, & w5
EVENING PUBLIC LEDGER
W.w-
NEW YORK BONDS
$ v
ISAt.nSIN IIOOOl
K?l.f An np'c 71 n m i i
hMsr.iw n innn.
II-IM !') ie.
WMJ'-'V-100''!
mm.
7 y:
,titr of tlr., , 1 2V
'Wt rct I'orte II T S
!iiJ'-i' ""
SSUj 9 R7
itV-,s 5 .
'h'-f ... rt4
. 7(al) Rt
I ' 2 . . S7V.
fr 2.. S7!(,'
R2
821,
S2t,
S2I.
L'S
101 i,Chlcag Unlea
Queena d lit wl Sl.i 4'4
t . ins Chi & v l 4
1..
IS..
1
in
A
:i
17
S. 10.'
1 ie2!
r. it'..
QueetnI'd Uxt
Lean 7i
1. net.
ft . 7.1 ,
1 7.1 1,
4 7.1'-,
C fc W 1 T'ia
0
II
102W
in::''
Reii cnlla "41 Clilie i oil r n
1 10SSI
i ier.
"Ity of KniMii n 10,1 '
in Btta P.ep Chlla '40 '
II. '4
'.ena fl
07
M
I AM,
161'tl
101'il
10H,
.tla) !llltUP'C Of UlU.
,S7 ruay si
4. S7Ui .. !"",
1 .. 87HSe Perte U tf
2. MTU) 7 rets
v'. . 871,' .1 . Mi,
. . S7' 1 !1',
:. s7'., state of n e
I . 7 Dil Sel 8
17 'i, .1 1e:H
Cl r SIrVa tia' .1 102',
1. . UBS I 1 . '03
rt'u ,1 SOS "tat of Hhe
IS. . . AT IMu'e ct Sa
8 . S7 1 . 104
T(aalp) 87 . ... 103
3 (rUM 874 R 103
1.. 87 S 103.
. .. STUISwItx'd Cen .a
2.. 1.7'.. 1 U74
12 . 74iU K Ort nnt
2.. 87H A I'd 1022
8 . .;',' ! mS
Cty nie da J- V K art Brit
!irla 6i vrl & I'd 19:9
n . tot 3 . . iesit
in
t'OV,
no 1,
in
ni '4
up.
ni'i
01
ni'4 1
ni',
m I
ins .
nis !
s ni,
1 P2
2 11
f ill Par'
1
s
t
1
1.
4
ft
J 11
K
1
4
It
11', 1 !2S N T Telf'r. '41
17 20 H214 I S. 104H
17 3 , 2 . m4
17 n (ijs 1 1M'
17'. 2. H2. .V A W fv Its
17 T. A. Mera 7a 1 108
17 2 111 V ft IV To-e's
17 t.eula Nnth- Ceil Ce 4a
10 1i1s SHa t. MS
10 2 102V. ,N Ohie Trac &
lilt M ct 41,1 Xe A Nath 7e I.laht 0
4 . 104, 1 107 ' 07
.. . lOVManat! Suxar 1 4 . P7
10 10 C.i ct 7a ' raclflc It 4i
1Wa.il) 1014, f, 100 8 80S
4(ala) 104, .100 1 . SS
2.Vat) 10 ;t (00 M 80
31'-.ila) 10 Man Elav'd 4'-v I'aclflc It 0
27(aitf) iflt. " a;v, ,1 10.V.
17 2 (flat) 07 8 103
17 Utt Pctfm 8a 1" 105'
K flU 1.... 10414
10 . 08 I 10 104H
1 flsi,ISInr'Rtr Crude
n os ' en r co si
St I. ft H Vran .1 fin
U Tank c 7i
1.... 1034
Unt'd Drua 8a
1 . 101
1 10(1
- " . . ' ' ' t . I .l iil. A t.. . '5
Srlca A 10 Pd- U 8 IlUBb'r (li
S 72'i Sn 11 raclfle 4ai 1 8
.1 . 72 S 8,1 1 . . . Pft
1 H n 1'ac (t 4 1 . 8fi
2 72 .1 Pl 7 . PO
St , S Kran S (11 1 . .S1
Sarin P 1 PI 1 81
GOSSIP OF
THE STREET
YtMPrtlfij'B demonstration tn the red
metal Mmres was Intcrrstlng for mere
rcaenn tlinti one. In the rtrst plnee,
Mlax iiAtilieiK n u m tiiit t f)tA ff11 nilf
1 t() Sn Itallny4a IIS nubb'r 7a, nf 1 1, ',. . i1. l.n rnnprnl mnrUrt.
ena. r . 1021. ' ....""" .""."."- ? .'
1
10
10
10
1
A
1
1
It
4
1
10
se
20
10
104
101 1,
101
104
10.1
104
10.1 I
ion 1
107
1001,
"i0
100
10111,
107
107'-
1117
se
12
:i
r.
no
11
,i
.1
i
00
1
n
20
.'!
4
4
S
10
1ft
:'0
711
10
04
41
20
;
1:
St I. A .4 Fran
Srlea O
2 08 1
St I. 1 S Kran 20
.1 wl 1
12 P.I 1-
St 1. Sew'n en 1
4. . 7.1 3
4 7.1 Sn HatlKiv
St I. n 11 11 2 . p:
t ;s Sn Hall y '4s
ne'i.f 4 rtuh 71. "'HIP trie lntlustrinlR Miew n recovery
07 1 .. 10P of aiiproilinetely ;.() points, the rall -11.
oe U'ii h' steel 8 the reppers we're eniv e points above
07 3 . . 102 'the low notch of lnt jear. Therefore,
1017 from a purely market consideration, the
?'! inpuing was net surprising hecaii'e of
I,!' the MlndevdrcHtiig character of the
07 I
00
07
. I'll ' l .... . ....- r. .
e.il.v.f. .til 'recent bill snecuiauen. 10 evrirnim:
17
I
101 Nth S I'r J 1 j.
"da d
7P
70
lA'i'Mkh L'tl d 4a 1 1
10 111 00 'I"' l'r NUB
10 Mid M A Or 3 pl f'
10 1 (12 10 P1
10 .1 02 Orenen S t.lna
10 S(ili P2 cuar'd 8a
10 .1 01 t 101
10 S fli Or-W P. H Ce
it 1. sewn J
3 an
St P fc K Cltj
S I ln la
3 1.'
San Antonie &
A r Kly 4a
1 77
Saab
r:
a
17 S P2 N ?e Sa
17 II i Stb fd 81 S XI 'v
17 1 4.1 87 81
17 M StP t- S Slf P l
10 Maria (a 2 2
17 .1 S8 10 t.
10 M HIP t S St 1 M
10 Marie 6a 2 v
1'1'a 1 102 Otla Slf.l tt
ITI. llk'i Tnlnl 1 1IV1.
1? A1 1 1AL 1
17, t . ' ,10Pe O A ifsa S'ifb'd A I, 0a
1. .. is the ncntl the constructive mevemrni rc
i'P Va-c Chm let reived b.v the wholesale distribution,
nn 12 100 Mlrst the oils were tnUcn up and given n
"J1' II tot I big jamboree; when they showed symp.
enul " " 2iil r of going stele, the jack were
op' 11 00 'shifted te the Independent steels, and
Pi' 2,' ' 101 I" "" ,ir 'h(, began te leek teppy.
pi'i1 aiaaiaiineu Mince mere the bull-erecting party tuek
Stand 4 Oil of Va-U Ch 7'4a j up (he coppers.
-'H' ' .1 104 1 Nnt long age when bullish specula-
i4 .1 ve enlhus nam was runnine kc wild
1
A I, at 1 100
..it, ?taI T'lb- C
pjti e Am'a 7a
2j 1 .. 101
22it 4 101
it 1 101
,Tenn I op r H
1 PS
1 in "' ' ' ' '
4 40
.1
S
Seab'd A I. fd
1 4ft
1,1
1
10
32
IP
1
1.
wina In
18
81 'We n Union .la
leir' '"re nn unusually well -Informed ob
:Si server remarked the first real slgna
104 f the npproechlng culmination of the
104 upward swing would be found In 0 big
104 boost in the coppers. Since it has been
m.i I patent for some few days that the
104 1 main hedv nf sterkx hed lest the In-
l0" rontlre m nrlvntice nnd flltheush after
e rn,r,i i(. .i a i.'i: n geed deal of churning odeui were net
17 10 36 I B P2
10 Me K A T 4a I'.'
17 1 81 Par T 4 T ,11
17 M K ft T 4a wl .1 nf,'.
Inte e H T M 1
ORI4
P7
3. . 10.1
7(ale) 103
f
'1
104
103
103
10.1
1 03
103
f, 10 l 4 if
1 . lest, I 100
10 108 era cm Chi .
7'.n -M0S',, S I. at'l'i K
2 'fill) 108 I 'nn
8 108 f"1''
3 108! S PH
U K Ort nnt ci-e i-m cm t
1031' A I'd 1037
103l, 1 102,
St L 4a
Steilri 50
City ToUle ea ' 2 102 era cin out a
5.. . 71 102'. St L v
7. 71 1 102 ' '"
Ceche.Slm.l 3 10.M, Cl''l Cln h' &
T. - . .1 IT S Hrazll S ' i.uuis ,1
1.
2
8.
2
4.
ns
tin
(18
08
l ST,
City Zurlt.li S
113
1
ins " '""
lest, Cel r- 4 1 ;,a
lft.1 'n '""
in.M, Cole JL S p 4
,0.3. 2 02
ini, Cjn rt Cea. t-e
in-, of Md 3i
'. 4
i
fnm..l r..n 17 S Mexico 4a
.ig.. 7 37 Cena d t,,aa
1 . . 110'ti 7 . 17
1. 110' 1 17
Bept Seine 7a s 37
2 04 U S Mexico ,1a
n 'iiu, i
S . PI '4 '
1.. ni ' s
1 117
7(9,1, 117
.1 1172
1 117
t 117
R7, Cuba A S 81
07. I 103
t Canada '20 U'd S Mexico "' -' ' . ,
5. pns Large 6s . ' ''3
t Canada '2B S "3 u,bn ' fV
' 2 101 Adama t:xp 4a ' " '
-J ft 101 2 76 fuba i' su
',. .1 . 100 AJ.n Rubr 8a Sjatn
rV- 8 100 1 . 102 '
8 . 100 Am n -'e i ' s
- 3 '00 Chm 7a -uba ' '- 3s
XCnada'31 10 102 ' S
2. . P8 Anin S 1 R In ', ,, . 2, .
t 1 (fiat) os, 1 2 r u .'
e (flat) ns 1 P2 "
1 08T.I 4. .124,, a pp.
American euei" .' " -Raf
6t ! J? '
3 .. 100 . B0 ,
3 ion. 3 . 30
a . 100' ' sn" '
1 100U. 10
7(aa1
70 MKcTliai Paclflir Tel AT
2 71 '- 00 Sa rcta
70S Me P R 11 4 8 . P
1 70 11 . 04 10 ni
P -0 1 01 2 .. P
1 70 1 4 3 n
3 70 0 4 .1 ''4
1 .71 11 P fl P. fls 0 P4
I" ;e, s Pd rtM Moter
1 71 1 . . . 01 ''"- Ce sa
1 :n 1 .. pe 11 107
3 70 1 . . P0 Pan A Petr m
1 . 70 3 . P0 4 T re 7"
1 . 70 40 100 Slrele) 100
1 71 3 pn P Hd em t ja
1 70 7'a.i.e) Hft 7 lift
70 1 . 10O 1 . nn
' 70 Mobile A Ohie Penna ft It :,
1 70 New Ca 2 09
21 70 1 101 S Pin,
it . 701, Menlr'l Tram- 1 ni ,
1 701, waa B 1 nn
12 T0 1 18 2 PD
7 70 Merrla ft Cem- Penna ft 0a
12 70 riny 4'- 1 ion
7 70 3 87 2 100
0 70i, 2 S7 1 ion
;t 70 Naaeau Elec c 0 10ft
1 70 Rwy 4a Penna. R It 7a
0.i." 70 3 .10t, j 107
s 70 Xtw Or Tar A 0 ms
.1 7 I Mexico 3a 1 mst,
1 70' S . 70 ,p,4r Maret S
14 70 1 70 8 P0
Interl Cement N T tenfl 4a phlla Cntv M
Carp n Si - 80 ' j 071,
S n2i,NTCt,ltn4il s . $-
I it Marine C 1 . S3 j (171,
3
12
3
,1
S
0
4
1
.10
se
3 t,
30
30
t Thlrrf A.. 4
'J. ndwatr Oil
t Ls " irt2'
I 01 " 105".
Sinclair C Oil J ,n,t
Cerp 7a rrta .. 1f,5,
- PP 2 103
PPr 1 mat
01 w union una , (totting nnywnere 111 I'niii ui.ir. n m
s . en 10 1091, ; be lnlevestlng whether the long-tie-
.1 00 Wtminths'e B iferred move In the coppers will prove
J . .. 00 4 Mf 7s the turning point.
ui . in. , 1
107
107
20
1
11
1
ft
1
r.nlil Mine Inrentlve
Vt',rt 7". S"" Mel every one who has dabbled In
1 . inei, mining stock will recall the story of
7 (flat)loe , the famous Cield Puck Mine. Fer the
tt'"nn Ce 'v I benefit of these who never heard this
n Si's I interesting tale nf "mine malting" It
7 ?'J ' mlulit nnt lie nmlaa te rehflsh it in brief
ia ei pe tnbacee Pred'wi ten' Ce lata I form, inasmuch or some erfert 1s bring
1 111 una c ? 1 nm. Immle te mlvnnize active speculation In
Ing companies, while ether small Issues
will be tnken care of by short-term
bank leans. Although the bend mar
ket has been unusually dull for the
last two weckf, all new Issues have
been promptly distributed and the In
icstinent market Is gradually getting
into shape where deiilcrH welcemi! new
Issues.
the l-ulc in bars, plates nnd" structural
shapes.
"Seventh week of the strike shows
some further increase In bituminous
coal output, IMg lien output has in
creased somewhat both In Pittsburgh
and Chicago districts. Steel Corpora
tion h steel ingot output shows a gain
and lti paf two weeks lias average I
umit r 111 prr cent. 1 --
"Corporation's high rate of opera-;i Columbia Oraphopliene Plan Operative
lb1 x rimtilv '" re,.nM':, 'il'ne'1 '''I"1 !' IIH'B with intlebtctliics
c. inula r tnrki nf n,i i, Inimlen; "' Celimblu Orapliopheno Manufac
tiiinuiniru stecKS or coal. intlepciKieiil ,., i,,,,,,, ,,.i,l,.i. ,,-ni.i,imt tnr
s''iircif.. hut there Is mere complaint I ?"-- t" August 1. II'-'. after deduct
of high fuel prices, from ?3.25 te 4 ' lnK nmeiint net In execs of aggre
being asked new against si.fjl) at be-1?"', bnnk nVpeslts en Septeniber Ifi,
glnnliig of the strike. I10-1- lins become operative. Plan per-
"tn addition K. the meie general mlted thirty dajs ended May 10, n
establishment of Sl.flO (or St! advance I which holders of depiHted notes could
per ten) as Pittsburgh basis' for plate pretest. Of the Sfl.000,000 8 per
and structural shapes, with some mills cent notes, about $1,01 -.(100 were w-
nsKing .'ji.Tlt te ,l,Tii, the week lias posited, ami ni iner-c, less tnnn - per
brought a higher price for sheet bars 'tent eiTeretl pretest. It was necessary
ami billets. .that heltleis of 'Si per cent of notes
'.Most urgent tlcinands upon mills are should pretest, te pievent plan lie-
veming epeiatlve. 1
Iletli Interest and principal (If due) l
will be deferred for three years, which
It is believed will enable company te '
lune Corporate .Maturities Light regain its feet anil demonstrate actual
Corporate maturities in June, 1022, 1 earning eblllty under normal conditions. 1
are light and will require little new Total debt inielvrd wlll be nreuntl
financing te pey them off. In most l SWI.000,000.
cases corpetatlons have already pie- ' TI1K TKADHIt. 1
ided funds for paying obligations due
next month. Total of railroad, public 1 a ,, A.lue. md nrlv
utility and industrial bends maturing ! Raw Su3ar Act,vc and steady
r.i line ion ,.. .rt -ki -,,t ... t New leelc. tn. IS The raw auenr mar-
Vr:: in,,,,' "? or :'. -' . "'".' '",''" f'lriV aetlv- and ateadv with Cubaa I
..in.t. iu... iiiiu et.i. ii,.ju 111 ,11111V, rer May f
sl
111
370,
22.1 I
41 I
2J74
227 i
III ,
ISO,, I
(102 4 ,
320
18
184
,123
SO
ii
from nuloinehlli nlnnlH. I.ntler 11 r til
ally seem te make a new record in car
output this mentht."
oe
s.ncnir ; nil
' erp ; '.a
Ki4
1 104
ucts C 7i 2 P0 ' mode te galvanize active speculation in
1 103 1 p one of the local stocks en the strcngtn
'Jnleii Pae c 1 pp . n cei,i mP Merv.
3 . Pt Wuaen C 74a. ii,.i ti, ilmi, 1I10 irnlil nnd allrer
1,11. .......... . s-
,n;,, I mining boom was lioeming 11 certain in
111
pi
)00
09
PP "nlen Tac 4'
pp 4 1 nl.
4 mJ, 1 tn.iil 1 ciivltliini lintl a lew ncrcs in 111c nun
1 Pl 14 10.1 I deert. He eked out n living raKIng
Jnlen Tac e wi Cent'i 4s 1 ducks en the small form His principal
1021.
Itailinad maturities falling due in
June aie unusually small, $13,700,000.
of which Itosten and .Maine Railroad
$.".000,000 0 per cent Issue, due dune
1. lb the Inrffiwt nn.1 Hint,! tmilAetflllt
1. t.. .l" !....(. ...,ti. ,i..i ntnrn nnd 3flOO hies CublM rarli June
11.11. in ine pueiic iiuiiiy ''. ,V" !rnent at 2 13..12e ,-e.t and freight, nlee in
1 1 in .-iiiii's r.ircinc niiiii.iii,A .J.inre.- an opernter riiieti iiea J'orte inoea ter
TOO ."1 tier cent notes ilu ,luili 1. i Prompt shipment le New OHeana nt 3.HR0,
.V largcurslnXZn, andjie''etal of ;hlpmn't ?$&? VV KA !
(ill utility bends is Kl.T'Ji.itOO. , flners hi Phllndelrhla The local replied
Armour fVi. SHI (Kill. (Hill Mr a . maraci n. unrn in in vriir. riiama imm
convertible debenture C per cent bends
hlnment nunteil ill 2 7-1fle. coat OIVl
frelnlil, tnd for June shipment 2c. reat nnd
frelaht. Salea eUHilav Included 00.000 liana
new cren Cutma fni ahlrmenl serend half
thla month ni 2 7-10p, cot and frelaht.
21,000 lrnxa old cren Cubaa aerend hiilf May
ahlpment te Amerlian Sugar lleflnlnir Cem
pany. IP, two Haas vurjna aernnn nan .iun.
anipment at 240, coat una treiani, 10 ener.
amp .
SECUBITtBS AT AUCTION
The follewlne aecurltlea were aeld t
auction eelcrduy ty llnrnea A Leflanni
S I'OCN'H
1000 Phlla Itiaulaleil Wire Ce . . .
.ISi'ena Kiev Ce UiiUilh at vrjl
13i'ena T.lev Ce Duluth '.M pre''
2 Phlla Nat H"'H
r. Cnmnitn T I A Tin
1 Common T I A T 'e
SN'erthein Triial m
in flermatitevwi 'iruat (
llinerniHlUnwn Truat .; ' "
30 Media Tllln A Trust C" .
20 Moereatown 'I r -e .' j
ft Security Trnat In, t Himien .
8 P're Aee or Phil"
10 Indep Klre Ina See
20 Indp i'lre Ina Sec
t !. II dlalaan nrtlH 1 1
1 Penna Atademv et I Ine Aria
SO Wrleht llnl Hear , Ce pre .
M It 4 It T .It H II A C Ce com
10 I'nlen Pet Ci ....
n2rettallln Ons r com ...
22,1 Amer 11ulc Pel Ce com ..(.et
ini Am Mnam Ite Ce pref...!j
27 Cenaumera lliew C."--.... !"L, "iA
.Itiml'n Maintain Ilub Ce. 1. in '', "''
100 Clint h Val C , A I Ce, rem.
pre? ..",C!,..V.'! .'""v
II VlrKinlnn Prnwr l'e i.ein -, .5 '
2 tin l P A rtwv Ce . ... l'e f
2 K T Jinrrnws Ce. com ''el Ii
017 Oak W. St. ",. ,'. ii
20WI IV P II Mln HW I'" ; ''et Uu
n.llldlnml Val ft n Ce pref.. ln
fllllnta Ce Clen com , 17 '
4 Olant Portland Cm Ce pief 17
3 O'ant Portland Cem Ce com - 4
3 IVnlllncferd .Water Ce Let 1.10
300 l.llib'y. McNeil A Whin ... 4
73 M'nah Va tlw' Ce 2
10110 New jereev ii
P7 YeuncSmjIhe-nelil te pref
100 Ynuii-injtl'C-rield Ce pref
31 Weal Knil Truet te
1S1 Pet.tiii n It
I pniw unuree rem . .
.11 l-'arm Mech Na; HnnK
10 Quaker 'ltv Nnt Hank .
20 stntn llunk of Phlla. ..
nnirard Nat Pink .. .
10 (lira Ml Nat Hank
IP Rank of .North Am ...
inpenn N'at Hank . . .
0 Fourth St Nat Hank .
IlONUS
Man traduced rv t,a,..i. ;.
,2ffauJ.swVRiit
.V a"?"
Til
1000 YVefttharferd Mlneeni'
nerinwesinrn IIy B
1000 Cenaumera llrwu Ce 6a. .A ni'taJ?
300 11dla club Pa re...", . et
1300 Quen Anne'a Kerry 8a ....ilA ii
10J0 Uitrelt. Teledo A Irenton 4. l K
411110 I'enn Cential llrewln, "i " ii
tflOO Unlverally club of Phlla r," J?
200O Allechcny Count v ,Ta I ft Court "
Heue 4a eixended mte l .,
1000 Phlla Clly Taai rtny 6a .."" ?5
lOOOThlrleentlt A Kifleenth si, "'
Pass Ilwy Ba J .?
LONDON 8T0CK MARKET
Greup Rallied Industri.
Streng In Speta Trade Breader
liontlen, May IS Trading in Mem,
Oil
2
2
ISO
ties en the Stock Exchange was hreirl,
today nnd the markets generallv ,ii
played firmness, A demand for i'n,
menl nrceunt caused Bllt-edged inlil)
mem issues te move upward. )..'
leans aim were steadier, follewln ,
iinpievement at Paris. a
KnfHrs were sfrenccr. with the fe.i
Ing confident, as the bulk of form
enemy share holdings has been dl,A.
of. The oil group rallied, with t ,
ment cheerful, lteynl Dutch wns 41,
Hhell Transport mid Trading nn Jl
Mexican Engle 3 0-10. lii(l'af.n
HiiiUeii'hj U,
0
l.el 1
.. . 130
43
R78
378
278
310
301
were strong in spots
WOK (Mi.
Hubber sbnres showed mere atakiu.
40'4 owing te n recovery In the crude ,
cie. nome vans auvanceil en renii,
chases. Dellar descriptions were stead,
lint changes were narrow. Argantir
rolls were neglected and drooped
T.nt
8,300 te 3 ,10c lean 2 per cent for cah.
I
11.1
10.1
1
81
J',1
l.llierlt
Liberty 2d ! .
l.ibertv 11 l.
I.ibertv 2d 4 Us.
I.ibein ."i 4'.".
Liberty ith i4s.
Hiah
ne.riii
en.. -iii
00.71;
H0.HO
OO.PJ
JI0.02
Ir
ne.ivj
oe..vj
10.71
5I0.5S
00.00
!10.5(
1.. .. PS
1. . 08 I
Se Can '62 wl
1 . 10O
.... 100 ,
10.. . 100
1 . 100V
8 K0 1
Dutch B Ind'ii
ret 4T 1
a.. . pe 1
2.... BO ,
IS . P.1
7 (ale) P.1
10. .. P5'i
1 . S3
pm, N Y Cenfl Ba pi,rc Oil Sa
1 P 2 101
tn d.1 1 0 v,
IP P'.-Pert!'d Rwy A
'." 01 '4 I, Ba 42
7na.ei (1,1 11, j pn
10 n.i't 3 up
.1
3
83 S Centi na
aal. 1 102
7ia,el 83 2 102 Pre 4- Reflne-a en d,t' et maturity
S.1 iw- 1 war a 8a
in
S P7
2 P7'.
1 P7t
3 P7
2 ?
0 P7
Invi Pap li 31
4
customer was a se-called hotel in one
nf the mushroom towns In turn, the
1 in guest" of this hetclry were prospectors
P M and mining engineers. One night n
nn.:m brilliant idea struck this duck fanner
011.511 ' by which he could get a geed price for
00.7(! his worthies lentl. nils wa it. Among
00. 5S1 the gravel and sand he -prinkled it bug
00.02 of geld dust nnd small ere The ducks
m.!l'' . nicked it up with the crave! and it
Vic Netei. 4,'l.s ..100.70 100.(10 IllO.flS landed, of course. In the craw,. Then
he nwaitcd developments.
ti c r.riae -rA T-.,...... w4. ' 'Tllst llP fRurrd. one of tlm engi-
U.S. Certificates and Treasury Notes nerrH rturln)? I))Pal rnll ,, nKBinst
Ra'te MnrJaU,rerr Rid A.ked r.eld 80nlef HW cold in the gU.ar.l The
t4 .tune 1P22 1001.1c inna.a 1 experience beine renented sceral times.
inn a 32 ioe-io 2,ss the engineer quietly inquired the source
100310 ieSi3':s2 3ii f supply. Having been glien the in-
100 p. 10 100 21-32 3 13 formation, he visiied the farm and pur-
IPO. 10O1-16 3 80 rhnserl n iloxen of the flunks, which lie
ions 3.3s ...... ,, ,...., . ... , ......,:
full Hen .tnnn l."i. VTnrnnn Tnhnoen Pn.
bes .S7.5OO.00O 5 per cent first mert- 1 Liverpool Cotten
gage bends due .Tunc 1. , Urerpoel. M.tv IS There wa a geed de-
These corperntloim which have te 4eek , r"""'1 1"':,; r.il0Hnir',"'i1hhu,ein.,.l I.Til?."
.. 1. ... .Ini,. ...iu.IiUb .!., .... rale hulnH waa done, with prlcea eaaler
funds te renlnce maturities due next, it, .ir. en. 1.1. 000 bars, ineiudinr m .
! month have the geed fortune of nn POO bales American. The rtceipta were 2000
imiuv mnni'V mnrket in striking con. nana nnne ,inrran riuuri-s ere atennv
easy rneniy marKer, in sirihing con- n (h(v Mrv rkHlnK, tertay Kpel vrlct,s
trBRt With the condition Which lire- nnclinliireil m fellnwa. Aninrle.in mM.
inllcd a year age. Mun of the smaller dim, fair. 13 ,10.1 cned middling-. 12.4.V1
11.100 Qunntnck M A M e.
1000 Phlla Sub Una ft l.l-e
L'enn de . .
q.n it.., r Vnrnnn Ita
SOOO Suburlnn Oaa Ce of Phlla .la.
200O HaldvMn l.oie Wnikn 0. .
1000 Knalern Penni Uwts in Ba
2000 riHiieallle v I. 4 P , Bs..
lOOOCnmdeii 4 Suburban ny ,s.
4000 TaJten A Se Heth .Is .. .
2000 Carbeivlale rtwy S
310 Peeples nv of niyten na ,.
4000 ,lnhiiten Trac Ce Ba
mne Canadlnn 4 Northern 0a
2000 de ,:
4000 rtoreuKIt or .lunmiB. i-a n
' crn
11
se '
.I8' nnaten
I,et $1800 New Yerk
(1.1
02,,
70
2.1'4
7P't
SP
0.1
7.1
08
11-0
1004
100
Reserve Banks' Discount Ratei
nffl'lal rcillrceunt ralra at the twelve k
nl Reserte Hanks are na fellows.
l.lh. Cent'l Ftkrn
11 i.' 4
Philadelphia .
Clet eland ....
Itlrhmend ,. .
Atlanta
Chlcacn
St, l.euls
Mlnneapella ..
Kanaka City . .
Dnllna
San Franclace.
Treaa.
ctre.
.4
.. 4
. 4
.. 4
.. 4
. .1
.. .1
. 3
,.4
:
4
4
4
4
,
3
r.
1'4
4
1
!;;
1
3
;
4 '4
llllicil 11 .vein unu. .mm. ui nn Miinnrr .uuiap. ."''1 ':.. "'. ,,.- ,,i,, i.,i.m
.,,, -in.. Aniline rlnn In Innn ..-111 v.. ' fu l middling- 12 13d. middling-. 12d. ew
maturities failing tine in .nine will be 1 ,, n r.m. g,iiMi or.iinae loe.idi and
paid off by surplus funds of the lssu- -sdlnnn. 10 15a.
nnn nernnnli of I'eateavllle. Pa. Ba 103
2nne Roanoke R 4 I.'lec ..s 87
4000 Amerlcsn Jlwa Ce 3s 0.1
3000 P.eekfnnl (III) Has 3a . . 0 ;
3000 New fhealrr Water In Ba. . 114
1000 Mlrhlftnn Cfit II R Ce Os,... 10"
2000 Aaaeclntrd 111 4 i:iep Ba.. sn
1000 Kaaten l.lKhl A Fuel Ce 3a ... 20
2.100 City "f Salem, N J, 4s 83
12100 Cenaumera' Iliewlnc 4a . Let J53
833 33 Indln Wharf Brewing Ce.,
Broeklvn, certificate of de-
Bank of England Statement
1 l.nndnn, Miw 1R. The neiklv m.i..
of the flank of Knitland heM r (ffl
I rhinrcr In neunda aterllnu: Tew I - I.JI1"
increased .112.0(IOi.clrculRtlen di-rrVa.e aV?
I 000: bullion ilerMeeil 8712 ether ?Vecurli ,
, decieased 428,000. ether depealii Seer...
4.10S.HOO: publle depealta ln?reia"d 7111 "K
I neten reserve Inerenaed 323,000. tleernm:
aeturitls dcreaKl 3.42.1 (ion. rhil'
tlen of the bink'a reaerte tn llabllitv 1, if.
Ptr rent. Inat week It was 18.07 per cen
t.l June,
3 Au
'S Spt,
S '.ipr
31 (lei
i.1 1r
'4 Mar
1 .tune,
BJ4 Sept
P.1,Preduc4 R8, ;:jj OT
M' 2 102 UVi m"
10.1
1P21
1P22
1P22
1P22
1P22
1P22
1P21
1P24
1024
1023
1P20
un 'nes 3I1.1 clulmd he intended te use for breeding
103 l-ie 103 3-1S 4.14 purposes A pest-mortem disclosed the
iS?s" Ris ,0 ill crop" of en(,h of the ducks well filled
101 102 4.10 with geld dust. He hastened back and
N T Cenfl 7a pub Serv corp
Kxempt from Kede-al normal Income tax. ' nfter ,-nnliIernhU Hleknrlni finnllv nor
jOl Acrptahl fer.pijmen- of Income tax due 1 .,i,i ,u ,ii, ,., . ".,1 ,,, ' '
UtltltU lilt stUV-n, lailllCI II' CCIl II l" J'l -')"-
erty at a very high figure. Hneugh
holes were made in the short acrenee
, te make a safe dugout for the whole A.
100
French Bank Statement
1
Den 4 R O 4s
I
70
3 104 .',;."
Kan C 4 1 3s, n 5l
M liar, H " Bt I. S T -J
Det Edl Ce Os Iaek S'eel SO , M
' 01 v- vk Rlvs 4
laa.e) 1001, aiaicn ,"1 n m 3 40
.... r 1.1.. Amn 1- A T clt ' in, T.al. Shres M 1 40U
UVll, .MM. . IftTI- 0 . ... V V,. !,. CI 1 . is r I
III! ., ' . 11 11 ,11 . 114 HI)." ,il .J. ". tw. e r in
1 80 U'II" sceumv ) nji, 3 iji. 3 OS
Invincible Oil
tnm'n ft
2. . . p.i I .3 ?08J N Jav 3a .u,,ti;L,.M",; ',5. I?8 .5fk,'.SutSn!fn,et ' E. F.. but the precious metal was no
'M ' -. - I ' W.l r.)ane.t In fr-insn flnlH . V,-.J In..... -A JXliPTO TO DP fOllnfl.
l,oeo iier in hand lnctfasfd 407,000, It is certnln V te hp hnnetl no ent
,00ll ? " J.JulIua Ka.r H rcta ' j
" !!?,.,n" . n . ' A Ce 7. ret. ' 1 .310 iRm
100
1001.
00 Da Melnea A
inni. Kt Dra la
innv 1 00
tne.
ineu 3 W
81
Readlns Ce 4a
10
in
1
3
note
si' ' treasury
S4V ral dep-
In circulation decreased 27.1,470,000; ,. ,an Jftinc nnr .nliln,, n
ry dep.ialta decreased 1.P71.OO0. en-i ."?" . ." aein.B an-v salting in
iep'iitn increaaed 110.177. oeo, bills bleak North Canadian weeds.
these
84
SO
SI)
SO
70
ret
1..
It..
..
-S. 1..
. 10..
..
i
i .
ii..
1 0.
'83
00'
(i ' A Tel A Tel 3a CerP " 5"
e te P7i i 13 .
Amer w r a "' " -
1 s 1 '"
1 h;t, Du Light 7i
3 88 1 ""
discounted decreaaed IP 210.000; advances He
rreaatd 1' 301.000 dances te the Sute
remnlned unhanscd a 22 000 000 one
francs
Pig Iren Prices Advanced
Chleaan. Mav l -A I uradea of p'c iron i .i.i j .i. !,.. .'.
ha ben advanced Jl te S21 a ten Ch.-i ear 'i'ivm "i"i nn- insiicr prices
caite l paid en such orders ate becoming mere
Falling Behind in Steel Deliveries
"Steel mills arc falling further be
hind en deliveries," snys the Iren Ace.
"Rujers are calling for mere teel for
Oil
ee
oe
net.
00 Armaur 4
nn 1. 00'
p,t ATiB ! aj
(sale) P0
4.. DO
S. ... P0'
S. ... P0
1 HO
a.. . pe
til. . . 00 Atlantic Kef's
1. . . 01l ct Bt3S
Oeva't rrnch,3 103
R 7t4a rcta 'Bait A Ohie Sf
1 80i;
A T A 3 Fa 4t
2 SS
10 . 00
'Atla 4 Blr 4
0
101! 1. seu
101 uan usie na
101, 1 ... 01
101 1 ... 10O
101 1 . 00
101 2 r'0
1
Empire Gaa A
Fut 7a wl ,
B PS I
10 0S
1 08 I
14 PS
1B PR i
5 . 08 i
,Erl Gcnl I.len
33
B2
33
33
.12
S3
S3
.13
1
P
Erla R R cv A
3 48
Erie It R cf B
S.
It..
1.
1..
10..
2..
8..
1..
.1 .
SB .
2..
2 .
( .
1-71 ' - rs.i an . ..
Oev't F R 8a 1 . 111 t're "nn ."
15:::: lu'c;nrl.r?'ce
1.... 104 I 4 .... 7S - feu
17.... 104 2 ... 78'-1 " 10'- I
I.... 104 Cenfl Fdy " f ram n Induat I
mil. in nei.
101 Bell Telephone 'A ,i8t'
101 3 107 "'
!?::" .... VJJJ' 1 Be.!,
ju j s,"jui n mn , .
101 6a rcta Eri' R ''''"
1S1 1 1 HtL 2 104 4
1"
NEW OFFERING
104
87
Dev TH wl
oe i 1
P9 I
09 U '
Or'a Trunk of Ctl Facine tati
Can fli rcta 2 ... 80
I.... 104 Can'l Tae 3'4a
1.... 104 2 ... 83
' Or'd Trunk ot.Care da Paa e
Canada 7s Cep'r 8s
8.... 112 ' "Rl
t. in B .1!81
Jap Oeve't 1st 1 nn, rvaneisee f-u
10.. .pi - i'e fi
8 . . pn 1" H' ' ie
ap Oe't 2nd C A O cv 1'.,a ' 100
4,, , (10 I' m '-'i I n.i.r ni
PP
P0
pp
pp
pi'l
90
Jap t5een t 4a C'k 4 O ev 3s 1 ion
1... 70 3" 01 l 100
2 . . 77 , 10 .... !U 1. 90S
K Btlllum flsi ' P1G-nal Elec 8a I
l(flat) 102 1 . P2 3 100
1 . 102 1 Pl (joedjear T 4
kBelr'm 7s ... Plli Hub r '31
I., . 108 ' 01 13 . 102
l.w. 10S " . 01 4 . 102
1 108 2 . 102
.... 10SI, 1 . 01 1 101
4.. . 108, ' l 1 . . 103
7. . J08I, -' 11 1 101
j ini, CtA char Ss Geed:e- T 4
(1 10S, -1 01 Ruhr 41
K Beljr'm rets Chi A Alten 3 1 . 111
2.... 107 i ' ' 1 110
1. .. 100 Chi A Alt 3s Granbv ml'r
1... 100 .47 S A P ga
KllWdem Den-, Chi B 4 Q Bs 2 p4
mark ct 0s ' 08 G Nthn R 3a '
t'TV J"
I', 4
Hs,''.i
V" i
w ' r
x? .5
PS
08 I
l'8.
IISI
PP
PS'
(18
1.
1P..
3
in
1
V.
wmjT
1
1
8.
1.
4.
11
3.
Kingdom Den
mark ct 8a ;
1. . 110 '
X of Nether-
land ct (la '
.,... P0
... . pe, s;
Miate) 00' '
i... . 00 n-
l.. . pe,1:"
98
118
P8
PS
P8
C II 4 O 0.
1 03 ' ,
103
10.1
103',
. m.is
P0
nn
100
00
ties
P i
(IP
P0
iip
P0',
P'.,
10.1 Qt ,vn Riv 7a ,
10.1
105 1,
101l
101
10.1
!!..'. 00'C 4 K I Sa '51
T
..
1,.
1..
SO,,
IP .
1..
ii.'.'
se.
tiei.i -
00 S S2
!in,'Chl 4 O W 4a
nn'. " "
Pi
00 '.
P7
P7
iei ;
10P
ion, I
1(11
100
101
7lRle) tee
Chlrase 3111 4
StP 4 '2.1
2 70
Chlcaice Mil Ai
P7
07
SIP e ls
18(natl 70
70'
inp
101
100
100
100
ion
101
109
100
2 (sale) (10 - '0 2 . 100
10. , (17 Chlcaae Mil A Helland-Am n
07 ' st i- tatii I. me 0s
07 J rt, 1 . 02
07 4 i . os
(17 IChicaae Mil Aljfud 4 Man fd
07', St ' cv Ba j, , 8S,,
07 !" 10 84
JCInadem Ner- ' Hud A Man In
f , t way ct a ' : 10
1 ' . n.... ui 1 ' 12
M B.i.i 111 TS 0
16.. 1M1 . "J S
e 0,1.
5
r
se,.
20..
I...
!..
t,.
20,
e; r. " .' I
urn
Ik 1 .is i - a
c
V.VthTU.I.Vnn. II
ii!-'-r'
tfW-m i
;m
ttr. Vl.K Sweden da
i-V tt.Vl 9... 1011. n a. N'wn lU.lnl'ii Met 11,1
l.- ,' -. -I- ! ..,-,.... --
t7
04 I
eS ,
04
0 4
04
03
$873,600
Minneapolis &. St. Leuis
Railroad Company
6ft Equipment Geld Notes
Dated Janutrf 15. 1920 Maturing $67,200 annually January 15. 1923. te
January 15. 1935, Inclusive
Interest payable January 15 and July 15. Principal and interest payable In New Yerk
City. Coupon Netaa in denomination of $1,000, reglsterable ai te principal only. Re
deemable u a whole, but net in part, oft any interest date en 60 day' notice at 103 ft
and accrued latere.
Guaranty Trust Company of New Yerk, Trustee
Authorized and issued $1,512,000
Matured and retired 201,600
Held by the Director-General of R-ilreads te
be subordinated te the remaining Notes 436,800
Balance new offered 873,600
Issued under Equipment Trust Agreements between the Director
General of Railroads, the Minneapolis & St. Leuis Railroad
Company and the Trustee. Through supplemental agreements,
33,3 of the Notes of each maturity originally issued are te be
stamped as subordinate in lien te the above prier lien notes.
These $873600 Notes constitute the entire first lien indebtedness
en equipment costing originally $1,512,000. This equity, together
with the two annual installments which have matured, give these
Notes a present cash equity of ever 42?fe.
Secured by a prier lien en the following standard railway equipment:
250 50-ten Composite Gondela Cars
300 40-ten capacity Steel Underframe
Deuble Sheathed Bex Cars
Subject te prier sale, we offer these Notes maturing, $67,200 annually as
fellows :
Maturity ' Yield
January 15, 1923 5.00ft
January 15, 1924 5.25ft
January 15, 1925 5.50ft
January 15, 1926 5.70ft
January 15, 1927 5.75ft
January 15, 1928 5.75ft
January 15, 1929 5.75ft
Maturity Yield
January 15, 1930 5.75ft
January 15, 1931 5.75ft
January 15, 1932 5.75ft
January 15, 1933 5.75ft
January 15, 1934 5.75ft
January 15, 1935 5.75ft
KVtHMIIMlk
1 7.1l 10
Chi A Ntvn 7, 1.1 ,
2..., 100 no
CHI r M 11
4...V, ' 09
10
10
tot,
1H
18
These Notes are offered for tale whenL at and If received by ua and for
delivery, in form of temporary receipts of the Commercial Truat Ce. of
Philadelphia en or about Jane 1st, 1922.
Commercial Trust Company McAllister & Hutlinger
Philadelphia Philadelphia
W dp net fuarantta the above Information but hive obtained U
bem eSklal leutcat which we bclitv iv be talUbU.
A,t
New Issue
$22,500,000
Virginia-Carolina Chemical Company
First Mortgage Twenty-five Year 7 Sinking Fund Geld Bends
SERIES "A"
Te be dated June 1, 1922.
Interest payable June 1 and December 1.
Due June 1, 1947.
Redeemable in whole at any time or in part en any interest date at 1071 1 and accrued interest en or before June 1, 1932; thereafter
at 105 and accrued interest up te nnd including June 1, 1942 fthercafter at 105 and accrued interest, less 1
for each twelve months or part thereof elapsed from June 1, 1942.
Interest te be payable without deduction of Federal Income Taxes up te 2 per annum;
Pennsylvania State four mills tax refundable.
Coupon Bends in denominations of $1 ,000, $500 and $100; Bends of $1 ,000 may be registered as te principal. Total authorized issue
$35,000,000. Present issue $25,000,000 of which $2,500,000 is te be reserved in Company's treasury.
Fer information regarding these Bends, we refer te tthe letter dated May 17, 1922, of Mr. C. G.
Wilsen, President of the Company, which he has summarized briefly as follews:
COMPANY, incorporated in 1895, is one of the largest manufacturers and dealers in its lines,
being engaged directly or through subsidiaries in the manufacture of fertilizers, sulphuric
acid, cotton seed products and edible oil products and the mining of phosphate rock.
PURPOSE: These proposed $22,500,000 new First Mortgage Bends and $12,500,000 Converti
ble Bends are te be issued te purchase or retire at or before maturity the existing $25,401,000
funded obligations and te provide additional working capital.
SECURITY: Te be secured in opinion of counsel by a direct first mortgage en all the Company's
real estate and plants and by pledge of all the $10,000,000 par value stock of the Southern
Cotten Oil Company and by stocks of ether subsidiary and affiliated companies. The physical
properties and stocks te be pledged are conservatively valued at upwards of $45,000,000.
CONSOLIDATED NET EARNINGS of the Company and subsidiaries available for interest
and Federal taxes and before inventory adjustment as at May 31, 1921, were as follews:
Numbrr or timet Numb-ref timtrt
Fiacal Year all Intereit Fltcal Year all intereit
tided May 31 charge, earned Ended May 31 chariet earned
1907 $4,024,918 4.26 1914 $4,073,755 2.67
1908 3,527,425 3 74 1915 4,979,949 3.93
1909 4,508,979 4.65 . 1916 5,667,846 4.88
1910 5,336,668 5.44 1917 5,905,249 4.72
1911 3,488,829 2.96 1918 12,043,367 6.66
1912 3,577,452 3.25 ' 1919 10,933,334 4.82
1913 2,991,102 2.40 1920 10,876,745 5.72
Fiscal year ended May 31, 1921 (Less) $7,735,781
The consolidated net earnings for the fifteen years, after absorbing inventory adjustment as
of May 31, 1921, averaged $4,585,516 per annum, or ever 31 4 times the average annual interest
charges en all indebtedness for the period.
Results for current fiscal year new about te close reflect marked improvement ever preceding
year. Consolidated net earnings for the year ending May 31, 1922 (two months estimated),
available for interest arc well in excess of the annual interest requirements en the uronesed
$22,500,000 First Mortgage Bends. H
, CONSOLIDATED NET ASSETS together with net proceeds of present proposed financing
as planned, are conservatively valued at about $80,000,000; the consolidated net quick
assets alone en this basis exceed $30,000,000.
SINKING FUND commencing October 1, 1923, is te be sufficient te retire annually 2 of
total Series "A" Bends issued, from October 1, 1923, te October 1, 1932, inclusive, and 2'i
annually thereafter up te October 1, 1946. ' -w
EQUITY; These proposed First Mortgage Bends arc te be followed by $12,500,000 Fifteen-Year
7' 2 Convertible Sinking Fund Geld Bends and by capital stock having a present market
value of about $25,000,000.
It is expected that application will be made te list these Bends en the Neu Yerk Stock Exchange.
The legal proceedings are beinR passed upon by Messrs. Hornblower, Miller & Garrison and Messrs Oudin Kilhrrth ft e.,vi,n
New Yerk. The Company's accounts will be audited, as of May 31 , 1922. by Messrs.Price, WaUrhe e & Ce.'. 5h0 mv Edited the
hoTdkeSrS0an0dVte a'peValby ceuS.""65 hen " " i!!Ued" rC"ivcd us and sub autKSiJ S
Price 98 and interest te yield approximately 7.12
Blair fr Ce., Inc. Hallgarten & Ce.
The Equitable Trust Company
OF NEW YORK
The statements presented above, while net guaranteed, are obtained from sources which we bd;
teve te be reliable.
.
!?5S!MbMi
r
".
JH
i
,-.j ...i. . .. , ......e.i-
.-Wjy-.frl.pfl.fVW.A.'it R WjWJC ifeikiall
l&k-Wi&Vli'rt
LiiJil: