HWpi ?7' ,', - BTC.V lVrMFlS,(fSJ y4 P ' iW" uf "- .'l ' Tii, T$f r m;r-w rjiT.T. v 'T&-V ' dwm V-AV H' W -" yfff ", w i v;t? -" ' 1 ' WS " 1JJ ..-,,L- 7t i h? f h' ? &' . ll'A f'- lif II :u. & tai SI H fl; JJ M I1 tf MU w M 3 n Pit . i it.- rj-A5 lit 31 1 5fii?.lU . K f' K &u' hh- f'"u. m Iff'' H MncliK EVENING PUBLIC LEDGER PHILADELPHIA, SATURDAY, JULY. 29, 1922 El WASCOLORLESS Week's Variable Movement Product of Shifting Opera tions of Professional Traders Kew Yerk, .Tul.r 20. MUc most of the nhert sexslnni In midsummer, to day's Meck mnrkct did net amount te much. Further ceverlnc e( hert con .1 tried, nttrlbutcd te favorable over night developments In tlic strike situ ation, wns noted at hc opening. When till demand petered out the trading fceame flat and colerlesn. Profit -Hiking la the Inter dealings resulted In n cin.celln.tlen of most of the early Im provement, leaving the general list firactlcnlly where It steed at the doi ng last night. Operations were al most exclusively confined te the room trading contingent. A further collapse in (lerman marks te IRft cents a hun dred, the lowest price yet renehed, In dicated the Increasing concern felt here regarding financial conditions in Germany, but was practically Ignored as n market factor. Fer the moment, all e.her considerations nre completely orershadewed by the labor situation. Trading In bends wns dull. Consoli dated Has Convertible 7b, which ad ranced sharply during the week en nn Increased dividend announcement, drop ped 1V points In the early dealings. Uruguay Hs. with a rise of ft a point, featured the foreign lusues, while Sea board Air Line convertible (Is led the moderate advance regis ered by most of the mils. Liberty bends were easier. Speculative Interest blew het and cold alternately in this week's market, ac cording te the day-te-day interpreta tions of the professional trading con tingent of the developments toward bringing n nettlement of the coal and railroad strikes. Naturally, the price movement was highly confusing. In fact oftentimes quite conflicting. Altogether It carried practically no significance except te further emphasize the ultra professionalism of the current trading. By reason of the extreme narrowness of the current speculation prices can be marked up or down sharply, accord ing te the prevailing whims uf the room traders. Seme i'xper,ts believe when the mar ket gets out of this waiting or resting spell after the settlement of the labor trouble, the secondary stage of the bull movement will be started, which will carry all the active stocks te n much higher level than nny reached this jeur. mat weuni superficially seem a plausible deduction if there bheuld he prompt elimination of the labor dirU eultiee, which at the moment arc un questionably a serious menace te the slowly reviving prosperity of the coun try. It may net be nn altogether safe rule te bank en. Experience has frequently demonstrated that geed news often times supplies the basis for distribution of speculative holdings rather than up plying the incentive for accumulation. The general market situation, however. Is se heavily charged with conflicting elements and currents ns te make the Immediate future difficult of reaching nn.v sausinaery conclusions. One powerful influence in the hands of the constructive forces is the ab normal enfy conditions of the money market. Kasy money has always been tl.e t-inews of all erect speculative movement and the fuel of speculative enthusiasm. The manner In which Idle funds are accumulating is producing n Mttiatimi little short of embarrassing for the depocltery and ether leaning in stitutions te find ready and profitable employment for such funds. These In stitutions, within the Inst six weeks, have been enormous buyers of all the (fOTcrnment war isue', which accounts In part for the remarkable enhancement of market value of all these issuea. Seriousness of the growing fiPl shortage has been openly exemplified in the curtailing of Industrial operations in all parts of the country and further emphasized In the action of the Gov ernment In the placing of priority or ders In railway freight traffic. It is, herefeie, recognized actual interfer ence with the industrial situation de pends entirely en the duration of the strike. This nnturally has resulted In a much lessened demand for funds- from commercial and indiihtriul ((quarter, and in turn resulted In the rapid accu mulation of idle funds, se that money has actually become a drug en the mar ket, n condition Just the opposite of that existing n year age. This results In giving Wall Street nn enormous amount of money te piny with. The unpleasant disclosures brought out by the Allan A. Ryun fnilure for a time threatened te produce a drastic change of policy en the part of the loan lean ing institutions by the application of mere rigid discrimination in the ac ceptance of collateral, The peels and ether speculative combinations, how ever, by reason of the greatly enlarged list of stocks traded in en the ex change, etill had a wide latitude te work In. The question then remaining te be satisfactorily unswered is hew long these strong-arm metfieits, can goon without limitations and the inevitable day of reckoning. GRAIN'MARKET Oprn High Lew Cese Wheat Julr . . 1.10 1.11 1 in i ieh Sept.. . 1.07 l.fiss i nn i ni'i Pre. .. l.jn l.ie', l en"-, 1,10 , Cern July . .. 0.1 U (13 m hept. ... (11'i H3 2' i (124 ic... . r.s r,u't am, r,H, ' Oat i Julv . .. 32 S2S 32 32 Hpt. . .. ; .14, ait, 34 Dee. 37 37'i 37 37 ' Lnrrt Sept. 11 31 11 47 11 3S 11.42 Oct. . 11 43 11..',.' 11 43 11.50 nibs- - July in 7. Slet 10.S7 COTTON MARKET Test, rleae Open Illnh I.ew Clnee Oct. 21 47 21. M 21 flfl 21 40 21 4245 Pec. 81 411 21 411 21 4ll 21 30 21 35B87 Jn.. 21 2S 2l.au 2134 2120 2121'322 Mch. 21 27 21 25 21 31 21 17 :i IS May. 21 in 21 12 21.14 21.03 21 03910 pet, 21 70 NEW YORK STOCK MARKET Only AfUrneen Rtpert in Phlladilphla Quoting Full LUt Today's sales 279,500 shares Yesterday's sales 703,500 shares Total" for (his weck...4,l!M,Joe shares 20 D1Y. H! in t 100 .. 100 4 5700 . . 1000 . 9430 a 200 930 .. 1300 .. 500 100 103 233 1400 200 200 3200 200 400 700 203 300 200 200 300 2930 1200 203 100 103 1430 500 100 100 400 100 10 603 400 2700 3203 200 103 100 203 200 103 4930 533 tee 600 100 100 1100 200 300 300 333 2933 1630 433 600 100 100 400 7 30 4 8 0 8a) 230 730 4)0 233 203 10J .. 100 .. 200 .. 630 t 533 .. 1033 3003 .. 1733 .. tee e 300 4 2203 !H 100 7 710O .. 1400 .. 28 30 .. 2930 .. 5103 .. 103 533 103 200 700 16J0 1933 330 103 100 100 1233 730 21-0 100 1030 633 2533 103 5J0 2103 103 tee 200 1103 100 20 JO 233 933 103 303 233 2)3 933 103 803 100 3JJ 533 200 403 100 303 100 933 103 900 933 830 100 1100 900 400 200 i4teck Adams ExereN Air neductlen. Aax rtubbr. . Alaska, Juneau O ITIth 64 56 H 12 M 1H Allied Chem A Dy 72 H Allts-Chatmera .... ' .. Am Agrle Chem pf. t .. Am Can 9 U Am car Fdy.... 172 .. Am ChleU OH .. Am Drue Syn 514 ..Am Hid Leath pt 70' 7 Am Ic 111K .. Am Internat Cerp. 42'A 1 Am La Franc Eng 13 H ( Am Locomotive....! 19 N .. Am Malt ft Or at a.. 2 .. Am Metal 47 4 Am Radiator 101 .. Am Ship ft Cem.... 19H .. Am Smelt 1 ' I Am Steel Foundries 37 54 .. Am Sumatra -0 Am Tel A Tel 1221s U Am Tobacco 147 12 Am Tobacco B....143 .. Am Waterworks. . . 17 Vt 7 Am Woolen 914 .. Am Zlne Ld ft B tu 45 .. Anaconda Copper . '4H 4 Aise Dry Goods..,. 54 6 Atch Tep ft S F pi 91 Vt .. Atlan Dlr ft Atlantic 3' .. Atlantic Fruit "iYi Atlantic Fruit ctfs.. zy All Keftnlna- 10??. .. Atl Oult W I S 1 32 .. Austin Nichols 27 7 Baldwin Locemotlva120& .. Baltimore ft Ohie.. 57 W .. Barnsdnll Class A. 28 V4 .. Barnsdall Class B.. 24 54 .. Batepllu Mining;... 1 r C Beth Steel B 76(4 .. Beeth Fisheries.... 9 .. Brit Em Steel !d pf 30 .. Bklyn Itapld Tranalt 26 Jt .. BWyn HT ctfs of db 23 .. Butte Cep ft Zlne. 714 . Butte ft Sup Cep... 30ft .. Buttertck Ce 1 8 .. Cadde Cen O ft B.. 10J4 .. California Petrel . 60 14 10 Canadian Pacific. ...140 .. Central Leather... 39 V Central of N J.... 196 . . Cerro-de-Patce ... 38 V4 C Chandler Meters.. (5 4 Chesapeake ft Ohie 71 H .. Chicago ft Alten... 10)4 .. Chicago ft Alten pf 17 .. Chicago & Or West 8T4 . . Chi ft Or West pf . . 21 i .. Chi Mil & St P.... 29., .. Chi Mil ft St P pf.. 5 5 Chi ft Northwestern 77 H .. Chi n I & Pac Chi B I A Pac pt 2 Chi St P M & O "fw Chde Copper "H Clev Cln Chi & a u a Clev Cln C ft S L pf 97 Y Ceca Cela 71 Cel Fuel & iron.... cun Cel ft Southern 7 Celum Gas ft E'ec. 93 Celum Oraphophene i Cel Qrnphophena pf 16H Cemput Tab Bee... 67 Consel Clear 33 J Consel Gas 122 Consel Textile.... 10 H Continental Can.... 77 Cent Insurance E3 Cern Product Hef..l07Ji Cosden ft Ce '3 Cosden ft Copf 93 !4 . Crucible Steel 91 H . Cuban Am Sugar.. 16 H . Cuba Cane Sugar.. 16 . Cuba Cane Sugar p' 404 . Davisen Chemical.. 9'4 9 Delaware 4 Hudsen1J5 54 Del Lack ft West... 1 29 Yi 6 Eastman Kedaa n 73 Yi . Elk Hern Ceal 20 1 Elec Storage Bat.. 47 . Erie 17K . Erie 1st pf 5'4 g Famous Players L. . E2 g Famous Players pr. 94 5 Fed Mln & Smelt pf 10 t Fisher Bedy of O pf B7J4 , . Flslt Rubber 13 . Freeport Texa '3 , . General Asphalt... 71 M t General Asphalt pf.!07V4 7 General Cigar 77 Ji g General Electric... 182 . General Meters 14 . Ollllland Oil pf 54 Ji . Goedrich B F i7 , 7 Great Northern pi . E3J4 4 Grt North Ore ctfs 40 . . Guantannme Sugar. 13 , . Gulf States Steel.. E2J, . Hablrshaw Electric. 2i . Hendee Mfg 21 2 Hudsen Moter Car. 21 Vt, ,. Housten Oil 751-i . Hydraulic Steel.... 9 J, 7 Illinois Central 1C8 7 7 111 Cent pf "A".... 11 us Indlahema Ref 3H Inspiration con Cep 41 J4 Inter Cen Cerp 1 Vz Inter Cen Cerp pf . . 5 Yz Inter Rapid 20 Int Mer Marine.... 16M Int Mer Marin pf . . 72 V Inter Nickel 17 International Paper. 13 V Invincible Oil Cerp. 13 Iren Product 324 Island OH 74 Jenes Bres Tea.... 46 Kansas ft Gulf V Kayser Ce new 43 Kelly-Sprlnrteld .. 47 Ktnnecett Cenner... 36 , Keystone T 4 h.... 10 Lackawanna Steel.. 77 H Laclede Gas of St L 86 Lehigh Valley 65 Liggett ft Myers pf.176 Lima Locomotive. ..109 M Lew 64 564 11V4 IK 70 53H 64 S3 14 1714 9T4 514 f9 110 42' 13H 118 2 46H 101 19)4 61 374 37 J4 122 144 J4 141 Y 17 91 i 45 1314 E3'4 9114 314 2H. 214 1000 32 26 W 11DJ4 5714 28 2tH 78 K 84 30 54 26 224 714 3014 184 10 H 60 140H 39 192 14 38 f3V4 71 10H 17 8 2114 ;e 5V4 77n 44 P24 CO Vt 12H 78 97 n 70 Vi J0J4 74 i.3; 414 ltW '614 3314 12IH 10 744 83 1C7U 42V4 93 54 88 54 6 15 54 384 47 12554 128 73'4 20 6!4 17 25' bin 94 50 67 54 124 22S 71 1C7J4 77 54 181 134 54 Ji 37 5-4 83 40 13 82 54 2K 21 21 75 54 94 108 111 iS 41fi ! 314 28 54 1854 71 H 1754 24 124 32 54 46 4 54 43 46 38 J4 10 54 77 H 84 54 65 54 1764 1C9 Tedy"s CIOM Ktl CMS 64 - 564 1114 1H 72K 53H 64 L9 172 -91 55i- 70 54 11054 42 54 13H 1194 2 46H 101 -37J4 29 12254 147 1424 17 914 45 - 1354- 54 9154 3 54 254- 214 1000 524- 27 120H 57 54 28 -24 54 154 78 54 84 30 14 26J4 22J4 754 30 54 184 1404 39 196 28V4 65 71 10 54 17 -8J4 . 2114 18H 454 54 824 68 54 22S 78 97 54- 71 30 54 474 C34 454 334 122 10 77 83 107 54 42J4 93 54 9154 26J4 154 39H 47 125 54 129J4 73J4 20 47 1754 25 54 81 J, - 94 50 87 54 -12T4 124 -71 10754 77?4 18154 13J4 54J4 374 83 14 40 13 82 14 24 21 - 2154- 75 54 9H- 1084 f 1 1 I "4 3K 41 H - 314 28, 3 54-13 32 54 . Ji . 46 414 . 43 46 -36J4 , 1054 774 , t5J4 65 54 . 1764 '094 54 V 14 24 H 14 '54 H 1H 54 54 2 '54 14 54 14 1H' 54 2 54 14 ' H H 54 1 H 54 54 54 1 154 54 1 54 54 54 H 54 14 I Yi 54 24 1 14 ' 14 ' !4 54 H 54 H H 1 54 ' 54 U 54 4 54 y 1)4 H 2J4 54 1 14 54 24 54 Ji Y 2 54 154 54 "V4 54 H 14 14 54 54 54 U 1 iji i 54 114 14 54 54 H ' 14 54 54 14 154 54 54 54 14 'h 174 ' 94 H P's 730 3!0 300 200 100 303 430 200 633 430 100 1200 1703 4430 13503 5433 700 Die, In I BTOCIC Itluh . . Lima rts 554 .. Loew's lnc ir54 U Lerlllard (Werre).'.1634 7 Leu'avllle ft Nash.. 131 6 Mackay C 101 4 .. Mack Truck 654 . . Mnltlnsen Ce....... 3554 .. Mkt St Ry pr Pf... 59 7 Mnnhat Elev Ouar.. iV Marland OH 39 8 May Dept Stores. . .1 1654 .. Max Moter-Class A 6154 . . Mux Moter Class B 21 12 Mexican Petroleum. 16954 6 Mx Seaboard 22 W e Mex Seaboard eft.. . , iKrtn. .; wl""ii topper 7nn1,20 M,,!a' State, Cerp. '700 .. MM-,i. H...I M St P ft S bVm'.' Me Knn & Tex new. Me Knn ft Tex (wl Missouri Pacific... , Me Paclfle pf Montgomery Ward.. Mulllna Bedy Mentana Power. . .. National Acme.... Nat Cen ft C'abU... Nat Biscuit 200 tee 220J 530 803 200 400 200 103 100 200 200 300 100 1730 tee 103 1530 2)0 100 200 203 630 2430 1003 3330 8633 830 100 23 X) 1533 330 5 1500 .. 100 6 233 3 2833 2 530 .. 330 .. 100 6 100 S 1530 .. 200 1H 103 C 100 .. 1633 .. 103 C 10)0 .. 1200 : 333 S 233 .. 100 4 100 2 200 2 200 .. 5J0 .. 100 .. 530 3 4306.20 20J4 30 12 14 :3,k 63 12 18 22 S6J4 2254 23 7254 17 2 54 151 6 S Nat En ft Stamn... 56 54 National Lead 1014 Nat R R of M 2d pf 4H N Y Central 99 New Yerk Deck.... 26 54 New Yerk Deck pf. E84 New Yerk N H ft 11 31 14 New Yerk Ont ft W 26 54 N Y Shlpbulldlr.n.. 164 Norfolk ft Southern. 19 Norfolk ft Weatern.112 North American.... 704 Northern Paclfle... 78 H Okia Pred ft Ref... 2K Pacific Oil f5 Pan Amir Petrel... 744 Pan Amer B t8 Panhandle pf 70 Pennsylvania R R.. 47 4 Tenn Seabeard Steel 754 Peeples Gas Chicago 87 Per Marquette 3454 Pere Marq prier pf 78 Philadelphia Ce 284 Phillip Pet 44 54 Plerc-Arrew Met pf 2254 Pierce Oil 74 PltU Ceal 65 Plttji Ceal pf 954 PltU ft W Va 40ft Pend Creek Ceal... 21 54 Pestum Cereal.... 77 Preascd Steel car... 82 54 Producers ft Ref... 37 J4 Pub Ser Cor of N J 89 Ji Punta Alegre Suear 51 Pure Oil 296 Hallway Steel Sps. .1C84 Ray Cen Copper.... 1654 Reading 54 Reading 1st pf 51 Reading 2d pf 52 54 Rem Typew 2d pf. 58 Replegle Steel 33 54 Rep Iren ft Steel pf 92 T4 100 5330 800 2103 333 433 430 333 103 2500 1000 2730 933 333 103 100 39.0 100 700 330 22430 100 133 100 100 1400 300 600 1100 1333 503 533 230 630 200 9)0 18 0 100 1100 2103 1400 600 600 430 1630 100 2200 100 300 1630 333 600 1030 930 100 700 100 100 100 900 100 00 603 700 100 100 400 200 Reynolds Teb B.... 46 54 Royal Dutch N Y.. 14 54 1 St Jeseph Lend 15 .. St Leuf San Fran. 304 .. St Louts S Fran pt. 51 54 .. St Leuis Southwest. 30 J4 .. St L Southwest of.. 47 T4 .. San Cee Sugar . 3J4 .. Seaboard Air Line.. 7 54 . . Sears-Roebuck EO',4 .. Seneca Copper 114 Sinclair Consel 31 54 .. Skelly Oil Ce 9J4 C Southern Paclfle.... 91 54 .. Southern Rail 2554 .. Southern Rail pf... 84 .. Splccr Mfg 18 C Standard Mill pf . . . 91 54 4 Standard Oil of Call' 64 5 Standard Oil of N J 180 54 2 Stewart Warner Spd 45 54 .. Stromberg Carb.... 434 7 Studebaker 131)4 .. Sub Beat Cerp. ... 6J4 .. Superior Oil 6 .. Sweets Ce of Amer. 3 54 .. Tenn Cen 4 Chem. 10 54 5 Texas Ce 464 4 Texas Gulf 4 Sulph 48 51 1 Texas 4 Pac C ft O 25 54 .. Third Ave 23 4 6 Tobacco Product.. 5 7 Tobacco Pred pf....I06 .. Tobacco Pred A.... 84 .. Tobacco Pred rts... 234 .. Transcontinental Oil 144 C Utiten Bag 4 Paper 60 .. Union Oil 20 54 10 Union Pacific 143 H 4 Union Paclfle pf... 754 ., United Retail Stores 2J4 .. Unit Retail Ster rU 34 .. U S C I P ft Fdy... 35H 8 U S C I P 4 V&Y Vi 7254 ..US Ind Alcohol... t34 ..US Realty 4 Imp.. 7154 ..US Rubber 594 3 U S Rubber 1st pf..l06 6 U S Steel 101 14 7 U S Steel pf 121 ,. Utah Securities.... 17 54 .. Vanadium Cerp 49(4 .. Var-Car Chemical.. 27 . , Vlr Car Chem pf . . 60 .. Wabaah 13 .. Wabaah pf A 33 7 Western Elec pf.... 1094 ,. Western Maryland. 12 .. W Maryland 2d pf. 20 6 Western Paclfle pf. 8 54 7 Western Union Tel. 1054 4 Westing Eft M.... 62 4 White Moter 48 54 .. Whit Oil Cerp 7J4 .. Wlckwlr Spene Stl 1654 .. Willy Overland.... 64 .. Willys Overland pf. 44 54 g Woolworth F W.... 1744 4 Werth Pump 4 M.. 52 1 Wright Aero 8J4 Txiw 454 1r54 16254 130 54 1014 !BV4 3554 50 4514 3854 116V4 CO 54 20 V U654 ?054 1814 294 6254 12 17 J4 2214 EG 22 224 72 17 2 54 150J4 5 54 101 44 574 36 54 584 3154 2654 1654 19 112 70 B 254 "44 73 67 54 70 4754 754 f6Ji 34 54 78 38 54 43J4 204 7 F5 954 40 54 21 77 02 54 i7 54 89 Ji 50 54 2854 108 16J4 '54 51 52 54 58 324 92 5. 46 54 4 54 15 29 54 504 30 54 74 394 74 80 UK 31 914 91 Yl :5 18 18 9154 104H I8O54 45 42 H 128 54 6H 6 354 1054 4654 48 25 54 2154 4 105 78 J4 234 14?4 60 20 54 1424 75H 62 54 3 54 344 70 54 1354 7154 58 H 106 10054 121 1714 49 26 4 58 54 12J4 324 109K 12 20 8K 1054 6154 48 54 74 16 H54 44 54 1744 M4 &4 Teasys Wet Cle'e Cht. 554 'A 1S54 .. 16354 155 130V4 ' 1014 !B54 .-., '554- K 59 4654 '14 :9 Y 116V4- J 61 - 1 21 H 169 2 724 V 2054 'tf 30 r .. 12 " 35V4- Vt 63 1 12 1814 22 54 V4 5654 Yi 2254- 54 23 72 - 17-14 254- W 1S1 14 56V4 4 1014 54 4H- 14 974 3654 154 584 IK 314 H 264 'A 16J4- 154 19 112 Va 704- Y 784 J4 24 .. 544 .. 74 54 674 4 70 47 54 Va 7 54- 54 87 54 34J4 54 78 54 384 54 4454 H 2254 154 74 54 65 954- 4 4054 54 2114 54 77-54 8254 54 3754 54 8954 54 504 94 294 K 1084 J4 16 54 54 7594 51 - 1 5254- 54 582 33 54 - 14 92J4 4 4654 54 4J4 94 15-54 3054 1 51 54 4 3054 54 7Ji 1)4 3 94 .. 754 54 80 54 54 1 1 94 - 54 314 94 9 54- 54 91 54 94 -54 54 894 94 18-54 9154 54 10594 54 180 54'- 154 4554 54 4394 94 130 - 94 b54- 54 6 354 .. 1054- 54 4694 54 48 54 1 2554- 54 2354 254 5554 106 314 784 54 23 94- 54 1494- 54 60 2054 94 143 54 154 7594 94 6254 54 354- 54 35 54 7254 2 354 54 7114- 14 59 106 1 100J4- 54 121 - 54 17 54 54 49 54 J7 94 CO 2 13 54 33 54 10994 54 12 54 20 8 54 194 10594- 54 62 54 Ai Va - Va 794 .. 1654 94 b 54 44 54 54 174 94 94 6194- 54 8 94 - 54 AMER. STORES AT El NEW HIGH R V CORD Number of Lecal Stocks Prove te Held a Streng Stra tegic Position COMPLETE NEW YORK BOND TRANSACTIONS LIBERTY BONDS AND VICTOBV NOTES City Brrn 4.... 11094 City Herrt'x Oi 1 M 4. 84 1 64 City of Copen hsren (IHs 1 02 City Lyens As 1 S4H 1 84H Cltv Mars' Us Q 84 Cty Rie de Js Js nerle Ss I 2 BOH 1 OOVt 2 08U a tmu 6 00 Vi Cty Rie de J J nerle 8s wl 2.... 10054 1.... 100H Cty Sile Paule 8m wl l.... lenvi 1 1lltU '''--. ... ------- , . ,,.. .., tm prise te even some or tuennesi nraeni,cty Perte ai. a 0054 10. isle)) DOT The Jump of fl? points In American Stores te 130 en sates nrerwtln n little ever 100 shares was the ever shadowing development of the day in the local market. This established a new hlah record for all times. A few days age the stock made a new high at 125. be today 'a price was 3.C0 bet ter. The movement was especially In teresting because of the remarkably scant supply et stecK tllscresea. xnere was an early sale at 12T4, which wns subsequently canceled. Then the quo tation wad bid up te 12T before nny stock was offered, followed in the next few small transactions In a further rise te the high record price." A firm tone was displayed by prac tically all the local stocks. Pennsyl vania Knilread retained a prominent poiltlen. rallying te 47 after an enrly dip te 47. The Philadelphia Electric shares were also notably strong. Amer ican Oas advanced .1 points te 09 from the previous quotation en small odd-let transactions. The street railwaya were Inclined te droop, but did net lese any ground. Ctamps, at 55, was off 3 points from the InBt sale. This decline was made en small offerings. Tim Ktrnntr utrntprirnl nosltlen dis closed by a numebr of the lecali stocks has been in a nnture of n sur- Rimnnrtera. Relatively sneaking, a number of the local shares have been renting en a mere even keel thnn some of the mere popular favorites of the speculative arena. This is partly due te the general recognition of the fnct that the enhancement in value wns bused upon concrete facts and figures rather than supposition usually the carrylnv vehicle of the tpeculatlvc mar kets. Pre-eminent in the week's operations was the unusually wide ndvnnce of the shares of the Pennsylvania Railroad. Possibly no ether event could have had u mere cheering or encouraging in fluence because of the wide distribution of the stock among what can be termed the lesser investors. Pennsylvania Rail road, however, for many years hns been widely accepted ns the barometer of the transportation Industry. In consequence the radical change in the temper of market sentiment tnwnrd this accepted investment issue naturally has created n much 'Letter feeling toward all the carriers. This week in particular the better feeling nlrcady engendered tewnrd the shares of the Pennsylvania was stui further strengthened by the rather posi tive evidence of the management ful- tilling Its premise in restoring the (I per rent dividend rate nt an earlier date than expected a few weeks nge. Being satisfied this restoration would be made there are reasons for supposing Inrger investors nnd many of the in stitutions are stendlly repurchasing the stock they left go n little ever n year age, when some doubt was entertnned ns te the ability of the company te even mntntaln the reduced 4 per cent dlvl dcnetl rate. This fear unfertunutely wns aggravated 'by the injudicious nnd Ill-timed remarks of certain well-known intercuts. The reinvestment buying of Penn sylvania, if it may be termed in such category, hns likewise cropped out in a number of the ether sensencd dlvldcnd pajlng Issues of u local character. This ii particularly true In n large linn of bends, nnd which indicates clearly a breuder nnd much mere active Invest ment market when some of the uncer tainties of the general situation are eliminated. All the leading investment holies nre looking forward te n big bend in .Ki'i mitt inn nnu mere is everything te indicate the hope will be realized. HUh 102.81 ino.te 101. ni 101.. 10 ioe.se 100. (14 101.00 101.7R 101.40 ioi.ne 100.80 101.00 loe. se 101. se 101, S3 100. fi 100.00 Rstwe Since Dste 18 Dnlii My 2. July 24, '21' July Sfl. '22 July 2.1, 'V2 July 14, '22 July 2S, '22 July 14. '52 July 2A, '22 July zi, -zj 24. i'2 2(1. '22 20, '22 2. '22 2T. '22 211. '22 20, '22 8. '22 Jills- July July July Juty July Mr Apr. Ijerr as.te HS.14 sa.oe S3.S4) 81.40 Ml, SO nn.oe- N4.00 H4.00 HI. 40 A3, no so.ne S2.44 S2.00 S2.44 B4.T0 04.CR of Issue Dal June 2, '21 July 11. '31 Mny JI). '20 May 10. '20 Mny 20, '20 May 21, '20 .Tuna 4. '2(1 May 21. '2i July HO. '20 May 20, '20 Dec. 2.1, '20 Dec. 20, '20 Msy 10, '20 Msy 20, '20 Msy 20. '20 May 20. '20 May 21, '20 llnnsc, llluh 101. in 100.110 101. OH 101.30 loe. se 100,114 102.00A 101.7 101.40 101.00 160,80. let. oe 100. 81 iei.su 101.112 100.0H 100.V0 22 Lew 114. St 111,82 0S.7O 117,80 0.1.011 05.. 10 ns.oe OA.00 os. in 04.18 en. as BO. 74 04.72 0.1. SO llfl.70 100.02, 09.84 Isiue Liberty SHs, 1082-47 Liberty 8Ws. renlslerjij Liberty 1st cv 4s, 1U32-47 1-llwrty Int cv 4i rer..i Liberty 2d 4s, 1027-42 Liberty 21 4s ..... ........ Liberty 1st cv4iis. 1032-47.... Liberty lit cv 44 " Liberty lt 2d CT 4iii, 1032-17. i.meriy 'i cv i-", iimcu Liberty za tv Liberty n' Liberty Liberty Llbtrty Victory Victory AH. res. 1023. 30 tus res ,,. 4th lWs. 1933-38. 4th 4 Us rep 4Ks. 1022-23 4tt. re High 1011.08 ice.'s'i ioi.'eo 100.74 ioe.'rin 100.44 101.34 101.30 100.00 100.00 Lew 11)0.03 100.02 i6i.V4 100.00 ioe.'Bn 100.40 101.30 101,24 100.88 100.00 Lntt 100,02 166.S2 Jeiist" ' Kir niS?1i J "it- -$ , ioe.'dj H',ij' ine.Vn '"it ? ino.ne 100.44 101.30 101.24 100.M 100,00 SALKS IN J1O001 FOREIGN BONDS im r.JP'e 7sDutch H lad's 12 1.. 2.. n.. 0.... 10O 100H 100S 100 ioem rets a., 2.. 6.. l. IB., 10., a., r. . 4T 03U 054 0.1U 03VI 0.1 H eat; en'i er,u ssu Kit Dutch H Ind rets '02 1 03 11 04T4 S 04 1-. .... 0.1 9 04 Gita't f'renui It 7 Vis ret City et Seil- none Os 0 82 City Zurich 8 2.... 112 Czechoslovak ritp'e 8s wl 1 3 0 lO(eale) 2 Denmark Cen ct A 8s. 2.... 108V4 Dept Seine 7s 00 VI 00 W 00 Vi 00 00 00 Vi Geve't P K Si ii tn5 7.... 1014 (ale) 101 B 101 lO(aate) 101 8.... 102 2.... 102V4 2(iale) 102 3.... 102 Jap Cleve' t 1st B 03 Jap Ceven' t 4 IB 78 1 7BH 2 78 V IC Ilelstum r, 2.... 100 1.'... 100 K Bclsm 7H 02 ... 02 ... 02 ... 02 ... 02 ... 12 . .. 02 Ilep'r .1 ... 04 D Canada 2V ft.... 101 7.... 101V1 D Canada '31 (1.. 1. 1. 1. S. fl. 3. Dem 1 04 4.. 1.. 1.. De Cun 'B2 wl 1 00 V4 00 004 00 08 7 08 7-Rle) 08 8 (Hat) 08 Vi 10 132 7 7(iale) 33 (fl.lt) 25 01 3 10 100 2 2 1 0 8. 0.. 10.. 1.. 1.. 2. 23.. 100 100 100 100 100 10O 100 100 100 100 10. 10.. 1.. 10.. s.. 4.. 1.. 1.. 1004 ions 100 ion 100 100 100 10G IC Belgium M 4.... I0ai Klncdem Den mark ct ni 1 00 3 08 24 08 Klnrdem Den mark ct 8 1.... 100 e.... ioe 1 100 K of Nether lands Os 2 07 1 1)7 4 00 4 00 3 07 K Sweden Os 0.... 104 Prli-t. ohm M Os wl Queentl'd Lean 7s 1.... 110 2.... 100 Gfaale) 100 1.... 110 Republic Uell via 8e wl 1.... 100 8.... 100 i... ioe B.... 100 Rep Chile '20 0.... 102 tlep Chile '41 1.... 102 1.... 102 fl(aale) 102 2.... 102 lUp Chile '40 1.... 102 Re'c of Uru- uy 8s 7.... 105 Sc l'orle It S 7s rets 1.... 100 1.... 100 State Itle O e Du Bel 8s 1.... 100 1.... 100 State of Rae Paule ct B 2.... 100 1.... 100 Swtts'd Cen 8 !.... 118 U K Grt Brit A I'd 1R2Z 2.... 110 20.... 110 U K Cirt Brit I'd 1920 40.... 110 1.... 100 1.... 110 1.... 110 U K Cirt Brit ei I'd 1037 1.... 104 8.... 104 U 8 Bra 7 wl 7 mi n 2 00 B 00 5 00 3 00 C 00 3 00l 1 00 Un'd S Braill 7 rct 1 83 1 8B U 8 Brarll s 28.... 100 1.... 100 lO(eale) 1"0 2tflat) lOOVi 7(ale) 100 Havana E Lei A Pwr Bs 10.. lielland'Am'n Line 0s V 08 0.1 nsi; Ilfli. 2 70 unh i 80 08 1 80 08 1 70 08 2 70 1)8 Queen'd fl wl liRii 1.... 101 03 2.... 101 08 3 102 08 ; 08 DOMESTIC BONDS e..: e... n... 4... 1... 1... 1... 3... 1... 1... 3... 1... B... 0.. 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 2. 1.... B.... 5..., Hud A 4..., 1... B... 4... 884 . 88 . 88 . 88 Man fd . 83 . 83 83 83 ltud A Man In 2 1. r.. 20. 3. 8. 7. Humble 04 04 04 04 01 04 04 en a nr ". wi ".... 1UU Ills Central fd 1 80 1 80 Ills Centl fii 1.... 101 2.... 101 III C flt L A N On Jt B rm 8 07 III Cent'l St L Dlv 3 9 70 Inill'a Steel fie 4.... 100 1.... 100 Int'e Met 4a " 12 Int M ct 4 Le A Nah 7s 1.... 10T Ln Ment 4i 1 04 Uanatl Susar Ce 7 Us 2 08 1 08 1,.... 08 8 08 Marlret Bt Illy S Fran lit 1 87 Mex Petr'm 8s rV.... 101 1.... 100 Mid 8 A Or Si 1 80 2 80 11 A StL fd .19 2 43 43 M SIP A S ate Marie 4s M Kan a) wl 10.... a.... 1.... M Kan Ss wl C 81 Me Paclfle 4 0 0.... IB..., 23..., Intb'e 0..., 14.... 14.... 1..., 2..., B... 1.... 1... Intb'e fl wl 8... 12 12 . 12 . 12 P. T fd . 70 . 70 . 70 . 70 . 70 . 70 . 70 . 70 Itap T U s Meslcii 4t n '! 20 45 5 43 V S Mexico 3d B 88 Philadelphia Stocks NEW YORK BANK STATEMENT ; Excess Reserve Reduced $4,257,220. Expansion In Leans Deposits Fall Leans and discounts of the New Yerk Clearing Heuse institutions were increased ,$3ii,ll47,(MK) this week while ' demund deposits fell off $1 1 ,i 40,000. The reduced liabilities, however, was offset by a decrease of S5.-hO.000 In reserve credit at the Federal Ilescrve Hank, and ns a result the reserve In ex' esi of legal requirements decreased $4;'J.',7.220 te $30,023,500. j Details follew: AVERAGE Tbl we-), Iwuit wek tlO.302.1.10 J12.t71 050 Mi) 371.00') .ir.0 57l.oen 1,002,41)0 OHO 4,0.'il).s44,OI)0 BH, 707. 000 58,453,000 Philadelphia Markets JVHEAT Receipts, 114,4.10 buthelu. JJar . He lower Car lets In expert clevuter .Ne. 2 red winter. 1 18fl 21i Ne. 2 red Inter, garlicky, ji 00W1.12 Other srades 'jlieted at the following nche.lule of dleceuntii; Mixed wheat 8e under red winter. Ne. B wheat 3c under Ne 2, Ne. 4 wheat 7c under Ne 2. Ne. 5 wheat lie under Ne. 2. I Sample aceerdln te unllty. COllN Htivlpu, OS05 bushels. Market declined 1c. Car leta In expert elevator Ne 2. 7Br70c: Nu 3, 7ltr75c Ne. 4, 7273c Cur Inta for local trade trade Ne. 2 yellow, SOfJSle. Ne. 3 yellow 70W80C e. per pair, old. 30083c: young-, High 20." Am Strx..l.'t() 23 Am Ons. . 00 200tllkyn H T 20-Ti lOOtt'ub Cn Su 15 H 10f de pref. 30 K lOfDavsn Ch 48 25 Elee Ster 47 20tKrleJstpf 25 U 125 (J Asph pf.lfl7Va 15 In Ce N A 37 M, SOOtlnvlrt Oil. 12 OTlvenn (Jep 45 Leii Vnl.. 20fMex Sbd ctfs .... lOOtMe Pac.. lOfPan-Amer Pet .... 11 Penn Cent Light pf. 032 Pa II R. . 20 Phlla Ce cum pf . . 140 Phlla Elec 30 04 de pref. . 31 310 Phlla R T 30V 21 Phlla Tr. OOVa lOtltyl Dutch 54iH 3)T3tnmi uil 30. 05 ft ma; ,Vw, flese chua. VZ'K r'- 4-.-4 U!l 3 20 154 V, 301 H y 4i 25144- V, 107 V V. 37 Vs.. 12' 30.. (15- 00 2e'n 15Vi SOU 43 40:i? 25 'A 107 V, 37 ft l-'T-s 30 V. 03 Vs AJnx Ilub'r 8 Ches 2 00 1 1 00 1... Am'n Aer'c 4 Chm 7 1.... 104 1.... 104 Am 3 A 5s 3 03 2 02 11 American dug 13, Ilef'B Oi 2. 4.... 102 5.. 4 102 5... A Tel A Tel fu 6... 2 00 Chi A A Tel A Tel 0a 1 . . . 2 113 -e. Am Writ 1' II- 1 3 '- Ant Jur U 0i ... 10 83 2... Armour 4s I Id... 1 1)0 13... 3 00 2 .. 1 00 Chi n A T A a Ff 4 3... 3... 2. 18 '4 22 7-lVi 744 10 22- 53 V. Mft 53 ft 4i 30 20 31 30 00 54s 74'4IVb C3V... 17Vi ft 80 ft 31V4 K 30 1 00 a 5-1.. pigeon DRESSED rOULTKT Fewla. freh.wni.,i dry-picked. In bexee Weighing 4 Jba. and I ever aploce, 30c; weighing 4 lbs., 2iic weigning av int.. zoe: weighing 8 be.. 24 0 23c, fowls, freah-kllled, In bbla., dry-plckeil weighing 4 Ibi. and eer apiece, 2'Jc; weigh ',"" S!,ti.,-A.-'V-'I1.C.' weighing 3 U,, and un. iljr. 2223c: broiling chlckene. Weetern. 83 ,-0c. de. neurliy, 37041c, old roeetera. dry. picked. Weitern, ltfc: de. deuthern, 17aisc spring ducks, nearby, 34V2C.C. " LIVESTOCK QUOTATIONS 1 Chicago, 1300 hejd. 1 twn, 10 July 20. CATTLE Uelpie. Cempartd wlih week age; Etf te 23e lower, grasaers shewln & 'IL. VA-eHM Investment BanKers' Slate The beard nf coverners of the Inveetmrnt Bankers' A'Koclatlen of Arnerlcn has se lected the following named candldivtei en the regular ticket te h voted en at the an. nual meeting te be held In California next October. Fer president, Jehn A. Prescntt. of Present! A Fntder Kansas Cty; Mrs presidents Arthur Hlnclnlr Jr . Kstabrnek A Ce.. New Yerk; pean O. Witter, of lllyth; Witter A Ce. Han Franclecn, Eugene M Slevene, of Illinois Trim and rtavlngs Hank, iChtcase. Jamee C. Felihagen of Rntiert Oar. Silt A Bena Baltimore; Philip a Dalten. nt effln A Ilurr, Inc.. lloaten: for secretary, K. It. Fenlon of Fenten. Dav.s ft Hnvle Chicago; treasurer, Mel'heraen Browning, ef Detroit Trust Ce : governors for term ex- Jitrlng In 1023. Hay Mnrrls of Drewn Ilres I Ce., New Tork; Jehn W. Maegreger, of Hever A .Maegreger. Pittsburgh. J ('lark Moere. Jr., of Barclay Moere A Ce.. Phila delphia) Tem K. Bmllh, of Kauffman..imlth. Kwert A Ce. Ine. 8t. I-eulfi Ell T Wat. an. of Wataen. Williams A Ce.. New Or. ieanei W. A Chanute. of Hoswerth. Chanult 0.. tenveri nana iviiuv. 01 itiaaer tedr A Ce.. llesteni Fred 8. Hertun. run Dorten, Cleveland. Joel E. Ftr . of Ferris A Hardgrave, Bpekane. nils a. wilier unempirea lerm mna wai siMBftr fllla unesnlred term of Jam., rWnhagen, both elevated te vie vresl- Excess reserve Aggreghle roserve l.nKiis, etc Cashlnvsullsand menilr tanks ltere In mem ber banks and reserve bank illeserve In Btale tianks ana iruai companies , Ileserve In Slate banks and trust company deposi tories Net demand de posits , Time deposits.. . Circulation . Unltedfcltates de posits deducted. 320,427.000 K33.0OI.OO0 7,078.000 0,030,000 10,000,000 10,017,000 3,l'S3,B72,nO0 4.016.050,000 473,1111.000 437,434,000 33,780,000 83.703,000 28.444,000 27.374,000 ACTUAL Thle week 130.033,8110 070.034.000 4,043,304,000 4,610,t)4'J,000 30,OSO,000 37,004,000 I .a at wok I41,8g0,7tl0 370, 203,000 B38, 730,000 030,030,000 7,180.000 7,015,000 riLLANB 8ATB . ark (hat la frequently en tha tenguaa rat pusiness men. rer unusual rer Keen analysis 01 buaineas. U and sventa. Hlchard Banian Excess reserve . Agre, reserve.. Leans, ef , Cash In vaults A mm. banks lteserve In mem ber banks and rifaerve banks Kesarve In. btate banks and trust companies . . . . I(.,iarve In btate banks and trust terTe's'" rT'.. 1O.O43.000 10,201.000 Net dem depes.,3,0B7.880.00O 3.073,020,000 Circulation'..:: "seOOO mI.QJ'.COI diduci.da,P..... 23.790.OO0 28.444.000 BUTTER. EOQ8 AND CHEE8E New Yerk. Juty 29. nUTTEft weak. Ite Gluts'. 12,IR tuba Creamery, higher tnan extras, .S4WJTIB.H01 craarnery, agtraj im . . :iri. Y 31 e, 4 a steady. Recall ta. 18.210 rates. NwJtr)t hMMir wlt-teg, aatrsi fancy.. Wta. OATS rtecelDts 7033 bushels Scarce and Arm at recent advance I'ar leta as te location- Ne. 2 while, 47W47c; Ne. 3 whUe, 4U(40c. FJADL'H- necelnts. 400 bbls. and 2.007.191 lbs In sacks, Market quiet and unchanged. The quotations fellow. Per 180 lbs. peeked In 140-lh. Jute sacks Seft winter, irulght Western. J0O0.23, de. de. nmrby, 14.73773: hard winter, straight. 10,0307; de, short patint, 1797 30. spring, tlrst iknr. J II 10'ut) 73. de. patent, I7CP7.73, de snort patent, T.n0U city mills, patent, fam l 30. nn- Heur, 13 7AO3.00. prtOVISlONB Steadily held. Quotations were: lleaf, In sets, smoked and alr-drled, iXc, beef knuckUa and tendars smoked and atr-drlird He perk, family, 28c; hams, S, P. cured, le se, 30V31r: de, eklnned, loose, 80031c, de, de, smoked, 82083c. hams. Unlid, hgneiesa, He; picnic shoulders, S, P cured loose. 18c; de, smoked. 10c, bel lies In pickle, loose, 17c; breakfast bacon, 24c: lard. 13c. BL'TTEM quiet and unchanged. Quotations' Sellil-parlied creamery. In tuba, high-scoring, 37Taec. the latter for lobbing aalea; extra, 80c; ertra flrats. wholesale, 33c 'Job bing, 30c, firsts Mrt.13c. seconds. '.'fl&Sec. sweet creamery extras Jflc Jobbing sales rf ery fancy goods 87W39c: extra nrsis, 33i. firsts. 318c. lower aradea. -.'SWSOa: , l'lttaburgh, Jul)' 20. HOGS Iteeflnts extra prints Jobbing at 424Bc; some spe- 1 2300 head, fileudy. Heavlea, I10OI0 2B' rial fancy brands higher; air te geed, 39 huavy yerkers, light yerkers and pigs, 11130 941c. ' till. 43 , EOQS Fine eggs well cleared up and . 0'"''-'...-?V.." -!VL"0 "T. "c"Dti, 700 firm. Nearby, extrs firsts. 2Be nrsts, 23e, ffS'lf, """' """ low neaa. lambs, secenu, .sewaici wi ern extra nrsis. sw I'-sriWa-itMieii. mn i,..h 23e, secenns. xueeiic rancy canmea . -:;- :. ,r ' ........ uinn of Cullf.,105 104 1057,iv, 10tSt I, Swii. 30 30 30!)'s ft .TMncinir. . 31 Vi 200tatiidebkr.l30 25tTcxn Ce. 40V1 lOOTone Ilcl. .ltf I 'i ,i 1 Vi .i 1 '. -i- . 200tatudebkr.l30!4 130 VMK-l ii! JVi 40i.i .inv 1 1? .in, 7 -ID ',4 3014 52 fl 55 10V 30 VI 52 0 55 3 most necnne, iep eeei steers for wiei JlObO; top yearlings. 10.3U; she-stock vir tuaily unchanged, In-between ciailes beef v'ews and heifers, weak, ranners, etrenif Inula largely 2.'c lower, veal calm 233f BOc hUher: week's bulk prices, beef steers. Vu 10, steckers and feeders, (3 30 Uu 5u but. her she-etoek. tB7.23: canners 'mil cutters, 33 73 sl calves, IU,230 73 HOOS Receipts, iftuO head (J.eaiiin mostly 10313c luner than early, or about steady le 10c lower than Friday's aer- 3; faw W-5!f ,,? ' ie'O.'rulk: 18 1010'40r bu 'k goedPbu?ch: illy brands. J.5.75W ( , 0.7B810.40. ntlxed and paeklng hogs, ijii lower, -puis iioe lower ttian I'm dav'a geed tlni'i, holdover, moderate; plgi dull heavy. JOOOWlOlO: medl'im. Ilea iSSUVli l0..-l.-iOi0.(l0: light llVhis '10.2S010.40; packing sews, smooth, 18ft 8. 0B: packing iewi, rough, 17 SO(l's.10; kilt- mis l'iff fv.uviriu.iu BHEEP Hecelptg, 1000 head Market Fat na 30 T'nienTrnc 30 100 U O I.... 52V. 250 War I&8. )ft 12 W Cramp & Sens., 55 Net change made by comparison with last sale en New Yerk Hteck Eichanxe. Total eales. 2S22 shares, compared vlth 11'St? tare" 5")-'di' Thus far this week, 41,011 shares ' PHILADELPHIA BONDS 1000 Liberty lHt 3V,b '47. . . 2000 Victory 4h 50(1 Kleetrlc & Pee Tr 4k. . 500 Electric '& lr-e Tr 4s. . 3000 Klectrlc & lee Tr 4s, . 7000 Electric & 1'ce Tr 4s 200 Phlln Klectrlc 1st 5s. . 1000 1'hlla Electric 1st 5a.. 1000 Phlla Electric 5V,r... 3000 Phlla Electric 5s. .. 1000 Philn Electric 0s . . . . . Total, 320,200, compared with y:"iuruj iuui tar mis week, f'J ,100.04 100.41 , 71 , 70 , OliR. . 70 , 100 , lOOVs , 101 Va K)l , 103 h 184. 1B0 .'73,780. steady. Compared with week age live lambs, strenc te 23c hrt-hcr, Wasteini steudy te 13j lewer: cull nathes 50c higher light aheep steady, heavies 23 te 3ec lower reeaer lamns howeoc lewer: vek'e bulrf . prices: native lambs, S12'Q12.ee. Western.' I12.B0O12.83: fat ewes. 33 8U7, feeder laniue. iu,uv..gvj tun native iambs, 5h WB.BO, ws Orals. nasi lobbing te retailers In cartons at 810 82c, and loons, 80931O, fulr te geed, 27t" 20c. CHEESE Sold slowly and prices favored buyers. Quotatiens: New Yerk, whole. milk. (Tata, fancy fresh 10 20c; de, fair te geed 1W 10c I-nnsnerne. 2O'i20 c; single Daisies, fresh. 10020c; Jobbing sales of fancy goods. 221f23c. LIVE POULTIIT Fowls, net Leghorns via express Fancy, fat, yellow-skinned, 23 927c: exceptional lets higher; fair te geed, 281914c: fowls. Leghorns according te qual. tty. 20024c; spring chickens, net Leghorns, ancy. fat. yellow-skinned, weighing 2 02 lbs, each,t!033c: spring chickens, net leg horns, smaller slsea 24 31c: spring chick ens, Legheuis. fancy, fnt, yellew-sklniwd, weighing 2 'lbs, and ever each. 230-Oe; ng cnlvkeiti. Leghorns, smaller slseea 70 u,a .hii, ffuer!!., uue,a,, ,e lle20ci 'de, mtxsd colon. iv spring Tep, 111 73. E.at HufTale, N. V., July 20, CATTLE necelpts, 100 head. Hteady, Calves. r. telpts, 230 head. One dollar loner, IB&ii" II068 necelpts. 8200 heart. Ten and 2Be higher. ilAnvy, 110 B0O10.7B. mUed IllOU 30: yerkers, 111. 40011. B0; light yerkers and pigs, 111.50; roughs, 18; stags. H1IEEP AND LAJtBS Receipts, 400 head Lambs, 25c higher. Lambs, 5 12,75; few 13. BANK CLEARINQ8 Han't clearings today, compared with rer. responding day laal two yeaia; .1022 1021 1020 Shlla. , 7B.00O.O0O 103,000.000 176,307,30 1 . ferk.811.801.000 ..,,,,, UOaUm 47,000,000 13,800.393 DIVIDENDS DECLARED neuinern ipe unp uempany, quarterly 12 a share payable September 1 te stpclt of record August IB "ujc MncArthur Cencitt. Plle and Foundation w.....,.. H. ....,. .v. vein n prererred. I aval; h Aua-ust IB le Meck of record July 31 uniiee uyewoea corporation, quarterly 1 per cent en common, payable oclebir Van HaaU Cempiin, quarterly of IV Ti ?l5 iirfpij;::M..E!:bi HPttm. German Bank Statement ."".",' J?R $" '"'" ."( Ih "J" "'. "Jt. '."V,".i',- '" ""' ,". . JUiZ 22 euuwn ma ,u,,w,,. ntfrn in marKs; Tela coin and bullion Increnaed 1,004,000: aelc uncnangeuj ueasury ana lean asaoclatlen notes decreased, l,43R.rill 000; notes of ether banks Increased 1,1133,000: bills of exchange and cheutie Increased 1,011, 022, 000: discount and treasury bills Increased SKM.flfli.fioej advances decreased 33 310.000; Investments Increased 0. 031,000' eiher asset. Increased 1,024,373,000; notes In circulation Increased l.BbO, 000,000; deposits decreased 072,818,(100: ether liabilities Increased 34, 400,000; total geld holdings. 1,004.8.10,000. Eastern Mffl. Ce. Patiei Dividend New Yerk, July 20. The Eastern Manu facturing Company has voted te pass ins quarterly dividend nf l per cent due at this time en Aral prajfnya stock. Dividend en second prffgrra4jJWraui pumi ut this umv isk rsr BSBSssjaasssssSk Atdi T A S Fe cv 4a '00 2 82 Atch T H Ke 4s et '00 1.... 101 1.... 101 A Coast L 7a 1.... 107 Atl'e Trult 7s 0 SO e ae 1 3R B 30 Atlantic Ilet'g ct Cs C... 108 Bait A Ohie cv 60 60 C A O cv 4HV 2 r.0 O(sale) S04 2 88 ?i C'k & O cv Bs ..no , . 00 . . 03 , . Oil . . en . . 05 Al'n 3s .. 01 .. 01 Cm A Alt 3 a . . SO . . 30 . . 30 . . 30 . . 30 .. 60 A Q 3a . 100 03 C & n I M 31 1)3 2 R2 02'Chl A O W 4s A O 4s C(sale)) fiS'i ... fi8 1 80 50 Chi Mil A Pgt Sound 4i 3 74 Chicago Mil A St P d 4a 3 04 Chicago Mil A St P 4a '25 B Rt 8 81 8 81 8 81 .Chicago Mil A SIP cv 4s 8. 2. 10. L 1.... 1 7.... 1,... 4.... 10 Unit A Ohie 4a 10 83 Unit A Ohie Bs 1 R8 11 88 2 80 . Unit A Ohi '" 85 83 85 8S 85 83 85 1.. 5.. 1.. 1.. n i'.'. 1. 100 100 101 101 101 101 100H Halt A Ohie H W'n 8s a 02 Earnad'll Cerp A 8s 1.... 103 Ttell Telephone of Pa 7a 2.... 108 1.... 107, llcth Steel lis 4.".... 08 Hkn LMl Ce lis 1.... 102 II Edla'n C 7s 1.... 100 It Edls'n D Is 8..., 107 2 107 Hiale) 100 8.... 107 1.... 107 Hkn Rap Trail ct 7s sta 1 70 Droek'n Union Kev'd 1st 1 00 Dui'fele Rncn ' A Pitt 4a 2 02 8 2i B... . 02 Canndl'n Nihil 0a rets 1.. 110 Cana'n Pae 4s 2 .... 70 8 70 4 70 Ctl Leather fia 10 07 2 07 7(sale) 07 1 07 7(sale) 07 Ctl Pacific ! 2 80 Cere de Pas'e ,CP'r 8 4.,,. 114 3.,.. 110 1 IB.. 18.. 3.. B.. 10.. Chicago Mil A HIP fd 4 03 00 00 00 00 011 00 05 05 05 03 05 05 05 05 03 Chicago A Nth W'n 0s 1 110 C It I A P f 81 1.. n 3.! 4.. 1.. 10.. 3.. 4.. 3,. Cuba RR r 1 85 1 S4 lO(mle) 81 Cuba RR 7s 2 103 1 104 Del A Hud cv 1 07 1 07 2 07 D A Hud 5s 5 ... 102 2.... 101 Den A R G M 1 45 Den A 11 CI I- 8 78 6 77 D A R a 4, 1 82 Det C Ua 3s 2.... 100 100 100 100 Det Kdl Bs 40 B 05 Det 1'dl Ce Ha 1.... 103 D ds Nemours Twdr 7s 1.... 107 1.... 107 IB.... 107 Du Light Os 1.... 103 0.... 103 6.... 103 .Empire Oaa A Fuel 7e 2..,.. 08 1 08 13 08 Erie Qenl Lien 1 35 0 r,r,i, 2 55 1 83 Erie RR cv A 1 52 3 52 Hrle RR cv il 2 80 Erie RR cv D 2 B0 1 80 Erie RR Ce 4s 7 00 Flsk Rub'r Ce 8s rets l(aale) 107 Frem'n Indu-t Dev 7s wl 78 2 77 8 77 0 78 Intb'e Itap T 7a wl 14 00 3 00 0 00 Intr'l A Oreat N'n nj wl 8 BHi B B1H 9 31 I M Marine 0s 1 00 1 00 7(aale) 00 1 07 Int'l pap n. 5s 1 87 Int'l Pap 1 5s 2 80 7(snle) 80 Inlnclble Oil Cerp 8a 3 05 1 05 Iowa Cent'l 4s 1 45 Inwa Cent'l 3e 1 70 Julius Knyser A Ce 7i rtrs 3.... 104 Kan C & a 3s 8 70 Knn C A S si 1 80 Kelly Sprlng'd Tire Sa 1 108 K Cnty II 1st B 72V Lack Steel -23 2.... 100 Lack Steel '30 4 80 1 80 Lake, Shere M S'n 4s '2. 1 04 I.ehlieh Val Ii 1 82 Lehigh Val 0: 1 103 L A Myers 5s 10 08 L A Myers 7s 3 110 Le A Ark's Bs 2 (in 1 04 Leuis & Nash Mone 4s 1 82 00 A Tex . 57 , 37 , C7 . 07 A Tex 1 .80 a nnu New Yerk C) A W'n m 4s 1 70 N Tk Rly 4 4 33 S 88 N Yk Rly B 1 11 8 10 2 'II N Y Tele 4s 2 04 2 04 8 04 N Y Tela'e '41 1.... 103 N Yk W C A Hest 4s 2 53 U 2 B3 Nfk A W'n 4s 1 02 Nfk A W d 4. C 88 N A Edl'n Ce 0s rets C 3.. 4.. 4... 11... IB... 2... D... B... 84... 1... 4... 00 00 00 00 00 00 00 00 ec 00 OCt. Me Pacific 0s 1.... 100 2.... 100 Mentr'l Tram ways Si 2 87 National Tube Ce ct Ba 2.... 100 New Eng Tele Ce Ss wl 8... 4... 13... 1... 2, 1... 07' 07 07 07 07 08 K Orleans A N E-n 4s 2 83 N Or'a ATI 3 70'! 1 70 New Or Tex A Mexico Bs 1 71 N Y Cent'l 4s ... 01 Ct'l 4s ... 87 Cent'l Bs ... 00 ... 00 ... 00 ... 00 N Yk Central fd wl Bs 1.. N Y 10.. N Y 2., 2., 1.. 1. 1. 0.. 1.. 4., 1.. 50., 2. 3. 1. 1. N Y 1. 1.... 10.... 3.... 1.... 2..., 01 01 01 01 01 01 Item Arms 81 2 04 Reger Brown Iren Ce 7s 1 00 St Jeseph A O Island 4s 1 70 Ei I. l'n Mt 8 Rlr 01 1 07 81 L A 9 F a) 5 81 2 81 St L A 8 V In 7.... , 0.... 1.... 1 71 71 71 71 08 HO 00 00 00 00 Oil '4 00 00 ... 00 ... 00 ... 00 ... 00 ... 0 ... 00 ... en ... 00 ... 00 ... 00 ... 00 ... 00 Cent'l fls .. 108 i'.... 100 Ksale) ins 1.... 107 t 10S N Y Cent'l 7s 17.... 103 4.... 10.-. 3. .. 103 1 105 N Y Edl'n Ce rets 2 110 1 10T 10(nnle) 10:i New Y Lack A West'n 3s 1 loon N Yk Light I! A Pwr 4e 1 82 New Y N II A 4s of 'BO 1 57 Nevr Y N II A Hnrt'd Os 3 81 ' 1 81 North Western Hell T 7s ' 1.... 107 &.... 107i N Pacific R 3S 2 03 2 03 N'n Pae 3a wl 11 07 2 07 1 07 8 07 1 07 N Paclfle R ns 2.... 108 1.... 108 I.... 108 2.... 108 1.... 108 Nlh fl Pwr 3j 2 01 Nth S Pwr 0s 1.... 100 Oregon fl L 4 5 (Ont) 02 R 02 .1 02 2 03 8 02 10 02 Otis Steel lsts 10.... 100 Pacific R R of Me 1st 2 80 Par T A T 5s 1 07 rac Tel A Tel 3s rets 0 02 2 02 4 02 Packard Moter Car Ce 8a 1.... 107 4.... 107H Pan-A Petr'm A T Ce 81 2.... 101 Pa R im 4s 0 03 1 03 Pennn R R 3s 1.... 101 Penna R 0s 1.... 100 1 100 Penna R R "i 1.... 110 Pere Marqt 3s 1 08 5 07 1 08 B 07 Phlla Cnty fd 2... 5... 3... Pierce 2 08 08 . 00 .. 08 Oil 8a 08 Pertl'd Rwy A' Light 7s I.... 103 Pre A Refiners war'd 8s 1.... 108 Pub Serv Cor N Jay Bs 1 85 Punta Allegre Sub Ce 7s 0... e in!.'! 10... 20... e... a... 1.,. 110 100 no 110 110 110 110 111 El I. A 8 Fran Series A 2 73 1 78 0 73 fit L A 8 I'ran Series D 2 87 0nle) 87 2 87 0 b7K St L A 8 Fran Gs wl 3 04 3 04 .1 04 8 04 St L Sew'n cn B 77 4 77 St L Sw'n lit 2 70 St L Sew'n Ba 1 81 1 80 10(sale) 80 Sska A Ce 7s 1 08 Seab'd A L a) 3 3 2 1 O(iale) 1 1...... 1 2 Sinclair C OH Cerp 7i 2.... 104 2.... 104 7.... 104 u(sale) 104 Sinclair Crude e p co ns 1 08 10 08 fie'n Paclfle M 1 80 (sale) 80 10 00 Se'n Pacific-4 1 88 S'n Pae cv 4i : 2. Seab'tl 1.... 1.... SAL 1.... Seab'd B..., 1... 2..., 3... 1... 1... 1.... 11... 23 A L fd . 44 ala 4s . 60 A L 0.1 . 0T . 03 . ea . 03 . 03 . i',3 . 03 03 Sinclair C ull Cerp 7 rets 2 00 8 00 Today's aalea ichteran' miIci .,, Total for tlila week P, 1 02 0 02 10 02 4 02 10 02 18 02 1 02 S V Tcrm'l 4i R 83 lO(sale) 83 Sn Railway 4s 10 00 10 00 Sj...., 00 1..... 00 14 00 Sn Rallwny Bs 3 07 3 07 0 07 3 07 Sn R.ill'y 0s 2..,. 102 2.... 102 Slaml'd Oil of Calif 7s r..... ion 0.... 100 Steel Tube Ce of Am'a 7a 2.... 100 6.... 100 Third Ave a J 2 01 II 02 S 02 2 01 y4 3 02 Third Ave 4s 10 04 Vnlen Rag 4 Pap Oi 2...... tS Union Pae . 1 0 ' Cnlen pae 4, ' J H Unt'd rirugj !' i'". 110 '., Ill' i 3.... in ' Unt'd rui Am ! Vsl a ., U S nubb'r r ", 1 , itfjttJl 10 "a,1 U' StMlh - 10IU J--.- Win 1.... lean Utah P A L J 00 va-c c ct :. u 08 1 OKV Va-C Ch 7 Hi . loot. 10,.,. ln.-i" Va Rwy Ce St 00 m 1 05 12 90 10.... ,, co 2 03.. 10(salel 0SU' Wabaah R lit 2 Oatr Wnrner 8urf "erg ei .... ieju 1... 10S 2 iei?V 2.... 104 West Short 4l 4 glut wesiinEris' E a urg 7 1.... 101 8.... 107 Whl A L E 41 , 1 74 WALE 4'il 1 09 Wllaen Ce cr 0 01 8 CI Wilsen Ce tit 1 0914 Wilsen C 7Hl 1.... 104 2.... 101 , 1.... 104 . . $1,310 OM .. aio.en.oM .. (07,023,000 W MARKS TOUCH NEW LOW German Currency Quoted at 15, Cents Pep Hundred Francs Down New Yerk, July 20. Tlie pronounced weakness ln German exchange, due te the critical ftituntien in llnnnces nnd trade, was logically reflected n lower quotations for francs, owing te the tie tie pendence of France upqii (icrman recu peratien for financial relief te repair iti war lesies. Francs, which were quoted a week age nt 8.-11 for cablet, fell te 8.15. Sterling cendiiiicil te bhew cemparalire Independence of the rest of the market, while, of course. ISclxinn exchangi moved dewnwnrd' in bynipnthy with francs. The firmer tone in Swiss and Dtifeh exchanges wns considered the outcome of heavy profits from snles by tlii'ae countries of (icrmnn exeli.inm. The ricnndiniivlnns l-eflccted the Im provement In their foreign trnde. Ner weglnn ext'lmnge. which was quoted I week age ut Ki.S." for cnbles, rose thli week te 17.15, but shaded slightly in sympathy with the movement of thi general market. Central Europeans continued irregu lar, but the tone of Czecho-Slevakli ehewctl some Improvement. Business,'' throughout was nlmest entirely for ac count of professional speculators. TODAY'S OPENING 'QUOTATIONS Sterling Francs Lire Guilder Demand 4.44 8.17 4.30 SMJ Cables 4.44 8.18 4.57 3S.70 CLOS1NO QUOTATIONS Mterllnc ITancs Lire UUiwwi 4.44i, S.l.'irt 4,ni.. ;! Demand Cables . 4,44 8.10 4 37 38.01 I A 8 81 81 82 82 82 82 82 82 : P 4 1. 1. B. 2 a 2B. 10. 14. 10. 30. C It 1 Chicago Union Sta 4i 4 n 1 01 Chlrace Union Hta ct 0a I l , . . . 1 1 n i Chill Cep'r 7 3 103 ri'd Cln Chi A St Le 4u 2 00 Cl'iel'd "Union Ter'i 3s 1.... 104 7(sate) 104 4.... 104 Cluett Fiabedy: 4l B 00 B 00 Cole A S 4s 1 80 Cent'd Oaa 7s 07 07 07 07 ; 07 07 07 Huj 4,. 0... 10... 1... B... 0,,. 4... 8... 23... 2... 4... 10... 121 121 121 121 121 121 121 121 121 121 121 2.. 1.. 7.. 1.. 4.. 1.. 2.. Franclace s wl 1.... 100 One'l Elec 0i 1.... 107 II F Ooedrlcn Ce 0s rets I.... 101 3.... 101 4.... 100 Ksale) lOOVt , Ksale) 10i) C... 100 1.... 1U0U ' Qoedyear T A ' Rub'r '31 I 12.... 101l 2.... 101 ; 10.... 101. Goodyear T A Itub'r '41 I 3.... 110 ! .... 110 tlr'd Trunk et Can 0s res 1.... 103 1.... 101 I 2... . 103 I 1.... 102. Ct Falls I' Bs 1 08 Oreat Nerth'n Illy Ba The First National Bank of Bosten The leading financial institution of New England Foreign and domestic commercial banking of every nature Correspondence solicited OB tssassssuii- ..m, , f SS) K7 Is Mil t "102 102 102 102 103U 102 102 121 Cuba Am rt 1.... 107 3.... 107 Cuba, C'e H cv 1.,... 88 Cuba C'e 'aug sla'4 L,,t 0874 7. 1.. 1.. 1.. 1.. 1.. 2.. 121 Oreat Nonh 11 iian-y 7i 2.... 110 1.... 110 2.... 110U 1,... 110 1.... 110', Hi F C J 8..,,. 70 ft t Spruce 8200 United States Government Securities rlECCRITIKS DKTAIITM1-NT COMMERCIAL TRUST COMPANY Member Federal Keserte Hystsn City HaU Square West Lawrence E. Brown & Ce. Ltiuintu ruvue ACCOUNTANTS 1630 RKAI. KsfATK TRURT III.DO. Investigate and alius! curimmllnn .- V.,Jnn7;i,,r-:c,? ,D' vvmflmmR Si Full-Fashioned Hosiery Corporation Some people have been wilting yearn for thlu opportunity. Let us explain (fetalis, Call or write 1202 Harrison Bids. 8. IV. Crr. 1.1th A Market Ma. Philadelphia, I'u. Safe Bends for Investment Halsey, Stuart & Ce. Inc. LasastTssUBldf. T(sAm Uaut 74W 1 C S. PATTON & CO. 311 A CIIBSTM'T VTS. BANKErTS Sneeesaers tn SAIMCIt 8TI-VKNR0N ,. IleniU rnd stnrkl bought end loll, Memberi 1'lilla, bteck Kxclianff; IKi i Y v , y.-"'V-r$ - - - bbbbbbb 1 ySi.4iA".i,,-.u'(fc ,.ggl.fr,.,.. $vu.ii.'.i i&l ; 'I. .t'jX n,mn 1 '.Wi '?'" ir .t L'.
Significant historical Pennsylvania newspapers