T;:jmh,ft.rt
tyfaf'zem
ICity of Winnipeg
Gi7e Geld Bends
Due June 1, 1949
rrlnrlnnl and Inlrrrnt
', partible In New Yerk
, Winnipeg I en of f'anada'a Krcateat
.commercial dlatrllnitlng and Inaua
trial ccnlera. Kecuvd here are all
the rrullmlnc tranncentlnentat fall
reada tnrrylntr te the llnatern
marketa The Immense grain crnpa of
the Canadian West, and carrying aa
wfatbeuml return trame a ureal
xetumn of tnnnufnclurcd products te
supply this vaal area.
Price 105.12 nnd interest
Yieldinjr 5.15
(fiunirnt In Itnllril Statu. Fuml.)
Weed, Gundy & Ce.
incorporated
14 'Wall Street, New Yerk
Terente Innlper
tendon. Ens. Montreal
h!
ic
i
United States
Government
Securities
nccnmE nErARTJfKNT
COMMERCIAL
TRUST COMPANY
v .h.r Wrtl Rfre M.iMeni
City Hall Square West
Burglars
will find very little money
in our clients' safes.
Because our customers
have the convenience of
depositing their funds or
, checks up until 10 o'clock
1 at night.
REPUBLIC
TRUST COMPANY
1429 Cnestnut Street
(HOURS 9am-10pm
fjfflpffiaff
WE OWN AND OFFER
Atlantic i. Danville
t 4'a 1918
at price te yield 3. (S3
Rated AA
Terente, Hamilton and Buffalo
1st 4's 1048
nt price te yield S.tS
Rated AAA
I.eillltlr & JrffemenTllle
Rrldze 1st ' 1013
nt prlre te yield 3.28
Ruled A
JI"tlnns by .Xloedy.
WietNm Bldc. Philadelphia
Ui
NnpTferkShckExdmim
MtwYees iuzamth. m.j
Georgia Railway
& Power Ce.
Bends
All Issues
l"j
I).
, V
Bought Sold Quoted
Elkins, Merris & Ce.
Land Title Bldg., Phila.
Members
Yerk . Philn. stock Exchange!
New
e.iUCIark&Ce.
BANKERS
12 1 Chestnut St., Philadelphia
Established 1837
bar New Yerk and Philadelphia
Stock Exchange!
Commonwealth of Penna.
5s, 1951
WM. W. FOGARTY
Lafayette Building ,
Lembard 10 08 Muln Hl-A.l
C. S. PATTON & CO.
(II A niKxTM'TSTS.
BANKERS
S" Hticrwwr te
.. . SAILER rtTKVKNSON
ZHX
a.i T.t
k
hJV
.
Ma ana mocks neuini nna ei.
Menken rklla. Stock tUthann.
fWfWmw
pA.'-.w ,H
V"S ,
SPECIALTY AFFAIR
Terms of Bethlehem and Lack
awanna Steel Companies
Merger Announced
New YerU, Mny 10. Continued ir
rcsulnrlty innrketl the movement of to
day's stock innrktt. It wns largely n
epcclntty nffnlr nt n few stocks were
(elected from the different groups and
marked tip while the general Het lleun
tiered about without Retting anywhere.
The Independent steel shares remained
the central features but there wes also
a decided brendenlng of interest in the
copper group.
Announcement of the term of th
Ilethlehem Steel and I.ncknwnnna Steel
Companies merger furnlnhed the most
Interesting news development of the
day. The terms were ratified by the
directors of both companies. The pur
chase price offered by the Hethlehcm
Steel Is nn aggregate par amount of its
piererrecl tock ami clns "iv com
mon, equal te the par amount of the
I Lackawanna Steel (.teek outstanding,
consisting of It) per cent of the 7 per
1 cent jifd. nnd 00 per cent in the cless
"15 ' common Meck of the llelhlchem
Steel. Willi an option of the llethlehem
Steel te reduce the pnr amount of the
preferred Meck anil Increase the par
I amount of the class "It" te be delivered
by S1,."il!?.-100 upon payment of np-
proximately .$:tUO,000 In cash. The
I Hethl'Micm assumes debts and obllga ebllga
I (Ions of the I.aikawauna Steel Cora Cera
1 iinnj .
l.nckawauna enjoyed a substantial
advance before the publication of the
terms, while llethlehem showed n re re
nrtiennr.x trend. Other independent
steels, especially Crucible, Sloss Shef
tie'd, I'.epubllc and ltepleglc were 1 te
t1.. points higher. Hut nctive specu
lative interest was kept jumping all exer
the beard. Ity this pieccss mieIi spec
ialties as American Ice, Davisen Chcm
. lcnl and U. S. Alcohol were tretrcil out
I with material gains. The first named
i?! &k v i y; " n , tn
Spruce 8200
I jumping 0 point".
in tnc meantime the genernl list xvere
.i tired appearance and acted pretty
much the s.ime xny it did following the
big profit-taking movement which sue
ceeded the sharp advance in the steel
shares. In ether words It xxns requiring
lcdoubled efforts te keep (he market
headed upward as ihc increasing weight
of the realizing sales and sporadic short
selling was making it rather xxcak
kneed. Commodity Markets
GRAIN MARKET
Clilcare. May 10. The wheat maiket I
opened strong at Vje te jc advance, witn
I Muy showing the greatest gains. Theio
xvas active general buying bused lnrgely
en mere litilllli news trem norenti.
where the I.lvrrnoel market xxas strong.
with futures up T6d te l'jrt higher, i
while spots xvere up lu te iIAl, aim
Germany xvas said te have made large
purchases of wheat nHeat.
There xvere no developments in Chi
cago relative te settlements of' May
contracts en the Barnes plan, although
it xvas said that the subject had been
considered by the beaid at a mcetinR
en Menduy afternoon. There xvere de
liveries of 'MiitfW) misneis en .xiay con
tracts in tin Chicago market.
The coarse grains werp firmer xvith
wheat. Cem advanced aie, while eats
xvere c te Vic higher.
Prevision's wete dull and nominal.
although hogs opened ec te 10c higher
Cern Prev. Clese
May ... HO'.
July ... JS
Sept. . UO 4
Wheat
May . . 1 42',
Julv . 1 'J5S
Sept. . . 1.1U4
ODen
P. SI.
BIN
tlT1!
rtl'
HSil
07
1 40'
1.281.
1.21 .
ns',
4114
41
ns
1 tt ?
1 Jiit 6
1 t4
l.ail'-j
l.'.'O 1 20'i
uata
May
3T
41
as
41Si
July . .
t5pt. .
Rse
Julv . .
Sept
I.ard
Julv
aept. .
4H'.
1 IIS
1.0l
It 112
11 S7
II C.7
11 au
COTTON MARKET
Next Yerk. Maj 10. Trade nt the
opening of the cotton market wus active
and general. Ileaxy realizing through
commission houses was absorbed by
Wall Street and Liverpool buying. The
Seuth and i-pet houses sold. Firm
cables and reports of further heavy rains
in Eastern Georgia xvere chiefly respon
sible, for an initial upturn of 4 te 10
points. Later, the list continued ac
tive, but gave evidence of big profit
taking. About eighty-nine notices xvere
issued this morning.
Yet close
Open 1 P. M.
21.20 21.01)
20.4." U0.3S
J.0.4S -J0.34
L'O.tll 20 35
:0.30
20 32 ....
Mny ...
July . .
October . .
December
January
March . .
, . . 20, na
. . 20.K7
. . JO .14
. 'JO 2I
20.10
NEW YORK COFFEE MARKET
I New Yerk. Ma 10. New buying
1 Induced by the better showing of the
Santes market bi ought an advance of
1 U te 0 points in the local coffee futures
market this morning. There xxas med
I crate short cexering.
1 The coffee market held initial gains
around the, neon hour, although trad-
ing wus again quid. The visible supply
I of Itrazll coffee for the United States Is
, rapidly glowing smaller und, statisti
cally, cedec might seem te be in a very
strong position, but trndlng hicks ln
, tcrest. What few Muttered cost und
'freight offers xxcie lieic today come en I
a slightly higher basis. The spot mar-1
Uet eailv was quiet, but prices lirmly ,
held, with basis lie for Kle is
Prev. C'loe
Onen
M(u
I JUl
HeiileeilK-r
December
March
10 -IS
, IU.133'i
i.HfliBS7
(1 nil
, 0.51 52
11 no I
10 311 37 ,
ii.ejft'n
U.70lfl7fl
V 53 a 3 1
MONEY-LENDING RATES
NhXV lORK Meny en call, bleth dames
of cellHlcrnl, ei'tned today al 3'A pr cent
for Ifiidlnc and rittewliur
PIUUXDK.I.rillA r.ill. r. per cent tlm
.1 tr cent commercial paper, three u alx
menthi. IW t 5 per c-nt.
Liverpool Cotten
I.ltrrpoel, Mai HI - There wan n Reed ile I
1 mand for tpet cotton today but only a med-'
loiate tudnesa wan done Uth pr.iei steady'
en the hauls of an uilVHtu j nf 45 pulntH for
1 mlddllnK nt 12 07d The union were IJ.fiOO
bales The receipts Mere 20(11 bales, none
American I'uture weru Hteady In thu early
I iteallnes .Spot prices uere American, middling-
fult, 1.1 Td. Reed mlddllni; IJ r2d,
I fully mlddl.nK 12 220, mlddllnK, 12 070, law
iiildillliiK. 11 r7d, geed ordinary, lu 72d, and
eidlnnr, 10 22d
!
BAR SILVER
Mar lher unchnnzed In 1-onden tedu
at 3U'id.
DIVIDENDS DECLARED
National Clenk and Sunt 'einp4ny iuar
terly tl.73 a hare en preferred, paiable
June 1 te "lock of rrcerd May 'M.
Ik-troll lidlbeii, gjiirtrrly ' :r cent, raj raj
eble J ill II te ateik ul lecnr,! Iun 21).
Ouantaname fujrir. ciuarterly I!! un full
paid preterrnl pajable July 1 te telt of
record June 1.1
I'Vderul .Mlnlnir and hmetllnK tiuarterlv
I'i per cm payable June IS te stuck of
lecerd ily 20
Prices Firm en Paris Bourse
Turin. Jlay HI Prices we
-e
JJeurae today. Three per cent
exchange en Iinden. 4Sf K8.
lean. 7Hr 30r. The dollar
Wf 4c.
rM "
ft new
iVie.
ki j - .. . - ' ! ;"- " v" ' . ''"v ..
NEW YORK STOCK ECHMtJfe ''fflmttimtti
Olv.
In
1:30
P.M.
Nat
Chte.
Sfllei
100
STOCK HUli
Lew
1614
54
16J4
1
66 14
4814
4014
44
4614
159
120
27
5714
15H
69 V4
104
89
43 H
13
33
544
114
116
96
6
17H
59
96 "4
38 V.
99 H
73 54
34 Ji
12114
13814
10114
9014
18Ji
44
' 53 14
114
8014
99 H
90 Ji
3U
102
3514
2514
3
114
110
.4614
6014
42
49
7314
7614
,112H
1 614
107
2H
28
24 H
21 14
13314
40
6H
3014
2614
1214
7814
55
59 Ji
81,
13914
52
3814
70
37J-4
4714
71
65
39
564
8
2014
24 K
41
74 14
111
64
4214
81
19K
28 Ji
5414
57
33
48 Ji
87
4
1614
64
116
13U
73
99
4214
71
21
92U
15
3314
56
21
117
27
.. Advance ltumely ,, 16y
4 Air Reduction 54
.. Ajux nubuer 1614
.. Alatka Geld Mines. H
. . Alaska Juneau 05 M 1 H
4 Allied' Chem ft Dye 66 li
4 Allls-Chalmers .... 48 yi
. . Am Beet Sugar . , . , 40ft
.. Am Besch Magneto, 44
.. Am Can 46 Ji
12 Am Car ft Kdy....159
7 Am Car ft Fdy pf. .120
.. Am Cotten Oil 27M
.. Am Cotten Oil vt .. 57 Vi
.. Am Hide ft Leather 15H
.. Am Hide ft Leath pf 69 V
7 Am Ice 108
7 Am Ice pf 80?4
Am Intcrnat Cerp.. 45
1 Am La France Kng 13
. . Am Llmeecl 33 4
,. Am Linseed pf .... 54 yi
6 Am Locomotive. .. .114
7 Am Locomotive pf .116
4 Am ltadlater 96
.. Am Safety Razor... 64
.. Am Ship ft Cem.... 17?
. Am Smelt GO 5,
7 Am Smelt pf 97
t Am Steel Foundries 38 U
7 Am Steel Fdys pf . . 99 H
.. Am Sugar Ref 7414
.. Am Sumatra 34 Ji
9 Am Tel ft Tel 121 14
12 Am Tobacco 13814
6 Am Tobacco pf new10lJ4
7 Am Woolen 9014
.. Am Zinc Ld ft Smlt 19
.. Am ZlncLd&Spf.. 44 K
. . Anaconda Copper. . 54
.. Assets Realization.. 114
6 Asae D Goods 1st pf 8014
6 Atch Tep ft San Fe. 99 H
5 Atch Tep & H V pf. 90 Ji
. . Allan Blr ft Atlantic 3 H
7 Atlantic Coast Line. 1023
... Atl Gulf ft W I S S 3714
. . AtlanOlf&WIpf. . 26
. . Atlantic Fruit 3H
7 Baldwin Locemotlve115H
7 Baldtn Loce pr 110
. . Baltimore ft Ohie .. 4614
4 Baltl ft Ohie pi 60 y
. . Barnsdall Class A.. 43 V4
.. Bayuk Bres 49
B Bethlehem Steel.... 7414
5 Beth Steel B 79
8 Beth Steel 8 pf..1124
. Beeth Fisheries.... 6K
8 Brooklyn IMIen ..107
.. Brooklyn Edisen rts 2K
.. Brit L'mStlSnd pf. 28
. . Bklyn Rapid Translt25
. . Bkn R T ctfs of deb 21 Vt
8 Burns Bres j. 13314
2 Burns Bres B 40
.. Butte Copper & Zinc 6
.. Butte Sup Cep .... 31 H
.. Butterlck 2614
.. Cadde Cen O ft R. . 1214
C California Packing. 78'jr
.. California Petrel .. 55
2 Calumet ft Arizona. 59 Ji
.. Callahan Zinc : JLd 8!4
10 Canadian Pacific ..13914
3 Canada & Southern 52
. . Central Leather .... 38 14
.. Central Leather pf 70
. . Cerro-de-Paace .... 38 14
. Certain-teed Pred . . 47 14
6 Chandler Meters . . 71
4 Chesapeake ft Ohie. 65
. . Chi ft B 111 (new) . . 39
.. Chi & E III (new)pf 37
.. Chicago & Gr West 8Vi
.. Chi ft Gr West pf . . 20 54
.. Chi Mil ft St P 25H
.. Chi Mil ft St P pf.. 41 H
6 Chi & Northwestern 7414
7 Chi & Nerthxvcst pf 1 1 1
4 Chicago Pneu Teel 64 34
.. Chi R I ft Pacific... 42H
6 Chi Rl & Pac6", pf 81
.. Chile Copper 20 Vz
.. Chine Copper 9?
.. Cluett-Peabody .... 5414
4 Ceca Cela . . . . t . . . 57
. . Cole Fuel ft Iren . . 33 V
3 Colerado ft Southern 48 Ji
6 Celum Gas ft Elec. . 87
.. Celum Graphophen 4?i
.. Cel Graphaphene pC 16?4
4 Cemput Tab Rec .. 66
. . Consel Dls Ins
7 Consolidated Gas ..1i8l
.. Consel Textiles ... 13 H
E Cent Insurance .... 73
Ifili -
100
tee
100
1100
300
100
100
tee
200
100
100
1000
100
100
100
1700
200
1700
S00
100
100
100
100
tee
100
100
5800
900
100
100
1300
100
300
100
100
100
300
100
11000
100
200
100
900
100
200
1900
200
700
4900
100
1300
103
1500
100
300
26600
100
200
100
200
100
1300
100
100
100
700
1900
200
200
100
100
100
2400
300
200
100
200
18 JO
100
100
200
100
200
200
100
1900
300
100
100
100
800
100
10500
12200
100
200
100
100
300
6100
300
1600
400
6600
54
1614 -
1
6614
4814
40J4
44
46J4
159 -
120
2714
5714
15H
6914-
107
13 -33-5414-
114
116
96 -6
17
6014 !-
97 -3814-99
74
34J4
12114
13814-
10114
44
53H
102
36
26
3-
11514-
110 -4614
7314-7714-
112-614-
107
2 r
28 25
21 n -
13314
40 -6-30Ji-f
2614
!
59Ji
814
13914
52
381i
70
38 v
4714
-39
57
8 -2014-25
-41-74J4
Ill l
64 -42
81
20
2914
541-4 -57
33
48 Ji .
87 -4
117
1314-
73
99 -42
li -7214
21
3314
57 -21
-
117
27
4-
9 -
7714-
42
20
8 -
83 -
11014-
1314-
21 Ji
1514
80J4
13
47
114 -17Ji
20-
14
60
7314
10114
16214 -1214-81
9414
40
28J4
74
40
31 Ji
11
83 J4
2000
100
100
4 Cern Pieducts Ref.
2500 24 Cosden ft Ce
42 74
7314
21 74
92
12000
Crucible Steel . . .
100
200
2300
200
1500
200
100
100
200
200
200
100
200
100
100
100
1200
100
100
100
200
4500
100
200
21900
600
800
700
100
100
3700
100
100
100
1700
300
500
200
400
3300
1600
100
11500
5200
200
100
800
400
3200
8100
15300
100
100
1200
1100
300
1800
300
2100
100
5000
150
200
100
2700
100
400
100
100
...Cuban Am Sugar
7 Cub Am Sugar pf
. . Cnh.a Cane Sutrar
15
. . Cuba Cane sugar pf 33 J4
.. Dax-lsen Chemical.. SB
J 36 DeBeers C Mln Ltd 21
6 Del Lack ft West. .117
1 Deme Mines 27 Ji
.. Duluth Se S & At.. 4
. Duluth Se S ft At nf 914
5 Eastman Kodak new 7714
.. Elec Ster Bat new. 42
. . Elk Hern Ceal 20
Emersei-Brantlnn . 8
u Bndloett-Johnson . 83
7 Endlcott-Jehnson nfHO'4
.. Erie '3!
. Erie 1st of f'T;
. Eric 2nd pf 15)4
8 Famous Players L. 8014
.. Fed Mln ft Smelt... 13 H
4 Fed Mln ft Smelt pf 47
10 Fisher Bedy 114
. . Flak Rubber 18
. . Freeport Texas .... 21
4
9
77 li
42
20
8
83
UOtj
131i
21 Ji
1514
8014
13H
45
114
17Ji
2014
14
59M
72
101 14
16214
1214
81
9414
40
28H
74
40
31 li
1114
82 li
2
.. Gasten wms &. wig vz
.. General Asphalt
60'
G General Cigar .,
7 Gen Cigar deb pf
8 General Electric ,
.. 7314
, .10114
..16214
,. 12H
.. 81
. . 94 Si
. . General Meters ....
6 Gen Met deb 6...
7 Gen Met deb 74
. . Goedrich (B F) Ce.
. Granby Cen M ft S.
T Great Northern pf,
4 n North Ore ctfs..
40
29
74
40,
. . Greene Cananea cop 31 Ji
. . Ciuantaname Sugar. itj4
.. Gulf State Steel....
. Hablrshaxv Electric.
3 Homestake Mining .
7 Hupp Motorcar . . . .
. . Hvdraullc Steel . . .
.. Hydraulic Steel pf . .
7 Illinois Central
. . Tnillahemn. Ref
84 U
2
2
70q3270aia 70-2
20 U
19 54
2014
9!4
43
104
4
9
43
103
414
814
40Ji
21i
414
40
25 54
9714
22
81 H
17
50
17Ji
3014
1
41
5
27
43 54
103
49)4
107
18
94-
43
104
4
814
41
214-
4 54
40 54
50
18
30 54-
1-
41 -
5
27 -
44
103
4954
107
98
Indian Refining
8
Insnlratlen Cen Cep 41
Inter Cen Copper.. 2(4
Interbore Cen Cep pf 5Ji
Inter AKrlcul nf 40
Internat Cem Eng . . i
Int Harx ester nexx- . 98
Int .Mer Marine ... 2214
Int Mer Marine Pf . 81 V
International Nickel 17Ji
International Paper 50
Invincible Oil Cerp.. 18 '4
Iren Products . .. . 30 '2
Island Oil
Jenes Bres Tea . . 41 H
Kansas ft Gulf ... 51s
Kan Cltv Southern. 27
Kayser ft Ce new . . 45
Kayscr & Ce 1st uf!03
Kelly-Spg Tire ... 4914
Kelly-SPK T Sce Pf107
Kelsev Wheel 98
FOREIGN EXCHANGE
New Yerk, Mny 10. Chances in the
nllied exchanges at the tipenlni: xxere
fractional. Stcrlilli! XX0S UliehuilRed,
acted us low ns that lexci Gieek
hhexved some recovery nt 4.211. On the j
ether hand, Czccho-Sleviikliin leached a I
new lexv en this
1.01V-. Other
finncM nml lire snlnvd 14. xx Idle Hel
-t l .!-. nQ.
iilnni nt H.. The III
The neutrals xxen- lr- 'TelHinvlnn. .3074 : Polish.
ngiiiar. Sxxlss shexved n less of n
point te a new low m this movement,
SpunSh and Nerxxeglan xxere tin
chntiBed. Uanlsh gained 5 nnd Sxxedltli
lest as much. Merks declined . A
0250; Einnlsli, 2.0'Ji Hungarian,
13.
I The premium
Montreal today
... 1 1.1(1 nor
strong feature xvas found in Builders (janUnn funds
xxhleh, nt 38.75 for cables and .18.70 1 ,,0minnl nt 1
Jn- nl.nl..i .i ... ? .mint nhnvc finv . ll .l.llni,
111 iliwl . I -- -- t,dnllUII Uiumi
previous teceril en this movement, j tell(.i,c,i 0f 00c.
I'litil the Inst tiny or txve the hlijh for yjHTnnDAY'B
Slllldcrs this jenr xxas .i.7. Jn nc-
'count of the xxeniiness in nxxiss nuu Demand
'. """. " ' L .. 1S....1. .1, L.w !,.. liable
tlie MrenBi.i m w .1 ... --.,"- ;"' , TOr.AY'H
ih ..r linti.li here luw npen i -"'
!OSM) III a lireu.iuii: i-nin-iunj iiuiii
one te the ether exchange ny 'upeeii- 1em,nd
latlve enernmrs nere aim 111 r.unie. 1 uapiea
'I'lm fVntrnl Kurnnenii exchnnites xvere '"
quite Irregular und in some rases en- BANK
tlrely nominal. Austrian fell te the nank clearing
extraordinary quotation et .uiuu, never rpenain eay
r-revieusiy rrcerucu. ii i" iiuuunui
' ether actual business reuld be trans-
" t i i'-iyvtafl yrw 'rf, - " . 'j - ' ' I...1 l-L''
Dlv.
In I STOCK Mllh
.. Kcnnecett pepper.. 3614
. . Keystone T ft H. . . . 20 Ji
. . Lackawanna Steel.. 81'
.. Lake Erie ft West.. '16J4
. . Lake Erie A W of . . 33 14
1 :80
P.M.
Salea
22100
Lew
34
20,
78
16J4
3314
3214
6214
106
16
13
4514
181 J4
1IS54
47 54
17
63
2014
,50
58
39
'8
2254
61
3054
3054
7214
224
116
127
29
1454
38 Ji
12
1 1 54
1714
39
26
2254
5554
74
21
143
2
9254
109
5
16Ji
6614
8814
36
60
28
2654.
5714
43
7
75
29 Ji
11
2Ji
7
9
70
634
63
5615
34J4
20J4
79 Ji
16J4
3354
3254-
6254
106-
16
13
4514
152 -11854-
4754
17
65 -
2054-
700 ..
52300 . .
100 ..
100 ..
100 2
200 314
100 7
100 ..
100 1
Lee Rubber Tire. ... 32 54
Lehigh Vallev 6214
Limn Locomotive ..106
Leewe Ce 16
Left Candy 13
Loese Wiles 4514
'li
14
14
li
5
14
14
14
2
1!4
'14
1
14
200
20b
100
100
100
100
100
tee
500
300
200
100
tee
700
300
7200
8100
200
1400
12
7
Jerniard P 152
Louisville ft Nash ..11814
Mack Truck 4714
.76 Mclntyre new .... 17
4 Mncltny Ce pf .... 65 .
Malllsen ft Ce .... 204
7 Manhat Elev Guar. 50
4" Manhattan El Supp 60
2 Manhat Bhlrt 39 Ji '
. . Market St Rwv .... 8
. . Mar St Rxvy 2nd pf 2214
0 Mar St Ry pr pf . . 61
.. Mftrland Oil 30J4
2 Martin Parry 30 54
.. Max Moter Class A. 7314
.. Max Moter Class B. 23 54
R May Dept Stores ..116
12 Mexican Petroleum.128J4
2 Mlntnt rVntAM OO
50
62
39 fi
8
22 54'
61 -30J4
3014
73 I
23 116
128 Ji
29 -1454
38Ji
12 -1154
1714
39 -26
2254
55J4" 74
21
143, -2-9214
110
6654
88
36Ji
60
28
54-43-7
75
29 Ji
!
100
! jSS ll29 Ml(,dl" Stes Cerp 14
' 14
!4
'li
20400
Mid vale Steel .... 3954
800
100
2500
100
200
1000
300
800
200
100
100
200
500
100
1300
600
aunn st Leuis new. 12
Me Kansas ft Texaa 1 1 54
Me Kan ft Tex (wl) 17V4
Me Kan ft T (wl pf 39
Me Kan ft Tex 2xvw. 26
Missouri Pacific .... 22
Me Pacific pf. 5514
Mentana Power .. 7414
Montgomery Ward. . 21
Xat Biscuit 143
Nat Cen ft Cable .. 2
National Lead .... 9254
National Lead pf ..110
Nat RR of M 2d pf 5
Nev Oen Cep 17
N O Tex ft Mex .... 66 54
New Yerk Central . .. 88
New Yerk Deck .... 36 J4
5i
li
li
114
114
li
14
254
li
1
2Ji
1
54
E
600
400 U
100 S
6 rew erk Ijech pi,. 60
2 New Yerk N W& 11 28
2 New Yerk Ont ft W 2614
3 North Amerctfa ... 57J4
3 N Amerlcanctfs pf. 43
. North American rta 7
6 Northern Pacific ..75
. Neva Scotia S ft C. 29 Ji
. Ohie Bedy & Blewer 1 1
. Olsla Pred ft Ref ,. 2Ji
. Ont Silver Mining .. 7
. Pacific Devel Cerp . 10
6 Pacific Gas 4 Elec. . 70
3 Pacific Oil 63 Ji
6 Pan Amcr Petrei .. 63
6 Pan-Amer B 5614
3400
100
1000
100
100
200
- 100
200
1100
200
900
100
4900
100
300
000
K700
200
8200
300
600
4300
1200
700
1000
1000
100
ll
2J1 .
7
10 70
63 .
63 -5654
.
1 754 .
86J4
31 -45
1914
38 -10-6114-
3554
20J4-
7714
10754-
38 54
88 54
120 -
5
32
16J4
54
4.
5714
34
112J4
61 Ji
1554 54-4654-7
10-73-f-102I
13
54
54
54
54
14
14
1J4
54
Panhandle f 714
754
parish & Bingham. 13549 11
40
Penn Seab Steel .. 1254
Peeples Gas Chicago 86 Ji
Pcre Marquette ..'.. 31
Phillips Pet 45 Vt
Plerce-Arrew meter 19 14'
11
86J4
31
45 54
1854
37 54
10
6154
3514
20 Ji
7714
107J4
38
87 J4
120
4014
32 14
16J4
7714
46
481J
33
57 54
34 J4
69
46
1125-4
61
1554
29
2854
46 1
7
10
73
102
1314
45
31 54
48
47
90(4
23J4
5614
18
113 54
18614
11515
47 Ji
40
52
H4Ji
4
7
35
3 55
11
47
44
32
2854
22 J4
133
69 54
36
1654
43
21
137
105J4
38 J4
7214
140
1554
60 J4
34
4
5054
6714
634
4154
97 Ji
H7Ji
64
17
4754
74 Ji
57
12J4
10
31
14
10 54
61
95
61J4
7254
11
2.
4715
10
19Ji
7
38 54
45 54
156
5014
814
rinvr-Arrew MOt pi 39
Plcrce Oil
It
Pitts Ceal
62 54
35 54
20 Ji
77
10754
Pitts ft W Va
200 114 Pend Creek Cpa .
500
6 resium cereal . , ,
8 Pestum Cereal pf.
ree
1200
1500
700
1200
500
1900
1700
200
100
100
100
2800
6400
.I'reaucers & net
38 54
6 Public Ser Cor of N J 88 Ji
e I'uuman
.. Punta Alegra Sug.
.120
41
32J4
17Ji
7814
4654
4814
33
57J4
35
z Pure Oil
. . Rav Cen Copper . . .
4 Reading
2 Reading 1st pf ....
2 Reading 2nd pf ....
. . Remington Type . .
. . Rem Type 2nd pf . .
.. Replogle Steel ....
.. Repub Iren & Steel.
54
14
'
70 Ji
100
100
3 Reynolds Tobacco B 46
Reynolds Teb pr ..11214
54
'li
'l4
54
214
i
54
1
!4
5i
1
'
"54
5100 G.20 Royal Dutch N Y. . 61 J4
100 1 St Jeseph Lead .... 15 w
5200 .. St Louts San Fran . . 29
200 .. St Leuis Southwest 2854
200 .. St L Southwest pf. . 46
wv . . aeuuuuru iir xine
200 . . Seab Air Line pf .
100 .. Scars-Roebuck ..
100 7 Sears-Roebuck pf
1014
73
102
13
45
31 Ji
1200 .. Beneca Cep Cerp.
300 83 li Shell Transport
3000
Sinclair Oil
45 -
31 r
50 J4 .
47
9014
2314-
56Ji
18-
1354
18654 115-
47 Ji
40 -
5214
H5
3554
315-J-
nji-t
4754 b
44
32 -28
f
22 54
133 -70
36 -
2400
200
1500
500
200
700
600
tee
1200
300
300
200
21200
400
300
600
100
1200
3100
5100
100
1700
100
100
2800
400
32200
200
700
500
300
1200
300
100
100
20600
400
200
2700
400
300
300
5300
600
4100
200
2700
100
100
500
200
200
1700
100
100
100
600
100
600
200
100
400
2330
800
100
400
100
100
200
. . Sloss Sheffield
. . Se Perte Rice Sugar
0 Southern Pacific . . .
. . Southern Rail ....
. . Southern Rail pf . . .
. . Splcer Mfg Ce ....
31 74
47
80
23J4
5614
1B
4 Standard OH of Cal 11414
5 Standard Oil of N J186J4
7 Stand Oil of N J pfl15J4
. . Sterling Products .. 48
3 Stewart Warner Spd 40
.. Strembcrg Carb ... 5214
7 Studebaker 11654
14
54
54
54
1
Sub Beat Cerp . .
4
Superior Oil Cerp .
Superior Steel
Sweets Ce of Amer.
Tcnn Cep ft Chem ..
714
3514
314
11Ji
47
45
32
28
54
54
14
14 I
54 '
'i
::
3 Texas Ce
.. Tex Gulf & Sulph..
. . Texas ft Pacific ....
1 Texaa & Pac c ft O
.. Third Axe
V
1
3
1
14
154
i
1
1
T4
2214
.. Tidewater Oil 133
C Tobacco Products.. 70 J4
. . Tel St L ft W Ctfs B 36
.. Transcontinental Oil 1754
4 Transue Wms Steel 43 54
. . Union Oil 22
10 Union Pacific 137
7 Union Tank Car p:10554
.. United Alley Steel. 3954
.. United Drug 72J4
8 United Fruit 140
43
22
137
'0554,
3814
7254
140
15 54
6214
34
. United Rwy Invest. 15 5
0 united Retail Stores
. . U S C I P ft Tdy
..US Feed Products
.. U S Ind Alcohol ..
..US Realty ft Imp.
62
34
4
4
51 54
6714
63
4154
9854
118
66 .
17 -48
54
74Ji-
51
6714
..US Rubber 63 54
. V S Smelt & Ref . . 41
bus Steel
7 U S Steel pf ..
2 Utah Copper . . .
. . Utah Sec
.. Vanadium Cerp
. . Va Car Chem nf
. 9B54
,118
. 66
, 18
, 49
2
3
14
'
1
54
74 Ji
C Va Iren Ceal ft Coke 57
.. Vlvadeu Inc 1314
.. Wabash 10
.. Wabash pf A 31
1 Weber & Hellbrener 15 54
31
15
. . Western Maryland .
C Western Pacific pf.
4 Westlngheuae A Br
4 Westing E ft M ..
4 West E ft M 1st pt
. Wheeling ft L E
2 White. Eagle Oil
4 White Moter
.. Whlte Oil Cerp
. . Wick Hpenc St Cerp
.. Wlll.xa Ox-crland .
.. Will a Oxcrland pf.
. Wilsen & Ce
104
10 54
61 95 -62
7254-
11-
26
47J4
10-
1974-
7Ji
38 54
45
156 -
50 54-
854-
61
95
62
7 5i
11
26
47 54
10
2014
7Ji
3814
45
8 Woelnorth F W ..156
4 Worthlngten Pump. 50 54
.25 Wright Aero 814
Ux-dlxldtnd.
POLICE BAND CONCERTS
Series Start en Plaza Stand Begin
ning Tomorrow
The Philadelphia Police Baud will
Immediate movement nt
Quotations xxere: Hul-
Ttmnntiimi 711' MnpKlun
begin 11 serieB of popular concerts, start
ing tomerroxv neon, at the Plaza band
stand, Fifteenth street and the Park-
xvay. Included in the program tomor
row will be n march. "Iren Division,"
competed by Lieutenant Jeseph Klefer,
conductor, and dedicated te the officers
and enlisted men of the Twenty-eighth
Division.
The Police Hand, xxhleh is rapidly
becoming recognized as a ruinlclpnl band
necend te nnne in the country, s striv
ing te enlist the support of the public.
In connection with thu Besqui-Ccnten-nlal
it will be railed upon te 'meet dis
tinguished guests, lead parade and give
serenades and concerts. Lieutenant
Klefer has appealed te citizens inter-
..,atil in ttiA tiflnil'v tnicnpiiu tn uan.l t1.l
en .ncw ten, runiis in
xxes quoted nominally
cent. The ilUcnunf mi
in Nexv Vetk teilny xxas
per cent, innkinj: the
n, tlln litali fif.. I.H.I,
" - '"n" lnili)
ci)Ri.N'a OL'orATie.vs
Hterllnir Kranca l.lre Qulldera
4.44S 14 .'i.JS MR, (ID
. " " as.ua
OrtlNlNO QUOTATIONS
Sterling I'ranea I. Ire Qulldera
4.44 'j. n.l'l'i 3 2DU 3S.70
4 45 I.M' Q.2HI as 7B
CLEARING8
today compared with cer-
fnames and addresses te him
Yn,"'
1022 I?!!.! . .. 1M.. hanhln en n T'nllnn llnml
Phila. ,,.$71,000,000 170, 121, 021 I5S,3nfl,B60; "":" - ---v '
N. ! Verk BS4.20O.00O 005,2J5,7U S,I,W fP'
U J,'
Hi urn - -r'l f '':"?
.""."if irA
II
Net
Oh
WAS COLORLESS
ill
1-
54
"li
"
!i
"l4
54
Wide Variations, Registered in a
Number pf Obscure
Issues
One of the mere noticeable develop
mrnts of the local market was the ap
pearance en the tape of a number of
obscure Issues, better' known ny the
leased or minority stocks. Philadel
phia and Trenten en very light trans
actions advanced 21 points from tnc
previous eale, te 107; Elmlra nnd 1 W II II
llamspert was off . at 30'j, while the
prefcrrd dropped 2 points, te 52.
North Pennsylvania declined IV points,
te 70. United Companies of Nexv Jer
sey advanced n point te 107.
Among the inactive stocks, Philadel
phia Insulated Wire had n smart rally
of VA points, te .T7V6: Erie Lighting
1
54
- 54
- 154
- V
1
1
lest Oi. Warwick Iren and Bteel
yielded a half.
In the recent active shares trading
xvns colorless. The favorable earning
statement showing n net Income of
$800,342 for the first four months of
the year assuring the payment of the
premised fl per cent dividend, strength
ened P. It. T.. which milled te 344
Philadelphia Electric, benefitted by the
Increase in the dividend rate te 8 per
cent, reduced the gap In the market
quotation xvith the preferred and nlse
made a nexv top for the year nt 20.
The preferred changed hands in small
leta nt 20?&.
Irregular tendencies developed in
ether parts of the list. Pennsylvania
dipped te '10 , but recovered part of
the decline. American Stores dropped
back te 118?i en moderate profit
taking. On the ether hand Lehigh
Navigation continued firm, reaching
7Vi. or xvithln VA points of the high
of the year. Lehigh Valley yielded
nearly n point.
14
54
54
14
54
Ji
1
Philadelphia Stocks
1:1 li Net
Ttlh Taw T f. tAtmm
200 Am Strt..ll87'a 117-74 11794-i-l4
lOOfAm lit Su 40
ji
40il
aoe Am uity
prcf ...
SOfAnacenda. 54
lOOjChlie Cep 20
35 Elec Ster
nexv .... 43
40 Eric Light 20
33 Elmlra &
W'msp't 30
7 de prcf.. 521 a
20 Gen Asph. 50
13 In Ce N A 35 U
10 Key Tele. 0
235I.eh,Nnv.. 70',4
240 Leh Vnl.. 02
lOOfMe Pac. . 22
20 Ner Penna 70
llSPcnna It It 41
600 Phil In W 37
140PhlIa Ce
cum pf.. 38
500 Phila Elec 20
48 de pref . . 20
250 Phila It T 34V,
10 Ph & Trcn.107
250 Itadie Cor 5
lOOfltey Dutch 61 74
300Tone Mln. .174
400tTrans Oil 10
85 UnienTrac 43
60 U G I.... 4474
23 de prcf.. 5378
32 U Ces NJ.107
200 War & 8 774
30 West Ceal 00
100 Yerk Rxvy 24
20 de prcf. . 37
54
fJ4 1
20H
43
20
H
Vt
Ji
14
54
54
!4
54
1
"
14
154
54
14
1
43
20
30Vj-30. ?4
52 Mi 52 Mi 2
50 50
35 3514..
0 0 ..
70 70 . .
02 02
22Ms 22Mi V
71) 70 1'4
40?4 40
30Mi 37M.1M!
38 38 ...
20VI 20-f- ',
20 20-
33-74 34
107 107 21
5 5..
0194 01-74 V
1 174
1GM: 10
43 43 . .
4474 4474..
53 53..
107 107 1
69 60 . .
24 24 ffl
37 37
14
254
'
14
1
14
14
54
li
J4
"54
54
2Ji
t.Net cnans e made ny comparison wnn last
aafe en New Yerk block Exchange.
PHILADELPHIA BONDS
5000 Liberty 1st 3s '47 09.24
100 Liberty 1st 3s '47 09.00
100 Liberty 1st 4s '47 00.64
10000 Liberty 2d 48 '42 00.50
500 Liberty 2d 414s '42.. lets 00.40
800 Liberty 3d 4s '28 00.70
12000 Liberty 4th 4s '38 00.00
3400 Liberty 4th 414s '3S.. lets 05.78
300 Liberty 4th 4',4s '38. lets 00.72
2500 Liberty 4th 4s '38.... 00.48
1000 Liberty 4th 4V,r '38.... 09.80
54
54
HOtl Victory 4s "Si 1(H). 00
500 Victory 474s '23 100.48
400 Electric & People's 4s. . . 69
2000 Electric & People's 4s. . (18.
0000 Phila Electric 1st 5s.. lets 087i
0000 Phila Electric 1st 5s. . . . 08
7000 Philn Electric 0s 103
1000 Phila Electric 0s 103
FINANCIAL BRIEFS
154
A Chicago Heard of Trade member
ship has been sold for $0550 net te
buyer, or $100 less than n xveek and
$150 less than a fortnight age.
The average prige of the txventy nc
tive Industrial stocks declined 0.85 per
cent jesferday te 02.08. xvhile the twen
ty railroads declined 0,32 per tent te
83.58.
Geld bars te amount of $1,000,000
have been withdrawn for shipment te
India. This makes total of $2,000,000
xxlthdiaxvr. in the last ten days for In
dia. t I
There have been btticken fem (he
list of the New Yetk Stock Exchange
Philadelphia Company renxcrtlblc 5 per
rciit cold debintures of 1012, due May
1. 1022.
Copper sales for the first half of May,
accerdiiiK te estimates mafle In the trade
jeMcrdny. amounted te approximately
- y2
y,
..
54
- 54
1?
- 14
2J4
..
Hi
54
54
54
NJ.UuU.UW tens, or at a rate of 100,000-
wiu pounds ler tne mentn,
MnthlcMin Alkali Works for the
qua iter ended March 31 reports net
Income of $151,607 after nil cherees and
57 -
12Ji-
ie
;
depreciation, ns compared with net lerfs
of $01,571, in the corresponding period
of 1021.
Mi. Chudbeurne, attorney for the
biv-ctimpany steel mciger, questioned
as he xxns ceinc into conference being
held at Kuhn, Leeb & Ce. Nexv Yerk
office (nld no statement xveuld be made
today its te the outcome of the con
ference. '
The 1021 icpeit of Wells Farge &
Ce. showed net income of $1,270,707,
after taxes and charges, equivalent te
$5.31 iv Minrc earned en the $23,007,400
outstanding rapltal stock, compared
xxith net Income of $453,041, or $1.80 a
share, in the preceJlng year.
Cesdci &. X'e., of Delaxvaie,, for the
year ended December 31, 1021, blieV net
income of $423,054 after interest, de
preciation, depiction and se forth, equal,
ufter prcfened dividends, te 17 cents 11
shnie en IIOS,:i55 outstanding shares of
common stock.
Neifulk nnd Western coal loadings
exceeded 2100 cars every day last xxeck.
Total loadings for the xveck in four big
non-union fields of Pocuhentas, Tug
lllver. Tlieeker and Clinch Valley xvere
15,734, a lecerd for any xx'cek since the
beginning of the strike. Previous high
for one xxeek xvas last xveek In April.
15.383 enrs.
Union Carbide and Citrben Corpern-
r
uuii iut 1 hi: iiinr iiiuiiius ended ueccin"
ber -31 Inst reports net earnings of $8,
170, SO" after Federal taxes, ilenreeln.
tlen .interest and preferred dividends,
equivalent te $3.07 a share earned en
the 2,0,-)0,731 shores of no par xalue.
All plants of the Carnegie Hteel Cem.
pnny, tilth the exception of xverks at
Columbus and Uelleeiic, Ohie', xxill be
In opeintien today when the last units
nf the Minije, O., mills and the Farrell,
Pa furnaces xxill resume, This xvlll
giv tha Oarntglc Company approxi
mately per cent of productive enpae
ity1, the first time for mere than n year.
for mein-
f,,ul,. nnm
S"- vw
(
WW) ,( ('iltilaMriiirTrrrr I
)UhW w:" syp-wyuTm
Tobacco Pteducts
Corperatioii
Ten-Year Sinking Fund
7 Geld Noted
. Due 1931
1
Total issue I4.MI.0M
1
Sinking Fund calculated te retire
half of issue prier te maturity.
Average net profits reported for six years
ended December 31, 1921, before Interest de
ductions but after Federal taxes, were ever
$2,100,000 per annum. Int'erest charges for
that period averaged approximately $316,760
per annumi and for 1921 were $494,018.
Listed en'the New Yerk Stock Exchange
Price te yield about, 6.45
Guaranty Company
of New Yerk
421 Chestnut Street '
Philadelphia
X
Main Office t
Guaranty Trust Company Building
140 Broadway, New Yerk
Prevented
Credit-Lesses of
3 Millien Dollars!
The New Yerk Insurance Dept. report of March 6th
en examination of the Amciican Credit-Indemnity Ce.
itates:
"As a result of the efforts of the Service and Collection
Department, goods were recovered .and returned te as
sureds, direct payments were made by debtors te assur
eds, or cash collections were made and remitted te m
sureds, te the extent of 112,135,598.00 in the first nine
months of 1921. (Fer the year it amounted te about
3,000,000.00.)"
All the above is an extra service accruing te the Amer
ican's Policyholders. It is in addition te the less pay
ments made te policyholders, under our basic guarantee,
that a merchant shall net suffer from losses, due te in-
solvency of debtors, in excess of the Nermal Less for
his house. '
Manufacturers and Wholesalers, get the full particulars
of the American's Unlimited Policy of Credit Insurance.
Alse Limited Policies at lower cost.
Pa) merits ti Policy' htldtrs ever SI 1,000,000.00
AMERICANXCREDIT-INDEMNITY CO.
of NEW YORK E.M. TREAT, nhinnt
ItSUIS STANDARD UNLIMITED POLICIES
W. J. MORPHY, Manager
J. F. MacFADDEN, General Agent
1011 Chestnut St
Philadelphia, Pa. Phene Filbert 5503
TAX FREE MUNICIPAL BONDS
HIGHEST RETURN EASTERN
PENNSYLVANIA MUNICIPALS
AVAILABLE
City of Alteena Scheel 4-s te return 4.05
City of Reading Scheel 5s te return 4.125
Borough of Fountain Hill, Bethlehem,
Improvement 5s te return 4.15
Borough of West Reading Scheel 5s te return 4.20
M. M. FREEMAN & CO.
421 Chestnut St. Phene Lembard 0710
Economy, and Fidelity
Wc take a keen interest in getting the best
possible results in every matter intrusted te our
care. Economy and Fidelity are the keynotes.
THE REAL ESTATE TRUST
OF PHILADELPHIA
Bread and Chestnut SU.
Wilkct-Birrt Gm & EUctric Ce.5'i 1955
Indian Scrvici Corporation,,, All lnuti
Pcnni, Tank Lint Equip All Iuiitl
Nertbtrn Ind. Gn & EUctric. .All limit
Ohie Traction Ce. Common ft PH. Stecki
Terr HauU, Indpli, & East.. .All Iiiuci
Public Smict Cerp. N. J All lnuti
SAMUEL K. PHILLIPS & CO.
Mem.,7..h,H,ph.?THfeKh.ni.
grade, active issues has open)'.
.' s I...,.-..! tpanar.V
iiiB xur an .'xperieii:u n-"-:y,
itepues treated jn sinci tw
ence. v
q 112, LEDGER OFFICE
:j
iH
.
-
4
CO.
T Ji
TRADER I
Bend house' handllntr 111""''
M
I
m-
J
t
mm$t
H
N.W
. ''"l2Ti
m& l ..
it t
.
or" '
lMfeA,.V,Tri'i
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