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EVENING PUBLIC LEDGER PHILADELPHIA, FRIDAY, .JULY 11, 1919
17
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GOSSIP OF THE STREET
PLANS IN MAKING TO AVERT
FINANCIAL DISASTER ABROAD
Lord Cecil's Stdtcmcnt in Parliament Receives Serious Consid
eration by American Bankers Gossip of the Street
IN SOME quarters of the finnnclnl district yriterdnj- the
of Lord Robert Cecil, of nnglniiri. lu the House of I'd
he recent statement
Parliament, that he
believed Europe to be on the vcirp of financial dNnster, claimed more atten
tion than President Wilson's ndclrris to Congress or the report of the
unfilled tonnage of the United States Steel Corporation.
In many quarters It was said that 1-ord Cecil is overpesslmistic and
that he is too clone to the nr-raaged districts of Europe to form an
unbiased opinion on the subject. One banker pointed out in this connection
that it seemed a striking coincidence that somo of our leadlug financiers,
whose views of the future of Europe had been rosy before they visited the
devastated districts, became very much the reverse afterward. He said it
was a question in his mind how much of their lnttcr impresions, as voiced
in their somewhat disquieting prognostications, were the result of their
otherwise sound, level-headed judgment nod how much was attributable to
the psychological effect produced bj their environment while isltltig the
desolation in Frauec and Belgium.
Another banker whose attention was called to Lord Cecil's statement
UNITED STATES
GOVERNMENT
LIBERTY LOAN SECURITIES
Bale
312
334
4
4
4l4
4i4
414
434
414
Callable
1932
1922
1932
1927
1932
1927
1933
1922
1947
1923
1947
1942
1947
1942
1938
1923
1928
Approi. Held If
Called, or If
feelllnr at Var
a Callable Date
3.56
3.75
4.59
4.92
4.75
5.11
4.00
4.75
Approi.
Held It
Blatunt
3.53
3.75
4.35
4.44
4.55
4.66
4.70
4.75
4.90
$50, $100, $500 AND $1000 DENOMINATIONS
FULL INFORMATION REGARDING TAX FEA.
TURES OF THE LIBERTY LOAN SECURITIES
WILL BE FURNISHED UPON REQUEST
MONTGOMERY & CO.
1ST 8. LA SALLE ST.
CHICAGO
133 S. 4TH ST.
PHILADELPHIA
14 WALL ST.
NEW YORK
UEMDEKS OF TIIK NTW YORK AND rnil.A. STOCK EXCHANGES
GOVERNMENT SECURITIES DEPARTMENT
TELirilOMiS! UELL, LOMBARD 4330s KEYSTONE, MAIN ZSSt
said if it Is the result of sound, unprejudiced judgment it is a serious pro
nunciamento. Tho fact that Lord Cecil bad further qualified his opinion by stnting that
such financial disaster would be of iniredlble magnitude seemed to him to
raise a question which required the most earnest consideration of the lend
ing financiers of this country as well as our own government. Smh n dis
aster as pictured by Lord Cecil, he remarked, would Inevitably hit this
country, and for that reason ccrj thing which could be devised to make
the blow as harmless as possible, should it fall, must be done by forehanded
preparation.
Of couise, we know through the newspnpers, be said, that Mr. Davison,
of .1. P. Morgan fr Co., who has been closelj identified with mattets in
Europe recently, assisted by other able financiers, is earnestly engaged lu
working out n plan which may have the effect, if put into execution, of avert
ing to a great extent what Lord Cecil fears, and It is to be hoped we shall
soon hear the detnlls or at least an outline f what they propose.
Assistance Through the Federal Reserve Bank
Another very conservative bnnk In giving bis opinion snid II was
Bomethlng he had expected right along, but had hoped that a means to avoid
it altogether oc at least make It harmless as poslble would be colved by
some of the brilliant minds among our leading financial men, with the
assistance of our goernment Jn some form through our federal Hrervc
sjstem.
There is one thing we must remember, he said The people of Europe
arc not like the people of America. They hive not the recupcrntive power,
they lack initiatie. If this country should find itself today In a position
financially and economically similar to most European countries nt present,
he remarked, we would all get to work and with our unlimited nntitrnl re
Bources would build ourselves up fiom the ground in an incredibly short
space of time, because we are a jotiug people and hae a oung ountr ;
but Europe she is like an old man. She still has natural resources, but
nothing to compare to ours, and the lack of im nnd inltlathe in the people
is a big handicap. As we are in such a unique position, with enornmus re
sources of money, material and credit, it would seem, he said, tbnt it Is up
to "us to help out.
Signing of Peace Treaty Has Far-Reaching Effect
While the npproval of the peace treaty b the fieinians bv a subtnutiil
majority on Wednesday last did uot seem to tnti.p eeu a ripple on the stock
market, said a well-known bunker and bioker, it had a much further leach
ing effect than most people gave it credit for at hrst blush.
Oue of the things which in n maimer is holding buck our wheels of in
dustry, he said, is the failure up to the present of am considerable amount
of orders for reconstruction work in Europe, especially in Pi time and
Ilclgium.
This, he said, as far as he could find out. nns not clue to nny avoidable
dela on tho part of the French, ni it is nliahh lepoited tint Aineiiruii
firms hac secured coutiacts to rebuild nt least ,iiu French citv with a
minimum ouIIhv of K200, 000,000 nnd n maximum of V.00.000.000 or een
more. Tfio.grent clithcultj which stood in the wn was the agreements for
indemnity made with (icrmnnv, which could not be counted upon with nuy
degree of certaiutj until Oerm.iny had appiou-d the trciitj, in which the
terms of the indemnities were embodied.
Now tbnt the approval has been gien and Oermunv is mnking plans
to begin pajments at an early dnte, and with the prospect of the lifting of
embargoes with little delav to nssist C.crmnnv in liti efforts, these lecon
struction ordeis should begin to be realized. The one ciU above leferred to,
it must be remembered, is only one of the many such awaiting the German
action.
U. S. Steel Unfilled Tonnage Report Discounted
As was experted. the leport ot a gain in tho unfilled tonnage of the
T'nitecl States Steel Coiporntlon for .Line as compared with Mn had been
long discounted, and theiefoie hnd no npprec iiihle effect on the exchange or
in hrokeis' olhces Am discussion on the subject wus of the commonplace,
matter of fact order. The slight decline in I'tntecl States Steel c nniinon
after the publication of the repoit was not c oiisideied of lmpoitnnco, as
the maikct as u whole wns lather soft, or, as otic brokei remarked, it
was tiled.
Coutrarj to the usual custom when prices of stocks arc declining
slight!, there seemed an unusual numbei of c ustoiiieis in the various bouid
rooms, ovidcutb in anticipation of something happening m connection with
the Piesident's address to Congicss; but nothing happened There seemed to
be a shade of disappointment in some quarters that lefetencc of some kind
was uot mnde in the address to the lailroad situation, and in other instances
the President's failuie to snj .something on prohibitum was commented upon.
NEW ISSUE
$1
7,500,000
The Steel & Tube Company of America
7 Cumulative Preferred Stock
Preferred as to both Assets and Dividends
Redeemable as a whole or in part at 110 and accrued dividends on 30 days' notice
An annual sinking fund of 3 of the total amount of preferred stock issued
provides for the purchase of the issue up to the redemption price
Dividends payable quarterly, January, April, July and October 1. Par value $100. Total Authorized $17,500,000
Central Union Trust Company of New York, Registrar. Mercantile Trust Company, New York, Transfer Agent
Free from United States Normal Income Tax
Application will be made to list this stock on the New York Stock Exchange
The following information is summarized from a letter from the President of the Company:
Property The Steel & Tube Company of America is one of the three largest manu
facturers of steel pipe and other tubular steel goods in the United States.
Its properties are entirely self-contained and independent, the company
owning and operating all the units from raw materials to the finished
product.
Net Earnings Gross sales and net profits after payment of fixed charges and federal taxes,
Seven Times available, for dividends and depreciation have been as follows for the last
Dividends three years:
Net Profits for Dividends after
Year to Dee. 31 Sales Fixed Charges and Taxes
1916 $30,083,525 $6,367,885
1917 43,218,016 6,755,033
1918 58,058,598 8,622,200
The 7 dividend on the preferred stock amounts to $1,225,000, and was thus earned ov
seven times last year, and an average of nearly six times tor the three-year period.
Future earnings will be substantially increased through the operation of recently com
pleted plant additions, representing expenditures during 1918 of about $15,000,000, from which
no earnings are included in the statement shown above.
tntl
vKs
xHv
Net Quick Assets
$121 Per Share
Total Net Assets
$359 Per Share
Maintenance of
Net Assets
The financial statement, after giving effect to the proceeds of this Issue,
shows net current assets of $21,126,648, or $121 per share of Preferred
Stock.
Net tangible assets are shown as $62,834,262, or equal to $359 per
share.
The company agrees to maintain at all times net tangible assets of at
least $300 per share of Preferred Stock, with net quick assets at least
equal to the total par value of the outstanding Preferred Stock.
We offer this Stock, subject to approval of legal details by our counsel,
and when, as and if issued and received by us.
Price 98 and Accrued Dividend. To Net Over 7Vs
Wm. A. Read & Co, Brown Bros. & Co.
.Vx.
"Vl
Philadelphia Marhcts
GRAIN AND FLOUR
WHEAT Receipts 15R0 r.nhets The
market was quiet lull Arm The nuotatlons
Car Ion In export elevator internment
standard Inspection standard prices No I
red winter I.' RK No 1 southern pprlna
12 30 No 1 liartl winter SJ 10 No 1 red
winter garlicky J2 17 No I red amuttl
12 til No 3 red winter ti 'in No 1! north
em spring t'2 3d, No 'J hard winter, ti TJ
No 2 red v Inter earllrkj 2 14. No a red
mnu(t 2 31. No a red winter. $. J No ?
northern Bprlnu $J 1.' No a hard winter
12.12 No 3 red winter imrllclo $2.10 No
1 red emult j2 -i Ijower arade on their
merltM
I OIIN Receipt 1101 hushets OlterlnB"
were Hfrht and the marl.et ruled firm hut
tulet We quote Mllon in ear lota for local
trade as to nlialltt and location at i- ws
f2 J per bushel
OATH rieielpte, 44 117 bushels The
market further advanced Ic lint there i
not much doing- Quotation far lots as to
location No 1 white 4m4 c . No J
white S14 34c No 3 white 82'4u"R3c
No 4 white 71((TRnl . ...
I I.Ol U lletelpti. 21 bhls and 1 t"12 JSR
H In aaeke Trie t a were tlrmlv held, hut
trMde wt quiet Quotations To arrive per
ii"i pounds in Mli.pounl jute shck ii;r
'tralKht, western 10 7'iffTII nearbv J10 7ft
1I Kansaa atralBht S11 ".ITU !! cio
BUSINESS NOTES
Prlrrs for dm brltrr crailrs of men'
fnll stvlr nf Iiops lime been nclvnncrtl
SI n pmr lnco Hip inM nf tlir inniilli
lull net c Imnpe i reported in somen's
mmM
LONDON STOCK MARKET
representative In the t'nltcrl Stated to
buy or sell foi them lu the American
maiket?.
More general net UK.. In industrial
llnet it KeepiiiK paint innnufarturliiR
concrrtin working to rnparitv fillinR oi
clrre l.niRo mnniifncturert declare,. ... ... ... . . ...
PI 1 ULIfcl" 'Mi in nnn n iimiu),r lUIJaj
Hint me piiiiiT in, ,.,.., ni., neon pi. ,,,,..,!,. ..,.. ..... ,f., nnJ
Domestic Issues Confused Oils Con
tlnue to Display Strength
Iindon, July 11 Influenced by the
conilnK higher tharget for coal Foma
of the oil ehnre, continued to display
were
heaxinei, preinlled in ine Trench loans.
There were no features to the gilt
edged section.
Canadian Panne and South AmerU
112012 ftn snrlna. abort pat
ent 1212 BO do patent H 1 8-i?12 21
no nrst dear II, rc,57t nn
abort pitent
Sllicru.ire iniinnf.it Hirers Ime Issued jK p steadllv foi the lnet six months
ne ptlie 1M, lulled tin the mm rent. nm that tlir industry N now'ln n flour
ing nf cnmmeicial lint Mirer, the pric e shlng condition
nf iiluch to regiuclccl ii, being moid
-topic thnn for vcicinl eel,, pa.t Purine June the roads inninrlslne the
icenttnl woMtcrn legion loaded 20.701 ! can mine, were In demand.
Inlthl plan, rilubl will he made mi of grain cnmpiired ltli 2,',ci.".-l Trading wns not l)rl,k, n final ruih
otne time next week for the formation 1 the rorrc-poiidlng month of lat vear. to ,ub,irlbc to the Victory Loan ab
nf nn export ntganinti.ui tn bundle the Tlleie ere also loaded 07 H7fl cars of sorbins the fund, of imestors.
foreign trade of the memhei, nf the'cnnl. against 11111 last jear. and! The usual weekend ab-cntees was
National Agnation nf IIosIcm nnd t."i.7R.1 car, of livestock against I." S-JS in eldeiic and on the whole the mar
rnderuear Manufacturers car, in 1018. ifl kets were irregular.
RYK FI,OlTn wnit niiifit hut nrti Vo
nuotP at $n 2ff8 75 per harrH In Bck as
to qualltj
PROVISIONS
Thw niarkit ruld firm with n fair fob
bine rtmnnd fnr mnt dot rlptlont Quo-
fatlnriH Mi,af iti ants tuntnH umt nlrHrlrd
"( href. Umirk unri (fnlcrH nmokPrl and
tlr ilrld fi")p pork faml! rtir hmn M
r curd lfK)F asH & vi 4 1 do Nklntird
loop irtU tf t7'4r do mnokpd I"1 1T1U.
luinid boilM bonclpup Rrtr ptmU shoulder?.
q P tured looaf S0r do smoked 10c
bll1f in plckl loo-se, 3"c, breakfast
Ucon IJc lard 3Bc
REFINED SUGARS
OffririKt were livht nnd ti id w quiet
on a bull of 1 for flue Kranulated
DAIRY PRODUCTS
CHKKsK offerinsrii -worn liaht nnd Hip
market ruled firm with denund fair O 10
tationi New York and Wisconsin whtilf
milk, flTtK current make fmirs t-'1 WW
HpcclaN hlirher w York and lonin
whole milk flat current make full to (.nod
" h -'( Jobbing wales of finc jtoo i Ji'j
5".T4kc
HLTiKH The market ruled nrm at ror- r
nior rates but dPtnand wan nnl fall Tot
lnwtntf ere the rniolatlonn solid iike
renmerj extnin 1-ic lilnher scorli tf Bonds .
"4ffriH thn Utter for Jobbing sal -irH
f1rtn Ji Jlrtts "(I5t "1 sprmidi 4 tt 41'- i
inter irpttmn thoite to fin fi!i'i7 i
do fair to cikvI "ni74f fwricv brands nf t
print jobbing at Cj Uc filr to hub I
4T((( 1r.f l
K,(l rholfe freb stork wit circr imli
united suppli h w,rr memtb of in attra
tit htm k whlih wan dull ind wmK (Jin
talloni Prce canen nearin $1" per trite
'urrent re lpts $14 P) uenteni cn tirst
$1" pr ie flrnt $14 40 iiearb nn I west
rrn h rotiiiH linsnfiljhO famv mb t I
eges jobblnp at "W'i per dozen
POULTRY
T I Z Rule! firm nnd Ilchtl hbrher nn
der light off' r In e and a falrlj ait de-
iimiiij VUDiniKMiy rilWIB llil 'Allies -
(tr u exi pptioml lota hlpher fprlng thbk
ens brnibrv tiot Lebhornt ellnu fkiuiT-il I
uHhfim rrt 2 lb Ipleto VlSl " -- e
leptlonal lntx hUher aprltiK thhktnn broil
er not lnhoinH illow aklnned tlrhln,j
l'-a Ms- Hpjocc lfff IPc miring hi ken f
1 milf re not )jjmrni velhn Rklntifd weij.li i
Ina H1'4 ll apiece -HMM4t white .c
h'rn eihw skinned welchlnK V it II
anlfio -in -If 4 J white I rshnrn- lhw
skintud Mini I) r Mea Sfff in ? nt(pr t
(-'4 links FVklti J7fr2t di Inlim
Ftunner .rJ JTt k en- Jik pip nn I 1
l,rr pair 40fi 4"i. do oung p r lair i
r in.
DHLl 1 ttai in fair demand an! flui
bupiilien ( re moderate Quotatb ns I owls
freh killed dr picked In bofs elhlin.
4 lb and ner inle o Vl i c wfiehinsT t
'a lbs Ml sniuller iUes Hilfi -ijc f r f Ii
kill h1 in I irreln fanx dr pi kd wnch
hip 4 lbs and or aplei Jrtc w pishing I i
1'ea h apiprp i,(n u nmaller a- -'ft-
Tli til roi tt r dr pick d Jc hroi rs I
neari :?i..'i tin western 17 n f i
spring du k 1 onf? Island He squibs pr r
dot-n whii woiithlner II 'if U lis pet dnzr
s 'OltU r. do do eiphinf,' 'oln lbs p r
di7Hi 7 VflS J" do In uelKhlliET S II t
per dcen Jd-Jf tl 7'- do lo flKlilne 7
lis prr d en f Yft '. ."i du dc wtBlnnK
rfttv-a Ihs pr do7n 12 ".(iijr i "n d irk
51 iOfrj j" Hiuall ami No J (tn, r, J2
FRESH FRUITS
The market Arm with a con I de
nirtii I for all choice frulta We ijuot p
pies No 1 per backet IITiJ" i mtn
louis rillfornia per crate jiffti ".o iti
-out hern per crate '2(t 4 at r melon
rioriila per mr $J.n-n nia kl rrlt t
per quart 00? J n t berries neurit i er
iu irt our JMf He I'eachen i orglj
Pr erato Jl 2'tflA llucklel errlen p r
quart JJ(ff J7r Hanpberrlo r J i r pint
liKflsr (looseherrles per quirt siilO
.uirants per quart lulV lemons p i
box $1 lOCn Oransec Caltfornii r
bcx J J0fl 0
VEGETABLES
Pntatn onlonH nnl cat bier- wcrp firm
with a bi ileni mil We nil t Hhitp po
tstoPs Nurth Carcilftia tei bbl No 1
St','3:', n No 2 $.' 03 White r"Uio
Fnstern shore n iier bbl o 1 f'.
II II So 2 ."Sn J" White pntHtoe. Soi
folic per bbl - Vo 1 SlTr.-.7"i No J J
fa -' 10 Lubbaffo I'ennHMwulR v r I I1
$-' IfJ 50 Onlone I.nfitirn hore rerbulut
hamper J2 7Mi? I OnlonB. J per la
ket SI 2.'i"(l SI
neinaiicl fnr dress sIIku Is excriilinn
ally husk hut business mii limited In
tlie npinreut innhilitv "f the m11pis
to take orders in large nlume Senile
of the lii(;(!et western jnhl)erc nre Neel,
inc information regardiiiK prleei and
trvitiK to pet renhnimbh certain nnr
anrex ot delirries belr' mnde on ppiinK
raes
Consul General V, Ilenrj noberison.
at Huetios Airec. writes that it is r
tuallv useless for American report and
impnrt hnuses to write tn the consulate
statitiR that thev are prepared to art
lis rnnimissinn agents fnr firms in Ai
Rcntitm who may desire -i dependable
A Large Chemical Manufacturing Co,
located in Philadelphia, desires lo receive proposals for
the use of a considerable part of its plant, left idle by
the cessation of munition manufacture. A large re
search, engineering and production organization, ex
perienced particularly in the field of organic chemistry,
is available.
We will he particularlii qlad to co-rtperate with those who have a
tialcif organization in this district and who desire their product to
be manufactured locally. Box C 12, Ledger Office.
.;".. ' .. u .
aV3AlT?.:.n..'. .. ,'u" Vte"v.
I'Viti '!!' " V ' f,'. 9.yr.! , ,"W'v
aBEatti.w tmTiL .tjsnmjiimiLL.tjLiiiV
Ari
'V
' it-.U "-uh 4 - . v-'
'i.t&iikij.
I I ),l llll Liwm... . 1KIIIKU ill i( Ii..-1 ri . U- FWTP-JTP-'j f , '- T
jaMjiMiMMijMflaamrfi---wn-l iiTiaM -W r illlllillifW nftlTltMir'-- "
t:rM&
si
LIVESTOCK QUOTATIONS
Chli aEO. Jub 11 HOC3H neeeipts 2"i -0011
head Aitlvo after a hIciw start Moslt
lOffiljL hluhrr than eatera s general i
trad" Ton J2J no n ne high Hulk
U110'itJ2 80 hea tSJtU.'Jin medium
t.'l 8122 8r, llsht weight $21 7". JJ mi I
llBht JJO 2"i22 HI hei pailinit mi I
nmoitli. S Jl 33?21 80 pitlclni? eoun rouuh
$JCI -01172121 pllts 1S T,Hi2U J'i I
tATTl.n ITerrluts rtOOll head I hoi. e beef
steers atrotiff to 21c hit'htr Top $17 others '
end butchers utead home In between kin. I
louer CaHep atndy to atronir ptorkers t
rtllll leeneri Mieim. rjeei (.reri Lllolt 1
and prime $1 Jl 17 40 medium mid goo 1
$11 fOlcl Jl. common JllV.finan iiht
uelRht. Kood and choice $14 10Uil7 fom
inon and medium $10 40 1 I "0 butchers
helfera 8 21(81B. cows $8B1I21 cahes
Sis 21W10 25
SIICUI' Receipts. 14,000 head NatHo
lamba steadj to stronff western fllow fat
sheep and feeders stromr to J5c hither
rlttsliurch, July 11 HOGS herelpf
1800 head Market stendj HeaWes dnd
hea- vorken .'1hiii-ji ill lltht miIhih
and rlfcB fJ2 23JJ 10
SHKKr AND lAJinS-Kereipta sun ,ea I
Market stead) Top sheep $10 .0 top t
lambs $ts .
CAI.VKsj Receipts, 2511 he i 1 Market
Iteady Top $23 '
St. T.outs. Jul 11 IIOGII nerefnls 10
onn hcHd Stead Top $J2 70 built $jj
JJOO. heinv weliiht $22iil2jr.i medium.
weight J23W J2 70 light weiKht SJJ I
no, ngni UBliis fajj-j neaw packing
sows smooth $lll 10tr2H in picking sows
rough $17 iOW-d in. pigs snsrjl 7.
PATTLK Receipts 2100 head Slej.K
Reef steers, medium and heay weight me
dium ana gooa. jib iw i common 511 ji
WIJIO liuht welzht cood and choici. $11
1fl4 71 tommon and medium Slnfrili
butcher cattle, heifers. J8 101914 71 iowb'1
shc.7 1 canners wna cutters JHJlfffsln
veal cales light and handv weight $11 ro
MS, rceder steers, $ts211l21 sto. ker t
steers 7 r.010 7.1
8HKKP Receipts 2,100 head Stead I
Lambs 84 pounds down $14Win71 ulls
and common $8(ffll 10 earliiur wetheis
JlOCcTll, ewes medium and choke. $7 SOW
8 culls, and common $10(1
Kant Hllflalo, TuH 11 - (ATTin He
celpts 100 head Acthe and stronsr lales 1
receipts 1200 head Actle and $1 higher
JO 24 Ml
1IOQSI Receipts LC100 liead Active Btei.h
tn .1c higher HeasT $21 71trt J3 80 mixed I
$2.1 7.14' Jl 8CI orkers J1 71 light jork I
er $J2i2J 10 pigs $JI 7147 JJ roughi
tJOTStSSl, stags, $JlStlS. utate $23 Jiff
23 7T
SHEEP AND LAMBS Receipts 400 head
I.ambs slow and 71c lower others active
and stead I.ambs. J1JCI8 Others un
cleansed.
Kansns Cltr, July 11 llOOS Receipts
MOO head, higher Hulk $!1 00rl2J 21
heay SJJ mwzj Jo medium welghtB 5JJ
Q2JH. Ilghtu, l 80f JJ ,10 light lights
$21 11SS21 I'O, packing sows 20J121lii)
plgH $18fi21
CATTl.B Receipts l.'IO head steadv
Heav beef steers choice and prime $14 40
W 1.1 H.I tne-llum ano uooo !- ni 14 11
common $11 nnSDl J HI light weight good I
andTmotce miicii" iwiinun ana me
dlum j;1013 31 butcher cattle, heifers
17 1',06'H cows $71J 10 canners and cut
ters $B000I10 veal calves, light and
handv weight $l.117 J.I feeder steers $10
13 15 stocker steers $7 7rei2 40
iSHKEP Receipts 1000 head lambs
strong, goats lower uint. siiadvihni
ambs culls and common $n 2113 2.1 jm
ling wethers o .111 Bis so, wes $4 no st
7 1, awes culls and common, $J .10(0 4 25
brtedlnB ewes $10'll) goats J4 50S8
BUTTER, EGGS AND CHEESE
7sew York. Jub 11 HUTTER Steadv
and nrm Reielpts 10(118 tubs High
scoring-, .13e53hc. ej'ras 12j4c Inside,
firsts. 10VJc seconds 48049Vtc state
dairy. BlhOASe , , ..
EG OH Irregular Receipts 23 040 cases
Kresh gathered extras llt&llc, storage
packed extra firsts 47W.10c dirties Nn 1
3.1in;3clc, No 2 21W.11C firsts 414lk
seconds, 37042c checks 31W.13C 1 hocks
under glade 20tt30c state and nearby hen
nery whites. o7c!f0t, gathered whites, 4.16d
r7c: western whites 47n"c Pacific coast
M5BVsc, western and southern gathered
white 410411c, state and nearby henner
browns ri4c3.1(lc gathered hrown and mixed
B0OS3P fair to prime. 44nc
CHISESB Irregular Receipts ,1108
boxes. Flat current make, colored aer.
are run. 311 WJlsic, flat, current make,
white, average run .HUW.Il'.o; colored
specials 32W32'. c. white specials, B2f
B2c
CHICAGO BUTTER AND EGGS
Chicago. Julr1, It. nUTTER Receipts.
0418 tube.' Steddv. Ejtraa. Ulej firsts, 48W
RAlX. umHiI. iflBiTCaP, .,
J (
id iftitail VHisntl
,, t , LI fiOUrt cotids 447M(C. .. 11.
THE NATIONAL CITY BANK OF NEW YORK
AND BRANCHES
Condensed Statement as of June 30, 1919
ASSETS
CASH on hand, in Federal Reserve Bank, and
due from Banks and Bankers and United
States Treasurer $255,349,717.37
Acceptances of Other Banks 26,600,275.50
UNITED STATES TREASURY CERTIFI
CATES 27,749.00000 $309,698,992.87
UNITED STATES BONDS $24,805,701.56
Loans and Discounts 483,634,627 64
Bonds and Other Securities 36,267,74 06
Stock in Federal Reserve Bank .a 1,800,000 00 546,508,078.26
Due from Branches 7,990,398.53
Banking House 5,000,000.00
Customers' Liability Account of Acceptances 25,154,247.36
Other Assets 9,604,029.20
"1 OTAL $903,955,746.22
LIABILITIES
CAPITAL, Surplus and Undn ided Profits $79,991,597.74
DEPOSITS 779,763,861.02
Reserve for Expenses, T.'ixes and Interest Accrued 4,649,821.91
Unearned Discount 1,948,597.77
Circulation 1,432,395.00
Bills Payable with Federal Reserve Bank NONE
Foreign Bills of Exchange Sold 2,996,006 64
Acceptances, Cash Letters of Credit and Travelers' Checks. . 27,395,944.47
Other Liabilities .0 5.777,521 67
i TOTAL $903,955,746.22
A Great B
Gives Inside
anker
Facts
t1
Frank A. Vanderlip went to
Europe as president of the Na
tional City Bank of New York to
study the financial and industrial
outlook from the viewpoint of the
American business man.
He met the most important
men of England, France, Italy,
Spain and Belgium.
Premiers, statesmen and the
leaders of business talked to him
freely and bared the inside truths
of the post-war situation in their
countries and Europe generally.
This great banker faithfully re
veals what he learned first-hand
in his book,
"What Happened to Europe"
which will be published serially
Beginning Next Monday
in the financial pages of
lEuenms Bustle ffied
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