7Wft 'lV1' US' EVENING IUBLlO 'LEDGER miLABELMtfA, WM)MSIA., JtlLY 27, 1021 ' ft- ll". Is t t s. II ,1I f '? 525.006 United, Gas Improvement Co. 8 Per Cent Note? Due February 1, 1923 Tax Free In Ponna. These notes arc the direct 1 obligation of the United Gas Improvement co. unucr inc provisions of the indenture the company covenants that it will not pledge or dispose of any of its capital a'ssqts except to re tire Notes of this issue, or to acquire other capital assets. Price: Market To Not About 8 Percent Biddle & Henry 104 SOUTH FIFTH ST. MORE SOFT SPOTS INDUSTRIALS Spoctacular Drop in United Drug Turned Up Othor Weak Issues v?m 3TXttd Tcxrrmrtn I zmm-y 712 vy yqS; uu roru tx2 Due May 1, 1031 Theo Jtnrids are ne only funded debt ot K I Du Pont de Nemours A C-i othor than II Oil) O11O bonds of subsidiaries now belnc ro ll rrO At urgent market vnlus the Debenture una Common Btncks Indicate an equity of about 1121. 000. 000 followinc theeo Hand. Price to yield about 7.75 Circular on request far PJi-400 The National City Company! Philadelphia 1421 Chestnut St. Atlantic City Chiillonte Block 1225 Boardwalk First Mortgage Bonds To Yield 8.50 Secured by property ap praised as of May, 1921. at over three times bonded debt. Net profits for 1917 to 1920, inclusive, averaged nine times total interest charges; profits for first four months of 1921 were at the rate of over six times interest require ments. Sinking fund will retire about one-fifth of entire issue each year. For further information send for Circular E-59. Hemphill, Noyes C&, Co. Mtmbari Now York Stock Eichango Franklin Bk. Bldg., Philadelphia New York Cotton Scranton Buffalo Albany Syracuse Baltimore New Yorlt. .Itilv 57. Tim mnrtnoiilnr j break in United Drill? of over twenty point, on the top of ycstenlny'st ten point Hhimp eclipsed all other develop ments In todny's stock market. Other tweak spots cropped out In Central .Leather, llnrvester and Famous Play rs, but the trading In the general llt I wan altogether meaningless and was of , conspicuous mid-summer apnthetle type. Tlio npnthy of the current market, as n matter of fact, could not have been exemplified in a more pronounced and 'convincing manner than In the utter In I difference manifested toward the l S. ! Steel statement and the President's message on the railroad rcfundlne nlan. The latter was generally conceded as one of the biggest constructive devel opments the market community hits had for many months. As to the steel state ment, the figures while furnlMiIng a pleasant surprlhc were open to different interpretations. Neither event apparently received more than academic attention and in- i forest in the day's proceedings appar 1 ently centred more in the adjustments tintintiitig In a number of the specula livo Issue. While the general position I of the market was quite generally con sidered to be mntetially improved, it i was at the same time recognized that i the house cleaning processes was not as J jet completed. The violent slump In I the United Drug was of course disron j rertlng in lt.s inllnence, but the direct effect, however, was to place a further restraint on speculative activity, rather tliun producing, as experienced hereto I fore, a general selling movement. . The poor showing of the Central I Leather Co. redirected attention to the i lontlimed unsatisfactory industrial enn I ilitions and was more disappointing lie- causa of the recent reports of Improve ment in that industry. This statement, with others coming to hand, supplleo. convincing testimony as to the paucity in the buying demand encountered by all the leading industries. I'nder the circumstances, the heaviness of the leather shares was not surprising, neither did the recurrent liquidation in other industrial stocks, where the so- called "buyers strike" Is known to be making t-vrlous Inrods in the income account. For the most part of the session the operations were virtually confined to the Industrial division. The rails were apathetic at trifling gnins or losts, in dicating that the President's rccommen dations had already been discounted. As a matter of fact there was little In the program which had not only trick led out. Thu remaining question to be answered was the undelined attitude of Congress on the whole transportation question. Pressure was directed against Cen tral Leather, Sears -Hoebuck, I'nlted Fruit, Famous Pluyers, American Su gar and American Tobacco during the course of the moruiug, with losses ranging from 1 to ii'a points. Th" high grade oils, on the other hund. held their ground, but some, of the cheaper domestic oils eased. NARROW TRADING IN LOCAL MARKET Central Maine Power Company First and General Mortsogo 7 Bonds Due 1941 A long term mortgage bond of a successful hydro-electric company serv ing ninety towns and more than three hundred industrial establishments in eleven of the sixteen counties in Maine. Yielding 7.45 Complete circular on request Harris, Forbes & Co. Pine St., Cor. William NEW YORK PHILADELPHIA OFFICE WIdencr Bdg. NEW YORK STOCK EXCHANGE TRANSACTIONS BUSINESS IN CURB Dlv. in I High .. Adams Express. .,,.., 48f( . . AJnx HubW . 83 . . Alaska Juneau O M,.. IK 4 Allied Ghent & Dyo... 39J4 4 Alllft.Cliftlniera ..... .13 7 Allls-Chnlmor.i pt , , , . 73 .. Am Agrlo Ghcm 3C .. A inn Ilos Muancto... 33 12 Am Car & VAy ; . iwyt .. Am Can ;sjt 7 Am Can iif 82 . . Am Drug Syn 4)4 . . Am Hide A leather. . , 10ft .. Am Hide ft Leather pf MA .. Am Internat Corp.... 34 K 1 Am-La, France En?. . , OJt . . Am Linseed 2 o Am Locomotive 83 Pennsy Directors Declare 50- Cent Dividend, Assuring 4 Per Cent Rate As forecasted the Pennsylvania Rail road directors declared a quarterly div idend of 1 per cent, or SO cents a Hhnrc. thereby assuring the maintaining of the 4 per cent dividend on that stock. The fact that the board, with their known conservatism, found sufficient evidence of betterment In conditions to warrant the continuance of the 4 per cent rate is both highly significant and encmir aging as to the future. It was ample proof of the drastic re tienehment policy Including the wage reduction was having the desired re sults and was establishing order, our Sates 800 400 100 1400 330 100 100 300 ISO 3100 100 10J .100 200 800 300 200 300 200 200 100 300 2100 100 1000 8700 270o 00 3000 100 300 30 (ino 300 lilt 300 too 4300 200 100 3800 000 1100 100 too 300 100 100 UllO 200 4100 MOO 100 500 100 sua it no loo loo 4700 soo 100 100 800 400 3300 100 400 COO 100 .100 300 00 2700 2.00 Cosden ft Co. 4 v 72 69 Am Safety Razor. .. Am snip & Com .. Am Smelt & ltef 7 Am Smelt & lief pf. . . 7 Am Sugar Itaf 7 Am Sugar Rsf of. ... . 8 Am Sumatra 4014 0 Am Tel A Tel 10& 12 Am Tobacco 123H 12 Am Tobacco B 1334. 7 Am 'Woolen 72ft .. Am Writing Paper pf. 2.1 . . Am Zinc Lend & Smli .. Anaconda Copper .... 37 W 0 Atch Toil & Santa Fo. 86ft 0 Asso OH , 08 0 Atch Top & S F pf.... 79 .. Atlanta Hir & Atlantio 3J4 .. Atlantic Pet Lift .. Atl Gulf & W IS S... 22 . . Atl Oulf & W I S S pf 10 4 Baltimore & Ohio pf . . 33 7 Baldwin Locomotive.. 70?. .. Baltimore & Ohio 39ft 8 Bcthlelum Steel B.... 40 JS 8 Bethlehem Steel 8 pf 98& 10 Burns Bros 30 .. Butte Copper & Zlno. . 4 ft .. Caddo Central O ft It. 11 2 Cal Zinc & Lead 4ft 10 Canadian Ptxciflo 113H .. California Petroleum. 30ft .. Central Leather 34 J', .. Central Lonthor pf... 0DJ4 .. Ccrro do Pasco 20 0 Chandler Motors 49 .. Chicago & Ot West.. 7 .. Chicago Mil & St P. .. 27 J4 . . Chicago Mil & St P pf 42 5 Chicago & Northwest. 0SJ4 .. Chi Pneumatic Tool. .. Chi It I & Puc 6 Chi rt I & Pac 0 pf 7 Chi U 1 & Pac 7 pf .. Chi St P Mtnn iO... .. Chile Copper . . Chlno Copper . . .ocu-v.oia ' .. Colorado & Southern. 37 M . . Col Graphophono . . 8 Col Fuel & Iron pf. .. 0 Colum Una & Elec. . . 7 Consolidated Gas . . . . . Consolidated TextlleB 8 Corn Products Itcf.. 80 3t 01ft 74 ;t 80 10 23 J 4M 2S 87 80 1HH 07 A 30 ft 30UO 4 Crucible Steel '(, lnoo 2 Cuban Am Sugar 10 1300 .. Cuba Cano Sugar.... 10 000 .. Cuba Cano Sugar pf.. 20 200 .. Denver Itlo Gr pf 1J4 200 l Dome Mines mi 100 3 Elk Horn Coal pf 38ft 1390 3 Endlcott-Johnson .... 63 700 .. Erlo JSJe 300 .. Erie 1st pf 20ft 900 .. Erie 2d pf "ft 8J00 8 Famous Players L. . . . 48 100 8 Famous Players L pf. 75 200 .. Flsk Ilubber 13 300 . . Gaston Wins & Wig. . . 1ft 3803 .. General Asphalt 81 1700 8 Gcnoral Electric 132 1330 i General Motors I0K2 100 0 Gen Motors deb C'!,.. . (13 200 7 Gen Motors deb 7 '(,... "3'4 300 .. Goodrich B V . . S. . 31ft 200 . . Granby Consol M & M t 1801) 7 Oreut Northern pf.... 70 390 4 Gt Nor Ore ctfs 27J6 100 .. Gulf Mobile & Nor... 7 3011 4 Haskell & Barker Car. 87ft too .. Houston Oil '4 100 7 Illinois Central 94 200 0 Indlahoma Bcf 2ft 30D .. Inspiration Con Cop.. 31 20!) .. Interb Con Corp 3 100 .. Inurnat Agrlcul 'ft 0200 7 Ir.t Harvester new. .. . 72ft 300 .. International Nickel.. 14 '4 230 .. International Paper .. S3ft Low 40 3314 38 ' 31ft 73 30 33 133 ft 7 82 '4ft 10 ft 81 33 ft 9 35 84 ft 4 37 ft 73 07 ft 80 40ft 105 ft 131ft J 22 ft 71 23 8 37 85 98 78 ft 3ft 13ft 20 ft 19 83 78 38 47 08 ft 00 4ft 11 y 112 ft 35 ft 32 00 ft 20 48ft 7 27 ft 41ft C3ft 50 32 ft CI ft 74), 50 10 23 ft 33 37 33 87 88 IS ft CO ft 38 ; 54 ft 13 ft 10 ft 35 lft 17 38 ft Gift 13 ft 20 14 43ft 73 13 ft lft 50 121ft 10 C5 73 ft 31 18 0 ft 27 ft 7 57 54 94 3 31 3 7ft 70 11 53 1 y V4 14 'v ft ft V 1 ft 'k y ft y ft ft ft "ft ft ift ft 1:30 Net Close Cha. 40 32ft- t ft 33 - ft 32 73 30 33 120ft -" 37- ft 831 414 .. 10ft- ft 1 - ft 33ft- 1 044- 14 85 - 84ft . 4 -7ft 08ft- 89 4- 40 ft 4- 105 4- 133 4- 133- 73 4- 25 - 9 4- .37 . 85 ft 4- 98 4- : 4-. 2ft- 13ft- t4- 19 4-53 70 4 39 ft 4 49 4-98ft- 90 - lft 4 4- ft 11 4" Ift .. 1134- 35 ft 4- 33- 1 0- 3 20- ft 40 4- ft 7 27ft 59 31 4 Clftf 74J0- 30 10 21ft- 33ft lft 37 4 25 87 88 ft 15 0714 39ft 55ft ft 20 - IJi 17 38 ft -3 13 ft 20ft lift 40- 75 13 .. lft .. 51 1 133 - ft 10 ft 05 73 ft 31ft- ft 18 70 ft 27ft - ft 7 57 - lft 54 - 01 ft 3 34 3- 7ft 72 ft 4 14 -53 ft Dlv. In I lllnh .. Invincible Oil Corp v.. 10ft . Island Oil 8 '.. Kansas City Southern 20 4 KellySprlngfteld Tiro. 43ft .. Kclsoy Wheel 37 .. Kennecutt Copper ... 10ft .. Keystone T & R 13 1 Lee Rubber Tiro 38 100 a. so Lehigh Valley 41 ft 100 7 Llgrett & Myera pf.,.10lft . . I-oewn Co ,..,1 11 . . Loft Candy 9 7 Louisville & NashvlllAll3 7 Manhattan Kiev guar. 4S . . Market St Itwy 3 . . Market St Rwy pr pf. 33ft 12 Mexican Petroleum ..105 2 Miami Copper 31 ft ft ft ft 1 ft "ft ft !', ft 1S4 Pntei 3109 009 109 3300 339 100 lull ior 2000 200 100 800 100 100 8530 190 2000 1.00 Middle States Corp... lift oo .. Mldvale Steel 33ft 100 ., Minn & St Louts 13 130 .. Missouri Facine 31 700 .. Missouri Pacific pf . . . 41 100 . . Mulltns Body 19 100 .. National Acme 15 100 .. National Con & Cable, lft 100 . . Nev Con Copper 10 800 B Ncwr York Central.... 7lfta cia 1. so .xew York Dock 31ft aoo 100 100 1800 100 800 300 2000 8800 1500 700 330 1000 1500 900 100 400 3500 ton 100 100 700 0000 400 800 400 4300 700 800 Now York N H A H. . 18ft 1 New York Ont & W. . . 17 8 North American 01 7 Northern Pacific 75 8 Nova tfcotlft, S & C. . . . 33 . . Okla Prod A Ref 3 .. Otis Steel 10 S Paclflo Ons A Elec. ... 88 .. Pacific Oil 30 0 Pan-Amer Petrol .... 4fft 8 Pan-Amer B 43 .. Penn Soaboard Steel. 9 2 Pennsylvania R It..,. 30ft . . Peoples Gas Chicago. . 33 .. Pere Marquette 30ft 3 Philadelphia Co 30 .. Phillips Pet .... 17 .. PIorce-Arrow Motor. 17ft . . rierce-Arrow Mot pf . 37 .. Pierce Oil 7ft . . Pittsburgh A W Va. . 38 8 Pressed Steel Cor.... 73 8 Pullman 08ft .. Punta Aleifro Sugar.. 30ft Turo Oil 25ft 8 Railway Steel Spring. 85 Rending 09 . . Ramlngton Typewriter 20 Republic Iron A Steel. 40ft 10,10 B.20 Royal Vhiteh N Y. 82 ft y 900 .. St Louis San Fran.... 24ft 100 .. St Louts Southwest... 20 4500 . . Scara-Rocbuck 00 1100 .. Seneca Cop Corp 15 3000 .. Sinclair Oil 20 too .. So Porto Rico Sugar. . 40 0100 0 Southern Pacfllc 78 100 .. Southern Rail 20ft 230 .. Southern Rills pt ....45ft too 8 Standard Milling 3 100 3 Standard Oil ot N .I..138 300 7 Stand OH of N J pf... 107ft 100 7 Steel Tube pf 73ft 11500 7 Studebaker 77 230 1 Submnrlno Boit Corp. 4ft 230 .. Superior Oil Corp 4 3700 3 Texas Co 31ft 1333 .. Tcxus A Pacific 24 200 1 Texas A Pac C A O.. 10ft 300 .. Third Avenue 18 100 10 Tidewater Oil 125 2100 o Tobacco Products .... S0 2000 .. Trans Con OH 7 200 4 Transuo Wm Slecl 32 ft 300 .. Union Oil 10 lioo 10 Union Pacific 120 ft 100 4 Union Pacific pf 05 11300 8 United Drug 00 500 3 B0 United Drug 1st pf . . . 40 800 0 United Fruit 105 lOD .. United Rwy Invest... 8ft 3200 8 United Retail Stores.. 60 2300 ..US Food Products... 17 ft 800 ..US Ind Alcohol 51 800 .. U S Realty A Imp.... 40ft 5S0O .. U S Rubber 54ft 21800 5 U S Steel 74ft 300 7 U S Steel pf 100ft 100- .. Utah Sec 0 100 .. Va-Car Chemical .... 26ft 200 .. Vlvaudou Ino 0ft 310 .. Wabash pf A 22ft 100 . . Western Maryland ... 10 100 . . Western Paclflo V4 300 4 Westlnghousu E A M. 48ft 100 .. Wheeling A L E 0 700 . . Whlto OH Corp 8 350O . . Willys-Overland .... 7 100 . . Willys-Overland pf . . 29 100 8 Wilson & Co 35 low 10 3ft 20 41ft 87 10ft 13 38 8tft 101ft lift 0 11 45 K 33 ft 103ft 31 10 33 ft 12 20ft 40 19 15 . 14 10 71 31 IW 17 01 74 ft 23 U4 10 84 35 ft 48 43 ft 30 83 20 ft 30 17 17 37 7ft 28 70 ft 94 30 2.1ft 84 0RJ4 10ft 45 51 24 20 Cl "14 20 ft 40 77ft 30 ft 48ft 03 130 107 ft 72 ft 7fft 4 J. 4 33 n 23 ' 10ft 13 123 S8ft 7 32 ft 19 119ft 05 51 30 104 8ft 38 17ft 80 48 52 ft 73 ft 100 ft 9 28ft Oft 32 ft 10 34 43ft 0 8 Oft 29 35 1:30 Net Clore Chm. 10-14 2ft .. 30 - 42ft H 87 - 1 10ft -gift 13 ft 3t - ft 81ft ., 101ft- lft ll '4 14 113 48 lft - ft 33ft 1 108 ' lft 31 .. 11 ni- ft 13 20 ft.- ft 40- ft 19 18 1!4 14 10 .. 71 31ft ft ft 17- ft 01 75 21 - lft 3 10 - ft 8414 30 1 49 ft 43ft ft ft 30ft ft 53 1 20 ft - 30 ft 17 17 - ft 37 ft "- H 28 70ft- 3 95 - 1 30ft- ft 25ft .. 83 1 C8ft - ft 20-1 4Cft ft 53 24ft 20- ft 05ft- lft 18 20ft .. 40 78 20ft ft 48ft - ft 93 13C 1 107 ft ft 72 ft - ft 77 4ft- ft 4 ft 3ft ft 24ft 19 ft ft 15 - ft 125 -25 50 7- ft 32ft - ft 19 ft 120 ft 05 ft 57ft -17 30- 4 105 ft Hft- 88 ft 17ft- 1 80 . 49ft 2 4ft lft 74ft lft 109 ft fl- ft 30 ft - ft Oft- ft 32 ft ft 10 24- 43ft- ft 8 ft Oft- ft 20 35 OIL SHARES LIGHT Midoummor Dullness Pervades Market Trddo Largoly Professional Now York. July 27. Business on the Xcw York Curb mnrket continued to be influenced by prevailing- midsummer dullness, price movements being gen erally narrow nnd trading In nenrly all Issues, of n professional character. New Jersey Zinc, which was In good demand, moved tin to 11R. fJoodvenr Tiro, which wns strong In the last few days, declined to 12, losing nearly nil Its previous gnln. There wis a mod erate amount of business In Car Light which, after soiling nt 1 n-lfl, reacted to 1 Olen Allien Coal sold nt .14. In tercontinental utiDDcr wan traueu in nt 7n'i. nnd there was some business In Libby-McNelll nt 8. , Dealings In the petroleum issues wcro light. Cities' Servlco, bonkers' shares, moved up slightly nnd n few transac tions were inodc In the common stock at 118 during tbo forenoon. .Mnrncnlbo ranged from 20 to 20, nnd Inter national Petroleum sold nt 11 to 10ai. Elk Ilnsln wns In moderate supply and yielded to BVs, while Bkclly Oil showed "n Arm tono nnd moved up to 4. Ar- knusns Natural Oas sold nt . xncre were sales of Omnr Oil at 1 C-10 nnd lVw Mining stoekB continued active nnd tiKrn eenernllv stromr with Boston and Montnnn nnd Florence Goldfleld the most prominent features 111 tnat group. ivTirrftTtlf AT J4 11:30 lllsh Low lM. ln,.r r..athr 1UH lUi 1U Cor I.lsbt Kf Carlisle ; .? Columbia UmepAld . jo., Conley Tinfoil 34 Com Fltmnc 43 Dletngraph Trod 0 Durant Mntnrs 28 Umpire lend 2If IroUMyi-m Alio ... ...... ; Heydon Chem 1I Inter Itubber 7. Llbby McNeil Mercer Molora JM National Lenthor ........ 8 N J Ztno 118 Perfection Tire 81 Iliullo Com pref 1 V S Shit) Corp 2S V 8 Btenm 3 t'nlteil Front Htiarins United netftll Candy . . 1 Commodity Markets LONDON STOCK MARKET Gilt-Edged Section Dull, Despite Talk of Lower Money London, July 27. Despite a ieviv.1'1 of talk about n reduction in thu Hank GRAIN MARKET Chicago, duly 27. Wheat started unohanced to 'Ac lower tor July, c off for September and Vic lilgncr ior of England's minimum rate of discount December. Cash houses were on the from 5 t0 5 1)er ,.ent tomonow, gilt selling side nt the start, but pi-lcos j ccj,,C(j investment issues were dull on moved up n bit under local buying. tlt. Btoc uxdmnge todny. French lonii3 Estimated receipts were GS0 carr. Ke- wer0 quict am ucimnged. ceipts inspected yesterdny were 770 1 ueinstntement of eld lines brought cars: last year 04 cars. The cash mar- L,0t ,t fh-mej- tone in tne oil depart - of a condition that was little short of )t wa8 relatively unchanged withlPnt. Shell Transport nnd Trading was offerings light, export ciemnuu gom. aim . nnd MczlcuI1 K(lgles n 5.10i .j;llCTC mining uujuuuu ion. T hnd 1, .. reports show good rams in the nrtu chaos three months or so ago. itii the virtual assurance the -i per cent dividend rate, was to be maintained the renewed buying by the smullcr in vestors, who nre rapidly increasing in numbers, is not nt all surprising. It is known, also, that some who sold their stock several months ago, when thu dividend prospects were o.uitc gloomy, are gradually taking back their holdings. The stock was one of the firmest suot-. on the list tndnj, holding 11 trille nl'e the J!U mark. The now developments In the local gns situation were without eitvct on tne U. O. I. stock. Very little changed "cd i "V4c lower for hands, and price variation was nar- O started mc DecwnbPr. row between .l.l and .11. 1'helV uus ' septenioir """,., ,nl.ir ronlined fairly fi0d builng of American Stores, Trade was small ami la gelj "' ...i..n v, t .. a. II..HI i, o ,.,, to locals nt the start, l.sumaieu il It iljl U IIM'M IJ l(f I , 1JI ill l"H IfUlliin 1 ho seaboard said 400,000 bushels was no feature to thu industrial see been sold abroad and export sales )tl..n. where ultc.-utioiw wwe irregular, s wcro 550,000 bushels. Weather ! Iludsoii s Bay v us 0 ii-IO. L,l ,.w ,7,0,1 rains in the North-, The rubb-.-i- department wan soft and west with rather high temperatures and , inactive, advice regarding tlm lav clear scs generally. Deliveries on I urtklr- bemg less .ivorn hie. Home rails July contracts this morning were 17U,- cn; narrow and weaker, becatibe of ,",. 1 1 1. ruiliiiig. Dollar dcscnptior.s hold well 1)00 bushels. .. I hut trading was not brisk. Hcrmrclini.- Corn btarted unchanged to clocr 1 i!i(; M (o ,nrVi,.r gaillh , Argentine for September and steady for Dcc-muir. niilb The Knffir B , wus I1PgpCt0,i A lending wire uimw uu """""- PM.i inclined to go lower. on the buying sloe una eu ij in....- (jnerslly tho maiket wjs sluggish, witn investment issues wk mutest. Th Stock Km-h.tnro hero will U tinned H.itupl.iy Jub SO and Monday, Aucust 1 Thu latter Is a bank holiday on small transactions, while Electric Storage Battery gained a point. Key stone Telephone preferred was off a point. Other changes were Inconse quential. Philadelphia Stocks lllh Low l:lr, P M. Net chiri ceipts were iihTi curs. COTTON MARKET New York. July 27. Thu cotton market opening wns iuict this morning, but showed steadiness on trado buying, and nrst prices were 1 to 4 points net higher. The Southern Products to condition figure of (M.3 represented a lecllne of l.R for tne montii. iikhuibi 283 Am Strs.. 37V 304 57'4-f thu average loss of 3.4 Points Lntcr 10tAm Tel the market was quiet nnd about Mcud & Tel. NI.I-N 111.1 H).rs at points net advance. I ill Spruce 820C 8 BOUGHTSOLD-rQUOTED United States Government Securities All Issues RECUIUTIKS OKI'AHT.MmT c0mmerci alt rust Company lie- Slrmber IVilrral Itratrre Hratrm City Hall Square Weil ad :." Brill J G 30 10 Elec Stor.105 :!0 Key Telo prof.... 20 :'..-. Leh Vnl.. .Ilf-C Hi!) Pa It It.. UIJi, l() PhilaKlec 21V. l.'i do pref.. 2(Pj KM Beading. .01M4 ino Tono Bel 1 :!() 105 20 5 1V .'111 21 -V, 2rt 00 'A 1 30 : 103 1 The receipts nt the ports ior tne unj . -;.,it,rnt 14.000 bales, iigninst on 1 I 10,703 bales n week ago, 4025 bales a ??1T Vnr ago and 14,112 bales two years iva is ',, 30 21 2(l-s . . (MB 1 105 Tono M in lf 1A 1A.. KUl'n Trac. 3lVi .TiU 31 sH'GI... 34 33 31 .. lOH'ni Cos N J.... 105 105 105 4-J Set change mad by rompjrlMun with luit 11 N York sjtnck Exh.inue. ;llou,-ht undr rul I'HIIADKI.I'MI.V IIOMts 200 Liberty 3jh 1017 S7.22 1000 Liberty 3V-s 1017 87.50 !HH)0 Liberti 3s 1017 h7.40 500 Liberty 1st 10Vs 1017.. 200 Liberty 3d 4V,s ll)2S. . . . 51(0 Liberty .HI -IViS 111.-1 ago fX'tobor . . Dccumber . . . Mny I'rotoua I'loa'j Opon . 12 cm 12 Oil . 12 as 12.42 . 12 87 12.41) 12.70 12.71 12 70 12.7iS0 1 no V M 87.51 1)1.34 01.00 X7.50 S7.34 .iiiti i.ineriy .i ivi iv-n.. 1000 Liberty 4th IUh 1038. 150 Libertv 4th 4Vis 1038. 1000 Victory l'V,s 1023 OS. 44 1000 Bell Telephone 7s 104 1000 City 4s 11)13 4 2000 fit. Is 1010 lots SI LIVESTOCK QUOTATIOIS The First National Bank of Boston Capital, Surplus and ProQU 537,500,000 IMttalmmli. July 27. - HOOS Hecelnts. Itinu head Mvrkvt hUhor. lle.ivlei. II I '.' it 11 40. heavy ami llcht jcrliora, pl, 112 ifl 1. .. HHEltl iU n''' . ' -'J''7. v" NEW YORK COFFEE MARKET New York, July 27. The local o.ffeo future marled opened unchunged to 3 points higher this mornins. On the call, there wns fauly active bidding for March cmtracts l-y u broker closely ideutillul with New Orleans linns, with scattered Wall Street ,uid trade Interests al-o on tho bulng side. I'p to midda price changes had been uiiiiiiportunt anil September wan switched to Ma. nr 100 points differ ence. September" shorts were also pay ing 0.40 fur that position. It seems verv dilllcult to stir any interest in thu market nt the present tim Tfttt rlnart September 0 30ff40 December March May 11 s:iM t nmao 7 39t in Open n s fl 8211 ss 7 2i Q 21 DIVIDENDS DECLARED Financial Briefs The aernite prlco of the twenty active In dustrial atocka declined .60 per cent yes terday to Ofl 20. while twenty railroads de clined .10 per cent to 72.98. The Central leather Co. bna Issued Its re port of operations for tho qu.".rtor ended June 80, Bhowimr deficit after chargo of 10,801. .IC. T.'lia compares with deficit of I3.PM.A70 In thj preceding- quarter and dcflclt of S2. 070, 0i0 In the conunponrtlnir uuatter of 1920. or the six monthe ended with Juno tho company shows deficit after tajcea nnd characs of 110.215.771. aa compared with deficit of 11.7(13,8112 n tho corre?pondlnn period of 1020. According to United Statan OanlnirliMil IQiif. Y?-v. h" sfueof mtnarat output of Alaska In 1U20 va I23.307.7S7 ino aram in lirn n. mum ..m.. v to an Jneraaae in tha output of cooper, which In lniu it una tin.. iuu was uuc entirei; 020,01(1. to an tn was 17.222.771 . pounds In 11)10 an(r70.485.3U3 pounds In ;fj20. All Alaska copper mines r iiramra in ivxu, and eleven In 1919 alue of total mineral output of the Terrltori durlni- forty years of mlnfmt Is Mfll.474.7S0 I 4 7r. lS'i 4S 3 '-3 ii 7- ? 8 117 81 IK INDEl'KNBl'AT 01I.S 84 lAr 0',4 Allied Oil Atlantic Pet Arkansas Nat Oas llonton Wyomlnie CVrlb Syndicate Cities Servlco .(eld) .. . Cities Servlco "u" ctfs. t'reo'n CuahtnR 1'oto i:ilc Uaaln rt niir I'e HVy "ede ral Oil nianrnflr nil Hudson Oil 2J Int retroi t.vnns Maracalbo Oil .Mexico OH Nobis .Northwest Oil Omnr Oil Utr!li' fill Tcxon 08 MINING 01 04 3 3 II U 0(1 BO 1 'i 4 U IIS 118 13H Isu 31 31 in 10 SN, r.14 2 2 1A l 0.1 03 20 18 11 ion 00 88 20H 20 70 (17 18 18 0 20 1A IJi 4 3 08 08 30 ns 27 72 II 83 25 44 ll Alaska nr Columbia Arliotia l'atnsonla . Bit Lodge Iloston Montana .. Caudelarla Mining . . DUIde Ext EI Salvador Pm-Alra r'rnaltl .... liureka Holly ,1V. Ooldfleld loronce ..... ou Gold Zono 3 Harmlll Dlvld JS Jermoro Verds J; Kiiox DMdo 13 Mtfama Copper 184 Mother Lode Clt ....i.... 8K Murray Mo p,!J National Tin ".' Nevada Ophlr Nuw Cornelia Nlplsilnc Nevada Silver Horn . Sliver Mines Sliver Mills Nevada . go Am T & O Tonopah Belmont . . . Tonopah Divide U S Cont t'nlferl TaBtern West Utah 23 BONDS . . n-.i A. in?" DDU AmerTe oS 1024 07j 67. Anglo-Amer 7Ha 100J1 1O0 Armour 7s uetn teei Tl.lV. R,Kil nan Vnl Rv eo 7s 10O Cht Vn Bta 0A J01H Cons Ono Sa ............ .JP0i Copper Export 8s 1944 - - - JGVl? Copper Kxport fn lOiB.. ..lOlji Oram Trunk OH a OflH Oulf Oil 7 08 Helm Co 7 Wi Humble Oil 7 Bih Interboro 7s,, ,04 III Central 0W a 101H4 Llbby McNeill 7 03H Hcari Hoebuck 7s 1028.... 0ft Dniiihatrn 11 v 7a UTn Stand Oil N T 7s 1080... 104 103 HtaSd OU N T OVi s lOOti lifj'; Sun Oil Bo .. 01 , 01 Swift & Cj 7. H7 80 0 iJA 4K ir so 45 2? 00 DIM 100VI .J'tMT. . ::.:. ::i5o isw iSi s P0H oo. w 1 7s 1035 1)4 04Z 1)4 : 7 1033 04T 04H 04 04 S 100 01H HSi'i 100'i 101H fioit 08 7u;t tiuvi 100S ioo ll.lii 03 The Otis steel Co. Is planning a 15.000.000 laiue of borala at not more than 8 par cent, to refund outstanding- obligations, ,,.vlda S',0nrAli,rclpr,al'v.R1 t0T "0'r purposes. Stockholders an beintr naked to appioe the ireatlon of a 16,0uO.O00 mortgago, but only tho amount of bonds stated will bo put out at present. per cent uold amounting to 2S.- head Market steady CALVfeS lUeelpta. steady. Top, 111 Top cheep. 200 hrad. Market Prices Firmer on Paris Bourse Paris. July 27 Prices wero firmer on tho nn..... in,i,v ThrA tier cent rentes, Sflf a.lo exchango ot lndon. 4Hf 2.1o Tlva 1 Anvr" an Tobaci n Co m" Mot loan. 32f 70s. Th. dollar w ireiit on couimon rtnrt con S'oted at 12f OlVle. (September 1 to to(.k of Amparo Mining (' iuarti'rl -''i nr c-tit pajablu August 10 to stork of record July 30 n.uQ, top ' aje SeptembHr 1 to etork of record Auk ift 10 J j l niie uni i.ii, i, .- i" 1 vr.i, uu prnferrBd, payable September 1 to stos.lt of record August l,i ... Illinois Central, qunrterly 1 per lent, payable Hitombr 1 to stock of record Ausut ' Ami-ri an Urnfls Co , 2 per cent. puablo August 13 to stork o record JUI uu tooacin . o riunrierir o per 1 Ty common -u. payiiuie trom in record August If. rate, to 1 SECURITIES AT AUCTION Tho following securities were oid ut auction today by Barnc & Loilnnil: STOCKS Shares 44 Miners National Uar.k of I'utU- lllo. Pa . . . 7 Guarantee Truat and Safe Deposit Co. . 10 Ilelmont Truat Co 60 Inaurancn Co of North America 4 I'hlladelphU Ilourae. cmimon. 3 i:oit .St Louis and Suburban Co . tommon . Lot 13 Cant Ht I. outs and Suburban Co . preferred inor.ind Itnnldn Hallway Co. prof. 18 St Joseph Hallwov. Light Hat nnd 1' isur Co.. preferred 3 AnilroscoL-rIn and Kennobee Ilnll- wj. Ilrat preferred, 3 AndnucMf gin ami Kennebec Hallway, sicond pr. frrred I'd U 00 8 I'onnsylvanla Academy of tho Fine Arte . 2.1'j 33 Penn Nntlnmvl Ilnnk 320 Hi PrnnvlaniK Dank nnd TruBt Co 30 1 I'hoenlx Trust uo or i-nua .. si 11 Auto (Ur Co.. Ardmnrc, pa . . 13 (ir rmantnnn Passenger Hallway 20 Oorrnantnwn Passenger IUlIwnv 2 Second and Third Streets Pnmenger Hallwa)' 18 Second rfnd Third Streets Passenger Itallvtay UONDS $300 1 ho Conanlcut Yacht Club, 3 per cftit, llrat inortsug", duo 1P.HI .. Lot II Raw Sugar Continues Steady Now York. July 27 The ra niear mar ket continues steads on tho l.anlu of .lc est tl freight for Ciifrns Yeaterday the cub.in Sugar Plnanco Commlttoo sold 10,01(1 tons CuIii'b for lOM-llntt next ttmntli f'ir tn I'nttid Kingdom nt 2ni fld c I f , wnlch llgure.s out iv ahado higher than 8c tost un I fieurht. Ne Yotk. In audition to the boe and the 34.000 bugs sold ti tho Annrltan Sugar lletlnlng Co.. and RnrejinmOf :elf rin. tha ronnnlttee also sold 30 OOU baK for prompt Bhlprnent at 3c "ist and freight and 3U0O tons prompt shipment nt 3o, cost and freight, to a Savannah rellner Im portations on Mondav Im'udnl 17 (JOo Iisks Porto lllens to the National sugar Refining Co , 10.000 bags Porto Worn to tlto American Sugar Itoflnlng Co. flu no ) 1ik I'.irlo HlroH to Arburlilo Jlros lUOfi lmi;H llrnzlla to tho Warner Suxar Hellnlng Co and nbout 11,000 bails Uemeiaraa 1 1 Hiindn In ilu local refined market the Warner Sugar He flnlntt Co., announced an ndvance of 10 points to nc. leis 2 per cent f r cash, for fine granulated. Thla makes the rangs of list prices of local renn-rs 3 K3c to lie less 2 per cent for cash. HO 12lj 30 2S, 4' $1 84 12 4 si,; S3 70 70 103 103 On August IB, ths 2U-year fl notes of Swift & Co. amoun 000.000. fall due. The company hoo maS adequate provlalorrs for the 23.i)00,000 notl 1""r.. but If buslnnsg continues expanding :r "t "ioB' mamai cases on further, an other Issue may bo negotiated. However. i IVLdJ;c'cJon hB" "n reachod. Thore la a well-defined rumor that Swift 4 Co will put out JOO.000,000 notes, Great Ilrlto In hua reduced the debt owed HI0 not "nnnW ';;?li:n 00"'"LI,,, V than Ji2.-!i02i022' "'which more than half repre e,'1.ipa57nent.t0 ni in 'he United Btater according to returns of tho Ilrltlsh Troasury anl covering foreign ffwal operations li the financial yeor ended on Mnroh 31. Hrporta that tho Chlnso Consortium would ceuso to operate lt China wero set at rest In nn announcement that Frederick II stev. f"h,.rnpr,",?,ayv,l of ,h0 American group 0' .bnnlln China would return to his post In Tekln on August 11 The report for tho Third Avonue Hallway s stem for Juno shows a deficit aftor charges amount ng to f 13,600 Tho JunS" roes "5S.1 Si.i.2Jf.'v3(JIi. Bn !'"" of $120 32!, com pared with the same month In 1W0, whllo the groas for the toie months endod Juro this year was reported at f 13. 108,1140. nn In. croiao of fl 743,1)70 over last oVr There waa 11 deficit for th year, ofter charges were paid whloh amounted to I8O7.S02. The deficits shown allowed for full Interest on tho company s adjustment Incomo fl per cent t-n?i1., '2?..0' J 0?t.0 withdrawals of lJL.Z? d'f'T dt WVl1" lday there Is scheduled to bo withdrawn tomorrow 13 000 . 000. mnk.n.- 111.000,000 for the week ' , Thr Pkrce-Arrow Motor Car Co. reports for the threompmhg ended Juno 80 nn oper ating ion, of Je38.808. after allowing for maintenance and depreciation This com. pares with a profit of 1 182.700 In ths corresponding ouarter of 1020 ftoikholders of Mli'tiest (111 Co. oted to increase the capital tock front 8,uoo 000 10 fiz.niio.iiuii raaiirlng the number nf shares one-lenth and making pr 110 a fharo Instead of 11 Two million dollars of tho tiK.riu.if It to he used In ratlrlnt preferred stock Harnett Levtther Co. Income account for six months ended June 30 Net after charges nnd Federal taxea J238.3SS preferred dlvl- oenaa una smiting runn, xii.vkom. surplus, 1 Texas Co "s West Kieo .e 00 . ,i- 100 00 07H 104 100 01 075; onH 100H FOREIGN EXCHANGE Now York, July 27. There was an Irregular tono to tbo foreign exchange market nt the openlug today. Sterling showfld fractional improvement, while francs wero slightly under yesterday's closing llgurss. i,ire were snarpiy on mid pesata showed pronounced strength. The Scandinavians wero generally firm. Quotations were: Storllng cables wero 3.157 1G-16, de mand 3.57 5-10; franc cablos 7.73, checks 7.72 ; Belgian cables 7.64, checks 7.53 ; Swiss cables 10.44, checks 10.41 ; lira cables 4.17, checks 4.10; peseta cables 12.75, checks 12.73 ; guilder ca bles 30.00. checks 80.80; Stockholm cables 20.40, checks 20.35; Cbrlstlnnla cables 12.88, checks 12.83 ; Copenhagen cables 10,15, checks 15.10; marks 127Va. Tho rato of premium on New York funds In Montreal today was 12 per cent. The rate of discount In New York on Canndlan funds wns 11 per cent. Centrnl Ruropean exchanges were: Greek, 5.54; Rumnnlan, 1.20; Bul garian, .85; Austrian, .115; Polish, .053; CVecbo.Slovnkln, 1.27; Jugo slavia, .50. YKBTEItDAY'S FINAL QUOTATIONS Sterling Francs Lire Guilders Demsnd . . II.BO'k 7.72 4. 80 .'10.03 Cuble 8.87 7 78 4.81 31.31 TODAY'B OPBNING QUOTATIONS Sterling Francs Lire Guilders Demand ... 3 67(1 7.72 4 MM 80.83 Cables 3.B7A 7.73 4 17 aoiCo BANK CLEARINGS Unnk clearings today, compared with cor responding day last two venrs: 1021 102U 1010 N. Y.. 340,700.000 070,013,805 707.121,753 BAR 8ILVER Har silter was 'id higher In London to day at 3Ud 110.730 P. R. R. Declares Quarterly 1 P. C, Pennsylvania llallmad diioctorn today de. . Iur.,l it rmnrlerlv ,,vliIi ml tif 1 tier cent. I navablo August 81. to stuck of record August quarterly a par 1 months ago, tho rato was reduced per cent the loimer quarterly per cent MONEY-LENDING RATES NI'.IV YOHIi-Motiox on call, both classes I of collateral opened today at 3 per cont for ' landing and1 renew Itig rilll.AnKI.PmA--Ca:, ll per r -nt time fi per eenti commercial paper, tlireo to slv months. Q per cent nolo inose ure merely nnmuiHl quota tions, the le.'i-al rate nf Interest In tho Stat, of Ponnsyltniila be ng llxed at U per cent plus premium and commission, time nmno.i for thirty to ninety davs Is lonntd at 7 to 7'4 per cent, while commercial paper, from thirty to ninety dins. Is loaned at 7 to 71s per lent I.O.M1( Money Is quoted at 3U per , cent, nistollnt rates, ihort hills, 4H set sent, three months' bills, 4H por cent. I 7M Vr to 9.10 Investment Return Opportunities are noio offered in well secured Illnh'Grade Short-Term Notes to yield the above returns. State requirements and let us r.ubmit selected list. Reed A. Morgan & Co. It'Mt .End Trust imp,, I'M In, Members cf tho Phlla Stock Ejch, fm ' r...i A BANK that offers construct ive banking service based upon its own experience and that of its customers in various lines of industry and trade. Central National Bank of Philadelphia Chestnut Street at Fifth Capital $1,000,000 Surplui and Undivided Profits Earned $4,400,000 'CASSATT & CO. HI Established 1872 COMMERCIAL TRUST BUILDING HI PHILADELPHIA, PA. I 111 MEMBERS ti llll New York Stock Exchange Jill Philadelphia Stock Exchange HI Commission Orders Executed Iff Jjll Accounts Solicited j HI OFFICES If 1 1 llll ew or' I I HI I Baltimore Pittsburgh Scrnnton Underlying the Great Northern 7s St. Paul, Minneapolis & Manitoba Consolidated noto FirsUMtgcSinfi'mg Fund Gold Bonds Due July 1, 1933 represent a closed mortgage on 2,544 miles of road at the rate of $16,630 per mile. Price to Yield about 5 Bonbright & Company 437 Chestnut Street, Philadelphia New York Boston Chicago Detroit Make Your Credit Earn an Income You can borrow money oh good collateral at 6 per cent. With this borrowed money you can buy a bond paying 8 per cent. The difference of 2 per cent is net profit on your credit. But the bond must be so strong that the banks will lend on it as collateral. We have such a bond secured by United States Government bonds. Financiers use this system. Let us tell you how, Sherman & Go. Investments 632-634 Widener Building Spruce 0180-81-82 I I jfotf Macon & Daw 1421 CHESTNUT ST., PHILADELPHIA 115 Broadway 58 Sutter St. New York San Francisco Engineering Analyses of Operating Policiea Public Utility and Industrial Properties. REPORTS FOR FINANCING defining preuent day tendencies with suggested remedies. Engineering Designs and Programs to improve and mnintain operating efficiency. PENNA. TAX FKEE SECURITIES PAUL & CO. .Mrtnlieri. I'lilbi, Ptotk I'trli.incf IESTHUT STREET 1421 CHE! rittuburlli. tlnn.. Cltlc. 4 Bt. I.. All Issues Prnnsrltnnln Hnllroad Co, Is, lVlfl Pen "Htan U Itnllrond Co. (Int. 4Ks, lUU.I Cblroio A Norlhw. Ky. Kflnlii. U4. hcrlul liolsvlllo ft Nui.li. Uy. H-iuln. '(-, Hrrlal Krl" niillronrt Co. Kiiiiln. (I, lOJS.iil Samuel K. Phillips & Co. MnbrrOTI-hl..f h.hl M-rb.rh-ns. auTomobile insurance ' I.mKnTV MI'lUAT, INRI'RANCR CO. ntntf I.oris OOia ?0.2J,io, 13lh ?f. Amcr. StorcH First M.. Philn. Rapid Trnns. Ss, ls American Gas 7h, 19 28 Q Pcnna. Water & Pr. 5. HENRY D. B0ENNING & f- I jiriinirri 1111 1. i-n"- -.-- Certified Public AccounUjWi Drexel Building, PhMe. K
Significant historical Pennsylvania newspapers