SSTOmgSPWgr W'MWIMIIlll'. . .iwwnwwiiMwii V' v - -m 7 . 'i Pfi m t&v rv- "l eVSening PUBLIC r ' a ' i T ' .Awsvwrt'y . t.i -'''.Tfre)M?.v v ' Mt v , vs. .- - ' -viw.M.ara;i.s.",viJusiFrwt,ifvn.i'.T,.i MbbERmiBfcPriiIfeArMut iy ; ""ryy' KtKMfisr wunTiimw-W BSfiftffi 1 El I '$5 v K BONDS , M Me Bemb vana. . (K4aiik. " ii;... evu"""' A Library of Investment Information TO AFFORD investors a simple explanation ei the elements of safety te be looked for in the selection of securities, the technical terms used in bend descriptions, the various types of bends, etc., we publish a list of booklets and circulars which comprise a rather com- !letc library of investment in in in ormatien, presented in non nen technical form. Seme of these publications are listed below. We shall be glad te send copies upon request. 1 Cheesing Your Investment Heuse. 2 A Sur.2 Head te Financial Independence. 3 B.-ndi Questions Answered 'i vTres Defined. 4) Ten Tests ei a Sound Public Utility. 5 Hew te Judge Municipal Bends. 6 Leets Leal Security Recerd. 71 Current Bend OUcrings. MAIL and Indicate boeklrtifletired, COUPON They will be sent promptly BELOW without obligation. H A L S E Y, STUART & CO. . INCORPORATED Land Title Building, Philadelphia T tit phone Lecnit 7410 Chicago rscwYerk Bosten PhtLdtlphU Detroit Milwaukee St. Louts Minneapolis PRICE MOVEMENT VERY CONFLICTING We&k and Streng Spots Devel oped Frequently In the ' Same Creups Nmv Yerk, Tulj- 24. Murlt the wmr IrrcRiilnrlty nnd ren fusion nttendpil tin tin mevpinrnt of teilny's ftoek mnrltet n observed In some of tlie immrrilntc re cent mnIeiim. TIie roi'ORiilzeil peel is riich were pxcrptlennlly well mitntticcl with semp uperlnp subitnntlnl ndvnnecF. On tlip ethrr Imttd, wpnk spot were unrevprrd In flip tlrp nntPmoter slmm. TrndinR In Iip rnIN rcmnlncd INttew, with sonic nf the Investment Rretip fnil Inu of qnotntlen during tlip first linlf of the session. All of which tended te exemplify mnrp renvlnelnsly than ever the ultrn professionalism of the cur rent speculation. Nothing deflnitp was te he derived from the week-end developments In the strike Munitien, but there was n grew ing belief In fimineln! circles the crMl of both the, coal strike and the railroad labor controversy would be reached during the current week. What few I developments there were evpr Sunday en thp surface seemed te eneeurngp nil extension of the professional selling, but apart from fluttering Industrial shares 'there was a conspicuous hick of ncerct- sivenp-s en the part of thp short sellers, I treign developments, en the ether hand, wpre much mere favorable. Strengthening of foreign exchanges was Multe Generally accepted us a reliable 'indication of the likelihood of an early J amicable agreement being readied re garding OJrrmitn reparations. The effects of the cress currents were s trfini.lv rpflei-teil ns thp session nreg- l, ressed In the renlllctlng movement of i different stocks In the same creups. j l'lercc Arrew common and preferred In- dicated continued free liquidation and , Chandler Moter nnd several of the tire ' stocks were under further pressure. On ' the ether hand. Studebaker and ether meters strengthened. Similar eendi- tlens prevailed in the oil croup. While Mexican Petroleum nnd CJenernl Asphalt were active and strong. Mexican Sea board reacted sharply. The independent steels added variably te Saturday's ' rally under the leadership of Oulf States Steel and Crucibles, but were ; handicapped by profit tailing. As a 1 croup the sugar shares displayed the I most consistent strength which possibly ' was warranted because of the extraor dinary comeback of the sugar trade I from almost a state of virtual prostra prestra ' tien last December. Commodity Markets Mail te Nearest Office Ha'.sey, Stuart & Ce. pa-ei Land Title Baildinj, Philadelphia Please send the fallowing booklets designate booklets wanted according te numbers: Pam: Street O.'y :RP Bell Tel. of Penna. 1st 7s of 1945 An interesting condition presents itself te holders of these securities. Write for details. ARTHUR iW & CO. Members Phi'adepfiia Stock Exchange i- Phen. Ueu4i7 614 Stock Exchange Bldg ji instill ii a m ii i3ii j,;; Tai'jJ I GRAIN MARKET I Chlcace. July 24. The wheat mar ket declined 'i-c te 1c at the opening ' today and ruled weak with active sell 1 inc. Sentiment was ngalmt the market, 1 owing te the evidences of large sup Spiles. While there was little change I In the rail strike situation and pxport pxpert i ers were again in the market, traders ! were timid about taking the buying side. The Liverpool market was un changed te ad lower. Advices from the spring wheat belt were favorable. Cern started He te !,sc lower and experienced further lessp in sympathy with wheat and en further rains In the corn belt, which offset evidences of mere or les expert demand. Oats declined He te c nnd (lis plavcd a weak undertone. Previsions were weak with grain, de spite an advance of fie te 10c for live 'lldM. Pat. done open 1 r M. H2'i, el' i m n n.v; r.i C'J' .1115 t? 00 r.e l ni l u 1 eru l.ne'i 1 es-, ffll esH LOT. 1.1Q4 1 10' 9i.ie l.enS Wheat Ju'.v . . . . Sppttnib-r De'fmb-r . Wheat .luly .... September Dermher . Oit Julv . . . . spptmr Der-mbcr Rye SeripmNr ni.i 3S'i 31 if M'i 3il "9 30S 31 S 3ll Beles West weed U Wembete Phila.Sieck, Exchange INVESTMENT SECURITIES landlftte Mb Philadelphia PHONE- LOCUST 4721 COTTON MARKET New Yerli, duly 21. The cotton market had a steady opening today, with April five points lower and ether months three te fourteen points higher. Quotations were influenced by an nb ence of rain in the Southwest nnd steady cebles, n. well as by ueme buy ing for New Orleans nnd Liverpool ac- count. Seme of the private wire re ported complaints of het winds in the I neighborhood of Childress, but these Iwerp pnrtlally offset by a fererast of cooler weather and showers In the Southwest. The market later ruled very steady, I with prices a little above the opening 1 levels. July October . , Neembfr December Jnnu.iry I.March April JI May fiat, close Open 21 70 '2.M Sl.bOOBl Sl.S.'i 21. S3 , 21. SO 31.110 I'l.nittrtt 21 72 21 r.nor.e 21. an 21 43 21.42 21. 52 11:00 1 P.M. 21.53 21. JT 21.20 21.03 Uliaeii Central Traction Ce. Si, 1922 IadUnapeIii Northern Trac. Si, 1932 Udianapelii Traction & Term. 5t, 1933 Iidiana Scrv. Cerp. Si, 36i & Pfd. Stk. Ukifh Power Seceriliei 61, 1927 Nt. Jenty Street Railway 4i, 1948 Sabarban Gai of Philadelphia 5i, 1952 Pahlic Sarvict Parpet. 6 Cart. Wddltiex & Semenet Traction 5i, 1950 Bamril!, Urbana & Charapaifn 5i, 1923 Columbia & Menteur Elec. 2d 5i, 1943 hdianar-Mt Water W'ki Secur. Pfd. Stk. SAMLnL K. PH1LUPS & CO. ,mber5iI.ch.;ards.lfr:NhU8B,5W:KhaD NEW YORK COFFEE MARKET New Yerk, July 21. The cables wpre peer this morning and general Interest lacking In coffee futures. On the call prices sagged off 7 te 10 points, Wnll Street, the trade and commission houses having contracts te sell in liquidation. Prev, rlnne n.3H40 1 2H28 I 34 ft 35 0.35 n.RHORT 0 3S93!) July September December January . March . . Mv Hid. Open ft. 25 T SO O.HfllS 0 2.'. 27 I) 25 0 20 5T30 6 3032 NEW YORK STOCK EXCHANGE TRANSACTIONS Only AfUrnoen Rtpert in Phlladttphia Quetln Full Utt MaaMaM . .! . m m . ama ( aaB. aV TRADING IN LOCAL Dlv. Snlca In I STOCK Hlnh 100 .. Adams Kxpresa . . , . 64 J4 200 .. Atlvance Itumely... 1814 2200 .. Alnx Itubber 14 1000 4 Allied Cbcm & Dye 60 H 300 4 Allla-Chnlmers .... 53 300 ...Am Acrle Chem.... 39 100 .. Am Agrle Chem pf. 63 100 .. Am Hcct HuRar. ... 46 500 .. Am like Sh & Fily. 65 2700 .. Am Can 57 100 .. Am DruR Syn 5 100 ,, Am Hlde & Lenther 13 200 . .Am Hide & Leath pf 7014 500 7 Am Ice 110 300 fi Am Ice pf 8914 500 .. Am Internat Cerp. 42?i 200 1 Am La Frnnce Kne 13 100 ,. Am Insecd 34 H 1400 fi Am Locomotive....! 15 M 300 Am Jlaillater 96 BOO .. Am Ship & Cem.... 20 200 .. Am Smelt 61 Vt 100 3 Am Steel Foundries 30 J$ 3400 .. Am Sugar lief.... 81 H 100 . . Am Sumatra. 38 J 100 . . Am Sumatra Teb pf 61 H 1100 9 Am Tel & Tel 122 300 12 Am Tobacco 143H 300 12 Am Tobacco H 140 200 .. Am Waterworks... 15J4 100 .. Am wntrwka GTe '(t40ty 1300 7 Am Woolen 9014 400 .. Anaconda Cipier. . 53 5 400 .. Assets llenl'zatlen. . 2 103 7 Asse n Ooetli 2il pf 8314 200 6 Atch Tep & San FelOl 200 .. Allan lllr & Atlantic 314 100 7 Atlantic Coast Llne108 500 . . Atl (lulf & W I S 3 36J4 100 .. Austin Nichols 26$ 4100 7 Baldwin Locemotlvol 1914 5'00 .. Baltimore & Ohie.. 54 J4 1730 B rtcth Steet n 77K 100 8 Beth Steel 8 pf..114& 1800 .. Beeth Fisheries.... 9 100 7 Brit F.m Steel 1st pt 73 100 .. Brit Km Steel 2il pf 3014 100 8 Brooklyn Rillien 108J4 3100 .. Bklyn llaplrt Transit 25H 900 . . Bk yn 11 T ctfs of db 22 H 200 . . Brown Shoe 52 H 200 8 Burns Bres 131 '4 100 .. Butte Cep tt Zinc... 6?i 100 .. Butte & Sup Cep... 2914 100 .. Butterlck Ce 2214 3200 .. California Tetrel ..1 60 A 200 .. Cal Zinc & Lcac. 7J4 100 2 Calumet & Arizona 60 14 900 10 Canad an Pacluc. ...139 600 .. Centra! Leather.. 40 V 300 . . Central Leather pf 73 Vz 300 .. Cerre-de-Pasco ... 37 15700 f, Chandler Meters.. 67 V 700 4 Chesapeake & Ohie 60 1600 .. Chi Mil & St P 28 1400 .. Chi Mil & St P pf . 44J4 900 K Chi & Northwestern 6 100 7 Chi & Northwest pf115 600 4 Chicago Pneu Teel. 71 9 1200 .. Chi It I & Pnc 43 !4 200 C Chi It I & Pnc CTc Pt 81 ?4 500 .. Chle Copper 22 ' 100 .. Chlne Copper 29 W 300 . . Cluctt-Pcabedy .... 56 4500 4 Ceca Cela 71 100 3 Ce4 & Southern 45 2300 . . Celum Oan & IVec. . 93 4600 .. Celum Graphopheno 4 700 . . Cel Qraphopheno pf 17 300 fi Cemput Tab Bee... 65 1000 7 Consolidated (las... 123 1200 .. Consel Textiles... 800 .. Continental Can.. 1000 4 Cem Products Bef 100 7 Cern Pred Uef pf 6O0O 2H Conden & Ce. 10 A 71 Ki 106'i 117 43'4 85 U 92 5 4600 .. Cruclble Steel 100 7 Cruclble Steel pf. . 6600 .. Cuban Am Suear. 200 7 Cubnn Am SUKar pi 90 1000 .. Cuba Cane SiiRar.. 164 1600 .. Cuba Cane SuB.ir pf 37 4200 .. Pavilion Chemical.. 46 100 9 Pe'aware & Huilsen124U 200 fi Pel Lack & West... 127 1800 8 Pu Pent (K I) Ce.. 138 100 5 TVistmnn Kedal: new 73 500 3 r.lec SteraRC Bat.. 4714 100 6 F.ndlcott-Jehnson .. 83 "A 200 .. Krle 16 ' 300 .. F.rle 1st pf 24 J4 400 8 Famous Players L. . 82 2200 .. Flsk Hubber 14 1900 ..' Freeport Texas 22 J4 19800 .. General Asphalt.... 73 1100 6 General Asphalt pf.HOJJ 700 S cneral Electric 177 8100 .. General Meters 14 'A 500 6 Gen Meters deb 6 81 !4 800 .. Goedrich B F 38 100 .. Goedrich B F pf . . 87 200 .. Grnnhy Mlnlnff 30 1200 7 Great Northern pi.. 81 14 600 4 Grt North Ore ctfs 4014 300 .. Greene Can Copper. 30M 100 .. Guantannme Susar 12 600 .. Gulf States Steel... 85 100 .. Hablrshaw Electric. 1 300 .. Housten Oil 74 1200 2 Hudsen Moter Car. 22 600 1 Hupp Motorcar 19'A 100 .. H)draul!c Steel.... 10 100 .. Indlahema Ref 3 300 .. Inspiration con Cep 414 100 .. Liter Cen Cerp IX 100 .. Inter Cen Cerp pf . . 3 100 .. Inter Itapld 2914 100 2 Internat Cement.... 32 100 2 Internat Cem Knir. . 22 100 .. Int Mer Marine 2014 200 C Int Mer Marine pf . . 73 200 .. Inter Nickel 17 400 .. International Paper. 52 J 200 6 Internat Paper pf . . 70 3000 .. Invlnclble Oil Cerp. 12J4 100 .. Iren Products 32 100 .. Island Oil 100 .. Jewel Tea !8'4 100 .. Jenes Bres Tea 1 44 J4 100 . Kan City Southern. 2514 100 .. Kayser Ce new 42 1500 .. Kelly-Sprlnptleld .. 47J4 100 8 Kelly-Spi? T 8Te pf. 10214 100 .. Kennecett Copper. . . 36(4 10000 .. Keystone T & H 9H 600 .. Lackawanna Steel.. 78 Ji 700 2 Lee Hubber 2814 700 3, LehlRh Valley 64 200 7 Lima Locomotive. . .106 J4 Lew 64J4 17 13J4 68 53 30 63 46 64 5514 5 13 7014 109 89 4214 13 34 114" 96 19T4 60 3614 79 3814 61 122 143 140 15 4014 89 5314 1 83 Vi 101 3 108 3614 26 117 53 77 11414 0(4 73 3014 108J4 24 14 21 'a 5214 131 14 6 29 V2 2214 58J4 7 6014 138 40 73 J4 37 6314 68 27 4314 514 115 71 4214 81 22' 29 5514 68 V 45 Yt 91 Vi 414 161J 6414 123 1 0 14 70 105 117 41 T4 83 92 24 Ji 90 1614 3GJ4 43 124 'A 127 13414 73 46 J4 8314 16'A 23 81 13J4 21 71 108 176 13Ji 81 38 87 29 8014 3914 30 12 83 J4 1 74 21 J4 19 10 3J4 41, 1 3 2914 3214 22 28 'A 73 1714 52 70 1214 32 1014 44 J4 2514 42 47 10214 36 'A 9 7814 28 64 14 106J4 1:30 Nat P. M. Cute. 6414 .. 17- I 1314- H 68-J4 53 38- 14 63-14 46 65 114 5614 5K- k 13-' 70J4- 109 - IK 89 - 1 4314- 14 13-14 34 - 14 11414- H 06J4 IK 20 - 60- 3614- 114 80 - 14 H 114 IK " 14 14 14 14 14 1 3814 61- 122 143 - 140 1514 4014- 89H- 5314- 2 83 14 1 14 101- 14 314 .. 108 35 14 -26 11714-53-77 11414 8- 73 - 3014- 10814-2414-2114-5214 13114- 6- 2914 22 14 - 5814- 2 7 6014- 138J4 40 -7314-37 63T4-6814-27 -43 14 -514- 115 71 14 Ji .!4 29 56 69 -45K-9114-4-1614-6414 123 10 'A -70- 105- 117 4114- 2 'A 83 - 92- 25 V 90 - 1 6 14 . 3714 4414- 1 24 14 127 - 13414- 73 4714 110 176 -14 -81 -30 -8014-39 14 -30-12 B3J4 1 74 -21 J4 -1914 10 - 3J4 4114 1 3 2814 73 1714 52 -70 12- 32- - 1814- 44 74 - 2514- 42 - 47- 10214 36 14 - 9J4- 78J4 28 - 64- 10614- 14 14 14 '314 14 14 14 '" 114 14 'A 14 2 14 114 14 14 ' 1 "l4 1 Ji 114 214 414 ' J4 14 14 14 J4 14 14 2 14 V 14 H !4 Ji J4 14 " V !4 'A 'ft Dlv. dales In $ STOCK Hlph 1000 .. Lima rid' 3H 400 .. Leew's Inc 194 600 1 Left Candy 124 1200 ..Mack Truck B8 100 Mclntyre new 16 300 .. Malllnsen Ce 35 2.10 7 Mnnh.it Kiev Quar. . 4514 100 .. Manhattan Elev ctfs 4514 100 2 Martin Parry 30 280e 4 Marland Oil 3814 100 ., Math Alks.l 45 600 .. Max Moter Class A 64 1000 . . Max Moter Class B 23 6700 12 Mexican Petroleum. 168 20030 .. Mcx Seaboard 30 T4 9500 ., Mcx Seaboard Oil ct 29 100 2 Miami Copper 29 36001.20 Middle States Cerp. 1314 3600 .. MIdvale Steel 3714 200 .. Me Kan & Tex (wl) 1714 200 . . Me Kan & T (wl) pf 40 500 ,. Missouri Pacinc... 2214 1400 .. Me Pacific pf 55J4 2000 3 Jlrntana Power.. ..7414 300 .. Montgomery Ward.. 22 100 . Mulllns Bedy 24 14 100 .. Nnt Cleak & Suit.. 46 100 .. Nat Cen & Cnble... 214 500 .. Nut En & Stamp... 54 4 200 0 National Lead 100 700 .. Nat H It of M 2d pf 4 100 6 N O Tex & Mex. ... 66 700 6 N Y Central 9514 100 2 New Yerk Peck.... 30 100 5 New Yerk Deck pf. 58 300 . . New Yerk N II A H 30 14 100 2 New Yerk Ont & TV 25 100 7 Norfolk & Western. 109 14 1500 5 North American.... 70 200 3 North Amer pf . . . . 4414 100 .. North American rts 1114 500 6 Northern Paclfle... 7614 100 ,. Ohie Bedv & Blewor 7 100 .. Okla Pred & Bcf... 2 100 .. Orphcum Circuit... 18 14 200 8 Otis Elevator 133 400 .. Otis Steel 11 200 6 Pac Gas & Elcc... 71 5600 8 Pacific Oil 5614 5500 6 Pan Amer Petrel... 75 500 6 'Pan Amer B 6014 400 .. Panhandle 7 3100 2 Pennsylvania R n. . 4514 3600 .. Penn Senbeard Steel 814 100 .. Pere Marquette 3314 100 5 Pcre Miilq pf 68 4200 2 Phillips Pet 44 10700 .. Plerce-Arrew Moter. 9 5400 . . Plerce-Arrew Met pr 22 300 .. Pierce Oil 7J4 100 .. Plcree Oil pf 4414 100 .. Plggly Wlggly Stere 40 100 .. Pitts &WVa 38 100 6 Pestum Cereal... 76 100 .. Pressed Steel Car. .. 79 3100 .. Producers & Ref... 37J5 1000 .. Punta Alegre Sugar 49 Ji 3500 2 Pure Oil 28 100 8 Pure OH pf 95 J4 100 8 nallway Steel Spg. .106 100 .. Ray Cen Copper.... 16 1200 4 Reading 74 100 2 Reading 1st pf 52 100 .. Remington Typew.. 35 1000 .. Replegle Steel 3314 1000 .. Rcpub Iren & Steel 7414 400 ., Republic Meters.... 10 200 .. Reynolds Springs... 43 500 .. Reynolds Teb B.... 4614 21005.20 Royal Dutch N Y.. 56 100 .. St Leuis San Fran. 27 100 .. St Inils Southwest. 20 100 .. St L Southwest pf.. 45 1000 .. San Ccc Sugar pf. . 3 100 .. Saxen Moter 3 200 .. Seaboard Air Line.. 714 100 .. Sears-Roebuck 7914 200 .. Seneca Copper 1214 20083 Shell Transport 3914 30600 2 Sinclair Consel 3114 100 .. Sless-Shcflield 4514 1300 6 Southern Pacific... 904 600 .. Southern Rail 24 400 .. Southern Rail pf . . . 5614 2600 4 Standard Oil of Call03 800 6 Standard Oil of N J 180 100 7 Stand Oil of N J PIJ1614 300 3 Sterling Products . . 50 300 3 Stewart Warner Spd 44 100 .. Stromberg Curb.... 44 35800 7 Studebaker 134 14 700 .. Superior Oil .. 6 1100 .. Sweets Ce of Amer. 314 200 .. Tcnn Cep & Chem.. 1014 1900 3 Texas Ce 45 200 4 Texas Gulf & Sulph 4714 1700 1 Texas & Pac C & O 25 100 .. Tidewater Oil 125 1200 0 Tobacco Products.. 55 1200 .. Tobacco Pred A.... .79 700 .. Tobacco Pred rts... 27 J4 3000 .. Transcontinental Oil 14J4 100 2 Transup Wms Steel 38 3100 .. Union Oil 2014 1300 10 Union Pacific 142 100 4 Union Pacific pf. .. 75 900 .. United Alley Steel. 3914 100 .. United Rwy Invest. 1214 1800 .. United Retail Stores 63 J4 2700 .. Unit Retail Ster rts 414 300 ..USCIP4 Fdy. . . 33 J4 3200 ..US Ind Alcohol... 63 100 7 U S Ind Alcohol pf 95 400 .. U S Realty & Imp.. 7014 100 3 U S Rubber 1st pf..106 4300 ..US Rubber 61 14 100 ..US Smelt & Ref. . . 41 47 28 6214 74 1214 3114 100 3 4 US Smelt R & M nf 47 9200 5 U S Steel 101 14 500 .. Utah Securities.... 16 1400 .. Vanadium Cerp.... 500 .. Ver-Car Chemical. 100 .. Vlr Car Chem pf . , 100 6 Va Iren C & C pf. 400 . . Wabash 400 .. Wabash nf A 100 1 Weber & Hellbrener 12 14 100 .. W Maryland 2d pf. 19 400 .. Western Pacific... 1714 1100 6 Western raclfic pf. 58 'A 400 7 Western Union Tel. 10514 1600 4 Westing E & M 61 400 4 Whlte Moter 48 14 100 .. Whlte Oil Cerp 8 100 .. Wlckwlre Spenc Stl 1514 1200 .. Willys Overland 014 800 .. Willys Overland pf. 4514 900 .. Wilsen & Ce 45 J4 100 6 Werth Pump B 73 300 1 Wright Aero 8J4 Lew 314 1514 12 57 16 3514 45 J4 4514 30 3714 45 64 2214 163 27 26'A 29 13 3614 1714 4014 22 54 72 22 24 54 46 2 54 5414 100 4J4 66 94 J4 35 58 30 25 10914 70 4414 1114 75 J4 7 2 1814 133 1114 70 5514 7214 67 7 44 J4 7 3314 68 4214 8 18J4 7J4 44 J4 40 38 76 79 36 Ji 48 2714 95 Ji 106 16 74 52 35 3214 73 10 42 46 55 27 28 45 314 3 714 7914 1214 39 29 4514 C914 24 56 100 179 11614 50 44 4414 131 6 3 1014 4514 47 25 125 54 J4 79 2714 1414 38 19 141 75 3914 1214 63 3 Fa 33 H 61J4 95 70 106 58 41 47 100 J4 1614 4514 28 6214 74 12 3114 1214 19 16 56 104 61 48 8 1514 8 4314 4314 73 8J4 1:30 P.M. 314 1514 12 57 Net N 1 16 - 3514-4514-45 14 -30- 3714 45 -64 -2214 163 -27-2614-29-13 -3614-1714 . 40J4 22 - 54 - 14 14 I 214 3 2 14 14 14 ' V 14 114 74J4 2 22 - 2414-1 46 14 214- V 5414 .. 100 414- 14 66 14 95 - 14 36 - 58-14 30 - 14 25- 10914 .. 7014 .. 4414 14 1 1 14 14 76 - 14 7 14 2 .. 1814 .. 133 11H' .. 70- 14 5514- 14 7214- 114 67 - 1 7 - 45 14 7- 3314 'A 68 14 4214- 1 8 14 - J4 2014- 1 7J4 .. 4414- 14 40 14 38 .. 76- 14 79 - 1 3714 .. 4914 114 2714 95J4 1J4 106 16 14 74 - 14 52 14 35 - J4 3214- I 73- 14 10 - 42- 1 46 55J4 27 - 14 28 - 14 45- 14 314 .. 3 .. 714- 14 7914- 14 12J4 .. 39- J4 30-1 4514- 314 8914- 14 2414- 14 56 - 14 100- 214 179 - 1 11614- 14 50 44 14 4414- 'A 132 - J4 6 314 14 10J4- 14 45 14 47 - 25-14 1 25 14 55 - 1 79- 2714- 14W- 38 - 1 19J4- 14 141 - 14 75 3914- 14 1214- 14 63 - 1 414 14 33J4 14 61 14 14 9514 7014 106 14 5914- 1 41 47 10014- 16 54 14 45 54 - 1 28 - 14 6214- 154 74 2 1214- 14 3114- 14 1214 14 19-14 16- 1 56 - 3 104- 6114- 48 - 14 8 - 14 1514- 54 8- 14 43 54- 1ft 44 54- 114 73- 114 8J4 14 STOCKS LISTLESS Geed Demand for Pennsylvania, While U. G. I. Preferred Made New High While the trmllnfr In the local mar ket lacked animation most of the local uteeka ruled steady, although there was n little shading of prices here nnd there through the list, which, however, wan the result 'of the narrowness of the market rather than selling prcFsurc. On the ether hand strong spots were found notably .in Pennsylvania Railroad nnd U. O. I. preferred. The first named continued te be well taken nt 45, while the lnttcr, selling nt 55V6 In small lets, established a new high record for the year. . . , , In the opinion of several banking In terests the exceptional strength of Pennsylvania Ralread within the last fortnight is much mere significant than appearing en the aurfacc. The move ment, In their "belief, is fore-showlng or discounting Important development In connection with the unification of the system, rather than discounting thu restoration of the G per cent dividend rate as popularly supposed. Net even Inklings could be ebtnlned as te the nature of these developments but the same Interests profess te find confirma tion of their theory becauseef certain operations which have taken place in the open market. Trading was uncommonly listless In the general list and had It net been for the wider dealings In the se-called New Yerk stocks trading would have been exceedingly flat and uninteresting. American Stores after holding firmly nt the top price of 125 all morning shaded In the afternoon te 124. On ,the ether hand, Storage Hattcry after an early dip te 40 mnde a qulc krally te 47'A. P- R- T. ran into some fresh selling nnd dipped te 30. The Philadelphia Electrics Issues also cased off a trifle. American Railways en small sales came back te 13. Cramps declined te 58 en nominal sales te 58, and Warwick Iren nnd Steel was off from the last sale nt 0. j. jr .' fffVHW J cm" i 'l 'mm&uMiiS -p"-.. ' i .-, s Bends for Investment Liberty Bends Bought, Sold. Caabad f. P. RISTINE& COMPANY KUbllhr4 IMS Widcncr buildiej, Pailad.Ipkia Paw Yerk EUzakata. N. J. lUBlMra New Vrk and l'bllaaalkla " Mack Kxcbaeiaa B. and O. New General Counsel J. .T. Cornwell, of Romney. W. Va., was elected general counsel of the Hal- timere and Ohie Railroad Company, Mirceedlng the late Iluu'h L. llnml, Jr. , It is understood that Mr. Cornwell will ' go te Haltimere at an early date am! assume the duties of the office. Except for the period during which he was Governer of West Virginia, Mr. Corn Cern well for the last twenty years or mere has been one of the asieclate counsel of the Haltimere and Ohie Company, and for the last two years its general legal advUer in West Virginia. Mr. I Cornwell, as was Mr. Bend, is also a 1 director of the company. I I Cnh Tiey .. Jim Jfutler Mar'N'amarih Crcent I Midway Win Knd West Toneph S. PATTON & ID & CIIKTNMT STS. BANKERS Ruccfwera te fKli CO. Baafe anil ttneka benrtl and atl 'J.1' a CLJ LOCUST 7270 Itlrphena aaaactlaa with iku m, in Nsvr Yeam A. A. Hhnhi & Ce. raw Y Denver & Rie Qrande Receivership New Yerk. July 24. Richard Huirn, chair man of tha commutes of aUutmnt mort gage 7 per cent bondholders of Denver ft Hlo Orande retarding th nppelntment of a receiver of Denver & Itle Cirande. ayatem my: "Application fur rn-eher made by the New Yerk Trut Company, as trustee under adjustment mertsai: cams n a re milt of many months of efforts and neue. nation txtween our committee and coun ceun ael, truitee r.nd ceunel. Our cemmlttfx concluded that IntereBt of the property and of all bondholders would h"xt be aervid by a, receivership. Adjustment bondholder have aubatwntlal Interest In the tre.iiment which la accorded the refunding bends Among ether thlnp J". 105 nun refunding bends nre pledged n collateral under ad Justmfnt mnrtviiKe nnd there are In addi tion r.beut $31,0110,000 refunding bends nui. standing- The Interest of adjustment bends In the refunding bund situation Is a large one. Interest has been unpaid en ad. Justment bendi since April I U - I . and en refunding bends since August. 1H-1 New that the court has taken the property under Its protection the committee feels earnings vlll be avallnble for rehabilitation of the reads and eentunlly for Interest Instead nf being received by alleged owner (new Denver and Itle Qrande Western Jlallread) which claims net te be liable for payment pt Principal and Intaraa at amr at tha FOREIGN EXCHANGE New Yerk, July 24. Opening quo tations en foreign exchange this morn ing were generally htrenger, sterling, I'aris, Antwerp and lire rates show ing sharp advances. Guilders, pesetas, Denmark nnd Sweden were steady nnd Swiss somewhat lower. The iutluence ixiiipah Extension affecting the French, Hclglan and IU1- 0rth wta'r"..... ian rates is the possibility of a meeting rtuseue nuia in T nn.ln.. 1,, tUwn near fntiir. nes- "onepah Intension slbly August 1, at which will be con sidered the question of debt cancella tion and reparations reduction. Quotations were: Sterling cables 4.46, demand 4.45 ; franc cables 8.50, checks S.40V4. Hel glnn cables 8.0:5. checks 8.02V4 ; lire cables 4.(10, checks 4.(18-4; Swiss ca bles 10.04, checks 111.01: peseta cables 15.50, checks 15.57; Danish cables 21.55, checks 21.50; Norway cables 10.85, checks 10,80; guilder cables 38.00, checks 38.85 ; marks .20. Central European exchnnges were Ir regular today as follews: Rumanlnn, .04; Hulgarlan, .75; Greek. 8.25; Finnish, 2.15; Serbian, 1.20; Czecho Czeche Czecho Slevaklnn, 2.10: Juge-Slnvian, .30; Hungarian. .000 $ ; Austrian, .0030; Polish, .0018. The premium en New Yerk funds In Montreal today was nominally un changed nt 15-10 per cent. The dis count en Canadian funfls in New Yerk wns unchanged at 20-32 per cent. ATUrtDAY'S CI-OKINO QUQTATJONH Sterling Frnnci Lire aulldejs Demand . ..4.4ni fi.HTV. .Uhi 5 tables .. ... 4 4.1V 8 36 4.05 SS.DO TODAY'S OI'KNINO QUOTATIONS Miening I'Tancs l.ire uuuuer. LOCAL MINING STOCKS Demand 4 4.1 H 8.4U',1 4.8V4 3J.SJ Cab ni ..! . 4 Id 8,110 4, 09 38.00 Paris Bourse Active I'ariH, July il Trading was active en the Hours, today Threj per cent rentes .IN francs l0c, exchange en Londen !2 francs ,10c; nve per cent lean 77 francs 80c. The dollar was quoted at 11 francs 78c. England 8ends Mere Geld New Yerli, July 21. The steamship Ca Ca renla brought J. P. jrergan a Ce. aeventy alx boxes of bar geld valued at about 12.600,000 from Liverpool. This makes a total of about 130,000.000 received by tha rm en thla movement. TONOPAII STOCKS Hid ll.l 0,1 03 01 10 0.1 08 OS 10 .... 1H 01 01 DIVIDD STOCKS Allied Divide Alte Divide Jlclcher Ilelcher Extension . Jlreugh Divide Divide Kxter.alen ... Divide Cen Dividend Kust Dlvlde JIurmlll Knox Silver King Sutherland Tonopah Divide . . . . Tonopah Uasbreuclc Victory Divide Verde Divide Zene .0014 .01 .01 .01 ,04 .IS .01' .02 .01 .03 .03 .77 .02 .01 .01 .US QOLDrlELD STOCKS Beeth 02 Combination Fraction 01 CrackerJack vi DlamendNeld Blue Hull .. 1'lerence 1 Deldfleld Cen 0.1 Ueidfleld Dev 02 Oeldlleld Deep Great Jlend OOH Jumbo Extension 04 Kewanaa t 02 I.one Star 07 Ore ; Tied Hills 01 Silver 1'lck 11 Spearhead 01 MISCKLLANKOUS Amparo . . . .- Arltena United Caledonia C'andelarla Emma Silver Kureka Crneius lKureka, llully He:la Marsh Mether Lede .' Nevada Hills Nevada Wonder Hucceis Tecopa Mining Volcano ......... . wnite i-apa fWllbert .. . ,00 .111 .nfl .nj .01 .31 .itt Ask .oil .UU .03 .02 .12 .00 .10 .00 .18 M .. m .02 .01 .112 .02 .03 .UK .Id .113 .01 .112 ,Jtl ,05 .01 ,01 .711 .03 .112 .02 .10 .03 .02 .OS .01 .12 .0(1 .03 .01 .01 .en .03 .1)9 .01 .02 .12 .02 1.00 .15 ."7 .31 .02 .83 1.00 CTi utt .in .is ti.oe 12.00 .01 .(12 .25 .80 .28 ,82 .10 ,18 .88 ,S .05 ,00 .00 ,11 LIVE8TOCK QUOTATIONS . Chlruge, July 21. CATTLE Receipts, jh.uuu neani ainrkel tluw. Deer steers steady te weak: early top, llO.nei no prime "'"in nwu; uuui uvei steers. te.uara.XU' sne stek and Mockers ateady',4 fat cewa nnd heifers mostly $5(7.23; canners and cutters largely $2.IiOTf3.H3; bulls strong; bolegnaa mesllv ai.Kni34.70. heat nrniinri J UK. .,-nl eiilvea, slew; bidding weak te lower'; few snivs siuppern itni uuisiuera around 911. 70. HUUS-llecelpts, 45.000 head. Market very active- better grades of light nnd light UUllllCJ H, Ten. Ill bidding lower en mixed utid naeUfnv imiteu bulk Reed butchers, H0.25O10.Ti0i pigs strong, mostly iU.73Qle.2S; puckers mostly $bH,75; heavyweight. 110. 18010. 55' me dium, J10.B08 10.05' llgnt, tlO.UOQfll; light lights. 110, 13W11; packing tows, smooth, JSt.iS'in.10; packing rows, rough, I7.7filfr 8.40; killing plus, u.76 10.00. '""" SHUDr Receipts, 23,000 head. Lambs mostly 2Be lower. Tep natives, $12.50 te city butchers; 112.25 te packers; culls mostly 7 50; chelca Idaho lambs, $12.75; sheep steady te slew; best handy weight native ewes around J7; extreme, heavies, I3.S0WI; feoder lambs clew, around 112.50 for best light feoder lamba Philadelphia Stocks 1:15 Net High Lew P. M. chge. 05 Am Rtrs..l25 124ij 124 Vi 25 Am Rivj's 13 13 13 .. 75tCubCnSu 10 10 10 155 Klcc Ster. 474 40Ji 47V4 20tErielBtpf 24 24 24 M 45 0en Asph 73 72i 724l lOtllud Mtr. 21 21 21 10 In Ce N A 37 Vi 37 37VI Vi 05Lnke Sup 0 0 0.. lOtMcx Pct..l07 107 107 1Vj lOOfMex Scabd Oil 30 30 30 40tM Sta Oil 13 13y8 13.. 10fN Y 0 & II It ... 05 05 05 8571'cnnaUB 45 44 45 lOPhlla Ce ; cum pf.. 30 30 30 .. 300 Phlln Klec 20,. 20 20 131 de pref . . 30 30 30 345 I'hlla It T 30 30 30 130tPlcrce-Ar 8 8 8 1 20 de pref.. 10 V 1W& 2 lOtPnre Oil.. 27 27 27 75 Itndie Cor 4 4-f 20tKyl Dutch 50 56 50l 25tSinclnir. . 31 31 31 r- lOtStand Oil of Calif.102 102 102 25tTex Pac C & O. 23 25 25 105UGI....53 52 53 10 de pref.. 55 55 55 5 I! Ces N.T.200 200 200 . . lOOWarl&S. 0 0 0 5 Win Crnmp & Sens.. 58 C8 B8 tXet change made bv comparison with last sale en New Yerk Stock Exchange. rniLADELnilA BONDS 1000 Liberty 3s '47 100.07 15000 Liberty 3d 4s '28 100.82 1500 Victory 494s '23 100.42 3000 Victory 4s '23 100.54 2000 BeJl Telephone 7s 108 1000 Hethlehcm Stccil 5s 01 lOOPhiln Electric 1st 5s.... 00 GOOO Phiia Electric 1st 5. . . . 09'K lOOPhila Electric Os 100 4 i Exempt from Federal Income Tax and , ; Free of Pennsylvania State Tax- Harrisburg, Pa. AVife Scheel Dlitrict Dond Due February 1. 1932 PRICE TO YIELD 4.15 Radner Township Delaware County, Pa. 4Vite Scheel BendY Due April 1, 1932 ' Price te Yield 4.00 Butler County, Pa. AVife Read Improvement Bends Series B Due' Serially December 1, 1931.1946 Optional December 1, 1936 PRICES TO YIELD 4.125 UNTIL 1930 4.50 THEREAFTER COMMERCIAL TRUST COMPANY Member Federal Reserve System City .Hall Square NEWS FOR INVESTORS The average price of the twenty ac tive industrials declined 0.35 per cent en Saturday te 95.78. while the twenty railroads declined 0.0S per cent te 80.41. Virginia Iren, Ceal and Coke Com pany reports for the qunrter ended June 30 net earnings $05,050 after interest and tax, against $100,074 in the same period of 1021. The average price of eight principal iron and steel products, according te Iren Age quotations, wqb unchanged again last week at $47.07, the level maintained since July 3. Average of .Tune 27 was $47.04 and of June 20, 4ll.4. , . Atchison, New Yerk Central and New Hnven make a continuous line of railroad across the continent from San Francisce te Bosten, nnd arc three of the great railroad systems of the coun try, yet net ene of them was quoted en the New Yerk Stock Exchange today for the first fifty minutes. City of Rotterdam, Helland, has con tracted in Londen for nn issue of 12, 000,000 guilders in 5Va per cent bends redeemable In sixty years. The Londen firm te which these bends have been sold is reported as havng no inten tion of marketing them there, bufiias opened negotiations for an offering iu the United Stntcs. Comparative earnings' statement of the Vcbt Penn Power Cemnanv for bBisc higher: ethers about stead. I twelve months ended May 31 shows net JJSy'JS; tt-1;' A'8-KSter-irr 10.22 Is equivalent te two and one- linlf times the entire fixed charges and amortization of bend discount, leaving a burpltm after deducting depreciation equal te mero than seven times the pre ferred dividend requirement of about $2:14,000, or mere than 50 per cent earned. -Hends of nil classes advanced last week en comparatively light trading. Liberty leans ngaln led the way, with nil of the fourth 4j4h establishing rec ord high prices nnd the 3'js reaching a new high for the year. Foreign group held linn throughout the week, with French Issues bhewlng special strength and recovering nearly all the less of the previous week. Among corporation bends all classes made gains. A syndicate headed by Illalr & Ce., Inc., Ilallgarten & Ce., the Equitable Trust Company and the Chase Securi ties Corporation Is offering $12,500,000 Virginia-Carolina Chemical Company flftccn-yenr 7V6 per cent convertible sinking fund geld bends, due July 1, 1037, at 08 and Interest, yielding nbeut 7.73 per cent. This issue is in pur suance of n plan under which all the company's funded indebtedness Is te be retired and the debt cens611dated iu these $12,500,000 bends and $25,000, 000 first mertgnge bends recently held by the same bankers. The new bends ero convertible during tlie life of the bends into the new no par value voting shares of common stock nt $35 per share. A. C. ALLYN & CO. INCORPORATED CHICAGO, ILLINOIS Announce the opening of offices at ONE WALL STREET NEW YORK In charge of Mr. Theoderb Luce, Vice President Mr. Georeb T. Ordwat, Vice President Telephone Wietihall 3438-1439 A Leng-Term Hydro-Electric Bend Te Net 6.38 Penna. Tax Refunded Baker, Yeung & Company JOSEHI W. SWAIN, Jr., Munsjtf Land Title Bldg. Bosten Philadelphia -CATTLK receipts. us neir. Mttsrurch. July 21 2000 head: lower. Steers, 19,00010 era. i.iiuu"i cows, 10..3WU. calves, re iciihh, itiwj DBiiu. jiisner, top. iio.ne. HOas llecelpts. 400 hOead. Hither. Heuvles, UJi U.10: heatvvy yerksrs. llctit yerknrH and plus, 111. 78011. fis. , SHEB1' AND I.AMDS Receipts, 4000 head. JJteady. Tep scheep, 17.25; top lambs. July 24. CATTU3 He. Hast IlniroJe c;lits, 3001) head. Very slew, steady te 85 ui.iKi lower. Mninpini steers, Hlo,le: butchers, 7.50B.25i yearling. uu S5 hS'!e,r.?'. !57-7Di cow' i2.iaiwn.B0! uuiu. tn. 7505,50; stockers and feeders. IB.BOiiP II BO; fresh cows and sprlneers slew, steady, 185 ff 110. Calves, receipts, 1000 head, One dellnr hleher! J5012. IIOOS Hecelrits, n00 head. Geed, steady, llht. lOinchlBher. Heavy. li(ll,2D; mixed lll.2JWU.50. yerkers, tll.SOwll.ne; IlKht yerkers, tU.nnOll.TS; plus, II1.75IH) 11 S5: reuvhs. iB.50WS.75; stevs, 30. HIIIJICl" AND I. A1I1IS iTccsluts. 2800 hmd, Hlew, lambs, II lower. J.umbi, 15 uu; iw, ..nr, yrurnnKs, vncju; wetU' ITS, f.DUIU'O, I V7.ne, ewes. I2W7; mixed sheep, 17 MONEY-LENDING RATE8 NKW YORK Heney en call, both classes of collateral, opened today at 4 Pr cent (or lendlnH and renewing, PIIIIJlDBXrniA Call. 4tt refill I m. AU tn iU nap pjint, cntmn! thrta te als months, 4W te 4Vi psr it. nti S.W- Londen Metal Market Tendon, July 21. Standard copper, spot. 63 12s Od! futures, 103 17s 0.1. ijleclrelytlb spot, 170 10s; futures. (71 10s, Tin, spot) IBS 2s Sd! futures.- 125 12s 6d 1 future, IU in 64 ixa 12 fid; futures, tip fs 94, IBS fis.. "9,, Lead, spot, K1O0, (iet, IU COMPETITION Is the life of trade, but there are mere than 1000 builders com peting In Phlla. At In every butilneia, geed results In build. Ing come only with the selection of the right builder. JOHN N. GILL CONSTRUCTION CO. Commercial Bn.7fin, Factories, rutifatieni and Smaller Werk Otis Dnlldlnc rniLAOExruiA Housten Gas and Fuel Ce. Ilef. & Imp. 5 Bends Due Sept 1, 1932 A first mortgage en all the property of the Company. Net earn ings ever 3J4 times in terest charges. Price 92 A Interest Yielding about A circular describing the above, together with our July Bena Circular, will be sent upon requeit for F-li. Harris, Ferbes & Ce Pin St, Cor. William NEW YORK PHILADELPHIA OFFICE Wldener Bldg. Telephone Spruce 7010 ' flU i Vteaa GE0.A.HUHN&S0NS fSl!KMMmLJb tWUdslpbhi. Kee IL " CWM Meck Excnaana Ktw Yerk Cettet) Eatiunn x STOCKS & BONDS, -etiht and aetd for caih n fniel m ihtHIt. marti Bends for Investment Uuutkm Upen JUtgnel The National City Company m IN MOfNUMAN 1FT CTTK NEWBURGER, HENDERSON & LOEB Members Nciu Yerk and Philadelphia Stock Exchanges 1512 Walnut St. We own and effer: Baltimore & Ohie Equipment 5's, 1934-37 Reading Equipment 5's. 1924-25 Prices and Particulars en Application Establishes 1868 BIOREN&CO. 410 Chestnut St. Philadelphia Member, gt Niw Tork an Philadelphia Bleck Exchkefei riiuinir.niiiuiJUTiniimmnnrmiiirinimurinrairnjmnrarjii! WIEGNEfl.ROCKEYCO Certified Public Accountants DrtMl BialdinihiUdelphia Tax Fra Pennsylvania Railroad BenJs mudle & Henry , 104 SOUTH FIFTH ST. JZ1' A i m m tu &! &., mh, , til tJt?- ftxJrXt j -iL y&ih Hm n.
Significant historical Pennsylvania newspapers