Condition at jf Clese of Business,
April 4th, 1922
RESOURCES
Cash and Reserve $518,509.29
Bends and Stocks 855,337.26
Leans 2,228,550.62
Mortgages Owned 375,725.00
Office, Buildings and Lets 189,225.92
Other Real Estate 24,894.24
Furniture and Fixtures 32,106.38
Customers' Liability 'Account Acceptances 27,029.92
.$4,251,378.63
LIABILITIES
Capital $438,043.00
Surplus and Undivided Profits 166,540.55
Acceptances Executed for Customers 27,029.92
Deposits 3.619,765.16
$4,251,378.63
TRUST DEPARTMENT
Trust Funds $77,637.27
Corporate Trusts 400,000.00
SAMUEL F. SCATTERGOOD WM. B. KESSLEB
'resident Treasurer
Philadelphia Stechs
1
8 I
'4
llltll 1 l) fins."
iM Am Sits ".i'.n, !isi psi ,
.". de 1st pf i;:i inn'.. i:u
1il Am (ins I,:: r,: ,:?
llil' i ll'J'i ill",
,t hl.r
..
u
14
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STATEMENT OF THE
REAL ESTATE TRUST COMPANY
OF PHILADELPHIA
At thr Cleie of Business, April 4, 1922
KUUUKLU
Cish in Hanks nnd Vnulta . .
r r.l R.,oerve Rends nt Par
Leans upon Cellnteral
Investment Securities Owned
Ileal Estate nnd Vault
Miscellaneous Assets
P
LIABILITIES
Cnpital Stock
Surplus
Undivided Profits ;;
Sinking Fund for Lensehejd
Dividends Unpnid ,
Bills Payable (Fer Libeity Bends) ....
Deposits ;;',
Miscellaneous Liabilities
2S7.000.00
2,133,778.57
4,:j03,940.52
.V263,028.fi!)
352,890.10
tmnmit nf Tiust Funds Invpstetl
mount of Trust Funds Uninvested, including
Principal and Income awaiting investment and
distrumuen
$11,613,826.10
53,237,900,00
500,000.00
306,876.08
228,091.20
... . 259.00
... . 235,000 00
.. .. 0,5114,978.09
539.820.S3
$11,613,826.10
$29,949,859.13
C 11,920.4(5
$30,594,779.59
GEORGE H. EARLE. JR.
I'rrll'nt
EDWARD S. BUCKLEY, JR.
fmiaurrr
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Raw Sugar Quiet but Steady
New Yerk. April S. The raw sugar mar
ket la qjlct. but steady will: Cubna for
April ihlpment uuetcil nt 2 7-lllc, tnit and
frclKht, Jid (or May ihipment at SVic, coat
and 4lfht.' There wera no aalei reported
yeitfjay. Importatleni- pn that day ln
j'Rny, nnd nioe bagH te nn Importer. The
local refined market la unchanged with Hat
prices laiiKlnc from O.'.'Se te 5.50c. lesj "
per cent for caah.
Prices Heavy en Paris Bourse
Parii. April 8. rrlcei were heavy .en the
mice utr nv renin, AT
i ii
.vh.bw ,WM.
Ai.iiV.jri gj nnn naaa iTunaa fa iiia tiTA..tti !.- n ......
BJ.lRefinln. " JemiYnVi S.000bar'C IKZXZ V7 AS KSiV.'BTS?.,S-"i,S?2Di nlchmend tl '
i he lftleiilvflviar Hennlnic ".P-nyiJO, Mr,ninu., The dollar wai aiftirvrtilAiyiri?-"' lMl
Reserve Banks' Discount Rates
Official rediscount rate at the twelve l-v.l
eial llracrve Ilankn nt0 n rollem;
Trena. l.lb ueni'l nkis.
ctfa Henda 1'aper Aitent
iioaien ,
New Yerk ,4sl
Philadelphia ...VVlva
Yd Yi? '
P 1 is
Vn
1220 Tone Pel
lMIToue Mill
(1(1 I'nlen'l'i.ii'
11)2 I (II ..
.'illtl de pii f . .".".
K'.il W.lcr S no
lit) Voik ltvvj 22
t i hncA m.i e l.
i h en Ni crk sie.k Kx.h.inK
'lulll pl 15 I'll linte, rmnp ir, nm,
JI nji sh.ii-s veiiinln 'Ihustn thi-. u tu
IS I s'Ji sh.iri'
i'iiiuni:i.riu iiiinds
,'ll(l(i() I. Ibenj 2d l',s, '12 ... i:i ;
10(10 hllieitj 2d l,s I2. . , !i) -s
.'lllllll l.ilieitj .".d l'is "Js lets '.III ,-,(l
101)0 l.lheilj 1th -l',s 'lis. . . .,V'
71(00 vii mi) r,s, 2:: .iiiB itiii.ne
1000 Amer (ins Llec ."is, , , , S4..
1000 Amer (ins ,V Lice 5s. . . . S4 "
3000 Jteli Telepliene 7b J ()-!,.
1000 Cens Triii' X .1 5s. . . .leta S,'liT
1000 Electric & Pce 4s (Km
5000 Kcystenti Tel 1st Is.... W)
Total. tllA.AOQ. remrarril with t.tfivTSO
jeitertUur, Thua tar tbla week. M0,0l.
Shrevespert & Elderado
Pipe Line
Bought and Sold
Frederic H. Hatch
&Ce.
74 Broadway, New Yerk
Phila. Telephone Lecuat 52.30
Spruce 8200
r
United States
Government
Securities
Safe Bends for Investment
Halsey, Stuart
- &Ce.hc
U. Ttunir7m
hi:cl IIHIKS lli:i'ART.MKNT
COMMERCIAL
TRUST COMPANY
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