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.
EVENING PUBLIC LEDGER PHILADELPHIA, SATURDAY, JULY 12, 1919
17-
STILL HIGHER GROUND
T
OUCHEDINWALLST
Philadelphia Markets
Koynoto of Trading Is Quiet
Strength Which Is in Line
With Expectations
Slock ?ales today 911 the Jj'ew York
Exchange totaled 745,000 shares.
New York, July 12. The New York
Evening Sun's financial review this aft
ernoon is ns follows :
Today's brief stock exchange session
rounded out a week of rising prices by
going Into still higher ground. The
keynote of the trading wns quiet
strength, which was not entirely in line
with the expectations of many traders
who had anticipated somewhat easier
'prices over the weekend. Withdrawals
from the market on this account were
few, however1.
There was more active bidding for the
steel shares which were all strong in the
first hour, United States Steel going
above 113 very easily. The upward
movement in the standard shares was
not vigorous except in a few cases, and
as has been the case in the last few
days.
Specialties occupied the most prom
inent place. For instance, uew high
prices for the year were mndc by Key
stone Tire, which rose more than .'!
points.
Saxon is one of the few motor stocks
which has not advanced, nnd its low
price invited operations for the rise.
Cigar Stores crossed 200 for a .'-point
advance.
The feature of the oils was a 2-point
gain by Royal Dutch. Itails did very
little, but there was continued specula
tive activity on Denver preferred nt
new high prices. Kelly-Springfield and
Ajax were actively bought at advanc
ing figures. Copper metal was quoted
as high as 21 cents.
The move in Ajax carried it up V
points in the last hour. Penn Seaboard
Steel was another active stock, rising
more than 4 points, following an equally
large gain yesterday. Denver preferred
crossed 22 and was the most active
of the rails. Speculative interest was
confined exclusively to industrial spe
cialties. The general list did very little
in the lato trading.
An excellent index to the active busi
ness conditions obtaining in the coun
try is afforded by current bank clear
ings. June clearings established a new
high record, while the figures for the
first six months of the year show clear
ings twice as large as in the corre
sponding period in 1015. The increase
at New York last month was 33 per
cent, compared with a year ago.
Reports of trade conditions for the
week were uniformly favorable. Whole
sale and retail business, is noted ns mov
ing with unusual rapidity for the sum
mer period. In building lines boom con
ditions prevail, while in iron and steel
centers steady improvement ' has been
taking place.
QRAIN AND FLOUR
WHEAT Ilecelpts, 10,880 bushels The
market was quiet but arm. Quotations
-ar lots. In ci port elevator, government
standard Inspection, standard prices No I
red winter, J2.80: No, 1 southern sprlntr,
12 89: No. 1 hard winter. 12 80; No. 1 red
winter. garlicky. 12.87i No. 1 red, amutt.
J2.36. No. 8 red winter. 12.80: No. 2 north
ern srrlnir. 12.80: No. 2 hard winter, 12.88.
No. 2. red winter, rsrllcky, 12.34: No. 2 red.
smutty, 12.831 No. a red winter. 12.82: No
A nothern aprlng. 12.82 s No S hard win
ter. 12 82; No. a red winter, garlicky, 12.80.
No. 8 red, smutty, $2.20. Lower grades on
their merits.
, CORN-Jlecelpte. 1018 bushels. The mar
jjet ruled Arm and So higher under light of
ferings, but trade was nulet. V nuote vel
low In car lots for local trade, as to quality
and location, at 2.082.12 per bushel.
OATS Kecelpts. 2.1.108 bushels With
stronger western advices and higher offerings
the market further advanced IVtc. quota
tions: Car lots nn to location No. 1 white.
8Bti OSflc; No, a white, 85B!4c: No. 8
white, 840R4V4e; No 4 white, 804tfRlUc.
FLOim Receipts, 3,060,510 lbs. In sacks
The market was quiet, but mill limits wers
firmly mslntslnod Quotations: To arrive.
nr ISO pounds In 140-pound lute sacks
Winter strslght. western, lIO.TSeil: uearby,
110.7519111. Kansas ifrnlnht 1 1 llW 1 9 o.
do short patent, I1212.js6: spring, short'1
patent, i;jw i.'.pu: fln. patent. 111, flow 12.23.
do. first clear, l.!IO0 00.
RTE ri.olTR was quiet but firm We quoto
at IS 20S 75 per barrel. In sacks, as to
quality
PROVISIONS
The market ruled Arm. hut trsde wss quiet
and larly of Jobbing character, uuo
tatlons: neef. In sets, smoked and sir-dried
55c, beef, knuckles and tenders, smoked and
alr-drled. 85c; pork, family Bile: hams f
r. cured, loose 88'isnsc. do. skinned,
loose, 884 87'4c: do, smoked, 404 41c:
hams, boiled, boneless, 88c: picnic shoulders.
8. P, cured, loose, 20c: do smoked, 80c:
bellies. In pickle, loose, 85c. breakfast
lacon, 42c, lard, 80e
REFINED SUGARS
Thern was n little trading and tho market
wss unchanged We auota on n Hail Af on
t for fine granulated.
I
DAIRY PRODUCTS
CHEESE The market ruled firm under
light offerings. Demand was moderate Quo
tations: New York and Wisconsin, whole
milk, flats, current make, fancy. 824 33c;
specials higher, New York and Wisconsin,
uholc-mllk flats, current make, fair to good,
814 882c: Jobbing sales of fancy goods. 334
844c
nUTTEfl Trade was slow, as usual on
tho last day of the week, and the market
was unchanged Quotations: Solid-packed
creamery extras. 53c: higher-scoring goods,
54050c. the latter for Jobbing sales; extra
firsts. 52c: firsts, 60 061c: seconds, 4Rf?49c;
sweet creamery, choice to fancy, 85JT67C.
do fair to good, 5054c. fancy brands of
mints Jobbing at 60001c, fair to choice
40368c
KllOS Fine new-laid eggs brought ton
figures, but much of the supply was of more
or less unattractive stock which covered a
wide range or value. Quotations, Free
inses. nearby, J15- per crate; current re
iflpts, 14 40: western, extra firsts, 115 per
case, firsts, 814 40, nearby and western
seconds. $10 80i12.60: fancy selected eggs
Jobbing at 57(f?59e per dozen
POULTRY
LIVE The market ruled firm with de
mand readily absorbing the limited offer
ings. Fowls were again higher Quotations:
Fowls, via express 3040c. spring chick
ens, broilers, not Leghorns, yellow -skinned,
weighing 1 2 lbs apiece. S0OS2c. ex
ceptional lots higher; spring chickens, broil
ers, not Leghorns, vellow-skinned. welshing
14 lbs. apiece. 454Rc; spring chickens,
broilers, not Leghorns, yellow-skinned weigh
ing liflVi lbs apiece. 40944c, white Leg
horns yellow-skinned, weighing 1H QJ2lbs.
apiece. 4042c; white leghorns. ellow
skinned. smaller sizes, 3840c: roosters. 23
24c; ducks. Pekln. 27W28c: do, Indian
Runner. 280f27c, geese. 20c; pigeons, old,
per pair, 4019480: do, vpunsr. per pair. 35
fc)4f)p.
DRESSED Fins desirable-sized stock was
well cleaned up and firm. Quotations:
Fowls fresh-killed, drj -picked. In boxes,
weighing 4 lbs. und over aploce. 804 c:
weighing 3OT34 lbs.. 33c: smaller sizes, 30
32e: xresh-kllled, In barrets fancy dr-
nicked, weighing 4 lbs. and over apleco,
36c.; weighing 3W34 lbs apiece. 324f33c
STRENGTH IS SHOWN 'ILL ST, REFLECTS
E
Many Stocks in Urgent De
mand, a Number Moving to
New High Records
Bullish Attitude Maintained
Woek's Trading Rail3
Are Sluggish
in
Xew York. July 12. The Iiroadi
street curb market showed as great a
degree of strength ns was displayed onl
Vollowinn h
financial rrrictr
ihr Xrw York
of the iceck:
Km '
Nw York. July 12, The heavy trod-
tne stock exchange, with mnuy stocks In. , tng in slocks nt rMnc nrires through
uigent demand, and n number of them'out ",0 week upset the calculations of
new
I many market oracles who ventured to
BUSINESS NOTES
84 It
3 81c:
MmflilAp sizes. 21) fl 81c: old roosters, dry
picked, 22c: broilers, nearby. 02ff)62c; do,
western. 47050c: spring ducks. Long Isl
and. 35c: squabs, per dozen, white, weigh
ing 11812 lbs. per dozen. $8 50.25; do.
do. weighing Oft 10 lbs. per dozen. I7.60W
8 23: do. do, weighing R lbs. per dozen, $0
0 75: do, do, wolghlng 7 lbs per dozen. M.60
tiB 25, do do, weighing H(R64 lbs per
dozen. 2 50W3 50 dark. II 30-' 25, small
and No. 2. 80eS?$2.
BUTTER, EGGS AND CHEESE
Nmv York, July 12. BUTTER Firmer
Receipts. 11. ISO tubs High-scoring. 53'i &
54c; extrsa. 324 W53c; firsts 60S82c; sec
onds. 48494c: state dairy. 52ift524c.
EGOS Irregular. Receipts 23,800 cases.
Fresh-gathered extras. 5l535: storage
racked txtras. firsts. 47050c; dirties No. 1.
.'I5fj!36r, No. 2, 2534c: firsts. 43040c; sec.
nnds 3342c; checks. 81033c: checks, un-
Iarge as were their sales in June re
tall jewelers report that there has been
no abatement in business this month.
From present indications July promises
to be a record-breaking month for the
industry,
nnying of dyestuffs, while still on a
restricted basis, is reported larger than
it was a month ago owing to the in
creased purchases by the textile mills
and dyeing establishments.
Commercial failures this week In the
United States are 113 against SO last
week, 123 in the preceding week and
104 the corresponding week last year.
Failures in Canada number 0, against
fl last week, 15 the preceding week and
0 last year.
Demand for crude rubber Is unusu
ally dull. Inquiries from the manufac
turers of the finished products are not
numerous enough to make a ripple in the
market nnd intcrtrading among the
brokers has abated.
Buying of cotton goods yesterday was
stimulated by the sharp rise in the
price of raw cotton, which it was
thought would work still higher now
that the restrictions against trading with
Germany have been lifted.
Fluctuations In business last week
indicate that purchases of merchandise
increased 1.0 per cent over the preced
ing week, the percentage of payments
having shown a like advance, while in
debtedness expanded six-tenths of 1 per
cent. Compared with the corresponding
week in 1018 purchase Increased 8.1 per
cent, with payments rising 1.2 per cent
and indebtedness decreasing one-half of
1 per cent. It is said that the outlook
for an excellent fall business is most
promising. (
The copper market Is unusually
strong, with July at 20 Va cents nom
inal, August at 202 cents and Septem
ber at 21 cents per pound. One or
two of the leading dealers are asking
21 cents for August deliveries and this
leads to a belief that prices will be ad
yanced early In the new week.
LOCAL MINING STOCKS
TONOPAH STOCKS
Bid Ask
Jim Butler 81 33
MacNamara 84 .89
Midway 28 30
Mlspah Extension 07 .08
Montana. 17 10
Northern Star 08 .10
Reacus Eula ID 21
lVeet End 1 - 14
dOLDFIELD STOCKS
r
if
fe
Atlanta. ,, 03
Blue Doll. , 01
Booth , 08
Dtamondfleld B B 01
Palsy 02
Kewanas ., ., 02
On 01
Silver Tick 08
Spearhead 08
MISCELLANEOUS
Arizona United 28
Nevada Wonder 45
Tecopa Mining 00
84
03
.10
.02
.0.1
.08
.OS
.08
.10
.28
.58
.16
Girl Scouts' Annual Swim
Girl Scouts of Philadelphia held their
first annual swimming meet in the creek
on the Walton eitata at St. Davids this
morning. Events which were scheduled
bjr Miss Nancy Halloweli, of Wayne,
the Main Line Girl Scout commissioner.
$"t Included u fifty-yard awlm, half mile
awiBi, reiay races, incy diying and
life.saTiug, After the swim, the girls
Wf , ljMhjw,taad were sfryd,
icr InV Vftt.. "i ."' ,
dergrade 20(80c: state and nary,-.hen-r.cry
whites. B700c: gathered whites! 54S)
,..: -..i.pn whit, 47I725A1.: PacinV rost.
540584 0: western and southern gathered
whites. 50OBHo: state and nearby hennery
browns, 5450c, gathered browns and
mixed, 50W53"; fair to prime, 4440c.
CHEESE Firm. Receipts, B288 boxea.
Flat current make, colored, average, run.
314314c: flat current whttesi nVerag
run 31'4 31'i": colored specials, 32dt82ic:
white specials. 8282c
CHURCH FAIR EXTENDED
Corpus Chrlstl Carnival Will Be Con
tinued Next Week
The midsummer carnivnl in aid of
Corpus Christi Church, which is being
held on the church lawn, Twenty-ninth
street and Allegheny avenue, (his week.
will be continued on the same evenings
next week.
It is hoped that a large amount
will be raised for the building fund, as
special attractions have been arranged
for each evening.
The feto is given under the direct
supervision of the Itcvs. Henry A.
Naylon, Francis A. Smith and Joseph
A. Springer, assisted by an able corps
of parish workers.
TVlfAf A1 ! . 1.1 I. ...... -.I- "l..
, ,. ; "' " , 7 ""predict n quiet nnd slow-moving affair
'. mi.- it-mures whs v-iencrai .-isiiuuii, umring thi
which
was in hcavv demand, advanc
ing to Ihc new high record of 01.
INCREASE IN STEEL
TONNAGE DISCOUNTED
Corporation's Report for Juno in
Line With Estimates Made
by Trade
! N'en Ynrb. .Inlr 1 'pi.. .....-.
of unfilled orders of the United States
Steel Corporation ns of June HO last,
which was awnitrd with sn much inter
cut by the steel trade generally, showed
an increase of j-omrthitig 'more tlinn
1110,000 tons, and who nbout in Hue
uith the expectations of those who hnve
made close estimates of the report in the
Inst mouths.
It will be recalled that the increase
in business coming to the lorporation
was pointed out from week to week
during the mouth of dune In these col
umns, nnd it was repeatedly stated that
summer mnnthw. Khoillri
thin happen it would be quite in ac
cordance with precedent, but precedent
r-... dli njt . I,, . ' ,J"1' " riMino e guitic un icr nevv nun
108 fr mi- " ,dVVn,S trmlC'1 in "' unnu" rlroumstanres.
InVn Jm" ." 1 ? ini, v-V' T ' 'N"erthelcss the market is performing
her Tiro "VJ l J?r-; ri'l i ' '" ""' wi,h P" ''istor-T- Xo mnt
ner lire ranted from fifi to M'A . nml,. .,... .. , . , ,. . ,
?,. n .. " , ,, .. , . . , , ' " wiiin run mnrsei uoes H is always thr nnn ,..i r 1 1 1 , , ,
In er-Continental Itubber sold at 33. performing .. hnmmMrln fWtlnn. nrt ,,,p J"ne "Prt of booking-1 would show
.i 1 . n, ?rry no8.", fajr dfi"U,n. ,, wl,Pn I'1-1'1'"1 -ontlnucd to rise nnd specif
, rV " 33U. Savold Tire so d mtivo af.tivitv , ,, ,t Amonitnt.
I r'Zj Wl1!- Ncw Xnrk Snvo,(1 polfl "' lls confidence in ' "ftter things
nt o.l to 5l( and Ohm Snvold at .11'ilfnr the business world. In the clutch
to 3. Lnlted Uetail Stores moved up0f a speculation -mad public, however.
to above Pd making a new high record bull movements are always overdone nnd
Phillip Morris wns steady, with there is nn rensnn to think tlint nrires
sales at in to 1MS. Havana Tobacco 'will not be advanced too far this time,
dropped to 44. 1 This is one of the reasons why the
Oil stocks were irregular, Cosden be-'customarily quiet summer month may
ing firm with sales nt 11 nnd 1-. 'witness intense stock exchange activity
Simms Petroleum sold at Rl7s nnd 3'J. 'this year. Once the public cnteiR the
Sinclair Consolidated was steady with 'market on a large scale nnd startu tho
sales at 03 and 0.1 i nnd Sinclair Gulf I speculative ball rolling there is no real
sold at 58U. lot-up until the ball drops over the
There was little dealing in the mining precipice. The downward plunge is al-
stocks, a sale of United Mines being' ways sobering and frequently so sicken
made at 3.
IMIl'STItlAI.S
Bid
IPs
Aetna Explosives .
Am-Brtt Mfg .
Am Marconi.
Amerlcin Writing Paper
Air Reduction.
Canadian Car Co . .
Can Car & Fdy pref
Carbon Steel ....
Carwen Tool. . , ...
Chalmers Motors . . .
Chevrolet Motors . .
Cramp
Curtis Aeroplane..
Kmereon Thonograph
Hall Signal
Hupp Motors . .
l.lbby McN & I.lbby
L.lma Ioon ...
Maxim Munitions
N T Shipbuilding
Nor Amcr Pap Pulp
Peerless. Motor
Perfection T & n
Marlln Arms . ..
Martin Parry
Inter Products
Inter Rubber
Kike Torp Host
lhlgh Coal Sales . .
Philip Morris
Poole Eng
Sav old N T
Savold Ohio
Tes close I
Ask (sale) 1
114
il
It's
r.'s H
12 124 12'.
54 5
40 15
00 100
100 115
1 n
10 104 ll)lt
250 3nn
inr 2on
in 1
7
04 s
13't 14's 13's
. 30 31 304
, 71 711
, 00 02 (12
r.1. 11 5's
4.1 in
14 14 14
31 32
32 4 3.1
. 30 3't
224 23 224
. 14 - 1.
144
3',
r.s
31
Sorlpps.Booth 39
Mtonaara .vioiors . .
Steel Allos
Submartno Iloat
Swift International
Todd Shipbuilding
rnangio nim
United Motors
United Proflt Sharing
It 3 Steamship . .
World Film
Wright-Martin Air .
STANDARD OH.
Illinois
Ohio
Prairie Pipe
S O of Cal
S O of N J
S O of N" T
14
1il4
30
IIP
4
. 30
24
3
: A
02
i4;
no
r.i
32
1ii
HI
125
t
57
34
4
n
i4;
534
3.'
34
's;
STOCKS
1R3 inn
R75 aso
200 204
27." 27
73J 73S
3SO 3S4
3!
INDF.PBNDKNT OILS
Allen Oil
Hoston-Wynming
Cosden & Co .
Klk Bssln .
Inter Petroleum
Island Oil ft T .
Houston Oil .
Merrltt Oil . .
Met Petroleum
Ohio Tuel . .
Omar Oil Cias
Sapulpa Refining
Sequovah .. ...
Sinclair
Slnclslr Oulf ..
United Oil . .
Oil
. 7
. 114
20;
74
115
. 27
. 3
. 20
. 01
03
3
fil)
12
04
304
74
123
lis
8
4
03 'J
50
24
(IS
114
04
30
74
74
t,
(514
3R4
M.
MINIMI STOCKS
. 14
4
. 14
. 86
4
14
. 12
, 14
. 11
13
. 0
3
3
4
34
STEASIRIIir NOTICES
I'assenger and Freight Service
NEW YORK to LIVERPOOL
Carmania July 22
Orduna August 1
Caronia August 9
Carmania August 16
Royal George August 30
NEW YORK to SOUTHAMPTON
Aquitania July 28
NEW YORK to PLYMOUTH,
HAVRE AND LONDON
Saxonia July 11
NEW YORK to PLYMOUTH.
HAVRE and SOUTHAMPTON
Royal George- July 28
BOSTON to GLASGOW
Scindia Aug 16
NEW YORK to PLASGOW
Columbia Aug. 23
NEW YORK to PIRAEUS
Pannonia Aug 28
PHILADELPHIA to LONDON
Vennonia , July 25
Philadelphia-Bristol (AMS5ff"')
Direct Service Pier 16 South
1100 WALNUT ST.. PHILADELPHIA
Alaska R C
Illg Ledge
Ilutta New York ....
Boston Mont
C P S & Jerome
Con Ariz ...
Crown Croesus 0 , . .
rirst National .......
Fortuna ,Cons . . . .
Goldfleld' Cons
OoldAeld Florence . . ,
Goldfleld Kewanss ...
Goldfleld Merger
Green Monster .
Ilecla Mining
Independence Lead.
Jerom Verde . . .
Jim Butler .
Jumbo Extension .
McKlnley-Darragh
Magma Cooper. .
Sf other Lode. .
Mines Co of America
National Tin...
Novada Hills. . . .
Nevada Wonder
Nlolsslng
Ray Hercules
Kan Toy ..
Tonopah Extension .
United Verdo . .
West End Con
White Caps . ..
Cosden Oil . . .
Cosden . Co Oi .
Russian Gov 6s .
do Otfa
Southern Railway
14
.4
80
4
14
n
12
20
R1
32
ID
(12
47
It
4
44
4
104
34
7
24
43
1
14
5 4
5
4
31
12
-.
-,n
4 4
3
''
14
'5,
?4
44
n
1
1A
A
ss
14
Id
M
5 A
32
11
A4
104
34
li"
100
.100
51
, 57
10.1
101
52
no
ing that n long interval elapses before
the game is resumed.
Hulls Still Hold Sway
Nevertheless, despite the handicaps of
tiirht monev ami the persistence of cau-
tlonnrv iidvices from nuthoritho
nnnrters Wall street, as a whole, was
unable to see any reason for swerving
from Its bullish attitude.
Skentical nrofessionnl traders worked
(nn ronotinns during the week, but ns
Vina hooil tho CflSC fof tllC lost tlirCC
ronntlis tliev met with but scntit sue
n nnd much discoiiraceinent. The
lnivine nower behind the market proved
itself as overwhelming this week as at
nr Mtncp of the atlvancc. ITices rose
nc'rnsilv nnd as snectaoularly as they
Hl,l l,i.n in or 30 points lower. The
tmliiKtrinl shares moved into new liigh
ground for the week nnd, nccordlng to
tome tables of average prices, m-
even the heights attained during the
vvnr boom.
Still, there aie few In Wall street
with the hardihood to claim that the
ri i nenrine an end. and there are
mo. ,v nf tho oninion that stocks will
mount to much greater heights before
taking the full measure of the era of
nrnsnornus industrial activity into
which we have entered.
Of no imnortant line of trade or busi
ness can it be snid that it has reached
Irs nenU of extiDUSion. growtli or proiu
nhlo nctivitv. Ilusiness in many lines
has only just begun to resume its nor
mnl stride. I'rices on all hands are
either holding firm or moving to levels
which insure excellent profits.
Copper metal this week advanced to
twenty cents a pound for August de
livery nnd now conditions arc such that
oron'hlirlicr nriecs arc predicted. Steel
mills nre not yet operating nt enpacity
but they arc fast increasing their pro-
.i..Hnn nml sufficient business is in
nrnsnoet to nfford capacity operation
And the railroads have not begun to
,tn nnv imnortant buying. The United
States Steel Corporation Thursday re
ported nn increase in unfilled orders on
its. books as of dune 30 of 010,000 tons.
The increase was the first reported this
vonr. nrovinc conclusively the better
mont which has taken place in this
fundamental line.
Tn other words, all signs point to an
expansion iu business of every kind
.lust as long as this prospect holds good
it is nrobable that the bulls in the
stock market will find ammunition with
which to keep quotations moving up
Needless to say, t)ie mnrket is far
ahead of events. Stocks will reach their
peak long before industrial growth
comes to a climax. As soon ns it is
seen that there is little room left for
imnroved business, the market will be
on the down grade, and the tide will
probably turn before the multitude is
aware of the change. This is looking
rnther far ahead, however. At present
there nre no clouds nn the financial
I horizon dark enough to eclipse the rosy
' 'hues.
STEAMHHir NOTirKI
STKAMSH1P NOTICE
Vacation Trips by
Coastwise Steamers
No better way to put mind and body in perfect health.
Exhilarating days and balmy nights. A restful and invite
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 at 3 P. M., from Pier 25, N. It., New York.
OCEAN S. S. LINE, Mondays and Thursdays at 3 P. M., from
Pier 35, N. It., New York, for Savannah, Ga., and other Southern
points.
SOUTHERN PACIFIC S. S. LINE, Wed. and Sat. nt 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 "ncket OSces, 1639 Chestnut St., Philadelphia.
Phone Locust 6800.
J. J. BROWN, G. P. A., Coailwiit Sttamtbip LIici, Pier 49, N. R, R. T
UNITED STATES RAILROAD ADMINISTRATION
Director General of Railroads
JAVA-PACIFIC LINE
Direct Wp Service
SAN FRANCISCO TO
NETHERLANDS EAST INDIES
Ilatai la, Bamaranr, SorabaJa. Bfaratiar
.SalllnK dates and ratea on application.
S. S. DII.I.ITON S. S. SOERAKATtTA
S.S. BINTANQ S 8.TJISALAK S Q.NIAS
J. D, BprMkela & Broa. Co., (Ira, Arta.
Ofllca. 2 Pine Be., San Franciaco
N. Y. Omc. IT llaltery pi. H. B. Humttt.Art.
STEAMER SYLVAN DELL
for liii.i.iN'nsrrmT
The 1'laro of Vie llalhlnr
l.avi Artr, St. Whrt Saturday S:W P. M. II
MERCHANTS:
If you are a grocer, drusgitt, hardware dealer, tobacconitt, clothier,
furnisher, joweler any kind of a storekeeper you ihouldn't wait
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ing, accounting, the handling and training of help, credits, delivering,
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" T . . n
an increase over May, especially in
view of the statement in these rolumns
that the decrease in May was due al
most entirely to the cancellations of
government contract.
Ihcoe federal orders were rmwrlixl
fnllovviiiR the diguing of the armistice I
Inst November, but they were not taken
off the books in one amount, it being
decided to spread them over a period. ,
nnd this was completed during Moj, so
nun tne June statement was the first
xincc the end of Inst year to show the ,
actual condition of the steel trade so
far as the corporation is concerned. '
ii can now le stated on most
linbl
re-rc-
iooked that the husiness which was
taken during these months wns for fu
ture deliveries, generally over the last
half of this year, so that the results
from these orders in earnings will not
be retordeil until later.
The decrease of nearly ?l.r00.00fl in
the total net earnings of the I.acka
wanna Company for the second qunr
ter. however, wns larger than had been
looked for and hns changed the views of
ninn.v observers with regard to the com
ing reports of the other large imlepcnd
ent concerns and the I'nitcd States
Steel Corporation.
Considerable interest is being shown
loenllj in the affnlrs of the American
Steel Foundries. This company is said
to be doing nn excellent business nnd.
nc(ordltig to reliable information, some
important acquisition is now being ne
gotintcd which might be closed within
a comparatively short time, when nn
official announcement will be made by
the company. At present, bowevei ,
those carrying on the negotiations are
unwilling to discuss the matter.
There haR been some Improvement in
the demand for sheet bars during the
Inst week, and this product is leading
the market for semifinished steel at
present. Some interests report that the
inquiries in the market call' for nearly
50.000 tons to be delivered over the Inst
half of this year. Wire rods and bil
lets also are being taken in smaller
quantities than in previous weeks, but
observers insist that this lull is but
natural following n period of compara
tively good bu.ving.
Manufacturers of light rails report
some increase in the demand for their
product, and the outlook for this branch
of the trade is said to be better than in
some time. The mining activities over
the country have resulted in bujing of
light rails for delivery befoie the win
Icr, and although no large individual
contracts have been placed, the aggre
gate of nil the business is said to be
nilthoriV t int the rontrm.to
ceived since the beginning of July have substantial
nveraged larger than either the pro- In finished steel products generally
duction of the corpotntion or the ship- the best business is reported in wire,
ments. If this continues during the! Many of the present bujers nre seeking
cmainder of the month the tonnage early deliveries, but as nil the mnnu
stntement tor July will record nn in- fuctureis have recently taken orders iu
crease equally as substantial us that large volume, the consumers nre com
furJune. polled to wait for shipments which are
The qunrteily report of the Lacka-1 being mnde in turn, except where a spe
wnnua Steel Company nnd subsidiaries! cine period is designated by the buyer
for the period ended June .10, last, has for future delivery.
been made public. As forecast the
showing was disappointing. There were I GOVERNMENT BONDS
some interests wuo expected the steel
companies to report earnings for the Panama
kr.nml nimFle. oh, .tit ....! .1 - Panama
, . vvu ,uu.i. uvuub ,.ufi, U IUUSU UI
the first three months of the year.
However, they were doomed to be dis-
CONTINUED ACTIVITY
IN WESTERN TRADE
Indications of Broadening Busi
ness Soon in Every Section.
Bountiful Crops Assured
Chicago. July 12. The assurance of
bountiful crops, improvement In the
steel trade, and continued activity in
all general merchandise lines, were the
outstanding features in the week's
business developments in the West.
About the only department in which
there was hesitation was in the building
trades. That was the result of sharp
advances in lumber prices which have
served to check the activity in this
line Previous to the further increase
In lumber values, builders were more
disposed to go ahead with ambitious d'-
velnnment nlans than for several venrs I K'Y.r months sroas.
.... . . ----- -- --- ttaiance arrer tax
I he material price may not altogether Nt operating income
check these developments, but the cost ' GRAND TRUNK STSTEM
factor is n big influence. I First eck July lto.04S.M2
I From January
, st .oris
Optimistic reports feature all other
lines. In the Chicago district the steel
and Iron industry is making rapid
strides forward, with every Indication
of a broadening trade. With the excep
tion of orders from the (railroads the
inquiry is better for structural prod
ucts of all descriptions, while the en
trance of the railroads into the buy
ing market is deemed only n question
of time With the railroads in the
market the capacity of the mills would
soon be tested to the utmost. Almost
without exception reports reflect in
creasing business optimism.
In general merchandise Hues the same
tendency prevails of price hardening,
while jobbers are having difficulty in
supplying the demand. Forecasts of
further advances in many lines this fall
are freely hazarded. Cotton goods are
reflecting the strength in raw material
l
SAN
May iron .
Ualance after taxea
NVt operating Incoma
Five months' jtrosa.
Balance after tain .
Net operating: Income
Sn.50,204
FRANCISCO
ISMS.at
1,048,84.1
H0O.4SH
30.275.SS4
3.772.04S
3,587.308
2a,
appointed, as stated here previously.
It is quite apparent that the reports
of good orders for the steel products
were interpreted by some to mean in
creased earnings during May nnd June.
In this connection the fact was over
load
in.
103S .
1(138
1!11
cou
retr -s.
Panama cou 2s.
Panama res 2,
Panama tou 3s.
Panama res Ss ...
Philippine 4. 1034
Philippine 4s. 1015 .
Philippine 4s, 193
v s aov cou 2s. man
i i a viov res o. i.'.i,.
r a oov res s. i(t4n
V f Oov cou 4s, t25
f S Oov res- 4s, 1025
Plot of Columbia 3-5s.
1021
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UNITED STATES AND
CANADA REMITTANCES
WE SELL DRAFTS ON THE PRINCIPAL CITIES
OF UNITED STATES AND CANADA.
WE ALSO MAKE TELEGRAPHIC TRANSFERS
THROUGHOUT THESE COUNTRIES
Brown Brothers & Co.
Fourth and Chestnut Streets
Philadelphia
NEW YORK
BOSTON
II1 '
i
SlSlJSSIiaBSJSSSSamSSBlSBlSSSSiSJSSSSSa
Europe's Ablest Men Talked
to Vanderlip
And the President of the National City Bank gives his conclusions based upon
their views of the commercial, industrial and financial situation in Europe as it
affects America in his unusually important book
"What Happened to Europe"
Chapter Headings
Indicating Book's Scope
Paralyzed Industry
Transportation
A Chaos of Currencies
England
France
Italy
Spain
Belgium
The International Scale -Pans
Credit
"Comfort and Liberty"
An Employees Vision
The Power of Minorities
The World's Financial
Centre
America's Opportunity
An International Loan to
Europe
Following is a list of personages inter
viewed by Mr. Vanderlip during the five
months he spent in Europe beginning last
February :
Finance Ministers Chamberlain, of England; Delacroix,
of Belgium; Klotz, of France; Stringer, of Italy;
and of every other allied country.
Financial editors of the London Times, Morning Post,
Financial News, Financier, Daily Chronicle, Com
mon Sense and Railway News.
Labor Ministers and Secretaries and union leaders
generally.
British financiers, including Lords Milner, Leverhulme,
Ravelstoke and Faringdon; Sir Brien Cokayne,
Governor of the Bank of England; Montague Nor
man, deputy governor; Sir Edward Holden, Sir
Felix Schuster, Sir Charles Addis, Sir Robert Kin
dersley and Sir Robert Vassar-Smith.
Statesmen, including Lloyd George, Clemenceau, Briand,
Peret, Paderewski, Venizelos, the King of Spain
and Count Romanones, the King of Montenegro,
Colonel House, Bernard Baruch, Vance McCormick,
Thomas Lamont and H. P. Davison.
U. S. Ambassadors Davis at London, Page at Rome,
Willard at Madrid, Whitlock at Brussels, Stovall at
Berne, Garrett at Amsterdam.
And many others.
This remarkable book will be published serially
ginning Next Monday
on the financial pages of
A&
market, snd woolfna, Irathtr goodn,
and dry goods sfnerally ?how tlsjit cou
dltlom, where the rnaln question (
not one of price, but of ability to
make shipments. Many Interior mer
chants are not hesitating to book rom
modltles for delivery as far aWad as
next spring at present 'offered prices.
The marketlnir of the tremendous
winter wheat crop which Is now just
starting will give the central west a
wonderful enchancement of buying
power, which will be felt commercially
all through the coming year. Other.
crops have shown some reduction in
promise ns n result of adverse weather
conditions, but aggregate yields at
assurance of vast agricultural wealth,
the Influence of which in determining
future business conditions can hardly
be overestimated.
RAILROAD EARNINGS
CHICAGO FIOCK ISLAND fc PACIFIC
1B1P Incrtasa
May sross I8.770.1S4 I1H8.1IH
HalanoB after tax 42S.e(l -SSnSO
Nft operating- Income aSO.SSO '087, SO
t.... mnnh.r . At 1 Ol Sfil 9 mfiti 411
l'807!4(M 4'l4!l)Sl
.181.704 M.AIO.OZS
44. BOO
S. 524. BBS
STSTEM
SSS2.783
U.T88
8.S10
4.ISB8.7T2
MM.BO
254. 204
SOUTHERN PACIFIC
Mav sross .I17.72,S IJ.oM.27lt
nalance after taxes 3.471,89(1 1.78S.28S
Net operatlnr Income 2.407, 1.6.18.B0O
Flu months' gross 88,830.33.1 8,801,888
Italanre after taxes S.70O.S12 2, 880. 874
Net operating Income 8.499.821 9.121.M4
DUFFAI.O SUSQUEHANNA
May sross . . (181.448 18,544
Pencil after tax, 27.67 2M
Net operating- deficit 30,821 SS.OM
Tlva months' arose S2S.252 '78.288
Deficit after tax 148.670 214.980
Net operating- deficit 164.887 388.1S4
uniB nAii.noAD system
May arose. 88.671.321 tl. 110,018
Halance. after taxes. 783.209 877 209
Net operating- In-
como 684.812 682,842
Five months' serosa 38,444.467 5.884,28.
Deficit after taxes 2.261.038 281.61J
Net operating deficit 2 762.065 72a,502
Decrease.
IBuentng public ledger
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