il
S
ssshhctcxt -;'..
IBS TURNED
PE TIDE UPWARD
- -
tf'j
i
.iBrl4l.M
1 V
w-l
rBLie
Irregularity Suggests
reach of Interesting Junc
ture in Market Situation
f Yerlt, May 0. Teday'a "losing.
fc
..
a
LA
n.lm1r tnnrlrA ftiFtilulm.l nnntfiAt rnn
JKjSttitcing demonstration of its comeback
vjWpewerf. The short fccssien was prne-
ftWj5jtlcIIy divided Inte two periods wltn
''reiWit iesltancy nnd irr'Biilnrlt.v nt the out
tjfrfclfevtk, followed in the second hour ulth
:.J?nfcstantial rnllles nil nlenjr- the line.
fjj&Tae strengtli of the steel (treiii) was te
ft large extent responsible for the simrp
IMrcrsal in the later dealings and the
taforen upturn in tlice shuren pro pre
lT4ed hasty covering of the short In
ert in ether pnrts or tup list, nnu
uiht n fresh influx of outside buy
yt orders. KesideH regaining early re-
rwT'W wiens n nuinner ei mocks get nuu
.Wiew high ground.
Jr' The bend market was firmer than nt
.ft ny previous session et tm wpek, out
tf dealings were light and narrow, Lib
erty issues and foreign war eUrrlngs
hewed virtually no change from yester
day's finnl prices. Lecal traction
again predominated. Interboreugh Knplil
Transit 0s rose 1V4 points, New Yerk
.Railways 0s 1 point nnd Third Avenue
adjustment Bs and New Yfcrlc, West
chifter and Uosten 4s were frac
tionally better. Oilier firm features in-
eluded Chicago nnd Eastern Illinois 5-.
Seaboard adjustment 5s. Southern
Railway fis. American Smelting us and
United States Steel 5s.
ffhe irregularity of movement at
tending the week's market would sue
gest an approach of an interesting junc
ture in the speculative situation. I'n
lem surface Mens arc misleading, tlier
Is. every indication of the market hav
ing passed from the accumulating stage
,te one of distribution. This Is partly
confirmed in the constant switching of
speculative energy among the various
groups, which unquestionably lias for
lt-purpese the fnrlltatlng of profit
taking (.ales. The interesting question,
therefore, arises as te whether this
juncture represents the culmination of
the constructive movement, or whether
lt'ls merely n resting point preparatory
te' a resumption of the recent spcculn
tire extravagance. There Is consider
able diversity of opinion among recog
nized market observers as te this con
clusion, but still n very large majority
atrengly urge the reduction of long lines
whenever there is quick upturns afford-
.lag a basis for realizing soles.
It has become quite evident, in all
events, within the recent sessions that
the market at the moment Is mere or
less a psychological problem. This
would suggest, according te precedent,
a growing two-sided tendency te the
trading, which, after all, would be a
natural aftermath of nn almost unin
terrupted advance since the opening of
the current year. Prices, in fact, have
risen steadily since last July, during
Which Interval there certainly has been
a revolutionary change in ownership,
proof of which is easily te be found in
the striking growth of the brokers' debit
balances. Yet. en the ether hand, up
te the moment the market has net
shown the first symptom of indigestion
which commonly is present nt such a
atage of a major market swing.
The constant HlllfHnir nt aiiiwiilii !
i. fnergy Inte new channels, en the ether
U" ?h ' hand, supplies sufficient evidence of the
H'fiiSt nnn-.. K-I.1...1 1. . i!
! W ""- uviimu me vim.'Hrui.'iive lliuvt:
finjw dent. At the nam tlmi. tli hripf re.
.artlnna thn mubf !. Ita.1 ...t.1.1.. I.A
- "" -"- "- .two ui. ...L...II UIC
iast fortnight hnve disclosed an under
jing opposition which should net be
underestimated. It has been proved
quite conclusively there are tee many
buying orders just below the current
level of prices and also tee many sold
out bulls, net te speak of the short in
terest te permit the re'regrade more mere
,aent gelnj rcry far. Yet this sort of
thing might easily continue long enough
te clog up the machinery, reMiltlng in
a general reaction until the lead shall
nave been absorbed. It is because of
this probability In view that the mar
, ket appears having nppreached n June
v ture, wherein a considerable degree of
uncertainty exists as te the Immediate
v trend of stock values.
NEW YORK BANK STATEMENT
Contraction In Leans and Deposits.
( Excess Reserve Increased
, $17,324,200
The actual condition of the Clearing
Heuse banks and trust cempnnics for
the week shows that they held $30, t
780,020 reserve In excess of legal re-
3?IrSmentH- ThIs " en increase of
i,;,'UO from last week. Leans and
2-O0nt8 showed n contraction of
118,803.000, and demand deposits fell
$33,000,000. With the decreased Hn
WUtles, reserve credit at the Federal
Swerve Bank Increased $20,2124,000,
resulting In raising the excess reserve as
stated nbevc.
'; Pctails follew:
AVERAQB
. This wek LAt Wwk
Excess rre?re .. SO.TIIi.nne Sfl.lSA.nne
Am&rmmttA vab.via f.AA TIM luift -.ir . . .m..
JV Jjamnt, etc 4,653.0U0,0OU 1, 63:1.051, U00
f . "cin in vaults
i n a memeer
01,083,000 03,037.000
020, 05,000 822,334,000
W
ksa
re
ITA
U
:'
ffi
tjik
Reserve In mem-
IIS '
4'
t;e ij
rerva banka
JUisrve In tnta
Dns ana iruit
cempanlri .... 7,007,000
Rntrve In state
banks and trust
company deposi
tories 10,121,009
Net demand de
posit -l.0.-l,'.'fl7,000 4
Time depes'ts... 302,730, (mil
Circulation 31,301), 000
Un'tedatatesde
ealts deducted fl2,8.'D,O0O
( ACTUAL
' This weeli
SU. 1 3H. 0 JO
570, 142.1101)
7.018,000
0,044,000
nn.oss.eon
301,H4n,IIOO
34.130.00u
71,330,000
I-ast week
13.411,8:0
B4S.7I2,00
m:
P.;
wer
;t
resere
Aanrreaate res.
Leans, etc 4.508.017.OU0 4.377.S"ii nun
. Cash In vaults
ui.aiB.oeo
it A,
and mem. b'ks
Heaerve in mem
ber' banks and
reserve banks . .
lUaerve In State
' banks and trust
oempanles .. . . .
Reserve In Htate
banks and trust
company uenesi-
00,751,000
531,701,000 531,477.000
7,841,000
Siterla
ras
7.540,000
0,080,000
10. 800.000
aemana ac
ts 4,001, snn.finn 4,028.227.000
na-deoesta .. S02.885.oen ai4.35i.noe
"Circulation .... 34,230,000 34,203,000
VtWucted 60,302,000 03,007.000
g. .;i
'ew YORK COFFEE MARKET
V3 .
If f' YeHterday)
KXW r
KU6.50
July. 10,
mt
(,te
;'('. .Nev;
l3Krf'.
Hliih I.nw Clnsa
10.53 10.55 till. .-,5
tin.4n
2728 10,37 10,28 11.0.37
U.O7O01I 0.09 0,03
.'.73O70 b'Ai 077
KS-?13?&
&ii&
Tbi.?!. T. ..
E?SWP,
Rf4
if.,
"Ht
r, 0.7BW78 0.70
'Bid. tNemlnal.
n.73
ITrade.
tie.in
111. ii.i
te.SN
te. 12
I'. 70 78
tH.TB
1U.73
1U.7D
t'lewe
10,311
111,42
10,33
10 20
10.01
II.IIH
11.111
11,84
11,88
U, 82
O.bJ
COTTON MARKET
f& : S:
Re .'Is'
VreV, close Open Illsh Lew
nn iii.su lu.en 111, m
78 18.07 18 78 ,18.113
SU 18.80 18.112 18.70
08 18.8.1 18.U2 18.73
rTan. .is.se ls.Tfl js.su is,ns
,&.- a, ia 11 la fti isfi
ntettlD.S.1.
il. , Ktfj 1
$$: - BANK CLEARINGS
"'J.ltK elearlnas today compared
lass two years;
38,83l,0
iiii-
ssisssasilH
NEW YORK STOCK EXCHANGE TRANSACTIONS
Sales
100
100
1430
200
1200
1500
200
100
200
1100
100
100
200
100
100
1000
600
100
600
300
900
200
2500
403
400
100
700
1000
100
800
200
300
1000
IGOO
100
200
2400
100
100
100
1500
500
. 100
1400
100
800
1600
400
100
2600
2400
' 100
1000
13900
2500
100
100
2630
100
25
700
100
100
6830
2700
200
100
700
30
103
1200
100
500
530
1100
100
4100
1000
300
200
503
500
200
400
3400
900
400
200
630
9600
300
100
630
500
300
100
100
4800
100
2600
1700
5700
500 ..
5500 7
1500 ..
600 4
100 7
5400 2
4700 . .
400 7
500 ..
200 ..
1100
48J4
40 H
ca
39
.48 H
57 U
. 98 J4
.134
39tt
. 75H
.103
35 U
Dlv.
In $ STOCK lfh
. . Adam Express.,,, 65
4 Air neduetlen 54 H
.. AJax nubber "H
7 All-Amerlcati Cablcs114H
4 All d Chem & Dye. 10
4 Allls-Clinlmers
1. Am Agrlc Chem,,.,
. . Am Agrlc chem pi.
.. Am Beet Sugar....
Am Ctan ......,
7 Am Can pf 104(4
7 Am Car A Kdy pf.. 119ft
.. Am Chicle 14
.. Am Drag Syn 5ft
8 Am Express 139ft
.. Am Internat Cerp.. 45ft
1 Am-La France Eng 12 H
.. Am Linseed 34 ',i
t Am .Locomotive ... 1 1 6 ft
.. Am Linseed pt 56 ft
4 Am nadlater 97 ?
.. Am Safety Razor... 7ft
.. Am Ship A Cem.... 18ft
. . Am Smelt
7 Am Smelt pf
12 Am Snuff
3 Am Steel Foundries.
. . Am Sugar Ref. ...
7 Am Sugar lief pf.
.. Am Sumatra
.. Am Sumatra Teb pf 62 ft
9 Am Tel A Tel 122 ft
12 Am TebafCO....,...143H
12 Am Tobacco D 139
6 Am Tobncce pf new 1 01 H
.. Am Waterworks .. 12H
7 Am Woolen , 93 ft
7 Am Woolen pf 106ft
.. Am Writ Paper pf. . 33
. . Am Zlne Ld & S pf 44
.. Anaconda Copper.. 53
6 Asse OH 128 ft
.. Atlas Tack Cerp... 21ft
6 Atch Tep fc San el 00 ft
.. Atlen I)lr & Atlantic 3ft
Atlantic Fruit .. 4ft
.. Atl Gulf & W I S S 38
.. At O & W I S 3 pf 26ft
7 Atl Refining pf....114ft
Austin Nichols 26 ft
7 Baldwin Locemotlvc118ft
7 Baldwin Loce pf...H2ft
.. Baltimore & Ohie.. 47ft
. . Barnsdale Class A
.. Barnsdale Class B.
.. Batopeles Mining. ..
. . Bayuk Bres. . . ,
5 Beth Steel Xt.
8 Beth Steel 8 nf..113
8 Brooklyn Edisen. .. 100 U
., Brooklyn Edisen rts 2ft
7 Brit Em SU 1st pt. 75ft
.. Brit Em Steel 2d pf 27
. . Bklyn Rapid Transit 26
. . Bkln R T ctfs of dep 22 ft
.. Brklyn Union Gas... 106 .
Brown Shee pf . . . . 89 ?s
Burns Bres A 137ft
Buff Rech & Pitts. . 62
Butterlck
Burns Bres B
Bums Bres pf.....
Butte ft Sup Cep..,
.. Cadde Ccn OAR..
.. California Petrel..,
7 California Petrel pf
. . Callahan Zinc ft Ld
10 Canadian Pacific.
.. Central Leather....
. . Cerre-de-Pasco ....
6 Chandler Meters. . .
4 Chesapeake ft Ohie.
.. Chicago ft Alten...
.. Chicago & Alten pf
.. Chi & E 111 (new),
.. Chi ft K 111 (new) pf
.. Chi Mil ft St P.. .
.. Chi Mil ft St P pf.
E Chi & Northwestern
.. Chi R I ft Pae.
C Chi R I ft Pac 6 pf
53
34 ft
1ft
43
79
27 ft
42
97 ft
30 ft
13H
57 ft
96
7ft
.. 142ft
37 H
37
75
65
8
17 ft
39 ft
58 ft
27 ft
44
75
45
82
7 Chi R I ft Pac 7 Pf 95ft
. Chi St P M ft O.. 68ft
. Chile Copper 20
. Chi no Copper 28ft
. Clcv Cin Chi & S L 66 ft
4 Coca-Cela 56
. Cole Fuel ft Iren.. 34
3 Colerado ft Southern 49 ft
6 Celum Gas ft Elec. t9
. Celum Graphophene 4ft
4 Cemput Tab Ree. .. 76 ft
. Coniel Clear pf.... 65
7 Consolidated Gas... 120ft
. Consel Textiles .... 13 H
Cern Products Ref. 102
Cern Pred Ref pf..llbft
Cosden & Ce
Crucible Steel
Crucible Steel pf.
Cuban Am Susrar. .
Cuba Cane Sugar
Davisen Chemical.
10
11002.36 Deheers C Mln Ltd
6 Del Lack ft West..
1 Dfjme Mines
Eastman Kodak. .
Emersen-BrantlnK
Endlcott-Jehnson.
Erie
Erie 1st pf
Erie 2d pf
Famous Players L.
100
200
10
400
200
1100
300
200
1900
600
100
700
4300
1000
100
100
4200
1400
103
100
100
500 ..
200 ..
100 ..
400 7
1500 4
100 ..
100 ..
2200 ..
100 ..
600 ..
500 1
200 7
800 .60
300 ..
200 ..
4003 2
4600 ..
100 ..
100 ..
10300 zy,
1800 ..
1930 6
1000 ..
200 6
200 ..
1 500
800 ..
4100 ..
200 ..
3800 ..
500 ..
300 ..
400 .,
1300
100
1203
3000
100
2300
100
300
300 3H
44ft
67 ft
95
21
15ft
60 ft
21 H
116
27
764
7ft
84
13
23 ft
15
82 ft
Fed Mln ft Smelt pf 44 ft
10 Fisher Bedy 120
. Flsk Rubber ift
. Freeport Texas 19
. General Asphalt.... 63
6 General Cigar 73
8 General Electric. ... 163
. General Meters.... 12ft
6 Gen Meters deb 6 81
7 Gen Meters deb 7 93
. Goedrich B F 41 ft
7 Goedrich B F pf... 89
. Gllldden Ce 14 ft
. Granby Cen M ft M 27
. Gray Duvls 17ft
7 Great Northern pf.. 75 H
Great North Ore ctfs 39 ft
Guantanamo Sugar. 1 1 ft
Gulf Mobile ft Ner. 16
Gulf State Steel.... 5
Hablrshaw El Cable 2ft
Housten Oil 83
Hupp Motorcar 18
Illinois Central 105ft
Indian RellnlnsT . . . . 8ft
Indlahema Ref 4H
Inspiration Ccn Cep 0ft
Interb Cen Cerp... 2ft
Interb Cen Cerp pf 6ft
Internat Acrlcul.... 11 .
Int Aerlcul Cerp pf 41
Int Cement 38 ft
Int Mer Marine.... 25ft
6 Int Mer Marine pf.. 84ft
. International Nickel 18
6 Internat Nickel pf.. 82ft
. Invincible Oil Cerp. 18
, International Paper 52
, Iren Products 30
. Island Oil 1 ft
. Jewel Tea 21 ft
. Kansas ft Gulf.... 5ft
. Kan City Southern. 28ft
. KayserJnew 46
. Kayser 1st pf new.. 102
. Kelly-SpgTIre 53 ft
8 Kclly-SpB T 8 pf. 107ft
. Kennecett Copper.. 33ft
. Keystone T ft R.... 24
6 Krcsee S S 142
. Lackawanna Steel.. 60
. Lake Erie ft West.. 17ft
. Lake Erie ft W pf.. 34
Lehigh Valley 2
tow
65
54
17 ft
114
67 ft
48 ft
40 ft
60
39
47 ft
'104 ft
119ft
13
5ft
139ft
45 H
12 ft
34 ft
116
56 ft
97
7H
17H
57 H
98 ft
134
39 ft
74
103
35
62 ft
122ft
142
138ft
101 H
12ft
93 ft
106ft
33
44
b2ft
127
21ft
99 ft
3ft
4ft
i6
26
114ft
26 ft
"7 ft
112ft
47 ft
48
33
1ft
43
7Bft
113
109
2
75 ft
27
25 ft
21ft
1C5
89
136H
61 ft
. 27 ft
41
97 ft
30
13 ft
57
96
7
141ft
37 ft
37 ft
74
C5
8
17
39
EBft
27 ft
44
74
'4 ft
81
95 ft
68
19
28
66 ft
f6
33
49 ft
t9ft
4
74
62
119ft
13ft
102ft
t16ft
43
66 ft
94 ft
21
15
59 ft
21ft
116
27
764
7ft
83 ft
13ft
23
15
81ft
44
120
19
18ft
62
73
163
12
81
93
41ft
89
14ft
27
17ft
75 ft
39 ft
lift
16
-4"ft
2ft
81
18
105 ft
8
4ft
40
2
6
11
41
36ft
24 ft
83 ft
17
82 ft
17ft
51
29
1
21
5
28ft
42
101ft
52ft
107ft
33
'3 ft
142
59
17 ft
34 ft
62 ft
1
Today's Net
Clese Chs,
65 ft
54
17
114
ft
40 68
39 -48H
104ft-
119ft
13
5
139ft-45ft-12
34ft
116
56 ft
97
7ft
17ft
E7ft
98
134
39 ft ft
75 ft-
103
35ft
62ft
122ft
143
139
101
12ft
93 ft
106ft
33 -
44 f
ft
1
ft
ft
ft
2ft
'i
ft
"ft
:
127 -
21ft-
100ft-
3ft
4ft-
37ft
26ft
114ft-
26 ft
118
112ft-
47 ft
49-
33 ft
1ft 43
79
113
109
2 ,
75ft
27
105-89-
136
62 27 ft
42 -97
ft
30 ft-13-57
-56
7ft
141ft-37-37
ft-
Bi
i8ft
27ft
44
ft
82 95 ft
68 20
28ft
66ft
16
34 ft
49 ft
89
4
75 -65
120
13
102
116ft
44 -66
-4 ft
21 -15-59-21ft-
116
27
764
7ft
83 ft
13 23 -15
81ft
44 ft
120
19ft
18
63
73
163
12ft
81ft
93
27 -17ft-75
39
lift
16
t5
2ft-
81-
18-
105ft
8 -
4ft-
40 ft
II
41
.8 ft
24 ft -E4
-18
28 ft
17
52
30
1
21
5ft
28 ft
45 ft
101
52ft-
107 ft
33
24
142
60
17 ft
34
62-
ft
'ft
1
ft
1
ft
ft
ft
3
1ft
7ft
ft
ft
ft
1
ft
ft
ft
1ft
ft
'
ft
ft
ft
ft
1
ft
ft
ft
:ft
'ft
ft
ft
ft
ft
ft
'ft
ft
ft
i
ft
ft
2
3
-
ft
ft
ft
1
1
ft
ft
1
ift
ft
ft
ft
ft
ft
ft
'
ft
1
ft
-"
3
ft
ft
ft
ft
ft
Bales
700
100
100
600
200
400
1600
630
100
1500
200
100
100
500
2100
200
10900
2500
300
13700
300
3800
900
100
100
100
300
300
1500
600
800
1500
4700
100
100
200
500
100
100
700
400
100
100
500
100
100
Dlr.
In I STOCK His
i. Leewe Ce 17
1 Left Candv 13 ft
12 Lerlltard Tobacco. .152ft
W Mack Truck.. 51
7 Mack Truck 1st pf. B7
6 Mnckay Ce 92 ft
.78 Mclntyre new 18ft
. . Mallmsen ft Ce.... 21
4 Manhat Elce Supply 61 ft
1 Manhat Kiev. Guar. 52 ft
.J Manhat Shirt 39ft
.. Market St Rwy. ... 7
.. Mar St Rwy 1st pf... 38
Marland Oil 31
2 Martin Parry 32K
.. Math Alkali 29
.. Max Moter Class A 71
. . Max Moter Class B 21
8 May Dept Stores. ..120
11 Mexlean Petroleum 131
29ft
15
38
13 ft
60
21
88
11
12
17
40 ft
24
57 ft
22 ft
72
31
.150
40 ft
X Mlatnl fjinA
Jinn. i .::." yfiv. .
leXn ,iiu. Mlaa' States Cerp
Mldvale Steel
.. Minn ft St Leuis....
7 M St P ft S St M..
. . M K ft T pf 1st a w
7 Mcx Petroleum pf. .
Me Kansas ft Texas
.. Me Kan A .Tex pf..
.. Me Kan A Tex (wi)
. Me Kan A T pf(wl) . .
.. Missouri Pacific...
. . Me Pacific pf . . . . . .
. . Montgomery Ward..
8 Mentana Power
8 MullinsBedy ' ,
7 Nit Biscuit
.. Nat En A Stame.
7 Nat Clk A Suit pf 39 ft
.. Nat Cen ft Cable.. 3
6 National Lend 94
. . Nev con Copper. . . .
N O .Tex ft Mex..
.. N Y Air Brake....
8 New Yerk Central..
6 New Yerk C ft St L
6 N Y Chi ft St L 2 Df
VJiS,2 New Yerk Deck.
11600
900
1300
300
1500
500
100
603
200
1100
100
530
1000
1500
200
13500
2300
700
100
1000
5100
100
1600
300
100
403
1100
800
1103
10800
1500
1700
8700
17
67 ft
79 ft
90ft
68 ft
77 ft
33 ft
New Yerk N H H 29
New Yerk Ont ft W 28
North Amcr ctfs... 58ft
North Amer Ce rts 7
N American pf ctfs. 42ft
Northern Pacific... 77
.. Ohie Bedy ft Blewer 12ft
. . Okla Pred ft Ref. . . 3ft
.. Ont Silver Mining.. 8ft
. . Orpheum Circuit... 21ft
8 Otla Elevator 140
.. Otis Steel il4
2 Owens Bett Mach.. 37
. . Pacific Devcl Cerp.. 10ft
6 Pacific Gas ft Elec. . 71
8 Psclfle OH 67
fl Pan-Amer Petrel ..64ft
6 Pan-Amer B 57ft
. . Panhandle 8
2 Pennsylvania R R. . 42
.. Perm Scab Steel.... lift
6 Peeples Gas Chicago 88
.. Pere Marquette.... 32ft
8 Pere Marquette pf. 68 ft
8 Pere Marq prier pf 74 ft
3 Philadelphia Ce.... 39ft
2 Phillips Pet 43
. . Plerce.Arrew Moter 22 ft
. . 1'ierce-Arrew aiet pf 5
Pierce Oil.
8 Pierce Oil pf
6 Pitts Ceal
. Pitts A West Vs..
zee 1 Pend Creek Ceal...
4000 6 Pestum Cereal
8 Pestum Cereal pf. .
. Producers Refiners.
Producers Refln pf.
500
2400
100
200
1000
800
1000
200
100
1100
2000 4
100 2
9700 . .
14900 ..
4500 ..
100 ..
1400 ..
34005.21!
400 ..
200 ..
800 ..
200 ..
200 ..
200 ..
200 ..
19600 ..
1 400
7600
3700
200
2900
100
2100
3000
200
700
100
300
7300
200
400
7900
200
2400
100
8200
200
603
4600
900
1100
100
4500
203
10930
100
200
1200
100
200
7200
200
100
430
1000
1000
100
100
100 3V0
a
61ft
64
35 ft
21ft
79 ft
106
39
44
6 Pub Servlce of N J 89 ft
8 Pullman 123ft
. Punta Alcgre Sugar. 40 ft
2 Pure Olt 33 ft
8 Pure Oil pf 102
8 Railway Steel Spg. .101ft
. Ray Cen Copper.... 16
4 Reading 78 ft
2 Reading 2d pf 46
. Replogle Steel '. 34
. Replogle Steel rts... 2
. Repub Iren ft Steel. 66
. Republic Meters.... 8ft
Reynolds Teb B.... 46ft
P.eyal Dutch N Y.. 64
. St Leuis San Fran.. 30ft
. St LS W 30ft
. St L Southwest pf. 48
. Saxen Moter 3
. Seaboard Air Line.. 7ft
. Sears-Roebuck .... 75
. Shattuck Ariz Cerp 8
. Sinclair Consel 33 ft
. Sless-SheOleld '45ft
6 Southern Pacific... 92ft
. Southern Rail 25 ft
. Southern Rail pf. .. 58
. Splcer Mfg Ce 18ft
8 Splcer Mfg Ce pf . . 90
4 Standard Oil of Call 16ft
6 Standard Oil of N J 190
7 Stand Oil of N J pf116
Sterling Pred. Inc.. 47ft
2 Stewart Warner Spd 40
. Stromberg Curb.... 54
7 Studibaker 121
7 Studebaker pf 112
, . Sub Beat Cerp 5
, . eupcriur uu v,erp. . e )'2
, . superior steel
, . Sweets Ce of Amer
. . Tenn Cep ft Chem..
3 Texas Ce
,. Tex Gulf & Ship..
, . Texac & Pacific. .. .
1 Texas & Pac C ft e
, . Third Ave
6 Tobacco Products. .
. . Tel St L ft W ctfs Br.
,. Transcen OH
37
3
11
49
43 ft
34 ft
30
23 ft
68 ft
33
11
1
22500
300
300
403
30300
200
300
100
3800
1100
2100
2300
500
100
100
200
100
1300
1530
100
600
900
1400
1800
100
130
6 Union Bag ft Paper 67ft
.. Union OH...' 24
10 Union Pacific 138ft
7 Union Tank Car pf!05
.. United Alley Steel.. 35ft
.. United Drug 71
.. United Rwy Inveat. 16
6 United Retail Stere 53 ft
. . U S C I P ft Fdy. . 35
..US Express 6
. . U S Ind Alcohol... 50 ft
..US Realty ft Imp 66
.. U S Rubber 65ft
8 U S Rubber 1st pr..105ft
..US Smelt ft Ref.. 40
U S Smelt & Ref pf 45 ft
6 U S Steel S3
7 U S Steel pf 118
2 Utah Copper 65
.. Utnh Sec 19
., Vanadium Cerp.... 47
Va-Car Chemical pf 79 ft
va iron coal ft coke 54
Va Iren O ft C pf . . 72 ft
Vlvadeu Inc 13
Wnbash 11ft
Wabash pf A 32 ft
Weber & Heilbroner 15
Western Maryland. 1t
W Maryland 2d pf. 20 ft
Western Pacific pf. 62ft,
Western Union Tel. 09
Wcstlngheuse A Br 96
"fOUIIb LS U,, S
.. Wheeling & L E... 12ft
.. Wheeling ft L E pf 23
..White Eagle ft Re. Ce 26ft
.. White Oil Cerp.... 10
.. Wick Spenc St Cerp. 17ft
.. Wlllys-Overjand ... 8ft
4 Worth'ten Pumps... 52
.25 Wright Aero 8ft
Total sales. 017,200 share, compared ttlth 1,174,200 nhnres yesterday Thus far this week. 0,030,000.
Lew
17ft
13ft
152ft
51
87
92
18ft
21ft
61ft
51ft
09ft
7
38
30
31ft
29
71ft
21ft
120
128ft
29 ft
14
37 ft
13ft
60
21
88
11
12
'17ft
39ft
23
56 ft
21ft
72
31
150
40
39 ft
3
93 ft
17
67 ft
79ft
90 ft
68 ft
77 ft
33 ft
28ft
28
58 ft
7ft
42
77
12ft
3ft
8ft
20
140
14ft
36
10
70
65ft
63 ft
57
8
41
10ft
88
31
,68
74 ft
39ft
43 ft
21ft
44 ft
10
60
64
34 ft
21
78
106ft
38 ft
44
89
122
39ft
33
102
101ft
16
77ft
46
31ft
64 ft
8ft
45
63
30
30 ft
47
3
7
75
8
32 ft
44
91
25
57
10
90
115ft
189
116
47ft
40
54 ft
"9ft
112
5ft
8ft
36
3ft
11
48
43 ft
34 ft
30
23
67 ft
33
lift
67
23
138ft
105
34
16ft
52 ft
34 ft
6
49 ft
65
65
105ft
40
45 ft
97 ft
118ft
65,
18
43 ft
79 ft
53 ft
72 ft
13 ft
lift
32ft
15 ft
11
20 ft
62 ft
98ft
96
CI ft
12 ft
23
26
10
16
7ft
52
8ft
Teaay'a Nat
Clese Chae.
17ft- ft
152ft
51
87
2ft-
18ft
21ft
'
38 -31
31 H
29
71
21ft
120
130-
29ft-
15
37
13ft
60
21
88
11 -
12 -
17-39ft-24
57ft
22
72
31 -
150 -40
39 ft
3 93ft-
ii
90ft ,
68 ft
77ft
33ft
-D8ft
,
7 .
42 ft ,
77 -
12 ft
3ft
. 8ft .
21
140 -14
37
10ft
70
66 -64ft-'
57
8
88
31-
68
74ft ..
39ft- ft
43 ft Sft
ft
ft
'ft
ft
'
ft
'
'
ft
ft
ft
ft
1ft
''
ft
i
1
'
ft
ft
'ft
2ft
ft
ft
ft
ft
ft
ft
'ft
3
ft
1ft
ft
ft
ft
ft
'ft
ft
ft
- 1
22 ft
44ft
10ft 60
64
35 ft
21 -79ft
106ft
i9
44
89 ft
123ft
102
101 ft
16 -78ft
46 -33ft
2
66
Oft
46
DIV4
30
30 ft
48 -3-7ft
75-8-
33ft
44ft
91ft-
25
58
18
90
ft
116 47 ft
40
54 ft-
120
112
5ft-
8ft
37
3
11-
49 ft
43 ft
34 ft
30 -23ft
67JJ
33
11-
67 -
23
138ft
105
ft
ft
1ft
1
ft
2ft
V.wJ.VXVf
l ' I""'
Ml
VI
NM YORK BONDS
'4tiMmx&Vte?i
iiin ' '.'?
MMblM"
. S -i
Arse nep'e 8s
1..... beh
Ami nep'e Ts
6.... 101H
(l(sele)lOlH
1.... ItlH
14.... 101H
b.... 10m
1..., 101H
. 1.... 101
7(sale)101H
tSALKfJ IN lifts
S...
2....
,1 . . . .
4....
Chinese Ouve't
H-K HI? BB
10m
101
101
102tt
101
101
101
2....
2..
10..
4..
2..
5..
0..
city
1.
83
82
... 88
... 84
... 84 Vi
... 54 H
... 84
Heme da
.. 110
City Berd'x fls
2 87 H
8 B7H
8 87
1 87
2 87
7 (sale) 87
8 87
2!.... 87
2 87
Cty Chrls'a 8s
B.... 411
City of Cepes-
haten BMs
1 0SU
1 88
4....1 82
City Lyens 6b
2.
10...
2...
10...
2...
2...
87
87
87
87
87
87
City liars' at
2 87
87
1 87
cty me at j
nerle 8a
2.... 108
6.... 108
1.... 104
l... 108U
1 (talt)108
a.... 103 ;
7.... lean
0.... 108
4.... 108
City Teklo
1....; 78
City Perte A!
leare 8s
1.... 108
Ciecho-Blevak
Ilep'e 8s wl
07
2 07i
2 08
0 08
1 08K
2 07 H
0 07
08
Denmark Cen
ct A 8b
ft
ft
Ti
'ft
'ft
1ft
1
1ft
1
-
ft
ft
ft
ft
li
ft
H
ft
'ft
ft
"ft
'ft
ft
110
111
inj
111
112
112
Denmark Cen
ct B 8s
7.
1..
2..
2.,
2..
2..
U K Ort Brit
A I'd 1822
Mil,... 107
10.... 107
1 (sale)107
V K Ort lirlt
A I'd 1820
2..t. 17
1.... 107
4.... 107
7(sale)107H
.1.... 107
V K Ort Brit
A I'd 1987
8..,, 108
8.... 102
.... 108
U S llrasll 8s
Ik... 100
0 (sale)!
1.... 18
12.... 108
2.... 108
8.... 100
O 8 Mexico Bs
1 87
2 07 ft
8 87
B 0J
lib A Bus 11
1 01
Vm'n Atr'e A
Chm 7s
2.... 104
1.... 104
2.... 104
.... 1041.
Vm Cotten Oil
2 00
7 SOU
1 80
Imn 8 A R Bs
1 02
2 01
1 02
American Sue
Ret'g Ot
1..
1...
8...
4...
8...
2...
8...
21...
1...
2...
IB...
100 ft
100
100
100
100
100
100
100 H
100
100
100
110
7.... Ill
8.... 111
8.... 111
1.... 111
2.... J12
Dept Seine 7a
20 93
8...'.. 03
D Canada '28
1 09
8 00
2 00
3 09
D Canada '2
2.... 101
3.... 100
D Canada '81
1 08
De Can B22n
10.... 100
13.... 100
4.... 100
2.... 100
Dutch n Ind's
rets '47
1 08
S 08
1 08
2 00
Dutch K Ipd's
rets '02
0 00
1 no
r, no
7 (sale)00
1 (Hat) 00
2 0(1
2 00
Qove't French
21 7s rcte
4.... 102
in.... 102
.... 101
0(sale)101
2 (flat)lOlTi
10(eale)101
A Tel A Tel B
1 08
1 07
A Tel A Tel 0s
1.... H4S
2.... 114
1.... 114i
2.... 114i
Am'n VT P Bs
1 70
Amer WPOi
4 87
1 80
2 80
1 88
Armour 4s
1 01
1 01
4 02
2 02
A T A 8 Fe aj
2 82
A T & S Fe 4a
2 88H
1 8S
Atch T A S Ke
cv 4s
2.... 101
A C Line 4e
1 87
At la' a Knox a
Cln 4s
0 85
1 83
Atre ruit 7a
1 40
1 40
Atlantic net's
ct 0s
1.... 104
1.... 104
1 104
Bait A Ohie cv
Bait ft Ohln 3s
1 8B
2 85
1 83
Dalt ft Ohie fls
1.
2..
6..
1..
C..
1..
82 U
82
82
82
82
82
29 83,
I faalalBlU
Chi O W 4s
1 02
Chlcare Mil
8. Ti
1 78
Chlcare Mil
StP Id 4
1 80
ailees-e Mil ft
Sir W 4t
4 72
4 72
2 72
1 08
1 72
Chlcasa Mil ft
BIP cv ea
8.
7.
8...
1...
1...
1...
73
75
78
72
7S
73
C ft Nwn a
IB.... low
Chi Rwy't at
2
CHI
0...
n
10!..
2...
1.
C R
1...
fi..,
3...
Chi ft
2
84
P M
82
82
82
82
82
P 4s
84
.. 88
.. 83
W I 4a
74
I ft
C ft W I 7t
4.... 102
2.... 102
Chile Cep'r A
00
80
00
00
00
00
00
00
"0
00
no
00
1.
7
4
s
23
7
1
4
IB
8
n
1. . . . .
Chile cep'r 7s
1.... 102
14.... 108
Cot F'l ft I Bs
1 90
Cole Ind Ce 8t
1 00
Cole ft S'n 4t
1 92
Cen'd Ceal Ce
of Ud Bl
4 88
1 88S
Cena'd Oaa 7a
B..-.. 117
10. e.. 118
B.... 118
2.... 118
10(sale)U7
8 (nat)HB
1..
B..
fi...
2...
Cuban
B...
B...
Del ft
11..
fi..
n
1..
2..
Iftale) 88
1..... 08
4 08
7 08
8 88
Ills Central fd
1 87
Ills Ct'l 4s '83
4 84
4 88
lilt Ct'l 4b"88
10 82
8 82
1 82
lilt Ct'l Bl
fi..., 101
2.... 101 W
Ind Steel Bawl
' 2 90
1 00
Info Met 4t
4 18
1 18
B 18
2 18
Int M et 4t
10.
10...
8...
10...
10
18
10
10
10
10
10
18
10
10
15
IB
IB
IS
10 (tale) IB
BS (tale) 16
Intb'e R T fd
25..
1....1 88 'a..... 09
M K ft T 0a wl Penna R R W
se 00 ';,', "Tit
a 00 PetinaRd0t,
0 00 !' i?8
Me P It R 4s IVnna R IW
18 08 J".. "
1 08 li.i. 100
2 65 Pee Oai Llcht
1 BB ft. Ceal St
2:::.. 84 !.... 02
M Pae Bs '03 1..J. 02
2 8 reja arq. e.
1 88 1 07
l..f.. 88 1 ??
Me P R II Os .
2.... 100 t'leree uu s .
8.... 100 2..,.. 00
1.... 100 8.... 108
Uent'a Pwr Bt Pertl'd Rwy ft
2 . 87 H "-'sit ee
l!...! 87 80
Ntl Rwyt Met 10 80
4s of '87 .
8 80 1..... 90.
N Or'a Jt T 4s 1'niia cniy ia
1. ...'. 78
Honesties 2 08
K'n 4e 1..... e
1 .... . 84 rroaue m n em
1...
0...
60...
13...
10...
10...
10...
20...
80
25
SO
1
10.....
2
7(sale)
14
IBS
4
0
11
BS
20
10
13
10
IB
8
1
12
1
20
7
8....,
B
B
2
6
1.
1..
1..
2,.
1..
1..
8..
fi..
fi..
0..
Dalt
100
100
. 00
08
00
. 00
00
, no
, no
00
Ohie 3
35
71
16
E3 105 ft
40
45 ft
99 118ft
65 79 ft-
L4 - .
72ft
I3ft
11
32ft
15ft
11
20ft
62 ft
98ft 96
62ft
12 ft .
23
26
10 .
17ft
8
52-
8ft-
ft
1ft
ft
ft
ft
1
ft
'ft
1
ft
ft
ft
3
ft
ft
ft
ft
ft
ft
1
1ft
1.
7.
8...
5...
Qove't
0...
fi...
1 ..
B...
1
LIVESTOCK QUOTATIONS
rittsbursh. May fl. HOCIH Receipts, 1500
head, Marlcet hieher. Ileavien, iufU.i:
heavy yersers, nam "rei auu pisa. 914, -tu
U 11. 1 511.
HHEKP AND LAMIiS Ilece'pts. fiMO heiiij.
Market lower. Tep sheep, SU. 75, tee lambs,
ill '.:..
CALVES Receipts,
steady. Tep. 111.
10O head. Market
Kant Iliiflale, May fl. Receipts, 73 head.
Rteady, Calves, receipts, 750 head. .Slew,
60n Inner; I3W10.
HOOS Receipt". 1200 head. Strenir ie
lfin hlKher. Heavy, 110 7.1 i 11.23, inlxc.il.
ll.-'.",fl 11 ,10; yerktra, til. ,10; light workers,
til. Mill 11 flu; Piss, tll.r.u; roughs, uiiu,23;
atax. 134111.
BHEKP AND I.AMI1S Receipts. S400
head, Slew, l.ambe, 50c lower at ICUIj.
Clese
ll),:in
18.D707"
IK. 83 ft 84
18.84087
18.70
18.72
with cer-
1st
(127 t7S.38S.41l
7.4M.t7 M,U8.J4.
Raw Sugar Market Quiet
New Yerk, May fl. The raw sugar mar
ket Is quiet, with Cubes ter May shipment
quoted at 2e te 2 18-3'.'e, "nil for June
shipment at 'Jc. cost and freight. Kales
yesterday were cunflnrd te Perta H'cejf, of
which 811,000 bags fur shipment last half
et May were sold te New Orleans Intereats
at 3.02c r, I, (,, and ftO.uOe baxs ter prompt
shipment te a local rclliier at 3.88c, c. I. t.
Importations Included 4'.',50li bags Cuba te
the Federal Hugar It-llnlng Company; 2ll,(IOn
bags te the American .Sugar Refining Com
pany; 18,000 bugs, In A'rhuckle llrelhers, anil
9000 baaavte an Importer. The local refined
market lalunchanged with list prleea rang
bur trem 8.250 te 6.40c, list 2 ptr cent ler
FOREIGN EXCHANGE
New Yerk, Mny 0. Tlic foreign ox ex ox
chnnge market viih quiet tmliiy with
fluctuations narrow nnd iiiotntleni,
where changed, under opening price.
Sterling was ubeut MiC under jester
tlajs extreme high record nnd there
were losses of 1 points In DihiIhIi, Ut
in mnrket nnd of 1 point in francs,
pesjtut), Norway 11 ml JJutch. I.lrc, Ucl
shins, Swiss mid Swedish were un
changed. Quotations were :
Sterling cnbles 4.44rA, demand
Mt',6; franc cables 1).1((. elieckH 0.1.1;
lire cnbles 5.i'i3(&, checks 5.511; guilder
cables ."18. Hi), checks IlS.dl; murks
,:hvh,
The Central Kurepenn. exchanges were
Irregular tedny at the following limita limita
teons: llnlgarliin, .OS; Itiimauian,
.fill',; Serbian, 1.48; Czeclio-Slevnk-Ian,
1.0U; Juge-SlavlMii. ..'17; (ircek,
4.48; 1'eIIhIi, .(OK); Hnulsh, L',08;
Austrian, .(M'.M; Hungarian, ,13,
The premium en New Yerk funds In
.Montreal ieiuj .wag 15, per cent- K
discount en Canadian funds in New
Yerk tedny was 1 KI-II2 per cent.
YKSTKRDAY'H CI.OSINO QUOTATIONS
r, , Be.r' Vrhnct l.lre Guilders
Demand 4.44H 0.17 5. SO 4 88 88
Cables 4.44T 0.17',i 5.37 as.aa
TODAY'S OPKN1.NO QUOTATIONS
s!el!',9' lranca Mre Uullders
demand 4.44'; H.H n.a.1 as S".
Cable 4.44 4i 0,17 5.351, 88.40
CLOSING QUOTATIONS
Sterling Francs I.lre Oulldr.
.15 6.85 Sx.HI
''" f'.31W 3S.3U
101H
101T
102
i 102
F IX 8a
, 104 H
, 104 ,i
... 104 V
.... 104H
.... 104
(sale)104
1.... 104K
1 ... 104H
3.... 104
Or'd Trunk of
Can 0s rote
5.... 1044,
1...: 104
Jap Oeven't 4s
8 70K
K Belgium 0s
1.... 103
5.... 103
K Delg'm IVtu
1.... 104
0(sale)104
10.... 104;
4.... 104?,
K Delg'm rctn
1....
1....
Kingdom JJeu
mark ct fie
2 (IS 14
Kingdom Dun
mark ct 8s
1.... Ul'i
1.... Ulti
1.... lll'i
K Italy 04s
6 00
IC et Nether.
lands ct n
7 07
2 OR";
00
00 i
8 oe ;
Kingdom Nor
way ct 8a
2.... 1144
2.... 114H
K Sweden 0a
0.... 1014
10 tmieneii
Parls-Lyen
Oe wl
mil',
s
Demand
Cables ,
4.44H
4,44
Reserve Banks' Discount Rates
Official rediscount rates nt the twelve ivrf
erul Jtcserve Hanks are as (clleVi cd
limB, J.lll,
ctrs. iiends
Tlosten
Ni w Yerk , . .
I'hlladelphla .
Cleveland ....
Itlchmend ....
Atlanta
Chicago
St. l-eul
Minneapolis .,
Kansas City ,
Dallas
Ban Francisce
414
4W
414
W
.. IJi 4'j
4 4f
n
n
5
44
Cem'l Dkrs.
I'afier Accept.
4Vi
ft
n
5
44
r,
5
a
44
BAR SILVER
SP"?!.!.10 Uar".'!)"'r was unehanged In Naw
euc. ort iUc.
,1lWtJltJBSd.
Yerk today at Oli'.c per fine eunce: fuielsn.
m Lonaen, ta prlc,wM Hd
1..
101 it
ns '1
25...
40...
25...
5...
ft...
834
834
83 4
834
1)3)
S.-,k
We'n 84s
1 01
Darned' 11 Cerp
a fls
1.... 107S
Darnsd'll Cerp
D BS
1... 107H
Bell Telephone
of P a 71
1.... 108
2.... 108
4..... 108Ti
Beth Steel tst
10 084
B Steel Bs '30
0 03
Beth 3teel fls
1 00
20 80
B Edls'n D 7s
1.... 107
B Itap Tran 7a
8 80
10 80
Bkn Rap Tran
7a ata
10 824
B U Elev 1st
1 80
Bkn U Gas 1st
4 80
Bush Bld'g Bs
3 014
Ctl Leather 5s
4 074
Cere de Faa'e
Cep'r 8s
3.... 1164
1.... 1104
Cann. Oen Ulec
Oh wl
16.... 1024
25.,,. 1024
10.... 1024
2.... 1024
Cnnadfn Nthn
04a rets
1.... 112
1.... 112
1.... 112
Cana'n Pae 4a
2 80
B 70i
1 80
3 704;
Care Cllnchf'd
Ohln 5a
10 no
1 02
3 02
Cen'l et Oa ils
1 004
4 004
Ct'l of Oa 1st
10 084
C & OhU 4 4s
1 884
C & O cv 44
57 884
1 884'
C'lt & O cv 5s
C 02
1..V... 02
I eh;
5 014
1 02
Chi L Alt 34s
484
, 118
, 1184
. 1174
, 118
. 1174
A S 8s
. 101
Cuba c'e S cv
1 844
Cuba C'a Sug
8a sta
1 854
Cuba It ltd 5s
2 84
Del & Hud cv
00
It A4s
POS
004
004
004
004
Den (ROfd
7 404
Den A II O 4a
3 (sale) 80 4
2 (sale) 81
3 81
2 804
1 804
B 81
Det Hdl 3t '40
1 054
Det Sdl Ce 0s
1.... 102
1.... 102Ts
Det U R 44a
4 83
1 834
D Match 74
1.... 1054
1.... 1054
D da Nemeura
Pwdr 74s
1.... 107
1.... 1004
Dun Light ns
1.... 1034
1.... 103;
2.... 1034
1.... 1034
2.... 103'.
Du Light 7 4s
J.... ion
10.... 1004
Empire Oaa k
Fuel 74a
2 084
1 084
8 (I84
11 084
98H
Erie Uenl l.ieu
B C44
11 544
544
4 144
B 544
4 B4U
Erie It II cv A
1 40
Erie It It cv B
1 40
B 50
Erle It 1st en
0.... 104;
8 104 tt
Erie Hit Ce 4m
1 OIK
Erie A Jer lie
1 en
Flsk Bub'r Ce
bh rcta
1.... inn 4
1.... ienv.
Fram'n Indust
uev 7 4s wl
084
084
084
084
00 4
Queens'd 0 wl
5 ... 1024
7(sale) 102 4
Itep C'.ille '20
1.... 1024
:.... 102
Rep Chile '41
4.... 1054,
4.... 1054
Rep Chile '40
2.... 100
8.... lOd
8.... 105;
R'e Cuba 4 4s
1 78
State of R O'e
Du Sel Bs
II.... 1034
.... 1034
8 1084
BwlU'd Cen Km
- MTU)
744
74T
744
744
7B
744
74 4
744
7B
7B
7B
744
7B
754
78
7B
78
78
744
734
75
75
754
75
754
754
754
754
7R4
744
2 754
Int'l Agr'c 5s
1,.. 804
T (sale) 804
Interl Cement
Cerp'n Ss
8.... 1004
I M Marine fl
2 004
11 084
1 084
2(sale 01)
4
1
25
B
10
10 (sale) 004
Int'l Pap a 5s
1 874
Int'l Pap h As
S 804
Invincible Oil
Cerp 8s
1 00
Iowa Cnt'l 4s
1 484
1 484
1 484
0 48
Julius Kayser
& Ce 7s rets
B.... 1024
2.... 1024
.1 1024
1.... 1024
Kan C & S 3s
2 074
Kan C & S Bs
2 88
J 874
K C T Rly 4s
6 834
4 83
Kelly Sprlng'd
Tire 8s
4.... 1084
Laclede Gas C
St Leula 6s
1 01
Lake Shere M
S'n 4s '31
1 024
L Valley 4 4s
1 034
Lehigh Val (Is
1.... 1024
4.... 1024
L t Myers 7s
l... 114
Le A Nash 4s
1 004
7 01
L A Nash 64
1.... 103
Met Per'm 8s
B 100
Mich Ct'l d 4s
A 004
Mid S & Or As
1 00
1 004
20 net;
M StP b S Ste
Marie 3s
1 004
M StP A S Ste
Marie 04s
B.... 1004
B.... 100
Mln A St L 4s
2..
8..
A..
1..
1 84
New Or Tex A
Mexico Ba
7 70
1 70
1 004
4 004
N Y Ct'l 84a
1 774
N Y Cent' I 41
1 804
N Y Ctl 4s '42
10.... . 88
N Y Cent'l 5s
064
12..
10..
14..
811..
7..
3.... 1024
Pre A Refiners
war'd 8s
1.... 1084
Reading Ce 4s
1 854
8 854
Rie O A W 4a
1 704
Reck ll'd A A
Leut' a 44a
1 824
8 824
1 824
St L A S P aj
054
084
034
054
064
1)64
054
(1.14
054
054
03H
054
06
054
054
054
054
064
084
Cent'l 0s
.. 1024
.. 1024
Cent'l 7s
.. 1084
N Yk Cent'l M
Ct'l 34a
3 744
3 744
N Y Edls'n Ce
04s rcta
B
B
10(sale)
IB
53
31
1
Ksale)
8
1
1
8
N Y
1.
1
8....
1....
1....
SIX. A
2....
B....
4....
O....
1.,..
8.
N Y
1.
1.
1...
1...
1...
4...
1...
10...
B...
1004
1004
1004
1004
1004
1004
1004
100 4
A
N Yk N II
II 34a '54
3 624
New Y N II A
II 4s B7
3 844
7 65
2 64
New Y N II A
Kart'd 0s
1
1...
10...
B...
4...
0...
7...
B..
834
834
84
84
84
811;
84
84
8:
. 81U
. 814
. 814
S V In
. eon
. 804
. 604
. 004
. 804
. 604
St L A S Fran
Serlea A
2 784
8 784
St L A 8 Fran
Series D
1 874
1 874
a
St L A S Fran
Series C
a 004
St L Sew'n en
1...... 704
Ksale) 704
San Antonie A
A E Rly 4s
2 7014
Seab'd A L a)
6....; 234
23H
2 20
1 20
Seab'd A L fd
2...
0...
3....
B....
A....
5....
SAL
1.
. 42
. 424
. 424
. 424
. 42 ;
. 424
4a ata
B0 4
N Yk Rlys 4s
2 434
B 43
N Yk Rlys Ss
! 14
! 14
1 14
! 15
1 15
1 IS
! 144
: IB
N Yniys ct 5s
1 134
New Yk Hum
A W'n fd
7 -cMi
N Y Tele'e '41
1.... 105
1 . . . . 100
1.... 105
2 104i
N IkWcl
uest 44a
40
40
484
40
404
40
404
B.
3,.
3.,
1..
6.,
1..
n
3,
87
87
S7
574
574
674
B74
58
Nfk A V cv 0s
1.... 100
P.... 109,
0.... 100'
0.... 100
North Western
Bell T 7
1.... 1004
N Pacific R 4s
4 87
N Pacific n 8s
1.... 1004
A.... 1004
Nth S Pwr Bs
1 024
Nth S Pwr 0s
1.... 1014
Oregon S Line
guar'd 6a
2.... ien:
1.... 1014
1.... 1014
Ore-W R n Ce
A N Ce 5s
Seab'd A 1, 0s
0...... 584
B A8
1 584
4 884
B A8
Sh Steel It 8s
Ksale) 084
8.... 100 11
Sinclair C Oil
Cerp 7a rets
80.... 100
7(sale) 100
2.... 1004
2.... 1004
B 004
8.... 1004
1.... loeu
7.... 100
4.... 100
2(sale) 1004
.... 100
2.... 100
Sinclair C Oil
Cerp 74a
C... 1044
"(sale') 104 4
1.... 1044
Sinclair crude
Oil P Ce B4
7 004
2.v... 004
Se'n Paclflc fd
1 874
1 87 ?i
S'n Pae cv 4a
2 014
1 01
1 014
10 014
0 014
0 014
Sn Railway 4s
1 074
10 074
2 074
4 074
1 074
1 074
Sn Railway 6s
B 05.
2 054
Sn Rall'y 04s
004
M & StL fd 5s
2 40
M IC A T a) wl
1..
l!
1.
1.
4.
004
me
ine
Ii04
100
lOllli
Oen'ee Rlv 0s
1 00
Oene'l Elee lis
1.... 100U
Goodyear T A
itub'r '31
3
7.
1.
1.
1.
1.
1.
1.
1.
3.
1.
Goodyear
Rub'r '41
2.... 110
Ksale) llflU
8.... 110
O tNhn R .Vis
004
004
004
lift ',1
004
en 4
60 i
Ot N'n Rly 7s
-' 484
1.. .. 484
1 484
C R A Q 114s
2.... ion'.;
se..., 1004
4.. , 10114
8 lOIPf
8.... 10114
4.... lOUVi
Chi 11 A ) As
1 084
084
-' "84
1 (sale) 084
1...... 084
1..... 084
1 084
1 084
C A B I 6s '61
S.... 84
L...., 83,
1 884
J 834
103
10.1
1084
103
1034
10S
103
1024
103
103
1034
T A
10
A..
10..
A..
5..
10..
1..
8..
16..
Me IC A
1
M K A T 4 4"
1 00 4
1IIUT Bs wl
1 83
1 834
B0!J
504
504
BrtH
SO 4
r.e;
67
604
504
T 4s
814
1.....
8
8
10
1
P Coast
A0
Pac O A
1.
82
814
814
814
814
O Bs
01
E Bs
0
Pacific Tel A
Tel Bs wi
1
in
1 (Ksale)
20
2fl
10
Packard Moter
Car CO 7s
1.... 107
Pa ltd en 4 4a
1 07
044
1)4 4
04 4
044
044
04 4
fttta'!
O k
2(8.4.
!,,., 4
!....
v ::.
3.
1
ti
i
81
03
014
814
014
union i'ae n
4 824
21 88
Union Pae 0a
1.... 108
Unt'd Drug U
1.... 108H
Unt'd Rlya Ce
St Leuli 4s
1 804
U, 8 Rubb'r Bi
1 88
3 604
8 84
m
:.a 1.7
U.'4BWmI.8
10,... lezw
-1.... 1034
3.... '103
1.,.. 1034
1..,. 1034
1.... 1034
Va-C Ch 74
8 no 4
1 oei(
1 004
Va Rly Ce 8
1 BON
Va A S W en
1 82
Wabash R lit
2 08
West'n Md 4s
1 80
1 684
1 084
wmmrw
'"'-
i
A HOTS '
i!.. 1074
1,.., Hl
w5B4Hs
1 684
Wilsen OIlli
10 ... ie; 4
1.... 1084
9.... 10
J(sale) 108
10..,. 105 U
3.... 108
2.... 105
T(ialt) 105
A.... 105
7(iale) 105
Wla Central 4
2 814
...
....
Total, '17.481.000,
238,000 yesterday.
181,070,000.
compared
Thus far
with tlB.
this week,
High Iew Olesi
im.ne 00.40 wi.40
00.44 00.30 00.80
00.80 00.70 00.80
00.S4 00:44 00.54
00.82 00.72 00.74
nn.flO 00.84 00.80
Vic Ketca 39ia.. 100.04 100.02 100.02
Vic Noted 48-y 100.68 100.60100.08
Liberty 3VjS
Liberty 2d 4s
Liberty 1st 4s
T.lhertv 2d 4'Aa
Liberty 3d 4
Liberty 4th
p.
Philadelphia Stocks
High Lew, Cloia
235 Am Strcs.114 113113
10 co 1st Df.101 lei , iei
loetoni AP 44
100 Lk Sup C 10
20 Lch Kb v.. 74
10 Pcnn Cent
Light pf. 05
717 Penna KK 42
10 Phil In W 30&
7Phlla Gtn
& Ner.. '1)0
310Phlla Ce
cum pf.. 38
240 Phllrt Elec 28
150 de pref . . 20
400 rhlln. R T 33
151)0 Radie Cor 6
35UnlenTrnc 41
340 U O I.... 40
215 de pref.. 53
lOOfU 8 Stcel 08
120 Yerk Rwy 20
INct Chang.
Net
chge.
I M m 55
74 74 . .
55 55 .
41 41..
30Vi 30 1
110 110 2
38- 38" ..
28 28
20 20
32 32
6 6..
7? TiT? 7?
a 40 Vi OVi Va
U 53U 53 Vi..
08 08 1
20 20 . .
ale en New Yi
mail hv eamDarlaen with last
'erk Stock Exchange.
Total sales. 4784 aharea, compared with
10,003 shares yesterday. Thug far this
week, 44,098 shares.
pniLADF.LPmA IIONDS
1000 Liberty 3d 4 '28.... 00.78
8000 Victory 4s 23. .. let8.100.64
1000 Hell Telephone 7s . . . . . . 108
7000 Cens Trnc. N. J. 5s. .lets 84
lSOOPhlln Elec 1st 5s.... lets 00
C000 Phlle Elec 0s lets 10J
1000 Reading Oen 4s 8j
Total, 125.800, compared with 804,600 yes
terday. Thus far this week. 1485.700.
GRAIN MARKET
Cern-May
July ......
soptemeer
Wheat
May July .....
September
Oats
May
July
Sentember
Rye
July Lird
July
614
07
m
1.174
374
40
414
.11.60
04 (
07 I
644
074
1.804 O1.30
1.244
1.174 01.11.;
404
9 40
1.054
11.00011.55
! I
Earnings of Railroads and I
ties Tslllng a Far-Dif.
ferant Tale
1
irket '
DIVIDENDS DECLARED
Package Machinery Company extra 83 os
common and regular B0 centa, payable ea
June 1.
Manhattan Shirt Company quarterly SO
centa and 24 per Cent In stock en com
mon, payable June 1 te stock et record
Dew ' Chemical Company quarterly 34
per cent en common, payable May IS te
stock of record May B.
ePn1lM' In tA Ia..1 . L
.uua..K tuv ivvai maraar . .
active but wa unproductive of in .
nnvrntt ttniiiA AliaH...
'"'""" ".. 'u"" , ne teha
me general Il8l was firm nn.1 -i
the prominent local shares wmalna
.vw..Uij iu me came level
held all during the current .-l .
for continued fairly active in .I.J
dle Corporation, which sold up te M
SSS?efe
p. r . V&p'iK.A,f"f "fln"i
. . - ' "- aaa,VM BY Ai tV
union Traction wan n shade better.
41. Among the Inactive stock, ,,
delnhln. Germnntnwn .. "f
ssAa,-2" - sa
.Aiineugn run ' ..
local stocks hiv k;. " ""P" M
i.. "'.-. V" ""' color ess-
TL'tt3ft2&'Mi.
Inent stocks simply marked tOT?'
ruled relatlvelr J. -uu. m." .4
Jit- lC' "l-Zi-."" a fliuaaj
...e,.vg vi me recent t0n prices (.
Vlr. Tha ln...J f '.""TS PI tl
sj.a.-?iSSa
VOlenmentR rnnoeenlns el,. "i..fn.'Wl
Physical DOSitlen of enrh !.", !t
enterprises and Uieri Ih only natni?
a aispositien manifested en all sleVei
alrlaatKn nn1ln. - -i.iA..'1 "lael
tendency tewnrtt further expanSeiii
business. Whiln inn- "??''? J
2ViV.7 "u!!.9ttt.ia
rn.teff.TlV benJnted frefn T'eaM
Bianapeint ty the Sesqul-Ccnlennliti
ec neiu in tuis.city In 1020. plans.
a..J.H...bau..,. ,,.! uirvauy linden .
s deratien for n vast extension of epm.'l
iiuie uf inene vumpnnics, which, whftll
nantfealtntlniv n ..! . .'. ""'1
;r;.i"v..T """"'. "'.ce"r
muneratlve results.
Earnings of both the steam rtliri
and the electric llhtln. nnw.. ,
transportatiens systems are cemlnrtel
for widespread attention, as ther sSI
tclllnf quite n different story fromeSl
year back, which reauha ..lZI
the highest terms for American trasaT I
iiuutiiiuii iniiaKi.iiiiiii. a recspitnis.il
tlen of the many problems whieK '
fronted the country's transnnriatiAn i.j
dustry ns a result of the rccenBtructwal
following the world's war, with Its tt-i
icnning wiuevprcna aisaRtCr from I
business nnd Industrial viewpoint, m
some (iy rauKc very interesting reidut
mnttcr.
It was likewise a wonderful eduratl.
for th rnllrend nnd utility manlnri,',
and will furnish n valunble text'bect
for new generations in this field et the
country's enterprises. Accomplishment
In bringing order out of little short tt
ctines are Teauy pncnemcnai.' tm
railroads, by the drastic retrench.
ment treatment, have been brought clea)
te the theoretical 0 per cent en valnsi
tlen. As te the utilities, similar vlieriM
nun rvimuiiiiuhiuii iiuiiyics imve restores 1
most of these concerns" te a basis where. I
in there remains no longer any doubt 61 H
te soundness of' their financial ebllft'fl
tlens, a questien wnicn a year age fin I
consiueraeic concern.
e...
l...
12...
l.-..
12...
e...
l.
004
004
004
004
00 4
004
00 4
004
004
Btand'd Oil et
CalK 7a
1.... 1064
Steel Tubs Ce
jjf Am'a, 7.
4.... 1014
Third Ave a)
614
l nt
Tobacco Pred.
acts c 7s
10.
10...
2...
2...
20...
1...
1...
Teled
1014
. 1014
. 102
, 1024
, 1014
. 1014
, 101
St L b
West'n 4j
2 684
B 084
Union Dag &
Tap Ce 6s wl
1 08
0 ON
2 1)84
Union Tae cv
11 044
rw '&, vt;&s tff v., w ij
K."(it I 'k-."Ka
WaX
i3
A I
rSfc.
KiSft
V rTfl
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t" J
ffl
tri.
A "10
p :,
Sr
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sr
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.":a
The Secret of -
Business Success
THE key te success, in a large way, Is funda
mentally the ability te leek ahead a little
further ahead than the majority. The man who
can see what is coming has a tremendous advantage
ever these net se well informed. "
Leeking ahead Is based entirely upon thorough
understanding of present conditions.
Standard Daily Trade Service
"A Survey and Forecast
of Business Everywhere"
provides the information upon which a business
man can determine the best course te .pursue.
This is a service that reaches you every business
morning. It contains analyses pf business and
finance, illustrated by charts and an index te the
latest information en every important field in the
business world. ' ,
A copy of the current market index
"A condensed picture of security and
. business prospects" sent en request.
PUaie ath for chart " G-"
Standard Statistics Company, inc.
"The World's Largest Statistical Organization"
47 Weit Street New Yerk City
v:yj
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1004
1004
100 4
1004
1004
1004
1004
1004
1004
1011.
Havana IS Lit
I'wr Bs
8 R8
Hei.lt Val 4 4i
, 1 804
IIelland-Am'n
I.lne a.
7 024
2 024
1 112 U
IIul ti Man fd
8,.
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. 844
Stan In
63
Metropolitan Edisen Company
Cumulative Participating Preferred Stock
-e"
Annual Dividend $7.00 Per Share
Application will be made te list en the New Yerk, Philadelphia and Bosten
Stock Exchanges
Tjrriter, The company operates electric light and power. properties in
Reading, Pa., and 64 ether communities directly, and 30 ether com
munities indirectly. '
Net earnings for twelve months ended March 31. 1922 after fixed
&2--SI charges, were $580 952, net including $294,000 surplus earnings of
?inftTa Edl8n Cem.pany the common stock of which
5 75!iJj -I ? VmpS? hlle the dividends en the entire issue
of preferred stock are $191,240.
lh:TJ rlih?" n reproduction
is equal te $415 per
Valuation!
cost, as of average prices from 1917 te 1921 '
sfrare of this preferred stock. '
We recommend this iteck at the market te vield 7 20f i .l .
additional income bec.ua. of the participating figure '" P,lU th" P"" f
A cempUt. dcripUen will b. ..nt you en r.eu.tt.
JOHN NlCKERSON, JR.
61 roadway
New Yark City
314 North Ireadway
tt. Uul. Ma.
fe per cent- y
-ft
v t ;
ss
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