FJHST'O'" (r'j",fr,J$i-jty EVENING PUBLIC LEDGER-PHILADELPHIA, TUESDAY, JULY 29, 1919 18 NEWS OF THE FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK PRICES fifc. IV h Preferred Slock with which it given a bonui of 25 Common Stock cinccLAn cr.i. describes the history and business and give certified accounlanti' figures on the large earnings of the i Cadet Hosiery j Company ! I Farson,Son&Co.j ' Member! New York Btock Echnra 115 Broadway, New York Fairman & Co. 1 Drexel Building, Philadelphia ; Broker Wanted A newly organized Texas oil company, controlling val uable holdings in proven Texas oil fields, wants live, broker to handle block of, stock. Liberal commission for broker who will move h quickly. Mahon Oil & Gas Co. Box 651, Fort Worth, Texas BEAR TRADERS ENCOURAGED BY CONDITIONS IN MARKET Vigorous Attacks on Steel Force Price Down Drives Made on Industrials Bonds Fairly Active . New Yorli, July 20. Now ronilitlnns wore presented In today's Mock market trading brcnui of the bear element gaining courage from a few unfavorable factors that had been Interjected Into the situation, Including stories of labor trouble nnd the scarcity of time money, which was quoted at 7 per cent bid. Expectation that an unfavorable showing would be made by the T'nited States Steel Corporation in its statement for the .lime quarter pub lished late this afternoon was taken ns a reason for vigorous attacks on" thnt stock nu'tthirh its price was forced down from H.1'4 to 110, but it recovered n good part of this loss in the late afternoon, when the bear efforts were exhausted. Drives were also made at many of the other steel industrials. In spite of losses which had resulted from previous aggressive operations for short accounts. Itnldttin. after an advance to 11DV. was hammered down, to 11M4, hut also had a substantial rall of more than 2 points. The market recovered its stride in the last half of the day, when ad vances were again in order. I'nited Cigar Stores ranted up more than 12 points to above 210 anil I'nited Retail Stores advanced 0 points to above 10.", both stocks making new high records. The petroleum stocks dot eloped strength in the afternoon. New Ilatcn was strong, advancing more than 2 points to -101.. The bond market was fairlj actite and showed n steady tone with a good demand for many of the low-priced railroad issues. Got eminent bonds were steady with satisfactory impiotement in the market for Vic tor notes nnd Liberty issue. SHIPPING SKI NEW YORK STOCK J5ALES I.Jt , cloae Adams Express . 51 Advance Rtimely. 40 Ativ Jtumely pf . 74 3:ao Hl-h I.O- p m. fi2H 2J. o2!i 4S 4S 48 73J. 73 7.1H AJax Rubber . ...110J 112 109.'. HWf Alaska Gold M.. a Alaska Juneau .. ?M 2 2'i 2J Allls-Chal Mf .. 47. 47 40' M Allls-Chal Mfg pf. 0514 05 0(5 Oft Am Agrl Cbcm .100 10S!i 108 108U Am Bank Note . 62 Am Ueet Sugar.. 1)2). 02-f OOJ. 92. Am Bosch Mag ,.123. 121 120H ISO i Am Can 60). 505. 58) 5ft'i Am Car & Fdy .110 110). 118!. U7M Am Cotton Oil .. 04 .63). 0. 03M Am Drug Syndt. 1?'. l.J II!. H Am Express .... 05 03M 0.1U' 0.1!i Am Hide & Lea . 37K 371 30). 30!f Am II ft L pf ..1325J 133)f 132U 13JH Am Ice oih 01n 01M 01 W Am lea pf 73)f Am International. Ill 111 109!f 100f Am Unseed "8 77)t 77 77 Am Linseed pf .. 07 OnH 00H 091 Am Locomotive . t,2J 9i)i 0li 1 Am Malt & Grain. 68H M)X .r7 .17 Am Smelt & Itef. 05 rfi 5 MWi Am Snuit 120JJ 120 120 120 Am S & R pf ..Its Am Steel Fdries . 45 45! 45 453$ Am Sugar Ref ..138) 138! j K5J H8M AmSumTobacco.llO 110 107.'i 10S Am Sum Tob pf.. OSM 09)f Wt U0H Am Tel & Tel ..104H 104 10SN 104 Am Tobacco ....250 25&U 249 2.'i3 ..101 101 ..120V4 124 124 ..1011,'i 109Ji 109) .. 57)5 67 i 57) JSH b3 I I NOTED IN WALL SI; HEAVY ON THE CURB 5 Brokers Say Prices Are Going American Ship and Commerce 3 52U 100! i 85 14T -0'i O 4)i 2f RfM 99) i 85 I4W 124 109JJ 57)j 28 03 75)1 2'f 52K 00)i 85 I4H 100)j 100H 100K Down and Turn of Market Has Come Stock the Single Exception. Oils Irregular r 21). The N'ew Yorl, g Suns hnamial review tin ernoon is as follows : Idle innteinents in today's stock Holders of Tonopalv York. Julys "" . 1. veiling Suns linn Gold Mountain Mining -- Company Of AviZOIiafmatu't were not tvholl.t .onistent, the " , tendency to decline was unmistakable KinUly CUirilllUIUUULC irom tne beginning anil losses or 1 to . ..., in 1 -r i 'points were entailed. There were sev- Wltn tSOX IS 144, Jbeaael V-ml reasons for this which were oh Office. THE STEEL & TUBE CO. OF AMERICA 7 Cum. Pfd. Stock Amply protected by earnings, asset and sinking fund. Price 98 and dividend to yield 7J8 Circular on requett. Townsend Whelen & Co. 505 Chestnut Street tprua MS Rim 2551 Canadian Municipal Bonds Bought Sold Quoted FINCKE. BANGERT & CO. Tntnklln Bank Bide. BOSTON rhlladrlnhlB NEW ronic $50 $100 LIBERTY BONDS BOUGHT AND SOLD Biddle & Henry 104 SOUTH FIFTH STREET Mtmbera Philadelphia, Stock Exchani American fiaa & Klrc. Com., Tti. i. Drt. Cltle hrrvlr Com.. I'fd. i. Drb. Standard (. i. Klrc. Co.. I'fd. i. Drh. Amrrlcan Phlp it Commerce Corp. ntt-burih Traction Kalltrny lot 5. 10J7 lhlch Power Securities Stocka llond. V-S COVlt rCo. Unit 8194 Land TitU Bldg. nce 414 Veto Tork TtU Connection, Uanover fltt LIBERTY BONDS BOUGHT and SOLD Abt Dcnomlaatlotn Samuel K. Phillips & Ca Ml CHESTNUT HTJ T km I'klladalcbla stack EHakaan tiiuis. and some others which were ap parent ti the initiated alone. The most positite factor was the meeting of the I'nited Stntes Steel direc tors called for I? o'clock. At this mcet 1 ing the report for the second ouarter (it l!m i nti r U'liu tn Iti-i rrtfuti nii ami ' "i am jiui .t in J ,1 t ii . 1 1 1 1 mill , the board also had to pass mi the im portant matter of the dividend. As for the latter, little change was anticipated, and nccnrdinglj interest converged mainly on what the report would show, i The street was not optimistic, as it was known that May hnil been an ex jeoptionally poor month, and that ini Iprovement in'shipnients and orders did . no. begin until the mi Idle of June, 'in other words, such improvement as , there was came much too late to correct the adverse trend of business thereto fore. , Traders and public alike were natur , nil) reluctant to expand their commit ments because of the possilulitt of n poorer showing in steel earnings even than they anticipated. Had this stood alone as a market dampener, however, lit is doubtful if the effect would have been very pronounced. As a matter of i fact the impression has been insistent I thnt no matter what happens the market I is about due to turn the corner. I Ilrokerage houses scarcely without exception preached caution. Most of them were noncommittal, but tome of 1 them were frank to say thnt prices were going down. Perhaps a fnir average of opinion to strike would be that inasmuch as the usual summer lull did not come in July it would probably tome in Au gust and thnt a lull meant a decline in prices. There arc not mnnt who are prepared to say in so many words that the long drawn out bull market has definitely ended but disclaimers of such nn extreme view have not been wholly convincing. As n counter influence to Secretary Glass's agreeable statement thnt the national income would probably be suf ficient in the new fiscal year to meet the bulk of expenses of the government, it was offset by the irritating assumption in some quarters that the meeting of the New Yorh. Jult 2. Interest on the ltrnad Street Curb was detoted for a time to the initial trading in American Ship nnd Commerce stock, sales of ocr 70.(100 shares being made in the first two hours at prices ranging from 42 to 44. The stock had been subscribed tor nt 40. Cramp Shipbuilding was in extremely scant supply nnd on transactions 200 shares rose 14 points to 214. Other shipping stocks were compara tively heavy. Submarine Rent ranging from 1SU. to 14. New York Shipbuild ing, which opened at tsl, sold down to I if) during the forenoon. ' There was a good demand for Sweets Company of America because of further arrangements for distribution of its product and it sold on a fairly large scale at 14Vj to 1.". Tobacco Products Kxports dropped from I7,4 to .'St. nnd then rallied to 30. Phillip Morris was also active, rang ing from 141j to 14. United Profit Sharing sold nt .Vs to .!'4. General Asphalt was heavy selling nt Si) to 87, Allied Packing moved up from t2 to li:!V2. (I'd stocks were irregular with some issues in supply nt concessions. Sin clair Consolidated was traded iu at !)Vi to ,rS nnd Sinclair Gulf from ill'i to r.7V2. IMHKTKI.U.N Am Tob pf new Am Woolen . , Am Woolen pf Am Writ P pf Am Zinc L & S.. iS Am Z L & S pf . . CA Anaconda Copper. 755J Assets Reallza .. 'Mi i Asso Dry Goods. f 5 Asso D G 1st pf.80 Atch Top & S le.lUO Atch T & S F pf. S4M Atlantic B &At . 15 Atl Coast Line ..101 All Gulf & W I.. 172tf Atl G & W I pt . 7:i!i Baldwin Loco . .llj 119H 115W llfi'f Baltimore & Ohio. 47 40H 4j'i 46J Balto & Ohio pt. 60'f I Barrett Co 13G Bethlehem Steel.. )!)) Beth S Class B . lOOJi 101 Booth Fisheries . C4Ji 24.' i Brook Rap Tran. 32 Br R T cfs of dep. 27 Brun T & Hy Sec. 13 Buff Roch & Pitts. 00 I Burns Brothers 1 Butterlck Co . . Butte Cop &Zlnc. 11J Butte & Superior 29 j Caddo Cen O & R. 40'j i Cal Packing T4h ( a! Petroleum . . 49 aiti 67M 21' 14!. 22 36M Mil 63 .mi L-.it close Mex Pelro pf ...110 Miami Copper .. 31H Mldvale Steel ... 67 i Minn & St new. 21U Mo Kan & Texas. HH Mo Kan & Tex pf . 22! Mo Pacific 36 Mo Pacific pf ... fii Montana Power . 79$ N'atlonal Acme .. 39! National Biscuit .125! 125 Nat Cloak & Suit. 01 88 Nat Con & Cable. 22 Nat Enam & S . S2 National Lead .. 84M Nevada Con Cop. 21H N Y Air Brake . . 122 . N Y Central .... F0 N Y Eck fi5f N Y Dock pf ... 70H N Y N II & H. . . 8! N Y Ont & Wes . 23! Norfolk Southern. 18 Nor & Western ..10fl North American . COW North Paclflo ... 04 Nova Scotia S & C 84 H Ohio Cities Gas.. 6s Ohio Fuel Supply. 54$ Ontario Mining . 8 Okla Prod & Ref. 11H Owens Bottle .... CO Pao Gaa & Elea . 70 Pacific Mall 40 Pacific Tel & Tel. 35H Illa-h Lo- 12 22 81M S4,'i 80 (19! 75 0!$ 23! io 05 9.i 84W &s; "sh 11M 03 70l 40Ji 33H 31 5bH 21U 14W 22 34 r5 79! 30rt 25 t.0H 22 80W 43H 79 G4' 71H ?8! 23 8.00 p.m. '31K 66'i 21 14H 22 34 Sfi 79V ' 3'IK 125 87 22 t-1 S3M .. ... 80 06 741 40W 23! Philadelphia Stocks ior. 105V 03 QIM 94W 83W S7K "KM 11 00 09 40 31 100,'i lOOVi Pan Am Pet & T.116M 110 114 135j 135!, 135K UU" 99)5 0U 9S 13 Wi 31 28 27 Hi 13 00 00 .lG)j 158 13.M 157 30l 38U -7 37.' 11 11V5 2J 28H 99 .3! !2J4 27! 14!, 00 U 29 73! 48! 82 71 4S S1J 48-i 81 Hid Aln. EvplosKcs IOV, Am Hrlt JtfB ... ", Am Xlarcnnl . ! Amrr tfrltltut Paper 14 Air Kediutlnn . (nnallan Car Co . . 0 Con Car ft Krty pfd . " Carhon Stcpl . . 110 Carwen Tool . . . " I'halmera Motors .. 10s Chevrolet Motors . 2.10 Cramp 200 Curtts Aeroplane . . IS Kmeraon Phonograph . . Hall Slitoal s'n Hupp Motorn 14 Inter Products ... . 42 Inter rtublier 23 Lake Tnrp llont . . . 2H I.ehlsh Coil Sal" . . SS Llbby. MiN ft Llbbv 28 Linn Lu-o . Pft Martin Parrv . 32 Maxim Munitions . . . . A, V Y ShinlmtMInc Nor Amer I'ap Pulp Otli, Klevator Teerlepi, Motor Perfection T A. n . Philip Morris Poole Hnff Saiolrt NT . Nitnl.l Ohio . . Scrlpp.-llooth . Sturdard Motors. srel Allos. Submarine Swift Int Todd Shipbuilding. TrlanBle KHm . . . . Yest close Ask (sale) Free to Owners of Securities A new Booklet explaining what a Stockholder should know. Whether you own common or preferred stocks or bonds you should know your rights and privileges. Thou- sands have found this free booklet valuable. Edition limjted. Call, phone or write for your copy at once. Please ask for No. T.U.-602. JONES & BAKER SECURITIES Widener Bide Philadelphia PSontt Sell, Walnut 6065 Ktytlone, Trace 2290 rtotrTork Detroit Pltttburrh Cnlotro Direct Private IFire, Boton . Its KIM . 44 l'i . 14 . 30 fi2 31 3n H 3 1R BT 13R 1 . BO . U H . 4-i T'nited Motors T..,l.,l Tiouorvn l.nur.l In Wnshinrtnil I Vnlted Trodt Sharing . . ti ii i ., i '" s Slramhlp . this afternoon as called for the pur- world's Film I nnsp of consiclcriiitr flic continued e- tVriuht-Martin Air. . ' pnnsion of brokerage loans. There np- j standard oils 1 penred to be no ground for such an us- I '''lnolB Jjji! j sumption and in fact it ttas stated after H 0 c'aV.. ...'.'..'.!!.'.'. 31K 1 the meeting that the board did not take s o N J 77J ., .. sorsx..... too me matier up. Wlinr onoli Innns mnv nmniint. to it is 1MIITEMIK.NT OH..-. not possible accurately to estimate. They I A1'lr,"nw.'' rii'i ' .K.iKI. nvntiml $1 OlVt OOO II lnriro slim l'n.ri,n A Co. Elk Itanln Inter Petrol Islan.1 Oil L T C.lenrock Oil . . Houston OH Merrltt Oil. . Met retrol. Mldnest Oil 11 II II 144 .17 4S lOK 120 K 11 30" 220 '? in 144 4.'. 24 s (1J 30 84 34 4 's' 11. - 47 1. 144 ? .124 ti'l 7 7 in 01 13S 14 S7 34 of I Cal Petroleum pf. hlh' Calumet & Ariz f-4 Canadian Pao ..1C2j 102' 1C0! 101 Case (J 1) Co pf 100 Central Fdry ... 42! 42' 39'f 39H rent Fdy pf 72 73j 71 71 . Cen learner Co.ll5,'j 11, 1123i 114 Cerro de Pasco C. 0. ! 04' 02'i f.3 Cliandler Motor .251 251 251 251 1 Ches & Ohio 01? Glj 4 045j i Chi & Alton 10 j 10U IU 10,t I Chi & Alton pf . 10 , Chi & Eastern 111. 12 12 114 11W 1 Chi Gt Western .10"... ... ... Chi G W pf i8j Chi Mil & St P.. 49H 49V 47! j 4S.TJ Chi Mil & St P pf. 72M 72 711 71?, Chi & Nwrn ....100 !) 9 J 99H Clil Pneu Tool ..79 Chi R 1 & Pacific. 30 30j 29J 30 Chi H I&P6 pf. 07j Chile Copper .... 27! Chlno Copper ... 49i 49." i 49j 49H Col Fuel & I . . . SPf Colo Gas & Elec. 62 i C25i 625, 025i Cons Cigar pf . . 8 1 Consol Gas 100j 101 101 101 Consol Int Cal M. 20J 21 20? 21 Continental Can . 90 95 95 95 Corn Prod Ref . 02H 92W 92 S12M Corn Prod Ref pf.109 109 109JJ 109K CruelbIeSteel ..140? 142 140 140 Cruo StI pf 103 103 103 103 Cuba cane Sugar. 355j 357J 35i 35J Cuba C S pf rOH 81 80? 80! Del Lack & Wes. 198 Den &r Rio G pf. 1!H 19M 19H 19'J Dome Mines . . . 13! 14 14 14 D S S & A pf Elk Horn Coal Elk Horn C pf Endlcott J Pan Am P & T pf..0iM Pcnn Seab Steel. 5'V Penn Railroad .. 46$ People's Gas Chi. 51V4 Peoria & Eastern. 191 Pcre Marquette . 23) Pero Mar prior pf. OfiH Pere Marq pf ... 47 Philadelphia Co . 391-5 Plerco-Arrow . . , 00V Pierce Oil 24). t-itts Coal 72J, Pitts & W Va ... 40! Pitts & W Va pf. 84 Pitts Steel pf ..90 Pond Creek Coal. 215 Pressed Steel Car. 92 Punta Aleirre Susr- 04 Pullman Co .... 128 Ry Steel Spring; . 95 Ry S Spring pf .110 Uiy Consol Cop . 2RH Readlltg f9! Remington Typ..F4V Republic I & S . . 07H nl! 4fi), 60)4 234 00! 47 40! COM ?4J 74 40 90 02 50 45 60 23X 60 47 391i 5SM 23! 72' 39 '90 21) 14! 83 H 67M "bi 11M 00 09! 41), 33 115 "mj, 40 50 23) GO 47 39)$ 59), 1'4 73M 30! 90 21) 129 04 V 129 94W 129 94), 10'Dj 1 6'-j 100H 27 24- 2P 90 88) 85H 82)S 96! 95)5 Ropubllo I & S pf.lOGJS 10G)i 100 Rep Motor Truck Royal 1 A shares. do rights Roy D N T Bhares. do rights St Joseph Lead . St L-San Fran . . St L Southwrn . . St L Southw pf. Savage Arms . . . Saxon Motor Seaboard A L pf. Scars K & Co . Shattuck-Arlz . Sinclair Oil Ref 54 H T7H 19)i 97! i 20H 16)5 24V lid. 32 83 21W 21) .212 . 18 02, 53 955 53 95 82)5 ffl 100)5 .'3 95)5 llldh 2S0 Am Rtrs. X 25 nald Loc.117 1 Urlll J O 08 240 Elec Stor 02 17fi Gen Aspli 87 100 do nrrf.1.12 322 Key Tel. 18 0717 Ij Sup C. 2T 182 Leh Nnv 09 & D87 I,eh Vnl. T.3M, 31 Third Nat Bk War 2o lODO Pa II It. 40 75 Pn Salt.. 82 100 Ph & W prof ... 28 100 Phlln Co. 39 WO do c'm pf 33?i 827 Phil Elec 20 40 P R T tc 27 100 Heading. 89 200 Ton Min. 3 CO Trdincn's Ilk War 23 150 Vn Tract 38 173 IT O I... 00 380 U S Stl..ll2 111 10Vnrl&S 8 8V4 155 West C. 74 74 307 V Crn'p.209 203 BONDS Illsh Low $4000 Leh Vnl 0s '28.101 101 101.. 2000 N .1 Trac 5s 8(1 80 80.. 1000 Lib llond 4th4'4s 04.12 04.12 94.12.22 2800 Phil Elec Int 5s.. 00 00 00-f 100 Spnn-Am I (Vs ...101Vi 1014 101 5000 Wclhbnch Co 5s.. 08 08 08 Low 33 117 58 ni 80 132 18 24 09 52 25 40 82 28 39 3.-yt 20 27 80 3 23 38 ' Clou chf, 35 117 1 58 3 02 2 80 3 132 18.. 24 00.. r.2 40-f 28 '.. 28 30 35 20 .. 27 89 3 .. 23 . . 38 00.. 112 8 V 74.. 208 8 Net Close chire. PRICES ON LOCAL EXCHANGE TAKE DOWNWARD COURSE Lake Superior the Center of Interest and Touches Year's Hih. Cramps Scores Another Gain List Fairly Broad Quotations on the Philadelphia Stock Exchange today took n downward course, In consonance with the Irregulnrlty In the New York market, with weakness In evidence In every section of the list. Opening trade was steady, with Lake Superior again the center of oper ations. Another new high record for the year was made in the early trading, when a thousand shares sold nt 25, up nn eighth from last nlght'ft close. Sales approximating 3000 shares were mnde in the first few minutes nt the same price This Issue has furnished most of the trading on the local exchange for several weeks past, yesterday's sales being 50 per cent of the day's turnover. The In come 5 per cent bonds of the corporation have also been active, advancing about 5 points In the last few weeks. The genernl list was fairly broad, but nothing ofspeeial interest developed In any Issue. Electric Storage llattery was In small supply, and made' a 'fractional gain. Philadelphia Company held nt nbout recent levels. Baldwin Locomotive sagged' more than a point. The turnover in this issue was very limited. ' Asphalt was weak, the preferred selling off n half, while the common, at one lime during the day, was down 2. Few transactions ttere made In the bond section of the exchange and price changes were uninteresting. BEARISH CROP REPORT SENDS COTTON LOWER 975 05) 90 mi 24V 20), 32W 8 H 21V 21 21"). 18 i 62)5 09 16)5 24 20J 32 81 20) 21 212 18 60)5 (i9 16)4 24 ' 20M 32 81)5 20'-, 21 212 18 f.OH 0 ioow 30 07)5 '4 lo, 104 it; 324 24 314 02 .it; Endlcott J pf . Erie Erie 1st pf Erie 2d pf ... Fam Players-L Fed Mi S pf I Fisher Body . . . 1 Freeport Texas . , Gaston Wm & W, General Cigar . 11H... . 41!, 42)5 . 48 47 .115 115 .104W 101) . 1M IS.1, . 31 3"!, . 23 22 .118 119 . 42)4 . . . 84 83' v . 58 5 30 .15'. 93 '3 41 47 115 1043 181 30 00 on iff)! 11 OH 41! 47 115 101) IS1 30j Active Positions Off 40 Points in Early Session --Liverpool Purchases MONEY-LENDING RATES NEW YORK Money on call, mixed collateral, opened nt 0 per cent for lending and renewing. On nil indus trial collateral the opening rate was 0 per cent. PHILADELPHIA Call, 5i per cent; time, 50 per cent; commer cial paper, three to six months, 5 5 per cent, and six months, 0 per cent. LONDON Money Is quoted at 2 per cent. Discount rates, short bills, 3 7-10(53 per cent; three months bills, 3 9-10(33 per cent. General Electrlo .169H 109 tA, General Motors .232 32)i 144 Gen Motors pf .. 92)u . ., i Gen Motors deb . 89)5 M)'i Si 'Goodrich pf ....103) 103 1 Granby Consol .. 73 73l, Gt Northern pf. W5 94,' Gt N C for O P. 48) s8) Greene-Can Cop.. 40)5 4uV Gulf M & N pf .. 40 ... Hartman Corp . . 92 ... Haskell & Barker. 01,' 04?; Illinois Central .101 101 Inspiration Cop . 07! 18) ImerDuro Consol. 7?t 8!5 83) j S31 5 55 . 0', .' 5Vi 30)5 88)5 107)5 mi; 131 34 3". :'27 89,' 101 73)5 94 s7)5 15?4 107H 230 Sloss-Sheff S & I. Gr.5 Southern Pacific .100 1C0J, 105' Southern Rwy .. 30)5 30)5 30 Southern R. pf .. G7M 07H 07.'2 Strom Carburetor. 955 144 91) Studebaker Co ..113n 113! 1105 111! Studebaker Co pf.103 Superior Steel ... 45 45)5 45 455 Stutz Motor 121 119 115 119 Tenn Cop & Chem. 15J 15! 15?S lr-K Texas Co 270 209 2f4)f 208)5 Texas & Pacific . 59)5 01H 57 59), Tex Pac Land T.400 Third Avenue ... 24 24)5 :3 24)5 Tobacco Prod ..110 1105, 108 ll'i Tob Prod pf ....100) 1PH V7H 110)5 Tol St L & W tr. 10H 13)4 10 13)5 Tran A: Williams. 67 68 C4'4 65!5 Union B & P .... 89- 8s)5 8 ! 88)5 Union Paclflo ...133 132M 132)5 13JM Union Paclflo pf. 725 72H 72 72.' United Alloy St. 57M 58)1 S5) 50 United Cigar 8 .188)5 213 198 213 united Drug ....105 175)5 10 109) United Fruit ...187 192 lbS'f 100W U S Cast I P 4 P. 32)5 33 32)5 32H U b C I P & F pf. 09J5 ti9'f 09) 0'J'i U S 1'ooa rt-od . 8t)5 87 83 8oM U S Ind Alcohol .143)5 143)5 140 142 Un Rys Invest pf . 29 29'i iS) 29 Un Retail Store3 . 99 1C0! 99 10GH U S R & I Co .. 45 40? 40 46 U S Rubber ....129) 128 120 1.0 U S Rub 1st pf. .110 110 110 110 U S Sm Ref & M. GUM 09 (75 08 U S Sm R & M pf. 495 U S Steel 113 113) HOW 112M U S Steel pf 117 117)5 114! 114) Utah Copper .... 94' 94) 93. 91 Utah Securities . 19 19Ji 19? 5 1975 Va-Caro Chem .. 88J5 88), 87 88)5 Va-Caro Chem pM13!i 1135 113) 113', Va Iron Coal & C. 05 Wabash 12 New York, July 29. Influenced by favorable weather nnd nn unexpectedly bearish showing of reports to n com- mcrcial newspaper ns to the progress of the crop in the Carolines, the cotton I market opened 7 to 25 points iower and then broke heavily under increased genernl selling, based on official pre dictions for clear conditions ovor the eastern belt. At the end of the first fifteen min utes active positions were down some 40 points. The south sold, while Liverpool bought. Demand was not broad nnd the undertone ruled feverish nnd barely steady. 11:00 1:30 Yea. rlose Ooen a.m. n.m S4.R3IB34.0T 34.43 S4.20 34.37 34.83lffS4.fn 34.70 34.42 34.57 FOREIGN EXCHANGE New Yorh, July 20. There was a better tone to sterling at the beginning of business today but francs were heavy. T.ire were nbout unchanged while Swiss showed", nn Improvement, and pesetas were easier. Quotations were: Demnnd "sterling 4.37, cables 4.38; franc checks 7.25, crfbles 7.23; lire checks S.57. cables 8.55; Swiss checks 5.54, cables 5.52; guilder checks 37, cables 37 ; pe setas checks 1005. cnbles 10.15; Stock holm checks 24.70, cables , 24.00; Chrlstlania checks 23.00, cables' 23.80; Copenhagen checks 22.20, cables 22.40; Belgian checks 7.47, cables 7.45 ; mark checks 0, cables 0. Rubles were quoted at 7 nnd 8. BANK CLEARINGS Ilank clearings today, compared rlth cor responding day last two years: into 1MB 1B17 Phlla .. .$07,477.21)11 Sfl,3S.1,72S JSB.47n.4ln Unston .. fB. 233 021 40.3R3.S71 33.733.7dS N. York.80S,813.44ll S41.4S4.317 12.ll.n,83 London Metal Market New York. July 20. Cable advices re ceived at the New York .Metal Cxchanre this mornlnir quoted prlres In Tendon: Tin Spot, 270. an advanre of 12: futures, 2117. a Rain of 1; straits. 272. an Upturn of M. Rales Spot. IB" tons: futures. 2.10 tons Stand ard copper Spot, 107. off Bi: futures, 1M7 10c: unchanged. Sales. 1090 tons. Elec tronic copper Spot, 110: futures, 125. unchanged Lead Spot, 24: futures, 24 12s Od. unchanged. Spelter Spot, 42 10s: futures, 43 10s. both off .Is. CHICAGO BUTTER AND EGGS Chicago. July 21). HUTTKTl rfecelnte. 17,(104 tubs. Firm. Kxtra, n3c, firsts. 41)4 W S24c: seconds. 4841)c. KOOS Receipts. 10,1)1(1 cases. Firsts. 424KS434C: ordinary firsts. 3041c: mis cellaneous, 3RB42C. October December January , March . . , May . .. August . . .34.71 W34. 73 34.(12 . .S4.71W34.7S 34.C.4 84.32 . .34.flR34.70 34. M .... 33.65 UNITED STATES GOVERNMENT LIBERTY AND VICTORY LOAN BONDS We buy and sell Liberty Loan and Victory Loan Bonds on commission at current market prices. Denominations $B0, $100, $500, $1000 Edward B. Smith & Co Established 1892. BANKERS , v , Members New York and Philadelphia Stock Exchanges 1411 Chestnut Street Philadelphia 30 Pine Street New York allentown national dank dldo , allentown FIRST NATIONAL BANK BLDG.. ebitjis 100 30.t 825 7S0 440 , Int Consol pf I Inter Acrricul 2M 20! 34 .'!3h Inter Asrlcul pf. c8. 89 ! Inter Harv new ,141i 141 Int Harv pf new.llS 116 i Inter Mer M .... OUi (47 probably exceed $1,000,0(11), a large sum I but not excessive in view of the breadth of the market due to the nccc of large j numbers of issues listed. That money must remain tight neeins a certaint.t , as the outward How in the interest of the crop movement increases dnilj and it cannot be far in the future before for eign credits of large proportions will be something more thnn to be talked nbout. Call loans renewed at 0 and O1 per cent, but were shortly after quoted at 5 to OVi per cent for mixed and in dustrial collateral respectively. Later, the rate advanced to 0'i und 7 per cent. One lnrge ban and one trust company have eliminated the distinction between the two clnsses of collateral. lime funds continued nt around 7 per cent with little business transacting, as bids I for all dates were with few exceptions not higher tlinu 0 per cent. Foreign exchange suffered something of a reaction. ! nines declined 11 centimes to 7.24 francs to the dollar. Sterling was down 1'4 cents to 4,37. and Belgian francs were 3 points off. Idre held steady as did kroner, l'esetns advanced 5 points. About ?SOO,(MM in gold was engaged for shipment to South ineriea and small amounts were taken for other destinations. Ohio Fuel Omar Oil & Hupulpa Ref Seluoah Sinclair Gas. . . ,84 . r'nn . . 111. . . . . 32 .. 7 .. ns ..12.1 .. 211 24 ..17H 7 ! . n . 74 r.n FINANCIAL PlTlded R TBADES5IKN8 NATIONAL HANK Philadelphia. July SS. into. Tm Mr&r ta accomplish an eaultsbla ad- Hstmtnt of dividends on the nreaent stock. view of the lssut of new stock of this hk. payment fr which has been called . rfor.Aoanist ttth. 1B10. the Hoard of Directors ,'fci this Jy declared a quarterly dividend ' at Tm RIUr and Fifty Tent (It.M) per qms" wm,a ,. ," - y vrvt 'iluuii. lAiiaiim mu aa xtra. aitriuena or line uouar (i.w , Chicago m iJJaM ihelnjr at the. rata of rjer cehtlftt. Iiuls .?humiV tin fh nanlta! atnclr nt this I Mltineanolli Luak. MbU Atuust 1. latff, to stock- Kansas city J'aa . .rl . iu , io,n lrtallH l . i t- :2 XDXVHD WtLLUJW. 6n Franolsco. Reserve Banks' Discount Rates Official discount rutes at the twelve federal reserve banks were ns 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.) Com'! paper Gov't paper iu to uu IB aays rtoston 4 Sinclair Gulf R7 Southwest Oil 2.t United Oil . .'. 14 MINING riTOt'KS Alaska II C M . . . . 14 Illlf Led.. -, Hutte New York. , Boston Mont C V S Jerome Con Ariz First National .... Kortuna Cons . Goldneld Cons . . . Goldfleld Florence . . Goldneld Kewanas GoMHeld Merger Oreen Monsler . Hecla Mlnlnr Howe Sound . . . Independence Iead . Jerome Verd . .' Jim Putler Jumbo ISxtenslon McKlnley Darrash Magma Copper Mother Lode . Mines Co of America National Tin . Nevada Hills Nevada "Wonder . - Nlplsslng . Kay Hercules San Toy . .1 . . Tonopah Extension United Verde West End Con White Caps bonis Cosrten Oil fls . . . . C'osden te Co 6s Itusslan Govt 54s du A4s . . 3 n7 in ns 114 04 os 32 4 324 74 7S 14 ns 130 1284 2(14 2n 2S 2, 12 170 2'l IIS (IS 74 .. ' 1" M)4 nKS .17 S R7i; 27 27 Int Mer Mar pf Inter Nickel ... Inter Paper Inter P pt stpd. Iowa Central 03 101 t8M Vi 28 32 sai 130.'. nr (2U S3K 103 73W 04 .S 45!i (kIH 101 ( 0J. 8 28M 87H 140 116 f2M New Offering 121 Ul'i 11 H Ul)h . H0 , 07 . 78Jj 8)i d0i ao on1, cam 78' i 78 l-J. 8J 3S 38 40 , 39Ji 23 23 30)i 0554 &ii 38 39J, 23 Wabash pf A Wabaan pf B Western Md ., . . West Paclflo Western Pao pf , Vesting A B Westing E & M. Western Un Tel Wheel & Lake E Wheel & L E pf White Motors .. Wilson & Co Willys-Overland Willys-Over pf. Wool (P W) Co Worthlneten P 12 35H 24H 1-tf. 12 35 23'i Hit 12-i 35 2l)j 14 ' 35' 24H UH 25 5SJ4 58 5SH oSH HUH 57H 571, .'6 .'(I-; ! 88 & 87 H 87 H I lUi ll)a Uii llii, . 24 Vi 22' i 23 . 70M 70 18H (.U'il . 100H 100 DU 10 I . 36H 37 30U oCH . U7H .135 . 82 81 81 81 $3,000,000 ' i J. G. Penney Company 7 Per Cent. Cumulative Preferred Stock Par Value $100 Free from normal Federal Income Tax Dividends payable quarterly March 31, June 30, September 30, December 31 'Ex dividends: Associated Dry Goods 1st preferred, 14. and Associated Dry Goods 2d preferred, 1;. Financial Briefs 4 1A S s New York Philadelphia Ulchmond Cleveland . Atlanta IS 4 ity .-., g Ml' V J7 ,. i'i IU IOVU aays 10 gays aays 4H i U 4--J 4'j 4 4U 4vf r-fr - ' UH 02 02 4 4. !" ' 1Ai 4n ao 1 20 20 I on no 4 a t 7 n 5 4 . S .14 8A 44 4 . 2 (S 4 31 32 33 l 12 11 is no r.n 42 47 H 45 4 4 . 4 4 4 4 4 3 S 5 4 . IJ)'. 104 104 3 34 34 i" 1"4 .. a4 2. 2S 40 SI . il" .i" 17 IS 10 1014 103 1014 103 Rn ,2 VI SS Jewel Tea 37H Jones Bros Tea .' 30Ji Kan City South . 23H Kan C South pf . 55i Kelly Spring Tlre.I35!i 135i U3 ld4j Kelly Spring T pf. 100 do rights Vi i i M Kelsey Wheel ... 00 72 72 72 Kelly Spring rts. H !i J H Kennecott Cop ..42 42 IU. 41!rj Keokuk & DesM. 30 Kress (S II) Co. bO Keybione T & R.103JJ 1134 101W 103 Keystone Tire rts. 2 U 21H 20 2U, ..ck Steel ti Iclede Gas .... 50 5Jj 55!i 55M Erie & W.. 13M 11' 11. 11 Lake B & W pf.. 22 Lee Rub & Tire .30 Lehigh Valley . . . 535i Loose-W Bis ... i2H 73H 735 j 73W Lorillard (P) C0.23J 237 2 35 235 Louis & Nash ..110 Manhat Elevated. 85U Manhat Shirt ... 3Jf 36H 30 30 Mathleson Alkali. SOU. Maxwell Motor . 60h 01 57!i Mii Max M 1st pf . . . 8dW 84 82 82 Max M 2d pf.... 43H 44H 42i 43 May Dept Store10.1H 104 103 , 1031J Mexican Petrol .1C4 1V3 J885t KMJf The Famous l'layers-Lasky Corpora tion reports net earnings for the six months ended June 30, before provid ing for federal Income nnd excess profits taxes of ?2,43f),337. which Ms equivalent to '$14.28 n share on the 174,0.10 shares outstanding. This com pares with net earnings in the three months ended March 31, before provid ing for federal taxes and excess profits tnxes, of $(K0,805, equitaleut to $.r.70 per share on the 107,fi70 shares out standing at that time. The Hercules Powder Company re port for six months ended June 30 shows earnings of $301,170 available for dividends on $7,150,000 common stock, or at annual rate of 8.42 per cent, compared with (18.10 per cent In corresponding period last year. The New York Subtrensury gained $015,000 from the banks testerday: making a cash net gain since Friday of $.",,200,000. Mr. J. C. Penney, Chairman of the Board of the J. C. Penney Company, summarizes in a Utter to the Bankers as follows: ' (1) The J. C. Penney Company, with 197 stores, operates the largest chain of department stores of its kind in the world, the Company's business extending into twenty-five states. (2) The average net profits before taxes for the past six years are $1,020,- 541.41. The average net profits after Federal taxes for the same period have been $660,746.04, or more than three times the annual dividend requirements on this issue of $3,000,000 Preferred Stock. The average for the past three years before taxes has been $1,608,076, and after " Federal taxes, $888,485, or more than four times the dividend require ments on the present issue. (3) At the present rate, the Company's volume of business in 1919 should exceed $28,000,000, with estimated net profits of more than $2,750,000 before taxes, which are estimated at $1,100,000. (4) The Company's business is done upon a cash basis, so that the quick assets ctmsist of cash and merchandise; the net quick assets of the Company after the introduction of the proceeds of this issue, will show $204 per share of preferred stock. (5) The Company has no funded debt, and none can be created without .the consent of the holders of 66 23 of the outstanding preferred stock, except for the acquisitiotvof new property. (6) An average annual sinking fund of 5 ofthe total amount of the pre ferred stock outstanding, with an average minimum of $15p,000 annu ally, is provided for the purchase and retirement of the Preferred Stock at not to exceed the call price. (7) The Company will make application to list this stock on the New York Stock Exchange. Cotton Buyers and Sellers New York, July 20. -August Sellar bid; Flinn offered. October-r-MeFad-deu, llurnett. Benrdsley, Brookn and Hosenberg bid: Krtvin, Hartcorn and S. T. Hubbard, Jr., offered, Decem ber Flinn, Mitchell, Ilrocks and Hop. kins bid; Russell offered. January Montgomery end Sellar bid ; Judson and Deacon offered. March Hartcorn, Judson. Rteinhauser and Iloienberg bid: It. Hubbard. Montgomery and Itussell offered. May Hartcorn bid; Orvls offered! t AMERICAN SHIP and COMMERCE CORPORATION Naulty & Co. Flajiders Bldg. - ' Walnut at 1 5th St. All legal details will be subject to the approval of Messrs. Breed, Abbott fcf Mojrgan, New York, for the Bankers and by Gwinn (st Pell, of New York, for the Company, Price 98 and Accrued Dividend, to Yield Over 7 Per Cent. (When, as and if Issued) George H. Burr & Co. 421 Chestnut St. Philadelphia Merrill, Lynch &.Co. '12.0 Broadway New York Cassatt & Co. Commercial Trust Bldg. Philadelphia, Pa. All statements herein are baaed on Information which we regard aa reliable, and, while we do. Dot guarantee them, they aro the (lata upon which we have acted In the purchase of this stock. m Sa Vi 1 S& rvrVi if-' -ft'1 ... l if. F v' "V
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