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60SSIP OF
THE STREET
mh Announcement wns made yesterday
l'OTt t,e purclinse of the New Yerk Stock
!lfiLnnire Bent of Vt. II. Themas by
fl'lMbeiiriic F. Mlddleten, Jr., of this
v&sli for the consideration of $()0,C00,
Wne $500 under lic lnit l'rveUB nnd
my.. 1 unn Mr. MliMlMnn'n
, .". .:. ---""""--
(limb UP l"0 """ler 01 urei! mm uec-n
tepid nnd n deserving rewnrd. At
Inst nnniml meeting of the I'hlla-
4iphl Stecl Kxclinnge lie was elected
president of tlint Institution and Is
tfenernlly legarded us one of the live
'WW- .....
A Directly after nnsuming mat emcc ne
irerked for nnd Miccceded In cstubllsh
f'W n close nlllance between the New
I Yerk nnd Philadelphia stock exchanges,
"f 4h outcome of which was the dinner
m tendered n short time age by the mem-
bcri e( tlie Plillndclphin stock exchatiKc
te ficjineur li. iromweii, um presiuciu
of the New Yerk stock exchange. Mr.
Mlddlcten's willingness te join hands
with the New Yerk stock exchange
authorities In the se-called house clean
In movement wen for him the support
and geed -will of the New Yerk in.
Before launching Inte the stock ex
ehange business Mr. Mlddleten was
connected for many years with the
house of C. D. Hnrney & Ce., working
himself up from a humble clerkship
.. . i-ixinmiHlhle nositlen. In 11)10 he
V unrealised a sent en the Philadelphia
IfAnk ttxclinne-c. Mr. Miildieten
"vv .... I.. .U..1... I.t
been Vei'.V UCllVC in diunnur run" in
New Jersey and hns filled the chairs of
most of the bodies of that fraternity.
Additional Offices But Ne "Branches"
Comptroller of the Currency Crls
lingcr is undcrsted te have virtually
decided upon a policy toward the ques
tion of the right of national banks te
.i.MUIi hrnnrhes. He is said te take
the view that "additional offices' might
DC estODllsnei! ey naiienni usiiiks unuer
proper circumstances, but that
"branches" might net be maintained.
Belief was expressed at the Treasury
jfstcrday thnt the Comptroller would
lisue 0 formal ruling covering the
question In general, but that appllca-.
tiens of national banks for the privilege
of opening additional offices would be
handled en the merits of each Individual
case. .
Mr. Crlsslngcr was represented ns
holding te the view thnt the ntlenal
Banking Act gives his office the right
te permit the establishment of addi
tional offices by national banks where
due consideration is given the question
of competition and the condition of the
applying bank, but that a "branch"
bank operating with separate offices and
eanltal cannot be operated by a
oattennl hank.
Basic Conditions Favorable
The Franklin Nntienal Bank In the
current IsMie of the Digest of Trndc
Conditions says:
"Today's review of recent business
events brings out many fncters favor
able te a continuance of basic activ
ities through the summer nnd pointing
teunrd a steady and general Improve
ment in underlying conditions. Among
'the few unfavorable signs we find rail
road earnings, both gross nnd net. de
clining, structural steel bookings shrink
ing, petroleum production and consump
tion both in smnller volume and a lesser
output of the manufactured of wool nnd
of tobacco.
"Te offset the few unfavorable con
ditions, we hnve an Increase in the out
put of pig iron, steel Ingots, silks,
cottons, lumber nnd nutomebiles, with
Increasing car lendlngs, continued record
building operations, fewer business
fgnllures- and very geed prospects for
1922 crops except cotton."
Few Railroad Maturities Falling Due
RallreadH will net be burdened with
heavy finnncing te refund maturing
lisues in the last six months of 1022.
Total of obligations fulling due in that
oeried is $SI),330.470, against $202,
684.270 In the corresponding period of
1021. and $103,720.fi70 in 1020.
Largest item is International & Great
r" -hern $11,201,000 first mortgage
V le November 1. 1022. Keine,
watertewn & Ogdcnsburg II. It. has
10.070,000 cons. ,ris. due July 1.
With money rates showing n decline
the world ever, railroads having te dn
financing will find no difficulty in re
funding maturing obligations at easier
rates than have prevailed for the last
three years.
Great Northern Dividend
Great Northern preferred was one of
the etrenger spots of the railroad di
vision In yesterday's murKet, en buying
which showed traces of special accumu
lation. According te the gossip, the
buying was based en the belief that the
directors mny declare a further dividend
of 1 per cent in the fall, thus bring
ing the full year's payment te 7 per
cent. Such nctien would afford con
firmatory evidence of the management's
plans te maintain the icgular 7 per
cent rate.
The usual quarterly dividend of 1
per cent was declared in the first qunr
ter. Action was deferred In the sec
ond quarter with the adoption of the
policy of chnnging the payment periods
from quarterly te semi-annually. A
week age, the beard declared a semi
annual dividend of 3 per cent paj utile
August 1. This would muke only a
distribution of D'i per cent for the
year.
Maxwell Moter Calling In Notes
Action of Mnxwcll Moter Corperntiou
in calling for payment of $1,000,000 of
Its notes due en June 1, 1023, gives
some Idet of the strong cash position of
we company, tin April 1, litL'J, tlie
(empan.v culled for pa.Miient of .$.', H 10.
700 of Its notes due June 1, 1022. In
three months Maxwell has paid off be be be
fere maturity $4,840,70(1 of its 7 per
cent notes. Yet its working capital is
approximately $18,000,000, of which
about one-half is in cash or its equiva
lent. After July fi Maxwell will have out
standing S7. 172, 171 of 7 per cent notes,
53,000,0 I being due in 1023 and re
mainder in 1021. Ilefere end of this
fear $3,000,000 notes due In 1023 mny
he called for pn.nunt, leaving a bal
ance of only $4,172,000.
iVhlle the directors Iiiivp net et dN
eussed dividends en the 8 l."i, 20.(100
H per cent "A" stock, belief preulls
the stock will be In line for dividends
Iter notes due In 1023 are paid.
Ne Dividend en B. anil O, Common
Ne disappointment need be felt ever
e fnllure of the Baltimore nnd Ohie
directors te act en the resumption of
ulvldends en the common stock, ah such
0 step would surely have been unwise
jnd inconsistent until the labor uncer
tainty n nut of the way. The regular
em. annual dividend of 2 per cent,
mfver( ft8 declared en the preferred.
Iho income statement for the six
months cmli'il .Inn,. :i(l nnrtlv rH.
mated, shows a net railway operating
income of $H,33.IM13. Had it net been
or the piolenged coal strike the show
ing iindnubti illy would lum been much
'tier, us the read derives considerable
wveniie fiem the heavy liltumlneus
It wns. undoubtedly, the uncertainty
' the railroad labor situation thnt In
nuenppfi tim k.....! .i.,r.. MAi.. n
I' .ne common ilhidend at this time, even
"kii dome distribution was warranted
by the earnings. THE TIUD10U.
V t"
NEW YORK BONDS
(SALES IN tlOOl
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Nerth'n 7n
2.... 100
Sn Railway 4a
1 ... 100
N Yk Rlyya fia
1 00
4 00
1 00
1 00
8.... 100
1 10
I M Marine (Is
10 10
2.
2..
00
00
N Y Tal 4 Ha
2 03
1 03
Sn Rall'y 0a
8..
2..
2..
2..
00 H
00
00
00
1...
00
00
00
00
00
N Y Tele'e '41
1.
0.
1.
1.
10.... 104
O.... 104
1.... 104
7(aale) 104
Kflat) 104
1.... 104
1.... 101
8.
00 H
Int'l Pan b Ra
1 88
1 83
2 83
Invincible oil
Cerp 8a
2 07
K Uty Ft S 4
Mmp 4a
22 70
8 70
1 70
2 78
1....
09
Stand'd Olt of
Calif 7a
1.... 103
Tex A Pac lat
1 02
Third Ave nj
N Y Tele'e '40
1.... 104
Nla F Twr Ba
1.... 100
2 fiO
8 fiO
1 B0
2...., BO
10 60
N A W cv Os
B.... 108
N A Hdla'n Ce
0s rcta
1 01
1 01
2 01
1 01
0 01
Tidewater 01',
K City Ft 3 ft
Memp 0a
1.... 103
Ce ct fl
I.... 103
Kan C 4 S 3a
Te Edlaen 7a
1 701)4
14 70
1 70
.North Western
8.... 10.1
8.... 105
nell T 7a
1.... 100
1.... 100
1 100
Teledo 4 Olie
Kan C 4 S Ba
Ct'l Ba
fi R7
2 88
K C T Rly 4a
N Paclflc R 8a
Union Pa 4
1 82
10 02
1 02
1 02
Pap Ce 0a
3 07
2 82
Kelly Sprlnu'd
Union Pac fd
2 Rfl
Tlra 8a
N Paclfle R fls
B.... 108
4.... 103
B.... 105
Union Pac 4
1
03
3.... 108
1.... 108
Nth S Pwr 8s
0..
1..
0..
10..
0.
01
03
04
04
2.... 108
1 01
Lack Steel '30
Ore A calif 3a
B 88
1.... 100
B 100
L K 4 W !!
03
1 01
L S M S 8
3 70
Oreiten S Line
U Tank-C 7a
guar'd Bs
1.... 104
1.... 103
1 103
Lake Shere M
Ore-W R R Ce
Unt'd Drue 8a
S'n 4a '2S
N Ce De
1.... 11U
U S Renlty A
Impv't fia
4 0fi
U 3 Rub'r fia
1 03
1 04
Lpx'n 4 n Ba
1 09
Lex T 3a
10 80
L 4 Myora 7a
2.... 118
1
Rl
Pac Q
E 5a
1....
1...,
1....
1....
1....
00
00
00
00
00 H
1.
80
80
80
1...
1...
6...
Pan T
T Ba
80
80
80
U lid n Ba '37
1...,
00
2 81
2 82
4 81
Pac Tel 4 Tel
1.
fia rcta
2 02
2 80
U'd S Steel fia
Lerlllard C 7a
R 02
1.... 103
4.... 108
Utah P 4 L Ss
8 90
1 00
Va-C Chm lat
1 00
1.... 118
1 118
Pa ft cm 4 He
1 01
La 4 N IV Ra
0 OITi
1 73
1 01
Lnula 4 Nash
M'me 4a
1 80
Leuis ft Nanh
WI!e 3a
1.... 103
Mnuatt Sugar
Ce 7a
1 OS
2 07
Penna R R Ra
2.... 100
2 100
3.... I0OH
'a-C C rcta 7a
08 ,
10.... 100
.. 08
.. 08
.. 08
.. 08
.. 98
Ch 7a
. 103
. 103
. 105
. 103
. 108
Penna ltd OHa
S.... 108
Phlla Cnty d
1 07
Pierce Oil Sa
Va-C
Manilla Elec'c
1 00
ISO....
Rly Ba
2 80
7(aale) 80
Fitt Cln Chi A
7....
SO
1
2....
St L a fia
2 00
M Oil ua'd 8a
Pertl'd Rwy A
1.... 124
L Be '42
1 82
Wabash
R lat
07
97
08
R 2d
88
Sugar
1 124':
11 124
2
3
Fub 8erv Cerp
Market St Rly
N Jay Ba
1 81
1 84
1 84H
1 84
1 ... 84
S Fran 1st
2 R7'i
Wabash
10
Mich Ct'l d 4a
Warner
8 0t
Kef's 7s
1 100
(aale) 100
1.... 100i
2..,. (11
Mid 3 ft Or Ba
Reading Ce 4s
B RR
10. ... 83
1 . . . . 83
M StP ft S Ste
We'll Pac ita
Marie 6 a
B.... 102
Rogera Brown
2 87
Iren Ce 7a
B 07
W Pa Pwr 7a
fi
R
fi....
M Kan
aj wl
102
1.... 103'.
102
St L 4 3 F aj
Weat'n Pac da
102
2 78
4 78
2 78
1 98U
1 t8U
4 Tex
Weatlnsha'a E
B
2B
fi
3fi
fl
Me K ft
4
4
1
. B6
. fifl
. ne
St L 4 S F In
& Mf's 7a
2.... 1084
1.... 100H
1.... 10I1H
1 03
1 08
10 08
1 08
. B0
. B0
Whl aLGli
T 4a
fit L A 8 Fran
1 72V4
70
70
Serlea A
8 71
2 71
1 71
WlekWe Bpnc
Steel 7a
1 084
1 DAU
1 08
0 08
Wllaen Ce rv
1 M
1 014
70
M Kan ft Tex
Ba l
10 82
St L 4 a I'ran
Series II
.1 RI
2 fl.1
1 8.1H
10 82
Me Pnclde 4a
3.
03
08
01
(I
2.'.
2..
3..
St L 4 S Fran
Wllaen Ce lata
BHa wl
1..
07 4
01
2..
03
1...
0'
83
1-30
P. M.
High Ixiw
Liberty .T,2s , ..
Liberty Ut 4,8,
Liberty 2,1 4V4".
Liberty .'Id 48.
.100.08 100.00 100.08
.100.24 100.14 100.18
.100.08 100.02 100.01
.100.10 100,04 100.08
.100.110 100.12 100,24
.100.48 100.4S 100.48
Liberty
Victory
4th 4i',s,
X 4-v,s.
LIVESTOCK QUOTATIONS
C'hliiiRO. June 30. CATTI.i: -Ueielpl
3500 hend I'nlrlv active, enalltv pUIn;
beef aieera atrent:. Ten mat.ired alcra, ,'0,00
bulk beef "tera, J8 2P.4JK) 40 cimnera, wcalt
te lower, ether clasaea irenerallj 'ady built
dealrubln eaprB te packer $H'BS 30: few
tu eutaldera upward te te 50' bulk bolesna
Iiii.Ih 04 .'iHWl 03, bulk Blecker and feed
er XdiH7.
HODS Itpceinta. 20 000 head. Sleadv te
10c lower, en llnht and Usht butchers; nthera
lOe te loc lower Ten 411: bulk, 0 illtf
10 00. bulk Biel butchers, tte 401H.I10:
packlns; cewa meatlv f-eWO.30: pUa about
eteadj: meatly S1010 23: heavj weluht
10 BilfP10.75, medium I10.7OW1O OOj-llsht,
III! HnWinOfi! light 1IV. MO 40(1(185
incklliK pewa, imoeth 0 250,73. packlnc
ans reuiih 18 83fl0,30, killing plus, fll.l.i
(il 10 .in
HIIUIIP rtrcelpta. ll.oie lieml. Strnnu
te 23c lilahei reteipta 173 dlrvtt te pack
era. Toe nutlve l.imb. 113 8.1 te clt butch
ers. S18.15 te pnck.'r Iml.i $18. shertb
aerted. culls nmMlv $7W7,3U fjt ene J3B
0,50: Reed handy weight upnunl te 17,
rittabiirirh. June 30 110(13 Itecelpts,
IKHIO heid Lewer. Ilealcs Jl 1011 .
Iuij ami ll.'lil or I. its 111..')." it 11. 10. pla,
111 21fl 11.40
HIIKUP AND IAMI1H Keicipts. 100
head Bleady. Sheep, 17: lambs, $13.
OAI.VK.S lltcelpls. 350 luad lJwer
Ten, 111,
Knt nuffttle. June 30 CATTLE Re
relptB. 800 held. Slew, heavy and earl nva
Hleaill . butehura. 1013c lower, bullB, 25fl
le"r. C'alies, receipts, 2700 head. Slew.
SlitHO.50. few 111,
HOOS Htci'lpla, 4800 head. Mew, low
Be lower. hea. Ill.leJlUl 85 mixed
1118043 11.50, yerkera, llfcht eiliera and
nlsa 111 BOWU 110, reuith te, alas. Mffll
SIIIJKP AND I.AMIW Hcre'pla, line head
Slew. Lambs, II 50 lower Sii&10, sear
Units. 510
Liverpool Cotten
l.lirrrmel June .80 Spot cotton was en et
today, with price easier en the Inula of a
dee Ine of 11 points for inlddlinK at 1.1 08d
The snlea were 0000 balea The recelpta
were hOim bales Includlnir 4700 balea Amer
ican. 1'utures were quiet 'n the early
dealings. Spot prices were! American mid
dling fair. 14.38d: geed middling, 13 Bid:
fully middling. 18.20(1: middling, 18,08d; low
m'ddllng, 12.113d; geed ordinary, 11.78d, and
ordinary, ll.SSd.
iJDGER PHIliAiifeLPHlA, FRIDAY, '
FINANCIAL BRIEFS I
The Bread Street Nntienal Bank
ndded $42,600 te the surplus, making
mat item 9 iuw.uwu.
Charles 8. Gednlck wilt retire from
the firm of II. V. Bachmnn & Ce nt
the close of business today.
William M. Crewe has resigned as
vice president nnd director of American
Stores Company, effective today.
A Chicago Heard of Trade member
ship ban been sold for $."G2j, net te
buyer, off $17f ,from the lust previous
sale.
The average price of the twenty active
Industrials declined 0.18 per cent yes
terday te 02.00, whlle the twenty rails
advanced 0.24 per cent te 8.1.73.
The Interstate Commerce Commission
announced tentative valuation of Du-
1,, tl. Hniitli Hlinrn nmt Atlnntlc Rail
way Company, as of June 30, 1910, at
$17,007,101.
The merger of the .Tenklntewn Trust
Company nnd the .Tenklntewn National
Hank will lieceuie effective tomorrow.
Beth stockholders nnd the State bank
ing officials hnve approved the move.
In addition te declnrlng a semi-annual
dividend of 8 per cent, the di
rectors of the National Hank of Oer Oer
mnntewn added $50,000 te surplus,
bringing that fund up te $800,000.
Cudany Packing Company has called
for redemption under operation of the
sinking fund $1,205,000 7 per cent 1
notes due July IB. 1023. This will
leave $4,204,100 outstanding, $5,70.",.
000 having been redeemed, 1
The Willow drove 'Trust Company, ,
the newest finnncinl Institution en tin-1
Old Yerk read, opened its doers for I
business today with total deposits of
mero than $100,000. Arthur Shipton
te nresldent. He is nlse vice president '
of the Excelsior Trust Company, of this
cltv. The treasurer Is Charles Cramer
The Wabash Railway Company has
applied for authority te Issue $4,245,
000 5 per cent equipment trust certifi
cates. Certificates will 6e issued by
Commercial Trust Cempnny, of Phila
delphia, and will be dated August 1.
1022. Carrier propetcs te use proceeds
te acquire 2800 cenl cars nnd 1500 box
enrs.
The only feature In the Central Eu
ropean exchanges tedav was n further
decline of Creek. Meit of the ethers
maintained their position. Rumanian.
.01; Bulgarian, .7 ; Herman, l.z ;
Czecho-Slevnklan. 1.01't; .Tuge-Sla-
vlnn, .31-ri i Finnish. l'.:i; UrecK.
3.00; Polish. .022; Austrian, .OOej ;
Hungarian, .10.
Tlie North American Company nnd
subsidiary companies. In their repot t
for May, show gross earnings of 4.
001,001. nn increase of 45.33 per cent
ever Mny, 1021, and a balance for de
preciation, dividends and surplus
amounting te $842,500, nn increase of
Mt.52 per cent. Fer the twehe mouth
ending May 31 gross earnings btoed nt
$41,805,733. , ,
At the time of the closing of the
books for the .Tune dividend en United
States Steel common shares the total
number of holders of this class of stock
was 1)0.512, a decrcn-e of 7200. as com
pared with three months previous. This
makes tlie -ecend successive decline In
holders of tlie common stock from the
high point which was reached in tin
fourth quarter of 1021. when the total
te whom the dividend was distributed
reached 107,430.
The reserve of $10,800,000 which the
American Car and Foundry Company
set aside out of earnings during the
prosperous period 1017-20 te provide
for pnyment of dividends en the com
mon stock in lean cars was untouched
during the fiscal jear ended April 30.
1022, even though the regular 12 per
cent dividend was paid en the common.
Net earnings during the year totaled
$0,583,310. or 14.03 per cent en the
common after the payment of regulnr
dividends en the preferred. This com
pares with n net of SS.550,$55, or
21.50 per cent In the previous fiscal
year.
Phlla. Federal Reserve Bank
The htntement nf condition e the Phila
delphia Federal HeseMe Hunk at the close
et business June 28 fellows
IIESOUIICLIH
Juna 2S
June 21
$3,330,010
Oeld and cold ccr
tlflcatea . , . .
Oeld aettlement
fund. Federal He
aere Heard . . .
Total Keld held
by bank
Geld with 1'edi ral
neaere anent
Oeld redemption
fund
1.1.399,070
42.704.34S 38.410,870
48,301.318
133,311,703
7.090, 170
$03,041,780
133,430,90-.
7.171 R.'O
Tetnl cold re.
Bines . ...I!
Lecal tender netes
alHer. etc
09.1173.003 t224.533"11
7.184,210 7,990 013
Total reserves ..5217.130,879 J.12,5-,0,J17
II I 1 I a dlBceunted
secured by United
Btutea Govern Gevern
ment oblliratlenB..
All ether
Utlls bought In
open market ....
$32,000 4SS
12,054,714
132.704,035
11.411.001
18,200,730 17.490 0J2
Total
bill.
en
hanil
102,013,040
23.504,450
501,073. 101
23,533,050
United States bend
nnd netva
United State ccr-
tincates or inueui
edneaa: One-jcar rertlll-
catea u'liinan
Act)
All ether
Tetnl eirnlnc an
aeta Dank premlae (in
cludlnx vault ...
Five xr cent re
demption fund
aKalnat !' dcral
lltitni Hank
notes
Uncollected Itema,
All ethur rt source
5 300,000
U.hO'i.OOO
5.500.000
1.305.OUO
J05.785.300
J000.113
102 031,218
$1100.113
7(111,1100
45,11.1, 3S7
507,113
700,000
50 J43.230
170,347 j
Total roieurcea . U50.hd1,Mi3 $370,001 310
LIAHII.ITIES
Capital paid In
flurelu
Jt.001.2"iil
17,1145,1111
Is 001,010 I
17,045,140 '
llleaercd for tle-
ernment r r a n
chlne tux . ...
Dopeslta
Oevernnnnt
Member Hank llc
Bcrve aiceunt
278 000
a.soe.iua
251. 0U0 1
424 7.10
103,3 17.147
778 080
10s o,e38
1155 884
All eth'-i
Total depciltB 1107. 030, US J100.0J0.05J
Kedir.il
notes lu
elrcu'atlur
lUsene
iictu.il
1177,870 233 1178,171,703
Federal Heere
Hunk notes In clr
culat.en (net lla
hllltj . . .
Defrred avalla
blllly terns . .
All ether llab I
Hies . . ,
5,133.000
40,581, OSS
1.142.135
5,138 000
55,000,1101
t 100 73.)
Total liabilities. Mill Ifl5,8n3 1370,001 340
Ratie of total rneres In di-per-ll and he.
eral Ilcseru nole liabilities lembned. week
of June 88 70 0 per cent , previous week,
80 7 P'r cent I
MlLUOHANnr.V
iinunient llablllt en bills purchased for
fer-lMi liiii caiMinilentH wrek of June 8, I
8 753 50H pre eus utek, 8, 755, 500
Federal Reserve Ratios
NiisliliiKtun, luue .10 it. 11 m of tela! re
sers te net iKpes't und Tideral llesierve
nut labilities combined, for thu twelve Fed
er.il llesere bunks and the enllre satem,
as of June 8H. (.umii.ireil with the previous
week anu a ear aire, ioiiew
June 8S
June 81 June 20,
1088
00 0
8H'J
70 0
70,4
70 I
88 3
81 7
00 .1
110.0
in 7
en 8
00 7
1028
1021
72 3
70 7
37.1
110.1
43 0
44 0
33.7
.12 1
11 1
50 3
37.0
38 0
00 S
Uosten . . .
New Yerk . .
I'nllndelphla .
Cleveland ....
ItUhmeud ....
Atlanta
Chicago
ft Leuis .
M'nncipiills
Ktiisa i'ity
Inllns
Sun Francisce
Totals
78 3
87 0
80 7
Oil 7
73 5
83 O
81,8
08 1
70 I
0 3
01 8
70 8
Wm. A.
Law Gees te Penn Mutual
William
A. L.iw Tr sldrnt nf tht. I'lrht
N'liilenal Hank of Philadelphia, will take
nfflin timencw us piealdent of the Penn
Mul.iiil Insurance Ccnipany of I'lillmlelphln
Miccfedlntt' Ueerue K Jehnsen, who,, reslv reslv
natien takes effect tedav. William II,
Klngsle, u vlce president of the Penn Mu
tual since 1000 and In the service of the
cempanv hIuce 1883, will assume duties aa
vice president In charga of nasncies, suc
ceeding Lincoln K. l'astti.
,"-
RAILROAD EARNINGS
CHICAGO GREAT WESTERN
May ureaa ,. $1,073,600
..Net eper. deficit. .. 84,210
Five month!' (cress.. 0,284,854
Net eper. deficit.. . 134,622
144,300
111.730
870,430
248,131
TEXAS PACIFIC
May tres 2,87R,HS1
J8B1.700
162,000
3,848,4113
233,008
Met eper. Income,. 870,318
Five months' gross,. 11,803,004
Nt eper. Income,. 778.450
Decrease.
"ntCFORE 1017 INVKS
Inveatltate," aald C. II. Ferbea reeanllr It
an article In the Dualneaa Section. There at
complete data as te price changes and II
come yields of hundreda of leading sloe it
ana Denga jiuensnea every day In the Dual-
neaa ana
Financial
Heetien or the Pobue
I,rnes,
'.-naire it
a Habit." Adv.
If There Is a Market
We Can Find It
We held sales of stocks
and bends every Wednes
day, charging $1.50 en
trance fee for each item. Onr
weekly catalogues nnrl postal
card service reach every mar
ket. We take pleasure ii
furnishing quotations.
Barnes & Lefland
tek Ttrnkers nnfl Anetieneam
147 S. 4th St
Tax Free
Pennsylvania
Railroad Bends
Biddle & Henry
104 SOUTH FIFTH ST.
GEO. A. HUHN & SONS
Member or the Philadelphia. New
Yerk and Chlcase Sterlt techanaea
Jsaw Yerk Cotten Kxrhnnte
STOCKS & BONDS
bought nnd sold for cash or
rarrled en conservative marirln.
Uelletue Court Hide. 1418 Walnut SI.
N. Y IU llmndwar
KEWBURGER,
HENDERSON & LOEB
Members New Yerk and
Philadelphia Stock Exchanges
1512 Walnut St.
LOCUST 7270
Direct telephone connection with enr
TRADING DKPT. IN NEW YORK
A. A. Heusman & Ce.
Utmlcra New Yerk
20 Bread Street
Stuck
Ezchanet
New Yerk
!&!
r.O-0-
.tJ w
"' .
r.v)'
m
&&
&
?ruvc-
-Te
&&&
m
zm&
n s- js i B-.rr:
S? S tFj -aSB
ZX
Ciraenebaiim Sens
investment Cemnaay
Creenebaam Bend 100 Safe Since 1855
Stickhildtrs 0 this Company art idint'ual -with thtu
Gritntbaum Stm Bank & Trim Cimpanj OUtit Banking
Hiuu in Chicagt, Faundid 1S55. Aurtgati capital, lurplui
and undtvtdtd pr6ti $4,500,000.
June 30th, 1922
JUNE 30, 1922
Fourth
edition
of the only complete
book en trading pro
cedure in Nevf "iferk
Curb stocks.
Other featureajcevered:
comparison of prin
cipal stock markets
Dividend records,
Earnings, Assets
tabulated of issues
traded en New Yerk
Curb
trading terms defined
Ask for
"Investors & Traders Guide
Jenes &. Baker
Members New Yurk Curb Exchange
Direct Private Wlrea
New Yolk Chicago Bolten Philadelphia
rittbufh Detroit Baltloieie Clertlins
PHILADELPHIA OFFICE
Widener Building
Tclenhnnes B" Le"t 4730
telephone. Key,tone , R, 5861
BALTIMORE OFFICE
433 Equitable Building
Telephone . Plata 84? 1
tttrwmniuMiiiuiiiiiMiiiiiiimiutiaimniiiuMitiniuiiul
We suggest for July
investment Joint Stock
Land Bank 5s, non-callable
for ten years, te
yield 4.60 te 4.87.
Free of all taxes ex
cept inheritance taxes.
.EpRISTINEeceJ
UV.U.MI. If
Wnaxaa Buildims. TSiiiAataMtu
HtWVOBK SU7ABETH N J
""HI tt V.IUI AWB
J01B
mimm wiM 5rM Zjw
Bank Safeguarded
Vl
'tiVMhV
iri . t.fT m
'mw&4
iL
&$
&'
B1'
1
.vll
V"
VSS
.SY",
M
.-r.
eP
Kfcl
the
due en
vitn an unequaiea record 01
61 Years Vmvm Safety
If you have $100, $500, $1000 or mere
interestwith 100 safety. Send for our
a SClCCiea usi ei current eneriugs, appruvcu auu recommended Dy ine
Oldest First Mortgage Banking Heuse Founded 18SS
Ask for Investors' Guide Ne. PPL-13S IT. TK:- ren
Addr
City.
LI
The firm- of LAGE BROTHERS & CO. has
been dissolved as at the close of business this day
by mutual consent.
Messrs. Frederice Lage, Jehn F Trew,
Bert V. Smith, Basil S. Courtney, formerly
members of Lage Brethers & Ce., and Mr
Harry P. Jalcett will continue the business
under the firm name of
Lage & Ce.
Members Next; Yerk Stock Exchange
New Yerk Chicago
PENNA.
MUNICIPALS
TO YIELD 4.20
Tax Free in Penna.
Exempt from All Federal
Income Taxt
30 Year Nen-Callable
Bends.
Communities near Philada.
Legal for Trust Funds in
Pennsylvania.
Full particular upon request
A. B. Leach & Ce., Inc.
Tvveatmcnt Securities
115 Seuth Fourth St.
riilliKlrlnliln
We want an iuc of capital
stock of a meritorious corpora
tion. We are in a position te
dispose of same very quickly.
Fer appointment write
A 427, LEDGER OFFICE
FINANTIAl.
OKFIcn OF
THE UNtO TittHT COMPANT
OF riTTSIlt'ltdll. Truatee
Pltteburah I 'a.. June 2. 1022.
NOTirK T(f llOl.nF.HS OF
STANSAKU TANK (Alt 0'A CAR TRC8T
CERTIFICATE. SERIES A
Dated lulr lat, 1910
Netice la hereby KUen that purajant te
the provlalena of Article IV of the Truet
Agreement between n. Clarence Miller et ai.
The Union Truat Company of Plttaburgh
Truplee. nnd standard Tank Oar Company
dated July let HUB under which are leaud
the Standard Tank Car 07e Car Truat Car
tincatea Serlea A. The Union Truat Cempanl
of Plttaburh, aa Truatce thereunder, did.
en January 4th, 1022, sell all of the car;
referred te therein at the price apeclfled
thereby, and that aald Truatee will apply
the proceeds of aald aala te the payment and
redemption en July lat. 1022. bainit the
dividend paylnir date next occurring net leaa
ihin thirty daa after the receipt of aald
purchase menev. of all of the certificate
ued and eutetandlnir under aald Truat
Akreemcnt. exclualNe of certlflcatea maturln?
en Julv let, 1022 at the price of one thou theu
ind tn (11010 00) dellara for xach rertlfl
cite, piua the amount of all dividend war
rant 'hereon mtiturJna; en or before Juiy
1t. 1022. upon which dat aald certlflcatea
nnd dIMdend warranta ciall become due and
rayable. and from and nfter aald date dHI dHI
erdi en aald certlflcatea will ecaae.
t pen the precentatlen nnd 'rr-nder at
ih eMlce nf aald Truatef 337 Fourth Ave.
en Pltlaburh. Pnnaylvnnln. en or after
Tulv let 102? of aald cert'flcatcj maturlnt;
"i or after January lat 1023. together with
nil Inlereat toupen app-rtalnlnK thereto.
-turln en and nfter Tuly lat. 1022 and
'lie tnual nwnerehlp certificate renulred un
d r th F.der-l Inccme Tax Act. the holder
thereof w 11 be entitled te receive the aum
of one the-isnnd ten (11010,00) dollar! plua
tie amount of the dividend warrants thereon
maturlnK July 1st. 1022. ,
The certificate mRtiirlnu Jul lt. 1022.
will be pnld en aald date at tlie principal
amount ther-ef with the dIUdenda accrued
thereon upon preentatlen and eurrinder at
aid efllce nf the T-ute nf the reapecttve
certlf!te e"d dividend warrant.
Greenebaum Bends 3
for Philadelphia Investors l
Safe and profitable 7
Greenebaum Serial First
Mortgage Real Estate
Bends are new directly
available te you. Right in
your own city you can cash
interest coupons when
these sound securities H
te invest, you can earn 7
July Investors' Guide, with M
Greenebaum Sens Investment Company
La Salle and Madisen Sts., Chicago
Please send copy of July, 1922.
"INVBSTORS GUIDE" te
Name
PPL
WSmPm
mssrl
?C4OTttfc&dHMHP
jrryAKejAfc
- .,
V. X
Ma-aataaa I
TO T1IK IIOI.DKRH OF THR NORTH!
OHIO TRACTION AND LIGHT COMPA
FOIIirMKVT TMUftT 100 t'Me'
CATES Vl'-'Sfi:
4etlce la hereby irlven th lha C
rate hereinafter enumerated. Ierea
the Kt cement bet een the Northern
panjr Truatee and the Nerthern OlttV
Hen aim i.inni uempany, anieu jwr
in'JO. hut a. In arr-)rr1anr with thfl nre
of tf.4 aald Aareement, been called fi
demptlen ana payment aa et Aiicnat i.
ui niu fttimli-fvl and One rr centum (1
n( ihn imr valua thereuf. tocether Willi
dividend thereon te the aald data of iax
Iptmitlen,
The hetdera or tha aald CertlAcatM N
teiiulrnd te present them for payment and
redomptten, with all unmatured dividend wr
ranta attached, at thn office of Kldallt
Trust Company, Truatee, en Auauat 1, lfftf,
en which datn dividends upon tha aald Cartt
tlcitea ahnll ceaae. ill
r a rA K.,nj.i..A ..mit... .a. u Maa...M ..aa. it
Neu, 401 te r.eu, Inciualve. due Feb, 1, llM
r,Ql te 1100, " " Aug, 1, If
(10 1 tr. 700. " " Keb. 1. li:
701 te ten, ' Aur. 1, IB!
S01 te (100. " " b. i. 16
1101 te 1000, " Aug 1, IMS
riUKUTY Tltt'ST COMPANT, Trtiatea,
mi l'. tiEST. I'realdent.
' t
Jiinc SOUi joy. Philadelphia. . tji
TO TIIK IIOI.DKKS OP KI.ErTRK) RAtX- f ?'(
TO
WAY EQI'IPMENT HECUIlITIEfl COsV..
I'OUATION IltlUII'MKNT OI,D CERTIVI.
CATES
Netice la hereby alen that the Certlfl-
catea hereinafter enumerated, due November t.
1. 1022, lasued under the Aareement batwMn jf
Electric Hallway Equipment Securltlea Cor- "
poratlen und Fidelity Truat Company, Trua- ff
tee, dated February 1, 1922. creutlmr Elee-W
trio Itallwas Equipment Herurltlea Corpora Cerpora Corpera
tlon Eaulpment Truet of February 1, 1B2J,
have. In accerdance with the provlalena of
the aald aitreement Iwen called for rmlemp- "
tlen and payment nn of Auruat 1, 1022, at S
par and accrued dividend te the aald data of
redemption.
The heldera of the aald certificates are r '"
Sutred te prfent them for plyment nnu ra-
emptlen, nlth all unmatured dividend war- '
ranta attached nt the office of Fidelity Truat "1
Company, un Aumiat 1 1011. en which date
the dHldends upon the aald Certlflcatea ahall
ceiee.
rne, uertincaie caned for redempt en arai
Noc 102 107. 108 170 172. 173. 174
170, 180. 181. 182 184. 183. 180. 100. 102
lttn 108. 101 204 Z0t. 200, 508 217 2lS!
28 224 220 227, 228. 220. 231. 2S.
231
217
237. 838. 23D. 210, 213. 244, 243, 249,
FIDELITY TRUST COMPANY, Truatee.
.... ,WM. P. UF.ST Prealdent.
June .IQlh, 1022. Philadelphia.
Proposals
. DIKIXTOll'H OFFICE
UKPAKTMUNT OF FUIII.IC IIEAXTH
B84 CITY IIAI.L ""wrM
, . Philadelphia June 20, 1021.
Sealed proposals will be received at this
office until 12 o'clock neon, Thursday, JulyeT
a fellows"- W"' te et"nt,i aM scheduls4
DUREAU or HOSPITALS
34th and Pine ata.
Fer the erection of a resldence building
for Interne, Including construction, plumb
ini; heatlne and elcctrlcn! work
PP-ciricatlena. blue prints nnd forms of
proposals and any Infoimatien relative te
te Philip II Jehnsen. Esq.. architect
Pre.eer Uulldln. 1713 Sansum street. Phila
delphia. Ilida from ethers than these eng-aa-ed or
established in business for which proposals
are asked will net be entertained or eon.
aiaerea mils are invited subject te future
appropriation by Council,
All blda must be accompanied by a eer
tlflcate from the City Solicitor that seeurltr
previsions of the Ordinance of Councils id.
proved May 25. I860. .. i
The Dincter reaervea the rleht te accept
any propeaal In whole or In part, or reject
all the blda, aa he may deem beat for the
Interest of the city Vhen a bid or ai
Brenate of blda exceeds the aum of HOeTlt
will be necessary for a contract te be en.
tered into, tha cost of which und all In
formation relative thereto may be obtained
upon lnuuiry at the efllce of the City tJellel.
ler. City Hall, Philadelphia. oenci-
C. UXt'OLN FUUIIUSII. M D
Director of the D'PTrtme'nt.
DEAI.F.M 1'KOPOSAI.S MIIJ, uE aK.
celved and publicly opened in tne eiOca
of the Director of the U. a. Vetsrani?
Uureuu, Keem 1U44 Arllmrien JiuiidTnsi.
nrAV- srii&tW: svisJS
construction of concrete foundations fur nine
c) patient build njis for iuu bed llespual J
IS be built at Northampton, Mass. Kin
and tpeclflcitiena may be obtained upon ue ue
Dealt of 130.00 from the office of the Uuartar.
master General. Keem 2300 Munitions SuKl
!ii, Waahlniften. D. C, or from tne office)
of the Constructing Quartermaster, ChamOer
el commerce Building. Northampton. uZi.
UMlfcU BTATJtS 1'UalUl'JrlLJc ANI
LMcu" Tky.Iv'AV"
Ofllce of Custodian
, . June 20, 1022.
Sealed ,preaala wl be received at ihls
office until 2 P. M July S, 1U22, and thea
pyAHt&Tm&' CHANGES AND nKPAlua
at this building in accordance with tne draw
ings and specification, copies of wnich mas;
b, obtained from HH.
P Custodian.
PBOPOSAI.S ARH. INV1TKD -UY THIS
Bureau of Encravlnu and Printing for
the furnishing of Mixed Black, llurr.t Plate
Otl. and heavy Waxed Paper, for the en
suing fiscal ear. Samples must be re
ceded at the Bureau net later than 2 P. M..
July IB, 1022) proposals. heweer, muat ba
received net later than 2 P. M., August S,
1022. at which time rliey will be opened In
the office of the Director. Any further In
formation will be furnished en application
le Leuis A Hill. Director.
Dividends
THE R. I. DOLI.INOH COJIPANY.
PHILADELPHIA. PA
announces the pement of the following dirt
denda by tempanks financed by It:
(JUAKTKRI.Y Dl'E JULY 1. 1022.
The R. L Delllngs Company of Ohie . 1"4 t
The International Nete and Mortgage
Ce.. Indianapolis, Ind I."",,
lh I'lav PreductB Cn , Brazil, Ind , 14
Th International ete and 3Iertage
He and Mortgage
le 14
Vi: JULY 1, 1022
Company of In- I
............. aH", J
Ce Columbus unie
SKMl-A.NNL'AI,, I)U
The 11 L Delllngs
dlaniill9. Ind. .
The Andersen Feundr and Machine
Ce Andersen, ina .
The Insley Mfg Ce , Indianapolis, Ind.
. 3i
The llude .Mtg r Llberty, Ind
Th i-ervlce .Moter Truck Company,
Wabash, Ind
The Western Drep rerge Ce., Marlen,
Ind
The Hucre Mfir Ce . Indlananells.Ind.
8
354
m
3H
34
34
3Vi
3M
The Mulhnlland Machinery Ce., In
dianapelis ind.
Th Hteel Fabricating Cerp., Indian,
npells Ind .
SEMI-ANNUAL DUE JULY 15, 102:
in it i. ueinnus cempnny of
I'ennsH.inl.ir
American Bronre Cerp Herwn. Pa
American Cnnn and Pretzel Ce Phlla.
dolphin l'u
The Amerli.m Moter Truck Ce , New.
ark uhle , ,
The C t E t-hnw Ce Columbus O.
The I'ullen and Vnughau Ce , Ham
ilton Ohie
The Mkrnntz Ce Columbus Ohie
The Matthews Englnn rlris Ce. San
dusk Ohie
McCnmhrld.j f'e I'hlla ,
1hi Re cording Imlies l'u
The Flerida Firmsj and
Ce Columbus (in.
1h.' Ilurlon-Tewns.nd Ce
Ohie
Pa
PnMen.O.
Industries
Zaneavllle,
34
14
34
34 .
34
( rnne Ire Cream ( e I'hlla P.i
The i rane Ohie be Cream Ce Ce.
lumbus (ihle
The Pnnklin Brick unci Tile Ce , Co
lumbus Ohl i
( emmep la I ruck I e Phil i Ba
Th" North anilliii Farina t'u Co
lumbus Ohie
'Ihe Champien EmcUi-i ring Ce Can.
T",
ten ehln iu C'
1 h 'ii x Iren W.irk .., M ni1llli (. 341
C mm riu I Trm't S rlrp I'mit,
1'hl.u Pa ai, or
r-LMi NM M. I'll! Al'iJ l lii.f '
V O Unking Ci Alli'iitnnn Pi .14
Checks will I mtll'd nn dit.s Indicated
abeie
si.1 ll.Mi MIIOMI IIVMi Oh'pIlTlTv.
DELPHI . VT FKA.NMIlBii ,U1
Phil idelphl i Jun 8, JU2"
The Dlrecmia hate ihls tl ly ilwlared n
k, ml-iiiinintl tliMd.nl of rlshl (H) per lent.
fren ,f tax iiibl. JuK 1 Hi.'.' ti stock steck stock
telilt'rs of rt'ieid it the close of business
lune : 1H88 an 1 lin rnlui.il the book
vMiit of tti Itinking lioiise ncceunt 130,000
i iu ks w IU be nit I ui
HIANK ADHHE.U),
I'ttshli1 r.
inn fi.iiM nixMi'A mi.ns ship aTm
I.M.IM, III II. DIM. tl)lll'N "
DIMIIEM) Mill! I,
Jllll,, L"l. le" '
Hie Ileir.l 'f llliec'tnra his thlx diy i
1 i are I an t ttru iliv nl ml of s.'.l.lte pp shara
, in ihi i iitiitu si ik tl tin ininpiny, pay-
lilu JuU 14 1088 le aim liheldera of record
I l 3 1 M n J" s I" '028
CHARLES T TAYLOR,
. . . 1 1 etifUitr.
lltVMil.IN NXMO.NVJ. I1NK
Llieatniil street wesi et lirii id
I Philadelphia, June 20, 1022.
At the reguiar nuetina of ine ileura of
, rrecturs ei nils Lank, held this day. a
I Quarterly dMJend of O'e was ilcitrsd,
. ijjuu.e July 1. IVii, tu atoikheldern ei
receid -t i tnu close of bualness .luns Hv, 1V2Z
Cuttiks will be mulled
4 -". )lAUl'T.V!iTPnjldeiit and Cashier.
" "ernt'K of this
PENNA. lAI.I MKIi, t OMPA.YY
At liiielin. of l'ie Hum U or Uiitclers held
thin iid) a tjuirlfil) DivhIuiiiI ui tivu and
iine-hulf trr tent was Hecluiud, payable July
ie, lu stuckiiuidiTs ui 1 1 turd Juua de, lu.'i.
..L.U.. Wl.l h lllnlltid
I, A H.MITH Treasurer.
I'h lr d. ' 'a June 2 il 1082
Hi:sir...N P(Ut Kit COItPOIt THIN
Tne Hut d -f 'Jlli-clera hiivti declaied a
ti'iirlr-U 'in im mi or unr und nnr-liiiir -n
t'l'-i'n) per irnt en the Piefrtred Hleck. il
Livable .lub 1,1. 1022. tn ftO"lCic)lilirs of .
rin.nl u tlie cl.se uf liulnea Juiuj 3D, H'88. Il
FM iPy.rPKlNS TrniiMurar.
NAIIOWI. 'M'l'HirY IIAM4
The Beard of Dlrectera'hsa this tlay "da. .i
-n i im ii iiiii i. .iiina i . iii-- N
timed
aeml-unnuul
tws4
tI8e) per cent, paabls July A,
of
j
M
w
m
Ml
v
M
v
i' Si
A
:4
4
. i
It
II i
! i
A
i
$i
I
M m
J,f
ni-
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mw k
P
ijJ&vubSHseShz.
ym
t
..viik J iiykisstkSt
.rfftSf'ilitfw-.
j fV, v.-.v3
..fttfiVsi.
,, r&ti
Sf.tt?y?i ?.
t
na:Vi '-..Wj i.I tVsi V.r
v s, at ,
...V I -L L -
..
i.d !AdjJ
I II ilil II Mil i m till!
1 sw-
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