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1G
EVENING PUBLIC LEDGER PHILADELPHIA,
FRIDAtf, AUGUST 25, 1922
L .,- y
Pr
MCT
l
l
ffit
:&3
a I
Te Help Yeu
Our experienced bend
men and the extensive
facilities of our organ
ization combine te
make our investment
service most practical
and helpful.
Ail: for nvr
rerommendat'evs
The National City Company
Philadelphia 1417 Chestnut St.
Atlantic City Choiento Bleck
122S Boardwalk
PIES IRREGULAR
IN Y MARKET
NEW YORK STOCK MARKET
Only Afternoon Repert in Philadelphia Quoting Full Lilt
Today's s.iles
Yesterday's sale. . .
Total for tills ueeli,
.1,002,800 (.harts
. .K.Mt.OOO tliarcn
,1,053,700 fcharw
Municipal Bends
Exempt from sll Fcdernl
Inceme Taxes
Our municipal offer
ings include ever 100
carefully selected issues
of State, City, County
and District Bends
Yielding from 4
te 5.25
Detailed offerings will be
submitted upon requet:
Harris, Ferbes Ge
Pine St., Cor. William
NEW YORK
PHILADELPHIA OFFICE
Widener Bdg.
Telephone Spruce 7040
Brooklyn Union Gas
Convertible 7s, Due 1932
Fixed properties of the
Company and its sub
sidiaries represent an
investment of ever
S46.000.000. The total
funded debt outstand
ing is 328,579,000.
Bends are nencallable
and are convertible for
7l2 years, beginning
1924, "into stock of the
Company par for par,
which at present is pay
ing dividends at the rate
1 of 8fc.
f Price te yield ever 5.
Hemphill, Noyes C& Ce.
Mambers .Vew Yerk Stock Ezch&n&e
Franklin Bk. Bldg., Philadelphia
New Yerk Pituburjh Beitor. ficranten
Lea Anzel-i Albany . Syracuse Baltimore
WJm.ns'OQ Br dgepert
flan ' - n
WHOLESALERS
Bankers and investment
houses ere invited te use
our service when desiring
te buy or sell any Govern
ment Leans.
"A Xalien.IVtde Market"
COMMERCIAL
TRUST COMPANY
Member Federal Reserve Si item
City Hall Square
Heavy Selling in Last Heur en
Breaking Off of Rail Strike
Negotiations
Nnv Ynrlr. Aug li" Irrecularltr in
prien movement ami .prrlnllzatlen of
trrnliiij wprf the nrr-rinlnciit develop- ,
nidif. of tnlij's took market Special
lcvnlnpmfnts were reponlble for tlie
i1('mntirr.Minii In ihe lndlvlrlual or iv i
lerfil siie. wln'p the main beilv of j
iterk win Aithnut a settled trend for
an? lenpfli of time AlteRefher ill"
mnrkt nperati"n a penernlly color celor coler
lo.i tm'il the rinnl hour, ulicn an ex- I
femiw .ellinR movement developed en
t lie new of the fallme te teacli an
it'ri'",ni,t nt tlie r. endar oenfcrpnc0 .
of tlie hrotlicrlieol c lilcf'i and the err- j
tain rTilrei.l ewutlvf's. uhich can- i
I'clfil tnevt of thr earh ltnprevcinfTU
Seme (f iei'l' miiilf bis nilaticf"
ind therr were rfiitp a number te brnk
tlirn'ish ne top. Other were iibly
under pr"iirr' represent lnc a combina
tion of j.retit -taklns and further ettm- ,
-Ien "f i,emirltin'nt' en tlu- "-liert ,'e
b" the profesiien.il oentlnsent. mint '
of whom tnud rmdv te take ,ifl-i
vanrace of fe-v epenlnz. and who arn i
ejenlj oi.t'peken In their bi.iri-h pel-
tien I
The in like community n'tncc'chr
Tppe.ired te be curleiw repardlni: ihe
nvrri.lshr dexe.epment-. In the nnthra- j
cite coal and r'.llread strike situation
r'lthi'r than 'hew ins .inv inclination trt
iviiii tn cenlllctin aihices with any
dicree of -erleuneis On a'l Mde tile
ffelln; wa pnlnteillv epre!pd the
would mm h r.itlier welcome .enn dra- I
tic action en tlie jmrt of euViitl Wash Wash
lns'en. th.in ll-ten te cnd'.e-s talk en.
w h.i' -he'ihl be done
Announcement of price increase fer1
vtee nnii iron product for n time
helped te divert attention from the (
urp'emftnt hib' : 'ltuatien and c.iueI
mi aetUe inn ury for met of the iron
in 1 -fe'. ".hare". I" S Steel illumed
he leadership of the croup, .idvancini;
appnsimate' a point above the pre
vious high of the e.ir The buoy.
nncv of thi market faerlte had a no ne
t.ernble sustamiii; effect upon the sen-
en! 1 -t yet hi 1 net arouse tlie mmi t
.';iie if -pe?uHile entiiulam maul- ,
:.trtl en previous ucc.i-ien' when that
Mils was emple.nl as the fulcrum
1 tiie mtrke: lc t The indifferent'
response wa; parth explainable in the I
suspi"''1" rf the aerhitv belm; tencen-
raed en Steel for purpe-c of f icilltnt- .
.ps prelit-tal.lne and distribution else
n ' ere.
The industrial dnilen a strenRth-
-ned b Scerctnr Hoever's .statement
that fi.OOO.Oi'il un of s,,ft coil would'
be mined thi week. e(uial te three. '
piar'fr of nerinil .suppl. and that the .
ptodjetien n"t week should reaeh ".-
i Ofm iMjil tens, rollewing th splurge
in t S Steel price in the industrial I
Ct'i'ip perceptibly strengthened Stude-
baker swung ha "Is into the limelight
and made a new peak fe the current '
movement I.i-ia Iicomet.vc aNe went (
in'e new ground in response te the
inneuneement of the receipt of orders
for fem -fhe locomotive? from the
,"Katy' .sjstem Additional ncv hisn,
1 ir the ame time we:c reci r 1 eel br ;
I Consolidated Oas. relumbin (in. Ta-
1 meus I'laer- common and preferred
and Amrriean Hide and Leather pre-
i ferred About the enl ieal vral: i.et
v ere found In Atlantic itulf nnd fi!
Ind es and Outnge and Alten Uuilway
i Ejctenstvc liquidation ecejrreii in the
fir.il hour en the announcement tint I
,'!' independent necetlTtimis letwifij1
con" rnl'ie'id e..utiej ,md lailw.iy'
i i inn leader had liven definuelj broken
off Many of the dn'- Kains were ran--elled
and eein' stock were depressed
1 te 'J points btlew ye.sterday's fin.it
quotations.
i Weakness of French feeurities. re-
fleeting the deeirjp.i slump in ran "- i
ch mge. featured t.ie mme n-stneted .
bend dea.ings Decline of l-j te near'y
1 joint were regl"red b Pmsfien-. il.
Mnrse; le. U l!erde.iu 0s. I'mnch i
"'j ind '"s-, i.n "s nnd l'uris-Ljen-Medii.
rranean lis (itlur foreign insiies j
we-., irres il ir. Tnpanest' is tagging a'
bit. wink Mei in ."n advanced I'i1
point and i"uba Katiread. ."'js I
"'I.ipnr.'itlM' Iitt.e in 'iv.r efeurrei
.n railroad ir."r;gis most changes I
, I emg of a fraaienal nature Seabe.ird ,
Air Line adjustment .". Northern l'a-
itie 4. Frisce income " and Central j
I'leifie tii-sts ielder substantial frae. I
J tien while Hne general 4 moved te
higher ground In the industrial hat
I Marine ti- leeevered some of vesterdav's '
while American Telephone con- I
ertible (Is dropped another point
I I'erre de Pasco " also sidd off a point
i Lecal tractions were strong. Liberty
issues were IrrcKUiar, little business i
Leltii tranic t ,
The market ti.an.festei increased ir- I
iegu!ant m lfter dealings clue te fur
ther weaknes. of tl.i foreign issue
Iie.'ilizl'ig ale n counted fur semr uf
fie i.nperttu.r receiem in the rail i
group. ,
MARKS AT 5c PER HUNDRED
French, Italian and Belgian Ex
enange In State of Collapse '
New '. erit, Aug 2." Te pertra tne
situation m I'reneh erhnnge tedav one
would have te go bek te the panleitv '
I'nd.'iens th.it etisled at th' beginning
' th'" World W.ir A' l-.tervils ,ln re
w'i pi net'. all no raarke; f ,r frnnr ,
A '. tti" ever i wetk age frnne cable
weie limited nt n.-i Tedav at th
'e vih.eh no one his ftble 'r figure ,
'Tin about " p-.n' th prl was
7 -i'l Itallm 'xei.jr.gi ui Ilficmu
were a!ie u ,t satH t! Xups
neretofere. -terl'r.g 'AR prae'i
"l'l UTilfei'i'd I v ', ienk'."-'- n f,e
rilanges r'l'errrd '' .fid "ie-e 'iji the '
We) offer n well-ieaaened Public
Jiii.y Bend free of Nermal Fed
eral Inceme Tax and Penn. State
Tax.
Earnings arc several
teret charges. Sold
field ever C".
F. P. Ristine & Company
Widener Building, Philadelphia
Ww ierk l nubitli. .V J.
times the in in
en a basis te
Mtmltr
brie Yerk and t'htludelfhU)
Bleck Exchanges
unl ion. men ',' i ' t. '.'! .'Tucf, is
stiergtn n . i. x")nrize n S.indi
in' ian .' .i' eis i'.-.' ' ? 'S.evak'. n
W"1 tlii- s -, .' I t ;;',. i j- hange
In Lon'e i..nr' u . ! nt fi,Ve
te lie jii..d r.'1".,' j ' . 'ere thil
nuei-itnui 'i'r' !". 'i l,'in
rei'l of n icr' ' '.' -S nk.nn.
I'd sli fi' i i. i ' l - r , .
change wrre .( i'itej . r,e b'ltn rec-
rd wlii l'"n f I. !' . i i ivi l'.e!gi,uj
if i hi' i new luw tigi-rr- for the ( ntlre
ii'ir
.notation' wre 'rrjing rihlei
I IT7. (I'-ni'iiid 1 IT 1 l'l frnne cnhlr
7 t".. .-Iifik 7 471, . IlflKlan eible
7 11 ihk. 7 l.T, ir.- i .1.1. s i -in
cheeks 4 1"fl,-i. Swiss eable, 11)08,
il.ikn llnii'i, pes, in ai.l. s 1 ", :,
check IS ."l'l, Danish cables L'l lid,
i I eeks -1 "" N'urnai eildfs 17 7,
i hei ks 17 1-, welish allies iil". 7,",
i liivks 'JI17II, KUlldei (ables ."ill 1(1,
In Continuous business
SOffeetd
MOVER r CO.
Bankehs & BneKRRS
S01 rhentit Slrrvt
Bown & Company
INVESTMENT BONDS
.rrl. Hnllriln
c herks flit 0." : marks ()'
, In tht Central Kutepean CTchanges
he feature wn u lump of 10 points In
(V.eclio-Hlevnkian te !I.."(I a new high
i . cold The previniiH high was ,'i 17
Otlier quotation were : HulK.iri.in, ,15," ,
Ifuiniiiiiaii. 1 . Serlilan I 10. (ireeks,
:','.", down U , iluse-.SIuU.in 'JII , I'e.
Iiisli (Kill,'. Flnulidi, U IS : Auhtrian,
.(Mil I, nnd Hungarian .0." t4
yi.s,ti:him . t!."'iN"(j cjicjrnes
Sti-n rm Trunca I, tm (iull't. r
lienanl 1 1TJ) 7 12. u :l'1 "-
iuble 47'i 7.734 4,,m 39 0;
TOUAV S OPKNINO QUOTATIONS
StfrlUut I'ranca Lire Qullitra
PfmAnd
Cables
prmnnrt ,.
table ,'..
fij.
.il
4 a'
.!
. en
30 OS
4 47i
.. 4MTH 7 aH -1 Sfl
CUDfll.S'O Ql TATIONS
Hturllnz franca J.lre aulldsra
.... 4 47A T.47 2H K,e
t.47" T.UU ti s.OS
rOe In PTOCK "tt
503 .. Adam Express .... 78
'"0 . Artvnnce RumMy. z' ,,
'03 .. Alaska OeUl M.nes. ;
SP .. Alnx Rubber ';'
2300 4 Alllerl Chem Dy 2 ,
101 7 Allied Ch & Dye pfUOU
2530 4 Allls-Chalmers 59
333 7 AU.s.Chalmer pf...'00
i,J3 .. Am AKrlc Chem.... 4',
03 .. Am A;rlcChcmpt.. 70 j
9" .. Am Beet Suftar 47 'i
300 .. Am Ue'eh Maffnete 41
100 4 Am R Sh Kdy new 73
103 7 Am B Sh r pf new 108 'a
3610 . Am Can 6 Hi
4M 1! Am Car 4 Fill' 18l
233 .. Am Cotten Oil. . .. 27
100 .. Am Hide & Leather 14H
600 .. Am Hlda & Leath pf 74 &
1V 7 Am Ice HI
200 6 Am left pf -2,.
240J ., Am Internat Cerp . ?4H
230 l Am I..i France Unii. 13',
'00 .. Am Mnseed pf .... 56
3213 6 Am Locomotive 121
230 3 Am Metals 44'i
530 4 Am Radiator I13'i
030 .. Am Safetv Razor... 7
2010 .. Am Ship & Cem 16.,
33D0 .. Am Smelt 5
313 7 Am Fmelt nf 12'
2700 3 Am Steel Foundries ii-'X
160D ., Am Suiur Ret 63 V2
4230 . . Am Sumatra Teb r'.a H
16001 3 Am Tel i T-l . ...121 s
80100 Am Tel & Tel rts . 3
730 i: Am Tobacco 11,7
300 12 Am Tobacco B ....149 "2
230 . Am Watrwka 6 pt ' J:
2513 7 Am Wea'.en 24 J
400 ., Am Writ Taper pf 314
200 . Am Zinc I-d & smelt .RU
100 .. Am Zinc 11 i S p( 47
13013 .. Anaconda Copper... 56
1B13 . Ann Arber of 52
933 4 Asse Dry Goods.... 56 H
233 C Asse OU "'16
140 , Atch Tep ft San FelC4
133 E Atch Ted ft S F p 94
100 .. Atlan Bir & Atlantic 3
1 1 30 7 Atlantic Coast Line! 18 V-
630 .. Atlantic Fruit ctf 3.. 21'
3700 .. At! Gulf ft W 1 S S 20'i
601 . Atl O .; W I S S pf 22 J4
103 6 Afas Fewder p. 87 '4
1430 .. AUtln NlcheU . ..30
ICsTO 7 Baldwin Locemotlvel27 U
4333 .. Haltlrr.errj & Ohie . 5D1;
703 .. Bamsdall Class A.. 52
703 Batenl as Mir.lnK . . J
700 S Bethlehem Steel 7C'i
44)3 fi Beih Steel B 79':
100 7 Beth Steel 7 Mi pf ..UO'i
133 8 Beth Steel S pi. ..114
130 .. Beeth Fisheries .. 9 '.2
230 . Brit Em Steel 2d pf 5V4
333 S Break.yn Edisen . 116S
1833 .. Bkh-n Raji'd Transit 76'.
910 . Bk )ti K T ctfu of ilb '''j
333 S Bltlyn Union Gas. ..110
4-0 Brown Shee 59 i
2033 11 D'j-ns Bres 35',
613 2 Burns Bres B ... -812
230 .. Butte Cep ft Zinc. 7
1430 .. Butte & Sup Cep.. ?1'i
13)0 .. Bjttc.-lck Ce "ui
U3 6 California Packlnc ?
4)3 .. California Petrel... 62
613 .. Ca". Zlr.c & Lead ... P H
1310 10 Canadian Pacflc. 1s6"i
1100 . Case J I Plew . .. Gs
4)3 .. Case J I Threenins -''
9030 .. Centra; Leather... '2i,3
1533 .. Cen Leather pf. ... 78
270) .. Cerro.de-Paa;e .. 41 '
5530 6 Chandler Meters .. M
1103 4 Ch'Sipeaka ft Ohie il
10510 .. Ch'csse A Alten. . 10'i
3930 .. Ch!;ace & Alten pf 17
1100 .. CI'V-aee ft E III ... 41
233 .. Chi ft E 111 (new) pf 3
510 .. Ch'cnge 4 Or Wcet S "s
S10 .. Chi ft Gr West pf . -2
6533 .. Chi M'l ft St P ... 35 a
6510 . Cht Mil ft St V pf . E3i
2913 t Chi ft Northwestern .0'
100 7 Chi & Northwest pf 12Z"e
2:0 4 rr! Preu Teel . . 75
:S . Chi R I A Pa l
3 33 7 Chi R I ft Pac 7mj pi 96
233 C CM St P M ft O .. 9
8733 .. Chile. Copper -''
1933 . Ch're Copper J'
24)3 .. CiJCtt-Peabedy .. . C3
15)0 4 Coca-Cela 5
4,3 . Cel Fuel ft Iren ... -'
233 3 Cel ft Southern ... 49 '2
230 4 Colerado ft Se 1st pf 6-
3610 .. Celum Gas ft Elec .102 '4
633 .. Celum Graphophena 4
230 03l Graphnpere pt '57-n
2)3 ' Ccmput Tab Rec... 69 Je
3 33 .. Cctc.1 Cigar - i
503 . Cm near pf 7CW
231 JJ 8 Cersjlldatsd Gas...l31a
!Q O . Coneel Textl cs .... i
2233 . Cent. cental Can . .. 81
1 6 ;0 4 Cern Products RefJJP.h
303 7 Cern Pred Ref pf- 119 -J
IIV'O 2V, l'!en ft Ce .... 40
100 7 C3den ft Ce pf 95
1S733 .. Cruc.ble Steel . ... e
66 J J . Cuban Am Suuar . -e
1.13 7 Cuban Am Sugar pf j'i
10)0 .. Cuba Cane Susir . IJ'
O30 .. Cubu Catie Supar pf .6
43 .. Davisen Chemical.. E;-U
IICJ Debecrs C Mln i-ta .2
no 'i Delaware ft Hudsen 1 29 ::
103 C Del Lack & West. J--2
633 8 Detroit Edisen. ...11!
100 10 Detroit United Rwy 66
103J 2 Deme Mines ' ?
'03 6 Du Per.t 6e"c deb pi e4',j
T4433 6 Eastman KedAk new 63
" 3)3 3 E'.ec Storage Bat. . 47 Ji
6)3 . EU Hern eal.. .. "'S
17j0 6 Er.dicott-Jehnson .. C6'-i
2533 . Erle .
22)0 .. Erie 1st pf .74
2)0 . Erle 2d Pf " J?
23)0 8 Famous P'ayers L . f 2 -,
8)0 8 Famous Pluyers pt 100 '4
Ml I Fed Mln & Smelt pf i3 ,
230 Ffher Belv of O pf 90 Vi
20) F!-rt Rubber JJ
fiOO .. Freeport Texas. .. J
,200 3 Gen Am Tank car .60
,00 7 Gen Am Tank pf . .02,
6003 .. C.ene.al Asphalt.... 67 H
103 e General Clear .. . - 8 H
230 8 General Electric. ... If .
0B0J . General Moter. ... 13M
6J3 Gen Meters deb 6 81
ine G'ldden Ce ... 5
" -7 GoedrlehRFpf.. 87
22)0 .. Granbv Mlnlns . -3H
4)1 . Gray ft Davis . . S'4
7?)3 7 Great Northern pt. . '-4 -i
2?30 4 Gr North Ore Ctfs 42 V4
0J .. afeene Can Copper 32
303 Guantanamo Sucar. Uli
3 no Gut States Steel.. 641
?0e 7 Hartman Cerp .... g
nlri Housten Oil fc"7
,Qe9 '2 udeen Moter Car. 21 g
sn 1 Hupp Motorcar.... 19 Vt
-5 13 Hjdrnulc Steel . . 9
'?" 7XUnels Centra, 11 Hi
1 Ir.dlahemi Hef ... 3S
?55 Indian Refining.... 8
,01 . inspiration Cen t-ep 42 H
,. tntr Cen Cep .... Hi
.: inter Cen Cerp of.. 4
Ven Inter Rapid 2'
gsvi Swrn.tC.ment.... 33g
210)3 2 I!r Cem Enc .... ;0h
B33 .. mt Great North w. c4h
,30 B int Han-ester new I
,5.i int Mer Marlnn I5
,?S 3 '6 n Mer Marine pf. 57
'3 . inter Nickel ....... 18
3A)J internal enal Paper 58
3,qi 0 Ir.'-er Paper stpd... 7Hi
1m . inMnclbie Oil Cerp.. 15'4
11" Iren Products 24
?f)j . island en Is
UM .. Jenea Bres Tea.... 46 li
'M Kanaia ft Gulf..... 5
H03 . Kan City Southern, jb
BOO . KiywiCenavr. 44J,
"e) 8 Kar Ce new pf.105
1500 . Ke'.lySprlncf.eld .. 44
100 6 KelKes Wheel ..... 95
JOO 7 Kelsey Wheel pf . 102
12330 . Kennicott Copper.. J7 (a
1300 Keistem T ft II....
230 7 Kresge S S 1e
2203 , Lackawanna Steel.. t3 S
600 7 Laclede Gas of St U 93 J
100 . L.ike Erie ft West pf 73
900 2 Lt.1 Rubber in
1700 34 Leil Bh Va lev.. . 08 ?4
100 12 L ggctt ft Myers B. 19Ui
1760J 1 Lima Locomotive... 6214
100 7 Lima Loremotlve pfl19!4
4200 ., Leew'B Ine. .1 .. .... 18H
Ii-
77';
10 H
',4
114
81
HCHi
57 ta
99 h
41
70
47
40
73
10814
6014
165
27
14S
73H
111
92
33
1314
56
11814
44 'a
111
6H
15K
63
101 U
41 '4
4
H9"ii
2H
151
149
41 'j
93
32
13
47
E4H
50
55 S
116
103 t
94
3
117S
2
28 si
21U
87 '2
294
125U
56
12
i
78'i
79
1C0T'a
114
Q'A
:s'i
1 1 f u
rs'i
:e
116
58
132
47 H
7
3CH
20 Vi
ez
eiM
8'4
145U
6'2
-2
41U
76
391
te
76
8H
15
40 '2
62 H
9
21 's
S4"i
E2H
08' i
UJ'i
75
44 H
SG'j
78 '4
:2's
30 U
61
7H-,
32'i
49 U
62
ICO's
3?i
15S
69 li
30
75
1.8
10
78?4
:i7v2
1191i
-7
95
c-3,
14'n
?3'2
13s
55 Si
52
21 t4
12914
132
11 Hi
66
S7
64 54
80
47 K
21
C5W
17 H
26?,
191i
S0J4
100
13
90 K
12 k,
22 Vt
60
10214
66 S
78 i
164
13 H
81
15
87
32H
15
e?
"
uVi
t2y,
2
r.5 V,
78 Jn
18
9
1 1 1 "2
-'H
8
4H4
Hi
4 1,
31
3314
27 '4
:a
iieii
14
54 !4
174
56 'i
71,14
14J4
3214
H
18
45
4 fa
!5H
44 U
104
43
95
102
56M
163
79
91
73
26 '4
19H4
60 W
18
TertlT's
Cle
77!4-I0H-
14
12
P1M-
11DU
!.8H J-99Js-41
7014 4
47 -41
73
I00'4
tO'4 4-
ies
27 -
14M
74144.
111 -
92 -
34 4-
1314
56
119 -
44 J
111 -64-
15'4
64!4 i
10214
4? -
G3'4-
V2-
12114-
lil'4
14 -93i-32Id
4
10 -47
J. 4-
55 Si 4
50 -
56 -116
103'4-
94 -
3 -
1 1 7 n -
2 -
30 -
22 H
87 1
30 W
i:5',4
58 Vi
32
i-
N-t
Chr
i
14
i
V4
l'a
14
14
14
Is
i
''
U
Hi
Hi
1.
i- 1
4. 1
78'
78 n -
ICO'a -114
9'S-
:5'2 -
115H
5?s J-
21 S -118
-
59 -134Vi
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S' In t PTOCK Hlh
1,3 .. Left lr.e 1214
li -.Loese Wiles 40ii
503 12 Lerlllarrt (Pierre).. 17 f
iX 7 Louisville ft NaBh.. 13814
337 .. Mack Truck 56
?, 7 Mack Truck 1st pf. 8914
03 7 Mack Truck 2d pf.. 82
,,iS2 Mackay Ce pf 67
13200 .. Malllnsen Ce 39 H
100 .. Manati Suenr 45
3Z00 7 Manhat Elev Guar.. 54
?S22 ' Manhat Elec ctf... 53
1030 2 Manhat Shirt 40
100 .. Market St Rwy 8
200 Market St prier pf.. 631
.,, " Sfar St Rwy 2d pf. . 22 tt
1830 4 Marland Oil 4214
Vkl 2 Mrtin Parry 32
200 . . Math Alkali 48
330 .. Max Moter Class B. 101
1 1222 Mc"ityre new 19'i
18330 12 Mexican Potreleum.1P5l4
200 8 Mex Petroleum pf.. 97
96)0 Mex Seaboard 20
4033 e Mex Seaboard Oil Ct 17
22. 2 ,nr"' Copper 3C H
55301.20 Middle State Cerp. 131
6703 . Mldvalu Steel 2614
200 4 M St P ft S St M . 71
700 . . Mln & St Leuis new 1 1 Vi
400 .. Me Kan & Texaj.. 131i
6030 .. Me Kan ft Tex fwn 1Q1
6700 . . Me Kan ft T (wl) pf 47 Si
4200 .. Missouri Pacific... f4Vi
6100 .. Me Pae pf em
.III Montgomery Ward. 74 Vi
12 Moen Moter. 13Si
5L'3 Mether Lede Mining 1 ' li
'03 . National Acm 16 '3
200 7 Nnt niseutt 154
'i? ""at En ft Stamp... f9',
mS 6 National Lead 107'4
i?2 ' 'Vat R R of M 2d pf 5
,iX Sev Cen Copper.... 17
,2 5 X T',t & Mex. ... 71 i
,X2 C X Y Central 98 'j
03 5 .V V C ft St L.... 86
2.2 e.6 N'VC4SL 1st pflOO
XX J -Vew Yerk Deck.... 38
100 6 New Yerk Deck pf 59
2 ; Xcw Yerk N' H ft it 321
700 2 New Yerk Ont ft W 27 '4
100 .. Norfolk & Southern. 19'i
re22 I Ver'11s & Western. 118 '4
j810 s jcerth American.... ee'i
Z03 3 North Amer pf 46
..,2 ' Xert!l American rt. 20
1 1300 6 North Pacific 90
230 .. Xexa Scotia S ft C . 38
603 .. Ohie Redy ft Blewer 6S
700 .. ok-a Pred ft Ref... 2
1633 . Orpheum Circuit 21
200 8 Ot'a Elevator 150 "4
'00 S Otl Elevator pf . 103
200 .. Otis Steel 11 1
'00 . Otis Steel pf 54 'i
Z33 2 Owen3 Bet Mach... 36
4)0 . Pacinc Devel Cerp.. 5
24)0 b Pac Gas & Elec f2,
5933 3 raelflc Oil 57 'i
200 c racltlc Tel ft Tel pf 90
8630 pan Amer Petrel.. 80 '1
2200 6 pan Amer B 76 'a
e?2. " paT!s.i & Blnfliarn 15
.260, 2 I'ennby vanla R R . 47 Vi
-9"3 . Pern Scnbeard Slecl 03
4)0 s pf0p!c3 Gas Chicago c2
103 .. Pterla ft Eastern . ."3'i
6330 . Pel 0 Marquette 40
100 6 Pere Marq pf 73 W
1833 3 Ph ladelphla Ce.... 44
4633 2 Phillip, pet 4914
100 7 Phllllps-Jenes pf ... 90 Vi
400 .. Plerce-Arrew Moter. 12
830 . . Plercc-Arrew Met Pf 30 T-a
813 .. Pierce Oil 7 14
100 .. Pierce Oil pf 43 'i
333 2 Plpglv Wlggly Stere 42 i
163 6 Pitts Ceal C-Cli
101 fi Pitt Ceal pf 98 H
100 7 Pitts Steel pf 97
2100 .. puts ft W Va 40' 4
100 1U Pend Creek Ceal .. 21!i
333 C Pestfm Cereal 89 u
100 8 Pe.itum Cereal nf...1C7li
933 .. Pressed Steel Car.. 34
14831 ,. Producers ft Ref ... 444
300 7 Producers ft Ref pf 44 14
7030 6 Pul. Ser cer of N J '.6i
3133 8 Pullman Ce 127
533 .. Punta Alegre Sugar 494
7233 2 pure Oil :-3a
100 8 Rall-vay Steel Spg..11'J
ei3 .. Ray Cen Copper 16a
350) 4 Reading 79 'i
200 2 Reading 2d pf 52 IS
333 .. Remington Typew.. 37 Si
203 .. Rem Tprw 1st pf.. 89
210) . Replogle Steel ... i3i
1903 . Repub Iren ft Steel. 7414
403 .. Republic Mtera, IVj
733 Reynold Sp-ngs . 30 S3
9300 3 Reynold. Ten B . 53 tB
7600 4 13 Royal Dutch N Y.. 54 H
590 1 St Jeseph Lead 1 5 'a
240) .. St Leuis San Fran . nil
330 .. St Leu's S Fran pf. TC
5 33 .. St Leuis Southwest. 2414
933 .. St L Southwest pf . 51 'J
100 . San Cec Sugar .... 3V4
1300 .. Savage Arms 12
'00 .. Sixen Moter 3J4
1230 .. Seaboard Air Line.. 7 7a
700 .. Scab Air Linn pf... 13 14
1100 .. Sears-Reebu:k SOU
203 .. Seneca Conper .... 1 1 '4
400 .. Shattuck Ariz Cerp. 8S1
300 6 Shell Union OH pf A . . 96
7500 2 Sinclair Consel 23
28 30 . . Skclly Oil Ce 10 14
2400 . Sless-Sheffleld 52
300 .. SlesvSheflleld pf... 70
100 ..Se Perte Rice Sugar 51 '-S
6333 6 Southern Pacific... 941
9700 .. Southern- Ra'l 27 '-S
433 .. Southern Rail pf.... 63 j
200 .. Splcer Mfg 19a
2430 4 Standard Oil of Cal. 110
230 7 Stand Oil of N J pf.11614
203 7 Steel Tub pf 82 J
15)0 3 Stewart Warner .Hpd n
5500 .. Stromberg Carb 16'1
18930 10 Studebaker 1J9V4
430 .. Sub Beat Cerp 61
230 .. Superior OU C'4
300 .. Superior Steel .. . 33 Vi
100 . Temt Cern ft F "A" ISi
5433 2 Texas Ce 48 94
403 4 Texas Gulf ft Sulph 51
3503 . Texas & Paclfc 33 V5
930 1 Texas ft Pae C ft O 2514
I 630 . . Third Ave 24 "
3630 6 Tobacco Products... 17 ?a
14400 ., Tobacco Pred A.... 15 Si
203 .. Tel Kt L ft W pf . 54
3930 . Transcontinental Oil 141
100 2 Twin City R T ... 521
100 6 Union Bag ft Paper. 69 li
1933 .. Union OU 194
330 . . Union Oil r's . V,
19)0 10 Union Pacllc 1?0H
233 7 Union Tank Car . .104
300 2 United Alley Steel.. 39
600 . United Drug F0V4
233 8 United Fruit 15H4
4430 .. United Retail Stere 7514
100 . Unit Ret Ster H 10 75
4300 . . U h C I P ft Fdy . . 36 '4
fOOO 5 U S C I P ft Fdy pf 75 'i
19 30 .. US Feed Products 7 V4
. 4800 . . US Ind Alcohol ... 67 Si
I 530 ..US Realty ft Imp.. 7314
5030 ..US Rubber .6 Si
200 8 U H Rubber 1st pf . I C 4 V4
100 ..US Smelt ft Ref . . 44
100 3 Vi V S Smtlt P. ft M pf 48 V4
4810J 6 U S Steel 10514
430 7 U S Steel pf 121 Vv
3030 2 Utah Copper 6814
2100 .. Utah Securities .... I8V4
12830 .. Vanadium Cerp .... J3'4
503 .. Va-C.ir Chemical.. . 21 'a,
100 .. Va-Car Chem pf . 69 U
330 .. Vlvadeu Ine 1214
2100 .. Wnbash 13 H
3100 .. Wabash pf A 34 Sa
200 1 Weber ft Htllbrener 12 H
830 7 WftHern Elee pf ..108
5500 .. Western Maryland.. 15
603 .. W Maryland 2d pf.. 23 Vi
833 .. Weptern Pacific . . 21
303 C Western Pacltle pf. 62 i
1533 7 Webtern Union Tel 117
, 100 4 Wrsllngheuse A Ur1C0
2033 4 Westing F. ft M.. . 64Vi
1633 .. Wheeling ft L E. . . I4'4
900 . Wheeling ft L K pf. 26 la
100 7 White I.ugle Oil ... 27
100 4 Whlta Moter 40 Vi
303 .. Whtte Oil Cerp.... 9
2200 .. Wlcltwlre Kpene Stl 16 Si
1103 .. Willys Overland.. .. 7
1 800 .. Wlllvs overland pf. 38 '1
1 200 .. Wilsen ft Ce 43 H
200 7 Wllren & Ce pf. . . 90
100 .. Wisconsin Central.. 31 Vi
1(00 Werth Pump ft If.. 43
100 1 Wright Aero 10,
Ex-dividends.
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1214
47
168 'A
137U
56
89
82
67
38 Vi
45
53 IS
51
29 li
8
631
22
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48
181
19
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97
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2914
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69 H
10 '4
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1614
154
58'i
10414
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1714
71
90
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100
38
59
311
27 H
19V4
11754
34
46
20
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26
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20 '4
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103
11 H
5414
26
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7414
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Today's Net
Cle Ch.
12 H 4- !i
48J4 4
171 4
137 94
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8 82 -67
3914
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5314
51 14 -3914
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103 4.
114
54 'i
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107 IS
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"'li
UNEVENTFUL DAY
IN LOCAL MARKET
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Trading Was Exceedingly Quiet
and Price Variations Cen-
fined te Small Fractions
It wn n quiet day In the local mar
ket tlie trailing lelnff the snap attend"
Inc the operations nf the two preceding
fcelen. I'rlce nievrment wna nnrrew
and in met cnes represented n frac
tional Minding. There were nle notable
firm (.petx, particularly in PennMvl
niiln Rnllrend nnd V. C. 1. The firft
named continued te be steadily nbferbed
r.t 47, while the latter In a rally te
1531, wna within n shadow of the
bet price of the year.
Interests close te Hie V. O. T. man
agement continued noncommittal con
cerning the reports of the lat few-
day n te the probability of an in- 1
crene In the dividend nte. 'llie tart,
however, of the stock sclllnc nt nearly
$4 premium above the par value nnd
with only n $2 n year dividend paid,
the street i convinced there i nn ele
ment of truth in the dividend report.
Mere especially in the admitted marked
Improvement in earning of pH sb
sldinry companies outside of Philadel
phia. OfDclal report of tend improvement
In working condition nt the cnmpan.i's
inrieu shops contributed te strengthen
Pennvlvnnin. n did tlie reports that
the .Tulv earnings despite tlie coal strike
were very satisfactory. The increase
operation cots Incidental te the
month' lnber trouble will cut down the
net income te n considerable extent, yet
will leave n comfortable gain in enm enm
pnrien with the correpending month
11 year age.
Trading in general mnrket wns mere
perfunctory than observed for some
little time. While theie wa evidently
an lncrealng disposition te defer addi
tional commitment until a clearer
measurement, of the general situation
can be made, it wn equally obvious
holder were as strenglj indisposed te
part with their holding. About the
only exception nn noted in ihnt the
Mreet i pleased te call selling by "tired
holders" in Lake Superior. Tnder
moderate pressure the stock fell back
te !),.
The heaviness naturally came In for
mere coiiMderatien because of tlie
strength of tlie ether steel shares in
anticipation of betterment in that im
portant industry
The narrowness of the market nnd
trading was reflected in fractional
shading of P. H. T.. Philadelphia r.lec
trii' share. American Stores, Electric
Storage Ratterj and lnlen Traction.
We recommend for investment!
SOUTHWESTERN BELL TELEPHONE COMPART
7 Cumulative Preferred Stock
This company is an important subsidiary of the American Tele,
phone and Telegraph Company and owns and operates all the
properties of the Dell Telephone System throughout the States of
Missouri, Kansas, Oklahoma, Arkansas and Texas.
The company's plnnt is carried en its books nt $108,291,.
436, and n reserve for depreciation amounting te $22,846,523
has se far been created, The present reproduction cost is
conservatively eetimntcd at ever $140,000,000.
The Gress Telephene Revenues in 1921 amounted te
$35,697,366 compared with $19,013,921 in 191 5 j an
increase of $16,683,445. '
Fer the seven years ended December 31, 1921,
$20,867,357 has been paid in dividends out of
earnings, and for the same period the company has
put into the property, also from earnings, a sum
equal te mere than 2 Vl times the amount paid '
in dividends.
It is understood that the balance available
for dividends se far this year equals the 70
en the $5,689,400 Preferred Stock out-
standing, and mere than HVe en the
$60,000,000 Common all of which is
owned by the A. T. & T.
Price te Yield 6.65
Analysis en Request.
NEWHALL, GROSS & DIFFENDERFFER
Members .V. 1". etitf Phtla. Stock Exchanges ami Chicago Beard of Trvtt
REAL ESTATE TRUST BUILDING
Phenes Walcut 7010 Race 7C6C
Jj
.i-s, .,) ia-
Philadelphia Stocks
Hich
lnt.VHts-rhnl ."ii
70 Am Kwjs 14;
1S de pref. ."H fifi
mi .m Mr..i-w-n i--
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i.-4
m,
7.1V.
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- 1
rrtti'... T .,-!. .11 t
IJIIM I'll J.'il!ll -Ji.-"J
210tC'el Graph 4'i
1110 P.lei' Ster. 18
40 i:ilc Light
nref -''
"."tlnvineOil
(Illii I.k Sun (
1(1." l.eh Nav.
1(1 l.eh Val..
UTitLimn I.ec 01 '4
riiminr-l'ar .i-i
l.-TMidvn!e.. .'i(!
.".Ot.Me Pac. 'J1'4
KlOtOiis Steel 11 "4
1012 Pa It It.. 17'
HWlPenn Scab
Sttel . ls
10 Phlla Ce. 41'4
."10S de cum pf 4 11 j
241 Phlla nice .".2is
am; de piet. :Ma
215 P It T .. 32ti
1." Phlla Trac 07l..
1(1 Itadl.i Cp ."ns
1. "t Rep IS. is 74'...
lOOtltejnelds
Tell II r..is
."OtTiaii Oil 14",
10 rnlenTi.u" 40TS
44 I' (i I . W
10 de pref .Vi'i
2lf I' S Steel. 10.',
Net
T.ecv CIejb chs
rte. Tih -
14a 14'i...
:ili4 . .
IIS --2
11 1 4-
3 is- .
4Hi
it
iHZIZCW
OFFICERS
CHAnLES K. INCJEItSOLL. Pres.
STANLEY E. WILSON, Vice Pres.
ARCHIE D. SWIFT,
Vice Pres., Cashier
DAVID R CARSON. Asst. te Pres.
ALBERT H. ASHBY, Asst Cashlar
WILLIAM POST,
Chairman Executive. Cemmlttss
Mr. Clarence V. Roberts, President, Roberts &
Mandcr Steve Company, Manufacturers of "QuaU
ity" Gas Ranges, said te us:
"We believe in close co-operation between em em
peoyes and employers, na it generally results in
better service te patrons and increases in busi
ness. We have endeavored te emphasize this pol
icy in the construction of our product and have
been greatly aided through geed banking connec
tions." Central National Bank
of Philadelphia
Chestnut Street at Fifth
rlt,il c nnn f)nn
L- 1 I Surplus and Undivided Profits Eapicd $i,700,000 j r-J
'4
la
'4
Net ?Yrjp made b -eeinparl-n
i!i nn N . Y"M Stcx-k Exchang
i
4-
H
i
M4
l'a
14
I'
H
K i'i
made b -eeinparl-nn with last
s
1 iiiaI mlef 4iv aharei rempircil wICi
7147 fhare esterdej. ThUH fai tills neck.
30,314 ri.irc
rillUlKI.I'III ItONDS
."000 T.lbertv 3js '-IT . ...
1000 I.tbert Ht -l'is '47
10000 I.lherti 2d 4'aH '42
200 I.ibertv -1th 4is ".'S . .
100 Amer On ft Electric .Is.
"000 Amer Hum S. Kleetric fii.
200O Klectrle & Pee Tr 4s ctf.
1000 nieetrlc ft Pee Tr 4s ctf
,1000 Huntingdon & lid Tep Cs
fiOO Phlla Blecttie Ur ."is
fillO Phlla Kleclrle let 5s. . .
2300 Phlla r.lectrlc 1m .");.. .
1O00 Plula r.lectrlc Hi 103 L
100(1 I'nlted Hallwayi inv .ri. . SIM.,
2."Mi 2." U..
l.-.U l.-.'i l
I.I I.I I'JI
0SU CSii a, "
CilU 01'i l", 1 1 I
t s2's'i IT safe beyond question 1
.124 :i2la ' H Firs J Mortgage Secured Shares
C71-. (17 ''j 4- y H H
74": 74.:ilsl EARNING 12i I
,-.iti r.nis4- N ! em! Pcnna. State Tax Exempt. I
, 14i,.. BH
KMi 40 t SfB Fer Details Call or Write
.".:', r..T. u i, fc
.".". .r.'-U4- '4 Wk tinancial Department
103 - k. 1 vm m
H General Mortgage Financing Corporation I
ffl (Mortgage Banking) I
Eg Ridge and Girard Avcs. I
100.02 VuHrvs. r
100.22 HlA fr
100 70 Lft - wmiKMmmmtnmmmmwmmsistSmr
2., l"WM
71
(iOl.
101
KlO'Vi ,
tc
114
r 1
H
lutnl, fan SOD rempdr.'cl nM.h $27 100 jca.
riluj. Triua f( r this ee. tl'03,760.
RAILROAD EARNINGS
CANAUIAN I'ALlKir RAILWAY
i IHS'J Inreae
, Thlrct week Ausunt 1.1 ari'l HOO 'I12S enn
j.in 1-Aur. il US 101,000 D,S00 oeo
IDUTl'ALO ROCMBSrr.R AND pins-
IILRUH
hhlrd week August 2ir..42fl MSS "IT
1 1'rein January 1 . R.UHJ.fiSW '788 Wl(
NTW YORK. riHCACrO AND ST LOL'IS
i eusrter end'cl June JO
Ore-. TJ JOO J74I 747
Net utter l iSSHIs ?" -'-'
iTeul Inremn 2,024 377 8311)20
1 .Decreuix.'.
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December
Mid
T.ard
Sep embr
October
RlhK
tSepteniber
Ocieb. r .
iRAIN MARKET
Open Illuh Lew I al
t ill 1 0J I ill 1 mi,
l nji l 03'n l ajii i fii,
1 074 1.01) 1 07s, i e
ces ni fl0' nnvi
r,1.i Ml' S.'iVt f,M
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34 4'a SS' 3(i?
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1ft 40 10 M 0 3S in 37
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D 71
0 53
TRANSPORTATION
BUILDING CO., Ltd.
Montreal, Canada
Guaranteed Sinking Fund
Mortgage 7r,'e Bends due 1947
Guaranteed principal, interest
and sinking fund by
endorsement by
P. LYALL & SONS
CONSTRUCTION CO., Ltd.
Secured by property appraised
in excess of twice the
bend issue
Sinking Fund retires entire
ism's at or before maturity
Particular nnd pr.ee ok application
Gee. H. Burr & Ce.
421 Chestnut Street
rhllnili'lnlilii
COTTON MARKET
ilnee iiprn Illsh Lew Cle
Aue 22 is - 'ii -- ' -- "i -- "i
l! 22 44 2.".43 23S0 2105 21 1I.1UJ 22 01 '
Dec 2J 43 2.' 31 22 .12 22 OR H 01 fl 22 12
Jin 22 JO V.' II) 22 31 21 04 21 !l4 i 21 ('
Mar 22 27 22 2 4 22.3S 22 02 22 02 22 07
Ma 22 13 22 11 22 21 21(10 21IIO22 00
JUU 21 04 21.0H 21 00 21 00 ! 72 I
If There Is a Market !
We Can Find It I
We held sales of slecks
and bends every Wednes
day, charging $1.50 en-,
ttance fee for euch item. Our '
weekly catalogues and post
card service leach every mar-1
ket. We take pleasure- in
furnishing quotations.
Barnes & Lefland
frterl; llrekrri nnd Auctioneer.
117 S. 4th St. i
Spot, 22 21 Nemlnul
NEW YORK COFFEE MARK
Lew Cleaa
A UK
I -e(l
III
Nn
I Dei
I Jan
Feb
Mtt- h.
Aj.nl
Mi
June
July .
Mild.
Open
'.Ii. 30
Ulch
0 3D
U42.3 47 0 42
II 511
li ITTMO
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l ,10
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0 10
0 40
n n
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til 37
te 30
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til 40
10 41
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til 12
li Hi! 14
til 4'I
til 13
ET
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c'ejh
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20
0 3 J
l 3.1
li .10
Ii 42
0 4,".
1) 4s
0 .10
II ,13
0 .111
II 41
Sanduiky list & Electric Ce. ,5'i 1945
Jehn Wansraakcr Company 5'i 1923
Pbila. Rapid Transit Ce. .. 5't 1962
Scranton Railways Ce. Relg.. . S'i 1947
Equitable III. Gai Light , 5's 1928
American Railwayi Company All liiues
Public Service Cerp. N. J. All juuei
SAMUEL K. PHILLIPS & CO.
5Ienilie- IM.'I -cli'lnlil i Mie 'i I xi It inun
fi07 ( lll.rM T hTKI-'l.T
1
BANK CLEARINGS
Hank clearlrtm tertay teinptieil with ir ir ir
reioendlnB lnylat two yesra. I
102a 11)31 1020
Phils.... 100.000.000 S0, 000,000 $75,4113,7(11)
Bosten.. , '."OO'S110 M.SMd.TTR 4B,l(in.I74
N T. .isUC'IOO.OOO Blft.SOO.OOO 073.112,051
CblcVfO 6.700,000 7T.OO0.U0U
C S. PATTON & CO."
tO .1 f'lir'.TVl T 14TB.
BANKERS
.--"Ani'Kn BTKVKNPfm
.... . ,,.. p,, r.wmm
Can you
answer
these Questions
Hew docs the New
Yerk Curb Exchange
compare in size with
ether stock markets?
Hew many companies
with dividend records
of ever $1,000,000 are
there represented I
What should you ex
pect of your broker?
In what ways may
stocks be bought ?
These and many ether ques
tions en trading procedure
ate answered in the new 38
page Investors&Traders Guide"
Complete manual of Informs'
tien en New Yerk Curb trad
ing practice.
Cepjfrtt tn rnjuat
Call, 'phone or write
Jenes &. Baker
Member! Next) Yerk Curb Exchanfi
Direct Private Wlrea
Veilt Cblcite Bo.len rUif'r
mi. it Biliinere ui'".
Ne
Pltubgt!i rm
L
PHILADELPHIA OFFICE
Widener Building
Telephone. f K$!
BALTIMORE OFFICE
Emersen Motet
Telephone riaw8451
readlnr
Item, i
found eve
IIKTTKR tUSrNT.8
nnd mera nutburlis""
en mers Sftarni fW S I rW
ver meriiin In.tli Willi. W
M (L l) rhinw (Aiiilnr.1 i00 'I'
3nH m '
slBaifflj-'W'fijLk'U's f-'i.
ciisiKa.
&
t'.i , , j! ft -i-yi.v4 n t-LY