Ss&ECM r,if V.T . n ."- jy W4"n VWl'"1 ssr .'V M y , v .3 3," lxV JUNE' 2, 1922'' ' . - ' "''' ' '" EVENING PUBLIC LEDGER PHILADELPHIA, FRIDAY 28 A J. J . .; VBML-gTTTTOfla Utah Light and Traction Ce, if and Rthniint Mortgage St'c Geld Benis Series , du Oct 1 IPli UNCONDITIONALLY GUARANTHED n te principal and intere.t, by endorsement, by the UTAH POWER k LIGHT COMPANY. I'ricc te yield about 5.70r'e Cempl'lc circular en irtiuet The National CHy Company Philadelphia 1417 Chestnut St. Atlantic City Chalfonte Bleck 1225 Boardwalk MARKET WAS AGAIN NEW YORK STOCK EXCHANGE TRANSACTIONS HIGHLY CONFUSING PUBLIC UTILITY BONDS Tax Refund Pennsylvania Free of Penntylvania State Tax HUNTINGTON DEVELOP MENT & GAS 'M Os due June. 103C 83 and Int. te Yield Src PENN. CENTRAL POWER CO. lt t uu Juii' 103 Cuaranterd Principal & Int. Venn, tenlril 1 lelil I'ewer t'e. 99.50 & Int. te Yield 6.05 LEHIGH NAV. ELECTRIC CO. due JiiIv 1913 V nnsvlvanla. I'ewer A. t.iKht Ce 102 &. Interest te Yield 5.83rb PHILA. & GARRETTFORD ST. RWY. CO. 1t Js due Aue . 1133 83 & Interest te Yield 6.50j NORTHERN INDIANA GAS & ELECTRIC CO. 1st Tlf fl Uu- Maj 1052 95 & Interest te Yield 6rr Townsend Whelen & Ce. 505 Chestnut St., Phila., Pa. Members of ,Y'tf 1 erir and I'lula. IV ' Assumed 1 Street Badly Puzzled by the Terms of New Independ ent Steel Merger New Yerlt. .Tunc 2 Tndn.v 's stock market moved prett.v much en nlxini the imie lines as tlmt of the Immediate pro pre pro ceilinjs sc-siens. with Irregulnrit. tlie outstanding fenturr. Conflicting spoon speon spoen lii'ivo Influences once ninre swn.ved the iiinrkpt and produced iperc or less con futing price movement. Streng-arm methods were again uppllpil In 11 num ber of rcengnUcd peel lvties for th" it.v transparent effort t effi.pt it re re urliennrj trcml of tlic Renrl list. I Oftielnl announcement of tlie purrllng details of tlie merger of (lip Republle. Mldvnle nntl Inland Steel companies ndded te the mental confusion already existing ns a result of the cres otirrent lntrrprolatlen of the Supreiue Court .rirrihUin In the Southern l'nelfie nnd Ilendiuc i-nses, nnd the iinccrtulnty of 1 the nttltmle of the rnilread werKers en the proposal wnce out. Ne one (oemod te possess nbllit te intolllRentlj- flRure 1 out the throe-eompnny independent teel merger nnd If the orlRliuiters of the plan neught te muddle the mind of . the market community their effort was Mirely hlghl successful. I There uat no lack of censtructhe news developments, however, but the 1 market was one rather governed by psjohelogioal intlueneen rather than by outside oendltions or eients. Sterling I i-Ti'hnnge reaehed the highest rale touched in tlip last three e.ir rofleotuip 1 the st'ddy linproiement in the 1'uio 1'uie pean pelltieal nnd "conemic situaMnn. I An nthani'e in the IVtlrral Uoerie sjstcm intle te "S per tent at the snine gnc amplp proof of the continued caw I In nienej conditions tinu lndleateu the temporary stiffening of the call lean rate was merely n passing temporary condition. Call money opener and re newed Inte next week at 5 per cent, which was net out of the way consider ing the tremendous expansion of stock market leans, although was the highest initial quotation In mere than three months. Speculative or selected issues com manded feremp't attention during tlie best part of the morning, while llie main uen of stocks swung in a com Utah Light and Traction Company 1st & Ref. 5 Bends due 1944 A tnertgagr obligation of one of tlic largest hydro electric light and power systems m the United States. Price 91 and interest Yielding ever 5.70 A circular describing t li e above, together with our June Bend Circular, will be sent upon request for F-ll. Harris. Ferbes & Ce Pine St., Cor. William NEW YORK PHILADELPHIA OFFICE Widcncr Bldg. Telephone Spruce 7010 uratlelj narrow rengp. Most of the I independent steel shares Ignored the neu combination yet It proekod heavy i selling of the stocks of the companies ' intcrcited. Uepublic nnd Midvnle broke 1r, and 12'i points respectively. The Tobacco stocks were also inclined te react despite the merger news nnd 6eme of tlie recent active specialties; slumped en Trop profit-taking. The greatest adwince was In National I'liunipling which meicd up 1 points in dicating the transfer of control had put the bears in that stock in a. dangerous 'position. Teens Cunpun gne evidence 'of renew oil Interest mere than recover ing the dhldend winch eiiine of Mexican I'etrejeiini and ether oil stocks, includ ing t'esden. ineed up with n geed deiil .of iger for a time, but later gae way 1 te ether issues in holding n prominent 'market position. The meter stocks, 'thou became features. Studebaker ad vancing te a new high for the .'car. I Commodity Markets GRAIN MARKET Chicago, .lune 2. Wheat decllnee 1 !' at the opening en unexpected weak ness in l.hrrpoe! where prices weie off 'yd te l-V. vhbh caused medeinfe selling h commission houses. I ff rs were well taken, hoeor. and curly in the ijav the market presented n steudv undertone. The technical position of the market was l.elieuvl te be (inn ns a result of the recent selling and trailers were timid about pressing the selling side despite tlie pressure of cauh wheat and fimirnble crop advices. I'ern opened about unchanged and de veloped a tinner tone en wr small of fers and ividences of evpeit Interest. Hats weie neglect"! and prices were l.ttle changed. Troublous were dull nnd easy in nb si.iii.p of demand despite an upturn of 1 .'ii, te 10c in live hogs. Cern Ir"leui 1 le Opn bales 40U 1100 100 700 200 1000 tee 2600 100 400 300 40C 12300 100 100 100 200 100 100 100 300 100 100 tee 3600 500 700 100 100 500 7300 100 300 500 5300 100 3300 100 400 500 100 400 300 500 200 100 2200 200 200 500 POO 500 100 203 1400 100 100 4800 4200 103 100 1000 1900 300 100 400 1400 203 2400 GOO 100 630 403O 100 400 100 9600 100 2600 100 200 500 103 100 ?.00 3400 203 1400 100 100 100 200 700 200 100 100 100 103 100 1430 203 100 1000 200 100 2-0 2000 600 200 100 100 430 i Julv -01 t City of Shreveport, La.'J,u"a' Direct Obligation 5 Bends -eiif 1 ( 1 it 1 l.ih 11 j n Suit Jim. Free from all Fcdctal Income Taxes iu Ird Due serially February 1, 1929, te February 1, 1961. Shreveport is one" of the leading industrial centers of the State and is the largest manufacturing and distrib uting point within a 200 mile radius. The city is served by 8 railroads with 12 main branch lines. Bends are secured by and pay able from a dtaect and unlimited ad valerem tax irrevocably levied against all taxable property in the City. ii j 111 1 in 1 ITS It 70 01 Tl 1 n 1 17' 00'k 11 Oj ii'j'i 1 IS', 1 17 " 2 Noen Dl'i 1 IS', 1 ITS J1S 3U 83', COTTON MARKET New nrli. .lune 2. Cotten 1 unlet opening teda.v pending tin remi report. Price te yield 41s Hemphill, Noyes C8, Ce. Members New Yerk Stock Eichangt Franklin Bk. Bldg., Philadelphia Wew Yerk Pittsburgh Bojten Scrsnten Les Angelei Albany Syracui' Baltimore Wilmington Bridgeport ill I STOCK "lh . . Adams ICxprcM.... 64 4 Air Itednctleii S7is 7 Ml American CablcsllS .. AJsit Rubber 84 .. Alaska Juneau O M J5f 4 Allied Chem A Dye 70H 7 Allied Cb & Dye pf09H 4 Allla-Chulmera .... 50 H 7 Allls-Clialmcr pf . . 97 Am Agrle Cnem.... 42 H .. Am Beet Sugar.... 4714 .. Am Besch Mngncte. 46' .. Am Can SOU Am ran pf 103rs .166 . 11 H . 29 . 60 .55 S .137 24 65 Ti 98 Am Cnr A Fdy Am Chicle Am Petion Oil.... Am Cotten Oil pf. Am Prug Syn Am nxnresn Am Ittri Talhrr 1 5 Ti .. Am Hide A Leath pf 71 14 7 Am let,.!; 1C9'i Am tce pf 87 Am lnternat Cerp. 50?i 1 Am T.a Prance Eng 13' .. Am Unseed 39i 6 Am Locumetle....115H 4 Am Tladlater 99 .. Am Safety Itaier. . . 6ls .. A"m Ship & Cem.. .; Am Smelt 7 Am Smelt nf . . . , 3 Am Steel Teundrlei 384 .. Am Sufar Ref .... 8114 7 Am Sugar Ref pf...107 .. Am Sumatra 43 .. Am Sumatra Teb pf 67'4 9 Am Tet t Tel 1231 12 Am Tobacco 1424 12 Am Tobacco B 141 .. Am Waterworks. .. . 13T4 . . Am "vVatrwki 60 pf 33 7 Am Woolen 93 .. Am Writ Paper pf. 3415 .. Am Zinc Ixl S pf 47' .. Anaconda cPPr- 56' . . Ann Arber pf 42 C Asse Otl 12354 6 Atch Tep & San Fe 99 fa B Atch Tep S V pf 91 M . . Allan Blr ft Atlantic 4!'2 ' 7 Atlantic Coast Line. 105 .. Atlantic Fruit 4!4 .. Atl Gulf A W I 3 S 41!s . . Atl G A W I S 3 pf 30 .. A tla. Tack Cerp.... 20 .. Auttln N'lohelB .... 33 i 7 Baldwin IiOOometU1164 .. Baltimore A Ohie.. 49 T4 4 Baltl A Ohie pf 61 14 .. Barnedalt Class A.. 4714 . . Barnsdall Clan B .. Brit Cmplrc Steel.. 5 Bethlehem Steel , 6 Beth Steel B 78 '4 .. Beeth Fisheries .... 74 8 Brooklyn Edisen ..106 '4 .. Bkls-n Rapid Transit 247 v BUljn R T ctfg of d 23 V .. Brown Shoe 3214 S Burn, Bres A 138Ii " Bums Bres B .... 48 .. Butte & Sup Cep .. 32 54 .. Buttcrlck Ce 27 .. Cadde Cen OAR.. 13 '4 .. California Petrel .. 64 J4 7 California Pet pf . . 96 .. Cat Zlne A Lead .. 1074 10 Canadian Pacific ..139 . Cabb J I Plew . , . . Central Leather , . Central Leather pf. . 73 4 8 Central of N .1 ..185 .. Cerre-de-Pasco .... 40'J' 6 Chandler Meters .. 76 U 4 Chsapeake A Ohie . 66 3 . . Chicago A Alten . . 1114 .. Chicago A Alten pf 19 .. Chi A E III (new).. 37 Jj .. fill A B III (new) pf 54 H .. Chicago A Gr West 9' .. Chi Mil A St P .... 27!4 . . Chi Mil A St P pf . . 43 5 Chi & Northwestern 7574 7 Chi A Northwest ptIU . . Chi It I A I'ae .... 45 6 Chi It I & P.ib Ce pf 84 J4 7 Chi R I A Pac7rPf 98 .. Chile. Cepper 23 Ks . . Ohlne Copper .... 33 : Clcv Cln Chi & St L 70 .. c.uett-Pcabedy ... !)8J4 4 Ceca Cela 70 .. Cole Fuel A Iren .. 33 '4 C fV.tim Gas A Elcc. 88 . . Celum Graphophene. 5 . t'ei Uraphopheno pf 20 6 Cemput Tab lice... 68 '4 .. Consel figur 32's .. Consel Textiles .... 1254 .. Continental Can ... 67 S 36 H 14 75 5H 4074 800 5i Cesdcn A Ce 4674 I. -Hi .1 i" bu- . which is due at 12 o'clock. New Oriiaiis and Wnll Street bold audi there was some selling b wlri house-, supposed te be for Texas account, l.e- cnl traders; werr the chief buyers, aci ing en reports of lienvv tains in parts of the Eastern belt. After the opening, the market was quiet and a litle msier. i Vr. leu 1'J Oil I nfi Op.n Nrioen ju v ... , in -pi ie , ae in i crt.jir -e ia '-' it "inn1 U-rfinb't I'1 I'" '-'- 1 M I unuan 1 "'t " "' 'k r'l Marh l'J.01' - I Special Service in Ohie Securities Membcra New Yerk Eostea Cleveland Detroit Chicago Stock Exchanges N. Y. Cotten Exchange Chicago Beard of Trade Extensive Private Wire System OTIS & CO. Cleveland New Yerk, Bosten, Detroit, Cincinnati. Columbus, Teledo, Akren, Youngstown, Denver, Colerado Springs I'rfv i-ln Jul . 10 inw .") s.prrrnb'r . . . . H Sltt llfrembar B 313 Marrh 9.15 NEW YORK COFFEE MARKET New erl. .lune 7 The local i elTee funires niuiket opened iiiiie this morn ing with Mil 1 points lower and the etlur positions te points higher There wan nothing in the liriulliiin cubles te warrant an aggressive siand either wa.v. Shortly after the local opening, Santes rami In 100 te l.r0 reis higher. This seemed te htiinulnte some scat tered demand which sent vnlues 2 or ,1 nbeve Initial figures at midday Lecal i jobbing Iieums reported a slight in crease in the demand for spot coffee at the i lese of th week. in Sftfisn I I' S8'JS , 'i S847 y 36n Pace Slackens in Weel Markets llnslnn, .luni 2 Tim rninmrti.l Bullntn I timarres' will Ml' "Tim pac haa sUcli ' -i h.1 in tha wool market rf th reuntry I this vnk altlieuch iflc nr frywhir" I niaintalne'l en a firm baln an rnnit,ar'l with a K'k ae. Tin ceunlr) niarlets ar' vnr ntreiiif, evn Btriniier irrtapa than tlie IVielerii seHbeanl marl.'la with tb clip . .if thM .tntlr country nrebably rleke te thre HUarters aeld. Tlw mimif." turra havn btn i.bllunl te mark UP nrte1 aenda furlhur tlila vvk allheuiih thej cav the h nut jet cevurrd the advaniM In raw inaKrUli." BANK CLEARINGS llnlt rlarltiB" te1i eninparcil with cnr rcaiKjndlnir d laat two S"i'r injj nisi insn no i ,m ins nun nne :.'j,7ii me r,ti.:nr c,78 I'liiu in-, ann.nnii 7l,ii7i,ai'l ik.i-jt.htu N. r l.OtJ.OUO.OOO 850.SJI 843 Kill, Hurt, 771 Paris Bourse Firmer I'urla June 2. I'rlcfa (cre Armer en th bmirrr tnO is Thr rr nt rentes, Mf 1'p etdmiiue en l.enilen. mf Mev, ." per rent lean 77f Sir. The iliillar u fiuiit(l lit lOf H7 sic Tim beur vvlll be closed June i, Whltmnnday RAILROAD EARNING.S I 1M:.SNHVI.'AN'IA HYbTn.M 10.'.' tiirreane April r-. epar. rt,.l52.in-'.2H0 lltA.iCli Net ry. eper. rev,. l,0l,7.1i l',r,.l.),Hlii Net rwy. cper. Inc., ,147.:iO :j.01,r,,r.H0 4 mua. ry. op. rsv,.S0H.4tt3.ai4 SU.liilt.7ttt Tt nry, ep?r. rev.. C""!r!';.i 'i-it.l,Tii Net rwy. epcr. Inc.f SU,V30,OJ9 V'J,lifi,U07 200 300 100 400 700 100 300 100 100 100 500 300 200 7500 200 100 303 600 100 300 100 500 23400 700 100 2030 103 103 330 300 1203 100 600 100 200 203 100 600 1.00 100 000 2000 100 100 1200 1100 100 50300 200 400 ,00 200 100 2700 500 100 100 100 5400 300 100 100 500 300 200 1700 100 3030 500 100 200 500 530 100 300 200 100 330 Crucible Steel 74 , . Cuban Am Sugar .. 25 34 7 Cub Am Sugar pf . . 91 ' . . Cuba, C.ine Sugur .. 17 Ji . . Cuba Cane Sugar pf 37 J4 . . Davisen Chemical . 59 !& . . Utbeers c Mln Ltd 23 Js 6 Del Lack A West ..124?4 S Detroit IMlsen ....10874 I Deme Mines 29 8 Lu font (E I) Ce.. 12314 A Du Pent 6 deb pf 8214 C Eastman Kodak new 75 JJ 12 Elee Storage Bat .. 48 . . E.k Hern Ceal .... 21 74 . . Emorsen-Brant pf . . 44 0 Kndlcott-Jehnnon .. 84 ! .. Erl.i 10 .. Erie 1st Pf 25 g Famous Plajers L 65 '4 5 Fed Mln A Smelt pf 51 U . . Flslt Rubber IB .. Freeport Texas .... 24' 6 Gen Am Tajik Car 63; 4 7 dm ,Vm Tank pf.. 98 ' .. General Asphalt .. 67!$ G General Asphalt pf.104 . . Gen Unking Ce 103 0 General Cilgar 774 8 General Electric ,.167'4 . General Meters ... 14 C Gen Met deb 6e. ,. GUdden Ce ,. Goedrich B T ... 7 Goedrich B F pf . .. Granby Mining . .. .. Gray A Davis 7 Great Northern pf. 4 Great Ner Ore ctfs 41 . Greene Cnnanea. Cep 34 !4 .. Guantanamo Sugar. iz, .. Gulf States Steel . . .. Habirbhaw Electric. .. llartman Cerp .... .. Ilende Mfg Ce ., .. Housten Oil 1 Hupp Motorcar .... .. Ilyiirauue steel 7 Illinois (Jentrsl . Illinois Cen ris . a ,. Indlahema Ref ... 4!5 .. Indian nerming ... 9!s .. Inspiration Cen Cep 44 74 , , Inter Cen Copper. . 2 .. Inter Cen Copper pf 4H ., inter Agriculture .. 11J4 14 Intemat Cement .. 3b '2 lnternat Cem Eng.. ?5',4 .. inter Great Ner.... 25 5 lilt Harvester new .106 7 int Harvester nw pf112'4 Int Mer Marine ... 25 't Int Marine pf . ... 86 ,. International Nickel 18 .. International Paper 2314 .. Invincible Oil Cerp. 184 Iren Products 3? ,. Island Oil 1 !4 , . de Cash 1 .. Jewel Tea 2074 .. Jenes Bres Tea ... 44 !4 .. Kansas A Gulf .... 47, .. Kan Clt Southern. ?6' 4 Kan City Se pf .... 5774 .. Knjser Ce new .. 43 H . . Kelly-bpg Tire .... 51 2 8 Kclly-Spg T S pf107 .. Kennecett C0PPr ., 3874 82 17 7s 43J4 90 C3 19 77 83 Yl EG . 26'i . I?. , 20?, . 13!, ,106"? low 64 56 H 115 18 VA 69 S 109H 49 H 97 42 47 46 H 484 105H 166 11 U 29 60 S?s 137 15!i 71 V4 109 87 49 k 13H 39 1154 99 6H 23 H 6574 98 . 3814 79 H 107' 4014 67!i 12314 142 141 1354 32H 93 3414 4714 56 42 123 !4 99 74 91 454 103 4 '4 40H 30 20 32 4 11614 4974 61 J4 47 36 13H 75 78 '4 7 ',4 1064 27 23 ',4 5214 13314 47! 4 324 27 1314 63 !4 96 10!4 139 5 404 73 '4 185 4014 75"j 6674 11 19 3715 54 Ji 9!4 27!i 41 7574 113 45 84 A 98 23 33 70 56!(. 70 33!4 1.8 ',4 5 19 "4 68'$ 32 ?4 12H 66 46J4 74 23 '4 91 'j 17 '4 36 '4 C9'i 2314 1244 108J4 29 1224 82 i 75$ 47 21 '4 44 M 16!i 25 85 ' 51 "4 I7'4 23 6314 98'i 66 '4 104)4 101 76 K 167 14 82 17 7s 43' 89 !4 33 19 76 '4 40 4 3414 12Vi E274 2 E6 15 81 14 20 4 12'$ 106!$ "4 4'j 9 447, 2 4H 11'$ 36 25'4 24 Vt 105U 112!, 15 es'i 18 33 16U 31 H 1 1 2074 4414 474 26!4 57 7, 43 ii 51!$ 107 3874 1.30 r. m. 64 5674 115 -18 1J4 70 -f 109H 50H 97 - 42 47 14 4614 , 50 !4 105H- 166 -f 11 29 -60 574 137 -1514-71 14 -10914 87 -50 -136 - 39 - 115H 99 674 23 . 6374 98 38 V4 80!$ 107 41 !4 -67!i- 12314 142K- 141 134 33 93 34)4 -42 12314 9974 91 !4 414 105 4',i V- 40 4- 30 -20 S2J4 116 V4 4714 78 14 7K 106H 27 -23!4-52'4- 138!2 48 325$ 27 -1314 r 6474 96 10'4- 139 - 5 - 40H 73?4 185 40 '$ 76'4 ! 66?4, 11 - 19 ' 37 !4 . !5 . 43 -75?4 . Ill 45 -'-C4',4 -I 98 23 - 33 70 58 70 33 !4 88 !4 Net Cruse, 1 !4 H H IK 1 H a in 14 1 '14 2' H M 1 !4 1!4 1 1U 114 !4 H 'V2 1 4 14 H H 14 !4 174 !4 1!4 S Dlv. In RTOCk- Hlh .. Kcj stone T A n ... 21 4 C Kresge S S 139 .. I.ackawanna Steel . 764 . , Laclede. Gas of St L 80(4 .. Lake Erie A West.. 274 . . T.aV Tr.H- ml rtr..! nf 44 U 900 au Lehlh Valley .... 66 00 12 Uimtt A Myer ..172 1 00 7 Lm. Tv,mntl. M4t4 .. Lewe's Ce Ine .... 16J4 1 Left Candy 13J4 13 Trlllsrd Pierre 1881$ .. Mack Truck 56 V Mack Truck 1st pf 88 7 Muck Truck 2d pf 81 .7G Mclntyre new .... 18 6 Msckay Ce 92!4 4 Macks.) Ce pf .... 69 Malllnsen Ce 2Hi . Manstl Sugar .... 46 K 1 Manhat Elev Guar. 50 2 Manhat Shirt 394 6 Mar St Ily pr pf . . C4 .. Marland Oil 39 !4 Marlln neck well .. 19!4 2 Martin Parry 3614 Math AlKalt 33 !4 .. Max Moter Class A 72 Max Moter Class B 234 May rcpt Stores ..118 12 Mexican Petroleum. 1 41 !4 TUf-f n q(l '0 Middle Smcirp:: liS Hates 4600 100 600 300 '1 600 100 200 100 800 3900 200 100 200 100 200 tee tee 200 300 200 5000 100 8600 100 700 2200 100 2300 700 33700 100 1300 300 100 100 2300 100 100 100 1000 3100 100 1300 1400 100 100 100 2600 700 200 100 1000 700 500 1300 100 100 39000 100 800 3400 200 600 800 3700 3300 500 6200 200 2500 2500 100 500 400 300 3100 300 600 1500 100 200 2300 3000 100 1 la4 !? U Mldva.lt siei 41i .. Mln A St Leuis ... 124 .. Me Kan A Tex (wl) 184 .. Missouri Paclfle .. 234 ; Me Paclfle pf 58 " Mentana Power ... 72 . Montgomery Ward. 23 A . . Mulllns Bedy 32 7 Nat Biscuit 147!4 Nat Biscuit pf ... .1184 Nat Cen A Cable .. 3H : Nat En A Stem ... 54 7 National Lead pf. .10974 . Nat It It of M 2d pf 6 4 Nev Cen Copper ... 1874 . 0 New Verk Deck vt. 64J$ 6 N T Central 91 6 N Y 0 A St L.... 78?4 .. New Yerk N II A II 33 2 New Yerk Ont A W 27 4 N Y Shipbuilding. . 21 !4 7 Norfolk A Westeml07!4 North American Ce.. 67 3 North Amer Ce pf. . . 4474 .. North American rts 97s C Northern Paclfle .. 76J4 Neva Scotia, 8 A C 36 . . Ohie Bedy A Blewer 1 2 .. Okla Pred A Ref .. 44 8 Orpheum Circuit... 194 Otis Steel 1414 2 Owens Bet Mach ..38!$ .. Paclfle Devel Cerp. 9 14 6 Paclfle Gas A Elec. 72!, .. Paclfle Mall 17!$ a Paclfle Oil 65!$ 6 Pan Amer Petrel .. 72'4 6 Pan Amer B 65 .. Panhandle 10 . . Parish A Bingham. . 1 5 2 Pennsylvania R R. 42 .. Pcnn Seaboard Steel 12!4 6 Peeples Gas Chicago 85 !4 .. Pedtla A Eastern .. 18! .. Pere Marquette ... 33 4 3 Philadelphia Ce ... 39 !4 2 Phillips Pet 56J$ .. Plerce-Arrew Moter 20 !4 .. Plerce-Arrew Met pf 39 Ji .. Pierce Oil 10!4 8 Pierce Oil pf 54 !i . . Plggly Wlggly 47 !$ 6 Pltti Ceal 664 .. Pitts A W Va 74 6 Pitts VC U Va nf... fifll, 1000 114 Pend Creek Ceal .. ?074 1400 6 Pestum Cereal 8414 8 Pestum Cereal pf ..110!$ . Pressed Steel Car . . 79 !$ 7 Pressed Stel Car pf 99!i . . Producers A Ref .. 50 . Producers A Ilcf pf. 45 . . de Cash 49 6 Pub Ser Cor of N .1 87 74 8 Pullman Ce 122'$ Punta Alegre Sugar 46 7 20 68!$ . 67 4 4674 74 254 . 91 !4 -17J4 37 L9!$ i 234 1244 . 10874 . 29 12274 82 !$ . 75!$ -47 7s 1 84 'J . 1 6 !$ 25 85 V 51 !4 -18 2J7s 6314 f 98 !$ -6b H I- 1044 . 103 -1- 754 -167 4- 144 . 82 - 177. I- 43 J4 . 90 33 19 -76 4 - 41 -:- 34 1, - 1214-8274- 2 86 -254 f 8P4 r 204 13!i 106)4 4 4!i 9 44 74 2 44 r 1 1 54 36 25J4 25 105'$ -112!4-i 25 85 7i -i 18 -5314 1814 -32 i- 1 1 2074 -44!s - 4 74 261 57 74 43 4 51 $ -107 38 74- !4 l4 1 3100 100 100 15600 800 100 400 100 1300 3900 100 1600 1203 100 200 100 700 22600 700 3200 100 1100 400 i i-ure uu 34JS 8 Pure Oil pf 101 . . Ray Cen Copper .. 1874 4 Reading 764 2 Reading 1st pf .... t3!$ 2 Reading 2d pf 54 !$ . . Remington Tjpew.. 3474 .. Replegle Steel 35 . . Repub Iren A Steel. 77 U Rep Iren A Steel pf 95 . . Republic Meters ... I4!4 . . Reynolds Spring... 45)4 3 Reynolds Teb B ... 47 Rels A Ce 17(4 U 74 !4 2!4 ' 1.1 14 !4 A 102005,20 Royal Dutch N Y.. 6374 Ilutland pf 51 H St Leuis San Fran. . 29 St Leuis Southwest. 30 San Cec Sugar .... 44 Savage Arms 19 Saxen Moter 5!4 Hears Roebuck .... 79 74 Seneca Copper .... 1374 200 100 100 100 100 3800 100 600 500 Shattuck AHr Cerp 12 100 83 Vi Shell Transper !$ 174 s 4 4 'A 14 4 !4 1 4 !4 14 14 Ms 1 14200 100 100 2J00 1300 600 3100 100 900 900 300 100 100 100 300 28400 10700 2400 103 1000 32900 3803 12503 5400 6100 100 100 10800 100 200 300 100 9500 4900 100 1100 300 1200 27700 100 1203 203 300 800 100 600 2600 100 700 : 300 700 500 200 50 703 3200 100 700 1500 700 300 2300 100 100 500 100 200 4414 Sinclair Oil 367$ . . hiess snemeia .... A3 . . Se Perte Rica Sugar 52 6 Southern Paclfle ... 907$ . . Southern Rail .... 244 . . Southern Rail pf . . 56 .. Splcer Mfg Ce .... 21 7 Splcer Mfg Ce pf . . 89 74 4 Standard Oil of Can 184 6 Standard Oil of N J196 7 Stand Oil of N J pfllS'A 49 100 85 55 12574 7!$ 7 4 34 124 504 1 ntcriing j'reduetB. 8 Stern Bres Sci pf 7 Steel Tube pf , . . . Stromberg Carb 7 Studebaker . . Sub Beat Cerp . . . . Superior OH Cerp . , .. Sweets Ce of Amer .. Tcnn Cep A Chem.. 3 Texas Ce 4 Texas Gulf a Sulpli 48)4 1 icxas a: rau c i O 31 ?4 C Tobacco 'Products . . 81 .. Transcontinental Oil 19'4 2 Trnnsua Wins Steel 42 !$ 6 Union Bag A Paper 66?4 .. Union Oil 24 4 !', United Drug 1st pf 47 8 United Fruit 141 10 Union Pacific 139J5 1 Union Tank Car PM05J4 .. United Retail Stere 68)$ ..US Feed Products. 94 ..US Heffman Mach 24 4 ..US Ind Alcohol ..57 4 .. US Realty A Imrj 70 !4 U S Rubber U S Steel U S Steel pf ... Utah Copper . .. Utah Sec Vanadium Core Va-Car Chemical 63!$ 10214 119U 6874 17 50 !4 J-fs , . Va-Car Chemical pf 6974 . . Vivaudeu Inc 12JJ . . Wabash 124 . . Wabash pf A 32 ', Wells-Farge Exp... 78 . . Western Murland. 114 . . Western Paclrte ... 21 !$ 7 Western Union Tel 98Ji 4 Wcstlngheuse A Br 94 De Odd Lets 94!4 4 Westing HAM ... 6274 .. Wheeling ALE.. 1374 . . Wheeling A L E pf 25 2 White Eagle Oil .. 26!$ 4 White Moter 514 .. White Oil Cerp ... 10 4 .. Wick Spne bt Cerp 184 .. Willys Overland ... 9 4 . . Wllljs Overland pf. 45!$ .. Wilsen A Ce 45H 05 it 4 Werth Pump A M. 1 v erth Pump A ... 92 1 Wright Aero 9 Ks-dlvldend. Lew 2014 139 76 80 V 27 4414 654 172 11474 1674 13!4 158J4 5S' 68 81 18 9214 69 21 !$ 464 50 39 14 64 38 !4 19!4 33 4 35 Ji 7074 23 14 118 13974 31 1474 384 124 184 23 4 58 72 234 32 14714 1184 34 52 10974 614 184 6416 784 3214 264 2114 10714 C614 4474 94 7574 36 12 3J4 194 14!4 371$ 9 71 !4 164 644 714 644 8 15 414 114 85 !4 18!$ 33!$ 39!$ 53 20 38!: 10 54$ 47 654 3674 88 lb 204 824 1C9 79!4 99!$ 48 45 49 87 74 122". 464 334 101 184 76 53'$ MIA. .34 74 344 75!a 94 74 134 45 46 4 17 62 74 51 29 30 4 4 19 4!4 7974 13!$ 114 44)4 364 49 52 90 !4 24!$ 55!s! 194 8974 117 194!$ '115(4 49 100 85 5474 1234 6!$ 7!i 34 12!$ 49 4 47 3074 CO 184 42 J$ 66 74 24!4 47 141 139!$ 105!$ 66)$ 84 24 4 57 70 64 1004 1194 68)$ 17 50 32!$ 6974 124 12!$ 32 7674 11 4 21 14 98!$ 94 94)4 62 4 13U 25 26 50!$ 10!4 18!$ 914 45!$ 45 4 5514 92 14 9 1.80 P.M. Net Chge. 21 - 139 76 -80J4 274 . 172 -11474 1674 1314 88 81 IB 9214 69 2114 48H 50 r 3914 64 -3574 118 -140 - 31 15 3974 124 184 -234 58 72 234- 32 14714 1184 31$ 524 10914- 81$ 184 -784-32 J4 -27 21 IS 10714 67 44T4 94 12 - 4 19H 9'4 724 17 644 94 15 -4174 . 1174- 8514 18J4 334 3914 . !$ 39!$ 10!$- 54 !i . 47 66 37!$ -r 88!$- 204- 84!$ 110!$ 79!$ -f-9914 49 87 '4 - 122!$ -464 r 34 - 101 1874 . 76 !4 53 Ji 74 74 134 45 !4 . . 63 74 r 51 4 - 29 - 30 -44 1 19 4!4 7974 ! 13!$ . 11 5s 44'4 36j . 49 52' - 90 74 24 ,x . 1 89 74 117 194!4- 11514 . 49 100 -85 53 1"?4 1 7!4 I- 7J$ r- 34 . 12$ - 4974 48 !$ 31!$ 80!4 - 184- 42 'J - 6674 244 47 -f 141 - 139!$ f 10514- 67 - 04- 244 57 !M 70J$ f 6474 i I02!4 f- 1194- 68!$ 17 - S014- 32$ 69 74-1- 12)4 !- 124- 32 -78 i 14 -981$ -I 94 -94)$ t24 -134 f 25 26 1$ -; 5014 10!$ 181$ i- 914 45!$ -45 4 C5)$ r 92 !4 - 9 I !4 4 4 14 1$ 14 14 174 1 li 14 1 14 14 1W 'l4 4 !4 24 !4 4 114 "h H 14 1 14 14 ' V 11$ !$ lis 114 !4 4 14 14 14 ' !4 1 '4 1 74 1!4 114 !4 4 4 1 14 4 74 54 !$ 1!$ 4 STORAGE BAnERY REACHED NEW HIGH April Earnings of Pennsy Sys tem Convincing Proof of Busi ness improvement Electric Storage Bnttcry retained the leadership of the local mnrket, selling up te 11 new high record price at 4S. A point of ihe advnnre was mibsc quenjy lest en moderate profit-taking sales by these who apparently were un willing te tske n chance en the divi dend increase next week. The dealings In the sleck were relatively small com pared with' the big turnover en the Big Bdard, but they were Hill active. There is, of course, considerable spec ulation as te the dividend the directors will declare next week. According te the street gossip there is some division of sentiment among the beard en the question. It Is seldom, however, ac cording te the history of the stock mar ket. that the "ticker" errs In fore casting an event, especially when It conies te the matter of a dividend. The tape for some time apparently fore shadowed a quarterly dividend of at least 1 per cent, thereby placing the stock en a 4 per cent basis. ith the old dividend rate retained, which would be equivalent te $3 en the new or pres ent stock, giving the current quotation a return of approximately 0.38 per cent, which would be out of line with that of ether industrial Isucs. Trading In the general l'"t ns in clined te be quiet which was te be ex pected in view of the growing cress currents in the general market situa tion, and the attitude of most of the leading houses in endeavoring te dis courage ever extension of speculative accounts, and the wisdom of profit taking. Most of the local shares, despite the slewing down dlsplajed a steady tone and price variations were con fined within narrow limits. Pennsylvania Rnilread benefitted te some extent by the highly favorable showing made by the entire s.vstem for April. This showed an increase of ?,1. 015,580 in net epcrnting income for the month, and an increase of J12K.TJ,".- (107 in net for the first four months of the calender year. The exhibition wan considered very gratifying in face of the coal strike, nnd it gave additional convincing proof of the improvement In the general business situation. Showing conclusively the movement of general feright offset the less of Jenl tonnage. r Philadelphia Stocks Itlt-h Lew r0 Am Str,s..lL0 120 eOfAm Sugar 801! SO! 10 Am Ship & Cem. L'.'lvi 'J.1eM JI All! liUS... Ii 1:13 1. M. Net cligc. S0ilai ffiSW-H' Tl 1 U0V, V4 4(1 " !4 !2 1)4 !s 4 15-4 4 4 lOOt'Ilald Le.llOVt Htl'i 20tCesden .. 4 -M' lUUTUeiuruph 0 e e 1 lOOfCuhnn Cn Sugar pf r.'U r.Tii ""! 0; .CS4i:iec Ster. IS 47 7 ', 10 Erie Light 20 2(1 2(1 V.. inOfGen Mlrs 1 1"i 14K t ', -f- 'i JOOtlsland Oil 1 1 1 . . fiOfKey Tire. 20U. Mil?. 20'? -t'H 120 Lake Km. Ill', 11 " 1114 Vt .100 T.0I1 Nev.. 7"!)i 7."ai 75 JO 220 I.eh Val.. tlT.i.j IK?. O.-.l" a? KifMldvale. . .'10 .'!!l4 .W l3i 20:t IVnnaltlt 42 110', 42 .. 55 Penna Salt 72ai 72 721J . . -lu 1'nna le cum pf.. :tsy. .".Si', .,Si?. JOS I'hlln Elec 210, 20 2!Hi 301 de pref.. 2ftji 2!'C ,2Wii 400 1'hlln II T 04 01 04 425 Radie Cor filj, 5 5 i 25tRep I & S 70"t 71H', 701 20Tone Rel. VL. Vi itj. vnr tene .11111. I ',s 1 'b 40UnlenTrnc 42 -12 705 U G I 50U 50 00 de pref.. 53K, filJiC 25fWhiteMtx 51 5114 35 W Jer&S 35V- 351?, -a tM 1 ?j VI $250,000 Pennsylvania Railroad System Pennsylvania Company 4 Per Cent. Collateral Trust Ge)d Certificates Due Mar 1. 1982 Guaranteed as te Principal, Interest and Sinking Fund ' by the Pennsylvania Railroad Company and the Pennsylvania Company Assumed by the Pennsylvania Railroad Company Tax Free in Pennsylvania 1 .'....... A Free of 2 Per Cent, et the I-ederal Income Tax h Listed en the New Yerk Stock Exchange ?! Tlicsc certificates, llie direct obligation of tiic Pcnnsyt.,'r vania Railroad Company, arc secured by deposit with the'1 Trustee of an equal amount of common stock of the Pittsburgh, '.. ?mi. r...M r CUtfnrm Pailuifivf rmnnnnt. nil w1i,,.1t L- 7 J'Ull TT.IJ'IIV. V. xmivwjjv. n,.,T.v v...r...j , v.. iti.iwi IIIC) T1-Uu...1..-H! 17..!1-nnt .,Mvnnje in 4nnii'i1 AlttArA nt 7 .-J" j cnnsytvaiiiit ivamunu SuieiHt ui. u.i, .... uiMumu ui 1 per,, cent. The Pittsburch, Fert Wayne & Chicago Railway n Company, without bended debt, forms the mainline of the, I Pennsylvania System between Pittsburgh and Chicago, a dis-l, tancc of 470 miles. When tlicsc Ccrtincatcs were issued it was nt?reed net te increase the outstanding $5,995,000 bended debt en the Pittsburgh, Fert Wayne & Chicago Railway'-! since then paid off, se long as these certificates were out standing. Circular en Requeit Price: 86 and Interest Te Net 4.85 Per Cent. Biddle & Henry Harrison, Smith & Ce. 1 04 Seuth Fifth Street 1 2 1 Seuth Tifth Street Philadelphia Philadelphia Th Informstlen snd ststlstlcs cenUlnsd litr.ln hv rtn ebtslned from sources vrhlcb we believe te be reliable. I ''I '8 V, M 12 no", ". ,-:im i 5IK.4- ii 35ij Kji K dividend tedaj Ualdwln Loce., $3.r.e. tNet elisng mad by ennitmrli.en with last gals un New TerU Stock Kjecliunise. rmui)KrjiiiA hends 10000 Liberty 1st 3',?.s '-17 2500 Liberty 4th -1'4h '.'IS..., HM) Liberty -1th ltis '.'IS..., 200 Amer Gas A. UW 5s. . . , 1000 Amer Gns & lllec 5s... 1000 Kleclrlc 't People's -Is., 1000 Hqiiltublc Gas 5s 1000 Phila KIec 5K.S w I.... lOOOPhihi Klec 51.H w i.... 500 Phlln Klec 1st 5s 1000 Phila Klec 1st 5s 2000 Phlln Mice 1st 5s 1000 Phlln Klec (Is 1000 IMiJJtt Klec IN NEW ISSUE Exempt from Federal, Municipal and local taxation. $350,000 JOHNSTOWN, PA. 4!2 Park Bends Dated May 1. 1922 Due May 1, 1951 Redeemable lit nr and Interest nfter twenty .Tears from en any Interest dale date of Issue. Financial Statement Total Assessed Valuation (1922) $68,018,675 Net Debt 1,508,620 Value of Property Owned by Munici pality Present Estimated Population. . . . 1,971,125 . .80,000 3lesnrs. I.eirnllt.v- te be approved by Tennsend, Klllett Munson of Philadelphia. pricc-M06.r2." and interest te yield about 4.05 le optional maturity and 4'z thereafter. J. H. Helmes & Ce. Pittsburgh New Yerk nn.ns OS). UK I 100.12 OS I loe',.. ! UlHi. KSU. I ns(, ; 103 FINANCIAL BRIEFS VV. MORGAN CHURCHMAN niniemiccs the opening of offices at 905 Real Estate Trust Building vvlictc lie v,ill conduct a general investment security business under the firm name of W. MORGAN CHURCHMAN & CO. Telephone Walnut 0192 Illinois Central's loadings the four vveekh of Mny Increased 11.7 per cent and St. Paul h Increiiscd 15.4 per cent. The llread Street National Hunk litis piibMHl the $2,500,000 murk In depot-its. nn increase of iibeut ?500,000 sliue 'Z I T. ...,.-. 1 .1.1., 1 l""i"j J min aidi .vcw ieru rami 1Q H !a 1 , li Hi ! Ii. H Is 1H I. H 1J4 It 1!s 1 H !i li li J. Ii ' H 1 li H Hi a nnnniincnil imln that the issu,. of $24,000,000 Itcpubllc of Ilelivla external 25-ear H per icnl geld bend-, had been oversubscribed. The average price of the luenti ac tive industrials iiilviiuced .10 per icntl josterda. te lltl.O.'l, whlle the Ivvcnij . railroads declined ,30 per cent, le ,S5.2.". A new issue of $21,000,000 Hepublle , et no ivln external twenty-me jour to te cured refunding M per cent sinking fu;id geld bends, which has been held several weeks awaiting enabling legislation in llellvlti, is new etfereil by New Yerk bankers nt 101 and accrued Interest, te i yield slightly less thun 8 per cent. Montgomery Ward Company sales feri May totaled $0,377,070, compared with I $5,320,H55 in the snme month in 11121,1 nn increase of SI, 050, 221, or 1U.M pep I cent. Ter five months pnles letulcd I 9(.'l, 145,028, compared with 330,4110,. I 4S3 for the snine period In 1021, an1 increase of $2,018,043, or N.C8 perl cent. We Own and Offer Louisville & Jeffersonville Bridge Ce. 1st 4s, 1945 Rated AA by Meedy Guaranteed by Ches. & Ohie R. R. and C. C. C. & St. L. R. R. The Bend has told at 100 Ji. New offered at a price te yield S.2Sre Members I'lillndeliihlit Slerk Kvchanse D I m (II Spruce 8200 1 1 F. P. Ristine & Ce. 1 atuMliluci ttrni Widencr Bldg., Pkilsdelebis New lark J.llriibeUi, N. 3. STERLING AT NEW HIGH Cablet at 4.46 Hit Tep Price for Last Three Yean New Yerk, .lune 2. With tlie ex ception of Dutch cxchniige, which ap peared te have stendled after its de cline of 27 points from the high rec ord of about two weeks age, and Swisi, which was up 2 points, the foreign ex change market showed general dccllnw from yesteiiluy's final figures. Tim less in sterllni; of only 'd was necl -gihlc, as the figures, up te about mid day yesterday-, would .Imvp approii appreii imitcd the hlfh record In nearly three e.irtf. tc etnn exenangrs, nnw- ever, francs lest 3'j, lire .'!, nelglans 2'.., Spnnlsh 7, Danish 5, Norwegian 13, Swedish t and murks 1, A feature of the market nt the be glninng of tlie second hour wns n tie tie gree of buej aney In sterling, whicn showed ,ti gain of nearly 1c ever je--ttrday'H dese te a new high record for three jears at 4.40 for cables and 4.40 for demand. Kranu cubles wen !.12li, checks 0.1116; Ure cubic.) 5.21 Vj, checks 0.21; marks .30"',. The premium en New Yerk funds) in .Montreal today wen unchanged ut 2 0-32 per cent. The discount nn Can udinii funds in New Yerk today was tlie .same quotations "that jO(; the premium en New Yerk In.Menksiint '.it-Si!- r cent. , Rf ,'. Tlie Central Kurepenn exchanges were irregular today, most of the list Hhewlng advances, wltl, tl0 cx(.eptlen of Polish ninrks nnd Austrian krenen. Vvhuru ,1 ,ln,.l n .. ,.u .1 .""HI, '"" """ rimwii. IJIKlltl i in' Sf! i?1. h'Fjl "''"'.Slewik- Ian, 1 .114 'i; Jiige-Slavliin, ini'. . ireek, 1.22; Polish, .0025; KlVinVsn' M Austrian, .0002; I1iB1?.Tl; YUSIKIIDAT'S CI.OSI.Sa CJL'OTATIONa v merlin Frsnrs Mr. UulM... 8an::v; WSJ H:!?14 ft TODAT'8 lepENJNd QUOTATIONS f?.M.d .,.fhfm Saui!fts (Jsbles ...... .tti Sii r.Sn.i .!'! Coniernte financing wns unusimllv heavy in Ma, nnd ceered n lnrg'ci number and vericty 0f Issues, Telnl of bends, notes nnd stocks issued by railroad, public utility and indimii-lnl ! corporations was S417, 018,000. ezninst $324,032,150 In April, and $32373, IKOO In Maj, 1021. Total new fiiiiineiii- ler live inennis or current venr wns $1,377,031,550. The feature of M financing was the unusual amount n'f new securities sold by public utility companies, letnl of stock, bends :md notes being S202,037,W)0, Ktt h $S3.S72.0O(V of Industrial wpimtlrs s. be einiiiiiiv Mill u 111 -.,, ... . - ".' fv i-iiiicii i.iiiii.m'u" .vmiers lorperntlou It -Mill lime $3.(MM).(HI0 first t referrc I SI. 000,000 socei.i) pi oferi oil, nnd 30 .' 000 shares of common, no par nlue Helders of pioHent preferred will re' celp new second nrefern.il ul,,, .. share as n dUldenil in the final JlquJ. dtttlen. hvep holder of two siuires of present preferred mid ever holder of four shares of present common niuy subscribe for a block consisting of one share of new preferred, itnd ene share of common of th new eoriierotlon at ?10l nnd $31,408,100 for railroad compiinie l,iifn.vetle Meters Cenipuny is te j reerganled. The new cempau) will h You'll Be Surprised at llm i msrkable arcurary with wlilrli "I'im ami lcmn." our weekly Jtarket llevlew. ertvlliMs the inmement of stocks, Tills nev lew Is n. illgent of a multitude nf enperta' opinions .-nd Iihh been nearly li'li-, correct fur almost two ear Your reuuest lirlnKs It with our compliments for a limited llrne. Alan A. Alexander & Ce. Slecks and Bends Colonial Trust Bldg., Phila, WE OWN AND OFFER Utsb Light & Tr 5'i 1944 Cincisesti Gn & Elte. P. L. ft Rf 5Vs 1161 renntute Else. Power lit & Rtf.S's 1147 Soelkern Illinois Lt. & Pr 7'i 1941 Pkilt. Sub. Gsi & Eltc fi's 1969 Helman, Watien & Rapp Wad, Title Bldg. Particularly LIBERTY DONDS VICTORY NOTES TREASURY CERTIFICATES WE are able te give an immediate net price en any amount. 6ECimiTIES DUrAMMUNT COMMERCIAL TRUST COMPANY Blrmber Federal Ilessrre Hrstem City Hall Square Wett 6 NOTES Due 1925 In large successful corporation operating In Pennsylvania. Ne Mertgage Debt. Net tniigible assets mero than 300 amount of notes out standing. Earnings mere than C timca interest charges. ' Price te Yield Over 7.25f SAMUEL McCREERY & CO. Members PMla. Stock r.zekant Franklin Bank Building Lee. Hiiqinsm A uiuit.-d aese M OfTtW. KKW-TOsUC s Cfl im rtafiw WMtr per blevV'. 'VCVIWIV. , K : .r .- . V i ? V;.v- -,--, )ti' .Wf.sLJbi A . v,j. . Z It- J I .te2iMmk Mk.i ?. ... V .frfe&l -K m IL." JMr )!, .-. ,...ri. "r, -,V,S-"17'.?!.J A L a . ,, Um'WkV. v W? L?.-:. ,v ,, BHayataMBlBBBBfliiBtMsBflBfLka
Significant historical Pennsylvania newspapers