STOP !Ppl'apnflBWpwpwJWMm W 20 .fcssur awjw !' Krys.fi WVitfiTfH mwmm W v- ')a a? L'vfttr ' I. W .? ; t V .8 n Ml tiffi i &' v .- siui?k.,z: S,"M hM SKW . rd (h k fV I Service and Stability I Commercial Concerns need nn account in a modern Tiust Company te complete their bank ing facilities. Modern business pre sents many prcblems be yond the scepe of the usual banking experi ence!. We particularly solicit business accounts and offer you the varied and cemplete scrvice pos sible te secure in a pro gressive Trust Company. Integrity Trust Company Fourth and Green Streets EVENING PUBLIC LEDGERPHILADELPHIA, THURSDAY, JULY 13, 1922 MARKET LOST MUCH OF RECENT SNAP Apart Frem Few Selected Is sues Price Movement Wa3 Very Sluggish NEW YORK STOCK EXCHANGE TRANSACTIONS Only Afternoon Repert in Philadelphia Quoting Full Lift Capital $500,000 Surplus B Profit $1,860,000 lnOR many reasons, bends issued by Pub lic Utility Corporations of this State, secured by first mortgage en their properties and income fulfill the investment re quirements of the most conservative. We have a selection of the br t bends of this type wh'.h we shall be glad te HAT&TURNER l . 1.1. t Benkers ..uSpAla Stock Excfaeft .ICHANGE BUILDING Jfr-n6cf STOC Scritnre.i :iiiiiiiiiiii S New Yerli, .Tulv 1.1. rtr-xMes leIns , n crent deal of the simp shown In the tirpcecllnc Melons teddy's stock mar ls ft developed considerable irregularity. The uneven price movement and the slnekeninp of speculative activity, how ever uere wholly in line with the uncer tainties of the situation and the un mistakable highly professional cnllber of the current speculation. Apart from n few selected isuei, most of which are widely recognized ns distinct peel prepositions, arlatlens were absolutely meaningless and the net changes In In cen(iiientlal. Although It was recegnised operating conditions of the railroads was getting worse every day anil despite the addi tional complications In the strllte sit uation, resulting from refusal of read executives te meet the sfilkers until the men return te work, the market com cem irmiitv stubbornly refused te become iil'iriiud and continued te believe n way will si.m be found by President Hard ''I, ' 'id this strike, much the same u lie was able te llnd grounds for i-almer consideration of the coal strike. l'rum n fundamental and economic staiulpelnt the domestic labor situation was complete!) overshadow cd by the unexpected announcement of the' fur ther reductions in the Uank of Knglnnd minimum discount iate te ;i per cent. This additional proof of the steady casement in world money market con ditions was fur reaching in Its inllu ence in se far ns the general financial situation wan concerned. et curiously everted no perceptible effect in npec illative quarters, notwithstanding the fact it clearly spelled easy money con ditions for some time te come. This is the lowest Kngllsh bank rate since January, 11)14, and compared with 10 per cent in August of that ear nfter the outbreak of the World War. While this failed te Inject new life Inte the jaded market, the continued ease of the call-money market failed similarly. Tall money opened at .'t'i per cent, the lowest initial rate since early in June. As money was freely offered in the outside market under that rate, the official quotation was .subse quently reduced te .1 per cent. Shorts became aggressive within the firfct hour en the failure of the market te respond te geed news. Their efforts centered mainly in the oils, Mexican Petroleum reacting 4.j points en re vival of "salt-water" rumors. Selling below 100, Mexican Petroleum showed a cancellation of the grcnter part of Its phenomenal June ndvance. P.m-Amer- li'an Petreleums, Mexican Se.ibenrd, (Jeneral Asphalt, Standard Oils of Oil. iferni.i anil New Jersey and Pacltic, Sinclair and Housten Oils nlse fell 1 te 12 points. Jn the general list, in cluding popular industrials and special ties, dealings were light and narrow. Commodity Markets GRAIN MARKET ChlMge. July 1.1. Wheat advanced In price today during the early trading, Incentives te buy being found in the less favorable outlook for prompt set tlement of' the rail strike and its re newal of predictions of considerable damage by black rust. Resides, re ports of disappointing returns from threshing continued. Demand came chiefly from shorts. The opening, which ranged from '4c te lJe higher, with September $1.1.1 te $1.14 is and lie comber SI. 10' J te SI lO'.. was fol lowed bj moderate further gains. Cern and e.its were firmer -with wheat. Cern opened Mc te -ijc higher. September (UV te 04:',c and held near te the initial range. I Oat- suited a shade te '4c up. Sep. imninmnimuj; tember. .'iTc te .17'iic, and later ascended aiutiemore. Previsions reflected the strength of grain. rreleus Cles Cern . luy . . H'PU . . Lit . . . What Jul .. -It. I).. Philadelphia Jiejutltrf Bmiuiils'i SPECIALISTS We make a dependable market in all issue of UNITED STATES GOVERNMENT SECURITIES COMMERCIAL TRUST COMPANY Member Federal Reicrvc Sjrttcm City Hall Square AFE EASONABLE ECURITIES Public Utility First Mortgage Bend3 Net f.un nus &30 31r, 42 for year indlriK piil 30, l'l-'l', with equi ties uncommonly substantial. These properties are under the guperls en of General Engineering and Management Corporation Price te yield approximately Circular en request Fairman & Company Drcxel Iluildinfj, Phila. KstublLhed 1902 Opn c Oats IJ i . .. Sept. . De- .. . Hc Sept hlbs July ... HIS lit 1 Il 1 1 1 1 15'i "S air; IU'ii 10 S3 ci is m 03 't i 1,3 U i.ir. 1 13'. Wl 11 i it)' a i l.i'v n a jr. liH, 113 l is 1.14 1.1U, :i; it 40'. tf a;;, 37'i 40 S3, 10 00 rfiiMiniiiiiuiiiiiiiiuuTirm; Kingdom Netherlands 6r- Sinking Fund Bends "Series B" Dated .Tulv 1, 1922 Due March 1, 1072 Nen-Callable Before 1932 Price $960 per 2500 Guilder Bend Te yield about G.lCe te ma- turity and 6.20 if called in 1932 Samuel McCreery & Ce. Slemberi I'hlla, Stock .'.rciciugc Franklin Bank Building Npruin HD70 COTTON MARKET New Yerli, July VA. The cotton market opened Mcady, although gen- erally 2 te 0 points lower, influenced by easy cables and fntorable weather 'news, there being Jess lain en last night's map than had been expected. Spot houses and Wall Street were geed jbujers. New Orleans and the t,eutli sold. The list later was poorly mis- Mined, owing te pressure from south ern interests. The demand become mere ntiie ow ing te reports of crop deterioration In I he Southwest and boll-wecil com. pi. lints from neailj nil sealen-. i -ImIht centiarts sold up te 'S- TO .ind I ec enilic r te U'J..".", making net .uhanccs cf nbciiit .'!."i te W pcniiis en the nctne positions and a leteverj of veij nearly a cent a pound, ns cempnicd uuh .Mon .Men da'H low price. Tlieru was enough lealizing te cheek the ndvance at the-a ligures, but prii es held within (J or 7 i points of tue best around luldilaj . I Vent cIebb Open 11 A. Xt I Sc-ptemb!t '22 45 .. . 1 ucteLer 2'-' 31Q34 22 30 22 nil , D'Cc-mbur 22 IK Q 20 22 1'. 22 31 January 2102 21, hi 22 OS I March 21 SO 217.1 2J On i Muy 21 RS95'i 21.50 . . . Solen 100 300 ;oe 200 300 3100 100 200 100 030 100 501 100 200 300 200 200 1200 400 300 600 27 400 200 4200 100 500 203 100 400 T 3000 300 100 !00 ' 100 200 200 400 100 200 1403 11400 200 100 300 200 500 500 200 400 400 100 200 100 18700 4000 100 1400 100 600 100 100 500 300 1700 400 100 700 100 700 100 200 4500 100 203 100 103 100 100 2300 500 300 100 4500 100 100 100 3300 1000 200 100 3000 100 200 330 500 100 6100 3000 200 10B00 2 1200 103 200 200 100 200 330 100 100 300 200 1300 930 1100 300 100 200 200 400 2100 10800 3700 200 100 100 100 300 1900 330 100 100 100 100 100 100 1400 300 100 400 100 100 200 500 100 100 100 100 200 1500 200 100 100 1030 1500 200 1700 100 5200 100 230 100 200 riw In I STOCK Itlirti 4 Air Reduction .... 53 4 Allied chem Dye 694 7 Allied Ch & T?ye pf109 4 Allls-Chalmem .... 53 Vn .. Am Aprle Chem pf 63 Ji Ani Cnn 54 7 Am Cnn pf 108 .. Am Cotten Oil 26 .. Am Hide- Leather 14 7 Am Ice 110 6 Am Ice pf 89 J& . Am Tnternnt Cerp.. 43 1 Am T,a France, Ene 13 . Am I.tnsccd pf 56 6 Am Locomotive ...114 . . Am Safety Razor.. 6 Am Ship & Cem... 19JS .. Am Smelt 62J4 7 Am Smelt Heflnpf.. 90 & 3 Am Steel Foundries 36 Ji Am Rttcar Kef 79 . . Am Sumatra 40 J E Am Tel ft Cable.... 58 9 Am Tel & Tel 121 6 Am Tobacco pf new 105 .. Am Wntrwks C7e pf 42 7 Am Woolen 91 14 .. Am Writ Taper pf. 31 .. Am Zlne Ld & S pf 45 . . Anncenda Ceppti ... 53 ' 4 Ase Dry Ooeds... 54 6 Ateh Tep & San e101 V 6 Atch Tep & S F pf 90 Vi .. Atlan Wr ft Atlantic 3i 7 Atlantic Coast Llne108'i .. Atlantic Fruit 2H .. Atl Gulf SWISS 30J' .. Atl O ft W I S S pf 27 'i . Aunstln Nichols ... 20 jg 7 Ilaldwln Locemotlvo116 V .. Baltimore ft Ohie... 52 4 Bait! ft Ohie pf.... 63 ; . . Barnett Leather. . . 60 .. Bamsdnll Clasa A.. 33 .. n.imsdnle B 29 A . . Ilayuk Bres 50 .. Beechnut Pack 3114 B Bethlehem Steel.... 74 H B Beth Steel B 77 V 7 Beth Steel 7 pf . . 95 U .. Beeth Fisheries 7H .. Brit Hm Steel 2d pr 30 8 Brooklyn lMlflen. . .108 .. Bklyn Rapid Transit 26 V . . Bklyn R T ctfs of db 22 H 8 Bklyn Union Gas.. 112 .. BrklynUn Oni rts.. 2 .. Brunswick Term... 3 Vz 2 Burns Bres B 4314 7 Bifph Term Bid pf 93 V .. Butte Cep ft Zlne.. 6 .. Butte ft Sup Cep.. 29 Yz .. Butterlck Ce 23 .. California Petrel... C2 .. Cnl Zinc & Lead.. 8!'8 10 Canadian Pacific .139 14 .. Central Leather.... 39 ,i .. Central Leather pf. 73 . . Cerro-de-Pnsce .... 37 54 4 Certaln-teed Pred .. 50 6 Chandler Meters... 70 V 4 Chenpeake & Ohie. 69H .. Chlcace fz Alten.... 10J4 .. ChlcaRe ft Alten pf 18 .. Chi ft r. Ill (new) 37 .. Chi ft n 111 (new) pf 55 .. Chicago & Or West 9 .. Chi ft Gr West pf 22 .. Chi Mil & St P.... 29 Va . . Chi M & St P pf . . . 44 H 6 Chi ft Northwestern 77 7 Chi ft Northwest pfl15 .. Chi R I & Fac 43 Chi R I ft Pac 6-0 pf 81 7 Chi R I ft Pae 7 Te pf 94 Va 5 Chi St P M ft O.. 65 .. Chile Oepper 23 . . Chlne Copper 30 2 Clev Cln Chi ft S L 76V4 7 Cluett-Peabody pf . . 99 J4 4 Ceca Cela 71 Vz 3 rel ft Southern .... 48 4 Colerado ft Se 1st pf 61 C Celum Gas & nice. 89 .. Celum Graphophene 5 . . Cel Graphophene pf 18 H 7 Consolidated Gas.. 121 .. Conser- Textiles.... 11 Ji 4 Cern Products Rcf.104 V4 Cosden & Ce 47'i .. Crucible Steel 75 .. Cuba Cane Sugar.. 16 .. Cuba Cane Sugar pf 35 . . Davisen Chemical.. 45 S 0 Delaware ft Hudsen123 6 Del Lack ft West.. 129 y2 1 Deme Mines 30 8 Du Pent (15 I) Ce.. 141 Jj 6 Kastman Kodak new 73 3 Elec Storage Bat... 44 C Kndlcott-Jeineon .. 81 . . Drl 1714 . . Erle 1st pf 24 H .. Krle 2d pf 18 14 8 Famous Players L. 82 8 Famous Players pf. 95 Ji D I'ed Min & Smelt pf 50 8 Fisher Bedy of O ct 875, . . Flak Rubber 15 V .. Freeport Texas.... 23 Va. .. Gener.-U Asphalt... 69 74 . General Meters 14 6 Gen Meters deb 6 81 J4 T Gen Meters deb 70 93 . Goedrich B F ... 39 Kb 7 Goedrich B F pf.... 80 . Granny Mining. . 30 7 Great Northern pf . 80 Ji 4 Great Ner Ore ctfs... 4014 . . Uuantoname Sugar 12'4 ,. Gulf Mobile ft North 1714 .. Gulf Mobile ft N pt 39 14 .. Gulf StateB Steel... 82 .. Hendee Mfg 24 3 Homcstake Mining. 7014 .. Housten Oil 76 2 Hudsen M Car 23 1 Hupp Motorcar 1914 . . Hydraulic Steel.... 10 U 7 Illinois Central 10614 . . Inspiration Cen Cep 41 14 . . Indlahema Ref 4(4 . . Inter Cen Cep 1 . . Inter Cen Cerp pf 314 . . Inter Rapid 29 z 2 Interl.at Cem L'ng. 2314 . . Int Great North wl 24 C lrt Mer Marine pf . . 75 V . . International Nickel 17 Ja . . International Paper 52 . . Invlm ttile Oil Cerp 14 . , Iren Pi'oduets 33 lj . . Island Oil . . Knnsis ft Oulf 4 4 Kan city Se uf 5614 . . Kacser Ce new.... 44 . . Kelly-Spn Tire 48 . . Kennccett Copper.. 36 Jj .. Kinstone T & R. .. 16 . . Lackawanna Steel.. 7514 . . Lake Erie ft West.. 3214 2 Lee Rubber 2914 Lew 53 69 109 52 V 63 Va 53 108 S-6 14 109 89J4 43 13 56 114 6 19 62 li 90 36 Ji 70J4 40 5714 120 105 42 9114 31 44 Va 52 54 101 14 90U 3 106 2 30 2714 20 11514 51 63J4 60 33 29 47 30 74 76 9U4 7 30 103 24 2014 112 Hi 314 43 93 6 29 2214 61 8 1,4 13914 28U 73 3614 50 70 60 10'i 10 37 55 9 ?2 28 44 76 115 43'8 81 94 Ta 65 22 'j 29 70 9914 70(4 40 61 88 4 18 120 11 1034 45 74 16 35 4514 123 12914 30 141 Ja 73 44J4 8114 16 2414 1814 82 14 957. 50 54 87 151-j 22 67 14J4 81 93 3914 88 30 80 54 40 12 14 1714 3914 82 24 70 14 74 23 1054 10 10614 41 14 414 1 3 14 2914 2314 24 75 '4 17(4 52 14 33 li 4 56 'e 43 48 35 Ji 16 75 32 14 2914 1 :f10 Vet P. Jr. Clme. 53 6914 109 53- 108 - 110 89 54 43 -13 56 114 6 -19J4 62 9814 36JJ 79 -40 54 57 54- 121 105 42 9154 31 44 - 5314 14 54 10114 9014 3 108 2 30 - 27 54 28 11514- 52 14 - 6314 60 33 - 29 50 3114 74- 76- 95 14 7- 30 100 25(4- 21 -112 1 Ts 354 43 93 14 -6-29 23 61- 814 13914- 30 V - 73 -37 14 -5 50 70 14 69 14 -55 9 22 -28-44 76- 115 -43 14 -81 94J4 65 -22 30 7614 99 54 -70 14 -48 -61 88 4- 18- 121 1 1 14 103 Va -46 - 74 J4 16 14 - 123 -1291-4 , 30 141 Va -73 441J 8114 , 16 -24 14 18 '4 , 82 14 -9574 54- 22 - 68 - 14 - 81 93- 3914 - E8 30 - 80 'J - 40 12 54- 17J4 3914- 82- 24 70 55- 74 -23 1914 10 - 10614 41 414 1 314 29 14 23 Vi -24 -i 75 14 f 177a r 52 -14 331, - 1 2 43 48 -361J 16 I 75 -32 '5 2914 54 'l4 54 54 W 54 54 54 Vt !4 54 54 V4 54 J4 'i 54 "l4 54 54 . .r 54 54 54 14 -te 54 3 54 14 74 154 54 54 54 54 154 9i 154 1 1 114 54 'a 114 54 14 154 14 V 14 Va 54 54 "54 14 54 14 14 154 la 4 14 i 54 54 54 54 3 14 54 1 14 14 1 14 " - . Dlv- Slea In t STOCK Hlirti 100 814 LehlRh Valley 6D 1 100 7 Limn Locemotlva. ..105 54 1100 .. Lew's Inc 15 100 1 Left Candy 1254 '00 7 Loulsvllle ft Nash.. 131 100 6 Mackay Ce 102 1700 .. Mnck Truck 55 100 7 Mack Truck 1st pf. 87 54 100 7 Mack Truck 2d pf.. 78 1100 .75 Mclntyra new 16 500 .. Malllnsen Ce 33 54 100 7 Manhat Elev Guar.. 4614 100 6 Mar St Ry pr pf... 61 J4 3200 .. Marland Oil 42 200 2 Martin Parry 3114 100 .. Math Alkali 42 100 .. Max Moter Class A 67 200 .. Max Moter Class D 22 54 100 8 May Dept Steret.,115 54 11800 12 Mexican Petroleum. 163 14 21200 .. McxIScabeard Oil.... 34 54 10900 1.. MexSenbdOllctn.... 32 54 uu Z Miami Cenner 29 Va 5500 1.20 Middle States Cerp.. 1374 .. Mldvnie Steel 35 54 .. Mln ft St Leut 12 . . Me Kan ft Texas.. 12 Me Kan ft Tex (wl) 1014 .. Me Kan ft T (wl) pf 41 54 .. Missouri Pacific... 23 .. Me Pacific pt 56 .. Montgomery Ward. 22 .. Mulllns Bedy 2774 7 Nat Biscuit pf 124 7 Nat Cleak & Suit pf 00 54 6 National Lead 101 .. Nat 11 Ref M 2d pf 47J .. Nev Cen Copper..., 16 ..NY Air Brake 76 54 G N Y Central 96 54 G N Y C ft St L 74 54 .. New Yerk N H ft H 31 . . Norfolk & Southern. 1914 6 North Amerlcan.... 67 3 North Amer pf. ... 45 . . North American rts 914 6 Northern Pacific... 77 1 Nunally Ce 014 . . Ohie Bedy & Blewor 8 54 .. Okla Pred ft Ref... 3 54 8 Otis Elevater 132 .. Otis Steel 1214 2 Owens Bet Mach... 34 . . Pacific Devel Cerp.. 6 6 Pac Gas ft Elec... 69 3 Pacific Oil 57 6 Pan Amer Petrel., 73 6 Pan Amer B 67 2 Pennsylvania R R. 44 li . . Fcnn Seaboard Steel 074 6 Peeples Gas Chicago 83 74 .. Peoria & Eastern.. 2314 . . Pere Marquette.... 32J4 G Pere Marq pf 70 . . Pere Mnrq prier pf. 77 3 Philadelphia Ce.... 38 54 2 Phillips Pet 4814 . . Plerco-Arrew Moter 19 . . Plorce-Arrew Met pf 3614 . . Pierce Oil 8 . . Tlggly Wlggly Ster 41 54 . . Pitts r. V Vn "5Q I '. inn... -- !" in i'enu crock Ceal... 2254 100 6 PestumCerc.il 70 500 s Pestum Cereat pf..108 100 .. Pressed Steel Car.. 77 5100 .. Producers ft Ref... 4114 600 6 Pub Ser Cor of N J 86 100 8 Pullman Ce 121 100 2 pUre oil 30 200 8 Pure Oil pf 98 54 t. 4003.41 Rand Mines 2814 200 .. Ray Cen Copper... 16 200 4 Reading 76 '4 100 2 Rending 2d pf 52 200 .. Repleglc Steel 32 200 .. Repub Iren ft Steel 72 200 .. Rep iron ft Steel of 9314 100 .. Republic Meters... 10 54 000 3 Reynolds Teb B.... 4614 25003.20 Royal Dutch N Y.. 57 74 500 .. st Leuis San Fran. 2014 800 .. st Leuis Southwest 30 100 .. San Cec Sugar.... 4 103 .. Savage Arms 14 300 .. Saxen Moter 374 1500 .. Seaboard Air Line. . 7 100 .. Scab Air Line nf. .. 12t4 two . . aears-iieemick 1 03 . . Seneca Copper . . . . 200 . . Shattuck Ariz Cem.. 1200 300 200 500 300 200 600 100 100 100 100 100 400 1303 100 1700 100 9100 100 1600 1700 1300 100 100 200 400 200 300 100 500 100 10400 10700 1700 3100 100 100 100 1 600 100 100 200 8200 100 200 700 100 2400 10083 Shell Transport. 78 54 13 10 41 Lew 65 10514 15 12J4 131 102 54 54 87 54 78 15 2514 4614 6154 41 3154 42 67 2214 11514 158 3214 30 54 29 1314 34 11 12 1014 40 23 56 54 22 2774 124 88 54 101 474 1614 7614 95 7414 30 1914 66 43 54 874 77 014 814 314 130 11 34 614 69 55 70 J4 65 44 874 83 74 2314 3214 70 77 38 46 19 36 54 B 4114 38 2214 70 108 77 4014 85 14 121 30 9814 20 1654 76 52 32 72 93 1014 4614 57 54 20 20 4 14 3 714 1274 7774 13 Nat Chite. 14 Vi 1 1'30 p. jr. 65 - 10514- 15 - 12J4 131 102 54 54 87 54 78 -15 3554 42 67 2254- 11514 158 -32 54 30 54 29 .. 1 j n - va 34 12-54 18(4 .. 41541 Z3 ' 5614- 22 2774 124 8BJ4 101 474 16 ACTIVE DEMAND FOR PENNSYLVANIA Ii t i . Bank of England Rate Reduc tion a Periodical Surprise of Meney Market 454 It I Va 1 74 "l4 3 7654- 54 9614 54 7455 .. 31 1954- 67 45 9 77 854 814- 354 130- 12 - 34- 614-69-56 -70 54 65 -44 54 074 8374 54 70 77 38 54-46-19 36 54 8 4154 3954 22 54 78 - 100 77 121 30 98 54 20 16 54- 76 52 32 72 - 9314 154 1014 4614 57 54- 20 54 2914- 4 14 3 754 174 14 174 54 54 "14 ' Va 2 54 2 ' Va ' '54 !4 14 1!4 54 Va 54 54 114 154 1 1274 7814 13 1054 TB 10- 13800 2 Sinclair Consel 3274 200 7 Sless-Schefflcld pf . . 75 903 C Southern Pacific... 90 300 .. Southern Rail 24 74 003 .. Southern Rail pr. . . 5714 100 .. Splcer Mfff Ce 2014 6400 4 Standard Oil of CaI106 500 G Standard Oil of N J18214 500 7 Stand OH of N J pf116 JA 100 2 Sterling Products.. 53 300 3 Stewart Warner Spd 44 200 .. Stromberg Carb... 4714 25600 7 Studobaker 13774 800 .. Sub Beat Cerp.... 7 400 .. Superior Oil 674 8900 3 Texas Ce 4674 100 .. Texas ft Pacific... 30 1100 1 Texas ft Pac C ft O 27 14 100 .. Third Ave 22 200 0 Tobacco Products.. 80 930 7 Tobacco Pred A 80(4 100 .. Tel St I- W pf cfeH. 43 23700 .. Transcontinental Oil 17 54 930 .. Union Oil 21 7j 100 10 Union P.iclfle 14114 300 4 Union Pnelfie pf . . . 75 200 7 Union Tank Car. ... 99 400 .. United Rwy Invest. 1214 1200 .. United Retail Stores. 68 300 .. U S C I P ft Fdy.. 33 J4 400 ..US Heffman Mach 23 700 .. U S Ind Alcohol... 57 100 7 U S Ind Alcohol pf 93 400 ..US Rubber 62 5400 6 U S Steel 100 503 7 U S Steel pf 121 J4 900 2 Utah Copper 65 100 .. Utah Securities.... 1674 1200 .. Vanadium Cerp.... 46 400 .. Va-Car Chemical... 30 100 .. Va-Car Chemical pf 65 50 De Odd Lets 65 54 200 6 Va Iren Ceal ft Ceke 48 500 .. Vlvadeu Inc 11 200 .. Wabash 12 1200 .. Wabash pf A 3274 100 .. Western Pacific. . . . 1914 403 7 Western Union Tell 00 14 803 4 Wehtl.gheuselEiM.. 60 203 .. Wheeling ft L IL... 1414 603 2 Whlle Eagle Oil 2754 1033 .. Whltn Oil Cerp.... 9 203 .. Wick Spenc St Cerp 16 9300 .. Wil'js Overland.... 914 100 .. Wllhs Overland pf. 4554 100 7 Wilsen ft Ce pf.... 8714 103 4 Werth Pump ft M. 50 14 100 7 Werth Pump A .... 9314 100 1 Wright Aero 8 14 41 3174 75 90 54 244 57 20 54 10354 181 116 53 4414 47 54 136J4 7 54 6 4614 30 27 54 22 79 7974 48 16 21 141 14 74J4 99 1214 67 32 li 2314 5614 93 62 9974 120 64 1674 4574 30 65 65 54 48 1114 12 32 1914 100 5974 14 27 8 16 8 4514 6714 SO 14 9314 8 Ji 41- 3174 75 - 9014-2414-5714-2014 104 -181 -116 54-53-4414 47J4 137 7 674 80 80 48 1614 21 -141 14 74 54- 99 1214- 6774- 3214- 2314 5714- 93 62 100 -12154 64 1674- 46 30- 65 6514 48 - 11 12- 32 14 1914 100 7J 60 14 -27 - 9 16 0 4514 87 14 50 14 -9314 84 54 !4 54 14 1 1 54 214 2 ' 54 14 - 114 With the exception of the continued nctlve demand for Pennsylvania Rail road, trading in the local market were all the characteristics of mld-mimmcr dullness. The bulk of the dealings In the local pharos was made up of smnll ed dlets. Price vnrlntlens, in consequence, were of little interest and importance, n the whole, however, de spite the lassitude of the list the tone remained decidedly strong. The apathy of the trading In the local llt nt the same time wiih In a mcasura nnrtlv off set by the broader operations in the New Yerk stocks. Mnny of the local brokers have found this business nrefit able, and the officials arc making every effort te widen these operation. In Pennsylvania Itallread there was persistent demand for the stock at 44'A. The steady absorption of nil offerings around this quotation for some days past has attracted widespread atten tion, and in better informed circles Is generally considered a pcrctiMir of a substantial forward movement in stock when the railroad strike situation clears up. About the only noteworthy movement in the balance of the list was the with drawal of belling pressure against P. It. T. and the moderate rally in that stock te S2. Union Traction con tinues te be picked up nt 10. Amer ican Stores en n few limited transac tions In n 2-point rally retrieved much of the less sustnlned in the recent ses sions. Philadelphia Electric issues and TT. (J. 1. shares continued dull. U. G. I, shaded te 52, but the ethers, were unchanged. The market wns narrow for some of the inactive stocks Amer ican Itnilwnvs levt a point, declining te Vi. Venn Central Light preferred was off V, points, nt fi.l. Westmoreland Ceal was off , while Crninps rallied J5 points, te ft.". The outstanding development of the day from n strictly financial viewpoint was the announcement of the further reduction in the Dank of England minimum discount rate from 3l,j te 3 per cent, the lowest rate since Janu ary 20, 3014. The rate wns reduced from 4 te M'G per cent en June 15. The action of the governors of the English institution thereby furnished another nf the periodical surprises which the Old Lady of Tlireadneedle Street has given the money market during the Inst fceven months. It was anticipated when the Federal ncscrve Bank rate in the United States was lowered the English bnnk would de likewise, but hope for this vanished with the tightening conditions in the money market and the collnpse of mark exchange as well as heavy borrowings by the Government from the Bank of Englnnd. The Government has since repaid virtually all this indebtedness, and ns the foreign exchange situation is ad mittedly less strained, the bank has given traders further help by taking one-half of one per cent from the mini mum. The reduction also is exnected te stimulate the buying of Gevermcnt securities en the Londen Stock Ex change. Lowering of the rediscount rate came as a surprise te local bankers, who believe that the New Yerk Fed eral Bcserve Bank will seen cut its present rate'ef 4 per cent. Shortly nfter the Londen bank low ered its rate from 4 te 3 per cent en June 15 the New Yerk Reserve Bnnk cut Its rate from 41. te 4 per cent and several ether reserve banks throughout the country followed suit. Within the last few weeks rediscount redisceunt ing operations within the Fedcial Re serve system have expanded about Sfi.. 000,000, n lnrge part of which has taken placb In the New Yerk Iteservn Bank. AjSafe Bend Yielding 7.65 Available in 1000, 500 and $100 Amounts Lined en New Yerk Stock Etdumgt OCCASIONALLY there are bends avaibble which are plainly out of line with the market ' A large issue coming out in a period of declining interest rates may continue te sell at a decidedly attractive price for a limited time, until it establishes itself in a settled market A case in point is the issue of First and Refunding Convertible 1M 15-Year Geld Bends of the Empire Gas & Fuel Company which are available at 98& and interest, yielding about 7.65. As one of the principal purchasers of this $40 000,000 bend issue we have available a limited amount of these bends for investment of July funds.' We regard-these bends as one of the outstanding opportunities of the current bend market and recom mend them as a conservative and safe investment Upen request we shall be glad te supply full details' and any information desired regarding this offering. Phene , call or write for Circular' PA-59 HALSEY, STUART & CO. Land Title Bldg., Philadelphia. Phene, Locust 7410 CHICAGO DBTROIT NEW YORK M1LWAUKBB PHILADELPHIA MINNEAPOLIS ST.LOV1H U3TON Philadelphia Stocks 1:13 r. sr. N'et chse. IllBh Lew 30 Am Strs.. 120V. 120 12()i. i', Va "I 54 2 54 LONDON STOCK MARKET Bends for Investment Liberty Bends Bought, Sold, Cashed F. P. R1ST1NE& COMPANY KKtiiblUlird I III).! Widcner BuildiDg, Philadelphia Htw Yerk Elizabeth, N. J. Ilambtfs New lerk unci I'Mluitelvhla Stock KxiIiuiiech NEW YORK COFFEE MARKET Theip n net much in the early efll- ! Reduction In Bank Rate Brought clal cables from Itra.il te bnv en, and. ., ,. , en. local puces ei,. te 5 pelnu lower,1 Further Improvement in Sentiment with transactions cenllned te n fowl leudin, .ful III. Incn-awHl umli luu in the September and Maich puM- di'iice wUs noted In securities en the turns. BuMiii'--, was entirely tee lUht' Stock Kxchangi' today, following the id suggest nny ueemeu ciiange in local I reduction ,,f l,j of I per tent te :: per Di'iiiiimjii. Late In the forenoon both the Uie and Suntes term markets ciimc in en a higher bnnls, hut this fulled te pro mote nny support te the market here and trailing nt midday was dull, l'rn CMoae On.n 0 netrtsr, July fi 01 smi'mbT I' " lprmbr 1 Witf.2 Miirch ... .11 I'i'i ;,n Muv . . . !i 411 fi .in uftcrcil Indianapolis Street Railway Ce.,4'i 1933 Terr Haute, Indpli. & Eailern.5's 1945 Wilminften & Cbciler Traction. 5'i 1923 Municipal Service Company. .. ,8's 1923 Midland Valley R. R. Ce. A. & B. Scrip Equitable Illuminating Cat Lt.,.5' 1928 Union Railway, Gat & Electric. S'i 1939 iblic Service Cerp. of N, J. All Inner ringfield Water Company. . .All luati . Water Works Secur...Pfd. Sleck jean Pipe & Construction Secur. Slk. m K. PHILLIPS & CO. ;wk! Ii .lllif .,. i -nffse H lllfl ID M 111 MONEY-LENDING RATES NF.N 10UK .Meney nn cull both c Inities ul c lllutcral. epn l tiilav at Va per cent for lrndlni; and ren" Int.-. I iiiii.xnr.i.i'iiiA rftii. -m r.r r,nti tlmu. 4'. te 4' per tnt, commercial rnpr. three te nix months. 4't te 4'4 pur cent. Ferd Moter of Canada Dividend llftnilt. Mich., July 13- A rimli illtMrnit cit Iri per cent en iih cupiUIUntlnn nf $7.une . 000, imyaU Juli JO m Meckhnlilpm of roc 1 ril July in. uhh Hlinourue'l teluy by chn 1'enl Moter fempanj of CariHiln l'lnns fur xpaUkleM riurntly imin Hnniumcl ds t),n twuiMiiy wh'n II nr'ilrcii ne-riil hundred k'Tcm of 1 1 ml fronting 011 the Detroit ither und itdjelnlnii H erlKlnul helclltuB 'I'hu puichaia Invehed cm outlay of tl.U0O.OUV, BANK CLEARINGS Hank clearing today compared with cor cer cor mpendinc day last year I PhlUdalphja ..,.',., an,ncuJt)0O I73,cluo,eoo Hoatem , 84,000. oje flaMOS .....:... li.T, FOREIGN EXCHANGE New Yurie, July 1!!. - The foreign exchange market opened Mend till mernliii', nil ifsues lielilinir close te laxt night's closing flgnte with the ex ex ccptien of francs, xxheu a few points' luftH Ullb tllOHU. SteiliiiK cubles xvere l.llr. demand J.i:iTs: friini: cables 8.21. checks S.'J.'t : cent In the Hunk or ttiiglunuB nue in , jjc gian cnuies c.eu, ciiccks ( tf ; swim, (liM-'iiiint and mi continued linprexement 1 cables 111.10, eheelCR II). Ill; lire calileu In the foreign exchange hltuatlen. 4. C.'i, checks 4. Cii'ii ! peseta cables 1C. 70, Dealings expanded. The lowering of checks 1.1.77 : Danish uiblci 'Jl.fiH, tlie bank rate sticiigtliened the gilt- checks iil.48; Norway cables 1(1.47, edged (.eutleu. Pp-wIi leans were hard, j checks 10.42; Swedish tables LTi.DO, In wiipath with the uppicciatlen in checks 2."..vr ; guilder cables eS.bl), the alui) of t he franc. 1 clucks US. 7S; marks .'J.'l't. .MitwitiiMiiiur.ng new reductions in 1 .tiilliai vine rate 01 pieinliini freight niti-i home rails niade Miiall today en New link funds was 1 LIVESTOCK QUOTATIONS I'ltPibtireli, July n. noet. nn !-,, lfli.e head hcnleV SI 1 .300 1 i.Te "h' x v jSr0.r" " "1r lend phis, i",y UIIPI-Tl .vt. 1 ....... .i.wji.i ..u J.A.-UICM Jlirnlnf. n stejilj.slKc.ji S7 .'.. Imi..' ij iitud BUiUy. Tep, III ."l 2S 4 4101 (Wi 14"4 .TT'i 74 1, oea- r,e' IK 1 fit 3 4VS.. w,4 1 14.. 'IT i.. 7."( 1 22.. r,e - n.i v, .1 20.. 30M... a2"i V (if! . . r-.Tt".' 1 ' l',8 3 head. I'alMK, ill'. receipt. 130 ioe'in,W'j,a ,3-" necipt.. CuVxJi,,.'rfS"!ta,rt'l.M0 hea'1- "eady. aiLur Jleci-lpta, B000 head. Lainhs, BtrenB S Irons. HHlpt. liioe head. tnncl tn'he.. rpfelntT .100 liPutl, It inwi-r, Mti. ,1 fili. irrVn . HOOS-Ileceluti..' 3200 hnc'i ."LVJ.bW ... gains, Dellar desc rliitleus were quiet and fcnttireli'ss. Argentine iniU were will uiaintnliiiil The feeling in kalliis wus cheerful, but upcilttieiis weie fim tiried le jirefc'Shinnals. The rubber group was Idle Seme induM'rini ibMics , moved upward. Iludhen'i Ilii was OVa 1 ex -dividend. 1 Sentiment in nils was optimistic, and ' nthanccH weic registercil. Heynl Dutch wan.'171i. Shell Tr.uiHpert and Trading 4r)n ex-diviilnid and Mexican Kngle I a:i-ie. I Bank of England Statement I l.imilui, lul 13 - The wiekl Mnl-mrnt ' of tin' ll.inl( '.' l.n.lnnt chjHi) t)i fellow Inn eliinjH 'luia rn"ri ih c r-accil CIHI.neii 1 clrc-ulatten ci.i ruHiil (.'71 (mil, bullion do de trehned I.11N ,'fll elhM HPCUilt'ca decreac(l, fj. l.lil.iiOa oilier depefiltji fleet ranecl. '.'l, 010,000; public dcpeiltH iler reared, L',U1 1 , 000. noted renervn decrenned, ISIMI 000, uev ernment t-curltlea deereaaed, fae,NR4,000. 100 proportion or ine uaiuci reaervs tu 11 nilliy tnia wets la it uh per cent; lam w II wan 19,09 per cent, hate of Intereit, I ieu.i Hfniv. 11 F.fir.;""1,'' " "e , fl 11.7.1. lerl.Vr til ?.. ,Vb."""' .CM.-ll) - ,,... ......, .. ...... .n. 1. 1 ni .nn.. inrn erj niul 11 tr. Hi crui !""".,''' : '-.' 7,.- ".-" ...'ju-i. ,H inuirnn, I8.n0i tnnny en .ev iiiik minis wns 1 ;;-iti ' ,.V, .,",? ".,.," ,!I,k, . per cent. The rate of dbceunt in New ' ,J,!! lH tlJ,!ff' head. 1 erk en ( airiillan funds teilnx was, men. English and Welsh Ry8. Cut Rates 40 Am Kws. Ill 10 Cen T NJ 51 lOOtCM&Stl' 2S 200t('el Graph 4s 155 Klec Ster. 45 5 (Sen Ahiih (!S: lOtGen Mtrs. U 18 In Ce N A .'I74 200 I.ch Nuv.. 75 lOOtMe I'nc. 22i nOtPnc Oil... 00 10 Penn Cent Light pf. 53 5.T OOSPcnnaKU 44',4 41 'a 00 Phila Ce cum pf.. nSVl .18'4 105 Phila Klec 20 20Vi 105 de pref. . 30 :t()i 370 Phila It T 32 32i 10 Phila Trne 00 05 lOOfUyl Dutch 57 fil' lOtStund Oil N .T i)f..1ir,V 11014 imij r.' 40tStudcbkr.13(lTs y,Wi 3(jTi 1 neOtThiid Ave 21 up; en? u 500 UnlonTiae 40 40 40 .. 210 T (J I 52 52 52 if, 20 de pref.. 51 54 51 .. 5(tlT S Steel. MM', 1001, 100i 1A 70 W Jer&S. 37 37 37 . . 15 West c,, 70 70 70 v SO W Cramp J & Sens.... 55 55 55 -f," tNVt ehaiiEe made b cnnipaili.011 with last sale en New Yerk Stock Uxchaiikci. ritir..i)i;ij'iii. iiu.nds 11000 Liberty 4th 4',s '3S.. (1700 Victory 4a',B ?, 3000 Kleetrle & PceTr4R.. 5(M) Kleetrle & Pee Tr 4s.. 500 Kleetrle k: Pee Tr 4h. . , 500 Phila Kleetrle lit 5s.. 300 Phila Kleetrle 1st 5s.. 1000 Phll.t Kleetrle 1st 5s. . , 3000 Phila Kleetrle 1ht 5.. 8000 I'hlla Kleetrle 5V,S,,,, 5000 i'hlla Kleetrle 0s." 1000 Welsbach Ce 5s rTB overheard en the Baltimore L Ohie "There are just three reasons why I travel with yeu: ceur tesy, service and geed trans portation." That's what a traveler said te one of our conductors. Baltimore Ohie Before you take that next trip tele phone Walnut 3602 or Race 5144 the Travel Bureau at 1305 Walnut Street and ask' about our service. We'll supply you with tickets for any place. AMERICA'S FIRST RAILROAD t ESTABLISHED 1827 We offer, subject te prier tale $200,000 Baltimore & Ohie Railroad Company Vi'e Convertible Bends, due March, 1933 Te Net 6.75 Full Particulars Upen Request HARRISON & CO. BANKERS 106 SOUTH FOURTH STREET PHILADELPHIA Members New Yerk and Philadelphia Stock Exchanges Paris Bourse Firm .100.40 .100.4S . 07(t .. 07 . OS . 100 . fin-; . 100 . 103 . 00 V4 Parl, July 13, I'rlcen ut-re firm nn the Beiiri tmlnv. Three per cent rnntrm. R7r 70c exchRnKB en Londen. B3r 85c: ft ner rent Iehii, 7 If 0c Th dollar waci Quoted . iSlliSill.' rDay'0Ur'0 W,U bn do-dwnle? 32 tier cent. Cent nil Kiirenenn cxi liange'c vrrn ilull unci easy today, viiliially ail of the Ihmic'h hliewlnB ilccllni'M, the crentrht of which occurred in CVctho-Slevalditn bills. Very little Interest ih nmnlfutted in the exchanges in this area at thu prenent time. Ituinanian .i"il)'i; Itul Kiiriaii, .75: Auhtrinn. .0012; lliinu rlan, .OS: Polish. 0018: Serbian, 1,20; .liiKe-SInxliiii. .30; (V.i'cho-.SIewiklnn, 2 IS; (ireck, 2.80, niul Klnnlsli, 2.10. Yi:sTi:itrAY's clesimi mtoTATiews fterll-ii; rrnncn I,lr Uullihrn Demand .... 4 III Mi 8.2s 4.,v.'S ;iua c'uhlei 4.44 S J'.i I .',.H, ab 17 'lOriAY'H Ol'U.NINd tillOTATIO.NH KterllnK Franca I .Ire c,u!l.frn Demanil 4.43 S.J.I l.nuVa 3S.7h Cable 4.4I4 8.JI 1.13 Jj.sj rettuc Ien en merchnndl.e trntfl" h" "en "Breed upon by irenernl manaijeri, of KnillM ntiil Welch l(ilaa fole7t.it cenferenrn with representalHeii of trad md airl. lulture. New rutes will Iw 7ft per tent Hlnvn Uh; 1(10 Invel liiHeud ct 1 (te .er c"n : an.l will become fffcctlxe AinniHt 1 ' i riat K.'n.ilncrfBe? wl" '"' reduced i,s f. Inw: Khllllnir te ijln pence, nlne ,,Cikh t0 reiir pence, cend tx p.-nue te reur pentV itute Increase un cmull HhlpmeniH in i, ....... .,.,,,. .,.,. .1(l (u )ut. npp .,.., Business Conditions Improve XViuhlnirten, July 13 The Ki.der.cl Helen, llullctln. In reUcwlm, nindltlc,i,H. Vicjh mil Hlandliut featureH of tcnneinlf deelnpm.nt am continued Inerenae In uilume of iirerin,' Inn nml adiame In pilcec JlrllUh prlcc-H nlne hhew nn Increatn. the tuenthlj Index number compiled for iniernuiienul cenipiiru Hen iirtvnni'tni; I lielnta, anmparert uith a ?;y'yhalnUn,?eJl A',1: """S""-' "? Liverpool Cotten BAR SILVER Ionian, July J3. nr, llver changed here today at 8ft Hd. wa un I.l.rriniui, juiy j.) J nfire WBM n llmllml demand for upet rdtten en a I.hhIh of Ann, for ml.ldllns or 17 points 'hB h'?" " 'n'iaiei cr 71100 bales, the rirlma ifirln i,"' .'" nhme Januars. la.'n, tale, nhere ,MI I i ul,7,r' "7" luM, n"cl "''"' l the uarly no rubier a.teiutleu of rate, r n)1, I h,,,,. --', AmeM.ang. - I fullj mild Inn, l.'.il.icl. inlildlinif ivr.a i i Ul inlddllne. UKH. ., VJ.ii '""; ' OOil. luw Bank of France Statem., '""!. n.ied. ,"'r '--" "Retrospective Appraisals" is the title of a booklet fresh from the press in xvhich the subject of appraisals for Income Tax purposes under the ruling of the Internal Rev enue Bureau is fully discussed. The booklet will be freely sent te industrial plant officials or account ants en request. A retrospective ap praisal of your property for deter mining invested capital or the worth of depreciable assets may be of in valuable nssi.stance te you for com pliance with the Income Tax Law. laiiufarfuM's' AppraisalCempany 502 Walnut Street, Phila. Telephone Lembard 331 Alse at New Yerk. Chicace. Cleve- land, Detroit, Pittsburgh, Teledo, St. Leuis, Atlanta nnd Chattanooga. Statement I'lirK July 13 The weekly tateniem of tin. Hank ,.f Pi..n. ui,,...,-....-".. ',l . "I -.' - - -"r- ., .IIU1TI. II H chanarea; Qelct In hnnd following , Tennessee Railroad Bends nine., .liver In hand IhireaiiVi inf.'i'i" .. "".'"'"Rlcm. July lil -. The Tnn.. inn t,nr- i -- -- i'uiij uenrii inn inraraiu.. !n'rce .VSPJK1"'''" oJy.te authcirrzn it ,. Increared H71',l)iie note. In rlrculal en rteer.u ..l ..if i..'! " treaaury clepealta Increaaed 24,480,000. cen eraW-dape.lt. decreaasd 14S.T1H 000 bill. di. saffja te8..ia ?j-2?j ''".; d1.: bank 300,000,000. REPAIRS TO Engines and Boilers General Machine Werk J. &G. RICH COMPANY 120-122 N. Sixth St. Telephone Market 2001 We will buy or sell Wayne Ceal 6s, 1937 Crew-Levick 6s, 1931 Northern Indiana Gas & Elec tric 6s, 1952 Tennessee Electric Power, Stocks and Bends Metropolitan Edisen Ce. 8i, 1935 Kentucky Traction & Term. Si, 1951 Camden & Suburban Ry. Si, 1946 Lake Superior Cerp. lit 5i, 1944 Eastern Penna.Ry. 1st 5s, 1936 Paris Orleans R. R. & Midi NEWHALL, GROSS & DIFFENDERFFER Real Estate Trust Building Jlmber N, Y. & I'hlla,, Wark E. unci f'hica.e Hnnrcf of Trade .,.. I Walnut 7010 v.cfuuurn Kara .unit the uy. te authors,, c, ... per 'cent bend.. Th aaue lliUO.OOD In n company di.lrc. te Ua the, .ecurTci.u."-. JO.9 in. en inatDieanea. and vaaJiln. . .i.'IV tXTeltey? Keystone Watch Lease MORLEY, WOOD & CO. 333 Chestnut Straat Membtpi y. y. agl'hlfu. mock Kxrn'i, Lehigh Valley Ceal Sales Kirby Lumber Cem. & Pfd. Me. Kan. & Tex. Ry All Issues Green Star S. S. Serial Eq. 7s Sinking Fund 7s Wm P nrtnn&CO WW WIW Wia . " MMmfi 54 Wsll St., N. Y. Tel. H.never 96SU-W" EDWARD L0WBER STOKES CO nvcutjncnfs j 20 Seuth 15th St. x -il v.. . ' y: ' PHILADELPHIA ii-ii" ."..vyift. w-.-SS' flf, -.-.. v. 4 e ,..T. K,jf ', 4..
Significant historical Pennsylvania newspapers