1 JlfllUL t'l'if1 $J
WnS&m LEPGlGIPmDAr)BLPHIA SATURDAY, JTJIiY 22, 1916.
$m
HMafr
WHJWI.I IM.IKHJ.UflM
I
fr
I
k
FINANCIAL NEWS
11 T 1 '
SHORTS COVER IN QUIET TRADING
DEALINGS ALMOST ALL PROFESSIONAL
Market Is Without Weak Spot, and Virtually All of Usual
Speculative Favorites Go Up Substantial Fractions
to a Point or More
High Points in Today's Financial News
'Statement of condition of members of New York Clearing House lsso
ciation for week showed a decline in average and actual loans and an Increase
in the reserve in both statements Bank clearings throughout the country
showed gain of iS.fi per cent, for week, with Philadelphia showing the largest
increase. May earnings of United Slates railroads larger. Price of bar
silver unchanged in New York and London. Norfolk and Western and Penn
sylvania Railroad coal shipments larger in June. Revival if buying of steel,
due to the activity of foreign countries.
NEW YORK, July H.
In the first hour the featuro was a further running of shorts to covor on tho
Stock Exchange today. Dealings were nlmost exclusively professional and tho
volume of trading wan light. Nevertheless 'thcro wan no weak Bpot and virtually
nil of tho usual speculative favorltcn rose substantial fractions to a point or more.
Sentiment In tho room was Influenced considerably by n rise In United States
Etecl common to 8GU. This was higher by tho fraction than tho high prlco of a
week ago and was also the maximum, for this week.
Complaint has been made that the advances In stocks this week of from 1 to
17 points from tho low figures on Monday were almost entirely the result of pro
fessional operations. This brings up tho old-time Idea that rallies from a sovcro
And continuous depression aro Invariably professional, as liquidation, such as was
emphasized by the stringent policy of tho banks toward loans at tho beginning of
last week, deprives tho outsider" of courage, Irrespective of pecuniary losses.
It was hoped that tho easier condition of tho money market andfavorablo
action on Tuesday next on dividends by tho United States Steel directors would
Btlmulato outside Intorcsts. Otherwise tho market Is likely to bo Influenced only
by Important general news or pool operations In specialties.
Tho railroad labor developments will, of courso, exert great Influence. Tho
market Is expected to respond sharply to any trustworthy Indications of a scttlo
xnont of tho difficulties.
Government bonds wero unchanged; railroad and other bonds steady.
' Hawaiian Sugar Companies Pay Dig Dividends
"WASHINGTON, July 22, Dividends of as high as 3E per cent wero 'paid by
Hawaiian sugar companies for.tho six months ending Juno 1, the Commorco De
partment roported today. For the six months tho totai dividends wero $7,000,000.
Hawaii capital alono Is being Involved.
r-- , '
Earnings of United States Railroads Larger
WASHINGTON, July 22. Tho 187 principal steam railroads In tho United
States earned during May, 1016, gross revenues of $300,082,576, according to tho
Interstate Commerce Commission today. Tho not Income of these roads for May
was $90,787,146. Tho not income per mllo for May, 191C, was $305, compared with
1260 for May, 101C.
WHEAT IS STRONG
IN CHICAGO MARKET
Jump in Prices at Minneapolis Is
Cause Sentiment
Bullish
(iUAI.V nKtT WEATHER TORKCAST
CHICAGO, Julr . The weather fore-
aRt lor 30 nour lonowsi
Illinois uenerauy inir
cooler extreme northwest Sunday,
to?
tonlcht and
noiirt. Iown. Kansas and Nebraska
morrow, somewhat warmer tonlrhti central
po
orrou
Stlon
tls
Generally fair and continued warm tonight
Ami tomorrow.
w Mconsin uenera
probably tomorrow.
rnixnn
near Lake MIc
Jllnnesntc
morrow br
nun
7 fair tonight and
lulitly cooler Hunday
Minnesota 1'nrtlr cloudy tonight and to-
local tnunueranowers norm to-
ii.hi
North Dakota Partly cloudy and Dosslbly
unsettled tonight und tomorrow, warmer
went tonight.
Nouth Dakota Generally fair, tonight and
probably tomorrow, warmer tonight west.
CHICAOO, July 22.
A resumption of buying on an active
scale, prompted by a jump- of two centB
In prices at Minneapolis, resulted In great
strength In wheat hero this morning. It
was believed that tho advance'ln the Bprlfcg
wheat market reflected more serious reports
of damage from rust to the crop. Senti
ment was bullish, anil yesterday's profit
takers were anxious purchasers. Sellers
were cautious and not Inclined to go' short
over Sunday,
July opened at $1.16 to $1.15 U. against,
11.14 K 'at the end yesterday, and rose to
$1.17; September, started at $1.17 to
$1,15, compared with J1.16U. yesterday's
last price, and rose, to I1.18H; December
Tanged from U.19'1 to $1.18 at the out
set, compared with $1.18, yesterday's
final Quotation, and moved up to $1.21 U.
Steadiness was noted at Liverpool, but
business there was restricted because It
was believed that the reports of rust In the
American Northwest were being overdone.
Foreigners dwelt upon the heaviness of
reserves in all exporting countries as well
as large receipts of Amorlcan winter with,
the nearness of tho harvest of the spring
rop. (
An official report estimates the yield In
France at 220,000,000 bushels. A normal
production Is 312,000,000 bushels. Freight
rates remained Arm. The receipts at Mln
r.eapolls and Duluth today were 432 cars,
against 116 cars last year; at Winnipeg,
812 cars, compared with 80 cars; at Chi
cago, 80 cars, against 295 cars.
Corn gained ground also. The market
at Liverpool was firm on bullish statistics,
with a continued good demand for American
mixed. The receipts here today were 189
cars.
Oats also advanced. The receipts, here
today were 114 cars.
Reading futures ranged aa follows: ( ,
Wheat
my . ,.
Open,
1.1D
1.171
September.. l.ITtt l.lott
High. I.OW. Close, close.
llsh. 1.0
m !!
tlicember .. 1.10V 1.2:
L.OW nW uciijcf -
82
7TM
OiV.
iulv
September...
prmbcr
uais
iy .
tptember...
cernoir
fc- .12.72
tember...U'.70
l.OI
a
60
40'4
42S
"If-
4s4
.tBiitl.17l4tt.HJr
.18 1.10 1.15"
, I4.I071
6t;
4011
i
1.18S
03
40U
4o
42S
88
68i
41R
t4l
43H
July
Bepti
rMtnhr
December .12.05
kids
Jiy
:
July
Dtl
lild,
'.82 112.65
12.8T 12.T2
12.85 12.B7 12.88 T12.70
I'.'.HJ 12.B7 12.H2 Mil. 113
12.07 12.65 12,07 12.01
... .X, .... tl347 113.40
ptember... 13.15 13.4713.42 '13.47 13.40
J'ork
V ....... -o. 1U .... .... 4-O.IU --o.uu.
temler. ,.24.05 ,24.07 24.87 24.87 24.0O
IAIMUi ,1U,I1I1I.(
Wheat at Liverpool
LIVERPOOL, July 22, Spot wheat was
quiet today, with No. 1 northern Manitoba
quoted at lis 6d, unchanged. Corn was
quiet and unchanged, with American mixed
quoted at 10s Id. Flour was s higher, at
41a 6d.
LIVE STOCK QUQOTATIONS
July 22. HOQS Receipts. 10.000
. CHICAQO.
head
Market! Be lower. Mixed and. butcher.
fm
iteady, uetves. 10.MOlu.5a., eoara ana neijera.
S.lOOSt atockera and teedera. I5.1B08.25;
tdane, 'IT.lOt8.80; calvea. :
BllKfcP Recejpti. 2000 bMb
Native and weatern, 13.
f.lf0.23.
io "oeii.25.
ad. Market ateady.
ourja.jo; umm,
West Jersey Stock Subscription
Notification Is given regarding tho pro
posed increase In West Jersey and Sea
shore Railroad capital stock, from $10,000.
000 to $11,000,000 as follows t Stockholders
are entitled to subscribe to new stock at par
to the extent of 20 per cent of their hold
ings. Stockholders registered July 25 will
be entitled to subscribe to this new stock,
on or before August 15, when all privileges
will cease. Warrants will be issued to
stockholders under this privilege.
at
BAR SILVER
Bar silver Jn London was quoted
10 8-1 sd today, unchanged.
Commercial bar silver In New York was
quoted at itc. unchanged.
Money and Discount at London
LONDON. July 21. Money. 4 per cent
unchanged; discount rate, short, and three
months' bills, 65a and i per cnt, un-
chiEsed, ,
I
New York Bond Sales
High. JjOYf.
o.i!). nr.H
I, fla...l04t
ire 6a... HSU
4s 1)1
4 unli
tuuuuuu Angior r on. ..... u.i!
2000 Amer Hide & , fl...104
oeuuu Amn foreign Bee
luuu Amer 'iei ell
4U0OO Atchleon aen
2000 Atchison Ariz 4Ui 1)7
2000 Halt A Ohio a4 02 Ji
10000 Hall & Ohio 5s ltlil'i
noon no p rs ir v 4a 60
.1000 Halt A Bwn 3V, M
1O00O llrook Rap Tr tls 1018 looW
27000 Cah Oovt 4a 1D21 11114
00(10 Can Oovt 4a 10211... . 0U?I
13000 Can Oovt 4a 10.11.... lllOtt
0000 Chi & Nwn (ten 4s.... 04M
7000 Chi li & Q Joint 4s... 071
11000 do Neb 4s ,:.. OsS
B000 C M & St I' rfd 44. 02
16000 Chi It 1 & T Bs...... II2H
300(1 Col & South 44 M1
BODil Chi Un Sta 44 a Oliti
10000 Con Gas conv Us 122(
1000 Hud & Man in Ba.... 24
2000 Iowa Central ret 4s.. nuM
auiMiu inmru
4100U Inter i
1SOO Jatmn
1000 Kan Cltv So Sa H!l
K000 Lk Sh deb 4s 1028... 05
uvuu no
40U0 L ur
11100 lxrllli
1000 do
1O0OO Louis
B000 N Y C I. S 3Ha 7.".
ijuuu n x l: & it us 11
1UIMI QO WftB ........
100(1 do 4s
40000 do 4V4a
0000 N Y City 4s 1050
1000 N Y N II A II Us..
45000 N Y Itwy adj Ba
10000 N Y Tel Ben 4Ws.
mono Nor Pao prior 4s.
2000 Oro Short L, ret 4s
2000 Ore & Cal Bs
11000 renna en 4 Vis....
2000 Jteadlnir een 4s...
Riinii 11 .. r j. u k
loono Ht 1. I it a a 'tilt'is
lnoU
onI
Central ret 4s.. BHJ4
1 H T ret Bs,,.. n
M Star ct -lWn.101
new U H 4(4 a. Hu
W..J -..... . J...7. 0..-4 oi.T
sii aeu ia 1020... n:u ini uzj
4s 1031 V4V4 1M lU'l
,& M T 3s ,10O4 100t 1004
Hard 5s klooU lO'.'i lllil!
7s 125H 12?S 1-0J
s A Xnsh 4s.... IUU Dili II4U
70 12
i DilU 0OH
.. 07T4
.. 02
.. oi!i
..101'
..104J1
.. 0.1i
OH
-kui ou,j.j)c ria ct sta 4s. 73
2000 do Ser A w I K
10000 do Ser II w 1 8S
Bona Han A A A P 1st 4s.. 07
iiiuy ceaDoaru a 1. aaj OS
20000 South Pac cv 4s
auvu uo riu 4s
3000 South Jtwy sen 4s.
0000 do con Bs
2000 Ten C ret r p ....
1B0O Third Ave ref 4s .
1000 Trl-Clty Bs
7000 U S Steel s P Bs .
14000 Union I'ao 1st 4a..
0000 do cv 4s
2000r do rfd 4a nnl;
23000 Un Rwys a f 4a 37
4000 Wabash 2d Bs 08 H
2000 West Md let 4s 73
k:
. 00:
. 0.1 D.I M
.100H ions looH
.112 112. 112
HO 311 (III
OITl
02
om
101.
104i
0.lit
08
75
73
oS
85
(IT
07
HUH
00
70 K
101
02
82
110
..103U 10 1'i 105
U7 U(Ii 07 4
00 U
30
08H
73
HT
8Hi
: ??
.101
. 02
H2
110
03
07
02
01
104 i
03 !i
08
75
".,
85
117
117
8(1
?o
101
02
82
00
03 it
33
0S
73
Total sales, $1,030,000, compared with
3018.000 last Saturday) thli week, Sll,I01,0O0
last week. 317,290.000.
LOCAL MINING STOCKS
TONOPAH 8TOCK8.
Jim Duller
Mac.S amara
.Midway
Mlztwh Kxtenslon ..
Montana. .....,,.,,
North Star.
Tonopah Helmont ,
Tonopah Kxtenslon
Tonopah Mining
Rescue Eula
West End
Bid,
. 84
, .04'
, .20
, .10
, .2.1
, .13
. 4ti
B 11-10
BS
, .25
, .87
Atlanta ..
lilue Bull
Ilooth ,
Uulldotc
a o o
Combination Fraction
niamondtleld 11 il....
Daisy
Florence
Uoldfleld Consolidated
(loldfleld Merger
Jumbo Extension ...
Kewar.aa ....
Oro ,
Sand hen
Silver t'lck ....,..,..
OOLDFIELD STOCKS.
.........
.10
.02
.15
.01
.03
.07
,02
.03
,3H
,88
.17
.70
.10
,04
.04
.13
MISCELLANEOUS,
Fain Atteo ....
Klmberly
Nevada Hill ...
Nevada Wonder
'lecopa aiinina-
tt,M
t..... ..........
..... ........
........ ........A
9.................
.01
14
oS
Asked.
.80
,03
I'JO
.25
,15
'
B'J
.27
.00
.02
.04
08
.04
.04
.40
.80
.10
.78
:h
.05
.13
.0)
2!ol
.12
Bid. Asked.
04 U
03 H
83 4
88 Vi
vw
08
87
$100 BONDS
. P.O. Due.
Alberta. Province of,.... 4 1024
Anglo-French t 10 10
Argentine Government ... a 1043
City of tlaltlmore ....... 4 1002
rMtv r ('hlraca Harb Con 4 1017
City of New Orleana Imp. 3 1020 100
city or Vancouver ,,,, an v-a un .,
New York City t.C , ".. 42 M3 108H lOSi
New York City v4tf 1080 102 10314
Alabama A Vlcka 1st con? 3 1921 08U ..v
B A O O ft Little Kan lit 8 1930 03 ....
Cent VerrrtW Ily 1st re 4 1020 81 .,,,
a n O Denver Ext 4 1022 00 ....
(J SI a at P sen ret Con. 8 2014 10(J 10TK
no conv ............. in id.. v&
Colorado A S rf anl exU 41, 1033 63
Erie gen conv aeries D ,. 4 1033 83
N Y Cent conv deb ..... 6 1033 112
N Y A Or Lake (Erie) 1st 3. 1043 00
NY NH ft II conv deb ctl &M 1036 10
QQ conv u,w ... w ?r t
Norf L West 1st con...,, 4 tova
Seab Air Line 1st ft con 6 1045
So Pac-San Fr Terms 1st 4 1030
Virginian Ballay 1st ,... g 1J82
Amer Agr Chem conv deb 6 1021
Amer lea Securltlea db,, 8 1023
!- T J, X f!ol Tr ctfa.. 4 1020
Amer Tel iei conv .... imj iva
Beth Steel 1st and rst ., 8 1042 100
Central Leather 1st tea-.. 8 1023 10O.
fhirl Vn Tel Co lit &. 1043 BIW
Common P By A ILsht coa a 1018 I01U 103
DeaQaa AElectrlelst.., 6 1049 8 80
General Electrlo deb .... 8 1942 82 ..,
Gt West Power conv deb. 0 1923 03 100
Lackawanna Steel 1st coa g u vs
Laclede Gaa 1st 6 1010 100
Liggett A Myers dlb re-. T 1944 125
do deb.ru 8 1031 100
P Lorlllard deb re .,,.. 1 1044 125
do deb res 8 1031 100
PUrc. Oil cSnv deb ..!., 8 102 82
Montana Peer lat A raf. 8 1943 97
N Y Air Brak 1st coav.. 6 1928 102
VVlscoa EdUoo'conv deb.. 6 1924 OS
03
08
83
OS
IIs
83
81
101
l8JS
81
113
100
112"
04 U
034!
84 i
00
fill
TH
109"
101
102
l3
83
128
101
123
101
83
83 K
BANK CLEARINGS
Bask clearings today compared with eorre
pond'ax dayt last two years:
1913. 1013. 1914.
Boatoa ....133.023.003 321.093.283et23.17a.103
New York 440.043 880 302.019.183 203.384,901
PbUa. ... 83.230.091 31.022,083 2LSI4.715
!
New York Stock Sates
do brc(
Am Ice -.,. t . ,
Am Linseed . ..).
Am Locomotlvo. . ,
Am Malt prof , , ,
Amer Zinc ......
uo'prci ..,,,..
tiff,
7V4
60H
Tfc
88H
38
142
10
52W,
MY
48
eW
38i
33"a
07 V.
48
at.
tlVk 1H
74 V
eon .....
0T 1
88 1
80 1
142 H
11W
88V4
28
48
ei y
38
SOW
87
80
H
iy
1
1
3
1
1
Net
High. Low. Close, chge,
Alaska ad Mines 17 17 -17
Aids Chalmers .. 22
do pref 4...... 74
Am Ag Chem . . . 89V4
Am -U Sugar . . . . 90
Am Can ........ tr,
Amer Car & Fdy. 80
Amer Coat Prod, 142
Am Hide & Lea,, 11
83
28
48
87
38
88
87
Am Steel Fdy,.... 80
Am Tel & Tel. .. ..120 120 189
Am Tobacco. ....224 220 224 6
do pref ....107 107 107
Am Woolen 44 44 44
do pref. . . . . , , . 08 OS 03
Am Writ Pp pref. 28 28 28 V
Anaconda Copper. 70 78 70
Atchlsort 104 104 104
At Gulf & W I.,.. 84 83 83
Daldwln Loco 73
TJalto & Ohio 80
Mo pref. 78
Bethlehem Steel.. .480
Butte & Superior.. 80
California Pet.... 21
Chandler Motor. ..108
Central Leather... 34
Chea & Ohio 01
Chill Copper 20
Chlno Copper 47
Chic Mil A St P... 07
do pref. 130
Cont Can 07
Chi & North W ..138
Chi H I ft Pao . . 20
Col Fuel & Iron.. 45
Col & South 81
Corn Products .. 14
do prof s 00
Crucible Stool ... 71
80
05
14
72
80
70
430
08
20
73 04
80
70
430 10
00 2
20
107 108
84
- 01
20
47
00
ISO
07
123
20
44
31
14
00
70
30
03
14
33
40
35
300
111
73
84
01
20
41
00
130
07
128
20
43 1
ill 4
14 Va
00
71
00
05 Vi
14
33
40
35
800 10
111
78
Cuban Am 'Stiff
ado prof ....
Den & P.lo Or ,
do prof ...... 38
Distillers Sea ... 40
Erlo 3S
3en Mot BOO
do pref Ill
Goodrich Co .... 78
Ot Nor pref 118 118 118
111 Central 103 103 103
Intcrnat Paper .. 18 is 18
do prof 88 03
Inspiration Con .. 48 48
Int Nickel 43 44
Int M Mar to... 24 24
do pref 80 83
Kennecott Copper. 40 48
Kan City South pf 00 00
Kelly Spring Tiro. 70 70
Lackawanna Steel 72 70
Lehigh Vnlley ... 78 78
Lako Hrlo & West 21 el
Llg & M Tob ....200 238
Leo Itubber 43
Max Motors 70
do 1st pref 87
do 2d pref .
Mox Pet
Miami Cop . . .
Missouri Pac .
N TAlrBrako
Nevada Con .
N Y N II t II
N X Central .
N Y O & W . .
Norf & West .
Nor Pao
Penna
Phlla Co ....
Pressed Stcol Car 40
43
70
80
50 87
..100 100
..33 33
.. 7 7
..120 120
.. 10 18
01 01
08 1
48
43
24
80
48
00
70
72 1
78
21
238
43
70 3
87 1
80 2
100
85
7
120
10
61
102 102 102
0 28 20
.127 127 127
.111 111 111
87 60 88
40 40 40
4D 40
102
44
22
07
41
47
105 108
18 .10
20 28
23 23 Vi
07 07
.102
. 45
. 22
. 08
41
. 47
..100
18
28
23
67
40
40
102
43
22
08
44
47
Pullman Co
Rwy, Stl Spg .
Itny Cons ....
Reading
do 2d pref .
Itcp Ir ft Steol
Senrs Roebuck,
St L ft S Fran w I.
Shat Copper. . .
Southern Ry. ..
do pref
Stand Mill rets
Studebnker 128 127 120 1
Tennessee Copper. 2,5 25 25
Texas Pacific II It. 12 12 12
Underwood Typo.. 00 00 00 1
Un Cigar Stores.. 00 08 08
Union Paclflo ...137 137 137
do prof ....-... 82 83 82
U S Undl Alcohol. 115 114 114
U S C I P ft F... 20 20 20
Un Rwy Inv .... 11 10 11
23 23 23
80 85 80 1
117 117 117
80 60 00
70 70 70
17
38
110
&: pref
V S Steel ...
do pref . . .
U S Smelters
Utah Copper
Utah Sccur ..
Va Car Chem
do pref . . .
Va Coal Ir ft Coke 44
Wabash pref A. . 80
do pref B 27
Westlnghouse Elcc 38
Wisconsin Central 50
Woolnrorth 130
Wlllya-Overland... 63
do pref 105 105 103 Vi
Total sales. 152.000 shares, compared with
115,700 sharea Inst 6aturd.iyi this week, 2,145,
00O shares) last week, 3,305,700 shares.
17 17
38 38
110 110 1
44 44
60 30
27 27
57 57
52 34 2
130 130
02 03 1
Financial Briefs
The gross earnings ot 30 railroads for
the second week of July were 114,772,086,
an Increase of 33,124,514.
"Shipments of coal over tho lines of the
Norfolk and Wee'srn In June amounte'd
to 3,045,650 tons.
The New York Subtreasury lost 34,486,000
to banks yesterday.
Q. W. nianchard, an exporter of New
York, was elected a member of the Chicago
Board of Trade at a special meeting ot the
directors.
Commercial failures this week in the
United Slates were 289, against 303 last
week, 227 the preceding week and 411 the
corresponding week last year. Failures lit
Canada number 23, against 28 last week, 28
the preceding week and 49 last year. Of
failures this week In the United States 91
;ere In the East, 77 South, 86 West and 35
In the Pacific States, and 101 reported lia
bilities of J6000 or more, against 123 last
week.
Coal and coke carried on the Pennsyl
vania Railroad lines east of Pittsburgh and
Erie for June amounted to 5,842,141 tons,
a gain of 343,909, and for th) period from
the 1st of the year to June 30 the ship
ments totaled 37,480,971 tons, an increase
of 6,796,808.
The (94,500,000 American Foreign Secur
ities Company 3-year 5 per cent, notes se
cured by neutral collateral deposited by the
French Government subscription, books for
which were closed yesterday noon, the Is
sue having been oversubscribed, will prob
ably be allotted Monday or Tuesday,
The Bank of Cuba shipped 32,000,000 in
American coin to Cuba.
All Byllesby electric properties reporting
for the week ended July 15 showed net
connected load gains of 284 customers,
with, 353 kilowatts lighting load and 802
horsepower in motors. New business con
tracted for Included 869 customers, with
411 kilowatts lighting load and 1143 horse
power In motors. Klectrla energy output
for the week was 9.927,103 kilowatt hours,
an Inprease of 19.8 per cent, over corre
sponding week of 1915.
NEW YORK BUTTER AND EGGS
NEW YOJtK. jJly 22. BUTTER Steady en
top zrades: full supply of all other qualities.
Receipts, 11,243 packages. Quotations unchanged.
EGGS HUh grades Arm. but general receipts
Irregular. IUcelPU. ,10.73 caaca. .Extra. 87
iS 169.; other Quotations unchanged.
Sugar Futures Qutet
NEW YORK, July 22. The fact that raw
and refined, sugar offices were closed for the
Saturday holiday caused a quiet and inac
tive opening in sugar futures today, where
first bid prices showed advances ot 2 points
to a decline of 2 points, with galea on the
call 700 tons.
LONDON OPINION .
MORE CHEERFUL;
BIG CROPS SEEN
Loss of Gold Explains the
Raising of the Bank
Rate
PROSPECTS IMPROVED
Perfect Weather Heightens Ex
pectations for Good
Harvest
By FRANCIS W: HIRST
Special Cnttt la the Evening LtiotT.
LONDON. July 22. Under various influ
ences, the city Is rather more cheerful
after the considerable nmount of liquida
tion effected. The bank return, with Its
loss of gold, explains last week's raising of
the bank rate, but Chancellor McKenna'o
explanation that the necessity of I6.000.00'
a day Is duo to American security pur
chases nnd heavier loans, coupled with tho
hopo of a speedy return to normal condi
tions, has relloved the anxiety of an ex
cessive public expenditure. Moreover, the
steady progress made on the wostorn front
Increases tho expectation of decisive events
which may expedite a favorable pcaC set
tlement. The outstanding borrowings of tho Gov
ernment on short-term securities ns given
out on Thursday by tho Secretary of tho
Treasury aro as follows! Treasury bills,
34,058,280,000; R per cent, exchequer bonds,
$1,475,000,000; war expenditure certificates.
60,000,000 ; war savings certificates. $52,
600,000 ; currency notes. $62,340,000.
Tho parliamentary atmosphere Is very
critical Just now, especially concerning
SlesOpotamla and Iroland The Govern
ment's first actual defeat in lobby came
over the question of providing land for the
soldiers in Wales.
Tho problem of who shall vote at the
general election seems almost insoluble.
A policy of postponement probably will
prevail. Weather conditions are now per
fect and will greatly improve all crops, In
cluding tho hay harvest In tho northern
countries.
PHILADELPHIA
MARKETS
GRAIN AND FLOUR
WHEAT llecelpts. 08.057 bush. Demand
was sood njid. with stronger outside advices.
rirlces further advanced 8c. Quotation! Car lots,
n export elevator No. 2 red, spot, $1.1001.21:
No, 2 Southern red. I1.1701.1U: steamer No, 2
red. $1.1001.18; No. 8 red. J1.10W1.18: re
jected A, 1.13U1.1I; rejected 11, 1.120
1.14.
COUN Receipts. 18.073 bushels. Trade was
fair and prices ndvanced lc. under light offerings.
Quotations: Car lots for local trade, as to
location Western No. 2 jellow. 111 W02c:
Western steamer ycllhw. 00 WUlc: Western
No. 3 jellow. 8881)c: Western No. 4 yel
low. RS 80 c. , .
UA.TH iieceipts. -iT.ua Dusneis. ino rnaraei
orterlnea. Quotations: No. 2 white. 4US'4Uc.:
standard whlto, 4HU48c.: No, 3 white 40 O
)Vt WHY
47
No. 4 white. 43d
sample, oats,
advanced He. with demand equal to the limited
40 V41V4C.: purllicd oata. prailed. 4B474c.
l.'l.illIU llncMlnftt 77.". lhM. .iml 112. 14H lbs.
In sacks. There whs little tradlne. und values
were largely nominal. Quotations per 100 lbs.
in wood: Winter clear, $4.70Wri: do., straight.
S303.2A; do., patent, tS.2&S5.oO; Kansas,
clear, cotton sacks. S4.U0UA 20, do., straight,
cotton sacks. J5.23TO6.30; do., patent, cotton
sacks. J5.1I0W5.7:,. sprlnu. first clcur. S5 2g
rin -frnli.hr. 1 T. nillu.V 7..: rin.. nntent. 13.7ia
II. ib: do.. faorlte brands, 10.23 iXU.Bu; city
mills, cholco and fancy patent. Jtl,2oOTU,ou; qo.,
regular grades Winter, clear, Jl. 7345; do.,
lMl,h ir.HAK X. dn v.nf.in, lVy..fa) .VIVO.
II VB FLOUlt Ituled stead under light offer
ings, but trade was quiet. We quote nearby
at I4.t)lltti4.73 per bbl.. and Western at $&po.0U
per bbl.. as to quality,
PROVISIONS
Trade was quiet, but vnlues were well
maintained. Quotations: City, boef. In sets,
smoked and alr-drled, 28c. i Uestern beef. In
sets, smoked. 28c; city beef, knuckles and
tenders, smoked nnd alr-drled. 2Hc. : Western
beef, knuckles and tenders, smoked. 2l)c. : beef
hams. I2str3u; pork, family, t27U'27.30: hams,
.S. I', cured, loose, lStflhHc: do., skinned,
loose, lu'.i OlOiiC! clo., do., smoked. 20U W
2HWc: other hams, smoked, city cured, ns to
brand und average, IDtic: hams, smoked.
Western cured. Iu4c. . do. boiled, boneless.
.'He; picnic shoulders. H r. cured, loose Ulic:
do,, smoked. l.'Hc. : bellies. In pickle, according
to average. loose, llltac.; breuktust, bcuii, us
to brand and uveruge, city cured. 21c. ; do..
Western cured. luti2iic.; lard. Western, reflned,
tierces, 14 Vic.;; do., do., tubs. HHc; do., pure
city, kettle rendered. In tierces. 14iC : do., do..
In tubs, HHc
REFINED SUGARS
Tho market was qulot but firm Refiners'
list prices: Kxtru fine granulated. 7.03c. : pow
dered. 7.73c; confectioners' A. 7.50c: soft
grades. 0.UUtJ7.3Oc.
DAIRY PRODUCTS
nUTTER Thera was little wholesale tradlnx
aa usual on tho last day of tho week and prices
-wero without Important change. Quotations.
Western solid-packed creamery, fancy, specials,
31c; titm. 2UU3uc; extra llrsts. 28c: flrats,
27c; seconds, 2ilc. ; nearby prints, fancy. 32c.
do., average extra, auSTJlc. ; do., firsts, 270
20c; secunils. JUfiUOVJc. ; Jobbing sales of fancy
prints. 83 (1 38c.
KQU.H Tho market ruled firm with demand
readily absorbing tho limited offerings of de.
airublo stock. Quotations! In free cases, nearby
extras. 28c per don. ; nearby firsts, I7.U3 per
standard case, nearby current receipts, $7.20
7.30 per caso; Western extraa. 28o. per doz. ;
Western extra firsts. J7.8dW7.U5 per case; flrats,
$7.2007.30 per case; fancy selected candled
fresh eggs were Jobbing at 8233c. per doi.
ClIUKSU The market was quiet, but steady
under moderate orferlnga. Quotations; New
York, full cream, fancy, 13?i rflOc. : do., do.,
fair to good. l&id!5Hc. part skims. 0014c.
POULTRY
LIVE FOUIVTOY Tho market was dull .
week, with fowls He. lower. Quotations: FowiJ.
10!i tf'JOHc roosters, 13014c; spring- chick
ens, according to quality, weighing I if 2 lbs.
and over apiece, 240 27c: White Leghorns, ac
cording to quality 20G123O.I ducks, ns to size
and quality, 14rtltic,l plgeona. old. per pair. 23
(iiSc.l do., young, per pair. 20a 22c.
DHKSSKD The market ruled steady under
moderate offerings, but there was little trading.
Following are the quotations: Fresh-killed, dry
packed fowls, 12 to box, dry-plrkud fancy se
lected, 22c; do., weighing 4Vj 03 lbs, apiece,
2114c: do., weighing 4 lbs. apiece, Slttc;
do., weighing 3V lbs. apiece. 21c: do., weigh
ing 3 lbs. apiece. 10w2oc. rowia. In bbls.. Ice
packed, fancy, dry-picked Northern Indiana and
Illinois, weighing 403 lbs. apiece. 21c.: do.,
southern Indiana and Illinois, weighing 4 lbs.
apiece. SOHc.i smaller sizes, lB20c. Old
roosters, dry-picked. 15c.; brotllne chickens. Illi
nois. 28C29c, do., Indiana. 2302c llrollera.
Jersey, fancy. 34W3CC.: broiler-, other nearby,
weighing 1W82 lbs. apiece. aoS.'llc.i broilers,
nearby, smaller sixes. 271329c. ; ducks, nearby.
orlnir. llwoc; tquaps. per aoz. wmia ,eign
ii
white, weigh
ao., aara.
7Gc.tl.23,
hi"? isiU libs.
$1.7302.23; do.,
per doz., X2i2.23l
small nod nv. .
FRESH FRUITS
"inmarnl tv&M onlv mod rata but valued rnr
ally ruled steady on choice stoolr. Quotation!;
r.,
nE.l
nr
A7.1.V lemons. tr box.
$J 604f3; pineapples.
per crate rorto iwco, i,duq o,ou: did
ueiavrare aiiu jftijiuu, per (ji, '
!ackW.rrles.
fin. t buckle.
berries. North Carolina, per at.. 8910c.; goose
berries, per "it.. 324o.; raspberries, red. per
Ct.. atfsc.i cnerries. r.w York, sour, per 8-Ib.
asket. 3030c. cherries. Delaware and Mary
land, sweet, per lb., 68c.i do., do., sour, per
per
Plui
at, 038c.;
urns. Georgia,
lb., S6c; do., do., sueest,
An . An . SOIir. DSP Ot.. 367n.
-I m 7-ii. i ' '. --- - -
per crate, ouc. i . i o. x-eacnea. ueorgia, per
carrier Belle. 11.3032; L'lberta. 11.3002.
Cantaloupes. California, per orate. I34J3.50:
do.. Georgia, per crate. $1(91.50; do,. Delaware
and Maoland. per crate. $1.3002.23; do,.
North Carolina, per standard crate. 73c. W $2;
do.. North Carolina, per Oat crate. 30 50c.
Watermelons, Southern, per car, $130 3 230.
VEGETABLES
The general market was quiet and without
sey. per basket. 40043c Sweet potatoes. North
Carolina, per bbl.. $4 3063.30. Onions, Texas,
per cummer crate No. 1. I1.40Q1.B0, No. 2.
116123. Onions. Jersey, per basket. 73c 01;
So." Virginia, -per basket, II 1.60. Celery
Florida, per crate. i:o;'.au, watercresa, per
uu reppers. rvtiu. per
crate,
25 o a
per bbl.. I2&2 SO: do., do..
bbl. basket. 7So.tr SI: da., do, per 1-3-
,blV basket, BOc: do.. North Carolina, per bbl..
1101.23; do.., do., per basket, 23Q 40c.; mush-
iiwi.
rooms, par 4-lb. basket.
..60.
DIVIDENDS DECLARED
tinier Acker Company, regular quarterly 1H
x cent on preferreJ stock, payable .August 1.
Trenton Potteries Company. 1H per cent, on
Doncumulatlva preferred, payable J
stock ot record joiy zu. '1 rainier
C0t ClM.
bosks wUl
Sales in Philadelphia
Net
High. Low. Close, chge.
418 Acme T t o Sti BStt 84H t4
SO Am Clas ..izo lto 110
100 Am Can . . srtH 05?, S.. . ....
100 Am Loco.. 88 88 88 . .,..
B & B t C 48 48 48 t
45 Glee Stor, 887. s
10 Gen Asp pf 00 684 8H
800 Lk Sup C. 11 11 11 1
10 Leh Nav., tR 7SH 78W
20 Leh Val.. 78 78V4 7894
IS Nor Pa .. 03 82V4 0H . ....
427 Penna .... 37 36 B6TS. .....
IS Pa S Mfg BH 08 08
6 Phlla Co.. 41yJ 41H 41H 2V4
40 documpr 3H 30H 80H
200 Phlla Elec. S8H 2AH aH
, S V O 1 ... 87 81H 87H
5 U Cas N J.228V4 J23V4 228
8705 U S Steel. 88 88 8(1 I7
20 West r.l... S7H 8714 &7V4 "
Increase. Decrease.
. Total, salee, 8807 hatee, compared with 1051
ham taut xntnrdayi thli week, 37,027 shares!
Inst neck, 30,007 shares.
BONDS.
High. Low. Close,
1000 13 &PT 4s. 80 80 80
1000 ltd r gn 4n. 95 08 05
1000 U Ily In 6s eo so 00
flncreaso. Decrease.
Net
chge.
1
rl
Total sates. $3000, compared wttli $8200 last
Ratnrriari this nttek, 8287,4001 last week,
$200,700.
Local Bid and Asked
TlnMwIn ......... 7S
llufl Hue t e 48'i
do pref .. 34
Eleo Storage 03
Ueneral Asphalt 82
do pref UU
Ky Tel !....... 14'i
do t e 14H
. do pref 07..
Lake Hup Corp 10
Ih Nnv 744
Today
11I1. Asked.
l.ch Valley '. 78
Tr .......
renna
Leh Val
culm ...... .......
Phlla Klectrlo
Phlla Co
do 3 per cent pr.
do 0 per cent pr.
IHHR Jl X I C.
ouH
2Nt
3?
8tJ4
1
:::. M
iS
Heading 08
ionopan uaimont
Tonopah Mining
Union Traction..
U Gas lmo
U a Steel gas
York llitr 14H
do pref ' 37
Wm Cramp to 78
7.1V4
ou
nit
l)3i
a.,
(in.
J4
14H
UK
73
!$
Bfl't
284
41
3U
40.
ID
OR
4U
o
I
74V4
Yesterday
Sid. Asked.
72VS 78
40
04
3i
2.
no)'. 00H
Ion
1V1
78
781
p. 11
28
SU
87
11
78.
n
2N't
40
8tf..
0K
8U'4 30
K 4 1-irj 4
nf4 a
3
48
87'
83
13
II
8
88
70
NEW YORK BANK STATEMENT
Average and Actual Loans Fall Re
serve Increases
NEW ToniC-July 22. Tho statement of
condition of the members of tho New York
Clearing House Association for tho week
shows a falling off of $48,823,000 In average
loans and a decline of ,$3,887,000 In tho
actual. Reserves In both statements were
larger. Details follow:
AVERAGE CONDITION.
Decreaso.
Loans, etc $3,178,802,000 $48,823,000
ites. In own vaults.. 423.701,000 '21,438,000
rtenerve In Federal
llre Ilinlt .... inn. ?4s (inn T.nftft.nnn
Ilea. In other depos,. 82,707.000 23.4flS.O0O
Net demand depos... 8,114,007,001) 23,8(17,000
1H4,U;II,UUII -U.UUT.UUU
31,4l.000 09,000
030,743.000 23.848,000
108,802.740 20,304,270
Net time rienonlts
Circulation
Aggregato reserve
Surplus reservo
ACTUAL CONDITION.
Loan 3, 184,010.000
Ilea. In own vaults . . 428,230.000
ueserve in reuerai
$3,887,000
0.032,000
Reserve llank
Ties. In oth. depos..
Net Demand depos..
Net time deposits .
Circulation
Aggregate reserve .
Hurplus reserve . . .
103.073.000
52,010,000
8.124,748,000
183.2H3.00I
31.480,000
0I3,22,U00
108,085.300
NONMEJtnKIt BANKS AND TRUST COJI-
I'AMIIJH.
Loans and Invests, , $723,000,700
Mold 00.413.200
Cur. and bank notes 0,14),4UU
Total deposits 802,400,100
Increase.
12.108,000
S.8VU.000
2.103.000
5,100,000
'4.000
18.104. 000
12.073,800
$5,400,800
44,900
43(1,400
1.031,400
ANOTHER GAIN IN CLEARINGS
All Cities Show Increase for Week.
Philadelphia Leads
Philadelphia led In Increased bank clear
ings for the last week, as compared with
tho corresponding week last year, tho In
crease being 5G.4 per cent. For the whole
country thero was a gain of 43.2 per cent.,
total clearings being $4,464,668,387, against
$3.11S,188,9CZ last year. Tho details fol
low: 1010. 1015. P.O.
New York.. .$2,100,807,084 $1,405,200,033 40.0
lloston 130,2118,124 118,332,203 --34. 0
Philadelphia. 200.230. 423 127,1103,632 --36.4
llaltlmore .. 33.I30.llKl 23.785,212 --80.3
Chicago .... 351.8111,310 . 240,041,4111 --43.0
St. Louis,... 8I1.HIMI.30O 111, 11(15. 7HH --41. H
New Orleans 20.223.223 10.301,320 4-22.5
Seven cities,
5 dnji...
Other cities,
B days...,
Totnl of nil
cities, 3
days .....
All cities. 1
day
$2,000,103,003 $2,090,010,600 41.2
732,481,284 623.216,241 89.5
$8,602,034,870 $2,015,183,831 41.2
772.014.008 603.033,131 53.5
Total all cities
for week.. $4, 404.088.387 $3,118,188,862 43.2
FOREIGN EXCHANGE
NEW YORK. July 22. At the opening of
the foreign exchange market this morning
demand storllng showed a steady undertone,
but an easier feeling prevailed for lire.
Business was quiet.
Quotations: DemanC, sterling, 4.75 Ti ;
cables, 1.76 "3 ; franc, checks, 5.90 ; cables,
5.90; marks, checks, 72 9-16; cables, 72;
lire, checkii 6.42; cables, 6.41 M ; Swiss
checks, 5.29 ; cables, E5.529; Vienna,
checks, 12.55; cables, 12.60; kronor, checks,
28.65; cables, 28.70; pesetas, checks, 20.25;
cables, 20,30; guilders, checks, llVa ; cables,
41; rubles, checks, 30.45; cables, 30.50.
RATES FOR MONEY
Nev York .
Philadelphia
lloston ,.,.,
Chicago ....
Call.
2 t?3H
3
3H04
4 "iftu
111 $5
4 04W
4 Hi
Reserve Banks' Discount Rates
Boston ...
New York.,,
Philadelphia
Cleveland , ,
Richmond ..
Atlanta ....
Chicago ....
St. I.0UI9....
Minneapolis
Kansas City
Dallas
San Francisco,
10 or
less.
.:!
;!
. 8
. SH
Over 10 Ovr 30 Over 00
up to 30. up to 00. up to 00.
S
Agrlcul,
3U
4
4
4
4
4
b
3',i
4
1
4
4
4
i
4
Trade acceotances.
Owr U0. Up to 60. 60 to U0. moiilt
4
4
4
4
4
J
Com.
SH
oft
nnafon ....... A
New York 3 8
Philadelphia ,. 4H a
Cle eland .... S 3
Richmond , 0 8
Atlanta ,,,, 5 3
Chicago ,,,,, o
St. Louis .,..8 8
Minneapolis ... 4
Kansas City... 3 8W
Dallas ....... 3t, 8
San Francisco. 64 8
Up to 80 days; over 30 to 60,
over 60 to to. 41 per cent.
cent.
IS
!S
I
8
3
avi
3
a
a
a
a
SK
per cent.
3H
3H
and oyer SO, 3 per
$8,611,510 $11,221,633
16,200.000
50.000
Local Reserve Bank Statement
The condition ot tha Federal Reserve Dank
of Philadelphia at the close of business July
21 compares as followsi
RESOURCES.
July 21. July 14.
Qold oin ana ceruncaie
In vault .............
rnA aAtilAm-nt fund hal
anca 12.275.000
Qold redemption fund ... 60,000
Legal tender notes, silver,
etc ,,.,, .. JSJ.;"
Total reserva 21.001.832
Commercial paper .,,... 1,383,018
Rank acceptances 11,100.674
Total bins aiscountea
and bought , ,. 12.489.684 12.829.840
U. S. bonds ........... 4.000.000 4.000,000
Municipal warrants ,,.. 2.649.883 2. 3$ 6, 879
Total Investmenta .... $6,549,533
Dua from other Federal
reserve banks net .. 8,881.561
Federal resen notes on
hand ................ 487,860
Notes of national banks
and other Federal re
serva banks ......... .B4.2?
All other reaources.,... 1(9.786
141.881
2T.618.338
1, 150.982
11.178.653
$6,326,876
1.583.188
481.160
48.710
67.691
Total reaources $43,074,241 $48,627,907
LIABILITIES.
Capital paid In J5.S.50 $6.21J.030
Profit and loss 42.482 42.482
Reservad.poalU net .. 31.710.344 82.6iS.042
Govcrnmeat dfpoalts ... 6.103.223
All other lUbliltle .... 142
82.6iS.042
"".mi
Total lUUUtUs
.$13,074,241 $48,3T.89I 1
AGTIVITY OF FOREIGN COtlKfRIKl
CAUSES REVIVAL IN STEErgXIYINO
Demand for Shell Steel and Rails for 'EWopoah Account
Is Large Trading Quiet on Philadelphia
Stock Exchange
All steel trade Interests state there haa
been a good revival In steel buying during
the last two weeks, due mainly to the ac
tivity on the part of foreign countries, al
though domestic purchases also have been
considerably larger. A feature- of the sit
uation Is the demand for shell steel and
rails for European account, and some of
the best authorities point with cons' Arable
pride to the fact that nearly every coun
try to which shipments can be made is 'In
the market for rails.
Hall mills of this country are working at
capacity, and are booked for some time
Mnto next year, and with a continuation
of the present buying mese producers will
have all tho orders they can take out In'
12 months or more. It Is probable that
never before In the history of the trade
has the outlook been as good for the rail
makers aB at present.
But of the usual production of steel arti
cles the rail Is not the only one that Is
being sought here. Some good wire orders
havo been placed within the last week or
so, whllo further contracts pending with
the Allies and Kussla are the principal
factors. Italy also Is expected to be a
purchaser of additional tonnages. Virtu
ally nil the wire being taken for Europe Is
of tho barb variety.
Activity in the shipbuilding Industry has
brought continued good busness for plates
and shapes, white structural material Is
showing a better tone titan In recent weeks.
There is a large demand for tlnplate, and
the activity of Russia In the equipment
market Is likely to be reflected In future
orders for raw materials.
While no one expects present prices to be
quoted Indefinitely, the best trade author
ities stats that there la no reason at present
to make any reduction, mainly because any
cut is likely to swamp the makers' with or
ders from domestic manufacturers, who, ap
parently, are holding off at this time. When
It is remembered that only those users are
buying at present who have contracts to
All or who must protect their future work.
It can be realized that It Is only reason
able to expect good conditions in the steel
market for some time.
Nothing of Interest transpired In the
two-hour session on tho Philadelphia? Stock
Exchange tolay. To be sure, there was
a two-point (Trop In tho price of the com
mon stock of Duffalo and SusquerrtThna, but
this was only'on Ave shares nnd thereforo
did not represent any actual trend of the
market United States Steel common was
tho most active Issue, the price advancing
n fraction, and small gains were recorded
by Pennsylvania Railroad and Lehigh
Valley.
LITTLE INTEREST
SHOWN ON CURB'
While General Tone Is Steady,
Trading Is Almost at a
Standstill
NEW TOnK. July 22. Thero was little
or no Interest to the speculation In the Curb
market today. Whllo the general tone was
steady, with firmness In spots, trading as a
whole was almost at a standstill, with the
exception of n few of the motor stocks.
Htutz Motors developed considerable ac
tivity and after selling up to 64 eased off
fractionally on realizing. White Motors
fluctuated within narrow limits on small
trading. Kclsey Wheel, which was intro
duced for the first time, moved up from 61
to 629.. Chevrolet was up about 2 polntB.
Mldvnle Steel moved within narrow limits
on extremely small transactions. Drlggs
Seabury moved at n rango of 3 points;
Aetna Explosives was slightly higher.
Mining stocks wero dull with the excep
tion of n few of the low-priced Issues.
INDUSTRIALS.
DM. .Asked.
Aetna Explosives OH 9
Amer Ilrlt MfR '., in..
Amer Marconi 3H 3K
Canadian Car Co 03 08
Canadian Car A Fdry pref........ 82 88
Chevrolet Motors 20. 210
Curtlea Aeroplane 25 40
Drixxs-Seabury W , 103
Eloenlohr Tobacco 38 ' 45
do pref 07 100,,
Emerson Phonoirraph 10 11 "4
Flemish-Lynn 2!i 3U
Haskell & llarker i;ar
lfonrtcn Mfr
Inter Mer Marino ,-3
Kath'xllnn Uronze pref Jj
Maxim Munitions B,
Mnnhattan Transit In
Mldvnle Steeel 03
Otis Elovator of
l'eerlesj Motors 24
1'oole Ena- I'O
H S Kresce w t 1"
Standard Motors ,,
StuU Motor 63
Submarine 34
Trlansle Film -71
United Profit Sharing 21
United Motors 611
U S Light & Iteat 2U
do pref o
White Motors C3H
World Film
STANDARD OIL STOCKS.
Illinois I70
Ohio a
Prairie ripe 21
S O of California 269
S O of New Jersey 510
S O of New York 203
OTHEIt OIL STOCKS.
Cosden & Co 16!
Chalmeru Oil 4
International Petroleum 10
Houston Oil 14
Midwest ileflnlns 60
Sapulpa Itellnlne 10!.
MININQ STOCKS.
Atlanta .........
llutte Copper and Zlno
llutte NY
Cerro de rasco
First National
(Inldfleld Mercer .'.
llecla, Mlnlne
Uoue Sound
Jim Ilutler
.ItimrMi Kxtenslon
McKlnley-Darrah
Magma Copper
Mines Co ot America
Nlplsslnz '.
San Toy . ,
St Joseph Lead
West End Consolidated
BONDS.
Cerro de rasco 0s
10..
4;
6 18-16 S 6-16
1.80 at San
NEW YORK, July 22. Tho cotton mar.
ket this morning was a narrow affair, with
trading almost entirely confined to tho pro
fessional element Thero did not seem to 'be
any outside Interest on either aide of the
market Transactions were few and far
between during tho first 15 minutes. The
opening tone was steady, prices being un
changed, to 1 point higher. .
Disappointing cables from Liverpool were
offset by the continued heavy rains In tha
eastern belt, although west Texas was with
out moisture, and from this section some
reports of pending drought are being
heard. .
Prospects of large exports for the day.
J further bullish crop reports from the water-
soaked uastern belt ana a forecast point
ing to showery conditions over the same
sections tonight and Sunday, restricted sell
ing pressuro during the forenoon, promoted
enough demand from local and Southern
.sources to advance prices half a dozen
points.
Exports from Paclflo Coast points to
Japan and China today totaled 10,295 bales
and to Russia 1SS9 bales. For tho season
thus far exports of cotton from tho United
States to the Orient total 492,000 bales,
compared with 476,000 bales last year.
Advices from Atlanta reported gr.eat
dnmage In the Carollnas, Georgia and Ala
bama, where fields were grassy "and 'the
plant sappy and unablo to stand a period
of hot, dry weathor.
A Liverpool cable stated that the mrrrkat
was dull and Bteady, with little hedge sell
ing. Prices were 1 to 1H points lower.
They wero due to come 2'4 to 3 points up.'
The receipts of cotton at the ports for
the day were estimated at 6000 bales, com
pared with 11,375 bales last week and 14,
049 bales last year.
.110 US
LONDON STOCK MARKETr
Asquith's Speech on New War Vote Is
Awaited
LONDON, July 22. Conditions custom
ary at the end of the week prevailed on the
Stock Exchangp today. The tone of the
markets was steady, In the main.
Tho gilt-edged section paused, following
a recovery. There was a disposition to
await Premier Asquith's speech on Monday,
Introducing a fresh 450,000,000 wai vote.
Chancellor of the Exchequer McKenna's
statement, that the Increased expenditures
ot the Government was probably temporary,
because of purchases of securities and ad
vances to the Allies, had a reassuring effect
The feeling In home rails was cheerful.
All dividends thus far announced by the
companies have been equal to last year's
rate. Americans displayed steadiness In
sympathy with the better tone at New York
and on the favorable news us to Mexico.
Canadians were dull.
A revival of amalgamation rumors caused
some shipping descriptions to show strength.
Allied bonds were quiet There was buy
ing of Marconis.
London.
12:Sip.m.
DO'I
rtltniion. ...............
Halt Bl Uhlo
Canadian Paclflo ,,,.,1881j
Ches & Ohio 64
Chicago Ureat West........ 13
Chlcaso Mil k St Paul. ..,101
Denver & Rio drande, ,.,,, 15U
Erie ...,,..,,.. 87
do 1st Dref RAU
Illinois Central ....,,,,,,,100
i.ouu & Nasnvuie,.,., I33!i
Mo Kan & Texaa ,,,,,, ... 6
New York Central . .:...:. .107'4
Pennsylvania It R 68H
neadlns ...... ........... .1035, Vr)
Southern Paclflo 1!! 137
US Steel ,.. , o ui!
' -Uncrease. Decrease,
N.T.
eaulv.
104b
OS--
i7t;
12 1
06
IS
86
m
4i
7,12
i
-
NEW YORK COFFEE MARKET
NEW YORK. July 22 The market for
coffee futures showed further declines at
the opening today and first prices, were 7
points lower to 1 point higher. Trading was
moderately active on the call, sales being
7760 bags.
Despite the fact that liraslllan markets
continued steady, with exporters having
affairs well In hand, there was a soften
ing tendency In the trading after the open
ing, wjth scattered sailing by trade Inter
ests and for foreign account
There was, however, a fair outside de
mand, and prices at the end of the first
hour showed gains of a few points, "with
the selling pressure little In evidence. The
market for spot coffee was steady, with Rio
No. 7 quoted at 9 He
inh. Low.
September . 8.40 8.40
December ...8.SS 8.49
January ,...8.63 8.63
March 8.76 8.70
Mar ........e.ou o.et o
Total sales. 10.260 basa.
Close. Yes. close.
8.40 8.3SQ8.41
8.0468.15 8.6308.64
B.60t8.ai s.eoos.ai
8.7408.76 S.73&3.74
hvw s.Btcvs.aa
GOVERNMENT BONDS
to
reaietarad. 1930.. si
coupon. 1830 9.
rralalered. 1018 ion
rcxiai3rea 1140 ......lU3)i
3.
4 a.
4s. coupon. 1826 110
ranama, ;S. rnriatarsa, jujo us
Panama Se. restatared. 1B3$ ...... 63
Panama, 3s. rtKUtcrtd. 1S61 ,100
Panama 3i. coua....... )uQ
Asked.
101
COTTON TRADING
ON NARROW SCALE
Prospects of Large Exports and
Bullish Crop Reports Cause.
Some Late Demand
nAINS IN EA8TEUN COTTON HELT
, NEW YOnit. July 2J. Halne were renersl
In the eaetern section of the cotton belt
this mornlnc and tome precipitation was
recorded In the western sections.
The follonlnc temperatures were reportedt
Afhrrllle, 081 Oklahomn City, 70t Knoivllle
nnd Atlanta, "lit ThpmaerlUe, Ralelab, Wil
mington, Jacksonville, San Antonio, Little
llock, 1'enoacola. Maran and Chattannora,
74 1 Aucnuta. Charleston. Memphis. Vitas
burr. Montcnmery, Illrmlntham and Nash
ville. 70i Shmeport. Cqrpns Cbrlntl. Ports
mouth, new Orleans nnd Mobile, 78 1 Tampa
nnd (lalreston, HO,
. mere' was ,ri menu. or premutation nt
ai
pioniKomrrxi v at i.iiu norai .vil j
narienton nna .Mieiiviiiei .up ni Asneviuei
,01 nt Chnttnnoosai .14 nt Atlanta) .18 at
Maront ,10 ot Ullmlnrtoni .40 at Memphlsi
.64 at VlrKRbnrx nnd Jacksonville! .68 nt
flnltestoni 1.02 nt KnolviUei l.lfl nt l'fnaa-
rolui .1.30 at Kalrlcb, nnd
Antonio.
Yes'day's close. Open. Illsh. Low .Close.
Julr 12.80 12.84 12.00 12.84 12.00
August 12.78 12.77 12.83 12.77 12.86
October .... l-'.04 12.83 13.03 12.02 13.02
December ... 18.10 13,10 13.10 13.07 13.17
January .... 13.16 13.10 13.24 13.13 18.22
March ...... 18.22 13.81 13.40 13.29 13.40
eVIfty lB4a .
Spot 12.03 13.00
Liverpool Cotton
LIVERPOOL, July 22. Spot cotton was
dull and unchanged today, on the basis of
7.97(1 for mid-upland. The sales aggregated
3000 bales. Including 2000 bales American.
The Imports were 18,000 bales, all Ameri
can. The market for futures closed barely
steady, at a net decline of 1 and 14 points.
Cotton Statistics
NEW TOIIK. July 22. Tho statistical posi
tion ot cotton follows:
This Wk. Last Wlc Last yr.
Total visible
supply 8.408.072 3,570,042 4,066.003
Of which Amer
ican 2,233.072 2,333,042 8,453.009
Total In slsht
July 21 .... 12.433.762 12.S20.S46 16.210.083
Cotton Buyers and' Sellers
NEW YORK. July 22. October Rosen
berg, Schlll, It. Hubbard. and T. Stdenberg
bought ; Kelffer, Rlordan and Newman sold,
December McKnany, Kelffer, H. Hub
bard, R. Hubbard, Schlll and Rosenberg
bought; Relsensteln, Kimball and Fllnn
sold.
January OrvlB and Newman bought!
Relsensteln. Rlordan and Chicks sold.
March Rosenberg and McEnany bought I
Schlll sold.
May Lowensteln bid; H. Hubbard offered.
Gold Here Direct From England
A shipment of 32,000,000 in gold was re
ceived at tho Philadelphia Mint direct from
England for account of J, P. Morgan &
Co. Additional receipts are expected on ac
count of this movement This gold came by
steamer to Halifax, N. 8., and from there
to Philadelphia by special armored train.
We Have Active Markets
in All
Motor Stocks
And wilt be glad to quote same.
l'rlrata Wire to AU Offices
Andrews & Company
Established 1300.
906 Widener Building
Vnonest I
Walnut 6410 V PDILA.
Baca 3618 I
Kew York Chlcaso Cleveland
jmuburgb. Detroit
Charles J. Bender & Co.
INVESTMENT BONDi?
Members Philadelphia. Steele Ktchaara
NORTH AMERICAN BU3G.
!
DIHEOT0SY Of APCOUKTiUi?
CartMed futlJo AweimUBU
LAWRNCB B. DHOWN A CO.
1616 JUCAJT1S8TA.TB TBU3T BUtt3wW,
JSVSHa A SPIAIilLtM
Xt Bmusm
-i
n
ffrnallii kaMfr 1 V 'i