s" W1ff-I!(
H3
r
EVENING LEDGER-PHILADELPHIA, FBIDAY, JULY 7, 191G.
j. .. ..... . .t TT f jpr- " i -i - w?th i fj i .11. ii- ff- ----- , -i - ) -rr in i
FINANCIAL NEWS
. -" 1- I li.i.i.i..lr,l..ll,..i;M..L.U.r1 s.,1
.WALL STREET BELIEVES THAT ALLIES'
OFFENSIVE MEANS EARLY END OF WAR
For This Reason War-Order Stocks Are Sold Down, With
Seyeral Reaching Lowest Level in Many Months.
Changes in General List Small
High Points in Today's Financial News
New York banks lost $51,000,000 en movement of money during last
teeth, the loss being accounted for to a great part by payment of income taxes.
Savoy Oil Company declared extra dividend bf 1 per cent. Department of
AaucUlture estimated vroditction of all wheat this vear at 7S9.00O.000
bushels. Price of bar silver lower in New York and London. Sales of second'
hand equipment larger.
NEW YOIIK, July 7.
Tho stock market wna called on to bear to a greater extent tho lnflucnco of
the growing belief that the conditions In Europo have c&sontlally changed with
tho adoption of the Allies' offensive. Those who have traded In war-order stocks
adopted tho view that tho successful pressure against the German lines foro
ehadowed on early end to hostilities and from this conclusion there was tho
natural sequence In their opinion that tho facilities of many of tho Industrial
plants hero will no longer bo required to produco munitions of war on a largo scale.
The traders may have gone past a reasonable line In their market operations
against these war-order stocks, asr many of the various companies may havo
acquired assets greater than tho present valuo of their securities, but speculative
Wall street did not seem to caro about t'10 merits of the various Btocks and only
took Into consideration the fact that tho Incentive for bullish operations seems to
havo disappeared.
With such stocks as American Zinc, Baldwin Locomotive and Cruclblo Steel
Belling at tho lowest lovels reached In many months, It was natural that values
of leading railroads and tho standard Industrials should also bo depressed, but tho
declines did not cause any material amount of liquidation. Tho downturns wero
almost wholly due to concentrated bear selling in tho first half of the day, and
when offorts wero made to buy stocks back In tho late dealings quick rallies
resulted.
A fcaturo of the day's trading was an ndvanco of 15 points In Bethlehom
Steel to 456&. Net changes In tho general list outsldo of tho war-order stocks
wore confined In most cases to fractions.
New York Banks Lose $51,000,000 on Money Movement
NEW YORK, July 7. Tho known movements of money for tho week ended
with tho closo of business yesterday indicate a loss by tho banks of approximately
$54,000,000. This is In direct line with expectations becauso of tho heavy pay
ments lncldont to tho Income tax on July 1, whllo there also havo been largo ,
shipments to tho interior. It Is expected that much of tho monoy withdrawn
from the banks will soon bo roturned, tho shifting of accounts being only temporary
In connection with tho unusual July 1 payments of Interest dividends, Income tax,
stamp tax, etc. Tho receipts from tho interior for tho week wero J9.835.000 and
shipments $13,909,000, leaving a loss by the banks on this movement of $4,074,000.
On tho Subtreasury operations tho banks received $77,253,000, but paid out $27,
178,000, leaving a Ions by tho banks to tho Subtreasury of $10,625,000.
Another Extra Dividend for Canadian Foundries
NEW YORK, July 7. Tho Canadian Foundries and Forging Company has de
clared tho regular quarterly dividend of 3 per cent., with an extra dividend of 3
per cent, on the common and 1 per cent, on tho preferred stock, payablo August
IE to stock of record July 31. Thls.ls tho same as declared three months ago.
Savoy Oil Declares Extrn Dividend
NEW YORK, July 7. Tho Savoy Oil Company has declared Its regular
tnonthly dividend of 1 per cent, and 1 per cent, extra, both payablo July 25 to
tock of record July 15.
WHEAT REACTS AFTER
MAKING GOOD START
V
Traders Await Government Re
port, Which Puts. Indicated
Yield at 489,00,000 Bushels
OKAIX DEI.T WEATHER PORECAST.
CHICAGO, Julr 7. The weather forecast
for 86 hoar follows:
Illinois Flr tonliht. except rnln anil
coaler southeast) Saturday, fair, north) rain,
south.
.Missouri flenrrnllr fair tonliht and flat
trrday. except rain tonight southeast) Sat
urday, cooler.
1 lueoiulre Oene rallr fair tonlcht and
Saturday! cooler Hnturdar
Minnesota I'artly rtoudjr tonight and
Saturdart cooler Haturdar.
Iowa Fair tonight and Saturday) not
much chance In temperature,
North Dakota I'artly clotidr and cooler
tonight and tjaturdayi probably showers
west.
South Dakota ReneroJlr fair tonlthtl
Saturday, partly cloudy) probably shower
westi cooler.
Nebraska Fair tonliht and Saturday)
cooler riaturday.
Kansas Generally fair tonlcht and Sat
urday) not much chance In temperature.
CHICAGO, July 7. After showing mate
rial strencth today wheat reacted from the
best on soma realizing and short selling.
There was a disposition to await tho publi
cation of tho Government's report at the
close.
The Federal Department of Agriculture
made the condition of winter wheat on July
1, 7S.7, ngalnot 73.2 a month ago, and 81.4
a year ago, and the Indicated yield 489,000,
000 bushels, compared with C55.045.000
bushels harvested in 1915. The condition of
spring wheat was put at 89, compared with
88.2 a month ago and 1)3.3 a year ago and
the Indicated production, 270,000,000 bushels
contrasted with 366,160,000 bushels har
vested in 1915.
The amount on farms was estimated at
7.3 per, cent, of last year's crop, or about
74,760,000 bushels, against 28,973,000
bushels on July 1, 1915.
There was considerable strength In prices
In tho Northwest today.
Exports from the United States for the
week were small. The market at Liverpool
displayed strength, with spot up Id. to 2d.
and winter and Manitoba cargoes 6d. higher.
The general demand there was broader,
with Atlantic and Argentine freight rates
working upward.
Corn also worked off after showing
strength. Cash concerns bought July and
country houses sold December. The former
based their action on a demand for export,
and the liquidation by the country was due
to the splendid outlook for -the crop, with
the weather favorable,
Oats were dull, but firmer. The weather,
and crop outlook was excellent
Leadln future ranged aa follows:
ivneat wen. man.
uir ....... i.us l.u-n
ept , l.OdU l.oay
isc. ........ uyu'.t l-uu
j-ornnew delivery J .
""
Low.
1.03
Sept. ......
Dec. ....,
Oats
July
Hept. ......
pec. .. .....
Jufy
Bent. July . . .
Sept. . . .
Pork
July . ..
llYtrti
'7
144
631
ift
:.!
U
Close,
l.US
does.
1.03 Vs
H4
1.05K .l.O&HM.OSfc
I
oa
..os
New York Bond Sales
jaoOO Al Gd cv (Is Ser 13.101
DUIOOO Anelo-Kr Ds nil
zuvu Amer Tot cit 4s ....
100(1 do cvt iHi ....
WOOD Amer Writ 1'op Bo.
auuu Armour wo 4 Vi a
m v
iuo-
bOi
. u.i
000 Atchison cv 4s 1000.. 1051,
Low.
101
U5H
Ul
intt
r, loo'i
..:.:.. o3
! LEfcWV 4a. 8HW
4(100 Halt & Oh
4UHU do CV 4
LUUU 1I(J
anoo lloth Steel r(d Ss.
00(10 lirookn itap Tr 4s.
11000 do r.s 11)18
S40OU Can Govt 4s 1021.
18000 do 1020
83000 do 1931
10110 C U C sen 4s
1000 Cal Oiin & Kite 8s.
SIMM) Canada South 5a..
1000 Cent Pac 1st 4a.,.,
31000 Chea & Ohio cv 4Ua
0000 do 4Va a
10000 Chi A Alton 34 a ..
1000 Chi & Nwn gen 4s .
nuuu u ii a y joint 4s
juou uni .11 & Ht r
08.
102?;
' cen 4a.
03U
08H
10000 do dlv 4s
(1000 do conv Ds 107H
8000 do CV 4V4s .-.lOITi
2000 do sen 4Hs loofi
S000 do 4s IBM 04
11B000 C It I 4 P Ss fllUi
38000 do Ss ct 1st sta.. 0M
10UO Col Midland ct 4s M
B00O Cumberland Tel 5a.
11000 pen & It Q 4s ...
2000 do rf d 5s ,
17000 Detroit United 44 a
juuuu uim aec corp os..... 70to
10000 Du Pont Powd 4Ha,.103V
. 4000 K Tenn V & O -con Bs.lOSK
4000 Erie ronv 4s Bsr A... 70
8000 do conv 4a Ser D .. 73
2000 do prior 4s 84
80000 Ft Worth 4 D lstata. 10B,
2000 Hud ti Man in Ss 28 i
kuuv (IU14 -t ...on .14 u,... .v
..100,
.. 784
,. 6'i
105V
26i
2000 Hock Val 4Hb.
4fts
S0OO III Stl deb 4
10000 Indiana Stl 0s
1000 Iowa Central Ba.
31)000 111 CentraOl rfd 4
10000 Interb Met 4U..
S400O Interb M T ref Ss
3.1000 inter Mer Ma
0000 Japanese new
1000 Japanese 44
2uou Kims co El ma la
. fl?4
. 02U
. 80'i
. 801,
rittsZ
rctlUa 104 i
Q 8 44b KITi
a 84H
1024
874
084
1044
84
00'
OlS
054
04S
onU
-S9S
004
02K
-IX
III
88
Ula.
W
.13.23
...13.37
...is.es
...13.
...25.20
...24.55
tislud.
894
884
404
T
774
U
T3H
t30W
884
t40
38J
38j SOTi
13.80
13.43
18.20 13.22 13.25
18.20 13.35 '13.10
im mi 1 d
T i!7d titi tislof Isjo
23.40
1. 87
l-Nomlaal.
5.20 25.40 23.30
4.50 "24.87 34.70
Financial Briefs
Revenues amounting to $212,840,101 -were
earned by 134 railroads during May, according-
to a report filed with the Interstate
Commerce Commission. The expenses as--grtgated
1138,207.583, and net revenues
were 174,62,518, as compared with J50,
751.468 for May, 1915.
The American Locomotive Company re
ceived orders for two Pacjfio type and
IS ttn-wheel engines for the Central IU11-
read of Brazil and for six mountain type.
and pva swiicaiag engines lor south African
rvads.
TMt lew York Subtreasury gained 8,
paT,W0 trow banks on Thursday, making
uh net sola since Friday Jie.25,fl0.
0errey S. Iarnshw, formerly with, the
6r4 Truet Cnpauy. Is cow juuoclateU
irlth tk t4 dtvarttueat of Harper &
7000 Lacka Stl 3a 1023
11000 Lacka Stl Bs 1030...
2000 Laclede Gas rfd Ss..
1000 I.aka Shore ten 34s.
1000 Lake Hh deb 4s 1028
87000 Lake Hh deb 4a 1031
1000 ien val it it -is....
2IMIU Ilff UTD
11040 Loula Sz Kash 4s
3000 Manhattan 4s
83000 Minn St P 8 8 M 4a
1000 Mo Kan & T 2d 4a.
10000 Mo Pac cv ct Ss.,..
inon An fia 1020
4000 do cons 0s 101
0000 Mont rower Bs ...... 7H
1000 Nat 11 it aiex (Hi., a"
00000 N V C Hud 0a....ll34
3000 do 4s UOf
BOOH do 44s 034
50000 do con 4s, ...,..,.. 83
2000O N Y City 44 1003.. 1074
1100O do 44a Nov 105,7.. 107
100O N Y Gas It & V it,. 84
8000 N Y N II t II (Is.... 113
8000 N Y Kwy adj Bs.... 68
S0OO N Y Slate 4a 1001 105
1000 N Y Tel gen 44 f 084
2000 N Y W R 4 11 44 S . 744
2000 Norf West cvt 44s 1324
7000
10500
mono
1000O Penna en 44 a
2000 Publla faery N J Co..
inOAO Reading ran 4a .
1B0OO Keadlns-jer Cen 4s.. 07
luuu itepuD cuDa 4s ,... eu
1000 Kep Ir 8 6a...... 074
20U0 llwr Steel Spr Ss 1931 08
2000 St l. I M So 4s.. 80
2000 Bt I, I M A 8 Olf 4s 724
8000 St L A 8 V Ser II wl 804
2000 do Ber A wt 704
6000 St Louis 8wn 1st 4s,, 77
1000 do con 4s...,....,. 03.,
I50OO Stand Gaa Os loou
24000 Seaboard A L adj Bs,, 074
2000 do ata 4a ....... 80,.
800 South Bill OS .....,10Hi
14000 South Pac cv 4a 83
10000 do cv ret t v Bs.,,.101
tma do rfd 4s ..,..,,, no
12000 South Pas Term Ss,,, 834
14000 Rnuth Hwv ran 4s 711
r::i- ,. .-. , ,..,. -T,T
Da ... ...,,..1"I7
004
14
044
100'
004
024
48
40
KK
101U
074
8.1 "
1074
nan a west cvt ins 10-71
do 4s ,,, 034
Nor Pac prior 4s. . . 024
do sen 8s ml 4
014
03K
084
T4fl
1324
01 j
0.14
con
140OO da .
ioOOO Third Ava ref 4s..... 8:
31000 do adj 5a ..,..;.., SO
1000 Trl-Clty 5a ; 0H
1000 U B Realty 5s,, 88 .
10OO V B Itubbcr 6s 1024
1SC00 TJ S Steel S F 6a 103
7000 Union Pac lat 4s..,,. 06H
J00OO do rfd 4s ..,..,.,, 884
EOOO Vn Rwys S F 4s.;.., Slfl
3000 Va, Car Chm 1st Ss... 884
8000 Va Rwy Sa 884
4000 Wabash lat Ea 1014
2000 Wab-P T 1st ct 4s... 3V
4000 West Eleo 6a ,.101
8000 West Shore reg- 4s., , 68
oi.
nr
724
88
704
II
100
874
80
1014
874
Jon
'Si"
82
80
094
00
1024
1044 :
0il4
80 i
811
084
084
104 , :
84
..
101
63
DIVIDENDS DECLARED
United States Rubber Company, regular
quarterly 2 per cent, on drat prsfered and 14
per cent, on second preferred, both payablo
July 81 to stock of record July 15. Hooks do
not close.
ilononsabela Valley Traction Company, rtr
ular quarterly 1 per cent, on common stock,
payable July 15 to atoclctof record July 10.
Columbia Avenue Trust Company, reeular
semiannual 4 per cent . payable on demand.
Southwestern National .Bank, semiannual of
3 per cent., payable on demand.
Grant Motor Company, revular Quarterly of
ii per cent, on the preferred stock, payable
usust 1 to stock of record July 15.
Securities Corporation General, resular auar-
terly of 14 per nt on preferred, payable
juiy 44 VI aiocaooiw
ders of record July S,
NEW YORK BUTTER AND EGGS
NEW TOHK. July T BUTTER Tradlas
quieter and market generally steady. Receipts,
22.43:; tuba. Imltatloq creamery. 250254 c.
Othtir srades uncUanve4
Hans Tradlps qulst. values sustained, but
top leas arm. Receipts, 9.441 casts. Quota
Uot unctacaed.
New York Stock Sales
T.at close. Wth. tow. Close.
Acme Tea mi 62U 62H 62K
AJax Rubber 05H (WH C5. C5H
AUsk J Oold M 8H BJi 6H 8M
AlMks Gold Mines...... 1811" ISM 18H 18H
AllU-Chslmers Mff 23f 231i 21)( 22)4
Allls-OMfgpt.. 75 74 74 7454
AmDeetSuear Off 95 02U 03!f
Am Can MH Co 63 63
AmCar&Fdr , 63f 63H 62H 62X
Am Ct ft Fdypf llfl il6M 115H 116M
Am Giptcss 120H 120)4 126)4 120)4
Am Hide Leather..... 10f 11 Wi 11
Am Hide A L pi ....... 63V 64)4 63 63
Am Ico Securities. 28)i 2S!4 28)f 28U
Am Unseed 20! 1 21) 10)4 10)4
Am Locomotive CO 30 04 05
Am Smelt Ref 05K GoX 04H 04)4
Am Smelt Ref pf 110)4 111 ill 111
Am Smelt pf A 02J4 03)4 03K 03tf
Am Susar Iteuntne itl!4 Ulii UM 111H
AmTcl&Tcl 12SU 129 129 129
AmTobpfnew 100)4 100 100 100
Am Woolen..,, 46)4 46J, 45 45
Am Zlneli & Sm.. 33M 33)4 SOU 32
Am ZlncL Sm pf .... 04 03)4 02 03
Anaconda Cop M . , 83 83) 8IX 82)4
Akh Top 8 V 105 100 105)4 105J4
Atch Top 8 F pf OSK 99 08J4 08J4
AtlCoutLlne 115 114)4 114)4 114)4
Bald Loco Wks..... 71 70H GS)( 09U
Halt Ohio 00 89U S9U SOU
Bait Ohio pf 70!f 70W 70)f 70U
llatopllas MInlne 2 H Hi Hi
Bethlehem Steel 440 455 410 455
Butlo & Superior G4X OW 02)4 03)4
Cal rctroleura 10K 22)4 20)4 21)4
Cal Petroleum pf 40)4 49 40! 40
Canadian ractfle 180)( 181)4 ISO 180
Central Leather 67 67H 50 60W
Central Leather pf 111)4 UOH 110?, 11074
110
C2H
21
49
13)1
37
22K
98! i
Chandler Motor 112)4 112U 110
ChM&Ohlo 03)1 03 02)4
Chile- Copper 21 21 21
Chlno Copper 60)4 50) 48W
Chicago Great West 13), 13)4 13)f
Chi Great West pf 37 37 37
Chi III Pac 22)4 23K 22U
Chicago Mil & St T 08f 08)4 08
Chi Mil St Paul pf . . .13074 130U 130H 130U
Chi & Northwestern 130 130 130 130
Cluett, Tea & Co 73
Col Fuel ftlron 42)4
Col & South 1st pf 60U
Comp T Kcc Co 4374
Corn Products Ref 14!f
Cruclblo Steel 72
Cuba Cano Sugar 02)4
Cuba Cane Sugar pf. . . . . 05)4
Denver & Rio Or 1454
Denver & Rio Gr pf .... 33)4
Distill Sec Corp'n 45
Elec Storage Bat 03
Erie 30U
Eric 1st pf 54
Fed MIn & Sm 17
General Motors 500
73
44 (
69
43
14!f
72
02U
95)4
15)
34)4
44Jf
03
37)4
64
15K
610
7,1
42
6S)4
42M
MM
0)i
01
03! 4
lSJf
34U
44)4
03
30H
63H
15
600
111
74!f
10
73
4l)t-
68H
42)4
UH
70)4
01)4
95H
16K
34K
44H
03
30
64
16
610
111
76)4
40
120)4 110!C 119)4 110!X
30 30) 30U 30K
81 81
80 80
112M 112)4
17)f 17)4
General Motors pf 112)4 111
Goodrich UK 70 76J4
Grcenc-Cananca 45)4 i0
Great Northern pf. .
G N cf s for ore prop
Gulf States Steel 81 81
Gulf Stales S 2d pf 80 80
Int HarvN J 113J4 113
Int Con Cor v t c sh. ... 17)4 17)4
Int Con Corp'n pf 73W
Insp Con Cop 62
IntM M cof dep 26)4
IntM M pf cof dep.... 91!.
Int Nickel v t cfs 47H
Jewel Tea 81
Kan City Southern 20)4
Kelly Spring Tiro 70
Kennecott Copper 48)4
Lack Steel Co 08
Lako Erlo & West 20)4
LakoErle & W pf 42U
Lehlch Valley 8JX
Mackay Cos 82)4
Maxwell Motors 80)4
Maxwell Motors 1st pf .. 80M
Maxwell Motors 2d pf .. 57H
May Dcpt Stores C3M
Mexican Petroleum 1024 10-1
Miami Copper 35)4 35H
Missouri Pacific 7)4 7)4
Missouri Pac tr cfs 7 7
Nat Enam S Co 24 24)
Nat Lead Co pf 113)4 114
Ncv Con Cop 10!X 1G!4
New York Air Brako....l31 131H 130)4 131
New York Central ....10J!X 105)4 10JS4 10JM
NYO&Wcst 27!4 27!4 27 27
Northern Pacific 114)4 114)4 114M 114),
Penn Railroad 58)f 68)4 57!f 57J4
Pitts Coal Co N J 23 28)4 28)4 23)4
Pittsburgh Steel pf 00 07 07 97
Tressed S Car Co 47
Pullman Co 103
Ray Con Copper 22H
Reading 100
Republic Iron & S 45)4
75
515.
25)4
8U4
48)4
8U4
20
7054
48)4
70
10)4
42
80)4
82)4
81K
80)4
57
COK.
75
51)4
24)4
S8!4
48
81)(
25U
70)4
47J4
OS
19)4
42
79)4
82)4
70
80)4
0)4
00)4
102
35)4
7
7
24
114
10)4
73
51!,
24M
8954
48
81)4
25)4
70)4
47)4
70
10)4
42
7074
82H
83H
80)4
50)4
0054
10354
3554
7
7
24
114
10)4
4074
1G3
22)4
10054
45J4
108
2874
8
074
ISO
OS74
24)4
70
H
45W 45)4
1027, 103
99C "2U
00
45)4
108
27
8
074
185
08!f
2454
0934
54
0974
4554
103
27
8
074
185
0854
24)4
70
H
Republic Iron & S pf. ...103
Shat Arlx Cop 28 '
StLouls&SF'lstpf... 7J4
St Louis S F 2d pf . . . 0)4
South Porto R Sug 185
Southern Pacific 9875
Southern Ry 24)4
Southern Ry pf G954
Standard MllUnz rts )
StudebakerCo 135!i 130 13454 135)4
Studebaker Co pf 110 110 110 110
Tenn Copper 3554 35'f 35)4 33M
Texas Co 105 195 101 192)4
Tobacco Prod pf 100)4 100 100 100
United Cigar Mfrs pf. .. .109 103)4 10874 10S7J
United Fruit 10174 101)4 159 1597s
Union Hag & Paper 574 5!4 5!4 5K
Union Bag & Paper pf.. 31! i 34 31 34
Union Paclflc 139!4 13974 138f 13974
USInd Alcohol 132)4 132)4 12874 130)4
U8CIP&F 2174 21 21 21
US Rubber 64)4 6174 53 63
U S 6teel Corp'n 8054 6854 SO SOJi
U S Steel Corp'n pf 11774 117J4 11774 11774
USSmR&M 7274 73 72 72
Utah Copper 78! 7854 7874 7874
Wabash 1454 1454 1454 14)4
Wabash pf A 5171 5254 5174 51H
Wabash pf B 2874 28H 2874 2874
West Union Tel 0474 0454 9454 04!f
WestE&M 5774 6774 5554 5054
Western Maryland , 297$ 2974 2074 2974
Willys Overland 75)4 70)4 7474 7474
Willys Overland pf 10874 109 107 - 107
Quoted ex dividend.
$100 BONDS
imp a
:;;: i
P.C.
Alberta, Province of .... 44
Anglo-French 5
Argentine uovernmeni . . o
City of Haltlmoro 4
City of Chlo liar Con .. 4
City of New Orleans Imp 5
iJtiy or Vancouver . .
New York City res
N.w Vnrk City reir .
Ala & Vlcka 1st con .... 5
II t ) O 4 I, K 1st 5
Cen Vermont Jly 1st 4
Chi n Q Denier et ... 4
C 51 & St I sen rfd con. . 5
Chi M 6 St 1 con
Col & So ref 1 t ...
Erie sen conv series I) .
V Y Central conv deh .
N V A ( Ijikn IRrlel 1st 3
NTNIUIIed cts.. 84
N V N ii t o res . .
Nor 4 West 1st con ....
Sea Air Line 1st k con..
H p San Fran Ter 1st ..
Virginian Ilwy 1st .....
Amer Asrl Cbem con deb
Amer Ice Securities deb, .
A i Bt i con ir ens
a
A l at l ran ir cue . , i
Amer Tel 4 Tel con . .. 44
lleth Steel 1st ref .... 5
Central Mather 1st reg-. . 5
Chea 4 Po Tel Co 1st. . . 5
Com P ny 4 Light con. . e
Sen Oaa 4 Eleclrlo 1st. 5.,
eneral Electric deb 84
Oreat West Pow con deb 0
Lack Steel lat con 5
Laclede Gas lat .,5
Llgrett 4 Users deb res, 7
IJgsett 4 Myers deb rear, 5
P Lorlllard deb ree, .... 7
P Lorltard deb reg 5
Pierce Oil con deb 6
Hon Power 1st 4 ret , . .5
N Y Airbrake 1st con .. 8
Wisconsin Kdlson con deb 0
Due.
1024
1020
1045
1110.'
1017
1020
1023
1003
19(10
1021
1030
1020
1922
2014
1032
1035
1058
1035
1040
11138
1U48
11)0(1
1U4S
1030
1083
1024
1925
1020
1033
1042
1025
1013
1018
1040
1042
1025
1030
1010
1044
lift
1051
1024
1943
1028
1024
Bid. Asked.
U4U ..
05 08V4
83 87
08 ...
00 . .
1UO lot.,
02K 04ft
100 10TH
o$ 10.3
8.S ::
00
10
loo
83 8lV
85
112
00
eu
in
va
(IHt
84
08 IIOU
10(1 10S
loo ioih
.8Tit
07 l8K
82
08H 004T
02 08 S
10051 . . n
125 isan
lUUJi IVi
lVs
DO ..
lOliVi 107;
loo ioi
Krt
113
100 ,
7011
112
1UU
IV 1UU
eats
08 ii
JUJ
i'H
100
83 84U
07 882
102
5H ..
SWEDISH NAVY EXPERT HERE
ON WAY TO PROVING GROUNDS
Commodore Von Eckermann Silent on
War; Says Ha's Neutral
Commodore von Eckermann, chief naval
constructor of the Swedish navy, was a
guest at the Bellevue-Stratford today. He
came from Pittsburgh, where he visited the
"Westlnghou6S plant to Inspect the new gears
for turbines. He Is fin his way to the In.
dlan Head proving- grounds to superintend
the ballistic teats of armor plate manufac
tured for the Swedish Government by the
Carnegie and Bethlehem Steel Companies.
When asked his opinion of (ha recent
naijil battle off Jutland the commodore said
he had not all the facts, and besides he was
neutral.
Sweden, he said, Is not entering on any
extensive, naval program, because Parlia
ment has not voted money for the purpose.
"Sweden la all right," the commodore
said, but he could not express any opinion
of present conditions in, the Central Empires.
A year ago, he said, he visited several cities
in Germany ana found conditions as usual.
AETNA EXPLOSIVES
DECLINE ON THE CURB
Motors Also Take a Drop When
Virtually All Stocks Yield
to Some Extent
NEW TOHK, July 17. Tho most Im
portant feature on tho Broad Street Curb to
day was tho sudden withdrawal of bids In
Aetna Explosives. This action was fol
lowed by o decline In tho price of that stock
from 15 to 12 before midday. Whether
there was a special reason for this action
could not bo ascertained, but those con
cerned In the trading were disposed to at
tribute It to tho disfavor with which wr
order stocks generally have come to be re
garded. The motor stocks were also weak, with
Chevrolet dropping to 286, agalns0244 yes
terday, and United Motors sold down from
74 y3 to 71 Vi. Stutz was trdded In during
the greater part of the day from 61 to
57M.
There was virtually no stock which did
not yield to some extent, Atlantic, Quit
and West Indies dropped 1 point, to 667 and
the preferred, which has been strong for
some time, yielded -7i to 64 U.
Mtdvalo Steel s6ld down to 63, TAno Con
centrating was In fairly good demand, with
a larger Inquiry than was Indicated by tho
transactions during tho day.
Tho oil Btocks wero quiet at moderate recessions.
INDUSTRIALS.
Bid
12i
,.
3
......... no
04
03
:::::::::23oH
. .... 40
.,... .123
Aetna Explosives ...
Amerlcnn-Brltloh Mfg
American Marconi . .
Atlantic Quit 4 W I
do rfd
Canadian Car Co .
do rfd
Flemish Mnn ......
Chevrolet Motors ....
Curtlss Aeroplane ...
.18
foH
80
25
"4
90
llrlrffd.Seflhurv
Uisenlohr Tobacco ...
do rfd
T'meraon rhonosrnpn
Haskell 4 Barker Car
llendex MfR
Inter Mer Marlnn . . .
Art nM
lfathrifilnn flrnnzn bfd 24
Maxim Munitions ,. A
Manhattan Transit lji
Mldvale Steel 02H
Otis Elevator 57
Peerless Motors 20
Toole Enr loo
S a Kreeie ve I , 1Q
Rtandard Motors .0,,
Submarine Boat 854
Trlancle Film 2H
United Motors 71
United rrolU flhnrlnr
U H I, ft II com 2V4
do pfd 0
White Motors C5U
World Film
STANDARD Olfc BTOCKS.
Illinois 100
Ohio 230
Prairie Pipe.. 2;H
H O of California 252
H O of New Jersev 518
8 O of New Yorlt 204
OTHER Oil, STOCKS.
Costlen Oil 25V4
Asked
131k
81k
07
242
45 .
125
4(1
100,,
It
874
27
20
05
ST,
51)
28
I3
Chalmers Oil 4,
Inter Petrol Jo'i
Houston Oil 14
Midwest neflnlni; ?,,
Snpulpa Bennlng- 11
MIN1NO STOCKS. .
Atlanta -;, 1?,,
Hutto Copper and Zlno !
Butlo N Y 1 S
Cerro An Pasco aaj
First National Bt
Ooldllold Merger .,
Hecla Mtntnn 5H
Howe Sound 454
Jim Butler ., JJ
Jumho Extension 77
McKlnlcy Darrah 50
Macm.1 Conner 14
Mln-a Co or America 2 hi
NlPlsslnir 0!
San Toy 4
St Joseph Lead 15V4
West End Con 1
While Oaks 4
BONDS.
Cerro do Pasco 108
Mldvale DO
LOCAL MINING STOCKS
oX
30H
.,
7i;
-S
ou
CO
1
10R
255
220
254
522
207
25;
S3
'k
08
-I)
7t
Hs
11-82
5
lieu
TONOPAH STOCKS.
Jim Rutler ..
MacNamara
Midway
tontnna
North Star . .
Ton Belmont
Ton Ext
Ton Min . . . .
West Enu
Bid.
.05
.00
.24
.15
, 4 S-10
5H
0
.35
1.00
Atlnnfn
Blue BUU
Booth
Bulldog
COD
Comb Frac
niamondtleld B 11 . .
Daisy
Florence
Ooldneld Con
Ooldfleld Mere
Jumbo Ext
Kownnas
Oro
Sandstorm Kendall .
Sliver l'lcK
nnT.TyirTr.T.Ti flTOrMCS.
'
Fairy Aiteo
Klmberly ..
Nov Hill ...
Nev Wonder
Tecopa 511n
MISCELTjANEOUS.
.03
.15
.02
.0.1
.07
.02
.03
.38
.83
.08
.78
.10
.114
.04
.10
.01
.02
.17
MO
.10
Asked.
.07
.08
.24
.23
.211
.17
4U
5H
OVi
.37
1.03
.11
.04
.in
.04
.04
.OS
.03
.05
.42
.88
.00
SO
.11
'3
.00
.11
. .02
.03
.20
2.15
.12
LIVE STOCK QUOTATIONS
CHICAGO, July ,7 IIOOS Receipts. 21.000.
Market alow and lower Mixed nnd butchers.
tu.05lo.l0: sood heavy. I0.60O10.15! roush
heavy. J!).60l 05: light. IV.5U10; pigs. JB&f
U.4R; bulk. JH.754J10. .... .
CATTLE Receipts, 1000. Market steady.
Beeves. S7.S0tt ll.L'O; cows and heifers. 8.75
0.75: otockers and feeders. 5.008.05; Texans,
18 460.4O; calves. 8.60l2. ,
SHEEP Receipts. 8000. Slarket strong-, shade
higher; native and Western. 0.508; lambs,
$7.604rlO.b5. -
Copper Exports Incrcaso
NEW YOIIK. July 7. The exports of
copper for the week ended July 6 were E867
tons, against 3571 tons the same week last
year. The exports since the first of the
month amounted to 3247 tons, compared
with 3977 tons for the corresponding period
last year,
IIUIIIIES GOLFS WITH COLBY;
THEN WOMEN ENTERTAIN HIM
Republican Presidential Candidate and
Progressive! Leader Visit Links
DmrXIEHAMPTON, N, Y., July 7.
Charles Evans Hughes, the Republican
presidential candidate, deserted his politi
cal activities for golf today. Accompanied
by tys nephew, Philip Cnrterj Dr. Colin
Carter, Everett Colby, Progressive leader,
and his secretary, Lawrence Green, Mr.
Hughes motored to the links, but no scores
of the play were given out. Afterward the
candidate motored to the residence of Mrs.
Harry Payne Whitney, where he was the
guest of honor at a luncheon given by the
Women's Auxiliary of the Hughes Alliance,
Statement of the
Germantown .
Trust Company
June 30, 1916
ASSETS
Cash and Reserve $898,642.57
Investments , 7,134,582.82
8,033,225.39
LIABILITIES
Capital Stock .,, $600,000.00
Surplus .................. 900,000.00
Profits 14,154.1
Deposits
. Air nit Hi
'8,033,225.39
Trust Funds
(Kept Sepsrsl
7
is $11,722,267.37
WM. T. MURPHY,
President
CLARENCE C, BRINTON,
Treasurer.
I
Sales in Philadelphia
Net
lw. Close, eiie.
uu u
iu ion .....
H H
S4i 4H"i. 4R4& .....
k i
B3U
I5 2B14 i
I m
ii
TB'
ii a a.
lM'A 14DH
or: os..
sv in
Z'ti
o
110 Balawln Loeo...fo'
n0 Pr"'r ,....iua
s ura iron ..... el
72U UOI Fuel . i . . 4
209 Eleo Btor. . . . B
42 Ins Co N Am.. SB
,110 Ken Copper 4S1
1PB3 Lk Mud Cere. 11
1S.1 LeMith Nv.... 75
0 Ierillth VRI.... 80
80 lh Vsl Tr Bf. 42
100 Norrlstown ....143
4iiu rennit u., ... oi
17 Ps. Salt .Mfn... 0!
.10 l'hlla Co cum rf 4(
573 P R T tr etfs.. ln'i
18.1 nenillnir .. .....100H
10S Tonopah Bel ... 4(
4S Union Trno ... 48
20 u ilubbtr. ... QStt
. .1) u u 1 BS.
2310 U B Steel,
SB Wsrwlek I
n v i,r A fl
InoreoBe. Decrease,
Total sales, G331 slinres, eompiirrd with 10,
074 shares rtsterdsri thus, far this week,
42,807 aharrsi snme period last week, 89,093
h,,rOT ..
BONDS.
Net
Itlrh. Tw. rin.n rhl.
1000 Allegh Vftl 4s. OOW 08H fiU Ji
M. HA l. i "
., DS
1 80H
1 ft B. 4
s a . . . 4o',4
28K ' 211 , 'i
in(J 10 U
hi 4.ri
ni!4 niT
HO oo
al ul
3400 Am utts a ki os nsh
6000 Am T A T 4s. nit
siou l.nke hup me 4S au
fiOOO lih Vnl en 4fl ttl
14000 do sen 4Hs..looK loo 100
800 North Frop 4-OS JO.. 70., .70.,
8050 Penna sen 4HS.101H lOl'l 101H
8000 Phlla Co cons 5s 8tt 8?Ji 80
701111 Phlla teifn 4s. . Rl RHk N4
BOOO UO 6s ....... IOIH 104'4 104H
1000 Phlla U A W 4s DOM no' HUM
4000 Ileadlns; sen 4s 054 lr4 034
ouuu iieaa'jr ien ss. vi
u
7
07
..Total sales. M0,700,,eompnreil villi J107.030
resterdniri llius far this week, S200.45O! same
perioil last week. (233,400,
Local Bid and Asked
Duft A Sus T C...
do prcf
llrlll J a
llaldwln
Klec Storago ......
Oeneral Asphalt.,..
do pref
Kes stono Tel
do tr ctfs ,
do pref
Lake Hup Corp ....
Ionian niv
Today
Did. Asked.
51 54
Lehigh Valley
Lehigh Val Tr
do pref
Pennsylvania
Phlla Clectrlo
Phlla Co
do 15 per cent. pref. .
dp 11 per cent, pref.,
rhlla imp Tr t c
Heading
Tonopah nl
Tonopah MIn
Union Trnc
UOI
u a Steel
York llwy
da cfd
cramp 1 0
Wm
yesterday
, Hid. Asked
51 54
nil HH nil on
83 38 83 30
Oil 70 71 VI
113 nai 113 Vi 114
8 34 33 34.
IWK 70'1 70 7llli
13. 14J4 13l 14ft
IBS 144 18 14(4
07W 08 07j 118,
It's 1U4 U 11U
75 75W 77!H 70,,
70W 80 80 80V4
1M S3 22 22(i
42 42H 42., 42j
C7 58 5S't C8h
28? 2 28 20
31)(4 40U 40 40U
38 80 38 80.
40 4054 40.. 40H
io; 20., 1IT4 20
on oo'4 no. 100V4
4 3-10 4H 4 3-10 4i
0 flit 0. GL
4.114 44 4M 44
74 8. 87f 88
ml! 8ll4 M& Sflji
15 13? 15i 15W
37 3714 37(4 3S
74 77 75W 70
FOREIGN EXCHANGE
NEW YOIIK, July 7. Tho fenturo of tho
forolcn exchanso marlcct thin morning was
tho Armor tone to francs and rclchamarks,
there having been an overnight improve
ment for rates for each. Sterling was un
changed. There was very little business
doing In tho market and the strength of
rclchsmarks was believed to bo duo purely
to supporting orders In tho market. The
ndvanco In francs was due to tho announce
ment that tho $100,000,000 French loan had
been virtually completed.
Quotations follow: Demand sterling 4.75 "i,
cables 4.76 7-16; franc checks 6.9074, ca
bles G.DOU ; rclchsmarks checks 73 ',4, ca
bles 73 9-16; lire checks 6.38 Vi. cables,
6.37.&; Swiss checks 5.30. cables G.29(;
Vienna checks 12.80, cables 12.85 ; pesetas
checks 20.20, cables 20,30; kroner 28.75,
cables 28.90; guilders checks 41 7-1G, ca
bles 41 9-16; rubles 30.70. cables 30.75.
Sixty-day bills woro quoted nominally at
4.72 and 00-day bills at 4.70, both unchanged.
RATES FOR MONEY
2sew York
Philadelphia
Hoston
Chlcngo ....
Call. Tlm.
"Ik14 mt
.. n 4 w-iv!
. . 3H4 4 tp-4 .
BANK CLEARINGS
Bank clearings today compared with cor
responding day Inst two years:
HUH. 1015. 1014.
noston 137.712.281 J27.142.1S3 123,117,770
Philadelphia.. 41,421.431 25,5II2.45H 5,3ll.r-,:il I
New York... 600,430.000 310. 1110.343 200,333.700
Chicago .... Ul,3!iii.:i.i3 r.d.iiMi.Min 33.a41.12.'
I'ulllmore .. 8.375.380 5,582,083 5.709,411
Reserve Banks' Discount Rates
10 or Over 10, Over 80, Over 00,
less, up to 30. up (0 00. up to 00.
Hoston 3 8U 4 4
New York ... 3 34 4 4
Philadelphia ..3.4 4 4 4
Cleveland .... BZ 4 4 4
Illchrr.ond .... 4 , 4 4 4
Atlanta 3'4 4 4 4H
Chicago 8H i 4 4
Ht. Louis ... 3 4 4 4
Zkllnneapolls ... 4 4 4
Kansas City .. 3', 4V4 4W 4(4
Dallas 4 4 4
San Francisco. 8 3V4 4 4
Agrlcul. Trade acceptances. Com!
Over 00. Up to (to. 00 to 00. modify.
Tloston 5 3V4 8)4 3ft
Now York ... 5, 845 3(4 34
Philadelphia .. 4V4 3. 8 b
Cleveland .... 6 3ft 4 ,
Itlchmond .... 5 3ft 4 3
Atlanta 5 3ft 4 3
Chicago 5
Ht. Louis ... 5 3 8ft 3
Minneapolis ... 4 . 4 4V4
Kansas City ..8 8J4 8ft 3
Dallas 3 3ft 4 3
Ban Francisco. 6ft 3 aft 3ft
Commercial paper, three to six months. Phlla
delpnla. 3t0aft per cent.
Up to 30, days; over 80 to 00, 4 per cent. s
over (10 to 00, 4ft per cent., and over 00, 6 per
cent.
GOVERNMENT BONDS
Bid. Asked.
2s registered 10S0 '084 00ft
2s coupon 1030 08ft
3s registered 1018 100 101
8a coupon IOIH 100 101
4s registered iD25 ......lOQft
4s coupon 1023 .... 110
Panama 2s registered 1030 08 ,,
Panama 2s registered 1088 OS ..
Panama 3s registered 1001 100 .
Panama as coupon 100 ,.
ELKINS, MORRIS & CO.
BANKERS
Land Titlo Bultdlng
Philadelphia
High Grade
Pennsylvania Tax Free
Railroad Bonds
Equipments
and
Public Utility Bonds
MEMnERS
NEW YORK AND 1'IULADKLrHIA
STOCK EXCHANGES
$100 $500
READING 4s
Due 1921, 1926, 1931
Net debt only 1.4
Tax Exempt in Pennsylvania
Brut tar complete details
N.W.Halsey&Co.
1111 Chestnut Bt., rhUsdelphU
New Tork
Chicago
San Francisco
DIVIDEND NOTICES
OLDEST BANK IN AMERICA
THE HANK Olf NORTH, AMERICA
(National llauU
PWlaaelpbU, July Oth ,1018.
Capital 11.000,000.00
BurplSi , 2.230.000.00
Undivided Pronts ........ 103.730.50
XlOtb rJeml-Aojiuat Dltldend
Tns Directors hae thU dsy declared a dlvl
dead oj . payabto Julr fkSosnBIi
Cuhler.
DIRECTORY O? ACCOUNTANTS
Csrtlfl4 PubUe Accountants
LAWRENCE a. BROWN A CO.
1915 REAL ESTATE) TRU3T UU1LDINU
BURNS A. ePAKMAlS
Xbs Uaurse
SECOND-HAND EQUIPMENT MARKET
HELPED BY DEMANDS FROM MEXICO
Very Little Doing as Par as New Business Is Concerned.
Trading on Local Exchange Again Quiet,
With Irregular Price Movements
More activity thnn In soms tlmo Is noted In
tho equipment market for second-hand mate
rial. Tha Mexican Government Is mainly,
responsible for this condition. An ordor
has' been taken from Mexico by tho liocklnn
Volley naliroad for 20 second-hand Mikado
locomotives, whllo two other 'Western roads
havo taken contracts for between 400 and
600 second-hand freight cars and the Del
aware, Lackqawanna nnd Western will sup
ply from 40 to 48 second-hand passenger
cars to tho Southern republic. The Pennsyl
vania Equipment Company, of this city. Is
said to bo Inquiring for six or seven stand
ard gaugo consolidation engines.
Thero Is llttlo or nothing doing In the
regular market for equipment. Tho Phila
delphia and Rending Is constructing ten
switching engines In Its own shops, the
Minnesota Transfer Company has ordered
two eight-wheel BwKchers from tho Lima
Locomotive Corporation, and tho Trcmont
and Quit has purchased one Mikado, type
Q, from tho American Locomotive Com
pany! tho Wabash road Is Inquiring for 28
locomotives of tho Santa Fe, Mikado and
Consolidation types, and tho Chlcngo, Bur
lington nnd Qulncy Ib expected to placo an
order Boon for a number of engines.
About tho only recent freight-car order
has been one for BO hoppers taker by tha
Pressed Steel Car Company from the Beth
lehem Steel Corporation. Inquiries aro In
the market for 2800 cars, the Delaware and
Hudson wnntlng 1000 hoppers, tha Balti
more and Ohio 1000 box and the Illinois
600 steel underframe refrigerators.
The market for passenger cars la quiet.
Tho Pressed Steel Car Company has taken
an order for eight underframes from tha
Kashvllle, Chattanooga .and St. Louis, nnd
the Union Paclflc has ordered a combina
tion malt and baggage JOO-horsepower
motorcar from the McKecn Motor Car Com
pany. Business was again on a small seals on
tho Philadelphia Stock exchange today.
twlth price movements Irregular. On Tory
ngnt demand, Lako Superior moved ap n
fraction, as did Tonopah Belmont and Le
high Vnlloy Transit preferred and Cambria
Iron. Baldwin followed the lend of New
York and sold off, declining 3, as com
pared with tho last sale in this market.
Bending was also slightly lower around
noon, after showing an early fractional
gain. Philadelphia Electrlo made a slight
advance. Lake Superior Income 6a rose 2.
HEAVY RAINS MAKE COTTON
PRICES ADVANCE RAPIDLY
Spot Houses Buy Deccmbor; Business
Small and Selling Scattered
NEW TOniC, July 7. Tho cotton market
this morning responded to the heavy rains
In Alabama and-Georgia, nnd prices at the
start wero B to 0 points higher. Tho tone
was steady. With the exception of buying
of December by spot houses nnd somo trade
purchases, business was without signifi
cance. Tho soiling was scattered.
Tho early ndvanco on tho rain news car
ried prices about 11 to 12 points above last
night's closing figures, with October con
tracts selling at 13.10, or back to tho best
point of last Saturday.
No general aggres3lvo buying developed,
however, which was probably a disappoint
ment to recent buyers on the storm news,
nnd thero wna enough realizing to cause- re
actions of 3 to 4 points from the best during
tho mlddlo of tho morning.
Liverpool and New Orleans wero modor
ato sollers here, but southern business may
be restricted to some extent by tho delayed
wlro service. ,
Tho dotalled weather reports, showing
very heavy rainfall In Alabama, with one
station In tho central part of tho Stato re
porting over 11 Inches, checked tho reaction
ary tendency later In tho morning nnd
prlcos worked back to nearly the high
point of the' morning around mlddny.
Liverpool cables generally wero consid
ered higher or about 1 point better than
due. July, however, showed a gain of 3
points, whereas that option was expected
to come 4 i points higher.
Tho receipts of cotton at the port for tho
day wore estimated a't 15,000 bales, com
pared with 18,637 bales last week, G761
bales last year nnd 40S2 bales In 1914.
Test, close. Orcn. lllah. Low. Close.
12.HB
12.0rt
1.1. OS
18.22
18.28
13.44
l3.no
13.10
Liverpool Cotton
LIVERPOOL, July 7. Spot cotton was
dull today at an advance of one point, on tho
basis of 8.04d. for midupland. Tho sales
woro 4000 bales, including 3000 bales Amer
ican. Tho Imports wero 0000 bales, all
American. Tho market for futures closed
steady at a net advance of 6 14 7 points.
July 12.P3 12.118 18.01 12.03
August I2.nn in nu ia.oi 12.110
October 13.03 18 nq 18 llj 13.03
December ... 13.23 18.27 13.33 13.20
Jnnunry .... 13.28 18.82 13.30 1IT2S
.March 13 3H 18. lit 1.1. nr, 13.41
May 18.02 13.08 13.08 13.00
tipot 13.00
NEW YORK' COFFEE MARKET
NEW YOIUC, July 7. The market for
coffee futures opened steady this morning
nnd about as duo on the firmer Brazilian
cables, with flrst prices showing advances
of two to four points. Thero was a llttlo
scattered commission house buying, but
trading was not active, and sales on the
call wero 3760 bags.
Today's
nDenlnc
8.1108.13
8.20
...... 8 27
8.30
'.'.'.'.'.'. 8!iOS8.1l
July ....
Auxust . .
September
October . .
November
December
January .
reoruary
aiarcn
Bid. fAsked. Sales. 4000 bass.
Yesterday's
close.
8.0.-, o 8.07
8.1.-,8.1I1
8.21 f 8 2ft
8.21108.30
8 3l8.3.-
8.38IWM.31I
8.4408.45
18.45
8.3108.30
P. R. R. After Upstate Itoad
Offer to purchase until August 31 Harris
burg, Porthmouth, Mount Joy and Lan
caster Railroad stock at $108 per share,
and interest at 7 per cent, on par ($50)
from .July 10, has been made by the
Pennsylvania Railroad, Tho total capital
stock Is 81,182,550. The former road Is
under lease to tthe Pennsylvania Railroad,
tho rental covering interest on bonds and
7 per cent guaranteed on tho stock
It owns about 60 miles of main lino.
An Unusual
Income
n a y be obtained by
those purchasing now the
Gold Notes
of tho
Standard Gas & Electric Co.
The satisfactory way these
notes are safeguarded by
marketable assets and by
earnings will be explained
for those requesting a copy
of our Circular No. 410.
WiIliaraP.Bonbright&Co.,Inc.
MORRIS WISTAU STROUD, Jr.
Manager
4&7 Chestnut St., Philadelphia
New York Ilostoa Detroit
London Paris
William P. Donbrlfht & Co. Donbrlght & Co.
pllllllllIIIIIIIIIIIIlllllllllll
H Copper Stockholders !
g Reaping Dividend Harvest P
1 Holders ( fclfh-irnle copper ;
; stocks srs farts hmadtemelr j
f throush receipt t sttrsctlie tuar-
" terly dlrldtndi. And thers u
itresc poiiltUltr that lefei leaf -
a suMtaatui market sosreoiatloa
-will take place is these secarltlei.
El
1
' ' Q This ireipect, vita tie preienj f
Alsh rate ef dleldendi. aad tha
;ietahlllty ef lacrtattd dUhorse.
- meats, makes the ceopers ss Ideal t ;
- JflTestmeat propositlin. "
3 (I Free ttatUtlcal Causer Hook S3
171 seat upon feesett, tecetker -with
I' I circular samur test purchases
f amona- the dltldend payers. Ak for
r sl-fL, lacluaisf soeklet eifUlnlnj
E "The Twenty Payment Plin" H
j; VJ lwtrinuTrvtytciiriritr V? S
j (Established WOJ) C
: 40 EicbW. PJue Nv York S
&II!lll!!lilE!lllllllllliSIII!!llllilI
BUILDING PROSPECTS GOOD
FOR REMAINDER OF YEAR
Labor Shortngo nnd High Cost of Ma
terials Retard Somo Operations
Prospects of good business In tho build
ing; trado for thb remainder of tho year
nro reported by n. O. Dun & Co., In their
weekly Philadelphia trade revlow. Several
good-sized contracts havo been awoSted
recently, nnd a large amount of new work
Is being estimated on, tho report assarts.
Tho dimculty In obtaining labor and the
high prices of materials, however, cause
a tondonoy to retard somo proposed opera
tions. On other lines of trade, the Revlow says,
In part:
"Cotton yarn dealers report business In
a very satisfactory state, although sales
havo droppod off to somo extent, which is
expected at this season of tho year. Col
lections nro reported as being a llttlo
slow,
"Clothing manufacturers stato they are
-oxporlonclng nome dimculty In obtaining
grades of merchandise; there Is a good
demand and prices nro high. Among tho
cloak nnd suit nnd shirtwaist manufactur
ers this Is between seasons and business is
quiet Shirtwaist manufacturers havo
done a large business. Cloak and suit
manufacturers are looking for a good fall
and winter trade.
"Tho Iron nnd steel market continues to
bo active, especially aa regards foreign
business, though domcstlo business is also
fairly active. Pig Iron Is fairly active, and
Inquiries nro noted to a considerable ex
tent with actual business continuing good.
Railroad buying continues active and good
contracts have been let by local roads.
"In the coal market conditions remain
unchanged in tho anthracite lines. In tho
bituminous lino tho demand is greater than
tho ability to supply, and sales have been
restricted. Owing to tho high prloe, con
tract tonnage la out of the question, and
orders nro taken only for Bpot shipment.
"Conditions In tho lumber market are not
"entirely favorable, prlcos being somewhat
lower than In the past and the yards ex
periencing dimculty In getting labor.
"Tho solo leather market continues active
and prices are high nnd Orm. Glazed kid
nnd upper leather Is In demand, and good
prices prevail for all grades."
liar sllrer was quoted
v io-inu., on oioa.
BAH SILVER
In London todar at
Commercial bar alivcr In New Tork was quoted
: 074 c, on .a c.
9 Added Hours
Of Service
Have you ever ficrurerl onf:
what it means to you, Mr.
Business Man, to double your
banking day? Think of the
possibilities of cashing
checks and making deposits
from 8:30 a. m. till midnight.
There's safety, too, in our
Night Service. Investigate.
Checks Cashed Interest on Deposits
Open from 8i30 A. St. till Slldnltht
Dollr, Saturday Included
firanklin
Trust C2
15TH & MARKET STS.
i 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
tcnlcft us will (e olad (a send o r
quest for circular 1,181..
A. B. Leach & Co.
Investment Securities
115 South Fourth Street
rblladelphla
ISfatw Y fir If Chlrmirtt FttttVatf
boiton ftondon. tin. BItlroor
fikwMaJ
jliiiliiimiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiiiiM
ANY responsible individual can
use the Morris Plan of
" Losns and Investments
without tying up hU assets.
Employers sanction tbs plan. Ore
f 1,000,000 already- loaned. Call or
write for details.
I MORRIS PLAN COMPANY
ii
1507 Arch St,
of Phils.
Jllii'lllfiJIIIIIIlllllllllllllllPlPM
r