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14
1
EVENING LEDGER-PHILADELPHIA, FRIDAY, JUNE 23, 191C
FINANCIAL NEWS
(MARKET IS HONEY-COMBED WITH STOP
.ORDERS; MANY SHARP DECLINES RESULT
Losses of One to Five Points Numerous Only Disposition
in Speculative Circles Seems to Be to Sell.
... Sbme Issues Are Strong
High Points in Today's Financial Nctvs
Bank in Neiv York gained SZ8.6T5.000 on movements of moneu in week.
ISteel prices for third'OttarUr delivery' advanced $5 to $7 a ton. $i,CC,0,000
additional gold arrived in New York from Canada. Mexican 5 per cent.
Jbonds sold at a dclinc of 15 s camparcd with last previous sale, liar sitver
higher in New York and London. French rentes lower. Tennessee Copper
.passed dividend, increasing firmness shown in money market. Contract for
$S,00j0,000 brass time fuses taken by Westinghouse Air Drake for Grcul
'urttatn.
tt, NKW VOKK. .Itlrte 23
it Speculative Interest on W'nll Btrcot wns Impressed stroncly with the fact Hint
more than Anywhere else valnefi on the Stock Kxt'liaUKe have their tips nntl downs,
hllo earnings of Industrials and the revenues of railroads nio now at the highest
rnnBQ of their recorded history. The public demnnd for shures of these companies
today was probably In tht smallest volume that has been noted on tha Stock
fcxchnnKO since It wns rropcnrd In December, 1914.
Those who hnd been buyers on advances nt various Intervals since that time
seemed to have nil turned to the Belllnir side without any special reason or Incen
tive, except that the market had rouc stnlo nnd that with everybody wnltlni; for
eome one else to buy the ranks of holders should suddenly be broken by n stampede
and stocks thrown over without much roRard to price.
The ohly disposition prevallliiR In speculative circles today seemed to bo to
Dell stocks either for long or short account. There wero plenty of buyers, but
those who stood on the buying side wero not of the speculative class, but repre
sented largo Interests with Idle funds, who, understanding the situation thoroughly,
took advantage of It by waiting for stocks to fall into their laps.
The market made a slight show of strength In the early trading, but the
selling wave quickly doveloped In large proportions and at Intervals during tho
day prices broke badly. The war-order stocks, which are known to bo making
Tluge earnings, were among the weakest Issues, and the greatest loss was sus
tained In Industrial Alcohol, which, from an early high price of 117, dropped
to 135.
Losses of 1 try 5 points were numerous in many other Issues. The market
was honeycombed with stop-loss orders, as It hns been for a long time, and as
new units were passed, reaching of these stop orders caused speculative liquida
tion of holdings botlj here nnd outside of the Wall street district.
There wero some strong spots, the two Mexican, stocks Mexican Petroleum
ahd American Smoltlng showing gains during the greater part of the day, but
later yielded slightly below yesterday's final price. Union Pacific also showed
strength until near the close, when It yielded about I point.
New York Banks Gain $26,675,000 on Money Movement
NEW YORK, .Juno 23. It was a foregone conclusion early In the week that
unless modified by the Independent operations of the New York Federal lteserve
Bank, tho clearing house Institutions would show one of tho largest weekly gains
In a long time past. The iccclpts of gold from Canada since last Saturday, Includ
ing the $1,600,000 brought In today, amounted to JH, 200,000, but the Subtrensliry
record shows the banks to have gained $20,075,000 from that institution. The
Unown movements of cash on all accounts for the week ended with the close of
business yesterday Indicate a gain In money by tho banks of $2S,17I.S.0. Of this
amount $1,499,S5S was derived from the interior. Tho total of gold Imports from
Canada so fnr Is $75,746,000, and It Is asserted fully as much more of tha yellow
metal will be brought In from the Dominion on this movement.
Prices of Steel for Third Quarter S5 to $7 Higher
PITTSBURGH. June 23. Leading steel makers, In arranging sliding scale con
tracts for semifinished steel for the third quarter of this year, this week named a
price of $40 mlU. This Is $5 to $7 above the quotation for delivery In tho second
quarter. The market for finished steel products is expected to reflect ndded
Strength.
Deposit $4,600,000 Cnnadian Gold in New York
NEW YORK, June 23. Gold to the amount of $4,600,000 has been received
from Canada and deposited In the Assay Office for tho account of J. P. Morgan &
so. This brlng3 the total on the present movement to $75,746,000.
JULY WHEAT FALLS
RELOW DOLLAR MARK
New York Bond Sales
Heavy General Selling Uncovers
Stop-Loss Orders Crop
News Good
GRAIN MSIr WRATHKIl FORECAST
CHICAfiO. June 33. The weather farr
eat for 30 hour follow:
Illinois Thunder shontro thW afternoon
or tonhchtt somewhat cooler in wnl to
'nlchM Saturday. Kenerally fain moderate
temperature.
Missouri- Generally fair tonlcht and
Saturday, preceded by thunder showrrst
cooler tonight.
. Wlaeonln Thunder showers this after
noon or tnnlffhtl somewhat cooler south
west tonlcht: Saturday, generally fair r
eept ahowera near !.ake Superior.
Minnesota Fair aouth tonlcht and
Saturday unsettled! probably shonrrs north
tonlcht and north" Saturday! cooler
,onth nnd neat tonlcht.
Iowa Fair tonlcht and Saturday, pre
ceded by thunder ahowera t rooter tonlcht.
warmer Haturday. , ,
, North Dakota Unsettled tonlcht) rain
eaat and nortui Saturday, partly cloudy
and aomewhat warmer, fresh to strong;
westerly winds.
' Mouth Dakota Fair tonlcht nnd Satur
day, not much chance In temperature.
' Nebraska Fair tonlcht and Saturday.
CHICAGO, June 23. July wheat broke
through the dollar mark late In the sen
ium today under heavy general selling,
which, uncovered sfop-loss orders. Factors
favoring lower prices were better weather
In the Southwest, bearish crop news, a Blow
demand for export. large reserves and ex
pectations of arrivals of new grain.
. : Bearish sentiment showed vigor and longs
were discouraged. The latter did consider
able unloading and there was a great deal
of short selling. Crop experts continued to
how a disposition to revise their estimates
upward because of the Ideal growing condi
tions that have prevailed recently.
John Inglls said that the recovery In
condition In the past month had been re
markable. He put the yield of the eight
principal States at 305,000,000 bushels,
against 00,000,000 bushels last year. The
Kansas report for June placed the yield
of that State at 90,000,000 bushels.
The Modern Sillier said that the prospects
for Kansas and Oklahoma was 110,000,000
bushels and that conditions In Nebraska
had been maintained. Rains have delayed
harvesting and -threshing In the entire belt
nnd no new wheat Is moving,
- B, W. Snow said that he had received
advices pointing to a material advance In
Minnesota and South Dakota since the
first of the month, A dispatch from
Winnipeg estimated the exportable surplus
in Canada at 43,000,000 bushels.
The market at Liverpool was steadier.
Argentine freight rates advanced 5a. to
145s. Shipments from Argentina for the
week were 1,593,000 bushels, from Aus
tralia about 1,000,000 bushels and from
India 712,000 bushels, against 5,884,431
bushels last year; for the season 438,159,480
bushels, compared with 393,618,9(3 bushels
jn the same time a year ago.
Ieadlmr zuturea ranxca aa sumow;
WhAit-.
Open. Hlch,
July 1-02 Kl.OH
ggS!:::: l:VStti:8S8
- 2sS lift
I-ow
Tea day 'a
jsoon. clou.
63
223 I
39$
Dec.
rr lat
June . HH
July
8pt.. .
pec. ..
tuly 13.9T
St.... 13,13
jr Kb
July. ...13.BO
p8lVrk-1J"
JatV... S420
Ji.nl 2S4U
BU. tAaked.
63
U9K 00 U-O-H
1.02 1,02V fl.OSW
1.05V 1.03K 1.0SH
71V TSV
170 72'1
TOOK tt33i
T1V
70V
eoV
J2S800O Ancio-French Bs n.-ifo
5II0U Amor Hide a 1, (is . ,lu4
rtu.iiiu Amcr Smelt Src KS..1II7H
iu.ki Amor Thread 4a
noun Armour t'o ;4 .
24000 Atchison Ben 4 .
4I10H Atchison adj 4s .
3DO0 do CV 4s 1115:. .
2Hiu do cv 4a 1IMIO .
5000 Atlan Co 1, 1st 4a
2000 Ualt & Ohio .T,,s
34000 Hall & Ohio .'is .
17000 do 4
10000 do cv 4',is
itiiioo nio rut v v
200U lleth Stl 1st K
17000 tlctll Steel rfd lis . .
3000 HrooWn H T 5 'IS ,
27000 Can tlovt 4a 1021 .
B7O00 do 102tl
17(1011 do 4a 10.11
3000 C C C 8-cn 4s
2000-Canada South 3s ..
1(100 Cent Ohio rfd 4Va .
2000 Cent l'ac Sn L 4s .
13000 Chill Cooper "a
1000 Ches & Ohio 4',ia
3000 do Ss
7000 Chi Cast III As..
2000 Chi Ut West 4s
20O0 Chi it Nwn (ten 4s.
311000 Chi U It Q joint 4s
10000 Chi II 4 O ceti 4a
sooo cht m r? n j, in, ..nt
14000 do ctn 4s T. iiu'i
....... uu VUIIV 113 lIMl'tl
M! i ." liiiis
tlHi
. . . 03,
. . . 03
... Sl
...104
...KM
.. ni'i
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. . . o.i
5a Krt'i
. ..mats
. . .1O0U
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.. iiii'tj
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...loot,
... 80,
...itiaS
.. 074!
.. 85
...127
. . . 1104,
. . lflll
... hH
711 4
04',
u.t
(IO00 do rn (In
42000 Chi RltP rfd 4s. .
Soooo do 5a . .
3000 Clav Sh l.ln 111';
Moot) Corn Prod 5s 1034.'
.102
. 75W
. 112
.10i)'
OS'I
S.'.'S? SP " cunv a .I221J 122l
?S Cuban Ainn Sugar lla 1021, 102,
I'uratartand Tt 5j. , .loo', looK
?. ' DeJ 1,.ui1 !'J 4"... 07 07
5(100 (In nnln ill .
S5IMI J)en hlo Or 4a.
H00O Uls Secur Corn 3s
5000 111 Sleel deb 4U a
8000 Indiana Hteel 5s
2000 III Central 4s 1033... Mt.
20OO lntrh Ut AIL -rti?
1000 lnterb II T ref'Ss!.': os,
'JliRI !nlr ?'Mar -v 44.Ki.t!
JOOO Internl Paper vt 3s '. :
.lolH
. 7
. 77
. in.
i'.uv jipan new u m ', a. nJ
4000 K V Ft 8 .11 4s.7 . . 75!.
10000 Kan City Ho 3s iioi?
,2000 I.arka Steel 3a 1023 . 00i
12000 do 5a 1II.1U .... u-!'l
1000 LarleHrt Hmm 1m( fta InlL
1000 Lake Shore en 31, a. S4fJ
5000 l.k Hh dob 4a 10111 . . olJ
13000 U-h V H It con 4'.ss.li)0
inn i.ic ai i ia res. . . . 12.V
uu,, tjriuaru is rear !..!
000 1-oull & Naah 4a... mil
4000 Manhattan 4s not!
5000 da Hi 4a
loooo Mm Pet Co fla Rer C.10S
oiMKi 3iinn ni 4- a il 4a.. 1)2
iituu mo tvan sz t jat 4a
40OO N Y Air llrk nt lla
&70O0 N V C 4 II lis
200O do 3',, a
31000 do con 4a
5000 do 4',ia
4000 N Y (' Kt I. 1st 4a
10O0 N Y City 4s 1937...
-UUU HO IB l.f.lt
004
112
7.1'i
102'i
1121
N2S
H3i
13001) do 4a 1030
3J
03
100
Oll'k
tlk.kl'
2000 do 4Via 10A5 1074
2600 N Y liwy ref 4a 77H
11000 do adj 3s 57
U,'
IK
25
'SJ8
oiv
95V
oV
OH'i
40
8i
s?v
n
39V
38
39)4
39 V
3(I
3S t3BVi
U7
18.00
13 13
13 83
13.63
34.35
23.90
13.92
13.9T
13.40
13.47
34 10
23.65
39U
13.93
13.0T
tia.io
13.47
24.10
133.T0
tS9V
t40'
13.07
13.20
tl3.0
H8T
24.30
it.oo
Spot Wheat Quiet at Liwpool
laVEIiPQOU June W. Spot wheat waa
ultt today, with blue stem Quoted at lla.
H4 No. 3 hart winter. Sa. 8d.. unchanged;
a 4 rel winter. 9s. 'A. unchanged: Ho. 1
northern Manitoba. 10. Hd.. a decline of
Ii4i Ko. 3 northern Manitoba, la. 3d. a
Mmp tf Id, J No- 3 northern Manitoba. Us.
M. achnaTei. Corn Arm, with American
salsad: Quoted at S. It 4,4. an upturn of
lai. UBd piU new at J Sd,, a rise of j
3d.
43000 N Y Tel Ken ta. . .
1000 N Y V C 4 ll'4,i.
5000 Norf Weat Dlv 4a. .
100(1 Nor l'ao prior 4a
D00 Ore Ilwr 5 .V run d
3000 Penna vn ct 4s.. .
3000 1'hlU Co ronv 1923.
(100(1 Public Serv N J 5a..
3000 ReadlnE Ken 4s
1000 Itepub Cuba 5a 1001.
1OO0O lien li H li
5000 Ht I. I It A Sa aen 5a. 101
1300O St I. L a V Ser Awl. 70
(13000 do sen ct 4s 73
100O0 do van ct ata 4a CuU
1SO0O do als w I mil
1000 St I.ouls Swn 4a (15
3000 S I-oui. t S F rfd 4s. M'A
5000 do la w 1 54
1000 Raaboarri A I. a.ll 3a. (tV
.uini Douin rao -la.....
300O do cv 4a
37000 do cv ret f P 3s
IHOOO do rfd 4a... . ...
8000 So Bwy gen 4a,.
3100O da con 5a , . . .
(500 Third Ave ad J 5a
ItOlli) IT S S 4 It Bl
2000 i; S Mailed 5a .
3O0O V 9 rtubbar Ma.
63000 V 8 Steal S F 5a
300O Hn Pac 1st 4a ..
2000 Va Ilwr Sa
BOOO Wabash 1st 3a . .
7000 West Chester 5 .
Low.
O.V.S,
ion.
10)1',
o.s'4
()3'i
02',
841,
104
lilt
01 '4
02S
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ma;,
loos
loou
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7
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83J
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02
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004
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111
100
123 J,
123J;
l)4
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out,
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Il.-i'l
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101
1114
01
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lull',
00
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0.1
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102
75
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lOlllJ
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7
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102
85
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103
02
80,
73
Oil',
.ill!
10(1
125
125
04
00
00
108
02
7.1'i
102
t.l-'V
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IS
02
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101
00
01
03
08
l)H
101,
70
72
0
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87
or
loo
100
100
107
37
08
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88
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101
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01
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83
87
lit
n;
87
, ...mm josfc
:::: fi m ?r
...101 101 101
... 80 70 70
...no no1 ij'
45 '43 45
102 102 1"-'
...103 10lV 1IW
. . . , 011 0(1 0(1
98(, "8 08
, ...JOttf 104 104
...lo.iv 103 loafi
No Wheat Cargoes Off English Coast
LONPON. June SJ. No wheat cargoes
rere reported off coast this morning and
rjonj was awaiting orders. Other positions
were dull. No corn cargoes were reported
off coast and none was awaiting orders
Other positions were Arm.' English pro
vincial markets were weak,
Motive Power Leaders Play Here
Trenton, leader of the Pennsylvania Kail
road Motive Power .League, la scheduled to
meet I'nllattflpliU. ttsre tomorrow, on F It. R.
Y if. C A. frouods, at UU) street and Park-
tide arequa.
New York Stock Sales
u
a vane- it mm
Adv Itumclj pf
AIM), j (lolil M ....
AIaui (in, i Minn. ..
Alllf.CMiimei" Mf.
AIIIMJ Mis h
Am As Chdtilral
Am Ho.'. Mic .
Am Hoot Scesi pf, ,..
Am t:an
Am fen pf
Am I'd a pilv
Am Coai Ptaluft ...
Am t'ollon Oil pf. ...
Am i;.piesi
Am II Ue & l.eath.'f. .,
Am .ct Secttiltlf ,...,
Am Llnvi'l
Am I.lnf-( pr
Am l-orfimollv.'
Am Locomotive pf ...
Am Mnci. Hef
Am Smell a II pf. ...
Am Meet I'oun.ltlai...
Am hns Itjlnlnj ..
Am 'lei T'l
Am Ton ri'n ,,,
Am Wnol-n ,
Am Wtliliu pf
Am 1 in,- i. .. sin . ..,
Am l. A h pf
Ati.trori'la Co'i M
Awwlslrd Oil
Alch Top .v rt r'
Alch I h S " pf ,
All Coal l.lni
Halo l,oco Wks .,.,,.
Hall .V Ohio
Hall . Ohlopf
lUlnplla Minim
lirthlohrnt Sled
Itrnokl.vn ltli Tr
Ilroun Slioi-
Ilrown Shoo pf
111! I "Ill'tlOf
Ihittrrld. Co
fill I'einlrlltn
Ciindltn I'.iri'l.!
Central Lejlhir
Centnl Leather pi ...
Cliandlct Motor
ChMft Ohio
Clillr Coppar
Chlno Coppr
Clilrnco Oro.il WmI...
Chi Mil St Pml ...
Chi M A St P pf
C 0 C X St I
Chi A Northwestern...
Chi It I A: Par
Cluell I'm ft Co
Col Fuel .Sr Iron
Col A Southern
Con (I K l. & P Hal .
Contlnralai Can
Corn Prolucti liar
Crucible Sleel
Crucible Steel p!
Ucn.1 Hlo (ir pf ,
Dlillll Sim Corp'n
L'tle
Krle lt pf
isrlo 2d pf
Ocneril Klfctrl?
(ieneral Motors pf. ...
(I'ooilncli it e
(ioo.lrlcli It F pf
tlranby Consol
(!ri.vne-Canania
lire.it Xorthirn pf... ,.
C. N rf for on pros .,
tiulf Slates S2,l pf. .,
Illlr.oh C'n" ...:-.
Int Acrlcut ttir-.t
Int Harr N 1
Int Con Cor v tcsh,.
Int Con Corp pf
In t Paper pf
Inp Con Cop
Int Nickel v t cU
Int M M cof dep ....
Int M M pf cof dp...
Jewel Tei
Kelly Sprlnj Tlr,'
Kelly Spir Tire pf
K'-Minecoit Copper
I.acK Steel Co
Late Erin A: West
Lake Erin & W pf ....
I-ehlch Vallev
Lrc Hnbber Tlrj
Ixirlllard P Co
Louis 4 Nash
Maxwell Motors
Max Motors 1st pf
Max Motors 1M pf
Mexican Petroleum....
May Dppt Stores
Miami Coppu
Minn St PtSSM,.
M St P & S S M pf. .
Mo Kan & Texas
Mo Kan & T pf
Missouri PacMc
Mo Pac t eft
Montana Power rf ...
Nat Hiscult
Nat Enam & S Co ...
Nat Leal Co
Nev Con Cop
New York Air llrake.
N V N 11 A II
New York Central ...
N Y Chi & St h
Norfolk i Western...,
Northern Pacific
Ontario Silver Mln ...
Penn Railroad
Philadelphia Co
Pitts Coa Co N J ...
Pitts Coal N J pf
Pittsburgh Sted pf. ..,
1'restt-u - Car Co
Pullman Co
Ity Steel Sp Co
Kay Con Coppur
Keadlni
Heading 1st pf
Kepublu iron S ....
Seaboard A L pf
St L &S K wl
Sears, Koj ft Co
Shat Arlr Con
South Porto It Sue....
boutnern Pacini.
southern Hv
southern Hv nf
Standard Milling
almiebaker Cj
Tenu Copper
Texas Co
Texas Pacific
Third Arenac
Twin City ItT
Union PariAc
Union I'arlflo pf
V a lod Al-ohol
U b C 1 P & If
United fruit
Un Kys Inv Co pf ....
U a Hubber
U ti Hubber 1st pf ....
I) b steel Corp'a
U b Steel Corp'a pf...
U Sbm It u M
Utah Copper
Utah Securities
Va-Caro Cnem
Wabash
Wabash pf A
Wabash pf II
Wells Kargo Kxp
Weal h o. M
Willy Ou.ianC
Wisconsin Central
Woolwoitb r W
Quoted ex divided.
t close.
Ill
33
MM
V4
1
17
.. 10-
4M
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1W
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.. 28! i
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ns j
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. . i
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. t.W'l
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. .net
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... 4.1
...10
...113
!
...1WM
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...lanit
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...104'i
... 10M
...nt
... 17U
... 7S
... sou
... 4S
,.. 4r,H
... 'ja'f
... ii-j
... 83
... n
... Of.
... 47
... r,7M
... 20
... 43
....79!
... 4SH
...222H
...132
. .. !-3
... S7M
... 57
... 07
... 62
... 34M
...125W
...13J
... 4M
... 12K
...
... 6
..US
...121
... 24
... 05
... MM
...133
... (il'f
...Mil,
... 43
...13 J!,
...1131,
... 0f
... .ri7'i
. . . 39M
... -MH
102H
,.. 97
,.. 47'5
..iai
... 43
... 20
...1W
... 42!i
,.. 4SH
... 39
... 17H
...1SJ
.. :ti
...235
.. .(Ui
... 22M
... 118
... 97
...1371S
... 41U
..Iil!i
.. mi
... H7M
... 09
...13tl
... 82H
,..147
... 22J
...1H3M
... 18K
... ft2
...10UM
.. h.1
..117J.
... H7(
.. 701,
... IS
... 41
... 13U
... !8Jf
... 27
. 127 i
. . oo
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Standard Screw Co Pays Extra
NEW YOHK. June 23. The Standard
Screw Company nan declared the regular
semi-annual dividend of 3 per cent, on the
common stock and an extra dividend of 3
per cent. The regular semi-annual dividend
of 3 per cent, on the class "A" preferred
and 3H per cent, on class "B" has also
been declared. All dividends are payable
July 1 to stock of record June 23. On
January 1, Standard Screw paid 3 per cent,
extra on Its common stock, and 8 per cent,
extra was paid April 1.
Charter Dig Coal Company
DOVBlt, Pel., Juno 23. Charters were
filed here today as follows; The Trinity
Coal & Iron Co.. 1O,0OO,OOO capital,, to
acquire and develope land. The Maeda
lena Commerce & Industrial Corporation,
capital Jl. 000, 000. to acquire and develop
farming- lands. The capita) stock of the
United States Car Co., of Chicago, was In
creased from 130,000,000 to J100.000.000,
and pf the Cuban Sugar Mills Corporation
from $6,000,001) to 8,000,000
Sugar Prices Unchanged
NEW TORK. June 23 Fine granulated
sugar was unchanged today at 7 75c. 7 65c
and 1 30c. The last sals io spot Cuba, raws
was unchanged at 6.27c
PROMINENT CURB
STOCKS DECLINE
Market Reflects More Solid Con
ditions, Ilowover, Than
Stock Exchange
NBW YOtlK, Juno 2.1. The Curl) mnrl-et
generally showed a weak tone, hut n study
of the situation Hi the outside market re
fleeted more pollil romlltloni by fnr 'hnn
were shown on the Stock KxehnnRp,
There were sntne sulmtnntlnl losses In
stocks which hnd recently hcen fotceel Into
prominence. Including t'tilted Motors, ntitl
nbsenre of demnntt for the new motor sup
ply Indicated a Olsappenrnnce of specula
tive Interest In those promotions.
Some of the oil stocks were also wrilk,
Metropolitan Petroleum belli directly in
fluenced by the threatened hostilities, nntl
falling nboiit 2 points, while Oklahoma Pro
ducing wns fairly w,pll held, rnngllig from
8'4 to S,4.
The more Important group of slocks.
Including Atlantic (lulf nnd West Indies,
Cuba Cane Sugar and Mltlvale Steel, while
showing moderate losses, were In good de
mand nt slight concessions nnd it Id not dis
play nny weakness nt any time. There wns
Increased activity In federal Primer.
The business of the company, which man
ufactures nnd loads primers for small arms
nnd nrtlllety ammunition, Is now well un
der way nt Its plant, at Arlington, N. J
nnd deliveries nrc already being made.
The company has contracts on hand ex
tending Into the year 1018, the net proflts
from which It Is expected will exceed 100
per cent, on the par value of the common
stork, which Is J 10.
Sales of the new ttiisslnn 6 V4 per cent,
notes were made nt 100 ',4 and 100-,. Many
of the wnr order stocks. Including Oaston
Williams nnd WlgmorcT Haskell and Darker
and Aetna Explosives, were weak and sus
tained material losses.
INntlKTUtAI.S
ltll.
Ami" Tc.l '.,
Arm- Tor W't t'2
Aotim llnnlnsl wa J'
Alnx Itul.fior Tire t
Amrrlcnti-llrltlsli MfR g.
Amerlrnn .yarrunl " 7
Atlantic (loir & W I 2
Atlantic i;nlf & W I prof iiUi
Cnn.iillnn t'nr Cm ";
Can Car IMy .ref y-
t'hevrolet .Motors -!!!.,
Culia Cine Kuanr i.'l'
Curtlss Apruulnne .....4.
rrlKR-M'itliur.v
Klaenlnhr Toll
do iirefTrml
Kmorson Photioirrnpn
llAiitlaii l.yim ......
Ilnlll A lljrltr Car
llrniie ManufncturlnR
inter Mer Martin
do prpferrfd
Knthoillon llron: .fd
Mn Tim Munition" ...
Mnnhnttnn Transit ..
Mldvnle StrPl
Otis l-lteviitor
lVerlpas Motors
I'crlm.in Him
Poole lOna
S H Kress" w I
Ktandiiril Motor . . . .
Hnbmarln lloat
Trliinalo Film
ITnllA.t T.ilnl-a . . . .
Ilnlted l'ront HIinrinK '
U 1. II com 2Td
do pM ,1)
White Motor. B.i
World Kllm li
STANDAItU Oil, STOCKS.
Illinois io
Ohio
Prnlrla Pips
3 O Cut ..
SOX J ..
H O .N V
OTI1KII Oil. STOCItS.
Coadsn & Co r Sa'i
Chalmors Oil 4,,
lntrr Petrol lo'i
ttoiisfnn Oil I.i
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Oerro de PnHCo
Klrat National
(loldfleld Merger
llecla Mining ..
Howe S.lmd . .
MINING STOCKS.
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Mncma Coptier
Mines Co of America
NlnlMstnir
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St Joseph l.al . ; tfi'i
West Knd Con OS.
Whltn Oak I.V4
IIONDS,
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Financial Briefs
The Board of Representatives of tha
Now York Curb Market Association lids
listed and admitted to quotation tho 50,000
.shares of common stock of Gray & Davis,
Inc., par value $25. Tho New York Trum
Compnny Is tha transfer agent and the Co
lumbia Trust Company the registrar.
Tho rate of discount at tho Rank of Den
gal was fixed at 5 per cent today.
Howard Cooper Johnson, refereo and au
ditor In tho receivership of Woelpper & Co.,
announces a meeting of creditors In the
hoard room of the Real Kstate Trust Com
pany for next Monday at 3 p. m., for the
purpose of approving the terms of the set
tlement between John A. McCarthy, the re
ceiver, nnd William Alien ct a!., members
of the Lancaster syndicate.
Tha Listing Committee of the New
York Curb Market Association has ruled
June 30 shall be the date of delivery of
temporary certificates In settlement of
when-as-and-lf Issued contracts In the
common and preferred shares of S. II. Kress
& Co. The Lawyers' Title nnd Trust Com
pany is the transfer agent.
Gold coin to the amount of $600,000 has
been withdrawn from the Subtreasury for
shipment to Cuba.
The May gross earnings of the American
Rower and Light Company were $631,705,
n gain of $51,772 over the corresponding
month In 1015. Net earnings were $281,.
901. an advance of $31,375.
A membership In the New York Rroduce
Hxcharige has been sold for $1175 and an
other for $1200. Previously a seat In the
exchange was sold at $1100.
Ranks gained from the New York Sub
treasury yesterdnv $$18,000, and since
Friday $26,675.000.
That general business continues remark
ably well sustained Is evidenced by clear
ing house transactions, the total exchanges
this week at the principal cities of the
l.'nlted States, according to Dun's Review,
amounting to $4,220,048,988, an increase of
54.4 per cent, as compared with the $2,667.
97.1,278 of the same week last year and
67.4 per cent., as conttasted with the corre
sponding week r' 1914. when $2,521,055,442
was reported,
William T. Law, formerly assistant sec
retary of the United States Mortgage and
Trust Company, of New York, was elected
assistant treasurer nnd William Van Thun
was elected assistant secretary.
Two memberships In the Chicago Hoard
of Trade have been sold at $4200 each net
to the buyer. O. W. Swift and A. II. Betts
hive made application to transfer their
seats.
The output of gold In Rhodesia, South
Africa, In May tfaa 77,591 fine ounces val
ued at 323,783. ' '
Spelter Market Is Unchanged
NEW YORK, June 23. The spelter mar
ket U unchanged, lower prices having failed
to stimulate the demand of either foreign
or domestic consumers. Prime Western
spelter east of St. Louis Is offered at 1 2c.
for June, HH" for July and 114jlU4c for
August.
Rentes Decline
PARIS, June 23. rThree per cent, rentes.
62 franca, a decline' of 15c Kxcltaoge oo
London. 28 francs, 18c unchanged.
BAR SILVER
to London, bar allvarWa qUotA at 313-184.
0fema?re'?' fcF lw. 2" ouotfd la Ns
Tork t ha, a iajf
Sales in Philadelphia
Nt
ltlKh. taw. Clone, fhiie.
400 Allla Chatmera. 244 24, 2,i
(100 Acme Ti.i rtrs. .Vj'i 52. r,.
noil Hn ttts tircf. tiJ's l)7'4 IH'i
,"(! tlDir ft SU t e ftj "I., M
3.1.-. Klec Ktornne . . 113 (I2V4 nil
siou Urle ao'.i 3(lU 3(lU -
11 tlen .Asphalt .f. 71, 111, 711., 'J
20 Int Mer Jlnr t c 2.1'j 23J4 23Vi j
I.VI Ins Co N Am... 2llfs 2H .(its
ion Insplr Cop 48, 48 IB !
800 Kentie Con 47 4 47.. 47i w
Hid l.nke But) Corp. ItlU 10,4 U'jJ .
I SB Lehigh Vnl 7l)'li "is 78 tj
in l.h Vnl Tr pf.. 42 42'4 U'Vi "
40 North Cent 8JJ - JSJJ $Yt (.
II.1H i'ontia II It .... niti fit1. fijVi '.
I I'n Httel rrfil.. UH lis "
100 1'lllln Co 40., 40 40 ..(
117 I'hlln Rlec 2sJ, 2HS 2S'4 Vi
ail) 1' II T t c 18i isi 18ta ..
278 llendlnit ioo'i Inn,, ll"'., V
111.-. Ton Del 4k 4i 1 -
410 'Ion Mln HU . . JJi (
111! I'n Trnc 43, l2-j 12V4 ,V4
18 t: (1 I ol)',s 88, 88 lu
71111 t! S Steel HIH H3H vli;1j -r Jf
lllll Va Car Client. I()i 4o'i 40 '
-nil Wnr Ir St.. n4 "S ," iti
r.n Wm Cramp . . , 8.1. 83. J3,, 'J
Sir. York Ity pref.. ,174 37V4 31 A V4
Tx dividend.
IIONDS. j. t
Hl-h. Low. Close, cfiee.
'(10(10 U.tld l.n 1st B.. nil tin,, J'4
noon city 4s liM.l reu.mi'i iniji J Jt!
limn ilo 4i '41 reu.lUlJi 1014 101
t Id 10 IIIcc A i'eo T 4a 8l)4 Hll 80s V4
27IIOO l.eli Va cons . . ,.,
4 '4 a 200,1 ...10IIU 100 1 10 ;H ...,
lonoo l'a & M Htl (Is.lnoVk lnlV llijlk
,10110 I'nlla Klee 4.. 8:ii MU ,f-y !J
loon ila r 101 lot, ,,
20110 Stand UtKI Oa.loo'.fi 1oiiV4 HHiW ,
101)0 York Ity 1st us. 113 U3 I'n ' '
Local Bid and Asked
Iliift ft Hus t c
1 do pfd
3 (I brill
llahltvln
do li fd
Ciimhria Ktecl
Kleclrlc HtoraRe .....
Urneral Asphalt .....
do I'M
Key 'lol
io t u
.do pref i .
Lake Hup Corp
I.(.h Nuv.
I.eli Valley
l.ch Vol Tr
do ptef
Peitnri
rnlln. Kleo
I'hlln Co
do ". per cent. pref. .
do (I per cent. pref. .
I' It T t c
Keadtne
Tonopnn llelmont
Tnnopnn Mining
Union Tractions
U Una Imp
li N Hteel
York Itwy
do pref
Win Crump t c
K- dividend.
Hid Asked 111(1
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40 40'4 HOi
18'4 in. 1HJ4
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SHTi 84 83
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LONDON STOCK MARKET
Trading Is Listless Americans Are
Affected by Mexican Nows
LONDON. June 23. Trading In securi
ties on tho Stock Kxchnnge was listless to
day. Tho gilt-edged section was mixed. It
wns understood that the remaining mini
mum prices woudd be removed on July 3,
when the Iialf-ycarly uccotints ot tho banks
will be completed.
Americans wero nffected by '.he news
from Mexico. The Treasury announced that
28 days' grace would benllowed from July
1 for lodgment of notified dollar securities
before they would be subject to the super
tax.
Mexican rails were weak. The half-yearly
report gave no Income account and noth
ing was said about a dividend. The report
Indicated that Ueneral Cnrranza had prom
ised In April to turn over the railroad to
the company In July, but It is doubted it
this will be done.
Allied bonds moved upward again on the
Greek and ltusslnn news.
Snipping shares were Inclined to react.
Tennessee Copper Passes Dividend
NKW YORK, June 23. The Tennessee
Copper Company has passed the dividend
on the stock. The following statement has
been issued: "Owing to the situation
brought about by the fire at Copperhlll,
which has not yet been adjusted, and also
to the expenditures needed for other con
struction, the directors voted unanimously
not to nuthorlze the payment of a dividend
at Uils time."
Condition of TJ. S. Treasury
WASHINGTON, June 23. The condition
of the United Stntes treasury according to
a statement Issued today was as follows:
Net balance In general fund. $149,771,411;
totnl receipts, $65,509,637; total disburse
ments, $45,820,057; deficit for the year,
$8,370,309, exclusive of tho Panama Canal
nnd public debt transaction,
Sugar Futures in Good Demand
NEW YOItlC. June 23 There was a
steady opening In sugar futures today, with
a fairly good demand from Wall street nnd
speculators. First bid prices showed ad
vances of 1 to 4 points, with sales on the
call 1300 tons.
RAILROAD EARNINGS
May Krnas
Net
Eleven months' (irons.
Net
SOUTHERN PACIFIC.
Ill 1 11.
H2.8S0,.1t4
. 4.O04.7O1
.130. 12(1. Ii.1l)
. 13.3IIU.027
Increase.
$2,288,(1112
1.441.1170
21.224,4118
11.277.77(1
DIVIDENDS DECLARED
Wells Fitrgo, rruular semiannual of 3 per
cent., payable July IB to stock of record July 3
General Hanking Company, regular quurterly
of 1 per cent, on the preferred atock. payable
July 1 tn stock of record June 21.
Kolb linking Company, regular quarterly of
1 per cent, on the preferred atock. payable
July 1 to atock cf record June 21.
Lehigh Vnlley Coal Sales Companv, regular
quarterly of 2V4 per cent., payable July 1.1 to
atocs of record July (I.
Centennial National Hank, regular semian
nual nf (I per rent., pnyable July 1 to stock
holders ot record June 30.
United Statea Mortguge and Trust Company,
usual quarterly of II per cent., payable June
3o to holders of record June 24.
Kenellck -lno Corporation, regular monthly
of 10 cents a share, payable June 30. llnoks
close June 28. reimen July I.
United States Smelting, II a share on com
mon stock. The rsgular quarterly 874 cents
was also declared on tho preferred stock Plvl
denda are payable July 13 to stockholder of
record July 3. . .,
New Idrla Qulckallver. Company. It per Bhare.
payable Junr, 3D to atock of record June 2(1.
Corn Products Refining Company, regular quar
terly of l'i per cent on the preferred stock,
payable July 15 to stock of record July 3.
m.MAUll CAST 1KUN I'll'K lOUNDltY
COJIfANY Oft. IIKST MUKTMAUtS tlOLIi
IIONIW. 11UK JULY 1ST. 10.-8.
Pursuant to terms of Mortgage dated July 1
10U8. 123.000 of bonds have been drawn for re
demption ut 102V4? and accrued Interest, aa ot
. . . loin nut nf inniiAiri ih.n m. . . ...... .'
sinking fund "vlV.i ""'" '
B TwShty boSds for 11000 each:
l IS ) IW -is -M
881 401 418 4U7 328 U37 0.12
Ten bonds for 1.100. each'
4 811 82(1 887 1103
inn'. 103(1 10.-.II 1148
-Knu (winds, with all Unmatured ennnnn B.
tached. should b presented fnr payment at ortlce.
of Trustea on or after July I, 1U1II, when all
interest thereon will ceaae.
' UIHARD TllCHT COMPANY Trust...
ClBOnOr' II STUART 3d. Treaaurer.
phllad-lnhla. l'a. June 2, lnja
240 324 314
728 70S 7J
Oil
.1173
si'KciAi. MtcirriNfis.
-S-' TIIK alAMIKIJI UIJIUIIMI AMI
rllVN. I'lllI-AUKU UIA.
A special m1,'ftl, f,lh ,0kholders !
Asswlatlui. ".'".u1 h'!i at. " oltlc? " 'h
AssiK-latlon. at tha southwest corner of Coulter
ft and llermantowil ave.. on Tliursdar, Jul,
to 1010. at 8 P- rn . In accordance with a reao
lutloit of tho B"rd "t Dlrectora. Iq lake action
on approval r disapproval of tha pruposaj "nu.
ri'w"' ,bU '
rnin M CHARI.K8 li. PAOK. s.cratarr.
WILLIAM C STOKVKR. Solicitor. "'"
IIIVIIIKXH NDTU'KS
rKIIIoil" VALI.Kl If.MI.KOAl) COJII'ANY,
' IMilladelphlu, June 21, 11)16.
The Board of Dlrectora-of the lhlgh. Valle
nallroaoT Company tan thla day declared a
uJrterly dividend of 2V4 per cent, lor I1.2J p."
Shire) IW .preferred atoci to atockholderaf
SSSti June ,l"(J', ;na a nuarterly dividend
of 2V4 P" ceal- .'"ti'is r 11 on lu com.
fnon aiock to stockholders of record Jun 24,
iota both payaW Juiy . 1810,
C. J. KUIJ. Treaaurer.
mttBjTUKLiJ r.iii'f is y ? ri
tJartlBad I'ubllr AetsuaUnts
11
,Sli
KNVa K.
i-aiAJB
ruuMT ItJttnma
'ifcj 1MW
TRADING SMALL ON LOCAL BXCHANflra.
ACME ISSUES SELL FOR FIRST TIME
Company's Common and Preferred Shares Advau
Cramp Trust uertincates ana ueneral Asphalt
Preferred Each Fall VA Points
ICG,
Huslness on the I'hlln.lclnlil.i Stock V'.x
change todny wns even ot smaller pro
portions limn yesterday, with price move
ments Irregular. Most of the trading waR
In arbitrage Issues, with United Slates (Steel
common nhoilt the most nctlve In this
group, the price helng n shndc under the
llnal of yesterday, as was nlso the case In
Hie New York mnrkel during the morning.
Acme Tea stocks, which were admitted
by the Kxchi tigc yesterday to trading 'n
the unlisted department, sold lor the nrst
time today. The common wns the first
out on the tnpe. 100 shares changing ".nils
nt 62, and Inter tho price advanced to
B2Vi. The preferred nlso showed nn ad
vancing tendency, starting at 97',,, Mien
selling nt S and later at U. A,m
mon sold nt B2 later In the day Wm'
The weakest Issue In tin, morning's i..j
Ing was Cramp trust certlncaiM K4
declined 14. to 83. Lehigh KB?W
nlso soft, dropping , Phltade "
trie showed nn early loss of nearlJ . T? '?."
hut recovered part ot this befor. iiV. "i
of the second hour. r6 the nl
Philadelphia Ilatilil Trnnslt trust r.r.i.
cates were unchang' '. as was Union t..
Hon nnd Tonopah Mining. In th- j
noon Oeneral Asphalt preferred cam Z'
showing a loss of 14. United Ota ?5
provement, which did not sell durin. .?'
morning, lost a 'A In the afternoon ...
slon, as did Buffalo and Susquehanna r?
mon. I;on
COTTON MA11KET IS FIRM,
ALTHOUOH CABLES AltK DAI)
Bullish Room Operators Sell and Take
Profits
NBW YORK. June 2,1. In view of the
cables, which wero below expectations, the
cotton market thla morning displayed con
siderable firmness at the start. September
wns up 1 point. October unchanged nnd
other months 1 to 4 points net lower. Sppt
houses wero good buyers of July, but sola
somo of the Inter positions.
The fenttiro of the active trading was
the selling by some of the largest room
operators who hnve been bullish hereto
fore and apparently took profits on tho un
expected firmness. Wall Street houses oper
ated on both sides, while Liverpool wns a
moderato buyer of later months, After the
call some pressure came on the market
and prices dropped 3 trf 4 points before the
end of the llr-rt 15 minutes, but the losses
wero not brought nbout without resistance
nnd the tone continued steady.
Heavy realizing sales wero well taken
during the first hour nnd n half. The set
back of 4 or 5 points from the opcnlng,flg
urea rallied prices to nbout a point over
last night's figures In the case of the more
nctlve deliveries. Liverpool wns n large
buyer during the early trndlng, and after
the close abroad nn Increase In offerings
here eased off prices nfter 11 o'clock. A
few stop orders on the long side were un
covered on a comparatively small decline
from the high point, and active months Bold
9 to 12 points net lower before the end
of tho morning.
Heavy export clearances and the develop
ment of n considerable October demand
.from spot houses cntiscd local shorts to
cover In the early afternoon, promoting a
recovery of half a dozen points by 2 o'clock.
Tho exports of cotton for the day wero
32,731 bales, compared with i'GBO bates on
the same day last year.
Yes. close. Open. 11 n.m. 12m. 2 p.m.
March 13.H0 13.7H
July m.H 13.--3 1BJH 13.211 13.21
October 13.41! Iti.4! 13.3S 13.43 13.33
December 13.38 13.31) 13.33 13.37 13.30
January 13. HJ 13.(13 13.01 13.33 13.3.'.
August 13.33 13.34
Liverpool Cotton
LIVERPOOL, June 23. Spot cotton to
dny wns o,ulet nt nn advance of 7 points, on
the basis of 8.29d. for middling uplands.
Sales, 5000 bales. Including 4000 bales
American. Tho Imports wero 23,000 bales,
all American. The market for futures
closed easy at a net ndvnncoof 22 V4 points.
NEW YORK COFFEE MARKET
NBW YORK, Juno 23. The coffee mar
kete opened quiet but steady this morning,
with first prices unchanged to a decline of
1 point. Trading wns only moderately
active, with sales on tfio call 3750 bags.
Tho market was only moderately active
after tho opening, ,wltlt continued selling
by the trndo, due probably to easier con
ditions prevailing In Brazil, where there was
a further sagging tendency. Cost and
freight offerings were reported more free
and the primary receipts were larger, show
ing that tln.new crop was rapidly reaching
the ports. The local Bpot market waB quiet
with n moderate demand and with Itlo V
quoted at 9,ic
Today's Yesterday!
ODcnlnir. rinse.
-.-.. 7.87Q7.80
'.aUW.lK. Y.Hll(U)7.1l
June
July
AURUSt . . .
September
October . .
November
December
January . .
February .
March
April
.May
7.0(1
7.I)IIW7.!)K
n.OI?8.07 8.0)lfl8.()H
8.10 8.11W8.1S
8.KHQ18.1H
8,21 8.21' 8,l8.-3
8..'3 R.L'rt&S.L'S
8 3.16)8.38 8.a(lJ(8.:7
.8.40
8.41Q8.4S
8.408.47 8.4ll8.47
Great Western Power Co.
of 'California
Ten Year Six Per Cenl
Convertible Gold Debentures
Due Nov. 1,1925
Yielding over 6
An investment protected by
earnings over three times the
amount necessary to pay in
terest charges. Convertible
from November 1, 1917, to
November 1, 1920, into 7
cumulative preferred stock
of the Company on an at
tractive basis.
Full information regarding
the Great Western Power
System and these Gold De
bentures may be had by ask
ing for our Circular No, 404.
William P.Bonbright&Co.,Inc.
MORRIS WISTAR STROJD, Jr,
Manager
437 Chestnut St., Philadelphia
Veiv York
!.oniion
Itostuii
Detroit
Pari.
William P. Ilonbrlght & Co. Honbrlfht i. Co.
Send for our New Booklet
"Bonds Favored
by Banks in 1915"
7"Aeir Relative Yield
and Market Stability
Discussing the various factors
which have influenced the
recent investments of banks.
N.W. Halsey&Co.
K.wTorlc-"c" rh,ha'n
r'ranclsco
FOREIGN EXCHANfiw
NEW YOItt:, June 23. The mark., ..
forelRti exchange tlurlnj? the drat ham I.
business today wns dull, but in the i,?
the tone was steady. Tho single ir.In
tlon was Swiss exchange, which .,JP.
to 5.27 and 5.28 for checks ? Oth.r on?
tatlons wero; Demand sterling 4 Je-j"
cables 1.70 7-18: franc cables iM'
checks B.91V4! relchsinarks. HKaiitf',
lire cables K.Sti, checks 6.3B n,s?'
20.15SJ20.SO; Stockholm. 28.30ta"iA
Vienna, 12.80012.85! RUIIder cables Jiu'
checks 41 9 1C, plus 1 1-1G; rubles, 30.688
The feature of the market In the after
noon was a rally In Stockholm exchange to
28.70 nnd 28.03. This compared with J
nnd 28.25 nt tho opening yesterday, ftl
remainder of tho market wns dull but
steady. Itclchsmarks were slightly firmer
..;i
M
RATES FOR MONEY
New York .
1'hlln.delphla
ftoston
Chicago ....
..F'
a
an an
Phtln. ...
Iloston . .
New York
Chicago .
iit. L.oul.1
BANK CLEARINGS
Hank clesrlntrs today compared with ritm.
spondlns day last two rears: "-
lain 1ntr ....
.lR-7.4ni,Mi $24.a.in",iR m.a7'iM
. .T.MT-I.RBS S2.7R7 49.1 31 21?'S
.400.273.885 280,237,510 278 803-
. '.',3U4.(I3() 4ll,lllll.4fill OUJlSMn
. i.i,7S4.h.i li.nn.nos ia?M'8?J
LIVE STOCK QUOTATIONS
CHICAGO June, 23. HOGS necelpts. ssim
Market lOlOc. lower. .Mixed and butche??
ilMOOIM'fti good heavy. Jn.4()iH10: roiiih
$0.03$ ft. a.: Unlit. IO.2O0O.UOi pigs, I8.25Q?'.
bulk. n.7.-.li.H0. o.mbm
CATTI.K llecelpts. ITiOO. Market steady
Ileeves, 8.2.-if 11.40! cows and heifers, ls.7aa
n.BH: stockers nnd feeders, 5SJ8.75f Teisni
HHKEr Itecelpta. 11.(100. Market stesdr
Native nnd Western t70; lambs. l7.B06ill.5j'
Westinghouse Gets Fuse Contract
PITTSBURGH, June 23. The Westing,
house Air Brake Company has taken a con
tract for 1,100,000 brass time fuses for
great Britain, involving $0,000, 000v
1
I
EIIIIIIIIIHlllHIIIIHIllllllllig
Millions in Profits
m i
1 Going to
H Motor Stockholders
H The enormous eamlnii belof
j-5; Piled up by tb country'" automo-
oil manufacturers hayo fully
Z Justified the increased market
U2-i valuation of motor stocks.
2; t Uoreover, the lncreatlng growth
' of the Industry should me in a stlU
rcn rreater enhancement of motor-
IV'I stock values, loflcally necessitated
by the continued expansion of the
js; business.
Cj The followlntr are some of the
automobile, manufacturers -wb are
partlrlpatlna; In tha present on.
paraneiea prosperity!
m it
m
Orcrland Chalmers
Chandler Cherrolet
Sludcbaker Saior.
Maxwell ' Peerless
Hup? Reo
i
If
Q Our free Motor Handbook, analyzing-
60 securities, -will be sent
upon request. Ask for 20-7L, la
cludlni booklet uplaulnx
E "The Twenty Payment Plan" g
w Iixyeyiraentygcurlilt V? S
S2S (Established f008) E
SSS 40 Eichanue Place New York
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
j The Investment
Situation
is' summarized in our July circu
lar, and in addition there are
One Hundred Offerings
that are particularly appropri
ate at the present time, compris
ing: 8 Government Loans
28 Municipal Bonds
22 Public Utility Bonds
33 Railroad Bonds
9 Industrial Bonds
ichlch we will le old tow and m rf
cues! for circular W8S.
A. B. Leach & Co, .1
Investment SecuntieJ
115 South Fourth Street
Philadelphia.
New Vork .. Chicago Bujalo
Boston London. Ens. Baltlmort
1
Our General Circular
Offers Sound Bonds
Yielding 4j8 to 6?
Welsh brothers
928 chestnut stheot
riillailelpbla
vil
w
THE DIRECTORS
aL. n
of the Morris Plan of Loans and Investments
are men well known In business and financial
circles. They Include ,
T. p. A.hton, M. U. Howard , iu,,ry Arthur J. Morris Thou. NjJ-"
S' i i??'""! - Hunt 4. II. MeAIIUtrr ? ,";.?, 1. '
M in. I. Forlie, Tlios. Martludal. Harry Nelke rimrlton "
Over ll.000.UOO in loans, averaelng J1U0, made to
date, bupervlsed by Stale Banking Dapartment
-on ur write ior uetaua.
LOVIS J. KOLUr fri,.
UOWARD If. UBNBY, V P
H- LEO UUNT, V p. 4 treat.
The Morris Plan Company
of Phila,
1507 Arch Street
W8W1I