I'v V-
f
i 11
t f I
mi ' 1
tr
I W
I. i
"tviP!
' ".1
fa
r
. $25,000
Phila. Electric Co.
6 Per Cent Notes
Duo February 1, 1922
Tax Free In Pomia.
These notes are the direct
obligation oi the Philadelphia
Electric Co. and arc secured by
the pledge of a portion of its
First Mortgage 5s and the en
tire issues of Montis and Stock
Of the Delaware Comity Elec
tric Co.
Price; Market
To Net About 7 Per Cent
Biddle & Henry
104 SOUTH FIFTH ST.
DULL IRREGULAR
TRADERS
W1ARKE
I
Foroign Trade Figures Disclose
Alarming Shrinkage in
European Exports
Now York, July 20. Dullness niul
Irregularity were the dominating
fontnres of tmlny's stock mnrkct, with
the hulk of tlio Motilities mitile up of the
familiar week-end ceiilne-up of the
I pro'feSHlonnl traders. liquidation of
speculative specialties teemed to linve
upetit its force for the time being, at
' leant, while, on the other hand, no par
ticular effort whs made to resume the
forwanl movement In the rnlK Tlio
general list in consequence lnt'ed into
a narrow trading ntea. but the Irregu
lar and at times confusing movement
was altogether meaningless.
I A further increao in the reserve
j ratio of the Federal Keserve ssetn was
an encouraging development overnight.
Some of yesterday's gloomy tales con-
Mcnilng the position of several Indus,
trial concerns were emphatically con-
tradlctoil by oflicials or interests dove
to the concerns. While the call-loan
rate opened a point above esterda.v's
tmal quotations, at -Pj per cent the
supph continued plentiful. The morn
ing leuewitN carried loans into next
week, and with the curtailment of deal
ings there wan every likelihood the same
accommodations could be obtained nt
oc,i a lower ,.atp b0fore t,0 ,juy wns
out.
An unpleavant lemlmler of the col
lapse ,,f our foreign trade was furnished
in the published figures given out by
Washington today allowing our ex
ports to Europe during the fiscal iear
just doMl fell off nearlv $ I. ."0(1,000..
OIK', while those to South America in
ci cased more than $.'(0,000,0110 The
liguivs disclosed by the Commerce De
paitnieut also hluiwed a further sharp
decline in both directions during June.
??'? "" t rect'"' o!jj. 'r.'r.p i -- w. .0S.U,. ; .wo:1 z n?n;" i'Wr
DON'T SEND FOR THIS BOOK
of Graphic Charts
UNLESS
you've made up your mind
you wish to tnko advantage,
of tho present nevcr-to-come-agnin
opportunities in tho
STOCK MARKET.
TTMIo the rrltlnn Inst rn;fr tell! be
to defray cost vf niaitiiiff. U'rite or L-10
J. F. (MOVER?! & CO.
Irmb-rs of I'tilln. 8toek Vxehnnce
1130 South 1'rnn bit., l'hllt.
ee C110 Itnce B-I3S
Order.. executed In nil Markets
New lurk: 31 llru.idvvnr
Mtmm&mffim
Underlying the
Great Northern 7s
5. Paul, Minneapolis &
Manitoba
Consolidated, notv First, Afgc.
Sinking Fund Cold Bonds
Duo July 1, 1933
represent a closed
mortgage on 2,544 miles
of mad at the rate
of $16,630 per mile.
Price to Yield about
Bonbright & Company
437 Chotnut Street
Philadelphia
Nfw York Clilrnrn
Ronton Detroit
(MHi.llllll in IOL'0. Itiinnrts i-l.i-iiiiW
from .'sl.iro.000.000 to siw-.ooo.ono.
In June exports were J? 1 7 7 . 000. 000,
against ?lHi,000,000 Inst enr, while
Imports dropped from S11S.000.000 to
.sr.4. 00(1.(10(1. This, of course, is past
lii-ton . but readily explains many
happenings and conditions the la-t s.l
months which were almost beyond
understanding. It al-o demonstrates
the Imperative necessity of adopting
radical means hv which this outlet now
shut off practically to our products
can be speedily reopened. .While fur
nishing xery Interesting reading matter
the -tartllng figures were without per
ceptible influence in so fnr ns shaping
tlu market course.
Coenng of the shorts was general
In the enrly dealings, and when this
dtiii'ind slackened the list became ir
tegular. Shippings were under pressure
during the morning. Mercantile Marine
piiferred dei lining over four points and
1'ulteii Fruit adding Ho points to '
terdaj's setback. Hails showed increas
ing irregularity. Northern Pacific rising
two points while Louisville and Nasli-
illt lot that much. I'quipmeuts of
the better grade were linn, but Crucible
Steel was heavy ami oipper reacted on
the lowo prices quoted for the refined
product. Oils were dull, foreign ih well
as domestic Is.-ues mowng within uar
low limit-.
EVENING PUBLIC ramE
I I , ,..,1,1 I 1... ...., '". ' ' MM ... ' ,1 ,' '
'It
NEW YORK STOCK EXCHANGE TRANSACTIONS
SlllM
100
103
100
300
3100
100
too
.100
100
101
100
00
100
1.S00
100
3100
200
1X00
1010
230
000
4100
1100
400
100
.100
403
100
too
l'JOO
o no
100
100
100
200
(1.130
900
4. fOO
isno
2100
230
100
000
700
too
400
too
400
2Jno
31(1,1
310
100
010
.100
'230
lino
10 If)
.100
SOO
290
too
400
400
1000
210
1300
..on
ino
7
12
Div.
In t HiKh
.. Artnms Express 4s$
4 Air llcductlon 30 K
.. Alaska Juneau G M. . . IH
4 Allls-Clmlincri 3114
4 Allied Chem A Dyo. . . as?
7 Allied Chem ryyo pf . H7
.. Am Agrlo chem 355
.. Am Can 2714
Am Cnn nl 8114
Am Cir STFily 124
Am Chicle. 1J!$
Am Cotton Oil 10
Am IirtiR Syn 414
Am lea pf 03
Am tntemat Corp.... 334
Am Unseed 24 '
Am Locomotive b'l
Am Safety Hnzor. ... 4
Am snip A Com 7J
Am Sugar rtcf CO
Am Sugar IW pf m
Am .Sumatra 49l'3
Am Tel & Tel inHi
Am Tobnceo 1214
Am Tobacco U 12.1i
Am Writing Taper pf. 23
Am Woolen
Anaconda Copper ....
Assets Heatlzatlon . .
Amo Ilry Goods 2d Df
7
7
8
0
12
12
72
371j
1
37
.1 .rs.u uil 1UUV2
fl Atch Top fi Santa Fe. R5
8 Atch Top & S F pf ... lVa
. . Atlanta Hlr & Atinntio 2H
7 Atlantic Coast I.lno... 8S
. . Atlantic Pot 134
.. ATI Gulf WISH .. 2114
. . At! Gulf A W I S S pf 18
7 Haldwin Locomotive. 7RJ4
. . Baltimore H Ohio ... 394
ft Bethlehem Steel H 49j
8 Bethlehem Steel 8 pf 90
. . Booth Fisheries 3t4
. . Brklyn Uapid Transit. 13
. . Brklyn n T ctfs of dop Sj
.. Butte Copper & Zinc. 4i,
. . Butterlck 2.1 !'-
Cnl Zinc &
California
I.ead 4J4
Petroleum. 3r.i2
10 Cnni.dlnn r.icine 1I3U
. . Central Leather 33
.. Central Leather pf . . foil
3 Certaln-teod Trod ... 21
0 Chandler Motors 40
.. Ch'-rapcako A Ohio.. Jifiij
.. Chicago & nt West pf 17 JJ
.. Chicago Jill A St P... 2H
.. Chlcigo Mil & St P pf 43
B Chicago & Northwest. G0i2
.. Chi R I ft Pno
7 Chi rt I & Pao T'-c Pf
. . Chile Copper
.. Chlno Copper
. . Coca-Cola
8 Col Fuel A Iron pf . . .
fl Colum Otis & nice...
. . Col nraphophone . .
7 Consolidated Gas ...
6 Corn Products Itcf..
2300 I. CO Cosden & Co
PExysrs FIRMXESS
LOCAL FEATURE
Evidence of Holders Scared
Over Dividend Buying
Bach Their Stock
12.10
1100
1.100
toon
100
200
100
209
am)
r.oo
too
3200
100
800
4100
570)
1700
200
100
7000
1513
231
100
20(1
.130
7'10
410
100
23(1
37110
101
1H10
410
103
100
1100
Crucible Steel
Cuban Am Sugar. . . .
Cuba C.ino Sugar. .
Cub.i Cane Sugar pf
Davison Chemical . ,
Pel Lack &. West-rn,
Denver Rio Gr pf. .
Dime Mines
Hndlcott-Johnson ....
Er!
Hrio 1st pf
Famous Players L. . . .
Federal Min & Smlt pf
Flslc Rubber
General Asphalt
Oencrnl Ktectrlc
General Motors
Gen Motors deb 7 'o . . .
Goodrich B P
Great Northern pf . . . .
Houston Oil
Hupp Motor Car
Illinois Central
Interb Con Corp
InUTh Con Corp pf...
Jnt Harvester new. . . .
Int Mer Murine
int Mer Marine pf
International Nickel..
International Paper . .
Inlnclble Oil Corp. . .
Island Oil
Kansas Citv Southern
Kansas Citv Ho pf . . . .
KaFer 4 Co . . .
Kellj -Springfield Tire.
3'
7414
10'4
23 14
3JI-4
23
5?
4l,j
tsy2
(17
20
14
II
2S
.13
11)9
t7
17ij
fil Va
14 ",
201,4
21
13
3U
its
mH
Hi
321,4
72 3j
'(To
!!-
1)4
4
12
72
in'i
4.1
14
:
10
3
20 u
so
7.1 'j
13;
Low
44
30 H
IH
31 Vi
.1(1 K
H7
3SH
27
sti;
122 Va
1.1 i-i
10
4 "2
C3
:H
so 14
4
r-H
0H 14
NO
48IA
10.1
121 M
122
2.1
37li
I
S7
9!l'i
K'i
7Sf'8
2H
8S
12':,
2014
171,
77'A
39 i
4SH
00
Vi
1214
8
'
23 '4
4 1
33 Vi
112'4
S.V
r,s
5.1
4S1J
6'2
17 ',4
27 i
42H
no
3.1
741,4
in '-4
224
33
22
54 Va
414
sV
C7
2s'4
tm
1CH
10 li
2R6
31
189'5
1'4
17'4
r.ni4
14
20 Va
4S'a
21 j
12 H
11
110
10 '',
72 '
32 "4
71
S'2
II's
91
Vi
11 Jo
l',4
101-4
424
II
C0
10
2
211
49'J
73Ji
414
1'30
p.
44-M
30H-
IH
3114
37 H -
87 -3SK-27K
HtK. -
121
114
10 t-
3
' 33
24 4-
82
4
7'i-f-
T8H 1-
89
49V4 -10.114
-123H1
123
21
I?
3H4
t 37
1001-4 -
p4 Vi
78 V -
3H
88 -
-
im
7714 391,4 r
49 H r-
na f
3 '4 .
12'4 r
8 -H4
f
IV. i -4
Va
31)14 :
CO Va J
2.1
4S1J -Afil4
1-171,-27",-424-r
flO'a-r
3.T', J
74'i l
-.IT
4
2.1
3414 -4'2
f
8" Va
f'7
28 14
W4
IOJ4 J-
11 r
28
3.1
189J4 4
Ui
-
14 -
2014
40sj 21H-
12
8.1
117i
in 14
14 f
"214 3b n -5-
H!a
04
71 4 f-
lOKo
45 -14
-
1H
10 2J4
70 49'', -7.1'
14
43'i i
Not
Chue.
X
ira
t'4
4
Va
H
I'i
14
14
16
114
S
214
'n
ii
'4
Va
Ji
114
3
"
i
tl
3A
14
Va
H
1'4
Vt
1,4 1
'i
H
t'4
4
'4
i
H
3t
''4
'4
3't
Va
Va
Va
'4
H
l'4
Bntca
1IIU
123
400
000
100
MOO
90
300
100
100
200
100
00
0010
1200
1000
400
310
.110
400
400
1190
100
200
2010
100
109
(1.100
2230
2101
310
too
300
2.100
100
100
100
.1010
100
100
100
100
mno
20 ID
700
300
1401
100
100
300
200
100
2000
20)
1800
900
3100
onoo
100
300
200
200
20(1
12700
100
210
8.100
7100
000
100
330
100
hOCO
100
100
22,10
400
3100
0500
100
1403
3G0
son
100
200
1300
Dlv.
In I ItlKh
.. Keystone T A n 12H
. . Lake Erie & West pf . . 23
2 Lee Rubber Tire 28
3. 80 Lehigh Valley 84 J4
7 Llgtrett & Mycra pf . . . 103
. . Iiocwe Co 1 1 74
7 Loulsvlllo & Nnslivllloimj
7 Manhattan Kiev Rtiar. 40
1.7.1 Manhattan Shirt 20J4
.. Martnnd Oil 14'
.. Maxwell Claas B 10
.. Max Mot 1st pf ct sta 4H
8 May pept Stores 79J4
12 Mexican Petroleum ..I08J4
1.00 Middle States Corp... lift
.. Mldvale Steel 2.154
.. Mo Kansas & Texas.. 2H
.. Missouri Paclflo 20Ji
.. Missouri Pacific pf... 41 M
.. National Acmo 14 i
0 Nnt Knnmol & Stnmp. 48
4 National Lead 72?4
.. Nev Con Copper 1054
0 N O Tex & Mex 85
8 New York Central.... 723$
.. Now York C & St ,. . 8154
.. New York N It & II.. 18(i
7 Northern Pacific 77j
. . Okla Prod & Ref 2
.. Pacific Oil 3fl
0 Pnn-Amer Petrol .... 48?I
0 Pan-Amer II 43 54
.. Penn Seaboard Steel. 854
2 Pennsylvania R 11..,. 37
.. Peoples Ga8 Chlcaso.. 84
.. Pero Marquette 2154
3 Philadelphia Co 30
.. Plerce-Arrow Motor.. 10
. . Plerce-Arrow Mot pf . 32
.. Pierce Oil 74$
7 Pittsburgh Steel pf. .. 80
1 Pond Creek Coal 18
Pressed Steel Car.... 87?4
8 Pullman B2
Puro OH 281$
8 Railway steel Spring. 7.1
4 Readlnc 70
.. iwimiiiic jron & steel. ii4
7 uepub Iron ft Steel pT
. . Republic Motors ....
i.!0 Royal Dutch NY....,
. . St Louis San Fran. . .
. . St Louis San Fran pf
.. St Louis Southwest..
. . Sears-Roebuck t . . . .
.. Seneca Cop Corp....
.. Sinclair Oil
0 Southern Pncflio ....
. . Southern Rail
.. Southern Ralls pf. ...
.'. Standard Oil of Cnl.
.1 Standard Oil of N J.
7 Stand Oil of N J pf. .
7 Studebakcr
1 Suhmnrlno Boat Corp
.. Superior Oil Corp.. .
3 Texns Co
.. Texaa & Pacific
1 Texas & Pac C & O.
. . Third Avenuo
fl Tobacco Products . . .
7 Tobnceo Pro-ducts pf.
.. Trans Con Oil. . . .
8 t'nlon Bag ft Taper.
.. Union OH
10 Union Pacific
4 Union Pacific pf
8 United Drug
0 United Fruit
.. United Rwy Invest..
3 United Retnll Stores.
..US Foo Products..
..US Ind Alcohol.. ..
7 I S Ind Alcohol pf . .
..US Realty & Imp...
U S Rubber.
I
100 3.30 U S Smelt & Ref pf . .
'4
H
!!?!
54
S8110
201
800
200
230
700
3 !)0
109
100
1200
100
luo
100
100
200
300
200
10O
800
710
fl U S Sieel.
7 U S Steel pr
. . Utah Copper
. . Vanadium Corp
. . Va-Car Chemical . . . .
. . Va-Car Chemical pf . .
. . Wabauh pf A
. . Western Maryland . . .
. . West Maryland 2d pf.
. . Western Pacific
7 uestinghouio A Brake 80
4 Weatlnchouso E He M. 42
. . Whcellen & LE pf . . . 17
. . White OH Corp 8?i
. . wnos-uvcrinna cji
. . Willys-Overland pf
. . Wisconsin Central
wooluorth p v
84
12
81H
24 54
37 54
2014
r,n
in
20 54
"a i
201.4
.40
74 54
1.13
107
77Ja
8
414
38 H
20",
20 54
in
8914
N54
7H
CO
vi 54
12154
OS
60
1C254
8Ji
84 1$
17
4054
84
SO
4
ii n
74 5,
10914
4854
28
23J'a
0954
22
10
2534
0 Worthlncton Pump
. . IVNGllt
nvdUMend.
;a
29
38
11254
40W
Aero b?4
Low
I3H
2.1
27
8354
103
1154
ltl!4
4954
20 V,
14 '4
10
?4
70
10.154
10H
2.154
2H
20 54
41K
14 54
47
714
1054
88
13
8114
18!i
?05t
1'4
30 H
4814
43 54
84
3714
84
31 54
30
l'4
32
m
80
13
SO
no
2.154
78
0054
4 014
81
13
81
24 54
.18
2054
(14 54
1654
20 54
7SH
2054
4r.'4
74'2
134 ",
107
'&n
8
454
3454
24 74
1054
13
SO
841,
'54
(10
l!4
129
0.1
"54
101
8?i
sty,
17
49 '4
84
30
3V4
34 Va
73?4
10954
47 54
28
I33H
08
224
10
10H
23 54
80
42
17
8W
04
29
2(-54
11254
39
tJ4
Net
Chue.
1:80
P. M.
13 H
2.1
38
8354-
103
1174
11254 -
40H
30J4-
UU
10
4H
79 -108
11 -
2354
3H
2054
41 H h
"14
1054-
83
6154- 314
18 54- Va
77H
30 H f
484-
4354
84
37 M r
84 3154
30
lK-
33 -
1X
80
13
tn -to
-
2.154 ..
7S 254
954 - 54
4054 ..
841
13
81 -34
54-
3754
3054-
08 -
10
39 54-
78H
2054-
40',-
7454
138 -
107 rf
77
8
4 54
3SH 23 54
30!',
10 -
54
54
54
li
1H
1
54
154
1
114
54
H
Va
Va
I
154
14
1
154
1J4
"54
'54
Va
H
154
54
!i
1
IH
254
4
54
4
54
154
54
54
14
54
1
54
94
V
54
154
89 54 154
84 54-
7 54
no 19 54
120J4
r5
894
102 54-
KJ4
414
17 -4054
-8t
-60
-4
344 -?44
100 54 ,
-2.1
H -09
'-'
10
10H
23?4
80 -42
17
8U ,
Ji
20
28 ?4 r
11354
49 -
s?4
54
Va
'54
J4
'Va
54
94
Ji
54
1
94
94
2K2
54
114
54
n
1
94
'i
'4
TRADING ON CURB
IS AT LOW EBB
Oils Show Samo Dogreo of In
actionMinos Show
Bettor Tono
Now York, July 20. There wns
little change. In trailing conditions in
the New York Curb Kxelinnge mar
ket today, nearly all tho stocks re
maining at long-established trailing
levels und tho marke't generally being
without feature.
Cities Service common slock moved
up to 120, and the Honkers' shares
improved nenrly 1 point, to 14. (lien
Alden Coal again sold nt 34 to fl-1,
and there wai n sale of Delaware,
Lackawanna and Western Coal stock
issued under n former plan, nt 75.
The candy stocks wore unchanged In
their market position, Swcota Co. ngnlu
selling nt 2 anil United Retail Candy
at 0aa. A transaction wns recorded in
lobacco Products Kxports nt Cti. Du
rant Motor wns steady, selling nt 2tf.
Acme ConI was steady, Kclllng nt 1
and Acme Packing was pressed on the
market nt li and 1.
Petroleum stocks showed the same
degreo of Inaction. Klk ilnsln wns
traded in nt r.H4 and Skolly Oil fold nt
4. Moracaibo, which has been In de
mand from inside nources for some
time, sold nt 22. There wns a small
amount of trading in International Po
troleuni nt 10 nnd 10ft.
Dealings In mining stocks were on n
fairly large scale with the feature being
a further advance- In Boston and .Montana.
INDUSTftlALS
Aetna Coal
Acmo Packing
Carllala Tiro
i l & iv ; ;
Durant MVMora .......
lllen Aldon
Ititor Hubbor
Mercor .Motors
l'erffctlon Tiro
H.11II0 Com ,
Sweets (Jo
Tub I'roil Kxp
I." 3 Ship Corp
V H Steam
Vnlted ITont Sharing
t nltxl net Candy . . . .
IVkmiu Coal
Willis Corp
HiKh
J
IW
Gtt
7.1
28
S4H
7 '4
2tt
93
r
2
ri
21
85
JO
IS
48
Low
IH
14
ft
7.1
2S
34
7H
24
90
1'i
2.
r.Vi
21
34
11S
IS
48
1:30
I), m
154
1V
n
78
28
3IH
74
24
0.1
1T4
2S
5i
21
3.1
1
IS
48
Commodity Markets
GRAIN MARKET
Cllicaco. .Iul. -'! Wl.. .it tirted
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 CS Co.
Member .Vow York Sfocfc Etchunge
Franklin Bk. Bldg.,'Philadelphia
New York Doton Scrar.ton
Buffalo Albany Syracuse Baltimore
Continued finnneca of IVnnvlvitiin
Ttailrnad Mipplied the brij'it .pnt of
flu1 dav' nperntiniH in the local rmr
let. While the dealings in the general
li-t remained of the same ictticted
seal" the tone win creutlv imprnre'l
and prices were f-tendier in mn-t nil
directions. There w.is a further ad- connections billing, ltrceipti inspected
.itiH in Pennsjlvania of a point to eterday were 4H2 car-; last year V-S
;i71t or ."'... jioiiit nboe the low -water car-.
mark mad a month ngu Tin- corn. I The cash market weakened in Mm--ponding
stri'Ugtli of the Mock in thf pnthy with the future-, which ea-ed
larger niaiket confirmed in a menun , under pi oit-taking. Another factor
leci-nt reimrts tlmt mnny uhn soli their i i.iikenlnir the eai-h market relatively
BILLION DROP IN EXPORTS
Trade With Europe Falls Off $1,
500,000,000 During Fiscal Year
Washington. .luh I'll. Kpoit- to
Hurope fell off nearly .51,500.000.(100.
"bile tlioi.e to South America inei eased
more wiim ;s.iu.(HPu.ij( ii iinriug the nsc.i
unchanged to 2c lower on .Iul, -'ic 1
P.c off on September and "ic to lc
down for December. I.o, al profes-
::: .":: 7i. :.i :";.... ;vu '"' ':- .. .. -omparei
endine house Willi .Not tawestei n
i a
I Financial Briefs
A rab!o from lluno Alrea atati-n that
1 roinm-ncln.f Auuu.t 1. tra.llnic will ,inrt In
ifc,. m''-'1 "n lhe 1,u-"us A''"lc'J
At n meotlnK of th llnard of Dlreetori of
IIii- inn an.l ManhaiL.n llllroad Co ?"
cent interest wan lcln-ecl ..n tlln romuinv-.
.l.l 102 lino of .'. rer ,en( ndjuitment incomS
in-uni.i fir th mv months eml.i T.,n tn
II1IH 9 th" Rocntl.) InHMIIlmint of lnl.r..i Yr.
..! i .. - -. tt
OTIS & CO.
Stocks Bonds
Acceptances
Foreign Exchanga
Member of New York,
Cleveland, Boston. Chi
cago and Detroit Stock
Exchanges, the New York
Cotton Exchanuo and tho
Chicago Board of Trade.
Private wire connections
ivith principal markets of
tho United States and
Canada.
216 Superior Ave., N. E,
CLEVELAND
New Vurk Liu.lon Detroit
Cincinnati Coiu.nbui Toledo
ALrjn Youurtito'-vn Doytun
Denver Colorado Spring!
stock during ino teient slump on fears
of dividend Miponiun nre taking bai k
their holding", because of the lirtual
asMirancc of the present per cent rate
and the probability of an itu rea-i. to 5
i per cent just n soon a- bii-iin.---. i n-
ilition begin to brighten up.
What little apprehension there o.
iteil over the local ga-k-ase situatinn
disappeared owr nllit. While t'lnri"
wm. of courne, dl-iippointment in the
failure of the Maor to accept the plan
granting the companv temporarv relief,
it wai quite generally recognized t ie
, situation was not Jiopelev by nnt
Imeiinx If nil agreement uin be reached I
h wlin-h the present louse ma; ti ni"d- '
Hied or an entlrelv new- one madi- more i
1 'it.f.ietonl . reu!t' would be nb tamed '
'Imn in anj mane-tuft scheme n- of
fered bv tlie Couuill urditiniii e.
I 1-or -in- tun past iiiU'r it.on-i ha"
i b'eu a I- .f the popsthilin of.o.upani
btHiiiiiiK .i contract or n-w leTe on i
, li un; -cal, ubi'h would 'ii" t .-hang-I
i:ig 'on iitiom ,ond which would m th.
end work out more .-.'ifi-fuetory nnd
. rrofitably for the c mpnny nnd tlie ton
uner Onlv a few slinre of the ftock
I -ii reed hardu nt "' . or ik above last
1 ll.jll' - c'-'ilf price
In the other lie .il -'inn- Philadelphia
Rnpii Tran-it hold ,at 3 1. 4 1'nlon
Trui tion declined '. tr. .",oij. Ph.lidei.
pi i i ri"erric pj-'f'rred fill ,.t, k to
.''. . Klfitni- Storage I'.attrn. nft. i
was the advance in ,iuiy to -c prviiuum
over the September.
Kxport s.iU nt the Seaboaid were
onlv 'J.'O.OuO bushel- and New- York l
said thtre was no forward booking.
Cooler weather h forecast for the i
Noithw-e-it today und yesterday's, tern- ,
.... ...;- .cnn ft-inrlernti. '
Torn .started L.c lower on July,
compared with
to
were 554.0CO.O0O.
iI l.UOU.OOO,
South America exports fnr the fiscal
J ear amounted to $51!.t. OO.OoO, com
pared with S-ir0.000,0(10, and import.-.
iiEKro'rmofi ,s iNi.iMju.tiut), ns ngain-t
J1- Ssiwi nrci riAn ...hi., t ..... .
r. - . i r.i ... T ""..'..v .,., iii t- .lull I'M.iiri- i).
v off on M-ptemner nn.i : iu -s. , tnl,i o , - fmn nm i n,..i ...i.i. tin
lower on December. Selling wan genera , rl.OOO. and Imnort i girnnr. e STii'.
.i. ...n... ..niti. nvcrriii. oeir. our ...-1..-.. - '. ". .--
Ul llic Mint ii" !! --... - --
prices quickly bundled on commission
liou-e bujing.
(.l.it- started unchanged to JiC lower
for Julv and ' ic off t..r September.
Comnii.-.-ion iiou- - were on buth ndi
of the market and pii"s enrlv were
lovvir level nil intlur nun iiaue
Kb the preious ".ar. Commerce lie
pnitmenr ligure-, dlscloed ti in . In
June thf re was a sharp decline in botli
directions coinp,md to the mine month
a ,car ago.
The year's exjirt to Hurope wit.-Sa.-lO.OOO.OOO.
against Sl.WVt.OOO.onn
in 1II1X); imiwrt- were .'sillT.O'lO.OlHI. I ...Thn P,,r"r,or - th Mint announre.l that
M".ii;.(K)iiiK)( last .Mir. wliil.. iniiiort-
iir. Tin in nn .hauA i.n.
Ii n .... eviein nillt; HClOD?r 1 1 D 1 (1
tho nmr lnullmnt of L' pr rnt luivlnir
b. en i.nl.i on April 1 H21 A thi, iniV.?
1 1(10 a halnnco of 3 per cent of Vi mi,
lathe Interest remnlna SnCalrt l 0t cumu
000,000, as against $S1 ,000.000.
Philadelphia Markets
Thr aera(- prlr of tlii. tw-fnty nolive In-
.i- . i p,1',, wnllfl m twenty railroads nil
anced 0 50 Dfr cent to 73.5S. ""'toJas au
nn.i
Deficit after
Mlnn-apolls an. .it. iy,u. for Illn, .,.,,
Rron OLx'rnl nr im..n. ., riVJ'T.irort'
nm nfi r .;,v..j ";";. .:".: .w
tlxij ch.irte i.j jis;i j,;.
A mmbr.hlp in th) Pitthnrgh Ptork
ExchanKe nold t 37.10. nn nlunr!lM
LIVESTOCK QUOTATIONS
iilsiilirKII. .liny 1"! HudS II
8TANDA1ID OILS
S Oil or Ind 07H 07V4 07S
INniTTKNllENT OILS
Arkansas Natural Qas ... 0'i 0V4 PT4
lloston Wyoming 09 AS OS
Cities Servlca (old) 120H 1211 120
Cities .lervlco "H" ctfs.. 14 13'i 13'
Creole 8yd 3H 3S alt
r.lk llasln Pet .Hi ! (i
Hnglno-rs Tetrol 47 40 40
Esmeralda Oil 3 3 3
Federal Oil f, m u
(Uenrock Oil 02 8S 00
(Iranada 3-i fl'i 3-t
Int Petrol 10H lo lnl,
L ons 00 03 OS
Manhattan Oil 100 7.1 100
Marnrnlho Oil 22H 22H 22H
Marrllt Oil 7 7H 7H
Mexico Oil CO (18 00
National Oil N J SH S3 83
Kequojah Oil 10 10 10
HimniH J'ct U 0 0Ti
bkolly Oil 4 4 4
Toxon 04 01 04
Zopal.i prof HH 67 a")
MININO
niir I.edire 23
lloston A Montna 72
Cnrtci: Hlher 77
Cresson Cold Ill
D1.-IJ9 nxt a.i
Hi bahador 22
Eureka Croesus 42
Uoldflold Florence 40
llarmlll DlWde 12
Kerr I.ake 3-1
.Mnema Copper lin
Marsh Mlnlnif .1
National Tin 01
Nlplsslnir 44
Kay Hercules 2n
Rex Cons 8
Tonopah Dlvldo 81
United Eastern -
IrONDS
Amur Tel 1022
Amer Tel 0s 1024
Anaconda 7s 1020
Anulo-Amer 7Ws
Armour 7s
Can Nat Uy ra 7s
Cnl Un Ht.i nvn
Cona ias sa
fons Textile 7s . . .
Copper Kxport Pa 1022.
Copper Ss 1023 . .
Copper i:port 8s 1021 .
Copper Kxport Ss 1023..
Ooodrlrh Tire 7s . .
Clrand Trunk H'jb
Oulf Oil 7b
Heln2 Co 7s
llumtile Oil 7s
lmerboro 7s
lntertioro 7s 102S
Ill Cent 0H:S
Lihl McNeill 7s . ...
I.lsnett . Mjers in
Nat Leather f3 . . .
Sears lloebuck 7s 1022 .
Siars Hoihuck 7s 1023.
pouthweet llell 7s
Stand Oil N Y 7s 102.1
Stand Oil N Y 7s 1028
Stand Oil N Y 7 1030
Minn, I fill -. Y tm 1U31 ..I'M'
Stand Oil N Y 0M lnnvi
Swift & Co 7s 07W
Sun Oil 7s 1114
Tetns Co 7s 00
Vacuum Oil 7s 101
IVisiern Elec 7s 10"
fn Dru 8s innH
French Victory Bs 00
, . 00
. 07U
034
.1110-1
,. 004
, .UlO'i
101
, .1004
,.102
, .10011
, inoT,
. 101
. 1011,
. . R01i
. . on1
. . 08
. oos
, . 07ts
. 814
. .100',
. .101
D44
in'.
2.1
70
70
3."
21
40
30
12
34
17'i
5
r.o
14
23
8
70
2H
09
07v;
03S
100-i
004
IHO'4
ini
11104
102
limH
10U4
1001
1014
80S
004
08
ons
i-;
80S
too,
loK
034
004
04
0Ssi
07
004
1014
,102 102
1034 1034
niiM
074
014
00 ;
101
ion
100
co-
. 00''
. 044
. osi;
. 07
004
mi'-
70
77
Ml
34
21
40
40
12
H4
174
r,
so
14
20
8
SI
294
0D
074
034
1004
oon
1004
101
1004
102
100.
1004
101
1014
80i
tMU
004
117.
80 I
100
10t4
04 4
004
044
flsi;
07
004
1014
1024
1034
ion;
1004 i
074 !
Ill -
oo ;
101
loon
1004
HO
tie
to 1
bun;
ii.i-
sa.e at
10.-1... r,.
,is m'T a
le. to l(l"i
int frmn thi
Amer..
prel-
COTTON MARKET
New York. Juh '- ' 'iTerins from
lapunene and New (irlean- mteiestsde
pre e, the f otton market -lightly at the
oi.ninir 1'irat prn es wro uuchangel
to 1 point- lower. Continued hii"
weather oer the belt promoted bean-h
bftimnient from b. al traders, which
fn,,n,l Kxnrehi-ioii In fuithor lire-uie
after the etart. and
p. nuts unibv la-t in;
mi i was a moderate
1.1. e
The !'
are etiiu.ite.i at 1 ("i0 bale, aeainst
js.iill.". b.ili- a week ago. 7.'!- bales a
.-ar ao an I 1 1 ,i i I pnio- two jear- aso
Y-t
fo
r ed Oi tober i.
it's clo-e. l.iver
bujer on the de-
the tio
1.1 (i no
,t itvr
1
Ihi hi
M.r.
11 ''1
I. in
12 4U
12 T't
T'llH
1-p.T,
11 I
I J 10
12 3'i
12 73
1 ' I H2
'- or) ,o
1J .1
12 '.:.
ening '"all of tin' loial i offee
future, maikit wei nlined to n lew
lot- of UocMinber at Olio, and prices
i were 1' to Ii points above the picunu-
' eloMii:; leveU. There wete no nu in -
from Itrsril. owing to the liolidav tl.ere.
'i
ar.Trr,v7oT.iT:-sirij';r3caflMaa3
KEtf0tiGERf
HENBERSOH & LOED
FOREIGN EXCHANGE
New York. -h' " A fuitii'-r weak
lie-s in derm 'II Ili.ilKs. wlili'i were nt-
f. ied nr 1 'JL'ij, feiture.l tl,e .qietiuu NEW YORK COFFEE MARKET
I'lu-iKti exchange imirkit t-Hv. Ster-
I-- .i.,.,i .. -, . .j i New oi i. .Julv 'M -I ran-'i' tions
with fratlM 'ii-tir' in -Miiii.itliv The I "U 'he nl
n lc r pr.nc.piil ontniPiitiil exchanges
d -p' ne. nn irresulur tone, as did th
i iiuilin.n Ian.
The quotntionn were :
steilin.; c.il; ei .i.iii.. lem'ini Pr. cloo ' 'i n
.'IKi't; linti. ruble. 7 OL'1, . i In. k , - r'-n-w .. J.-JJl '';
n til 1.1 "!. i TiiiriitiiF ' i'i I )' f If I
i 111 , Melij.iin (iihles i 1 k-' .'."..'"'' r - eilvn 7j-,-iilu
7 :.'!. Si- uible- HI 10. cheik. Ill .'!7: m, i ' T 43tf 4'l JI'9Vil!
'lie cable- 1 I"1.', cheek- 1 17; pe.et.i I ' Tradms "(is at a standstill .'if mid-
idles 1L' s-j, ,i,i,k U so; einlder dnv. with no tran-iif'tioiis nnce the
, .ihi. - ."." sn, , l,e. - ;to 7.1, Stockhmm ' "petilni; call, but the undertone held
cable- -J0 1.1. checks :.'o 10. ( 'hrlst latiia i steady, po-lblv Inlluenc'd liv the bet-
b!f- 11' s.l. .he. k- 1J si I ci.. i ter deicand for spot cotiee ami uriiier
il.le- 1.1 J' i, .heck, 1.1 1,1, inaiks Pr I'M theie With September I'.pn. n-
t on not tar off. there i- little on which
n-i...-.-..I. .,' hi., n.iiiii, ;,, M .,i .,. to bull i "Tee, un'ess. bowiver, the
,l.i mi Ni lolk firnln uim 1"1. i liaib" hiiilli
iir iinr Tlie rat" of discount in Nevlnn
.ii 1-. on Canadian funds wio. 11 ner nature.
1 1 nt
Cmtriil I.iironean exehnnces
(, i ,-(, ,i t.s , Itumanian. 1 -0
i a
' iigen
were ;
I '.lll-
ll.
"
Hemltra New i'ork and
Philadelphia Stock h'xrhanga
(-I0 Chestnut St.
I,
k cm urn so, Austrian, .11.1: P0IUI1
I nl, C7eclio-Slovnl;iun, l.-l'i, an
JuKo-Slavia, .-111
J ' Sll.ni'AV .-1 KINII. JC TATfis
Paul
I K"t a fold wave -care from
or homethiiiK of a bullish
DANK CLEARINGS
Hurl f "srlns- in l.c i -iinimrfl with enr-
hhi nditirf di mi iwij eari
Hi 21 1020
PI lla . 117 OHO OHO M His
.n.l
t ab,ea
S.erllnrf Kmncs l.i'-e ll'ill ' r
I . 3 : 4 7 07 111 311 -.H
3 .17'.. 7 I'S I 12 SO hi
'I'AV'S UPKNINU QfoTATIONS
Stfillnf Frunus l.lri Ouulders
3 nit 'i 7 in
3 50ll 7 02
I I 81'
I N V. rk
I l'wlf inu lu
4 17
4 174
30 7.1
30 t0
40 -7(1 -a,' US 7l '
',0- Hon fi 0 iisii 0"s n--,
11 HI s- 10 1V1 '"
BAR SILVER
nio
:i.i :nn
S3 1 on
-i.i 313 (i:.l
S71
P'lniest
York l"il.
Ill 4 c. u d'riinn of
prlco was 4 J louer
Imr sher s un hiing"'! In New
lit UB4' per an.- mini'' lore.
It' in l.onaon, in
al 3S4d.
M HKAT n-eep:s 140.030 huh Further
der inM r-Br Kits In expnrt ilwnlor
Ni 2 rel winter $134'cT130 No 2 ml
wln'-r garllrky $12iJ120 other urades
iuot- l ,t th fn!loUntr schdul if d sciunts
Mlxl uheat lie under red wlmr No, 3
wht 1 under No 2 No 4 whnit 7e under
.Nn n, S nh'ii lie under No 2. .Sample
arci.rirn to nunl.ty
(oitV rterelpts 41. .110 hu'h Market
steal Cnr lots in export el..ator N" 2
711i7?f No. 3 77T73c. car lotw for loeal
tnde No 2 yellow 800 81'-
"ATS nero.'p's im.11 bush Quiet at lat
dr;ine Car lots as to location N.j 2 while.
.'i2T.".24c, No .'I white. MfM4c
FI.Dt'H lltcelpts 7f0 hhla nnd 1 330 474
lbs In encJi. .Market dull and weak Quota
tions Soft w ntr "trmsjlit Ve-i..m Jl.S
6 0 .'') do do rinrh JOiO.'" hirdwlno-r
piraieht t7S0'fls o short ri' 'nt 7 7 r. I
21 spring flf-t r'ear 7 ''l7 7.1 !..
Pit-nt fS7".'50 ehort patn' JO 2.-.17
lo fani-y, sprin nnd city m":s I'.itent.
f.m'lv brands l:n.ufll 11- ::mr $-10
- 7"
Pn' i VI. II ONS wer- Orrniy heM The f,uo.
t.itlntH leef in sets, emo, ..d aifl nlr
diOd Me be. f krcieklesand ti tulors enioked
anil ilr dried S2e. pork, fainll' I3r. hams.
S P rurd loose. .infTSSp. sk'nnel loos-.
82'S3- do di siinknl 1-ii I-, l.aiTS
Pd boneless .'.Or. plenle shu'iers S P.
rurert l"0e I0e do, smoked 1 7' tellies,
in ell-' in' se. 17c. Iirea'tfi- 1 1, in, J. .
lard t ir
IlfTTIIK furiher advancl '.fin q ,,,.
t .n H "d pa' k d ereatn."- h'Rh.seorlnir
urr. M 4iT 7i intra 41' exlri fl'Sts
42trl.V flrl .'.-fflUCi sei -mil. 'nfl.'l7-swe-t
rrpamT fholre to famv 101; s(
fair to Komi flOli lie. fnn' nrlnM Jobbln
at '..1t?."7(. fiur ti cliolee 1717 "Je
i:fi'1S Kloe Kiimi firm nt ,t., ndvsni-
Ouotiitlnns N'enrlnex'rj frets 30'. do fir-l
3tr Weaturn entrs firsts 30- Trsts, 377
Si seionds 20'B'31e lnfrl " lots Inns-.
fnn- selected e-m Jobbing i .lOUlk. fair
In BOiif It 17 l !''
("Hl.I'Sr. unlet and bar- n.-mlv Oiimii
nni Nee York whole rilll' Ort" fin.
fre-h j'Jf'JIi di cninninn to fair. fe i
'.'iiCjle LinKhoins frenh 2l,i2.V hie.-e
usi's rrosh 22. '.ie j. rii.ini; t-alei nf
101- KOods 2-9f20c
J.IVK POt'l.TllY The i)intiiinii Fowls
fnntx ( t 3.".ff12e Inf. nor 20,'(2t. serin
chickens I rollers rot I enhorrs Kind om.
t - VM-lKhlPT 24 W 3 H . nlrei. 3Jjri0e
weBhln 1ftJ lbs. ni.l r. SilfT a (r , rlnn
rhlikens I.eifhorns. 2.1 'i 30r roosters, lofi1
lsi. durks as ti a'liilliv 1 s 'f. .'.1" , pIb.oiih
per pnlr old HflSne Milini 3'ifflOc
niti.M-FM) pori.Trty ouoiatini kois
fresh kll'e.l d' v-pfk(d. In hn Vi.!Khlnr
ll lbs apiece 0r we.el 'nr 3'- II, 37
30. welnhlriif 3 lis 3117V. Kouls
fresh killed In liarre h dri p'. ..il ,.hn;
4 B.I lbs aplert. dr i i ke I 1'K lie-pa.kel
RSe welffhlnif 34 I'" .1 t I2e nelithltrK
3 lbs and under 2.1tl2'e hrolllnn ehlekons
WfSleril. 3'l30e do II. irliv. 3llf 0r, nd
roosters, dry-nlfked, 1V stern. 2le do do
Bouthern, 21 If 23c du Idlno, Loim Island,
2Pe do nearby. 2ic
pnTATOr.S Ouotrft'ors While ro'atnes
irniilieiii. per bbl 11 in If I 7R while put.-i-ti.11
ueirbv. i-r . In Ic I isket. No 1,
7u'0 00i-. No 2 2'it I"'
Prices Firmer on Paris Bourse
Purls. Julv 20 I'm ei w re trmr nn tbe
Ilourse today Three per .ent rentes .lilf
,10c. Exchange on lyindun, 40f (i.le Kv
per ent loan KOf 70. The dollar wan
fiuoted at ISf lCc
.will nenii i.oer Hca les $ 1 1 .10 'u 1 1 nu
hum nr inn 1 l.hi ..,,..1, .. . u "J.iou
flj;.,,. -" "- Ull'l P1KH
-iii.i;r
elpis,
11 no.
$12 30
VN'Il I. MI.- TIAln.. rA .. . .
Stem, Top shiep- hm', 'Ci,:'11,
fAfA't-VS 11.,,... .r... V """". OI"
I op. 512
ceipls 100 head. 'lIiKh
nlss
$4 .10
Kest lltilTnln, July 20 -ATTI rn..
vr": '",. h?H1 f'h '"" c,1-- ''HdV othVrs
fents hlnhr $.lTti2sn ' "ly
llf ,.s Re. Ipts Jno hi-l'l &teidv
Heavv $1 7.10 12 mlved . JI's.ri.A
.ir r 1 1 .-.n ii,.i.. . ... . ' - ""
ii. .r irt.7, 1'hin i'tkit, and
$12 23 11 12 .10 roughs. $t 7.1 'SO stars
h.u'l','' AVrL 'AMP'! -Receipts 4000
un.nanBed ""nh8 "ct'"" ht" slow' ""
DIVIDENDS DECLARED
1 hevro . t Miim in of iJeiawure, $3 a
ihjrf mMihu Auuut 2 to stock of record
i-ii'mturs-n .-t'l 1 iiuattrly
pn-fillel P.i .ible .September 1
rei nrd AuK'ist 11
,J . 1h'e I.nRln-e-ini; 1 orjmrntion.
3'jnrterly li4 r.r (?. uo piefermd panble
!4ei.teintT 1 tn stoik nf r....rd luirusi 1.1
sln'k nf nc.nl AUKUst 13
"f $1 7.1 on
to stock of
1 10
Further Decline In Savings Deposits
t-ainiH deposits In Ih" Thirl J . . I . r .1 ! Ile-
" l"stn. t are rhniin.- furtler mci r.ite.
a 1 ud nJ'i the inoiitlilj rei ir if t,,, i,,,,).
tiers and rli..n. ih' mu mnti I v th PI ,,,j, . hu
I . 1. ral I-.r Hank li.M" -Us of 1 ienij.(our
s iv Ink's banki In tlm dlstilci nn July 1 hcm
-" X30fl 514 300 'iliiH cnniiwreV wTih
s.nnl 031 08S on June 1 11121. mi.'i i"ol tV'i .
IHI nn July 1 1020 This vvss the fourth
rnn-ei utive month nf th i denlln the fill
fnun the iierfk of Mitch 1 tieliiK $1 I-; 0"0
01 J .'. per . .-nt Uurlni! th.- flist ihr.e m mths
il.irs.iM diciin. d both In ihn I'hlladi Iphia and
outside I nil's but III Jim- thorn was u ihl
iiii..e .111. 1.. ..f Phi 1 1 'eiphld wnl.li ,.-,
ciniic iliimni-d b l.irer ."iridsi in that
ct
11 I'l.lla Outside 1'hll.i Totals
11.21
luiv 1
lun" 1
Muv 1
April I
Men 1
1020
Juh 1
$2.12 7111 033
2.11 lll'l SOI
2.1.1 317 1-1
2.1.1 '11.1 01 I
2.1(1 00i.3.1'l
113 $30
.12 7..1 237
.12 IMJJ 171
M 11.1(1 731
.13.100.420
11 .old
SOU 031. CIS
30- 210. BOH
mi. -l.e' x. I
310 001. 7SS
Philadelphia Stocks
1.0 w
OK. (1U
''0
71
Itleh
400 Am Ship
& Com.
2.1 Am Ons.,
l'J.'l niecStor.10.1Va 10.1
1.1 I Co N A 29
10 Lake Sup 7V.
1.10 I .eh Vnl . iVl7-;
20 Lit Schyl fW
.13(1 Pa It II.. 37
10 Phila Co
cum pf.. am
.10 Phila Hlec 22
140 do pref.. 21
.10.1 Phila 11 T
lOOtStudehkr
lOOtTfMis &
I'nellie,
.1.1 T'n Trac
.1 l" (1 I . .
1 I.i
P. it.
Net
chte
10,1
211
-1
10li
70
'fi
x
nm
oo
2(1'
10
70
Mi
7'a-r- a'2
:trt l
3TV4 ft
31 H
22
20
10..
7(1
30 V.
33
21
30 V'.
33
2.1
diiy-j
33
v;
tNet ih-inge made by comparison with last
sale on Nw York Stock Kxcn.ine.
I'illUMtni.I'llIA IIOMIS
300 l.ibortv lt 4'in 1017..
400 Liberty 1t 4Vn 11147. .
300 l.lbeity 2d in 1012
R7.00
87. W
87.00
87.. 1(1
13.1000 Liberty 3d 4V4s 102M..lots 01.01
1.10 Liberty 2d -I'-ib 1042
.S.1000 Liberty 3d 4",m 1028.
COOil Liberty 3d -IHs 102S
200 Liberty 4th -IVi 1038.
3.100 Victory 4h 1023
1.10 Victory 4h 1023
200 Amer CJhh v: Klec ."n..
20IHI Italilwlu Loco 1st .Is..
20IKI Klectric & People's 4s
1000 PentiKylviinin (J'jS)
1000 Peniisylvnnla (i'.8....
1000 I'lula Illec 1st .1-
14000 Iliilu Illec 1st 5s.
lots
01. Ill
02.00
87. 7S
lis. (12
OS 48
"0i,j
031'.
M
HIM?.
rnj
87'4
87
THIS bank possesses a clientele
sufficiently diversified to insure
a knowledge of every phase of
business practice.
Central National Bank
of Philadelphia
Chestnut Street at Fifth
Capital $1,000,000 Surpltu and Undivided Profits Earned $4,400,000
Rochester Gas and
Electric Corporation
Twonty-flvo Year
7 Gold Bonds
Dut? 1946
A long term mortgage bond
of a company essentially
hydro-electric in character and
doing the entire commercial
light and power business in
the City of Rochester.
We have been identified with
the bond financing of this
Corporation and its predeces
sors for the past nineteen
years and recommend this
issue for conservative invest
ment. Prico 96 and interest
To yield 7.35
Complete circular on request.
Harris, Forbes & Co
Pine St., Cor. William
NEW YORK
PHILADELPHIA OFFICE
Widcncr Building
Telephone Spruce 7040
r
Ih 1 SPruc5 8200 fl
QUOTED I
BOUGHT SOLD
United States
Government
Securities
All Issues
sr.Cini!T!H3 ni:i'ARTMKXT
CommercialTrust
Company
Itrmtifr rilrnl Itrirrvo iv.irm
City Hall Squixro Weil
jfinr'wl,'"p ''' -in
r-"wf
Kardos &. Burke
Investment Securities
Government Bonds
Foreign Exchange
Foreign Bonds
Inquiries InviteJ
1424WalnutSt.,Philadclphia
Phone: Spruce 6307
New York
Chlcaeo
Plttiburgh
Baltimore
4
Direct Privati XPlrti
STANDARD
OIL CO.
INDIANA
U f haif rrrparrd t bimfc
lrldfk(.ribintir. nrmriny
- the wutld"1! Itrgett fro
dur of gioint
littorL, t p w 'thin the
reach of rff) invcitof.
Cf7iU firvt o t rr (
A&k for bf tihlrt "3 j"
C. C. KERR & CO.
Sftiatltli It SunJj 1 Oi. 5ui.rf!ii
2 Itcctnr Street Now York
".thhm, Vl-r t 1
m
l''i z
I
WE OFFER
J. B. STETSON CO.
STOCK
SamuelMery
Jtembcrs Phila. Stock Exclmnoa
Franklin Bank Uuilding
rhune rnriHr 7500
Utah Copper
Jta position. Industrially,
nnd inips-jiui u ics. market
wise, aro iltscust-eii In a
Mifcl.il analysu o liae
Just iiti-pnri ii
.sk u m to K'Tiil you one
Ko oblinatlon on y ur pa"-
McLTON UEIM0CO
STOCKS-FORnCNtXCHA'.'CE'BONCS
MaMosns
PHILADELPHIA STOCK CXCHANOt
CONSOLI DATED STOCK OCHANStlM
lf.22 Chestnut Street
riionrn ll'll. Siirin i unll.M-l
Kohtnuv. Iturv 7.1!)
11 llrniiihvnv A 48U .Itlj r . . .
Mninford. C'nnn. SnrlnEtlrld, Mjm.
Ilohnltp, .lliii..
Trrrp lliiute. lnilnlK. & llanlrrn .. ,Vn 1011
Kcninore I'ulii . l'mwr Co. . . (I'n ltl.17
Srriuin.1" I.Ulit A Power ( n. ,1'h lti.11
(min. Italhvjj l.lKlitlnic Co. . i'-,' III.". I
I'.qiiltiiMr llliiiuluiitlnc (i'iih I.t. Va l'l.g
Anirrldin (Inn ( nmii.iny ,'i iU'H
Hrliwire f'onntv Klortrlc ( o. IN 1!M'I
Nilhlllr luih A llr.illnr fn. . ,1'h 111:17
WANTED
MU-niirl P-.rltlr l.nuln 0'.' 1U.1H to 1(
SAMUEL K. PHILLIPS & CO.
Mrnili-rt. I'hll 'ili-lplil 1 Stmk 1.mIi,iui:f
sni ( 111 mm t Mitr.r.r
If There Is a Market
We Can Find It
Wc hold sales of stocks
and bonds every Wednes
day, charging $1.50 en
trance fee for inch item. Our
weekly catalogues and postal
card service reach every mar
ket. Wo take pleasure in
furnishing quotations.
Barnes & Lofland
EtucU Ilrokrrs mid Auctioneer!
SI.
117 S.
Itll
West IVnn Power 5s, 19 16
American Pow. & I.t. 0, 201G
RhafTer Oil & It el", fis. l'JO
Commonwealth Pow.. It. & I.t. com.
Horn & Hardart (Phila.)
1954
Rochester Rwy. & Lt. 5a,
HersheyChoc. 7 'is, 1930
United Gas Imp. 8s, 1923
Detroit Unit. Ry. 8s. 1922 to 41
TARH & CO.
BAUER.
l.nnil Tills llullillntf. riilliiil ii""'
Nvvv loik (lllue, J Korli'r "'"i' .
JIlii.l'riMli ". cjiiim. Id Offices
ii imiiwniii - .ct..m
r
Land Title Hid,'., Phila., Pa.
.If (inter Philadelphia htm h. rxthnn'ie
Foreign Exchange Explained
Ash for Free Booklet F-2 I
Wm.H.MfKenna&Co.
221 South 15th St., Phila., Pa.
Hill I'liOncs I.uiunt 117tt
Now York Pntcrson
LEHIGH VALLEY
6s, 1928
MORLEY, WOOD & CO.
333 Chestnut
'Irmlirr X. 1 I'lil'n
Rtrnot
toil, r.rh1"'
L' 11 CIS 13.". Ml 170 101 LMU 7UU.G4U
Federal Reserve Ratios
MiikIiIiicIiiii lulv ,l Kiitiim nf total re
serves tn n-1 iJim.'h'Im unl Knii.ra l(nervi
n"t" ILiIiIIiiIi-ii ri.mlMi c I f i Hi" ihoU.) IV'1
urnl JI'STvt' llunkH nnl ihi .nilrp nymom
iih of Ju'y 1'7 ldl.'l ruinpiiil with preMoui
v.iek anil a uar utfn I nw
Jun ."7, July 'JO. Jul 31,
Homon
X. w VnrH . . .
I'hllmlnllih.u ..
( icm-Ihwi . . .
F ohm mil .
Atliinta . ..
f'hlrago .
Hi I.nu'n . .
Minncipolln
ICaniaB Pity . .
lallnn
Han Kranclnco
Total . .
I II.' I
77 H
i 3
ill ii
(1.1 (i
43 7
41 7
.11 1
.13 '.)
HII 1
r.3 S
411 I
II.' 3
19L'l
7t t
711 n
II I
Ml l
41 -'
4 1 .1
14 '!
.13 I
311 0
r.3 1
4U I
III 0
1U2D
.111 4
41 4
41 h
.111.1
111 0
in s
4(1 7
I'.1
40
41
MONEY-LENDINQ RATES
XI'.W 10KK Moni-y on rail, ln,th rlaHii
of collritiral, nieniil to.lay at 4 t per cent
for li-niiine and rtni'wliig.
run. in:r.i,iii.-call, n rr mnt. t m.
fl per i nit, i.inunvrcliil pjpi'r. tlirie tu nix
mi hlhH it per int. .
Nuio Thmir f murulv nominal ciiioih
tionn iha legal ram nf Intiirmt In thi) Stain
nl I'lriiNviviinla lelni flxnl ut il p. r cant
I".ua ri'inium nn'l commUBlon time nvim-t
(or thirty to ninety ilan In Inaneil at 7 I
7 '4 ir rent, wtilln commerrlal paper, from
tlnrtv I) ninety ilaya, Ih loaned at 7 to 7'n
per vent
GE0.A.HUHN & SONS
STOCKS AMI 1I0X11S
MfnihiTK ut live rhlhidiliihlii. Npw
lorU mill CIiIcjku Sluik Kxrhaott
Nv inrk t'ollun Krhunr
Commlailon Orders Executed In
All the Principal Markets
Liberty Bonds Bought and Sou
llfllr.ue Court Illil-., I4IH Wulmit Su
S. V., Ill llrnnilnny. Allnmlo (11
Amlmta idur Hotel
Penna. Water & Pr. Ss. 1910
(Jencral Asphalt 8s. 1030
Amer. Gas & Elcc. Cs, 2014
HENRY D. E0KHNWG & CO.
ur.iiif l'MiivM.i: ni ii in;"
Dlrrit l'rlvile Teli-iilicnr
llpilllllTk I'lilli.
j .Sen
lorl. rxrlian'8
TKEPIIONE SALESMEN
i. J 111 u 47,0 P
7TI 02I5 TTi 63
Tentative Railroad Valuations
IV.ihlilnjctoii, July BH Th tentailvH ihi
Btlon of lhe St I.oul ami S ivilnwentern Ha 1
l ( i a fteit today hy the I n t -r.t a I .
Ci inmiirro Comniliiiloii at 120.07'.' I7li villa
lahliilion li exphlnlvA nf thd. mail H n......
' (iltipviiicn, vyiimr irniitvivo vaiUHiloni
I IT rouiiLOd by tho oommliiluii ivir.. 'I h i
40.ii ixiua aod I.nlio Superior, I!8H,I4I. the Mont
veiiv iviv
tier and
'reunt
B.U.
i.uxo. nuu. the Unl n
JIaaLhuiclu, 1120,-
AUTOMOBILE
INSURANCE
r.iiintTV in n i.
TTtiop. I ornt nort
IN1! K1NCK CO.
"0 !'! So 11th
StocKwell, Wilson & LSvill
Certified Public Accountants
Land Title Bldij., Philadelphia
1V have aemiiil oion'ii
muni.nt "I'd pr jltah a
proisr. milve 1 rok' runt n
BRKIKHI'IVUIIV'BH n'l t"'"''
uhl ir riuiiIlC. iti.ina
fldi.n.-B lu Inters I;
A Mill.
Iter f" M
, ,1 l P vr in
Jlie climieU
AdJrffj m t'V
oinrn .
Lee, higgihsoh & Co.
IIOSTD.N
130C h'liiaiKu
. ...i.iii...! iflfn
w., lOliK CIUCA00
lllilu.. Pliiluaeipiu"
Certified Public Accountants
Drexel Building, Philadelphia
: -rrrrr". T, if.
C. S. l'A'lTOW cv uu.
tu si tin.sTXtr sTa
UANKKKS iirri-!jr iff vanS
lioniiN iiiiu iji. - KV",r i' liiinie
11nnherriilliM,'. J - - L
no lint. lor mf '"';, J'
0.7 'J
III. '
Iv.llV l.ii.
W of prliiiliml or mtrrral
rlty tiuiiiflit ut n. ".
lor our huukltt !!
"'", S. W. STRAUS
Block lr.rh;ini. lllilK.i
mi ":
l.lr.111 l".
Ullll lvJ'
hlMf'l
f?
i"A