p1 sv5 .. r 12, 1919' 4 EVENING PUBLIC LEDGER PHILADELPHIA, SATURDAY, JULY FINANCIAL NEWS CLOSING NEW YORK AND PHILADELPHIA STOCK QUOTATIONS "lr'1'1 I lit- M K CLI NTON WRIGHT WIRE COMPANY Preferred and Common Bought and Sold. Circular on Request LlGGEtT &jy&EXEL M1AU88 ST STOCK CXCHANCI 6t BROADWAY NY- Phtrne Bowlinfi Green 676 O 105 DEVONSHIRE ST. BOSTOH CONTINUED ACTIVITY MARKS TRADE ON NEW YORK 'CHANGE Substantial Advances Are Made in Many Issues United Cigar Stores Attract Most Attention United Stales Steel Lags High Points in Today's Financial News Today's session on the New York Stock Exchange rounds out a week of risinp prices. The locnl market is fairly active, with Cramps touching another hiph record. Curb market shows a great degree of strength. The mnrket for foreign exchange is steady. Offerings arc limited in the corn pit. Active buying sends cotton into new high ground. Commercial bar silver was lower in New York and unchanged in London. OFFERINGS LIMITED IN MARKET FOR CORN COTTON PRICES MOVE INTO SEASON'S HIGH Bullish Interpretation Placed by Trade on Lifting of Block ade Against Germany Prominent New York Curb House it opening a direct Morse wire between New York and Washington and can accommo date additional curb business from Stock Exchange Houses or other responsbile brokers in Philadelphia, Wilmington, Bal timore and Washington. Our service is second to none. For further particulars address SUITE 1314-22 27 William Street, New York City New York, July l'J. In tlio two hours of trndinjr with which the week ended, tho market records included tho establishment of a number of stocks at new high levels mid in all the i-..iios in which there wn9 speculative ac tivity substantial advances were innde. due of tlie features was Tinted ('itfiir Stores, which moved up 3 points to above 200, attracting most attention iimotiR the record-breakers of the half day t'nited States Steel lntrced behind the market for a time during the tirst hour, but later became active and stronger, ranging from 111 to IKI-v , Crucible Steel also mored up in the lute trading, gaining about 1 point and crossing 1 17. Movements of 5 points or more were noted in a number of issues, In clmling Mexican Petroleum, which tanged from lOli to 1lflai. The greatest gain was in Ajnx Uitbbrr. which rose 7 points to 100. Oil stocks which had shown a heavy tone in the last few days also became strong, Itoynl Dutch making 11 gain of 2 points and following the iolcnt upturn in Mexican Petroleum. Denver preferred was directly inlluenced by Ihe statements of a com promise being reached with Western Pacific bondholders and rose more than 3 points, crossing 21. the highest price at which that stock has sold since its ditliciilties with the Western Pacific became so acute. Copper stocks moved up about 1 point. There was n good demand for bonds with a broader inquiry for the matured railways issues. (iovernment bonds were steady and without material change in prices. OP.AI.V nKTX WEATlirjH FOP.ECA9T rlilracn, July 12. Illinois Unsettled Willi lornl thunder shotvers tonlKht north and central, cooler north, Sunday fair. Missouri ami Kansas Unsettled, hut Ken erally fair tnnluht and Sunday continued warm. Wisconsin Kalr nnd cooler to nluhl Sunday fair, followed hv unsettled at nlshl Minnesota Fair tonlcht, warmer northwest. Sunday partly cloudy and warmer. Iowa Insettled. hut generally fair tonlsht and Sunday, cooler east and central tnnleht. warmer north Sunday. North I).il:ntn Fair tonight and Hundiiy: warmer "net and south tonlaht: cooir north Sund,i South Dakota Fair to night and Sunday: warmer west and north I tnnlKhl and cast Sunday. Nebraska Fair tonlsht and Sunday; warmer northwest to- 1 ri'eht. , ontlued warmer Montana snl Wyoming Fair tonight and Sunday, I cooler j Cblrago. .Inly 12. A bullish inter pretation was placed by the gram trade I on the lifting' of the blockade against I Germany by the Council of I ive anil tne corn market was strong this morning 1 on buying by commission bouses, with 'offerings generally limited. On the nd- j ! vnnce. there was some profit-taking, I I but the sales were absorbed by local ! shorts. The recipts here today were Profit-Taking Later Sends List From the Top Close Is Steady Philadelphia Stocks 0574 COTTON TlK.'.T WEATHER CONTHTIONS New York. July 12. The following- tem peratures were recorded In the cotton helt this morning: Chattanooga. Knoxvllle, Nashville nnd Atlanta. 70 Abilene nnil nklohoma. 72: Phreveport. Vlckeburg, Montgomery and Augusta. 74; San An tonio, Memnht. Macon. Thomsevllle, Sa vannah and Wilmington. 70; Fort Smith, New Orleans. 7fi: Galveston, rcnsscola, Alerldtan. Charleston. Tampa and Jack sonville. SO The following precipitation was recorded- Jacksonville, .02; Naahllle, t OS; Meridian, 22: Montgomery. 30: Mem phis. .JO. New York. July 12. Influenced by continued firmness in goods circles and prospects of an immediate resumption of shipments of the staple to Germany, following the lifting of the blockade by the Council of Five, cotton made new high records today on active gen eral buying. There wan considerable profit tak ing, which sent the list off from the top. Karly Liverpool, .Tnpanese and domestic trade interests competed against Wall street and other purchas ers for contracts around the ring. Southern selling was a feature, and 117 car. there was talk thnt Ihe odvance in .lulv opened at SI .Ml. against SI .021., futures l'd been more rapid than in 1 ... Icirmtfiilflinfi inn il lilutninlit rin u tmn. nl (l,o n,,,l i,wli.nnt. mil lief SOI "I""" "' " " '"J"- "...".". ill SI. !).". Sepl ember n minted at j SI. 94 to Sl.'.tl'... at (lie outlet, against i Sl.O.Ts at the end jeslenlny and, after Net High Iow Close ihge. 2.1 Am Strs. 34 34 34 U 3AmOas..'70 70 70 2 -or, Brill j a m r.ou 03 ni G40 Elec Stor 1)0 004 don Asph 01 133 do prcf.136 104 I C N A 33 270 Key T Co 14 2227 I,k S Cor 23 SOOMIdvaln. 01 V 301 Pa It It. 40 25 Pa Salt. 81 231 Phila Co cum pf. 30 Vj 30U 30,t.. 403 P II T tc 20'fc 20 20 -f 40 Reading. 01 01 01 2 145 Ton nel. 3-li 34 3 . . 14 UO I... 08 08 08 .. 300 U S Stl.113 112 112 4 100 Vn Fd Pr 70',i 70 70-f 70 West C. 74 74 74 . . 04 W Cra'p.201 200 200 10 IOW 34 70 50 04 00 132 33 14 22 x,k i 00 " Wa SI 31U 20 01 3i 01 132 33 14 23 01 40 81 3 1 ;4 Is 1 Stocks. 770.1 shares, compared 810 shares sold yesterday. f 1th t4.- noxDS High lxw Close Net time. HALF SESSION FAILS TO HALT ADVANCE IN CRAMP SHARES Shipbuilding Company's Stock Touches Another Neiv Top Price Further Gossip of a Merger The rapid utricles which have been made la the shares of the Cramp Ship building Company during the last week could not be ".topped by even the short session of the exchange today. A further big jump was made when. In the early trade, a block of 20 shares was sold at 200, an overnight gnin of 10 points nnd a new high record. The, stock shows n gain for the week of nearly 40 points and an extreme advance of 125 points over the low point of the year. Further gossip comes from New York to the effect that Cramps Is to be merged with another company, several concerns being mentioned. Philadel phia Interests say, however, thnt they have no information that would account for the spurts which linve been made in the issue. Since the price reached 125 virtually all the buying has come from New York nnd the opinion has been ex pressed that a plan for consolidation may be in the minds of the new purchasers. The remainder of the market, while fairly broad for a Saturdny, contained,, little that was worthy of note. (Scnernl Asphalt scored a new high nt 00 on very limited sales. Buying of the stock, on this movement. Is sold to be coming from New York. Brill common was active in the last hour and advanced to 03, " n gain of 3 and n new high for the year. This stfck also, it is said, Is being bought for New York nccount. Lake Superior took on some activity near the close of the session, recovering to 23. The bond section of the exchange wns virtually neglected, the greatest in terest attaching to a sale of $7000 Lake Superior income 5s nt an advance. by neutral NEW YORK STOCK SALES cssary. some .New Orleans nuying was in evidence here, on the theory thnt (Jermany's needs will be supplied cotton awaiting shipment in countries. The market was finally very tftead, at n net ndvance ol 15 to 80 points. Te close Open High l.ow l.ast FINANCIAL Dlrldends OFFICn OF TnK j. ;. nrtn.i. company A quarterly dividend of 1 per cent on the outstanding preferred tock nnd an addi tional dividend of 3 per cent on account t the accumulated unpaid dividends on Ihe preferred stock hae been declared, payabl. together August 1st. 101U, to stoi Uliolders of record at the close of hu.nlneNn on JnH- "n.i 1810. Transfer hooks of the preferred' "hri I do prof sill clone .lulv 1st. 1D1P. Checks will be mailed 3d, 1010. and reopen Augut E P FtAWI.E, Treasurer Net High Ijow Close chge. AJax Rubber ..100 102 100 7 Alaska Gold M. 3 2TS 3 Alaska .Juneau. ' 2n' 2 Allis-Chnlmers. 4S 47 48 Am Agr Cliem.110 110 110 ns Am Heet Sugar SM", !I4 114 g n4 P." 05 1)5 1 Am Can 00 5!l4 00 Am Car & Fy.110 110 110-f Am Hothe 51.. 114 lll?i 1142Bs Am Cotton Oil. 07 00 i0 , Am II nnd I... 30 3S- 38-'U Am 11 and 1. pri:!5 133 133 t Am Int Corp.. 114 113f 114'', A ,ti !, Sei nr 74'.. 741.. T-ll-.'. !.. I .lulv I Oct ,l)ec .Tan 4 in . 10 n sn as in s.ir ok s't.'nn asian ssiao ss.io as.1s0s5.2o 34.00 M 10 85.48 35.05 3.-..in35. 17 30.30 :10.31 IM.t'l' nn.un High Midrale Steel.. Oil's Missouri Pac. 37 do pref .... ."7 Mont rower. . 77 N'at Acme .... 43 N'a Con & Cable 24 Nat Biscuit 131 IjOW r.o", 30 57 77 '.j I0.is 23'-. 12 84 S4 70 70 01 02 .. 107 107 . . S74 1 LITTTJ: HCItlTYI.KIIX NAVIGATION RAILROAD ANI1 CO I, COMPANY 333 Wtilnut Street. Philadelphia. June s. Into A dividend of one dollar nnd twenty fle eents (I1.S5) per share has heer declared raysble Tuesday. July 13. 1919. ""rea. Checks will be mailed. Transfer books will be closed Monday June 10. 1919. "t 2 p m. nd reopened Wednesday. July 16. 19ia. at 10 . m rRBSTO.V DRBAnLET. Jr . Traawurer. OoTlce f The United Gas lmprovemeDtCo, N. 'W. corner llroad and Arch streets Philadelphia. June 11, 1010 Th directors have this day declare,; a quarterly dlildend of two per cent ($1.00 per shard, payable July 15. 1910. to stockholders of record at the close of business June 39 1B19. Checks will be mailed. 1. W MORltlS, Treasurer THE WAYNE TITI.K TRUST CoT Wayne, Pa July nth. toil) The Hoard of Directors has this day de clared a semiannual dividend of three per cent, payable July 15. to stockholders of record July 12. Checks will be mailed. J H. HAL.1.MAN. Treasurer. I Asso Special Notice COMMERCIAL TRUST COMPANY Philadelphia. Mav 29th. loin .Notice Is hereby Riven that, in pursuance Commercial Tnut, Company, a Special Met- ' (rt P-pf In of the 8tockIwhlM Qlrtne Company wilt nnrrett Co riav nmu m, l 111 srnrini unit r. i.nmmsrcni 1 . Trust Bulldlna-. northwest corner Hroad and ' I'atopilas Mm.. l't l'N l--LttaS'AM'lfffKrJ-'llrth Steel H. . 07'-, 05 07ls 1919. at two o-ciockp. m.. tor the purpose dnSncnref.il. 11- II- I Nat Ku & Rtpl ( National Lead. . ! Xa It R of M LN pref KS 0 0 Nevada Con C. .'() ai 20ffl N Y Air Hrake.l 'Jr. 1'.'.". 125 reacting to Sl.fU-1!. moved up to ,l.li.i. ' December opened nt S1.Mai to SI.O'J',4. against SI .0(1 at the close yesterday, nnd advanced to SI .03. Oats moved Into new high ground on , fairly general buying by commission MniiaAl i-rnrrnc n ih in ii in iii.iiii-. ,.,i do,. ciSe1 the rise and there also was some selling Wm iT 34sn 35:57 S4.80 00744.131 br a leading elevator concerns. There- ceipts Here touay were 1 1 1 curs. July opened 1o higher nt 77c. and Inter 'sold at 77c September started at 77c to 77aic against 70n;c at the end yesterday, and rose to 7Rc. De cember started nt 70'' '" 70'ic against 7H:1ic at Ihe end yesterday. The receipts of wheat here today were sixty cars. 37 RESERVE BANK REPORT $17000 I.k Sup inc 5r.. G0 05 05 5000 Leh Val 0s '28..10IT8 101 101 'h 3000 Lib Bond 4th 4i,s 04.22 04.22 04.22.32 300 Victory 4-iJs .. 00.00 00.00 00.00 .40 2200 I'hil Klec 1st 5s.. 00 05 ai 0.-3.i 5000 In Hwy Inv 5s. 77 .77 77 .. Honda $42,300, compared with 154.1100 yesterday. Local Bid and Asked Neiv York Bonds American Stores . llaldwln Huffalo A Susq . . . do preferred . . . Brill J O Cramp t c Electric Storage . General Asphalt . . do preferred . . . Keystone Tele . . do preferred . . . Lske Sup Corp . . . Irfhlsh Navigation I.chlsh Valley Lehleh Val Tran . An "referred . . . 1 Penna H U I Phlla Electric Phlla Co ....... do it p c pref. . 1I0 n p c prel.. Today Bid Ask nr, 113 Yesterday Hid Ask 42 2' J3 ' 1302 S4 S4"2 '.. Am Linseed . . . 70 Am Locomotive '.12 Am Loco pr. . . 107 Am Smelting. . S7 7 Am Sum Tob..ll3 113 113 Am Steel Fdy 45s 44 45-''3 Am T & T..104 103--4 104 Am Tobacco.. 2.12 231 231 do pref new. 101 101 101 Am Wool 121. 11S 121U3 do pref 100'... 100 100 Am Wr Pap pf 5S Am Zinc & I, 2S Am 7. & L pref 04- Anaconda .... 75 Oil 02 Atchison 1 01 r,s Atlnn Const L.102 Hold win Loco.. 113 Halt cS.- Ohio... 4!V4 50' t SO 41- 57' 32'.. 107 SO 50 11 47 r.7'-, u --;s 02 5S1 2S 1 04-2s 75 10 4- !)2 02 101 101 102 102 1 .111 113 ai 45 4r(n8 :!s 50 50 ..130. 130 130 1 of-votin for or sfcstnst an Increase of the Capital Stock of the Company from SI. 000. 000 to $2,000,000. to be offered to the Stock holders at I2O0 per share, of which one-half hall bej added to and constitute part of tb surplus funds of the Company. bamuel, a. cnozEn. . ... Secretary Annus.1 Meetings iloSnc pref. 112 11! do 7 p c pref. 105 105 105 .. Brook Rnp Tr 20 20 . 0 Booth Fish Co 21 '-il 21 Butte C & ZC 13 13 13.. Brunswick ... 10 10 10 Butte- & Su Co. 37 30 37 Cal Petroleum. 38 3S 38.. I Cal Packing Co 72. 71 n: N Y I'ent S() N Y Dock 42 do pref .... ."i!l- N Y X II & II 33 Xorf & West.. 10 Northern Pac. . 00 Ohio Oas 003s Okla P & Hef.. 11 Penna Sea Steel' 51 Pan Am Pet .107 Penna It It ... 45 Peoria & Kast. 14 Peo Gas & C. fi2 Pere Marquette 20 Phila Co 41 Pitts & West . 30 Pierce-Arrow . 03 Pierce Oil 24 Pitts Coal 71 Pressel Stl Car 80 do pr 104 104 104. P A Sugar 02 01 01 Itepub Mo T.. r.O'i. 50 50 Ray Con Cop. 25 25 25 Heading 91. 01 01 Itemington Type 84 84 -& 84 T, T C Oil flPT' Crt, tCV iVCl 1IUU X Oil i'O'R hi',:i i'o's 80 I 412i 50 4 ' 32 ' 107 ".. . ic .-.OT4 1! ,-lfrense 11 .. 51 5 1051. j 1072 45 45.. 14 .-,2';. '.. 25 " 41 30 02 23 71 80 Holdings of War Paper Increase Slightly Little Change In Gold The weekly statement of the Federal Reserve Hank shows ratio of total re serves to net deposits nnd reserve note liabilities wns 41.3 per cent on July 11. or unchanged from July 3. Holdings of war paper increased slightly, being S173.000.740 on July 11. ns compared . . . ,,,; with S170.752.000 the week before. Increase In Average and Actual AlthnllRll ,,,,, Fo,ieral Reserve system Loans Average Reserves Lower 'nK n whole has been losing gold in the New York. July 12. The New Yorkjpnst month, the gold holdings of local bonk statement this week shows increase bank show little change, being $127.- In nverage mm actual innns anu no- iMo.ti.i on .nuj 11. us -miiinrc(i wun NEW YORK BANK STATEMENT Sales In ... , jinno Hlg-h Low Close 2 Am For See 5s 00 09 00 2 Can fiov 5s 1020 95 05 1C. 3 Lib Honds 3s. 90.32 09.2S 99.2S1 Phila n T t 2 do 1 st 4s 94 .04 04 94 1 ! h n; ,-mont ,) IIO "J'4S IM.U-i UO.U4 Utl.tl-I Tonopan .Mininn 211 do 1st 4s... 95. 10 95.10 95.10 1 do 2d 4s 94.12 94.12 04.12 27 do 4th 4s... 04.22 04.22 04.22 213 Yic Notes 4s. 90.08 09.98 09.08 1 U S (ovt 2s.. 99 00 09 1 do 4s 100 100 100 0 UKC.B 5s '37 08 OS 08 Union Traction . . ti a 1 P S ttteel York Hallways. . . do preferred . . . 34 AIM. . 71'i . fit's . n:'j .190 . 01!i . 91 .13514 . 14 . 53 . 23 . 6R"4 . 52 . 14 . 28 . 45i . 2,5 S . 4n'4 . 30 . 3H . 28'i . 91 . 3; . 3'i . 39'i . fl7 ; : 11 3'i 9 . 31 ll.l HIS 1)5' 92 1311 14' 55 234 no 52'i 17 2K 4B a,fli 32 3fl4 29 "Jl. (IS U3Vi 10 32 34 1111 59 ' 189 9.V.4 R74 181 J4; 53 35 112 71'i cm RO 195 911 SS',, 182 H',-i 53 22ai 23 AS en 52i 52i 14 17 2 2S .454 '4B 25t4 25 'i 40H 414 80 32 sn'J anvi 28 ' 29 vn tmVi 8; 4 3U :iu sn4 an lll'J 1I2 n in 31 32 Honda. 14. 555.001), "73,000 yesterday. compared with $12 in nverage tual reserves. Details follow : AVERAGE nnd increase In nc- $127,340,003 at the end of Inst May. I BAR 8ILVER Commercial bar silver was quoted hi New York today at 51.00, a decline of i cent. Tn London the price was 53 d, unchanged. Cotton Buyer and Sellers New York, July 12. July Hopkins hid; Sell 111 offered. October Reid, Cone, Kieffer and Hopkins bid : Sigcl, Martin, Abraham and Wntkins offered. December Kieffer. Flinn, Sigel, Mounds and Cone bid ; Erwin nnd Sehill of fered. January Orvis, Kieffer nnd Johnson bid ; Kimball, Wntkins and Sehill offered. March Brooks bid; Newman offered. May Wntkins bid Rosenberg nnd Parrott offered. NEW YORK COFFEE MARKET New York, July 12. It developed thnt much of yesterdny's demand came from n large cotton house which was a heavy buyer of December contracts, having liquidated large holdings in Sep tember. There was no evidence, in the early trading today thnt this demand I was being continued. The character of the selling this morning led to the belief that some of the old long Interests wre taking down profits, due to the easier conditions In tho primary markets, ns evidenced by the early official cables. Press dispatches from France speak of a meeting of the National Coffee Association of France, at which the matter of. the 3,000,000 bags of Santos coffee was again discussed. A definite statement was said to have been mode to the effect that the gov ernment of San Paulo would not sell to merchants but only to the govern ment. It wns said this caused consid erable surprise as the merchants were ready, under favorable conditions to furnish all banking guarantees needed. Yest. Open Hla-h !.ow Closs close September . . . 22.55 22.05 22.40 22.50 22.IIS l)ecembVr . .21.911 22.15 21.90 22,10 22.29 March 21.73 21.95 21.70 21.03 22.10 May 21.77 21.78 21.87 21.85 22.08 DIVIDENDS DECLARED Hepubllo Oil and nednlnu Company hsa declared a dividend of 1 per cent payabls Julv 20 to stockholders of record July 15. Pittsburgh Steel Company, quarterly of l'i per cent on preferred, payable September 1 to stock of record Auiruat 15. National Carbon, quarterly of II on com mon and 2 on preferred, both payabls Au--ust 1 to stock of record July 21. 14 52. 25 41 30 02 23 71 8934 Lon . . . Net demand posits le- 1 .1 I Net time deposits. t lrculatlon Cash In vaults Iteaervo in mem ber banks . . . Reserve In state banks nnd trust companies Aggregate res've. lleecrve required Surplus ... United States de posits deducted . Decreaae. $3,018,805.0(10 t4. 033.21 4. 000 172.n0.i.0O0 37,939,000 105,232,000 Increase $2J.83,0C10 47.557.0HO 7.S49.O0O 178,000 11,414,0011 528.8S2.000 28,904,000 12.385.000 351, ,"32,000 534.791.070 10.740,330 238.803,000 NORTHERN TUCST COMPANY Sixth and Hprinc (larden 1-niiAueipniH, juiy iu. IU1B. ,. ;. -, ioi -lcnlL11 At a meeting of th Board of Directors Canadian Pac.100',4 10R 1001 Royal D new 117 115 117 1 held this flay n quarterly uiviaend of fivk , ,-. . -. , ,-.. ! (3) TKR CENT was declared, payable July ; - enl ru -" ' l IS, lulu, 10 siocanoiaers or record on the font ray UO pi ill's '- ..... pnL ruv -'.. -i " uiy 1 - - . .... . record on the fnnl Krlv C.tt nf 1111.. 11.!1,-. liV4.-f- fc,1".."?.f..te.e Kmpany at ,he c," ot busl- I Contrnl r.enth.l0S 107 10S Checks for !lidenrt will b mn6 (Vrro tie Trisco Vutl - 0.MA WILLIAM H. CURTTISJtr.r & j, , pr 10 j,,,, y. . Chandler Mt . .-'ihi - - 10 10 Savago Arms Saxon Motors St L S F do pr . . . , Seaboard A I,. do pr 22 Sears Roebuck 205 Shattuek Ariz. 10 81 17 20 35 10 372 ISl-Sh Stl & 9-ff" ivvilii. stirvTi:ri 111.. itti. Ilasel Loan and nulldlnar Association. Ches & Ohio. tsi's Tuesday. July 13th, 8 p in., at Odd Fel- oli nront West 10 v... -- lows' Hull. Broad and Federal Sts. niec-1 tlon OI omeere. jvw aeries. TH03. J. FEARON'. Secretary 5214 tValton Ave, Propoaalg Chi (H West pr 2.S Chi & Nthst pf!20 Chi R 1 & P tc 20 C, It I &P ppf 00 C I I Fwy.... 45 C.HI&P 7pc pf 83',i Chile Copper . 2S l.,o. o. I". Sealed proposals kok prlntinr the journal, officers' and com- ' rn'ittea reports and other printing of the Grand Encampment of Pennsylvania for I rnntlng." will be received by the under-1 Chmo Lon Cop fll1 lineu UJ.i.t ai.iuuaji u,r u, iviir, HI I, o'clock m. EDWIN I.. niTTER. Orand Scribe. 1723 Arch street Philadelphia, July 12. 1019. LIVESTOCK QUOTATIONS Chicago, July 12. HOOS Receipts. 7000 head. Markoi ven uneven; moat sales 10c hlghr than yesterday's best time. Top $23 CATTLE Receipts 1000 head. Compared rrlth week ago beef steers fat: she si,,, 75C0S1.5O higher, best grades advancing most: soma yearlings and heifers gaining mora c&nners; low-grado cows and caHes 3075c higher: bulls 75cffl$1.23 higher, stookers and feeders steady. SHEEP Receipts 5000 hea'd. Fat lan.tin mostly 2345o lower; wether yearlings and ewea 23 50a higher; feeder lambs 25 Olio lowar; other feeding and breeding stock steady. Pittsburgh. July 12 HOOR Rec.lpta, 1500 head. Market steady. Heavies and heavy yorkers, S23.4023.no. Light yorkers IK.50822.75. Pigs. J2222.25. SHEEP AND LAMBS Receipts, 1000 head Market steady. Top sheep. $10 50: top lambs. US. CALVES Receipts. 200 head. ilarket steady. Top, 123. Kansas City. Mo.. July 12 HOGS Re. eelpts. 1000 head: higher. Bulk. I22S-22 '.',: heavy, S22.1BIB22.25; medium. $22822 3; uvnia. Col Fuel & Ir 54 Col Gns & Klec 03 Comp Tab .... 58 Cout Cnn 07 Corn Products. 01 do pref 107 OICM 18Ts Crucible Steel 122 , do pref ....103 'Cuba Cane Sub 30 do pref .... Si 2S 120 20 70 44 R3 2S 40 54 03 503 07 '-j 00 107 IS 110 103 30 S0 80 14 25 34 10 21 205 15 73 03 s1 Southern Pac. .1083i 107- 108V,4- '., Southern R It. 30 30 30'." do pref 68 OS 08 1 IStudebaker ...110 108 100 1 i rln tirof iniBi 1015.'. 1(115. J 1 ai ' '" " o -- -". s ( " Stutz Motors . . 07 00 iStromberg Car 50 50 ' ' im r t it T .-.-1 acuq j cc j w l Jtl'.B i.'1'U Sinclair Oil ir t.i-rj 04 81 1 102 25- "s 34 10 22 1i.', 205 2 10 1 73 l 0334 ' ACTUAL Loans $5030.823,000 Net demand dep. 14.003.5011,000 N'et time deposits 174.205.OOil .roulatlon . . a(,h in vaults Reserve in mem ber b.mks . . Keser in Btato banks and trust companies Ueservo In state banks and trust company depoa. Reserve required Aggregate reserve, Excessive reserve tfnited States 732.000. Decrease. 37.S34.00n 104.40:,OOII 549,209,000 30.44S.000 1.295,000. 29.003.000 ".,333,990 23.339.010 $23,392,000 21.023.000 4,030.0011 42,000 11.437,000 11. 714.000 1O.5R5.0llO 538.41R.730 571.507.000 33.OSB.270 403.000 R94.OO0 2,403,430 29.131,000 20.634.570 deposits deducted, $227,- OUTS1DE RANK STXTCMENT n l A I iy li.lvH lncat- Increase S40S.50O 137,500 4.013,400 28 120 -" , f Texas & Pac. 07 05 irvT, v i Texas Co 273V, 273 oo',f ,'J 'Third Ave It It 24 24 ',f, ,; 'Tobacco Prod. .105 40'iX K' (ior'BI,ts -4 -4 I a Tran Williams 55 '; '.".Tol St I, W cop 5Ts Hs 2'. T'nlon 01.134 133 134 j!-,. , "iJ I'nion Pac pr. 71 71 71 , 1 . ...,. ,iiiu i w., l'i J .J.i 0 50 3, 10 7S 00 273 '.. 24 1 103 10,-, 1 22 23 ! i.i ...,ii a.. in a 7 'S "iTi Ians. ments (".old Currency bank notes Deposits Federal Reserve Rank of New York. . Deposits Reserve on de posit Percentage ot re serve TRUST Loans. Invest ments $2,129,(1(17.200 $10.(34.100 Oold 11.937.400 35.201) currency Dang notes Deposits Federal Reserve Rank ,'4.S7.1.700 49.583, L'OO SR22.fi02.7on s.. on. inn 29.601 S00 55.193 000 739.007.Klll 112.OOS.70II 20 7 COMPANIES 21 0H1.1OO I.R43.10O S. 227. 5(111 0 1.700 .1 25R.SII0 of New York Deposits Reaerve on de-noait I Percentage of re , serve 1.310, 100 23.905,0110 311 52: nno IT 7 5.984.(100 .1 i 1 - 4- l lrnit cr Strs. 200 108U.. 20033s 18 122 "4 0 I United Drug... 131 131 United Drug 1st 131 103 . . 30 80'. '. Del & 1lud3onll0 110 110 $21.90022.30: light lights. S21 221 packing sons, $!0 73J21 90. pigs, $18 Denver & It Or 11 do pref .... 22 Dome Mines ...14 Endi Johnson . 03 Elk Horn Fuel 38 Erie 18 do 1st pref. . 32 do 2d pref . . 22 Fam Players ..117 Freeport Texas 03 Onston-Wms . 38' i On Cigar Co. 82 Oen Elec Co.. 171 Gen Motors ...230 do pref .... 02 Goodrich H F. 87 11 1 224i8 14 03 1 38 1 18 32 1 22 . . 110 110.. (12 02 38 38 81 81- 171 171 234 235 1)2 02 85 80 10 18 14 03 37 18 31 -2f's pr rights do 2d pref ..130 Unit Food Prod 70 United Fruit ..187 United Ry Inv 14 do pr 31 IISOIP&F 34 U S Ind Alc'1.143 V S Rubber ..135 133 U S Sm & Ref 70 00 120 120 1 70 70.. 180 180 K', 14 14 31 31 34 34'.... 141 142 2 134 1 70 a& STATE RANKS AXD TRfST COMPANIES NOT REPORTING TO CLEARINC HOUSE Loans inveatm'ts. $801,004,400 '$9,010,000 Oold s. 515(1.700 Currency bk, notes 18,415,000 Deposits Federal Reserve Rank of New York . . 03. 539. 100 Total deposits . 838.340.7011 Net deposits 708.940,700 Rea. on deposit 130,922.200 Percentage of rea. 20 Decrease. 88.000 1.223.40(1 3.BR5.00O 20.S9A.inn 8.378. 000 '3 654 100 .3 NEW ISSUE $17,500,000 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' noticu 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 n."nH CATTL&-Rece Pt. 600 head- market foe .i .f tha wesk. all classes uneven, beef audi " II . butcher cattle mostly 50o higher; vealers, I fj D 110.00 nigner; siocgers ana reeaere, strong i nt ... nr SHEBP Reoelpts. 800 head: market for Orocne-Can Cop 4(1 's rk. best fat lambs. 23o to BOo higher, fat V ,-.. R-. heen: breeders and roats ateadv. .Vn n,,n. I 1 llirtnmil t ortl. ci.i taUons today. I Tlntkell & 0!)t' .. - . -. Int Airricul .. rU5Vj 10j200 head. Steady to lOo higher. u nero. head 0j2oq head. Steady to 1C CATTr.K Recelpis. 200 8HEBP Receipts. 300 h East Daffalo, N. Y., Julr 12. CATTLE Receipts. S30 head: stesdy. Calves Re jditp. 300 head; active and SOo lower; 9ft JlOOS Receipts. 1800 head: active: stesfjy toioc higher. Heavy, IJJ H523.RB: mixed, I2S.523.85; yorkers I23.H5W23 65- light ' yorkers, I22.50O23: pigs. 22.54)1 roughs, J2121.25; stags. 121H. t, 8HEE1 AND IAMBS Receipts, 200 head; active and steady, unchanged. Financial Briefs The New York Subtreasury galupil "252,000 from the banks yesterday. 'The Philadelphia Chapter of Ameri- . ran Institute of Banking in holding u ronsulate outing today at- Lawndale. vPttf Fall entertainment will bo given Kl)temoer -u, an perionnea oeiug ptr inwnbero. All bank employes UietHr trtowin are invited to. at- iiwaa ' a .fiemmmnn- river rxquonou.un ir .appi""1, tr ' .lOOi 10.1i 10.1 II.. ROi Sil'4 81)34 li 0.ii ! Jk 40!K 40Vi 'i 84 i 8.-1 li 0894 ! 8.r aoi,i iTi 00 oo 14 V!k 7 do prof 49 411 10 . . U S Steel . . . .113T H17k 113'i lf-g do pref HOT,, 110 110.. I'tah Copper . !l."i !4i 04-- Vu.-Car Chem. 00a, 88 !)0'4 li.. do pref II.V4 11.r.it lir,V4 H Wabash 10 10 10 iH do pr A ,'.ri 8rir'H .-) i West Maryland 14 13ii, 14 01 .. 07 07 7.. ur,v 145V4 a4 Or. OfiW. ai do 2il pref West I'neific .. do pref AVeatingh Mfg. Wheel & L E . White Motors Willys-Overlnd do pref Wilson Co do pref 20' Stocks, .oOO.SOO do pr In Copper Inter-Cons Int Hnr C 11cw.i4r.V4 Int Mer Mar.. 07 do pref VJ3H 122 i 122 Internat Taper. 08i 07 OS 1 do pref 70 70 70 1 Int N'ickel .... 32 31Ts 32 Jewel Tea .... 38 37 38 ' Kajsaa City So 23Vi 23 23 Kelly-Sprg ...130 133 1303 Kenne Cop ... 42 41 42 Key TiR .124 121 1243 Lack Steel ... 87 80 87 Lehich Val . . . 52 B2 fi2 Lee II & T . 38 30 38 2 T :- A. M T f oorf "20 220 4- ,i, LotUlard, P ..207 202 20fl4 1 no,ton ,. Mnnhnr lllr.. 30M, 34K 30 2t I Nw York Max Motor ... 63 fi2 53 dolat pref.. 70 70 70,. do 2d pref.. 40 40 40 14 Mar Dept Stra.107 J07 107 ., Mer Petrol 4..100M 102 10S4 i' M...'..i, - t.r r .. ". ii !-:.. JMH Cos 58 11 71 "4 30 08 .101 .101 20 25 ns 58 11 70 38 08 101 101 20- 25 5S 1 58 . . 11.. 70 1 30 08 . . 101 .. 101 MONEY-LENDING RATES PHILADELPHIA Cnll, 5 per centf time, 5ft0 per cent; rommer- cinl paper, three to six months, 5'4ffr 5 per cent, and six months, 0 per cent. LONDON Money, 2 percent; dis count rates, short bills, 3 per cent; three-month bills, 3 per cent. 824,200 shares, compared shares sold yesterday. srlth Reserve Banks' Discount Rates Official discount rates at the twelve Federal Reserve banks were as follows; (The first column gives rates for all periods up to and including a fifteen -day maturity ; the second for a period of sixteen to ninety days. The third and fourth columns give the rates for rediscounts of collateral loans secured by government bonds or notes) ; Philadelphia Richmond . . Cleveland . . Atlanta ,,.. Chicago . ... Ht. Iuia .. Minneapolis Knp 15 days :::: U sqity ,r. w . Com' I paper in to o du; ays i v .i Oov't paper lit to an 10 days da 4 4 4 4 4 4 4 4 a 4 ; Jj. ip'aoil M &- !Vffi&1S U:! -ZsV:.zr t n".-' FOREIGN EXCHANGE New York, .Inly 12 The foreign exchange mnrket today was quiet, with an increased supply of sterling, caus ing a decline in demand from 4.40 to 4,48. Dealers have not yet been informed officially of any change iu the Oornian trade situation and trans actions in marks are only on points in occupied territory, quotations were The folloiving 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 pperating all the units from raw materials to the finished produqt. t 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 alter Year to Dec. 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 7ro dividend on the preferred stock amounts to $1,225,000, and was thus earned over seven times last year, and an average of nearly six times for the three-year period. Future earnings will be substantially increased through the operation of recently com pleted plat additions, representing expenditures during 1918 of about $15,000,000, from which no earnings are included in the statement shown above. -n Sterling (demand) 4.48. cheeks 4.48 franc checks 0.S0, cables 0.84; Itnlian checks 8.30, cables 8.37; Holland checks 38, cables 3.8.; Stockholm checks 24,05, cables 25.10; Christianin checks 24.15, cables 24. "i ; Copenhagen checks 22.S5, cables 23.05; Spain checks 10.45, cables 10.55. BANK CLEARINGS Dsnk clearlnss today, compared with cor. respoudlnu dav tint two yars: ll.lli 1018 liu Phila. .7n.M!l,44! ;Al.AS'.!,lftT 1.14, 1 1 . sr.i Boston . U8,1!I7,0:M 49,880,073 45.855.3V3 Hogs Reach Top Price Chicago, 'luly 12. Hog prices have rounded out another even dollar addi tion for consumers. The market today reached ji top of $23 per hundred weight. The highest price ever be fore known was S22.05, a new record made yesterday. It la explained that packing house products are making their way into the interior of Europe, lilslilng JM rendering necessary vWie repleo ,tf"',.jtock. by other iWltVfett, J2.i .'15 r - 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 valae of the outstanding Preferred Stock. V. 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 7V8 Wm. A. Read & Co. Brown Brothers & Co. 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