"at W ? . S FEATURED tv yiii' W pom MARKET ? . IM V 8 Constructive Develop ments Strongly Suggest Per manent Turn of Tide ' "Nwww4mwwiiim-wimwiii .ill , ,.i..n. . .I. . i ,! M i ii NEW YORK STOCK EXCHANGE TRANSACTIONS I Dlv. Salti In t Dlv, New York, July 23. The con tinued strength of the railroad shares imparted a stabilizing Influence In today's dull but strong closing stock market. While there was no spec tacular advancing of prices, there was a consistent nnd substantial Improve ment all along the line, ranking In many Instances the best prices of the week. Tho action tnken by the Unshlngtou Administration looking toward prompt linn nn lm fKilttnmplir of the mllTOHl! balances had n direct Influence on the trading In entire rnll group. T-s n turn impelled fresh covering of the short interest In the Industrial division. a-... f.m tlio fnnlltlnf Wppk-CIHl CVOIl- lBf np of the professional traders tlicie V. . - ltffin fontnrn to today 8 limltel V, s 11 rni... nbnt npvprtheless. maintained n tone of decided strength up until the closing, and prices wotc well sustained despite the usual profit taking. The week's operations were not wltn out nn cncournglng side. In spite or. the colorless nnd limited trading, there was considerable room for gratification in the evidence of the apparent culmina tion of the liquidating movement. 1 root 'of this was to be found In the Increas ing dullness, Indicating tho apparent Inability of the reactionary party to un cover nnd reach further wenk spot-. Additional confirmation wns tbe grow ing stability of the list Still further evidence was given In the significant hardening of the bond market. The flattening of the market was en tirely in line with precedent nnd like .wise a natural aftermath of the recent violent fluctuations. Irritating as it may be, the Inaction Is little short of n blessing in disguise, nnd, if the truth was told, it is a condition generally , welcomed by the more Influential mar ket Interests. It Is quite evident, at any rate, that the bigger operators had their fling some weeks ago, and It is certain that several who assumed the position, more or less, ot lend.'r-hip, are tempo rarily out of the race. , Once in a while, "Wall Street, in the past, managed to work up a big market in mid-summer. Generally, it is a period of marking time, in that it is a ninn .iprnir crrnt dlfficultv is ex perienced in getting a reliable reckon ing on the general situation. By rea son of the topsy-turvy state of the Uiu World measurements and prospective at this time, are additionally baffling. It is true quite a number of happenings the last week were unquestionably ot the adverse type and discouraging. In some respects they are chapters of the pant, but they likewise reflect conditions that catnot be quickly overcome. Conservative observers of the situa tion are more certain now than they ever have been before that the worst of the situation is behind us. This be lief Is corroborated to a certain extent by concrete changes for the better in the economic situation. Foremost in this connection is the acceptable proof of the material progress in the r-rec-tion of the strained credit situation and the corresponding strengthening of the Tisnldnor nnsition. as clearly indicated in the further discount reductions made this week both by the Federal Reserve Banks and tho Bank of England. It is possibly still a long way to wnat ine Street is pleased to call easy money. Probably, the road Is still very long be fore the bars and restraints against all forms of speculation will be lifted. Nevertheless, there Is every reason for supposing the real crisis has been safely passed and that the tension Is con stantly casintr. This alone Is a source of great en couragement and can be accepted, with out fear of contradiction, as being the first real step toward n permament turn for the better In the general situation. There is still much to be done. There is still a great deal of debris from the wrecks of tho wild speculative debauch of a few years ago to be cleaned up. There are still a great many hone.s to he put in order. There are still numerous adjustments to be made. But things are at last really on the mend, and that is something worth while. The improve ment perhaps is not perceptible to the inexperienced layman, but the alert me of the market world, unless surface signs are misleading, has already dis cerned it. PRICES FIRM IN THE LOCAL MARKET Sidestepping Pending Solution of Gas and Transit Problems Bales In $ Jllrh Low "jo .. Adams Express 43 Hi "00 . . Ajax Rubber M 31 AH Alaska Gold Mines.... N W "00 .. Alaska Juneau O M.. 1 H 00 4 Allied Chem A Dye... 884 "ft lift " Am Beet Sugar 31 30ft "Am Car A Pay HO lMft "2 1 Am Can pf 81 81 00 4 Allls.Chalmers 33 33 " . . Am Agrio Chem 30 3J 12 "Am Drug Syn K W i2 "Am Hide ft Leather.. 11 U ii2 Am lm Leather pf 1W 1V4 ,nn " Am Interna. Corp.... MH .?? Am Linseed 2'4 "ii i22 Am Locomotive 84 83 iI22 .. Am Safety Hator V4 .22 "Am Ship Com 6H 014 122 3 Am Steel Foundrl J0J4 3yi . 7 Am Steel Fdys pf.... 804 80H 222 ' Am SW Kef- 6S 00 Ji .222 Am Sumatra 48K 8 "00 9 Am Tel A Tel 104ft 104V4 ?22 Am Tobacco 1H "Oft i?2 a Am Tobacco pf new.. 00 0 30 7 Am Woolen 71ft K 1 .. Anaconda Copper .... 37 H 37 100 4 Asso Dry Goods 30 30 800 0 Ateh Top A Santft F,,, 84ft 84ft ,10 7 Atlantic Coast Lino.. 88 88 700 .. Atl Gulf A W I S S.. "ft 31 V 100 .. Atl Gulf &W1 S Spf. 18ft 18ft 300 .. AtlnntloPct 14 14 90300 7 Baldwin Locomotive.. 78ft 70H 1J00 .. Baltlmoro ft Ohio 39ft 39 100 4 Baltlmorjj & Ohio pf.. 3 3 100 .. Batopiloa Mining .... M 100 a Bethlehem Steel 47ft 47ft 7230 o Bethlehem Steel B.... 48 40ft 100 .. Booth Ptsherlc 3ft 3ft 100 .. Brklyn Rapid Transit 10 10 300 io Burns Bros 91ft 8 400 .. Butterlck 24ft 24ft 200 .. California Petroleum . 33ft 33 1230 io Canadian Paclflo 113ft 112ft 1300 .. Central Leather 3S 3ft 200 .. Central Lenther pf... '1 'Oft 200 .. Cerro de Pasco 20 28 1600 e Chandler Motors .... 49ft 49 300 .. Chesapeake A Ohio... 0 JH 100 7 Chi ft Northwest pf. . . 09ft 9ft 100 .. Chicago A Gt Went... 7 ? 100 .. Chicago A Gt West pf. 17 Ji 17ft 300 .. Chicago Mil A St P... 27 27 1300 .. Chicago Mil & St P pf. 43 41 2000 .. ChlRIAPao 83 33 100 7 Chi R I A Pac 7 pf. 78ft 78ft 100 .. Chlno Copper 2.1 23 200 .. Clev Cin CTll A St L. . 30ft 39ft 800 .. Coca-Cola 30 30 200 .. Col A Southern 37 37 300 Colum Gaa A Eleo.... SSii tS 1700 .. Col Graphophone .... 4 4 200 7 Consolidated Gas .... 80ft 86ft 200 4 Corn Products Rof.... 00 68 800 2.80 Cosden & Co 27 27ft 1600 4 Crucible Steel 83ft 3 00 t Cuban Am Sugar.... 17ft 14 3000 .. Cuban Cane Sugar.... lift 3100 7 Cuban Cane Sugar pf. 30ft 27ft 100 o Delaware A Hudson... 99 (9 300 .. Denver ft Rio Grande ft ' ft 200 .. Denver ft Rio Or pf.. 2 2 030 s Endlcott-Johnson .... 2ft COft JO .. Erlo 13 13ft 1000 ..Erie 1st pf 20 19ft 300 .. Erie 2d pf 14ft 14 2300 8 Famous Players L. .. . 48ft 47 1100 ..FIskRubber 12 12 600 .. Gcnearl Aaphalt 80 40ft 800 8 General Electrio 123 ft 131 , 8J0 1 General Motors 10 10 800 7 Gen Motors deb 7.. . 73 73 800 .. Goodrich B F 82 31ft 300 7 Great Northern pf.... 70 COft 300 4 Gt Nor Ore ctfs 37ft 27ft 100 .. Gulf State Steel...... 31 31 700 4 Haskell A Barker Car. 87ft 30ft 300 .. Houston OH 84 83ft 100 l Hupp Motor Car 11 11 230 7 Illinois Central 03ft 92ft 300 .. Inspiration Con Cop.. 33 03 700 .. Interb Con Corp 3 3ft 200 . . Intcrnat Agrlcul 7 7 900 7 Int Harvester new.... 78 73 100 6 Int Mer Murine pf . . . . 40 48 lluo .. International Paper .. 4 83ft Today' Nt Clot Chi. 43 X 33ft 1ft 1 38ft 31 ft ft ft ft 1M lft ft ft ft ft Total sales 212,100 shares, compared wlth311.C00 130 81 13 36 4 11 lft 35 34ft 84 80 ft- 68 1 48 101ft ft 113 lft 90 lft 71ft 1 37 30 ft 84ft ft 88-1 23ft 1 18ft 1 14 - ft 77 1 30 S3 - W 47ft 4ft 48 lft 3ft .. 10 91ft 3ft 34ft 1 33ft 113 33ft- ft 70ft- lft 36 49ft ft 88 ft 90ft- lft 7 ft 17ft 37ft 431 33 ft 78ft lft 23 ft 3ft ft 30ft 4 86ft 60 37 8Sft 1 17ft 3ft llft 1 30 3ft lft ft- ft 3 - ft 61ft- lft 13 30 ft 14ft 48ft lft 13 801 122ft lft 10 .. 78 - 331 70 27ft .. 31 7ft X 84 1 11 .. 3ft ft 33 .. 3 ft ft 78 1 40 84 ft shares yesterday. Hlth 100 .. Invincible Oil Corp... ,10 70o .. Island Oil 3 600 .. Kansas City Southern 26 ft 300 4 Kansas City So pf.... 80 360a 4 Kelly-Sprlngneld Tire. 40 ft 100 8 Kelly-Spg Tire 8 pf. 77ft 7000 .. KeystoneTAR 12ft loo s Lee Rubber Tiro 28 300 s. 80 Lehigh Valley 83ft 300 .. Loowe Co 10 100 1 Loft Candy 300 7 Louisville A NashvlllellSft 200 io Manatl Sugar 40 4000 it Mexican Petroleum ..108 ft 100 2 Miami Copper 31ft 1300 x.60 Middle States Corp... U 100 .. Mldvale Steel 23ft 2800 .. Missouri Pacific 21ft 3000 .. Missouri Pacific pf... 41 1000 8 Montana Power 46 ft Montgomery Ward ..a 17ft 100 .. Nat Cloak & Suit 26ft 100 7 Nat Cloak A Suit pf.. 68 ft 100 .. Nev Con Copper 10 1000 8 New York Central.... 71ft 100 .. New York N H A H.. 18ft 100 I New York Ont A W. . 17ft 1000 1 Northern Paclflo 74ft 100 . . Okla Prod A Ref lft 100 2 Orpheum Circuit .... 30 200 3 Owens Bottling ...... 39 200 8 Paclflo Gas A Eleo.... 83ft 200 .. PaclfloOU 38 1000 o Pan-Amcr Petrol .... 49ft 3)0 0 Pan-Amer B 43ft 1000 z Pennsylvania R R. ... 38 200 .. Penn Seaboard Steel.. 0ft 300 . . Pere Marque t to 31 100 .. Phillips Pet 16ft 1300 .. Plerce-Arrow Motor . . 18ft 600 . . Pierce Oil 8 400 .. Pittsburgh A W Va. . . 38ft E2 300 8 Pressed Steel Car. ... 78 100 4 Pub Serv Corp of N J 68ft 304 s Pullman 5 07 2000 .. Punta Alegre Sugar.. 30 looo 4 Pure OH 28 190 8 Railway Steel Spring. 82ft 100 .. Ray Con Coppor 13 3100 4 Reading 70 800 8. 20 Royal Dutch N Y. . 83 40 28 ft 33 ft 26ft 1100 .. Repub Iron A Steel.., 1330 .. St Louis San Fran... 100 . . St Louis San Fran pf 900 .. St Louis Southwest.. 400 .. St Louis Southwest pf 30 100 .. Seneca Cop Corp 13 1000 .. Sears-Roebuck 07 700 .. Sinclair Oil 20 4700 6 Southern Paclflo ...... 78 1900 .. Southern Rail 20ft 1100 .. Southern Rwy pf 46 100 4 Standard OH of Cal.. 74 100 7 Stand Oil of N J pf. . 107 ft 200 t Stewart Warner Speed 25 ft 8300 7 Studcbaker 70 ft 300 1 Submarine Boat Corp. 5ft 1100 8 Texas Co 34 100 1 Texas A Pac c A O... 18 300 8 Tobacco Products .... 87 100 .. Union Oil 19 1000 10 Union Paclflo 120ft 800 8 United Fruit 108ft 3o0 .. United Rwys Invest pf 20 ft 000 8 United Retail Stores.. 34 3500 .. U S Ind Alcohol 83ft 1100 ..US Food Products... 16 8103 8 U S Rubber 63ft 8800 6 U S Steel 73ft 300 7USSteelpf 109 200 .. Utah Copper 48 100 .. Utah Sec 10 800 .. Vanadium Corp 29 ft 100 6 Va Iron Coal A Coke. 70 200 . . Vlvnudou Inc 7 300 .. Wabash 8 600 .. Wabash Df A 33 300 .. Western Paclflo 24 ft 200 6 Western Paclflo pf. .. . 02 100 7 Western Union Tel... 84ft 800 4 Westlnghouse CAM. 44 800 .. Wheeling ALE 9 100 .. Wheeling A L E pf... 16ft 200 4 White Motor 31ft 400 .. White oil Corp 8 400 .. Wllly-Overland 7ft 200 6 Worthlngton Pumn 43 thus tar thlsweek, 1.062,100 shares. S3 ft 10 71 18ft 17ft 73 lft 20 38ft 88 ft 38 48ft 43 38ft 0 20 ft 16ft 17 7ft 27 73 08ft o; 20 ft 23 ft 82 ft 13 60ft 63 45ft 24 ft 33 26ft 30 15 00ft 20 ft 77ft 20 ft 48ft 74 107 38 78 ft 4ft 33 18 66 19 120ft 105 20 ft 84 60 16 31ft 72ft 109 48 10 29 70 7 ? B 8 31 24 02 ft 84 ft 44 io ft 31 8 7 42 ft 2ft ft Today's Net Cloie Chs. io ft 30ft ft 40K H 40 3ft 77ft- ft 13ft 28 33 10 113ft - 40 105ft 3 31ft .. 11 V 33ft ft 311 41 lft 44-3 17ft ft 26ft ft 88ft 10 71ft 18ft 17ft 7xl,i so -39 40ft 1 48ft 38 ft ft H 30ft lft 10ft ft 18ft ft 7ft 38 ft 73 08ft 07 30 1 35ft- 83ft .. 13- ft 701 63 ft 40 1 25ft 33 20ft 36 15 07 20ft 78 30ft 40 74 107 -25ft 79 8ft 34 18 60 19 -120ft 108ft 20ft- 64 .. 3ft 2 10ft ft 33 3 73ft ft 109 48 lft 10 20ft ft 70 -7 8 22 24.. 02 S4ft- 44 1 0 ft 10ft .. 31- ft 8 7ft ft 43 ft THREAT OF FURTHER IN STEEL REDUCTION Prico War Assuming Serious Proportions Wide Range of Quotations i NEW YORK BOND SALES ft l ft i ft ft ft ft ft l lft ft H 1 ft 8 .n ft ft ft ft Commodity Markets Financial Briefs TVhilt dealings were on a small scale there was a much better tone to the local market. Electric Stornge Battery on very limited transactions mounted 2 points to IO."1:, disclosing very scant supply of stock Philadelphia I'lectrlc preferred also came in tor notice, rank ing a new top for the movement nt 27. Pennsylvania Railroad. Lehigh Navi gation nnd Lehigh Valley benefited by the continued forward movement in the rails In the New York market, not only making substantial fractional gains, but touching the be h tprlces of the week. Ttumoru of n compromise on the gos lease question helped to steady U. G. I. nt 34, but very little stock changed hands. Union Traction, on a few trans actions, moved up to 31, an overnight gain of Trading was of the familiar perfunctory type usually witnessed In mid-summer. Interest for tho moment in the Philadelphia market centers around the local gas situation. Tho week's hnp penlngs upset the calculations of a good many, ob in market circles the relief measuro passed by tho City Councils was generally looked upon as u cut-nnd-dried affair. The unexpected has put on entirely different angle on the entire local utility situation, and a crent many of the wiser ones on the Street have at last recognized the clmnzed condi tions, and appreciate financial-political problems must hereafter be handled by an entirely different code. As a mat ter of fact, the change In the order of things carao some few years ogo, but only few recognized the altered condi tions, while few quickly adapted their plans to meet the new issue. As to the U O. I. situation, there Is little doubt but that borne relief will be (ranted the company, but It remains to be seen what form It will take. Much depends, ot course, upon the attitude of Mayor Moore concerning the ordi nance giving the company the authority to Increase the prico of gas to the con sumer to $1,10 per thouMiml feet. After this is out of tho way, tbe Rapid Tran sit problem will come up for sclutlon, nnd this apparently !." not going to go elf on tbe greased ways, as many had Hippoted. GRAIN MARKET Chicago. July 23. Wheat started 4c to ViC lower for July, c to IVic off for September and lc to lc lower for December. Buying power was light nt the opening and prices eased under scat tered hedging sales. Estimated receipts were 573 cars. Receipts inspected yes terday were 010 cars ; last year 41 cars. The cash market was relatively firmer on red and hard, with springs easing a bit. The seaboard reported Belgian purchases of 300.000 bushels and said Germany and England also bought some. Moderate temperatures In the Northwest and scattered rains in the soring wheat belt are shown in the weather reDort. Outside interest is light and acting as a weight ugalnst bulges, but the opinion Is widespread tnatpnees even tually will work higher. Winter wheat is coming Into terminal points at an enormous rate. Corn started He off for July and Mc off for September and December. Trade was small, with a leading wire house selling September nnd a house with Northwestern connections a moderate seller of December. Oats started unchanged to c lower for September and December under a little commission house selling and with a local professional on the bear side. COTTON MARKET New York, July 23. The cotton market came under moderate Southern selling pressure nt the opening today and declined 0 to 13 points on first soles. The weather was favorable over tho belt, so that trade nnd Wall street buying, which developed at tne opening, wai easily supplied and the market luter dropped about 18 to 15 points under the previous close. Later in the scselon trade buying gave the market a steady tone, but this demand did not follow rallies far. and In the nbsenco of other support prices continued some 5 to 10 points below esterday's final. Tho weather map mndo a favornblo Flowing, showers being reported at a few points in the South Atlantics. Prev close Open Hlirh Low Close 15.78 12 98 11 69 12.63 13.0a06 13 18 18 08 18,12 18.63 18 04 d 06 18 IS IS OS 18,10 IS OS 18.04 13.45 IS 32 18. 37 18.80 18.34 13 61 . . IS 48 18.37 10.43 October . Decsmber Janus ry March May DANK CLEARINGS tht Sink cltarlms today compared with trot day last two years: 11)21 1020 1010 tin Boston.. $3.-.'Ot,i)'.n jsn viiii lot ... . if , Klimor lu.cai.asa ii.uii.ioa FOREIGN EXCHANGE New York, July 23. Listless trad ing featured the foreign exchange mar ket today and thero was an almost en tire abnonce of demand for bills. As n reiult, sterling and the major Con tinental exchanges showed a decided tendency to slump. The Scandinavians were st'endy to firm. Tho quotations follow: Sterling cables 3 50. demand 3.5S; franc cables 7.i7, checks 7 70; Belgian cubles 7.50, checks 7.53; Swins cables 10 48, checks 10.45 : lire cables 1 .30 la. checks 4.30; peseta cables 12.03, cheeks 12 01; guilder cnblcn 31.45, ..i.nnba 31.40: Stockholm cables 20.05, checks 20.00; Chrlstlanla cables 12.02, i hecks 12.87; Copenhagen cables 15.30, ehecki 15 25; marks 1.30V.,. The rate of premium in Montreal to day on New York funds was 12 0-10 per cent The rate of discount In New York on Canadian funds was 113-10 per cent Centrnl European exchanges were: Greek, 5.52; Rumanian, 1.80; Aus trian, .135; Polish, .055; Czccho-Slo-vakian, 1.30; Jugo-Slavla, .03, and Bulgarian, .60. TODAY'S OPENINO QUOTATIONS Hterllnv Francs I.Ira Oullders Demand B S8S 7-7n 4'8fl 81 n Cable". '"SO1? 7 7T 4 39 dJOSINQ QUOTATIONS Heavy depreciation 'n the securities mar ket has been rnoro or less cemered In the oil securities and twenty o theie listsd on ths New York Stock Exchanre are now selling "1 P.".CH which combined, represent a drop of tl.i'ST.eTS.OSZ. or about 40 per cent trom the hlg-h levels attained during- 1020. Cur rent selllnr prices certainly seem to Indicate a thorough discounting- of lower oil prices. Arlsona mine production in 1020 was J?iuJ?.at. 114.628.384. compared with Sill.. 187.873 In the previous year, according- to the United States Geological Survey. Canadian railway statistics for March, just Issued by Bureau ot Statistics, at Ot tawa, show ratio of operating expenses to operating sarnlnga at 08.84 per cent com paring with 108 per cent In January: 105 1 per ceot In February anil 00.47 per cent In March. 1020 Operating revenues Increased S per cent over January. 10 per cent over February and T per cent trom March. 1020. The aversjre price of the twenty acthe Industrials advanced 0.18 per cent yesterday. and the twsnty railroads advanced O.09 pijr cent to 72.48. The Middle States Oil Corporation Is negotiating- for ths purchase of soma new oil properties, according to Information obtained jesterday. Tbe directors of the D. F. Goodrich Co are scheduled to meet for dividend action next week. Dillon. Head A Co. have purchased? from the Detroit United Railway Co. 4, 000.000 of Its first mortgage collateral 8 per cent Inkln fund gold bonds maturing m one to twenty years The bankers wtll offer the bonds for public sale on Monday at a slight discount. It Is said. A feature ot the Issue Is the fact that the twenty-year bonds are payable at maturity at 107Vs and In terest. Dome Mines reports net earnings of $233, 007 tor the three months to June SO. The Chesapeake and Ohio Hallway Co. has been granted authority by the Interstate Commarca Commission nominally to liue ts.Kna.93S of first Hen and Improvement twenty-year bonds In respect of expenditures made for refunding and construction and to pledge 10.(174,000 on these bonds as col lateral security tor loans irora ujo uuucu States Government. Philadelphia Markets High Low 10 Am Gas.. 2S 2S 115 Brill J G 30 30 78 Elec Stor.105 104 Net chse. Close 28 30 105Vi-4-2V; O I 1,0 A 3 -0 -0?$.. 54 I.ch Nav. 05 05 05 . . 52 52 35 35 100 Leh Vol. 186 Pa R R. 60 Phlla Co cum Df. 170 Phlla Elec slt 8 m ?1- n. r .r Y Z 1 '. a -- Mi 038 do prof.. 27 20 27 4- 100 Phlla RT 10 lfi?i IGi-j- 120 P&W pf. 20 20tReading. 60 lOOtSou Pac. 78 80 Ln Trac. 31 07 U G I... 34 20 78 31 33 8TATE OF TRADE The commercial reporting; agencies. In their week-end summaries of btnlness. are more optlmtstto than for several weeks past R O. Dun A Co. says: "Several reoent occurrences, although Indicating- no general change In the Immediate situation, strengthen thi hope of better buel ntss to follow. A further lowering of dis count rates both here and abroad gives added proof ot an eaaltr credit position, and the oontlued liquidation In different quarters Is steadily making for more wholesome funda mental conditions. The sign flcant fact Is not that aotlvlUes In some lines liavo In oreased moderately durlnu a normally quiet period, but rather that forces which are es aentlal to progress are now exerting greater Influence. "Where; Inevitable readjustments have pro vlded a basis for commerolal revival the recovering movement Is slowly gathering mo rrentum, with more disposition shown to an ticipate forward requirements. While most orders are small In lot for prompt delivery, there are a few conspicuous exceptions to this hesitant attitude, as In some dry goods divisions and In other oases renewed demand only awaits settled prloes." "Trade and Industry as a whole," says Dradstreet's review, "seem slightly quieter than a week ago, or. Indeed than at any time since early In the current year the most activity In final distribution at retal' being shown In the satisfying demand for light wearing apparel, evoked by unques tionably attractive ana certainly weii-aaver tlsea price reductions. "Most 111 braneheB-tl pare), while nnnt. rnlc rroro active. The trend of crop leports 1 not yet clearly defined, further deterioration talnr alalmed In spring wheat and oats wnlle reports es to winter wheat out-turn are rather better. Cereal prices, whlls off from tbe top, are well above the low point, and the same Is true of cotton, "The feature In Iron and steel Is a slightly better demand for a variety of u oruc 20 1 nn a 31 84 Total sales. 1027 sharim ,Amn.l -ik SI in shares yesterday. Thus far this week. 13,322. tNet change made by comparison with last sale on .ew York Stock Exchange. rmUDEIJ'HU BONDS 1000 Liberty 2d 4s 1042 87.40 500 Liberty 2d 4s 1042 87.30 000 Liberty 3d 4s 1028 01.02 500 Liberty 4th 4s 1033 87.48 1000 Liberty 4th 4s 1038.... 87.00 1000 Victory 4 1023 08 4" 500 Araer Gas & Electric 5s.. 71 1000 Pennsylvania 0s fio 0300 Phlla Elec 1st 5s lots 87 Total. 112.400, compared with 132 "30 yesterday. Thus far this week, 1207.730. MONEY-LENDING RATES rmXADELriMA Call, 0 per centi time 0 per cent, commercial paper, three to si. months, 0 per cent. Note These are merely nominal quota tions, the legal rate of Interest In the state of Pennsylvania being flxed at (1 per r.nt Plus premium and commission, tlrns mnnev for thlrtv to ninety dajs Is loanid at 7 to ' vr cent, while commercial rapr fmm thirty to ninety days. Is loaned nt 7 to fu per cent ' ' LONDON Money Is quoted at 8 per oent Discount rates short bills. 4 W pVr c?St" three months' bills. 4H per cent. ' GOVERNMENT BONDS irlce reductions, t life In Industry U In the textile es In other words, in wearing an whlle such basic lines as Iron steel, coke and lumber are little, If any, Demtnd Cables Sterling Franc Lire Oullders 3, 38 T.T4 1.TS 4 63 4.88 81,83 Sl.il material, but placing ot dsrs has been at the expense of prices which are still being reduced Hallway repair work and building ana construction neeas navo ceen lae main stimulating factors " U. 8. Certificates and Treasury Notes Panama cou 2s, 108S Panama reg 2s, 1080 . . . Panama coup 2a, 1088... Panama reg 2s, 1088 Panama cou 8s, 10H1 Panama reg 3s, 1001 Philippine Is 1084 Philippine 4s 1083 Philippine 4s. 1038. U S Oovt cou 2s 1030 .... U S Oov reg 2s, 1080 U H Oov cou 4s. 1023 . ... U S Oov reg 4s, 1023 D of Columbia S 03s, 1024 nu 100 100 ion 1(10 73 T, 77 77 77 100'i Ak New York, July 23. Not in a long time has there been such a serious price war in the steel trade as exists at present. The steel companies arc com petlng most keenly for crcry ton of steel that la wanted, and this has resulted In somo substantial prico con cessions, wlfh tho indications of still further reductions in the near future There Is no such thing ns an "estab lished" or "stabilized" prico schcdulo lust now. Everv one nnccars to be going out after business, and the result lias Dccn a range ot quotations on actual transactions of several dollars per ton under the prices publicly announced early this month. liars, shapes and plates have been sold at 1.75 to 1.80 cents per pound, bnso Pittsburgh. This represents reductions from the official prices of .32 to $3 per tou in bars, and of V to $0 per ton in shapes and plates. Even lower figures havo been done on small tonnages In Isolated Instances whero special conditions ruled. In sheets, tho price cutting has amounted to $5 per ton on blue annealed nnd galvanized sheets and about $8 per ton on black sheets. Sales havo been made at 2.40 cents per pound for blue annealed, 3.10 cents per pound for black and 4.25 cents per pound on galvanized shcots, nnd consumers are said to have had no difficulty In getting these low prices. A report has been in circulation that thero will be another official announce ment of price reductions, but this can only mean that tho various companies arc actually establishing tho products nt the levels at which they have been selling for the last week or more. Deplore Present Conditions Many of tho shrewdest observers and the best authorities on steel in this country nrc deploring recently prevail ing conditions in the urice-cuttinz cam- 'v ... .. r ... . paign. in tne tain nearu in the trade such expressions as "a war of exter mination" niul "tho survival of the llttcst" are heard frequently, indicating that some are looking for further prico unscttlcmcnt before the situation chnnges. It is realized now by those who were responsible for the last price reduction movement, made early this month, that tho cut was not sufficiently large to at tract consumers Into covering for their estimated future requirements, and that it would have been much better for the entire trade if the reductions had been greater. Had prices been put to a level where it was felt that there would be little or no further shading, except in rare cases, it might nave been posbiolo to restore confidence among steel users and get somo actual orders on the books of the steel companies. Whether another re duction now will prove a remedy for the ills of the steel trade Is highly prob lematical, due to the mental attitude of the consumers. As it was, the ink of the printed an nouncement In early July of the lower prices had hardly time to dry before the bales representatives of some makers were out to consumers granting sub stantial concessions below the new list in the hope of getting the business in a hurry, and their action merely had the effect of causing consumers to de lay placing their orders, In the hope that others would make even greater concessions. Railroads Do Some Buying There has been no change In pig iron and bu)ing consists only of the necessi ties of pressing requirements of con sumers. In the local territory there havo been tales of $22.50 to $23.50 per ton, delivered, for base grade, a cut of as much us S4 per ton for the last few weeks, whllo basic iron has been offered nt $22.50 per ton, delivered in eastern Pennsylvania. About the only bright spot In the entire situation Is the resumption of ac tivities by some of the railroads, which recently reopened locomotive nnd car repair shops, but no orders for steel have como out In substantial buying ns yet. PHILADELPHIA MARKETS WHEAT Receipts, 133.081 bush. Market lc lower. Car lots. In export elevator- No. 2 red winter. 81 3801,40; No 2 red winter, garlicky, tl 2401.20 Other grades quoted at tne ronowing ecneauie or accounts' .Mixen wheat. Oo under red winter: No 3 wheat. 3a under No. 2, No 4 wheat 7c under No. 2, No. 3 wheat, lie under No. 2. Sampla ac cording to quality. CORN Market largely nominal In the ab sence of arrivals Car lots In erport ele vatorNo 2. 74CT73C, No. a. 72073c Car lots for local trader No. 2 yellow, 80H 814 c. , OATS No. receipts and market firm, but quiet. Car lota, as to location No. U white. B33B814C. No 8 white. 32B2Hc FLOUR Receipts, 1300 bbls. and 2,823, 022 lbs In sacks. Dull and weak The qutattons: Soft winter, straight. West ern. 10 2306 30; do. ifo. nearby 188 23; hard winter straight. 17 308, do. short patent. 17 7508 25; sprlmr. first clear. 87.30 07.73: do. patent. IV 2381' 30; short pat ent IS 7310.C0. fancy, spring and city mills, patent, family brands, 810 75OU. Rye flour. 18 50O8 73. PROVISIONS steady but quiet. Tho quo tations are as follows: lleef in sets, smoked and alr-drlea, nic, beer Knuckles and ten ders, smoked nnd alr-drled 32ci pork fam ily 48c, hams, S. P cureiT, loose, 30ift82c; skinned, loose. 31033c. do do, smoked, 33 O35o: hams, boiled, boneless 30c plcnlo shoulders, S. P cured, loose, lOo; do, smoked, Ua; bellies, In pickle, loose, 17c; breakfast bacotr, 24o; lard, 12ito. BUTTER oulet and unchanged The nuo- tatlons are as follows; Build-packed cream ery, high-scoring goods. 42H 04Hjc; extra. SUtf 1U1 Am Acr & Ch 7Vii rets 8 8T 9 0T 8 0T 9 ST A B A It's Be 9 TT 1 TT 1 70T4 8 TT B 7T Amn TAT elt 1 TV Amn TT!i 1 Amn T A T fls ISAIXfl IN 11000 Colum' g A 0th Ave ov 6s 13.... 103 Cona'd Qai 7s 8.... 101 1.... 101 7.... 101 0.... 101 2.... 101U Cuban A B 8s 1 DBH 9 SOU 9 08 VI Cuban O B ov oo y. oo w sou 09 tt 00 00 u 1 1 4 R... S0..I.. B9.. ... Armour 4Ms 9 (s SO) 78U 0 TOVl 1 TO A T A B Fe aj 19 T1H 1 Tltt A T A B Fe 4s B TOT. 1 ( 80) 70H R TT 9 TTH A Coast I 4s B 00 H A C Mna 4Us 11 T3W Bait A Ohio cv 1 00H Bait A O 3H 1 84 B 64 H 1 8H 2 84J Bait A Ohio 4s 9 09 Bait A Ohio 8s 8 Tl 2 T1W 1 T1H 2 T1U 1 TIM Bait A Ohio 0a 1 80 B A O Tol 4s 1 B4H Bell Telephone ot Pa Ts 0.... 103 V, 1.... 103H 3.... 103i Bkn Edl C "a 1 OSS 1 08U Bush Bld'g Bs 2 TB Canadian Nt'n OHs wl 1. esK 8Si 08 i 03 H 0SK 03 H 00 66 Si 00 Vi 00 00 on 00V4 2.... 100H I.e. 100H i.... ioo v. 1.... 100 H K Belg'm rets . , . 4.... 1.... 1.... 3 1.... 100 Kingdom Den mark ot 8a lOOM 100 100 100 100 DDK 1 1 3 n 5!!.'.! b i i a.. 6TH OTtt 00't 07 OTH OTH 0T P0T4 OTH OTH T. 1 1 3s ? 0..... 1 3 & 8 i T 4 Denmark Con et A 8 1.... 100U 1.... lOOtt 1.... 100 W Denmark Con ct B 8s 1.... 100H 1.... 100 H Den A n O fd 1 4ov; B 4 3 '.4 Den A II O 4s 6 04K 2 04 H Det Edl 6s '40 1 T8; Det Edl Co 6s IS 87U 1 87 H Do Canada '29 4 (SO Oltt 1 om Do Canada '31 6 80 D De Nemours Pwd'r TM B 08U 1 08W B 08W 1 08 V. Duq Light 0s 1 oo; 1 00 1 00 i Erie Oent Lien 2 (a 80) 42H 1 42K 1 43 1 43U 3 43 Vi Erie Ry Co 4s 2 B4H B. 101 H 101 101 101 101 101 101H 101 101 102 Canadian N 7a 1... 1... 0... 1 .. 1... 1... 4..,, l.l.. ' i.... 5.... 1.... 2,... B.... 2.... 1.... IC'm Italy OH 1 88U Kingdom Nor way et Bi 1..,. 103 K Sweden Cs 1 83 1. . . . . 83 Lake Bhora M B'n 4a '81 11 82 Lehigh Val 0a 0 OTH L A Myers Ba 3 8STs Lou A Nash "s 3.... 101 U Mex Petr'm 8s 0 OS B 04 1 04 0 04 Mid B Or 6s 1 TO Mil Gag Co 4s B 80 M A StL fd Ba 2 40U Mln St P A B Ste M 4a 6 T8H Mo K A T 2nd 1 80 Mo Paclflo 4a 1.... 0.... 1.... 1. B4H Bl. B3 BBH 60 101 101 101 101H 101V4 101 4 101 CanaA'n Sn 3s 2 83H Ctl Leather 6s 1 80 Ctl Paclflo 1st 2 T2H 7 T2H 6 T2 1 "8 1 72 0 72 Cen'l Pac 3Hs 1 78'1 Cerro de Tasco Copper 8s 3.... 107 C'k A Ohio fd 1 81 1 81 C A Ohio 4 Vis 1 T3V4 1 73 2 T8K 1 T4V4 C A O cv 4 4s Oene'l Elec Ba 86V4 Goodyear Tiro A Rub'r 8s 2 00H , 00 , 00 . 00 T4. , 00 , 00 100 100 100 Gove't French R 7 Vis rets 1 03 11 03 80 .03 1.. 6.. 1.. 8 Bt F'l tan C Short h 4 Vi 1 04 San Antonio A A P Bly 4a 1 03 1 02 Sao Paulo ot Uraill ct 8a 1 00 1 00 It 00 B 00 0 00 Vi Seab'd A L aj 8 23 1 20 Seab'd A L. 4s B 68 Seab'd A I' 0 1 60 Sinclair O Oil Corp'n TV4" Btand'd Oil of Calif a T 4.... 102Ti 2.... 103 1.... 103 2.... 103U Swltx'd Con 8s 1.... 10S 1 (eO) 104 U 3..... 103 Third Ava aj 6 31 Vi Third Ave 4 s 1 40T4 Tidewater Oil Co et 0H 1 05V4 1 0SM Union Pao cv 1 84 Union Pao 4 s 01M III 01 Vi 01 01 01 1... 4... 1... 6... l'.'.'. 1.. 63 08 63 68 63 BSVi 63 Mont' a Pwr 6s 2 83 N T Cntl 3Vis 2 08 1 00 N Y Cen 4 lis 1 (S30) 73 New Yk Ctl 0s 6.. 1.. 8.. M i!! i.. i.. i.. i.. 10.. o 2.'. 74 76 70 78 70 70 70 70 H C'k A Ohto Bs 1 00 C'k A O cv Bs 1 81 Chi A Alton 8s 1 48 Chi A Alt 8s 2... . 34 Chi A O IV tm 1 77 C B A Q OVis 1.... 100 1 00 1 00 1.... 100 6.... 100 7 Cs7) 00 0... n i... a... 3... l... l... o. 03 03 03 03 03 03 054 03 05 6 (a 0) OB 3...... 06 6 03 1 05 5 06 43 .... 03 tlove't F II 8s 3 00n 12 00 13 00 11 OOVi o 00 1 80 1 00 3 00 1 00 1 00 1 00 2 (a 6) 00 4 00 3 00 3 (sale) 00 Gd Trunk rets 3.... 100 4.... 101 O Nthn Rly 7s 2 00 01 01 01 01 01 01 New Yk Ctl 7 8.... 101 1.... 101 N'ew Y N II A Hardf'd 0s S 00 N Y Tele 4 Vis 1 81 1 81 N Yk Tele 6s 2 02 3 02 1 02 2 02 Nev Y W C A Bost 4 Vis 1 33 1 33 1 30 Nfk A Wn 4s 1 TT N A Vf cv 3s 6.... 102 5.... 102 6.... 102 North We'n U Tole'n 7a 3.... 101 1.... 101 n; 104 Vi 104V4 03 looM 81 i 1004 ltlOi 103 103 LIVESTOCK QUOTATIONS Chlcugo duo neaa JUiy 3. UATTI.E Rteelnf. Compered with wiTW ""'.!!'" ter grades beef steers, l.l 23c higher ! lings up more; plainer kinds and graeaera weak to 2So lower; fat she stock general atoidv. sDots lower on ln.hi.j. ";' cows fully BOo higher: bulls B0c lower-Teal calves. 23o lower; stockers and feodors'alnw "bout dy, best stockers scarce, strong 1... 2... 1... 4... 7... 30... 8B... 1 1.'.'. 1... 8... 20. 103 00 00 100 100 100 100 100 100 100 100 00 41Vio extra firsts c firsts, 87 0 30c; seconds. 8230c, sweet creamery, choice 4BM bbc; rair to goon, liny, w In fancv 42 c, fancy prints Jobbing at 62034c,, fair to choice. 4ioic. EOOS Fine stock In small supply ami steady. The quotations Noarby extras, Urate, 85c. do, firsts. 84c. Western extra, firsts, 34083a, firsts, 88c, seconds, 2TO80o; Inferior lots lower, fancy selected eggs Job bing at 40047c, fair to good at 40043c. CHEESE market firm The quotations: New York, whole milk, firsts, fancy, fresh, llttemci ao., common io air, trosn JV "J"!..1".'''5 single zznc; jobbing sales of 21c: Longhorns, IIOOH Receipts. 400O head Closing mnt. y 10O18O ower than yesterdaV's YTv,mjle best llghta and , butchers steady i ariy ?o shippers Top lights. 111.16 early: bulk buter irrades. IlO 10H11. bu I, ..'' -SHI11 Int Rate Aug., t3 Sept., Maturing uate Bid Oct. Btf Oct , ft Dec. "on eo. iid, 3 Mroh., 1022. tSU June, 1022 t'CN June, 1V24 A!ed. Yield lJl iW-?; 100 a-32 4,80 1021 106, -10 100 3-32 4 85 1021 IOOVi 1007-82 4 40 m- 100 1-32 100 5-12 4.70 100 V i 100 7-3.' 4 70 100 B-16 100 7-10 4 8", 100 100V1 B 03 100 5-19 110 7-111 6,04 .luo 3-in too r,.ii .-. i-i 100 3-16 100 B-1Q 6.63 Kfamct from normal Federal Income fa f Aooeptable far payment of Income tax due on data ot maturity. MAr-UInn ,u IioWioJeB w" n"ay' "lrftble klnd' B1IEEP Receipts. 2000 hevul Virtually all to packers dlreot. Compared with week ago: Fat lambs and yearlings about steady feeder lambs and fat sheep steady to "Sn higher. , I'lttstmrch, Pn., July 2a JIOQS Re. relpts, 1050 head. Steady. Heavies 111) on Oil; heavy yorkers, light yorkora and pigs 111 80(8 11.00. u p"' SHEEP AND LAMDS Receipts. 1TO head Steady. Top sheep, 13.60; top lambs IlO 83. CALVES Receipts, 40 head, Steady. Tod 111 B0. p' East Buffalo, N. Y., July 28. CATTLE Receipts 100 head. Steady Calves re oelpts, 800 head. II lower, IflOll. irnna rteoelDts. 240O head. fllnw nA hogs weak, heavy, (11011.26; mixed. 111,40 Oil 78; yorkers and light yorkers. 111. 73 12, pigs. 111. 50011.76; roughs, 18.600 8.75; stags, It.OOOn SHEEP AND LAMnS Receipts. 1000 head. Slow. Lambs It lower. Lambs. IB 811; others unchanged. slnrla Da ales. Iresn. -I fancy, goods, 34020a, LIVE POULTRY Tho quotations: Powls. fancy, fat, 31O330, medium 28030c; spring chickens, broilers not Leghorns good qual ity, weighing 22 lbs apiece. 4O042CS weighing 101 lbs. apiece, 30fl33c: spring chickens. Leghorns, 26031o; roosters, lalp 18c ducks, as to quality. lOOlUo. pigeons, per pair, old, 4S0BOC- young, 8BO40c, DRESSED POULTRY Quotation: Fowls, fresh-killed, dry-picked. In boxes Weighing 415 lbs apiece 38c: weighing; 8 lbs. 33 87c, weighing 8 lbs.. 31003c. Fowls, fresh-killed, In bbls . dry-plckej, weighing 4B lbs apiece. (Try-packed, 87cr tee-packed, nrjr weighing 3 Ijis, 28030c: weighing 8 lbs. and under, 23027o; broiling chickens, Western. 83088p: do. nearby. SS40c; old roosters, dry-ploked, Weitern, 22c; do do, Southern, 10021c: ducklings. Long Island, 28c. do, nearby, 27o Chi A Erie 1st 1 70 Chicago Mil A Bt P ov 4 4s 8 03 C A NWn 8s 8 0 3 044 C A Nwn H4e 1.... lOU Chi A Nwn ' 1.... 103 Chi R I A P fd 00 07 (17 no on. tlflT, 0T 07 00 CT 3... 6... 20... 1... 1... 1... 1... 1.... 1 4.... 3.... 6.. IB.. 23 . 5. 00 00 00 00 00 00 00 00 09 00 4 00 00 00 ( 2 6 20 a i i B'n Bell T 8a T 81 1 89 6 82 3 82 B'n Paclflo fd 0 TS 6 T5 1 T5 1 T5 So'n Paclflo 4s 1 T0 1 Tl So'n Pao ev 4s 1 T0V4 South'n Rly 4s 1 Brt 1 80 South' n Rly Bs 1 83 Sparta 4s 9 70 1 80 1 80 B 80 1 80 U B Brail) 8s U B Mexico Bs 9... 1... 22... 1... 81 81 81 81 81 U Tank C T 8.... 100 2.... 100 U K of O Brll A I'd 1022 4., 1.. 1.. 1.. 1.. 1.. 04 1 08 08 .... 08 , ... 08 .... 09 .... 08 .... 08 (sO) 08 U K of O Iltlt A I'd 1029 88 88 88 88 88 6. 1. B. 1. 1. U K of O Brit A I'd 1037 1 80 4 85 1 80 2 86 2 80 8,t Beats 2 2 1 a 8. , . .- 1. 08 03 08 08 08 08 08 08 45 454 434 45 46 45 B,.. 1... 6... B... 2... 2... U 8 Rub'r Ba 2 71 r 1 TT 1 78 U 8 Rub 7i 2.... 100 B 100 U'd B Steel B 5 "' 2 04 Utah P A L Bs 2 77 Va-C Ch Ti 1 02 Va Itallw's Bs R 834 Wabash II 2nd 0 70 Wea'n Elec Bs B 0T West Bhore 4s 2 T2 2 79 W A E Mfg 78 NEW YORK BANK TATJSgiifj Actual Excess Re.erve Radue d J3 $0,292,290 Uo.n.p.DeBo.U. ;':0, Tho reserve In excess of leMi ': 4 ntllrrrnrntn nt !, ivt -.. . "V" , House Institutions was S5" J 080.7G0 thl. week, leaving , 3, surplus of $0,205,200. Loan. n'd posits- showed n contrnrHn " 5701,000, whllo demand depot It. ?. 1 $31,720,000, deposits fell OH ""Details follow: AVERAGE) Thlsweek .IRyM.rito &Shn V, a '''?.ooo0 4.4?!:Jo:0 mnmrial hanlia sa & .- . "' Reserve In mem- ,u'.000 oer oanxs & re serve banks . . , Iteservo In State banks nnd trust companies Iteservo In Btnta banks and trust comnany denn-l. sTT.331,000 8.723,000 83.070.000 80.007.000 e.08,00o Circulation II. S. . deposits doductod 1... 1... 3... 8... 1... 1... O l'.'.l 1... 1... Total $4,808,000, 020.000 yesterday; 130,000,000. compared thus far with this High 87.08 Liberty 3s . Liberty 1st 48.. 87.00 Liberty 2nd -lUs . 87.00 Liberty 3d 4Mb. JU.fiO Liberty 4th 4Vis. 87.03 Vie notes 4s.. 08.44 Low 80.1)0 87.52 87.31 07.40 87.48 08.40 101 U 101 101 101 101 101 101 101 101 101 112.-veok, Close 87.00 87.52 87.30 01.50 87.52 08.44 ef-SgE3'!!?! 82.704,000 -iKltjflOJ 68,800,000 lan - ... ACTUAL lao'"T,O00 ;;;..i..S8 T4.083.000 7B.OSO.ooo 471.600.000 482.072,000 8.811,000 njtcess reserve Aggregate ros. I.nang Cash In vault's 'a memiier Dank . Ileserve In mcm D-r uanits u re servo btnks ., Iteservo In Stnto banks nnd trust companies , , , , Iteservo In Btnto banks and trust comiuny depositories Net demand dep.3,64 lime noposus... Circulation .... U. S. deposits deducted 8.000,000 860.000 e ... . TOsM """"" U2.ru., B3.0-0.000 83.201.000 New York Curb Acme Coal Aotna Uxplos Car Light Celluloid pref .... Durant Motors .... Glen Alden Llbby McNeil .... Locomobile National Leather . N J Zlno North Amer Paper Perfection Tiro . . . Ilattlo Com S'veets Co u H Ship Corp . . . U S Steam United Ilet Candy ayno Coal Willys Corp INDUSTRIALS High Low 1 12. Last 1 12 '.102 102 102 . 28 27 28 ;u 84 . . 8 8 .. 7B TB .. S 8 ..112 112 ..3 8 .. 8.1 80 .. l'i 1 .. 2-4 2 . . 2B 23 ..30 37 . . 11 H'i .. 1 1 ..60 60 STANDARD OILS Anglo-ATrror Oil ,.. 15 Stand Oil of Ind OOVi 13 00 st 8 75 H 112 3 80 1 25 37 (1 1 60 13 U INDEPENDENT OILS Boorre Oil 18 3 (s 6) 101 'Boston Ely Boston Wyoming 03 l;ik iiasin ret fl Olunrock Oil 05 Hudson Oil 22 Int ePtrol 11 Keystone Rangor Oil Lyons fill Maracalbo Oil 21 Merrltt Oil 8 Mexico OH 77 National OH 78 Omar Oil 1V1 Producer A Kollncrs 2 Texon 60 MINING Arliona Patagonia jug ueaco . Boston A Montana 1.. 1.. 1.. 6.. 1.. 0.. 1.. N Poclflc R 38 1 64 1 64 N Paclflo R 4s 5... 4... 1... 1... 2... 3. .. 60 . . 25 .. 07 .. J-. Copper Canyon 1 Divide Ext 30 LI Salvador 25 Eureka Croesus 30 Qoldfleld Florence 85 MacNamara 17 10ii .Mother Lode Clt 8 ...7 I Mother Lode new r. 11 N'nflrtnnl Tin in Nevada Ophlr 30 Portland i Rcxon Cona 10 San Toy 4 Silver Hills Nov 18 Tononah llnlmnnf 70 Tonopah-JIm Hutler o 101 101 101 101 101 H 70 TO , TT 77 70 76 Tonopah Mining United Eastern . West Utah 1 2H BONDS N Pacific R Us 'Allied Packer 6s ., 1.... 100 I Amn Tel 0s. 1022 Nth 3 Pwr 3s Anaconda Os ... , .-Nin o rwr .Anaconda 7s. 1020 u..-.. '- itArnsriiLll Hs . . . 1022 Hud A Man fd 1 .... 00 6 66 Hud A Man In 20.... 14 0.... 30.... 11 ... Ill Cen' 1 ' Ueth Steel 7s, 1 in 1 Can Pac Oa 2 70 Can Nat Ry eq 7a Pao O A E 3s Galena 7s 1 .... 78 .oooaricn 7s 1 . 78 Humblo Oil 7s r. T T Kfl jmorDoro IS Pac T & T BS vr v v . ,, 1 84 Cn Tn.K,l.l. Ta lOO'l Pan A Petr'm geara noebuck 7s.' 1021 ATrtOTe 1 Southwest IJell 7s 2 00 8 O N Y 7s, 1025 2 00 3 U . V7S. IViB ni n j . ', ii nJ S O N N 7s 1031 ul a n v v nu - West Eleo 7s IS 02 d 05 21 11 an 86 20 8 70 7i 50 25 B3 43 1 2H 22 47 83 17 03 80 1 10 4 IS 77 0 ltV 25 42 on 87 03 V. 04 00 OTVi ..100 100 18 U3 I) 03 21 11 08 80 21 8 77 T. 00 50 25 05 43 1 28 23 47 34 17 03 30 1 10 4 18 77 0 1A 2 A 23 42 00 87 03 !).' 00 07 100 B------e-----l-BSlSSBBB-Sa-BSBBBBB--------- rz 1 Li IP fe ri Hi', C-VM:fe A A--r-y rryyi SWANKEa FAUCET? mm Pat. Jane 18, 101J "No Splash in Sink" "Positive Shut Off" Name "SAVILL" On Fauci 'Usfc four plumber Thomas SaviU's Som, Mfr. 1810-12-14 Wallace Bt.. Phlla, riNANTIAL ERENSnURO COAL COMPANY nn.T Notice Is hereby given that punusnt Io he Sinking Fund provision of Mortgi.t dated January 2. 11)11 proposal, Mif'K received nt the office of tho Comnnreltl S".u,,9!J!,,ar,Jr' Trustee. City Hall ! s?u iV Philadelphia, for the sale to the Trustee ft n sufficient number of bonds to consume th. aum of 111. 637.45 now In the Sinking Pun? nt a Price not to exceed 102 T, and accrued Interest. Tho right . Is reserved to reject nnv or nil proposals In whole or In part. Proposals should bo sealed and msrkid Proposals for the sale of Ebonsburg Coal Company First Mortgage Bonds," and I S presented to the uniror-lgned before 12 o'elotk noon, Thursday, July 28, 1021. COMMERCIAL TRUST COMPANY TruilM HENRY C. OIIJSON. Treasurer. ' 40 41 42 42 4s'B3 00 III Cenfl 6s 1 01 Ills Steel 4s 2 80 Indl'a Steel Bs 2 80 Info Mot 4 Vis 5 10 Int M ct 4s 1 ... 13 Intboro n T fd 1. IB. C R I A P 4s 1 71 IB T2 Chicago Union Sta ct OVis 3 . 2.. 1.. 1.. 1 . 1.. 1.. 104 101 104 104 101 104 104 10 14 . 0 . 3.. 1.. T.. 1.. 2.. n B.'. 1.. 10. 24 00 Pa R gm 4s 2 70 6 T0 1 TT B TT 1 TT Penna Rd 6s 6.. 4.. 2.. 21.. IT.. 2.. n V.'. i.. o.. 08 00 00 00 00 00 08 00 00 OOV. BAR SILVER Bar silver was unchanged In London today at Sad. BUTTER, EQQ8 AND CHEE8E New York. July 23. RUTTER ateady. Receipts. 11J510 tubs Creamery, higher than extras, 42043ci creamery, extras. 03 . ..- AMi. flU'im creamery, firsts. fiS to 01 score! 37 041cj packing stock current make, No. 2, 27c. EOOS firm. Receipts, 18 424 cases. Fresh gathered, extra firsts, 85W37o. do firsts, 81 U 31o, State, Penna, and nearby Western hennery whites, firsts to extras 410B2c ilu, browns, extras. 4143o, do gathered browns and mixed colors firsts to extras, 32O80c retrlgeraior, nreis. aaw- CHEESE steady. State, wholo milk, flats, fresh specials, '.UW.'lttc: ao average run. SOaP.tUTi O, DiaiO WUUIW ,tt,A, tnn. Bv.-.", 21O210-, do average run, 20020 c. Fire Damages Garage Fire damaged the private gariige and car of Herman Kreher, 1102 North fwantv.tlilrd Htroet. Camden, nt 2 o'clock thin morning, to the extant ot about $500. Chl A W I 4s 2 30 Chile Cop'r 0s 1 72 2 T2 Chinese Ouva't Hu-K Ry 5s 1 45 1 45 1 45 City of Bergen 8s rets 2 07 1 07 City Berno Hi 6 08 Cty Chrls'a 8s 5 ... 00 2.. .. 00 1 .... 00 City of Copen hagen 6a 1 78 City Lyons 6s 6 81 City Mara'a 0s 6 81 1 .... 82 City Tnrls Os 2.... 00 15 5 ... Oil IB 1.... 00.15 6 . . 00 IB City Zurich 8s 6 00 Cl'd Cln Chl A St I. gm 4s 0 07 Cl'd Cln Chl A St Louis 6s 2 88 Colo A S 4s 4 .... 74 1 ... 74 t t 65 55 68 B5 50 55 55 55 53 65 65 . BB 65 2 50 1 .... 55 6 B0 I M Marine 0s 0 (s 80) 70 Iowa Cent'l 4s 1 80 Jap Oova't 1st 0 (sSO) 84 Jap Ooven't 4s 1 00 0 00 2 0f '4 1 00 Kan ClflSt Memp 4s 5 04 Kan C A B 3s 1 B7 1 ( 30) 57 5 (a 30) 57 4 (s30) ST 0 BT 3 .... B7 2 B7V1 Kan C A H B 3 75 4 T5 2.. .. TO K Spg Tire 4s 4 50 4 5T Kelly Bprlng'd Tire Co Bs Penna R R Ts 6 ... 103 2.... 102 4.... 103 2 ... 100 Reading Ry 6s 15 72 Hep Chile rets 3 07 5.. a.. i.. i.. B.. 4.. 07 07 07 07 07 07 2 00 2 07 Rock Il'd A A Lout' a 4s 1 00 St L Pn Mt 4 Sn Rly 4s B 71 St L I Mt A S R A O dv 4s 2 00 B 00 3 .... 00 St L A S T al 1 00 1 .... 06 8 .... 00 St L A S K In 6.. n 25.'. 6 . 6. O i"! 2. 04 04 05 04 03 05 05 05 03 03 80 80 H7V. (17 77 73 55 53 0i IIN 00 U(t 05 05 10H. 101 102 102 103 103 104 104 100 100 00 00 Reserve Banks' Discount Rates Official rediscount rates at the tuelve Fed, eral Reserve Ranks arc as follows: Treas. Lib. Com'l llkrs. ctrs uonns. Puper. Accert Roston N-w York Philadelphia .. l levejana .... Richmond . . . . Atlanta Chicago Ht. Louis .... Minneapolis .. Kansas City . Dallas Han trancUco 5 5 5 B'4 B 5 bVj r, r, 0 0 II 0 11 fl 0 fl II 6 0 3 nun b a b '0 a n nan B B 5 6Vi II a a a ?, 3 B NOTICE TO HOLDERS ROCKIIILL COAl & IRON CO. EIRhT AND COLLATERAL TRUST MORTGAGE 0's. Under tho Sinking Fund provisions of tin mortgage senlod proposals will be received until 3 P. M.. August 5, 1031. at tfie offlc. of The Pennsylvania Company for Ineursncn on Lives and Granting Annuities. Trustti, for tho suIh to It at the lowest price not exc-edlng 102 and accrued Interest of si many bonds ns 145,151 15 will purchase. AH proposals should be addressed to the undr. signed. THE PENNSYLVANIA COMPANY tor Insurances on Lives and Granting .. , Annuities Truitee. 517 Chestnut st Phlla Pa. "Propos-ils for Sinking Fund Rockhlll Cost A Iron Co." notice to no Minus or mkkxo vi, LEY LIGHT AND POWER CO. FIRS! MORTGAGE BONDS Indei tne Slnkln Fund iirovMnns uf the mortgam sled rro. S reals will be received until 12 o'clock noon, Hlv .10. 1021, tt the offlre rf The l'-nn.yl. viinl.i Company for Insuriinrrs on Llv and (ininllnc Annuities, Trustoe, for th -sit to It at the lowest price not exceeding 1024 and accrued Intoro-t. if as m.tny bonds si fll220 00 wll' purchase All proposils should lip- ndnrcrsod to tho undo s gnrd HIE PENNSYLVANIA COMPANY FOR IV. SI'RANC'E3 ON LIVES AND ORAKTKO) ANNUITIES Truitee, 317 Chestnut -.t Ph Ik Ps. Proposals for Sinking Fund Lykens Vsl ley Light and Power Co. Proposals 1 no: Discount rate corresponds with Intercut iuii era te uorno cy certinate- pieagen ns collat .ii. vviin minimum ot d per cenc, American Legion Sails New York, July 23. (By A. P.) The now .Shipping Bonril pas'-eiigrr llnor American I.pRion, built nt Camden and manned by n crew composed almost ex clusively of members of tho American legion, sailed today for Itio de Janeiro nnd Buenos Aires on her maiden voyage in the South Amcilcnu service. Frank C. Munson, her manoginK oper ator, estimated she would reach Bio within ten days two days under the present sniling record. 7.. 7 . 12.. 0.. 1.. 6.. 1.. 6.. 1.. 1.. 6. 5. 64 64 64 64 64 64 64 64 54 54 64 SB St I. A 8 Fran, Series A 4 . 1.. 1.. 1.. 2.. 91 01 01 01 01 Kent'y Ctl 4s 1 70 K Belgium 6s 2 03 IC Belg'm 7s 4.. 1 . 3.. 5 . 1.. 1. 100 i00 100 100 100 100 St L A S Fran Series B 6.... 100 St L A S Fran Series C 4 88 4 88 2 88 8 88 0 88 St L Sow'n en 0 . .03 St L Sw'n 1st 1 07 St L Sow'n 5s l'ii'l 100 WANTED $100,000.00 or $150,000.00 on first mortgage on industrial plant valued at more than $500,000.00 A 704, LEDGER OFFICE hEALED PROPOSALS WILL HE BE. eelved at the office of the Superintendent of Public Orounds and Buildings of ths Com. rrronvvealth of Pennsylvania at Harrliburs, i-.. until to o'clock A M. (Standard Time) Tuesday, August 2. 1U21, for the comtruo tlon of now south Office Building In Csnitol Park, Harrlsburg. Pa., consisting ot tin tollowlnp work: ill Granite work, 2) Cut cast atone. 3) Indiana limestone as nn alternate for aranlto above first floor livil. Brick work. Waterproofing and concrete fill. Tile and copper roofing and skylight. Metal window frames and sash. Painting and glazing. Carpenter anil lumber. Plumbing and drainage, as set forth In the plana and speclfleiuoni JrepBred by Arnold w. Brunrrer archttiet. 01 Park ave., New York City, and known as "Contract No 2." Plans, specifications and bidders' proneitl forms can be seen at the office of the Super. lntondent at Harrlsburg, Pa., or at the offlc; of tho architect. 101 Park ave , New Tork City. Contractors may obtain one set of plans and specifications, arid bidding blsnkl by depositing the sum of Twenty-five (KJOO) Dollars with the Superintendent 9r Aiehlteet, Additional copies may ba obtained by dipoilt InB the sum of Ten (110.00) Dollars for loa extra set required ... The aeposiis nun- uy wen cuhu-.h , i refunded upon the return of all "tl IJ od order. No propoinl shall be coniwirta rr. ..u... u, ., n r-rinn rnK-. drawn- to the order of the ornmonwealth ot Pennsylvania, as foMows Bids totaling lis than One Hundred Thou-and Dollars lllo.' 00H 00). Five Thousand Dollars. . The board rsierves the right to reject any or all proposals, or part; thereor. fly" order of the Board of .Commliilonirt of Public Orounds and Buildings ot Commonwealth of "'nTON. ' Superintendent RAMTTET. I. TtAMItO Secretary , m he good In the Count? i (JLOUt'lTi:it '1 1) J-',-,""' "t""01, fl inniiui i' '. . .j. f Sonled bid, for School District was; C. S. PATTON & CO. 3D A CHESTNUT 8T8. BANKERS Snrcesnrs In M 8AILEH A STEVENSON Bonds, nnd Stocks bought and sold Members I'hlln. Stork F-rhnnrr EXECUTIVE Young man. technically trained nnd educated, extensive travel In East rn States, desires position us ui.lstunt to txecutlve where ihuructer and uilllty counts, A 717. LEHOEIt OFFICE Lawrence E. Brown 8c Co. CERTIFIED PUBLIC ACCOUNTANTS 1050 HKAI. ESTATE TIUJHT BI.I1(. Investigate and adjust corporation nnd partnership accounts and prepare Inconio Tax Returns. 4.. 00 07 H.L. Smith &co. INVESTMENT SECURITIES 1009 Land Tills Bldg. Sprues 6721-a tho Tmvnrtilp of aioure-ter In the was., of Camden w II " recclyul bv the "oara r.ducntlon nt mectlnir ofnM bord t im First Nntlonai iiariK oi "'""JY""'--'. bondl ii !!, Sin riVlSl uondmfn ; dollar bouda and one Ave hundr-uoi w unci Ench bid mu-t be occ-omrnled " icortined check to the amount of one P" cent of tho bid. pnlCE. District Clerk. Tried Julv 14 1021 .'""" N--- wuk. i A,S VroVl mu-t be ccomrs?,,d J specifications of the kind of wont bi the men will bo employed. D cera. The terirf of emplojincnt to ''".' norl ber 1, 1021. and to run for one or w yeTh Trusses reserve the right to f.JK any or uu was j or turin- wr.w PARTi.n en '-' "'. i. urrnnPHim ti n rorvrv wohkiiousB M IIKI.AV.I.I. COI NrV ..-''"VS' Vt' IM form in-iiii" "" h- -;-, nrl,on K"of pVlVon;in.. r, dv th The llonrn a. i-n"" "v,'.,,., J ,.g..t to nlecl :any orl.VlA. icrelnrv "f the lAciici ' '.; ,' of ih" Tv.ic.wcir.1 Cnuntv ITlHon rrrye liVEV, jnipetiv.. -"-" M Illlvlclriicl" . . -J ,l Tlir I MI TITLE SNiiTltUST COMMW - 1,,I','A-N" June 30 1U21 nooo000M 'fl U-Tb"irol,rSrof.rcW.(of Th- Ug M July 12. W2-- ! M M iti'j tl 'm H tm I 1 M I 1 I I m nJM ,,-(, jgra ojv,ovv,uw ... If f J i"-.'ItV, .1 n r.S.iL . "i jtvuijhijsjsjsjsjsjsjsjsj
Significant historical Pennsylvania newspapers