m
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? W3 !'fi',v'! ",-"'Vt'(V-" wavj"' 'rsw?
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y , jf flit' t, ri t f ' " 'm;i r i$ ifM.Ci j Jff'lVi' .-- i
EVENIKa fUBLfc LEDftE6-&HIliABUfaliTPBPAY, "eaffiW A
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7 .
.7.,
Jtit
CLOSING
MARKET
VERY IRREGULAR
Anethor Week of Boisterous
Speculation in High-Priced
1 Industrials
Kcw Yerk, Oct. 'JI. OnsldrrnMe
lrrcfitilnilty marked price niopment In
today " short cMen In the stock mm
kt. The list made Reed showing of
ttcngth nt tlir outset under lend nt t
the conl-enm Ins nil'rendi, some oils'
nd pqu'iniicntH. New high record ,
were innde in the lim few minutes hy
ltrnill'K Mexicnn I'ctrelcum. l'.m- i
American "II." Cem I'reducts and
eme ether qivein1tlCN.
'I'l'e - irkef. however, was palled upon '
te nl'Rerh n fairly lnrjre line of profit" '
tnklux which tesetliiT with the we.ifc"
ne- iTeppiit-j out In tcntterlnj purt.i
of t lie list checked the upward move meve
luent nivl in the Inti r dcnlliiK" most of
the enr'y Improvement n canceled.
, A number of the week' active fuerlt'i
jieldfd under hint iiU'lit'i closing level.
' KstnblKliuient of n new l.ltcli recer-i ,
by Ihe new (ievrrnment 4 per cent
bends win the fenture of the lend deal-
Insc. the main trend of which wiw'
Upward. Met of the seiii", lii.v.rv.',
Mere of a frnetimitil tin t nv. An Jut
estlng nii'vement In the foreign llt ii.-i (
furnished by l'.crne s, wldcli rle!; Int
night at 1 1 t"v, . epeiiel tndav at ll.'l. '
and then a'hanced 1m three 'ales te 111
The week's operations were continued ,
rery lmieli en the same spectacular
mile a- witne.srd cbtrlng the p:it fort
night, with the familiar vi ilent bidding
up of -elected -te' , etubracing large!
the high-iir.ced ltidu-tnal isue. 'I'll'
" boistrieiiH spe ulntmn was again fanned
by prespec the utid pndiited -tei k dlu
dends. Wlnle the -ire'ig-arm tn"thnN
fc of tiles peittlatue cotublnatleti-were net
altogether i defying or cend'icne of hull -lull
ciith'i-t'i-in en the part of the rank
and li'e of tic se. called public, jet It
demonstrated tery inwluiwdj tlie un
disputed nb-e'utij control of the eon een eon
Btntetie forces. j
Then is WrtiiaUy no waj or mentn
' by which any niPiMirementi could he
' innde as te the durntleii of the remark- ,
able bulH-li demon-tra'.iens in evidence
for the lat two or three weeks. Can
. tlen signals arc entirely ignored. I)e
, Tflepmeuts .iial inlluencp- which ordi erdi
nnrllj we'ihl come in for ,-erleii- con cen con
Blderatien ami clellb'Titinti are br'ished
aside with almost audacious IndilTer
ence. It can be readi'y -eon. however.
if the market i-entinued te advance te
the tame degrci- as l has been doing
the last fourteen nmnth- prices ulti- ,
nintely would reach unheard of levels.
Obviously tin- will net occur, nf
ceur-e, it It generally recognized -peci-lnt'eu
is hasid en future piospcet piespcet
rather than hi-te-y. but ftem all leg.c.U
deductions it would -eem a- If tlie price
levnl of ninny of the -peculatlve fa
vorites had discounted net only all that
'" can be seen at present in t'i.- way of
linprewmeiit, but u great dal mere
that could he clashed in the category of
Imagination. ,
The almost riotous speculation in the '
;' Industrial specialties m.i be accepted .
af concrete proof of the existence of ,
tlie secondary inflation, whlcli is no
', longer iletued by students et the eco-
nemie situation ami which is plainly '
'. reflected in the n-.ng barometer of
living cost. As a niattir of fact, this
Inflation is gUing banking interests I
'" considerable concern, because it is rec-
egnlzeil it will ine.tablj be followed
" by anetlier tlump, likely te be even mere
drastic than that ixperienced in tl.e
pest-war period. In the opinion of'
. most of t'i" Influential nnancial men,
much will ile end upon the linmednt"
" ceur-e of the price trend If the further
il-e should be sharp the unae:dahb' )
readjustment will come sooner anil he
mere drastic. On the ether hand, if
J the line of a seen t '" gradual, or Is
..' maintai...d within the present chart
line, the inflation period is likely te be
carried ever at least another je.ir.
Fer that reason there are cpiite a
large number confident of niaiket allies
attaining a much higher level before
the major movement culminates, tigur
ll.g that groups winch haw net figured
largely in tlie rutin. ng should and
doubtless, will be taken up it the market
Is te continue nil (.eiistr ict.w line..
Othei, heweber, arc of tlie belief t hat
some of the acrobatic teat- whi'h have
recently been wltne-sed 111 the high
Jim "d spe, la'.tles has weakened the
technical posit. en materially. In con cen
ecquence, there must be a hmiec'.ean
lns en the ueuunt of the ever-exten-
aien of leans anj until thes hiay
borrowings fir speculative purpo-e are
down again t) a healthy basis thej re
gard tlie long side as one beset with '
dnnger, heiau-e nf ,Ver present possi
bility of slurp reactions.
Philadelphia Stocks
i."
Us
t'.ll
lil
.-.11,
JOJ.
It'Th Iet
f.O Am ilas 7s 77'
lfjl Am )lws l.-'i
".- de pref . (i'l
fiDAm Mis. Itiu
10rimn Mils lit
8." Illec Ster. ."si .
:',U In Ce N A -in' i
xuu l.ake s;,,,,
Ctl I.eh Nav .
1(11) Kisenl'r
40 de pref . .
JU I'enn i en:
Light pf
621 Terma It It
4(1 I'enna Salt
1e I'hila Ce
i'uiii pf. .
in." I'hllll i:iee
loll ile pref.
Ce rhihi Itisul
Wne ..
R.VI I'Lila H T
Ml Ten Itel . .
I!t0 I'nieiiTiae
3Hr CI..
fc-0 de ptef .
-u-ieri( uw
pref. . . . ,"", ,'!."
C e "S8e
1
',
7H';
n
in
:ir.,
.'in .
.:!;
i-'n
i1,1-;.ii
7U
sii:,
JUi' .
.'i'l
:::t
1"s
i1'-
."!!
I."
Is
iiii) :
hi
in',-
i5-
7H',
i.11
!'!i'". .
" -I-1
ssn4 i.
f"
jr.
.'a-H
.".i)i
:;!
1
ii1.
.""
oil
- 1 1
- i .
i;
te'laj Ymk Ral ay pref
Kx ilnMenJ
1', nr rnf
tNet thane n.S'l. b rnmporlen itti l.n;
H'f "'i N ' ' .si... k i:. native
Tntnl f.llt'4 'lllll Bhar.- ni.i.iri-.l vl'h
10.41J rharus eaarijas Thus tar th.a nru
5,)77 1.1. r-H
l'llll.li:t.l'lll. IIOVDs
tIMlO I iertj -Jib ii ,s .,s,
I .
r.Oe.10 I ibe.'U 1th
1IHMI Amei lias &
1(1(1(1 I'lee l'e,,p
3(1(1(1 I'enples I'lls
SiJIIII I'llllll nectlie
20IKI I'hila Klicuie
8000 I'hila Klectric
l'i
Klec Is. ,
Is
Ht ;
." i ..
;.i".
1 i.i e I Jill .lull i. mp ir.
kterila Tm far tin wr
.let.
with
;. 5.'..'3
flO.'JI
i.i) ....
s!l"7
ll'.H,
7."
. ion
KM ' i
. HU'-i
t'J.I.' 1100
Jig.
NEW YORK STOCK MARKET
Only Afternoon Repert in Philadelphia Quoting Futl Lltt
Total sale. . . . ,
Yesterday ....
Total for ccta . .
, . . 403,000 share
...1, 1U0,5()O shares
, .. 0,505,000 shares
Bui's
203
930
100
1600
700
100
400
500
200
100
9100
200
630
700
100
200
200
100
!03
203
1700
103
200
11430
1B0O
203
200
00
500
10J
330
1S00
2333
l)J
213
233
10J
310
303
0)3
.O
25J
33
20;
5D
203
1 33
fC0
203
233
3)0
330
6b03
2133
930
133
100
23 5
100
2SI3
100
221
ie;
9)3
333
133
.133
103
1103
G13
133
40
103
100
530
9)0
JV
100
30J
103
103
1303
14 j
1633
100
303
3)0
333
233
10)3
133
46)J
103
1630
23 J
2430
630
53J
3 33
1633
1133
100
103
6J
17 0'
1 )1
11)
100
85 JJ
13403
1833
233
633
830
100
503
33
303
70J
1233
103
1JJ
14 33
27 '3
.00
7)3
233
433
QJ-t
533
6)3
1R33
333
2)3
600
25)3
333
530
230
103
tjj
2u3
5JJ
12300
2 JO
50J
530
103
-133
8 ii
103
4 3 J
333
533
233
700
200
100
103
10)
300
24 3 J
1 1 J J )
15.0
1 10J
103
83J
203
1033
0.203
40
120 3
Dlv.
Ill t STOCK Hlh
.. Adams Express.. B0
.. Alix Rubber M
AInMta Geld Mines. H
A lied rnem 13y. B5
4 Allls-Chalmers .... 49 tj
7 Allis-Chalmers pf . . 97 '4
.. Am Aftrlc Cnem.... 35'
.. Am Agri Cliem r".s- CG''
.. Am Beet Siiirar.... 42
Am Ilench Magneto. 41
Am Can 73
7 Am Can pf HI
.. Am Cotten OH &
Am 13ruB Syn 6W
Am Hxpress 1-5
.. Am Hide A Leath pf 73' 4
7 Am Ice 11 '
6 Am Ice pf 90(
.. Am Internal Cerp.. J'l'a
.. Am Linseed 38 la
0 Am Locomotive. .. .133
C Am Metals pf. ... 112'i
Am Radiator 121
Vi Am Safnty Razor.. P
.. Am Shlu Cem 22
.. Am Sme.t 61
7 Am Smelt pf 103'j
I.' Am Snuff 14914
i Am Steel Foundries 44 14
.. Am Sugar Ref 79
. . Am Sumatra 38
9 Am Tel & Tel 123i
. . Am Tel ft Tel rts... 4
1 2 Am Tobacco "31,
1! Am Tobacco 11 60'2
.. Atn V.'uterwerKs .. .7'
.. Am Wntrwks 0 pt -I1
7 Am Woolen KO'j
.. Am Zinc Ld A Smelt 16 H
Anaconda. Copper.. M xi
6 Ae Ol 1J3H
Asse 1V Cneds ... C0!a
0 A-se 1 'leils 1st pf 3
8 Atch Tep ft -Un Ke (.6H
S A teh Tep a P Df '-'
. . At. an B.r & Atlar.tl 2
7 Atlantl- Coast Line'2?Tii
. . Atlantic Iruit 2
.. Atlantic Krult ctts..- I ,"
.. Atl Gulf & V I S 3 29'i
12 Aths l'ewder U2
.. Austin NMchels '.'5
7 Ba dwln Locemotlve'41
.. Baltimore ft Ohie . .5'i
.. Barnsdall Clnss A.. ZB
.. Barnsdall Clas H . . H'b
4Sc Beechnut Packing . 42
B Rethli-hem Hteel .. 74',
.. Beth Steel pr new.. . 99;
B Beth St-e B 75
7 Beth St 7 pf 'new) 99'2
7 Beth StlprnewS 1" 33
t. Beth Meal S lit I'-
8 Brooklyn ndl&en 121 '4
.. Bklyn Rap'd Transit 17 '4
.. Bklyn R T ctfs 'EJ
S Bltbn Union Gas... 122
Brown Shee 61 '
10 Burns Bres A 1;7
2 Burns Bres B 51 'i
.. Butte Cep & .Inc.. 7 'i
.. Butte ft Sup Cep... 33 H
.. Butterlck Ce 20
.. Cadde Cen O & R.. 10
.. Ca.i'einlu Petrel... 61
.. (3 Zine and Lead. 8H
C. -Hil'an Pacific '81
Carsen Iiri Mining 9ri
tentral Leather.... '0W
Cen Leather pf 78' j
Cerro-de-P.isce . . . ."3
Central of N J... 725
Chandler Meters.. 61
Chesapeake ft Ohie 76 'j
Chesapeake ft On pfU4?s
Chicago & Alten . . 2H
Chicago & Alten pf 4i,
Chi ft t: 111 (new) pf CI 'i
Chi Mil A St P 3?'.
Chi M & St P pf. .. 50 4
Chi & Northwestern 92'
:e
S
6
4
6 '4
Tiw
80'i
1414
'
83 ;
49 ' s
97 'a
35'i
66'
42
41
74 X
111
26
6'i
155
73'
111
90'i
3414
?P'j
132
112'i
t.0'4
8.
22'l
CI lj
103H
149'j
43',
79 !
37'4
12i'j
4
1E2H
1rU','j
7
I 't
100't
(H
61 'i
123
60 '4
t3
1 6j
92 H
2
i:2T
14
1'i
23'j
160
-.5
113'J
4j
37
5's
'2
744
99 i
7414
99 ' 4
98
112
U0
17'!
15 J
121
61 i
1j7'4
50
33
20
10
61
ft
Chi R I & Pac.
5'
6 Chi R I & Pc 0 pf 0?
. . Chile Copper i5?j
.. Chine Copper 18 1
.. Cluet'-Peabedy .... 8'i
4 Coca-Cela CO';
. . Cel Fuel & Iren... 21 '2
3 Cel ft Southern 9
6 Ce'.um Gns ft Elec. .110 '4
.. Celum Graphaphene s Jj
. . Cel Graphaphone pf 10
G Cemput Tab Rce... 71 i
. Consel C'gar 0'2
8 Consolidated Gas... 145 'j
., Consel Textiles.... 10 '4
. Continental Can. ... f 6
6 'ent Insurance ... 90V,
4 Cern Products Ref 134 4.;
4 Ccsden & Ce 50 U
.. Crucible Steel 15,
, . Cuban Am Sugar... 12?
.. Cu'ea Cane Sugar. . . 131,
. . Davisen Cnemlcnl.. 36 S
9 Delaware & Hudsen 13714
C Del Lack ft West. .. '40
5 Detroit rMlsen . 1 '4
1 i.-trelt IMlsen S J. 1 13'j
2 L-errft M.n's . . "a'2
Hu Pent (i: I 3 Ce 159
Di I'er.t Cr det) pf 67 4
nalrr.an Kodak new .6H
L'.ec Storage Bat... .'8 2
UidlC'.it-Johnsen . 1 8 i
K-idlcott-Jehnson vt''h
Erie
Hrle Id pf ,
i:char.ge Buffet
lb
iH'i
31
Famous Payers Li..100 i
Fisher Bedy
Freeport Texaa.
Gen Am Tank. . .
General Asphalt.
General Cigar fOU
Gen r.lec Wl pf... 11
G- leral Meters.... 14;
r nbel Bres pf 102',
c dwyn Plcturi.. 7',
( .edrlch B F 34 1;
Geidilch B F pf . .
Uranby Mln'.nff
Grav & Davis
Gteat Northern pf .
Gri North Ore ctfs
Gulf Mobile ft N pt
Gulf States Steel .
Hablrshaw Kleetrlc
Hudsen Moter Car.
Hunn Moter Car...
Hydraulic Stee 5
IU Cent pf A 1 1 J
Indlahernn Ref 4
Inspiration Cen Cea 28
Inter Cen terp ..
Inter Cen Cerp pf.
Inter Rapid,
lnt Great North wl
internat Cement. .
Inter Cem l.ng.
Int HaieM new
lnt Mer Mar'ne . . .
Int Mer Marine pf . .
Inter Nlck!
Int'matlQnal Paper
Invlnc'b e et: Cerp
Iren Pre-lucts
Island Oil
Jewel Ta
Jenes Bres Tea
Kansas ft O-'.f . . .
Kayser : Ce nevr . .
Kelly-Springfield ..
Tei1.ys Nft I
flee v,nit. .
,2
I4i4
77
t2 44
e4',
;e4
'i a
I' -i
37
47
90',
' 1
;e 3
2t 4
1
r-j'.
"6X
pni8'2
.. 14 i
S6 t
r,e ,
I 6 'a
501,
'.
20
14 1
2i
47
44
: '1
147 U
9',
-0',
,8'j
40
214
tO&j
5i
' 4",
2S
4j
61
50
t2
s4T,
SOS
25 S
2814
65 lj
80
21
48'2
K9'4
-'
10
'Mi
39 '4
43'4
10 U
95'4
90 14
30 4
s9;
844
:?
13',
37- 2
l'7U
139',
'"'i
113H
.9
157',
67 4
Be',
i a
7 e
110
10',
30 s
93 'i
40
i 34
76 '4
62'4
10
10T,
'4 2
102
7
34
C4(4
.0 5;
11
c5
'V4
i
'i'j
1154
4",
3e,
'4
1
?5
24
J2
?6K
"8j
14
f.7
r'W
E9'2
6 4
0
H
20
54 4
'4
46 4
43'i
00 ti f
14'2
H -634
-
49 V, V
97 '2 -i-35U
66 U
42 -41
744-
111
26 -614
155
73 U -
111 -90',
-34
U -30
4 -
132'4 f-
11214
..014 !
84
22 Vt -
6114
103'j
149'i -
43', -
79 4 -
3',i -
123b-
4
f3 '
604 27 -M4
1C0U -184
!1 1 J -
123
-
1L64
92 4 .
122 '
Tn .
294 -110
-
.'5
'40-r
414-
37 ',.', -5
'2
74;j-;
S9'4
93
112 -
1.01,
.7', 21
614
137?4-
50 -
"4
33
20
10
61
84 4.
18 M ..
9'-, -
40",
70'5 -
0 -223
4-15
ten- 1
76
K4?i -24-44
ei
32
50
S.2'4
45 U
COS
;54
:84-
ee
80 -
l -
'9
1C94 -
44
10
7i; -39
4 -
143J-4 -K
'4-C5'i
n
4
' 4
4
115
'4
4
'.
'4
4
4 I
Vt '
' I
4 I
'"I
SaIa
1930
033
633
703
200
3530
2033
' 300
633
200
200
200
100
103
19)0
103
103
330
330
100
1230
330
100
7703
433
1103
3700
170J0
400
430
2 JO
Dlv.
I" . STOCK Itlrti
.. Kennecett Copper.. 33 4
. . Keystone T & H. . . . 7
7 Kres S S 177U
.. Lackawanna Steel.. f3
7 Laclede Oas et St L 90
i Lee Rubber 26 4
8 4 Lehlch Valley 71 4
34 Lima Locomotive... 604
.. Loewa Ine 21 U
1 Left Candy 12
12 Lerlllard (Pierre).. 171 4
7 Louisville A Nash.. 143
.. Mack Truck 56 Vi
. . Mairma Copper 32 Vt
.. Mnlllnsen Ce 36
7 Malllnsen Ce pf.... 96
.. Manatl Sugar 43
7 Manhat Elev Guar. 55
.. Manhat Kiev ctft... 524
4 Manhattan El Supp. 64
2 Manhat Shirt 56 'a
6 Mar St Rwy pr pt. . 681,4
.. Math Alkali 48 !4
4 Marland Oil 35 Vi
1 Mclntyre Mlnlnr... 174
.. Max Meters Class A 55
wi .noiers i;iass u ion
12
6
Mexican Petre'eum.234'4
Mex Seaboard.
Mex Seaboard Oil at
Miami Copper.
lj i 3330 1.20 Middle States Cerp.
14
Vt
4
4
4
!4
4
U
4
4
!4
' Y
3 4
4
14
4
14
?4
4
14
4
4
14
D'i
4
24
4
!4
i;
P0J, ;- a,
31., - 2H
50 '- a4
t5 lj
.24 - 4
34 4. !4
384-1
137', - 4
'29H- i
114 4. i;
1134
0 i !j
' 58 V.- - 2 i
87 - 4
tC - j
-"4 h 4
t7 4-
11
154- 4
It '4
I f 4
100!i 1
142 -r 2 4
J -4
77 4 r 1!i
621-4 4
00 4 4
10ft ..
14H
102 4 4
V4 4
34 - i,i
84 4- 14
30 14 -u i4
124- 4
t5
34 -
47
90 -
U-4-
:e;, -
24 -
54-
11514
Hi ,
28 4 .
25 -24
-J2
26 4
110J4 14 -57'4
-
154
59 14 -
tijl,
50 4 f-
.
20
44
24
'6H
43 4
34
V2
4
13803
203
103
700
100
230
133
200
13 0
2500
133
2503
733
33)
100
830 :
1200
52J0
633
4100
700
700
1930
333
330
100
1400
10.J
130
4200
100
41203
21303
20400
3703
900
300
GOO
103
5100
300
103
DOO
1200
500
100
500
100
403
3700
930
803
330
3200
100
1300
200
11930
400
1200
333
2500
100
5100
230
1200
100
1000
1200
23)
500
200
300
103
103
3433
233
1933
25 33
6X
5J3
1133
2733
103
200
100
103
2J3
176)0
7J3
130
530
230
2)J
6433
433
7 JO
310J
533
5233
24)3
100
633
0 33
3
100
163J
203
10i3
103
250)
33)
163J
100
103 ;
9833
930
203
433
1100
200
100
00
100
10U
100
103
533
203
100
1430
533
1533
430
203
200
20)
1300
830
803
103
Mid vale Steel,
Mln & Ht Leuis new
Me Kan Tex (wl)
Missouri Pacific... .
Me Pae of
MontKemerj Ward
174
16',4
2-- 4
134
35
94
17 4
214
94
214
Mether Led Mining 1- H
II
19
.237
. 68 Vi
. " 4
. 1 1 3 J-J.
. C2
. 38 4
. 51 4
344
32
99 4
24
7
244
104
39
Mu'.llns Bedy
Nat Biscuit
Nat En A Stamp.
Nev con Copper..
National Lead...
N O Tex & Mex.,
N Y Air Brake ..
NY Air BrnkeA...
New Yerk Deck. ,
New Yerk N II A
N V Central
New Yerk Ont ft Vf 5 4
Norfolk & Western. 122 4
North American.... 96 '4
North Amer pf 46 4
North Pacific 09 4
Ohie Bedy ft Blewer 7 4
Okla Pred ft Ret.
(int Silver Mining.
Orpheum Circuit..
Otis Steel
Owens Bet Mac'i.
Pacific Devel -Cerp SF 1 H
Pac Gas A Elec... 834
Pacific OH 514
Pan Amer Petrel... 94 H
Pan Amer B 9414
Pennsylvania R R.. 484
Pct.n Seaboard Steel 4J4
Peeples Gas Chicago 97 4
Pere Marquette.. 38
Pere Marq prier pf. 79 "
Phillips Pet 49 !4
Phllllp'-Jencs 78
Phllr.delnhla Ce. ... 41
Plerce-Arrew Moter 13
Pierce Oil...;.... 6 4
Piscly wisely store 4414
Pitts Ceal 59 4
Pitts & W Va 38 4
Pun.! Creek Ceal... 194
Pestum Cereal 1174
Pieducers ft Ref... '8 4
Por.e Rice Tobacco 9S'4
Pub Ser Cor of N J 97 Vt
Pub Str of N J pf. 10514
Pullman Ce 133 4
Punta A'.ejr.-e Sugar .5 4
2 Pure Oil 30 V
.. Rav Cen Copper... I4j
4 Reading 04 4
2 Reading 1st pf 53 J4
2 Readmit 2d pf E4'4
.. Replogle Steel 32 4
.. Repub Iren ft Steel. 56 J,
.. Republic Meters. ...
i Reynold? Teb B.... 59 4
.. Relc & Ce 17 Ji
4.13 Royal Dutch N Y.. 574
.. St Leuis San Fran. :U4
.. St Leuis Southwest. 25?4
,. St L Southwest pt.. 57 4
.. Saoire Arms 184
,. Saxen Moter 4
.. Sears-Roebuck .... E04
.. Seneca Copper .... 10
.. Shattuek Ariz Cerp.) 04
C Shell Union Oil pf . . 94
2 Sinclair Centel 34
.. Skelly Oil 104
6 Southern Pacific... 5 4
.. Southern Rail 76 Jj
5 Southern Rail pf. .. . 70
3
14
S
5
6
S
8
Splcer Mfs....
2 4
4 Standard en or can a1,
6 Standard Oil of N J? 19 4
7 Stand Oil of N J pf1174
81 U
. 57 4
,102'i
. 2 4
,131 ti
. 74
. 51
74
4
9 4
504
Steel Tube pr
3 SterlliiK Product. .
8 Stem Bres pf . .
4 Stew Warner fpd.
10 Ktudebaker
.. Sub Beat Cerp
.. Superior Oil
.. rfweets Ce of Amer.
. . Temt Cern & F "A"
. 'CYnn Cep ft Chem.
S T. nas Ce
4 Texas Gulf ft Sulph 61
1 Tex ft Pac C 4 O.. J5J4
t Tlmken Rell Br 33 4
.. Tobacco Products.. 61 4
7 Tobacco Pred A.... E64
.. Transcontinental Oil 14
6 Union Ban ft Paper. 71 Y
.. Union Oil 174
10 Union raclfle 149S
4 Union Pacific pf.... 76 4
. . Unl'eil Rwy Inves. . 13
.. United Retail Stores 15
. . U S r I p ft Fdy.. 23
.. US Feed Products. 5 4
.. US Heffman Mach. 70
..US In,l Alcohol. ... 67 4
.. US Rralty A Imp.. 5
.. U H Rubber 56?.:
T .I Snelt ft Ref. . 41 14
51- f s Hn., it R ft M pf 46 H
BUS Steel 109'i
7 U S 3tel pf 122 4
2 Utah Copper 67 4
.. Utah Scurltles.... 19
.. Var.adlum Cerp.... 44
.. Vaf-ar Chemical... 27 '4
.. Va-Car r'hem nf... 68
. Va Iren Ceal ft Coke. 58
0 Va I -en r ft C pf.. 83
.. Wabash 11 14
.. Wabaeh pf A 31 4
err ft Hellbrener 11
We. Is Farge r-Ti... 97
Wewtern V . .110 4
Wester- and. 14li
W IN . jd pf
Wntc .. I ulen Tel.
W.ftlntr B ft M....
Wheeling ft L C...
Wh'te Kagle Oil....
Wij re Moter
W ' Oil Cerp....
WLklrt Spenc Htl..
Win OserUnd
W. jen & Ce
Woolworth F W..
f34
114
63i
124
314
E0
6 4
1014
6 4
42 4
193
Today's Nt
Iw Clese Che.
35 35 4
7 7
175 176 1
r2V4 03
094 894- 4
254 254- 4
,704 71 IBM
'co 4 60 4 1
214 214 Vt
12 12
1704 IV04- 4
1424 143 t- 14
564 5b4- 4
324 324 ..
35J4 355 ..
96 96-14
43 431
55 55
52 4 52 H 14
56 4 56 4- 4
55 56 4 4
60 ('4 68 4 4
48 4 48 4 ..
344 35 4- 4
'7 4 74- 4
534 55
15 154 -r 4
230 23 14 r 4
174
1 6 14
2' 4
124
334
9 4
174
2 4
58 4
21 4
104
184
232
67 4
net!
eU4
38 4
51 4
334
31 4
99 4
144
121
90
4p4
88 4
6 94
2 4
7
24 4
104
39
I
83 4
40 4
93 4
93 4
48 4
A
96 4
37 4
79
48 4
77
41 J,
124
G'4
434
594
384
194
117
-7 4
92
t7
1054
131 4
45 4
30
1414
62 4
53
544
32
55 4
2
58 4
17 4
574
'64
-5
57
184
34
08 4
9 4
0 4
94
334
10 14
S54
?f,
69',
194
1.4S
21714
1174
81
57 4
1024
52?;
129 4
7
bM
2 4
4
n4
49 4
60 '4
24 H
314
61
154
134
714
174
149 4
78
13
4
224
54
20
6
P5!4
56
41 14
46',
K84
1 22 4
67 4
184
43 H
27 4
CO
56
83
11 '4
314
11
96
1104
14 4
22 '4
113',;
63
12
31 ?i
49 U
6
10
6 4
42
193
I'rl
164 -
2.4
13 -344
9"4 -174
2' 4 -50
4 -21
Te -1
4
67 4
-4-113
14-
30 4
- 31 4
334-
31 4
S9 14 -
44-
1224
954
46 4
884-
714
2Vt .
7 -?4
4 -104
i'.l
14
83 4
50U -94
9414
40 4
4?B -964
37 4
79
49 4
70 -414
124
6 4
43 4
59 4
38 '. -194
-1174
43 4
92
97 4
105 4-1-'2
4
45 H
30 1 4
144
4'4 4.
32' .
16
!84 -17'i-s-7
4
: 8 4 -35
4
57 -
184
4 4.
04
94
33', -l.U.
.
'54
?6'i -f
69', -20
1 5
2174 -
117' -
81 'i -
57 4 .
10214 4-
52 4
HI 4 -r
7
4
24 .
4
9H -
49 4
61 r
24 4
33 4
614 I6?i
M
714
174 .
1494 .
7ft 4
13 -!4
-32
4
-67
-85
'4 -6
-41
15-
46 4
1 08 4 -I4s'4
67 4
I 8 4 .
43 4
27 14
68
0
83
114
314 .
II
97
110 If -f
14 4
23
1134-
63 4
124
3114
49 4-
6 4
104-
64-
42
193 -
BROAD
ER DEAL NGS
IN LOCALMARKET
Intense Interest Centered In
Pennsy Dividend Meeting
Next Wednesday
BOOCIarand S S ..... fl.le ,0lie
2.V. Olll ' tl It 2(141.4 203. ,
lOOIIlen Al Ceal .... Bfl'4 B.i
40(1tue Wheel 37U 8(1.
Mm Hejden I'hem afi a4
t'OO Hudsen Ce pref ... la 1AH
tlflO Hudsen Mnn II 104
ia celluloid prer ....lUi'i mi;t
inn (it weit mar prer .in;
HX) Kutipenhelmer pf . . 100
4
?
4
Vi
4
4
4
154
4
V.
4
Y
14
4
4
4
14
4
'4
4
'4
4
4 4
H
4
14
4
4
4
4
4
4
4 I
4
4
4
4
4
14
1 -
4
4
4
4
4
4
4
4
4
Vt
' 4
4
4
4
'4
4
4
14
Vt
4
H
4
'4
4
I
The local stocks were unusually well
represented In the rnther limited opera
tiens of today's mnrkct, giving thnj
trading n distinct broadening trend. The
dealings, however, were altogether col
orless, rehVrtlnir mere of n desire te
mark time than te extend existing com-1
mttments.
While there was some Irrepularlty In '
price movement the list ns n whole wnt i
well Httstnlned, ns nil vnrlntiens were
confined within narrow fractional lim
its. Pennsylvania touched 40, or
within nn ciehth of the .rear's top urlce.
The American Hallway hlinres continued
In Reed Inquiry nt the start, hut the
movement een petered out, with n re
sulting reaction of a point In tlie pre-'
fcrred.
Fractional gains were registered nv
Philadelphia Electric common and U
(.5. 1. Philadelphia lnsulntcd Wlre
added one-half point te yesterday's nd-
vnncc. i';isenienr hiiiuicii te 8i',i en,
small offerings, hut the preferred con-
ttn,i.ut ,. Itflm flOLs. lifintrti. st,i.A.A I
llltll.l IS, ......r. .... I ...,. ...V. .UUKIhU
Bnttcrv after hitting n new high nt
uSM:, fell bnck te r8j,.
Possibly In the entire history of the
Pennsylvania Itallread there never was
n Hireling of the directors nunlted
with Ktich Intense lntereht ns the one'
scheduled for next Wednesday, when '
the heard In expected te take nctien I
en the quarterly dividend. There Is 1
about nn rqtinl division of opinion as '
te whether the directors will restore
the ( per cent rate, or defer that action !
until tlie next quarterly period. A
HMtrrp of information generally found 1
very reliable Insists the old (I per cent
rate will he restored, claiming n ml- I
nerny et 1110 ttearri, who reel no change
In the dividend policy should be innde
until the future business situation is
mere assured, will be toen wen ever.
At the same time the opinion prevails
in financial circles n resumption of 0
per cent dividend by such n representa
tive system ns the Pennsylvania would
have far-reaching Influence toward
stimulating the improving business con
ditions and likewise restoring confidence
iinieng Investors.
L'lld t.ueev Ce
100 Mllllken Tractor ,
(1100 Nat lllncalt
aiMlO Prima lliulle ....
HKie Mert-er Mtrs .....
ine Mc-libl Iren ....
110 N .1 Xlna
Wl N V Tel pref . . .
,10U l'nek .Mir
2.100 rrill Merris
.tseil Il(4i)l,i common ,,
13O0 Itiulle pref
son Itee Mtr Tr
llieclitille Stores ,.
20000 Houth ' A 1 .....
,10(1 Hllllz Mtr ,r....
M'l Swift Interna . ...
I nil Teclinle Pred , . ..
loe Temt III Power ..
100 Tell l'rn.l
100 I' S Dlxtrlb ....
lsoer 8 1. II
.-.no Unit Het Candy .
loe Vhii KiihIie ....
r.OH WllMIe Celli
SOe et lltnl rheni .
IMiO St t.iiw l"i)lcliiar
100 Ti-i linliiilur
J.". tnler I.eiif Teb.,
24UI) Wmther Mtrs ...
N
a 4
V
. 11
.171
1111,
PIS
100
1
II
OSe,
2H4J4
B7U
ft
107 4
urn
lue
1
11
iit'4 iii
17? 17
Jl;
474
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20
21
iiV4
M
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, l',4
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, 474
. 120
, 20
, 21
, M
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, 32
, n'4
, r4
. 2'i
ca
n
. 2') '
I2.l(i
, 10
02
n n
211
2.1 (,
04
Sl'ANIlAKU OILS
r.00 Amtln-Amcr oil
200 Atlulitli; I.nlwa
2J.1 Imp Oil Cun,.,
in llllnnls P 1, ,.
12.'. Ohie Oil
10 .south P I. ... ,
US Seutn I'enn Oil
2im H O of Ky ....
tixvus i) of Ind ...
7ti" s e of N V....
02O'l S (J cif N- Y w 1
lli'.O Vacuum Oil ...
1100 Vucuiim Oil
r I
. 21J4
. sS
.ns
.177
..127
. Ii7'l
.200
.111
.12711
.074
. i4
.due
42
13UD Stand O of N J w I -1
IMIKI'KMIENT Otl.3
inn Alcim i
21 U
HN
117
177
.12 1
11714
ItM
lle'i
I2M4
r.ini
isw
0.'i4
41 Ji
114
17 '4
20
21
Si
r.4
n
10
21'4
Its
177
1124
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11114
127(4
rii.si
IU
0.-.5
12
45U
I
IO110 Uuenc OH
I2i'0 Hosten Wumlne,
lneii cnrlu syiul
ill) I'ltles Serv
100 i.'ltlfH Srv pref..
200 Creele ayml
200'J t'unlilnic l'ct ....
20O Kiiulty 1'et pref..
r.xen in dcrul Oil
liue (llenrerk Oil . . ..
line Drnnmla OH ,,,,
20 10 lltiilen Oil
r.H'ici int Petrel
lluoe Keyntone Itanirt-r.
loe Atliii lie f.ulir . ..
Hill ('It Serv pref..
100 Clt Serv li II....
(100 Oulf Oil Pa ....
,",". MnKnelIn
lnpie Mutnmutl
l.'.OO l.ens Pet
(Ien Marlnnil .Mex . . . .
1001) Mex Pen
1L'
14
ill.
.101)
. IIU',11
New Yerk Curb
Lew
72e
.Ile
1SJ
43,
1
1DH
14
4
80
7(le
K114
Hec
4
r.ev
l.T,
Lest
.se
.".le
i:t4
4.M,
1
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.111
70.-
10'j
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4
m
14
J.
. an
. u.i,
:7?4
. 2,
. 14
. 2H4
. U2e
. s4
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. ll4
, ns4
.220
. Kl'4
. 07e
. 44
. 30e
. 1A
. Ole
. 17U
. 129.
. M
. a 4
. ine
. 2.1e
. 10
. llle
. ll4
. a'i
: ,?"
. 1(1
. 2t
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12c
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li
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let,
in
2014
r.:r
1A
INDCBTBIAI
High
anon Acme Ceal 7fc
r.fioe Acme PHtldne .... S2e
1000 Amsl Leath I.T4
I'll Ainnl L pref .... 4.1
lliOAtlan Prult 1 "4
ami Hr Am Teb ref .. lDU
1111 HuiMy Duils 1 A
31K10 1'ent Ter Sub .... 2'
loe t'hl N'lpple 4
and Clevelanit Aute . , . !le
(00 Celum 1,'mer 70e
film (Vat Mtrs 10i
100 Denv Ille O pref . . tlOe
I'm Uublli-r C 4 It ... 4
000 ur Mtr r.l'i
tlOO Uur Mtr Ind ... . 14
200 M'Xlcn Oil
1001)0 Mlilneat Teaa . ,
1200 Mount Pre.l
OIleO Mutual Ilcf
200 N..v Knii fuel . .
MIO New Mex I.nnil . ,
2O0O NertliMent
.Vine Nnlile i.'ll
170(1 Onmr Oil
Benn Heil Panks
.100 Salt Crtelt Pred.
200 Sauulmi Hef . . .
noe salieard
Minn Slnimi Pet
Isj'mi smith V & II
.1-inn Seuth Stntei Oil
II3M0 Ti.siin Oil. ...
2200 Tvirman
Iisnii wurex en i.'.j .'.'4
100) Y Oil Ile 11c
MIXINO
HlFh Lew
400 Aln-t)r Cel 2V, 21
inn Amrln Am 24' 2',4
.seen Hclrhf Kxt 7e 7e
i4'i hit i.piIke lOe ec
20011 Hit, Ment lae K'e
soe it,i jr.mt Cens . . 8."e Me
lleeti Cninleliirla it .... 48e 40"
r.nei'nns- Cen M 4T 4i
21"0 Corte?. Pllvcr .... 1A 1 A
Ine Cr 1 O0I1I a', i!'
t fne Holeres KHncr ... II 2'
S'e 0 1:1 Salvader le 4.1
Julie r.mm.i Silver .... Se no
W 0 lluMa Crea .... !0e 20.1
Kin e Pertuni lOe 1()d
f.onuc.eld Iw Oe Se
loe 1 Held 'one Ile He
14
12e
'!'
ll'
JIIH
0II'4
2'i
:ie
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if-4
2:1
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n
r,n,
nn',
22.'.
10
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30c
A
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17 V.
12j
62
a
Hlo
a.-.e
7;
H'd
Hi'i
21
-
11
1(1
20
42r
1A
.'.'4
lie
21
2 Hi
7e
10c
1"e
s
lie
4'.
l;i
2000
Jtard
Jleela
Hhell . .
Mlninit
101 Itrrll
1200 Hill Tep Nev
loeiiown tJeutiu
14O0O Imlepend Lead . . .
lOOKirr I.tihu
10.00 Knox Dlv
Mone I.one Btar
10DO cerlt Piev
son Cent Mines
Sinn IHAn Cens..
200 l)rydn Oelil . .
700 Itcneretta
moo M y Porcupine ...
1O0O Hcd Hill I'ler ....
1O0O Handcterm Ken ..
2000 SIHer eueen ..
1000 Silver Kit if Aril!..
20(10 MeNnniara
2000 MrNam Pres .....
HKie Marsh Mln
2000 Manen Valley
8000 Nat Tin
llioe New JJemln
100 Nlptsslnr
20(10(1 Ohie Copper
r.00 ltay Hercules
4000 Spearhead
1M)0 Tnmuiah IUv
2110 Tonopah l!xt
100 Tonopah Mln
inoe Tuolumne
70O Pnliy (Inld
2.10O Vnllil Hast ,
loon Uent Lad G
aoeo While Cups
aeni) Tniie (lp oueen . .
cnuu w Hnd i:xt
110X1)3
(101)0 At Park (1
nnoe Al Pncit s
10H0 Atn 1 et ii 01 , ,
t.nilO Am (1 fi U s . .
121'i'H Am Jtrp 1' H .
1000 Am Tel IN 21 ..
13(100 Aneenn Cep 1.1 .
3001 Anuceli "n 2'i ..
lime An Am oil . '1m
3.1000 Arm Ce 7s
.1000 Heth St "s 2.1 ..
330(10 II -Hi St 7 3.1 .
POiiO Can N It l.u is
20O0 Can N H He ns
2(10') Cm Pae IN
20110 Cent Ht Ss
lOili) Char Iren S4 . .
3000 citv Serv 7s D..
4000 Cens (1 II .'i'j
HKIO IN ns Tex iS .
nnoe Cep Hxp ds 21
lime I lucre is Ce 7'3"i
hoeo (Irninl Tik O'u.i
I'liHMMlulf Oil Tin ....
7000 Inter It T .s ctfs.
Kine IMer It T fs ,
ft
1A
3
270
34
4e
0,1
Xi
800
(ia
,1e
20
3!)n
de
Se
"0
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1'4
2.-.0
3d
r.
p.ie
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74
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30
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110
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24
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44
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78
811
os
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ion
in i'j
KM) 'l 100' IOU'4
,101, 10H4 101'Ni
.10T4 10.1s i"3;,
0.1 iei? iu;i"
1 ui
104
102H
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llfl't
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10714
nn
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.10711
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. nt'i
HOW
. PS'
.1034
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.107
.101
11 1 4
ii
lO(M) Kllllt' Ce l.t (''H 10(1 i
21)011 I.ncleiM linn in ..I'll 1
lll(i) l.lBKelt Vf IV 'if '"I,
niHlll Merris- Ce 7'ih.1.,
IIOIiO Det t-'i Cliis (In.... 102
8.10'I0 llet'hey C C H. I'd
1000 Hydraulic St Hn . t'i
IOO00 Nut diin 71in .. 1'7
10OO Nut Clenk a ii Ht 1034
soeo Nut Le.iih sh ... Ml
80OI N V N II ft It 7a Mil
lOeOPul. Her N J 7s... H)3'
noun Huh Uelr 7 I'd
10DO Henrs llm-b 7 23(1014
loon Seuth Hell 7s .. .102
10(10 H (i N Y "a '27...10."Vii
.".Olie S 0 N Y 7a 3 1 . . . KHi'i
MIDO s I) S Y OHs .. 107
lloeiiHnllt t Ce 3n.... Oil'
20(1 l'n Ilv IInv 74s .HI".'
fcoeo Knn City P A I, ,"N 03
llioeo Sheffield I'nm n'ii.Hie4
l'OHKIHN' I10NDM
r.nne Aurnmlne
Ssnoe fin S H 7i
2''i Klnir Nethirld fl
201)00 NY Nil k II Pr
lenO H.-i of Peru M. .
3000 Itusslun il'as
niNie VuHNlan d'-je clfa
1 limn SM (!e ..
C2UD0 V H M' 4i
BANK CLEARINGS 1
Hir.k clearl"!?"! today compared with cor cer cor
respenillniT tlav last two veam:
11)22 1021 lfiJO
iiiiuda..js.oeo 000 jnn.oen.coo 7S.nt7..i7i
Ponten... ;,0fiO,ODO 54. Dill, 144 01.228 317
N. Yerk 80.1,000,000
01U
lue'i
PSi
ID.lVj
102
lniiH
103'
07
U7H
lneH
101
HIS1
10H
leis
PS'i
PI
07
ier.il
Kit '5
er.
103 si
no
HUH
ieuS
lltti
1(111'
107
till'
in-.'
03
100'i
lOli
1011 Ji
10.14
110J,
1H4
101
107li
till
llll'i
lOlU,
ns'
10'Jlj
1')
le7
1D'I
1)7',
117 V
nwji
ini'5
liri'i
ion,
ion
nn
nt
117
in.-.tt
Hit'
83
le.-ni
nn
101 ft
102
111.1 S
11 in V
107
Oil '
10.-. 1 1
113
lOOVi
- .
Stale ank.pili iMuij it.
Iismiiliiirf, Oct. 21, The m.i. rm
Dipartment has Imutd call rLki. .nWftW
m of October 18, from tri.t ".lJt,nln
Htntebanks. nrlv. . btikr.V L' e.WnA
stltutlens
nk.,.a7dMlf;
IS It,.
A.
rVe tpecialUefn
The Worlds
Strongest Bends
US.
Certificates
of
Indebtedness
Geld Notes
Liberty Bends
We buy, sell, and quote
all issues in any amounts
COMMERCIAL
TRUST COMPANY
Member Federal IttMtve SrKtra
City Hall Square
.....no jde' inn'. jn
ns et'i ns puv
Ii4; (MH, niVj Jhr7!.
711' 70 70) vlajlljy
ion 100 100 nHBf
11V ll'i 11' M
as ..ion, 101 101
. ... 3S' 3h fill,
Leuis T. Klauder
CONSULTING ENGINBER
Pennsylvania Building
Philadelphia
ConitrKtlenPOWER PLANTS AjjjnW
COTTON MARKET
c. s. pATtafrsrmri
3U S fllKiTMIT STU.
BANKERS
NucoMer tn
SAIf.KK A STKVKNSON
Henda and storks lieutht and Mil
Member. T'MI 1. ,leel? "lin".
.1 ' Oct . .
4e Dee, . .
3e Man .
2'le iManh
lee M...
c Julv .
lie I Spot,
Ycit.
clcie Op-n
2.1.2'! 23 42
2.1.42 21 00
23. IS 2131
21 27 21 47
23.2.1 2.1 4.1
22 I"! 23 10
, a.i.e.-.e.
mien
23 lift
23 "8
23 S3
2.1 (1.1
2.1 3H
23.37
Lew
e e..
2i'..-,!i
23.27
21.30
21.30
2.1. OS
Clejie '
23. (ill ,
2:i.7r.f?7nl
23.48 ft. 10
23.11 ll IU
21 .'.2W.1I
23.33337 1
Lawrence E. Brown & Ce,
CERTIFIED PUBLIC ACCOUNTANTS
1090 REAL ESTATE TRUST BLDO
lni'tljratu and adjuit lurpuntien ibi
partnernlilp steeuntt and prt'tr Iicoet
Tax ltettirna.
NEW YORK BANK STATEMENT new yerk coffee market
M'
l.a :k
4Jt- !"
O'
1
II 1
I,
Si a
Jul
is.
Cern
ctmLr .
Wnnil-
Pccernl or
May.
Jul)
uai -
'erfinbiT
tat
uly
lee -
pfPtfinber
May
It'lK -
Oetulnr
Lurd -Octuti
r .
January .
GRAIN MARKET
Hriv Cleie Opin
ii
.07'.
.0S
.Ullj
1 12,
1 12'.
1 0.1',
41".
42 V-
.3li'i
07', M 17,
rthii'e; ,UbJ
Mil,
1 12V
1 12'. t?l 12'i
1 03'
12
.42
71",
7UV
11 A M.
07 S
.US
1 lis
1 121,
1 OS
41V
42 ,
31)
".ll'i tn uu t
m.e 1. r liie.
Il-iiMr In n
t.r Lank.
It-sl-wi t.ttM,
iet.r. li 1' '
hMnlcw an 1 tru'
. , 011 linlei
HsrH 111 --'ii 4
hun..i nnd r let
rnrnimny ,lfi','
teri"' . . .
.SVi iluniand df-
P'.ilH 3
'I'lm ilfpeniu
Clreul.tlleii
i'nli'd StBtm du-
teilt, deducted .
.' S41 T'.O
'. ,j 00
i.ll ill- OHi 4
I'l 7.M OO"
f.OF WU
12 .' 3 "e
Ml 731 OOn
,02 IJ'H "0"
SIS 000 000
i ,
I,
I 1
TSs 000 ""
J30 1M 000
77.000
0 U uOO
fiTI 313 'ion 3 ss2 ill ine
u:, '.us oho
Oi'n Hlrh Lew
2.'. . . .
Ii 37 . .
' .17 10 P 15 (1 31
11.27
IUDW20 I' je ti in
P 0-i 10
s (,t si (M j, s
( lUH
"I II
tt n
I' I B 15
M. .ii
'ti .1
'' I lilt 20
'' .7
'l
1 '.,)
reltf r ses
'J'.d 'Nomina!
rx-
ex- 1
Xhc
.1". I
(mil
0.0011 noe
7'ji,
H) "i2
II 22
10 n.1
II iJ
Katlnr a quart a day. It would tak, 70a
MH.fllO ur e ru' I'minsylvunla'a annual
Sutrut. J. MUner Ilerry haa Leii Intar.
rllwInK Jamaa T Woodward arttary of In.
tama Affalra. at llarrliburif, and glvaa aemt
.,1).. S41
lK.' & tenlhlnB facta In hl artlela In lha MaK
I VyV ln Hu'tlen of tha Sunday I'Ug LW1
T.V.-l.. 1. - llat,lt It 4M
ht -na ww.. r-i
Awreulr r. ikim.
l.OAllH. "II
I mil in .UHiH
n d ji.nilir
I anl.,
Iti r In in. 'it
t 1 bunk1' 111 1
!.'rt.r Imp"...
It. I'PI In "a'
Iwi'iln ai.d truU
.efnp.tlili'1
IteFplV 111 H.lt"
batihK 11ml triiHt
rdippiiny il'iu'l-
tvrira
Nil demand de-
IXlfllS
TlniM dfpealta ..
circulation . .
United titaUadir
31.023 000
Fs 372 r)0
,M"nI.
Tr. 1 U ik'a
.'.(. nil 7.'')
r.'.i 710 000
31 ...oeo :rlt atl.
81 101 000
Last 1VV
1 12 332 2Mi
.117 (-srt Oen
1 i,i)i! 73 O'ie 4,512 2UD.00O
RAILROAD EARNINGS
KANSAS CITT Si.fTHnit.V
1(22
r areji ... II .mi ran
fi-r tii .... a.'.d 131
N.nn nietittin' ireas . 14 72'i 511
Nt aftar tazea . .- 7 I, Hi
Ifcreuiit.
Inrrifi
137 '',S
IS 3''3
1 3J IOH
tHi3.el)7
U.S. Certlflcatet and Treasury Netea
r. 004. 000
S3. 32. OOO
334 230,000 300 S33 000
7S7.00O
7,741,000
Int
Hai
e.ls,
.41,
"i;.
,i
t .1t
1'1'D
T'4t
'!
MA'ur'rif
l'te
Tlcld
!l ',
3 ill
0,003,000 P. 202. 000
3,043 772 000 3,N1l,3H,nni)
433.S04.OOO
ai.U'JS.Ooe
450.023,000
Dl.ftl.UUO
II l
rr.. ir22 ine
II. , H122 . 1 00
Mar , ltd-a le"
Jiiie. l',i2S . l'"i
S. t.t , 1II23 loe
Juiei. H'24 101S
S PI IUJ4 I'll .
Mar . 11)2.'... loe T -1 . J
I a-. . 11123 O'li-j
4V .Mar . lOVI He",
t 1 "-I hcet.. 1020 JU
uKxrnaiicaauia until rur'nr netlrn fur
L'niicl .States Uevtrnmer.t 4 du Octebur
13. 1032.
I 'Kxunnt from Federal normal Inoema tax.
I tArcantable. for .payment of Income (ai
I due a dau of maturity.
Aked
100'i
lu,,'
me :
!' I 10
I'm 1 1.
'.'. I an
te? 4 I-
100 ll-in 4 4-,
inn 4 37
;. 10 1 4i
loe 4 25
MARKS TOUCH ANOTHER LOW
Quoted at .0002 5-18, or 4324 te,
the Dellar
New Yerk. f)et. LM. With tlie
(option of tlie Ke-called neutrnl
elinnitcR, rhntiffcR In (piotntiens nt
eml teilny In I lie lemli-rM rocerdod
(linps-. Friiiirs, Ili'laiuns, lire
iniirl.s nil foil te new low figures en tlie
mew menr, tin- last ineiitleiiPil Cbtnli
lisliitiK tlie new usiiiil dally low record .
'I'licy eli.scd iieiiiiiiitlly 1-1C nbete Hi" i
low rcerd ut .0- ."111. Sterling, nfter
i.i,.,.il nt- .1 .ll'.tt. fr.t nnhlt.4. l'0(itidp,l I
.... ..... ,.,- , .,'4, .... HW." ..,----.-. .
tn l.Hl ft-lil. niid demnnu te h.-hi
1 rnncs en tin
rlirienul. II
L' and neset
nillici 1, but Hhowed ti net leii of ,'iO
puint-i en the ieek.
i Diinisli cniii'Ml 17, en cerrrlns of
' Hherti which were nut out en the flrft
nnneiiiicpiiiciit of tlie NerwcKlun bonk
iriiiiblea NnrM'Rliin grtlncd 0 ! Swedish
Kiiineil L' nnd Builders rose nil rquiil
amount te a new IiIkIi en this rail.
TODAY'S OPENING QUOTATIONS
htcrllnK France Lira Oulldera
uimand
Cable .
-in, and uernnnu ie t.iii.
In iluy lout Ti'j points ml
llelKinns lest iiVi ; lire loot
tns worn unchnniccd. SwIhs
Demand
Wablei
riii. i :in 4 ll'i ,iu i.i
' ' 4 40 ! 7.864 4,10 SO lb
ClXJSl.STO QUOTATIONU
.,::: Hf ?:1" fllsfTll
Subscriptions having been received in excess of the amount of stock
available, this advertisement appears as a matter of record only. t
100.000 Shares
THE NEW YORK AIR BRAKE COMPANY
Class A Stock
Entitled te cumulative Quarterly dividends of $4 per annum before any Common dividend: after Common Stock has received $4,
both classes share equally per share in any additional dividends. Untitled en voluntary liquidation te $60 per shore, and en
involuntary liquidation te Sje per share before any distribution en Common Stock. Sinking fund te purchase stock up e $$e
per share beginninrj January i, iqij Redeemable In whole or In part en or after January 1, iq6. at $00 per share. Convertible
at $50 per share into Common Stock at $50 per share.
CAPITALIZATION (After giving effect te present financing:
Authorized Outstanding
Gass A Stock (no par value) : 00,000 shares 100,000 shares
Common Stock (no par value) 3oe,coo " 100,000 "
("ico.eoo shares reserved for conversion of Class A Stock)
Bended Debt:
First Mortgage 6s due May, iqsS $3,000,000 $j, 000,000
Application hat ban matfa ta Hat both claaaaa of atoek en tha Haw Yerk Stock Sxchanga
C. A. Sttrtuck. Esq., Prttldtnl of iht Company, hat summarized his letter te ut 0 Oct. 6, tr)3, atjelhwi:
BUSINESS Company, incorporated in 1800 under laws of New Jersey, manufactures and sells airbrake
equipment for locomotives, passenger and freight cars. The principal factors in this line of business in
America are the New Yerk Air Brake and the westln,heuje Companies. New Yerk Air Brake equip
ment has been adopted as standard by many of the leading railroads, including New Yerk Central Lines;
Southern Pacific Company ; Union Pacific R.R.; Illinois Central R.R.; Great Northern Railway Com
pany; Chesapeake & Ohie; Bosten and Albany; Bosten 62 Maine; Erie R.R.; and many ethers.
PROPERTIES Located nt Watertown, N. Y., consist of modern, well equipped factory buildings and ever
J75 acres of land. Value as determined by American Appraisal Company, less depreciation. $6,6e6,q8j,
Including five acres in the heart of the City. The Company's water power rights represented by stock In
Beebee Island Corporation are conservatively valued at $1,50(5,516.
PURPOSE Proceeds of present offering will be used In liquidating all bank leans and for additional working
capital. Company has net heretofore increased outstanding capital stock since iqei when amount we
increased te $t 0,000,000 par value common stock, which has new been changed te 100,000 shares of no
par value.
ASSETS Net tangible assets exclusive of patents, goodwill, etc., as per balance sheet of June 30, 102, ad
justed te give effect te present financing, amounted te $100 per share of Class A Stock. Net quick assets
were $48 per share.
EARNINGS Net Income, after nil charges including Interest, for 14 years and 7 months ending Dec. 31, ic-ii,
averaged $607,717. or 1.51 times Class A dividend: for ten years ending Dec. 31, iqr:, averaged $1,169,465,
or i.q times dividend, for nine months ending Sept. 30, iqzi, (last three months estimated) were $659,507,
en. 20 times dividend. Had the proceeds of the present financing been available during these nine months,
interest charges saved would have left net earnings equal te nearly 3 times the Class A dividend for that
period.
DIVIDENDS In the ten years ending Dec. 31, iqii. the Company hns distributed $9,330,049 en Its $10,000,000
Common Stock outstanding, or ever 93. This is i!4 times the Class A dividend requirements had the
stock been outstanding.
PRESENT CONDITIONS Business for the first six months of 1922 amounted te $1,600,174 as compared
with $2,434,743 for the entire year of iqii. Present volume of unfilled air brake orders is the largest in the
Company's history. Sales for September were $8 1 7,000, the largest month's air brake business in the Com
pany s history, or at an annual rate of ever $9,000,000. Current business is showing even greater increase.
All legal matters pertaining te the creation and Issuance of this stock have been passed uoen bv Messrs
Cudwulader, Wlckersham and Taft for the Company and Messrs. O'Brien, Boordman Parker nnd Fex
fef the undersigned. Ihe account of the Company have been auJIted by Messrs,' Ilrnst ti Ernst.
Subject te issue tw planned we offer tle unsubscribed balanct
Price $51 Per Share
EDWARD B. SMITH & CO.
DOMINICK & DOMINICK
Tht Information and statistics herein contained are net funranteed but art taken from sewctt believed te be reliable.
t
m
I.T W
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