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.
'. , EVENING PUBLIC LBDaBH-lmLAl)LPHiAr WEDTEDAY, JULY -21, ' 192(H
The Value of
Liberty Bonds
is shown in our new
folder .describing the
original and converted
' issues of Liberty Bonds
and Victory Notes.
Copy on request for PE-317
TheNatioRalGtj
Company
Offloe. In ovsr 80 CIUm
Philadelphia 1421 Chestnut St.
Atlantic City Chatfonts Dlock
1Z29 Boardwalk
1
E
dug
NARROW
MARKE
I
NEW YORK STOCK EXCHANGE TRANSACTIONS
M
RAILROAD
EQUIPMENT
BONDS
Upon request wo will be glad
to send circular containing
concral discussion of such
issues.
STROUD & CO.
ITembtra Philadelphia Stock Exchange
1429 Walnut Street
$25,000
ftOVINCE OF ONTARIO
April IS, 1922
To Yield 8l2
. Principal and Interest
, Payable in New York City.
Blodget & Co.
501 Real Estate Truit Bldg.
Philadelphia
Tclephonc-lnut 1606
Race 1271
Boston Chicago New York
I
" -
Attractive New Issues
Canadian Nat. Ry.
7 Equipments, Yield 7.10
Ohio Cities Gas Co.
77c Serial Notes, Yield 87o
Budd Manufacturing Co.
67 Serial Bonds, Yield 8
Full particulars upon request
Reed A. Morgan & Co.
Members of tlin l'hlia. Stock Exch.
West t'urf 2'nist UUli., fhila.
Industrials Wero Soft and in
Spots, Notably Sugars,
Quito Weak
New York. July 21. Today's j.tok
market wni much the same drifting nf
fnir as witnessed vestcrdiiv and Mon-
! day. As a matter of fact, the list ni
a whole displayed less nuliniitlnii, and
I priee movement, or. the little there wns
of it, was ragged and irregular.
Strength and heaviness developed in
spots, aeeordlng to tlie maneuver of
tlie trading contingent, who retained
, undisputed eoutrol. The railroad group
i supplied the stronger quartern while
the softer spots were confined to the
industrials, the weaker of these helng
i tlie rubber, motor and textil. The
hugcr shares alsc could be ineliided by
! reason of the rather clinm breaks in
those issues around mid-day following
the news of an nbrupt decline in the
raw product.
Little incentive was to be derived
from the overnight developments or
morning news. While the attitude of
the railroad workers toward the wage
award was still undetermined there
seemed to be a confident feeling on the
street that It would be accepted by the
Brotherhood unions. The market com
munity was much more concerned as
to the deeesion of tho Interstate Com
merce Commission on the new freight
rates. The market and financial com
munity looks confidently to the commis
sion for sufficient increase, rates that
will make up the much larger pay roll
and give the legal income on railroad
shares.
From the outset tho same restraining
iutluenee was In evidence uud there was
little need to look for causes beyond the
money market. Call loans held at the
recent rate of S per cent, which was
sufficient testimony ot the limited tumls
free for stock market accommodations
which was to 1m further continued in
the difficulty experienced by brokers iu
covering all their needs.
A firm undertone ruled at the open
ing in which the short interest con
tributed bv further covering of con
tracts. The tailroad labour situation
failed to exert any influence aside from
a few fractional recessions. Independent
ttcel, motors, oils and shippings fea
tured the stronger issues. These were
represented by Sloss Sheffield, Stude
baker. l'mi -American Petroleum, In
vincible Oil. Baldwin Locomotive and
United Fruit.
A broad inquiry for rails at gains of
1 to points enlivened the market dur
ing thp morning. Heading was the lead
er, buying of that stock exceeding the
combined demand for the usual indus
trial favorites. Pacifies, Grangers und
eastern trunk lines moved forward
with junior issues, especially Hock
Island. Texas and Pacific. St. Louis
nnil Southwestern and St. Paul und
I Pcre Marijtiettc Atlantic Gulf featured
an eMension tu iut imtvciuvui iiuiuu
i shipping .irisiug i points, and nd
I vanc.es of 2 to fi points in express com
pany Miares denoted lurtncr accumula
tion of those issues.
Heaviness of rubber, motor and tex
tile specialties detracted from tho
strength of the general list before noon.
This was followed by a sharp break in
the sugar stores, which weakened tlie
whole industrial list.
RAPID TRANSIT
STOCK STEADIER
Philadelphia Electric Heavy
and Yielded Under Moder
ate Selling Orders
! Much of the uneasiness" concerning
! Rapid Transit stock, provoked by rea
Ison of the spectacular developments at
'th- directors' meeting on Monday, ap
i parently disappeared over night. This
' was at least suggested in the steadier
tone displayed by the stock at tuc open-
I ing of the loeol market this morning.
! Some few belated selling orders caused
an Initial decline to 15V4, as against
irVj, last night's closing price, but the
rallied during the morning to IU.
The heaviness of Philadelphia Elec
tric was about the only other feature
of interest attending the days trading.
Older moderate -nlling orders the stock
declined to 1'L' or .s under yesterday's
last sale. The decline csuno in for more
attention b reason of the heretofore
stiong support given the stock nt -V.
The only other semblauce of anima
Sales
Ann
100
100
201
too
300
400
-on
.100
390
201)
100
.'.oo
00
701)
39
2D0
400
800
JOO
209
1ft
too
200
700
100
200
103
2S00
209
100
ioo
1000
too
200
200
100
niv,
In I
ItlKh
.. Adams Express . .... 31H
.. Advanco numely .... 3
.. Alaska Gold Mines. ,. Itt
.. Alaska Juneau O M.. 2
8 Am ArHo Chom MJ
H An; Beet Sugar 8
in Am Botch Mameto... 07
7 Am Br Shoo & Pdy. . . 6W
.. Am Can 40
7 Am Can pf 01H
13 Am Car & Pdy . 130
1 Am Cotton Oil 4215
6 Am Kxprees 140
.. Am Hldo & Leather.. 10
7 Am Hide & Leather pf 87
o Am Internat Oorp ... 8454
3 Am Linseed 70
0 Am Locomotive 90
.. Am Kafoty Razor .... 1SH
.. Am Ship & Com 24
4 Am Smelt & nef 50M
7 Am Smelt & Her pf . . 00J4
fl Am Smolt Sec A 71
3 Am Steel Foundrleo.. 38
10 Am Sumatra Tob tit
8 Am Tel & Tel D4U
20 Am Tobacco 210J4
0 Am Tobacco pf new,. h7
.. Am Tobacco B 200
7 Am Wbolen 00ft
7 Am Woolen pf 02J4
. . Am Wrltlntr Paper pf . 40'4
4 Anaconda Copper ... 4?4
0 Atcli Top & Santa Fo 81
. . Atlanta Blr & Atlantlo 8
10 Atl Oulf & W I S S..160
.. Austin Nicholas 33
7 Austin Nicholas Ino nf 82
7030 3.30 Baldwin Locomotive. ,11M
.ion 7 Baldwin I.oco pf .... 0713
1400 ., Bait & Ohio 32JS
400 4 Baltimore & Ohio pf. 43 Js
210 8 Barrett 142'4
1500 . . Batopilas Mining .... 1
no .. Bethlehem Motors ... 21 V
ion ft Bethlehem Steel H04
00 6 Bethlehem Steel B 8SH
100 o California PncklnR... 0914
1100 .. California Petroleum. 31
looo in Canadian Poolllo ....12114
000 7 Case Pump Works pf.. 1124
200 s Central Leather 03
2.10 io Chandler Motors .... 07
109 4 Chesapeake & Ohla. . . 4
300 .. Chicago Mil & St P.. 34
H09 .. Clll Mil & St P pf.... 31 Ji
1000 5 Chicago & Northwest!! 70
1800 ..ChlBI&Pao 37
200 e Chi U I & Pac 6 pf 035
1100 l.so Chlno Copper 28 JJ
100 . . Chile Copper 16
300 I Coco-Cola 57
100 s Colorado Fuel & Iron 31
000 l Col Clraphophone .... 30
700 2 Con Interstate Cal M. 12
000 3 Consolidated Textllos. 3314
100 l Continental Candy ... 11 Ji
2300 4 Corn Products lief ... 0H
100 ".so Cosden & Co 37J4
700 8 Crucible Steel 153 Yi
5090 . . Cuba Cane Sugar . . . 51
700 7 Cuban Amer Sugar... 0
700 .. Denver & Bio G pf . . 10&
300 . . Elk Horn Coal 23
200 6 Endlcott-Johnson .... 83
200 ., Erlo 13
200 .. KtIo 1st pf 20J-5
200- .. Erlo 2d pf 13 J4
1100 8 Famous Players L... 77
S00 8 Famous Players pf... 80J4
1403 3 Flsk Bubber 32
100 .. Freeport Texas 21 Jl
110') 2 Gen Am Tank Car.... 07
7I0O i General Motors 2ff
200 1 Gen Motors deb 7.. 84 &
800 6 Goodrich B F OO'J
100 . . Grnnby Consol M & M 3SJ
200 7 Great Northern pt... 70ft
300 4 Gt Nor Oro ctfs .... 30
100 7 Hartman Corp 82
000 4 Haskell & Barker Car 72J.5
200 .. Houston Oil Co 04 ft
500 l Hupp Motor Car .... 10
100 7 Illinois Central 13
100 60 Indlahoma Itef 7ft
000 4 Inspiration Con Cop.. 40ft
100 7 Int Harvester pf 105ft
300 .. Int Mer Marine 30ft
300 G Int Mer Marino pf... S3
200 7 Int Mo Truck 1st pf.. Sift
300 .. International Nickel.. 17ft
000 . . International Paper . . b3ft
200 0 Inter Paper pf Btpd.. 74
10000 .. Invlnciblo Oil Corp... 4Gft
27J0 .. Island Oil Oft
SilO Net
Ix)W (NYlm) Chire.
3ft 30ft ft
31
IK ..
3 14
85J . .
88 - 1
0ft- Ifi
5815 1
30ft- ft
01H K
135ft- n
42ft ft
140 -h B
10 ft
80ft
81H
70ft
08 -lft
23K-9ft-00ft-71
38
00 -94
210ft- 2ft
87
200 - 8
80-1
03ft- W
401. -I- 14
55K
80ft
8 -150
117ft- IK
34
IK
lft
85 ?i
88
ooft
58ft
30ft
01 ft
133
42 ft
140
10
80ft
84 ft
79ft
OS
15ft
23 ft
50 ft
00
74
38
00
04
219ft
87
200
88
02 ft
40ft
55ft
80ft
8
130
21ft
82
117ft
00ft
3IK
43
142
1
21ft
80ft
87 M
69ft
31
110ft
1HK
02 ft
07
54
33ft
50 f(
9ft
30ft
02ft
28Ji
15
35
34
'-'!
M?i
32 ft
11 K
03 34
37ft
153
40
50
10ft
23
81ft
13
20 ft
13ft
70 ft
80
31 ft
21ft
05 ft
2 K
8 ft
50
35J4
70
35K
82
'71
04 ft
15&
83
7ft
40ft
105ft
30ft
Mft
80
17ft
83
73 ft
45
on
ft
H
ft
lft
ft
90ft
31W
43ft I
142 ft
1
21ft
31
121ft lft
lilKl'K
03ft- K
07-1
54 - ft
33ft I- ft
51J4 1
70 5
37
02 ft
28
15
30?4-
34
20
12
32ft- 1
H?4- ft
04ft 1
37ft H- ft
153 ft
49 - lft
60 - 2ft
10ft .
23 1
84ft- IU
13 ft
20ft ft
13ft- ft
76ft- 2ft
86M- ft
31ft- ft
21ft 4-
07 lft
24 K- ft
81ft- ft
60ft- ft
35- 2ft
70ft
35ft ft
82
71-1
ft
niv.
Bates In $ Illth
100 ,, Jewel Tea 11
200 4 Kelly-Spg T 00ft
100 2 Kennccott Copper ... 26H
300 1.20 Keystone T A II 27ft
100 n T.tif.bnu'finnn Steel ... 73
200 2 Loewo Co 24$
100 7 ixiulsvllle ft NashvlllelOO
100 .. Malllion & Co II n... 70
300 7 Manhattan Elev guar. 43ft
600 .. Maxwell Motor 19ft
1000 io Mexican Petroleum .. s2ft
403 2 Miami Copper .' 20ft
600 l.oo Mlddlo Stales Corp.. 21
04ft
15
83
7ft
30ft
82 ft .
81ft
17ft
83 ft
74 45 -Oft
ft
ft
lft
ft
ft
ft
K
'ft
K
lft
300
1000
600
100
100
109
1400
100
1400
1103
200
3000
209
1700
200
1200
300
1000
1200
(100
200
200
10
800
200
100
800
4000
100
33600
100
300
loon
200
ion
2000
6225
BOO
200
1010
1700
200
200
200
409
500
100
2300
13000
100
10
400
300
3100
4600
400
800
1200
1200
700
200
1800
100
800
1600
400
1100
500
100
1600
400
3330
100
100
3800
200
100
1000
100
300
300
000
000
700
700
200
600
100
300
400
Mo Kansas & Texas.. 7
., Missouri Paclflo ..... 20ft
.. Missouri Pacino pf... 42
. . Not Con & Cable 834
il National Lead 77
7 National Lead pf. ,.,103
B New York Central.,., 70
8 N Y Dock pf 80
. . New York N It &,H. . 31
7 Northern Paclflo .... 72
. . Ohio Body & Blower. . 27
40 Okla Prod & Rcf 4
3 Owens Bottling Mach, 47
fl Pan-Amor Petrol .... 103ft
7 Pan-Amer Petrol pf. . 00K
8 Pennsylvania R R... 30ft
.. Penn Seaboard Steel.. 23ft
., Pero Marquctto 26'
.. Plcrcc-Arrow Motor.. 80
.. Plerca Oil 18
8 Pierce OH pf 83ft,
.. Phillips Pet 3034
6 Pitts Coal ,.60
.. Pittsburgh & W Va.. 30ft
8 Pressed Stcol Car.... 08
8 Pullman ....115
4 Pure Oil Co 41
8 Punta Alcjrro Sugar. . 00ft
1 Hay Con Copper...,, loft
4 Reading 01K
.. Remington Typewriter 05ft
.. Replo Steel 84ft
6 Republic Iron & Steel. 01K
7 Republic iron & Stl pf 04ft
.. Republic Motortruck.. 44 ft
6.20 Hoyol Dutch N.Y.... 78ft
Royal D N T rts.... 32ft
.. St Louis San Fran... 2534
. . St Louis San Fran pf 33
.. St Louis Southwest... 10ft
. . St Louis Southwest pf 28
.. Saxon Motor 85
a Savage Arms 40ft
. . Seaboard Air Line ... 1
.74 Shell Transport 73
.. Sinclair Oil 31
fl Sloss-Sheft 71ft
0 Southern Paclflo .... 04ft
.. Southern Rail 29H
8 Southern Rail Pf .... 8ft
20 Stnndnrd OH of N J. 648
7 Stand Oil of N J pf,.105K
4 Stewart Warner Sp.. 40ft
4 Stromberg Garb .... 89ft
7 Studebakcr 71ft
.. Tenn Cop & Chcm ... OH
10 Texas Oil 45ft
.. Texas & Paclflo 41
.60 Tex &. Pacific CO... 47ft
.. Times Sa Auto Sup.. 32ft
n Tobacco Products . . . G7f4
.. Transcontinental Oil.. 15ft
8 Union Bag & Paper .. 87
.. Union Oil 31ft
10 Union Paclflo 110ft
12 United Fruit 202ft
3 United Retail Stores.. 74ft
. . USCIP& Fdy .... 1534
..US Hxpross 0J4
0 U S Food Prod 07
8 IJ S tnd Alcohol .... 00
8 U S Rubber 03ft
8 II S Rubber 1st pf ..104ft
0 U S Smelt & Ref 58
BUS Sleel 01?4
7 U S Steel pf 10S
0 Utah Copper 60ft
G Vanadium Corp 8334
4 Va-Carollna Chem .. 70 Jl
5 Vlvadou Ino 10H
.. Wabash 8ft-
.. Wabash pf A 24ft
.. Wabash pf B 10
.. Wells Fargo Express 09J4
.. Western Maryland ... 9ft
7 Western Union Tel .. 82 34
4 Westlnghouse E & M. 48J4
.. Wlckwlre Steel 31ft
1 Wlllys-Ovorland ....'lHi
C Wilson & Co 'iSJi
Ex-dlvWenl.
t Ex-rlEhta.
2!30 Net
Low tNTtm) Clme
11
90
S5K
37K
73
24 K
100
70
43
18K
02
20ft
31
Oft
20
77
103
68K
60
30ft
70ft
20ft
4
47
103
t?6ft
34ft
23 ft
24
49ft
14 ft
82 ft
3934
no
20
08
US
40ft
on
10ft
89
05ft
84
00ft
04
44ft
77ft
lft
2834
33
15ft
2034
834
4(ft
7
72 ft
3034
71ft
0334
29
88ft
G46
108ft
40ft
80ft
0934
034
45?4
40ft
4oft
32
07ft
HJ4
87
31ft
115ft
200
74
1534
OK
60
89
01
104 ft
68
01ft
108
60ft
84 i
70J4
10ft
8
23 ft
10
05
034
8234
4 734
31
ISft
2K
11 2ft
90 - ft
25K ..
27K- ft
73
244- IK
100
70
43 -f 1
18K- W
03-1
20ft K
21
Oft ..
20
41 ft- ft
834 ft
77 1
103 - ft
70 lft
SO
30ft . .
72 H
20ft- ft
47 -lft
102 - ft
ooK ft
30K 14
23ft- ft
25 1
49ft- 1M
lift- ft
82ft- K
39M- ft
00
30ft lft
08
118 2
4 Oft ft
90 - 3ft
I0ft M
9054 lft
05ft- 3
Mft ft
noft- K
0434- lft
44ft ft
77ft- ft
33 - ft
2634 K
43 - 1
10 K
28 1ft
834 ..
40ft ft
7
73 ft
3034- ft
71ft 1
04ft lft
2K K
68ft- 1
015 - 8
10534 K
40ft ..
SOft - 1
7034- ft
914 "
45ft ft
41 lft
4 7ft K
32 ft ?4
07 34 . .
1 5! 4 ft
87 - 1
31ft- ft
11034 lft
200 - K
74 ft ft
1534- ft
OK
072
89 - ft
01 - 2ft
104 ft- ft
68 -1- 1 '
01ft ft
108
eoft -- ft
85f4 ft
70 J4- ft
1UK- ft
8 - ft
24ft ft
10 - ft
0034 134
0ft ft
8234 ft
84. 34
31ft ..
18ft ..
2ft- 1J4
MB SELLS OFF
LATE SESSION
Early Advances Soon Wiped
Out Industrial Croup
Quiot
vu York. July 21. Tho Broad
street curb market continued to follow
price movements- on tho stock ex
iiif eloselv. advancing in the early
trading and rencting in tho last half of
tho day. ,
Tvrntinnni I'etroicum wns a imimiucui
feature, because ot the volume or ino,
transactions, being traded in nt 7 to
71.- Thorn wero lnreo dealings in
Hnnms Petroleum, which moved up to
IfiKj nt the opening, mit recencu arounu
Lectouc Tiro was admitted to deal
ings yesterday and wns traded in nt
1. tn j K. nn n inmv inrcn senje.
Industrials were quiet' and without
sneclal feature. North American Paper
sold at 7. There was a moderate, amount
of business in Hercules Paper at ZiVj
lo27, .
Submarine Uoat ranged irom 1- "
12.
i.-iiijniiii.i.t
HlRh
Acme Coal -
n w nritnth is
(leneral Asphalt "
drape 01a ;tic
Hercules Paper 274
North Amer Paper 7
N'nt Rank rta
I.lKRntt International ..101
I'ei reciinn Tire
Itndlo Cem
Radio Com pref .....
ltalnlor Motnra
Submarine Iln.lt
TT R Iflvh Rn...t TVw.1
V S Pteamshlp -i
uniiea neinu uanay...... 11
33
12H
31
INDErENDRNT OILS
Allied Oil
Hocno Oil
llotton Wyomlnir
Catlb 8yn
rtmhlnff I'ete ....
Kilt Vaeln Pet ...
Knalneera Petrol
Federal Oil
Kenaland
OlenrooU Oil ....
inter l'etroi
Key County Qns .
I.rn tonn
Mafaculalio Oil . .
Merrltt Oil
National Oil N J
isortn Amer 011
34
:::::
fc
lR"i
1H
25
n
Omar Oil 84
1
37
104
lied Rock Oil
Halt Croek Prod ..
yimms Pit
Hkelly Oil ex-dlv...
Shell Transport rts
Itoy dc Prance
Texan Ranger
Tropical Oil
Union Tcxhj Oil , . .
Victoria Oil (new) .
Vulcan Oil
Whlto Oil 184
MINING
Alaaka-nr Columbia '4
American Mines 1
Low
if
13
0S4
2?
7
til
104
14
2J
304
12
31
144
27
34
13.
7i
14
2JI
ID
2U
334
li
vfi
244
i:.W
7
3
1:30
-.ft
10
04
2r".
27
7
01
101
3n
1214
3
14)1
2
7
13
37
1AU
low, 10s
2(l'i 20
0 . o
4
I-.
L'4
14
lCi
1
24
184
i
2S
IS.
au
334
l'i
la
23 .
3
as
1
37
lflU
10
r.
4
mvi
184
02
4
2ft
'
"4
5
a
1 .
A
A
4
4
03
21
o5
Commodity Markets
COTTON MARKET
Now York. July 21. The cotton
market opened steady at an advance of
2 points on June and 3 to 5 points
lower on other positions. Cables were
ubout a stand-off. The weather was
unfavorable, but there was a strong dis
position to take profits or to tell for a
turn.
Liverpool buying- orders furnished
most of the support. Private cables
noted trade calling in tho English
market.
Selliug pressure overwhelmed the
local market immediately after the
opening and prices broke nbout -10
points, with October declining from
ao.O.'ic to 't-LOou.
Many htop-loss orders were un
covered on the decline. Tho South wns
an active seller, believed to be for
DUQUESNE LIGHT
COMPANY
(Pittsburgh)
First Mortgage and Collat
eral Trust 6ct Gold Bond3
Due July 1, 1949
Price 85 and interest, to
yield about
7
With the exception of Ipss
than 53,000,000 divisional
bonds this issue is the only
funded debt of the company
or its subsidiaries.
The company is payinp 7fr on
about $6,000,000 of Preferred
Stock and 8 on about
$18,000,000 of Common Stock.
Free of the preirnt Penni. 4-Mill Tax
Send for Descriptive
Circular L-Wl
E. C. Rollins & Sons
1421 Chestnut St., Philadelphia
Boston New York Witken-Barrc
Baltimore Chicago San Francisco
tion was displajed by Klectric Storage
Battery stocks and warrants. The stock
made a fairly animated spurt at the profits.
outset to ll!)a,. while tho warrants sold The receipts nt the ports for the day
up to 20. Iiotli issues surrendered a nre estimated at 0000 bales, against
point of the gain before the half of the abIl bales a week ago, 27,170 bales a
M's-don was over.
On very limited transactions. Tnion
Traction regained 75c of yesterday's de
cline in a rally to 28. American Stores
nt the same time recovered $l.f50 of the
decline of S2 ."0 it made yosterdny in
adiuncing to 41. Small sales of Ameri
can Railways preferred were made at
.10. unrhnnged from the lost Rale. It is
understood sufficient number of the
National Properties bondholders have
accepted the refinancing plan to make
ir operative, t'nlted Ons Improvement
was pugged nt yesterday h low mark.
FOREIGN EXCHANGE
New York, July 21. Tho foreign ex
change market opcnlnpr was quiet, with
slight changes. Francs wero oft 1
point, Belclans 5 and marks up 1 Vi
points.
Quotations wore:
Demand sterling 3 83ft. cables 3.SH4 :
franc cables 12.19. checks 12.21; lire
cables 17.27, checks 17.29; Belgian
cables 11.48, chocks 11.50; HwIbs cables
6.70, checks 6.72; guilder cables 34 T4,
checks 34 ; pesetas cables ID. 85. checks
15.80; Stockholm cables 21.75, checks
21.70; Christlania cables 1B.4D, checks
10.40; CopenhiiKen cables 10.50, checks
16.46; marks 2 5G
Sterling again came Into supply after
tho opening today and w-as oft 34c in tho
flrst hour and a half, demand falling to
3.8234 and cables being offered at
3.83U. Franc cables made a further do
cllno to 12.28, checks 12.30; lire cables
17.18, checks 17.au . marks 2.6 1 ft and
Argentine cables 112.
YESTERDAY'S T1NAI, QUOTATIONS
Sterllns Franca Lire Oulldern
Demand ... a..s.i van 17.40
Cable 3.844 1 18 17. US IMb
TODAY'S OI'KNINO QUOTATIONS
Sterllni; I'rancs I.lrn Guilders
Demand ... 3.H.14 1221
Cables 3.844 12 10
j ear ago and .'5154 bales two jears ago.
N Y. Time
Previous 11:80 1:30
. lose Oixsnlns a m. p. m.
1 Jul 42 50 42.23 42.15 ....
October .... 83 "S 31.00 34-" 34.51
Dec. mlr ... 33.811 33 1.1 82 88 32 7.1
January . . . ;IJ ? f ? Sr?3
Mnrch . ... 31 74 M 0 31. Jl Jl IT
JU 30 UH 311 87
40''. Pennsylvania ItnUrnnd was stead
ier anil well taken at .!!'..
Philadelphia Stocks
IllBh Lnvr
20 Alii Insur 10"', Id1-
2." Am Sirs.. 44 4t
10 Am Buys
pref ... .10 .10
44." KleeStor.llfia, 11S1',
N17 do war.. 20 10
:i5 I Co N A 2il; 2!)
10 r.eh Val.. 41! I.".
JOMinehill. 42 12
22K Pa U B.. rtO'U IlOi.j
1)40 PhllaKlec 22', 22
2()ir. Phlln U T IHVj l.'Vi
,'l PhilnTrnc .r.2 .12
lOtBeadlng. 00,', WHS
20 T-n Trac. 28 28
j:t0 1'fi I... 401. j 40,
GRAIN MARKET
Chicago. July 21. A bumper yield of
wheat in Kansas and favorable advice
fiom' North Dakota, offset the effect of
dispat. bos from Minnesota nnd South
Dakota telling of further damage to the
spring crop from rust iu the wheat pit
tn,ifn nnd futures lost further ground.
Other bearish advices including nn
order allotting 2..r.t)0 empty uox.-uib
e. i.,.n n,i unnMienstern lines to
n chtre """ "'"" "; "",.. .!, ,ln
ini.', i'. I wi-tern railroads to iiuim . n-
Financial Briefs
17.20
17.27
S4!4
34
BANK CLEARINGS
1 30
P.
II
t w ,.,,. .j- n ctntnmnnr nv u
s I authority thai damage to the spring
crop in the affected districts this season
i.i ..vnil 'S ner cent, tho re-
mnining of exports out of the market
and aiinoiincemeiit that France had re
sold about 4,000,000 bushels of wheat
to Argentina. . .
Drought conditions in Canada were
being relieved by rains, according to
10 ..
IIS', '
HI ..
20 i.l
41 T 'ii
42 1
10-'H '
OO
1 U 4- :i. ..;... rA,,A,fU
'I i i I iii n ui n inn "i .
T2 . . -I'he statement of the Kansas Depart-
Jjn'il' mrnt of Agriculture put tin. YJan iwift
2 3, of thnt Hlntp ,,is season at 14., 000.000
iuvj.. bushels, the soconu '"""?.' V"'V '",
tNet rhnnee mdo by comp.irUon with lust 'Tills cniiiparcs Will! '":'""'" ,'"' ,.
harvested in ivanwm mm n.-um...
vale on Now York Stock ExchunBe
1 30
p m
h7'
(II'... l!PB 111',,
Battles & Co.
INVESTMENT BANKERS
Established lOOO
INDEPENDENCE SQUARE, EAST
Sales in J5P:Dsr
JlliOO Hlh Low;
1 Oitv4s W47 H7'(. S7fi
I 1 Klec & Peo
Tr-4s 52'.. 52' .
I r. Lehigh Val
i gen 4s. . ..
! 14 Mb Bonds
1 2d 4',s..
12 ltd 4,s...
1 4th 4'..
.'! I'ennn It B
temp ctfs.lO'ia, 102 102-')
,r. Peo Pass t c
4 00 00 (10
S Phlln Blec
1st r.s.... si
1 l-r Welsbach
Co 5s... 02
v. t
i
- '- 1014
..,.'. . i ......,nmK nrodiictlon of np
I u-oxiiiiately 10.:i.00d,()00 bushels 'in
Dank clearing today roirpjrcd with cor
responding day last tu curi.
io;'o mm mis
Phila. ..JS, 110. 810 J73.4I.3.U30 $71,084,807
N. Y. .. 772.1181. 2.-4 sill 73.1.233 Bll.fln5.2SS
r.oeton. OH.oan.sm -i.r.i i.iimi 45,231.200
Baltimore 10.1tn,.V.1 11 ",1111.380
MONEY-LENDING RATES
Ninv YOIIK Money on call, both
classes of collateral, opened today at 8
per cent for lending and renewing.
There wero lrtualy no fixed date
funds. Tho rate was nominal at 9 per
cent bid and 6Vj per cent wna quoted on
"slow-call" Llbertv Bonds. Lending
bankers point to the Improbability of
any easy money this summer.
Prime mercantile paper is still flnalng
virtually Its only market with the coun
try banks. The tono is very firm at tho
rates recently quoted ,
There Is no let-up In tho demand for
prlmo member New York bank accept
nnpptt nnd It4i ner rent is freely bid.
The supply of prime out-of-town docu
ments Is also moderate.
lMIII.AnKI.I'll l.x fall. 0 per oent ;
time, 0 per cent ; commercial paper,
three to six months, 6 per cent.
(Note These nre merely nominal n.uo
tntlons, as the legal rato of interest
In tho state of rennsylvnnla Is fixed nt
0 per cent Plus promlum nnd com
mission time money for thirty to ninety
days Is loaning at 8 to 8Vi per cent,
while commercial paper from three to
six months is being offered at 8 to 8;4
por cent.)
I.ONOON Money is quoted at l'i
per cent. Discount rates, short bills, t
per cent: thno months' bills, 6& per
cent.
The stock list committee of the Phila
delphia Stock Kxchnngo rules that con
tracts made in Klectrlo Storage Battery
Co, warrants, dellvernblo when issued,
shall become due and bo settled on Jlon
day, July 2G.
Tho aerairft nrlcA nf twni n....
Industrial stocks advanced 0.47 per cent
VARtnr.lnv tn on C.Q ...Ulln ... .. .. l
,,. j ... .-v.uu, ...inn iuiuy ri.ll
roads advanced 0.27 ner cent to 72.88.
The commltleo on securities of tho
New ork Stock Kxchange has ruled
Crucible Steel Co. common stock bo not
iiuuicu tx-uiviiiena on August 16 nnd
not until August 31.
Befcrrlng to the ruling of the com
mittee on securities of tho Now York
Stock Lxchamre dated July 25 In the
matter of right, to subscribe for
.New lork shares Itoyal Dutch,
?M.!!LuY,y .Bt0,ik' th0 committee further
rUlCS that all lr:inntln l ,.-..!. 1.1 .
rnUaim M"'"' for noyai'Dnteh
S?,.ii8i k f"J;c';illp'1 "New Vork shares."
fn 1 ,hlriV,lsl,tl? on July 21- Th r'eht
to subscribe expires July 22.
NEW YORK COFFEE MARKET
nnV.01"1'' Ju,' -l Tlie market for
coffee futures opened 14 to 17 points
nP.n .". morm'"C n disappointing
Jlrazil cables, tnu, ui,nT,.,i J". Ji
unsettled conditions in the nrimnrv
23
10
7
1
1
13
1
II
4
f
r.
o
Arizona. Silver H
Atlanta l'i
Helchcr DUIde 3
llelcher Kxt 6
IllK I.cdco ,'i
lloolh 4
Poston & frntana OH
Caledonia Mlnlne . .
Canada Copper . . .
Candalarla Mln . . .
Cons Virginia
Cortex Silver
Crescent McNamara
Dlvido Kxt , . .
Kureka Croenus . . .
Eureka Holly U H
tioiaen uato uxo ?
iioionoin cons in
OoldfteM Development .... 7
(loldfleld Kewana 1
Ooldfleld Jlerirer I
uoldtleld .one II
Urcitt Rend 1
Kmma silver II
Hecla Jllnlnit 4,V
Iron Illossom A
Jumbo Kxt n
Knox Dlvido 0
I.oulslana Co
MacNamara ', 'I
Marsh .Mining 10VS 10
Mother Lodo B7 67
Mother Lode (now) li; ft
Murray Mog 70 70
Nlpleslng 8 b
Ophlr Sliver A ,
Prince Cons A i
Hex Cons 7 7
Rochester Moines 10 IO
San Tov 3 3
Silver Klnir of Arizona ... 31 so
Success Mlnlne I 4
Tononah llelmont lit ill
Tonopah Cash Roy 7 n
Tonopah Divide 1 A 1 U
Tonopah Ext IS 1A
Tonopah Jim Duller 13 13
Tonopah Midway t) N
Tonopah Mining- 1A 1
Tonopah Mlzpah 13 13
Tonopah Rescue Eula ... Ill 111
United Eastern 2i 2U
Victory a it
West End Con 1 A 1 ',.
White Caps It 10
Whlto Caps Ext Vi W,
WUIKTl 4 4
Yerlnzton 2 2
IIONDH
Allied Packers (Is 70 70
Amer Tel fla, 1024 . ... !I2 K2'
Armour 7e I)3i 1131.
Inter R T 7s tis OS
Texas Co 7s Iisli IISW
U S Rubber 7Us . . . nsn ns
West Elec 7s ps (is
Frankfort 4s "7 97
Hamburg 4s 2.UA 5314
1
II
1
4
0.1
T-n
1 "',
a x. f u I
'' ,1 . y. j
'
S-ni. .. 1
2
ID
Y
1
1
14
1
II
4A
A
r,
n
H
io''
37
8H
A
A
7
il
n
31
4
1H
13
n
1A
13
Hi
2;
11
1A
11
14
4
70
112
03S
IN
OSS
HSU
IIN
27
23H
New Issue
$160,000 .
WILLIAMSON ELECTRIC COMPANY
(West Virginia)
' ' ' .
First Mortgago Sinking Fund 6 Bonds
Dated March 1st, 1D20 Due March lit, 1046
Interest payable March 1st and September 1st. Callablo In whole or
in part for Sinking Fund 103 and interest on any interest date.
Pennsylvania Personal Property Tax of Four Mills refunded,
Tho Company agrees to pay Federal Incomo Tax of 2.
The Colonial Trust Company, Philadelphia, Trustoo
COMPANY AND PROPERTIES Tho Williamson Electric Com',
pany doos all tho electric light nnd power bfislnesa in tho City
of Williamson and has a contract for tho lighting of tho city
streets running until October 5, 1937. Tho franchiso of, the?
Company docs not expiro until 1953. Tho Company a,lso oper
ates an ico plant at Williamson.
Tho City of Williamson, with an estimated, population of
8000, is located in tho southwest corner of West Virginia, on tho
Tug River, and is served by tho main lino of the Norfolk &
Western Railroad. The City is in the center of one of tho finest
coal fields of West Virginia, nnd discoveries of oil and natural
gas have resulted in an increased population and "activity in
building.
CAPITALIZATION- Authorized, "Outstanding
1st Mtgc. 69i S. F. Bonds $500,000.00 $160,000.00
Capital Stock $50 par valuo 75,000.00 75,000.00
SECURITY Tho Bonds are secured by a First Mortgage on
tho proporty of tho Company, which has a value substantially
in excess of the amount of First Mortgage Bonds.
EARNINGS For tho ypar ended December 31st, 1910. tho
earnings wero $54,163.61 gross and $28,890.60 net'; an amount
more than three times tho nnnual interest requirements of tho
outstanding Bonds.
SINKING FUND Tho Indenture provides for a Sinking Fund,
starting July, 1921, of not less than 2 of the largest amount of
Bonds nt any time outstanding.
RESTRICTIONS OF MORTGAGE Additional Bonds may bo
issued for 80 of cost of additions or extensions, but only when
tho earnings for tho prior twelve months arc at the rato of
double tho annual interest charges on outstanding ' Bonds' and
those to be issued.
Audit: Tho books of tho Company have been audited by
Messrs. Price, Waterhouse nnd Company, Certified Public
Accountants.
Engineers' report by Messrs. Sanderson & Porter.
Legalities in connection with the ''issuance of these Bonds
were approved by Messrs. Roberts, Montgomery and McKcchan.
PRICE:
$1000 Bond
2 Shares Stock
i
(925 and Accrued
Interest on Bond
PAUL & CO.
Members IMilIa. Stock Kxcbonce
1421 CHESTNUT STREET, PHILADELPHIA
Chlu Information and thcoo statistics are not fruoranteed. but have been
obtained from sources wo bellove to ba accurate.
en
,12
Worlonen'o Compensation and
v i
m
j..
Automobile Insurance
At Actual Cost
itfY MUTUAL INSURANCE
""COMPANY
r)lMDlo u:?st t-uuaaiivois
M 28 S.-.-JS S.Y2S 4-
S'.l IS MU8 8!l.8.f-.r,4
s.-).:;i s.".2sr,.2(i-T-.i2
4
8(11... Kftlf.ii(,
02 (12 . .
Delay Opening of Grain Exchange
Winnipeg, July 21 OpenlriB of the
Brain exihanifo linn been delayed until
August 6 Grain frrowcrs nil over tho
country are organizing a big pool to
handle their product and defeat tho ef
forts of tho exchange to handle tho
crop. Farmers are resentful over tho
abandonment of wheat control by the
government, "
(Iwiernlly trade remained small. Tlie
sh article at Minneapolis was up live
(oni broke tdiarpl.v early, but Rood
buvin" wuh noted on nil oak Hpots
I "in nidation nnd Htop-lo-m selling caused
I" "it mild not be nnlil that tliere was
much entliUHlasm on inu iu..u "'"","
m .,.i ,nn now, free dellv-
nig ui """".. i , ' ,i-.u for
erics on cnmruuin mm ,.... ...
,,?reash article, the latter being down
U, to I cent Here, mumo ..... -
inc.
Lcadlntr futures ranitccl h",,,
140 1 411 1.4 '""Tf "'JXi
IWIi 1 40-4 1.47 1.48V1 1.30H
8IH.
mnrWt n.l .. i.....' "."". '""""'
VrC- " ,""u at u' 01 .0 reiH.
rlnv o-T0 ,lcllve"d on contract to
SddlUon'ni ,,anB.7 of coffco A number of
S1nArn,,n,r' S...far. 'hero have been 126.-
rnVMv.T k, '.''. rr."1- virtually all being
fVi.i... . ".'". a"a supposed to bo
nremhfJ m - ,,,ulj' h,l remains at a
aTm f 15,PlnH over September.
,..t. "l f he llrst hour, the mar-
.T L",,""1. Wy at. the .decline.
nof'nt,hfr'nre,Vus ' lV " Oece.nbcr oo 1
S2!il-5r?-m othr m!,rnlnK, low and other
wer,".J... 4. """"h higher. JUBt
,i, ",""",,r"H 'nH a Hpurt. and,
i. ,i imn!,(1 t,ime fr,"n tru,1 'nter
11, W ''S ''u,ylnB VK,,i,tt'" a firmer mar-
had been uevled
Tho advance t.irrled July to 11.90;
September to 10 KG : December to 10.83
Kl . ?, r i0,1.' r,",s or ln P'na not
lower to 5 points net higher.
Julv ..
H.pt .
Ic. .
Msrrh
M.u i.
Hid
Ye close
I2nnrf02
10 hl.rrh'..
10 otu
11 on r n i
11 o.Wno
Open
II 7.1
in.iivcr mi
in M)w8i
io sas.'i
10 (tiKEiilll
N Y lime
11 a.m.
10.0R
lbisi
Little Raw Sugar Offered
New York. July 21. Cuba raws drop
ped to 16",3 cents In sales reported yes
terday and wero offered at 16 cents
today. On this basis, spot centrifugals
wero quoted at 17 31 cents, against
22.25 cents earlier In the yenr. Porto
Rlcos wero quiet, yesterday's heavy of
ferings having depressed the price to
17.66c. c. I. f. There was little offered
early today. Iteflncd sugars wero quoted
unchanged nt 22a and 22',fco by the Na
tional Co. and tho American Co.. re
spectively Sales of raws reported Yes
terday included 20.000 bags, second half
July and llrst half August, to a Phlla
delphia refiner, at lGVfco. c I. f. ; 10,000
bags Porto Tllcos afloat to a New York
refiner, at 17 GOe, a 1, f , and a cargo of
cubns nt iu ft e, c. l. r. io a .New York
refiner. Importations yesterday wero
42,327 bags Tubas to tho Fedoral Co.;
23.324 bags Cuban to the Warner Co. :
U,6t2 bags Vcnczuelns to the trade;
j'jno nngn raneinB io mo American Co.
nnd 900 bags Cubas to B. II. Howell Son
& Co.
New York Banks Merge
w York. July 21 Merger of tho
Fidelity Trust Co. and thn International
n.ank was announced here today. The
consolidated firm will operato under tho
r.amo of the Fidelity-International TriiBt
Co. The following directors will repre
sent foreign interests of tho new Institution-
James C. Colgate, Sumner Dnl
lard, Isaac E, Chapman, Kdward V.
Harden, Cleorgo M. Moffett, David Ruin
sey. Albert Waycott and Courtlnndt
I.lnkroun
CHARTERED by CONGRESS ITSI
J7 NATIONAL BANK IB64 ,
North America
3or Chestnut Street
OFFICERS
E. PUSEY PASSM0RE, Prciidert
i '-CI
R. S. McKlNLEY. Vice Prei. E. S. KR0MER, Ctthln
W. J. MURPHY. Am. aiW.r C. M. PRINCE, Anf. CaiMtr
J. W. WHITING, Ai.t. Ctititr
DIRECTORS
LINCOLN K. PASSM0RE
JOHN W. PEARCE
JOHN P. GREEN
GEORGE FALES BAKER, M. D.
N. MYERS FITLER
CHRISTIAN C. FEBIGER
J. HOWELL CUMMINGS
W. PERCY SIMPSON
WALTER H. R0SSMASSLER
CHARLES B. DUNN
HORACE E. SMITH
HARRY S. EHRET
EDWARD F. HENS0H
THER0N I. CRANE
GRAHAME WOOD
W. KIRKLAND DWIER
WILLIAM F. READ, JR.
CHARLES 0. ALEXANDER
LEONARD T. BEALE
MARVIN A. NEELAND
JAMES D. C. HENDERSON
WALTER ERBEN
E. PUSEY PASSM0RE
n
10
70S
July
Sept.
Oats
July
Sept. .
Sept. . 28-0
Sept. ...1.35
6e!.V.b".7l.m 1B.S
28 00
10,35
Ml
7614
27 R0
10.12
10.87
HO
7ns
I)
70
27 60 28.3S
10 ir. '10 42
10.07 10.82
Reserve Banks' Discount Rates
Ofllclal rediscount rates at the twelve
Federal lUservo banks nro ns i""wn
Iloston
New Yorl
Phllsilelphla
Cleveland .
niohmond .
Atlanta ..
i-nirjirn i Wm
W. lniH .. . 43Vi "V4
MlnneapoItH . BV4 5,.
Kansas illy . in ";?
Dallax B'i Sf 6V4 vt
Ban r rancisco tu
tDlscount rate corresponds with Interest
rat" borno by rerllrtcales pledeed as rolUI
erul with minimum of B per nt li the oi..
of Philadelphia. Atlanta and Kansas t Itv
nrt RU ne cent In th ca of Han Tran-
TreBs, I.lb
rtfs. lionils
. BH 0
. liij 1
tn n'i
. B14 SI
.ia" BH
Bi .. 0..
rom'l nvrs
raner Actep.
7
7 n
a bu
n bvJ
a n
6 BVi
7 n
n bh
7
a r,u
n bi
and B
Cisco,
Prices Steady on Paris Bourse
I'nrls July 21. Prices were steady on
the nourso today. Threa per cent
rentes were quoted at B8f 80o; exchange
1 I, tit' l4os f neo cent. loan.
R8f 0c Tho dollar was quoted at
J2f Z7Vc.
$250,000
CITY OF PHILADELPHIA 5 BONDS
Due July 1, 1940.
Price 101 and Interest,
to net 4.90
We are advised that with one exception
this is the highest rate of any loan issued by
the City of Philadelphia.
HARRISON & CO.
BANKERS
106 SOUTH FOURTH STREET
PHILADELPHIA
Member New York qnrf Philadelphia Stock Exchdnget
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiliiiiiiuiiiiiii:
Understanding Conditions
Affecting Bond Prices
People who nro familiar with tho relation of bond :
prices to interest rates, aro able to profit by their
knowledge. :
This is explained in ono of our recent Bond Letters. :
Copies sent upon request.
West & Co. ;
1417 CHESTNUT STREET 1
Members
New York. Mock Uxchanie :
Philadelphia Htck I'aelmiiKe :
... :
We Always Have on Hand n Lilt of High-Grade Bonds ;
Correspondence Invited :
r,,iiiniillllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllHIIIIIIIIIMIIIIIIIIIIH!lfj
(I KEWBWR6ER,
HENDERSON & LOEB
Members New York and
Philadelphia Stock Exchanges
1410 Chestnut St.
TIIK UNnKUHIUNKW IIIIHKIIV CAI.I.H
for presentation of all llrst mortvaxe bonds
nf Issue dated Not ember 1. 1UIH. for re
demption In accordance with terms stated
thereon.
FIRE COMPANY OF
ASHLAND AND VICINITY
Ashland. New Jersey
July Mo7 ilAY9tf l'"'at
GEO. A. HUHN & SONS
ftTOCKN ANH JIOND.S
Mrmlwrv of the 1'hlladelnhla. New
York and t'lilearn rifoek Kixlismes
New Vork Cotton Kxthange
Commission Orders Executed In
All the Principal Markets
MiM.KVUK CtlUKT IJI.DO.
14IH Walnut Ht.
nbw yoiiic orncB,
111 llrokdivHjr, New York
It
fHY lis no Investor ever lost a doll V,
of principal or Interest on nJ,'.!!fiJ'll
for our boohiet'S-Q und learn the rM2l
vhy, - a
S. W. STRAUS ft. CO. . . $
Stock Xixchansa iIr..l,lUleiSB.-
(,.
'V