TSGBBf&ti&mSgSGHBtml "UTJ. wuwmaiwniaaiJwgiiftMBBa Vj $ rrrppsx r;. n$ 10 EVENING PUBLIC LEDGER PHILADELPHIA, SATURDAY, JULY 5, 1919 Ih J &. . if i? J v v (ffb , ' iff Statement of condition of The National Security Bank Philadelphia June 30, 1919 RESOURCES Loans and Discounts. . .$6,213,263.41 United States Bonds . . 1,206,750.00 . iiuo,iiu.w , 299,707.04 finnnnnn Bonds and Investments Banking House . . uvuuv..'u Due from Banks . . Cash and Reserve 932,659.18 1,392,994.38 $io.ior)..i7i.oi LIABILITIES ' Capital $250,000.00 Surplus 1,250,000.00; Undivided Profits 109,572.29 j Due to Federal Reserve Bank 850,000.00 Circulation 250.000.00 j Dividend July 1st. 1919 30,000.00 Deposits 7,365.801.' $10,105,371.01 J. HAItrFII IiRiri". Pre. (lEOlUiK KKsM.KK. Mce Pre. M1M.IVM II. MfKEE. Ca.hler (.KCIIK.l. nllMiTIlN, A.M. tnhier The Fortunate Position of Investors Today In sympathy with the increase in prices of all commodities, cor porations and indi viduals who seek funds to finance their undertakings must pay considerably more than they did a few years ago. This situation enables those who have money to invest to obtain a much larger return from sound securities than before the war. Write tor our recommendations Hemphill, Noyes & Co. Members .Veto Yotl; Stock Exchange Franklin Bank Building, Phila. Scrantoo ew lork Boston THE BALDWIN Locomotive Works Steam and Gasoline LOCOMOTIVES Philadelphia, Pa. U. S. LIBERTY BONDS $50, $100, $1000 DOCCIIT. ROM) AMI KF.CITm,.:.I)F.l FOB INVESTMENT Newburger, Henderson & Loeb 1410 CHESTNUT STREET llcmbcm N. 1. and Phila. Stock Eirhancm FINANCIAL June 23rd 1010 , Superior Steel Corporation ' Kt the regular meetins of the Directors ' of the Superior Stt-pl Corporation a quar- trrlr dUldend of 2" was dpclured on the I Second preferred utotk. payable Aucu4t 13th. t 1DID, to stockholders pf record lugust 1st IDin II D SARQE Secretary NATIONAL SEClltlTY flNK I Philadelphia, Julj 1 into I The Directors hae thin dav derlared a fienil-annunl dUldend of tuelre (13) per rent., payable on demand capital ;-,n oon no Surplus 1 2.-in oon no Undivided profits m9 57 2'" II lini ',72 29 W H .McKEC ' . C.inhler MINE HILL NII SCIIl"lLKII.L HVKN RMI.ROM) f OMPAN1 Philadelphia Sixth Month 10 11m A Dividend of 3 per rent (SI. 50 per share) na.8 this day been declared pavable Seventh Month 15, 191D. tn stockholders of record t 2 p m on the 2nth Inst 'uru The transfer hooks rlostnjr on the 20th ! Inst will be opened at !l a m on Seventh Month 1.1 inltl " Checks v.111 be mailed I WM KIDDLE Treasurer ELECTniCAI, I'TII.ITIES CORPORATION ' 71 Itroartunr. New York PREFERIIED STOCK DIVIDEND NO 17 The. quarterly dMdend nf one ami on.. nnarter (!) per rrut on the Preferred Rtoek of the ELECTRICAL I'TILlTlrs rn0nffiolAIIOVKl2r 'Jf8 i1""'" -ndlng June I ?0' 22 5- ha" bn declared paiabl" Julv 1 ,5' 'a"9; .V '?e P"?""1 "toekholder. or record at the close of huclne., juiy r, mio A E SMITH Treasurer ' N. W. corner Broad and Arch streets ' . . . Philadelphia June 11. ioi 1 Th." .'"'if'fa" a""?". thl" day deelarid a Quarterly dividend of two ner rent csi iw. hare), payable July 15, 1019, to stockholders ef record at the close of hunlntss Juns ao 11. Checks will be mallad. "' I W MORniS Treasursr. " KI03ITII NATIONAL HANK Philadelphia, July 2, 1919 The Director have this day declared a semiannual dlvKend of Ten Dollars per hsri and an extra dividend of fi. nti!-l per share, payable on demand Checks have ! Vieen mailed CHARLES n. COOKE Cashier CKNTENNIAL NATIONAL BANK Philadelphia, Pa . July 3 loin At a meeting; of the Roard of Directors held this day a semiannual dividend of HU () per rent was declared, payable on demand Checks for dividend will be malted IRWIN FISHER Cashier B0VTHHKSTKKN NATIONAL UAXK Ilroud and South Strreta Philadelphia. July 3d. loin The Board of Directors hate this day de clared a semi-annual dividend of TIIRKK per rent, payable on demand JOHN T. SCOTT. Jr Cashier Pneetal Nollem Usy COMMHKCIAL TKU8T COMP.Y U3S Philadelphia. May 28th. mis tJ TJptlco Ufcertby riven that. In pursuance at ntaolullon of th Doard of Directors of lJOHlinrrii v K.vmpanr, a. epeciai ateat- a .. 4 Ika lllAalrl,At4ba ah .. rt , in ".J"W u.wj.uv.un, u ,ii i.umpanr win ?S w held at ttl reneral ofrlee lnmmM.ii ' Truat Bulldln. northwest corner Broad and ruttt r'BK nsir,, j-niiapmnia. .i-ennyF vanU. on TtMar. tha fifth day of Aucust, tttm, iJ,P w.. for th purpose n inrrrasa or ma nr irem It.ooo,. to M Stock- of which on-haV4 atltyte part of to. I nr ,oiivsr ir "s mip n Capnmimms&JXVm womn i.AUb4i at HVl Bar sure. hn nm&Jswaxz STEEL TRADE AWAITS .. -......-I "t it felt in the trade that the coin ins RFPfJRT f)N FARN NR9!8ta'',nt ,,f Poking "'i m on ncrum uix Q-mmiNUO CIltirpl ,I!(T(,mit bhmrinK from lhc rc. . ports of the pi reeding months of this ci,.4. x c- j r 'jenr, nml for this reason there Is con- Statements for Second Quarter ' ,i,i0rni.ie speculation as t.. what the nc of Year to Bo Made Public in Few Weeks recorded. Within the. next few weeks the vari ous large independent steel companies New York. July 5 All Interest in the steel trade centers around the rc port of unfilled orders of the t'nited yitntnn ,! , .!.. . . .... n i .nr-ii til inn ilium UK ill .limn .til ,..n nuilllilt Ml rIM'llll 1)1' fllUCrVlP PV1 iicuce oi tne improvement in new hint ness which c.ime to the steel companies during June If the corporation finallv marked off THIRD IVTit-t.-. "D -x - 1 IX CllUJIlCll JLJCII11 PHILADELPHIA (OMUTION AT i mink nr iuisis lime .10. Oil RESOURCES Loans tnrl Itnestnienls I Mic from Hanks nod KinKers asli .itul Kcscre I'm lianas for flciriiiK House Inte'-pst Karned. Not folic teil fin isn n: ic, 1 070 ) io SJ6 811 'JS 871 11 IS 2J7 G7 519 CD? n77 11 ?14,SOl,US.l 1 LIABILITIES ("Tpll.ll s,tntK i,no nnn nn I 1'rnHts Wt I'ncirnerl Histount '"in ul i i m pPOu-Hs Bills In bW . .. ' I'aMneniN n Account of IlliCI I I O IPS n7 1 V 4 126 Id" nil S .'S.t f . S'l 1 'no nun nn 05 1"4 $12,582,077.11 ruFFnnn wood. Canbler, . , . ', , ' I iop who iae ueen looKiug lor n con ' TV, ll , "i. , Pi"bl "7', T?UrM.,j! l'labic improu nirnt In the earnings of L'VJ 1" " " .L '.. ,.'lBJ"d.u:rf. "Kh- .tool companies are likely to meet THE CENTRAL NATIONAL BANK OF PHILADELPHIA CHESTNUT ST. AT FIFTH Close of Business, June 30, 1919 RESOURCES I oans 4 Investments $27,085,239.54 KnJaHor,;.,r'"' C""- 1,090,156.20 "ir.nkT'r? nan,i" "?d 3,375,306.46 Cash and Reserve 1,987,835.69 $33,538,537.89 MIM.IAM TOST, rresldent. WIM Illll. (OMIAD. A. I'rei. 4 nsli. sTM.i: K MltV-ON. s't Cashier. DIRECTORS sMl i:i, M. Cl llK CI.AKKM h M II1IOH N S1EA ENS nr,( Us-I H KR I) M)KEHs I HVRTOS TIIMNSfcMI t.KOUC.r. ni IIMI M. Ir mi.i.nii M)in (ItARI.Ks MIIhKI.l:it f II MlI.F.s i:. 1N(.1:IS(M, Jl Ks()N STKVMslIir NOTICES SOUTH AMERICA I. F. C. LINE REGULAR SERVICE Philadelphia to Brazil and the Argentine A-l STEEL STEAMERS SAILINGS: TO BUENOS AIRES AND RIVER PLATE PORTS S. S. NEDMAC July 25 S. S. SHANNOCK August 30 TO BRAZIL PORTS S. S. WOODNANSIE August 30 Loading Ber,th, Pier 48 South Direct Track Connection International Freighting Corporation 170 Broadway, New York City Telephone Cortlandt 7720 Vacation Trips by Coastwise Steamers No better way to put mind and body in perfect health. Exhilarating days and balmy nights. A restful and invig orating voyage. Fares include meals and stateroom berth. Excellent rail connections to and from all Southern points. OLD DOMINION S. S. LINE, for Old Point Comfort, Norfolk, Newport News, Richmond, Va., and all points South. Leaving daily except Sunday from Pier 25, N. R., New York. OCEAN S. S. LINE, Mondays and Thursdays at 3 P. M. from Pier 35, N. R., New York, for Savannah, Oa., and other Southern pojnts. 'SOUTHERN PACIFIC S. S. LINE, Wed. and Sat. at 12 noon from Pier 48, N. R., New York, for New Orleans, La., Gulf Points and Pacific .Coast. For passenger information and reservations apply to Con solidated Ticket OSces, 1539 Chestnut St., Philadelphia." Phone Locust GS00. 1. J. BROWN, C r. A., Coaitwli. StettaiUp Unci, Pitr 49, N. R., N. 7 JNITED STATES RAILROAD ADMINISTRATION Dttttcter General of Railroads wr,ntniiiWr,J..Ki' r.- . . . i , nil the cancellations of government or I ders from Us books lit the end of May, lunl inerense will be, for it is the unan imous belief that on iurrcasc will be will make public their reports of earn ' inKs or "' second quarter of this jear, The Lackawanna Steel Company will '", I be the first to publish this statement. .... . . . ... disappointment, as it Is not believed in tisiiallj well Informed quarters that much of any of the Imprtnomcnt In bus! nes will be shown in the statements for the June quarter, because deliveries ou the orders tnken will onlj be made dur ing the last six months of this year. The improvement in the steel in dustry, which began at the start of June. I """ ,'',rip,1 " through the entire moll,n- anc1 in no similar period since I.T-t October have the steel companies onjnjetl m much new business. The statements of the increased business. made in these columns since the be- ginning of dune, lme been confirmed hv the output reports made to the trade publications. ( onsmcrnble interest was displajed in the local circles oer the prospects "' '" vcmcm.ir uiiinri irom jersey '( Itv to .New ork (in It is stated in the steel trade that these tunnels '"UP "l""1 B0M1 built l"1 -'a-et iron sppmPHts. nnd the estim.ites nre that !sceral hundred thousand tons will be required lor me proposed iniinei. The 1 mted States Steel Corporation 'las r"','1,r'' nn order for from lo.OOO in .o.iiiiu ions oi sicei ior snips in tills district It cannot be ascertained as et what concern gae the contract, but the belief prevails in vnme quarters that the steel will be Used by the Tederal Shipbuilding Corporation, u steel cor poration subsidiary so that it is au intercoinpuiij order LIABILITIES Capital $1,000,000.00 Surplus & Undivided Profits (earned) 4,204,737.47 Reserve for Taxes & Unearned Discount 187,355.49 ( Irr'jlatlim Loans Tedfrat ere Hunk 55,000.00 "'"4,400,000.00 Rediscounts Fed eral Reserve Bank 2,025,000.00 Deposits . . ..21,666,444.93 $33,538,537.89 I) SHIFT. 't Cashier. AI.HhRT II. slll. lint Cashier. I) II. . ( MtsllV, Xs't (ashler. ( . I RFII'K ( . STOIT 11FS.MMIN HI sll MI I.I.I M IMIsT MM. . COMtAII STEAMSHIP NOTICES Lafayette Buildinc i-niiaaelphia, Pa. Telephone Lombard 4134 GOSSIP OF BROKERS PREDICTING FURTHER STRENGTH IN STOCK MARKET Failure to Take Profits Over Holiday Bodes Well for Coming Week Gossip of the Street TN .MANY ua.vs Thursday's mnrket on the Mock exrlintiKe wns a sur prise. Tlio continued stronRth nnd the nppnmnt nbsenor of nnv nttclnpt tn take protlts over the three hnlidajs prcnrntrcl nnv reunion, nltlioiiRli if there t pro to he n rrnrtinn from that cause it would hae taken place on Wednesday. Jtrokers expert the market to open very ftroiiR on Monday. They mnke thi one reservation, however. prntetl Inlior lini not precipitated any serious strikcK durinj; the hnlldnyo. Crurlble Steel furnished the sensation of the day on Thursday, and in some orj conservative houses it was said to be a Rood buy con nt the IiIrIi of the day, as important deAolopmentSj it was said, are in progress. Oil Stocks Continue in Favor Oil stocks still seem to be in favor. It is said that the 144,000 uhares of Simons Petroleum, offered at $31 per share, have been sold. This will cite the treasury about $3,000,000 in cash ami 7.",000 shares of stock to be used for further dctrlopment of the properties in Texas. A downtown broker said the continued streiiRth in United States nnd other steel stocks wns limine n decided inlluente on the rest of the mar ket. He iiKo said that one of the icasons for the hijh cpiotntions can be found in the fact that stocks are not available. The new crowd that is now bujing stocks, he said, nre bujinf: outright and putting their Mocks away. A niajoritj of them look more to the dividend returns than to any profits from speculation Packard Motor Car Financing The general opinion in the Street with reference to the $7.f00,000 Packard Motorcar ("Vimpanj preferred cumulative 7 per cent stock offered bj Montgnnicrj t Co . is that it will be icadily absorbed. The name and reputation of the Packard Motoicar t'ompain and its products in both trucks and motor vehicles, said n banker, would in itself sell the issue, hut with u 7 per cent return on the iinestment there is an additional appeal to the public especially in iow of the published earnings. These show a decided increase in the last three vcars. but more cspe cially for the eight mouths ended April 30. 1JI111, when the net .earnings, after allowing for all taxes, equaled t.43 times the required dividend on the total outstanding preferred stock. This stock is offered to the public at par. Strength of Copper Stocks Significant A prominent broker, speaking of the strength of copper stocks on the exchange, remarked that the action of labor osterdaj, as far as it con cerned the copper lndustrj, meant either a continuance of good times, per haps higher prices, enormoiij, demand both for the home and fqreign markets for the inet.il for a long period, or if. on the other blind, labor should carry out its threat and force general strikes, including the copper industry , the producers had made up their minds to shut down He said that the producers had come to the conclusion they lind granted labor eerj thing that present prices would stand, nnd for a long time they had run their plants nt n loss, which had to be made up from the various surpluses, solelj in the interest of their workers, nnd they could not con tinue such a ruinous policy Whether the demands, if made, he said, take the form of shorter hours or an increase in wages, the policy to be pursued In virtually all the pro ducers will be the same. This, lie said, would result in a lenction in the prices rf topper stocks on the exebnnge. He said he presumed that the labor lenders had observed the price of metn) gradualh increasing and had heard the predictions mnde that it will go considerable higher and had taken what they considered a favorable opportunity to press their claims without taking into consideration the losses which the companies must make up to compensate for the time of low prices. Another broker interested in copper stocks said that he did not an ticipate nnj trouble in the copper industrj on July 4. It is true that labor is on the lookout for eterv advantage on its s'de and is prepared to press its claims, he said, but the recent position of the woikers connected with this industrj ha been too doubtful nnd prccaiious for them to force au issue nt present Otherwise, he remarked, the outlook for copper is ex cellent fc It is estimated, he continued, that the present copper surplus is l.'J.'O, 000,000 pounds, but an enormous demind is expected from Gorman at once, which, with the demand nt home, wiuild soon reduce oven that huge surplus to a negligible qunntitj in the event of the tloMng down of the mines. He said he was most optimistic over the copper situation and he believed the copper stocks are due for an advance on the ovlinngo, espe cially those whose labor charges are ompnrativelv small It was piedictcd several months ago that the price of metal would reach twenty-three cents before fnll It is now nineteen to nineteen nnd one-half cents, he said, and it would not be surprising, if there are no unfavorable developments if, in two months, it would reach twent -three cents a pound. A great deal de pends ou the attitude of lnbor. A prominent banker called attention to n circular issued by the National City Hank of New York, eulogiing its formei president, Prank A Vnn derlip, with the renvirk that here wns one of the exceptions to the rule that "a prophet is not without honor," etc. The circular said in pait: "P. A. Yunderlip retired from the president' of this bank on the 3d of last month, after an incumbency of teu .vtars nnd an administration which will nlwn.vs be distinguished in the annals of the bank. The priiotl has been a notable one in the histor of the country and for American hanking, including as it has the great war with its extraordiuarv demands upon the industries and credit resources of the fountr. the establishment of the Federal Reserve Sjstem and the inauguration of American lancli banking abroad. 1'uder his enterprising nnd public-spirited leadeiship the bank during these great cars has sought to pla.v a irt worthy of its position in the business commuiiit.v and of its own histor.v." Public Interest in Marine Shores A downtown broker remarked that he believed more attention would soon bo given by the investing public to ninnne shines and securities In a manner, the reviving interest is indicated b.v the increasing demand for shipping space day after dn.v . The publication of the enormous increases in exports and imports nlso is having n strong influence and those who nre giving the subject close stud sec that with the conclusion of peace and the raising of trade embargoes we ure going to have a vcr largel increased shipping businesh. He said he had it on excellent authority that for several important steamship companies the increase in receipts from pussongos tiud freight in .lime was greater by ."0 per cent than those of Jla.v. FINANCIAL rropoaala $ 1 2 . 0 0 (I TOWNSHIP OK WASHINGTON HLOl'C'K.Tr.K COlNT. V. 4. KOI IMPK(IK1IENT l()M)s hEALBD BIDS for the purchase of Koad I Improement Honda of the Ttmnchip of H's.hln.tnn iti the Pnnntv nt f!in..n.a. I Vw .Teme will be reeelxed hv lha T.n ehlp Committee of i;a!d Tounthlp of Waah- Inffinn at A meetlntr tn he helri . r ann tr..n I HurfUlle New Jeraes on aturda.r. the 10th day of Jcilr, 1910. at 2 u'tlotk'lti the' '"'The'amount necesiary to he raised bs lhe ' ' ??Z nt!.. .' bon25.J '.? 'w1 thousand I I 1)12.000) dollara Said bonda are destenated 1 I Road Impro.ement Honda " and Khali he numbered from one (1) to twenty-four (24) I hnth lnetual.e and shall he nt lha ri.nnMi. . I nations of fle hundred (1500) dollars each. and will mature in numerical order as fol- I inn iranua v. ill u? uaira June ail nil., lows Two bonds on June 3(1 In each ear uii-iK.,, iiicmiiir, one oono each sear 1023.1040, Inclusive Kaltl bonda shall bear a-l., urfa .!!! I,. oA.,nn !..- ..I..''.. privlleae of registration as to principal onlv or of conerslon Into bonds registered aa to both principal and Interest, . Unless bids are rejected, said h..nrf. win lie sold to the bidder or bidders romptyln- with the terms of the aale and ofTerlnc to I pay not less man ine lace aiue thereof and I to take therefor the least amount of the 1 bonda offered for sale commencing with the A.. (natiirltv. And that If turn n . L.-a I i'"i.j"t:j.i0.l!i' V&av0 '.vnrjii ' ! no nun, nicii i" hit- """in 'Ji iiiirrn nrritrinir to ray thrfor th hiBhMt adttiMonMi nririT cerd X IS,1 UVSrrSlL" 0"f .1., - .u. kM.i.. ... ... :::.r. "" ' failure of the bidder to comply with the terms of his bid Hald cheeks tn he mH. payable to Treasurer. Uaehlniton Township I and drawn upon an Incorporated banje or 1 trust company Tilde received and bonda sold upon opinion ' of Township Attorney as to their legality I and that the bonda are the blndlnr and legal ' obligation of the Township of Washington I In the County of Gloucester and State of New Jerse The said Township Committee of Wash- I Ingtown Township reserves the right to re ject all bids submitted Tne inwnsnip of Waahlngton, n County of Gloucester. the ny HErtBKnT n morgan. Township dirk r. O Addre.. arenloch. New Jersey. Dated July !d. 1019 rnopoH im I Proposal, for victory Bihiwm -Omc. ,,.. I rector of Purchase, (c. & R piv Burrhas. SI "w..h?n2LH 5,'c,i?n '"""'Jions Huiid. Ing. Waihlngliin, wit h. reKS" ?. rI!?"L'.- n iipiicati 1ch Hinyi 1 no A. M.. Julv js: lotd f ,in - w ij. m -'.. in 1 . " l mirrcBi a. .nr ibi, w, uv Hnq one-nal( per i i i 'centum per winum 134), payable semi- i, r lAinK' annually on the 30th of June and December 'Va"uTtV' '."t at 2 of each ear Both principal and Interest of t "n ,. and trust sad iKinda will be pajable In Bold coin of ,1,,?.. the United Matea of America, of r iqua niiSni In Tdeooal- to the present standard of weliht and fine S6 ln. . ?t n..s at the Pitman National ll.nk In the bank, and trust Iloroueh of Pitman. Htate of K. j,,1" ?'. " ?'. ? "? trust THE STREET NEW YORK BANK STATEMENT ,j compared Decrease In Reserve as With Last Week New Yorlt, Jul .". TIip I nc iii.u (outlltion of clcniins Iioiisp ImuKs anil trust eompanies for the week Hue tin) si, shows that the hold SlI.-t.'Ui.TOO , iiscre iit ex(css of leirnl recmii einents T'is "s decrease of S.TT.tH.1,4."!) from , lan week. The statement follow - ' ACTUAL I.tinne itifirrtiinte IntreciHo. 13 011 433,000 100 807 lino . hii ill vauiie. members Federal non 000 Ititere Hank 0072 000 Reserve in Ked e r a I Keacno 318 700 "00 12 117,000 i i jtn niiii .i4 4.in(ioii ..'. urn) . (s( f U .-!.(iIi'm .-'"t'rtiiin . . ..,-.,.,... poflta . . 4 042 313, (mil Time deposits . IWi nt. Ooci (.'in ulation . 87.8,11 null An-r.p ,i. ....tva ft4' .4.it unci 114 will Kxc ecs reserve CI 413 7011 '7 1111 730 tv I deposltB dcdiicted J"i9.ll'.M) Ollll MJecreaso State banks and trust companies not In luded In Llearins homo atatement t.nnnu riliirountB. ,r'r., "'i-.i"?'!:!! '""an tin'c! :: ' ' .-,..-.-. ..... ,. (.u r.r on o y and .,-. ...., iSSai,.0 Ked ' '"" uai. ru.i. n vmi t i'i Htn ' ici fruei companies uasn 111 auit (17 I Kdll Dei rejse ?7l SUGAR MEN OFFER U. S. AID Would Give Plants to Relieve the Scarcity New Orleans, July By Louisiana sugar manufacturers have iiffered their plautH to tne government ior me pur I pose of relieving tile sugiir scarcity ulili'h Is beeinuiuc to be felt 'lllP action was taken latst week at a meeting of the executive committee of the American I oue tirowers' Assoela Hon. and the offer was telegraphed to It. 13. Slilllng. cliainnsn of the I.ouxl. una suear.coutrol rouitnittee, who U in i; . . " ' .. ii. .'.j. xij iiunu nr m.ni. NEWFINANCEERA I removed nnd the country todny stands Short Week, However, Prevents11" n, J""'"0" "f freer relations with the v world than nt nny time since 1014. Adequate Judgment of I Ah to resources and readjustment New Tendencies 'progress the outlook seems very en- Icouraging. According to the report of " the controller of the currency based on BEAR ARF ARRRF5JI clrctrn'' ,n(,, " bank to the latest pcHno Hnr. Huuntaaiv t lt.all , of Mny 12i imtIoual 1)nnks lmvp resources of $20.82."l000,000. This New Yorlt. July fi. The New York "''""'"B exceeds the previous record Sun's financial review of the week fol- established in December last by more lows: (than $780,000,000 and is better than The current week ushered in n ncnr'Mn5' 10' 1IV8 b.v $2,ri7,',000,000. The epoch for the world nnd for AYnll street. monthly statement of the Pedernl Re but the week itself was too much cur- Serve Hoard was of the essence of tniled by the triple holida.vs occasioned optimism, nlthough tempered with rc by Independence Hay nnd the closure newed warnings Against stock specu today to permit nnj thing like full plny.Intion. of movement or of reflection stock mar- Prosperity Foreseen ketwise. The financial commmiitv wns , . .,.., . 1 ft much in the dark as to the probable I" "Tly ",". ,I,,trl,'ts- ' lp bonr, future course of stock prices On Mon- K,n,,(I ,Ile Iimou " entertained that dn, and Tuosdav there was fl0I,bt i the prospects for n Biiecessftil nutl pros nnd hesitation caused by the transition noro,la 5nr- 't 'ry large output of period of the closing of the fiscal jenr KO0(1'i "'"' a,lm,,t unprecedented linnn whcti the biggest interests were pre- ' iaI "tun" to manufacturerst ngrieiil ooeupicd in taking care of the financial turists and laborers are now positive, obligations which nie nlwas laigc at 'r,lc possibility that speculation ma be the beginning of January and of July carried too far nnd mny exert nn in in everv venr. Tliprnnftnf nnl.- ...n illrions influence, ntdeel nnd furthered .!,.. i .n.i: .A t i , ,'j. ., ....,, i ...luiiiK is-iiiiiim-ii unci ir moy nju.v oe ruKeu as a dependable, guide, it would seem that there is n consider- able reserve power of buying within nnd without mnrket circles. It is, of course, impossible to nrrive' ur any accurate estimate of the nronor- ii:1::!:n;jri,,"-f-i?':! timlins imnuKcs. Tim 1mm- n.,,1 i,,,n elements aie at the mment pretty evenl balanced, and when such is the case the bears are likely to be the , more aggressive. That they plied their efforts to put prices down in vain nt the beginning of the week wns self- evident A substantial short interest' had already becii built up in the period of rising money rntes. Naturally, there- I fore, when the bears realised that it . was no easy job to get prices down they were rendered doubly sensitive to' on thing in the constructive line audi were in consequence ready to hasten1 to cover ou the slightest incentive. But tins sort ot tiling was demonstrative of little more than undcrl.viiig strength: in other words, it formed u cushion of potential buojnncy. Such a technical position is not to the liking of the bears, and it tends to keep their nerves on edge as it were. The quality of business transacted on Wednesday nnd Thursday showed that theie was much more to the mnrket than slitut covering. Western bu.ving was an impoitant factor. Speculative en thusiasm has been dampened, but not eliminated, nnd whil" it is not to be supposed that it can be revived with an.vthing like the fervor which was dis pla.vcd between the first week in Apiil nnd the first week in June, it is still something to be reckoned with. It is presumed that next week will prove to be a better, barometer of actual con ditions in the market. Midvear financ ing hns been taken caic of without 1111 dii" stress, nnd the easier trend in mono so noiiceaoi" tins wook mav be ex-i pected to continue temporal 11 . Call loans went as low as 5 per cent on Wednesday and uilcd at ( per tent ou Thutsda.v. Six per cent is a relative! low price for mono under present cir cumstances, but tictuall it indicates plainly enough lack of ample supply of funds. Hankers no sooner dispose of one financing pinblem than the nre called upon to face another. Where the rank nnd file of Wall street settle back com foitablv when nione.v rates decline to the point of relntive case, bankers can onl.v look ahead to other pioblems which loom largo and must be faced, ns, for example, crop requirements, interna tional credits, the builditig up of ex isting domestic industrial enterprises and the organization of new. The .lour nnl of Commerce estimates new charters last month nt $1,25(1,000,0(10, n total which establishes a record since 1001. Theie were several laigc consolidations. The list includes 70S companies of more than $100,000 capital. Total chaiter inirs in Mav were onlv 74S.(iS,.1.000. This indicates ft remarkable spuit in the business efforts of the nation, which U I given a still more striking aspect when I I it is considered that the total of churtcr- ings since Jnnuar cxcieded S.T.700, (000,000, or 1!).'5 per cent moic than a' ear ago. I j If .$3,000,000,000 should be required.. I as the estimate has it, for financing in- teinational obligations and opportu- nities in addition to the multitude of linaneiiig ilucli will follow the return . -J . . ... of the roads to private ownership, it s obious that easy nioiipj is not mill) ... to np pvnpntocl. that is. pav mnnoc in Hip stock mnrket honsp. Th'p plain 'nmlj iionci tact is unit sppc'iiintioii in sivu- ... . , .,, . , ... , ritlOS cannot Itnu lll not UP -lortlllttod to nlnv tlio rnlp-.nf rmnnrtitnr of tlip u iiiuj nn iim.-,.ii .imiih iiiim in nn covcinmeni ami 01 pmuip iiKiustriai pntpi prise for nioiipj supplips. What so ninny individuals fail to kpp anil pomprcfipiid is tlmt tlio rxniioiiilf situa tion and foreisn trade opportunities nnd possibilities fnr transcends in impor- tance evorytliinjf else wliatsoecer. Signs of BrowinB oxpansioii in Jlie steel iiiuustr) and nn altoRether re lnnlinbiP broadening out of t-eneral I business nre daily be(oniiii!- more con- 1 spicuotis. The report that American (ontraetors had secured the work for the 1 reconstruction of the cit of Nnncj in Trance wnn nn item of the greatest in- I terrst which mis followed closely by 1 cabled advices irom raris tnnt n vast I leconstruction program Involving an ex penditure of 40.000,000,000 francs or the American equivalent of some ?8,- 000,000,000 had been placnl before the Ciinmber of Deputies, including re- ..... n i 1 . buildinc 'of railroads, now olcctrlfica- , tiou. higbwaj repair, eonstntctioi. of nt. mil uiirr cuuuir.v jiiiisi iiiuv 11 ltrnis ot Olio kinci nr niinfhnr- wlitcli i hinh hHiv and mixed x.'.f .hi, orKer. ..Ill l. 1,. f i. I S21232.ir.n pica. I22&22.10. rousha iu ii-ijiiui- luihu ninin in iimum,, nn ii, j-, , -jjoj stay 8 rii foe. example, the tai ,u,inents li, O,- .BKr-ANn y" & tobcr, railroad cqtiinnipiit nutl railroad ; ?n ..ethers jiwn.r.o. oc. 4fls.io 'll "l SECURITIES AVAILABLE AT ALL TIMES prominent part in this work goes wlth 'out saying. This applies merely to Prance. There is llclgliim nnd there are the formerly enemy countries which 1 will come into the American market now that pence hns been formally re- stored. Restrictions on foreign ex change nnd gold shipments have been i... i. .:n.,.A r t ......I!. t "J "-' .-w-,iv..c..- y. ,.-.- ...... .. "" speculative tendencies nppenr.s as tne principal offsetting influence in the situation." Federal Reserve Bank Statement The condition of the Federnl Ileserve. . Tvizz, ,:,;r:;wt3 ! - rnilMl p,tcray 'ompares with the pre- vioii" week ns follows: nr.soUTtCF.S , 0oM rnln and Ju,j ' ll,ln June " lnln certificates nlTi ""ettle- "T 5 $4,s-n:;ono ment fund 43 772301 in 42.002.17700 Ttl iroM held hnnh $40,078,238 oo 49.osi.i27 00 0nes""nVen'td 73 314 770 00 08.204.oo.-. 00 Go''1 redemp- !'"," neserv'e noles 8.00a :r-no 13 Bai.san 00 Ttl bom res $127,401,308 00 $124, nji.ii'3 oo '"""'J ,nn,1'r 1 etc .. . 248, oon 11 231.TI44 00 Total res J127,7.T.031 1", i 24 S73,2'I0 00 mils discount ed Mem- ' hers', secur ed by Oov t unr obliga tions . 170 752.000 38 173 030 82i 40 Hills discount ed Mem hern' a I 1 others 17,812,'lSn 08 17.2.'0.n21 20 Bills bought In I open market 710.813 0 S")0.721 48 Total bills on ) bind $180,315,044 41 $102,040,180 23 ' U S Govt. ' bonds 1.384,00100 1,384 000 00 I' Vk nnle 1 10(1 00 2,000 00 u a certin- I fates of in- ' debtedness 22,8-0 000 00 21.8OO,",O0 00 Total IT S securities $24.200 000 00 $28,247,400 00 Total earn ' Inff HPHts $213 .-.-1,044 40 $213,203 ."iftO 23 Pit' prrm1p 50 0.000 00 , ."00.000 oo Uems e P W.VJfl.OO-t 01 02,170.78 01 Pod uctionn from crup Iopo-ltH $00 .130.00 01 Duo from troaM . U. P ,i p c m domntlon fil $02,171 7S- 01 r R Hank uoto All othr re sources 1,121 000 00 1.OS4.740 4-i 1 073 W0 (10 ( 014. t14 S3 Til res'rees $413. "17.4111 10 J404 lllfl .V.I7 31 I,IAHIUTinS ul,r,ld,n $W $5"ns:M Govt cteitostts 5 314.011 88 Id 1171.841 30 I Due to mm tr" HnSn 102.101,fl',3 48 100 212.S08 OS Deferred aall- ,..,,..,.,. ablllb Items 0" 4T.r 7 -'4 All other de posits In c ludlne for elKn Kot. depoKlts 1. 817.72440 S4 472 .174 70 1.2211 404 01 Td.'no-lt'sr0"l74.874..113 00 J100 594.030 S3 Fed Res notes j 'ruaUon' 2O1.31O.0X0 00 203.703 203 00 Fed III s Ilk notes In tie- tu..l circula- , ,g, 0O u0i7gs.J80 00 All olher lln- bllllloa 718.02. 10 3..170.71I1 70 Ttiei "f!!1"413.1.17.4in.l0 404.1.10.r,07 37l j:J.m,"nntntnBenT nubility as indnrscr n bl la redlH tountcd with o 1 Rccept hiiccs sold to . ii''3erbanked" iaa.08J.OOU 00 8ST.UHI1 3U0 00 LIVESTOCK QUOTATIONS ueceipta sou head.' slow, calves, reieiins, o head $2 hijher ;. W" , Wlt I'jlHt ii(T.ln n. v.. Jul b came mixed pheep. J 30!) KnliMia fll. Mo. Julv 8 HOGS lie ,lnt 12(11) le-iil Steadv with Thurs Idi'H nM'raie, im'k " l -iiiit-i . ne"M"e i .,-.- ici.ia ti t."cTi ti 7.1: llnht llahts Jf.J .j.'waV '"'" """' ,-0-3W--40, plB"' c -rri.i. iuc-ipi- i " ..--.1-- ,:. eil lleef and butcher cattle mostly fill J 7- centa hlBher. canncrs and cutters 2S Io 4i) nts ht-her. bulla eirali . eal.ra si) ,,,,(, hiBher, stockers and feeders strons to , 'J."r-ni-'er HIIKKP Ilecelpta. ISO head Market for week. Sheep and lainla, -.1 to 7.1 cents lower, feedera and brculera weak to lower. Kuata, 'J to ."II tents lower PARCEL POST Sherwiii'iVilliiin; Pi milTain tun i.ssidi: oit ouisiuB $2.75 Per Gallon Roof Paint, $1 Per Gallon Red. brown and black. Mill coTer A00 eq. ft. Government Sparvarnish f" open DISKAN " w. (iirtAnn avk. r.Vr. -'JV" n, phone. Pnntar 1W DIAMONDS BOUGHT! Popltlvcly hi jr be it rah price for yotir dla inondf, any alza from H to 10 caratnf none , tiay hither; also old pold, platinum & Mver ! i-"itht Fstatfa bona-M (prtat) Kit in vrs The Diamond Shop V,i;t I DfAMONDS WANTED i- FII-TV IJ1AMOVD1 WANTTn AT ONCR TO fii.1. oim onnKns. win pay m oo to tiono.flc) each Price nn object KEI.I.V TO.. DS8 rilKSTMJT HTRKET mine txs oier t'niicia- neataurant FOR INVESTMENT OP PERSONAL OR TRUST FUNDS. Brown Brothers & Co. Fourth and Chestnut Streets new york Philadelphia boston GAININBANK CLEARINGS Buslnetss 15.7 Per Cent Greater Than This Week Last Year Total bank clearings of nil the clear Ing hotisc! in the ITnlted Stntes for the week ended jestcrdny were $7,103,584, CSfl, ngalnst $7.."2f,a30,'.,02 last week nnd $0,',18,r.0O,243 the same week last onr or n gain of lii.7 per cent. Total clearings in Philadelphia were $323. 0S1.759, n gain, as compared with the same week in 11118 of 0.4 per cent. Details follow : loin loi. r.C. New York 1,5O4.7,tO,fi70 $2.0, 43(1.348 20.8 Chlcaito .. 421.7S3.2II8 l'hllada .1J8.fi81,7,X8 Uoston 313.D72.SN7 Kansas C" 128 4"i0.2in St 1nuls lei7.4n7.38 San Fran lni.clOci.crOO Plttahuruh ll.or,ll.93S Detroit B8,tln.4n Italtlmnr 71,378,(100 New Orl'a M, 0.11, 030 xsiih:. .jn..ii.. 308.8M.032-- (14 2CW.080.183--20 5 1 tl(l,000,000--10.7 f 10H,r,31.878-- .0 t ino, 070,(1324- . I 47.n83.in0 42.1 .r,.3.13..1.'V44-28 9 3(1.7.11.200 39 2 Total 11 eltlea. . .... .-, days 1.1,180 (I.VJ.201 t4.40.1.r.30.710 17.8 Other cities. 5 do 810,471,208 723,4H1.2'X12.g Total all iltlea. ... .'. dns 10.000,123.412 $3,130,005,02317.1 All cltleo. ..... 1 day 1 103,401,274 1.087.023.318 O.T Total all rifle for eek!7, 103,584,080 2.al8,500.243 l".T BUTTER, EGGS AND CHEESE New York. Julv 3 HUTTEH Weak No rrrelpts reported Creamery hlnher than rxtrna, 30 tit ,VlC4c. ereaeery extras, 02 f(ore, 40C4, rtrets 4815 40c. packtnl Block, current make, Js'o 2, 44c nrtt.S Irregular No rerelnta reported. Krewh g-athered rxtraa, 51(jil2c, extra flrata. 47ff.in-. llrat. 431340. ntntp Ponnsvlvanla ,, neart.v r,tern hennery white, ftne to . ratio, r.actf.is'-. ttate fennsyuania ana near hv hennerv whiten, ordinary to prime, 47 1" state Pennsylvania and nearby hennery hrovvns .VttJVir do, gathered browns and mixed rolora .(O0t32e CHKRSK Irrecular Receipts not report ed State whole milk, flats, current make. -""ijiIr S25J32io do, average run, 81tft 31e. state, whole mollk, twins, current TflAHS APPLIANCES. Valley Iroki Works Commercial Trust Bldg. J NEW YORK SHIPBUILDING CORPORATION h( steady work. Rood wages and excellent working conditions. Thera nre openings In nearly all branches tor Bklllod meihanics. Apply Employment Department at the Yards Camden, N. J. Blower Equipmenti, Heatinfj, Ventilation and Eihtuit Syitemi, Sbeet-Mcttl Work, Safetjr Cuardi. C. H. RAUB Wayne Ave. & Berkley St., Philadelphia, Pa. Build of Concrete lJLCANirEpORTlAHDEMENT: YHIUDELPHIA JJewJ&RK JoSTON HIGH QUALITY QLICK SEHVICB Motor Truck Delivery Lansdale Foundry Co. Lansdule, I'a. Fhone Lansdata 430 O. W. KETCHAM Manufacturer of Architectural Terra Cotta, Bricks HoUow Tile, Etc. Chas. J. Webb & Co. WW and Cotton Yarns 11G Chestnut St., Philadelphia, Pa. NAGLE STEEL COMPANY STEEL PLATES AND SHEETS Pottstown, Pa. Phila. Office, 1411 Morris Bldg. N.'Z. GRAVES Incorporated 22 and 24 South Third Street Philadelphia The House of Snerlnltln In Taints and Garnishes r,lt"x tiSi'f- CT'"b"'. rhateauitay OrA & Iron to., I.j on Mountain, N. y. I tbtructural Steel For All Building Purpose. Bethlehem Construction Co. Engineer. Fabricators Erector. BETHLEHEM, PA. ' James M. Irwin & Co. LUMBER OF AJ.L KINDS J Jobbing Trade. SpeelalUti ppaiv V J ittrMVf 'IM'ilWC' j ma nc sugar a:?.cnoaiBK5 ? Kfcr. ir-M njliiJKiH W WC vb ytaitftav 7 mW&mM. u . T?l ?f3 Beach StrJ 'j. Arf 4 "&- JhfM IT). . .J'A.r- h, .. .. If ,v ' Wt " ' CP'a i"HEl . u ?. . IWW-at"-' ft. w :.i JBMsS. Aaurell - r n lihA. n"lL i i b&J$ - "Jflrtr'lnhL
Significant historical Pennsylvania newspapers