WS&T&W
!l!WellS3SySISI
Brp.vr,
i m i jtjvv hi? a wrx irfvmr.ir juui "
.7 , lj 1HIWBA .A ri
( M' .A'i?i.'.V'.l MjKf'T
''WWKSM
ft
SP,
til:' m&B8Bk wsr& -aa ,
'Huawrvk l. "
" ' v fc ;r VfrT r"3?
EVENI FUI5L.1U uqyvraxv-y. .
prefTFtaking in
THE CURB MARKET
Higher Prices Generally Re
corded in the Early Dealings
in Oils and Meters
Stw Yerk, July 12. The hlglicnt
nrlccM for ftecki during the forenoon
i,cre recorded I" the enrly trailing In
the riue of me't ishiich. Aiicrc w i
rial activity in the meters nml the oils.
Ucferc the end of the first hour, how
ever, iirufeMleiml profit taking brought
nbeu't ren-lclernblc Irregulnrlty, netnbly
In ,he higher priced chnrec.
The mere netlve ilcmnnil for the meter
tnck ni bned upon the gcncrnl ex ex
nrctntlen of n centlnimncc of geed biiMi
JifKi for the meter Industry through tills
!!r The mining group developed
heaviness, especially in borne of the low lew
nrlcrd iieueH,
Mexienn Senbenrd Mecks were nggres
iIjpIv bnight In the enrly dealings, but
nrefit-tuking wns Indulged In rather ex
nlelv nml fanned niedcrntc reac
tion" Substnntiel net galnn still pre
tailed. Standard Oil of Indiana was
one of the most prominent members of
the oil group, as has been the ense for
enie time. The upturn was net as pro
nounced ni might have been expected
and In fact, was followed by a set
back of nearly i! points. Htnndurd Oil
of New Yerk was .'I points higher en
moderate trading, l'rnlrle Oil and Otis
ruled firm throughout the forenoon.
Imperial Oil of Canada wns nenrly h
imlnt higher. Angle-Amerlciin nml In
ternational Petroleum being steady.
Daniels Meters wns renlly the leader
In Its group nml nt one time wns 1
point above Inst night's close. Itee Mo Me
eors ns In renewed demund, but fluc
tuated within u narrow tango.
IMII'MTKIALS
in
2.1H
IB
'4
13
174
221
7'i
in
ia'i
a
'
,r.
Sales l"h
400 Am Metals 4
SlHlAmrr .Mela s pref .10.
Sim Amtr prun JJ4
1 100 HutMj Hud 1'j
3i0i Oh c.-iku Nipple ... '
1 nit i e umuin eihciuiu i.u
10'iCubnn Hern Hu..i
UHi Curtlcn Are pref. .
Kine Winle la Moter . . .
SOW) Dubller C II . .
MM Durant M of tnu .
;iii (ilb-en llenc.l . .
no miptt s n
inoe (!e1dnn I'lcturea .
ine Huilien Ce pref . .
inert Inter Carben . . . .
lRoerhl Nipple H
SOU Columbia Mtrs . . .
:nn iinii switch '
100 Hall Switch pref., i
100 Vnrr Wlr Am .. 4
;i)0 I.lbbv, Me.V &. I.. -'t
r.r.OO Moen Meters .. . 12
;in rhll'p Merr'x . 20
inerub Scrv N J pref.103
ree Rnrtle rem . . . 4
line nail In pref . . 3 A
ine nen Moter Truck .. 2R1,
renn south c i.. . . 4.1 j
lien Tell rrn.l "A".. . i'
MHO I? S I. II "'
;nne i S Shin Cerp...
.ion t'n R"t Cnmlv. 04
limwillv Cnr-) 1st pref 20
J(0U S I. 11 prrf ... 1H
1T.S1.IU OII.
flflli Anele-Am en .. .nit
IMHmn Oil I'nn .. 114si
10 Trnlrle O O .01.1
inn St Oil of K'1 "I .. S"
13100 Stnn.1 nil of 1nl. 11.1
110 Ptancl Oil of N Y .413
INDEPENDENT Oil.
tna 1
Minn
T'oKien 1Vemln..
Cnrlh Sni1
nilr rxlce
("Hie. Srv prcf . .
t'nir IVtrnlum . . .
Reullv Mr pref.
fciler.il OM
ntenrerlt nil
Hudiinn OH . ...
let IVtrrl
KeiKtene Hnncer..
I.en Prt
Marlnnd Mex ....
Mex Spnbenril
Me Senli V T C .
jrnuntHln Oulf .. .
Meuntiiln 1'reil .
Vutunl lief
N'ew 1'nc Fuel . . .
Vew Mex I.anil . .
Voble OH
fimnr Oil
rtnl llankn
Knlt Creek I'rnd ,
Sarulp.i Ref . .
Shell Union pref .
Skellj Oil . ...
Smith P n . . .
south Htntei . . . .
Speneer Pet
Texan O . t,
Lew
411
107
m
,.A
3V4
77c
10
2.1 4
12
13.
17A
221
7W
111
124
AVi
J
3
7
4
2'i
11
10
103
4
3U
2R
4Se
711
1
re
W4
20
1
1(1
114
01.1
no ,
113
440
1 00
P. M.
411
107
!'
1
r.
77c
10
2,Hi
12
II
13
17
221
7 ,
111
12 I
3
4'?
7.1
1
7
2'i '
12 t
10
101
4 '
S'i
2S
4.V
70
III
fle
20flV4
1
I
000 Turmnn i.. 1
440O Wilcox Oil ....... 7
MINIMJ
inn Alvarnde Mln" J4
inn Amcr Hxploiatlen . 2
1O0OII.K Iclxe 13e
400 llotten Ment Cena. H2c
80011 Cnnaila Copper .... 23e
2000 Cunilelarl.a Mln ... 3,1e
3000 Conn Cen Mln.... 32c
ften Cepntr Canyon . W.le
Atincerlr-j Hllver .... 1A
11011 Crctfen Held .... 2 '4
1O0II Kl Hnhnilnr Ra
r.oeo Rmmn Hllver le
laenn Hureka Creesua ,r2Sc
lOOOUallna 3Sc
4000 (leldflcM Florence.- 10c
2000 Hani Hhell 13e
lfldO I term Mlnlnx .... 'i
100 Howe Hound ...... .1
(1000 Independent I Kind , 40n
200 Jereme Verde Dlv 3
n.lnun tine Star no
Ine lllneham Stlnea .. 14e
1.1(100 Onldflnld lel ... Re
Him Hill Tep Nev .... Rc
innn Hpenlheail 2c
200 Mnnma Cep 2SH
1(100 Marli Mln IKe
ftOO Mnsnn Vnlley .... 2.,
noe Mether I.ode C .. n
MOO Natlet.nl Tin .... . 80i
noe tiny llercule "l
100 Shelden 1
inn se Amer P A O.. 4
3tine Surresa Mlnlnit . . 22c
200 Tonepnh Divide . . Se
100 Tennpah North Star no
nne Tuolumne nac
1000 l?nlted Eiatern .. IAi
7nnn Wllbert 1e
100 Yuken Geld D.'c
neMs
4000 Allied Tackera 0. M
12000 Am Cotten Oil (la. ns
1000 Am Te! Oa. 24....101J4
101100 Anaconda, Cep n..100
1.1000 Anaconda 7a. '20.103
1300H Ansle-Am Oil 7V4 8.103T4
1000 Armour Ce 7a. 104
1000 (leaver llrd Hi ctf 7S
3000 lleth Stsel 7a 23.104
ltnoellklyn Un Oaa 7a.l0n
1000 Cent Steel ... 10.1V4
limn Cena Oni Halle lla.im
1000 Cenner Kxp 1, '23.101
f.OOO Copper Ex Ra '25.104
0000 F.mplre O A It fls.101
inonealena S O 7a.... 1 0.1
2000 On Aaphe.lt S..104
2H0OO OoedrU h Tire 7a .108
inne Urnnd Trunk fl'ia.ini
nnnneuif en 7 .jei
10(10 Heed llubber 7a..,HHH
seen Humble oil 7.. 1en
7000 Itennecett C 7a. .104
1.11100 Laclede Claa 7a.. 100
1000 Manitoba Power 7 0.1
IIOOO Nat Acme 7Vi 7
1.1O0O Amer Light Oi ww.100
10000 Chi Union Hta r7 II 110
HOOnN Y N II A II 7a 7
seen Phlla nia .mm.. 00
aoen nebert On.lr 7a.. 07
nene Hears lleeb 7a '22.100H
7000 Seara lleeb 7a '23 101
1000 Seuth Hell 7a ..10JX,
innOH O N Y "a '2.1.. 101
2000 S O N V 7a '2S..100
aoen s e N Y "h '31.. ion
r.oeo s e N Y OHa..ies
neon Sun Oil 7s 100
S00O Stewart IVrtr a..110
1000 Swift A Ce 7a '31.. 102
2000 Texaa Ce 7a ....101
1A l)l
0 OH
n
J
ISc
fleo
22e
aic
21ir
liSc
1
2 A
Be
1c
2He
2Sc
lie
13e
11
a
4.1c
a
flC
14c
r.c
SOa
2c
2S
INc
V
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30c
1
1
4
21c
80fl
Oc
R3c
1A
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0.1c
!-
13c
ROC
23c
31c
2.1c
11.1c
1A
.Ac
In
2Ru
2RO
no
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11
a
47c
a
nc
14c
r.e
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4
21c
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104
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en
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10.1
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mei;
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102
10.1
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inn
108
100
110
102
101
2000 United Oil Pred 8i. JMH 104H J04H
1000 Un ny Hv 7H..1044 I104W 104H
11(100 Vacuum Oil 7a ....10JJ4 JOT 107
1000 Weat Elec Ta.,...108 108H 10J.H
!noe lleahev Chece 7 ..10134 10H10H
; ..t m.. hv. dk mm
nugw nans ksiij i u
SUOU Item Arms Ot
BOND)
10000
laoen
ioeo
anne
aaone
ioeoo
28000
noneo
r.oeo
coue
7a ....100
8 7. .... i.
i1
FOREIGN
Argentine
City Montevideo 7a SO1
French oevi eja. ui
Kind of Herba 8s.. OJtt
Iluaalan . J
N Y N If A II F Ti.IiH
I"
UimIum tllLm
v s inu 7H
83
I i ni
b' n.m
7 17
fl 1A
4 74
St. TO
Reading's Big Freight Car Order
The Phlladelehiii "-Tj - "Vj'WJilKSK
will ahertlv putchaae 1000 new mi ireiebt
car nt a coil of approximately 12,000.OO.
lllda wi'l lie aaked In a '' 'laya. Thla
irder 1 I be In addition te the Jwen ate.
coal cara authe-lred bv thn company IMt
April. New" equipment. Ineudln ItKome.
tllca. paaaenxer and freight cara. te of
delivered te the lleadln tela yer wtll
he" value of about 19.000.000.
Seuth American
Gev't Bends
Many litlle-knewn but im
portant facts are brought
out Sn our recent analysis of
this subject.
Investors in such bends will
find much te interest them
in this special letter. Write
today for free copy Ne.
298 and information about
our service.
MOODY'S INVESTORS SERVICE
JOHN MOODY. Prealdent
1124 Real Estate Bldg., Phlla.
New Yerk
Bosten
Ixii Angeles
Chicago
!
1 14
01.1
en
113
442
;no
ivne
inn
13ne
in
inn
,-lenn
inn
linn
100
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enn
me
icon
300
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sunn
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inn
i noe
jsinn
t 4in
7(in
8100
12
81c
non
"(17
31c
14
H
1
, 21c
21
47c
, 80c
8
31
32
1
1.1
10
.10
18c
S
110
12
1Rc
13
4
flic
1
12
8 Se
A
e
"07
33c
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1
1
21c
22 Ti
4ne
j(1c
8
31
30.
1
1.1
10
.10
2
20c
2
18c
17
4
en
11
14c
13
3
03c
1
12
8Sc
8
nnq
"r.7
33c
14
111
1
21c
23
40c
70c
8
33
31
1
1B
10
fin
2
20c
2
ISc
17
4
no
n
17c
1.1
04c
The Philadelphia Saving Fund Society
Main Office: 700 Walnut Street
West Philadelphia Office: 15Se. 52d Street
Condensed Statement June 30, 1922
ASSETS
Caih en Hand $815,444.07
Due from Banks and Trust Companies. . 7,795,970.46
United States Bends $49,795,401.69
State, County & Municipal
Bends 30,778,228.93
Railroad Bends 69,149,374.17 149,723,004.79
Call Leans 4,765.00
Mortgages 21,752,365.20
Real Estate 450,484.17
$180,542,033.69
LIABILITIES
Surplus Fund $8,784,619.48
Undivided Profits Less Expenses and
Taxes Paid v 3,554,426.07
Deposits ." 168,202,988.14
$130,542,033.69
Number of Depositors, 277,616
United States Bends en Deposit, $9,390,450
Number of Bend Depositors, 43,893
President
G. C. FURVES
Vice Preiident
JAMES M. WILLCOX
Vice Preiident
STACY B. LLOYD
Vice Prei., Secjr. & Trtai.
SAMUEL WOODWARD
$1,000,000
YORK COUNTY, PENNSYLVANIA
4'4 ROAD BONDS. SERIES "A" 1922
Dated July 15, 1922 Maturing serially
Interest payable January 15 and July 15
Coupon bends in denomination of $1,000 each,
with privilege of registration as te principal
FREE FROM STATE TAX IN PENNSYLVANIA
EXEMPT FROM ALL FEDERAL INCOME TAXES
FINANCIAL STATEMENT
(as officially reported)
Actual valuation (est.) $207,419,26200
Assessed valuation 69,159,754.00
Net Debt '. .....$ 1,319,882.00
Population, 1 920 census 144,521
PRICES AND MATURITIES AS FOLLOWS:
$50,000 due July
$50,000 due July
$50,000 due July
$50,000 due July
$50,000 due July
$50,000 due July
$50,000duejuly
$50,000 due July
$50,000 due July
$50,000 due July
15. 1 933. at 101.583
15. 1 934, at 101.696
15. I935.at 101.804
15, 1936, at 101.907
15, 1 937. at 102.006
15, 1933, at 102.102
15, I939.at 102.194
15, 1940, at 102.282
15. 1941. at 102.367
15. 1942. at 102.448
accrued interest te b
$50,000 due July 1 5, 1 943, at
$50,000 due July 15. 1 944. at
$50,000 due July 1 5, 1945, at
$50,000 due July 15. 1 946, at
$50,000 due July 15, 1 947. at
$50,000 due July 15, 1948, at
$50,000 due July 15. 1 949. at
$50,000 due July 15, 1950, at
$50,000 due July 15, 195 1, at
$50,000 due July 1 5. 1 952, at
e added in eacn case
102.526
102.601
102.673
102.742
102.808
102.872
102.934
102.992
103.050
103.103
TO NET 4.07
Subject te approval as te legality by Messrs. Townsend, Elliett and Munson
Definitive bends will be ready for delivery July 17, 1922
REILLY. BROCK AND COMPANY
306 CHESTNUT STREET
PHILADELPHIA
150,000,000 Guilders
Kingdom of the Netherlands
(HOLLAND)
Fifty-Year 6 Sinking Fund Bends, Series "B" .
(Simultaneous offering in the United States and Helland)
Dated July 1, 1922 Nen-Callable Before 1932 Due March 1, 1972
Coupon bends in denomination of 2,500 Guilders (At par of exchange $1,005)
Principal and interest payable at the head office of the Nederlandsche Bank in Amsterdam in
Guilders and in New Yerk through the office of Dillen, Read & Ce., as fiscal agents for the lean
in the United States, in dollars at the current rate of exchange prevailing at the time of payment
A Sinkint Fund is provided beginning March 1. 1933. te retire the entire issue by call by let of one-fortieth annually at par
and interest. Issue callable en and after March 1. 1932. at par as a whole only, except for sinking fund. Interest payable
March 1 and September 1. Free of all present and future taxes of the Kingdom of the Netherlands. Text of Definitive Bend
in both English and Dutch. Application will be made in due course te list en the New Yerk Stock Exchange.
The following statements have been approved by L. J. A. Trip, Esq., the Treasurer General of the Kingdom of
the Netherlands:
These bends are the direct obligation of the Kingdom of the Netherlands and together with 150,000,000
guilders bends sold in the United States and Helland in February, 1922, are authorized by Act of Parlia
ment approved February 17, 1922. Helland has been for centuries one of the foremost financial and com
mercial powers of the world, and for generations one of the most important markets for United States and
ether foreign securities. Amsterdam, the leading city, today occupies a position of the greatest international
importance as a banking and commercial center.
The total funded debt of Helland at the close of the year 1921 was 2,435,600,000 guilders, all issued and
sold in Helland. This is at the rate of less than S140 per capita, at par of exchange, compared with approxi
mately $195 per capita in the United States and approximately $650 per capita in Great Britain. Helland's
funded debt issued before the War carries coupons at rates of 2V6, 3 and 3V2 per annum. Prier te
the initial issue of these 50-year 6 Bends all funded debt issued since 1914 has carried coupons at rates of
5 or under.
The monetary unit of Helland is the guilder (florin), with a value at par of exchange of 40.2 cents in the
United States.
Before the War the currencies of all nations en a "Geld Basis" remained practically at par and any material
variations which occurred were automatically rectified by the shipment of geld. During the War, and im
mediately subsequent thereto, ether factors incident te the War restricting such shipments of geld controlled
the course of Exchange and, in the case of Helland, caused the guilder te fluctuate between a premium of
approximately 30 and a discount relatively as great. As conditions are becoming mere normal the guilder
is gradually approaching its parity of 40 . 2 cents te the dollar, and is at present selling at a discount of only
about 3.
The Bank of the Netherlands (Helland's only bank of issue) had a geld reserve against its circulation of
ever 62 as of June 19, 1922, compared with a reserve of 52 in July, 1914'. Te-day the guilder commands
a premium of ever 5 in Londen.
A syndicate of bankers in Helland headed by The Nederlandsche Handel-Maatschappij and including the
Retterdamsche Bankvereeniging, the Amsterdamsche Bank, the Amsterdam Branch of the Banque de
Paris et des Pays Bas, De Twentsche Bank, Lippmann, Rosenthal 8s Ce., R. Mees 6b Zoenen, Nederlandsch
Indische Handelsbank and Pierson 6s Ce., representing the issue in Helland, and the Dillen, Read 8s Ce.
syndicate, representing the issue in the United States, have purchased these bends from the Netherlands
Government, and this Helland syndicate is making an offering simultaneously in Helland.
We offer these bends for delivery when, as and if issued and received by us, subject te approval of all legal matters
by counsel. Interim receipts of Dillen, Read & Ce. exchangeable for definitive bends when ready, will be de
livered en or about July 25, 1922, with coupons attached ter interest from that date te September 1, 1922.
The Amsterdam market, where prices heretofore have ruled above these prevailing here, will be available for
these Interim Receipts upon completion of arrangements for exchange in Amsterdam for tern-
perary bends of like denomination listed en the Amsterdam Stock Exchange.
Price $960 per Bend
(Interest at rate of 6C'C will be charged en this price from July 25 te date of delivery)
Te yield about 6.10 te maturity, and 6.20 if called in 1932
(Thee yields are based upon exchange at 39 cents per Guilder. With exchange returning te par of 40.2 cents within 6 months
and remaining at that figure, the yield te earliest date of redemption (1932) will be about 6.65. and te maturity, about 6 30).
Dillen, Read & Ce.
Lee, Higginson & Ce. Blair & Ce., Inc. White, Weld & Ce.
Central Union Trust Company of New Yerk The American Exchange National Bank
Brown Brethers & Ce. Halsey, Stuart & Ce., Inc. Ladenburg, Thalmann & Ce.
The First National Bank of Bosten Old Colony Trust Company, Bosten
The Girard National Bank, Philadelphia Cassatt & Ce., Philadelphia
Commercial Trust Company, Philadelphia
Mellen National Bank of Pittsburgh The Union Trust Company, Cleveland
Continental & Commercial Trust & Savings Bank
First Trust & Savings Bank, Chicago Illinois Trust & Savings Bank, Chicago
The Angle & Londen Paris National Bank of San Francisce
Bank of Italy, San Francisce
The information contained in this advertisement has been obtained from sources which we consider reliable. While net guaranteed, it is accepted b
us a, accurate
What was the market price last month ?
What was the"high"last year ?
What was the'lew water" mark ?
I
F you are interested in New Yerk
Curb bxchange stocks, these are
your natural questions and
they are all answered in the July
"PRICE RANGE"
Copy freepn request
Philadelphia Office
WUcmcrBrnfldlni
TtlrpHeMii
gell . . . Lecuii 4730
Ktyxenc . . Ract SMI
Baltimore Office
433 Equitable Building
TltKMi IlaiiMU
Jenes &Baker
Member New Yerk Curb Exchange
Direct PrlraU Wire.
Nv Vrk Calcita BoMen Fhlltaclailt
ritMUrik Detrelt Btlijrawt Clcrtl.nd
i ran ww
IP 911 U
Til! I l
TMIMf liillMTlimimM! WW Mint, Pit niIIMIIII!llllM
THE NEW YORK CENTRAL R. R. CO.
Refunding & Improvement Mortgage 5rc Geld Bends
Series C
Dated Oct. I, 1921 Due Oct. 1. 2013
Interest payable April I and Oct. I in the City of New Yerk
Nen-Callable before Oct. 1, 1951
PRICE UPON APPLICATION, TO NET AOOUT 5.30
BATTLES & CO.
Ketnhlnherl 1XUH
Independence Square (East), Philadelphia
Wanted
The
MAN
larifp. u-rll.fntatiltHhed cer.
poratlen requires the Hervices of
a man who Is well anil favorably
known in Pennsylvania Thin man
Ih neeilrl for nalei nml organiza
tion work He will be paid a
wilar nml expeim-a There are
notable opportunities for future
aiUnnrernent nrd profit
Flrlef cu,ilitlrat!en are Gen
eral MuNlneaK experience,
.U'unlnt,uice nnientr HUlixtantlal
people thnniKheiit Pennsylvania,
AnllU ami 'I art Thin notion U
nU! reused particularly te men who
nre new -vatlafncterlly inpeyed,
Application nre net denlred from
prefefldlnnnl Jeh hunttrn or lneat
nient nollcltern
In our ienpene plfuae glva
ayiiepHla anil an) Information
which you think peitlnent l'err-
Hpenilenci- confidential Addrata
Mex A SO", l,eilBer Offlce
1
HORACE P.'GRIFFITH & CO.
Certified Public Acceuntanti
GUARANTEE
Bcrbell ttrea. & Ce.
f ubllr UtUlrti atrrurttlra
terk Exrhanss Bullfttna. HMU.
1941
Pennsylvania Util. 5,
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KINANCE BU1LDINC PhUad.lphln
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