W
.f?5r"-
Ex
1
W
,i
h
i
Tv
! .
'
?
7
'f
5i "
bv.
O x .Xtf
EVEftiyQ PUBLIC tBDaER PHILADELPHIA, ' TUSDA1?, JULY 22 ,191
v r
Dome JLxcmarkabie
Records
of Earnings
Investors have learned
the wisdom of studying
the annual earnings for
a period of years of the
corporations whose se
curities they think of
buying.
We offer securities of
several c o m p a n i e s
whose annual earnings
were not seriously af
fected by the war and
are now so remarkable
that they command par
ticular attention
For complete data end
for Offering Xn F-.W.
Ghandleiu Company
Franklin Bank Bidg.
Philadelphia
New Torn Poston
STOCKS MAKE PRONOUNCED
GAINS ON NEW YORK 'CHANGE
1
I
FINANCIAL NEWS CLOSING NEW YORK AND PHILADELPHIA STOCK QUOTATION
SEASON'S HIGH HIT
BY DECEMBER CORN
Traders Declare Market ( Become Oversold
Everythinp on List Idvancps
I irtnallv
ilES CAUTIOUSLY
Hipli Points in Today's Financial "Wir.s
Tinders on the Now York Stock KxchmiRe nir less ploomy than
yesterday, but business proceed" with caution. Little of interest
develops on the local exchanfre The Cutb matket shows iricRillnrity.
The foreign exchange matket is les unsettled. Peccmbor scoies sea
son's Inch in the coin pit. Cotton shows improvement, fiat- silver
is hichei in New Yoik and London.
To Holders of
Cities Service
Company
Convertible Gold Debentures
Series B, Seven Per Cent.
Holder nf lie ah. r
fermittert to (imp.! i
nlfl Ten Pe- f'nturn
yate principal amoui t
lures owned n th m
!' h
ir
I
X.IIU-' 1
'1" -r i of III. hest
of -Jerl". H rieben-
lilh
Next nrU. .Iiih 2. The toi K ninikrt raielv shoxxs n more acute tran
sition fiom oakiM" In Mienglh than U did tndnx Dxcn t ho trmiinR clc
m"lil xxhlch pcrs,tpntlv fnimhr Hip rio iiiikI ef la-l xxtck ntiil was lnrgrl.v
ripiiniMo for the bronk jcatotdnx afternoon, ilpclated the maikct hnd
hoi onio occt sold.
Id Hip pronoun oil reioxprx- Hint tunk place tndn.r xxith the liichcst
prii p showiuc nm of 1 ii ."t points in tip lal hour no oiip stpitipd to be
ioihpiiipiI oer tiir I pi .Mil IpcI'Iips of lh.' lnokPint:p houses in nniniPlidinz
iiiispi'miImp anil discrimination in piiiihnes.
ToiIn" market milli did tint Mill lm pec itn- mention, as virtually
'Xd.xlllttIC "II tin' llt llclxini ! ll xxas llltcl n-t mc to IK'to lll.1t after
persistent xxeukiiess Texa ami 1'a.itu shared Hip upward mnxpment. nd
xnniiii!: fmiii ."iljij in .".!! Tpx.i- Companx finm 270' a net sum of about
7 point, in piled in 20's.
Stock'- that rii-p fiom '' to t poinu im Imloil Stut7 Motots xxliiih tniichpil
1I7'-j fiom mi cuilx low nf 112. C "i iii ililp Steel. Aini'tiinn I .i i and foundry.
Tan Ainprn.m I'ettoleum I ilitmnu Tptrolniim. lioxal Intili of New York,
Aii.n nndn mid other
The r.iiliii.ii.-li:iip pn i cm ii taken in hand with cams of I In '-' point
.n Idailin:. SniiHuin I' i M Soiitliiin Itnihv.n Hip Si I'linl. New
II. mn. Wiih.i'li I'i'ii' M.iiiiutt' iikI niliPi-
In Hm liotid ni.nkri w i. . in ril jm mipiovpH tm fiom p--tPid.ir.
Uhion ml in't moiit 1- un i 'I , i'Iih.ib"' UiiiIm stun and 'Jiiuvx nint
1 's. I IM "f I'.iii-. tU ',. I nii.il 1 1 . Ituhln i ."i ' i nd I IlltPil Kins
ilom ." 1 :'- f 1!UI '
Trading Element Less Gloomy
Than Yesterday Prices
' Average Higher
Mnrk s.iles today on Hip New York
1 prlniii;p. as compiled lij the KvrnlnE
rSnn, Int.ilrd l.non.Snn sliares.
p York, .lillx 'J'J The Vew Yolk
I'tening Sun finatii'lil review this
'iifleinoon is a follow:
.Indeed In Hip recoven in toek tn
ilin the pIihs iiinvpniPiil, nf yptpr-
'i'i wpiiI a lone war Inward rectifMiip
Hip liilitiie.ll position nf Hip llt I'll
liiilpil bj faMiiable new nr nn ilevelnp
tneni of market -wip bpariiiK. tnek
iniip tinned nbuiptl fm Hi" betlei
tin iiininini;. nscetitiR that ppriiln
tip venlmiHit might ili'iiice friini4nne
eti(ine In Hie ntber npr niclit. but
that f.iilh in the fiiiidamenial eniidition
iippiiitins I" ii'lMinre pi ins was still in
' the .11 elldPIH'V
i While tlie luial wpnktips' ni.inifetPd
li t.iek wterdnv untied oiiie inti
uiatmii nf l"wu priu- tbi inniniiin.
ui; little fin tin i elluiK 'lexeUipeil
This w.i !" aue Hie ni(ieiniin
'tiient wn alieaih boit
mi a bin till vile and
bn-L'e n.itiei tiiiilit" t"
finm tin
Offerings Readily Absorbed by
Commission Houses and
Shorts Oats Firmer
ritlcaco. .Iiilr L'2. Lack of moUttire
In parts of the bolt, a further advance
in prlcps for lings to the prpvlnusj
high mark nf S2.I and predictions of
lighter rcieipts lerl to a good demand
for corn toil.n and kept the tone nf the
market firm Pprembpr scored n new
high mark for Hip season.
Local interests were inclined to fight
the upturn, nning tn unsettled econ
omic conditions, hut all offerings were
ahsoihcd bv commission houses and
coxering bv shorts, as foreign exchange
showed impioxetnent. Offerings from
the (outitrx werp light, and scarcity of
cars was again lomplained of
Oats were tinner on crop complaints,
offerings weie rather frpe at times, but
they weie taken unc nf. Threshing re- I
ttivns gptiprnllx weie unsatisfactory
and this news offset more liberal re
ceipts
Philadelphia Stocks
Ittih
45 Am Strs. 34
SO Am f?as. fiS
inn iiutte Sup 2n',
tin Hrill .1 (5 nn
inncs t&M jrtj
1303 Klcc Stor 111
Ji'O fien Asih S4
.".- I C N A . 32
20 Insp Cop ll.-.!,
fl3.Ke.v Tel. U
140." Lk S Tor 21
inn i,eh Nav. ?n
200 .Mo I'ne. . 3,-
S7 Third Nat
nk W.. 2.-
2.-i O Lisen. CO
4S2 Pa II H -40'i
IjOW
34
OS
20 V,
"ii '
1ST,
RRV4
S4
32
(l.-'Xs
lOT-i
21
3.-,
c.n
4r.-,
Vet
Cle rhe
34 V4
(IS -2
2fHi Uj
on 3
48 m
ni 2
St 3
32 1
r..-is H
17 ..
21
7n -fii.j
3.-i' ,
BUSINESS ON LOCAL 'CHANGE
IS LACKING IN INTEREST
Market Is Irregular and Trend of Prices Continues Downward.
Sales Are Confined to Small Lots Rails Steady
Interest lagged at the opening nf the Philadelphia Stock Kxehnnge todftj"i
xvith the same Irregularity that xxas noted jeiterdny and further evidence of a
downward trend In prices. The market broadened sonicxvhat during the day,
although trading did not assume the volume of recent sessions. Sales were
confined, for the most part, to odd lots. .
Such changes us were made in prices xxere for the most part eonfinedto - '
fractions. Kxccptions were Kleetrle Storage, one nf the leades of the day,
which was marked up 2 points at one time during the day; General Asphalt,
xxhlch slipped off 3 points; Steel, murkett up 2 points, and Iiutte Superior,
American Gas de-
.' Penu Bk.2fl.-. 20."
3S
2,-i 1 4
2(1
3fi
314
3ft
2.-.',
31 Philn To 3D
147." Phil Klec 2."r',
."in P II T tc 27l4
100 Itay Tons 2fi
(I Heading
1st pf. . 3-5
3150 Ton Hcl. 3U
ntl." Ton Mill. 3Vi
10 I n Pac.l32-(4 1324 132-li
172 r fi 1... 01114 tin c!i v,
r.'on r s sti.inn:i in-14 inoi:i
37.- v cra'p.Kin mo ino ..
2.-1 1
(i0 -f 1., ! which advnnced 14 points on n sale of n hundred shares.
40,1,4- U ''"'""d on a turnover of thirty shares.
2!Vi -fi" I The remainder of the list held nut little of interest. , Hails were steady
3ga; a; , during the entire session and little thiinges either wn.x xxas noted in the mining
iues,
y 1 With the exception of 1'nited Gas Improxement and the Tonopahs, the
1 home shares phi.xed little part in the daj's proceedings.
s! The bond section xxas virtually neglected. The largest sales were In
I Philadelphia Kleetrle first ., xvhich advanced fractionally.
3S ..
314..
3ft
Stock 10 104 maren, compared with 11..
t!lfi hir'! poM vesterday
TIip iniprnvpnipnt in fnmign oxt-lniiigo W0(M1 l'l K Vcn
nf tho mm kct
had initinsl
ninorl. isiiMiv
t II oi Hi It P' "II il'"
tllUp Inns tn
1st. lfll! ronTion mi ro ntit-1 1
urh holdr At in dat afr upnt t.i
1BIB find upon dIlvr h rhm of th
Debentures so dcirprl to he ronrtd 'prop
erl ndored If racist rd to jlmri Henrr
t- Dohert & rompan rittral Apnti u--h
Debntures will b ront'd Into f1tie 'crv
Ic Company Prfprroi nnd Common fork
on the basis km forth 'n nurh Dpbfnturf
certificate for which stocks will be ln-nM
and transmit td to urn nunr In tht
mounts repectli du- '-imllnr pllr
Of partial ronr)on wer xtndd to hold
er of DebenttjiP-, of rtrnrd p1. mb'1 1
1015 Jinuar 1.t iVhnnM lt prl! 1 '
Ma ! an 1 in lu min
NEW YORK STOCK SALES
Klch
.-.24
t7'o
I.exx
."1
tl!
Henry L. Doherty & Co.
t seal Ac-t . ,
on xx t i -
Pa'M J in lr, int'i
' N' V-.rU
).-l ,
'.l"i
iiir-s
.VI TiT'..
nip, mr1
10lP,
3
iiij
ti.'i
iih;i .
'i
i-Mi
:;i;
l-J
looi .
,
0
Adams Y.
dv Kumelx
do ptef .... 7"1 i
Aia Hnblier 107'.
Al.i-k.i r.ld M 3
l.i .liineaii ''',
I Alii Thai fix
d.. pi.f
I m gi I'heni
I Am Ilirt Siu
j m t'n n
on pifl in l 'x un '(
A. IMx Co I 17 111
New Issue " ,!'lnl N',l,' "-' "'-
T J c i-i f x'" '"olion Mil IV,', iils
"MUJ ,ur delivery lAm ,,1M, ,ji, -
Tax Exempt in Pcnn.illrnnia I m lli.l- 1.
Interest Free of all Federal Al'1J,, J,',''",,
income lax .m i.ese, .'i7 "i
do pi..f 7-J 71'
ni l,ini'el 7 1 7.'1
do picf . '17 '17
Am l.i" iimiitixe !H 7
do picf 1"7 107
Am Smelting 'o s 4'
m Ho, h M 1I.V lll'i
Aniet Snuff U IL'7
Am Slim Toh I V2 K llll7
ilo ptef . 'I.'. !i i
m Steel r.hx 4 1 " I.",'
V in Siig.n- . . 1 :? ' i 1 :" '
m Tel Tel 10.'!7s HI".'
m Tohicco, 'j;'.0"s J37
m Wool . ..I'JC's T-'O
do pref . lll'i", lll'l '
in Win I' if ."."i", .V.
Vtn .in. .t I .1 'J.". ', !'
iiii i I'xpto '!" M"
Am 7. f. I. pref 1K!', 'J'J'
Aii.i.oinl.i . 7.-'.. 71'
a ml . . '.'. 'i .''.
At. ln.on loo'., inn
do pief . -"i'i --'
All li A. AH. H7 13 '
Maid l.o.o Co. Ill ' 107
Main A Ohio Hi's IIH
do i nf . . . o-l ' . " I '
r.anctt Cn .. l".7''i 1"".'
It.it Mining .. l:,i r
Ileth Steel . fl'.. P7
Beth Stn.d '. lOO'.j !ii!'.
i. p. pref 111', 111
Ixi-khn tap Ti :()-, 3U'
P.oolh I'l-h Co ', JP
P.utli. I'i'.l'li II"
- i
AC
o.1
.v14
107'-..
3
jt
l.-.lj
P..
100'.,
HO''.
.V.I
1111',
111-.
.VJ
li.".',
II",
Kelly Sprgfid
t r j .
inunp i opppr. it0,
Kev Tire .t R 102
. 20i..
Hlzh I.nn rjosp
. 120'3 12fP4 1201,4
Nl
chRe
-40
no
1!l"
So
1
Radnor Township,
Pa., School District
4y2-s
Due Serially
June, 1924-44-49
Partieulan upon application
A. B. Leach & Co., Inc.
115 South Fourth Street
rHii.nKi.riii. r
".'I
101
.HI.-.' ,
31
22:'
H!"1
2)
.",.-,,
r.r.'i,
3s7,
3-1,
r,n
71!'...
3.
ini
,v
3ll'j
.'It
2iii
11'j
22'
31 '."
.".r.
"' .
117'.j
102
Mil j
20 7s
n
411J 1
102 2
20V, l(.
T'i2',
23 1
.-,:;',- ',
rj.-, i ., j- u
71 1
22-1 .J-3' .
3.-, i; a;
.-.:., 2,
T1 -rl'i
3!l - ',
HM -- '.,
I'.tl'U .-'
l3raA5u3SA5I3ISI3IEA35A5ia.l5l3rSEafa3l
$35,000 I
Fa
Loan I
Wanted l
. do rt .
I'.a.-K Stepl
I IV A V pf 23 L".
I pi .'illex .-.".i . .V!i
l.ee Ituli A T4 3.-'j So'
1 V l!i.'int 71 71
I oiilliird I' 22'.. 22
M.i ii Shut
Mux Motor .
d 11 pf
do 2d pf
Mux Dpi Str
. IMiol
Miami Con Cop
Midx.i'i IppI .
M fi. St 1. nexx
Mo K A. T ..
do pf . ..
Miinri I'.u .
do .ipf
.it V. mo .
Nat Mi, ml pf. 1 17'-..
Nni Pn A Stp. s(i,
do pief ..1(12
Vational I. pad S3
Nevadi Con Cp 21 's
Npxv Yotl, Cent S1 '.,
i ' V IU II .",(i7
" V Out A W .n.
Voif A vt loo7, ton7 inn7.
Vor Ameiiinii. "'. ." riTt -t-
oith r.nitie. '.ir.'.j p.-.'.j nr.i."...
Vox S.otia Sll V) .) " 4 " :j
(tkl.i P A ffef lO'.j 10', 1IH., .
I Huo (In . . . r.i , r.l'.'s
"nt'Sihpr . 77 77
I Iiximis: Hot . . ."(.I , .".ll
Pa.-iti. Mail 3'', :",s'.
Pan Am Pel. 112', 107',
lVnn IU! . . 4(1 4o
Pen n Sea St I. .-.4'v ."il '
IVoua A. Ha-t Ill's 17
Ppo (in A C .-0'., .-.o's
Pere Mar . 21 23
I do pief . . 17 47
.... ,..,, In rim It I Id llOt
"I' - .....,
dleover lh.it 1 " "n"n ""' '"'""
(ill fnt i ox itns: purpose.
Onotitlton xxeie hid up quite pener
allx' in the e.ulx dealinK hv the hort
interest The market lumped off some
xx hat at middav xxith Hie relation of
bnvins fiom Hn qunitei. but in the
earlx afternoon the market mox-ed for-
xxaid acini more i onndentl.x . its fin
hilitv bavins been detei mined.
The Inixinc xxlni'h xxent on toda.v.
hoepi xxii nothinc like Hint xxhlch I
occntied l.it ppk OiiPiation foi the
ndx.mie xx pic onlined l.irjeh to Hie (
loxx-pineil i ri i I a linndfiil of special
Hi"! and -ome of the oil tock. I'luc- I
tiintion xxeie n.nioxx for Hie niot pal t
and the tiadini; elenient. xxhile le
cloomx thiin x.'tenlax. xx a disponed to
pioieid xxith .iiution IJnce ioe one
to three point on the axeracc.
Speciiil itiieiet xa exhibited in ueh
nmnertie a Mionrt. Kana and
.11 i0'Vn. (ipniial Clear. Rnxiil Pntch. i
.-.7 ' ... -t-1 ' , California Petioleiitn. Stlomburs Car-'
-'- 4-l" bnretPi' and a nnmbei of i nil- Wabah.
10 --2:i, Westein M.irx land. Nexx Haven and the
23'i l'i like xxeie mote aitne than usual.
3.V, -r 7 Tinted Stale Steel rei ovei ed a sood
Mil..-)- I, poitinn of it lecenl lo, but other
"s'j-t- ', , metnl hie held cotnparativel.v stend.x.
1171-.. 2'.j (ieneral Ciqar and California Pelro-
k,,1Ia -1 j 'r"m moxed into new lush Krounil. xxhile
102 .. Sttit7 .xlotoi i.illipd exen point or so
2'. 2', " ono '"" ' enttal Leather' quar
21 ts4- lerlv earninz made a splendid shoxx-'-1
i ,-f-j mc and Hie toik impioxed omexxhnt
:;(j7,4-iTw i i nere xxas no rnanee in money con
f
..r nr.H-.i hip niarKet, anil it xa '
HioiirIi theie xxa quiet hn.i ing in antiei
pal ion of hettei evpoit facilities, a
Purope is in need of oat..
t.M.llr,K fulurp- rnaPd ai follni
1 'irn (nw -loll v . 1 I Trt .
.. ',)pM' !1l".h li rl" rlo.i 1
I m 1 1 11..'', 1 tt.iij i.rti j
noMii
HlBh U
(if!
Clow
Of)
Net
I hue.
MONEY-LENDING RATES
NEW YOIIK Mnne.v on enll, mixed
collateral, opened at 0 per cent; Mull.
(I: loxx, riVi; last, n 'j . cloed, (i; nil -inR
rate, (1 per cent. Industrial opened
at 7 per cent: high. 7; loxx, (1; last,
(I, closed, 7; riillnc rate. (1 per cent.
The time mnne.v ntnrxet continues firm
without Kpecial features. OfferlnE are
no larger than thex hnve been of late
l' I Some loan on nil industrial collateral
xxeie repotted at 7'i per cent Six
;(j , per cent xxas hid on mixed collateral
1 for all maturities.
.1I
i5'
.
Oat-
Sppl sn'i
Pork
SPt .SI .11 711
I.nrn
!Pl .34 S7 Si t7 S4 27
Ort 14 21 3 11 ,14 2,1
Rltvi
.Tul 2 40 ; ro i 40
.S'Pt, 2 21 2S 40 2 21
llii tAkd
RtS
..m
it 1
11 4.1 .17 7.1 t.-.l.V.
34 47
34 32
34 27
34 20
2R flu '2K S7
2 17 t2 21
Ti -t.. tin
Win I,ih Hond
4th i',i n:;.4R 03.44 ra.44
.-000 Vietnrj - v
i-i4s .. nn.nn nn.nii im.no..
2000 I'll Co 1st .
.-. unsp mn 100 100 ..
o:'.nn pihi r:iee
1st ,-s.. nnuj n.-y, no n
lnOOSpan-Am
Iron ris.lOl'', 101 101 t j
1000 Welshaeh LONDON Mnne.v Is quoted at z7
Co ,'s.. PSi', HSU "S "s per cent. Discount rates, short bills.
' ' 3,' per cent: three-month bills, 3fffit
Bond. 24 2fti mmrar-d with 2j,noo o per cent.
old P!.tPrav c
PHILADELPHIA Call. SVi per
I cent; time, 5 (ffO per cent; commer
cial paper, three to six months, .V,4ij
i.V! per cent, and six months, 0 per
tent.
FOREIGN EXCHANGE a --i
New Yorli, July 22. There was a
better tone to the foreign exchange mar
ket nt the opening today apd those oper
ating on both sides of the market were
It.cbned to believe the decline hnd gona
far enough for the present and that an
upward reaction xxas in order.
Huslness xxas In diminished volume
and sterling improved to 4.32 tor de
mand nnd 4.33 for cables. Franca were
better at 7 1 t for cheeks and 7 12 for
cables. Pesetas rallied to 10 for checks
land 10 10 for cables.
Othei quotations xxere: Lire checks,
,8.(17. cables S.Cm; Sxvisi cheeks, 5.02,
rubles. .VliO: guiler checks, 37, cables
37 V : Stockholm checks, 24.00, cable1?
24. SO: Christiania checks, 23. ."0, cables
23.70; Copenhagen checks, 22,00,
cables 22.10 ; Belgian checks, 7.42,
cables 7.40. '
No Change In Refined Sugars
Nexx Yorli. .lulx 22.-r-The iclined
sugar maiket shoxxs no materinl change,
condition and prices being the auie
a those recenth lecnrdeil. The Na
tinnal and the Warnei companies are
till xxithdiaxxn. xhile Arhuckle
Hrothers ate xxithdraxxn on granulated,
bill are offering some softs. Prices of
all i diners ate on the basis of !lc, less
2 per cent fot cash, for fine granulated
llaxxs alo aie unchanged at the fixed
priip of 7 2 for 0(1 entrifugals. The
I'nited Stntes equalization board made
no pnriiiii.- ..i rim ,xcicniaj. Imrane rurf 3IH & .12c rolnred ppp.1,1
I 12'a '' I." vxnue .peciaia .v." i ;tdc
BUTTER, EGGS AND CHEESE
Np lorli. Julv 22 HUTTKH PtMdv tn
flrni R. lpl! ll.tiild tulm Hljh morlnir
70 72. PXIrai" .14p nulblde, tlrst M1
111,. opoik1s tnW.llc Btdt rlalrx Mfl
.-.31 r
I.IJC.S Stpndj Rpcelpls 1SM4 raKPH
t-ipsli ffaltierpd extras .IIJTItc utornxp
p.ukp.l plra flrsu ."i0(ff.12 rlirtle. ;0 ,
.1.1fi.17r dlrlles No 2 3.1W34P plippki. at 'A
3tr . hpckn undPrBracle .lutfMUr arstn. IUI5
III. mnd. XJ'ft.inc ntatp and riPalbN hen
iip whites ll.-.fflUp ualhprpd whttps T,(Tl
,1"r wpstrn wllilps asft.lllp raclflc rnast
loti .".2i upstprn and nouthrrn Kithprfd
whites 4fi I'lo state and nrarbv hennrrx
hrnwn. IIW.ISp natherpd lirowni. and mlxp.l
inloi? Ilffi.llp fair to primp. .V.'Oiitr
('Hlil-iMl-i Mpa.ix to nrm Herplpts unit
hoxpp rial purrpnx maae colore.
llXiVH2c aat irrpnt ma'
BANK CLEARINGS
pIparlnBs ponxparpd with
correa
ed aXPraKP
iaTP uhtto
I
ir
Hank
r.nniFir doit la at tivri . n r
"" inio tin ...",...
Thlla . $fiD.3S4,.ir4 mn OVl 742 J47.027 7..4
Bovon H.1.S33.78I1 r.3 7113 4il 24.S2B.421
S V 1 117 2.14 437 '129 lll'l Oil awl 314 271
London Metal Market
m York, Julv 22 Cablp adxlce re
pppd al the Npw York MPtal BxrhanBP
this morning nuolpd nric'i" In London as.
tollotts Tin Snol 12111 r.s. a ealn of jl
ffllurps IS2S IU". nnchancpd "trails I2..a
Ss off .Is salps, spot. 7.1 tons futures
121 tons Standard popper Spot tln4 lis
futures ttni 10s both up IXs sal;s 110(1
tons KlsctrolstlP copper Spot tlon. fu
turps U1S unchanKPd l,pad Spot (23
ins off .is futurps 24 off 1"s Sppppr
Snot f43 10. a dpclinp of .1$ future.
15 -i loss of lis
DIVIDENDS DECLARED
Philadelphia rompans. semiannual y
II 2.1 on preferrpd 1 per cent stock payable
September 1 in reslslered Aunust s
FINA'CIAT.
Special Notices
THOMAS IULLIKKY CO.XW.VNY
FIRM MUKTOAUh 0 Sl.MdMl FUND
,OI.I) BONDh. DUB AUGUST 1, 1922
NotRe Is hereby Klien that lionds. Nos.
11. 13 17. 18. 25, 73 82. . 124. 172. 173.
201. 2011. 2111. 220. 22.1. 231. 23. 278. for
$1000 each, haxe been drawn for redemption
out of the moneys In the Sinking Fund, la
aicordanxe xvlth the provisions of the Mort.
Eage. dated August 1st. III14, securing the
same and will be paid at 102X4 and accrued
Intel est at the onUe of the trustee, Fourth
and Chestnut St . Philadelphia, as of August
1. 1019. on which date Interest thereon
"""' BROWN BROTHERS tt CO.,
Trustee,
rhlladelph'a, July 11 1918
l-
.".' , 4-'M
77s 1
.-,11 1
.".'.
ii2's-t-.".
u; - ',
,-.T.. -2'',
is"'
r.ni
21
17 ' - i
lit! i. j '
1 '
- ',
T
Security. $35,000 worth nf
.stock in an old- established
local dividend-payinp: corpora
tion. 6rr interest and com
mission. Phone Mr. Hepburn,
Walnut 172.
Untie
1 Calif
A. Sup
I'ptiol
fa . do pipf
S E3 ll'.il Packing Co
anSJiMHfi!!IEfiy ...
THE STEEL & TUBE CO. '"' 'i1"'" '
OF AMFOIPA 'P" l-'dx '" P"
7 Cum. Pfd. Stock
Amply protected by earnings, assets
and sinking fund.
Price 98 and dividend to yield 7
Circular on requett.
Townsend Whelen & Co.
S05 Chestnut Street
2!t'-j
v.-'.
7"
1 ,
Ms
Cprvce 343
Canadian
Race 2333
Bought Sold Quoted
FINCKE. BANGERT & CO.
Franklin Dank Ulilc. 1'hllndelphln
BOSTON NEW YORK
BERGNER & ENGEL
BONDS AND STOCK
Bought Sold Quoted
Crawford, Patton & Cannon
Members l Vew York tork Kx,hnnr,
Morris Building
list Chestnut M.. I'hll.idpphla
(11 Il'way. Nexx lork
:i 1 ' ..
iii
I Cent l.oalliPt .lll'i 1
I tVi iIp P.isco . Ill '
('In .s i:.it III 11 'j
Ch.'sa .V. (Him (!."
;Chi ,. Alton 12
1'ln (.lent U'.sl 11 ' j
C (in W. l pi 2!!' j
I Chi M &. St P 17
'( M ,S. St P pr 72',
C It I P tc Ill's
1 C UK's P C p f (1(1' j
C I S. I. Uxxx 4!t'
C C C .X. St I. .".n'..
Chino Con Cop I'.'1!
Cliii'tt I'l'tihiidx s
Co! PiipI .s I 1!'
Co! (In & PIpc i'.D'j
Col & South . 2-7s
'Cunt Can ... '.' !".,
Coin ProduMs. S7'.
Con Inter CM Is
Clin ihlc Steel lilt",
Culi.i Cane Suk .".4"h
llpux-cr .. Hi'. II 'j
In pref .. . 2H
Knd .lohn 112'..
P.IU Horn PiipI 10
lip I.i,
Pislicr I5o.lv pf.lflO-a
(iiKtnti Will . Ill'j
Cen Ci Co . . '.II ',
(Icn PIpi Cn . ICiT'a
(ten .Motors . 22i
do pf . . !ll,
Goodrich. P. V .'!',,
- do pref pnoi not:, r.ni
" .' P.'tti l Co. . .-,.-, .-,.-.
p. Phtia Co . ::p,-i, :?ii( ::;n, -, i
; I'ltt A. Vpi 401, :s-is 4(1
1 i Pi. iit rtim ,"!I7S ,"71v .VI'
do pief ... 110 Klfli, 110
Pieni (III .. 2.'!
'- I'm Cil.ll Cs.1.,
1 1 Pd Cn.-k C 1!l7
I Prcs-nil Ml Cll yi'..
!'j Ux Stl Spnns UA'
' U.ix Con Cup 20s
"s Upo. Iins .. 001,
'i lleinton Trpp 7!l'i
I1.' Uep li A Sll. no
'.'i Ui.xnl t V . 120"',
' Saxajc Arm . 7
J' i I S.ixon Motois. 1St.,
-'j Si Jos I.pnil . . 10
Si I, o. S P. . 2.".
St I. A. S V. -2:
',- 'I "f .... r,.v,
S'lh il I. hip. 1)1,
do pref 221 ..
Seal Itophiuk 210
Shnttui k An)!. 17:,s
Slos.sh S A I 70
221,
Olils
P."'s
7's
02'-.
20 "
Ml
77-i,
nil--,
11.-,
7
17
1.V,
2I',i,
21
15.11 .
ii;
21
210
10' .
Oil
Oil .
.-.si,
107's
11.1
0s I
1!i"
rn
114 '
20
n
71 1
T,"
12H
l'1
l7s
- ' .
1- 7s
-' i
07'
7n
do prof 0411,
Sim lair Oil . . 02
South Pacific .lO:"-;,
. s p sue pi-.iir.
South It It ... f.0's
! do pref .... O'S
, Stiotn Carh ... 74
I Stuu Motois. .1 IS' , HI
I Sup Steel 40 I.",
T Cop .t C xv i 1.VH I.",
Ti'.is ,iv Pac r.O"'. :,7
Tca Co 270L.
Third Ax H It. 24 '
.Toliacio Piod..l017s 1001, 10isI
1'.. 4-P,
10 -r ,
-T1,- i,
21 - is
::.-,', P.,
ii', T ",
221,. rl
210 1
l7'..-r- '..
IIP'', oi j
041 f,
'-1 '-r2',
107 K 1
II.-. VI
""'s-r
lis - 1,
T.".7,4-:;:'s
110' .4- t:,
1.-1 ' 1
l.-.-i, f a;
"04-l.-K
.'04'.. 2(l!H..4-r,a4
21 24 ' 'i
ditinn. Call loan ruled al 0 and 7
per cent, hut thep iplatnelx loxv rates
xxeie hardl.x x niptomntii of the scare-)
in of an onimorlatioii. Hankinp; opin
ion as to the future monev situation is I
hx no mean lioppful It i-predii ted in
one quarter that xxtthiti a fcx xxeek
late xxill role close to 10 or 12 perl
xPtil. Ilisli moiiox , hnxxcx-pi. i an cvi- I
denie of K'eat commercial activity.
(liitsiile of Hie market itself, there xxas
xeix little of financial interest. Trad
ing sentiment xxn.. highly mixed and
xxheupxer prices ndx-anced to an extent,
onenngs xxeie siilficient in volume to j
i Iipi k the moxement Commission house?
lontiniied to advie caution in cuter-I
i n it into nexx ntnnutmont. but seu
eiall.x adopted the rather non. ommittal I
aitituilp that tnnd.ird haie ould be I
afel.x purr based on seth.uks.
The market nclrl it eailx cains very l
xxcll. and in ome ca.1 the best prices'
weie made in the final lioin Uoxal
Hutch fcatuieil the oil stock, selling up
more than 15 points fiom it recent loxv. .
Ttaditifr xxn on a slihtlx heavier cale
than jefterda.x . i
The fnreiKn exchange market xxas lpss
unettled nnd showed only slight i
changes. Sterling xidiled a point or so. I
xxhile franc vxcre a tritle fnnipr Cot-,
ton xxas strong, up neailx SI! a hale on!
unfavorable xxeather londition
NEW YORK CENTRAL LINES
$15,000,000
The Cleveland, Cincinnati, Chicago & St Louis Railway Co.
TEN-YEAR 6 REFUNDING AND IMPROVEMENT'
Dated July 1, 1919
MORTGAGE GOLD BONDS
SERIES "A"
Interest payable January I and July 1
Redeemable as a whole on any interest day at 103 and accrued interest.
Due July 1, 1929
Bonds in denomination of $1,000 in coupon form rcgisterable as to principal, and fully register able,
interchangeable. Bonds in denomination of $500 in coupon form registerable as to principal
only. Bonds in denomination of $100 in coupon form only.
9
Principal and interest payable in N.ew York City.
GUARANTY TRUST COMPANY OF NEW YORK and FRANK L. LITTLETON, Trustees
Local Bid and Asked
Bid
13
lll'i
711
XllX,
Ve-terdax
Hid Atk
1 1 J
74
34
IPs'-
3X
n;i
do pipf
Tian Williams
Tol St I. V ctf
I'ti Hag A I'll j-
fllP, i!ii.
Oil
0!l-4 4-
"iU.. .
I'.itf.n I,i..ia I'Vn. I'l'll Pirn , . 4fr.M
... , ,,., tl.,, , -f- ,s f-r.OS He. Pints. j:t .Vis
107'.:. ',
22S 4-."
do picf
10.-57, 10I57's 10I57
l4-l'',
U. S. LIBERTY BONDS
$50, $100, $1000
BOUGHT. SOLD AND RECOMMENDED
FOE INVESTMENT "
Newburger, Henderson & Loeb
110 CHESTNUT STREET
Hembcni N. Y. and Thlla. Stock Eith.nt..
, LIBERTY BONDS
I BOUGHT and SOLD
' Any Denominations
Samuel K. Phillips & Co.
0T CireSTNtJT 8THBBT
Mim-r- rhlliddohia Stock Kirkaaw
$50 $100
LIBERTY BONDS
DOCCUT AND SOLO
;,r Biddle & Henry
;ie4, SOUTH FIFTH. STREET
';,, Mtwbers Pbll.4lrtU.tock JSwdujus
Pirccport Texas .'0'1, ."1
(Jen Motors d.-l SO- SS-'
lirandv Minins 70is 70'
(Iieat Not tli pf 0.V, 041
Ct Nor Or subs 171, I7r
fircciiP-ranCpi 111'l. -10'
Gulf State Stl tl." on
Hart man Corp. 02', 02'
Haskell . I?kr Hi 001
Illinois Cent... 101" j 101
Int Auricul ... oPi. r.lji
do pref ... . Sis S71
Interb Cn Crp 77s 7-"'
do pref 2SI.J 2S
rnmous PJyrs..120i... IIS
do rt 2i, 2i
Int II C lncwi.1150 loO
Int Mer Marine 02 50
do pref ....lltlij 1KP
Intl Paper (IS 07
do pref sta.. K0 SO
Int Nickel .... M 2!H
Jons Bros 41 -lot
Iowa Central.. S 8
Jewel Tea 38 37
do pref . . . . P0 SO
Kan City So.. 23
do pref
I'liitcd Allox Stl ."I!
I'nitpil Cic Strs 10.".
I'niteil Ilj lux- II!
do pref . . . 150'
I S (' I I1 1 K 1515
1 S Pood Prod 7
I S I ml Alcohl H-', 111'. 1 115'. 4-
I' S Keulty... 17 " 12'j 17 -f-3
I' S Kuhlier ..127'-j 1211's 120',4-2'i
r s Sm & nr ooi, os oni'. 4-
Ampruan PtnrPs
H.ilduln
Uutfalo & Sui-n
! dn prefplTPd
1 tlrlll J li
I ''ramp t p
, KIh. trip Storagp
tlPllPral Asphalt
, do prefprrpd
j kpvutnne 'I pip
1 ilo ptefprrpd
1 l.akp Sun I'orp
I I.PM5I1 Nax iffation
I.'hlsh X'allex
l.fhish "alpy Tr
do prpfprrp.l
. I'pnna K II .
1 Phila nipptrlc .
Phlla l-n
do :. p p rrpf
do a p p pref
I'hlla R 'I t r
It.a.llnc
'I'ouopali Rrlmonl
'lonopah Mining
I'nton Tra. tlon
. r 1; 1
I .sippI
Voik llali.ls
i do prpfrr.t
llx dlxldpn.l
CHICAGO BUTTER AND EGGS
( IiIpiiko, Jul 21' Ul TTKR Rpppini
1 3'3 tubs Firm tlMns X'r tlrpt
ip t.ndu 4111 4 . '3 r
"' Firm
's ttt'a 7 0
is'. 1st ma 1(13
an', '11 so no
sil ss ,-, ,;
IJH Uli 1 J7 ijo
t"' 17'. ll'., IT
-..'. vi -,s un
1'1'n J-' 'Jix, ;i,
lis', 711 llsl, Htl
.34 M -.31, -,4
II IT 14 17
:n . . ls
f.'. !.!. -,J, 4,1
-''i -'.. J'.S 2X1,
3'l i.' Tl 40
"I 'U 3ll 3J
j ''''J I". 3'.,
"-7 .'7', .MIS .'7
SH 'K.i, Sqi
I'i f 31, 3J
3, I'. U,
" T. 3sx; St.
j 1.111-. ,;o r.t.i,
lim4 Pi'i'. 1H7S li7'
q ', '1 u
31 U ?1 3 ', '
.-.2 .-:. 4-1
1001, UK! I., 4.0
115 T
201., 1
33 "4- t
771. .4-1
FlrnlK 4J843. onllnar nii 3flS4nr
mlRCpllan. oua 3717 41
1.'!
2' I'. j
I'.Oi"
70' ;
I'ROPOSVI.S
. 10 10 0
. ioo7s m-n mn'ji,
117', 117 117 ",
on w, 4- iv,
!',& .
00 1
13 4-2
do pref
P S Steel
do nref ....1171.
I'tali Copper . . OIL., lci
Va Car Cliem . IsOLj M
Va lion C AS C 00 00
Wabash :;i l)is
do yref A .. 30 1, 3,i
do pref II .. 2," 21
V .Maryland... H'.. Hi".,
W'nghouse Mfc ."07s .ViT
Wheel 4. L 15. 117s H-
Wh'tc Motors. 00 00
WiIIjb Ox'land 'M 3.V.,
Wilson Co ...101 00 "
Woolxvorth . . . 11521 , 131 1 '. Ii:2Vi 4-2
Worth V t M h07s 77 80 2
do pref B .. 70 76 70
PIKirOsVLs, FOR RUI.W.U TItCK CON-'
STRL'CIION
llppnrtnirnt of Cltx Transit
Pity nf 1'lliladelnhl.i
Pill Clipsln.it hlrprt
PhllAdPlphU Juh Jl mm
Spald proposals addrpsspd to thp undpr
tfignpd. as aboxe xxill bp reeipd until U
n'rlork linon fin Tlirdilay. Auenst 19. 1019,
for ponstruptms the Tracks of the Frank
ford Blpxatprt Railway on thp rlpxatp.l
hlructuip on Front street Kenslne'on axp
UUP ami Frankford avenue hptwpen ("al
towhlll street and Harrison street n dls
ihiicp of ahoul S Id mlle t'onlracl No
,".lr.' authorized bv lisdlnancp of Councils ao
nroxed Julx 20 lniii
Thp rontrail xxill Include the furnlshlng
and layinB of about 11 3-ln miles of single
track of xvhtch 3 non lln feet xxill he laid
In stone ballast and 20.800 lln feet will he
laid with short ties bedded in concrete
Plans and speclfcatlon ran be seen al
ihe office of the Department on the i;,h
flnnr 1 ' 1 1 Chestnut street and conies of
2.1 4-l''. same with blank forms for proposals will
, . ,- ho supplied to Intending bidders upon de-
I' -r s ' posit of Jlfi which will bo refunded upon
i107 , ,he return of the plans
'? .7 I llldders must be skilled and rezularU en
Ills V caned In this class nf xvork . .
The tontrattor will he required to compl
XXlth tne aci or Aseemuiy in ju.y in ll.,7
These bonds ivill be part of a total authorized issue of $20,000,000 Series "A" bonds to be
issued under the Refunding and Improvement Mortgage, dated June 27, 1919, which also secures
the Company's Four Per Cent. Twenty-Year European Loan of 1910 and its Tiventy-Year Four
and One-half Per Cent. Gold Debentures of 1911 on a parity with all bonds to be issued there
under. '
The mortgage toill provide that the Company may not issue bonds beyond the amount of
$25,000,000 (including such Series "A" bonds) except for not over 80 of the cost of work done
or of property acquired and with the consent of a majority of the preferred stock outstanding,
and on condition that income applicable to interest charges, for twelve consecutive months out
of eighteen months next preceding such issue, shall not be less than 112 times interest charges,
including interest upon the bonds to be issued. The foregoing limitations do not apply to bonds
issued for refunding prior liens, the European Loan of 1910 and the Debentures of 1911, as
authorized by the mortgage.
The Company agrees that all advances by the Railroad Administration, excepting advances
on account of allotment of equipment, will be paid off 'from the proceeds of these bonds. The
Company states. that in the last four years surplus earnings, after payment of all fixed charges
and dividends, amounted to $18,620,966, and were expended by the Company for additions and
betterments, new equipment and other corporate purposes, while bonds and equipment trust
certificates outstanding were reduced by $2,435,000; on the basis of actual earnings from opera
tion, net income for the year ending December 31, 1918, would have amounted to $15,481,258,
had these earnings been received by the Company instead of by the Government, against fixed
charges of $6,026,105, or more than two and one-half times fixed charges; on the basis of the
compensation payable by the Government (which is $4,750,000 less than was actually earned),
the company's income for the year ending December 31, 1918, amounted to $10,772,277, or more
than one and three-quarter tirnes fixed charges. Since substantially the entire proceeds of these
bonds will be used to retire outstanding indebtedness, interest charges tvill not be materially
increased.'
The Company reports that expenditures made during the last four years are reflected in the
expansion of gross revenues and income shown in the folloiving table:
Jncom after
Deducting Char get
Tear . or Hire of tqulp-
Ended Grass ment and Joint
Dec. 31 Reienues Facility Rtntt Charges Balance
1915 $3864,087 - $ 9J29.976 . $5$52fl22 . $377,054
1916 46,678,240 13979,323 5,67687 8,302,736
1917 52,65020 10fl97,359 5,769,862 527,497
1918 71.403J970 15,48158 6fl26,105 9,455,153
on
30
100
!'
Total sales l,H3.70n iharej
with 1 57H.700 shares esterda
Ex d.xtdend American
basui. 2't per rent.
301..4- a. . relttlx'p to XVorkmPn's Compensation Insur
nn ' , j? I ance and must furnish proof of tha acrrpt
'"' r Vi anee of the said ait and proof of insurance
of liability thereunder or a cemncaie of
exemption therefrom .,...,
For each hid a proposal bond In the sum
of 1500 must he Wed In th Law Depart
ment Room 464 City Hall In accordance
with Ordinance of May SI 180 certificate
of such flllna- to be Inclosed with the bid
The Director reserxes the riant to reject
any or all bids ai he msv deem best for
the Interest, of the Citv of Philadelphia
n .OKOROB T ATKtNSON
, Assistant Director
compared
Sumatra. To-
In the above table, "Income, etc.," and "Balance" for 1918 are stated on the basis of actual
operations, with the addition of non-operating income. The Company's income for 1918, in
cluding the compensation payable by the Golernjrient, was $110,772 277.
WE OFFER THE ABOVE BONDS FOR SUBSCRIPTION AT 98 AND ACCRUED INTEREST.
YIELDING OVER 6
Subscription books will be opened at the office of J. P. MORGAN & CO. at 10 o'clock A. M July 22, 1919,
and will be closed in the discretion of the Syndicate Managers.
THE RIGHT IS RESERVED TO REJECT ANY AND ALL APPLICATIONS, AND ALSO, IN ANY EVENT. TO
AWARD A SMALLER AMOUNT THAN APPLIED FOR. (
Amounts due on allotments will be payable at the office of J. P. MORGAN & CO., in New York funds, to their order against
delivery of Temporary Bonds, when, as and if received from the Company, and the date of payment will be given in
tha notices of allotment.
1 . P. MORGAN & CO.
FIRST NATIONAL BANK
New fork City
GUARANTY TRUST COMPANY OF NEV YORK
Dated July 22, 1919.
NATIONAL CITY COMPANY
New York City
:
11 c
1 1 , -J i,.,;v.
', Wi.t'LiflLj.4;' ? .-i.Jf. y&rfSCiKiV -x .,
,1
'(..-i,.tJti.v'-f . K t-fr
1
-;
iV . .'
'fr
i)i-
to?'. lQ
,i-Jr,
,, 1.
.
-'
' .. if a.:.!
fi.
M
tvsv- 3 " urv
tV '" ...
u
.
ids&uis.
' .t
Ntsxal
WKKT'l L JtB