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The New York herald. [volume] (New York, N.Y.) 1920-1924, May 16, 1921, Image 14

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Profits .
on Foreigns
Foreign Exchange and For
eign Securities enjoyed a
broad rise in prices last
week. Holders and pro
spective buyers of Foreign
Exchange and Securities
should read our
''Weekly Foreign Letter"
which explains the salient
facts to the layman in a
way he can appreciate.
You incur no obligation by
asking for a copy of
Foreign Letter 372
Morton Lachenbruch & Cq
42 Broad Street. New York.
-MEMBERS
Qua$o Stock Exchange Detroit Stock Exchange
Pittsburgh Stock Exchange
STANDARD
OIL
STOCKS
Successful Oil Companies
are strong in three things:
1. Management
2. Strategic Location
3. Financial Condition
All these factors are pres
ent in Standard Oil Com
panies, making their securi
ties sound investments.
A booklet containing statis
tics of the Standard Oil
Companies will be sent
upon request.
Please Mention No. 211
GEO.A. HUHN&SONS
f New York Stock Exchange
Philadelphia Stock Exchange
Memberss chlcago stock Exchange
k New York Cotton Exchange
111 Broadway 1418 Walnut St.
New York Philadelphia
STANDARD
0
1
L
ISSUES
WEEKLY SUMMARY
ON
STANDARD OIL
AND
MISCELLANEOUS OIL
SECURITIES
contains timely information
regarding the developments
in the oil situation.
Will be mailed
free on request.
ARL H.PFORZHEIMER & Cu
Oealfr* in Standard Oil Security*
25 Broad St. I'honfs 4860-1-2-3-4 Broad
Five Issues
of
Income Tax Free
Municipal Bonds
Maturities from 1923 to 1951
Prices to Yield
6.25%
Further particulars upon
request for Circular H-28
^?0^GoKooa
"WADDELL
Ground Floor, Sinner Building
89 Liberty Street New York
Holdera of
Goodyear 8s
and every investment house
in the country will want the
tahle of yields at) various
prices and redemption dates
in this week's
Barron's
The New National
Financial Weekly
Ordinary bond table* *hnw yields
on ii par of I'M) while the*e bonds
are nil redeemable at I<0.
This copyrighted table Is
not elsewhere available.
.41 principal nctiH-etanrla. 20c
Editorial anil business office
44 Broad St. New Vork
An advert i*emt of in the I,oat and
Found, column* of TlfF XR1Y YORK
HFRAhn nflrrr a tral poaail/iltty of
tooovartny your loot properly.
FINANCIAL NEWS
AND COMMENT
Germany's Acceptance Will
Have Real Effect on Trade
When Payments Begin.
HOPE IN EXCHANGES* RISE
"Railroads Make Retter Show
ing With Indications of
Increased Traffic.
As the markets all through the read- I
mstment period have been directed more |
i I y considerations of the future than by j
' things of tho present, it Is natural that ;
j they should now be seeking to discount |
tne results of the German reparations
agreement rather than the arrangement
itself. Germany's consent to pay sonv
$,!3.000,000.000 is already old news; It is
more interesting to estimate what the 1
acceptance means in terms of American
j cotton, grain and copper,
j The uncertainty of th-3 outlook In re- ,
| speot to raw materials and foodstuffs j
may perhaps be described completely !
| in recounting what happened last week, i
After the agreement was reached cotton j
developed more weakness than had been
seen in several weeks, while wheat prices j
advanced with less vigor than they did
before the decision In Berlin, and cop
per clung rather closely to the old es
tablished figure of 13 cents a pound.
It is evident that the reparations are
going to fnean most to France, B-ilgium,
I'nglar.d and the United States when
initial payments are begun. There can
! not be immediately a cash realization
for holders on the bonds which Ger
many is requir?d to give, and in the
meantime the shadow Instead of the
substance of actual reimbursement for
war expense and damage must suffice.
When tl>i time arrives for converting
these bonds into money or loans, then,
and probably not until then, will the
concrete value of the reparations de
cision be discernible.
The financial and business signs point
toward a turn of thought to domestic
problems soon in this country, leaving
the reparations as something to be taken
up iater. What of the railroads and in
dustrial conditions, in which evidence of
unsatisfactory results have again ap
peared in reduced or eliminated divi
dends?
The last week in the stock market was
noteworthy for what seemed to be a re
version of sentiment to the pessimistic
condition of last February. Industrial |
shares fell with considerable violence
at times, accompanied by comment to
the effect that the rise of April had been
built on a false bottom. With the rail
road issues the movement of the week,
j while less pronounced than with the
producing company stocks, was down
. ward. The market process was in the
way of undoing the constructive work of
1 six weeks or more.
But the question may he raised
whether one looking for a signboard
toward future occurrences did better in
examining the foreign exchanges than
the stock market. Kxchange quotations
were undoubtedly directed forward by
tho reparations agreement itself and
also by expectation of better trade to
grow later out of the reparations.
The foreign exchanges seemingly dis
counted the future in the rise of sterling
to $1 to the pound, while stocks were
concerned with interna! effects of the
recent speculative advance. Cotton and
grain probably were retarded by the
sheer weight of supplies, present and
prospective, but the exchanges a~ted as
though freed of shackles which had hern
holdlpg the rates hank for virtually a
full year. The virility of European rates
suggested that, under the known condi
tions of trade, which showed a theoreti
cal debit balance of more than $1,000,000
for the I'nited States on merchandise
and gold movements in April, the ex
changes were paving the way for an in
crease of foreign purchases In this coun
try. As exchange rises foreign curren
cies will buy more and more in our mar
kets. While the advanre of exchange
has unquestionably been partly the re
sult of a declining merchandise flow from
our shores, the upturn makes easier
purchases here later.
flood Sinn for llmlnrM,
There Is. perhaps. as much If riot morn
encouragement for business In the ris?
of exchange than In reports of dulness
in steel, the automobile trade and else
where. In tlm.? the recipients of repara
tion bonds will be able to establish
through them credits abroad, but be
<
fore this time arrives It In more than
possible that other forcea working 1.1
the Ir ternatioral money market will
l ave done much toward the reestnhlleh
ment of foreign purchases In the United
States and other countries
A little light Is coming out of the
railroad darkness, miring March (he
roads earned 38 per cent, of the net
op- rating revenue calculated as neces
sary to make the preset tbed return
upon their Investment. That la poor
enough, to he 'lire, hut a great deal bet
ter than the deficits of January and
February. In March th.* higher freight
rates were sufficiently able to overcome
a fall of traffic to return a grosa reve
nue almost the sarr?3 aa In March "f
last year. And operating expenses were
nearly '?< per cent, lower than In March.
l*Ji. which meant that Instead of 90
cenl. of every earned dollar being paid
out In eosta the outlay waa 87 centa of
every dollar taken in
The railroads ar'- meeting with some
success In controlling their expense ac
counts. This is partly due to the re
duction by lon.OPn or working forces since
lost September, and If th fe may he H
rodudkvi of basic wages soon the out
look for economical opei iilon will he
better In a few necks. Cutting expcn?es
will not. of course, solvu the problem of
profits and dividends, but If the move
ment of the foreign exchanges and the
relaxing of lending rate< foi mnnr, and
credit mean nn.v thing It Is the proba
bility of a traffic Improvement, later In
^ I he year. ^ ,
TOTAL TRANSACTIONS IN THE NEW YORK STOCK EXCHANGE
WEEK ENDED MAY 14, 1921.
ca!efi
n?ng
? 1921
Plv
Plv.f
Biea
Low.
\ n id.
111 1
46
264
19 4
NU.
52
45
12.37
6
40
324
11.11
4
394
254
14
4
? ? 1
14
1
??
554
38 4
8.S9
4
934
874
7.78
71
35 4
294
10.96
4
83
75 4
9.16
7'
654
454
17.03
8,
84
724
8.22
6
"4
47
7.77
4I
494
434
6.19
3
51
36 4
654
464
10.42
5
53
42
8.33
4
92 4
834
7.61
7
324
25
88
774
8.33
*7
1294
120
9.44
12
29
204
234
194
67
51
? ..
84
6
135
120
6.15
*8
124
8
544
40 4
594
42
7.14
4
65
57
9.38
6
534
384
--
114
84
10.00
1
. 62 4
34%
8.33
3
93
734
9.52
7
914
814
6.90
6
1074
100
6.76
7
734
66%
5.67
4
10
6%
11
6\
414
34%
83
684
8.97
*7
714
63
8.45
6
_
1921.
4.613.13o
2000
17700
1000
4700
700
1900
100
300
Sale?.|
2200)Adams Express Co
300 Advance Rumely
400 Advance Rumely pf
400 Air Reduction
3300 Ajax Rubber
6200!Alaska Ooli Mining
Alf.fika Juneau
Allied Chemical A Dye..
Allied Chemical & Dye pf
Allls Chalmers
Allis Chalmers pf
Amer Agricultural Chem
Amer Agri Chemical pf..
Amer Bank Note
100 Amer Bank Note pf
6650 Amer Beet Sugar
43400 Amer Bosch Magneto...
30O;Amer Brake Shoe & Fdy
200 Amer Br Shoe A Fdy pf.
12800 Amer Can
800)Amer Can pf
4100|Amer Car A foundry
100 Amer Chicle
7001 Amet Cotton Oil
610iAmer Cotton OH pf
SOO Amer Drug Syndicate...
1300'Amer Express Co
3900!Amer Hide A Leather...
8400'Amer Hide A leather pf.
600; Amer Ice
500, Amer Ice pf,
34000'Amer International Corp
1400'Amer I.a France Fire E.l
lSSOO'Amer Unseed
500L\mer Linseed pf
85001 Amer Locomotive Wks..l
400'Amer Loco Works pf....j
200!Amer Radiator
19640 Amer Safety Razor |
8100 Amer Ship A Commerce.
21100'Amer Smelting A Refln..
1000 ? Amer Smelt A Refln pf.
200 Amer Smelting See A...
1069(11 95 | 7.56| 8| 40o|Amer SnufT
3 1600'Amer Steel Foundries...
71 1001 Amer Steel Foundries pf
7 7300!Amer Sugar
71 1100 Amer Sugar pf
8 117200'Amer Sumatra Toibaeco.
7 2001Amer Sum Tobaoco pf...
9' 52600 Amer Telephone A Tel..
. 16400'"Amer Tobacco
.! 5700j'Amer Tobacoo B
6 400lAmer Tobacco pf new...
71 39200jAmer Woolen
300 Amer Woolen pf....--..
800'Amei Writing. Paper pf.
500lAmet Zinc, Lead A S....
600[Amer Zinc, Lead A S pf.
2730O1 Anaconda Copper Co....
400'Assets Realization
SOOjAssoclated Dry Goods
900'Associated Oil .Co
.84% 77>? 7.36' 6 410o'Atchlson, Topeka & S Fe
9% 734' 0 49 5l 1200 Atchison, Top A S Fe pf.
74 2Vi| ..! ... 5200 Atlanta, Birm A Atlantic.
/? 1 - r- ' O ~4 7 1 OAA ' A 4 la nt T.lnf
314!
28%
10.00
51 |
85
8.00
96
864
7.69
1074
100
6.86
88
55
13.33
51 |
80
8.75
1084
954
8.57
127-V1124
125
110
94
87
6.67
824:
57
9.22
97%
93
7-14
394!
94)
29%
8
33 1
26
434'
33%
34
2
354!
24
11.76
1074
94
5.94
20 1
76 304
44 4! 29
15 10 8.33
864 77 , 3.54 7 1900'Atlantic Coast Line
9' 5 ! 4400lAtlantic Fruit
234 i 17 ! 3.57 634c 3400;*Atlantic Petroleum
1125 1923 ! 1.86 20 18|Atlantlc Refining
400 Atlas Tack
853001 Atlantic, Gulf A West I..
500iAtlantic, Gulf A W I pf..
30o'Autosales pf
94 41 82V* 8.00: 7; 43400 Baldwin Locomotive Wks
024' 97 ! 7.001 7) 100[Baldwln Loco Works pf.
424! 304 .. 62600 Baltimore A Ohio
54 1 47 | 7.84 4, 2700.Baltimore A Ohio pf
35 i 234,10.00' 24 600 Barrsdall B
1 iv^t . .1 ' 400'Batopilas Mining
6241 504 8.62! 5: 700 Bethlehem Steel
107'<.1 994 7.69 8 200'Bethlehem Steel 8 p c pf.
" 5; 44700 Bethlehem Steel B
800'Booth Fisheries
600(Brooklyn Rapid Transit..
500 Brooklyn R T ctfs
2300*Brooklyn Union Gas..
65 ! 534 8.33
5% 4 ; ..
14% lOVij ??
10 64'
664 51 ??
541 34
914 81 4111.24
20 I 144' ??
6 : 44; ??
154 10%!
194) 114) ??
6441 54 10.00
464
79 I 68 4 8.9
SOOjPrunswick Term A R R..
10! 100 Burns Bros
..! 1400 Butterlck Co
..) 3300 Butte Copper A Zinc
. J. 20001 Butte A Superior Copper.
.J 5200'Caddo Central Oil A Ref.
6 2900 California Packing Co...
30600 California Petroleum ...
7' 900'California Petroleum pf.
741 "44!S9 74 2 5200'Caliahan Zinc A Lead...
53 I 414' 7.84 4[ 4O0'Calumet A Arizona
1194I10841 8.74) 10 18600)Canadlan Pacific . ... j
104! 54| ??! ??! 200jCasfc U I) Plough wkjL.j
84 6
12 ; 11
641 41
6 6
64 41
?4'.74
?' V* I I Si
204 1 ?"> 4
854 17 8.54! 7! 200 Case (J I) Thresh M pf.
434 310,; ..! 31400jCentral Leather
96 684 8.97; 7' 2400 Central Leather pf
209 190 ? 3.961 8 225 Central of New Jersey...
S2V21 23 ' ..! ?? 20600|Cerro de Pasco
86 * 64 115.16 10'; 98400 (.'handler Motor
65 4 554 ! 6.35! 4! 12400'Phesapeake A Ohio
1 400 Chicago A Alton
lOOlChlcago A Alton pf
2600 Chicago En Tr ctfs
100Chicago A E 111 1st paid.
2300 Ch A E I pf eci tr ctfs... I
6000 Chicago Great Western. .
4800 Chicago Great West pf..
31 "I 23 ..' 25000iChicago. Mil A St Paul..
464! 36 ! ..)..) 19500 Chi. Mil A St Paul pf
71 604! 7.58 5 5000 Chi A Northwestern....'
110 99 6.93' T1 300 Chi A Northwestern pf..)
704 584 12.90 8' 1KO0 Chicago Pneumatic Tool.'
34 ' 224 . .. 45100'Chtcago. R I A Pacific...)
4 564 9.09 6' 2100 Chi P. I A Pac 6 p c pf. .
78 ' 684 9.09' 71 1000 Chi. R T A Par 7 p c pf..:
124' 9 .. ..! 18200lChlle Copper.
274! 10 ' .. ..! 6500'Chino Copper
18 ' 85 ! ... .J 300 Clev. C. C A St I?uis I
66 60 ' S.ooj 5! loolciev. C. r A St Louis pf. .
624 41 .. ..' lOO.Cluett. Peabody A Co.
3141 19 I ..( .. 5500:Coca-Cola
32 4 26 4 9.84 3! 1200,'Colorado Fuel A Iron...
394 - 274 ?? ?? 1700'colorsdo A Southern
534 49 1 7 69 4 100 Colorado A Southn 1st pf.
63 664 10.00 6 5100 Columbia G A Elec
124 54 . .. 27700'Coliimbla Graphophone..'
624l 34 19.45' 7' 1700)Col Graphophone pf
42Vi 344! S.76| 41 3800 Comp Tab Record.
80 65 ,10.22 ?' 100Consolidated Cigar pf...
59%i 39 ! 17.501 7 1000 Consolidated Cigar
904 ; 774, 7.87) 7] 13700 'Consolidated Gas
1000 Consolidated Textile.
1 OOOConsolidated Distributors
21%
17%' ..
12
64
'?
66
474,14.58
1 !
"j
76 4
1 . ,
65 5.44
41
105
100 6.76
71
44%
25% 7.14
24
49%
494 6.00
6
107 4
78 10.18
8'
334
20% !l6.86
4'
95
87 4 8 00
7
26
1?4
67%
574 11.48
7
31
23 12.91
4!
103%
90 8.22
9'
240
202 4 4.17
10'
2%
%
44
" !
96
96 | 8 33
8'
75
664 10.66
81
214
104 5.13
1
44
3
254
17 ..
'A
694
52 7.69
5
15%
11%
??
224
17 !
15%
114
41%
38
82%
?18 10.96
8.
90
76 % I 8.99
8'
9
5%
29 4
23 35.16
71
90
79 11.12
10'
19%
114
? ?!
204
13%
54
I'.l
53
131* 4.00
0
78%
10%
1174
80 ! 4.72
5j
62 4
54 10.00
6
1384
1204 5.86
8
16 %
12%!
1'
72
66%, 8.51
fil
70%
63 ! 8.82
6
82
69%' 8,87
7
914
77 9.41
8'
44%
34 %
25
1 7 . .
J
16%
94
794
664 10.00
71
52%
28% 13 33
41
25%
18%
16%
11% 15.38
0
114
74'
26
21 1
48%
26%
25",
144 ?
60 %
54 7 02
i
61
19 4 1"
25 c
16%
1141 7.50
1
7000jContlnental Can
1800Continental Candy
13100 Corn Products Ref
200JCorn Products Ref pf. ...
61000 Cosden Co 1 ...... .
lOO Ci ex Carpet
76600Crucible Steel Co
12300jCuhan Am Sugar
200'Cuhan Am Sugar pif....
15200'Uuha Cane Sugar
1700 ("nha Cane Sugar pf. . . .
2200|Davison Chemical
2600 Delaware A Hudson
1300 nelaw.ire. Lack A West.
2000 Denver A Rio Grande....
2000 Denver A Rio Grande pf.
ion Detroit Edison Co
100[Detroit United Railway.
7500|Dome Mines
100 Duluth. South Shore A A
900! Elk Horn (V>al
22lOO!Endleott Johnson
54600 Erie
7100 Erie 1st pf
1800 Erie 2d pf
100'Fairbanks C*o
25500 Famous Players-1 tosky..
.'loo Famous Players-L pf....
100 Federal Min A Smelt....
200 Kedcral Min A Smelt pf
500 Fisher Rodv
9800 Flak Rubber
I 800' Freeport Texas
900 Gaston. Williams A Wig.
100 General Amer Tank Car.
215300 General Asphalt
400'General Asphalt pf
1300 Gemral Cigar
4000 General Electric
91500 General Motors
100 General Motors pf
300 General Motors deb
300 Gen Motors deb pf 7 p c.
100 Gllliland pf
9000'Goodrich, B F
inon'Grnnhy Comol Min A Sm
5001Gray A Davis
9100Crest Northern pf
!300!Great Northern Otp
1300 Greene (.'nnttnen Copper.
110OiGnantanamo Sugar
1200 Gulf. Mobile A Norfolk..
100 Gulf. Mobile A- Nor pf. ..
4500 Gulf States Steel
500!Hendee Manufacturing .
9ao Haskell A- Barker Car....
Itoo llomestakc Mining
8800 Hupt MntOr
.'?4 .. .. 11J00 Houston <>11 .
??4 7.71 7 iron Illinois central
5 4'0.001 60c, 1600jlndl;thoma
154 94 .. 300'Indiap Refining
3741 29 41 ..1 8000,inspiration Con* Copper,
1920.
1919
3
835.209
S.608.372
1
I Nel
Hlgh.j Low.
Lut.
| Chgfc.
46
42%
42%
? 2
17%
17%
17%
? %
60
48%
48%
? 1%
87%
36%
36%
? 1%
86
32%
32%
- 2%
%
%
%
? %
1%
1%
1%
I ?
46%
43%
45%
| ? 1%
90%
89%
90
1 ? J*
38%
36%
36%
-
78
76%
76%
? 1%
47%
46%
47
? %
73
73
73
? 1
52%
51%
51%
? %
48%
48%
48%
+ %
41%
37%
39
? 2
61%
46%
47%
?14
48%
48%
48%
? 2%
92
92
92
? i%
31%
29%
30%
84%
83%
84
128%
125%
127
? i
23
23
23
? 2%
21
20%
20%
? %
54%
51
55
6%
6%
6%
+ i%
135
129
130%
1174
11%
11%
? %
53%
51%
52%
? %
57%
55
55
? 2%
64%
64
64
- 2%
52
47%
47%
? 4%
10%
9%
974
? 94
42%
34%
36%
? 6%
79
73%
73%
? 9
90
86%
86%
- 3%
104%
103%
103%
? %
70%
70%
70%
? %
7%
6%
6%
? 1
11%
141%
10%
? %
43%
41%
42
80%
77%
77%
?'i%
71%
71%
71%
4- 1%
106
105
106
4- 3
31
30
30
? 64
87%
87%
87%
_'i%
92%
89
91
102
101
10174
? %
71%
55
60
?11%
83
80
80
? 4%
108%
105%! 105%
? 2%
127%
121%
122%
121
? 1%
124%
120
? %
90%
90
90%
? %
79%
75%
75%
? 3%
97%
97%
9774
35%
33%
3574
4-1%
9%
9%
9%
2P%
28%
29%
4- 1V4
43%
41%
42
2%
274
2%
::
34
33%
34
- %
103% 1101
101
- %
84
8174
81%
- %
76%
76
76%
+ %
3%
3%
374
4- %
S3
S1%
81%
- %
8%
6%
8
+ "%
20%
18%
19%
1126
1075
1076
?25
19
18
18
2
42%
37%
38%
? 4%
35
32%
32%
- 3%
12
11%
12
? %
91%
100%
8774 88
100%ll00%
? 3%
? %
42%
38%
39%
-1%
52
5074
51
? 64
25%
2574
25%
? 1
%
%
%
61%
58
58
? 4%
104%
104
104
- %
64 %
59 74,
60%
? 3%
5%
4%'
5%
? %
12%
12
12%
- %
7%
674
674
? %
66%
59%
65
4- 4%
4%
4
4%
? %
89
89
89
? %
17%
1774
17%
- 64
5%
5
5%
4- %
15
14
14%
- 64
18%
17
17%
- 64
61%
59
60
? 1
49%
46%
49%
4- 1%
79
77%
78
+ %
5%
574
5%
- %
51%
51
51%
? %
118
11474
114%
4 %
7%
7
7%
? %
82
82
82
41
37%
39
4-"%
78%
76%
7774
202
200
202
+ 5
32
29
29%
66
? %
80
65%
?14%
65%
61%
63
- %
8%.
7%
7%
11%
11%
11%
1%
1
1%
? %
6
6
6
1%
1
1%
9%
8%
8%
? %
20%
19
}?%
-1
30%
27
164
46%
42%
4274
- 1%
69
64%
66
- %
103
101%
101 %
1 4
65
62
62
5%
34
307,
31%
r'4
67%
65%
66%
+ 1%
78
7564
77
4- V,
12%
27%
11%
25%
12%
26
4- '?
4- 64
48
41%
41 %
? %
62%
62%
62%
46
46
46
+ i
30%
28%
29%
+ %
32
30%
30%
? 1%
39
36
36
2
52
52
52
? 1
61
59%
59%
? V4
8%
7
7?
? 1%
36
35
36
? 3%
42%
39%
4074
- 1%
68%
68%
68%
40%
39
40
?' '%
90%
87%
89
4 1%
1974
19%
19 %
? *4
8
7
7
? 1%
55
47%
48
? 8
i%
1%
1%
4 V4
74%
73
73%
- 1%
104%
103 %
103 %
37%
33%
35%
?
49%
49%
49%
- 5%
84
76%
7s%
? 6
26%
23%
23%
? 1%
88
87%
87%
? %
on
18%
19%
1%
62
61
61
4 %
31
29
31
4- 7
103%
101
101%
4 1%
240
226
240
%
%
T4
4"%
1%
1
1%
96
96
96
75
75
75
4*6
21
18%
19%
4 %
1%
4%
4%
4 %
24%
23
23%
1%
67%
6471.
6 1%
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%
22%
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14%
1 1%
39
39
39
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79%
71 %
73
89
89
89
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7%
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27
27%
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88
90
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16
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4974
49 7,
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69%
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113%
105 %
105 %
?11%
60
59
60
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13
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69
68
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79
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85
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70
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30
30
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24
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24
24
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59
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IS
61
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60
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76%
77%
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93
90
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6
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a7%
36
Year
In date. . .
Kmm irci
1 >lv.
Dlv.l
lllffh.j
Low.
VUUI.In 11
5%
3%
16
10%
13%
7%
67
42%
10.64
5
100%
81
7.78
110
102%
6.83
7
17 %
12%
63%
46%
11.01
6
42
30
76
72
9.59
7
64%
57%
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7
17
13%
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43%
101
99
8.94
6
75
70%
8.33
6
26
16%
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40
31
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60%
60%
6.67
4
464
3%
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4
? ?
29%
8%
28%
18%
52
45%
7.77
4
79
68
10.25
8
5474
35%
9.09
4
94
84
9.41
8
62
35
??
90
75
7-78
7
22%
16
??
??
1774
8%
??
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58%
47%
12.00
6
55%
40
14%
10
28
19
, .
29%
17%
7.41
2
66%
47%
6.48
3%
153%
138%
8.00
150
137
8.22
12
105%
97%
6,86
7
95%
94%
??
21%
15
11.43
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12%
9%
8.57
1
42
31
??
164%
136
7.79
12
103%
97
6.86
7
68
59%
9.16
6
57%
66
7.14
4
89%
64%
13.70
10
68%
39%
17.50
7
25
19
5.21
1%
21
14%
11.11
15%
7%
15
2 %
11
5%
93%
65%
9.09
8
167%
135%
8.22
12
04
88
9.09
8
7
3
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18%
16
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7
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45%
38%
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11%
11.90
1.60
33%
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24
15%
8.70
2
14%
9
73%
66
10.00
7
3
2
5%
4
,.
23
16
43%
33%
25
14%
28%
21
100
100
7.00
7
30
20%
120% 1102
6.03
7
120
106
6.25
<
36%
25%
5%
1
65
49%
10.34
6
81
69%
7.60
6
108
100%
6.80
7
6%
4%
13%
9
77%
60
9.09
6
89
70%
13.98
10
74%
66
7.05
&
64%
42
9.35
5
34%
20%
7.35
55%
44
4.60
2V*
23%
14%
20%
16
5.56
1
13%
9
10474
92
7.25
7
61%
54%
8.26
5
8874
68%
9.52
7
39
31
14.71
5
12%
8%
- 4
3%
12.50 40e.
6
4
30%
24%
7.77
2
148
115
5.63
8
1C
12%
54%
43%
4.08
2
19%
11%
54
46%
9.35
5
41%
27%
60%
88%
79%
64%
8.82
6
71%
68%
9.84
6
15%
12%
90
86%
7.78
I
41%
32%
5.71
17
8%
??
52%
33%
??
..
12
9
??
23%
15%
45
36
57
50
9.26
f?
85%
31%
9.23
3
50%
37%
51%
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42%
19%
88
68
11.36
8
11%
9%
78
69
11. ii
8
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8.06
5
88%
82%
6.90
8
85%
79
8.24
7
32
24%
* '
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12%
6.25
1
96
81%
5.75
8
104
87%
7.78
7
69
54
6.84
4
111%
98
7.77
8
61%
39%
12.20
5
36%
31
5.88
2
106
98
7.00
25%
21
6.90
1.35
15
11
94%
65
5.56
4
66
37%
4.40
2
17%
40
4.35
38%
25%
??
..
39',
23
24%
14%
6
73%
57%
to.i T
96 %
89%
7-7S
7
10
8
69%
56 %
7.69
5.20
13
11%
7.69
1
25
19%
36%
28
30%
25%
41
35
5%
2%
23%
11%
6 6?
2%
7 %
5%
12%
8%
98%
65%
102
96
7.00
7
20%
ISIfc
7
4%
49
38%
2. is
74c.
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lt%
66
38
73%
73
9.59
7
101
70
7.99
0
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19
60
51
167%
i;i5
3.34
110
105%
6.48
7
82
77
8.97
111%
85
6 31
7
37
26%
6 67
46
27%
..
.2
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13%
8.97
-
<
97
83
7.33
-
10%
7%
11.11
1
13%
7%
48
36%
14.28
6
25%
12
10%
7
45
38
7.60
3
36%
21
3.57
1
26%
16%
20%
13
175
161
4.66
8
57%
45
10.71
6
12%
8
20
16
18
6%
41%
36%
12.20
5
76
68
10.66
8
25
17%
122%
112%
8.36
10
67%
63
6 11
4
107
102',
6. S3
7
34
27%
106
86
8.12
47
13%
7 61
3%
207
97%
7 27
8
lay ?y
1921. IP JO. 1019.
.223.555 100 816,793 91.509.O8J
Baleg.f i
2000 Interboro Consol Corp..
200 Interboro Cons Corp pf
800 Inter Agri Corp
500 Inter Agri Corp pf
11000 Inter Harvester Co
200 ?Inter Harvester Co pf.
2600 Inter Mercantile Marine
4800 Inter Mer Marine pf
1400 Inter Motor Truck
200 inter Motor Tr 1st pf...
500 Inter Motor Tr 2(1 pf
8900(Internatlonal Nickel
462O0 International Paper ???
100 International Paper pf
2100 Inter Paper pf stpd--..
13500 Invincible Oil I 13%
100J Iron Products
2001Island Creek Coal Co...
15500llsland Oil & Transport.
3500'jewel Tea
400 Jewel Tea pf
20400,Kansas City Southern..
400 Kayaer (J) & Co..---.
69100 Kelly Springfield Tire.
3UU;Kelsey Wheel pf...
13400 Kennecott Copper .
13400 Keystone Tire & Rubber..
'200
5200
6200
600
2600
1000 Laclede Gas
300 Lake Brie & Western...
100 Lake Erie & Western pf.
2100 Lee Rubber & Tire
25600 Lehigh Valley
800 Liggett & M Tobacco
400 Liggett & M Tob pf B...
100 Liggett & M Tobacco pf.
100 Lima Locomotive pf
18600 [Loe-ws, Inc
2000 Loft, Inc
100 Loose Wiles Biscuit
2000,Lorillard, P
1100)Louisville & Nashville...
100 Maekay Cos
400iMackay Cos pf
300lManatl Sugar
600 Manhattan Elevated
100 [Manhattan Shirt
50o I'Mart-Parry
200jMaxrvell Chalmers B....
1300 Maxwell Motor
600|Maxwell 1st pf
900jMays Deptmont Stores..
221700]Mexican PeiroTuni
100 Mexican Petroleum pf...
1800 Market St Railway
400;Market St Railway pf. .
1000 Market St Railway 2d pf.
4500'Market St Railway pr pf.] 45%; 43
80600 Middle States Oil ' *' ""
Midvale Steel & Ord....
Miami Copper
Minn & St Louis new....
Minn. St P A S S M
Missouri, Kan & Texas..
1600 Missouri, Kan. & Tex pf.
36200 Missouri Pacific
112001 Missouri Pacific pf | 43%
1300 Montgomery Ward & Co.
500:Mullins Body
300;Nash, Chat A St Louis..
8001 National Acme
200jNational Biscuit Co., |'llf.%(ll3
100 National Biscuit Co pf..
40o|Natlonal Cloak & Suit.
8001 National Conduit & Cabl
1600 ?National Enani & St...|
6l)0jNatlonaI Lead ...
lCOINutional Lead pf.
4400[Nat R R of Mex 2d pf...]
4900; Nevada Consol Copper...
470c New Orl. Texas ft Mex..
2200 New York Air Brake....
15200 New York Central
12001New York, Chic & St L..
7400,New York Dock ] 34%|
100 New York Dock pf.
25100 N Y. New Haven A Hart.) 20V4j
1800 New York, Ont A West.,
1900 Norfolk Southern
9600 Norfolk & Western
2100
19000
400
100
4600
1800
1600
700
2100
800
2200
600
91700
900
44500
6000
100
100
168O0
North American Co.
Northern Pacific ...
Nova Scotia Steel A Coal;
Nunnally
Oklahoma Petrol A- Refln
Ontario Silver
Orpheum Circuit
Otis Elevator
Otis Steel
Owens Bottle
Pacific Development ....
Pacific Gas & Electric...
Pacific Oil
Pacific Telephone A Tel..
Pan Am Petrol A Trans..
Pan Am Petrol & Tr B.
Parish A Bingham
Penney, J C, pf
Pennsylvania Railroad.,
8600|Penn Seaboard Steel....
18900] People's Gas Light & C.
300] Peoria & Eastern
257501 Pere Marquette
300 Pore Marquette pf I 44
lOOjPote Marquette prior pf.
2300 Philadelphia Company... j
100!Phillips Jones
5700 Phillips Petroleum.
80100 Pierce Arrow
2700 Pierce Arrow pf...
2100]Pierce Oil | 10%
700 j Pierce Oil pf
2000 Pittsburgh Coal of Pa...|
200[Pittsburgh Coal of Pa pf.j
400i'Plttsburgh Steel pf ]
10000 Pittsburgh ft West Va.
lOOi'Pond Creek Coal
1900; Pressed Steel Co
200 'Pressed Steel Co pf....
SOO'Public Service N J
2400 Pullman
8600jPunta Allegro Sugar...
8600]'Pure Oil
100 Railway Steel Spring pf.
100'Rand Mines
SOOOjRay Con Copper
83000 Reading ....
33001 Reading 1st pf
1700 Reading 2d i?f
6400)Remington Typewriter.
4300 Replogle Steel
400 Republic Motor Truck.
60800 Republic Iron ft Steel..
HOo Rep Iron & Steel pf. ...
200 Robert Rels
31200 Royal Dutch X Y
500 St .1 os I .end
j 27400!st Louis A San Fran...
800 St T ouis A San Fran pf
8900 St i,nuis Southwestern.
5300 St Louis Southw pf j -10%
' 2100 San Cec Sugar
200'Sa\nge Arms
ClOOSaxon Motor
1500 Seaboard Air Line
15001 Sen board Air Line pf..
19500 Sears Roebuck
100|flears Roebuck pf
14700 Seneca Copper
900 [Shalt uck Arizona
_fi300'sho|| Trans & Tr
770oO Sinclair Consolidated...
1200 Slop's-Sheffield 8 A Iron,
loo Slosg-Slteffield 8 & I |>f
18600,Southern Pacific
11800 Southern Railway
isoo southern Railway pf...
21oo Standard Oil of N J
1900]Standard Oil of N J pf...
500 Steel A Tube pf
300 Stern l|ros pf
2400.Stewart Warner Speed..
6400] Strom berg Carburetor...
313000[*studebnker (Corporation.
100'Studebaker Corp pf
18oo Submarine Boat
lB00'8nperlor Oil
lOOjStiperlor Steel
3no Tcmtot <'ortt A Fruit A..
6300 Tennessee Cop A Chem. .
41400'Textu Co
37200]Texas Pacific Coal A OIL
56300:Texas A- Pacific
400 Third Avenue
400'Tide Water oil
405(,o'Tobn,'co Products
300 Toledo. St L A W ctfs...
100 Tol, St L A W ctfs of dep
33400]Transcontlnentnl Oil ....
100 Transue A- Williams Steel
I90n Union Mag A Paper
32900 Union Oil
14100 Union Pacific
100o|Unlon Pacific pf
lOo'I'tiloti Tank Car
600 United Alloy Steel
U'Oo I" 11 =; < d Drug Co
200 I piled Drug Co 1st pf...
3500[Unlted Fruit
1790fUnlted Railway Invest..
i
| NVt
\ High.
Law.
hast.
[ Chgr
?Hi
4
4 4
l +
V4
i
12%
13
! 9%
9
9
47%
464
46%
?
i
96 %
88%
90
?
1034
10 2%
102%
?
7i
154
14%
154
?
%
67
53 4
544
?
2%
38%
364
36%
?
3%
734
73
, 73
?
1
64
64
64
16%
154
16%
v%
69
62
664
4*
2%
101
101
101
+
3%
; 724
72
72
%
194
17%
19%
1 ?
o%
32
32
32
?
604
604
604
4%
3%
4
_
"%
104
84
8%
1
27%
27%
27%
%
28%
264
264
?:
1%
52
50%
514
+
%
78
77
78
4
3
j 50%
434
44 4
?
7%
87
80
85 .
?
2%
62
54%
54%
?
6%
90
90
90
4
1%
] 22%
21 4
21%
?
%
i 1B
154
15%
?
%
1 53
48%
49%
?
4
554
48%
55%
4
6%
14
13
13
?
%
24
24
24
?
1
28
264
27
1%
56 4
53%
53%
%
1504
148
1504
146
?
%
1 19 4
145
4
9
102
102
102
944
94 4
944
?
i%
184
164
17%
?
1%
114
11
114
?
%
37
37
37
155
149%
1544
+
3%
l']2 4
102
102
4
1
654
654
654
56
56
56
74
70
73
404
39%
40
?
4
24
24
24
18%
17
18
?
15
15
15
?
3
6
5
5%
' 89 ti
8" 72
5%
?' %
?
'2%
88%
88%
+
%
153%
144%
145%
?
8%
88
88
8S
2
I 7
54
54
1%
184
18
IV %
+
%
, 8%
7%
8%
4
1%
; 454
43
43
?
%
14%
12%
14
?
%
29%
28
28%
?
%
23%
234
23 Va
?
%
14%
12 4
13%
4
%
734
70
70
?
2V;
2%
2 4
2 4
?
%
5
4 4
4 4
?
%
23
20%
21%
?
%
43%
40
40
?
2
22%
21
21
?
1%
24
214
214
?
2%
100
100
100
4
5
22 41
214
214
?
1%
1164
113
116 %
?
1%
112
112
112
4
1
3l4i
314
314
?
1%
1%1
1%
1%
4
%
62%:
57%
57%
?
4%
80%
79
79
4
1%
102 j
102
102
?
6
u7*
5%
5 4
13%
12%
12%
72
66
66
?
3%
77 Vi !
70%]
714
?
5%
73
70% 1
70% 1
?
1%
54 4
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53 4
4
1
34%)
31
34
4
3
55%
55 %
55%
4
1%
204:
18
18
?
1%
20 41
18 I
18
?
1%
134
124
12%
4
%
100%
964
96 4
?
2%
61%
594
60%
4*
1%
72%
734
?
2%
36
34
34 4
??
2%
10
10.
10
3%
3%
34
?
'%
6
54
54
?
%
27
25%
25%
?
1%
146
143
143
?
2%
154
13%
14
?
1%
49%
47
49
<?
%
17 4
16%
15%
?
1 %
534
52
584
?
%
40%
37%
38%
4
Va
48
47
47
?
3
71
66%
68
?
3%
64
61
61
?
3%
14%
14%
14%
?
%
90
no
90
4
2
36
35
35
"%
11%
10%
10%
?
%
52%
474
51%
4
4%
12
11 %
12
4
%
234
20%
214
4.
1
44
43
44
4
4
.<4
54
54
32%
32
32 4
4
' %
50
50
50
-
%
29 %
26
26
3%
, 36 %
30%
314
6%
78
70%
70%
7%
10%
104
104
?
%
724
71
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1 a.
4
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62%
61 4
61%
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2%
86%
86%
86%
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85%
84
854
4~
2%
51 %
28%
29
?
%
16
16
89 4
87
87
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2%
92
89%
89%
4
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68%
66
684
4
2
103 4
102%
103
4
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44%
40%
414
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2%
35%
34
34%
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100
100
100
4
2
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21%
21%
% !
IB
144
144
?
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78%
71%
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46
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454
4
3%
46%
45 4
45%
4
%
38%
35
36%
%
314
27 4
27 r,n
?
4%
20%
18
184
2
65
58%
59
?%
93 %
90
90
?
3
9
9
9
68%
64%
65
4%
12%
124
12%
4
%
25%
23%
23 %
1%
35%
344
344
4
%
30
28 %
284
?
%
10%
37
37
?
O
3 4
2%
3
?
*%
174
17%
174
4
1%
6
54
5%
?
%
74
6%
6%
%
124
104
104
1
84
774
784
?
5%
100
100
100
4
2
184
16%
17%
?
1%
?4
6%
49
16%
17%
'%
28%
26%
26%
1
13
41
41
2
73
73
73
4
%
78%
75%
76%
23%
204
21%
1%
51
58
3%
151
148
150
4
3
1094)1084
108 %
4
%
"8 4
78
78%
4
%
111%
111
111
-
%
31
29
29%
1%
414
36 4
37%
?
5%
864
76%
78
6%
954
954
954
?
%
9
8%
8%
4
%
8 4
7%
7%
?
%
42
42
42
17
15
15
2%
10
9%
10
4
'i
414
39%
397,
1%
3n
28
28%
1%
26%
234
26
4
IS
17
18
4
1
174%
172
172
?
2%
57 4
51%
55%
4*
1%
1
12
12
12
4
19
19
19
12%
114
11%
%
41
41
41
__
2%
75
704
75
4
4
25
22%
28%
4
1
1224
119%
119%
1
65%
64%
654
4
%
1024
1024
1024
1%
31 %
30%
30%
1 %
96 <,
95
95 V*
45%
45
45%
4
'4
111014
109%
110%
-
1%
11%
10%
10%
-
%
COAL FIGHT OFFSETS
RERUN SUBMISSION
British Trade Fails to net
Real Effect of Reparations
Settlement.
EXCHANGE'S RISE IS FELT
London Believes Sentiment
Flas Influence on Values of
Pound and Dollar.
Sprrtnl Cable to Trtr Nrw York Hhlm.ii.
Copt/ripht, 19:1, hp Tub New York Hbralii.
Nrw York Herald Bureau. )
l.ondon. May 15. I
Although business at Chapel Court re
mained restricted throughout the last
week owing to the disturbed Industrial
situation, which again prevented a re
duction in the bank rate, a fairly confi
dent tone prevailed. The reason is found
as much in the technical conditions of
the markets as in political convictions.
Stocks were short in all principal sec
tions. and dealers simply did not dare
to take liberties with price, while no
professional trader wants to be loaded
up in case a sudden change of front oc
curs. .
The definite settlement with Germany
is a helpful factor and one which would
have carried more weight but for the
deadening influence of the coal crisis,
with Its threatened extension. As it
was, the direct influences were virtually
confined to a slight .improvement in
French loans and a proportionately big
rise in German threes.
The new British railway hill had lit
tle Influence on the home rails market,
the tendency apparently being to await
the working of the measure. In for
eign rails the outstanding features were
a rise of several points in debentures of
Chilean Transandians on the Govern
ment's oqer to exchange f 1.500,00(1 worth
of 5 per cent, bonds for ?825,000 of Gov
ernment bonds bearing 8 per cent, in
terest.
In the money market the advance In
the value of the pound sterling in New
Tork was gratifying. Several causes
contributed to the Improvement. The
Importation of American products was
substantially reduced, which, coupled
with an appreciable decline in the prices
of wheat and cotton resulted in a con
siderable shrinkage in flie value of
American .goods imported. The total for
the first quarter of the current year was
only ?84.000,000. compared with ElSfi,
000.000 the first three months of last
year.
Unfortunately there has not been an
aocompanving increase in exports by
British manufacturers to the United
States, the value of such exports for the
first quarter of the current year being
?10,000,000 lower than In the corre
sponding period of 1920. But this de
cline after the labor troubles^ in this
country is compensated for to some ex
tent by the increase in the shipments of
gold, the total of which for the first
four months of the year being ?8,500,000
more than a year ago.
Another factor potently affecting the
dollar and pound sterling values is a
sentimental one. Steps taken by Great
Britain to meet maturing obli&atlnns
ifbroad have made a. profound lmprcssldn
in America, and the knowledge that no
efforts have been spared by Great Britain
to discharge her foreign liabilities has
further tended toward the rehabilitation 1
of her credit.
In the near future arrangements will
he completed for the funding of the large I
debt In the United States, and atone
among the belligerent borrowers Great
Britain hopes to be paying interest on
bet loan from America some time in 1922
or 1923.
COAL PRODUCTION SPURTS.
Rnl Minn' Output In Pur Brlorr
i Rpqnlremrnla.
"In spite of the increase in coal pro- \
duction of the United States of 101,000
tons last wepk over that of the week pro
ceeding. the rate is still at the danger
point because the output of 6,000,000
tons a week is far below consumption
requirements, according to the Rlri'-k
Diamond. It may be taken as an indi
cation that consumer* are making heavy
drafts upon the stock of coal already on
hand and arc refraining from buying hi
large amounts. It Is a situation that
presages serious consequences If long j
continued.
"An encouraging feature Is the strong
reopening of the movement of coal to tnc
head of the lakes, a number of cargoes
having come In and more being on the
way.
"With the exception of the railroads
which are reported as having closed a
number of contracts for the coming
year's supply of coal, there, has been
littlo contracting by the users of steam
coal. The new railroad contracts that
have been closed are reported at prices
ranging from $2.50 to $2.75.
"The largo Industrial buyers are still |
holding back because of their desire to
buy coal on the open mnrket."
WEEK'S COTTON PRICES.
High. T.OW. I.ast.
.tsmiary 14..17 1.1.70 13.71*
March 14.61 1102 1.7.02
Mav 12. OH 12 28 12.10
?tillV tl 10 12 67 12.71
.trtcher 13.00 13 2." 17 27
December 14 28 13.34 17.64
8pni, New York.. 17.1.7 12.M 12.37
(?'pel. New Orleans.. 12.00 1188 11 88
.'net. 1,1 verponl 7 60d 7.03d 7.48d
Rancn I'J'Jt 1 T">lv
Mv.l
1
fltsh.l
Low. IVIeld.
m * ]
Rules.|
26
fo%
1200
United Ry Invest pf
61 %
48
5.08
3
06300
United Retail Stores
10
11%
600
II 1 C I Pipe A Foundry.
50
39%
i>%
10.20
5
? ?
100
100
1 SCI Pipe A Fdy pf ?
I' *?4 ICxpress
27 %
17%
'8
0500
1' 8 Food Products
74%
64%
11.76
18300
I' S Ind Alcohol
58%
41%
? ?
16700
1J 8 Realty A Improve..
79 ?%
62 %
10.06
8
61800,1 T g Rubber
1037*
99%
7.92
8
1100
I' S Rubber 1st. pf
3:.%
26
? ?
800
1*. 8 Smelt, R A M
66%
77%
6.03
5
118900
U 8 Steel
112
107
6.42
7
3300
I" S Steel pf
50%
43 %
7.27
4
20000
I'tah Copper
12%
8%
1000
1'tab Securities
41
26
27600
Vanadium Steel
12%
25%
3600
Virginia-Carolina Chem.
102%
83
9.20
h
400
Vlrginia-Caro Chem pf..
95
84
6.90
r,
100
Virgin in Iron, Coal & c.
9%
r.%
19000
VIVHiidou
16
12
100
Vulcan Detlnnlng
0
4500
Wabash
24%
18
11500|Wabash pf A
13
8%
49%
1001 Weber A- ITellhroner
3.91
2%
700
Wells Fargo Express i'o.
11%
0%
0000
Western Maryland
21
IB
Western Maryland pf....
3074
23%
8000
Western Pacific
70%
65
8.76
?
1300
Western Pacific pf
94
8 1
7.R2
7
800
Western Union Tel
06%
02
7.45
7
100
Westtnghonso Air Brake
40%
42%
8.25
4
3100
Westlnahonse ui ,8- MfK.
62 %
56
7.02
4
300
Westing K1 A- Mfg 1st pf
11%
8
4800
Wheeling A Uake Brie...
10%
14%
2100
Wheeling a Lake Krte pf
44
85%
10.00
4
5000
White Motor
17%
12%
12200
While nil
16%
14%
24.62
4
100
Wick wire Spencer Steel.
10%
5%
28100
Willys < iverland
42
30
3100
WIH.vs Overland pf
47
38
12.20
5
1300
Wilson A Co
37%
30
500
Wisconsin Central
117%
10R%
7.08
8
700
Wool worth. K W
55%
13
12 00
6
22(H) Worthirtgtco Pomp ....
SI
71
8.07
7
400
Worthing* n Pump pf \
?-:.%
61
0.52
6
100
Worthing Pump pi it
$S4,CC0
Woonsocket, R.I.
6%
Coupon Funding Bonds
Due May 1st, 1925-46
Exempt from the
Federal Income Taxes
Maturities.and Prices
1925-1928 to yield 5.75%
1943 to yield 5.55
1944-1946 to yield 5.50
Remick, Hodges & Co.
Member* York Stork Exchange
14 Wall St. New York
Correspondent s:RX.I>ay Co.. Boston
Allied
Chemical
History?Dividends?
Finances?Outlook
A careful analysis out
lining the great scope of
this company's activities,
its market position and
future prospects fully de
scribed in
Weekly
Financial Review
Gratis on request for "E 2b"
Ttios-H-rowLBr&rp
Stocks and Bonds
115 Bfeadway New York
Telephone Tteetor 5150
i: i
j
J. K. Rice, Jr. & Co. Will Buy
50 Midland Securities
100 Moliawk VhIIp.v
100 Nat. Irf & Coal Coin.
50 V V. Mutual <?as Light
100 N. V. State R)m. Com. & Pfd.
I0M N. V. State Ky?. Vz%
50 NilpH-Beiiieiit-P*d Com. S: Pfd.
50 Old Dominion S. S.
100 Pentiii. Coal \ Coke
50 Phelps-Dade** Corp.
50 Pocahontas Fuel Com,
200 Pyrene Manufncturine
50 Singer Manufacturing
200 Thurher Kartlien Prod
100 Ward Baking Com. & Pfd.
100 I nion Ferry
50 Yale & Towiip Mfg.
J.K.Rice,Jr.&Co.
T'hnnos 4000 to 1010 John. 30 TVall St.. N. V.
Berlin 4s
French Vict. 5s, Prem. 5s
French Govt. 4s & 6s
Italian Cons. 5s, Treas. 5s
Hamburg 4s & 4' _s
Mexican 3s & 5s
KlELY &- CO.
40 Wall Street. ? New York.
Phone -John S330
We offer for sale
500 Shares (or any part)
Ritz Carlton Hotel
7% Preferred Stock with
50% Common Bonus
I'rice aiul tlrlallstmrtqueH.
Dawson, Lyon & Co.
50 Pine St., N. Y. Tel. John 0854
Weekly Market />rffrr on Req\teat.
Carpender,
Caffry & Co.
Members Sen York Rtnrk Erc.hanQe
74 Broadway ? 520 Fifth Ave.
MAKGIXAL 1 CUOUNTtt 1XVITF.D.
Net
Midi.
I.OW | t.aat,.
Chfft
26%
23
23
?
1%
61 %
66 %
69
-f
1%
18%
17%
18%
?
?H
19
49
49
H
6%
6%
6%
4
y*
23
21%
21%
?
71%
67
67%
?
4%
68%
56
57
?
1
7 6 %
72%
72%
4%
101 %
101
101
?
%
34
33%
34
4
%
85%
82%
82%
?
2%
109%
108%
109
57%
.>4 %
65
4
? j
11%
10%
10%
?
%
38
33%
31
?
4%
20%
28%
28%
%
87
86%
87
+
1%
87
87
87
3%
7%
8%
+
ri
12
12
12
? ?
4
9
8%
8%
?
%
24%
22%
2"%
?
%
66%
11
11
2
62
64
?
1%
11%
10%
10%
%
21
1 3 %
19%
.1
30%
28%
28%
1 %
09 %
67%
68%
4
1
90
89%
89 %
?
%
91
94
91
+
2
? 8%
18
18%
%
68
67
i7
?
1
11%
o>
I*)
?
%
19%
17
17
?
1%
41%
39%
40
?
7^
16%
13
14%
?
1 %
16%
1?%
' 6 Vi
8%
+
%
8%
?*
39%
36
39%
%
12%
40 U
11 %
1,%
37%
36
36
?
2
nr.
112%
112%
1 %
63
50%
60%
2 %
78
78
79
1%
?Kx dividend. TISX right'.
NOTE?Odd lot tramwrtlnn* are not regarded In separate lino unlesa aaleft
were m?de ml prv ? outside of the regular full lot range.

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