mm
i,
4 Hri
HIGHLY EXCITING
Tent Bull Movement Breaks
T,m&
All Records In Point
of Duration
r
ffetv AnrU, Mnv 'JO.- Tedny'- brief
ion in ihv lock miirket wn
crowded with liitrrpMiiis: ami cu'lllns
ewnta. esppdMly during tin' firt fifteen I
minute of tlip trndinc TIip Yniinm- '
town Shprl nml Tube iiilereMt tlnew n
Tnenkc.v-tvreiirli into the mneliincry ef1
tlie i.cenipnn.v ItiiHienildit -tecl
Mtrjter and while nmi of the .terk ,
included in tlii roinlilniilien hurt n lwl
time of It for n short iirriml. tin crn
rrnl innrkfi preveil te ln nIeliiic1j
tkorkpreof
TradinK rntitliutcil n the .nine
rnormeti. vole with ove lUO.iNHI hare" '
cbltncinc linmN In the ni.t hour fore fere fore
htflewltiR iiiinlher intlltnn Mum"
Saturday imirket 'I'he Mtui'tll'is in in
"ttllnice of tic d('ot'tlen of the Youn? Yeun?
town Intd'cl of the iiropeei ix-ieni-
nny luerser vn effet lij tin- ceiil inu'il
meynitry of the rails. oil and steeK
with new lush record Iwina pinblihei
In t'nlted Slntei Steel mid New
Havrn. On (he ether hand Republic,
Iren and Steel and Midvale brnV'
(harply. bin en the teauleii mt pnw'i
ful tindeihins miiv"'ri In the menu
time the Streei v.is tilled with piedlc piedlc
tiens of a bic deinon-lniiieii in ttic .
called D'lh'iiv stock" Mc'' ei" '"'
filled by urseni liiijin' of Mevic.in I
treleiiin villi :i Kaln of nriirlj -1 point point
fellow (s In n iii'rden.ii'; of tin oilier
fercleu oil-
Altbi.itch n liberal volume of reallr
Ins sales un eiieeunic-eil en ne curly
buljje. iheee offering- eie readilv ob eb ob
nerbfd by the remarkable bu.MtiK power
quite eouplnieiis en nl! moderate iv.
itMleni. and buli readied nut t"
Vlrtiialh all cla-sc- of -teek.
The brief even of ihe bend inarkri
wan dull and fcattirele .i-lde from the
hljlier lendene. of pii.es. I.ibertx I
ruc were tirm and th- two ." per cent
lwiie- of Ihe Mexican (leveiiiuient in.ine
further gains. The balance of the inter
national ll-t held within narrow limit-.
Seabenrd ndiu-lineut ."it. St. I.nnU and
Ban T'ranelce income 0-. (Mule Tepper
7, American Smelnne ."-. Mldv.i'e
Steel ": mid InlerboreiiBh Hapld M'rati
tt fis wrie better by fraetieus te one
point. Italllineie and Ohie Is. I'olo I'elo I'ole
rtdo and Southern I- and Armour I'j
awd slightly.
Three Miecr-she hvpedermlc injec injec
rtenn of oil. sieel and copper re-ultcd
In a highly Hticecssfitl rejuvenation of
the bull market within the bv-t fort fert
niht. and from all indications the tent-
Srature of the patient i- quite likely
aln te reach the fever mark. It
proves the line of least recitanct t
till encountered en the upward swing-.
but ft is obvious technical rather than
outside condition- are the propelling
influences. At the same time it mukes
a record market for the hull movement
in point of duration. It would be nec
essary te co back te P. KM te hnd an
Upward swine comparable te the pres
ent movement The memorable hull
campaign in 11)04. starting March 11!.
ran tintl' December with n ingle three
point tcacilen. n period of eight months
lid twenty -four da.". The current hull
market has lasted eight months and
twenty-six days, from AuguM 'J4 last
year up until yesterday. In this pe- .
ried the greatest reaction '.n the indus
trials amounted te 2.01 points from De- ;
cembcr 15 te January 10. This week j
v the industrial average was the highest i
of the movement and the average of the
coppers the highest for two years.
This, naturally, makes the market i
situation unduly interesting. While
evidrn'-e piles up Indicating continued
Improvement ir. both the industrial and '
Iiuslne- -ituatler. there naiiiralh
nrisrs a qiie-tlen which is open te wide
discussion as te whether this rema-k-able
reversal in the market truid ba ba
leot discounted the much-improved out
look. It is quite certain. In all events,
for instance, that President Harding's ,
I picture of the, coming great prosperity
for the country nt large was recognized i
by the sharp eyes of the tnurket world '
Many months age.
I
I
KB
C
r
K
1
I Philadelphia Stocks
Net
W r. yw
ivj p . t;m .11
linn
t ' WwYiii-
r .MiSM
' Vrit .;'
iwirnK.iLi'
LO'N i'le ChR.
11-' .II--,- 'j
l."l.. J."'., r-l
'"'.. "1 l
J'-' J'-" .''
1 "." 1 7." .1
l.'iS II - I
u', n'4- ..
tj"... ,ti'. u.
2.1. Am Sir 11! i
1(1 de 11 pf I."1
200t(Mnle fop lil'"'s
lOON'nl Crnpa I'-
24 Kbr Ster.17.1 '
20 de n- w.. 1-1
810tKric in-
HI Krie l.tg. '2V-
V2 Fourth St.
Nat Uk.307't
TlOtGen Met 14V.
S." In Ce X A 30 "
ort. ae7a
14 U 14 't
-n-41.,
e
no
eti., Js
"VTs-r
i."ilH-l ls
2.M'',-
4las-
7.'! i .
lOtKennecett 3ST8 :!S
2715 Lk Sup (J lL'U J'J
s-
zu.t Lell .n . t;,,is
lOOf.Me I'ac. U?.";
3304 IViiiib It It 4P..
IS l'eiina Salt 7.M '
i;;
j.m.
ii
IV, I'hila Ce
" urn pf
8(30 Plu'.i F.lcc
18S de p ef
410 IMiiln I! T
JOtRcudiiig
HO Tem. He
20 I'n Trac .
200 I'd ...
.MSi..
J!i"
2!'l,t
Mlt'is
SPa
1
.".Si..
Lli'I
JIM..
:!:!;
P
UTs
:ss i .. -
U'.Um
Lf)lT
:!.-i-
M'n-
I'1;..
.-.Ml,..
-11 de prrf
..s2
i' Ces x.r.i!ieui!)(;t..in(ii.. -
JOtWesijnglise
Kf . . . n: (in.
lr.n w je, ji.s :i(i .:c.
10 Wet Ceal (!! Oil
Kill V. i; -J 1 1 . J(l
a
-
,".r.
in . .
TNet c h ke pikJi. by cnnipar
k son with am
r
.:. un ,Vf Ve-k tei. K har.it.
rein 4.1 h. .isjj nt.jrn oiniiireil 'n
12,n;S Mi.ir s ifltnldv Tin. fJi :'i. cei,
J,BUl fn M.
I'lin.Mir.i.riiiv iiesiis
JOOfMI I.bPi-r '.'d 4L.S Mi:. 'ifi 7"
INMKKl I. Iiprti !th 4- '.M. . O'.I.JPJ
11000 Liberty Irh 4', '.".s lets '.iH.lll
.100 1.lbei-H lib 4's as ...KMi ni
1000 Ubertv Ith l",s '.as . '.Hi.'iO
WOOO Victory ',s 'i:.-, 10I 7
1000 Vieterv 4V 'L':t 104) 71
MIX! Amer (ias & F.lec os ... V,
2000 KU'ctric .V: I'ee Is hi..
'3000 Klecirh- & I'ce 4- (! "
2H00 l.nke Supeilur inc ,"i .. .M7'.
' 1000 Lake Sup inc .",- :i7::
20IK) IMiila Flee .".'js w I.. .. sun;
3000 IMiiln F.lcc ri..s i iii.t.
7000 IMiil.i Flee 1m .".s !isT,
- 200 I'hl'n Flee 1st .- !i!)l.,
noe Fhi'a i:ic isi .- i-i
.10011 IMiIMi Flic 11. . l(i:!l,
. 400(1 Fluted Itailwav- ."-. s(ji
v
Ve.
K
rx y
.Teliii lljn 'inn . iinpntf.l wuh l"l
rtri)uv
far ililn ek. I "Oil .15"
Today's flange in Liberty Bends
II ih
!i!i.70
00.04
!l!l.7
!lJ !ls
ti
0!) Ill
no. si:
'.111 lili
iiO.OI
l'ln
O'l.lM
JIO.JSO
OH."'-'
I'll 00
Liberty IV.
Llhert.i lt '4s
Lllmrty l.'.l " -Libert
v .'Id '.
Liberia lib J',s
Vic Xetes .'!', M
Vic Nut- i',s
00.04
no. no
00.00
I0IM1O KMMlii 1ne!(iO
10(1 S( 10(171 IOO Ml
BANK CLEARINGS
TIH'.H
rren 113
Phlla
"ks 'vd ' - n-np'r. il
Hilt.
' i . "in ara
ll.".' I '121 I'l-'n
" i i m (inn fii.l 771 m.: vsj iji, nj
7 1" nen nun
C.3 eon 0"(l IS 3,11 O.'.l l US ii33 711
n. y
Jleiten
.Receiver for Cotten Brekeraae Firm
' ..rvi -
rvi
J.?drV New llll -MV 20- n ir le'unuii pen
fcVJwt'ICn In lisnkn'pmy li.i been nf In tin
b'S SEJ?"1 t'l'l'l" Court arani't V. I.. Pultei
fr?
FW
jm iv
I NEW YORK STOCK EXCHANGE TRANSACTIONS
Dlv
In High
. .Adams Exprfse .. e6'
.. Ajar nubber ... . '7V
. . Alaska Juneau O M 1 '
4 Alllcil event ft nye f8'i
7 Allied Cli & Dye pP08
' Allj-('h.rmers SO'
Allls. Chalmers Pf SB
Am Acr'2 (-hem '8'
Am Agrlc ("hem nf 64' J
3 Am Hank Nete pf . 52
Am Heet Supir .... 4'
Am Can 48 'j
12 Am Car & Fdy 162
Am Cotten Oil 8T
Am Cotten Oil pf 58
Am DrtiB Svn ... 6
5 Am r:press ...139'i
. Am Ulrte & Leather 15'4
Am Hide ft Leath pf 71 '3
7 Am fee . 1 07
Am Intermit Cern . 48
1 Am l.a France Ens 13':
Sales
1.0 w
65'4
17
l'i
E8'
108
49'
90
0
64 lj
52
44
48
161
jn"2
57 '4
t)
130'4
1S?
71 "4
107
47 n
nn
35T
114'i
10?.'s
7'
iCi
65 '4
981'
38 H
9')
7fi',
35's
63 ij
U2
140S
101 '
137H
31 'i
80
92'4
105
34 3,
19T.
55 '
47
100
D1
3',
31!
3""i
12v'i
27' j
47',
117'-
47
60' 2
I
76
78'4
112
28 's
107
2
25
22
102
50 J4
134'2
41
g
7',
32 'a
28
12'2
78'j
56 '
9H
63 4
142
4's
40 b
7T
105
39'
744
67
8
161J
2'J
EOS.
8J4
22' j
:ss
44
75
45
81 H
95 H
65 '4
22".
31
66
50'-
25'
46 Vt
CSV,
4'2
t634
1 1 1) 4
14
101 -,
44 '.2
73'
25',
1C44
35J-J
5fl'4
214
1224
126'J
28',
9"
76 h
43 '
20 '4
29
ei
!.4
?2'
!6'?
81 !2
34
52 ,
96 z
17H
21 h
S
63
98 S
62 h
95 1 4
73' ,
1C44
I4'4
e2'
e2
14 2
40?,
31 S
17',
77 ,
41
33'j
12
16
36'4
84 ',
14
79
20 4
1C5 ...
4 1,
f
4'
11
41
36i
?l 1
103
;j :
631,
17
51 34
tf(
16
ia
1 .
;e',
-71,
43
M
i8 4
22'-
Last
. SOO
800
1000
933
tee
2500
100
?.
200
100
nje
'800
430
1030
200
tee
100
203
200
100
8630
703
1330
Q6i, t
17U '
Hi
'8'i i
108
50 '
98 '
38 i I-
64' 1
52
44
48
162 '
?8'i I
57'!i -6
139'4--
15U
71 3i '
107
48 1-
13'i
36 '-
1141'a -
102'i !.
7U I
Am Linseed "6'
530
200
300
1100
3403
100
1230
103
2010
10f
100
IDOj
330
tee
100
200
tee
3300
100
700
403
fOO
200
1800
'130
403
700
403
100
2700
2003
1200
5003
203
200
030
4800
100
300
200
tee
1900
200
100
100
703
r"03
200
733
1 .100
700
200
100
800
5200
100
1200
100
2200
430
103
1630
1600
2590
103
100
530
303
503
300
7930
6600
1703
14303
400
503
100
5300
830
300
1200
500
I30O-
533
13"0
903
1503
3830
430
5200 :
4830
66 0
930
830
430
200 :
230
2000
100
200
8 33
"!- If)
9 "l
0
2 M
177-0
4103
1030
500
200
200
100
1900
4800
100
400
300
3 2200
100
400
700
53500
100
400
100
1200
4000
'00
3800
400
200
730
700
100
1603
100
It I 203
2030
6603
10J
?J0
200
i103
tOJ
430
100
100
300
103
100
730
703
1233
500
503
5403
403
1033
?00
23J
ej0
9)0
'1 J)
2 O)
,I0J
7103
103
fi Am rcometlve. ..115?
4 Am Hadlater 10?
.. Am S'lfetv Ilazer.. '''
. Am Kh p &. Cem. . . '6"s
.. Am Smelt EG'
7 Am Smelt nf 98 ':
8 Am Ktee; Foundries -'9
' Am Sttel Fds pf . 9
Am Sugar Het ... 76'
. Am Sumatra . . . -7
Am Sunuitrn pf 63 '2
9 Am Tel & Tel . .. I22S
II Am Tobacco 141
10'
C5'4
- 1
98 a
:e -
99
76 W '.
?5
63 'i 3'J
122H '
141 - 4
101 " - J
137i
3? l '1
80
92S i- 'i
106
35 !
20 '- ' i
55 ' '4
47 'l
100
91 '
3 '
t '
37'j '
126' ! 1 "s
27 fi '
49 l'i
117
18 'r
01 :- 'a
1 - '.
76
V8 '
11
e - ':
108 i 'i
2
:5' : 's
22 x '4
102 -' y2
E0- !i
134
43 - 1
97 '
7 '.
33't - ';
28 4 f
12 4 "
78"'j : '4
56 'i -
9 't
63-
143 f 1'i
Ai-'r
40 J- '
73 '4 -
185
39 -i- '4
74 - 'i
67' - ':
8 '4
16 '
39'4 '-
56
9', ',
22 , 4
28 2
45 u 1 V
75', i H
46 i "
62 J- 1
96 n-
65'i ..
22
31 '- 'i
66 "2 - ',i
i9 - '
35'- 'i
50 - 1
88 'J- a4
4 ' 'a
6 r
1 1 6 - 1
14 i4
101
44v, - '4
73 - 'A
25(, - '4
17
35 ',i ..
58 -f 'i
21 - '.
124 -f Hi
127 J- 2
28'J- '
9-f
7e - '-j
44 , 1
21 J- 1
29
ST- '4
5 1
4'2 1
'7 ' 1
81 - 1,
94
52 : i4
96 '2 r 1
17 ..
21 V,
S .- '.
63 i- Z
99 -i ',j
32 : t,
'.T 'i
7l'8-t
164 . J,
14 : 3j
S2 4 -
es ; 4
142 ' ",
41 r l4
32', r-
"li1 '4
77 - Ij
41',-r li
33'i- '
12',4 .5
'7 12 j 1 i',
1$' V 1 '.
85
1 .
79
-J0 - 'J
9 'j
'05'j r 'i
4r 'a
R
42 j
2'.
4 1,
11
4! -
37'4-r-
25 'i
103 -
23 '2- ?i
83 f
18
52 J
I ,:
18 ! '4
-3 - ',
1 ' ..
20 '2 .
4,2
'j
.8 -
44
51 f '.
38', f 'j
.3W 1
139',,-
f Am Tobacco pt new101'
Am Tobacco n,
. ,1373i
pr 32
pf 80
. . 3'4
. 10i
Am Watrwks t
ni Wattwks ;
Am Woolen .
Am Woe'en pf
Am Writ Taper pf . 35
. . Am Sine Ltl & Sm t 20
. . Anaconda Copper . i5 3
. . Ann rhet pf 47
6 Ateli Tep San F 100 3
fi Atch Tep & j F pf. '-1 N
. . Allan Olr X. Atlantic 4
. . Atlantic Fruit . . . "a
. .. A'l Gulf & IflSS "9
Allan I'ewrlei 126' 2
.. Austin N'lche's . 27 'a
. . Iiarn.sdali Class A. 49 'j
" Radwln Locemitlvel18'
. . Baltimore & Ohie .. 48 s
Haiti & Oh'e pi . . . 61
Batopeles Mlnlnit . . '
6 Bethlehem Steel.. . 76 '
S Beth Steel B 79
S Beth Steel 8"e pf ."'
. . Brit i:m St! Ind pf 9
S Broeklvn Kdlten . .108
. . Brenlclvn rdhen rt t a
.. BUlvn Hapld Trans'. 75 '
.. Bkn R T ctfs of deb 2?'
.. Brklyn I'nlen Gas .102
. Brown Shee ... -0 '
5 Burns Bres a ... .135';
1 Burns Bres B ... "'1
7 Bush Term Bid pf. 97
.. Butte Copper & Zinc 8
.. Butte Sup Cep 33'
.. Butterlck 28
. CMdde Cen OAR.. 2S
6 California Packing. 78 '2
.. California Tetrel . f
.. Callahan Zinc L4 9Ti
2 Calumet & Arizona. 63
10 Canadian Taclfle ,43';J
.. Caee .7 T Pew '
.. Central Leather ... A0'
Cent-al Leather pf 73' :
5 Central of V .1 '?5
. Cerre-d-Pasco ...
6 Chandler Moter .. 74'
4 Chesapeake ft Ohie fc7'2
.. Ch'cafre Alten . 8
.. Cb'caRe ft Aleti pf '6'
. Chi & E !'l (new) 39 U
.. Chi & E 111 (new)pt E6'.!
. Chicaire Gr Wes'. 9',
.. Chi A Gr West pt '-'
.. Chi Mil St P . i8H
.. Chi Mil St P pf 4 5
6 Cli! t Northwestern 75 '
.. Chi R I & Pacific. . 46 34
ft Chl R T & Pac 6 pf 82
7 Chi RI & Pac 7 Pf S6
Chl Ft P M & O
65 Va
. . Chile Copper
. . Chlne Copper
. ('lev Cln Chl & P L
4 Ceca Cela
.. Cole Fuel & Iren
3 Colerado & Southern
6 Celum Gas & Flee
. Celum Grnphnphen
22 H
311-i
66 'A
59 H
75 s4
50
84
67 ?
4 Cemput Tab itec
Consolidated Gas . 8
Consel Textiles . ' 4 4
Cern Products Ref 101 i
Cosden & Ce 44',
Crucible Steel 74'2
Cuban Am Sugar .. 25'
Cuba Cane Sugar.. 17
Cuba Cane eunar pf 36i8
Davisen Chemical.. 58 H
TDeBeera C Min Ltd 21 3i
: 36
0 Delaware S- Hudsen! 24
K Del Lack & West. .129
1 Deme Mines 28 '4
. Dll'u'h S P At ve 934
6 Kastman Kodak new 77' 4
E'ec Sier Bat new 44 '2
'.'. n: H'j'n cn.i 21 '2
rmerer.-K-an' pf 29 h
5 l'i d aJ't-.Jol'i.aen l-3s4
. Erie ;5
. . Kr lit e '4 -
. Eri- 'Jn3 of . . .17
It Kamoes p.ie:s L 81 -
S Fameu.s Pavers of 94 'j
:, 1-V.d Mm Smltpf 52 'i
g Fisher Bedv of O pf 96 'z
. Fisk Rubber . ... 18
. . Freeport Texas .... 21 U
, Gasten Wms Wig H
Gn Am Tank Car. . 63 H
7 Gen Am Tank Car pf 99
. . General Asphalt . 63 h
5 Genera! Asphalt nf 96 '-4
6 General Cigar .... 73' j
8 General Electric .. 16534
. . General Meters . 1 4 '4
General Meters pf e2
6 Gen Met deb 6"i. . 83
i", .dden Ce . . 14 '2
'. Goedr.ch (B F) Ce. 41 j
.. Granby Cen M & S 32'
Gray A Davis .. . 17 !i
7 Great Northern pf 78 H
4 Gt North Ore ctfs- 41 i8
. . Greene Cananeu Cep 23 H
. . Guantanamo Sugar. 1214
, . C,u!f Mobile North 17 ij
. Gulf Mobile A. N pt 36 '4
. . Gulf State Steel .. fcSU
. Hablrshaw Electric- 1
.. Housten OH 79':
1 Hupp Motorcar 20 '4
. . H'.draul.c Steel 97"
7 ll'.'nels Ctntial 105 'j
Indlahema Ref H
Indian Re tin 11c 8
inspirntien Cen Cep 42
! . Inter Cen Copper . 2
. Interbore Cen Cep pf 5
Inter Acr.-ulture . 1 1
lntr Acrlcu' nf 41
?i Interna''- Cement . 37'4
I lnternat Cem Eng .. 25
5 Int Han ester new.. 103
.. Int Mer Marine . 24 ' t
6 Int Mer Marine of . 83
...international NteeJ '8'
,. International Paper 52
fi Inter Paper Pf stpd 9
. . Ir.vlneib'e nil Cem . 18 ,
. . Iren I' educts .'4',
.. Island Oil 1 '4
.. Jewd Tea 20 7
.. Jenes Bres Tea .. . 42',
, . Kansas & Gulf .... '
. Kan Cltv Southern .8
. . Kajser & Ce new . 4v
.. Killy-Spx Tire . . 5: J,
.. Kenneceit Copper.. 38 ',
. Keystone T & R ... 23
Kress s us1)
3'J ',j
ill :..es DO1!, 'un sliaifi ,empH ' 'hl.'lil ."fli -hares
FOREIGN EXCHANGE
.Nph Vnrh, Muy 'JO. Ilttniiif- n
sIiIehm ilnubtfiil
ll"' f'TP-isn en linngp mnrket leil.ty mis
nn n mt.v li'.'lit --i-iile ami cnnsitci
lniU'l' of prfeiniilil niioilltietn Tin1
iii-iiraiii.ii. n- iisiinl. iiiin.' from Diro Dire
IMiin order- li'i'li te tlie iiieriigi- lei.al
lli.lll'f 111 I'M IliillK' 'ri' viill.uh;ll mil-
fu.iu2
In I lie 80' "lid hour I lie iiiiiiI.i'I whs
'luii'i uttlieul iipin'i'i inli'r i liunire limn
KilMV S
the eilllH'i' Klielli'il liKure-. McrllllK
cebles l.-l.'i. il.-iiiiuid -l.ll'j. fruni'i iiimii.i
cables ft. OH. . 'becks Ji.(l,"i , lire eubk1.-' '-"I'"'
M.-r.
. I 1.1
'.'l-O'lNO
0.1 1. flu,i'k .1 10' .. ; u.nrks
'I'lie Central Kurepcun eicliiingea wcrei
Denis nd
.. .
...
wr een-fjhiei,
ai 45JA
.W-n-r KSI
fiVJdftltfG PUBLIC
me&iiraftiaimim
Net
cltge.
2
Hit
In High
Lackawanna Steel.. 78'
.. Lnelede Otis of St L 77 y2
Sales
3700
100
500
803
430
5000
1030
1210
330
513
300
803
100
100
700
2303
603
1303
100
200
100
503
3600
303
4500
100
12600
Lew
77
7714
18
36
34 V,
6414
109
Ibl'j
13
159
119
.4914
07
79
17
23 i
29
46 y
50 Vi
38
(2
31 Ji
32
73
23 U
110(4
136
30
14 J,
40 '4
12'j
18
42'4
23
57 '4
73
108
1
30', 4
145
3912
5V
18 '.2
fc8 "4
78
90 ,i
70'5
.7 l'i
63
32
28
?!
107
5B'i
7'j
77
33
2Ji
20'i
IH'i
36
10
63
C64
r.9!4
41 I
124
6 '4
32 H
68 4
76 U
28.4
48U
1 9 ',4
38
10
57
62'i
95
35 4
20
77 M
107
79
44
E8
123
44
32
17
61
17
364
71
90 yt
8 '4
47
3
38
15
304
30
48
44
34
7
11
76
14
10
46
34
514
49
91 4
24
564
19
1 1 3 Ji
166
1154
83 4
47 4
40
53
120 4
111
5'4
7
35
12
48 4
46 4
33
30
734
94
I6H
43
67
22 '4
'1394
75
38
147
77
142
15
314
66
354
6
5 4
54
70 4
64
44
46 4
1014
118 4
67
50
31 4
74
57
124
10
31 4
14 4
79
11
19
21 4
62
98
02 4
72
1?
22 4
26
49'4
9;,
19
8
4h
158
5i' ;
78
i.nne j-;rte A West.. I"'
. . I.Rke Erie W pf
2 I-ee Rubber Tire..
3' t.ehlgli Vftllev ..
1 Lima Locomotive
.. Leewe Ce
1 Left CHndy
12 Lerrllard P
7 Louisville- gt Nash
. J'.4
. 344i
. 65'.
. 1 t0'B
. 16Ji
. 13'i
.159H
.119
. 49
1
Mneit Truck . .. .
i -Mack Truck 1st pf.
Mack Truck 2d pf . .
.75 Mc In tyre new ....
Malllsen & Ce
Math Alkali
Manatl Sugar
7 Manhat Kiev Guar.
2 Manhat Shirt
Mar St Rv pr pf . .
Marland Oil
2 Martin Parrv
Max Moter Clasi A
Max Moter Class B.
Mav Dent Qlnr.
87
79
17
23Ts
30
47'i
SOli
38 U
62 '4
32H
33'4
73 i
24',
ii!
l!6'A
03? ll Mflcan Petroleum". 1 37 'i
23.01 l - Mlla,e States Cerp 15'i
23103
S '
101.1
4503
203
1930
2430
100
200
19600
400.
Miavftie Steel 42
Minn St Leuis new. 12'a
Me Knn & Tex (wl) 19
Me Kan ft T (wl) pf 42
Missouri Taolfie .... 24?4
Me Pacific of 58
Mentana Power . 73
Mentana Power pflOS
Montgomery Ward . -3'i
Mulllna Bedv 3! l'i
nt Biscuit 148
'at rleak A Suit . . 39 H
300
300
700
031 ' 'at It;l f M 2dpf 5H
2 : . Cen Cep 18
603 6 N OTexftM.x .... C9
1
2700 "r x- Y Alr nrftkp ' 78
en W Tork Central . . 91
fill ,,. w Tork CftfltL 71
tnn m .. "' n -ffi .... ' 2
H7ie 5 -'w Verk 1..0C. n. f3H
1 ! 'New Tork N H ft 35 '4
430
-' Aew Yerk Ont k W ?8
J N V Shlpbjitldtnic . . 21
7 Norfolk ft Western . 1 07 '2
J N'erlh Amcr ctfs ... 59
N'erth American rts 7'-.
100
1200
633
100
4100
430
1400
103
430
330
2233
6933
4533
1003
2300
6703
103
3433
100
100
333
2103
1930
100
5630
400
430
100
1930
E Northern Pacific . .
. Neva Scotia S ft 0.
Okla Pred ft Re ..
Orpheum Circuit ..
Otis steel
2 Owens Bet Mach .
Pacific Devel Cerp .
Pacific Oil
Pan Amer l'etrei . .
Pan-Amer B
2 Pennsylvania R R. .
Penn Seab Steel ..
77
34
3
20 4
15 "2
36
11
C4
b7'i
59 fi
41 '2
12'4
S Peeples Gas Chicago 66 A
Pere Marquette 33 U
S "ere Maiquette pf. 68 ',i
R Pere Marrj pr pf . 76 "
S Philadelphia Ce . . 30 J-,
2 Phillips Pet 4RJJ
. Plerce-Arrew Moter 20
. Plerce-Arrew Met pi 39
. Pierce Oil
IU ',2
571,
62 Vt
, 95
36 14
20
77 'J
107
5 Pierce OH pf
C Pitts Ceal
6 Pitts coal pf
. Pitts ft W Va ...
700 m Pend Creek Ceai .
8"0 R Pestum Cerent
530
100
19400
'00
603
4433
3833
630
7700
200
1700
22533
703
300
1900
S Pestum Cereal pf.
Pressed Steel Car .
79
45
Producers ft Ref
C Public Ser Cor of .V .1 F8
I! Pullman 123
. Puma Alegra Sug. . 45
2 Pure Oil 33
Riv Cen Copper ... 18
4 Reading 82
I'.els & Ce . . . . 171,
.. Replogle Steel .... 37
.. Repub Iren ft Steel 73
. . P.ep Iren ft Steel pf 91 '2
. . Republic Meters . . 8 '4
3 Reynolds Tobacco B 471,
2200 6 20 Royal Dutch N T.
P4
38 94
15
31
32 ',i
49 'j
5',
3'i
8
1244
7e :
14
100
100
Rutland Df
1 St Jeseph Lead ....
. . St Letils San Fran..
. . St Leuis Southwest
.. St I, Southwest of..
. Santa CecelK Sugar
Saxen Moter
. . Seaboard Air Lin. .
. . Senb Air Line pf . . .
. . Sears-Roebuck ....
. . Seneca Cep Cerp .
2800
2700
2900
600
200
2200
1400
1103
700
300
500
80700
200
200
10800
27C0
800
3000
1400
LI 200
500
Fhattuck Ariz Cerp 1 1
- ShL-ll Trar.spei t .... 46
. . Sinclair Oil 36U
. . S!os Sheffield .... 51 '2
Se Perte RTce Sugar 49
6 Southern Paclfle . . 92
. . Southern Rail .... 25
. . Southern Rail pf . 57
. . Splcer Mfg Ce 20 H
4 Standard Oil of Call 14
6 Standard Oil of N J187!i
Stand Oil of N J pfl 1 5 i
100
7 Steel Tubs pf
. 83 Ii
. 47(4
. 41
. 54',;
,121
.111
200 2 50 tftcriinj; Products.
600
Stew-nrt Warner
600
6930
200
230
2700
103
703
0)0
6200
1700
3000
1830
4700
900
5700
203
300
1000
930
100
230
200
1030
100
2203
200
9100
500
100
100
3000
1933
1600
S'remheric Carb
7 S'tnl'-bakcr
" Studebaker pf .
Mil) ISUiU UI Jl . . 2
"!',
Sup ' ier (HI "erp . 7 '2
Superior Steel .... 35
-ift 10 uf mr. 4
'I ei.n Cep & Chem. . 12
3 Texas Ce 48!-2
4. Tex Gulf is Kulph 47 4i
.. Texas ft Pacific... 35H
1 Texan ft Pae C ft O 30
6 Tobacco Products .. 74
7 Tobacco Pred pf . . 96
, Transcontinental Oil. 17
4 Trantme Wms Steel 43
6 I'nlen Bag ft Paper 67 54
fnlen Oil 22!i
10 Union Pacific 140
4 I'nlen Pacific pf ... 75
.. T'nlted Alley Steel.. 38
5 t'n'ted Cigar Steies155
.. Un.ted Diub 79
S t'nlted Fru t 142
.. I'nited Rn Invest.. 15'
I'nit Rwy Inest pf 32
United Retail Steieu. 07 Ji
I' S C I I' Fdy... 35H
. . t: S Express 6'
.. V S Feed Produeta 5'4
. . U S Ind Alcohol ... 55
. . US Realty ft Imp-. 71 U
..US Rubber 65'4
U S Smelt h. Ref. . . 45
300
100 3s U S Smelt & Ref pf 46 !J
34103 F. I. S S'ecl IU
100
7 U S Steel pr mil
J Utah . epper 68 '4
, . VRiiadl im Cerp .... 52 'A
. . Va-Car Chemical . . 33 '
Va-Car Chemical pf 74
6 :i Iren Ceal & (.'eka 57
VHadeu Inc 12J4
. . Wabash 1 1
Wabash pf A 32J4
1103
2700
300
400
100
100
1000
36J0
500
100 3
300
200
1 Weber ft Hellbrener. 14'
- Wells Farge Exp
. . Western Maryland.
79
11 ii
19
22",
6?
W Maryland Cd pf.
. . Western Pacific . . .
f. Western Paclfle !f-
200
100
103
2630
103
930
403
230
430
2900
630
1300
10')
100
600
100
1UU
7 W stern Union Tel. 98
4 Westlnj? K& M fc3H
4 West K & M 1st pf 72
.. Wheeling X. L E. . 12j
Wheeling i L K pf. 23
fiO White Kasle Oil
4 Whits Moter
. White Oil Cerp...
.. wtrkSpet.eSt Cerp.
.. Willys Overland .
. Wilsen & Ce
R Woolworth b" W .
20
49 14
, 10',
. 20
. aii
. 46
.158
4 AVorthingten Pump. 53
f. Werth l'uinn nf U. . 78
Wright Aero v
rhiis ir thi week. 7.7HO.OOO.
"tenia)'-
i
ivhi'tber nettinl lnisi-, Greater Activity In
illi-s nilll'l lime been truil8liftC(l lit tlie rw YerU, Muy 20. Ttic i , i,,Kai nar-
lUOtiil ion. Aiistrlnil fOlltlnilt'S te drift Ket developed Increased m- ,i;- ui .c--'
te uliiinsl nniil0tiible I'lKUI-es iind wns lerday with the da'i tranaet..in, .,, i.uuasl
' teil.n ii'ieit(il nt ,010'J. n new low. eatlmMed at from 1.10 noe tn '.'mj.fne Im.'u
('(cllfi-SlevaUlilll U'.iclli'd tlie lowest n, 'jij cent, cesi and 're'jra for ,,,n,,
lUnr.' In tin' i.'lii'tlen iliennd -.10 cliaiancen and alilijrnMir renn-a I h-,f
nlie.it ii nieiitb T('(la it uh (iK'!.'tl suaars. In terue .nsu.i. illr. ,, ,ri
.H I.'.IO'.... (hi ibe oilier blind. Itlll- r.inen The slij of imni t. us iuws feri
.jiiritiii u moved up fteni tin- recent ,rd iQadltiK t 2 te i-n-" ( n b i'uh,
I iiiiotiilleii iinder 70 te 7." '' " rr ent in f' relKii On- i ah i . .
iiiouiii'ei iiiiuii in in i.i ported and hIhii rtii Imium (.. an eiiuul I
1. a 1 per ceni tn p relKn Ou Ou
pertfl and iilan an Iriiiun
nrldilinnul fiuanlity uimn in
()l'i:s IN(i OLi..I'ATI.J.s animmnu num. "y uin.n .n
una n ine niH in Air i is
i: Pran- l.lie r;Ui iter, lerday lntluflni.il'"';' n.isa i
l 11 li ej S 11 .is 7.1 ' 1'U'l.l.i Hre jo.aeo imrh tn
3S 7.1 ' l'Ufl..i Pre 20.500 luna tn tn Amerkan
38 80 ' Huear Reflnlns Compan .'R.niiii tAM l0 8U
Importer, mid S80O baus Philippines, ion
1 alKned m tlia National Huiar Jtefiuliic Coin-
',i."Ji. 3.12
QCOTATI'JN.s
Sleriln Fraiu. I ira nml.lf.ra iiativ Tha local renne'l
4 41 .e.l fill .35,7(1 (hanged nt price rnKln from ft
I.45r. 0.0U 3.11 Se.St ctnti. lia 2 per cent fur caih.
i "trt,. , sj -,; r7-- : ' tr r -.;? i -r t , i ',- ' ' '
TRADING ACTIVE
, Net
Ijist chge.
78 -
77 4
I8H -
36 -24?,
644
110 4
164 -13
159 f-
119
49 4
B7 79 -174-?3
4
30 474 4-
50 4
-
32 -
33 4 4
73 H -234
-
1164
136 4
30 15 4 I
41 -12
I
19 r
42 --24H4-57,4
-
73 -
100
23 4
30 4 -
148
39 4 '"
5 4
18 4 -69
--
78 4
9! 4
704 -
37 4 -63
i
35 4 !
28 4 4
?1
107 4-
58 4 --
74-
77 H !
34 4-
3
20 4
15 4 r
36 r
11 i
644 -C64
f9 f
41 4
124 i
86 4
33 x
68 4 :
76 r
39
8 4 -19
f
39 !
104
57 4 r
62 :-
95
36 4
20 4 -77'
,
107 ,
2 4
14
n
Vi
1
4
" V
Week's Events Indicate the
Opening of Gfeat Era of
Industrial Mergers
Active tindlns in I,ake Supciler and
I'ennsylvanln Itnllrend were about .the J
only fenturcs of Interest of the abbre
viated sewden of the local market, l.nlce
Superior cold tip te 12'i, rqunl te the
high prlce renched yestcrdny. hut Ittler
reacted te I'J. Pennsylvania Knltread
was in nrtlve demand in line with the
bread trndlng in the Invcstinent rails
In the New Tork market and m-IIIhj;
tip te 41 Vj was at the top pili'fl "
the week.
Trading In the general lint remained
ptnle. although there- wns 11 nollecno e
hardenliiK of (lie l'lillndelphln l-.lectrlc
issues which for 11 time brought Ihe
cnninien within it fracllen of the pre
ferred at 20V2, but the latter in the
Inte trading advanced te 2H!,i. Ameri
can Stores, after dippinc te 1lS'j. ral
lied te 110; the tlrst prefened was 11
point better nt ir71v. Klerirle SluniRe
lttittery new hteck bhewed III tie mete
life and vns tip 1 nt ' ';,0'
.lersev & Seashore en llsltl I railing
advanced n point te 'M. V. (I. J. was
firmer and Nllglitly higher nl 1". I
U. T. was dull and iitu'haiiKeil nt .4.
The plnclng nf the Ameiican Stores
I'etnninn stock en 11 7 ner lent dividend
1
4
14
4
4
!i
1
" 4
1
4
'a
14
14
4
4
4
14
2i
4
4
1
2 4
1
4
4
4
1
basis was one nf the interesting de
velopment of the week, although till
net ion hail lung been fotehndewed by
the Meady mlvanre in the market tito tite tito
tntien. The movement In stock within
the la.sf eight months was attended with
mere or lets excitement because of the
nixsterleiiN lnlliience behind II. The
upward marrli pnn'tleully t-tatted last
September, when the sleck was selling
around 00, having gradually advanced
from around 44 early In 1021. Frem
September the rise was rapid and ex
citing and renstnnll upset the calcula
tions nf sonic of the sluewdesi traders.
At the opening of the nirieiit enr
the stock was Helling around 00 and
tin' last thirty points of the rise was
during the last two 11101. ths twenty of
It In the Inst mouth. The two pre
ferred issues registered eorresipendlng
Increases, prlren of thee two hhures go
ing nleng with the rise in the common,
rh both classes of the preferred slecks
tire convertible into common en 11 basis
11-3 shares of reinn.im for each share
of preferred. Notwithstanding the big
advance, the supply of limiting Meck
has shown n steady contraction rather
than 11 wide distribution which would
be naturally expected under the cir
cumstances. The tenacity with which
ninny nf the original holders hang en is
ene of the wonders of the Street, as
such substantial profits ordinarily would
be difficult te ipsi,t.
It begins te leek as if the prediction
of 1022 being 11 year of mergers would
be fulfilled. While, of course, much of
the talk beard the-e days en the Street
4
79
44 3
88
I- 1
1234
44 -32
18
81 4 -17
.
364 72 -
91 -84
-
47 -63
-i-38
I
15 i
304 4
324 4
49 4
44 -
34
74
12 4.
76 '
14
10 -46
26 4
51 '4 -49
1
92 -..
25 i-
j can be dismissed without serious
4 . thought, yet events and negotiations
1 ' known te be under way indicate very
4 1 clearly a great era of amalgamation
? '
2
'i
li
',
2'i
W
H
1
anil roln-elliliitioni ntmnig lmluMiin!
corporations is nbeut te open. The
neiesity of economy in piodui'tlen mill
broadening of (lie market of the output
makes a number oft the proposed mer
gers very desirable,
GRAIN
Prev Cleac
01
MARKET
Corn Cern
lv ..
Julv . .
Opel.
11 A M
(11
ii1".
llfis,
1 40
1. 1 ',.
iu ii g
1.8
044
BC
nii
Sent
Whent
Mav ...
.tulv . . .
Sept . .
uat.
.tuly
Ib -Ju'.v
Sunt
1.30
l.ltl'4
30 't
10J,
1.3S O 1 .III
1.24 Q 1.24 '4
1 .10 ifr 1 in
1 24
1 l!l
30 S
411
1 07
!f'.l
30 9
4l
3!i
''2
1
1
Vi
!i
1 H7'i
U'.i'j
l.ard
Julv . .
Hepi. .
Bid.
Il.tIO
11.82
1t B0
11.70
11.72
56 y. -i
COTTON MARKET
20 -113Vii-
Test, rlean Open KlBh aw Clea.i
Mli . .. 21.20 21.07 21.2S 20.00 21.208122
JllU . 20,20 20.07 20.17 10 87 1l.n0fifn7
October.. lli.Wl 10. SI lll.lls Hi. 7." In.77!rt7!
rectnbr 10.01 Hi.sS 1li.!i't in 72 1 H 77 Ti S"
Januir in sj in. 7.1 l'i. se l'i, 112 ln.c,-,(pii7
Mrch 111.73 la.tll) 111 !i in r, in i.lfi,-,
Spot 21 IV
NEW YORK COFFEE MARKET
187'4- 16
US', J- ij
81 "2 -47
"2
40
F3
120
111
5 4
'.
1 'b
'
- 2
14
1 i,.f n
if. 0
Hull !'
10 23 in .;.
7 ',
?S
4
'2
48", '
46
34 J, r
'4
96 J
17 43 -67
14 T
22 :
397, I
75
38
155
78
1 42
15 -32
t.6 -
tliv
j JlllK.
I lll'v
.....
tl. 27 '3'l . .'!
! 'ii
111 17 ii in t" .
tn till i, II
l ill .tr.i '.' ::
Hi 2"
II 7' ' 1
Ill IS
ti ."ill
M
1-ept
Oer
Nev
lx
Jan
n
'II.. 13
tn.4:i
11.32 ft 3 1
0.211
t( 20
IMt'iOl
n .
I' 40 IT 42 5 11 II .11)
1
H
2 "4
!. IV
n 37
11 a 1
n j 1
M.it
n 21 'a 24 n.:
tN'emlLal.
14 9.1s
I3ld
'4
A'cet Issue of New Yerk
State Hydro Electric
Power Company liends
"2
'4
1'.
'
6
5 ' r
54
70 -64
-45
46 '4
101 J, J
11814.
67
b0T4
31 ".
74 ,
b7 1
12 -11
-.
32 '4 t
l!i
79 :
11 f
19 r
22 i,
62 i
98
6?. -72
12'4 '
2.1
26
4'J"4 f
9
19 a
46 -
158
bi', -
78 -
8
2 I
'!
:ii
1 'A '
i '
T I
'i I
4
Raw Sugar
IN LAKE SUPERIOR
E. H. Rollins & Sens
mi. turiim
i i.u, ,
nbja in Ar
tn Amerkan
ma.kai la un.
30 te 1.10
NEW YORK BONDS
WALKS IN 11000
Chlcaqe 1'nleiil
Arse Hep'e Tt.Parls-Ljem Jt
Unit A Ohie rv Bla I 'Is
loon
loot
fl wl
I M"t 1 -... J 1
t S2 I Clilcnuu t.'nlenl
1 . . sj, j Htnitll'i" I
Halt O .34s. 1 ... HI I
r, P3W ! C & W 1 7'4s
Halt A Ohie 4s 1 n 10,1
..
4..
4 ,
n..
2 .
in,.
1-.
10.
10.
8M
82?t
H2
Rati
S.I
S2
S24
sa
s.3
100
100
mn
ine
100
14.,
I!
I StM
Clili ." 1 n
100
Unit k Ohie fts
I SHU
Unit A. Ohie Its
2 HO',
2 wis
n .... : ?fc
1 nn
Halt k Ohie M
W'n 3 '.is
1 no;
D k O T01 4 s
1 lis U
n mcti :. no
is na
lleth Hleel (Is
I . .. nn
I .... 1)0
timet' n coo M
Cemp'y Cs
2.. . !!)
D Rdln'n 1 i
1 ... 107 ',,
I. .. 107
IS
112
1)2
I" 2
1.
me.
2 .
20'. .
in .
City Herne Ss
1 ... IU.1-4
City lijrd'x (Is
J 7
1 07
Qucens'il (in wl
02
102
7 H2
(1 H2
Clilln 1.'qi r 7s
I.... 1117 4
2.... 107
r..... 107
2ft.... 107 i
r..... 10114
I . 107
Clncln (Ins lis
Qufunsl'fl Exi
Lean 7s
1 . . no.
2 . 1111
a lit
I Si 4
1 . H7
7(a!e) si'.
City of Ceptn- iPp ;mi 2l
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3 . . J 03 24 8211
3. , maij
$1,322,800
Northern New Yerk Utilities, Inc.
First Lien and Refunding 6 Bends
(Series "B")
Due May 1, 1947. Net Subject te Redemption Prier te Maturity
liiuanee of the.. Bend ha. been approved l,y the Public Service Comn.is.ien of the St.te of NcW Yerk
The folleuhuj information is summarized horn a letter of J. X. Carlule. Present f the Cempany:
Northern New Yerk Utilities, Inc.. owns and operates Kas properties in Watcrtewn N Y and
electric light and power properties in Watertown, N. Y., and ever 30 adiacen "ceZ Si Z"J.
n? a DODUiatien et atinnt 7n nnn in n ir.rrinr.i i,i, :i. :.
inc capacity of which 49.000 h. n.. inelur no- i? nnn ,,li,!i. :.. n r . .l ' t-lcl-iri- t.cncr1'
under construction, are hvdro-elor-tr.r. lM,ihar m,' , "
-,- -I ------. HIW u w Hi I J Willi. I l 11; . rT Til 1 t I 4V .. A
2.215,000 cubic feet per day. e":' iUa"1 WIin an ,nbtaUed "Pacity of
The growth of the Company, as well as the industrial growth of its busine.; r,lri ; -a a t.
thc fact that since 1914 the business of the Company has mere than SJ t evidcncec
increasing from $446,107 te $1,471,493, and its net eLnings from $2 1 22 e S 785 TlT kT"
tigs for twelve months ended April 30, 1922, were VA time ,. .,! t0 5'85.i36. Net earn
present funded debt, including this issue .24 time, the interest charges m,thetetaj
'r recommend these Bends for investment and shall he pleased
te tend upon request a eiicular desnibmg the nu,e in dttail.
Price 100 and Accrued Interest
Te Yield 6'
for 25 Years, .net subject te
F.
The utemenU contained In th bev are net guntanteed. but ara bmtd u
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C. S. PATTON & CO.
SU A CtlCSTM'T 8'.S.
BANKERS
SlHl'fOM.rfl In
RAII.KU 4 MI'.VK.VMlV
ftend and ktnrkN hnMRVt ml W.
MpmlKrn riiihi. htmk J'.trliiiirf.
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CASHIER
y, i.,: man m.uued t In' nr," lre4
etni in-e in i.euiitry and c" banWrf.
i..airea cli.itiKe for poalilen m'li creaiif
ni.periunliv. re receid will speak for
itaelf Has C 221. Public Lrilztr. rhlll.
t. & .leri Taj 2S
2.... 113! se
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prier redempt
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L Carlisle & Ce.
Inc.
pen Information nhlih we l.rllee te Im
accurate, nnd reliable.
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10K
f4w'CiipMny, cotton, hi eiiera 81 Uread treet 'I'lie Central Kureiicuii excl
WS&M&U'iiiW "" B5.oe J lmr,ejy nominal today. U
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