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EVENING PUBLIC LEDGER-PHILADELPHIA4, SATURDAY, JUNE 17, 1922
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ANOTHER BULGE
1 IN MEXICAN PETE
Week's Shakedown Logical Out
come of an Overbought
1 Market
Kcw Ynrli. .Ttuir 17. Apntt from
the Jlcslcnn oil slinrcs mid n few ethrr
peclnltlcs teilrt. stock miirket did tit
mount te much. Tlirrp hn nnetlicr
big "plurgc In Mexican IVtrnleum of
4 points en the top of tenliiy's 7 7
pelnt Knin en the iiiineunccuipnt of the
flgnlliR of the nKrei nient or the pay
ment of the Mr-vli-iili delit. While tilt
"was TORnnled u forerunner of n to te
establishment of frlemlh relations be
tween this Niitien nml the Mexlenn
Oeverniuent. it rripilred n mther wide j
Mtretcli of Imiiirlii.itlen te determine s
hew JIele:in lYtrelctim ns some te
benefit "inrtlriiliirl.. from this hnppy ,
went. Seme of the ether concern-, i
Mich ns Southern 1'iiclfic atnl Amerienn j
8meltlnp. which nre liltely te -ret mere i
out of it miiUe euly indifferent re re
ppeiiee. I
The jntmnlnt- up of Melean 1'etre- '
Ifum resulted larcely from the fnmilitir i
utreiiR-nrm methods often applied hy ,
the clique behind tin, volatile Issue.
It was net mi inspiring Ir.-tiWahlp. i
altheucli inlbienee,! quite a qoed drill !
of covering of die short interest The
trading in the general li -t . however,
was nt a considerably slower pace ami I
what rallies were made lucked the tn- '
blllty whi'-li attended the recent re-
ceveries. '
Mexican fievernment issues featured
the bend market, turning irregularly
en prelit-taklug. The I per rent rose I
1 points and reached - point. The I
regular ."is rose 1',. nnlv te fall back
2s, while the ," were steady nf a 1
point advance. Nntien.il Railways of
Mexico l'js ndvaneed 1. point-, l.ih l.ih
erty dth 4'4 made n record pnte for
the year at Kin.li' and ether domestic ,
war flotatiens showed further firmness. ,
Pennsjlvanla Consolidated 4s. l-'rte ,
General K Mercantile Marine" lU and .
Conbehdnted (i.-m 7s were fraetinnnllv ,
better. Seaboard Adjustment ."s lest
J point nnd moderate recessions weie '
recorded by Chile Copper i. t'erre tie '
Pasco Ss a,,,! f S. Rubber ."-.
Seldom In the history of Wall Street
has there been such a thorough agree
ment ns te the moving cause of the
aharp reaction which has been in
progress itl t. s;,,,. mi,ret during the I
past week. It is the history of sp,.pU.
jatien nil ever the world that mar
kets become overbought eventually, no
matter hew construe the underhing con- '
dltiens may he. Any one paying but1
Wight attention the Inn three weeks j
te the indisputable caution signals. I
which were at all times plainlv dis
played, could easily n-nignie ju-t such I
a eellnp.se of an inbated market struc- '
ture was inevitable.
Fer some few weeks psychological
father than outside influence's were the
actual governing merHc. nnd the contin
uation of the forward swing was depen
dent mere upon the strong-arm methods
of the .speculum e peels than from anv
stimulus erdinnrilv te be derlcd from
favorable conditions affecting the gen
eral .situation. In all periods of a pro
tracted rise there is theuul mad rush '
of Irresponsible weXT-hp spp,-ulaters.
who seen get beyond their depth, exer
cising net the slightest judgment as te
either the amount involved or qimlitv
of tbclr commitments. This creates a
menace te the market structure heenuse '
.of the sudden Increase of suprflv coming
en the market whenever the enfened
liquidation of sucli holding!) become,
necessary.
The breakdown of the market su
perstructure, therefore, cannot be
charged te any adverse change in either
fundamental or basic conditions. On
the contrary, all tesumem at hand
would seemingly indicate the recon- I
structlen movement hud a s,.(.Ure feun- !
dtttlen. This, nt least, i,, suggested in !
the progressive impnnemeut in mer
cantile lines, c-entinued expansion in the
steel production ami encouraging car car
leading reports from the railroads. A
month and ever age, however, there ,
were present many reasons for assum
ing the forward movement in the seeur
lty market., was fast outstripping the
Improvement in general business. 'Jhe
momentum of the hull movement, us
noted in all major swings, hud readied
such n speed as te carry the market
along for some time without the men
of stimulating developments. This, to te
gethcr with the plethora of funds avail
able for steek market accommodations,
always the mainspring of active specu
lation, resulted in vtneerlng the weaker
structure of the market, and permitted
liberal distribution en the part of the
mere powerful peels. '
While the technical position of the '
market accordingly was materially im
proved by the week's severe decline, it
would be difficult te determine at this
juncture whether the reaction repte
sented merely a temporary halt in the '
constructive campaign or the elimina
tion of the first stage of the bull market
of UIU--'. The situation is semewhar com
plicated by the unknown mid unuie.is
urablc Influence of the dra-tle house
cleaning instituted by the Stock V.
change officials. The proposed regenei .
atlen of Wall Street has se fur producer)
iultc u ceu-iderable volume of liqui
dation, which figured te a large extent
In the market shakedown. What fur
ther must be done in this unmeet -n te
bring about the coriecuetis iesn.r) by
the exchange managers can be enlj ,nn
jeetured. It Is evident, nevertheless,
there nie some who should net June
done se, but who are almost rriu.illv
guilty in overstepping ns tome, of irss
experienced. '
NEW YORK STOCK MARKET
Total te, 410,000 Mmres, remparfrl with
1,0110,700 hnr jeitcrduy. Thus far thlt
wmIc tl.fl73.nii0.
10
Sales
100
600
200
1000
200
100
900
100
100
100
100
200
8 DO
200
200
2C0
100
203
700
1500
400
530
430
1400
200
100
1000
300
2600
100
100
200
300
1600
600
1400
100
1600
100
7003
GOO
630
100
100
100
5030
630
2000
403
200
700
103
100
200
1000
1030
530
103
633 ..
100 ..
403 ..
930 6
1630 4
400 ..
630 ..
203 ..
3 33 ..
100 ..
500 ,.
930 ..
333 6
1103 ..
1C0 C
103 7
1700 ..
1700 ..
200 2
433 ..
200 6
1530 4
4030 ..
4D0 6
300 ..
200 ,.
930 7
1633 ..
1C0 ..
1400 4
7030 2 V,
50 Z
8430 ..
10 30 ..
1130 ..
900 ,.
1030 ..
900 ,.
200 9
100
530
100
100
300
200
2000
103
330
830
503
100
430
2433
430
3730
1703
5030
200
10333
330
103
8 30
1930
103
103
3030
330
1500
433
100
330
100
13 30
200
200
1200
93J
530
533
303
1330
630
3930
330
200
100
230
223J
230
1100
2400
300
630
100
2000
200
Dlv.
In t High
Adams r.xpress.... 62 'i
Alax rrlubber 4"
Al.iat-n rlr.1,1 Mine 'a
4 Allied Oicm & Dye 67 U
.. Am Agrlc Chem... 39'i
. Am Agrlc Chem pf 65
Atn Cnn 45 ?j
7 Am run pf 103
12 Am Car & IMv 159
.. Am Cotten Oil pf.. 54 'i
.. Am Hldd & Lentil pf 67b
7 Am Ice 103 U
.. Am Internat Cerp.. 41 'J
1 Am L.i France Eng 12
6 Am locomotive. ... 1 10
.. Am Llnseeil 33
4 Am Itadlnter 95
.. Am Safety Razor... 6U
.. Am Ship & Cem... 19
.. Am Smelt E8-i
3 Am Steel Foundries 35'i
.. Am Sugar TCef 76
.. Am Sumatra 36 tj
9 Am Tel & Tel MZi
12 Am Tobacco 130
6 Am Tobacco pf new102H
7 Am Woolen ee
. . Am Zinc Ld Smelt 1 6 V
.. Anaconda Copper .. 51
. Asets rieallratlcn.. 2'i
4 Ase Prv Goods.... r-0
6 As?e D Goods 1st pf 81 JJ
6 Ateh Tep & San Fa. 98 U
.. Atlan Blr & Atlantll 3' 2
.. Atlantic Fruit 3'e
.. Atl Oulf & W I S S 36
12 Atlas Tewder 134
. . Austin Nichols 27
7 Austin Nichols pt. . 85
7 Baldwin Locemotlvel 1 1
.. Baltimore & Ohie.. 46! 2
.. Darnadall Clesf A.. 37
.. Bamsdal! claes B.. 30
. Batepllas Mining... I 'i
6 Bethlehem Steel 70
5 Beth Steel B 74 '4
.. Beeth Fisheries 84
.. Bklyn Hanld Transit 25 H
. . Bklvn R T ctfs of db 22
10 Rums Bres 130' z
2 Burns Bres B 43
.. Hutte Cep & Zinc. 7
.. Butte & Sup Cep.. 27
. . Buttericl. Ce 22 j
. . Cnllfem.a rtrel... CO 'a
.. Cnl Zinc A. Lead Bi
Canadian r.iclfic. . . 135!i
Cnee J I Plew 7' 4
Central Leather.... 36 S
Central Leather pf. 70
Cerro-de-I'nsce .... 35 'j
Chandler Meters... 72 '
Chesapeake & Ohie. C3'
Chicago ,;- Alten. .. . 9S
Chicago & Alten pf 16' 2
Chi & i: 111 (new) pf 5'
Chicago & Or West 0
Chi & Gr West vt 191j
CTil Mil & St P 24'j
Chi Mil & St P pf . . 39
Chi & Northwestern 72 '4
Oil Tt I Pac 39 '4
Chi It I & Pac CI Pt 78
Cht 11 1 & Pac 7ri pf S2'J
Chile Copper 19 15
Chlne Cenner 28 '4
Clev C'n Chi & S L 68
Coin Fuel & Iren... 29
Celum Gas ,fc Elec.. f3'J
Ceca Cela 63 H
Celum Graphopheno 4H
Cemput Tab Rec... 64
Consel Cigar 32
Consel DIs Ins H
Consolidated Gas.. 116
Consel Textiles 1 1 ij
Centln-ntal Can.... 65
Cern Products Ret.lC2
Ceiden & Ce 47 'J
CesdenS Cep;.. .. 97
. Crucible Steel 71 H
. Cuban Am Sugar.. 23 ?
. Cuba Cane Sugar.. 16'4
. Cuba Cane Sucar pj J4
. rvlsen chemical.. 45 14
. Debeers C Mln Ltd 21 "4
9 Delaware & Hud.en123
6 Del Lack & West.. 122
1 Deme Mines 27 'a
8 Du Pent (i: I) Ce.. 130
. Du Pent frj fl "r db pf SO H
Duluth Se S & A pf 8'2
C Eastman Kodak new 72 '4
3 Elec Storage Bat... 4' :
. Elk Hern Ceal 22
6 Kndlcott-Jehnson .. 7b '2
. Krle 14 'a
. Erle 1st pf 21 'i
. Erie 2d pt 15 'a
. Fairbanks 17 '4
5 Famous Players L 74
6 Fed Mm k Smelt of 45
. Flslc Rubber 1 5 'a
. Freeport Texas 22 "2
. General Asphalt.... 58 7
5 General Aphalt pf. 91
. General Meters.... 14
. Goedrich B F 38 34
. Granby Mining 29
7 Great Neithem pf . . 7534
4 Great Ner Ore c:fs 38 'i
. Greene Can Copper. 30 'j
. Guantnname Sugar. 1 1 3i
. Gulf S'utes Steel... 73
. Housten OV 73 H
. Hudsen MottrCe .. 23
1 Hupp Motorcar.... 13
. Hvdraulic Steel.... 10'i
7 Ill.ne a Central.... 103' b
. Illinois pf wl 1064
. Illinois rts ii
, indlahema Ref 4 '4
. Inspiration Cen Cep. 39'
. Inter Cen Cerp.... 1 !$
. Interbore ' pf . 3H
2 Jnternat Cem Eng. . 23 '4
. Int Great North wl 24 "j
. Int Mer Marine.. .. 18
6 Int Mer Marine pf. 72 '4
. International Nickel 16H
. InUncible Oil Cerp 15V
. International Paper 46
6 Inter Paper nf stpd C7
. Iowa Central 11 j
. Iren Products 29 '-8
. Island Oil I 'a
. Jewel Tea 17 '4
. Jenes Bres Tea. ... 42
. Kansas & Gulf 4i
. Kan City Southern. 24
Kayser Ce new ... . 39 '-4
8 Kayser Ce new pf.105
. Kelly-Spg Tire 45' j
C Kelsey Wheel 95 ',
Lew
62'i
141J
a
66H
30 'i
65
45'i
103
159
54' j
67
103'i
40'j
12
110
33
95
6;
18"j
57 H
35'4
75'i
26'.
1221..
137'i
1021,
G7 4
16
SO'i
2 "4
E0
81 4
97 "j
3
3
:5'i
134
?0'4
85
109
46 'i
354
30
1'i
70
72 4
8
24J
214
1 29 '
41 U
7
27
22 1 i
59
C's
135
7'i
36'4
70
35 'i
72
62'i
OH
16H
i0!i
8
19SB
24U
38'i
72 '2
39
78
92 i
19'i
28
68
28 'i
r-3'i
62Vi
4s
C32
31
115'i
11'4
65
1C04
s-6'4
97
67 li
I3U
15 '4
33
44 S
21
122-6
122
28
130
eon
8'i
72
40 4
22
78'4
'3S
2! U
15'b
17 "4
78 '4
45
1 4 ',
21.',
57'2
91
13'-i
38 '
?9
75'a
38
30'i
11 H
70',
73
22-:
19'
10'j
103'a
106 '4
fi
4 '4
39 'i
Mi
3
23H
24 34
174
71 4
16
is
45 H
66;,
11 4
29 ?s
I
171,
41 '4
4
?3 ?i
38
105
a
954
U
4
s
U
24
"4
3
1
1
H
- 1
Tedny'i Net
Clese Chjre.
62 4 J
14i -
4
67 H 4
38Ti -65
-45
-103
-159
-
54 4
67 H
103U
41 Vt
12
110 f
33
95
6V4
19 f
57 Vt -3t!i
76 l
36 4
122H -
138 !
10?H
68 16 -51
(
24 50
81 H -5-
97;,
3 -
3 -
36
134
27 -f
85
110J.
46 4 -55
4 -30
tU-r
70
74 4 1-
8 4
24H -
214-!-
1304 f
42
7
27
22 4
59 4 -
8-s
135 4
74
-6ri
70
35 'i -72
4
62 4-
9?3
16H
50 4
8 -19i
-244
39
721,
92 4
19 4 -26
H
68
29
83 4 -
63 4 r
44
64
32
S
115 4
1 1 4
65 4
102 46 4 -1-97
704 f
23J4-r
16 4 4
34 45 H -21
-123
-r
122 -
28
130 r
80, -8
4 -72
4
40 4 -?2
a
78 'j i
13 4 -
21 4
1 5 4 -174-
7e?4
45 -
15 -
22 4 -58
4 -91
13
334-
29 :
75 4 -38H
-
30 "2 -
114
734
73H
Z3
19 4
10 "2 -
103'a -
106 V -
W
44
39 4
14
3S
23 4 f
244-r
174-
714 -16
4
15?i 46
67
114-
14
1 7 4 -
41 :
44
23? -38
f
105 f
45 -95
Je -
a.
2
14
"4
2 4
4
34
1 4
1
'n
4
t
a.
- 4
4
li
14
1
Sales In S High
5100 .. Kcnnecett Copper.. 33 4
4500 .. Keystone T & n.... 15
100 6 Kresge S 8 134
1603 .. Lackawanna Steel.. 73
303 . . Laclede das of St li 78
900 .. Lake Krle West. 334
600 , . Lake Erie ft West pt 61
200 2 Lee ItiihW 29 4
61 J.
800 3M- Lehigh Valley.
900
103
530
100
300
700
330
19203
1800
2603
49400
200
25001
12200
330 ..
300 ..
2203 ..
1500 ..
1 500
300 . .
600 ..
430 C
200 ..
4600 ,.
1200 ..
1330 6
200 5
300 24
2500 ..
1000 2
100 7
800 E
3200 . .
300 ..
330 2
100 ..
100 ..
533 ..
7900 S
14200 fi
3100 6
500 ..
1300 2
1 500
203 5
200 ,.
830 ,.
103 1!
1400 2
2100 ..
1030 ..
4100 ..
330 ..
1 1 03 r.
100 C
1900 ..
900 iy.
7 Lima Locomotive . 1 13
1 Left Candy 12ft
.. Mack Truck 52
.76 Mclntyre new 16
.. Malllnsen Ce 22H
2 Manh.it Shirt 35 4
6 Mnr St Ry pr of.. 58
.. Mnrlnntl Oil 45 4
.. Max Moter Class A 65 4
.. Max Moter Class B 23 S
12 Mexican Petreleun. 1 48
2 Miami Copper 28 4
.20 Mlddie States Cerp. 13 H
Mldvale Stel 33H
.. Mln & fit Leu! 10W
.. Me Kan & Texas... 11
.. Me Kan & Tex (wl) 17
.. Mlfaeurl Faclflc... 20 4
.. Me Pncltle pf 514
.. Montgomery Ward. 20J,
.. Nnt En A Stamp... 46 H
6 National Lead 91
.. Nat R n of M 1st Pf 15
. . Nat R R of M 2d Of 7
. . Nev con Copper.... 16?
6 N Y central 08
B N V C & St L 75
New Yerk Deck.... 36 4
New Yerk N IX & H 27 H
New Yerk Ont A W Z4H
200
100
2100
203
200
700
900
1430
103
400
303
203 2
200 ..
1030 ..
5500 ..
330 ..
100 ..
1100 3
45305.20
470 ..
100 ..
100 ..
400 ..
100 ..
100 ..
200 ..
500 ..
11400 2
200 ..
3830 6
1703 ..
430 ..
100 6
2103 4
530 6
100 7
100 7
133U 2
203 3
400 ..
18930 7
400 ..
330
200
200
3930
633
930
1100
300
4203
103
1833
430
100
100
100
300
200
3230
730
1230
500
303
830
100
1600
12500
800
530
100
1300
100
303
330
700
200
230
833
1303
333
2)0
533
430
400
173J
103
730
Norfolk A Western. 105 4
Northern Pacific. .. . 74 4
Okla Tre.1 & Ref... 3 '6
Otis Steel 12
Owens Det Mach., 35 H
Orpheum Circuit... 1U4
Pacific Mall 16
Pacific Dcvel Cerp. 84
Pacific Oil 57
Pan Amer retro!.. 69 Vt
Pan Amer B 63
Panhandb 9 4
Pennsylvania R II. 41 4
Penn Seaboard Steel 10H
Peeples Gas Chicago 81
Teorla & Eastern... 22 4
Pcre Marquette.... 29 4
Philadelphia Ce.... 37 4
Pnllllps Pet 52 4
Fierce-Arrew Moter 19 4
Plerce-Arrew Met pf 37
Plerce Oil 8 4
Tierce Oil pf 47
Pitts Ceal 61 4
Pltls Ceal pf 97
Pitts & W Va 25 1.
Pend Creek Ceal... 22 4
Pestum Cereal 77
7 Pressed Steel par pf 99
. Producers Ref... 40 4
6 X'ub Ser Cor of N J 85 4
8 Pullman Ce 1174
. Punta Alegre Sugar 47
. Punta Sugar rt... 1
2 Pure Oil -04
8 Railway Steel Spg. 99
. Ray Cen Copper... 164
4 Reading 72 H
2 Reading 1st pf.... 49 4
. Rem Typew 2d pf . . 60
. Replogle Steel 21
. Ilepub Iren & Steel. 694
. Republic Meters.... 11
. Reynolds Springs... 484
a Tlevneld3 Teb B.... 45
Reval Dutch N T.. 584
St.'Louls San Fran. 254
St Leuis S Fran pf 46 4
St L Southwest pf. 42
San Ccc Sugar 4 4
Seaboard Air Line. . 7
Scab Air Line pf... 10 4
Sears-Roebuck .... 74 4
Seneca Copper 12
Sinclair Oil 33 4
Sless-Sheffleld 41
Southern Pacific... E8M
Southern Rail 22 4
Southern Rail of.. 53
Standard Mill pf . . . 90
Standard Oil of Call 05
Standard Oil of N J185
Stand Oil of N J pfU54
Steel Tube pf 83
Sterling Products.. 49i
Stewart Warner Spd 41 14
,. Stromberg Carb.... 47
7 Studebaker 1224
. Sub Beat Cerp 7
.. Superior Oil Cerp... 75i
.. Sweeta Ce of Amer 3 4
.. Tenn Cep & Chem.. 11
5 Texas Ce 47 4
4 Texas Gulf A Sulph 45 4
.. Texas A Pacific 25
1 Texas A Pac C ft O 27 4
6 Tobacco Products.. 78 4
.. Transcontinental Oil 15
6 Union Bag & Paper 62 4
.. Union Oil 22
10 Union Pacific 135Ji
7 Union Tank Car pf106 4
2 United Alley Steel 35 H
.. United Drug 74 4
8 United Fruit 137
.. Unit Rwy Invest pf 26
.. United Retail Stores 63 B
.. U S C 1 P A Fdy.. 28
..US Feed Products. 9 4
..US Heffman Mach 224
..US Ind Alcohol.. 51 4
..US Rubber 59 U
ll'S Rubber 1st pt. 1044
..US Realty ft Imp. 654
6 U S Steel S84
7 U S Steel pt 119 4
2 Utah Copper 62 4
.. Utah Sec 144
,. Vanadium Cerp .... 45
6 Va Iren Ceal & Coke 50
. . Vlvaudeu Ine'. 1 2 4
. . Wabash 114
.. Wabash pf A 28 4
.. Western Maryland. 10 4
.. Western Pacific... 19
4 Westing BAM.... 59 4
.. Wheeling ALE 13
.. Whecllnn A L E pf 24
2 White Eagle Oil.... 25
4 White Moter 48 H
.. White Oil Cerp.... 8 Vt
.. Wick Spone St Cerp 174
.. Willys Overland... 84
.. Willys Overland pf. 42 4
4 Werth Pump AM.. 484
Lew
32 H
144
134
70
77 4
33 4
61
284
614
111
12Ji
52
16
224
35
58
44 4
634
23
134 4
28 4
13 4
314
104
11
164
19H
50
20 Vt
46
90 4
15
6
16
88 H
74
36 4
77
23H
105 4
74
3 4
12
35 4
184
16
8 4
56 i
C8 4
62 4
OH
41
10
UI
214
29
37 4
514
19
36 4
8
45 4
61
97 "
34 4
21 H
77
99
39
85
117
46 4
14
30 H
99
168
72
49 4
60
31
664
11
48 4
44 Va
574
25 4
46 4
42
4 4
7
104
74 4
114
32 4
41
67 4
?2
52 b
90
103 H
182 4
1154
83
49 4
414
46
1204
6,4
7H
3 4
11
464
444
244
26 4
774
14H
62 4
21
135i
106 4
354
74 4
137
26
62 K
27
9 4
21H
51
59
1044
64
97 4
119
624
144
43 4
50
12 4
114
27
10 4
19
59 4
124
23 4
25 4
48 K
8H
17 4
8
42 4
484
Tedsy's Net
Clese Chge.
33
144- 14
134
714 m
70 1
334 4
61
28K- M
61 4 - !
111 - 24
12J4 4
52
16 - 4
22 4 4
254 1H
58
44K 14
644- Itt
23-4
1454 24
28 4 4
134 ..
33 4 1H
10 ..
11 4 4
17 4
JO - 4
51 -
70J4 4
46H 14
91
IS
6 - H
164- 4
88H-
74-4
364- M
27M-p 4
"H - 1
105 4
744 4
34 V
12
354 Ji
184 4
16
84- 4
57 4 - 4
684 4
63 4 14
84 ..
41
104 t- H
81
214- 1j
29 - 4
37 4 4
51 H- H
194 4
37 - 4
84
47 14
61 - 4
972
35 - 4
224- 4
77 4
99 4
40 4 4
85 - 4
117
47 4
1 4 - 4
304H..
99
164 ..
72 4
494 ..
60
32 1
69 94 3 4
11 4
48 4 4
"5 4
58 4 -t- 4
25 H- 4
46 4- 4
42 4
44- 4
7 4
10 4- 4
74 4 ..
12
334- 4
41 T 1
874 4
22 4- ?4
52H- 4
90 - 1
1044 r 4
185 1
1154 -r 4
83 - 1
494 4
41 ?4 - 4
47 4
122 -r 1 4
7 4
754 ..
3 4
11 f- 4
46 Vi
444 - 1 4
24 4 - 4
?6 4- 4
78 4 4
144
624 ..
21 4 I- 4
'35,4 4
IO64 4
35H e
744 14
137
26
63 4 -i 4
28 v 4
9 4-i 4
214- 14
51 U b
59 r 4
1044- 4
64 - 1 4
988 f h
119 4 I- 4
624- 4
144- 4
44 4 14
50
124- 4
114- H
28 4
104- 4
19-4
594 4
13 - 4
24
25 H- 4
484- 4
84- 4
17 4 ..
04 4
424 ..
48 4 - n
MIXED PRICES IN
IHE LOCAL MARKET
Bankers of Opinion Minimum
Rates for Meney Have
' Been Seen
Irregularity developed in the local
market after a fairly steady opening.
Compared with some of the recent lively
scfsleiifi, the trading was rather tnme
and colorless. The utility group con
tinned the stronger features, 1. II. T.
made n fractional advance 'te '(! and
C ('. T. rallied te i"l. American Hall
ways wan well supported nt lfi. I'nlnn
Traction was up VJ. Philadelphia Elec
tric common shaded te "S, hut the
preferred was well sustained nt 20.
Elsewhere price movement was
mixed. Pennsylvania Hnllrend ruled
relatively firm. Lehigh Navigation, en
the ether hand, leftt 1V4 points In
veaetlen te 7i.'Mj. I.ehlgh Valley wan
off 2& points nt fll'i; Electric Stor
age fell hack te 41, the low quotation
of the week. American Stores eased
off te 1i2''t... 011 light offerings.
Twe Interesting dividend meetings
are scheduled for next week. The Phlla-
delphla Ilapitl Transit directors arc ex
pected te meet en Monday and declare
the long-premised semi-annual divi
dend of .'1 per cent, or Ifl.W) a share, en
steek of that company. Wednesday Is
the regular monthly meeting day of the
Pennsylvania Hnllrend Heard and they
in all probability will declare the 1 per
cent quarterly, or fiO cents n share. Ne
change Is looked for nt this time, but
If traffic conditions continued te im
prove en the same scale tliey hnve done
the Inst three months, the 0 per cent
rate will be lcidercd in the final quarter
of the current year.
Remarks made a few days age by sev
eral bank officials- asserting the mini
mum leaning rnte for money has been
seen for the current yenr came In for
considerable discussion. There is ap
parently no sign of scarcity of funds.
On the contrary, money seems te be
still piling up. nlthnugh institutional
buying in the bend market within the
last two weeks has shown n pronounced
contraction. Bank officials also report
an Increasing inquiry nnd deannnd for
funds from both industrial nnd commer
cial quarters. Ne change in existing
rates Is expected, however, In the Im
mediate future. In fuct no higher rate
Ih expected until the crop moving sea
son. The banks nevertheless nre show
ing n genernl indisposition te put ent
funds for long maturities and are adopt
ing a policy of hubsandlng resources for
exentunlitlcs.
Reports en most lines of trade, con
tinue encouraging. Heme mnnufnetur
eis nre complaining of peer collections.
Thev assert wholesalers nnd retailers
rather thnn asking for further bnnk as
sistance arc requesting credit exten
sions. This may be the outcome of the
discriminating stand the banks hnve
taken en new pnper and reluctance of
encouraging extensive commitments of
new stock. Seme bankers assert the
kevnete of the business situation 1ms
been or seen will be transferred te the
crop situation. If the harvests are
bountiful and if the farmer obtains
geed prices for his products, a new
stimulus will be imparted te business
In the fall. Tf conditions come out dif
ferently there may be Quite a geed deal
of unsettlemcnt In the latter part of the
year.,
Philadelphia Stocks
Hlsh
I'.lt'-s
l.l'H
Lew
Sfl'-s-
1.1
Cless
w
1.
10t Am Agn.
!lfl Am ltwH
". Am Sirs.. 122:! 1 12-'!. il-.-;?
11 Assets R. 2 2s J?
Net
chsc.
If.
200
fiOtCnllf Pel
lOOtCel Graph
lOtDavisen
Chem ..
."..". Elec Ster.
40 (iiui Asph.
."(Utien Mtrs
11." In Ce N A
17 Key T Ce
I'c pref.
100 r.k Sup e
Uf.O I .eh Nav..
HI I.eh nl
CO
4j
CO
41;
4Ti 45
41- 41
riS'ii r.7Ts
i:ti i:'.r;i
as :is
,tt H7
74 T2l.
(11 V 1',
CO
4',j..
45 ",
41 a
.18-74
1 :& i
us ..
.17 2
2l l'j
en
T.7,
KlOtMex I'ct.I4lins 140-'; HU-Isll
."(lOt.Mldvnle.. .I2?s .12 :'.2,. ,
,-OtMe Pac. 20 20 2 1,
."OtPnii-A Pet (il;4 li's (i!s'R
IMIU'ennaKK 41r,is 41'A -11 s '
10's JO'i ll)8
J.i
pi
f-
Iv
LIVESTOCK QUOTATIONS
OhlrnKO, June lT--f'ATTI.K He.
500 head 1. miMred v ith m.ii ,,jr,,
iroed ard ' " ire ni I 1 l"n I- jh
elhers l"vtfi ' te. n..i Itn ir.wr
of H0ft7T' "ii lummen Krji c.r.i 1
vreck'a top l" t up r v T'. . .t
jfurunsfc s-iiie- ir 101 D'rr cewr nnd h
erp KiTtL'.' '."r elhrj. n 'it Krrt
tS07&c lower, iem plain kind ri m
ralinih u'lerii .tonuer. nrl f. ,..!... ,,r
nc en, hji.d aiuiu te.tev. r,t' . -, ,.s it -
fffi'. -r. lower. .. s bum pruet jf mHe-s
SS.a.'.WlM.'i, ll'i k.r rtn.l frdern li.T-.fj
7.80, row imt liHifeiF. $S isfi 7 jj ,r,,f
mil tulinri f,4P '(il veal ilua 'ii9 7',
JtOU-IleielptB Il'-'JIJ lieul fiprr.. Un
en better tradHK. fully mtadv w-nli rndji
bt time T"P in;;,, i.u.i. ,i ,'., n, 7-,
holdover usht: hey m,x-'j pa'i.lnu gridr
Dlew tu lnwer iil(;n iIieiii Bierf.ij n,rh1 .
8,50(rllO.'. I:i'.il wcieIh $1u lufllnil,
intxlluni iuewiu7S iiirht. Sin 7e?M,i 71
tmoeth. J.i:i3'0lft, parkin.- ,-rn, fc IU,,Jh
I8.U0MP 40 l.ililmr pU. 4H J.lffi 0.311
BHfilll lieeilPK. ."SOU leHil I'rur truly
nil direct (e nue'ivrs. inarlret nnmlnnl rvm,.
pared with wik lbi- Uil'inu eli, 1mmiI.
mostly i-' -' l'w-i. wriinH, Mii.,-,
lower. Blieep. .Te 'i . .'.. lever. .,,ina. iuik
prlirn tut l.iml. II. 7 !.'". rulla, i,,i i.
flS7: fJt edrlltiii4 sn AOHU, v.tthcrs 111
Ht.rr.iptj,, (
111 llff I
111 10 )
BOO head
Steady.
Plttslnirsh, June 17. iroos ireos iroes
1800 hed lllub'i lltavltm,
11.13; lieuy and 1 1 u li t jurlum,
11.4A: r1'"- liili'li -'
VIIRKI' ANI I.A.MI1S r.fcelptH.
Bttady. .Sheep. Id 80; lanibf, (10
CAIA'ES Iteteluta. 180 head.
Tp, .B0.
Kakt lliifl'iile, .V. ., Juris 17 f'ATTl.l,
MecelPt" 80 hen! stendv 1 ahc. rt.
celptH a00 hea.l, .Slew JSWin 80
llOOH- lli-cclpt. IIIUO heucl Active
trens te 18l hlKher I'lin, J1ia5e hlKher
hesvy, Stl -T. , mixed, JU 28i 11 as v ,rk
era. il. 3.".,l 11.10. liEht s-rk.. nml ,ws,
lll.SAttll .'18 1 ruuvhj $n stnf, f .Vu 1
BWKVV AND I.AJI11S ItLcelpU, L'Oi) h'-ad
lMQ7i UJlvlluenu
iman Bank Resumes Dividend
j june n. in imperial ottoman
amiuiiiiivi m utituviiu ut
outriDuuea aiact ins.
FOREIGN EXCHANGE
New Yerk. .lutm 17 The week eiul
er in 1 he feielgn exehnngi. m.irket wlrli
severe ijeelines hikI new low recurd en
this nieu iii'-iit. In no single rae were
the recoveries from the etrem low
points noteworthy Operations were
rhletly en feieimi enltr nnd hud
highly sjieeiilative 11ppear.uu e. although
time' was a legitimate intluence te 11
(ertiiin extent in i ipnrts nf tin renting
s.iles ,.f niir wheat for expeit. ThN,
however, would fail te iiiieiiut mere
th.in siipf.itici.illy for 11 tuither break
In I' rein h exchange of sis points tu
sr,7 f,ir tables, cemj.nnl with Ji.OIMj
at the 1 lese of the previous week.
At the ful fi Hues recovered a slight
frin tinn in 111 the hii'tnin. Sterling lest
'..'1, 1 tin- te -M:tj for cahles ami 1
l.l.Vi for ilem.ind. piacncally the low
ligilies of the da v. The net less tin
the week in sterling was 151 1 points.
Other ilccllncs nt new- low figures en
the movement included '''. points 111
nelEiiiiis. 4 III llie. .1 In Swiss, I! In1
Spanish, 1" in Hanlsh, .", in Nerwiglan. '
." In Swedish and 10 In Dutch. Marks'
left off l't lower and within about i
two points of tin lowest ever reeurded
for Herman exihunge.
(juotntleus were:
Sleillllg cables 4.Ki''.
1 -II'.U ; franc 1 allies (17 1 j.
' s.tilll ; IlelL'inn cullies s-jt)
S.":i: lire cables l.!U... cl
-1.00; Polish .0240; Kinnish 2.1S ; Hun- I NEW YORK BANK STATEMENT1
garliin .10'-. ; Austrian .0001.
in.STElltMY'S CI)NI.MiJ Qt'OTATKi.V.S
Sterlln,r rrancn I.lr UuiM'rn
ll'mand 4 8" 8 74', 4 D7'-, S mi
Ciblen . ... 4 4U S 78 llts 3s.iJ
TODAY'S OI'KNI.N'O OfOTATIOSS
SterllPB rran3 I.lre (3ulldiri
Demand 4 44"-j s 70 4 U7 3s 70
tabltjH .. ..4 48 S 71 4 07', 3178
CtJSINf; QUiVTATIO.S'.S
Htnrlln J-Yanei I,ir (Ju Mem
Iiemind . .. 1.43'a ml', iim, :)s 7n
Cables .... 43 H 117 4 tu as. 73
GRAIN MARKET
Prev
.Tu'v
S"ptembr r
Derplilber
Wheat
Julv
Sieptemb'l
D"cember
Oat"
.Tub .
September
De embt-r
Hc
Julv
l.ard
July . ...
Uvpttjinber
f'.Os-
. .HI
.H'.S
. 1 11
. 1.11'.
. 1.15',
. .34i;
30 H
Oien
.ill!
mU 1
S't
1 10', -stl. u
1 1 1 "p ,12
I 1S' 1
S4ij
.3C,i,
11 A M
ill',
11 .118 H
liS
1 10'j
1 IP,
1 1.18'j
Week's Tax Payments Reflected In
Remarkably Big Jump In Deposits
The actual condition of the Clearing
Heuse banks and trust companies- for
the week shows they held $(!.', 031, 000
in excess of legal teqiilremetii.s. This
is nn increase of $.12,422, 400 from last
week. The remarkable sum of $1:J.T,-
1 S'l llfin In tliMn.iti.l ilit.Aullt. relt..,-.. n,1 ill..
. ...w. ... ... ......... UVlu,tli. .S..SS..., 1 tit- j .
large Income tnx payments. Leans. Streutl
showed an expansion of S2.".(!!),'i.00(i. Rebert (
Hie increased llubilitles. liewever, wite
mere than offset by the ineirnn of
. 17. .'!"!), 000 in leserve credit nt tin.
Kcileral Reserve Rank, resulting in the
above increase in excess reset vc.
lOOtl'enn Sbd
Hill IMilln Ce
cum pf.. 38 .IS
1 10 l'hiln Elec 2S?i 2S-14
S5 de pref.. 20?i 2!)
.".05 I'hllu R T !4 33?i
lOtPleree-Ar .,
pref.... 308A 30';i
100 Radie Car 4Vj 4i2
10tRep I&S flflifc COVh
lOtRtLftSK 25 25
20tTexas 1'ue
C & O.. 20'i 201'h
210 T'nlenTrac 40t 40
Mb'GI.,., .11 .10j
100 de pref . r4 .rH
5 C Ces N J. 100 100
lOOtC S Steel. U7i 07.i
tNet change made by romparlnen with last
sale en New Yerk fiteck Exchance.
Total Mien, 4019 aharea. compared with
74tis ehnrea veulerday. Tliua far mis wi-k.
1 84,1 'JO shares,
I'IIIUMlKI.riHA BONUS
1 2500 I.ibeity 2d 4s '42 100.00
I '.000 Liberty 4th 4i8 '3S 100,00
3000 Liberty 4th 4iis '3S 100.10
000 Electric & Iee 4s lets CO
500 Electric c I'ee 4s (W
35000 Lehigh Valley cons (Is... KMI'a
1000 1'hila Electric 1st 5s iWi,
3000 Phlla Electric 1st 5s.. lets !)!)
10001'hlla Elec (Is 103a
Total JBI.000, compared' with J138.130
j estenlay Thus far this week, $11381100.
3S . .
31
3-i..
4a
con
25
20'x
40U 503',
54
100 . .
07'..
FINANCIAL BRIEFS
11.42
11.7--'
11.42
11 72
.34 H
.3H4
31! '3
.87
11 72
COTTON MARKET
demand
checks
checks
ks 4 04 ; 1
Swiss r-iibles lll.OO. checks lS.ld ; pe-!
situ cables 1.1. tu. cin'i'KM i.i.nij; uanisii 1
cnbles 21.55, checks 21.50; Norway,
cables 17.12, checks 17.07; Swedish
cable 25 5. chicks 25 hi) : guilder
cables 3S 75. 1 hecks 3S 70. The lust.
Ye it
t ih .
(let
1 jet
Jan I Mr h
1 fcP'.t,
Opt-n ltlnh
ji ss ai.H.. '.' no
JI s', 21. 1'" '.'2 1)8
21 113 :i in 21 s-
1 4s 21.31 21 li"
22 85
txtw- f'lrt.e
II. Js 22 04110(1
.'I 70 21 Will Ji 00
II 4S 21 7U SO
1 38 21 neil l!'
.1 40 21.84 .'1 2H 21 l(l, 5lj
i;tv-ei reserve.
ABirrejrate reierv-t
l.eane, etc
l' .eh ill vaulti
1 a 11 tl member
banks . .
Ileserve in mem
ler banks and
rthtrvj bank
Itrnrrvc In ttale
In iiks ami trut
, rernpanies
J.' eerv 1 In ruaie
, bunks and truet
1 tempiny deposl depesl
I ter en
I .set 11, innill ue
I"i3lls ..M.31
AVKP.AdK
This Week
S27.244.H00
SliU.MH.OOU
701.050.000
r.arn Week
I23,374,hl0
3S2,7n.fl')ij
,747,Gu7,U0u
02.721 000 (13,010.000
8S2.O94,O0()
,415.000
10. 350,000
A
nj
iiieutiened 111 e new 37 points under
recent high Marks .(),. .
The premium en New lerk funds In
M011tn.il tilu. w.is inn liangeil nt 7n
per cent. The d'sceiiiit en Can.idlnn
funds in New Yerk today was un
changed at 27-32 per cent.
Central European exihunge (uotn (uetn (uotn
(leus were: Rulgarian .72; ltumuulan
.0591 ; Serbian 1.39jCMrho-HleTaklan
1.02; Juo-BlaYlre .Sii ; ureek
Cotten Brokerage Firm Falls
New Yerk, Jur.u 17 A voluntary pet.
ilen In hnnkruptev vsaa nied In ths llnitid
.-Ua'es District Court thin mernlnn agalnat
T J'-nmnifi & I'd . (.eittin brnkera, nf ss
lireail airett In whlr-h the tlrm's llabllltien
11-e nald 10 be S2S.SII2, and Its iiHaeta
?..ii 1 n) peiiiien was nieri ny uenrgn jf
the I I'm tin, 1r attnrnei arilns- for Annelri T
Jenniris'i ind I.e-tnei tl (' Cocheu, Individually
ind at .eiriners Amenir the Orin'B iih.
miK are 'Ibt i du li the amount nf $U04s,
"I h l.hu,,!te. .tre 1 luerls due cu'itumci 4 en
tn-irutiiul iradtri: atceunis
BANK CLEARINGS
H.mit cearlrKs teda compared with ar
tlttj lam two jenra.
1U2.' 1U-1 11)20
Phlja ,.f S3, 000,000
-V. Yerk NIH, 300, noe
ChleuKn.. 01,000,000 ...,
li'rJi i.vi:.
MjV
7 t"-.. !! ?llr--- ?.j-.v..'.--.1sT. J..
Wt'V,. rti'Vv. ,
V
Till deposit
1 trculatlmi
I'll ted HtHtesde-
peiuu deducted
Kxcesi reserve ,
Ah'Kreiratn re' .
I.ttans, r tc,
('fish In vaulti
a n 'I member
banks , . . .
Ilnrtrve in mem
ter banka ami
reserve bunks .
Ilea tv In Stale
hanks and trust
LeinpanUs
IteeerVf III .Sl.iln
banks and trust
1 eriip p ilt
prtsitnriert
Net demand de
posits , , ,
Time (trfpetlts
Circulation
uepesita
32.S,f.73,U0O
Ul,4UH,0l)(l
70.082,000
ACTUAL
This week
fin, 9.11, ecn
i,n. .-ii.iiiH)
4.503,743,000 1,773.032.000
38,381,000 111,880,000
11211,554,000 870, 17.1.000
301,000
11. a
deducte
10,200. 000 10.420,1100
1,37.1.518,000 4,230,3(12.000
310,028,1100 880,(138,1100
34,osi,uev a,ea,guu
87,040,000 7!302,000
,S. Ce,, Inc., nnneunces that
. Rewe bus been appointed
assistant te the prcsnicm.
The average price of the twenty ac
tive industrial stocks declined 0.14 per
cent jesterday te 01.11. while the
twenty railroads declined 0.37 per cent
Directors of the Reeth Fisheries
Company will meet early next week
for the purpose of calling a special
meeting of stockholders te nutlierUe
$10,000,000 refunding debenture 7s,
Mi.h.niliiiite te present outstanding
8B4.R24.oeo I debentures, and It Is expected $3,500,.
000 will be sold nnd proceeds applied
7,375.000 te reduction of the floating debt.
- New Yeik. New Haven and Hurt-
! ford Railroad applied te the Inter Inter Inter
in,3s4,noei state Commerce Commission for au
therity te issue sve.nim.iiiiii nrst aim
1 ef milling 0 per tent mortgage bends,
Carrier proposes tu deposit bends with
the Secretary of the Treasury as part
collateral for $2,400,000 lean from the
(ieveruuient. The bends will mattue
.lune 1. 1012.
The management of the Lima Loco
motive Works has evolved a plan of
capital readjustment for the corpora
tion which Involves the exchange of
two no pur value shares for each share
new held and the offering for sub
scription te stockholders of new no par
value stock at !f.10 u share In the ratio
of one and one-third new shares for
each Miaie new neiii-, ne purpose 01
17,000 4,200 151,000
347,024.01)11
31. 80S, 0110
82.041,000
Last week
SHI. 80S. 1100
81)7,034.(1110
I30.H0O
held
this readjustment, involving tlm new
financing, is te curat for expansion
which the management fbelds abuolute abuelute
ly necessary te taksjafire of Its greatly
extended Dusnies '
NEW YORK CURB J
1NUG8TRIA1.S
Sales 10h
lUOOAcmn Ceat .. .. l'
lout) Acme I'ncklng . . e
400 Am Drua- .-'
hue liecch Nut ... .
aoeilklyn City
200 llradiey !'P, . . .
8U0 Hnt Am Teb coup.
2200 iruddv Jluds
100 Car Llglfl
7200 Chicago Nipple . . ..
2200 Oiumli'n Emerald
iuu cent jtotera
400 Cuban Jjem Pus.
s
an
Sic
(I
77e
7'.
10..
r."i
(lit
sli
31)
J12'i
s
12'i
ll'l
2S'i
s(i
no
Sir.
4'.i
7V
. .,
200 Danltls .Moter
300 Denver Hlo (J
1100 Dubller C &
000 Durant Moter
lOUIIIelt S It .
200 aeldwyn Pliturcs
Kill (loedyeiir Tire . .
100 Orant Motoi .
ftoe lle den Chem .
200 Hudcen Man
flOO Aluminum ...
200 Am Metal pref
20O llrndley i' J' Prer
200 Chicago Nipple II
3710 Int Carben .. .
tee Inter I'rep ..
3801) Moen Mters .
2000 Imperial Tobacco
400 Inter Rubber . .
100 Ubby. McN A I.
000 Lincoln Moter A.
100 perrect'en Tire
100 Pub Serv N J
3.100 Ilndle com . .
400 Itadle pref
BOO lien Moter Trufk .
2100 Seuth C & 1
200 Tenn Hy I. L P Pt
80(1 Tobacco Products..
100 Tedd Ship .
SOU t'S lit II
80O tin Itet Candy . .
H0O wavne coal
200 Willy Cerp 1st
4000 Man Trens . . .
100 N V Trims
tee Penn Ce-vt
1200 Teb Pred w I .
700 Teb Pred "A"
1400 Tenn Dlee Power
STANDARD OII.8
moo Anitle-Am OH . .
40O Atlantic Iobes .
80 Galena PlRiial . .
10 Imp Oil Canada
20 Illinois I' I. .
10 Prairie J'lpe
80 Pe-jth P U
30 Seuth Penn Oil
300 Htand Oil Ky l.
fiTfin Mitiml Oil Intl
20 Stand Oil N Y
ilei'i,
3'''..
. 3'i
. It's
;!
104
. ia-
: Va
. .1
a':
pref 103.
44
a A
24
70c
21
7
IS
ai
14
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200 Creele S.vn
300 Kqulty pf
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211,0 federal Oil
700 Keniland
8110 Ullltlnnrt Oil
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sreKnjstme Kanger ..
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2100 Mex Meabeard rtfs.
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2100 Mexico Oil . . . .
3100 Mexican Seaboard.
Him Meuntnln Pred
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1:110 New England
3810OOmar Oil
c.neitvan Cens .. ..
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1400 Sapulpa Itef ....
300 Slmms Pet
3000 Hkelly Oil
7000 Southern 1' a: !(.. .-
2O0 Srencer Pel . . . 2'i
4()i0 Stanten 31c
lene skellv Oil rls 8
74(H) Texan O I. 03c
100 Tidal Osage . . .. 144
2100 Turman 1 n
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1000 Wsotern States 34
31)0 Wnedley 15
400 Wilcox Oil . , . . 3i
400 Woodburn Ode
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1:100 Am Esplerat . ... 2l
lOODO lllg Iedge ... . INc
I1OO0 Hest & Ment . .. Hlo
210DI) Hint Ment Cens .. 7dc
S00O Calum.-t . Jerenm IDe
2000 Canada Cep .... aoe
1U00 Candelarla it .... 33e
2JSOH Cens Cep M' . 77e
8200 Corte2 Silver ... 100
1300 Uoleres Esper . . 2'.
13UO0 Kurejt.i Creenui . . 25e
2000 (iallna -'
8000 Hard Shell . ... lse
50011 Harmill l .... he
liiellerhi Mining . .. (Pa
100 Helllngvr 0
1000 lluvvn Sound .... H'i
S300 lndepend Lead . 30e
1 100 iron HloHiieni .. 27c :
200 Jereme Verde Dlv . 3'4
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InijiMleld Slates 41c
2000 Nabob He
4uO0 Pivelfle Smelt ... 4
200 Shelden Vt
loon Silver Hern 11
70O Magma. Cep SO
lOdiie Marsh Mln 24e
131)0 Masen Valley .... 2'
SHOO Melhe.-lede C ... ll'j
loeo Nutlunal Tin .. . 40e
Sllue Nevada Ophlr . . 3iie
211(H) Nev Ml Hern . . 7ti
700 Nlplssing tl1.
3000 Hay Hercules 14
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limn Silver Dale . . 3Se
inn Tonopah llt-liiinnl . I li
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lene VnUu.ne 44
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1000 bpeaihead 1
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2000 Allied Tackers 0s . 8.V3
1O0II Allied Pkrs Ss ... u,v4
3000 Aluminum 7 '2S VH
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HiOilAiner Cotten Oil Hi OH'i
8(100 Amer Light T (la..1DH4
100(1 Amer Tel 0s '24. .101 s
8000 Amer Tobaece 7s. 1024
11000 Anaconda Cep (Is 100
SHOO Anaconda 7s '20.. 10,3
2000 Angle-Am Oil 7'ia.l03M
33000 Armour & Ce 7". .101
23O0O Atl llult & W I 83 111 4
1O00 lAtth Steel 7s '2.1. .1044
70OO Hr-tti Steel 7a '33..102H
10000 llroek l'n Gas Us 103
10D0 Can Pacific Us ....HUH
11)00(1 Central Steel Ss.,103j
1000 Cities SerMne 7s,. 114
1000 Cens (lis Halt 7a. 10,', 'i,
3000 Cens Textile Ss lis
2nOO Cem Power fls . 110
1000 Cuban Tel 7 4s .10(1
4000 l'iH,.pert Tex 74s. 133
20H0 Umpire a & R lis. 101
3(11)11 (lulena S O 7s. . 104
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4i,i,ii (lull uii 7s 104
1000 llcrshev O 74s. ..1034
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Te Helder of
The Texas Company
7 Nete. March 1, 1923
Te be called for payment Aug. 1, 1922. at 101 and interest
Wc recommend for the re-investment of these funds
Union Oil Company
of California
20-Year 6 Geld Bends
Dated May 1, 1922 Due May 1, 1942
at the Market
Te Yield About 5.90
Nen-Callable During the Entire Lite
Union Oil Company of California, organized in 1890,
is one of the eldest and most firmly established oil com-
panics in the United States.
KAnNIN'O
Fer the fiscal year of 1921 the company's net income
was $10,528,207, all in excess of the total amount of this
issue. Fer the past 5 years the net income has aver
aged $9,374,153 annually.
KQ.1.T1TV
The company has outstanding $50,000,000, par value
common stock, at present quotation representing the
market value of $90,000,000. Dividends are being paid
at the annual rate of $12 per share. Cash and stock
dividend distribution made during the past 22 years
have amounted te $57,642,222, while there has been
added te the surplus $35,844,914.
DILLON, READ & CO.
1,00(1 Pub Serv N
8(100 Sake tc Ce
8000 Sears-ltblt 7s
2110(1 Srars-ltbk 7
linoe Shavvhhtien 7:
2O0II Selvav r-t Cl
3O00 Stan Oil NX 7m,
21O0nsi.ni () N 4s
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700O Swift A i e 7s "2;
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7000 Vacuum OH 7s .
20'IOO Western Ulcc 7s
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1200H Chlc-aavi Un Sta 3s H'l4
3000 Cu.is tias Halle lis 1)04
UOKKKiN flONDS
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3(H,0 Punta Aleure S is Kill
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Te the Helders of
Interboreugh-Metropolitan Collateral Trust
4V2 Bends and Certificates of Depesit:
Limited Extenaien of Time for DepeaiU and
Change of Election
There have new been deposited under the Plan of Readjust
ment of Interboretigh Rapid Transit Company and Manhattan
Railway Company and the Agreement dated May 1, 1922,
approximately 85 of the total amount of the above named
bends outstanding in the hands of the public. Approximately
80 of the depositors have elected te purchase new Inter
borough Ten-Year 67c Notes purjuant te the Plan. Substan
tially all of the depositors who have elected te exercise the
option te surrender 60 of their bends have done se through
failure affirmatively te elect the purchase option.
At the request of representatives of a number of bond
holders, who because of absence from the country or for ether
compelling reasons have failed te deposit their bends or te
present their certificates of deposit for notation of election te
subscribe for new Notes, and also te permit depositors,
who by inaction have elected te surrender 60 of their bends,
te change their election, the Committee will for a limited
time permit the deposit of bends and also changes of election
by these depositors who desire te elect te purchase the new
Notes. Te exercise this option holders of certificates of
deposit must present their certificates te the Depositary,
Guaranty Trust Company of New Yerk, 140 Broadway,
New Yerk City, for notation thereon of such election.
The Committee, however, in addition te all ether powers
vested in it by the above mentioned Plan and Agreement,
reserves the right, without further notice, at any time te refuse
te permit further deposits or changes of election.
The Committee has directed Knipirc Trust Company, suc
cessor Trustee under the Trust Agreement securing the bends
te proceed forthwith with the foreclosure of the Trust Agree
ment. June 15, 1922.
Interboreugh-Metropolitan 4 Bondholders' Committee
GRAYSON M.-P. MURPHY, Chairman CHARLES H.
JOHN McHUGH. CHARLES S.
CHARLES A. PEABODY FREDERICK
SABIN,
SARCENT, Jr.
STRAUSS
BOUDINOT ATTI'IIBUKY, Secretary
110 Broadway, New Yerk
CRAVATH. HENDERSON. LKKP1NQWULL & DD GERSDORFP-.
Counsel,
52 William Stres-t. New Yerk
GUARANTY TRUST COMPANY OF NEW YORK, Depositary,
110 Broadway, New Yerk
Eastern Pennsylvania Railways Company
STecniini.ur.ns' i.retectivi cemmitter
CIU'ATKII BY DKI'OHIT AGREEMENT
UATUD OCIOUEK 1. 11121
NOTICE OF ADOPTION OF PLAN OF REFINANCING
.WW 1S.0. cn's-nt. 'dsitlTeW nn&&V&$SSE"tl, '
tlrst part. Ceinincia, 'i'iu.1 Company, of Pnllad.lphii Depe.ttary. Jf ?h? "aece'ni P-rt
una audi held. of the preferred and common, ateck of the Uaatern rennailvunPa Rail
vvaja Company aa hava become parr.ca thereto by depealtlng their -aharea i if ateck theri
under. have uppreved a plan for the rcflnanclnn of aald Eialern Peniiaylianla Hallway!
c.0m,5',?Mly.e.nt!.that,sn t0?.y "'.' -"" n" '" "'"A with (he Cemmeri IS Truit (Jernwni,
of lhl aiielphln, Depositary, pepealtlni; atockhelilera who de net vv ?1 dravv from i"lJ
a.Tdeplan. AKttcmeM " ur Jr'er Jw 28, 1022. will b. deemed "te "ha vVaM.tU. "t!
un uiiufieiK.ini . iiinmiiiH anne nave power te determine whether
or a.nent has been made te Juatlfy declaring .aid Plan operative.
.WS.H...... WlU,lU.n ., IJIKltf-Iv
b ilcKCEllAN . Counsel CLAHKNCE 11. CLARK
Merrla Ilulldlng, j. n Wiiitp
I'hlladclphla n""t
aufflclent dipeill
H. II. DEAN
SAMl'HI, D. WAIIRtNEB
M. SI. "I.ni-.UAN
Committee.
C. 1IOPSON, hcietary,
ei llreadway. New Tort
lift',
1.2
Kill
13'
20
P,1'
102
nib
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HI',
DIVIDENDS DECLARED
IlucMUii CnmiMnv. euarlerly li per cent
nn preferred, paabl July 1 te mock of
record June 21.
Atlantlr Teira I'etta
1 per cent en preferred
jlnt k of record June 2'.
WejtlnKheuse Alrhruk
terly II payable July 31
old June 30.
Company, quarterly
puyable Jjrie :'8 0
Company,
te stock
Oiinr.
of rcc
Wylle Heads Mexican Petroleum
New Yerk, June 17. Herbert tl, Wjlle,
vlte preltient and general mnnaf-vr of tin.
trtilcan I'llrnleum Cnmpiiuy, haa been
elei ted prenldjnt nt the etnpunv and IN
HUlialdlark'H nperallnif In Mi xlt n, II uhh nn
neumed ted.iv. II I, Dnhiny retlietl i,h
prvtldeni at his mm n-'iufbt nnd luxnnua
ihalrm.in (if the beird (if tlli cr-u i : nf ihest,
n.minn", lie rrtalua bin ptiKltien how hew
ever, aa president of the i'aii.Aiiitrlian l't l't
trelcum nnd Tiaimpnrt t'enipany.
Bosten BanKt Tk Holiday
BOSTON Today. Bunlitr Hill Day, wai
ebaenaa u bank holiday here.
KllMMIlJj't
SPECIALISTS
Wc make a dependable
market In all itsuci of
UNITED STATES
GOVERNMENT
SECURITIES
COMMERCIAL
TRUST COMPANY
Member Federal Rcicrve Syitetn
City Hall Square
Kingdom of the Serbs,
Croats & Stevens
(Jufe-SUvia)
Secured External 8, 1926
95 ia & Int. te Yield about S.40rr
Luzerne Ce. Gas & El. Ce.
. Sinklnf Fund 7i, 1942
95 & Int. te yield about 7.50 (r
Tennessee Elec. Pew. Ce.
' lit & Ref. 6i, 1947
96 & Int. te yield ever 6.30
AtfCewnCft
LAND TITLE BUILDINQ
PHILADELPHIA PA.
'Iniiliera I'lilludelplilii Stock ltliniiei
II Vs.
1 'J'J!i
ii r
m - "- i
SS
Lawrence E. Brown & tV
CERTIFIED PUBLIC ACCOUNTANTS
lflf.0 KKAf. ESTATE TKllhT ' III (
Inveatigate ahd adlu?i drrVnru.iii'"'!;
lta-IU,,ff-ir,11!Stt M WWW fiQNM
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C. S. PATTON & CO.
Ill A CIIIISTNI'TKIH.
BANKERS
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