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EVENING' PUBLIC LEDGER fcmEADELPHIA', SATURDAY, AUGUST 2, 1919
t
WFm
;PRICESCHECK
& ' SECURITY IRKET
t.l?Cost of Bonds Themselves and
Kl' Dion In Mnnau Rntnc Slnw
9
Up Transactions
GENERAL OUTLOOK IS GOOD
miM w York, Aug. 2. The New York
- i:ouns unanciai review 01 me wcck
If a person has the itchlns to buy
k 4oi something, findi he nmit borrow the
"'"'.money with which to make the purchnRe
Kg vunU must pay 12 to 10 per cent for the
-"privilege, only to discover at the last
Jtliat the price itself is pretty liif-li. ihnt
nOf-A III tin? fine, nonnn tti oiinli n rnif
K&rHl buj nny way hut relurtnntl and
fo j, fclwth tnontfll rpwrvnHmiQ n ., hit ronpvo
aliof action should the Munition repeat 'IP ",''er ami '' r"u "ff orrcrtcu ri-
llf itself. Another nerson. similnrh nlnced. K'etuailj only n imp extension oi crcci
000,000 greater than In the corre
upondlng period of 1018. Irrespective
of the extensive plans for granting
credits to foreign nations, bankers and
industrial companies have already
loaned Europe some $280,000,000. And
the advancing of foreign credits has
as yet been scarcely more than talked
about. ,
Offer French Treasury Hills
The Morgans announced that they
would shortly begin weekly oeff rings
of Trench treasury bills, n project sim
ilar to the offerlug of Ilritlsh trcasurv
bills which has been going on for two
j ears or so. Tnto was heard of u
Hclgian credit, a Ilritlsh ciedlt and ho
on. The situation In the foreign ex
change market demonstrates what must
be done in the way of extending credits
if foreign trade is to be safeguarded.
In June alone the excess of exports
over imports was $(123,112,802. Tim
need of the world for goods which this
country only can supply is the main
factor in the, foreign trade situation.
The adverse trend of foreign exchange
is hut one of scleral liilluenees.
It is good for neither the buyer nor
its on u scale hitherto unheard of.
At best gold can be shipped only in
relatiely small quantities. In other
words, gold inflow could not correct
the evil and would in addition bring the
other evil of inflation in its train.
Conditions in doimstie business Indi
iate prosperity. The steel trade has ap
parentU turned the corner. The report
of the I nited States Steel Corporation,
issued last Tuesda. for the second
proportion ns 'the riitiiult of Inning iiunrti r. showed that the rhange came in
increases, just so ill thr- nnnrntmn hin.luiie The irmirt was lietter than ex i ., . . ,.. , .. . . , to
aiu,..,..i ' . , .,-.--. , , i, , , MiurnniT, is mil rcauy ior a real tie-,,,.
wJUelcrrcd or exercised as sparingly ns.picted and was higlilj nicouraging lor on
Will not buy at nil. He will wait either
Until the nrlrp pnos ilnwn nr tho rnst
k of borrowing declines.
'Y This is one way of explaining why
the stock market has turned quiet and
v the list heavy and at times weak. A
l,vshare of stock is a commodity ns much
as a loaf of bnad is. One is bought
to satisfy a desire for profit, the other
to appease hur,ger, hut the principle of
jj. acquisition is exatth the same. In
BOLSHEVIK REGIME IN RUSSIA
TO BE SUCCEEDED BY DICTATOR,
IS PREDICTION OF VANDERLIP
Gentians Will Exploit Re-volt-Ridden
Country Un
less U. S Acts, Says Financier
America, Greatest of De
mocracies, Should Be
ware of Poiver of Minori
ties, He Advises
Hy FRANK A. VANDiailill
Making predictions of any kind is
dangerous business. To make u pre
diction about so rast a chaos as llussla
would need a quite foolishly reckless
prophet ; and still without mnklng n
prediction I am going to make n guess.
The liolshewk regime is a passing
phase.
It will be succeeded by a dictator,
egain representing on cffcctiwly power
ful small minority. The period of dic
tatorship will be followed by a con
stitutional monarchy, for Ilnssln, with
its eighth Ine per cent of illiteiaey nnd
luth its unstable and idealistic national
Fourteen Countries Bordering on
Russia Are Exposed to Bolshevism
Speaking of bolshcvism in Europe, Mr. Van
derllp snjs:
"I believe that a spread of bolshcvism in Eu
rope can cither come through contact with Bol
shevik countries or by a spontaneous outbreak
of bolshcvism in a community where Industry
has been paralyzed and idleness is followed by
want and hunger.
"There nre fourteen countries bordering on
Bolshevik llussla and they are directly ex
posed to the contagion.
"In recognizing the element of Instability in
Europe, it might be well If wc took this lesson
home and became conscious of the fact that our
own great conseratic majority is phlegmatic,
not unified, almost oIceless nnd at the same
time note how efficient arc the methods of the
acthe tadlcal minoiltics." ,
J- $-$.
U. S. STEEL REPORT
HIGHLY.ENCOURAGING
General Belief That Improve
ment Will Continue Until
End of the Year
will be few Russians left with capacity
to direct.
Two Evamples Are Extreme
These two examples of I'russianism
nnd bolshcvism arc extreme and not
particulaily good examples of what 1
mean bj the "power of minorities."
Vhnt I hnc seen lends me to beliee
that it might ! possible in any countrj
to change the ionise of government, to
Ji.. prudence or circumstances will nermit.
' Brokers borrow money from the banks
,, for the purpose of financing the stock
purchases of their clients. It was fore
j,;,secn a long time ago that conditions,
, after peace had been signed, would en
c, tail a scarcity of money for stock ex
$w change purposes for the simple reabon
that money would be needed far more
imperatively for industiial and com
iflmercial rehabilitation and for various
uj phases of economic and humanitarian
, relief, nnd that such needs must be given
4r priority.
UJ . hat is wn ,,ie mnr" responsible
.... nrnlrftrri rrn I...... i . . .
. s.h iiuum-i uegun co auvisc can
what it fori i list with respect to succeed
ine quarters. Maj was the worst month
of the quarter, with earnings of $10,
P.'!2,r."i!l, whereas .June showed $12,371,
IH0, and most of the improvement came
after the middle of the month.
The gain for the quarter was not
heay, only about $800,000, but it id
the trend which carries significance.
.Imlge (Jary said that the domestic sit
uation was good, that the export situ
ation was fair and improing, and that
the unccrtiint of the foieign exchange
market ns :i problem of the export trade
would be solved b "intelligent consider
ation of the factors. I he Iron Age
. Hon and why from dn to day intil ' l",1,lt('l t increasinR tporntion of bln-t
erttiin the fciim of gocinment. Indeed
mocrncj. e,..n tn linnross linon the uconle n new
And then sooner or later there will frm ,,f s,.la ulei , while the great
merge a nation, the most solvent in ,n,,tritv of the people had no desire
for such n change nnd took no active
part in bringing it about.
I believe that a spread of bolshcvism
in Europe can come either through
C if
I
Philadelphia Markets
week to week the tirpsmn rit ,',,.;.. ! furnnies nnd steel plants, particularly
continued. The time has now comt. m Hie 1'ittsburgh district, nnd to nccu-
.1. when the truth can be seen at a glance mu,ution of unfilled orders at a time of
ttwhen the call for money outside the the car when there is usually slacken -
, market circle has become u fact instead' "IC- ,la'lrnal buying is nearer and
or a theory to be harped upon "ie"' ls illr,'a,lv ,nc "eginning ot some
,! , , . , business fiom tliat quarter in the way
Record Maile in July of onr r(.pnirs ,t ,, II1PIltionC(Ii bit
Kecont activity in July, in which, gbefulh it is to be suspected, that ln
inonth some a.j.000,000 shares were dilations are that "on some products
dealt in on the New York Stock Ex- prices will bo higher than at the time
change, was traceable not only to the I of the railroad administration's great
last phase of the speculative fever, but ! nfusal."
also to the very large number of list-
inss. jc lanes time to overcome a wcll
Wcloncil enthusiasm for buying stocks.
Such Enthusiasm almost invariably over
laps the point at which it should be
materially tempered. Twice the Tedcral
Kescrve Board at Washington ihsued
warnings' against an excessive use of
money ior that nurnose. But hp hinm
A- -,. 1 ii ., . 1 rM. ftmuttx 1L 111. No 1 rpd
.l . ''IIU1UK mese warnings mere1 an.i mutt $ 34 No l rrt k inter JJ an
,f,uiougniiuiiy cannot he placed wholly
f" at the door of the individual specula
tor nor yet at that of the brokerage
houses.
The banks themselves sielded to the
r temptation afforded by rising rates for
call loans. For months the time money
', market has been virtually at a stand -
u still, until recently and at this moment
oTWCI have the sneetnelo nf n tilr utn.V
GRAIN AND FLOUR
XVItnAT Itfcflpti 217 732 bush The
market wan quiet but firm The quotations
are So I red u truer $2.Tl. No 1 northern
nrrlnn. 12 33 No 1 haril winter JJS'l.
But the blnmel ,l reJ winter garlicky, $2 37, No
i'. itniuLi . hi, ,su i rei Knnti7
Europe, because it has the richest
natural resources.
It is a nation that has more nearly
the characteristics of the United States
than any other nation in the world, andlnnntncf with Itnkhevlst countries or bv
it may yet hae some of the same typeja spontaneous outbtcnk of bolshcvism
of manelous prosperity. I in n community where industry has
In a sense, the obligation of Russia, 'been paralyzed and idleness is followed
discredited and lepudlatcd as it is to-'by want nnd hunger There nre fourteen
day, is more nluable thnn tlie oblign-1 countries bordeiing on Bolshevist Rus
tion of some countries whose obligations sla, nnd they are directly exposed to the
have hardly been questioned, because i contagion.
there is in Russia the inherent wealth Proximity,
to make cood its obturations.
But all this is but guessing, and one lor another if rcwiliition.iiy movements
man's guess is worth ns much as an- looking to the establishment of coin
other's. While I am guessing, how- 1 monistic society.
ever, I will make another. Russia ThrJ fol,ml tlmt democracy did not
will be dominated and exploited by hrinK to tl,e proletariat what it con
Cernuny, unless the United States sidered to be its rightful share. Then
shows unexpected prescience, courage
and a disposition to take a financial
aihenture.
Germany lies adjacent to Russia.
howeier, would not be
fuses any compromise with the existing
order, that looks upon all concessions
to labor in the form of higher wnges,
shorter hours, unemployment insurance,
or even profit sharing, ns n sop thrown
by capital to divert or confuse the work
ing class.
Minority Is Nowhere Large
This minority of extremists nowhere
is Inrge In England it was estimated,
in both onsen ntie and rndical quar
ters, as being nt the minimum some
where between 10 and 15 per cent of the
total organized mass of union labor. 1
fancy the proportion is not less, nnd I
doubt If it is much more in any of the
European countries which I visited.
Eery where it is nctive. Within the
lnbor unions themselves the rndical cle
ment has a olce quite out of proportion
to its numbers.
In reoguizing this clement of insta
bility in the European situation it might
be well if we took the lesson home and
became conscious of the fact that our
own great conservative majority is
phlegmatic, not unified, almost voice
The imperial spirit of conquest has not
been killed in Germany. When the
war started the axis of German am
bition pointed toward Bagdad. Now it
will swing nround toward Moscow and
the rich world beyond.
There will be an escape for Germans
from the shucry of indemnity by mi
gration to Russia, and nn almost free
necessary to a development in one form 1 'ess, and nt the same time note how
emcient nre tlie metnous ot active raul
cal minorities. We have socialist pnpers
with a million circulation.
There is a steady flow of incendiary
pamphlets through the tenements ot the
East Side, the authors of some of which
could legally be shot for treason.
Socialistic speeches nre mnde daily
in Wall street, while the men in the nil
jncent offices give far more time to
scheming how to get ndnntnge of a
business competitor than they give to
original thinking on economic nnd social
questions. America is the greatest of
democracies, pledged to the sovereign
rule of majorities; nnd America should
beware of the power of minorities.
Copjrlshted 11110 by the Macmlllan Co.
they organized labor unions nnd the
weapon of the strike came into use.
Tiie organization of stnkes to enforep
the demands for higher wages met with
success, so far us wngis are measured
in units of currency, but ficqucntly met
with fniluie to better the condition of
the workers because of advancing
cost of lhing. Men got higher wages
and found themselves worse off.
This has contributed toward building
up a sentimint of suspicion of the very
foundation of the present social ordei.
anil cerywhere, England included,
field for German direction, because there I there is u significant minority that re-
Monday Mr. Vanderllp will discuss
"America's Oppottunities."
No 2 northern aprlni? 12 3(1 No 2 hard
winter 12 30. No 2 red winter, carllekv.
$2 34. No 2 red amuttv $2 33, No 2 red,
narllek) and smutty $2.31 No 3 r-d win
ter $2 32 No 3 nrrthern aprlne. $2 32. No
3 hard winter $2 32. No 3 red winter. Knr
Ucky $2 3d No 3 red Kmutty 12 20 No.
3 red. (rarlleUy and smutty. $2 27. lower
gradea on their morlts
Con Itieelpts, 2.100 bush Trade wai
slow and nrlces further declined l(32e We
r , marxer. nns Deen virtually nt a stand- Uiuote eiiow in ear lots for loeal trade, as
to quality and location, nt 12 I2W2 14
OATS Reeelrts .'() 021 bush. The mar-
i . - - , . ' , . ' ket was nub t and barely M"ad Quotations
, rnaricet financed almost exclusivelv bv.car has a, to lociinn Vo l white, snst
C. J" call funds. This. Indeed, cives the SC.'i0 r wh" ; I"1' .J? No white.
&6Asbails tbe wbip-hand, so to speak, over KLOUK-neceipts 4 i.bis and bit sso lb,
SJif STOCK peculation, but it keeps Wnll'ln sacks The market ruled !irm but quiet
" rhtreot in n cnnatnnt- ufntn nf r,-t,.,l,r, . wuoio uons 10 arrive., per " . in hi-
,, ..T ....... .,v. w. i..,..4.uu pound Jute saeks winter stralcht west
SENTIMENT IS MIXED
IN THE CORN MARKET
- tion which cannot be wholesome and
i J which must react with disturbing effect
a aSk II tl ,1 O 1.11(111 VflJXJa
August bids fair to soe the lull in
fijui marKet operations which July or
al HlnnrHv Ttioripnno hi if rlirl Yinf t hie
tn year. The lull, however, has been
UAA J - til --- J a!-Il Si. - ...1.1
j iotxcu a uit iofj urusLicuny, it wuuiu
t?w nnopnr. ami nas leit Kometninir ot a
--jj" - - j-
Rffntr. Tn nnr KPssinn this wppIc trnns-
r actions dropped to around S00.000
atnaari Atltanc wtwt sri n ( mliftli nrnp a
OUUICDi viutll licit liUb iuuvii um
million shares and the tendency is
em. old. $10 "rill new $n 754P to 25- near
b. old $10ffin7S new $ 7." 10. Kansas
straleht. new $11 2.iTf 11 ."id; Kansas, snort
patent, old fl2fll. 30. new. $11 r.0ll 75.
sprlna short patenl, old. S13P13 50; do,
patent, old. $12 50S13, do. first clear, old.
$0 75B10
RYC TLOlTt sold slowty at former rates
We quote at $8 GU0 25 per barrel. In sacks,
as to quality.
PROVISIONS
liquidation were not curtailed although
Ky., considerable distribution of stocks was
ww. In evidence.
fen, The bear elements were given a rare
J H.nn.liinllw r rtnn wnv nr nnntlipr.
KV""' cienally by rising money rates occa-
l?tt. tloned by the calling of loans both by
P metropolitan and interior banks and
linnkinir houses, which they were not
s- slow in taking advantage of. The short
" account was notably Increased and to
the noint. in the estimation of many.
r z'UIaU t.tntA.1 nf nn npprcnlil rnmlitinn
9"7IT Commenting In its August circular on
H .V the prevalence of speculation, the
K? 1 that an investment demand has rc-
" vealed itself and that an unusual
amount of stocks is reported to liavo
..fbeen taken from the market, "the con-
K'-'H' 5elt"nt decrease in supply result!"
KAAin further increase in prices in the
hl'- .'., mh nr eent,ntin nemnnrr.
rv"?'.-"' i General Outlook Good
j 3 This gives a rather broad hint as
'J ni-to the technical position within the
K..C'-m -.jit-lref. flf nresent. And the reserve
j- board. Hko Judge Gary and other
t) X TenHlntr fmlrlta. i nntimistlc nn in tlm
'.'i general business outlook nnd crop
; prospects. On the one side of the
kaaIa lliA.nfnlA om fl Ifl.ffn uhnvt In.
t fV - itM,, ! , 1
"on the other a heavy withdrawal of
J1 public participation In trading and a
4i t consequent impairment of buying
m power. This situation would seem to
'gpeil a quiet market and a firm under-
" iw fntt n limn
li,! 'TtiA hnalc elements rtf RtrenffH, nnt
there, and perhaps they must remain
K.Ar1v Yintpnrtnl until Kliel, ttmn no tliA
TTTtf 4K- A.v.v.. . ....... .... ....
r wtMAi mntlfpt enapa mnteplnllf Hl.n
f SltVUGJ ... fc-w- ..te. ...,. j.,,,-
noney Harry this week was caused
wevlsriely by temporary considcratlonH.
t- ' LjJt o happened that the French and
f $.. paaadlan loans matured yesterday, and
Demani was onlv mod-rate, but prices
were firmly held The quotations were as
follows He. f, in set smoked and alr
drled 51c. knuckles and tenders smoked
and air dried 55c, pork family, 57c. hams
H P eur.d loose 39-llc do skinned
toward still further curtnilment in tuolhoiied boneless. 5(ic nimic shoulders s
v,l,,mn fit Vinstnpsq Siirns nf rpnl ( ' cured loose. 2Htc. dr, smoked 29'ie,
VOIUmO OI DUSinCSS. nigns Ol real . ... . , .. ,. atte breakfast ba.
con, -lie. lard. 37c.
REFINED SUGARS
Offerlnara were llitht. and the market was
quiet on a basts of 0c for fine granulated.
DAIRY PRODUCTS
TlUTTErt Tho Produen Kxrhanffe was
closed as usual on Saturday and the market
was unchiriEed The following were the
quotations Solid packed creamery extras,
r.tJVa c. hUher seorlnsr cnods. "J'fc H "I'lr. the
latter for Jobblnir aales extra hrsta. 55'r.
firsts, VIVi 'itZWtc Seronils ri0(ri52e, sweet
creameri choice to fancy iH ' 11(11 c, do,
fair to Kood 531570 fincy brands ot
prints jobblnff at b2ti4c, fair to choice.
52'u'Olc
KOGS Fine new laid ejrss ruled firm, but
much of the supply wns of unattractive
stock which was dull anil weak The fol
lowing wero quotations Tree cases, nearby,
$15 (ki per irate i urrent receipts, $1 west
ern extra firsts, $1', i 0 per rase firsts, $l"i,
rearby and western s.ronds. $10 MKft 12 (10
famy selected eKes jobbing at bU(iGlc pir
doxen
CHEESE The market ruled steady under
light offerings, but trade was quiet Quo
tations were as follows: New Tork and
Wisconsin whole-milk flats current make
fancy, 33V4 M3-lc specials higher. New York
and Wisconsin, whole.mllk flats current
make fair to good fl'Jft'JSc, fancy goods
were Jobbing at 31Vi 4j'35',-i c
Economic Situation Continues
to Be Most Disturbing Fac
tor Brokers Nervous
POULTRY
Chicago, Aug. 2. Sentiment in the
corn market was mixed this morning
and changes in price wcie irregular,
but, generally, the undertone wns weak,
the economic situntion continuing to be
u most disturbing fnctor. Iirokers were
nenous over the attitude of the gov
ernment as to the cost of living, and
buyers lemnined timid.
Commission houses were on both sides
at the outhet. Shortly after the start
Miorts bought freely, taking piofits,
and forced alues up. On tho nd
ancc commission houses sold liberally
and broke prices sharply.
September opened nt 51.8S to $1.87 -1,
against Sl.h!)4 nt the close yesterday,
and, after touching Sl.M), dropped to
$1.84. December opened at $1.37 to
$l..r,0, and, after t-elling 1 cent nboe
yesterday's price, nt $1.58, fell to ,$1.,"m.
The receipts here today were ."S cars.
Trade in oats was active and mited.
Prices opened easier, but offerings
ceased immediately after the start and
taluks sold above yesterday's close on
buying by commission houses mid
shorts, influenced by recent large pui -thabes
of the cash article. The gams
were not maintained.
The arrivals here today were lii'.l
cars.
September opened at 7."',sc to 70i ,
against 7G14c at 'tlie close yesterday,
and, after touching 7(i:!i,c, receded to
74'4c December opened ut 77 c to
7bc, ngaiust 78'sC nt the close yester
day, and, t"er selling nt 7'(,c, -' -dined
to 77c.
The receipts of wheat nt Minneapolis
today were J7,' cars, against i;)S cars
last year; at IJuluth, 7 cars, against
1 car ; at Chicago, 71(5 cars, against
G09 cars; at Winnipeg, 117 tars, against
.'!."i cars.
NEW YORK COFFEE MARKET
New York, Aug. ". The coffee mar
ket opened easier again, in sympathy
with the Ilio spot market, 'which was
reported 200 reis lower. The diame
ter of the selling this morning wns
much the same ns in evidence through
out yesterday's session.
Cull prices today were 10 to o points
below the previous dose.
Hecent imistig.itions and the talk of
the high cost of living vveie again a fac
tor in the markit, couphd with the dc
diue in die Itio spot mm kit of 2(10 rds,
and this had tended to cheik any ng
gicssive points right after the opening;
the market linked snap other way and
was u holiday nffaii.
Some spot business has been reported
on the basis of ubout 2;!c for Hio 7s.
Yes
BULLS DISAPPOINTED
IN ACTION OF COTTON
Activity and Firmness, Which
Had Been Anticipated, Fail
to Materialize
. , .. ppen High Low flose
JuH .. 2I U0 21 0(1 21 (III "Jl s-.
Vug . . ! ,)
S'l . . . 21 'S 21 2S '21 Jil
I"1 21 II,
Nov .. ! in,
Dii . "21 111 2120 20 y, 2d 'ii,
Jan . jii !h
Ktb ... .. 20 'Ml
.Vlanh . "21 10 21 15 2(1 'IS ".'ll 'Ml
April 'Jll '12
Mai . -21 05 . "2(1 'III
June ... LIJ S7
mi.
LIVE Trade was slow and fowls were
again lower Quotations Fowls via express,
31c Spring chickens broilers not leghorns,
yellow -skinned weighing 1 ? 2 lbs apiece,
3S(t40c Mprlng chickens, broilers, not I.eg.
horns, yellow skinned weighing lll4 lbs
apiece 3flc?37c White Ix-ghorns yellow--.klnned,
weighing 1;&2 lbs apiece. 33 ft)
34c White Leghorns, yellow-skinned, small
er sizes. 311932c Itoosters, 23 8 24c Ducks
Spring. 32M3lc. do. Pekin, old, 2S(f3(!c,
do. Indian Runner, old. 2Stt3nc, Pigeons,
old per pair, 4U45c, do, young, per pair,
35 ft 40c
UnESSCD Fine heavy fowls were well
cleaned up and firm, while broiling chickens
were quiet The follow Ing were the
quotations' Fowls fresh.kliled. drv-Dlcked. In
Sna wli?Slntr 4 ll,a u nil nt, nnlnn anil... i
weighing 3A lbs. 3d037c; weighing 3 1'ennsylvania by Auditor Uencrul Snyder
lbs. nplce. 3S34c. smaller sizes, 31 I ,, ,', ,
32c: fresh.k lied. In harr.l. (,n .!,.. OS dead.
nlrked weighing 4 lbs and over apiece. I These companies, which had
0-ic weigning j4 ids , 3.itrfauc. weighing 3
lua d,voci smaller sizes .limple
roosters ury-Dicgea
New York, Aug. 2. Hulls were
gieatly disnppointul at the action of
tins morning's itt( larket.
Yesterday's exi ited buying and strong
closing had led to a very general ex
peitatinn of an mtne nnd firm open
ing today, hut the trnde and public,
after a night's consideration, appeared
to leach the conclusion that the agita
tion for reductions In living costs might
be aimed at tutton as well ns other
. lomniodities and theie wns a nrettv
21 -,-, genet nl inclination to take profits or
-' 4"' leave the ni.uket alone for the move
ji J4 ! ment.
-'lJ, As a result, first prices were only
Jl 20 s to 10 points higher "and. nfter sell-
Jl ls ng at .l.i. .ill on the call, October
promptly bioke to :U.7." under nctive
tenliziiig, southern and spot house bell
ing. The market encountered increasing
pressure during much of the first hour,
and nt one time, in the absence of sup
port, showed a net loss of nbout 4u to
r5 points nnd a decline of (10 to 100
points from the opening high level.
Selling pressure appeared to be
mostly in liquidation of long nccojints,
ii'thnugh theie was some selling from
T 1 cold held hv hk S41.70J.IV17 J41I l'.ll r.Jl ' ll,,. Kniitb ntwl , ..,,-, t.n,. n,....,, !,. i.
Gold with Federal I , "-"" " " V .7, .....
suuiM ui iutij;i j.ivcrpuui tun utile
cither way after the opening. Toward
the close of the first hour pi ices rallied
l."i to 20 points on covering nnd predic
tions for show eis over tlie enstern belt.
Sentiment sieinrd very mixed, and
ninny traders, for the moment, were in
clined to attm h more Importance to
matters outside the cotton market thun
to the condition of tlie crop.
Weakness increased in the final hour.
I'mal prices were bmcly steady at a net
loss of 3S to 70 points.
LIVESTOCK QUOTATIONS
Chicago. Aug 2 - HOOS Receipts. 7000
tifAd losu, iiic to 2 ic lower than vea
Federal Reserve Bank Statement
The condition of the I'dleral Kescrve
Hank of Philadelphia for the week Mill
ed yesterday compares with the previous
week as follows:
Gold coin and cer
tificates in vault
Gold settlement f d
HUSOl'lU'Eh
August 1
I.1.1S jsi
41 1(14 417
Jul)
ti.JI SIO
4S ".Jil 711
74 332 IW) 70 o7b 310
Kesere ncent
Gold redemption f d
l-tilcral Meserva
notes .... 8 814M-I 1 1 ".77 S1 1
Total gold reserve tlJl.Sli'l 072 11.11 .101 H4ll
Iegal tender notes
silver, els.. 322,(114 11(1 M7
Total reserve 112.1 1U2 117 1131 4U1 2S4
Hills discounted
members secured
bv gov. war obli
gations . 173,318 S5J 170.3RS387
Illlls discounted
members all
others . 13 S20.Si;8 111 881 177
Hills bought in open
market . nvo 744 718 nns
T'l bills on hand .Iltil,83s,4n4 lion ni,n 231 '
V .1 llav bunds 1,384 (mil 1 384 lino
V H Victory notes 1 lno 1 Kin I
U H certificates of i
Indebtedness 24 812,00(1 24 81J 000
ssaiix mCArV PnDDfiD ATinMO T-1 L' S securities 2rt. ins eon 2K ins mm terday's general trde Top. 21 in, heavy.
MANY DEAD UUnrUnAIIUNb T'l earn'g assets 1218.0 III 4HI $217 1(14 211 12131023. medium 21 J3023 11. light
Hank nremlses
Uncollected Items
31(0 IKS)
(10.831 412
Three Hundred Are Stricken From Deductions from
gross deposits iuu,d,4ij tun ;U2 usu
State's Books by Auditor General
Ilarrlsburg, Aug. 2. Three hundred
corporations organized under the laws
of the state of Delaware have been
stricken from the books of the state of
Due from treasurer
It S. 3 per cent re
demption fund F
R Hank notes
Ail other resources
1.22fi,000
70S 414
10(1(111(1 uelfrht. 1212.1(3211.1. llaht. 1JD r.Or
no. 3(i2 (is'i heavy packing sows smooth. $2(1 .Kl'0'21 23,
pat king sows, rough, $10 23(U20 23, pigs,
iiuci.'i oo
CATTL.1:-Receipts, .100 head Closed In
bail condition Compared with week ago:
Top grade, torn-fed western steers and best
l-ne 810CK. mosu -.'.ic lower, otner grades
Now York, Aug. 2. The most Im
portant development In the steel trade
during the last week was the publica
tion of the earnings of the United States
Steel Corporation for the second quar
ter of the year. Contrary to the gen
eral belief, the net revenues recorded
nn increase of something over $800,000,
ngalnst expectations of a falling off
ns compared with the first three months
of the year.
The fact that the good showing wns
due In part at least to the smaller re
serve set up against tat payments Is
nside from the question. Naturally,
with smaller earnings than n year ago,
it will not be necessary to pay as much
over to the government ns previously.
However, It is probably true that In
line with its former conservative policy
the management of the corporation has
again made liberal deductions for tax
reserves.
The Improvement recorded in the
June net earnings over those for April
and May were highly encouraging nnd
there is now a general belief that this
improvement will coutluuo until the
end of the year. The orders which
have come to hand in the lust two
months should be reflected in increases
during the rcmnlndcr of the year.
On August 0 next the corporation
will publish its statement of unfilled
orders ns of July 31, and despite the
fact that the operations in many de
partments have been increased to a con
siderable extent, it Is the opinion in
circles usually well informed thnt there
will be a substantial gain in the book
ings, confirming tile reports of new
business ns published from time to time.
During the past week there were
rumors of large orders having been
placed with the steel corporation nnd
some independent companies for the
nceount of the French Government.
However, thus far nothing has been
done in this connection. It is admit
ted by high authorities that the .busi
ness is to be hnd, but the entire mnt
tcr depends upon arrangements that
must first be mnde for credits and
finnncing.
The labor situation is still one of
the chief topics of discussion when
steel interests get together. It is be
lieved that many companies would in
crease their operations if it were pos
sible to secure the workmen. During
the months following the signing of the
armistice, when steel plant operations
were reduced and the number cut down,
there was an exodus of men to other
industries.
Tlie wages being paid by those other
industries nnd the fact that they nre
getting regular employment hns made
it difficult to get the men to return, so
that even when attempts have been
mnde to incrense production the re
sults huic not been satisfactory hy any
means. Authorities ngrce that this sit
uation shows no signs of any change
for the better ns yet.
Another point which is being freely
discussed is the inefficiency shown by
some of the workers. Whenever there
are more jobs thun there arc men to
tuke them it hns been the experience
in tlie steel nnd other Industries thnt
it was impossible to get efficiency fiom
the men employed. Theieforc, this will
not change uutil there is nn improve
ment in the supply of lubor availnblc.
So far as the markets for steel pro
ducts arc concerned, the improvement
noted in the lust few weeks continued.
The principal business which came to
light during the last week wus the in
vitation put out by the Navy Depart
ment for bids on 40,000 tons of plates,
shapes and bars for use at the Urook
lyn navy yard. It is probable that all
the leading makers will name quotations
for this busluess.
In the bar market the feature of the
week -hns been the improvement lu the
expoit demand. Some orders have come
to the domestic makers, with Japan the
hading purchaser. Some good-biied
contracts have been placed by that
country. The domestic buying con
tinues busk, according to leaders In
this binnch, nnd the outlook is as good
as it has been at any time this yeur.
Some leading plate manufacturers nre
said to have admitted thore is a possi
bility that the piemium on plates, as
compared with bars and shapes will he
reduced. However, they are not witl
ing to discuss the matter "for publica
tion. The 1'ennsylvania Itaiiroad has
an inquiry out for 12,000 tons of plates.
The company has just placed one order
for 8000 tons, subject, of course, to
npprovnl by the regional director of
railroads.
The wire makers, who advanced their
pi ices during the last two weeks, have
uot tnken mnch business, iior do they
care to accept contracts, according to
an official of one of the companies.
They believe that prices will advance
further. Thus far no change' has been
made lu the quotations of the American
Steel and Wire Company, the lending
interest, nor is it considered likely in
authoritative quaitcrs that the advance
by the independents will follow. The
wire market continues active with a
large demand from jobbers and manufacturers.
GAIN IN BANK CLEARINGS
Business 25.7 Per Cent Greater Than
This Week Lait Year
Total bank clearings of all the clear
ing houses In tho United States for the
week ended todny were $7,814,071,021,
ngnlnst $8,273f742,510 last week and
$0,218,778,005 this week last year, or
a gain, as compared with the corres
ponding week In 1018, of 23.7 per cent.
The Increase In Philadelphia for the
week was 4.1 per cent. Details follow:
loio mis p.c.
New Vk. $3, 044. 03.1.070 2.77fl,l(l,070 31. a
Chicago. 4S3,22S,ni0 48J,M2,2S1 4-12 2
I'blla. ... 334,133,803 821,01)7,330 4.1
iiun.oii. , I,"'vn4
Kan. City 201.n84.onn
St fxrals. 181.S37.IMH
Han Fran. 110,102,103
I'lttsb'gh 111, 832,280
Detroit... 78,028,803
llaltlmore 70.4ftn.015 8n,3n0.7SO --28.H
N. Orl'na 02,204,002 42,431,801 23.3
SECURITY EXCHANGES .
ARE TAKING HOLIDAY
Succession of Million-Share
Days Causes Serious Conges
tion in Brokors' Offices !
New York, Aug. 2. The abnormal
volume vthlch speculative operations on
tho stock exchange have nttalncd re
cently hns brought nbout serious con
gestion in brokerage offices. In some
instances, clerks have been a week be-
nieven cities
8 dsys 13,300.443,815 14,423,880,801 24.3
Other cities.
6 days. 033,782,205
740,088,047 27.4
Tl nt Titles.
5 days 16.402.200.110 5, 173.873, 338 34 9
All cities,
1 day 1,352.471.811 1,044,003,027 20.4
Tl nil cltlei.
for wVt.7, 81 1,071.021 10,218.778,003 23',7
NEW YORK DANK STATEMENT
Decrease In Average and Increase In
Actual Loans Reserves Higher
New York, Aug. 2. The New York
bank stntement this week shows de
crease in riveragc and Increase in actual
loans. Reserves are higher in both
cases.
Details follow:
Avr.nAOE
InrrpnsA
. ,J4. 882,023.000 $2(i 200,000
Loans
Xet dpmand de
posit t4, 030,527.000
Net time deposits 111(1.(102.(10(1
Circulation ... 37,833.00(1
Cash In vaults. . 110,317,0(10
Reserve In mem
ber banks
Itpsprve In state
banks and trust
compnnlrs 11,883,000
Rcservo In state
banks and trust
company deposi
tories Aggregate reserve
Reserve required.
Surplus
842.7S3.3S4 11.:'
J ID,.', J, i 14 -- J3.H
130.271.774 -- 1.2
Hi 7'IU IMI J.,11 Tl
I04)32r,oss -- 7I2 lilnd in the postings in their ledgers
"'j';-"'""-. --.,., .. n-, ,, . -.. .,,,,
ami; cuiilllllieu succession ut minion
share turnovers hns taxed the facilities
of the stock exchange severely.
The new clearing branches of the ex
change will not be In operation until
next winter, when It Is expected tho
machinery for handling the great vol
ume of business will be greatly aug
mented and some measure of relief from
the present conditions nfforclcd.
Ilecnuse of the difficulty which th
stnffs of brokerage offices have encoun
tered to keep up with the enormous
business, the brokers petitioned tha
governors to close the stock exchange
todny. Clerks have been working into
the early hours of the morning getting
out reports for customers and are hard
at work today in nn effort to get abreast
of current transactions.
It is regarded ns likely that further
Saturday closings will be necessary If
the present volume of speculation is
iiiniiitnined, nnd the opinion prevails
in Wall street thnt any change is likely
to be in the direction of increased stock
trading.
2.1174.000
7, OS(l, (Kill
3411,00(1
3,007,000
647,871,000 15,710.000
102,000
102 000
10.012,000
233.330
lfl.32S.430
J131.-
11.038.000
B70,!I4h.(I(XI
530 077,810
34.871.100
tUnlted States deposits deducted.
371,000.
ACTUA1,
Loans M.038,080,000 5127.028,000
Mpt drmand de-
posits t4, 012,40.1 000
Net time deposits 10H 1110.000
tin 7117, (ki
01,030,000
Circulation
Cash in vaults.
Reserve in mem
ber hanks .
Reserve In state,
banks nnd trust
companies
P.eserve In state
banks and trust
company deposi
tories AKcregato reserve
Reserve lequlred
Excess reserve
587,507,000
11,281,000
10,818,000
oo'i onn.noo
54 2. '..VI 110
07.13'I.SnO
84,040,0(10
-i.iiiR.nnn
001 000
0.340 000
40,007,000
127.000
480 OOil
48.048,000
11,117.320
37.330.480
2L'U,-
tNnlted States deposits deducted.
100 000
Decrease.
OUTSIDE I1ANK STATEMENT
STATU llAiNl&
I,o.ins Investm'ts.
Clnld
Currency bank
notes . ...
Deposits Federal
Reserve Hank of
New York . ...
Deposits
Reserve on dep'slt
Percentage of reserve
J022 453 300
7.744,1100
20,037,400
31.242.800
710 43'l.niKl
107,835,101)
TnrreasA
$7,408,100
740,700
380.100
7,003.300
4.013.400
7,330.700
2.01
TRUST COMPANIES
Loans Investm'ts. 12. M0.nS7..VM
Gold 12 214,400
Currency bank
notes ji.73U.juj
Deposits Federal
iteserve nanK or
New York 210,848,700
Deposits 2.170,737.30(1
Resere on dep'sit 325.748,700
Percentuue of re
serve 183
STATE nANK AND TRUST COMPANIES
NOT RCPOHTINO TO TUB CLEARING
HOUSE
Loans Investments .J808.000.Hio 318 0.18 500
Gold 8.71(1100 '812.100
1 urrency nana noien 11, an, uuu
Deposits Federal Re
serve Hank of New
York 01.8-.-,. 1 00
Total deposits . ... 850 IIKU 5(1(1
Net deposits , ... 780 .174 POO
Iteserve on deposit.. 142.01.4 300
Percentace of refcerve 20 4
Decrease.
FOREIGN EXCHANGE
New York, Aug. 2. Business in tha
foreign exchange market this morning;
wns very quiet with mixed changes:
Quotations were : . Demand sterling'
4.WtVu cables 4.H0V1 ; franc checks
7.30, cables 7.28; German mark checks
C, cables G-h ; Holland checks 37,
cables 37 ; Italian lire checks 8.C2,
cables 8.C0 ; Swiss checks 5.r7, cables
.".55; Stockholm checks 24.85, cables:
25; Christianin checks 211.80, cables
23.05; Copenhagen checks 22, cables
22.15; Spain pesetas checks 10.10,
cables 10.18.
BAR SILVER
Commercial bar silver was quoted In1
New York today at $1.00 an ounce,
an advance of lc. In London, the
price wns 5(lV2d, a gain of ftd.
Fifty Producing Oil Wells
ThirtyTwo Cash Dividends
That is the interesting two-year his
tory of our company. We own more
than 20,000 acres of carefully se
lected leases in Texar Oklahoma and
0.B00.700 Kansag. We are now drilling three
wells in Texas. Our thirty-third
cash dividend was paid August 1.
Our company is managed by con
servative, experienced oil men. Send
today for our large illustrated folder,
maps, late oil field pictures, and full
information all free.
1 3
$10,738,300
200,300
1I.S82.0OO
33,442.400
10.030.700
.3
7.730.100
4.000.100
1(1 877.8(10
12 47s 3(10
8.188 'WO
1 0
MONEY-LENDING RATES
rillLADICLrillA Call, 5 per
cent; time, 5ytcc(0 per cent; commer
cial paper, three to six months, fi'i O
5' Ver cent, and six months, 0 per
cent.
J.ONnON Money is quoted ut 2
per cent. Discount rates, short bills
3 7-lfitti31! per cent ; three-mouth bills,
3 0-10(ci3Vs per cent.
Invader Oil & Refining Co.
Dept. E. Muskogee, Okla.
EXECUTIVE
rtiMtlon Mttnt-fd by well ttlurnt-rd man
eMwrlprtrfd In biiInfj. orsrnnlzritlon of
1 iid ii nt rial plant, lie U 40 smi-H old. ban
n clear com cptton of the fi.nrt.ons of
-Mi financial end of linnlne, nnd ran act
n Trrnnnrcr, Nccretiirj or HuHlneita Man
nr with rltl.-fr nn Htabltnlied or it r.
B Nt'nnNlhIn new ronrrrn. IIiih rnrllrr rx-
P-rrirnrr- ny rnKinrrrinic riittrnuon and
training, nnd biitnf ih rprrlnri for the
Tift in jrnr. It 328. I -nicer Offlre.
CARE OF SECURITIES
INCOME COLLECTED
' jj
WE ACT AS CUSTODIANS OF SECURITIES
AND COLLECT THE INCOME AS IT BECOMES
PAYABLE, CREDITING PROCEEDS TO CUS.
TOMERS' ACCOUNT OR REMITTING IN AC.
CORDANCE WITH INSTRUCTIONS.
Brown Brothers & Co.
Fourth and Chestnut Streets
sew York Philadelphia no,ton
i
Total resources
MAWMTIEH
Capital p?il In . 7.n3 mo
rti
;that other August 1 obligations, in
-SeLidini: interest and dividend disburse-
jKHstn, totaled In excess of $103,-000,.
I With, these out of tha way, money
eeM must relax, but the fact that
became so bard to get as to
such a crisis involving 18 and
per cent rates indicates the cou-
; neeu or. accommooaiion ior in-
y iind commerce now that the re
ions Incidental to war hare been
tB8vel.
,.-. rt -month capital issues totaled
M7Q,fsl3lOO0, the heaviest monthly out
t' tst securities in several years and
Ja-stsM'1 tJMto. double those of a year ago.
sort ot mine is expected to
January f. new flnanci
mb the Urea total of
WU it smfy mo.-l
HtirrtliiB
bfen fiovernm'nt tUp-natta
iS Granted licenses to do business in this JI?;. - Ccoint 101.215.001
dry-Dirked 23u brolLm t,rv . s!1...1 , 4tln r.nn,lu fni. ,.i..l.tl T)rrril avalllbllltv
4H;30i do other n-urh .IHtHOc do . "" " "" --i- '""J,, Item. . . 311,103,700
wi-airrn niu.i n siirinu uurK" ItOnK I'll"!!
11 Ml
them were estimated, wwing to me
00 000 western and oatlve steers, and butchers slock
3, J14 1 un.enly 3l)cti0$l loner, canners and cutters.
.,.. lu-iicBuc lower, cm vea Jt lower; nest k-rade
1112 015,008 JIll.TiHi' S'jii storker. nnd feeder, strnne to i'3o higher
I QinerR sirauv lu i.ir lower.
SlinEP Hecelnts 1000 head Compared
J7 n-,3 0-,u th last Thursl Fat lamb, mostly S0o
3 311 sn I to tl .in lower, some medium trades more,
B Dili usn sheep. T.'icffll 2.1 lower: feeds-, and breed-
era .uci''l lower piier Tiaav. extreme
o.Sll.n.1
.M3.77H
i utrw if nml loans taxes, anil lor sewrur ah nth.n irw..i,M
...... .. ...., . --,... ....... ..........
inciuainic loreiirci
101.330 31(1 rl've fat lambs mnstly 2175c loner, sheep
and feeders. 30075c lower
-.J.''llt,,''-3
squabs, per dozen. whlte. welrhln . ,., il, tlnmi.nt for tnx.u ncnln-.t
ids iR.-iiiuu ja, do do -ivelshlru J""" - " , 7 -.-
lll lbs per dozen 17.100" '1 .lo
weighine h ins per dozen, sawn 7.
do, welshing 7 lbs. per dozen S4 30C5 2.1:
h-....- ii .ir iiozen
iln. dn weiiEhlna
2. 5001 50 dark
No. 2. UOC0S2.
II. 8002.23; small and
BUTTER, EGGS AND CHEESE
New York. Aug 2 nUTTER Steady to
Arm Receipts, OOIS tub.. Hluh-scorln,
.1200114 c; extras, n.ltto. Inside; firsts .11 (i
file, seconds, 30Ut?iS2Vzc; state dairy, 5-SVi
5 35c
EGOS Irregular. Receipts, 17.280 rases,
Fresh-gathered extras, .'. I ft .V,i , s'orst'e
packed extra Urals ftlW 233, storage-packed
nrsis, t 71 ti.',u. iii-iim ra,,ji nrsis iiii , ,.. 11
f3c dirties, No i ail Oloc. do No. s. 30 were long overdue were paid
use
20
ness or were uoi uascia iruiu u siuie,
taxation standpoint.
During July, the auditor general col
lected .$101,124.81 in delinquent tnxes,
some of which had been duo for years.
In the first six mouths of this year more
than half a million dollars of, taxes that
were lone overdue were paid. Since
r,.SherK" ..S4?,3i!r,nnec.l"...rn1'';-i,'r-1 January 1. 1018, the auditor general's
.late and nearby hennery whites. 0770c department has sent to the btnte trea-
gathered hlte. noiic.ise western whites I ' o ate r-.n '-. rollected ua ,lu
4Sf.10c Pacific Toast 5'.'W,1w. western and urf if-,.1lo,i).JU.o coiiccieu us tie -
linquent taxes.
difficulties experienced in locating offi
ces, Mr. Snyder sent a representative
n Dover, where It was discovered thnt
the corporations had gone out of busi-! other liabilities l.nn.soci i os.i (,ni
Total liabilities -tl2 05S.BOS J4U.5R2.S20
Memorandum- Contingent liability as In
dorser on bills redlscnunted lth or accept
ance, sold to other Fedral Reserve hanks
August 1. J.IK.2.10.000 July 23 131,000,000
southern gathered uhltes, .Minnnc, state and
nearby nennery nrowna .'nwiiic, gathered
brown, and mixed. .330 50c. fair lo prime,
43(rnar
CHKESK Steady and unchanged. Re
celpts. 3831 boxes. Plat current make,
colored, average run. 31W OS;ic: fist, cur
rent make, white, average run. 3114 012liii,
--.-.r. -.,-- ,, An.. '. "-.v.; -. -..
COlorea aprciais, osqvqsC
ctlB, V4mte. v
white ape-
Hogs at High Record In Pittsburgh
rittshurrh, Ang. 2. A new high rec
ord for hogs was made here this morn
ing, when the price
7 781 233 8 lflS S'I3
government ci edits
T'l pros, deposits H70.327.773 I172.30I1.1S.'
V R. noies In
actual circulation 203,081,000 201,002 510
F R, hank notes In
actual circulation 21,1122 042 23.4 7.1 mi
Cotton Buyers and Sellers
New Yorli, lAug. 2. October Hy
mnn, (lone, Watte, IFartcorn nnd llos
enberg Mil; Oer. Ilnrtlctt, Jt. Hub
bard, Kimball, V Gumoens, Burnett
and Stonier offered. December Hy
man, Rteinhnuser, Orvis, Itartlctt, Mar
tin, Flinn, Erwin and llussell bid;
Iteid, Krwln, Brooks, Hubbard, Jr.,
anil Cuppia offered. March AVotklns
bid : Kieffer and Urris offered
FINANCIAL
itSCOMMKKt'IAI, TRUHT COMPANY
i- I'hlladelphla. Slav 211. 1010.
N'ntlce ls hereby given that. In pursuance
nf a resolution of the Roard of Directors of
I Commercial Trust Company, a Kperlal Jleet
finf of the Stockholders of the Company will
be neiu si its general unice. commercial
Trust Rulldlnp northwest corner ltrod an 1
South l'enn Square, rhllade'nhla, Tennsyl.
r.t, , .. n ..nnn M i mniH. on i itefnitr. tne nnn any nr .inruti
.fi 800hVfld MSket iVRdtLD iS S"s ? ..ftt tr.o:c1.?- tor1 Purrmw
.ulk 12SnOULM mnlium welilhti. l'2 trs-ft fl youn ior or ininii nn inrrvHie Q-I Ibe
t'ATTII-UerelptH 17.T hea
ueli Phnlra to nrlme teem.
Asi. Oatrt t 1 I A lap At" Ituf-nt-hAH
UUtrrtf t .w .w- .. .unx-.t a.r...t, nta, IIIUOIIX, "-",.. ..J. ,u " n..
UrillUas luima ut hit v inija
BAMUEb A. CROZKR
AMERICAN SHIP
and COMMERCE
CORPORATION
Circular on Request
Chandler Bros. & Co.
Members Neic York Stock Exchange
34 Pine Street 1338 Chestnut Street
New York Philadelphia
steady to BOs lower, In between grades. 11
to SI 00 lower, cannera, joe to ouo lower;
calves, weak to .10c lower feeders steady
lo R0o lower: .lockers r,07.1c lower,
SllUriP Receipts lsno head llarket for
week: Fat lambs 2'c to 30c lower, aheep,
steady; feeders, 50c 0$ I lower.
Pittsburgh, Aug 3 I100B Receipts,
loon head. Active Jleavles, 123023,10,
heavy yorkcrf I24(f24 25, light yorkera and
pls 122 tinflss,
MIKEI AND IAMI1H Receipts, 300 head
Ktiailv. Top sheep 111, top lambs, 11.1 Ml.
CAI.VE8 Receipts. 50 head Hteady
Top 121.
Knst nuffnlo, N. Y Aug 2. CATTI.K
Receipt.. 700 head Slow Calves Re
ci -t. 250 head Active and fl lower at
1021.
HOOS Recelpta, lnn head Active and
steady Heavy mined and yorkera. 24 23s
Hunt yorkera. I23H23.30: pigs. $:323.25;
rough.. (21.50: stags. l2il.
atri-Tat. aMTl l.AMTlfL nclnl linn
Slay head. .Active and 50o lower. Lambs. 8
wainvra. evwll,iy;
UUTaYAU
r-unltal Stock of the Company from 11 nnn -
ead Market for ono to f2.nii ooo, to be offered to tho stock
"mostly steady ' holders at 1200 per share, of which one-half
ler atork mostly 'hall be added to and constitute part of the
Secretary.
rronosala
adyanced to -firf.23, Russell bid; Waters and Sellers offered. l'SSJA'Sm.
PRnposAt. ron stk.m rujirs, tanks.
etc.. for low-pressure Heating Syatem:
Department of Agriculture. Washington, D.
C , August 1. lnin. Sealed proposal, for
furnlrhlng and Installing steam pumps, re
ceiving tank and other necessary appurte
nances for a low-pressure heating system, at
Arlington farm, near uos.iyn Virginia, will
be received up to August S, 1010, and then
opened Specification, and blueprint, may
be obtained upon application to the Chair-1
man Roard nf Awards. Department of.
Agriculture Washington, P C, j
pRnPOIALH FOR OAHOMNB. oils and
r.rtEAHKS Raw Materlata Division. Ottlce I
Director of Purchase, llunltlons Duildlng. I
Waahlngton, D. C. Sealed proposals will
t reolved her until 10 A. M., September
(1, 19111, and then opened, for furnishing
gasoline, kerosene, lubricating oil., fuel oil ,
and srta.eg required by Army during Of...
tuber. November and. , Daaeinber. 1911. 1
runner loforajaUw M tjinlfaHtnn
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