New-York tribune. [volume], October 16, 1922, Page 13, Image 13

About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

Image provided by: Library of Congress, Washington, DC

                
!__!?
I
Jtepublic of Haiti
6% Gold Bonds, Due 1952
Issued with the agree?
ment of the President
of the United States in
accordance wfth a
treaty of Sept. 16,1915.
Non-Callabl***? ft? J* \>ar"
-keep? for the -sink-sr Fund
Price to yield over
6.25 <
Circular on requett
The National City Company
1.
?;
SW?W?*?
7.29% to 8%
Dependable Income
from seasoned Electric
Light & Power Company
Preferred Stocks paying
full regular dividends.
We ?teeyhm >nd
Ofclahon/a Gas & ilec. Co.
7% Cum. Prcferr d Stock
?lilin-j; 7..1 .%
Nortrfw'nsWite? P >wer Co.
1<yc Cum. Mreferr A Stock
Yielding 7.2 >%
StandarclGal & Slee. Co.
$% Cum?*^efeiTell Stock
Yielding over ? %
Ask for Letter NYt\h
describing these imcutfacnts
H. M. Byllesby and Co,
ftMcay+rom A-no*
111 Broadway, New York
NewHi-en Bort?n Providente
Chicago
j.K.RiccJr.&Co.Buy&SelJ
Kirby Lumber
National Fuel Gas
Niles-Bement-Pond
Rochester Gas & El.
New Orleans Ry. & Lt.
Undeposited Bonds
l.K.Rice,Jr.&Co.
V*??mt*<IO? to 4010 John. 36 Wall ?t.. N. V.
Weekly Stock Letter
Serti ujxin rcf/ufst for TC.ll
Josephthal & Co.
Mtmktn N. ?". -f?. K??/i_np
Itt BroiMway New York
Telephone : Rector 50C*0
Purchase Bills on South Africa
Transad* all usual Banking Operations
S?UTH?-4FR?CAm
New York Ajency, 44 Beaver St.
WHY has no investor ever lost a
dollar of principal or interest
on any security bought of S. W.
Btraus & Co.? Write for our book?
let B-2 and learn the reason why.
S. W. STRAUS & CO.
Straus Building,
565 Stil Ave.?at 46th St.
-_
23 Branches in South America
One Branch in Mexico
10 Offices in Spain, France
and England
Anglo-South American
4T "Bank, limited
New York Agency, 49 Broadway
Telephone. YV'tiiteliall 0100.
-_,_;_- -. i
Wespecialize in?
Goodyear Tire & Rubber
Prior Preferred
KlELY & HORTOM
40 Wall St, New York?
phones.John S3_o-4i_i
Mechanics & Metals
National Bank Stock
CLINTON GILBERT
2 Wall StrMt, N. T. TeL 4848 R-ct.i
118,000,000 Norwegian
Bonds for Sale Here
?ii-ly-Year 6 Per Cent Issue
Will Be Placed on Market
Probably To-day
An annoua?emei-it contained in a
?**?a_e from Christiania that the
gemment of Norway had sold to
j" National City Company 518,000,000
P*r cent thirty-year bonds has been
?aira?d. It is understood that the
?*fc probably will be offered to-day .
** ? group of bankers and investment ?
?*Jm> including, in addition to the
"?tfoa-l City Company, J. P. Morgan
* C??, tha Guaranty Company of New
?*. Harris, Forbes & Co,, Dillon,
***** * Co., Leu, Higginaon & Co. and
"'Nr? Stuart & Co.
_*J?nt quotations show that Nor
,*Vi ft?? loans listed on the London
**t\ Excjjgnge are selling on an av
2j basis of 5.65 per cent. The na
t'u*1, wealth of Norway is authori
2*??lr estimated at more than ten
*S? w national debt.
?*"? Proceeds of the present loan are
?f**_???i to retire the $5,000,000 6
jS.?at bonds maturing February 1,
g?? *a? for railroad building and
IP* ?oastructlva work in Norway.
The Trend in Finance
Stock Prices Rise as Speculators Discount Further
Improvement in Trade Outlook; Decline
in Bond Quotations
By Merryle Stanley Rukeyser
ANOTHER week in which stock dividends abounded,?a new govern?
ment bond offering (the first in three and one-half years) was
dramatically oversubscribed, and an armistice making for peace
in the Near East strengthened the belief of speculators and investors that
the general outlook was favorable to the money making prospects of well
managed corporations. Accordingly, in less spectacular manner, they con?
tinued moderately to bid up the market quotations of. miscellaneous specu?
lative securities. As professional traders, who occupy a strategic position
in the present markets, veered their positions, prices vacillated arid fre?
quently the marketplace revealed a tone of irregularity.
as a result of the Increasing com-'i
mercial demands for credit and of the '
offering of long term government bonds
on a slightly more attractive basis than
had been anticipated, prices of out?
standing bond issues declined a trifle.
With business and agriculture, because
of seasonal requirements and the needs
??of an expanding commerce, demanding
I larger accommodations, the commercial
| banks need to replenish their reservoir
I of loanable funds either by borrowing
iat the Reserve banks or by selling s?yne
of their bond holdings, which are still
enormously large.
Tho Transit Commission will begin
I hearings to-morrow on the new finan
I cial plan for the Interborough Rapid
Transit Company, to which a vast ma?
jority of Interborough and Manhattan
elevated security holders have assented.
If it goes through the program will end
the sapping of the resources of an
essential public utility by an unsound
capitalization. The new scheme, to
which the Transit Commission and Fed?
eral Judge Mayer have contributed,
squeezes out the water, safeguards
bondholders against exploitation by!
shareholders, assures the 8-cent fare
and unified operation of the subway
and "L" without the continuance of the
present costly lease.
Secretary Mellon's? successful flota?
tion of the new Treasury bond issue
emphasized tho fundamental abundance
of credit, in spite of the falling re?
serve ratios, the increased borrowings
at the Reserve banks and 6 per cent
i call money, which are expressions of
seasonal trade aoid agricultural de
I mar.ds primarily. To-day's large trans?
fers of funds ought to be made with?
out substantial effect on the money
market. Asido from subscriptions on
the new government loan, the Treas?
ury must meet $150,000,000 in matur?
ing certificates of indebtedness and
distribute S 1.17,000,000 in Libertv bond;,
interest, involving an outsro of $90,000,
000 in the -d Federal Reserve Dis?
trict. Against the outflow will bo nn
influx of $.00,000,000 on interest ac?
count from Great Britain. The pay?
ment will be made by checks drawn
on various local banks by J. P. Morgan
& Co., fiscal agents of the British gov?
ernment. Thus In an era of national
bankrupticies, loose talk of repudia?
tion and cancellation, Great Britain
returns to its traditional role of meet?
ing its credit obligations.
In the absence of offerings of com?
mercial bills and speculative selling the
; European exchanges tended to become
stabilized last week. The signing of
terms of peace for the Near East was
of limited positive influence on the
course of quotations, as it had been
discounted by the previous upturn. Re?
sponding to special influences German
: marks went substantially further in
j the movement toward zero, reaching a
new low record of 3V_ hundredthB of
a cent, and rallying only slightly from
this level. The proposal for direct
Allied control of German finances had
little effect on the outside buyer's view
of the mark. The brought an order
forbidding speculation in marks, but
such rulings have traditionally proved
incapable of enforcement.
The Week in Retrospect
MONDAY?Investment bankers open
convention here. Crop yields reduced
by government's September estimate.
TUESDAY?National Biscuit Com?
pany directors vote 75 per cent stock
dividend. Unfilled United States Steel
orders increase in September.
WEDNESDAY?Standard Oil of New
Jersey directors vote 400 per cent stock
dividend. Trustees buy in Interbor
ough stock.
FRIDAY?Southern Railway direct?
ors vote to resume dividends on pre?
ferred stock.
a
London Is Still Supreme
As World Money Lender
-
New Issues Total $2,245,000,
000 for First Half Year; For
eign Bonds Gaining Here
In any examination of the factors
underlying the increasing prominence
of foreign issues among the new secur?
ity offerings in the United States, Lon?
don's traditional position as money
lender to the world cannot bo disre
farded, acording to "The Guaranty
urvey," published by the Guaranty
Trust Company.
"Capital funds raised in England by
public subscription in 1920 and in 1921
declined sharply in amount in compari?
son with the six preceding years but
remained, at $1,838,000,000 and $1,945,
000,000, respectively, well over the
average annual pre-war aggregates,"
the survey says. "New issues of the
first half of 1922 were $2,245,000,000,
which surpasses all records for whole
years if the war period be disregarded.
National and local governments have
received the major share of invest?
ment capital sent abroad by Ameri?
cans. An interesting feature of the
financing consummated in the United
States in the first half of the current
year, however, was the notable upturn
in the volume of corporation stocks
and bonds put out here by foreign com?
panies domiciled elsewhere than in
Canada. The $83,000,000 recorded in
this connection exceeds reports for
previous full years.
With the greatly augmented domes?
tic demand for capital in England it is
not surprising that foreign borrowers
have looked to the American market.
Funds sent to foreign counties in the
last two and a half years have aggre?
gated $1,605,000,000 for America,
against $404,000,000 for the United
Kingdom.
Summary of Stock Exchange Dealings
(Copyright, 1922, New York Tribuno Inc.)
STOCKS
Week Year Januar? 1 to date
before ago 1922 1921 1920
494,000 358,700 45,271,100 27,491,700 42,471,700
5,406,200 1,875,700 157,763,400 82,174,500 128,734,800
5,900,200 2,234,400 203,034,500 109,666,200 172,206,500
Last week
Railroad stocks . 687,100
Other stock. . 5,167,500
411 stocks .;. 5,754,600
Last week
U. S. government bonds. $43,835,000
Other bonds. 17,384,000
Ratlmad bonds . 22,162,000
AH bonds. 83,381,000
BONDS
Week before
$20,409,000
18,617,000
23,422,000
62,448,000
January 1 to data
Tear a?o 1922 1921
$31,483,000 ?1,338,695,000 $1,567,293,000
23,042,000 947,684,000 379,476,000
29,913,000 1,075,284,000 670,254,000
84,438,000 3,361,663,000 2,617,023,000
Record of Stock and Bond Averages
(Copyright, 1922. New Tori. Tribuno Inc.)
STOCKS
Last week
High. Low.
20 Railroads . 82.05 90.95
30 Industrials . 100.40 99.37
50 Stocks . 93.10 92.04
10 Railroad bonds. 86.90 86.05
10 Industrial bonds. 93.33 93.15
5 Utility bonds_ 91.70 91.13
25 Bonds. 90.32 90.01
Year ago
High. Low.
64.60 62.65
67.17 66.37
66.14 64.90
BONDS
76.94 75.76
83.43 81.74
76.65 76.32
79.01 78.30
Range Jan. 1 to
date
High. Low.
83.15 63.65
100.40 73.87
93.10 69.30
88.70
95.26
92.06
91.72
80.86
86.66
80.65
83.03
Range fall
year 1921
High. Low.
67.36 67.40
79.13 60.30
73.38 61.02
82.12
87.68
81.05
88.80
71.01
80.46
70.13
75.26
Price Trend of the New York Stock Market
The graph shows ?the fluctuation? in the average price of twenty railroad stocks in one line and thirty industrial stocks in the
other since January 1, 1919. Fluctuation? during 1919 and 1920 are revealed by months, and since January, 1921, by weeks.
?'?-"??-*. I.
Transactions Last Week in Listed Stocks
Date.
Oct S
Ans 18
Oct 6
Apr 25
May 10
May 17
Oct 9
Kcjit 5
Sept 19
Sept 6
Sept 21
Juno 1
Sept 11
Oct 14
Apr 7
June 9
Auk 25
Apr 11
Sept 12
Oct 14
Oct 13
Oet 10
Au? 17
May 3
May 31
May 31
Auk 15
Oct 13
Apr 13
Sept 13
Sept 8
Ausr 4
June 2
May 19
Aug 4
Oct 14
Oct 14
Oct 14
Oct 13
Sept 7
Sept 12
Oct 10
Apr 8
May 29
May 18
Sept 16
Sept 5
Sept 11
Sept 11
Atiir 21
Auk 18
May 29
Jan 16
Mar 22
Ana- 31
Oct 5
Sept 1
Sept 7
Sept 6
Oct 8
Oct 6
Sept 13
Sept 13
Sept 14
Apr 15
Sept 20
Sept 20
May 31
Auk 30
Auk 25
Oct 5
Oct 4
Oct 6
May 3
Sept 14
Auk 21
Apr 17
Sept 11
Apr 17
July 31
May 29
May 29
Oct 10
June 30
May 5
Sept 20
Mar 17
Oct 7
Oct 14
Oct 6
Auk 21
Auk 23
Sept 11
Apr 28
Apr 27
Mar 23
Sept 21
Oct 4
May 12
May 12
Auk 31
June 14
Oct 14
Ausr 30
Sept 15
May 17
Sept 14
Auk 30
June 30
?lune 30
Auk 30
Sept 11
Sept 12
June 6
Oct 6
Mar 28
June 3
Auk 14
Oct 4
June 7
Oct 6
Feb 3
Apr 15
Sept 12
June 2
Apr 17
June 1
May 29
Auk 31
June S
Sept 1
Sept 13
Sept 14
Oct 14
Sept 5
Apr 8
Auk 21
Oct 3
May 26
May 25
Auk 21
Auk 22
May 29
May 29
?Auk 22
Auk 22
Sept 11
Sept 14
Sept 20
Sept 14
Low
1922.
48
?1*
45i/a
Ws
Va
H
107
65!/B
101
37%
88>/a
2934
65%
67
61 Va
31%
61
311/4
61
32'/B
93'/*
141
11SJ6
7
19/4
41
4/a
126
12
68
78
72
33
91/4
tei/a
29%
62.
102
112
44
107
82
3%
m
43%
86'/B
109i/2
30%
91
64/a
84
231/4
521/4
54
114</a
2%
1291/b
?6'/_
126
6
17/4
67
78/4
102/
22?/a
12'/a
36
47
10
29
43
75
76%
99
?1%
85
%
83
1%
1%
231/e
16/a
900
114
13'/_
9/4
3
10/a
92%
104
33 Vz
52'/2
40
19%
19/4
Va
33
30
51
B5'/a
90%
104
96%
4%
8/a
68
19'/8
100
6%
5%
70
42
89
. 2/8
60/2
73
115
28%
87/4
5/4
20%
18
10
68
43/8
83
67%
5/4
119'/8
. 3
36
29%
?3%
184
32%
47%
64
1041/2
1%
3 /a
I2/4
31'/s
4%
11 Vs.
16/a
29
69
30%
70/4
S3'/4
Date.
Jan 12
Jan 12
Jan 3
July 28
Jan 14
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan 18
Jan 8
Jan 3
Jan 3
Jan 11
Jan 31
Jan 4
Jan 8
Jan 3
Jan 10
Jan 6
Jan 27
Jan 30
Jan 11
Jan 12
June 23
Jan 12
Jan 3
Jan 12
Jan 3
Auk 25
Jan 12
May 10
Jan 10
Auk 11
Jan S
Jan S
Sept 1
An* 17
Jan 30
Jan 26
Jan 3
Jan 5
Jan 4
Jan 3
Jan 26
Feb 8
Jan 4
Jan 3
Feb 14
Feb 18
Mar 8
Jan 4
Auk 23
Jan 6
Jan 3
Jan S
Jan 0
Jan 4
Jan 4
Jan 10
Jan 11
Jan 13
Jan 3
Jan 17
Jan 31
Jan 3
Jan 30
Jan 6
Jan 6
Jan 26
Jan 31
Jan 3
Feb 21
Jan 9
Jan 9
Oct 6
Auk 11
Mar 2
Feb 28
Mar 7
Apr 4
Feb 28
Jan 5
Auk 12
July 27
Jan 10
Jan 5
Jan 28
Jan 4
Jan 19
Jan 17
Jan 9
Jan 14
Apr 28
July 13
Jan 10
Jan 3
Mar 7
Jsn 4
Oct 13
Jan 10
Mar 17
Mar 2
Mar 17
Jan 3
Jan 10
Jan 11
Jan 31
Jan 18
May 12
Mar 3
Jan 31
Feb 17
Jan 23
Jan 11
Jan 3
Mar 1
Jan 4
July 27
June 27
Jan 11
Jan 10
Jan 3
Apr 6
Feb 14
Jan 6
Mar 8
Oct 6
Jan 10
Jan 6
Mar 31
Jan 4
Jan 6
Jan 7
Sept 30
Jan 24
Jan 24
Feb 1
Feb 2
Sept 12
Sept 12
Jan 10
Jan 10
Jan 9
Jan 11
Jan 4
Jan 10
TJiT.
In $.
8*1?. HlKh. Low. do*?.
82
54</a
84/a
16%
'/t
1%
SO
64
62
16
Va
1'/*
ai'/a
64 ?
64%?
1B%~
'/a~
1?
Wet
che?.
- H
- 1
%
Adam* Express . 1400
Advance Rutnely pi. 200
Air Redurlion . 1900
Ajax Bobber . 7100
Alaska GoM Mit?**.. 400
Alaska Junesu . ?800
All America Cable?. 100 119% 119% 119%+ 2
Allied Chen? ? Dy*. 14200 86% 84 88'?i-J- V/a.
do pf . 1200 114% 112% 114%+ 2%
Allia Chalmers _ 6400 57% 63/a 64 ?? 3
do pf . 200 103
%
%
700
100
600
100
900
100
1000
1300
47600
38
67
801/4
52%
45/a
80
43
83%
74%
101/a 101/*?
37*/? 37%?
V,
%
?7 ? 2
80'/?+ 71/4
52%? %
45 -
80+2
41%? 1%
82%? i/a
73/a+ 8'/?
67
73 V_
B2%
44
80
40/4
62/4
_ 65'/? ._. -rw
900 110% 109% 110/?+ %
9400 201 187% 194%+ 6%
200 121% 121% 121%? 1/,
600 9 8/t 9 ? %
4600 27% 25% 27/a+ %
20O 65 62 54%+ 2%
e/4
143
14
69/4
900 6%
.25
Amer Agrl Chen,
do pf.
Amer Dank Not?...
do pt .
Amer Beet Sugar...
do pf .
Amer Bosch M?k- ,.
Amer Brake SAP,
Amer Ca? .
do pf .
Amer Car & Fdy...
do pf .
Amer Chicle ......
Amw Cotton OIL...
do pf .
Amer Drusr Syn....
Am? Expresa . 5300 162
Amer Hide & Le?t?. 100 14
do pf. 1700 71%
Amor Ic? . 2700 115% 113
do P' . 400 91/a 90/8
Amer Inter Corp... 9100 37% 35i/8
Amer-L? Fr? Fir? E 2600 12% i2?/8
do pf. 200 101 101
Amer Linseed .48900 42l/a 38/?
do pf . 3200 63/a 68'/a
Amer Loco .70400 136% I271/4 135%+ 9/?
. d0 Pf v. 40? 121/4 1201/4 121/4+ VA
Art Metals . 1700 49% 48/? 48%+ ??/,
do pf . 300 112 - 4 n
Amer Radiator _10000 129
Amer Safety Razor. 11800 7%
Amer 8hlp & Com.. 15800 22,i/2
Amer Smelting .... 5600 62%
do pf . 600 100/a
Amer Snuff . 100 148% 148% 148%
Amer Steel Fdy- 17000 45% 44'/a 44%+
do pf . 300 105 -
Amer SuKar . 7700 82
do pf . 200 109/g 109
Amer-Samatr? Tob.. 800 40/a
do pf . 300 66I4
Amer Tel ?ft Cable.. 100 63
Amer Tal A Tel.... [phone]
27600 4ft
111 112 + 1
115 118 ? V/a
6% 7/4 +
20/4 22%+
60/4 61 ?
99% 100
'A
/fl
1
1/a
1
104% 105 + 1/4
80 811/4+ 11/4
109/a+ l/2
38/a? 1/4
65?2
63 ? 1%
123%+ %
4/a+ V?
162%+ %
106?)
37/a
64%
83
123
3%
Amer Tel A Tel rts
Amor Tob?**......, 2200 163/. 181
do pf . 300 106% 108
do B . 2500 159% 157% 169
Amer Water Work?. 700 27/8 27 27 +
do pf . 2400 54/g
do 7% Of. 900 91/g
Amer Woolen . 40800 102/a
do pf . 300 110
Amer Writ Paper pf 300 36
Amer Zinc 3t Lead. 1900
do pf . 400
Anaconda . 23700
Ann Arbor . 100
do pf . 300
Ar s ocia ted Dry Goods 1800
do 1st pf. 200
do 2d pf. 100
Associated Oil. 3500 128% 120
Atch, Top A San F? 18900 107% 105% 107 +
do pf . 2400 93% 92/a 92/,
Atl, Bin? A Atl- 800 2/a
Atlantic Coast Line. 2300 122
Atlantic Fruit. 1500 2/,
do ctf? . 1100 1%
Atl, Gulf & W I S 8 ?900 31%
do pf . 100 22
Atlantic ReflninK
do pf .
19/4
56
52%
21'/?
44/
63
85%
90
Va
Va
B1J?_ 811/2? 2
90 90 ? 1/a
99% 102/8+ 2%
110 110 ??
34 + ft
18/a? 1
53%? 2%
81 %? /e
21/4+ '/4
44
62 ?
86%?
90 +
121
34
18
52/8
51/a
21/4
44
80%
85%
90
2
119/a
2
1%
30/a
21
2%
'/
A
8 !/t
H
Va
Atlas Tack . 100 19
Austin Nichols. 5400 36
Auto Sale? Corp_ 200 3/:
do pf . 2O0 12
2/4
122 + 2
1%+ '/4
31/8+ %
22 + 1
190 1575 1355 1425 +80
200 118 117/2 118 _
/,
19 19
33/a 35/1
3/2 S/1
12 12 ? 6/a
Baldwin Loco .70900 141V8 137/4 140 + 2/a
do pf . 100 116% 116% 116%+ 1
.,??-? ????-.- ,2800 56/a 55 66/4+ '/2
9tK) 64% 64 64/2+ %
100 62 Va 62/a 62/r? 1/?
9400 -
Baltimore & Ohio
do pf .
Barnet Leather
Barsdali A ...
? do B. <1O0
? Batopilas MlnlnK ??? 300
? Bayuk Bros ..._ 100
.48 Beech-Nut Packing.. 2700
S Bethlehem Steel .... 200
5 do Class B. 26800
7 do 7% pf. 1900 101/4 101
do 8% pf. 300 .112/;? 112
39/4
26/2
%
62
45
781/8
77/3
36/4
25/4
%
62
43
74/a
74/4
do new pf.
Booth FUh?ri?s ....
Brit Empir? Steel. .
do 1st pf.
do 2d pf.
1000
800
900
100
600
99
8/2
14
75/4
96%
8/4
13
75/4
38/4 . 3634
37%+
26 - j/a
%
62 + 2/2
43 ? 11/4
74/2+ 1/4
77/a + 2/a
101 + 1/8
112 ? 1/a
98/a+ /8
8/4? 1/4
14 + 2/a
75</4+ 1/4
87+3
8 5k!/n E*{*?n . 1000 119% !118% 118%+ /.
- Ik vn VaaaaM T-__ iium ?? __7? .?:TT -??
10
Bklyn Rapid Tran
do rtfs.
Bklyn Union Gas..
Brown Shoe .
do pf.
Brunswick .
Buff, Roch & Pitts
Buffalo & Suso.
59900
23600
H/a
12
16%
I43/4
7%
5/2
900 1171/4 116/8 116/a? /4
1200 62/4 69/4 60%+ 1/8
400 97/a 97/2
100 2/2 2/2
91 74 73
100 78 78
Burns Bros A. 200 135/a 13434 134%?
do B
Bush Term Bldg pf.
Butte Cop & Zinc. .
Butte & Sap Copper
Butterick .
1200
1300
3500
4000
?300
Caddo Oil . 1900
Calif Packing. 1400
Calif Petroleum_ 11900
do pf . 700
Calumet & Arizona. . 1000
Coll?ihn . Zinc & Lead 68C0
Canadian Pacific...
Case Plow .
Case Thresh .
Central Leather....
do pf .
Cent of New Jersey.
Cerro de Pasco.
Chandler Motors...
Chesapeake & Ohio.
6
4
6/t do pf . 4500 105/a 105
48/;
99
7%
34%
21%
11%
85
65/a
97'/4
62/2
9%
33700 148/8
50O 4%
700 37/a
6000 41/a
2600 79
2000 215% 205
9500 40% 39/4
16400 65 61%
3500 74% 73/4
46/2
97/2
7/4
33
20/2
IOI/2
82%
62
95%
60
8%
146
4
37
3334
77 !/,
Chic ?ft Alton. 4200 234 2/8
do pf . 1100 5 4% 5 '".
Chic & East Illinois 1500 40/2 39 39
do pf . 1200 62 60 61
Chic Great Western. 820 7 6/2 6/z
do pf . 900 14% 14/2 1434
Chic, Mil & St Paul 11200 33% 32 32/4
do pf. 129C0 51/_ 50/a 603,;.
Chic ?*_ Northwestern 40CO 93 91% 92/2
Chic, SI. Pac- 14?00 45 43/2 44%
do 6% pf... 600 91% 91 91%
do 7% pf. 800 IOO/4 99% 100/_.
High Low me. Net
1922. Date. 1922. Date. In ?. *?!?". W?'?- s>__f? Co??. ??*??
89% Sept 9 69 Fe* 1 4 Chic Pn?W Tool. ?4-00 87ft 82 ?7 + ?
90 Sept 15 61 Jan 10 6 Chl*. 8t P, M A O.. 800 87 87 87 ??>
107 Sept 23 ,83 F?b 14 7 ?a ft . 300 106 106 106 -
27 Oct 8 18ft Jan 5 ? ?Chtt? Copper . 16200 26ft 25'/? 26ft? 1
83% June 1 26% Teh 27 ? Chino Con Copper.. 2800 29% 28% 28%? ft
80ft Sept 18 64 Jan 4 4 C, C, C ft 8t Look. 100 76ft 78ft 78ft+ ft
100 Aug 21 72% Jan 3 8 ?a pt. 800 98ft 97 88ft+ 1
$8ft Aug 31 43 Jan 9? Claett-Peaimdy . ?00 63% 62 83 ? ft
82% Oct 14 41 Jan 5 4 C??a-Cola .64200 82% 7?ft 81ft+ 3%
37 May 18 24 Jan 10 ? Colorado Fuel ft Iron 2600 S4ft 32 32 ? 1ft
114% Sept 14 64% Jon 4 6 Colorado fit* ft Else 11000 111ft 108ft 108ft? 1ft
63ft Apr 24 38 Jan 10 3 Colorado ft Southern 2900 49 48 49?1
60% Sept 1 49 Jan 3 4 d* 24 pf. 100 59 89 6? ?~
6% Juno 6 1ft Jan 24? Colombia Graph.... 15100 3ft 2ft 2ft? %
21 Jane 3 5 Feb 9? do pf . 900 12ft 11ft 11ft? 1ft
60 Sept 30 48% Oct 6 4 Comm Solvent A... 1100 49% 49 ?49ft+ ft
47ft Oct 9 44% Sept 29 ? do B . 860 47ft 46ft 45ft+ ft
79% Apr 26 88ft Jan S 6 Com Tab Recording. 2100 73% 70% 73%+ %
42% Oct 6 18% Feb 10? Consol Cigars. 3200 42 39 41ft-f 2%
82ft Oct 13 47 Feb 11 ? do pf . 600 82ft 81ft 82 + ft
2ft Mar 18 ft Feb 17 ? Consol Distributors. 800 ft ft ft
145% Sept 16 86 Jan ?7 8 Consol Gaa .27000 142ft 138 138ft+ %
15% Apr 20 0 July 28 ? Consol Textile . 5100 11 10ft 10ft? Vi
95ft Oct 14 45% Jan 4? Continental Can.... 21800 65ft 89 93 ft + 3
118 Oct 13 100ft Jan 1 8 do pf . 100 116 118 118 -f ?
93% Aug 22 86 Jan 3 6 Continental Inrar... 200 90 90 90 ? '/,
128 Oct 9 91ft Jan 4 4 Corn Product?.42900 128 122 128 4- *</]
120% Oct 9 111 Jan 10 7 do pf . 500 120% 120 120 ? V\
63ft June 7 31% Jan 10 4 Cosden A Co.36000 49 46% 48% ! ?f
102ft Sept 20 93ft July 29 7 dopf . 600 100ft 98% 98%? 1^
1% Sept 21 1 Sept 28 ? do rights .24300 1% 1 1%
35ft May 18 24 Aug 8 ? Crex Carpet . 40 SO 30 30 ?
98% Sept 5 62% Feb 25 ? Crucible Steel. 19100 89 85 88 -f %
100 Sept 8 80 Jan 17 7 do pf . 400 97 96 96 -
19% Mar 15 8ft Jan 19? Cuba Cane Sugar... 6800 16ft 13ft 14%4- 1*/
41ft July 28 15ft Jan 3? do pf . 17000 40ft 36ft 40 + 4y
28 Aug 4 14ft Jan 3 ? Caban-Amer Sogar. 10400 23% 22ft 23+1
98ft Oct 11 78ft Jan 17 7 do pf?.. 100 98ft ?8ft 88ft? '/
65% Apr 6 43 June 13? Davtoon Chemical... 8000 49% 44 44%? 3'/
24% Sept 6 16ft Jan 13? De Beers Co. 2400 24 22ft 24+1
141ft Sept 8 106% Jan 3 9 Delaware ft Hudson 700 138 136 138+2
143 Oct 4 110ft Feb 11 6 Del, Lack ft Western 2662 143 136ft 141%+ 3?
118ft Aug 30 100% Jan 11 8 Detroit Edison. 600 114ft 113 113%
70ft Sept 13 57ft Mar 17 7 Detroit United BH. 100 70ft 70ft 70ft
39% Aug 31 18ft Jan 4 2 Dome Mines .,. 7600 39% 38ft 38%+ 1'
10ft Apr 18 3% Jan 7 ? Dal, So Sh ft At pf. 300 6% 6% 6% + 1<
16?% Oct 10 115 May 26 8 Da Pont de Nem... 11800 167% 159 163 + 8
90ft Sept 8 80 June 12 6 do deb . 400 89 86 88 _ !
88ft Aug 29 70 July 3 8 Eastman Kodak_ 7600 86ft 85 88%? '
23% Aug 31 14ft Jan 28 ? Elk Horn Coal_. 1200 20 19ft 19ft? ?
57% Oct 4 40ft June 17 3 4 Electric Stor Battery 9800 66 64ft 64%? '
11ft Jan 2 2% Jan 3? Emerson-Brant . 100 5ft 6ft 6ft? 1
89ft Sept 1 76ft Jan 7 '8 Endlcott-Johrtson .. 6800 86% 84ft 86% +
116 Sept 22 103 Jan 6 7 dopf . 400 116 118 116 -
18% May 23 7 Jan 9? Erie ., 7700 16% 18% 18 +
28ft Aug 21 11ft Jan 9? do 1st pf. 8100 26% 24ft 26 ?
20ft May 23 7ft Jaa ?? do 2d pf. 2600 19ft 18ft 18%?
31ft Oct 14 30 Oct 13? Exchange Buffet ... 12400 31ft 30 31ft+
20% June 9 14 Sept 8? Fairbanks . -500 16 15ft 16 ?
107 Sept 6 76ft Jan 10 8 Famous Players .... 11900 9*9 95ft 96%?
107% Sept 8 91ft Jon 28 8 dopf . 600 103ft 101ft 102ft?
62% Sept 20 37 Jan 13 6 Fed Min ft Smelt pf 900 60 88ft 68ft? 1
140 Oct 9 76 Jan 6 10 Fisher Body . 3970 140 132 136 + 1
103ft June 14 76ft Jan 6 8 Fisher Body Ohio pf 500 95ft 96 96 -
19ft Apr 25 11ft Jan 10? Fisk Rubber Tire... 6100 14 12% 13%+
28ft Oct 13 12ft Jan 21 ? Freeport Texas _ 8000 27ft 22ft 27+3
71 Sept .11 46% Jon 14 3 G?n Amer Tank_ 5800 70% 66ft 69 + 1
104% Oct 10 96ft July 14 7 dopf . 300 104%.102% 104 ?1
73% July 20 66ft Jan 26 ? Gen Asphalt.30200 68ft 62 63%?
111 July 20 90 Jan 9 6 dopf . 300 100 98% 100 +1
83 Sept 2 65 Mar 3 6 Gen Cigar . 1200 80ft 79% 80 ?
106 Sept 1 100 May 6 7 dopf . 100 105 108 106
188ft Oct 14 138 Jan 9 8 Gen Electric . 3500 188ft 179% 186%+
12 , Sept 14 11ft Sept 12 ? do when Issued.. . 1300 12 11ft lift
loft July 5 8ft Jan 31 ? Gen Motors .136600 18ft 14% 15ft+
86 Sept 2 69 Jan 24 6 do pf . 200 84ft 83 83 ?
86 Sept 1 67% Mar 6 8 do 6% deb. 300 85 83ft 83ft?.
100 Sept 1 79ft Fob 1 7 do 7% deb.. 100 98 96ft 96ft??
46ft Oct 13 44ft Oct 13? Cimbel Broa, Inc.. 3600 45ft 44ft 44%+
102% Oct 13 102ft Oct 13 7 dopf . 500 102ft 102 102 ? I
18ft June 2 13ft June 30 ? Gltdden Co . 600 14 13% 13% +
8ft Oct 7 6ft Sept 28 ? Goldwyn Picture? ... 9500 8ft 7ft 7ft?
44% May 29 S2ft Aug 7? Goodrich, B F. 1700 35ft 33% 36 -
91 Apr 24 80ft Jan 7 7 dopf . 200 84 82ft 84 +
35 May 24 25 Apr 27 ? Granby Mining .... 1400 31% 31 31ft?
19% May 31 11ft Sept 20 ? Gray ft Davis. 400 12 11ft 11ft?
96ft Sept 15 70ft Jan 10 7 Gt Northern pf. 12900 P4% 92% 94%+
46% Apr 13 31% Jan 4 4 Gt North Ore sab?.. 7900 40ft S8ft 39 ?
34% May 29 26% Feb 27 ? Greene Can Copper. 200 30ft 30 30 ?
14% Mar 17 6% Feb 17? Guantanamo Sugar.. 1700 12ft 11ft 12 ?
19 May 22 5 Jan 4 ? Gulf, Mob ft Nor... 100 15 15 15 ?
47 Sept 16 10 Jan 3? dopf . 300 43ft 43ft 43ft+
94% Ott 13 44ft Jon 9? Gulf States Steel.... 32100 ' 94% 90 92% +
3% Mar 10 % Jan 20 ? Habirshaw Electric. 700 1% 1% 1%?
103 Mar 13 80ft July 14 7 Hartman Corp . 600 85ft 84% 84%?
27ft Oct 6 18 Jan 12? Hendee Mfg . 1000 26% 22ft 23 ?
75 Apr 11 55 Jan 3 3 Homestake Mining.. 400 71ft 70ft 71ft?
91% Oct 9 70 Jan 9? Houston OU .24200 91% 86 86ft?
24 June 15 19ft Aug 1 2 Hudson Motors. 4500 21% ?21 21%+
23% Sept 12 10% Jan 8 1 Happ Motors . 9500 23 21% 22%+
14ft June 3 3ft Feb 9? Hydraulic Steel. 2900 8 7 7 ?
115% Sept 15 97ft Jan 3 7 Illinois Central..... 2800 115ft 114 114ft?
116 Oct 7 106% June21 6 do pf. 700 115% 114 114 ?
77 Oct 11 70 Jan 16 4 do leased linas... 100 77 77 77 +
6 Sept 16 3ft Jan 21 ? Indiahoma Refining. 5300 4ft 4ft 4%?
11% June 7 6% Jan 16? Indian Refining_ 200 8ft 8 8 ?
46 June 1 37ft Feb 11 ? Inspiration Copper.. 3100 39ft 38% 38%+
5 Apr 8 ft Oct 9? Intcrboro Con Corp.. 43700 1ft ft %?
12% Apr 8 % Oct 10 ? do pf . 34300 3 % 1ft?
32ft Aug 24 27% Oct 13 ? Intcrboro R T w 1.. 140p 30 27% 28 ?
43ft Mar 14 33 Jan 10 ? Inter Agricultor? pf 600 37ft 36ft 36ft?
38% May 8 26 Jan 23 2ft Inter Cement . 1400 32ft 32 32ft +
30ft Sept 21 20ft June 12 2 Inter Combustion... 12400 28ft 26ft 27ft?
26% June 20 22ft Juno 2 ? Inter Great Northern 300 25 23% 25 +
115% Aug 14 79% Jsn 3 6 Inter Harvester. 160? 112 108ft 11 Oft?
119 Sept 18 105ft Jan 3 7 dopf . 800 118% 118% 118%?
27ft May 3 13 Ang 24 ? Inter Merc Marine.. 2300 15 14ft 15 ?
87% May 3 53ft Aug 24 6 do pf . 31800 63ft 59% 62% +
19% Apr 24 11ft Jan 9? Inter Nickel . 8400 17 16ft 16%?
84ft Sept 19 60 Jan 3 6 do pf . 200 82 82 82 ?
61% Oct 13 43ft Mar 8-Inter Paper . 38800 71% 68% 82% +
80ft Sept 11 59 Mar ft 6 do pf stamped..., 200 77% 76% 77% +
20ft Apr 17 12ft July 20 ? Invincible Oil . 33100 17ft 16% 16%?
63 Oct 14 24 Jan 5 ? Iron Products Corp.. 29900 53 49ft 62 +
3 Jan 23 % Apr 6? Island Oil . 5000 % % %?
22ft May 2 10 Jan 4? Jewel Tea . 5803 20% 18% 20ft+
73ft May 28 38ft Jan 4 ? do pf . 200 64ft C4ft 64ft?
53% Sept 13 34ft Feb 11 4 Jones Bros Ten- 2300 50 48% 60 +
30ft Apr 25 22 Jan 26? Kan City Southern.. 8300 24 23ft 23%?
59ft Apr 26 52% Jan 3 4 do pf . 300 37ft 56ft 67 ?
7ft Jan 3 2 Oct 9? Kansas & Gulf. 14400 3% 2 3 ?
45% Aug 3 34 May 1 ? Kayscr, J . 3100 46% 44% 45%?
106ft Jan 10 94 May . 1 7 do pf . 300 104 104 104 4
53% May 6 34ft Jan 4? Kelly-Springfield.... 19200 45ft 41% 44% 4
107% May 9 90ft Jan 4 8 do 8% pf. 100 103 103 103 4
111 Apr 6 61 Jan 16 6 Kelsey Wheel . 600 104ft 103 104ft4
106 Mar 31 90ft Jan 23 7 do pf . 100 W 104 104 4
39% May 31 25ft Jan 3? Kennecott Copper.. 6000 35 34ft 34ft
24% May 4 7ft Sept 27 ? Kcyslonc Tiro. 5100 8% 7% 8ft
139 Oct 4 110 Jan 9 7 Kredite, S S. 15C0 185 181 182 -
84 Oct 14 44 Feb 27? Lackawsnna Steel.. 18000 84 81 84 H
94ft Aug 28 4?. Jan 13 7 Laclede Gas . 800 91 90% 90ft
39% June 6 10 Feb 2 ? Lake Eric ft West.. 400 35% 35ft 35ft
76ft Sept 22 26ft Feb 8 ? do pf . 200 75 75 75 -
35ft Mar 16 24% Sept 9 2 Lc* Rubber & Tire. . 17O0 27 , 25 27 -
72 Sept 9 58% Jan 3 3ft Lettish Valley. 18500 09% 68ft 69 -
65% Sept 1 52% Aug 15 3ft Lima Locomotive... 19900 63 60ft 61%
122 Sept 9 107ft Jan 5. 7 Liir.ett & Myrers pf 200 121% 121% 121%
23% Sept 18 11 Jan 31 ? Loew's Co, Inc. 13100 21% 20ft 20ft
14ft May 3 9 Jan 4 1 Loft Candy . 1100 13ft 12% 12ft
' 67% Sept 11 36 'Jan 4 ? Loose-WUea Biscuit 1600 63ft 59ft 50 -
104 Oct 11 97 Jan 3 7 do 1st pf. 100 104 104 104 -
180 Sept 8 147ft Jan 6 12 Lorillarr!, Pierre_ 200 174 174 174 -
144 Oct 14 108 Jan 6 7 Louisville ft Nash.. 2300 144 137ft 141 .
61% Sept 11 25ft Jan 6? Meek Truck . 6500 59% 58 58ft
94% Sept 11 68ft Feb 27 7 do 1st pf. 1500 94ft S3 94 .
673/4 Sept 19 64 Jon 6 7 do 2d pf. 200 87ft 87ft 87ft
107 Aug 30 72 Jan 5 6 Mackay Cos . 400 99 99 99
69 June 1 57 Jan 12 4 do pf . 100 ?S% 68% 68%
35% Sept ?8 32% Oct 14 ? Magma Copper . 2000 33% 32% $2%
40' Mar 28 15ft Jan 16 ? Maltinson & Co- 7500 35% 33% 34ft
95 Oct 11 62ft Jan 23 7 do pf . 1C0 95 93 95*
62 Mcr 13 30ft Jan 3 ? Manati Sugar . 1200 44ft 42 ' 44
84ft Sept 13 73ft Apr 3 7 do pf . 100 81%. ? 81% 31-%.
58 Auk 30 35 Jan 5 7 Manhattan Guaranty 4300 56ft 53 56ft
56ft Oct 14 44 July 24 ? do ctfs. 6400 55 52% 63ft
44% Oct 13 32 Mar 6 2 Manhattan Shirt .... 7800 44% 42% 44ft
11 Mar 14 3 Jan 3 ? Market St Rway_ 200 7ft 7ft 7ft
50ft Apr 11 17 Jan 9? ?o pf . 100 37% 35ft 35ft
63 Sept 23 35 Jan 3 6 do prior pf. BOO 68% 66 68%
46% June 19 22% Jan 6 4 Marland Oil .17500 39% 38ft 38%
26% Mar 27 8ft Mar 5 ? Marlin Rockwell ... 200 17ft 16 17ft
36ft June 3 20ft Jan 3 2 Martin Parry Corp.. 1800 30ft 29ft 30
50ft Sept 8 22 Jan 11 ? Math Alkali Works. 1100 48ft 47 47ft
74% May 17 46ft Feb 14 ? Maxwell Motors A.. 2600 57% 85% 57ft
25% June 8 11 Feb 15 ? da B . 5700 18ft 17 17i/
141ft Oct 6 101 Jan 3 8 Mo? Dcpt Stores... 2500 141 134 137J/?
115 Apr 22 1C6 Feb 20 7 do pf . 200 115 115 115
21% Mar 23 13ft Mar 14 1 Mclntyre Mining ... 1300 18 17% 17^
?07% Oct 14 106% , Jan ' 10 12 Mexican Petrol _1227000 207% 184ft 201 i-j
99% Oct 13 79% Jan 12 8 dopf . 400 99% 98ft 89?1
34ft July 13 14ft Oct 5 6 Mex Seaboard Oil... 1300 17% 18 16"/
32ft July 13 12 Oct 6 6 do clfs . 1100 16% 12ft 15'/
31% May 31 25% Feb 15 2 Miami Copper . 200 29 28 29V,
248 Oct 6 186 Feb 4 4 Michigan Centrai... ?8 236 236 236
16 Apr 17 11% Jan 10 1.20 Middle States Oil... 4700 14ft 12% 135-1
46ft May 17 27ft Jan 3? Mid vale Steel ...... 8100 35% 33% 34-51
14ft Apr 29 6 Jan 6 ? Minn ft St Louis., 100 8ft 8ft 8'/
18% Aug 25 7ft Jon 11 ? Mo, Kans ft Tex new 6100 18ft 17ft 17*
48% Aug 30 24ft Jan 2"'? do new pf. 2300 46 44 48
39ft Sept 22 34 Sept 21 ? de pf. 400 37ft 37 37?/
25ft Apr 18 16 Jan 10? Missouri Pacifie .... 4700 22ft 21 21?
63?4 Sept 15 43ft Jan 31 ? ?? pf . 5400 69% 88ft 58*
76% Sept 1-83 Jan 4 3 Montana Power .... 300 72ft 72 72
110 Aug 29 100ft Jan 6 7 dopf . 200 109ft 107ft 109?/
23% Aug 11 l2 Feb 11? Monty Ward . 4600 22ft 21ft 21'/
17% Oct 4 13 Aug 28 1 Moon Motors . 12500 17% 16 16?/
11% Sept 5 10 Dct 1S ft Mother Lod? Mines.. 8300 10% 10 10
21ft Apr 28 10% ?Tan 9? Nat Acme .,. 200 18ft 14%14*
217 Oct 13 123ft Jon 4 7 Not Biscuit.... 12200 8*r 198 214
128ft Oct 3 113ft Jan 4 7 dopf ........... 400 128 1? 1f2
66% Sept 13 -2? Jo? S ? Nat Cteak A Suit.. 700 ??.; Wft ?1
4ft Apr 13 1 Jan 21 ? Nat Conduit ft C?Mo 800 2 <? ?1ft 1y
88% Oet 9 30% Jo? 11- No* _M? ft Stamp. 12700 86%,?4ft ??*
108 Sept 9 81 Mar 7 7 dopf ., 400 10tft 101 101
(OwnlMm. oa ?at? sb-tees) *'
KlDOER, Peabooy & Ca
18 Broad St 115 Oefons?iire S?
45 East 42? St. 2 f 6 Berkeley St.
NEW YORK BOSTON
10 Weybosssi St, ?m\itmt 8. f.
Government Bonds
Investment Securities
Foreign Exchange
Letters of Credit
Investment Circular
on request
Correspondents of
BARING BROTHERS & CO., LTD.
LONDON
Bonds for Al!
Investment
Purposes
To Yield About
4% to 7%
U. S. Gov't
State
Municipal
Railroad
Public Utility
Hydro-Ele?ctric
Industrial
Foreign Gov*t.
5en?i for Boni Circular 641
33 Pine Street, New York
Philadelphia Pittsburgh
Baltimore Washington
Members New Tork Stock E_ccl?_nfs
WE DEAL IN
STANDARD OIL
OF NEW YORK
$25 Par Value
(When Issued)
STANDARD OIL
OF NEW JERSEY
(Whtn Issued)
Wm* C. Orion & Co.
54 Wall St, N. Y. Te,'. Hanover 9S90-SS97
WEAK & STRONG POINTS
OF INVESTMENTS
Dlcacussed without bias In
"An Jnvcaatorx Catechism."
Ask for Booklet B-7
Lawyers Mortgage Co.
SC Nassau St. 184 Montague St., Bklyn
Independence Indemnity
Applies for a Charier
New Philadelphia Company to
Undertake Casualty and
Surety Business \
Application has been made to t_i>
State of Pennsylvania for a charter
for the Independence Indemnity Com?
pany, which will undertake a general
casualty insurance and surety business.
The head office of the company will
be in Philadelphia, and the interests
which are organizing the company ex?
pect to erect, through a separate hold?
ing corporation, a head office building
for the company on Independence
Square upon a site already secured1,
facing Independence Hall.
The company will have a commencing
capital of $1,000,000 and a surplus of
?2.000,000, all of which has been under?
written by the organizers, with the a_>
???stance of Br*>wn Bros. & Go. an<3
West & Co.
The Pennsylvania company for In?
surances on Lives and Granting An?
nuities?the oldest trust company of
Pennsylvania?has offered to advance
the full amount of S3,000,000 until sueh
time as the stock is allotted and paid
for by subscribers, in order that there
may be no delay in the issuance of a
license and commencement of actual
operations. Charles H. Holland has re?
signed friiti the presidency of the
Royal Indemnity Company end th?.
Eagle indemnity Company to accept th?
presidency the Independence Indem*
nity Company.
Day's New Issues
A syndicate composed of Harris,
Forbes & Co., E. H. Rollins is Sons,
the National City Company and Coffin
& Burr, Inc., is offering a ne*r issue
of $10,000,000 Southern Cttiitornm
Edison general and refund??"??? atortga&ft
5 per ce.it gold bonds, due Febr i*rf !,
1944, at 95 and interest, yieldiftif ab***
5.40 per cent.
Frank B. Cahn & Co. and Ritter &
Co., of New York, and the Met rststii?
Trust and Deposit Company, of Baft*??'
more, are offering s new issue of f2*r*V
000 Cumberland County, N. C.? 1
per cent road bonds, due serially &??>*
1927 to 1961, at prices to yiei? ? 9|
per cent.
The new issue of $3,822,000 ?5?t
Norfolk, Va., direct obligation, f
is offered for subscription to-d?
the banking syndicate compose
Hayden, Stone & Co., Lee, Hij^****$?
Co., William R. Compton Company anti
Brown Brother? & Co. Of the ttA*A
amount $1,172,000 ara 4h% pet ?a?**'
bonds, due October 1, 1947, and offer?
at 10i*i_ and interest to yield 'api^
4.40 per cent, $660,000 are 4->_ per cea*
bonds, doe September 1, 1972, ?ni ?#t
fered at 102 and interest to yield alto?*'"
4.40 per cent, and $2,000,000 *r?r
per cent bonds, due May 1, ISSU, <
offered at 108% and interest, to ?I
about 4.50 per cent The bonds
non-callable. T