?(Hi 18 EVlMltfG 'PUBLIC LteMEK-PHlMDBIiPHlA, , IEDNESDAYi Jtf' 28, li ,e r ,'. I t! V hi , Municipal Bonds A diversified llst'of State ahd Municipal Bonds, in eluding Canadian Govern ment, Provincial and Mu nicipal Bonds, at prices to yield from a 5.20 to 9.00 Stnt en request for PE-320 MationalCitj? company Office In ever SO Cities rhll-dflDhlo 1411 Cheatntit St. AlUnlle rilr Chnlfonl- llloek 1J15 lloardwaik f . H, Canadian Conditions Are Reviewed with understand ing, sympathy and criticism, whore It Is deserved, In the latest number of Canadian Invest ment Items. In Canada, Invntment Item la considered to be on of tho liveliest private financial and co mm ere lalrevle -republished. So you may sac pect something worth while if you write for tt copy. Address! 83 aocncv or Royal Securities 'corporation (CAKOJO LIMITED 165 Broadway New York ..MHilllllL MTCHHi The Sugar Shortage In 1913, France, Italy, Russia, Austria-Hungary and Germany produced approximately 90 of the world's beet sugar. The estimate for the 1920 crop would indicate a loss of pro . duction since that time of at least 50 This condition should favor .domestic producers for many years. Have you any Ameri can sugar securities among your holdings: Send today for letter P-38, which explains their excellent possi bilities. George H. Burr & Co. Investment Department 431 Chestnut Street Philadelphia Offices in 15 Citie3 PENN PUBLIC SERVICE CORPORATION Fifteen Year 7 Cold Bond 95 H and Intereit, Yielding Over 8 During the past five yenra g-os-earning! have increased over l-57c. In tho same period net earning! have increased over 158 and are now twice annual interest charge! on entire funded debt Send for Descriptive Circular L-in E. H. Rollins & Sons 1421 Chestnut St., Philadelphia Boston New York Wilkea.Barre Baltimore Chicago San Francisco STOCKS MPROVE AFTER BAD START Losses In Early Trading Rocov ored Before End of First Hour J New York, July 28. Some scattered liquidation and renewed drives by bear trader-, caused irregular movements in the early trading on the stock ex change, hut it was soou evident that the Hltuatlon had been improved and the losses of thf firat few minute uprp fnl- ' lowed by gains during the remainder t tne forenoon. Generally, the market was ruled by the current reports that on Saturday the Interstate Commerce Commls-lou I will issue its rullne on rate nclvnnces. ' and it was assumed that this rating , will act ns a direct Incentive for buy- Iiir railroad securities and steels. I'nlted States Steel was made a tar- cet for bear attacks nt the nnenlnz nnd dropped 1 point to 80, but recovered this loss before the end of the first hour. Other steel industrials moved in the same way, Baldwin first declining ai to 109, and then advancing to 111. A similar movement was recorded In Mexican Petroleum, which, after fall Ins 1 point to 178, moved up to ISOtf. Reading and Southern Railway were again persistently bought by the -trong interests that have been accumulating theie stocks for several weeks, and showed gains after the first hour's trad ing. Central Leather had n further loss of to 5(P4. but also rallied when the improvement in the general list oc curred. SHARES OF P. R. T. TOUCH NEW LOW NEW YORK STOCK EXCHANGE TRANSACTIONS n Stock Drops to 13, the Lowest Figure Since 1915 Whole List Weak Price changos during today's session of the Philadelphia Stock Kxchnngc were to lower level; Ixisscs and gains were about equoll.v distributed nt the hesitant opening, although sentiment. In general, seemed more cheerful and conditions seemed to offer hope of a better market. The feature at the outset was pres sure against the chares of the Phila delphia Rapid Transit Co., which proved to be the target of traders nt the opening. An accumulation of over night selling orders was thrown into the market, causing a drop of a half- point from last night's close. With the disposal of these orders, quotations stiffened, but as the (P'-sion progressed new pressure developed and the price dropped to 13, a new low for the move ment, und the lowest figure at which the tock has sold since 1015. Union Traction, the only one of the subsidiary companies to come out. sacrificed a full point on sales of some 1300 shares. Other leaders In the list aNo showed declines. Asphalt preferred dropped a point; Lake Superior was off a quarter; Philadelphia Electric an eighth, while York Railways fell to 30. a decline of 1 point. Klectric Storage Battery was about the only issue on the list to show strength and, on n turnover of some 350 shares, gained IVi. Sale- loo 200 4300 2100 700 109 300 20) lOo 100 1300 400 800 (00 300 300 100 too 100 200 100 1700 000 too 600 1400 700 2700 090 100 300 100 400 2700 1000 300 2600 100 100 200 900 700 2800 309 Dlv. ln Hlth ..Advance rtumely .... Vi 6 AJax Rubber 4 . . Alaska Juneau O M . . 1 li .. Alaska Gold Mines ... Hi 1 Allls-Chnlmers 3454 7 Allls-Chalmers pr .... 75?i 8 Am Agrlo Chem 83 8 Am Agrlo Chem pf .. MVi 4 Am Bank Note iH 8 Am Beet 'Sugar . . , . ' 8J 10 Am Bosch Magneto . . 3M . . Am Can . a it 12 Am Car ft Kdy 1834 80 Am ETUg Syn 1014 .. Am Hide ft Leather.. 1 7 Am Hide ft Leather pf B0K 6 Am lee pf .$ Ame Intemat Corp... 7 1 Am-La Franco Eng... ll'i s Am Linseed 744 7 Am Linseed pf 8014 Am Locomotive 03 7 Am Locomotive pf..,,100 .. Am Safety Rnxor 14 H .. Am Ship ft com 22H 4 Am Smelt ft rtef 7K 3 Am Steel Foundries... 35 7 Am Sugar Ref ItaU 10 Am Sumatra Tob MJi 7 Am Sumatra Tob pf . . 85 8 Am Tel ft Tel 04? 20 Am Tobacco 205 20 Am Tobacco B 100 7 Am Woolen 84 .. Am Writing Paper pf 47ft .. Am Zinc Lead ft Sm,, 12 ji 4 Anaconda Copper 54 .. Ann Arbor pf 2U .. Assets Realization. 1... 254 0 Associated Oil 80 0 Atch Top ft Santa Fe 70H B Atch Top ft S F pf . . . 73 10 AtlGuf tWI S3.... 151 7 Atl Kenning- 7 nf...l05 2:S0 Net T)-r (NTIm) Chse. 20J4 2IJ4 Vi 54 IX- w- 3354 75K , 83 85 -42- 85 80K- 37 K - 133 - MJ4 15 74 n 8J4-9214-100 14 K 22 -56K-35 - 117J4- 84 - 85 - 4 205 100 H 82 J4- 4714 4- 114 12 Ji- 14 52M- 34 20K- 3J4 2J4 'A 80 - 79U4- 14 72H- 14 148K4- 2N Philadelphia Stocks 1 30 Net High Low p, m chge. 10 Am Strs. 44 44 44 v. n08Elec.Stor.117 110 117 4-1 2.-1O do war.. 1G lGtf. 15. ', 1:00 Gen Asph pref. ... 01 80 SO 2 COflslandOil (! 0 0 ft 45 I Co N A US 23 28 . . 405 Lake Sup 12Vi 12 12 Va, Co Leh Nav. f0 .".0 50 . . 105 Leh Val.. 42V, 42 42 .. 768 Va. R R.. HOT, 30r'i 30?i 745 PhllaElec 21 U 214 21 2537PhllaRT Ilia, 13 13 1 1315 Vu Trac. 25 24 24 1 104 U G I... 40 Yi 40 iOY M 02 Uni Cos N Jer.lOl 104 10-1 .. 200tT' S Stppl SSVi oS'i 88V4 SO York Rwy pref. . ,'il 30 30 1 tNt chini mad b comparison with lait ale on New York Stc ExchnnBe. American Gas 7s, 1928 Phila. Elec. Cs. 1922 Syracuse Lt & Pr. 5s, 1954 U. G. I. 6s, 1921 Watioo, Ced. Falls &N.Ry.5s,19fO B0ENNING, GARRISON & CO STOCK EXCIIANQR niJIIJJI.NO Direct I'rlTsu T-lephen. to Nw vorfc Membfr. rhlla. Stork Ktcbunrs Ki!- In IIOSDS 1 30 Net ll!P'L. . - ll"h Low P- n cbe. 3 Elec 4 Peo Tr 4s.... 02U C2 52.. Vs Lib Bonds 1st 4Ss.. 85.80 85.80 85.80 .50 10Vj 4th 4Vis 85.10 85.04 85.04. 04 11 15 Nat Prop 18 Pennu R R temp ctfs.102 102 102 LIVESTOCK QUOTATIONS ChlM-o. Julj 28 CATTr.K n-eelpt-7000 had Opnil t-rty to trons on en nrf t-rs h-t rarllnca, 110 75, lia ilcht J1S '.0 plain tr and (rra-r-"lw nulk ilnn all wrlshtii I12K1U bo loijn bulla -low tnojt'y J07 2.1. bufher bulla -fnerally $HW 12. t "ahe" atock tadr othra wak bulk J5..'i0ff 10 SO1 can n rs 14 2584 70, veal calvea ateady, llit SO O 1 1 10 ht,,rkr cattl ateady HOOSite, eipt- 1SO00 head Un-venly, 1(V to ',, higher than Tuesday's general trad mtny held off market, top, us flu bulk light and butcher- 114 Soft 1.1 IS. bulk pacing annn JI3 40W13US, eood plirj larirel 1117191125 SHERP Krrelpts 17 000 head tVeM-rn lamba hijld ateady native weak to 2.V lower top natlM, A14.75, bulk nsoU',0 irood yearllns-, 12 50, aheep ateady Montana wcthera 10,7,1. heavy natlva ewei, 17 75 frter lambs 25e to OOo lower, bulk, 112 jo 15300 3.80 Baldwin Locomotive.. 111U 130 . . Bait & Ohio 31 Ji tOO Bait ft Ohio pf 43 8J0 s Barrett 138 700 .. Bethlehem Motors.... 10',4 400 s Bethlehem Steel 8314 3200 s Bethlehem Steel B.... 85 400 .. Butte ft Superior Cop 2014 400 ,. Caddo Central O ft U 1SJJ 2000 io Canadian Pacific 13114 100 s California Packing.... 08U oo California Petroleum.. 28 4890 5 Central Leather 88 100 4 Cerro de Pasco Copper 414 loOO io Chnndler Motors...... B0J4 390 4 Chesapeake ft Ohio... Ut 809 2 Chicago & at West pf 21 700 .. QllCJco MH ft St P.. 33 1300 .. Chicago Mil ft St P pf 40 100 s Chi Pneumatic Tool.. 81 J4 209 s Chicago Northwestern 8714 100 7 Chi & Northwestern pf 8914 4100 .. Chi R I & Pac 35 200 8 Chi R I & Pac 6 pf 61J4 1890 .. Chile Copper 14Ji 1200 i.bo Chlno Copper 2814 700 4 Coca-Cola 35?4 709 3 Colorado Fuel & Iron 3114 800 a Columbia Gas & Klec 54 4100 l Col Graphnphono 26 400 7 Col Graphnphono pf... 82 000 7 Consolidated Cigar.... 81 400 7 Consolidated Gas 75 890 2 Con Interstate Cal M 1114 300 3 Consolidated Textiles. 30 1890 l Contlr.etal Candy UK 3090 4 Corn Products Ref. .. 82 Ji 800 2.50 Coaden ft Co 35 3309 8 Crucible Steel 148 4100 .. Cuban Cane Sugar... 44 J, 100 7 Cuban Cane Sugar pf 77H 3700 7 Cuban Amcr Sugar .. 44J4 200 D Delaware & Hudson. . 80 330 .. Denver & Rio Grnndo 4K 200 .. Denver & Rio G pf... 814 100 .. Duluth So S ft At.... 4 500 l Dome Mines 10 100 12 Electric Storage Bat.. 115 500 .. Klec Storage Bat Rts 3 100 .. L'lk Horn Coal 20', 1203 b Endlcott-Johnson .... 77J4 109 ..Brie 1st pf 18f( 800 .. Krle 2d pf 134 890 3 Flsk Rubber 30J4 1309 .. Freeport Texas 21J 100 .. Gaston Wms ft Wig.. 11 100 s General Chemical pf . . 93 100 2 Gen Am Tank Car... 71 100 8 General Cigar 62 100 s General Klectric 13BH 14100 t General Motors 22, 1700 8 Goodrich B F tO'A 100 . . Granby Consol M & M 38 500 7 Great Northern pf.... 69 100 oo Green Cananea Cop... 28J4 109 .. Gulf States Steel .... 544 600 4 Haskell ft Barker Car 68H 900 .. Houston Oil Co 100J4 1300 l Hupp Motor Car 15 409 7 Illinois Central 82 J4 300 oo Indlahoma Ref 8 700 .. Inspir Con Corp 40 200 4 Inter Con Cop 3H 500 .. Inter Con Cop pf .... 10 109 7 Intl Harvester new... 127 10)0 .. Int Mer Marine 2714 1900 o Int Mer Marine pf . . . 78!4 100 7 Int Mo Truck 1st pf . . 80 300 .. International Nickel.. 174 1109 .. International Paper .. 7c4 100 6 Inter Paper pf stpd.. 7714 3000 .. Invincible- Oil Corp .. 43i 399 .. Iron Products 45 y, 3030 .. Island Oil 034 100 4 Kansas City So pt .. 44 J4 100 4 Kelly-Spg T 89H 700 2 Kcnnecott Copper 25 53 V4 IK VA 3314 76J4 83 85 42J 85 8H 3714 133 1014 15 80 6814 78 11H 7414 BH 9214 100 1414 22 60U 36 11714 M!4 85 94 H 205 19S M!i 40 12 Ji 52 i 26U 215 8714 79 72H 148 105 10014 31H 42 13614 18J, 83 14 e3Ji 20S4 1514 110 68 2714 664 41H 89 53 2014 32 H 48M 8i4 67U 904 34 6115 14J 27M 35J4 3114 53 54 2514 81 00 74 V, 11 20W UK 9115 34 Yx "5 43 77 H 4354 88 915 E4 10 115 3 20J4 7614 8Ji 1314 2014 21 'A 11 91 74 6'! 139K 21 84 30 67JJ 28W 5454 67H 105 "14 82 7 47J5 8H 10 127 20 784 80 17 77 734 42 Ji 45 014 44Ji son 24 Ji 14 14 Ji It 1 4 ; 14 "h 14 2 15 14 V 14 Vk H W 14 14 2Ji A 4 105 10014-31H- 42 -130V5- isji4- 8314-S3i- Jf!4 1514 . 119 -3'4-2715-f 614- 2?5 ! Ti 'A 14 14 14 14 Ji 14 115 A V, I Yi t 115 14 i 14 ! 'i 1M Ti 14 1 14 14 114 Ji 114 2Ji 41M 80 -6314-21 33 4-6115-1414-27-74-SS-'a 3114- 63i-25Ji- 81 -60 -74J4- 11144- 30 11H- 9115- 34)4- 14514 - 44 74 4- 114 77t4 15 4314- 7i 89 4- 1 ii- 14 914 .. 4-14 16-14 115 3 2014 4-70J4-18i-13V4 4-2914-H14-11 -93 -74 4 62 4 22Ji4- 114 69 36 69 4-1414- 82 -: 8 4-4775- 3H 10 127 4-2714-7814 4 80 17H 7814 -7314 43144 45 - oii- 44Ji- 801-4-i -IK 14 7i 214 14 h 'A H A 1?4 Salea 100 409 300 000 100 200 100 200 100 100 100 100 100 200 180 8890 200 2400 1400 100 too 1400 600 400 100 1300 100 300 600 600 200 800 203 200 200 400 2300 300 1400 400 100 2100 1100 100 300 100 19500 300 100 100 100 1500 200 100 300 600 1000 2500 700 400 100 1200 2100 1300 100 000 6100 200 6000 1000 4000 1400 1200 700 000 2090 200 1200 15700 200 100 3100 0400 200 10 200 3400 13000 100 1600 7300 2000 1000 200 600 5100 500 200 000 1100 200 100 500 6100 100 300 1109 2590 000 2800 300 40200 590 400 13700 500 200 200 2j00 400 300 200 000 100 800 300 3200 100 300 200 Dlv. In I ItUh 1.20 Keystone T ft R...... 24J4 24 H 8 Lackawsnna Steel..,. 18 3.50 Lehigh Valley 42H 4 J 14 Loewo Co.,,. 3214 n ..Loft Corp 1414 1414 12 Lorlllard Tobacco 18414 13114 7 Loulsvlllo ft Nashville I7( I7K 4 Mackay Cos pf 60 66 10 Manatl Sugar 187 187 7 Manhattan Kiev guar. 40Ji 40J4 3 Manhattan Shirt 20 20 .. Maxwell Motor 14J4 14H . . Maxwell Motor -ctfs, ., IS 11 . , Max Motor 1st pf otfs 3514 3614 6 May Dept Stores 7614 7814 10 Mexican Petroleum... 81 J4 7j4 2 Miami Copper 3014 30 .1.80 Mlddto Stiites Corp... 30;i 3014 4 Mldvate Sttel ft Ord.. 4014 40 .. Minn ft St Louts .... 13 12 .. Mo Kansas ft Texas.. 6 6 .. Missouri Pacific 35 34 .. Missouri Pacific pf.... 4114 40H .. Montgomery Ward.... 31 81 .3.60 National Acme 3514 3514 . . Nat Aniline ft Chem, , 78 7614 7 Nat An ft Chem pf. ., 88 88 5 Nat Cloak ft Suit..., 84 13 7 Nat Cloak ft Suit pf. . 85 95 .. National Con ft Cablo 8 714 0 Nat Enam ft Stamp,. 6574 6814 0 National Lead 7414 73 1 Nevada Con Copper.. 114 11 54 10 Now York Air Brake. 05 95 ..NOTcx&Mex 8614 35 0 N Y Chi ft St L - 2914 29 5 New York Central.... 68 74 2.60 New York Dock 28 37 .. New York N II ft II.. 38Ji 28 7 Norfolk & Western.... 89 8814 4 Norfolk & Western pf 6514 8614 7 Northern Pacific 71 70 40 Okla Produ ft Ref . . . . 4 4 8 Otis Klevator 120 126 .. Otis Steel 2314 33' 8 Owens Bottling Mach. 4714 4714 6 Pan-Amcr Petrol 86 94 .. Pan-Amcr B so 90 4 Paclllo Devel Corp.... 40 40 5 Padua Gas ft Kleo... 46 48 4 Parish ft Bingham.... 31J4 31J4 8 Pennsylvania R R. ... 39 Ji 3914 . . Pcnn Seaboard Steel. , 2214 22 .. Peoples Gas Chicago. 31 Si .. Pere Marquette 23 Ji 2314 3 Philadelphia Co 3414 3414 .. Phillips Pet 38 37 .. Plcrce-Arrow Motor... 40 44 Ji .. Pierce Oil 14 1314 . . Pittsburgh ft West Va 28 2714 (1 Pitts & W Va pf 70 76 8 Pressed Steel Car 6714 8014 5 Puma Alcgre Sugar.. 88 85 4 Puro Oil Co 40 1 30K 8 Railway Steel Spring.. 93 93 1 Ray Con Copper ISJi 13M 4 Reading 8814 87 2 Reading 1st pf 43 43 .. Rcpto Steel 7714 70 ,. Republic Motortruck.. 43J4 42'4 0 Republic Iron & Steel 87 8514 0.20 Rojal D N Y 75 73i .. St Louis San Fran... 2374 23 . . St Louis Southwest. . . 17J4 17 . . St Louis Southwest pf 2914 2874 .. Saxon Motor 8 714 .. Shattuck Arizona 9 8J4 .74 Shell Tiansport 87 66 .. Sinclair Oil 2714 28 0 Sloss-SheK 00 65 7 Sloss-Sheff Pf 87 87 0 Southern Paclflo 01 8975 ..Southern Rail 27Ji 26i 6 Southern Rail pf 5714 5714 JO Standard Oil of N J.. 640 C40 7 Stand Oil of N J pf . . 10614 105 4 Stromberg Carb 8114 37H 7 Studcbaker 60 6414 0 Superior Steel 50J4 5014 .. Tcnn Cop ft Chem.... 914 8J4 3 Texas Co 44J4 44 .. Texas ft Pacific 36J4 3514 .60 Texas ft Pac C ft O.. 42J4 41 .. Times Sq Auto Sup.. 2914 2914 8 Tobacco Products C3J4 63 .. Transcontinental Oil.. 1374 13 6 Transuo ft Wms Steel 47J4 47 8 Union Bag ft Paper. . 85 84 .. Union Oil 2014 20 10 Union Pacific 116J4 113H 4 Union Pacific pf 6514 63 4 United Alloy Steel.... 42 42 12 United Fruit 19814 195 3 United Retail Stores.. 07i 6614 . . U 8 C I P ft Fry. ... 10 10 ..US KxpreBs 014 6 8 U S Food Products... CSJi 63 8 U S Ind Alcohol 8574 84 ..US Realty ft Imp... 4i 5414 8 U S Rubber 0034 M14 8 U S Smelt ft Ref 57 5614 6 U S Steel 8874 8734 7 U S Steel pf 10tJ4 10014 6 Utah Copper QSrt 6 Vanadium Corp is Qiin Nat Low (Ntfm) Chr". 34H 14 68 - J4 4314 14 33 - 4 1414 13114- Ji 7Ji v 69 1OT 114 .40K- 114 26 14H 14 13 3514 4- 14 7414- 14 8114 4- 214 30 2014- 14 40 - 14 13 - Ji 6. - H 25 'A 40Ji- Ji 31 4- 14 35144- 14 78 4- M 88 53 14 95-1 714- g 6514- 74 73 -r 1 11 Ji 95-1 3514 W 29 14 68 74 27 - 1 28-14 89 7i .I knK r kj i"ff'i "a HE BUI WES LOWER ProBoure Exerted Against Many Loading; Issuos Industrials Qonorally Hoavy 6514 79 -4 126 -23 -4714 . -40 -46 -31H-38J4 22 31 -2315" 3474 38 70 9714 87 40 93 1534 8714 . 43 71 -4214-8674-75 t 2315 17H 2914 -20J4-60 87 noi4- 27 -5715 . qo 105 - 783i- 6434 115 "4 14 14 14 14 114 14 174 14 14 114 1 14 Ji 3 2 14 14 14 -14 74 1 114 14 14 14 3i 14 14 14 114 U5 'ji 14 5915 U5 4 Va-Carollna Chem.... 67J 2 Vlvadou Inc 114 . . Wabash 814 .. Wabash pf A 23J4 . . Wells Fargo Kxprcss. 0014 . . Western Maryland ... 0',4 . . Western Pacific 28 4 Wentlnghouso K ft M 48 . . Wheeling ft L E 10 4 White Motor 49 Wick Speno Steel Corp 20J4 1 Willys-Overland 17 7 Wllla-Overland pf .. 81 8 Worthlngton Pump... 637i 6 Worth Pump pf B.... C5 Ex-dlvldend. 7114 C715 1014 814 2274 6014 094 28 47J4 10 48Ji 2014 16i 81 C314 04 914- 44 - 35H 4214- 2914 3 - 1314- 47Ji- 84 - 20 - 14J4- 65 42 19814 06J4 -16 C -63 M 10014 23 6014 914 28 48 10 4014 2914 -17 -81 -63K-05 14 H H 14 14 74 Ji 34 2 1 74 ''A 14 14 14 74 14 94 14 14 34 A H 14 '?4 14 'h 14 2J4 14 114 1 Commodity Markets Liverpool Cotton Liverpool, July 28 There was a good Inquiry for spot cotton today with prli es steady on the basis of an advance of 2 points for middling, at 26 08d The sales were 8000 bales There were no receipts Futures were steady in the early dealings Spot prices wer Amertcan, middling fair, 3133d; good middling, 28 58d ; fully middling, 27 33d middling, 2fi OSd ; low mldd'lng 22 281 good ordinary, 19 OSd, and ordinary 18 OSd. battles & Co. INVESTMENT BANKERS Established laso INDEPCNDENCE SQUARE, EAST GEO. A. HUHN & SONS UToritH Aftn unvrm Member of the Philadelphia. New lark and Chicago Htoek Kichaof New York Cttn Kichanjce CommlMlon Orders Executed (n All the Principal Markets UKLLEVUE COURT MJ)0. 1418 Walnut tit. fc NEW TORK OrKICI 111 Uroadwax. Mew Vark Wireless Telephone Dividends New York, July 28 Marconi a Wire 1es Telephone Co declared a final dlvl dend for the year 1919 of 15 p-r cent, being three shillings a share, less in pome tax at six shillings on the pound and a bonus of Jive shillings a share without deduction of Income tax on 7 per cent cumulative participating pre ferred and ordinary atocks, all pay able on and after July 31. Treasury Purchases More Silver WMlilnston, July 28 The Treasury yesterday purchased 500 000 ounces of silver at JI an ounce for delivery to San Francisco This makes a total of ap proximately a,000,000 ounces to date American Brake Shoe Pays Special New York, Jult 28 Tho American Brake Shoe and Foundry Co. has de clared a special dividend of 12 a share on the common stock (new), payable August 31 to stock of record August 20, Prices Heavy on Paris Bourse 1'a.rii, July 28 Prices were heavy on the Bourse today. Three per cent rentes were quoted at Elf 90c; exchange on London, 48f 46a; I per cent loan, Slf 70c. The dollar was quoted at 12f 774a COTTON MARKET New York, July 28. The cotton market opened firm, unchanged to 12 points higher today. Liverpool cables were better than due. There were private reports of heavy rains at points in the Mississippi val ev, nnd there was further short cov ering by recent sellers. In the absence of Important pres sure the list ruled very Hteady right after the Murt, prices telling to a net advance of 10 to '. points. A report by tho Southern Products Co plucing the conditions nt 77.5, as compared with the ten-year uvcruge of 75.0. nnd bearish Memphis crop re port, led to n renewal of selling and about u dozen points of the early gains were lost. , . Southern wire houses were moderate hu.vers. Trade us u whole was only mn'drratc. , ., 1 . Receipts nt the- ports for the dnynre estimated at 4500 bales, against 5.il3 bales u week ago, 14,112 bales a year nrn nnd 0802 bales two years ago. " (r, Vest Today's clone open O-tober .. 3.J.60 82 45 December.. JO ' ?,2 January . . 30 i' SO i. March ... 2JJI11 W May . . 20 11 -0 JO (N. Y time) 11 30 1 30 n tn p ni 32 .10 .'12 40 SO (l 30 14 30 .11 30 40 29 Ml 30 14 29 35 .... GRAIN MARKET Chicago. July 2?. Offerings of wheat were smaller In the Initial trading to day. The market opened higher. Under lying commercial conditions were not materially changed, however, and re cessions occurred after the start. A good dcnl of stress was la d on tho financial situation, Including tight money and foreign credits December opened at .$2 38 to $2.39, aeainst S2.35Vj at tnp yesterday, but receded to $2.30. March was quoted at $2.40 to S2.42 at the outset, against $2.37 at the close jesterday, but declined to $2.38. Corn opened firmer, but offerings In creased on the rise. Commission houses had buying orders nt the outset. July opened Ytc higher, nt $-42'. Sentember started at $1.30 to $1.41, against $1.30 at the end yesterday, and later sold at $1.40. December opened at $1 24 to $1.23, against $1 24 at the close yesterday, and Inter sold at $1.20. Offerings of oats were light and scat tered and the market was firmer at the start. There was light scattered buy Ing by commission houses and this started overnight shorts covering. July opened He higher, at 77c, and later sold at 70c. September was quiet at 00c to 70c at the outset, against 00c at the end yesterday, and later sold at 70c. December opened at C9c to 004c ugalnst OS-lie at the end yesterdny, und later told at 70c. Leadtns fiturrs ranjtd nn follows: (Chicago time) Corn (new dller 10.30 Teat. upen nun i.ow a m. cloao 1 4V-, i 42 U.I2V-, M.41Vi w 1 4J't 1 3D. July .... Sept. ... Oato July .... ttept. . . . Pork Sent. .. i.ara JTuly ...is 40 is -,n HtPt. ..18 40 IS 77 Klbn Sent .. 10 41 lb 10 Did tAskrd 1 I- 1 3U. 1.41 S 1.8UV 77 row 27 00 70S 7(1 OOli t771i 70S 73 0'J 13 27 00 27 25 20.75 lh 10 1S 40 IN 10 IS Uj 18.10 18.40 M 31 10 37 10 10 Financial Briefs The averago price of twenty active Industrial stocks advanced .02 per cent yesterday to 87 68, while twenty rail roads d-ellncd .12 per tent to 71.98. Stockholders of Armour ft Co., at a special meeting, ratified tho plan calling for recapitalization of the company. Hanna has been appointed as. nua FOREIGN EXCHANGE New York, July 28 European ex changes were generally weaker at the opening. Demind was off Hi cents; francs were off 9, lire off 5 and Chrls tlanln C and Copenhagen 10 points. Marks were unchunged. Quotations were Demand sterllne .1 77, cables 3 78 I franc cables 12 U checks 12 93; lire cables 18 18, rlireks 18 20; .lst cables E 81, checks 5 83. guilder cables 314, checks 34 ,, Belgian cables 12, checks 12,02; pesetas cables 15 63, checks 15 60; Stockholm cables 21 G5, checks 2150; Chrlstlanla. cables 10 30, checks 10 25; Copenhagen cables 16 20, checks 16 15, marks 2 45 After advamlng to 3 78H, demand sterling turned Foft and was offered at 3.78 Cables were 3 78 Franc cables were quoted nt 12 82 and checks 12.84; lire cables 18 15, checks 18.71 and Argen tine cahles 113 TODAY'S OPKNINO QUOTATIONS merlin l'rane l,lr Guilders Dmand .. 3 77t 1. 01 IS 20 S4 Cables . J 78V4 12 91 V" 1 3W eor- BANK CLEARINGS Bank elearlnu- today compared with responding 1iy laat Lwn vearat ' , m.'O lniO 1018 rhlla 7", MR Oia S4 ,118 7H0 2,fll7,S30 Boston "2 7.11, 2.1M S7 130.HS2 43.240, 07S N, v 07 rua r.m 707 121 711 521,005.000 Hallo 15 050 B42 11805,05 MONEY-LENDING RATE8 M'.H tonic Money on call, both classes of collateral, opened today at 8 per cent for lending and renewal, rilll,ADl'.I.Plll, Call, 6 per cent; time, 6 per cent ; commercial paper, three to six months, 6 per cent. (Vote These nro merely nominal quotations, as tho legal rate of Interest In tho state of Pennsylvania Is fixed at 6 per tent. Plus premium and com mission time money for thirty to ninety das is loaning at 8 to 8 V4 par cent, while commercial paper from three to six months Is being offered at 8 to 8 H per cent.) RAILROAD EARNINGS' DELAWATtE, LACKAWANNA & WESTEnN , . 1020 Jun eroBs ... . lO.cu.'.Sin Ilalance after taxej. II 10(1011 Net operat. Income 707,272 Six montha' frost,.. 33.m.,S2u Ilalance after tuxes 8"s,05a Net operat, Incom! 609,897 'Decrease, Inc I3!i.477 .Ids 3D0 415 inn 000,4111 5,260,(131 4, 860,270 r. n. BlStnnt treasurer nt thn Phllnrl-lnhln nn Ho has been tonnected with the treas ury department since 1901 ,T!lS 'w Tork Subtreasury gained J2,Gi5,000 from the banks yesterday, making a cash net gain since Friday of 12,902,000. Tho hoard of directors of the Central ;VuJ.0.',Yl1 u""k have appointed Stanley L. Wilson vice president. D. R. Car son, assistant ciihicr. was given tho additional title of assistant to tho president. The, New York Stock Kxchange has admitted to the list Pittsburgh. Cincin nati, Chicago and St. Louis Railroad Co. temporary general mortgage 5 per cent ??! ,)0nds series "V dated June 1, 1970. and has stricken from tho list American Tobacco Co. dividend certifi cates, series 'A," "B," "C." "D." "L" "F" and plain. ' ' LONDON STOCK MARKET Gilt-Edged Issues Bettor In 8pot8. Rubber Shares Flabby Iximlon, July 28 News from Moscow on the PollBh situation was watched closely In the city today, and the stock exchange markets were dull and Irregu lar. Operations continued to be of a holiday character A steady tono was noted In the oil department. Shell Transport was 6tf and Mexican Ragle lOVi. Further loss es In the staple made rubber shares flabby and Industries were nervous be cause of thfi coal labor sltuntlnn. Qllt-edged Invistrntnt Issues were bet tor in spots, out French loans wavered, Advices from Johannesburg were not helpful to kuflirs There were further loans In home rails and Canadians were Blow. South American rails also were offered. Curb prices Suspend Preferential Export Rates Vt imlilniiton, July 28 The Interstate Commerce Commission today suspended until January 1, 19JI, the section of tho Merchant Marino act which permits rail roads to give preferential rates to ex ports moving in American vessels. Chairman Benson, of the shipping uuuru, mat nC tertineu to tue commis sion that adequnto shipping facilities In vessels reKisiereu under tho American (lag were not available for tho move ment of American commerce. Ho stated that suspension of the discriminatory features of the Jones hill were asktd (tending an Investigation of shipping facilities In American ports. New York, July 28. The mnrket was fairly active, but were g-neraiiy tower, with pressure ngalnst many of tho leading Irsucs. Oen ei ai Asphalt sold down from fll to ri0 nnd Marncnibo from 23 to 21W. Carib Syndicate was also weak, foiling from 14 to 13. VJ1-1,'6 Si1, afttr M,,lnK l 17. l-nlllefl to 17. There was a moderate amount of business in Slmms Petroleum at un changed prices. Tho industrials, generally, wWo heavy, Indian Tacking being a feature and selling down to 7. Submarine Root was In f upply. falling to 11. nnd !on,ltcd. IfttaliCa.n(1r wa" tded in nt 13 to 13. North American Pulp was fairly steady, selling nt 0. Aetna Einloslves wn milet tt-UIi n small amount of business at 1C. United States Stcamahip sold nt 2 nnd B. INDUSTRIALS -iri-u Acme Coal jil Aetna Hxploilves ....(,. 10 K W Bllia , t in ED Dill, rl 02 K W BUM pref rt.". ! 3 Oardnor Motors 28 Oenernl Aiphalt ,.t 1 orapo Ola ay Ornpe Ola pref sii Indian Parkin-- -a? Keyatono Solether . North Amer Paper J'eriecuon Aire 2 Itadlo Com 1H Itadlo Com pref :u Submarine Boat 11U U BHIih Speed Tool 31 U H Steam i United Itetall Candy .... 13H Wrlrley 74 Wrlgley rta .!:.!.;; 4Vi INDKrKNDENT OILS Allied Oil :s Ark Nat Oas rti K Uiaton Wyomlna- li Cltlea Service n etfe 85 Dominion Oil 10U Elk Basin retrot 7H Enxlneers Petrol Hi Emeralda Oil A Federal Oil 2U Olenrock Oil 2 Oranida 10 Kay County Oaa 1 r.eetone 1 u Maraealbo Oil 23 ' Merrltt Oil 1.1W National Oil N J 61 North Amer OH 2 Omar Oil 8H Troducor and Refiners... 0 ned Ilock Oil T4 Salt Creek Trod SUM Hlmma Petrol 15 Skelly Oil 101 Tropical Oil 18H Un Tezia Oil .. Victoria Oil new Shell Trnnn rta... Itoy de France.., .. 1 ... inu ... 5 MINING Alatka-nrl Columbia .... (I Amer Mines 1 Blir Ledg A Doiiton and Mont 61 Caled Mining- 10 Calumet A Jerome i Canada Copper , Candelarla It Caraon Hill 21t Cons Virginia 2 Cortez Silver 62 Crrason Gold IV, Dundee Ariz Ti El Salvador 1H Eureka Croesu- A Eureka Holly 1 Gold Con 10 Gold Develop 7 Ooldfleld Florence 14 Gold Silver rick 6 Hecla Mining 4 Houdaraa Syndicate 16 Iron Bloanom A IOUliUn Co f. McNamara ', Marsh Mining 11 Mother Lode 5S Mother Ixdo new 54 Murray Mog 70 Rex Cons 7 Rochester Mines 9 San Toy 4 Mmon Silver U. H Silver Lead M Tonopah Belmont 1H Tonopah Cash IXiy 7 Tonopah Dlvldo 1 U Tonopah Extenalon 1, Tono-JIm U 13 Tonopah Mln li United Eastern 2,", West End C lVt lov; 18 4 it, 3S White Caps xerrington BONDS Allied Pack 0s Armour 7s Anaconda Cop 6s Pan-Amer Petrol 7a . ... Sinclair 7H Texas Co 7a U S Rubber 7Ms of '30 . Weat Elec 7a nerlln 4a Frankfort 4s French 4a of '17 Hamburg 4a Hamburg 4Hs Russian 53 10 8 88 i 04 , 07 OS 0814 B7'4 I S" D5H 83 V, 04 ). 07 1 07i 08 00'4 214 24H 55 25 2314 20 8014 05 SSVi 04S 117'i f7- 08 7U 21 K 2414 S3 2,1 23 BREAK IN COFFEE FUTURES September Sells at 9.95 Cents, Othor Months 12 to 16 Points Off New Tork, July 28 September coffee broke below the 10 cent level at the opening of the local futures market this morning, selling nt 9 95 cents. July started 36 points lower and tho other months showed losses of 12 to 16 points. Prominent cotton exchange firms were said to be buyers on tho de cline. The recent sharp breaks have failed to Bhake out one or two of the strong long Interests still In the market nnd even though 8 cents is being predicted, some bellovo that these same long In terests aro In for a long pull and are buvlne on nil soft spots While traders were successful In forc ing lower prices on the opening, there was no evldenco that certain strong long Interests wero disposed to let go; and a lull In offerings uround 11 o'clock was followed by a few buying orders In De cember nnd May, which sent thOBe de liveries up 10 to 15 points, or 1 to 2 points net lower, December selling to 10 30 and May to 10.45, DC""'K Somo traders do not expect Santos to become settled until a sufficient amount of coffee has been sold by shippers there to relieve pressing needs ; and, until that happens, It is not bellcvca tondltlons hero will show much Improvement, Rio, heretofore, has not followed tho weakness in Santos, but occasionally breaks occur there. Today's special cable reported a decline at Rio of 276 rels. x eat ciobtj July 1O.7S0S5 Sept lO.lUHS Deo 10.31 W12 March . .. inHiJU May 10.47W50 Bid. Ooen 10 50 0 OlUfOS 10 11W1S 10 2SI&31 10.31&3I) M0.40 11 a.m. 10.23030 Big Holdlntjs of Last Year's Wheat Washington, July 28. Wheat, from last year's crop carried over Into 1920, totaled 109,318,000 bushels on July 1, compared with 48,661,000 bushels of the 1918 crop on hand the corresponding day last year, said an announcement today by the Department of Agriculture. Stocks on farms, In country mlllB und elevators, and In points of lurge accumulation all showed an Increase over 1919 totals. This year, farmers held 47,766,000 bushels, agaliiBt 19,261, 000 bushels In 1919, the figure perhaps reflecting disturbed transportation con ditions during tho last year At the larger central storage points this year, the department found 24,674,000 bushels against 9,532,000 In the sume places on July 1, 1919. In country mills and elevators this year, there are 36,988,000 bushels, while In 1919 there wire 19.. 768,000. GOVERNMENT BONDS Bid Panama coupon 2(. 1088 100U isierea .'. iV3U..,ioovi Panama registered Tanama coupon 2s, l'anama registered 2a, 1U38, 1901 Panama coupon 8s, 1061.... l'anama regmerea us, T'hlltnDlnn 4s. 1034 Philippine 4, 1031 Philippine 4s, 1030 , .. . U ww vvu.'u,, a vJV,, ,JUlf,4 IT H Govt resistered 2a lSJln mot" U B Govt coupon 4s, 1025.... 101 II Govt reglsttred 4i, 102.1., 105 DUU of Columbia 3-63s, 1021, 05 .loot .100 y . 77 . 77 . 7H . 78 7S .100?, Ask 10U4 lOltt 101 Vi 10s 81 S5 H 8,1 101V, 10U4 101K 105K Straight Talk To Credit Managers The American's Policy of Credit Insurance is one of the most helpful and constructive 'business forces at your disposal. It is a con stant guarantee of any executive's good judgment in extending credits. Consider these facts: The death rato in the U. S. Army, ages 21 to 3 1 , for the week end ing Tunc 11, was only 60 per million. The civilian death rate, same ages, is 8000 to the million. The strict health precautions of the army have thus reduced mortality more than a hundred fold. Tho yearly average ntiinber of commercial failurei in this country ii approximately 10,000 in each million. Thif execnive failure warto can be very lubstamially reduced by Credit Insurance ai iiiucd by the American Company. Take a given number of merchant with our credit Insurance and their losics will stay within the normal. Take a given number without insurance and their losses will average aitvt the normal. Let ui demonstrate to you that Credit Insurance is the Credit Man's Best Friend. Write or phone no obli gation. AMERICAN CREDIT-INDEMNITY.CO. or NEW YORK E.M. TREAT. Mif idknt MSUIS STANDASD UNLIHITIO PQUCIM W. J. MORPHY, Manager J. F. McFADDEN, General Agent Mutual Life of N. Y. Dldg. Phone Filbert 8503 Philadelphia, Pa. CHARTERED fly CONGRESS IT8I JI NATIONAL BANK 1664 TZheBANKof North America 30r Chestnut Street OFFICERS E. PUSEY PASSMORE, Pr-.idwt McKINLEY, Vice Prei. L S. XR0MER, Csiliw W. J. MURPHY, Ant. Caitiir C. M. PRINCE, Ant. CaiMtr J. VY. WHITING, Ant. CaiUer R. S. DIRECTORS LINCOLN K. PASSMORE JOHN VY. PEARCE JOHN P. GREEN GEORGE FALES BAKER, M. I N. MYERS FITLER CHRISTIAN C. FEBIGER J. HOWELL CUMMINGS W. PERCY SIMPSON WALTER H. R0S5MASSLER CHARLES B. DUNN HORACE E. SMITH HARRY S. EHRET EDWARD F. HENS0N THERON I. CRANE GRAHAME WOOD W. KIRKLAND DWIER WILLIAM F. READ, JR. CHARLES 0. ALEXANDER LEONARD T. BEALE MARVIN A. NEELAND JAMES D. C. HENDERSON WALTER ERBEN E. PUSEY PASSMORE Bond Secured Note Yielding Over 8.45 An obligation of Louis ville Gas & Electric Company Due January 15, 1923. Applicable earnings about Vi times annual interest charges on this issue. Sinking Fund Provision. Circular No. 7S31 on request. Bonbright & Company 437 Chestnut Street, Philadelphia New York Boston Chicago Detroit UIIIIIIIIIIMIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIMIIII- Pennsylvania State Tax of Four Mills Refunded Market Equity over $12,000 for each $1000 bonds. Earnings 9'a times bond interest. Convertible into stock paying 12 dividends- Marketability assured by annual Sinking Fund of 10. Yicd 7.80. are all offered to Investors In PAN-AMERICAN PETROLEUM & TRANSPORT CO. First Lien 10-Year 'Marino Equipment 7s Circular upon request. West & Co. 1417 CHESTNUT STREET Member New York Mock Exchange Philadelphia Htock Kxclianga We Always Have on Hand a List ol Hlg-h-Gradc Donda Correspondence Invited -TiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiMiiiiiiiiiiiiiiimn UV11Y lina no Investor ever lost a at principal or Interest on nnv a dollar V necu rltr bought of H. W, NtraUa & Co,? Write tor our booklet S-Q and learn the reason S. W. STRAUS & CO. ' Stock Kxchange llldg., 1'hlladelplila PHILA. ELECTRIC NOTES U. G. I. NOTES PAUL & CO. Member! rhlla. Stock Kichangt 1421 CHESTNUT STREET Canadian Pacific Equip. Trust 6s EDWARD LOWDER STOKES 20 South 15th Street I'HILADKLriUA. rA - Locust 814 . IV- 1 Vfl 11 , . t V il' 'K . : ? LaV. JUtif.l .: flik t-3tfc.i.vV..,t.H v. csi it'tt.A.IMU. -4JTC, -.iftf'lA.T . H . J&fcl
Significant historical Pennsylvania newspapers