a r-v v( !. ti
"Tr-wv ijjSbWHJiW f JAV
V
22
EVENING PUBLIC LEDGER PHILADELPHIA, THURSDAY, OCTOBER 19, 1922
'"f.'fH.S"' fr ' -" ' lyvJ-'-v.-.- - -. .-SVM'-'HV' -''" V """
IB
a
IS
Strvtem and Stability
The Industrial
Development
of our neighborhood hns
bccome an assured fact.
The clese proximity te
the center of the City
the supply of labor the
nearness te the Delaware
Elver Bridge terminus
and the opening of
Spring Garden Street te
the River, nre all fea
tures that recommend
this vicinity as an indus
trial center.
We have nothing te sell
but SERVICE; but we
will be glad te assist you
in locating near us by
finding a site, appraising
values, or insuring your
title when purchasing.
Integrity
Trust Company
Fourth and Green Street
Capital $500,000
Surplus and Profit .. .$1,900,000
E
MOVEMENT
HIGHLY FEVERISH
Market Snapped Back Sud
denly General Reaction
Seemed Imminent
r:
Why Cities Service Ce.
6 Cumulative
Preferred Stock !s
Especially Attractive
The net rarnlnfrs of thr
Company haw shown -teadv
Improvement during last 12
months
The Company's financial con
dition Is no Kreatly Improved
that a plan has been an
nounced for a f 3 nnn oeo
reduction n It ilrhcnture
debt life Spptcmrx r IJ.'.
We recommend the purchase
of this stork as a conserva
tive investment
Present Yield Over 8 ie
Send for Circular
Henry L. Doherty
& Company
GOt Merris Building, Philn Pa.
I'henr Spruce Ti',5
We Specialize in
Portland Ry, Lt & Pr
Common & Preferred
Tennessee Elec. Power
Common & Preferred
Republic Ry & Light
Common & Preferred
Cem V!th Pr. Rw & Lt
Common Preferred
Gilbert Elieit & Ce.
t.'tnieti Ktn Tet Sieck Ei:hieit
26 Exchange PI. Bowl. Gr. 0290
INDUSTRIAL de
mands and individual
necessities require that
there shall be no inter
ruption in the supply of
electricity for power
and light purposes.
We recommend in
vestment in the con
servatively issued se
curities of this stabiliz
ed and necessary indus
try, many of which are
Free from Lecal Taxation
HARPERS TURNER
Investment Danker
J in Tit- ilUdepiUi StecA OtthenU
STOCK EXCHANGE BUILDING
New Yerk. Oct. 10. Thp two hie
news pvents In thr flnnnrlnl world today
was the big blew-up In the nticllsh
pelltlcnl situation, with the roslRnntien
of the Lloyd (icorge Conlitlen Cnblnrt
nml the nnnounrement of the pronesod
bi(t railway merger in the Nerthwct i
with the consolidation of the limit I
Northern, Northern I'nrifie and the
Chicago, IJurlingten and Qutncy. The
(deck market was kept In n feverishly
churned condition, with price plung
ing upward and downward In a most
confusing manner, but net because of
any influence en part of these events,
but merely as result of the growing
vigorousness of the content between the
trading ferrcs for Fupermacy.
It looked for a time during the morn
ing operations as if the entire list was
booked for a reaction of considerable
dimensions. There was a startling
crumbling of prins In all directions ami
support of the constructive appeared te
have been withdrawn. Very positive
weakness cropped out in widely scat
tered parts of the list, hut suddenly,
without any convincing or centdstent
rcaen, the whole maricet snapped hack
again just before midday was reached.
Net only were the earlier recessions re
gained, but in meit instances prices
by the familiar strong-arm methods
were jerked back te and above last
night's closing level, with quite a few
prominent recognized peel Issue
waking new "tops" for the year.
The resignation of the English Pre
mier and Ills (.'nbinet was net altogether
unexpected, nor was the big railroad
consolidation fresh news. Hints of the
latter conference had been in the nlr
for several days, and today's announce
ment was merely nn official confirma
tion of the proposed merger. Others
are expected, and possibly a gTcat .leal
mere of this kind of news will be heard
after next week, when the Interstate
Commerce Commission starts hearings
en the suggested transportation amal
gamations. The abundant offerings which met
the Initlul rise In various shares en
couraged active celling by the bherf in
terest, resulting in a large proportion
of the list being carried down n point
or mere below yesterdny's final figures.
Particular weakness in oils, steels and
loters influenced extensive profit-taking.
Seme rather violent breaks oc
curred in special stocks, netnbly in
Liggett A. Mjerb. which dropped 11
peints: National Biscuit, eVj ; Amer
.win Kxpress and Otis Klovater. 6 each,
.Hid Pacific Oil and Davisen Chemical,
4 each.
The market quickly steadied iMelf
and many of the stocks showing soft
ness developed pronounced strength and
rallied with a geed deal of vigor. Nev
ertheless, the trading was conspicuously
perializiHl, with these selected stocks,
licked up In a sensational manner for
definite reasons pertaining only te these
particular issues. Cern Products was
an outstanding illustration in this con-
ictlen. us also was the renewed nggres nggres
s.ve bullish tactic-, In some of the lugh lugh
iTired oils. The recovery, however,
was helped te some extent by th
marking down of the call lean rate
from 0 per cent, the opening and re-
icwiil rate, te 4 per cent.
Commodity Markets
GRAIN MARKET
Chlcftse, Oct, lit. Wheat avernged
' igher in price today during the eurlj
iiillngs, the chief influence being
trength shown bj the Liverpool mar
et in the face of declines estcrda
n this h)p nf the At antic Repert-,
however, thnt traffic congestion at Lake
ports was being overcome and that ex
porters were showing les nnxlet; about
upplies tended te cheek bullish senti
.ent. As a result December delivery
I ere npnenrril -emewhat Inclined te drag
.is compared with May and .lulv.
The opening, which ranged from ' t'
) f higher, with 1 ecember Sl.ll's
n $1.144 and .May Sl.l'J's te $1.13.
sas followed by a moderate setback nn.j
then by new upturns te above lnitiu.
figures.
Cern and ents paralleled the action
. f wheat. After opening unchanged re
W higher. December 07TsC te (iS'e
h corn market fluctuated within a
r.inge of abeur lc.
Oats started Mc te 'Kie higher; Do De
ember 41'Ktr te 41Tsc, and after
light reaction rallied with ether grains
Previsions were firm in line wltl.
the hog market.
Cern Prev ('les Oeen
c. . . iw e,'
em,
(Wt
Vuv ... (Is
July . 6s
WhOAt
n(i.
09S
l v v
(17 t,
07.
In
May
J jiy
' 'l
ri..c
May
J i :
1 13 K
1.124
1 044
414
42
3'i
I
PI.!
1.1IH C?
l.l'J'a It
1.0B &
41i O
43Vi
S0V4
l.M':
1.13
1 0.14
41'.
1 13
1 151'.
1 H
It".
.',',
Philadelphia
.SfAfd
,1 L5EBS2d
We Wish te Buy
Suffolk & Carolina
lit St, 1052
Tampa Union Station
lit Si, 1940
Augusta Union Station
l.t 4e, 1953
F. P. Ristine & Ce.
Widcner Diiildinf, Pbiladclpkia
aw Yerk Ellabeth. II. J.
U$mbrt Ntw Yerk ami i'ftuuuclvfcta
Stock Kiclxangn
COTTON MARKET
New Yerli, Oct. 111. The notion
nrket wasi toss active rlii. nvrril'i,;
1 ! somewhat Irregular as first prices
'ievrcd fi points decline tu S udvu'-i-e
'1 he early pressure emu. f-eni WnV
Streer. the Seuth ninl !en traders
( Minmlssien houses were cm both i !e
cf the lnnrku. MilU and Liverpen
luiigiu, iiiiu a. soiling .tcsure was n
nggresslve, the market later beeam
erv firm, ndvincing ID c, l'J
above opening l,'els
Prflv (lf ' ',- -1
rlnhe' .... S3 77 W SO .. II.', 1 te
....mUir . .IS HSW Is 2S ';
J mu.ir ... '!' liiifiu'i 2'i V 1
Mm a aae". 't j j-) rm
M iv . .2-' K1 '1 1.1 03 21 no
JuJtj- .... '.'.' di fi sU J2 7.1
Hlilll
I I'll
21 .1
'2 .1 1
21 11
21 II
NEW YORK COFFEE MARKET
rprmtnr
s'nbruery
March . . .
May ...
July .. ..
-ni'mlnr
Hid.
Yest, r'ms
Ii 1H01S
ll '8
. H n.l rd (.5
n oeoi
. k s.i
. 113
1 ip.-n
'i 2'ift2i
1 00
1 lulf I l
'i null 1 ,
s fin
."ij
W ' ' -,-. ! I II ..
r 11
Orders Executed
ter caeh or en conservative mar.
S" ill bails, In all iecurltlei listed
the New Yerk Stock Bxchang.
rg or small lets.
McGLINN & CO.
Aftmstra tfeut Yerlt Stock Kxchangt
Title Bldg., Phllndelphla
MONEY-LENDING RATES
i:V Mlllli -lleney ;n rlu, u,lh cl i-s
diatom! epnl (e.lay at s jcr ci,i
f' r li'iiJinu nd rcnewlnr,
rilllwMKt.l'HIA fu 14 ,r r,
l m 44 Her (.fit. " mmircUl pirnr. thrH
i mx month". 44 te 4 V lir J0V ,nrs
Reserve Banks' Discount Rates
Official rediscount rate .it th iv.v jj,.
eri iK.fi,e w.iii,. i'i ni feunw
Boaten
S s Verk.
. I'hlladrlphla ..
'rirv.ltnJ
Itlchmand . .
A tlnnta .......
1 rtiicure
Nt Umlii
MmneaiiuMa
Krtinan City
1 Dalla.!,
San JTunclnce
Tren. I.lb
clfi. bend
..4 4
. . 44 44
,4 4
( em 1 ltkrn
ppir accept.
4 4
,
4 44
44 44
4? 4?,
4 44
4' 44
1 4
NEW YORK STOCK EXCHANGE TRANSACTIONS
Only Afttrnoen Repert in Philadelphia Quoting Fall List
Sales
100
800
100
1200
tee
3900
100
1O0
500
100
100
100
21300
3J0
100
300
200
600
200
200
1100
100
400
100
7X
3103
100
100
200
3003
1433
300
703
100
1500
100
200
1100
1930
333
333
i233
30)
6-J30
100
100
21J3
400
200
100
1303
433
103
100
200
203
200
10000
100
7633
200
500
500
503
600
9500
303
1530
2100
333
103
3303
103
20703
503
100
1C0
2800
100
300
830
430
M00
1200
1033
2800
1C0
330
200
100
3130
3730
930
200
1600
100
200
100
2230
100
100
2530
430
100
330
4330
633
100
630
7333
630
2033
17330
7433
330
5133
3100
1703
230
830
1030
10930
503
1633
833
3233
933
1130
2833
433
1533
833
430
3530
133
530
2203
2033
4030
203
2j0
83'J
9 a)
57 30
200
100
500
100
1630
5833
330
130
100
20U
100
10')
100
16J0
1500
100
100
600
LS00
100
100
103
100
300
200
2U0
100
100
m 300
BOO
803
100
1600
'730
1500
1930
203
100
3)J
1 j)
633)
300
19)')
100
300
1400
700
1500
100
Dlv
in f
4
STOCK Hlih
Air Reduction 63H
Alafka Geld Mines. H
Alaska Juneau O M 1'i
A lied rhem ft Dye. el
Allied Ch ft Dye pt114
Allls-Chalmer 50Vi
Am Hank Net 79
Am Hank N'ote of.. 53 Vi
.. Am fleet Sujrar.... 44
6 Am fleet Suttar pf . E0
.. Am Hoseh Magneto. 42' 4
7 Am Car & Kdy pf . . 123
.. Am Can 75 ?
7 Am Can pf 1"
7 Am 13 Sh F pf new 11214
12 Am Car & Fdy 19'
.. Am Cotten OH 26 W
8 Am Express 1S2'
.. Am Hide ft Leather 14' 4
. . Am Hide ft Lcath pf T-
7 Am le 112
6 Am Ice pf 90'4
.. Am Intemat Cerp . 36 V
1 Am La France Bng 12'
.. Am Linseed 39T4
6 Am Locomotive. . ..135
7 Am Loce pf 121
5 Am MetnlH -19 H
4 Am Radiator l-
Vi Am Safety Razor.. 8
.. Am Sh'n ft Cem 224
.. Am Sme't 61 JS
7 Am Smelt pf '02
6 Am Smelt See A... 98 Vi
3 Am Steel Foundries 44
7 Am Steel Fdyd pf..1C6V4
.. Am Sumatra 28H
9 Am Tel & Tel 124J-.
.. Am Tel &. Tel rts. ..
12 Am Tobacco 164
12 Am Tobacco B.... 160'i
.. Am Waterworks .. i6h
.. Am Watrwks ee p! -2
7 Am Woolen 'OUi
7 Am Woelenpf 11'
.. Am Zinc Ld & S pf. E3'J
.. Anaconda Copper.. 52 S
4 Aese Drv Goods... 61
C A sae D Goods 1st pf 8- 3
6 Ape Oil 121
Ateh Tep & San FeK6H
6 Atch Tep ft 3 F Pf 62 H
7 Atlantic Coast I.lnl'2'i
. Atl G ft W I S S pf 21
.. Atl Gulf ft W 1 S d :e'
12 Atla3 Powder 164
.. Austin Nichols.. .. 35 'i
7 B.i'dwln Locemotive1 40 S
" Baldwin Loce pf . . .118
.. Baltimore & Ohie.. E5i
4 Balte ft Ohie pf.... 64
.. Bamfd.ill Clasi A.. 38'-4
.. Barnsdall Class B.. 5'4
6 Bethlehem Steel.... 74 Va
.. Beth Steel pr new.. .100
6 Beth Stee' B 75 "j
.. Brit Km Steel 2d pf 33i
5 Brooklyn Hdlsen. . . 121 H
.. Bk'vn Rapid Transit 1 7 ai
. . Bklyn It T ctfa is la
Bklyn Vnlen as...i 1
Burns Bres..
Burns Bres pf . .
Burns Bres B. . . .
Bu'te ft Sup Cep. . .
Buttcrlck Ce
CaHter- i Packing
Cil'ernla Petrel...
Califern.a Pet pf . ..
( a Zinc and Lead.
C.' adian Pacific.
Central Leather...
Cen Leather pf
rerro-de-Pasce . . .
Chandler Meters..
Chesapeake ft Ohie
("hlitrn a Alten nf
Chi & i: III (new) pi (.i
Chicago & Gr West 7
Chi ft Or West pf Ii
Chi Mil & St P.... 32H
Chi M ft St P pf... SI '4
Chi & Northwestern 9255
CVcice Pneu Teel E5
Chi R I 1 Pac li
CM R I ft Va T P' ''-
Chi R I ft Pc 7 pf C9U
Chi Ht P M ft O .. e6'J
Chile Copper 5 Si
Chlne Copper '04
Clutt-Peabedy .... 6i
Coca-Cela 1
Cr.1 ft Southern -9 Te
Cioride ft Se lt p.' 6' 'i
fel Ful ft Iren .. :-2?4
Ceum Gas ft Klec. .'09!5
Celum Graphaphene '
Cem Selwnt A 48 i
Conel ('.car ... '0'a
Conselida'ed Gas.. 141 '
CenbOl Textiles 'Ci4
Continental Can . . r5H
Cern Products Ref '3
Crpden ft Ce 401
Oesdn ft Ce pf. .. 100',
Ce(!,n ft Ce rts ' ?j
Cruel! 1 Steel 67
Cutian Am SJKar... 22't
Cuban Am rfuKar uf 97
Cuba Cane Si.sar... 14
Cub.! ( an Suirar pf 30 'i
Davisen CTicmlcal.. 40'
nvsbeers C Mln Ltd 23
Del Lack ft West... '41
Detroit Kdlsen 114
lVome M'nes 40
n,i Pent (U 1 ) Ce 162
Cafitman Kodak new H
r-i( Steratt'3 Bat. . . 17
S
in
10
.138
102
53
. :-3i;
. 0'i
13H
63'
95
.14BU
41
79 ',:
40
63 ?
76 '-i
4
Hlee BteraK'3 Bat.
'h
lr
16
24 h
31
101
Kndlcott-Jehnson
Krle
. Erie 1st pf. ......
r.xchnnBe Buffet. .
e u4mniiH P avers L.
S Famous Players pf.K2
0 Flbher Bedy 145 14
' Freeport Texas.... 5
3 Gun Am Tank. 76
General Asphalt.... t3V:
5 General Asphalt pf. B6
6 General Cigar 6 Hi
6 Gen Electric. ......It5
, Gn F.lec Wl Pf .. II
'. General Meters.... 4J0
'. Gimbel Bree.
7 Gimbel Bres pf !Z
Goldwyn Pictures . 7
. Granby Mlnlnc..-. -Of
C.rav ft Davis '3 '2
7 e'eat Northern pf . Mi
4 Gri North Ore ctfs ?8i
Cu MeWlc ft North 15. J
lu'l Mobile ft N Pf 7
'J GuW i States Steel 89-
Hublrsliaw Llectrlc U
!.M,iini. 7.V4
Housten Oil...--. 14j
:. Hudsen Moter Car. 2 ,
1 uupu Moter Car . U
Hydraulic Stee C
7 Illinois Centra .... 114
Indlahema Rf. 7 ''
' inspiration Cen Cep 3J
;: Inter Cen Cerp .. M
,-,r fen Cerp pf . . 1
' ' ..- Acrrlr'lltlire. . 8
, unci ....--
Inter AKiu '
VJ lntemiit Cfment.
j Inter Cem Lnu...
. .... II(..v."Kt6r Ilt'W
? n Harvest newpfliavj
1. , M.r Marine I44
6 Hit Mer Marin.) pf
. inter Nickel.....
" ,'n.; lenal Pcr LMy
;; , vtncl. hi mrerp. I7'i.
. . Iren pre'i.iui"
. Ibland Oil
. . Jewel Tea.
. Jewel T a Pf
4 Jenes Urn Tea...
. . Kane.iH ft Gulf.
ii Kays-r ft Cenew.
8 Kuberncwp...
., 11.. CruMnO-neUl
, KSPB 8 pn02H
fi Kelsey non. v
.. Keniifccett Copper.
Kevstene T ft
Lackawanna Steel.
" Lake Erie ft West
2
36
32 Vx
27 'tjt
110Ji
Cl
16 V
79 V.
10 v,
s
19
C3'i
Si
2'i
471..
104
44?J
&9'4
34 X
7
P3?4
35
low
C3H
H
114
em
1 144
47 W
79
53 Vi
43
80
42! 4
123
71
111
11214
ISO
26 H
150
13i
73 H
HO',4
90 Vt
36
12K
39
133
121
49 H
120
7H
:i'4
bl!
101 j
9B'j
3H
10614
18 54
12314
4
1C3
159
26J4
51
99 U
111
53 54
52
6014
83! 4
121
1C6
92 '4
ir2tS
21
30
163 54
35
13814
118
04
64
37 U
T5
72'j
99 ',4
.3
33
121
17'4
15'4
l'7
136
102
484
33U
20'-j
(3i
t0'4
95
8 ',4
148
41
7914
39 'i
62J4
75
4i
Cl
7
14Ji
il!4
1014
92
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4314
SOU
99 '4
B6'2
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63
79 as
491-a
62 Vt
32 (
lC7i
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39 X
40
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(5
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97
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371',
36 U
23
1-0 IS
113
39
10
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t'4
15 lj
24 h
:en
99
1' 2
i4h
73
h2'4
95 li
t0j
1&4
I0W
44
102
7
:-e
12
94
38H
15!-',
47
69
H4
21
72 (4
Cl
0'.j
22 Vt
114
39
1
014
36
ii
27 14
nevi
118
14iJ
cex
16!4
79 i
tex
17'.
49 5
n
0314
52
45JJ
104
43!
102!,(,
E 09 Vx
J4X
7
35
H
"Vt
V4
H
14
54
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1
3W
Va
K
2
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t;in Nt
P. M. Ch.
63X- 14
H ..
114
B4t4
114?4 49 -
79 -53V4-
J4-
80 -4214
1?3
74X
111
2614
152U -1414
74
112
90 54-
36 -1214
39-
I34J4
121 -
49M
120 7T4
2214
6114
102 -
9814
43X
10614 3814
123X 4
163 -1
60 14
2614
52 1C0K
111
E3V4
52X
61
83 Vk, -
121
10614
9214-
12214
21 -30
-
164
35 -
139 -
113
5514
64
37 Va
2514 7414-
100
74 !4
33 -
121 -1754
15Je
117
13714
102
5154
33U
20 Vi
E3X
-
ex-
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41
7914
40
63V4
76X
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7
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32
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83
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i54 --
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63
80 X -49
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32 I, -
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48 H -r
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104 -?5M
1 3 1 Va
48
100J6 r
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22 U -97
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39 -
23 -14014
11354
39 -161
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7 f.5 -(-15X
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.
101
102
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244
76 63
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165
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102
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30 X
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30X .
1 5 14 -
89
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21
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81 -i0J4-2214-
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114
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3D f.
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'7!j r
COM i
)i .
19 -615,
52 M
m
104 -44
X (.
10254
9914-
34 X -7
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35 -
14
"
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T4
114
114
114
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1
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14
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114
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214
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314
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Vi
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1T4
514
200
4800
100
100
1500
100
700
100
200
1300
103
1400
100
200
8500
100
3100
100
300
100
500
1830
103
28603
1300
1100
1U0
3000
3700
800
1400
100
100
100
1100
300
400
100
300
100
300
2803
100
tee
1700
1030
100
f 400
290
500
100
10100
603
103
9400
203
100
15600
1030
tee
233
103
200
603
200
67100
200
23333
12330
100
40.IJ
830
100
100
100
103
2303
100
100
100
1000
100
200
200
403
100
103
8200
1C0
100
100
1400
200
200
100
11030
100
100
100
100
3200
6730
500
100
6030
100
100
4630
100
100
200
2530
330
100
100
100
100
200
100
10330
2630
100
3400
1203
1030
100
2103
13433
430
500
900
400
26500
100
600
200
11530
3100
01
830
14J0
400
6330
703
1630
100
3430
200
2600
4I0O
330
100
300
1030
100
3100
830
200
3100
333
3630
700
29203
630
830
530
2930
200
500
330
430
1330
2330
1300
100
700
100
333
430
13'"
ttce
30J
200
503
700
400
1600
400
1200
100
400
500
am
7S14
17
44
Z1J4
DiT.
In I 8TOCK HUth
. . Lake Erie ft West pf 73
3 Lehigh Valley 7114
2 Lee Hubber 2614
12 Liggett A Myers.. 224
H Lima Locomotive... 60 X
.. Loew, ine 21 Ji
J Wt Candy 1214
1 Lerlllard (Pierre).. 171
7 I.eu!svi:ie & Nash.. 143 14
.. Mack Truck 5714
. . Magma Copper 32 14
-. Ma II In son Ce 34 X
7 Manhat Elev Guar. 55
. . Manhat Elev ctft. . . 52
2 Manhat Shirt 54 14
Mar St Rwy pr pf. . 6814
Marland Oil 37J4
.. Marlln neckwell... 16
- Math Alkali 50 J4
2 MartJn Parry 2914
.. Max Meters Clasa A 5414
.. Max Meters Class B 1614
1 Mclntyre Mlnln... 18)4
12 Mexican Petroleum. 224 H
6 Mcx Seaboard 17 Jt
Mex Seaboard Oil st 17
2 Miami Copper 2814
1.20 Middle States Cerp. 13X
.. Mid vale Steel 3414
. . .Min & st Leuis new
M St P S fit M.
. . Me Kan & Tex (wl)
.. Me K & T (wl) pf.
. .Missouri Pacini! . .
. Me Pae of 59
8 Mentana Power.... 7214
.. Montgomery Ward. 22 J4
1 Moen Moter Car... 17
Mether Lede Mining1 10J4
.. Mu!llns Dedy 20
.. Natlenat Acme 1454
7 Nat Biscuit 14014
7 Nat Biscuit pf 125
. . Nat Cleak ft Suit. . . 59
.. Nat En ft Stamp... 6714
6 National Lead 110J4
7 National Lead pf...l!0 5i
.. Nat P. R of M 2d pf 3T4
.. Nev Cen Copper.... 15 X
.. N Y Air Brake 39)4
6 N O Tex ft Mex... 81 X
5 N T Central ,10014
6 N T C ft St Leuis.. 91
2 New Yerk Ont ft W 25 54
.. New Yerk N H ft H 32 X
B North American.... 95 X
S North Amer pf 46 54
5 North Pacific 9X
7 Norfolk & Western. 1 22 14
.. Okla Pred ft net... 2 54
.. Orpheum Circuit... 25K
.. Otis Steel 10 Ji
2 Owens Bet Mach.. 3914
5 Pac Gas A Elee.... t"4J4
.. Pacific Devel Cerp. 254
3 Paclfte Oil 54 X
.. Paclfte Mall 14
C Pan Amer Petrel... 93
6 Pan Amer B P3
7 Penney J C pf 100
2 Pennsylvania It II.. 48 J4
.. Penn Seaboard Steel 5
6 Peeples Gas Chicago 86
.. Pcre Marquette.... 33
3 Pere Marq pf 72
3 Philadelphia Ce.... 42
2 Phillips Pet rei4
. . Phllllps-Jenes 81
.. Plerce-Arrew Moter 13 54
. . Plerce-Arrew Met pf 34
.. Pierce Oil 614
.. Pierce Oil pf 44
.. Pitts Ceal 58X
.. Pitts & W Va.... 39J4
6 Pestum Cereal 119
.. Pressed Steel Car.. 90
5 Perte Rice Tobacco 77
.. Producers A Ref... 48J4
7 Producers A Ref of. 45
6 Pub Ser Cor of N J 95
8 Pub Per of N J pf.1051i
8 Pullman Ce 13254
.. Punta Alegre Sugar 4654
2 Pure Oil 30X
.. Ray Cen Copper... 14
4 Reading 81 X
2 Reading 1st pf 63
2 Reading 2d pf 53)4
.. Rem Typew 1st pf. 94
.. Rem Typew 2d pf . . 75" J4
.. Replegle Steel 33
.. Repub Irerl ft Stcel. 56
. . Rep Iren & Steel pf 86
.. Reynolds Springs. . .23
3 Reynolds Teb U.... 59i
7 Reyne.da Teb pf...1iex
.. Kels ft Ce 17
4.13 Royal Dutch N Y..
.. St Leuis San Fran.
.. St Leuis S Fran pf.
.. St Leuis Southwest.
. . St L Southwest pf . .
. . Savage Arms
. . Seaboard Air Line. .
. , Scab Air Line pf . . .
. . Sears-Roebuck
7 Sears-Roebuck pf . . .
. . Seneca Copper
Shattuck Ariz Cerp.,
58 X
29
4914
35
57
1954
615
1014
89
110
04
8 54
Sinclair Consel 34 X
Skelly OH 10 54
Se Perte Rice Sugar 45
Southern PaclOc... S5X
Southern Rail 26 X
Southern Rail pf.... 70 54
Splcer Mfg 20
Standard Oil of Call 27 54
Standard Oil of N J224
Stand Oil of N J pfl17 54
Sterling Products... 5754
Stewart Warner Spa 52
55 X
5
7
3
S
4 Stromberg Carb. .
10 Studebaker 135
.. Sub Beat Cerp 714
.. Sweets Ce of Amer. 2X
.. Tenn Cep & Chera.. 9X
3 Texas Ce 50 Ji
4 Texas Gulf A Sulph 61 X
. . de Odd Lets 6Hi
.. Texas A Pacific... 2954
1 Tex A Pac C A O.. .5X
.. Tidewater Oil 140
3 Tlmkcn Rell Br.... 23?'
.. Tobacco Products.. 62
7 Tobacco Pred A 8654
.. Tel S ft L. ft W.... 74
.. Tranf continental Oil 14 54
6 Union Bag ft Paper 72
.. Union Oil 17
10 Union Pacific UOfi
4 Union Pacific pf . . . . 70 54
2 United Alley Steel 37
.. United Drug 82 Ji
8 United Fruit 160
.. Unit Rwy Invest pf. 31
.. United Retail Stores C4Ji
..US Feed Products. 65,
..US Heffman Mach 2 1 54
..US Incl Alcohol . . 69
..US Realty ft Imp.. c6X
.. U B Rubber 57 'i
8 U S Rubber 1st pf .100
BUS Steel 108X
7 U S Steel pf 122 54
2 Utah Copper C6V,
.. Utah Securities ... 19',
.. Vanadium Cerp.... 44 X
.. VaCar Chemical... 27
,, Va-Car Cheni of... 68
., Vlvadeu lnc 12X
, . Wabash 1 1 54
.. Wabash pf A 31 X
J Weber ft Hellbrener 1154
6 We'.la Farge Exp... 97i
7 Western Elec pw.. HG'i
,, W Maryland Id pf 22 54
8 Western Pacific pf 59 54
7 Western Union Tel 115
4 WestlngheuM A Br 99
4 WfcBtlni; CAM.. . 62 X
WtM E ft M 1st pf 74
.. Whcel'njr ft L E . . I2X
. Wheeling ft L E pf. 22
2 White Eagle Oil.... 31
4 Wlilte Moter 50 54
. Wlcktre Spenc Stl.. 11 X
.. Willys Overland ... 614
.. Willy Overlnnd pf. 42 5-
., Wilsen A Ce 42X
, . Wisconsin Central . 31
7 Woolworth V W pf,125
.. Werth Pump ft M . 38 X
Ex-dlvld'nds.
Lew
75
70
26 H
224
S9V4
2114
12
171
14314
S5K
3214
34
55
51 H
4814
68 54
36V4
16
50 X
2914
54 54
1614
1814
220J4
17
lH
28 54
1314
33 X
OK
75
17
444
2174
5BH
7214
2214
17
1014
20
141i
131
125
59
66 X
10814
11014
3X
15X
3914
BIX
9954
83X
25J4
31
95 X
46 54
8714
121
2)4
25J4
10 X
3954
C4
214
50
14
90J-4
054
100
48 X
4X
96
38
72
42
EO
81
1354
34
6Ji
44
58 X
38 X
118
90
77
46X
45
95
10514
132 54
46
3014
14X
79J4
53
5314
94
75 54
22
54 !i
E6
23 54
58 54
110
17
57 X
29
4914
35
55
19X
614
1054
89
110
8X
8 54
33 X
1054
45
94 X
26 X
69 54
20
1i5'4
219
117"
56 X
50
55 54
123',
7!4
2'i
9
49 5i
tOX
6154
29 X
24
140
33
61 X
r5 7'a
74
'3
71 X
'7X
'4914
78
37
82
15754
31
82 X
6
20 54
67 X
85 54
:6 54
99
07X
122
66 X
19 5",
43
27
68
12K
11 54
3114
11
97
1 1 0 J4
2214
59 J4
114 5-4
99
6214
74
1254
22
31
49 X
11
614
40 Vi
42
31
125
38
1:18 Net
P. M. Chse.
75 - 14
7114 114
2614 ::
224 - 1 1
- 1
- 1
60X-2114-
1Z -
171 -14314
34X
55
51 X
53 16 -50T4-2954
220 14
17 -1614
,
914
7514
17X
X
17
10 U
20
14J4-
137 -
125
59
66 X
110X
1 10X
3
15X-
3954-
81 X-
10014
31X
121 X
214
2554 .
10X
3914
64 -
214-
52 -14
-
92
91
100
48X
4T4
96
38
72 -42
-
5054
81
13 54-
34
654
44 -
58X-38X-118
-90
-77
47X-
45
95
105 54
132
46 -30
54
14J4 81
53
5314
94
7514
-23X-59
11834
17 -5814
,0 -f
49 X
35
57
19X
654
1054
83
110 r
8
854
34 -1014-45
-95
28 54
70
20
12654-
220 54-
117 54
57 14
134X-
714
2X
9X-
49X-
61 54-
61 X
2914-
25X
140
3314
62 -
C6 5i
74 -
13X-
72
'7X
150 54-
78
37
82 -15814
31 -
e4x
6 -0
54 -
C9
86
57
99 54
'0BX 122 54
4X t
27 -68
-12X-1154-
U-
9714-
110 54-
2254-
3914
115 -99
62 X
74 31 -50
11
654-40J4-
42
31
129
38J4-
14
14
14
1
1!4
X
H
14
S
I
2
14
1
14
V
'A
114
H
14
14
14
Vi
114
14
14
54
X
li
14
14
V
14
14
X
H
54
254
54
X
IX
14
Hi
IX
1
!i
2X
X
54
14
2U
54
14
li
114
X
X
14
14
1
-'!4
H
H
114
54
214
14
1
24
IK
1
X
IX
14
i
'
54
IX
H
- 14
!i
54
X
54
X
54
Vi
14
54
X
54
- 2
14
14
14
14
1
14
114
X
14
14
54
X
Hi
14
IX
54
A
H
54
X
'A
'li
a
14
54
14
"l4
14
14
X
54
54
'l4
H4
14
- Si
- 14
BANKER
la a4 MsabU' man. It, xf
la iunaa. eredlti' tnd ecrrMtnnd-
wtaU oaVMetlea with larger enttr
KMmmts'mk , v
Lecal 'Change Reduces Membership
1 Thn Rnvsrnin commit! of ih Phlla-1
nivnift .-heck iicnonie na amendud the
constitution r'lueln the numbr of mem-
1 lrs from 321 te K'.'U, Th. membernhlp of
Itn'v 11 lluirh h ben eeld tn Willi.,,.
M. Ilumrhray. Jr for $2530. unchtnstd
irem tii last pravleui sals, !r. Slum-
pnrey i in ins nena ana investment Duel
nM, and was IV mrmberl of Ibe It. M.
Btlnien Ce. ite the tint of In reri-nt
oieiuuon, ' j. e me
luapeaw v 1
""K
dtath of Mr.
Cottonseed Products Repert
U'.i.l.lnctull (! 1" ri " cu'' "' '' ' '""1
.,.',',. .1 iruilucts report of tn (Vi,u,
'ir ' " lU.tl.H- P. rial A.KUit
&HS Dcundi. oempftr.! with 01,180.7 U, lle
flned oil produced eD.flSD.KO peun.H com
E"?4 with 70,017.0(18 and. en hand 63 .
U71.73T peunae. """""ln', ,s Vi W.UJO,
Cuke buJ ml Produced ."O.bTB ten., com.
pared with 1R0.BM, and en hand. B0.T44
tena. compared with yj.;3, .''lnt"a pre-
eucea po.yeT eaw yyu iurr" U
lth iSTOl. unil 1 Janl. 47.705 bale",
(-einpind with OH,.(0. Kxpertu of 'li"""
vth Tfl!)2 bitlca. c nnared with 10,?; "
und cak und mcul experts net avaliaeie.
Dank of Enaland Statement
Uiiide;,. Oct. 1U, The wedtly .,,m.f"'
of the Ilanli of Knuland ahewa tha JoUewln
rhan"H In jwunda: Total reaerve "!
km. nnn ir,,iu.i- n..,...ft hOO.OOO; buu
Hun ln,..,u.l Ota. iHtmm
crcant'U,
9 HUK nnn
000: note'
ernmtint Mcurltlen decreu
nrnnnrttAn f .1... I.nl..a
till a wk la IB.ea par cent
- IN na !
t i ',1ft .! . :...
Liverpool Cotten
Urerpoel, Oct. 10. There waa only a fair
demand for ape't cotton today wriif prieel
jaaler en the bai nf a dicllne of 4 in nil
's?,rnn',nl',ldl""?Kt 18.70d. '"'SJ .al..PU.ri
8U00 bala, There nere no receipt. J?Siturea
wnre uulet In the early lajlnita, Hpet
prlcya wmi American, mlddl nar fair, II. hed
iroed middling 18.fBd: fully middling is Snu,
inlddllnr. 18 TOds low middllntf. Ijled: wed
ordinary, ia.4Bd, and ordinary. U.5).
BANK CLEARINQ8
Hank ciearlnu today compared with cor cer cor
respendlnc day laat two yearei
l'hlla . 1111,00000 172,005,000 f8S.V9U.OBl
BROADE
R TRADING
LOCAL STOCKS
Wider Inquiry Noted Indicated
Reawakening of Slumbering
Speculative Spirit
Trndint; In the local stocks was of
larger volume, broader ana mere an
imated, but still mere or less special
ised. Price movement was somewhat
mixed with nbeut nn equal dlrislen of
(fains and declines. The mere Important
feature was the apparent reawakening
of the Rpcculntlve spirit which had been
slumbering In a most disappointing
manner nil through the reeent tumult
uous dealings en the Big Beard.
EUcnlehr and American Gas once
mere were outstanding attractions, The
first named Indicated all earmarks of
competitive bidding which served te
bring the price back te yesterday a
high flfnirc after n brief carlv dip. In
terests supposed te enjoy close affilia
tions with the management continued
te make emphatic denials of any ne
gotiations under way or the control of
the property. , A ,
By the.c Interests, lt was asserted,
the control has been placed In the hands
of men who have developed and are new
managing the business. Others: de
clared with equal emphasis that while
thefe statements are partly true as te
the placing of the control such pro
cedure would be necessary before any
final agreement en purchase prlce for
the property could be made.
American Gas again took the sky
route, making n quick rise te 82, or
2 points nbove yesterday's final sale,
but apparently unexpected supply of
stock was encountered, which caused n
sharp setback of 4 points, te 78.
U. G. I. was another strong spot
and was advanced within a shndc of
Monday's high price. The supply of
stock if reports from the beard were
true Is net everplcntlful. Thore was a
bidding for the stock by fleer repre
sentatives of several prominent houses
generally understood te act for lntercfets
close te the management. It was an
effort te get the stock without lifting the
price tee rapidly. As n result, several
ether houses having buying orders found
difficulty in filling them. One with an
order for 1500 shares was only able te
obtain 11 little vor 200 shares, and most
of this was In Fniall lets.
Reported admission by one of the
Pennsylvania directors of the contem
plated restoration of the 0 per cent
dividend strengthened the position of
that investment favorite. The price,
however, did net get above 48, but
nt that figure and also at -18, there
was unmistakable accumulation.
Philadelphia Stocks
High
6 AIM Insur 2."i-i
300 Am Gn.. .
000 Am Ilwys,
21u de pref. .
425 Klee Ster.
5 Erie Light
rref.
70 In Ce X A 40 V.
25 Key Tel pf 32
245 Tnke Sup. 7
11 Lcli Nnv.. 7.V2
6f)Leh Val.. 70 V
lOOfMnrl'I Oil .'tfi?'.,
535 O Eisenl'r KiU,
82
15
(15
57-i
0
-,2
78
13
(12
53
25
40
32
70
708
36
S4i
02
t:13 Net
V. M. che.
25 Vi
78 2
141?8
05 4
07l
25
40.
32 3
75J1
70 V&
"0Tb
8. ..
528 2fc
57 ...
4874 Ys
42 1
31',..
01..
:i&
07 ..
'S
33 33-
3 ..
1..
2H-.
41V- Vt
53V4- Vi
30 . .
2! ..
3 1
checks
checks
i hecks
cheeks
checks
17.1)1,
20.70,
u.suvi ;
4.1!) :
1S.27;
15. 37:
20.10,
checks
che KH
20.15
cables
cable
cables
Te the Helders of British National
War Bend 5s of 1922
The right te convert theset bends into the 5 War Lean
of 1929-47 expired fourteen days after the 1st of April,
1922. The termination of this conversion right is apparently
contrary te the terms set forth in the face of the bend, but
this rule has been laid down and enforced by the British
Treasury. The Londen market is no longer dealing in these
bends. Complicated formalities required by the British
Treasury will have te be complied with if the bends are net
presented for redemption before October 1, 1923.
We, therefore, suggest that all bends be sent in te us
that they may be ledged for redemption, interest having
ceased en October 1, 1922. If holders desire te reinvest the
proceeds in ether Sterling securities, we will be very glnd
te be of service. mm tmmimmm
A. B. Leach & Ce., Inc.
investment Securities
115 Seuth Fourth Street
Philadelphia, Pa.
Telephone. Lembard 0t57
Bulletin Ne. 8
The Commonwealth Light
& Power Company
Controlling 81 Situations in 6 States
Ne. 3 THE SAN ANGELO, TEXAS, GROUP
Property Valuations - $1,428,441
As established by Sanderson & Perter, August, 1922
Annnnl Avrrage Year Ended
1017-1021 An. SI, 10S
Gress Earnings $198,394.02 $214,756.52
Net Earnings 71.666.21 87,589.52
Charge for Maintenance and Depreciation,
1017-21 Inclaalve, average 10.20 of sreit.
THE SAN ANGELO GROUP includes 6 situations, operates 62
miles high tension transmission line, and serves 25,000 population
with light, power, water or ice. San Angole is a county seat, and
the center of a rich cattle-raising area. Franchises en electric energy
and water service extend te 1957. Dcscriptive Bulletin en request.
"As lene as CemmunUtea live and thrive ee
long will Public Utilities be a necessity"
FAIRMAN & COMPANY
ESTABLISHED 1902
DREXEL BUILDING, PHILADELPHIA, PA.
-J
Titl'nc Oil
75 Penn Cent
Lislit pf. C7 57
C01 Pennn It ft 4S 48
35 Phlla Ce
cum pf.. 42 42
113 1'hila Klcc 31 '(, 31 i
flf de pref.. 31 H 31
83 Phlln R T 33 U 33 Vi
14 Phila True 07 07
15 Philn & W
pref 33
4U itwys Le
Gen 3 3
500 Tone Helm 1 1
lOOTone Mln. 2'4 2V
30 UnienTrnc 41$: 4ni
710 l' G I.... TS3TS 53
17 W. Ter& S. 30 30
2ft Yerk Hwy 1:9 20
15 de pref.. 30 36
tNet chanse miKl by comrarlaen with laat
sals en New Yerk Stock Exchange.
nnL,vnEr.pmA bends
4000 Liberty 2d 4V4s 09.00
1000 Liberty 8d 4V4 00.12
2000 Amer Gas & Elec 5s SI!
300 Electric & Pee Tr 4s ctfs 70
4000 Lehlgli Valley gen 4Vis.. U2V4
100 Philn Electric 1st 5s lOOVi
3000 Phlla Electric 1st 5i. . . . W)
1000 Philn Electric OVjH 102
FOREIGN EXCHANGE
New Yerk, Oct. 10. Sterling was
the strens and dominating Influence in
thn fnrntrrn .yphnne. mn.T.nf n ,1,,.
opening today, showing a net gain of 1
nnlnt- nt 4.4S (nf rnlilae n.wl A 17.1' tr,
demand. Marks, Helgians nncl francs'
made new low records en the move
ment. Leral dealings were at a mini
mum and the fluctuations recorded werp
mostly of Londen and Continental ori
gin. Francs were down a further 2''.,
Belgians 3'j, nre jiai swjss AaVi.n 1(-)(
Spanish down 1, Norway down 7, Swed
ish down 5 and marks down 3-10.
Guilders were steady nt a new high
for the vpnr. estuhtishnd nt tlm .,
end yesterday. Trading still appeared
te be largely or professional character.
4.4S, demand 4.47ris ; franc cables 7.3!),
cuecxs i.-evi; iieigian raeies U.S7.
lire cables 4.10Vj.
Swiss rabies 18.30.
nescta rnblnn 1T. :t!i
IMiiisli cables
up 5; Norway
17.S0; Swedish
11 IL-. ,,ll.l-
llll.ir,. rlll'cliS 30.10 mnrlu fl'l 1 1.1
nie (Iiseeunt en New Yerk funds' In
Montreal today was nominally un-
perts expressed the opinion that any
;.. i r Vi " "" ""'"'u is un
likely. Canadian funds in New Yerk
were unchanged nt a premium of 5-3"
te Va per cent.
YKSTKHUAVS CLO.SINO QUOTATIONS
Dimana ,. .,"? 7.41'. 4.2(1 un Cl .
Cable -MO!.' ! wl JV4 jlSiJ
TODAY'S OPE.MNU (JUOTATI0.VJ3 I
Blerllnif Kranca J,rB OullH...
Demund .... JTtt J.KSW 4 10 30,10
cnuiea ''' ou a.jwvi
October Investment Suggestions
Housten Lighting & Power Ce. 5s
Milwaukee Elec. Railway & Lt. Ce. 5s
Cudahy Packing Company 5jjs
Northwestern Elev.R.R.Ce. (et al.) Equip. 6s
Wisconsin-Minnesota Light & Power Ce. 7s
Descriptive circulars en request for CM'013
Estnbllahed 1880
1422 S. PENN SQUARE, PHILADELPHIA
Membrra New Yerk Stock Eichnme
Boitten New Yerk Chicago
Arrrex.
Dna Ylld
1931 5.25
1961 5.50
1937 5.50
1925-32 6.00
1947 6.63
ERNST & ERNST
AUDITS
COST ACCOUNTING METHODS
TAX SERVICE
2023 LAND TITLE BUILDING
PHILADELPHIA
Telephone Locust 2681
MllNMUlllBim
SOUTHERN OKLAHOMA POWER CO.
First and Refunding Mortgage 7 Geld Bends
Due June 1, 194
Secured by a fint lien en physical properties. Net earning ever
iwice annual nena interest. fennsylvania State Tax Refunded.
Price 101 and Interest, te Yield 6.90
ARTHUR PERRY & CO.
BOSTON
Investment Bends
New Yerk Lafayette Building, Philadelphia
ri!IIMI!IIIH!llllIBIMnfflW,flll'
Providence
iiraaiiiiifiM
DO YOU NEED AN EXECUTIVE?
I nm in the early thirties with n record of successful work in
my present position, ns well as in former connections.
I have chemical nnd industrial training have operated plants, and
ns an executive have been in close touch with all phases of an
industrialization project thnt is drawing te n close.
LdmnL?"in" "!?b,r butJwis e identified with a sound,
i? srAiaXttr and encra M f e
C 826, LEDGER OFFICE
09.1S
DIVIDENDS DECLARED
dend of Ba Oil for ejcli ten aheraa en flrat
prfrrJ. panule In Lenflun en ictel-r 31
n..in. ylr. ln.ilr.nf. f..mn.n.. -.. v i
r cnt. payaM forthwith te heldera
r .'.
Of
Serteli Vrafi. Se a.
fubllr ItUlhj rruritt
math Kxttjempt guIUHnp. ytfll.
American Gas Deb. 6s, 2016
Chippewa Power 6s, 1947
United Gas 6c Elec. 6s, 1945
rkaeeai Icuat 02J0-l.-
rrivau I'iMOas te haw aeik ii lloiten
record NevemUir IT,
Headlnff Cetnpuny. quartarly 1 i
flrat prclanad, payable Peceml
ateclt of record Nevembar 31.
lleyal wail nir..iii.nilj v.umpany. k 3 car
cnt Interim dividend en ordinary mock?
J. O, Brill Company, quarterly 1 wr
cent en Prtferr'di Dayable November 1 te
atepic of record October 25.
htandard Mlllln Company, quarterly 2 per
rtjcnrd NevemMr 17.
.!.. riaflrlna Pnmnahu I
1.60""yibl.Deceml,riBto,iiecr;rr.o:
Stern Dretherii. nuarterly j p.r Mnt en
preferred, payable pacember 1 te ateck of
rrceril November 1,6.
Hhcll Union Oil Corporation, quarterly
.m'.n.'.m.(
Weman Executive
Having had unusual experience In
large brokerage house, Is new
open for position where this valu
able experlence will prove an
asset te a busy man or big cor
poration. C 828, Ledger Oflicc.
mt'lm.
m ..
Metropolitan Edisen Ce.
1st & Ref. Mtg. GTe Bends
PRICE TO YIELD 5.93
EMtSEir Bre s. &. Ce,
1421 Chestnut St. Philadelphia
179 per ten., wh v w. ..-. k..uiq ivveiii
ber IS te stock of record October 30. .
Columbia Qm KUctrle Company. vuLi
terly 1H per sent, payable fJevambtr ft
te ateck. of record Ooteber 81, Js
MORRIS J. ROOT
Certified Public Accountant
uuyu Buildini. Pha.deiBr,;
Alan A. Alexander & Ce.
Stocks and Bends
Colonial Trust BldQ., Phlla-
Srnd for ii ropy of Our Weekly Mark!
letter, "Cp uml Downs"
Lawrence . Brown & Ce.
CERTIFIED PUBLIC ACCOUNTANTS
. 1660, BIAL ZITATE TRU1T BLD0. .
iDvrttlgata nni adjiut -oriieratluii and
paitDerahb acteuuta aad prepare lecvuis
Tsx Returns.
&W4?'JS' -'JMA'rtil
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