BOSSES
pwtw
rs rr
v r
t
, f
, . . .
' .r 'v.
J ' "AV1
r .
aQf
. -VI,. ,JUi, : .; -rvtrcr hn 4n6A7'
EVENING PUBLIC) LEDGHJEr-PHILAUJiiJjJfJtllA,, TUEUiV.Xr juj-x i, av
.i
W
mi, ". i -
T - ... . ..... .. . . ...I, i i i i i n ! i "
MARKET IN QAMF I new york stopk- FYrHAisir.p trans actTons I IMPRRVFIl nFlvlANll
aw ' lliniillLI 111 UfilTIL L : : ! -' uwimni'
J 0 niv. TMn'iMfi. ni. Todsr'nNst nkn SYIirt lAftl Iffl
TRAnNR ARFA Is ". a :: a"" :T rT m-sC C '1 H K I.IIKH toUtN
Rocoption of Railroad Wage
Award Was Not Very
Enlightening
iluSeasoned Investment
t8Kslding Over
tf3 present low quotations
taJMsoned local bonds are. ac
inar to our observation.
J, '- - " . . '
v pwwa upon oucrinprs oi mis-
i cHfeneous small lots, and
h almost nnv nflfnrr. to niirchase
$ijri r6asonable blocks has the
, 'tffectof sharply advancing the
Y.fprwe.
w.this is only one of the rea
.flpnt for our present recom-
irtihHatlon that investment be
AiWMifo in the First Mortjrace
' Bonds of a Public Utility
M'Coihpany operating in this tcr
L ritpry.
Tho bonds outstanding rcp-
jresont about 60 of property
coats, are tax free in Pennsyl
vania, listed, and at present
quotations
IS 1 Yield Over 8
1 Wo nlinll hn rrl-irl in furnteh p,t on t6p mntIon that tho amount
I we Bnau oe giaci to iurnisn of thp nwar(, W01 be unR(ltIl,fa(.tory t0
rnrrrnloTo dormlq hv m.iil nv ,,. r.ii,.. ,.t, mi..u... -.
Rl "Upon personal application at.tlili ocoro. however, were .1lnpelled by
I'" .... n5
uui umuca.
.. Advance numely ...
0 Advaneo Ilumely pf.
a Ajax iiubbtr
. . Alaska OoM Mine.
Alaaka Junenu O M
34
01
01
hi
Now York. .Tilly 20. Announcement
of thr ?f00.000.000 rnllnnr vnce nwnrd
nnd tlit third contt of the ynrht rnro
were the two matters which commanded
the foremost attention of Wall street In
today's utock market. Tho reception of
the former wan not very enllchteninic.
The latter, as In the two previous con
tents, was reepomlble for n larue num
ber of nbsenteea. But tho market, after
nil, did not differ very materially from
yesterday, or nny 6t the Immediate pre
ceding .esslon. It was utrlctly a pro
fcnlonnl affair, nnd the rather negative
price movement carried no significance
whatever except a continued rellectlon
of the scalping operations of the trading
contingent.
Some wavering was noted at the out.
HARPER & TURNER
u i, investment uanKers
iOta Floor Stock Exchanco Building
jL ..,..,
Kti rnunaeipnia
t tfertfter o Philadelphia Stock Exchange
At The
Market
Kingdom of Belgium
Twenty-five year External
Gold Loan 7J9 SinRing
Fund Redeemable Bonds
Payable at the rate of J1S
of the principal sum on
or before June 1, 19!,5.
Government of Switzerland
Twenty-year 89e Sinking
Fund Gold Bonds
Maturing July 1, 10i0
Armour & Company
7 Ten-year Convertible
Gold Notes
Due July 15, 1030
Circulars describing these
viry attractive issues will be
sent on request.
Bonbright & Company
437 Chojtnut Street
Philadelphia
New York Chlca. o
8oton Detroit
'Wv'S
' A Listed
Railroad Bond
Stock Basis
St a price to yield about
13 we are suggesting
i jo our customers trie
V income mortgage gold
bonds of one of the im
portant railroad sys
1 terns. These bonds have
' nn active market on the
New York Stock Ex
change. The character
and earnings of the
.Railroad justify confi
dence in its securities.
For particulars ask
for Circular 1-1-1.
A. B. Leach & Co., Inc.
Investment Bankers
315 South Fourth St.
the reported tentative acceptance by ths
railway unions until the matter had
been decided by a direct vote of the
various brotherhoods. What the Street,
oi at least Ihc market world, was more
concerned with, was whether the in
crease in freight rates to be allowed by
the Tnterttnte Commerce, Commission
would be sufiirlent to overcome this new
burden of operating cost which has been
shouldered upon the transportation in
dustry. In brief, there was not sufficient en-
i lightment of entire subject to permit
extensive market ventures, more par
ticularly when money market conditions
threaten to throttle any undue outburst
of market enthusiasm. The ono en
couraging Ride of the matter was to be
found in the understanding there would
be no interruption to transportation,
as was intimated yestirday in the
alleged threatened walkout of the rail
way workers.
In consequence the hesitancy mani
fested ut the outset soon disappeared as
the more reassuring reports came from
the brotherhood quarters.
Rails rallied 1 to l'i points when
it was reported thut the railway union
might withhold formal protest against
the wage award. From transportations
the recovery extended to prominent spe
cialties, the 8 per cent call money rate
also being an encouraging factor. Amer
ican Woolen was strongest of the spe
cialties, gaining 3V points on rumors
of nn early resumption of operations at
iscw England mills now under suspen
sion. Motor specialties, notably Rub
ber Tire issues, were firm to strong, with
Coppers, Chemicals and shippings.
Tho demand for railroad shares slack
ened at noon, but pools became fairly
active in industrial favorites, including
food and tobacco issues. Crucible,
Strombcrg nnd Pressed Steel Car were
the strongest features at extreme gains
I of 2Vj to C points.
No material change was shown by the
market in tho apathetic dealings of the
tlnal hour, leaders holding at or within
range ot their best prices on continued
case of money.
NEW BOTTOM FOR
RAPID TRANSIT
JULY 1920 ?
,, Where, today, will tho shrunken
dollar ro as (ar as In the purchase
of high grado securities) Many
excellent Issues can now bo ac
quired ot a fraction of their worth.
What are the outstandlna stocks
nd bonds deserving of considera
tion In July's market and why
Our special letter "JULY 1920"
analyzes certain Issues deserving of
V" !nyj!l,or" r"nlderatlon. Send
for FREE COPY.
Marketable lecMrtfles
carried upon coni'rva.
tlve marginal baits ODD
LOTS a specialty
MILTON HEIM & CO.
(Rurcrnr to Colilhrre Ilrlrn)
Members I I'lilln. htmlc I'.Trl.nurr
.. 'J-'lSi- s,ork Ex. of N. y.
1622 Chestnut Street
rlionrx llrll, hnrure r.ni7-1380
., Keystone. Hiiro 1SD.
7 I)roilllriy tHfl Si, ,,e., Jf, y
y mfril. Tnnn. '
Most Unusual Opportunity
$200 Will Buy
2 Shares 8 Preferred
1 Share Common
or av
Old-EstablUhed Philadelphia
Manufacturing and Sales
Corporation
Dolnc Extensive, Essential,
Hifrhly Profitable Hu-ine-s.
Pull Investigation Solicited.
ISSUE LIMITED
Address. Manufacturer
1005 Real Estate Tr. Bldg.
or Call Walnut 1914
Heavy Selling Orders Carried
the Stock Dotvn to 14 Be
fore Support Was Met
The continued weakness of Philadel
phia Rapid Transit was the over
shadowinjr. feature of today's deal
ines in the local market. The over
night dcvelonments. Including the res
ienation of the so-cnlled banklne inter
ests from the board of directors, to
gether with the deferred action on the
dividend, provoked a fresh outburst of
liquidation, which carried the prlco
down nearly $.1 from last night's
closing quotation to 17, thereby es
tablishing n new low record for the
year.
The initial dealings disclosed an nc
cumulation of considerable selling or
ders overnight, and with the buvinc de
mnnd extremely limited the stock made
a quick descent in the first sixty mln
I utc of the trading to the new low level.
I.lttle Minport was encountered, nl-
, though some of the room traders, in
, taking profits on the short side, brought
I a feeble rally to 13. In the first half
I of the session approximately 7000 shares
1 cnanged nanus
The startling developments attending
I yesterday's board meeting had the street
clean up in the a r. Most of tho nroml
ncnt local banking interests confessed
their inability to fathom the situation
and acknowledged themselves to be at
sea. A great deal of surprise was ex
presed in Mr. Mitten's attitude In com
bating the so called banklne interests,
From a shareholder's viewpoint the
more dKco.icertiug Influence wa found
in the deferring of action upon the
diviihnd. which, however, was to be ex
pected in view of the absence of the de
" i -ijii of the Public Service Commis
sion on the fare adjustment question.
Tho e.irning statement for the first
half of the calender year indicates
quite clearly the inability of the com
pa to maintain the current dlvi
dened rate unless some increases in the
earnings are granted. In fact, many
looked upon the formal statement of the
bmud as virtually being equivalent to
u formal passing of the dividend.
The wenkness of Philadelphia llapid
Transit cuused fresh selling of Union
Traction, with that stock making a new
low record at i!"Vi. $1 under Inst
night's dosing. It nlso extended to
the other local stocks. United (las
made a new low record at 40Vi. while
--Vj. American Stores dropped $1.50
heav , falling to Hit, but later rallied
to :i!iVi. Few shares of Hlectric Stor
age Buttery changed hands nt 110.
Trend of Raw Sugars Is Downward
New York. July 20 While nn Knl.
of Cuban were reported yesterday, thu
1 Allls-Chalmers 315
a Am Aerlo Chem
to Am rtosch MaRTieto..: V4
'7 Am Br Shoe tt Fay. . . 87JJ
13 Am Or Shoe & Fdy pf to
.. Am Can , JM
12 Am Car A Fdy 137H
4 Am Cotton Oil VA
so Am Crug- Syn II H
7 Am Hide & Leather pf R6H
Am Ice. 4IJ4
Am Internet Oorp ... S
3 Am Unseed 79
Am Locomotive ...... '
.. Am Safety rtaior .... lH
. . Am Ship & Com 23H
4 Am Smelt & rtef 0'4
7 Am Smelt & lief pf. . J0J4
6 Am Smelt Seo A 7i
7 Am Sugar lief 1JH
10 Am Sumatra Tob 0I4
Am Tel A Tel tlft
20 Am Tobacco 31114
Am Tobacco pf new. . h7
7 Am Woolen 0y4
. . Am Writing: Paper pf . 48
. . Am Zlno Lead & Sm. . 1H
i Anaconda Copper ... MJ4
0 Atch Top & SanU Fe 80H
o Atch Top & S V pf . . . 73H
7 Atlantlo Coast Line... 87
.. Austin Nicholas 21
1100 .. Bait & Ohio 31 Ji
300 4 Baltimore & Ohio pf. 434
100 g Barrett 113
300 .. Bethlehem Motors ... 31 H
MOO b Bethlehem Steel D.... 88 J4
400 . . Brklyn Rapid Transit 11
101) .. Brklyn Union dan.... 48J4
300 . . Butte Copper & Zlno.. 8H
300 . . Butte & Superior Cop. 33VS
100 .. Butterlck is
MO .. California Petroleum. 30ft
300 4 Calumet & Arizona... 3H
100 7 Caso Pump Works pf., 84
lloo jo Canadian Paclflo . ...131H
00 s central Leather SV5
300 4 Cerro de Pasco Cop... 48J4
800 io Chandler Motors .... 98)4
00 4 Chesapeake & Ohio... MM
300 .. Chicago Mil & St P.. 33 H
1100 .. Oil Mil & St P pf.... SOU
710 b Chicago & N'orthwest'n 70H
3100 .. Chini&Pao 37)4
1100 1,80 Chlno Copper 30
200 .. Chile Copper 18
i 800 i Coco-Cola Sift
3 300 a Colorado Fuel & Iron 33
00 fi Columb Gas ft L'leo... HK
100 ... Col ft Southern 2K
,4800 l Col Oraphophone .... 30J
100 7 Consolidated Cigar pf 83
2300 Con Interstate Cal M. 13H
300 3 Consolidated Textiles. 33 J4
600 l Continental Candy ... 13
2000 4 Corn Products Itef . . . 03
4500 8 Cruclblo Steel 138
1000 .. Cuba Cano Sugar ... 81 14
100 7 Cuba Cane Sugar pf . . 70
100 7 Cuban Amer Sugar... 63'4
300 o Delaware & Hudson.. B0K
100 .. Denver & Bio Grande. 8J4
1800 .. Denver & Rio a pf.. 11
800 l Dome" Mines DJ4
100 .. Duluth So S & At .... iA
100 7 Kmerson-Brantlng pf. 74 14
800 s Endlcott-Johnson .... 88
000 ,. Erlo 12(
80 .. Hrle 1st pf 20
100 a Famous Players L... 79
100 8 Famous Players pf... 87H
100 7 Flsber Body pf 108
1330 3 Flsk Rubber 33
400 7 Federal Mln & Smlt pf 303;
809 . . Freeport Texas 21 ,i
100 . . doston Wms & Wig. . 12
200 2 Oen Am Tank Car.... 8S4
100 s General Electric 113 y2
4800 l General Motors 38(4
100 .. General Motors pf.... 70
200 7 Gen Motors deb 7.. 88
1300 e Goodrich B" F 00
300 7 Great Northern pf... 70
1900 4 Ot Nor Ore ctf 3S
309 .. Gulf State Steel 80K
20J . . Gulf Mobile & Nor pf . 30ft
1200 4 Haskell & Barker Car 73
100 7 llartman Corp 83
400 l Hupp Motor Car .... 18
100 7 Illinois Central 81 VS
230 CO Indlahoma Ref VA
100 4 Inspiration Con Cop.. 60
loo .. Int Agricul Corp 22
300 7 Intl Harester new ..10JJS
100 .. Int Mer Marino .10Q
401 e Int Mer Marine pf... b'tji
300 7 Int Mo Truck 1st pf. . si
800 .. International Nickel.. 17S
2100 .. International Paper .. 85,'s
Total salts 301. GOO shares, compared with
week, l.0,100.
T5W
31
01
ook
1H
m
38
8J
085
88
88
39
130
43 y
11H
8814
41H
81
77W
97H
18
23 K
m
99
71
13H
AH
93 H
313V4
86J4
B7H
48
13
8814
1H
73
87
23
ims
3114
43 X
143
31
87)4
11
in
2314
13
30K
80
94
130
83
43,
0714
'
3S4
60
8914
30V4
28M
1H
3714
31
6414
2414
38H
83
1114
33 H
115
92 K
184
805
70
n
90
8
10J5
OH
'A
71 A
84 J4
12K
10J4
79
87H
106
315
365
21S
13
68
H3H
3H
78
8115
69
69J5
38J4
SH'.i
30
73
83
18
815
74
60
23 H
107H
29 ?i
87 K
81
174
Today's Net
Clos Chts.
311
61
604
1H
36
83U i
984 m
67i 8)4
84 J4
39H H
138
434
HW
8M
14
78M 1J
i
984 15
184 Vi
33JJ ft
89 H
904- H
71
1284 M
no5 ..
91 ..,
3135-11
87
993
46 1
13-1
885 4
804 tt
734 4
873
22 - 4
1185 M
315
43M- H
113 - 1
31 54
88
11 4
48 ..
BK-
234- J4
13 - 4
304-
363
04 4
130 4
635 4
H 1
08 Yi
814- 14
33H tt
60
095- 94
36i- 4
28H- 4
14 3- J
374- tt
315 4
844- 24
214 4
29J 1
821
lltt- 4
335 4
12 4
34 J4
161 1
80H a
70
6214 ..
oo ih
6 - 4
105- 5
V4
44- 4
714- 44
861
125 ..
20H tt
79
874 4
106
315 4
36 ?
214- 5
12 - H
684 24
135 IK
244 4
70-1
88
00 4
695- 4
384 4
604 24
30
72 114
82
0 !4
815 J5
74- 4
80 J4
22tt ..
1074- J
20J4- 4
82J4 14
81
174- H
8Ji t- A
8ta
21400 .. Invincible Oil Corp
3190 .. island Oil 6
800 4 Kelly-Spg T 94
00 3 Kenneeott Copper ... 36H
60 1.20 Keyatone TAR 27M
900 Lackawanna Steel ... 744
160 ., Llg A Myers Clasa U137H
160 7 Liggett ft Myers pf. . .101
3300 3 Loewe Co 24
209 .. Ioft Corp 1
260 7 Louisville ft NashvllletOO
360 12 Lorlllard Tob; 187
400 7 Manhattan Elev gUtr. 434
290 .. Maxwell Motor 195
2300 10 Mexican Petroleum .. 13H
100 'g May Dept Stores 80
300 Miami Copper 265
1300 1,80 Middle States Corp.. 314
400 4 Mldvale Steel ft Ord.. 485
700 ., Minn ft St Louts..... 14
1800 .. Missouri Paclno 264
.. Missouri Pacing pf... 43 K
.. Montgomery Ward ...334
.. Nat Aniline ft Chem.. 83
7 Nat Am ft Chem pf . . . 91JJJ
l National Lead ...-.. 76
1 Nevada Con Coppen. la
10 New York Air Brake. 100
5 New York Central. . 69H
. . New York N II ft II. . 30H
BO Nunally Co 185
40 Okla Prod ft Ref 44
8 Otis Elevator ........ Ut
.. Otis Steel 344
6 Pacific Gas ft Elec.... 485
6 Pan-Amer Petrol ...,1094
7 Pan-Amer Petrol pf.. 934
3 Pennsylvania R It... 394
. . Pero Marquetta 38
.. Penn Seaboard Steel., 23 H
.. Peoples O as Chicago 33
3 Philadelphia Co 31
.. Pierce Oil 16H
a Pitts Coal 80
.. Phillips Pet 40
.. Plerce-Arrow Motor.. 61J4
8 Pressed Steel Car. ... 98
8 Pullman 1134
4 Puro Oil Co...-r 4034
1 Ray Con Copper le
8 Railway Steel Sprlnsr. 064
4 Reading 894
. . Remington Typewriter 60
.. Replo Steel 86
0 Republic Iron ft Steel. 01
6.30 Royal Dutch N.Y.... 1105
Royal D N Y rta.... 334
.. St Louis San Fran... 28 J4
.. St Louis Southwest... 16
.. St Louis Southwest pf 37
.. Santa Cecelia Sugar.. 2034
.. Saxon Motor 9
. . Seaboard Air Line ... 7
8 Sears-Roebuck 11334
.. Shattuck Arizona ... 10
.74 Shell Transport 734
.. Sinclair Oil ,. 314
6 Sloss-Sheft ,,., 714
0 Southern Paclflo .... 934
.. Southern Rail 2934
6 Southern Rati pf .... 895
7 Stand Oil of N J pf.. 1085
. . Steel & Tube Co Am 8
4 Stewart Warner Sp.. 40H
4 Stromberg C'arb .... 8934
7 Studebaker 713
6 Superior Steel 60
.. Tenn Cop ft Chem ... 9
10 Texas Oil 454
. . Texas ft Paclflo 40
.60 Tex ft Paclflo C O... 47
.. Times Sci Auto Sup.. 313
6 Tobacco Products ... 6834
.. Transcontinental Oil.. 143
.. Union Oil 314
10 Union Paclflo 116
4 Union Pacific pf 884
.. United Rwy Invest... 95
3 United Retail Stores.. 764
.. U S C I P ft Fdy .... 16
0 U S Food Prod 664
8 U S Ind Alcohol .... 893
8 U S Rubber CI
8 U S Rubber 1st pf ..106
BUS Steel 914
7 U S Steel pf 108
6 Utah Copper 863
4 Va-Carollna Chem ..715
8 Vanadium Corp 88J4
2 VIvadou Inc 174
. . Wabash 84
.. Wabash pf A 214
. . Wabash pf B 184
Westlnghouse E ft M.'4BH
.. Wells Fargo Express S3
. . Western Maryland ... 9J
7 Western Union Tel .. 83J4
4 Whlto Motor 815
wicKwiro ateei 315
4800
200
1400
300
600
100
100
200
800
100
2300
100
700
100
4600
100
3300
1700
100
100
100
300
196
1100
1100
300
100
900
1100
100
11800
300
800
3000
3900
4860
2900
3300
400
200
600
200
100
100
200
600
400
3000
8100
200
400
200
800
4600
6900
100
100
800
600
400
1700
800
1400
1800
600
300
100
1990
300
400
800
1400
360
6600
200
300
100
4609
700
200
700
300
300
600
100
200
100
000
1000
400
300
000
I 100
376
337,100 shares jesterday.
1 Willys-Overland .... 19
5 Wilson ft Co 60
8 Woolworth F W .,..107
6 Worth Pump 71
7 Worth Pump pf A ... 89
6 Worth Pump pf B ... 8BH
Ex-dlWdend
Thus tar this week, 088.700 shares.
8J
884
384
37
73
187J
1013
3334
144
994
137
43
19
00
80
394
394
404
134
384
403
334
833
81
784
13
100
683
30
185
4
136
34
464
103
085
39
34
335
33
3154
184
00
39
803
98
1134
405
183,
064
875
65
635
905
1694
3134
213
115
2634
205
8H
7
143 Si
19
734
3034
695
934
28
884
108 3
88
384
814
89
60
9tt
4834
39
484
31
664
145
31
115
86
95
733
16
66
89
9334
16 H
904
108
66
71
'84
1634
84
24
16
48H
634
03
825
815
31
1B4
554
6i
685
80
66
Today's Net
Close tnn.
464 VA
631- 5i
364 3
28H 54
37
744 1 ,
1373 - .V4
101H 24
2334- 55
095- 1
137 - 1
43 ,.
19 ..
9334-
80- 15
204- tt
204 154
485 84
134
265- 154
4234 tt
334- tt
83 14
01-1
76 ..
13 ..
100
6S4 tt
304 tt
184 ..
4-54
125 54
214 54
464- 155
1035 tt
965- 4
3934..
31 ..
335- 54
33 55
314 9
184 n
60 55
40 4
8154 tt
98 33
1124 ..
4034 55
1434- 54
004 54
894 55
061
8331 154
91 tt
11a - 34
324
283 54
1834- 54
263 - 54
2054- tt
834 54
7
14331 ..
10 1
7355-3
304- 54
714 14
934 1
29 tt
895 4
1035 4
86
40K 13
875 34
71 34
30
93 ..
484 M
3034 tt
4634 54
3134 1
6734 1
14J4 54
3134 94
183 J
65
65- 54
744 54
16
65 5
8931 14
035 1
101K- 4
01tt 4
168 4
663- 4
715 4
844 4
16H- 31
84 . .
24 4
16
4834- 54
63 24
.034 54
8231 4
515 55
i8tt"54
554- 3
107 - J5
71-3
80
664 tt
Oi( Croup Load3 Trado Hor
1 culos Papor Most Actlvo
of industrials
::::::::: 38 Mtt
T,ow I.asi
11 H m
isft 16$
an alt
20 M
108 in
83 .
3.1, 2$
.id's nsi
(13 03
bo no
IB 10
7.1 78
26 27
BO BO
0B BS
04 0SV4
SOU
New Yorlt, July 20. The Brood
Street Curb market today contrasted
sharnlj with tho heavy tone which pre
vailed yesterday. Instead of stocks be
InR In supply, thero was a broad de
mand and advances were In order.
MoH interest was attached to trading
In tho petroleum issues, with large
transactions In General Asphalt, which
moved up from 04 to 0B'4. Arkansas
Natural Oas rosfl 1 point, to 12, and
Carlb Syndlcato moved up 1 point, to
Id. Slmms Petroleum was active and
strong, advancing to IB, Itoynl Dutch
rights wero traded In at 81 to 32V4.
Hercules Taper was the most active
of the industrials, ranging from HOVi to
27. North American 1'ulp continued
sttndy, with sales at 7. United Ketall
Candy Rold ut 1 to 13.
Mggct International was traded In
at 104. National City Bank rights sold
at 00. Submarine Boat wbh quiet, with
a small amount of business at 12.
XNDU8TB1AT.B
. . J"h
Aetna Explosives 11U
Alum Mfc sre( DSH
Amer leather 1BH
Aems Coal 21s
liucyrus 2(1
llordons Cons 101
Ilorilens pret 8,1
car IJsht 2U
Conley Tin Fll 28
Lrcas aup ni
Dom Steel 63
Horn 8 a C no
I) W Griffiths in
Kmplre Steel pret 78
Kmplra Steel com 28
Kmplre Meol 7 i o pf 60
Empire Steel 8 p c pf.... OB
General Aaohalt fld
Gardner Motors 20'
drape Ola
Urate Ola, preferred
iiercuiea l'sper
llvdraulla fltm.1
llldrauila HteA nrwf 711
Ubby McNeil .,' 124
I.lHett Intl 101
Mercer Motors 10
Nat City Hank rts 00
N J Zlno 193
North Amer Taper 7
Perfection Tire 2.,
Radio Com IH
lladlo Com pt 2H
Standard Oas t Electric... 12i
standard una Eieo pr.. asu
Submarine Boat 12H
U S Hlih Speed Tool .... 31
U fl I, A H 2
V S Steam 2H
United Profltaharlng 1
United Ret Candy 14
Union Carbide fiSVi
Willys Corp 10
Woodward Iron 60
INDEfEMIKNT OILS
Allied Oil 25
Allen Oil tl
Arkansas Natural Oas... 13
Arkansas Nat Oai rts... m
Iloono Oil 3
lloston-Wyomlnir IH
cariD syndicate 11
Cities Service U ctfa 03 H
Cuahlns Fete !i
Dominion Oil lOV
Klk Uasln Petrol 7 '4
Knilneers' Petrol IS
fensland 13
Federal Oil ,
(llenrock Oil
Intl Petrol StVt
Mountain Prod 11
Maracalbo Oil 25
I.eeton Pet Hi
Midwest Ret 117
North Amer Oil 8
National OH 7 ,
Omar Oil 34
Pennok Oil S&
Panhandle pret 61
Pioducer and Refiners.... 7
Ryan Cons 21
Red Rock Oil I.,
Royal Dutch rta 3.2H
71)
124 12M
101 10
10 16
80 90
1034 1U1
7 7
3 2
24
ia&
BO
IX
12
86
123
SI
I-
1,3
CO
24
1
11
1
3H
Sfi
25
2
12 H
loft
7 ',4
13
3ft
34
14
25
ltt
140
3
7
Vi 8
SU BU
64 ,64
nil 7
Sti 234
1.V
13U
33
loU
33A
24 V
IK
146
231
7
aU
Same period last
Commodity Markets
GRAIN MARKET
Now York, July 20. Trade in wheat
was exceedingly slow today. Decem
ber sturted tinner on n few scattered
buying orders, while March opened
lower. There were repeated rallies on
buying, but offerings always were suf
ficient to cause breaks.
Tho decision of the railway labor
board attracted a good deal of atten
tion. As a rule brokers believed that
there would bo no strike just now.
There uere reports thnt the British
commission had withdrawn from the
market. Offerings from the country
wero liberal.
Homo rains fell In Canada where
needed, but crop news in Canada was
none too good, owing to a lack of mois
ture. A decline of 17c in wheat in
Argentina helped tho bears.
Corn was irregular. There was good
purchasing by southwestern Interests,
but thii was not sufficient to maintain
cuius. The market lacked snap.
The weather was more favorable for
the crop. this, together with lessened
chances of a strike on the railroads nnd
the recessions in wheat, aided the bears.
Many expected decrcaxed receipts as
soon as the movement of the new wheat
crop gets under way.
Dealings in oats were slow and the
market followed the trend of other
grains. ,
Lcsdlnr futures rnnsed as ronows.
W,,,- o-jn III t-w Clo..
rr
Man-h
Corn
fVpt ..
Dec
Oats
S'pt, ..
De-
Pork
July . .
hiipl. .
I. rl
Sf lit
Oit
nibs
July . .
if-pi ..
? Ji "! r, n" 5 A ill
2 02 -.Ul -"" -"' '
i rt2'A l S3 l.BoVi i.rwi'
130 1.3W 1-S'H 137V,
77A 77 H 70H
70S 76H 7B
28 60 28.00 28 03
.10 45
.11) 70
10 45 10 30
10.82 11) 70
'.'.16 kb 10.02 10 33
Z
20.83
28 33
10 42
10 82
10 0B
10.02
COTTON MARKET
v.... vn,u Tniv "0. July cotton con-
raw sugar market displayed a flown-, tracts established a new high record to
ward tenaenoy. with buyers holding off. dav selling at 42.22, or 4T points above
Cuba centrifugals are quoted at 17c, .i.i'nlnMo vesterday, on demand from
c and I A lot of 10.000 bags of Porto" ' lwt nritl the TSoutb. The general list
Klcos sold at 18.06c, c I. f , ysterrtay 8hor,, nn'l "f !lnn advance of 12 to
to a New vork rennor, a drop of V. opened bivuuj
. thA insr iipaii niia .i mt i s-r ..( a
up to a net advaneo of 20 tn .10 nnlnU
on demand from shorts and the South.
Cotton exnortS uero Ififlt hnlnn In.
eluding 740 bales for the Continent and
ma Dales lor Japan. Clearances for
the season to date were fi.2S.t.143 hales.
against 5,320,,rMS bales Inst jear.
Pre loua
. , V!S .p,n "".'h I-ow Close
July ..... 41 7.1 4J 7.1 4J .10 41 75 42.60
October .. 35 0J 3.131 :ti at 3 ft4 31.08(312
December. 33.2S 31 .10 33 ,111 ,13 'J.-, 33 30O31
January.. 32.50 J no . ;s s j'j 32.B8057
Mart,h ... 81 76 31 sm 31 07 31 IIS 31 7S70
May .... 30 02 31 01 31 08 30.83 3u!88
FOREIGN EXCHANGE
New York, July 20 Tho appearance
of light bidding for sterling at tho open
ing of the foreign exchango markets this
morning Indicated a rally may follow
tho beginning of transactions. Sterling
was quoted nt 3 82'i for cables and
3.81 tor demand, cent above the
extreme low late yestcrdny. Frano cables
were heavy at 12 20 and checks at 12.22,
a loss of 4 points I.lro were off 9
points, at 17.35 for cables and 17.37 for
checks.
Other quotations were:
Belgian cublm 1145. checks 11.47:
Swiss cables 6 70, checks 6.72 ; guilder
cables 34, checks 34& ; pesetas cables
16.86, checks 15 80, Stockholm cables
21.80, checks 2175, Chrlstlanla cables
16.40, checks 16 35, Copenhagen cables
16 40, checkB 16.35; marks 2.56.
YESTERDAY'S n.S'AI. QUOTATIONS
Sterling- Pranrs I.lre Qullders
uemana ... n ;i 1." 12 17 17. ",
Cables .... 8 83; 1:1(1 17.15 85
TODAY'S OPENING, QUOTATIONS
Sterling- I'ranrs I.lre'OulIdeis
... 8 81 1L'2J 17.87 84H
...3 82'i la jo 17.35 B4J
NOON QUOTATIONS
Sterling Francs Urn Guilders
...3 82'i I J JI 17.37 34S
. .. 8 83 12 23 17 33 84H
CI-OSINd QUOTATIONS
flterllnc Prunes IJr Oulldera
Demand .... S81'i 12 20 17.40 ' t
Cable 8 84H 12 18 17 88 84
BANK CLEARINGS
Rank elearlnss toilnv compared with eor
respondln dsy Inst ino earsi
1020 into 1018
Phlla. ..J78.028 172 JM.8S4.B14 JBO.050.742
Boston... SB .127 181 (11833,780 flSJBSOS
N. YV. 705 802.301 1157 234,437 630,100,063
Ilaltlmore 10,410 488 14 804,801
St, Louis. 23,102.070 23,708,341 ........
Is A 4Hs cnt from the last previous sale
Cltr of I'hlliHlrliililu
Kllllltrllllll flltk 1'lt ,.f ,11.11..
l. Viayne. Itlutrton A llurlnu ltr. A. ifi 1... .u ...1 f 9r. nna ,. r..i: . -
iidianmiolls Trxr. A Irrin Iti. r in;; "v l" ","" " ""u ;""" "' , "urnanos, I.u
ortland Itullwuy let Krt". liV n"n prompt shipments, from th I'nlted ,.
Jloyrrnment of sll;rrliinU k"; joiJJ Kingdom t(i Hoaton, at lC,c, v 1. f, to
'rai ViTr h V.Vin 1 i :J! ,.!' "H relliiers me imiioriMiions yesifrday n- ""
Weffi'-n'irr..r.-ir1 s- ' "1sftv.fJft;?-T,"-.,? ws L,y
. Isou. Trnni.li To. Imnromfnt ' ifl'i aK ot Venezuelan to tho Amer can Co.
-"- -" "'i"'iiiiiii nnir. ni, 1050 miu t i "t -.. tw mn ir(ie. nf
Snmnnl K Philltr.u jp. n The refined Purtrs aro quoted unchunsred 0l
ut .-0 una .inc.
tIsmIss(1 I'l.tt... 1.1 1.1.. Oil t.
307 (IIUSr.NL-T ST.
' Electric Storage Battery
' Rights
Bought and Sold
$v JTownsend Whelen tSc Co.
iTJLfa. m mm arsaa ItCIMVlVM em
II' J' umiinui os,
1. XI HIT aUa-K unit XllllBITaalnniai
.' . -- . ,' m
'
irf
IH,9ck
frrn" '
y.xchneet
DIVIDENDS DECLARED
Hrunswlrk-nalk-ColInilr Co , quarterly
Hi per rent on preferred payable Auium
1,1 to stork of word Auuus ,1
Martin-Perry Corp , quarterly 50 cen's,
payable September I to stock of record Au
uust 17
Philadelphia Trust Co . quarterly of 8
per cent, psvable Au.ust 1 to stuck of rec
ord July 19
Ilrooklyn Kdlson Co , quarterly of 12 pay.
able September 1 to stock of record Au
ust 20
Pullman Co , quarterly f 2 payable Aucust
10 to stock of record Juy 31
I'acino Mills, quarterly of 13 and special
of 13, pa able Aucust 2 to slock of record
UIJT V.
.r A1 nAltn
1.n?l,,T . ' IrKiiiinil lir Rlrnnr
ituyiUR . .1 y- "V ..",:
erpool caoicn .. ......w.mm..
iither reports, but the upturn, as
th. nor vesterdny, was checked
actlvo realizing and local helling for
. ,. tho theory that prices wero
rlhlni? too rapidly and ut the expense
.,.. ,.innirni utjniLiiiM.
n -u fmm textile mnnufnctiirlne
districts were mixed, but on the whole,
hhowed some improvement In condl-
tions. . . , ., , ...,.
TWClVC JUiy noiiccu were iu uucuia-
Philadelphia Stocks
120 Alii TnH.'iwV,
350 Am Htrs. 4:ii
lfi Am Gas. 3(1 "
GOtBald I.o
Pref ... OS
23 EI Stor.nn
30 do war. in
Low
30
Close chre.
111-11 -11
30 ..
ns ns
118TJ 110
in in
Vi
B2 I.eh Nnv nn r.naT nnTJ 4
coo Pa n n.
rnii uo
25
32
.
11 iat r.n .mi
aiw b bih Biaa
v x ,111a V-U
pref ... 25
40 do cm rif .T
1S7 Phil Elec 22U llliii "niT if
7243 P U T.. 12 JgTSflifi
10 Phil Trn,. r.o73 i "iljrj l'S
300 Un Trac 28
480 U O I... 41
420tUS Steel 01
iiru iorK itwy 10
r.2
27
40V5
01 1
iu
Demand
Cables .
Demand
Cables .
02
27141
01
tNet change made bv romnari.Mn mi.l ,...
sale on New York Stock Exciw." h '"
Total sales 10.213 .hare,, compared with
"hare, yesterday. Thus far this week.
'"", anme period last
Hhares,
Klee fa... 7i, 71
lCltv41043 88 ' 8S
4 1-10 Elec &P
Tr 4..... ,13 52V
2 Lehigh Val
01j
eek, 17,737
Close
71
88
Net
chfe.
Ken 4s..
2 Lehigh Val
Coal is..
28 Lib Bonds
01
80 80
12V2- Vj
01..
80 ..
In the afternoon the market ruled
quiet and hteady, with the unfavorable
character of weather newa restricting
ellinK pressure. Sentiment Heemcd quite
reactionary. ...
Several thousand bales of cotton ar
rived from Galveston today for sliip
ment to northern nnd eastern mills.
Ocean freight brokers report a good in.
quiry for space for fall ruojitns' ship
imperial Tobsfiro Co. of Great, Uritaln. n!1"', tiij .f.,,,i. V. m.,V.t firmed
interim dJvidenflot o psr cwit, tax re. p ' la mWalteriioon the market flrmea
MONEY-LENDING RATE8
NEW YOmt Moncv on call ruled all
dav at 8 pr rent
In the market for bank acceptances,
conditions were unchanged today In that
thero Is still n considerable scarcity or
prime Now York hills. Drokera would
take nil tbta could be secured, blddinB
freely 6 per cent. Offerings of prima
out of town bills are only moderate.
In mercantllo paper, the tone continues
very firm. Virtually no business Is Ming
done In prime paper outside of the coun
try ranks, iiates are variously j
at SYi to 8 per cent for the choicest
material and In eomo cases 9 per cent
Is said to rule.
lilll,AlKl.rillA Call. 6 per cent;
time, 6 per cent; commercial paper,
threo to six months, 6 per cent.
(Note Theso are merely nominal quo
tations, as the legal rate of lnwr
In the state of Pennsylvania Is nxca at
it . m.m Y)itiu mArtliim nn& com"
O nor von... nun jiiwiui-m- . -u.i..
mission time money for thirty iojAlMiy
days Is loaning at 8 to 84 per ; pent
while commercial paper from Jn;",
six months is being onereu 71
per cent.)
-r jfUi xrAM; 1m nuAtad at4H Per
3 a 00.80 00.80 1)0 Rfl nn
03-10 2d 4s. R1.8081808iftn 14
4 3d 4... 88.0188 SMRfuZn!
12 nit7'''4 v 7y.
13-10nl,,l,Ele8c102,1102?il02-'
1st 5s.... 82 fiO J.1
2 United Uwjs 8" 1
t c 4s.. . . n." a,-; o K
18 do Inv 5s. uo cr,y4 (10
Total, $103,400. comnar. ,.u ... ..
yesterday. Thus f ,hl. iert ,175 IM
Sme period last week. $321. 700' '"'uu-
Reserve Banks' Discount Rates
Ortlclal rediscount rates nt tv,. .,i.
Federal lUserve bank. arlVblo.towl'
-ireas. 1, h
llov de Prance &
Salt Creek I'rod 8Ai
Hlmms Petrol 18H
Hkelly Oil 107
Shell Trans rts 21
Texss Hanger .
Un Texas Oil ..
Victoria Oil. new
Vulcan Oil 2
White Oil 10
MINING
Alaska Br Columbia .... II
Arizona Globo H
Atlanta lVs
iielcher Divide 3
Helcher Kxtcnslon 4
ill. Ledie tV
Uooth 4
Caled Mln K
Calumet & Jerome n
Candelurla Mln A
far on mil "A
Cons Virginia -H
Corter Silver 0.'
Cresson Gold IH
Divide Kit 24
Dundee, Arli '
Kl Salvador 2
Kmma SlUer 7
Eureka Croesus tt
Kureka. Holly tl
Golden Qato Exp S
Gold Cons 10
Gold Devel 7
Gold Kewanas 1
Gold Merger 1
Gold Silver Tick
8old Zone 13
reat Ilend 1
Ilecla Mining 4
Iron Hloasom A
Knox DMde 0
Louisiana Co S
McNamara l
Marsn .-Mining i
Mother Lode 07
Mdthtr Lode, new l
Murray Mo "H
Nlplsslng H;
North Star 6
Ophlr Silver A
I'rlnco Con .A
Rex Cons 7
Rochester Mines 10
Hopo Group A
ft Nft
23'
81
0
38
14H
lus
,
214
10
.ft
3
4
S
4
;;i
co
IK
u
a
SO
16Vi
10
21
,
21i
10
u
.ft
8
4
H
20A
I J
Ran Tov
Silver King of ArU .
S Sliver Lead
Simon Sll
Succe.es Mln ..1
Tonopsh-Relmont ....
Tonopsh Cash Uoy ...
Tonopah Kxtenston . .
Tonopah-JIm Duller .
Tonopah Midway ....
Tonopah Mining-
Tonopah Mlcpah
Tonopah Montana . . .
Tonopah Rescue Kula
U 8 Cont
United Eastern
v"t0'7. v
West End C
Whlto cap
White Caps Ext
Wllbert
Yerrlngton
5
32
4
IH
A
liH
.A
13
10
1A
7
2
A
1A
10
14
4
2
DONIIS
Allied racker 0s .
Amn Tel As of 23.
Arnn Tel As of '24.
l.mntir 7a
Anglo-Amn Oil 7Ws 00H
uer in hs r9
7011
03
03i
C C C ti St L 0
Cologne 4s
French 4s of '17
l'rench lis of '31
Frankfort 4s
French 5s of '20
Goodrich 7s
Hamburg 4'4s
Hanover 4s
LelpxlK Ra
Ilpzlg 4Ws
Munich 4s
Stuttgart 4
Swiss BHs
Texas Co 7s ........
United States Hub 7V4s.
U 8 Rubber 7Hs ..i..
10
7
I
1
r
13
l
3)1
.
B7
A
70
10
.
30
.l4
I"
ii'
H
.H
13
10
in
7
10
7ot;
4H
03
os,
00
S3
24 ;
(It
741,4
10
7
1
1
0
13
1
4
A
o
'J
B7
?8
.'
83 H
24 t
ns
74W 74
20 2A
84 84
114 ,i 04;
24 23 i
2A 2A
27 27
28 i S3 l
2fli -JAVJ
25 VI 25
K34 R3K
08V, 0SH
0R'4 (IRU
OSVi 08U
7
10
i
IK
12
0
.1
10
1A
7
SK
a
io
704
04H
01
0BH
00i
22 M
N3
24 l
57 K
74 4
04'i
23
28
27
25 S
2A
2,Mi
084
08V4
08'A
Roston
New York
Philadelphia
Cleveland ,
Richmond . .
Atlanta ...
f'hlt-sio ....
Bt Iiuls ....
Minneapolis
Ksnsas City
ctfs.
'".
.tn
!,
llends
n
A
54
3'i
n
Com'l Ilkrs.
Tsner Accep.
Dallas
Sen Francisco., to
ggeon 5W
n'i(ir54 f.Vj
o
th Interest
tDlscount rate r,r,..u.i.
borne by cetttnckip,;,, "i". '""'
IBU?'.'.,hJ.mlP!mum f 5 Per c.5t in vS".
oi i-niiaaaipma. Atlanta irH ir '- -,'0
and 54 Per cent In lW ciB.d .?. V.'K
Cisco
Ragland Crude Oil at S2.3K
nounoed an Increase of 25 cent, i h"
i,wa&iS1F
Kentucky field. C0Tata. "om h
GOVERNMENT DOND8
TIM
Panama coupon 2s. 1J30......100J4
Psnsma regletered 2s 1030, ..1004
Panama coupon, 2s, 1038.
.1O0V
Panama registered 2s, 1038...lOOVi
Panama coupon 3s, 1U61 77
ranama reulslered Ss. 1061... 77
Philippine 4s, 1034 in
I'hlllPPlno 4i, 1035 7H
Philippine 4s. 103A 78
U S Govt coupon 2s. 1080. . . .1001
U H Oot reilsered 2s, 1030.. 100
U B Oovt coupon 4s, 1023, . .,105
U 8 Govt registered 4s. 1025.. 105
Diet of Columbia 3-fl3s, 1C24.. 03
Ask
1014
101U
101U
1014
81
fit
H3
81
85
1014
1014
10
105",
Central Trust & Savings Company
July IS, 1920
ASSETS
Cash on Hand ...' $526,774.52
Cash In Banks 1,703,850.90
U. S. Bonds and ,
CctiHcatca 411,307.85
Loans and Commor- .
clal Papor 8,588,2C5.26
Stocks and Bonds. . . ' 075,028.01
MortgagflB ........ 682,461.00
Real Estate, Turnl- -MMA
turo nnd Fixtures. 353,300.02
Other Real Estate.. 21,319.85
Customers' Liabilities
on Acceptances.... 108,177.36
Miscellaneous Assots 15,712.08
$13,086,287.45
LIABILITIES
Capital 750,000.00
,S,U,U2 :v,;. wo.Ooo.oo
Undivided Profits... 6160.34
Reseryo for
Depreciation 10,000.00
Deposits ....,.... 10,724,866.88
Dividends Unpaid . . "11,617.50
Accrued Interest
Payablft 44,265.70
Acceptances for
Customers 108,177.36
Bills Payable 668,500.00
Miscellaneous
Liabilities 7.49(5.67
$13,086,287.45
Trust Fundi
An
S.dJ $3,261,160.75
OFHCER3
Fred'k G. Holmbold. freaturar
Charles E. Lukeris, Secretary
Anson B. Evans,
Title and Trtut Often
Geo. J. Hanhauser,
Ast. Title and Trtut Offmr
T. Comly Hunter, President
Clement J. Craft,Vfcc-PresWrte
Georgo H. McNeoly,
Vice-President
Theodore F. Millor,
Vice-President
Lewis Van Court, Atst. Treasurer.
DIRECTORS
T. Comly Hunter James, F. Haltawell Henry F. Mtetitll
Georgo H. McNeely George W. Roydhouse F. Leighton EHmt
Theodore F. Miller Frank Schoblo Henry Ball
Francis X. Quinn J. Howard Rhoada O. J. Craft
Isaac M. Simonin Chas. S. Walton, Jt. F. G. Helmbold
DIVIDEND AND SURPLUS
At a meeting of tho Board of Directors a quarterly dividend,
No. 62, of ono and one-half per cent was declared, payable August
1, 1920, to stockholders of record July 26, 1920.
At tho samo timo $50,000 was added to tho surplus, malting
that fund $700,000.
Checks Will Bt Malted for Dividends.
National Properties Co.
American Railways Company 4's-6's
BONDHOLDERS
You are asked to approve or disapprove a plan
whereby you must choose between paying
assessment of $1 75 per $1 000 bond, or give up
almost 80 of your security.
Your Company earned in 1919
$624,320 net, after meeting all fixed
charges.
Nothing in the present situation, so far as we
are able to learn, warrants so drastic a reorgani
zation of your property.
We suggest you do not approve any plan pend
ing p. thorough investigation.
MacMeekin & Williamson
BANKERS
BROAD AND SANSOM, STREETS
KOltTHEAST CORNER
MEMBERS rniLADELTIIIA 8TO0K EXOUAKOB
2 Quarterly Dividends
can now be obtained with safer -when 'junlmi-t
your money in Preferred Stocks iaSoed by weD-'i
established Mtnufactoring Companies, with mm
mortgage indebtednen and earning several times
dividend requirements. .
Wi have a tarefuQj ultctnt Jhc f
Prtferrid Stetks, faying 2 Quarter if
Dividend:, whlth we ten retemmtmd t
the mat etiuervetiv inverter.
JLle for Folder Ko. FPXt-tSI
H oil i st errWhit e & Go.
NCMHIO
BOSTON
SFMNCnELD
North American Banding
PHILADELPHIA
rROVIDENCB MTTSflELB
NZW VORK
roaTLAstn
The National Oil Company
(of Now Jersey)
Common Stock
William W. Cohen & Co.
UmhJnJtf Y' stek Exchange
N. Y. Cotton Excliange
Chicago Board of Trade
67 Exchange Place, New York City
' " " i '
""'" ""' iar-T- U I II. ..IJMMg -sl I
Kingdom of
Belgium
7V BONDS
REPAYABLE AT 118
EDWARD LOWBER STOKES
20 South 15th Street "'
raitAoixrau. jpai
i i JVecust 8 -j
A Recent Nation-Wide
Investigation
buO.lnend?.ti.00. ' merchanta sUrtinjr
5Snftf?55iTlith S?? 'nvostcd capital of but S8000 to
$6000 failed. The remaining 10 kept books and
in moat cases Bought tho advice and coun.il of a
ibbdXs: trU8t company ,n bU th"r
REAL ESTATE TRUST CO.
OP PHII.AniMBuss
Broad and Chestnut St.
! .
Stoclc Exchange House
requires an assistant book
keeper. Address Box B 529,
Ledger Office. .
tr
r?sk
ulon. BullJln., "wi
:, Xnfarm.tri em "
.. tny
.ri
ran ,sw
'HUMC
iM :I
i it
m
4
"
&!'!
Mi