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EVENING
PUBLIC LEDGEK PHILADELPHIA', WEDNESDAY, JULY 31, 1918
2 tt V a '
F,i
'
NEWS OF THE FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK PRICES
4-
,come Tax Service
S'; Two new leaflet':
1 Federal Tax on Corporate
mUpdivlAed Profits.
c rcacrai income jar Ltnin-
'Explained.
...Hie first named leaflet 1 needed
.by all corporation having ttnulvicietl
i profit! or surplus for a preceding
i'. taxable )tar.
Y"The second tells what every torn!
do hcn collecting interest on any
bonds other thin U. S tioiernment.
State or municipal bonds
5. ..' ...
-( ettner leaflet aui ot
HaA 'ft upon teqttest.
rThe National City
Lompany
S Correspondent OSices tt Ciliei
rnilaJclpnia 1421 Chestnut St.
Telephone 555 Locust
iFeifit-Shorl Term lolr-Accrptaneri
m
WA aaf-""" TZZI
0
Maud
' Business Earnings
" Drilling operations
; Transportation facilities
All the late news together
fwith a description of this prop
erty given in detail in our
'report just compiled, which
"will be mailed without obli
gation. ' Clip this ad. or mention IO-1S
, Schmbt&Beot
MmhT Conn. Moi k Vx of N. V.
628 Widener Bid?., Phlla., Pa.
rhs.t Dell, Wul. 41180: Rare. 4080
N. 1. Office 3(1 llrond -51.
l'RlATn WlUEb
Dark up our Armi and Niiy
ltul Har Amines stum m
SPECULATIVE ELEMENT SELLS
STEEL SHARES AND DECLINE
FOLLOWS ADVANCE AT START
Re-
Market Steadies After Reaction and the Leader
gains Most of Loss Gas Shares Become Promi
nent on Higher Rate Decisions
New York, July 31.
The speculate o element took an adverse Icv of the United Stutei
Steel Corpor.rtlon statement and was disposed to supply that stock after
a display of strength at the openltiK. With the bcRlnnlns, of business
some large bu inff orders were executed, tluee houses taking 20,000
shares and making that stock ndance Vs to 108U, but there was a good
supply, partly from commission houses, which caused a quick reaction
to 107-V
, Following that movement the market steadied Itself and the price,
rallied to 108. The majority of other issues followed Steel closely on
these movements, opening strong and ralllng after a shatp reaction.
There were nuinv special movements, due to causes altogether apart
from the steel outlook
The advance of liT'e in gas rates permitted b the Public Service
Commission was responded to with an advance of 3B8 points In Peoples'
Gas, of Chicago, to Cla, while the referees' decision In the Brooklvn
Boiough Gas Company's proceedings against the minimum gas latcs
was a factor in inducing buvlng of Consolidated Gas, which lose 2k
points to 02.
General Motois continued in supply, falling )'8 to 135, and Amer
ican Sumatra Tobacco dropped 178 to 123V4. On the other hand Mexican
Petroleum was in good demand because of leports of an Increased dls
tiibution and lose 16S to 10H.
Oicncrallv the market action was disappointing, as it had been ex
celled that the heavy gloss earnings of United States Steel, shown In
the repoit for the quarter ended .June 30, would create a bilsk outside
demand, and there was a good deal of comment on the fact that the
earlv advance was so quickly lost.
St Paul preferred, after selling at ijvi, dropped to Hvt, and the com
mon stock dioppcd from -U to 141i.
OFFERINGS NOT LARGE
IN THE CORN MARKET
Operators Looking for Higher
' Prices on Smaller Receipts.
Oals Shorts Seek Cover
i..
m.
1
&
4
Barnett OilGas
BOCQT SOLO QUOTES
Mcg
Morton P. Alexander
Pfciln. Stock Exchange Bide.
Z7 William St.. X. X. Cltr
"4 -i t, TU CHESTNUT STS.. . Lor. 3
li'siM aUnttera ot Philadelphia ana Mw
&wS" Tork Stock i;ii.l.angn.
iJL' j. srr.ciAi. vir.KTiNc.s
. 3
THE FARMKKS AND MIXIIMtV
-NATIONAL IIAMv
PhllnrtolnhH Jul .".(1 101S
Storkholdprs of th Farmers nnri
&lpchnirft' Xatlnmil llnlt
, tfotlce la hereby ripn thiit a anpHnl
meetlne of the shareholders of the I'nrm rs
mitA l.Khnnl..' NTuttr.nfil ft.nl. .. lit I.. h.l.l
Kt t th offUe of the HanK Numlierp Ui IJ7
t ff?hatmit Street. PhlUrtlnhtT P.nnNtvmh
on the 30tl tUy of AueiiKt, 1018. tit U
o'clock noon, to vote on the tiuiptlun nf
placing aaid Hank In voluntar lluuliHtlon
and appointment of a liquidating tiirent tmd
on the proposition to sell certain of Us
aaaeta and ita business and Konlwlil to the
Philadelphia National llnnk. of I'hllHdelphi i
and on any other question matter or thins
that may como before or bt eub-nittfd to
aald meeting.
JOHN SCHLAGI.n ClRhier
t.rri iintT vvvTit'll rnircsT
' lileii-o, .1 d .11 'IMnnN. Vll-konrl.
VV ( o.n.Jn n" 1 fe"n Pair and warmer
to- '"ht nod T" "mI.
VHntieknt Ptlr replcM nnd Tht'edn.
"trmer tonKl t and in Miiithen-t Thur.
di North Dlkntn Pair tonUllt ind Thnr
i'ii. irnin Mittt'i to.ilrht: rooler Thur-
sontli IJiket t Pair tnnlrht qp'l ThiT
(i.r. enoler nortli and west Tliurtsiltt
after'Kinn
Nrliriskii Pair tnnlcM and Thnrsdim
.. ermer ei-t and rentral and In ntithe'iHt
lli'rstMv: roo.er nortlmrat TliiirKilvv
afternoon, . , t . . ,
Kansas P"lr tnnlulit and Tlmrsdisj
Mint in and W vnmlnc Partly xclnral
tnnUht and ThiirMliv, prolnhlv thunder
khouers c.t.
ChlciiKn, July 31.
The corn market was stronger thi'
morning on scattered buvlng by com
mission bouses Offerings were not
Urge Sentiment wai divided, some
operators lookirg for higher pi ices on
smalkr receipts anil firmness In the cash
article, while other were beaiisl be
cause of the fine outlook for the crop
The receipts lure todi wore 1GS cars
.Itilv corn onned at $1 5I'4. an ad
vance of '(c August opened at 51
to $1 Silt, against $1 54
vesvrdav, ami iiiolu uii
September
against
Neiv York Curb
IMIfsTIll l.s
nid
.
-"'a
V4
P.
,f-
8(1
7V4
I 1
:h
ao'A
IX
i
to
r,
MI'.PTINds
i
$1 ,14 a at the end
moved up to $1 i'i's
started at $1 B5H 1 afi
$1 35ai, esertHv,s last price.
ami advanced to 51 5h
There was a rus'i of shorts in Julv
oats to cover this morning and thit
poi'tlon slarted ntrong Other months
were sold by commission houses at the
start The arrivals were 179 cars.
.lull opened at 75o t ) TTHc, against
1 71V. c at the end vesterdav August
opened at OS 7iCn OS ,H
the end vesterdav, and
Aetna i:plosives
Am Urlt Mfg ... .
m Mai coni
m Writing Papet . .
Air Reduction .
Canadian Car Co
Can Car A. Pdj pref
Charcoal iron
f'hovickt Motor"
Clamp
Curtlss Aeiopl.ine
Cat wen Tool
Carbon bieel
Cmerson Phonograph
Pederal Pv . . .
Itendet Alfg
Lake Tin p Doat . .
Lehigh Coal Kales
Lima Loto
Maxim Munitions
Marlln Alms
N V Shipbuilding
X'Amcr Pap Pulp .
Otis Klevatoi . .,
Peerless Motor . . .
Poole nng
Hidden Tiuck
Sicripps Hootb . . ,
Standard Motors .
Steel Allo.vs
Submaiino
St Joseph Liad ..
Todd Shipbuilding. ..
Tiiangle Pilm ....
L lilted Pi out khating
U S hteamshlp. . . .
United Motors
United bugar . . .
World oKlltn
Wright-Mai tin Air
Bslnc Concent.. .
bTAMAKI) Ol
Illinois I0J
Ohio M
Prarle I'lpe 2"i
S o Cal sij
5 O X J 321
6 U X Y -2-,i
Ask
1SV4
(1
7!
45
l)(l
8
1ST,
85
8
8
Hi
(Slll'l
Ncto York Stocks
41
-M
12a
74H
02' i
'(Mi
102'i
5tH
M",
10oi
1C2
'0(.)i
44t'
I.t
. . . cloae
Alaska Gold II.. ZM
Alaska Juneau... 2fi
Allls-Chalm Mfg.. 33"i
Am Can 47
Am Car & Foun.. 84' j
Am Cotton Oil... 41i
Am Ice pf fiOK
Am Linseed 40'
Am smelt & net. . 775
Am Sum Tob ...125
Am Steel Kdvs .. 74
Am Tel & Tel .... 02
Am Tobacco 10a
Anaconda Cop . . . 055f
Atl Gulf & W I...102H
Daldwin Loco . . . 8Vf
Baltimore K Ohio. 54Ji
Beth S Class D... M!1
Beth S 8 per ct pt.l0'
Canadian Pacific . lflj
Cent Leath Co.. bOH
Cerro do Pas Cop ,14
Chi Mil & St P . . 4V,
Chi Mil . St P pf. 75$
Chile Copper 10'f
Chlno Copper .... 3')
Corn Prod Hef... 41J,'
Cruclblo Steel ... (tf
Cuba Cane Sugar. 201!
Dome Mlnes 0
Distillers Sccur .. 50)j
Gaston Win & W. .10
General Cigar ... 48f
General Ulectrlc . 14 i . . .
General Motors . .13!)i, LIS
Good (H F) Co..
Gianbv Consol ..
Great North Cert"
Greene-Can Cop .
Haskell K. Barker.
Homestako Mln. .
Ins Copper .
inter Consol pf . .
Inter Harv N' J
Inter Harv Corp. .
Inter Mer Marine.
Inter Mer Mar pf .
Inter N'ckcl
inter Paper
Kelly Spring Tire.
Kennccott Copper.
Lack Steel
Lehigh Vallev . . .
Lee Hub & Tire .
Loose-Wiles Bis.
Lorillard P
Max Motors
Max Mot 1st pf. .
Mex Petrol
Miami Cop
High Jtnve
;t , w
2i 2K
3.'i an
id'i 40' i
41
2-00
p.m
Mi
2'
33,'i
4U4
41
77 J,'
123'' 12."i
74' 74','
015J 0J
102H
80
5PJ
825J
lOo
lfl2
COJ
44'j
7Vi
IV,
(0J
20Ji
0
oTl,
30s i
4.T.
GO'li q
o(l''
.ITS
BJ K.-i
44 II.
"a i ": .
". 85
ji ' 1J
d'i 3 -ts 3
47 r.-j
14 in
5(1 711
12
20 28
uy, isvi ..
1(1 17
11 15
87 411
V4 .
; i
5'm 0 0
31 H 3114, SiM,
34 3"i
V, j
ay, Oh 10
1 i
A,, i JPdvale Steel .. .
' . Vn Tannine
X Y Airbrake .
X Y Central ....
X Y X H & II
North Pacific ....
Ohio Cities Gas . .
Penna Railroad .
Pitts A. West Va.
Pressed Stl Car . .
By Steel Spring. .
Itay Consol Cop .
lleaillng
Hep Iron H Steel .
Sine Oil Hef
So Pac
Studcbak Co . . .
Ttnn CopJ-Chcm.
Texas Co
Tob Prod
Union Pacific . . .
Un'ted Cig Sites.
V S Ind Alcohol .
U S Steel
U S Steel pf
Utah Copper . . .
Wabash
Wabash pf A
West Un Tel
Westing U & M . .
vv'oi thing Pump .
Worth PS.M pf A
Wilson & Co
Willys-Overland ,
r28
278
against 69c at
h. k -a tiiii i:revii.Tii v(iiix.tt tlio nnrl esleroav. ano io-e- in
U-3r V. ..V. ..................... " , ....i .. ret. i CKL e
-j. - ij.iiv ui i-iiii. iiii.i, i-iii . opiemoer as muuicmi - j .. --,"
, 1'nlUdelpni i Juh .11 tins '.. .,. nutspt against CSc, esterdays
., At the remilar metins of tho board of dl- . lt Ule ,UIbel "'",,'' :,,,' r.R7.r
trectora. held this da Mr li C Tuft 'last price, end advanced to 078C
aopolnted an asalatant rashler nt this hank i The reee'pts of viheat .it Minneapolis
. W U PHUT, rishler ' nnt1 numtll todav ere 180 cars, agalnst
3jS, no ears last car, at i.nicago, i.o
Si"I.. i I.KflAI. AI1VI llTIr.lllVT r.i,a i imnired nllh IS cs rs . at Winnl-
r I3S ESTATE OF AONi - KlVlLfcl. DK- peg,' 21 cars against 179 ears
trruMU Letters ot administration on j'rivate au le-ea uiuu.no i"" -
needed badly ill Argentina ine niove-
&irt."'S'" ':. K,.' " "5 imt of wheat to ports there is goou
imh:pi:m)i:nt
Barnett O & G
Cosdi n & Co
Illk Hisin
Federal Oil
Inter 1'etiol
Houston oil .
Mi n itt Oil
Midwest He'llniiig
Met Petrol . . .
Ohio Fuel ,
( U ahoma IU-f . . . .
69M,e i.Sapulpa Hef
beUoan
Sinclair .
Oil. STOCKS
EVj, j tha above estate Lavlrt: been Eranted to thu
RMft undfralened, all persons Indebted to the said
?!; a thoae havlnc claims topresent the jams,
mtv Kn1 MM.kn... il.l.if In
iHff ' r.r.nnnR i Ktxtr.nv.
CVi 001 North front ot.
-.(ji nr ca inn niiuinrr.
atfslf, MALCOLM G. CAMrnKT.l,.
je H. vv. cor -itn ana ureen sts
$r t
SCATTERED DEMAND i
HELPS BOOST COTTON
i
and loadings .re active
Government Local
Market Reports
tf'Jzk Early Declines Encourage
& 'Some Buying, Under Which
Igri Market Partially Recovers
iU?-(
5-COTTON I1ELT MR.VTIIIR CONDITIONS
t,3 ,vNrw lork. 4iil 31. Tb foIloMins: ("in-
&r-iS tut thfu innrnlnift
h5r. a."-- "z.. ;." .: . - ....
as ' UKianflmu u, 'ij- 7.i.tuuic, oij l-
a.l&.dt"iH1i. n fikhliii'R. 70: Sun nlonl'.
feJiiWK " Ro'K. rc Rt und Mifinni,li, i
t"lnTtn nnt Jitoinllle, "It nr.H
ChHl nnd Nw Orlean-. 70: (.ultrhtmi
M & f ihI Tampa RO
LT Thr iv tt ft Inpli if nt-f'! illnn nt
Ejn'ij-jrfAtlaatil. .01 nt JlrVannilllr 08 "t Pen-
B'., rM. .iir in -ii-'.,iii imikiiii" ift
p jk- i -TVmr Orleena. .IS C q,ren. o0 ot
1'i-aUu Tampa. .'0 ot Cho'l-tt" 70 - V I'k
.jv. ". ri r. ,miiii. a, i..i n, , iiiuma
, y ii (, AIIQ VOll UII -Will IV-"1 l- 4 -111 ftisy UllClt-
,vitiK' at a decline or 2iff3ft points
tftiMt the technical position weak nnc. -n
tlith absence of further demand from
!i short on thR onentnc the llautilatlon
SSviflftnlred by the Texas rains met with
Mli.HmHtf resistance.
Krivr . "flia mon uhntrnl mnra Ihnn nn Inak nf
n I -i 0 4 .! -t.t ..!..
w:ald there had been good rains from Del
SLtiito. to gan Antonio and also showers
E j ttcfl'
E3&
iwhere in the State
( (ha decline, there was a rcattered
i demand, promoting a partial rc-
Jater.
There was moderate buying after the
-"Sireekly weather report which was con-
. i Am.J h.illl.h ... ... . arm.i.rr.t. ... Ann
et1 lir1 .-M,"- M 'H icvivi.fc .l. v-w.i-
4,f anions in me Eouinwesi, nut aiier aa
Sf 'yunclnp to within five points of .last
'''f' pignl s close, tne inaraei eased on again
nt midday on the Texas details rhou
, lJtt 'rain fall of .01 to 1 08 Inches at
ilVl in n -tntlanii in Tpvas
-Tr, i The details also showed heavy rains at
nts throughout the eastern belt
eh' are likely to Increase the danger
boll weevil activity In these sec-
ceipts at the ports for the day are
ted at SUUU Dales, against 3404
week asd, 32,205 bales a year
gtjMd 6639 bales two years ago,
?' Tt VtaUrday'a 1P3Q
i s clnatk Open a, in- 12.m
...Sl.ti..
V,2.4
,.'24.71 !
TUii daily irnotf is vent out bv the
Hut can of Markets of the United
Strife Pcjirtifmeiit of Agriculture,
Phtladelohta branch, telti head.
quarters at S00-31Z Insuiance Vx
change Uuildlnr
(Wholesale prices on large lots to
jobbers based on sales at the various
railroad depots)
PltUITS
PPLHS Nei Jfrsex per S -bushel baa
Itet fane 7crfJ12 torer 2Tl(i(e
Hl.At KlinilUH-.s New Jerstl oer at
20?-'Ji
( ANT.V1 orrns North Cirollna stin
i.rh tJJ'i data 1 Delaware and M ir
1-ind standinla 2W1"i nonlia $1 2'5f2
New lerat per -hu-hel basket beat
51 -.(it 2 poorer Oe(jf'$l 21
IIPl'KI.EllKItniKh Nt Jersey, per Ot
l.'ftl'i,
l'i:V(IIE'. (len-Bla per II basket crate
Elbertas J2 2"iiri1 North Caroline ds
Klbertis till 1 7 Niw lersev ill lit and
Si bushel basket bt st "."lefc (1 "2.'i poorer
'2,c UP
IlAtiPItBRIMHb New Jersel per pt
14e
WATrjllVKIONI Oeortda and Carollnas
car lots 2(IO'0 42-i
vi:(inT.viii.i:s
I.'EANS Vew Jersej per S bushel bas
ket aretn and wix fano tliP 2". poorer
"5e tin
JlBnTs Nearhv per bunch 5Cc
CAIlHAtJI. New lera, per S bushel
basket 'altfj. fill, lVnnalanla per barrel
SI 7Tt2
CAHllOrs Nearb rer bunch l24r
CKI.UIfi New Jtraev per bunch 3
4,1c
t DUN" New Jerse per bushel basket
71(tft$l 'II Peiinsjlxanla per 100 ears
J.'fiJ 111
('I'Ct'VIliril-. New Jersey per -bushel
basket J1T71c
PGOPI. N'T New Jersey per S -bushel
basket II 2-, Wl ."ill
I.KTrLH P New York per crate (2 dozen
hoadsl .li it II 2 i
LIMA nKW'S New Jerse per 't -bushel
basket Jl -,0W1 K1
MltMlltOOVtS No arrivals
ONIOVf New Jersev per H -bushel bas
ket yellowa fancy $t 4I"T1 10. Pennsyl
nanla hampers 2 11, Washington 12 71Cp
3 It rates)
PEAh New York, buthel hamper SI 75
fii2
PRPPr.Its: New Jersey per "4 -bushel
basket 40 Millie
1'OTATOKS Pe- barrel (annrox 154 lbs)
Norfolk No 1 111(10 4.10 No 2 and culls
11 .10 New Jersey per H bushel basket
t.lnfiHl: No 2 41T(10e
SQUASH New Jersey, per $ -bushel bas
kets MBSV
TOMATOCS New Jere per -bushel
basket early primes infjnfc culls .in
31e second early primes ,5cl 21. culls
35 50c.
AUCTION SAI.KS YESTEIUMY
OftANQES California per box 12 to
1.111 In box I SOSIoeU 5 l'c o 288 In box).
57 illfSII .111.
LEMONS California per box (300 to 588
In box I 4 IHB7 23
PBAItS California per box (43 lbs. net),
53 .1.1 ff 4 .13
pi.I'MS California, per 4-baeket crate,
Jl (1002 1.
OftAPEK California, per 4basket crate.
J3 0004.40.
.MINING
Atlanta
Big Ledge . . .
Con Aiu ....
C F riX. Jerome
Linma Conbol d Ued
Fiist .National
tJo'dfield Meiger .
Goldtleld Coin
Goldliehi Floiento
iloldlield lvtwanis
Green Monster
Heeia -Mining . .
Howe Njund
Independence Lead
Jeioint eido ....
Jim Butler .
Juinbo Intension .
Mckuile-Ii. rragh.
. OS.
. rh
. 2'4
. U'4
70V2
21
114
1
. 12
. rV
. i
. 17
STOCKS
4
. 1
14
I
. Ill
14
oyk
(i
2 Is
13)4
82
llfl
Ot
15
47
79
31Ji
41'f
47j
72
2,
38 .
P.'O .
bfi
20
07!i'
30
.13J
61
.in;
82
C8
n-y
20
175 .
28' 5.
HVi.
noj
20 5
r,vi
23'4'
120
71'.'
40','
87s i
8
444
.TV
70is
fill'
21
S7j;
iii
31 J J
84i
44i
l'ljf
151'i
70''
121'
mo',
120i
107',
1111,'
bVi
lO's
3")
8)
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. 01
, 024
. 10'i
40'-
7!)
3tf
44'i
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52 i
1.10
40'4'
70
31''
44'i
48
0V.
10214
8 ',
51's
8.PS
lOoJ,'
152
OOiil
44'i
75U
44
20' i
0
57S8
30 s
130
41.''
70
3Uf
444
48
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20t
07'f
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30' ,
2flt,
17),'
3(1' j
2fll
07!f
.'ID'S
3!! 1 3ii 3V,S
57','
22 i
26;
57','
20'''
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20 J ,
loo',- ionj,' ioo'j
20s' 2ii 20i
52 52 52
2P,
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87) j
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70) 3
01 '3
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87' j
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1274 127
10S'' 107
81
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30','
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30 'i
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87
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105,
152
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108' 4
81
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80',"
New York Bonds
High
9000 Anglo-Fch Bs.. 93is
4000 Am For Sec 5m 07',4
10000 Amur Tel Bs.. 80
3000 Amer Tl clt 4s 78
1000 Atl Co Lino 4s SO
2000 ft & O Bs 78
1000 14 ei O 4s 70
3000 Cbs & O env Bs SI
2000 Chi (It Wt 4s. BS
lBOOOChl H & Q 4i. 04
4000 Chi lllws Bs. 82
3000 Clil Ind & W 4s 0DV4
1000 C M & StP ml
4 4s 07 "2
1000 C M & StP env
Bs 7G4
3000 C M S. StP gen
4Hs S0
BOOOC 11 I & P rfls 67 T
4000 Cy of Paris 0s 8SU
10000 Con Gas env Os 09
BOOOChl Copper 7S.IOBV2
2000 Den & II G 4s 08
3000 Pom of Can '51 OS
3000 1)om of Can '31 01
1000 Hrle gen 4?. Bl
8000 Gov of French
Hep 54s ... 08,
COOOInt Met 4 4s". Boy
2000O Int It T ref Bs. 703,
3000 Lack Stl Bs '28 04
1000 Lk Sh 4h 1931 84
nitiooo I.lb bond 3V4 00.00
211700(1 dn 4a 03.22
480(10 do 1ft Is . 01.50
nullum do 4T4 o.i.ln
30(10(10 do 2d 4 '4 .. 03 24
700(1 Mo Kan & T Bs BO
1000 N" Y C & H Cs. 04
1000 .V Y C & H 4s 77 A
BUOO N" Y Tel 4 4s 8(1
10000 Pa gen ct 4 Vis 87
B000 do en 4'ss . . 95'h
' 3000 Pub Serv NJ Bs 83
5000 Sinclair Oil 7s 904
1000 St 'LI M&So 4s "Ch
20000 St LS.SF In vv 1 B0
1000 do ser A vv 1 B9
2000 So Pac cv Bs. . ,10
B00O do cv 4s . .. . "1VI
1000 rfd 4s 78 '4
1000 So Uwv 4s. .. . fit Ms
8000 do Bs 80
1000 Texas Co 6s. . . 984
12000 Third Av ndj Bs 3B'4
2S000 IT S Govt 2s reg 09
G000 U S llubber Bs 80 4
20000 U S Steel a f Bs 98U
1200(1 Union Pac 4s. . 8S
B000 do cv 4s ... 83 'i
1000 U K of G B &
I 6 4b '19... 98,',
13000 do S4s n '19 HO ft
7000 do 64s '21.. 954
C00O Va Cat Chm Cs 98
Low
113 1
97
86
78
80
78
70
81
E8
93
82
05H
C74
70 14
80 "is
67 &
89
99a;
100 V
68
9B
91
B4
98
BO
79 4
94 'Ji
1 84
00.K2
113.10
04.44
D.1.02
0.1. to
50
94
77 li
80
87
95
83 -1
90 4
76
GO
59
00?
78
7814
63 4
81
98 4
31
09
80
98'
8S-)
83 '4
98 Vi
90
95 4
98
2101)
93
9714
86
78
80
78
70
81
58
94
82
6B
074
76
80
67
89
99
100
68
96
91
54
98 a,
B0
79 4
94'H
84
0 HO
03 22
04.30
05.10
,93.24
B0
91
7714
8G
87
9S
83-4
90'..
76
60
59
90
79 '4
78
63 K.
89
984
35
09
X0
08
8B
83 '4
98,',
99
9B4
98
Short Term Notes
C78s G75, C75b
02
IP"
02
19M
02
Liverpool Cotton
IWernool. Julv 31 Spot cotton was
quiet today, with prices steady on the
lasls of an advance of 14 points for
1 middling, old contract, at 20 34(1 The
sales weio looti naies i nere were no
receipts Futures were quiet In the eai 1
dealings Julv, old contraet, was. finally,
19 19d, a net gain of 14 points Old con
li.it, , t-pot iniies ttiic Ameilcan mid
dling f Ur, 21 (iBd, good middling, 20 'I7d ;
middling, 20 34d; low middling, 19 Sid;
good ordinary, 18 S2d, and ordinary,
13 29d
Hate
pcrttnt
Am Cotton Oil. 1
Am T T (subs) II
Armour & Co... 11
Armour St Co . n
inltlmore & Ohio .1
llethlehem Steel. .1
HrnokKn It IP Tr
Canadian Pac Ky (
C 1! & Q ... 4
Del i R Hudson. '
Trie llallroad... 1
C.enernl Electric 0
C.enernl Elertrle
Ct Northern Rv.
N" Y Central .. '
PennsvHanla ( o 4M,
Pub Ser Cor N I j
Item Arm IT M C
Southern Tl . . . .
IT s nubber. .
Wesfh Be 1) M
Hue
Sept '
Teh '
Juno
Juno '
Julv '
Peb '
Julv '
Mnr '
Julv '
Auk '
Apr '
Deo '
Jul '
Se.it '
Sept '
Tone '
Mnr '
Feb
Mar '
Oer
Peb '
111,1
IS tin",
1I Ii0',
10 '
24 01
'I 'I PR'
'111 UII',
'IS 11(1
24 on'
21 ('I'd
'jo i'7'
'in mm
pi onNi
.a un'4,
211 07'
in 74
21 mi
in oa
111 P7I4
'in iis'
is inn
in in
Ask
m'
n'4
till'
n-.,
IISU
iin5s
117
P'i'4
in
i'7W
07
in'ii
ltinu
7N
ns
nti'4
I0J
ns
osv,
inne;
119
Philadelphia Stocks
Illoh
15 Lk Sup C 20
41 l.eh Val . 58
03 Penn It II 4414
0 PlillaKIec 24 V4
77 Phlla Nat
Ilk vvar.118
00.1 Ton Del . J )
20 Ton Mln.
04 U O I .. 04M,
1800 U S Steel. 10814
low Cramp 82
25 York Hy 7V4
Low
20
(17,
44V4
2414
115
2 Til
314
6414
107
112
1Yl
IKINIlS
HlKh Low
fHOO AmCiAPos 80
ISO Lib Bonds
1st 4s.. 03.00 03.00
1000 do 2d 48 0.1.10 113.10
1000 do 4 'in. 95.18 03.18
5000 Heading
gen 4s. 81 81
Net
2 P.M. chm.
20
Mi 1M,
44Mt ..
2414
115 3
2. ..
v
04M, ..
108 U, 1
82
714 2
Net
c liBe'.
'2 P.M,
80
03.00 . .
03.10 .30
03.18 .02
81
y
PHILADELPHIA INACTIVE STOCKS
Following ore 'quotations for Inactive
stocks listed n the Philadelphia Stock
I.'xchange and" In which there were no
transactions today. Tho prlco given Is
tho last previous close:
A G war .... 1 Miami Copper 29
AmerT&TG 95 Mldvalo 52
finance ins .. l'J'i Mineniu bu
Amer Mill ... 11
Amer Stores.. 29
Amer Strs pf. 92
Baldwin .... 91
Baldwin pf ..100
Brill J G .... 25
Cam Steel ...131
Cataws 1st pf 62
Cataws 2d nt 64
ConTraeNJ 66
e rucinie
Klec Storage
Hrle
lit & B T ...
Ht & B T pf.
Keystone T C
Lit Bros
Leh Val T-..
Leh Vnl T nf. 27
Littlo Schuyl. 48
N J & S 89
rsormcrn uent 71
Nor Penna . . 86
Penn Traffic. ,29i
Phlla Co .... 0
Phlla Tract . 68
Phlla & West 6
Pitts & West. 31
Hay Cons ... 24
Rep Jr & Stl. 8
67 Saxon Motor. 7
B4 Tonopah Bel . 2
15 Ton Mining. 4 2
10 US Steel pf.110
17 Un Co of N J.185
7 Warwk I & Stl 8 4
tvesuiiKiiuu&e. timt
Westmid Coal. 72
W Oer & S S. 39
Wm Cramp . . 82
B
20
FonmtiN covr.nN.viii.NT nwuumw
Am Psn S.cur.. 1 Auir Mil OP $
Vnulo l'ren- h . . "ct ,-" , ! . 7t,
VrRentlne ( ov . . a Ma- .jg , ,I
citv of Psrls . "ct 2. o,, ?if
Kepubof Krnnto ; Apr l "J a
llpssl-in Oovt. .. 0 4 J"e ,1"' "- rt
Ilu-slan Hoi t.. .''4 Jee .-' . ,V l,1U
r.nit of SMiircr. Mar ." 1JJJJ,4 ' ,
L " convertible into long-term bond ,
LIVESTOCK QUOTATIONS
Cltlraco. July 31. Hods Retclpts, l.l.ino
head: left oier. (toll head. Marlfet motb
KI5f'20c hlshe! than loaterdii'H aieraBe.
Top, 510 1(1. hulk. SIR 10&1II 35; butcher
heaiy. 518 0(1011111; medium. 51D10.31;
ptcklmr bonis, 517.7.11 21, medium mixed,
51S71&18RO.: llsht, 510 Lie-Ill 40. plBS,
517 7.1ifplt .1(1, much, 517 2,10)7(10.
CATT1.P Iteielpts, IIOIIII head Low-grade
light steers sleadi. others strong to higher.
Callea Rttartl.
SHEEP Hereipts. 12 00(1 head Mirk-t
openlnt? slow tiut steady, with jtsterdn'n
close on killing elassea Pccdlng Iambi
h'Bher.
ritthluirch. I'n.. Julv 31. HOGS lle-
celpta, 1000 head Actlie. llealies 510.10
SfJO. heaiy jnrkers, 52(1 an 2(1 30: light
orkers 520fi2(12.1. pigs. 510 nillfflU 75
SHEEP AND LAMPS Receipts, 300 head
Stead. Top sheep. $11,511, top lambs. Sill
CALVES Receipts. 100 head. Stiadj.
Top. 517.
Kast nilffuln. Julv 31. CATTLE Re.
ceipts 100 heatl Steed Ctlics reeelpts
Km bead Sleadi . t''t 17 .10
linos Rei eipta sot) head Stronc Heavv
fin 7.1Wln 00: mixed. 520 ff 20 01. .orkers.
llcht lorkera end n'is. "f2ii, routtha 517 21fr(
17 .10 slags. HI 11
SHEEP AND L.VMnS Recelnts llsht.
Steady and unchlnaed
South Omaha. Julv 31 1IOOS Receipts
8400 head Pew earl! sales stionr, to"25c
hlsher. nance. 517 001nso.
CATTI.K Receipts, nnno head.
SHEEP Receipts 1.1 noil head. Cars 410
Kansas Cits, July 31. CATTLE Receipts,
IS 110(1 head best sUadi othirs weak
ItOOS Receipts. Id 000 heud. Markot
KIWIIc higher.
SHEEP Receipts, 4000 head Market
stead.
1
t '
LOCAL STOCK TRADING DULL,
BUT SEVERAL ISSUES SHOW
WIDE CHANGES IN QUOTATIONS
Philadelphia National Bank Warrants Advance 6 Points,
While York Railways Common Loses More
Than 2 Bond Market Is Quiet
Trading was quiet on the Philadelphia Stock Exchange during theeariy
part of today's session, nnd, outside of Steel common, transactions were in
small, odd lots. There were n few wide changes In prices, however, Phila
delphia National Bank warrants advancing 6 points to 118 and York nail
ways yielded 2 p.olnts to 7, a new low level.
Just why this stock should be so weak was unexplained. Next mohth
Increased fares are supposed to go Into effect, and, as the company's earn
ings have been good, the only reason thought probable was the lack of a
market due to present dullness of the local list.
Philadelphia Electric advanced a fraction, hut nearly all other hotnpft
issues appeared unclianged, xonopan-Helmont, Tonopah Mining, UnltedttJas"
Improvement and William Cramp certificates all selling at their last previous'
close prices. Near' midday Tonopah Mining, Tonopah-Belmont and TJ. G. I.
advanced slightly.
United States Steel common follow ca tho opening trend on the big board
and scored a fair gain, but Its activity was small compared with that In
New York.
Liberty Loan 3s did not sell during the first hour, although thos,e
bonds were yesterday's leaders, and there were only a few transactions In
other Government Liberty Issues. The second 4s made a good advance. Read
ing general 4s yielded slightly.
J.
Financial Briefs
Charles S. Calwell. president of the
Corn Hxchango National Bank, In The
Corn Uxchange, the bank's monthlv
publication, advocates a compulsory mll
Itniy service law that provides for navy
recruits He says: "American boats,
manned by navy boys, carrjlng meichan
dlso to and from tfll parts of the world,
are an nfter-the-vvar probability. We vv 111
have ships, millions of tons. Wo will
need Echeols for training our future
riavy, anl foreign trade must be devel
oped. An arrangement of this kind would
result In minimum freight rates for for
dgn trady, and a lower cost for educating
the bovs ftr navy service. To Insure
securing n sufficient number of boys,
incorporate In a eompulsorj military
service law a piovlsion requiring eich
j car a number of recruits for the navy.
A plan of th's kind would be to the great
pdvanlage o," the bovs, tne merchants and
the nation."
Frank J. Jobann, a former secretary
and treasurer of tho Uqultable Trust
Company, has been Appointed chief of
the llscal division for the State of Penn
sylvania of the United States war em
ployment serviee.
The New Yoik Subtreasury lost 5237,
000 to tho banks yesterday, reducing the
cash net e-iln y".z 1'rldav to $7,551,000
The Federal Heseive Bapk has been
Instructed by the Treasury to wlthdiavv
25 per cent of the amounta on deposit
on account of the July 18 payments In
the third Liberty Loan. The payments
are to be made to the lleservo Bank
not later than August 0. The payment
will approximate $7,371,000.
Wysox Attorney is Dead
Tonnnda. Pb July 31 Hobert A.
Williams, an attorney of Wysox. Is
dead at his home after a brief illness
Ho was flftv-slx years old. Heath was
due to throat trouble.
Loral Meat Market
The
follow Inff r.rnrt nf ,I.a F......1
.-., ." ;.:,.:-. .-".v". ". ". ";."
.mile in i-ntiauetptna
In fll.nl-k.il i... .k
local livestock and meats ofdeo of the Bu
reau of Markets. ITnltn.1 tn,A Tinnn.tM.H.
of Acrleultltre
."Jf'y" FIIES1I norflpt. llttht: supplies
or hlndciuartera moderate, forequartera lib
eral, mirket ier dull at Irrcnular prices:
demand tontlnues light.
KOSHER IIBEP- Supply nf kosher chucks
and plates normal: market dull and M lower
at J4 to 52(f demand slow Hinds and ribs
Arm under fair demand at S2S to 532
S1LERS Reeelpta. moderate: somo arriv
ing In off condition; market alow on choice
nt 524 to $27 per cut : lerv dull on other
Kinds at 514 to 520 per cwt. : demand very
light.
C'lVVS Receipts, moderate: market alovr
nt 513 to StO per cwt : demand poor.
nui.LS Receipts, light: market weak at
513 to 51.1 per cwt.: demand quiet.
VEAI. Receipts of heavv veal liberal.
IlBht veal scarce; market glutted on western
dressed and prlcea lower at $12 to 510 per
ewl ; demand limited
PORK Reeelpts. light: market steedv On
tight loins; other cuts slow: demand fatr at
J(I to 5.13 per cw t.
I.AMIt Receipts, modernto market opened
slow nt 52(1 to 52S per cwt.; demand light.
.MUTTON Receipts, light: market about
steady at 520 to 525 per civ t. ; demand Just
fair. o
Cotton Buyers anil Sellers
New York, July 31. August Hart-,,
corn bid : Hartcorn oricren.
October, ) oung, O. unmoens anil
Kelffer bid: W. Gumoens. Keiffer. F nM
Mitchell, S Hubbard and Hountree df-
fered
December Walsh, Guild and McGheo
bid : Fllnn, Slgel, Rlordan and Wilson
offered
March Schley, Wilson and Fredrick
son bid ; Montgomery, Rosenberg, H.
Hubbard, Parrott and Jones offered.
May Lowensiein offerad.
BAR SILVER
Todav
N. York (cts ) OtIS
London (pnc.) 4S?
Yes
00 i
4Sl
Last
Wed.
00H
4SU
101R
High Low
01 4 8.1 H
4DU 4 2 '4
I'H
1M.
12
10
J
i'
4 4
4
.1
Oil
11
;ih
Magnii Copper ...... dl
.vioinet l.otie 3.,
-Mines Co of Amcriea. 114
Nevada Hills .... 5
.Nevada Wonder ....
Mplheillg 8
Ohio Copper 1
IttV liere'Uies I
San Toy . .... 1(1
lunopah Lxtension .. 1
L luted Veido . . . 30 Vi
West Hnd Coll . . 1
White Caps . ... 30
Verington . . 5
IIONP's
00
77
. 77
Bethlehem Bs . .
Cosdcn Oil lj
Coadtn fi. Co 6s .
Cudahy Bs . 074
Ku-slan Govt 5s .. :i
llubt' an Govt 0 4s. 511
bouthirn Railway 5s OH
Sinclair Oil 0s . . 70
fodd bhipbldg bs 0U
4
4m
4
4
02
1J
12
.13
37
IVi
10
1
IK.
4',
12
Hi
37
olM.
"a
90
HI
HI
07
no
5H
08 V4
hi
00
H',
a
3
'i!5
iilt
20c
Hie
8V4
A
I
Reserve Banks' Discount Rates
Official discount rates at the twelve
Federal Reserve banks viere as follows:
(The first column gives tho rates for
all periods up to and including the fif-teen-dav
m tturitv, the second for a
period of sixteen to ninety davs The
third and fourth columns are the rates
for rediscounts of collateral loans se
cured by Government bonds or notes )
Coml' Ptper Goi't piper
11, to on 111 to on
lldavsdiis Kidaisdivs
'
Iloston . .
New Vork
Philadelphia .
Cleieland .. .
Richmond .
Atlanta
Chit ago ... .
t Louis . .
Minneapolis .
Kansas Citi
Dallas . . . .
San Francisco
4
4
4
4'.
4'
4
4
4
4
4
4
4
4 s.
I
l
4
4.
4 fl.1
4.
4. 1
4N
4". 1
4
4'.
li:
4',
4',
4',
4")
4'i
MONEY-LENDING RATES
-. .r Mnnpv fin call, mixed
collateral, opened" today at 0 per cent
On industrials, tho opening rate was 6
per cent
r,UT,Anni.PHIA-Call.G Per "nt;
., rs Uiifi oer cent iuii.ii..... .--
nor, three to six montr
six months, 0 per cent,
ner three to six months. 5 6 per cent;
, OMON.-Monev HOJ-oNt ?
niscount raiv -"'",'."; .-., , ,pr
pfr cent; three monins um. - ..--- --cent.
cent
FOREIGN EXCHANGE
Ni York, July 31 The market for
fore'en exchange was extremely dull at
the smri i of bu-lness today Quotations
were nominal nnd as follows-
Demand sterling 4 75,",. b,e" V'.'-Elxtv-da!
bills 4.71. ninety-day bills 1.71.
Franc checks 5.7U',. cables 5 63 1,,
Lire checks 8 01. cables 8 00.
Swiss checks 3 05, cables 3 0214.
Guilder checks SUA. cables 52
Pesetas checks 26 OB, cables 27.05
Stockholm clucks 36 35, cables 3B 7B.
Chrlstlanla checks 31 20, cables 31.60
, Copenhagen checks 31.10. cables 31 B0
Rubles notes were quoted 13 S0(fJ14 00
fo the 55s and 14T 14.10 for the 100s
BANK CLEARINGS
Hank clearings todav compared with cor
responding dai last two ears: ..
mis int7 mm
Roslon .4'1 "40 07S SIR 701 R2! Ml 0111 11R
V Y .. .VJl.lirtl "OH " 177.4TI R22.4R0 (lis
Phlla 02.117.030 .14 010.070 4H "270.192
US
4l
10
Hi
I'lilBIMIIlUlllllllllllllliaillfillililllllllllffllilllllM
, 1
Bradstreet's says
"Lack of Capital"
A Chief Cause of Failure 1
i 1
1 siiiniiiiiiuiiiinniiiiiii'iiiiiiiiiiiuiiiiiiiiyiiiiBiiiiiN
'n,.'Ji.o.' 2.1S5 -
rJ.T.,29.40 "2.1.17 35..12 25.21 23 23
i ..;Y,r24.7T K4.43 24 50 M.a. .,,,.
jt,i.J,.a4.7J, W.WI r.rt..'L sf4-
!.?;. .MJP?.il5X,
Refineel Sugar Unchanged
York. Julv 31. Refined sugar Is
unchanged at 7.60c,lea 2 per cent for
NEW YORK COFTEE MARKET
New Aork, Ju'y 31 The market for
luffee futures opened quiet this morn
ing with prices unchanged to 1 point
lower Trading on the call was conllned
to liquidation of September and I)t
tember Todai'a Yesterdai'H
opening t loan
.. . .It 31tS 37 S 41
. b t.(l)S 2 8 01
. . KK04P8 8J 8 I"
8 05 tl.UJ
September
December
March
MUl .. ..
Dividends Deciarctl
Eastern Steel Ccmpani usual quarterly
of l per ,ent on first and second pre.
ferred and 2W per cent on common The I
preferred dividends are paiable September I
HI to stock of record September 2 and the j
common October 15 to stock of record
October 1 ,
Liggett & Mers Tobacco Company reg. (
ular quarterly of 3 per cent on common
paiable Septembofr 2 to stock of record
August 1.1 , . , I
Inland Steel Company, regular quarterb
of 52 n share pas able September 3 to stock
of record Ausuat 10 I
Pittsburgh Steel Company, regular quar
terly of 51 7,1 on preferred, paiable Septem
ber 1 to stock of record August la
Brokerage Firm Dissolved
Announcement was made today that
the banking and brokerage firm of
Goodall & Co. Ib being dissolved. Pre
vious to January, 1918, when L. Casper
Wlster became a captain In the United
states nrmv. this brokerage house
was conducted under the title of Good- j
all, Wlster & Co. Herbert w. uooaaii, i
who, with Mr. Wlster, made up the firm,
tomorrow assumes his duties as xlco
president of the Guarantee Trust and ,
Safe Deposit Company to which poion
be was elected tome time ago, I
I
NEW YORK BUTTER AND EGGS
ew York. July 31. RUTTER Recelnta
IS (7 tubs. Extra. 44 c Inclda; hlsrher
acorlntr. 41H JM3c: firsts, 43Vi044Vtc,
second 41043c. a
KliUH KerelDts -' J I cases
We purchased
over $51,000,000
of Accounts in
1917 from Man
ufacturers and
Wholesalers
over $20,000,000
came from con
ccrns rated
$100,000 to over
$1,000,000.
wh.. Raw sugars.?, uncfcint-er at wSffiSTKftK;
For 24 out of the past 28 years, "Lack of
Capital" has heen the chief cause of failures
but for the past three years it has ranked
only third, notwithstanding the unusual
strain upon capital during recent years.
Certainly this improvement must be
partly due to the enormous growth of the
practice of turning into immediate cash,
dead, profitless, capital previously tied up in
Accounts Receivable.
Under our plan, in a way, you increase
your capital simply b.y releasing that part of
it which is tied up in 'the Accounts of your
customers, who do not even pay you in
terest. We let you collect the Accounts you
sell us, without disturbing youccustomers.
i
Why divide all your profits with a Partner
or Stockholders in order to get more capital,
if you have that capital right now in your
business, all your own, tied up in, your
Accounts?
We put that money to work for you and
avoid the handicap of "Lack of Capital."
The useful object of our business is to help
finance iiicreased production of much
needed commodities incidentally making
added profits for all concerned.
Let us show you how!
niiiiiiiM
Commercial Credit "Company
Cash Capital $2,230,000 Surplusfj450,000
' BALTIMORE
Represented at
PHILADELPHIA, B12 Block Exchange Bldg.
(rrone Locust 010)
$3,500,000
The Hydraulic Pressed Steel Company
First Mortgage & Collateral Trust 7 Gold Notes
Dated July 1, 1918
Due July 1, 1921
NEW YORK
CHICAGO
g hTHhKVf -joiS fowftc
?",Xs
CINCINNATI
.BOSTON ,. '
a. ."". :... T ' '
vs r. k ;vjs, v.l
Principal and semi annual interest parable In New York and Cleveland. Redeemable st the option of the Company at
sny time upon thirty dsys' notice at 101 during the first year, and at 100V4 thereafter. Coupon Notes In denominations
of $1,000 and 530O with prlillece of registration as to p-lacipal only. Company will psy the nortnil Federal Income
TBI not exceeding 2",.
Present four-mill State Tax refunded to holders in Pennsylvania
Trustee: The Guardian Savings & Trust Company, Cleveland, Ohio
The. following information is summarized from a letter
signed by J. H. Foster, Esq., President of the Company :
Purpose Proceeds from die sale of these notes will be used to retire $1,800,000 One-Year
of Issue 7 Notes due October 15, 1918 (which were issued in part payment for all
of the Common Stock of The Canton Sheet Steel Company) and for plant ex
tensions and additional working capital.
Properties The Company was established in 1907, its business being the fabrication of
and Business heavy steel stampings. The Company in 191 7 purchased The Cleveland
Welding & Manufacturing Company and also control of The Canton
Sheet Steel Company. The three plants cover a total acreage of 1 19 acres. The Company
is one of the most important producers of manufactured steel products in the country. Of
the Company's present entire output, about 70 represents standard products which are
being utilized for Government purposes. The remaining 30 constitutes wat material,
mainly shell forgings.
Security These notes are secured by first mortgage on all the property now owned or here
after acquired by The Hydraulic Pressed Steel Company and The Cleveland
Welding & Manufacturing Company; and by pledge of all the outstanding Common Stock
of The Canton Sheet Steel Company.
Assets As shown in the report of Messrs. "Ernst & Ernst as of, May 31, 1918, and
after giving effect to the proceeds from these notes, as reported by the Com
pany, total assets excluding good will, patents, etc., amount to $12,055,495; current assets
$7i73,750 against current liabilities of $3,3i2i57o; leaving net current assets of $4,418,180.
Earnings Earnings for the calendar car 1917 applicable to interest charges were $1,
702,377, or, almost seyen times the total annual interest charges on this issue.
Sinking Fund The indenture prdvides that the Company shall set aside annually with
the Trustee 25 of its net earnings after providing for interest, taxes
and preferred dividend requirements. Of this amount two-fifths may be represented by
investment in permanent improvements to the property owned and controlled by the Corn
pany; the balance, three-fifths, will be used for the retiring of these notes.
General The management of the Company and its subsidiaries will continue to be. vested
in the same men who have brought the properties up to their present high state
of efficiency. All the properties arc in good physical condition, and a large equity over and
above the notes has been definitely established. The earning capacity, far in excess of inter
est requirements, is on a sound and dependable basis.
Properties hare heen examined and appraised hj Mesxrs. Geortte W. Goetltals & Compsnr. Inc.. Engineers, of New York!
books and accounts hare been audited by Messrs. Ernst A. Ernst; and all Irani procerdlnta In connection with tos
Issuance of thest notes bars heen under tho aupervlslon of Messrs. ToUes, lloisett, GInn k MorlerT Attorneys, of
CleTeland, Ohio.
Price 97 and Interest, to vYield about 8
Complete circular giving full details will be supplied on request
A. B. Leach & Co., Inc.
Investment Securities
115 South Fourth St., Philadelphia
Chicago Boston Buffalo Cleveland x
Pittsburgh Scranton Milwaukee Minneapolis
New York
Baltimore
"Passed ,br Capital Issues Committee as not Incompatible with ths national Interest, but without appfWl a teaslltr,
MlMltj, worth or securltr. Opinion ht. 080."
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