Pt?w!w?'f;,VV,Jiv-' ,.jvj(trJtry I, y-v ' -y, - t i-Asrv' nSMi'W !-,',, ,Vfl;i" w ft.' EVENING PUBLIC LEDGER PHILADELPHIA, THURSDAY, AUGUST 3, 1922 . i . . . M ?j' iiHi- 1 EK " .' jj . f -'!,: . . W " 7IVe Luted Bend . .- I We Invite Attention te The Empire Gas & Fuel Ce. 7Y2b, Due 1942 Bellini? nreund 98ft en the New Yerk Stock Exchange. I Tax Itefund In I'cnna. We solicit orders nt the market Circulars supplied without obligation. SCHIBENER, BOENNING &CO INVESTMENT BONDS 1G1S Walnut St., Phila. Members Phila. Stock Exchange II. Leeu.t 7460 Kej.tenr, ltncc 3300 ft . Jr t A A. JK. . A' JjR. SKA rmMirtvtmirf Security Shiotatien Service for Banks - Brokers Dealers WE PUBLISH WEEKLY Six Comprehensive Quotation Sheets Condensed d:s;rlptleru of ever 6C0 representative Unlisted Issues classi fied as follews: Railroad Bend. Public Udlltr Bendi Public Utility Stectti Canadian Municipal Bendi Foreign Government Bendi Industrial Stocks and Bendi XU.K4 re;u J'? r? Panld dnd Imtil. mnt Prj'r'i en rr.ji.fi:, rosette u-itv our Vtecky Suffotieni Lntl PYNCHGN & CO. Memrfti New 'ok Stc-li ExrVarie 111 Broadway New Yerk Telephone Recter 970 CHICAGO MILvfAUKKH LONDON LIVERPOOL PARIS Prlratt wire, te principal drlti of L nitrd Mate i and Canada w INTERSTATE ELECTRIC CORPORATION First Lien 6s, 1933 Earnings of Subsidiary Companies ter year April 30. 1JJ2. iirei Net $953,332 $343,723 Sub!dlary fVimp.intes' bend, note Interest, prfrre(l dividend and Interest en thl Is'ue. S163,t533 Management of properties direct ed by the General Engineering & Management Corporation of New Yerk Price te Yield 7sire Circular C en rrquest Fairman & Company Drcxcl Rtiildinp. Phila, i:tiiiihii nn2 :tx Jehn Wanamaker 5 Bends Due April 1, 1923 Q'e Bends Due October 1, 1932 Bought Sold Quoted Elkins, Merris & Ce. Land Title Bids., Phila. Npw Yerk A Pn' a ritecK Exhanfffe R. A. M. & Ce. Active Orders in Phila., Balte. & Wath. hi 4r 1943 Phila. & Reading Imp. 4r'r 1947 Ohie Connecting . lit 4 V 1543 Jameitewn, Frank. & Clear. 4", 19S9 Phila. & Reading Consel. A'l 1937 Allegheny Valley . 4"e 1942 Penna. R. R. Centel. 4' 'c 1943 P. C. C. & St. L Cental. 4"c 194S Reed A. Morgan & Ce. SUM Vest End Tm't ( '1 Pi On I Members of 1119 I'h .a S' j-;xi Telephone ".prure 2131 BANKERS 321 Chestnut St., Philadelphia Established 1837 Member New Yerk and Philadelphia Stock Exchange. Bends for Investment Liberty Bends Bought, Sold, Cashed F. P. RIST1NE& COMPANY Ettafall.bed 1&03 Wldner Building, Pkiladtlplu. H.w Yerk Eliubetb, N. J. Vid " Member. New Yerk mill riilludelphlit Htuck l'.fclmiisc. C S. PATTON & CO. 1I A CIIKSTNTT ITS. BANKERS ' Huccrer la MAn.KK A MTKVKNRnV ..). KW-f ana aier.. iteusm nnu lei., iWr. Vblla. Sick Exchange. MARKET THIN FOR TL Sharp Spurt in Oils Turns Prices Up Again Near the Clese New Yerk, Ahc. f. Today's stock mnrket was found te lie extremely thin frr a tiiimbrr of the rcv-ent spcculntlve favorites when the professional oper ators pndenered te make cpilck turns In thee lx?ties. ThK provoked niore active M'llim, it, the cetieral list in the afternoon when reactions of one te three points were common all nleng the line. A -part in the oils, however, turned the market up again in the Ian half hour. Hit- rank nnd Hie of the trading com munity 111 tltltalllOil the vmmi wnlllni- ittitmle pending the next move In the niilmad and coal strike Mtuatlen, Ai'tlllclally colored reports were sen sen ereuslv circulated te create the Inipres Inipres meii some Improvement was tak.11: , I'lace in the transportation fcltuatleii, ! '"it. us n matter of fact, net mueh iclianpe occurred overnight. The Street, however, appeared te And considerable encouragement i tie ia(ir(, cnr re. 1 pert fur the week pndlne July '"2 ThN showed the lari;et trifflt. rrevcmen barrlnR the coal loadings. There was also an inclination shown te regard teperts of the growing fnel scarcity as bcin magnified. It all made mero pleaant reading matter, but evidently , the 'arger percentage of the market in "rests wete quite content te maintain he pesiti .11 they hae held for some few days en the vide lines. Foreign nils furnished the enlv real J.ictivitv daring the morning. ulth'.Mcx. lean Petroleum registering a gain of .'I points and the Pan-American issues with General A-phnlt and Mexican Sea board moving up 1 te la, points. J.'oherth and Western t'nlen both broke into new huh ground for the i.ir. There wna also apparently a geed demand for A.I mis nnd Wells- , P-irge ltxpres, Miinr. which were up 1 te '2 points. ther strong points during the fore fore neon trading included Federal Smelt ing ,md Ii'"ning shares wlu.li were up J1 1 nnd ''s p ilnts. the latter a new 'ugh reennl American Car nnd Pouti Peuti .'r; at the same time advnnce,! :? points 1 and Aiaeri.'.ui In- preferred 't. 1 The market. Imweier, was net nltT git'ir n one-sided affair by anj means. V rfe'k anil Western, which yesterdav 1 .ime Inte prominence by the "animated nhnne' te Us. dropped back ever a pmnt en profit-taking. Republic Me. ors, with a decline of 2"'., points, made .1 new low. At the same time Interna tional Mercantile Marine, Ornv & Davis. Chicago and EnMcrn Ill'lnels. with Lorillard Tobacco and Republic Steel, were conspicuously renctlennr. The dullness of the market was 're lieved for a time In the i-.irlv afternoon, "lien professional operator, trading for quick turns, made n sudden en-dniight en prices. Weakness in such favorites 1 is Studebaker and Chandler Meters, I'ruclble St"il, fl.ildwin I.01 enmtHennd M.irine preferred iimsed hasty pretit- t iking in ether stocks which had shown ruent marked strength. Chemicals, do mestic oils, feed, International Paper, American Can and Consolidated (!as were ulse supplied freely. Marine pre ferred lest l':li. Crucible Steel 2 points) nnd a considerable number of ether i--sues 1 te Hi, I I The market showed a better tone in , ; the last hour following a hharp spurt in the oil group, notably in Mexican 1 1 Petroleum, which was bid up five 1 points. Lew -priced rails, sugars and1 tobaccos also were In geed demand, all at the day's best prn es. A strong tone was shown In the early I trading, in the bend market, most of the, i Di tive issue, making nnprci l.ible gains. I Pleach (JeM'rnment and municipal ' bends, which slumped .su.r(aj jn re- I spouse te unfavorable international de- itlepmcnt.s and a further collapse in. lermuii exchange, were up apprexi- J mutely '(. point I Rails teatured the domestic issues, , 'reat Northern 7s. N. Yerk, Ontario, and Western -1- Atlantic Const Line I nrst -Is, Il.ilni.ii. re and Ohie cenverti- ' li'e I'...- and Verthern Pacitic U and il tuing .11 gee I ib iii.uhI .mil showing' d.ii.e.l stniig-1. ( Vef lni-Sli.iikiaii,l and l'nig'..' !". witli ( 'op' iih.igen os. ' uer. aguin r :i ' nary. Norfolk and W.s-ern (eiivertit,,,. c fell back 1, point- In s.wiiputhy with a -luniii In that read's steik. I.lbertv prices held 1 firm. Further improvement In foreign bend prices and a brisk demand fur the ! epul.ir rail issues were noted In after noon trading City of Prague Ts nnd Southern Reli Telephone os were up J", points ach, while (fains 0f a point were made by Department of Seine "s and Belgian T's. Liberty first second convertible 4ViS, in which there has bren little artivlty, f 11 70 points. MARKS AT 12c PER HUNDRED Only Weak Feature nf Foreign Ex change Market New Yerk, Aug. 3 The market for fere.gn e.xeharig'j opened with mark the enlv w,k feature nt .111, a net d -cline of a pint. Sterling open' d tin eiariLsl, fiii'ns and IJelglnnh were up '... lir 1,1 M'... Swiss unchanged, p. etas up 1 Danish up fl, Norway up Swed Is , up 7 and guilders up 3 The 1 rii. lies , er largelj due te covering d speculatue transactions. The quotations i vere rei'i.nd in Ixinden and Paris., Lecal operators were at a nunlmuni at 1 he start ' Although business was very limited ' today, a 11 departments displayed ' strength and the nte quotations shewH 1 advances ever the ejese of Inst week ' 1 raneing ip '" tiM pninta In francs'. ' ' The lusi mentioned, after selling as I ,1 w as s 0:1 ut the beginning of the week, uas quoted late tednv at SUl ,for cables nnd .l-fj'i for 1 hecks. ! Stivltng at -1.11 for miWi-r and 4 llXj for demand, was unehang'-sl I freru the final figures of last Suturdaj ' Othei issues showing net gains en the week, after mere or lew Important Idecliiies, included Wi In lire and -' 1 In ltidginns and Swedish Marl;-, nt .1 rally of iyt from the extreme low 'len.rd of llai, show a net deillne I frei.i lapt Saturday of 3 points at to te Ulaj - recovery te 3 .. L.xr.iitieiis te the net gains were Swiss, whl. h were off 1 1 niiits en the week, guilder down ", pi etns down L' ami D.iniali down 1 . eiurui i.uropeue eneannges were in 1 the mnln steady, i.eienling te somewhat I iieiuiiial quotations, as fellows. U. garia .07: RiiihiiiiIh uneimreil si..-i.u ' l.lit; (Jris-ks HfKi, O-ehe. Slovakia 2.-M' bid: JiiRe-Slaviu '-".) offered j Polish marks .001 -Je ; FlnnUh marks 'JOS bid, Austria .0020: Hungary The premium en New Yerk Kxrhnnxe In Montreal tuday was 7-111 per cent. The discount en ('anadtan exchange was reduced te tline-eightli per cent, milking Canadian del.nis worth !ifir'i. This Is the highest prh e at l rilm-fl In u number cf ,eurs and is attributed te Increased experts from Canada TOIjAV'S nPKNINO Q1'f,r.riONS L)rnand . 4 U'i h IH 57 ,'1S 00 C.blc. t Hi t 17H 4 LTn 38.U5 I)S1N(1 CiL'tiTATKiVH hterllne Franc. Mr. OulM.r Dem.nd,. C.bl. . . . 4. 00 H 88 6(5 38.U1 . . 4.44U 8.U0U ..01 RECEN EADERS NEW YORK STOCK MARKET Only Afternoon Repert in Philadelphia Quoting Full Lht Dlv. Pslfs in I BTOCIC Itlah . Lew 2000 .. Atfuna Expre 68 ?4 6CJfc '00 .. Adx-nnce Itumely... 10 10 '300 .. Ajnx nubber 12 12 V 2S0O 4 Allied Chem & Dya 73 Yi 71 t 200 7 Allied Ch & D0 pflOO 108 500 4 Alll.-Chalmers .... 53 Vi S3 ZOO .. Am Beet Sugar.... 40 ?4 46 J4 3600 ,. Am Can ..60 58H 400 12 Am car & Fdy 171 170ft '00 .. Am Drug Syn 5 5ft 2200 7 Am Ice 1134 "2 '500 6 Am Ice pf 93 9' ft 3000 .. Am Intemat Cerp.. 41 U 39 200 1 Am La France ling 13 124 300 7 Am La Fr Eng pr. . 100 90J4 100 .. Am Linseed 34 34 3400 e Am Locomotive.... 11 9'4 118 700 s Am Metals 45 ft 45 203 4 Am Radiator 103 103 25 7 Am Radiator pf.... 119 "9 800 .. Am Safety llaier.. 6H 6U '303 .. Am Ship & Cem.... 19 10U 300 .. Am Smelt 60H 601. 200 7 Am Smelt & Rcfln pf 98 98 000 Am Steel Foundries 30 U 37 i '700 .. Am Sugar Rcf 81 H 81 2500 . Am Sumatra 40 39 '000 . . Am Sumatra Teb pf 65 63 100 t, Am Tel & Cable.... 57 57 900 9 Am Tel & Tel 122U 122( 300 12 Am Tobacco 147 U7!i 400 12 Am Tobacco D ...144 143 '00 .. Am Waterworks... 16 J, I6T4 200 ,. Am Watrvvk. OT, pf 41ft 41 500 7 Am Woolen 91 90 H '00 .. Am Writ Paper pf. 30 30 '00 .. Am Zinc Ld & Smelt 17ft 17ft 1'JO .. Anaconda Copper... S3I 53ft '00 .. Ann Arber '5 15 200 ,. Ann Arber pf 44 700 4 Asse Dry Geed 55 34 55 ft '00 6 Asse Oil 109ft 109ft 600 .. Assets Realization.. 2 2 500 it Atch Tep ft San Fe10l ft 101 '03 B Atch Tep & S F pt 92 92 200 Atlan Uir & Atlantic 3H 3ft 300 7 Atlantic Coast Lllie109ft 109ft 600 .. Atlantic Fruit 2 2 '000 .. Atlantle Fruit ctfs. 2 2 500 . . Atl Gulf & W I 3 S 32 ft 32 700 . . Austin Nichols .... 27 27 3000 7 Ualdwln Locemotlvol20H 119ft 3000 .. Baltimore & Ohie.. 58ft 57 2300 .. Hnrnsdale A 32 20 ft '200 .. llamsdall Class V.. 25ft 24ft 200 ,. Beechnut Packing.. 32 32 1200 5 Reth Steel 11 77ft 76ft 100 8 Reth ateel 6 pf..H4ft 114ft '00 .. Beeth Fisheries.... Oft 0ft 500 8 Brooklyn Edisen. . .1 10 109? 70 .. ,if, Odd Lets 110 110?4 '800 .. Bk'vn Rapid Transit Z5J4 24ft 900 . . Bklyn R T ctfs of db 22 21ft. '00 .. nrewn Shee 51ft 51 J4 "00 2 Bums Prea B 46 45 700 .. Butte Cep & Zlne.. 7I& 7H '00 .. Butte & Sup Cep... 30ft 30ft '00 6 California Tacking. 79ft 79ft '00 .. California Petrel .. 53 ft 56 ft 800 .. Cnl Zine & Lead... 8ft 0ft '00 10 Canad'an Pacific. ...140ft 140ft 300 . c.is-e J I Plew ... 6 6 500 .. rcntra.1 Leather 38ft 38 100 .. Cerre-de-Pasco .... 37ft 37ft 4430 6 Chandler Meters... 60 H 58 H 900 4 Chesapeake ft Ohie 72 y 72 H "630 .. Chicago ft Alten... '2ft )' 2500 .. Chicago ft Alten pf '9 'g 500 .. Chi ft E III (new). 35ft 35ft 300 .. Chi & E 111 (new) pf 56 55 ft 400 .. Chi ft Or West pf . . 21 21 2700 .. Chi Mil & St P 30ft 29? 2700 .. Chi Mil & St P pf.. 47ft 46ft 930 5 Chi ft Northwestern 78? 78 '00 7 riii ft NerthwcBt pfll4 114 1030 .. CM R I & Pac 45 44 ft 200 6 Chi R I ft Pac 6 pf 84 e4 630 .. Chle, Copper 22ft 21 300 . Chine Copper 29 Ta 29 ")i 103 .. Cluett-Peabody 56 56 1200 4 Ceca Cela 70ft 69 203 .. Cel Fuel ft Iren... 30ft 30ft 1230 .. Celum Oas ft E'ec. . 92 ft 92 1200 .. Celum Graphophene 4ft 4ft 100 . Cel Graphophene p 17 17 1800 6 Cemput Tab Rec. .. 67 ft 66 ft 100 .. Consel Cigar 35 ft 35 ft 100 . Consel Dls Ins 3930 8 Consel Gas 125ft 124 4330 .. Consel Textile 10 9? 200 6 Cent Insurance.... 85 85 2500 4 Cern Products Ref..109H 108ft 500 7 Cern Pred Ref pf. 117ft 117 5100 2U. Cosden ft Ce 44 41ft 100 7 Cosden ft Ce pf... 94 94 10533 .. Crucible Steel 93 SO ft 100 7 Crucible. Steel pf . . 93 ft 93 ft 25703 .. Cuban Am Sugar.. 27 ft 27 ft 103'' 7 Cuban Am Sugar pt S4 ft E4 ft 3G00 .. Cuba Cane Sugar... 16ft 16 4200 .. Cuba Cnne Sugar P- 40 ft 39 ft 200 .. Davisen Chemical.. 47ft 47ft 1200 .. DebeerB C Mln Ltd 21 21 400 9 Delaware & Hudsen126ft 125ft 330 6 Del Lack ft West.. 130ft 130 100 2 Deme Mines 30 30 200 C Eastman Kodak new 75ft 75 300 3 Elec St.-rage Bat. 46ft 46ft 100 . Elk Hern I'eal 20ft 20ft 200 0 Endlcott-Jehnson . 83 03 23 JO .. Erie . '7ft 17 2030 Erie 1st pf 2GS ?6 333 Erie 2d pf ... 10 a '0 4500 8 Fameun P.a.vers L. 85 ft f4ft 730 Fed M-r. .x. hmelt. . 15ft 13 lfa30 5 Fed Mln i: Smell pf C4 t2 430 .. Flsk Rubber 12ft 1?ft 430 . Frecpert Texas.. ..21ft 20ft 8630 .. General Asphalt 70ft 60 230 8 General E.ectrle. . . . 100 179 ft 3233 .. General Meters 13 13 403 6 General Meters pf. 81ft eeft 200 6 Gen Meters deb 6 01ft 81ft 100 7 Gen Met .r deb 7 94 94 '203 .. Goedrich H F 37 36 ft 100 7 Goedrich B F pf 06 86 830 .. Gray & Paxis 16 14ft 2103 7 Great Northern pf.. e3 82ft 500 4 Grt North Ore ctfs 39ft 39 ft 2200 .. Ouantaname Sugar 13 ft 13 300 .. Gulf States Steel... 82 82 100 .. HnMrshaw Electric. 2ft 2ft 103 7 Hartman "erp 03 03 1130 2 Hudsen Moter Car 20 20 430 .. Housten Oil 75 ft 74 2500 1 Hupp Motorcar 17 ft 17 ft 900 .. Hydraulic Steel.... 9 9 630 7 111 neis Central 109ft 109ft 400 C IP -.M Pf ' '... .H3ft 112ft 200 . IrdUhem.t Ref 3 3 200 . '-sp'ratien ren Cep 40 40 600 . I'.ter Cen Cerp 1 1 070 Infr Cen Cerp pf.. 3 3ft 200 2"n lnternat Ccmunt . 31ft 31ft 603 2 Tnternkt Cem Eng . 23 23ft 430 & Int Harvester new. 103ft 103 ft 5633 . Int Mer Marine 17 15 ft 8500 6 int Mer Marine pf . . 69 64 430 . Inter Nickel 17 17ft 3103 .. International Pnper. E5ft E3ft 330 .. Invincible Oil Cerp. 12ft 12ft 300 .. Irer Products 33 ft 33 2330 ,, island Oil ft 400 .. Jewel Tea pf 6Gft 66 500 Jenes Bres Tf.a .... 46 45ft 3930 , Kansas ft Gulf .... 4 a 4 6903 Kavsnr Ce new 48 47 ft 600 . Kelly-SpiinKHeld .. 44 ft 43 ft 200 8 Ke.ly-.ipg T 8 pi 98ft 98ft 3J0 Keimei-eU Copper. . . 36 35 .703 .. Keys-one T ft R 9 Oft 300 7 Kresge S S 14G 144 ft 603 . Lackawanna Steel 76 76 ft 200 .. Laclede Gaa of St L 89 88 ft 800 3ft Ihlgh Valley 64 ft 64 ft IrjO 7 Lemsvdle ft Nash.. 132 132 Today'. Net C1ee Chce. 60 2 10 12ft- ?1ft- 108 53 ft 46 60 170ft 5ft 112 -93 40 -12 S0ft 34 118ft 45 - 103 - 119 90 -38K 01ft 39 ft 64 57 122ft 147- 144 16ft 41 90 30 17ft-53ft-15 -44 55- 109ft 2 101 ft 92 3 109 2 2 -32 27 - 120 -57 32 z 1 ft ft H ft W "ft 2 "ft V "m "h "ft ft 2 ft ft H ft ft ft "Vk "ft ft 3ft ft " ft ft 25 32 76 ft- 114ft Oft . 110 110 24 ft-21ft-51ft-45 7 30 ft 79 ft 50 ft 0ft- 140ft 6 -30-37 ft 60 72 12 19ft 35 ft 55ft 21 -30 ft 114 44 ft- 84 21ft -29- 16 -70ft 30 ft 92 ft 4ft 17 67 35 ft - 124ft- 9- 85 109 -117 43 94 91 - 93 ft 27ft 94 ft 1Qft 40 ft 47 ft 21 126 r 130 30 75ft 46 ft 20 ft - 83 -f 17 26 ft : 10 C5 - T 53 s 12 ft T 21ft 70 ft 180 13 81ft 81ft 94 -36ft-86 15 -83 ft 39 ft 13 82 -2ft 83 20ft 75 ft 17- Yi ft 1ft 1 ft 'l ft ft 1ft 2ft "a ft ft ft 1 9 109 113ft 3 40 1 3ft - 31ft- 23 h 103 ft-15ft-67 ft 17ft f 55 -12ft -33 3 66 - I 45 ft- 4ft 47 ft 44 98 ft 35 -Oft- 146 -76-80 ft 04 ft r 132 - MONEY-LENDING RATES M;V YORK. Call men.y ealr. High. luw 4, rulir rut. 4 closing bid, 4, of ef fi'red nt t ' U l"n 4 In T.tn f'li. I' 't' marK't vra. nominal nt thn fe.mliiK ! i 'J' i' Thirty dujs 3V per ..'1 Ut ii. l i iii"!, UyH, 4 Kr rem. fnur inentrw It' t '. iir (.int, five rni.nth., 4V pit cent. ,. x n rthy IV. te 4 V p'r tent Trim, bank acciptance were qulel una um-Iiir.i;e3. and lh" 'M leun rate, en ao ae cei'tnce. .HkkI at S'4 r- r cent, M'-rcunlll. P"PT f cbolea quality w.a NEW YORK Open Auk pt. . . fict Nev. . . Dtr. ... Jan ,. Kb . . , March April .. Muy ... June . .. July ... Hid. 0 31 0 .12034 0 30M3S b 32034 medr,il.ly active ana uncnaniea at i in ivt prr cent. 1'MII.ADELI'IIIA Call. 4U Mr ci-nti time 4V te 4V4 per cent cimm.rclal puwr. thrt. te l month.. 4V te 4Vi nr tnt. JONPOy Merwy, 3 pur cent. Discount r.ttm hhert bill., 2 per cent: thrr. month., 2 lr cent. BANK CLEARINGS Unnk rli-arli.KH today rempnr.il with ror rer rffltxMl i.if ditv ..ut twu VHiira 0 K0O3S tNemln.l BUTTER, New Yerk, Aug. Itbeeipt., 1B.O80 changea. E(i03 Steady necelpt.. 10.397 cii.c. Kre.ili gathered firsts. 23W2)c. Other quo tation, unchanged. CHKE8U Irregular Itecwlpts, 3235 boxes Uuotutlen. unchanged liU.! IMIM IflSO I'll l.i I7S ' ' 'l 'i00 111 fi 0 000 T.X SJl 100 N V "M ''.fin line 027 l'i" 000 7-'S,Lll,H3 HeHum . r.n.iioe oeii 4L7'.'t,e47 Chicago H7,70O,0u0 SO 200.000 07,780,761) Standard Oil of N. J. Cuts Gasoline Nmv Yerk, Au. 3 Th Standard Oil Company of New Jersey today announced a reduction of two cent, a gallon In tb. price of ga.elln.. French Bank Statement I'arl.i Aug. 3. Thn weekly Matement of the Hank of I'rar.ca show a the following ihanee. In franc tleld In hand InrreasKt 211,000; silver In lund licp.ased 100,000, notes In circulation Incrmn-.l 818,835,000, treasury deposits decreaard 154. 575, 000: gen ral deposit. Increased 0,378,000; bills dis counted Inert. sed 414.022 OOfi, advances do de er. amd 10,421 000; fr.ah advance te th. Slat, amounted te 000,000, W0, Today's alcs 677,800 Yesterday's sales .... JiOO.tVOO Tetfll for tilts wedt. . 2,830,300 Today's Cleie 54 ft Dlv. Pa1 In t STOCK Hlsh Lew 53 4ft 164 15 56 38 ft B0 54 40 81ft 47 46 ft 59 38 ft 29 40 58 19 ft 121ft 16ft 160ft 22 ft 19 29 ft 12 33 17 41 22 ft 56 ft 21 99 16 149 54 5 16 66 96 ft 83 36 59 ft 30 18ft 116 70 44 ft lift 77 6?a 2 19 ft 11 36 7 ft 70 53 ft 73 ft 67 ft 7ft 10 46 7 33 30 ft 75 43 9ft 22 ft 7 41 42ft 96 ft 39 ft 90 ft 21 81 100 36 ea 120ft 50 29 96 ft 30 16ft 75 ft 36 59 32 70 ft 92 ft 4ft 27 47 116 53 29 ft 52 ft 30 ft 49 3 4ft 7 12ft 80 ft 12 36 ft 30 ft 9ft 53 90 ft 25 ft 58 18 ft 90 104 101 117ft 51 129' 7 6 2 1 10ft 46 ft 30 24J 53 77 ft 23 13 ft 19ft 143 75 ft 100 ft 108 81ft 48 ft 147ft 28 ft 61ft 3ft 34 7ft 62 69 57 ft 100ft 1191 64 17ft 40 26ft 00 ft 10ft 12ft 32 79 108ft 11 19 60 ft 100 61ft 16ft 47 ft 8 8ft 43 ft 86 ft 30 179 51 9 4600 2400 100 300 700 9800 200 100 300 100 800 500 100 1800 200 900 900 1100 200 900 28000 30100 16400 7 Lima Locomotive... B4ft .. Lima rts 4 12 Lorillard (Pierre). .164 .. Leew's Ine 15 .. Mack Truck 56 ft .. Malllnsen Ce 39ft 7 Malllnsen Ce pf... 90ft 4 Manhattan El Supp 54 .. Manntl Sugar 48 7 Mnnatl Sugar pf. .. 01ft 7 Manbnt Elcv Guar.. 47ft .. Manhattan Elev ctfs 47 . . Market St Rwy pf . . 59 4 Marland Oil 39 2 Martin Parry 29 .. Math Alkali 48 .. Max Moter Class A 58 .. Max Moter class B 19 8 May Dept Stores. ..121 ft Mclntyre new 17 12 Mexican Petroleum. 174 ft .. Mex Seaboard 23 ft . . Mex Seaboard Oil ct 20 ft 4ft 164 -15 56ft 39 90ft 54 48 8lft 47ft 46 59 39 29 -48 ft 58 19 ft 121ft 17 174' 23 t 20 29 ft 12ft 34 ft-17-41 22 ft 56ft 22ft 99 16 ft 149 - 54 5 17 66 96 ft 83 33 59 ft -31ft 44 ft 11ft 78 ft 6ft- 2 19ft 11 -36 ft 7 70 55 75ft 69 ft 7ft-10-46 7ft 34 ', ft ft H & ft 1 n 200 -' Miami Copper 29 58001.20 Middle State,, Cerji.' 12ft 6400 500 100 800 1400 2930 100 200 100 1300 tee 500 100 2100 . lumvale Steel 34 Me Knn ft Tex (wl) 18 . Me Kan ft T (wl) pt 41 . Ml.seurt Pacific.... 22ft . Me Pacific pf 56 . Montgomery Ward.. 22 . Mulllns Bedy pf....l99 National Acme.. . 16 5. 7 Nat Biscuit 149 . Nat En ft Stamp... 55 . Nat R n of M 2d pt 3 . Ncv Cen Copper.... 17 6 N 0 Tex ft Mex 66 B N X' Cnnlml Ofti 200 E v v r. n, i'lW'Jr nt 100 24 Nc,v Yerk Deck.... 36 200 E New Yerk Deck pf. 59ft 3200 400 1200 700 200 900 1000 200 2200 300 300 2400 900 200 0503 26500 3200 500 100 2500 1800 1700 100 100 10100 400 300 200 300 100 200 1400 100 .. jxew Yerk N H ft H 31 ft .. Norfolk & Southern. 18ft 7 Norfolk ft Western. 118 6 North American.... 70 3 North Amer pf.... 44 .. North American rts 12 6 Northern Pacific... 78ft . . Ohie Bedy ft Blewer 7 .. Okla Pred ft Ref... 2 .. Orpheum Circuit... 19 ft .. Otis Steel lift 2 Owens Bet Mach... 37ft .. Pacific Devcl Cerp. . 7 6 Pac Gas ft Elec 70 8 Taclflc Oil 55 ft 6 Pan Amer Petrel... 75 6 Pan Amer B 69ft .. Panhandle 7ft .. Parrlah ft Bingham 10 2 Pennsylvania R R.. 47 .. Penn Seaboard Steel 7ft .. Pcre Marquette 34 3 Philadelphia Ce 38 ft . . Phil Ipa-Jenes 75 2 Phillips Pet 44 ft .. 1 lerce-Arrew Moter. 10 .. Plerce-Arrew Met pf 23 ft .. Pierce Oil 7 . Pierce Oil pf 41 . Piggly Wlggly Stere 42ft 7 Pitts Steel pf 95i2 . Pitts ft W Va 40 30 ft . 75 -44 r 10 23ft 41 42ft 90ft 21 01 100 ft 37ft 0 -121 52 29 ft 90 ft- 30 16 75ft 36 -59 32 -70ft-92ft- 5- 27ft- 48ft 116 53ft 29 52ft- 31ft 50 3- 4ft 7ft 12ft 81 12 36 ft 30 9ft 53 91ft 25ft 58 19 ft 90 106 f- 182 1'7 51 6 -3 1 1 10ft 47 30 24ft 54 ft 78ft 23 ft 75ft 100ft 108 01ft 40 ft 149 28ft 63 3ft- 34 7ft 62 70 57 100 119ft 64 17 ft 49 26 ft-60ft-10ft 12ft 32 ft 79 r 109 11 19 -61ft 109ft 61 ft -1 6 ft 47 ft-8ft-Qft -44 f 08 -j 30 180ft b1- 9 C Pitts ft W Va pf... 90ft 200 ih Pend Creek Ceal... 21 5 Pestum Cereal 01 8 Pestum Cercat pi.. 100 ft .. rroducers ft Ref.. 37 6 Pub Ser Cor of N J 90 8 Pullman Ce 121 . Punta Alegre Sugar 52 2 Pure Oil 29ft 8 Pure Oil pf 96 ft 300 .. Ray Cen Copper. ... 16 100 4 Reading 75ft 100 .. Remington Typew.. 36 100 .. Rem Typevv 2d of. 59 700 .. Replegle Steel 32 ft 700 .. Repub Iren ft Steel 71 300 .. Rep Iren ft Steel pf 92 ft 13100 .. Republic Meters 6 400 .. Reynolds Springs... 27ft 10800 8 Reynolds Teb B.... 48ft 100 7 Reynolds Teb pf...11C 21005.20 Royal Dutch N T.. 53 600 .. St Leuis San Fran. 29 100 .. St Leuis S Fran pf. 52 ft 7100 .. St Leuis Southwest. 31 ft 3800 .. St L Southwest of.. 50ft 100 .. San Cee Sugar 3 4100 .. Saxen Moter 4 930 .. Seaboard Air Line.. 7ft 1100 .. Seab Air Line pf... 12 800 .. Sears-Roebuck 81 203 .. Seneca Cepper 12 10383 Shell Transport 36ft 5930 2 Sinclair Consel 31 3300 .. Skelly Oil Ce 9 100 . . Se Perte Rice Sugar 53 1400 6 Southern Paclfle.... 91ft 4300 .. Southern Rail 25 300 .. Southern Rail pf . . 58 700 . Splcer Mfg 19 ft 100 8 Splcer Mfg pf 90 2900 4 Standard Oil of Cal106 500 C Standard Oil of N J 182 300 7 Stnnd Oil of N J pf117 100 3 Stirling Products.. 51 15700 10 Studebaker 131 100 Sub Beat Cerp ... 7 100 . Superior Oil 6 3600 . Sweets Ce of Amer 3 200 Temt Cem ft F "A" 1 100 . Tenn Cep ft Chem.. 10ft 11300 3 Texas Ce 47 200 .. Texas ft Pacific... 30ft 1400 1 Texas ft Pac C ft O 24 ft 600 6 Tobacco Products.. 54ft 3100 .. Tobacco Pred A.... 78 300 .. Tobacco Pred rta... 23ft 4200 .. Transcontinental Oil 13ft V ft ' ft ft ft I ft . 1HI Hi i! ft 1 ft ft i? H H 2ft 1 ft ft ft ft low ., union uu iuvi 500 10 Union Pacific. ..143ft 300 4 Union Pacific pf... 75ft 10 7 Union Tank Car. ..100ft 300 7 Union Tank Cur pf.108 300 .. United Drug 81ft 100 S ft United Drug 1st pf 48 ft 1400 8 United Fruit 149 200 . . Unit Rwy Invest pf 28 ft 3200 .. United Retall Stores 63 400 .. Unit Retab Ster rts 3ft 930 . . U S C I P ft Fdy. . . 35ft 100 ..US Feed Products. 7ft 2400 ..US Ind Alcohol ..62 700 . U S Realty ft Imp.. 70 3100 ..US Rubber 8 7200 BUS Steel 101 100 7 U S Steel pf 119ft 100 2 Utah Copper . . . 64 100 .. Utah Securities.... 17ft 2000 .. Vanadium Cerp.. . 49ft 400 Var-Car Chemical . 27 ft 100 .. Vlr Car Chem pf... CO ft 100 .. Vivadau Inc 10 ft 600 .. Wabash 12 ft 1ft I. ft ft ft I 2ft ft 1IUU .. v UMUBII p j Ji?0 500 2ft Wells Farge Exp 80 300 7 Western Elec pf....109 100 300 600 1400 800 703 300 700 500 400 200 100 400 300 300 .. Western Maryland. 11 . . Western Pacific. . . , 19ft 6 Western Pacific pf 61ft 7 Western Union Tel 1 10 4 WcstlnK B ft M .. 61 ft ft ft Wlekwlre Spenc Stl 16 ft 4 White Moter. 47 Whlte Oil Cerp., . . Willys Overland. 8ft t . Willi a Overland pf 44 7 Wilsen ft Ce pf . 68 . Wisconsin Central 30 g Woelvvoith F W. ... 180 ft 4 Werth Pump ft M . 51 1 Wright Aero 9 COFFEE MARKET GRAIN MARKET "Vt. 'lese Ii 211 II 211 II 21) U.2U II I'll 0 2S Ii 211 0 30 0 30 0.80 0.3U 0.30 vVheat- Open . 1 03 1 07 1 im . 01H f.7i HI'. . 81 31 SOW High l.OH 1 07 1 12V nis BSU uiVa 83Vi 85S 80M Ii w 1 UIJ, 1 IP. en: r.7V, IlO'i 32t s.v. 80 High Ijw Cle. tO 32 J2S33 til .12 til 3i 0 32B33 tU.33 t9 31 0.11 (f 31 10.34 0 34030 te fill 19 31) I July . ... September i On ember "ern July .. . H'.ptembT J'mw-mber 1 Oai. I July f-eptHintr , l)ireinlir I.arii ! AG 0 SO '. M 1) 83 ti 37 0 33 tl 33 0 ,12 hi-pteinber October . . Illbn Septunben 11.3'. 11.87 11.40 11.22 11.37 11.27 ' EGGS AND CHEESE DIVIDENDS DECLARED Feileral ,IJht and Traetten Company quarterly 1H per cent en Preferred? pSyl able HPtember 1 te stock of reiSft August IB, .euru 3. UUTTEH Steady tuba, Quotation, un- i.'ii""in riiuie ii.i inu l-iecvric NirlMrlV '2 tl.r I mnt nn n,.f..r (fiuiirieny . per lent en pieferred, . . --.,., ,.,,r.i, gut 13, w, 1.,,-ui,,,-, . iu Biuvniiuiiiers ui it -.nueiini iuhi anij riuis v-empany. nuar. trrly II 73 en preferred, payable Soptember 1 m Htuck of record Auxu.t 23 "" Atlas I'evvder Company, 'lU.irlerly 8 per cent en common, iiaynlile Reptember 11 te holders of record August 31. BAR 8ILVER rinme.tln har sllvei 'Se New Yerk today at P0H foreign, 60.V.O, unchanged per 60M, Ml pric. was Md oft at 85HdJ u AIR. STORESAT shore shares shares Net Che 1 "Pennsy" Slips Back for the First Time in Several Weeks 1 ft American Stores once mere took the honors ns the star attraction of the local market, mnklng nnethcr sensa tional spurt of 4V6 pe'ntB nnd register ing n new high record nt 140. This is 2 points nbeve the previous high mntle, earlier In the week, and represents an almost perpendicular rlse of 07 points for the current year. In the first week In January the stock touched 83. This proved the low market of the year. (Jelng hack nnethcr year, en April 17, 1020, the stock could have been easily bought nt 20. Se nt today's new high ground it represents n remarkable rise of 120 points slnce that time. While definite news is still lacking, there is no end of interesting sterlts going the rounds te explain the spectac ular movement. Most ex'ery one knows the company is doing a wonderfully big bub'lness nnd reaping profits thnt far exceed the most sanguine expectations of the early promoters of the concern. New story en tap today xvas that the management had in mind a plan by which the dividend rate would be in creased te a 10 per cent per annum basis, as against 7 per cent new being distributed, nnd quadruple the capital stock. This would give all present hold ers four shnres of the new stock for each one share new held. This in turn would make the dividend rate -Yi per cent en the new stock, thus nvelding the criticism likely te oc cur should the dividend rate as sug gested above he Increased te 10 per cent en the original stock. Fer some time past banking Interests reached the con clusion any Industrial concern distribu tion dividends in excess of 7 per cent created an unhealthy situation, nnd one likely te prompt disagreeable legislative investigations. Fer the first time in n number of weeks Pennsylvania Railroad showed a 6 1 ft "ft ft "h 3ft ft 2ft Ift ft ft ft ft ft ft ft ft ' ft 1 1 2ft ft ' ' ft 1ft '3ft 1ft ft distinct tendency te blip back, re acting during the course of the session te RP-s. There wns selling traceable te possibly some of the mere timid holders en fears prompted et an ad verse ruling against the company en its position taken against the ruling of the Rallrend Laber Heard. There were also hemn intimations) thnt conditions ft ft ft 'ft 1ft 1ft 2ft ft ft ft ft ft 2 ft ft ft 1ft ft 1 a ft ft 1 ift ft ft ft 1 ' between the management nnd empleyes were net quite se burmoiileus ns re ported. It Is understood n great deal of dls dls satisfactien prevails, especially nmeng the clcrkB. It is further understood tl nt en three different ballets taken this division of the empleyes overwhelm ingly rejected the proposed schedules of wages. It is still further under stood that a fourth ballet, a secret one, wns being taken today. This, it wns btated, wns se camouflaged as bearing en the question at lssuv. as te cause 11 great deal of indignation Nene of these reports could be confirmed, but were discussed very freely en the street. The street railway shares were given better support than for some time. As n result P. R. T. rallied te 80 V&. The market, it Is reported from the fleer, was liberally supplied with buying or ders around 30, Union Traction nt the same time moved up te 39. In stitutions continued te pick up all the E. & P. 4s offered. In the ether local shares trading xvas exceedingly quiet. The Philadelphia Klcctric issues remained well sustained, the common at 30 nnd the preferred at 31. U. (5. I. was taken in smnll lets at fi. American (Jns light dealings moved up n point te OS, while Philadel phia Insulnted Wire lest n point at 37. West Jersey and Seashore in the final dealings sold ut 3D, making a new high price for the year. ft ft ift 1 1 Philadelphia Stocks ... .. . Net High Lew Clere chg. HO Am Oas... OS OS OS 1 1130 Am Strs.,140 J3.rVj 140 4V'. 400t Am Sugar 81 81 81 IHITAIll fv XOI) 'lU'S MOtAus Nlch. 2(1 .'t.-.tChi .x: Alt 11 -''i 30tCM&StP 30 120tC It I&P 41 2(50tCuban-Am 40 40)s 20 20 ! 11- 20 21) 4H4 MJ5 i a I 1 Sugar .. 27 27Vi 140 Klec Ster. 40 10 2rii(Juant'nnme Sugar... 13 13 If, In Ce N A 37 H. 117 27 40 & 1 13 ''? mtini tTnvi. ifie.'i. mes -ie:ir If lOtlnt Mer M !? KM lhX it euTixey x it v it 85 Lake Sup. 0 !) 200 Leh Nav.. 75 74 !) 0- 74 1 r? 210tManitl Su 48 4S 48 40tMex Slid ' ft 1ft 1ft Ift ft ft Oil 224 22S 22T-L V 25tMex ret.m-U 171 171-74 a Oil 12 12 12V 7 e,? 125tM Sta T"J lOMIdvale.. 34 34 34 -I lOOtMe Pac . 22'u 20tNer & W.117 JOtPnc Oil.. 54 lOtPan-APet 74Vi 820 Penna R It 40 lOtPenn Sbd Steel ... 7 10 Phila Ce cum pf.. 3!) . 541 Phllii Elec 30 " 8(1 de pref.. 31 15 Phila Ins Wire.... 37 1300 P R T... 30 25tPer Marq !W',I 20tRey Sprg. 2(1 lOOtltey T H. il-h 2l0tSe Perte Rice Hug 53 50 Ten Pel.. 1" 125 rnleiiTrac 30 22-'M 22 117 117- ,-iyH r,i 1,, 7414 40 74 40. . " ft ft ft ft 1ft ' ft 'ft ft 1 2ft 3!)i.'. 30 " 31 37 30 34 L 20 47 53 1 30 3!l- 30 31 37 -1 Rift, 17 53 iM-r- . 11' r aefi 8 ill u lr 1.... HIV) lll'A Tll'j.. i!5ti:n Frult.MKM 1-10V4 MOWia 50tl' S Ste-1.1004 10()!)i 10051 .. IU VV' II.C i i. ..' 11) U U I.... 01 V 51 300 War I&S. I) 11 !l Lt) W J & S 30 .!!) 5 West Cenl 70 70 25tVest Mil llrj ll". 15tWi'BtliiBlise i: & M. 01 01 311 . . 70 .. '1- I 3 1ft ft u jerK iiy pi iif ;i ' I Net change made by comparison with last sale en New Yerk Stuck Kichunge. Teta Is.Ifh. 730(1 sharee, compared ivlih S3,7803,hi,hrare.?"trJay- ' '" ,h" - i'iiir.M)i:i.i'iii. iieMis Cleu I.03S 1.07S, 1 12' 81 87H 01 33 85 V4 30 1000 1000 1700 Liberty IM -IMh '1 .... :00 5" Llberty 2.1 lis '.1L'.. ,.100-j T.ll)..rfv .'hi ll.u "' ''. 1000 COO 2000 5000 700 1000 2000 I.lbcltV 3.1 -Wit. "K r..2lin re Victory 4MHPnh... ""inn'n Vrery 4h rnh Ieo.-k; xe.tery 12)" C1"" lOO.Cfl Victory 454b enHli ioe 4K Victory 4s '23... I007fl Victory 4h '23 '.'Aw.Wi 50 II 07 l.3i 10,37 18 7(1 1.4'nieli Nnv rnn aL. n- t bOOO 1000 1000 1000 5000 Lj'hlh Valley Kcncrul -in, h'2vl TkKllfl ('fi inii Ru 88 I'hllii Klcctric Int 5t., l'lillu Klcr- Int On..,., l'hlln Klcptrle rs... l'lillu Klee Oh...... 100 100 101 104 lemninv --...? 1000 p.yaule p.yab fold All. 1000 Total, terduy. un Hwy inv 5s. 80 37,000, compared with 141.200 se - "-it, eiau,iue COTTON MARKET Previous Clese Open High jMW rtn. ,?J'22 ?.i W ?) "ft aiTae 21 4ii-. Oct. . Uee. , Jan. . March M.y . NEW HIGH RECORD ,jf unchanged In ;::: Siles 21.S0 :7e51;!85i-4'?g ii.70, ,,e 21,00 a.ae fin. eunc; Londen the Hpet : m -1 CONSERVATION: The act efketpint r prtttctlnt fnm tur UJurj. Niw Sttndtrd Dlctitnary CONSERVATION THE foundation-stone of all Trust business is expressed in the word "conservation." Business risks, legitimate speculation, and honest promotion may have their proper place. But taking chances is the province of men handling their own affairs. After an estate is accumulated and in trusted te us, our primary function is te conserve that wealth for the benefici aries of the estate. ' That is our creed. We invite you te consult us en any de tail of Deposit, Safe-Deposit, or Trust business. PROVIDENT TRUST COMPANY OP PHILADELPHIA Fourth and Chestnut Streets (Succtttorte thi Deposit, Saft-Dt(itlt, end Trutt Departments of The Provident Life and rust Company of Philadelphia) Ernest & Herman Levy. Inc. Established 1878 229 Fourth Avenue, New Yerk City ANNOUNCE that, in addition te their ribbon busi- f ness, they will con duct a f. FACTORING AND COMMISSION DEPARTMENT upon completion about January 1st, 1923 of the new seven-story building new being erected for their exclusive use at the corner of 28th Street and Madisen Avenue. Accounts Solicited. DIRECTORS Ose. DCSNBAW, Jl. Willi im Weed CmuitB WlIEELrs Chab. E. I.sainseLL A. A. JiCKSON Sauciz. M. Cciwin Claiekci 31 Drewn Stetens llECKICIIKa .. ' sMMMM 4ii. 4B uaesui Mr. Geerge Frings, President of Fringa Brethers Company, and Perte Vana Cigar Company, said te us: "' "The Philadelphia District is the biggest producers of cigars in the United States. "The wonderful banking facilities of this city have done much toward developing the cigar industry, l believe that the soundness of our Federal Banking System and its adaptability te changing conditions has proven ita value, and that this fact has been ears"" domenstted during the past two CfentralNibttal.Bank of Philadelnr.il, CkestnutStreet at Fifth Capital $1,000,000 Sarplu, and Undivided PreSn ,rn(f Ui10000) Georgia Railway & Power Company SECOND PREFERRED & COMMON STOCKS HARRISON & CO. BANKERS 106 SOUTH FOURTH STREET u f. n v PHILADELPHIA Member, New Yerk and Philadelphia Stock Exchange. 1 tS ATT XX ANU J. DaitomTevthbind C. riKx C. BTOIT Bl.WJAktlH HCSB WlLLUM Pell Cxbmbnt B. NnrteLD Chailm H. Mathti Hint P. Basts t j'ji' japv-'-! i fiHtfl.lt.&t'l M U.J TrTVJaft..JL . ,,