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B
A .-
I.fA Legal Investment
for New York
Savings Banks
f
C
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if.
CITY OF PORTLAND,
OREGON 5's .
July 1922-1923
To yield 6.20
Blodget & Co.
501 Real Eitate Truit Bids.
Philadelphia
Ti.ini,nn. Walnut 1606
Telephone- Kacc 1271
Boston Chicago New York
PRICES UNEVEN IN
WAVERING MARKET
ST. L0D1S
SAW FRANCISCO
RAILWAY CO.
Income Scries 'A' 6s Mkt.
(About $173 ner SI.000 bond
At the above price these bonds
yield an income of 12.
Listed on the New York Stock
Exchange.
Descriptive circular on request.
. & LYWICH
CUSHMAN NEWHALL
MANAOBR
340 WALNUT STREET
. RIT2 CARLTON MOTEI, ,
"Jf0" MEMBER P'TIS.USCM
Ww ..kewyosk. eumSia
PHILADELPHIA
it PITTJBUKOH
stock aouNoti
mraiiiiafflBJiiWiEaiiaiii'iiiii'ioiiii
We Suggest
for
Short Term
Investment
itfHBffiBirc
5!4s
DUE DEC, 1922
Yielding 12
Particulars on Request
Established 1863
BIOREN & CO.
,ii.NKr.n9
410 Chestnut St.
r Philadelphia. Fa.
Members Ncu York and Phila
delphia stock Exchanges
wmsmxmmimM
Wook-End Dovolopmonts Con
flicting and Traders Disposed
to Play for Reaction
'New York, July 20. The rather con
flicting uVvelopmctits over the week-end
wore largely responsible for the con
tinued uneven price movement wltiirsrd
in today' narrow market. When the
ultra professional character of the trad
ing Is tnken Into consideration there
was little or uo nlgnlHcnnrc to he nt
Inched to the confusing hacking and
tilling process.
As the majority of the professional
traders are openly bearish. It was not
surprising Hint this element were dis
posed to tnke advantage of every little
opening to play on weak spots with the
purpose of forcing a general selling
movement. These mnnouvers. however,
were no more successful than in any re
cent sessions, and about the only result
accomplished was to produce much the
same ragged movement as witnessed last
week.
After an Irregular and generally
lower opening the industrial shnrcs ral
lied spasmodically from the carl set
back, especially tin steel and equip
ment shares. Any advantage, however,
in that uuartcr was forfeited when tin
react lonistfl'uncovercd fresh elements of
weakness. v The recent selling, for in
stance, of the cheaper motor stocks and
lower-price oil issues mndi further
progress. On the other hand, such rep
resentative shares ns T a. Steel were
comparative! Ilrm. Thnt stock in par
ticular was held up probably in the ex
pectation of n favorable quarterly state
ment to lie Issued after close of tomor
row's session. Apart from Hendlng the
railroad shares did not attain much
prominence. The lack of interest in
that group being explained by the gen
eral desire to defer further nctivltv un
til rate decision Is given by tin Inter
state Commerce Commission.
The wavering market was the natural
reflection of the -biffing of position on
the part of flic trading clement on the
floor. Public interest was nt a low ebb.
In fact, almost an unknown quantity.
In the matter of news influences, the
further improvement in the foreign
situation was offset by the rather dis
appointing bank statements on Satur
day. The slight strengthening of the
Federal Itccrvo Hank reserves wns off
set by the deficit in the Clearing House
statement. In neither case, however,
was there much hope offered of any im
meintc easement in mcuey innrket con
ditions. At the same time attention was
also attracted to the money situation by
the statements of western baukcrs in re
gard to the need of funds from crop
moving purposes. As the money situa
tion is generally conceded as the para
mount factor of the current market
situation, it wns not, tlicrefmo. in nny
way surprising the market hesitate und
waver, und If anything, show an in
clination to droop. In truth, it was
more Mirprisiug prices held up as well
as they did under the circumstances.
Call money opened nt h per cent aud
apparently waH freely available nt this
rate, but the demand wns small because
of the light dealings.
LOCAL UTILITIES
INCLINED TO SAG
" - ' i . ; i mWi.ii i '' " " iwinii'i ...;'.....
jfew YORK STOCK EXCHGE TOAretlO 1
v ' '
Both Rapid Transit and Phila
delphia Electric Under
Selling Pressure
Boles West vood
MsnibcrS Phila.j5lock Exchange
A good investment is worth
a lifetime of labor.
LanATitle Bld& Philadelphia
PHONE- LOCUST E01S
Commodity Markets
I Interest in the local market continued
j to center almost exclusively in the util
ity stocks. llv reason of the nromUed
I important developments at today's
meting ot the unpm Transit directors
the movement of that stock was watched
carefully. Little light, however, wns
slusl on the nlans of Mr Mitten, in so
far as the trading went. The dealing. full of sranll selling orders this morn
were miriv aciive. oui nrice wns in-' . , . .i-niinn,! ahnmlr Tin.
clined to sag. which, however, was to ng and prices declined sharply. lhe
Sal's
300
100
100
ZOO
100
.100
301)
100
2J0O
100
700
ZOO
ZOO
too
1000
300
409
100
400
300
100
300
ZOO
too
ZOO
1Z00
100
100
1700
100
000
100
700
100
100
zoo
100
7000
000
300
100
100
100
Z300
1100
100
100
100
too
zoo
700
1301
390
1-00
300
100
100
1810
100
DIV.
In tilth
. . Adnlns Express n
. . Advance Tlumely .... 33
0 Advance Itumely pf . . 13
e Ajnx Rubber 89 Ji
.. Alaska Oold Mlncn ... IH
1 Allls-Chntincrs 36
7 Altls-Ch.ilmers pf .... 70V4
8 Am Agrlc Chcm Sl
8 Am Meet Sugar . . . H7!4
10 Am noscli Magneto .. 00
7 Am Hr Shoe & Fdv. . . "
12 Am Br Shoe & Kdy pt H!)U
. . Am uan wi
7 Am Can pf ooji
IZ Am Car & FMy 131 V,
so Am rrug Syn loji
7 Am Hide & Ix-nther pf 87ii
7 Am Smelt A Itef pf . . 004
1 Am-La Franco Entr... UK
6 Am Locomotive 00
.. Am Safety Razor 13
. Am Ship & com Z3!4
3 Am Steel Foundries... 37
7 Am Steel Fdrys pf.... 87
7 Am Sugar llcf 1Z3J4
n Ame Tel & Tel 95
0 Am Tobacco pf new.. 87!4
.. Am Tobacco B ZOO
7 Am Woolen 8fl?i
. Am Writing Paper pf 40J&
4 Anaconda Copper JS3W
. Assets Realization 3W
0 Atch Top & Snntn Fo 8.0',
B Atch Top A 8 F pf . . . 7.1tS
10 Atl Cut &W1SS,,, .1535S
.. Auto Snlcs Corp 891
7 Atl Refining 7 pf. ..104Ji
3.30 Baldwin Locomotive.. 1I3J4
.. Bait & Ohio...) 31T4
4 Halt & Ohio p 43Vi
2.S0 Bnrnsdnla Class A.... 40
8 Barrett 130
. Harnett leather 33
Bethlehem Motors..., Zl
8 Bethlehem Steel B.... 87Vi
Brklyn Rapid Transit 10T4
. . Butto Copper & Zlno.. RH
. . Butte & Superior Cop ZZJS
Cnddo fentrnl O & R 00 J4
California Petroleum.. 30'4
10 Canadian Pacific 12Z
A Central Leather 01 H
4 Cerro do Pasco Copper 44
10 Chandler Motors 07
4 Chesapeake & Ohio... 34 'A
Chlcaeo Mil & St P.. 3314
.1 Chicago Northwestern 0055
Chi U I & Pnc.
Chile Copper.
100 1.80 Chlno Copper.
3CH
J4Ti
aK
S3
37W
ZfH
HZ
any
3Z
08
ZOO . Clev Cln Chi & St L. .
001 l Coca-Cola
3000 1 Col Crophnphono . ...
300 7 ''ol (Traphaphone pf..,
100 7 Consolidated Cigar. . .
ZOO H Consolidated Textiles.
100 7 Continental Can pf . .
1000 l Contlnetnl Candy 12
1Z00 4 Corn Products Ref.... 93JS
100 7 Corn Products Ref pflol
100 2. no Cosden & Co 3714
2400 8 Crucible Steel 150J5
3400 .. Cuban Cane Sugar... 40H
300 7 Cuban Cane Sugar pf 7754
400 7 Cuban American Sug 47
20(1 10 Del Lack & Western.. 208
100 . . Denver & Illo Grundo 3
Z300 . Penvcr & B'o O pf . . . SJ4
300 l Pome Mines 10J
100 . . F.lec Storngu Hal Rts 3H
2300 3 Endlcott-Jobnson .... 80J4
100 7 Endlcott-Johnson pf . .. 03
400 .. Krlc 1Z5S
100 .. Erie 1st Pf 10
000' 8 Famous Players L.... 74'!
100 8 Famous Players pf... 83
301 3 Flak llut.her 3055
300 7 Federal Mln & Smlt pf 34
300 Freeport Texas 31 5A
1100 2 C.en Am Tank Car. . . 74
100 8 General Klcctrlc 14155
ZD00 l General Motors Z4J4
107 0 Gen Motors deb 6.. 71
200 0 Goodrich B F 38
100 .. Gray Pttvls 2354
300 7 Great Northern pf.... 70
100 Ouf Mobile & Nor 1254
200 4 Haskell & Barker Car 7154
100 . Hendee ctfs 20JJ
300 Houston Oil Co 103
2500 1 Hupp Motor Car 14 Ji
200 4 Inspiration Con Cop... CO
200 .. Int Agrlcul Corp .... 22
100 7 Int Harvester pf ....10555
100 o Int Mer Marino pf . . . . 81 34
300 .. Internat Motortruck.. 53
300 .. Int Mo Truck 60 pd 3ZJi
1500 .. International Nickel.. 1855
100 .. International Paper... H2J5
0700 .. Invincible Oil Corp... 44
300 . . Iron Products 44
2:30 Net
tow (NYtm) Cbe.
33 54 3V5- 1
33 -C3
-3055-
1H
30 4
7055 '
81 -HOJi
95X-
00
8054 154
30 55
00J4-
13454-10-
8154-
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00 -15
-
2354
37
87 - H
123 55 - 54
01Ji
8755 155
201
33 -
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7355
15355
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10494-
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40
130 -
55
10M-
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4455
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51
3355 1
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3055 -14
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30 -28
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101
3714
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208 -
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1091 4-3H-
70 -03
h
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194
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3550
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87
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8754
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8054
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13355
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104
114
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130
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51
3355
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1094
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741,
14155
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102
14 !5
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1854
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4394
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155
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9
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Va
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94
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54
54
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55
94
14
IK
'i
its
1
S1mi
101)0
100
000
400
500
r.on
100
100
200
3300
100
200
100
700
100
100
4100
100
2000
800
100
ZOO
' 700
300
300
1100
too
ZOO
100
100
100
100
1300
300
700
200
500
2000
100
500
100
2800
100
100
100
100
2100
2500
0300
ZOO
300
2000
2800
000
2800
.TOO
100
1300
7.(00
200
800
15500
100
100
100
4800
7000
100
300
3700
800
2200
400
Z'JI
803
ZOO
100
1100
000
300
100
300
250U
2100
300
100
4500
500
12000
300
100
100
11300
800
300
300
1500
100
100
200
100
20.1
300
800
700
300
000
100
300
IMv. '
In Jtlntv
. Island Oil ........ oi
,. Kan City Southern.... tyt
4 Kclly-Spg T OI54
t Kcnnccott Copper 2sj
1.20 Keystone T & 11 28H
0 Lackawanna Steel..., 72
., Lake Erfo A West... It
. . Lake Erlo A West pf ID
2 Lee Rubber Tiro 21
2 Lociwo Co 2294
. . I-of Corp IS-
12 Irlllard Tobacco 130
7 ioulsvlllo A Nnshvlllo DO
,, Maxwell Motor 15
,, Maxwell Motor ctfs... 13
. . Max Motor 2d pf ctfs 12
10 Mexican Petroleum... 00
2 Miami Copper 20J4.
.1.60 Middle States Corp... 21
4 Mldvale Stet A Ord. 41
. . Minn A St Lou In . . . , 1354
. Mo Kansas A Texas pf 11
. . Missouri Pacific 20
2:30 Net
Iw (NYtm) ChK".
Missouri Pacific pf. . ,, 43
,. Montgomery ward..,, 32
. . Nnt Aniline A Chcm. , 7054
7 Nnt An & Chem pf . . , 02
3 Nat Cloak A Suit. . . . 5055
0 National Lead ,,, 70
0 New York Central.,,. ,08K
2.00 New York Dock 33
3 Ney York Dock pf.-... 48
. , New York N II A II, . 30J4
7 Northern Pacific 73
40 Okla Produ A Ref. ... 4
8 Otis Elevator 125
4 Pacific Dovol Corp.... 44
0 Pan-Amer Petrol iotg
Pcnn Seaboard Steel.. 23
3 Pennsylvania It R.... 30J4
.. Peru Marquctto 24
.. Plerce-Arrow Motor... 48J4
8 Plerce-Arrow pf 02
8 Pierce Oil pf 8254
n Pitts Coal roVa
3 Philadelphia Co 34
. . Punta AlegTo Sug rts 01
4 Pure Oil Co 4054
4 Heading 0094
2 Reading 1st pf 41ft
.. Replo Steel 82
0 Republic Iron A Steel 0054
0.20 Royal Dutch Amcr. , . 7094
.. St Louis San Fran... 24 914
.. St Louis Southwest... 18
. . St Louis Southwest pf 2094
,, Saxon Motor b55
.74 Shell Transport 70
. . Sinclair Oil 3054
n Sloss-Sheff 00
0 Southern Pacific 9294
.. Southern Rail 28K
3 Southern Rail pf 58
7 Stand OH of N J pf. .10555
4 Stewart Warner Sp... 3955
4 Stromlierg Carb 80ft
7 Studcbaker 08ft
0 Superior Steel 50
. . Tcnn Cop &. Chem. ... 10
3 Texas Co 4555
Texas A Pacific 39
.00 Texas & Pac C A O. . 40
. . T A Pac C&O fl pd ctfs 44 ft
. . Times So Auto Sup. . 30
0 Tobacco Products 00
.. Transcontinental Oil.. 1154
8 L'nlon Has; A Paper. 87
. l'nlon Oil 30J4
10 L'nlon Pacific 11596
4 l'nlon Pacific pf OSVa
3.BO : S Prug 1st pf 45
12 United Krult 100
y United Retail Stores. . 7234
8 U S Iml Alcohol 8755
0 I S Food Products... 95
. I S Realty A Imp. . 58
H IJ S Rubber 0155
8 U S Rubber 1st pt...l044
5 I' S Steel 01
7 U S Steel pf 10794
fl t'tah Copper OG55
0 Utah Sec 8
B Vanadium Corp 83J4
t Va-Cnrolln.i Chem.... 7054
2 VIadou Inc
. . Wabash
. Wabash pf A
. . Wells Fargo "xpress.
. . Western Maryland .
.. Went em Paclllc
7 Western Union Tel .
4 Westmghouse U A
. . Wheeling A L K...
4 White Motor
1 Willys-Overland . . .
5 Wilson A Co
WooUvotUi F W...
7 Worth Pump pf A.
0 Worth Pump pf B.
10J4
896
239-4
6254
OK
3854
.. 3255
M 4S'5
.. 1055
... 5054
. 18
.. 3055
. ..106?4
. . 84
. .. 61
655
10ft
01
2555
2054
7155
11
10
24
22
15
130
90
15
13
12
88
2055
30ft
4fH
t3'5
11
25J4
1J4
33
7S54
P3
5 5
70
78K
32
48
2034
7155
4
125
43
10034
23
30K
24
4755
03
834
5954
34
80 J4
33ft
88y!
41ft
80! 5
8955
7554
24 K
17K
20K
855
6934
2054
60
OZ54
2754
58
10555
3055
80ft
67 'A
50
9i
45
3894
4454
44
2954
0554
14 54
87
3054
114ft
05 54
45
108
7055
85 Va
6455
58
855
104
00
107K
0055
H
SO
co 54
10
Wa
Z394
6Z54
094
2854
8255
4855
1054
60
1731
5555
10GK
84
61
0J4- 54
10ft- 94
0154- 334
2555- 54
Z0K ..
7155- V
1154
in 2
24 - I
23 - ft
13
130
99 - 55
15 Va
13 154
12 - 3
81 - 154
2055- S4
205- 14
40K- K
1354 14
11
2554- 14
4136- W
33 - 96
7054 n
92 155
65-2
70 96
08K 1
33 - 114
48-2
2934 ..
7155- 54
4
125
43 - "
101 - ?4
23 - 54
39ft 54
24
4755- 14
92-1
8254 ..
6954- 1
31 - Va
8955- 154
4054 . .
8S55- 1
41ft- IK
8055- 2!4
80K- Vt
7354 . .
21K-
18 IK
2934 54
855 - 54
0934- K
2954- 1
00 - 34
9254- K
2734- ft
58 - 55
10354
30J5- 54
82 - 4K
0755- 194
50 - 254
034 ..
43 - 34
3834- K
43 - 154
4454
2054- IK
0354- ft
1454- K
87-1
301-5- 154
13
0554
45
198 - 1
7055- IK
85ft- 155
r.45-5 194
58
8055- 255
iCKWIilf
BY ASPHALT SHARES
Traders Offering Issue Find
Ready Domand Indus
trials Quiet
New York, July 20. The feature on
the Ilroad Street Curb market was the
conflicting operations in General As
phalt, one group of traders offering that
stock down, but meeting a demand that
was moro than sufficient to absorb nil
the offerings. After it dropped to 02,
there wns a quick rally to 04. Mid
west Refining was strong in the early
trading, advancing to 102, but later re
acted to 1G0.
Other oil stocks made slight changes',
most of them showing fractional losses,
The Industrials were quiet and with
out special feature. North American
Paper sold nt 7. There was a moderate
amount of business in HerculcB Taper nt
27. United llctall Candy sold at 1.1
to 13V0.
United States Steamship was dull
with a small amount of business at
2& to 2.
1NDU8TBIAI.8
HlKh
Hi
Acme Cos I
Chlcnito Nlppla
I) W drlrtllh
General Arphult
Hercules Taper
I.IckcU Intl
North Amor Paper ...
Perfection Tro
Itnillo Cum
lladlo Com pref
ltalnlr Motors
Standard Oim & dec .
V 8 Hliih Hpetd Tool..
U t Steam
H"!!,! nm Hharlnu
United Rot Candy . . . .
, 144
. 1
US H
'.10.'
-'Vi
3D
ll'i
31
-
13.
INDKl'KNDISNT OILS
Allied Oil :.
lioone on ; ,.
llOHton Wyoming ....
Cltlea Service II ctfs,
( unhlng Pete
rciK Hunln ret 8
Engineers Petrol 1
r.Rineruiua uil A
Low
14H
in
St
1U2
it
30
ll'i
30 K
14
13.
I.aat
1'.
144
1A
III
27
is
30
II ',4
31
k
IV.
33J1
Olonrock OH
ini i-eiroi
l.unco Creek . ,
l.ee Hlone Pet .
Mcrrltt Oil ....
Mldwent Hot . .
Omar oil
Hoy de Kri.nco
Helt Creek l'lud
Shell Trnns rts
Slmms Pel ....
Kkelly Oil
Huprrlor Oil . .
Texi.B Hnnicer .
Un Texas Oil . .
Victoria Oil now
Vulcuti Oil ...
.HININfl
Alsaka Hr Columbia
Ilia Lcdirn
IViit ti Mom
Oiled Mln
Calumet ft Jerome
Canada Copper
. . 34
.. 54
. . 15
.:'.
.. 3i
mm
-"Ji
10H
10 4
t
3
1.'.
3.1
3J
'4
IN
1 .-.'
l.-.ll
H.l'a
nvi
1
35i
.si!
77
Cona Vlrelnlu
uoricz Ml.ver
2V,
nt
31
4
a
33
.i
m
13U
3'4
B
.t.iVi
X0V4
10!1
tuL
. .
5Ji
10S
JU"
U"
l.S.
11
Kx-dlWdend.
101 -
0054
10734 0055-8
8054- 3K
0054
1054
8K 2354
0254
0K-
284-f
10J4
5054 1734
5355-100H-
844
01 - 454
154
94
94
'94
54
54
54
K
54
54
54
i
GRAIN MARKET
Chicago, July 20. With the news
over Sunday bearish the wheat pit was
Cleve. Elcc. III. 7s, 1935
Dayton P. & Lt. 7s, 1923
Equit. III. Gas Lt. 5s, 1928
Georgia Rwy. & Elec. 3s, 1932
Hershey Choc. 7'2s, 1930
U. G. I. Cs, 1921
B0ENNING, GARRISON & CO.
STOCK EXCHANGE HCILDINO
DIrtet Private Telephone to New York
Member 1'hllu. Htoett Kxcbunta
be explained in the limited buying de- , weather wns very favorable, with cool
off to 14, and the desultory
ni.nntl.14v easy stages the price eoheil , , ,., t ,t10 nrl.,i? hent re
A. am tie dcsii torv character' i-"i'" -
of the selling indicated that the more
urirpnt linuidiitinn hnd been comnletejl.
The local financial community still
adhered to the policy of reserving
gion.
In some qunrters fears were expressed
that cereals would become oversold.
opinions until the plnns of Mr. Mitten .Transportation conditions were consid
were disclosed. Much, of interest, of I orP(. nKini(t further loss-, but gencr-
ei'iii.'ir'i 111 111.- iiieuny ui mr '
course centcrc. in tne 1, jenny ot " ullv sentiment was against the bull side.
men who uoiild replace the so-called "'"of wheat reported no new
banking Intere.-ts on the. board of di - , ' , P . ... . ',,, .. ,.,.,
! ":, ;l ""I" '."'uJVhULV'" '. Krituin and Italy ero out of the mar-
succeed the recent banking backers ot h,'norf.ml)(,r op(,ncll at $2.r,2 to S2..-.1.
ni?i."TlUi,i 1-1 . . . .. ! against $2.r.r ot the close Snturday,
Hhl .Qlell'!: '! h. !?ic "L I!"??0 ! and ,l.ned to $2.40. March openet.
time was oguin under moderate litiui
tlating pressure, which depressed the
price to a new low for the current move
ment at 214. (7u the other hand,
United (las Improvement was success
fully pegged ut 40.
Little was done in Electric Storage
Ilnttcr , which held steudy at 118, but
the wurrunts after
nt $2.50 to $2.55, compared with $2.50
at the close Saturday and uroppcu ti
$2.5.''..
There was general selling of corn
through commission houses and the
market wns weak. Htop-loss orders
were reached on the way down. Buying
power was virtually nil nt the out
FOREIGN EXCHANGE
New York. July 26 Kuropean ex
changes were firm In the nominal open
ing prices on the foreign exchange
markets this morning. Demand was
up xh cent: francs rose 17 points nnd
llro 16. Mnrks were up 4 points.
Other ouotntlons were:
Demnnd sterling 3.78H, cables 3.79',i ;
franc cables 12 S5. checks 12 87; lire
cables 18, checks 18.01 : Belgian cables
12.05, checks 1ST ti" , Swiss cables 5 78
checks 6.80; guiltier cables 34,., checks
34 V4 ; pesotas cables 16.70, checks 15 65 ;
Stockholm cables 2160, checks 21.15 ;
Chrlstlanla cables 16 30. checks 16.28;
Copenhagen cables 16 20, checks 16.16;
marks 2. 36
Tho receipts of higher tmotattons from
Loudon nt the opening brought otTerliiKs
of sterling on the local market. De
mand eased to 3 78 cables to 3 "83J ;
franc cables eased to 13 01 pheeu 13.05;
lire cables 1R 15. checks 18.1 f : martcs
2.36; drachma cables 12 10 and Argen
tine cables 11 :i
SATURDAY'S PINAL QUOTATIONS
Sterling Primes Llrn Guilder
Demand ... 3 7HV. 13.17 18 4T 34.3.1
Cables . . 3 70 13 13 18 43 34.00
TODAYS OPENING QUOTATIONS
Kterllne Prunes Lire Qulldera
Demand .. jjs vj xt ls.tu mu
Cablea .. 3 7!U4 l'j.HS 18.00 31
Noon Quotations
BtorllnB 1'rnnrn Lire dulldors
S 7N 11 0 18,20 34, no
, 3 78. 1.1 00 18.18 34.53
Specialists in
German Currency
BOUGHT AND SOLD
Orders may be wired
collect
DEDRICHSON BROS.
IS Broad St., New York
7VI Hanover 7885
opening unchanged 'wU bllt thp br(,nlc run into ri.sttng
v! 'i 'n .r.i", ders which nbsorbed the surplus.
4 firm
at 1!. yielded to 17 'A. American , ' w,ieh nbsorbed the surplus. The
Stores wa , lower, but Pennsylvania 1 .,..,. .u ., ! .1.., ,'rn ,h
'"'"J"""" Senfe.nl.er nnenpd nt SI. HO
Suit gnined us much.
Itailrond was fairly firm. Lake Supe
nor was ', better nt 1,4.
I
Philadelphia Stocks
Hlfh Low,
45 Am Strs. 44 4U.
40 Klec Stor.llSVj 117'! 11
1 30
p. m.
Net
chge
43i
. Vi
lOVi 2Vi
GEO. A. HUHN & SONS
RTorn. wii novn
MrmlM-rs of the I'hlladrlphlu. New
York and Chlcnito Htork Kxihancei
.New York Cotton Kiclmnce
Commlaolon Orders Executed In
All the Principal Markets
UEIAEVL'II COVHT IILDO.
141R Walnut Ht.
NEW Yi.IlK OFKICB
111 Uroadwiiy. New York
3n, nun
Jtmulrr ln A 1 Hl Comiwny
V. H, llubler Co Trn-ear
1'hlladelDhlu Klertrle Co.
Ylrrlnlu rower t'ompuny I'lrst
l'eople'a IMfcs. Itiillnny tk, Tr,
HiraeuM. Ltaht Jt Pourr ( on.p.iny
llrerk Ireek Kallnsid ( o. Klna
Tlor-Vi'harti Iron A Meet t'o.
I'hllndeli.h'.a Itapid TnuiHlt Co.
Il'alerluu. Cedar Kulls .V Northern
Indiana, Columlnia A K-istern Trae. fla, 1B26
Samuel K. Phillips & Co.
Mrrnbera rhlhitlelnhla toeU i:rhance
307 CHI XT NTT ST.
Npw Financing by P. and L. E.
Wathlntrton, July 26 The Pittsburgh
nnd Lake Krle lliiilroatl Co. asked tha
Interstate Commerce Commission s per
mission today to Issue promlsory notes
UKBrigallng $2,225,000 A henrlng will
be held July 30 on the road's previous
application for permission to issue equip
ment trust certificates amounting to
92,400,000.
Prices Firm on Paris Bourse
Pari. July 26. Prices were firm on
the Uourse today. Three per cent rentes
were quoted nt 68f 40c; exchange on
London. 49f 27c; 6 per cent loan, 88:
05c, Tha dollar was quoted at 12f 96c.
!4K do war. 10 1(1 Vj
25 I Co N A 28 Mji
100 Lake Hup 13 13
15 Leh Val.. 43 43
232 Pa ft It.. 30 30
10 Pa Halt.. 00 00
121 Phllit Ins
Wire .. 51 Vi 51ib fil',
in piiiin a
cum pf. 31 Vi 31 Vi
1400 Phila Rice 22 21 Vi
3271 PhiluUT 15 V? 147,
345 U (! I... lO- 40
125tl'S Steel 110 OOVa
Net rhanee made by comnurlon with last
(ale on New York Stock Eichanne.
Silea In IIONIIS 1.30 Nt
SIO11O HlKh Ixrw p, m ehi,
Am (ias &
1 Klee 5s. .
1 1 Clec &. Peo
Tr 4s ...
21', Lih Honds
4th -Vs. 5.22 85.22 85.22 .14
28nf
13
43 ..
30 . .
00
31V.
21V4
15
40 ..
1)0 Vi
nt 51. 50 V. to
S1.W, against $1.53 at the end Sat
urday." and sagged to $1.48V. De
cember was quoted at $1.35 to $1.34
at the outset, against $1.37. Sat
urday's last price, and later sold nt
$1.31
Commission concerns, led by enstcrn
interests, offered oats freely in the Ini
tial trading and the mnrket wns easier.
I'arly estimates were for 175 cars of
wheat, 200 cars of corn nnd 240 cars
of oats here today.
Ix-adlnit futurea ranired a follows
cmcaRo iime
I.OW
1:30
p. m
1 r.nu 1 M lis l.llH: 1 (13
. 1.304 1 BOVi 1.4Bi 1.47',4 1.3154
n
n
ri
Cs, 1020
7Vis. 1B10
On, 102
rH, 104.
4a, 13
Sn, 10,11
4. 103(1
J? ii 1 Vic N 4s. 05.70 05.70 05.70. ,
--.. ....
f'orn (new delivery)
(pen Hlsh
lulv
.spt
oata
July . . RS RS
Hept .. 7.1 H 7.1 M.
Mpt 28 00 2h 00 t20.07 t20 07
L.ird
S. pt 10 13 10 1.1 1R.B7 18.37
Hlbs
sept . in no 10.00 10.2s in so
Hid Aked
Sat.
clnae
83 V4
72"4
84 H
73 ;
COTTON MARKET
York. July 20. Tin
885i
7.1 H
28 20
10 22
10 70
cotton
52 Vi 52', 52 '4.
1 Pennn It It
temp ctfs.1023, 102 102
2 Itend'g g 4s. 70 70 70 M
0 United Hwy
Invest 5s. 70 00 70 1
BUTTER, EGGS AND CHEESE
.New tork. July Ul -HI'TTBR, Stendy.
nereipti, B5KJ tuba. Creamers, hmht-r than
excraa, nil' .17c: rredmery, extrua (2
acoro), 5ilc reamr tlrfta 188 to 01 heorei,
r.'J'O'sr.Hc, pocl.lnit ttoik, lurrent make N
1. 44e.
i:tlUS Bleadjr lleeelpta. M Vi rmea
Kreah cothered extra llrata nifi.llr fresh
gathered drata, 47r.0r. tnto, IVnnalvnnla
and nearby weatern hennerv whltea, llrata to
extraa, ttltPlOc. (tale. I'ennaylvanl.i and
nearby weatern hennery browna, extras, 00
(TrUOr. state, prnnnylvanla and nearby uath
eretl browns and mixed colora, ftrsta to ex
traa 47WBSC.
CHKUHK Steady. Itecelpta, 448.1 boxes.
State, whole milk, llnta. eurrent make whl'e
and colored apeLiala, 27'928e. do, averaK"
run W'JUVio atate, ubnla milk tnlna, cur
rent make apeclal. 370270. do. avrrsfce
run. 2020Hc.
NViv
market opened bnrely steady at 10 to
22 points decline today. Selling was in
fluenced by weak cables, favorable
weather in the belt und bearish prlvute
crop accounts.
There was n better tone to the textile
news from nbroad as well as from soipe
points in this country. On the setback,
a fair amount of trade demand was
noticcnble.
The bulk of the buving came from
shorts, who had followed the list down
during the severe break of the last week
and were tnldug profits. London re
ported a better tone in the hcruritlcs
market there, resultiug from the Im
proved Polish situation
Tlie South was a moderate seller of
near und buyer of distant positions 011
and after the opening.
Later the offerings decreased nud
prices recovered most of the inltlnl loss,
N Y. tlmn
J'revtous
lon. Open
October . .
Dacembor
Junuary
March
May ....
33 112
.'11.1:0
3U .17
20.73
2S 00
.12.81)
31.10
80 42
20. B.I
28 80
11.33
a. m,
32 71)
30.00
30.13
20.32
28 00
1 00
P. m.
32. 113
31 13
20. SO
Financial Briefs
Tho average price of twenty active
Industrial stocks advanced 0.22 per cent
on Saturday to 89.85, while twenty rall
reads declined 0.03 per cent to 73.
The New York Subtreasurv gained
$141,000 from the banks on Saturday,
malting a cash not gain since Friday or
$59,000
The stock list committee of the local
exchange today udmlttctl to the
regular list permanent engraved cer
tificates for 25.000 shares, no par value,
ciir".nl. ?fk of tn,? Philadelphia Tn-
ou..... ,, ir.. io -me committee an-
iuu.i..'1-n in u me commercial Tiust Co.
Interlum tecolpts, tepresenllng the no
in 1 .Uu.B'V", CJl'lnl stock of the
Philadelphia Insulated Wlro Co. will be
stricken fiom the unlisted department
or the exchnnge at close of business
Saturday, July 31.
Reserve Banks' Discount Rates
OIllclnl rediscount rates at the twelve
Federal Iteserye Banks are aB foliowi:
L,'n. com' nkra.
Cremun (li.ld
Kureka Croeaua
Kureku Holly
(told Cona
Gual Drvel
I..ld Silver Pick
I-mm.i Hllxpp
Ilrclu Mlnlmr
Iron Itloatmm
Jumbo Extension
Louisiana Co
McNnmnra.
Marsh Mln
Mother Lode
Mother Ixide new . . .
Murray Moc
.N'lplsln
North Mtar
tlphlr Sller
I'rince con
Hex Cona
lloeheater Mines
Hop... Group
Silver Kins PlWdu
Simon Sil
Tonopah Ifelmont
Tonn Dlvido
Tono-JIm II
Tonnpah Iloscue Hula . . . .
Unl'ed K.istern
Victory
IIONIIS
Allied Pack fls CHJ
ti
7
I A
BA
A
';.7
.-.';
7(1
si.
s
.ii
1
9
Vi
13A
IB
2 V
0U
Amer Tel Da of
Armour 7
Anglo-Amer 7Ms . . ..
Ktnnerott Copper 7a
Pan-Amer Pet .
Rvvlsa BHs
Texaa Co 7a
West Electric 7s...
nromen 4a
Herlln 4s
Clerman Govt 4s . . . .
Hamburg 454 s
Vienna 4s
2i
11.1
Oil
H2Ts
H4'i
lsJ
07
21
24
04
31
J
00 .
:
0
B
0
4
.
..
B7
34
70
3
s
,JA
IB
09.
02
tl.1H
08
2's
1I4H
84 ti
I) SI',
24TN
I'll".
24
8?u
til
31
1
4v
liV '
II
n
4,V
A
n
National Properties Company
Bondholder' Protcctivo Committee
To the holder of the 4-6 Secured Gold Bonds of
National Properties .Company
A default In the payment of the interest due July let, 1020,
on tho nbove bonds hnvlnff occurred, It is .necessary for the pro
taction and assertion of the rights of tho holders of these bonds
and the conservation 'of the value of tho security pledtrcd that
concert and unity of action should bo obtained. The undersigned
have consented to act as a .committee i for this purpose anuTfor
the protection of tho interest of all of the holders of tho said 4-6
secured bonds who shall become parties to an agreement which
has been prepared, dated Juno 8th, 1920, an executed copy whereof
is lodged with the depositary hereinafter named.
Holders of said bonds are requested to deposit the same with
thn Pennsylvania Company for Insurances on Lives and Granting
AnnufuSlteofflceTBW Chestnut Street, in the City of Phlla
dolphin, tho depositary named in the said agreement, not later
than July 26th, 1920, at three oc ock P. M., when tho right bo to
do will cease. Said depositary will issuo transferable certificates
of deposit therefor. All registered bonds must bo accompanied
with proper transfers thereof.
Your Committee submits to you for your consideration a
plan based upon an offer from an underwriting syndicate, a copy
of which is on file at tho office of its depositary. By the terms
of tho offer, it must be accepted by your Committee on or before
tho 20th day of July.
Your Committee accordingly has extended the time for the
deposit of bonds until tho 26th day of July nsxt.
AJ1 the depositing bondholders are requested to express their
approval or disapproval on or before tho 26th day of July, 1920.
All bondholders who have not yet deposited their bonda with tho
Committee are requested upon the making of the deposit thereof
to express such approval or disapproval on or before said 26th day
of July, 1920, on which day the Committee must adopt or reject
the said plan.
Under the plan nil depositing bondholders will receive 30rr
of tho face value of tho bonds deposited by them in Common Stock
of The American Railways Company when acquired by the Com
mittee; the bondholders who elect to pay in cash, lVAVo of tho
face of their bonds will receive in addition 7 Second Preferred
Stock of The American Railways Company to the amount of the
sum paid by them, less the disbursements provided for in the
plan, nnd an additional amount of the Common Stock of Tho
American Railways Company of at least 100'o of the face rf his
deposited bonds.
Copies of the plan and the deposit ngrcoment may be obtained
nt the office of tho Pennsylvania Company for Insurances on Lives
and Granting Annuities.
Dated July 12th, 1920.
L. J CLARK. Secretary.
.117 Chestnut Street.
Philadelphia, Pcnna.
PRIC1IAIID, SAUL
RVAN RANDOLPH, Chairman
John cmtnnKL.
AKTHUK V. MORTON,
John j. iir.NuiinHtis,
E. CLARHNCK MILLKR,
Committee
UAYARD EVANS
Counbel.
11
f.7
T.
711
;
3
,v
n
,
l
l
!3A
1.1
2
OH
co ;
02
Il.l s
08
H2t
ni
84 V,
ns
247"
21) "1
Demand
Cables .
BANK CLEARINGS
Iark elearlnas today ci mpnred with cor
responding day lant two enra:
1020 mil) lniR
noaton . J43.3dR.134 $40 074,00.1 38.2fi7.13s
N. York SSl.OlS.Ohli Jtl1.4S4.713 300,117,003
Baltimore ia.hX7.7R.1 13,803,307
Phlla.. . 710.11217 19 702,22(1 Slt,S23,07U
MONEY-LENDING RATES
NEW YORK Money on cnll, both
classes of collateral, opened today at 8
per cent for lending and renewing.
There appealed to he a fair supply of
call money available nt the 8 per cent
renewal figure hut no change In condl
tlonn wns discernible In tho tlmo money
mniket. which was t per cent bhl
In prime hank acceptances, rntes were
unnltered at Ci hid. (i1 per cent asked
for ninety-day prime New York mem
ber bills; O'i per cent hid. G per cent
asked for sixties and nfi G per cent
for thirty-day bills New York prime
bills continue scirce. Tho domnnd Is
fair. Thore is a good supply of prime
out-of-town hills
It Is to be borne In mind. In com
parison with mercantile discounts,
there Is to be added to the nbovo rntct
on acceptances the 1 per cent com
mission Prime mrrcamtlo paper continues only
nominally aitlvo In New York nnd at
tho other principal eastern centers, but
Is movlny In larger volume than of Into
In the interior
The country banks are buying paper
and rates are tpioted at 8 per cent
m'ilmum ith some transactions nt
7Vj'j7A, per cent on spcclul niatellitl.
PHILADELPHIA Call, 6 per cent;
time, per cent : commercial paper,
throe to six months, C per cent.
(Note Tlicso aro merely nominal
quotations, as tho legal rate of Interest
In the state of Pennsylvania In fixed at
C per cent Plus premium and com
mission time money for thirty to ninety
days Is loaning at 8 to 8V4 per cent,
wliila cor.imerclal paper from three to
six months Is being offered at 8 to 8V4
per cent
LONDON -Money Is quoted nt D',j
per cent Discount rates, short bills,
G If Oi'j per cent; threo months bills,
G'aiijG 11-10 per cent.
CHICAGO BUTTER AND EGGS
Chtruco, July 2(1. IHJTTHR. Unchsiiuid.
Creameiy, 4.1'. 3 Ic
Kfl(lHITi, t, , ..FU,1 l.ul nu .1 r.ni na nH
Plrsta, 43il4l'4c, ordinary firsts, 404P42C,
ut mark. cat1 Included 42 043Aci atoruk'e
rt.Iti? 'ruB sue, storage paiKru nraia.u
W-W73U. .,
Treaa
ctfs
t.i
r.ij
.14
to
Ilonds
(I
tl
Paper Accpt.
..
Ponton
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chlcairo
St. Louts
finneapoll4
Kansas Clti
Dallas
Un t?nnl..
oim i a- i ii i iv i pi, it iu ( a
t ijmcouiit. rate corresponds with In
terest rate borne hv ..., ..",",..:..
M collateral with minimum 'of B per
ef-nf 1.1 friA .no.. .. m... .... '.
lanta and
cent In
;
n
.V"i ll
4'I fl nv, ,n,
i'i a
til ,1V.
p. W.-.w ,iU
n
II
cent in tho case of Phhfwiiv,i
4htiiiniAM i II v iiriii kiz. nw
the caso of Sa'n Francisco,
DIVIDENDS DECLARED
Colorado ruel and Iron Co
,,ii ui. .ui.i.i.un .inn
nuarterly
on preferred, bo'
payable AUKUKt'20" to Mok of Record July 31?
NEW YORK COFFEE MARKET
Now Yorlt, July 20. The market for
coffee futures opened 2.'1 to HI points
lower on the easier Santos market, n.s
rt ported iu the enrly odicinl cables.
Santos mode a show of steadiness to
ward the close of lust week, hut this
morning's weakness there, with n d...
cllne of 7." to 2.10 rels, brought out re
newed selliug here.
Trading, after the call, remained
quiet and prices held close to initial
figures, operators being disposed to
await further news from Snntos.
There wns a sliurp decline in firm
offers from Santos Inst week, nnd prices
look very cheap in comparison with
spot prices. Home small business was
reported transuded with local Im
porters. As usual, Santos shippers either
withdrew or raised their price as soon
as they found buyers, even though for
a very limited quantity of coffee.
(N. Y. time)
Trev eloao Open 11 a, m.
September . 11 03 G 0.1 10805182
December . 11.2:4(12.1 l(i.!)2H!li,1 lO.OO
March 11 !l3nr. 11.051800 11, OS
May I1.384l lt 00 ....
Hid
y iifmntua-itiwa
I
H
$
The Midas Touch
Not long since, one could hardly give away
Canadian pulp and paper securities. Paper?
Money in pulp and paper? Who could be
lieve lt?
Very few people very few but their names
are writ in Canada's industrial history, and
wealth has come to them because ,of their
faith and vision.
It has been our privilege to qem the confidence of
many thousands of Investors who have trodden the
upward path to prosperity as tho result of their
early Investments In these securities.
But so far they, and we, havo only gone along the
path. The broad highway Is still before us.
If you would travel It and share In Its potentialities
and profits write and we will udvlso you when, and
In what, securities to invest. Address : 83
AGENCY OF '
Securities
CORPORATION
(CANADA)
LIMITED
165 BROADWAY NEW YORK
aEK&
RwaS
timwwmT'Trnt m'itiitwrriKi;;i:mmTxza'
GOVERNMENT BONDS
lifan
Panama coupon 2a
Panama registered 2. lMil.
Panunm coupon .'. iu;is
Panama ..oupon 2h, llils
Pnnnma coupon 3s, 1001
Panama registered 3s. Hull
Philippine 4s. 1H34 .
Philippine: 4. 103.1 .
Phlllpplno 4s. 1030
IJ H Oovt coupon 2a. I03O. .
U H Oovt reclatered 2s, 11)30
If H Govt coupon 4s. 1023
U H Oovt registered Is. lD2r.
Dlst of Columbia 3-115, 1024
Hid
100'.',
100'i
100'
inn'i
77
77
7S
7S
78
.1004.
tnn,
10B
ltl.1
P.I
Ask
1014
1014
10 Hi
1014
81
St
h.1
S.I
S3
1014
1014
10.1
103
BAR SILVER
Domestic bar silver was quoted In
Now York todny at 99 Vie, unchanged :
foreign 95c, up 3 He. In London the
price wns 2d higher, at 60"id.
w
EQUIPMENT TRUST CERTIFICATES
1. C imp any reports current earnings
equal to principal sum of Equipments
every five days .
2. Equity in Company indicated by
stock listed on New York Stock Ex
change about 6800$.
3. Cash equity in Equipment--33.
4. Issued under Philadelphia Plan.
Price to yield 1-fa.
Circular upon application.
Frazier & G.
Broad and Sansom Sts., Philadelphia, Pa.
Income payments
12 times a year-
The purchase of securities with no
thought to coupon and dividend dates
often results in the investor receiving
his income only two or four times a
year.
For those who like to have their
interest coming in every month we
have selected a group of well secured
investments which meet this require
ment. The small investor will be
especially interested in
this list.
GEOWKENDDBICK 3rd V CO.
"jLf&jnMers
U3l WALNUT ST.
.Mtmbtra New York and rhlln
selphla HUck ExeUanrts
If
PHILADELPHIA.
Tclephanrai Hell Spruce 0420
Ue stone Hue 1131
TnillWIIUIIIIIIIllllll!P-
MOBILE & OHIO
ST. L. & CAIRO R. R.
Direct, Closed, Underlying
FIRST MORTGAGE As
1886 1931
RATING An
YIELD OVER 7.50
MARTIN & CO.
1411 WALNUT ST.
PHILADELPHIA
Bonds for Investment
ri-c'i'nr fTpi Pen. .eat,
The National City Company
Correspondent Ofleea in Oetr CO Cltitt
Philadelphia 1421 Clif.tn.it Ht.
Atlantis Cltr lt:s ItonrdwaJk
Attractive New Issues
Budd Manufacturing Co.
6 Serial, lit Mtr., Yitld llo
S. S. White Dental Mfg. Co.
8 10 Yr. S. F. Notei, Yitld 8
Spicer Manufacturing Corp.
8 Preferred Stock, Yitld 8.16ro
Full particulars upon request
Reed A. Morgan & Co.
Members of tho Phlla Htock Exch.
H'cst Knd Trust Uldu , t'hila
NEWBURGER,
HENDERSON & LOEB
Jlem&crs New York "xd
Philadelphia Stock Exehangn
1410 Chestnut St.
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