. t i w ' '" '..'. r.. & for P If :e the lost of It jTho prices at which I i 721V y 01 tno most con sul servatlve investments ' great opportunities for - obtaining exception ally high interest re turns. i A gradual return to r ." more normal money , rates should mean not r' only a , profit on the principal invested now, but also a much more valuable income. For a suigrntlnn tend for Circular .Yo. E-7J. CHANDLER & COMPANY Franklin Bank Olds. Philadelphia notion Tlaltlmore Nw York fJeir Harm Railroads Continued the Stronger Foaturos, W h i I o Sugar Shares Meltod Again U. S. Industrial Alcohol Tho basis, production and uses of denatured alcohol and the fcubscquont development of Alco g&B, with its possibilities as a rl6tor fuel, are described in the supplement to this week's issue of our Market Review in con nection with a r6sum6 of tho history, financial condition and progress of U. S. Industrial Alcohol. Swift & Co. Resumption of business with the Central Powers should result r. considerable impetus to the im mediate business of this great food distributor. General Asphalt New developments in General Asphalt that indicate renewed public interest in this company. Bent on requtst tor .Y-J1J Hughes & Dier ir-htla. fltix-U r,trhnir I'lttMiurith Stork KxrlmtiKo rhlrurn Hoard of Trod' Nfw York l'rodnrf Kxchanti 1435 Walnut Street Mrmbfra Philadelphia Telephones New York, July 22. Tmlnv's stook market continued to flrac In tnc same In dolent fashion starting from nowlif-rc nnd without gcttlnj; anywhere. When i it is said the railroad storks were j strong nnd sugar shares were weak, about the wholo story of the day's operations It told. The jumble of nar row fluctuations In other parts of the lil did not amount to much nor did it mean anything. On the other hand, cotton continued to soar with Julv I?LalLn t,, "iKhcst price in history nt 43. 7i). There wai relatively little de mand for call money which opened anil , renewed at 8 per cent. Kxchange on London continued to weaken. I It was Just one of those dull, slug glNh nnd meaningless midsummer mar ket quite often experienced around about this season, but just at this junc ture other elements which hate entered Into the situation tend to make the waiting rhurarter of the trading more pronounced and tho mercurial variations colorless. The market community was con fronted by the same uncertainty with regard to the railroad labor situation According to the advices from Chicago come of the brotherhoods were appar ently in favor of accepting the wage award, while it was said there were other who were Inclined to reject it The street, however, seems to think, judging from the charactccr of lltern- turc going out, when noses ure counted the majority of the men will accept the old axiom, "a half a loaf Is better than nonn nt all." Money market uncertainties also con tinued a big obstacle. Some of the advices being Rent out tho last few days concerning the prospective fall money market have been anything but inspir ing. Most of the market leaders hiivc long since recognized it as going to be very hard sledding for all concerned when the crops began to move in earn est. Home comfort is being derived from the hope of the present clastic banking system will prevent any such furores as witnessed under the old national banking law. At the same time, it Is already appreciated there is col tic to be n mighty little bit of money for Wall street and its following to play with. Recognizing this fact. mot of tho big commission concerns nre already taking i siena to get their house in order and I making no effort to conceal the precnu I tlonury iiteps. j Considering all the contributing -de-' prcising oleuieuts this, market wus up oguinst, it was possibly to some extent surprising the structure, us sensitive as it is, held up as well as it has done. Today, as In the preceding session, ' 11 KIIa pIAA llillKn AHtumnnlii tam.nltln U1IC li l.K.O V Clt' VAtiCUJClJ ill VftUlUl i evening public iMjtsjamsErfBthmAyt afaX-ifr &R ' !' ' '" "" : - j ' frvjjfoff.'. " NEW YORK STOCK EXCHANGE TRANSACTIONS Dlv. In t HlRh at oott i'A 3 SO 8ft fOJ4 .. Advance Itumely .... 0 AJ.ix Ttubbor .. Alaska (Jold Mines... .. Alaska Juneau O M.. 1 Allls-Chalmcrs 8 Am Beet Sugar 10 Am Bosch Matmntn... .. Am can o 7 Am Can pf 01 M it Am Car A Pdy 13 M 7 Am Car ft Fdy pf ....107 4 Am Cotton OH II so Am Drug Syn UK 6 Am Kxpress 130J4 .. Am Hide ft Leather.. l 7 Am Hide ft Leather pf flJVS 4 Am Ice 0U 0 Am Intermit Corn ...My 1 Am'La Franco Eng.. iltt 0 Am Linseed 7H 6 Am Locomotive t&'A .. Am Safety nxor .... 114 . . Am Ship & Com 2SM 4 Am Smelt & Itef 89J4 7 Am Smelt ft Rf pf. . po 7 Am Sugar Itef .. 124A 10 Am Sumatra Tob 00 8 Am Tel ft Tel 8H 0 Am Tobacco pf new. . M 7 Am Woolen BJ . . Am Writing Papor pf . 40A 4 Anaconda Copper ... 80K .. Ann Arbor HY . . Assets Realization ... 3 i a Asso Dry Goods lBt pf 80H l Atch Top ft Santa Fo 8034 6 Atch Top ft S F pf. .. 73U 7 Atlantic Coast Lino... 85W Service and Stability No Mystery attends tho our business. success of We aim to establish a relationship of mutual ljjf benefit, and in so doing possible service to our depositors and clients. Our officers are always ready to discuss any business or banking problems with you. Integrity Trust Company Fourth and Green Streets t Stoc M3 Race 1803 New York Oilier, 42 New St. ! i except in a few isolated spots, notably mo sugan, there was no real weakness, although the bear crowd kept up au active hunt for soft spots, in the hope of starting a general selling mocment. Eliminating oil and sugar shares, the tendency of prices was variably higher at tnc opening. 'Hits was primarily due to a more cheerful feeling regard ing labor conditions in their relation to the transportation situation and the comparative ease of the call money rate. (Jains nvcruging a point were scored by Baldwin Locomotive, ltcpub 11c Iron, National Aniline, Wells-Fargo Express and several of the mlbccllaneous specialties. Additions to the early advance were confined mainly to ruils, Delaware, Lackuwauuu and AVestcrn making a 0 point gain, with moderate improvement in Canadian Pacific. Great Northern and Heading. Speculative Industrials suffered another setback, however, when shorts resumed their attacks upon oils and sugars. Losses among the latter ranged from 1 to -I points nnd wcro at tended by a decline in the price of the finrwl nroduct. Steels, equipment and rails were neglected during the mid-session, but bugars made partial recoveries, being sustained by moderate buying of other ' food shnres. notably American Cotton 1 Oil und Wilson Co. The petroleums, nxitociallv Mexican and I'an-Amcrlcun and Texas Co.. also improved. Oils, sti-els, mils uud motor special tics led the general rally of the last hour on urgent short covering, follow ing the publication of Senator Hnrd ing's speech of uercptance. Capital SSOO.000 Surplus & Profit $1,700,000 o 0 Tennessee Power Co. Fint Mortgages S, 1962 Portland Rwy., Lt. & Pow. Co. lit & Ref. Ss Due 1942 1MNKERS 321 Chettnut St., Philadelphia Uttnbtrt Ifew York and Philadelphia Slock Exchanaet U. G. I. DROPPED TO NEW BOTTOM PRICE General Disposition to Aivait Next Move in Rapid Tran sit Situation 010 ion 3fi9 331) 3010 109 100 400 330 100 ion 100 100 300 100 200 100 300 300 2Z00 800 100 3010 100 400 810 400 loo 100 100 1100 4810 100 100 1S0O 1700 100 200 2800 100 810 200 12090 30)0 12310 1030 4010 100 209 1310 100 400 800 200 400 200 090 203 7J0 100 2830 200 300 4400 100 800 400 100 800 400 090 1300 100 100 000 100 100 290 103 .. Bait ft Ohio 32H 4 Baltimore ft Ohio pf. 435 s Barrett 142 .. Bothlehcm Motors ... 21 8 Bethlehem Steel B.... E0 .. Booth Fisheries 8 8 Brooklyn Edison .... 87 .. Bklyn ctfs of dep.... 7 . . Brklyn Rapid Transit 10J4 . . Bruns Term 8 7 Buffnlo ft Rusq 65 7 Buffalo & Susq pf ctfs 45 10 Burns Bros 110 .. Burnsdatn Class .... 40 . . Butte Copper ft Zlno. . 8 .. Butto & Superior Cop. 22JS .. Butterlck 13 .. California Petroleum. 31 7 California Petrol pf. . CO 10 Canadian Pacific ....US .. Case Pump Works.... 13 Case J I 1st pf 04 s Central Leather 02J5 8 Central of N J 330 4 Ccrro de Pnsco Cop... 43H 10 Chnndler Stotors .... 09 4 Ches.tpenko ft Ohio. . . 84 2 Chicago A Gt West pf 21 .. Chicago Mil ft St P.. 34 .. Oil Mil & St P pf 81 X 8 Chicago & Xorthwest'n 70 Yz .. ChlRI&Pao 37K 1.80 Chlno Copper ........ 39 .. Chile Copper 18 1 Coco-Cola &7K Low 31 cm m 3 30 sm 07 40 OIK 13SH 107 42 J 11 nor. ISM si 40'2 H4 HH 7SK4 07JJ IS H 23 ti 89'4 89J4 124 SO 04 87 87 tf 485 14. 1414 2fi em 70 1VA B8' 11754 31H 48 Vs 142 20K 87H 8 87 7 lo 0 88 48 110 30 8 2254 13 31 00 130JS 13 94 61 'A 330 48 7tf 83 31 34 SOW 70 38H 28JJ 18 37 Today's Net Cloa Chca. 34 00K K IK- Vk 3 38 - W 8 - 1 07J4 14 4? - Vk 91J4 W 13814 .. 107 V 43? IK 11 -- H i3o;i- k 18M- K PSH- Y 40J-5- 1 R A V UK .. 70H H 87 K- W 1854 W 2354- 14 8054 . . no H 124 - M 8054 04H H 87 87- 14 4054 .. 8654- 14 54- 254 2J4- Jt 6054- 1M 80 K 7354 K 8854- IK 117H 54 32M 54 4354- H 143 - Vi BalM 300 100 700 100 7800 910 100 200 403 1200 300 100 100 1900 300 300 800 1000 100 100 4400 100 Dlv. in 1 31 88 8 87 7 10H 68 48 110 40 8 2255 13 31 09 123 13 04 63 320 43 99 84 -31 34 81J4 70 37 - IK - 1 - H -4 - 54 254 54 - n 18 - H 114 - 'A 5 Colorado Fuel ft Iron 854 3354 4 Colo ft So 2d pf 40 40 6 Columb One & Klco... 8454 84 54 1 Col Oraphophono .... 3954 28M 7 Consolidated Gas .... 7854 7854 2 Con Interstate Cal M. 134 13 1 Continental Candy ... UK UK 4 Corn Products Hot . . . 98H 04 8 Cruclblo Steel 1844 1804 .. Cuba Cnno Sugar ... 4854 46H 7 Cuba Cano Sugar pf.. 78 774 7 Cuban Amcr Sugar... 48K 7 7 Deere & Co pf 00 90 0 Delaware & Hudson.. 80 894 10 Del Lack & Western.. 210 200 8 Detroit United By ... 02 93 .. Denver & Bio Grande. 854 854 1 Dome Mines 0 OH 7 Kndlcott-Johnson pf. . 94ft 04 Ji .. Erie 13 12 .. Erie 2d pf 134- 134 8 Famous Players L... 77 704 8 Fnmous Players pf... 87 8854 8 Flsk Rubber 31K 314 .. Gaston Wms ft Wig.. 124 124 2 Gen Am Tank Car.... 76 684 6 General chem pf 914 914 8 Genera! Electrlo 142 1414 1 General Motors 384 24 J4 7 Gen Motors dob 7.. 844 644 0 Goodrich B F 80J4 884 7 Great Northern pf... 71 704 -1 Gt Nor Ore ctfs .... 3S 3SK .. Gulf Mobllo & Nor... 134 12 7 Hartman Corp 82 82 4 Haskell & Barker Car 7354 724 .. Houston Oil Co 1045 94 1 Hupp Motor Car .... 134 184 7 Illinois Central t2 f2 4 Inspiration Con Cop, . 80 80 .. Interborough Con 34 34 7 Int Harvester pf 1084 1084 .. Int Mer Marino 3014 304 C Int Mer Marino pf... 825 825 29 54 is 4 37 K .''34 14 40 - 4 844 4 284- J4 784- 12 54 K UK .. s4 14 18354 54 484- 4 78 47 - 3 064 00 - K 200 0 92 84 54 BJ4 044- 14 12K- 4 134 .. 76J4- K 87 - 4 31K 4 124 V 7SK 8K 914- 4 142 - 14 24 n .. 845 .. 895 54 705 K 3SK .. 12-1 82 72 54- 75 1044 04 184 .. 83-1 S0H 354 .. 1084 .. 304- 54 824 J4 54 t Int Mo Truck 1st Pf. . 81 .. International Nickel,. 17)4 .. International Paper .. 834 6 Inter Paper pf stpd.. 7 .. Invlnclblo Oil Corp... 484 .. Island OIL. .......... OH .. Jowel Tea 11 4 Kansas City So pf... 45 4 Kelly-SpgT 874 3 Kcnnccott Copper ... 3SK l.to Keystone T ft It 374 3.80 Lehigh Valley 41K 7 Liggett ft Myers pf.,.101 2 L0W0 Co 34 .. Loft Corp 14ft 7 Louisville ft Nashvlllo 984 10 Manatl Sugar US .. Maxwell Motor 1K . . Max M 1 pf 33 .. Max Mot 1st pf ctfs.. 31 10 Mexican Petroleum ..19S 3 Miami CODDer 20M 2600 1.60 Middle States Corp.. 314 300 4 Mtdvale Steel ft Ord.. 484 1400 .. Missouri Pacific 3(1 .. Missouri Paelfto pf... 42 H .. Mo Kansas ft Texas., 84 7 Montana Power pf... (8 . . Montgomery Ward ... S3 .. Nnt Aniline ft Chem.. 804 7 Nat Hnam & Stp pf,. 94 X ..NO Tex ft Mex 38H 1 Nevada Con Coppor, . 134 10 New York Air Brake. 9K 8 New York Central. .. 895 . . Now York C ft St L. . 38i 2.80 Now York Dock S3I4 High Low 800 400 400 100 600 100 100 400 200 300 100 700 1730 .. New York N II A II.. Xtti 1300 7 Northern Pacific .... 73 300 B Nova Scotia SAO... 8S 10 40 Okla Prod & Ref 4 100 .. otls Steel 24 090 4 Pacific Dovel Corp... 48 3100 0 Pan-Amer Petrol ....10SK 630 7 Pan-Amer Petrol pf. . 97 3400 3 Pennsylvania R R... S94 600 .. Perm Soaboard Steel.. 234 900 .. Poro Marquette 34JJ 32)0 .. rierce-Arrow Motor.. 80H 000 .. piarco Oil is 400 8 Pierce Oil pf 83K lot s Pitts Coal 00 000 .. Phillips Pet 894 4oO .. Pittsburgh ft "W Va..30 200 8 Pressed Steel Car.... 98 200 1 Pond Creek Coal .... 164 1SS0 8 Punta Alojfro Sugar.. 91 K 700 4 Pure Oil Co 41 200 s Railway Steel Spring-. 964 100 7 Rwy Steel Spring pf.. 995 4181 4 Reading 124 300 ,. Remington Typewriter 64 600 .. Replo Steel ......... 844 3890 e Rcpubllo Iron ft Steel. 91 H 8800 8.20 Royal Dutch N. Y.... 784 10748 Royal D N Y rts.... 33 K 1200 .. St Louis San Frnn... 384 2800 .. St Louis Southwest... 17 990 .. St Louis Southwest pf 29 100 .. Santa Cecelia Sugar.. 304 100 .. Saxon Motor 6U 300 8 Sears-Roebuck 1424 100 .74 Shell Transport 73 1400 .. Sinclair Oil 31 730 0 Sloss-Shcff 70 J4 1800 e Southern Paclflo .... 3J4 U300 .. Southern Rail 39K 390 B Southern Rail pf .... 80Ji 10 20 standard Oil of N J. 648 830 7 stand Oil of N J pf.. 1084 100 .. Stan Oil N J pf prtpdIOSK 400 4 Stewart Warner Sp.. 40J4 7000 4 Stromberg Garb .... 00H 3700 7 Studebaker 714 600 0 Superior Steel 81 800 . . Tonn Cop ft Chem ... 84 300 e Tobacco Products ... 67H 9900 10 Texas Oil 46J4 600 .. Texas & Paclflo 41 2300 .00 Tex & Pacific CO... 484 700 .. Times Sq AUto Sup.. 324 1300 .. Transcontinental OIL. 14 100 8 Transuo ft Wms Steol. 814 2400 .. Union Oil 81 J4 00 10 Union Pacific 116 400 4 United Alloy Steel . . . 42J 100 8 United Drug 118 300 .. United Rwy Invest... 04 000 8 United Retail Stores.. 74 1100 6 U S Food Prod 68 2100 8 U S Ind Alcohol 904 100 0 U S Smelt ft Ref .... 88 120o 8 U S Rubber 24 12200 B U S Steel 81 J 200 7 U S Steel pf 108 800 0 Utah Copper 67 3100 a Vanadium Corp 8SJ4 400 3 Vlvadou Ino 174 800 .. Wabash pf A 24J4 200 .. Wabash pf B 16 HOO .. WellB Fargo Express 084 300 . . Western Paclflo 284 200 7 Western Union Tel .. 824 200 4 White Motor 81 1600 1 Willys-Overland .... 18K 1100 6 Wilson ft Co 844 200 8 Woolworth F W ....1074 81' I7K BJ4 74 444 H .11 444 (6 2SJ4 27 114 101 23 K .144 974 110 18K 33 v 33 190 3094 204 4 on 26H 43 H 05 32 804 94 K 38H 174 99K 04 26K H 304 71 K 844 4 24 45 103 965 384 23 214 4854 15 82 60 89 284 98 164 905 404 964 994 91)4 (SK tSJS 90X 77 324 254 164 28H 204 8K 143 73 30 095 l.1'4 294 884 648 1084 ioK 4054 S0K 70 804 84 674 46 4054 47M 304 14H 814 314 USK 424 U5 0 73J4 67 80 K 88 91 K 00H 1084 67 84 K 17 244 16 68 284 82 61 18 6i y 107 R 4 4 K IK K 4 4 J4 Philadelphia Stocks llluh Low Cloo 100 Alii It.ur If) "4 1074 04 Am iUm 44 44 41 100 Am flax.. .10 30 'M lOtCubaCaue Sugar.. 48'j 48Vi JUKI Stor.. Ill), US Net chge. 'i 18Vi.. Ill) lj 18Vj Vj aH mi 1 1:114 y 2'i y no o.-Vj.. I Most Unusual Opportunity $200 Will Buy 2 Shares 8 Preferred 1 Share Common OF AN Old-Established Philadelphia Manufacturing and Sales Corporation Doing Extensive, Essential, Hiphly Profitable Busine.-s. Full Investigation Solicited. ISSUE LIMITED Addrett, Manufacturer 1005 Real Estate Tr. Bldg. or Call Walnut 1914 I Tnterct in today's loeal market cen tered H'm.iKt exi'lutilvoly around the ! iiMic utility group. The tradlnc in I'lnladelphlH Kapiil Trnnslt nsmuned 11 iiicrf normal aspect, but the movement of t!i" itod;, as might bo expected, con nnin'il very unsettled. Ho current llqui litiuii was encountered in Philadelphia Pli-itric and I'nited Has Improvement l.lttli. tu hiieuk of vn done in the -ei uritiMs of tshe underlvini: comuoiile , M' . Hlh Iiw of the Rapid Transit Co. .'.! ' v I1 o'h Tr U ... .r.2 52 Lib llonds l."7 do war. 1!) 18 L'O I f N A. 2!)Vi 'JO l.r, I.eh Nov. fill D!) 5 Li'li Vol.. 43 Vi 43 VI 1000 Penn Traf 2V4 2V4 1074 Pa It K. 39 30V4 7.1 P.i Salt.. 05 A 0oV 2.j Pa Insul Wire .. HIV, MV4 Til'i. tnM.lt! ... ...1. ,fl .1.1 '.ti 1 tin i.icc --"t 31 Is P It T. . 10' IOOT0110 Ilel. 1 UNI Tumi Mill 1 ."II I'n True. 28 lllil rii I... 40V- JiK) York Uwy 10 N't chanuo mail by cnmparlon with last nal'' hi .-h York Stock Exchange. To'nl .llrll 7753 hhiiros compnreil with ni!2i nhar'ii yeiterday Thus far tlila wffk. 30 hi.iirsn Same period at week, "a. M7 Khan Sh1. In IIONDS 1.1 ls4 2S 40 10 HiVi.. lr'i.. 1.. 28 - 40 10 .. Nobody in the local financial commu nity linn been quite able to coninee themselven junt what was behind the , ' ' Clnse 87 52 Net VS 1 chen - V SPECIAL SALE , 10,000 GALLONS 1 FLAT WHITE A perfeot mow whlt for lnM un and (usruntoeil to ntay whlto and li ac tually worth S3 eailon Can ihlo Immo. oiairiy ,- Will! f II MJIIN n ' These pun hi n-e ' r i,r, 01 $3 Gallon; $1 Quart WHITE SHIP ENAMEL A. ene-coat beautiful enanul flnlih for privata nomea. hotela ana apart. BllfDI. i ment houiei $3 GALLON cava the aurfac and you aava all. William E. Hinch 1706Market St 1706 I t'nltrd htatea Itubhrr Co. JO-Vr. 7'A 1.7". v "!: . 'l'i r irao... oa Waterloo, Crdar Ka A Northern s 1030 I 0 f7" .It"!"' f"ii a forinern Da, i W,,JV',lt'"j4 ,u,l,, l'r".lt Co. (In. li,nBMlrmil llnllroail Co. Cona. in, lim .lnarolla .Nnrlhern Trurlloii ). int8 ecan Uaa Company Conrertllile 7. 1028 mucl K. Phillips & Co, HtatevVi'htladelphU Miotic linrhauru fl'007 CUiaXNUX HT, W, X a..aV;fe l&.. tlare-up There la toniiderable diversity of opirion oh to motives, plans and schemed, and no two persons Imve reuchi d the sumo conclusions. About i overhodv Is convinced there is n tiieirer In the woodpile Homewhere. With such ! menial confusion everybody was dis I posed to plav w.lfl. In consequence, the i volumi' of dealings fell off materially, with an accompanying narrowiiiR nf i prin fluctuation. The range todov whs between Ul'i and 15. At the nut pet the stock put n fairly stroiiR front, partly due to continued covering of shorts. althoiiKh there win win tr, he very food buying by certain well -known downtown interests. I no until tho nfteinoon well pegged nt 10. nen uipo orilers however, were withdrawn, the price fe'l bnclt to the lower figure. Little is to tip said concerning the Derations in the other loinl storks. Philadelphia Electric continued to mci t n free supply of stoik, which dining the eurly dealings carried the priie )lown to 22, but supporting orders kept the selling from lurrjing it under that figure. With the exception nf Pennsylvania Railroad, most of the dealings elsewhere were of small odd lots. I'nion Trac tion came hack to 28. American Stores worked up to 41, recovering nil the loss of the previous two sessions. Trnding in Klectr,lc Storage Ilntterv did not umount to much, the warrants on small offerings dropped hack 51 to 18. Pennsylvonia Insulated Wire, Penusyl voiiin Halt. York Hallways were un changed. Insurance Company of North America nnd Alliance Insurance were each fractionally higher. I'nited Oas had a fresh sinking spell in the last hour, making. a new low record at 40. 85.10 85.08 85.0S .14 85.38 85.3(1 ST 80.38 80.38 80.38-1-. 20 i5.:ill-r-.2(l 2d 4' is 11 3d 4'',s. 2 4th 1'. s 2 ic N 4T,s. 05.80 05.80 05.80 .04 2 IVimii It It temp ctfs.1021! 102 102.. 2 3-10 Phil Kli-c 1st 5s.... 83 80 &3 3 3 t'nlted Rwy Invest 5s. CO 07 07 -f- Toini, l.lil finu rnmrared lh J.17 500 yea-(.-U Thus fur this week. J"0K,3U0. Samu ! n d l.lit week, 1344,000. NEW YORK COFFEE MARKET Now York, July 22. Tho market for coffee futures opened 8 to JO points higher this morning on cohering by shorts, due to the steadier cables from Brazil. There was little or no change, however, in the underljing general con ditions. Santos making every effort to sell eoffeo nnd bujers here showing in difference. I.ntc yesterday it was said that San tos 4s sold in the local market at 14Vjc, American credit basis, this being the lowest yet recorded. Today, however, early ndvlces reported an advance of c in offers. This tended to bring in a little more covering right after the call, which sent September to 10.70c and De ccmber and March to 10.00c, or 18 to 30 points net higher, with reactions of C to 10 points around the noon hour. Local traders do not seem disposed to put too much faith In the stcnillei showing in Santos, as they know that recently any ndwuue here has met with increased offerings from the primary markets. Timers here continue to show on indifference ns to the firm offers be ing made from day to day. Until the demand increases, there is believed to be little likelihood that Santos will bus- tun any ntlvame. Financial Briefs Yet ctnio July 11 iwrtm Sept 10 4liSni) Doe 10 (IK'S 111 March ... 10 72JT7T May 10 SOfi SJ Hid. (N. Y. tlma) "pen 11 n. m 11 (1012,00 11.70 iu nTsrns ... 10 7S80 ll.no 1100003 Today'o Range I. inert v 2d 4s Liberty 1st 4V4s. Liberty 2d 4VH. Lfberty 3d 4,s. Liberty lth4Vis., Ic Notes ')H. Vie Notes 4h. In Liberty Bonds (N. Y time) l :ir I.OW p. m. oo.no oo.no 85 SO M 88 80.00 85.00 80.18 M5.21 05.71 05.74 HlKh 00.02 85.00 84.88 80.18 85.08 80.30 85.30 05.81 05.84 85.84 81.88 80.18 85.02 80.30 85.30 05.74 05.60 ...ZlAuA..l. Reserve Banks' Discount Rates Olllclal rediscount rates nt the twelve Federal Rer-erve banks are us follows: nr.i i.iu t uin i Jiara cttl, lloaton N..W York . . Philadelphia . Cleveland Itlchmond Atlanta f'hleaao bt Jvwla . . . . Mlnneapolla . . Knniaa City Ilallaa Ban Francisco llomlj n a n'4 4ii fr.lH BH II f.H . 4i ti n'-i ni 0 0 . rU4 HV, .til . nv, . r,4 .tn n Taper ACCPtt. I) A A 0 Bank of France Statement TiirlH, July 22 Tho Weekly statement of the Dank of Knfnco shows the fol lowlntr ehanKes- (lold n hand, Increased 275,000 francs ; silver In hand, In creased 32,000 francs: notes In circula tion, decreased :'IC,144.000 frnncs : treasury deposits, ckcreased 24,238,000 francs: general deposits, decreased 29. 239,000 francs: miih discounted, de. creased 10.02! fl"0 francs: advances. In creased 5.984. oihj francs Fresh advances to tho state durlnR tho week, 300,000,000 francs. J'lSn:s.ework Subtroasury lost II. 718.000 to the banks yesterday, making a cash net loss since Friday of ,199,000. iTl0! I.l" ,?l?c "ohangre has ad rTnn nnn 7 ,he ll"1 ATmour & Co. 60. 5.0.0,000 .7J)tr cent noes- Oscar H. Ulggs, of Babcock, Ilushton & Co.. has been admitted to membership. ofJSn? nnu1nc'nllnnrdmartft,? r EnlT,!n5'' for tho quarter ended on Juno 30 by the nepubllo Iron ami Steel Corporation, showing a sumlui nf 19 . 305.500. equivalent to 16.22 on "ho , stock SSSJ.lrii?;dii!Jh f6.10.916 fo?nthcorre sponding: 1919 periods, were even more piled. ,h Stroct had a John Hnseltlne Khlnn, of Mncltln & Co., and Maurice BroSke have been elect. lichnTm ' Vf th I'Mladelphta Stock MnTRnrIh.! membership of the late in Tn;nh nh ten 1oste for transfer to Joseph S Mc(Joern LOCAL MINING STOCKS TONOPAH STOCKS Caah Boy Jim Ilutfer ,' MacNamara Muc.N'iirnuru .iiiuway .... Mlzpah l:it , Montana . . , , North Wtar . Keacuo Eula Ton Ext .... Veat Und . . Went Ton . . . nid .07 .13 .00 .12 .00 .11.1 .15 Allied Dlv Alio ijiv llelcher Deleh Ex .... Hen llur .... Rrouxh Dlv . . Dlvldo Kit Dlv Hyndlcato Dlv Con Dividend Euat Dlv .... Harmlll , Hailrouck Dlv Hleh Dlv .... Itevert Dlv . , Ileno Dlv .... Hoaetto Silver Kins ... Ton Dlv Ton Haahrck .. Victory Dlv . , Verde Dlv .... Zone DIVIDE STOCKS tDlacount ratii correpond with Intereit rata bome by certificate! nlcdxed aa. collat eral with minimum of A per cent In the raae of Philadelphia, Atlanta and.Kanaaa City and 5ft per cent In the caat of Han Fran To Float Loan Hero Toklo, Julv 22 Damn Tokahoehl, minister of finance, announced In the House of Peers today that a lonn of 100,000,000 ven for the South Man churlan railromi. probably would be floated In the I'nited States In the noar future. Forelsrn Minister Uchlda, answering questions durtnir the same session, de clared the American shlpplntr law doubt less wnulrl materlnllv affect Japanese Sh nnlnK IntereHts. hut thnt .Inimn war I Allanln prepared to take, the wisest steps to meet Wue Hull the, situation. i('o D I Comb Fr'ao ",'.',', Liverpool Cotton RS,Vriue& ::' I.h erpool, July 22. There was a good Dalay demnnd for spot cotton today with llorencj prices easier on the bnsls of a decline SJJJ ''"J.W ton . of 20 points for mlddltafr nt 37.30d. "0 dniWvM'rr The sales were 8000 bales. The re- cireit Dend celpts were 11,000 boles, Including- 6100 (jumbo Ext ..'.'. bales Amtrlcan Futures were steaay i Kewanaa .... In the enrly dealings. Spot prices were: jfn tar Ampricin. m nn ntt rra, mv f.ft.i vnnn -- middling, 25 80d: fully mlddllnir. 28,65d: middling. 27 30d ; low mlddllnK, 23.50d ; stood ordinary, 20,30d, and ordinary. 19.30(1. OOLDKIKI.-D STOCKS .01 .01 .02 .ny .03 .01 .07 .24 .01 .01 .04 .01 ..1 .01 .04 .01 .01 .01 Hi .04 ,OL .02 .13 Aftked .00 .11 .14 .11 .07 .in ftt .ft CHICAGO BUTTER AND EQQ8 Clilcaxo, July 22. IlUTTEn Ix)rr. Creamery, 44 65c. EQOS Wither Recelpte. 12,76 caaea rirata. 43tst44o. Ordinary nrata. Ited IU Silver Pick Spearheud . Amnoro ... Arli United Eden Mother Ixido JNevaia inn JIISCELIANEOUS .01 .01 .03 .01 .02 .07 .01 .01 .1.1 .01) .01 .Oil .01 .04 .01 .on .01 ,02 .0,1 .04 ry nrata. 40CP Te at mark, eaaaa Included. 42494SV4eilVi storage extraa, 40c; storose flrita.OWOVic. Wl ''V I IJL". rk, Nevada Hand levada WOndei copa Mining hits Caps Wllbort :::::::::::::: ., :::::::::::;:;: ,7W I. .02 20 H tt 1 1 ,U( ""Mifii. - -- W ;ll .00 .02 .03 .04 .05 .02 .011 .20 .02 .03 .06 .03 .o.,A .OS .OH .02 .02 .03 .0.1 .04 .04 .13 .02 .02 .OS .OS .03 .01) .02 ,03 .20 .11 .02 OS .02 .011 .02 :J1 .04 .07 .00 15 .04 .00 .12 .09 Today's Net Cloae.Chre. 81 - H HH- W 74 iy- H H II I4J44- m 7W4- 2 2sy, va 7 -41H 101 MM 14- 08J4- W 110 - 18 .. 8J 3t 1 1M 2 I0H4- Y, sow- v 4114- IV 20144- W 424- l' h- y tl .. 80K'4- HH V4 3H4- H h- y tty- v 2M MM 4- K 30V 4 24 4- 45 - 1 103J4 4- m 7 sy- 'A 23 - 2M4- 50 15 MH- 00 K4 30 9S lou ts - 40-0U- li- 02 4- CVA-2 84U .. 1M 114 77 - Ji 3JW 4- 'A 2551 .. 17 4- 1 2 X 20 u- y 112 72 - H so'i 54 705- 1 H3U4- 54 2954 .. 3-r- 154 015 4- 5 1055 4- 54 105- VA 40J4 4- H054 4- 1H 70- H CI 955-74-40'A 405 115M- 54- 115 4 9-54 7354- H 07544- 54 8JW4- H 68 02H4- 154 91 K 54 JOSH fi C7 4- J4 854- 154 1754 4- S4 2?S4- H 101 0555 4- V, 2854- 5i 8J - x 51 - 5s 18 - y "54 4- 1 107 - 54 TRADING IS SMALL CURB MARKET Fractional Losses Aro Sus tained In Many Issues In Petroleum Qroup New York, July 22, Business on the Ilrond street curb was small In volume and a heavy tone was shown in tho tisunlly active issues. General Asphalt, which Is now the most important feature in tho outside market. droppedrom 05 to 03' under moderate sales, ftnd fractional losars were sustained in many other issues In the petroleum group. The low-priced stocks, however, held Arm and were In fairly good demand. A drive was made fit Itvnn Con solidated, on which that stock dropped to lf&. Support quickly appeared and around midday It was oiioteil nt '22 bid. 1 here was a good deal of talk about coming developments in Aetna Explo sives, but tho stock remained quiet, n smaii amount selling at 11. United Retail Candy was unchanged in Its market position. Submarine was in moderate supply, ranging from 11! to 12. Ooodycnr Tire sold at 120. Her cules Taper ranged from 127 to 20 . lNDUBfBIAT.9 , , HUh I.ow Lent Acmo Coal , 2H 254 254 Aetna Exploa Uhl iVA 11 U General Aaphalt 0 MVJ fl,1H vswvmvmi Alio ., Jip JW XdV virarg iin, . , . , 2VV Orp Oda pref 2H iirrcuiaa I'motr .,, Pan i QOVIiRNMENT BOND8 nid. a rounon 2a. 1DBO. luu Panama reslatered 2e, 1O3O...10O Panama coupon 2a. 1038......100H reslaterea xa,iv3B,,,ivuvi 77 it n nKH. ..J l'inimft roitnnn Re. ldOl Panama rexletared 3a. 1001 Philippine An, 1934 ...... 1'lilMnnlnn la. lOXIt Phlllpplna 4a. 103fl .......... tfl U H (iov coupon 2. 1930. . ..1O0H U 8 Oovt reliterel 2a.,1930..iOftH u H uovt coupon ah, iun...,iuo U S Oovt reslatered 4a, 1025., 105 Diet of Columbia S-Ofia, 1924.. V3 French Embargo Raised a. Julv 22. A decree ret the one of April 23 which prohibited In1 portAtlon of many articles from Amer ica, nas been signed and will be pro mulgated In a day or two. By Its terms, 'however, there will be n con siderable Increase In customs duties on nrtlclcs regarded 'superfluous to French life. ' London stock mArket Qllt-Edaed Section Drooped Again. r-rencn Loans Lower London, July 22.--A foeilnir of t ousness .was noted an tho .ii. change today, because of the Hussion news. Alttrations In prlocs were narroS ond the market generally lttoked steadu ness. Profit-taking occurred in BpeclaU cau- ex. In the oil group, the attitude was one of reserve and quotations were virtuaii.. uncnangea. sneii Transport was 6 I3.i and Max can Enla lo B.in. " Home ralla were flat and ncRleet. and, conditions were quiet The share, of Argentine roads had a better tone Diamonds and lllo Tlntpa were lower nn aAvtna from Tlnr ft V.niu .wvcr Industrials were ragged. Hudson's Bay The ,gllt-cdged seollon drooped arain wnd Frtnch loans were weak. cln Itevden Chem 4Ti oardner Motor 2tl!- Indlan Packing , niM Nlpplea ... ..m... niuiur ...... kl, I) w arlftlth ........... 15 i.iireti mil 104 fiercer Aioiora , Perfection TIVo Radio Cob .... itadlo com pref a it 27 27 414 454 8 8 14 14H sn sni 13 13 104 101 ..IB IB 111. .. 24 2A 2J4 1? 1ft S .. 2S 24 3S .. it? K iTi .. 12H 12H 12H .. 81 81 31 .. 354 2 2 .. 14 13K 13 lepuullo Tire Hub ... ubmarlno liont V 8 Hlsh Bpeed Tool V S Bteam United Itet Candy . . . . 1MJETENDENT OltS Allied Oil 2S Arxaneaa Natural Oaa Dominion Oil rcaerai uu Olenrock Oil Int retrol Kay County Oaa Maraealbo Oil .. Merrltt Oil I.attsna Pat Itoono Oil Hoaton Wyoming Cuahlng Peto ... National Oil of N J JMO a 9 mil orth Am on a uinar uu ned Ilock Oil Blmma Pet Hkellv Oil Superior Oil in1. Ruporlor Oil rta intt Tropical Oil 10 Itn Texaa All Victoria Oil new H4 Shell Trana rta 21 Roy de France 01 MINING Alaaka-Hr Columbia jl Ilia- Leriae H Ilonton and Montana .... nt Caled Mining 22 Canada Copper H Candelarla Mln A Cona Virginia 2H Cortex Sliver 02 Creaaon Oold 1H Divide Ext ..'. 2.1 Eureka Croeaua Yt 41) Mining H Oolden (Uto Exp S Oold Cona 10 Oold Devel 7 Hold Hllver Pick 0 Heela Mining 4Ar Iron Blonom A McNamara U Dundee Ariz "t Marah Mining 11 Mother Iode S7 Mother Lode new O Rochester Mlnea 0 Hope Group .y H Silver Lead H Tonopah Ilelmont IK Tonopah Caah Doy 7 Tonopah Divide 1 Tonopah Cxtenalon 1 A Tonopan-jim u Tonopah Ileacue Eula ... United Eastern Went End C White Capa Simon Hll IIONDS Allied Tackera fle 004 Amer Tet 0a. 1022 04- Pennsylvania Company 4Vz Per Cent Gold Loan Certificates Duo June 1&, 1921 Guaranteed as to Principal and Interest by Endorsement by the Pennsylvania Rallrbad Company Tax Exempt In Pennsylvania .. GIrard Trust Co., Philadelphia, Trustee Price: 97 Vi and Interest To Net 7.75 Per Cent Biddle & Henry 104 SOUTH FIFTH STREET JIIMtMtMIIItMIMIMmitMMMlMMtniniMIIIIIMIIIlfmiiji.mMHmillllimfllijl. GIRARD TRUSTCOMPAfiY ,:.i!nil -ofo ana jurpiut, 31O.000.V0O I ' Jltl.l aVU'ftl tr fl gS&!ssTwBntt) HinsMlisii iWiillH A SAFE DEPOSIT BOX la a naceaalty that no ons can aftordtobewlthout. ThSCIrard Tniat Company offers, at ex tremely reasonable rental, eafe depoalt boxea of all alzaa. Tho central location of the GIrard Truat Building la a da. elded advantage, especially to ladlaa. BROAD & CHESTNUT STS. Philadelphia . Chartered 1836 rV.Jll.illlUllJllMilMli.JI """""Ri"iiKini in. in in ,P 1H Amer Tel Hi. 11121.... Armour & Co Ja Anglo-Amor 7na Pan-Amer Pet 7a...... U 8 Rubber "a Weet Electric 7a Frankfort 4s French 4a. 1017 French Victory Be. 1031 0(1 04' OltU OAK niiv: iinu OIH 044 07a; 7; 27 27 as r7 7S 72H FOREIGN EXCHANGE New York, July 22. After receding to 3.80U before tho opening, demand sterling recovered to 3 81 and cables to ).8ia. Other exchanges were weak. Francs were oft 15, lire 3, and Belgian 11 point?. Quotations were: Frrinc caMIeB 12.C0, cheeks 12.62: llro cables 17.76, "checks 17.77; Belgian cables 11.7B, checks 11.77; Swiss cables 6.76, checks 5.77; guilder cables 34, checks 34 U; pfsotas cables IE. 83. checks 16.78; Stockholm cables 21.70, checks 21.66; Chrlstlanla cables 10.50, chocks 16.46; Copenhagen cables 10.40, checks 16.36 ; marks 282 Yi:STEIir)AY'S FINAL QUOTATIONS ' Sterling; Frnncs Lire Guilders Demand .. 3.82V 12.37 17.112 34.70 Cablea 3.63 12.83 17.00 34.73 ""TODAY'S OPKNINQ QUOTATIONS Sterling Franca Lire Qulldera , 3.81 , 12.02 17.77 84H , 3.81 12.00 17.75 84H NOON QUOTATIONS Sterling Francs , 3.8IV4 12.72 , 3.82 12 70 Demand Cables Demand Cablea Lire Qulldera 17 SS 34.60 17 80 34,03 BANK CLEARINGS Bank clearlnsa today comoared with cor responding day laat two jenra 1020 1010 lnia Fhlla. ..IR8.II02.B83 170,280. B12 $0.1.177,1100 Ronton . 00,772,1118 M.Rno.liOS 32.704,800 Baltimore 13.1104. 03H 18.733.020 N. York 083,838,048 802,740,213 338,377.804 St. Louis 27.407,874 23,108.300 B3 fcffcUl.iL rai i.je...., MONEY-LENDING RATES NKW VOUK Money on call, both classes of collateral, opened today at 8 per cent for lending and renewing. In prime bank acceptances, homethlng of a let-up In the buying demand Is noted There Is a fair supply of prime New York member bills. A large num ber of names on prime out-of-town bills appear. The nmount Involved, of course, Is much larger In tho cbbo of the New York acceptances offered There Is also n good supply of prime nonmember bills which ordinartlv pass freely. Buying Institutions are having to nut on the brnlte owing to their limitations. For prime ninety-day New York member bills, OH per cent Is bid and 6U asked. For sixty-day, 6ft per cent Is bid and 6 per cent offered. The situation Is unchanged In prime mercantile paper, which 1b In moderate Inquiry In the country sections, llntes are being governed by the collateral loan fixed date market. Time money on all Industrial collateral Is 9 per cent bid, with offerings negllble. PHILAnKLnilA Call. 6 per cent; time, 6 per cent; commercial paper, three to six months, 6 per cent. (Note These aro merely nominal quo. tatlons, ns the legal rate of Interest In the state of Pennsylvania Is nxed at 6 per cent. Plus premium and com mission time money for thirty to ninety days is loaning at 8 to 3 4 per cent while commercial paper from three to six months Is being offered at 8 to 8W per cent.) LONDON -Money g quotod at 614 per cent. Discount rates, short bills 0 per cent; three months' bills, 6 per cent French Expert Coming Here Parta, July 22. M. Pormcntler, one of the specialists of the ministry of flnnnce, is the expert who will leave shortly for tho United Htates in con nection with repuyment of the French iinrtAtne Anglo-French loan of $1500. 000,000, It was learned today. No de cision will be taken by tho ministry until M. rarmentlcr reports, after a study of the situation ln the United States. 1812 THE 1920 PENNSYLVANIA COMPANY for Insurances on Lives and Granting Annuities TRUST AND SAFE DEPOSIT COMPANY Capital and Surplus - $7,000,000 Member Federal Reserve System BROAD BTEKET OITICB Cfceateot Bod Junlwr Street 517 Chestnut Street Philadelphia 30 Years in Export Banking INTIMATE KNOWL EDGE of tho needs and habits of tho p'eople, acquired by years of ex perience and actual resi dence in the countries themselves, is essential when transacting busi ness abroad. 23 Branches in South America One Branch in Mexico 8 Offices in Europe Direct Connections With India Anglo-South America hbank, limited Naw York Aaancy, 40 Droadwav (jis) VIA COLOR" (TAm two teor&a trantmltttd jr t rAarot 01 any Teleoraph Co.l John &. Merrill, PrwMan DIRECT BOCTE TO CENTRAL and SOUTH AMERICA tr Uroad bt.. Maw Vark Pacific Fruit Express Co. Southern Pacific Eq. 7s N. Y. Central Eq. 7s 1927 1928 1935 Price on Application Townsend Whelen & Co. 505 Chestnut Street AN ITALIAN GENTLEMAN of wide business experience would will Ingly represent American commercial house in Italy. Apply SPINOLA Via Plana 9, Torino. Italy Lawrence E. Brown & Co. CERTIFIED PUBLIC ACCOUNTANTS InUiflnMVrift? Lehigh Val. Cons. 4"2S, 2003 N. Y., Phila. & Nor. 4s, 1939 Genessec River 1st 6s, 1957 Am. Gas & Elec. 5s, 2007 Mex.Northn. Ry.lst 6s, 1930 David JLupton'8 Sons Pref. ISAAC STARR, JR. & CO. I Ifitli and rnnitnul Streets luiiaunpnia Pprnro 3883 Race 1860 How to Put $500 "Out to Work for You by means of intelligent investing or trading is outlined in our free book let, "Investors & Traders Guide." It tells. Tho General' Rules of Trading. How to Give a Broker Instructions. Brokers' Commission Charges. How to Indorse a Stock Certificate. How to Use Collateral in Trading. now to Group Invest ments. The Deposit Require ments for Carrying Stocks on Account. The Rights of Stock and Bond HolderB, etc. Call, phone or write at once. Ask for No. T.U.-938 JONES & BAKER Sfniathtt in Ntto Tvrk Cari Mtrktt Siinrilhi Widener Bldsr., Philadelphia Phones Belt, Locust 4730 Keystone, Race 2290 Offices In 9 rrindpal Cities DJritt Prioott Wim Till! UNDKIISIONICIJ IIKKKI1V CAIX lor rreaentatlon of all flrat mortsaga bono, of laaUa datad NOTcmbcr 1, 1013. for re demotion In accordant: with tarrna atataa tberton. FIRE COMPANY OF ASHLAND AND VICINITY Ashland, New Jrracr Jul, IsloV' "MILTON. Pr.sld.au j .- i .it i iiiii-s.scssES' h'VpVftm-foiWlitv't-'i -'l!f ifr ! L&xi ....... . ., .,. .... R. B. CARR Accountant and Auditor Hpeclallilna ln- FEDERAL INCQME TUXES r.nna Bids. , , PMIadilptla W a V iH i J 4 I; I jMd&h "J "- rni..i.tiimn
Significant historical Pennsylvania newspapers