X I i Jul 1 f-Tir' Tf rv -1 , . , - ,.jsi v.-tf "'AV.t " I" j'A"; -' v ji ' !'' sffifiy I&StesISe EB-PHIIiAaMJIil RSIWS W I'AitYi. '.?jftVf jAitfVjey-'AiaLV fcyr.inTm 4v;vj mwsm "iis sifife, "r' v. S3 vp ,vv.'i , Ytf5 wsm d IIKHl ' m.l.7m 3 rr.i fTe &i IK A'SfiLV w. WtMi'Jiw H jVW YORKBONDS .' . . ""U1 ' "e.1' cur ""Vhu rnAt.KS I1 1O0J rOBEION BONDS XI0fCePi- 1 I! . 01W city ",,? it... 8 :... h 111.... , Otr,M.ri--' is::: m Cty Bie d J- ftf-iua e -irf ft! Wl 1 ... 100H 1.7.. ? ctr be puie 1.... I01 1 I'1 1 let I ... "1 I . 101 City of Seli- (Ml flfl t. ... 82H I.... 83 mt TeklO M .... tiu CiKlio-Slev WO e "I il! 1)8 J...... 15H r.i... eih Itfssls) 5tt 4 05 1 1 ew i .... no i.... oe txat Sln 7 Gevt Prtneh n 7H roll 1. 8.. It., !.. I.. IB.. 01U Ill'i 00 i 0U( 01H 014 ni 01 01 K 01 OIH MHle) 1 I).... 1A... It Csnsrta ':n 00 H T oe; D CMitda "20 ,... 101 , rm cm 'B'i wl HS'i 08U 98 U IlR'l 08 H 08'i 1. 5.. 1.. 17.. 1'.. 3.. 3.. A.. 8. 03U 03U OBtt OSW DIHs 9r.t 03 H DBU 05i 3. IB.. 3.. 0.. 3.. 3.. 10.. 43.. B.. 1.. 1. 1O0H 100 100H 100H lOuVi 100VI 100 u ioeu 100V4 100H 100H i 1... I 1 6 11 0 n ss Frncue ct "VSi 8 88 3 8814 Rcpublla Hell- via 8i wl Oeva't V I " 103H 102V4 103 102K 1034 102H 103U 102H 1. ... 4... 1... 1... I... I.. 984 B 8.. 18.. 34.. 33.. 6.. 1.. 4.. Jap Cieve't 1st 1 us Jp Oeve't 21 10 MTi 10 03H 25 02 Jap Oeven't 4s 1 78 8 77H Odale) 77 Ti 1 7BH K Dclclum fls 1 101'i K Belt'm 7H 1.... 108H 1.... 108H 7(ale) 100 1.... lOflft 3.... 100 3.... 100 1.... 10(1 3.... 100 1.... 100 K Belgium 8 1.... 100 11.... 100 IB 107 2.... 107U Klntdem Dn- mark et 8i S 08 10(aale) 08 8 08 10(aale) 08 1 lO(aale) 8 4 10 B 10 3 1 Kingdom Den- mark ct 8i 1.... 100 1.... 100H K Italy OW 1 OOH K or Nether lands Oa 1 07 10 87 1 07 Kingdom Ner way C 8a 1.... HOW 1.... 103 8.... 103 10.... 10SU 6i wl 1 704 1 70K 70 VI 'i TOW 70 70 70 7t4 80 100 100 100 100 100 100H 100 100 H 100 100 6 B B 1.... 8.... 1.... 10.... Jr.:: 3.... Ren chlla '2d 1.... 102U Rep Chile '41 1.... 104. 34.... 103 Rep Chile -40 IB.... 104 7.... 103U 6aale) 10SW 3.... 104 1.... 104 10.... 104 Hcp'e of Uru- Kuuay 8a 0.... 10S se Perte n a 7a reta i oew 1.... 100 1.... 100 State Rln O'a Du Sel 8a l.n. 100 1.... 100H State of Sae Paule a fla 1.... 100U 1.... 100W 8.... 100U 1.... 100 BwlU'd Cen 8a l... 110 TJ K Qrt Brit i a iv a B.... 110H 1.... 110 0.... 110 8.... 110 1.... 110 U K Qrt: Brit I'd 1920 08 08 00 00 09 09 00 00 9B 13. 3.. 1.. 3.. 1.. 1.. 1. lien linu 110 110 110 110 110 Dutch B Ind'i nay cm 1. rcte'47 1.... HOW e. U 05 K Sweden fla i. 1 05ij 1.... 103 8. 03W 8.... 103 4.. II 03 H 10... A 1UOH e. Dutch E Ind'a Paria-Lyona 11 3. reta' 'z t 93 1 70W 10. le S3 1 70W 15. 1 03 1 7BH 1. 1 03 10 70 1. DOMESTIC BONDS ilk Mid Ba .... 100 im'B Agr'e A Cam 7tte I.... 104 Am 8 a; R 5i 1 OS 1 03 1 02 American Bug Rel'c ea I..'.. 103 lMMle) 102 II.,.. 102 1.... 102 1.... 102 Am T T cl 1 01 1 01 A Tel ft Tel 5t 1 90 1 09 1 98 A Ttl ft Tel fl' 1.... 115 1.... 115 1.... 115H Am Writ 1 Si 1 88 1 87 Amm'n Water Werka 5a It 81 81 5 Bl'i 8 81 Armour 4H 1 00H A T ft B Fe 4 i 03 1 03 1 03 9 03 5 02 02 tO(iate) 02 H A uast I, clt 1 84 Atl Ret 5b wl 1.,.. 100 I.... 100 Atlantic Red etJHi I.... 103 4.... 103 Bait ft Ohie cv 1 84 1 84 1 84 84W iii a Ohie 4 ". "Vi rail a ume AS 1 88 1 s ball ft Ohie (la 1.... loot 8 ft e p u a i W Va 4a 1 82 a 82 1 82 .1 82W Bait ft Ohie S n 3n 02V I. UtiL " O Tel 4a Ka!e) 09 w , 00 th Steel Ut 80 k Steel 01 0 08S OSH I..... 08 " tMl 0. me ' 02 92 1 01 Bin Edi Ce n. ,... 05 "1 Rap Tran J eu U X Ort Brit I'd 1937 3.... 103 3.... 103 e(aale) 103 S..t. 108 1.... 103 3.... 103 10.... 103 11.... 104 U 8 Bra 7a wl B 00 B 90 1 00 U S Brail! ft Ilia Cert 4a '33 . 2 fi3i lllu Centl mi a I,.... 101 4.... 101 III C Bt 1, & N Or Jt n Ba 7 07U Indl'a Steel Aa 1.... 100 Info Met 4e 1 4 13 Int M ct 4a B 13K lntb'e it T fd 111 IS 13.. 1.. 23., 18.. 0.. 1.. 1(1.. 0.. 7. 00 new 09 00 eew 09 09 09 09 W 00 lntb'e Rap T 7a wl 2 04 Intr'l ft Great N'n aj wl 1 52 52 3 51 Inte'l It Great N'n ct Ba B 04W B 04W' 0 04W 8 04W I M Marine Oa t 07 1 07 1 00 . 1 00W Int' I Pap n Ba 87 87 60 SOW b 5a 80 80 80 80 87 6 88 2 e 83 Chi' 4 '6 W U s eew s eew C I A b Ba '47 S 97 1 08 Chi Mil & Pfit Seuund 4a 1 74 Chicago Mil A St P 4a '23 1 82 1 82 1 82 1 81 1 82 10(aale) 82 1 82 1 82 10 82 1 82 Chicago Mil A BtP cv 4s S 70 B 60 Chicago Mil A StP fd 4 We 10 84 Chicago Mil A StP gm 4a 1 83 Chicago Mil A St P cv 5a 1 74 B 74 1 74 Chicago & Nth west 6s 1.... 110 Chi Itwy'a 3 3 70 C P. I A I' M 0 82H 25 82 Chicago Union Sta ct OWa 1.... 114 1.... 114W Chi ft W I 41 1 7B 1 74 Chile Cep'r fla 1 02 1 02 0 02 8... . 02 2 02 Chile Cep'r'7n 1 105 C N T 4a '87 1.... 100 Clciel'd Union Ter'l 5a 1.... 104 5.... 104 18.... 104 Htlat) 104 1.... 104 12.... 104W 6.... 104 0.... 104W 1.... 104 6.... 104W 1.... 104 101 101 101 101 101 101 101 U S Mexico An 46 46 46 40 108U Empire Caa A Fuuel 7 We B 08W Erie Oenl Lien 2 53 9 53 20 65 B SB Erie RR cv 0 1 63 B 62 Erie R let en 1.... 100 1.... 100 Erie RR Ce 4a 3 0(1 11 05 12 05 Erto A Jer Oa 3 04 2 94 Erie Penna 4 a 3 8814 Fram'n Indue, uev 7Wa wl 1 98 4 00 1 D9W Oene'l Elee 5a 6.... 101 5.... 101 CTcne'l Elee Oa 4.... 107 9.... 100 W B F Goedrich Ce OWa reta 1 4 1 10 In' I Pap 1 1 B 3.'.'.'.'. Kana A M Int 3.... 104 K City Ft a A Memp 4a 1 70 1 80 Knn C 4 8 61 4 60 K C T niy 4a 4 '84 Kelly Sprlng'd Tire 8a 1.... 1081! Keokuk A Dea Melnea 5a 2 01 8 01 1 91 Klnga Cnty E ata a 1 72 Laclede Qua C of St I, 6a 1 OIH Lake Shere M Sn 4a '28 60 04 W B 04W Lake Shere M S'n 4a '31 2 03 Leng lid R fd 1 79 Lerltlard C 6a 5 08 Lerlllard C 7a 2.... 11BW 1.... 116 Le A Nash 4 s 1 03 L ft N clt 6a 3 08 Leuis A Nash ville 6Ws 3.... 107 Le A Nash 7a 1 00 6..,,. 90 Yk Central wl 5s 00 0(1 00 Yt III! 00 00 no 00 u 00 4. B. 4. N' Y Cent' I fla n..,. 100 7.... 100 4.,.. 100 1C... 100 2.... 10(1 7(aale) 100 .V Y Ccnt'l 7s 2.v. 108 lO(sale) 10B 10.... 105 1,,,, 103 1.4.. 10.1 it N Yk Llgh,t 11 t i'wr ea 1 09 New Y N II A 11 4a '50 8....:. 50 Ti New YerlTO A Weat'n 4a 10 73 N Tk Rlya 4s 8 87 13 37 IB 87 N Yk Rlya 8s J 8 1 10 1 0 1 nw i ew 4 0 N Y Tele'e '41 1.... 103 N Y Tele'. Mil 1.... 1004 6.... 100 1.... 100 1.... 100 N r k w c a Beat 4a 1 60 Ntk A W d 4e 1 88 N A Kdl'n CO os reta 1 01 B 02 3 02 Nla F Pwr Os 1.... 108 N Pacific 4 We B 80 N Paclfle It 3a 1 03 N Paee wl 10 70 "i 1 70 flt L A B Fran serlea A 73 1 73 1 78W 1 78 2 73 3 73 St L A S Fran Serlea B 1 87 10 81 fit I, ft 8 Fran Sirica C 6 90 1 00 1 09 l.....-09 10.... 10O St L A fl Fran BWa wl 10 04 1 04 St Paul M A Man'a 4s 1 98 Saks A Ce 7a 1 OSH Beab'd A I, a) 07 07 07 H 07 D 0 8. 8... 1... 3... 3... R... 3... 2.. 38 28 28 27 28 W 28 28 27 CURB IS SHADY BUSINEWVE Prices Move in Fractional Llm- Nts Standard Oil Issues Irregular 97 07t 107 107 107W 107 107W Sugar 8... 1.... 25.... 25.... 30.... 1.... 'i . . . 4.'.'.'! 10.... 2.... 4.... 8.... 2 2'. '. ! ! 5... 100 100 100 100 100 100 s 100 100H 100l4 1001; 100 100 s 100 100 100 IOOU Goodyear T A Ilub'r '31 10.... 101W 0(sala)101W Columbia U A Klee 1st 1 00H Columbia O A Llecc lat ea 2 nnu Cel Indus' 1 6a 1 78 Cen'd Ceal Ce or Md 6a 1 00 5 SOU lenaa uas 7 1. 79 tWn Pac ?. .! 70 cf::;."-.8' ." en 3a ...... 100 CWI of 0, , n' Paiinc l-t ! R0i feS Cep'r 6s I.".' new 1',0 4 c"'.. 88 J R 1 O CV Si Oil V" 05 "l,1 Al'n 3i 'i (10 r,V:". 0 ',' All xu,, ,; tee J(ale)H0i '.. 101 il'. 10SH .' 1USU I 5 'M 122 122', 122 122 123 122 123 122 122 122 1.. 10.. e 2e!i n.. 3,. 1.. 6.. 2.. 8,. Cuba Ce S ev 1 nan Cuuba C'a Bug os sia'a I S7W 2 87 U Cuba n Rd 5s .'Olalel .1 Del A Hud cv 4 08 1 97 Den A R n 4s ') T8 21 78a, D ft O 4Ws 0 83W Den A R G Ss J 81U 3 sn; Det Edt Ss '40 5 04 ' 0t Det l.JI Ce lis 1 1 en 1: Det Tun'l 4We ii HI 01 D de Nemuuri Pwdr 7 We 2.... 107 31.... lOTTi "ui i.nni no 1.. .. 1.. 1.. 7.. 4.. n 1.. 1.. 8.. 101 lets 101 101 lniw 101 , 100", 100 101 W 101 W Granby C Ml'e 1 oeu ,Gr'il Trunk et Can Os res 3.... 103 VI 1.... 1034 1.... 103 Gr'd Trunk of Canada 7s 1.... 112 3.... 113 14.... 113 Great Nerlh'n Riill'y 1st 1 01 Great Nerth'ri Illy 6Wh 2..., 102 7(sale) 102 2.... 10 7(sale) 10 3. 8.. 1.. 5.. 4.. 4.. 1,. 10214 102 102 102 14 102 103 1024 110U Qreat Nerth'n Rall'y 7 I. 1.... KOa) 8.... 1.... 1.... 3.... 110J HOa, HOi; 110 IJO'i 110 lte 4 1.... 2.... 1.... 2.... Manatl Ce 7a 8 08 1 98 1 08 Man Elev'd 4a 3 08 2 08 6 07 6(aale) 67 8.-,... 07 4 08 Manlte'a S XT Celli Ba '40 4 90 Market St My S Fran l-t 1 87 Mex Petr'm 8s 1.... 103 1.... 105 Mid S A Or 6e 1 89 1 80 6 ROVi 5 80 1 80 10 89i M ft StI, fit 6s -"2 40W M StP ft S Ste Marie OWa 2.... 103 M Kan A Tex aj wl 6 1 15 10 Me K A 1 M Kan A Tex 4a wl 5 70 M Kan A Tex 6a wl 1 84 6 84 20 84 1 84 Me Paclfle 4 8 04 8 (15 1 05 2 63 Mobile A Ohie New Os 1.... 101 M A O St I, A Carle 4a 1 01 Mentr' I Tram waya 6 s 1 87 New Eng Tele Ce 6s wl 1 07 10 07 10 07 10 97 N Y Cent'l 4a 1 01 8 01 O(aale) 01 N Y Cent'l 5 1 00 67 W 57 67 67 T 4s 83 1 8.... 8.;.. 8.... 5.... 3.... N Paclfle R As 1.... 108 20.... 108 13.... 108 10.... 108 13.... 108W Nth S Pwr Ss 2 01S Oregon S T, 4s 3 93 Oregon S Line guar'd sa 4.... 105 Ore-W R n A Nav co 4 a 6 83W 1 82 W S 82 1 82 H Pne O A E 6s 1..... 01W Pae Tel A Tel 6s reta 8 03 1 02 B 02 1 02 1 02 Packard Moter Car Ce 8a 1.... 107 Pa Rd 4a '62 1 87 Pa R gm 4s 2 021 Penna R If 61 5.... 103 1.... 102 3.... 103 10,... 102 Penna R S Hiaie) 1011 H 1.... 1004 1.... 100 W 1.... 109 14.... 100 Penna R R 7s 1..., 1094 1.... 100 H 3.... 109 7(eale)109 I.... 109 1.... 100 Pee Gas Light ft Ceal 6s 6 80W Peoria A E In 2 35 Pere Marat Ss 1 07 Phlla Cnty fd 0 08W 7(sale) 08 Pertl'd Rwy A Light 6a '42 5 80 Pub 8erv corp ? Jay 6s 3 83 P'inta Allegre Sug Ce 7a 1.... 100 6.... 100 Reading Ce 4s 6 80 1 80 1 80 RIOIW 4s 5 70 4 79 B 70 1 70 Rie Grande A W'n clt 4s 8 07 Rem 'Arms Os 1 04 St I, I'n Mt A S Rly 6s 3 07 St L I Mt A S R A O dlv 4s 1 83 1 83 St L A S F aj 80 80 80 80 80 80 80 W St L A S F In 10 70 6 70 1 701,4 6 10 Seab'd A L fd B 45 8 A L ata 4a 1 68 Beab'd A L fla 1 03 03 03 1 03 Sh Steel II 8s 1 00 4 09 Sinclair C Oil Cerp 7a reta oey 1 00 1 09 3 99H 2 Will Sinclair C Oil Cerp 7a 13.... 104 6(sate) 104 S.... 104 1.... 104 W 1.... 104W Sinclair Crude O P Ce 6s 1 08W 1 08 Se'n Paclfle 4a 1 88 9 87 B'n Pae cv 4a 3 024 8 92 6 02 fm Railway 4a 1 00W 1 00 3 COW 6n Railway 6s 1 07W 1 07W Sn Rall'y OWa 1.... 102 1.... 102 3.... 1024 1.... 1024 2.,.. 102 W Stan Mil C 6a 2 00 3 00 Stand'd Oil of Calif 7a 6.... 100 2.... 100 Term' I R R A of Bt I, 6s 1 00 Texas Ok 6a 2 S3 8 85 Tex A Pae lat 1 94U Tidewater Oil Ce ct OWJ 1.... 104 Teledo St L A Weat'n 4a 6 70 Union Bag A Pap Oa B 97 Union rae fd 10 88 Union Pae 4a 1 95 1 98 7 05 Union Pac Oa 1.... 104 8.... 104 Unt'd Drujr 8a is.... Ill t S Rubb'r 6a 00 1 00 . 1 00 V B Rub 7Wa 1.... 102 W U'd S Steel 5a 1.... 103W 1.... 103 4.... 1034 Utah P A S 5s 10 01 Va-C Chm 1st 10.... JOO Va-C C ct 7a 1. 0. 1. 10. 1. 0. a. 1. 6. Va-C eh 7s n.... insw 4.... 103 1.... 105W 1.... innu. Va Rwy Ce Ss 0 90 1 03: Warner Sugar iwii Ba 9.... 108 Wea-n Elee Sa 8 IOOU Weet'n Md 4a 1 05W 7 03H West'n Pae Os 1 08 West Shere 4s 0 83 W'n Union 5s 7 08 7 98 Westlngh'se E A Mfs 7s 1.... 108 1.... 108 10.... 107 Wlleen Ce cV 0 08 Wilsen Ce 1st 2 004 1 00U Wlllsen C 7a 1.... 104 2.... 104 New Yerk, July 24. Around the cntl of the first hour, the curb mnrket ruled nbeut Ktendr. with trndiiv; fnlrly nc- Ltlvc. Further brisk trndlng'wns noted in JiOcomeblle issues, but prices were within frnctlennl limits. Itndle Issues were quiet but steady. Cities Service Issues wpre rnnlr-r. Vew Yerk Tele phone preferred, nfter opening nt lOT1 turned easier nnd sold off te 100. Price chnnges In the Stnndnrd Oils were lrrejtulnr. Vncuum Oil ruling firm and 0 points higher nt 420. Stnndnrd Oil of Indiana nnd International Pe troleum were easier and frnctldnally lower. INDUSTRIALS Hleh Lew 1 P.M. 100 Aluminum 22 400 Atner Metals .... 45 vu rtincr leiain pi ..iun 100 liklyn City Ry . . . . 8 8100 Ruddy Uuds 1 21W umcage Nipple , . 100 Chi Nlppte II BOO Columbia Emerald 200 Cuban Dem Sugar. 200 Daniels Metera . . . 400 Denver Rie Or Pf . , 000 Durant Metera . . 100 Firestone 7 pet pf . 10 Fed Tell L T..:.. 200 Glen Alden Ceal . . I'OO Oeldivyn Pictures . 20O Heyden Chem .... 200 lludaen Alan loe Inter Rubber .... 16(100 Locemobile aoe Moen Metera 08 08 0Si 08 08 08 S 08 08 08 i LONDON 8TOCK MARKET O Bay A W li 1 11 W Helland-Am' n Line Oa 9 89 6 80 1 80 1 SOU Hud A Man fd 1(13 193 103 103 101 7. 6., 1.. 1.. 1.. 1.. 1.. 5.. 3. 85W 83 83 85 85 U R5 81 H5'4 83 W Securities, Generally, Irregular. Gilt-Edged List Mixed. Rubbers' Sag Londen, July 24". Business In se curities en the stock exchange was re stricted today because of the fort nightly settlement. The market gen erally was. irregular. Support In the oil group was peer and quotations were easier. lieynl Dutch was .17; Shell Transport and Tending, 4Vi, and Mex ican Kngle, 3 1-10. Changes in the gilt-edged list were mixed, but the tone as a rule was softer. French leans were firm In sympathy with Paris. There whs light profit-taking In home rails. Dellar descriptions were dull and unchanged. Argentine rails were fracllennlly lower. Hesitation was noted in kaffirs, be cause of the fortnightly curry-ever, and movements were narrow. Rubber shnres were Inclined te nig. In the Industrial department, cheer fulness was eviivcd In spots. Hudsen's liny was (I D-10. Int. Rat n U. S. Certificates and Treasury Notes Mnturlng , , . , , , , . Diitn I'ld Asked Yield flfpt,, 102.1. ...lOllW 100 7-32 3 00 rtcin,, 111-.1 ...mu-, iuii n-.itf .i.i'i, llll l.n 1U I A'Al .1.11.) (10 1-32 100 '1 3 IS 110 I3-.I2 100 3.20 t4 Mill,, lll.'I.. 10(1 18.32 100 17-32 a. :iu t'3 Juiii', 11)24.... Kill l-iu lu a n.j.1 a ?" . 111 20 New Jersey Zlne. .1441 MW Te4 twin,, it1-.) ...in 3W (-.. 1U23....10 t3 Dec, 11123... .1(1 t3W Dec.. 10J3 ...Id 11125. Hud A .Man In 6 04 Humble nil A Ref 6Ws wl 10,.,, 101 2..,, 100 5,... 100 Ilia Can 4s '33 ...., 85 en date et maturity 10.1' 1II25.. .102 13-10 102 13.10 4,011 54 June, 4r.u Hunt.. i4T Mr HIL'll llllW 1014 4.10 t44 Dee.. 1020.... 100 13-33 100 13-82. 4. US Exempt from Federal normal Income tax. . TAccejiiaiiin (ur puynism 01 wcuhm i um 833 N Y Tel pf w I 26 Parkftrd Mntnr nf 100 Packard Moter . . 2300 Philip Merris .... 4000 Radie com 200 Radie prcf 100 Ree Moter Truck. 3000 Seuth Ceal A Iren. 200Tenn El 1'ev.er ... 100 U S L A H 10(10 U S Steam loe Un I'reflt Shar new 400 Wayne f!oel ... 700 West End Chem 22 22 45W 45W 1US 108 W 8W 8W 1 1 Bft Bi r.w 4 4W 4 70e O80 70c II II II 12 12 12 65c 66c 63c 40 40 401 88 88 SH 83 33 33 "ft ? 1 V 1 1 13 13 1.1 S SH 58 11 144 11W 144 10IIW 107 ni hi 14 14 21 22 44 44 SrV 3A an 20 2(1 2(IW 107 BT 14 t'tLL "4 44c 13 1 ISO 0 2 64e lieanlena Signal 70 Imp Oil Can 20 Ohie Oil 20 Prairie Pipe .. 2ft 31c 1 2?c 21 62c I 74e 1 100 Willys Cerp 1st pf . 28W STANDARD OILS 100 Angle Am Oil .... 18 ...64 ...110 ...278 ...U4S 10 Seuth v I, na 600 S Oil of Kv wl . . lin'4 8900 S Oil of lnd ....107 10 8 Oil of N Y....418 10 Vacuum Oil ......42(1 10 Galena Slg pfd ...112 INDEPENDENT OILS 200 Aetna 1 JOOAlcnn ml 6000 Am Fuel 20c 200 Ark Nat Ga 0 1000 Iloeno Oil 13e 2800 Iloaten Wyoming.. 77e 600 Carlb synil 7 115 Cities Service ....2011 300 Cities 8er B ct.. 20 mu utiles Her pi . . . . ut 100 Colombia Syn . 100 Cosden Ce pfd 4000 Knalnecrs Pet . 1000 Federal Oil 6600 Olcnreck Oil 44000 Hudsen Oil ... 2000 Int Potrel . . . 000 Keystone Ranger 1200 Amn Fuel pfd 8000 Lyens Pete 700 Magma Oil SOOMerrltt OH 100 Mexico OK 200 Mountain Pred . . . 2100 Mutual Ref .... 1300 New Eng Fuel . . 400 New Mex Land . . 1000 Neble Oil 6100 Omar Oil 400 Ryan Cena 200 Salt Creek Pred , 800 Sapulpa Ref 100 Seaboard 800 Slmms Pet 4200 Skelly Oil 1000 Seuth P A R .... 5O0 southern Statea... 800 Spencer Pet 1000 Stanten . , 8100 Texan O A L .... 100 Turman 8000 Wilcox Oil 1000 Y Oil , MINING 200Ales-Rr Cel 4000 Rig Ledge 800 Hest Ment Cena... 200 Cens Cep Mln 400 Certez Sliver 400 CreeHen Geld 20(10 Divide Extension. . 200 Doleres Eeperanza. flnen Kmtrrn Silver 0000 Eureka Croesus . . KIOOGallna 1000 Oolddeld Florence.. 100 Hewn Sound 10000 Inilepend Lead .... 200 Jereme Vcrde Dlv. 2U00 Knox Divide 181100 La Rose Mining. . . 5110 Canalre loeo Cem 8 Tunnel 2000 Geld Devel..: lliilil Green Monster ... 11100 Hill Tep Nev Kin I.ake Shere 400 Pnrlc Utah 1(10 White Knob pref.. 200 Masen nVlley 1000 Mohican 000 Mothcrlede Cen . t. 41)00 National Tin 1000 Nevadn Ophlr ion New Cernelia .... 7(10 Ray Hercules 1000 Rex Cens inn Shelden 1801)0 Success Mln InATnnnnnh DIvIiIa ... MOOTonepah Min 14 60(1 Tuleumne 70f 300 United Eastern ... 1H 200 United Verde .... 27W innewest Deme 12e sne West End Cen ... 18 2O0OWIlbert 100 BONDS 4000 Aluminum 7s. 'M.lOJJi 1000 Amer Tel Os. '24.101W lOOOAnKle-Am Oil 7Wa.04W 5000 Reth Steel 7s, '35.103W 20000 Cnn Pacific 0 101J4 1O0O Cent Stjel 8s ....10.' 2000 Copper Ex 8s '23.101W 100(1 rere A Ce 7Wa..l02 7000 Galena S O 7s . ..103W 0000 Goedrich Tire 7s.. 1034 1000 Grand Trunk iiws.iim 42 13'i 14 18c (Hi 64e 28 W 44c 134 1W 18c (1 2 640 28W 184 63 Km 27H 248 113 01 10054 10(14 41M 111 421) ,,420 1AH 63 1011 27S 24H V3 03. 112 11 15W 18c OW 1:1c 73c 7W !01 2(li 07 3W 44 30c 1 .1 ISc 21 51c 1 72e 1 OW 0 1 li 144 14H en 0 flew r.ew 32W 82W ""e 2c "ii it Sji SU 16'i 131. 8W 8W 1 1 8W SW 10 OW 12c 12c 13W 134 6 8 28e 23e 70e 03c 1W 1W 64 5'i 13e 13c 112 1W 15W 20C OW 13c 73e 7H 200 20H 07 3W .4 30c 1A 1A 18c 21W 520 73c 1 OW li 14'4 UW flew 82 W la inn ?W i8H 12e 134 n 28c 08c n 6'i 13c 2W 80 Rlc 50c 1 2W 13n 2W lc 34c 25c lie 3W 50c 3W 4c Se 3 He ()c 12c lW 2. 5 7(ln 2W 13c KiW 42c ISc 10 W .1 lie 1H 81 770 2W 8c 77c 5l)e 1 2 A 13c 2'i lc 84c 23c Up, 3W 50e 3W 4e Se 2W sc De 12c lW 2. r.S 7"c 1 150 10 40c ISO 10W 14 Op 1. 29 77c 1i flflp 27W 12c 18 lOe IO3V4 101W 104W 102 lniw 103 101W 102 HI'iW 103'i lllfl 2W Sc. 77c 00c 1 2 A lile 2'4 le 34c 23c lie 3W 50e 3W 4e 80 .1 Re Oe ' 12p 1W 2a 5N Kle I 15c 111 41c ISc ll)W l' OP l?i 31 77p li flflp 1W 27W 12c IS lOe 108i 101W 10I4 102' 101W in-.J. 101 W 1(12 ler,w un. ion 1(1114 07 100O Liggett W W Os. .1004 100 ti-inff. n aTTii 11L m . . IIT 117 MOOPiib Berv N J 7s.l()2W JOJW jnjW 10OO 8 O N Y 7s. '30.1J7 107i 1074 7000 Stewart Warn Sa.lll 111 111 1O0O Swift A Ce 7s, '23.102 02 102 innniTnlnn nil Ce ttn.An 101 101 1000 United Oil Tred Ss.101 103.. 108 2000 Vacuum Oil 7s.... 107 W 107ft 15000 Western Elee 7s,.108W 108W lOOOVa-Car Chem 7Ws. 08U O8V4 FOREIGN IIONDH 70OO Argentine 7a ....100W 100 100 OOOOKlnit Netherl'ds Os 00 00 OS 4000 U 8 Brazil 7Wa.. 854 85H 85 H GOSSIP OF THE STREET Apparently the active speculative in terests paid much mere attention te the encouraging reports about the probabil ity of the coal strike belnu ended In the near future than they did te tne ni ni ceurnglng ndviees relative te the rail road strike. Although every one knows It is of the utmost importance te have the mining of coal go forward en a large ecele, it is eciuelly true business of the country would be In n bad way just the same If the rnllreads were net nble te haul the coal. The latest dispatches from Washington Indicate wlthlnva day or two the fievernment will take defi nite action In the mutter of diverting coal from non-union mines ever the lines that will take it te the points where It is most needed. There is talk also of a rationing of cool In the near future unless the situation Is greatly relieved. All these facts nnd probabilities rep resent n serlniiH situation, much mere serious apparently than these who have been bidding up miscellaneous Industrial stocks comprehend, fonservntiilve In terests believe any strikingly adverse event in the immediate future would bring nbeut a big reaction in these is sues and upset tlie general speculative position considerably. Germany Reparations Intcrnotletml bankers have given much attention te the Kurepenn nd vlrcR relntlng te the probable nlani of Like Allied Ueparntlens Commission with respect te n moratorium for Germany. Probably. thosenctlve In the stock mar ket have let 'this situation go by te n great' extent. The general opinion In banking circles new is concessions will be made te Gcrmnny, althdugh it Is reported from Paris that the Commit tee of the Reparations Commission In vestigating the Herman situation care fully docs net believe a moratorium for any length, of time, if nt all, is Justin able. The question of the relieving of one Natien of Europe by another of nt least a part of Its war debt is likely te be an active topic of discussion, If net for final action In the coming week, There new seems te be little or no doubt that Great Britain will take decisive steps In the nutumn toward funding its 'debt te the United States, nnd It will meet this obligation In full. In bonk ing circles It is believed this will prove te be the opening wedge for a general readjustment of the finances of Europe. The Copper Situation Although the copper market was re ported ns slightly easier by some dealers during last week, an investigation, dis closed the lower tendency prevailed only In connection with prompt nnd nearby deliveries, whcrc, in some In stances, several dealers took orders at 13 cents per pound, ns compared with fourteen cents in the previous week. However, there Is net a great demand for nearby shipments, and for that rea son the lower level passed without much comment. In fact, most dealers are net willing. te take business for July and August, because they are net certain they will be able te make deliveries as specified by the buyers. The Inrgc Belling agencies continued, te held rnthcr firmly for fourteen cents per pound en future deliveries, nnd some reported they had received orders during the week, en which deliveries arc te extend up te the end of the year, Indicating consumers believe the price trend will be upward in the fall months. Meney, Controlling iFacter of Bend Market Meney once agnln hns been the con trolling factor In the bend market. Little or no attention was paid by Is Is vestern te the advance in call money te 4 Dcr cent. They nnld far mere atten tien te the inct timt nn abundance 01 time money web obtainable at that rate. With the outlook for an early settle ment of the railroad strike less favor- abc than it has been at any tine since negotiations were started, according te Chicago dispatches, close students of the sltuntlen are unable te see hew the demand for money from commercial nnd industrial sources will increase ma tcrinllv in the immediate future. On the contrary, they leek for a falling off in the demand until lietn the railroads and coal labor situations are restored te pretty nearly n normal basis. One of the best evidences of the con dition of the investment mnrket was furnished this week by the offering of n small block of Northern Pacific 5 per cent bends. The issue was for less than $10,000,000, but bankers who were familiar with the transaction, were quoted ns saying thnt in nil probability ten times that nmeunt could have been bold just ns easily. As it was, the subscriptions were largely In excess of the offering. A great numecr or in vestors were disappointed ever their failure te get even a few of the bends. The only way out for them was te go into the open market and bid for them. This they did en the New Yerk Crub, the result being thnt the turnover the first day was in the neighborhood of .5500,000 and the advance in the price 2 points from 00, nt which the offer ing was made by the bankers, te 08. Kewburger, Hendersen S Leeb: "Despite the almost irresistible upward trend of the mnrket during the last week, we feel confident it is net the time te buy stocks blindly. The strength of the representative Industrial and railroad labor situation is highly reas suring, nnd apparently indicates n strong technical position of the gen eral market. We recognize the diffi culty te resist the temptations offered in the rising trend nnd the growing fear of missing the bull market. These who will discriminate in their com mitments nnd net evcr-trnde undoubt edly will be in a fair way' te realize wubstnntlal profits en their ventures. Yet, en the ether hand, we nre in clined te adhere te our former belief thnt the mere satisfactory results and a mere contentment of mind will be de rived in confirming new ventures te reactions or te defer contemplated com mitments until the uncertainties of the general situation are eliminated. We arc, in nil events, quite certnin no one will go wrong in tailing profits en every bulge." Heclcer & Ce.: "The financial com munity has just ns much faith in our country under strike conditions ns It had under war conditions; hence the strength of the market. Iluulness is en the threshold of increased prosperity if lnber would step throwing the monkey wrench into it. With fundamental conditions sound and easy money In prospect, there nre no better invest ments than American securities at the present time. The copper stocks par ticularly should be a purchase at these levels." West & Ce.: "The feature of the recent market has been its stnbility in the face of adverse ngws. Each morning the news papers print three or four front-page columns about the labor disturbances, quoting utterances of Government of ficials from the Chief Executive down, nnd the nntural tendency is te leek fqr a break in the market ns a result. "Hut the market holds firm und even gnins hcudwey, mid en Wednesday of this week no fewer than twenty-four active stocks sold at record high prices for the year. "The reasons for this strength nre te be found In the continued ease of money, the strong technical position of the market Itself and the ever-present hope and confidence thnt n way out of our labor troubles will be found. Ex perience has taught that in matters such ns these settlements are effected quickly nnd without warning. " II. K. llnchinnn & Ce.: "During the approaching week we will receive numerous privnte condition reports, and these are likely te increase the general nervous tension, The world as a whole is closely watching crop developments, and the next issue of Government statements in this con nection te be published a week from next Tuesday is awaited with eager Interest. Cencensus of opinion just new anticipates seme slight improve ment In the July condition figures, but such nutlcpatiens nre likely te be blasted by the Innovation this season of an accompanying weevil statement. While caution is advisable under pres ent conditions, we remain of the opin ion that higher levels nre in prospect, and market operators who will patiently wait for weak spots ns they will un doubtedly develop from time te time will be umply 1 awarded by using such easy periods as opportunities for mak ing long commitments," Raw Sugar Market Quiet New Yerk, July 21, The nuv huk.it mnr ket whs iiulet aii.l about uiKlmnunl this inernlnv, ulth Cuban (iuuid nt ,1c. te 3 ll-llli', rout und frelnht. The leuil refined marki't Is 111 in 11ml iinrlinn.'nl wit), lint lirhi'H rum.-lnK from ll.SOe tn (1 0k Icaa 2 ir cent for cimh Arrlwils of i.nv sugur en July 21 le 23. Inclusive, Included .15,100 Iihks Culm a und (WOO hncs I'nrtn lllcea te the Nu. tlnnitl Sugar ltellnlni! Company, 25,000 bak'a Cuban te the American; 20,200 ImgH te the wurneri ..i.uuu hrkb te tne feuerul, unci 211, 500 bins i'orte lllcea te Arbuckle llrethera. The National Susnr Kenning Company re. entered the refine,! marlcl thi. mnrnin. luunlnir a price of tl.80 cents, less 3 per eent feY cash, for One granulated, When the com. winy withdrew en July IS its list prt(. was 0.80 cents, lets 'iMr cent for ewli, J New Issu - $12,50(?,000 Virginia-Carolina Chemical Company , Fifteen-Year 7Vz Sinking Fund Convertible Geld Bends series "A" Dated July 1, 1922 Interest payable January 1 and July 1 Due July 1 , 1937 l Redeemable en and after July 1, 1925, In whole tny time or In part en any Itrterrjrt date at 107H icenied Intcrwt until July 1, 1030, nnd thereafter at 107 end accrued Interest until July 1. 19J7, the premium thereafter decreasing Vi li for each twehre months or part thereof until maturity. Interest te be payable without deduction of Federal Income taws up te 3 per annum, Pennsylvania State four mills tax refundable. Coupon Bend In denomlnatleni of $1 ,000, $500 and $100 s Bende of $1,000 may be redttered at te principal, i ctai autnerucu issue h,ww,ww. Fer information regarding these Bends, we refer te the ietter dated July 21, 1922, of Mr. C. G. "Wilsen, President of the Company, which he has eummarixed briefly aa follews: COMPANY, Incorporated In 1895, is one of the largest manufacturers and dealers in its lines, being engaged directly or through subsidiaries in the manufacture of fertilizers, sulphuric add, cotton seed products and edible oil products and the mining of phosphate rock. PURPOSE: These $12,500,000 Convertible Bends and $25,000,000 new First Mortgage Bends are being issued te purchase or retire at or before maturity the existing $25,401,000 funded obligations and te provide additional working capital. CONSOLIDATED NET EARNINGS of the Company and subsidiaries available for interest and Federal taxes and before inventory adjustment in 1921, were as follews: wsnfaiiwm&i '"'. jrf "iJW 'Wm t .'''"'SBawmmmm t y , i i sllmmmmmmm mmu'$?MvFBamm i ' fl IJi'iH ''HLHBBBal ' A'niBBSBBBBBai Number of tlmee , Number of time Fiscal Yesr all internet FlaeaJtW all Inurwt iadadMaySl chariM earned EadadMy31 eharts earned 1907 $4,024,918 4.26 1914 $4,073,755 2.67 1908 3,527,425 3.74 1915 4,979,949 3.93 1909 4,508,979 4.65 1916 5,667,846 4.88 1910 5,3-36,668 5.44 19X7 5,905,249 4.72 1911 3,488,829 2.96 1918 12,043,367 6.66 1912 3,577,452 3.25 1919 10,933,334 4.82 1913 2,991,102 2.40 1920 10,876,745 5.72 Fiscal year ended May 31, 1921 less 7 $7,735,781 Fiscal year ended May 31, 1922 profit (approximately) 1,684,000 s The consolidated net earnings for the sixteen years, after absorbing inventory adjustment in 1921, averaged approximately $4,401,220 per annum, or almost 3 times the average annual interest charges en ail indebtedness for the period. Results for fiscal year ended May 31, 1922 just closed, while net sufficient te cover interest charges, indicate marked improvement as compared with preceding fiscal year. CONSOLIDATED NET ASSETS together with net proceeds of present financing, as planned, are conservatively valued at about $82,000,000; the consolidated net quick assets alone en thii basis approximate $32,000,000. SINKING FUND payable semi-annually, commencing April 1, 1923, is te be sufficient te retire annually 1 of total Serie3v"A" Bends issued, from April 1, 1923, te October 1, 1927, inclusive and Z per annum thereafter up te April 1, 1937- Credit is te be allowed the Sinking Fund en account of Bends converted into Common Stock. CONVERTIBLE: The stockholders recently authorized the exchange of the present outstanding 279,844 shares of Common Stock into 279,844 voting shares no par value Common Stock and 69,961 non-voting shares no par value Class B Common Stock. The Bends are te bear stock purchase warrants entitling the holder te purchase at $35 per share up te July l, 1924 inclusive, tne said voting no par value Common Stock at the rate of 2 shares for each $100 principal amount of Bends; the Bends arc te be convertible after July 1, 1924 (but only if accompanied by said purchase warrants) into said voting Common Stock at $35 per share. RESTRICTIONS: Ne mortgage te be created by the Company without including these Bends equally and ratably therewith, but this shall net apply te purchase money mortgages, or the new first mortgage, or renewals or refundings thereof or pledges of current assets in usual course of business ter leans running for net mere than one year. It is expected that application will be made te list these Bends en the New Yerk Stock Exchange. The legal proceedings are being passed upon by Messrs. Homblewcr, Miller Garrison and Messrs. Oudin, Kilbreth k Schackne New Yerk. The Company's accounts arc auditrd annually by Messrs. trite, Waterhouse It Ce. All offerings are made when, as and If Issued and received by us and subject te approval of counsel. Interim receipts or temporary bona will be deliverable in the first instance. Subscriptions for the above bends are being received subject te allotment, by the undersigned at 98 and interest, te yield about 7.73 e, Blair & Ce., Inc. Hallgarten & Ce. The Equitable Trust Company OF NEW YORK The statements presented above, while net guaranteed, are obtained from aeurces which we believe te be reliable. $6,000,000 City of Philadelphia 4 Lean Dated July 26, 1922 Interest Payable January 1 and July 1 50 Year Registered and Coupon Bends, Due July 26, 1972, with the option te the City te redeem at par and accrued interest at the expiration of twenty (20) years from the date of issue of this lean, or at any interest period thereafter, upon sixty (60) days' notice by public advertisement Free of All Taxes in Pennsylvania Free Frem Tax Under Income Tax Acts of Congress Legal Investment for Trust Funds Bends of the City of Philadelphia enjoy a high investment standing. They are owned largely by savings funds, trust estates and conservative institutions. Negotiable Interim Certificates will be issued, if desired, pending engraving of permanent certificates. Lean certificates interchangeable as te form from registered te coupon, or from coupon te registered, and re-exchangeable from one te the ether from time te time at option of holder, and coupon form may be registered as te principal. May be bought in denominations of $ 1 00 and its multiples, in registered form; and in the sum of $1000 in coupon form. Sealed proposals will be received at Mayer's Office until Wednesday, July 26, 1922, at 12 o'clock neon. Bids must be en form which may be had en application te Mayer's Office, and must be accompanied by certified check for 5 of par value of the amount of lean bid for. The right is reserved by the under signed te reject any or all bids, or te award any portion of the lean for whitV"' ' ..hall be received, as they may deem best for the interests of the City. ft' Full descriptive circular furnished en application te the Mayer's Of; -.. . J. HAMPTON MOORE, Mayer WU,Ln- If ADLEY, City Controller DAVID J. SMYTH, City Solicitor -R. A. M. & CO.- Wanted Jamtitewn, Frank. AC 4't 19S9 Ohie Cenneclint Ry 4't 194 Northumberland Ce. C. 4 E.S't 1946 Lthigh Nav. Eltc 6't 1943 Northern Central Gat S't 1962 Alien. City & Ne. lnd 5' 1933 New Cat Light Ce 5'i 1934 Williamtpert Gat S't 1939 Reed A. Morgan & Ce. Went Kntl Trnil HUlp., Phlla. SlembfrN of t'.ip Phlla. Srteik Kxih. THriiliem Sprurr 2131 Beifceli Srea. & CJrx Publir Utility rrurtttes terh Exrhnnm? BuUOinn, 9trtt Am. Gas fie Elec. 6s, 2014 Utah Power & Light 6s, 2022 U. S. Public Service 6s, 1927 rimiirs: Locust 00-.2.3-t I'rlvule I'hnnei te New Yerk & Ilosten I MACKIE, Investment CrouseCeX Securities X HKAI. i:.STTK TH. 111.110. i Steckwefl Wilscn& carat hmuc ACCOWTAMU "'Lrnvifl -".ni.v faMmmaW ' '' : . f : I, In Si . -1, M in tiuM SfcJ A ,V . ' 'i T 9b& I V tite ni i, jiiij.l , , . M44y v L.'l'vJ &ft f. ..v ffMAU,v!s, -'e1 &B i h 4tS Wi 7 fl ut &wy. v
Significant historical Pennsylvania newspapers