f V- 't 18 EVENING PUBLIC LEDaERr-PHILADELPHIA, THURSDAY, JULY 7, 1921 V V to A First-Class Record , Tho Milwaukee Electric Rail fray and Light Company has ' urned.more than twice its in v Wrest charges for the past 10 s? yaars. it nas nam aiviaenas at I bn preferred stock for 21 ' yrs and moro than 8 on common stock for 18 years. Wo offer tho mortgago bonds f this Company at a prico to yield over 8 on tho invest ment. Penna. 4-mills tax refunded Further particularo on request HAHPEH&TUHNEH Investment Bankers Members Philadelphia Stock Bmehange Stock Exchange Building Beranton Philadelphia neadtnii LOW PRICED RAILS Our special letter, showing possibilities of these stocks at present levels and containing other important information furnished freo on request. Ask for L-30 P. K. Guthrie & Co. Members Phil. Stock Exctunm 1418 S. Penn Square SUITE 300 SPRUCE 6703 RACE 4387 Private Wires to New York $175,0000 City of Miami, Fla. Coupon 6s $40,000 Due July, 1938 45,000 40,000 50,000 1939 1940 1941 Price to yield 6.20 Blodget&Co. Real Estate Trust Bid?., Phila. MARKET DISPLAYED GOOD RESISTANCE Renewed Strongth in Rails Stabilized List After Early Feverishnos9 NEW YORK STOCK EXCHANGE TRANSACTIONS Boston Chicago Walnut 1606 New York Race 4369 New York, July 7. Tlio fevcrishncM nttemllnfc the movement of tortny's stock market wns n natural sequence of the violent fluctuations of the two preceding sessions. Tho trading whllo retaining a distinct highly professional coloring, was docidodly more two-sided ns result of the conflicting operations, Including liberal realizing of profits, further short covering and fresh Miort selling, Tho market on the whole displayed a strong undertono and seemed to possess Increasing resistance and later In the day dovelopcd definite, resiliency, In n point of news the more impor tant ovcr-nlght development was sup plied in tho announcement of further prico reduction and additional wage cuts by the United States Steel Corporation. mis action nnu long neon expected ana, of course, was hurried along because of the position assumed by tho llcthlo hem Steel Corporation over tho triple holiday. Tho market effect was almost nil. If anything, there was a disposition to nlaeo constructive rather than a de pressing view, In that tho street inferred that tlio steel companies were nt last going out to get business and had rec ognized it could only bo obtained through price concession. Tho question uppermost In tho minds most of nil concerned was how much of tho short interest had been driven in, and whether the remaining outstanding commitments wore of sufficient volume to carry the recovery movement along without nddttionnl impulso from other quarters. It was generally recognized nt the snino timo thnt yesterday's swift and extensive rebound was certain to bring out considerable amount of profit-taking by both those who had supported the market and thoc who had tho temerity to buy when everything seemed to b going to tho bowwows. Tho liberal realizing sales encountered nt tho open ing confirmed the latter deductions, but tho market's absorption capacity was unquestionably much better than gen erally believed. In all events, nftcr tho earlr unccrtalutv tho wholo list, ncnln turned strong, although nrleo movement continued highly irregular. With tho renewed strength in tho rails, however, around mid-day there was a distinct hardening tendency, which virtually ex tended to nil parts of tho list. At tho outset many of tho active stocks forfeited a part of yesterday's substantial gains. In all the specula tive favorites, notnblv tho foreign oils. profit -taklntr appeared on an cxtenblvo scale. Additional realizing sales and tho opposition of tho shorts created much irregularity during the active forenoon. Studcrankcr led a fresh rally In the second hour, rising three points In short order, which in turn, produced increasing uneasiness on the part of the bear party because of fears of a repeti tion of yesterday's Tout. It was evident, however, that the supply and demand was about evenly balanced, but when the market again began to show signs of wobbling, activity wns shifted to the rails, and the lencwed advance in this group exerted u distinct stabilizing effect. Dlv. B' In t HtnTi "DO .. Adams Express 110)4 200 .. Artvnnco Rumely 114 100 .. AJnx Itubber 81 K 300 4 Allied Cltem A Dyo... fl9 100 7 Allied Chem & Dyo pf. 8814 800 4 Allls-Chnlmers m 1J00 . . Am Agrlo Chcm 37 7 Am Agrlo Chom pf... 03 800 .. Am Boot Sugar 3014 000 .. Am Bosch Magneto... 30 100 .. Am Can tl 1800 12 Am Car & F.1y Met, 00 .. Am Cotton Oil 18 6 "0 .. Am Drug Syn 494 300 8 Am Express 123 400 .. Am Hhlo & leather.. 11 1100 .. Am Hide & Leather pf 82 1000 .. Am Internat Corp.... 30 ji 00 l Am-La France Ensr. . . 0 100 .. Am Linseed 24& J00 o Am I)comotlvo 83 00 . . Am Safety Itazor 5 too .. Am Ship & Com..... 74 800 . . Am Smelt & Bef 30 1300 Am Steel Foundries... 20JS 1800 7 Am Sugar Rcf 02" 300 7 Am Sugar Bef pf 80 300 a Am Sumatra "5 IBM 0 Am Tet & Tel 103.", 100 12 Am Tobacco 120 100 n Am Tobacco pf new.. 80 3'00 - Am Wooln . M" 0o . . Am Zinc Lead & Smelt 8 20W .. Anaconda Connor .... ns4 1 309 4 Asso Dry Goods 33 ij 300 o Asso Oil 100 2100 o Atch Top & Santa Fo. 834 100 8 Atch Topft S Fpf.... 77T N00 .. Atl Gulf (kWISS., 27H 300 . . Atl Gulf & WI S S pf . 23 100 .. Atlantic Pet Iff 100 3 Auto Sales Corp pf... 11 lOWo 7 Bnldwln Locomotlvo. . 70 8300 . . Baltimore Ohio 40)4 100 4 Baltimore & Ohio pf . . 80 280 ".so Barnsdnlo Clamr B. . . . 17 BlISOO Btilphm Steel B 61 100 .. Booth Fisheries 44 .. Butte & Superior Cop. 1 . . Butterlcic 3 0 California Packing . . 87)4 . . California Petroleum . 40 2 Cnl Zlno&Lead 4)4 10 Canadian Pnolfla 113)4 LOCAL TRADING EXTREMELY FLAT if 1 I Spruce 8200 LIBERTY BONDS VICTORY NOTES TREASURY NOTES & CERTIFICATES SECCniTIZS DEPARTMENT Commercialtrust Company Member Federal Reserve System City Hall Square West U. G. I. Firm on the Assurance of Obtaining Immediate Re lief From Council 5s Considering tho Invigorating influence of the violent flarehnck on tho big bonrd and tho growing belief thnt the worst of the liquidating movement had been Geen, trading i tho local stocks today was sur prisingly flat. Thn greater part of the list was almost motionless and what few price changes wore registered were ac complished on small odd lot transactions. United Gns Improvement was one of tho stroncest snots, holdlns firm nt H5. yesterday's top price. In view of the assurnnco of company obtaining some relief from its present difficulties In tho operation of tho locnl gas plant tl.n trading was very Indolent. There -enncd to be a confident belief that tho ordinance offered by Councilman Hull, granting tho company the right to ad vance the prico of j:us to $1.25 for a period of ono year would bo accepted, as the Roper resolution would mean further delay. I'linadelpbin Electric preferred was another featuro of strength, ndvancnlg to iill'. Pennsylvania Itnilroad ruled firm also, but the dealings were tho smallest registered In n long time. In most of tho other local shnrcs tho trad ing was porfunctory. 700 1300 100 800 400 3100 6200 1200 3700 gjoo ion 200 3000 800 2100 100 300 1A0O 100 310 200 400 200 100 noo 230 100 100 ono 300 100 310 800 icon 100 000 200 . . uenirni iieatnor yi . . Cerro de Paooo 27 0 Chandler Motors .... 63 . . Chesapeake ft (Wo . 60)4 .. Chi & E 111 Eq T otfs. . . Chicago & at West pf. 17s . . Chicago Mil & St P. . . 28)4 .. Chicago Mil & St P pf. 43)4 8 Chicago Northwestern 07JS 7 Chi & Northwest pf . . . 07 8 Chi Pnoumatlo Tool.. 81 .. Chi R I &Pnc 33)4 o Chi P. I & pao 6 pf. e 7 Chi R I ft Pac 7"r pf. 7 Chi St P Minn & O pf . 78 .. Chllo Copper 10e . . China Copper 24 .. Cluett Pcnbody 40 .. Coca-Cola 294 .. Col & Southern 3S)4 4 Col ft So 1st pf 83 83 4 Col & So 2d pf 47)4 0 Colum Gas & Eleo.... 60?4 .. Col Grnphophono .... 6)4 .. Cal Graphophone pf.. 23 .. Consolidated DIs Ins.. 6 7 Consolidated Gas .... 87)4 .. Consolidated Textiles. 1SJ4 7 Continental Can 4 Voir no 14)4 21H 30 88)4 33)4 306 03 20)4 38 27)4 126 is 14 4 131 11 81)4 334 0 24 87 W 6 7 384 264 71 80 844 103 110)4 80 '1)4 8)4 39 31J4 100 81)4 774 20 33 16H 11 744 30 60 17 40JS 13)4 23 57 30)4 4)4 113 35 30 61 66)4 17 57)4 40)4 no 07 61 33)4 o?4 74 75 ' 10)4 2 40 20 V 3S)4 Continental Candy 4 corn Products Iter. 1 07 2700 2.50 Cosden & Co 29)4 Du Pont 7s, 1931 French 7i, 1941 Kelly-Springflold 8s, 1931 Sun Co. 6s, 1929 Standard Oil of N. Y. 61,4s, 1933 We npeclallze In Liberty Rondd WiDiNtn Bldo, Philadelphia Man&mPMhdilpht and Mia York Stock xduuiu NIWVOIK rUZABIlK, NJ. MIW VOIK rUIABIlH. MJ. f Philadelphia Stocks 11700 4 Cruclblo Steel C0 100 2 Cuban Am Sugar.... 11 800 .. Cuban C'ano Sugar. .. . 0 200 .. Cuban Cono Sugar pf. 2"!4 400 4 Davlnon Chemical .. 30)4 100 o Delaware ft Hudson. . . OS 100 .. Denver ft Itlo Grande. 400 . . Denver & TMn Or pf . . . 1 20 10 Eastman Kodak 0t." OOD s Kndlcott-Johnpon .... 50)4 100 7 Endlcott-Johnson pf . . 0 300 .. Erlo J3J4 200 ..Erlolstpf 20)4 400 .. Erie 2d pf 1 300 s Famous Players L. . . .' 67 200 R Famous Players I, pf. 80 100 4 Federal Mln ft Smlt pf 31 400 10 Fisher Body 70 401 .. FIskBubbor 13 100 .. Frocport Texas 13 20700 .. General Asphalt 64 200 g General Electrlo 128)4 13300 l General Motors J 1 95 100 6 Gen Motorn deb CTo... 3J 100 7 Goodrich B F pf 07 200 .. Gray Davis 11 To 100 7 Great Northern pf.... C!3', 100 4 Gt North Ore clfs 28'4 201 .. Gulf State Steel 3.1 100 4 Haskell ft Barker Car. 85 100 . . Homestake Mining . . . 55 181)0 .. Houcton OH 5C 200 l Hupp Motor Car 12)4 200 7 Illinois Central 0U4 1300 00 Indlnhoma Ref 2JB 300 .. Inspiration Con Cop.. 33)4 600 .. Interb Con Corp 34 100 .. Inter Con Corppf.... 11)4 100 7 Int Harvester new. .. . 82 200 .. Int Mer Marino 11)4 500 n Int Mer Marine pf . . . . 40 300 7 Int Motortruck 1st pf 7'2 100 .. International Nickel.. 11 3000 . . International Papur . . 60)4 300 0 International Paper pf 69)J 800 .. Invlnelblo Oil Corp... 12 100 .. Island OH 3 600 ..Jewel Tea 10)4 300 .. Jewel Tea pf 20 800 .. Kansas City Southern 27 200 4 KnnsaB City So pt.. .. 80 1400 4 Kelly-Springfleld Tiro. 38 iy2 60 8)4 23 3)4 87 17)4 44 1 07 28)4 57 14 9 31 30)4 OS 1)4 GI0 61 0 13i 20)4 14 54 80 24 70 13 :3 83 138)4 11)4 05 Ju 07 11 C0$ 28)4 31 65 65 6514 13)4 01)4 2J6 33K 3 11)4 83 il)4 4S 07)4 14 55 09)4 12 3 10 20 26)4 50 38)4 1:30 Net Clone Che. 39)4 J4 11)4 14 31 )4 39 )4 BSK 2)4 33)4 14 80i- 1 03 - )4 30)4 W 80 3 27 170 J4 a 18)4- 4 173 3 ll 63 1)4 304 014 24)4 1 8314 514 7 .. 30 1)4 20J4 "i 72 .. B0- )4 88 1)4 103)4 )4 120 14 so i y 73 1 8 38 314 1 100 3)4 83)4 2)4 775 37- 1 33-1 18' .. 11 70 H 40)4 60 Vi 17 1)4 81 V 4 1'4 It 1 241 67)4 1 40 4)4 113)4 T4 0)4 1)4 27 1)4 65 1 80)4 1 - 14 17 .. 28)4 42)4 07 1 073 81 1)4 33)4 14 'l- 14 741 75 .. io " K 24 40 3 204 - !6 3SJ4 83 1)4 47)4 14 80 8)4 V 233 8 14 87 - )i 18- !6 44 - )4 1 !4 07 - 29)4 CO 1 14 h 9 .. 25)4 30)4 .. 08 14 i J6 045 -45 60)4 )6 01 134 - 14 20)4 )4 14 87 )4 80 24 70 13 15 13 54 1 12SU .. An I CK330 100 1700 709 200 300 Dlv. Int niKh . Keisey Wheel ....... o . Kcnnccott Copper ... 10 . Keystone T ft It 12 . Lackawanna Steel ... 40 . Lake Erlo ft Wost. .. . 12 2 Lea Rubber Tiro 2714 2500 3.80 Lehigh Valley 61)4 ioo is Liggott ft Myers 161 800 .. Loewo Co 104 300 l Loft Candy 86 200 12 Lorlllard Tobacco ...183 300 7 Louisville ft Nashvlllell7 390 7 Manhattan EIov guar. 43)4 200 .. Market St Ry pr pf. . . 31 400 .. Marland Oil 16 34000 18 Mexican Potrolcum ..ltd 1300 3 Miami Copper 216 400 1.00' Mlddlo Statca Corp... 11 100 .. Mldvalo Stool 24)4 100 .. Minn ft St Louis 13)4 v 100 7 Minn St P & S St Mo. 70 200 .. Mo Kansas ft Texas.. 2 2700 .. Missouri Paclflo 31)4 1500 .. Missouri Paclfio pf... 40 100 a Montana Power 40 100 ,. Mulllns Body 19)5 200 .. National Acmo 15)4 100 . . Nat Cloak ft Suit 20 V 300 o Nnt Enam & Stamp. . 40 100 o National Lead 70 200 .. Nev Con Copper 11)4 300 ONO Tox ft Mex 53)4 100 BNYAIr Brake 69 K 8000 u Now York Central.... 72)4 100 . . New York C of St L. . 80J6 1500 .. Now York N H & H.. 10 100 .. Norfolk & Southern... 0)4 709 7 Norfolk ft Western... 07 200 a North Amerlcnn 58 R7500 7 Northern Pnclfio 78)4 soo . . OKla Proa ft Ref 1 Ji 200 2 Orpheum Circuit .... 22)6 200 2 Owens Bottling 29 100 6 Pnclfio Gas & Elca.... 63 0700 .. Pacific Oil 30)4 2000 o Pon-Amer Petrol .... 80 200 o Tan-Amer B 43 100 .. rarlsli ft Bingham... 12 aOO 2 rcnnsylvnnla R R.... 35)4 2800 .. Penn Seaboard Steel.. 9JS 2oO .. Peoples Gaa Chicago.. 61 1500 .. Pero Marquctto 21 5100 .. Plerce-Arrow Motor . . 206 200 .. Plerco-ATrow pf 41 too .. Plercn Oil 8)4 200 8 Plcrco Oil pf 00)4 2500 .. Pittsburgh ft W Va... 28 0 200 5 Pitts Coal 87 300 i pond Creek CoaU 14)4 300 8 Pressed Steel Car.... 71 200 a Pultmnn 00 300 .. Punta Alenre Suitar. . 23 iu i l'uro on 100 8.41 Rnnd Mln Am Shares. Ray Con Copper. . J Readlni- 70 Reamu; 1st tif M . Remfimpn Typewriter 23)4 . Republic? Motors 13M 000 11800 200 200 400 2000 .. Repub Iron ft Steel. noo 5.20 Roynl Dutch N Y. 20O0 100 1090 100 27 19)4 13 14 11)4 035 07 114 C9 2SJ4 37 53 85 50 )6 13)4 01)4 34 33)4 3- ii)4 -rai4 83 - )4 11)4 49 07JA 14 -55 -0OJ4 13 3 10)6 .. 3913- 3)4 20 a 60 3S)S 14 2 '4 A 1 2 1 "y 'A 14 14 ii li 80)4 B0!, st i-ouis San Fran... 25 St Louis San Fran pf. 33)4 St Louis Southwest.. 25 St Louis Southwest nf 31 COO .. Saxon Motor 4 100 . . Seaboard Air Lino pf . 10 4500 .. Scars-Roebuck CO 100 .. Seneca Cop Corp 15 200 .71 Shell Transport 41 J6 630J .. Sinclair Oil 21)4 100 .. Sloss-Shcftleld 314 0900 0 Southern Pnciflo 70 4100 .. Southern Rail 316 600 .. Southern Rwy pf 47 700 7 Stand Oil of N J pf . . 107 100 7 Stem Bros pf 112J5 200 2 Stewart Warner Speed 25 000 .. Stromberg Carb 35J 60500 7 Studebaker 82 600 1 Submarlno Boat Corp. 5)4 100 0 Superior Stool 31)6 200 .. Tenn Cop ft Chem.... 7 0100 3 Texas Co 34)4 3500 .. Texas & Paclflo 2t 4500 1 Texas ft Pac c & O. . . 20)4 100 O Tobacco Products .... 64)4 103 . . Tol St L ft VT ctfs pf . 18 1700 .. Trans Con Oil 8)4 100 0 Frnnmio Wm Steel... 34 100 8 Union Bar- ft Paper... C4)4 500 .. Union OH 19 5100 10 Union Pnclfio 120 400 4 Union Pacific pf (it 200 8 United Drug 85 100 8 Unltod Fruit 10')4 300 .. United Rwy Invest... 0)4 200 . . United Rwy Invest ptd 21 3500 3 United Retail Storm.. 55 100 6 U S C I P ft Fdy pf . . 44 809 ..US Food Products... 18 1100 .. U S Ind Alcohol 61)4 13000 8 U S Rubber 83J6 100 ..US Smelt ft Rof 30)4 37500 BUS Steel 75JJ 100 7 U S Stoel pf 100'n 2C00 .. Utah Copper 51 )8 200 .. Utah Sco 9 4200 .. Vanadium Corp 31 700 .. Va-Carolina Chem ... 286 2011 . . Vlvaudou Ino 7 300 .. Wabash 8)4 1030 .. Wabash pf A 23 800 .. Western Maryland ... 10 709 .. West Maryland 2d pf. 10)4 109 .. Western Paclflo 20 100 7 Western Union Tol... 80)4 100 4 Westlnghouso E ft M. 41)4 300 .. Wlieollns ft L K I) 300 4 Whlto Motor 33 1C0 .. Whlto oil Corp 0 1009 .. Wllly-Overland 7)4 200 . . Willys-Overland pf ... 33 30o B Wilson ft Co 33 100 8 Woolworth F W 113 209 o Worthington PumD .. 44 100 7 Worth Pump pf A . . . 80 100 0 Worth Pump pf 11.... 59 IOW 00 10 1314 39)4 13)4 37)4 81)4 181 10 8 183 117 43 31 18)4 07 314 11 34)4 13)4 70 3 21 39 40 1014 18)4 20 48)4 70 1114 63)4 60 70)4 606 18 0)4 00 69 73)4 116 32)4 29 53 35)4 48 43)4 13 35 0 81 20 10 40 8)4 00)4 28t4 87 14)4 7114 00 2S 27 19)4 i3 07 39 32 13 48)4 50)4 24)4 33)4 24)4 31 4 10 co 15 41 20 31 75)4 21 47 !4 1006 112)i 25. 3t 78 5)4 31)4 7 33 33 10 54)4 18 8 31 01)4 18?S 118J5 nt 85)4 105)6 0 31 54)4 41 17 6.1)4 62)4 39)6 74 -09-'j 04 8J6 20 28 7 8)4 22 10)4 10 203', b)4 44 Vz 0 33 0 7 33 35 112 44 80 69 Net Chce. LOW-PRICED DLS t4 14 1 114 1 14 1:30 CI090 CO .. 10 13 4 40-14 13 27)4 .. 63)4 14 181 3 106 14 8- 14 183 4 117 16 43)4 14 3t .. 18 "14 121 - 2ti 11 21)4 13)4- 70 .." 2 21)4 14 40 ,1 40 10)4 18)4- 29 - 40 170 11)4 63)4 .. 69 1 72)4 1 606 Vo 10 14 is 0)4 .. 07 6S - 3 75J4 2)4 14 .. 23)4 09 - )4 83 30J6 1)4 59 - 14 43- 2)4 10 14 35)4 14 or. 51 -21 20J6 41 0)4 co)4 384 87 3 14)4 1 71 1)4 00 28 ..::? 27 10)4 14 13)4 14 09)4 1 30 3)42 13 80 14 -80)4 25 33)4 25 31 4 10 r.8)4 1)4 15 J4 41e 16 20- 3 14 70 3$ 3176 1 47 1 J007J )6 113)4 6)6 23 .. 35 V 3)4 83)4 27. 5!4 .. 31)4 21 8 31 04)4 10 120 1)4 04 )4 85 .. 10516- 0)4 21 65 41 -521- 39)6 3JJ CURB FAVORITES Tropical Group Irregular In dustrials Heavy Motor Shares Decline 114 1)4 "'l4 14 New York. .Tuly 7. There was n pronounced brondening of speculative interest In tho curb market today, indi cating n disposition on tho pnrt pf many important interests to come into the mnrkct ns buyers of stocks with which they have been identified for n long time. , L . This vns shown to tho-greatcst ex tent in tho trading in tho Independent oil stocks, many of tho low-priced is sues being in largo demand nt moderate n.lnnnnna tehtln BOmn Of tllO hlltllCr- nrieerl issues fluctuated over n wide range, among them being Midwest lie fining, which roso from 125 to 130. Tho demand for 'theso issues wns n nat ural result of the tariff agitation grow ing out of tho placing of nn export tax on crudo oil by tho Mexican Govern- in iint Tropical oils were irregulnr. Muro caibo, after selling nt 22, reacted to 01 1A ,! l,nn ndvnnred tn 22'A. Carl!) -: " "- -' -- --- .,,,., Syndicate was a wenit leiuuru, Maim down from 5 to 0. Cities Bcrvico issues wero in supply in tho early trad ing, tlio common stock then ranging from 110 to 112, followed by n rally in tho last half of the day. Interna tional Petroleum wns stendy with sales nt 12 to 12ij. Standard Oil of In dinnn wns Influenced by the under standing the stock will soon bo listed on tho New York Stock Exchnngo, and thnt Issue roso from O-l5)! to 05. Industrials generally snowed n. heavy tone. Glen Aldon Conl wns traded in nt 30 to 80 and some of tho motor Issues continued to dcclino to extremely low levels. Southern Conl nnd Iron wns firmer, moving up to 1. Thero wero largo transactions in Sweets Co. of America nt 3 to 3&. North Amer ican Paper sold at 3. INDUSTRIALS 11:00 14 e 114 la 1 756 100-J 5116 81- 30 38 ft .. 7 8)4 I- 16 23 r H 10)4- 14 10Kj Yi 30 )S 80)4 .. 44 )4 . . 9 .4 33 i4 0 7)4 )4 33 35 1 113 3 44 1- 0 80 69 3J ItiKh 20 I Co N A 2Si 10 I.eh Nav. O.'i'ii :i'. Low 2SH 03 -"S 51 1-18 03 Jt chse. ii-r ' Grain Orders for future delivery ex ecuted in grain and provisions. Special attention given to frac tional lots. Boureau & Evans Member r l'hlla. Rtock Exchaoie I Chlcnio Hoard of Trails 130 South 15th Street Philadelphia Locust J8 Race 7.z 81",.. 21'S.. 20 yt 1 - tV 31.. 3513.. 505.. 87. OS 87.20 1)0.111 ni.ot 87.02 87.41 87.31 OS. 31 72 rrtt JIM 71 2-H, 1 For Conservative Investors The Illglicat Grade Railroad Seasoned Underlying Issues are obtainable at veru attrac tive prices, with many of them selling from 20ro to 25 less than pre-icar market prices. TJst of suggestions upon re quest. Reed Ai Morgan & Co. .. 1Vm TruC Blda., rtllo. the fhUa. Stock Kith. MimWrs m 1 ' u lm st 1 ju Lien ni.. .)i-s 2SS Pa It It.. 35Vi 35 171 Phila Co cum pf.. 31", 311.. 05 Phila Elec 21 1$ 21 MS do pref.. 20 20 100 Tono Hel. 1 1 fj Vn Trac. 31 31 875 U G I... 35 U 35 A 0 do prof.. 40V? -10T5 '0 Unl Cos N J.... 105 105 105 2 I'inLAiiKr.riiiA nn.vus 050 Liberty 2d -i'As 5500 Liberty 2d 4 Vis 750 Liberty 3d '4h .. 5000 Liberty 3d 4s 100 Liberty -1th -l'lfl 7000 Liberty 'ltli 4"is 000 Liberty 4th 4Vi 1500 Victory 4 s 500 Amer Gas & Elec 0s... 2000 Hell Telephone 7s 1000 He' 1 Telephone 7s 103TA 1000 Electric & Peoplo's 4s. . IH,& 1000 Keystone Telcphono 1st 5s 05'A 1000 Pennsylvnnln 0s 07 7000 Phila Elec 7t 5s lots 85 MONEY-LENDING RATES NTAV YOKK Monov on call, bth cIuhum of collateral, opened today at 6W por cent for londlnc and renewing. rllll.Allia.l'IUA Call 0 r'r cent; tlma, 0 per cent' commercial papar. tbroo tn lx months a vr omt. ... Nto Thero aro mrroly nominal quota tion", tho lettol rt of Intrrott In tho State of I'ennryUanltt t'Olntr fixed at O pur cunt. Ttii nrtmlum and commlarlon. time money for thirty to ninety days li loaned nt 7 to 1 '4 uor cent, wli.ln commercial papr, from thirty to ninety da. la loaned ut 7 to 7'.i per cent. BANK CLEARINQ8 Hank clearing '(.day compared with cor r0pon.lln day u.t two : o rhlla .. 07.71.1'. IM l83.0S7.nS9 7S,il.' 71" hoMon 41) S.VJ.C1H8 2.:ii!H,0R7 (10,100,013 llall'moro in 311 MB 1B.4n7,HJ2 In . V?"; ,051.000.000 87J.852.1S0 833,100,176 , m DIVIDENDS DECLARED u tr Tfr.Hu A f'n mminon, payablo August 1 to sloe July 20. Mldvalo Steel Meets Price Cuts Th MldvaliHel and Ordnance Co. has met tho newJH3cs fists announced l.y Deth iesm Steel Ct "' oUr "e1 concsrns. FOREIGN EXCHANGE New York, July 7. Foreign exchnnge rates again displayed a reactionary ten dency nt tho opening today. Sterling wns cents lower, ns compared with the close yesterday, nnd other major exchanges were also easier. Tho quotations wero: Sterling cables 3.71, demand 3.701', franc cables 7.03, checks 7.02; Bel gian cables 7.80, checks 7.85; Swiss cables 10.80, checks 10.77; lire cables 4.81, checks 4.S0Mi peseta cable? 12.80, checks 12.78; guilder cabon 82.71, cheeks 32.00; Stockholm cabled 21.62, checks 21.77; Christlanla cn bles 14.13, checks 14.03; Copenhagen cables 10.73, checks 10.08; marks 1.32K. ... Tho rate of premium in Montreal today on Now York funds wus 13 per cent. Tlio cnscouiii aiu " dian funds in Now York wns 12 per cent. , Centra'. European exchanges were: Greek, 5.05; Ilumnnlnn. l-'j; nu - i-arluti, 1.10; Austrian, .10; Polish, 0311; Occho-Slovakln, 1.8.1; .Jugo slavia, .U7. VKBTKIIDAY'B T1NAI. QUOTATIONS Bterllnir Franca Ilrj (lultdrra norland .M.iOli T.Vl .! a.'.ua cabu? .::::. 3.71 7.on -10 hb.7j TODAY'S OPESI.no uuui'atiokb Hterllnir Francs iir uuilrtirn . 3.70'i 7.0'J 4 SO B2.00 . 3.71 7. U3 4.81 Bi 71 Commodity Markets GRAIN MARKET Chicago, July 7. Wheat started with July unchanged to jc higher; September unchanged nnd Deeemborl steady to J4c better. Trndo was moil ernto with buying by loading commis sion nnd shipping houses. Iteccipts Impacted yesterday wero 70 cars ; last year, 15 cars. The cash market was steady for red nnd easier for hard nnd spring grades. Early weather reports show a good rain nt Minneapolis yesterdnv and gen erally fair nnd warmer elsewhere. Lx port business yestordny was cstlmnted ns high oh 2,500,000 bushels, mortly to Germany. Country offerings to ar rive nre farrly liberal. Corn startcl c to c higher for July, V&c lower to 'ic higher for Sep tember nnd o to Vic niglinr tor lie cember, Trndo was light with scat tered buying nnd lack of selling pres sure, Oats opened Vc higher for July ; c to Vo up for September and Mc to 'Ac hicher for Dcccmbor. Cash interests wero the best buyers. Demand uauies count for tho advance. A locnl im porter was n good buyer of March, starting In at 7.11c nnd taking nil offerings up to 7.15c. Somo llttlo time after thn rnll nfllnlnl cublea reported Santos 225 to 450 rcis higher with Itlo 100 to 125 reis nn: and a portion of the early demand came from IntertHts who had received tills news In advance of the exchange cables nu on which tncy promptly coveted. lowuwL midday tho rally carried prices 17 to 20 points net higher, September touching 0.50, December 0.00 and March 7.24. Tho loeul trade looked upon this morning's advance in Urnzil as u con firmation of tho recent advices buying that the Government would lend ltn supjwrt throughout tho crop Opn O.'UflUO 0 7".i5Sn lllh Low A. M. Cnrllslo Tiro, a "4 2H 2$ Chtcaeo Nipple ....w i 44 44 Clovolnnd Auto 27 20 20 Columbia Emcrnld 1 1 i Com Flnaneo 4 43 43 Kmplro Food 20 20 20 Olcn Alden Coal 3Bn 80, 30 Hoyden Chom 1" J' Jvi Intor Hubbcr B S Locomobllo 76 03 70 Chicago ft r.!t lit ...... 14 144 34H Chicnico ti Kant III old... 4n)i 40 40 North Amer Taper 3 8 8 rertectlon Tiro 70 70 .0 reerlesr Motor 27 27 27 l'hlllp Mori' 4H 44 4$ Hndlo Com l"i 14 i? nadlo Com prof 2 2 2 Southern Coal & Iron ... l!4 IT 16 Rweetr. Co .311 '' ,g IJ B Khlp Corp 18 18 If United ProOt ShnrinB .... 1 A ljl JH Unltod net Candy O'i 11 Willys Corp let prof 15 IB 15 STANDARD OILS Atlantic Lobos 13W Wi 13U Ohio Oil 2.10 247 24R Stand oil of Ind 0M4 MU 05W Staml Oil of N Y 309 800 BOO INDlU'I'NDnNT OII Allied Oil t 4 4 Hooim Oil 30 29 30 Boston Womlne (iS B0 8S Carlb Synd f"4 8 tiW Cltlos Service (old) 110,, 11'J 113 Cities Servlco prot 4J)i 4SW 4ijl Cooden & Co JH 8 3j Federal Oil 1A 1ft 1A Olonrock oil 8u 07 01 auffoy Ulllesplu O I) II Hudson Oil 20 20 i'l) ,lnt Tctrol 12'. 12H 12J. Maracalbo Oil 23fi 'Jl1 22'4 Mcxloo Oil .VJ r.o ro Midwest Itef 130 12r. 1811 Noble IS IS 18 Salt Croek Prod lo'l lOU Ki'i Sapulpa Ilet 3'S 34 8H Slmnis Pot li " OH Skolly Oil -n. 4V. 4)4 Tcxou 7(1 "(I 70 Woodburn 87., 1)7 87 Zapata 1U 1H IK MINIXd BIB I.edKO 18 10 18 Jlooton & Montana SO 4S 48 Boston Sly 40 40 40 Calumot It Jcromo 10 13 15 Candolaria Mining 31 , 211 81 Cons Cop Jlln Ill 1W Hi Urencent MacNnmara .... 7 7 7 , Uolorea KspurAtn 2H 2H 2U Dlvldo Uxt 21 21 21 i:i Hah odor in 11 15 turcica Croosus iio 80 SO GoldttMd Florence 27 1!7 ITT Gold Zcno 11 11 11 Harm-Ill Divide 15 15 15 Uccla Mining 3"t 84 8T4 Howo tfound 2 '1 S Knox Dlvldo 18 18 13 MacNnmnra 11 14 Ik Magma Copper 18 IS 18 Nevada. Ophlr 30 30 80 Nlplailng I'i 4!4 4H lt.iy Hercules 20 18 18 silver Minos 1A 1A 1A Silver King Dlvldo 3 3 3 South Amer 1' U (i 4'i 4'i 41 Tonopah Dlvldo 63 SI 83 Tonopah IZxtenelon ...... 1A 1A 1A United Eastern 'i 2 A '-Vi West J:nd Con 8'J 80 ' 81 Yukon Gold HO 00 HO IIO.NDS Allied Packer 0 41 10 41 Anicr Tel (Is 1UJ2 US'i Vtt Us Amor Tol Ua 1U'.'4 00'. tiil'i Oli'.'i Anncorala 7s lt(L'l) UJ'.j Vl'l U3 Ank'lo-Amer 7,4s KVU DU UVSl Armour 7s U5"j U.1V4 1)3' Both Steel 7s 11)83 05 US U,"i Chi Un tftu OfjS 103V4 103 lUli'-j, Cohs Qbs bs lOiiVl lliO'i 1O0 t Cons Toxtlla 7 101U 101H 1U14 Copper Export 8s 1023.... unH Wits 0U' Uaiuna 7u u:i's n:iu u:!1,. Grand Trunk (IVjs Ii5'j U5' l5'4 llumblo 7s in;'', unu tio'-j interboro 7a 7S5. "Sjj 7o" Ills Cent OVjo nsli 117, 'Jh'j Llbbv MoNVIll 7s W li3i U3J. SouthwoHtern Hull 7s .... oa; VOW doii Mand Oil N Y 7s 1027 liil'-j lul'i lui' Stand Oil N Y 7s 1UJ0 ...l(ijt 101"4 lOU' Stand Oil .N Y U4s H04 U' 00'i Sun Oil 8s HI Hi m Texas Co 7 UH' lis, '4 lis'4 Vacuum Oil 7s loots lliu4 100'b Unite) Dru 8i ion 100 100 M'uKtoni lllto 7s Wi l)0"i lili'i Swiss ti'-jn Bl'. H4 blU September D"ember March . . May Bid. I're Close . " 7Sii75 7.01 'ii IWiifl 7.15017 IW21! 7.31 Financial Briefs BAR SILVER Domestic bar silor wan um.lmiiced In New York tnd i at UOU o foreign, SU'i c, un changed, In I.ennon uvi price was changed at IKI'i d. un- quarterly 1 per cnt on :k oi rocoru SLAIN BYJAPANESE Prominent Young Englishman Vic tim of Yokohama Burglar Yokohama, July 7. (lly A. l.) Itnnnlil III11. need twenty-fno, non of F. W. IIlll, n prominent Uritlsh resident of Yokohama, was HtabbedWo death by u Jnpanoso bursjlnr who lnRe Into tlio family homo in the foreign quarter ol the city Tuesday night. Mrs. Hill was awikcned by tho bur- clar nnd seized tno iniruuor, ocuig uli'nv wounded. T'ic son rushed in to COTTON MARKET sow York, July 7. Rather active buying nt tho opening of tho cotton market today, led by Now Orleans nnd Wall street, and based chiefly on the stronger cables, caused nn ndvunco of fj to 0 polntH In first saleH. Con siderable Southern hedge-helling und moderate pressure from Liverpool sup plied tho deinund to somo extent, but further support nfter the start carried the lint 15 poluts higher, and, at the end of tho first fifteen minutes, the market was about 20 points over the previous close. Tim roeelnta nt tho.nortH for tho day ore estimated at lO.O&l) bales, against 21,383 bales n week ago, 7712 bales a venr ago and 17,000 hales two years ago. Previous Closo Open 11 bO iun la.DO 12.55 lli.117 18,08 January , is un 13.H March 18 1H1 U.4U Tlio averaeo prlro of twenty actlvn Indus trial stocks advanced 2.15 jer m . tcrday to 00.80, hlle the tu nty rMlroads ,M.ud 1.U3 per cent to 72.20. rR"rou"3 Tho Bunk of Unitlnn,! ,itni. .. - discount remains unchunged at 0 per cent. New Orleans Ita'lwHv f...rf t i... . . paying Interest duo July 1 on Its W Mr cont ceneral tmirtB.tec b ,nds The company will, ll expoct.-.! hy banllcis, ray tlin Interest on or before Octobor 1 to procnt :zr.: i.r. r ?'.ru," 'n tnn bond r.",:: -..". " "'". "unu" 'ann JUl !' CV 1-UUj'Ull UIK LIVESTOCK QUOTATIONS (IiIimiko, Ji.i 7. i A'tri-i; lucLipts 50C0 hesd. Boot nefrs anil tho slock mostly 15c to 25a hlk'hur, tup ycaillngs, JU; bulk boef steers, $7WS.21, bulk fat cows and heifers, finntiiO&U; cunneis and cutters largely 1. 756.1, 25. bullH und eal oalvea, 25c to OOo lilghor, bnloKim bulls I iruclv ll.."iU(ii :, butchers. H&.25IUU 25. itockera und feeders Slow, HOaa lie, ulptM. 28,000 bead. Better grades actlvu, stionu lo l()o higher; othois siow. moswv sicuov vun )osicrua's ar ago. Tup, it sii bn k llKiiti.',o, plus noudy to lOo lower, bulk, do ill able. 8.1,5 60.25, Slii:i:i' Itec.ii. i, 10 duo head. Strong to 25c hlKhi r. Top n:illn lambs largely Slo.no bulk tH.50f10 2.l, culls J5 BOWlll aholco luniio, oii..,i, gouii. jjo oa. western oti HIS 41U,tl, lUII( lilt IUII1L CWOg i'4. Colonel House says: "Tho outlook for a tjeneral betterment of European affairs has never been so good since tho war as now." .Call money rates in New York since June 15th havo ranged 6 and lower in the same period last year the rate at times was as high as 15. Wo emphnsizo theso two points because Tho first is nn expression from n keen nnd ex perienced observer of European affairs who now sees Europe making progress in its recovery from the disasters of war. The second indicates tho easing in the tension in tho country's money market, a development which is nlso being evidenced by recent advances in the prices of bonds, nnd wo present these thoughts aa two-of many bear ing upon the desirability of the recent issue of Government of the French Republic 20-Year External 7Va Gold Bonds Due June 1. 1041 Not subject to redemption prior to maturity Denominations! $1000, $500, $100 Listed on tho New York Stock Exchange. Principal nnd interest payable in New York in U. 5. gold coin. Rated by Moody "Aaa." PRICE 95 & INTEREST, YIELDING OVER 8 In mnking nn investment ono desires ' Security Yield Marketability The security of this issue is beyond question. A yield of 8 for n 20-year period speaks for itself. Marketability is assured through tha agreement of tho Fronch Government to provide, for a period of five years, boginning July I, 1921, as a sinking fund not less than $9,000,000 per annum in cash, pay able in monthly installments, this sum to be used to purchase bonds at not exceeding 100 and interest. The operation of this sinking fund will provide a ready market for the issue and will we believe in a reasonable time result in prices higher than that at which bonds can now bo purchased. These bonds, thus to on unusual de gree, meot tho above conditions and We Strongly Recommend Their Purchase Descriptive circular on request EtVrsetBros. &. Co. BLANKERS 1421 OHE3TNUT STRISI2T PHILADELPHIA Members Philadelphia Stock Exchanoe J!? VW Northern Pacific Great Northern (Chicago, Burlington & Quincy Collateral) 6V2 Bonds, due 1936 PRICE AT MARKET TO NET OVER 6.70 (Harrison. Smith & Co. INVESTMENT SECURITIES 121 SOUTH 5TH STREET PHILADELPHIA LOMDARD 8100 mediums und heu!os t H.SOin;, rittsliumli. July ". HCX1S Iteeelpts. 200(i lead Lowiu. Jinnies, $9.50t(U.53i hea joikers, lUlit jorkeis nud nlta. tlo.SJn MlCni AND I .AM BO- lKrelpls. 350 K i.l hleidj Top ehoip $5 mi 'Inn lainbn. Si ... ''Vl.Vi:s Ilccwlpts. 125 head. Higher Top. Jll.50. i:.iKt MulTuln. July 1. CATTUC ItecelptK OHO head. Steady runes, lecelpts, 2011 hond: M hlKln-r; J5n:i k."ih. -uii HOUS- UeeelptH. 2WI0 held. Stoady to 15o lower. Heaiy. 41(121, mixed. $10 '.'. J0.35. jorkers, 110.D51ilu.50, llirht rnrkars Bt!l,K"V,i n'1(!?oniltou',73i rouB. "" STOCK PRICES 1907-1914-1921 WE HAVE PREPARED A PAMPHLET SHOWING LOW PRICE3 DURING 1807 AND 1914, AND THE HIGH DURING THE RECOVERY PERIOD. THOSE WHO INVEST OR TRADE IN STOCKS WILL FIND THIS PAMPHLET EXTREMELY INTERESTING. Copy Mailed Free on Request rlooiSE. Leonard & Lynch Cushmnn Nowhnll, Manager 1503 Walnut Street Now York Philadelphia Pimburgh r5Wiltl'$9WwKry lions. e the subsequent cou- July .... October . Ducoiticer l-Oo I' M 12.011 12 74 13,20 la.'JU NEW YORK COFFEE MARKET defencl hlB mother and wo, killed. Tlio I Now YorK, July 7.-In hplto of tlio umlar csenncd. f , rnilior .llnappolntliiB Iltudl rnblcH, tm UUrKHir l"-l'1". . . ,. I ii ,.!,, nril'IIPll linn nt n, u.nnnn rvecretnry at the British A8soc!a.of 1 to 11 polntji and thero wemed to orary secretory tlon uore. BBtnuel M. nuclam prenldcnt of Ilaldwln I.ocomotlv Works announced u-ceipt of or ders a; 'ollowsi Hiuit .Mikado typJ ioronio tles for the Moxionn .Nan nal Itllvnu liu Pacific type purni-er mslns for I'ckln IIonKow Hallway, of Ch na und a largo ol der of locomotive JorKlnit for India. Last week the Mexican Rational Hillu-.iy,. placed un order vlth Ualdwlns for ten I'acinS lica enalnos, v Amount of Vlctorv I,o.in Notes oulKandlnu uno JIO was 13 013.033 :n0. a riductloti l"r Juno ink? Juno of UOS lh!i ''i-. i. ii.,., i. outntand'ns June :iii, $15 235 103 1110, ductlon durliw June nf $311 2H1.2US. linnds a ru be nothing in tUel early news itfsmsmk. Fronch Bank Statement .v.1',,r!'' ,JUy. T Th0 "'"My Mlalement of the Hank of Franco fhows tho followlni cnunfiesi Oold lu hand Incrtused !T 1100 franesi silver In hand Innonsed 23(1. (lull notos in ilruiatOT tncp-used 214 Uli.'i ooi, treasury dcuniitn deer aeed U7.02il.(HI(i ,,.,, erul deposits decreased K 101,000) bids ills countod decreased 133.770,000. advsiicos in creased 70.100.000i adu.Ani. Wi'u.iP: to at." (rancs. we"k Rmount,d to 300.000,000 The Industrial Trust, Title and Savings Co. 1944-52 N. Front St. GOTHaSi dividend The no-lid of Direr tors ha a this ?y i Stf n 8oml-annu.il Dividend nf l.lnlir (8) per cont. vayalile July 15th 11.21. 0 S.ork holSSra of ! 11 O V 1 T H : V l " K D CapUal $500,000.00 Surplus and Profits. $1,387,964.47 JOHN S. BOWKER, Treasurer, July 7th, 1021 tjCjwSyjjffiBVI Lin J 4 H 1 1Tt sTwsTHI MmamsmnuBMasmto Commonwealth of Pennsylvania 30-Year 5 Bonds Due July l8t, 19S1 Price 101 and Intereat Yielding 4.93 MONTGOMERY & CO. Incorporated Telephone Lombard 4320 133 South 4th Stroot Philadelphia 't li.' Jg smt'frAf!i-&tfki )f .'W
Significant historical Pennsylvania newspapers