l-xww""'
" c.-n-:
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.'"-fix
EVENING PUBLIC " LDEJaPHIKADELPHrA; MONDAY, .JULY 21, 1919
"V
.
M
, j, , Peoples Trust Company
' of Philadelphia
b 'IN-E. Cor. 12th and Arch Sis.
'. "fa V
We Pay 3S on Saving Fund
bCC' )
f ' ti Deposits
v -
J j Open an account nnd learn to save.
KW-iJ-rs-'We offer tou sound, conservative
St'-TT nd efilcient service.
Our business has more man
doubled within the last two years.
iTVe insure titles and loan money
on mortgages.
'HARRISON r. RKA, nrt Vlr rrolilfnt
JOSEril II. RI'IIIN. Second Vlff Trfn.
.WILLIAM n. VROOMAX. '. Tren.
NEWS OF THE FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK PRICES
EARLY GAINS ARE SOON LOST
ON THE NEW YORK EXCHANGE
Prices Settle Down in Later Sessions, Reaching Lowest Figures
of Day Government Bonds Heavy in Tone
EXECUTIVE
M
A technical graduate, "!)
years of age, with 1G years
successful business experience,
desires new connection with
progressive concern. For eight
years he was an executive with
large importing mercantile
concern. In recent years em
ployed as manufacturing or
production engineer. Knows
up-to-date methods in cost,
production and efficient han
dling of employes.
Address A 234, Ledger OJIice
High Points in Today s Financial Netvs
Prices were lower on the Xev York stock exchange. Trade on
the local exchange is fairly broad with price trend toward lower levels.
Prices in the Curb market show declines. Improvement is seen in the
market for foreign exchange. In the Philadelphia Clearing House
statement, local loans decline, while reserves and deposits arc higher.
Bullish etnhusiasm leturns on the corn pit. Cotton is lower. Bar
silver is off in New York and unchanged in London.
HIGH GRADE HIGH YIELD
RAILROAD BONDS'
LIST ON REQUEST
MARTIN & CO. i
ill WALNUT ST. I
New Yorli, July 'Jl . The imut Important development of news on the
stm-k ccli:im;e in tlie iifti-rimon vn 11 ri-rnvorj in demand -tPrlitiK to -I..'!'.',
rntnpnretl with ).'.".! lit the i Inke on l'riilii.v. mid i.4'.'. the he-t of the rally
la-t week, fiillmvlii;; the iiniiniiiiri'tiif nt of the appointment of tin' eominit
tee of prominent hunkers to rntmiler iirtlnti to stnhili?" .'vhiiiip'.
The market hung lire in the early afternoon, when the loet prices of
the ilaj were established. Unite and Superior Copper, which hail started
in I'j points down, at "It. dropped ,",i, points more to 'Jli'... nnd rallied
to Us.
The early gain in the railroad list were more than lost in some eases
ami Uendini; at the lowest level was down nenrlj - points.
National I'tiaineliiiK and I'nited States Lead rommon dropped nearly
." points, American l,iicomotie .'! t , Corn I'roduets ,".is, American Smelting
nnd Itelining 'J' j, Anaconda Copper 2''s. Kej stone Tire .'!. lieneral Motors
lo.st ,s points, to 'Jl'IVa.
Mexican I'etroleuni. wlilili .lotted in '' points higher, at 1H7. struck
a low of 1!r",.
rennSealmard Steel h.-t '' points, and Ntntz Motor 2 points. I'nited
States St col . .regained onl.i '.j of an extreme drop of nearl. .' points.
In the later afternoon the declining tendency was resumed, ami prices
hegan settling down toward the lowest figures of the luj .
In the lionil market Chicago, Kurlington and (.hiinoj general -Is rose
'. I.iioknvwinna Steel ."is of I'.i.lli gained 't and New York (Vntnil delientures
(is and 'it of 1'aris (is aihanced ,. lic debenture N declined '.,. t'nileil
NEW YORK STOCK SALE&
3:oo
Hlirh T.nw P m
107! i 107 10JU
"47('Vo!i -in'-j
Tim 73 "3'
llOJi 105,'i 100
25 ' 2!i -'!
4,Vi 44)4 41)i
(II1 i UO'f i'O'i
USh 11 1U''4
rtO.'j 6Mi oH i
105 11)5 10"
110'j ll.J.'a lKl-'i
State
Steil sinking fund ."is deeliued ' i and Wilson ,. ('
oiinuient honds were snmeuhat hea. m tone.
firsts shaded '.
The following companies
INSURANCE
of all kinds
r
Beidler & Bookmyer
General
INSURANCE
BROKERS
424 Walnut Street
Xombord JJI7 Jaln ;st
New York Office
95 William Street
Tic Olitit Tillt Company in the World
&eal (Estate tic
Snsurance
anb Artist Company
of $fjt'labelpfjia
. 523 Chestnut Street
LOWER PRICES MOVE LOWEH
IN SECURITY MARKET IN OUTSIDE MARKET
Selling Concentrated on Those Many Issues Advance Only to
Issues Which Have Lately
Scored Greatest Gains
React General Asphalt
Sells Off Oils Weak
i
N'eu Ynrli. .lulj 'Jl. The N'pw York
Kvening Sun's tinancial review this
afternoon i as follows;
The sto, k market hud to contend with
a mnnher of adverse factors at the start jnand. within
of t "lio new wed;, or perhaps it would ! Asphalt sold
he more correct to say the trading com
munity at large, for the first time in a
fortnight, was disposed to grant fuller
recognition to bearish influences which
have been present right along, but which
became more accentuated todav. Con
sequently, the market opened under
pressure ajnl gradually worked lower
iiurmg me greater portion ot tne .ses-i'
WILLIAMS
C& WALTON
General Insurance Agents
Nos. 416-420 Walnut Street
PHILADELPHIA
1817
1919
Association
OF PHILADELPHIA
N. W. Cor. 4th & Walnut
Han given Its policy holders solid
Indemnity for more than on
hundred years and has never
been bo strong financially ns now
Have you a policy In this old
and reliable Company?
CHARTER PERPETUAL
4unBmnn!mtiiiii!iimiiimii3ini n iiiiiiiiuiiciiMiimns
1825 1919 I
THE
PENNSYLVANIA 1
FIRE 1
Insurance Company
INCORPORATED 1823
CHARTKR rEItl'ETtJAI, 1
Office, 508-510 WALNUT ST. a
riHLAnKT.riitA. va.
Capital $750,000.00 S
AeU 8.8J8,n7S.6 S
Ket fnrnln. . 1.845.85ii.6o g
Kurplas to rollcjholdera. .2,303,828.00
Bt:miiiiiiiiiuiiimiiitiijiiiiiiiiiMitjiiimiiiiij,,lmminj
At the outset sidling originated large
ly in professional ipuirtei and was eon
eentratcil on those stocks which have
lately scoied the most .substantial gains.
Outside selling increased in volume
later in iIie day, once prices had been
definitely started downward, and lij
early afternoon net losses of from one
to three points were common. More ex
tensive losses were shown by the highly
speculative properties. The Iiet fea
ture of the market was the orderly .re
treat ; offerings were absorbed without
any sudden disconcerting breaks, l-'or
one thing, a fairly large short interest
had been built up in the niaiket in the
heeond half of last week and covering
by this interest added to the elasticity
of prices.
The character of the news over the
week-end set veil to emphasize bearish
sentiment. The renewed prominence
of labor troubles, the international
exchange situation, which threatens to
seriously interfere with our trade, the
dismal utterances of Sir Ceorge I'aish
respecting the possibility of a collapse
of world credits, to say nothing of
scarcity of credit in the local niaiket
with which to tinanee stock operations
were all dwelt upon as unfavorable fac
tors, outweighing the bright features of
the tinancial situation.
Still, there was nothing very new
in these bearish arguments. They
have been pretty well realized right
along and have been the basis for the
repeated warnings against excessive
I speculation, which have emanated
I from high tinaicial sources. The
whole trouble is that the stock market
has been overdoing the bull side just
as it overdid the bear side last year. A
substantial shake out was overdue and
bound to come in the. nature of things
and Wall street dug up a lot of old
facts and offered them ns explanations
for today's i paction.
Xot without a few strong spots, l'nn
American I'etroleuni, Stroiuburg Car
bureter, California Petroleum, (Jeneral
Cigars and a number of other shares
displayed considerable strength at times.
The extreme decline by llutte and Su
perior was due. to the special reason
that an adverse decision has been len
dereil against the rompnu in the min
erals separation litigation.
The steel gioup was about as re
actionary as any. I'nited States Steel,
Crucible. Republic and Bethlehem Steel
were down from .'! to ," points by mid
day. Coppers resisted the general swing
very well, due in part to their icla
tively strong technical position and to
a further advance in the quotations of
copper metal to 'Jl cents.
New York. July Jl. The curb mar
ket, in general, was lower. P.cthlchcni
Motor, after rising to .".l'i. fell back to
"itai. and l'isk Rubber from I"1; rose
to ls."s. I lie rights were in rood de-
narrow limits, fieneral
iff from ss to (! and
Martin-Parry, after opening at .1 !'.',.
receded to .'!: nnd finally worked back
to the opening level.
New York Shipbuilding was again
weak. Pressman Tire made a new high
level, advani'ing from 17 to 111. Savohl
Tire, after opening at 00. advanced to
(!'! and reacted to (11 . Tuba i Products
Export, after selling ns high as I?,",
. declined to .'"! and l allied to the high
point. Retail Stores was weak, falling
from O""; to fid.
titlffej -(iillespie broke from Jl'i to
Siinms Petroleum fell fioiu "J's
l.nt
. , clo
Am Ajtrl Chem . 10SH
Adams Kxpress . fiflij
Advance Humely. 4R1$
Atlv Humely pf . 7a,'j
AJax Rubber . ...10U
Alaska (ioul M . . ajj
Alaska Juneau , . Mi
AlllH-Chal Mfg , . .!
Allls-Chal Jlfg pf. u.r,
Am Hank .ot0 . C;tVi
Am Heet Sugar. . Ol.'f
Am Ilosch -Mng . .117JJ
Am Can (Vi.'i
Am Can pf (cj'
Am Car tc iAly .lli
Am Car & lMy pf.UC.'i
Am Cotton Oil ., da.' j
Am lrui,' Symll. Hiji
Am Hlila & ,ea . .'1714
MO 11 K I
Am lea fin
Am Internatlonal.nl
Am Unseed H
Am Locomotive . U,'J!
Am M lstpfcofd. ,'tfljj
Am Pmelt & Itef. X7
Am S & H pf ,.10'JJi lU'.l't 10'a 10Sh
Am Steel Kdrles . 144 M.'i .'U VMi
Am .StiRar Hef . . 1H74 130 l.'lii 130
Am Sum Tobacco. 114!i 114H 1 12s ll-Ji
Am Tel & Tel ..101 lOi.i lU.'IS 10ii
Am Tobacco 'Mi) JllS'i -'3'J -3j
Am Tol pf new. . KllJi
Am Woolen iai 1J i l'.'O 120
Am Wilt P pf .. oW oOU oA.'i 54!a
Am 'Ana I, & s.. J7 27 -'." Jo
Am 7. I. & S pf.. (,;) HO'j Hi's 'll.'i
An.iconda Copiier. 70?j 7(i.' 73,'i ";)'
Asso Hry liuuils. X '' ," f"
Associated nil .. i;i', llll'j !I3' I'UVi
Alch Top & S IMOIJi lOU's JUO'i 10 !,
Atch T & S !' pf. .',. i
Atlantic II &At . i:r, M't IX l.'l.'j
All Coast Lino . . lUl.'.BlO! UKH l"1
Atl ;ulf & W I. ,17J
All c. ,t V I pf . 7.T.;
Haldwin Loco . .!14Jt 1111 1'2S4 112
llaldwin l.co pr.UO.'a J
Ilaltlmore & Ohio. 4s IS3 j -17! j 47'j
llarrett Co Ills 137 130!j ISO'S
Harrett Co pf ...HWj 115! ll.V Gl.V'
Uatopllas Mining. 1 17, l'i L'i
Bethlehem Steel ..10:
03 0l!i Ol.'a
12J 12X 12'i
37!. 3o.'i 3.Vi
Pf ..132!i 13Ui 12M l2S
,i'j :r
in 10'J loy.'i
70' j 70'. .(i'i
113 KS."j bS'
HH S4!i
I.not
close
Iiw
10'i
8:00
p.m
10i
High
Pond Creek Coal. 20 20!$
Pressed Steel Car. 9l!i
Pullman Co ... .J'20'i 120) l'-'O 12(1
Punta Alegre Sug. 04 ! 02)j 01 01
Hy Steel Sprlnic . SIOT-i OS 01H 04h
Hay Consol Cop . 27 27X 2fl. ' H
Heading (II t.OJi 803 80H
Republic 1 & S . . 0775 00 03 03
Hepuhllc I & 8 pf.lOS'i
Rep Motor Truck. 08! 59 fiJ 50
Royal 1) A shares. 117 .,
Hoy n NY shares USH 110'i U5! H5a
St Joseph Lead . 155 1 15H 15l Wl
St L-Snn Fran .. 1(1 25'i l'3'i 235i
St 1. Southwrn .. 22! 21!i 2lh 2Ui
Savage Arms ... 83 83 S3 83
Saxon Motor 10'f 10 17! lifi
Seaboard Air L.. 1175 11U 105-S 10S
Seaboard A 1. pf. 20'i 21!'i 2175 3lh
Sears II & Co ...21'! 211 211 211
Shatttick-Arlz ... 18' I 18 107a 107j
Sinclair Oil Hef. . 03H GiH 50 5'J
Sloss-Sheff S & I. 72
Southern Pacific . 1087 lOSJf 10CU 100'f
Southern Hwy .. 31 30!i 30) i 3()7i
Southern H pf . . (,85i 08!i 00 07!
Stanitaril .uilllnp. 135 135 115 135
Strom Carburetor. 05 72 057 j 70!a
Stuilebaker Co ..112' 11575 110' 1105
Studebaker Co pf.lOlU 1017 101'i lOIJi
Sttitz Motor 124) j 125U U5H 1 t5h'
Suierlor Steel . .. 4U!i 40)i 40'i 407
Tcnn t op & Chem. 10'
Texas Co 275
Texas & Pacific . 04
. lU.'i-S 103 '2
''I., 'I1'
077-i
32
20) i
15(1
317
13! i
3!l!i
2o!i
t:o
31 '
12',
2Vj
iid'a
Iietll S Class H
Rooth llslierles
Brook Hap Tian. 31
.Br 11 T cfs of ilep 20' i
Hrun T & Hy See. 10
Hums Brothers .151
Huttcrick Co 3273
Uutte Cop hi Zinc. 12i
Butte & Supirmr. 34'
Caddo Cn () & It. 40.1!
Cal Packing 707
Cnl Petroleum . . 3s
Cal Petroleum pf. SO.'j
Canadian Pan . . 105
Case (J 1) Co pf. D'J'j
Central FUry ... ,'12,'j
Cent Fdy pf . . . 04) i
Cen iwitner Co. UP 115s ICO ' 1(0.''
Cen Lea Co pf . . 1 U ,
Cer-Teeil Proil . 50' 2 1S'S 4S 4S
Cer-T P 1st pf . 00 I
Cerro de Pasco C. 03 0.", 50' i 40' j ,
70 00.','
42 .VJ'i
82" 81
101 1037i
32
04'
31
01
20'.
'l5'V
31',
12i
2S'j
3 1',
81
101
'.ii
01
Third Arnue ... 2'7
Tobacco Prod ..1 ,1'j
Tob Prod pf .... Oil)
Tol St L & W tr. 8
Tol S L&Wpftr. 22
Tran & Williams. 55) i
I nderwood Type. 1,3
Union Pacific ...13 '7
I'nlon Pacltlc pf 72
United Alloy St. 51
United Cigar S .105
i mien Drue .... 135
U S Cast I P & V. .'1 1
I is C I 1 & V pf. 7u
V s euuii i-rod . 77a,
U S Inil Alcohol . 145
Cn Hy Invest . . 13,'
L'n ltys Invest pf. 31
C S H & I Co .. 41
U S Hublier 12S'i
C S Sm Hef & M. 71
C S Steel UP,
C S Steel pf 117'j
Utah Copper .... 051
Va-Caro Chem .. S7'j
a-Caro Chem pf. 1 147,
13Jt 13)1
200 203!'
5SW 5-,'l
24 24
10271 ILO.'j lLU.'-i
10!
272
03 J i
71,'
237 j
23' s
,lll ! ,)5'3
173 173 173h
1311' 133'i 133 -.
72!, 7l-!, 72!i
51 52 o2
I'.L.'i VMi lOl.'i
r
Philadelphia Stocks
High
80 Am Strs. ill",
50 Am Can. 57 '
15 Allla Ins. 23
30 Itrlll ,T ! 57
2140 Mice Stor 02
125 Krie 18
50 f! Asp pf.12.8
HI T X A 33
25 Kenne ('. 42't
1415 Key Tel. Wi
114(1 Lk S Cor 22 Vi
157 Leh Nnv, 70
10 Leh Val. 53
10 I, Schuy. 4.1
JMinehill. 51
00 Third Nat
Ilk . 20
100 Ohio (Jits r,S
51(1 Pa It It. 40 ',
10 Phila Co. ,'inVj
52!) Phil Klec 25 Vi
100 tP It T.. 20
2117 'do t r 21)
100 Ph Tract (11)
110 .Heading. !',
50 So Pac..I07
(10(1 Ton Mln. n
135 l'n Tract 3! I
sit r; o i... (my.
2200 V S Stl..l10i, 107?, 107 3
mi - ur p. Hill UK) llio -4-1
20 "Yorl: Hy
pref ... ,!! .-ija a in, 4- r,
T,x dividend. fL'asli.
Net
Irfiw t'loi? chre.
Ill 34V V
57 57 2-ys
23 23 Vi
57 57 ,
S!) 80 Wi
IS IS 1V4
12S 12S ..
33 33 . .
42 't 42V 'A
17 17 r's
21 U. 21's Ts
(181! 0St,i lli
B3 53 M
43 43 . .
51 51
2(1 20 . .
58 5Sas 1
45", 45 ii
30 ',. any. 1
25. 25 Vs
20 21) . .
27V, 27
(i!) 00 -f 1,4
80', 8!l'4l.y4
107 107 l'i
3 V, 3'..
as 3s y4
on fiii vi
V
HONDS
Hl.-h Low
NVt
CllK5.
33' 33' j 33' i
08f OS!' (.8f
7.'i 70' i 705,
145 141 141
13J j 13.' i 13! 3
30) i 30)4 30) -i
4i 4t -n
120 12l' 125
71?' 07 I.S'i
1 1 Pi 107!i 107!i
1177 U71f 1177'
05;i 01'' OP
M-, 81', 83.
Wabash
Wabash pf A
Western Mil
West Pacific
Western P.ic pf .
I .Vesting A II
Westing !: & M..
Wheel & Lake !:.
I White Motors . . .
Wilson & Co
Wilson & Co pf .
I Willys-Overland
Wlllysyiver pf . . .
wool ( !' W) Co .
23S 250
01'f 04)-j
12 12 12
15' 15 15
ll'i 10'i UJd
..,)
Cbandler Motor .25S'f 252
Ches & Ohio 05't 05
Chi & Kastern 111. U'j
Chi & i: 111 pf . . 15
Chi C,t Western . 10'i
Cbl C, w pf 20
Chi Mil & St P.. 407
Chi Mil & St P pf 73) i
Chi & Xwrn 101
I Cbl II I & Pacltlc. 31 ' 3li
cm n i & i" ,-r pr. ts.1, 75i
Cbl H 1 & P fi'-o pf. (,Vi OV'i
Chile Copper .... 27J 2S
Chino Copper ... U) 51
Cluet Peabody .. l'i )-S)i
Colo Southern .. 2S7 20
Colo On & Ulec. 024 02? i
Consol Oas iU3?i 101 10l!
Consol Int Cl M. 17'. IS' 17.'j'
Continental Can . !I0 SlO'i (15
Coin Prod Hef .' 8S 8S7, 85
corn l'rou net pf.HJs;,
Crucible Steel . . 1307,"
Worthlngton 1'
117
30,,
11
2l'i
."S
121
57i
12),'
71),
1021
llil
.37!,
08
132'.'
bl's
12','
30?
14,
121
57) j
12',
71) i
104
'sf'i
OS
1307,'
SI'
117
35),
13) i
24 ,
120
07?S
0'J,-
ll.'i
35.'.
13.-,
24 5 i
121)
50','
127,
08
00!
35?'
08
130,'f P.O'i
SP 81!.'
S1000 Ilahl Loc
1st 5s.. 101
1000 I'd & Pen
Tr 4s.. (I!)'
1000 Key Tele
1st 5s.. 02
12000 Lake Sup
inc 5s.. (14
1000 Leh Val
Coal 5s. fo
2000 Lib Monti
lth 4 ',s 03.80 !),,,44 03.4
5000 Phil IClec
1st 5s.. 05 05 1)5 is
101
00 U
02
04
Close
nil vt
00V.
02 2
01 ..
00T'S 1H
2(1
DECLINE IN LOCAL LOANS
TREND IS TO LOWER LEVELS
IN THE LOCAL STOCK MARKET
Market Fairly Broad With Lively Demand for Several Issues.
Steel Leads Sales, but Declines Home Issues Weak
Despite great irregularity and a very decided tendency townrd lower prices,
today s session on the Philadelphia Stock Exchange was fairly broad, with a
lively demand for n half dozen or so issues.
These Included Klectric Storage Mattery, which nt one time was off lt,; the
common shares of the Keystone Telephone Company, off fractionally: Tonopah
Mining, I'liltcd O.ns Improvement and I'nited States Steel. The widest price
iliictuntlon was in the latter, at one time during the day this issue being off
2 points.
Ohio Oas, which changed hands to the amount of some hundred shares,
declined 1 at 5S., with an odd-lot sale of Southern Pacific dropping Vi.
Strictly local issues were weak. The trust certificates of the Philadelphia
Rapid transit Company, Belling ex-dlvldend, during the morning, sold at 20,
which was Friday's closing price. Philadelphia Trnction was marked up Vz
lhe shares of the I'nited States Steel Corporation, In line with the trend
in -ew ork, were lower, with the issues leading in the matter of sales
Lake Superior, which shared quite actively in the trading, declined.
A small lot of York Railways, selling ex-dividend, was up , at 31-.
jiansacuons in bonds were limited and price changes of little interest.
NEW YORK BOND SALES
O.s
Kx flMiloml risher Iloilv preferred. Pi
per eem. I,milMlll ami Nastnllle. S.t rl-,
NiiFh Motors. SU Nash Motors preferrei,
SI ..".. N.illennl Carbon, Jl; National far-
osl ' ! OC ' "" wi'ino, - per ceill, l lllj's-uver-
-n 2 - , I land. '.Tie.
oil ,s-fc ,;-,
;;?, J-'.',
2!)g
78J
07','
277 i
t7i
8S.'i
2J
01
'L'
Financial Briefs
The Federal Reserve Hank of Phila
delphia in its statement ns of .Inly IS
shows total gold reserves of SI 14,
51J!.807 as compared with 8127.-
448.473 on July 11. This is the high
to :',ll. recovering to 31 L,. Siuclairs Cuba Cane Sugar. 33'i
were ngi
from (12 to
5.s to 51!',.
tin weak. Consolidated declined 1 V."!':lrCif J,f
135',
34
120
33'
'i0' and Sinclair Oil from
iNmTiti.i.s
1114
Aetna lxptoive 11
Air. Hrll MfB '.'
Am Maleotil ... ... ,
Am Wrttfni: Taper 11'?
Air Ileiiuctlon .'o
I'an.'otl.in Car Cu 40
Can Car & IMy pM . . tin
Cnrlion Steel 1 (Ci
i nrwen I h.1 a
'"h.ilmer Motors . . ln1
Chevrolet Mul.irs .. .SMI
Clamp 1S.1
Curtlss Aeroplane lo
nm. rsop I'lionoraph ... n
Hall Slupal II
Hupp Motors 12s,
Inter I'ro.lurts 112
Ir.ter Rubber 28 1,
t.ake Torp llo.it 2'j
l..-hlKh Coal Sale? ss
Mi In. Mi .V I.IM.y 27
Mnct I...f S3
Martin I'arrv .14
N Y .s-hlpIuill.llPK r,l
Nor Ainer l'.ipi r Pulp ... ,"i7,
Otl Rleator 10(1
IV. rle.s Motor 4o4
lVrf.-cti..n T i H 1
I'hllln Morris 1.1
l'nn to Bnis an
s.ivol.l NY BS
SavoM libit am,
Senprw-H'ioiii an
M.inilarn .Motors i.'a
Hte.-I Alloys .-.
Hiilnn.irlne II14
sulft Int r.ll
To.1,1 Sblphinl.llns 12.'.
Trl.ini.-le Film .... 1
Cnlte.l Motors . . . . fin
("nlt.il Profit Slharlne .... 2'1
!' S Hte'imshtp SU
wrisnt-.Martln Air ..', ..':
STANDARD Oil. ST"jfKs
Il'lnois lsn ltin
uhio :is."i ami
Pralrln Pipe 2!l 2 11:.
Siandar.l Oil Calif 2s7 '.'O'l
St.iml.iril Oil N .1 TSil 74H
StanJard Oil N Y asn as;,
INIIBI'KXUKNT OILS
Allen mi '3 J-',
Moston V JO till
ostlen i LO .
-'s rinse
IsHle)
I 11',
Fii
rm
llllllllllllllllllllllllllllllllllllllllllll
ire Auto Marine
Insurance Company of
North America
Philadelphia
jf-i Oldett American xtoclc Insurance Co.
W' I L.. rTAnlal i nan nnn
' .X'4'1' . --. T .,--.,,..
. 1 "
Aet Our
i :.!-
M sJ4
If "-n
rollcy-
30,000,000
13,000,000
Sorplui to
X,oae Fald
AlnM 1?OS . lIH.1JTAIOfi
j, m. ..... a,,,,, ,.,,, ,, ,, ni),
Uptown Offlre 210 Ileal :tate
Truit inn.
'h JMffirlt 1 1 1 n 1 1 1 1 1 1 1 1 1 1 1 1 1 1 n 1 1 1 1 1 1 1 ii 1 1 1 1 ii n 1 1 1 iTTj
.t.Tl
WKAKCIAI.
Dltldendg
.; 1XS PITT8BUKOH A WEST VIBOINIA
riurEHi uivii)rNi rvuilllEH 0.
soara 01 ,'irccior mi atdarcd a
i ot on and one-half (1H) per rent
Prcrerrd stock of the Company fur
ir vi.vvu ,uiv u. ,u,u. payaoia
itp. to HiocKnniaera ai rrrara a.
Ca6h Dividend by Tobacco Products
New York, July 'Jl. The Tobacco
ProductH Corporation hns deolnred a
quarterly dividend of '- per cent on the
common stoek ill cash, payable August
15, to stoek of record Auust 1. The com
pany has been paying its dividends in
hcrlp since April, 11)18, at rate of W
per cent quarterly.
RAILROAD EARNINGS
CANADIAN NATIONAL RAILWAYS
llllll Increase
Second week July .. Jt.l T.mi. 242 ll.l.dlia
Krom January I . . . . 43.2112.3'Jl 4.fiSt,33ll
COLORADO AND SOCTHERN
Second week July... $4S3,Miil J71.234
From January 1 12.0211.0511 1.1)33.3(13
UONDON METAL MARKET
NVw York, July 21 Cable advlrea re
relved at the New York Metal BxchaiiKe
this mornlns quoted price In Indon tnd.iv
na follown Tin Spot 2511. a (tain of CI
la, future,. 2.1,1 l.'s. and utraiu. 2.111 Ilia.
both up 2, aalea spot l.lo tons and futurea
1.10 tuna. staiMardropper 8pot.(lii4 ltla.nnd
futures. 103 Ills, a train of tl 15s for both.
Males, looo tons. Klectrolytlc ropper Soot,
I10O and futures, fl IS, unchanged. , Lend
ripot, im imi luiurra. iz iua, unenancrd.
11
12
.'..'1
4.'i
KM
11.-.
1(1.
3011
inn
is
ii
13
.'17
24 II,
l'i
113
till
I',
in.-,
471,
1'.
14',
.Ml
?'
l.lo
l'
.-.7
3
3',
1 1 7,
Jiel & Hudson ..11H
Del Lack .it Wes.l!)?',
Denver & Wo Gr. HI,'
Dome -Mines .,
D S S & A pf
Klk Horn Coal
Kndlcott J . . . .
i;ndicott J pf .
lOrie
Krie 1st pf .. .
Krle 2d pf ...
I'am Players-L
Famous Ply rts
Fed M & S pf
Fisher Body' . ,
Freeport Texas
r.a.ston Wm & W. 30
lieneral Cigar . . . S'.t'i
llli 110
IP-'. 10',-
II 14'i Wi
ID, ll.7; 117,
. -11 Hi, .'f I ,
. 11:2 11. I 11IJ
HUH 1U41,' 101! j 10U5
. '.'i 10.', lS'j 1SH
. .'Jt'i :tL'! 31.' 1 3D,
iifs','
177,
.SMi
29 ,
.'",, est point gold reserves have stood since
jy,' January 1(1 last when they were hli,-
.)-, ,'Sttl,14-.
ks ! .
iooi'l T.ouis KolsJcy was eleeted vice pre.i
r,, (lent of the I'ennsylvajiia Itttnk, Sev
7s.i; enth and Wolf streets, nt a meeting
1KI of the directors on Saturday. Sir. Kol-
',!.. ,..,.,. 1 , t. n iK.iiiil.nn i-il li 1, .
MH M'I'M tl l I1HIIUM 1 III IIH" tJlM.1 tl
Reserves and Deposits Higher Than
This Week Last Year
The average condition of members of
the Philadelphia Clearing House As-
sociation for the week preceding today
is shown in the weekly stntement, wltii
comparisons, as follows : . 1
Loans
lth. t'lear.
Ilii. from dink.
milk .! io5lta . . .
ln.llvlil d.'polta
Time deposit . .
r:.K. with v. n.
and lepal depos,
t'aeli In vaults . .
Tolal re.sere hel.l
Reserve leijulrd .
KXP R1 refilTNe . . ,
ALL MKMHUItS
Jlllv 21. '19
J77n.Cn7.nno
House 27,i..l,ll0n
tlN.n77.1n1i)
I.i4.ri3ii,niin
r 1 "1,022.1101
fi.fllll. 0(111
11.
.i7.S73.nnn
l.l.nni nno
SS. 72.1.0111)
.'i.i.nan.non
.1. istt.oon
Jul! 14
'S2. .1114. inn)
1.2.11.01m
4.7!iri.H00 I
-3.S22 1)00 I
iir.2 mm I
3.1.0110
023.000
1.II3S.O0II
)2'l. 0(1(1
K.ti noii
1.00.1. noil
Amount in
looo Hluh I,ow 12:30
5 A T & T 0s 10214 1021X.. 1022
7 do r.s sn 8!)i snvi
02nAnglo-Fr r.s 07V1 flTl-f, 07'j
.-Ann Arbor 1st -Is nflVs TiO's 5(1
2 A T & S r gn 4s SO 80 80
1 A C Ii Col 4s.. 7ft VI 7i"U rVt
(1A S & K .rs.. RSVa
1 II & O "s of 'll." 77V,
1 do gold 4s .... 7(",4
," do cv 4Vis "lVa
-1 neth Stl "is '2(1. S7Vj
,ri Hrnden Cop (Is. fir.
2SInrsellles (Is... ilSVj
1 City of Lyons (Is ilt'j
2 Hordenux fis . . . OS 14
.-.1 City of Paris fis 07'";ft
12 Cent I.ea fis ... 07
1 C & O 4 'is . . . 79
4 C II & Q g m 4s SI T,
' r, do 2d 4 S.ias
2C C. V S 4s... on
17 C SI & St T cv
4 Vis 7(1
." do deb 4s .... 71 "
2 C It I & V if Is 70
10C-& AV I Is ... !)2y,
1 Chile Cop fis ..12.-. 1
r. do ret pd in1;, m m
r. r ,. . t. ni t .. ;o -- 1 --,
v , , iv .11 I, -is .,V, ,iy, ,.), 1
12 do 4'is SO SO SO I
20 Con fins cv fis . . 1 0."i U, 10." U, ln.lVa !
2 Cuban ."is 1004.. OSj my, IIS"', !
1 (' ,V i; I .i'As crs so so
2 C St P SI & O
cv iU ,...10fi 10(1
1 I)is See Cor ."is.. J)tH !)()1
1 Horn Can "is '21 OSii-OSU
SS'A SSVi
77V't "Vi
-r,Vi -CVt
7i"Vi ""V4
S7U. S7Vi
0(1 " IK!
osy. os'j
mu. nsvi
ns'. osi,"
07Vi 07H
oc.y. oovi
70 70
si-r, sit,
8.1 a-; s.i:
."!) ."0
7." 7."
71U, 71 Vj
70Ti 707s
02 02!'i
2." 12.1
Amount In
Jiooo llleh ixjtv 12:30
u x y c, 1: L 11 &
II 4s 71 VJ 71 . 71
1." X Y ltys nd "iVJs If! lr,. 10
(IX & V con (Is. 10034 10().y, KlfiH!
10 X & V4s SI 81 sr:
1 Xor Par Ds TiO fiO HO
47 Pierce Oil 1024.10." 105 10,",Vs
(IP Slnrq 4VJs... 70', 70'. 70V1
2 Pa g ni 4i.s.. S." ST, Ki
8 Hdg gen 4s .... S.'i R2VJ S2VJ
."2 So Pnc cv fis ..10S 107:;I 107
do fis So'i 8.", SfiVi
14 So Hy g 111 4s.. (Ifi'V; (!.-,. d.-.i..
i.i at D ei HI' nd (is (1.1
.'5 do 4s (10
1 do fis 7fi'4
:t.'t Third Ave ndj lis 41
ft T & O C' gen ,"s, 7,"
44 T K (; 11 & I
vjr mm 100 00.1.- 00.1c
,'!4 V K C. 1! ,t I
."Vis 111. OS
."7 do '21 00
12 r it it sf fd ctfs n.-
."1 IT S Hlty & I fis 78
7 IT S Ititli ct fis . 88
2 Ya Ity fis SS
2 Wnb 2d 84
(1 Wilson 1st
2 tlo cv fis
flfiM.
00
7.VJ
10
fi.-i.ii,
00
73
40
7o
07
l)S
".4
77
R7
SSi.
S4 "
...100 100', 100U
...102'! 102'4 02i4
07
OS
sr,
77
87
8S'.
84
so
MB MI'S UK nriflHIlVB SYSTEM.
It"sere held .1.1 1 .10 llllll 1,423 001)
Kxcesi reserve ... I.1II7.0OO l.nmi.noo '
TRf.ST I'OMI'AMIIS NV IT MISMllCRS UK-I
SKItVi; SVSTKil
Heservo hrld 3..1l'.(;.(lll() ini,non
llMe" n i-rv" .... (l..n. omi "111. OOn
"llecrease.
In addition to the deposits above'
there were this week S2!,l."fi,000 gov-I
eminent deposits, ngain.st which no re- j
serve is required.
." do 102(1
1 Krle cv 4s I?.
2 do prior 4s. .
27 do cv IU
.. 0(1
.. 48
. . ('.."
Ui
2 II & SI fdg "is A (!!',
lOHiof diiectors of the bank for n iiuniber
'H. ' of years. He is one of-the youngest
,n .bank ollicers in the city
110
eight jear.s old.
being twenty-
Ilul-
2 do ndj
1 Ills Steel -Is
(l.- I It T if .Is '(id.
2." hit .Met col 4 Vis.
(! Int Agr ."is
1 Japanese 4s
1 Kan C So rf fis.
20 Lack Stl fis Till.
.",22 Mb Itond .Vjs. .
174 do 2d 4s
;" dolst 4s
042 do :id 4'4s ...
17
8(1
71
:h)
8.-,
S2'
so
OS
or. -Is
4R
fifi
.".1
fil',
17',i
Ml
70
asy.
So
S2
S0
OS
Liverpool Cotton
Liverpool, July 21. Spot cotton was
slow of sale today, with prices firm on 435 do 2d 4 Vis
the basis of an advance of .'!() points for 187." do 4th 1VS. . .
middling at 21. fi4d. The sales were ' filfi Vic Xotes !!s
.",000 hales. There were no receints. SS1 do 4-V. s
r inures were sreatiy in tlie early deal
ings, hpnt prices were: American.
2l4
hi
c
1.V
14
ICencral Klectric .108
Ueneral Slotors .232',
Mien Jlotors pf .. 12
I tlen Motors deb , 80
'Uood (B F) deb. 847,'
I nootlrlch pf ....10i
i fit Northern pf. 0."'
1 tit N C for O P. 40?i
ilreene-Can Cop.. 47
! (lulf States Steel. OS
Oulf Mob & X.. ll.'i
Oulf'M & X pf .. 40
Hartman Corp , . !):
Haskell & Barker, mii
Illinois Central . lOUs
Inspiration Cop . V7ii
Interboru Consol. 7',
Int Consol pf . . . 277i
Inter Agrlfcul . . . 33'i
Inter Agrlcul pf. S7'8
Inter Ilarv new .142
Inter Mer M (i'JVJ
Inter Nickel .... ,'il'i
Inter Paper 70.',
Inter P pf stpd . 70' i
Iowa Central .... 8' i
Kan' City South . 24),
.120)i 1217,' 118-
. ', .'.'2 L'f,
. 13
.SO
" .)'' .)! 2 ."JO'S
30 35 3.1a
OPj S'J',' !)0
The nieinbershin of f!liarles (1
lard ill the .New York Coffee and Sugar . m""1MnK ,lllr. -il; good middling,
Exchange has been sold to Arnold I)err , (U'1 ' ''i'1'' "'I'l'lling 22.14d : mid-
& Co. for !?M100. an increase ofi ,'100 ! (,li"f' 2;",I: low middling, J0.70d;
. . trood ordinarv. lS.14d. ..mil ,i.-.l;, ,.,..
over tie previous sale. ;., ' ...,.,,,
lfis.'j lf.s.'i lOS.'j
233.'2 221!,' 221','
02 112 92
84! 2 83
Rllt nanln
Inter Petrol . . . .
lelan.l nil & T .
(Ilenrork rill . . . .
Hpu-tnn oil
Merrltt 1)11 .. .
Met Petrol
MtllUFHt Oil
Ohio Fuel
Omar Oil Gan
S.pulpa lief ....
Sequoyah
Sinclair
Sinclair Oulf . . .
Southwest Oil
United Oil
. 2'j
. 113
. 1H,
0
. 32
ii'.
. '.
.lis
O.V,'
407,
47 'i
Ol.'i
00'i
a i!j
4r,! i
4C,'i
07
'I l.'s
01
05' i
S3
"s'-i-r
40! j
40.',
07
Ol.'a
OUi
05! i
077J
2K' 2S 2S
32 30' i 30' i
SO' I S7'i 87! j
130 13S 13S
04' i 02.',' r.."j'
31 Ji 30, SOW
7 1 0.1' .- fir.i :
7i'i rni,- Tin.. ! i
0'i 0',- iji I
21
The Xew York subtreasiiry lost '
$, (1,000 to the banks Saturday, milk
ing a eash net gain since Kriday of ,
.8212,000.
Application hnfc been made to the
Xew York Stock Exchange to list Hen-I
oral Cigar Company, Ine., 54,(120,800 1
debenture preferred stock (temporary I
certificates) and 84.020,800 additional
common stock: I'nited Hetail Stores.
Corporation, ,103,240 shares common
stock,' Class A (without nominal or par'
value): Keystone Tire and ltubberj
Company, 8000, 7fi0 additional common
capital stock, and Central I'nion Trust j
Company certificates of deposit of the
Irving Xationnl Hank for lfi.000 shares
and of the Irving Trust Company for
7."i00 shares.
.- Slidvale Steel
10 Murine (Is . .
7 SI ov St 1. 4s... 47.
(1 SI S P & SSSI 4s 84 'i
7 SIo Pile gen 4s. (11
1 Slnnhat El 4s.. 70 '(.
2S X Y C db Cm... OS'j
0(1
18
I'm
."1
(11 'A
17V1.
8(1
71 l.j
3SVi
84
S2
80
07
00. r,0 00.40 00.41
03.20 03.20 03.20
03.80 03. SO 03.80
114.01! 04.88 04.20
1I2.SS 02.88 02.00
05.72 05. (ill 05 50
100 100 100
00.OS 00.0(1 oo.os
iioy. oo v, on ',..
07 07 Va 07Vj
47
8 IV,
00
70 Vj
osy.
NEW YORK COFFEE MARKET
Xew York. July 21. Xew Orlcana,.
was a heavy seller here this morning. -.
mo 1)"t f'" demand from Wall Street con
00U tinned to advance prices, at the end
OS'S, i "" t,lp "r, hour, July selling nt 21.05
September at 21.80; December at 21.40
and Slarch at 21.20, or 50 to (ii) noints
net higher. "
Jely
AUKUHt ..
I Sf ptemlier
tvtol.er ..
N'orlilber
Ileeemlier
January .
I'Vhru iry
March ...
April .....
May
Jl'"- ....
lUd.
Friday's
cluse Open
. 21.4.1 21.03
. 21.3.1
. 21,22 -21.32
. 21.0H . . .
. 211. Ill) ....
. 20.74 21.0.1
. 211.11'J 21.011
. 20.114 ....
. 20..10 l.lO
. 2.or.
. 2D..10 21.1R
. 20.3.1 21.13
11
a.m.
21. 25
4
SIVa
(10
70 Vi
08
LIBERTY BONDS
BOUGHT and SOLD
An? Denomlnntlonft
Samuel K. Phillips & Go.
807 CHESTNUT STRKITT
l!rmbr 1'hlludeUihla Ktotlc KxrliaBC
$50 $100
LIBERTY BONDS
UOUUIIT AND SOLD
Bitldle & Henry
21 2.1'i 2.T. i
Kelly SprlnB Tire.l.13ti Xi'( Tj) 129
Kennecott uop .. -IL'Ji 417, 41 41
r.r,
ll1. 1-K iKeysione T ,& R.124Ji 10o:i 100'i 100J4
33
ill,
PL.
1?"
27
3
10
24
1'.
MiNixr. vrocus
. . . i
Alaskn B C M
UlR I.edKe v . . .
Hutte New Tork
Iloston Mont
C F .1 A Jerome
Ton Ariz
1'rnnn Croesus G
Flrft Nntionnl
rortuna Conn
Gr.ld.1eld Cons
OnldPield Florence . . .
Ooldfteld Kewanas
Ooldflel.1 Merger
Green Mo.nster
Herla Mlnln?
Howe Sound
Independence Lead
Jerome Verde
Jim Ilutler
Jumbo Kxtenaton . ...
MpeNamara Cres
JlrKlnley-nar.XKh
Mnirma fopner
Mother Iode
Mine Co of America
National Tin
Nevada Hills
Nevada Wonder
NlpleKlni:
liny Hercules
San Toy
Tonopth Extension
I'nited Verde
iVeet Fn.i Con
White Caps
MONTIS
Cosden Oil lis 101)
Cqsden I Co Hi nil
Russian Govt r.H .in
Ilusilan Govt im ... .in
1
12
1.
40
IS
r,n
3
3H
r.V
4.
32
10
4.'1
f..1
II
42
4
3
ini;
2i
s
40 "
Hi
IS
"iTi
l'i
S
1!
ni,
32 1
11
2(li
2
2d,j
i
in
85 8(3 hO
.11)
20
7
3H
4,'
in
72
r.A .',14
33
12
4.1
IIS
411
4.1
4
11
32
m4
411
110
4454
hi ii
20 18
101
ln.i
N
.IS SB
GOVERNMENT BONDS
Panama coupon 2s. 10311
Panama registered 2s 103f
Panama coupon 2 103S
Panama registered 2s. 103S
T'anama coupon 3 1001
Pmnma renistered 3s. 1001
Philippine 4s, 1031 . . .
Philippine 4s 103.1
Phlllpnlne 4 1030
t' S Gov rtelstercd ", mao
I S Gov renlstered 2s. 1030
t' P Gov coupon S 104(1 . .
II H Gov renlstered 3. 104(1
IT 8 Oov coupon 4s. 1023. 1
Pld
iis;
, 0'I
iii
. os;
su
HI
on
on
no
iron
noli
1001!
A sit
02
II'.!
06
nm
on
on",
ini
02
-.ck Steel f8'
.-.. I'Jrie ic w.. j.
Iake K & SV pf . . 22
Leo Huh & Tiro . .10 .1o',' ,13' J 3.1'j
Lehigh Valley ... 5:H oo",' 5:P4 ,-,3i
Lorlllard (P) Co. 2.1 U,' 2:11 21.1 211
Lorll (VI Co ju.112 11-' lpj lij
Louis & Nash . . 120! ',
Manhat Elevated .80
Manhnt Shirt ... 1fivi Hi .141; ajjj
May Dept StoreslOOJi lOO.'J 100! 100$
Maxwell Motors
Max M 1st pf .
Max M 2d pf . .
Mexican Petrol
Miami Copper
Mldvale Steel
o4
. 785,
. 41
.195
. .12
. as
jl o0'2 01
10'; ,'wju Mji
1(171' Km ,00, . v
... ... vi 10 i;4
Minn & St L new.
Mo Kan & Texna.
Mo Kan & Tex pf.
Mo Pacltlc
Mo Piclflc pf ...
Montana Power .
National Acme
;a
14S3'
24 H
10'J
57H
77
30? i
Nat Cloak & Suit. 81
Nat Con & Cable. 23K
Nat Knam & S . 82f
National Lead . . 8.
Nat Lead pf 112
Nut of M 2d pf. HI
iNe.ttaa Con Cop. 213
New Or Tex & M. 4d
N V Central .... SHj
N V Chi & St L. 32
N Y C & SL 1st pf. 09 .
N V Iook 41Jj
N Y N U & H... 37i
32
5l,
2.1U
101 1
24'4
30
57' i
77!J
4(1
21H-
82H
84
2)'.i
43
Slii
21,
14',
.
32 "
ii'4
77
,'1S
"245
711 J ,'
80H
31
M
2 l'i
22H
!'
414
77
IS
70' i
8Uh
21
41
Mii
37JS
!0
37
KH
21
43
e0J
37.',
10 i
N Y Ont & wes , 22J
Norfolk Southern. 10
Nor & Western . . 107J. ltfi'-a 107'i lf)7'i
North Pacific . . . 03Ji 07 05)i 03!f
Nova Scotia S & C 85 84Va 82'i 82!i
Ohio Cities Qao.. SU iiS,',' Mj; 6.it'
Ontario Mining . .8!i 8 8 8
Okla Prtx & Hef. 10.1, joli 10H 10!j
Owens Bottlo .... 6l'?i 6IJM (lv CGH
411 .')! .'in i :vu
Puclfla Mall 40 30,
Pan Am Pet & T.H8J, 111
Pan Am P & T pf-187 ...
Penn Seab Steel. 5'iJi
Penn Railroad . . 40V4
People's Can Chi. 51 J J
Peoria & Eastern. Ill
Pere Marquette . 25
Pere Mar prior pf. COU
Philadelphia Co . 40 1
Plerce-Arrow ... filJJ
Pierce, Oil 2.1)f
r.,trs- toal ...... G9)i
son roi
40)i 15i
52 50j
10( 10
24W 23)j
40 ' 38'i
02 ' 58
2.4 2211
005i (17H
30 H 30)
108W 108', 1
5fi4'
4.-)','
60)i
10
23),
.W,
58
22H
07
38H
Are You
Puzzled?
Do you wonder how
others know what se
curities are about to be
come active?
Do you wish some one
would tell you 4what
shares to study with t a
view of investing or trad
ing? Get thiis week's
Investor & Trader
Just out!
the dominant weekly
of the New York Curb
Exchange. Its news,
quotations and investor's
reports on the active In.
dustrials, Oils and Mines
are gathered and in
many caseS wired by
specialists. Sample copy
free Ask for No.
T.U.-798.
At Hotels
and News
stands 5c.
By the
year in
U. S. $2
JONES & BAKER
SECURITIES
WidencV Bldu., Philadelphia
Phonea Welt, 11'aluut fl065
Keyitone, Kace 2298
New Tork Detroit Plttsbureh
ChtcsfO Circe Pria Wlrtt boston
NEW ISSUE
200,000 Shares
Guf f ey Gillespie Oil Company
Common Stock
Tranfer Agent
New York Trust Co.
Registrar
Equitable Trust Co..
'apltalUntlon
Atlthnrlreil
Tc Cumulative Convertible Preferred Stock $2,000,000
Common Stock (no par value) 500,000 th
Including present Issue of 200,000 shares.
Out.tnnillng
$2,000,000 ,
420,000 shi.
We summarize from a letter by Mr. Joseph F. Guffey, President of th6
Company, as folloivs:
BllsillCSS Cornpnny was incorporated under the laws of Delaware in
September, 1918, to assume the business theretofore conducted as a
partnership by Messrs. Joseph F. Guffey and E. N. Gillespie, who have
been engaged in the production of crude oil and .natural gas for many
years. The sale of present issue of 200,000 shares of stock has been
determined upon to provide payment for certain oil and gas properties in
West Virginia, Oklahoma and elsewhere, to increase working capital and
for other corporate purposes. New issue will place about $800,000 addi
tional working capital in treasury, after providing payment for newly
acquired properties. .
Operations Company operates principally in Mid-Continent, West Virginia
and Texas fields, where it has leases on about 200,000 acres of oil and
gas properties. Present daily production of oil is over 2,000 barrels,
which is expected to be materially increased from new drillings on present
properties and from development of recent acquisitions.
Earnings Actual net income for eight months ended April 30, 1919, was
at rate of over $4 a share per annum on the then outstanding Common
Stock and it is conservatively estimated that earnings for coming year
will be dt the rate of over $6 a share on the Common Stock outstanding.
,
The Information contained In this advertisement, while not truar-
anteed, Ii derived from sources which we believe to be reliable.
F. S. Smithers & Co:
19 Nassau Street
New York
v Moore, Leonard & Lynch
111 Broadway Frick Bldg.
Pittsburgh, Pa.
New York
All of the above stock havinrf been soty, this advertisement appears as a-
matter of record only.
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