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&VENIN& LBIXEIl--PmiAbELPHIA; FRIDAY, JUNE 2 1917
tflLLY
BROCK & CO.
VAXUJEBS
INVESTMENT
SECURITIES
MUNICIPAL
RAILROAD
AND
PUBLIC SERVICE
CORPORATION
DOND3
j0 CHESTNUT STREET
J-jllI.ADKM'IIlA
FINANCIAL NEWS.
PRESSURE OF LONG STOCK ARRENT
IN DAY'S TRADING IN WALL STREET
Most Interest Is Attached to Money Market, With
Majority of Loans on Call Made at 6 Per Cent.
"aiiy mnsiNOt muiy Maintained
Tax Free
in Pennsylvania
Ws own and offer
City of Philadelphia
U and ' various raaturitica
Lehigh Valley R. R.
Oenersl 4i. due May, 2003
Lshiih & Wilkes-Barra Coal
V.-.-iMsted 4i. due June. 1925
(Metropolitan Electric of Reading
""";... . A. Anril. 1010
Pennsylvania R. R.
Conielidtted S, due September. 1919
Penniylvania R. R.
FreilM Equipment 4s, due June, 1920
Pennsylvania R. R.
Tt't Equlp't 4tJ, due Apr., 1919-22-23
Phils., Baltimore & Washington
Firtt 4s. due November, 1943
Philadelphia & Reading.
Coniolidted 4 due March, 1937
Philadelphia & Reading
Improvement 4i. due April. 1947
Pitti Youngttown & Ashtabula
General 4i, due June, 194s
Weit Penn Power
Pint 3a, due March, 1946
Yielding 3.95 to 5.20
Details on Application,
TheNationalCity
. Company
1421 Chestnut St., Philadelphia
New York Chicago San Francisco
Boston
Pittsburgh
We suggest for investment
U. S. Public Service Co.
First Lien Gold Bonds
Tax refundable in Pennsylvania
JTie Company owns nnd op-j
erates Public Utility Compa
nies supplying electricity, gas,
water and miscellaneous' serv
ice in thirty-six cities and towns
located in six States of the
- Middle West.
.. The Bonds are substantially a
"f First Mortgage on the proper-
. ties ol the subsidiaries.
j Earnings well over twice inter
; fit requirements and of a de-
pendable character.
Price to yield over 6
t.
Circular on request.
Fjlliam P. Bonbright & Co., Inc.
MORRIS WISTAR STROUD, Jr.
Mnnniter
, 437 Chestnut St., Philadelphia .
pew York UomIom ChltttKu Detroit
London rati
fflllltm P llor.brlffht & ("o. Bonbrlght & i'o.
lb
rr&mrens:
Llfl0.ehejiies:
ioneliBariki
I Liberty Loan
Communicate with us
if you overlooked ob-
3 taining your LIBERTY
q BONDS.
;J Payment may be
3 made in full, Govern-
d merit installments or
3 weekly payments.
Registered or Coupon
form, convenient denominations.
!",
'ry,. .
rrn" ri .T ...-itzMiN.o
B -"'Chestnut St. Wh-rl
SEND FOR OUR
Market Forecast
Ctnfnln-
P. H k.-i
J1ttbn'rith Coal
Vr"Jf'r i!"
latest Information on
American Smelting
Railroad Works
V. n :.;;" . . "iiumnnna none
rf:. 1 ifollna Chemical National Conduit
uieiisui nteei int. I'rlrolemn
CopperMetalandCopperStocks
Kjoneeott United Verde Extension
An.?., j Magnate
l Untie Copper 4 Zlne
Sent Free on Request
HUGHES' & DIER
Utmltri '"Mlao'tlaiia Slofk scaosl
J CMcefa JJood Trarfs
1435 Walnut St 115 Broadway
PHILADELPHIA NEW YORK
Woolworlh Bldg., Lancaster, Pa.
New York Slock Sales
High
Mt ftW
Net
K)W Close, cligo
THE
WILANDARMSTR0NG
COMPANY
iJTOjCKS M'WK.81-
INI3S NEW YORK 'BOSTON
tV IJ rfTAfttttMrft rill
. Iliah Point8 in Today's Financial News
pressure, 'ffif L?J.etopBient f'l "X" s'rcct wa abscncc f 'H toc''
afternoon ftZni-',!ip?r' day avc waV '" litht recessions in
drain and cotton Mnhll dTdU&..M,lSi ' cM moneV loa"d at 6 P"" ""
Products Ret in&; K CUte S,e.rl'ce stock apptarcd on Curb. Com
ciffit exehanae rE.t .i,Sv al . Sal.eg Lompany increased dividend. For
fAoandS ",'"1"0", thrrc hundrfd and forty-one
Alnslm (lold M . .
Alnnka Juneau . . . AV4 4V.
Allla-Chntmera Co. tRVi tit
dn pref ' KIV4 l4
Am Hoot SliKnr.. 91 H lit
Am Cnn IliV lVi
do pref in.t in.i
Am Car A Vily Co 11 H 1HM
Am Hide & I.ontti 1.1 1 tM
do pref (14 (12
Am Unseed 21 21
do pref (II on '.4
Am l.ocr) "I Mi noii
Am Malt 12i lin,
do prof 02 V,
Am SmcltlnB Kmai iin
do prof II.1H ll',i IISH4
Am Sum Toll Co.. .14 V4 34 .14
Am Steel Fdy 11 11 II
Am Sugar 13"!, I20V4 12 1 U
do pref UOVii 1I0H 110V4
Am Tel & Tel... I224 122 12214
Stt
V H
2
H4V4
01
4Hi i
10.1
1.1 V4
14Th
(II
24V4
(ll
ny.
I2V4 1
0.1
nia.
--IU
2
.1
Safes fa Philadelphia
m, ' .. . NEW YoniC, Juno 22.
Inc w, T lmpor,ant fenture f the stock mnrUot nil throunh tlio day'r. trnd
action m a, !.nCe ,"f "rcM,,ro of """K stock, maklnr; It oaay for intoreatM
-.?. .. u . IO CA"!'0 n,vflnces on jillRht InccntlvcB. Most Interest
wua again attached to the money market, with call money continuing- to rule
nrtnr w n"". "" nM of thc 'luy"s lo"ns ,vcre made nl that TaU!- nlthoiigh
niior nan street a requirement were supplied lower rules were quoted toward
tlie end of the business day. The additional $36,341,000 In gold brought In from
Canada was taken ns n bullish factor, nnd announcement of Its nrrlvnl was
followed by brisk buying of nil the leading stocks.
Importance was also attachod to the statement by Secretary McArtoo that
he will announce terms In regard to money movements In the next day or two.
Many other bullish factors had nn Influence on prices In various stocks,
the declaration of the fi per cent dividend on Corn Products preferred explaining
the vigorous buying of the common stock of that company slnco the boginnlng
of the week, nnd statements In legard to enrnlngs on new contracts weto
effective In causing strength In many of the Industrials.
Gains made In the early part of the day, however, were followed by mod
erate recessions In the final dealings, when business dwindled away to n small
volume. United States Steel common, which closed yesterday at 127. rose
to 129, from which It reacted about 1 point, llethlehem Steol "B" ranged from
1394 to 142&, Ohio Cities Oas advanced from 1274 to 133H. Texas Com
pany moved up from 209 to 213 and General Motors ranged from 117W to 119j..
There was no change In conditions In the bond market, many of the lead
ing railway bonds being offered nt fractional concessions, with Pennsylvania
4Viis certificates selling down to 95. Anglo-French 5s were traded In nt
93 to 93.
Am Tob pf new. .
Am Wool
Am Zinc & Lead.
Anaconda HSM, K2H KK
Atchison 101 Vi tooih nil
do pref W1 01 1
Atlantic Illrm & A 1.1 1.1 M
Atlnntlc O & W 1.IIJW 1111)! MS
Ualdwin loco Co . (11 "4),
Dnlt&Ohlo 1-1U 1.1
Barrett Co IIS 113
llethlPliem Steel... I to 11.1
do II 142 30U
1
V v.
',4
Ufa
u,
.101 101 lol'f,
. ,11!', n ftSVi
Rl',4 S0'4 3IVi 1
'4
High. I.OW. Close.
J Am Hys pf o bo oo
S00 llatd Loco. Al onu APIs
SKI llrlll ja..!l 21 2s
loo lirle 2B(;
102 Key Tel Co IS I2V 8
ls.1 I.k Sup C. 20V to 20
2ft Loh Valley 66 6 flV
Hi Mldvole . 0.1 0.1 03
nlfl Ncv Cons. 24 23 24
2no Pcnna 11 It 83 (is S3
20 Pa Salt M. 06 0 DA
HO 1" AW pref S4V4 34
B Phlla Co.. 34 34 34
3.1 Phlla Klec 30 20 20
31.1 PUT tr cfs 2D 20 20
22ft Heading... 0.1 OS'. 01
100 do 1st pf. 41 41 41
Iflll Ton Pel.. 4 4 ,", 4
410 Ton Mln.. 6 0 0
10 Union Troc 42 42 42
111 l'n (1 Imp. IHIi 1 7Mi
1040 1 S Steel. 120 121 123
loo War I A S 0 o 0
111 W Jer A S 10 4 It 40
llltNIti
Net
thge.
s"
2
1
MOVEMENTS OF PRICES" IN LOCAL
STOCK MARKET TO HIGHER LEVELS
Changes in the Majority of Cases Are Not Wide Most of
Trading Again Takes Place in U. S.
Steel Common
NEW CITIES SERVICE STOCK MAKES
APPEARANCE ON BROAD STREET CURB
$
NEW YORK, June 22.
The most interesting feature of the trading on tbo Uroad Street Curb
today was the appearance of the new Cities Service stock representing the
readjustment of the capitalization of that company on the basis of 10 to 1.
The new shares, which have no par value, were traded In for delivery when
Issued at 31 to 29&.
Interest was shown in revival of activity In American Mnrconl. The stock
sold nt 3 to 39B. Strength was looked for 1,1 many of the war-order Issues
because of the statements from Washington about the contracts tl)at huve been
distributed umong many corporations.
Marlin Arms moved up from 102 to 103, n new high record, nnd Curtlss
Aeroplane was fairly ictlve, selling at 42 V4 to 43. Aetna Explosive was
strong In tho early trading, selling nt B. Thoro was continued nccumuiaiion
of Triangle Film, which was In good demand at 2 nnd 2, with the buying
based on knowledge of the Increase profits derived from tho company's new
business methods.
New York City new 4V4s were traded In, when Issued, at 101 'J. slightly
nbove the market price for the old issues already on the Stock Exchange.
3.1
im
no
no'ii
M
l.iv,
130
MM
00(4
01
38
04
311
001,4
11
1.1
inn; tin
:n sh.
do prof 120
Urooklyn 11 T. .. IW
Hums Pros' loly,
Canadian Pacific. .101
Cal Packing Co.
Central Leather. .
Cerro do Pasco.
dies & Ohio
Chicago Clt West
Chicago M & St P
do pref
Chill Copper
Clilno Con Copper sn4 l'
Col Fuel A Iron.. .13 ,12
Col Oas A F.lec.
("onsol Gns
Corl I'foducts . .
do prer
Criicllilo Steel . .
do pref
Cuban Am Sugar 44
do pref HD
Del & Hudson 113
Den & It O pref. . 1.1
Home Mines II
Distillers Securities 21
(10 8
13
11.1 t",
till i
111 1
12(1 ... .
,111
100 -
101 t I
as 4-
no
an ...
(! t- '.4
ti -f
i.i
i toy, t- 'a
81
n 4
i
sioo ,m Oas A
Mice 8.
1000 l.nkn Sup
Inc fM ..
(inoo Lehigh Vnt
gen 4s..
(looa I'rnna Co
temp ctfs
4I.J.8 . ...
loon Phlla Co
cons Bs.
31100 Phlla Klto
1st f.s...
looo llend-Jer
Cent Is.
(iiiuo SimnlBh-
Am I 6s. nil
1000 York Hwy
1st Gh. .. 0.1
High. l.ow Ulon.
02
02
Net
cligo
4ft 1IV 4 1
'
81 M
84
The Philadelphia stock market put up
a better appearance In the trading; today.
While there was no great amount of Im
provement In the amount of business trans
acted as compared with other recept days,
yet the movements of prices were mostly
on the Bldo of advances. In some instances
these gains were quite substantial in com
parison with the closing flgurei of last
night
It has been the custom for some time for
United States Steel common to hold the
bulk of attention, nnd this stock did not
devlato from this today. It followed the
movements In New York closely, and at the
end of the day It was above the final figure
of yesterday
In none of the local issues did the trading
bulk large, and of this group Lake Super
ior was the most nctlve. A large part of
the Superior stock which appeared on thc
tape was In odd lots, which would indicate
that the small Investors are picking It up.
Under this demand the price advanced a
fraction,
The traction shares were nefilected. In
the full session the only one of this group
to appear was Philadelphia Rapid Transit
trust certificates. For a time In the morn
ing the price wns advanced over the" close
of last night, but In tho afternoon this gain
was lost.
In the forenoon Keystone Telephone,
which became quite active and strong dur
ing the trading yesterday after the an
nouncement that the lease of conduits to
tho Philadelphia Electric Company Had
been npproved, was a little under the final
of last night. This loss was recovered and
n fraction more In the afternoon.
Ualdwln Locomotive, which was quite
prominent In tho Wall street list, got up J.
points at one time. This wns the widest
movement on the list, and tho next largest
was In J. Q. Brill, which was up 2 ponlts.
o.i o,i ,i
00
looi
HI'S.
00
00
100 100
01 01
101
11.1
101
9,1
2
40 II)
108 108 108
S.ITi. 38 33
111.!", 10.1
81 S3
Kill
43
80
40 4 1
.103
1
10.1
S3
1113
13
80
112 11.1 1
14 11
II 11
33 23
INDUSTRIALS
lll.l.
Air Reduction 83
Am Stores 30
Aetna Explosives 4
Am Brit Mfg H
Am Marconi 3
Amer Writing Paper.... 3
Canadian Car Co 30
Can Car & Fdy pref.... 10
Charcoal Iron 8
Chevrolet Motors Oft
Cramp 83
Curtiss Aeroplane 41
Carwcn Tool 1 1
Carbon Steel loo
Emerson Phonograph ... fl
Federal Dye 40
Ilaskpll A Barker Car.. 38
Hendce Mfg 21'
Kathodion Bronze pref.. 1
Lake Torp Boat 8
Lehigh Coal Sales IB
Lima Loco US
Maxim Munitions 2
Marlin Arms loo
N Y Shipbuilding 41
Nor Amer Pap Pulp.... ft
Otis Elevator ftft
.Peerless Motor 11
Poole Eng 10
Plerce-Arrow
Redden Truck
Santa Cecilia .
41
18
20
do pref ftft
Scripps-Booth 20
S S Krosge w 1 10
Standard Motors 12
Steel Alloys 0
Submarine 3l!i
St Joseph Lead 18
Todd Shipbuilding 83
Triangle Film 1
United Profit Sharing 4
United Motors 28
United Sugar 36
World Film l
Wright-Martin Air 1
Zlno Concent 2
Yes.
Asked.
8ft
31
ft
12
3
1
.10
16
0
08
88
4.1
12
104
0
38
31
2
82
M
2
103
48
ft
no
18
80
43
10
26
03
40
II
13
1
38
10
80
2
ft
28',
30
1
2
rlose.
(Sato)
81
44
01
4 in
12
102
0
38
2
102
64
32 V,
Mi
4'.
28
8
2
IM)I:im:XII:NT Oil. STOCKS Continued
Yes. close.
Hid. Asked. (Snlc)
20
Ohio Fuel 18
Oklahoma Refining .... lo
Osage Hominy 8
Rice
Sapulpa Refining 0
Sequoyah I
Sinclair 20
United West Oil 48
M1NINO STOCKH
Alaska Standard 3.1
Atlanta
Big Ledge
Blsbee Copper (a pros) . .
Butte Cop A 7,lnc
Butte New York
Cal & Jer
Con Ariz
Emma Consolidated.
STAMtAltl) OH. STOCKS
Illinois ' 8I '
Ohio 343 S48
Prairie Pipe 2 2
Stand Oil of Sallfornla. .288 203
Stand Oil of New Jersey. ft'JO 600
Stand Oil of New York. .280 28S
INIHjrKNIlKNT Oil. STOCKS
Barnett OH and Oas
Cosdcn OH
Cosdcn A Co
Elk Basin ,
Federal OH
Inter Petroleum
Houston Oil
Merrltt OH
Met Petroleum
2
18
12
0
4
13
20
23',
1
2s
12
12
10
fi
13
23
26
1
2
12
12
4
13
2
2Si
11i
II
2
10
1
1
2
t
First National 2',
Ooldflold Merger ft
Ooldfleld Cons fto
Goldfleld Florence SO
Ooldfleld Kowanas 12
Green Monster 1
Ilecla Mining H
IIowo Sound 3
Independence Lead 10
Jerome Verde I A
Jim Butler 13
Jumbo Extension 35
Magnate
McKlnley-Darragh 48
Mother Lodo 21
Mines Co of America. ... l
Nevada Hills 20
Nevada Wonder I
Nlplssing 1
Ohio Copper 1
Ray Hercules 84
San Toy HI
Stewart 0..12
Tonopah Extension .... 2
United Verde 38
WcBt End Cop OS
White Oaks 3
White Caps 1
Yerington 31
BONDS
American Smelters Bs .. 01
Atlanta Charlotte Gs 01
Bethlehem Bs 08
Cosden Oil 6s 00
Cosden & Co 6s 1)6
Cudahy Bs 01
Erie Bs 1)0
New Haven Bs 0S
New York State 4s 10.1
.New A'c-'c City 101
Russian Govt. Gs 01)
Russian Oovt 6 Vis 83
Southern Rallwrv Bs ... 01
Sinclair Oil 6s 03
Todd Shipbuilding 6s ...101
10
8
10
1
21
AO
38
12
2
11
1
Mil
2
1
3
1
.12
2.1
13
1A
Ml
I
1
18
37
tl
ft2
28
1
2ft
l4
1"4
1
4
18
A
2
38
68
i
3ft
10
8
A
I) a,
1 A
26
1.1
31
II
2
ii
'in
2
IA
6
XO
1
Ml
1
")
21
i
Krle 26 20 36
do 1st pref 38 38 38
do 2d prof 80 30 80
E'.k Horn Fuels .. 31 36 31 1
rii.ii rcipr! Co Hio i8 ino 3
Oeneral Motors ...110 111 IW, 1
Goodrich, B F .11 Vi
Or North Ore subs 32
Greene Cnn Cop 12
Gulf State Steel . 128
.14
61
28
8.1
31",
Int Aerlcul pr
Inspiration Cop
Int Mer Marine
do pref ....
Interimt Paper
Int Nickel 1ft
Inwnl Tf.fl Ulti
do pref 103 t()3 103 - (,
Knnsas-Oltv South 23 22 23
ft I ft I I
31 33
tl) 40 1
123 188 4
M .11
63 4
28 V,
8,T', . . .
31 -I 1
Stia . .
46 "V,
MONEY-LKNDING RATES
NIIW Yllllli Money on call opened lend
ing and renewing at 6 per cent.
Time money today was unchanged from
yesterday's quotations, tho fate for maturi
ties from sixty days to six months ranging
from .". to fi per cnt Thrse quotations
are for loans secured by mixed collateral,
and for all Industrial money rates are U to
per cent higher.
Prime ineligible acceptances were quoted
nt Ir5 per cent and eligible bills at 3 Q
4 per cent
I'llll.ADKI.I'lllA Call. 5 per cent.
Time, 5$ 5s, per cent. Commercial paper,
three to four months, 6G per cent.
63
28
83
36
3 !',
16
do urof B5 .1.1
Kennecott Cop. . . . 4fl 1.1
Lacka Steel 1)6 oil
Laclcdo Oas 06 06
Lehigh Valley 6.1
Manhattan Shirt . 11 16
Max Motor .. .. .11
do 1st pr 61 HI
do 2d pr 31',', 31
Mav Dept Sts pr.10.1 103
Mex Petrol 011 "0
Miami Con Cop.. 41 4oa,
Minn & St L new 11 11
Mldale Steel .. . 03 62
Mo, Kan A Tex.. 6
dr. pr 11 11
Mo Pao w i 30 20
.1.H4
4.1
06
06
6.1 ,
11 4 I
fto
1
111
1
31
10.1 3
06
loai
II
03
6
11
3!)
Mont Power pref. 112 113 113
Nat Con A Cable. 36
Nat Enam A Stpd. 41
Nat Lead .11
Ncv Con Cop 21
Now O Tex A Mex 33
Now York Cent... 9l-y
N Y Dock 18
N Y N H A H ... 30
North American . . OS1)!
North Pacific . . .101
Nova Scotia Steel. 1 00
3ft
30
ftl
33
21
01
11
38
63
103 104
100 100
3ft
40 4-1
ftl
88
21
01
18
38
113
V,
1 I
133 121 132 4-4
02
1)8
08
102
09
00
01
06
106
101
12
84
91
96
103
10
NEW YORK BOND SALES
Ohio Gas
Pacific Mall 28 31
Penn It R 3 3
Pen GnB & C. .. 18 16
Pere Marquette ct 10 10
do prior pr ct. . on mi
Pitts A West 31 33
do pr 6 1 61
Pitts Coal ctfB. . . ftl 13
PlttH Steel pr... loo loo
Pressed Steel Car 11 16 Vi
Pullman Pal Car 138 138,
Ry Steel Spring.. .11 151
Ray Con Copper. 211 88:;',
Reading D'1.
do 1st pr . . 41 41
Hep Iron & Steel. 08V, o
do pr 10.1 kisiti
Royal Dutch . .
Saxon Motors. . .
St I. & S P..
Sinclair Oil. . .
Seabd Air Line
do pr
Sears-Roebuck
Savaco Arms. . .'
Shattuck Ariz . . . 21 z?
Sloss-Sh Stl & Iron 00 60
Southern Pacific. 04 3
Southern It R ... 38 31
Superior Steel ... 40 46
Studobaker 8ft 81
do pref I) 9"
Tenn Cop A Chcm 18 11
Texas Company. . .213 209
Third Ave It R. 21 . 21
Tobacco Products. 00 ft8
l'n liner A P.llwr. 11 11
Union Pacific ...131 130 131
do pref . 10 n v
I'nltod Alloy Steel 46
United Cig Stores.106
1' S Cast Ir I A V 20
V S Ind Alcohol. .101
it.
28
R2
11
19
60
31
01
B3 4-
4 1
-
4 I
-t-
HANK CLEARINGS
Hank rlpnrlngn todny compared with corre
sponding dny lust two years:
1017 1BI6. 191(1.
Philadelphia .ia.1.0S4.373 437.4M..141 J84.3MI.1.1R
lloston ... . .111,1 Os.atT 38.17l.llll2 22,1R7,4I3
New York . .r.i.-i.743.-j:is loii.zT.i.Hiift :so.za7.nni
Ml Louis.
Chicago
2i.7ir,.im
7H.lia7.4lll
1.1.734. K0.1
iM.a'ii.iian
11.(127. r.i
40.1101, 4MI
FOREIGN EXCHANGE
NEW YORK. Juno 22 The foreign ex
change market, as n whole, was steady to
day. Francs wero somewhat firmer, al
though there wns an easier tono to lire.
Sixty-day sterling hills were quoted at
1.70a; ami ninety-day bills at 1.694, both
being nominal.
Quotations were'
Demand Sterling 4 76. cables 4.78 7-16.
Franc checks 6.70 U, cables B.7BV,.
Lire checks 7.32, cables 7 31.
Swiss checks 1.93, cables 4.91
Guilder checks 41V,, cables 41.
Pesetas cheeks 234, cables 23.
Ruble checks 23.BO, cables 23.60
Stockholm checks 30.10. cables 30.30.
Chrlstlanla checks 29.30. cables 29. BO.
Copenhagen checks 2S 90, cables 29.10.
NEW YORK COFFEE MARKET
NEW YORK. Juno 22. The market for
coffee futures opened at declines of 1 to 9
points todny. Trading on tho call was
quiet, sales amounting to 2760 bags.
i Today's Yesterday's
nponinK. ''l-v.
(ill i.tlU'M.tl
70C7 !? 1.7II7.77
7.MTOB7 r
POSITION OF MONEY
INTERESTING NOW
Liberty Lonn Payments and Divi
dend Payments Will Tax
Market
NEW YORK. June 22.
Developments In the money market dur
ing tho past week have been of a character
to create more than usual Interest in the
situation as a whole It was only natural
to expect that rates for both time and call
money would stiffen In the face of the un
usual conditions obtaining, namely, the
heavy shifting of accountn on June 15 In
cident to thc Liberty Loan payments, as
well as other heavy demands that were
made for funds.
There was a slowing down of operations
In the' stock market, principally because
of tho higher rates, although near the
close of the woek call money was offered
at 3 per cent, as against n maximum quo
tation of 6 per cent nnd an even higher
rate in Isolated Instances.
On Wednesday the $50,000,000 British
bank credit, which matured, was paid off
and this money Immediately found ItH way
Into lending channels, which some asserted
ns being responsible In a measuro for the
Immediate easing of tntea nt that time.
Of more interest, howover, will be the de
velopments In tho monoy market during thc
next ten days because of the heavy pay
ments that must be provided In connection
with the second Installment of thc Liberty
I.oan payments, which falls due on Thurs
day next. The amount Is $360,000,000 and
this, together with the unprccedentedly
large July 1 interest and dividend disburse
ments, will tax the banking community to
Its utmost between now and the early part
of July.
Prominent bankers say the remaining
days of June will demonstrate to good ad
vantage the efficiency of the Federal reserve
law In times of great emergency. The pre
vailing opinion, however. Is that remedies
for the money market obstacles will be
worked out without causing much upset In
tho banking world. Thero Is a feeling on
the part of close students of financial af
fairs that money after July 1 will again
touch the lower levels obtaining early In
the current year
BUSINESS IS SMALL
ON COTTON 'CHANGE
Drop Follows Call, Due to Short
Drive, but Rally Comes
Quickly
July . .
Hrptenilwr
December
Jnnutiry
l'hruary
March
May
. I .
; si
7 III i
s.oo
7.01 ff 7.02
7 IIBCT7.07
s.nisfs.nn
8 llfflS.13
III
. 2ft
. 11
. (10
. 14
. 28
.111 111
114
11
40
14
28
HO
16
138
04 4
28 -t-
00 -r
41 4-
1)1
103
04 4-
23
11
10 4
14 i-
28 4-
11 4-
I-
102 100 101 Vi 4-
21
81
III)
93
38
46
8.1
99
11
212
31
ftO
II
4-
4
'.4
4.1
4-1
i I
T
Heavy Selling, of Sugar Futures
NEW YORK, June 22. The feature of
the opening of sugar futures was the sell
ing of 3500 tons of July by a lending com
mission house, but the offerings were rend
lly absorbed by trade Interests nnd opera
tors, first prices being unchanged to an
advance of 1 point, with sales on the call
4 250 tons. Cuba Is offering raw sugar freely
at 6c, which tends to check nny further
advance nt the moment.
61
4ft 4.1 ... .
105 10.1 f
20 80
164 1(11 4-
(10 01
130 131 138
4 I
( I
.111 I
.113 I
. 43 43
. 10
13
12000
0000
ISO BOO
il 000(1
10000
2000
1000
41100
4000
2000
2000
1000
1000
cdoo
ftlMIO
10(10
1000
4IIO0
8000
10000
11100
,1000
ftOIIO
IIMUKI
1100O
11(00
0(1(111
30000
0000
(1000
J 40011
-.000
,13000
'1000
12000
10IIO
"000
33000
80110
6.1000
2000
2000
47000
200-1
'(11 HI
MHI'I
mrt
rt
, .,
6000
Adams Express 4s . .
Amer Cot Oil Bs
Anglo-French Bs
Am Forelen Sec 8s. .
Amer Tl Bs
do conv 4s
Atchlsori en 4s
11 & O Bs
do cv 4Vis
D40 LEtlVV 4s
llraden Copper s . . .
llrook R T B IMS
Can aov Bs 11)21
do rs 1020
do Bs 1031 .....
Cal Oas Kleo B.
Oent 1-eath 1st Bs ..
Chea ft Ohio 4Hs ..
do cv 4Vs
do Bs
do Bs . . -
Chi & Alton 3s
C n ft Q Joint 4s . ..
do re 4s
do III 3is
do 111 4s !
Chill Copper Co 7a..
C M a HI I' rfd 4V.
do conv Bs
do cv 4Vis i ,
C H I ' r'd 4s
do Bs
Com l"rod'4;'ili3i:.:
do 4s 1034 .. ....
Col F I 'n Bs . . .
City of lnrdu Hs.
Del Hud r'd.
Detroit United 4Hs.
Erie conv r
OO 4S err '
French BP s
Ctrinby fls
do sla 6s ,
III H'eel "I'D .: 4
rnt. r Met 4 s
.."-'& P. T jret s
tn-.r V r .M s.
lavsra t'wwiy ..'.
II.
lllKh.
. 74
. 08
. 0.1H
. 04
. UH
.87
. M)K
. 97
. 80 U
. 78U
. DftK
. 08V
. 08
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. 84
. 71)
102
.102
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. 82
. 00
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. 00
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. 70
. 02
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. 08
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. 03I.C
. 0.1
. 113
. 81
. "0
64
68
118
102
102
8ttt
nis
01
. OIH
.100
Low.
74
OS
83
IMS
98
87
80V
00
80
70
0B
08
88
UBS
80
88
88
84
70
102
102
88
0ft
03
81
00
182
83
00
80
70
B2
SO
1)8
08
MH
0.1
03
81
04
.14 V
68
08
102
102
81
61
18
oH
3 p.m.
74
03
03
04V
08
87
80
)7
88
70
88
88
08
0.1
06
118
00
84
70
108
102
80
128
SB
ooV
TCI
82.
MOW
OH
08
8.1
8.1 (
93,
81
ns
fttV
08
88
102
102
87
.lis?
01
J.00 :
i
1000
1000
3000
r.ooo
11000
301)0
8000
216.10
21100
2MI0II
1MXI0
1000
(1000
1000
'J I (Mill
a (ion
VMIOO
201)00
'000
2000
1000
18000
2000
(1 000
1000
10(111
1000
8000
68000
800(1
1000
.'000
7000
Bono
7000
4000
JIIUO
l 00(1
179011
1001)
iiMiii
10000
7000
10110
7000
li 000
BOO
16000
Boon
148000
Boon
54000
40((1
nan
5 .000
1 1 liih.
89V
70
90
118
8(1
117
UIj
do Us
Japan new CJ H 4
1-aclede Oas 1st Bs.
I.le & M T 7s . . .
Long Island Bs 1937
Lorillard 7m
(xmls ft Nueh 4s . .
Liberty llond w I .IVfeii.lOO
Mo Kan ft T 4 A .. 34
Mo Pao w I 4s 00
Nlacara Falls 1'ow Bs.lol
N Or Ten & Mex it Co 00
N Y C I. 8 8. . . 71
N Y Canal 1800 100
N V I' t II III . .101
do 4 a 01"!
N Y C 3 a Nov 11134 88V
do 4 a 10(10 9N
N Y Itwy 27
Norf ft West dlv 4s . SO
Nor i'ao prior 4s ... 87V
do sjen 3s (12
Nor States Power Bs. . 83
Ore Hhort I. ret 4a . . 87
Ore Hwy A N 4s 88
Pacttlc Tel 8s 97
Pacific Oas Bs 8NS
l'enna 4a 1048 0.1
do Ken ct 4 a 95
do en 4s till
Public Ksrv N J Bs... 811
Heading- van 4a.. . . 110
fit. 1, ft S F all w I. . 03
do In Ba 40
do ser A IIJ
Seaboard A I. adj Bs. . 01
South I'ac 4s 79
da cv 4s 82
do cv 6s. . . .
do rfd 4s
South Pac Term Bs
South Hwy Bs ....
Texaa Co CV s. . . .
Third Ave ret 4s. .
II 8 Hubber Bs
II 8 Steel 8 F 6s.
tlntfin Pae lat 4s. .
l'n Hwys BCsitt 4s 84
V iv or u ii I os, , ur
do 8s 1018 U0.V
o Bs 1010, ... , 06
do ns new 1010 011
40 8S 1021, 0.1
Wrst Electric ts. . , . joii
West Ualon 3s,,..,,, 67V
Low.
roV
70
90S
118
80
'eltt
117
111
43 1
111
13
19 4-
20 f
21
118
.13
1S
41
60
12
49
36
81
92
51
lfi
41
33
13
4-
1
3.1 4-3
13
U S Rubber
U S Steel ....
do pref
Utah Copper . .
Va Car Chem .
Va Iron C C
Wabash
do pref A 40
do pref B 26
West Maryland .. 21
West Union Tel . . 02
Westlnghouse Mfg 88
Wheel & L E lft
White Motors .... 41
Willys Overland .. 3.1
IVIInnn ", 74
Bx dividend American Iiraso tinoe, in per
cent, preferred. 48 per cent In Liberty Honda.
Ooodrch preferred, IV per cent. National Sure
ty Company, 8 per cent. Mahunlna- Coal Hallroad
Company. 18 per cent. Ainjrtian Locomotive. 1
and 1 per cent extra. California I'ucklne Com
pany preferred. IV per cent: American Agricul
ture, 1 per cent, preferred, 1 per cent.
Copper Prices Unchanged
NEW YORK, June 22. Quotations for
coppor are unchanged, leading producers
and dealers asking from 30 c to 304c
rer pound for September and 30c for tho
final quarter, whllo small sellers, although
reporting little or nothing doing, are not
shading their leves and are quoting from
31 to 31 C for August. 30 for September
and 29 c for tho last three months of the
year. Brokers and others quoting on nearby
metal are holding to 34c for spot. 33c for
late June nnd early July and about 31
to 32V,o for the remainder of the Inst
mentioned months.
Lehigh Valley Coal Increases Dividend
NEW YORK, June 22. The Lehigh Val
ley Coal Sales Company nas declared a
quarterly dividend of 4 per cent payable
July 9 to stock of record June 27. This
places the stock on a 16 per cent dividend
basis, comparexl with previous prevailing
dividend rate of 10 per cent per annum.
Paris Bourse Quiet
PARIS June 22 -The Bourse was quiet
and tHeadjr, 'today,
DIVIDENDS
riDlXlTY TIll'ST COMPANY
llr.lt CIIO.NH DIV11IKMI
A epeilnl dividend of one nnd nne-otiartrr per
rent (14.10.000) has this dav been declared to
holders of stock of record of this date, payable
trliluv. .lone 22. 1011,
The declaration of this dividend Is acccm
nnnled bv the recommendation of the Hoard that
the stockholders contribute this dividend to the
Philadelphia Commute.' of the lied Cross. In ad
dltlon to their own elfts. to the fund of 1100.
iniii (ion t" he raised under the approval of the
President of the United States for the care of
men In the mllllarv and naval forces of our
country and for (he relief of sufferlm: In the
Countries o' our Alllea, under the supervision
, the American H"., p 0RST
June 10 1017 President
' fllllAIII' TIlVsT COMPANY
llllll CKOJ-S l'UND
A i.reflat dividend of Inn per cent (130.000)
h this da been declared payable to share
holders of Olrard Trust Company nn July I4lh.
loll, as they stand registered on June 30th,1817.
contribute this dividend to the Philadelphia Com
mittee of the Hed Cross, In addition to their
own sills to the fund of One Hundred Million
iinllars under the approval of the President of
he I'nttcJ Ftntes. for the care of our men In
ihe military and naval forces of our country,
ind for relief of sufterlne In the countries of
our Allies under the direct supervision of tha
Atnerlcan Hed Cross.
American EKl'INfillAM 11. MOnniS.
June IS. 10I7 President.
"iXIIIOlf VAI.l.KY ItAII.ROAD COMPANY
Philadelphia. June 20. 1017
Thc Hoard of Dlrectora of the Lehlth Valley
Hallroad Companj liaie this day doclored a
uuarterly dividend of two and nnr-lioU per rent,
lor 1.2.1 per share) on Its Preferred stock to
stockholder" of record. Juno au. 11117, and a
ouorterly dividend of two and one-half per coot,
lor K1.25 per share) on lis common stock to
stockholders of record. June 3ft. 1017. both pay
nldn July II, 1911.
Checks will Ue mailed.
Treasurer.
NEW YORK. June 22,
There was nn extraordinarily quiet open
ing on tho Cotton Exchange today and only
about n dozen transactions were made in
nil tho options on the cnll. The tone was
steady, prices being 2 points lower to i
points higher. Room traders and spot
houses were moderate buyers of the nearby,
positions, which were supplied by Wall
street nnd somo southern Interests, while
Liverpool purchased the late options, and
uptown Interests sold.
After the call there was a . short drive
against the market, on which prices dropped
5 to 6 points, but a quick rally followed
and at the end of the first ten minutes' of
trading quotations were about the initial
levels.
It waa generally clear In the South this
morning and temperatures were unchanged.
Light scattered Bhowers. occurred Thursday
In Arkansas, Tennessee, Alabama, North
Carolina, Georgia nnd on the Atlantic coast.
Yes'day's 11:00 12.00 2.00
close. Open. A.M. M. P.M.
July 28 80 2.1.31) 23.80 25.48 .. . ,
September 2.1.4(1 ,,..
October 2.1.19 25.2.1 25.33 28.33 20.12
December 2.1.34 2.1.40 25.4.1 23.46 28.28
January 28.38 2.1.47 25.28
March 25 52 2.1.51 28.36
May 2.1.(13
Spot 2.1.0.1
Liverpool Cotton
LIVERPOOL, Juno 22. Spot cotton was
In moderate demand today at an advance
of C points on the basis of 19.4 Id for mlo
upland. The sales were 5000 bales, Includ
ing 4000 bales American. Imports were
6000 bales, all American.
BAR SILVER
Today. Yes.
London (pence) . 30 30
New York (cents) 78 78
Last
Frl.
30 A
1017
Hish. Low.
39 3.1H
79 71V
? Company
.UTOMOBILE BANKERS
Offer special facilities for In
dividuals or automobile deal
ers to finance the acquirement
of pleasure enrs, for business
houses to finance the acquire
ment of commercial cars or
trucks. If you are thinking of
purchasing a car of any kind
for any purpose the FINNEY
SYSTEM will make a better
business transaction for you.
REAL ESTATE TRUST DUILDINQ
PHILADELPHIA
Central Teresa Sugar Co.
One Year Equipment & Collateral
Trust Sinking Fund Notes,
Guaranteed.
Price to net fi.38
Full ParticularM and
Circular on Request
Morris Brothers Co.
Established 181)3-
1421 Chestnut Street
DIVIDEND?
An Income of
$120 Per Year
From a $900 Investment
Secured by Ample Resources"',
Earnings and Careful Manage-
ment.
nj JJC Probable Larger Returns
rLUJ Appreciation In Market Value
is offered by the shares of
The Cumberland
Producing & Refining Co. -
Now paying One per cent.
MONTHLY- DIVIDENDS
from tho production of Jo
wells in famous Irvine Field,
where there are locations for
40 MORE WELLS.
For n limited time we will
continue to accept subscrip
tions nt
90c Per Share (Par $1)
Tills stock will be shortly
(railed In on N. Y. Curb,
Mall or telegrapli your re
mittance nt once. f
WIHSLOW TAYLOR & CO.
Walnut esse
Walnut 05S1
402 Wlilener Dldr.
Philadelphia. Ta. -
LV.OAI. AIYKRTISEMnNTS
,-- IN THE OIU'IIANS' COURT JOB
J3& 1'hlladelphln County.
Hatata of famuet L. Jones, deceased.
Notice fs hereby slven that Indiana II, Jones,
widow of said ducdent. has tiled In the said
court her petition, ullct'lng that the decedent
died without Issue and praying for tha allow
ance to her of 15000 under the act of April let.
llioo. and Its supplements, under which she
claims lo have set aside to her In fee premises
702 South 17th street, appraised at J3100, lot In
Ml. Hollv, New Jersey, appraised at 1280, and
J252 00 In lash, the only personal property of
said decedent Said petition will t,e approved
b) the Court on I'rldur. June 20th, 1011, unless
eiceptlons are filed before that time
JOSBPH S CONWELL.
Attorney pro Petitioner.
rSr" 1TATU OK EDWARD C. THOMAS,
fcS' deceased Letters testamentary on the
alo eslat halns been aranted to TUB
I'llOVIDKNT I.IKK AND THU8T COMPANY
OP PHILADELPHIA, all peraona Indebted to
the said estate are requested to make payment,
and those havlns claims to present the same,
without delay, at the office of the said Com
panv. 400 Chestnut at . rhlladelph la.
v ASA S. WINO. President.
Or their attorney,
WM. E STOKfes. Esq .
1227 Comme clal Trust Jlldr.. Phlla.. p.
irHlN THK t'Ol'ltr" OK COMMImTFluaij!
2 NO, fl. KOIt THK. COUNTY OK l-Ilfiuji
Dr.LVIIIA. Marrh Term, 1017 No 8345.
Notice Is hereby given that application will
he made to the aboe Court on Monday, June
23th, 1011, under the corporation act of 1874
of the Commonwealth of Pennsylvania., and the
supplements thereto, for .he charter of an In
tended corporation to be called "Hocleta dl Mu
tuo Soccorso blrueusa l'roilncla." the char
icter and object of which Is to accumulate a
fund from monthly dues and assessments of Its
members to be appl ed for their relief when sick
and to provide for their burial after death; and
for these purposes lo nave ana possess and enjoy
risii... wv! ., , !" ..
I Asseiuuijr miiu ... supplements.
hts, benefit ana privileges at thi
nu us supplements. Th
now on fll In tb Pro.
nil tha
-,t t
proposed charter Is
taonoiar,. '6jyEN,c rmiIAi SoIdt
822 Catharine street,
UlRICrrnRY IK ACCOUNTANTS
UUIINS 4 bl-UAKMAN
XUU ttUblU).
Precedent rules that cor
poration funds must not
be contributed for char
itable purposes. Under'
the present extraordinary
conditions the directors of
the Corn Exchange Na
tional Bank, Philadelphia,
have considered t a pa
triotic duty for the bank
to aid in this important
part of the national de
fense and have subsciibed
ten thousand dollars to the
Red Cross
'
. vi
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