Kffi.1 iW liH t h v ?l I IS Ik LVj. iif- :& $ r fcV I" r IF B I'). ft Iff ft-I 1J4 a tot. 8f - r IV p.w H,i., m.. Vt tgfe MHmmm attire .. m saW . W. '' tl y : 1 EaHH ,Wi A(K k ttM. a m iuhpip 2H I .BV BB. BRasT H IfflAKfttl.UltfLATtU MORE RESISTANCE Carolina, (Jlinchfield & Ohie Railway atpmt TnU $"f CM Nettt 1 We offer the 1924 te 1935 maturities at prices te yield about 5.50 te 5.75 According te maturity Circular en request TheNatienal City Ctmpaay Philadelphia 1417 Chestnut SI. Atlantic City CfcalfenU Bleck 122S Boardwalk Familiar Hesitancy Followed Opening Rally Brought by Short Cevering OB Municipal Bends There are eighty-nine Municipal issues listed in our Bend Circular. They mature from one te fifty years and yield from 4 te 5.20 Asl: for Circular F-ll Harris, Ferbes & Ce Pin St., Cor. William NEW YORK Philadelphia Olf!: Widener Bldg. Telephone Spruce 7040 Bends Payable In Foreign Currencies The pound sterling in terms of dollars has ad-' vanced about 23 from January, 1921. The cur rencies of Sweden and Denmark have also been approaching par, while the Swiss Franc is new at a premium as com pared with American cur rency. These advances indicate the opportunities that exist in certain securi ties, the interest and principal of which are payable in various foreign currencies. Oiir list of such bend en request. Hemphill, Noyes Ck Ce. JfomfteM Ntw Ytk Stoek ZgcAanJ Franklin Bk. Bldg., Philadelphia Mew Yerk Bettem cVrantai New Yerk. Anrll 28. The hesitancy , usually encountered following n period i vieiem iiiicuinuenii prevaiieu in to day's stock miirket. While the market wni without n definite trend and prices hacked and filled according te the In fluences of the readjustment process, trading, nevertheless, assumed n mere tranquil aspect. There was u notable absence of' the heavy liquidation of speculative accounts witnessed In the Intc trading yesterday, and what further selling there was of speculative holdings was mere than counterbalanced by the covering of the professional shorts. The latter operations brought sharp rallies In a number of the recog nized peel Issues, but there seemed te be little disposition te force the re covery : the market, en the contrary, gave all the earmarks of being allowed te drift for Itself. A sounder condition was In evidence from the beginning of business, al though this Impreuul position was net fully reflected in appreciation In val ues. The list as a whole showed greater resistance, and Instead of gaining mo mentum en the side of declining prices there was u perceptible slackening of the trading en the declines. Dealings In the first hour barely aggregated 300, 000 shares, which was considerably un der the record of this usual busy period of the day. Superficially this indicated n temporary culmination, at least of tlie selling itirtemeiit. and made the re actionary party mere cautions in their efforts te (orce the downward move ment, while "emc of the mere timid hastened te cover outstanding commit ments. These covering operations un questionably contributed te many of the substantial gains made In the earlv dealings. When the demand from this quarter slackened the buying power was net very robust, and as a result part of the initial gains were surrendered. Oils assumed a commanding posi tion during the morning, most of the domestic issues, ns well as Mexican 1'etreleum. Pan-American Petroleum nnd General Asphalt, gaining one te three points. Independent steels scored further advances and meters and re re lnted subsidiaries roe one te three points. Xew Yerk, Chlcuge and St. Leuis rose UVj points nnd moderate "trcngth was shown by St. Paul pre ferred, MUseuri. Kansas and Texas common and preferred, Ann Arber pre ferred. Chicago and Eastern Illinois and linltimere nnd Ohie. Before neon realizing fcales in Mexican Petroleum. BtuueDaser, cnemiler and Industrial Alcohol resulted in reactions averaging one. point. ' ' ' '' ' - '- j'--i:l-g3' a J " NEW YORK STOCK EXCHANGE TRANSACTIONS Spruce 8200 tJL United States Government Securities SECURITIES DEPARTMENT COMMERCIAL TRUST COMPANY Member Federal Benenr System City Hall Square West Commodity Markets GRAIN MARKET Chicago, April 2S. The wheat mar ket declined c te c at the opening en weak cables from Liverpool where prices closed l4c te 2d lower, but rallied and regained the less en buying ngalnst a Greek order for 1,500,000 bushels of Manitoba, which was placed with three leading expert houses and en covering. Cern started c te c lower, but rallied with wheat and en evidences of expert buying and ndvnnced te above tbe previous linal. Oats were steady but with unim portant price chances. Previsions were steadier ewinc te an advance of Oc te 10c In the price of negs. Previous Cern May July 3tDI Wheat May July Sept Oats May ... . July .. . Sent Hye May July ... . Lru July . . Clese 044 1.414 1.26 1.1SH 40U Open 044 1 (.7 , 1.4014 1 1.254 Mb1. 374 r 1.0714 r 04 Ji 67!i '1.40S n.sa'4 u.is'i 374 I0U 1 P.M. 61 04 074 1.40 1.2.14 1.174 37 4 40 U, 414 1.04 11.10 11.10 COTTON MARKET New Yerk, April 28. Only fourteen notices were Issued, and May contracts, i in the absence of pressure, opened 3 points higher, while later months j -tnrted 1 te 4 points lower, influenced ! by less rain in the Southwest. New ' Orleans, Liverpool and spot houses i sold. Southern wire concerns were the beat buyers early. Later, the market ! was steady and fairly active, with lit- ' tie change from first quotations. I Tat. cleift Onen 1 P. M. May n fli) July 17.I1D October 17.A.1 December IT., 0 January 17. a". March 17.89 18.03 17.011 17.63 17.HU 17.02 17.0(1070 IS. IS 17.72 17.82 I We own and offer Southern Indiana 1st 4s, 1951 Guaranteed principal and interctt by the Chicago, Milwaukee and St. Paul R. R. Price te yield ever 5.509'c WlOINOI lit. BUlUOUMUA UXAafTN. M I. Mtmitn riiUAplii :J t'm )ri Smi xtijpi NEW YORK COFFEE MARKET New YerU, April 28. Political com cem com tillcatiens abroad seem te hav hreucht ' "bout heavy liquidation in the Rie and Santes market, leaving them in n very ' nervous state and subject te rapid fluctuations. Today's cables showed lower markets again there nnd this was reflected in a lower opening here, call I prices being 2 te 0 points lower, the I 'Istant months showing relative weak-new. Lute In the forenoon, far months advanced quite sharply en covering nnd tin bulge carried values one te two points above the level of the previous closing ftRurfts. There was a fcclln; In some local quarters that the recent declines had carried values down mere than warranted by general conditions and that nt present levels outside long buying might result. The local spot market was quiet, with Rie 7' quoted at 10. Yent. den May 0.be4Hl July (i. ) September 0.880 311 Dwember ... 20W31 March l.27 Dlv. Sale in I 100 .. 200 600 200 200 200 600 100 200 100 100 400 100 800 400 100 200 100 100 1000 100 300 300 300 400 1700 200 900 200 100 100 200 200 100 200 100 100 600 200 500 100 100 100 2200 400 1700 100 100 100 1100 100 100 2200 100 400 100 9500 1200 8700 12800 3800 100 100 5700 100 100 2200 200 500 400 100 300 100 403 100 1300 200 1000 1100 200 10J0 2400 500 100 400 100 203 3100 400 203 200 loaeo 8400 100 100 3100 4300 930 100 6100 200 100 100 2300 2600 200 100 3300 7200 2300 1500 700 100 100 1200 STOCK Hlsh Advance Rumelv .. 17 Mi 4 Air Reduction 55H .. AJax Rubber 17Mi .. Alaska Oeld Mlnea. H . . Alaska. Juneau O M 1 H 4 Allied Chem Dye. 65 4 Allli-Chelmera .... BO 7 Allls-Chalmers pf.. 98 Hi .. Am Agrle Chem.'... 38U .. Am AitIe chem pf. 66 Hi .. Am Beet Sugar.... 40 H .. Am Betch Magneto 43 Hi 4 Am B Shee Fdy new 60 . . Am Can 47 H 12 Am Car FVIy....161 .. Am ChlchO 12 H) . . Am Drug Syn 6 .. Am Hide & Leather 15 . . Am Hlde ft Leath pf 6814 7 Am Ice 106 . . Am Internat Cerp.. 44 H 1 Am-La Prance Eng 11 H .. Am Linseed 33 .. Am Linseed pf 55 H 6 Am Locomotive ...114Ht 4 Am Radiator 97 H .. Am Safety Raier. . . 7 Hi .. Am Ship & Cem.... 18Hi .. Am SVnelt 55 W 7 Am Smelt pf a7yi 8 Am Steel Foundries 38 H 7 Am Steel Kdys pf..l00 .. Am Sugar Rcf 74 Ji 7 Am Sugar Kef pf..10t .. Am Sumatra 34 . . Am Sumatra Teb pf 62 Hi 9 Am Tel ft Tel 122 12 Am Tobacco 13BK 6 Am Tobacco pf new 10 HI 12 Am Tobacco B 135 .. Am Waterworks .. 12 Hi .. Am Watrwks 6 pf 31 7 Am Watrwks 7 pf 82 Hi 7 Am Woolen 91 H .. Am Zinc Ld A Smlt 18K .. Anaconda Copper.. 52 H . . Ann Arber pf 47 4 Asse Dry Goods.... 53ft 6 Asse Oil 113Hi 6 Atch Tep ft San FelOOH .. Atlan Blr ft Atlantic 3H 7 Atlantic Coast Line 100 .. Atlantic Fruit 454 . . Atl aulf ft W I S S 31 Hi Austin Nichols 24 (i .. Aute Sales Cerp pf. 14 .. Baltimore ft Ohie.. 47 4 Baltimore ft Ohie pt 60 7 Baldwin Locemotlvel 15 .. Barnsdnle Class A i6(i .. Bamidale Class B.. -84 .. Batepllas Mining... 1 C Bethlehem Steel.... 74 5 Beth Steel B 77 ft .. Beeth Fisheries.... 5ft 7 Brit Em Stl 1st pf. 75 Hi .. Brooklyn Edisen rU 214 . . Bklyn Rapid Transit 21 H .. Bkln R T ctts of dep 19fc .. Brklyn Union Oas.100 .. Brunswick Ter 3 Hi 8. Bums Bres A 1 33 7 BumB Bres pf 98 7 Bush Term Big pf. 97 . . Butte Copper ft Zinc 7 .. Butte & Sup Cep... 29Hi .. Cadde Cen O ft R.. 1314 6 California Packing. 79 Yz .. California Petrel... 55 H 7 California Tctrel pf 95 Hi .. Callahan Zinc ft M 7ft 10 Canadian Pactfte. . . 1 40 .. Carsen Hill Mining. 13 7 Case J I 1st pf . . . . 83 ...Central Leather.... 37 Ji . . Central Leather pf . . 71 Mi .. Cerre-de-Pasco .... 36 Ji 6 Chandler Meters... 75 4 Chesapeake & Ohie. 64 .. Chicago ft Alten... 816 .. Chicago & Alten pf 164 .. Chi & E 111 (new). 36 ft . . Chi ft E III (new) pf 59 .. Chicago ft Or West. 8ft .. Cht Great West pt. 21 U .. Chl Mil ft St P 26J, .. Chl Mil ft St P pf.. "3H 5 Chl ft Northwestern 74 Ki 7 Chl ft Northwest pflOB .. Chl R I & Pac... 45(4 6 Chl R I ft Pac 6 pf 02 '4 7 Chl R I ft Pac 7 pf 95Hi .. Chi St P M ft O pf 9714 .. Chile Copper 184 4 Coca-Cela 56 94 .. Cel Fuel ft Iren 30 3 Colerado ft Southern 50 6 Celum Gaa ft Elec. . 87 J4 .. Celum Graphophene 5 4 Cemput Tab Ree. .. 77 J4 7 Consolidated Gas... 1 16V; . . Consel Textiles .... 13 .. Continental Can.... 65 5 Cent Insurance. ... 71 14 4 Cern Products iier.iujft 43 ft Crucible Steel 64 7 Crucible Steel pf. . B8 . Cuban Am Sugar... 2214 . Cuba Cane Sugnr. I5H . Cuba Cane SUKOT Df 34 Davisen Chemical.. 60ft 56600 2V4 Cosden ft Ce 1800 100 1300 300 100 600 55002. 80 Debeers C Mln Ltd 21 H pen Open 0.S1 . BO0BS tl ft4$33 D.23V25 0.23 3J24 l! Schuylkill Haven, Pa. Gas & Water 5 Bends Yielding Sya rartlcalare en Kequeit V. W. MILLS & CO. Stock Exchange Bldg., Phila. C. S. PAtTON & CO. BTBVKMSON HuermMMir te AlbEa a mU MJt. baniht aM Mli. Ste.h Krhana. FOREIGN EXCHANGE t New Yerk, April 28. Opening fig-1 ures in the foreign exchange market this ' ' morning were irregular. There was a ! I decided overnight drop in francs, lire ' and the Scandinavian exchanges, whue I sterling and murks maintained their po pe ' bitiens. At the end of the first hour francs showed further weakness, declining te (MO offered for cables and 0.15 for checks. Sterling held nt 4.42'Jh for cables and 4.42& for demand. Llre cables were 5.27U. checks fl.20 J marks, .35 'A. The premium en New Yerk funds In Montreal today was per cent. The discount en Canadian funds In New Yerk today was 1 0-10 per cent. In Central European exchange tedny there was continued strength In Fin nish, which were quoted at 2.00. The rest of tne mantei wns irregular en a moderate amount of business. Queta- , tlens were: Rumanian, .71; ISuIgar-i inn. .70; Serbian, l.Jtll; Greek. 4.50; Polish, .(i-'tj.i; Austrian, .muz ft, Hungarian, .13. VBHTEKIJAV'S Or.O.lHO QUOTATIONS Pterllna- Francs Urw Oulldera Demand .... 4.424 0.22 A.xittt 3H.0S Cablia ... 4.42S 0.22V4 B.33 88.U8 TODAT'S OPENINO QUOTATIONS Miitrllnv PraneM Lira Gulldara I.42J, H.17'. B.2tt 3S.0S ' it. in- u.tixi jn.ia A Del Lack ft West..115 1 Deme Mines 26(4 12 Elee Storage Bat... 168 .. Elk Hern Ceal.... 20 C Endlcott-Jehnson . . 84 7 Endlcott-Jehnson pflll .. Erie 13 94 .. Erie 1st pf 23 H .. Erie 2d pf 15(4 8 Famous Players L. 81 8 Famous Players pf. 94(4 4 Fed Mln & Smelt pf 44 10 Fisher Bedy 1189 8 Fisher Bedy of O pf 96 .. Flsk Rubber 18 Hi . . Freeport Texas 17ft .. General Asphalt.... 61ft C General Cigar 72 7 Oeneral Cigar deb pflOO 8 General Electric. ... 1b3 .. General Meters.... 12(4 6 Gen Meters pf 79 (4 C Gen Meters deb 6 79 7 Gen Meters deb 7 93 94 .. Goedrich B F 40 ft 7 Goedrich B F pf... 8'J .. Gray Davis 17H 7 Great Northern pf . . 74 4 Great North Ore ctfs 40 ft .. Guantanime Sugar. 11 . Gulf Mobile ft Ner. 16. .. Gulf State Steel.... 82 94 7 Gulf St Steel 1st pf 96 .. Hablrshaw EI Cable 2 94 1 Hupp Motorcar .... 18ft .. Housten Oil 77(4 .. Hydraulic Steel.... 7(4 7 Illinois Central 105ft 100 .60 Indian Refining.... 694 700 .. Indlahema Iter ft COO . . Inspiration Cen Cep 0 100 2 Interb Cen Cerp... 3ft 100 2H Int Cement 36 200 2 Inter Comb Eng. ... 26 -200 .. Interb Cen Cerp pf 8ft 1503 .rfnt Mer"Marlne. ... 23(4 G Int Aier -Murine pi. . ej . International Nickel 189a . International Paper 47 ft . invlnclble OH Cern. 1794 . Iowa Central 10ft . island Oil ft . Jenes Bres Tea.... 4194 . Kan City Southern. 28ft . Kansas ft Gulf.... 5ft . Kelly-Spg Tire 49 W 6 Kelly-SPK T 6 pf 84 0 Kelsev Wheel 102 . Kennecett Copper.. 30 4 . Keystone T ft R. . . . 21 (4 500 1500 200 200 303 100 1500 1900 100 1500 100 200 30O 100 2300 400 1500 200 200 100 15200 1u0 200 100 1000 500 100 1100 2103 203 100 1900 300 700 200 200 200 600 500 2300 200 2500 1300 200 403 600 20700 3300 100 100 700 2200 Lew 17ft 5594 16ft H 194 63 49 ft 98 ft 38 ft 66 ft 40 ft 44ft 60 47 160 12J4 6 15 68V4 104ft 44 94 lift 3294 55 94 114 9694 7 17 55 ft 97 ft 38 ft 100 74ft 101 3314 62 ft 122 138ft 10194 135 1214 31 82 ft 90 ft 1794 51ft 47 55 ft 113ft 9994 3Ji 100 4ft 31 ft 24ft 14 4594 60 ft 114ft 54(4 37 ft 1 74 779 5ft 75(4 2ft 21ft 19ft 99 3(4 132 98 9694 7 284 13 79(4 E4ft 95 ft 7 139 1294 83 37 ft 71ft 6ft 73 ft 63 8(4 16(4 3494 56 8ft 21ft 26 4294 74 108 44 ft 82 ft ft 97(4 18ft 55ft 30 50 86ft 494 77 11594 13 65 71(4 101ft 4194 63 4 l 86 2194 15ft 34 60 H 20 J4 115 26 167 20 ft 83 111 1394 22(4 15ft 60 ft 94(4 44 115 96 18ft 17 6094 72 100 Ifc3 lift 79(4 79 9394 40 ft 89 1794 73 K 3094 11 16H 80 W 35 ft 10ft 77 ft 7ft 105ft 694 4ft 3994 3ft 36 25H 8ft 22 ft 62 ft 18 47 ft 17ft 9 ft 41ft 2794 5ft 48 ft 84 102 30 ft 21ft ;: i 1:80 Net P. it. Chl. 17ft Hi 35 H 17ft H 7 1H 63 49ft J4 88ft 38 ft 66 ft 40ft 60 47 ft f 161 12ft- 6 15 68ft 106 4494 94 lift 33 55- H 114ft 4- ft 97ft 2ft 7ft ft 18ft 94 55 ft ft 97ft ft 38ft .. loe 74ft -b 101 34 4- 62ft- 122 - 138ft 4- 101 94 135 - I2H- 31 4- B2A- 91 4- 18ft 52 4- 47 4- 55K4- 113ft- 10094 t 3ft 100 4- 4ft4- 31(4 4- 24ft 14 - 47 4- 60 ft 115 5594 4- 38ft 4- 1 74 4 7794 4- 5ft 75(4 2(4 4- 21 ft 4- 19ft4- 100 4- 3ft 132 ft 98 -b7 7 4 29 4" ft 4 55 4 95 ft- 7 - 140 4- 124- 83 -r-3794 4-71ft-36ft 4 74 4 64 . 8ft4-16ft-35ft-58(4 4-8ft-21ft-26ft 4394 4 74ft 4- 108 -45ft Kft 93ft 4-97ft-18(4 50 4 8694 494 77 4- 11594-r 13 65 4-71ft- 103 ft 4 42 ft 64 -f 88 4 21 ft 4-15944-34 60ft 21ft- 115 -26 - 168 20(4 84 -111 134 23 94 15(4 094 4 94 ft 44 115 -9694-18ft-17 61ft 72 - 100 163 12ft 79(4 79 9394 40(4 89 - 17H4 74 40 11 1694 81ft , 96 294- 18ft 77(4 7ft 105 ft- 694 4ft 3994 3ft 36 25H4- 8ft 23 ft -47ft ft 4194 4-27ft- 594 102 -30ft-214 4- V "Hi 2ft ft 94 H ft ft ft 1ft ft ft ft 1 ft ft 94 ft ft H ft " V !4 1ft 1ft 'i(4 94 !4 1 V4 94 14 2 Hi ft 1 ft ft 94 Hi ft 14 ft !4 94 ft ft 14 y i 94 y 14 114 14 14 "Yk 14 2 94 . Dlr. 8l in I STOCK Ills 100 ( Kresge 8 8 .141 600 .. Lackawanna Steel.. 58ft ;w .. Lake Erie ft West.. IV we . . Lake Erie ft W pt. . 36 400 2 Lee Rubber Tire.... 33 300 IH Lehigh Valler 62 100 7 Lima Locomotive... 110 300 .. Loews Ce 17 300 1 Left Candy 12! 300 . ..Loese-Wiles Biscuit 48 100 .75 Mclntyre new 17 300 .. Mack Truck Inc.. 4H 200 7 Mack Truck 1st pf.. 83 200 7 Mack Truck 2d pf.. 78 300 .. Malllnsen ft Ce.... 20ft 100 .. Manatl Sugar 46 100 7 Manatl Sugar pf... 73ft 300 4 Manhattan El Sup.. 66 ft 200 7 Manhat Elev Guar. 49ft 200 2 Manhat Shirt 394 200 Mar St Ry pr pf.. 62ft 100 .. Mar StRwy 2dpf.. 28 200 .. Martin Oil 28ft 300 .. Martin Rockwell... 20 200 a Martin Parry 31 300 .. Max Moter Class A 66ft 100 .. Max Moter Class B 19 300 g May Dept Stores... 1T9ft 6200 ia Mexican Petroleum 1 29 94 100 7 Mex Petroleum of.. 90 100 2 Miami Cenner 2BU Lew 141' 53ft 1694 ft ;;$ 42001.20 Middle States Cerp. 14ft .. Miavaie Steel 3794 .. Minn ft St Leuis.... 12ft 7 M St Pft S St M.. 60ft . Me Kansas ft Texas 1 1 ft .. Me Kan ft Tax (wl) 18ft .. Me Kan ft T pf (wl) 42ft .. Me Kan ft Tex 1 aw 22ft .. Missouri Pacific... 23ft . . Me Pacific pf 87 7 Mentana Power 70ft 3 Mentana Power pf.108 .. MontgyWardftCe.. 2.14 .. MulllnsBedy 30 .. National Acme.... 1994 7 Nat Biscuit 143 .. Nat Cen ft Cable.. 3 .. Nat En A 8tamp.. 40ft .. Nat R Ref M 2d pf 6 .. Nev con Copper. .. . 1694 7 Nattennl Lead pf..111ft 6 N O Tex A Max.. 6694 .. N Y Air Brak 7894 k wow Yerk Central.. 89ft 5 New Yerk C & St L 654 3600 100 100 200 14500 4700 500 200 300 100 100 200 100 100 200 100 200 100 600 100 600 100 2300 800 12100 1200 1400 700 300 1000 2100 3200 100 500 300 6100 500 8200 1400 400 100 00 400 1200 900 1500 100 6300 1300 loe 13100 400 1 000 2100 32 3ft 18ft 14ft 35 13 71 1 94 94 '4 14 1ft 94 ft ft 94 14 14 ft ft ft ft IH ft ft 14 1 200 3ft New Yerk Deck. . New Yerk N H A H 28 ft 3 New Yerk Ont A W 27 H 7 Norfolk & Western 107 C North American.... 59ft 3 N American pf ctfs. 42 . North Amer rts ... 7ft S Northern Paclfle... 75ft . Okla Pred A Ret... . Orphcum Circuit... . Otis Steel 1 Owens Bett Mach.. . Pacific Devel Cerp. . 6 Pacific Gas A Elee. . 3 Paclfle Oil 5894 6 Pan-Amer Petrel .. 62 ft 6 Pan-Amer B 55 . Panhandle 7ft . Parish A Bingham. 13ft 6 Peeples Gas Chicago 86 ft 2 Pennsylvania R R. . 41 94 .. Penn Scab Steel.... 10ft . . Pere Marquette.... 30ft C Pcre Marquette pf. 07 2 Phillips Pet 42 .. Plerce-Arrew Moter 22 , . Plerce-Arrew Met pf 44 (4 ,. Pierce Oil 10ft 8 Plerce Oil pf 5994 6 Pitts Ceal 64ft .. Pitta A West Vs... 334 BOO lft pond Creek Ceal... 2194 1000 6 Pestum Cereal 71 .. Pressed Steel Car.. 79ft 7 Pressed Steel Car pf 97 ft .. Producers Refiners. 35 . . Pub Serv Cerp rts. ft 8 Pullman 12394 .. Punta Alegre Sugar 38 ) 2 Pure Oil 33(4 4 Railway Sec....... 65 8 Railway Steel Spg.,101 .. Ray Cen Copper. .. . 16 4 Reading- 7694 . . Remington Typewrit 31 ft .. Replogle Steel 31(4 . . Replcgle Steel rts. . 94 .. Repub Iren A Steel. 59ft .. Rep Iren A Steel pf te 100 100 7300 4500 1200 200 1300 40 100 1100 1700 100 100 300 3100 100 SO 1903 de Odd Let Reynolds Teb B . . . 31005.20 Royal Dutch N Y.. 100 l st Jeseph Lead.... 500 .. St LS W 100 .. St L Southwest pf. 4300 .. St Leuis San Fran.. 100 .. Saxen Moter 800 .. Seaboard Air Line.. 400 . . Scab Air Line pf . . . 1 00 . . Sears-Roebuck 1200 .. Seneca Cep Cerp... 100 3 Shell Transport. 8694 46 ft 61 94 1494 30 ft 47 3094 39i 8ft 12 ft 74 ft 13ft 45 ft 1 H 14 ft (4 94 14 1 194 ft ft ft 94 94 ft 194 ft ''A Vz ft 94 (4 ft 94 14 IH ft 114 14 94 94 114 1 14 J4 18200 .. Sinclair Consel 31ft 100 .. Sless-Shefflcld 43 ft 1800 Southern Pacific.... 89ft 1600 .. Southern Rail 24ft 100 .. Southern Rail pf. .. 57 ft 4300 .. Splcer Mfg Cerp... 19 1300 4 Standard Oil of Call 08 1100 6 Standard Oil of N J181 300 7 Stand OH of N J pf115ft 100 7 Steel Tube pf 80ft 100 2 Stewart Warner Spd 39 ft 1000 .. Stromberg Carte.... 54ft 25100 7 Studebaker 120 1200 .. Sub Beat Cerp 594 1700 .. Superior Oil Cerp.. 6(4 1100 ., Sweets Ce of Amer 3ft 300 .. Tenn Cep A Chem.. 1194 3100 3 Texas Ce 45 3100 .. Tex Gulf A Ship.. 44(4 1200 .. Texac & Pacific.... 34ft 1300 1 Texas A Pac C A O 2794 200 .. Third Ave 23(4 100 .. Tidewater Oil. ...131(4 500 6 Tobacco Products.. 68ft 100 . . .Tel St L A W Ctfs B 31 1100 .. Trans Cen Oil 1194 100 4 Transue Wm Steel. 41ft 13200 .. Union Oil 22 800 ie Union Paclfle 13794 100 4 Union Pacltle pf. .. . 76 400 ., United Alley Steel.. 34ft 500 .. United Drug 7094 100 3'j United Drug 1st pf 45 ft 100 .. United Rwy Invest. 16(4 400 6 United Retail Stores 50 ft 200 .. U S C I P ft Fdy.. 33H ion .. U 8 Feed Products 5ft 7400 .. U 8 Ind Alcohol... 5194 2400 .. U 8 Rubber 64ft 100 8 U S Rubber 1st pf . . 1 04 100 ..US Smelt A Ref.. 39ft 11100 BUS Steel 97 ft 400 7 U S Steel pf 119ft 100 1 IT 8 Teb Ce pf. ..110 400 2 Utah Copper b5 300 .. Utah Sec 17 94 1000 .. Vanadium Cerp.... 41ft 100 .. Va-Car Chemical... 33ft 1100 .. Wabash 1094 2100 .. Wabash pf A 31ft 200 1 Weber & Hellbrener 16 400 ., Western Maryland. 11 200 .. W Maryland 2d pf. 19 800 .. Western Paclfle.... 22ft 100 7 WeBtern Union Tel. 97(4 100 4 Westlngheuse A Br 94 1100 4 Westing E ft M.... C2 600 .. Wheeling ft L E... 10ft 100 .. Wheeling A L E pf 20ft 1800 4 Whlte Moter 46(4 3300 .. Whlte Oil Cerp 10ft 3700 .. Wick Spenc St Cerp. 17ft 200J .. Wlllys-Oqrland ... 8 400 .. Wilsen & Ce .'6 200 8 Weel worth Ce 1 63 Ex-dlvldenil. t Ex-rluht. 47 ft 174 43H 83 77 ft 20 46 73 ft 66 49ft 3994 62 ft 28 28 Hi 1094 31 66ft 19 11914 126ft 90 2894 1494 36ft 12ft 60 ft lift 1794 41 22 23 ft 57 70 ft 108 .2194 30 1994 145 3 40 ft 6 16ft 11114 68 7894 88 ft 64 ft 32 26 ft 27 ft 105ft 59 4194 7ft 7494 3ft 18ft 14 35 1214 71 5794 6194 55 714 1314 85 94 41ft 10ft 29 ft 67 40 21ft 44 ft 994 58 ft 64 32 ft 21 70(4 79 ft 97 ft C4 ft 12314 30 ,33ft 65 101 1594 76 31ft 3114 94 58(4 fc6 8694 '5ft 61 1494 30 47 29 394 7 ft 12ft 74 ft 1294 45(4 30 ft 43ft 8894 24 57(4 17ft 107 17914 115 80 ft 39 ft 52 94 118ft 594 614 394 1114 45 ft 43 94 33(4 26 23 ft 131(4 68 ft 31 11 4154 2094 13794 76 34 ft 6994 45ft 16ft 50 33 94 514 50 ft L394 104 39 ft 97 119 110 6494 1794 41 33 ft 1094 31 16 11 19 22 97 ft 94 61 10 20 ft 46 994 164 794 45 ft 162(4 14ft Ket P.M.- Clkte. 141 4- BBH H 19 38J4- 194 33 f ft 2W ft 110H 1W 17ft- ft 1214 .. 48 17f4 .. 45H4- ft 83 .. 78 .. 20H- .94 46 4- 1 73J4- H 66-94 49K .. 39H- K 62ft .. 28 .1 28 ft 94 20 . 14 31 8 6674 4- 94 IB 11914 4- 1ft 12994 4- Hi 90 ft m- 37 4- 94 1214 .. 60ft 94 1114- 94 1lZ4- a ft "y Hi y ft 94 n 94 ft 154 "Hi Hi ft H 194 ft 94 mwm THE LOCAL STOCKS "llr m-'.J "' JM"" ' ' Actlv Buying of f . K. T. Early Dtallngt Advanced Stock te 33- in i 42 22 4- 1 23ft .. 57 4- Hi 70ft ft 108 4- 4 2194 4- Hi 30 ,9 . 'A 145 4- PL 3 40ft ft 6 94 16ft- ft 111144- ft 66ft 1ft 7894 4- 194 8994 4- 94 6394 4- 24 32 ft 2Bft 194 27 ft 4 107 59 ft 4194- 794 7494- 314 4 18ft 14 -35 894 6194 4 55 714 67 42 2194-r 44ft 9ft 58 ft- 64 S3 2194 4 71 1 79 ft -f 1 97 ft 3494 4- 1 ft 1 23 'A 4 38 33J4 65 101 15ft 7694 4 31ft 31ft 94 5914 86 8694 46 -61 94 1494 -r 30 -47 3094 394f 8 12 ft- 74ft- 13ft 45 ft- 30 4314 '89ft 24 ft 57ft 1814 10794 179(4 115ft 80ft 39 ft 53ft 2H 119J4 2 594 .. 694 4 44 34ft 27 -2314 13114 68 ft 31 1114 4 4114 1 2194 4- 1 '3794 4- 94 76 34 54 14 7094 1 45ft 16ft . 50 -33 5ft 50ft 64(4 104 39ft 97 119ft no 65 -1794 4114 33ft . 16 II 19 -22 -97 ft 94 61ft 10ft 20ft 46 ft- 10(4 17ft a 4554 Belated appreciation of the bargain the P. R. T. struck In the agreement for the operation of the city-built Frankford derated line accounted for the active buying of P. R. T. stock during the early operations of today' local msrket. The stock advanced V. point above last night's closing, te 839s, or within point. of the high price of the year, with this long-discussed problem ent . of tbe way the street recegnised there Is new nothing te hinder the Mitten management In carrying out the much-advertised con structive policies. The next question is thst cencsrnlng the resumption of dividends, which has been premised te be paid In July. Union Traction did net respond te the activity of the shares of the operating oempsny, easing fractionally te 41. Movement of the general market was narrow and uninteresting. The volume of business underwent, further shrink age and most of the dealings were made up of odd lets. The Yerk Railway issues were prominent exceptions, with the common and preferred making new tops for the current movement at 24 and 87, respectively. Trading In the common was fairly active. A fraction setback in Pennsylvania Railroad te 41 probably represented realizing of speculative accounts prompted by the reactionary trend of the New Yerk market and continued talk of freight rate reductions. Cramps, en small offerings, dropped back a point te 01, and West Jersey and Seashore lest a ft, declining te 37. Beth fur nished striking instances of the nar rowness of the market. Among the miscellaneous issues, American Stores rallied , te 112. Electric Storage Battery was up V, at 100. Philadelphia Electric. Issues re mained steady. A few odd lets of Le high Navigation came out, selling ex dividend at 74ft. Tbe remarks made bv Eutreue G. Grace, president of the Bethlehem Steel Company, came In for considerable at tention because of .his optimistic atti tude regarding the immediate future of the steel Industry. His statement of current operations showing that a pre war capacity is new being practically duplicated was something of a surprise, but fully confirmed recent reports con cerning the ohenemonal improvement of the steel Industry. 14 " 'A 4 14 "94 14 '14 ift 94 14 ft 14 'in 14 "14 ft 194 (4 14 "l4 "l4 ft 14 154 14 14 ft 14 ft ft 94 ft 14 2ft 'IfsaskaBMsassasassiasaMaaM Tw .' raetyUMLat' Ote.Bvwnttia.Ja.: Avsstft WaiUMW'OM .BVutTmTewaMj hawawawa i. rase'a 0. 8T0tf waMS.B.mamaeu a, BtMIAtftH RUtB A-A. Jacksen ' WttuxUPerV" atawmunni, vinsaiT0.NtwseA , CUalNClM.BsOWM CltAUSilMATsai7 tivsm HacMcata .,HAMtF,kasia vt ' i Mr. (?. C. Purves, President 'of the PKila. tit r?...J cjj... -j'j '' '' 4ii'! aeipnia eavmg e urn evvwvy, sum w us; 'H ij "Industry and thrift, produce bank de-' posits, which, when invested te promote commerce and manufactures, benefit the', . bank, the depositor and the community.!' H tt Central National Bank of Philadelphia Chestnut Street at Fifth Cejfts! i,oeo,ooo Smtfut aniJtiiivldiPnfiuEamti$4,6oe,o6o Mj ' 1 f .. 1 H n vli- 4 w VJtI . $ .'.J A 'I Philadelphia Stocks 1:15 Net 280 Am Strs..llli 111T4, 112 25tB & O... 45 45 45 lOOfCel Graph 4 4$ 4$.. 5 Elec Ster.ICO 100 100 Vi 08 In Ce N A 35 35 35 7. SOOtKan O Se 27 27 27 ft UU LOKC HUP. 1U 111 1U 45'Leh Nav.. 74 35tMldvale.. 37 282PennaRR41 75Phlla Ce cum pf.. 38 235 Phils Elec 28 28 249 de pref.. 20 20Vj 74 ft 37 ft 41 38 74 y 37 Vs 41- ft 38 .. 38(4 33 31 T 7s Ji - -'.'ill 'M te 1 "l 1 1 REORGANIZATION OP I The Denver and Rie Grande Railroad Company Te the Helder of The Denver and Rie Grande Railroad CemnanV First and Refunding Mortgage .8 Geld Bended The undersigned Committee has extended until and incluiW Bjt. in a u : ...:.L! ti.t. i u ..J .. . u. i f ! . """'" wnicn nuiuera or unaepesited Mr'( and Kefunding Mortgage rive far Cent Celd Bends above men. tiened may deposit the same under the Plan and Agreement el X "? . . J . ' . ' .. . ..'!' eucn deposits muse ne maee witn tbe Uepesitary or any of,' the Sub-Depositaries below .named and must carrv the Fetim.' I, 1922, and all subsequent coupons. Upen such deposit thet holders will receive tne amount or their February I, 1922, coupons, as ncrcioierc. Dated, New Yerk. April 26. 1922. w W. JONES. IS Wall St Seerttarr. New Te fork Cltjr. CADWALADKR. WICKERSIIAM TAFT, Ceunaal, 40 Wall St., New Yerk City. Dttotitery: BANKERS TRUST COMPANY, ... Ml.. .M&.AB. ... .. ' '.V. junn ncnsi hammend, ,01iI ... M.- vnairaaaa. CHARLES HAVnrri 'h 'I ANDREW J. MILLER, FREDERICK STRAU&, MELV1N A. TRAYLOR. Ceattnltt,Tjt 10 Wall St, New Yerk City.- VM Bub'DtpetUaritt: First Trust and Savings Bank, Chlca First Trust and Savings Bank, Cblcaa-e. 111. Provident Lite and Trust Company, Philadelphia, Pa. Mercantile Trust Company, at. Leuis, me. The International Trust Company, Denver, Cole. m ...V 52 1 24 37 ft 14 iu ed prei.. zii -u 1005 Phila R T 33 33 .lUVTl'lttS ft w Va 33 83 lOtSinclair. . 31 31 30Tone Bel. 1 1 1T A 20 UnienTrac 41 41 41 35UGI.... 44 44 44T4- 15 de pref.. 53 53 53 ( a)Tu inAic tkiv. euv. nevalu 10 W .Ter & 8 37 37 37 25 W Cramp & Sens.. 52 52 085 Yerk Rwy. 24 24 200 de pref. .37 30 Kl dlvM.nit tn,lnv-Thlffh Hv tl tNt change made by comparlaen with laat ale en New Yerk Stock Sxchante. rillLADELrniA BONDS 300 Liberty 2d 4s '42.... 1 (KM) Liberty 2d 4s '42.... 3550 Liberty 3d 4s '28. . . . 8000 Liberty 3d 4s '28 reg 200 Liberty 3d 4s '28.... 100000 Liberty 4th 4s '38. .., 2000 Victory 4s 23 350 Victory 4s '23 500 Amer Gas & Elec 5s. . . 2000 Phila Electric 1st 5s 3000 Phi u Electric 1st 5s..lets 500 Phila Electric 1st 5s..,.. 500 Phila Electric 1st 5s 1000 Phila Electric Os 4000 United Railways 5s . 09.02 . 00.08 . 00.04 . 00.70 . 00.82 . 00.00 .100.08 .100.52 85 08 08 08 08 103 80 Financial Briefs 94 ft 14 14 ft 94 14 94 94 14 54 114 Swedish and Norwegian bank rates remain unchanged at 5 per cent and 0 per cent, respectively. According te reports yesterday, nn issue of $0,500,000 Union Bag and Pa per Company bends probably will be made within the next ten days. Tenncsaoe Copper and Chemical Company reports for year ended De cember 31 net income $147,175 after in terest and depreciation, against deficit of J5285.8S0 in 1020. The average price of the twenty ac tive Industrial stocks declined 0.80 per cent yesterday, te 01.10, while the twen ty railroads declined 0.70 per cent, te 83.00. A Londen cable says It Is understood there that 2,000,000 of the projected tu.uuu.uuu itraziiian L-ean Hill will be Issued next week In New Yerk, the re mainder being offered In Londen and Amsterdam. The Air Reduction Company for the lirht quarter of 1022 reports gross In come of $1,300,073, operating expenses, $008,718; operating Income, $400,054; additions te reserve, $227.800 ; and net pretits earned en outstanding stock, be fore Federal tuxes, $102,270. Union Pacific spent mere en malnte tenance In March than in January or February and reduced operating ratio te 71.71 per cent cempnred with 70.18 per cent and 75.50 per cent. Gress was only 2.8 per cent below March, 1021 ; expenses, 5.2 per cent less nnd net operating income Increased 7.5 per cent. Net for the quarter was twice first nuartcr's net for 1021. SALES ENGINEER M ''HI THE ATLANTIC REFINING COMPANY has an enening for a Mechanical Engineer who has had residence in Williamsport, Pa. Werk involves sale of Industrial Lubrication. A Sales aptitude essential. Remuneration by salary. Training in Cora Cera pany's products given. Call in person, Personnel Dept., 1211 Chestnut Street, Philadelphia, Pa. f 'I t .tl .v,H wiiinwir We Offer: Yield N. Y., Pa. & Ohie R. R. Prier Lien 4'2s, 1935 5.35 Prince Rupert, British Columbia, Ve Bends, 1933 te 1936 6.257e Oswego Falls Corporation 1st Mortgage 8s, 1942 7.70 SCHIBENER, BOENNING &CO INVESTMENT BONDS J81S Walnut St PWe. Utmberi Phila. Btech Etchangi Bell, Leeaat T00 Kersteae, Race SMS EE5B5MB2ZEBZ r a :.;. mm rt'.M U. S. Certificates and Treasury Notes Int. Ilate t4W ff'J. '4 T-ri'i Maturlns Date Bill June. 1022.. H'li 1-11 June, 102a .. 100 7-32 AU.. 102'J 10114 Hipt.. 10U2 ,.1G0 Hept,, lli.'J ...l"0'Jl-3: Oct., 1022.... 100 Dec. 10'2. .100 0.1 n Mar . 10"3 ...lOOO-lfl Juni. 1021.,.. 103 6-10 Spt . IVJi. . .1" 15 Asked Yield 10(14 3 11 100 n-32 8. 24 ion 10-D2 a. ie 1110 1B-82 :t,2i 100 s, 3.20 100 1-10 .'1.84 100 11-16 3.S? 100 '-'1-32 3.4. t4i Mar, 1D25. t4. Mar., 1B20 TACCepianie lur 103 7-NJ 103U 4.0T 101 11-32 101 T-1A 4,21 . 101 27-32 101 10-in i.iii payment et Incema tax A.... nn iffitA nf mfttlirltV. Kiempt from Federal normal Income tax. Demand CabUn 1.42 MONEY-LENDING RATES NKW YORK Menoy en call, both claM of collateral, epmed today M 34 imr cent ter lending and renvliiit. niriDKM'HIA fail, fi per sent: time. 5 uer cent; commercial paper, three te U menthi, 4 ,4 te 5 ir cent. tlNDON Meney, 14 per cent. Discount ralni, abort bllla und threj menthi" liillx, 2 7 UI&21, ir teni Liverpool Cotten Liverpool, April 28, A moderate bualneee was done In spot cotton today, with prlcea ateady en the bnala of in advance of 1 point for mlddlnr at 10. 2M. The sales were 8000 balee The rccelpta ere 17,000 bales, of which 10,100 bales Mere American. Futures were quiet In the early dealings. Spot prices were: American, middling; fair ll.Tfld: nnrt mlddllnc. In Odd; fully mid dling, 10.80d! middling, 10.21d; low middling, 0 7fM; geed erdli.ury, 8, Old, and ordinary 8 41d. I Keystone Watch Case Cuts Dividend Tha Keystone Watch Case Cemptny has declared ft eunrterly dividend of three- ' uuarter" of 1 per cent, payable May I In ' Meck of record April 21 The company has Wn palnif 14 ner cent iuarter y slnuu 111 i'J, UI U 'V LTIIl CII HHIMtlll, Paris Bourse Irregular Paris, April 2. Price movements were Irregular en th Ileuree today. Three pr rent rentes, r7f nec: exchnnsn nn Londen, 4f 100! per rent l"nn. 77f Se, The dnl In w.ts iiueted at lCf ST' Apry M April 10 Apr..B,'i. nn s it'll i.'i Federal Reserve Ratlea Vanblnsten, April 28. nation pf total re seruH te net deposit and Federal Reserve note liabilities combined, for the twelve Fed eral Itxsirwi banks and the entire system, an et April 20, 1022, compared with the pivviuua nuciv hum vcr mu Ha I0J1OWI! Hestun .... New Yerk Philadelphia, Cleveland , , Itlihinund . Atlanta, ,,. l.'tlU.dK .St. IxjuIs . Mlnneapella Knnaas City Uallaa .... Total .... DIVIDENDS DECLARED International HaryeMer Company, quar terly 11.75 en preferred, payable June 1 te neck of record May 10. I.lg-rett 4 Myera Tobacco Company, quar terly 3 per ent en common and common n, payable June 1 te stock of record May IS. Tampa Electric Company, quaiterjy I2.B0. payable Mv '0 te stork of record May H. Hart. Schaffner A'art. nuarterly of 1 per cent, payable Jmv ill te ateik of record Muy 18, H0.5 KB.I1 riS.B 71.0 74.0 08 0 08,0 00.8 411 70.7 40,1 7S.I1 74,2 4U.n 74,1 74.S neg 71.3 71. K 40,2 .... PH.l C7.2 44 4 02.4 03.4 88 2 :8,3 77.8 5SB 01 RAILROAD EARNINGS PIIILADEMIflA AND IlEADINO . 1023 Inc. March gross t8,4A0.42l 11.71)1 Nut eper. Income.. 2,404, 070 2,518,121) Three mentha' gross. 21,404,7ne 871,7St) Net epcr, Income.. 4,475,027 4,230,891 I'lTTSBUROH AND I.AKE EHIE March sreas 12,8.1 H.'S 3n8.3M Net eper. Income.. 203,plQ 40,607 Three months' gross 3,1)117,411 1,18m,4iiii Net eper. deficit... 237.225 1,182,072 CHICAGO. MILWAUKEE AND ST. PAUL March gresa 118,3114,880 Jl,8u9,lB& XlUlttllvQ Uliui l,,, ,,0,m,11,U Net epcr. Income,.. 1,Q.1,002 Three months' gross,. Sl.ll'tll.N.IH Dalance a fter taxes, N7A.S10 Net eper. deficit .. 2ti7,V03 Decrease. VinmiuiiuiinNmiunuXViili'fflljiiiJi Here's Insurance Yeu Get Paid for It Isn't often you get paid for being protected. Yet deposits, which you can make here up until 10 o'clock at night, and en which we pay Interest, afford you abso lute protection against a safe robbery in your store. REPUBLIC TRUST COMPANY 1429 Chestnut Street HOURS 9amiepm 1.80.4 H7n 1,282 07 004,276 2.877,472 2,183,833 BANK CLEARINGS Dank cIcnringB today compared with cor responding day last two years: 1032 1U21 1020 Phila. ..174,000,000 157,1411,210 I7I1.04U SOU HesttMl .. (18,000,000 40.7S8.H78 111,081,800 e, Yerk. 801.400,000 677,810,007 83,0O4,7e Chicago Observes Daylight Saving Chicago. April 28. Starting May 1, the Heard of Trade will observe the daylight savtn ordinance, and aesslena will start en Imur earlier than central standard lime WELL RATED FIRMS crp.w.i?flBvehV.hi.r.fwafW"" C. TREVOR DUNHAM, Inc. Z4tfZ4B north Bread St. mnls In the Recelrabla an I'uMbase f Aeceunti Trad AceeptanctsT 9av,uwe ,. LEHIGH VALLEY R. It ' GENERAL CONSOLIDATO 4 BONDS MAY 1, 2003 PRICE TO NET 4.76 ) i $25,000 PITTSBURG, CINCINNATI, CHICAGO A ST. LOUIS rtYV GENERAL 5 BONOS JUNK X, JUIV (,l PRICE TO NET 8.14 fl vl s $38,000 d RICHMOND TERMINAL;; 1ST MORTGAGE GUARANTEED S BONDS JANUARY 1. 19S2 PRICE TO NET 5.17 1 I $s.oeo m PENNSYLVANIA R. ..' S EQUIPMENT TRUIT JANUARY 15, 1934 PRICE TO NET 5,35". wil l Mi $51,000 m waaiacu RaimrjAD.'l fi EQUIPMENT TRUST ' au.aaBU ap al1 .Bit V " PRICE TO NET 5.70jJ REILLY. BROCK & Cl due vnuinui ,i nun inn DUIA 'l ""'" VI Ait..i; m. n...;n. R. R. lit 4Y I Seslktra Isdisaa Railwr Ce...4' W Railroad Eqaipsitnt Bendi....AU Ncrlira lad. Gat & Elc....AIU naia at luisara vepa7...- -:. Aairicaa Railwari Cenptnr.. . " Public S.mce Cerp. of N.J... Arntr. Pips ft Cenit. 3r. ". SAM'LK.PHILUF5 H07 CHESTNUT STRW)J MECewntvCft Luul TUU Bklg. leawwa raw. mji j iit0.A.hUhN&i ... .. at- aL.nAmtrMti' :x?m STOCKS AND BOm bought and" sold for fjjjl .erlJrm conservative msiP laswraJiaWr-' ? m.w: &tiki,sMM&im&.M. Jk ,X 4& JtXiU 'it .AH '.r'Ii"
Significant historical Pennsylvania newspapers