W 1 it Si i m i u$ ill II SI 5W iT,': ffivtf Ml 1VM . W II I I flf ?tt f$mmWT :V""'S-iR"n'' V" ' pi . j t j .?!$ WSi ti.rg t . ' iiVMSsg-sa-fsaai ''.BrT I 4u. fM( aabaaH lfl Portland Railway tight & Power Ce. lit AW. SO'r Bend's title 1042 rVnni)i.'(im'a Foer Will 7OJt Rtlaniti Secured by direct first mortgage en mere than 75 of the Company's generating capacity, in cluding its largest hydro electric plants. Pr'cc te yield nlwiit 65 , ( Kf mJiii mi ' i; n"i' The National City Company Philadelphia 1417 Chestnut .St. Atlantic City Chslfente Bleck 1225 Boardwalk bveSng public l ED(ikjRMiLADEkiraf ! - . . ..- T - EQ&wm KlU" "!. 'Mtt ' EDNJESDA;; MORE SOFT SPOTS WERE UNCOVERED Banking Discrimination Appar ently Forced Renewed Liqui dation of Peel Holdings mmmmmmvwmmmmmm f i l I, . i v, ' s . ; ''- - - " ' i k timmai.wmwu,imwmmiHnmmm.mmmmiiL... NEW YORK STOCK EXCHANGE TRANSACTIONS Only Afterncem Rtpert fa PhUmMpeMm Quoting Full Us ' f r Financing of Value Te the Whole Country It is net difficult te select securities of corporations which arc rendering a real service in increasing the economic strength of this nation at home and abroad. It must be a source of sat isfaction te an investor te knew that when he buys such securities he is net only benefiting himself, but the whole community. Wrl'e for our recommenda tions of bends of this type, yielding from 5 te ever 6.50. Hemphill, Noyes C&, Ce. Memben Nam Yerk Stock Etching Franklin Bk, Bldg., Philadelphia New Yerk Pittlburgh Bosten Scranton Let Angeles Albany Syracuse Baltimore Wilmington Bridgeport mwwwwwiwy Suggestions for Trading Accounts Fer the benefit of inves tors who buy and sell bends for profit, we have studied conditions surrounding several low-priced bend issues and find reasons why they should sell higher. Information sent upon , request. ' SCHIBENER, i BOENNING &CO INVESTMENT BONDS 1615 Walnut St.. Phila. Mrmbers I'hiln ileifc hxiha nr Bll. I.nrust 71110 Kejitnne, Itiur Mlir, New Ynrlt. .Inly 'JO. Tediiy'c "lock iiiuiket was full of action, but the re sults mitp net nlioRetlior MitUfnctery. At n matter (if fnrt. the ttinrket con cen con timieil In the mimip highly churned run run ilitlen In retiM-uupiirc of the renstniit "hlftltiK oiiernliciiiH of the profwlennl eleiiii-nt. Tin uiipvt'ti lnovetnriit wus . lieslt)ly n iintiirnl iiftr-riuntli of .vi-strr- I tlii's fnirly large reeevery from thp dp- fllni't of the prPtedliiR session'. One i of the iiieip iietieeable ilevelenmpiit wni ; the outereij)iiig of fresh wenknc in i'inp of the nll. meters and tire Issue. TliN Inilleutpd renew ed bunking di- i riiiiliiiitlnii. thereby provoking lenewed , IMMll llUldlltietl. New evemiKht did net contain nuieh ' of nn eneeiiriitflnj: nuture toward eliiu eliiu iuntien of lu Ixii trouble" en the rail- i mild or real Mrlke. The formal nil nil neiiiiceiiipnt of the Iiitt,rtut Commerce ' ('omml-slen derlurltiK a -tate of nn nn Heiiiil enu'ritencj te have nrNeti a open te divergent interpivtatlen. A niiijiit'if f the -.peculative contingent were nt tirt di'-pespd te regard the lie i Inn ii n constructive faoier in se far :i" , tlie rnilreiid "hares were concerned. A tins division of the market showed no sijtis of awakening from the inertia, the pillion naturally lest n great deal of ' it" weight. As n mutter of fact, the , street altogether was keenly disap- , pointed In the failure of Washington authorities te iiiineunce anything In the , w:i of a strike cure The liuil'ket started out well. giingj i'Ver ptemlse of centinuiiig yesterday's ' leinvery. but the strength w.is net. -tistiilned mill was followed by a quick ' reversal, in whi h many groups of stocks collect hely and lndlviduall sustained -'ere lese. In truth, after the early j advances the market as a whole gave i very evidence of a recurrence of con- ' ditleiis prevailing en .Meuila). as re- , suit of the publication of the Allan A. Uy.in schedules. Stocks controlled by speculative cliques were thrown en the market in u manner suggesting wide spread enlliiig ei drastic readjustment of outstanding leans. Heaviest s(.lng In this uiiuiectleu was in .Mexican Scibeaid Oil, with a further break of l!;Vt In the stock j und (ertlticates te new low ituotutleii" ter the year. The position of both ( Issues was especially weakened b the i ilissoliitlen of the syndicate and the distribution of its holdings. Liquida tion en a hea scale at the same time was resinned ill the l'lerce-Arrew shines, with declines of l:,i and '!' points respectively lit the common and preferred. Lackawanna. Ilethleheni and Midvnle Steel shares wcie Inclined te ease and I'nited States Steel was fra tieuallj lower. Miner losses were leglstered bj (ieneral Meters. Stude liaker. St. I'iiiiI. Chicago, Heck Island and r.icltic Southern I'acltic. Southern liailwiiys, People's (Jas and American Smelting and Hetining. The only ex i pptien te the general decline were the ugurs. which made fractional advame. . , ; Commodity Markets Consolidated Gas We have just prepared for our clients a cempreh.ensie analysis of this company which covers many vital factors of interest te every stockholder. Among important points treated are: Production Costs Operating Ratios Gas Rate Litigation ! Current Earnings Po sition of Stock Surplus Earnings, etc. A limited supply of this Analysis is available te enquirers who ask for Ne. 309. MOODY'S INVESTORS SERVICE IDIIS MunllV Mr. . r'ent 1124 Real Estate Truit Bldg., Phila., Pa. New Ten. Him i Lhiiae I II8 n GRAIN MARKET Chicago. July I'll. The wheat mar ket opened Irregular with July off a cent, while the later months weie about unchanged. Llbira! arrivals at Chl Chl case b rail and difiiculties n ship ping the wheat out. owing tu con ditions mi the lakes, nfteeted the cur rent month, while the ether positions felt the effect of covering en the recent huge expert sales. I'arly in the da. however, there a a geed' deal of spreading between Sep tember unci Hei ember, which served te widen the I lei-ember premium. The eperl demand appeared le-w active ami the trade took a mete favorable view of the rail strike. The Lixerpoel miir ket at - I M. wan unchanged at d lower. Tern stflitcd inichansc'! and early in the day ruled baiely steady, with a rt -in nenary tendency owing te fetable crop news and a smaller expert de mand. Oar were little changed, with mil) a .iiuill ti.mIi. 1'rowsieiis wept pik en n decline nf l."n in .'.- in the hog mail.et and weakness in Liverpool lard, whidi was off lid te Is .'Id. .)' "rn h-rAv. uiuh( dirti . Js'i sT p-Ii Juiv "ept, ... Uei I'ats .ST'. ... Lit. . . rt-f s-nt Klbi -Ju I. ai. I Jul. S.p- I'- 0L- 1 in J.0T, 1 yS 3fl'i n no l.rifli. if 1 074 it 1 09'j 33'n W ae'i if "7, a it a-: 11 37 II 40 1 09 1 ()7S 33 . 311s, i r m (', 1 le'i 1 OK 1 10t a-'i 37 0 WHOLESALERS Bankers and investment houses ere invited te use our service when desiring te buy or sell any Govern ment Leans. "A Natien-Wide Market" COMMERCIAL TRUST COMPANY Member Federal Iteicrve Sy-tcm City Hall Square COTTON MARKET New Verh. Jul) -fl. The st-eng up ii rn at the close of the cotton murk"! i.IciiI.m was lolleweil this nieruiug bv iiii'ither weak spell, under which I i (, .n the first fifteen minutes, I inke about ".'H te -7 points undei the .revleus close. The market opened hureh steailv at a decline of 1.1 te .'17 points, August showing the extreme I le-s It was intltienied by weak Liver- ' )i nt fables and selling pressure from) i i (llleiltis ettier Southern points,. Wall Snei-t and wire houses Jiipanene niteresis and Liverpool were the pnn- ipat bujers Ti day was Hist August nutiie day und one notice was issued. Tin' market continued heav) after the, in mug under selling bv traders who wen- urtee'ed b the unfuieiahlp luber news and uncertainly as te what the weel.l) iu eminent report might show. Hrvleu Clesu Open I l M an us Sflli 400 200 700 400 300 400 200 400 6000 300 100 600 230 tee 100 600 1000 300 300 910 200 600 1300 1000 100 100 300 100 200 900 tee 100 20 GO 1000 100 100 100 3600 ?! 100 400 2100 3300 3300 800 200 1200 BOO 100 200 400 100 100 100 300 200 1300 100 300 100 7400 800 200 3100 800 100 200 700 300 300 100 500 100 1100 100 600 200 200 1100 100 100 100 100 800 9000 800 800 5000 2930 19100 4603 7100 400 100 200 200 400 500 300 200 400 1000 2330 69 0 , ,100 200 200 80 4100 930 100 1500 100 100 100 100 2600 300 100 100 100 100 100 700 100 100 200 400 703 100 1700 100 200 100 300 1200 200 100 3400 500 1300 100 300 100 100 100 Dlv. In I 4714 59 li 26 U SM 8TOCK lllh ., AIat Rubber 14 .. Alaska Geld Mines. H , . Alaska Juneau O M 1 Va 4 Allied Chem A Dy C8S Allli-Chalmera .... 53 7 Allls-Chalmera pr.. 9BH- 4 Am Dank Nete.,,. 67 Am Beet Sugar.. . . Am Can .. Am Cotten Oil... . . Am Drua; S.vn. . . , . . Am Hide Lonther 13K ..Am Hide & Leath pf 66 7 Am Ice 107i 6 Am Tee pt 89 .. Am Internal Cern. 42H 1 Am La France I-Jnu 13 6 Am Locomotive.... 11 5'4 .. Am Safety Razor., 6 .. Am Ship & Cem.... 19H . . Am Smelt 61 3 Am Steel Foundries 37 .. Am Sugar Ret.... B2W ! Am Tel & Tel 122H 12 Am Tobacco 143Vi 12 Am Tobacco B... .1404 .. Am Waterworks... 16 U .. Am Watrwki 6 Pf 40 7 Am Woolen 90 '4 .. Anaconda OVipper.. 53 ?i . . Ann Arber nf 41 !4 C Asie T) floods 1st pf 82 U De Odd Lets 82V4 7 Assq Ti Goods 2d pf 82 J G Atclt Tep fc. San Fe102& . Atlan Blr ft Atlantic 3 7 Atlantic Coast Llnc107& . Atlantic Fruit 2!4 At! Gulf t, W I S 9 36 H 2I All Refining. . . .1000 7 Atl Refining pf . .116J4 Aimtln NMchels. . . . 26 14 7 Baldwin Locemotlvo117H .. Baltimore ft Ohie.. F4$ii .. Rirnsdall Clas. A. 27 5$ . n.irnsdall Class B.. ?5 Beechnut Packing. 3314 6 Beth Steel B 7714 .. Beeth Fisheries.... 8f Brit Km Steel 2d pf 30 . . Bklyn Rapid Transit 25 S Broeklvn TMtsen. . . .109H G Buff Rech & Pitts. 64 R Bklvn I'nlen Gas. .110 S Burns Bres 129 'J 2 Burns Bres B 43 . Butte Cep & Zinc. 7 . California Petrel . 58 U 7 California Pet pf . . 94 .. Cal Zinc & Lean... TV 10 Canadian Pacific. ...139 .. Central Leather... 39H Cntral Leather pf 72 .. Cerro-de-Pace ... 3714 fi Chandler Meters.. 65Ti 4 Chesapeake ft Ohie 69'i .. Chi & i: III (new).. 34 Ti . . Chi & i: 111 (new) pf 54 .. Chi Mil ft St P.. . 28 . Chi Mil & St P pt.. 44 B Chi & Northwestern 75 4 Chicago Pneu Teel 70 Vi . Chi R I & I'ac . . 43 7 Chi R I & Pac :rc Pf 94 .. Ch'le Copper 22 U . Chlne Copper 29 H 4 Ceca Cela 70 J4 .1 Cel & Southern . . 46 . Celum Gas & Rlec. . 92 i . . Celum Grnphopheno 4 1,4 .. Cel Graphophene pf 16 G Cemput Tab Rce... 64 U Consel Cigar . . .34 Consel DIs Ins. ... H 7 Consolidated Gas. .121 H . Consel Textiles 9 74 Continental Can... 74 4 Cern Products Ret 106 !J 2 1 - r-esden ft Ce 41 J-j ,". Crucible Steel. . . . 85 .. Cuban Am Sugar.. 26 V -. Cuba Cane Sugar. . 17H . . Cuba Cane Sugar pf 41 !i Davisen Chemical . 44 ? ii Del Lack & West... 127 .3 Du Pent V. 1) Ce. 135 3 Klec Storage Bat.. 46 fi .. Krle '61,4 .. Krle 1st pf 3i .. Krle 2d pf.. . . 17IJ K Famous Players L . 81 ?i 5 Fed Mln ft Smell pf 51 .. Flak Rubber 14 . . Freeport Texas 21 ?', . General Asphalt... 71?. .rOneral Asithalt pf..)08 7 General Cigar 75 j 8 General Kltctrlc 175J-J De Odd Lets 1 75 ' .. General Meters 14 Goedrich B F 38 Granby Mining .. . 29 i T Great Northern pi . 81 .. Guantanamo Sugar. 13U . Gulf Slates Steel. . 81 . . llablrshaw Klectrlc. 1 ?4 .. Housten OH 73 2 Hudsen Moter Car. 22 .. Hydraulic Steel.... 9h . . IndUhem.i Ref 3 4 . Inspiration con Cep 40 V ., Inter Cen Cerp pf . . 3i . . Inter Rapid 28 ',4 Inter Agrlc pf 38 21- Internat Cement ... 32H B Int Harvester new.. 103 r, Int Mer Marine pf . . 72 .. Inter Nickel 17H .. international Paper. 53 !i Invincible Oil Cerp. 12t Iren Products 32J4 .. iBland Oil Vt Jenes Bres Tea. .. . 46 . Kansa & Gulf .... 4 1 Kan City Se pf ... 56 .. Kajiier Ce new 41 J4 .. Uelly-Springflcld .. 47 8 Kelly-Spg Tl!i pf.lOOH .. Keunecett Copper... 3614 .. K-ystene T ft R.... 1 H4 7 Kresge S S 143 i .. I-ickawanna Steel.. 78 La. lede Gas of St L 82 H 31 , l.-hiKh Valley 63 12 Llggtrt & Myers . 173 7 Lima Locomotive. . .107 . Lima rts 3H Lew 13H H 1(4 6814 52(4 98(4 67 47 58 S 26 SH 13(4 P8H 107 89 42 13 114H 6U 19 1,4 604 37 81 ?i 122 143(4 140 16 i4 40 90 F3 41 1; 82U 82 ' 82 V IOOI4 2 10714 ?.!'- 52 H 1000 116(4 26 llfilj 4 25 U ?4 33 76 B'i 30 25 109'i F4 110 129'4 43 6 (J P6'4 94 7 139 37 V 71 37(4 63 f 8 li 34', 53i$ 27'i 43 75 70 14 42 94 22 29 C9U 45 92 '4 414 16 4 14 34 120 9 73 it 106(i 40 84 26 17 14 40(4 44 127 135 46 16 23 1714 81 U 50 r 13 21(4 70 108 7514 175SJ 17514 13 37 29 8014 13 ',4 81 1 73 21 9 3 40 T4 3 28 38 31 (4 103 72 17 54 52 1214 32(4 46 4 56 41 46 100 54 3614 9 142 77 Ti 82 54 63 173 107 3 1. M, 13H ' (4 -52 4 98(4 67 -, 4714 59(4- 26 -5 13(4- 68- 107 89 - 42 -13 114- 6V4- 19H- 60(4- 37 81?', 122(4 14314 140- 16 U 40 90 53(4 41(4 82 14 82(4 82 J4 10214- 2 - 107(4- 2(4- 32 1000 116(4- 26 116- "4 54 27 -?4 - 33 -76- 8 30 -25 - 1 09 (4 64 -- 110 1 129(4- 43 1 7 J- E6IJ- 94 - 7 139 38 -71 -37 i.j 64 (4 -6814- 34 Ti 53 54 14 -75 70 (i -42-94 I 22 -29 69 45 92V4 4 54 16 64 ! 34 - 121 - 9 74 106',; 41 84 t 26 -I 17 41 44 Ti- 127 ! 135 -46 81 14 -50 54- 13 -21 Ti 71 t- .108 7512 54 14 -37 -29 r 80 ' - 13 5. 81 -1 f 73 21 Ti 9?i- 3 40 Ti - 3 I 72 I7'4 52 -12'4 32 54 Net Chii. Dl SalM -Inl 8XOCK Hlili 600 . . 'Loew's Ine 18 303 1 Left Canrtv 12(4. "100 7 Lerlllard (Pierre) pf 115 , 100 7 Leu'svllle ft Nash', .128 (4' 100 Mclntyre new.,. '.'. 16 (4 .800 ..-Mack Truck 59U, 100 . Macksy Ce..,.i....100r 300 -4. Mackay Ce pf 67 100 -.. Malllnspn Ce 35(4 100 7 Malllnsen Ce pt.... 90 2000 .. Manatl Sugar 50(4 100 7 ManatU Sugar pf... 81 100 .. Manhattan Elev ctfa 43(4 100 .. Market St Rwy.... 6(4 100 .. Mar St Rwy 2d pf. . 18(4 120e 4 Marland Oil 38 100 .. Math Alkali 45 703 .. Max Moter Class B 22 T4 15000 12 Mexican Petroleum. 168 25100 6 Mcx Seaboard 27 7100 Mex Seaboard eft.. 26(4 00 5 Miami Copper 30 32001,20 Middle States Cerp. t2T4 (4 14 54 3 5i (4 3 2(4 1 (4 (4 (4 (4 1 1 2 4 1 2 1 1 H (4 1(4 '4 '4 'i I - 1 H '4 1(4 54 (4 1. 1 5; ! 1 ! 1T4' ' 54 ; '4 54 !4' 1 46 4 56-41-46 - 1 00 14 -36 54 1 0 54 - 142 77 T4- 82J4 r 63 - 173 107 f 3 '1 1 54 1(4 !4 li (4 600 100 200 100 930 45 700 200 700 700 200 1000 400 200 500 100 100 1630 100 15200 7100 1100 100 1103 5200 1200 600 6100 7300 2300 1530 100 500 1Q0 500 100 1600 1200 100 4200 2000 100 100 600 700 400 1000 200 200 6600C 200 100 .. 200 .. 400 .. 100 ,. 300 .. 100 .. 1 500 200 7 1008314 4500 2 100 .. 1100 G 200 .. 200 .. 1500 100 ' 300 200 100 23300 200 1C0 100 1200 2300 100 1100 100 100 100 200 2400 100 800 20.0 500 100 1500 700 1000 500 100 100 3200 1200 2000 200 10700 300 100 400 500 1100 100 300 300 600 600 100 200 100 100 100 100 400 100 100 200 100 1200 1500 400 100 100 Midvnle Steel : 35 .. Mln ft St Leuis new 11 54 . Me Kan ft Tex (wl) 17(4 . . Missouri Pacific.... 22 . . Montgomery Ward.. 22 . . tVash Moter 525 , . Nat Kn ft Stamp.. . 53 National Lead 100(4 6 N Y Central 95' . . New Yerk N II ft H 30 (4 7 Norfolk ft Western. 109 (4 5 North American .... 70 3 North Anier pf.... 44 .. North American rta 11 Northern Paclfie... 76(4 .. Okla Pred ft Ref... 2 1 Otis Klevater 131 .. Otis Stee.1 12 2 Owens Bet Mach,.. 35 3 Pacific Oil 55(4 6 Pan Amer retrel... 74(4 6 Pan Amer B 68 , . . Panhandle 6 (4 2 Pennsylvania R R.. '45-. . . Penn Seaboard SteeJ . 7 &. Peeples Gas Chicago 87 54 . . Pere Marquette 33 Ti 2 Phillips Pet 43 . . Plerce-Arrew Moter. 1 1 (4 ' . . Plerce-Arrew Met pr 23(4 .. Pierce Oil 7 5 Pitts Ceal 63 Ti .. Pitts ft W Va 37(4 6 Pestum Cereal.... 77 8 Pestum Creal pf. ..108 . . Pressed Steel car... 79(4 . . Producers ft Ref. . . 37 6 Pub Ser Cor of N J 89(4 8 Pullman 121 . . Punta Alcgre Sugar 51 54 2 Pure Oil 28 8 Pure Oil pf 95(4 8 Hallway Steel Spg. .105(4 . . Ray Cen Copper.... 16 54 4 Reading 74 54 .. Replegle Steel 32(4 . . Repub Iren ft Steel 73 54 . . Republic Meters.... 10(4 3 Reynolds Teb B 45T' 20 'Royal Dutch N Y.. 55 .. St Leuis San Fran. 27(5 .. St Leuis Southwest. 28 . . St L Southwest pf . . 45 . . San Ccc Sugar . 3 ,. Saxen, Moter 3 .. Seaboard Air Line.. 7 . . Scab Air Line pf . . . 11 54 .. Sears-Roebuck 80J4 7 Sears-Roebuck pf . . 106 Shell Transport 39 1 Sinclair iwonsej JUJ4 . . Se Perte Rice Sugar 54 6 Southern Paclfie.... 90 . . Southern Rail 24 . . Splcer Mfg 18(4 4 Standard Oil of Cal103 B Standard Oil of N J 178 (4 7 Stand Oil of N 3 pt117 3 Stewart Warner Spd 44 . . Stromberg Carb. . . ." 43 54 7 Studebaker 135 54 7 Studebaker pf 116 . . Superior Oil 6 54 .. Superior Steel 32 . . Tenn Cep & Chem.. 10 54 3 Texas Ce 45 . Texas ft Pacific 29 5i 1 Texas ft Pac C ft O 24 Ji . Third Ave 21 6 Tobacco Products. . 55 .. Tobacco Pred A.... 79 54 .. Tobacco Pred rts... 23 .. Transcontinental Oil 14 54 G Union Bag & Paper E0 . . Union Oil 19 10 Union Pacific 141 4 Union Pacific pf . . . 75 . United Alley Steel. 39 51 . . United Drug 80 Ti .. United Retail Stores 62 . Unit Retail Ster rts 3Ji . USCII't Fdy... 34 B U S (' I P & Fdy 111 69 .. U 9 Feed Pieducts. 714 . U S Ind Alcohol... 64 54 ..US Realty ft Imp.. 71 Ji ..US Rubber 60 3 IT S Rubber 1st pf,.105(4 BUS Steel 101 54 7 U S Steel pf 120 ..US Tobacco pf . ...Ill 2 Utah Copper 64 Ti .. Utah Securities.... 16 .. Vanadium Cerp 46Ti .. Var-Car Chemical.. 28 54 . Vlr Car Chem pf . . 62 . . Vlvadau Inc 11 .. Wabash 12Ji .. Wabash pf A 31 54 1 Weber ft Hellbroner 12(4 7 Western Blec pf.... 10954 .. Western Maryland. 1154 .. W Maryland 2d pf. 19 6 Western Pacific pf. 57 54 7 Western Union Tel. 104 4 Westing K ft M E054 .. Wheeling ft L E. . 13(4 . . Wheeling ft L E pf 24 .. White Oil Cerp 7 .. Wicltwlre Spene Stl 15 54 .. Willys Overland 854 .. Willys Overland pf. 43T4 8 Woolworth F W... 168 4 Werth Pump ft M.. 51 ' 1 Wright Aero 8 Lew 15(4 12 115 128(4 16)4 57(4 100 67 ' 35(4 90 , 50 81 45(4 6(4 18(4 37(4 45 22 164(4 22 Ti ?2(4 30 12 35(4 1154 17(4 22 21 Ti 524 5 99 95H 29 10954 70 44 10T4 76 54 2 131 11 35 53 72T4 6Ti 6 54 44 7 66 32 42(4 8 19 7(4 63 Ti 37 77 108 79 55 36 Ti 88 121 50 27 95(4 105(4 16. 73 !4 31 72 10(4 45 54 54 27 5 28 45 3 3 7 11(4 30 105 39 29 Ti 54 89(4 24 18 54 101 178 54 116 44 43(4 133(4 116 6 54 32 1054 45 54 29 54 24(1 21 55 79 54 23 13 55 60 19 140 54 75 39',4 80 62 3 33(4 69 7'.; 62 71 5i 58'4 105-(4 100(4 120(4 111 64 16(4 46 28 54 61(4 10(4 12 31 54 1254 109 54 1154 19 57 54 104 6054 13!4 24 7 15(4 854 41(4 167J4 51 8 1.30 r. r. 15(4 12 115 -128 J4- 16(4 58 -100 67 33(4 90 50(4 81 45(4 22 167(4 -21 T4 525 55 30(4 109(4 70 44 11 76(4 2, 131 -74(4 68 6(4 4414 7(4 86 Nr (4 3 1 V U4 (4 1(4 (4 2(4 (4 1(4 (4 3(4 4T4 3 (4 (4 (4 (4 (4 1(4 1(4 (4 V Va (4 1(4 Ti 1(4 (4 54 M PIStKREA NEW HIGH PUCES : t Continued Firmness Alse Noted in Pennsylvania Railroad and U. C. I. Pfd. 32- (4 42(4- 1(4 10 - 1 19- 3(4 7 (4 63T4- H 37(4 -77 Va 108 79(4 (4 37 - 89(4 1 121 50 (4 28 (4 95 (4 J4 105(4- 54 16(4 .. 73(4 -31 - 72 10J4 (4 45- 54 E4 T4 - 27 (4 - 54 28 - 54 45 1 3 .. 3 7 11(4 i- 54 80 J4 1 105 1(4 39 - 30 54 90 24- 54 18(4- !4 102- 54 178(4- 14 "6 (4 44 54 43(4- (4 133 .. its 6(4.- (4 32 ,. 10(4'- W 45 54 29 54 (4 24 54 - 21 55 7954 r (4 23 .. 13(4- (4 60 J9- ' 40.54- 1 75 39 '.i .. 80 Ji I 1J4 62- 3- 54 33(4- (4 69 7 'i - 51 63 71 58- 1 10554- 54 100J4- (4 12054 . 111 154 64T4 54 16 54 46 28 54 01 54 - 1054- 12 - l 31 54 . . 1254 .. 10954- 54 1 1 (4 - 54 19 5754 1 104 60 54 54 13(4 1 Vz 24 - J4 7- !i 1554- 54 a 54 42 - 1 . 168 54 2 51 f- T4 8 .. ' The Philadelphia Electric Issues took the center .of the stnje in today's lecal1 market. Meth the common nnd preferred established new high records for the year nt 20T6 and 30. respectively. Net only was this accomplished en a com paratively small volume of dealings, but. also 'In the fare of the nnsettlement in tin; g&ncral market situation. The movement vas still without definite ex plnnatlen in se far as actual news, but the advance In face of the oppeslnf cur rents disclosed a surprising scant sup ply of stock. Trading otherwise was both light nnd c-olerleFs. Most of the local shares continued te held their ground well, with little alteration in price position. Dealings in some of the New Yerk stocks, especially scvcrnl of the sugar shoes, en the ether hand, were uncom monly heavy. Mere thaiJ 1000 srarcs of Cuban Cane Sugar changed hands during the forenoon at n price ruling Hi close parity with the quotation of the Rig Heard. In the Incut hharei PenilHVlrrillla Railroad continued notably firm, being still in geed demand nt !. While taken only In small lets V. '5. I. preferred likewise remained firm at the top price, '."Vi. The common at the witnc time regained most of yesterday's setback, Little was done In the street railway, 1. It. T. held at ,'I0'. nnd Union Trac tien was picked up at 3lVa. American Railways appeared te have found a sound bottom at 13. At least nil offer ings around that figure find ready takers. Philadelphia Stocks Kit Am Tan, 10 Am Strs. 13 13 37s 158 6 11 17 100 Am Kwys, lOtAm Steel Foundries ROtCallf Pet. niltPen Textltt lOn Cu Can Sti OOOt de nref. 41 HO F.lec Ster. 40 j 120 Oen Asph 70T6 1LV de pref.,108 IWtGcn Mtrs 14 'J2 In Ce X A 3S 10KayserCe 41sM 20 1 Key T&K 10'6 as) Lake Sup. IIVj 1:1(1 High Lew p. it. . r.(ii6 neis ne6 .r-'4 JL'4 1L'4 Net chge. - 13 3716 rsi6 3716 0 ! 14 IT'j 17-a8 41 41 4 4t!'j 4a 16 70. 70 jui'i is4i ii 3S 4K-6 10 10 JUG J)'... 12,"i I.eh Nav.. 73 Vj 731i 73 14 14 :T.uex rct..lU7!'N lli J073 14 38 V. 10 12.. (evi... 531J Jd 3- -' 307i 30V6 10 ,1 -'0T6-2 NEWS FOR INVESTORS Company, rentalns an Interesting ar ticle en distribution of feed and ether neeeiMtiei and its iiitluenre en ceiats te it..iini,in iniilinirn fur firt twenty- eeniuiners. inere is nie contained a Ilurlingtiiii loadings ler nrsi iweuu ,1.,.,,,., . ,,,. ,. ,,-, .n,ic,-,. one dnjb of .Inly were 011,010 tars, an I tl)U L;itv lnereu-e of 0.20 per rent 1 The i'ederal Reserve Rank will ac- Xew Yerk Deik Company reports cept any Victory note outstanding In June surpluH after taxes and charges j payment for the new Issue of 4l4 per .-ii4,rili, ugitlii'tc iun,-ti 11 jrai u&". 1 eeni i reusury neies wuicn are new ue- Standard Steel t'nr company, 01 1 mg ettered. That Is te say iitrhtnirh. cu a notice at narris burg of iucreiiM' of bteck from $4,000, FOREIGN EXCHANGE New Yerk, July 20. The foreign ex -change market was a dull and listless affair at the opening today, with trad ing entirely professional In character. Sterling was fractionally eicier, while francs ruled steady. Quotations fellow : Sterling cables 4.43 3.10, demand i.-HVn franc cables illlXr C3 fkl nir. lOOtM Sta Oil 12 12 20tPan-APet 74 73 li 20 Penn Cent Light pf. ZiAVi 334 338 Penna R R 43 44 n Phila In W 38 3S 30 Phila Ce cum pf.. 39 38 231 Yhlla Klec 20 20j 482 de'pref. . 30 8014 170 Plillu R T 3016 .1016 33tPierce-Ar 10 10 200t de prcf.. 22 20 aetstnnd en of Calif .10276 102 102 'S3Tone Mln. 1?; ia;s js 7. JSOtTrens Oil 14 14 14 . . 40 UnlenTrac 30V 3!i, , 39V.. . " 303 U G I 32 Vj 32 li 521": t. 03 de prcf.. 5314 331. t-)314 . . OOfWlllys-Ov 8-Jij 8 8 tNet change made by comparison with last sain un Svr Yerk Stock Exchange. rrarDELriiiA uends 3000 Liberty 1st 414s '47. . 0000 Liberty 3d 4Vis '28.. 2000 Liberty 4th 414 h '38. 1000 Victory 4-J4h '23 2000 Klectrlc & PeeTr4s. 1000 Electrif & Pee Tr 4s. 10000 Phila Ce cons 3s. . . . 0400 Phila Klectrlc 1st 3s. 2000 Phila Klectrlc 1st 3s. 2000 Phila Klectrlc 1st 3s. 1000 Phila Klectrlc 1st 5s. COO Phlln Klectrlc 1st 5k. 2000 Phila Klectrlc 514s... 2000 Phila Klectrlc fls.... 2000 Phila Klectrlc 0 1000 Phila Klectrlc s 300 Phila Klectrlc 0s.... V. I An Efficient Service fefc Investors Leng Etabluhd During a period of mere tHan forty years this Heuse has provided efficient service for many thousands of investors. Private Wire System Our offices are all in direct charge of partners or our own managers. The close co-ordination of our facilities is fully maintained by our private wire system. Foreign Connections x , Our foreign department is in direct, constant -communication with our correspondents in Londen, Paris, Amsterdam, Antwerp, Brus sels, Buenes Ayres and ether foreign markets. Investment Service We carry a line of investment securities, care fully selected te meet the requirements of individual and institutional buyers, which includes foreign and U. S. Government, municipal, railroad, public utility and indus trial issues. "i. Statistical Department The statistical department provides a Weekly Financial Letter, Manual for Investors, special descriptions of individual securities and ether data of value. Correspondence t's tHvt'fre! EntablUherl 18M 1422 S. PENN SQUARE, PHILADELPHIA Members New Yerk Stock Exchange Bosten New Yerk Chicago .101.00 .100.82 .101.00 .100.70 . 00 . 00 . 88 . 100 . 10014 . nei "0 . 101 . 101 -?i . 103 . 103 . 103 1. . 103 " Tax Free In Pennsylvania Northampton County 4'2 Bends Due 1952 Price te yield 4.07 Harris. Ferbes & Ce Pine Street, Cerner William, New Yerk Widener Building, Philadelphia MONEY-LENDING RATES NEW YORK Meney en call, both clamum of collateral, opened teilav it i utr "int for kndlnit und renewing. rni.AIEtPIHA,3"cal, 44 rer cent; time. 45k te 4H per cent: commercial pacer, three te six months, 4 '4 te 4'4 per cent. Standard Oil Gett Bolivian Lands New Yerk, July 29. Concessions of ap proximately 2.400. 000 acres of Bolivian lands, mostly In the Department of panta Crus, have heen ttramed the Standard Oil Company of New Jersey, uccerdln te advices received today by Carles Oumucle. Bolivian Censul Qeneral. The terms of the agree ment were net announced, 'HPH.T.AM'. HAT. .AmK!,Jr!i!a," fiWMH en the lenue of Philadelphia business men. Fer unusual inciuema or, uuBineii, ler Keen analysis nf men. methods and events. Ittrhard 8plllane ranks hlKh as a business writer. Ills ar. tides appear resularly In the Business Hec. Hen of ttie Puma Ledesh, "Maka It Habit." Adv. " ' fi3 T.KOAI, AnVjjatTIgKMKNTH 1-OR SAI.K IN ACCORnAWK A IKUVt ..-ll ii.in-r i'l 40 M 14 N. villi). I I'lmmUr . . IM.'IfiUau Jnnujr LM.'.M Mar. h . St. IS ,Mii . . L'l.O'J Hid .'t.l M.)!" L'l I'll it Oil JI til 'JI JO L'l IJJtieS Jl (11 ji in ji no JU S'J MEWBURGER, HENDERSON & LOEB Members New Yerk and Philadelphia Stock Exchanges, 'al irv fi. 1M2 Walnut St. i -rvFX. Ha - m-rmr i "" - VlMi- NEW YORK COFFEE MARKET Sew YihIi. July 211. The 1el-:iI i-ef-fcp futiiu-s murker (ipciicil at itu ml -viuii-i- of ti te 0 points this mernlnc, with tiiidlnc mi the cull r-entiiiPil tu a fi- letn nf IJi-i-ember at II. 0." ainl II. 00. rnrtliiT wliiirp iiilvuiiLt-s in the Itrazlllan inarki't and milium thut a leral iner-i-liunt bad heiiKlit t he lievfinmeut hold held Iiikh nf upwards nf 1.10,000 bilK-s, whlc-li would lii' imici-lcd nut through the in terior and net delivered liac-k en the e. ehiiiice, imparted cenlderable htnuiRth te local sentiment. Traders, hevt-er, M-eined dl-pei-ed te net cnutieusly and te feel out th iiiurket. Karly fiitlis in f-effee failed te held and late Jti the forenoon price had i-uuged f te 1(1 points en trade felllin;. The hlinrp inlvum-e yetiti'rday va8 looked en as being net fully warranted by pres ent i-nmllliiiiiH. This tnernliiB there was lrttinlly only one buyer and he bid prices up ." te H pnlntH. ihe advaiu-e Ih'Iiir followed by scattered cellinc or ders. Keiiti'inl-i-i' December March , ,, , May. ,,,..,... 0(r0 te S 2 1,000,000. -The uveniKc price of the twenty ac tive ImliiNtrlal stocks advanced 1.05 per cent jesterday te 05.00, while the tweiib railroads udvanced 0.51 per cent te 80.14. AH of the S5.000.000 principal amount of 1'recter i: (iauible t'einpany 7 per cut cold notes, series r., uue .uurcn . :j Trilllf fllllinu M :tI ii lAnin the notes W.'J'IU Iti.Whm . r-nhlea T .v ,.l. ..t, which have been called for redemption Ir.STt' li.. i.ntih.u a.nsu. .'i,e,'.b a no. en December 15 will be accepted in pay- jjvviss cables 18.00. checks 18.00; nee ment for new notes u8 well ns the un- ,-ta cablew 15.57. checks 15.55; Danish ailed neteh which mature next May. ! cables .1.5U, checks '.U.48; Norway ca American Zinc, Lead and Smelting bles 10.85, checks 10.80; Swedish ca Company reiierts for second quarter of rules 20. Oil, checks 25.08; guilder cables i .' .,. r. ul .i ,.. IS Si! ..l...l, 1UQ1. 1. . .11 1.'-- pruui 01 .iiu.iiiu oeiere eriirecm- u.i unuuikn uci.cia , iiiarnn, .iuya The eremlum en New Yerk fumla In Montreal today was 21 -.'12 per cent. Tim dlHceunt en Canadian funds In New Yerk was 15-10 per cent. I'lev ("ii n.. 1.1 a. 17 e.r70sn a AUfMflQl 9,50(l; Open It 1,0 T.I W.O.',rt(IO 0.03075 9.U0OT0 1 ion and denlctlen charges. This com pares n-ltb $50,152 before same charges lu first quarter, nnd brings operating nrelitu for half-year te $100,007. In 1 1H2.I, will be redeemed nn Septem- corresponding period last year, company ber 1 at the CJuuranty Trust Uempnny, operated at less or iM'-ai.iM.i. New Yerk. 'A syndicate headed by A. G. Hecker "f"lnd 15,. 2 ' A Londen cable sajs It is reported i Ce.. Hulsey Suurt & Ce.. Stern l" ,,. bJ from Caire that the Sudan Uevernitien" Ilres. & t.e. and im-us l'eiixe & has empowered the Governer (Jeneral Ce. Is offering u new inane of !52,300, !52,300, te nelect an Kngllsh bank, or banks, te i 000 David Eccles Company first iuort iuert Issue bends totaling 7,000.000 for I gage and collateral trust 7 per cent completion of the Sudan irrigation I serial geld bends, doted June 1. 1022, works turn uue Nfijauy uuui uuuc j, iu-s, iu v v'neelnl inpetinirHef the stockheld- i 103-. inclusive. They ure offered lit e7s of ' he Ad endack Power and Light i ," 100, according te maturities, Corporation will be held en July 28 at I 'W from 7 te 7.35 per cent, i ,ui.ir,inin v. Y . te vote en the nre- ' iiesul te Increase the authorized capital stock from S2:UH),000 te $25,000,000 and te reclassify the present stock, Tim Secretary of the Treasury is offering through the Federal Reserve IlankH an Issue of $300,000,000 or thereabouts of 4 per cent Treasury notes series 11-1020. The notes will be dated August 1, 1022. and will become due September 15, 1020. The Third Avenue Hallway system In Ub monthly report for June, shows net income of $53,040, as compared with n detlclt of $52,255 for June. 1021. Fer the twelve months ended with June, net Income was $107,8511 compared with a deficit of $870,011 for tin. urnii uerlnil n year aire. r -...,...... !!.. .1... !.. ... ...... b The current issue of the Glrard Let- i "-"' f0," "" ft;," ter, published by the Glrard Trust Bosten iis.oeo.ooo t42.030,7t7 Hehnlriir Cemnany Is notify. in.uuu.uvii len-year ui Atlantic Refining Redeems Bends Die Atlantln inif holdera of Its Per cent k'OIu uebeniurea, dux .March 1. 11-31. that It has elected te my oft anl reikcm the entlrn Isjue en September 1 next. Henda should tu presented for re-dt-rnptlen nt Uie efflce of the Eiiultalile Trust Cempuny of New Yerk. The redemp tlun curries ii premium of H per tent and arcrueil uterest. The bends were Issued under date .March 1. 1021. Un the 10th of lust month It was announced that the com pany had sold te a ImnkliiK syndicate an lMii-e of 116,000,000 fifteen-year S per cent iien-cnllable debentures, tne proceeds te lie ued for the rodemptl'm of the 6Vs per rent debentures. The raw bunds hne already been placed with Investors YESTERDAY'S OLG3l.NO QUOTATIONS Sterling Kruncs Ure Guilder M'i 4,R(IVi 88..'I0 -i.HO 88.83 TODAY' H 01'KNINQ QUOTATIONS Sterllnic Francs Lire Guilders Demand .... 4.-H' 8.JDU 4.3H SS.Sl Cables . 445 A 8.Ht 4.B8'4 88,80 DIVIDENDS DECLARED International Harvester Company, quar terly II 75 en preferred, payable September 1 te sleck of record Auvust 10. Inland Steel Company, quarterly nf twen-ty-Hve tents, payable September 1 te sleck of record August 10 Tennylvanla Ceal and Coke Company. Quarterly 2 tier cent, puiable Auiruet 10 te stock of record August 7. American Tobacco Company, quarterly 3 per cent en A and II common, payable Sep tember 1 trj. stock of record August 10 Iluffa'.e. Rochester and Pittsburgh, semi annual '-' en common nnd $3 en preferred, both pavable August IB te eteck of record August t. Londen Metal Market Londen. July 28. Standard copper, fil.l 10s, futures, til.1 IBs, electrolytic, 70 10s: futures. 171 lOi; tin, spot, 7s oil. futures, tiiiu 7a 04; lead, sput iu"i luiuira, ttfi iv.; aiiii;. apul, lu I futures (l!H 10s. spot, spot, nun fliS ii J: IS BANK CLEARINGS Hjnk clearings today compared with rur- Paris Bourse Firm ' July ifl Prices were linn nn I'arls, July in Prices were firm un he Meurse today. Three per cent rentes, 48 I frillies S.'.c exchange en Londen, nl francs 100 03c: fi Der cent lean. 77 franrs Mir. Tha S92,7S3,S38 dollar was quoted at 12 fraftr Re. H with the Dfuvlslnn rD,il,,,ln ku fercement nf the nrtlieuseman' lien for Bterag and ether charges, goods stored in the following names will be disposed of at publle auction at our warehouse rear -J70U N. Hread St.. at 10 A. M August 8th 1 Jeseph Kent, buffet, settee, table tut!, stand lamp, tables, t-ed, bureaus, chairs, etc,'. J in. H. Kline, cot, quilts, bureau, boxes, bed. Davenport, merris chair, chairs, t- . Wm. Muiselmnn sewing machine: Klien II Joyce, barrels, boxes, bed, kettle, andirons', bundle, packages, baskets, rousting plans folding table, scales, rugs, shovel, tongs ami poker, pictures, bench, chulrs, stone jar, neck. een, lubles, etc.. Carrie 'Wall, trunk and bexj Anna M. Kellj. costumes, bundle boxes, carpet, table, swords, ifmlrs. oil heaN er, she'.els, bootblack stand, pictures, screen poles, dress form, bookcase, waste basket! Bhades, crocks, barrels, baskets, tek kettle and demijohns, rolling pin, beards, bundle carpet, etc.: Daniel l.anlgun, book springs, rack, shades, c-hnlrs, smoker stand aus heater, cuplmard.vcommede, wKslmtanrt mat. ting, beds, bureaus, bootblack stand' wall glass, rockers, nil cloth, extension table, chest, tub, ldebeurd sewing machine, dome quilt, etc., Martha Ueyer. spring, beds uUs heater, bundle pipes, awnings and frames waahatand, china closet, wash bench, chairs', rugs, boiler, stove, flag and pole, curtail stretcher, baskets, buffet, kitchen cablnet. gas range. Ice chist. etc : Chas ltent, bench folding springs, rocker, bench, chairs tables settee, atepUdder. flanpule, book rack wringer, wall glasses, towel rack, easels, bas kets, packages, matting, sweeper, pictures stcel, commode, boxes. Ironing beard and stand, sideboard, oil cloth, cuspidor, wash stand, bureaus, curpeta, etc.: Ifeward V Gaines, bench, pushmeblle, shovel, drawing table, lockers, tables, settee, speedcart. lawn mower, costumer. sweeper, tables re frigerator, game beard, splasher, lady's desk, sideboard, oil neuters, stepladdcrs, sewing machine, hureau, desk, bookcase, tab tab eret, earpet, music cabinet, grate, screen two hanging, glasses, shades, poles, piano tell, piano UVeisr Urether make), boxes, etc.; Lenbert Ce., Inc., shewcaaes, sluas tops, tables, carpet, cashier' desk, cashier's cage, part of partitions and part of fixtures; Meees 1), Scott, tables, rockers, whatnot cabinet, book spring, stepladder, ciystal closet, carpets, chairs, setttee, pictures, ex tension table, chiffonier, beds, bureau, screen deer, swing, hall rack, buffet, pack age, sewing stand, screens, music cablnet, poles, waahstand, swlreper, plana bench, baskets, taberet, refrigerator, uwnlng reds, crex rugs, boxes, coeoanut, ash selve, bundle of pipes, shovels, steel, wringer, rockers, chairs, piano, costumer. barrels, oil lump, fleer lamp, beg couch, bundle carpet, trunk suitcase, electric lamp, umbrella Jar, tub tub erets, Jardlnler, flower basket, etc The contents of burvuus, chiffoniers, waahstands, buffets and all containers un. known te bailee will be disposed of by sale also by order of the lllller North Ilread Hteraga Company, 270R N, Hread st,, I'blla. delpblk. Free of Federal Income and Penna. State Taxes $125,000 Harrison Township, Allegheny Ce. Penna. Scheel District 4'z Bends Financial Statement Assessed valuation $7,550,000 Total funded debt (including; this issue) 417,000 Sinking Fund 25,550 $20,000 due July 1, 1927 $21,000 due July 1, 19-12 21,000 due July 1, 1932 21,000 due July 1, 1947 21,000 due July 1, 1937 21,000 due July 1, 1952 l.ejjiillty of Issue approved by McVlcnr, Hazlett, Gardner k Gannon, Ksqs., of Pittsburgh, Penna. Prices te Yield 4.20 Per Cent. E. H. ROLLINS & SONS 1421 Chestnut Street, Philadelphia Locust 7300 -R. A. M. & Ce Wanted Penna. R. R. Coniel 47c 1943 P.C.C.&St.L 4 1945 Jamtttewn Tr. & CI 4rc 1959 Ohie Connecting Ry 4 1943 Mich. City & Ne. I Cat... .5 1933 Wiliiomipert Gat 5 1939 LMt Nav. EUc 67e 1943 New Cat Light S9p 1934 Reed A. Morgan & Ce, Writ Kill! Tmst Bldg , Phila. Members of the Telephone- i'hlla, Stock Kxch. lirui-e "J13I I The Institution That Gave Philadelphia Day & Night Banking Service &ANKLIN TRV5T COMPANY 15th St. Belew Market Genua ntenn Ave. Above t'helten Ave. 63d und Market Hie, Delaware Ave. and Market 81. E. H. Rollins & Sens Founded 176' Investment Bends 1421 Chestnut St., Philadelphia l-henr l.ecnst 7 BOO floafen .Vete Yerk Wllkcs-Barre Ualtlmore Chicago San Frandice City of Winsten-Salem. N. C. 434 and S Coupon Bends Due May IS, 1924 te 1942 Price td yield 4.70 Frme from All Faderal Income Taxes Send far descriptive circular 1 I. i ,1 8n Gcntthuciu &uMnM SOVeatA Reading General 4s, 1997 MORLEY, WOOD & CO. 333 Chestnut Street I'hlla, Hteek Ktrli's. Members N, V, li MOVER Cr CO. Bankers & Brokers 301 Chestnut Street Frederick Peirce BONUS O f INVKST FOB OC CO. MKN 14M Chestnut Btreet. Pliliauew-. WIEGNER.ROCKEY.CO Certified Public Accountants Drexsl BuUdinsr. Philadelphia HORACE" P. GRIFFITH & CO, Certified Public AcceuntanU , FINANCE BUILDING. Pbtledelpbl .V, Horses (irllllth, wiuard Jl. uinnsr, Wm. Uwl MsUse i. P. A., r. : mm r$iZ r ) iiiXs.N ! ,';" 1 hi -,JN(.,f,-
Significant historical Pennsylvania newspapers