Newspaper Page Text
Province of
ONTARIO
Canada
Sy2% Gold Bonds
Due January 3, 1927
Principal and intcrr.st pay
ablr in \or 1 nrh City.
An obligation of the
wealthiest and most popu
lous province in Canada.
Price 9934 & Interest
'-??'- i ., ?? . -,..''
Estabrook & Co.
24 Broad St. 15 State St.
New York Boaton
Har-forrl New Brrlford
Provldenc. Springfield
Moody's Annual Review
and Forecast for 1922
Contains a careful inter
pretation of fundamental
influences and clearly ex?
pressed views on the fu?
ture of economic and finan?
cial conditions and the
outlook for the security
market.
While the supply lasts,
copy may be obtained upon
request for Review No.
257. accompanied by 2c for
pos-tage.
MOODY'S INVESTORS SERVICE
JOHN HOODT, Preu'dent
35 N?nau Street, New York
Boaton Philadelphia Chicajo
MCdave & Co.
I ? "i C 1*. a r. t; 9
17x?. haiiK*
Prince
or
Pauper
! ia well-known <ln_
ripl Ion of the Steel
.?lu'.tiy ta the liead
'?'?? of our Letter on
' ?'.' St"Ol SL.. i-.f,
? hic h will be mallod
Ask for R-3
67 Exchange Place, New York
Telephone 2810 Reetor
UPTOWN OFFICE
! *irl Ansonia, 73rd St. & B way
telephone /6/i Columbus
Brooklyn Union
Elevated R. R. Co.
1st Mtge. 5s, due 1950
B'vvay & Seventh Ave.
Railroad Co.
First Cons. 5$, due 1943
Lexington Avenue
& Pavonia Ferry R. R.
1st Mtge. 5s, due 1993
Kings County
Elevated R. R. Co.
1st Mtge. 4s, due 1949
Inquiries Invited
W^Caonc^icEwcn
Investment Securities
2 WALL ST.?NEW YORK
Telephone Reetor?3273-4
Bank of America Stock
Hanover Insurance
National City Bank Stock
*.K.Rice,Jr.&Co.
i-.-onea <P!'0 t:> 40*(* John. C6 ".".'ar. St.. N. T.
STANDARD
New Booktet Q, will be
"Independent | sent
Oil " upon
Companies" ^ request
CARLH.PFORZHEIMER&CO.
.' hone 4860-l-2-7i--4 Broad. 2;. Broad tit..N.i.
Xdfun-i Expresa 4s, 1911
* onsolldateri Tobacco 4*. J9M
-iiuthcrn California Edlson 6-., 1941
Niajeara. Lockport 4 Ontario Power 6s, lt*"-*
FREDERICH.HATCH&CO.
?OSTON-CHICAOO-PMILA-MONTREAt. PITTSBUItUIH
Listed Securities
Carried on Margin
McCLURE,JONES*REED
Mambara Navj Ycrk Stoek Bxvhamga
IU Broadway_Pfaow S8St lUctor.
Stocks Quiet
IiiDull Trade;
Bonds Strong
Easier Money Conditions One
of Dominant Market Fac?
tors, Giving Inipetus to In- j
vestment Securities Prices
In thc present period of dullncss in |
thc spcculative markets thc dominant
development is thc further easement
of credit. For the lirst time sincc
August 19, 1910, cali funds were avail?
able at the money desk on the Xew
Vork Stock Exchange at renewal time
yesterday at 3Mi per cent. The closing
rate, as on the previous day, was 3
per cent.
Ahundance of money at this center
in January is not an unusual develop?
ment, except that during the last few
abnormal years tho usual loosening up
in January did not come. Several of
thc large banks, anticipating the prei
ent ease. increased their holding of
United States Treasury certificates anr!
other short term prime investment*.
Others. reactinj; to the event itself,
were especiaily yesterday activc buy
ers of prime short term investments.
Dealers were able to clear their shelves
of railroad equipment trust certificates
and other paper of this prado. The
further obvious demt>nstration that the '
pei.i of iirflatcd interest rates had
l^vvffl gave now inipetus to bond
prices, which were generally lirm yes?
terday, Liberty issues were conspicu
ously strong and in active demand. j
The January easement of credit. .is
associated with the release of funds rc- I
sulting from the payment of mercan- j
tiie debts and also from the huge rein
vestment reservoir created by the pay
ment of interest on bonds and divi
clends on stocks. :
Xo recession in time money rates
for collateral loans was reported, al-|
though there is an indisposition on the
part of borrowers to make extensive
commitments at the present rates. In
the acceptance market onc house made
the selling rate 3% per cent, althouph
the market as a whole re3nained at 4
per cent. If the present downward
! swing in open market rates persists
the Federal Reserve Bank will be in
a position to make another cut in the
rediscount rate.
The volume of activity in the stock
j market was still further rerstricted and
'< prices were firm, but little cbanged in
i the dullest market in months. The
Steel Corporation reported a slight
gain in unfilled ton3-.age, but operations
averaered only about 4'< per cent of
: capacity last month.
Cotton prices closed 14 to oO points
j lower on increased ofTers. The decline
: was largely a reflex of a reaetion in
j Liverpool and n sharp break in wheat
; quotations, which closed 3*f,s to 8 cents
a bushel lower.
A late reaetion in the foreign cx
' change made sterling reveal a net loss
of '< of a cent for the day, but. the
Continentals remained firm through the
day.
Money and Credit
The opening and renewal rate on
cali money yesterday was 3*vi per cent.
tlu> lowest since August 19, 1919.
Shortly after noon the rate was re
I duced io 3 per cent without stimulat?
ing demand. The government will with
draw ST.000,000 from the banks to-mor?
row. but this is not calculated to in
fluencc the situation. Time money
ru "<i quiet, with rates unchanged.
Yester- Year
day. ago.
Or. industrial collateral ... 3'^ 7
On mixed collateral. 3'i 7
Time money (mixed collateral):
Sixty days . 49* 7 5 7V<>
t Xinety day-. 4:; + KajIVs
Four month? . 5 7@7V>a
Four to six months. 5 7@7^3
Bank Clearinfjs Bank clearings at
Xew York yesterday were: Exchange?.
' $767,600,000; balances, $59,900,000.
Silver -London, 35Vid; Xew York, do?
mestic, bar, 99%c; foreign, 66%c; Mcx
ican dollars, 50%c.
I lie Dollar in Foreign Exchange
Foreign exchange rates ruled easier
in late trading, after considerable firm
ness early in the day, and advances
were lost in some cases. Cable rates
on London fell back to $4.22Vz after
getting as high as $4.23%, closing V*
cent lower.
Changeg in the Continental group
were small, francs ranging higher nnd
some of the others lower.
EUROPE
Yester- Pm iou.^ yf|y
day. dav. r>,?o
GREAT BRITAIN (pnr %i se. P soverelen)
l.'niaul .4.22 4 " ' '? - -, ?>. ?
1.42
1.1 :i
' 'at'l.-c.-fr.sfe ::f, ir,
GERMANY (par 3' *. cents a mark)
Demand .3-.: \ ' '"*
1 'ahles. 58 f:, \
AUSTRIA (par 20.3 cents a crown)
1 >emand ... . 036 d31_ ...,
> ablos . . . 037 f..;r.; '?' |
NORWAY (par 26 f cents a crown)
' 'emand . .15 :.:, i;. 57 i: -.?
i'abl?-s . . 15 58 15 .3" 3 7 -,5
SWEIJEN (par 26.8 cents a .rown)
! '' mand .24 93 24.80 21 25
' cl.tes 24 98 24.85 21 60
3 t.VMARK ipar 26.8 cents a nown)
: 'emand .19.80 19.70 17 '0
1 '?''"'? *.19.83 3 9 73, 17 "j
SPAIN (par 19.3 cents a p-sna)
I ceniand .1 ?! 96 -,4 ...; 1 - -,-,
Cables.14.98 14.9k 13 -'7
PORTUGAL (par 10S.05 cents an escuelo)
Demand . ?v 3-':"' S 23. 11.45
1 ables . S.50 g.26 11 50
GREECE (pnr 15.3 rents a draclima)
Demand . 4.36 4.4 5 7 60
Cables. 4.37 4 50 7 <'.j
POLAXD .par 23.8 cents a mark)
I'. mand . 3.65 036 17
Cable:, . ... 1.75 .'o36 17U
CZECHO-SLOVAKIA (par 20.3 cents a
crown)
Deinund . 1.61
l)les . . . 1
1.16
1. IS
JLGO-SLAV1A (par 20.3 cenis a crown)
RUMANIA (par 19.3 cents a leU)
Demand .S3 .v:>., 1 sfi
_ Cables.34 .S3VJ 1.38
rINI.AND (par 39 3 c-onts a mark)
Demand . iss i.sm ?Rf)
Cables . 1.90 1^9 2.<s5
FAR EAST
CHINA rshanjrliai par unsettled)
Demand .75.60 75 25 74 25
Cables .76.00 75 75
CHINA (Hong Kons r?r unsettled)
[>emand .56.00 6S 50
Cables.56.25 65 S7'?
.IAPAN (par 19.i n-nla a y?n)
[>emand .17 X7 'a 47,'50
Cables . ... .48.00 4775
INDIA (par 48.60 cents a rupee)
D< mand .28.50 28.12"*
Cablt-s .2S.75 28.37 V?
STRAIT.S SETTLEMENTS (par 56.8 cents
a dnJIar)
Demand .49.00 49.00 ?
Cable*.49.26 49.26 ??
Transaclions Yeslerd.
Summary of Stock Exchangc Dealhigs
(Copyrlchf,
Yesterday
Railroad stock* . 94,600
Other stocks . 371,300
All atoclu* . 465,900
Ti'rlc Trlbuno Inr.)
Day
befor.
127,900
389,700
517,600
Stocks
Year
ago
124,100
969,800
1,093,900
Jnnanry 1 lo date.
1922
571.200
3,764,500
4,335.700
Bonds
Low.
49' j
321-2
46' ,.
16%
la
56
103
38' 4
88
57*8
59
33%
34' 2
51' a
32|. e
141
10' j
19%
130
11' .i
58! 4
39
29%
102'4
43%
87' B
31%
Yesterday Day before Year bijo
V. S. tovernment bonds.. $19,164,000 $10,032,000 $7,781,000
Railroad bond* . 3,963,000 3,114,000 2,148.000
Other bond* . 5,268,000 4,893,000 2,218,000
All bonds . 28,395,000 19.039,000 12,147,000
I.ow. Div.
1922. in $. Sales. Open. lli|-h.
49 ? Adams Etpross . . 300 49' z 49' 2
32% 3 Advanre Kumcly pf 100 32,-. 32%
45! 2 4 Air Reduction . 200 46' ; 47
16'H? Ajax Kubber . 1700 16% 16'.,
% ? Alaska Gold Mines.. 300 'a %
55'8 4 Allied (hem & 1) . . 4400 56 58
101 7 do pf . 200 103 103*4
37^4 4 Allls-Chalmers .... 1400 38% 38%
86' 2 7 do pf . 700 88 88' 2
57% ? Amer Agri Chem pf. 300 57*>B 57%
57 4 Amer Hank Nole_ 100 59 59
31% ? Amer Beet Su-rar ... 800 34' 4 34'4
33'2 ? Amer Boach M-e ... 600 34', z 34' 2
51 4 Amer Prakc Shoc F. . 100 52 52
32'8 ? Americnn Can . 2200 32'2 32%
141 12 Amer Car & Fdy ... 1600 142 142
10% ? Amer Chicle . 300 10'j 10%
19'.4 ? Amer Cotton Oil .. 600 19'- 19%
4*8 ? Amer Drus Synd ... 1.00 4% 4%
128 8 Amer Eipress . 1100 130' 2 131%
12'4? Amer llide * I.cnth. 800 12% 12%
58 ? do pf . 600 58'/2 58'. 2
38% ? Amer Inter Corp ... 4600 39% 39%
29% ? Amer Linseed . 200 29'2 29%
102 6 Amer l.ocomotive .. 8600 103 1031 2
4 ? Amer Safety Raror.. 500 4i,8 41 R
5'% ? Amer Ship Com .... 8600 7 7', 4
43% ? Amer Smeltinc . 600 43% 44
86' g 7 do pf . 300 87' R 87' 2
31% 3 Amer Steel Fdy .... 600 31% 31%
54' e ? Amer Sugar . 6600 58 58
84 7 do pf. 800 87' 2 87' 2
32'4 ? Amer Sumatra Tob.. 1400 34% 34' -?
114'2 9 Amer Tei ."C Tei .... 3600 115% 115%
129% 12 Amrr Tobacco. 200 130 131
126 12 Ho 1! . G00 127 127'-.,
77'4 -? Amer Water Wks pf G00 107,, p0
78% 7 Amer Woolen . 3600 78% 79%
103 7 do pf . '.00 103 103
23 ? Amer Writ Paper pf 200 23' ? 23'R
47% ? Anaconda . 2600 48' z 48'.,
30 ? Ann Arbor pf . 100 30 30
43 4 Assoc Dry Goods . . . 300 45 45
91% 6 Atrhison . 1600 92 93'4
85% 5 dopf . 600 86'a 86' >
% ? Atl, Birm & At .... 600 ">4 3/4
2% ? Atlantic Fruit . 600 2^4 2%
27',3 ? Atlantic (,'ulf & W l 19200 29a8 29%
20a8 ? do pf . 600 21' 2 21' 2
21 2'/2 Atlantic Petrnl . 200 21 21
14 ? Auto Salcs pf. I00 14 14
92% 7 Bnldwin I.oco. 29100 94% 94%
33% ? Hallimore & Ohlo . . 3600 34 34
52% 4 do pf . liCO 53 53
51 5 Bethlehem Steel .... 600 51 51
55',2 5 do B . 3200 56% 56%
104 8 do 8% pf. 200 105 105
434 ? Booth Fisherics . 600 4^4 5
6% ? Bklyn Rap Tran. 14C0 6% 6%
71%? Bklyn Cnion Gas. . 600 73 73
8' > ? Brit Emp Steel. 200 8% 8%
22'2 ? do 2d pf. 100 22% 22' -
113!/2 10 Burns Bros . 54C0114 115
28 ? do B . 2200 29 30
20% ? Butte & Sup Copper. 200 21 21
2S% ? Butterick . 1100 29 29
5% ? Call Lead & Zinc... 200 5% 5%
68% 6 Caliiornia Packiiijr. . 600 68' ?? 63%
43%? California Pctrol.... 4700 44' 4 44%
119% 10 Canadian Pacific. 1600 119% 120
11 ? Carson Hill . 300 11% 11%
29%? Central Leather . 1600 30 30
63% ? dopf . 300 64 64
32%? Cerro dc Pasco. 1100 33 33
47% 6 Chandler Motors _ 2600 49% 50
54 4 Cli&sapcrke & Ohio . 1400 54 54; 4
6 ? Chic & Alton pf. 100 6% 6%
13%? Chic & East 111. 400 13% 14
33'2 ? do pf . 300 33% 33%
5% ? Chic Gt Western. 1400 5% 5%
147B ? do pf . 200 15 15
16% ? Chic, M & St P. 9600 17% 17%
29 ? do pf . 6600 30 30' ?,
59 5 Chic & Northw'n_ 4600 60% 62'4
100 7 dopf . 800 100% 100'4
30% -- '. hir. K I & Pac. 1700 31 31
70% 6 do 6-i pf. :-:oo 71% 70%
83'4 7 do 7% pf. 300 83%. 83%
51 5 Chic. St P, M & O.. . 200 51 51
15! a ? Chile Copper . 1400 15% 15%
26% ? Chino Copper . 300 26% 26%
54 ? C. C, C & St Louis.. . 200 55 55
87% 7 Cluett-Peahody pf... 1C0 88 83
41 4 Coca-Cola . 1600 42% 42%
24 ? Coi Fuel & Iron. 600 24 24
64% 6 Coi Gas & Eler. 2400 63 66%*
38 3 Coi Southern . 1400 38: 4 38; 4
2% ? Colum Grnphophone.. 3400 2% 2r'8
8% ? do pf . 600 9' 4 91 ..
% ? Consol Dist . 300 % %
90 7 < on.solidated Gas .... 300 90% 90%
13% ? Coosol Textiie . 600 13% 137*
91% 4 Corn Products . 7600 94 % 94%
111 7 do pf . 100 111 111
32 2% Cosden. 22C0 32 32' 4
62' 8 4 Crucible Steel . 14403 63' z 63%
80' 2 7 do pf . 600 30' 3 80' z
8'8 ? Cuha Cane Su-rar ... 3700 8! 4 8%
15% ? do pf . 3100 16' 2 ICa
14% ? ( uban-Amcr SuRnr . 800 15% 15%
48% ? Davitlson ' hemical 4400 49% 50
113% 6 Dei. Lnck & West .. 300 113% 113%
18% 1 Dome Mines . 5600 20% 21%
600 10 Kast Kodak . 10 625 625
16 ? Klk Horn C . 3C0 16% 16%
2% ? Emerson-Brant . 200 2% 2%
76% 5 Endicotl-Johnson ... 1000 77 77%
104 7 do pf . 100 106 106
7 ? Erie . 29400 7% 8%
11% ? . do 1st pf . 8600 "I'a 12%
7% ? * do 2d pf . C4C0 7% 6%
75% 8 ?,Tamous Players ... 2700 76 76%
75 10 Fi.-her Body . 100 79% 7978
76% S Fisher Body Ohio pf. 100 77 77%
*.1!4 ? Fi.sk Rubber . 1440 11% 1uj
12 ? )recporl-Te-:as . 100 13 13
' b ? Ga.ston Williams . . 200 % %
55% ? General AFphr.lt . . 189r0 5G 57%
90 5 do pf . 600 90 90
94 7 Gen Cij-nr pr deb . . . 100 95% 95J.V
136 8 General Electric ... 1600 132% 136%
81 4 ? General Motors . . . 2600 0 9' 8
69% 6 do 6% ilrb . 100 72% 72%'
82 7 do 7?? deb . 800 8-1 ~ 85
34% ? Goodrich, B F. 100 35% 35%
70'4 7 (.rent North pf . 1700 70*R 71
31% 4 Gt North Ore subs.. 200 31% 31%
8% ? Guant Smar . 1100 9'4 9'4
44% ? Gulf States Steel . 900 45% 45%
1 ? Hahir^haw Klec ... 6C0 1 1
76% 4 Tlnsk & Rarker Car. 4100 79' 2 81'4
70 ? Houston Oil . 1400 70! 4 71
10% 1 Kupp Motors . 600 11'2 11%
5% ? Bydranlic Sleel 100 5' , 5' 2
3% .60 Indiahoma Ref . 600 3% 3%
38 ? Inspiration Copprr 1100 33 38',4
1 ? Interbor Con Corp . 2C* 1 1' ?
3% ? do pf . 300 3% 3%
33 ? Inter Ajrri pf. 600 33 33
79% 5 Inter Harvesier Co. .. 800 80'4 30'-.
105% 7 do pf . 100 105 106
13'4 ? Inter Mer Marine.. . 1700 15 15'3
62% 6 do pf . 9600 6"R 63
25'2 ? Inter Motor Truck 1200 25% 25-2
11% ? Inter Nickel . 2000 11% 12'
60 6 do pf . 800 65 63
47% ? Inter Paper . 4700 48 48%
67 6 do p." stpd. 6C0 67 63
12% ? Invincible Oil . 3200 14 143.8
2% ? Island Oil . 600 2% 2%
10 ? Jc-Ti-I| Tea . 200 11 11
38% ? do pf . 600 43 43
35% ? Jones Tea . 200 37 371,4
22% ? Kansaa City Southern 200 22' 8 225t.
1921
904,600
3,671.500
4,576,100
.lanunry 1
1922
$56,771,000
24.518,000
25,129,000
106.418,000
Close.
49' j?
47
16%
:* _
56 '., ?
103 V, ?
38' j?
88% '
57%
59
33' 2?
34' 2?
51! 2
32' 8
141 ! 2?
10' 2 ?
Net
cliRe. Bid.
49
% 31!%
1 46' .
Va '6' .
1% 101%
!b 38%
2 87' 2
? 6 7 ??
%. 58'2
3., 33' 2
3., 34:'.,
- . 51
% 32%
%' 14 1' 2
'a 10' 2
'n 19 4
130
12! 2
58' 4
39f'R
29%
IO31/2
7'
43V
87'
128! .
12' 2
58
39' 2
29%
103' 2
4's
7%
43%
87
31%'
57' ;
87
\y in Lislcd Slocks
I?ocor<1 of Stork and Roml Avcrages
(Copyrlght, in;?,
New T<
Rto.kn
rk Tribune Inr.)
Yenlff- Day Year
day hefore ngo
330 Railroad stocks. 63,75 63.6D 06 35
30 Iniiuslrlal stocks. 73.93 73.97 75.87
50 Stocks . 69.86 69.80 72.06
Bonda
10 Railroad Iionds. 02.03 81.36 75.60
10 Indu-lrlnl bond*. 86.39 86.36 82.74
fe Ulllllj bonds. .80.68 80.75 71.38
25 Honds . 83.50 83.25 77.61
Kansas t'ulf Co
Kelly-Sprlngficltf
do pf .
Ho 8% pl.
Kennccotl ? lopper ?
Krystone Tire .
Krcsge, S S.
lai'kan nnna Steel....
Lchigh Vallej .
Llg & Myers Tob pf.
I.oft Cnndy .
l.ouis * Nashvillc.
Mackay los .
do pl" .
Mnllinson pf .
Manati Stijiiir .
Munhallim Si.irt .
Market Streel Rnay.
clo prior pf.
Marlnnd Oil .
Murliii Parry .
Math Alkali V\ ork- .
Mi-! ntyre I" Mines
May Depl Slorrs. . . .
Mrxican I'rlroleum . .
Miami Copper .
3.20 Mi.lille SlatrM Oll... .
Midvale Steel .
Mo, Kan &. Tei.
(I o w i.
d o p f w i.
Miflsouri Pacific
<lo -,.('.
Moniana I'owcr
Montgqmery V ;ei <l
Mullins llo.lj
National Hiscuil
Nat I'nuni & Slamp
Nal l.end nf.
N l? l< e,f Mn 2.1 pl
New ('-. I>x & Moi.
New Vork Centr.il
N V. N II & 3(art
Norf & Western.
Norlh Aincricun .
do pf .
Northern Pncific
Frnrn J?n
to dale
Range fn'l
year1921
Tllgh
64.35
74.93
70.70
82.03
88.76
81.05
83.50
I.ow
63.55
73.87
69.80
High
67.35
79.13
73.33
82.12
87.66
81.05
82.80
57.40
60.80
61.02
2%
25V,
I! lt
14
32'3
117a
683.4 _
2% ?
Okla Prod &. Rel"
Owens Bottl Mach. .
Pacific Development..
Pacific Oil .
I'an-A mcr Pclrol .
do 11 .
l'anhandlc .
do pl*.
Pennsylvania II K...
Penn Scab Sleel... .
Peo t.as & Coke.
Pirc Marqucttc .
Philadelphia Co . * .
Phillips Pclrol .
Picrce Arrow .
do Qf .
I'irrro Oil .
do pf .
Pittsburgh Coal . .*. .
Pilts At West Va ...
l'ressed Steel Cnr
Vr.id & Kcf .
Pub Serv C N .J . . .
I'ullnian < o .
Punta A!csre Sugar
I't.re Oil .
Ry St.-e-l Spring: ....
Ray Con Cop .
Reading .
do 1st pf .
do 2d pf .
Remington Type ....
Reploglc Steel .
Repiii. Iron & Steel .
Repub Truck .
20 Royal Dutch .
St I.oui.s & San l'ran
Sl Louis Southw'n . .
d o p f ., . . .
Santa Cecilia Sugar.
Saxon Motor.s .
Seal> Air line .
d., pf.
Senrs Roehuck .
do pf .
Seneca Copper .
;. Shell Trans & Tra.l
Sinrlair Con .
Southcrn Pacific ...
Soiilhrrn KR .
do pf .
Stand Oil of Calif . .
Stand Oil of N .1
do pf .
St rnmbcrg t arb ...
Studebaker .
do pf .
Submarine Boot ....
Supcrior Oil .
Texas I'ulf Sulphur..
Tenn Cop & Chem. . .
Texas Companv ....
Texas & Pacific.
Tcx-Pnc Con! & Iron
do l.and Trust.
Third Ave Rway ....
Tobacco Products ....
Transcont Oil .
Union Has: Ac Paper.
Union Oil .
I'nion Pacific .
do pf .
United Alloy Steel. . .
United Cig Storcs pf.
United Drinr .
United Fruit .
United Ry Invest pf.
United P.etail Stores.
U S C I Pipe & Fdy
do pf .
U S Food Products. . .
II S Indust Alcohol. .
I' S Realty & lmpvt.
U S Rubber.
do 1st pf.
U S Steel.
do pf .
1 t.-ih Copper .
I't.-ih Srcur Corp.
Vnnndium Corp ....
Va-Car C!iemiral ....
Va Iron, Coal &. Coke
Vivaudou .
YVabash .
do pf A.
Webcr & Heilbroner.
Well-c Fargo Exp. . . .
Western Marvland . .
Western Pacific .
do pf .
Westinehouse Air Hr
Westinghouse Mfg...
Wheel & I.ake Fric. .
White Motors .
White Oil .
Wickwire-Spencer . . .
Willys Overland _
do pf .
Wilson Co .\
Wilson Co pf.
Wisconsin Central . . .
Woolvrorth .
do pf .
Worth Pump & Mach
do t?f H.
- 1*4
TIIE AMERICAS
AUGENTINA a.a: 42.44 c. nts a paper
peso)
Demand .33.50 33.50 34.60
Cablea .3:*.G2 ?i 32.62^ 34%2Vi
BRAZIG (pa: 32. 47. cents a paper milrela*)
Demand .12.S7'i 12.75 15.12%
1 ables .17 01 12 87 W 1 " ??*
PERTJ (par $4.86 a pound) ' ""
* 'hecks . 3.52 3.52 4 04
E.CUADOR (jiar 4s.?50 cents a .sucrc)
Checks .24.18 24.I* _
CMILE (par 35.5 cents a peso)
?hecks .10.60 10.50 14 00
I'RCGCAY (par 103.42 cents a peso)
Checks .71.50 71.00 76 "5
VENEZVEU (par 19.3 cents a bolivar)
Checks .13.2S 18.28 ?_
Canadian Kxcliangre--New Tork funds ln
Montreal, 6,?, p?r cent premium; Montre.al
funds in New York. .".*-.. per rent dlacourit.
Paris Markel Improves
PARIS, Jan. 10.?Prices improved 011
the Bouree to-day. Three per cent
rentes, 55 francs 15 centimes; ex?
change on London, 50 francs 85 cen?
times; 5 per cent loan, 80 francs 20
centimes. The dollar was quoted at 12
francs !*/& centimes.
Equipment
(Quoted on Income p
Name. Kato.
A Y A S F. K
A'! C'.iftsl Gln<.. ?
do . i:i-.
Boston * Al. . . f <A
H & O. i V4
Bei hlehem Pi. . 7
Buff R Ai P. . . 4 14.-.6
Canadian N&tl. 7
Canadian North tf
1 'anadlan Pac . . 4 '?, s
C H R of N J. 6
Ches & Ohlo.. . 6 y.
C B * Q. 6
Chic * N W... 4V4
do . 5
"?> . 6',
C R I & Pac. iv*
C c C & St 1%. 6-6
Dei & Hudson . 4 :,
?'<*. 6 '
'"'?" R II .... 414-5-6
Great North Ky fi
Grand Trunk.. . 0 1,
Illinola Central. 4 ',,.5
do .......;.: ti,4.7
Kan City Houth 5
Louis & Nash.. 6
00 .i tt
Roncis
Name. Rato,
, do . 6%
Micliigan <vnt. :,->;
M S l P ,fc S S M 4 i j - 5
UdK ft-T.-.V.'.-. T2"6-'
N V Central, ... 4'i-5
do . 6
N Y N H& II.'.' 4%-5-t
Norfolk & AV.. 4',i
do . U '
North Pacific. . 7
Pac Fruit Bxp, 7
Pennsyl G K... . 4.4 11
Pf nnsylvan! 1 . r, '
Pltta <fc I. Brffe. f, 1 .j
Reading; Co.... 4 U
Seaboard A I,.. 4V4-5-I
Southern Pa..-. 4 1,
d'. 7
Southern Ry .. 4'-,-5
I'nlon Pacific. . 7
I7n Tank Car, . V
Vlrginlan Ry.. . r,
Mnturlty, Bid.
:!)22
1921
-'35
5.H0
No Bearing on
With respect to th
hy the Colorado Sup
Henry L. Dohcrty
troversy over the
nicipal and Nile I
Cities Servicc
? decision rendered
reme Court against
& Co. in the con
East Denver Mu
'?rigation districts,
officials of the Cities Service Companv
said yesterday that the litigation had
no boaring on the Cities Service Com
pany. Under the court's decision im?
provements have to be transfcrred to
Henry L. Doherty & Co.
Dividends
Doml^onoii:.-.1^! Q t "l X^A
>?? Chat & St 1.3'.'% S-A F.i ' l i "r" V
Un OU ot Call[! '# ? Apr. gl Mar. ,j
Stocks Ex Dividend
Ja^M An, CShIKHlldlng Co l'^UCCnt*
???? '< ck, pf. . \\
un ? p!"ribi" rr",v* ""Am:::: *
. an. h Fninous Playera-Laaky nf
? an. ? nt. Mer. Marine pf l ?
Jan. 1! l.oose-Wllea Blsoult ''d'nf- Vv
? an. 6 Mahonlng Coal R K.-C?Pf! | ". \*
Jan. 16 Un Drug Co. ist pf.".".'.'.'.*.'.'|,' 74
In Wall Street
Erie iHKtjes Recover
Overnight publication of official
statements indirating n moro favornbl"
position for thc Erie thnn had been
pictured by recent reports in the
Street was followed yesterday by a re?
covery in the three classes of ''ork.
The liifrgp<*t gnin wns made by tbe
first preferred, which closed a point
hijrher. President Unaerwood, who
wns out. of the city Monday, made pub?
lic his reply to an inquiry from a
stockholder regarding thc recent sell
ing of thc shares. He said: "1 havc
no knowledge of what floor tradi i
talk about. and what. they may 'io to
Erie stock. I give no opinion on tho
value of its stock. I havc a very defi
nite knowledge of its financial ?-??' ut
tion. Rumors of receivershfb are prop
ngatcd by interest.ed persons for rea
soiis you may sundise."
Indepentlenl Steel Merjrer
Interest in tii" much discussed mcrg
er of independent steel companies wa
revived yesterday by reports from
Youngstown that .Iarn":; A. Campbell,
president of the Youngstown Shcet and
Tube Company, was in New York con
ferring with Kuhn, Locb & Co. regard
inf: details of the proposcd cornbina
tion of his company with Inland Steel
and thc Ktcel and Tube Compan;
America, Inquiry at the banking firm'
offices, however, left the rjues ion ot
Mr. Campbell's presence in the city in
doubt. Thc point wai stressed I tat
the banking firm's interest in the merg
cr negotiations wa.-'. not that of a pro
motc-r, but, rather as financial ad i
\ew l.otv for Kenewai Rate
Call money, present in ab n da ' i i
piy. met with no incrcased demand ye
terday. and thc prcvailinc rat offered
little profitable empioyment for t. .??
funds which bankers vere .ic ;.?'? .
pul t ing out. 'I i - ."? i va rate
c- tabli hed n * low ;. 3:. pe r c i I
for the first time fince Aur- ist 19. 1919.
and during much of thi ???? ioi '?'? per
ent was the charge for this < ia - of
accommodation. Time money was com
paratively quiet. fn the acceptance
mark'/'. most dealers held to the 4 per
cent selling rate. but a break to ?'-''-.
per cent was reported in one .nstance.
Rediscount Rate Rumors
Talk of an impendinj* further reduc?
tion in the rediscount rate by the N'ew
Vork Federal Reserve Bank is again
strong, although therc is, as usual, no
official information on which fo bace
such a forecast, It - pointed out in
support of predictions that a rate <: *
has generally followed easing of
open market quotations. This process
has no-.- reached a stage where it ;-;
felt that oflieiai recognition of the de?
velopment may shortly be registered
in the Reserve Bank rate.
Chinese Silver l.oan
Bankers identified with the American
group in the international consortiurn
lor China have been fully informed re
spec'ing the plans of thc Chinese Re?
publican government to sell a silver
loan for purposes of refur.ding matur
injr issucs and to provide new money.
They havc also received. an intimation
that some assistance from them in
fioating the loan would bc desirable,
but in view of the fact that tht* opera?
tion is to comprise merely a Chinese
inrernai loan, they do not understami
how they can heip.
Mitchell Going to Cuba
Charles E. Mitchell, president of the
Xational City Bank. plans to sail for
Cuba at the gnd of the week. The pur?
pose of the trip is understood to be
largely to look after the bank'5- inter?
ests on the island. but Mr. Mitchell is
expected to study the general financial
and economic conditions or* Cuba be?
fore he retuvns. Ile will probably re
ceive a warm reception &a a result of
his recent address in Boston criticizinjr
the Fordnev tariff proposals a? applicd
to Cuba.
Relroleuni Exports Increase
Petroleum exports i'rom this country
have increased greatiy sir.ee 1913, says
ihe Fuel Division of the Department
oi' Commerce in surveying last year's
overseas trade. Exports of crude oil in
19'Jl approximated an increase of more
than 190,000,000 gallons over 1913,
with a corresponditig increase in value
of more than $16,000,000. accordinpr to
estimates based on statistics for the
eleven months. The quantity and value
of retined products for 191! was 1,941,
996,000 gallons valued at ?? 140.868,000.
against about ?2,411,000.000 gallons val?
ued at epproxiniately ?339.700.000 last
year. In spite of the fact that the
quantity of illuminating oil decreased
considerably the amount received '\>7
it was about $20,000,000 more than was
paid for 00 per cent more oil in 1913.
American Malt and Grain Dividend
Trustees of thc American Malt and
Grain Company yesterday declared a
Hquidating dividend of $4.50 a share.
R. II. Mainzer, one of the liquidating
trustees, said that the distribution was
cxclusive of any money received from
the recent sale of thc Buffalo plant.
"Last May," he added. "a Hquidating
dividend of .$7 a share was declared.
which, with the present pavment. will
bringathe total to $11.30. The liquida
tion is proceeding in a very satisfac
tory manner. Negotiations for the sale
of the two Chicarjo plants and the Mil?
waukee plant are nearing completion.
We will continue to operate the Buffalo
plant, using it for e-rain storage pur?
poses until April 15, when the plant
will be taken over by new owners. We
are fixing up thc KensinRton (Chicago)
plant to use for rjrain storage purposes
until wc can sell it."
Middle States Subsidiary Dividends
Directors of the Dominioti Oil Com?
pany, the Texas Chief and Ranger
texas, subsidiaries of the Middle
States Oil Corporation. have changed
the dates for the dividend payments
trom monthly to quarterlv. to* corre
spond with the payments of the parent
company. ln each case the dividend
was 3 per cent instead of tho monthly
distribution of 1 per cent.
Burns Brothers Meeting Postponed
The meeting of Burns Brothers
scheduled for yesterday was adjourned
until later in the week. pending admis
sion of the new A and B stock to trad
ing. pn the Stock Exchange. The next
dividend will be payable on the new
stock, as it was aejreed not to make any
declaration on the when-issued securi?
ties. Governors of the Stock Exchange
are expected to admit the new stocks
to the list at their meeting this after?
noon. In one quarter yesterday it was
suggested that the new B stock will
thelio'? ^1 initiil1 qUUrl"^ ?te and
,. r wic n. moik. i wo or more
directors. probably from the F, rre
terests, may be added to the Burns
Brothers directorate.
London MarkefQuiet
qu^?tNDbStN* Jun- 10- Tradfng was
Stoek Pvl PlCef 7ere ?rm o" tht>
fctotk Exchange to-day. Bar eold was
2t 2% -? 97S ?dk>mon?* waf loaned
Sho"rt bUl, Iv ? Dl8Count rat^ were:
bil? ?*&' ? ** Pf Cent; U-?*-.nonth
ou ts, .!*)? pei- cent.
Closing stock quotations were:
Brlt *,",. !r,an... 92Z?
. ?"?<** <V4 . 83 vi
Atchlaon. ios
n & o. \i
t'anadiwn Pa
<' <fc ? >.
Ch Ort Wstn
St Paul . .>n
Krte. 9
clo 1st pf. j4
Orunrt Trunk. . . ju
}? Central .iu*
*l.oulsvillo.123
..142
. 63
M K & T.
N Y Central. . . .
Nor \- Wpsni
Ont <i;. Westn, . .
Pennsylvania. . .
Ueadinu.
Southn Ry . ...
Southn Pac
Union Paciiic ..
U 8 St^pl.
tie Keers.
Hand .MijifH ...
?Ex dlvldenil
21
ii;"
97
2
Vxrmpi from thc
Frdrrnl Inconte Tnx
$90,000
Minot, North Dakota
Park 6^; Bond*
Due 1926-1941
Minot is thr county tm
V/ard County anri has a bo?
ulation of 14,500. p"
The City i-r Jocated at th,
j-unction of the Great North''
crn anri Min i< p . ., vt p' .
* Sault Ste. Mar e ' R. r"
and is lurrounded by ----''
tory comprising i0nac 0f he
most f" tlIe ?'" " ie State!
Price 1926-1936 5?| ba.i,
Spitzer, Porick
& Company
KilohlUhcd 1871
Equitable Bnilding New Y0r!<
foledo r;
150 000
Missouri Pacific
lst Ref. 5s, 1955
Outstant - e , Q,a_
$"-..500 pe rr.ile on the
325-i mile which ? -
bonds are a first mortgagt,
Thc total mileage, cn
which they are a direct
lien, covers practically the
entire system
86^ ? terest
To net about 5.82
R.W. PRE55PRICH
i0NZay ' &CO. -? .;,,
Muni< ijial bi.p.i r, ?, . ,.; i: .,,.,
ABOUT 29 POINTS
:j BEL0W THE AVERAGE
PRICE
:s
]! for the 14 years pre
.1 ceding" the World
p5 War, ts the cost in
this market cr a se
curity which we are
recorr.mendi r.g for
investment.
The total assets cf
the issui r.g company
are
| One Billion Dollars
and 1920 earnings ?.
were over 4 times f\ f
fixed charges. j!
Out lelier R-42 :^.r:bt<
this securi y Jeiaii.
il
i| J.G.WHITF&GiNfPANvf
jf INCOBPORATEC ,,'
[1 37 Wall Street New You h
Commission Orders
ted on
New York, Boston,
Chicago and Detroit
Stock Exchanges
oi w'yyh we are members j
Private ttirc connections i
iri.'/.' all leading markeU
HORNBLOWER & WEEKS
42 Broadway. New York
BOSTON ' DETROIT
PRO\ DEN' ' PORTI \MV ME.
HENRY CLEWS&tt
11-19 Broad >[.. Opp. X. Y. Stock fcichMT
A General Banking and
Investment Business
Transacted.
RraiH-li SiO KJftli \ve. "'; '"''?".ti"?
Office* .33 Oimnc -. 115 Kasl <*hS
16 Court St.. !'.r<H>U!>i>.
KelleiiDrantcn&te
Htzabers tfewtf./* Stock Bfe*"**
Lords Court Building
40 Exchange Place -Xew YorkQV
Telephone Broad 6291
lrving National
Bank
CLINTON GILBERT
2 W.H Stre?t. N. Y. T.l. 4*4* R?*M|
T:??
Goodyear Position Bettw
A balance sheet of the GoodyeW
& Rubber Comnany as of Novemberd
1921, was published in The Tr?*J
yesterday. Although the article ^
made it clear that referenee???? *?
to the Goodyear company. the toP ^
of the headline erroneously raentI?
the Goodrich company. __
Open Fight ou "Tax *:xcB,P?,
WASHINGTON. Jan. 10? 8*2
on propoftals to prohibit fl,rth*' y.
aiice of uh\ exempt securities^ ^ J
gin Monday before the House "fjjgj
Means Committee. Chairman *^^
announced to-day. Secretarj > g,
and representatives of s*3 *.*?'
nicipalities which would he ""^*>
such legislation, hc said, **<*?"
heard.
