18 BYTTNTOCF FUBHO I.EDGER-FHII7AtBI3p:HIA TUESDAY, JUEY 132, 192J ' St J . i Canada's Policy as to Taxation Since April, 1015, "tho Domin ion of Canada has raised by taxation sufficient revenue to pay all current expenditures, interest charges, pensions, etc., and to accumulate an additional sum of $403,911, 670.80 to bo applied towards debt extinction or capital ac count. This policy Rives in herent soundness to Canadian Government and municipal bonds, which arc now obtain able at prices to yield 7 to 8.25 lrlnclpal, and Interest ramble In United Stales funds. Write for Circular T-Tll Wood, Gundy & Co. Incorporated 14 Wall Street, New York PRICES RALLY AS NEW YORK STOCK EXCHANGE TRANSACTIONS Toronto I.onilun, Km, Montreal Wlnnlpeic H RETREAT Dlv. Sale In I Prosidont's Opposition to Oil Import Tax Bombshell In Boar Camp Spruce 8200 BOUGHT SOLD QUOTED U. S. Treasury 3 -year Notes A 70 Due June 16th, 1924 SKCCniTlKS nErARTMKNT commercial trust Company .Member Federal neserre System C:lv Hull Square Writ Now Yorit. Jnlv 12. Washington dispatches Inrllcnthifr President Hard ing will oppose any Import tax on cinde petroleum nnd refined products mndo matters very unpicawint for the short interest In the so-railed foreign oils during the first hnlf of today's stock market. The flareback on the bear continent, however, could not hare been long delayed If any rredence was to be placed In ttio reported dlfTl eulty In borrowing stocks In tho loan crowd. According to gossip emanating from the board, mnnv of Mm recent active stocks loaned at substantial pre miums lost night and several contin ued to do so this morning. Thin alone was Ritfflrlcnt to get the nerve of tho gentlemen who have tho disagreeable habit of "selling something that Isn't hls'n." The reported opposition of the President to the oil Import tax. how ever, touched off the real fireworks. During the first hour th"re was not nly M'nmperlng of the nhorts In tho f its. but there was an cqiinl urgent I'siro to cut down commitments lit n number of other speculative special ties which recently hove been under intense pressure. While the ndvance gave the whole list n distinctly better lone, and while prices mounted with i onsldToblp animation, the entire mar ket still conspicuously lacked leal sum I tnining power, which bcenme more apparent after the more urgent ru ' ipilrements of tho overextended bear , account were filled. Some of the more closely Affiliated interests naturally took advantage of the discomfiture of the oierzenlnus : shorts and bid up prices aggressively ' wherever efforts were made to cut down i these overextended and pyramided ac counts. Otherwise there was the wimo noticeable paucity In the buying de mand, which fact wn3 corroborated in the midday reaction, due in part to (lip (5 pr cent renewal rate for call money. The narrowing of the market and steadilv dimlnlshlni; dealings on the re action indicated n further sobering of speculative nrtUlties and the possibil ity of the market working Into n dull period, a condition heartily wished for on the part of all who have the best in terests or the market at heart. A ills Hhrti Alox Hubber 10 . . Alaska. Gold Mines. ... J . . Alaska Juneau O M. . ljf 4 Allied Chem & Dye... 39 7 Allied Chem & Dye pf . R14 4 Alllit-Chalmera 31 . . Am Agrlo Chem ."17J4 4 Am Dank Note 81 . . Am Can 3B .. Am Cotton Oil 10J4 .. Am Drug Syn H 8 Am Kxpress 11714 . . Am Hide ft Leather pf SI . . Am Internal Corp.... St 14 .. Am Linseed 3li Am Locomotive ...... 83 .. Am Safety Razor 4J4 3 Am Steal Foundries... SB 7 Am Sueur Ret 6SJ4 7 Am Sugar Ref pf 87J, 5 Am Sumatra 51 Jt It Am Tobacco 118 jfc (I Am Tobacco pf new.. BflH Am Tobacco B 117 0 Am Tel & Tel 103 H 7 Am Woolen . . . . 70 . . Anaconda Copper .... 3ST4 .. Atl Gulf & W I 8 8.. 35H .. Atlantle Pet .....?... 14 Ji ,7 Baldwin Locomotive.. 7H .. Baltimore & Ohio 3A too Z.OO namsdaln Class B.... 17 100 .. Batopllaa Mining H 1300 s Bethlehem Steel B.... 49ft J00 10. Burns Bros R7 .. Butterlck 34 .. Cntldo Central O & n. 11H California Packing .. SVX . . California Petroleum . 38$ 2 Cal Zinc & Lead iA 10 Canadian raelflc 1....1I0K . . Central Leather 3CJ4 . . Central Leather pf . . . 71 .. Cerro do Pasco 30 8 Chandler Motors .... SI 4 . . Chesapeake A Ohio... S5H .. Chicago Mil & St P... 37H . . Chicago Mil & St V pf. 40 Ji .. Cht R I &Pac 33K 0 Chi R I & Pac 6 pf. 04ft . . Chllo Copper 10 . . Clev Cln Chi St L. . 39 3 Clev Cln Chi & St L pf 03J4 0 Colum Oas & Klec.... , . . Col Grnphophone .... H'A . . Consolidated Dts Ins. . 9 . . Consolidated Textiles. lliH . . Continental Candy ... H 4 Corn Products Ref. . . . T0 E00O 300 B) loo S1300 I 100 200 000 100 300 100 3S0 100 000 300 300 300 too 200 8300 too 2300 300 100 100 1000 oSOO 1000 11001) 100 3S00 1300 1100 300 100 300 300 1300 3S0O 100 300 2100 100 80 3S0 3000 200 1100 300 100 100 300 700 700 100 400 outr.rJtr.rj --- ' ' - i -- - ji nrjuuutj rju-j-jtruuuotrjaf Northern Pacific Refunding and Improve ment Mortgage 69c Gold Bonds Thorn bonds are. In tho opinion of counsel, leaal Investment for S'lvlna Hanks and Insurance rompanlfs In several states. Available Income to met In terest In the psst 10 years aernred over SH times th amount required. Wo recommend these bonds for Investment. Price to Yield" 6 Kindly a.ik for Circular K8-1S CASSATT V CO. Estabhthtd 1872 COMMERCIAL TRUST BLDG. PHILADELPHIA MtW YOBS, nMTIMORl-PlTTSSUBOH-SCnANTON a Keystone Telephone 6s Because its central exchange equipment is of modern auto matic type, the service of the KEYSTONE TELEPHONE CO. is equally good, night and day, seven days a week. This automatic installation was in part financed by Equip ment Trust 6 Certificates, due November, 1929, now selling at 90 and accrued interest, yielding 7.60 tax free in Pennsylvania. Circulars on application. HARPER &TURNER Investment Bankers Members c J'MlodrlpMo Stock J7.-rtan.ia Stock Exchange Building Scranton Philadelphia Ileadlna position- to await the President's mes-t-nge on the soldiers' bonus bill also contributed to curtail dealings around midday. LITTLE ACTION IN THE LOCAL MARKET More Stoclis Traded In, but Trading Continued Lifeless and Colorless' Dealings In the local market were somewhat broader ; that is to say more stocks appeared on the tape than in some of the recent sessions. Trading, however, remained of the same color less ami meaningless type and price variations, considering the limited vol ume of transactions, were quite Irreg ular. Operations lacked Individuality and the movement was both perfunctory rind mcclianlcal lacked initiative 700 2. go Cosdcn & Co 28 3000 4 Crucible Steel S7ft 1300 2 Cuban Am Sugar.... 14 2S00 .. Cuban Cane Sugar.... 7ft 100 7 Cuban Cane Sugar pf. 20 & 100 o Delaware & Hudson... 07 10 10 Knstman Kodak 040 200 .. Klk Horn Coal 17ft 3200 s Kndlcott-Johnson .... 01ft 100 7 Kndlcott-Johnson pf.. 04 500 .. Erie. 1st pf 20 8700 g Famous Playcra L. . . . 81 V 300 . . Klsk Rubber 1 1 H 200 .. Freeport Texas 13ft 100 .. Gaston Wms A Wig.. 1ft 15301) .. Gcnearl Asphalt S1H 300 R General Klectrlo 127ft 2400 l General Motors 11 H 200 0 Gen Motors deb 6... 65 100 7 Goodrich B F pf 87ft 100 4 Ot Nor Ore ctfs 28ft 100 . . Gulf Mpblle & Xor.... 7ft 26(300 .. Houston Oil 54ft 200 7 Illinois Central 02H 60i 00 Indlalioma Ref ',i 400 .. Inspiration Con Cop.. 34ft 200 .. Interb Con Corp 3ft 100 .. Interb Con Corp pf... 11 5500 7 Int Harvester new. .. . 75?4 300 a Int Mer Marino pf. .. . 48ft K 100 .. Internat Motortruck . . 30ft 400 .. International Nlckol.. 13?4 1400 .. International Paper .. 54 1:00 Net low Close Chce. 19 19 ft W .. in m- ft 39 39 ft 88ft S8ft 1 31 31 - ft 37 ft 37ft 1 51 51 30 30 ft iJt lft- H 4K 4H .. 117ft 117ft 1ft 51ft 5'ft ft 34ft 34ft 1 35 35 - ft 81ft 83 1ft ft y .. 30 3 AS 05 - 3M 87J4 7ft- ft 50ft 51J4 1 118 1I8K4- 1ft 8M 88 .. , U7ft 1.7ft ft 103ft 103 - ft OHM 70 IK 3Sft 3ft .. 33ft 34ft 14ft 14ft- ft 75 7flft 1ft 38ft 38ft H 17 17 H H .. 48J( 40 ft 87 87 24 34 - ft lift llH-r H 50M 57H- ft 38 3R ft 4ft 4ft- ft 109ft 109ft- ft 35 35 ft 71 71 ft 20 35 ft COM 50K ft 55 ft 55 ft ft 37 37M 40ft 40ft H 33ft 33H- ft 4ft 01ft ft 10H 10 H 38J4 39 1 02 ft 02ft 2ft 54 54 .. 5ft 5ft ... 8ft 8ft- ft IS 15 .. H ft oo no ft 37H 28 58ft 57 ft 13 13 ft 7ft 7ft ft 1H 30ft ft, 97 97 ft 640 040 - 5 17ft 17ft- ft 58 01 2 94 01 19 19- ft 4Sft 502 11H "- ft 13 13 1ft 1ft 50ft 50ft 1 127 137 - ft "ft Hft ft 05 05 1ft 7ft 07ft 28 ft 28ft- ft 7ft 7ft- ft 53 53 tft U2 02H 1 3ft 34- ft 34 34ft ft 3ft 3ft - ft 11 11 72M 742 48ft 48ft 30ft 30ft .. 13 13 .. 83ft 53 1 Dlv. Sates In $ Hlrti 1800 .. Invincible OH Corp... 11 600 ..Island Oil aft 300 ,. Kansas City Southern 30 ft 1400 4 Kelly.Sprlngncld Tire. 37ft 00 ., Kennccott Coppor ...20ft 500 .. Keystone T ft II 13ft 200 a. 00 Lehigh Valley 51ft 200 .. Loewo Co 10H 300 i Loft Candy o B17800 u Mexican Petroleum ..103ft tC 500 2 Miami Copper 31 1300 1.60 Middle States Corp... lift 300 .. Mldvale Steel 33 100 ., Minn ft St Louis 11K 500 .. Missouri Paclflo 31 700 . . Missouri PacIRo pf . . . 39 C1100 ,, Montgomery Ward ..e 17ft 100 7 National Biscuit 113ft 100 7 Nat Cloak ft Suit' pf . . 63ft 100 o Kat Knnm & Stamp.. 45ft 800 8 New York Central.... 70 100 .. New York N II ft II.. 17 200 n North American 00 100 7 Norfolk ft Western... 06ft 1000 7 Northern Paclflo 73 300 .. Okla Prod A Ref 1ft 100 n Pacific Gas A Klec. ... 83 400 .. PacinoOll 34ft 6300 o Tan-Amer Petrol .... 50 Bio o Pan-Amcr B 44 1,T 1600 2 Pennsylvania R R.... 34M 100 .. Penn Seaboard Steel.. 8ft 200 ,. Peoples Gaa Chicago., si 300 , . Pere Marquetto 30 1600 .. Phillips Pet 18 1500 .. Plerce-Arrow Motor . . 19J4 600 . . Plerce-Arrow pf 40 400 . . rierco Oil 7ft 100 8 Plerco Oil pf 85 100 1 Pond Creek Coal 14 100 a Pressed Steel Car.... 71ft 800 8 Pullman 98ft 100 . . Punta Alegro Sugar. . 38 D 100 4 Pure Oil 36 3800 4 Reading 69ft 700 2 Reading 1st pf 39 200 . . Remington Typewriter 20 300 .. Repub Iron A Steel... 49 1809 s.IO Royal Dutch NY 50ft 200 .. St Louta San Fran... 24 300 ..St Louis Southwest.. 24ft 300 . . Santa Cecelia Sugar. . 3 100 .. Seaboard Air Line.... 5 4500 .. Sears-Roebuck 65ft 300 .74 Sholl Transport 41 6000 .. Sinclair Oil 20 100 .. Sloss-Sheffleld 31 300 .. Southern Rail 21 23.10 fl Southern Paclflo 75ft 600 7 Stand OH of N J pf. .107 100 .. Stromberg Carb 33ft 26800 7 Studcbaker 83ft 500 1 Submarine Boat Corp. 5 200 .. Superior OH Corp 4ft 100 .. Tcmtor Corn A F "A" 10ft 10o0 3 Texas Co 34ft 200 .. Texas A Pacific 23ft 2700 t Texas & Pac c & O... 19ft 300 o Tobacco Products .... iV 600 .. .Trans Con OH 7 100 8 Union Bag A Paper... 63 300 .. Union Oil 19 S00 10 Union Pacific 110ft 300 4 Union Pacific pf 03ft 300 8 Unltld Drug 85ft 700 8 United Fruit 103 0C0 .. United Rwy Invest... Kft 1300 8 United Retail Stores.. 83ft 300 ..US Food Products... 10ft 5100 .. U S Ind Alcohol 50 8500 ..US Rubber 48ft 6500 S U S Steel 74 300 7 U S Steel pf j. . . 109 000 .. Utah Copper 50ft 300 .. Vanadium Corp 20 ft 300 .. Wabash 7 t00 .. Wabash pf A 23 100 . . West Maryland 2d pf . lsft InO 4 Whlto Motor 32 ft 400 .. White oil Corp 8ft 100 .. Willys-Overland 7ft 000 .. Texas Co rts O Low 10 3 30 37 1H 13 51 ft 10ft t 99 ft 30 10 33 11 1 SRft 17ft 113ft 03 ft 45ft 7ftft 17 59 90ft 73 lft 88 34ft 48 43 34 8ft 51 20 18 19 39 ft 7 56 1 71 ft 06ft 38 26 68 ft 39 20 48 ft 66 34 34 ft a 5 63 41ft 30ft 34 30 ft 75 100 33 ft 80 5 4ft 10ft 33ft 23ft 18 63 7 03 19 HOft 63 ft 85 101 8 53 10ft 48ft 47ft 74 ft 108ft 40ft 20 ft 7 23 18ft 32 ft 8ft 7ft O ft 3 ft ft ft ft ft ft 3ft ft ft 3 ft ft ft "ft 1 lft 1:30 Met Close Chlre. It ft 3- ft 26 37ft 1 20ft ft 13ft 51ft 10 9 100 30-10-33-11-19-38ft-17 ft ltft 70 17 00 3ft 49 44 34 l 30 - ft 18 -ft 19 .- ft 3ft- ft 7ft ft 55-3 4 7Ift 08ft 3ft 38 - ft 36 .. 68 1 39 30 - ft 49 66ft lft 34 ft 34ft ft 3 - ft 64ft 1 4tft ft 30 ft ft 31 ft 30ft ft 75ft 100- ft 33 ft lft 80 ft 5 - ft 4ft .. 10 ft S3ft 23ft 10ft 63ft - DURANT MOTORS ACTIVE ON CURB Stock Touches New High at 28. Industrials Goperally Lower ft i. i ft ft 2ft New York, July 12. One of the most Interesting features In the Ilroad Street Curb trading today was the In creased demand for Durant Motors, which sold nt the new high record of 28. The movement wm based appar ently on stntcments thnt the company will make Its first deliveries of cars next week. Trading was on a folrlj large scale and the stock bad a moderately wide range, reacting to 20 and then coining back to 27. Qlcn Alden Coal continued under pressure, yielding from 14'4 to 8.'!, and changes In other Industrials were In most rases to lower levels. 1'hillp Morris ranged from -Hi to and Acme Coal sold down to 1. There was a fair amount of business In llritlsh-Amcrlcan Tobacco nt 12V6' North American I'ulp, new stock, was traded In at .12. Itctnll Candy and Sweets Co. were both unchanged in their trading position and only a few transactions were made In those stocks. Southern Coal and Iron was Arm at 1. Karrcll Coal sold nt 12. Tho foreign oil stocks did "not move with the fotcign oils on the exchange, but were generally quiet. Most of the business In them was of a professional character. Maracaibo during the first half of the day sold at 21 to 21 and International Petroleum sold at 12 to J2V4. Slmms Petroleum wns virtually unchanged nt 0 and Skelly Oil sold at -1 and 3. There wns lively trading at times In Stnndard Oil of Indiana, which ranged from 05 to GO. Cities Service common sold at 112 to 100. INDUSTRIALS 11 Low A. M. 1 1 11 11H l-'H l'.'j 1 The Philadelphia Saving Fund Society 700-710 Walnut Street Condontad Statement, June 30, 1021 ASSETS Ctuh on Hand $800,885.42 Duo from Bantu and Trust Companies . . . 7,1 18,932.83 United States Bonds $49,500,660.69 State, County & Municipal Bonds 28,534,939.63 Railroad Bonds 72,642,549.70 150,698,150.02 Mortgages 19,363,501.95 Real Estate 547,747.47 $178,529,21U9 LIABILITIES Surplus Fund $7,069,702.55 Undivided Profits Less Expenses and Taxes Paid 3,664,892.32 Deposits' 167,794,622.82 $178,529,217 Number of Depositors, 288,083 United States Bonds on Deposit, $10,352,600 Number of Bond Depositors, 48,202 President G. C. PURVES Vice President Vict President Vict pre, Sety. & Trtu. JAMES M. WILLCOX STACY B. LLOYD SAMUEL WOODWARD ltlnh ;;.; tit lilt 34H 2 10 119ft 63 ft ,. 85ft 1 103 1 8-1 53-16ft-4H 47 74ft 100 60ft 20 ft 7 33 18 ft 3?ft 8ft- 7ft o ft 2IH 12H oviti Mtyi 4 2H ZH IK IV. 1 . . .. .I'J',4 Wi A'JH ... 77 77 77 ... 44 4 4 ... li li lt ... 1J4 1, I: . .. IK li 14 ... 3V1 Mi r.U ...3 .1 3 Ifl 17 17 27 20 27 lH 1H l'l IIU flU nu ....... -,, .. Vir '.'.'.' BO 43' BO' Commodity Markets COTTON MARKET Now York, July 12. 'Die cotton mar ket was less active early and first prices were 2 points lower to 4 points higher. Whlln the cables showed a cood deal of r. .. . . , 1 .1 ...,i.i and conspicuously I nrm ncss ni i.iverp .01. we. ",-"'" Thi wns tn he . l"u'R '" "' "......, "-. also The GOSSIP OF THE STREET mi .1 x An4A n ll,A nrra I me reee.pis u .-.. ... V". tttw' in establ shlng n premium for 'for the dnv are estlmuted at -..0(J ,. , ... , . is almost an 1 ,i fffti,,Ht in.O-ln bales n week ngo. ' . " "" ,uu" '"" wd taxation 54 'bales a year ago and 22,200 bales lcstor-liiy a number of these philau- .... in v. kblllivilivjl IIIUWV IV UIU lllllllluuii'" rrvloua Cluso Open , . 12.B2 l'-'.BO , . 13.13 13 HI ,. 13.BI 18.35 , . 13.52 13.B5 ,. 13.07 13.031170 1:00 I. M. 12 SA 13 21 13 I!.") GRAIN MARKET Chicago. July 12. Wheat started Vic -.i i u . 1-1 nr?M!iire irom ijivrrnooi inirrrnm. lions of the bigger board on the one ' offerings were absorbed by shorts anil hand. Then there won the continued 1 commission houses, disposition to await final Councllmnnic I At the end of the first fifteen minutes, action on the two big utility problems, the market was dull, with quotations Supplementing either one of these In- about - points under Jast nlgnt s ciose. lluenccs wns the unquestionable cur- About thirty notices were issued. tailed purchasing power of what is pop ulnrly called the bargain hunter." Shortness of actuul cash epidemic. Between incren nun reiiiici'ii income us result in iiivi- i twn ipnrn nun .1 i .i.. .:.. .,.! l! .!.... ...i. l"u ""'" "" 1,1 JIU l.Wtllill'll 4iuu uiiii-.niiiim tiuirv VV 111, usually nppear in the market nt periods , of abnormal low security valuation In- iuI'. stead of buying more securities arc iVrrnber finding it difficult to make both iiuls Junuary meet. An experience quite new to n,wllre" great many. Pressure against Pennsylvania Rail road so noticeab'o yesterday again nu tomatlcally relaxed. The stock rallied hlcher for'.Tulv : Ac to Oic better for AS linnjf TlnnHlrt .n SS T.. hh...1..ih CCL'llimT. ous led locals. on limited dealings The local utility The Southwwt sold on tho upturn, lie shares about held their own. American inspected yesterday were 2M Gas, Philadelphia Company cumulative ' w. ,, ' , oft,. The cash mar- V.l.r., .".' ..-. - . l..,I itli premiums ruuuteu. nt grain elevators are demand for cash of ferings. This increased movement is causing the weakness, llninfall report ed up to 7 P. M. yesterday was con fined to the Canadian Northwest, with tho addition of more than an Inch at Devils Lake, N. D.. and In Oklahoma. Local contract stocks this week arc 118,000 bushels, an Increase of 1000 bushels. , , , , Corn started c higher for July: IVic to lc higher for September and k to l''C higher for December. Hold ers of privileges had profits Immedi ately after the Mart nud some of them sold against their offers. Oats opened c to ,c higher for September and Vc to Vic better for December, with locals buying because of the strength In other grains. Apparently, pool manipulation and l'ool propaganda does not constitute tho same alluring bait it did Home months ago. Some of the Munts the fcpcculatlve combinations pull off now and then make n plot of comic opern look like thirty cents. A recent In novation in pool activities has been tho efforts to creato the impression of the existence of n tremendous hhort in to 34. On the other hand. L cctrlc Septembcr and lc higher for De Storage Pattery forfeited n point of Houses with Nnrthwust connect! yesterday's gain settling bock to 10. t,le lmving nml worp followed by rt, lln.tfii.l ,1ntlt,fu H'Via lentil .,.111... K " u .'."! .. ., . preferred and American Stores Bl,nded k'twii. easier wi fractionally. Kew odd lot transactions , ketT ", ',a" 'i' were recorded in Lehigh Val'cy andl .b"r 'L ' " ,1 Lehigh Navigation. slowing up the d Philadelphia Stocks i n N.t lllrh t P I chBP. 28 Am Strs.. .r7Vi r7Vi r.7'i LM) Am (.as.. French 7 Vt, 1941 at 95 yield over 8 This bond has an nctlvo market and wo believe It will soon advance in price. Liberty Bonds bought and sold. WiotHin BldcPmiiaduphia SfmimPUlaiMpNaoMi Mrio Ktnt Slotk lUduufrt miAlTH, M 1. .".() KlecStor.lOl 200 Gen Asph 50 Vj 107 II & U T pref .... 18 1 I Co N A 2Rtf. 1 Lake Sup 8 0 Leh Nav. K 8Leh Vol.. 51'i 1CI Pa U It.. .H 2 Phlla Co rum pf., Sm 12 Phlla Klec 21V, h2 do pref.. 20 nt t 104 104 1 fiOVj .10 Vi Vi IS 28V 8 o;t r.iv. 31 'A 18 4 2.8 y,.. 8 1 03 .. r,wf 31-21V,. 20Vi . rl 31U, 2m -II Vl -lV4 . n V.I .1 k m . rt . 4 ... I 4 rt, 11 1'lllin II X ll)', IIIVJ Ml'Aj.. HKI PhilaTrac M 54-yi M 7H) Tono lie 1 100 O Tono Pel. 1A ItV 1A-. r. I'n True. 31 a" 31V, 31 if . . iOU (J I... 34 34 3l V riin.lIII.MMIIA I10M.S 0 Liberty 2d 4'4s 80.0 l.'.O Liberty 2d 4 s 80 . 70 ,'",. 4.10 Liberty 3d 4V,s 00.74 "' )00 Liberty 3d 4VU DO. 00 un' C. S. PATTON 6i (jo. D A CIIKSTNUT HM. BANKERS Hurrrs.nrs to .SIAlI.Klt KTKVKNSON nnil nnd Ktnrks lininht nntl M6 Mwlirs T'Mln. Blnfk I'trhnn Security Salesman Vlth or without rllrnt.lt can make n liraOtable ronnrrtlon with i reputable house drnllnt In llitnl xerurltlrs. A 3.2. i.KiKiiai orricB PENNA. TAX FREE SECURITIES ' PAUL & CO. MreaWs Phils, Hteck lUchanr XOlkWESTHUT STREET 1 i 4 iuir imprty on tvi ,r.00 Liberty 4Hi 4Vis 100 Liberty 4th 4 Vis rcg .1000 Liberty 4th 4V,h, . . . 700 Liberty 4th 4V4".... fWO Victory 4s 2000 Victory 44s lots 08.30 TiOO Hell Telephone 7s 104i(, 2000 Electric A Peo 4s lotH .15 4000 Pennsylvania OVis lots 07V, 1IKI Phlla Klectrlc 1st fis K5 2000 Phlla Electric 1st Bs 84V. 1000 Spanish. American 0s 084 NEW YORK COFFEE MARKET New York, July 12. The locnl coffee market opened unchanged to 2 points lower this morning with n disposition Klinu-n bv the local trade to sell con- 'tracts. 'There was nothing in the I .. .i, ... natvu to Indicate unv froht Ili'D'! danger in Sao Paulo. The carl) official lie reported the inn term mainei nchanged to 2..0 reis lower. r. - i I.. n nllH ...... n- .. 'riin linvernmeiii is iiiMiuii-iiii.t buj "" SO no porting the spot month, but tlie weight "" 8701 f actual coffee is being shown by a "" 'SOOO weaker late month position which was Jots OS. 14 2.10 reis lower. The Ulo stock Is large, now ueir.g over j,--.,vaiu imjn, At mid-day prices were about un changed to a two-point net advance, trading quiet, little offering and only a very scattered demand in sight. Since the 1st 01 . Illy arnvois oi cimee, omiT regarding the premiums etactetl for the loaning accommodations of certain industrial specialties. Few swallowed the bait. This was not surprising be- cnute there was still vivid recollections of a certain steel btoek which not many weeks ago was made to nppeiir very scarce in the loan crowd. There was talk of a corner nnd there wns t.ilk of till kinds of fnncy figures. The latter were nevr reached. To the contrary, the name stock not mnnv weeks after this memorable event sold nearly fifty rolnts under the figure when the stuck was hard to borrow. In the interim the directum found It impcnitle to cut tlu? dividend In hnlf. Judging by the Increasing dullness and narrowness of the market, theso daily trumpctcil stories of a "big hhort Interest" nro more Imaginary than real. Events, nt any rate, have come near fully confirming the assertion recently made by n prominent operator that it Is "a distributing rnther than an ac cumulating mnrkrt." No doubt many lxiols ans carrying unwelcome burdens which they would be plenscd to shift to ether shoulders. Too Much Sugar-Coating "Hut for the Cuban situation, which Involves tho jiroblem of sugar, we might orni'ct n turn for the better In tho mar ket at once," said the i-enlor member of a leading New York house during a brief visit in this city yesterday. "However," he added, "the situation in Cuba Is so interwoven with current nlTnlrs of some great concerns the. out come is difficult to forecast. This Is so even if we admit the probable success ot tho emls-nrlea of Cuba now en route to France In an effort to dispose of part of Cuba's unsold sugnr crop, which mnv be acquired by aid of the proposed international Cubau loan through ex change of sugar for commodities that Cuba needs, such as lumber from Hub sin nil from Humnnlii n-ul products of Poland, The matter Is one that must be promptly nrrnuged, because the time within which sugar must be utilized, to save it, is restricted." Traffic Conditions Hotter Officials of railroads operating east from Chicago and St. Louis In mmii'j cases sound a slightly more optimistic noto in regurd to general conditions, lli" movement of new grain is helping to swell traffic locally, and n run of export grain to the tealioaril is iookimi tor flour, which Is the best Indication of how great this movement is. Western Money Conditions Unchanged Xn rndlcnl chiintfn wiim rnimrfnl In Moble money market conditions in Western . ru'lucrk K"! ii-iurra wie nisi went. JiniCS at ini Papulpa Her Arms Cost AmT leather . . v... llrlt Am Tob coup Com Finance Durant Motors Kmplre Food KArrcll Coat Oltn Aldcn (Irnnt Motor Ilortcn Chrttr North Amor Pulp new l'erfrrtlnn Tire Phillip Morris Haitlo Com liiulla Com pref .... Southern Coal & Iron JUanclnnI Motor Hweets Co U S Ship Corp U H Steam .. United Prnflt Sharlnt united itrt t-'nnay Vinyn' Coal Willys Corp HTANIUnn OIIJ1 Atlnntlc Iobos 12H 12W Illinois P I. IB! 152 Stand Oil ot Ind M 65 . INDEPENDENT 011.8 Allen Oil 4ft 40 Allied Oil ,... 4 , 4 Arkansas Nat Ons 10H 10 Iloone Oil 23 22 ltoaton Wyomln 00 00 Carlb Synd 4 4 Cities Service (old) Si V4 Cuahlntr Pet 10,, 10 nik Ilasln Tet H OH Kay Pet 2 2 Federal Oil 1H 1U niiuiand on : :n Olenroek Oil 70 70 (Juffev (llllesple ., Int Petrol 12S 12J Marncalho Oil 21 H 21U Merrltt Oil s s Mrrhran l' IB Mexico Oil BS 55 is is sit nil cago and other leading points were nbnut ! Slm,m" ,r,Tl 2H fl, unn... ... U- t-.. - I... 1 .... 1 RKeUy Ull 1 w. ....,,l ,,,. in- inn, ii-u hi i-nn, uim , ' To nnn Funds Vletorla Oil new 74 BB in material chanse was indicated are In good supply for all legitimate iwllcox purposes and borrowers nppear willing MINING to pay current rates. Conditions may ArUnna ratogorrla 57 OO Killll to lie unmeti-lint vinnr nml innbu . " wrui have shown n little more uttuntlon to commercial paper offerings, although so far there Is no great buying volume. Interior banks have taken some pa- llfir tlllt nu .. ....In ...... l..iulinH.II..H their resourciH for local needs during 'iol.lnlil Florenc' ..'.'.'.'.'. 27 the coin ill? cron-mnvlnp tierinil. I field Znn I Fight for South American Orders The commercial attache at lluerios Tlnntnn jt, fnntnna 52 Cnnndu (.'oiipr ! Copper Cannn tL. Cnrtes Sller 75 Creson Qolil 1". Ulvldo Ext 2:1 EI Salvador is Hnnnlll enda Orhlr NlplnslnK Hay llerrules Silver Hills of Nevnfia TnlPipnh Dhlda Wmi End Con Yukon Uul? Ilecla Mining; Knox Ulvlile McKIn Uar . . , ' m . . .. , , . , .linV.llIIIIll II . Aires, Edward I. i-eely, In a recent Marsh Mining report, states thnt bids on furnishing K-'IX Orhi 1 000 tons of steel rnlls for the Argentine States Hallways were opened May 20. The lowest bids of the different na tionals were ns follows: (iennan, ap proximately 01 gold pesos per 1000 kilos, c. I. f., S,tonto Fe; Helginn, 57.00 gold pesos; American, 81 gold pesos. The German nnd American firm offered to deliver 3000 tons monthly, while tho Helglan firm promised only 2000 tons. I'll to July 1 the contract had not been closed, but It was thought probable the business would go to the Helginn bid der. The average quotation of the gold peso during May was $0.72 United StntcH currency. THE TRADER. Divide 14 HID 12 17 13 B B2 32 4Vs 20 20 H.I CO 00' fls S',t 07 53 li 50 21 1 73 i; 12 I 27 10 IS Hit in 15 13 50 3ll 4 211 I'll HI HO 00 12H 152 Oil 40 4 10 23 00 4 V. ,r. OVi 2 It 70 II 12H 21. 8 15 BS IS n n as 4 OS BB ltt B7 51 25 1 73 li 23 12 4 27 11 It .'MS 11 17 13 B Bll 32 4V4 20 in M Xil HO 1IONDS 42H Allied Parko's fls ... Amer Tel (Is 1022 . . . Amer Tel 0s 11)24 . Anilo-Amer 7H . . . rmour 7s r .1.1- J,- I llll . .Cl'IIH' 'in ........... !'' Mil .in Chi Un Stnt 0 I02W 1024 102N Cons Oos ha lliiili lonu lmiVl 04 'I 0S bflli ooM Bll no 42 nH' iimi .in 14 mi nu 4214 llsH ihiv; 119 Vi nn 911 RAILROAD EARNINGS CANADIAN PACIFir rtAII.WAY 1021 Inrrs First week Julv ....M 4411 000 333.nnn j-rom Junutry 1 sa.7is,oi)0 Der reuse, -j.i.i.i.u"u ;. "-"i, 8.020,000 li'c" than Ilrazilian, nmouiit to 70.021 bigs, shortly, ns the winter wheat harvest is with exports during the same period practically over, and there h no dispn- 8804, bags. " sitlon to hold hack grain at current Yest. clnso open prices. Mure nctivity is expected nt the September 40 ".lis .tp(, ni,u,tH with lower tirlces, and the IHCeinuer "; " n. ,..,.. l,,l..u nn. nTlinctei til 1)11 I 111 imiiiiuun iti. i.f" . ' 4..w.... .- ' S3 fair buyers of supplies. 7 15 7 31 U. S. Certificates and Treasury Notes Int Hate ft Au. t'BH SfPt t Sept. 5W Oct , B Oct . t'fl Do , 514 Feh. tB' March T-n-4 .li t'514 Ju t'RH Ju Maturing Date 1021. 1021.. 11121.. 1021... 1(121... 11)21 1022.. U22 . Hid 100 1-82 100 1.32 100V4 100 1.32 100l 100 A 100 1.32 100 A June, 1022... 100 1.32 June. 11124... 100A ITrTmt from nnrmat federa tAcceptable for paymem or Income tax due nn date of maturity. Asked I0MV4 1 novt 101) 7-S2 ioim inn 7-32 iooa 100 '.1.32 HiOA 100 3.32 iooa Yield 1.15 4 75 4.75 4. nn 4 no 4.1)5 B 311 B.2S B .17 5 07 LIVESTOCK QUOTATIONS Pltiburii, July 12 1IOOS- Uecelms 10OO head. Market steady III av If io nnT end llpht ynrkers and plifs, 1(I7111 SlIEr.I' ANU IiAMHS Iterelius. 50U hurt Market steeily. Tup sheep. l.i.SO; top lambs, CAI.VKS Ilecelpts, 100 head stendy. top. i celptl 2,30. Paris Bourse Quiet Pnrl. lulv 12. Pr'res were quiet on tho llourse today. Thrro per cent rentes Bo franre 40 centlmisi exchanca on London. 40 francs 78 centimes; B per cef loan, S2 franc; 70 centimes. The iiniiar W quotea at i francs aovs centimes. Ibiatt nulTalo. N. Y Julv 12 CATTLE necelpts. 73 head. Hieady alNJt. re ceipts. 1BO head. Slow; B0t Imver. S.IWls 50 flOdS Herelpts, nn heml Stronit l"!5? ? i lL'w.-...,If-B,,,,.-IS Ari?.1 ;LniX.,0-J!5i ?rt- louche 1H: stSBS, 4 8l)(iin. HIIEEP AND LAMHS neeelpts, 200 head I.sinbi nnd ytar'lpss Bnc hither. I.amba 15 W12, eirllnBs. I3,B0I) Others unchantd BAR SILVER DniTiestln bar ll ,'tr ;vas unchunscd In Ni Torn touay ai iiinicj ."rcirn. bur, up In London tho price was Hd hlsher. at .Tumho Ext Kewanas . . Ixiuj Star i Oro i lied Hills ., Blhor Pick Spearhead . nn 01 01 02 04 ot 02 ::::::::::::::: i on 01 MISCELLANEOUS A larcer foreign Inquiry tor steel products Is repotted which tun) mater ialize in better traffic niTeidtigs. The coal tonnage Is still way below nfi'iivil, and doubtless will continue so until gen eral business demands mnko a more . ! urgent need Tho movement if coal to '"lino lake ports for Northwest dlstilbq- tlon Is fair. Uenerai merciiaiiuise is moving nt about the same rnte us during tho last few weeks. Hulldlng material and lumber shipments show souu) In crease. There Is quite a fair movement of flour for export. Officials of Southern roads m grati fied at tho continued enormous ship ments of wheat to the Gulf ports, and from present Indications this movement will continue turougu win cumin ."i- su,l" .;, A-us year. Last week Galveston alout i tM" i'1"'" 'i i . .1 o nil Mn t...-l.l- ...li.nl nn, 'JJ.P .l"" ............ .1J. 04 o-cicureu i),iiii,uuu uuaucio ui itmv. m vuuri .......... ,,,,.,;j ,03 lb. i mm, T MONEY-LENDINQ RATES NEW YOUK Money on call, both classes of collateral opened today at 0 por cent for lending and renewing. PIHIiADELPmA Call. Ptr cent; time. 0 per cent; commercial paper, three tn six months. 0 per cent. Note--These, are merely nominal quota tions, th legal rate of Interest In tho Slate of Pennsylvania beln-r nxed at II per cent Plim premium and commission, time money for thirty to ninety dsys Is loaned at 7 to 7" uer cent, while rommerrlal paper, from thirty to ninety days, la loanwl ut 7 to 7H liCI VOIIk, O-.ndrlch Tire 7s Orand Trunk 0V& s Humble Ull TH Interluirn 7s Inn Central OHs ....... Sears-Uoebuck 7s 1022 . . Solay 8s Southwest Hell 7s Stand Oil N Y 7s 1027 . . Stand Oil N Y 7s 1381 ...101 Stand Oil N Y OH a 1)0' vacuum 7s , West Elec 7 Sll'li SUM. H4U, Q-l't oah nn, ffin; 70 70 70 IIS 1)8 OH 08 UK OS nu on tin 03T4 0SV. 1)574 mi ; 10114 toil. H UK; 104: it noi; im 100 H JOIlft 1011 100 100 IOU LOCAL MINING STOCKS TONOPAH STOVKS 111, I 1 aL. Cash llav oi ,r, inn nuuer on OS MacNamara ll tn Crescent 05 .07 Midway 0 12 Mlzpah Extension in ,07 Montunn h'l n7 .vortn star oi ,oi Heseue Eula 10 20 Tonopah Ext 0K .olM West nnd cot lni West Tonopah Ot) .07 DIVIDE STOCKS Allied Dtvld Alio Divide Tlelcher Helcbr Extinslon . . lien Hur Ilroush Dlvldo Divide Ext Illvhln Con Dividend East nivldu Harmlll Ilasbrourlc Divide .. HlRh Dltlde Knox Ilovert Dllde Reno Divide Itosi ta , Sliver Klnc Sutherlnnl Tonopah Divide . . , . Tonopnh Hoshrnuck Vlitory Divide . . . .01 .01 .01 .02 .02 .01 .12 .0.' .. .11 , .. .ny .. .01 .. .in .. .01 .. 2.011 . .S2 .02 .. .01 i. .02 10 OOLDF1EI.D STOCKS Tooth 02 Comb Fraction oi C'rurkerjiirk oi Dlnmonu'lleld Illue Hull (11 Florence o., OoldOeld Con Oold Dev ilolilOelil Deep Orciit llend Verde Dlvldo Zone Anrparo . . . . . . Arizona United Caledonia . . , Eden Emma Silver .. Eureka Croesus Eureka Holly .. Ilecla Mother I.odo . Nevada Hills ,. Nevada Wonder success 1.00 .on .on .in ,ni ,20 .01 't 02 ,,. lis 04 03 .02 .03 .02 .02 .01 ,0S 2.1 ,11.1 .03 .02 .14 .03 .01 .13 .03 .02 .02 .02 8.00 .N5 .01 .02 .0.1 .12 .01 .02 .110 .niH .no .OR .02 .014 .01 .on .03 .03 .01 .02 1.10 :il IB .02 .81 01H 4.00 5. no .02 .15 .03 .10 ,00 .03 FOREIGN EXCHANGE New York, July 11. The foreign ex change marl-et displayed slightly firmer tone at the opening todny with sterling offered at approximately Monday's closing figures, whl'e the other major exchanges, with the exception of Hel glan francs, showed fractional im provement. The quotations follow : Sterling cables 3.03Vj. demand 3.(l2-)i ; franc cables 7.77V2. checks 7.70V&: Helglan cnbles 7.00, checks 7.50; Swiss cables 10.54. checks 10.51; lire cables 4.5.1, checks 4.54'i ; peseta cobles 12.70, checks 12,08; guilder ca bles 31.110. checks 31.85; Stockholm cables 21.21, cheeks 21.10; ChrlKtlnnla cables 13.03, checks 13.58; Copenhagen cables 10.00. cheeks 1.1.0.1; marks 1.27 V,. The rate of premium in Montreal today on New York funds was 14Vfc per cent. The rate of discount in New York on Canadian funds was 12 per cent. Central European exchanges were lower ns fullows; Greek, 5.0.1; Ru manian, 1,44; Iiulgnrlan, 1.05; Aus trian. .15; Piiland, .0(1; Czccha-Slo-vnkl.in, 1.32; Jugo-SIuvia. .my,. YEHTEnDAY's FINAL QUOTATIONS Hterllm; Francs Lire Guilder Demand .. .. 8 MV 7.77 4.52 81. SO Cables ... . 3.04 7.70 4.54 31.00 TODAY'S OI'ENINO QUOTATIONS Merlins Kranes I,lr Guilder ...8 02li 7.7U'4 4 94 V4 31. H3 ,. 3.B3V4 7.77W 4.B5 31.8(1 NOON QUOTATIONS HtBrllnic Franca Lire Guilders S :X,7 I'll 1-9" , . d.on'fH Demand Cables Demand Cables 7.7S 4.51 Tloitfin . . . New York .... Fhlladnlphla ... Cleveland )t chmond Atlanta Chlcaso St. Louis Minneapolis , . . , Kansas City ... Dallas Han Francisco,. , 0 ll 0 0 0 0 0 0 BH B I! 0 II 11 H fl BV4 il 0 (1 n n I ii ii an e a 2 "H 0 11 o n T n r-Jf Tin A BANK that conducts its own affairs successfully can be depended on to safeguard the interests of its customers. In not one of the fifty-five years of our existence have we failed to add to our surplus and undivided profits. Cbntral National Bank of Philadelphia 1 Chestnut Street at Fifth Capital $ i,ooO)000 Surplw Jhd Undivided Profits Earned $4,400,000 Jr1 PEOPLES TRUST COMPANY of Philadelphia N. E. Corner 12th & Arch Streets. We take pleasure in announcing to our patrons that tho six months' period ending June 30th hns been ono of tho most successful in the history of our organization. Our net profits have not been affected by the general business conditions. We have added $16,000 to our undivided profits nnd have increased our contingent fund to more than $11,000. We builded on strong foundations. During the war period we kept our entire resources for tho benefit of our pntrons. They have shown their appreciation of this by giving us good substantial business. Our Title Department is crowded with business. Our Banking Department does not havo single overdue account on its books. It is very gratifying to receive such excellent responses to our efforts. If you are seeking n banking institution conducted on tho soundest business principles, with a due and careful regard for tho rights of its patrons, we shall appreciate having your account with us. GEORGE C. BOWKER, President HARRISON C. REA Vice-president. JOSEPH H. RUBIN WILLIAM D. VROOMAN, Secretary &. Treasurer FULL 8 Dividend earned in the first five months of 1921. This record of UNITED FRUIT COMPANY is discussed, with a review of its prospects, in our circular P.L. 429, mailed free on request. WALTER J. SCHMIDT & CO. Members Consolidated Stock Exchange of Netv York Philadelphia: 1323 Walnut Street rhooes llell, Walnut 10011. Kerstnne, Unre B7S1. Now York: 30 Brood Street 319 Fifth Avenue Reserve Banks Discount Rates Official re,ltit.,itini (,... .1.. ....,. ,.... eral Iteservo Hunks ato as follow si Treas. Lib, Com'l likrs. vtrs llonds, Taper. Atreot. il II oH I)tMOOUnt rat it rnrrlrwin,l. ...IL 1....... eral. with minimum of 5 per cent, BANK CLEARINGS Dank rlearlnEm tnriav ....mm....... ....... responding- day last two years; rhlla ...lO.l.OOO.'ro!) $82,271?70S ITlAnVWl N. . York.M7.tiO0.n00 004 800 13 ooi gSn'SS.-' ltalso ,, 60,038,981 1',l PREPARING FOR INDUSTRIAL ACTIVITY Although little realized by the public, ono of the most Important features of our work is tho repairing nnd rebuilding of bco motives, and tho supplying of needed parts for tholr mainte nance. We aro prepared to help railroads tho world over to maintain their motive power in flrst-clnss operating condition. This is at times even more important than the bulljSng of new The Baldwin Locomotive Works Philadelphia .SOt.VBT SS.t28.o84 ,ir . - rWA- f I , yj i . TTS, -' s HI . iM' ' v.!
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