BH ppW p a r ' "vJWSSiL iflpl . M7.HA ,fj OTE9WTO Wl"".' M - ' S.I1 -lIX-ITH J -l "v t ri .. r wi '-. K$M ' f ifc;.22 EVENING PUBLIC LEDGER-PHILADELPHIA, TUESDAY, JULY 25, 1922 if?41TOV V i Kwi Bin f ir mirwnmjiiiiiiiratnniB'niiiiiirnaiinnniMniiiuniiiiiran P DIRECTORS rWl FREDERICK SNYDER President ', WILLIAM H. CURTIS, JR. Vice-President Treasurer , CHARLES E. GRANGE Retired . JOHN B. STETSON, JR. Director, Jehn B.SteUen Company JAMES DOBSON ., Of Jehn and James Dobsen - SYDNEY L. WRIGHT - Of S. L. and W. R. Wright WILLIAM P. BARBA Director, Glrard National Bank CHARLES S. CHILD Firm of Wilsen & Bradbury WALTER T. BRADLEY Of Walter T. Bradley Company JACQUES L. VAUCLAIN Of Baldwin Locomotive Works DAVID T. FLEISHER Of S. B. and B. W. Fleisher WILLIAM HENRY SNYDER Atterney-at'Law f SURPLUS (EARNED) Yi II $2.250.000.00 Jll jswiuu)awnAf Firm mi in r ,m "n rnim I, n,i nrrr rr-mr' vr-Tiri' r 3 , GENERAL RALLY ON SHORT COVERING Shifting Operations of Profes sional Traders Kept Market Highly Churned Province of Ontario 4 Bends Due March 1, 1926 Prlnrlpsl nnil Interest pny able In geld In Nen lerk. This comparatively early maturity, the substantial discount in price and the bread and active market for Province of Ontario securities make these bends an exceptionally attractive short-term in vestment. Price te Yield 5.30 Full particulars P 725 en request. f Weed, Gundy & Ce. Incorporated 14 Wall Street, New Yerk Terente Londen, Km. Montreal WlnniptE N'rw Yerk. .Tilly 2.". Over-nlcht dc-vclnpmr-nts failed te revcnl nny appre clable clmnse in tlic strike situation ex cept further evidence of the curtail in? of Industrial operation because of the fuel shertace. The market, he'wevcr, made one of ltn characteristics nbout nbeut face turns, and during the mernlni re covered a larger part of yesterday's re ce'siens. This carried no significance whntevcr. as it was obviously built en tirely upon the covering of the over extended short Interest. The covering made Ittelf felt In the industrials, which group suffered the brunt of the selling movement ester day afternoon. The rally did net progress very far before the movement was arretted by renewed liquidation in the American oil group, induced by the announcement of further cuts In crude oil prices. The meters, en the ether hand, put up a Mrenger front, indicat ing the liquidating movement In that division, for the time being, at least, had spent its force. There was little evidence of the an tagonistic nttltude rumored te have been taken by the banking institutions to ward the industrials In the matter of leans. There is no doubt a great deal of discrimination being exerclted by nil the leaning institutions in the ac ceptance of collateral, but as jet there has been nothing definite te prove any great obstacles of having been placed in the way of the peel operations. It Is net likely in view of the conditions provoked by the prolonged coal itrlke and the unrest of rnllread labor that the lunks would play into the hands of the hear crowd and give them any lcer In forcing the reaction they have been trving te ftnrt for some little time. While the outlook for n settlement of the coal strike is "till very feggv the market community found a crumb of encouragement in the news of the partial resumption of coal mining in Western Pennsylvania and also In Illinois and In the preparations being made for nn early renewal in ether States. Selling of the gcnenl list was re sumed at the opening, but after thee offerings hud betn absorbed u better tone was In eldencc. Before the end of the lirst hour the tide turned up ward. Steals, equipments, meters cop pers and feed and chemicals specialties' were the active features. Republic, Crucible and Gulf Stated Steels rose 1 te 2'j points. American and Baldwin Locemothe gained 1 te l'j nnd Stude baker and Chandler recovered much of jestcrdaj's lev-c. American Smelt ing, American Sugar. Allied Chemical r.nd Industrial Alcohol adanced 1 te I! points. Hulls nl"e strengthened, es pecially AtchKeu. BUtimere nnd Ohie, Chesapeake and Ohie nnd New Yerk Centrul, but Atlantic Coast Lln was heavy. NEW YORK STOCK EXCHANGE TRANSACTIONS Only Afternoon Repert In Philadelphia Quoting Full Lltt Commodity Markets ml WHOLESALERS Bankers and Investment houses are Invited te use our service when desiring te buy or sell any Govern ment Leans. "A Natien-Wide Marin" COMMERCIAL TRUST COMPANY Member Federal Reserve System City Hall Square GRAIN MARKET Chicago, July 2Ji. The wheat market opened steadier with gains of c te Jie and early In the day held most of the gains en covering, due largely te the theory that a rally was due after the recent decline, especially as exporters were credited with taking 3,000,000 bushels jesterday, and were evidently buying again around the opening. Receipts were again larger than ex pected, heweter. and the markpt was called upon te absorb heavy hedge spil ing with little evidence of Improvement in the outside demand. The Liverpool market was '41 te IVid lower and weather conditions were very favorable. Cern started unchanged te J4c lower and rilled about steady. The December position wui under a geed deal of pres sure owing te favorable crop advices. The near months were sustained by ex ex eort bujing. OntB were steady and about un changed, largely In sympathy with the ether markets. Previsions were easier with a quiet trade. Hogs were a strong te 10c higher, and Liverpool lard was 3d te Cd lower. Previous Cto.e Bought Sold Quoted Aatricin Rwy. Ce. 5's, 7'i, 7Vi'i & 8'i Spriatfitld Water Ce. S'i All luue Cautantine Ref. Ce. S'i 1323-26 Fart Werth Pr. & Lt. lit S'i 1931 Saiqacftanna Silk Mill. 6'i 1923-25 Kieirille Gat Ce. lit S'i 1933 Alteena& Legan Vr. EltcRwy.4'i 1933 Paaa Pab. S.r. Ce. S'i 1962 Birmingham Water Ce. S'i 1939 Wichita Water Ce. 5'i 1931 Samuel McCreery & Ce. Members PMla. Stock Exchange Franklin Bank Building Spruce 8070 Corn Cern July pt .... Ver .... Wheat July SDt Dec 1 OOH uais Tuly ... Sept. , , Uf-c. . . . Rye Sept Lard Fpt 11. F.T Oct 11.62 art 2'I si.H i.e 1.07li am 384 Open rsTi 59 9 CSTi l.enj (5i os 14 1.0S fcl.0T4 1 OSS It 1.09 33 80 11. BT ?S ft ? S8H 1 PM. (12S GS', 1 10U i esi; l.lOVt 'sis son 70tt li'ii Bends for Investment Liberty Bendi Bought, Sold, Cashed F. P. RISTINE& COMPANY Established 110,1 Widener Building, Philadelphia Nw Yerk Elizabeth, N. J. Members New Yerk and I'hlladelphln Stock Kxchantes COTTON MARKET Nev? Yerk, July 2,"5. Following a comparatively low opening, at a decline of three points te an advaiue of one point, the cotton market turned firm en covering and moderate foreign demand, soiling te a net advance of about 1J5 points. Liverpool cables were bitter than had been due as a cemiqjence of tiade calling and a demand from oper ators, who felt that the decline had bi.-en ever-rapid. There was no particular change in the weather news, although the lrtet official forecast pointed te unsettled conditions in Arkansas and Oklahoma, Pr ieuj 1 00 Clej Opn P.M. July 21.1T81S 21 14 . . . Aurum 2171 2112 ... . Sept'mW .21.28 Octeber 21.3flff30 21 33 2100 November 21 II I)is:.mbr 21 31U33 2132 21,01 Jnnuan 21 l(llt) 2112 20 S'j March 2112 21 10 20 78 April 21 00 May 20 US 20 00 . . , Bid. Wilmington & Cheiter Traction.. .6'i 1923 Phil, k Carretiferd St. Rwy.. .S'i 1955 American Pip Mfg. Ce... S'i 1927-1929 littianapelit Northern Traction.. 5'i 1932 Virginia Railway & Power Ce..5'i 1934 Srracnie Light & Power Ce....5'i 1954 hetianapelii Water Wcrki Sec.Pfd. Slk. SAMUEL K. PHILUPS & CO. HemberN rhlludelpinft Stock Kichangt 607 Cii ! i- niiicj-i Barset Bres. & Gcx Investment Securities 14X1 Chestnut St. Phllad.lphl 1 NEW YORK COFFEE MARKET New Yerk. July 2.". The fchnrp ad vances in the Santes term market in (.tilled a mere encouraging feeling in trade circles here, resulting in an open ing advance in the coffee futures mar ket of 11 te 10 iielntH. The market seemed te have been sold te a Ktnndstll! as the result of the ' recent declines, and fTie trade was In n mere receptive mood te take ndvnn- ! tage of the leant sign of importance at primary points. An advance of 27f te 323 reis at Santes lnduecil action lecnllv and trad Interests bought freely. Prices here hliewed net gains of 15 te 18 points at midday. Prv. Clese Opn September 22023 li .13-10 October 0.24 '.S Decmber ti 27W2S H.40W42 March 0 2l)38 ft.4". May 0.31 32 0,40 Bid. Dlr. Sftlea In I STOCK High 200 .. Adams Ernresa ... 644 100 ,. Advance numely... 7H 100 4 Air Reduction 56 300 .. Alax Rubber 13 W 900 4 Allied Chem ft Dy 69 K 100 7 Allied Ch ft r-ye pi1C6 800 4 Allla-Chalmern .... 52 V, 100 7 Allls-Chnlmers pf.. 9814 703 .. Am Auric Chem.... 384 500 .. Am ncet Sugar.... 465 0700 .. Am Can IB 100 .. Am Chlcle pf 30 ' 200 ., Am Drug Syn 5 100 g Am Express 1 28 100 ..Am Hide & Leather 14 530 ..Am Hide ft Leath pf 69J$ 400 7 Am Ice 107W 100 0 Am Ice pf 891$ 930 ., Am Intcrnat Cerp. 42?; 000 6 Am Locemotlve....115 500 4 Am Radiator 9714 300 .. Am Ship & Cem.... 20 700 .. Am Smelt 60 2903 .. Am Sugar Ref.... 82' 100 7 Am Sugar Ref pf. .106J4 703 .. Am Sumatra 38 100 6 Am Tel ft Cable.... 58 1J33 9 Am Tel & Tel 122 500 .. Am Waterworks... 16 Vz 100 7 Am Watrwks 7 pf 87 1800 7 Am -Woolen 89 303 .. Am Writ Paper pf. 29 100 .. Am Zinc I.d ft Smelt 17 300 .. Am Z'nc Ld ft S pi 46 2300 . . Anaconda Ojppcr. . 54 200 .. Assets Real zatlen. . 2 1200 6 Atch Tep ft San FelOl J4 600 .. Allan Ulr ft Atlantic 3ii 200 7 Atlantic Coast LlnclOGU 200 .. Atlantic Yult iVi 100 .. Atl Gulf &WIS3 35S 200 .. Austin Nichols 26 4100 7 Baldwin Locemotlvol17J4 7330 .. Baltlmore & Ohie.. 54 H 100 4 Rait & Ohie pf 62 200 7 Bnrnett leather pf. 96 100 .. Barnsdnll Class B.. 2614 2303 C Beth Steel B 7714 100 .. Beeth Flshcrle 8J4 2300 .. Bklyn Rapid Transit 24 H 300 . . Bk yn R T ctfs of db 21 4 100 S Bklyn Union Ons.. 101 100 .. Buite Cep ft Zlnc.i 6H 203 .. Butte ft Sue Cep... 28J4 600 .. Buttcrlck Ce 22 2400 .. California Petret . 50 U ine .. Cal Zinc ft I.eau... 7H TOO 7 Cnse J I 1st pf... 85 1400 .. Tentral Leather.. 39 J4 100 .. Central Leather pf 73 200 .. Cerro-de-Patce ... 36 400 10 Cnnart nn Paclflc. ...138H 5930 6 Chandler Meters.. t5 300 4 Chesapeake ft Ohie 6714 300 .. Chicago fe Alten... 1014 500 .. Chi & K III (new-).. 33 J 300 . . Chi & n III (new) pf 51 4 1600 .. Chi Mil ft St P.... -8 2000 . . Chi Mil ft St P pf . 100 6 Chi & Northwestern 7514 100 4 Chicago Pneu Teel. 7014 2200 . . Oil R I & Vac . . .'. 43 200 6 Chi R I ft Pac C7e pt 81 H 2730 .. Chle Copper 2214 100 .. Chlne Ceppr 814 100 D Clcv Cln C ft S L pf 9514 100 ,. Cluett-Peabody .... 5514 4200 4 Ceca Cela 69 100 3 Cel ft Southern ... 47 103 .. Celum Gas ft n'ec. JOM 203 .. Celum Ornphophene. 4U 100 C Cemput Tab Rec... C4 14 H 100 .. Consel DIs Ins 14 5100 7 Consolidated Oas...121H 1200 .. Consel Textiles.... 10'. 103 .. Continental Can ... 71 U 100 6 Cent Insurance 8114 1000 4 Cern Products Ref..l05?4 16600 2 '4 Ceaden & Ce 41 , 6530 .. Cruclble Steel 84 5403 .. Cuban Am Sugar.. 76 2310 .. Cuba Cane Sugar. 1614 5910 .. Cub.i Cane Sugar pt 2914 100 .. Havlsen Chemical.. 4414 100 .. Pebeers C M'n Ltd 21 403 6 Pel Lack ft West...1?6'4 100 8 Detroit Edisen 10514 103 2 Pome Mines 294 200 B Eastmin KedaK new 72 J 833 2 r.lec Storage Bat.. 46 100 E Endlcott-Jehnson .. 82J4 1800 .. Erie 16 V 330 .. Erlf, 1st pf Z4 500 .. Erie 2d pf 17 103 S TameUs Tlnyers L. . fll 14 100 8 Fisher Bedy of O pf 89 203 .. Flslc Rubber 14 H 2233 .. Frecpert Texas.. .. 21 H 100 3 Oen Am Tank Car. 61 1663' .. General Asphalt.. 7114 103 5 Genc'al Asphalt pf 107 103 .. Gen Baking pf ... 108 100 7 General Cigar 75 100 7 Gtn Cigar deb pf. ..101 14 6700 .. General Meters... . 14 103 6 Gen Meters deb 81 1333 .. Goedrich B F 3814 103 7 Goedrich B F pf... 87S 100 .. Granby Mining 2914 1300 7 Great Northern pi.. E0J4 400 4 Grt North Ore ctfs 39)4 100 .. Grecne Can Copper. 30 H 400 ,. Guintaname Sugar 13 100 ,. Gulf Meblo ft North 15 100 .. Gulf Mobile ft N pf 3 930 .. Gulf States Steel.. 8214 203 .. Habirfhaw Electric IK 330 .. Housten Oil 73 1530 2 Hudsen Moter Car. 22 400 1 Hupp Motorcar 19 200 .. Hydraulic Steel 10 100 7 Illinois Centrnl 107 430 .. Indlahema Ref 3 500 .. Inspiration con Cep 4114 100 .. Inter Rapid 29 500 .'. Inter Cen Cerp IK 100 ,. Inter Cen Cerp pf . . 3H 300 2 Internat Cem Ens-. . 22 100 C Int Mer Marine pf . . 71 1030 .. Inter Nickel 1714 200 , . International Paper. 52 2200 .. Invlnclble Oil Cerp. 12 54 100 .. Iowa Central 914 830 .. Island On 14 200 .. Jewel Tea 17 400 . . Jenes Bres Tea ... 45 100 .. Kan rity Southern. 2514 403 .. Kansas ft Gulf 414 530 . Kftjser Ce new 41 y2 100 8 K.iyser Ce new pf.,104 4800 .. Kelly-Sprlngfleld .. 47 930 .. Kennecett Copper... 35 3100 .. Keystone T ft R. .. . 10K 3200 .. Lackawanna Steel.. 78 200 .. Laclede Gas of St L 81 14 100 3 Lehigh Valley , 63 14 700 7 Lima Locomotive. ..10714 500 .. Lima rts 314 Lew 641 1714 56 13K 6014 106 5114 9814 30 46 56 H 3014 5H 128 14 6914 106 8914 42H 11414 9614 19 6 81 10614 37 58 12114 16 87 89 29 17 4514 521's 2 10014 3 106' 214 35 ?; 26 115f4 53 62 96 26'. 75 814 23 3 21 109 6 2814 21 H 57 K 7H 85 39(4 7314 3614 128H 6314 6714 10 3E 14 51 !4 27'4 43'B 75', 7014 4214 81 V 21 2814 95', 5515 6814 47 90 H 4' 6414 14 1 1 9 14 10, 71 H 81 14. 105 f0b 82 Vi 25 '614 3614 4414 21 126', 10514 29 72 W 4514 8214 16J4 24 1714 81 14 89 14 2014 61 69 107 100 75 101 14 v 1314 81 38 87 2914 7914 3914 30 13 15 39 8014 l 7214 21 14 19 914 107 3, 4014 29 IK 3K 21 H 71 17 52 1214 914 17 "4 K 2514 4 40 K 104 45 35 94 77K 8114 6314 10714 314 1:80 P. M. Net Ciire. 64 14 17 14 - 14 56 - 1314 14 6814 ii 106 14 5214 89J4 ' 38K- 14 46J4 1 58 114 3014 5K V 128 - 4 14 14 6914 14 10714 1 8914 14 42K 1 115 1 97 14 19 14 60 1 81 14 J4 10614 ' 37 14 58 1 122 IS 1614 14 87 89K K 29-14 17 46 2 542 2 101 J4 IK 3 10614- IK. 214 .. 35 14 26 14 11714 1 5414 1 62 96 - 14 2614 .. 77' 1 8 14 14 2414 K 2114 14 109 - 1 6K 14 28 15 21 14 - K 58 U - 14 7W .. 85-2 39' 14 73 J4 . . 36 138K- K 64 ' 1 14 67 ' - ' 10', 4 3314- 1 5114 IK 28 44 14 7514 14 70 14 43 14 81 ', - 3. 2214 K 2814- 15 9514- T4 55 14 - !4 69 ' 47 114 90 K- 14 4 ' . . 6414 .. 15- 14 121' 1 10', ', 71 ' - 14 8114 14 1C3T4 1 ', 4114- 14 84 314 25J4 J4 16 3911 2', 4414 K 21 - ', 12614- H 10514- 29 .. 72 .. 45J4- 14 8214 .. 1614 l14 ?4 14 17' 14 81 ' 14 89 14 14 14 21 61 61 - 7114 114 107 - 3 108 2 75 - 1 10114 14 13?4 ' 81 38 - ', 87K- 14 2914 .. 80 !4 74 39 14 14 30 1 - 14 13 14 15- ' 39 81J4 174 1K .. 7374 22 1914 974- 14 107 14 3- 14 4114 K 29-J4 IK .. 3K 14 22 71 14 17 .. 52 114 12 .. 914- IK .. 17 - 45 K 2514 414- 14 41 J4 J, 104 1 '4 47 IK 3514- ' 10M 1 78JJ IK 0114- I 6314 .. 10714 ,314 14 Div. Sles in I STOCK lllth 700 .. Loew's ma 1514 tOO 7 Louisville ft Nash.. 130 4300 ..Mack Truck 58J4 100 7 Mack Truck 1st pf.. 8814 100 a; 'Mdntyre new 16 200 C Mackay Ce 10014 1800 .. Majllnsen Ce. ...... 35 1600 .. Manntt Sugar 48 1700 7 Manatl Sugar pf. .. 81 200 7 Mnnhit Elev Guar.. 4514 100 .. Market St Rwy.... 6 553e 4 Marland Oil 3614 500 .. Math Alkali 44 300 .. Max Moter Class A 61 2203 . , Max Moter Class B 21 74 7800 12 Mexican Petroleum. 164 8700 a Mex Seaboard 28 4030 Mex Seaboard eft.. 26 100 2 Miami Copper 2914 38301.20 Middle Stntes Cerp. 12J4 6300 ,. Mldvnle Steel 3614 103 .. Mtn ft St Leuis new 1114 10500 .. Me Knn ft Tex (wl) 17 103 . Me Kan T (wl) pf 3914 100 .. Me K ft T 3 aw.... 30 800 ., Missouri Pacific.... 22 803 .. Me Pacific pf 5414 500 a Mrntana Power.. .. 73 1100 .. Montgomery Ward.. 2114 100 . Mulltns Bedy 23 K 100 .. Nat Cen ft Cable... 214 200 .. Nat En ft Stamp... 5314 500 6 National Lead 101 200 .. Ncv Cen Copper.... 1614 200 0 N O Tex ft Mex.... 65 100 .. ny Air Brake 79 1700 R N T Central 9514 600 214 New Yerk Deck. 2100 700 1100 200 100 1300 100 1703 203 100 103 500 100 100 100 15700 7500 700 600 7900 2 9300 . . 1800 G 600 .. 10400 2 3700 . . 1700 .. 1700 .. 1600 .. 1200 6 800 .. 100 li 403 2800 100 500 100 1600 2500 100 300 200 300 1033 200 103 2600 530 36 New Yerk N H ft II 29 7 Norfolk ft Western. 109 14 6 North American.... 70 3 North Amer pf. ... 44 . . North American rts 10 5 Northern Paclflc... 7614 . . Nunally Ce 914 .. Okla Pred ft Ref... 2 . . Orpheum Circuit... 1814 8 Otis Elevator 130K . . Otis Steel 11 2 Owens Bet Mach... 3514 . . I'nclflc Dccl Cerp. 614 6 Pac Gas ft Elee.... 6914 .. Pacific Mail 14 3 Paclflc Oil 54 C Pan Amer Petrel... 72 6 Tan Amer B 6614 . . Panhandle 6 2 Pennsylanla R' R.. 45 . . Penn Seaboard Steel 7 5 Peeples Gas Chicago 87 . . Pcre Marquette 331 2 Phillips Pet 42 . . Plcrcu-Arrew Moter. 1 1 14 . . Picrce-Arrew Met pr 23 74 . . Pierce Oil 7 . . Plggly Wlggly Store 41 6 Pitts Ceal 65 Pitts ft W Va...... 3714 Pend Creek Ceal... 21 8 Pestum Crcal pf. ..10714 . . Producers ft Ref... 37 7 Producers & Ref pf. 42 6 Pub Ser Cor of N J 88 8 Pullman 120J4 . . Punta Alegre Sugar 49 2 Pure Oil 27 8 Railway Steel Spg. .106 .. Ray Cen Copper. .. . 1614 4 Rending 73 .. Ropleglo Steel 3214 .. Repub Iren ft Steel 73 Rep Iren ft Steel pf 9214 Republic Meters. Reynolds Springs. . Reynolds Teb B, 10005.20 Royal Dutch N Y. 100 1300 100 100 300 403 100 200 100 8530 1200 930 300 2800 300 300 100 1400 38400 300 60) 300 8400 600 200 500 1330 930 330 9600 300 1030 403 400 203 203 914 39 46 5514 15 27 20' 44 314 7 10 St Jeseph Lend. . . . St Leuis San Fran . . St Leuis Southwest . . St L Southwest pf., . . San Cec Sugar . . Seaboard Air Line. . . Seab AJr Line pf . . . . Sears-Roebuck 78 . . Sneca Copper 12 14 2 Sinclair Consel 3014 6 Southern Pacific.... 89 .. Southern Rail 24J4 . . Southern Rail pf... 5614 4 Standard Oil of CallOl 14 0 Standard Oil of N J 178 3 Sterling Products.. 50 8 Stern Bres pf 98 J5 . . Stromberg Carb.... 4314 7 Studebnker 133 74 .. Hub Beat Cerp 6 .. Superior Oil 614 .. Tenn Cep ft Chem. 10 V 3 Texas Ce 45 J4 4 Texas Gulf & Sulph 4714 .. Texas ft Pacific... 28 1 Texas ft Pac C ft O 25 C Tobacco Products.. 5514 .. Tobacco Pred A.... 79 .. Tobacco Pred rts... 23 14 .. Transcontinental Oil 13 74 C Union Bng ft Paper 61 .. Union Oil 20 10 Union Paclflc 141 4 Union Paclflc pf... 75 .. United Alley Steel. 39 .. I'nlted Drug 79 103 3 V4 United Drug 1st pf 47 600 8 United Fruit 142 . United Rwy Invest, 1214 , United Retail Stores 62 . Unit Retail Ster rts 414 . USCIP4 Fdy... 33 J U S c I P ft Fdy pi 68 , U S Express 714 , U S Feed. Products. 714 , U S Ind Alcohol... 63 , U S Realty & Imp.. 71 14 , U S Rubber 60 . U S Smelt ft Ref... 4014 5 U S Steel 101 J U S Steel pf 12014 ! Utah Copper 6414 . Utah Securities.... 16 , Vanadium Cerp 46K , Var-Car Chemical.. 28 14 . Vlr Car Chem pf . Vlvadau Inc . Wabash 12 . Wnbash pf A 31 . Western Paclflc... 16 5 Western Paclflc pf. 55 4 Westing E ft M.... 61 . Wheeling ft L E.. 1314 . Wheeling ft L E pf 2414 2 While Eagle Oil... 25 4 Whlte Moter 4814 . White Oil Cerp.... 8 . Wickwlre Spene Stl 1514 . Wlll.s Overland.... 8 . Willys Overland pf. 4414 . Wilsen ft Ce 44 8 Woolworth F W.... 166 14 200 2600 2000 600 100 200 800 6000 1400 1400 100 10800 300 700 200 1200 200 100 100 200 800 500 200 600 200 100 1300 400 400 300 1000 2700 300 200 62' 10 Lew 15 130 55 K 8814 16 100 34 4714 80 45 6 3514 44 61 20 J4 16014 26 2514 2914 12 3514 1114 17 3914 30 2114 5414 72J4 2114 23 214 5314 98 1614 65 79 94' 35 29 109 69 44 10 75 914 2K 1814 130K 11 35 614 6914 14 5414 7114 65' 514 4414 7 85 33 40 9 74 2214 7 40 6414 3714 21 107' 36 42 87 12014 4814 2714 106 16 73 3174 7214 9214 914 38 46 5514 15 2714 28', 44 314 7 10 78 12' 29 J4 8914 2414 56 100H 178 50 9814 4214 130 614 6 1014 45 46 28 24 54 78 23' 12 74 59 19 140 75 39 79 47 142' 1214 62' 3 74 32 68 714 714 61 6914 58 4014 99 K 12014 64 16K 4514 28 6214 10 . 12 30 16 55 6014 13 24 J4 2514 48 7 74 15' 814 40 4414 166 174 2H K 1:30 Net r. m. ci. i5i4 y 130 5814 88J4 16 100 -35 48K 8014 45 6 -61 21H 164 28 26 294-12-3574 11 Wi 17 3914 14 -54J4 7214 21 K 23 - 214 5314- 101 79 9514 33 29 10914 70 44K 914- 2 1014 3514 614 -5414-72 66 ' 514 44 714 8614 33 ' 2314 7 . 41 6414 37 21 10714 36 42 -87 - 12014 4914 2714 106 1614 73 -3214 73 9214 914-38-46 55 14 -15 2714 28 ' . 44 314 7 10 78 12' . 101 15 . 178 50 13314 6 614 1 0 ' -4514-4714-28 24 55 78 141 K 75 39 - 79 47 142 14 -1214-62- 4 7H 714 C314 7014 60 40(4- 100 74 16 46 2814 62 1, - 10K- 12 -30-16 55- 61 13 -2414-25 48J4 7J4-1514- 814 43 44 16614 LOCAL STOCKS FIRM IN OPENING SESSION 154 "k 14 K 14 14 74 14 K ' 114 14 1 14 ' 114 V V, 154 14 114 1 ' 1 ' 14 1 3 ' Vt 114 14 K 14 1 ' V ' Pennsylvania R. R. Continues Center of Interest Mixed Changes in Heme Shares The Brnwlnc uncertainty regarding the outlook for settlement of the coal rnd, railroad strikes came near pro ducing n complete suspension of specu lative operations in today's local mar ket. There was evidently n general cus cus cus posltie nte defer any further ventures until something mere definite turned up. In consequence the velume of trading In the purely local shares dwindled te dlmlnutive proportions. With the consequent natrewinf of the market prices were Irregular with an inclination te sag off. All recessions, however, were confined within frac tional limits. The drooping tendency was te some extent intensified by the wobbling prices of some of the recent active Xcw Yerk favorites. Fer the first time In some weeks the supplv of Pennsylvania Railroad out ran lie demnnd. and the price as a result, shaded off te 44J6. In some quarters the controversy between the management and the Laber Benrd is net .altogether relished. The decision of the United Stntes Circuit Court dis solving the Injunction granted bythc lower courts restraining the benrd from mnking public a report condemning the Pennsylvania for alleged Infraction of rules of the beard forced the Pennsyl--anin management te file nn nppenl In United Stntes Supreme Court. Dis cussing the matter, Judge Rarten, vice president of the Laber Heard, stated "entire effectiveness of the Trans portation Act rests en the final dis position of the case by the highest tribunal." tien regarding the vote of the shop workers Is upheld by the high court it is feared nn entierly complexion will be placed upon the labor situation of the Pennsy, which at the moment is comfortable because of the reported satisfactory agreement mnde with all classes of its empleyes. The Philadelphia Kiectrie shares re tained the same rcmark.ible firmness and both issues moved up fractionally within 11 shadow of the year's top prices. U. G. I. preferred nlse remained nota bly strong, resting firmly at the high record price of fifiVi. The common was unchanged at f2'A. Ileth American Stores and Electric Storage Battery shaded fractionally en light offerings. Lehigh Navigation was up a point en small bales at 7.1 VI. Philadelphia Stocks 14 14 74 1 1 3 14 14 ' 14 U 1 ' 14 154 54 14 ' 54 1 54 2 154 54 K 154 ' 54 14 54 54 54 54 1:11 Net ltltch Lew P. M. chg-e 30 Am Strs..l24-i llU 124 -i. 2 lOfAm Tel & Tel 122 122 122 -f- U, fiO Ajax Rub. 13-U 13 13 ilHTl'Kll it u.r -iJ'fe lOtClinn Mtr (130s lOKlec Ster. -H1V4 30fErle 10 200 Gen Asph Urcf 10S 107 107 21,6 8 03 10 enn.. r.. -... ..!. wiwi'u .uira jV2 JJ lOfKayserCe 40T6 40 "OfKey T&It 10 10 1." Lake Sup. 0 0 75 Leb. Xnx.. 75 Vt 75 4 lOLch Vnl.. 03 03 lOtMnckTrck 57 57 lOfMex Pet..l01V4 101V4 101V4 lOtM SaOil 12 12 12 v. x . ri 20 54 44 13-40-10-0-754-03. f7 74 ' ' $100,000 Pittsburgh Crucible Steel Company First Mortgage 5 Per Cent. Serial Geld Bends CuaraatMcl principal and interest bytn CrucibU Steal Company of America TAX FREE IN PENNSYLVANIA Free of Z Per Cent, of the Federal Income Tex These bends, which constitute the only funded debt of tha company, are secured by a first mortgage en all the property of the Pittsburgh Ctucible Steel Company new owned or hereafter acquired. There were originally $7,500,000 issued in 1911, of which $2,750,000 have matured and been paid. The balance of $4,750,000 matures $250,000 March I each year, 1923 te 1945, inclusive. The entire capital stock of the Pittsburgh Crucible Stael Company is owned by the Crucible Steel Company of America, which company has no funded debt, and covenants -that it will net mortgage any of the property new owned by it, or create, or suffer te be created, any lien thereon, until these bends have been paid. Fer the year ended August 31, 1921, after inventory and ether adjustments, the Crucible Steel Company of America re ports earnings of $5,853,495.58, applicable te interest charges of $306,250. Maturities, March I, 1941 te 1944,xinclusive. PRICE: 98 and Interest Biddle & Henry 104 Seuth' Fifth Street The information and statistics contained herein hav been obtained from soureea which we bellee te be reliable. rera'gjgfijifilMSJSJEJEf e m We own and offer . SEABOARD AIRLINE EQUIPMENT TRUST CERTIFICATES Issued under Philadelphia Plan Maturing serially 1923-1937 PRICES ON APPLICATION STROUD & COMPANY INCORPORATED 1429 Walnut Street PHILADELPHIA Colerado Bldf. 9 WASHINGTON, D.C. 1 ' is! 120 Broadway NEW YORK CITY 20 44 20.. r4 41 asy. 29 30Vi 30'. 30 3(1 4 2S 20 r. If , 1.1 'H 7tf- 37- 38 2D 14 30 30 30.. 30 4.. 2S- It 45 J Lehigh Valley 4V2; 2003 ;y, weed a co. t MOttll lajjmcgwMi ' Approve Tennessee Central Plan Wu.hlnarten, July 23. Final approval for the reorganization plans en the Tenneie Central JUIIttay Company was anneunceJ te. ilay by the Interstate Comtneres Commu nion, The property, which was aeld nt re-ertv.r-. Mle. January 10. 1BJ2, . win b turned ever te a new corporation havlnr a total of eterks and bends with a.par value of IVHT.'l oeo. Its former capltallsitlen at rnr was "1.fl32.00O. Fixed Interest charges will I irtduceil by Urn reor-rilatlen te mtn fun . ..mnnr.il with an annual Inter Oil of 3IM,87i!, which ncorueil Minually prier te ma reeraaniaaviun. " h Oefernm len.''."'i-:''J!5."i?f2rni.. ceire. umwr "v,... . -. of tiM'sew ateck aaa dei emnunt has will re anUat.tf. ia.nS.Q09 nd te noie as cot T0TEC0 PRODUCTION AGREEMENT ENDED Gulf Ce.'t Withdrawal Said te Be Due te Discord With Mexican Pete New Yerk, July 25. The recent agreement entered Inte between tha Mexican I'etrnleurii Company, tlie Mex li in Seabfunl Oil Company nnd the Gulf Oil Company te cuitall crude oil production in the Toteco peel In Mexico 1U be ended today, according te a no tice Issued ji'Hterilay by the Gulf Oil Company, which declines, te carry out the compact further. This action, In the opinion of oil men, means that all three companies villi proceed te get oil out of the field te ns great an extent as possible before Its final exhaustion fore east by the tippearnnce of salt water. It m hinted yesterday that the un expected action of the Gulf OH Com pany was due te n disagreement with the Mexican Petroleum management. The ngreeieent reached with the latter and Mexican Seaboard provided that production should be limited te 150,000 bnrrels a day. Frem new en each will operate Its well according te Its own wishes. The wells owned by the Mexican Pe troleum Company In the Toteco peel are snld te be deep wells, while these owned by the two ether companies are shallow. Liverpool Cotten Liverpool, July 29. There was only a Urn Ited demand for epet cotton today, wltn prices eailer en the ba.le of decline of 18 pente for mldilllnir at 13.20d. The soles were 5000 bale.. The receipts were 10.009 bales. Includlnir 9100 balen American. Fu tures wrru Irrcsulnr In the ely 'l-iillnas. f.pet prices wtrv: American. mld'llHlC fair. 14.B5d! K"Od mlddllnc. ?.0M.I '""..J""" !.,'".. ....i. ni,Miini, is 'ind' low mlddllnc. 12.7ttd; Boed'ordlnarr, U.fOdj ana ordinary, FOREIGN EXCHANGE New Yerlt, July 25. The market opened dull, with fluctuations nurrew, the exception being n decline of 5 points in pesetas. I.ire showed a Iebs of 3 points. Guilders wcre up 2 points and ISelglans showed a gain of 2. Quotations were : Sterling cables 4.45. demand 4.45; franc cables 8.41. cherkit 8.43 : llelginn cables 7.DS, checks 7.07 ; lire cables 4.02, checks 4,(lli; Swiss cables 10.03, checks 10.00 ; peseta cables 15.50, checks 15.54; Danish cables 21.55, checks 21.50; Norway cables 10.85, checks 10.80; Swedish cebles 20.05, checks 20.00; guilder ca bles 38.92, checks 38.87; marks, .0. Central European exchanges were Ir regular today : Rumanian .0-1; l!ul gnrlan .75; Cwho-Slevakian U.30VG ; Finnish 2.14; Greek 3.25; Serbian 1.22; Hungarian .00; Juge-Slavlnn .30; Austrian .0034; Polish .00172. The rate of premium In Montreal today en New Yerk funds was 13-1(1 per cent. Tha rate of discount in New Yerk today en Canadian funds was per cent. VKSTEHDAT'S CI-OSINO QUOTATIONS Sterling Francs I.tre OulMeru Demand -Blt R "' nn'i 3ls 87 Cables i 0W (MO i 07 3ti.V. TODAY'S OPENINO QUOTATIONS Sterling' France Mre Oulldere Demand .ft 8 4SVi UK an 87 Cables -M5fl H.-U 4 UJK J8.U2 RAILROAD EARNINGS CANADIAN PACIFIC 922 Increaie Third week July .... 2,0t.OOO 1872,000 January 1-Juty 21... 3,313,000 8,805,000 NEW YORK CENTRAL June stess .,.120.4113.408 f l,-ft,21.-l Net eper. incomer u.uiih,4s 41111,1117 a months' iireis, ,1BS,57,783 07H.271 Net eper. income.. 20,198,840 I.CW.Ols wacraase. LOCAL MINING STOCKS TONOPAH STOCKS IM Cimh Rey .Urn Hutlpr MacNitinara Crescent Mli'ufty MUtiHh Extension MV)Muim North Htar IUbcue J.'ula Tencpah Extension West End Weal Ten Allied Div Aim nw lltlchfr Helcher Extension Hreuuh Divide .... Divide Extension . DIV Cen Dividend Enut Div Harmlll Knox HlUer Kln HutherUnd Tnnepah Divide . . Tonopah Hnabreuck Victory Div Virilj Div Zena , 01 .11." .011 .01 .00 .0:. .OH .en in 02 DIVIDE STOCKS CO 00 a .01 .01 .04 .1.1 .02 .02 .new .0.1 .0OV4 :e2 .01 .in ,08 OOLDriELD STOCKS nuuiii .... Ill t'rackerjack ... , Dlam II XI l'lortnce (Jolddeld Cen (Sold Dnv CleldflDld Deep . 'Irrut Jlenit , . Jumbii Extension Kewunrm I.one Star , Ore , Ited Hill ., . . .............. .11 Hprarluad OJ MISCELLANEOUS Amparo , Ariz United Culrdenla. Ciinrtelnrl t4 ,., Erema Silver Eurtlia Croesus ,,...,,,,, Kuuk.i Helly ,, Jlsljll ...........a........ 01 .02 ,0S .02 .01 .01 .07 ,6i .11 . . . . . Mether Lrfida .........J. Nev Ullta u..i,,,w .00 .10 ,111) .34 .01 .80 H tja Jtt Asked .0(1 .00 .07 OJ .10 .no .11 .07 .HI .01 .ei .03 .01 .01 .02 .OS .0(1 .1,1 .03 .OS .01 .(lit .0.1 .01 .01 .78 .04 .02 ,03 .11 .02 .0.' ,01 .01 .13 .0(1 .03 .02 .01 .01 .02 ,ni .01 .02 .11 .03 1.00 .IK ,08 .311 .02 .el .MH' 1: & II 25I'nc Oil.. 741 1'enna It It 32."tPenn Sbd Steel.... 7 V. 7Vi 5 l'hlla Ins Wire.... 37i 37?i 135 Phlla Ce cum pf.. 30 24 1 Phlla Elcc 2.0 '. 43 de pref.. 30 43 de prci. . 30 370 Phlla lt T 30 lOtPred&Itef 3VS 10 Kndln Cor 4 BOtStl.&Swn 28 35fSinclalr. . 20 20tSup Oil.. r 25tTexas Ce. 45V 120tXrnns Oil 13V. .'i" 13 $ 175 U G I.... 52 Vj 52'A 52V. . itiu no pref.. r.r.vi nnvi 55 SOOtlJ S SteeUOOaj, 100 100$ I ft 20tUtnh Cep. C3Vrt 03 G3 it 50tWill8-Ov 8 8 8 tNet chanaa made by comparison with last sale en New Yerk Stock Exchange. rHILADKl.IMIIA BONDS 3000 Victory 48 '23 100 54 2000 Electric & Pee Tr 4s. . . . OS 5000 Electric & Pee Tr 4s. . . . 00 2000 Lehigh Nav con 4V-s. ... 00 J(ii)i) l'ariH, I. & M It U 0s '58 70 3000 Philu Electric 1st 5s. . . . Oei 5000 Phlla Electric 0s....... 103 1000 Phlla Electric 0s....... 103 RECEIVERSHIPJHREAT I. R. T. Shareholders Named If Re adjustment Plan Falls Adoption New Yerk, July 25. If the plan for the readjustment of the affnirs of the Interboreugh Itnpld Transit Company nnd the Mnnluittnn Hallway Ceuipanv falls, "neither time nor oppeitunlty will remain for the udoptien of another plan," nnd "recclvcrnhlp for the Inter Inter Inter boeough will be inevitable and imme diate" Frank Hedley, president of the Interboreugh, states in a letter te all Manhattan htockheldcrs. Mr. Hedley points te the expiration of the time, July 25, for making deposits of stock under the readjustment plan, nnd te the fact that it may he abandoned after August 1 by nny one of the three pro tective committees if it Is net declared operative by that dntc. Ne back dividends or Manhattan rent would be paid during the receivership, the executive explained, and the event ual canceling of the Iciihe and the sur render of the property te the owners would fellow. This would carry with lt the obligation te take the new third tracks cenbtructed by the Interboreugh and te pay the Interboreugh receiver their reasonable value. Manhattan counsel, however, dissent from this view, it is added. According te Mr. Hedley, a 50 per cent iiHsesMnent en Manhattan wtock wteck wtock helders would be necessary te meet this payment, ns neither the first nor the second inoitgage en the Manhattan property could be utilized te ilnnnce nn obligation of this chnrncter. He mlds that receivership for the Manhattan would fellow within a few months after the Interboreugh receivership, nnd thnt "Mnnlmttan Meck would emerge from the resulting reorganization scaled down considerably and Niiberdlnntc te approximately $30,500,000 new obliga tions nnd $45,000,000 existing obliga tions." Prices Firm en Paris Bourse rarls, July 25. Prices were Arm en the Deurse today. Three per cent rentes, 68 rruncs 46 centimes: exchange n Londen. 02 francs 81 centlmeai 0 per cent lean, 7(1 trance 80 centimes, The dollar was quoted ul 11 francs 83 Vi centimes. "SPI1XANT. HAY A remark that Is fnquentlr en the tencu's at Philadelphia business men. Fer unusual Incidents of business, for keen analysis of men. methods and events, Illchard Hnlllane ranks hlffh as a liUHlness writer. If la - I tlclesi appear reaulerly In tb. Pnslnesa Sec jgJf.JSfP""" Xwaww. "Kahili Mutual Oil of Maine Standard Oil of Indiana Wilcox Oil &. Gas Internat'lPetreleum MaracaibejOil Carib Syndicate REPORTS of salt water in Mexico tenti . te emphasize the remarkably strong position of the oil industry in this country and Seuth America. We have ready for distribution up-te-date Analytical Reports en the above listed domestic and Seuth Ametican oils, or en any of the active Standard or independent oils traded en the New Yerk Curb Exchange. Ask for Analytical IUpetta en the stocks that Interest you Philadelphia Office Widener Building TtkpHenei i Bell - . . Locum 4730 Keritena Race 5641 Baltimore Office Emersen Hetel TnVwnej Plata 6451 Jenes &. Baker Member New Yerk Curb Exchange Direct Private Wires New Yerk Cblcaee Beilun Pbllidelshls Pitutxirta Dctieli Btltlmere CLeU4 Pennsylvania Municipal Bends , combine freedom from tax, with the highest type of security, and a justifiable pride in ownership. We suggest City of AUentewn 4V2 Imp. Bends Due June 1, 1927 te 1952 Te Yield About 4.125 City of Johnstown 4V2 Sewer Bends Due July I, 1952 Te Yield Abeut'4.125 Complete litt gladly turniihed fttthmn.il a Ce. Bread and Saniem Sti., Philadelphia New Yetlc Baltimore Pituberih Waiklaiten Member. New Yerk. Philadelphia .nd Pittsburgh Bleck Exchanges BALDWIN LOCOMOTIVES IN FOREIGN SERVICE BE0Sf!?nESpn,llliI,dlnK -oemotives from our own designs, we are BPeelflMden firTv,"., "nstfuct lcometlveB according te Baldwin Zrnr?M 8hfd by ferei8n railways. The number of world ia ;TVeg ,n ,u.'i? en ""read in every part of the ffSlAffu? our nbillty t0 meet an dcma"d that m,y THE BALDWIN LOCOMOTIVE WORKS PhtUdelphia ', , ir I mm, m .. sta . ' . v l7-1 i . V ii..rf; , .?S'V ifl a -' il4'ir,-".-vi.v'-"'"'AV:j ..:. ''fa$?ti$$&P' -B H. .rxiAM"' "T- a i if ....miiiauaauaai . H nt
Significant historical Pennsylvania newspapers