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16
EVENING PUBLIC LEDaERr-PHIIDELPHIA, FRIDAY, JULY 8, 1921
J1
i:
iz
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'Her
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x t
t
H
-
fc
7
?l il
usiness, Foreign Trade,
d and itock Markets
tare all reviewed, in a
concise way in our
July Bulletin. In view
of ' the unusual condi
tions existing, wc be
lieve every investor
will be interested in
this leaflet, compli
mentary copy of which
will be sent on request.
In addition six securi
ties particularly worthy
of consideration arc
described briefly.
Hemphill, Noyes C& Co.
JMeoiftera Ifaw York Stock rcAn
Franklin Bk. Bldg., Philadelphia
New York Boston Sainton
Buffalo Albany Syracuse BaIUoot
INDUSTRIALS ON 1 NEW YORK stock exchange transactions 1 1
TOBOGGAN AGAIN
Apparent Heavy Institutional
Liquidation of Stocks
of"""Holp-Outs"
Commonwealth of
Pennsylvania
Thirty-Year 5 Bonds
Due July 1, 1951
Exempt from All
Fedoral Income Taxes
Legal Investment for Sav
ings Banks and Trust Funds
in New York, Pennsylvania,
New Jersey, Massachusetts,
Connecticut and other states.
Free from Pennsylvania
Personal Property Tax
Price 101 & Interest
Yielding 4.93
Circular on request
Harris, Forbes & Go
Pine St., Cor. William
NEW YORK
PHILADELPHIA OFFICE
Widcncr Bldg.
EH
LOW
PRICED
RAILS
Our pecial letter, showing
possibilities of these stocks at
present levels and containing
other important information
furnished freo on request.
Atk for L-30
P. K. Guthrie & Co.
Members Phlla. Stock Exchange
1418 S. Penn Squaro
SUITE 300
SPRUCE 0765 RACE 483T
Private IVircs to Xew York
Xew York, .ftily 8. Todny's stock
market wni distinctly soft mid reflected
considerable Impairment of the techni
cal position ns a rcvilt of the round-up
of tho short interest on Wednesday and
during the earlier trading yesterday.
Practically the entire industrial division
was found to he vulnerable, with pro
nounced weakness cropping out in n
number of the specialties. Trading In
the rails was desultory, without mate
rial change except in a few scattering
instances.
If the stories told this morning could
be believed the banks and other loaning
institutions got in some fine work In
the last two sessions In their house
cleaning of "help mils." There were
good reasons for assuming that a consid
erable part of the selling on yesterday's
bulges, nnd which continued on a liberal
scalo throughout the forenoon today,
was for account of Institutions who had
beeu forced to 'take over securities held
as collateral for loans held by some of
I the Digger operators who were compelled
to unload In the preceding slump.
Many of these institutions unques
tionably have beeu walling patiently
for just such an opportunity ns pre
sented in tho sharp rally on AVednesday
and yesterday morning, which partly
accounted in all events for the increas
ing supply of stocks encountered In the
llarebaek. Thcro wns evidently nulte a
good deal more of this snrao kind of stock
to bo dumped this morning, ns all the
leading speculative favorites were freely
on tap despite the fact the market had
definitely turned downward. In addi
tion there was a veritable flood of "at
market" orders, meaning executions
were filled without regard to price.
A great deal of the latter kind of
selling appeared in the fcugnr shares.
This is not altogether surprising as
i the sugar trade Is openly admitted as
being very bad. In truth it was as
serted today by usually well Informed
people that unless there is some im
mediate chance for the better in con-
dltiuos, there Is a possibility of con
siderable number of embarassmeuts.
American Sugar Kenning was the weak
est spot of the group recording n new
low record for many years at fl4'4, nnd
a net loss of mor than from last
night's level.
The over-night announcement of the
passing of tho United States Rubber
1 common dividend had a chilling effect
I on. tho entire industrial division. This
I Is not the first time, however, the div
i idend has been passed. It happened
before, just as suddenly, in 101.". Many
I on tho Street felt the last dividend
should not have been paid nud it was
I poor balm to the injured feelings of
, the confiding shareholders the manage
ment offered in the announcement that
"the outlook for the balance of the
year is encouraging."
Rubber common started the ball roll
ing in tho reversal of the market swing
in tho opening dcelino of 4?fi points.
There were numerous soft spots, how
ever, and ns tho session progressed in
creased heaviness wns shown by most
all tho nctive speculative fuvoritcs. On
comparatively moderate oflerings prom
inent industrials during the morning
lost 1 to almost 5 points, liesidcs tho
two stocks named, United Fruit, Har
vester, Mexican Petroleum and bevcral
of tho motors, steel nud equipment
shares were under marked pressure.
Famous Players featured the specialties
in a violent break of nearly 0 points.
Freo offering of call money and loans
renewing Into next week at ii1,. per cent
failed to make the slightest Impression.
Nor did the more optimistic deductions
of Secretary Mellon't, liberal attitude
toward the railroads. It was just a ques
tion of the recurrent liquidating move
ment spending its force.
LEADING LOCALS
ALL HELD UP WELL
Aicaiting Adjustment of the
Gas ami Transit Prob'
I cms by Council
OTIS & CO.
Stocks Bonds
Acceptances
Foreign Exchange
Member of New York,
Cleveland, Boston, Chi
cago and Detroit Stock
Exchanges, the New York
Cotton Exchange and the
Chicago Board of Trade.
Private wire connections
with principal markets of
the United States and
Canada.
216 Superior Ave., N. E.
CLEVELAND
New York Boston Detroit
Cincinnati Columbus Toledo
Akron Youngstown Dayton
Denver Colorado Springs
to
DlK.
Sales in S jnuh jnx,
B '00 .. AJax Itubber Sl Sol
0 . Am Agrlo Chem 37J4 37H
0o 4 Allied Chem & Dye... MYa
000 ., Am Beet Sugar 27J4 37
100 .. Am Bosch Magneto... 3H 3U
1000 .. Am Can 7H 2014
1400 lj Am Car & Fdy M0 tM
100 .. Am Drug Syn H 4J4
300 .. Am Hide & Leather pf SIM St
100 .. Am Internat Corp.... U M'4
tOO .. Am I.tnseed 27 215
0 7 Am Linseed pf 0.1 00
200 o Am Locomotive 81 M 81
'0J .. Am Safety Itaior 4 IVt
300 .. Am Ship & Com 7J IV
40 3 Am Steel Foundries. .. 30 3S
2S300 7 Am Sugar nef 0814 H
..;??. 7 Am Sugar Kef pf 88H 8M
100 g Am Sumatra 5JIH tnVi
300 0 Am Tel & Tel 103H 103ft
1J0O lj Am Tobacco 130 118 Ji
100 o Am Tobacco pf new. . 80 80
100 12 Am Tobacco B 118'4 118H
0100 7 Am Woolen 70J 07H
1090 ., Anaconda Conner . ... 33 3S
200 a Atch Top A Snntn Fo. 8IT4 81J&
300 a Atch Top A S F pf. . . . 7JU 771,4
0100 ., Atl Oulf & W 1 S S.. 20 30
200 .. Atlantic Pet 14'A 14H
17S90 7 Baldwin Locomotive. . 70?a 74H
11000 .. Baltimore. A Ohio 301, 3J4
'00 2.80 Barnrdale Class B.... 17 17
100 5 Bethlehem Steel 48)4 84
;00 n Bethlehem Steel B..,. 4B 48 ft
100 10 Burns Bros ".87 87
"00 .. Caddo Central O & K. 10J4 10ft
"00 .. California l'etroleum . 38ft 3S
IJJO 10 Canadian Pacific 113 110ft
100 . . Case 1st pf 73 73
100 .. Central Leather 34?; .1!?
100 ., Cerro do Pasco 27 27
M00 o Chandler Motors .... 43 0ft
3000 ,. Chesapeake & Ohio... 60ft 6S
100 .. Chl & n III Eq T ctfa. 1 1
S3 103 . , Chl & K 111 ct 1st as pd S S
300 . . Chicago A Ot West... 7ft 7
100 .. Chicago A at West pf. 17 17,
2000 .. ChlcaKO Mil A St P... 27 27ft
1000 .. Chicago Mil A St P pf. 41ft 40ft
400 e Chicago Northwestern 05 05
1800 ., Chl n I A Pac 33 33ft
300 e Chl K I A Pac 0 pf. 04ft 04ft
1100 .. Chile Copper 10ft 10ft
000 .. Chlno Copper 23ft 23
200 . . Coca-Cola 30 30
500 o Colum Gnn A Klec.... fifift 6ft
300 .. Col Qraphophono .... fift aft
000 .. Consolidated Dla Ins.. A H
100 7 Consolidated Gas .... 80ft 80ft
300 .. Continental Candy ... ft ft
2100 4 Corn Products Kef.... 00ft C4$
1300 2.30 Cosden A Co 27ft 37ft
4700 Crucible Steel fiSft so4
200 2 Cuban Am Sugar.... 13ft 13ft
3200 .. Cuban Cane Sugar.... 8ft 8ft
2300 .. Cuban Cane Sugar pf. 21ft 22ft
300 0 Delaware A Hudson... 07ft 07ft
100 io Del Lack A Western.. 180 180
IfiOO . . Denver A Klo Grande.
23 10 Eastman Kodak 045 045
1300 s Endlcott-Johnson .... fi0i 50
300 .. Hrlo 13 13i
300 .. Erlo 1st pf 10ft 10ft
10S00 8 FamoUR Players L. .. . 50ft 50
400 10 Flshor Body 70 70
3030 .. Flsk nubber 134 12
200 .. Gaston Wms A Wig.. 1ft 1ft
100 2 Gen Am Tank Car.... 41 41
0200 .. General Asphalt 53 51
100 g General Electrlo 129 130
10000 l General Motors 114 lift
100 0 General Motors pf . . . . 07ft 07ft
300 7 Gen Motors deb 7.. . 75 75
300 .. Goodrich B F Soft 30ft
100 7 Great Northern pf.... 00 00
100 4 Gt North Ore ctfs.... 20 20
100 7 Hartman Corn ...... 08ft 09ft
100 .. Homestake Mining ... 63 65
700 .. Houston OH 54 53ft
200 i Hupp Motor Car lift lift
400 7 Illinois Central O.ft 91ft
0000 CO Indlahoma Kef 3 3
100 .. Inspiration Con Cop.. 33 33
500 .. Interb Con Corp 3 3
100 .. Inter Aprlc Corp pf. . . 37ft 37ft
5703 7 Int Harvester new. .. . 80ft 75ft
ISO 7 Int Harvnewpf... .100 100
200 .. Int Mer Marine 11 it
000 0 Int Mer Marino pf. .. . 48 47ft
200 . . Intemat Motortruck . . 31 30ft
300 7 Int Motortruck 1st pf. 08 '08
100 .. International Nickel.. 14 14
1800 .. International Paper ..54ft 63ft
300 .. Invincible Oil Corp... lift lift
.300 ..Island Oil 2J4 3ft
t -HO Net
Clous Chtte.
21- ft
B7ft - ft
38ft-
27 - ft
33 ft ft
37H .
125 ft- 1ft
J4 ft
61-1
33 ft- 1
24ft
035
81 - 1ft
4ft- H
7ft- ft
23- ft
00 - 3ft
88- H
52ft
103 119-
80
-38ft
ft
30ft 14 ft-74-38
ft-
17
S
48ft- 1ft
87
10ft
38 -110ft-73
-U
-37
60ft-
55 -
1
-
7-
17-
27ft -
40ft-
05 -
33 ft-
04 ft -
10ft -
23 -
30
55ft-
5ft -f ft
5 -
SOft - ft
ft .
05 ft -
27ft - ft
50 ft- ft
13ft - ft
8ft- ft
23ft- ft
ft
2ft
"v
"74
t
ft
ft
tft
ft
ft
t
ift
3
ft
ft
2ft
ft
ft
ft
ft
ft
ft
ft
61ts
700
1800
300
200
1000
60S
300
600
' 300
200
100
800
100
300
15300
300
Div.
Int
High
Knnsas City Southern" 26
4 Kelly-Sprlntrnold Tire. 38 ft
. . Kclsey Wheel 60
. . Kcnnccott Copper ... 11
.. KeystoneTAR 13ft
.. Lackawanna Steel ... 30ft
2 Lee Kubbcr Tiro 37
.. Locwe Co 10
1 Loft Candy
13 Lorlllnrd Tobacco ...147ft
7 Loulsvlllo A NaahvlllellSft
7 Manhattnn Kiev iruar. 43ft
. . Marlln.Parry 10ft
.. Marland Oil 16
12 Mexican Petroleum .. 89 ft
2 Miami Copper 31
07ft
lbO
54
C45 69 -13
10ft
50 -70
13 -
tft
41
61ft-
139
lift
07ft f 1ft
75 1ft
30ft- 1
ft
ft
ft
"ft
ft
ft
1
ft
. .
09
29
69ft-
65
63ft-
11ft-
91ft-
3
33
3 ,
37ft .
73 ft
100 -U
48 -SOft
.
68
14
53ft -11ft-
3ft .
u
ft
1300 1.00 Middle States Corp... 11
600 .. Mldvalo Steel 24ft
100 .. Minn A St Louis ft
800 .. Missouri Pacific 31
200 .. Missouri Pacific pf. .. 39
200 .. Montgomery Ward ... 17ft
100 .. Nat Cloak A Suit 20
600 6 New York Central ... 70
300 .. Now Tork N H A H.. 18ft
300 1 New York Ont A W. . 17ft
1100 7 Northern Pacific 7
100 .. Nunally Co 9ft
200 . . okla Prod A Kef..... 1ft
100 8 Otis Elsvator 03
200 .. Otis Steel 10ft
300 5 Pacific Qaa A Elec... 63
1800 .. Pacific OU 34
600 o Pan-Amer Petrol .... 48
909 o Pan-Amer B 43ft
1800, 2 Pennsylvania R R.... 33
1500 .. Penn Seaboard Steel.. 0
100 .. Peoples Gas Chicago.. 51
600 .. Pcro Marquette 31 ft
300 .. Plerce-Arrow Motor .. 10ft
100 ..Pierce Oil 7
300 g Pleroo Oil pf ooft
100 . . Pittsburgh A W Va. . . 37
0i 8 Pressed Steel Car.... 7lft
1300 8 Pullman 05
! .. Punta Alegre Sugar.. 28ft
10o . . . Ray Con Copper 13
3200 4 Rending OSft
3100 .. Rcpub Iron A Steol... 48ft
300 5.20 Royal Dutch N Y 50,
1300 .. St Louis San Fran... 34ft
700 .. St Louis Southwest.. 34
100 .. Santa Cecelia Suar. . 3
.. Sears-Roebuck 00ft
.. Seneca. Cop Corp....i 15
.74 Shell Transport 41ft
.. Sinclair OU 20ft
.. Sloss-Sheffleld 33
0 Southern Paclflo 70
.. Southern Rail 21
.. Southern Rwy pf 40ft
8 Standard Oil of N J. . . 137ft
7 Stand Oil of N J pf.. 100ft
.. Stromborg Corb 34 ft
7 Studebaker 81ft
1 Submarine Boat Corp. 5ft
.. Superior Oil Corp 4
:. Temtor Corn & F "A" 10
.. Tonn Cop & Chem.... 7
3 Texas Co 34
1 Texas & Pac C & O... 10
.. Third Avonuo 15
0 Tobacco Products .... 33
.. Trans Con OH 8
.. Union Oil 19
10 Union Paclflo 130ft
4 Union Pacific pf 03
H United Drug 84ft
8 United Fruit 100
.. United Rwy Invast... Oft
.. United Rwy Invest pfd 20ft
8 United Rotall Stores.. 34ft
.. U S Ind Alcohol 33
..US Food Products... 17ft
.. U 8 Realty A Imp... 40ft
..US Express 5
U S Rubber 60ft
5 U S Steol , 76ft
7 U S Steel pf 100ft
.. Utah Copper 60
.. I'tah Sec 8ft
-.. Vanadium Corp 30
.. Vlvaudou Inc 7ft
. . Wabash 8ft
.. Wabash pf A 33 ft
. . Western Pacific 20
0 Western Pacific pf...."C0
7 Western Union Tel... 80 ft
4 Westlnghouse B A M. 4 ft
4 Westing H & M 1st pf 50
.. White oil Corp 0
. . Wllly-Ovcrland 7
5 Wilson & Co 30
.. Wright Air 7ft
' 100
300
7503
200
0800
1100
800
' lOtl
30O
20fr
233O0
100
5 00
100
280
3800
000
100
100
1100
700
900
300
6200
4300
300
100
000
300
000
100
100
34000
13500
300
100
100
1700
20U
400
1400
100
100
100
(100
100
200
1400
100
100
36
37
60
10
11
39
37
10ft
9
147ft
115ft
lft
10ft
16ft
07ft
31ft
lift
24
13
20
30
17ft
20
70
18
17ft
73
ft
lft
03
10ft
63
34
47ft
41ft
34ft
9
61
30 ft
19ft
00 ft
27
71
92
28 ft
i3
08
7ft
60
24 ft
24 ft
-2
64
13
41
10ft
33
7
20 ft
40
137ft
106ft
33ft
70ft
3ft
54
10
33
10ft
15
63
m
10ft
"0ft
03
81
101ft
0ft
20 ft
3 ft
63
17
0ft
5
48
74 ft
:09
50
8ft
20ft
7ft
8ft
21ft
20
00
86 ft
44 ft
50
0
7
30
?ft
: B
1:80 Net
Cloio Chtte
26 -
38
60
10 ft
11-
89ft ..
37
10ft - ft
0 ' ..
14,7ft- Oft
116ft- lft
41ft- I
16ft
lft-
98 -
31ft-
11ft-
24 -
13 -
30 -
39-
17ft-
39
70 -
18
17ft-
73 -
0ft
1J4
03 10ft
63
34
48 41ft-34-
0 -61
-20ft-10ft-
7 ,
00ft-27-71
-3-28ft-13
68 -48ft-
1
lft
ft
ft
ft
ft
ft
ft
"
y
i
3
50 - ft
24 ..
2ft
3
05 - 1
15
41 - ft
20ft -
33 - 1
76 - ft
20ft -
40 1
137ft 2ft
JOOft ..
33ft- 2ft
80 ft
3ft ,.w
10
- ft
33ft ..
10- ft
15-1
63-1
7ft- ft
10ft ..
"0ft- ft
63 .
83- 2
103ft- 3ft
0ft ft
20ft ..
54 ft
63 54
17 - 1
49ft- ft
ft
49 - 4
74ft- ft
100
ao
8ft ..
29ft- 1
?ft ft
8ft ..
21ft- ft
20 - ft
60
SOft- ft
44ft- 1
.-&
66
0
7
36 1J3
?yi
LONDON STOCK MARKET
Home Ralls Fluctuated Kaffirs In
clined to Sag Oils Firmer
London, July S. OU bliares were
firmer on the stock cxchani?o today, hut
trader ncted with caution. Shell
Trunsport and Trading was C 0-10 nnd
Mexican Eagle, 5s. A demund for the,
account of Investors made the K'lt
eilged section harder, but. In tho main,
the group was qulut. Improved nd
vleen from Paris helned French loans.
Tho feeling in tho rubber department
was more comment, touowing mc prua
Commodity Markets
COTTON MARKET
New York, July 8. Further strength
was noted in tho cotton mnriict todny ns
a result of higher cablo and largo sales
of tho spot article at Liverpool. With
tho exception of August, which started
2 points lower, initial quotations showed
gains of 8 to 10 points, with New Or
leans and Wall strcot interests the chief
buyers. The .South, Liverpool nnd spot
houses furnished most of tho offerings.
l'rlvate cables explained the strength
Bam
i. -
i
fi&
Spruce 8200
LIBERTY BONDS
VICTORY NOTES
TREASURY NOTES
&
CERTIFICATES
, BECUniTIES DErAKTMENT
CommercialTrust
Company
Member Fwleral Hmkttc 8rtem
City Hall Square Weit
The local market was not disturbed
nnv miiterinl extent bv the freh
breakdown of the speculative structure
on the hie board, w hilo there was
more or less irregularity, the greater
part of the local list held up well and
practically gave no ground. Most of
tho purely local shares scored small
fractional gains while recessions were
generally confined to thoe stocks moro
directly inlluenced by the mecurial va
riations of the New York market.
In the local utility group there was
a distinct tendency to mark time. This
perhaps was natural in view of the
wide-reaching possibilities likely to fol
low councilmnnic action regarding their
nffalrs in tho very near future. The
Tlss-crois currents which hove been
Injected into both tho local transit bit
tuition nnd gas lease qiiPHt.nn, by rea
H'jti of the conflicting political interests.
i lie rank nnd tile are logically dinpoted
to patiently await final dctelopments
rather than indulging In conjecture.
Hoth Hapid Transit nnd U U. I. were
1 well (sustained while Union Traction was
fractionally higher.
' Model ate oflVrlngs of Pennbylvaula
liailrouil caused that btuek to dip under
.'Ifi again, and from the opening there
was a reaction of nearly a point. Elec
tric Storage Battery recovered a point
in the early dealings at 104, on the
announcement of the October dividend
ahead of time, but shaded off later to
103 Iioth tho Philadelphia Electric
-hares remained well supported
light gaiiH.
.. . -- . ..... . i
pect of a resolution by the untiHh nuu- nt Liverpool as being duo to big Balea
ber Growers Association recommend- of tho QCtuai nntl ncUvo purchasing by
ing a reduction of 00 per cent in the Manchester nnd tho continent. About
prouueuou uiiii jii uuiiuuiitujuvui. ""--seven uouccb were lsauod hero.
a selling orguiiiiuiiun in iu uc is
fir th nuriKiso of eotrolllng prides
Homo rails flucuatcd, owing to ap
prehension about dividends. Dollar de
scriptions remained Krm in sympathy
with New York exchnngo. Re-buying
brought about a steadier tone in Ar
gentine rails.
There ws no fenturo to tho Kaffir di
vision, which had a tendency to sag.
Adjustment caused mixed changes in
the industrial boction, but alterations
wero narrow. Hudson's Hay wns O'A.
In the main, tho markets wero list
less, although tho undertone, on the
whole, remained stable Usunl -weekend
absenteeism was in evidence.
BANK CLEARINGS
Banlr ck-arlnita to.!ay compared with cor-
if... a... i,jt tirA vonrn!
Ihil 173 819 050 JR7.fl2S.112 $7I.27R75
K" 467a.?o no,7ot,itio os.dflooiM
S- TSrk' 6M S0 000 SiaiR!m SM 208,072
Chicago. JH.70 ... o.. 2 ','SVSi
UOJtO . Il.Vf- "
in.773.094
!
DIVIDENDS DECLARED
r. .r.nc Storage Bjtwrr 1.0 . ---. ,
nrrtrr4Q nnu iuimi.ii :--: v.. t-j
to utockholdera of recora Hep
m .,! nnii ftrflftian
on pr.i-r.riu.."- v-." nrrt iBn,.mb.r 12
1 TO PXOCKnuiuoi- " """""-....T.. ,..--.
a if irli & to., quanorij 11 . on.
After the ODenlncr. thn mnrL-nt mn.
tlnucd nctlvo and firm. and. nt thn m,,i
of tho first flftcon minutes, was about
10 points over the previous closo.
Heccipts nt tho ports for the day aro
estimated nt 115,000 hales, against 10,
020 bales n wock ago; 6182 bales a year
ago and 23,708 balea two ycorB ago.
Yt. Today's 1
. . closo open. r. St.
iiiik ii ni an rs .r-
WUI ----------- .11.11.1 1.1. 111!
October W.J2.0S 12.73
December ..,...ia.i5 lF.iS
January .. 18 2j 18.81
March ........., 13.68 18.01
12.2J
12.1.1
18.8'
1H.4(
13.7i
INDUSTRIALS LEAD
DECLINES ON CURB
Motor Stocks Again In Supply.
Independent Oils Narrow.
Minos Active
New York. July 8. The curb mar
ket showed n generally heavy tone In
today's trading, the movements, espe
nlnllv In thn lenHlnir industrials, gen-
ernlir being to lower prices. The
foul.. wnn llniiiilntlan of contracts in
Glen Aldcn Coal, which ranged, during
tho forenoon, from 85 to 83, most of
tho selling being on account of the
contracts for uenvcrcy becoming nue to
day and many of those who have been
buyers sold in anticipation oi uicse e-
Hvortfl.
Carlb Syndicate was another weak
feature, Belling at 4?i to 4?g, and many
of the motor stocks were again in sup
ply. Theso iksucs nro now nt so low
a Jcvel that further declines in them
hardly can bo Biistnined.
There wuh a moderate amount of
business in Ilritlsh-American Tobacco
nt 12'.C. unchanged from its recent
trading position. Car Light was traded
In nt DO and uz cents, snowing n uiuc
Imnrnvemnnt over Its nrevlous level.
Chicago and Kastcrn Illinois wns traded
in at 13'4 to 13, losing nil the im
provement made iu tho upward move
ment a chort time ago.
Independent oil stocks moved- within
a narrow range, Hiuims rctroicum nnu
iskelly Oil brlug In good demand nnu
holding recent advances. Merritt Oil
was another firm fcaturo with a fair
amount of business at 8',i. Fcnslnnd
Oil nlso attracted attentiou because of
steady buying nt 0 to 11. Elk llasin
was steady, selling nt 0. Cities Serv
Ico Issues were comparatively quiet, the
common being sold nt 110 nnd 115
and the Hankers' shares at 12 '(j. In
ternational Petroleum wns steady, with
a few bales at 12. Maracaibo ranged
from 2;i?i to Ul,
Thcro was active trading in the min
ing group.
lNDUSTOIAIS
.Vrme Conl
llrlt Anror Tub coup
HoiiIorJ .M
Llth Motors
Car Light
cnicago .mmho
Umpire 1'ooJ ,
dlon Aldcn
Uoodyenr Tire ,
I.ocomoDlle
Lalce Torcedo
Chicago S. Kant 111.
.... VA
.... 125 ,
70
70
03
4
2014
35
0
75
7R
13U
lilt
en
i on
J '
I 02
Pftrfprtlnn Tire 78
ltaillo Com 1 J-4
Iladlo Com pret Ivt
Todd Ship 01
I' S Ship Corp 18
U B Htenm 28
Unltr? lttt Candy OTi
WnjTN Coal 1H
STATOJARD OILS
.... 109
.... U5'i
4
2UU
33W
0
75
75
iy'i
i'
004
17
27
?8
Anglo-Amer Oil
Stand Oil of Ind
10
05
INnKPKNMKNT OILS
Wool PrlceB Show Little Change
llo.ton, July fl The rommorrlnl Hul.
fliln lorr.orrGw vlll iiuy "This week has
H.-n Mttltf chawe n Ih volume of business
.nsuctnl r In Uus character of the de
n and The rail fr wool still It largely
fur rass running three-elghthi and finer
aii I mor esptttlly for the staple or worsted
wrnls Ibices show little chance. In fact.
I there Is hardly any motable change In any
raie 'nip mills fapeciBijy tnose maicirg
vnrsteds. are generally well enmxed In
he Wt bnylnv proceeds moro or less stead
v al steady prices The tariff still furn-
.ros fo'd for ronjerture In the trade and
nere Is little doubt that the measure will
.av to he modified In certain respects as
r-KHnls tho wool schedule
NORTH PENNA.
R. R.
MORLEY,WOOD & CO.
rm. cneatnut atreet
y. M rblta. gUeli
U " im M n.
IT III IHlMM" ' ' TTTWag. 1 J1
Reserve Banks' Discount Rates
Official rediscount rales at the twelve Ked-r-ul
Itsere llnnks are as follows
Treas Ib Com 1 llkrs
ctfs. Bonds. Taper Accept
0 i 1 .1
noon
fl K'4 fl 54
e n e a
3e h o
o i
a o tin n
1 1 8H
5 4 a o'-i
n n r.vi
0 H M
a o a n
Discount rate corresponds lth ln'ert
rate l.rne tv certmrates pi"nge as collat
eral, with minimum it 5 per rent.
on common, payable' August 1 to stock ot
r8Am.rUUan H-dlator Co.. quarterly, II on
rommon and ls per cent on preferred Com
min Is payable September 811 to etock of
?ec3rd"RePptemLer 15 ond P ferred Aumir
1 . ti. stork of record August 1.
Hupp Motor, quarterly 2H Per cent on
With kommon payable August i to ' ' -
orQ JUir . , , .. Trnv
TlLtVgSIBJ'Bc paabl, JUly 25
'o stk of record July 20.
Reserve Banks Add to Surplus
Durin the last week the twelve Fedoral
RX.rve banks PW the reirulitr (.ernl-iin-5,nIT
niMdend of 8 per rent to nimlwr
rl. amountlne to 13.030 OOo and In
rena."d thnlr ""."frplu" by 111.780.000 to
1213 8S4.O00 ' All the ":
i.-A:w.r;wj
"min." fS?hlM tax at he Vlose of tho
r..htf of 'he ve" of 142.005.000 The
franrhlse tax Is paid after the close of tho
'car "nS h tax can bo used by the Gov
ertnmcnt',.o Inerea.a gold r.no b-rk of
I'nlted Htate notes or i. i"" """""
lloston .
New York
Philadelphia
' le.elaod
HUhmond . .
At antu
Chlrago
-i ismis
Minneapolis
Kansas .Mv
Dallas
ban Francisco
Liverpool Cotton
IJtrryml, Jul " There was a good busl
ne done in spot rotton todaj with prices
firm on the basis of an advanre of 22 points
tor middling at 7 fctd The sales were
10 000 bles, Including 2000 bales late yes
terday Futures were steady In Jhe early
dealings WPOt prices were. American.
JX" ' In re'eent "Sr." It, has , been Used to
a:b,,rc:,n,e'Lt;rtTh,endearnn' Jfervfllan!, 'Sf
?.h1i.dYp"a afur V U vtdnjl m
crenswl us surp lu on June mi u "' ,--
Vo 117 Wt 127 and has a reserve , for Gov
irrment franchise tax J)f J.M37.O00
Paris Bourse Quiet
FrlB. July S PrUes ware q.ilot on the
n. iil.v Three per cent rentes 5llf
w7 n nt on London. 40t 03r Flvo
,e? cent loan H2f 70c The dollar as
quoted al 12f 504 c
U. S. Certificates and Treasury Notes
In
Itate
11 AUK
t'S'i Hept
.0 Hept
11 llrt
6U Oct
.0 flee
5Vj Feb
Meturlty
liat
P1
0.44
middling, fair. lO.Ui; srood mlddilmr, 8.74di
fully rniddlinr. 8184.; mlddlln. T.Mdi low
rnlddilng a.ePdl Kood ortlnry. 5.74. and
9rdlnry. s.SOd.
Hid Ashed Yield
lOUr. 1001, 4 75
100 1-32 inov, 4 7H
lOOt. mo 7.12 4 7r
1001, 100 7-32 4 01
1110 100 7-32 4 01
inn A 11)11,'. 4.0s
100 1-32 100 3 32 ft 30
inoA iooA 5 2R
100 1 32 10.1 3.32 5 7
lnnA. inn A mi:
....... trnm normil Federal Ineoma tax.
tAreentabl for payment of inooma tax
due on dat of maturity. s
B, Mch ,
11121
1021
1021
1021
11121
1021
102
1022
tfti June, 102-'
tBJ June . 1024.
ir..mni trnm l
GRAIN MARKET
Clilcago, July 8. Wheat started with
July Vic to l'io hlchor: Hentnmlmi.
Vic higher to lc lower nnd rWnmr,,,,
unchanged to Uc higher. Trade was
moderate, with buying, after tho start,
by the same interest that bought yes
terday. Receipts inspected yesterday
wero CI caraj last year, 15 cars. Tho
cash market was relatively hteady, with
a moro active shipping demand. Coun
try offerings to arrive weie moderate
to fair. Export business In all posi
tions yesterday was estimated nt 1,000.
000 bushels.
Minneapolis nnd Diiluth hnd a llttlo
rain yestorday and there was rain nt
a number of points in Iowa. Tho gen
eral grain belt, however, continues hot!
and dry.
Corn btnrted unchanged to J,Bc lower
for July; V4c to c off for September
and December. Trude was light, with
offerings Increasing after the start.
Oats opened Vic to c lower for
July; unchanged to e off for Sep
tember nnd Vic lower for December.
Selliug order) were in the pit at tho
start, while buying was larking.
NEW YORK COFFEE MARKET
Now York, July 8. The coffee fu
tures market was a little faUor this
morning und first prices wero 5 to 10
pointa lower, under scattered M'lling by
commission houses. Tho cables wero
considered disappointing, with a spe
cial Santos eablo reporting a decline
there of 100 to 175 rels, although, after
tho early selling' has subsided., the
market was btoadier and prices rallied
u few points right after the call.
Tho disappointing Brazilian cables
led to some scattering liquidation at tho
start, but othcrwlBo seemed to creato
no belling power in the market. On
the contrary, the decllno seemed to nt
tract covering by iccent selling of oltl
short and, after selling at C1.J50 on
tho call. September ndvnnced to 0.40,
or within 5 polntfl of last night's clos
ing quotations.
Kvldently. recent statements regard
ing tho policy of the llrazllian Gov
ernment hnvo made an impression on
sentiment here and the relatively low
level of prices has promoted covering
or scattered buying on n uenet tnat re
adjustments of the parity must event
ually come through advances in the do
mestlc markets.
rrevlous rine
FOREIGN EXCHANGE
New York, July .S. Hetlccting the
continued dullue.su of tho foreign ex
change, market that has obtained all
week, rates in tho principal European
centers opened today at prices virtually
unchanged from yesterday's close.
Quotations wero:
Storilng cables 3.71, demand
r,.70"8; franc cables 7.US, checks 7.07;
lielglan cnbles 7.84, checks 7.83; SwIkh
cables 10.82, checks 10.70; lire cnbles
4.81, checks 4.80Vj ; peseta cables
12.85. ehecka 12.83; guilder cnbles
112.08, checks 82.03; Stockholm cables
21.75. checks 21.70; Chrlstianiu
cables 14.08, chocks 14.03; Copen
hagen cnbles 10.05, checks 10.00:
marks 1.83.
The rate of premium in Montreal
today on New lork funds wns 13
ner cent. The rate of discount in Xew
York on Canadian funds todny was 12
per cent.
Central European exchanges were
lower. Kumanlan was 1.4794 ; Bui
garian, 1.05; Greek, 5.03; Austrian,
.10: Folund, .054) Czccho-Slovakia,
1.34; Jugo-SIavia. .00'2.
YESTERDAY'S FTNAfc QUOTATIONS
Sterling Franca T.Ira OuiM.n
Demand ..- a.70H 7.0.1 4.83 112. 00
Cables a. Tin 1I 4.84 32.70
TODAY'S OPENING QUOTATIONS
Demand ..... 3. 70S 7 07 4 80H 32.03
Cables ..... 8,71 7 0S 4. SI 82.03
LIVESTOCK QUOTATIONS
Chicago. July H CATTLE Hecelids,
8000 head. Mostly Strom;, actho, spots
hurber. Hulk beof steore 1708.25. bulk fat
cows end heifers. 14.509 0.50; cannera nnd
cutter lartrely. $28 3 23, bulk bologna bullB,
I4.50O5 ; bulk butcher vrudes, JS. 2300.25;
vwil cilves, lurKely J9 75O10 50.
HOaS Itecelpts. 27,000 head Active,
better (trades stronc to 100 higher: others
steady to 16o lower than yesterday's aver
age. Top, ID. 80; bulk of silos, S8.75O0.75:
pigs, strong tu 15a lilgltor; bulk deslruble
Pigs. t0&9.25
SIIEEP Heoelpta. 0000 heed. Fat lambs
tnoHtly 25o higher; thrc loads choice Idaho
SOa higher at J11.73. good Idaho, til, top
natltes, (10 75; culls mostly. 13, sheep
steady.
I'lttsbursh. Ph.. July 8. HCK3S Receipts,
2500 head. Lower. lloavUu, fn.D0W0.76;
heavy yorlters, light yorkers and pigs, 110.50
OlO.fiO
HHEEF AND LAMBS llooelptii. 700
head. Hteady. Top sheep, IS.COi top lambs,
112.
CALVES Receipts, 100 head. Higher.
Top, 112.
East UufTalo, July 8. CATTLE Receipts.
400 head. Good butcher grades strongi
others lower. Calves inelptn 1200 head,
One dollar higher, ?5lt.
HOOS Recelnts, 400 head Trn cents to
23a higher Heavy, 110 25010 40: mixed
Ul s:,(if 10.50: jorkers 110 5010.73; light
yorkers und pigs. $10 7C 11. roughs. $7 73
3f stags, S4 60UU
SHEET' AND LAMRH Receipts. 1000
head Lambs, 50o higher. Lambs, JBtf
13 50, Others unchanged
MONEY-LENDING RATES
NinV YORK Money on call, both classes
of collateral opened tod.iy nt 6W per cent
for lending and renewing,
There was only a nominal time money mar
ket today, time funds btlng available at IU4
fer cent. ins uuui- 01 uuisuie money ror
Ime purposes was conspicuous by Its absence
today.- It la not expected that there vlll be
in
Allen Oil 80
Allied Oil
lloono Oil 30
Uoston Wjomlng 00
Carlb Sjnd ..I1?
Cities Horvlco (old) 110,.
Cities ServJco "UM ctfs .. 12Vj
Croole
Elk allsln I'et 0
Engineers l'otrol 38
Keusland H
Olcnrock Oil 80
Int i'etrol 12U
Lyons I'et ... 33
Maracalbo Oil J-.
Merritt OU ;Vi
Mertdan Oil 1
Mexico Oil 38
Omar Oil 1H
Ran Cons '',.
Sapulpa Kef 3
SlmmH I'et 0
Skelly Oil 4H
Texon -
Zupau. pref lVs
MINING
Alaska-Rr Columbia. .... 40
Hie Ledge 20
Uoston & Montana 40
Uoston Ely 40
Cundelarla M ........... 30
Dolores f'speranz ........ 2V4
El Salvador 13
Eureka t'ruuaua ........ 80
Qoldfleld l'lorenco ........ 27
Ilarmlll Div 11
McIClnley Darrah ........ 16
National Tin ........... "'
Nevada Ophir 33,,
NlUunlnr .............. -iVi
Itox Cons ...... 8
Silver Mines ........... itt
Hller Hills 30
Tone-can Relmont ........ 1
Tonopah jhlvldo 1,,
Tonopah Extension ....... 1H
Tuolumne 60
United Eastern ........ 2H
West Utah 24
48
4
28
30
4
113
"I
(I.
38
78
12
83
214
8
15
54
-A
4
3
11 H
4'
74
IV,
40
10
411
46
30
2'i
18
20
2(1
13
10
57
82
4 '4
11:00
lji
70
70
02
4
211 Vi
34
0
75
75.
18U
78
01
18
27
16
05
48
4
35
5!
4i
115
,2.4
OH
7ft
12'4
85
21
8'i
16
GS
1.V
44
3
ff
44
74
IVi
40
20
40
40
30
13
10
57
83
V.
1IONDS
Allied Tnckera 0
43
08
0
100
02
00
08
05
Arner Tel 0 1022.
Amer Tel 0s 1024.
Amor Tob 7s 1021...
Anaconda 7s 1820.
Ileth Steel 7s 1022 .
Jloth Steel 7a 1023 .
Ileth Steel 7s 1035 .
Can Nat Rwv ea 7s 10O'
Cons Oas 8s 100H
Orand Trunk OH a....
Heinz Co 7s
Humble Oil 7a
Interlioro 7a
Ills Central II4....
Lacledo Uaa 7s
Llbby McNull 7s ....
R J Reynolds 6s ...
ricars-uoenucK 7s lUL'l
Sears-Roebuck 7s 1UJ3
Peptember
December
March
llay
..........
...i.t..
....,..
n,450jn
H.8AB7
7.201W21
lP30
7.33
Open
fi.35O40
0.70&80
7.14010,
7.30
mediate future
much doing In the time market
the Im
Acceptancs b lis were quoted at n. dlsrnunt
iota of from 5'4 to ns per cent and thorn
vns im excellent demand for this class of
paper There were howexer. sufficient bills
In evidence to rare for the urgency of In
quiry for this character of short-term ma
turities. I'lIILADELl'IIIA -Call, fl per rent, time
A per centl commercial paper, three to six
months, H per cent.
Note These lire moiely nominal quota
tions, the legal rate of Interest In tho Htnt
of Vennsylvanla being fixed at fl per rent
I'lus premium and commission time money
for thirty to ninety days Is loaned at 7 to
7rj per com, wniie coinnicrciui paper
Is loaned nt 7 to 7W
hlrty to ninety dass.
per cent.
LONDON Money Is quoted at 4'4 rr
cent. Discount rates Hhort bills 5 per cent;
three mouths' bills r,i per cent,
BAR 8ILVER
Dar silver. was Kd higher In London to
day at SOHd,
n
iuvn
::: 6S
:. 7o
... 00
... 01
,..09
... 00
. Oltl
1H Us
30 80
1 1
14 14
00 60
2',l 2Vi
23 24
43 l
064 OOH
100W 100.
02K 02 S
00 you
07 08
04H 05
100 100.4
lOOfi 100U
100'i 100 '4
4U 04H
08.1 OmW
S6 O0J4
7b4 78ti
08 08
00 00
0314 04
ou eo
00 00
OOK 00)i
Bolvay 8s POJi 00 00
Southwest Hell 7s OllS 0tlVt oil1
Stand Oil N Y 7s 1030....102S 102K 102
Stand Oil N Y 7s 1031.... 104.1 1041 104
wsnauurt x una J
Hun Oil 8s pi4
Vacuum OU 7s 100 ti 1
Hllj HOW
00 2 100
Philadelphia StocJcs
iiw,
ii
Ixw
57
01
28
2 Am Strs
Ifi do iin-r.. 04
HO Am Gob.. 23
47.T ElecStor.lOt
25 ICo N A 2SU,
ou ivcv j-fio o',i o',i
50 Lake Sup 7'A k
1:15
l. M
57
04
28
Not
ie.
chgi
103 Ms 103.-
28 U, 2SU.J
Vj -OVJ-- fc
aiT rtT '
0",i OVi..
rll TIL I 1
1 Lch Vail.. 5lia Ol'j 511
210 Pa It It.. 35 34V'j 34 94
jo i una , inn
Wire... 50!i
71 I'hilaEIcc 21'
MAT
i 21
tV IrV
31
31T4
C2?if-
20 ,
10- X
82 J4
34 i.
A UNIQUE RLAN5!
OF REGULAR SAVIN Q?
Recently wc heard of a thrifty house- '
wife's unusual plan qi weekly sav-
ing. She had separate envelopes for
each expense table, clothing, rec
jeation, etc., including her savings
'deposit.
Every payday she put the allotted
sum in its proper envelope and never
overspent the amount.
This systematic method allowed her to save
many nn extra dollar that would otherwise
have slipped through' her fingers. Perhaps
this suggestion may help you.
This National Bank assures maximum secur- ,
' ity, and your deposits earn a high interest rate.
SAVINGS FUND DEPARTMENT
4
National
Bank of Commerce
, 713 Chestnut Si
Nathan T. Folwell, President
National Bank with a Soviigs fund 'Department
BROWN BROTHERS & CO.
New York
Established 18t0
FOURTH & CHESTNUT STREETS
PHILADELPHIA
Boston
A GREAT CONVENIENCE
WHEN TRAVELING
OUR Travelers Letter of Credit may oe
issued in more than one name, if de
sired, and is then available to each of the
names specified, thus enabling the one who
finds it most convenient to attend to the
matter of procuring funds.
It is available everywhere, and for such
amounts as best suit the travelers' need.
A Century of Service
BROWN, SHIPLEY & COMPANY
Established 1818
Founders Court, Lothbury
LONDON, E. C.
Office for Traveler!
123 Pall Mall, LONDON, S. W.
UIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIMIIIIIIIIIIIIflllllllll;
We wish to announce that on July 9 we
shall move from our present quarters to our
new building at
1511 WALNUT STREjBT
Our new telephone numbers will be
BELLr Spruce 8480
KEYSTONE Race 1641
WEST & CO.
Philadelphia New York
E Members S
E Now York Stock Exchange 2
Philadelphia Stock Exchange I
mt
!
E 3
IIIIIIIIIIIIIIIIIUIIIIIIHlllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllliH
83 do nrcf.. 20
lOOPliilaltT 10
ICOTono Bel 1
20 Un Trap. 32
453 UG I... 3&M.
i'iuuM)i:i.i-iii. noms
lOOOOLlberty 8M18.. 80.02
1000 Liberty 2d 4Ub 87.22
2G000 Liberty 2d 4V.8 87.14
000 Liberty 3d 4is 01.14
1000 Liberty 3d 4 Vis 01.04
1000 Liberty 4Hi 4'4h. 87 32
000 Liberty 4th 4Vis lots 87.4 J
1000 Liberty 4th 4M. 87 30
1000 Victory 4e 08.84
1000 Victory 4a 08.20
8000 Lehlah Nnv com. 4U.s.lota fin
soihi rcnmiyivnnlft U Wib
lOOOPhlln Elec 1st im
10100 Phila Klec let 5 lots
10000 Rending cencnil 4s
8000 United Ilnllways 4b
8.")
7.")
35
Good Trade In Refined Sugars
Nnw York, July 8. Apart from on nd
anca of 10 polnu In tho rrlco nf rfrtn'd
;uear by the leadlnut refining lntent, tn
B.BOc. I 2 per cent for canh, tho local
market for rfln3 augara remained un
chanufd. Tho tone la firm and a good vol.
ume of bunlneaa la reported. The raw mar
ket la unchaiiBfd at about 4i c. c I. f In
addition to tho traniaotlons reported yen.
lerday there were aalea of 4200 tona Porto
Illcon for InadinK Hbnut Jul "n at 4V.c
I. f.. and Ron tona Thlllpplnea afloat at 4Ue
c. I f., both lots being taken by local re'
llnera, Importations conitld of 25(io tona
Han DomlnuoH conalttned to tho Warner
Sugar HeflnlnB Co,
Galveston Leads in Wheat Exports
Gultraton, Tox July 8- Onlveamn with
'."."J'-B:".' Te." CJ"'. ' - Porta of tho
I'nlted Htatei In wheat eiporta durlna tha
ducal year Jut ended according to figures
announced today by the local cotton e
chungo ami board of trade The flgurea
were r.aleton 8H.fl4D.B51 bunhela. New
XT.kS .BJiniT U0DL Halt more 32.R0T.8U0,
Philadelphia. i2.4t5,sa4i Hoaton, 3.BU2 B71
Tho aggregate ihlpped from here durlm the
twelve-month period mi an Increa.. if
near y 400 par cent cvtr tha gport of tha
prevlom ytar,
Advice
Wo are In a position, with
an orgnnliatlon that has made
a atudy of eound Invtitments,
to help you In aolectlnc bonda
that afford tha highest returns
compatible with unquestioned
tufcty.
Our Information may help
ou.
WlDINIR BLbO,PHIUOIUHIA
MmituPUhJMhoml
MwrorAStMASxoi
.MIW.VOIK UI1AJITH. Kl
I Bll iai III il s)4t
NEWBURGER,
HENDERSON & LOEB
Members New York and
Philadelphia Stock ExcJi&ngea
110 Chestnut St.
GE0.A.HUHN & SONS
VVwCORPORATTOy
Condition at the Close of Biuta
June 30, 1921
RESOURCES
I.oana and InTeatment .1M
United Btntea nonda
United States nonda to se
cure Circulation
United State Treasury Cer-tlflcates
Dae from Banks
'l5.-
150,00.
irom iianKB .isl
Cash and Ileserve ........ 7.v,
$8,780,421.6
Commlsilon Ordtrs Executed In
mli. n Jj """Wt MarKCtt
nd Sold
Yalnnt L
fntle City
ii-AIL Prln''Pl Marks
Liberty Donds Dounht anc
nelltTU. Court Hldr.. All j'v".
LIABILITIES
Coplla) Stock
Surplus and Net Profits..
Circulation
Illlls Payable with Federal
Iteserre Dank
United State Treasury Cer
tlQeates llorrowed ,.
HeserTed for Tnxes
Itesrrved for Interest ....
Heaerted for Dividends
Deposit .......
IJIB.OM.H
u.tiM'
14T,0.
88,0 W'
7.0 ll."r-
$8,780,421
. i uj. j
FRANK ADSHKAU, T-,,y
l
Ki jVjbJj i
lHv-'
1 B.-jI'-f--l.. .'1
ft
i.fjl