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'.