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F' .
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'tf-WULJ1!'. -' iT I
2r
' 2 ' ' ' 1 - ' - ..UH
r?.V.:'
.fctft-
fSK
.
I! -
i
"4
II; . 1 1
li c:
II" f
nil
Kfiiry' I
K'lB.'!
Service anf Stability
flier Cheerful
Atmosphere
con-,
ren-
serv-
of our bank will
vince you that the
derine of efficient
ice is a real pleasure te
our force.
We particularly solicit
commercial accounts;
and in addition te the
usual banking accommo
dations, we offer you the
varied and complete
service possible te se
cure in a modern Trust
Company.
Integrity
Trust Company
Fourth and Green Streets
MARKET INCLINED
TO BE IRREGULAR
Representative Industrials Move
Inte New High Ground Be
fore Meeting Profit-Taking
Cnnttnl . CM lll
I Surplus and Profit .... $1,959,000
tjeammmmeammammswmmmKsirrmmmmim
u
millll
w
'.-r
SPECIALISTS
We make a dependable
market in all issues of
UNITED STATES
GOVERNMENT
SECURITIES
COMMERCIAL
TRUST COMPANY
Member Federal Reierve System
City Hall Square
JJfE want your
business and we
h
IT i f '
win appreciate it. m
New Yerk, .Tilly 20. Today's stock
In the earlier proceeding pnve every
premise of repenting the remnrknblr remnrknblr
perfermance of the immediate p recoil! tic
sessions by continuing te plough It
way upward desnlte all kinds of bad
I new. The forward swing was resinned
at the epr-nlnjr ami continued with little
or no interruption tlnrinjr the flrt hour
of the tmdinjr. In second hour, hew-
' fvrr, It was apparent the tibtnnti il
advance of the last four day offered
profit tee luring for the professional
contingent te resist taklntr. The
rnlizilic naturnllv phrckptl the rlslns
trend and produced mere or lesi Irregu
larity, but there was net the first tf
wcakncM anywhere.
While the overnight advice pointed
te n verieus interruption of indutr!fi1
netivity by the growing fuel shortae,
most of the industrial t-teelts moved lr.re
new high ground, mere especially (he
Hteeli, whlchc Industry Is feeling the
pinch of lack of oenl tlie worst. The
same nppliecr te ihe meter group. It
was intimated further prolongation of
the coal strike might result in curtailed
automobile production, Yet thte same
shares after peme little hesitancy moved
up with tirprl"lng alacrity. It was the
nme curious condition as te the oils.
The price-cutting in both crude and
lefineil from rll indications is rnpidlv
developing te u merry war among the
Mirleui producers. Still the oil stocks,
were moved up with the tet.
As a matter of fact leadership cen
tered in the oils at the outset with
Mexican Petroleum standing .it the head
"f the precession with a further ad
vance of I? points. Soen after the
initial operations trading lifted mere
generally te the steels and equipments,
many of these shares showing gain
of 1 te nlmeFt 3 points. Itepubllc Iren
and Steel was especially prominent be
cause of the favorable character of the
report for the second rpmrter. Hut It
win the entinued buoyancy of the cheer
leader Tnlted States Steel that fur
iilslied the strongest lever in the uplift
f the steel reup. That old time fa
verite made a new figure for the move
ment in le.i'diinf 10'Jr's, which Is within
IIIIS"') a Jj point of the year's top price
JU.iV.
The rails, because of the disappoint
ing turn in the shepmen's strike situa
tion, remained dull and iriegular, al
though It. A: (. ceinue strong and
made a new high for the year,
Commodity Markets
i,
Come and See Us
Third
National Baiak
in the Center of Things
Opposite Bread Street Station
Organized 1863
....,,..: ' i
GRAIN MARKET
Chicago, July a). lth apparent
lessened prospects of any Immediate
settlement of the railroad strike, prices
for wheat tightened up a little today
during the early transactions. Seme
attention was given also te talk about
a rally being natural in view of the
recent declines. Selling lacked volume.
The opening, which varied from un
changed figures te r,sc higher, with
S,.liti.mher SI -1 1 '.i fn Sl.liai. nnil tin.
1 1 comber Sl.lVt te Sl.lU-'sv.. was followed
by slight gains all around and then n
1 I n elerate setback.
i tern was tinner with wheat. After
Miiiiiiiiiiii' '13"" T-f-? ."-Js"-
INTERSTATE ELECTRIC
CORPORATION
First Lien. 6s, 1933
Earnlnss of Subsidiary Companies
for year April 30, 1922.
(Jross Net
$935,532 $313,725
Subsidiary Companies' bend, note
Interest, preferred dividend and
Interest en this Ismip.
SI 63,635
Management of properties direct
ed by the General Engineering &
Management Corporation of Xiw
Yerk.
Price te Yield 7 94 Te
Circular I, ?. en request
Fairman & Company
Drexel Buildinj. Phila.
Established 1002
opening VsC te -"Se higher. September
ill'sjc te Jlr'M the corn market scored
a little further advance before begin
ning te react.
Oats
t vance.
i !, rvE
started 3c en" te a
September .!.7ac te
like
:i(5c.
later showed a trifle further upturn.
Previsions reflected the firmniss
hog values.
ad-
aml
of
Cern
July
s. rtemNr
! rmbr
tVh-at
In
i'te:nbr
l TiVr
i .its
Jal
S. immher
D-c mfr
l:i- -S
pi.inber
l.ard
rSeptember
October . .
Bid,
Yest. cloae
. . . 03
. . A41-;
U1S
... 1.12
. . . 1 Hl'
. .. 1 13
Open
044 a
HIS
04S
1.12H
1.11'i 1.11S
1.13V. Ol 13S
34'i
a:.'.
3SS
80
81
1 P. M.
03
em
CIS
1 12H
1 US
1 13S
3,-,'h
3S'
11.17
.11.27
11 30
31Z
11 30
11.37
A Leng-Term
Hydro-Electric
Bend
Te Net 6.38
Penna. Tax Rtfundcd
Baker, Yeung & Company
JOSEl'lI W. SWAIN, Jr., Uanecer
Land Title Bldg.
Bosten
PhiUdelphli
COTTON MARKET
New Yerk, July 20. While the
opening of cotton was partially lower
today, first prices showing a decline
of 3 points te an advance of 1 point,
the market quickly turned strong en
official private reports of heavy rains
,at many points east of the Mississippi,
selling te a net udvance of a dozen or
! mere points. October touched 22.50.
I Foreign Interests were among the lead-
I ing buyers, and there was active cover-
, Ing. due te fears that the oflielnl
weather details later in the day would
pieve te be mere bullish than the early
'advices. Seme of the wire houses sold
1 and one of the spot concerns was u
large seller of December.
The receipts of cotton at the ports
for the day ure estimated ut 4000 bales,
against 0125 bales a week age, 10,752
bales a year uge and 4030 bales two
years age.
I'rev CIem Opening1
Octeber 22 30 388 22 30
Dumber 22 22 U 23 22 20
I .lanUMT 22, 00 22 00
: MarcU 21.00908 2188
May 21.75 21.74
1 T. M.
22. A3
22.23
22 04
21. lib
ends for Investment
Liberty Bend Bought,
Sold, Cubed
r P. R1STINE& COMPANY
EntublMlfd 1003
Wldener Buildiei, PhiltdelpMt
Haw Yerk Elizibttli, N. J.
Uiiubcm New Ynrk and rhlluUcluhla
titeck Kjcbunn "
, NEW YORK COFFEE MARKET
New Yerk, July 20. Cables talking
I short I'rn7.11lan crops fulled te check
the declining market here. This morn
lug pi Ices worked down 2 te I) points,
nlluenccd te home extent by the jioer
snowing of the eaily official cables.
At midday prices held close te Initinl
''a'ures. with trading quiet and feature
lets. July was switched U Dccemltcr
1 it 8 points, then at 0 points. Jobbing
ti unes continued te report a peer de
, ir.und for the spot article.
I'rev cleae
July H 37
rf-ptumbcr .. 0.32
. December 6 31383
'.March 0 3'.
Muv 9.35
Illd.
Open
0 23
0.23
S.H0981
ft aewsr,
0.83O33
UerteU 25reE. & (Se.
f ufalU Utllttu AtrurUtra
tgrli Sijane ffluUitmj, phlU.
' Lehigh Power Securities
Corporation Stocks
. Pheneit Leeuet 0120-1-2-3-4
PrlTU Phenea te New VerK Doiten
Lawrence E. Brown & Ce.
CERTIFIED PUBLIC ACCOUNTANTS
1M0 UEAI, i:8TATK TRUST ULDQ.
Invtitlgatt nnd djut curiarlen and
partnerihlp account and (irecar loeona
Tax Raturna.
WANTED
u errEBixuN or defaulted
V 1IOM1H
THOS. M ARNOIJ)
".(." . la. MMh Uk. llUal.
j. -jtff- tr ----.r- -vx- .
S. O. of Louisiana Reduces Prices
1 Nhretrpert, July 20 Siiinrtirit Oil of
I l.eulittana haa mad a nwend rut of twenty-
nvv ri'nta a barrtl In nil urarlen of North
LnuUluna and Arxanaaa cruns oil. I!-llvue
crude 'wai the be! xcpllen rumatnlnit at
(.avuuty-flve centa Scend cut i met by
UUII uennmK wemimny, dui Taiaa ripe
Una Company haa nut et mat either reduc
tion. Oaaellne haa alae bn ruduced one cent
a callen te twrnty-flva cents retail and
twenty-two cent tank wuren prefrvln three,
cent martin, one cant of which rtprrnant
State tax.
Under the second cut In crude Bellevu
and I'lne Inland heavy oil are en a par
at eeent-tlvn centa, Cadde llarht ranetna
from 1 33 te 11.50 a barrel, Hemer, II
10 SI 50. Kl Derade. II 25 and 11.50;
Haynravllle, $1.25 and Si 33, Dull Ilayeu,
1 25 te II 10, Lis Sote, J1.00, and Crlchten,
11 23.
RAILROAD, EARNINGS
KANSAS CITY. SOUTHHHN SYSTEM
NEW YORK STOCK EXCHANGE TRANSACTIONS
Onfy Afternoon Repert in Philadelphia Quoting Full Litt
Dlv.
Sales In t
100
100
1800
1203
!00
103
200
100
20J
330)
330
100
100
2233
033
300
100
403
100
2233
2333
700
tee
1303
1650
4403
10,1
1403
200
100
600
103
2530
100
603
200
100
1030
200
103
100
103
100
9103
15200
200
100
200
100
9300
100
203
500
700
830
1630
10
600
100
100
830
100
430
9630
1700
703
1830
1430
100
100
100
600
1730
1200
100
1600
8 30
203
1630
630
1003
100
2433
1300
2400
300
603
1200
2800
14500
2700
100
1600
1100
100
200
530
230
100
303
6103
100
100
15j3
630
1030
1333
100
3JJ
1630
100
16100
200
403
403
40 0
75
200
100
300
400
110J
1030
200
2000
100
500
1200
10'J
1600
100
103
100
703
803
300
200
STOCK Hlirn
Air Tleductlen .... 55 H
. . Alaska Juneau O M Hi
Allied Chem Dye CB
Allls-Chalmer .... T5J4
7 Allls-Chalmers pf . . 98J4i
Am AktIe Chem... 30 V
Am Beet Sugar.... 46 ti
Am Besch Magneto 38 Vt
Am B Shoe Fdv new 62
Am Can 7 M
12 Am Cr A Kdr....'t8H
Am Chicle, 10
.. Am Cotten Oil..'... 2714
Am Drug Syn 5H
. . Am Hide ft Lcath pf 71 H
7 Am Ice 111
6 Am Ice pf 90 J4
Am Internat Cerp.. 43 V
Am Linseed 34 H
6 Am Locomotive.... 1 17 J4
Am Shin ft Cem... 2044
Am Smelt 62 Ta
12 Am Snuff '. 136K
3 Am Steel Foundries 38
Am Sugar Rcf 80 J4
9 Am Tel ft Tel 122
12 m Tobacco 140JJ
12 A.-n Tobacco B... .141 14
6 Am Tobacco pf new1C4J4
7 Am Wntrwlts 7 pf 87
7 Am Woolen 92 H
.. Am Zinc I-d ft Smelt 18
.. Anaconda Copper"; . . 53 H
.. Ann Arber nf 41 V
.. Assets Realization.. Itt
4 Asse Drv Goods... 53 H
C Asse D Goods 1st pf 81
6 Atch Tep & San FelOl Y
.. Atlan Blr ft Atlantic 3H
7 Atlantle Coast LlnelOOVi
.. Atlantle Fruit 2 14
.. Atl Gulf ft W I S S 37
. . Aunstln Nichols ... 27 14
7 Baldwin Locemotlv121 yj
.. Baltimore ft Ohie... 514
4 Bait! & Ohie pf.... 62(6
.. Batepllas Mining... 1
.. Beechnut Packing.. 36 J4
5 Bethlehem Steel.... 76
B Beth Steel B 797'a
7 Beth Steel 7 pf . . 974
.. Beeth Fisheries.... 814
8 Brooklyn Edisen... 109
.. Bklyn Rapid Transit 26 J4
. . Bklyn R T ctfs of db 23
. . Brown Shee 54
6 Buff Rech & Pitts. 68
2 Burns Bres B 44 H
7 Bush Term Bid pf 93 yi
.. Butte Cep & Zinc. 7
.. Cat Zinc ft Lead.. 8
2 Calumet & Arizona 61 54
10 Canadian Pacific. ..140 H
.. Central Leather.... 42
.. Central Leather pf. 74
. . Cerre-de-Pasco .... 37 ?4
6 Chandler Meters... 70
4 Chesapealte & Ohie. 69
.. Chi & n 111 (new) pf 55
.. Chicago & Gr West 9
.. Chi & Or West pt 21
.. Chi Mil & St P.... 28 yi
.. Chi Mil & St P pf.. 44 K
6 Chi & Northwestern 77 H
7 Chi & Northwest p!115
4 Chicago Pneu Teel 69
.. Chi R I ft Pac 3
6 Chi R I & Pac Cr Pf 82
.. Chile Copper 22 J4
.. Chlne Copper 30
4 Ceca Ce'.a 72
.. Cole Fuel & Iren.. 32
.. Celum Gas & Elec. 4
.. Celum Graphophene 4
7 Consolidated Caa..'.24
,. Consel Textiles.... 11
.. Continental Can.... 71 5,4
4 Cern Products Rt.lC6'a
IH Cosden & Ce 44
.. Crucible Steel... . 88
.. Cuban Am Sugar... 24
7 Cuba Am Sugar pf 20 54
.. Cuba Cnne Sugar.. 16
.. Cuba Cane Sugar pf 38
.. Davisen Chemical.. 47 54
. . Debeers C Mln Ltd 21
2 Deme Mines 30 14
8 Du Pent B I) Ce.. 138 14
6 Du Pent 60 deb pf 82
5 Kastman Kodak.... 72
3 Klec Storage Bat... 47 54
.. Kmersen-Brantlns . 8J4
. . Umersen-Brant pf . . 37 54
5 Kndlcott-Jehnson .. t5
.. Erie 17
.. Erie 1st Pf 4K
8 Famous Players L. E3
10 Fisher Bedy 115 54
.. FIsk Rubber 15
.. Freeport Texas.... 2314
7 Gen Am Tank pf.. 97
.. General Asphalt... 73
5 General Asphalt ptl 1 1
C General Cigar 78
8 General Electric. .. .178
. General Meters.... 14 54
6 Gen Meters deb 61 82
7 Gen Meters deb 7 94 54
.. Goedrich B F 39 J4
7 Goedrich B F pf.... 89
.. Granby Mining 30
7 Great Northern pf . . 61
4 Great North Ore ctfs 40 Y
. . Guantanamo Sugar 1 2
.. Gulf States Steel.. 85
.. Hendee Mfg 23
.. Housten OH 76 54
2 Hudsen M Car 22 Yi
1 Hupp Motorcar 19 54
.. Hydraulle Steel.... 10
7 Illinois Central 107
6 III Cent pf "A".... 110 54
.. Indlahema Ref 4 54
. . Inspiration Cen Cep 41 JJ
. . Inter Cen Cerp. ... 11-4
.. Inter Cen Cerp Pf 3 Hi
. Inter Agrle pf 38
100 2 Vi Internat Cement... 32 54
530
1003
330
1103
600
100
1703
200
400
2200
400
2700
800
1100
1200
1800
100
1100
50 JO
100
2 Internat Cem Eng. 23 54
6 Int Harvester new..iu3
6 Int Mer Marine pf.. 72 54
. . International Nlcket 18 54
.. International Paper 53 54
6 Inter Paper pf sctpa 70 54
.. Invincible Oil Cerp. 13 54
. Iren '.Produets 34 54
.. Island, Oil
,. Jewel Tea 1914
, . Jewel Tea pf 70 54
lnnpii Bres Tea.... 47
. Kansas ft Gulf 4
, Kayser Ce new.... 43 54
. Kelly-Spg Tire 50
. Kennecett Copper.. 3714
. Keystone T R... 18
7 Kresge S S 144
. Lackawanna Steel.. 78 J4
. Laclede Gas of Ht L 03 54
500 y, I-ehtgh Valley C4
100 7 Lima ixicomeiivo puiu
500 .. Lima Loce rts 3 54
200 12 Lerlllard (Pierre) . .158
Lew
5514
154
Gait
54 54
98 H
3914
4614
38 yi
(254
f6J4
1C8
10
27 54
5 54
70 54
ill
90 54
42
34
116
19
62
136
37
79
121
140
140
104
87
9154
18
3 54
41
154
53 54 '
81
101 54
314
108 U
254
37
27
118
3
62
1
36
76
78
97
81.
108
26
22
2
68
43 54
93 54
7
7
CI 54
140 54
40
72
37
68
69
55
9
21
28
43
77
115
67 54
0 54
12
22 14
29 Ti
7154
32
3 54
454
123 54
10
70 54
1C514
43 54
65 54
24 54
0 54
16 54
37
47 54
2154
3014
137
82
72'4
4654
8
37 54
84 54
16
24
82 54
115 54
15 54
22
97
72
110J4
77 54
177
1454
82
94
39
88
2914
81
30
12
84
23
75
22
1954
10 54
107
110 54
454
4154
1
354
37
32 54
23
103
72
17
53 54
70 54
13
34
17
69 54
45
4 54
4354
49 54
36
15
141
76
83 54
64
110
3 54
158
1:90 Net Dlv.
P. it. Chie. Galea In I STOCK Ilia Lew
55 100 7 Loulsvllle ft Nash.,129 54 12954
114 ..S3 600 .. LecWa Inc 15 1354
6!!7 222 Mfl( Truck 5554 53
54- 100 7 Mack Truck 1st pf. 68 86 54
98 54- 54 400 7 Mack Truck 2d pf.. 82 82
??K4T 6 ' 175 Mclntyre new 1654 16
46 54 54 10430 .. Malllnsen ft Ce.... 26H 34
3854- 54 100 7 Manhat Kiev Guar.. 48 54 4654
62 54- 54 100 4 Manhattan EI Bupp 51 51
E6- IV 100 2 Manhat Shirt 36 J4 36 54
10 .. 1100 .. Marland Oil 40 3H
27it 2 n22 Martin Rockwell... 16 16
?Mt Yi ?22 .. Math Alkali 46J4 46
71 J4 54 100 .. Max Moter Class A 66 66
111 154 7400 .. Max Moter Class B 23 22 H
90W , 8 Ma' OOP Stores. .119 119.,
42- 16003 12 Mexican Petroleum. 170 16754
34 54 3700 6 Mex Seaboard OIL. 33J4 32
nZ., . ., 2t?H 6 Mfx Seaboard etfs. 3154 30V4
20 200 2 Miami Copper 30 54 30
6254- 54 12001.20 Middle States Cerp.. 13 13ft
136 1 15 00 .. Mldvale Steel 37 36
37 Yf 12 Mln ft St Leuis new 11 1 &
80 54- 54 300 .. Me Kan & Tex (wl) 18 17
Hi?,, t Yf 122 Me Knn & T w' P "' i
?2Ji I? ?22 Missouri Pacific. .. 22 22
19,, - ' 22 Me Pacific pf 56 56
104 100 $ Mentana Power.... 71 71
87 .. 500 .. Montgomery Ward. 22 54 22,
?!" !f 122 .. Nat En ft Stamp... 55 54 55
11 . 7 . 22 National Lead 102 102
5?i ik ?22 Ncv Cen Copper.... 17 17
4?? 1J4 12 -V O Tex & Mex.... 6714 67 54
.I,,, 222 S -N' Y Central 96 54 96
53 200 B.VYC&StL 75 73
.2.1., 7 '. .12 6 N V C ft St L2d pf 82 82
101 1330 .. Kew Yerk X H ft H 31 i0
3 200 7 Norfolk & Western. 11054 110
103 54 lOSO 5 North American.... 8 68
JJ54 '., 122 N'erth Amer pf.... 44 54 44
37 . J f .. North American rts 10 10
27 54- V 103 6 Northern PaclCe... 77 77
119- 54 100 .. Okla Pred ft Ref... 2 2
54 300 .. orpheum Circuit... 18 18 54
62 14 100 g etls Elevator 133 133
1 54 203 .. etls Steel 12 12
3C - 14 300 2 Owens Bet Mach... 26 35
761 400 .. Pacific Dcvel Cerp.. 6 6
79 54 154 100 c Pae Gas ft Elec... 7154 7154
97 .. 3503 pacific Oil 5714 56
8 14 -100 7 Pac Tel & Tel pf . . . 87 87 54
108 10433 6 Pan Amer Petrel.. 74 73
2654 54 3730 6 Pan Amer B 8 t.7
23 100 .. Parish ft Bingham.. 12 1254
53 154 1333 2 Pennsylvania R R. 44 44
68 2103 .. penn Seaboard Steel 8 8
43- 300 6 Peeples Gas Chicago 87 86 54
93 54 54 100 .. Peoria ft Eastern.. 22 54 22
7 54 403 .. Pere Marquette.... 33 33
8 .. 2930 2 Phillips Pet 45 44
6i t, 3100 .. Plcrcc-Arrew Moter 16 15
14054 11 .. Plerce-Arrew Met pf 31 JO
41 ii 4 100 .. Pierce Oil 8 8
73 10 B Tltts Ceal 65 65
37' - 100 7 pitts Steel pf 96 96
68- Ta 80a .. Pitts &WVa 3954 38
6954- .52 Vend Crcek Ceal... 22 21
55 .. 20 B Pestum Cereal 78 78
9 ,603 Pressed Steel Car.. 81 81
21 .. 19 .. Producers ft Ref... 38 37
28 - 54 B0 6 Pub Scr Cor of N 3 SO 0
43- 1 30; 8 Pullman Ce 122 122
7714 14 ,603 Punta Alegre Sugar 49 49
115 .. 4100 2 Pure Oil 29 28
69 !A f- 2 '0 Railway Sec 69 69
43 10D 8 Railway Steel Spg..107 107
C2 .. 1003.41 Hand Mine 29 29
22- 14 83 Hay Cen Copper... 16 16
30-54 83: Rending 75 74 54
71 .. 100 .. Rels ft Ce 17 17
22 14 40 Remington Typew. . 36 35
94 1 2030 .. Heplogle Steel 33 33 54
4 54 .. 18830 .. Repul. Iren ft Steel 76 73
12314 1 203 .. Rep Iren ft Steel pf 93 93 54
10'i- 54 130 3 Reynolds Teb B 46 46
70- 18005.20 Royal Dutch N T.. 56 55
106 1330 .. St Leuis San Fran. 28 28 54
44 4. aj 2330 .. San Cee Sugar.... 4 3
86 ..' ,0 Savage Arms 14 1454
24SJ4. 100 .. Saxen Moter 3 3 54
90 54- 1 20 .. Seaboard Air Line.. 7 54 7
16 54 54 !1,, ..Sears-Roebuck ....8154 ee
37 5,0 2 Sinclair Consel 31 31
A7A " A 50 Sless-Slicflletd 4914 48
21- 14 10 a Se Perte Rice S pf. . 94 94
30 VL 240 6 Southern PnclHe 90 90
138 14 " 1. ,500 Southern Rail 24 24
82 X '00 Southern Railway pf 57 14 57 54
72IA- if. 10 8 Standard Mill 114 114
47 1 103 .. Splcer Mfg Ce 18 18
STt I 74 1533 4 Standard Oil of eHC4 103
37 1, I 1 333 5 Standard OH of N J183 183
B4IA J (. 20 7 stand Oil nf N J ptl 17 117
16 71 l 533 3 Sterling Products... 0 50
54 200 3 Stewart Warner Spd 44 44
82 u 2 100 .. Stromberg Carb... 46 46
115(2 1153 7 Studebnker 128 137
5'1X & ,10 -Sub Beat Cerp.... 8 6
23'2Z d 23 Superior Oil 6 6
j4-r , 5Q0 sweets Ce of Amir 3 54 3
TiA j." 1. 1000 .. Tenn Cep ft Chem.. 10 10
IIOU N3600 8 Texas Ce 46 45
A, j? ' 333 .. Texas ft Pacific 29 29
178 4. '11 700 1 Texas & Pac C ft O 26 54 '6
(41 '00 ..Third Ave 21 21
B2 '" 730 6 Tobacco Products.. 57 54 56
941 4. 1 2630 .. Tobacco Products A 81 80
1Q7 (2 10 Tobacco Pred ru... 2314 23 54
00 j t '800 .. Transcontinental Oil 15 15
X ' 100 2 Transue Wms Steei 39 39
3,. 100 2 Twin City R T 52 52
aY f ' ., 60 Union Bag ft Paper 62 62
40J4 ,03 Unlen en gejj 20Vt
'2 400 10 Union Paclfle 143 142
84 100 .. United Alley Steel. 40 40
23 .. 3200 .. United Drug 82 78
76 1 500 8 Uhlted .Fruit 146 145
22- J4 200 .. United Rwy Invest. 12 12
19- 14 3500 .. United Retail Stores. 66 65
10 1200 .. Unit Retail Bter rts 2 2
107 54 1300 .. U S C I P ft Fdr.. 35 34
11054- 100 ..US Express 7 7
4 700 ..US Feed Products. 8 8
41 ' 700 .. U S Ind Alcohol C0 60
1- 200 7 U S Ind Alcohol pf 93 92
3 54 .. 2700 .. U S Realty ft Imp. . 70 68
37- 630 .. U S Rubber 62 62
32- 100 .. U S Smelt ft Ref... 41 41
23 - 54 21503 5 U S Steel 102 101
105 2 100 7 U S Steel pf 120 120
72 300 I Utah Copper 5 65 54
18 54 5300 .. Vanadium Cerp... 50 49
53 54 200 .. Va-Car Chemical... 30 29
70- 100 .. Va-Car Chemical pf 64 64
' 3 1 00 8 Va Iren Ceal ft Coke 50 50
34 ., 100 .. Vlvadeu Ine 11 11
- 300 .. Wabash 12 121,
18 600 .. Wabash pf A 32 31
70 3 100 1 Weber ft Hellbrener 12 12
46 2 100 6 Western Paclflfl pf. 59 59
4- 300 7 Western Union Tell04 104
43 54 1500 4 WestlngheuselE&M.. 62 61
49 .. 300 8 Whlte Eagle Oil.... 25 25
, 36- 400 4 White Moter 48 48
' 15 .. 100 .. White Oil rt ,
141 - 1 3400 .. Wlckwlre Spone Stl 17 (5
77 1000 .. Willys Overland.... 8 0
83- 200 .. Willys Overland pf. 48 48
64- 100 .. Wilsen ft Ce 42 42
110 .. 200 8 Woolworth F W....I67 54 167
314- 1. 400 4 Werth Pump ft H. 54 54
158 - 154 200 1 Wright Aero B 0
Ex-dMdend. t Ex-rlshts.
1:80 Net
P. M. Chse.
1S9
13 ..
53 H
86- 1
822
16
36 1
4654 1
51 3
36
60
40 -
16 2
46 1
66 -
23 " K
119 1
168 1
32.
. 30-
3014
13
37
11-
17
41 -
22-
56
71
22
55-
102 ..
17
67 54 -
96 ..
75
82 3
1
54
30
110
68 -77
2
18 ..
133 3
1
I
12
36 M-
6- 54
71 . .
57 -
87
74 1
68 1
12
44
8
7 -15-31-
8
65
96 1
39
22
78
81 -37-90
-
122
49
28
69 107
29 16
75
17
35
33 - 54
75 2
93 14
46 ..
55 ..
28 ..
3- 1
14 54
3 ..
7 ..
!?H g
49 114
94 1
90 -
24
57 54 54
114-
18- 54
104
183
117 -
50
44
46-
137- 1
81
6.
3 54
10
45
29
26
21
23
' e
39
52 ..
62 -
20
'42 ..
40
80 2
146
:
65-
2
35 7
8U,
60 -
93
69 1
62-
'"!
120-
65-
49
50
11
59
104 1
62
Z5
48 K
.
16
-,
167
54 -8
.
hH.H
June itreis
Net after taxea ,
Six months' areaa...
Net after taxaa...
11122
11.7(11 S13
341.i:il
9,710,377
1.803.USU
Derraaae
17(1,237
. 1O.4A0
,4B,42
OOL',017
A BCIlDINfl ROOM
Figures for contemplated conatructlen art
evidence In the activity In the real eatate
world. Full data as te happenlnss and pro
jected plans In the Philadelphia territory
.ppemr rafjwariy in iae ina.nr cviuwna aYul0)
MONEY-LENDING RATES
Ni:W YOHK Meney en call, both clauses
nf collateral. epend today at 1 per cent
for lending- unrt renewing: .
A little mere money was available early
teiuy en cull at 4 pr cent, the renewal fig.
uru, than for -Vedneaday. The market sen-
orally wne rather dull
Time funds were nominal at 01 ana 4 per
cent for "ixty d"- Pr cen,1 Jer nlnfiy
day. 4H l'r cent for four and nve mentna
and 4l and VA per cmt for lx months.
l'rime mercantile iai'r waa moderately
netl 11 nd unthaimeil .it 4 and 4H per cent.
Cull leanB rn prime lank acceptances were
unchnnxi-d at 3 M, rr i-nt.
Th market for acceptances was quiet,
rtatus re practically unchansed at ait and
3 p.T wnt for thirty te 1'JO days, and 8
and a'a Per cent for 150 daya.
riIH..I)KI.riIlA Call, 4M per cent!
tlme. 4'1 te 4j per cent, commercial paper,
thrce te alx months. 4tt te 4tt per cent.
U.S. Certificates and Treasury Notes
Following are the closing prices bid and
nek ed for In the epn market for united
Htaiea certificate of Indebtedneas end netaa
of the different teaueai
fn Mitfnrlni?
JJIQ ..i iriu
.100H 100 7-82 S.00
1U0U 100 11-32 3 00
11)0 1-82 100 3.82 3.08
100 1.33 100 3-82 3.21
,100 18-32 100 17-82 8. lit
.100 13-32 100 17-32 8.41
100 1.10 100V4 3. .IS
10ST4 103 I 04
103 10.H4 4 01
1014 101H 4.10
.loei len 4.10
102 102tt 4.11
Kxemet from Federal normal Income tax.
tAcueptabla for payment of Income tax
due en date of maturity.
ft
i33 && fr
itatn Datn
4'4 H'Pt.. 1022
tfi,t Hept ,
3'i Oct ,
tMV Dec ,
t4W Dee
t4 Mrh
t3J June
t5'4 Hipt ,
..' Ten..
44 Men..
t D"C.
tli Men,
-.1-4
t44
4a
t41i
1(122
1H22
1052
1022
1023
1II2.H
lll.ll
1024
1055
11'21
10.0
Oil Price, Reduction
Pittsburgh. July 28. Cernlns oil was cuj
19. eenia parrel wnan u marset 01
today, tm new quotation was ir.TO,
grades wart unchanged.
CHICAGO BUTTER AND EGG8
ChleMO. July 20. BUTTKIl hlsher;
creamery extrae, 84V4c: flreta ao'4W83He
aecenda lili W 30c: atandarda, 334 c
KGOH weak, 10,030 canes; flrntn. 20Vi O
21c. ordinary firsts, 10 '4 020?: miscellaneous
20iQ20Vc; storase-pecked extraa, 22W'J2',ic;
aterase-packed rlrats, 22c.
POULTRY ateady: fewla, IVia; broilers,
24028e; roosters, 14Vie.
l'OTATOKH about ateady; early demand
flew, meviineni limited: receipts, 20 cars:
total United Htatta ahlpmenta. 708 rare:
en track 117 care: Eastern Shere Vlrnlnla
barrel Irlali Cebblera 3.s.-iW4 10; meetly
13.001ft 4. Kanaan sacked Cetjblera Ne, 1,
slightly dirty. 82: Backed earlv Ohles, allxht
ly graded, 1 car, 81.00: Minnesota early
Uhlua, sacked, slightly graded, ulluhtly Im
mature, 1 car, 11.00,
Raw Sugar Market
New Yerk, July 20. The raw augnr mar
ket la active and firm with Cuius for July
and August uh,lpment quoted ut 3 'Sic, com
and freight. Considerable uctlvlty devel
oped In the market lata en Wednesday, total
tranaactlena aggregating approximately 200,
000 bags, of which refiners took about ISO, ISO,
00e bags for July and August shipment at
SHc and 8 0-lfle, coat and freight, the
balance going te operators nnd Canada,
Arrivals of raws en Wednesday Included
48,enn bags Cuban te the Federal Hugar
Jttflnlnr Company, 80.000 baits te the Amer
ican and 7000 bag te the Warner Company.
The local rellned market Is Arm und un
changed at prlcea ranging from fl.OOe te 0,80c
leaa 2 per cent for cash, the National
Company belne temporarily withdrawn.
Liverpool Cotten
Uverpoel, July 20. Tnerei was a better
demand for spot cotton today, with middling
nve points higher at 18.SSO. The sales were
8000 bales. The racelpts were 14,000 balsa.
ineluAInc 5600 bales American. Futures were
quiet In the early dsallnga. Hpet prletH
warei American mioeiing jair, le.uenj gepa
middling, liWdt fully mWdllng.jU.10di
mlddllnjr 13.5sd: ew-mlddllnnr. IS.lOdi geed
rdlnary, 12,-sa, ana erirniarr, u.iea.-
DIVIDENDS DECLARED
Lincoln Manufacturing Company, quartar-
of ?.cS;5 Suly" A"!5"11"9 AUSU,t X t0 ,tock
Cltlea Bervlce Company, one-half of 1
per cent en the preferred ateck. hecular
ere-hulf of 1 per cent en common and pre
f erred D In scrip, and IVi per cent en
common In stock scrip. Ail payable 8ep
tember 1 te stock of record August lis
Jlerne Mills, quarterly 5 per ??" . .iy.
able August 1 te stock of record July 111"
Davis Mills Corporation, quarterly iu
per cent, payable Hepteniber 28 te stock
of record September 9,
Paclfle Oas and Elsetrle. regular quar
terly 81.80 en both flrat and original pre
ferred, payable Auguat IB te stock of record
July Hi.
New Nlquere Sugar, 7 per cent en com cem cem
men, payable July 81 te ateck of record
Heed 'Rubber Company, regular quarterly
14 per cent en preferred, payable August
1 te ateck of record July 20. "'
Cllnchlleld Ceal Company, regular auar.
terly 11.78 en preferred, payable August 1
te stock of record July 25, ""suei
Atchison Cut-Off
Washington, July 20. Santa Fe Railroad
4,11.,, -" - vuiuuucuun or an add tlena
main track line between l.-M, .... -J ,.,,,'
nor, both In Kansas, were approved today
by the Inters ate Commerce Commission.
The project will cost 12,917,000 ind will
Involve laying 43 H miles of new line? cutUnii
off 13.08 mllea of the distance traversed hv
the preaent Hanta Fu main Tn. 'm Vr"".!
Bank of England Statement
Londen, July 20.- The weekly statement
of th. Bank of England show, the foUew.
Ing changes: Total r.rv. rf.-...r .ivri"
.irUiV7:nC0.ctr?&..k1cr?iS
ww, yww..w v..iM iitcrcciswi xu,eaa.nnn
net reserve daeres.ssd.J800.000, Government
securities decreased 1184,000.
STORAGE BAnERY
IN ACTIVE DEMAND
Prices in General List Welt Sus
tained ' Despite Curtailed
Speculative Activity
The continued activity and strength
of Electric Storage Battery supplied the
most interesting development of the
local market. The forward swing In the
fttnek which started n few days gathered
additional momentum during the morn
ing and the action Indicated the float
ing supply had been pretty thoroughly
denned up in the recent quiet absorp
tion. Considerable amount of stock was
taken for the local account both en the
home exchange and also en the big
beard. The result was an advance of
mere than a point te 47. which Is
within a point of the high record
price.
While there was no actual news de
velepments te account for the renewed
speculative activity, the basis of the
movement could easily be traced te In
formation concerning the Increased
operations of the plnnt. Unofficially, it
is stated, orders en hand ere net only
sufficient te keep the present plant in
full operations, but also the new ad
dition, which is' expected te start with
n full force within the next thirty days.
In the general list trading continued
quit, but considering the uncertafnty
of tj.c immediate outlook ei betn tne
coal and railroad strike situation most
of the local stocks held up surprisingly
well. In the majority transactions
comprised small odd lets. Pennsylva
nia Railroad was one of the'few ex
ceptions and continued in moderate de-
li.nntl for tlie Investment account, nnu
which Inquiry raised the price te 44.
Philadelphia Electric preferred went
Inte new high ground n t30 en lim
ited dealings. P. It. T. was much
stronger as a result of the recent or
ganized support, rallying te 301-2. Ne
effort was mode te resume the for
ward movement started In U. O. I.
In the last hour yesterday, but the
stock found ready takers at 63. Con
solidated Trnctlen of New Jersey fea
tured the inactive list, advancing 1
points te G2- Lehigh Navigation con
tinued well sustained at 75.
Central Illinois Light Company
Comparative Statement of Earnings
Twelve Months te April 30, 1922 and 1021
j
1S21
1922
Gress Earnings $2,790,046.99
Operating Empaaias, Including
Taxas 1,611,224:38
Nat Earnings 1,178,822.64
Annual Interest Requirements 464,478.00
Balance 714,347.64
Frem the 'above statement it will be seen that
the company is earning its interest charges 2.5 times.
The First Mortgage Bends of this company ara
available carrying either 5 Per Cent or 6 Per Cent
coupons.
' Ful particulars en request.
f 'fl
.
2,774,081.3J
i
. i J I
s.qdj.bie.m: yi
an e -r. il
VAW.iaiifli . '
464,478.0ft
468,668.43
Biddle & Henry
104 Seuth Fifth Street
Philadelphia
Philadelphia Stocks
1:1S
P.M.
Net
chge.
High Lew
f) Am Agr C 3H 30 30
lOtAm Int C 43 43 43..
uOfBethStl II 78 78 78
15 Cen Tr N.T 52 52 52?I-t-1:H
1100 Elec Ster. 4-i 47 4714 4-IVi
20 Erie Light
pref.... 25 25 25 . .
10 Gen Astih. 738 73 73
2yj
41 414-
37 37-f
74 75 ..
100 de pref.. 110 110 110
gut mspir -en
Cen .... 41
100 In Ce N A 37
15 Leh Nnv.. 75
lOOtMax Moter
Class It. 22 22 22
lOtMnnhat El
Sup ... 51 51 51 i,4
25Midvale.. 37 37 37 1
343 Penna It II 44 44 44
21 Phlln Ce pf 32 32 32 . .
01 decumpf 30 30 30 ..
81 Phlln Elec 20 2!) 20..
140 de pref.. 30 30 30 Vi
10(1 Phlla It T 30 30 30
50 Phlla Trnc fl 60 00 . .
40tStL&SP 28 2S 28
llOtSeuth Pnc 00 00 00..
225Tone Mln. lt H3 1..
55 TJnlenTrnc 30 311 30 . .
100UOI..,. 53 53 53 ..
30fU S Steel.101 101 101
tNet change made by comparison with last
eale en New Yerk Stock Uxchanee.
FIlIIADELrillA IK1NDS
1000 Liberty 3d 44 s '28 100. 4S
2150 Liberty 3d 4e '38 100.50
1000 Liberty 0th 4h 'i8 101.08
2000 Victory 0s '23 100.58
1000 Bell Telephone 7s 108
2000 Electric & Pce Ts 4s 07
1000 Lehigh Nuv cons 4s '54 1)5
2000 Market St Elevated 4s.. 85
2000 Phlla Ce cons 5s 88
10000 Phlla Electric 1st 5s. . . . 00"-
0000 Phlla Electric 5s....
1000 Phlla Electric 5s
100 Phlla Electric 0s
15000 Phlln Electric 6s
100
100
105
103
FOREIGN EXCHANGE
New Yerk, July 20. The market
opened this morning with a much
brighter tone than last night's cleslug
figures indicated. AU of the leading
rates showed advances and appeared te
have quite recovered from the sharp
selling movement that characterised the
mnrket yesterday.
Sterling cables 4.48 7-16, demand
4.45 1-16; franc cables 8.47,, checks
8.46 ! lire cables 4.07, checks
4.00 j guilder cables 38.02, checks
38.87; Swiss cables 10,21, checks
10.18; pesetas cables 15.57, checks
15.55; Swedish cables 20.07, checks
20.02; Belgian cables 8.03. checks
R.02 ; Denmark cables 21.01, checks
21.50; Norway rabies 10.65, checks
10.00; marks .20.
Central European exchanges were
dull and irregular today. As an in
stance of the remarkable contrariness
of exchanges generally, Austria pre
sents nn outstanding feature. In spite
of the turbulent financial conditions
In nnd about Vienna the exchange rnte
en Austrian was 7 points higher tedny
than yesterday. Rumanian, .02 ;
Bulgarian 78; Greek, 3.25; Finnish,
2.14; Serbia, 1.10; Juge-Slavla, .20
Czecho-Slevaklan, 2.24; Hungarian
.07; Austrian. .0035; Polish, .0018
The rate of premium en New York Yerk
funds In Montreal tedny was 1 1-04
per cent. The rnte of discount In New
Yerk tedny en Canadian funds was
1 per cent.
ye9ti:rdat8 cr.esnT quotations
8ierAln" ryncs Lire Qullders
Demand 4.4ft 8.84 4.RS as Sn
C'sbl 4.45H 8.84H JieSH al.Hr,
TODAY' 8 OPEN1NO QUOTATIONS
Sterling Franca Lire Qullders
Demand 4.45 8.48 101ft, 3!l
Cable. 4,45iV 6,47 4,07 38.U2
BANK CLEARINGS
Bank clearings today oempared with cor
responding day last yean
1022 me.
1JS'5'"0 101.000,000
"IfrltM00 4i.oeo.ono
62,000,000 43,637,807
We offer eubject te previous $alm
Western New Yerk & Pennsylvania
General Mortgage 4s, 1943
TAX EXEMPT IN PENNSYLVANIA
Yield, 5.65 Per Cent
Lake Superior Corporation
1st (Closed) Mtge. 5s, 1944
Yield 7.80 Per Cent
Price en Application
ISAAC STARR JR. & CO.
16TH & SANSOIYI STS.
PHILADELPHIA
Jemeers rhllntelphia Stock Exchange, Xew Yerk Cotten Eichangt
Spruce 3881 Race 7938
4&C
fTuet
Why Bends Are Still Cheap
The average investor knows new that bends were
cheap in September, 1920, yet they are perhaps cheaper
today than they were then. Purchasing power is the
true measure of the value of money. Therefore the
measure of the real value of a bend is the- amount of
commodities for which it may be exchanged.
A recent financial editorial pointed out that, en the
basis of 100 in September, 1920, the purchasing power
of money is today 140. During the same period the
average price of 10 representative bends has increased
from 75.85 te 89.15. While the price of these bends
has increased only 17.5 per cent the purchasing power
of the coupons has increased 46 per cent.
The purchasing power of income from bends has
increased faster than the market price of bends. Bends
at present prices are therefore cheaper by comparison
with commodities than they were in September, 1920,
Investment suggestions may be had upon request.
Harrison. Smith & Ce.
INVESTMENT SECURITIES
121 SOUTH STH STREET
PHILADELPHIA
LOMBARD 6100
Philadelphia
New YerU .
lloaten . . . .
Gain, In Coke Production '
CennelUvtlle, Pa., July JO, The weekly
review of the Courier made puhllc here to
day, ahews a gain of 10,000 tens In cike
production eyer the previous week. Durlnn
the week endlna- July. 13 the total was 63.1120
tens. An Increase of eeveral hundred In the
Hat of operating evens was noted. Many
plants remained Idle because et the miners'
atrtke, It was added. . l" mm
- '
BAR SILVER
New Yerk, July 20. Commercial bar all.
er per fine eunce: Demestic, l)S)H centa un
changed! foreign, 70 cents, an udvance of
Ti centa
tenden, July 20, nar .liver was' Hd
higher here today, at SaHd. 7,u
Londen Metal Market
Londen, July 20 Standard copper, .net
(03 Ba; future. f6S 10. Electrolytic, sre
170 lOai futurea. 72. Tin. siwr fieu is,
Odl future., (157. Iad, spot, lit 10a: tn.
turea, (24 2. Od. Zinc, .pet, (21) 12. 1M
futures, tit 10s. ''
Producers Curtail Drilling
Producers In the mid-continent district
reported eurtatllnf drilling operational le.'
senlnar projected grilling operation, notably
In Oklahoma field. Thl. u th rm,,u J ,...'.
:irductlen;.U crud. oil-prices la the east
WV M, -
NON-CALLABLE
Full-Participating First
Mortgage Secured Stock
Earning 12
Paying 6
New Selling at Par
General Mortgage Financing Corporation
Ridge and Girard Aves.
CepirtflMfd O. M. F. C. Mil
!JTFt;jit!iiin:ii;nimiiiiEiuimi!rl:nnnn!na!ninjimnimiiiu!n!r;;inrrTCErnumrinn(:nLUJTiiiHiitiiT
iiiiiiiimiBiiiiiaiiiiiiitiaraiiitiii'Jiifflitiu:!
INVESTMENT RECOMMENDATIONS
DENVER GAS & ELECTRIC LIGHT CO. First A Re
funding Bs, due May, 1951.
OHIO PUBLIC SERVICE CO. First Mortgage and Re
funding 7s, due February, 1947.
TENNESSEE ELECTRIC POWER CO. First fe Refunding
6s, due June, 1947.
Circulars en Request
ARTHUR PERRY & CO.
BOSTON
Investment Bends
M.w Yrlr Laiavette Build in cr. Philndelnhiia- Plrlenee '
tiwrr ,r --,--,. ... w-w am a, . w w
nMlMMIiaiMliMlllBIllMWaillM
Lek!D Power Securitiei Ce 6's 1927
Public Serric. Cerp. of N. J. Per. 6'i
Pklladelpaia Hrdre-EUc. S's 1939 & Stk.
General Csi & Electric Cempanx.S's 1925
Indians Ssrv. Cerp. Ref. 5'i & Adj. 3-6'i
Amer. Pipe & Ceni.Secnr. S's & Adj. 3-'j
SAMUEL K. PHILLIPS & CO.
Members Philadelphia (stock Exchange
607 CIIKSTNUT HTKK.KT
Luzerne County Gas & El. 7s, 1912
St. Clair County Gas & El. 5s,1959
Lehigh Power Securities 6s, 1927
Penna. Lighting 5b, 1940
American Power & Lt. Cem.&
Warrants
BAUER. STARR & CO.
I.sna Tills Bnlldlng. l'hll.d.lnhi.
... I,!f JfV .""l' . Reeter Street
lrcet Private reyhene bet" QM
e.OI.lark$ee.
BANKERS
321 Chestnut St., PhiladelpbU
Established 1837
Members New Yerk and rhllMt,
Stock Exchanges
-k
BSSSSSMi'
3
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