$500,000
New York City
4*4% Coupon Bonds
Due Apnl 15. 1972
Exempt from all
federal and Acte York
State Income Taxes
t*eA Investment for Sarlnfs
Banks and Trust Funds in
.'Veto York State
price to Yield ?bout 4.04%
ReA Hodges & Co.
aw- Sexo York Stock Bzchan?*
jf^parj-? *
??Wall St. New York
^j^?oejeru I! L Day fc Co.. Boston.
TOBEY&K?KK
letabllahrd 1873
Hessen Nev Yorl( Slock Exchange
iS tuned St.
Jiew?ork.
SOS So. Un Salle St,
Chica??
CAMPBELL
BAKING CO.
Common
Bought?Sold?Quoted
Investment Bonds
Wt ertrt an! off^r bond\
the follo?>ing\t])pei:
eral Land Bank
JoiflaVJfcfock Land Bank
First M ige. Industrial
First Mtge. Public Utility
Ot?? <Sb Co.
JfamSer? Kew York Stock Exchange
49 BROAD ST., N. Y.
Phone: Broad 2121
Qereland, Denver, Detroit, Boston
insurance Co*
STOCKS
Continental I eis?
Fidelity Ph?nix
Great American
Home Insurance
National Liberty
Niagara Fire
National Surety
Gilbert Eliott & Co.
Members New Vork Stock Exchange
?0 Exchange PI. Dow5. Cr. 0290
Harvard
Economic Service
?ill enable you to make allowance
JJ1 your own organization lor future
business conditions with a maxi
| ?nun: degree ot safety.
; This Servie? le the produet 0* years
; ? research in the nekl of economic
stetiitice, and Includes a new and
i scientific system of business fore
c*s;;ng of proven .iepcndabUMy
| ?nee the close of the war,
; MMavteere were warned ot the
; "? rf depression of 1520 fully six
| months before it occurred. They
???.now receiving forecasts of
EC *,l?S th* coming months.
Price noo.oo a year.
Write for Folder and Latest
Weekly Letters
HARVARD UNIVERSITY
Coromittee on Economic Reaeard?
70 Wadawortl? Houae,
Cambridge, Mais.
Bank and Trust Co.
Stocks
?kCUJRE, JONES & REED
imt^Jf**** **^ Y*fk Stoek &6C??ln*?
- ***" Fhoee 3Sai Rector
Stock Prices
Move Upward
Substantially
Character of the Buying In
?iieates Short Covering
Movement; Industrials
Show Best Response
Development* over the week end in?
dicating a mor? conciliatory attitude on
the part of the Turkish Nationalist
?nuthoritlea toward Allied efforts for
peace wer** reflected yesterday in sub?
stantial advances in all tho security
nnd foreign exchange markets. Cotton
was also higher, while wheat, which in?
variably goes up on war scares, re?
ceded sharply in tho morning trnding,
but recovered some of this lost ground
late?* in the day In sympathy with
strength in corn.
Trices moved forward with little
hesitation throughout tho stock mar?
ket session and at tho close the
average quotation of fifty selected is?
sues, according to Tho Tribune's com?
pilation, was 89.30, compared with 87.96
at tho conclusion of business Satur?
day. Tho industrial list, which has
felt tho recent Belling more perhaps
than the railroad group, was tho quick?
est tcfTcspond to the more hopeful out?
look in tho Near East. The urgent
character of tho buying at tho opening
suggested short covering on a sub?
stantial scale, and as tho session wore
on with few recessions these purchases
continued.
Trading in bonds was inaugurated in
the new Stock Exchange annex and
the list showed a better tone than it
has for several days past. Investors
wer? encouraged to tho extent of
moderate purchases. Tho change of
sentiment regarding tho Near East sit?
uation was particularly reflected in
the advance In foreign government is
| sues. Tho net rise in twenty-five rep
: resentative domestic bonds was to
! 90.49 f roip. 90.82 on Saturday.
Despite the Jewish holiday and the
(fact that many exchange officials were
busy entertaining members of the
, American Bankers' Association, trad
j ing was on a fairly active scale, Bales
j approximating 700,000 shares, or 25,000
! shares in excess of the corresponding
? day last week.
'The recovery in tho foreign ex
! change market amounted to 2Vj cents
j for sterling, while francs closed r\t
7.57V*'*, compared with the last previous
i quotation of 7.5G%.
After opening about half a cent
I higher cotton met heavy Southern
! selling, but finally closed 7 to 20 points
'higher. The war scare seemed to have
disappeared from the wheat market, at
least for the day, and final prices were
1 to lVa cents lower.
Money and Credit
There was a slight tightening of call
.money yesterday, when the rate after
; renewing at 4% per cent, advanced to
! 5 per cent. Timo money was -ako in
' fair demand with sixty-day money
'. quoted ai 4,? to 4% per cent. Bankers
i says they would not be surprised if the
; rates went higher for three to six
. months' maturities before the end of
j the year, after which they should nor
! mally follow a recession.
Yenter- Year
Call rates: day. ago.
On' industrial collateral. . 4-**? F>V?
On mixed collateral.1% 5*4
Sixty days .4%@4% 5H
'Ninety davs .4Vi-a1 ? 1/?? 5M?
! Four months .4ty<5*)494 6%
Four to six months .4^(^4% 5%
Bank Clearings?Bank clearings at
New York yesterday were: Exchanges,
: $6.18.000.000; balances, $07,000,000.
Silver?London. 35 7-!6*,New York,
1 domestic bnr, 99%c; foreign, 691/i;
j Mexican dollars, 527?.
i The Dollar in Foreign Exchange
Increased demand for bills of ex
| change on European centers as a result
! of the improved tone in Near East eon
1 ditions resulted in advances in many
parts of the list. Cable rates on Lon
j don worked up to $4.39%, while French
francs rot up to 7.58 and lire to 4.27V?
' cents. Exchange on Canada was again
i at a premium, being quoted at 1-16 per
: cent at the close.
BUROPB
Teeter- Previous Year
da/. day. af?o.
GTtKAT BRITAIN (i-nr $4.80 a soverel-rn**
Demand . 4.87% 4.37 3.72'%
Cablea . 4.39?; 4.87% 8.78%
60-d billa (buy'c) 4.37% 4.84%, 3.69%
90-d bills (buy'tr) 4.86% 4.33% 8.66%
FRANCK (par 19.3 cents a franc)
Demand . 7.57% 7.56% 7.08
Cablea . 7.53' 7.57V- 7.08%
! BELGIUM (rar 19.3 conta a franc)
Demand . 7.12% 7.10 6.99
Cablea . 7.13 7.10% 6.99%
i SWITZERLAND (par 19.3 conta a franc*
Demand .18.68 18.fi? 17.42
Cables .18.67 13.67 17.44
i ITALY (par 19.3 cent* a lira)
Demand ..'. 4.27 4.23% 3.98%
Cabins . 4.27% 4.24 8.99
, HOLLAND (par 40.2 canta a florin)
Demand .38.70 38.OS 32.13
Cables .38.75 38.73 32.15
GERMANY (par 23.8 cents a. mark)
Demand.05% .00 .81
Cables . .05% .00 .81
Al'HTRIA (par 20.3 cents a crown)
Demand _.'.. .0014 .0014 .08%
Cablea.0014 .0014 .06%
NORWAY (par 26.8 cents n crown)
Demand ...17.24 17.ic 12.19
Cables .37.26 17.18 12.23
SWEDEN (par 2C.8 cents a crown)
Demand .26.S8 ' 20.83 22.2B
Cablea .26.40 25.35 22.30
DENMARK (par 26.8 cent? a crown)
Demand .20.40 20.28 18.03
Cables .20.4J 20.30 18.08
SPAIN (par 19.3 cents a peseta.)
Demand .15.14 15.11 13 05
Cables .is.jr. 15.12 13.06
t'ORTCCAL (par 108.05 cents an escudo)
?Demand . 4.00 4.26 9.75
?Cables . 4.00 4.2.'? 9.87%
ORBBCH (par IB.3 ? its a drachma)
?Demand . 2.80 2 75 4.90
?Cablee . 2.SO 2.75 4.95
POLAND (par 23.8 cent? a mark)
Demand. .011? .0115 .018%
?"'??-?'?-?s.0116 .0115 .018%
CZECHOSLOVAKIA (par 20.3 cents 1
crown)
Demand . 8.11 8.09 1.99
Cables . 3.11 3.09 111
jrUGO-SLAVIA (par 2n.3 cents a crown)
Demand .84- .33% .44
Cablea .34 .?.?% .4414
?RUMANIA (par IS.3 cents a leu)
Demand .61 H .?114 ,8g
Cables.61% .61% .90
FINLAND (par 19.3 e.-nta a mark)
Demand . 2.22 2.22 1.63
Cables . 2.22 2.-;s 1.68
FAR EAST
CHINA (Shanghai par unsettled)
Demand .76.75 76.76 81.25
Cables .77.25 77.25 81.87%
CHINA (Hongkong: par unsettled) '
Demand .57.10 5t.l0 60.00
Cables .67.25 67.25 60.50
JAPAN (pur 49.8 cents a yen)
Demand .......48.10 48.10 47.60
Cables a.48.15 48.15 47.75
INDIA (par 48.66 cents a rupee)
Demand .28.60 28.45 27.87%
Cables .?8.65 28.50 27.50
?STRAITS SETTLEMENTS (par 56.8 cents
a dollar)
Demand .51.50 61.?? 43.50
Cables .51.75 ?1.75 44.00
TSIK AMERICA?
ARGENTINA (par 42.44 cents a paper peso)
Demand .85.50 36.40 82.76
Cables .36.55 35.45 32.87%
BRAZIL (par 32.46 cents a. paper mllrels)
Demand ,.11.75 13.65 12.75
Cable?.11.80 11.75 12.87%
PERU (par $4.88 a pound)
Check? . 3.95 8.99% 3.48
(Ceatiauet ? a aate ni-uu?--,)
Transactions Yesterday in Listed Stocks
Summary of Stock Exchange Dealings
(Copyright, 1983, New Tork Tribune Inc.)
Yesterday
Railroad stocks. 97,200
Other Moth.? . 699,600
All slock? . 696,800
STOCKS
Day Year January 1 to date
a?52. **" 192Jf 1921 1?20
9-qItS .84,20? 43-231-70" 26,174,100 39,675,900
fso*^ ?160,200 149.476,400 79.685,300 124,734,700
402,900 544,400 192,707,100 105,859,400 164,410,600
BONDS
TT a Yesterday
IJ. 8. government bond*. 12,204,000
Other bonds. 2,781,000
Koi.roed bonds ., 3.568,000
All bonds . 8,653,000
Day before
$2,487,000
1,588,000
2,182,000
8,257,000
January 1 to date
Tear ago 1922 1921
$5,691,000 $1,313,746,000 $1,386,794,000
4,243,000 803.246,000 377,645,000
6,973,000 1,030,641,000 &36,844.0O0
16,907,000 3,247,634,000 2.301.283.000
Record of Stock and Bond Averages
(Copyright, 1918, New "fork Tribune Ino.)
STOCKS
Yester?
day
20 Railroad stocks . 80.30
30 Industrial stocks . 98.30
50 Stacks. 89.30
10 Railroad bonds . 87.15
10 Indus, rial bonds . 93.30
B Utility bends . 81.15
25 Bonds ...". 00.49
Day
before
79.20
93.80
87.96
Year
ago
65.15
68.17
66.98
BONDS
86.90 75.54
93.38 83.25
91.05 76.58
90.32 78.83
Rang? Jan. 1
to date
Hiirh
83.15
98.97
92.58
88.70
95.26
92.35
91.72
Low
63.63
73.87
69 JO
80.86
86.56
80.65
83.03
Range full
year 1921
Hieh I,T
67.35 57.^
79.13 60.
73.38 81.'
82.12 71.<
87.63 SO.
81.05 70.
88.30 76..'
High. Low. DW "
1922. 1922. in $. - , ? Net
82% 48 ~ AdMn. ir.Wi.Lii *?? ^^ ni**- **"? Close, chge. Bid. Aak.
Adranee Rumely ... 30o 19" ?g" ??^ I? 1 2'* ?n 5A'
?.R?lr ?.111" 12?? ?B 1?.. ?7e ?if- W 15% 1?
7? g - Alaska Cold Min?;; ?W "% '"% "ft '"eJL-/6 '?S '\
? 7? ? Alaska Junean ..... 300 ILL 11/ n7 11/1 1/ ??? i??
49 \vu a P?,^l"a. 10? 67 67 67 67+1 ?8i/a 69
637' ??*"" Amer Beet Bugar .. 100 44 44 44 44+1 44/, 45
lS? 93/! "7 I',*" ^ . 4?^,BS 58** 67'^ WJ4+-1H ?8% 68%
1?S 141 ? a P? ?"?:?. 100 109% 109% 109% 10?%+ % 107 109%
193 141 12 Amer Car & Fdy ... 600 186 186% 188 186 + % 186</4 187
'?,, J... ~ Amer ^h,cle . 10? 8/, 8yi 8r4 854+ '/a 8Vi 9
?/a 1!i>~ A?" n^o0" ?' 100? 26i/4 27/a.?6i/I 27 + 1% 27 27%
74% 68 ?%,?rUf,8',,(i'; 10? 8% 6% 6% 6%+ % 6% 6%
1? 7a 7" A 5d" 1 U*th pf S0? 6?% ?H 8814 88H+ % 6914 70
iiw II l Amerlean Icft . 1400 110 111 109 111 + 2J4 109*4 11114
?M4 ? a^T.'-'X. 20? 8t> w ?? 80 IlH 90 92
?U 01/ T A1"" t ? C0rP *? 290? 33% 8B?4 83% 35%+ 1i/8 35 35%
?Xi 293* 1 A1"** ^ F?rea "? E100 12% 12^ 12% 129?- '/b 12% 12%
env ! a 3 ~ AmeT Lln8eea . 6B00 86% 39 36% 88%+ iU 38% 39
127v! *? ~a AdOP,r.Il. J2?? 67l/* 68*? "?A 68%+ 2% 58% 69
?oI<7 ?S ! Amer **?>??*???? ?? 11400 125/8 126% I2334 125 + 2 125 126
oit ?., 4 ?Amer Radiator ..... 200 123 123 122 122 - 123 12314
?w r^ -25Am" **e*y kW. 2200 7% 7?/4 7% 7-/a- 7% 7</4
Si? Jif"" Am<>r Sht,> * Com- 2800 21% 22 81/, 21%+ % 21% 2174
lau < ,'? ? Amer omeLt,n* ? " ? 250? 8? 81 69% 60%+ 1% 60% B?K
5!w 10^3 12 Amer Snuff . 500 143% 144 143% 144 + Va 144 150
45'/8 30% 3 Amer Steel*.Fdy ... 5000*43% 44 43% 44 + 1"/8 43% 44
?17A 5?!4 ~" Amer Suear . 60? 78 79% 78 79%+ 2% 79'/2 80
47 23|/4 ? Amer Sumatra Tob. 100 39 39 39 39 + V/x 37 39
128'/4 114(/a 9 Amer Tel & Tel- 1900 121 121% 121 121%+ '/2 121|/8 121/4
**?& ,5qu ,5 Ad0 r? !.??????. ?400 3,/:t 3% 3,/a 3%+ t4 3l/a 3%
169i/a 129'/8 12 Amer Tobacco . 1800 161/a 161/2 160 180'/,+ 1(/2 160 161
107/2 90/a 6 do pf . 100 106 106 106 106 - 105'/2 106
?? 12' 12 *?? B . 600 158 159 156 155+2 165?4 156
26 8 ? Amer Water Works. 100 22 22 22 22 + l/8 21% 22%
105 78'/4 7 Amer Woolen ...... 2600 98/4 981/, 07% 98'/a+ 2 98/4 98/a
21 12/a ? Amer Zinc dt Lead.. 000 18% 1S% 18% 19%+ 1% 19y4 19'/a
67 36 ? do pf . 300 65 85 55 65 + 3% 63 65
5' *7 "T AnBC0?da ^ ? ? :. 47?? M% MH 82 621/,+ 1/a 62/4 B2J4
62^8 43 4 Asso Dry Goods- 1900 69i/8 59% 69 69J4+ % 59'/2 60
135/a 99 6 Associated OU ..... 600 115/4 116 II8/4H6 ? 2'/, 116 117%
95/a 85 6 Atchlson -. 2200 103% 106 103% 104%+ 1% 104'/2 105
95/2 85 5 do pf . 100 92"/4 92i4 92i/4 92'/4+ j/4 92"/4 923^
BJ4 %? Atl, Bir & AU. 400 2/4 2/, 2'/4 2</2+ Va, 2'/4 2?/,
124% 83 7 Atl Coast Line. 500 118% 118% 118% 1183/4+ 1 119 120
S'/, 2 ? Atl Fruit . 200 2 2 2 2 ? l/4 2 2'/4
43/4 23>/4? Atl Gulf & W 1.... 1900 29% 30% 2934 30%+ V% 30y* 30%
8114 16/2? do pf . 200 19% 20i/a 19% 20)4+114 20 23
40% 9/4 7 Austin-Nichols . 1000 35% 35% 35>/2 35%+ 1/4 35/2 35%
1401 g 92% 7 Baldwin Loco . 13400 134/j 13434 133 133%+ 1'/4 133% 134 ?
60/4 33|/z ? Bait & Ohio . 4700 54i/4 64% 63% 64'/8+ V/8 54) 8 64%
66)'4 52)/a 4 do pf . 100 65 -86 65 65 - 64% 65%
56i/4 19% 7 Barnsdall Corp A... 1100 37% 38 37'/4 38 + % 38% 38%
44% 30 .48 Beechnut Pack . 4600 41% 44S/a 4114 43+2 39 -
79 61 5 Beth Steel. 400 71% 72 71)/, 72+2 7134 72)/2
82/4 65)4 5 do B . 0500 71% 73% 71 73 +2)4 72% 73
124% 100 8 Brooklyn Edlaon ... 300 116/2 117 116'/, 117 +1)4 117. 117/,
29 6% ?? Brook Rapid Tran.. 2300 23/2 24% 23/, 24/2+ /, 22/2 23
24% 5% ? do ctfs . 400 20% 20% 20/2 20/,+ 1 20)4 2034
64% 42 ? Brown Shoe . 400 60% 61/, 60% 61/2+ 1/2 60 62
5l/4 ?83<a 2 Burns Bros A. 200 48 48 47/, 47'/,? /, 47/2 48
! 97J4 87)4 7 Bush Term Bldg pf. 100 96% 96% 96% 96%+ % 05 07/,
8/4 B/4 ? Butte Copper & Zinc 1000 7 7/4 7 7%+ /, 7 7%
? 34)4 20% ? Butte & Sup Copper. 6400 32% 34/, 32 83>g+ 2 33/2 33%
I 34 18 ? Butterlck . 100 20/4 20/4 20/4 20)4+ % 20 20%
! 86/, 68 6 Calif Packing . 10O 84/2 84/, 84'/, 84/,+ 1/2 84 84/,
i 71% 43)4 ~ Calif Petroleum. 2700 63 63 62 62%+1/4 62/2 63
I 98/2 83 7 do pf . 300 96 06 96 96 - 95/, 96
: 11% 5/4 ? Callahan Zinc & Lead 700 9/, 9/2 9/2 9/2+ /4 9/2 8%
| 151% 119% 10 Canadian Pacific... 3400 144/, 146 144 145 + 2% 145 146
44 37 ? Case Threshing. 100 36 30 36 36?1 37 39
44/8 29%? Central Leather. 1000 40/4 41 40'/4 41 + 1/2 40% 41
! 82% 63%? do pf . 10O 79/2 79/, 79/, 79/2+ Ts 79/, 80
I 41% 323-4 ? Cerro de Pasco. 600 38% 39/, 38% 39%+ 2 39)4 40
! 79/4 4734 6 Chandler Motors_ 3000 60% 62 60% 62 + 1% 61/2 61%
79 64 4 Chesapeake & Ohio.. 2000 72% 72% 72 72/4+ 1/4 72 72%
ICE'/, 104/, 6/2 do pf . 4900 104/2 105% 104% 105%+ % 104/4 104/,
11/2 % ? do rights . 17850 % 1 % 1 + % ~ ??
12% 1% ? Chic & Alton. 100 3% 3/4 3% 3/4- 3% 334
\ 4334 12/4 ? Chic & East Illinois. 200 36 36% 36 36%+ 1/4 37 38/,
! 64% 31% ? do pf . 100 58 58 58 68 + 1% 68 59
! 10% 4% ? Chic Great Westorn. 100 684 6% 6% 6%+ % 6 6/,
1 24% 11%? do pf . 100 14% 15 14% 15 + 1 14% 15
! 36% 16% ? Chic, Mil & St Paul. 3700 31% 32% 31 32%+ 1/, 32% 32%
| 55 29 ? do pf . 4900 49 50% 48% 49%+ 1% 49% 50
I 95% 59 5 Chic & Northwestern 1100 90% 92% 90% 92%+ 2% 91% 92%
I 89% 59 4 Chic Pneu Tool. 600 79% 79% 79% 79%+ % 79% 81
! 50 30%? C, R I & P. 5700 43% 44% 43% 44%+ 1% 44 44/4
I 9334 70% 6 do 6% pf . 600 90% 91 90% 90%+ % 90% 91
[105 63% 7 do 7% pf . 300 100% 101 100% 101 - 100% 101%
! 107 83 7 C, 8 P M & O .... 10O 106 106 106 10G ? 1 106 109
i 26% 16%? Chile Copper . 2300 25% 2?.% 2b% 25%+ % 25% 25%
? 33% 25% ? Chino Copper . 700 28% 29% 28% 29%+ 1 29 " 30
! 74% 41 4 Coco-Cola . 300 7234 72% 71% 72%+ yA 72% 72%
| 37 24 ? Col Fuel & Iron ... 3400 33% 33% 33% 33%+ 1% 3234 34
i 114% 64% 6 Columbia Gas ft Else 1200 109% 110% 106% 109%4- 1% 109% 110%
I 53% 38 3 Colorado & Southern 600 48% 49% 48% 49%+ % 49 49%
! 534 1/4? Columbia Grapho .. 1200 3% 3% 3% 3%-' 3% 3%
i 79% 55% 6 Computing Tab - 1000 71 72 71 72 + 2% 71% 72%
? 41% 18%? Conaol Cigar . 1200 36% 36% 36 36%+ % 36% 36%
i 50 49 4 Comm Solv A . 1000 49% 60 40% 49%? % 49% 49%
I 47 4434? do B -?. 300 46% 47 46% 47 + % 46% 47
! 145% 85 8 Consol Gas . 10300 137 138% 136% 137*6+ 3% 136% 138
! 15% 9 ? Consol Textile . 300 934 9% 9% S%? % 9% 9%
! 92 46%? Continental Can - 600 85% 86% 85% 86%+ 2 86/4 87
! 93% 66 6 Cont Insurance - 200 90% 90% 90% 90%? % 90 90%
! 120% 91% 4 Corn Products. 3000*115 115% 114% 114%+ 2% 114% 115
| 53% 31% 4 Coeden & Co . 10900 49% 50% 49% 60% + 1% 50% 50%
102% 93% 7 do pf . 200 101% 101% 101% 101%+ % 100% 101%
1% 1 ? do rts . 3600 1% 1% 1% 1%+ % 1 1/4
! 9?% 52% ? Crucible Steel ,. 9200 83% 8434 82 84%+ 3% 84 84%
I 100 80 7 do pf . 100 94 94 94 94?1 93 96%
1934 8% ? Cuba Cane Su*rar .. 600 13% 14% 13% 14 + % 14 14%
41% 16%? do pf . 300 86% 37 36/, 37 + 1% 36% 37
28 14% ? Cubon^Amer Sugar . 2300 22% 23% 22% 23%+ 1% 23% 23%
65% 43 ? Davison Chem . 500 48% 49 48% 48%+ 1% 48% 49%
24% 15%? De Beers Co . BOO 22% 22% 22 22%+ 13.8 22 22%
141% 106% 9 Delaware & Hudson. 100 133,% 133% 1333/4 133%+ % 133 134
', 137 110% 6 Del, Lack & West .. 6700 1S3% 135% 133 135 + 1% 132 134
i 118% 100% 8 Detroit Edison . 100 112 112 112 112 - 112 113 .
1 39% 18% 2 Dome Mines . 2600 36% 37 3634 37 + S% 37% 38
' 156% 115 8 Du Pont de Nemours 200 147 147 147 147 ? 2 147 150
' 83/4 70 6 Eastman Kodak - 2500 84% 85 84% 85 + % 85 85%
i 55% 40% 3 Elec Storage Battery 7300 53 5534 53 56%+ 3% 55% 66
89% 76% 5 Endicott, Johnson .. 1000 83% 84 83% 84 + 1 84 84%
18% 7 ? Erie . 1100 15% 15% 15% 16%+ % 15% 15%
?8% 11%? do 1st pf . 600 24 24% 24 24%+ 1 24% 24%
20% 7)', ? do 2d pf . 500 17% 17% 17% 17%+ % 17% 18
20% 14 ? Fairbanks . 200 18 18 18 18 - 18 18%
107 76% 8 Famous Player? - 3700 95% 96% 94% 96%+ 3% 96 96%
107% 91% 8 do pf . 20O 102 102 102 102 +1%102 105
62% 37 ' 5 Federal M & S pf .. 400 68% 693.4 6834 59%+ 1% 59% 60
19t/ 11% _ Fiak Rubber . 400 13 13 13 13 + % 12% 13%
20% 12%? Frecport-Yexa* . 1300 22 22% 21% 22 + % 22% 22%
7334 65%? General Asphalt .... 2800 60% 62% 60% 62%+ 2% 61% 62
83' 65 6 General Cigar . 600 77% 79% 7734 79%+ 1% 79 7934
188 136 8 Gen Electric . 400 177% 177% 177 177%+ 2% 177% 180
12 11% ? do w i. 100 1134 11% 11% 11%- 11% 11%
15% 8% 6 Gen Motors . 8000 14 14% 14 14%+ % 14 14%
86' 69 6 do pf . 10O 84% 84% 84% 84%? % 84% 85
100 79/, 7 do 7% deb . 200 98 88 08 98 ? % 97 09
18% 13%? Glldden Co . 100 14 14 14 14 -r? ' 13% 14
7% 6%? Goldwyn Picture? .. 400 6% 6% 6% 6%? % 6% 6%
4474 32% ? Goodrieh, B F . 600 333/4 34% 33% 34%+ % 33% 34%
91 8C% 7 do pf. 100 82 82 82 82 + % 80% S2
3S 26 ? Granby Min . 200 30% 30% 30 30 ? % 29% 30
?a% 11%? Gray & Dav ....... 100 12 12 12 12 + % 12 13%
88/! 70% 7 Great Nor pf . 4800 91% 92% 90% 92%+ 1% 82 92%
45% 31% 4 Great Nor Or sub... 500 39 39% 39 39%+ % 39 ZW*
14% 6% ? Guantanamo Sugar . 100 10% 10% 10% 10%+ % 10% 11%
943? 447/" _ dulf State Steel .. - 3400 88% 87% 85 86%+ 2% 86% 87
103 80% 7 Hartman Cor, . 100 83 83 83 83 + 1% 83 85
2334 15 ? Hondee . 500 26% 26% 25% 26 + % 26% 26%
75 55 3 Homostake . 200 71% 72 71% 72- 70% 74
85 70 ? Houston Oil . 1300 79% 8O34 79% 80%+ 2% 80 803/4
24 19% 2 Hudson Motors .... 1200 21 21 20% 21 + % 20% 21
23% 10% 1 Hupp Motors . 700 22% 22% 22% 22%+ % 22% 22%
5)4 3%- Hydraulic Steel .... 2100 6% 7% 6% ml M tt? ?
15% 97% 7 111 Central . B00 113% 114 113% 114 +1 12%
5% 105% 6 do pf . 400 113% 114% 113% 113%+ % 114 114%
53%- Indiehoma Ref . 600 4% 4% 4% 4%- SfM
45 S%* Inspiration Cop .... 800 39 39% 38% 39%+ % 39% 39%
5 1 _ Interber-Consol . 1100 1% 1% 1% 1%- ?"/- 1(/"
12% 3%? do Pf . 1300 3% 4 3% ""
S2? 28% ? Interbor Rap Tr w 1 200 28% 28% 28
1134 7%- Inter Agricul . 100 8% 9 8%
43'/. 33 ? do Pf . 100 37 37 37 _.
S0% 20% 2 Inter Combustion.... 8200 28% 28% 27% 28%+ % 28% 28%
115% 79% 3 Inter Harvester Co.. 300 107% 107% 107% 107%+ % 107% 109
21% 2 - Inter Merc Marine.. 1100 14 14% 14 14 - % 14 14%
B7?4 B3% 6 do Pf . 2800 69% B9% 68 B8%+ % 58% 69
?9% VU- W Nickel. BOO 16% 17 16% 16%+ % 16% Wk
84% 60 6 dopf . 100 82% 82% 82% 82%?- 81 82/,
S?% 43/,- Inter Paper ........ 1600 66 67% 65% 67%+ 1% 66% 67
20% 12% - InTine?To? . 1700 16% 16% 16% 16%-- % 16% 15%
50 C4 - In,? Product. . 2300 46% 46% 46 46 + % 45% 45%
3 % ? Island Oil . 600 % % % %?- % **
?Y. 10%- Jewell Tea . 100 19% 19% 19% 19% + U Ws f
N% S4% 4 Jene, Tea . 1200 48% 49% 48% 49 +1% 49 49%
30% 22 ? Kansas City Souther? 900 23% 2* 23% 24 + % 23% 24
7% 3% ? Kansas-Gulf Co. 700 4 4% 4 4%+ % ? f/s
48% S4/"_ Kayser, J, new...... 100 44 44% 43% 43/,+ % 43% 44
63% 34%? KeUySpringfleld. 1600 41% 41% 41 41%+ 1% 41 42
111 61 6 KeUey Wheel . 100 95 95 95 95 - 05% S3
39% 26/,? Kenneeott Copper.... 3000 34% 34?, 34 34%+ % 34% 34%
24% 7%? Keystone Tire. 100 8/, 8% 8% 8%+ % 7% 8
H ?(th. Low. Dir. Mit
1922. 1922. In $. fiai?. Open. Rieb. Low. Close. cage. Bid. A-*k
180 110 2 Krestte, S S. 200 170 176/? 176 176'/?+ VA 176 177
83 ?44 ? Lnrknwanna Steel... 2800 77% 7934 77/4 79%4- 2*% 79% 79%
8974, 10 ? Lake Krie & Western 100 35'/a SB"/? 35/, 35/,+ 54 35"/a 36
72 56% 314 Lehljfh Valley . 2500 66'/4 67?4 66/4 67/4 + 1% 67'/a 67%
65% 623a 3/a Lima Locomotive ... 2400 60 60/, 59 60 -j- 2'/8 69% 60'/*
23% 11 ? Loew'fl, Ine . 14800 22/8 23 22 22% + % 22% 22%
14!4 9 1 Loft Candy . 200 12% 12?4 12% 12%+ Va 12% 13%
677a 36 ? Loof-e-WlIea Bta ... 200 62 62 61% 61%? >A 61 62
1E0 1471/4 12 I-orlllnrd, P . 200 168% 169 168% 169 + 2 168 169
61% 25'/a ? Mack Truck ..,. 1400 67/j- 57/2 56/, 67 -4- 1/, 67 67/4
04% 68/2 2 do 1st pf. 200 90% 00/4 00 00+1 90 90/4
35% 32/, ? Mosma Copper . 500 33% 33/, 33/4 33'/a+ l/a 33% 33/a
40 15/a ? Mnllinaon . 1100 33 33% 33 33%+ 1% 33% 34/,
69% 44 4 Manhattan Eire _ 100 64!/a 6414 64!/, 64/? + 1/? 64% 57/,
55/, 44 ? Manhat O?ar ctfa .. ?00 61% 51% 51% 61%+ ?4 51% 53
43/, 32 2 Manhat 8htrt . 200 41% 41% 41% 41%+ 1% 40'/a 42
69 35 6 Mark St Ry prior pf 100 67 67 67 67 + ?/, 65'/a 68
46% 22% 4 Marlan4 Oil . 2300 40 40'/a 39% 39%+ '/a 89% 40
36/4 201/2 2 Martin Parry . 200 29% 30 29% 30 + 1/, 30 30%
SO/a 22 ? Math Alk W . 100 47 48 47 48+1 47 48/2
74% 46/4 ? Maxwell Motor? A.. 100 67/4 67/4 67% 67/4+ /4 66/a 67%
25% 11 ? do B . 100 18 18 18 18 - 17% 18/a
138/4 101 8 May Depart Store?.. 600 131 132% 130 132 + 2/4 132 134
21% 13/, 1 Mrlntyre M . 1300 17% 18 17% 18 + V? 17% 18
204/a 106% 12 Mex Petrol . 17800 178/a 180/a 177 179/4+ 3/4 179'/* 179%
34/a 18/a 6 Mex Seob- Oll . 2000 20/4 20% 20/4 20/4+ /, 20/4 20 /2
32/? 16 6 do ctfs ..-.. 800 17% 17% 17% 17%@ /, 17 17%
31% 26% 2 Miami C Copper_ 24C0 27% 28/0 27% 23 + % 28 28/2
16 11% 1.20 Mid States Oil ._ 3600 18/a 13/2 13/4 13/,+ 0? 13% 13/2
45/2 27/?? Midvnlo Stool .26300 33 35% 32% 34/a+ 2/2 S4'/2 34%
14/a 5 ? Minn & 8t Loula... 600 9 9/a 8% S/8+ % 9 9/a
75 66 4 M, S P & 8 ?3 M_ 200 69 70 69 70 + 1 ? 69 71
10% 7/a ? M, K & T new. 1700 18 18 18 18 + % 17% 18
48% 24/a ? do pf . 1000 44 44/a 44 44/a+ % 44/4 45
25'/4 16 ? Mo Pacific . 700 21% 22/4 20% 22/4+ 1/, 21/8 21%
63% 43/a ? do pf. 4000 67% 683/-, 67 68/2+ 2 58/2 58?4
25% 12 ? Mont Ward . 2603 21% 21% 21/a 21/g- 21% 21/2
16% 13 1 Moon Motora . 400 18/a 15/g 15/2 16/a+ % 15/8 15%
11% 10/4 2 Mntherlodo Mining . 200 11 11 10% 10%- 10*4 1C%
34 17 ? Mull Body . 100 19/8 19/? 19/? 19/8-? 19 21
21/4 10%? Nat Acme . 200 16 15 15 15 + /2 15 15/,
178 123/4 7 Nat Biscuit ....... 300 176 177/a 176 177/?+ 2 175 177/a
125 113/, 7 do pf . 100 124/2 124/2 124/2 124/2- 124/a 125
66% 26 ? Nat Cloak & Suit.. 100 69 69 69 69 + '/? B9 59%
4/s 1 ?? Nat Conduit & Cable 200 1% 1% 1% 1%?? 1% 1%
63% 303,4 ? Nat Knam & Stamp. 2300 62/4 62/a 61% 62%+ 1% 62/8 62/,
110/4 85 6 Nat Lead . 200 103 103'/8 103 103/8+ /? 103/4 104
7/4 3 ? Nat RR of Mex 2d pf 100 3% 3% 3% 3%+ 1/4 3% 4
19/a 13/4 ? Nevada Con Copper. 200 16/8 15/2 15/8 16/,+ /2 16/2 18
82% 54% 6 New OH, Tex & Mex 1800 78/2 80/2 78/2 79/8+ 2/? 78/2 80/;
41% 35 ? N Y Air Broke. 400 36 37/2 36 37/2+1/? 37 38
3% 1 ? do rights . 2000 1 1/4 1 1/4- ? ?
100% 72?4 5 NY Central . 5900 94-% 96/a 94% 96 + 1% 96 96??
46 28 2/2 N Y Dock. 100 34/8 34/8 34/a 34/a-? 34% 37
35/4 12% ? N Y, N II & Hart.. 3400 29/4 30/2 29/4 30/4+ 1 30 30-?i
30/2 1934 2 NY, Ont & Western 100 25/2 25'a 25'/2 25/,+ 1 25 26
25 13 ? N Y Shipbuilding... 100 15 15 15 15 - 15 17
? ? 7 N Y, Lack & Wost. 47 100 1C0 100 100 - 100 102
125/a 96/4 7 Norfolk & Western.. BOO 120 120 119%*119%? /8 119 120
99% 44/a 5 North American. 1300 94/8 94% 94 94/4+ % 04 94'/
47/4 38 3 do pf . 300 453/4 45% 45% 463/4- 45% 46
90% 73/2 3 Northern Pacific. 1500 .84 853/8 84 88/4+ V/z 86 85/
14/4 6 ? Ohio Body & Blower 200 7 7 6% 6%-? /? 7 7/
4% 21/4 ? Oklahoma Product?*. . 200 2/2 2/2 2/, 2/2- 2/2 2^
26% 12% ? Orpheum Circuit_ 3CO0 2?/a 26% 26/a 26/2+ % 26% 26/
101 116 8 Otts Elevator . 600 154/a 161 154/Z 161 +7 159 161
42% 24% 2 Owens Bottling-. 800 30% 41/8 39% 41/8+2 ?40% 41
14/a 3/a ? Pacific Development. 200 5 5 4% 4%? /4 4% 5
91/a 6234 3 Pacific Uoa fc Electric 1000 83'/? 34/a 33/2 84/8+ 1/2 84 84/
C9% 44% 3 Pacilk Oil . 4200 66/a 56% 55% 66/4+ % 56','4 G6JJ
86/a 48% 6 Pan-Amer Petrol ... 16300 77 77% 7B/j 77 + V/? 76% 77
82/2 44 6 do B . 4000 71/4 72/a 71 72/4+ 2 72 72'/
49/i 33/4 2 Pennsylvania RR .. 3600 47% 48/, 47% 48 + /2 48 48/i
13% 8/a ? Penn Seab Steel ... 800 6/2 6% 6/2 6*4+ % 6% 6?i
99 59% 3 People'? (?aa ?St Coke 200 95 BB/a S5 05/2+ V/? 96/, 96
40% 19 ? Pore Marquette . 1000 35% 26% 35% 36/e+ 1/8 36 36/
45% 31/2 3 Philadelphia Co _ 1100*4234 43/3 42% 43/,+ 1/4 43/2 44'
SO'/* 38/4 2 Phillip;* Petrol . 2G0Q 61/3 61/2 60/4 BI/4+ 2 61 61'/
24% 8 ? Picrco Arrow . 1500 13% 13% 13% 13%+ % 13% 13^
49 18% ? do pf . 300 33 33 32 32?1 32 33
12 5% ? Pierce Oil . 8300 6/2 6/2 5% 5%? /2 6% 5?
71 32 ? do pf . 600 40 ?40 38/3 38/2?? 1/,. 39 40
48/2 39% 4 Pl-utly Wi-rgly Stores 600 43 43/s 43 43/2+ VA 43 433
72% 57%? Pittsburgh Cool - 20CO 60/2 61/4 60/, 61 + % 61 61 '^
2434 14/4 1/2 Pond Creek Co?l ... 200 19/2 19', -, 19/3 19/2- 19/4 19-j:
111% 66/a 5 Postum Cereal . 600 109 110 109 110 +2 109 103/
111/? 105/3 a do pf . 500 110 110 110 110 ?1 109 111
95/4 03?- ? Pressed Steel Cor . . 200 87 8734 87 8734.-?? 8734 88'/
51 24/a ? Prod & Rcf . 4C00 45% 4534 45/8 48% + 2'/4 46/4 46**
49 36 7 do pf . 100 44 44 44 44 ? 8 44 48
98%. 66 6 Pub Scr Corp of N J 600 93% 94% 93% 94%+ 1% 94/a 94*/
108 104/a 8 do pf . 500 105 105 103 100 ? + V/? 10414 106/
13934 105/a 8 Pullman Co . 2900 130 122 130 131/2+ 2'/2 131 ?
53/4 30% -- Punta Alegro Snirar 400 40 46% 46 46%+ 1% 46/2 47
38% 26% 2 Pure Oil . 800 31% 31% 3l/8 31/,+ % 31/a 31'/
1023/4 94 8 do pf . 100 99% 9934 9934 89%+ ?/? 9934 100
126'/4 94 8 Ry Steel Spring - 100 118 118 118 118 + % 118 120
19 13/2 ? Ray Con Copper ... 1100 14% 14/a 14/4 14/,@ /4 14% 14?<
83 71/3 4 Reading . 2700 77/, 77/a 76/2 77%+ 1/2 77/? 77'/
57 43 2 do 1st pf . 800 52 62 62 62 - 62 54/!
50/2 45% 2 do 2d pf . 2O0 62 62 62 52 - 62 52/
41 25Vz ? Replofflo Steel . 1700 33 33 32% 32%+ % 3234 32?i
78% 46/4? Rep Iron & Steel... 17100 56 57 63% 66/4+ 1% 66/4 56/
14/a 2 ? Rep Truck . 600 234 2% 2% 2%? /a 2/a ?3/
58% 43 3 Rey Tobacco B _' 8700 54% 66/4 54% 56%+ 2 56 6C3.
67 47'/4 3.88 Royal Uutch . 2400 57 57% 663/4 5734+ 2 57/2 68
20/4 12% 1 St Jo Lead . 800 18/2 18% 18/2 18/,+ % 18/, 18*
32% 20% ? Bt L, San Fran. 2100 27/2 28% 27/2 28/4+ 1/4 28 28'/
56 36 ? do pf . 600 49% 50 4934 30 + /, 49 60
36 2O/2? St L & Southw_ 900 29 31/2 29 30%+ 1% 30/, 31/
523/4 32%? do pf . 1000 47/a 49 47 49 +2/, 52 54/
24% 10 ? Savage Arm? . 300 14/, 15 14/2 15?1 15 16
5/4 1/a ? Saxon Motors . 600 4/4 434 4/4 4%+ ?/? ' 4% 4/
94% 59% ? Sears, Roebuck _ 2200 8734 89 87% 89-1-2 88% 90
96/? 95% 6 Shell Un Oil pf. 100 05% 95% 95% 96%+ % 95 953/
383/4 18% 2 Sinclair Con Oil ... 10000 33% 33% 33% 33%+ % 333/4 337.
101 97% 8 do pf . 100 08 98 88 98 - 98'/a 99
11/a 6/s ? Skelly Oil . 5600 10/, 10/, 10/, 10/,+ /8 103& 10/
54/2 34/2? HI Sh S & 1. 200 BO 30 60 60 + 2/2 49 BO/
95% 78'. 3 6 Southern Pacific... 4000 93/z 93% 93/4 93%+ 1/, 933/4 9-V
28% 17','c ? Southern R R. 1600 24% 25/4 24% 25 + /2 24% 25
64% 4534? do pf . 1000 60% 6I/2 60% 6l/2-+-1/8 61/, 61}
24 17 ? Rpicer Mfg . 1400 20/4 203/i- 19% 20'/,+ % 20/2 21
141 113 8 Standard Milling.... 100 135 135 136 135 + 2% 134 139?
96 83/4 6 do pf. 100 94% 94% 94% 94%+ /? 947, 95
121/2 91% 4 Standard Oil of Calif 11400 120 120 H8/4 II9344- 2% 11934 120
200/2 169 6 Standard Oil of N J. 2300 197/, 197/, 196 197 + 1% 196 197/
118/4 113% 7 do pf . 600 117 1173% 116% 117%+ % 117 117',
5E/a 45'/a 3 Sterling Products- 200 54/2 54/2 64/, 54/,? /3 54 54'.
51% 24/8 3 Stewart Wurner. 11O0 51 5134 51 61%+ 2 61/4 51?
59% 35/4 4 * Stromberg Carb. 300 63% 53/4 62% 63/8+1/8 62% 63/
139/a 79/a 10 Studcbaker . 25100 127/2 127% 126/4 12734+ 2/4 127% 127?
8?4 3?-4? Submarine, Boat. 100 6/, 6/, 6/, 6/,? 'A 6/3 6?
IO/4 4?-4? Superior Oil . 1C0 5?4 5?4 '6% 5?4? V* *% *!?
? 2 ? Sweets Co ......_ 200 2/, 2% 2/, 2%+ /4 2% 2?
60/, 42 3 Texas Company. 4100 46?4 47|/4 46?4 47/a+ % ?47/? 47',
68/, 38/, 4 Texas-Gulf . 1700 66/4 56/, 55% 65%+ % 55% 56?
36 24 ? Texas & Pacific. 1O0 28/, 28/2 28'/, 28/2+ 1 28/, ?9?,
323/4 23 1 Tex-Pac Coal & Oil. 1300 24?B 26?4 24% 25/,+ 1 25/, 25?
30 28/2 3 Timken Roller B.... 2600 29/8 29/, 29/? 29/a+ 'A 29/a 29?
C7 52% ? Tobacco Products.... 16C0 61% 63/2 61% 63/8+ 2% 63% 63/
115 88 7 do pf . 10O 106/a 106/8 106/8 106/?+ /? 104/2 10?
89/2 767a 7 do A . 3600 84% 85 83% 84%+ 1/8 84/4 84?
20/a 7/2? Transcon Oil . 1300 13?8 1334 13/4 13?4+ % 13/3 13?
78 66 6 L'n Bag & Paper... 100 73 73 73 73 + 1/2 72 73
25 17/4? Union Oil . 400 18% 18/* 18/a I8/4+ ?4 18% 18?
164% 126 10 Union Paclilo . 2300 148/, 160 148/S 149%-+- 2/4 149/, 149?
80 n/4 4 do pf . 100 75/, 79*/? 7Wz 76/a? V* 74/, 75
83/a 60% ? United Dr-jg- . 100 80% 80?B 80% 80??? % 79 81
50 41!4 3/, do 1st pf. 100 49/, 49/, 49/, 49/,- 49 49/
155/a US?* 8 United Fruit . 300 149% 150 148% 150 +2 148'/'2 153
87/a 43/, ? United Ret Store?./ 7300 81 82?4 8O/4 82%+ 3?B 81% 82/
39 ?jej4 ? U S C I Pipo & F.. 300 33 33/4 33 33/4+ 1% 33/4 33/
73 50 5 do pf . 200 72 72/4 72 72/4+ 2/4 71 73
10% 234? US Expresse..- 100 7% 7% 7% 7?*? Vz 7/4 8
10'/? 2% ? US Food Prod. 300 6% 6% 6% 6%+ ?4 6% 6?
67% 37' ? US Ind Alcohol... 2600 62/8 62% 61/4 62/,+ 1% 62 62/
831/. 5534? U S R & Imp. 3700 82 83/* 81 % 81%+ Vz 81% 82
67/2 49/,? U S Rubber. 2200 62% 62?B 61% 52%+ Vz 82/? 52*
107 81 8 do 1st pf . 400 08 98 . 98 98 + % 97/, 98
106% 82 5 V 8 Steel . 26100 102/2 102% 101/, IC2/4+ 1% 102/4 102/
123 114/4 7 do pf . E00 122 122'/, 122 1????+ V? 122 122/
7114 60% 2 Utah Copper.. 16C0 66/, 68?4 65% 6C78+ 1% 79 81
23/3 *9%- Utah Sec Corp . 300 21/, 21/, 21 /4 21%+ /a ?1% 22
53% 30/4 - Vanadium Corp .... 8600 44/4 46% 44/4 46 + 2 AV/? 46
^/4 6%~ Vivaudou . 400 12/, 12/a 12/, 12/a? 12% 13
14% 6 - Wabasn . 1000 11% 12/8 11% 12+V \*% ?
36'/. 19/a - do pf A . 1400 31 31% 31 31%+ 1/? 31% 31?
17 1034 1 Weber & Heilbroner. 100 12% 12% 12% 12%+ % 12% 13
86 ee/4 5 WelU-Fargo Expr^. 1800 82/4 85 82/4 84?4+ 3% 84 84?
W/. 8/4- Western Marylmd .. 600 14?/? 14?/, 14/, 14/,-f- '/a 14/? 14/
26 13 ? do 2d pf . 900 22 23 21/, 23 + 2 ,22/, ?3
112 107 7 West El ?f. 90O 108?4 109 108% 109 + % 108% 109
?S% ?3%- W^tern ??4flc .... 400 17 17/? 17. 17/?+ ?4 17 IT
M-% SIM 6 do pf . 100 62/? 62/? 62/? 62/?+ /? 62 ?2/
?S? ll% 7 W..t Union Tel .... 200 112 112 112 1?v^r M W ?
104 80 A Westing Air Brake.. 100 100 100 100 100 - 89 101
UM. 52/a 4 WS??A??S *? ?O?? 61% 62% 61/a 62 +1 61% 62
HI V - Wheeling * L E ... 100 12 12 ? ? - Wf ?
?d 12'A? do pf. 100 22 22 22 22 -? 22/, 23/
32% 26 2 White Ewrlo Oit ... 300 30 30 30 30 + ?/, 30 31/
54 36/- 4 White Motora . 900 B0 50 60 60+1/, 50 60
11% V/z- Whit? Oil . 1000 7% 7% TV? 7%- Vf Wz 7
21% 12 - Wiclorire-Speneer 8tl 500 12% 13 12% 13 + Vz ? 13
to 4Vz- Willy^Orerianil .... 2200 6% 7/? 6% 7/?+ % 7/, V
49' 4 24 - depf . 600 42 43% 42 43/,+ 2% 42 43!
??4137 ? Woolworth . 100 188% 188% 188% 1*8%- /* 186 189
55% 40% ? Worth Pump & Mach .200 40% 40/, 40% 40/a+ Vf 40/? 41]
11 6 1 Wri-tkt Aew. 800 10% 10-tf 10% 10%+ V* Wa 10!
?Ex dividen*
In Wall Street
Republic Steel Financing Denied
Denial was mad? yesterday by Re?
public Iron and Steel interests that
the company may be forced to enter
the open market for funda. This rumor
has been ijoing the rounds of the finan?
cial district for several days and is
believed to have bean partly respon?
sible for the weakness of the common
stock. Perhaps a more important rea?
son, however, was the abandonment of '
tho three-company merger, which came
at a time when tho general market was
extremely sensitive to selling pressure/
After Belling down to 5376 Republic
rallied to 67. In this respect it par- :
ticipatod in tho recovery in price? that i
prevailed throughout tho session.
The Unfilled Tonnage Outlook
Wall Street's mental reaction to the
coaling statement of unfilled orders by
the Steel Corporation will bo interest?
ing to observe. Tho open season for
predictions is at hand and every one
seems to agree that the corporation
will report an increase, but just how
large is an open question. All things
considered, a substantial increase at
this time need not be accepted as a
bullish argument, for the business of
a steel company is to manjfacture
steel, not to pilo up unfilled orders.
In the present instance there is good!
reason for an increase in bookings and
the absence of any increase in the rate j
of production. Between the date when !
higher prices for steel rails were an?
nounced and October 1, the date when
tho higher scale went into effect, sev?
eral of the larger carriers and some
of the smaller ones entered orders for
8 substantial aggregato tonnage for
1923 delivery. Thus a part of any in?
crease in orders calls for no greater
activity in production. There Is still
another factor. Rails ordered in the
period mentioned will be delivered at ;
the old price, and there is no telling!
how greatly the cost of production will \
have increased at the time of delivery.
Investment Rails and Others
Many market observers have held
;hat, regardless of the course of in?
dustrial stocks, the more substantial
rails should be entitled to better
prices. It has been maintained that
no matter how viciously the Turk
should claw at the throats of every
one within reach American business
has a habit of moving along at a mini
I mum of 75 per cent of normal even
? in sub-normal timc3. The railroads
have a habit of carrying the resultant
freight. Some of tho aforeraentioaed !
observers thought they detected the
I beginning of the much heralded move?
ment yesterday. Gains running up to I
two points were registered, first in tho
investment rails and then in the stock-:
which have only remote prospects of
being included in the "ex dividend"
i list. The coalers were strong. St.
I Paul preferred was a feature. Thero
was more talk of the <] per cent rate
being restored by the Penni ) "-n?a and
a now discussion of an ex! ? - --n<--nt
'being made on New York < ? trai t*>
: facilitate tho exchange o? Big Foiu
! preferred for Central common on a
share-for-sharo basis. The buying of
1 rails was also apparently encouraged
, by the official report that en Septem?
ber 15 there were fewer bad order
cars in the repair yards than at any
' time since the beginning o? the shop
' men's strike or at any time hist year.
Lehi;:h Valley was helped by a state
i nient to the effect that u:u!irae:to lond
, ings last Saturday were only 7,000 tons
; below the record made in 1919 and
j I3.CC0 tons more than en the preceding
Saturday.
Public Service of New Jersey
Stockholders of the Public Service
Corporation Company of New Jersey
! have received with" the October divi?
dend checks an informative folder,
; which, after pointing out that net
i earnings ?i ? ail .' ' dividende for
j the twelve montli mded August 31,
| showed an increa .- ?-. 82,288,408 over
i the corresponding period last year,
' : cates that 120,000 kilowatts of addi.
'. tional generating capacity are being
I provided to* meet tho e:;pectod increase
i in demand '{jt electric current. Among
! other extensions and improvements are
additions to the generating sub station
and distribution Bystems. It is an
| nour.ced that the Public Service Pro
i duction Company now has outside con
tracts for approximately $1,200,000, in
; eluding concrete road construction in
: New Jersey, North Carolina and South
: Carolina and a sewer system in Jersey
I City.
Resnmes Lead and Zinc Shipments
In view of the improved conditions in
] the lend and zinc markets resumption
of shipments by tho Callaban Zinc
Lead Company has been ordered, ac
| c.rding to a letter issued to stock?
holders by John Borg, president. "A
factor of considerable importance in
future operations of your company,"
said Mr. Borg, "is the recent reduc?
tion in freight rates from Far West?
ern points. Freight costs on our zinc
output have been reduced from $18.50
to $13.50 a ton, with a corresponding
reduction from !??13 to $10 on lead. On
I a basis of average monthly shipments
of 2,400 tons lead concentrates, the
yearly saving will approximate $187,
000, which is equivalent to 38 cents a
share on our outstanding capitaliza?
tion."
Bankers Drift Down Town
Judging from the number of A, B.
A. badges that were seen in Wall Street
j yesterday one was led to suppose that
! most of the visiting banker?, had come
' down town. Of course, tho chief at
i traction was the luncheon served in the
j new Stock Exchange lunchroom club.
j The bankers visited all points cf in
! terest In the new annex, including tho
! bond trading floor, which was officially
! In operation for the first time. The
I big annunciator board on tho Wall
! Street side of the exchange spelled out
! the words "Welcome, A. B. A."
What's Behind
Active Stocks?
1 1 3?Lake Erie & Western*
Prior to last April the. Lake Erie
& Western Railroad was controlled
by the New York Central, but in
that month control passed to in?
terests also in control of the New
York, Chicago & St. Louis and the
Toledo, St. Louis & Western. Tho
Lake Erie & Western operates 738
miles of road in Ohio, Indiana and
Illinois. Normally 34 to 39 per cent
of the traffic consists of mine prod?
ucts, the rest being well diversified.
Road and equipment are carried at
$40,716,000. The $11,840,000 com?
mon stock is preceded by an equal
amount of 0 per cent non-cumula- .
tive preferred, which has not re?
ceived a dividend since 1908. Prior
to that year payments on the pre?
ferred were irregular, never total?
ing 6 per cent in any year. Thero is
a funded debt of $12,784,000. No divi?
dends have ever been paid on the
common. During the ten-year period
1912-'21 the road has failed to earn
enough for interest charges in six.
different years, including 1921. ?Gov?
ernment compensation and guar?
anty, however, tided over the in?
come shortage in 1918, 1919 and
1920. Accounts for the current year
are included with those of tho New
York, Chicago & St. Louis. Net
operating income of the two road?
for the first eight months of 1922
totaled $4,769,000, compared with
$3,198,000 in the same period of
1921. Range of common stock since
1910: High, 89% in Juno, 1822; low,
5 in 1916; yesterday's close, 85%;
low of 1922 was 10, in February.
Our Weekly
Suggestions
i
At-pror.
Price Ttel?
Fed. Land
Bank 4*/2?,
1932-42 ... lOlVi 4.30%
Che*.& Ohio
RR. Con*.
5s, 1946 .. 96% 528%
Cons. Gat of
Baltimore
1st & Ref.
S*/,?, 1952. 100y2 5.40%
Humble Oil
& Ref. Deb.
5V2?, 1932. f?yt 5.f?%
On request toe aAe/i1 6e
?r/?d to maity regularly,
our investment pamphlet
? "Weekly Suggestion*. "
HiU, Farweli& Park
160 Broadway
Tal. CertbaJ J9SO
?KnauthNachod ?Kuhni
Convention Headquarter?
Room 2100
THE COMMODORE
Banking* Office a
Equitable BIdg., 120 Broadway
Security SiBotation Service
Banks - BroJcro - Dealers
WE PUBLISH WEEKLY
Six Comprehensive
Quotation Sheets
Condensed description? of over 600
rep resent at rve Unlisted kauei ds\i?i
ficd as follows:
Re?rcwd Bonde
Public Utifitr Bernd*
Pab-Uc Utility Stocks
CtsuMttan Vtu-.sc*?*.. Boaule
Forrifft? Ossaanssss?t Bond?
Im?-u?iia! Stock? ?tul Boswie
Msjlci mmitst) ta Bnai.1 ?m la?I
matt DsjsMsSS an rio-mt. smrtrW ?t-fefc
our "Vieilli S?((?stio<u" Lists.
PYNCHON & CO.
Mijn?tr. Ne? Yerli Se?c* Sachants
HI Brwdwiy New York
Teltpmme Redet 970
Chicago uiLwainua
L-DHDO?1 UVrarOOL PAsUS
<
Privat?- w4rt-e to atisiri-aal cat-lee
of UnM*d
Investigate
_o_
First
Before purchasing stockt ot
bonds (torn persons set
known to you.consult t rapa?
table bink or Investment
house at to t he In trinase valu?
of the securities.
We have complete ficllitle?
for furnishing information of
this kind and Investors are
invited to correspond with
Merrill,
Lynch
& Co.
Investments
Commercial Piper
IZO Broadway
Uptown Office
11 East 43rd St.
We-.? York
Memitrt New Fir* Stuk Exchanr*
Standard OH
of New York
Bought, Sold & Quoted
&
C.C.Kerr&Co.
1 2 Rector St., N.Y. Pko.w ?7? I
1 ?' ' '?"???
J.K.Rice,Jr,&Co.Buy*SeII
Victor Talking
Machine Stock
J.K.Rice, Jr.& Co.
Phone? 4000 to 4010 John. M Wall St. *?*. V.