EVENING PUBLIC LEDGER PHILADELPHIA, FRIDAY, JULY 25, 101D AT NEWS OF THE FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK PRICES 14 i,' "4 hr I-T Ibp I I; ) i VOCATIONAL CltV hkHrU & I 11 Q l re "V W Foreign Securities OUR LIST Includes eight premier f orelfjn govern ment nnd railroad bonds nnd short term notes, at prices to yield about 5.73 to 7.40r; . I,atcet of these, the n-w 10-war Government of Switzerland 5H Gold Bonds Yielding over 6 Circular on rc-out'st r. r n: 217 The National City Company Conrrotirffn oVr m si rin- Philadelphia 1421 Chestnut Street Atlantic City Chalfonte Block 1225 Boardwalk AMERICAS SHIP & COMMERCE . CORrORATlOS Has been incorporated for the purpose of acquiring the Wm. Cramp & Sons Ship and Engine Building Company and the Kerr Navigation Corporation. Circular on Request. NAULTY & CO. Walnut at loth St. DECLINES FOLLOW ADVANCES ON THE NEW YORK EXCHANGE Stocks Gaining 1 to 5 Points in Early Session Sell Off in Later Trading Railroad Shares Hit Hard New Ynrlt, July 2.". Today's market was In general characteristics nlmoit similar to tlint of yesterday with substantial advances of from 1 to 5 l"iint. Inter gradual recessions and finally a somewhat violent decline. Crucible Steel was an exticme illustration, that stock rising to 1-13'i, com pared with 13S ','. vcftenlay's final, and in the last hour today sold back to i::si. Marine preferred. Hearting, Mexican Petroleum, American Tobacco, I'nitcd Cigar Stores, (irnrrnl Motors. Pan -American and a number of other issues, including the railway shares, lost a considerable part of their earlier gains and in some cases came close to or a shndc under yesterday's last figures. A significant point was a reduction in the volume of business of about one-third, compared with that of yesterday. Professionals Inferred from the smaller trading that today's late recessions were only of temporary slgnifi ratiee. I'snally n complete change in the character of the market on n rie comes only on a large Increase in the total of business. The mnrket may lnue been influenced bv the lack nf positive developments in the way of a siltlement of shipping strike. Humors were current that an understanding would be reached early next week. An important consideration as an easier market for call money. The market loiitinued reactionary at the dose and at the end Hcthlebem Steel 11" sold down to Pit. In the bond market Iie debenture -Is, Southern Pacific refunding 4s, Intcibiunugh-Metrnpolitnn refunding ."is improved 's. Hudson nnd Man i hattan refunding 5s declined ;'s and Third Avenue adjustment rs sold off &. THADE ON WALL ST. WEAKNESS DEVELOPS ip nn mil mrnnnr m nnir nr MAnii 10 DLLIW hKWmi IN NEW YORK STOCK SALES Prevloua close Adams Express . 52 Advance Ilumoly. 48 ov itumeiy p . 7.4 High Low none fil ,r0' CO'f fiO 40 40 73 73 73 M Selling Movement of Yesterday Cramps Appears After Long In Not in Evidence Price terval at 204 Later Chances Moderate Sell3 Off 1 TREASURER and financier wanted to con nect with local concern; good opportunity for right man; state experience. Address B 102, Ledger Office. A GRAPHIC OliflRT OF LIBERTY BONDS -CLLS AT A GLANCE THE PRIN. f PAL FEATURES OF THE SEVERAL I BERTY LOAN ISSUES. AN IN- ALUABLE AID IN MAKING OUT -'JOttE AND SURTAX REPORTS. f 'T FREE ON REQUEST. ERKER, AYLIHG & YOUNG LAND TITLE BUILDING f -STON PHILADELPHIA Rights to Subscribe hird National Bank Tvadesmens National Bank Commercial Trust Company BARNES & LOFLAND 117 South 4th St. THE STEEL & TUBE CO. OF AMERICA 7 Cum. Pfd. Stock Amply protected by earnings, assets and sinking fund. Frice 98 and dividend to yield 7J6 Circular on request. Townsend Whelen & Co. E05 Chestnut Street Cities Srrtlre rum.. I'M Amfr. (.as A Wee. Coin. Duaiirsne Unlit 1st lis, 1!(1!) I'lilla. l.Iee. n. mill Mnncljrcl (las 4 i:pr. Com.. I'M Great Western Tower ."is, in Hi A Del,. .I'M. A. I),.!,. 4 Deb. j&.g Covga r(Co. LoruhtSlSl Land title Utas. !Ciir Jl jCtw York Tel. Count rttn. Itanfiyr sir,j U. S. LIBERTY BONDS $50, $100, $1000 llOCGHT. M1I.II AMI Ki:('(lJI.1IE.DI-n Newburger, Henderson & Loeb U10 CIIKSTNl'T STItKKT M-miMr- V. and 1'hcl.i. Mock i:rliancrn New York, July 25. The New York r.voniiiR Sun's financial review this aft'nimin i a- follows: ' Mii"li quieter "inoculative conditions prevailed on the stock exchange today, tlic tnatkof experiencing a wholesome ami verj natural resting spoil. Trans actions fell belmv tlit recent average and price tlinnges were relatively moderate. Tin; selling movement underway at the Hni of ctorclay's session was not ill c iili'Ju-p this morning. Stoi ks opened .trniiK and advanced slowly ilurini; the first half of the ses sion. At midday there was a slight re action and trmliui; turned dull. The ' market was evidently showing the ef fects of the large output of commission house litiratuie. which has been cau tioning against indiscriminate buying at tlieM' levels. No pains have been ! spired in an attempt to impress the trading community of the .carcity of credit for tork exchange purposes. There was nothing new in the way of market", ise developments to account for the course of prices and lacking inceu- Itive to renew the vigorous upward I movement, the market manifested symptoms of upturning to n trading ' position for the time being. I Activity today was again confined largely to the industrial shares, and a few specialties scored substantial gains. Tobacco Products reflected strong buy ing and advanced an additional three 1 points or so to a new high price. Cru- , cihle Steel climbed five points and con siderable strength was displayed by Kel- sey Wheel, Mexican I'etioleum, Marine preferred and Studebaker. ! In connection with the advance in j KeKev Wheel, reports circulated that the Ford Motor was considering taking over the property. The Tord company ! is giving the Kelsev Wheel Company ( a large amount of business. Kelley Springfield moved up another two points to lot!, which is the equivalent of n new fugu price if the recently deducted rights and dividends are added. The steel shares were narrow nnd showed no further uneasiness over. the omission of the IJethlohein Steel extra payment. The market value of the steel shares is not based cm current earnings or dividend payments, but upon equities which have been placed behind the shares and upon the prospect of high earnings in the near future. Railroad stocks held in a rut. Cop per shares were soniewhat more active and a trifle higher. The newest ru mors dealing with Tobacco Products i that stockholders will be given the right to subscribe to new "J!" stock of the T'nitcd Hetail Stores. The apparent clearing of the strike situation assisted Mercantile Marine shares, although the easy advance of Marine pieferred, to above lL'L', provoked rumors that di rectors would soon announce the I meat or another dividend on account of i arrears. New York, July 23. The curb mar ket was, In the main. weak. Allied Packers was an exception, advancing from (10 to 01 and then declining to ;'i, with a later rally to the opening price. Colonial Tire shaded from 44 to lll'i. Cramp Shipbuilding made its appear ance, after a long interval of dullness, !at 201 and sold off to 200. Fisk Rub j her showed activity within n fractional range. General Asphalt declined from i !)0 to SO. -Jax Rubber ....J07H lOD.'f IDS' 109'f 'cti9Ko uoici ii., y 3 ;j ;$ Alaska Juneau ,, ?Jj oij nicj 2'S Allls-Chal Mfc? ,. 47J 4s;j .jsjf .1RJ Allis-Chal Mfg pf. H5$ p.-,; n.Vj OVi Am Agrf Chem .108 107J4 107?( 107 Am lleet Sugar. . 03 MH 113; j 03H Am Beet Sag pf. 05 Am Ilosch Mag ..122 125'i 122 l3?f Am fan 59 ,gif uo r.o' Am Can pf 104Ji 105 105 105 Am Car & Fdy .mf U'lHj 1 17i 117i Am Car & Fdy pf.117 115TJ n j; ltKi Am Cotton OU .. 02?i 03 'j 03 03 Am Prug Syr.dl. lL'.'i 124 12'j 12'j Am llldo ft Lea . S0' 37'i 30'i 37 Am 1! ct I, p( ,.129?f 130'i 120J3 12!).'3 Am Iea 00 02 COM 02 A" Ico pf 71J5 T.m 7Ui 73!i Am International. 10U lllJi 110,'i 111 Am Linseed 78 70 70 70 Am Locomotive . 00)5 1)2.4 111 01 Am Malting .... f,oi4 59H 57; j 58 Am M latpf cof 1. ,'J0-j Am Smelt & Ret. Mi S7!f SO S7!i Am S & R pf ,.l07Ji' 10S 107 107H Am Snurt 124 Am Steel Fdrles . -15 .fij 4t) 4.li Am Sugar Ref ..137Ji 130."i l.lO'i 130.TS Am Sum Tobacco. 112'i 113 112'i 112'i Am Sum Tob pf. . 9SJ! PS'i 0S!i OS'i Am Tel & Tel ..103, lOVi HW'i 103'i Am Tobacco 247Ji 250.'i 210H 2.'0'i Am Tob pf new..l()0 lUO.j 11)0.' 4 It OH Am Woolen ....124 120 124 121.. Am Woolen pf ..lO'JJi 110 10!) 100 Am Writ 1' pf . . Am Jllnc L k S. . Am Z L & s pf . . Anaconda Co per. Ann Arbor . . . . Asso Hry Coods. Asso 1 c; lt pf. Asso 11 (J I'd pf. . Associated t,j .. Assets Realiza . . Atch Top ,c S 1M0O A ten T & .S !' pf Atlantic U .t.Vt Atl Coast Lino ..100 Atl Quit & W I.. 172 Atl Q & W I pf . 74 Baldwin Loco ..112H 113H 113H 113W Baltimore & Ohio. 40i 16 48H 40H Balto & Ohio pf. 55', 54H 54H 54H Barrett Co ViCH Batopllas Mining. li Vi 1H 15j Beth S Class B .10i) 1(0 9S OO'i Beth Steel 7 pf.107 107 107 107 Beth Steel S'r pf.115 114.'J lUJi 1147, Booth Fisheries . 23 24 23'i 24 Brook Rap Tran. 317, 32,'i 32 32 Brown Shoe pf . . 99.Vj Brim T & Ry Sec. IIP , Huff Roch & I'ius. (,0 Burns Brothers .150 150 150 150 Butto Cop &Zinc. 12 117, ll'i 11i 554 57 50' j .-lVi 20,'i 273 i 27 27 04 04', Otn t,4" 75!i TOIi 75!i TO.'i ('.t ..... 15 55 55 55 70 7S 3i '"4 "s'i ".hi 00 100 99 097 i f-o 847i S4)i 847, 15j; 153, 15 154 noiAojj doe Hlati 1, , CIcjm .Newiaa Con Cop. 21Ji 2m '2W 21H New Or Tex & M. 43 42,'f 42 42H N Y Air Brake ..123 V Y Central .... t())i fiOH R0 R0 .V Y Ick 43H 44U 44 44 N Y Dock pf . . . SS ,V Y N II & II... 3C)f 38! 30H XSH N Y Ont & Wes . 23 23)5 23 23 Norfolk Southern. 1035 Nor & Western ..106) j 107 100 10034 North American . 00 02M 02)5 0235 North Pacific ... 05)i 00 05 05 Nova Scotia S A C 84 85 84)5 f 435 Ohio Cities Gas.. 6!)5 bSH SS). ISH Ohio Fuel Supply. 54i ... Ontario Mining . 835 835 Okla Prod & Ref. 11J .. . Owens Bottlo .... CC'f 57 1'ac Oas & F.leo . 723, 73 W Pacific Mall 3S'i 42 Pacific Tel & Tel. 33 3535 Pan Am Pet & T.115!f 117 8? 8,j 5275 403, 52 18 24 do5 40 (MUX 24-j 703i 05 00 4035 2175 9131 5035 72 39! i 31 110 60 45?i 62 IS 23' 00)5 30'f 6S3i 23JX 09! "(M75 90 4055 1975 90)5 67 723 i 40!i 35)5 117 60H 4 OX 52 18 24 C0)5 30f mil 23)i C9! 05 90 4035 20K 91Ji 12835 128H 129 Butto & Superior. uutterick Co Caddo Cen u & R Cal Packing Cnl Petroleum Parrish-Ringham sold off from 40?', 1 a Petroleum .. to KSS. Savold Tire was a strong lumc'ro'cu!".Pf-j-.....- .-!.. , -ui . m 4!i,.n t-alumet & Ariz.. icacuce, rising uoill ,o,-j 10 vi. ouvee Transport and Trading jumped from 715 to 7tili on active dealings and reacted to 7434. Tobacco Products l'xport yielded from o7',i to SO'l', rallying to Profit-Sharing was active within narrow limits. Guffy-Oillespie from an opening price of 22:i declined to 22. Sinclair Consolidated advanced from r.'.iU to ,-iia,, while the (Juif yielded from 57 A to 57. Ertcl Oil rose from s:!s to 10;ls on 40,000 shares. Houston Oil dropped from ISO to 12S. INDUSTRIALS Aetna Explosives .... Am lirlt Mis Am Marconi Amer Wrltins Paper . . Air deduction Canadian Or Co c'.cn c'ar ,t Fcly pfd .... Carbon Steel ''arwen TcMil c'lialmera Motor! chr relet .Motors ...... c'ramp 'urtlia Aeroplane .... I'merwon Phonograph .. Hall slunnl Hupp Motors Inter Products Inter Hubt.er Like Torp Iloat I.ehlgh Coal Pates I.llibv. Me.N & Llbby Lima IjOca Martin I'arry Maxim Munitions N V Shlnbiilldlncr Nor Amer Pap Pulp . . . Otis l:.evator Peerless Motor Perfection T & It Philip Morris Poole Enr Saold, N Y Savold Ohio , Pcripps-Booth Standard Motors Steel Alloys Fubmnrine SMIft Inter L Todd Shipbuilding Trl.incle Him I'ntted Motors t'nlted Profit Sharlns 1 S Steamship I IV irld Film .Wright-Martin Air Test, close Bid Ask (salel lnli 11 lo5i 2 8.. in is4 r.i r..-i :." r. 40 4.1 icci inn 10.-, 115 4 7 lo'i ln'i .. 2.'o Soo :oci 210 200 .13 in n 7 su 10 in'4 ms 13H 32 37 3S 24"4 I." 44 ml 1 ' 4! 497 i HcU S5 Canadian Pan ..103 Case (J I) Co pf. HOJ-i Central Fdry ... a5)a Cent Fdy pf .7JX Cen i-atner Co. 113', Cen Lea Co pf ..114 Cer-Teed I'rod . 40 Cer-T P 1st pf .. 00' i Cerro de Pasco C. 017, Chandler Motor .2.8 150 117, -'0U330H 3o)t 3235 40) 4' . . . 744 61 'i S3 30)j C30)5 323; 32ii 74 '5 51 83 74' i 51 S3 102)5 102)5 10235 ' YlO ' 37H 'S9 (735 07'5 0735 11635 11434 115)5 114 114 114 90'5 03(4 90)5 0!",' 00; i bl7 . FS . 2! . SS . S34 :.SA . r.H .102 . 45 . l'i . 13 4 . 30 . MH . UK, ..33 . m . B . .1H'4 . 51) .12S t . 50 . 3li . 3 . 4i STANTUnn OILS lillnoisc 1S5 Ohio 3N7 Prairie Pipe 2dO S O Cal... 317 S O N J "40 S O N T Ssr 3i 112 31 !I2 34U 6aA 5'i 10S ' 144 50 S I 33 60 7 S 1B'4 01 133 l'i 57 3H 3'i 31 'A 13s, W. 01 Chea & Ohio Chi & Eastern III. Chi & E III pf .. Chi Gt Western . Chi G W pf Chi Mil & St P.. Chi Mil & St P pf. Chi & Nwrn Chi & Nwrn pf . . Chi R I & Pacific. Chi P.ISPJi pf. Chi nupj pf. Chile Copper .... Chlno Copper . . . Cluet Peabody .. Col Fuel & I Colo So 1st pf . . Colo Cas & Elec. Cons Cigar Cqns Cigar pf . . Consol Cas ( 5)5 llfi 17! i 11 20' 5 47)5 71)5 J!'!,' 120 2075 78', (7)j 2735 4975 UO 51 5-35 (2 00 84 102 12 12 12 ' 1735 1735 17)5 10U 1055 10)5 2875 28', 2875 4!) 473-5 47', 71'i" 7155 7I5X 10075 00 100 l29!j 12935 12935 3035 WVt 3035 0735 07 0735 27" 5 2735 27' 5 503-5 40 60S 00U 00'f UO'j- Consol Int Cal M. lfllf Continental Can . (.035 Corn Prod Ref . 02' j Corn Prod Ref pf.109 63 iiiii 102U 19"f ".w; 100T 53 53 102 J'J'a 02)1 102 ll)i 93i 10!)', 10975 Crucible Steel ..13S35 142 j 13S?, I39J4' Cuba cane Sugar. 35!2 Cuba C S pf so Del & Hudson ..110 Del Lack & Wes. 197 Denver & Rio Gr. HJj Den & Rio G pf. 103 191) 3'13 2!ir. 321 74S 302 isf, 3SS iNnrrKNnnxT oils l!rn Oil 2'4 2V 1 Hoston Wvo Oil rt.1 H7 , Co-den & Co ll'i 11H I r.lk Hasin n ii'i Inter Petrol 31 32 is ann ui k i 's Pay- 1 (llenrock Oil !' A MAN OF 33 A real s.,l, s m in.i r ,! VolclnB tr .in opporlui.' hlgh-grccdc 1, in c.,n ti rereesar It. nil. s r.Mici. etftbU.,.'d Kiowinsr cimiC' ble lndi d'j.Cc ADDItKSS 11 101, ICI s, If If cril frc m r upu l-edser ((nice. Acting on the theory that if stocks ,. .,1.1 ,. n.l .1.- ...1.1 , ,, ""ui" o"i iii .iiiLc, iiilv wociici t.eeiine, 1 ' the professional element worked for lower p'-joos in the afternoon and suc ceeded in wiping out many of the early gains, ensuing net losses for the day. I'nitcd States Steed, after getting up to 112. fell back under HI)-"-,. Trading w.is somewhat more active nn the de cline, but offerings were not partieu arlj heavy. The usual lecluction of c cimmitments dm, to the week -endas-sisied bearish operations. BUSINESS NOTES $50 $100 LIBERTY BONDS 110 LOUT AND Mli.J.' Biddle & Henry 104 SOUTH FIFTH STREET Members PhiUdlri la Mock L.chanse I Woolens an 1 worsted goods for ne.t spring use will be u strip of goods in which the weaves and colors that a mill produces nre woven together, and not from sam ple ends as formerly, according to many mill agents. Houston OU Merrltt OU Met Petrol Midwest Oil Ohio Fuel Omar OU A- Gaa.. Sapulpa Hef Sequovah Slnelatr ! Sinclair Oulf Southwest Oil.... United Oil . .15n . . 2d .. 2i ...177 .. 27 .. 3 '" .... IS MINING stocks CIS 110 ISO 21 SI1 "i'i r,7 ll'i 1P4 12S 2HH ISO 65 " nn K7'j 20 Dome Mines Elk Horn Coal Elk Horn C pf Kmerson-Brant Endlcott J Endlcott J pf . . Eriu Erie 1st pf . . . . Erlo 2d pf Fain Players-L Famous Fly rts Fed M & S pf . Fisher Body . . . Freeport Tejca3 1315 4075 , 48 30)5 117', 101)5 1M i SO',' . 2235 ,lluj . -2 . 85 57 31V 80 114 198 ll'i 20 14'j 4U75 "30 115 ;i.7, so 114 10735 114 194 14 40 ' 30 115 30? SO 114 19S 11 H 193 a 145 40 30 115 10-1W 10455 101J Gaston "m & W. 36' i 10 31?i 23 no 2)5 5835 303, 183i 31 23 11 OH 10 31 23 110.4 .8 35'i 1S5 185 2)a .534 M Alaska n C Miff I.edcce Mutte New York Popton Mont c F S & Jerome . . Con Ariz First National .... Fortnnn Cons OoMfleld Cons Ooldfleld riorence . rjoldfleld Kewanal . noldtleld Mercer .. . CJreen Monster . . . . Heela MlnlnB .... Ilnwe Sound Independence Lead lerome Verdo . . . . .Urn Rutler Tumbo Kxtenslon 35 pi 3 cm B'i 4, sold from blankets, Macma copper '. 42 An appropriation of $50,000 lias bwn made by the 1'iiited Stntes Grain Cor poration at the suggestion of Julius - - I P.arnes. T'nlted States wheat director, NEW YORK COFFEE MARKET ' " conduct an active graiu dust ex- New York, July 25. The a-tiou of , Illosio11 campaign duung the coming year 1 fnViar T nrlo VariOllS Aflnii rn rf Amerirn. Vational Tin Wva-la TTIIlfl SVvpda Wonder .... Niplaslnjr Ray lit-reui9 P n Tfiy Tonopah Kxtennlon . fnltPd Vrd Vnt Knd Con Whir Capa the primarj' innrkets had the effect of pausing a. withdrawal of bull support in the local market this morning, and Willie there were only a few .sellers, jifices took a decided drop. The jiiarket was without special fea tures of any Mud right after the open jiiff. nnd n, number of floor traders pt. ."'T..CSscd the opinion that business might , Tip dull until nlong about September 1, lYlicn news of the next crop should be coming In. at which time the market DjiAJ- take n more definite turn one wnv ,, ff tlic qthcr. 4 3 10 3 f4 SH 4 'I 14 IS l iis 34 $ "'i S3 11 47 47 4rj5 mil 3" : r.i 1'i 20 no "iA 10 7n 33 11 Conden Oil s Cosden & Ci ns rtcisulan Oovt RHic Uusslan Oot CIU b 101 U ini"5 . so .in 10.1 111.1 li inn s .in 1ST in grain mills and elevators. For Hie purpose of studying business Reserve Banks' Discount Rates conditions in the West, officers and Official discount rates at the twelve directors of the Chamber of Commerce federal reserve banks were as follows: of the I'nited States, headed hy Homer miie 0rt rn!m,, !,. . . "ii 1.'. .. .l.l... ...!CI I ., , h.-.i iULva HCl lin t I'lciiniui, ic -iicci cii , ici ceiive 111 Cen Chemical ,.1933i 185 General Cigar ... '.334 I-435 General Electric . 1 General Motors .227) Cen Motors pf .. 1 l'i 92?4' 023i Gen Motors deb . 80)i 80' i ,S93 Good (B K) deb. s;3, S335 83 Goodrich pf ....103' 4 Gt Northern pf. 044 043! 0375 Gt NT C for O P. 40)4 10.4 8'i Granby Consol . . 70 73 73 Greene-Can Cop.. 1035 47.' f 47 Gulf Mob & N.. 12)5 1.7i 12 Gulf States Steel. 70)5 073 0735 Hartman Corp .. 02U Haskell & Barker. 653-5 Illinois Central .lOUi 1013f 101 Inspiration Cop . 07)5 18 07)-5 Internoro Consol. b s 71 Int Consol pf . . . 29 20 20 Inter Agrlcul . . . 324 33 32'5 Inter Agrlcul pf. S8!i 8035 M)35 Inter Harv new .143 142.4 141 Inter Mer M .... "05 ( 0J, t,43i Int Jier Mar pt .ili 122 110 0)5 171 170W171 114 223227'i U-'ji 80i 83 9435 .8,'f 73 47)i U C735 101 (.S4 73i 20 o3 -0'5 141 o4'5 ' l.'f 30)5 90)5 07 h cago tomon-ow on a three weeks' tour that will carry them to eleven cities for conferences with leading business men at each point. Testerday's close Open 22.0.. "21. Ill) Ml. 11.1 21.S.1 21.75 HI. 71) 2l CO . 21 4.1 "21 16 , SI IS 2! 4" ... .. I .T7 IN.U.i lulv ...... . .Must ..... P.ntmber . . October ..... Koytmbr . . December ... 'tatiuary. . ,. , f.-ld-usry ... Vt-rch .. 'Kg s.. South American firms are making nu merous inquiries for silverware. Many lot these concerns formerly bought their ll.oo' supplies in (Icrmauy, but now prefer to uo uusiness witn American manu facturers, so the latter assert. .Many ingenious substitutes nre being nmnlnvul In Unttlann fnm .I.m ...1.1 . . ., VUCCMIF.TVI ... l,llnIHIIIC CUi UlC IIICIOW 6:o5p,i"i which, has been broken lu the last j n",V c'"y 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.) Lom l paper Gov't paper Hoston . . , Ww YnrW Philadelphia juumnona Cleveland Atlanta . Chicago . St Louis M'aneapotls lit tn no in tn no 10 aays o.cys 10 days uayi 4 4 .. 4 44 . ... 4'I .. . 4)2 ..... I four yearn. Kan Francisco 4 4 18 ; s s 4; 4'I 4 4 0 5 4 4 4 4U B 4 4 4 4tt i'A 4' 4',i Inter Nickel .... 30'i 313-5 .(', Inter Nickel pf . 07)4 0035 0035 Inter Paper 07)i Ob.'j 07 Inter P pf stpd . 797-5 Iowa Central .... 8)5 835 8.4 8)-5 Jewel Tea 3S35 384 3S 38 Jones Bros Tea . 413ti 41 41 . 41 Kan City South . 23)5 2375 2375 2375 Kan C South pf . 65 Kelly Spring Tire. 134 13035 134)4 l.5'i Kelly Spring rts. 35 y, ,4 j$ Kelsey Wheel ... 60 78 OS 75 Kelsey Wheel pf. 00 00 00 00 Keokuk & DesM. 0)4 Kenneeott Cop .. 4175 42'.5 41)f 41)5 Keystone T &. U.1C44 1C5 lOl) lUi) Keystone Tiro rts. 21)5 21 21 21 Kresge D S Co.. .160 168)4" 10S)i 10S3J Kress (S H) CO.170M 170 i70 170 .rftcK Steel r0 Lake E cS: W pf.. 23J5 Lea Rub & Tire . 353-jf 35 '1 35 35 5 Lehigh Valley ... 53)5 53)5 bSH 5355 Liggett & Myer8.2333i 23334 231)4 23331 T... r. Alvei VI.. 115 Loose-W Bis ... 75 75 Lorlllard (P) Co. 238)5 239 Louis & N'ash . . 1 10)5 . . . Manhat Shirt ... 30 ... Maxwell Motors . o4!f 50 Max M lBt pf ... hUi MS Max M 2d pf 415 4i May Dept Storesiuo ljo;s Mexican Petrol .192H 105J 0135 9535 27 0034 35 37Jf 04 95)5 2035 S75 35 37 04 95H 27 89Ji 35 37 OS t'OJf 07 52J-5 08'! 20H 97)i 20)i 16'i 253f 32 82 2 Hi 11.U 19' 5 0-1)4' 71)5 52)4 9o)4' 20) 05)5 20H 10)5 245f "32H 80)5 20 llli 19H 0155 0'JH 52)4 96 20)5 Dftjf 20)1 10' i 24'f 32 80)5 2Ti ll.'t 185J Olii 70 Penn Scab Steel. 50 Penn Hallroad . . 4575 People's Gas Chi. 51' Peoria & Eastern. 1835 Pero Marquette . 2335 Pero Mar prior pf. 0035 Philadelphia Co . 40H Plerce-Arrow ... 00)4 Pierce Oil 21 ruts Coal 70 Pitts Coal pf ... 05 Pills C C & St L.0O Pitts Steel pf .. 00 Pitts & W Va ... 39)5 Pitts & W Va pf. 84 Pond Creek Coal. 20 Pressed Steel Car. 9175 Public Scrv N J. 80 Pullman Co .... 120 I'unta Alegro Sug. 04 '. Hy Steel Spring . J4'f Itay Consol cop . 205 I Heading jiSlJ Heading 1st pr . . 35 Heading rl pf ... 37! Hemmgton Typ..7S)f. Republic I & S .. PO'i Hepuhllc I & S pf. 1053b Rep Motor Truck. 5155 Royal D A shares. 98H do rights 10)f Roy D N Y Bhares. 05) do rights 20V5 St Joseph Lead . 17 St L-San Fran .. 24! St L Southwrn . . 20 St L Southw pf. 32 Savage Arms ... 79 Saxon Motor .... 20 Seaboard Air L.. 11H Seaboard A L pf. 22 2 Sears H & Co .. .212 " Sears 11 & Co pf.110 Shattuck-Ariz . . . ls.'f Sinclair Oil Hef.. 03 SloEs-ShefC S &. I. 7135 Sloss-Sh S & I Df. 04)5 Southern Pacific .10G)f 107J5 100H 10035 So Po It S nf ...ll5Pb 115 11s lis .-jouinern Jiivy .. 3035 3075 30)5 Southern P. pf . . CiSli Strom Carburetor. 00 97 87)5 Studebaker Co ..112)4 lU!i 11BS Studebaker Co pf. 102 ... Stutz Motor 117 119 110 Superior Steel ... 40)5 Tenn Cop & Chem. 15! im ifi? lexas Co 270 2715 20675 2607-5 Texas & Pacific . 5S)5 G13i 59 SOU Third Avenue ... 25 Tobacco Prod ..18!i 111)5 108M Why, Tob Prod pf 100 101 100 101 10 ml & iv tr. 10H lO'-j 10)S 10W xui o lj a. pr tr. 25 Tran & Williams. 55)5 Union H & p .... 00 Union Pacific ...133 Union Pacific pf. 72 United Alloy St. 54)f United Cigar S .10035 united Drue ....137 Un Drug 1st pf .. 5235 United Fruit ...8J U S Cast I P & F. 32 U a C I P & F pf. 7(1 U S fooa l-rod . 84)i U S Ind Alcohol . 143 Un Rys Invest . . 2)i Un Itys Invest pf. 30 Un Hetall Stores . 9SVf B S H J I Co .. 44'i U S Rubber . ...127)i U S Hub 1st pf. .117 U S Sm Hef & M. 093 j U S Sm It & M pf. 49Ji U S Steel Hi U S Steel pf H7,if Utah Copper .... 04 Utah Securities . 10:5 Va-Caro Chem . . 85 Va-Caro Chem pf.114 Va Iron Coal & C. 06 ii . Wabash 12)5 Wabash pf A ... 35)5 Wabasn pf B ...-24 If Wells Fargo Ex . 08)4 14)4 25 59 88 Vesting A B 1207 120H HOIf 110'i Westing E & M.. 57 57)4 57 57)f CTI1UCI OE 4ilKO JU. kk wneei Ai L E pf . 24 . 71M . 10m .101,'f . 367i . 97)5 .132 . 80)f . 07 . 77 30H 9235 112 119 15J5 25H 25) J 25)j 60?i 50W 60)5 i33'4 132'5 ii')f 7155 713 71)5 5434 54 ot 109)4 100U 10735 141 139 U 141 5234 5234 5234 1865i ISO'i ISG34' 34 32 32 69 69 fit) 8435 8235 8334 144 144 143 '36 ".16 30 10 ) 08, 5 ! S?4' 40 40 40 1293-f 127 p.'S'i 11635 1 J0M 11035 09 0S?t Osfi 49)4 4934 4935 llJf 111 111 117)4- 11735 mif OG 04VS Ol'i 18.U 18)5 IS).' 85 85 85 1354 1255 1255 353- 35)4 35h Western Md West Pacific . . Western Pac pf Western Un Tel White Motors Wilson & Co Wilson & Co pf. Willys-Overland Willys-Over pf.. Wool (F W) Co Worthlngton P . Worthing pf A Worthing pf B 14)4 14 14' 88 88 88 1U 115i UK 72)4 't,6)5 ','v. 102)5 1013-5 101)5 37)4 "ahu 'hh'.i 075f 973.' 9735 13655 13255 13535 81 81 81 7754 H r.x dividends American Ice preferred. Hi per cent; Homestake Mining. S(V; Pittsburgh 1 Coal of New Jersey 14 . Plttshuruh Coal of Pennsylvania, l'i Pittsburgh Coal of l'tntia preferrea. 1V4 : P. C. C. and St L . I ri1 ul . olass- !i Kellou Switchboard and1 75 230 MONEY-LENDING RATES NEW YORK Money on call mixed collateral opened at 0 per cent for lend ing and renewing. On all industrial collateral the opening rate was 6V per cent. Practically the only feature of the time money market today was the loan ing of small sums of money on all-industrial collateral for thirty days at 7 per cent. The bid price on mixed collateral loans remains at 0 per cent. There were fairly active bids in the market on both classes of collateral, but (he offerings continued extremely light. PHILADELPHIA Call, 5 per cent; time, 5-74 0 per cent; commer cial paper, three to six months, .T4 5'i per cent, nnd six- mouths, G per cent. LONDON Money is quoted at 2 per cent. Discount rates, short bills 3rV' per cent; three-mouths bills' 3ft 3 per cent. r Philadelphia Stocks Hlsh C54 Anj Strs. 3.1 20 Alii Ins. 23' 20 Hrlll J 6 01 ij 170 Klec Stor 02 lOKrlc .... 1SV4 fi Ocn Asph 00 71 r Key Tel. ISVj 0 do pref. fid OS." Lis S Cor 23 2S Leh Nnv 70 330 I.eh Vnl. 53 2." X Y X II & II.. 37Vj IfiO Kisenlohr 01 713 Pa It II. 40 100 Pa Salt.. 82 100 I'll & W. Oij 200 do pref. 21) 45 Phila Co cum pf. 35 1541 Phil Klec 20 085 P It T tc 27 100 Heading. 00 20 So Ilwy 31 000 Ton He!.. 3 (500 Ton Mill. 3 " S4 Un Tract 3D S5 U G I... 00V. 240 US Steel 11 111 111-f y. i" cisuacn Co 40 40 40- 4-1 15WarI&S 8 8 8 G0WCrn'p.202 202 "0" If WINDS $100 Am Gas & Kl 5s 83 1000 Lib Ilond 4th 4 V4s 03.00 03.00 1)3.00 OS 22100 Phil Klec 1st 5s.. 100 1)5 no 5000 Heading sen 4s.. 82 82 S2 4- I a w 34 23 01 DO 18 00 IS 5D 23 70 53 37 00 45 82 0 2S 35 25 27 DO 31 3 3 3S 09 Net Close ehiie. 35 1 23 01 00 2 18 00 18 4- 5n 2 23 . . 70 4-1 C3 37 01 1 K1VI S2 ... 0 2S 1 ! 20 .. 27.. 00 1 31 3.. 3 .. 38 00 Close ehce. 83 S3lf, U, Refined Sugar Unchanged New York, July 25. The local re fined sugar market remains unchanged all refiners quoting on the basis of 0c less 2 per cent for cash for fine granu lated. The Warner and National Com panics announce being withdrawn. Haws are unchanged at 7.2Sc for ! degrees centrifugals. The United States sugar equalization board made no pur chases of raws yesterday. London Metal Market oep anr,khe X S ,.".. re. ISs; futures fjfli,' llTs ?," .i"1,"" of H straits. fl'OO. a caln of fini-unlurn ' M: inn tons; futures. ",o ton? 1,,S,i,'",i"-1 wot. PJ Spot. flOCI;' futures lo,ind,anr'' C""' chamred; sales, 1HM0 t, r,10?' ," 2s ld;' futures. 12 i.,L 1i' a, ln of J? , SpelterSnot fjid'-.i,.n.."dv:n:e of los. both unchanBed. ' iulurts. H SESSION ON LOCAL 'CHANGE IS LACKING IN INTEREST Sales Scattered Over Entire List Without Developing Special Movement in Any Issue Cramps at New High Little df interest developed nt today's session of the Philadelphia Storlt, Exchange. Business was stow in getting started, although before the end came sales had been pretty well scattered over the entire list. The aggregate of sales was small nnd no special movements materialized. Uujing of Philadelphia Electric was the feature of the early session, this issue coining nut rather freely at 20. which was yesterday's close, on odd lot selling at 20. s The other most active shares were Keystone Telephone, which was up almost a half point during the day, and Lake Superior nnd the trust certificates of the Philadelphia Ilnpid Transit Company, both of which held about steady. A number of the rails came out, nil ndvancing substantial fractions or a full point in price. .J'ennsylvanln led the group in ales. Cramps lived up to its reputation fur good gains, nnd on a sale in the enrly session jumped 2 points to 200. Later sales were made at 202, an advance of 4 polntsfor the day and a new high record. Transactions in this stock on the New York Curb were made during the day at 204. The Tonopnhs were steady. Iionds were quiet, the largest trade being in Philadelphia Klcctric first 5s, selling unchanged. Liverpool Cotton Liverpool, July 25. There was n fair demand for spot cotton today, with prices steady on the basis of nn ad vance of one point for middling nt 21.45d. The sales were 5000 bales. The receipts were 10,300 bales, all Ameri can. Futures were quiet in the early dealings. Spot prices were: American middling fair, 23.nSd ; good middling, 22.55d; fully middling, 22.0."d : mid dling, 21.45d; low middling, 21.70d; good ordinary, 18.05d; ordinary, 17.52.1. RAILROAD EARNINGS nUFFAI.O. HOCHKSTER AND PITTS IIL'IIGH RAILWAY COMPANY 1019 Increase Third week Julv .... 2RO,7(17 '11411.292 Prom January 1. ... 7. Ml!, .108 2,001,020 CANADIAN PACIFIC Third weelt July .... J.1,201' (100 From January 1 SI,-iUI,00U IMs.ono 0.1.-.9.0UO DIVIDENDS DECLARED Semet Solvay Company, quarterly of $3. pavnhle Aupust l. to stock of reeord July 31. Uv-Produets Coke Corporation, quarter!" of tl ."0. pavnblo August IS to stock of reenrd July Si General Chemical Company, quarterly of 2 per cent on the common, payaole Septem ber 2 lo stock of record August 21. AMERICAN SHIP and COMMERCE CORPORATION Chandler Bros. & Co. Members Neiv York Stock Exchange 34 Pine Street 1338 Chestnut Street New York Philadelphia Miami Copper ..'31 Mldvale Steel ... 58 Minn & St L new. 22 M St P & S S M. G0H Mo Kan & Texas. 14 H Mo Kan & Tex pf . 2lf Mo PaclOc 35 Mo Pacific pf Montana Power . National Acmo . National Biscuit Nat Cloak & Suit Nat Con & Cable Nat Enam & S . Nat Kn & a.pf National Lead , 0 77 40J 127 85 23 SV.i 102 blS 31H 58J1 22H ' 15W 22H MM MiU 77H 41M '6b 231f 82 M) 41 Vi 1U4 102 31 57K 21 1-Pf, 2Ua .15 50 77Jf 40Jf "&7H 22Ji S1H FOREIGN EXCHANGE New York, July 25. Sterling showed n firm tone nt the opening today. Francs were easier. Pesetas I were strons and Swiss, Belgian nnd lierlin were easier, while rubles were a shade better. Quotations were: Demnnd sterling S-Pi -i.'K'Vj. cauics -i.iu'i ; sixty-day bills t-0 4.30 ; ninety day bills 4.35; franc 1 H checks 7.11, cables 7.00; lire checks 8.57, cables 8.05; Swiss checks 5,00, cables 5.58; guilder checks 37', cables 3S; pesetns checks 10.20, cables 10.30; Stockholm checks 24,00, cables 24.80; Christiasin checks 23.70. cables 23.00; Copenhagen cheeks 22.0.0, cables 22.70; llelgian checks 7.3T, cables 7.35 ; marks checks 0 , cables 0 ; rubles were quoted nt 7 to 8c, 104 1U2H ai 57Jf Hit! 21!i oo 50 777i 40U '80 23 bl!f 63M 3 bi BANK CLEARING8 Dank clearlnis today compared with cor-responding- day last two years; 1919 1918 1017 Phlla f1S.IIU,670 MH.IItUl.Nfln 1.11,083,268 Host-n . .VJ.04!I,(I01 ;I3.21H,hhci aT.10II.IMB N, Y... 8M.MMT0 808,033,7,78 526,103 SSI $900,000 THE WELCH GRAPE JUICE COMPANY 7 Cumulative Sinking Fund Preferred Stock Par Value $100 per share Authorized $1,500,000 . Outstanding $900,000 Dividends payable quarterly March 1, June 1, September 1, December 1 Redeemable as a whole or in part at the option of the Company at 110 and accumulated dividends upon thirty days notice BANKERS TRUSjT COMPANY, NEW YORK, TRANSFER AGENT MERCANTILE TRUST COMPANY, NEW YORK, REGISTRAR From a letter received from Dr. C. E. Welch, President of the Company, we summarize as follows: Business The Company, established in 18G9, is the largest manufacturer of grape juice in the United States. It is rapidly developing the manufacture and sale of other pure food products, including "Grapelade." Purpose of Issue is to provide additional working capital and plant facilities. Assets As of April 30, 1919, after giving effect to the present financing, net quick assets exceeded $150 per share of Preferred Stock outstanding, and total assets after depreciation exceeded $230 per sh are of Preferred Stock. Earnings Net profits of the Company after Federal Taxes for the eight years ended August 30, 1918, averaged over $175,000 per annum. For the three years ended the same date, net earnings after taxes averaged over $200,000 per annum. Net profits of the Company for the year ended April 30, 1919, before Federal Ntaxes, amounted to $348,000, or more than 5J4 times the annual dividend on $900,000 Preferred Stock. During the past ten years approximately $2,000,000 was expended for advertising, and charged off. Sinking Fund A sinking fund amounting to 10 of net earnings after preferred dividends, when such earnings amount to less than $400,000 per annum, and 15 when such earnings are above that amount, but in no event less than 2 of the Preferred Stock now outstanding, shall be applied to the retirement of the Preferred Stock. m Preferred Stock Provisions The Company has no bonds or floating debt other than current accounts payable. No mortgage may be placed upon the property nor may any bonds or notes be issued which mature later than one year from date of issue without the consent of 75 of the preferred stockholders. Preferred stockholders shall share pro-rata with common stockholders in the right to subscribe for any CommonStock issued, in addition to the amount now authorized. Net current assets must always be maintained at 100 of amount of Pre ferred Stock outstanding. , No dividends may be paid upon the Common Stock in any year until pro vision is made for the year's dividend and sinking fund requirements upon the Preferred Stock outstanding. Legal matters pertaining to this issue are being passed upon by Messrs. Duell, Warfield and Duell and White and Case of New York City. Price 97yz and accrued dividend to Yield about 7.15 NIcGlure, Jnes & Reed Mml)frB New York Stork Kxrlcunge 115 Broadway, New York Hemphill, Moves & (Jo. Mrmliern New York Stnelt llxrliunsc Franklin Bank Bldg., Philadelphia ., .k.Uiuo bcruuton The statements contained herein nre "not guaranteed, but are obtained from reliable sources and we believe them to be accurate. ft !!1 llf u fe r f ft. ! ,x, , VI-! ..- ; j &vfajt' ft-1 j
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