WflUs'4'
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.ai st? "us
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ra publie
y
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. . A'KJJHF "
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Housten Gas
and Fual Ce.
f. A Imp. 1 Bend
Due Spt 1, 1932
A first mortgage en all
the property of the
Company. Net earn
ings ever 3J4 times in
terest charges,
lea 9V Interest
Yielding abut
A circular describing the
above, together with our
July Bend Circular, will be
ent upon request for F-ll.
Harris. FerkesS Ce
Pin St, Cor. William
NKW YORK
PHILADELPHIA OFFICE
Wldener Bldg.
Telephone Spruce 7040
GENERAL PROFIT
Tl
KING MOVEMENT
Market for Highly Speculative
Stocks Found Comparatively
Narrow and Thin
NEW YORK STOCK EXCHANGE TRANSACTIONS
Only Afternoon Repert tn Philadelphia Quoting Full Utt
a
Utah Light and
Traction Ce.
lit and Refunding Mortgage
Se Celd Bendi, Dae 1944
GUARANTEED
i unconditionally as te principal
and Interest by rtie
UTAH POWER &
LIGHT COMPANY
en of the larje.t hjdrtvelectrle
companies In th country.
Price te yield about
5.70
CerwpIeM Circular en request
The National CityCempany
Philadelphia 1417 Chutnut fit.
Atlantic City Chnlfente Dleck
ltlB TJeardwalk
I
Special Service
in
Ohie Securities
Members
New Yerk Bosten
Cleveland
Detroit Chicago
Stock Exchanges
N. Y. Cotten Exchange
Chicago Beard of Trade
Extensive Private Wire
System
OTIS & CO.
Cleveland
New Yerk, Bosten, Detroit,
Cincinnati, Columbus, Teledo,
AUren, Youngstown, Denver,
Colerado Springs
INVESTMENT
SUGGESTIONS
Bends and notes
selling at prices
that arc low in
comparison with
1914 quotations,
and low in com
parison with
ether securities
of the same tpe.
trrtle or Booklet
i&Cai
eacnkejna
INVESTMENT SECURITIES
II5S. Fourth St.. Phila
LOMBARD 027
VS.'s. '."'.
' V -V 'W,'7,
M
IB
SPECIALISTS
We make a dependable
market in all Isiuet of
UNITED STATES
GOVERNMENT
SECURITIES
COMMERCIAL
TRUST COMPANY
Member Federal Rctcrvc Sritem
City Hall Square
Nf-w Yerk, July 21. The certain do de
grce of confusion cliarncteriislnic price
movement In tedny'n Meck market wn
n rellertlen of the conflicting cress cur
rtnti injected Inte the market situation
n well ni cmphnMzIng the ultra-pre-
fraslennl cnllber of the current specula
tion. At different Intennls the ten
dency wns of n pronounced ronctlennry
diameter. The large wiling orders
Which enme into the market Indicated
In a measure, greater apprehension in
the financial district ever the lnber
situation than hnd previously been evi
denced. Frem the verv outset It waH evident
there was much less tendency en the
part of the speculntive leaders te hid
up the vnrieus specialties as noted re
cently. On the contrary, they were
strongly dispened te take prefitH and,
In doing se, they found the mnrket for
many of these, selected Issues com
paratively narrow and thin. The in
clination te take profits was the mere
pronounced becnuse the traders who
were going away for the week-end did
net apparently caie te remain long of
highly .pei'ulatlve stocks ulth the rail
road and coal labor situation In us
serious state na they were. However,
while, the labor question had its dis
appointing side the mere erieui nspect
wan offset somewhat by favorable trade
reports nnd improved earning position
revealed in the statements of the lead
ing Industrial concerns, especially the
Heel nnd iron plants.
Although labor difficulties at the coal
mines were In full swing early en July,
total idle-CRr statement showed a
decrease of '2.1, Wl from the previous
report, demonstrating expansion In
general traffic was mnklng Inroads Inte
the car supply despite the falling off In
coal loadings, Then again the firmer
mnne.v market conditions noted In the
two preceding dnjs proved te be another
one of these transitory influences wlilrh
was easily overcome. Call money this
opened and renewed Inte next week at
4 per cent, nnd from nil accounts wns
In plentiful supply nt that rnte. Of
course the profit -taking movement of
the professional traders mnde the mar
ket requirements correspondingly less
urgent than In some of the ether dnvs
while the market was rising.
The most nstenlsbing features of the
market wns the continued pronounced
strength of railroad stocks. Me.t of
the active Issues were enlv fractionally
lower and a few were even sighth
above last night's clee. The stei'l
stocks which had been conspicuously
strong for several das were no ex
ceptions te the "cnernl list of indus
trials. Nearly all of them were higher
in the earlv trading, but before mid
day were off from 1 te U points. Steel
common sold nt 102 but did net held
there very long. There was a partlcu
InrU wide movement in Mexican Pe
troleum, even for that issue. It was
rushed up rapidly between 4 nnd fi
points te 17-''t and dropped as quickly
I te lliiij. The prle changes in the
Pan Americnn Issues were net se wide
but after an earlv advance they sold
'off also. Pierce-Aiiew common nnd
1 preferred were about the weakest fea
j ture of the whole market. The former
dropped lns te 12 nnd the preferred
2,-a points. Mack Truck wns one of
'the few issues that advanced materially
j and held Its gain. It was quoted be
fore nild-d.'iv, nt 2 points above Thurs
' dav 's clew.
I Hherts engaged in n genernl laid of
the list ut mid-dav. Mexican Petroleum
I suffered nn etreme reaction of ft1.,
points. Standard Oil of New .Terse.v
showed n lobs of 3j points, and Cru
f ible, Rtudebnker, I'nited States Rub
ber and 1'iiited Fruit fell 1 te 2 points.
Atlantic Coast Mne nnd Louisville und
Nashville, ut gains of I1!, nnd .' points
1 respect iv eh . were mntked exceptions te
1 the lower trend
Prices rallied fceblv en the strength
shown bj Atlantic Coast Line anil Lou
isville nnd Nashville, but the market
lapsed Inte dullness In the Inst hour.
I'nited States vvnr lenns continued te
feature the bend market. New high
records were made bj nil of the Libertv
I't per cents The first issue rose te
101 .'50, the second te 10(1 s, the thiid
te 100 01 and the fourth te 101 .'5 J.
Further gains vveie made bv domestic
rails, netahlv New Yerk Central (is,
Illinois Central 4s. lialtlmnre and Ohie
U-.'s nnd St. Leuis nnd San Francisce
Incomes. Interboreugh Rapid Transit
."3 were active nt a further gain of
1j points. Miner rocesslens were
made bv St. Paul refunding 4s, Sen Sen
bennl adjustment Cs and Oregon Short
Line refunding 4s.
FOREIGN EXCHANGE
New Yerk. July 21. The opening
figures In foreign exchange this morning
through almost the entire list showed
a stronger tone than last night's clos
ing Sterling cables 14.1. demand
4 4.1rh : franc cables .4i, checks
5 40'4 . Uelginn cables MM. checks
7 01)',; Swiss cables 10 20. checks
0 17; lire cables 4 ',?, checks 4 I'm1. ,
tiesrta 1 allies i.i .i"". i iiPt'hH l.i.ei
Swedish cables 2(1 fM. check
Denmnik rabies 21 .1(5, cheeks
nrwnv cables 10 "S check
CUllder ihlcs .'5s. 'Ml, t hec k
marks 21 I
Central Furepean exchange weie
Inegulnr and featuieless tmlnr Ru
mnnian. O'i1.., liiilg.irlen, 7.1. (irrck. 1
::i.1, Finnish, 2.12 Serbian 120,
Iiige-Slav inn !50 : (Vcche-Shu iknin,
.".2(1, Ilungiiiinn. 07'.', Aiisuiun.
enrtr.. I'eiish. .00177
The rate of premium en New Yerk
funds in Montreal tedav wns 2rt-.12 per1
cent. The rate of discount en Cana
dian funds in New Yeik leclaj was
,17-04 per cent. '
TOUAT S OPKrINrs MfUTATinNn
Ptrllnj rrnr l.lr Oulldr
SJ DO
XJIv.
F1 In t
200
5100
200
300
930
3300
400
tee
5200
300
200
200
300
100
1703
100
2000
100
200
1500
2500
200
tee
i 200
100
u 600
100
2400
500
100
203
100
200
1700
203
100
200
4430
100
10
1600
300
500
930
700
400
100
300
6200
12930
100
800
100
100
603
600
6900
1100
400
100
930
100
1600
100
300
100
200
200
200
1003
1530
1000
200
3003
300
500
2300
1700
100
200
1400
1700
800
100
2400
1600
300
100
3300
500
100
1100
203
100
2030
3430
730
330
100
3200
1800
1033
9630
STOCK ltth
Advance Uumely pt 4
. AJax nubber 15
. . Alaska Oelel Mlnen '4
. . Alaska Juneau O M 1 K
Allied Chem ft Dy 68 H
4 Allls-Chnlmeri .... 5414
.. Am Airrle Chem... 39 V
.. Am Hide A Leather 14 Yi
' Am Can . 57
12 Am Car Fdy....166
Am Cotten Oil 26 XA
.. Am Itlde at Leath pf 71
" Am lea 1 1 2
6 Am lea pf 90 W
Am Internet Cerp.. 44 H
1 Am La France Eng 13V4
Am IyOcometlVB.. ..117
4 Am nadlater 9514
Am Safety Itaxer.. 64
Am Ship Cem... 20H
Am Smelt . 62
7 Am Smelt &nefpf... 98 H
12 Am Snuff 135V4
Am Steel Foundries 37 '4
7 Am Steel Fdys pf.. 99H
Am Sugar Ref 80
Am Sumatra 39
9 Am Tel & Tel 122
12 m Tobacco 143
Am Tobacco pf new 104
12 A.-n Tobacco B....140i
Am Wnterwerki. .. 15
.. Am 'VTatrwks 6 pt 41
7 Am Woolen 91 X
.. Am Zlne Ld & S pf 45
. . Ann Arber.........' 15
.. Ann Arber pf 42
.. Anaconda Copper... 54(4
4 Aase Dry Goedi... 53
6 Asse D Goods 1st pf 82
Atch Tep & San FelO! H
6 Atch Tep & S F Of 9l'
. . Atlan Blr a Atlnntle 3 14
7 Atlantle Coast LIne109
.. Atlantic Fruit 214
.. Atl Gulf ft W I S S 37 V4
.. Atl O ft W I S S pf 26
. . Aunstln Nichols ... 27 H
7 Baldwin Locemotlve120H
. . Baltimore ft Ohie... 54
4 Baltl ft Ohie pf.... 62
.. Bnrnsdall Class A.. 32
.. Harnett Leather... 57
.. Batepll.13 Mining... 15s
. . Beechnut Packlnc. . 35
5 Bethlehem Steel.... 75 54
6 Beth Steel B 79e
.. Beeth Fisheries.... 8
8 Brooklyn tMlsen...l09'8
8 Bklyn Union Gas.. 109 54
.. Bklyn Rapid Transit 26'
.. Bklyn R T ctfs of db 22 '4
.. Brown Shee M'i
8 Burns Bies ;.132'A
2 Burns Bres B 434
7 Bush Term Bid pt 93 'A
.. Butte Cep & Zlne.. 6
.. Butte & Sun Cep.. 294
.. Butterlck Ce C23
.. California Petrel... 61
.. Cal Zlne & Lead.. 8
10 Canadian Pacitle... 1404
.. Case J I Plew 7
. . Central Leather. ... 41
.. Central Leather pf. 74 'A
. . Cerre-de-Pasco .... 37 3i
6 Chandler Meters... 69
4 Chesapeake. & Ohie. 684
.. Chicago & Alten pf 17 54
.. Chicago & Gr West 88
.. Chi Mil & .St P.... 28 V
.. Chi Mil & St P of.. 4 '
6 Chi ft Northwestern 76 Ji
7 Chi & Northwest pt115
4 Chicago Pneu Teet. 71 54
.. Cnl R 14 Pae 43
C Chi R I ft Pae 6 pf 82
7 Chi R I & Pae 7 Pf 94
.. Chlle Oeppcr 22 '1
.. Chlne Copper 30
2 Clev Cln Chi & S L 76 54
4 Ceca. Cela 71 ''
.. Cole ruel & Iren.. 31?
3 Cel ft Southern.... 47
.. Celum Gas & niee.. 4 '4
.. Celum Grnphophena 44
.. Cel Graphopheno pf 18 H
6 Cemput Tab Ree... 64'
.. Consel Cigar 35 54
7 Consolidated Ge.. 124
.. Consel Textiles.... 104
Continental Can.... 71 54
4 Cern Product Ret. 107 H
flj4
7 rnden X- Ce Pf. . . . 95
.. Crucible Steel 87
. . Cuban Am Sugar... 24 a
7 Cuba Am Sugar pf 90 54
.. Cuba Cane Sugar.. 16'4
. . Cuba Cane Sutrar pt 37
. . Davisen Chemical.. 46
. . Debeers C Mln Ltd 21 5i
6 Del Lack & West.. 129 54
7 Detroit Cnlted Rwy 66
2 Dome Mine's 30 H
8 Du Pent (R T) Ce.. 143
5 Kaslman Kodak.... 73
8 Elee Storage Bat... 74
. . Elk Hern Ceal 20
. . Erin 16
.. Erie 1st pf 24i
8 Famous Players L. E2a
in Fisher Bedy 112H
6930 iV Cosden ft Ce
100
20700
2700
1000
930
900
400
403
100
100
103
1230
1200
6230
500
2030
1530
1030
100
100
1330
2630
200
23700
400
103
530
13930
200
100
i 1I.1.
21 .11
K1.7.'i.
.i's.V),
8 Fisher Bedy of O pf 89
.. Flsk Ruecer
Freeport Texas.... 2S
3 Gen m Tank Car. 61
General Asphalt... 72 ?4
6 General Asphalt pt108i4
6 General Cigar 76 54
8 General Electric 17B'4
.. General Moter 14
Gen Meters pf 14
"e n.. XTntem deb 6 82
00 7 Gen Meters deb 7 95
1300 .. OHdrlen Ce 1554
een .. Goedrich B F 3954
.. Granby Mining.... 31
7 Great Northern pf.. EOJ4
4 Great North Ore etfa 40
Guantannme Sugar iz4
nnie states eieei.. eu-j
.. Hendea Mfg
.. Housten Oil
2 Hudsen M Car...
1 Hupp Motorcar...
Hjdraulle Steel..
'7 Illinois Central...
6 111 Cent pf "A . .
Indiahem Ref...
" i.i.n TtpflnlnB. .
' inspiration Cen Cep 41 't
. mter Cen Cerp,... 'H
Inter Cen Cerp pf 3 5-
.'.' mter Agriculture.... 9
.. Inter Agrle pf..... 371,
j'.; internal Cement... 32 H
2 Internal Cem Eng. 22Jr2
6 Int Harvester new.. 1C5
Int Mer Marine... 19's
't. let Mer Marine pt.. 74 '8
6 SUntcenal Nickel 18
international Paper 53 U
lmanl
Cubles .
1 4'.
4 4r4
f. 4C11.
S 47
J ilTn
s ns
GRAIN MARKET
Whmt
Juh
stilinNr .
I(rnbr
c urn
Juh
ScptemliT
IJeceml er
(ints
T il
beniemtr
lJeimtef
l.anl
,spitiH(nbr eje leher
nit
July
Heptemher .
t IIS
1 I.'S
I M'
nv-,
il I
t.l",
.11'
an
11.411
11.47
10 en
1 M
1 12'.
I 114
cfli
ir.i,
.111
11 SO
11 fi'i
1 i:'-i
1 jcn
t IIS
041,
ni -,
3.".
SI'.
17 4
II ill
11 17
1 n
1 te'.
1 11'.
'-"
114",
Ul'i
.11.
S7N
11 4
11 SO
11 nn
11 00
tU Power Scctiriliet Ce....6't 1927
Aawr. Pip. Mf, 'A' & 'B' 5'j 1927-1929
Sprin(ficld Witer Ce. Cem. . . 5'i 1926
MtliaBtpelii Witcr Werki Sec. 6'i
Mian Strv. Cerp. Adj. 3-6'i & Pfd. Stk
Werth Jtney Street Railway . ,4'i 1948
SAMUEL K. PHILLIPS & CO.
Monitor 1hlladrlehl Sleck Kirliance
307 rlll.sTM'T HTUKKT
NEW YORK COFFEE MARr
Ju
m I iprri
I ii eml i
Mmp h
i i i
n '.1'n
(I ifj.s
n a7''' is
a mrr i.'
tl 4RW1CI
300
1000
2100
1 300
603
4200
100
300
1233
133
630
203
103
103
900
1330
dOO
730
100
330
103
703
703
700
5330
243)
1400
100
4231
200
3200
200
100
1300
330
7530
400
3100
260J
12203
5"5X
100
10)0
903
18)0
403
200
230
T.OW
49
14 54
U
154
68 K
54
37 T4
14 54
55 54
166
26 54
70
11054
90 54
43 54
13 54
116
95 54
6H
20 54
C0J4
98 54
135 54
37
99 H
79H
39
121 J4
142 54
104
140 54
15
41 "1
9054
44 54
15
42 54
53 54
53
82
1C0J4
91
354
108
2 54
26 H
26
27 54
118
53 M
62
31
57
1'4
34
74 "4
77 i
8
109
109 54
25 54
22'4
52
13214
4314
93U
6 '4
2914
22 H
61 54
7H
139H
7
40 n
74
37 w
e84
t8 54
17 54
8H
2714
431
75 54
115
694
4314
81 14
94
22 H
29 !4
76 J4
70 ?a
31 H
47
S3
41a
17 54
C3H
35 J4
123
10H
694
105 54
43
95
8314
24 54
E0'
1614
36
45
2114
12914
66
30
140
72 1 4
464
204
1614
234
82H
11214
89
144
2214
61
70 54
107
76 4
1764
14 '4
81 54
82
95
15
3914
30
8014
Today' Nat
Clea Cnt-e.
49-54
": 'h
IH-r H
V
14
154
2
4
1
54
"ft
54
1
1tt
14
H
54
54
114
H
"54
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u
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4
H
2
14
H
H
H
684
54 54
3914
14J4
85 54-
166 -
26 V -70
-
11054
904 43 -13
54
116 -95
54-6H-20H-61
H -984-
135 54
37 -99
H
1214
143 54
104 -
14054
15 41
15 -424
534
53 -82
101J4-
91
354
108 154
254- 54
36H- 114
26H- 14
27 H- 54
119H- 14
54 54- 14
62
32
57 - 1
114 ...
34-1J4
75 - 1
77 - 1 14
8H 1-
10914
109 54-
25 '4-
22 14 -
534
13214-
43-
93 14 -
64-
2914-
224-
61 14 -
8
139-
7 -
40-
74
374 -68
54
68 54
17 54-84-27
44 H
75 54
115 71
43 54 -
82
94 -
22 14 -
2914-
76 14
-3
14
44-1714-3-
35 14 1 14
123 -
104- 14
7154 1
10614 4
43 -95
-83
54
24 f
14 -12914
66 i
304
140
72 li -474
20 4
161k
24 54
e24 f
112 54
89
144
22 4
61 4 f
70 -
1075, -76
176-
14 14
81 54-
82
B3
54
80 14 -
OtT.
) In t
1000
14803
709
500
700
500
7800
200
300
300
100
100
1500
300
1100
2200
200
19600
12000
7600
1000
54
54
14
14
14
'4
4
14
4
4
14
54
14
'l4
54
54
14
4
1
1
1
214
54
14
1
4
6
14
1
4
394 V 40
22
. 74 4
. 22 4
. 19
. ie4
.10714
.110
. A
. 8
International
inter VaperPf actpa 70 .4
i'.i,.ihin Oil Cerp. 1314
Invlnclble Oil Cerp
, Iren .J'reauuis
,. Island mi
jewel Tea.. 1'4
Jewel Tea pr 69
' jenea B'es Tea.... 6 'a
" u-.n City Southern 25
Kansas & Gulf. . . .
'.! Kaiser Ce new...
i Kelly-HPK Tire....
,. Kennccett Copper.
',. Keystone T ft
Lackawanna Steel.
" Lake Erie & West.
3! LeHBh Valley
7 Lima Locomotive..
. . Lima Lein its. . . .
t nk. 'a Ine ......
1 Left Candy .. )
12 Leilllard (Pierre) . .160
33 54
4
43
49
37 '4
13!'j
79
31
64 4
107
314
15 "4
121
F3'j
22
74 14
22
19
1014
107 'i
110
4
8",
41 'i
14
34
9
3714
32 4
22
104
18
73
173,
'. 2 ',4
70'4
13
33
in '4
69
45
2&'2
4
42'i
481,
35 1,2
12
77
31
64
106',
3
15J4
12
160
12
83 54-
22
74 ',4 -22
-19
IO14 -IO71S-110
?
4 r
8'4
414 14
34
9
-1-22
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'4 r
174 -52
1 -70
! -
13 14 .
33 -
4
18i -69
45 -
;sh -
4J,
42 '4 -
48 '4 -
3b4
12 4 -
78 4
31 1
b4 1 4 -
107 -
JI4
15 14
12
160 J
STOCK fttgti
7 Louisville A Naih..13t
.. Mack Truck S9
7 Mack Truck lat pf. H
7 Mnck Truek d pf . . 82 54
76 Mclntyre new 16H
8 Mackay Ce.. 10154
. . Maltlnsen A Ce.... 36 H
7 Manatl Sucar pf... 80
4 Manhattan El Supp 02
7 Manhat Elev Guar.. 4654
.. Manhat El'i etfa.. 46
2 Manhat Bhlrt . 364
. . Marland Oil 40
.. Math Alkali 4654
.. Mnz Moter Qui A 6954'
.. Max Moter Claaa B 2354
8 May Dpt 8terea..117V4
11 Mexican Petrelauaa. 1724
Mex Seaboard OIL. 3354
8 Mex Seaboard ctfa. 31 H
9 Miami V.... OR
8500 x,ie MlddleSUtea Cerp.. 1354
8500 ...UMni. n.-.i tl
. . Mln A St Leuie new 1 1 H
Me Kan A Tex (wl) 184
Me Kan A T (wl) pf 404
.. Missouri Paclfle.... 22H
. Me Paclfle pf 55 14
Montgomery Ward. 22H
8 Mentana Power. ... 71 54
7 Nat Biscuit 150
. Nat Cleak A Suit.. 45 54
.. Nat Cen A Cable... 2
.. Nat En A Stamp... M4
National Lead 10254
T National Lead pf..111H
.. Nat R R of M :d pf
.. Nev Cen Copper.... 17
NO Tex A Mex.... 6654
.. N T Air Brake 60
NT Central 854
B New Yerk Deck pf . . 56 54
. . New Tork N H A H 30
t Norfolk A Weetern.109H
North American.... 71 H
North Amer pf.... 4414
. North American rta 1 1 H
8 Northern PaolCe... 76 H
1 Nunally Ce 9 54
. . Ohie Bedy A Blewer 8
.. Okla Pred A Ref... 24
.. Ont Silver Mining. 7
. . Orphcum Circuit... 184
8 Otla Elevator 13254
.. Otla Steel , 12
3 Owens Bet Mach... 35
Paclfle Devel Cerp.. 64
6 Pae Gas A Elee... 7154
.. Paclfle Mall 14
8 Paclfle Oil E654
Fan Amer Petrel.. 75 H
Pan Amer B 694
.. Panhandle 4 74
1 Pennsylvania R R. 45
.. Penn Seaboard Steel 8 54
6 Peeplea Oas Chleac 8654
.. Peoria A Eastern.. 22
. Pere Marquette. . . . 334
6 Pere Marq pf 6714
3 Philadelphia Ce.... 38
7 I'hllllps-Jenea pr... 90 54
2 Phillips Pet 45
.. Pierce-Arrew Moter 13 54
. . Pleroe-Arrew Met pf 27 54
.. Pierce Oil 8
6 Pitta Ceal 644
ruts & w Va 39
200
2500
300
1000
800
3103
300
tee
800
200
500
400
100
100
200
300
100
2800
300
7500
300
13700
1100
8800
400
600
300
900
tee
200
. 100
2200
100
100
200
300
7600
16533
5400
300
8100
9303
400
100
2000
200
100
100
7800
12103
3800
1000
200
900
300 1U Pend rrn.V s,.1 51
400 s pestum Cereal 78
'00 .. Pressed Steel Car.. 0 54
3300 .. Producers A Ref... 374
603 e Pub Ser Cor of N J 0
1030 8 Pullman Ce 1224
403 .. Puma AlegTe 8uar 4914
9800 l pure oil 2814
200 8 Railway Steel Sp.. 107
800 .. Ray con Copper... 16
1930 4 Reading- 74 4
803 2 Reading 1st pf.... 52
400 .. Remlniten Typew.. 364
2800 .. Replefle steel 35
8100 .. Repub Iren A Steel 76
3400 .. Republic Mtotera... 1154
100 .. Reynolds Springs... 4414
1500 3 Reynolds Teb B.... 46
39005.20 Royal Dutch N T.. 55
200 1 St Jeseph X-sad... 15
1100 .. st Leuis San Fran. 28 54
800 .. st Leuis Southwest 28 54
203 . . St L Southwest pf . . 45
200 .. San Cee 8tar. ... 34
700 .. Saxen Moter 34
700 .. Seaboard Air Ltns.. 7 54
100 .. Seab Air Line pf... 12
1100 .. Bears-Roebuck .... 8014
300 .. Seneca Cenner 121
40
10083 4 Shell Transport.
14
14
14
"4
14
4
14
114
"l54
'lli
"li
14
H
14
It
4
14
114
14
14
'4
14
U
14
4
U
14
I
"2
'
4
14
Yi
1
14
4
U
1 14
4
1
'4
4
4
2 54
1
7600 2 Sinclair Consel 31 K
200 .. Sless-Sneflleld 49
298 . . 80 Perte Rice Sugar 50
2400 6 Southern Paclfle.... 90
5100 .. Southern Rail 75
500 .. Southern Railway pf 64
833 .. Splcer Mfg Ce 19
50 8 Standard Mill 115
50 6 Stanudard Mill pf . . 8914
5203 4 Standard Oil or OH110414
600 5 Standard Oil of N J! 82
1003 7 Stand OH of N J p(11714
120) 3 Sterling Products... 50
900 3 Stewart Warner Spd 44
103 .. Stromberg Carb... 464
58230 7 Studebaker 1374
200 7 Studebaker pf 116
503 .. Sub Beat Cerp.... 7 54
700 .. Superior Oil 6 54
200 .. Superior Steel 33 14
100 .. Tenn Cep 4 Chem.. 10
3230 8 Texas Ce 45
1600 4 Texas Oulf ft Sulph 48
400 .. Texas A Paclfle.... 2914
803 1 Texas A Pae C A O 2654
200 ..Third Ave 4 2154
700 Tobacco Produeta.. 56
200 7 Tobacco Pred pf...105
4100 .. Tobacco Products A 804
200 .. Tobacco Pred rta.. 234
2500 .. Transcontinental OH 15 54
400 2 Twin City R T 54
100 6 Union Bag A Paper 62
3100 .. Union OH 20
1100 10 Union Paclfle 1424
500 4 Union Paclfle pf. .. 75 4
1000 .. United Alley Steel. 40
500 .. United Drug 8114
200 3 54 United Drue 1st pr. 47
203 8 United Fruit 144 14
100 .. United Rwy Invest. 12
4400 .. United Retail Stores. 64
6803 .. Unit Retail Ster rts 414
1530 .. U S C I P ft Fdy.. :5!4
600 ..US Feed Products. 854
9703 .. U S Ind Alcohol.... 62
200 7 U S Ind Alcohol pf C4J4
200 ..US Realty A Imp.. 69
3570 ..US Rubber 6254
100 ..US Smelt A Ref... 41
16233 BUS Steel 102
1103 7 U S Steet pf 120
1200 2 Utah Copper C6J,
1600 .. Utah Securities 1b
5500 .. Vanadium Cerp.... 48 4
1400 .. Va-Cir Chemical... 29
300 . . Va-Car Chemical pf f4 54
100 G Va Iren Ceal ft Coke 51
430 .. Vlvndeu Inc 11
200 .. Wabash 12 14
1330 .. Wabash Pf A 31,
903 .. Western Maryland. 12
100 .. W Maryland 2d pf 19 54
930 7 Western Union Tell 05 4
1733 i WestlnghemelK&M. 62
)00 .. Wheeling . L E.... 134
2403 White Moter 49
700 .. White Oil Cerp.... 854
100 . . Wick wire Spene stl 16
6500 .. Wllls Overlund.... 8,
2030 .. Wlllvs Overland pf. 464
400 8 Woelvvorth F W....167
100 7 Woolworth F W pf12l
OJJ 4 Werth Pump a M. b3'4
603 1 Wright Atre c
Ki-d.vldend.
Lew
128
55
88
81 f
16
101
354
80
32
46 54
46
3654
39 54
46
644
22
1174
166 54
3154
29
294
13
3654 Z
M
4014
2254
55
22 4
7154
150
44 54
2
54 54
101
1114
4
164
664
80
S3 54
58
29
109 54
68
44 54
10
76 54
9 54
754
2
7H
1854
132 54
12
33
64
7154
1454
534
73
674
7 54
44
7
8614
22
33 54
67 54
38 ,
9014
44 54
12
25
8
64
38 54
204
77
0 54
37
89
1204
4854
26
106 54
16 54
7414
51 14
354
33
74 54
94
4414
46
55 54
15
27
28 54
45 54
34
314
714
12
80
12
40
3114
49
50
89
24 54
5614
184
115
89 54
10314
17914
117
494
444
46 54
14 4
116
714
614
32 54
104
4554
47
29
26
21
E6
1044
794
23
15
S3J4
62
20 54
141
75 54
40
79 54
47 4
144
12
63
34
!3
81,
59
94
9
CI
414
1C04
12014
63
154
47
2954
e3
51
10
31 14
11
19 54
104 14
614
1314
4814
8 5,
16
8
A
16514
121
i2
"4
TcxHre VM
clot Cnaa
130 2
58H 3H
8954 214
8254 if
36
80
K?
AMERICAN ST
ORES
4. 1
4654- H
46
46 - W
SSt ft
11714- 114
16654- a
31H- H
29V4- 114
29H- H
l3B
' 3654-
114
17H
40 54- H
2254- 14
85 - 1
224 ..
7154 14
130
4354 114
2H V
3454- 1
101 - 14
111H- H
4H- 14
17
664- H
80 -
B3H
384 .
304
109H
70
44 54
11
7654-
954-754-2H-7
1854
132J4-
12 -33
-
654
71 54
1454
54
68 -
7H
44 4
8 -864-22
-334
67 54
, 38
9054-
4414-
1254- 154
27 - 1
8
64 -38-204-77-E0
54
37 54
89 -
121 -4854-2814-
10614-164-74
14 -5154-354
33 54
74 54
114 44 54
46 -554
15
28 -2814-45J4-34-314
714
12 -
8014-12-40
3154-
49 -
50 -894-244-
f56-184-
115
8914
10314-
182 -
117
494
43 464-
13414-
116
714
64-
3214-
10
45
474-
29 -
26
21
56
105 804-
234
1554
34
62
2014 -1424
7314
40 79 54
47 144 -12-64
14 -
4144
33 -
8'i-
614 214
94J4 114
69
61 14 -
414 1
101 -
120 r
05 4j -
1614-4714-294-
t.3-
MBit IE
Pennsylvania Railroad Alte
Made New High Recerd
for Current Year
154
14
14
114
'154
14
14
14
54
154
4
I
54
54
54
J4
4
H
14
4
H
54
54
54
14
"i
4
54
1
54
1
14
54
4
4
1
54
54
114
54
1
4
14
14
14
14
54
54
4
14
4
New high records for the year were
made by Pennsylranla Ballread and
American Bterea In today's local mar
ket. The sharp advance In American
Stores te 125, or V. above the pre
vious top price, was the .overshadowing
feature of the Initial deallnga. VhartM
of 8 points was made en n relatively
email turnover; In fact, en leas than
60 share. This made the movement
mere Interesting In that it dlacleaed
there was practically little free stock
In light, and offerings that came en the
market In the recent reaction te 117
from 124 had been falling Inte the
bag of the same Interests who have been
ateadlly accumulating the stock for the
laet two years. .,.
The movement was without aatlatac aatlatac
tery explanation In e far as actual
news developments, as there was noth
ing te come te the surface te explain
the urgent inquiry. While n state
ment of sales or earnings have been
given out by the management since the
annual report for the fiscal year 1021,
It ilunderstoed that the volume of busl
nesa is showing n steady increase with
the opening of new stores. The com cem
pany'a strong financial position Is
shown In the recent announcement that
all the preferred stock of the Acme Tea
Company, one 01 tee nnaeriying yrujj-
ertlei, will be redeemed 8eptembjr 1.
Pnuthlr th market position of the
stock is best told In the remarka made
n few days age by one of the original
promoters, who In answer te the ques
tion as te whether he had taken the
ht nrnHta he bad en his investment,
.replied instead of selling, hla original
holdings were treeiea vy tne nuamunm
purchases he made en all the reactions.
Pennsylvania Railroad at 45, touch
ed the highest price it had sold
touched the highest price it had sold
since the early part of 1020. The h gh
for 1010 nnd wns 48 and today's high
compares with the low of 32. reached
in the opening of the current year. The
strength and confident buying of the
stock In face of the disturbing labor
situation is eaidly explained in the
satisfactory ngrcement the management
has reached with practically all of the
dissatisfied empleyes.
Electric Storage Battery was another
prominent feature of firmness during
tha mnrnlnc tradtnr. selllnir tin te 4714.
or within 4 of a point of the high
price of the year, ran 01 tue gain
was lest in sympathy with the reaction
ary movement en tne itig iieara.
In the general list price variations
upre uneven. P. R. T. rallied te 30,
or above last night's closing. Fur
ther easing en et union xructien car
ried the Quotation down Vi te 30.
The Philadelphia Electric isMies re
mained well sustained at tne recent top
prices. Lnke Superior dipped te 0,
and Consolidated Traction of New Jer
sey lest , in a decline te 52. Penn
sylvania Salt at 74 was off . Cramps,
en the ether hand, wns up nt 58.
Erin Lighting preferred gained i r.t
25'4.
1
154
I
"h
74
4
354
$280,000
DAUPHIN COUNTY, PENNSYLVANIA
, y4 PUIUC IMrHOVKMENT lONDf
,!,! ims .a,B
FM FROM tTATf TAX IN KKNIYLVANIA
IMsW riMHLAU 'MAk INCOME TAXES
FINANCIAL STATEMINT
(te e8kktr reported)
Aawaaeal Valuation (1922) ...... $104,289,176.00
Bended Debt, including thit iuua $549,000.00
Sinking Fund 224.645.75
Net Debt $324,354.2
Population. 1920 Census . . - 133,116
HAMI8BUM IS THE COUNTY SEAT
PRICES AND MATURITIES AS FOLLOWSl
Aasurt I. 192). al 100.194 August I. 19)1, at 101.761
AuL- I. 1924. al I0O.S61
August I. I9. al 00.560
AuIuM I. 1916, al 00.7JJ
Aasuet I. 1927. at 100 697
Ar.l I. 1928. al 101.055
Awot I. 1929. al 0 .209
Aaguat I. (9)0. al 101.155
Awguat I. 19)1, al 101.496
August I. 1". at ioi.eji
Avium I. 19)4. at 101.866
Auguil 1. 19)5, at 102.006
Aufutt I. 19)6. al 102.121
AutuM I. 19)7. at 102.2)2
Autvnt I. 19)8. it I02.))8
Annul I.' 19)9. at 102.441
Augurt I. 1940. al 102.5)9
Ausuit I. 1941. at 102.6))
Augoet I. 1942. al 102.724
astre! iaterset la be added la each ease
TO NET .
Subject te approval at t legellty by Meatra TewnMnd. Elliett At Muaaea.
REILLYf BROCK & CO.
m CHESTNUT STRUT
FHIUDILFHIA
'
Philadelphia Stocks
Ntt
High Ixv Cleio chse.
100A1H Insur. 24 24 24 1
20tAm Can.. 50 50 50
50 Am Strs...l25 122 124 2
50fAm H&Ii 14 14 14-f
50 Am Rwys 13 13 13
lOOtAjax Rub 14 14 14 1
10 Halil I.ec.110 110 110 8
f4M
H7 V. l'.
Protective Committee
Massachusetts Oil Refining Ce.
Te Helders of the
First Mortgage 7 Bends. October, 1929
Collateral Trust 7 Notes, August, 1924
The Massachusetts Oil Refining Company Protective; Cemmltt, .
which was organized for the mutual protection of the holders of the above
securities and which is new operating under the Deposit Agreement dated
June 20, 1922, hereby announces that the time for depositing the above
first mortgage bends and collateral trust notes has been extended te
Thursday, August S, 1922.
Bend, or netts mailed or sent te the depositary, tha FIRST
NATIONAL BANK OF BOSTON, 70 Federal Street, Bosten, en or bafer '
August 3, 1922, will be received by the depositary en tha same terms at "
these already deposited. After August 3, 1922,' such bends and notes
will be received only en such terms and conditions as the Protective
Committee may from time te time determine.
Although mere than a majority of these bends and notes have already
been received, it is desirable that all such bends and notes be deposited.
Depositors will receive Certificates of Deposit from the First National
Bank as depositary. Bends deposited should bear the July 1, 1922, coupons
and all subsequent coupons; notes deposited should bear the August 1, 1922,
coupons and all subsequent coupons. Bends and notes deposited must bt
in negotiable form, or if registered, must be accompanied by proper tram
fers in blank duly 'executed.
Copies of the Deposit Agreement may be obtained from the First
National Bank of Bosten, or any member of the Committee or from the
Secretary.
CHARLES E. OBER, Chairman
HENRY W. FORBES
CHARLES F. MILLS
ROSCOE R. MOODY
James O. CATON, Sec'y WALTER TUFTS, JR.
60 State Street, Bosten. GEORGE TYSON
Cemmtttsa
HERRICK, SMITH, DONALD & FARLEY, Counsel
84 State Street, Bosten.
KO .If
4
104..
47
1
v.
4
54
4
54
54
V
"4
4
54
1
54
2 54
54
4
54
4
v
14
4
4
54
54
li
254
15tn & O... 54 54
5tCer de Pas 37 "
70 Cen T N .1 52 52
lOtCel Graph 45J, 4
sr.tr'u c Hug 10 10
622 Elec Ster. .47 47
10 Erie Light
pref.... 25 23 25
170 Gen Asph. 72 71 71 1
120 de pref.. 108 107 108 2
130tOen Met. 14 14 14
40tlns C Cp 41 41 41
KltKenn Cep 37 37 37
Sit Key T&ft 12 12 12 1
30 Lake Sup. 0 0 0
28 l.ch Nav. 75 74 74
JO Leh Vullev
Trans pf 20
im.Mnrk- ir. ti's
51
It
W14 -31
54 ,
IMi-i
1914
105 -
61 4
1355
49 4 f
8 j4 -
16 -
8 14 -
464-
165 J4 -
121
62 4
4 i-
Mt
1
Hi
4
4
54
Ti
154
1
54
U
Bosten Weel Market
nnten. Juh .1 lb- Commen-lal null"
The (tmaml for weul bun net Mn ri nits K u, ea, w,h fpei c-ubnci efferel
ET !' r .SI "'hichur- holding firm, mm. at 1 it in cm. coat nd frelLht equal te
cir-nnc w.i-n lth the rale, rum l ",7 hut ' ae 'n", "" c-"''"-"'"-1"
H )g in ixiln bulnc ih ''I'"'1' 'h,' ,',","'1U I Him., wni rrnc-XNe-l HllnM- in ra i-uaar
li -"i7 i ceni rj y Krcuwrw umilliik tu i ,,,.. ,i ..i.,.. ,h rlv uiwratiein. with
i .
Raw Sugar Market
r lerk, July SI. The- raw au&r mar
ket a ciule-t early today. The undertone
'i le
ft tlfc 12
It jf4l
BANK CLEARINGS
UrHT baa ue Invo.ier ever le.l a da.
Jj ivr lav r nrinrlnal or Intrrrat nn sn
, meemtiir bought of . IV. Strau. Ccf
$h mm by.
M , 4t W. STRAUS & CO.
" i" f atai -L asai av
T
nnk rlearln today rnmpare'l lth cer-
re.pendltie c! last. eat
I 102.! 1021
riulailMphii JU non.nne tin neu ene
1 - Yerk Ml ncici unci mn ten ncm
Chlcake 81700.(100 77 500,000
RAILROAD EARNINGS
cr
i'MWt
H. '. .
June crn.s . .
'et eper. r.nu
Sin mentbj' sre.s.
Nat epar, r.vtnua,
M
102.'
(481 .".AT
201, 39
2.281, son
Dia.oes
Inrreate
JIH J.'
157.272
a H
604.0TS
, ,, ,, rnterrl en th nl.-i a-llliu; 7 te f pennt. ii"i tne Pie
lh L.1M1.N i hit 111 liy the I w.,ui vlinc Nenr inl'l'lHN the,M wuii k
hit t.ici "'',",''' I r ,ih f .1 tn I imlnlH em reierlni!
iiptii ' l ,, nhu m.,pli r,ir r.tlnfd minar u firm.r
in in.M ,."- ""' . ;.:.h,.;,.e,r . .. ;-.:
nn'I Pitt I n,r mhi., ,,,.' .. ,rf ,,-',,..'.
lilBher with flue aranulalwl n'jw qunleil
from el kn te fl lid centi ltetlnd future
were nemlrwl
i,.,i.. h hublnir
lntereft f
epenlitfc of it.hi
rrK.r-1, jn II
,.,.... r,.H
fend- anllprlc"' ab ... n parity with the
"""LnTOn eSnl Itrmn-alldoarrlpllen..
and 'llBhtly deaici . ti the continental etylesd
'"".Mohair la in llivht mipph iinrl prices en
the flm-r count. ar r J htrnnu.
Londen Metal Market
Londen Julv 21 -.- nlirl nipntfi Hint
(fl.t 7 eld future. tl.l I'm Klertreljtlc
pet. 70 10. futures I7-' tin pet,
1(17 7. eld. futurn tl7 l.'a Ud. Iacl.
.pet. (2.1 12a tM, future., 21 2. 0d. Zinc.
apet, (3Itvl2. M,.tMutMr-lSi Aa,
S
WJ.
Authorized Railroad Financing
Wn.hlnKtnn, July 21 The Wa.hlnEten,
Hrandywlni nml lmknut lUllreail Cnmpani,
no s tnsieril In (nn.trurtinK a line of rail
riuiil In .Manl.tni recirl auiherlty from
Hie InleiHlun t'emnieree c nmmlnlen tcvlay
te Uiiue anil cell at rar Ul 000 In new
.tnck The fund, from sale of the aecurl
tl. will b uitd te oenttnue eonatructlen
cp.rn.UeBi. i
-il I"
Reserve Banks' Discount Rates
Official redi.ceunt rate, at th twelve Fed.
tral Ke.ene bank. ar aa fellow.
ir, Wb cem'l mr.
flo.ten . .
New Voik
rhllrclelphla
c love land
Itli hinund . .
AtUutn
Chlcaiie , ...
Hi U.ul. ...
Mliinmpell. .
Kan.a l.'lty ..
Dalla. . ...
Han Francl.ce
ctf.
4
4
4S
0
u
bend., rate., ncc.pt
4
u
J
t
6
4
4
4S
4
'i
ft
e"
&
6
4Vi
4
4
4,V,
4 j
Hi
A
r
4
COTTON MARKET
20 20 . .
5S r,SW,3
25tM'x Pet..l8V4 10R 10S
,D Jiiuvnie.. .wv eevi "'a-r a
lOtNat K S 54 B45 51 1
'OfNerth Am 70 70 70lJi
50tPac Oil... 50 50 50
1007 Pa It U. . 45 44 45
5 Penna Rait 74 74 74 ,
lOOfPcnn Bbd
Steel 8 8 8
110 Ph Ins W 38 37 37..
00 Phila Ce
cum pf.. 30 30 30 ..
R05 Phila Klec 20 20 20,
354 de pief.. 30 30V 80
,".25 P UT... 30 30 30
73tPlcrcc-Ar 13 12 12 a
tl 7(10 prei. -.'s -' -'"A -vn
25tPure Oil. 2S 28 28..
25tPuntn A. 4SN 4t 48-5s
25tKeplesle H 34 34 34l-
lOtuej nema
Teb R.. 40
lOtltyl Dutch S.'Pr
25tSt U8I' 28
50tSlndnlr.. 31
23tTex & Pac 10H
lOOTone Mln. 1
30 I'nlenTrac 30i
210 I'fil..,. 53
J20 no pref.. n; ei'H n.i
20tU S Bteel
pref....!20 120 120
oOTWeHtUnlen
Tel ....105 1051ft K)eis ng
5 W t'ramp
8nnR... 581, 58", 5R nj
5 de hteck. 57 57 57 . .
tN.t chana made by comparlren ulth kit
.ale m New Yerk Hteck Kichanae.
Total tale., 5217 .hare., enmpated v. ith
Iilh5 ahare. je.lerday. Thu far IhW wee't,
re 21.1 share.
rH!UArn:i.riu nesiis -
J200 Libert j 2d 1h '12 10(1.78
500 Libert) 2cl 4ft '42 100.811
100 Liberty 3d 4 'is '2H 100.52
500 Liberty 4th i'4n '.'IS. . . . 101.2S
3000 Liberty 4th 4n '38. ... 101.30
1000 Liberty 4th 4h '38. . . .101.38
Altai Amer uaa a r.iectric rm Hi)
10
55
28
31
10
1
30..
525"
01 n-
40
55
28-
31..
10
J?f- JV
.HI-2 -J
53 yt
ti
1000 Klectrlc & Pee Tr Ih..
1000 Electric & PeeTr4..
500 Phila Electric let 5a..
11000 Phfla Electric lt 5g.,
1000 I'hlln Electric Ut 5..
17000 Phila Electric 5 . ,
5000 Phila Electric 5s . ,
500 Phila Electric fls
11000 Phila Electric 0 ....
07
08
100
00
UHW
10-)
100
105
103
Total, $O.30O, compared lth J72 760 iee.
tarda. Thua far Ihla week, 30j,tj30
September . . .
October
December ....
Januarr
March ....
uax
Pr.v. clo.e
22.S
22 31
22.lt
3.10
22 10
'22.34
Op.n
22 20
23J
22.27
Si.OH
22.00
J1.B9
2.00
r n
ia'ie
22.06
21, ?9
st.ie
MONEY-LENDING RATES
NEW 10BK Menoy op call, both cla.ne.
nf LOllnteral. epnd today at 4 r-ef cent
for l.ndlns and rtnewlne.
Men.y brek.r. teda call.d th. dmnd
le.n market ".oft" at 4 per cent, the re
nrwal flsura, Indlcatlns th. eicpoctatlen of a
pe.ilble lower flsura twfer. the clote of the
day. The menu market a. a whole v...
only med.ratsly active, Th. minimum en
time funda was 4 ptr cent and the mtuilmuin
4H rr cent. Frlny. tn.rcantlle pp,r rul;
moderately aettve at the fljeed date collateral
lean quotation. Trlme bunk acceptaneea
ueru dull at unchanged quotation. The call
l)all !. ' a,w'a..' !, ear, Q -ej
cent.
$105,000
CITY OF ERIE, PA.
4V4 Per Cent, 1922
Railroad Grade Cressing Elimination Bends
Free of Penntylvana State Tax
Exempt from Federal Income Tax '
Legal for Savinge Banks in State of New Yerk
Assessed Valuation : $115,454,613
Total Debt less Sinking Fund '3,256,369
Net debt less than 3 per cent
Population, 1920 Census, 102,093
Maturing Serially
Frem July I, 1924 te 1949. inclusive.
Prices te Return about 4.075 and Interest
LEWIS & SNYDER
1 524 Walnut Street Philadelphia
Answering your
Questions
rjROM the thousands of questions that
ve v V(, aiswed en trading procedure
in New Yerk Curb stecks.we have compiled
a brief manual
"Investors & Traders Guide"
It is probably just what you have wanted
all the essential information in plain,
simp e language.
Send for copy no charge
Philadelphia Office
Jenes & Baker
Member, UewYerV Curb Exehangt
Wldaner Building
Ttltpkmtt i
Uu 47
Race 3661
Bell
Ktretena
Baltimore Office
Kmer.eti Hetel
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Direct Pilu.i. ui...
fittibuHb D.tt.It Bltlat.r. C1.t.I4
per
nmnr.i.rH!A - can, rr ,nt
tlrne 4't te 4Vi per cent, commercial raper.
threo tp eU inenlha.eU te 4Vj per cent,
lionden Meney, m per cent. Ol.ceunt
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STOCKS & BONDS
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BROOKE, STOKES & CO.
Investment
Securities
Philadelphia
Washington Baltimore
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