w
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BVBNKSTG LEDGER-PfflLADELPHlA, WEDNESDAY .JULY 26, 1916.
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e
&, Wit
' tril yfi
WHS .flaUBMB
Kf Urn .i
BuaiUir
FINANCIAL NEWS
EMPLOY STRATEGY TO OFFSET
0C) EFFECT OF U S. STEEL REPORT
Seek Wk Spots Throughout Day to Check Any Broaden
ing Tendency, but Demand at Concessions Prevents
Big Slump Some Stocks Decline
" High Points in Today's financial News
Xttsttrn Steel Comtmnu declared il net cent extra dividend on Aral Tire-
fsrHd Stock ph account of attnwHilaled dividend. Pressed Steel Car Com'
Jtof resumed dividends on common stock, declaring $1 a share, the first since
Detmier 10H, when Si of 1 per cent was paid. Bar silver higher in New
Yofk and London, Delaware Trust Company, of Wilmington, certified that
il,hAd increased its capital stock from f 00.000 to $1,000,000. Mexican Mill
J And Transpotlatwn Company reduced its capital from $7,000,000 to
(815,000. German marks dropped to lowest point on this movement and near
Yic&rd tow.
NEW YORK. July 26.
Market movements today reflected to a great extent a. high degree of strategy
on Che part or the bear leaders to nullity the good effoct of tho amazing statement
f the United States Steel Corporation and the declaration of tho extra 1 per
cent dividend at tho meeting held yesterday.
This element Immediately after tho opening supplied (ttock In large volume,
iMHnr all the demand that has been brought In by the United States Stcol develop
ments, 'and for a good part of tho day agents for these bearish developments' wcro
mpoyed In seeking weak spots In order to check any broadening tendency that
mlffhUhave been created.
For time 'their efforts were successful tn causing recessions In prices. United
MtAtM' Mtecl common, which had sold as high as 87 at tho opening, declined to
t5tf exactly H below yesterday's closo, while Reading was forced down to 93
and vigorous drives were made at many stocks' Uko Industrial Alcohol, Tennessee
Copper and Marino preferred.
It eoori became apparent that there was a quiet demand in most ot these
Issues at concessions, and tho only result of the bearish operations was that the
operators committed to the short side lost a good deal of stocks which had been
supplied by them at low levels.
In tho late trading this situation was reflected In good advances without tho
slightest bullish effort and with comment being made on tho extent to which
stocks are going steadily out of tho Street. It Is only a question of time when
the shorts will be forced Into a stampede- to cover, and the outlook Is that such
& movement Is now not far away. .
, The only incentive that can bo furnished for further bearish operations Is
that which may come In .tho shapo of d. threatened Btrlko on tho leading rail
ways,' but It Is to bo assumed that tho railway managers will call for tho
Intervention of the Government In order to provent a suspension of railway
eperatlono.
Eastern Steel Declares 21 Extra on First Preferred
NEW YORK, July 26. Tho Eastern Steel Company has declared tho regular
quarterly dividend of 1 per cent on tho first preferred stock and an extra divi
dend of 2l per cent on account of accumulated dlvldonds on tho same issue. Both
dividends are payable September 15 to stock of record September 1. The balance
of accumulated dlvldonds on Eastern Steel first preferred after th? payment of
SI per cent, Just declared, Is 28 per cent. '
Pressed Steel Car Resumes Dividends on Common
NfcJW YORK, July 26. Tho Pressed Steel Car Company has declared a divi
dend of ,J1 a sharo on tho common stock, payable September 6 to holders of record
August 10. Tho regular quarterly dividend ot $1.75 a Bharo on tho preferred
stock, was also declared, payablo August 23 to holdors of record August 2. Tho
last-dividend paid on tho common stock was of 1 per cent, on. December 16, 1914.
NO WEAKNESS SHOWN
ON CURB MARKET
Some Leaders Are Under Pres
sure After Early Gains, but
Supply Is Easily Absorbed
NEW YORK; July . Although there
were some Important recessions on the
Broad Street Curb today, the market tone
was sot weak at any time. A number of
the iMdtns Issues, like Mldvale Steel, were
underpressure after showing opening gains,
and hneMed about one point, but tho offer
Intalfi'rC.'ilecllnes were small, and the sup
ply, "rhlch came almost wholly from pro
fessional speculators, was easily absorbed.
Stromberg Motor Devices was exception
ally strong; moving up more than one point,
with part ot the buying based on the knowl
edge that the company wilt earn equal to
$10 per share In the current year. Under
the Allan A. Ryan eontrol the company's
plant is being greatly enlarged and Its out
put will be substantially increased. Aetna
Explosive was a weak spot, selling down
to the new low point of TVt after the pub
lication of the balance sheet which fur
nished little definite information as to the
company' situation or operations.
Some of the mining stocks showed
Increased activity, with Rex Consolidated
in demand becaused of the election of L. E.
Wichero to the directory. There was somo
trading id Missouri Pacific new stock at
23 Vi and there was a continued demand
for Stutx Motor from 62 to 63. American
Writing Paper, which is reflected in in
creased outside interest, sold at -4 and IVi.
Pan-American, which is to take over
Mexican Petroleum, sold at 49 and the
preferred sold at 83 to 86.
INDUSTRIALS.
Bid.
Aetna. JSxptaatvea , TK
Amir Brit Utr T
Aner Marconi ...,.....,. 071
Canadian Car Co M
Can Car ?Ar prtf 80
Chavrolat liotora ........... .... 203
curtlM.Aaropiana ., 3
I
New York Bond Sales
1UI
iwiH
t, 01....101-J
: si .... osti
Low.
100
I
Close,
100
DO 100.,
1034 108.
os.. 08H
W 1P8H 10SW
S l& 2SS
DZ 03,,
004 00$
04 Oft
104., 104,
1Q0'4 100h
lOlti 101
too ion
DOS OflH
l.T4
100'
OH
'gift
i lOOU 100U
iz oXft? oat;
R3U 85H
8DH 80 H
Drim-SenD
Eiiealohr Tub
!
tt4T4t"
Aaktd.
8
't
210
40
do 9ft 07
mar tan fnomifTpn
mlfch-Lrnn . .
HsflkeU is Barker '
HendM Htx .....
inter f . !
do prf t iit4t
K&thodlon Bronx pro?,,.,........
Maxim Unnltlona .... t, ......, ..
StUnhatun Trana ...,.....,....
i ''
AsABSAAaa ft a. a. . l -
rcerieaa .uoiDr. ,......
Pool. Ens ....
B t JtTaaa. w .,.. ,...,,..,.
LOU
VlrfvaU Sill)
Otla EUvalor
S. . . . .T
rombjrr Wotori .,...,,....
ftjbmarla. ...t,...fi.
rlanal. Film .,,,.,..
United Motor. . .................
"OBlt.3 Profit Sharinc
V a Uan4 1I com
tto S5' ....,,
VTblts Motors
World Film .,....-.....,.,..,,,.
STANDARD OW STOCKS.
!??
K-.B IftlllllllB.litliAikllal.ill
t o jCalitornia Hi
Jr7 ........ t mi
9
OTHER OIL STOCKS.
Ceadtn Co IS
Chaimtr. Oil .-........,...... 4
International r.trol .,.,,........ 10
jlousion uii ..................... is
Mil we it Kit BO
umwa
uti CpMr k Zlno . .
' ? .I
in
3D
2S
0.s
33
80
10U
s?S
83
S4
''I
103
13
n
is
to
25
100
S3
A3
8,H
"I"
3
Illinois
onio
O iialiG
o Raw Jr
Q N.w Tork
370
E33
204
STOCKS.
faaeq
Mom
mLk jajacja wm
ifcs- flaw. foue4
li siLnjBtfJ&a
....
nal
UtC .
..t.
ITSlt ... f .t... ....
Awerka.,,,,.
lPpl Wall aaar tfft Vij
fgB&aru
1H.
s
10U
11 .
.. ..
75 U
ti' ST
UK. 1
16
I3U
Illih.
SOOO Alas Oold cv fli Eer A. 100
1000 do Scr II 100
134000 Aneio-hr na
10000 Amir Hid U
310000 Amn For Bta
0000 Atn,r Tl rl 4h 01
7000 Amor Tel cvt 4V4.....108
0000 Amir Writ Tap fts.. 71)
0000 Armour Co 4H 0.1
42000 Atrhlann n 4a 0.1
eOOO bait & Ohio 4H.... 03H
4000 do fi lOOK
12000 do 4s ., 004
1000 do cv 4'4 QVi
3000 Dlth Stiel 1st Ss 104,,
12000 do rfd it 100H
2000 Drookn Rap Tr S..,.10l!
10000 do Da 1U1S 100,
16000 Can Govt 4s 1021.... V9H
S00O0 do 102A 00
1000 do ioai 100.
16000 Cal On A Eke St. .
1000 Cent Oa cons 8a . . ,
2AO0Q Cent T.eather Ut Bi
20000 Cent Fao 1st 4..,.
7000 Chu A Ohio ev 4M.. 88l
1000 do 4tts 80S
fiOOO do conv Da 04 .
100O Chi t Nwn V4 SlH
33000 Chi B fc Q Joint 4i. . . . 07
SOOO do Kin 4i 03H
SOOO do rec 4a OOt,
1000 Chi It i 81 P rtd 4H a 03U
1000 do cp R 103,,
12000 docv4Vi 100H
28000 Chi R I & P rtd 4a... 73H
20000 do 3a SIS
2000 Chlnm rcta fi 72 H
1000 Col South 4',-ja MK
18000 Chi Un Sta 4Ha..... 00!i
1000 Con Oaa conv 6a 133H
300 Cumberland Tel Ba..,.100.
1000 Del ft Hud conv 4a... .10.1V.
4000 do rfd 4a OSH
4000 Dla Recur Corp Ba.... 74f
4000 Du Tont Powder 4Hs,101
oooo Erie eonv 4a 8er II.. 71S
10000 Oen Elec db 5 104.,
SOOO 111 Hteol deb 4Hs... .0K
400U Indiana Steel Ba 101 Jj
(000 Iowa Cent Sa S4
8000 Interb Met 4tt 74
77000 Interb R T ret Ba ... 08W
OoOOO Int Mar Mar ct 4M....101H
7000 Int a Ot Nor 1st Oa.. 03U
10000 Kan CHr Ho Sa 80S
uuuu Han uiiy ier ibi. ia.. o
BOOO Lacks Steel Ss 1D33..
2000 do na 1S30 ......
1000 Laclede Oaa rt& 5a.
1000 Lie & JI T Ba..,.
8000 Loula b Naah 4a...
SOOO Mo Kan ft T 2d 4H s
1000 Mo Fao 4a ,,,.,,..
180OO do cv ct Ba ......
183000 N T C 4 Hud 6a.,
nnnn An iU,
SOOO N Y City 3Ha Nov 64 OlH
3000 do 4a 1030..., 100S
7000 do 4Hi 1U03 1UT 11)7
1000 do 4Ha May 1037.. 107 107
SOOO N T Rwy ref 4 73H 78
12000 N T Rwy adj Sa 8i BO
8000 N Y Til sen 4H 98 08
10000 Hat ft Weat 4a 02U 62
1000 Nor Pao sen 8a, 63K 65
SOOO Or Short U ret 4a ,. 91H 01
51000 Rra Rwv ft N con 4a.. 03 03
IbOOO Pinna in ct 4HS...101H 101H 101U
2000 do en (Hi io4Vi 104H 104H
8000 Public Serv N J 8... 83 02 03 ;
4000 Reading aen 4s...... 03U 03,i 08U
1000 Rt 1. I Sf ft So r,n , a'ltll 101 101
ouuii ao uir a ....... lori iak
2000 StI-iSF sen ct ata 4a, m'l H8U
V "u d j in , ..... "
ao sir u w i ..... ho
oquiii ran izr ts
nuo do cv ret r d
iuuv do ria .
AAA a....k nH. aa
InOnn T.nn i C ret full Bilj.. 00
2000 Third At. rat 4a..,.. 81ft
83000 Third Av. adj Ba.,!., 7SH
SS000 U S Steel B F Ss.. .103
1000 Union Fao lat 4s.... 97
12000 da cv 4s ,,, 9J;
SOOO do rfd 4a ........ 00
16000 TJn Rwya S F 4a,,.,, 38
3000 Va Rwy Oa 08'
looo wait anore 4a so
4000 Weat Union 4Hs 9311
818
..101H
..100!
.. 84H
.. 43
.. 81 ,
.. BlU
..113H
V3
87Ji
004
02H
101S
100 JJ
?3S
SI
BlU
113
OlU
looi,
107H
107
It'1
02H
A8H
914
I.::::,' lew Ik
; ..:... toil sou
n Ba... 101U 101U
70
So"
few
m
loiU
Ull DU
814 siu
794 794
108 103
87 97
93K 9SVi
SO 90
344 3441
984 984
1 SOU 00U
i 93 93
BONDS,
...:iio
83
74
Hi
Diwitrc Trust Increases Capital
TXnOUt mi, July tir-fti Dtli-mari
Tmmt Ossrsr. of Wttejlntou. ha certified
tJutt M . Vrfri.s4 Its-eapital stock from
HI.! !! H 4IML4U !
TfMfilll Wm )M Capital
iJMMtfC X. J. Jw, -Tb uixtena
Wtisc 4 Yafartata Cwf$r today
wnw tnm, rt9r,9Q to
LL.Kst
w ymti t j4
9s .
LOCAL BIINING STOCKS
TONOPAII STOCKS.
Bid.
Jim Butltr .86
MacNamara , ,. ,04
M
Midway ..,.....,
lllzoah Extension ............
Montana ..................... .23
.Norm tiiar ..................
Tonopah Belmont .............
Tonopah Extinalon ............
Tonooah Minlns .......,.....
Keacu. Euli .,.,.,.,, 2
Weat Eni .83
OPLDFII5LD STOCKS.
Atlanta .10
Blue Bull , 03
Booth ., ,,..., i.,... .IS
.CombluaUdn 'Fraction . .,...u, .08
uumwumtw no ...-. -..f ,v
Dalay .,,.... ...v,,.. ,03
Ooidail'l. Consolidated ,..,,.,... 88
Jumbo Ellenaloo ,....:....,.,' .14
Kawanaa .... A...-.10
Oto-, .04
tandatona KarMaU .04
Uwr Pick ".. .12
. MISCELLANEOUS.'
fairy Aitao .., ........, 01
Klmkery , . . . . . v w, . . .01
a v.'eadtr ... i. ......... 2.00
Topa, itUUss
.10
Asked:
.&$
.06
.31
20
.23
.15
J
:ii
.11
.04
:o3
.04
:8I
fl
OS
.03
.13
.03
.03
2.11
IS
New York Stock Sates
J
89H
55
Hlsh. Low Close.
KM 7J 7M
18H 18 18
12H 21H ?M
T3 073 73
87H 88)1
54M 54i
10954 10SM
60 i m.
117 117
133H 133(4
118 118
10H
63X
25
03
iOl
3q'4
91 H
80
49
109
10H
53H
?0
64)1
101
39)4
92)4
80
60
109
. ...-... 3t close
Masks J Odd M 8M
Alaska Gold U ........ K8)4
Alll-ChlmcTl Mfe...... 27H
AllU-Chslmcn Mfg pf..,,73H
Am Beet Sutsr.. ...... ,i B3H
Am Can. ,. ka
Am Can cf .........110H 110
Am Car ft Fdr ...4 M)4 684"
Am Ct & Fd7Pf. UO 117
Am Coal Product.. ....141 141
Am Coal Products pf ...110)4 118
Am Hide ft Leather.,,,. 10H 101.
Am Hide ft Loathet pf.. 53 S3
Am Ice Socurltles ,, 231, 23
Am Locomotlte .. 05 05H
Am lAXomotlTe pf 101)4 101'f
Am Malt Corp'n pf...... 3S! 39)4
Am Smelt & Ref 03!i 94
Am Smelt pf I) , ....... 83' 88
Am Steel Foundries...... 49)4 60
Am KiiffAr rtAflni,.,. . . . inm tnn
Am Tel Tel 129(1 129U 129U ISM
Am Tobacco pi new..... 107H 107J4 107J4 107Ji
Am Wilting Ppf 28 20)f 25U 23M
Am Zinc. L ASm... ..1. 33(4 33)4 32V4 32)4
Anaconda Cop &I. ....... 79 79)( 77!f 78)1
Associated Oil 68 00)4 00)4 00)4
AtChTop8F 10U4 10U4 10114 1014
Atch Top & S tf.pf m 99 9'8f (84
AtlOulf ft W I.. ...... 03)4 02f 02 02
Atl Coast Line ...111 HI 111 111
DaldLocoWks 70 71 03)4 G9
Bait & Ohio 80)4 BOH SOU 80)
Balt&Ohlopf 74)4 74)4 74)4 74t
Dalopllas Mlnlne 1)4 1)4 1!4 1M
nethiehem Steel 440 440 439V4 430)4
Brooklyn Rap Tr 85 85 85 if
BrooklTn Union Gas 130 129U 129 129
Burns Bros 03)4 084 03W 03)4
Butte A .Superior OM 09!4 Ml t9
Cal Petroleum,... 20)4 19 10 19
Cal Pctrolenm pf 47 45)4 45 45
Central Leather , 55 54)4 534 54)4
Central Leather pf Ill 111)4 111)4 111)4
Chandler Motor 107)4 105)4 101)4 104)4
tnne copper 2014 20H 2014 ma
Chlno Copper 47!4 47)4 4nU
Chicago Great West 12)4 12)4 12)4
Chicago Mil & St Paul. . 95H 054 95)4
Chicago It I & Pao 20 20)4 20
Cluett, Pea & Co pf... .103 109 109
Col Fuel & Iron 44)4 46)4 43)4
Consolidated 033 135 131)4 134
WHEAT IS STEADIER
IN FINAL DEALINGS
About 5000 Bushels Sold for Ex
portMuch Profit-Taking
Throughout Day
1
WT.ATIlKn 'CONDITIONS
NEW YOKK, Jrtlr 28. -Adtlfta mslTfd
at the ,n father, nttrean this rnnrnlnB Indl
taled tho followlnir jresther rondltlonat
Temperstnres.
1 urn. ia
e.
Northnet .,.,.....
Middle
.elear
.pepn. IS
.nei
Corn Products Itef 14'4
Corn Proilucts ttel pf.... 90)4
Cruclblo steel 03)4
It
00
0914
33!4
45
25'f
35)4
52)4
41
Cruclblo Steel pf 114)1' 115
Cuba Cane Sucar 59)4 69)4
Denver ft Rio Or pr .... 3 1)4
Distill Sec Corp'n 45
Domo Mines 20
Me 35)4
Erlo 1st pf 52
Erlo2d pf 41)4
General Electric 108
General Motors pf 113
Grcone-Cananca... 45
Goodrich B F 73
Granby Consol 82)4
Great Northern pf U8U
G N cfs for oro prop. ... 35)4
Gulf States Steel 2d pt. . S3 83
Illinois Central 103'f 104
47
12)4
05)4
20
109
43)4
13 tit
1314
90
07)4
114!f
69
33)4
414
25f
34!4
51H
44
107)f
13)4
00
07)4
114)4
68 It
3314
44'1
254
34)4
51St
44
107)4 10711
113V4 113H 113H
45)4 45)4 45)4
73JJ 72 72
81 81 81
11814 118 118
35)4 34'4 3Uf
83 S3
10)i 103)4
13 13
40)4 40)4
114
10)4
74'4
11
05
47J4
41
23)4
84)4
SO
24'-i
71)4
03
45)4
70
43
44
77)4
S2W
82h
1.1
404
114
10J4
74'i
H)4
00)4
4S)
44)1
24)4
S0!i
80
24)4
72
90
40
71)4
43
44
78
82J4
82)4,
114
10)1
74'J
14)4
05)4
1(15
44)1
23)1
85
SO
24)5
72
00
45)i
70
43
44
77'f
82J4
82)
Int Agricultural 12)4
Int Agricultural pf 41
Int Harv N J... 115
Int Con Cor r t c sh.... 10)4
Int Con Corp'n pf 74!4
Int Paper 14)1
Int Paper pf 05)4
Insp Con Cop 48
Int Nickel t t cfs 44)4
Int M M oof dep 23)4
IntM M pf cof dep.... 85)4
Jewel Tea 81
Kan City Southern 24H
Kelly Spring Tire 71J4
Kelly Spring Tire pf.... 05J4
Kennecott Copper 45)4
Lack Steel Co 09)4
Lake Erie ft West pf. .... 44
Lee Rubber Tiro 45
Lehigh Valley 78
Loose-Wiles Bis 1st pf .. 85
Mackay Cos 82)4
Manhattan Elev gtd 129M 12911 129)4 129J1
May Dept Stores 01)4 01 01 01
Maxwell Motors SO 81)4 79 SO
Maxell Motors 1st pf.. 87 87 87 87
Maxwell Motors 2d pf.. 63 58W 53 58)4
Minn St P 4 S S M ....120)4 127)4 127)4 127'1
Mexican Petroleum 08 03)1 94)4 07)4
Mo Kan 4 Texas pf 11)4 12 12 12
Miami Copper 34)4 3434 3-1)4 34)4
Missouri Pacific 7 0)4 0)4 0!i
Missouri Pacific tr cfs... 0)4 fl)i 0)4 OH
Nat Cloak ft Suit . . . .Vr5'75 jJT75 75 75
NatEnamftSCo 2331' 23 23 23
Nat Lead Co 03 03 0234 02)4
New York Air Brake.. ..125 123)4 123)4 123)4
New York N H ft II.... 00)4 60H 60 00
New York Central 1031 10334 103 103
Norfolk ft Western 12o)ri274 120W 120H
Northern Pacific 111)4 111)4 111 111
Pennrtallroad 50)4 57)4 5034 57
Philadelphia Co 40)4 4034 39)4 39U
Pitta Coal Co N J pf ...102 101H 101)4 101)i
Pressed S Car Co 48W 49)4 48 48
Pullman Co 161)4 103 10134 101)4
fly Steel Sp Co 44 43)4 43M 43W
Bay Con Copper 22)4 23 22H 221
Beading 05 H
Republic Iron & S 4GV4
Scars. Roe ft Co.. ..'... ..194
Shat Ariz Cop 20
South Porto R Sue pt.
Southern Pacific,
Canadian NorthweitK.
rei . .
IVeat
aTaa.eatit SPJeAt w . a a
i;noe Mlaaliilnnl V.l!ey.PCIn. !Q
lasippi n
r ..
3I1"
lupti. run
pom
-rt..Mpfpn
t,rienr
Ixtw
it
4
68
ear
iPcpn,
Inrer Mlaalislppl
Ohio vaney .....
The follonlni; r
(va n line i"i'iii I"-"- .
at Dnluth. llMmarck, ln-
rilahsno la and St. Cam. .1 at nnron ana
.10 at l)eri' ise.
Inehee)
,OL n
V
CindAGO, July 26. Wheilt developed h
steadier tone In the final dealings today
after It had been weak, closlrlg Ho lower
for July, He higher for September, nnd
uncbanired for December. Aboit 600,000
bushels were sold for export. Thero was
a great deal of profit-taking throughout
the session nnd cash Interests sold against
Increased offerings of new winter, which
sent the market down after It had been
strong.
The rust 'news from the northwest was
as bad as ever. At the start warmer,
showery weathor In the spring wheat Stales
mado sentiment bullish, causing prices to
swing upward, Many of jesterday's sell
ers reinstated their long; I'.tics or covered!
On the rise there was n great deal of sell
ing, Some unsettling International political
rumors were current.
One ofthe largest local speculators did
considerable liquidating. Outside Interest
was not na broad as It has been nnd con
servative trnderB expressed the opinion
that present prices discounted a great deal
of damage, with stocks still heavy.
The market at Liverpool closed strong,
with buyers nervous Tho weekly report of
the Weather Rurcau mtntlontd rust for the
first time, but ald that It was believed that
tho crop was too far advanced In the south
ern portion of the spring belt to be seriously
damaged by rust.
Tho crop has made rnpld growth in Wash
ington and Montana, Harvesting of winter
wheat Is progressing under favorable condi
tions. Crop nowi from abroad was bullish.
Corn receded after showing firmness, but
September and December, finished abovo tho
lowest. Tho market . Ll rpool was dull
but steady. Tho weekly report of tho
Weather Bureau said -that tho crop needed
rain to produce tho best results, this being
the critical period. There was nlso somo
npprehenslon nbout the crop In the Ohio
valley and Iowa Nebraska continues to
show very high promise.
Oats sold off because of hedging sales of
the new crop. It Is expected that new oats
will be moving heavily within a week or
ten days with continued dry weather.
Lcadlns futures ranged as follows.
TaaMav'a
Cloa!. ClORP.
Wheat Opn HIkI) Lory.
July ....... 1.J0W 1 BoM 1 IT
Sept. 1 -l' 1 -1J 1-1
Deo 1.-4 1 -'
Corn (naw ollvry
July 83)4 Wi
Kept. 7U 70S
Dec. 08i OS'i
oats
July ....
Sept . . .
Dec
Lard
July Sept. . . .
net.
Dec 12.50
niba
July 13 M
Sept '18.15
Pnrt -
JulJT ' 1..-H a:.;. .-.:-aa 1s?-?5
oem .. -' 'rt " " "-i.uu 1,
Bid. TAaked. tNomlnal.
.12.77
. r'.82
.12.77
41 '4
134
12 75
12 M
12 77
12.02
13 55
IS D3
m
82H
7H
H7i
tuj,
42).
1 17'. tl IK
1.10.H 1.10)4
1.2j'a 1.J3
41
4J'4
141H
"41
43
41S
12.01 tl2,63 12.78
12 07 '12 70 12 R2
12 70 12 70 12 82
12 43 12.45 12.42
13 42
13 40
13 42 113.55
13.42 13 55
20.25
24. 112
21.60
COTTON GOES OFF
AFTER STEADINESS
Prices Fall About Four Points
Below Close of Yesterday on
Mild Crop Report
05'4 03V4 04)4
47)4 4011 40)1
103H 193)4 10334
2831 25H 25)1
..110M 117 117 117
,. 07)4 07M 07)4 9714
standard Muling ru 14 54 34 H
Studcbaker Co 120)4 127H 125)4 125't
Tenn Copper 2334 24 22)4 231.
Texas Co 10 t!i 105 194)4 19434
Union Baz ft Paper 0 0 0 0
Union Das ft Paper pf... 30)4 37H 37 37W
, U7J4 U7J4 '54 07)1
, 52 55)4 55H 55) i
137 137)1 130 130 "a
, 82W 82)4 82)4 8231
100 107)4 10214 105
.104)4 100)4 100)4 100)4
, 20 20 20 20
,150 130 155)4 150
27)4 20 20 29
53 52)4 52 52
,108)4 108)1 lOsll 10)4
, 60 87 85)4 bQtt
118 117)4 117)4
United Cigar Stores....
United Clear Mfrs.....
Union Pacific
Union Pacific pf
U SInd Alcohol. .'....
USInd Alcohol pf....
UbUI Pi. F
United Fruit
US Realty ft Imp....
U b Rubber
U S Rubber 1st pf....
U S Steel Corp'n
U S Steel Corp'n pf IIS
U Sbm R &M 08
U BSm R ft M Pf 50
Utah Copper 70
03
50)1
75M
13)4
60)4
26)4
Wabuh 13W
Wabash pf A 50)4
Wabash pf B 20)1
Wells Farro Eip 127J4 127
West E M 50 50)4
Western Union Tel 03)4 93)4
Wheel & Laics Erie 5 4)4
Wheel ft L E 1st pf 15 14)4
Wheel&LE2dpf 7 5H
Willys Overland..., 60 GOU
WUI71 Overland pf 105)4 105)4
Wisconsin Central 52M 52H
67M
50H
75)4
13)4
49)4
28H
127
54)4
03)1
4H
14H
6
59H
07)4
50M
76)j
13)4
49!i
26)4
127
55
03U
4)4
14H
5
59)1
105J 10531
52 s:
Cotton Buyers and Sellers
NEW YORK. July 26. August Free
man bought; Montgomery and Greenthal
sold.
October Burnett, Kelffer, Downs and T,
Stdenberg bought; Hagendorn. F. Hartcorn,
Gorrfn. Newman and Watktns sold.
December Newman and Kelffer bought;
Watklns, Beardsiey, Kyman, F, Hartcorn,
Lee and Rosenberg sold.
January Norden bought; Lester, Munds
and Uyman sold.
. March Rountree bid; F. Hartcorn and
Lowensteln offered.
May F. Hartcorn and Parrott bought;
Downs and McEnany sold.
DIVIDENDS DECLARED
Inland Steal Company rcrular quarterly 3 par
cant, payable Baptemtxr 1 to atoclt ot record
11. Evan Taylor. Inc., resular itmi-annual SH
par cant on preftrrad, payabla Auruat I to a lock
of record July 25.
National Cloak and Suit Company
?uarlrly 11-75 on preferred, payable S
ra alak of record Auruat ltt.
Municipal Service Company 1H par cent, on
the preferred, payable Auaruat 1 to stockholder
of rtcord July SO.
Standard 01) Company of Indiana lacular
quarterly S par cent, payable Auruat 31 la stock
rta-ular
iepteraber
COTTON BELT TTOATIIEn.
NEW YOKK. July 2fl. Temperatnrea
were tllchtly lilchcr In the cotton belt this
mornlnE and eratterril preclpltntion na
rrnortrd In ratlern aertton nnd eoulliern
Teiaa.
The folIoTrlne temperaturea were rerordedt
Aahevllle, 03 1 Chnttnnooea nnd Oklahoma
City. 72 1 Shrereporti ban Antonio, VlcUn
bnrr. Mobile, .Meridian, Knoxtllle, Nah
vlllp. Atlanta and llalelcb. 74 1 Mllmlnrton.
Macon. .Montromrry and Illrmlntham. 701
Corpua Chrlatl, lort hrnlth. I.lttlo Hook.
I'enanrola. Aucuata. Cliarleaton, Harannah.
Tampa nnd Jarkaontllle, 78: Memphis and
New Oriruia, 8O1 Galreaton, Hi.
There nan ,01 Inch of precipitation at
Han Antonlot .02 at Mobile nnd JIuconi .04
at Satunnahl ,06 at Aahelllei .18 at At
lanta 1 .18 at Charleeton. (laUraton and
.Montsomerri .21 at Corpua Chrlatli .46 nt
Tamuas .30 at ltalelih and .78 at 1VI1
mlneVun. NEW YORK, July 28. Business was
quiet on the Cotton Exchange this morn
Intf, but the early tone was nbout steady,
with prices unchanged to 3 points lower,
apparently due to rains In'southern Texas.
New Orleans was tho best buyer here,
while commission houses continued to sell,
Liverpool purchased October, but sold May.
After the ca.ll the market held at the open
Ing levels.
The trade was disappointed over the offi
cial weather forecasts, which gave no prom
ise of any further rain In the western belt
apart from unsettled conditions In eastern
Texaa, while predicting further showera in
Eastern States.
Active covering, which followed the pub
lication of the forecast, advanced prices 4
to 6 points over last night's close at the
end of the first hour, but the tone of the
weekly crop report was more mild than
had been expected and led to selling in the
afternoon which weakened July to 18.14;
December, to-13.21, and January, to 13.37,
or about 1 points under last night's close.
Later the market steadied up again on cov
ering',, but was more or less nervous.
Cloae
1S.00
13 09
13 28
13.33
13.82
13.64
Tea, cloaa Open.
Auruat ,13 03 13 00
October .... 13.10 13 18
December ... 13 36 13 33
January .... 13.42 13.4J
March ...... 13.31 13 61
May 13.es 13 66
Spot 13.20 13.13
Hlrh.
18.00
S 23
13.80
18 4S
13 SO
13.71
Low.
12,92
ii.if
13.14
13.48
18.63
Liverpool Cotton
LIVERPOOL, July 26. Spot cotton was
quiet today at an advance of I points on
the basis of 8.13d for mid. uplands. The
sales were BOOO bales, including 4600 Ameri
can. There were no reclpts The market
for futures closed quiet but steady at a
net advance of ft point to a decline of 2V4
points.
DIHECTOBY OP ACCOUNTANTS
Certified PuMlo Accountant!
LAWRENCE E BROWN CO.
1615 REAL ESTATE TRUST BUILDINO.
BURNS A SPEAKMAN
The bourae
of record Aiuuat T.
American Bank Not Company
terly 60 centa'on common, cava
to stockholders of record Auruat 1.
reanlap mur.
payable Auruat 16
LIVE STOCK QUOTATIONS
CHICAGO July 26 UOOS RtealDta. 23.000.
Market steady Mixed 1 t butchers. v.28 9
KATT? Receipt e, WO Jiarkct IQffllSo
. featea.
ii
020.33, ecwf nod fcufirt.
mMWi
w. - .
Stewart Sugar to Redeem Bonds
NE.W YQRK. July 28. The 3tewart
SUgar Company gives notice that on Oc-
. toper l next u win rtattm an of Its first
mortgage B per cent bonds, paying for each
$1000 bond and all unpaid coupons the
urn of S1080 and accrued interest to Oc
tober 1. 1818 Payments will be made at
the ofHco of the Equitable Trust Company,
of New York. On November, the second
mortgage 7 per cent bonds win also b re
deemed. Holder will receive 11080 -'or
tacit 11000 bond, together Tlth accrued in
terest to November 1, 1911. The redemption
of this Issue will be bandied by the Coluxn
hla Trust Company, tti Nt Toils. Wbe
-dapoaits ekouldie made,
LEOAL ADVERTISEMENTS '
le-ESTATE Os" JENNIE LONjD, DECEASED
3J Letters ot admlnlatratton on the above
'eatata navinir peen framed to toe underalrned.
all peraons Indebted to the aald aetata are re
aueated to make payment, anif Ihoee havlnr
claims to present the aame. without delay, to
DAM J. OOTSHAL6.
Darby, Paw
Or to hie attorney,
ALBERT T BAUERLB.
606 Commonwealth Bultdlsr. Phils.
DlVinENP NOTICES
.hi.'
a raeetl
day the
ahla Aiuolt
July 23tn, 1816.
July 83th. 1818.
II. EVAN TAYLOR, INC.
INVESTORS SERVICE
Preferred BtoeaT DltManil
tins or me Hoard of Directors held
.the resular aeml-annual dividend of
the preferred atock waa declared, pay
n Lu, 1S16, to stockholders of record
www am oa maiiea.
BUI B. 8ETFERT.
Treasurer.
PARTNERSHIPS
NOTICB U hereby rhen
now ha no iurther Istereat tn the business of
V M
that Harold W Good-
St US N 61a at.
ptibdttokua at, tr.'ini'
1 iea ! 1., nsiiiea.aj .1 in.
Sales in Philadelphia
Net
Hlsh. Lew. Cloie. Jhre.
10 AcmeT to 6JV4 AH 8tH '
8 do pr . S6H 6W H (
IS Am Oag..l0V ltOV 1I0H
43 Am Rya pr 8W 8H ?V6 .
ts Cam Iron.. 48 48 48 H
888 Eleo Stor.. SH 88 68 ium
BOO Erie ..... 88 88 88 i
28 Oen Asp . 8144 8H 8H H
10 do pr .. 49. 49M 8H
IS Ins Co NA 18t, 1SH H M
to Lk Sup C loii 1AH loH ..
64 Leh Kav .. 78H 7SH T6,....
48 Leh Va! .. 78 77 78 H
80 li V Tr pr 4tl 4H it . ....
800 AmOoVIi 6s 63 S84 084 Ve
8000 Bald letBs It, 104, 104 Va
1100 El&P Tr 4s 61 70 Ti 8t 4-t
9000 K T let 86 08 97H 08 . ....
1000 L S lno (a 844, 84 844 H
11000 L V B 4M 08 00 86
1000 do Coal. 104 104 104 ...1.
1000 PA a 4H8.101H 101 101 .....
1000 P C Cn ES. 88 '86 86 '-f-1
100 Phil El 46. 88 68 88
100 do Be.. .104 104 104 .....
1000 Ilea gn 4s 98 9SV 98.
3300 St Oas 68.100 100 100
1000 U R t c 4s 78 73 7S
-f Increase. Decrease.
Local Bid and Asked
Run A Sua to ...!,...
do nfd
Baldwin ..............
r.iu Moraire
Oen Aaphalt . ...... .
do pfd ............
Ke atone Tel
do tr ctra .........
do'cref
Lake Sup Corp .......
Lehlsh Nky
Lehlth Val
Lehigh Val Tran......
do pret
IVnneyjvanla .........
Phil Rlee
1'hlla Co
do B per cent rfd. ...
do fl.per cent ptd. . ..
P R nf t, eT ,
itemllntr
Toropnh llelmont ....
Tonopn,h Minlns
Union Traction
U O t ,
II H Steel
Tork Rwy
do pref
Wm Cramp tr ctf.....
Today,
Bid Aa"ted
4ii BO
64 nil .
68H 6H
63,, J3l
6.14 lis
I4J4 14 3
14H 144
T 60
10'i inu
T5. 76 74
m iu iu
42U 421 4aVi
W 4 8
30K 40 39H
lOti 20., 10
o4 04,'i g.itf
4JS 4 4U
44., 4HI 44
B7H SS 87!i
86 86H 86H
14 IS 14i
R0 i)7 SlJ
J2H 74 72
Tterdy
i
4 BH
i 7BM
8
St
41
16
87.,
74V
NEW YORK COFFEE MARKET
NEW YORK, July 26. The coffee mar
ket for futures opened steady, with first
prices showing gains of 3 and 4 points.
Trading was quiet, sales on, the call being
600 bags.
Thero nppeared to be little fresh outside
demand with but little selling pressure In
evidence The Drasll markets were re
ported firm, holders there showing ability to
maintain prices. The local market for spot
cpffee'was quiet, but with an Improvement
noted In the demand. Rio No. 7 was un
changed at 9l.
TodAy'a
openlnjr.
September 8 4.1fflS fn
December 8 608.72
January 8 70
February ".
March S SB4J8.00
My 8.03O8.88
June A,00
Bid.
Teaterday'a
eloae.
fl 454TR 47
8.634
8 70
8,77(1
R 839
8 1144
8.00
18 63
.78
8.84
8.BS
10.00
Condition of U. S. Treasury
WASHINGTON. July 26. The condition
of the. United States Treasury, according
to a statement Issued today, was as follows;
Net balance In general fund, 8329,263,094;
Total receipts, 849,605,934 ; total disburse
ments, J58. 189.603; deficit for year. 111,
129,255, exclusive of the Panama Canal
nnd public debt transactions.
RAILROAD EARNINGS
BUTFALO. ROCHESTER AND PITTSBURGH.
Increase"
3190.617
18,. 103
13,(1211
2,491.03
768,014
1.051,418
1016
June rroaa , 31,036,868
Net after tnxea 242,825
Surplua after charre... 174,064
12 month.! rroaa....... 11,071,060
Net after taxes 6,072,101
Surplus after charres.. 1,064,137
CANADIAN NORTHERN.
Third week July 1866.000
From July 1 2.620.(100
DENVER fe SALT LAKE.
Second week July 183,700
From July 1 70.300
CHICAGO, INDIANAPOLIS & LOUISVILLE.
Third week July 3148.703 121.416
From July 1 469,923 02,060
Decrease.
410.200
1.800,100
11.761
u.eis
INCOME TAX
Proposed Changes
Outlined for the information
and convenience of buey peo
ple who are subject to tax.
By moans of the chart con
tained in thla pamphlet the
propoeed changea In the law
may eaally be comprehended.
Bend for this patnpMtt, PB-lt
N.W.Halsey&Co
je.il inearoot nt.. rmiaoeipMa
New Tork
Chicago
San Franoleco
Edward B. Smith & Co
, Xsiisusan 1881.
ba'nkert
Mm Dare New Tork and PMlatUlpSta
Block Exckaxoit
1411 CasiTNDX Sxaisr, PaiLaonrnu
80 Pins Erun. Naw Toik
LOCAL TRADERS CONFINE ATTENTION
TO UNITED STATES STEEla COMMON
T i.. ma a a-. .. , t t r it . .11 .
jixtra uiviaena uecjarauon ana jsxcepnonaiiy j
Eeport of Earnings Cause Activity in These Shares.
' Remainder of Shares Quiet Changes Narrow
.i.j
Trading; on the Philadelphia Stock "Ex
change during- the first half ot the day
wa confined almost entirely , to Untied
Statet Steel common, aa a result ot the
action of the directors In declaring an ex
tra dividend at yesterday's rrieetlngr, and
the report of Increased earnings. First
sales were made at 87 a gain of 1U over.
last night's close, but later the price re
acted fraction on realizing. Following
the trend In New York there was a drop
to 85Ti. but early In the afternoon there
was a recovery.
More than 1700 shares were sold before
11 o'clock. The report of the corporation
for the June quarter showed net earnings
or more than $1,000,000 above the highest
estimate, predictions having placed them be
tween 75,000,000 and 880.000,000. They
were three titties greater than thpsd of the
corresponding three months of last year.
Outside the trading tn Steel, the rnarket
waa quiet throughout the forenoon. There
were but few changes and these were
narrow Cambria Iron sold Up M nt 48,
Electric Storage advanced a fraction to
63 Jd Pennsylvania sold a. fraction higher
at B71J and Philadelphia Electric was off
slightly, selling at 28. Lake Superior wn
taken at 10 !4 nnd Tonopah Belmont sold
up U. tlapld Transit fell H point to 19H.
The bond division was quiet. There was
one sale of $1000 worth of Lake Superior
Income 6s at Hb, off U from the last
previous sale.
FOREIGN EXCHANGE
NEW TOtlK, July 26. The feature of
the foreign exchange market at tho opening
was weakness In German exchange. Itelchs
marks shaded to 72, the lowest figure In
some time, Otherwise the market was dull
and without features Quotations! Demand,
sterling, 4.76 13-16; cables, 4.761.4: franca,
cable, 8.904 i checks, 6.90 ! relchsmarka,
72072U; lire, cables, 6.44 i i checks,
6.46U; Swiss, cables, 6". 2 8 : checks, 6 28Vi
Vienna, 13. 36 12.40: Scandinavian, 28.65 tf
28.76; pesetas, 20.16fJ20.26; guilders,
cables, 4I71; checks, 417-16; rubles, 30,88
030.40; long sterling Is quoted at 4.71 14 (ft
4.714 for 60 days, nnd at 4.00 U 4.69 V4
for 90 days.
The only feature In mid-afternoon In the
foreign exchange market today was a still
easier turn In German exchange on a nom
inal quotation to 71 16-16 for checks and
72 for cables. Sterling wbb slightly firmer.
Business continued moderate,
Today's quotation of 71 16-16 for relchs
marks compares with an extreme low rec
ord reached on March 22, this year, of
71 6-18 and 71 U.
Financial Briefs
RATES FOR MdNEY
New Tork . ,
Philadelphia
Beaton . ....
Chicago ....
Call,
2 3H
4 J4
BANK CLEARINGS
Hank clearlnga today compared with corre
sponding day laat two yea. re:
1016 I01K 1014
Phlla'phla $41,001,846 $2n.801,814 I23.701.0S0
noaton ... 27.031,617 23,402.200 34,00.1,266
StVf TorK.. MH.7UB.M3 316,616.103 300,211.716
n.im,21H 4.4DB.810 6,921,430
15.667.724 12.111,443 .......
1)0.884,440 44,624,244
ruitlmore
St. Loula
Chicago
Pcnnn. R. R.'s Capital Stock
rinonclnl EdUor:
Sir Will you kindly Inform me. through
the columns of the Evknino LCDOEn, the
authorized capital of the Pennsylvania Hall-
road and the amount It has Issued to date.
GEHMANTOWN.
The authorized capital of the Pennsyl
vania Railroad is $600,000,000, of which
$409,203,600 Is outstanding. Tho par value
Is $60.
NEW YORK BUTTER AND EGGS
NEW TORK. July 26. nUTTEIt Fairly
active trading In high gradea, Recelpte. 13,044.
5Vr,'ni!ILc.ie.hln.r..,';?r,nsr- 2BH30r: State
dairy. 2828V4c: Imitation, creamery, 24 '4 23c.
EOOS High grade atlll acarce and othera
irregular. Receirte. 16.033. Extraa, 2930c;
extra Urate, 2728c: nrata. 26m$28V4c, white.
3S836c, brown, 30032c. mlxrtl colors, 2530c
The New York Subtreasury lost $416,000
to the banks yesterday, making ,a cash net
loss since Friday of $7,304,000,
A New Tork Cotton Exchange member
ship has been sold for $16,000, representing
an ndvanco of $760 more than the last sale.
It Is said that $16,000 H bid for another.
" The Committee on Securities of the New
York Slock Exchange has admitted to the
list Atlanta, Birmingham nnd Atlantic Hall
way Company $30,000,000 common stock.
Gold coin to tho nmount of $1,000,000 has
been withdrawn from tho New Yprk Sub
treasury for shipment to Cuba.
piiiiiaiiiiiiiirauiiiiiiiijl
I $300, 000, 000 1
ra In Dividends and Interest fift
Thla la tha hue aum atatlatlctaai J
r figure will t dUburiad la July. -
tr railroad and Induatrlal eonora. .-
tfona, to lacurity holder! aa their -E2
ahare of tha half-yaarly canlngst
tzs J Tha proaperity of tha country , -;
A could not ba hatter or mora oon- latal
J cretaly Indicated; nar could a LXj
greater lncentlra be produced for 1
the Inreitment of aurplua funda
' in tha aecurltlea of America' -
r cardinal f
Railroads and Industrials
iS q Our tree Inreator'a rocket Man-, 1
ual, glrlng Important corporation
atatiatlca, will ho aent upon ,r- HS3
queat. Aik for C2-TL, including SS
bpoklat explaining ZSS
"Tho Twenty Payment Plan" p
7a VJ uvpyirnnt?ciirmc s
ES (Eatabllahed 1006)
SS 40 Exchange Place New York St
Siiiiiiiiiiimiiiiiuiiiraiiiiiiuiii
INVESTMENT BANhERS
Broad and Sansom Sts.
giiiiiiiiiiiiiiiiiiiiiiiiiBffiiraiiiiiiiiiiiiiraiiiiiiiiBiM
Capital
$1,000,000
Surplus and
Undivided Profits
$430,000
m
THERE are many angles to our service,
of Credit; business or personal deposit
embracing Travelers' Cheques or Letters
accounts; Executorship and Trusteeship all of
which should appeal to Philadelphians. Con
venience of location and unvarying courtesy
furnish additional inducements for your patron
age. Logan Trust Company
OF PHILADELPHIA
Temporary Location! S. W. Cor. Chestnut and 15th Sts.
ROWLAND COMLY, WILLIAM BRADWAY,
President; , . Treasurer
nflsiBHimni
1
Brotvn Brothers & Co.
Fovhth and CKEsmnrT Streets
N PHILADELPHIA
. -
High-Grade Inyestment Securities
Upon request -we shall be,( glad to enter on our mailing
list the names of investors ' who desire to receive regu
larly our security offerings. Investors will be furnished
with Descriptive Circulars any time upon application.
k,
$2,3Q0,000
DUBUQUE ELECTRIC CQ.
5 First Mortgage Bonds
"jr.
r.
i I-..
" .
it 1
Due June 1, 1925
'V
. '
Dated June 1,1916'
INTEREST JUNE AND DECEMBER
V CENTRAL TRUST COMPANY OF ILLINOIS, Tru.leo
PENNSYLVANIA STATE TAX REFUNDED
These bonds are due In nine years, and are an absplute First Mortgage on
the entire electric lighting, power and street railway system of the city' of
Dubuque, Iowa, and vicinity. Total population served over 50,000.
The net earnings for the past year are in excess of twice the bond interest. '
The .Company, in so far as it can lawfully do so, agrees to pay the Normal
Federal Income Tax.
These bonds are a legal investment .for Maine- Savings Banks. . . '
The replacement value of the properties is estimated over $3,000,000t' and is
represented by $1,350,000 of preferred and common stocks.
Price 97 nd Interest, Yielding 6.45
f.
5
.
L
BAKER, AYLIG & YOUNG
Philadelphia Boston
HARPER- & TURNER
Philadelphia
LAJRD & COMPANY
Wilmington, Del.
a,'
A
townsend whelen;! CO.:
Philadelphii
"ii jfiftfumt
I
T
v