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EVENING PUBLIC LEDGER PHILADELPHIA, WEDNESDAY, : .JULY 12,
1922
:M2
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iVce; Ferfc Steam
Corporation
1 f t.MMM. ftJ nnMJ
IV Sen I, fir, due S7
I; Sele funded debt of a Cor-
. Dotatien furnishing steam
for heating and power in
New Yerk City. Officially
reported earnings mere than
2'j times bend interest
requirements.
Price yielding about
fi.&nc
miMj
Illustrated
sent upon
0
circular
request
The National City Company
rhltadrlphln 1417 Clictiint St.
Atlantic Clw t'hnirenle Week
122.1 lleitnlKHlk
STOCKS CONTINUED
NEW YORK STOCK EXCHANGE TRANSACTIONS
Only Afternoon Repert in Philadelphia Quoting Full Lilt
TO PUSH FORWARD
Les Angeles Gas
and Electric Cerp.
Qn.&Ref.5!4 Bends
Due 1947
Company operates in
Les Angeles and adja
cent cities and suburban
territory.
Price 9CA and Interest
Yielding ever 5.75
A circular describing the
above, together with our
July Bend Circular, will be
sent upon request for F-ll.
Harris, Ferbes & Ce
Pine St, Cor. William
NEW YORK
PHILADELPHIA OFFICE
Wldener Buildinz
Telephone Spruce 7040
i Higher Prices Reflected Confi Cenfi
j dence of Early Settlement of
! Foreign and Strike Situation
' New YerU, July 12. Although storks
1 lid net ferjjc ahead with the same de
cree of rapidity witnesed in jestenlay's
' narket, the acncrnllj firm tone of priers ,
i In today's operations could easily be
. iieceptcd us relloctlen of confidence of
the financial community in mi enrly j
I ettlewent of ndveri-r domestic nnd for-,
j elKit lemlltiens. President Harding's
proclamation forbidding Interference
J with transportation and his optimism
. eer t lie outlook for nn enrly settle
iinent of the lenl strike gave the whole
mnrket n strong tone.
! While theie vn nothing pnrtleulnrly
I derisive In either the European or
Washington ndviccs ni te further ac
tion regnrdliiK Herman reparntlen pny
J incuts nnd n genernl remission of war
debts, the Street leek the ground that
whntcier was done will be of u helpful
' nature. Ter the first time in several
(weeks operations en the constructive
clde had nn niiiicnraiice of accret-she-
I ncss, a Inrge part of which, of course,
wns unquestionably due te tnc widen
ing of peel nctlvitles, which, in turn,
found encouragement in the continued
growing ease of money market condi
tions. Call money opened nt 3: t per
cent, nnd from nil lcnnrts there wns n
I liberal offering of funds nt that rnte.
indicating u turther inflow of rcencs
from the Interior.
In consequence, trading wns bread
and active In the curly dealings mid
ns the morning advanced trading seen
embraced every division of the stock
list. As n mntter of fnet. dealings
during the forenoon were of larger
I volume nnd most varied of any re
icent .session. Noteworthy additions te
I enrly gains Included Associated Oil,
'Lima Locomotive. American Smelting,
i N'litlenal Lead, American Zinc com
' men nnd preferred and I'tnli Copper.
at advance of 1 te 4 point. Mude
linker enhanced Its enrly gain as did
ils (iiilf States Steel and severnl of
the foreign oils. There wns n steady
demand for Ceca Coin. Cern Product.
American Woolen, chain nnd innil or
der isiie nnd several of the chemicals.
Mnrknv Companies again fentured util
ities at n further rise of Us points.
There wns an upturn of ever - points
In both His I'eur common nnd pre
ferred en th announcement thnt the
Interstate Commerce Commission had
approved the plan -of the New Yerk
Cenlial te tnke ever the rest of the
stock.
6 First Mortgage
Public Utility Bends
Secured by first mort
gage en the entire prop
erty of the Cohoes Power
& Light Corporation,
valued by the Public
Service Commission of
the Second District of
New Yerk at ever twice
the amount of the bend
issue.
Company's sources of
revenue are unusually
well diversified. Fran
chises are without time
limit.
Earnings for year ending
May 31, 1922, were 2.67
times interest charges.
Fer price and further
description write for cir
cular. Hemphill, Noyes CS, Ce.
Mambets Nmw Yerk Stock Exchenfr
Franklin Bk. Bldg., Philadelphia
New Yerk Pittsburgh Bosten Scrantoe
Lea Angeles Albany , Syracuse Baltimore
Wilminztea Bridgeport
Commodity Markets
GRAIN MARKET
Chicago. July 1". Apprehension
ever continued rains de!nlii2 hnrvest
led te fresh upturns In the price of
wheat today during the early transac
tions. At first, however, the market
wns brarNhlv affected by talk of a bet
ter outlook ler settlement of the rail
road strike. The subsequent rallies de
rived some of their Impetus from re
ports of some dumuge by black rust in
Minnesota. The opening, which varied
from unchnnged figures te c lower.
with September $1.14 te $1.14'., and
Deceiiiher Sl.l.ch te 5J.1W. were fol
lowed by ;i rise nil around te nbee
yesterday' finish.
Cern and ents displaced independent
firmness, owing te gossip thnt export
ers were after corn. Initial prices for
corn ranging from c decline te '4c
advance, with September nt 04 tu
J4'U. were seen succeeded by moderate
general gains.
Oats startsl c te c off. Septem
ber 37 jc te 37c and later scored
upturn?
Higher quotations en hogs gave a lift
in prevision values.
E. H. Rollins & Sens
Founded IR'a
Investment Bends
1421 Chestnut St.., Philadelphia
rhene teut "300
Bosten .Vetc Yerk Wilkei-Rarre
Baltimore Chicago San Francisce
Public Utility, Munici
pal and Canadian
Bends are included in
our July list of offer
ings new available.
We will be glad te tend
a copy of this lilt upon
request for Circular
1-311.
Cern - Vest. c!ose Open IP. M
J-y CIS nz HIS i
.stptember 14H 4tf ni4 6ZU
Decrmbcr 04' IMS it 04 H'.1', ,
July l :e l ir.4 i.u, i :, i
Sptemlir 1 14H l.W.'SlH 1 18V, I
December . . 1.1(J 1.10 (31 15t 1 yi
Oats
.luly . Sit. S4-, 34i,
SepieTUr 374 37M, 9 37S :)7'
Unemliei .. 4'j'i 404 40i4 ,
H 1
Juv . . . 84 I
lird
.1 i.n in Oil 11 Oft 10 07
September 11 l'J 11 '.': 1i 1 1 2.'
Junuar 10 01) ...
COTTON MARKET
New YerU, July V2. A mere cheerful
view of European conditions promoted
by relatively steady Liverpool cables nnd
' the better tone of foreign exchange rates
appealed largely responsible for 1111
nrly improvement in the cotton mar
ket today. The opening wns S points
lower en July, but generally 1 te H
points higher, with new crop positions
seen showing net ndvnnces ()f 8 te 10
pelnis ru covering and Liverpool and
I local buying iTespecls for mere or i
1 less general showers In the Seuth prob
ably contributed te the ndvntice by in
(rensing nervousness ever the bell weevil
I situation, but there was scattered selling j
'en expectations of a generally fnrnble
I weekly weather report.
1 Previous
Cloud
lit SU
'Jl.4tr7
1 S1WSL'
Jl .10151!
::i.:tstH2
21.17
I Jul
,tub. 1
December
Jtinuury
March
I Mnv
Offered
Open
21 si
1 no
P. M
21 or. 22 2.1
21 N.-, 22 CCI
21 .'..1 21 7H
21 4H 21 '10
'20 On
y
BOUGHT-SOLD-QUOTED
General Gat & Electric 6'i & 7'i
Erie Liglitini Ce. 5'i 1967
Uaien Rjr. G11 & Elect. S't 1939
Cemtantin Refininj Ce. 8'i 1926
Tayler Wharten I. & S
Celunbia Gat & Elec. Deb. 5'i 1927
larafua Sugar lit 7Vi 1937
New Yerk Steam Power 6'i 1947
Atlantic Refining Ce. 5'i 1937
Epir Ga & Fuel O'l, 7V4'i & 8'i
HtaBble Oil & Ref. 5'i 1932
. Utak Power & Light Deb. 6' 2022
Uaited Gai & Electric 6'i 1945
UAND TITLE BUILDINO
PHILADELPHIA' PA.
Mimbere I'blladclvulu btwk xance
v I
7J2'i 1946
I 1
Dlv.
Bales In t
703 ..
100
100
10300
300
1100
200
44
100
400
4100
103
203
400
1700
100
2200
200
1000
700
4300
500
300
300
75
1003
900
1400
203
4B10
400
400
1430
900
400
9X
500
200
500
10
803
400
5000
8601
1200
1000
2100
100
803
2700
200
200
1200
300
203
1700
61
500
703
100
500
2C0
100
100
100
200
2300
300
2500
500
303
100
800
300
200
100
100
8100
6600
1930
2903
101
200
100
200
3030
1200
3103
100
2700
2903
700
100
6913
29D0
50
4100
100
4630 2'
200
2300 .
4600 .
1400 .
1630 .
930 .
100 .
200
500
700
100
100
933
100
100
4933 .
2633 .
200
1500
400
2500
7033
100
18000
600
100
8630
100
100
903
100
6730
103
1 22
400
103
200
1 1200
100
1103
100
300
100
100
103
203
100
100
100
100
2430
3703
930
4103
200
100
1103
100
2433
1100
600
1003
100
STOCK ltlah
.. AiAic Rubber 'Svi
. . Alaska Juneau O M 1 H
4 A'lietl Chem Dye. 69
4 Allls-rtialmera .... 52 ',4
7 Allls-Chalmera pf . . 974
. . Am Auric Chem.. 39 tt
, . Am Acrle Chem pf 6314
3 Am Bank Nete pf . . 51
, . Am Beet Sua-nr.... 44H
4 Am B Shoe Fdy new 62 yi
. Am Cnn 5414
.. Am Cotten OH 2H
. . Am Dm Syn 8 V
, . Am tilde & Leath pf 70J4
7 Am Ice Ill J
6 Am Ice pf 89
. . Am Internnt Cerp.. 44H
1. Am Unseed 35?4
6 Am Locomotive. . . .114J&
. . Am Safety Timer.. 6H
1. Am Ship A Cem... 204
, Am Smelt 62 Vi
7 Am Smrlt Ilefinpf.. 98
12 Am Snuff 134
Ie Odd Lets 133H
3 Am Steel Foundries 37 H
. . Am Siurar nf 79 VS
D Am Tel & Tel 1204
. . Am Wntrwka 6 pf 42 S
7 Am Woolen 92
. . Am Writ Paper pf . 31 Vi
. . Am Zinc I.d & Smelt 1814
. . Am Zinc Ld A S pf 464
. . Anaconda Ceppti . . . 524
A Asie Oil 116
fi Ateh Tep A San e101H
6 Atch Tep ft S F pf 90'4
. . Atlan Blr ft Atlantic 3H
. . Atlantic Fruit 24
20 Atl Ttennlnir 1025
. . Atl Gulf & W I S 3 39
. . Aunstln Nichols ... 29
7 Baldwin LocemotlvelIGH
. . Baltimore A Ohie... 52 Vi
4 Bnltl A Ohie pf.... 63
. . nnmett Leather . . 60
. Tlnrnsdalt Cass A.. 35
Bntepllan Mlnlnig... 1
B Bethlehem Steel.... 75
B Beth Steel B 77
7 Beth Steel 7T, pf . . 95 14
8 Brooklyn FxllHen. . .1084
. . Bklyn Ranld Transit 28 Ji
. . Bklyn R T ctfs of db 24 V
8 Bklyn Union Oas..110H"
.. BrklynUnQas rts.. 1 J4
De Odd LetB 1 H
5 Burns Bres I32
2 Bums Bres B .... 45
.. Butte Cep A Zinc. 7
.. Buttn A Sup Cep.. 294
.. Butterlek Ce 23
.. Cndde Cen O A II.. 13
.. California retro).. . 64
7 California Pet Pf .. 96 V
.. Cnl Zinc A Lead.. 814
10 Canadian raclflc ..140V4
. . Pnse J I Plew 64
.. Centrnt Leather ..404
.. Central Leather pf 734
.. Cerre-de-Pasco .... 3614
6 Chandler Meters ..704
4 Chesapeake ft Ohie. . 68 J4
.. ChlcnKe A Alten .. 10 !4
. . Chi A E III (new) pf 56
.. Chicago A Or West 914
. . Chi ft Gr West pf 21 M
.. Chi Mil A St P ... 29H
.. Chi M A St P pf... 5'
6 Chi ft Northwestern 77 H
. Chi H I ft Pac 44 54
7 Chi RI ft Pac 7Te pf 934
7 Chi St P M A O pt 98 '4
.. Chile Copper 224
.. Chlne Copper 30
2 Clev Cln Chi ft S L 76 'A
B Clev Cln C A S L pf 96
4 Ceca. Ce'a 72 Vi
.. Cole Fuel A Iren.. 31 V4
C Celum Gas A Elcc. 89 Vi
.. Celum Graphophene 4J4
. . Cel Graphophene. pf 1 8 Vt
C Cemput Tab Rec... 65
7 Consolidated Ca..121v4
.. Consel Textiles.... 114
6 Oent Insurance.... 81
4 Tern Products Ref. 1054
7 Cem Pred Ref pf.116
Cosden A CO e?t
7 Cosden A Ce pf. . . 96
. Crucible Steel 754
. Cuban Am Sugar... 24 54
. Cuba Cane Sugar.. 16'i
. Cuba Cnne Surar pf 364
. Davisen .Chemical.. 464
Debeers C Mln Ltd 21 Vi
6 Del Lack A West.. 1 29 '4
2 Dem Mines 30 U
8 Du Pent(E 1) C0..I43J4
n Du Pent 0 deb pi 82
6 Eastman Kodak new 73
3 Elec Storage Bat... 45 H
B Endlcott-.Iehnson . . 81 J4
7 Endlcott-Jehnson pf 1 1 1
Erin 17 H
. Erie 1st pf 's'
Erle 2il Pf 186
8 Famous Players L. e3
8 Famous Players pf 954
. Flsk Rubber 16
Freepnrt Texas ... 23 V
3 Gen Am Tank Car. 59 J4
Genera,. Asphalt... 704
B General Aiphalt pt106J4
8 Oener.il Electric. .. .168
General Meters 14J4
C Gen MoterH deb 6"i 81 14
. Goedrich B F 394
7 Great Northern pf . 80 J4
4 Great North Ore aub 40.
Gulf States Steel... 854
7 Gulf State Stl Ut pf 99
De Odd I.ets.. . 100
,. Htndee Mfg 24 54
3 Heme staid' M.nlng. 71
Housten Oil 77 J4
2 Hudsen M Car 2314
1 Hupp Motorcar 19
Hydraulic Steel.... 10 Vs
7 Illinois Ctntral. ...106 14
, . Illinois pf wl 1094
, . Indian Refining- 9
lud.nhema Ref... . 414
, . Inspiration Cen Cep 41
, . Intv Cen Cep .... 1 Vi
inter Cen Cerp pf 3
Inter Rapid 2914
2 Interr.at Cem Enc 234
t Int Harvester new.. 100 J4
. . Int Mer Marine... 19
6 Int Mer Marine pf . . 76
. . International Nickel 174
. . International Paper 5314
. . Invincible OH Cerp. 144
. . lien I'roduets 34 J4
. . lEland Oil T4
. . Jewel Tea 18
. . Kansas a Gulf. ... 44
.. Kan City Southern 25
. . Kayser Ce new.... 4314
. Kelly-SpK Tire 49
6 Kelsey Wheel 95 Vi
Lew
15
1
69
5014
97
38 H
63!4j
51
444
61 4
53 J4
i6H
5V4
70 H
110
89
43 V4
35V4
11314
6
19V4
62
97V4
134
133J4
37
79
120H
4214
90
31
IB
45
524
1144
101
90
314
24
1025
38 !4
28 K
115'4
51 14
624
58
33 H
1
75
77
95 !4
108
28
2414
109U
14
14
13014
4414
7
29
23
13
64
96 i
814
139'4
614
39 '4
73 Vi
36 V4
704
68
104
554
914
?.14
28
43V4
7614
434
934
97
224
30
74
94
714
31 VS
8714
44
17V4
65
1194
11
81
104V4
116
48
96
73
23 V4
16
36
45 V4
21V4
129V4
30
142
82
73
44 H
81 V4
111
164
24
1814
82 V4
95 V4
154
23
5914
684
106
168
14V4
81 V4
39 4
80 14
40
834
99
100
24
71
774
23
1914
1 0 '
10614
1094
9
414
41
Hi
31.
2914
234
100JJ
184
74 14
17
524
144
34 14
4
18
44
2514
42 tj
48 H
95 Vj
1:3ft
r. if.
Net
Chae.
15
1H
69
39H
63 4
51 44H
62V4 4
54 14
26H
5V4
70J4
110 -69
44 f
35J4
1 1 4 14
644
204
62
97J4
134
133H
37
79V4
1204-1-4214
914
31 V4
18V4 1
14
14
Vi
2
14
H
T4
IK
VS
H
14
'h
14
14
74
in
'
4
VS
14
V4
V4
VS
ivs
1
464
52J4f
116
101 Va
90VJ
3V4-
2H .
1025
39
284
1I6V4
51J4
63 -60
334-
1 -
75 --
774
9514-
108-
2814
24 Vi -1-
110U
1J4
14
13014-
44 VS
7 29 -23
-13
64
96 Vi
814
I40V4
64
39T4
734
36 V4
704 68V4-f
10V4
55 4
914
214 9 -r
45 -r
77H-f
44
934
97
224
30 -76
14
954
7214
31 14
4J4
1814
65 -
121
11
81
104 VS-
116 4
48 96
75 14
K
1614 .
36H
46 -f
21 14
12914
30 H -5-
142
82 4
73 45M
81 !4 .
111
1714
25
184
82 H
954
16
10774
168
144
81 Vi
40
85 i
99
100
24
71
77 Vj
2314t
19J4
10 V4-
1 06 '4 -
1094
9 414
41
Hi
3-
29 14
23H-
100J4
17H
52J4 r
14
34 14
J4 18 4.
4!4
2514
43
48?.
95 li
24
H
4
V4
H
V4
Dlv.
In I STOCK Hltli
., Kennecett Copper,. 3514
.. Keystone T A R... 1614
7 Kresge H S 13BH
., Lackawanna Steel.. 76
. , Laclede Gas of St L 79
.. Lake Erie A West.. 32 VS
2 Lee Rubber 29 Vi
1100 3i Lehigh Valley 65
703 7 ,mi Locemot v..,ioeh
,. Lemw'i Inc 1514
12 Lerlllard (Pierre).. 1 53 J4
7 Louisville A Naih.,131
6 Mackay Ce 105
.. Mack Truck 554
.. Malllnsen Ce . 35 VS
7 Malllnsen Ce pf.... 92 V4
.. Manatl Sugar 47 W
7 Manhat Kiev Guar.. 46(4
.. Manhat Kle ct 46 Vi
. . Market St Rwy pf . . 32
.. Marland Oil 43
2 Martin Parry 31 JS
.. Max Moter Class A'66?4
.. Max Moter Class B 23
12 Mexican Petroleum. 166 VS
Z iMI Am I Copper 29
Hates
2030
1030
900
900
100
200
.00
800
100
100
900
1300
6103
100
200
100
600
100
! 2600
300
100
200
17100
100
n
vs
1V4
4
2
H
V4
14
V.
1
VS
4
VS
1
1
!4
Vi
Vi
' VS
Vi
'
H
!i
V4
Vi
14
14
1 V
H
"vs
2V4
31i
14
1
14
1
V4
U4
Vi
M
14
Ui
114
!H!
Vi
14 I
w
14
2
1 Vi
14!
i
14
I
li
Vi
14
''4
4
M
"
114
H
14
600 1.20 Middle States Cerp.. 1374
2500 ,. Mldvale Steal 33 H
203 .. de Cash 35
3003 .. Mln ft St Leuis.... 12 Vi
100 .Me Kan A Tex (wl) 18
100 .. Me Kan A T (wl) pt 4014
2000 .. Missouri Pacific... 23 V4
1200 .. Me Pacific pt 564
1400 .. Montgomery Ward. 23 Vi
100 .. Mulllns Bedy 26 Vi
103 7 Nnt Biscuit. . 146
1200 .. Nat En A Stamp... 544
700 6 National Lead 103
103 .. Nat R R of M 2d pf 5
1200 .. Nev Cen Copper.... 16V4
200 6 N O Tex A Mex.... 67
6500 b N Y Central ,96 VS
3330 . . NcW Yerk N H A H 31 4
403 7 Norfolk ft Western. 110
100 E North American.... 64
100 .. North American rt 8VS
1200 s Northern Pacific... 77 VS
100 .. Neva Scotia S A C. 31
200 l Nunally Ce 8V4
400 .. Okln Pred A Ref... 314
100 .. Orpheum Circuit... 18
100 8 Otis Elevator 131
100 2 Owens Bet Maim..'. 35 V4
100 .. .Pacific Devel Cerp,. 6
100 .. pacific Mall '. . . 15
5200 3 Pacific Oil ... 57 T4
11930 pan Amer Petrel.. 74
6300 6 Pan Amer B 68
7700 2 Pennryhanla R R. 44 V4
2030 .. Penn Seaboard Steel 9
1200 5 Peeples Gas Chicago 84
430 .. Peoria & Eastern',. 23
1900 .. Pere Marquette.... 33 14
100 B Pere Mnrq pf 70
200 .. Pcre Marq prier pf. 77 VS
100 3 Philadelphia Ce 38
2200 2 Phillips Pet 50
100 7 Pthlllips-Jenes pf . . 92
100 .. Pierce-Arrew Met pf 37
7600 . pierce Oil 8
100 8 Pure Oil pf 48
300 .. Plggly Wlggly S ter 4214
2100 B Pitts Ceal 65V4
2200 ., Pitts ft W Va 3BJ4
200 It, p0nd Creek Ceal... 21
200 6 Pestum Cereal 78 V4
100 .. Pressed Steel Car.. 77
100 7 Pressed Steel Car Pf 99
1200 .. Producers A Ref... 4214
300 C Pub Ser Cor of N J 84 Vi
100 8 Pullman Ce 120
100 .. Punta Alegre Sugar 48 J4
200 2 Pure Oil 30 Vi
100 4 Railway Sec 68
300 .. Ray Cen Copper... 1614
1200 4 Readln '. . 76(4
103 2 Reading 1st pf.... 52
200 .. Remington Typew'. . 36
103 .. Replogle Steel 32 Vi
200 .. Repub Iren ft Steel 73(4
200 .. Rep Iren ft Steel pf 92
100 .. Reynolds Springs... 44V4
3200 3 Reynolds Teb B.... 46 V4
32005.20 Royal Dutch N Y.. 57 VS
2100 .. St Leuis San Fra.i. 29'
100 ..St Louts S Fran pf 51
200 .. St Leuis Southwest 30
403 .. St. L Southwest Pf.. 48
200 .. Savage Arms 13(4
803 .. Seaboard Air Line.. 7
2200 .. Scab Air Line pf... 13(4
2703 .. Sears-Roebuck 79 Vi
200 . . Seneca Cenner .... 1 3 Vi
200 .. Slesa-Shcfflcld 47 J4
30303 2 Sinclair Consel.- 33
3103 6 Southern Pacific.... 90 J4
2600 .. Southern Rail 25
200 .. Southern Rail pr. . . 57 VS
100 .. Spicer Mfg Ce 19
3030 4 Standard Oil of Cal109
400 B Standard Oil of N J1E5
500 7 Stand Oil of N J pf!16J4
500 2H Sterling Products.. 54
100 3 Stewart Warner Spd 44
100 .. Stromberg Carb... 47
17000 7 Studebaker 136
203 .. Sub Beat Cerp.... 7J4
1400 .. Superior Oil 7
2703 3 Texas Ce 47 14
500 4 Texas Gulf Sulph 46 J4
2100 .. Texas A Pacific... 30
1303 1 Texas A Pac C A O 28
100 .. Tidewater Oil 126
600 6 Tobacco Products.. 79
200 . . Tel St L ft W ctfs B 52(4
7100 .. Transcontinental Oil 16(4
700 .. Union Oil 22 !4
1100 10 Union Pacific 14214
1500 .. United Retail Stores. 68(4
1500 . . 17 S C I P A Fdy.. 33(4
203 ..US Feed Products . 7(4
4700 ,. U S Ind Alcohol... 58
100 7 U S Ind Alcohol pf 92(4
100 ..US Realty A Imp.. 68
2030 ..US Rubber 63
NEW YORK COFFEE MARKET
New YerU. July It'. There did net
appear te be much enthusiasm at the
opening of the coffee futures market
teda. . I erhups the inaction was due
in a measure te a peer showing of the
official cables from llrnzil. Opening ..,
prices were unchanged te n decline of LIVESTOCK QUOTATIONS
four points. ' Kurt llun-le. July 12. CATn.E 1U-
There was no fresh development in ""Ipti, r.e beud Steady Calves, receipts,
the luftil innrket lute in the forenoon. ,- -lliTThMre n
A special UK) cubit) reported futureH liuhi geed steady te 10c luwer, heay
there ''." te 7." rels lower. Uie e- 1 1 1 " l J -.j mUed, $11 80 l
change l-lfid higher urid the dollar I J'1,,. r."i,?,",;...kK".l.0.rki!ittS.'
i ate unchanged, llrnzlllnn shippers lire I slllJKP AND i.a.mbs Kec-ipu. 200 head
net showing much nnxicty r make sales inu'. ' "isner
ill the cost nnd freight market, offerings I ...,. ,lllv
living er llgni. 1 men head Hlcher. Heavies. fll.nu&U. 40. i sitvi,, .hi..,, inir i,,.i,., in u.
Open , r,Vy workers. It'ht yerliers nnd rUs, $11 0 . .,,""? JrA ", """ i"'"' K",
200 3V4 I S Smelt R A M pf 47
11830 BUS Steel 101 (4
200 7 U S Steel pf 121(4
1500 2 Utah Copper 64
1600 .. Vanadium Cerp.... 4714
100 .. Va-Cnr Chemical... 3014
1100 .. Vu-Car Chemical pf 66 '
4600 .. Wabash 13 Vi
4500 .. Wabash pf A 32
200 1 Weber & Uellbrener 12
100 7 Western Elec pf ...109
400 .. Western Maryland. 12
200 . Western Puclfle. . . 18
203 C Western Pacific pf. 60
1000 7 Western Union Tel 99
3400 4 We.stlngheusclEftM. 60
1100 .. Wick Spenc St Cerp 16
303 .. Wheeling ALE.... 14
103 .. Wheeling A L 13 pf . 26
300 2 White Eagle Oil 27
600 4 White Moter 49(4
-00 .. White Oil Cerp.... 914
100 .. Willys Overland.... 814
433 . Willys Overland pf. 44
103 8 Woolworth F W. ... 164 (4
600 4 Werth Pump ft ta. 51
100 6 Werth Pump B.... 74(4
100 1 Wright Aero 014
Lew
35(4
15
135(4
76
79
32 VS
29(4
64
105
13(4
153J4
131
103
54(4
33
92 V4
47
46(4
46
32
42
31(4
66
23
163
29
13
35
35
11
18
40 Vi
22(4
53 Vi
23
26 Vi
146
53
102VS
5
16(S
67
95 VS
30
109
64
8(4
77(4
31
8(4
3
18
131
35(4
6
15
57(4
72
66
43
8
83
2314
32
70
77
38
49
92
37
8
48
42
64
38H
21
78
77
99
41(4
84
120
48
30(4
68
16
75
52
36
32 Vi
72
92
44
46 Vi
56
28(4
51
29
47
13(4
7
12
77 VS
13
47
32
89
24
57 (S
19
107(4
ie4
116Vi
53
44
47
13514
7
7
46
46
29
27
126
79
52(4
15(4
22
141
67
32
714
56
92 li
68
61
47
10014
121 Vi
64(4
4614
30(4
65
12
32
12
109
12
18
59(i
98
59
16
13
26
27
49
94
8(4
43
,64
50
74VS
8(4
(4
1
14
214
(4
l:.in Net
1. if. case.
33 IS
13BH 3
76- VS
79 VS
32V4-T
29V4 Vi
65 1V4
106(4 2(4
15V4 14
153 H
131
105 3
55 1
33V4 1
92 VS-47-46
VS
46Vi 32 -43Vi
31VS
66
23
164V4
29
13
33
35
12
18
40 Vi
23V4
56
23Vi
26 V4
146 -
54
102 VS
16V4
67 -
96 ,
30
110 -64
8VS
77
31
8VS-
3V4-
18
131 -
33 VS-
6
13
57VS
73
67 1
44V4 6
84
23
32
70
77VS
38
50
92
37
8VS
48
42
64
38
21
78V4
77
99 -42
84
120
48
16
76
52
36 -32
73
92
29
51
30
48
13
7
13
78
13
47
33
90
25
57(4
19 -
108 li
164
U6
532-
44
47
136 7
7
46 -46
30
28 f
126
79
68 r
32
7
58
924
68
63
47 -
100
LOCAL MOVEMENT
E
MO
IRREGULAR
Standard Steel Ce., Owned by
Baldwin Locomotive, De
clares Stock Dividend
4
"(4
1
" Vi
"(4
3V4
!S
1
1
i
114
1
V4
Vi
1
" VS
Vi
" IS
154
114
"
i
"
.
i
V4
1
1
Vi
1
i
i
v
i
(i
Hi
VS
(4
Vi
1(4
There wan unusual Irregularity in
price movement In the local market con
sidering curtailment of operations. At
the fame time the mnrket was fairly
bread, or at least the dealings were un
commonly varied. This wns partly due
te generous lhflux' of orders In the mi
railed New Yerk stocks. The market,
however, for the local stocks suffered in
consequence nnd was mere or less nar
row. This accounted for the recessions
sustained by fcemc of the mere popular
Issues.
The General Asphalt shares continued
te held the limelight, ecerlng further
substantial advances and enrrying both
stocks' te new high levels for the year.
The movement lacked local coloring, but
considerable part of the trading from
all reports emanated from this city.
Direct explanation for the movement
wns still larking and upon close an
alysis had all the fingerprints of adroit
peel manipulation. The spectacle of
the fast -mounting prices, together with
the confident predictions of much higher
prices nnd 'the chances of the shares
being made the speculative lenders of
the oil group was tee much temptation
for the speculative contingent te resin.
One of the mere conspicuous out
standing features of the lernl list was
the renewed heaviness of P. R, T.,
which under pressure dipped below 33
te 32-1,. The selling had all ltica ltica
tlens of liquidation of a stale or tired
speculative ncceunt. Nene of the un
derlying shnres was affected. Mixed
movement prevailed In the ether utili
ties. Philadelphia Electric shnres nnd
I. O. I. remained firm. On the ether
hand, Philadelphia nnd Western en
light offerings dropped back te OVi. or
4 under tnc previous snle. lerk Hall
ways common was up n point le 28.
Pennsylvania Rnilrend wns firm nnd
In fairly active demand nbeve 44. Klee
trie Sternge llattery continued te creep
up, reaching 45',i. American Stores,
en the ether hand, cave around, vleld-
Ing te II8V11. t'nlted Unllrends of New
Jersey mnde a new high record nt 200,
while Vet Jersey and .Seashore sur
rendered Ji point of jesterdny's ad
vance. Lake Superior had support at
10. Keystone Watch Case wns off 4
points from the previous sale en nn
odd-let transaction.
The Street wns somewhat surprised
in the anueuncement of the declaration
of 100 per cent stock dividend bv the
Standard Steel Works Company, nil of
which tock Is owned bv the Baldwin
I.ocemotivo WerkB. The company will
Increase its capital stork from $3,000.
000 te $0,000,000. According te the
Inst annual report the company ut the
close of 1021 had n surplus of S5.044,
i'OS, which will be reduced te $2,044.
CC5 by the stock dividend, while capital
account will be Increased in like pro
portion. The balance sheet showed
plant nnd equipment valued nt $0,458,
071, while capital stock was $3,000,000
nnd bendi outstanding $2,200,000. It
is understood the Increase in capitnl was
made te mnke it mere fully represent
the value of property.
Gress earnings of the Keystone Tele
phone Company fell off $7"40 during
June and net earning were $1028
smaller. Fer the first half of the year
gross was $42.18!) less than the corre
sponding period of last year, but with
u reduction of $100,104 in operating
expenses, the net earnings were $37,
11(13 larger and after interest rharges
the balance showed a gain of $41,232.
v.
$100,000
Minneapolis, St. Paul & Sault Ste. Marie Rwy. Ce.
Sy2 Per Cent. Twe Year Geld Netei
Dated June 28, 1922 Du June 28, 1924
Interest June 28 and December 28
Net callable before maturity
Theie notes are the direct obligation of the Minneapolis,
St. Paul & Sault Ste. Marie Railway Company, which owns ever
3,305 miles of railway, extending east and west from Min
neapolis and St. Paul, giving these cities outlets te the Pacific
and Atlantic Coasts in connection with the Canadian Pacific
Railway, which controls the company by ownership of a majority
of each class of stock. The "Soe" Railway Company in addi addi
tien controls the Wisconsin Central Railway of 1,023 miles as
a division into Chicago.
The company has outstanding $12,603,400 preferred and
$25,206,800 common stock. Dividends en both issues of capi.
tal stock have been paid in each year since 1903.
PRICE: 100 and Interest
Te Net Blz Per Cent.
Biddle & Henry
104 Seuth Fifth Street
The Information and itattstlei contained herein have been
obtained from sources which we believe te be reliable.
Philadelphia Stocks
121
644-5-47
30 14 -65(4-13
T
32
12 .
109 -12,
18
60
99,
60
16
14
26
27
49 li -r
94
8V4
44
1 64 14
51
74V4
U
(4
1
(4
Vi
1 Vi
' 14
Vi
14
1(4
1
Vs
' H
2(4
Itlih
100 Am Rtrs..llll
lOtAm Weel 0iy8
100tn & O.. 01 Vj
23tChes & (). 08
lOtCM&StP 28
00t de pref. . 45
lOtChi RI&
P 7 p c pf 04
OOfCub C Sti lOVs
330 Klee Ster. 43"
30 Gen Asph 011
00 de p ref.. 100
20tGcn Mtr. 14
lOOfGt North
pref 80"s
lOtllend Mfg 21 ft
10 Keystone
Watchese 01
100 Lake Sup 10
70 I.eh Nnv.. 74
100 I,eh Vnl.. 03
lOOt.Mldvnle. . 30
lOOtNerth Pnc 77
20tPnn-APet 73M.
834 PennnllR 444
20Penna Salt 73
lOPhl'a Ce
cum pf.. 30
81 Philn Elec 211
173 de pref. . 30
080 Philn tt T 33Vs
lOOPhlla&W OVi
OOtPitts Ceal 04
OOHadie Cor 4'e
..A... II. ',,
WTiupie mi -vi
1:16 Net
Lew p. M. chte.
118V611',j n
01 01 lVj
ni
08
28- H
45 lVi
Te the Stockholders of
Manhattan Railway Company
Upwards of sixty per cent, of the outstanding shares of stock
of MANHATTAN RAILWAY COMPANY have been deposited
or are pledged for deposit under the Plan of Readjustment.
Practical unanimity of action, however, is necessary and unless
the holders of substantially all of the undepesited stock co
operate in putting through the Plan by depositing their stock
thereunder, the Plan will fail and a Receivership will become
inevitable.
It remains for every holder of undepesited Manhattan Rail
way stock te decide whether te forego the advantages of the
Plan of Readjustment and te embark upon the responsibilities,
risks and expense consequent upon a rejection of the Plan. Non Nen Non
acteon by any stockholder is equivalent te a vote for rejection,
inasmuch as a positive assent through a deposit of stock will
be needed te make the Plan effective. At the request of a
number of stockholders absent from the country, the Committee
has extended te and including JULY 25, 1922, the time within
which further deposits may be made.
We cannot urge upon you tee strongly the great importance,
in your own interest, of depositing your stock at once with The
Equitable Trust Company of New Yerk, 37 Wall Street, New
Yerk City.
Dated: New Yerk, July 6, 1922.
MANHATTAN RAILWAY COMPANY
STOCKHOLDERS PROTECTIVE COMMITTEE.
LYMAN TIHOADES, Secretary,
37 Wall Street, New Yerk.
MURRAY, PRENTICE & ALDRICH,
Counsel,
37 Wall Street, New Yerk.
THE EQUITABLE TRUST COMPANY OK NEW YORK, Depositary,
37 Wall Street. New Yerk,
ALVIN W. KRECH. Chairman,
LEWIS L. CLARKE.
BERTRAM CUTLER,
ALFRED 9K1TT,
FREDERICK STRAUSS.
THOMAS H. WEST, JR.
01 i
118
22
45
04
10
44 Vj
0!)
100
14
80
24
01
10
74
05
35
77
72
44
73 '2
.10
20
30
32-1i
Mi
C4
4Vj
32 V,
04
10
45 Ml
00l
100 4
H M
80-
24 Vj
H
Va
M
10
74
Ixl '2
35-
77
73 l
444
73 Mi..
30 ..
20-
30
3B?i
0'4-
!
4V2..
32 '4 i
7.1
1 74
THE DIRECTORS AND OFFICERS OF THE
THOMAS DEVLIN MANUFACTURING CO.
DESIRE TO RECORD THEIR GRIEF ON
THE DEATH OF THE FOUNDER AND
PRESIDENT OF THEIR COMPANY
MR. THOMAS DEVLIN
BORN MARCH 30, 1838
William J. Devlin
Wilsen Prlchett
UUhard Mett
Jehn Cenner
H. G. Vetterleln
DIED JUNE 23, 1922
R. Livingston Sullivan
Gee. C. Qraeber
L. J. McCrath
1, ii
verkf rH.
Pitt. !'.
Lambs, $40 ID
FOREIGN EXCHANGE I DIVIDENDS DECLARED
New YerU, duly 12. Opening quo-1 Burna Ilrethers. quarterly ss.ne en A
. . . , t, , . ""cl Bnl 80 cmts en II. both nivatilii Au.
tatiens en foreign exchange this morning itueit 15 te utecli of record aukuI" 1
Kheued practically all the rates well La?LlV.nXu0,.?tonc,i(anerr,e-ril7J5ufyn,,S'
adumced above last night's close. eSKnJ'd'ieiSrft "Tu.'nu??."'.' ?
Sterling cables were 4.44. demand j J"."- pvi: July -'5 10 mock ofreceru
J.-J'l'i; franc caDlCH H.l-iVfc, checks , National lilacult Company, renularlv .-.
rIV Ij IWI full nn fAmm.... j ' .
8.13: Uelffian cnbles 7.75 '-b, chucks
uean Receipts. 1 7.74 Vi ; lire cables 4.01 Va. cheeks 4.01 ;
July
Hl)lemt)r
Dfcerrnber
Mrircti . .
ilay .. .
Yl"U i lone
0.!3
U 311 57
O.Sltf.VJ
U 49tf.Vl
0 44(4 411
b w:n
ti.i'ihH !
W 4SV30
nt 1 1 nn
HlinEI' AND t.AMUS HccMlita, 300 head.
ut.nrfL Uh..n. 17. R0. Inmhi 114.
!'1l1?' CAl.VK.S rtecelpm, 100 head. Higher.
'Tep, 1-'.
U.S. Certificates and Treasury Notes,
rolleulnr Are the cleu nir DrlreH. hi,l unrf
ntki-'l lu th own iiiiirket. for I'r.'.tcil Stji.-x
Raw Sugar Market
New Yerk. July Vi The row auaar mar
ket na tulny active itnd arm with ( uha
seta cables 10.09, checks 15.07; Dunibh
cables 21.55, checks 21.00; Norway ca-
Dies lti.w, enccks I0.J1S; Swedish ca
bles 23.00. checks 25.85; guilder ca
; bles 38.70, checks 38.70; marks
! ,S2Va.
I At mid-forenoon the foreign exchange
marxet wan steady, with francs the
i alriAlf
of record September HO nnd preferred dv.
able Ausu.t 81 te ,tock of r?cerd AurJM I?
aillette Safety lUzer CemnanV. stock dlv .
dend of 0 per rent, pnyntile December 1 te
Meck .of record NevlitiIm.p i nii .......
i i . . ... . . . , . .
! riifi.nni li.uii, ' "" for Juir "hipment uueted at utic. cei una main feature nnti tnc issue in winch me
umereni ii.uea. fielnht find for Auiuit ihlpment ntJSr te UrDHtMt. ninniinr nt himlnpvi, n-nu irnnu.
'".Vi ... Di''. ,ff,, ,'r' Y,"SS I frtclufd" e "m icrS t'uba"fernjuiv and i acted. Otherwise butlnes was vcryl
'.ft 5eE ' ?"" ieSn'-la ?wi: 3 Aueu't -uipment atSHc. ce.t nd freight, dull. Sterling cables 4.44, demand
I I54 ?ict,,M life' .' B' ie.3.' i . ', ' Ve ,0el KftiSin- nferU aPrcr,JUTl-narr iai'S ' --'i : franc cables 8.18. checks 8.17 ;
1 J ii Se'ufe3' W : ??' e T" AVr'i'vX" d7 r 'tta'y'ffi: $ !.77, check 38,72, and n.arks,
I '.? ne V(.?m !,., !'? ??1 1 1 uded27000 bans of Cuba te the Warner -"i- ,
II J'sm, s.St' 104 ie"ia.'i iV'V.I'kus" Kennina company, lu.oeo i,aj u ths Central Kurepcan exchanges were ir-
II t.5e Si.Pii.,BiM6 " i!iiM nfi!:'; 4iTl',,"na1' un,f ''"0,J """" cenB,'l ,0 ,h-. regular. Quotations were: Kumanlan.
III ill lie,- in-jR mnU umi. , S trade. . . . m , r.;u . iii,i 7.1. A. .....I,... niiin.l
uuarterly caah 13, panbl September 1 te
Heck of record Auguit 1.
Reserve Bank' Discount Rates
Official rediscount rates nt the twelve Kd
eral Jteaerve llanli aru ui fellow.
Hntten
New Yerk
Philadelphia .
t'levelurd . . .
Illehm'nd
Atlanta
Chicago ,
Hi. l.euii , . .
Minneapolis
Kansas City .
Dallas . ,
Hun Kranclsve
Truis.
ctfs,
4
4
,. 414
::Jl
. if
... n
. 5
. 4
l.lh,
Bends
4
!
S
r.
4
''urn I I)kr
luper Atcept,
4
4
44
.1
4
4
4
4H
4"
44
s1
A
S
4
-. ",,;,,, ,; : ,:.. . !- The local rennen niarai-i was nrm ana 1 ;" '4 , ,..... .i.,, .,., , 4uc,,iiii, ,mn-
frem-Kederai JerS. "t'nce'm". f.S fcT " SVl'cn?Bfelrn,.f.Ba.ra " , !!l,?1!l!,,l.r,iI,,,1,i,l,'.-J!S18;.
abl.. for pavment of Income tas u euc' B . '"" 1.1H; .Iliue-Slnvinn, .208; Czecho-
14 March
. j-;sempt
TAccem,
due en date of muturltj.
5ff
The
National Bank
My, , '
lauwwpwR.. -. .
wmfnm?
Orien Petroleum Company
I.erulen, July 12. A dispatch from Am
sterdam 10 Uh I'eit today said thnt the
Orien I'etreleum Company had concluded
J areemnttp.- cloi-NjctfVeperatlon with
tba .Hheenlx OIK iiul..' ' kanert.. Cimnnnv.
1-t". fit. t.qnden- "Ikullah group haa
MONEY-LENDING RATES
I'HlIADKl.l'HIA Call. 4Vs per rent,
time, iU In 4H per cnt, commercial paper.
tlrie tu six months, 4Vi te 4H per cent.
Londen Metal Market
Modea. July 13. Standard cpnper,
s- futures, jes
iTO Si; futures
futurea, 2 3s M,
!0 Ss- futures. (63 13s Cd, L'lectrefl
spot, tit) 0.1; futures, tu ins.
liM jes; futures 12s ts Bd.
Tin. (it
Mae. s2
Slevaklan. 2.233; (3rcek,"2.00, and Fin
nish, ,i'.
The rate of premium at Montreal to
day en New Yerk funds was 1 3-10
per rent. The rale of discount in New
Jerk today en Canadian fund wn
1 0-82 per rrnt, ' t
TODAY'S OPBNINO QUOTATION!!,!
- -Bterlln Francs M
"mm ,,,,. . .is1
CHICAGOBUTTER AND EGGS
'ttt m ijs, Tula In. lif t 'nseit i
...,".?.'. ".V. '.'". n'Ji'f; """'I creum-
v. vA.in. .M.k, i,i,, a.iiutc: seconds
(fl.-llc; standards, a:, " "' '
SJiHP1.?1.":?' receipts), isam rases.
wu,,,, lunei j luvit
.'swaici roosters,
J. t '" -.,,0',1 rases.
i4$c ' bro"''
RAILROAD E
CANADIAN i
INING8
ciiric
n.v.r. I . . - MU
lutiTwenuu a i ftt
20tStiidebkr.l30 133 135 1
1425 Tone Bel. 1 1 I'i-.
lOtL'nlenl'ac.142 142 142
10 1'nienTrac 40 40 40 . .
330 V O I . . . . 02Vj 52 Vi 52 . .
711 de pref.. 04 54 54 ..
25 I' Ces N.T.200 2(K) 200 -rl
100 V 8 Stecl.101 101 101 1
800t West Pac 18 18 18
400t de pref.. 50 00 00
10W .Ter&H. 37 37 37 u,
00 Yerk Itwy 2S 28 2S -1
tNet chnnue made bv comparison with last
ua;e en mw iota bieik uicnange.
I'lIIIwVDKLrillA IIONDS
2000 Liberty 1st 4Vi '47 reg.100.12
1000 Liberty 3d 4V4s '28 rcg. 110.1(2
10000 Liberty 4th 4'4S '38. .. .100.38
lOtX) Liberty 4th 44s '38 reg.100.10
0000 Victory 4s '23 reg 100.32 i
2000 Klectrlc & Tee Tr 4s. ,
1000 Lehigh Nnv eons iV-i
0000 I'hila Ce cons 0s
OO0OP,hlla Klectric 1st 5s..
4000Phllu K'ectrlcOVjs..-,
4000 Philn Klectrlc 0s
07
lir.Vi
80
Wl
KM)
100
Liverpool Cotten
I.ltrrpoel, Julv 12 There ua
a fair de.
Asiets Over $69,000,000
Net Earnings 5,896,348
Interest Charges 687,989
are the figures reported in the annual statement of the
UNITED FUEL GAS COMPANY
Net Earnings are ever 8 times bend interest.
Assets are ever 4Js times the amount of bends.
We are efFerinp: the first mortgage Oft bends of this
Company, at 98V and interest, yielding 6.159c.
They are listed en the New Yerk Stock Exchange
and the Company refunds the four mill personal prop
erty tax te holders in Pennsylvania.
Descriptive circuler upon request tolMeuf obligation, of course
A. B. LEACH & CO., Inc.
115 Seuth Fourth Street, Philadelphia
Bell Phene, Lembard 0557
maud for ipet cotton today nnd prices were
steady en u busts of ID 33d for mlddllnu. or
T points higher. There were no receipts
The sales were S000 bales, l-'utures were
iiulet. Bpet prices were: American middling
fair, 14 7Hdi geed middling. 13.73d; fully
middling. ) 4bd middling. 111. DIM. low mid
dling, I'JSNd, geed ordinary, 12,03d, ordi
nary, 11.03d.
i'r g?
...
2K- J5W2J .'Jffrffi'
WtiW II1W1V
'.loi.epi
Northwestern Equipments
Washington. July 12 The Chlcaun .n,i
North Western Hallreud received tlnal u-'
therlty from the Interstate (Jommene Cem-1
mission today te ke fnrw.inf with the sale
of fS, 250,000 In eaulpirent trust ifrtlflcatcs
The return from the certificates will , n..j
ter the purchase of new equipment,
Geld Arrivals
New Yerk, July 12 Oeld bars, valued at
!2,e00.000 arilved here nn the stcamkhlD
Olsniple today, consigned te Kuhn, Leeb i
Ce. making a tetul of 124,03(1,01)0 cold im.
ported from I.ondenby the nrm slnce tha
first of the ear. The metal Is venerted
Inte currency and used for the balancing of
trade ucteunts In th.'s country.
The O ymplc also brought geld uu,d nt
2.r.OO,Oe6, consigned le J. I. Morgan Ce
Anether consignment of eighty-si boxes of
geld Ter Ihe Morgan nrm Is en the Adriatic
which eallec) Hnturduy from li.verpcel.
"!'BAR rh.VIrl'-t
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lea. July 1S.--M
! Us
WE OWN AND OFFER
$75,000
GENERAL REFRACTORIES CO.
FIRST MORTGAGE SERIAL 6s
DUE 1928-1929-1931
FREE OF PENNSYLVANIA STATE TAX
Rated by Meedy AA
There arc outstanding $775,000 of these bends
against assets of $8,000,000.
Earnings
I919Z12 tieB Inlre8t Cha,rcs
1920 7 "
Price te yield G.S07e
SCHIBENER.BOENNING & Ce.
,s- , . Invennt Bends .
161? Walnut Street Philadetehia
Member PhUatleljthia Stock Exchange
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