EVENING PUBLIC 'iAiPBUJiJamAi " WEfeBlS -vt; '''"1 '
V
.f .
rix
i'li i
fT " ' MA'.h ,,a'
jr A'B&M(Srt' '''' ' ? "" '
' . TTvD
j . t.i ;
H(
SSM
x
ft
l-ir-
R?t'
I&
w
If
ir
it'
if.
SV-
i
Si A.
.tr.
,KmmgL.m
T
& '
I Thi Offer Closes
V July 15lh
:f "$300
i, .
(
will Buy a
Block of 3 Shares
2 Shares Preferred
1 Share Common
The
Goodyear Tire
Rubber Company
of Akron
Thtt company, ilnce 1908,
hat paid Stock Dividend
of 570 in addition to
Cash Dlvidanda of
$23,342,650.
lnve$tment Banker$
Vmter PMla. 8toak Exehano
Real Estate Trust Bldg.
Philadelphia
A Railroad Bond
On an Unusual Basis
We suggest the 6co
Gold Bond of an im
portant railway for
semi-speculative in
vestment purposes.
The road is one of
the few that earned
more than the gov
ernment guarantee
during 1919. There is
every reason to be
lieve that under the
Esch-Cummins Law
the position of the
road will be materi
ally strengthened.
Price to yield 12&'c
"Further (fetalis on request for circular.
UK.,.
r,.i-:ii it-..-., jp. r
-ii.ijjjiiij.1, an uvea uc u.
3embera .Veto York Stock Exchange
Franklin Bk. Bldg., Philadelphia
New. York Ronton Scrantoa
ICE MOV
m
E
AGAINDOWNWARD
Combination of Depressing In
fluence Gave Reactionist
Party the Advantage
7 V
Cities Service
Company
7
Series C Debentures
Interest requirements be
ing earned 11 times over.
Convertible into Cities
Service Company Com
mon and Preferred stocks
on attractive basis.
Market value of stocks
Junior to the Debentures
more than five times prin
cipal amount of outstand
ing debentures.
Yield 7.45
Plus common stock
dividend accumulations
Circular "C" on Request
Henry L. Doherty
& Company
604 Morris Bldg.
Philadelphia, Pa.
riionn I.ocuit 1410
New York, July 14. Today's stock
market was much the game professional
typo with considerable irregularity In
price movement. The choppy clinrncter
of the market was merely n reflection
of the shifting operations of the room
trading contingent. Free covering of
shorts nf, Intervals Imparted n degree of
decided strength, but It was found when
these requirements were met the de
mand was very limited and the entire
list sank again under Its own weight.
Kxeent for the nnnarent deadlock nt
I the Son conference thcro was nothing
In the overnight developments or
morning news to affect the market po
sition much cither way. The reaction -any
party was Inclined to make some
capital out of this fresh flare-up. but
Its efforts were crowned with no par
ticular success, as techulcnl Influence n
much as nnvthlng else could hnve heen
held responsible for the vaccinating fluc
tuations. Money market conditions unquestion
ably were still the dominant factor.
There was considerable favorable com
ment over the fact that the rate for Call
money did not get nbove 8 per rent In
view of the heavy treasury withdrawals
tomorrow. Foreign exchange was weak
with bills on London falling 3c below
yesterday's closing quotations. This
was attributed to the developments ut
the Spa conference.
Among the more favorable Influences
could be cited the favorable statements
made by the Lackawanna Steel Co..
showing net profits after charges and
war taxes of $1, 881 ,040 for the qunrtcr
ended June .'10, against a deficit of
S233.0S0 in the same quarter last year.
Thh was believed to foreshadow similar
good enrulngs by the other Independent
steel companies and the big Steel Cor
poration as well.
The market, however, was governed
entirely by the shifting operations of
the professionals. Under continued
free covering of the shorts n firm tone
prevailed at the opening. Favorites in
the oil, equipment and railroad groups
were advanced 1 to 3 points. An ex
tension of the Initial advances, however,
was followed by profit-taking, which
cancelled most of the gains. Later the
oils and equipments featured nnother
rally with the independent steels shares,
motors and investment rails. Mexican
Petroleum rose ' points; Baldwin Lo
comotive, llty 5 Lackuwanna Steel. ;i', ;
Crucible Steel, Vi. and Studebnker,
l1,. Conspicuous advances in the rail
roads Included Jersey Central, which
jumped " points on a few sales, nnd
Canadian nnd Northern Pacific, which
gained a point each.
Unfavorable trade reports precipi
tated a fresh selling movement in au
tomobile shares nnd related issues at
midday. StudebaUer, Chandler and
(ienernl Motors lost 1 to U noints and
I the rubber -tire accessories 1 to ' points.
me reversal also aitecteu steels, equip
ments ond rails and once more cancelled
the earlier gains.
Although the selliug movement in the
afternoon was not heavy prices con
tinued to recede with the lowest prices
of the day generally made in the last
half hour.
LOCAL MARKET
WAS REACTIONARY
NEW YORK STOCK EXCHANGE TRANSACTIONS
One of the Safest Forms of
Investments
Equipment Bonds
Standard Railroad Equips.
To Yield 6.60 to 7
Tank Car Equips.
To Yield 8
Delay in Announcing Dividend
Influenced Moderate Selling
of Rapid Transit
The local market was inclined to be
reactionary, though the dealings con
tinued to be light. The heaviness of
Philadelphia Rapid Transit was one of
the more noticeable developments of the
day with the stock yielding ?1 to 10.
The selling movement, which was not
very extensive, was possibly influenced
by reason of the delay in the announce
ment of the usual semiannual dividend,
which Is usually declared by the board
about this time. It had been generally
understood, however, in local financinl
circles that action on the dividend
would probably be deferred until after
the Public Service Commission had giv
en its decision on the fare question.
None of thp underlying companies were
dealt in until the lat hour when Union
Traction declined nearly $1.7." to US.
Selling pressure against Klcctrie
Storage Mattery was withdrawn, and
the stock made a further recovery of
.$'-' to l.'t. while the warrants rallied
to lfa;. fell back to 10 and then rallied
again io iim
Sales
3 0o
100
100
1200
200
1100
BOO
100
700
700
3800
200
200
200
100
100
300
300
300
2700
100
400
300
300
000
100
8100
200
300
200
400
209
300
100
100
400
100
100
400
300
300
200
300
100
200
1000
300
200
400
4800
800
090
100
100
2000
000
409
100
5100
200
1100
700
100
100
100
200
1530
100
1109
209
209
2009
400
200
3100
1090
209
3100
200
100
209
1200
800
1090
509
209
200
3000
1700
000
2000
109
309
100
30.100
100
3200
209
100
519
400
1400
300
030
R00
200
100
GOO
1600
300
2200
2000
8300
53300
1400
200
200
100
1400
100
1400
800
.. Adam- Express ...... JJli
1 Allls-Chalmers ...... 37
.. Am Can
12 Am Car & Fdy 7tf
5 Am Express ,i 13?
1 Ani-U France Engr. . . H
.. Amcr Linseed 80H
.. Am Hide & Leather.. 10 ,
7 Am Hide & Leather pt TJi
Am Intcrnat Corp....
0 Am Locomotive 11 '
. . Am Ship & Com 23H
4 Am Smelt & Hef 0J4
7 Am Smelt & Itef pf . . . 1H
12 Am Snuff 105
3 Am Steel Foundries.. 38V5
10 Am Sumatra Tob S0JS
8 Am Tel & Tel 03
20 Am Tobacco 223
7 Am Woolen 87
4 Asso Dry Goods 35J.
6 Atch Top & Santa Fe. 81
. . Atch Top & S F pr. . . 73
.. Atl Dlrm & Atl...i. m
10 Atl Gulf & W I S 3.. 158
,, Ann Arbor 1BVS
3.60 Baldwin Locomotive, .121
7 Baldwin Loco pf 07li
.. Bait $ Ohio 32H
4 Baltimore & Ohio pf.. 44
8 Barrett "414
. . Bethlehem Motors 22
5 Bethlehem Steel 11.... 10
,. Booth Fisheries &K
. . Bklyn n T ctfa of dep. 8
.. Brklyn Rapid Transit 11 Yz
.. Brklyn Union Gas.... 48M
. . Bruns Term !4
.. Butte & Superior Cop. 22 JS
. . Caddo Central O & 11. 18
8 California racking . . . 7054
.. California Petroleum. 32
10 Canadian Pacific . ...122J
. . Case J 1 1
7 Case. J I 2d pf "H
5 Central Leather OS
7 Central Leather pf... 8JS
8 Central of N J 205
4 Cerro do Pasco Cop... 4414
10 Chandler Motors 101H
4 Chesapeake & Ohio... 54 VS
.. Chi & E I pt E T ctfs 7H
.. Chicago ft Gt Wert .. 8
2 Chicago & Gt West pf 3
.. Chicafio Mil & St P.. 3S
. . Chi Mil & St Paul pf . 53
6 Chicago & Northwest. . 704
7 Chi & Northwestern pf oas-a
Chi R I & Pao 38K
7 Chi U 1 & Pac 7 pf. 73H
.. Chile Copper 15H
1.80 Chlno Copper 30(
1 Coco-Cola 30H
3 Colorado Fuel & Iron. 34
. . Col & Southern 4
5 Columb Gas & Elec... 55
1 Col Graphophono .... 'Hi
7 Consolidated Gas .... 78
2 Con Interstate Cat M.. 12U
3 Consolidated Textiles. '31 14
1 Continental Candy ... 12
4 Corn Products Ref... 4ft
7 Corn Prod Ref pf....l02K
2.50 Cosden & Co 38
8 Crucible Steel 1
. . Cuba Cane Sugar .... 53
7 Cuba Cane Suar pf.. 78J
7 Cuban Amer Sugar.... &3J
. . Dcbecrs 32
f Delaware & Hudson.. 80j
10 Del Lack & Western.. 100
.. Denver & Rio Grande. 515
.. Denver & Rio O pt... 11
1 Dome Mines 9Ji
. . Duluth So S i At pf. 814
.. Elk Horn Coal 24
5 Endlcott-Johnson .... 80J
.. Erl 13M
.. Erin 1st pf 21
.. Erie 2d pf 14 Yx
3 Flsk Rubber . . 33 4
.. Frecport Teicas 23
.. GaBton Wms & Wig.. 12
2 Gen Am Tank Car ... 84JS
1 General Motors ctfs.. 25(
7 Gen Motors deb 7.. 85
6 Goodrich B F 62 "Tf 50 ,
7 Goodrich B F pf 87J4 7
.. Gray Davis 23 23
7 Great Northern of. . . 70J4 70'4
4 Gt Nor Ore ctfs 35J4 35
4 Haskell & Barker Car 75 73
.. Houston Oil Co 100 9D
1 Hupp Motor Car .... 1614 16
4 Inspiration Con Cop.. 50 40J4
.. Interborough Consol.. 3 3
7 Intt Harvester new..,12t 120
.. Int Mer Marino 3114 31
6 Int Mer Marine pf... 3H 8214
.. Intcrnat Motortruck.. CI 60
.. Int Mo Tr 2 pf 08V5 ' 0814
.. International Nickel.. 17 17ft
.. International Paper .. 86J4 84 J4
.. Invincible Oil Corp... 40? 45
.. Inland Oil 7 OJi
.. Kan City Southern... 173 17'S
4 Kansas City So pf . . . 44 42ft
.. Kelsey Wheel 70 70
4 Kelly-Spg T 100J4 106J4
8 Kelly Spring 8 ptlOO 100
2 Kennecott Copper .... 25 X 25H
1.30 Keystone T & R 28 Ji 27 H
To'nl iii'K. nq.lOO nhnrci. compared with Gt.,,fl0O
week. 1.443.7R6 hnre.
lxw
33
37
41
13
135
U
80 14
10
87 X
84J4
9914
23 H
0H
00J4
105
sm
00
03
225
H5H
35K
80ft
73
8K
155
1614
ItRft
0114
32V4
4414
14314
21 Vk
esj4
814
8ft
11 K
48ft
01i
2215
17tt
70H
32
122
14
03 U
C4
9814
204 ft
43J4
07ft
54
VA
8
23
34 M,
M
7H
0814
37
734
1314
201J
,36U
34
24
55
201!
7S
"
34
12
S31i
101ft
38
16254
61ft
78U
61
32
so 5 j
100
554
11
Oft
8
2254
w
13
20J4
14
32ft
23
12 Y,.
414
24 Ji
85
Todsy'S Net
Close i;nir,
33
37
-1J4
41 H
130
137
15 114
H0J4 W
16 14
7M m
8tft-V H
0914 H
23M 14
con h
OH- H
105 - 14
3815 14
0014
03- 14
325ft 1ft
80H- H
3514 H
80ft 15
73
8H ..
150 -2ft
1614 ..
11054 H
0714 15
33H- 54
4414- W
143J4- 14
2114- 54
8814-' 54
854- 14
8ft ..
1114- 14
48ft 14
054-15
2214 ..
18 IS
7014 14
33 - ',
122 14
14 - 54
9314 ..
64 - 54
0954- H
205 2
4314 ..
07ft- 214
54
754 ..
8 - 14
53 1H
3Ji ft
61 - 55
70!4 14
081i- Yi
37J4 . .
73 'A- H
1514 - 14
2015- 14
3654- 54
34
24 - 14
63 - 114
214 ;
78 - i
HJ4- 14
34 - IS
12 14
03J4- ft
-102J4 H
3854 54
153ft ..
MX- 54
5814 ft
52H ft
32
89JS . .
100 0
554 ..
11 - 14
oft- 14
8-14
2254 2
8615 15
13 - ',
21 54
1414
32ft- H
23 - ft
1214- 14
0114
25H- 14
85 - Vk
0054- 1ft
87-J4
23 - 14
70ft H
3514
73-74
90 114
16
4914- 15
3- 14
120
' 31 - 13
82 14- 1
Ulv.
Rales in t Kith
3800 e Lackawanna Steel . ,i77
800 ., Laclead Gas Co,.,.., 38
100 2 Lee Rubber Tlra 20
1100 s.60 Lehtch Valley 44)4
60
63J4
1754-
8415
46ft OH .
ft
70
10614-
100
.
hares
15
H
X
'u
154
5i
1!4
'h
100
600
490
100
300
11000
100
3300
1200
100'
1100
2400
1300
1600
400
100
500
100
140O
100
100
700
300
700
100
100
13000
2200
100
2000
600
100
200
1800
00!)
1800
4810
800
100
100
200
300
600
1300
100
34000
400
290
0400
100
1800
400
2700
2590
3010
800
1300
200
300
100
1300
1000
400
2900
100
12000
300
10
590
100
5100
17709
100
4510
400
800
400
3400
2000
100
300
1000
1400
100
100
0800
100
200
6000
100
1000
2000
300
13800
100
100
22600
100
300
17200
500
2800
500
800
200
590
200
20u
200
500
400
300
2100
400
200
100
400
II Liggett & Myers 148
2 Loewe Co so
.. Loft Corp l'J&
7 Lorlllard Tob pf 100
.. Maxwell Motor .,.. 23)4
lo Mexican 'Petrote.um...l95
3 Miami Copper 31)4
1.00 Middle States Corp... 21)4
4 Mldvalo Steel ft Ord.. 4214
' 7 Minn Ht. P ft CSt M.. 054
.. Mo Kansas ft Texas.. 7
.. Missouri Pactflo ..,.. 3?
., Missouri Pacific pf... 45
.. Nat Aniline ft Chm.. R25
Nat Am ft Chem pf... 92
Nat Clrfak & Suit Pf.. 86
Nevada Con Copper.. 1214
New Tork Central.... 6014
New York N II ft H.. 31)4
Norfolk & Western... 8914
North American 50ft
Northern Pacific 72)5
Novn. Scoltn S ft C. . . . 5
.40 Okla Prod ft Ref 4J4
.. Ohio Body & Blower.. 27
.. Otis Steel 24
fl Pon-Amcr Petrol ....100
7 Pan-Am-r B 0914
4 Parish ft Bingham... S3
3 Pennsylvania R R.... 30
.. Peoples Gas Chicago.. 33
.. Tenn Seaboard Stoel.. 23
7 Penny J C pf 0115
.. Pere Marquetto 2514
3 Philadelphia Co 35
.. Phillips Pet 42'4
. . Plerec-Arrow Motor .. 5314
.. Pierce Oil 15)4
8 Pierce Oil pf 84
5 Pitta Coal 00
.. Pitta Coal ifd 53ft
.. Pittsburgh ft W Va.. 30
8 Pressed Steel Car .... 08
1 Pure Oil Co 4114
B Puntn. Alegre Sugar.. 10014
4 Reading 91
1 Rwy Con Copper 10
2 Reading 1st pf 43)5
0 Republio Iron ft Steel. 94ft
4 Republic Motors 47
. . Replo Steel 85
. . Remington Typewriter 00
6.20 Royal D N T rts.... U4J4
.. St Louis San Fran... 2614
.. St Louis Southwest... 17
. . St. Louis Southwest pf 28
.. Saxon Motor v.. 0
.. Seaboard Air Line... 7ft
.. Seaboard Air Line pf. '4
8 Sears-Roebuck 199
.74 Shell Transport 76
... Sinclair Oil 3114
0 Siofs-Sheff 74ft
0 Southern Pacific 94)4
8 South Porto R Sug pf!08
.. Southern Rail 20
5 Southern Rati pf 6914
20 Standard Oil of N J..64S
7 Stand Oil of N J pf..l05
4 Stewart Warner Sp.. 4014
4 Stromberg Carb 80
7 Studebakcr 73
.. Tenn Cop ft Chcm.... 9J4
3 Texas Co' 40Jj
.. Texas ft Pacific 4214
6 Texas Pac Coal & OIL 5054
.. Third Avenuo 10ft
0 Tobacco Products ... 09ft
.. Transcontinental OH.. 15J1
2.50 Twin City P T 34
8 Union Bag ft Paper. . 89
.. Union Oil 31
10 Union Pacific 110)4
4 Union Pacific pf 05
4 United Alloy Steel.... 3
. . United Drug rts 14
.. United Rwy Invest... Oft
. . Unl Rwy Invest pf . . . 21
5 United Retail Stores.. 784
.. U S C I P ft Fdy 17
a U S Food Products... 08
8 U S Ind Alcohol 0254
..US Realty & Imp. . . . 58ft
8 U S Rubber 90ft
BUS Rubber 1st pf. . . .108)4
3.80 U S Smelt & Ref pf... 44)4
s U S Steel 93
TT S Rtenl nf 108
Utah Copper 07
Vanadium Corp 8714
Va-Carollna Chem.... 75
Vivadou Inc 18
Wabash 8
Wabash pf A 26
Wabash pf B 10
Western Maryland .. 10
West Pacific pf 67
Western Union Tel... 80)5
Wcstlnghouse E & M. 40
Wheeling ft L E 11
White Motor 1
Wlckwlre Spen Stl Cor 31
Willys-Overland 1014
Willys-Overland pf... 82
Wilson & Co 59)4
Woolworth F W 10715
Worth Pump 7054
low
73
38
39
44
148
26
15
100
39)4
191)4
21
31
43
9J4
0J5
2814
43
80J4
91
80
13.14
09
30
89)4
68 ft
73
54
4)4
27
24
104)4
08 1-4
82)4
39
33
23
8115
24 ft
36
4114
51
15
84
00
8Cft
30)4
07
40
100
89
10
43)4
3
47
84
0515
113
25
151.4
20)4
8ft
7)5
14
100
76)4
31
13
A3 ft
108
28
68ft
043
105)4
4054
80
:o54
iCVs
4114
43
10
C7
1515
31
80
30)4
11514
05
43
14
oft
21
75)4
17
07
01
58
07
108)4
44)4
91ft
108
07
85
73)4
1715
854
26
1554
0ft
00)4
80
48
10)5
51)4
30
18)4
82
5954
10714
09)4
Todir'sNet
Clos Ch.
"
88 H
.39 -in
44
148 3
20
15- 5
100 '
23)4 114
10114 Hi
31 14-
21 - IS
42)4
69)4- 1M
0-
2054- M
42- 1
8014-1
S3
86 ...
1214- t
6914 14
30 - i
8954- 54
60
72 14
51-1
454 ..
27 - 14
2(
10154- n
9854
33 -
3915-
.13
23- IIS
9114- IS
25)4 ..
36 ..
42)4 li
8214 ..
15)4- 14
81
on
85ft 14
3C-
97 - 3)J
40-
100
00 ,.
10 ..
43)4 ..
M54 ..
47-4
84
60 - 2
114 - 14
25)4 -
10 - ft
20)4 ..
8ft- ft
714 ..
14 ..
100
50)4 14
31- 14
13 14
04
108
28-
50)4- 11
013 - 1
105)4 54
4054- 1)4
87)4-1
7154-
m ..
40
41- ft
40-
10ft ..
07 - 114
Ifift ..
34
801
30)4 ..
116 :.
05
431
14 ..
,0ft ..
21 - 14
75)5 - 114
17
07
01
58-15
072
108-
44)4 VA
92 -
108 JS
07 - IS
8514 54
1314 154
TRADE RESTRICTED
IN OUTSIDE MARKET
Buslnose Almoft Entirely
Hands of Professionals.
Oils Neglected
In
::k:
30
12A
12
3S?M
l'f4
sou
18tt
14
BOU
18)4
803
2ft 25
12.. '1?.
1854-
h)4
25 1554-
0ft
Gl 8014"
30
69)5 .
107)5 -00)4
.
54
A
54
154
55
'
A4
14
14
55
yraterday. Thus far this week. 1,070,'jno shares. Same period last
Commodity Markets
COTTON MARKET
New York, July 14. Further scat
! tered covering rnn July cotton con
tracts to a new high level this morning
nnd strengthened the entire list, which
was 0," points higher on Julv and 5
to 2(1 points up on later months.
After the opening the market worked
'off 0 little on the Southern Products
I condition figures of 74. 1, which was
ia.Il points better than last month nnd
1 on generally favorable weather in the
There was a good deal of difficulty in
digesting the offerings. Larger receipts
were forecast. The cash article was
down two to four cents.
Landing futures 'nnscd uh follows:
Corn (new nciivnvj
C....1I. ,-.!. ..!!..-. - ..!.. wn..Inn ...I.I..1.
f'nnlrr t ,,..,!., fU.1 ,o """' 1";IUU1H, a l l...i.- ..-..... .......
T ' '" , ' ' ' ,";', said the last week hart been tnvoratile
&:PnEnT " :a:!"!:!:. over the entire belt, especially the
ut n 111 - 1 , v inn' vinun,! r uuiikm inntfitvfit
h.v the City Council In granting the " Sol,lnK ,f .jiv led to local pressure
company permission to change the gas-1 . "... nftc;rnnon. jut the market
steadied on trade demand nud October
Onen
i.r.iiH
1.43
inch
1
1 t34
0
7,
Pipt. ...
Dc. . . .
Oats
Rtpt. ... 70
Dec. . . . 7rt'4
l'ork
July
Sept. . . .29.50 2 .10
l.ard
Sept. ...10.2S 19 2.-,
Oct lf.37
nibn
July
Sep-.. ...17. 'J.-. 17 IT.
Uld. tAik.d.
Ixiw
l.M4
1.3SV.
70
73Vi
27.00
17. M
10.10
10.72
Clost
1..VJ
1.40
77S
7.1'i
21.7.1
28.2.1
Vest,
rinse
1..VI
n.Vi
78H
28. 02-29.1)0
Philadelphia Stocks
Hlch
. 44
K0-14
4:i
1S.87 18.5.1
111.17 in. .10
i.i.nri
1(1.0."
tin.4n
17.30
&
410 Chestnut St
PHILADELPHIA
Members of Philadelphia and
York Mofl Kichanxes
to n heat from o light tnndurri was ex
1 perted to give the stock a good boost.
Elsewhere the trading was rather per
functorv. reflecting the thin market in
either the buying or selling side. Hrill
on a few sales dropped J?(5 from the
previous sale to 40, but reacted later
i to 4.'!. Ceneral Asphalt preferred
declined ?1'.."0 from its last sale
to llJi.j. Pennsylvania Salt struck
a new love for the movement at P4.
Philadelphia Electric continued to be
well sustained. American Stores was
! firm, and Lehigh Valley made a Fmall
1 fractional guin.
New
JQBI
Harrisburs Lt. & Pr. 5s. 1952
American Gas & Elcc. (is, 2011
Luzerne Co. Gas & Elec. 5s, 1918
Webster Coke 5s, 1912
American Pr. & Lt. 6s, 2016
American Gas 7s, 1928
BCENNING, GARRISON & CO.
UTOCK HXCIIANCK liUlLDINO
Direct l'fltste Telephone to New York
Members Pblls. Stock Kxeliiots "
10SO
us, 1023
1030
Island Oil & Transport 7a.
lLdlanapolls I iilou Kwr,
1-, ;. i. os. iu(" ,
Knstern 1'eiiim. ltnllwsy Ss.
reanoiiru nr i.ins os. una
late A Kllliiirn Com. & I'ref.
American (Ins & Klec. I'ref.
Morton Lachenbruch & Co.
LAND T1TLK ULDO.. IMIILA.
Tsl. Hurtles 381. ltaca 00.10
JJsw Tork Chlcuero Detroit Flttsburrb
All allocs counsctsa tu trivai wirtt
SECURITIES AT AUCTION
The following securities were sold at
auction today by Homes & Laflaud :
STOCKS
Shares
ino H K Mulford Co .
Kin Keelv Stove Co (Columbia. Tai
43t lexter Portland Cement Co..
40 Corn Kxrhanire National Hank
rt Philadelphia National Dank
4 KenslnRtnn National Bank
2 Fidelity Trust Co
1ft I'enpln'a Trust Co
1 AMIne Trust Co
2 Alrilne Trust to. .
1 I'hlladelplila Finance
2 John 11 Stetson Co.
?M1 Vnrlha'Hltm fetnla
ft Mahonlnir Coal nallrosd.
HONDS
J2O00 nio Orande liallwax Co 4 per
cent first consolidated mort
eace. due 1040 ...... .
200O Pittsburgh. Cincinnati, rhlcneo
and St Louis Railway Co. 44
per cent consolidated mort
gage, series "I"; dus IPIIS ..
1000 Detroit, Toledo and Ironlon
Railway, certificate of deposit
fto
Rft
.is.'.
MO
120
141',
4.1
17ll'i
170
Co. lft.
common . S10
Lo. i.ot (in
common ftoo
014
purchases.
Favorable weather reports were oif
Kl by the weevil advice, ami it is
l.'itred that damage to the crop from
ilns insect will exceed any previous
'tir In history.
The receipts nt the ports for the day
are estimated at 4000 bales, against
7LMS bales a week ago. 21,418 a year
ago and ?4'J." bales two years go.
Previous
close Open Utah Low Close
July 40 SO 40.7ft 41 3ft 40,7ft 41 3ft
Oct. . . RS.37 3.1(10 34 10 3.1.38 84.n7&08
Her . . 31 78 .11.00 32.3ft 31.00 32.30
Jnn 31 03 31.12 31 40 30.Rn 31 4(1
March .. 30 3S 30.4(1 30 (IS 30.04 .lO.SS
May .. . 2(170 20,7ft 20.03 yO.SS'O.Rft
nid.
DIVIDENDS DECLARED
Nnshvlll'. ''l.attarnoKS and St. I.oulfl Hall
road, semiannual of .14 per rent, payable
Atlirust 2 to stork of reeord July 24.
Ford Motor Co. of Cnnada. Ltd., 51ft on
connon, payable July 15 to stock nt record
July 12.
Atlas Towder Co.. ouarterly of 14 per
cent on preferred, payable August 2 to stjck
of record July 21.
New YorK. Honduras. Rrnjirlo Mlntnr Co.,
extra of " per cent nnd quarterly of .1 per
cent, payable July 30 to stock of record
July 20.
Land Title and Trust Co.. quarterly of
ft per cent, payable August 2 as registered
July 15.
Heal Estate Title Insurance and Trust
Co.. quarterly of 14. payable August 2 to
stock of record July 13.
Thomas O i'lant Co.. quarterly of 11.75
on preferred, payable July 31 to stock of
record Julv 17
Illinois Central, quarterly of IH per cent,
payable September 1 to stock of record Au
gust 3.
Union Tank Car Co.. quarterly of 11.7.1
on common and II. 7.1 on preferred, bo'.h pav.
able Ceptember 1 to stock of record August 5.
tN'st chance made by comnarlson with Isst
rsale on New York Stock Exchance.
En dividend todav Ins N. A.. 7.1 cents.
Total sales, niw.l shares, compared with
7Z08 chares cslerday. ThUB far this weel?,
10.400 shares, bams period last week. 10,
1A4 shares.
13
Ijncbb'c 4 Koanokit 0s, 10S0
owrr ion. irust .is, ivas
ower t onuiany as, lull
and Hallway Co. 1st t: Hefa. Ss,
Isled. ti 4 tleelrlc Company As.
IDSt
103U
insri
r ..Fruit Kxpre Co. Kqulp. 7s. Herlal
.-rorl Central K.illroad Kouln. 7s. Serla
rain Hullwuf Toner 1st Kef. Ss, 10.11
nti A- tftinln.inr Conv. IOYe. 7s. 1030
ladelpbbt HiipM Trsyalt Coll. Tr. , jo.17
Uam Sen lee Corn. 1st & Kefr.,.Bs, Jo30
Swuel K. RhilHps & Go.
Mtwtxm JCHHaOehA rttotk Kxebsngs
Today's Range In Liberty Bonds
Liberty Xh ...
Liberty 2d ;..
Liberty 1st 4VtS.
T.lhertv 2d 4AS.
r:r : ... ., ennn
Liberty hii tyt"" g's"
Lltx-rty n .
Vic Notes .'IViB...
Vic Notes 4'Ys...
Ulch
m.is
85. M
fio.nn
R').(I2
M.Sfl
n.i.nn
no.oo
Lie
m.(i2
sn.ss
P(t.:i2
8.-.no
811.00
sn.fiti
115.02
05.0 1
Clone
1)1 .OS
8.1.42
8(1.4(1
85.511
80.02
85.78
1)5.011
1)5.0(1
BT.
Gilmer Co. Pays Stock Dividend
The L, H Ollmer Co, has declared 100
ner cent common stock dividend to
stockholders of record July IB. This
company has plants at Tucony, North
Wales and aiountalnvllle. Pit,, also u
snlnnlnB mill at Mlllen. (la., and manu-fA-inrex
woven belting and endless belts.
hin th largest . manufacturers of
automobile fun belts in th United
States- ?i
GRAIN MARKET
Chirago. July 14. Further weakness
developed in the corn market today un
der frep offerings, induced by almost
nei-fect conditions for the crop, liberal
! receipts and an improvement In the
u-ontlior lii the northwest, which sug
gested less danger of rust in spring
wheat.
At first nrlces advanced sharply. On
the rise there was hcni'y selling by com
mission houses, which forced the execu
tion of stop-loss orders, and prices suf
fered big losses. There were small ral
lies after midday on covering by shorts
for profit.
The cosh article here was down 2Vti
cents to 4 cents nnd foreign prices nlso
were lower.
Cosh wheat was strong, with an
active deninnd for export nnd little of
fered. Hnfh the I'nlted Kingdom and
the Continent were after wheat in the
Pnited States, and it was said that Italy
hnd taken ."00,000 bushels nt the gulf.
The Hoard of Trade gnve out a state
ment to members, relative to the re
sumption of dealings In whent futures
tomorrow, after a suspension of three
years. Trading will be In December
and March deliveries, and general .ex
pectations were for opening quotation
around $2.00 to 82.75. Wnrnlns was
given that no contracts should be mode
without adequate protection.
The first car of new 1020 wheat ar
rived here today. It wns the latest
receipt of new wheat In more than ten
rears.
fielllne of oats sent the market for
that cereal down after a firm UrUf
LIVESTOCK QUOTATIONS
Chlcnto, July 14. CATTI.B Heeelpts,
000 head, lletf steers Renerally steady with
yesterday's close. Henw welirht and gratters
slow; rsnnrrs and good "she" stock firm:
others !ov bulls steady to strong: calves
and stockers steady; built vealers, 113,50914.
HOOS Itecelpts. 21,000 h'Jid. Mostly 10
etltic lover, early trading limited; hlds
sharply lower: early top. Iin.lft; practical
top. till bulk, light and light butchers.
IM.tOtJUl. bulk. 2.10 pounds and over,
Slil no 'C la.in; pips, st'ioy to oo lower,
SHi:El' Itecelpts. 17.000 head. Active,
noslly steady, choir weight, lambs, llfl.flo
WlH.vrr, num. un.iio'fiiii.ioi cnoice light
weight fed yearlings, 111,
Pittsburgh, July 14. HOGS Receipts,
1S0O head. Lower. Heavies, Il(iei0.7.1i
heavy vorkers, I17.2.117.S.V. light yorkera,
KI.2XlH.ftn. pigs. Iir,2ftims,,7.1.
HMF.RP AND LAMHR Receipts. 300 head.
Hither. Top sheep, 10; top lambs, $10.75.
CALVES Receipts. 1.10 head. Higher.
Top, Il7.ft0.
Knst Huffnlo, N. Y July 14. CATTLE
Itecelpts 200 hesd. Steady Calves, re
ceipts. 400 head Steady. tnfflH.M.
HOOS Receipts. K100 head; 101MS cents
ower. Heavy, iinwin.na- yoriters. lit;
50 Am Strs.
lOOtAtchisnn
110 nrlll .1 (1
lOOtChes&O.
20tCuba Ca
Sugar..
843 El Stnr.12.'! .
054 do war. lil-V,
25 O Asppf.112
nI Co X A 20'i
nw Key ltd. HI
100 Lake Sup
10 Leh Xnv.
125 Leh Vnl..
SOtMltlvnle.
4110 Pa U It..
IlOOPn. Salt..
120 Pa Insul
Wire..
45 I'hlla Co
cum pf.
170 Phil Klec
8.1.1 PhllaHT
.10 Ton Hcl.
IDS Un Trite
4(14 IT C. I...
fiOOtU K Steel
lOOtVon Oil.
52
14
(!0
44
41
40
114
Low
44-
80 a'.
40
fi4V,
.12
121
1!)
112V.
20'
10
14
00
4:iy,
41
,'IIIV.
Ill
Net
Closo chge,
44..
8oy, Vj
w :i
12 tt
122 1
linil
112V-2Vj
New Torh, luly li. Business on the
Ilroat, Street Curb was restricted and
almost entirely professional.
In the. Industrials American Brake
Shoe and Foundry dropped from l0 to
53. Hercules Paper declined from 28
to 20.' North American Pulp was In
6ood demand within fractional limits.
In the specialties, Rynn Consolidated,
on small dealings, gained point.
National City Bank rights, Intro
duced today to trading, were dealt in to
the extent of fifty shares at 100,
There was little or nothing doing in
Simms or the other petroleums. Stand
ard Oils were neglected.
INDUSTRIALS.
High Low lit
American llrnke Bhoo ,. 8rt OS MJi
Acme Coal ".??! .?.7i ,!!
Aetns Explosive 11 Ji II) H lg
American Candy .7 7H .j
American Chlclo 40 40 40
American Chicle pref.... JO 00 JO
Brltlsh-Amer Tob coup... J4J4 14J4 14
Rorden 1024 1024 fVi
Dordons pref 80 80 'go
Caracas Sugar 774 774 774
Caracas Sugar rt . ( 1H 14 'J
Car Light i 24 3H SH
Columbia Emerald 1 7 J
Empire Steel 28 28 2
Empire 8teel pref 70 70 70
Oenoral Asphalt 7ft,, 73 73U
Qrapo Ola pref .31, 24 -JI
Ouantiuno Huorar 23t 2.IU Z
Qardner Motors I 27 4 -7 -T
D W Griffith 10 If .J'
Firestone Tire, .. 14S 147 147
Hercules Taper 28 204 27
Heyden Chem J,, 5tt
Hocking Val Prod .74 ,74 74
Liggett Intl 101 101 101
Mfsra Llirht fl " '
Now Jersey 7.lno 97 00 PT
National Dank rt 100 SJ 85
North Amer Paper 74 JH TH
North Amn'Paixr 74 74 J4
Perfection Til 2rV 'A4 -4
naitlo Com 14 14 ll
Republic Tiro ntib .
Rainier Motors
Singer Mfg
Submarine uoat ....,... ijj
Times Square AutA 334
U S High Speed Tool.... 81
U S Steam ....,... 2 J
United Hetall Candy .... U
Woodward Iron fojt
Willys Corp 1
HTANDABD OILS
Standard Oil of N V 303 303
INDErKNDENT OILS
Allied Oil
Ark Nat Qaa rt
Harnett Oil aas J
Uoston Wyoming Jn
Hootie Oil ,J
Ulg Heart IJi?
Cosden A Co 1
Cuohlng Tete Jj
Dominion Oil 10l
Duquesne i
Klk llssln Vet 7S
Engineers Petroleum .... In
Koucral Oil '. ,-;2
Fersland "Jy
Olonrock Oil ;4
Llvlnuston ,J,
Merrltt Oil H1
Mnnhuttan Oil 7J
Mnracallio Oil 274
Merrltt Oil 1JW
Midwest Hcflnlnr 131
National Oil of N J 7
North Amer Oil 1U
Ohio Fuel 2SH
Oklu Not Oas 32
Okla & Texas 3S
Omar Oil 34
I'anliandiv 7
Pittsburgh Oil 14
Producer ft Reflners 7
Red Rock Oil . T4
Hoynl Dutch rts 32 ,
Ryan Oil ., 27
Sapulpa Hellnlnc 0
Slmms Petroleum lft
Kkelly Oil 10 U
Superior Oil 17'i
Texas Ranger 4
Union of fallf ISO
Victoria Oil new 1U
Wnlte Oil in
Shell Trims ts ...22
MINING
Alaska-Drlt Columbia .... 1
Alavardo 144
Hlg Ledge ft
Caledonia Mining 28
Calumet & Jerome 4
Canada Copper
Candelarln inning
Conn Virginia . . . .
Cortex Silver
Cresson Hold
Dundee Arlx
Eureka Croesus .
Eureka Holly I
Kl Savadnr 1
Golden (late Exp 4
Gold Cons 10
Gold Devel 7
Gold Zone 14
Hccla Mining 3i
Jumbo Extension 0
Louisiana Co H
McKlnlry-Darragh 50
McNamar.i A
Marsh Mining 11
Mother Lode &7
Mother Lode, new .1
North Star ft
Rochester Mines 10
Silver King of Ariz 38
H Silver Lead U
Tonopah-llelmont 1M
Tonooah Divide 1 A,
Tonopah Extension 14
TOnopah-JIm.Hutlcr 13
Tonopnn .Mining ia
United Eastern 2f
West End C lnr
White Cap 10
National Properties Co.
American Railways Company 4V6's
BONDHOLDERS
You are asked to approve or disapprove a
plan whereby you must choose between pay
ing assessment of $175 per $1000 bond, or
give up almdst 80 r of your security.
Nothing in the present situation, so far as
we are able to learn, warrants sp drastic a
reorganization of your property.
We suggest you do not' approve ' any plan
pending a thorough investigation.
MacMeekin & Williamson
BANKERS
BROAD & SANSON! STREETS
NORTHEAST CORNETt
MEMUERS PHILADELPHIA STOCK EXOnANOE
14?
24"
01
1
,!
We own and offer subject to prior sale
St. Louis-San Francisco Railway Co.
Prior Lien Mortgage 4 Bonds, clue 1 950
Tho St. Louis-San Francisco Railway was ono
of tho few systems reporting earnings In excess
of the Government guarantee. Its earnings as
reported for 1919 showed increases In gross, net
and surplus over 1916 and also for tho first four
months of 1920, as compared with 1919.
Price at market about 54 and interest
!, To net over 8.05
, .' ; Full information upon request.
HARRISON & CO.
BANKERS
106 SOUTH FOURTH STREET
PHILADELPHIA
Members New York and Philadelphia Stock Exchange
2QV5
H) ..
14 ..
(10 -f-14
41
:m
04
Anglo-Amer Oil
Allied Tack lis
Atnlt Tel IS of
Armour 7s . .
riorlln 4s .....
Dresden 4s ....
Frankfort 4s .
Great Hsrlln 4s
Hamburg 4s
IiitorWim R T
Lelpxlg 44s
Nurcmburg 4s
Russian (14s ..
Stuttgart 4s ..
Swedish fla ...
Swlse ft Vi a ...
Texas Co 7s .. .
Vienna 4s
Wost Uleo 7s .
IIO.NDS
74s ....
ii'.'.'.'.'.'.'.
Wo Offer, Subject to Prior Sale,
$200,000 t
Canadian Pacific Railway
Equipment Trust 6 Gold Certificates
Issued under the "Philadelphia Plan" -
Maturities of 1921, 1922 and 1923
Prices to Yield 7.50
Union Trust Company, Plttuburgh, Trustee
These notes nre part of the Issue, dated April 1, 1920, which was
originally so'.d upon a 6 to 6 r. basis. The total Issue la for
$12,000,000, secured by new equipment costing $15,000,000.
For the year ending December 31, 1019, tho Canadian Pacific Hall
way showed net earning of over four times tlxed charges, and It pos
Feswes a remarkably long dividend record upon Its Preference and
Ordinary Stocks, which show a combined present market value In
excess of MOO, 000,000.
Deapripflve Circular Upon Request
Graham, Parsons & Co,
435 Chestnut Street
Philadelphia
iiVi r.ito r,i v,,
.12 A
22
in"
Mi
4214
!2
80
:i2
22
in
Mi
41 Vi
n2t
80
n2 y.
22 V...
in "l
i..
2S. 1-Vt
41 Mi
02 Va
80
Sales In
itnon
i Unldwln I.o
1st rs. . .
1 Bloc fc JVo
Tr 4s
1 I.nkc Hup in
B
fi Wb Honda
2(1 4',h..
18 V, 3d 4V4s
nONDS
High Ixiw
Close
Net
chge.
r.3
R5.B4 R.'.54 85.54 .02
sn.io ss.no 88.no .20
OtVj 91 M, 1
53 03 . .
f2 52 . .
4013-20 4th44S 83.80 85.08 85.70. .
light yorkers.
LAMHB R
U17:Tlira. till 0111.7.1.
ecelpls. sno head.
Unchanged,
Good Showing by Lackawanna Steel
New York, July 14. The Lackawanna
Steel Co, reports for the quarter ended
.June 30. profits, after charges and war
taxes, of $1,881,940. This compares with
a deficit of $233,086 In the June quarter
of last year. George V, Downs has
heen elected president of the company,
succeeding the lato C, II, McC'ullough,
Jr,
8UN REVIEW WILL BE FOUND
ON PAGE 21,
l Vic 4.t,k
3 Phila Co
cons f)H. . .
7 4-5 Phil Eln-
lgt os
2 United Itwy
Invost 5s.
Total. 181.70(1,
yesterday. Thus
Samo period last
05.08 05.08 05.08. 01
Demand
Cables .
Demand
Cables ,
Demand
Cables
r.U ,
77
84
05
75 Vi
82
05 Vi
-2V,
S3
05..
compared with $177,700
far this week. $303,400.
week, $230, SOU.
. BELL 8YSTEM DIG EARNING8
The statement of earnings for six months
ended June .10 of tho American Telerhons
and Telegraph (o. showed a balance after
charges of $2(1.(18:'. 342. After deducting
I17.uss.as; ipr amasnas mere was a bsl
snee of .8.fl4B,3'.n. This compared with
$3,7311.100 In the ssme period In 1017. No
comparison is msdo with Isst year, os the
properties wtre then under federal control.
Liverpool Cotton
Liverpool. Julv 14. Spot cotton was
slow of sale today with prices steady
on the basis of an advanco of 40 points
for middling at 2M3d. The sales were
3000 bales. The receipts wera 1000
bales, all American Kutures were
steady In the early dealings. apot
prices were! American, middling fair,
3I.08C; goou. iniuaiinh'. "?" i ."iiy
rnlQUIinM, u04a ; inw
FOREIGN EXCHANGE
New York,. July 14 Sterling was off
1 V4 at the opening of the market for
foreign exchange today. Other ex
changes were slightly raster. Francs
wero off 1 1 lire 1 and Swiss 3 polnta.
Marks were down 2 points,
Quotations were:
Demand sterling 3 91U and cables
3.92; frano cables 1193. checks 11.95;
lire cables 10,75, checlta 10.77 ; Swiss
cables 5.60, checks G.SS ; Belgian cables
11.16. checks 11.17; guilder cables 35?i.
checks 35Vi ! pesetas cables 10.17, checks
10.12; Stockholm cables 22.15. checks
22.10; Chrlstlanla calilis 16.80, checks
16.75; Copenhagen cables 16.80, checks
16.75; marks 2.58.
TODAY'S OPKNINO QUOTATIONS
Sterling Frains Lire Guilders
. .. s.nili u. n:. in. 77 SMt
. .. 3.02 11(13 10,73 33.
NOON QUOTATIONS
Sterling Francs Lire Guilders
. .. 3.80?i. 12.0(1 in.H.1 3Mi
. ., il.uuvj ii.m IU.NI 35!i
CLOSING QUOTATIONS
Sterling Francs Lire Guilders
.-.. rfsriu 12.02 ni.ss a.iVs
. . 3.00 12.00 10,80 33U
tr-
MONEY-LENDING RATE8
NKW YOnK Money on cnll ruled at
8 per cent all day.
No transactions, except occasional
ronewals, are reported in the time
money market. Bids for sixty to ninety
days on mixed collateral remain at 814
per cent and on all Industrial collateral
at 9 per cent
The ncceptanco market maintains a
firm tone, , with discounts quoted, un
changed, at 65i per cent to 0V4 per
cent.
PHiLAnnwiiiA Call; 6 per cent;
time, 0 per cent ; commercial paper,
threo to six monina, u per cent.
(Note These are merely nominal
quotations, na tho legal rate of interest
In the state of Pennsylvania la nxed at
6 per cent. Plus premium nnd commis
sion tlmo money for thirty to ninety
days Is loaning at 8 to 8 per cent,
while commercial paper from three to
six months Is being offered at 8 to S,
per cent.)
BANK CLEARINGS
Rank clearings today compared with cor-
reeponmng oay issi two .":'"'
2
1st Mortgage If you could buy a first
Bond Yielding mortgage bond of a
0,00 0 well-known company
to yield you about
8.65 would you be
interested?
If so, send for Circular
No. 7329.
Bonbright & Company
437 Chestnut Street, Philadelphia
tev) York Boston Chicago
Detroit
imu
101a
IA3U
Phlla. ..$00.1104.777 -n,29.11S I80.7J8.747
l (IO.noi.jO l,J,vi;n1.ini 1 11,1118,(174
In. . . iil,li',nin . iii,ii,i.mUU
N.
mad ng, ,ua j nu (",.. wnw B. ,, ;, : lii'sinSir "'"""-''
i tninniinir. 'ix ..a : Huea Hiunrji ,vmii, i. .-..! . so a1 - ''s-t .-. '-r-viii i
kW ., and oMmry, IMW-V ' ' I .KWiLWtSft ifflMi '-' )ll Vwi.m
c-f''" ii ' fi' t'i' 't5V'"'lA f'-r J-fr-'"- " '.'J '
We recommend and offer
Subject to sale, when, as and if issued
Armour and Company
7 Ten Year Convertible Gold Notes
Due July 15, 1020 Denomination: $1,000, $500, $100
Price at the market, Yielding about 7
Exchangeable after January 3, 1 92 1 , if note-holder
wishes, into a like face amount of Armour and Com
pany Class "A" Common Stock which will be entitled
to 8 cash dividends before Class "B" Common Stock
receives 6 after which both classes will share alike.
A complete description of these notes will be supplied Upon
request for Circular PASO,
HAL3EY, STUART & GO.
Incorporated Successors to N. W. Hateey & Co Chicago
LANt) TITLE BLDG., PHILADELPHIA
Telephone Locust i8l0
CHICAGO NEW. YORK BOSTON . DETROIT
n buuD , MirNeePOMB MILWAUKEE
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