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White, Weld & Co. ? 14 Wall Street New York 111 Devonshire Street Boston 137 Sooth La Sills Street Ckiagm Reiafeart&Bennet Members N. Y. Stock Exchange ?2 Broadway New York ?Telephon- till Bno4 Public Utility Investments First Mortgage Bonds Yielding 5%% Preferred Stocks Yielding 7%% Send for Descriptions The Turkish Situation and Bond Prices A discussion showing the possible effect on the bond market by developments in the Near East. Copies to investors on re? quest. (Circular TR-5) jrfCpONHELL&ffi>. 120 BROADWAY NEW YORK ifembsrr? .Veto York Stock Bxehanoa BAN FRANCISCO LOS ANGELES J.K.Rice,Jr.&Co.Buy&Sell American Cyanamid E. W. Bliss McCall Corporation Niles-Bement-Pond Fidelity Ph?nix Ins. Sik. * Ris. Gt. American Insurance Roch. G. & El. 5% & 7% Pfd. Royal Baking Powder Old Dominion S. S. Scovill Manufacturing J.K.Rice, Jr.& Co. Phons? 400? to 4010 John. S? Wall St.. N. Y. ? Robinson & Co Investment Securities 26 E-echar*. PUc New York Memhen New Y?rk Stack Exchanga BONDS Investment Suggestions on request DOMINICK & DOMINICK ifamhara Fete York Stock Es?ha%ga. 115 Brcadwsy Telephone Rector 1391. HoRNBLOWER & WEEKS Eatabiitbe. 188S tnmttment Securities m?roM New von? Cmcaso f*?oviDl*?et resTuiND. MS. BrrsoiT ioosewlf & $m FOUNDED 1?97 Seasoned Investments 30 Pine St. New York HAYES WHEEL Largest noanafactnrer of anto ?soobils wheels in iha world Daacriptam Ctnxiar an raamt* McCLURE, JONES & REED lmtm??n ?trm Ttri t$tt? _>a-*_?av m mmmtarm rhama mi tXaatm Stock Prices Irregular m Active Market General Trend, However, I? Upward; Heavy Specu? lation in Standard Oil Issues Again a Feature Interest in the financial markets yesterday was confined mainly to the movement of security quotations, al? though strength in the foreign ex? changes continued on a scale which carried sterling up to the highest level on the recovery for the week. Cable rates on London closed at 42 1-4, a net 1 gain of half a cent, hut at one time during the day were quoted as high las 42,7-8. The volume of trading on the Stock | Exchange was the highest thus far ; this week, reaching a total -of 1,290,000 ! shares, or 120,000 shares in excess of ! Wednesday's turnover. Although the average of fifty selected stocks in? dicated a continuation of the advanca there was enough irregularity in tho final sales to suggest that the rise since Monday had? induced substantial profit taking and short selling on the part -of the more venturesome. More uniform strength was shown in the bond list, where dealings were spread out over a large variety of issues, although the net gains were not as spectacular as in stocks. United Kingdom 4 l-2s were among the strong features, while the French 7 l-2s sold up 2 points above the extreme low of last week, when the" foreign news ex? erted an unfavorable influence on all foreign Government issues. The movement of prices on the Stock Exchange was again featured by heavy speculation in the Standard Oil issues. Whereas the advance in Standard Oil of California seemed to have run its course, following announcement of the proposed declaration of a 100 per cent stock dividend, Standard of New Jersey rose to the new high record of 222 and closed the ray with a net gain of 15 3-4 points. The Street is confident in the belief that this company, along with other members of tho Standard Oil group, is planning a special dis? tribution to shareholders, although no Intimation has been given as to tho form it will take. A jump of 12 1-2 points tn Pierce Oil preferred caused discomfiture to a bulky short Interest and was be? lieved to be connected with the an? nouncement that two Important banking interests have issued a call for proxies for the purpose of electing directors. Cotton moved up 87 to 45 points on reports of small spot offerings, higher Liverpool cables and bullish advices from the South. Prices also displayed firmness in the grain market, higher Liverpool cables being a factor. The close was 1-4 to 1 1-8 cents higher. Money and Credit Call money renewed yesterday at 4 per cent, but advanced later in the day to 4% per cent. Time money was fair? ly active, with three to six months' loans being arranged for on a basis of 4% per cent, Yester- Year Call rates: day. ago. On industrial collateral. ,4 4H On mixed collateral.4 AV3 Sixty days .4%(|>4-y? b\. Ninety days .4?4@4?^ 0u Four months .4Hj@4*? 6% Four to six months. .41,4@4% D% Bank Clearings?Bank clearings at New York yesterday were: Exchanges, $763,000,000 balances, $73,000,000. Sliver?-London, 35 l-4d; New York, domestic bar, 99 l-4c; foreign, 69 3-8c5 Mexican dollars, E3c. The Dollar in Foreign Exchange Strength in foreign exchanges con? tinued yesterday as a result of in? creased demand in this market and ab? sence of offerings abroad. Cable rates on London worked up half a cent to $4.42^4, but at one time during the day the rates were quoted at $4.42%. Marks lost a fraction, but lire worked higher. EUROPE Tester- Previous Year day, day, aro. GREAT BRITAIN (par $-4.86 a sovereign) Demand . 4.42 4.41% 3.77% tables . 4.42% 4.43.a" 8.77% 60-d bills (buy'g) 4.39% 4.39% 3.73% 90-cl bills (buy'g) 4.39 4.88% 8.72% f RANCE (par 19.3 cents & franc) Demand . 7.62 7.61% 7.1.2% Cables . 7.62% 7.62 7.23 BELGIUM (par 19.3 cent? a franc) Demand .,. 7.15 7.1B% 7.07% Cables . 7.16% 7.16 7.08 SWITZERLAND (par 19.3 cents a franc) Demand .38.70 18.70 17.72 Cables .18.71 18.71 17.74 ITALY (par 19.3 cents a lira) Demand . 4.31 4.26% 3.99 Cables . 4.31% 4.20% 8.99% HOLLAND (par 40.2 cents a florin) Demand .38.74 38.78 3?.8S Cables .88.79 38.83 S2.36 GERMANT (par 23.8 cents a mark) Demand .04% .04% .82% Cablea .04% .04% .82% AUSTRIA (par 20.3 cents a crown) Demand.0014 .0014 .06% Cablea .0014 .0014 .06% NORWAY (par 26.? cents a crown) Demand .17.66 17.74 12.03 Cables .17.67 17.76 12.07 SWEDEN (par 26.8 cents a crown) Demand .26.66 26.62 22.70 Cables .26.5? 26.64 22.75 DENMARK (par 26.8 cents a crown) Demand .20.60 20.68 18.68 Cables .20.52 20.60 18.73 BPAIN (par 19.3 cent? a peseta) Demand .1620 16.1? 13.14 Cablea .15.21 15.19 13.15 PORTUGAL (par 108.05 cents an escudo) ?Demand .4.15 4.15 9.87% ?Cables . 4.15 4.15 10.00 GREECE (par 19.3 cents a drachma) ?Demand .2.95 2.95 4.45 ?Cables . 2.95 2.95 4.50 POLAND (par 23.8 cents a mark) Demand .011 .011 .02 Cable!? .011 .011 .02 CZECHOSLOVAKIA tpar 20.3 cents a crown) Demand . 840 8.SO 1.10 Cables . 3.40 3.30 1.12 JUGO-8LAVIA (par 20.3 cents a crown) Demand .87 .34% .43% Cables ._ .87 .34% .44 RUMANIA (par 19.3 cents a leu) Demand .61% .61% .91 Cables.61% .61% .92 FINLAND (par 19.3 cents a mark) Demand . 2 26 2 25 1.65 Cables . 2.26 2.25 3.68 FAK EAST CHINA (Shanghai par unsettled) Demand .77.00 71.00 77.00 Cable? ....77.60 7150 77.60 CHINA (Hongkong par unsettled) Demand .57.30 57.26 57.00 Cable? .57.50 67.40 57.25 JAPAN (par 49.8 cent? a yen) Demand .4S.20 48.20 47.37% Cables.48.25 48.25 47.60 INDIA (par 48.65 cent? a rupee) Demand ...28.95 20.80 27.60 Cables .29 00 28-86 87.75 8TRAIT8 SETTLEMENTS (par 56.? cents a dollar) Demand .?1.7? 51.60 48.50 Cable? .62 00 6I?-6 44.00 THE AMERICA? ARGENTINA (par 42.44 cents a paper peso) Demand .36.80 35.65 32.75 Cables.86.85 85.60 S2.S7% BRAZIL (par 32.45 cent? a paper mitr?is) Demand .It-M ? 11.66 13.00 Cable? .11.70 11.70 13.12% PERU (par $4.86 a pound) Check? . 395 3.96 3.48 ECUADOR (par 48.60 cent? a. sucre) Check? .22.22K 22.22 SMI ?O?*!?!'??* et? e*M twrnty) Transactions Yesterday in Listed Stocks Summary of Stock Exchange Dealings (Copyright, 1923, New York Tribune Inc.) STOCKS Day Year January 1 to date Yesterday before ago ' 1922 1921 1920 Railroad ?tocks. 89,700 73,400 73,800 43,729,500 28.699.G00 40,165,000 Other stocks. 1,199,900 1,087.400 426,100 150,379,000 80.278.900 125,469,200 All stocks . 1,289,600 1,170,800 499,500 194,109,100 106,878,500 165,634,200 BONDS ? January 1 to date Yesterday Day before? Year ?urn 1922 1921 O, S. gOTernment bon?!?. $2,799,000 $2,182,000 $6,784,000 $1,324,697,000 $1,396,859,000 Other bonds. 3,284,000 4,781,000 5,191,000 914.704.CO0 387,621,000 Railroad bond? . 6,270,000 B. 139,000 8,634,000 1,041,725,000 646,7<l3,00O All bond? . 11,353,000 12,102,000 20.609,000 3,281,126,000 2.331,223,000 Record of Stock and Bond Averages (Copyright. 1922. Nrw York Tribune Inc.) Yester? day 20 Railroad stock.? . 81.40 30 Industrial stocka . C0.17 50 Stocks . 91.50 10 Railroad bond? . 87.83 10 Industrial bonds_.... 93.51 5 Utility bond? . 91.18 25 Bonds . 90.77 STOCKS Day bfforc 81.25 97.30 90.92 Year ngo 81.70 66,77 65.94 BONDS 87.70 75.43 93.46 83,34 91.18 76.32 90.70 78.82 From Jan. 1 io dale Tl-srh 83.15 98.97 92?58 88.70 95.26 92.35 91.72 Low 63.65 73.87 69.30 80.86 86.56 80.65 83.03 Range full year 1921 nisth Low 67.35 B7.40 79.13 60.30 73.38 61.02 High. Low. DIt 1922. 1922. ln$. 48 ? io% ? 31% 3 45% 4 ,9% - Va t?L _? 65i/8 4 37% 29% 61 82Tb 23 60% 64% 18% 2 91% 59% 42% 86 4o 88'/'a 6??? 110% 193 125 30% VA 145 17% 743/i 122 WA 60% 13'/i 403/4 60% 128% 102 1211/? 112 62% 44 113% 107 6 31% 61 32% 93% 141 US'/a 191/4 4% 126 12 68 78 72 33 9/4 29% 52 Sates. Open. High Adam? Exp . 400 Adv Rutnely. 100 do pf . 300 Air Reduction . 3100 Ajax Rubber . 2100 Alaska Gold M. 300 Alaska Jun . 300 Al Chem & D., 2700 Allis-Chalnter* . 1300 Amer Agr? Chem .,. 400 Amer B 8ug pr. 100 Amer Bosch Mag ... 900 Amer Brk S F. 1900 Amer Can . 17600 128 8% 25'/8 67'/2 46% 1061/a 85% 112 70 82 3% m 43% 30% 91 64/, 84 64 do pf._ 2CO 109! a 1093/4 109'/a IO9344 200 27 200 6'/a 200 143 100 14% 700 72 % Amer Car & F'dy do pf . Amer Cotton OU Amer Drug Synd Amer Express .. Amer Hide & L do pf . Amer Ice . 900 113! g do pf . 500 90% Amer Int Corp . 6400 37% Amer-La France ... 100 12% Amer Linseed . 900 38% do pf. 300 58% Amer Loco . 7100 127 do pf . 200 119 Amer Metal . 800 48% do pf . 100 IO91 a Amer Radi?t . 2700 127% 128 25 Amer Safety Razor. 1200 7 7 700 187% 188% 187% 188 150 122 122 122 122 27 6?/a 143 14% 72% 113/a 91 38% 12% 38% 58 i/a 47?4-f '/4 47% 1091/2 109% 109i/a? 14 110 126 126I-4? VA 127 7 7 - 6% 128/4 ??4Ki 169% 129'/8 107% 96% 1653/4 126 28'/a 65% 93% 105 110% 37!/8 21 57 57 62 63% 86 135% 108!/2 06'/a 5% 124% 5!/2 43% S1'/4 1250 22% 40% 140% 601/4 293 67% 66/4 39 1% 45% -32% 10% 39 ?9 ?4% 122% 64% 139% 51% 100 8/4 35% 34 15'/a 86!/a 71% 11% 3 7 7 6 9 12 6 12 6 ? 17% ? 67 7 78'/4 7 102'/a 7 22% ? 12% ? 36 ?? 47 ? 29 ? 43 4 75 6 99 6 81% 6 85 5 % 83 7 2 ? 1% 23'/3 ? 16% 900 20 13% 9}A 92% 33 % 264 40 ? 1934 ? 19!4 ? Vz 30 69% 6 4% ? 19% ? 6% ? 6% ? 8 Amer Ship Com._10200 Amer Smelt. 3100 Amer Stool F'dy ... do pf ., Amer Sugar. do pf . Amer Tel & Cabio.. Amer Tel & Tel. Amer Tobacco ..... do pf 48 111 128 7 21% 63% 45 106 81 HOI/4 64% 221/4 231/4 22'/s 23'/4+ VA 2VA 623,4 63% 623/4 63 + 1/4 63 3300 44% 45/4 4434 44%? |/4 4434 200 104/8* IO434 104% 104%+ U 104 fOO 81'/a 8114 81 81%+ f/4 80% 100 109% 109/a 109% 109%? i/4 109 100 6334 63% 63% 63%? 1 62 S000 124% 123% 124% 124%+ % 124% 124% 400 164% 164% 183 163 ? 1 163 163% 100 106% IO6?/4 106/4 108% + /4 105/* 106/a do B . 2100 160% 161% 169% 16934? %, 158 160 Amer Water Wks... 4100 25 28/2 25 27%+ 2% 27% 28 . do pf_. ?4400 62 66% 51/? 65+3 64 6434 do 7% pf . 400 0134 9134 9134 91%+ /4 91/2 92 Amer Wool . 9100 10Q 101% 100 100%+ 1/8 100% 101 do pf . 200 100% 109% 109% 109%? Amer Writ Paper... 200 Amer Zinc & Lead.. 900 do pf . 100 Anaconda . 3100 Ann Arbor pf . 100 Aaso Dry Good? .... 4700 do 1st pf . 200 AS8OC Oil . 1200 124% 126/4 124 AtchUon . 2000 105% 106 do pf . 1400 93/4 93/a AU, Birm & Atl.... Atlantic Coast Line. Atlantic Fruit . do ctfs . Atl, Gulf ?St West Ind do pf . Atlantic Refining.... Atlas Tack . 100 2% 2% 1200 121% 122 200 1% 2 100 1% 1% 1700 31% 32 200 22 22/4 69 1230 1250 900 105% 92% 2% 120% 1% 1% 30% 22 1260 34% 20 55 53% 46% 62% 87 ?24 ? 1/a 123 126 108 + % 105% 106 93 - 92/4 93/4 2%- 2/4 120%? 1/4 120 1%? /a 2 /a 1% 1% 30 1%+ 3034? 22 % + 1% 21/ 1246 +21 1235 7 7 12 20 20% 19% 20 + Austin NichoU. 1200 37% 37/2 363/4 363,4? Baldwin Locomotive. 1590O 137'/4 138% 136% 138% + 5600 56 0 290 61 Baltimore & Ohio. . Bank of Commerce. Barn et Leather . 1600 Barnsdall Corp A_ 14300 do B . Batopilas Mining.... 48 Beech-Nut Packing. Bethlehem Steel B. .. Booth Fisheries. British Emp Stl 2d pf Brooklyn Rapid Trans do ctfs . Brooklyn Union Gas. Brown Shoe . Burns Bros A. do B . Bosh Torrn Bldg pf.. Butte Copper & Zino Butt? ft Sup Copper. Butterick . 19% 36% 138 56 290 61 37?% 26 70 42 ? 116 8 28?4 2 87% 7 6/4 ? 2034 ? 18 ? 10 ?? ?Caddo Oil . 1200 68 8 43% ? 5'/4 151% 119% 10 44% 8234 41% 53% 79/4 79 293/? ? 63% ? 3234 ? 84 4734 54 105% 104% 1234 1% 4 6 4 6% Calif Packing . Calif Petrol . Cal Lead & Zinc_ Canadian Pacific .., Central Leather do pf. Cerro de Pasco. Certainteed . Chandler Motors .... Chesapeake ft Ohio.. 20% 4334 64% 10% 24% 363/a 65 95% 125 89% 50 93% 105 27 33% 80% 79% 37 114% 53/a 64 534 21 793/4 4234 8134 47 50 14534 15% 92 9334 121 120% 53/4 102% 1% 98% 100 1934 41% 28 98 65% 24% 1 3% ? 12/4 ? 31% ? 4% ? 11% ? 16% 29 ? 59 6 100 7 59 4 3034 ? 70% 6 83% 7 15% -~ 2534 ? 64 4 41 4 24 ? 6434 6 38 3 53 4 1% ? 1000 200 1100 100 6900 900 4 65% 18% 47 44% ? 49 4 83 8 9 ? 45% ? 66 6 91% 4 111 7 31% 4 93% 7 62?4 ? 80 7 8% ? 15% ? 14% ? 78/a 7 43 ? 15% ? 9 6 8 2 8 do pf . 1600 105/s Chic ft Alton. 1200 do pf . 000 Chic & East Illinois. 2100 do pf . 900 Chic Gt Western. 400 do pf . 400 Chic, Mil & St P_ 2000 do pf . 2400 Chic & Northwestn.. 1200 do pf . 200 122% 122% 122% 122/2+ 1% 1 Chic Pneu Tool. 100 83 83 83 Chic, Rock Isl ft Pac 4800 45 45% 4434 do 6% pf. 1100 92% 83 92/2 do 7% Pf. 1600 100% 100% 100 Chile Copper . 1'4200 Chino Copper. 1500 C, ?, C & St L. 100 Coca-Cola . 27100 Colorado Fuel & Iron Columbia Gas ft Elec Colorado ft Southern do 1st pf. Columbia Grapho ... do pf. Comp Tab Record. .. Consol Cigar . do pf . Com m Solv B. do A . Consol Gas . 3900 1393/4 139% 138% ^39 ? % Consol Textile . 8700 10 11% 10 11+1 Continental Can _ 4600 8934 90% 88% 90 ? % Continental Ins ._ 100 90% 90% 90% 90%? % ?Corn Products .)_ 3900 120% 120% 118% 11934? 1% 119 do pf . 100 120% 120% 120% 120/8+ 1% 120 2% 122 2% 1% 31 22 1265 20% 37 138% 56/4 292 65 38/4 2634 % 45/4 76% 9 33% 24 % 20% 117 62% 135% 48% 102 7% 34% 21% 11% 85% 65% 9% 148 41% 80% 40 48 6334 74% IO5/4 1053a 3/4 6 41% 62% 7 15 33 50% 93 123 83 45 93 101 26% 29% 80 79% 34 111 51 63 3/4 13 7334 41 82 46% Cosden & Co. 650O 49% do pf . 200 100 do rights . 4900 Crucible Steel . 4800 do pf . 100 Cuba Cane Sugar..,. 1000 do pf . 2100 Cuban-Amer Sugar.. 1700 do pf . 300 Davison Chem. 1600 1% 85% 493; 100 134 1% 106% 143 110% 113% 100% 39% 18% 156% ?115 88% 67% 89% 18% 28% 20% 2034 107 107% 6234 127% 103% 19% ?6% 71 103 73% 111 83 18E 15% 86 86 100 . 8/4 44% ?91 35 197? ?6% 45% 14% 94% 70 40% 76% 7 11% 7% 14 75% 91% 37 75 76% 11% 12% 45% 96% 65% 90 65 136 8% 69 67% 6 79% 7 6% ? 32% ? 80% 7 25 ? 11% ? 70/4 7 31% 4 6% ? 44% ? De Be-ers Co-.... Delaware & Hudson. Del, Lack ft West... Detroit Edison. Dome Mines . Du Pont de Nemours Eastman Kodak. El?c Storage Battery. Endlcott-Johnson. Erie. do 1st pf. do 2d pf. Fairbanks. Famous Player?-Laaky 14% 37% 24% 97 49% 22% '/a 103 2834 ? ? 80% 15 96 1434 38 24% 97% 4934 23 200 136% 136% 136% 136%? 4600 140% 141% 139 140 + 400 114% 114% 113/a 113% + 4100 38 38% 3734 38%+ 200 151 154% 151 154% + 86% 56% 85% ie 2534 19% 18% 99% 5200 3500 800 1700 2100 1200 700 2300 85% 66 85% 16% 25% 19 18% 99% do pf . 300 103% 104% 103! Fed Min & Smelt pf. 200 61 Fisher Body ...._ 700 125 Fisher Body Ohio pf. 100 94% Fisk Rubber Tire.... 700 13/: Freeport-Texaa. 8400 23?/8 Gen Amer Tank. 600 67% do pf . 100 102% 102% 102% 102/ Gen Asphalt ....... 7200 64 do pf . 100 96% Gen Cigar . 300 79% Gen Electric. ?400 180 Gen Motors. ?1000 do pf. 100 do 6% deb. 20O do 7% deb. 100 Goldwyn Picture?- 15100 Goodrich, B F. 1200 do pf . 300 Granby Mining . 700 Gray ft Davis. 1200 Great Northern pf.. 1300 Gt Northern Ore subs 1900 Guantanamo Sugar., Gulf State? Steel_ Habirshaw Electric.. Hartman Corp . Hendee . High. Low. DIt. j??. 1922. 1922. in |. Bale?,. Open, ?llgb. Low. Close. chge. Bid. As*. 86i/2 70 ? Houston Oil . 7200 8574 86'/8 84/4 847-4+ Va, 84/2 85 24 19>/_ 2 Hudson Motors. 7400 21% 2174 21% 21%+ Va 21% 2174 23% 1074 1 Hupp Motors . 1200 23 23 227s 2274? Va 22%* 2274 115% 97?/_ 7 Illinois Central . 200 115 1l5/8 115 116?/?+- '/a 115 115'/4 115% 105% 6 do pf . 100 115/2 115/2 1l6/2 115/a+ %114%115/a 5 31/4 ? Indlnhoma RefinIns. . 1700 4% 4% 4% 4%? /. 4/a 4% 11% 6% ?? Indian Refining. 200 83/4 8% 8% 8%? '/4 8% 9/4 45 37/_? Inspiration Copper.. 1900 40/8 40/8 40 40 ? /4 393/4 40/4 6 1 ? Interboro Consol. 300 1% 13. 1/4 1%- 1'/4 1% 12% 31/4 ? ?lo pf . 4100 3% 3% 3'/4 3/4? l/a 3/8 3/4 32/4 28/2 ? Interboro Rap Tr w I 700 29 29 29 29 ? Vz 28% 29 38% 26 2/_ Int Cornent . 300 32/4 33 32/4 33 + 1/4 32/a 33 3?/a 20/a 2 Int Combustion - 9200 29/8 30 29/8 29%+ % 29/8 29% 26% 22'/8 ?? Int Gt Northern- 200 23% 23% 23% 2S%+ % 2374 25 1157a 79% 5 Int Hnrv Co . 700 112 112/.112 112/a + 1/a 110 112/8 119 105/a 7 do pf . 100 118?% 1187.? 118% 118%? Va 118 119 27/a 13 ? Int Merc Marino ... 2900 15>8 16 15/8 1574+ % 1574 16 87% 63'/a 6 do pf .22200 6li/2 64% 61/4 64/2+ 3/8 64i/4 64'/, 19% 11/4 ? Int Nickel . 600 17% 17% 17 17 - 17 17/8 61% 43/a ? Int Pnpcr . 3.00 53',_ 59% 58/2 59%+ 1% 69 69/4 2O/4 12/a ? Invincible Oil . 24CO 16/4 16/_ 16 I6/4? Va I6/4 16/2 60 24 ? Iron Product . 7600 477_. 4834 47/2 483/4 + 1 48% 48% 3 %? Island Oil . 2600 34 % % %+ /B % % 22/a 10 ? Jewell Tea . 20O I934 19% 19 19 ? 1'/4 19 20 533/4 34/a 4 Jones Tea . 400 4974 4974 49/2 49/2? Va 49 49% 30/4 22 ? Kan City Sou. 100 24 24 24 24 - 23% 24/2 59/a 6234 4 do pf . 400 58 58 68 68 + % 67 59 7'/a 37_ ? Knn Gulf Co . 1700 4 4/8 374 4 ? Va, '??Va 4 48% 34 ? Kayser J new . 2200 46% 47 46% 46%? ?/?_ 46/2 4634 63% 341/4? Kelly-Springfield - 44CO 44% 44% 43/2 43/_? % 43% 44 86 71/a 6 do pf . 100 85 85 85 85+2 85 90 111 61 6 Kelsey Wheel . 300 100 1,02 1C0 102 +2 99 103 39% 25'/a ? Kcnnecott Copper . . . 1800 35% 3534 35'/4 35%? '/4 35/4 35/2 24% 7/4 ? Keystono Tiro . 1500 7% 8/a 774 774- 774 ? 189 110 7 Kresge S S. 200 187?._ 187/2 187/2 187/2? 1/4 184% 136 83 44 ? Lackawonna 8teel... 100 81 81 81 81 ? /4 81 82 35/a 2434 2 Lee Rubber & T- 200 26/2 26/a 26/4 26/4? Va, 25'/2 26/2 72 56% 8/e Lehigh Valley . 1200 6874 69 67% 67%? 1/4 68 63/2 63% 62% 3/a Lima Loco . 4300 61 62 61 6174+ % 61% 62 23% 11 ? LoeVs Inc . 6300 21% 22 21% 21%- 213/8 21/2 14/4 9 1 Loft Candy . 20O 12% 1274 12% 1234? /? 12/a 12% 677. 86 ? Loose Wiles Bis .... 600 63/4 64% 63?4 64%- 64/a 65 6174 25/a ? Mack Truck . 1800 58% 59/2 68% 69' + Va 59/8 59/2 94% 68/a 7 do 1st pf . 300 93 93 93 93 + /8 92% 93 69 57 4 Mockay pf . 200 69 69 69 69 - 68% 69 S534 32/a ? Magma Copper . 300 34'/4 34/a 34'4 34'/_+ >/a 34% 34/2 40 15/2 ? Mallinson . 3100 36 36% 35% 36 ? Va, 3534 36 62 30V4 ? Manati Sur . 600 42 43 42 43 ? 74 41% 44 6934 44 4 Manhat Elcc . 4C0 58% 58% 68/a 58%+ 1/4 57/4 53 58 35 7 Manhat Gunr . 100 54 54 54 54- 53/2 54 66/a 44 ? do ctfs . 400 53/2 53/z 52 52?1 62 53 43/_ 32 2 Manhat Shirt . 1CO0 43 43/8 42/2 42/2- 36 43 5O/4 17 ? Mar St Ry pf . 100 41/8 41/a 41/8 41/8- 36 43 69 35 6 do prior pf . 600 69 69 68 6834-j- 1?/8 66% 69 32 5% ? do 2d pf . 1gOO 24 25% 24 25 + '/_ 22 25 46% 22% 4 Marland Oil . 6200 40 41 40 40 - 3874 40'/4 26/2 B'/a ? Marl Rockw . 200 17/4 17/4 17 17 ? 1/2 16 18 36I/4 20(/_ 2 Mart Parry . 300 31 31/8 31 31 ? % 31 31?/_ 60/a 22 ? Math Alk Works- 1800 4834 60 4834 50 +. 1? 49% 50 74?4 46/4 ? Max Motors A . 300 58/2 58/2 5734 5734+ /a 57/4 ?9% 257a 11 ? do B . 110O 18/2 19 IS/j 18/2 + /a 18/4 18/a 138% 101 8 May Dcpt Stores.... 9C0 13834 1383/4 13734 13734- 137% 138 21% 13/2 1 Mclntyre Min . 1700 18/? 18/4 1734 18/4+ /4 18'/4 18/2 204/a 10634 12 Mex Petroleum . 5450O 184 189/4 184 18434+ 1% 184/a 1S434 34/a 18/a 6. Max Seaboard Oil... 5C800 19/_ 19?/2 14i/2 16 ?3% 16 19% f2;'" 16 6 do ctfs . 13500 16/2 16/2 12' 1374?2% 16/a 16% 31% 25% 2 Miami Con Copper.. 200 29 ? 29 28% 28%-- 28% 29/8 16 11% 1.20 Middle States Oil.... 6200 13% 13% 13/2 13%? /8 13/2 13s.-, 4o/3 27/8 ? Midvalo Steel. 69C0 34% 34% 34 34'/8? % 34 34/4! iM ?L ~" Minn & St Loui3'" 200 8% 8% 8% 83/4? i/_ 8/a 87a1 liS olY? ~ M1fou,'l? K & T new 1400 18/8 13% 18/8 18'/4+ Va I8/4 18% I IVf ?r2~ ?;f? vf, nDcw;_. 60? 45^? 45-'* 45l/-- 45%+ % 46'/4 45% i ??-*4 IS,, ~" ML,sourl Paclnc. 17C0 2134 22 21/2 2134? 14 21% 21% j ritt II * m ,pf ??. 60? 59'A 59% m/* M,*+ Y* 59^ ?*> l*? ?o Montana Power. 300 73 73 73 73 ?1% 73 74/2 17?/4 \\ "7 Montgomery Ward... 42C0 22% 22% 22% 22/_- /8 16% 17 i?"/a '3 1 Moon Motors . 3400 17/4 173^ ig3/4 17 _ y 1637 17 113/4 10/4 /a Mother Lode Mining. 700 10% 1074 10% 10%- 10/2 10% 203 l2Ll ?? ? ? -I?1' . 1C? 20Va 20'/o 20,/? 2?'/8+ 1 18 21 667/ fJM 7 v I r,"^lm 'a!. 310O 192 203 189% 202 +11 201 202 $ \ ~ Nat Cloak* Suit;... 300 69% 60 59/4 60 + /2 60 61 4/8 1 ? Nat Conduit & Cable 100 1% 1% \ll 1%__. 13/ 17/ 11o'k lf? 1 Va? rnT & StnmP- 62C? 65>/a 65% 64-^ 64-^- WA 64% 0/4 8^ 6 ? Nat Lead . 2800 107 109/2 107 107-/4+ 1/4 107 107/4 71/ e XT ? Pt . 100 117 117 117 117 +1 116 117 1.1/ 1_./~ N.tKR.fMe_'2dpf 1600 4 4 4 4 + % 4 4/a 8^7? l&l ^?i* Con Copper. . 800 16% 16% 16% 16%+ % 16% 167/| 4?% 35/al ?eZ?Arl'nel&MtI 32?? 8,,/? 82,/^ SV<* 82^4+ 1/? 82 * 82/_ 1^8 IT& I S?cchttkViao-_; ?S2 ?fi ^ ^ *73<?~ 8 Tm TiVz . ^^StLouU 1100 87 89% 87 ^ ?. ^ 68/a 53/8 _/2Nd;p?0Ck:;::. Z 11 Til I7*tv& S1 %v/* ? ?i fstV?t ? h b b ir * h a 125/a 96/4 7 Norfolk & Western 1200 1211/ 121 * S ^/?r7~,, 25'/z 2*V* 4% 2/4- Oklahonfa Products.': l?oO 2% 2? 1^ 1^~ ^ 10,/* 11 2?? 1f!f- 0rpheum Circu,t. ?300 27% 28 26V ?%-? _!# 2^ 16/a 9% ? Otis Steel . 900 107/ ?L ?S^ *f?~ ? 26^ 27 42% 24% 2 Owens Bottling , 18S ?? ?5* _?,/? 1?^~ K8 10J/* 11 ^^l.Ss??5>?T^8i'3? 12 5/a_ Panhandle :. 3JS L ??f4 ?4 74''i+ ^ ?4 75 49/4 33/4 2 Pennsylvania RE::: 33S 48% 4..? J'8 JS_T % 6,/a 7 11 8 693/ ". ^enn, Scaboard 8t-?' 38M 6^ 1?_ T8 1/S-,/ 4!% 48!/* % Ui ?AV^r?ke: S _5 s* S ^Tl^ 9^ ? 74% 60/8 6 doprf .'i. }g 77> 78 77% 78 + ./, 7?/2 g9* 45% 31/a 3 Philadelphia ?o So l??? li, lZ% 74 + Y* ?/z 74/2 69/4 28-/4 2 Phillips Petrol '"' 7^ ff4 ?& fo% 43%~ % 43/_ 44 2 24% 8 - Plcrce Arrow . IJ_J ?,t* ?4 5!K" G3^+ % B3 B3/8 49 187b? do nf . ;,X2 14/4 15 14^4 1434+ 5^ 14?v4 1%? 12 5%?_ pietepoi?;::::::::: .SS Ta T3 3^2 35,;a+ * 35^ ?S 71 32 _ dopf ... . 54X2 .f* 7/a 6 7/8+11/4 7% 7/t 72% 6734- Pittsburgh Coa! 3300 ?1 _4r/ j2K2 43 ~'% 43 43/2 41% 23 - Pitts &W Va . __J ??> .2^4 f^4 60l/4~ ^ 60/4 61 24% 14/4 1/a Pond Creek C__ S S? 39^? fn7/ ?%+ '/4 39'4 39/a 112 66/a B Postum Cereal .. aSi??L'A^ 207/?- ^ 20/2 20% 111/a 105/a 8 do pf .] " 3JS_ /+ 1S_> /4 115!/s!+ ^ 115 115/ ?f4 L3,, - P"?ed Steel ?ar;: ?J. J "^ 1_ 1?] + ^ 111 Itl^ 51 24/8 ? Prod & Rcfg. I7inn __,/ ?l? 91 91 + 1 ?0/* 915? 49 36 7 do pf ..! i:'"-- 17S? 48^ 49'/2 ?'/* 48/a+ % 48/a 48% 98% 66 6 PubSerCorpofNj" 3600 or3, oL 4? 47 + 3 44 47 s_ ai ?*i_*.?-?' Lv B ?-%? tu ai 19 13/a- Ray con Copper* 12.. fr,/ 15__ ^4 1?2/4~ ^ 122 1227/a 83 71/a 4 Reading... ?00 l?/z 11% ?/z 15%+ Vz 15/4 15% S? 60 - Rem'ton Type 2?-pf: 3 0? \\ 1^ "H 78%+ /4.78g ?? 4L, 25''/2-- R?PlogIe Steel . 29400 ?1/ I? 2.y I- ~" 7 72 80/4 78% 46/4 _ Republic Iron & Stee 6lon l?Y? !L 33/? 36 + 2'/a 3534 36 14/a 2 - Republic Truck .. To. 2^ ^ T<8 68'/2+ % B8/_ 59 51 24/2_ Reynold?. Spring. 200 o?^l o?^? 2/4 2V*~- V* *A 2% 68% 43 3 Reynolds Tob B.:;.- 2lS. 29 g? g,^ g^.lj? 24/* _Ig 67 47-?4 3.88 Royal Dutch ... * 4__q S^ ^8 _ffe4 66/a- M/a ? 66% 20/4 12% 1 St Joseph Lead. S S9 g* ?fj> 58-/*+ !4 58/2 6834 32% 20%- St Louis & S_n Fran ?SS S? _../8 Il t? l???+ V? ^ 1?H 56 36 ? do pf JVt *"2S '?9/2 28% 28%? % 28/2 291/, 33 20.2_ St Louis Southw'estn 11W S^ %$ ?& B0^+ ? ? ?^ 64/a 32%- dopf ....." 2JJJ 33, 3^? 32/4 323/4- ,/, 32!/ 32y 6'/4 1/a- Santa Cecilia Sugar'.' sS ^ 64^ 53 *,;+ 34 63 63/* 8/4 1/s- Saxon Motors .. 2?._ f4 !''4 _?4 f/4-? 3/, 3/. 15 3/2 - Seaboard Air Line pf 400 11 ?,, ,1% ,1%~ ^ 4% 4% 94% 59% _ Sears, Roebuck ... 26oS 9 ?. o?? o _ *+ ^ 11 ?K 23/4 9%- Seneca Copper ... .1006 10 ^4 ?l 91 ~ % 90H ?l'/? 12 V/2- Shattuck Aruon? ' S? % 1?> ? 1?^+ ? ?% 10^ 48/a 35% ,83^_ She? Tr & Tr... . 20o 701/ ?a,^4 ,9K4 *^+ i7? 9/4 *(/, 38% 18% 2 Sinclair Consol 879S K* g& ^_4 3_K4+1^ 38'^ ?g7' Ijfi 97% 8 ipf . .200 983/ -_o/a ??& 36^+ 1% 36/8 36/4 11% 0!/.- SkellyOil . 8oS ?ff ??? !? > ?,, + ? ?? 99/? 95% 78/a 6 Soulhern Pae ... 2500 ?19 119 21H1 11i/g- ?J4 11% 28% 17?/. - Southern R R 2oS 26^ lai? !?/4 l*V*- 94 ~ 64% 45%- dopf . 25S v f4',8 2L ^'/*'+ H. 26 26/4 57/4 43 - So PR Su.... ?S II ??'* !?% 5? +1 633/* ?? 24 17 _ Spicer Mfg .... ?00 ?L _,L f_L !8 + 1 46 49 96 83/4 6 Stan Mill pf . gj 2f/4 2?% g% 2?%+ ?/. 20/8 21 135 91% 4 Stand Oil Cal .39 00 133-/ 1?L ?L ,o!?+ ^ 943/* 95 222 169 6 Stand Ol? N J. 5.8^ 2^ o^8 o?f/4 ^2^ H 131^4 131% 11S/4 113% 7 dopf . 2C0 117I/ ??f./ ??L 221 +1B%220/a221 M 45/. 3 Sterling Prod . 10S 66 3 1B^ "?t% 1_^4~ H 116/a 117/. 52% 24^8 3 Stewart Warner . ?S _L __9 ^ rlVt+ Y* 6V/* 67^ 59% 35/4 4 Str?mberg Carb ... .0. MM. Il? ll% ???~ V* W* ' **V$ 139/a 79/. 10 Studebaker 77200 12QV ?iA Mn* ?*A+ V* W* M/a 8% 3% _ submarine _te_l "S? 67? 7U 12^ 13?^+ 4% 133% ?3% 10/4 4%- Super OU . 300 VU V& 29 ?^8? 6H 7 6 2 - Sweets C* ......... .r? 2l_ ??. l?? y?" V* 8,/* ?^ 12% 9%_ TennC&? ; 3?. }> *% 24> 2^+ g 2/4 2/2 50/a 42 3 Texas Corn . 2960O Ik IL ?!_f 9T/s~ % 8% 10 61/. 38/a 4 Texas Gulf I7100 r?8 l!f? _8'4 !9 + W 48% 49 36 24 - Tex&pac .::::::? 17?S _2 VA ? .?'/?+ly*60 ?o% 32% 23 1 TexPacC&o ?^ la S? fi? 3?%f ^ ?% 30% 25% 14 - Third Av. . ?? %% ^ ?M ?? + H 25% g (Centlnued on pas? twenty) In Wall Street Pierce Oil Shorts Sqae-ez?*. The short interest in Pierce Oil pre? ferred got n bad licking yesterday when the stock ran up to a high of 64, compared with Wednesday's last sale of 41. The stock has been a target for the bears for several weeks past, and only early this week had a sinking spell to 32. The reason for yesterday's spectacular advance was found in the announcement that new interests have been added to the board and that Henry L. Doherty & Co. have agreed to "undertake the prrteurement-<*f suffi? cient banking credit for the corpora? tion to enable it to function -without embarrassment." The same -interest.3 have agreed to provide crudo oil supplies and other products required in the operation of the company's busi? ness. Other Interests, however, prom? ise to contest the election of the new board. Traders Fight Market This week's rise in stocks has not proved at all profitable to the majority of traders, according to observers on tho floor, who state that professionals have been fighting the advance. In? stead of playing along with the upward trend, it is said that many operators have persistently sold the market short in the face of the favorable trend of events in the Near East and bullish sentiment created by the proposed d?claration of a 100 per cent stock dividend by Standard Oil of California and the belief that others members of ! the Standard Oil group will soon an nounce special distributions to stock holder?, "Well Informed" on Standard Oils There was a time when the rank and file in Wall Street was willing to ad? mit that it knew absolutely nothing about the plans of Standard Oil inter? ests. General recognition was given to the fact that there was no such thing as a "well informed quarter," except in the inner circles, and in these ex? cessive conversations were at a pre? mium. Only the other day some out j siders claimed to have broken into this inner circle of exclusiveness. They ! thought a clear case, had been made for 'a big stock dividend for Standard Oil of New York. The Information was "accurate" down to such details as the time for mailing this dividend notice. Every one who follows the market knows how this development failed to materialize arid how tho stock fell off sharply the next morning. Undoubted? ly some of tho same outsiders have gone ahead boring in for more infor? mation, and they now believe they know what is going to happen to Standard Oil of Indiana. After the New York incident California Standard Oil de? clared its 100 per cent dividend, but the outsiders did not know about that development. The wise heads in broker? age houses admit npw that the walls built up around Standard Oil directors' rooms are just as high and impreg? nable as they ever were. Atlantic Refining and Mexico. The Atlantic Refining Company, one of the important members of the Standard Oil group, was reported yes? terday to be abandoning operations in the southern light oil fields of Mex? ico. This action is believed to be due to the serious falling off of produc? tion and the failure of new drilling operations to meet expectations. The ? Standard Oil Company of New Jersey recently withdrew from the same fields for similar reasons. Both companies are understood to have lost heavily there and their action coincides with the recently announced belief of the New Jersey company that investment of additional capital in Mexico at this time is not advisable. In a recent ! issue of "The Lamp," official Standard of New Jersey organ, the opinion was : expressed that not half of the $500, 000,000 invested in Mexico will ever be returned to the operators. Congestion at N. Y. Terminals. Officials of he railroads reaching the anthracite fields are much disturbed over the congestion at their ter? minals in New York Harbor due to the accumulation of the steam sizes of an- I thracite, and urgent appeals have been made to the Fuel Administrator for some action leading to relief. With apartment houses and many industries burning bituminous coal, and with oth? ers looking about for coal substitutes, | there are several thousand cars of buckwheat, rice and barley coal in the railroad yards on the Jersey side of the Hudson. Railroad men contend that if the public can be brought to understand that all this coal is avail? able the accumulation can be quickly worked off, resulting in an increased movement of all kinds of anthracite as well as greater general production. S. S. Kresge to Redeem Notes. The S. S. Kresge Company announced yesterday that it will redeem on Janu? ary 1 next all of its outstanding 7 per cent serial notes, due January 1, 1923 to 1926 inclusive. They are part of an issue of $3,000,000 originally of? fered in July, 1920. The company ex? pects to have 212 stores in oneration by the end of this year. Regular U. S. Rubber Dividend. Announcement was made well after the close of the stock market yesterday i that directors of the United States : Rubber Company had declared the '? regular quarterly dividend of $2 a share on the first preferred stock. A few weeks ago rumors were current that unfavorable action would be tak? en and traders attempted to depress the price of the issue. It quickly ral? lied, however, as the report that the dividend would be passed was not gen? erally credited. What's Behind Active Stocks? ? 16?Carro de Pasco Copper The Cerro de Pasco Copper Cor? poration in Its present form dates back only to 1915, but the companies whose stock it owns have long been established in the Peruvian copper fields. It is essentially a. holding corporation, owning and operating through subsidiaries a large acre? age of some of the most productive copper land in Peru. Properties, plant and equipment are carried in the balance sheet at $33,255,000 As of December 31, 1921, current as? sets exceeded current liabilities by ?.AA' ^he a8sets including $3,559,000 cash and $500,000 United States government obligations. The company is capitalized for 1,240,000 shares of stock of no par value, 898,229 shares of which are out? standing. The funded debt consists entirely of $7,997,000 8 per cent bonds, convertible into stock at the rate of thirty shares for $1,000 face value of bonds. At the end of 1921 the net tangible assets, including the equity of stockholders in owned properties, amounted to $38,728,000, or $43.11 a share on the stock. In each year of the period 1917-'21 dividends paid were in excess of ac? tual earnings, and as a result there was a profit and loss surplus of only $40,336 at the beginning of 1922. An aggregate of $33.25 a share was paid in dividends from 1916 to 1921, the last payment coming on ?March 1, 1921. Recently there has been a substantial increase in the pro? duction of copper. In the first seven months of 1922 the company produced 87,832,000 pounds, an in? crease of 6,856,000 pounds compared with the same period of 1922 and the largest since 1918. Range of stock since 1917: High, 67%, in 1919; low, 23, in 1921; yesterday's close, 40. From the 20-yr. first Wu^?^?S?* Stevens & Thompsoa Paper Company I*)*** .11 the feattrr? desired h. those interested m gound inv*7 ment. avt*> These bords am Well secured Marketable Notvoallable for 10 yt^ ?tndarethe obligation ofa ^ ptUp that is ""* Well man ri*,-! 50-rr. earnings record An ?essential Industry We recoTiunend thtse bond, . Investment and tre offering ti? at a price to yield over 6.45% Write for descriptive dradv A P. W. CHAPMAN eCQJNC Of? 5S 115 Broadway 116 So. LaSifie fc New York Chicif* ??tfibuahed 186f: .--~-'* RAILROAD Equipment Trust Note i (subordinated/ Chesapeake & Ohio Chicago, Rock Island & Pacific Southern Railway Th*se notes ?ri s. direct obligation of the sev?r?l roads and In .?'I'litionar.? ade<juately secured by liens on :ocomntlv>?s ?ntl ?rel??ht cars. MATCRITIES 1924 to 1935 YIELDS from 5.00 % to 3.759? Full dt-talls on rerju?:? Hambleton&Ca 43 l^tchar^e PlaccNcwYoA ThZUdeljAasx BALTLMORX Wa-abijr? American Chicle, Pie ? Am. Lt. & Trac. Stic. & Wir. j f\ Borden's Co., Com. Geo. W.Helme 3k MacAndrews & Forbes Co. Jj Mengel Co. J Bel! Tel. of Can. 5s, 1925 P Bell Tel. of Can. 7s, 1925 ($ Canadian Lt. & P. 5s, 1949 d Cedar R. P. & Mfg. 5s, l?jjj Dom. of Canada 5s. 1937 f ?J, Privat? irirei to ??J CHICAGO MONTREAL TOROSW '.) BRANCH OFFICE, DALLAS, m.1 I ^5 bsowst h" jT <l|0 ? L rliNOV!? T4MV l|lt NV. STOCK DCC HAHil V j f? Y. COTTON EACHASOJ ??s=?D-s=^. ?asis-ogMH Slow bat Sure Hotnj Title 5 }? % Guaranteed First Mortgages on improved real estate do not offer an ab? normally high yield but they do offer a safe and sonr.d investment with a guaranteed income of 5.' i % For full details send fee descriptive booklet R. Its HOME TITLE INSURANCE COMBW Capitel and Surplus Over $i,!?a>??0 51 Willoughby Strect,Btooklya Bank of Manhattan Bulliii* I??*-** J.K.Rice,Jr.&Co.WinSeB] Kings Co. Ltg. U &% Cum. Preferred Circular on Application | J.K.mce, Jr.&Co., SS Wall M-g-l 1 Thone? 4000 to 403" John City of Elmir? 1942-48 To Yield 3.95% 06ILBY & 141 BROADWAY. NEWVOM Telephone Rector -102 | HERCULES POWDER (All l??ue?) Bought. Sold ?f Quoted C. C- Kerr & Co. ? 2 R?to' St.,N.Y. wiwwgjas AN INVESTOR'S CATECHS* Contain? 63 Investment t?ue^In''.:"}j?? answers. Free to those w, ^ti*. from $100 to ?UOO.QOO to Saves?? ? Ask tor B-l. Lawyers Mortgage Co? 56 Nassau St.. IS* Mor-tafuo 5*.. ?^ mcmjmw ..v.'" " "umm ?jumv