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