WW wwMMfrjxft'u.'tfiyjxPMwqBMwiBWMWi'wi.j n s&.wvAZttwmiaiMimiMM&rsyjn yrBtmy .javBgywiffwi wi ii p ftTn,?f '.4 m fF sv n Mmmmwm, iri'Ti. t jN':TW7.nf wsar.; j it't ik wwav: 'iTTK itvk rjNV 3Hwnfmrpu:iabirM :r.rT'r.uvi.kFv.jw'iiiBJr-ru.isr.i r i t iti ',i?.6i.t.-'i TaTirrmrmrrr r wmw.' EW'W lf .- VVfcW'V'KwSta; "WWIi A' - - . ---n y EVENING PUfeLIG LEDGER-PHILADELPHIA, MONDAY, JUNE 12, 1922 WW - - if ..aBa--aeJ NEW YORK BONDS (SALKS m 11000) " np; Ti 4 104 C N T 44W01 3.... 1044 1.... 1004 C N T 44f0 4.... 1004 c c c at 1. Ber A 0a 2 004 3 00 1...;. 004 3 1)0 Meale") 00 - III 2.... 100 tity Berne 8 .... 1" City of Beraen rcti 1,,.. 10 ' 6(iflle) 1 aflat) 108 a 2... . 86 City of copen- City Uenf 1 80S 1.. . HOW 1 8fl i win 1. ... 80 Cty We de J nerle 8e wl , t.... 101'i I.. . 101i cty nie de J- rierle 8a ct 9.... 103 10.... 103 10. .. 103 3.... 103t cty se Pul 81 wl 2 .. 102'i 1.... 1024 1.... 104 1.... 104 U B Mexico 4a 1 47 3 47 1 '47 14 47 1 47 B 4TH Cel tnd'l Sa V a MMlce Sa r. .is',4 n R8U 10 r,s (I B8 14 87 i n n 4 70 Cen'd Ceal Ce or Md Sa 3 88 10..... 88 Cena'd Oaa a IS. 1174 AJax Rub'r 811 10... 1... 20... SS... 3... 20... 1... 20... 10... 7.. 80... 1... 1 UN , ii7; . 1174 117 1174 1174 1174 1174 1174 1!7U 1174 117 C 8 cv 3.... 1023; 2.... 102 Am'n Aare A Chm 14 1.... 1094 Amu ri A II A Mantel 02 U American aug Ittf'ar 01 1.... 1004 1.... 1O0 4 1.... 100, 4.... 100K 0.... 1004 Cuban S... 3... S... 80 80 80 80 Amn TAT clt 8 004 2. Amn Ttl Tel Cuba C' But cv 4a 8 85 V 8a ata'd B 8."i 3 834 A T(l ft Tel Sa 1 07 1 074 D ft Hud B4a 3.... 100 Den ft R a 4a 20 77 1.. .. 77 D ft P. O 4a 2 82 8 82 Den ft R U S 2 82 City of 810 tuns 0s R 84 4 07H 1 074 1 074 I S3i Ctecho-Slevak lle'e 8i wl A Tel ft Tel U 'J.... 11. 1.... US 1 ... im 1 D II II 4... I... 1... 8... n .. 8... 1(1... 4... A... ,m'n W 1 Ha 07S 07 H nri UTS 07. 07 H 07 . 14 874 net C O C Sa Armour 4 4 1 00 Det Edl Sa '33 1 00 Dtt Edl Ce 01 1.... 103 1.... 103 10.... 103 1 0014 1 no 1, r 00 !4 Am jur un'd Mar W 0 wl (1 004 S 004 S 004 1 (10 H Scot Stint 7a 1 Mli 03U 2 034 Det V R 44a 3 824 7 834 1 03K A T ft a Fe aj D Match 74a D Canada '29 1 81 H 4 '8H4 0.... 107V4 1 00U D de N'emeura D Canada A T ft a Ve 4a Pdr 4 4a 1 8S 1 81) 1 89 2..,. 100, - 88 10.... 100, 30(aale) SHU 1.... 1004 Atl'c Fruit 7a S Canada '31 1 09 1 44 D de Nemeura Atlantic Ra'c Pwdr 7Wa 1.... 107 13... 107 11.... 107U 2.... 107 a... . 08?; ct 04a Ke Can '82 wl I.... 100 Tdale) 100 4.... 100 in,... loe .1.... 100 1.... 1034 2.... 103J 10.... 103S, 1.... 103 Emp Oaa ft F Dalt ft Ohie cv 7 Ha rcta 3 82; S 82H 1 82; B. 08 U 08 084 084 08', j Dutch B Jpd'a 1.. 3.. 1.. 1.. rcit 'T 8 04H 1 04 '4 Dalt ft O 84a 0 03 Dutch E Ind a Bait ft Ohie 4a 2 08 10 084 rcta 'S3 1. SO IT 04 14 1144 4... 1... 4... 1... 80 Erie Oenl Men 8 80 6 S4 2 51 17 S4 1 64 J 10 3... . T 04S 04 4 80 80 80 014 1.. 1.. 04 S 80 Erie U R cv A 044 Dalt & Ohie Ka e seu 2 04V4 Oevt't Frencn 1 801 Erla RR Ce 4s 4 8(1 4 iv IHh S 04 1 04 2 04 R 7'is rets Halt & onto 11. 101 3 00 l.... 2. .. 1.... 1. .. 1.... 1.... 4.... ...... 1.... 4.... 101 101 101 101'a 101 101 lfll4 101 iep; 101 u Darnad'll Cerp D 8S 0.... 10.1 1 105 Falrbka ''em. pany 0",n 23.... 1034 Dell Telephent Flak Rub'r Ce of Pa 7a 8a rcta 1.... 100 2.... 100 1.... 100 0.... 100 3.... 10O 2.... 107 3.... 107 1.... 107U. item steel m 101 nsti Oee't r R 8a 10 08H Fram'n Indtiat 1 . . . . 1 03 H 1.... 103 4fnlcl 103 Kdnt) 1113 7(snlc) 103 1 ... 103i Gr'd Trunk or Can Ga let 1.... 103j 1. 103') Jap Geie't lit 2. .. 01 U Jan CSincn't 4a B .. . 77 8... 77 1... . 774 3... . 774 8 ... 77 K Belgium na 2. .. 102 XBelg'm 7 4a in: .. 108tf lCdalc) lOH'i 3.... 108S u bieei sa '30 Dev 7tta wl 1 07 3 08 4 08 3...... 08 1 02 Dread'y & ;th Ae en 1 03 14 4 B0 2 03 Oene'l Elec Sa 1 100 I!!m i:dl Ce h CJoedyear T ft 1 ni; Rub'r '31 Kflat) 102 10.... 101 14.... 1014 0.... 10ti 1.... 101 5.... 1014 H Hap T ct 7 1... . 81 Bkn Hap 'Iran rt .a ata S 784 1 78 U U Elev lal Qoedyear T ft 1 82 Rub'r '41 6.... 115 2.... lin 1.... 115 2.... 1154 Canadt'n Nthn OH a rcta 1.... 112 .1..i. 113 r..... 113 .'..... 112 ONthn R 54a Canadian N r 5. 00 00 4 hrj-ijJ.... 108i lym Belgium Sa 8.... 112 1.. 3.. 3.. 7.. 1.. Cana'n Pnc 4 00 ea 00 00 .... 107U 1 77 1 78 2.... 107 .1 1 07 14 Klnjdem Den mark ct A 1 8'-i 1. . ns 1.. .. OSH 1. ... 08i, 1 !i8a K cf Nether lantla 8a 22 07 1 H7 10 07 1 . . . . nr v. '!: 77 s 0014 4 00 iHaic) 774 2 77 1 774 Qt N"n Rly 7s Canada S'n Sa I 100 1 08 a Day ft AV b Ctl Leather Sa 40.. 124 8 07 10.. 25.. 4.. 10.. 4.. 10.. 12.. 10.. 10." 10.. 4.. 12 124 12 12 12 12 12 12 12 12 12 12 12 U Ctl Pacific 1st 80 K, C P 8 L 4a 1 824 0 824 c R N jay Sa 1.... 1034 Kingdom Ner- Cere de Paa'01 y ct 8 Cep'r 8a 3.... 118 12.... 117U 1 ... 110", 1'aria.i.yenn .M 61 wl C . O Rlft ft 4. 1. .., 2 1....' 4 ..., 1 I 4...., 2. .. 4 .. 2... 1. .. 10... 81 , 8H, M"i Sl'i 81 Vt A Blv lata 6 83 HellandAm'n j-tine ua 3 01 8 mu, C ft O cv 44a 3 87Ta 1 88 Uud ft Man fd 81 U C ft O cv n .. .. 83 1 83 2 83 1 02H 1 02 "(tale) 02 U 1... . 02 (aalc) 02 1 024 1 02 8 024 8Hi 811, Hl, 814 81 U 81 Hud ft Man In 02 02 02). Indl'a Steel 7a 81 1.... 100 3unM C 1.. . ion; R'Publle De. Ilvla 6a w Chi ft Alten 3a Int'e Met 4 4a 3 SOU 4... 12 Chi ft Alt 3'5 0... 0... 12 18 13 12 12 12 12 12 12 4a 12 12 124 2 40 3. ... 10 . i 1014 inii 1011 let tot let mi 1011 Chi B ft (j Sa 8 8 1 T 1 8 I. 1 004 1 oeu 2 110 1 00 .'. ... Oil", 10 ! a nn t. Ini M ct 1014 1 00 3 0114 J!P U'hllr 20 , . . , 0 1... . 'ii 1.. 1021: C IH Q 014a -'. mat, . 1021, lte Chlle 11 I.. . 1M ' . 103 b Chile in ... 1044 I 104V4 1.... 103 1.... 105 21.... 10.1 1 10ST4 2.... 105 &.... 105 2.... 10S ".... 105 1 tnn 2. ... 12 2 13 4 12 8 (flftt) 131; 23 (flat) 13 8. 0. 18 13 0.. 07.. 25.. B.. 1.. 13 12 12 12 12 12 12 13 104: mi .-,.- .. ivvt. vta M inn.iAf. v r. hi C.l. . . w " " U HI "U i enn 8 2 8II4 ' H7 1 80 !" H7l 3 80 Chi L O W 4a V.K art lint Id 1022 101 10. 7. 1.... 01 Chi ft i:rle lat Intb'e R T fd I.. .. 01 in infaf' 7 .. 0. 1 .. 1... 1... 5... ChlcaRO Mil &. 08 OS I1S 08 08 0S lNaulf) lest. St P 4s '3.1 3 . .. 70 15 10'l 10'1 10(1 101 100 ion 1011 100 te ion inn 1. 14, 7. ... 70 a... . 70 Chlcane Mil ft it 2.. .. . 1 .. . . 10 . Intb'n Rap T hi cv 44a 1 en Ra it I 10 77 1.... 70 1 004 1 en v, Chicago Mil ft Intb'e Rap T Ta wl 6..., 5.. . ait' rd 44a 10 03 et 04 04 044 01 04 04 Chicago Mil ft ' d 1020 ?" 10014 ?" 100 1 1011 U.f, art lltlt 1 d 1037 '.. 102 , :: : iSSS ; ::::: SSI. Ml P cv Sa 8.. 3.. 5.. 0.. 0.. 744 1 74 U Chi ft Nwn 7a n.... ieai4 0li m nwia sa 1.. .. 82 5. . .,82 Int Agr'e C Sv 1 70 1 .. 8!U lnt'1 ft U Nthn c n i ft i r,i J w 10 51 K Bl 10 51 2 81 I 80 'i C R I ft P 4, ft . . . . a Bt 51 4 : Chicago Union '" e. ; .... T' ft 51 U.8 D,..,, la ct nKi 1.... 11341 I M Marine 0a ;... 104 Chllt Cep'r fl 0"U "w 104 1 niu. - in i . !". 101 fl 01 ii 8 074' M liilSi. '! l...v. BIU Inll Ftp a '5a 1 less Chiu ciV. ii ..". bY; I.... 10SU 3t L ft a Fran B4a wl 6 03 B 0.1 10 OS '..t. I0B 1 804 B 80 1.... 10SU N Yk Light II Iowa Cent'I 4a 8 454 ft. Pwr 4a 1 00 Senb'd A 1, aj juilut Kayaer ft Ce 7a rcit N Y L'dlsen Ce e 25 1 25U '4S rcta 1.... 103 7..,. 108 1.... ineu Senb'd A I. fd N Yk Light H 14 41 1 414 2Qtnat) 104 1.... 104 1.... 104 ft Pwr Bs 1 08 1 08 Senb'd A L 8s 1 B8 2 58 1 5814 K City Tt 3 ft N Ylc N 11 ft Memp 4s H cv 8a 1 784 8 82U Sh Steel It 8a .,,, 00 Sinclair C Oil 1 78 New Y N II ft Kan U A fl 8a It 34s '54 1 S3 1 08 2 03 C.rp 7a rcta 0 084 4 08 0 08 1 08 2 08 4 084 New Y N II ft 1 08 II 4a 'BS 1 &8 2 0814 Kan C ft B Sa Ntw YN II ft B 80 2 80T4 Jtart'd 0a 1 T3U K C T Rlv 4a 1 824 N Yk Rl 4t Sinclair c Oil 1 80 14 terp 7 2.... 104 1.... 104 1.... 104 1.... 104 1.... 104 85,... 1014 Kelly Hprlng'd N Yk Rlya Be Tire Sa 0 11 1.... 108 N Y R) ct Ba 8.... 108 1.... 108 Lack Steel '23 8 00 S 0 B 0 New Yk Sum W'n fd 1 07 Sinclair Crude imaale, 00 OH PCe Ss 18 004 Lack Btttl 'SO N Yk Tel 44s 1 884 a 04 1 044 Be'n Bell T Ss 1 88 1 03 3 03 Lake Shern M N Y Tele' 'H S'n 41 '38 35 0 1.... 104j 1.... 104i Se'n Pacific til 1 8714 10 04 1.... 104 2.... 1044 Sn Railway 4a 1 04 'i O,.... 00 1..'... Oilli 8 Rrt. B 08 ll(aale) 00 C 004 Lehigh Val 0a 8.... 1044 1.... 102 1.... 10.' N Y Tele'e '40 1.... 103 I. V Ceal 4 4a N Yk V C ft 2.J. .. 04 Beat 4a 1 54 1 0 54 1 54 3 34 Leng- lid R fd Sn Railway Sa 1 78 8 78 B 00 Sn Rally ea L Il'd Sa '87 2 09 1 814 N A Edisen Ce 1, 1. n. 1. 00 00 00 00 004 08 09 L ft J UJge 4a 0a rets 1 0: 1 II 1 81 Le ft Naah 4a 3 01 '4 M Oil rcta 74 Kerth Western Bell Ttl 7a ....... IIS 2.... 100 6.... 1144 2.... 100 Steel Tube Ce .... 114J 1.... 100 2.... 100 of Am' a 7a 1.... 100 .... 100 1.... 100 Marl'd Oil 8s 8.... 101 8 ... 101 8.... let 1.... 100 N Ohie Trae ft I.lffht Aa Third Ave aj M Oil wa'd Sa 1 00 1 07 1 Bill 10 B 1.... 110 4.... 110 S Pacific 44a iTiut'ttiuer uu Mcx Petr'm 8a 20 874 Ce ct OH. 1.... 102 1.... 101 N Pacific R At 2.... 107 4.... 1004 Touacce Pred 1.... 107 Z.... 100 2.... 100 2.... 100 ucts C 7a 1 103 8....103 10.... 103 Mid 3 ft Or Sa 1 SO .M HIP ft a Bte D.... 100 Marie 4 s 2...... 88 NtM 8 Pwr St Teledo HI I, ft 1 01 wesfn 4a 3 714 M K ft T aj wl Oregon S Lint 3. BOH 5(1 guar'd Ss Tri-Clty Rly ft 1.. 1.. 0.. 2. a.. 3.. 10.. 1.... 103 3.... 103 Light Ss 8.... 100 80 Pac O ft E Sa 80 B0 Union Rar ft 3 00 Pap Ce 0a 2 07 B0 T 00 Pae Te ft Tel SI) SO Union Pae 4a an rets 1 04 3 01 r: C 804 a 80 Union Pac Oa Packard Moter 2.... 103 1 103 Car Ce 8a 1...I 107' U B Rubb'r Sa Pnn-A petr'm 1 00 2 80 1 80 2 00 1 80 1 89 ft T Ce 7s 1.... 102. 7(aale) 1021 J'a Kd 4a '5: -.. 8514 Pa R gm 4 4s U S Steam a a 01 6 01 B 01 2 01 Ce cop 0a wl 4 OS'! V B Bmlt R ft Mln'a- g 1 08 Penna R R Sa 3 09 2 004 U"d 3 Steel 3a 1.... 101 B 101 8(flat 101 6.... 101 rsnna R 0a 1.... 100 Penna R R 7a I.... 100. 1.... 100 1.... 100 Va-c Chm lat 1 08 Va-C Chm 0s Pee Uas Light 2 00 ft Ceal Bs 10 no " 00 Va-C Car Chm rets 7a 6. C. 8 1 08 08 08 08 08 08 08 Killa Cnty M ... 07. Pierce Oil 8a &.... 100 Pitt Cln Chi ft 10. St L b 4s 2 03 Va-C ch 7 a Pitt Cln Chi ft It.... 105 1.... 105 2 105 8.... 105 2.... 105 at L, a Sa 1 00 Pub Berv Cerp N Jay Bs 1 83 V Ry Ce Sa Heading Ce 4s 1 00 3 84 1 84 V 8 V m 1 83 Rie U ft W 4a Warner Suuar 1 784 Ref'e 7s 1.... 100 Reck Il'd A ft I.eul' a 4 4a 8 804 2 80 1. ... 80 XV Union 0 4a 4.... 100 i(aale) 1011 1.... 100 2.... 111(1 3 110 2(sale) 100 1.... 110 Rogers Drewn Iren Ce 7a wl 1 074 St L ft S F a) 2 78 5.. .. 78 Wea'.lngha'e V. ft Mfg 7s 1.... 107 B.... 107 1.... 107 1 784 St L ft 3 F In 2 07 1 07 B 07 1 074 B 07 Wilsen Ce ev ea Wilsen Ce iat 1 07 St L ft S Fran Wilsen C 74s Series A 1.... 103 2 103 S.... 1034 1 71 4 71 St L ft S Fran Wlscen Ctl 4a Series D 1 83t 1 80 Kaale) 80 St L ft S Fran Srlea C 1 98. 1:30 IIIsli Lew I M. Liberty 3 Km ....100.00 100.00 lOO.O'J lilberty 1st 4Vi8.. 100.00 00.00 00.00 Liberty 2d 41.1... 00.08 00.02 00.02 Liberty Bel -Hi".. 100.02 100.00 100.00 Liberty 4tb 4i,4s. 100.02 09.0S 100.02 Vic Notes. 474b..100.0S 100.C2 100.02 DIVIDENDS DECLARED Mhldle Went Utllltlea Cemnanv. St nn nrc furred. paable July IB 10 Bleck ofjecerd June 80. Reynolds Sprlnir Company, quarterly 1 nor cent en preferred "A," and 814 en elaaa "II," representing back dividends of pum IMO yeara, uem imyuuie juiy 1. Klroatene-Aimley Rubber Company, aeml annual 84 per cent en preferred, panble July 1 te Bleck of record June 17. Wedlake Lamaen Company. 8 per cent en preferred, payable July 1 te stock of record June 20 , Canadian Locemotle Company, quarterly 2 per cent en common and 1 per cent en preferred, Ueth payable July 1 te Bleck of record June 80. Wettem Orecer Cempanv, aeml-annual 13, B0 en prtferrrd, payable July 10 te ateck' of record June 20, Tlaher Hedy of Ohie. 10 per cent en pre ferred, payable July 1 te stock of record June 21. Reading Traction Company, semi-annual 75 rente, paable July 1 te ateck of record. June 10. Central Cn.il nnd CeKe Company, quar terly 11.21 en preferred nnd quarterly of 11.50 en common both pauble July 15 us icj-ialerul June 30. McCniry Blerca Corporation, quarterly of 11,75 en pnferred. pajuble July 1 le ateck of record June 20, U.S. Certificates and Treasury Notes Int. Maturing Rata Data Hid ,.100 7-32 .100 ..100 7-10 .100 Asked Tleld 100 5-10 3.0S 100 11-32 3.10 100 17-82 3.10 100 l-lil 3 20 OHAua;,, miv.. t4V4 .Sept. ivzz. . 1P22., 1022.. 1022.. 1022,. 1022.. 1024.. 1024., 11)25.. t'5 Kept., :s Oct., Dee., .100 10O l-lll 8.87 t44 Dec . MX M.r" .100 13-32 100 0-111 3 30 .,100 1B-B2 100 0-10 3.48 .103 103 4.011 .108 108 4.04 ..101 0-10 101 11-10 4.12 T 'HI t3V 7'4 tMl 11)25, inen 100 4,14 t4 Mar.. 1020... 102 1-10 102 1-18 4,13 i.xcmpi irem I'euerm normal income lux tAcreptable for payment of Income tax due en date of maturity. Reserve Banks' Discount Rates ' Official rediscount ratea at the twelta Kcderul Reaerve Ranka are aa fellow K: 'ireaa, j. id. uem 1 Jixrs. J Ien (1 1 Pape Ttnaten . . . 1 New Yerk , Philadelphia Cleveland , Richmond , , Atlanta ,,. Chlcaaa . 1 44 4 4 4 4 4 St. Leuis mimmpeiii I. ..I b" (ii I A M K ft T 4a wl 3 074 Me Pacific 4a 2 05 2 03 3...... 034 4 634 II 03 2 03 Me l'ac 5a '23 5 100 Me Pac Bs '03 6 88 Me Paclfle 0s 2 08 II 08U 1 00 S(aale) 08 Ment'a Pwr Sg 1 00 3 00 N'aeaau Ulec'c Rwy 4a II 51 Ntl It R Ce of Max 4 4s 'Si 7 314 National Tube Ce ct Bs 3 00 New Kng Tele Ce Bs wl 4 074 4 07 0 074 14 074 0 074 2 07H 0 074 N Orleans ft N E'n 44a 3 83 N Or'a ft T 4a 1 704 New Or Ten ft Mexico Sa 1 71 8 71 N Y Cfl en 4 2 82 2 ... 82 1 . . . . 83 N V CtV'4s '42 1.. .. 80 N Y Cent'I Ss 2 04 12 044 10 044 8 044 1 04 1 04 1 04 1 04 N Y Cent'I 0a 5..., 103 1.... 103 8...: 103 3.... 103 1 103 N Y Cent' 7a 1... 105 r Accept. 4' 414 Yl 4 44 44 44 4 4tt 4 It GOSSIP OF THE STREET Berne of the leading bankers of the Street expressed perfect satisfaction ever the conduct of Inst week's market and remarked It wn n perfectly healthy reaction and one whlcli was long ever due. They further called attention te the fact flint the declines recorded dur ing the lnttcr part of the week were net sufflcint te carry irlces down te the low levels of May. While this may or mny net be aignlflcant, close rcnlnrs of the tnpe prefens te believe It indi cated a degree of strength nnd stability throughout the list worthy of com mendation. The fact thnt money remained easy nnd the renewed rntc wen fe low en Friday was Interpreted ns indicnting from the point of view of this pliane tif thc situation there was little about which apprehension need be enter tained. The feeling is that money wlti continue cany well Inte thc future. In tli nt event. It is felt stocks, which hove been under bear pressure, nre new In line for a sharp rally during the coining week. Thc opinion ex pressed in banking circled was there had been a considerable amount of short selling enrller'ln the week nnd ntten ntten tien wen called te thc large number of rempnrntively nmnll transactions en Friday when the market was at Its wetikext point, which was interpreted as Indicating effort was being made te cover shorts without attracting atten tion. t It. requires n large volume of buy ing in 100 share lets, however, for one te accomplish this purpose. Developments Favored the Bears There were numerous factors favor faver nble te (he benr side, but up te Friday net much attention was paid te news developments. Fer Instance, the Sol dier Benus Hill wn the subject of much discussion nnd also the threatened strike of railroad empleyes. While there are few who were Inclined te be lieve that tliei'i would be n strike of railroad cmpleyei, still the talk was nor without home influence. The advices from Paris, thnt the Ger man lean transaction weh net likely te vventunte nt this time, nlse acted as n dampening Influence, while thc coal strike slttintlen wns another clement of importance. Obviously, thc benrlsh ele ment took ndvnntnge of these various factors te put out lines of stocks a week or se nge with the result at the close of the week thc short position was said te be a substantial one. Whether or net these tnking this side of thc tnnrket will be successful in re couping their securities rcmnins te be Been, but in thc opinion of some enrcful students of thc stock market net much is te be gained 011 the short side nt this time. Business Conditions Improving BuelnchS conditions continue te shen Improvement nnd In trade circles the feeling is before thc coming summer is ever there will be n considerable short age In the labor market. In thc automobile Industry, the mnn ufneturers nre new working 100 per cent and In numerous ether lines there has been a substantial improvement re cently with indications pointing toward capacity output within a reasonable time. Numerous corporations ere re ported as having purchased large amounts of securities during thc past couple of months nnd It Is regarded as unlikely there will be nny imposing amount of selling from tills source in thc immediate future. Fer that matter, it Is net felt this will prow much of n stock market factor, but rather mere of n bend mnrkct Influence. Investors Mere Cautious There Is n tendency en the pert of investors te exercise discrimination in the matter of thc selection xt Invest ment securities. Bend men say there is n greater degree of conservatism displayed en thc part of the public recently than at any time since the upward movement began bevcral months age. This Is attributed semewhnt te the fact that there hnvc been n number of issues put out within thc past fortnight which hnvc net been icgurded ns "top "tep "top netchcrs." In ether words, n great many of the securities efTered have been what may be termed secondary issues nnd net In the clns of high grade standard corporate issues. It is stated in thc trade, dealers are new pretty well "fed up" en this class of issues and It piebnbly will te quire some little time te effect proper digestion of them. It has net been difficult for syndicnte mnnagers te bring about initial distribution of the new issues, but dealers who in many in stances pnrticipntc in n syndicate oper ation purely for the purpose of obtain ing a "free ride," nre net meeting with ns great success ns wns possible with the best grnde issues offered ever n period .of the last six or eight months. There wns n time when the public did net hesitate te jump in nnd pur chnse new securities without much in vestigation, but that condition no longer obtains. Brokers' Opinions New burger, Hendersen & Leeb: "The pronounced slackening of specu lntlve energy nnd interest nttending Inst week's operations unquestionably re flected a disposition en the nnrt of the mere conservative market Interests te cautiously nssess the effect of the increnslng number of undetermined fnc ters which hnvc slowly crept into the general situntlen. This waning of In terest is significant of a radical change tnking place in the market position and emphesize.s the necessity of employing the utmost dlscrliulnntlen in making nd nd ditleuul commitments. In fact, -vc me of thc opinion it will be found profitable te severely draw a line of demarcation between the investment nnd speculative issues and confine operations te seasoned dividend paying stocks. We likewise feel any opportunity te realize profits should net be allowed te slip, as there nrc indications of thc market working into n narrow groove and limited varia tions which is almost certain te wear out the patience of security holders." West & Ce. : "The beginning of the summer finds a mere diversified opin ion as te the future course of the stock market than for muny weeks pest. During this period the public lias made money en the long side of the market and has mere or less taken thc market away from the se-called professional element. While n geed deal of in ami out trading Iien taken place, it cannot be denied that brokers' lenns have very materially increased, showing very heavy commitment!! by the public en the long side of the mnrket. These leans new stund at $1,500,000,000. equal te thc high peak iiv 1010. A geed deal of thc money borrowed by brokers Is leaned them for the account of out-of-town' financial institutions, and it is wertli noting, in this connection, that if business Improves materially in com cem meri'lnl lines there Is apt te be 11 better ileinnnd for money us the autumn up .tranches, with n subsequent withdrawal of funds." . r II. l' Baclimaii & Ce. -"It is net possible for mortal men te predict thc day te day fluctuations in the present cotton market and we nrc net in nny wuy nttcmptlng te de se. But wc de sense in the present situation an In flamed speculative condition, with the public attracted te cotton as 11 specula tive venture. At tlie'mement. tin mi,. Wt.anpea Dver-beutht and ' ket,appeara,,tQ be. rover-beuht and we until some' reasonable reaction has been witnessed." Ilecker & Ce. "The decllne was net unexpected. The market has been acting stale for thc last few weeks and buyers had been becoming mere nnd mere hesitant. The setback may run a little further but should net con tinue long. There are tee many sold out bulls waiting around te get back into the market' for the recessions te go very far. Considering the Increased shipments during the period, the in crease of 157,000 in unfilled tonnage of the United States Steel Corporation Is very satisfactory." THE TRADER. FINANCIAL BRIEFS Fer the three months ended March .11. Otis Steel Company reports net deficit of 930,1,188 after charges anu taxes before dcnrcclntien. Chicago nnd Northwestern has been granted authority te sell 3)2,'233,000 gcnernl mert;uge 5 per cent, geld bends of 1087 nt average price of net Icbs than par. Thc average price of the twenty ac ac tlve industrial stocks declined 0.40 per cent 011 Saturday te 03.20, while the twenty railroads declined 0.12 per cent te 63.2J. Carl It. Gray, president of the Union. Pacific, in quoted as saying: "The Union Pacific is willing te buy Central Pacific from Southern Pacific if fair and reasonable terms cau be agreed upon." United Railways of St. Leuis has filed application with thc Public Serv ice Commission te authorize bend is sue of $1,040,000 te refund Issue of bends due July 1 nnd te accept an offer of North Amcrlca'n Company te underwrite nn extension of time. Pittsburgli nnd Lake Erie Railroad for year ended December 31 reports net income of $2,384,001 after taxes and charges, equivalent te $3.31 a share, pnr $."0, enrned en thc $35,085,000 par $50. enrned en the $35,085,000 capital stock. This compares with $8, 241.02(1 or $10.15 a share In 1020. Parsly Bres. & Ce., West & Ce. and (irahnm, Pnrsens & Ce. announce that thc syndicnte which they formed in connection with the offering of $1,100, 000 Americnn Lime nnd Stene Com Cem p.ivy first mortgage twenty-year 7 per cent sinking fund geld bends hns (lis ,ircd of thc entire amount of bends. Thc Chicago nnd Northwestern Rail road wns authorized today by the In terstate Commerce Commission te Is sue and sell $2,233,000 in mortgage bends of 1087, the price and interest rntcs te be determined nt time of sale. Receipts from the transaction will be used by the rnilrend te apply en pur chnses of new equipment. Dillen, Rend : Ce. and Tucker, An An theny & Ce. nrc offering thc unsold bnlnnce of $2,0."1),000 Mnnchcstcr Trac tion, Light nnd Power Company first refunding mertgngc sinking fund geld bends nt Wi nnd" interest, te yield nbeut 5.40 per cent. The bends, dated Atiust 1, 1017, nrc due August, 1052. A new issue of $15,000,000 Atlantic Refining Cempnny fiftcen-yenr 5 per cent nen-cnllnble geld debentures is being offered today at pnr by the Equitable Trut Cempnny. Blnlr & Ce., Inc., nnd Cnssntt & Ce. The debentures, dated July 1, 1022, arc due July 1, 1037, nnd nre issued for the purpose of redemption of thc 0', per cent geld debenture bends of thc company, which nre callable September 1, 1022, at lOS'i nnd nccrucd interest. The New Yerk Central Railroad Company hns npplicd te the .Interstate Commerce Commission for permission te issue and sell $25,(Jf)0,00O of its 5 per cent refunding nnu improvement mortgage bends, thc proceeds te be up plied ngainst thc retirement through call for payment nt 105 and interest en September 1. 1022, of the present outstanding issue of tcji-ycar collateral trut 7s of 11)30. These bends are at present quoted nt 105 VI te 105 Vj. Heorganlzutlen committee of .Helme Plew Company in 11 letter te (rcditers nnd stockholders ndviscs them reor reer reor gnnizntien plan hns been consummated. It wns nppreved without a dissenting vote by mere thnn 00 per cent of the stock. Under thc termn of thc plan, the new Meline Plew Company. Inc., of Virginia, took ever the assets of the cempnny. Participation certificates will be issued in nbeut two weeks t" depositors for the several classes of securities deposited. The Protective Ceinmitrce, represent ing the Intcrboreugh-Mctropolltnn 4Vj per cent bends, issued 11 statement yes terdny emphasllug the ndvnntnge that will nccrue te heldcis of these bends through exercising the fust of the three options under the lutcrboreugh Rnpid Trnnsit Cempnny and Mnnhattan Rail wny Cempnny readjustment plnn. Thc time within which holders of the 4Vis mny deposit fhem under the plun ex pires en June 14, and the period within which holders of certificates of deposit may exercise their election te purchase new Interboreugh tcn-yenr 0 per cent geld notes under tbe plan expires en the same date. A HQL'ARB DEtl. XKKIIEM NOW mere than ttr amid ureal new economic fmces freed by ihe win. One of the beat of the many cxclule articles of tlie coin ing week la one by thc new president of the Chamber of Commerce of the United States, Read I! In the Mnarazlne Section of the Sunday. Pimic l.Kuanii. "Make It a Habit." AdV. Hew Is A Safe Rented? This question, with ethers, is answered in a booklet, "The Trust Company and Thc Individual," which will be sent en request. Fidelity Trust Company 32 Chestnut Street 1431 Chestnut Street 6324 Woodland Avenue. West Philadelphia Capital Surpua . S 5,200. OOO 9 16,000,000 Fundi held in trust mert than $268,000,000 H A L S B DerKmiturdens The Company will per HALSEY, STUART CHICAGO NEW YORK Y STUART 7,000,000 PUBLIC SERVICE COMPANY of NORTHERN ILLINOIS First Lien and Refunding Mortgage 5Vz0e Geld Bend', Series "A" jflOOO, $500, $100 Price 92 i and Interest, Yielding about 6 Interest parable June 1 and December I in Chicago and New Yerk. Redeemable upon 30 dart' paaiitaMd notice at 110 and accrued interest en or before June I, 1942; thereafter and en or before June I, 1952, at 107 and accraed int treat; thereafter and en or before December 1, 1961, at 105 and accrued intereat, and thereafter at 100 aad accraed interest. Interest parable without deduction for normal Federal Income Taxet new or hereafter deductible at the aeurce, net in exceu of 2. Application has been made te Illinois Commerce Commiien for authority te iatue these bend. agree te relmburae the heldera of the for the Pennsylvania four-mill tax and for the Cennnactlcut paraanal property tax net exceeding four ueiiar per annum, ana ler xne matiacnueette income tax en ina lannn an alx per cent el auch Intereat per annum Fer detailed information regarding these Bends, attention is directed te a letter of Mr. Samuel of the Company, from which ihe following is summarized: The Public ServiceCempany of North ern Illinois operates in fifteen counties in northeastern Illinois, having a combined population, according te the 1920 census, of 1,156,677, excluding the City of Chi cago. The Cempanysupplies electric light and power, gas, water and heat. Con sumers en December 31, 1921, numbered 199,222, an increase of 38 since Decem ber 31, 1916. The territory served sur rounds the City of Chicago, and includes net only the suburban districts tributary te Chicago, but also one of the best man ufacturing sections in the United States. On account of its nearness te a large central market, this district is an excellent market for light and power and industrial gas. These Bends, in the opinion qf counsel, will be secured by afirst mortgage collateral lien en the proposed power plant of the Waukegan Generating Company through pledge of all the first mortgage bends and all the capital stock of that company. In addition, the Bends will be secured by a directmortgagclienenalloftheCompany's physical property new owned or hereafter Thtsi Bends art tfftrii Jjr Jtlntrywntn, as and if issutd and atcrpied ir us and suiitet It approval of eeunstl and of Minis Lemmrrti Commission. Timperary benis, or interim uttipts lalir txehanitall for dtfinilie bends, mill b riaiy for dtKury en or about Junt 15,1922. Jboee staStmmls art official or art based en information which retard as reliable, and, while wt de net guarantee them, they are the data upon which we hate acted in the purchase of this security. INCORPORATED Land Title Building, Philadelphia. Phene Locust 7410 PHILADELPHIA BOSTON Conversion of Victory 4 Notes Due May 20, 1923 The United States Treasury Department offers te Victory 44 Nete holders only, an exchange for thc above Notes into United States Treasury 4 Notes Due December 15, 1925 In view of the present trend of money rates, wc recommend that Victory 44 Nete holders avail themselves of this opportunity te extend their present investment for three and one-half years at an attractive rate. We offer our services without charge te effect such exchange Discount Heuse of Salomen Bres. & Hutzler Members of the New Yerk Stock Exchange Commercial Trust Bldg Philadelphia NEW YORK BOSTON CHICAGO PITTSBURGH C. S. PATTON & CO. SD a CIIIWT.M'T HIS, BANKERS Atuui a afsWiwaM c e- iKIIMIIlH aerlee "A" Benda, II reejueeted within alxty acquired, subject only te prier lien bends atrany time outstanding. Of the prier lien bends, $6,500,000 par value presently available and all hereafter issued, will be Eledged as additional security for First ,ien and Refunding Bends. The First Lien and Refunding Bends precede $9,923,400 outstanding Preferred Stock paying 6 dividends, and $12J075, 000 Common Stock paying 7 dividends, having a combined market value, as indi cated by present quotations, of mere than 521,000,000. Fer the year ended December 31, 1921, gross earnings were $12,679,467.34 and net earnings, before depreciation, $4,395,292. 63. The annual interest en the entire out standing Funded Debt of the Company, including theseBends,requires$2,l 85,3 10. The management is in thc hands of experienced public utilities men,whehave been associated with the Company for a number of years, and who have, built up for it a well-established and growing busi ness, which is evidenced by the increasing popularity of its service. DETROIT MILWAUKEE Want te Get in Touch With Breker or Salesman who can market a' preferred ateck leain. Due June 1, 1962 daya altar payment pay 111 ml ncmiaf Insull, President & CO. ST. LOUIS J MINNEAPOLIS na.mnnrinjjmmnmiKnjnHnniHfimnmicnHmniim.mwHiiFiiHiiunni ESTABLISHED 1165 BIOREN & CO. BANKERS 410 Chestnut St., Philadelphia Government, Municipal, Railroad and Corporation Securities Mtmbers Xtu Yerk and Philadelphia Stock Exchanyea liUM TO THE nOI.DKKS OF The Connecticut River Power Ct. of New Hampshire First Mortgage 5 Per Cent Thirty Year Sinking Fund Geld Bends due June 1, 19.17 Ihe unJeralitntd hereby ale notice that It haa in the linking- film) the aum of 114,117 fnt Invratment In the abote-mentlened benda, Offcra of benda Inrterani "Tender of Ceaa, Khrr Tower Ce. of N. II, Henda'' will be re elfil b- the Truatee (it IT Court Street. Deaten, Minn,, until neon of June 14, I Ml. at which time they will be opened. The riant la reienei te rejject any or all often. Inter rat en anepled benda will craie June It), OLD COLONY TRUST COMPANY, Tmttf lly C. H. HUMPHREY, Vice Prealdtnt. Date, June S. 1922, lndlanapella Northern Traction.. S'a lttl. Alteena, & Ixwnn Vallr7 Klec.,4Ve IMS New Jeraer (laa Company S'a 1B4S Hprlnrfleld Water Company Cena.S'a 1SSS North hprlnrfleU Water Ce A'a IMS Srronten Knllwaya Company Bef.S'a INti lBilple.,CrferdetlUe I llanvllle.a'a ISM' Terra Haute, Indpla, A Kaatern,.B'a IMS Lake Shere Klre, Ry, Ce.. S'a 10tSISSS t'nlen Traction of Indiana . S'a ISSt rrnnajlt anlu Rnllread Ce All laaaaf' l.ehlah Vulley Hullread Ce... .All laaejaa American I'll Conet. Hecur, I'fd. But, SAMUEL K. PHILLIPS & CO., Membere Philadelphia Htetk Eathania . 607 CHKHTNCT HTRKET New Financing We will contract te furalsk new capital for any successful' concern mat naa Deen gelag one year or mere. Gire full nartlculars in Ant letter. i C J. Kelley & Ce. r. v.m nmm-mm 55MM 'jiwa 5 '58f'J ii.'? i .2 J rfa "ft t :m m i ri tf " AS m v J mm MkMg w. m Mnf4aa jraiieuyiiniiB vvrpurair.' rwsj :rq'jfa 'li.iyiW if.; ' y 3 an' &:'.-'h1 .-. 3ffr-W-'MJ'? ' ii'Miliiaiaal Lsm;u.u-,r. vl vTWfaBCT J -. I .--1 jaJ L :p V ' .' 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Significant historical Pennsylvania newspapers