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I:, FINANCIAL NEWS
EVEKIKG MDGBKffilDBLPHIA, TOTtiSftAT, JULY 20, IMG.
rBREAK IK MARINE SHARES HANDICAP
TO AN UPWARD MOVEMENT IN PRICES
u .foil in Ship Company Issues Is Result of Unlooked-for
' Large Tax Proposed by British Government Buy
?' . " ing Resumed in Afternoon
ft
i'
iffft Points in Today's Financial News
Frank A, Vanderlip, president of the National City Hank, prophesied
that Europe wili attack the gold reserve now being built up by the United
States as soon as the ivar is over. Deposits of banks cinti trust companies in
Philadelphia increased $H5,S12,771 in year. Gold amounting to more than
$i,000,000 was deposited at Philadelphia Mint. Orders for shells amounting
to between $60,000,000 and $80,000,000 understood to have been placed in
United States. Price of bar silver slightly higher in Netu York and London.
Bank of England's rate of discount unchanged at 6 per cent,; institution lost
goldin week, while Bank of France gained.
NUW YOIIK. July 20.
Expectation previous to tho opening of bunincsi on the Stock ExcIiiuiro today
v was ttiat tho upward movement In price would mnlo further progioss. Tho
course of the market appeared to lmllcuto that there would have been a sharp
general advance but for tho handicap of a break of about 7 in the prefctrcd and 3
In the common in the Marino shares on the unlooked for large tax proposed by
the British Government.
As it was, tho market showed irregular strength In moit Issues, although
Ifialns of 1 to 2 points and stilt larger onoi In special stocks were not fully retained.
Tho Marino episode encouraged the bears to dela covering purchases and test
tho market.
Industrial Alcohol furnished a countermovoment in the shape of an ndvanco
of -4 J points, bringing tho stoclc 16?i points from the low figure of tho week.
Part of this improvement was loit afterward The affairs of the Tennessee
Copper Company came In for renewed discussion, but no announcement was made
at tho conclusion of tho mcctlrtK of tho directors this afternoon.
Tho stock recovered most of an e.nly decline In midaftotmmn there was a
resumption of buying and some stocks rose to new high figures for the week,
including: Mexican Petroleum. On this Use the mnrket showed increased activity
And a good part of the early losses on the weak spots were recovered.
Look for Closing- of French Loan Hooks Tomorrow
NEW YORK, July 20 Indications aiu that the subscription books for tho
(94,600,000 American Foreign Securities Company 3-jear 5 per cent, notes will be
closed earlier than tho dato mentioned In tho published advertisement, which is
Monday next. It was learned this morning that subscriptions lmvo poured in
from all parts of the country In a volume far greater than even the most
sanguine had expected, and the chances are that when banks and bankers In tho
far sections of the United States have been heard from either by telegraph or in
tomorrow morning's mall the subscription books will be closed. Theio Is HUclj
to bo a heavy oversubscription of the Issue.
.WHEAT ADVANCES;
MORE RUST REPORTS
Prices Touch New High Marks
for This Movement Com
' mission Houses Buyers
s
OIUIN IlEtvr--AVKATIir.lt FIIKKCAST
ClllCAflO, Julr 24 The writhrr fnrrrat
for 36 hour follows!
Illinois uml Wisconsin Voir tonight ami
tomorrow cooler.
iMlMourl 1'nlr tonlsht nml tomorrow.
.MInnrotn lalr tonight uml tomurro.
trnrmer Mouth.
lown tulr tonight nml tomorrow, w.irmrr
tomorrow.
or th Dakotu T'nlr tonight una toomnr
ror, warmer tonight northnest.
South' Dakota Knlr tonltht ami tomorrow
ml probublr Wnturtlaji not murh rtiitiRo In
temprratureN.
Nebraska Fair tonlcht and tomorrow anil
probablr baturduy, somen lint warmer lo
nlrht. Knnsas Fair tonlzht and tomorrow, and
probablr Saturday warmer.
CHICAdO, July 20 An alarming In
crease In reports of rust from tho North
west caused pronounced strength tu the
wheat market today, prices touching now
hlghj records for tho present movement,
Today's" advices had moro support than
tliosa of yesterday.
Some conservative authorities appeared to
bo more willing to admit damago to tho
spring plant, and It was cUdent thut tin
trade at large was nervous At times tho
market was virtually baro of offerings.
Leading comm-bslon houses weio uuo
buyers and shorts covered on an extensive
scale. -Tliero was heavy prollt-taklng. but
vigorous now buying was In evidence
throughout the session
John Inglis sent a dispatch from F.irgo.
N, D that deterioration In the crop was
becoming moro apparent there. a3 the result
of rust, blight and drowning, the latter
being the principal factor.
The milling Inquiry for new winter con
tinued good, but farmers were not inclined
to sell. Receipts at interior points were
liberal.
After hesitating at the outset. London
buying strengthened tho market at Liver
pool. A feeling of confidence was noted
broad In present prices, with trade Increasing-
Freight rntes remained firm
Unfavorable weather .conditions In Lu
ropo stimulated the demand from the Con
tinent. Reports as to the French harvest
Were not favorable.
Good local buying rallied corn after an
easier start on moisture In the belt. Offer
ings were scattered. The market was In
fluenced by talk of big foreign contracts
for alcohol and small stocKs.
The market at Liverpool was dull but
steady. The opinion prevailed abroad that
American mixed would ultimately recelvo
attention from Importers, as the olllclnl
restriction as to shipping lias been virtu
ally withdrawn .
I.e&4ipj future! ranged as follows-
Y.st'y's
New Yoi'k Bond Sales
lllsh Low
lUJ'i Ul2'i
ii ? ur-
107 Xii,
.. HIS IM'a
. liiiiK lim'5
. . Ill IIUJk
. . IU'4 Hl'i
llio'i Hill's
J2non Amor Apr cv lis
minion Amrlo-hrench "is
Mlilii Amer Smolt Sc- lis
niion Amer Tol elt 4. .
won Armour i'o IHs
Hindu Atchison p.ti Ih
Minn Hilt 3l Ohio .",m
BIMHl do 4s .
1 .Hum io cv 4'4
linoo Halt O Hn .Tin
innil llnth Ht,pl rfil fin
mini iirooK imp rr is mm inn inn
I'jniHi Can Oovt Is llUl !,,,,w. I'I'I
liiiMin do 4s HJ(I !HiV' im'
Minn do li lull
4niin r.ni Leather 1st .".3
"iiio Cent 11 It N J rr.s fis
Siliiuu Ches & Ohio c I'.i"
lniin do I4n
l.lllllll do ennv Tim
mini Chi S. Hist III Is
ajijimn C II S (J Joint 4s
4imi no Ren is
i.l,-4 I',-- ,
lllll4 1IIIIV4
tlll'5 HUH
in
11.-
hY-,
H'lU
l)4'i
111
7
li'J'4
sol,
III'
II4V
H7"t
li,
2IHIII C .M & bt ! conv fis 1117'i 1II7
imnii
do cv 4ujS
nsiini) do rfd 4s . .
innil do Tin ....
20011 Con Gas conv Hi .
I'llllll Cumberland Tel Tis
noon Del . Hud conv 4s
r.lilKI Den A Itlo Or Is .
7000 do rfd .Is
4001) Ills Secur Corn fis
llli)I ItHlC,
lot'? HII'j
r,m
. 112'i
UtVi
Kill's
HI-.,
7S
7ll'a
i I"
"I'j
(IJ's
l.'l'j
Hill,
10-,
7S.
71)'?
I
Closn
10JW
ILiSj
l"l'
li'.'Js
toiitk
HI
llli
Ml1.
HKl'i
till)
llli
100'4
lllli
11 .
81
Ul"
III".
U74
tU'l
1 117 '
J" i ":
7.1
ft
h'l". MI'I
l.-,'J 'IT,
liini uiii,
iss'a unv,
luii'-i Kill',
What Open lllsh Tw. Closo lIos-
July ..... l.llji 1.14" Hl'i lll't'linn
September., l.l-'f. 1 IftU 1 1J,1 15vl l.'S
Dwtraber .. 1.15'i 1.18H 1 1& 1 17H 1 15'.
July 7Vt O TUH SO IDS
September... 75 73 74JS pW, 74
December ,. 61 ulS ujfi itll IHIH
July 7T. ... 40 40T, 40 lOfl I0V
gpUmbr.,. 40. 40; 33', hft uu
Eecmtr ,. 4l' 42H 41. 4JV, t4Ji
Lrd
July tS.70 12.70 J2 67tl2 7(l 12 8S
Bestrabr,..l.'.8T ii 87 12 72 12 7V !.' on
October ., '12.05 12.117 12.77 12.71 1J UJ
Ribs
July . .. '13.42 13 42 13 32 113 32 13 33
September. 13.4a 13.47 13.3S M3 37 I3 37
I'orlt-
July , is on :a OS 2a on 2U nr, tia no
jptembr., -4-70 Sl-aS 24 03 2M0 t2 U5
Bid tAsktd tNominal, '
rOREIGN EXCHANGE
N'nV VOUIC, July 20 At tho opening
today quotations for sterling exchange wore
firm, although there was but llttlo change
as compared with jesterdny's closing level.
Unelchsmarks were steady Otherwise thero
was no change
Quotations. Demand sterling. 4 75 13-16;
c-iblei, 4 7fiHsS francs checks, 5 91; cables,
5 OO-; ; marks checlcs. 73 1-10 , catties, 73 H :
lire checks, 6 41; cables, 0 10'i; -.Swiss
checks, 5 30; cables, 5 29V-i : kroner checks,
12 55 ; cableB. 12 60 ; kroner checks, 28.35 ;
cables, 23 45; pesetas checks. 20 15; cables,
20 25; guilders checks, 41 7-16 ; cables,
41 t , rubles, checks. 30 55 . cables, 30.60.
There was no change In the market up
to mldaftornoon. demand sterling being
quoted at 4 "B?i W4 7B 13.16, and cables,
4 76Tfl 1 16i Thero was no feature to
the trading throughout the besslon
$100 BONDS
Alberta. Frovlnc of
Anlo-French , . . , . . .
Ariicuuov w
OX jsailii
rMtv of flalttmor
Ctv nr Phi Htr Can.
City of Hew Orl Imp.,, fi
City or Vancouver , . .. 4;
:t
6
4
4
Jvr York City re,
Kew item vity re ....
Ala A Vlclis 1st con ...
S A O O 41 L Kan 1st .
-Co Vt Hy 1st rex . ...
COa 4 lionver t-il . .
HM b St P con rfd con,
H 4 St P con .
CaV.lt Ko ret ft eat . . .
Krie sea con. aeries u. . .
W T i,n mn rth
K V i (1 Ijika (F.rl.) 1st B
NT NIUH coa deb ctf. 3H
se pitiecn coa aes res
Nor Wert 1st con .
Sea Air Line tat A con
ia )?a.3 Ban Fr Term 1st
yLrjiiua lit
Am, Aa-rt Secur coa deb
Aia Is Beeur deb
Ain iT. T eel tr ctfs
Am. T 4 T con . .
Ttb Steel let A rfd
C8 I.eth 1st nt
tbm A Pot Tel Co 1st
cam. P Ry L oca
l ItSfiCtrif dab . .
. West P coo tteb . .
t steel ut con
ii OU lit
A Urers deb rc . .
Mrera ana ro i
ruiara aso tec ,
niard dah rff
erca Oil toil ilati . ...
I'SiW s ra .
e
4
a
4
B
6
a
!
5
B
a
s
i
5
S
1
a
t
B
8
0
Due.
1024
11120
1843
1802
1017
i:a
1U23
1963
WHO
1021
11)50
1B20
102 2
2014
1032
1831
1033
1833
1940
1836
1048
1930
1043
1030
10U2
1921
1023
182Q
1033
1842
1013
1843
1818
nts
n?o
1910
1914
1831
1844
ion
1024
Bid Asked
84
U5S 88
83 ST
OsVi ..
00
100 101
03 84 H
107 10SC,
102, , 103U
084 ..
en . .
Bl
lB4 107
101 10A
S3 Si''
S3 M
112 I13H
09 100
70
111 112
93K OPi
S3H 84 'i
OS ' 80
97U sa
bO SIM
SIM
l5u loici
100 102
10041
1S8 127
hi wt
0741 83
GOVERNMENT BONDS
wUuJIj 3fl
gfeijm i-ewi
, i
ma Asked.
8SW, UUVi
1M
110
us
A
101
ir.llllll Kist T V A U ion r.s in-,", in-.i,
inn r.rlB ronv 4i H-r II . 72 72
Minn Kriu iirlor 4s . hi HI
4'iiiini r.rn i:ira iitb rs tm miv,
muni lluil & Man rM .'is.. 7t 71
7110(1 III Ktrcl 'lob Ilia... Ill , HI
2IHMI III Control rM Is S'i 'i
llimi Intcrh M-t 4ib 74'k 74'
miiiii Inti-rli It T nf it liss li"-1
I2IMIIHIO Inter M Mar it I'jb llll'i UHV.
liiniii jspnnesi- now i-as nw, r-ir.
nuiHi Kun ciij so ,,i
r.iiiiii Ivan i-'lu 1 r 1st Is
.11(111 1,1; Sh (I'll 4h ItlUS
.'llllll 1.1b A M T .'is
1(1110 .in 7s
Innil .nrltlaril pt-4
Innil MY lnl li, II Sir I, till 1HI
.'flllil Mont I'nrr Tis . . l'7Va 117 '
.-.0(111 Y C I. H 34 a 7.', 7"
1 IIMHI N Y l' A lluil lis . 11SS 1I2'4
2211011 N Y ' A lluil Is llllV, IHI'j
linilll N Y C 3Vi NOV 1U1I IM IH
innil iio a,B run . lus liii
10(111 iln 14 s ltlll'i . 1"nV lORis
-Mm V V V II It nv nUs 711 711
1(1000 N Y llwy Bill r,s . r.sj
."nuii N y Ttl cen I'is . 117'.
iinoii dr. A C'al 3s . 1111
lllllll r.i Is liii . Ii'l't
llinnii Ml.&r rfd rt sta 4 72W
l(K)llii do In w I .. -'il
.'.nun do hfr Awl . H'l'i
1 (Kill Stnntl das Ss . . 0'1's
7non heaboard A I. ndj fis HT'-j
1II3IHI Muutn noli ns
r,ililt)n South I'ac cv 4a .
iniinii do cv ret f t) 3i
100(1 South I'ac rfd la . .
2ii)(in Houth IHvy con Is
.moil South Itwy con 3s .
llinnii Tenn C ret f p . .
hfldll Texas f'o cv Hs
21)0(1 'I hlrd Ave ndj .".i
JOIllI II 8 Rublier
2!l0liO I' S Meal 8 K 3a
linn I 8 bleel 8 I rec 5s
2(1110 IT 8 8 & It Us. .
lumiii I'n Pac 1st Is
fliinii do i v 4s
Hllllll lTn riwjs 8 V Is
410011 Vt Car Chm 1st .1:
illlllll Wiihish '.VI 3s ..
laouil West Klec 3s
lull
. t4
10.1
. h'I's
71
III'
.. in!
n1,
II7
101
ii'l'i
".'a
.',1
!
H'I's
117
lnilij
Mi's
mi
H'I's
7il
mi's
ii is mi ii'
Hi !" Ull lir
7H'J 711". 7'
iiu'i hum
10
1114 s.
II
liPj
ti73.
II
1112
1 1I 1 T-
in i'n
11 J
II l
H7.
Idiiiiti cMi r,it-c ., . !"- I"4J.
IIOOH V K A M cv Ss notes KinVj lOoc,
12P-I
lllll'l
lll.
TO"?
74
I"-.'.
72
S1.
Kil'i
7t
111
Ml
7l's
lisS
101
mm
Vl
n-.'5
inois
ij-,1,
loi)'4
mi
IJ7V-J
liiii,
HIIMl
112
ins
10SU
70
.is;4
Ii7'
mi
ll'Hi
mi,.
Dili.
H7'i
111(1'-.
MHj
10.1
h'l7s
71
nut.
Illl'k
linji
7'i'i
liuU
lir,
101's
li
0l.
HI
32Vi
II7-.
nit
lod'4
BANK CLEARINGS
Bank clearings today compared with corre.
spondlns day laet two jears
lUltl. 1015 1014
PhlUda . 137,604 407 .'.3U4.S02 J22,7S,100
New York 3U0 117 180 2o3 101 70(1 SSO.KOO.BSH
Uoston 29,361,033 22,300 430 3l,d9J,aj2
RATES FOR MONEY
Call Tlnar
New York 2 3H 4 f 4
PblladelpbU 4 4U$S
lloston .... S 4 4VJ
Cblcaso 3H4 4 IV,
Reserve Ranks' Discount Rates
10 or Over 10 0er 3D Over 60
less, up to 30 up to 60. up to 80,
lloston 3 3jj 4 4
New York ..3 3 4 4
Philadelphia . . 'I, 4 4 4
Cleveland . . . 3H 4 4 4
RU;bnjwd . . 4 4 4' 4
Atlanta 3M 4 4 44
Dallas . , . m 1 , 4 4
San Franslawi. S SJ4 4 4
AtrUuil. .Trade ascepUneea Com-
no.to S8U V'WW"
kUSSiu::H ii SS
Cleveeaad J ?H
llkhmond . .. 3 SH 4 S
Atlanta & oni 4 3
Cblcaiio .... 5 i i.
81 Louie 5 3 V 3
fiSSSlfe-.: h U i
Delias 3 Sis 4 a
San Jranelaoo BJ4 an 3H 34i
Up to 30 daya; over 30 to 80, i per cent.,
over Wl to 80. tit per cent., and over M0. 3 pee
Mnt.
Buy Media Borough Bonds
JIKDIA. July so Media Borough Coun
cil last night sold its bond issue of I7O.S0O
to Harris Forbes & Co at their bid of
J tOG lSJ, giving the borough a premium of
tilt? i There were li bidders for tha
which are tor linprovemcnts to fas
WW lUSBt, I -
New York Stock Sates
ii
8
20'
73
6Mi
t8't
am
17!.
8
72
r,oi
83H
65H
63W
tt close. !!lh. liw. Close.
Acme Tci 1st pf.. . 90 08U 00' 90U
AiasKa uoni aimes 18
Alaska J Gold M.,.., ., 8
Allls-Clnlmerj Mf 20
AUls-Chalmerj Mf. pi. . . 72't"
Am Ae Chemical , on
Am Hoot Suear. .,,,.,.,, gi
Am Can. t , 5,-,t(
Am uat A I'dv 68i
Am Coal Products 139
Am Cotton Oil 53J
Am KipreM 128
Am HM A t,eathr pt., 50'S
Am l.lnteral lsW
Am Mtuwl pf 12)5
Am LocomotlTi.' 0-1
Am Locomotive pf .... .101
Am Malt Corp'n pf . ... 37'
Am Smelt A Iter ov,i
Am Smelt pf A qj
m Steel FoimdilM 4fl
Am Riiprir Itrflnlnj: . .109f imj lOOtf 109U
Am Sugar Itcflnlnapf 110J4 110'i 110' 110U
Am Tel & IV" I2'.l)4 U'W 129M 12H
AmTolncco 217 ail) 21SH 210
Am Woolen 4V( iVi 41 41H
Am Woolen pf Oils Oi 0 95
Am riling V pf ., 27Ja WH '27H 8'
AmlncLASm .U'j 3iu 31li 3.Jf
Am 71nc t, & Sm pf . . ,0 01 j 0-1 04'
Antcomla Cop M SI 81 SC 80'S
17"
8
20Jf
72
C9tf
7H
SIX
551
139),' 139
12S'f 123H 128U
31 f .rl oIK
1S'
42U
01H
101
3-t
0114
9214
47
19'i
41
om
101
3S
9PI
91
4 H
18'f
41
j4
101
33
0P
93
4iH
.101', lUl'i lOPi 101J4
A ten Ton A S K
Atch Top ft H P nf lill no 99 99
All Gulf S. W I pf ft CO 01 04U
AtUlnlf&WI 04 C-,H d.)Ji 05
Oald Loco ks 70(4 72 701 71U
init.tOhlo sm, f,jl, 89)S SOU
Halts. Ohio pf 704 7Ci 705t 70JI
nriwklrn Itip Tr 8t'i Hl'i 8l't R-t'i
Ilntte tt Superior 03' 07 00 00'i
Oal retroleum 1SU 20 19' 20
Cal Potrnluni pf 4i 47 4IW4 47
Canadian Pacine 1M) 170 177 1"8'
Central Leather ,m r,Vi 54 54
Chandln Motor lOOH KM'i 100', 10 (
(hi A. Ohio 02
(Idle Topper 20
Chlno CupDiir 4S
Chlcico droit West . 12'
( hlciRO Oreal Wed pf . 30'i
Chlcigo Mil A M 1'anl . 9
rhlfu-o Itlf. I'ac ... 20 i
Col Fuel t. Iron n i
Contlnentil Can 014
Corn PrsJuets Hef im
Cnidhln.Stvl OS
CruclWo Sleel pr njif
Cuba Cano Hugar as
Cuba Cano Hnjar pf. .. 01
DcnTor ft Itlo Or 15I(
Denver A Itlo Or pf .... 37
Distill See Corp'n 41'i
Dome Mines 20
Krh 3",Jf
i:no 1st pf r'i
Clcneral Ulcctrle ?10."
tioodrlch II K 7.1'i
Clranlij- Conol S3
tlrecno-Camnca Ifltj
(Ireat Northern pf. .. US',
O N cf for ore prop ... 3r
Illlnol Cent 101
Int ABrlciillur.il 12
lot Agricultural pi 41
Int U.m N J 117
10'
. 00H
, IS'i
2Vi
. mn
. 431,
2.
I ((I
. 09
4.'iU
II
(9'5
7S
37
01
20
17',
l"l!
.10
90' (
20',
41',
05'1
11
TO
01 H
20' 1
47'i
12'i
31
90' (
20 '
43U
9'a
II
03
out
201
47
12!,
30
)0i
211 J,
4314
ll.Vi
14
r,su
Ui'i Ill 11 IK
on
i'1'i
IS'i
.IIJ'J
I0
20
.ViH
5V
01'i
lo)i
3 14
UH
20
154
534
1004 1054 100-5
Ki 73 73
81 82 824
l.Vj 454 15'.
US' US' 114
l.- I H
Wi'i 103'1
00
15H
-i04
10
20
.(55$
53
54
101
11
114
14
41
11
11
Inlnrb Con new. .
Int Paper pf
Imp Con Cop
Int M M c of itep . .
Int M M pf c of dp...
Int Nickel v t rr
Kan City Southern....
Kan City Southern pf.
Kelly Sapling Tire
Kennocott Copper.. .
Like. KrloA West
Lake- r.rlo A West pf . .
t.aek Steel Co
Lehigh Valley
Long I si mil
I.orllhnl P Co 2.10
1174 117' U7ii
9.
14
14
1204'
. 74
, 04
914,
121
214
HI
Mat i II MotoM.
Macll Motors 2d pf.
Mexican Petroleum
Meilon Petroleum pf.
Mo Ivan A Texas
Miami Copper
Minn St P A S S M . .
Missouri Pacific
Missouri Paclllc Ir cfs .
Montana Power
Nat Ulscult
Nat Kinm ft S Co....
Nat Lead Co pf .
Nevt'ai Cop iti'.
N Y N II II
New York Centr.il
N Y Chi A St I, . .
N Y Chi A St I, 2d pf
Northern Pacific ,
Ontario Stlu-r .MIn
Pacific Mall
t'enu Hall road
Philadelphia Co . . . .
Pitts Coal Lo XJ pf..,
Prts-ed a Car Co .. ..
Pressed S C ar Co pf
tlulcksilver 24
Ity hteel Sp Co 154
Ita Con Copper '2iH
Heading P8
Itepubllc Iron AS 114
104'
00 ,
4S4
214
85
434
25
o;
094
454
224
4J4
704
7S4
334
21.
77'4
i.,4
774
554
094 1014
91
14
15
1284 127
7
lij'i
00
484
oo
814
44
25
004
09
414
214
434
09
73
33
!J5
70.
55 5 V
1134 1013
9J 93
14 14
U4 "
127
7
104
004
1-4
23
83
15
25
004
01
154
214
1 4
70
734
334
215
704
BETTER DEMAND FOR
SECURITIES ON CURB
Motors Shares Move Up Sharply
in Spots Chevrolet
Up 17 Points
NEW rOTUt, July 20.
There wan a decidedly batter demand for
outnlda securities today, especially tho
motor shares, which moved up sharply In
spots and later extended to otHer parts of
tho list Around midday dulness set In and
reactions followed, although In Inany Issuci
Rood advance's were maintained above tho
last final.
In motors, Oherolet developed more
aetltlty and at one time showed an advance
of 17 points. United Motors, after early
healness, rose 24, later reacting- a point,
fltutz Motors and White Motors were frac
tionally better. Mldvalo Steel Improved ?i
Aetna Explosive, after celling at a new low,
recoverod Tobacco Products ruled firm.
DrlRgs-Seabury opened up nearly 4 points,
but later lost tho larger part.
Oils were generally Arm, with activity In
Cosden Issues Oklahoma Producing was
somewhat enilcr on news of new consolida
tion plans. Standard OH Issues were quiet
but Orm.
Mining Issues were dull but stonily,
Bonds wero unchnnged
INDtJSTHtAt.fi
Sales in Philadelphia
lllith.
pno Acme Tea r2
in Am una , J-"..
10 Dalrt Ixieo .... 70H
BS nuft A Bus T C RO
33 Cam Iron . . . 41'4
B Con Trae N J., 72
1 cntaw 2d Brer na
10 Klec fitor
100 nn ...
500 Interborn cons
4 Tns Co N A
22 Irfh Nav . .
20 lyh Val ..
loo Nevada Cons .
13"i rennn, ...
3 Pa Salt MfK
110 I'blla Co
5 do tref
2.10 1'hlla Bleo
310 ! II T tr elrs
17 Phlla Tr .
10 Itrp Ir A Stl
131 nadlnjr . .
2.1 Tenn Conpor . ,
1-0 Union Trac
173 17 Oas Imp . . S8
is tr 'n n .r . . 2"fl
aidl tt S Hteel. . RT
.10 W J A S H -til"
20 Westm Coal 70
till York llwy 15
Increase Decrease
101
211
in
10
117
8
in
37
2H
in4
183
lyiw.
120
70H
5?4
7J
r3
2
?
-,
74 i
"4 m
74 (17
cloie.
n2
ISO
70H
no.,
72
n.i
02W
.15.4
10H
BlS
74?,
IIS
.in
3i.
in.
77S
4(1','.
Sift
2J1H
81
IHVi
70
13
IIS
.in
37
.lit?
nii "'fr ,,7
2i 24 24!
41'i 41i IHJ4
88 H7 87J4
tnv
'iXi?
m
44
111
15
Net
ene.
' K
Tif
"n
'
Tnlnl nale, O00O shores, eompnrnl with MM
jrilrritiivi thni far till' week, 20,402 nhnrrm
some period la-it week, 2D,78r nliares.
04 04 04
1114 014 924
1204 1204 120'
VA 2J' 2J4
1134 1114 11 14
10 i Hl'i 10
(114 004 004 (04
1014 10.14 10.1 101.4
. 374 37 37 37
014 01 01 01
.1114 1114 1114 1114
. 04 0 0 0
204 22 22 .2
. 504 57 . 0'J u IJ
. 30 .19 :'! '(9
.1014 1014 1014 101H
. 474 43 47 IS
10J4 1004 10')4
904
H
4.4 15
224 224
97 n 074
104 144
24
154
-' 4
1)74'
104
Ili'pnbllc Iron A S pf....io,i4' 1104 1104 1M4
smw, Ho' A Co
Iiat ArU Cop
Mojs-fehui .-i A I
t!0uthrn Pacific ....
Southern Hy
iHjutlurn Itj pi
standard lllllln; rU.
Studebaker Co
Tenn Copper
Texas Co
Tobacco Prod pf
...105 195 194
254 254 .'54
424
074
244
tS
u
42
974
214
dS4
4
11
974
23 ',
lib
4
1U44
254
424
974'
23)4
08
4
12S4 1234 1204 1204
.'54 20 244 -'54
191 19 1 1934 104
101 KM 101 101
Union Pacific 1.184 1374 1J?4 1J7K
UJCIl'll' 20 204 20 20JS
unitpu iron ui) iftMf i.inu l ,iji
united ii s inv co pi., is;, 20
L i ind Alcohol 1114 110
U S Rubber
Li a suv I Lorp'n. .
J
854
53'
854
U b Stiel Corp'n pf 1174' 1174
US bin K AM 094
Utah Coppir 70
Utah Securities 17
Va Caro Chemical ,ir
'a Iron, Coal AC.... 4 i
Va It A l'otr 4b4
Wabash pt A 514
Wabash pi 11 274
Western E . M 50
Western Union Tel .
Wr-conMn Central .,
Willys Overland. . .
Willys Oietlund Dt..
Western Maryland .
Woolnorth F W ..
. 94
... 54
., UJ
...tno
2S'
aS4
78
17
IS
45
104
1u4
.'74
..04
'.H
50
594
20 20
1114' 1134'
534 534
M ii54
1174 1174
084 (8
70
17
18
41
45 a
J i
2'i'i
554
M
544
054
IUO lllO"4
L'f4 2S -i
'0
17
38
41
454
j04
-V4
04
04
0
-9H
1054
284
Did A nitrite
Aftna Knr1oMe R4 84
Amerlcin llrltlih Mf 5 15
American Mnrronl a4 Is,
1,'ansrtlan Car Co ... 02 tin
Canadian Car A Kily pref 80 SO
rhcrolt Motors i .204 207
t'urtlss A'roplane .,..21 40
In lues Sfiliun 115 101
Cleeiilolir Tobnreo 38 40
do pref 113 100
Emor on Thonosrapli 10. 12
riamlsh t.ynn. . , ......24 3 Si
Haskell & Marker Car St 80
Hemic Mf 211 30
Inter Mir Marino '22 21
Inter Mrr Marine frcf SI ss
Kntlioillnn llrnnm prof 234 244
Maxim Munition I, 54
Manhnttun Trnnxfir 14 i;
lldnfi Htn;l 01 'i nitj
inn i:leltor 57 50
1'rerleai Mntorit 22 24
Poule Engineering Ill) IIO
a Kruie I in l(H4
Stamlnnl Motori BS4 7
Ktutz Motors nn 01
Hubmnrlnn .11 314
Trlnnlo rilm 24 1
Unltnl Profit Slmrln 15-11) I
United Motor (IS 011
U H I, nml It torn 2 2S
II H Ii and II com 54 r.
Whltp Motori 68 634
World Him 4 1
STAMDAltD Oil, HTOCK3
IlllnoM 1118 170
OHIO '.'.'7 210
I'rnlrle Vino 21N 2.'0
stnmlinl oil t'lflfornln 2(17 271
standard Oil New Jerey 51H 522
Stiiniard Oil New York . . 20,1 .-,
OTIinil Oil. HTOCKH
roden & Co 10 17
linlmers oil 4 8
Inter I'etrrlcum ID Hl'i
llouxton nil It in
Mldnrat ItnlinlnJ 511 02
SntnilpT Ilennlnir 11S4 12S4
MIN'INO ST0CK8.
Atlanta 10 lOU
initio Conpcr mil Silnc 5 n4a
Uutto Nen Vork 1 14 2
Orm do l'nticn .11 ,11
nri-t .National 4 Si R
(loldfleld Merger 'i It,
IlM-ln Mining 5 5 4
Houo Sound 4 I't
lint llutler , 02 III
Jumbo nitfimlon 78 S(l
M(.KInley Darrali Si no
Mngma Conner 13,, 1",
Mines Co of America 2J4 24
MulnolllB '4 i
Pan To) . 14 1."
St Joseph l.Pad 14"4 I51J
pit Knrt Con 88 Iln
White Oiks 5 5'4
IIONDH
Tprrn ilp PaKcn On ....110 11.1
MldMilP ft .. .. HI O-i
COTTON MARKET IS ACTIVE;
PRICES UNCHANGED TO LOWER
Spot Houses, Wall Street and Liverpool
Buyers
NT3W YOItlC, July 20 Tho cotton mar
ket nt tho stnrt thlH mornliiB was the most
actlto and broadest In Romo time Tho tono
was steady, with prices unchanRed to fi
polnta lower
Spot housed. Wall street and Ltterpool
ero tho buyers on tho call, tho supply com
Int; from loom traders and commission
houses. After the llrst few minutes of
builncss n demand developed, which carried
the lending optloni back to u point or so
nhoto the previous close
Weather conditions In the .South wero
mixed, thero boInK some rain In the West,
whero It Is needed, hut tho nostern sections
also hud scattered precipitation. Tempera
tures wero lower In the west and central
portions
Liverpool cables wero without InOuence
here, prices helnir In line with expectations
,tnd showing losses of 6 to 7 points
The receipts of cotton at the ports for
the duy were estimated at 7000 bales, com
pared ulth BB67 baleB last week, 8DG2 bales
last ear and 2200 bales In 1911.
July
Aue .
Oct
Dec. .
J. in
March
May . .
Slt
Hid
Yps cIosp Open
. . 12 77 12 74
12 77 M2 7",
.. . 12 H2 12 111
1.1 (IS
. . . 13 12
, ... 1.1 2ll
1.1 HI
.. . 12 111
1.1 114
1.1 OH
1.1 21
1.1 40
11 00
A M
12.80
12 HI
12 112
1.1 OH
1.1 14
13 28
12 M
12 111
13 lltl
18 14
2 00
I'M
12 01
13 11
13 15
IS 31
Liverpool Cotton
MVRItPOOL. July JO. Spot was easier
at a decline of li points on the basis of
7 06d for mldupland The sales aggregated
7000 bales, Including G00O bales American.
The Imports were 22,000 bales, Including
14,000 bales American The market for
futures closed quiet at a net decline of
4 ','j 7 points
.1314 1304 1304 1304
Money nt London
I.OXDO.V, July 20 Jloney, 4 4 per cent ,
unchanged. Discount rates Short bills,
51 par cent , three months' hills, 6?i per
cent i unchanged.
BAH SILVER
Commercial bar sller in New Vork was
quoted today ut 62S4C, a gain of 4c
liar silver In London was quoted at
SDTad today, a gain of '.id.
8000 IN COMPLETE ROSTER OF
ItliACKMST, SAYS BANKER
New Yorker Asserts Only Small Part
of Roll Has Been Announced
NTW YORK. July 20 That the British
blacklist against American firms with Ger
man connection is not complete, but In
cludes, in fact. 8000 names, which will be
mada public from time to time. Is the state
ment attributed to a, prominent banker by
the Journal of Commerce today
The blacklisting of other American firms,
the banker was quoted as saying, depends
upon how American public opinion receives
the first list
"Most of these names (the additional
names) are known to'thlpplng firms and to
International bankers In confidence, and the
act agalnt trading with the enemy has
bn operating against them for months, it
was further asserted," the financial news
paper addsd.
Cobbler's Son Heir of Hetty Green
PARIS. III. July !0 William Merrill
Jr. of this city, son of William S. Merrill,
a cobbler of Charlotte, Mich., Is heir to a
J100.000 uhare in the estate of Hetty Green,
one of the richest women In the wcrld, who
died recently
w ' -
Pennsylvania OHto Join Fleet
NORFOLK Va., July 20 The Pennsyl
varna. Americas newest and most power
ful warbip. left today to Join, the AtUntto
fLeL She will become the llagnblp of iha
Sett and will get the first trial oX fcw
gifanfJe gum & Karrajiuiitt Bay, k
NEW YORK COFFEE MARKET
NEW YORK, July 20. Tho market for
coffee futures opened steady this morning
and unchanged to a decline of 2- points
Trading was only moderately act he, with
i-nle.s on the call 3C00 bags
Trading later was moderately actlvo with
prices keeping within n, narrow range, being
about net unchanged to it decline of 1 point
with sales 11,000 bags 'Tho steadiness on
tho otchango was about in keeping with the
continued firm Brazil markets, and there
appeared to be little pressure to sell futures.
Support came from outside local sources
with a fair foreign demand also noted.
The local market waB quiet and unchanged
at 9c for Itlo No, 7.
Today's
. , opening
July
Aueuat
September
Ortoler
Xoieniber
Decambtr 8 6308 66
January
Kebiuary ,..
March 8 8308 83
Yesterday'a
close
8 4468 45
N 44Wb
M BO8 01
8 356J8 Art
8 I1U b Ml
8 03R 68
7108 71
8 7S8,7(J
8 8608 87
DIVIDENDS DECLARED
Midwest Oil Company, regular quarterly of 2
per cent on preferred, payable Au.-ust 20 to
stock of record August 1
Cities bervlco Company, regular monthly of
n of I per cent on preferred and common, and
also a. dividend of 2 per cent In common stock
on the common stoclc all payable September 1
to stock of record August 15
Federal Sugar Company, regular quarterly of
lh per cent, on preferred, payable July 81 to
stock of record July 28 IVjoks do not close,
Cumbria Steel, regular quarterly Hi per
cent . Payable August 13 to stockholders or
reourd July 81
I'ullman Company, regular quarterly 2 per
cent . payablv August 13 to stock of record
July 31.
Sugar Quiet at New York
NnW YORK. July 20 Fine granulated
sugar continued quiet today, being quoted
by all refineries on a 7.65c basis The last
sale In spot Cuba raws was at 6. 7c, an
advance of 13 points over the -opening yesterday.
JXtMIDVERTIjyaiEMXS
,--g ESTATE OK MAEY B1IITH UKKVES,
25.r deceased Letters testamentary on the
kbove estate having beep granted to the under
signed, all persons Indebted to the said estate
are requested ta make payment, and those bav
ins claims to present the same, without d
Lay. to
" LSEnT T BATJERLB.
600 Commonwealth Building.
D1BKOTOBY 07 ACCOUNTANTS
Certlfled Futile Aliouotants
LAW1IENCB SS. ilROWN A CO.
U1B HEAL 3TATE TKUST BUILDINO.
'iU tows
no.vna
Illnh Low. rioe
4no Am O A n fs iisji 1'4 14
1000 IlaM I, 1st (in 101 i 104 I 104 C
11100 Con Tr N J On 1024 10JU 102t
2000 IJIfC & V Tr Is 8(1 HO 80
10110 Key Tel 1st Be IIS US 118
loooo I, v Rcn.JHs loo loo loo
10000 l'n Ken 14b . 101H lOt'S 101i
20(10 I'hlla Co lit f, 101' 101 101
1.100 I'hlla nice 4s R". 8H 81
4111)0 do On lom I01U lntH
200 Run A It 1st fis 10(1 100 100
-f-Increase Decrease
Totnl mile. $V2,noo. compared "lib 0(1.800
jentenlnvi lluii.fnr lltl week, svJOI.aOOi mime
period luit week, $3211,100.
Net
-A
Local Bid and Asked
' ii H i ii
Today Yesterday
Did Asked Hid Asked
Huff A Him to 4'i fid 48 411
do pfrt (Ill 57 M nil
I O Drill ,n
llaldnln 71 f 71 7o'j 7ii'
i:ie HtomRe IU'4 V, ilj4 Ii8'
Crnornl Aspbnlt :i2 HI :u 114
do nM on (IB'i HI'Vj IWJ
Key Tel 14Ji 144 14j U
do t O 144 14 ), 14U 144
do pnf .'IIS 11(1 OR H8W
I,ko Hup Corp llifi 10J 10)4 11
lh ,Vft 744 73(5 7I 7B
Loh Vol 78. 78i4 78i 78"!
lh VbI Tr 21'4 22 214 22
do pref 12 42U 42 2i
Pennn 117 n7 i n7 B7
I'hlla Klec 28li 28i 28 2H
I'hlla Co :ts :ii5 as, ii
do r per cent pref . . 37 Hit .17 .'III
do 0 per cent. pref.. .10H 311', 2!4 40
Phlla n T t c. .. . in, lnji 1114 int.
Ilciidlng 117. Ii7 H7 5 117 14
Ion H-l !',, 14 4 4 '4
Ton MIn n'4 11 r.'i r,
IJn Trm- 1 1'5 -It -I tW II
It (1 I 874 88 87 88
II H Mrel 81'4 81!4 81(5 83!;
York itw . in 1314 ir. in(4
ill) pror . . 37 37)4 -174 3S'4
Wm Crump t c 73 74'S 7I'4 7,"'S
Financial Briefs
The New York Stock Hxchango lias ad
mitted to trading tho $91,500,000 three-year
li per cent notci of the American Foreign
Securities Company, secured by neutral col
lateral deposited by the French Uo eminent
t
Tho New York Subtrcnsury lost $2,635,000
lo banks jcHteiday, reducing tho cash net
gain slnco Friday to $10,226,000.
Tho Board of Representatives of tho New
York Curb Market Association lias listed
and ndmlttcd to quotation tho 4,000,000
common shares of n par value of $1 of tho
Omar Oil and Gas Company. Tho United
States Corporation Company is tho transfer
agent and tho Kmplro Trust Company the
registrar
J
LONDON STOCK MARKET
Bank of England's Discount Rate Re
mains at 0 :Pcr Cent.
LONDON, July 20. Thero was a firmer
tono generally to securities on tho Stoclc
Kxchaugo today Tho fooling was moro
confldont. Fears about monetary conditions
were on tho wane
The maintenance by the Bank of England
of tho 6 per cent, discount rato dissipated
overnight unfounded rumors that It would
bo marked up Jo 7 per cent.
Thu gilt-edged pectlon mended, but It wns
quiet Thero was a disposition to nwnlt
Premier Asqulth's statement and next
week's new ote of credit.
Trading In tho American group was nar
row. Changes In prices wero fractional and
Irregular Canadian Pnclflca moved up
ward ngaln South American rails were In
nctlo and mixed
Allied bondn wcra purchased. It waa
officially stated that tho modification of the
agreement between tho companies and tho
Government waa contemplated.
I.ondon N Y
12 10 n m nnU
Atchison lO'i'j 104 J4 .....
wnunuidii i huiii;
Ches A Ohio . . .
Chi .Mil & Ut I'nul
181)' isnu it
. . (114 mi ij
'i'4 H)U 11,
i:n 371' .i5U 4
Krlo 1st pfd 6'i M J
Illinois Central losi, jn1a ?f
N Y Central 108 103 if
Pennsylvania , . DDK S0'4
Heading 101H 08?i
Southern Taclflo 1024, 07i (i
U S Steel 80 tt 84 t
Union l'acinc IU 13794 ,
flncreasi) Decrease
Carefully selected securities, of
proved merit.
Bend for Circular.
MELLOR & PETRY
Member. ftVUSttSlSff""
336 COMMERCIAU TRUST DLDQ.
16 SOUTH DROAD STREET
INCREASE OF $145,812,771 SHOWN ,
IN LOCAL INSTITUTIONS' DEPOSITS
Trust Companies Have Largest Gain in Year, Reaching a
New High Record $4,000,000 in Gold Arrives at
Philadelphia Mint From Canada
A good Indicator of tho general trend of
business In Philadelphia Is found In the
reports of the national banks nnd trust
companies as git en on tho last call for
condition to tho Comptroller of Currenoy
nnd to tho State Commissioner of Banking,
Comparing the figures of the last call,
June 30, with June 23, 1916, an approximate
year, there was an Incrcaso In deposits of
the two classes of Institutions of $146,312,
771, bringing that Item up to $960,690,174.
The trust companies showed the largest
gain In tho period, tho .ncrease being $74,
346,923, deposits standing at $619.919,6.90,
n, new high record, na compared with $446,
602,767. Tho national banks had deposits
of $430,741,784, n gain of $70,966,748, When
compared with $369,774,936 In Juno of laBt
year.
Tho two classes of institutions had sur
plus nnd undltldcd profits of $137,232,857,
against $133,239,368 Of this amount the
trust companies had $91,986,426, compared
with $87,299,231, nnd the national banks
$45,247,431 at contrasted with $46,940,137.
The figures are given by tho Commercial
List nnd Price Current.
Moro gold arrived at the Mint In this
city today. The shipment, which amounted
to more than $4,000,000, came direct from
Canada and was for the account ot J P.
Morgan & Co It was said that tho ship
ments aro expected to continue for an In
definite period. Refineries In New York ars
leaded up to their full capacity and the
gold Is being sent to this city so as to
relievo them.
Changes In prices on tho -Philadelphia
Stock Rxchango In today's trading were
confined to fractions. There was little to
discuss In the dealings. There was a
slightly better demand from commission
houses for home Issues than has been
the case of late United States Bteel com
mon wns the most active Issue, selling a
fraction lower. Philadelphia Itapld Tran
sit trust certificates moved up slightly, as
did Philadelphia Traction, while Cambria
Iron declined a little. Heading dropped a
full point before noon.
VANDERLIP PROPHESIES
ATTACK 0NG0LI) RESERVE
Banker Asserts Europo Will Be Active
After War
WASHING-TON, July 20 America's vast
gold reserve will bo tho chief point df at
tack by Uuropc, "depleted of Hsgold and
Btoggorlng under a weight of Inllated bank
nnd Ooernment paper" nfler the war, ac
cording to Prank A Vanderlip, president of
tho Nntlon.-il City Hnnk The prophecy was
mntlo to tho House Judiciary Committee
from tho National Korclgn Trade Council
while ho was urging enactment of the Webb
bill, which will legalise co-operative effort
by exporters
Tho council warned thnt besides tho un
precedented American gold reserve, Europe
would look longingly oIbo on tho export
trade the United States lias accumulated
during tho great war.
Huropo's efforts, Mr Vanderlip pointed
out, will be along lines of co-opernttvo ef
fort, beginning with cartels nnd trade asso
ciations, purchasers, manufacturers, ex
porters nnd bankers, reinforced by gov
ernments. Theso probably will bo sup
ported by economic alliances succeeding tho
war nllnnces now existing, tho council
warned.
The council declared enactment of the
Webb bill would open the way for tho
smaller manufacturers now Individually un
able to enter foreign trndo to find an over
sea outlet,
LIVE STOCK QUOTATIONS
CHICAGO, July 50 1IO08 Itocelpts, 1T,000
tl 106.a0. light. Ill 40j10 03; pigs, tS.764
9.-IO; bulk. DBfltiin 08.
Uiwer, beeves, JO 00010 B0, cows and belters.
market stendyi mixed and butchers, I9.280
iy !"i-sona neiiTjr, v iuapiu.10, rougn nea
CATTLE lUc'Ipts. .1001 market steady, 10a
trVi1. 1. "". o uuitfiw vu, cows ana neuers.
Texans, 7 2S08 90; calves, $0 2SJH1.70
SHEEP llccelpts. 1200i mirket week, na
!Lv?on1 Western, $3 808 lBi Ismbs, J7.7BO
10 00
Jncras
ir,1,473
RAILROAD EARNINGS
POUTIIEIIN' RAILWAY SYSTHM
Southern Hallway ..1JJ!'' ..
Second week July . . Jl. 3.11, 01,7
Aabama urrat soutnern
becond k July "Of"33 ..7,810
Cincinnati. New Orleans and Txnn Pncldc
hoi nnd wek July .. 180.233 20 778
tlporcla Soutliorn and fclorlna
Sot ond p-k July ... L'.O.I'i 'Ml
Mobile and Ohio
Second week July 1W0.S01 S.OSO
Decrease.
ELKINS, MORRIS & CO.
BANKERS '
Land Title Building
Philadelphia
High Grade
Pennsylvania Tax Free
Railroad Bonds
Equipments
and
Public Utility Bonds
Miiiinnns
NEW YORK AND I'HII.AUKLriHA
HTOCK EXCHANGES
Laurel Oil and Gas
Pays Dividends of
1 Monthly
Booklet on Request
Samuel K. Kirkpafrick & Co.
Members Phila. Stock Exchange
Land Title Bldg., Philadelphia
Stocks
Bonds
Investment Securities
Grains
We direct your attention to
our facilities for handling for
cash or on margin orders for
securities listed on the New York
and Philadelphia Stock Ex
shanges or Chicago Board of
Trade, of which we are mem
bers. KLEMM & KEEN
1326 Walnut St.
Members
iN'ew York Stock E
rhlla. Stock Exchi
Chicago Hoard of
xchancs
ante
Trade
Edward B.Smith & Co
EsTiUianxs 1802.
BANKERS
Mtmbtra A'sm Yorfc and rtiiladttvMn
Block Exchanges
1411 Chestnut Stueit, rnti.iBti.rHu
30 riME Stueet, Niw Yoik
INVEST IN MORTGAGES
AT 5.4
Recommended by
BEN T. WELCH
1328 Chestnut St.
fifcAZIER6C0
INVESTMENT BANKERS
Droad and Sansom Sts.
Laurel Oil and Gas
July Dividend 1
Payable July 25
Full Information on Requett
HUGHES & DIE
BANKERS AND BROKERS
1435 Walnut Street
Philadelphia
This Company will be pleased to
receive your Subscription to the
American Foreign Securities Company
Three-Y&ar 5 Gold Notes
Subscription price 98 and interest
Yielding about 5.735 per cent. -
Commercial Trust Company
City Hall Square
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