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EVENING PUBLIC LEDGER-PHILADELPHIA. .SATtJBDAY, SEPTEMBER 2, 1922,
iftire riRnnp in
-,lr IHULAJ LfllUUI 111
i 1
ts "f
ft nnnnun mmi
I
4 Signals Point te the Situation
t Drifting Inte a Secondary
Inflation Period
Jh
NEW YORK STOCK MARKET
Only Afternoon Repert in Philadelphia Quoting Full Litt
Tetl.ij 'i sxe 340,000 shard
Ycstcnlii ' ile ....1,118.300 shares
Tela! for this week. . .'.4,071,800 shares
New Yerli. Sent. 2. Holiday Infill-
eWjeJes and (lempcn' threat te call a
general (.trilse produced both n marked
contraction In the volume of trading
and considerable Irregularity In prin
movement In today's brief fe3slen In the
stock market.
At the outset the Renellst list held up
fulrlv wrll. hut limine tli firet hour
tke railroad nhnres and some of the
mere active nceulntlp fmerlle envc
'4tiiimil. The selllnp movement, hev
4JTer, did net reach lery large piopor piepor pioper
tlons, but uas confined lnrgeh te the
j'tnere timid traders who were reluctant
about cairyin? vciy large commitments
OVv the dMible liellela When thi"
prefit-ttiklng run Its cenr'e, the mar
ket drifted into a nirrew trading aien.
Strength of domestic issues, portion
Jarly ralhend meitgag'x. featured the
relatively light dealing in bend. For
eign lfsues weie irttiallj neglected, a
rise of tj point In Solsven 0" and a
decline of 1 point in Zurich S being
the only netennrth f-ntures.
In the railrcnd Ht, I'rle prier lien
U .made the lt show in?, registering
a, gain of IVi points &t lain cen-j
vertlble 5s were up n point and gain
of lnige fraction were made bv St i
Paul convertible nnd refunding 4'2.
Chesapeake and Ohie convertible ",
Central of licergia Cnnsellelited .".
Chicago and Alten 3s. Seaboard re
funding Tis and Consolidated Os New ,
Haven C-, Atchien 4. Norfolk nnd
Western oemertihlc fi and Baltimore i
and Ohie 4 Slight le'sse uere shown
by at. raul general 41js ami
Haven convertible 4 of 1!)" I.lbern
bends ucrc s.lghtlv renctlenar.
If the little eek ticker can still
be regarded as an Infallible barometer
of the ttend of business the country
Is plunging headlong into what econ
omists are pleased te call a period of
secondary inflation In fact, presence
of such sjmptems are frankb almltted
by conservative banking interest'. This
means, of course, n period of big busi
ness ahead for all classes et lndustr,
and, in turn, huge c arcings for the
transportation companies which will
carry the raw ami finished material.
Whether another speculative erg as
witnetscd during the war jears will
develop i problematical, bur like all
diseases of a virulent contagious tjpe
there are no reliable means of meas
uring or sounding tne possibilities of
its ramiticn flen
Anether oucstlen is the future reh-
tienship of this well-defined coming
prosperity in business te the stock
market. Te thee who fix their d'- ,
deletions from the spectacle of n-lng
values the market of the current week i
offered a wide avenue of Imaginative i
possibilities. Nearlv four-score of list- i
ed stocks, representing about twentv
five distinct industries, nchieve new
high records fei the jear Tbis wan
accomplished in the face of unfavoi unfavei
able tendencies nbre.id. and in tace of
labor disputes threitening t disrupt the
entire industrial structure. Wall street,
however, for some time pet, has work
ed quietly and consistent! en the
theeiy these disturbances would be ul-
tlmately settled without rlguiing upon'
the terms. That 'lelp 0f the question
did net seem te bother these directing
f .wie constructive imipnign. as tnc.v were
looking eul.v nt the side when the Inter
ruption of the industilal prosperity
would be removed
Having pushed maiKet values alme-t
steadily upward for ever twelve months
despite -ill forms of opposing condi
tions nnd circumstances, prompted os.
tensibly en the tied idea et a general
. revival of prespent.v ia- imminent,
thire Is a growing emm fmi among
recognized competent elwrers of the
high peak of market values having dis.
counted much of the reconstruction ac
complished. It is en! fair te tate,
however, a far larger number, either
Influenced b blind enthusiasm or abil
ity te leek dicper in the fatiire, prefe
te find present coin lw in lsn which
indicate a prolonged puiid nf hui-ter-euii
speculation anil exciting ldvuncing
prices, 'lhere is litt e chnbt a much
higher level of kcviirin ahies v ill be
attained vvhen concrete testimen, in
form of enlarged earnine's, is obtain
able, therein pennittnis ietoraiien or
"'iu uimi i'jui inn.-, wnicn were si, j
drasiicallv revised as a result of the
usiness depression of lir.'O and lnjl
The fact that must be continuously
borne in inlnd frcm a point , f atetv
Is whether or net tlm ttPinendeiis nfe
in securit values from the ,ihn rm.ii
low level of last ear has ret out
distanced the business Impievement
7
4
7
4
4
7
12
NEWS FOR INVESTORS
The average prl- e of the twentv
active Industrial stocks advanced 0 .",0
per cent te 101 ',s. establishing a new
nigh for the in.-rent vear The tvvent,
rallB, en the ether hand, dec nej u 07
per cent te 9L41
The Cuba Cane Sugar Corporation
("paid off the last remaining $.1 oOe.Ouo
pf acceptances en Augirt 31 nnd the
-. cempan new ewes nothing en accept
ances, nccerdlng te a statement made
at the close of the regular raeii'lily
meeting of its directors The cempan
had $18,000,000 in outstanding accept
ances en September 30 hint
Frank C .Matthews has been named
as broker en the Philadelphia exchange
te lcek after the menev j est winch p
te be installed next week. He will act
as direct represcpt.iti.c of banks as
Well as brokers M V .Mlddleten, ,lr ,
president et the exchange, said the pest
would be in operation bv I'riday, and
that in the meantime letters would be
addressed te nil banks nnd.brekerb not! net!
lying them leans could be negotiated di
rectly en the fleer.
Fifty-six railroads which have re
ported for July show practically the
-same net operating income as for Jul,
. 1021. Gress is about 4 per cent below
year age.
Bids for an American lean of SHO..
000,000 te Haiti will be sent out seen
by the Huitlan Minister of Foreign Af
"fairs, , it was auneunced after call of ,
that official at the State Department
at Washington.
A Londen cable sn.va no geld wns
Exported te America In the week ended
August 30.
Jt Authority was granted the Northern
-Pacific Railroad teda by the Inter-
ttate, Commerce Commission te assume
liability for the najment of interest and
Brlnclrml of an issue of . 1,500.01)0 in
. equipment trust ceitificates. Sale of
,tiii securities will furnish the reud
I'-.j-lunds for purchase of new rolling stock.
1.'-. Melbourne cable states that the
V4'tWAUSiruilnii ii'uirtt m iii'tirt'seiiuiuves
1, J)m autheilj-ed 11 17,000.000 lean,
-tie.OOO.OOO of which will be lent te dlf-
v.Tent states 10 nnew cLuieincm 01 innu
'en ex-seldlers, and 3,000,000 will be
allocated for telephone, telegraph and
1A1 An application for authority te issue
H,vH2.B58,000 in 0'fi per cent preferred
j-v -iUV P III.U lwilJ ,,,n, i.t ,i. -
Llf si. wave vjeiniiiiTcu ojeiiiiishiuii uy me
PS 'JZ3. 1 .....1 ni.r. Tll.l rrl.
AkUlllUUIl. J.IIU
the new issue
cnl1 anrl in una
i.Tw ,Auull (for mnlrlniF ffpnpml flddlllenft
.'iriw1""" v '-""': it '
rylftM wttefiU e its Hues
3D3
tee
301
50
8100
313
tODO
100
200
100
13))
330
100
203
103
203
933
100
103
63.
103
200
53J
1103
200
203
1430
5403
533
330
103
333
230
103
15 JO
1530
533
8 JO
20J
533
ire
430
493)
1233
100
103
58H
100
303
3)3
630
103
103
603
' 400
4 J3
333
503
100
70)
100
1433
703
100
930
030
1210
800
803
1403
630
2203
2430
2303
4600
6133
403
200
430
3)3
190)
100
1503
6)3
800
533
100
100
2533
1733
203
7230
3200
100
100
530
700
330
630
200
30J
203
700
100
403
503
203
1200
100
3533
700
100
203
833
2603
100
13)3
233
222)0
533
7JJ
4)0
200
200
1)J
20)0
1 JO
100
ZJi
100
203
60)
I J J
8)3
3)0
100
2W
100
200
33.?
500 ..
1700 5
83
1vJ 6
23J ..
2-0 . .
130 6
1 uJ . .
2JJ ..
430 ..
3j0 ..
10J ..
1 400 . .
2J0 ..
2JU ..
100 8
500 ..
1503 ..
200 7
300 ..
100 ..
300 3H
D'.v.
In I STOCK "teh
.. Adams Etpres .... 80
3 Advance Itumely pf. 58
.. A1ax Ituhber " Vt
All American Cablesiie
Allied Chem Dye S0J4
Allied Ch h Dye pt113U
Allls-Chalmers .... 58 ?4
Am Besch Magneto 39
Am n Sh Fdy new 77
Am B Sh P pf newllO
Am Can "Ji
Am Car A Fdy 87H
Am Cotten Oil.. . . 27 J
Am Hide & Leath pf 72
Am Ice ...118
Am Ics pf C3
6 Am Locomotive.... 123
.. Am Metal pf 1084
4 Am Itadlater 116H
. Am Sifetv Itazer... 7(4
.. Am Ship & Cem..,. 1S'4
. . Am Smelt 63
12 Am Snuff '34'4
3 Am Steel Foundries 4?n
. . Am Sumatra S7 l
.. Am Sugar Ref 84
9 Am Tel & Tel 127 Mi
.. Am Tel & Tel rts.. 3H
12 Am Tobacco If?
12 Am Tobacco B 13
6 Am Tobacco pf new105tt
., Am TVatcrwerkv . .. Itf'fc
. Am ITatrvvs.3 6 pf 40
7 Am Watrwks 7 pf 88 Ti
7 Am Woolen 95K
.. Anaconda Copper... 5514
4 Asse Dry Geed'. . . 57 H
6 Atch Tep & San Fe 04 H
5 Atch Ten &. S F pf 94 V
7 Atlantic Const Line! 19
.. Atlantic Fruit 2'5
.. Austin Nichols 30'
7 Baldwin Locemotivol30
.. Baltimore Ohie .. 58 '4
4 Baltt & Ohie pf 65 '4
. . Barnett Leather .. 62 U
.. Bnrnadall Class A.. c7H
Bayuk Brc? ... 50
. Beechnut Packing -2
fi Beth Steel B 77 T
.. Beeth Fisheries ... 10
.. Bk'vn Rapid Transit 25
n-(ra-n Shee 63
t, Buff Rech S. Ptts . 66
. . Buff Rech & Pitts pf 90
10 Burns B-os 1'7 H
2 Burns Bres B . ... 49 ?4
.. Butte Sc Sup Cep.. 30M
6 California Tacklne
.. California Petrel..
. . Cal Zinc & Lead . .
10 Canadian Pacific.
.. Central L-ather....
. . Cerre-de-Pasco . . . .
Chandler Meters . .
4 Chesapeake f. Ohie.
.. ChlcaKO & Altei...
. . Chicago & Alten pf
. . Chicago & E 111
. . Chi & U 111 (new) pf 61 4
.. Chi & Gr West pf . . 19!s
.. Chi Mil SL St P
.. Chi Mil & St P pf..
6 Chi & Northwestern
4 ChlcacT Pneu Teel
Chi R I & Vac
. f0'4
. 65
. en
.149
, 41 U
. 40U
. C3'i
76i
3l
CU
39 Mi
24
52
4'4
82 1
48
6 Chi R I & Pac 6 Pf 86 H
. Chile Copper 23 i
. C'hlne Copper 31 H
. Cluett-Pcabedy .... C4i
4 Coca-Cela '0"a
2 Cel & Southern.... 49 '4
. Celum Gas & Elec..'C4j4
. Celum Graphnphena 37
6 Cemput Tab Kec... 75
. Consel Clstar 36 H
. Conel CUar rt . . . 2i
. Consel D!s Ins .... H
g Conselld-ited Gas ,.'lVi
, Consel Textl es 11
. Continental Can.,.. 87
4 Cosden & Ce 48 '
. Crucible Steel E6
7 Crucible Steel pf... 84
. Cuban Am Sugar.. 27 '4
, . Cuba Cane Sugar... 15 'i
. Cuba Cane Sugar pf 39
. Pavlien Chemical.. 52
, . Debsers C Mln Ltd 4
Delaware & Hudsen! ZB U
Del Lack & West... 134 3
Detroit Edisen lib
Du Pent (E I) Ce..148'4
Du Pent 6 deb pf 86 2
Eatman Kodak new 64 '
K.cc Sterige Bat... 47
End'.cott-Jehnson .. f8
Erie 16?i
Erie 1st pf '5U
Erie 2d pf !0'4
Famous Players L..101 V2
Fed Mln & Smelt pf 56 H
risher Bedv of O pf 91 1
Flsk Rubber 1H
Freeport Texas.... 24
General Asphalt.. . 70 H
Oei eral Asphalt pf.1C4j
General
G'neral
General
Genera!
Cigar.
Electric. . .
Meters. . .
Meters pf
2
83
55
14',;
6
b5'
99' 2
35 H
86
3!i
4
4' 14
1514
34
E4'j
EOJi
1 'a
IS '4
8Js
.111 H
6 Gen Meters deb 6"0
7 Gen Meters deb 7
. Goedrich B F.
7 Goedrich B F pf ...
. Granby Mining
7 Great Northern of. .
4 Gr North Ore ctfs. .
Gulf Mobile & North
. Gu f States Steel . .
7 Hartman Cerp . . ..
. Housten Oil .. . .
2 Hudsen Moter Car
1 Hupp Motorcar . .
. Hjd'.aulc Steel.
7 Illinois Centra .
. Illinois pf wl Ill
. Insphatien Cen Cep 4214
. Inte- Rapid 2914
lnternat Cement.... 3414
Inter Cem Eng 27 H
Int Great North wl. 23
Int Harvester new. 112
De odd Lets ..11214
Int Mer Marine pf. 56
Inter Nickel 17 i
lnternat enal Paper 58
Inter Piper stpd... 75 '
Invincible Oil 14 K
Iren Products 34
Island Oil
Jenes Bres Tea.... 46 H
Kan City Southern. 25 H
Kansas &. QuU 4 '4
Kayser Ce new... 46
Kelly-Springfield ... 43A
Kelly-SPB T 8 pr.102'4
Kennecett copper.. 37
Keystone TAR.... 8!4
Laclede Gas of St L 89
Lackawanna Steel.. 8014
Lake Erie & West.. 33
Lehigh Vadey 70 14
t ew
79'4
58
11 U
116
8?4
113
58
39
77
110
62'4
U6
;7V4
72
118
93
122U
108
11654
7
16'
4
1494
4214
37 V4
P4'4
i:6H
IfFtf
162
105W
184
40
68 ?4
95i
55 14
57 i
104
94
1 1 8 H
2h
30
129
58'
65 !4
62'
36
50
32
77
10
25
63
66
90
137
4914
3014
f0'4
64
"i
148 U
0
40 14
12'-.
7614
3 '4
6",
3814
10
18
32',
5114
93
77
!7'4
86 ',
314
31 ',
C4J4
70
49 '4
1C314
3
745
36 "
2
13614
10',
6
48 K
5
SB
T614
15
29
5214
i3
12eB
134
115
147 '4
6'2
i4'2
46',
te
15 'a
5
1814
P9
55
91 '4
1214
24
9'2
1C414
79
1K5
14
6514
15
S9
35
8514
J2U
y4is
41 Vz
15
l 3
8412
80(4
-I
18 k
8
11114
111
41 H
291.
34
27
23 H
110
1121-4
5614
17
57 V
7514
14
3314
H
4614
5
414
46
43
102 !4
37
Us
89
79
33
69
1!
'4
1
14
1
H
14
14
1
314
'
514
'4
114
Tedays Net
re"t CUB"
79!i- 14
58
uj;- '
116
t91i
113'
58
29
77
110
1214
U6 -
2714-
72 -118
-
3 -
i:2-
100
11614-
7
1614
65 -154
V4
4214-
37'4-
B4V4
1.6?n '4
U514 -1
163
10514
10
40 -88H-?5-55
14 -57
'4 -
104 -9414
-11C
J4
?W
30 -129N
-
5814 -
65 "2
6214
26'4
50
32 -77-10
-25
-63
66
90
W -4914
-3014
-
014
64 -814
-
H8H
41 -
40'4-
e2 -
7614 -
3's
6'4
38 -60
-19
33'4 -
51 t
93 -82
'4
2314
31 U r
1414 -70
-49
14
1C4'4 -
3" 4-
74 -
36 -
2-
-
137
11
87
48
6 -f-93
26 '4
'5
39
5214
.3-
128!,-
134 -
115
148'2
6t2-
84 'a -r
s6'e
C8 t-15'4-
:s -
1814
10! 'u
56
91 'IT
1214
24 -69
'2 -104'4
-81
'r
U5
1414
86 f
65 DD -35
-852
-
3214 -r
9414 -4112
15 -t
13 -84
'j -0
14 -21
H
-4214
-2914-34
I
27 23
112
1I2'4
E6U -
17 -
!
Dlv
In
STOCK
114
24
y
14
U
14
215
E2)3
103
2)0
433
22)3
200
1030
1100
100
100
8)3
100
4)3
1033
203
1053)
33)
300
24)0
9)3
100
11331
193)
430
433
7)0
300
18)0
2000
32))
1300
6)0
100
100
5)0
100
6)3
100
2)'l
333
1230
100
19)3
103
2333
2)3
403
2830
200
400
100
203
230
310
16)3
6330
12)3
18)3
3103 ..
100 6
2D0 ..
100 6
100 6
23) 3
3c0) :
9J3 ..
233 ..
100 2
703 6
1233 .
100 14
9 50 6
1103 8
103 ..
7433 ..
5)3 C
2833 8
1333 2
100 8
330 3.41
130 ..
HlRfc
Lima Locomotive.. 414
.. Loew'( Ine 2J
.. Loese Wiles 2J;
7 Louisville & Nash .139?
.. Mack Truck 56 U
.. Malllnsen Ce 3814
7 Manntl Sutrar nf-- 8x
.. Manhat Kiev ctfs .. T4
2 Manhat Shirt 40,
6 Market St prier pt. 54
.. Mar St Rwy 2d pf 21
4 Mnrland Oil . '
.. Max Moter Claps A 59
.. Max Jioter Class B 1?
8 Mav Dept Stores -131 r?
Mclntyre new 9'4
12 Mexican Petroleum. '95
8 Me Petroleum pf.. 68
8 Mex pf S of 6 . 97
6 Mex Senbeird
6 Mex Seaboard Oil ct 20 h
2 Miami Copper 30
20 Middle State Ceip 13
.. Mldvale Steel ?4ia
.. Mln fe St Leuis new 10 14
Ul SI P A S St M 70
.. Me Kan & Tex (wl) 184
.. Me Kan A: T (wl) pf 46
.. Mlseurl Pacific... 13
.. Missouri & Pne pf. 59
.. Montgomery Ward 2
.. Moen Mrtersi 14 14
.. Mether Lede Mining 11 'i
Nat Biscuit
Nat Cen & Cable.
Nat En & Stamp
14
'4
114
'4
3'4
14
Is
1
2
1
14
i
';
1'2
2'4
1 7
14
14
2403 4
100 2
700 2
3J) ..
6)3 ..
6.0 ..
14)3 ..
18)3 3
200
1200 4 13
230 ..
103 ..
3JJ ..
100
3)0 ..
203 ..
2103 ..
100
,150'i
2
53'4
Nat En & Stamp pf 97
National Lend 108
Nat R R of M 1st pf iex
Nat R R of M 2d pf 4
Nev Cen Copper. ... 17
N Y Central l8'4
X T C A St L 85
New Yerk N H A H 32
Norfolk & Western.118
North American.... 4
North A mer pf 464
North American rts. 26 '4
North Pacinc C9
Ok'a Pred & Iter... 2
Orphcum Circuit. ... "2
Ots Elevator ...ISB'i
Owens Bet Mach... 37
Pacific Devel Cerp . 4
Pne Gns & Elec T3
Pacific Oil '7
Pan Amer Petrel... F2'4
Pan Aer B . . . 70
Pennsyvnnla R R . 47
I'enn Seaboard Steel 7'4
Peeples Gas ChlciRO 2 '4
Per- Marquette 39
Prre Marq pf 74
Pere Mart prier yt. 0
Ph Indelphla Ce... 44 '
Phillips Tet 5214
Plerc -Arrew Moter 2
Pleree-Arrew Met pf 30',
PlgKlv Wigqlv Stere 40
Pitts Ceal 69U
Pitts & W Va 40
Pend Creek ceai... 2 14
Pestum Cereal 24
Pestum Cereal of... 109
Pressed Steel Car.. 85
Producers & Ref.... 46
Pub Ser cer of N J 514
Pullman Ce 130
Pure Oil 33
Rallwav Steel Sps..118
Rind Mines
Ray Cen Copper. . . .
Keidlng
Reading 1st pf
.Reading 2i pf
R-mlrgten Tpv...
Replogle Steel
Repub lien & Steel.
Republic Mte-s ....
Revne'di Teh B...
Rels & Ce
Reval Dutch N Y..
St Leuis San Fran. .
St Leuis 3 Fran pf.
St Leuis Southwest.
Saage Arm-t
Seaboard lr Line. .
.Scab Air Line pf. . .
Sears-Roebuck
Shattuclv Ariz Cerp.
100155 Shell Tr.inspert.
4
1'2
'
',
'2
'4
Hi
'2
1
'
'2
14
14
14
114
75', t
14
34
.
4614
25 .
4
46 -43
K -10214
J7-8-89
-8014
33 -70
y
"l4
14
14
' y
Vt
2?4
U4
1
38)0
1100
10J3
100
8)0
13)0
15)3
100
2)0
233
172)0
3 JO
3)3
1333
233
203
233
27)3
23)3
200
200
833
303
530
6400
2500
100
100
100
100
100
22 JO
533
1503
203
203
200
100
8003
200
933
2433
15)3
0)3
5)3
15))
2 JO
30 J3
133
103
100
1103
1803
203
100
300
400
300
2300
2200
200
200
300
2 Sinclair Consel
5 Sinclair Oil pf
. . Skellv Oil Ce
, . Siess-Shellleld pf..
6 Seuihern P.iciflc. . . ,
, Southe-n Ra 1
4 S'andircl Oil of Cal
7 S'eil Tube pf
3 Stewart virner b'pd
. St'eml ere Carb. .
10 Studeh.iher
. . S ib Beat Cerp . ,
. . Superior OH
3 Texas Ce
. Texas i Pacific. . ..
1 Texas & P.ic C & O
4 Texas c;ul' t ''ulph
Toliticee Pre lucts . .
. . Tobacco Pred A . . i 6 14
7 Tebai co Pred nf 107
. Tel .st L & W C4",
.. Trr.iiicentlnental OH 15
6 Fnien Brtg fi. Paper. 73
.. Union Oil 1 y 1
.. Union Oil rts j,,
10 Union I'ac.fle ... 151 2
7 Union Tank Car .105
2 United Al.ev Steel.. 37(4
8 Unite,! Fruit . ..154
. . United R' I neit 14U
. . Unit R v v Invest pf .2'4
.. c nlteri It. tr. 1 .stores 81 '1
34!4
16
80!j
53
53
41
'-3
70 '4
-14
ri
18
:ei4
54 '4
3-J14
12
6
11'a
C0
8
384
""3 'a
101
10 '4
77 '4
94',
'7
1121,
84
-7
fi'i
133
614
712
49
:2',
.-6
4914
USCII',; Fdy
v s ind Alce el
U S R'a.t.v & Imp
U S Rubhcr .
U .S Rubber 1st. pf.
U S Smelt ,1 Ref..
U S Steel
U S Stee pf
nan Copper ,
Utah Securities ...,
Vanadium Cerp ...
ivadu Inc
W.Via.n ....
Wdhas pf A
Wi I- n Lite pf
Wt stern Min and
W Mai. v In 1 . 1 pf
Western 1'uclfic
Western Pacific pf
Western Uniun Tel
Wtstl.iK E & M .
AVheel ng & L E pf.
White Eagle OIL...
White Moter ....
Whlte Oil Cerp
Wlckwl-e Spene Stl
Willy, Overland.. ..
Willy, Overland pf
Wl3en & Ce
Werth Pump i. m"
Wiight Aero.. ..."
'
15
. 77
16
.1C4
. 42 14
.!C5
.12-14
. 70 '2
. 20
. 2
. 1314
. 12
34
K9
!5)i
3
20
61
11914
t3
26
264
48
814
1514
7
42
43
4414
1CJ4
Lew
3H"
19
6214
139
5614
30 14
82
5314
39
f54
21 J4
40
!9
19
1914
191
98
97
22
2014
30'
1314
3414
9J4
70
1014
'6
2214
58
22
14
11
158 'a
2
58 W
97
1C6H
10
4
17
l8U
5
i2
118
P4
46
26
9
24
15814
37
414
3
714
8114
76
6
7
9214
:s
74
ee
44 J4
50
2
30
40
69
:-94
.214
92(4
109
85
441J
414
128
-2
118
34
16
79
53
53 '4
41
J 3
9
3
5314
171,
57
30'4
54 Vi
34
12
0
'114
8)14
8
38',
'i'-V
101
I0'4
7714
S.3
17
111
84
47
55',
131 ,
61s
714
'8
32 '4
26
49
'.7
' 5
10714
t4'
14
72(j
1 v,i
14
149
105
37 !4
154
14'4
3214
80J-4
4
65'4
77
5614
104
42
K4
1?1
6914
19
fcZtf
13
I2'4
-3
RhJ,
IE
.3
20
61
118
t24
26
26 'i
4814
8
15
6
3814
4314
44
10
Today's Net
Clfi rhe.
PI
tt
2014 4
f2?4-
139 -56-38
.
82
53T4
40T4
e5?4
59
19
130H
19W-
19314
98
97
22 -2014
30
13
4
70 -1814-46
23
5814
22 1414
11 1 -15814-
2 .
50 '4 -97
1C6
10 4 4
17
gen
ts 3214
118 -94
46
26 9 -
24
22 -15814
37
4
83
57 -214
4
77 -46-
714
v924 4
33 -74
80 -44
'4 -
5114-
12
30 ',
'4 -3914-2214
T
92 V4 -
109
85
46'4 4-
95
128 -
?2 -118
3414 f
16
79-
53
53-
4154
33 -70J4
4
i',
53
18 -t7
14
3014 -54'4-34J4
12
6 .
1114 .
8914-
8 .
304-
"33-
101
14 -93
-i7
-
112 -84
47 r
55', r
13214
5 '4
7
48 'a
i
49 -57
P6'4 -
107
64 '4 -t-14',
-73
4
1914
14 .
1 49 14
105 -3714-
154
141 -32
'4 -01
14 r
14 -t5!B-77
56
104 -42
-
104 -
121 14
70 14 -
2?
52(4
13
12 -
33?,
10e!4
15 -'3
-20
61
1 19 J -
h3(4
26 -
26J4
48
8 13
1514
7H
42
43
44
10 -
114
14
i
'4
4
14
1
1
'54
14
4
4
14
14
14
H
14
U
14
H
IK
14
'4
'4
14
V
"l4
'
14
14
14
4
(4
14
14
'
4
y
114
'4
14
K
1
14
14
'4
14
14
1
V
4
Hi
14
2
DEALINGS LIGHT
IN LOCAL WIARKET
in''
102.R0
101 40
101 as
10 tft
100 se
100 M
-" .. TTr pamh TKrANQATinMQ
COMPLfclii INtLW XUtVIs. piw ww,.wm ?i
; libKKTY BONDS AND VICTORV NOTES
Llb'rty 3".!U?032..1 . ;;; ;;;; )'
Liberty 1st cv 4, 1032-4 .
Liberty lt cv 4 rec !!!; '!!!
Easy Meney Conditions Fere-
shadev n Continued Rise in
Bend Values
Tratllns In the lecnl mnrkct wns; 100.00
llRht and featureless. The llstlcrs chnr
ncter of the dcnllni enn be better ap
preciated from the fact that the tntnl
turnover for the two hours barely ex
ceeded 1200 share. As n matter of
fact, operations were largely perfunc
tory, as only a few shares showed wide
enough clinnges te be worth netinp.
Pennsylvania Railroad remained one of
the firmest spots. beliiR well tnken nt
47. Lehigh Navigation surrendered a
Mr point of yesterday's advance nt 71).
Mttle interest wn shown in the utility
Rreup and quotations were generally
stationary.
Figuring en the centlnunnce of easy
money rates for a period of n year or
mere, Invcctment fieuees assert bend
pricci and thote of ether high-grade
securities are certain le go te n much
higher level within the next six months,
nnd will .continue te climb until the
Income return reaches n closer parity
te enrnlng power of money. Thee sime
interest nsscrt there Is nothing alarm
ing In the rapid rise in brokers' bal
ances, which from nil reports lire close
or nbevc dnngcrms peaks reached tev
eral j.ears age. It wns pointed out, for
illustration, the New Yerk Federal Re
serve Bank had n cash surplus in ex
cess of legal requirements amounting
te SGGl, 0011,000, which represents a
potential expansion of credit of ap
proximately S13.000.000.000. or nbeut
eight times the present volume of brok
ers' leans. Thcv assert because of this
condition the se-called stock market ac
commodations might he increased 100
per cent without making serious inroads
en present unused credit Mippl . While
this Is perhaps a rather extravagant
view of the monetary situation, it
nevertheless discloses the powerful
stimulus of money conditions In the
security market operations.
Despite the immense amount of new
capltnl issues brought out during the
first hnlf of the current jenr, most of
the lending investment houses report
bare shelves of the better grade of se
curities. The nbsorptlen of the newer
issues, particularly thec of the do
mestic class, hns been little short of a
revelation. Mere e because of the re
luctance nf the mnjniit.v of homes te
"take en" mere than could be con
veniently distributed among regular
clients. This policy was prompted be
cause of the fenr of becoming overloaded
in a congested market which never de
veloped. In consequence of the continued easy
menev rates, an active demand for all
clasps of bends Is expected In the next
three months, which It is believed will
be difficult te meet, in view of the fact
that no important nddillnnnl financing
is expected during the balance of the
current jenr. This, in the opinion of
bend experts, is certain te lnllupnce an
upward trend in nil the existing is
sues, particularlv aniens: the seasoned
dlvidend-pajing railroads nnd well-established
Indiistiinl coipeiations.
rtince Since Date ef !mu
May 2, MS Sfl.OO .Tune 2. '21
Autr. 1. '22 SH44 Ju.y 11. 21
July 2S, '2J RS 00 Miy 19. '20
Julv ... '.! SX H Mny 10, '20
July 24. '22 81.40 May 20. '20
uiy sn, - ffi.ee Mny ai. .aw
IT',.,",
rtanse, '22
llleh
101.28
let 04
101 OS
101.30
100 80
1IH1..M
10J no
f v,v
04 84
04.83
II J 70
07.80
PS 00
H no
Lew
loe no
l t Chr!
100.60 ?3
Liberty
Liberty
Liberty
2,1 4J 1027-tJ
l,t l"v 4Ti 103247
i66'a'i
100 40
IcVa'd 11' 'i
ma m -if
avv.iu -..an
IS5-IS 35? 23: 8 8.88 ?,W1V.?. W s 2V 5 VuV4i"ei?. ::::::::"" 10020 ,. mm m
ISigS figiS: j $&$ m gjj Es5VV::'''"";:;- : W && vm
oe.8 JSf'SS 82"? Cyin.'-ie U'U Mja ft 4 L ftVa'ii::::.: ioejo lgoae 1003-1
1S!: JSlf'SS Si no May 20: -5e K b-.7 i,bjr Jh V02V231!. :..... ioeto ioeos m&1
100 OS Mev 21. 'li 114 70 Mny 2ft. '20 100 OS 10 0. v i c in ry i . .
Aft. 8. '22 04 08 May 21, '20 lOOP" wu e '
tSALSS IN' 110001
FCBE10N BONDS
Arse Rep'c 8s
1. ... 83
Ante Fep'c
10.... 102
1. .. IM11
C... 102
City Deme 8
1 .. 1124
City of Bergen
8 rcta
.1 ... 1004
City Berd'x 0'
2 . . 81 'i
2 .. 8t4
1 ... 81H
City of Carn-
heiten BV4 s
2 . . t3'i
1 ... 03
City Lens e
1 SI ii
City Mars's At
2 .... 82
Cty of Mente.
video 7a
1 .. 03fc
Cty nie cle Ja Ja
nerle ct 8a
0 ..100
1 . 0')'
4 . 100
2 100
1 . lOOVi
Cty nie de Ja Ja
nerle 8s wl
3 . . non
Cty Sie Paule
S ul
1.... 100H
1 . 101
City of Sela-
eena Oa
1 . 7
1... . 734
City Zurich Ha
1.... 114
Ciecho-Slevak
Rep'c 8a wl
10 05 .
2 .... 03U
1 ... 03
2 .... 05U
Dent Seine 7a
0 80
1 .... 811
8 SOiJ
3 .... SOS
1... . 80
D Canada '20
1 . 100W
D Canada '2D
2.... 102V4
4 ... 102"i
1.... 102",
4 . . 102'4
D Cinada '31
10 100
U Can '52 wl
BO'i
12...
BO ..
1...
0 .
A
1
1 .... 04 '4
Gevs't French
It 7Ma rcta
12,
2 ...
10 ...
0 ...
2 . .
7(-sile)
10 . .
2
1 '.'.'.
10 ....
2 ...
10 ....
13 ...
2 ....
(Jeve't r
1....
7(aale)
1....
10 . .
...
1 ...
1
2 .
Jap Cleve' t lat
2 . . 0.
3 . 044
Jap (Jeve't 2d
2 . 044
Jap Cleven't 4
2 804
3. S0
1 Uc!Ulunv IH
i.. .. en
K BelK'm ihb
03 (Queensland 7s
(I. 3 . . Ml'!
04 H Republic Beli
via 8a wl -
S 00
11..,. 00
r, .. . fi'i
7... 00
Rep Chile '20
1.... 102U
a 102
7(sale) 102
1 102
Rep Chile '41
0SU
08 H
OS
07 .
07T
03H
D3H
08
OS
08
08';
07.
0SU
K 8h
1004
1004
100 4
101
101
101
10t4
100
1011,
1041,
104 1,
104 v,
104 :
1014
1044,
1
4 ..
0
4 ..
4(sale)
1
10...
K Beltlum 8
1.. . 104
"... 104,
Kingdom Den
mark Cs wl
2 004
3 (flat) m
Klnndem Den
mark ct 8a
2.... 110'4
1 ... 1104
2.. . Ill
K of Nether
lands 0a
l'a
1
W
2'S
'
14
a
1
14
"a
Philadelphia Stocks
HlKh
"OfAm Tel &
Tel ... 12T
l.ltChl. Alten 3i
lOtErie .... 10,
l'JO Erie Light
pref '2"
100 T,eh y,n,.
J73 Pennii H K
tl Philn Ce
cum pf.,
J2fl Philn Klec
II." du pi ef . .
200 P Ii T...
.'10 t'n Tiact.
1(10 V (' I pf.
100 W .1 i s
Lew CIne
Net
chxe
127
HJ'i
127 i
:ii.',..
70
17
44
:uts
.12
,'12's
n
::n
7!l
44
:i.-i'.
2.-
7!)
17
44
Si's
-1
:t2s
11 ..
I
:t!i -
u
1 4b
V4
!4
14
t!4
v
2
14
l
14
4
14
y
' ' y
H
2H
li
Vi
'A
KJ Yerk Iiy pf :i."'
Total ealee, 1244 sliaree, cempireil wllh
424 shares estc.-das Thus far (his ek,
33 413 shares
t.Set chance made h cenpirlnn with last
s.Ue en New Verk stcik Exc'mnce.
rillLXDLLI'lin UOM)s.
ISOOMhertj 2d !i(s ' 12. .teg 1)0.91
111(1(1 limit ,v r.il lop con
2000 Ke,v stone Tel Ti
1000 Phila i:iec 1st r.s ...
lOOOPhila Klec 1st ."is ..
1000 Philn Hlec ,-i,s .
nm
004
e'4
OO'i
2 . . 004
Dutch B Ind'a
rcta 47
3
1
4
1 . .
4
3
finale)
4 .
Dutch i:
rets 'HJ
r... . et1.
01
111'.
Pl'4
!i4'
li ".
!)!',
04 ,
0.
Ind'a
103',
103',
104
lOtti
103'i
104
1034
104
1
7(slle)
2 ...
1....
0(sale)
1 ...
1 ...
Ksale)
Rep Chile 46
1.. . 104
Rep'c of Uru
guay 8s
2 .. 108
1.. 10S
Se orte It S
7s rcta
1.... 102-m
Slate of Ene
Paule ct 8s
6.. . 10t
1 1014
Swltz'd Cen 8s
4 ... 120
1. . 120'n
li 120
30Mle) 120
U Ii art Brit
4 I'd 102t
1 0.
1 .... ni
3 .... OR 4
2 04
2. . . 04
H ... PIS
2 . . 00 -
K Sweden rts
8.... 105
1 . . 10.V4
1 .. 10.M,
rarls,Leris M
flu wl
S ... "fi'i
2 7.". 4
1 754
2 (flat) 7.54
1 7.54
Prague 74 s
1 83',
3 s2i7
Queensland 0'
102
(1 102
in . . 10R4
R0 ... 103
lfi.. . 108
1. let,
7(nle) 107s.
1. mi
1 108
15 . 1084
10 1084
U K Grt Brit
& I'd 1037
1 1044
KKsale) 104
1.... 103
1 ... lOR'i
2 . 1034
2 ... 10S
2 . 10RU
U s Bra 7 wl
1. . 014
1 014
Vnt'd & Brazil
74s rts
3 . . R7
1 M,
Ilia Cen'l R4
0. 101 H
1.... 102
1 . 10114
1. .. 102
Int'e Met 44
B . 13
Int'e Mefn ct
Sta'd 44
18 .. 151
12 .. IB't
10 1RV4
33 134
15 114
10 .. 13
Intbore n 'I' fd
1 .
20
1
3 .
S .
R
R .
R
6
Int R
2
10
73
734
73;
73 .
734
7814
73S
78,
734
fd ct
73 "4
734
734
Intbore Rapid
Tran fls wl
3 80 1;
Intbore Rapid
Tran 7a wl
23 . .. 07
2 .... 074
Intern'l Agr'c
Cep n 3a
2 .... 81
Intr'l ft 3reat
Ner a wl
1
0
R
u s
1.
1.
8.
T.
1
81
. . 871,
874
Brasll 8s
. . 1014
... 1014
... 101',
.. 101',
. 101
... 1014
U S Mexico Is
0 4t,
2 . . 44
in . 41
SOIsal") 44
2.. Il'c
H't
V S Mexico .'a
10 .... Rl'4
1 . . &e4
R44
, &4;
M',
, r,4',
O-eal
B
os t;
074
1051?:STIC BONDS
AJax Rub'r Sal Cere de Taice
1 . 0774l -OP'r S4
Am'r. Apr c
Chem 74 s
3 .. 1014
Amerlc'n fmlt
4 Ref'3 ."s
1 ... 04
1 . HI'i
Ameilcin sub
Ref'B Cj
2 101S
1 . . 101H
2 ini4
1014
104'-
104 n
1014
T elt
01
1
,
1
1
Am
1
T 4
Total
ttrddj.
70
71)
100
100 s
102
Jin son remrnred with J17.110 es.
Thus far this weel JJI3,31u
A 1 el 4 Tel r.s
4 0,
. 100
in,
4 1 'H
1)0'.
1104
Iis4
Water
1 . 01V
Cere de Pas'e
Cep'r 8s
1 ..121
Ches tort"
10 . 8Tj
Ches 4 O 5
1 . 10H,
1 . 101
C 4 O cv 44s
hes 4 Ohu
cv 3s
.1
pin T
is
1
e
R
Ariel n
1..
0 ,
1
11
1
5
Chi 4
R
I
1 .
12
,5
FOREIGN EXCHANGE
New Yeil', .Sept 2 The nnrket for
foreign exrhnnce vvc. nnlv inederntelv
active tednv but it wns fentuicd by
buevnncy In IVphc' exrluiiigc .md with
decided strength in sterling. l'lnnis
were quoted frei'i I.oivlen te the agent
of 0 large fe-eign t111111cl.il cniern heie
cenpldernblv nbere the tigures tli.it ob
tained In New Verk lednj, even at teji
figures Sterling was up te 1 17 li-Hl
for cables and 4.47,.v for dennnd, Bel
slnns gninrd 2 point net: Ihnlsh mi
lled ": Nerwa.v gained 2; Sweden gained
," Hid giii.dcs unproved 1 jielnt I,iic
let l'j net and Swls dci'liued 1
Mnik- derlined l,, te 07"1, ,
Quotation S'crllng e.ihles 4 il:,
demand 4 17, finnc ciblcs 7 s,li',,
checks 7 'vl'-n ; Uclgmn cables 7 4U,
checks 7.12l4: Hie cables 1 10, checks
i.rtU'j; rtvvips cnnies in. 02,
18.09;
15..i0 ;
21.45;
10.05 ;
20.50 :
38.00 ;
peseta
Danish
Norway
SwedUh
guilder
marks .0
cables
cables
cables
cables
eablcH
7'V, .
15 52,
21.50,
10 70,
20 55,
HS.05,
1 hecks
1 hecks
checks
checjks
checks
checks
Commodity Markets
GRAIN MARKET
Chicago, Sept. 2. The wheat mar
ket opened steady te lira at unchanged
te ' cent higher, and earlj in the day
thevv'ed further gains en covering far
ever the helielajs. The Liverpool mar
ket was heavv, however, unchanged te
Vd lower, nnd Wltinipcg was U cent
te '-. cent lower, with increased crop
estimates for Cunada and prospects of
hemv lecclnts. The mnrket seen
quitted down and sagged u little from
tht' t0P' , U J .
Cern started steady at unchanged te
i cent higher nnd ruled firm en com
mission house bujing nnd crop com
plaints from the Southwest.
Oats were firm at rent te cent
advance en small effcrlngH due te light
receipts and n firmer cash market.
Previsions were dull and easy. Hogs
were slew with a weak undertone.
,i( inn uoinmerce cjemnn
V, Jtfcepetke and Ohie II
A-y 5red proposes te sell
1 -V,; "t'H' '" PpHcntien sa
MirAtli iftHHi tfer making sex
Cern Prev close . Open 11AM,
Sept ... 004 504 Me 4
Dec . MS A' f R3'i
May . BB'I BUS 0 C04 BB4
Sept ""."."""l 00 100 (9 1 00V4 100
Dec. ... 1 02 1 02 & 1,024 1 02
MaV . 1 07H 1 07 4, 1.0714
Sept."... 824 82 824
Dec. ... 83 a4V9 34H 84 3
May !. 874 374 87H
sepV. .. :h
Dec 'OOU
Oct"ardT 10 37 . 10 27
Bid.
BAR SILVER
rtnmeitla bar silver was unchanged In
New Yerk tedy at 0940 per fine ounce;
den. th prlca wa1Hcl hliher at SSUd.
STATE OF TRADE
While the general Mi ike situation
new seems less disturbing, irregularis
ftill characterizes trade, industilul, crop
and price movements, although a meie
confident feeling pervades the business
community generally as fall draws
nearer, it is stated by Dun's and Iiracl
street's weekly review of business
Speaking of some of the Irrctul iritis
visible in the week's happenings, Biad
street's mentions the following;
"Iren and He predur tnui i still
greatly curtailed and prices are higher
all along the, line a great deal of f r
elgn pig Iren Is reported selling, but
mere caution Is reported at large West
ern points In steel having, although
needy purchasers aie paying premiums,
Lumber and ether building material'!
reflect strike-produced scarcltv in higher
quotations at consuming points.
"Increased scarcity of fuel is noted
at the largest automobile nieniifactuiinj
center, where 0000 men hnve been added
te the unemployed list. Acute need of
fuel is especlallv reported, otiileuslj
enough, at Ohie centers, where the timt
break In the rankb of the coal oper
ators developed. Mere is heard of mil
way strike conditions nflectlng cotton
mill operations, and the movement of
lumber and crops at the Seuth.
"The corn crop has gained In the Ohie
Valley, Missouri and Iowa, but is con
ceded te have lest ground In the North
west and Southwest, while the cotton
crop has deteriorated further. (Irnln
prices are all off, with wheat nelevv 51
at Minneapolis and Chicago."
Analyzing the crop repert Dun's re
view says:
"Market! for two of the principal
form itaplet) wheat and cotton moved
The premium en New Yerk fimrta in
Mentrenl today was 1-1(1 ie 1-32 per
ccnt.f The discount en C.uiadlnn funds
in .ew ietk wen l-Mi te ..iU
cent.
per
In opposite, directions this week. De
press,. 11 (,, tthpat .cf,s hfls heeew
familiar feature, large jields 0f this
eiral being vjuuallj assured, nnd the
N'lteinber delivery In Chicago has again
fallen below the dollar bn.sls. fear
a;e. in slmrp contract, this option was
quoted at around ?1 25 a bushel. The
uiKji-iijiiiK suuucien m cotton.
ether impel, reuets unmistakable
Miength, the prnspe t of a iclatlveh
-...in. .re p ueiiiK ine main support ng
factor ' h meinlh nf Aii.n.i. ' L.1V1 "T
ne.,,l ,1, , diiAlnnmAn, v. ".li.".1 Bank sleanncia teda
...-.' - i-."s,,i- iJiiMiciit nn (lav aet le ifitn
YESTEBDAT R ri.esiVO QfOTATIO.VS
Blli2's ,-ra,nc" I'lr 'Julid'-rs
pemand 4 40S 7 s' 4 414 ac, 'in
Cables 4 404 7 SJ'a 1 1J as 05
TODAY'S OPENINO CJL'OTAI IONS
StTllne I'ranrj i,ir cJulMr
Demand . 4 40', 7 S0, 4.II14 a im
Cables . 4 10'. 7 814 4 4(1 3S 9S
CI.O&INQ QUOTATIONS
Works Rs
1 .. . 814
2 .. . 81',
Am Writ 1' Us
1 . 80',
2 80S
Armour 44 a
3 014
10 M
A 'I . S 1 ,vl
1
A "r
1
1 .
1
1 .
Atrc
1 .
Atlantic
Rs wl
R.
U
e
R
12
MS
. 84.
L S Ke 4s
024
. 02,
. 034
. . . 03',
0 1',
Hi'-.
rrult 7e
, . 38 'j
Ref's
.. 01
. OS 4
. OS',
.. OS',
. Osi,
. 08
fls'i
03
Alt'n 3s
.14
. R4'i
R4',
. R4
R14
Chi ". Alt 34s
004
014
00' j
fi'H,
00 4
C tc E I
12
"hi
R
1
1
Chi
.114
334
3".4
3-.4
314
3'.',
3', 4
3". 4
314
314
41 'a
ill
10
SH
VV
39
je.ij
s 31
84
M
i. a w 45
RS
rn',
vn,
)nd ft I.e
Cen'd Ceal Ce
of Md Rs
u.... ni,
1 .. . ei'
Cuba C'e P cv
1. ... 00
Cuba C'e tiuz
8s sta'd
1 . 01',
R ((it) 03',
Den . It O fd
1 . 44
7sile) 484
7 4R4
1 (fiat) 4S,
11 484
Den . It O Rs
1 . 824
Det Edl Ce fl
1 '044
D Mtch 74 s
7 .. 1054
II ue Nemours
Twdr 74s
1 . 108
8 lOsi,
1 y.. 1054
DU'l I.I slit Ca
1 . . 114',
4. . 101',
2 ... 104 4
Empire Cas 4
I'uel 74s
10 .. . 074
R .. 07 4
Erie Genl I.len
RR
M
Rl
Rl
144
.It's
M.
M
f 1
R44
A
4
2 .. . R24
4 . . R2H
Erie RIt c H
2 . R2 4
1 '24
4 .124
R
22
10
18
Int'l
N'n ct
1 ..
IB....
1 M Maine 0
1 .... 01
4 .. 03
2 .. . 03
1 014
5... 034
Int'l Tap b 5s
10 ... SO
1... PS',
10.. .. 80
20.. 80
Invincible Oil
Cerp'n 8s
B 07
B ... 07
Iowa Cent) 4"
4 414
Kan CrtSt
Meem 4 s
10 82s,
Kan C & !l Is
2 704
1 71
Kan C i. P Rs
2. . 014
3 ..02
K ceuntv 11 I,
& V fls '07
1 .. 110
l.ick Steel 'IO
1 . 014
L & Mer R
1.. 100
I, ". Mer 7
1 . . 110i
Lene Il'd n fd
1. .. 84
Lerlllard C
R 100
Ii & Nash 4s
Me Kan Tex
Bs wl
1.. .. 80S
Me Pacific 4a
2 00
2 ... 0SH
1 00
3. . . 884
1 . . 08'.
Me Pue 5 '03
2 01
1 . 03
Me raclflc 0s
1 .. 124
MaOMlc"
Carle 4s
1 .. O04
30(eale) 00,
Ment'a Pwr S
4. ... 00
0 004
4 00
3 00
National Tube
Ce ct os
1.... 100H
New Enit'd Tel
Ce Rs wl
1 09i
.1 . . 00 4
3 .... 0S4
3 .. 004
6 . 004
1 ... 004
N Or's & T 4s
1 .. . 82
New Or Tex 4
Mexico Si
1... . 74
X Y Cent' I 4s
2 02
4 .... 02
1. 02
N T Ct'l en 4 s
1.... 85
N V Cenfl 3"
4 .... 084
1. OS',
KKsale) 0S4
7.... 084
PSH
P8i
084
Cenfl Cs
107 4
1074
107H
N Tk Centra.
M Ctl 34"
2 ... 80
N Y Edl'n Ce
04" rets
1 ... 112
1. .. 1124
N Yk Light II
& Pwr Rs
1.... 100
New Y N H 4
II 4s 'B3
2.. . R74
New Y N H ft
Hart Ga
0
23
O
N Y
1..
1
1
1 . .. 01
2 044
t'ac Tel A Tel
Ct ctl
2
1
1
2. ..
ll(sale)
22 (uat) 01'
Packard Moter
Car Ce 7a
1 . 1074
Pa It m 44 1
2. . . 044
Penna T. K Ri
044
044
04
1)4 4
044
1 .
Penna
1...
Penna
1...
0...
2
102H
F. R4s
1004
n 04 s
110S
1104
110'i
Penna II K 71
1.... 1104
2. .. 11014
Peoria A II In
20.... 384
Phlla Crty fd
2 .. 101H
Pilladet Pall
way 4s
1.. .. r2"
Pierce Oil m
1 ... 09
1 00
Pitt Cln Chi A
St L A Rs
2.... 100
Preduc U It 8 s
1 ... 1024
Pub Serv Cerp
N Jy Si
1 . 894
1 . 804
Read Ins Ce 4s
5,. .. 8.H,
80
864
10.
IS.
Rep'c I A S Rs
1.. . 054
Rie O A IV 4s
1 704
Rie Orande A
Wn clt 4s
. 1 70'1
70'i
CO
70U
no 4
704
704
1..
5..
1 :
2 .
6..
80..
1..
25..
8,.
Sinclair
104
104 ,
104
1014
104 V,
1044
104H
1014
1044
Crude
O P Ce 64s
2 ... 004
3... 004
Pe'n Pacific fd
2R . . 01
7 ... 01
S P Term'l 4s
3. ... 83
Sn Railway 4s
1 714
3 714
7 714
1 714
Sn Rallwav S
1 004
1 PO'i
Sn Rall'v 04s
1
B.
n
2 .
1
1
1034
101
103
103
1024
103
.1
804
864
the I Demand
Cables
Marline Francs
4 474 7 RVn
4 174 7 SO
Lire Guilders
4 40 is, aj
4 404 3d U7
I pre. IhUc less in conditions, and prices
U"V',,ik .re''i: s?Pri11 dollars a bale.
Much of the bujing of futures repre
sented i-peeiilntive short eeverlng but
there was nlse n demand from 'trade
bennes, both domestic nnd foreign,"
U. S. Certificates and Treasury Notes
p r
?4
H4
"i;
'M'
tl
1'4S
T " 1-4
tM'i
Ot..
l)C:C
Dec ,
Mar
June,
June
.sept
Mir
Dec.
Mar
bept
Year
l''J2
10.'.'
1022
1UJ1
102J
10.'4
, lll.M
102R
18.1
10.-6
lu.'il
100
100
100
lejei
100
Hid
Asktd Yield
te yluld 3 21
. .. tn yield a ij
7-32 te yield A Jl
R 1 100 7 lei 3 17
1 10 IO11 3.10 8 IS
J0-' 11-lH 111.' IR-lcl 4 01
101 7-12 mill 32 4 17
100 M IB 10O 11.10 4 15
101 21 ti 1011 27-SJ 4 17
100 7.S5 me 1 i-.c ?-.
L .... tf.nn. t1...! . . " 7 "
J..OHIV. ..wn . .".iai normal income tax
, tAcceptable for payment of Income tax
due cm date of maturity
BUTTER, EGG8 AND CHEESE
New lerk. Sept 2.- Bl'TTETl firm. Re.
eelpu, 15,040 tubs Creamery, extras, 88
te 01 score, 884c. Other srradeu unu
changed. EGGS firm. Receipts. 14.075 cues. Pa
cldc. coast whites, extrai, 50082c. Other
grades, unchanged.
CHEESE firm. Receipts, 3381 boxes.
Quotations unehanred.
Phlla.
riesinn
n y.
BANK CLEARINGS
ceinpirel wllh a-ime
lO.'l
111 2 J
tio.niie ene
RO.eiOO eiin
51.1 600 OOD
102D
Reserve Banks' Discount Rates
Oft'clal redljceunt rates nt the twele Fed
eral Reserve Hanks are as felluun
Treas 1, I, c ni ni,..
ctfi' Henda Rals Accent.
Rorten
New Yerk
Philadelphia ..
Cleveland ..
Richmond
Allnnl
e hlcnue
hi Lnuls ..
Minneapolis
Kansas City .
Pallas .
ban Francisce
1
4
44
14
14
!
44
4
44 '
44
4
4
4
14
44
4',
ii!
te
14
4
4
4
(4
4
Ferd Moter Assets $409,820,132
I.inslnc, Mich., hfpt, 2 Total assets of
the Ferd Moter Company are 40!i,HJ(i, 132,
acrerdlns te the annual financial statement
fllrd this mernlne In the office of the See.
retary of b'evte In connection wllh the
corporation tax returns of the .eticern that
fa Id the maximum fee of $10,000, The
'erd Interests also made returns en the
Dearborn Publlshlntc Company and the Lin.
coin Moter Company, The .assets, of int
former ar listed at 1124.061, while! a aln
da Hem of 4260.000 cash Is shown as the
total asset of Lincoln Metaci,
Rait A Ohie cv
1 .... Sd4
2 . .. f-04
3 804
Bait A O 34
3 ... 034
1 ... 00
R 0R4
Bait A Ohie 4s
1 871
2 .... 88
Bait A Ohie fls
2 01
Bait A Ohie fl
2 . . 1014
1 ... 1014
1 . 101'.
B A O P I- E
& IV Va 4s
5 . 814
Parned'll Cerp
A 8s
1 . 1014
II Steel 5s '30
n 04
3 ... 04
lleth hleel !
2 . . 100
2 . . 1004
1 100 4
Bkn Edl Ce ,1a
3 08
Ukn X'dl 1 7s
1 108
Bkn rup '1 lr
2 00
Ukn Rap T 7s
R . 8R
B Itap T ct 7s
0 81
Bkn Rap Tran
ct 7s at'd
3 Si',
Canadian N 7s
1124
Caua n Pic Is
. . 82
7 .. sji,
4 .. K2
1 . R2'l
4 . . 8'J
1 . .82
1 . 824
Ct I el On i
2 . 100
3 .. 1110
3 ... 1004
2 101
Ctl Leather fia
2 .. . H84
B . (IS4
1 . . . De",
Ct'l P 8 1. Is
2 824
C It N Jay Rs
,4,... 110
els of
1
1
HO
1014
102a,
R
1.
11.
O
3
2
Y
18 ...
1
V Y Tel
1 ..
Ksate)
4.. ..
1 ...
13 . .
1... .
1... .
St L. I'n Mt A
S Rly 5s
8
1 .
W rah I
i:rl RR Cv
2 ... .12
te
Urie RR
R24
:. U
re.
R14
".!
fl.V
R
Chi Mil A l'k,i i
Sound 4s it
2 . . 74 4 3
ChlcaRe Mil 11
Stl' cv 4 4s Erie RR Ce 4s
2 . . 74', 7 .. 07
2 . . 71 3 . 004
1 .... 74', Krle A Jsy Cs
3 73 1 07
R ... 774 3 . 004
26 .... 75 Flsk Rub'r Le
R . 74 , 8s cts
1 .. 74'i R . 107
R . . 7R .', je?
3 "4 v, Kranclece Sue
1 744 I ti.. ui
Chl-Orfe MIA i mi
SeP fd 44 s rj.nn l r.! r.
') IDS
074
08
OS
f.7,
8
1174
1174
07 f
rhlraue Mil A
St P Em 44 s
2 8',
Chlcaee Mil &
StP cv Rs
3 ... 77
ChlcnBO A Nth
Wn 64s
1 1124
Chicago Rail.
wea Sb
2 ... 824
3 . .. 8ji,
2 . 82 4
Chi Reck I A
Paclfle fd
- .84 4
Oene 1 Ulec Rs
1 . 1014
ijnesee R ,
1 . 004
ICenl Refractu-
rles ct 0s
1 074
1 07',
B - Goedrich
Ce 04 s rets
10 . 1014
n
CViedvear T A
Rub r '31
I 2 , 100
1001,
1004
101)
100
004
004
in et;
2 . . . 03",
I.a A N IV .li
3 . . 74 4
2 .. . 74 S
R . . 7'i
3 . 74'1
2 74s,
R . 7 4s,
R 74
Mnnitl Sugar
Ce 74s
s .. or;
Market St Illy
S Fran C
3 ... 01
2 04
JI Oil ct 74s
1 .. 112
M Oil na'.l Ss
2 . 122
Me Petr m S"
7 . . 100
Mid S A Or Is
11 .00
I 00
4 00
7 . 804
fi.. . 00
7 . 804
R . 80
7ale) 81
R fflat) 804
.1 (flat) 80 4
Mln A rt I 4r
1.. . 414
1 414
1 10
1 414
VI I. P'l, fi Is
2 . 40
M StP ft S Ste
Male 4s
10 .. 00
Me Kan A Tex
aj vcl
1
20
R
2
0
014
014
01',
014
m-;
114
1114
ejs
8.14
834
... 81
... 814
.. 814
.. S3
Tele 44 e
... 014
OR 4
'41
107
2 107
4 . . 107
7. 107
2flat) 107
10(sale)107
2 107
2 .. 1004
10. .. 106,
N Tk w c A
rinst 44 e
20 574
Nfk A Wn 4
2 034
Vorfelk A Wn
cv fil
2 1184
1 ... 117;
N A I'dls'n Ce
fin rets
r. 04'i
1 ... OH,
4 .... 044
North Weatnrn
Hill Tel 7s
2 ... 108
4
St I,
1.
1.
1.
B.
r.
1
1.
It T,
1.
1R.
1.
1.
4
4
str
a s
A S
Etand'd Oil of
Calif 7
2 ... 100',
2 . 100
Ave n)
.. 074
.. 074
. 07 4
. 874
. 074
. 074
07 4
Ave 4s
. no
Third
5 .
1
fi .
8..
7
1.
0
Tilrd
1 .
Union Pac ev
! .... 03?i
Union Pac td
1 SO
12 84
Union Pae 4e
1 OR
2 .... (114
1 03
Unt'd Dru 8s
4.... 11H1
3. .. 1114
1 .. Ul
L'nt'd Fuel A
Gns 0s
2 .... 084
U S Heff Men
Come'y 81
3. .. 102
U S Realty' A
mpVt 8s
R. .'. 074
U S Rubb'r Re
0...
1..
1 .
8..
00V4
004
no 4
0114
004
1. ... ne'i
U S Rub 74s
2.. 1004
U'd S Steel Rs
1 . 1034
Utah P A Ij Rs
1 .... 03
Va-C Chm 0s
1 ... 100
10(aale)100
Vn-C Ch ct 7s
10..
1 .
1..
1
2
084
084
OSli
084
081,
084
084
0S,
Va-C ch 74 1
f ... 10,u
MS
1 ... 101U
10(sale)10.vu
Va-c Chem ei
war a 7141
.... 93
I H
i 8
2 .. Oft
Vn, R y Ce S
" .. 88H
Warner Sutii
" H es
1 . 103U
Wesfn Md
" . . 18
1 M
Wes'n Tae lrl
1 ... 87
2 ... 87
West Shere 4
2 . .. 81
Wcatlnghs'e H
ai rg 7s
1.... 10711
10.... lejti
1 .. 107S
1 . mia
Vllsen Ce t
2 .... P
3 .. . Mi
2 844
Wilsen Ce lit
3 ... 10
Wilsen C 7U
2 . 10(1
1.... 10SH
1 . 105tJ
Winchester R
Arms Ce 7141
10214
10SU
1034
lOJi,
Today' sales . . . .
esterdeir'a anlea
Total for this week
.? .37 1, 001
..-Mu.uea,
fill, 419,
.001
,0ft
1 ... 108
1.... 108
V . . 107',
1 108
2 108
l'i7!
V Pacific II .i
4. 01'
N Pacific R 4e
2 . S'i4
V Pae Itti nl
1 .. 014
2 .... 004
1 .. . 004
13... . W.
Nth S Par li
2 044
Ont Pwr Nla
Falls Rs
1... . 08
ire A Calif "5
2 . 1034
Orezen S lln
fruar'd Rs
1.... 103
Ore.W R R A
Niv Ce 4 s
4 844
Otis Steel 74 s
rets
r. . .. OR';
Pac Coast R
3 . .. 834
1 . .. 83
Pac Ci 'A K lis
2.. .. 04
2 . 0
00
r nj
84 4
84 4
84V,
844
84 4
84 4
814
1 In
. ... 784
. ... 78
.... 78
774
774
. ... 774
A S Fran
Series A
1 714
1 714
Stl. A 8 Fran
Series H
R 884
Stlj A H Fran
Series C
3(sale)IO0
Stl. A S Fran
R4 a wl
.1 014
10 054
St I, Sew'n Rs
. . .. 814
St P'l A K C
S Line 14
1 81
1 83
Sin Antonie A
AP Rly 4
3 . . . 7R
Seab'd A L, nj
4. ... 284
Seib'd A I. fd
1 .. 104
8.. . 434
Seabe'd Air I.
Sta'd 4s
LIVESTOCK QUOTATIONS
thlrnge, Sept. 2. C TTI.K Recelnti
2000 head Compared with week aire. Bee!
steers and jearllnia mestl 2. te ROc hlxhtrl
beef steers and vearllngs eligible te sell t
tiu up. b new- nign pnc i"vei rer the vein
top maturedbeef ateere. $1121. numereul
leads at 811(111.23. best long jearllngs, 1H
he stock largelv strong te 2.1c higher, spots
31c te ROc hlchT. en beat fat cows ani
heifers, bulk about steadv. eAi rnli.. n.
te 71e higher. tecker nnd feeders steadyi
spots weak te lower. Week's bulk prices!
,(.- niici., n im i, i,f tn, aiucKcrs ana leea
ere. JO 2.1ST7. beef cows and helfer, S4 759
7 23. canncrs and enters. $2 855J3 30, veil
tttlM'i" .-UJ IV.
HOai Recelptj. S.100 hend. CJesM wetk
fully 23c lower en all grades. Hulk. 175 ta
200 noun.'e (i 41'!20 no. bulk. 210 in 5vS
pounds, $0 lOiffO 10; bulk, 280 te 300 peundi,
JS 709880 bulk packing fews. 10(103725
bulk nigs, f 8 478 2.1 ten. In ill earls, bulk.
t niiir i..-iu, npJ, t, ,fc'..iei. meeiun.
88.70 !t 0 R0. light. JO 3000 R0. Ilcht lluhn
IS noae.21 nack nc eew. smooth. tl inn
7.21, racklnir pewk, rough, IO25SO50I
kllllnir nigs $7.2.1 5T 8 2.1
SHEEP Receipts. 21100 head Steady,
top. native lambs $12 7.1. c'empired vvltli
week ace. Fat nntlv lambs. metlv 2.V1
te 40c lewer: culls stepdv, fat W'stern
limbs 10c t? 11c lower, sheep oak te 2JW
lower. feder clashes, steadv te 23c hlhn
week's ten fat lnmbe. lie cleslnr bulk
prlre. native lambs $12 2W12 ,10 rull. It
ea-rn -nmm i 1 ,i i cm ip.ung lamea,
$12 ROW 12 00. fnt ewes, '-:; .1077.
ntlahnrch. Pa.. Sent 2 IIOOI Bt"
celnts. 3000 head Lewer Heive3. $0 259
1.00. henvv verkrs. $10 l',r in 2J, lljM
serkers, $3 Rerru ..-., rnrs. jewu .
R9.
I. 0s
(184
08 4
HI".
n)4
C8I1,
084
08
09
18
'rfT'
1. .,
Seab'd J
10 ...
3 ..,
1
R
0 . ,
10.. ,
fi..
n... ,
4...
Slnelilr C Oil
Cerp 7s rets
1 100 15
2 ..." 101
3 . ion i, 1
. . IU'1'4
I. -let
7(sale)101
3 ... 100'i
2 100
3 . . 1004
7 . 1004
.1 . 1004
7.. 1004
1 .. 100i
2 100',
Sinclair C Oil
Cep 74 s
1.... 104
4 ... 1014
fi . . 1PIU
1 1044
11 1014
SPECIALISTS
We make a dependable
market in alt issues of
UNITGD STATES
GOVERNMENT
SECURITIES
COMMERCIAL
TRUST COMPANY
Member Federal Reserve System
City Halt Square ,
C. S. PATTON & CO. I
Jl A 4 IIK-.1 M T sTa.
BANKERS
MiccebiMirm te
saiikic ti.i:nmn
Henda ind Mecks beiiBht ntid "Old.
MPinhpfH I'Mi1
Lawrence E. Brown & Ce.
CERTIFIED PUBLIC ACCOUNTANTS
Tniti?itfA nmi adiiiMt curnnratteii anas
partnership account and prepare locenul
rax iieturns
4
8 ..
20
1
O(sale)
2 .
I
n
,i
1',
t
81
814
814
814
814
8.1
f'hl ct W 1 s
1 . 77
2 . . 704
1.... 77
Chile Cep'r 0s
1 .... 04
1 .... 014
2.... 014
Chile Cep'r 7a
3 100
2(sale) Kill
7.. . 100
Columbia Q &
Cleg lit st'd
1 09
C Tab ft n 61
. 2
10 100
Goods ear T
Hub'r '41
1 .1114
1 .. 1114
.Great Nenh'n
Illy 54 a
R .. 101
R 104 4
Oreat Nerth'n
Hall'y 7
4 .. 1124
1 . . 1124
O Bay & w b
1 14
1 144
1. . . 14
Hnvana i: I,gt
Pwr Rs
3... 804
1 87
Helland-Am n
I.lne 0s
2 88V,'
074 Hud & Man fd
08 S se;
The Atlantic Refining Company
and Subsidiary Companies
Consolidated Profit and Less Statement for Six Months
Ended June 30, 1922
Gress Income from Operations $52,509,913.83
Less Rnw Material, Operation and General Expenses
(Net Including Depreciation and Depiction as
Belew) 45,051,280.11
7,458,635.77
Add Other Income 563,075.02
8,021,710,79
Deduct Interest en Funded Debt 493,030.00
Profit (Bcfeie Usual Resenes for Depreciation,
Depletion, Insurance, etc.) 7,528,680.79
Deduct Depreciation and Depletion. .$3,820,857.56
Insurance and Other Reserves... 572,348.94 4,393,206.50
Profit for the Period After Providing for the Usual
Reserves nnd Before Deducting Fedeinl Taxes
Deduct Reserve for Federal Taxes (Estimated)....
Net Profit
Less Dividends Paid
3,135,471.29
185,000.00
2,950,474.29
1,200,350.00
Balance Carried te Surplus 1,750,124.29
Surplus, December 31, 1921 $61,427,899.25
Adjustment of Surplus Net Inci
dent te the Current Period 29,651,97 61,398,217.28
Surplus, June 30, 1922 140 371.57
September I, 1022,
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