.
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'
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