r jn ur, -sf ? Tn,sv
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",r flws. ,;,..
18
t
r,
EVWItfO FUBWO LBDGBB EBIUADKIiPHIA, , EBEDAfXV' JOTY' 15, S1
- v-?
t i
-,vpn'
m
W
Its
I,.'
Business, Foreign Trade,
,Bond and Stock Markets
re all reviewed, In a
concise way in our
July Bulletin. In view
of the unusual condi
tions existing, we 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 are
described briefly.
Hemphill, Noyes CB2, Co.
Jafomataa Ifnr York Stock Eichmng
Franklin Bk. Bldg., Philadelphia
Jttw Yeck Oostoo Sainton
Alba&r EjracuM Bsltlextra
SAM
E
COLORLESS
NEW YORK STOCK EXCHANGE TRANSACTIONS
F
IW MARKE
I
niv.
Sa tn t
tin
Present
Opportunities
to lecure sound bonds, hnvo sel
dom before in the history of this
Country bean equaled.
In the thirty years prior to 1920,
the average yield from high
grade bonds ranped from n low
of 3Hr to a hi8h of 547r.
Owing, however, to present ab
normal conditions, bonds suit
able for the most conservative
inet merit may be obtained to
yield from
52 to 72 and over
Our current list of offerings,
which will be sent upon request,
gives a diversified selection of
bonds which we recommend for
investment.
Broad & Sansom Sts. 33 Pine St.
Philadelphia Now York
Baltimore Pittsburgh Wuhington
The Present
Opportunity
in Bonds
is the title of our new
booklet describing
some of the more at
t r a c ti v e investment
issues.
We suggest sending for
q copy of this booklet,
as it may help you in
solving your invest
ment problems.
Bonbright & Company
437 Chestnut Street
Philadelphia
New York Chlcoro
Hoston Detroit
Weakness of Famous Players
Featured the Limited
Volume of Dealings
New York, Jul 15. Donling In to
(lii m ituck market were in the mnllct
tonic of nny elon In mnny week..
There wni the same HutlfM and IrrfS
itlnr price movement, with net clianges.N
outnido of few I'pecillntlve ?iicclultle-.
iilio!iltely nicaiiinsless. Altogether the
(lfiv's proginm wn iractlcnlly a rcplli'ii
of "the preredlns setwlon. There wns
tin uunl tlnil weok upot to crop out.
Honors thin time fnlllns on Inmou
I'hnori. with tluit stcok elllits nt new
low' levrl -it 411. an overnight low of
.tffif ft IVillfltH.
The further improvement rfmwn In
the ieervc rntlo of the Knlernl Re-erve
Hanks supplied the most cheerful bit of
news overnight. Aetepthifr this ns iin
indication of steady progres In the cor
rection of the credit situation the in
cident wan a decided constructive fnitor.
Mnrketwlsc it out just ns much Ice an
nny of the recent fnvornblc develop
ments. It uus conditions wlthn the
market lt-elf that served to keep the
liht in MttggMi motion rather than out
slile inriuemet. Precisely the ume
luetics were followed by the profwlnnnl
trnilcri. and these seal lug operations
kept Huciuntion rugged mill uiicertnin.
It was evident, however, that while the
market lamentably lacked concerted
Inlying power, there was also evidence
of nn (lmiiMlon of bear energies for
the time being nt least, yet .it the same
time it was obvious many group have
not svt conmlcted their adjustment-.
Spc illative shares nt the opening
iignin reflected quite a good ilea' of
pressure, but not the same caliber as
experienced In the recent litpiidntini
movement. Interest virtually converged .
In the same fnmllinr group of stocks
and utmost exeluMvolj to the Indus- I
trial division. Ill the Initial dealings j
locscs of one to two points were regis- i
tored by I'mcible Steel. Hethlehem
Steel, Harvester. (Jenernl Klcctrlc. Su- i
iiaitrn Tobacco, Houston Oil. Other J
etorK equipments, oils nnd motors were I
lower by fractious to a one point. These '
losses were pnrtly retrieved before mid
day nnd with these rallies there devel- j
oped thu fnmllinr stagnation of the mid- I
Mr-slon, reflecting the utter suspension
or speculative interest other thun cm
minting from the shifting nnd meeiirlnl
operations of the professional element.
U. G. I. SOLD OFF
ON NEW GAS BILL
Relief Measure Apparently
Had Been Expected and
Proved Discounted
to
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
Den tor Colorado Springs
The disappointing reception' of the
action of City Council yesterday on
the locnl gn- question bv the stock of
the lT. ft. I. Co. In today's local market
was onen to two interpretations. First,
fi'n rMcf measures grnnted by the
city fnthcrH hnd been anticipated nnd
wiik therefore discounted, or, following
the tradition of the Mtrect. with the
gflod news out. those who make their
bread and butter In stock dealings, felt
it was a aood time to get out nnd cash
in paper profits In sight.
VVhi'.o it was felt that the company
did not get nil It was entitled to, it
wns nevertheless looked upon ns an
iircepuble compromise. The incren-o
In the jas rate to the cotusumer from
$ per lthou-and feet to SI. 10. and for
the Hurrimder by the city of fifteen
ffiitji of the twenty-fivo centK now rn
reived fiom tho oomnany from the tuito
of each HKM) feet of gns. in inoie cou
icrvatlvr circles was generally regarded
ns a fairly good deal.
It Is true, according to tbe statement
Issued bv Mr. llodine Inst night, from
the increased income of ."54.000,000 for
one year must be deducted the increased
cost of mnkjng 000 II. T. U. gas aa
compared with the ."30 B. T. U. now
supplied. This additional cost will bo
approximately SI. 200. 000. making tho
net increase in the income for the next
vmr S2.SOO.000. which la the estimated
'oss fixed bv the management for the
yenr under the ."HO H. T. 1'. standard
It itn pointed out that the relief
iri anted puts the company on its feet
for a year nt least and by the expira
tion of that period rnnnv of the condi
tions now confronting the management
will possibly have reached n normal
equilibrium.
The stock was offered rathtr freely
in the early denlings, causing the price
to recede to 34 M, nn overnight Iohh of
r, nnd .IM; points under the top price
of tbe year. When these profit-taking
sales were out of the way the dealings
were of comparatively smnll volume.
Trading in the other locals was quiet.
Kleetric Storage Battery moied up Ji
point.
SJ0
lb)
IA0
101
10)0
CIO
ton
tonO
41
800
10)
J10
TOO
(M
.va
loo
JOj
io
103
100
too
8700
It 10
400
:oo
141100
9)0
10a
700
100
.1700
400
4100
sno
.too
1I4U0
100
700
A00
1100
4011
100
lift
,v,oo a
left
600
700
100 3
too
?00 7
103
100
300 3
3M a
V0) ..
100
too
3303 J. SO
11300 4
500 2
7i)0
100
too
7000
100 1
300
30J (l
100
ICOOO 8
000
100
7S00
too
4100
3350
300
300
400
100
lOi
300
100
300
U0
1300
330
300
1300
300
300
100
300
300
Ills
Alaska Juneau O M.. IS
Allls-Chnimcra S1J4
Allla-Chalmers pf .... 71 H
Am tloet Sugar 3s
Am Dosch Magneto... 34 M
Am Can 3tiH
Am Car A Fdy ls
Am Car ft Fily pf 110
Am Kxprcei 114
Am Hide ft Loather pf ro4
Am Ice J3ft
Am Icn pf oo Jt
Am Intemat Corp.... Si
Am-La Franco ISng... s
Am T.tnseed ui
Am T ."n?flv ., SO
Am Malt & Drain.!... ITU
Am Safety llnzor 41.
Am Ship ft Com 7
Am Steel Foundries... 3U
Am Sugar Hef 0H
Am Sugar nf pf M
Am .Sumatra 4014
Am Tel ft Tl 103!i
Am Tobacco lt0
Am Tobacco pf new.. RH
Am Woolen 08'fc
Anaconda ConDer .... 37 Ji
Awo Try Goods 2tt pt 8S
Atlanta Itlr & Atlantic 8
Atlantic Fruit 4
Atl Gulf ft W I S S.. 7SH
Atch Top ft Santa Fe. 83 i
Daldwln Locomotive.. 74 H
naltlmore ft Ohio 38V4
Bethlehem Steel 4Sfc
Retntehem Steel B.... 4Hi
Booth Fisheries 4
llrklyn R T ctfs of dep OH
California Packing .. 87
California Petroleum . ni
Canadian Pacific 10 W
Central leather 3U
Central leather pf... 71
Cerro de Paaco 38Ji
Chandler Motors .... 80
Chesapeake ft Ohio .. 8314
Chicago & Ot West pf. 10J4
Chicago Mil St P pf 3D ft
Chicago Northwestern 0314
Chi It I A Pae 33J4
Chi R I A Pnc 7 pf. 78
Chile Copper If' '4
Ch'no Copper 72J4
OBIonido Fuel & Iron. 30 J
Colmn Lias & Klec... 01
Col nraphophono .... S
Col Grnphophone pf.. 71
Continental Candy ... Ji
Cosden A Co 37ft
Crucible Steel 83ft
Cuban Am Sugar.... 13
Cuban Cane Sugar. . . . 8H
Cuban Cane Sugar pf. 31
Denver A Rio Grande Ti
Den & Ulo Gr pf 3ft
Dome Mtnca 10
F.Ik Horn Coal 1'ft
Endlcott-Johnson .... 8Bft
Krlo
Famous Players L. . . . 4ft
Flak Rubber U
Guston Wms A Wig.. IV
Gcnearl Asphalt 80
General Asphalt pf... 87
General Electrlo 133
General Motors 10J4
Gen Motors deb 6. .. 84
Great Northern pf.... 8S
Gr'-ene Cnnnnea Cop . 3t
Ouantnnamo Sugar . . 8
Gulf Statu Steel . ... 30ft
Homestake Mining ... 85ft
Houston Oil 3
Hupp Motor Car 11 H
Illinois Central 01 H
Indlahoma Rcf 3ft
Inspiration Con Cop.. 33ft
Interb Con Corp 3ft
Int Harvester new. ... 73ft
Int Harv new pf 100 H
Int Mor Marino H'4
Int Mer Mnrlne pf . . . . 3
Internat Motortruck .. SOW
International Nickel.. 14
tow
1H
30 S
7194
18
34 ft
3 ft
IS Hi
110
114
80H
81ft
60 ft
33 !4
(
73 ft
fft
13 U
ft
7
70 K
(IS
108
ltO
88
eH
37ft
88
H
(
3K
81 K
73 ft
7ft
43 ft
"ft
4
87ft
34 ft
lOSft
3434
71
asft
8
83 ft
16ft
Sift
OS ft
33
73
10ft
33 ft
36ft
St
6
31
Ji
37
SI
13
8ft
31
ft
1
10H
17 ft
80 ft
13
48 ft
lift
l'
8
87
110ft
ION
64
(18
30 U
8
30
ma
82
11H
01 u
2ft
33ft
3ft
"ft
100 H
lift
43
30ft
1394
1:80 Net
Co Choo.
1H
314- 1
7iH- H
8S - ft
314 - K
38ft- 1ft
K K - V
li 4- t
.14 - 8ft
0? - ft
83ft U
00 ft- ft
s H
..
33ft -1
K0
13ft- K
4ft
7 - ft
30ft- ft
C6K
88 ft
48ft- 1
10ft ft
130 - ft
88N ft
67 - 1ft
S7J44- ft
49 ft
8
8
33ft- ft
ift- y
74 - ft
88 ft 4- '
43 ft- 4ft
40ft- 1ft
4
6H- ft
87 ft - ft
34ft- H
108ft- H
34-
71
8ft- ft
80 1ft
SSft - ft
10ft- 1
CBft ..
3ft- ft
33 H
73 4- ft
Hi 14- 14
33ft- ft
36ft - ft
84 - H
8
31 - ft
ft4- ft
37 - ft
83 - ft
13 - ft
8ft- V
31
Ji- ft
l- V
10'i
17ft- ft
80ft- H
13
40ft - ft
lift- H
1ft ..
40 - ft
87
130 ft- 3ft
10- ft
64 - ft
65 - Ji
30-
B 8 . ..
30 - 4
88ft 4- ft
83 - t
11
91 -
3ft ..
33ft - ft
3ft .
73ft -
100 4- H
ilftx A
43-3
, 311 ft
13- ft
Stile
1400
203
100
1000
310
300
700
100
100
100
800
700
100
100
200
too
14000
800
1600
310
100
oo
100
" 400
200
200
C too
100
too
100
300
1800
ZT 100
100
209
6700
1703
10
200
100
tlOO
300
1000
200
200
100
300
300
103
100
400
000
8300
2300
100
100
100
103
2100
11U0
7010
8100
SCO
300
30
300
7J00
100
too
3100
1100
1600
100
300
100
100
900
COO
3090
8100
Btoo
300
29700
3011
2100
2700
100
800
200
0D0
4300
3000
200
700
Dlv.
In I Hlsh
.. International Paper . . 81
.. Invincible Oil Corp.., 10ft
.. Island Oil tji
. Kansas City Southern 35ft
4 Kelly-Sprlngrteld Tire. 30
.. Kelssy Wheel S
.. Kcnnccott Copper ... IS ft
.. Keystone T ft K 11
. . Lackawanna Steel ... 38
8.80 Lehigh Valley 80
1 Loft Candr B
.. Loewe Co 10ft
7 Manhattan Kiev guar. 40
. . Market St Ry 8Ji
.. Marland Oil 14ft
.. Maxwell Class B S
13 Mexican Potrolcum ..108ft
1.60 Middle States Corp... loft
.. Mtdvale stoel 2Sft
. . Mo Kansas A Texas . . 3ft
.. Mo Knn ft Tex pf 8
.. Missouri Pacific 10
.. Missouri Pacific of. J. 88ft
.. Montgomery Ward . .e 17ft
. . Nat It R of Mox 2d p
. . Nev Con Copper 10J4
5 New York Central. ... 88 ft
. . New York N H A H. . 17
1 .cw York Ont ft W. .
7 Norfolk A Westorn...
8 North American
7 Northern Pnclflo
1:80
Not
17
4
0
73
Okla Prod A Ref IJi
.. Pacino Devol Corp. .. . Oft
a Paclfla Ou ft Eteo. ... 83
. . Pacific Oil 34
0 Pan-Amer Petrol .... 49
0 Pan-Amer B 43
3 Pennsylvania R U. ... 34ft
.. Peoples Gan Chicago., ro
.. Pero Mnrquetto 10ft
.. Phillips Pet 17ft
.. Plcrce-Arrow Motor . . 18
. . Plerco-Arrow pf 38
. . Pierce Oil 7
8 Pierce Oil pf 80ft
.. Pittsburgh A W Va... 37ft
8 Pressed Steel Car.... 71ft
4 Pure Oil 7SJi
.. Ray Con Copper 13ft
4 Rending 07
.. Replo Steel 18ft
.. Repub Iron A Steol... 48
B.EO Royal Dutch N Y 30ft
.. St I-oula Srui Fran... 23
.. St Loula Southwest.. 23
.. Santa. Cecelia Sugar.. 3ft
. . Saxon Motor 3
. . Seara-Rgebuck 4
.74 Sholl Transport ..... 38
.. Sinclair Oil 20ft
0 Southern Padua 76ft
.. Southern Rail 19ft
7 Stand Oil of N J pf . . 100 Ji
7 Steel Tubo pf 74 ft
.. Stromborg- Carb .10
7 Studobakcr 79ft
1 Submarine Boat Corp 4
. . Tcmtor Corn A F "A" 9
3 Texas Co 33
0 Tobacco Products .... 84
.. Trans Con Oil 7
8 Union Bag A Paper. . . CO
10 Union Pacino 11H
4 Union Pacific pf 63ft
8 Unltsd Drug ?3ft
8 United Fruit 103ft
3 United Retail Stores.. 83
.. U S Ind Alcohol CO
..US Rubber 40ft
BUS Rubber 1st pf.... 02
..US Realty A Imp... 7ft
BUS Steel 73ft
7 U S Steel pf ...109
.. Utah Copper 48 Ji
.. Vanadium Corp 28
.. Wabash 7
. . Wolls Fargo Express. 88
. Western Maryland ... 9
7 Western Union Tel... 83
4 Wostlnghouse E A M. 43ft
.. White oil Corp 8ft
.. Willys-Overland 7
Wilson A Co 33
I.oir Clone Char,
80ft 81- ft
10ft 10ft- ft
3ft 3J4- ft
34ft 78 - ft
3S 86 - Ji
89 8 1
19 I9ft ft
II 11 - 14
38 88 ft
80 80 ..
9 ..
10ft 10ft ..
40 40 - ft
3ft 2ft ..
14ft 14ft- ft
- 1
103ft 104 4-
10 ,10- ft
jsft aift-
14 3ft- ft
8 8- ft
19 19ft -
38 ft 39 ft 4- ft
17ft 17ft
I
lo J4 10J4 4- ft
08 OBJi - ft
17 17-
17 17 - ft
04 94 -
89 80-
717t-
IJi Ui ..
8ft 9ft- ft
S3 S3 4- ft
34 ft Sft ft
47ft 48 - 1ft
43 43
34 34 ..
80 80 - ft
18 18 -
17ft 17ft ..
17 18 - ft
37 37 - ft
7 7 - ft
80ft 80ft - Ji
37 37 - ft
71ft 71ft ..
38ft 35ft ..
13ft 13ft ..
7ft 67 ..
18ft 18ft- ft
48 48ft- ft
88 88 -
33 33- ft
33 23- ft
ft 3ft ft
3 3- ft
63 04 -
88ft 38ft- ft
10J4 2fft4- ft
' 78ft 4- ft
19ft 10ft- ft
100J, 100J, 4- ft
74ft 74ft- 1
30 30- ft
78 70ft - ft
- 'A
0 - 1ft
33ft 38ft- ft
84 84ft-
7ft 7ft- ft
00 60 - 2
118 118- ft
63 ft 03ft- ft
3ft S3ft- ft
1C2 102 - 1
83 S3 - ft
9ft 49 ft ..
4Hft 40ft 4-
92 92- ft
47ft 7ft- 1
"2 72-
100 109
48ft 8ft-
27ft 27-
7 7
46 63 4- 1
9 9 ..
81 &3ft4- 1ft
1 1- 1ft
7ft 7ft- 1ft
7 7 ft
31 31 - 2ft
Ei-dlvldend.
Commodity Markets
COTTON MARKET
New York, July 15. A little buying
by Wall Street and Liverpool, with
covering by July shorts, gavo the cot
ton market n steady openinu nt an nd
vnnce of 1 to 17 points, July showing
the grentcst. rise. Offerings were mostly
in the way of hedge selling from the
Soutn. Complnintb were heard from
the eastern belt of excessive mini, which
have cnused'the bprcad of weevil.
Later tha selling pressure increased
sufficiently to weaken the list about 15
points from the top nnd at the end of
the first quarter of nn hour values were
The receipts at the ports for the day
are estimated at 10,000 bales, ngnlnst
10,780 bales a week ago; 5108 bales a
year ago and 38,027 boles two years
YEAR'S LOW FOR STERLING
Financial Briefs
ago.
July
Ociober . .
Uicomber
January ,
Vnrch ...
Prev, Close Onen 1 p.m.
13. 08
13 VI
1.1 13
73.61
tvMS
IL'.sri
13. 28
13 JI!
13.02
12. SR
12.00
IS. 30
18.30
10.83
Investor's
Pocket Manual
A record of stocks traded In on
all exchanges. Over 270 pages
of completo and essential infor
mation and statistics.
Bmt free on rtguett.
MILTON HEIWCO
STOCKS-rORtlCN fXCHA-SCEBONDS
"H3WO8'
PHILAOSIPHIA .STOCK 6XCHANOS-.
eonaoi.iDA.Tgo STOCK tKMANgiyim
1622 Chestnut Street
I'lioncsi Dfll, Spruce SOIl-K-B-l
, KwMonsi Ujcc 750i Hue lm
74 liroiAnnr 480 81h Ave.. N. Y.
Stamford. Cenn. SprintnM. Ma.
Foreign Exchange
Explained
An Inlertstlns booklet uplalnln
In simp Unsuafe an Important
subject Inv ntorj and business
mn will flnil l of b'mi vlu.
8nt tree upon request (or booklet
s Wm- H. M'Kenna & Co.
7 221 S. 15th St., PhiUdelpbia. P..
Dell Telephone! Lorust 1778
Denver Gas & Elcc. 5s, 1951
Milwaukee El., Rwy. & Lt. 7'?h, 1911
Southern Indiana R. R. Is, 1951
Duquesne Light 7'js, 1936
MECowit&Co,
Ued Title Bid, Phila, Pm
tYtmfttr PAifoJalpAM Btoek anchang
Philadelphia Stocks
1 -1 1 Net
HlBh Low V. M. chgs.
IfttCentrnl
Leather. 35 :i." 3Ti V,
00 Ekf Stor.lOH 102"i 103 1A
1 I To X A 27 H 27 K 27 4 . .
10 Leh Xnv. 02 u 02 Vj 02$ VA
10 Leh Vnl.. oO'-s . iJ0K
71 I'a It It.. 34T, W 34...
2.-i Pa SVt.. 071?. 07'i 07'.. .
.".5 I'hlla Rlec 21 W 21 ,, 21 Vi . .
27 do pref . 20i, 20K 20i-f- V6
100 Phlln It T 17 17 17 ..
sori v n i. . . ar.Vs ai w -
tNot chnnKe me.dA by compsrlon with last
snl on Now Turk fituck EichonBo.
PIllI.ADKI.rHIA IKI.NUS
330 Liberty 2d 44 10 12. ..lots SO. 00
2000 Liberty 2d 4 Vis 87.08
r00 Liberty -It It 4Uh 1938 S7.20
1000 Liberty 4th 4Vi S7.KI
1000 Victory 4Js U23 OS. 28
1000 Hell Telephone 7s 103
300 I'hlla Rlec 1st J5k 84
3000 I'hlla Eire 1 t .Is S.Ti
LONDON STOCK MARKET
Home Ralls Neglected Dollar De
scriptions Listless Oils Mixed
London, July 15. Husinevi on the
stock exchange was slow today, but tho
undertone was stable. The attendance
In tho house was small, (lilt-edged se
curities wero quiet nnd weaker. Ah n
result of the holiday in Paris there wns
little feature to Trench loan, with
denlings limited.
Home rails wero neglected, hut n
firmer undertone prevailed on dividend
possibilities. Dollnr descriptions were
listless, but held in sympnthy with Xew
York exchange. On repurchasing. Ar
gentine, rails milled from the lowest.
Changes In oil slm res wero narrow and
mixed, owing to adjustments. Kliell
Transport and Trading was 5 7-18 and
Mcxlcnn Kftgle, !i. Kofllra wore pteudy
with prices around previous level,
A further gain was noted In the rub
ber division due to a better inquiry
for the rnw nrticle. In the Industrial
giniip firmness wns shown In spots,
Hudson's Hay was 0 3-10.
4U?WRa
BAR SILVER
oosbutc la irtnduv. U-
QRAIN MARKET
Chicago, July IB. Wheat startod
l'ic to 2V6c lower for July, o to 2ty.
off for September nnd lc to 2 Vic lower
for December. There wag general sell
ing nt tho outset, while houses with
Northwest connections, that have been
nctlve on the buying side, led the buying
ajtain this morning. Large receipts In
duced eelllng. lteeeiprs inspcuicu ,
tenlny were 220 cars j Inst year s, 17
cars. , u '
I Tbe cash market was relatively
1 stcadv, with a fnlr demand from millers
iond exporters. The seaboard reported
'300,000 bushels worked yesterday,
mainly to Germany.
Weather reports show lower temper
atures In the Northwest last night, but
there wns little precipitation over an
part of the sprlng-whont territory.
Rains, it Is now reported, nre not ns
essential as cooler weather.
' Interest in futures is broadening,
with Influential forces lining np on the
b,ffl Parted , to c lower for
July; ic off for September, nnd c
lower for December. Trade was mod
crate and mixed. .0.1
Oats started lower for September
nnd unchanged to Vf off for Decern
ber. There was buying by the North
west on the decline.
NEW YORK COFFEE MARKET
New York. July 15. There wns v-ry
little coffee for sale at the opening of
the local mnrket thiH morning, cousc-qu.-ntlv
a few scattered buying orders
advanced prices 5 to 0 points There
were no official cables reported owing
to tbe holiday in Brazil yesterday, but
it was thought possible that certain
trnde interests heio may have received
private ndvioes tbl morning reporting
I a tinner marKei.
At the end of the first hour of trad
ine there bad been no additional trans
actions, except that there woie switches
of Septoraber to Deeombcr nt 42 points
nnd September to May nt 1M) points.
Traders seemed to be dlspoiod to awnlt
advices from the primary markets.
Thore is a decided Inck of outsido spec
ulative demand In coffee nt the present
time.
Irv riose, Oihw
September Vrtk n'l
.pecsraber S'UaS 2'??
'March 18I&S2 2's?,-,.,
May 7.ai28 7.80OS5
Intermittent Demand for Wool
Boston, July 18 Th Commercial nulletln
tomorrow will saysi "Pempna foe wool con
tinues more or less In Hie Intermittent man
nor In which It has bn mnnlfmte'j for sev
ernl week, ftnd prices rs generally stoady
with demand still favorlnif three-olghths
nrndes anil finer The mntJfaeturors report
few new orders, but plentv of o!d orders In
hand to keep thum well occupied for Home
weeks to corn" In the West, buylns of the
new clip continues slowly The Iondon co
lorlal auotlons havo opened this week at a
decllno of 8 to IS per cent from last sales'
ate. Tbe forslwn srlinarr nukiti ar
Bsrsdlr snsadsv
Llot, With Exception of Marks,
Shows Further Weakness
New Yorli, July 15. The opening
foreign exchango market this morning
was wenk, sterling being ot a now low
for the year. All the other issues were
lower ili sympathy with sterling with
the exception of marits, wuieii hew
steady.
The quotations follow : j
otonin.i cuuiut o.uis. ucinuiiu
3.01; franc cables 7.81, checks 7.S0;
Belgian cables 7.03. checks 7.02;
Swiss cobles 10.05, checks 10.B2; llro
cables 4.08, checks 4.67Mj ; peseta
cables 12.00, checks 12.88: guilder
cables 31.02, checks 31.87) Stockholm
cables 21.18, checks 21.13; Chrlstiunln
cobles 13.50. checks 13.45; Copenhagen
cables IS. 95, checks 115.00; marks,
1.33; Argentine, 20.80.
Central Europenn exchnnges wore
weak, with Polish lower. Oreek was
."!..0, Ruinanlau, 1.42 ; Bulgarian,
.0."; Austrian, .14; Polish, .05i ;
Czecho-Slovakluu, 1.34 ; Jugo-Hlnr-inn.
.05.
The rate of premium in Montreal
today on New York wns 14 3-10 per
cent. The rate of discount In New
York on Canadian funds was 12 7-10
per cent.
TK8TKnDAVB FJNAI, QUOTATIONS
Demand
LAD
SjertlnsT Franos Lira Guilders
O.DCJVi
7.84 4 Hi in an
Abtsi ..,,.. 8.31 7.80 4.03 3l.80
TODAT'O OPENINO QUOTATIONS
Bterllrnj Frnncs Llr Guilders
uemana o.ui i.au i.oi'.i 3
Cables a.flif
7.bl
4.08
31.87
ai.UL-
Cafh Hov . .
.Ilm llutler ,
MacNamara
Crescent ...
Midway . . .
.Mlzpuli ICxt
Mnntnnii . .
Nor Btar . . ,
llescuo Kula
Ton Ext , . .
West End .
West Ton .
LOCAL MINING STOCKS
TONOPAH STOCKS
Did
.01
.00
.13
.1)7
.10
.ns
n.i
...
.....
........
.......
...........
..-
.02
.m
.niH
.)04
02
DIVIDE STOCKS
: .. .ni
Allied Dlv
Alto Dlv "-
Ilelclior 01
Iclchor Ex 01
lltn Ilur
Urough Dlv Oil
Duldo Ext --'
Dlv Con .01
DUIilenil ,.... .03
East Dlv .... .01
Harmlll ....... .12
Ilasbrouck Dlv ....,.,... .02
High Dlv 01
Knox - .11
Krert Dlv .02
Keno Dlv 01
Runeta 02
Hllvcr Klne 01
Sutturland nt'
Ton Dlv 8
Ten Ilasbrouck 0J
Vlctoiy Dlv 01
Venlo Dlv 02
Zone 10
OOI.DFIEIJ) STOCKS
Booth 3
Comb Frac
Crackorjack .....
Dlamf II U .........
..........,..
Floronco
Ooldf Con ,
Gold Dev .
Ooldf DdCP
Great Hnd
Jumbo Kxt
Kowsnas
...........
.............
........
.01
.OS
.01
.25
.0(1
.01h
.01
.02
.03
01
Lone Star 02
Oro
Red I11H OtVs
Hlhet rick on
Spearhead 01
MISCELLANEOUS
Amparo 1.00
Ariz United 07
Calsdonla ... .08
Eden ............... .10
Emma Silver ............. .02
Eureka t'roea ....... ., .20
Eurelcs. Holly ..,...,.... .01V&
Hecla .......... 8.T9
Mother Lods .... u,25
Nov Hill .... .01
S'uv Wonder ,. 12
Success .... .02
Tecopa Mln ......, .07
Whlto Caps 03
Wllbert 02
Axked
,0
,U8
.in
.u
.12
.07
.07
.03
.21
.OIS
.IM)7,
.04
.02
.03
.03
.03
.01
.08
.24
.02
.04
.02
.14
.03
.02
.13
.03
.02
.03
.02
.02W
.80
03
.02
.03
.12
.04
.02
.01
.110
.08
.02H
,01
.03
.00
.1)3
03
.0)
.02tt
.11
.02
1 30
.12
.11
.IB
.08
.81
.02
.111
.03
.09
.07
.03
Thn American Fetrolemu Institute esti
mates the dally average cross crude oil pro
duction In the Unltod Stales for tbe week
ended July 11, ni 1.312,700 barrels, m
compared with 1,315,050 barrels for tho pre.
cedlnc week a decrease ot 311)0.
Edwin E. Kohn. senior member of the
Arm of Koonti A Co.. ban purchased the In
terest or Cloyd V. Koonlz and the busrness
horetofure conducted urjder the name of
Koontz a Co. will bn carried on under the
no mo nf Edwin E. Kohn & Co.. Clovd V
Koontz bavins retired and George Harold
Kohn being admitted to tbe llrm.
Wnrdlow M. Hammond has aesoclated
himself with tho bund department of Samuel
llot'reery & Co.
Tentatlvo aluatlons of raldroads an
nounced yesterday by the Interstate Com
merce Commission wore as follows: Toledo,
St. Louis and Western Hallroad. (177, 821),
63 Ann Arbor Hallroad. ill, 127,277 iTexas
and irruzos Itallrond, 9,0iU,r.OU. The Chi
ettiio. Mlhvauko and Gary Railway Co. was
allied tentatively at $2,8h(t,ll74.
The Western Union Teleamph Co. for the
c!x months ended June 811 reports net In-
tome, after cbarces and lYdorat taxes, of
4,007,800, equal to $4.07 a share earned on
tbe IHD.700.727 capital stock This compares
vrllh net Income of i7, 0117,1114, or J7.0S a
share. In the corresponding period ot 1020.
John H. Gay hus -been elected vlce-preil-t'.int
and John W. Ford a ultectur ot th
Glrard Avenue Title and Trust Co.
The nv erase price of the twenty actlvo In
dustrlsl stocks declined .80 per cent yester
day to 07.85, while the twenty railroads de
clined .Hyper cent to 70,00.
Tbn average mice of efirhl nrlnnlnj,! l,..
and steel products, as quoted by Iron Akb.
declined during the current week to (52,60,
compared with 158743 last week. f83.03 the
high 1U20 averace and with 135. SO In August,
IU3, at typical pre-war level.
Steela arJ oils were reaotlonary In the
early tradlns. Mexican Petroleum opened nt
103. off H, und 6H points bolow tho bluh of
Thursday. Atlantlo Gulf reacted over a
point In tho first ten minutes.
Despite leassurlnjt statement on Chnnd
ler's conditions tho stock waa unchanired at
-I8?i. Studebaker made early low at 70, oft
u't from previous cluf"
There was a furtlior reduction In the
volume of buslrjuss on tho Slock Exchango
today which was Indicated by the fact that
the tr.ifllnir In no stock nmounted to lO.Ofli)
shares In the first hour th heaviest dealings
in that period belnir a little oor 7000 shares
In United States Steel common.
The Mexican export tax on oil Is belnc
(.lowly worked out nnd a satisfactory solu
tion will oome beforo lor.f.
The Allies will accept Roods from Ger
many In payment, Innead of gold. Now
thev will not havti to sell marks to pay lt.
This ought to help marks.
Leather stocks act very viell. There has
has been blr Improvement In the maiket
far hides during tho lust few days.
Western Union earned In th first six
months 4,07 against 7.08 for some prrlod
In 102O Now flnanolny la pretty certain
later on, but 7.20 dividend Is regarded as
safe.
Corpornto financing In the flrBt six months
of tha current year showed a severe de
cline In comparison with tho corresponding
period In 1020 Total of railroad, public
utility nnd Industrial corporation loans was
l,UU4,ul7,4UU, Hgainst 42,251,000,870.
MONEY-LENDING RATE8
WAV VnitUrrnnav r,n .u vtw t
of collateral, opero4 today ut 0 per cant tor
lenutlltf anu smuavnua
I'lnLADBMniA Call, o Mr centi time,
fl per rent! onrnmerclal paper: thro to six
GLEN MIEN COAL
FEATURE ON CURB
Jr
Only Issue in Industrial Group
to Show Strength Elk
Basin Hoavy
New York, July IB. Host Intercut
on the Xcw York Curb exchange totlny
was nttnehed to the denting1; In Ulcn
Aldcn Coal, which ranged, during the
fortnoou, from 32 to 83, about C000
nhnrca changing hnnih on that move
ment. Outside of this dlsplny of
strength, the IndtiHtrlal lint Khowed a
henry tone nnd wns without special
ftnture.
ht.tvts Co. of America, which nt In
tervuld has been Btrong and has moved
up nt tiules with a good deal of vigor,
was In supply, selling down to 2V4, Its
trading nctlon being disappointing to
those who huvc been nctlve in previous
market operations. United Itctnll Candy
wan steady, celling again nt (Hi.
Diiinnt Motors continued Its reac
tion from the high price readied earlier
In the woek it moderate amount of
business being transacted at 21 Vj and
21U A few sales of Continental Mo
tors were mudo ut u and C')i). JJrlt-Ish-Auierlcau
Tobacco contiutu'd In
good demand ftom banking bourci-s,
with sales nt lA. Acme Coal was
one of the weak features, declining to
1. North American Pulp, old stock,
was traded in at 2. A bale of Her
cules Powder preferred wns mndc nt 82.
The feature of the oil stocks was the
active trading In (riidey Gillespie, the
nuuie of which will be changed to the
Tidal Osage Co. That stock moved up
to 11 In the Initial trading nud then
yielded to N)34. Tropical oil shaves
contimird In supply, International I'u
troli'iim innglng from 12',i to 11$. KIk
Jtnsln was heavy, with soles nt u'Ji and
"'. Standard Oil of Indiana wus llrm,
selling at 0014 nd 00, nnd Anglo
American was traded In nt 10
Shortly after noon there was n sud
den demonstration in Cities Service
common, which, after falling from 102,
had a quick advance to 101), the buying
said to be by representatives of the
controlling interests of the company.
INUV&TRLALS
11.00
THE most competent judges of a bank's
status, are those engaged in the bank
ing business. The high opinion of this
institution held by bankers everywhere
is the best indication of its standing.
Central National Bank
of Philadelphia
Chestnut Street at Fifth
Capital $1,000,000 1 Surplui and Undivided Profits Earned $4,400,000
T JP
ffliif
Acme Coal
llrlt Am Tob colli)
Coiumtiu hmcruitl
Continental .Motor
Cum Fhunce
Durunt Motors . . .
timplre Food
tlltn Alden Coal ..
Ilerculea rowtlur .
Ileilen Chem
High
1
. UU
1. bV
. j;
. 43
:: SSfe
l'i
1
"k
iu
Ml
N V Transit II)
North Amcr Taper .',4
l'erfectlon Tire 7n
liauio com
lCitdlu Com pref ....
Sweets Co
IT 8 Distributor ....
I' 8 1. & I!
U S Mhlp Corp
t' a Steam
United rrottt feharlnt
United Met Cumiy . .
Wayne Coal
BTA.NIMKI) OILS
Annlo-Arrrer Oil 10V
Atlantic Lobos lilb
l'rairlo u a U 401
ITalrle I L. ......181
South I' L so1
StanU Oil ot Ind im
INUKl'ENDKNT OUJJ
Arkansas Nat Uas OK
lloone Ull la
iioston Wyoming t"S
Carlb SynJ 4Vi
?
Cities derv (old) ex dlv,.10J
.1
... lib
Cltlts 8rv "il" ctts ll',4
usuiiia i-ci . 10
cik J.nein i'ei l
Federal Oil '.
Ullllland O.l
Ulenrock OH nt
Oranada ";...... 3
Uurfey Ulllesple Hi
Uudson Oil ,.. as
r.t Petrol .. ............ 12
l.lvlnxston M in
Maracalbo Oil lnft
Mexico Oil ...... 05
Halt Crek Prod ex dlv., 10
Slmms Pet an
Texon os
Victoria Oil new 48
MINING
Arizona Patononla 57
nib' LedEB ill
Huston i. Montana 06
Calumet & Jerome , in
Candelarlu Jllnlni; as
Cons Coppor lllnlnif Hi
ioriez Oliver
Cresson Uold
Divide Ext .
t'l U..,......M
it Ut.l.HUU, ............
Ooldlleld Florence .......
Howe Hound
lCnox Divide
I;ne Star
.MacNamara
Muther Loth ell
Natlutml Tin
N'oada Ophlr
Nevada Sller Horn
NIplsslnK
silver .Mines
Ho Am P & U
Tonopuh Divide
Wist End Cons
West Utah
Yukon Oold
UONDH
Allied Packers 0s
Amer Tsl (is 10112
Amer Tel Us 1024
Amer Tob 7s W22
Anaconaa7a IV. u
Armour .
l.eaer Hoard be .,
cons Oau us . .
Copper Export
Copper Kxoprt
CODDer KxDort
Orand Trunk OH a
uuir uii is ,,
Helnx Co 7s ,
ilumble Oil 7s ,
Interborrt 7s .......
Ill Central lift
l.ltiby.MrXelll 7s ....
Moirls 7Mi3
Senrs-noehuck 7s ll)21
Houthern llwy Us ...
Southwest Dell 7s
.S'uml Oil N V 7 192
Blond Oil N Y 7s 102.
Sun Oil s ,
owl,, in ,,
tin Driu.' Ss
Vacuum 7s ,,,
Dresden -iHii
Low A. M.
1 1
12'i 12H
n 43
2-i 21'4
J3S 2.1 Ji
N2 62
i m
19 1U
aVi 2M
77 IU
1 1
i '.'
2ji -M
1J 1
111 111
27 27
1A 1A
t h
lU IW
in mvs
121i 12H
407 4tl7
181 1B1
W.i bd
0U UUU
8
on on
13 10
01 (12
ii ii
102 102Vi
ll'.i lli,
13 16
05 OH
M Ik
u so
a .1
ion ii
23 23
nn nn
iu iv4
on 03
10 IU
on on
03 (13
40 40
47
The
KARDOS &. BURKE
REVIEW
Is a financial and
economic weekly
read by investors
and business men
throughout the
country.Copyireeon
request for No. 137.
SPECIAL
ANALYTICAL
REPORTS
on securities
jladly,, furnished
without obligation.
That
Human Element
which makes every mutually
profitable business connection a
pleasant and satisfactory rcla.
ttonship of a lasting character,
is responsible for the growth of
this organization and gives our
clients that safe and secure feel
ing of complete
Satisfaction
CorreipenJenct InclUJ
KARDOS & BURKE
1424 Walnut St. Philadelphia
Phont: Spruce 6307
New York
Chicago
Pittsburgh
Baltimore
Direct Private Wires
l m
k
I TELL YOU in a few words the opinions of a multitude of
experts.
I GIVE YOU the approximate buying and selling prices ot
stocks.
I AM forever awalce to guide you into channels of safety
and judicious investments.
I AM the complete digest of the bulls' and the bears' opinions.
I AM first class In every respect.
I AM sent to you free for a limited time by first-class mail
I CANNOT be subscribed to I am beyond the price of sub
scription I cannot be bought I am priceless.
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no rival. If you want mo ask for mo.
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Alan A. Alexander & Co.
STOCKS and BONDS
COLONIAL TRUST BLDG.. PHILADELPHIA
Key.) Itnco 0140 Ilelli Looast 3840-1-2-8-4) Branch Office, Drldgeton, N.J.
ANK OLEARINGS
Hank clearings today, onrtTPured with cor
spotullrur day lust two yoarsi ..
1041 1090 1010
i'mm.izmuisimu
Note 'inese ore merely nominal quota
tloiiH. the leal rate of Interest In the Stata
of Pennsylvania belnir find at II jwr cent.
rim premium huh I'lnimuBion, timo money
for thirty tp ninety days is loaned at T to
Ttt per cant, while commercial paper, from
thirty to ninety d.tvs is loaned at T to 7'4
per rent
ukiiiufl--.nonoy is nuoiea s.t a per cent
Discount rates, short hills. 4 per cent)
three-months' bills, OH por cent.
Reserve Banks' Dlsoount Rates
orrioul redi
rat ueserve
Iioston. .......
New YorR ...
Philadelphia ..
Clerslsnd ....
Klchmond ....
Atlnrta .....
Chlcano
HI. Louis ....
Minneapolis , .
Kansas City .
Dalla
Kan irr&nmico.
lscount rates at the twelve Ved
Darks are as follows:
T,... Til. , m
-." .."'V ." 'KIS.
iionjs. t'aper. Aooept.
3
Clfl
H
::.4
H
0
H
0
A
0
fl
Discount rate yjrresponds with Interest
su.
'His'.:
i2t..
1UK.,
OB'i
07
78
mis
Ill' TI
102i
riftti
100
100H
12
lllL'V
vov
on
100
2,
MiH
LIVESTOCK QUOTATIONS
VHUbursli, July 15
HOOS llecolpts
S0UD head. Higher. Ileavle. 10; heiivy
SHEEP,, AND LAMlifl ltecelnts, H00
head Steady. Top. ahasp, 10.60: ton
lnmbs, J10.73.
CAI.VK8 Itocolpts, 200 head. Lower.
TOP. HI.
Kot lltitTulo. July 15. CATTLK Ro
celplH, 12rt head. Sitadv. HbUh r.
clitH 1500 head, lilfty ceirta hliihor: ma
12.no.
1IOQS Kecclpts, 0000 head. Steady to
lOo hlher. tHeuvy, lO.nO0OlO.OO mixed
yorkors, lht yorkera nnd pigs, HO.70:
rough. 8ftB2fij stOBO, 4.B0iI.
HHUUP AND LAMBS Hecelpts. 1RQ0
head Lambs. 75o lower. Lamba 5W
11.2.1 ottrlliini KM nnfiif, in rwh.r. ,..
changed.
Raw Sugar Mnrket Aotlve
New York, July 1.1. Considerable activity
detoloped In tint rr sugar market ieslor
duv, approxlmutelv 00.000 bsKs of Cubas
belnn sold by the Cubaa Buar rinanq.i
Commtttuo nt He, cost und freight as well
n ."'U5VI0.rto uico Brwlls Hsn Domlngos
and Philippines. Transactions follow: IIOOO
bags Cubas In port! 35.000 bags for prompt
ihlpmtnt, 211,000 bags In port; 20,000 bags
for July shipment: 15,000 bags In port.
Oihor salen Included 4000 tons San Domlneos
afloat and for prompt shipment at 2 11-lOc,
o. 1. i.i og.vuu oagB i-ono lucos ror prompt
shipment at 4ttc, c. I, f , : 8000 tons Philip.
PiiiTD iur arrival ai tnc. 0. 1, r. ana aaon
inns Philippines for arrival lust half of
Austust at 4Ho c I. f. Local reflnfrs were
the principal buyirs taking all the above ei
copt 20,000 bos Cubas. which went to a
Savannah refiner, nnd 15,000 bags, which
Vnril tllltPn bv un ODemtnr. fmnn.u.l..tu
included 20.000 bugs llrltlsh West Indies to'
Canada, and 2840 bags Cuban to tile War
nvr Suggr Kenning Co Tte local rcflrjd
ff'SJl"" "1 S!Jr",!""',H. " pricia rnnginr rrom
5.20o to 0.70c. less 2 per cent for cash.
New Tax Ruling Includes 'Futures
vTatbliutan. July IB. Open "r-ituro" con
trsots, which ai " 'hodgea' a-ralnst aotual
'spot' or cash transactions" In cotton, grain
and commodities similarly dealt In, may ho
Micluded, with .certain restrictions. In deal,
ors' 1 ear-end balance sheets for computa
tion of taiablA Income, under a ruling pub
lished today by the Internal Uevenue llu.
ir-su It mnks the provision thit "no purl'
M-eculallvo transactions In 'futures," nit
offset ry actual 'spot' or csh transsctlonn
n'n.y bo so Included or taken Into ihe tax
paters' account In any manner until suoli
vNinsactlons nre actuallr closed by liquida
tion. " and the further lestrlctlon that valuta
o( commodities coerod by sueli "onen
tuture' contraots shall not be added to nor
deducted from tha inventory nf .1,. ....
yrv
The
First National Bank
of Boston
Transacts Commercial
Banking Business
of Every Nature
Make it your New England Bank
Capital, Surplus and Profits, $37,500,000
.11 ' "
w
Investments
Baker, Ayling & Yotraj
JOSEPH W. HWAI.N, Jr., Manager
Land Title, Bldg.
Boston PbiUdalphU
Lee, Higgiksoh & co.
Established 1HU
HOSTON NU lOUK CHICAao
1300 Finance Hldg.. Philadelphia
GRAIN AND STOCKS
Facts nnd figures relat
ing to securities or grain
cheerfully supplied. We
specialize in
Odd Lota
Boureau & Evans
lUmbcrt PUIU. Btck EiJ
ChtBom Do rf
130 South 15th Street
Philadelphia .
j.o;sf smt flacsi'"
WIEGNER.ROGKEYUti.
Certified Public; Accountants
Drexel Building, Philadelphui
If There Is a Market
We Can Find It
We hold sales oi ! rfodj
and bonds evoiy VJ
day, charging S1.M g
trance foe for each Item, w,
weekly catalogues J?L.
card service reach every
ket. Wo take plcaMi
furnishlnK quotations.
n D I OartA 1
Karnes oc luw- i
.. . ..... --J InottasMSN Al
147 S. AU su t
A
M
r
i
r
JA.