.Tr" fiP " ,' ."ronwr " ,JV ' I ' V i '' r"- fo k P, PENNSYLVANIA TAX FREE . AND TAX REFUND PUILIC UTILITIES NETTING FROM 5.05 TO 6.22 DETAILED OFFERINGS REQUEST ON REILLY, BROCK & CO. BANKERS 306 CHESTNUT ST. miLADEM-HIA FOUNDED 1865 The Provident Life and Trust Company of Philadelphia Modern insurance alms to protect and provide against every contingency. Moun tains of financial worry often turn to molehills after a Provident Policy is taken out. FOURTH AND CHESTNUT STREETS &-f Kf &T if M ' P. . The Virginian Railway We have prepared in pam phlet form the interesting history of this railroad. It deals with traffic devel opment, operating econo mies,, growth of earnings, and shows in tabulated form the market trend of the bonds of this Company front 1913 to 1916. If you have funds available for investment or already hold bonds of this Com pany, this pamphlet will be of interest to you. Bend for Virginian Railway booklet I'K-130 TheNationalCity Company 1421 Cheatnut St. New Yoilc Chicago Cotton Philadelphia San FrancUco I'ittltnirsh t't m io & )&'" w W H iy AUTOMOBILE BANKERS Offer special facilities for In dividuals or automobile deal ers to finance the acquirement of pleasure cars, 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 -tho FINNRY SYSTEM will make a better business transaction for you. '. ESTATE TFtUST BUILDING PHILADELPHIA 8? wv y , i M vf .' IIV UX't 8 'A Wright-Martin Aircraft Corporation is well fitted to take care of its share of contracts for the " 22,625 Aeroplanes and 45,270 Aeroplane Motors that America expects to contribute to hasten world peace. Are you keeping in touch with the latest develop ments of this company? , Send for Report 622-T.U. JONES & BAKER , - STOCK BROKER! Wnknw Bldg., Philadelphia Ball. Wclsnt 1M0-J. Kenton, Bate 2290. New York Chicago Dirtct Private Wirt: Iloaton Pittsburgh .Wkltair BUff., Philadelphia, Pa, feu may(sea4 a your report 633-T.TJ. .4 .. ff . f ...... la. ..tfJlisfrr- jl "liyV. FINANCIAL NEWS SUGGESTIONS ON PRICE FIXING CONTROL SPECULATIVE SENTIMENT Effect on Earnings of Different Companies Is Ruling Force in Wall Street All Through Day Marine Pre ferred Sells Up, Then Declines NEW YORK. July 23. For tho time it seems to be Impossible for securities trading to move Independently of the Washington developments as they are foreshadowed by the nows agency bullotlns and by the press advices. Speculative sentiment Is now almost completely controlled by suggestions In regard to price fixing, and there seems 'to bo little doubt but that tho fears of speculations are causing a slowing down of Industrial Alcohol. Fears of what price fixings may do to earnings were the ruling forces in market operations on tho Stock Exchange nil through tho day. There was a tlmo In tho forenoon when expected developments in regard to the accumulated dividends mado Marino preferred active and strong, with important interests buying that stock at a substantial advance, but the movement was suddenly checked by tho announcement that tho leading allied nations had formed an agreement on rato .fixing that would end tho high tariffs on marlno trans portation which havo prevailed during tho Inst three years. Marino preferred was tho first to weaken. It sold off more than 4 points from Its high price of the morning, and tho manner In which it yielded attracted increased attention tn the steel Industrials. United States Steel common ranged from 123s to 121, ISethlchcm Steel "D" sold down moro than 2V4 points and many of tho minor steel industrials sustained losses of 2 to 3 points. Thero worn somo pool efforts mado during the day to forco specialties into prominence, but the efforts were without Influence on the general market. Thero wero no special changes In bond market conditions, railway bonds still being in supply nt tho low levels already established, any many of tho Government Issues, which wero traded In In largo blocks, wero nt virtually n fixed level. Anglo-French 6s sold at 93 and 9391, and tho Liberty Loan was traded in at a shado under par. ADVICES FROM WASHINGTON RULE TRADING ON THE NEW YORK CURB NEW YOIUC, July 23. Speculation on the Curb was ruled to a great extent by tho Washington advices, the passage of the airplane appropriation making stocks In that group tho most prominent fentures. Wright-Martin, which Is expected to bo benefited most by this appropriation, advanced from 11 to 12, and Curtlss Aeroplane was actively traded In nt 43 to 44. Aetna Explosives was also active because of war measures, with trans actions at 7','n to 7ft. Many of the Wyoming oil stocks showed a vigorous tone, with Knickerbocker Wyoming advancing to the new high record of 6!i, and tho preferred sold nt 10H and 10. Midwest Refining, with an advanco of 4 points to 179, sold nt a new high record. Cosden Oil ranged from 12W to 13 nnd Co.sden A Co. sold at 12',i to 12?'s. Mining stocks wero generally quiet, wltb Magma selling at 48, Ohio at 1 and Big Lodgo nt 1. United Motors was exceptionally weak, selling down to tho new low record of 24. NEW YORK STOCK SALES IHsh. Low. Alaska Oold M... S 8 Allls-Chalmcrs Co. MVb 28Ti do pref 83 83 Am Hcet Sugar.... 0314 i)lii Am Can 49'V, 18ii Am Car & Fdy Co 7(1 7SV4 Am Int Corp 50 ft7V4 Am Hlda & Leath 12 12V4 do pref SV4 Sfl Am Linseed 244 24 Am Locomotive .. 70, 70 Am Malt 1SV4 1S14 do pref 70. 68 Am Smelting ....103 101 Am Sum Tobacco, toy, 48V4 Am Sugar 122 12014 Am Tobacco 208 203 Am Wool .14 53"5i Am Zinc & Lead. 25 24!i do pr 02 , 62 Anaconda 77V4 78T4 Atchison 100V4 too do pref 07 Atl Gulf & W I... 10091 do pref , . 62 Baldwin Loc Co.. 704 Halt & Ohio 70 do pref 70 Batopllas Mln ... 1 Ileth Steel UOYt do H 128)4 Butte & Sup Cop.. 3TA Cal Petroleum'... 1894 Canadian line ...101 Central Leather . . 87 Chandler Motors.. 8016 Cerro do Pasco .. 3I4 Chi Great Western 11 Net ChRO. Chic M & St P... 69V4 do pref 10094 .Chic R I & V t c. 34 do 6 p c pf t c. 5094 Chill Copper 20 Chlno Con Copper. Col Fuel & Iron .. 80 Col & Hoiflth 25 Cont Can 101 Corn Products ... 3494 Crucible Steel .. .82)4 Cuba Cano Sugar. 41V4 Deere Co pref... 100 Del & Hudson ....114 Denver & It G pr.. 1 8 14 Dome Mines 10H Distillers Sec .... 28 Erie 25 Gaston Williams.. 34 Gen Elec Co 1B5J4 General Motors ,.115 do pref 88 Goodrich, B F ... 514 do pref 104 Vi Great Northern pf 10H4 do Ore subs. . .. 33 Greene Can Copper 41 Haskell & Barker. 30 Illinois Central ..103 Int Agrlcul 21 do pref (1014 Inspiration Copper 6S94 Interbor-Cons Cor. 014 Int Harv of N J Int Han' Corp., Int Mcr Marine.. 3114 do pref 01 Intern! Paper ... 3814 Int Nickel 3914 Kan City South... 22 Kennecott Cop ... 43 Lacka Steel 03 Lehigh Vnl 6314 L!g & M T pref.. 118 Loose-Wiles Bisc 17 Max Motor 34 do 2d pref 26 Mex Petrol 0814 Miami Con Cop , . 40 Mldvale Steel ... 60 Mo Fac t o 82 do pref 86 Nat Acme 34 Nat Con & Cable. 3614 Nat Enam & Stpd 4314 National Lead ... 8BH Nev Con Copper.. 22 New O Tex & Mex 28 07 10614 61 6814 7014 0814 H6 120 126 87 1814 15014 8314 7714 34 11 6794 10094 10094 34 34 Close. 8 28 0194 114 4814 14 7514 114 B7i4 iy 1294 '( 5614 Y 24 1 7094 114 16 94 6094 14 101 194 4sy 14 12114 94 203 4 8394 V, 25 62 70 1 100 07 14 106 194 62 0094 IV4 70 7094 ll. 'A 120V4. 294 126 2 37 14 1894 14 18014 394 80 1 80 IV 3y 11 14 60 14 80 10 6394 48 26 100 34 80 40 0094 114 18 10 25 2494 34' 155 50 20 Y 8394 14 48 28 100 34 81 40 100 114 18 1 94 V4 2 1T4 1 10 25 2494 .. 31 155 1 113 114 88 51 10414 104 33 41 3894 102 10 88 84 0 111 111 12 72 20 87 9 33 38 22 42 80 63 118 17 38 28 05 40 88 81 66 84 86 4194 88 21 28 80 86 24 88 61 101 101 3394 41 3894 102 10 80 65 0 111 72 I inch. . 10 .180 . 21 . 20 . 64 42 Texas & Pacific . Texas Company. do rts Third Ave K R. Tobacco Products Transue & Wms. Underwood T Co.ln.tu Union Pacific 130 do pr 7094 Un Cigar Stores.. lis United Fruit 187 U S Cast Ir P & F 21 U S Ind Alcohol. 158 U S Ind Alco pref. 103 U S Rubber 61 U S Smelt & Ref. 87 do pref so U B Steel 123 121 do pref 118 us Utah Copper ....103 101 Va Car Chem ... 40 40 w tiuiisn .,.,,...,,12 do pref A 40 do pref B 20 West Maryland... 2094 Westlnghouso Mfg. 40 Woolworth 126 Wheeling & L E.. 16 White Motors .... 47 Willys-Overland .. 81 do pref 06 Low. 16 180 21 19 6294 42 1Q8 135 10 116 136 21 186 103 61 87 40 12 40 26 20 48 126 16 494 20 06 Net Close, chite. 16 .. 180 3 21 94 10 1 63 1 42 108 1 135 10 117 136 21 .. 188 103 2 01 94 87 1 40 121 1 118 103 1 40 13 40 y 2 2094 94 4894 1 128 18 47 94 30 1 INACTIVE NEW YORK STOCKS Following ore quotations for Inactlvs stocks listed on the New York Stock Ex change and In which there were no trans actions today. The price given I th last 1JICV1UUB CIOB&. My Ewpt St. Bf.105 Mich Cent H ?'n5. SIL new 16J4 Mo Kan & Ter nu 1 K & T if. liiJ M St PA S s if'loit! Mont Tower vrtt.lVl'l Mom. Ic E.J;: "us Nat Biscuit 109 Nat mi.cu pf -," Natl Enam A s pf S9K Nat Lead ..,.' r,r,S S:,.,Js-i.?iLv:ijoit M V Vf- n . w NTAIrRnl,. ,!? pt 11.. vivt K T ntir,",";l urf new. 101 m S K2Sk.t.' 1TH . n, f " WIIL IK Wa, '-.IU. Drei.. VI74 Nnrt Oh I A New York Cent .. 88 NTHIItll 86 Norf South 24 Norfolk & West. . .122 Northern Pacific .101 Ohio Gas 66 do rts 60 Ontario Sliver .... B Paclfto Mall 26 Pan Am Pet pref. 00 Penn R R 83 Pitts & West .... 82 do pref 62 Pitts Coal ctfa .. 85 Pressed Steel Car. 78 Pullman Pal Car.. 145 Ry Stl Spring pf. 88 Ray Con Copper.. 27 Reading 86 Rep I & S 8) Royal Dutch ...... 84 St L ft 8 F 18 Sinclair Oil 48 Sears-Roebuck ...168 188 168 8avare Arms .... 80 90 80 8 StoM-gbaft S ft I. 68 81 6 14 Southern Paclfta.. 88 . t , K'B . .. 87 87 111 Y 2 20 1 88 88 1 38 1 22 42 00 2 63 118 1 17 84 28 05 1 40 6894 81 66 1 84 36 48 1 65 94 22 28 1 80 86 .. 24 122 122 100 100 58 64 1 68 194 6 80 .. 88 62 64 1 78 I 145 294 8 26 4 80- 1 (4 '1 ITU .. 42 Advance rtumelr. 18 Adv Rumely pf.. 26H Adama Gzpreaa..llO Ala.ka Juneau... 3T4 AJax Rubber.... S7K Am Asr Chem rt.lUOV Am Ileet Sua- of.. 10 A 11 fl & y ctfa. 102 do ctf. pref ..ml , Am Can pref. .. .108V4 Am Car & Fdy pf.118 Am Cot Oil 37H Am Cot Oli pr.r. 86 Am Expre.a ,...100 Am Ice Seo pf.. 82 Am Loco pret...l0i Am Smelt pref,.113H Am ameit prei a w Am m Am Suica Am Humatri Am 'lei Am Tob Am Woo Am Writ P pf nw 38' A..00 u u lai pi ox Atlan Coa.t Llne.UlW Ilaldwln Loco pf.lOOK Ilarrett Co .....J0 llarrett Co sref..l0BM Ueth Steel pf...l20 UrooKlyn un uaa.iua Drown Shoe .... 71., lirun.wlck 1114 Duma Bros 08., Cal FacKinc .... 37M Cent LeatherpM12i Cent & a A Tel. 117 Chi & Alton .... 16 Chi at Alton pf.. 2344 Chi Ot W pref.. 3414 C R I Pf P ... 6T Cluett.I'body pf..llu Col & So lt pref 54 Comp Tab IUO Co 40 Cont Can 10014 Con Oa. of Dalt. 11114 com wan pr 112 Con Int Cal Mil Continental lnaur Corn Product! n a 8 A pr.t.. 8 Del Lack k W.,210 D.troit rcai.on...izs Elec Stora.e .... 60 Elk Horn Fuel... 34 Erie let pref..., 88 Erie 2d pref 28H Ked M S IS am Cigar Stores 85 Granby Mlnlnr... 82 Uulf til HI lat pt.liu llsrtman Corp .. 83 Ifavana ElM ....101ft Homeetaka Mln. .101, Int H Corp pt.,102 Int Con Corp Pf.. 57 Int Nickel prof.. 101 Int Paper pf....los Int Paper pref U 60U Iowa Cent S iowel Tea 3 Jewel Tea pref.,103Vi Kan imy bo pr, ssh in Mln. 17 lnaur 644 :ts pf 87 61 26 80 68 82 62 6894 18 1B 88 26 98 80 8294 17 4894 Kelly.Sprlncneld KeoK a ii u Laclede Oa. . L E W pref Lie u 100 4TV 4 98 80 .188 Lane 1.1 cf. of 4 411 Lorlilard P Co... 208 Mackar Co pf .. 64 Maekar Co 80 Manhattan Daach 1 Manhattan E1t lis May D.a'. Store. 85 Wen or. sis F"nl Owen. Hot Mach. 91 Po Tel Tel." 28 "eo t, h.a.1... ': y pmia co ...;:; ? Pitt. Steel prei;; loo I lerce-Arrow . . . 38 oo pref 97iJ Prcaard s Car pf.102 Qulck.llver ..". 1 oo pref 2V4 Hy Stl Spring... 62 Read ni lit pref. 40 Heading id pf..." Jj.7 Repuhl tSpref.loSS oaion Motor .... 17 Shattuck Arlx . 28 gt Louis t 8 w, n 8t L & S W... aiu hesboard A L pf 20 Seaboard AL,,, 12T fclOM-Bhefneld 8 Bo P Rico t....2uf B Porto R 8uc rU 8 dO Til UK Si. 0.Ver Pr. d glut i Motor 45' up Stl l.t pf .. 102 Tidewater Oil ...203 oi u at w ctra iu do pf rt s Twin City R T.. 85 Underwood Type, 102 Un Bag & Pap nw 81 Un Dag Paper 11 Unit Drug l.t pf 52 United Alloy Stl. 48 United Drug .... 73 United Dyewood.. 08 United Dyewd pf 83 United lrult ..,.184 Un Paper Board.. 28 United Ry Inv ., 10 d pref 21 U 8 Realty Imp. 15 U 8 Smelt t K pf buft Utah Sec Corp... 18 Va-Car Cham cr.iin va iron u c, We.t Union Tel.. We.t Md 2d pf vve.i -ao n r. ao prex New York Curb Quotations 1NDU8TB1A1.8 nid. Air Reduction '. 87 Am Stores 24 Aetna Explosives 7 Am Drlt Mfg Am Marconi 2 American Writing- Paper. 8 Canadian Car Co 20 Charcoal Iron 6 Chevrolet Motors t04 Cramp 80 Curtlss Airplane 44 Carwen Tool 11 Carbon Steel 02 Fmerson Phonograph ... 7 Federal Dye 40 Hendee Mfg- 26 Kathodlon Bronie pref.. 1 Lake Torpedo Boat 6 Lehigh Coal Sales 75 Lima Loco 68 Maxim Munitions 2 Marlln Arms 02 N Y Shipbuilding- 42 Nor Amcr Pap Pulp.... 4 Otis Elevator 63 Peerless Motor 14 Poole Eng 70 Redden Truck 14 Santa Cecilia 20 Santa Cecilia pref 65 Kcrlpp'-Hootli 25 H H KresKo w I 03 Standard Motors ...... II Steel Alloys 6 Submarine 3094 St Joseph Lead 20 Todd Shipbuilding- 60 Triangle Film 1 United Profit Sharing- .. U S Steamship 4 United Motors 24 United Sugar 35 World Film Wright-Martin All .... 12 Zinc Concent 2 STANDARD OIL Illinois 223 Ohio 880 Prairie ripe 273 S O of Col 265 S O of N J 608 S O of N Y 208 Sat. close. A.ked. (Sale) 00 88 86 7Va 7 12 294 .. 8 8 84 8 6 06 05 86 .. 44lf 48 ny n 96 06 7 7 32 2 .. 7 1 80 67 66 2 2 100 44 44 4 4 68 16 60 .. J7 26 62 100 12 694 694 31 31 20 10 83 194 1 .. 494 4 24 28 36 94 94 12 12 3 )2 228 385 278 270 015 308 380 270 262 507 200 INDEPHNDKNT OIL STOCKS Harnett Oil & Gas 1 1 Cosden Oil 12 1294 Cosden & Co 12 1294 Elk Rasln 11 11 Federal Oil 4 494 Inter Petrol 13 13 Houston Oil 10. 22 Mrritt Oil 37 3794 Midwest Ref 178 177 Met Petrol 1 1 Ohio Fuel 17 10 Oklahoma Itefl 0 0 Osage Hominy 894 8 Rice Oil Sapulpa Ref 1194 12 Sequoyah 1 1 Sinclair 25 27 United West Oil M1N1NO STOCKS Alaska Standard 30 Atlanta 10 Big Ledge 1 Blsbee Copper (a pros) . . Butte Copper & Zinc ... 0 Butte New York 1 Cal A Jerome 1 Con Ariz 2 Emma Consolidated .... First National 2 Ooldfleld Merger 5 Goldfleld Cons 40 Goldfleld Florence 17 Ooldfleld Wewanaa 12 Green Monster 1 -f, Hecla Mining 894 Howe Sound 6 Independence Lead 10 Jerome Verde 1 Jim Butler 70 Jumbo Extension 28 Magnate Copper McKlnley Darragh 64 Magma Copper 47 Mother Lode 26 Mines Co of America.... 1 Nevada Hills 2p Nlplsslng 79J Ohio Copper , i Ray Hercules 394 San Toy 13 Stewart -f, Tonopah Extension 2 United Verdo 36 West End Con 65 White Oaks White Caps Yerlngto'n . . 3 1 27 35 11 1 0 1 A 2 1 3 7 62 23 16 8 894 11 1 73 30 1 57 40 27 1 25 8 1 4 15 11-32 2 87 70 'lA 20 - 1 12 12 11 4 13 20 37 171 1 0 894 1194 1A ( 88 11 1 1 0 1 1 2 lfV s A 60 1A 8 1 72 29 84 40 27 7 1A 14 A 2 A 36 60 27 BONDS Bethlehem 5s 08 Cosden OH 6s 07 Cosden & Co 6s 03 Cudahy 5s 05 Erie 5s 98 New Haven Es 98 Russian Government 51&s 76 Russian Government 614 s 86 Southern Railway fcs. . . . 08 Sinclair OH Cs 03 Todd Shipbuilding 6s.... lot New York Cities 4 lis... 101 08 00 05 100 08 07 77 88 08 103 101 08 08 77 87 08 RUSSIAN NEWS SENDS COTTON STILL LOWER July Leads General Decline, Selling at 48 Points Below Saturday's Close 66 VA i wiiiri-Ovtrl Wllann m 1 "Wnti'ton i'unui tt&fe && Sales in Philadelphia 11 Am High. Stores. 36 Low. 86 Close. 86 Net chge. 16 Am Oos ..106 108 106 Yt 220 Am Milling 0 9 Am Ry pf. 90 10 Bald Loco. 70 12 B & S t c. 86 81 Elec Stor.. 8094 46 Q Asph pf. 61 10 Ins Co N A 20 330 Lk Sup C. 1794 28 Leh Valley 6894 Leh Val Tr . . do pref. . .. 131 Pcnna R R 63 20 Penn Salt. 04 428 Phlla Elec. 20 1810 PRT trcts 31 28 Reading... 08 100 So Pacific. 03 200 Ton Bel... 4 A 142 Ton Mining 6 613 Union Trac 41 232 Un O Imp. 70 4418 U S Steel. 123 Warwick.. .. W J & S.. .. 200 Wm Cramp 8 Ex-dlvidcnd. day's close. 0 90 70 66 60 60 26 17 6394 83 04 20 30 08 03 4 Oft 44 70 121 83 0 00 70 56 6094 61 26 17 6394 26 T46 83 04 20 30 06 03 4 A 6 44 70 12194 1 T0 .. T40 .. 8394 94 V. 1 -Va A tQuotatlon given is Satur- 02 00 100 100 noNDS High. Low. $2000 Am Has & Elec 5s. . 0: 1000 Com cfs dep Phlla Co con 5s.. 00 1000 City 4s '67.100 500 do 1043.. 100 800 Elec & Pco Tr 4s... 77 Eqillt III Gas 5s.. .. 1000 Penna Co cons 4 (4s 1960 ....102 1000 do temp cts 44s. 01 SfiflO Phlla Elec 1st 5s. ..101 2000 Span-Amer I 6s ....101 1000 York Rwy 1st Es... 05 Close, 02 Net chge. 00 100 100 77 77 .. fl04 102 102 04 01 .. 101 1Q1 .. . 101 lOt OS PHILA. STOCKS are quotations for Inactive INACTIVE Following stocks listed on the Philadelphia Stock Ex ehango nnd In which there wero no trans actions todav The price given Is the last previous close: Alllancn ln . . . Amer Oas Wnr Amer Store. Am Rwy prif . . , fiaiuwin ljoc pr. Hrlll JO. . . .. Ilufl Sunn pf. Cambria Iron .. Cambria Steel... 160 Con Trnc N J . . 73 Oen Asphalt .... 20 do pref no Ina Co of N A.. 20 2ft 3(1 00 . icmi; :3n:i 4Z HJr TI.I-, Keystono Tele do nref . -. LehlKh Nav 77 i-enna salt mix- vs J'filla Co 00 prer do rum pref . Penn Trafrlo . Phlla Trao . . . . I' It T Un Cos of N J. IVel.baeh , IVeetmor Coal., fork Rwys pf.. as '4 3.1 8lt 70 2 214 44 7(1 37 New York Bond Sales J5000 Amer Agr deb 8a... 40.1000 Anglo-French 0s.... 11000 Am foreign Sec Bs. oono Am Kmolt & Ref Co Bs (12 sn High Low3 P.M. .100 !!'i H0H . 04 03' 03?i 07 NEW YORK, July 23. News of the political situation In Russia and continued rains In the belt combined to break cotton prices sharply today. At 11 o'clock July sold at 25.62c. a drop of 48 points from Saturday's close. October opened 3 points lower at 24.50c, and at 11 o'clock had declined to 24.24a December, at 24.25c, showed a gain of 2 points at the opening, but followed the market In Its drop to 24.19c an hour later. January was off 18 at 24.24c. At the opening It picked up a point, selling at 24.23c. March opened 20 points lower at 24.65e. and faHurt n show any activity during the remainder of me morning. Liverpool was a large seller, especially 01 mio monins, ana mis was considered responsiDie for the decline In those options. New Orleans and other Southern houses sola, while Wall street, room traders, and, spoi nouses wer rainy gooa buyers. Receipts at the ports for the day were estimated at 4000 bales, against 6693 last week, 11,345 last year, and 3056 two years ago. A bulletin Issued by the Bureau of the Census today places the amount ot cotton seed received at mills from August 1 to June 30 at 4,474,155 tons. There was crushed during that period 4,433,293 tons. The quantity on hand at mills on June 30 was 65,191 ton. L'OOn Amcr Tel clt 4a. 2U0UU do Bs I)0'4 70(10 Armour Co 44 0114 11000 Halt & Ohio 5a 072 6000 do cv 414 88(1 2000 iltOriBt W V 4a SO 4000 llrkn Itap Tr 6a 1018. f89s B00O Can Oou 6 1021.... &, 800(1 Cal Oas fc i:iee 0a... IP7V4 BOOH Cent Leather let Sa.. H8 ?!!!! ChX" &9hl? ev 48" 781. 1000 do conv Bs 88 3000 Chi B 4 Q joint 4a... 6i 4'.? 9. J Q Jlnt .. wait Bono Chicago Rwys Ba..... ns .'i'JS!X nl..aas & coke Bs... 08 7000 do gen 414 a 04 800U C It 1 & P rfd 4a .... 71 H 8000 Clev Kh Line 44s.... 974 1000 Col Industrial Sa. I.. 7R l!00n Col South 44s ! 70 CJ SWOiO City of Paris oa.::::: 04H L000 Cerro do Pasco 0a....in91 tiouo Del & Hud rfd 4a ..88 ffil Sf Edison let 5a 33s. 100 1000 Krle conv 4a Ser II.. B5H 7000 French Rcpubllo 84 s 004 3000 111 steel deb 44s..,.. 874 10000 Indiana Steel B Id's lsi!2i! Jnterb It T ret Bs.... 03"2 42000 Inter Mer Mar 6 04. oa,12 l"1"1"1' I'arer 5a.... 09(4 V()(in -Tonnnna.. ...... rt a Mil r ' innn ;.'.", "5 V " " "" "" 80 1000 Kan City Ho Bs 824 a'4 R2W 1000 do Ter lat 4s.... ' (2 2,2 52 1000 Lk Sh deb 4s 1028 9J o".4 o" 2000 do deb 4a 1031.. HI 01 nT 2000 Us- & M T 6s...: ".loo 100 100 397500 Liberty Ilond w I S innnv... .. 004-50I'S-SO 00 45,80 .' ---.. IB ISA 4K'A RTi i RR1! fiQU 034 50i 00 10014 10414 04 85 224 Sl 88 s2!! ?iflc -to. 'i.x;:::: Sft Sis S8 SnoK?.n.ES..c...u-"- 8J si ?: 100(1 do 4s 4000 Reading- Ben 4s 14000 Rep Ir 9 Bs.. 2000 St L t 8 T ajt 14000 do in 2000 do Ser A .... noon st Louis swn hii;;:;; al 10000 South Bell Bs ....: noH 13000 South Pae cv 4s ..: : s booo do cv bs ::: no M00 do rfd 4a " 804 40(10 South Pac Term Sa 07 fiOOn Minn Rt n a o Vr II" 111? 22 s'ooo iiiS'pi'ri slde.or Ch' H .21!!! vi ac 4" w l un ko "RSS ?Jat,.T,VbS B,? ioi . iou'4 2000 N Y c & II Gs fuu an 4a ,iSSS Jf Y. 9. 3H a. May 1054 ui'tnm -h i nwy 08 100(1 N y Tel itcn 44 a 1000 Norf & Veat 4s loon Nor Pac Ken 3a 101 04 8.1 lOill Vi 83 : ni'l S44 88 m 1Y 70l? . 001 .100 . on . 484 . 024 88 12i . 8Vi .108 .102 104H Toon South llwy gen 4 81000 U S Rub Bs ." 1'000 l)B8nii 22000 U S Rubber fls .... 2fQ V 8 Steel s f Bs A BOOO Union Pac cv 4a ... 180000 U K of O D & I 8s 105000 do 34s 1018 ... 23000 do 54s 1010 .I" lflOOO do 64s new 1910 J700O do 64s 1021 .... 3000 Va Hwjb Bs ;::; hill 7000 West Shore rrtr 4a '! fct .. 024 0000 Weat Union 4 li'. 8HJ4 704 on&? 100S i 06 i 484 62 80 04 00 flOH 82 66 1(1211 102i 854 884 103 108 102 102 104 1044 SS? " 88. $2$ n8r os'4 fi"S B9J oS .074 074 074 "J4 06 06 H Ti nau 2?!? n3I 814 814 024 024 884 70JJ ion, 05 4SV 02 80 B4 60 004 82 88i 88J 074 GOVERNMENT BONDS 2s. registered, 1030 2s, coupon. 1930 3a. reslatered. 1018 ...."I 3a, coupon, 1918 , :" 4. reslatered. 1025 ,..,!!!! 4s, coupon. 1025 .: 3a. registered. 1040 :" aa, coupon. 1046 Panama 2a, registered, lnio' Panama 2s, reslatered, 1938 Panama 3a. registered, 1961 Panama 3a. coupon nt 96 09 90 1044 IS 06 80 80 l ' - r . STOCK TRADING OF MIDSUMMER m ' TYPE ON PHILADELPHIA 'CHAM Vppv Small Amount of Business.-Takes Place in Session, but Market Has Better Tone Than A Wall Street The stock market In this city today was a typical midsummer affair. In no Issue was there any real sign of life, and traders who were downtown characterized tho mar ket as a waiting affair. It was a waiting affair In the sense that those concerned with market operations were not disposed to take any position on the market until some flcn nP.3 news comes out of Washington. 'vVhat the Street Is waiting for moro than any thing else Is a move on price fixing, ami when this is out of the way traders look for a better market. Although the amount of business trans acted throughout the whole session was small, the action of the market, especially as far as the home shares was concerned, was better than In New York. The dispo sition of the majority of tho local Issues was to hold at Saturday's closing level or a fraction higher, and about the only Issues to be affected to any great extent by the downward trend In Wall street were the arbitrage Issues. This state of affairs was esneelanil with resnect to United Rn. e?:ruM While this stock maintained Its poaiii market leader, it wnn nn,.- "Jl( day. At one time In the afternoolTil ever, was not ns active as on prerloJ ceni cays. vsi As far as being a market factor iiun ui iv uiiiuviiu ui inu utKing off ef . Idend on Philadelphia Itapld Transit'! certincates maxes no different! i amount of the dividend, which la siic rent. or. 31.25 a. share, nm. ..'! majority of the sales were made at idu ' flBfurlntr thft dlvtdenrl rift tl . u 7 I of only H. M & Aransit i-oruucaies were) the mnf of the homo ernun. nirA..M.. . .. nanv will meet on Weani... . ". r ' It la oxneeted thai Vh n.". ".'!" be ready for consideration by the Bain of 1 point was registered bv SJ CJlllffUUllUlilb LOCAL MINING STOCKS TONOPAH STOCKS Did. Asked. MarNamara JJ !? Midway J! Mlrpah Eitension 13 .14 Montana " -ri North Star " "Jr Rescue Eula - - OOLDFIEL.D STOCKS niue Hull 01 .02 Booth OJ " Combination Traction 04 .ns niamonneld n II 02 .03 Daisy -02 . sand'Ken'::::::::::::::::::ii!. :?-; -yj Sliver Pick 1 -u MISCELLANEOUS Arizona United 30 .33 Nearta Hill 20 ,23 Nevada Wonder ;' - Tecopa Mlnlnit .25 DIVIDENDS DECLARED Grand Rapids Railway Company, regular quarterly of 1' preferred, payable Aug-uat 1 to stockholders of record July 20. Illinois Traction Company, regular quarterly of i of 1 per cent on common, payable August 15 to holders of record Julv 80. New River Company, a 11.60 dividend on preferred. COVERING BY SHORTS LIFTS WHEAT PRICES Corn and Oats, However, Are Easier Than Last Week's Record Quotations CHICAGO, July 23. Covering by shorts caused a further ad vance In wheat this morning, July opening lc higher at 2.56 and September up l'c at $2.29. Tho market at Liverpool was steady. Shipments from North America for the week were 7,220,000 bushels. A foreign author ity puts tho exportable surplus of the United States and Canada for the coming season at 160,000,000 bushels each, and that ot India at 80,000,000 bushels, while Australia Is credited with 145,000,000' bushels yet to ship. The receipts at Minneapolis and Duluth today were 146 cars, against 627 cars last year; at Winnipeg 245 cars, compared with 1247 cars; at Chicago 10 cars, contrasted with 117 cars. Scattered selling due to favorable weather made corn a little easier. September opened at $ 1.63 U Q-1.63, against $1.63H at the end Saturday, but after selling at $1.62$; It sold up to J1.G3H-. December opened at ;i,161.1664, against $1,164 at the end Saturday, and declined to $1.15 ; May was quoted at 31.14 1.14'i at the opening, against $1.14, Saturday's last price, and receded to $1.13. The receipts here today were seventy-two cars. The market at Liverpool was firm with a good demand. Shipments from North America for the week were 1,191,000 bdshels. Oats sagged after opening firmer. July started at 78,i78c, against 78 c, the final quotation of Saturday, and, after touching 79c, declined to 78c; September was quoted at 69gi68?Jc at the outset, against 58c at the end Saturday, and, after touching 69Hc, receded to 68c; De cember was quoted at 60liQ59c at the start, against 60c at the close Saturday, and later sold at 594c The market at Liverpool was dull but steady. The receipts here today were 109 cars. Shipments from North America for tho week were 3,457,000 bushels. BANK STATEMENT ISSUED IN NEW F( Changes Mado Necessary bv ment to Federal Reserve Act S The Philadelphia bank statement "i pcareci in now form today. Tha were due to the requirements of the a ment to the Federal reserve act to the changes In form comparison IsT ....ic u) inn h-.iiiub nouse with the viuun ween b Hiaicmem. "v. The statement ait fntu v. r 11 condition as follows: Loans, discount.! Investments. $556.3R2.0fto- ,!.. "'' Clearing House. $19.27K.nnn. a..' k banks, $119,756,000. - .,?e!1: B?.nk ?SB'B28.000; Indlvito '.'i ii . lime, d,4ZS,U00. In iMh there nrn $2.1.412 000 TTnli,i o.." .aan which nre not Included In the foregoing Reserve: With dpnnltnri f.j..!'i serve Bank and trust companies 1ST ?3 vuw, v.t.o.1 ill mull, f4l,U1,UUU. v? Capital stock. $31,475,000; surelua ' net profits, $82,047,000. Total rcscrvo required: Banks, $35 ; 000: excess nr atirnlite tflKiiiA... '. comnanles rcoulred J19a7innn.' '7? surplus, $3,854,000.' Under.the old reqnJ insula mo oAtoM over reserve or the plus wns $24,688,000, and with the newf mo excess 13 9Zb,t)3b,UU0. The Item "due from VmnT,." .. statement Includes wh.it wns h... . with reservo agents In central reserve dtli u part 01 mo reserve. The Item "reserve" Is riivi.j .. . separately reserve held with deposits uruoi companies ana me Federal Rejei Bank 10 ner cent nf rttni.nri ,i..ti. . 3 per cent of tlmo deposits over thlii uays; ana casn in vault. The latter Is 1 tlonal In amount and represents really "t muuey 01 ine oanKS. deposits nro separated into "bank" "t dividual" and "time." By the addition 1 tne insi-namea item to the statement I amount of reserve required may be r4 ngurea, Deing- iu per cent of bank and I vldual and 3 ner cent of time. dmnit. d now on United States or Government nostts will not he InrlnrtArt In thft ...! ns no reservA Ir remitr",! nimlnat tmwm note Is given of tho nmount of such depoaltsvi Tteransn nf ihn rhnnefto. In (ha a. ..k. I . ..D ... 1.1V 1U1111 Vi B .....w..w ..uu ...vt.v.w.tcu, icBerva aa compared with a week ago shows a l&tf) decrease while "duo from banks" shows t large Increase. Aside from tha different. tn MeamfA panlilrAmAnla 41ia - - . avoavu n-nuiitiucma UIO BUUVnH! JO creases nnd decreases ore of a bookktep Inff character. , Loans, discounts and Investments and f exchanges for1 Clearing Houm are utii riuuiKfu uenia in ine siaicmeni ana maj.o properly compared Vlth last week's flfur j new icaiuru in me Biuiemem is me iw DVIJJ1UO itllU IJiUllld. A llIO lliXO UCCll 11C1VU fnwa tnfnAoA In tnA Vow VafI Kanlr attati ment. Surplus and net profits are itata .if. 1 i 1 1 -m.ii 1 as per mo uantts last ouiciai reporia. TVia 'tim 'Intpfiiiifi linn" la nmltrarl In ' new form of statement as belntr unjiwS narv. . BAR SILVER Today New York (cents) 78H London (pence). . 39 Last Sat. Mon. 78V4 81i SOU 41I 1MI- IF Gold Withdrawn for Export NEW YORK, July 23.Wlthdrawals of gold from the Subtreasury so far todav amount to $2 852.000. Of this amount the destination of $2,000,000 Is withheld. The .remainder Is for Spain. MONEY-LENDING RATES NEW YOBK Money on call opened, .lending and renewing- at 3 per cent, rater 2 per cent, then 2 ',4 per cent. ftILII'ADELr.nl-Ca11' 6 Per "'! time, B5 per cent. Commercial paper, three 'w iuui -(nullum, U74VD3 months, 605 per cent. per cent; six July Saturday's close. saiSEtaEiiakflE' KMl Sugar Futures Irregular NEW TOnrf, July 23. The sugar futures market opened I point Higher to 1 point lower, with sales on Uve call amounting., to lS0a,tons. The outside speculative long Uterests' seem more willing to sell than to tuy at present price levels, and on v all bulges they have .contracts on the market, being; willing to take profit at' this time. There) wa little change early In the day In tha spot conditions, traders waiting' for the Cuban cable tomorrow. Much' appears to depend upon tha receipts. Extra for Indiana Standard Oil NEW YORK, July SI. Tha Standard Oil Company'of Indiana declared tha -regular iiwwijr-mvMiKi 01 par. oast, an4 an October . , December January March . . May ..... Spot ..... 26.1S 24. OS 24.43 24.43 24.63 2o!i6 Open. 12 m. 24.50 24.84 24.4S 24.25 24.43 4.45 .,,.1 24.65 1:80 p.m. 23.80 24.10 24.0S 2 p.m. 24.00 28.08 FOREIGN EXCHANGE NEW YORK, July 28. The feature of the foreign exchange was a marked weak ness tn Russian exchange, which was di rectly due to the cabled reports of disobe dience ot orders and the consequent retreat of the Russian armies. The general market was dull, but fairly steady In tone. Quo tations were: 1 Demand sterling cables 4.76 H, checks, 4.78 7-16. Long sterling was steady at 4.71 Vj (or sixty-day bills, and 4.70 H (or ninety days. Frano cables 6.7474. checks E.75T4. Lira cables 7.21M. checks 7.2.H 1 Swiss cables 4.(4, checks 4.88. Guilder cables 41A, checks 414. Pesetas cables 12.90, checks 22.10. Ruble cables 31.40. checks 11.10. Mcie eablM 11.10, ohak, tt.M. w ,. LONDON Money 4 per cent, unchanged: discount rate for short bills, 4 per cent unchanged, and three months' bills. 4 lj.ij per cent, unchanged . BANK CLEARINGS Banks clearing! today compared with ra. .ondlng- day laat two years: ."B corT- 1017 "IS Tta St. Louis cnicaso 21,064.718 77,602,061 18,099,618 uOiBU7,8S4 1018 1 0 09 12.121.856 47.060,768 " HEcMfoi CHESTNUT )T4t, N. -B. 4W 8th alaml Pf40tmm BANKERS " and ROKBR -h Amtrlean StdrM Ca. '7 Klrat H'1 t-k UWA. MVHOAJ ' "Acres of Diamonds" ,The Railroad situation is not en couraging. There is not sufficient equipment to carry the ordinary bus . iness of the country. The Government, with its million or more of men to move, with food, munition and supplies to bring to our men and our allies, will demand from the eastern roads preference over other freight. Embargoes already too common will be increased and delayed ship ments may be the rule of the day. t Philadelphia is .fortunate in hav ing a development m its metropoli tan district unequaled by any other, section. It is always the field beyond that looks the greenest. Don't neglect to cultivate this wonderful field Metropolitan Phil-: adelphia. Corn Exchange National Bank Philadelphia '. w fejfelttj t J - y tl Owthwc at Second
Significant historical Pennsylvania newspapers