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.
11
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i r 1 1 ,,,?;
NEWS OF THE FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK PRICES
1 ,rA
ij
f ' -
'ange
round?
the Stock Uartat
"striate crouad t
lw
f
. ii ..
jftV A If you are not familiar
rffl?1 with tht in et collateral
C" security
v
yd
f
If too hare Btrtr had as
account with ft broker
If yea do not kaew tha
fundamentals of Indict la
stocks reid oar Interest
I oi booklet, entitled
m
d
Wi'
Mhow to open
WterkN A rr on nt
Af m e
'WW-.J -. t d-l.. r t-.j:..
1'"" "W " UU1J
. . l-l& auilliiB .1.1. kuk.
i?W'lv? lot win Increase yonr kaswl-
Mrs or tradtni in uie srocr
market, bo natter how much
asperlence yon hire had
Atk for Dooklet TU-06S
(Milled Free oa Keqneit)
JONES & BAKER
sEConmns
WMener Bldf., Philadelphia
TSonea Bell, walnut IKJJ
Keretnae.
jfrrr York
Cklraico
m r-
Mt
-.
M
US;
t '
i
v
&
v
n
Hare 2290
Plttannrttn.
noiiton
Direct Prtiat Wires.
J I
urm aajtbit.
-1 WliCTfr Jhlldina, rHsfctol.
"Ton mav send me frea booklet TTJ-962.
v
ffWM .
Kf
tVMtjiyi-'a-j V'amO
J?
National Oil
V t
V Bought, Sold and Quoted
Call our Mr. Knoll, Lom
bard 4750. Main 4458.
STOCK PRICES TAKE UNCERTAIN
COURSE ON NEW YORK 'CHANGE
AND DECLINES FOLLOW GAINS
Business Is of Holiday Character, Many Important In
terests Being Absent Copper Shares Improve
on Reports of Higher Prices
High Points in Today's Financial News
Trading on the Xrw York Slock Exchange ut? of holiday character,
icith declines JoMoidnst aalns made early In the session Leading Intel csti
litre absent Acthttj marked Curb business, with accumulation of sacral
Issues fcy ftatiMtitf fiifriMfe the feature Corn adianced Cotton uav lower
Rubles declined In the foreign exchange market 1 bumper cotton crop uas
predicted by the Vnltcd States Department of Agriculture Bar sllicr nas
loucr In London, but unchanged in Xcw York:
Nciv York Stock Sales
High
Atl Rurnlv pr 401),
Alask Oold M ZVA
Alask Juneau 1
Alll-Chal Co 33H
, 4 Pr . . . 81 V,
Am Bet Sugar 12 w
Am Can iy,
Am Cn . lMy C 4
Am Hd & Uhr 1811
do prf .. toy,
Am Llnsotd 40Tj,
Am Loco 117
Am Malt prcf 48
Am Smeltlnp 80,
do pref A 8!)
Am Sum Tob 141
do pref mi
Am Stl Fdr. BOM,
Am T ft T D8
Am Tobac 1 00
do pref new 014"
Am Wool r7
do pref 94 M
Am Z & L 21H
Anncondi ORi',
Atchion 84 U
Net
Cleto rhse
40
1 V
33 Vt
83 3
7H4
4 '
8in, 1i
18'i 14
78 4
40 H
(18V4 4
4414
79 '
80
Lav.
40
2V4
iy
33
83
714
4
83
77 tA
40&
fi4
44-,
78H
89
140, 110H
101
flOU
0614
100
94V4
57 Y,
94H
19
HOT,
84
101
(ieVa i
90N
100 2
94 Vk Vi
7i 'h
04V1
21 1
07
84
Neu Yorli. luh "
The stock market showed pronounced strength durlnR the first half
of the day, but the gains were not maintained business later becoming
of a holiday character and the absence of Important Interests in the Street
1 nthe afternoon Indicated a general disposition to make the week a long
holiday Interval The lower prices which were established esterda had
an Influence contrarj to bearish expectations bringing In buing orders
In good volume Instead of causing outside selling which seemed to hae
been an object of jesterdaj's bear drles
An attempt was made to force liquidation in United States Steel com
mon bj a ilgorous attack on that stock, which was offered down to 104
soon after the opening, but this decline uncoered many buj ing orders
and the stock qulcM advanced to 10378
Gains of 1 point or more were made in the first half of the day In
many other issues with the copper stocks becoming prominent around
mldda, when statements in regard to a coming advance in the price
of the metal caused gains of more than 1 point In all the important stocks
In this group
Reading also made a substantial gain while the general bujlng move
ment w as in progress
Business flattened out soon after midday, and when some of the trad
ers resumed selling a reaction occurred on which the early gains were
generally lost, with Bethlehem Steel showing pronounced weakness and
falling 2 points from its high price of the morning
Later In the afternoon some issues showed a better tone but from a
short time after the opening all through the remainder of the daj business
was of a purely professional character with the most important feature
being the scant offering through commission houses
Trading in Liberty Bonds continued hea with the second 4s rang
ing from 94 24 to 94 The 4Ws ranged from 96 31 to 96 18.
Ew
liFCkFRiLO I BANKING INTERESTS PURCHASE
V --W--W TirnAnminTm xoeiTTinn -tvt -ti-t-i-i-
llVirUJtilAiM 133 U Hi3 LM L.U1U5
BANKERS 4 BROKERS
.6th & Chestnut Sts., N. E. Cor.
"imbers New York and Phila-
IV delohia Stock Exchanges
ff
meXEERIErfCED BANK man
TYoanir active man with expen-
lce a? discount clerk and gen
eral; ledger bookkeeping.
B 208 Ledger Office.
rVi-,
t5-fc
mviiir.Mts
r&&
NATIONAL SECIKIT1 II VM
Philadelphia. Jul, 2. 101 R
' iLi-.k e ni...,.,. K-. - l.i- ,- i-
',;teWd t. aemlannoal dlMdend of ten (10) per
E - aaapt payable on demand
I2"iO onn nn
l.oon ono no
... . 213 181 03
W H McKED
Pnnhler
lu
Y.J
Ii9"v
rt
1K
ded proAta
PROPOsAlR
Bureau of Highways
'Dspartment of Public Works
Philadelphia
Staled proposals 'will bo receled and
cottoned In Room 216, City Hall 12 o clock
, Mn TtHnr1av .Titlv lllfh 111A tn
Streets (Assessment
Paving
'Repaving Streets I Aja J&v'li S
lrfacing Waterbound Macadam . Sef Marconi
- 1,eurfacinp Cement Concrete and ' Amr Wntine PaDer
V.aliMiminnnc TAstenAam Air Tteductlon
!J Jlepairlng and Painting Bridges SS" f "&.S0,,,
I ", tf thfrva 4jpaa walll Im rannlpaef t K4hlr al. .Hff TM
&, Jh act of Julr 18th. lniT. relatUe to ' cherolet Motors .
I J' w fVMMVU wuiMfviivahivii 4iivutBtivr caiiu
I 1 r? . mufc
fit.mato the
Active Trading in Many Stocks Sales of Aetna Explo'
sives Unusually Large United Motors in Brisk
Demand Mines Are Quiet
New York, July 2.
There nas acthe trading in many issues on the Curb, with accumu
lation of seeral important stocks by banking Interests being the most
prominent feature of the daj's trading
Sales of Aetna Ep!ostes were unusually large, that stock advanc
ing from 131 to 14. and there was a brisk demand for United Motors,
Thlch moed up from 32'i to 33i. Burns Brothers Ice was also strong,
advancing from 26 to 27.
Houston Oil showed a more pronounced lack of interest on the part
of those who hae been concerned on upward movement, when it fell
more than 5 points to 66, on a trifling amount of business. Other oil stocks
were quiet. Oklahoma selling at "4, Merrltt at 26s and Glen ItocU at
4H and 4.
There was renewed accumulation of General Asphalt by a prominent
banking firm, on -which that stock rose from 29 to 9H.
Wright-Martin -was quiet, selling at 9t and 9H Chevrolet ranged
from 137 to 135 Kerby Lumber was in supplj, fulling from 184 to 17Vj.
Mining stocks were quiet, Magma selling at 344, Big Ledge at 1H
and l1i and Calumet and Jerome at 1H and 1 3-16
INDUSTRIM-S
S4,
94 4
lid
8
10T
38T'8
24
11
nil
-81,
19V1
14'
34
07
09 't
34
8i
244
41
73
2274
01H
75
16H
40i4
50 H
474
3
00
41H
101 10:
90 14
31
814
y
S4U,
941,
14
824
10
38 4
24
114 4
12 4
31
19i
Alt Gulf i XV I 1014 1034 1034
Bald Loco Co 91 904 904
uam &. v . , r.44
Barrett Co . 9Ti
Batonllas Mln 114
Beth Steel B 84
do 8 pe pr .101
Brk Rapid T 38
Booth Fish Co 24
Brunswick 114
Butte C & Z Co 12
Butte X. Sup C 31
Cal Petroleum 19V4
Canadian Pac .1404
Certalnteed P 34
Cal & Arizona 6?
Central L01 70
I'erro do Pioo 34
Chlca Creit XV 8
do prcf 24
C M S: St P 41
do pref 73
CRU Pac tr 23
do 6 pc pr tc 044
do 7 pc pr tc 75
Chile Copper . 101,
Chlno Con Cop 40
Cluett-Pcabcdv 104
Col Fuel & Iron 47 4
Col Gas . Klec 12 4
Cont Can , as
Corn Prcducts 424
do pref 102
Crucible Steel 67
do pr . 9014
Cuba Cane Sug 32 '4
do pr 81 4
Dome Mines 7
Distillers Secur 19 4
Erie liw
do In pref .33
Elk Horn Fuel 21
Fisher Bod 38
Gaston Wms . so
Gen Clear Co 48
Gen Motors
do pref
Goodrich B F 4
Ot North pref 91i
Ot Xtr Or ubs 32.
Gulf St Steel 85
Haskell & Bark 434
Int Agr pref 01 4
Inspiration Cop 55
Int-Cons Cc-p 7.
OVERSOLD CONDITION
HELPS CORN MARKET
Short Covering and Fears of
Decreased Receipts Cause
Upward Movement
nilAlN BELT M-EATIIEIl rORECAST
riilcaro. Jtdj 2. llllnola. Missouri and
J lrnln Fair and warmer tonlcht nnd
Wednesday.
MinnesotaFair tonight nnd Wednesday.
Inun Falrionlght and llednesdax
"'I1,1"" ln'hl In rant and frntrnl.
?orth Dakota Fair tonlcht nnd Wednes
day warmer tonlcht! cooler Wednesday
extreme west.
-outh Dflltotn ralr tcnltht and IVednes
doM warmer tonlcht.
NebraskBrnlr tonlaht nnd Mdncdaj I
warmer tonlcht e,t anil rentrnl
Kansas Fair tnnlrht nnd Wednesday
warmer tonlcht and In aoutheast Hednes
ais. Ilontnna Fnlr tonlcht nnd Wednesday!
cooler Wednesday.
lljomlnx Fair tonlchtt wrarmer east.
4
-1
1484
34
07
694
34
84
24
41
734
22
044
754
104
40
504
474 4 I
4 1
4
4
4
Tl
324
00
42
4
'HI
4
, Chlcaco, July 2.
An oversold condition developed in the
corn market todav and the tone was
stronger. There was a rush to sell at
the start and prices weakened on ex
cellent weather for the cr(i inc dron
24 Covering by shorts nnd sunnort Induced
4 by fears of decreased reC6lnts. how -
ever, brought about a movement upward
shortly after the opening
Commission houses were bears on
resting orders and some long lines were
accumulated Offerings were light and
readily absorbed Stocks are small, and
sentiment became more bullish In the
I spot market grades suitable for milling
4 1 are bringing fancy prices
Tnere were rumors about the possi
bility of Argentine corn coming to this
country, but well Informed handlers as
serted that there was small chance of
getting tonnage for corn until the move
ment of wheat to the Allies is taken
care of. In any event, they declared,
thr-A wae llttln lllsalltirtArl rtf Arc-entlnn
i. ll ! corn arriving here until November
The best on July was $1 49m, the
bottom $1.4644, and the close $14D4i?
1 491,, agalnbt $1 47s at the end 5es
terday The top on August was $1 51ej,
the low $1 487a, and the close $1 614 f
1 51'i, against $1 493, at the close jes
terday. There was Influential buing of oats
on reports of a good inquiry for export,
and prices were firmer after a weaker
start, due to favorable weather Rest
ing orders to buy were encountered on
the Initial decline Trade was not large
There was talk of lighter recelpts.whlch
helped the bulls The top on July was
734c, the low 714c and the close 728
721c, against 72c at the end es
terday. The best on August was 6DH.
the bottom 67 4, and the final 69 4
694e, against 68c at the close vester-
I daV. SpntMnhfte Anrlari t the. r. -,
014 1004 100 ' cbX ,,.. . .. .... ,' ' ...rij "
35 344 34 4 -,,i, ,:""",r;,-.?jii"" "UM -.
2014 2R. 014 4- 1. """ -"'."'" i-2
Vl
4 Corn Open
4 Jul .. 1 47
bent . 1 504
74 T,,l
4 I Auc
'4 fork
14 ' Jul . .
Lard
Juh ...
bept
Ribs
luh .
Sept . .
Philadelphia Stocks
Low
Net
chge
014
29
62
29
1814
59
1914
4314
24
254
08
"3
2
374
014
Close
t27
514 4
20
t!
Illch
Brill J G .
20EIec Stor 514
975 Gen Asph 294
110 do pref 63
50 Ins C N A 29
Key T Co .
5325 Lk Sup C 194
22Leh Nav. 59 4
Mldvale
100 Xev ConM 1911
314Penn nn 43
99 Phlla Elec 24 4
40 P It T t c 25
00 Ph Tract 884
Reading . . .
25 Ton Bel. 3
200 Ton Mln 2
75 Un Tract 371,
1MU G I . 65U
2100 U S Steel 1031, 1044 101
240 W Cramp 84 83 834 14
Yorknpf . .. tst ..
tQuotatlon given Is jesterday'a close.
n
29
8
1814
59 4
514
19
43
244
254
08
914
3
2
.374 4
"54 4
A
shares, compared with
avi inna tar tnia week
Total nle. 10 021
14.023 shares vesterda'
24,043 shres same period last week, 10,211
pnareN
nONDS
Hlsh Low
F5100 Elec & P
Tr 4s . 73
8700 Lib Bonds
V 34s .. 09 60
5900 do 4s .. 94.18
5200 do 1st 4S 94.06
.3250 d6 4t4s. 90.82
2000 Pa Co ens
4 4s 65 8714
5400 Phlla Elec
1st 5s 91
3000 Span-Am
Iron 6s 99
6000 Un nw y
Inv 5s 094
714 13
Net
chce.
J-14
09.20 99.20
93.00 93.80
94
90
.30
.20
94.00 .36
96.20 .20
8714 8714 4
93
93
094 694
TURNOVER OF STOCKS SMALL
IN TRADING ON LOCAL 'CHANGE, '
BUT THE MARKET HOLDS FIRM
Total sales. $41,350. compared with 834.
750 .vestrrdavi thus far this week. $76,100!
same period labt week, $38,500,
58
114
31
--
38
29
47
00
n
814
7 4
384
154
3114 4
4
1
1
25
38
20
47
1544 152 153 4
81 8114 m
441,
90
33
84 4
414
50 4
53
7
Int Har of -V J 1274 1274 1274
44 Vt
911, 14
32 i 4
85 4
434
.50 4 24
54 4 14
7
Local Bid and Asked
Today Testerday
Bid Ask Hid Ask
Amer Stores .... 20 29 26 30
naldnin Loco .. . 004 Ot 00'1 W0t
Brill JO .25 20 20 27
Buff i. Push t c . . no 04 60 r4
do pref . . 48 00 48 10
Flectrlo fetorace .. 30H ni4 M u
General Asphalt . 20 30 28 20
do pref 02 63 01 01
Ke stone Tel .8 84 8 84
do prcf . 47 no 47 r0
Lake Sup Corp 1RS4 1R'4
Lehlch Na 674 6 67 67i
I ehlish Val 5ft s4 r. W4
Penni It It . 43 43'i 434 431i
Phlla Eleetrlr 44 244 J4't 214
P n T tr ctfa .. .25 54 25 254
I Reading 01U 914 ni1, 814
Tonopah Bel . . 21 3 i 8
Tonopah Mln -4 2S 2'4 2(1
t'nlon Traction 37'4 37s 374 3"
V G I 05 654 054 05',
IT S Steel . 1054 105H 105 105S
Tork ns 74 4 74 94
do iret . 31 32 31 32
IV Cramp S. Sons . 82 84 82 83
4 264
!4
49
334
83 4
58
49 49
32 54 33
83 834
58 08
1024 1024
38
55 4
07
28
51
5 4
22
174
be furnished the
aatd contractor that he
Depart- rarap . . .
has ac- Curtlss Aeroplane
'tllfiqu!
7 t
provisions of said net and In-' Carwen Tool
ma itamnty tnereunaer
secured
stlon therefrom
nqulre at Room 232 City Kail.
GEORGE E DATESMAN
ny Director
YJiV- WmCTTORV OF Arcnrs.TANTt
If W!" i ... .CrllfUil f,,l.llM l,Mii.lant.
IV r .LiWRENCK R BWMVN CO
K&R
sxm
45
REAL, ESTATE TRUST BLDO
ITIOATE ADJUST PARTNERSHIP
.TION . DISPUTED ACCOUNTS
$r
4BEARISH CROP NEWS
si .
tpiwifcTwtn iaptvuait rAfiTiT
SLWUS tUllUl UUWi
:tv .
iiiH. . c . .. 1 4,
xfecuneb 10 apoi irucie aiso
'Hln Tlrinp Sf'pri T.oskpk
lA. r r
s .,. : tit 1 4
111 lTXUf&Cl
H.
" ' S J?
"1 J? laMMMf
V"
fSUBE
tiv wB"'
K r jHMtTV
JJLfcMM
k . "
IN BELT lrrTHEK rONDITIONX
lark, July 2, tub roiioumc tem
mm were recorded In the cotton belt
psemlnc:
aoTiiie. aai tinoxnue, cut tiermian.
ino8 nna ,ti(inta. mi lort inith.
lock. Sfacon. Vlontcoinert and Nai.li.
it Ml Memphis. 68: shmeport. 1 1cks-
aa Xharlcston, ust tiklahoma, I'cn-
ana .larksoniiilr, int nvHllnlh anil
ion. Ji rnn .inionio, 1 orpua
lw Orleana and Tamnj. 74i Ital-
ntt Tliomasrille, 80.
vraa ui men or precipitation nt
'An. ,12 at Jacksonville and 38
nuie.
Carbon Steel
Emerson Phonograph
Hendee JIfg .
Lake Torpedo
Lehigh Coal Sales
Lima Loco
Maxim Munitions
Marlln Arms
N Y Shipbuilding
Nor Amer Pap Pulp
Otis Elevatcr
Peerless Motor
Poole Eng . 1
I Scnpps-Booth
, Standard Motors
Steel Alloys
I Submarine .
I St Joseph Lead.
Todd Shipbuilding
TTrlangle Film
United Front snaring
U S Steamship .
United Motors
United Sugar .
World's Film .
Wright-Martin Air
Zinc Concent
STAMAln Oil.
Illinois "J
Ohio 2"
TJrolrl. PlDe . 255
S O Cal
S O N J
SONY
OTHER OIL STOCKS
Barnett Oil & Gas
Cosden & Co . 4
nik Basin .. ;
Federal Oil i
ntd
12
3
34
68
21
65
8
135
80
30
7
121
14
10
44
79
45
70
39
o
47
15
30
13
I
1
164
144
89
5
3214
30
9
1
Tes cloe
Ak (sale)
13
6
3 a,
2 4
73
35
75
84
137
81
39
84
130
20
4
82
48
4
80
42
2 4
52
17
70
17
134
6
17
1434
93
4
6
33
35
4
94
13
'314
!4
18
54
324
O
OTHER OIL STOCKS CONTINUE!)
Test close
Kid
Inter Petrol 1314
Houston OH 604
Merritt OH ... . 204
Midwest OH . 115
Met Petrol i!
Ohio Tuel
Oklahoma Ref
Sapulpa Ref . .
Sequoyah
Sinclair .
12
7
8
a
IS
Ask
144
68
2-7
117
14
17
7
84
4
20
(sale)
71
27
110
310
523
268
169
327
260
213
528
271
MINING
tlanu
Big Ledge
Butte New York
Con Ariz
Emma Consolidated
First National
Goldfield Merger
GoldfleM Cons
Goldfield Florence
Goldfield Kewanas
Green Monster
Hecla Mining
Howe Sound
Independent Lead
Jerome Verde
Jim Butler
lumbo Extension
McKlnley Darragh
Magma Copper
Mother Lode
Mines Co of America
Nevada Hills . .
Nevada Wonder .
Ray Hercules
San Toy . . .
Stewart
Tonopah Extension . .
United Verde
West End Con
White Caps
Yerlngton .
STOCKS
14
14
10
"t4
4 4
4 4
3
4
o4
8
40
33
30
14
,1
4
4
10
1ft
30
91
6
1
1
1
ft
13
3
4
4 4
4
66
10
43
.34
37
114
10
14
44
14
40
97
5c
lft
17c
ft
10c
3c
fr
4ft
3c
Int Mer Mar
do pref
Int Paper
Int Nickel
Kellj -Spring
Kennecott Cop
Lack Steel
Lehigh Vallev
L&M Tob C pr 102 4
Max Motor 28
do 1st pref 554
Mex Petrol 08
Miami Con Cop 29 4
Mldvale Steel 32
Mo Kan S. Tex 54
Missouri Pacific 234
Nat Con & Ca 18
Nat En & Stpd 51 51
do pref . 00 00
Notional Lead 59 10
Nev Ccn Cop 19 19
New O T 4 M 19 18
New York Cent 72 72
V Y N H S. H 37 K 38
Northern Pac 87 87 4
Ohio Gas 37 37
'Ontario Silver 12 11
Pacific Mail . 30 204
iPenna n n . 4314 434
Pere Marquette 14 14
Pitts & West. . .30 33
I Pierce-Arrow .. 394 394
Pitts Coal .314 51
xij jieei .pr 0,4 j Sj
Raj Con Cop 244 24
Reading . 94 914
Rep Ir S. Steel 90 894
Mos-Shen S&I 634 624
Sinclair Oil 34 82
Southern Pac 8t 82
S Por U Su rts 7 7
Southern R R 23 234
Stand Milling 107 105
Studebaker . 10 434
Tenn Cop & Ch 104 1114
Tex Co . 1524 1514 1514
TOD i'roa . 04 J4 63 63
do pref at 93
Union Bag i P 11 7 5
Union Pacific 1214 121".
United Allov Stl 39 4 39
Un Clg Stores 100 08
Un Drug 2d pf 774 774
United Fruit 124 124
USCIPtF 15 13
Leadlns futures ranged
Hleh Low
1 4B4 1 4fi'4
1 33 1 50
28
354
08
294
01
r,4 u,
234 4
17 4
51
96 14
09 ..
19 4
18 2
72 4
36 14
871, 4
37
11 4
29
4.34 4
14
354 4
304
51 4
57 14
24 4 4
914 14
.724
.674
25 82
.73
.615,
25 73
25 00
.714
67 H
follows
Yes da, s
Close close
1 49' t 47
1 52't 1 40 "4
.724 .72
00 4
23 97
23 67
24 30
25 50
25 75
23 52
23 97
63
41 00 t43 60
44 50 T43 75
25 70 t25 77
25 S3 t25 90
23 67 23 40
.'1 30 t24 02
New York Bonds
891
024
33
82
7
234
107
454
194
92
71
1214
30 4
24
4
994 y,
U S In Alcohol. 1234 1324
526
208
ft
6
64
24
ft
04
4
44
104c
14
97
BONDS
. 98
77
Bethlehem 5s
Cosden Oil 6s
Cosden Co 6s . . 77
Cudha 5s 94
Russian Govt 54s 42
do 64s . ... 43
Southern Rm 5s 08
Sinclair OH 6s . 75
Todd Shipbuilding 6s 96
984
81
81
97
48
45
984
80
99
98
43
44
U S; Rubber
U S Smt . Ref
do pref . . .
U S Steel.
do pref ..
Utah Copper . .
Va Car chem. .
Wabash
do pref A
West Marvland
West Un Tel .
Westlnghse Mfg
Worth V & M .
Wilson Co . .
Willys-Overld .
do pref . . .
Wlscon Cent .
00
444
.44
59
43
44 4
103 104
111
81
49
114
42
141,
88
42 4
05
61 4
20
82
304
11
8 1T'S
49
114
414
144
87 4
424
05
614
19
82
354
77 4
134
13
1224
09
44 4
44 4
1014 ..
Ill
84
49-4
11
41
1414
88
424
51
814
19
82
354
4
1i
4
-t-i
14
4
1
4
4
4
1
'l
4
.''
4
Total sales, 391,600 shares, compared with
462,100 shares jet.terda.ri thus far (hlh week,
853,700 share-.! same period last week. 638,
300 shares
Ex dlvldend
14 extra.
Distillers Stturltles 4 and
at
yw -v. 1-..I, Tut.-
"J',A bearish Government report and de
ftNirwUn the-spot article In the South
If-i'-to extensive selling and severe losses
Stn'fe cotton market today Returns to
"tlWBprtment of Agriculture put the
o, tVHnru condition on June 25 at 85 8
k. -tn mt- m mnryient lpfnr tha rnmri una
y-t-iltohed. October wai selling at 24 67c
Mtitv'Dtcember at 24 20c. The market
l: the figures in an orderly manner
iciylthout any evidence of excite-
kyrnt partly due to the fact that
rase 01 recent private reports,
id led the trade to discount the
ent of the Government and it
IMIttle surprise The selling that
place was absorbed fairly well, but
"JMt later offerings became heavier
ass 'ta-jreased as the seseion advanced.
. . flnmm CVnan tflvtl Tv..a t .,
., 27 BO 27 81 27 SI 26 90 27.01
'-" 24,91 26 71 J 75 26 00 26 01
J- .,, 24 IT 2V ) ".'a 4" -'V.IO 25 l
! 'J on vu - e -a oi
-" nt 0A ,l J 1 J 19 J ! li
f'l'.". '... 24 28 24 23 2S 23 23 28
V
4 per cent
closed, 5 5? 6 ,
Industrials
high 6 4 ; low
closed 664. ruling
1 "4.
MONEY-LENDING RATES
...en- ir.nK Money on call, mKed
collateral, opened at
high. 6; low. 4. last. 6.
,.,,iin- rate. 5 per cent
opened at 4 4 per cent :
4 i ; laoi v t , -
rate, 5 per cent
The conditions and rates in the
market for time funds were unaltered
today with occasional transactions for
ninety days at 6 per cent on Indus
trial collateral Loans on good mixed
securiMes we're nominal at 5 4 4? 5 a, per
cent for. sixty days, for which period
the Inquiry is nnmru. " tu- -
cent for all other maturities up to six
months'- The demand is not urgent
rV-YrcL hank acceptances, due In sixty
and ninety days, are quo ted l as follows
4U4A per cent on eligible member
blUs: 44 4 4 Per cent -or eligible non
member?, and 4 4 6 4. P nt on ln
ellslbles. PHI CADKLPIIIA Call. 6 per cent;
time 5-V4& per cent Commercial pa
per, "three to six months. 56 per cent:
six months. 6 per cent
i
Liverpool Cotton
il. Jiilv 2. Snot cotton today
t, and prices were unchanged on
Itv of 22,54d for middling. Sales
iQ. bales, iteceipts w-ere sy.uuu
'. of which 6700 bales were Amer
ruiur were Idle. Old contract
ricas were; iiiciria-ii, nuuuiins
-M:. rood middling Z3.na; mld-
54a; low miauung. a u-a; gooa
Jtoza; ordinary, iu sva.
KOinted New Orleans Railway
V lit. July S. The War Finance
S-aJpn has agreed to advance the
-aoun, Rallwav tn-1 T.lffht fctm
a of 11,000,000 to reimburse
y for necessary expenauurea.
to a letter of JJ. D- curran.
f the company, addressed to
tjrr csBi. iwo-year jtoia at
FOREIGN EXCHANGE
Sew York. July ' A "Hsht shading
In ruble notes and Swiss Exchange
featured the niarket in the early deal
ings Italian Exchange was firm at the
nw'high point established by the Fed
avral Director on Monday. Business in
general was In small, volume.
Quotations! vere:
Demand sterling 4.75 A, cables 4 76ft.
Sixty-day bills, nominally, 4 73 ; ninety
day bills 4.7)
Franc cables 5.691., checks 5.71
Lire cables 8 80. checks 8 81.
Swiss cables 3".96. checks 3 994.
Guilder cables BOH, checks 50.
Pesetas cables 274. checks 274
Stockholm cables 36 50. checks IS 20.
-hi-utts-nla. cables 31.60. checks 31.20.
Copenhagen cables 31.30. checks 30 80.
RAILROAD EARNINGS
MISSOURI. KANSAS AND TEXAS LINES
1018 Increase
May rross . 5 01J 044 S 521 641
Net oper Income 383 107 M43 284
Five months' gross 19 60 427 3 500,706
Net oper tncomo 1 102,82.; SIO.DDO
CHICAGO, BURLINOTON AND QUINOY
Maysrosa.. ,, . J10 409 901 $167,057
ec oper income . i.i!.d.'i
Five months' cross S1.28B 223
Operating Income .. 9 206 640
Net oper Income . 0.142.119
NORTHERN PACIFIC
May cross . . 17.260 S22
Net after taxes .. 1.324.403
Five, months' cross . 34.480,444
Net after taxes .. IS. .581,13(1
WABASH
Mav cross 13 733 047
Net oper, Income 391,190
Fle months' crosa 15 940 394
Net oper income 160.80.:
BALTIMORE AND OHIO
Month nf Ms!
Total oper. revenue 112,924 480 11 411,221
Net oper Income 537 616 2.429.150
Five months
Total oper revenue 54 118 763 (4.241,190
CHICAGO, ST PAUL MINNEAPOLIS AND
UJ1AILA
May Kross 11.692 653
Operatlna Income . 108 004
rei oper. income ij.nt
Five months' btoss . 8 7M 382
Operating Income 80.1,048
rci oprr lucvair vi.iivu
Decrease
1 56-,326
3,040.963
3.452,074
3,366,818
1311 601
1,292,941
703 807
3,617,873
I21T.OSO
328,187
38 771
2,209,033
84 120
278 059
211,419
70S R31
789,113
631,466
Hlch I n- Close
10000 Alb & Sus 3s 674 674 674
27000 Ang-French Is 92 92 92
2000Am Fgn Sec 5s 96 96 96,
2000 Am Tel clt 4s. 804 804 804
25000 Am Tel & T 3s 87 86 864
2000 Am Thread 4s. 98i OS, 98
30000 Atchison gen 4s 8O4 8O4 804
1000 Atl Co L clt 4s 71 71 71
4000 Bait & Ohio 5s 70 78i 78
1000 do 4s .. .77 77 77
1000 B & O Sn 34s 82 S2 82
5000 Beth Stl 1st 5s 06 96 96
1000 do rfd 5s. 894 89 89
1000 Brook n Tr 4s 65 65 65
51000 do 1918 . 95 95 05
2000 Bush Ter B 5s 80 80 80
20000 Bordo 6s 91 91 91
6000 Can Gov 6s '21 964 964 96
6000 do 1931 . .. OI, 914 91 4
1000CCC & SL 4s r 67 67 67
6000 Cent Lea 1st 5s 944 944 944
6000 Cen RR X J 5s 100 100 100
tnrtfl ni r - U rev. "C 7C3.
BUMPER COTTON CROP
Production This Year Estimated
More Than 15,000,000 Bales
Washington, July 2 The Depart
ment of Aerlculture places the are.-i nf
cotton In cultivation In the United States
this j ear at aDout 37,073,000 acres, com
pared with 34,925,000 acre's, the revised
estimate of the acreage In cultivation a
year ago
The condition of the growing crop as
of June 25 was 85 8 per cent of a nor
mal, comparea witn 2 3 on May 25,
1918; 70 3 per cent on June 25. 1917,
and 79.8, the average condition foT the
last ten ears. on June 25
The production this jear is estimated
at 15,325,000 bales, against 11,300,254
bales last year. 11,449.930 bales two
lears ago, 11,191.820 bales three years
ago and 16,134,930 bales four years
ago.
NEW YORK COFFEE MARKET
New York, July 2 The market for
coffee futures had an active opening,
first prices showing advances of 9 to 19
points Trade interests were again buy
ers, sentiment bemg considerably In
fluenced by the firm Brazil markets,
coupiea vvun a caoie irom J.evy s. (jo
Santos, savins:
"New crop delayed owing to severity
of weather. Future crop greatly damaged
by frosts. Hrear. portion plantations
i-nces are rising every
5000 Ches & O 44s 76
5000 do con 5s . 80 4
16000 C B & Q 1t 4s 94
1000 do gen 4s 814
1000 Cen Vermt 4s 67
5000 CBfi. Q III 3 4s 72
5000 CB H Q Neb 4s 90
19000 CM&SP rf 44s 674
5000 Chi Rwvs 5s 82
14000 Col & So 4 4s 71
10000 Con Gas con 6s 99t
4000 Del & Hud inc. -'1
4000 do rfd 4s 594
4000 D & Rio G 5s 74
6000 Dom of Can '31 91 ?,
2000 Erie c 4s ser B 49
4000 do ser D.. . 534
5000 do gen 4s .. 54
5000 French R 54s 98
2000 Hud & Mn In 3s 214
5000 H . M rfd 5s 594
3000Intrb Met 4 4s 61
12000 Intar Mer M 6s 97
4000 Jap new G h
4W8 804
3000 K Cv Tr 1st 4s 74
5000 Lorillard 6s .. 894
1000 N & N gen 6s 110
658000 Lib Bond 34" 99 64
1416000 Mb Bond 4s. 04 24
93000 Lib Bd 1st 4s. 04.18
701000 Mb Bd 44 96.40
9000 Mldvale 5s ... 88
1000 Mo Pac gen 4s 57
2000 Mo Pac 6s 984
15000 N Or Tex .
Mex 5s . 46
1000 NY Cdll 34s 70
2000 N Y C S. H 6s 04
1000 N Y C ill 4s 77
1000 N Y Cy 4 1958 90
2000 NY Cy 44s '64 96
1000 NY Cy 4 4s '55101
1000 N Y N H &. H
4h 1955 614
2000 N Y Ry 4s 52
3000 N Y Ry 5s . r i
16000 N Y W C &. B
4 4s 32
r.000 Norf &. West 4s 81
9000 Nor P prior 4s 80 4
1000 Pac Tel 5s 891,
1000 Pacific Gas 5s 79
1000 Pa gen ct 4b 95
1000 Rio G L XV 1st
4s 65
1000 St L I M i So
gen 5s . ... 93
2000 St L & S F ajt-
6s 56
23000 do In 5s .... 49
8000 do 4s ser A. 594
1000 do 5s ser B.. 75
7000 Sinclair Oil 5s 91
2000S A & A P 1st
4s 58
4000 So Bell 5s .. 90
1000 So Pac cv 4s. 79
3000 do cv 5s . . .91
2000 do 4s 78
3000 So Rwy rfd 4s 774
9000 do ... .62 4
2000 Texas Co cv 6s 98
26000 Third A ref 4s 56
13000 do aaj os ae
6
804
94 4
814
67
90
67
82
71
99
214
59 4
74
914
49
53 4
54
98
214
594
51
974
80
74
89's
110
99.88 09.58
94 02 94.20
7C14
804
94
814
67
72
90
67.4
82
71
15X
214
594
74'i
49
534
54
98
214
59
51
974
804
74
89 4 !
110
PHILADELPHIA INACTIVE STOCKS
Following arc quotations for inactive
stocks listed In the Philadelphia Stock
Exchange and in which there were no
transactions today. The price given Is
me last previous close
A G war
Amer Gas . . .
Alliance Ins .
Am Mill
Am Rws pf
Amer Stores.
Amer Strs pf.
Brill J G pf.
Buff & S t c.
Buff & Stcpf 48
Cam Iron ... 40
Cam Steel .. .135
Catws 1st pf. 52
Catvvs 2d nf . . 54
Con Trac N J 664 Union Tract
HttBT ., 10 W J & S.
HttBT pf.
Key Tel pf..
Lit Bros ....
Leh Nav ....
1 U T.eh Val Tr. . 20
69 Leh Val Tr pf 264
194 Little Schuyl. 48
11 MinehtU 514
Nev Cons .. mi
No Penna . . 86
Pa Salt M .. 85
Penn Traffic. 2H
Phlla Co 2Hi
PhlleCopf ..23
Phlla Co cm pf 32 4
Rmjs Co Gen 2
Un Cos N J .187
II K steel nf.110
H'ti
40
6S
29
92
70
64
Lake Superior Corporation Shares Take Lead Again and
Reach New High Record Insurance Com
pany of North America Up 3 Points
Trading was small on the Philadelphia Stock Exchange today, but th.
tone was firm, the majority of price changes being to higher levels. Lak
Superior Corporation shares continued to lead the market from point of aoi .
tivlty, and although they showed a wavering tendency, most sales were above;
jesterday's closing quotation and at ono time there was an advance to 19 At
a new high-record price for this soar.
It is reported in local circles that New York interests have been purchasi
Ing the Superior stock in the last week with a view of making the lsu
active on the New York Curb. Local bujlng was of a character that waj
classed by local interests as good buying.
It was pointed out that at $20 a share for the stock the market appraiser
ment of the Superior property was $8,000,000, as there are 400,000 shares out.
standing. The production of the company is reported as running very larg
and in addition interests which are bullish on the stock point to its holdings o
ore lands and coal.
There was also a renewal of business in General Asphalt stock, with
the common advancing and the preferred 1 point, with the demand good
In the later trading. Insurance Company of North America, usually Inactive)
made the widest gain, advancing 3 points', and "William Cramp certiflcitej
were marked up 2 points.
Other stocks of the home list were neglected. Storage Battery yielded
4, Lehigh Navigation dropped the same amount, Philadelphia Electric wal
unchanged after being off a trifle and United Gas Improvement shadei
slightly. Rapid Transit trust certificates advanced fractionally and Union
Traction was unchanged.
Steel common advanced a trifle in the afternoon, following the highei
trend on the big board, but closed unchanged. Pennsylvania Railroad vva(
marked up .
Liberty Loan bonds were irregular, the 34s and convertible 4s being
lower while the regular 4s were higher and the 44s sold unchanged most
of the session.
Business Conditions Shoiv Confidence
Commenting on business conditions in the Philadelphia Federal Reservi
District Richard L Austin, chairman of the Tederal Bank, said:
""General confidence in the business situation is denoted by the liberal
advance bujlng throughout the district. The money market continued firm
the prevailing rate for paper being 6 per cent. Increased activity is noted
in the sale of bonds and other securities. Tax paj-ments and withdrawals ol
Government funds deposited with the banks resulted in loins and invest,
ments of the Federal Reserve Bank reaching a new high record of $83,677,402
on June IS On that day the discount operations of the bank amounted t
$14,672,835, a record figure for any one day. Total discounts and loans granted
to member banks during the month of May amounted to $71,966,894; redis
counts for othef Tederal reserve banks amounted to $2,038,200, acceptances
purchased amounted to $11,419,746. The total loan and investment opera
tions during the month amounted to $85,531,840, compared with $61,161,414 in
April, the previous high figure, and $25,878,818 in May, 1917."
17
50
254
67
War Ir &.
West Coal .
York Rwy
Stl 8
. . 74
94
Government Control
LOCAL MINING STOCKS
TONOPAH STOCKS
" " Bid
Jim Butler 04
MacNamara 19
Midway 04
Mlzpah Extension 03
Montana 11
Northern Star 07
Rescue Eula. OS
West End 06
GOLDFIELD STOCKS
Atlanta 03
Blue Bull 01
Booth . 03
Dlamondfleld B B 01
Dalsv 01
Kewanas 03
Oro 01
sandstorm Kendall 01
Slher Pick 04
MISCELLANEOUS
Arizona fnlted 18
Nevada Wonder 75
Tecopa Mlnlne 10
Ask
66
21
06
.07
.13
08
10
.OS
.06
02
04
02
.02
.04
02
02
03
.20
.83
.21
DIVIDENDS DECLARED
L!ntlta Lleht Company, regular quarterly
of 1 per cent on preferred and 5 per cent
on common both pajable August 31 to stock
of record August 1.
XV. H McElftaln Company, regular quar
terly of 1W per cent on first preferred sec
ond preferred and common pavable August 1
to atock of record at the close of business
July 15 , . ,
Northern Trust Cor-.pany regular quarterly
of n per cent, pas able July 15 as registered
Julv 3
Falsriln Sugar Company, regular quar
terly of 24 rer cent, pajable August 1 to
stock of record July 18
Kelly Springfield T
fli.arUrlv fit Si R Sh
able August 1 to stock of record July 15
Keilv Snrlncfleld Tire Companj. regular
quarterly of II a share on common, pay
INDUSTRIES
under control for winning
the WAR :
Finance
Foreign Commerce
Transportation
Metals
Foodstuffs
Fuel
Textiles
Drugs and Chemicals
Airplanes
Contracting & Building
Lumber
Labor
A copy of this publication will be sent upon request.
Fourth Street National Bank
131-145 South Fourth Street
Capital, Surplus and Profits over $10,000,000
EVERY FORM OF DOMESTIC AND FOREIGN BANKING
UNEXCELLED FACILITIES
BANK CLEARINGS
Bank clearings today compared with cor
responding dav last two veara
H11K 1017 1918
Phlla ...73 S1R.909 171.413 612 Holiday
Boston .. 77,R.a6 11.3.332 043 Holiday
N Y 928 178,125 043 1R0.2S7 Holiday
Baltimore 15 454 058 11 3B2.S35 Holiday
St Louis 23.1SS.725 23.535.423 Holiday
Chicago. 93.033,235 . Holiday
American Can Company Raises Prices
Nw York. July 2 American Can Co
has announced a nw schedule of prices
for Its products, effective July 1, The
new nuotatlons range from about 2U
Ruble notes 14 20014,30 for the 500s to S per cent higher, than those put In-
destroyed,
hour "
T..
Open High Low Close Close
8 46 8 52 R 29 8 28 8 39
8 69 8 7-' 8 53 8 50 8 58
8 77 8 76 856 8 63
8 80 8 74 8 70 8 70 8 74
9 10 8 83 8 87
94.02
96.18
88
57 4
98 4
46
70
94
774
904
96 4
101
614
62 H
23
51
81
801.
89 a,
794
954
65
93
56U
484
694
75
89 4
584
904
79
91
774
77 ?4
62
98 "
56
35
04 18
98.40
88
57
98 V
464 I
70
M
774
90T,
96 4
101
614
52 3,
23
52
81
80 4
89 ?4
794
95 H !
65
2000 T St L4.W 3 4s 77 4 774
1000 U S S & II 6s 934 954
September
December
January
March
May . ...
More State Banks in Federal System
Washington. July 2 State banking
institutions admitted to membership in
the Federal reserve system today In
cluded the Fifth Avenue Bank of New
York, with resources of $22,873,000 and
trie Wachovia Bank and Trust Corn
party, ot Winston-Salem, N C , w 1th re
sources ot 116,892,000
Westinghouse's Unfilled Orders
Plttshnrgh, July 2, The Westlnghouse
Airbrake Company announces that. In
cluding union awitcn ana signal con-
eluding union awiico ana aignai con- IN T (cental, 9H
tracts unfilled orders aggregate $28,000,- London (po.) 48
15500 U S Rubber 5s 794 794
15000 U S Stl s f 5s 99 98,
8000 Un Pac rfd 4s 79 4 79 4
19000 do 4s .. 844 844
48000 U K Of G B &
I 5s . 994 99 13
36000 do 54s 1919 974 974
47000 do 54s new '19 994 99 05
196000 do 54s 1921 944 94
2000 Va C Ch 1st 5s 86 86
1000 Va Rwys 5s , 77 77
2000 West Elec 5s 96 4 96
6000 West Shore 4s 7S4 734
1000 Wilson Co 1st 94 4 914
Total sales. SI.1Q0.6oo, compared with
St. 161,000 jesterdayi thus far this week.
M.Ml OOOs same period last week, s5,.
351.000.
BAR SILVER
Last
Todav Tea. Tu.i.
icenia;, vvn ; vh
93
564
49
594
75
91
58 4
904
79 I
91
77t
77",
62 4
98
564
35
774
95Ti
79 4
99
794
8.4 4
99 4
974
99 05
86
77
964
734
914
' HolliiV.
1918
Hlsh l.or
"i KVH
4t inu tr
1"1 w 71
Exempt from all Federal Income Taxes
$500,000
State of Mississippi
Serial 54 Bonds
Dated April 1. 1918 Maturing April 1. 1929 to 1934
Callable at par. at option of the State. October I. 1923, or any interest day thereafter
on six months' notice. Interest payable semi-annually April 1 and October I. Both
principal and interest payable it the National Bank of Commerce, New York City.
Legal Investment for Savings Banks in New York and Rhode Island
Eligible as security for Postal Savings Deposits at niarket value not exceeding par
FINANC1AT. STATEMENT-
Assessed Valuation of Taxable Property for 1918 $619,716,276
Total Indebtedness, including this issue. , . . , 6,050,000
Population (1910 Census), 1,797,114
Total debt of the State is less than 1 of assessed valuation
These bond are a direct aeneral obligation of the State of Mississippi.
Lcasl opinion of John C. Thomson, Esq , Attorney, New York City, approving this issue
of bonds, vvill be furnished jmrphtsers. v
Price 102.33 and interest
Yielding 4 to the callable date (Oct. 1 , 1923) and 5 j thereafter
U'e recommend these bonds for investment
The lntormstlon and fgures nsed la this adiertlstmest ara taken from source! we consider trust
worthy, and, while not guaranteed, Ibej bare been relied upon bj us In the purchasa of tbest
securities for our own account.
A. B. Leach & Co., Inc.
115 So. Fourth St. 62 Cedar St.
Philadelphia New York
R. W. Pressprich & Co.
40 Wall St.
New York
Certlsctt of Capital Issues Csmqlttea: "raised as not lirtmpatibla with tha latarest of tha
United Btatss. but without approtal ot the merits, security or lesallty thereof. Oplnloa No. A-2?p."
z i
j1 a
TBI
M
j
r
r
M
-'.
I
and li,J0lU0 rpr the 100s.
000,
mtmitn -jvu nm, -
IP cuswb oaiauwu fs4at
r ' '
jf -"M-kV -4- -4
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Vtf-T,ffiJKKfcji