ppplf$2i EVENING' PTTBLIC LEDGER PHILADELPHIA, WEDNESDAY, AUGUST G, 1019 19 GRAIN AND COTTON QUOTATIONS PHILADELPHIA MARKET PRICES GOSSIP OF THE STREET '$ 1 tf BUSINESS NOTES Retailers expect wool plaid shirts to b populnr with the women of the coun try this fall. They nrc placing orders for them In larger quantities thnu usual. Manufacturers report thnt the orders tot wool plnlris now exceed those of any other materials. An export Interest In New York re ports that Japan has been steadily buy lnj steel plate In lots ranging from 5000 to 10,000 tons and that inquiries for plates arc still beforo the trade from the same quarter. Kstlmatc as to the tonnage already placed is not avail able owing to tho fact thnt buying lias bttn done by various agencies through he different export Interests. V Buyers from South America and Mex Ico have purchased large quantities of hoes in the domestic market during .jUjelast few days. Dealers state that incso mercnants are taxing tno Better trades of shoes and arc paying top prices for them. Heavy orders for women's fall cloth ling continue to be placed with jobbers nnd manufacturers by retailers repre sentatives from nil over the country. Host of the buyers now, It Is said, are specifying early delivery In order to have sufficient stocks with which to open the fall season tu their stores. Slight Improvement In business Is no tlccd in the drestuffs market. Orders continue mostly of the small lot variety, but Inquiries are better and from some sources It is Raid that n few sUablc contracts have been placed. In genernl, manufacturers still seem averse to making contracts for future delivery, pending the outcome of legislation now before Congress. Preparations nro nearly complete for the fifth expoxition of the chemical In dustries to be' held at Chicago, 111., from September 22 to 27, inclusive. The exhibits will include dyes, pharmaceu ticals, various organic textile products, engineering nnd other devices for plants nnd factories, and Instruments nnd ap paratus invented nnd perfected during the war. Unsettled economic conditions through out the t'nltcd States arc beglunlug to be reflected in the cotton goods market. While prices for all clashes of cotton fabrics are maintained nt record high levels, nnd, for some fabrics, steadily Increasing, manufacturers, jobbers, bro kers nnd, in fact, every one identified with the textile industry, nrc manifestly skeptical as regards the future. GOSSIP OF THE STREET The Normal Credit Loss For Your Business You can buy the American's Unlimited Policy of Credit insurance on an absolutely scientific basis. This achievement is the culmination of statistical research and ma thematical calculations based on the expe rience of thousands of Policies issued to wholesale merchants in every line of trade. This enables The American Company to define the normal credit loss ratio resulting from any given volume of sales in any line. Such an event constitutes an epoch, opens a new era in credit underwriting, and will, in the fullness of time, be of incalculable value to the vast mercantile and financial interests of our country. If you are a manufacturer or wholesaler, we we shall be glad to tell you, without obliga tion upon your part, the normal loss figures for your particular house. Write or phone , us today. AMERICAN CREDIT-INDEMNITY CO. of NEW YORK E. M. TREAT, president W. J. Morphy, Mgr.; J. F. McFadden, Gen. Agt. Mutual Life of N. Y. Bldg. Phone, Filbert 5503 Philadelphia, Pa. !i Liberty Bond Tax Exemptions at a Glance HOW VOC CAN DERIVE KULT. UF.NE KIT OK THE KMMIITION PROVISIONS Of THE SKVKKAI. I.IUBKTV LOAN ACTS THE LIBERTY CALCULATOR enhances the vnlue of service rendered by financial advisers and is of great utility to investors. Over 80,000 Accurate Calculation of Exemption Shown. BANKS And them a valunble time-saver. TRUST COMPANIES use them in their Bond Departments. BOND DEALERS In rendering a true Investment service. An Opinion by Joseph J. Klein, C. P. A. I'ox Expert ol fact A'rw York Globe. '..., an indispensable tax device . . . Uxu an here to stay . . you have made Infinitely easier the task of all who hove occasion to wreatle with the problem! In volved in the 'determination of Interest exemptions predicated upon holdings of Liberty and Victory Bonds." ACCOUNTANTS, TAX EXPERTS and LAWYERS are able to give val uable advice to their clients. INVESTORS for exchange or In crease of holdings, a saving guide. Dticriptlce circular gladly tent on request, or, for $2.80, a let icill 6 lent you postpaid, money refunded if it will not do all we claim. LIBERTY CALCULATOR CO. New York Uptown Office 110 West 34th St, Main Office: 80 Broadway IlIllHIilUUlM Attention Investors TNVESTIGATE BEFORE you A invest not AFTER. Read my "FACTS AND FAKES OF WALL STREET" and find out all about the 'pups' and wildcats.' I KNOW THEM. BEFORE you buy oil, copper or industrial secu rities CONSULT ME and I will tell you the TRUTH about them WITHOUT FEAR OR FAVOR. Let me send you a sample copy of my booklet without charge this may save you thousands of dollars. , ry JOHN HOGAN, 52 Broadway, NEW YORK CITY, N. Y. Former Chief Inveatlintor of atoek frauds In the IJureau of Com merelal Frauds, District Attorney's Ofilce.New York County, X.V. , MERCHANTS: If you are a grocer, drugg-iit, hardware dealer, tobacconist, clothier, furnisher, jeweler any kind of a ilorthteper you shouldn't wait another day before subscribing to the Retail Public Ledger the new twiee-a-month periodical for merchants only. Subscribers say they have been waiting for it for years. Not a trade-paper, but an insplr ing news-magazine that interestingly tells all sorts of things that merchants want to know. Business problems salesmanship, buy. Ing, accounting, the handling and training of help, credits, delivering, advertising, collections the Retail Public Ledger tells how they are all being solved in successful stores. Entertaining fiction dealing with the sentiment and drama of storekeeping, anecdotes, verse, pho. t6graphs, new of big movements for merchants' benefit three pleasant hours of entertaining, helpful reading in every issue. Sub scription price, 10 cents a copy, ONE DOLLAR a year (24 issues). : Just slip a dollar into an envelope, with your letterhead or name and address plainly,, wriH,'aid it will be sent on the firsthand third. Tuesdays of every mmmfk raw evywr' Additas Keta.il Futallo Lads-Wv Z30 Public Ledr IWWit, Pamela), IV. ft , ;. BROKERS ARE OPTIMISTIC OVER OUTLOOK IN STOCKS Shock of Monday Has Been Absorbed and Rising Market Is Expected Gossip of the Street TUB favorable turn in the stock market yesterday brought about a mneli more optimistic fcellnc among nil eludes In the tinatielal dtttrict. Toward the eloso of the session, the prevailing feeling in the street nnd In brokers' offices was thnt the shock of Monday had been absorbed nnd that a slowly rising market would follow. There was less fear ns to the result of the demands of the rnllrnnd workers, and in some instances the sentiment to "light it out" was very strong. There was very strong approval of the reported stand taken by the lirltish Government, ns given out by the ticker shortly before the opening, to the effect that the British fjovernment had decided not to Interfere in future in labor disputes, nnd while some were In favor of our own government taking such a stand, others pointed out that such n position would be untenable. The latter argued that such a policy might be all right in the ense of industries, but when it came to a matter of public nnd semi-public utilities, wheie the public would be the sufferers, the government would be obliged to take a hand. The rise In prices of many slocks during the day was believed by many to indicate a feeling in the community that the railroad men would not go the full length of enrrjing out their thrent. It was snld that the railroad men in the last analjsls are ns susceptible to public opinion as any other body of men. and would not resoit to extreme measures till every other means has been tried. U. S. Oivnership of Railroads and the Insurance Companies How the proposition of the railroad men to substitute government bonds for the present railroad issues when their plan for government owner ship would be adopted would affect the insurance companies, especially the big life insurance compnnics, was discussed by an important official of n large local insurance company. Perhaps the life insurance companies of the rotiutry are the owners of n larger amount of rnllroad hnrfds than nny other combination of railroad security owners. These linve been bought from time to time with n view to providing sufficient income to meet the reserves on the policies' issued, some of them yielding handsome returns. This official was asked how the substitution of low yield say -1 per cent government bonds in lieu of those railroad bonds owned by the insurnnce companies would affect the companies? In reply, he said that it would be fair to nssnine thnt such government bonds would be free from taxation, and that he would soy offhand the average Income from the present railroad bonds held by Insurnnce companies would hardly exceed 4 or -t per cent; he believed the tnv. free feature would about even up matters. Personally, he believed, a satisfactory settlement of the question is not far distant. Low-Yield Government Bonds and the Savings Banks A high official of one of the savings Institutions was asked how the sub stitution of government low-jield bonds for their holdings of railroad bonds would affect his nnd slmllnr institutions? He replied that, as he understood the proposition of the railroad laborers, it was not their intention to disturb the present outstanding issues of railroad bonds, but they did anticipate issuing government bonds of low interest rates to the holders of railroad stocks on the basis of a fair valuation of their equities in the piopertles. The whole proposition Is absurd, he remarked, and would inevitably fail. Uy converting the stock into bonds thej would be increasing the fixed charges of the properties, converting nn intangible into a tangible obligation. Many railroads have not paid dividends on their stock for cnrs nnd how could they be expected to pay interest on bonds representing these stocks. The whole proposal is full of many angles which, when followed out to their conclusions, present new problems ns difficult of solution ns the orlginnl one, he snid. There is one fundamental law in this country which prevents the tnking of property without due compensntlon, nnd how the people could meet the ilxed chnrges on the amount of securities necessary to purchase the rallrouds of the country would be a very serious problem. Control of Cramp Shipbuilding Stock There is a variety of opinions on the question of the control of the Cramp Shipbuilding Company I'tork, some financiers claiming the Chandler & Co., Inc., crowd have the nctunl control through the ownership of a majority of the stock and others holding nu entirely opposite opinion. One well-known banker when spenking on the subject said that from such information as reached him he was inclined to think the points In dispute really resolved themselves into the question ns to whether Chandler & Co. or the representatives of the voting trust had the better legal advice. lie went on to say thnt the voting tuist. according to his information, was never consulted in the premises, nnd he understood that if it lind been a perfectly amicable arrangement could have been arrived at. As it is he said, the voting trustees have decided to exercise their rights and will continue to vote n seini-nnnunl ."' per cent dividend till the expiration of the trust in U)""'l. This, he icmarkcd, would not hold out much of an induce ment to the purchasers of the new stock, or for an exchnnge of the original Cramp shares on the basis proposed. It is held, he remarked, by the Chandler interests that with the control in their hands through possession of a majoiity of the stock they have power to dissolve the voting trust, and he said it was his understanding they had good leg.il advice to that effect. On the other hand, he remarked, no one will question for a moment that the voting trustees have consulted the best legal opinion obtainable. Railroad Officials Reticent on Government Oivnership Railroad officials in this city nre reticent in expressing opinions on the government ownership of railroads ns proposed by the brotherhoods. The president of the Philadelphia and Reading Railroad did not wish nt this tine to exprcst, his opinion. Snmiicl Ren, president of the Pennsjlvania Railroad system, is out of the city at present, but he is unalterably opposed to government ownership. lie expressed himself very decidedly on the subject in an nddress nn the inilrnad problem in St. Louis, Mo., on April ,10 last. In nn address before the Chamber of Commerce of the United States on thnt subject he said : "Hut some nre not satisfied with n eonservntive program of rnllroad rehabilitation. They wisli to throw this $18,0(1(1,0(10.000 public service into another period of theories. Government ownership and operation is a favored scheme. The experience of the world showing its cost, lack of enterprise, nnd the fart that practically no country adopted government ownership nnd operation for purely economic rensons, but rather for imlitnry or politirnl purposes, is thrust aside, nnd due consideration is not given ns to its adaptability to our political institutions and form of government, or business conditions, nnd the effect of permanently placing 2,000,000 railroad voters on the nntlonnl payroll. No one enn tell whether tho Federal Government will be willing to pay the states the $200,000,000 in nnminl taxes now paid by the railroads, or entry on that policy which has so well developed the states in the past. Our various staje nnd city costly experi ments with public works nnd ennuis, railroads and transit systems nrct thrust aside. With government ownership nnd operation once Instituted its advocates would find no deficiencies; the latter would be hidden in the annual appropriation nnd tnx bills, or covered by continued rnte Increases. If the government is to own and operate the railroads, why not the banks, industries, stores and other instrumentalities of production? Plenty of people, closing their eyes and ears to the experience of the world, nre ready for thnt program. Food, clothes, agriculture and mining are much more indispensable to the individual citizen than railroad transportation. Why not let the government own, operate and manufacture all of them? Unsettlenwnt in Stocks Reflected in Short-Term Notes The financial institutions, headed by the Hankers Trust Company, which last week bought $iri,000,000 three-year 0 per rent bonds of the II. ,T. Reynolds Tobacco Company did not hesitate to make n public offering of them because of the railroad labor situation and the extent to which it upset the stock market. The offering price is 100 and interest. The notes are redeemable at 102, 101 nnd 100, according to the date of maturity. The decided unsettlcment of the stock market wns reflected to a great degree iu the quotations for short-term notes over the counter. The declines, ' however, were only moderate. Armour & Co Ca were quoted at 0!Wf0'i ; Cudahy Packing, "s, at 101 V4 (3101: Proctor & Gamble, 7s, nt 100i(lT101 to 1 03 (ft 10.1 "j. Swift &. Co. (is wero dealt In at lOOtTllOOVi, while the hid prico for Wilson & Co. chopped to 0D, and the offering price from lOOVifillOOVs. mpmfqmmmrm UPWARD MOVEMENT IS RESUMED IN CORN Philadelphia Markets Market Advances in Sensational Fashion in General Rush of Buying OIIAIN IlKt.T UnATItr.lt XOUBCAST Chlraco. auk II Illinois Thunder show era prouahlv tnnleht nn.il Thursday, except fair southeast toulKlit. warmer northenst tonlcht cooler Thursday. Mis souriLocal thunder shower tonlaht or Thursdaj eici-ept fair Thursdav northwest; cooler. Wliconaln Thunder showers to night, probably followed liv clearlne Thurs day moriilnic, e.ooler .Minnesota Pair to nlirht and Thursdny preceded by thunder showers this afternoon In extreme east; cooler. Ii wa fnsettled. with thunder showers this afternoon east and aouth. Thursday fair and cooler. North and South Dakota and Nebraska I'atr tonlaht and rhursdnv coolei tonlaht. Kansaa -Tart cloydv and iooier tonlshti prob-cbli-unsettled extreme east. Thursday fair, cooler en st and south Montana and Wy oming Fair tonlitht and Thursdav, cooler extreme, east tonlitht warmer Thursday. Chicago, Aug. (I. There was conster nation in the ranks of the bears in corn today as the result of Wheat" Director Karnes's announcement that the gov ernment would not ntlont nnv nlnn to sell wheat below the guuianteed price ot .'sj.jti. ntnl the market advanced in sensational fashion on a general rush of commission-house buying and short bujiiig. There was great excitement in the pit nnd many stop-loss orders were rcnciieil in the big scramble for cover. At one time there wns u shnip renc tlnn from the first leap upward, with much feverishness nnd irregularity, hut Inter the movement upward wns re sumed. Weather conditions were fa vorable, but there were lenewed inti mations of n material shrinkage iu pios pect for the new crop. The forceast was for unsettled conditions and lower temperatures, with thunder storms over much of the belt. Oats also made big gains, being in fluenced by much the same news ns thnt nffectiug corn. Following the stntt lealizing caused a temporary setback, but it was plain thnt bears were timid. Commission houses and shorts bought. Kxport bids were absent ami a dispatch from New Vmk snid that higher ocean freight rates would prevent much busi ness for the time being. Leading futures rnnaed as follows: Corn tnew elellvcry) est I'peil Ml'jn I.OW t'lOSrt olu-ee- 1 SJ I 77 1 MVt 1 71 l.ni'H 1.4(1'. i :,7 t rJVj GRAIN AND FLOUR WHKAT Receipts. l.t.'i.T.V. bush TUa market was nulet but firm, with llsht offer lna Tho quotations were as follows: No 2 red winter, tl 31) No 1 northern sprlmr, .' an, No. l hard winter tl 3D. No I red winter, garlicky. $2.17. No 1 red. smuttv. fi 30. No. 1 red. garllck and smult. 12 34, No a red alnler $230: No a northern aurlnir $2 3"; No. 2 hard Winter. 12 30. No 2 red winter, garlicky. ti 34 No a red, smutts. 2 S3, Nu. a red. arllrkv and smutty 12 31. No 8 rd w n- ter. IJ 3J Vn S nlh.m anrlnir I 'J S ' . NO. 8 hard winter $2.32, No 3 red winter, gar llcky, $2 30 No 3 red. smutty. $2 2l: No, NATIONAL BANKS PROSPER July Capital Increase Greatest In Recent Years Washington, Aug. 0. The comptrol ler of the currency said yesterday that July growth in national bank capital was greatest of any month In recent jears. Capital Increases In July were seven times ns great as reductions nnd liquidations. During the month twenty charters for new national banks were granted and fifty-four applications for 8 red. garlicky and s'mutt. 2 27. lowar Increases of capital of existing national fciiiu.' tin ineir merits. iintibu worn fititir.ivmt ron.V Receipts none Supplies small nnd I ""J ' H WTC npprnetl. prices normal We uuoto jellow in cart J he aggregate capital of the new na tion "t ,$2"ii.j,!dfs "rVsh""" ""'' '"" tionnl banks chartered during the month OAT.s Receipt none The msrket ruled 'was $7KO,000 and the increases np .1uuVnw,", i'u".?t1.. "?a'rr'ni5!i to'location" proved for the fifty -four banks referred No 1 whit n.ivIh.'.Hc. No y white K4W W JJ'Ji N 3 v,hie. S.1HWS4C Nn 4 white. r iii'H Receipt. to nsrKroKatrd $12,000,000, mnkhiK the totnl inrrongp resulting from additional (Hi firm M. I., m-fim (..! . ...1 .. I .a! 1 I .. I i ne mflrkot wan dull and nonilnnlh un- . .. rhftnirwl Thn n .. 0 (.... ....- ., i f.s1. lews. To arrle, ier 1ml lbs . In 140 pound Jute sacks Winter atr.ilht west, jrn. old. $10 7S8 11, new $'i 73010 23: near by, old. linfnu.ift. new li)7.'ieio Kansas, straight new. $11 2MH 1 5u. Kansas, snort patent, old J12W12 30. new. lit .llllflll 73. sprlnit, short patent, old $13(!l 13 511, do. 1J10' "Id. $12.60SI'13. do. rtrst clear, old. HYE FIXLU was dull nnd unchanged. We quote at $8 HOHTii 23 ut barrel. In. sacks as to nuallti from new hanks chartered in the month of Jul $1.1,44(1,000. MONEY-LENDING RATES XBW YOHK Money on call, mitod collateral, opened at (1 per cent for lend ing and renewing. On iill-lmliu,trlal col lateral the opening rate was GV- per cent. LONDON STOCK MARKET Exchange Is Listless, but Underton Steady Grand Trunks Improve London, Aug, 0. Uelng without a leader, the stock exchange markets wero listless toduy, but the undertone was steady. As a result of a more hopeful, view of the labor situation, domestic securi ties displayed more stability, and Grand Trunks and Argentine rolls also showed improvement. Oil shares showed strength in spots and the mining department was softer. Tacony Companies Merge Tho Tacony Rteel Company of New York and the Tneony Ordnance Cor poration of riilladclphla announced yes terday that the latter had been pur chased by the former' nnd consolidated wtith it. The Tacony Ordnance Cor poratlon was orsanUed in August, 3017, and i manufactured large caliber gun tortt fir the. United Statw. The OsMtipany snciaiuef"ip liio.awnuiac Philadelphia Western Fiscal Report Gross revenues of the I'liiladelphin and Western Railway Company for the year ended June .10 ore shown in a report issued today to have been S.'dlO, .101, ngainst $."..18,1.17 for the previous year, or a gain of ?."2,1C4. Xet oper ating income for the jear increased $11)01, Income account for six months, ended December .11, 1018, hlinws grosN revenue of $.1.1.1,481, nn increase of $28,8411, nnd it decrease in net operat ing Income for the period of $11,107. 1'resident Xewhnll in the report says that the company's contract with the Adams Express Company was termi nated in September, 1018, when the express companies were unified under government control. Reserve for pur chase of additional ear equipment hus been increased to $2S,100, American Tobacco Pays in Cash New Yorlc, Aug-. C -The American Tobacco Company, declared a quarterly dividend of fi perjifit, payable In cash, The cowpflBJ' has Vfn paying dividends i scrip at this rate; far the last jar Hei't 1 7li Dm- . I 4S Oats Pipt 72 Dec . 74 Pork fept. I..nl Sift. .31 r.o CM Itlk-a Sept 7014 73V 72H 7.V, ea'4 411 00 4.', Oil 411 40 44 so 31 CI", HI 40 .It 20 ao.iio .11 4a ,11 2.1 an r.s 30..", 20 oo 211 no an 30 as S2 on 4S 10'C, 20 4 II '4 II SECURITIES AT AUCTION The following securities were sold at auction today by llarnes & I.ollnnd : .Shares 1 John It Stetson Cnmpnny pre ferred, par SI 00 l.-,3 20 North Philadelphia Trust Com pany, par $.10 . 1S.-,H 2 Philadelphia, Traction fimipanj , par ."0 07"; 2 Thirteenth and Fifteenth Streets I'asMeiiKer Hallwav c'ompam . 1SUH 1 I'hlhiiUliihla National Hank, wr $100 I". 10 DroM-rs and Merchants Hank. par J"0 . . C.O'i 10 Drovera and Merchants Hank: par $.Ml . . Oil 3 Market Street Title and Trust fompnn par $iil 1st 3 riill.idilphl.c Trust Cnmp.in: per $lnil . . . . 000 1 ridelltv Trust t-nmpan. par $100 .'.(II 30 Hunts tn subscribe to Commer cial Trust Company at $21111.. 1" Mutual Trunt I'minmnv, par $Vl ."ill Philadelphia I. Ife Insurance Com pany, par 510 ... . 1 IYnnsInnta Academy of the Pine Arts, par $inn 1 Pennajlvanla Aeadt my of the Fine Arts, par $llm H CJcoru-e II Newton Coal Compan) preferred, par $100 . . GOoo Klec. dun Co . ar $1, lot IIONDS $30110 Public Serlcc Corporation of New Jt re . ." pi r cent, tri n eral mortgage (slnklne fund), coupons April and October, due 111.11) . . . 10110 Phlladelphl 1 Suburban Clas and lTlctrlc Company 1 per cent, first and refundlnc mortaaKe, coupons lebruar and Au KUat. duo 1II0II ,U0 I'ocohnnlas Colli, rles Comp.im ." tier ctnt. first morta me coupons May and .Nnwintur due 11117 . . . 10110 I.ehlch Valley Hallrnad Com puny. 4 per cent' m-neral con solidated mortaraRe. coupons May and November, due 2HH.I .100 Alllaucu t.aa and Power Com pany .1 per cent first and refunding mortane coupons June and IkemlMM due I'M.! 1000 Columbia and Montour lllectrl. Companv. .1 per cent first mortitaae coupons rebruiry and Auuusl. due 11)1.1 1000 Tenn Public Serlce Compan Ti per cent, first mnrtBHice, coupons February and Au gust; due I !H''.' 1000 United MtutPH I.lhertj Loan. HH percent, "first." coupons Juno and De ember 11: due Juno 13 in IT .... 150 United States Liberty Iian 4 per cent "stiond." coupons May and Now tuber 1.1. due Nu ember 1.1. 11142 1000 United Statc-a l.lbcru Loan 4' per cent, "t.ilrd," coupons March and September 1.1, due September 1.1. 1H2S .. . " loot) North SiTlnstlold Water Com pany. .1 per cent: first mort K.cKt , Januan and Jul . due 1H2N .... 1000 Indianapolis Traction and Ter minal Ce.mptny. .1 per cent, rtrst mortixacp. coupons April ..and October, clue Januao 1033 .... ,1000 Southern Traction Companc CTlttsbursh) r p-r cent first mnrticiiue (collate ral trust), coupons April and Oe tober due 10.10 (certificate of de posit Philadelphia Trust Companv) . . 200 United (Lis and Electric 200 Chicago hub tias and Electric S7'i 10(i 74i; 81 St . so on ns1; 17i 112' t 30', 10H lft'4 Financial Briefs tan'M'ctubw a4-llr Ulf;' ' iib4 a-MA ; ft sJIk.aAa.JictkiiJi.jiCi. ju.Ji.O. J3lHUUl.ixtSf MfcMM MMM m EJfaH..- "- ,M The New York stibtrensury lost $178,000 to the banks jesterdav, re ducing the cash net Rain since Friday to $3,124,000. Sales of War Savings nnd thrift stamps throughout the country in July amounted to $."i,17(I,SlVi. ns romparril with S211.-U7.IU1! in July. IMS Sales this July established a new low monthly record since snles of stamps were in augurated iu December, 1M7. In July the I'lilted Stntes purchased obligations of foreign governments to the amount of Sii7.fl.i0.000, which com pares with $."4,7."0,0()0 in June uud with S34:,-iS.',000 in July, IMS. Stockholders of tho Commercial Trust Company, at a special meeting jesteiday afternoon, approved un increase In the capital stock from $1 ,000,000 to $2,000. 000, to be offered to stockholders at $200 per shnre. One-half of the amount Is to be added to surplus. The stock-listing committee of the Philadelphia Stock Exchange has ad mitted to thp unlisted department of the exchnnge Tradesmens National Hunk, full-paid receipts issued in connection with stock allotments authorized July 18. Mtdvale Steel and Ordnance Com pany reports, for the tpuarter ending June 80. Surplus after charges and war taxes $fl4(l,2ti7. equivalent to 47 cents n share ou $100,000,000 capital stock, (par ?f)0) as compared with net proflta of $2,750,107, on $1.87 a share fat. preceding quarter, and net profits a!8,rU5,ri-lli. or $4,27 a char ot cor- .uiufA k4iJM , .i. !jnfr 5rL GOOD BUYING ABSORBS OFFERINGS OF COTTON . MarKet Quickly Rises 40 Polnt3 Over Last Night's Close. Liverpool Purchases COTTON HEI.T WXATHnn, CONDITIONS New York. Aucr. B.-J-The- following temperatures cvera recorded In tha cotton belt this mornlne. Sin Antonio, 72: Vlcki hurir. IVns-icnla. Macon Knmlil and Atlanta, 74. Cnrnus Chrlstl, Montiomery and Aueruata 7fl Tort Worth, New Orleans, NashMllo Savannah vWlmlntjton ami Jacksoncllle. in oalceston. Charleston and Tampa so The foliowlrs- precipitation . was recorded- Atlanta. .01; Auamsta .001 Nashcllle 10: Charleston. .22; renmcola, 34. Mcrldla'i. 40. New York. Aug. 0. Considering the extreme weakness at Liverpool at the time of the opening of the cotton mar ket here, prices locally had a very steady undertone, being only 0 to 23,' points net lower on the initial call." There was a large accumulation of. eiCVeelnr- nrdar. n.-noitnU .ih1 tlA. ....... I he tune money mnrket continued ex- I , tremeiy quiet with quotations unchanged K00'' '"'.ving by the trade, which ab ut (i percent for mixed collateral ancl 7 sorbeil the nlTerlngR nt the outset, per tent for all industrials. j Clear warm weather over the belt nnd i continued unsatlsfnetory labor news were virtually Ignoied early, and at the end of the (irst twenty minutes the mnikct wns 40 points over last night's cent; time, r:)4(T(0 per cent; commer cial paper, three to six months, yA ,"Vi per cent, aud nix months 0 per cent. PROVISIONS There was a fair Jchhlnfr demand for most descriptions anil calues iceneratlj ruld Me.iel Tho isolations were ns fol ,)'". ."'cf. In sets smoked and air dried. .,, . knuckles anJ tenders, smoked and alr-elrled. ,-,.-., pork famllj. ,17c. hams. K. I1 cured. Ioohc. :tti'i?4le . do. skinned. loose 37 1l 3Sc. do. do smoked. 37W3Sc: do. bellied boneless BOc , I Icnlc shoulders. r 'cured, loose 2Klc, do. smoked 211 V .10c. I'tllles In pickle loose 30c. breakfast ba con, 43c l lard 37c REFINED SUGARS U..,l .. .. . .. .... .. .-ut,,Mi-i. were small and the marKet. was, ".ulel at He fcr line granulated DAIRY PRODUCTS Clli:i:.Si: The market ruled steadv nt the l.ete d.clne. with a fair outlet for reallj One stock '1 he epieitatlons follow New Yorlc and Wisconsin 'ehole-mlik flat. , current make fanes 3333(,le, apeclals hlKliei: Neev York and Wisconsin whole, milk Hats current make, fair to icooel. 3lVi -'-,e. famv iroods jeihhltnr at 3I4T31C l III TTI.R Demand aim fair anil prices of nno Koods were Sc hlnher cjuotatlnna- Solid- i packed creamers, extras. .IIVjc-; hlzher-s. or- , Inu sands, film W.lsi-.e-. Che latter for loliHnr sales, extra tlrsts .1.1c- firsts a"M, co-14i4e I 1 i . , i e n .. i rnoe interests c seconds stiff L" ,weeY rr.mVr": thoieVfi; ' l'"lods np to and including a fifteen- I ,,, 8(.,back. howcv J. it " """ o imr u Konu, n-i vt (1HV .nnuiniy IlUMlfi. fn rif V tlf-lltwl- nt nsslnt. Inl.l.ln,. .. I ' I.IIJlHe, fair to eholce. .HfillOc. of sixteen h,t,clH .strlctlv line eifws continued scarce I LONDON Money is quoted nt JTs close. Liverpool was opening. The early advance enrrled prices up n buyer after the andflrm Meellum and poor stock was nlcn tiru! and dull Quotation. Free ,i,es near I. Jl.i.llU p.r cra'e: eurrent receipts, that will siade J1.1, luir to ireieid. $13,105(14411. western ,tra firsts. $11110 per ease, firsts, 14 4nofl.1, nearbc and western seconds. $tn smif la un fancy selected ernss Jobblntc at .IKUble pe-r dozen POULTRY I.IVX t'hol.o stock sold and ruled firm, with supplies well under eontrel Tho eiuotatloiis Fowls la express, 3Ve?3l.e; exceptional lots hlclie r; sprlnit chickens, broilers. not I.ecrhorns. c-llow-klnne-d. welahlmr lfcfo lbs apiece, '.strf40c, ex ceptional lots hlehe-r, spring chickens, br lit ers, not Leghorns elbi -skinned welah Ing lCclV, lb apiece-. 3IHT37CI white Leg horns. ellcw -skinned weighing 14 - lbs apiece 33CT?34e. white Leghorns. edlow skinned smaller sizes, StK'tSJo. elo. IVkln. eld 2sff3i)c. do. Indian Itunne-r old. 2tlSl) 1'se. pigeons, old. per pair. 401c'4.1i , do, oung per pair 3.1Ti 40c. l)Ki:SHi:i Fowls wero in fair demand nut, n..tu; ,,,i,iiiiiK , jiil nine iui, .,,, i - - , , .,. weaker The following are the quotations: e'hangc mnikct today, r rancs broke I-. Fowls, frcsh-kllled. dry-picked. In boxes, .,,,,, !,,..- ,,rr,,eln- nnil ere-lt- welghlng 4 lbs and ocer apiece, .lnc- cciititiie.-. on hem olterings anil grc.u- welghing 3H lbs.. 30(H37c!. weighing 9 ,,,- (lecllnes were recorded in III t-. Swiss lbs apiece. 335fJ4e, smaller sizes, 31 , , , , nu c!.. 32c fr.sh-kllied. in barrels, uncy. dry-iiinil liclglnu frnncs nnd pentas. htci - Picked, weighing 4 lbs. and oer apiece, l: drlineel H cents. Siic. weighing 3U lbs.. 3:.O30c: weighing .1 ""g ucciinett .) etuis, lbs. 3:!tf.Y3c. smaller sizes 30K3lc. old Onotiitliins were: Demand, -J..SU, per cent. Discount rates, short Dins, about forty-two to fiftv-five nolnts .'! 7-l('i(7:ii... per rent;, three-iuonthnliove last night's close. There was bills, :t ll-UI(f,:i';M percent. conshlerahle trade buying as well as I coveting, but around the 32- cent level Reserve Banks' Discount Rates offerings increased somewhat, and Ofticinl discount rates at the twehe ! ,,,lm' ye "'"'t'""' of twenty to fetlernl reserve banks were as follows: '";n-ve points following the publl r'ri.o ,( ..l,.mn -Ivna rot... fo- n , '""."f the weekly weather report. "I 'I rarln infsnAn am..$Ih..J i 1 -. ...1 ...! I 1...1I ... - ...n.e-iin lemeiiiiie-ll io uuy on ,'" " "U""'R u ",ll,.u, the setback, however, and the market ty; the second for a perioc sh(nVP(I KPnornUy Rt(.ad , ft to ninety days, the third , ,.:,.,. ,vr),klmr cm tn :t '.) f. n and fourth columns give the rates for Ucr. or nbout forty-nine points net rediscounts of collateral loans secured lu'gher, by got eminent bonds or notes.) Trading wns active early In the morn- cjom-l paper 9( ilm't paper iK, i)llt became comparatively quiet 1.1 days dais Llelaia daa later. J lie receipts at the ports for the day aie estimated at I.", 000 bales, against 14,111! bales a week ago and llnston . . . 4 New- York . . 4 I-h1lH.li Iphla ... 4 lllehmnnel . . . . 4W Cleceland 4U Atlcntic .... I'l Chicago 4 M laiuls ... 4 Mlnne ie)slls . . 4W Ieellas 4i Kansas l'lt 4Vi Han Fr.tnclJLo 4U 4 s, 4. i 41. 44 l 4'. I 4 l!i 4 4. Hi 4 5 41 r. 4'4 4 4 4 4'i 4 4 4" 41 4' 4". IV 4'I 4! 4'4 4! 4' 4'i FOREIGN EXCHANGE New Yoilt. Aug. II. Conditions bor dering on doinornlmitlon prevailed in the earlv dealings in the foreign ex- "(50 hales a .iear ago. Yest Toelay'a cose open Sept 31 Wli.lO .... Oct .11 AT.Itm Nov ai .17 U 110 8150 Dec 31 ;ai?s SI 70 Ian ::t Baffin 31 .11 March .... .11 ASW7-J .11. 4S May 31 "Hit HO 3100 10:40 iao a. m. .11.0.1 31 ,10 33.20 31.02 P. m. 3l',CS 31.6.1 ai.TR 31.73 Liverpool Cotton Lherpool. Aug. 0. There was a fair I demand for spot cotton 'oday with pi ices easy on the bnsis of a decline of ,"!) points for middling nt 19.20d. The sales were -1000 bales; receipts wero '.",2.000 bales, of which 11.000 bales were i American, htitures were unsettled .In roosters dry-nicked 2;ict broilers Jersey. ,.,. , .,, . e i. ,,!,.. t r.' . nnltloa .......... . ..... .. . .. . fini(,. -..,, : i i .mi i in i i. i.i.m. ,,,u.. ., is'CJtioc. ecu, ocner nearoy. .i'1'iia-.e elo, ' - , ,, .... the earlv lle.nlinl.'R Jsnof nr mb ..,. western. 31ifi'3sc. spring . lurks. Long Island. 7 (JO lire checks. S.S7 . cables, S.S.. ; , "" rrl ura' "h p ' nricCR : 8.1c, squabs, per dozen, white, weighing ., . , - ,,, . i,i., -,-,. ,,iiel. American, minding fair, 21. 7,1(1: good 11K12 lbs. $s .1000 -: do. do weighing Swiss checks. ...1.(1 ; coble.- (S, guild- ,,,,,' ,,.,,,. r i, , , ,fc iiiilo lb. p-i doven. I7.iiis7n-.m- do. o ... , i i.s -atu.- enbles. .17:); ; pe-etas nilclilllng. -l)U)cl , fully mtdelling, weighing 8 lhi per dozen, 1MB 7.1- dn. i lf ' u ";' ' V. ' ,,.n-. ... ,. lO.SOd ; middling. 10 20d low mlclclllnr do. weighing 7 lbs., per dozen $4 r.OSf .1 s.l; rhecks, lH.'.l," ; cables, lO.O.i ; Stoe'k- i '- V ' """'""'k. i.i.-i u, low miuclllng, do do within iiiic'H is per eiozen i. i,,.i, -m Ml e-ililes " 1.7(1 I ' ' Lid ; good ordinary, lo.SOd ; ord nary. JL'.loqnr.O dark ll.J0O2.;5: smill an4 . holm cliecks. 4..ni , (amis i.i", , . "'""'J, No. a ciocuj--. if hrlstiJiiin (liec-Ks, ii.i . -i 1 1 : cnoies, .j.ciw ; FRESH FRUITS Watermelons higher under light receipts, etheis steael We eiuote Apples, It-r basaet. lllclfC$l..-,o Cantaloupes. cccst.rn. n-r crate-. $11(2 7.1. elo. Delaware and Mao land per crate .llli-Tfll 7,1 Watermelons. Florida. Ier car $10el6?4llll. Ulackberrles. per fit . lilfii J'Jc Peaches, southern, tier crate. $J''4..'r, Hue klebe-rrles pe-r ep . ltliff-J.le Uranges, California, tier box. $.ctU 7.0.1. VEGETABLES Market generally steMidj. with a fair ele mand We eiuote White potatoes Kostern hhore. Virginia per bbl No 1. Sllflll.10; No. 2, $J .Kltf.t .111 elo. Jerse-J. per basket No. 1. Il.-Oltl.tei. lower grade s. .1o1t 7.1c. do. per 1.10-pi-unel sack- $1111112.1 Cabbage. lVnuslanla, per bbl. $1(1 2 Onions. New Jerse, per basket $1 Pile 1 .10. elo. do, per bush -h.cmpe r $1 211c 2 LIVESTOCK QUOTATIONS rillc-ago, Aug el IIOC1K Uecelpts 70110 heae Mostly stearic isterda a low time good clearances g mil and choice- hits clos ing strong pigs1 mristlc 2.1c low-e r Top $22 2.1 h-ac, $20 l'lW-'J In medium $'Jo J.I C22 2.1. llghl weight $20f(22 1.1 IWhl. $IU2.1lcl21, heaw peeking sow a. smooth. $UHf2il. packing sows, rough. $1S5 It), pigs. $17 .In K 111 CATTl.i: Receipts 7100 he nil Killing grades strong te 2.1c higher better graeles advancing most: feeders Hle.edv tet strung. calves r,l)e higher. It. i f ste, rs. choice- and prime. $17 2.1 IS lln. im-llum and gooel ilJ 40017 2.1 commi.-i Sill 12 III, light wfl-iht gooel nnd c ti $llfrils piininiim and medium. $H .101114 lunch, r heifers $7,e4 1.1. cows $11 7.1fi 13 IV cale. $17.2,1 "iS 2.1 I HHKlir Uecelpts 20 0110 head Western latnbs moscl loft 1.1c hi h r Ceoice -i, Ington lambs. $111 7.1. uuttvc stead to stronj .Sheep rlow- bleldlng lowe-r fei ib r ate auj Kast St. Louis, Aug 11 IIOC1S Itecelrts. 700O head Lower Top $JJ II) bulk, $'1 7.11122 2.1. medium weight $J1 7.15i' 22.40. light weight. $21.101122 21 light lights. $20 21ti21. heaw picklua sows, smooth. lltilf'.'O. packing sows. ruuj.,. $17. .10 5 111. plg, $121(20.10 C'ATTI.l; Receipts .llillll head Strong. Ileef ste-eTa me-ellum anil hecvy weight, medium ant! good. $17 2.11c 17 .10. common. $IHfl2 7.1. light weight gooel cheilce. $lnci 10 7.1, common and (nullum $Hl1c 14. buteher crttlo heifers $7 7.101.1 30. cows $7,10 13. canners and cutlers $1,101(7, veal calves, eight anil handc weight $146 17.10. feeder steers. $7.100 12.111. stocker Meera. $7ttO .10 HlIKia'Itec tints. 3.100 heed Steadv to hUber. Lambs S4 pounds el iwn. $14 2.1 10 1(1.23: culls and commein SiKcll earllmt w-ethers. ilotill. ewes medium and c he-Ice. $s..10ul, lulls and common. $3H il Pittsburgh. Aug ll HCXiS life. Ipta, (too head; 0.1c to 7.1e lower Hea $22 22.2.1. hea mixed $22 .101c 2J 1$ np-ellui.i and hea $22.71W23 pigs nnd light Jork ers $21 7.1 il 22 packers. $141(111 CATTLE Receipts lione. Sttnd Calces, receipts 3')0 hean Htecdv at $2o. hHEHI' AND IMIIS Uecelpts. 300 heael hheep 21c lower at $10.73 Lamba ate.-eely at $1.1 .10 East IlllfTalo. Aug 0 CATTLE Uecelpts. 700 head Mteadc Calves re-cc-lits 2,10 head Steadv. $Hfi22 HOOS Receipts. S0O head Steadv Heavy, mixed anil vorkers $23. light vorlt ers. $2217 22 21 Pigs. $.'2: roughs $20& 20 2.1 stags I12W17 SHEHP AND IVMRf Jleceipls light Steady and unchangeel South Omalill. Aug B IIOC7S Receipts. ROOO head lie to 2.1c lower, closlnvr active ' Hulk I II 7.1 II 20 .'.1 ton $212.1 , CATTl.i: Receipts. .1100 head Corn-fed i stenely grass-killing cattle strong 21c higher etoekers tend feeders, weak rlllliUr Receipts. 32.000 heae-el Killing rlaaaea, Arm (-..eeiMiboerele e-liceks. 21.70: cables 2170: llelgiiim checks. 7.!2; caliles, ' Refined Sugar Unchanged 7.00 ; mark cheeks. (i',c ; cables, d'4 ; New York, Aug. 0. A slight im-' rubles, 7 cents. i provement is noted in the local sugar In the early afternoon finncs again , situation Inasmuch ns the raw products low ei ed their record, falling to 7.(54 for show n tendency to increase, but are checks and 7.(52 for cables. , still far below requirements of the fo sterling vvas better, impinving to cal refiners. With the marine strike 4 .III", feir demand nnd 4.H2V, for en- settled nnd out of the way and with hies "other cpiotntioiis were without , adequate tonnnge to carry the raws from appreciable change. r,,l: to northern ports it is believed i that refiners before long will be in a BANK CLEARINGS position to increase their meltings. .- Hank cleat ing. ioda compared with cor- Otherwise the situation remains un responding d.ev Ust two sears changed. Haws are unchanged at 7.28c itllO lUlel I"''. ... f., Of! ili.r-e-oo cciiteifiiolo it. a . Thll:i .SllS 3UH.77II $3S 12S 37.1 $33 131). I'll " " " ......-. in-lineu ltoston (10.770 4S7 4ll.ri23.Cll2 .33 N Y R31 4111. .133 r.4s.ol1.4l 4SS Itti tllnore 17.10S .-!.( ll.si.e.uni Chicago 1II0.SH4."13 33 131), Til ' -- f,...-,. Ji.rune(l 33.7I1.1.D7H Migars also are unchanged at Do less ss. onii.473 I)0r ,,,,( f()r (.asi, for fll(, gmnuiatjj SS..13S.413 71.010, .ISO . GOVERNMENT BONDS BAR SILVER Commercial bar silver vvas quoted in ;J regi.Trcds.'lilSa. New York today nt .M.ii'.i'N. an increase , Panama coupon ;. i-s. of -y,e. In London tho prices advanced J Toun .l"., in tl to )(!. lnas mm i:h- CH1CAGO BUTTER AND EGGS Chlcngo. Aug (1 "' 1 U HS7 tubs Steadv I' r 4S1(.11e. seconds 4111(4" rilllrt Tlecelnts 11 4117 Firsts 414 fl'42,ic, ordln 40c mlsn-llaneous 3S1c4i'-c Receipts. i !lrts. s Ste-edv lrt :l'i r-enama regl"tered .Is. lDfll 1 Philippines 4s. 11114 Philippine 4. l')31 .. PhlllPPlpe 4- 1H1II . .. V M flovt coupon 2s. 1030.. . f s Covt registered 2. lotO 1- S flovt coupon 3s. 11)40 r S flovt registered 3s l'Hil., 1- s flovt coupon 4s. 1112.1 (' S C.ovt registered 4s 11)2.1 l Dlst of Columbia S-flrn. 1021 Hid ns 1H 0S, OS. ss (!S (10 Ask OS 02 an 04 Vl . en na . ims mo P'll, 100" . 8!) 92 u ioii'I 1)7 lonn, inn- 100 sj li BUTTER, EGGS AND CHEESE New York, Aug (1 tU'TTEIl Hrrn-r Re celpts. 10.771 tubs Illgh-srorlng I.IW.I.Htc: ezttas. .14Hc. outside, firsts .i;.14c. sec onds. inWIT.ime. slate dslr Y1S 11.14c EC. OS Irregular Recelpls 2'i,7ll3 cases. Fresh-gathered extras, .l.innnc. storaga packed extra firsts. am ".lie. storaga packed firsts. 47'A Cf.lOc, gathered extra. Arsis, (lltfllSc. dirties No 1, 3lnS40c. No I 2. 3tltU3S checks under grades, ",OT33e. Hrsts. 47d?,10c seconds. 411?40c. state and r.earhv hennery whites. fiTWTOr gathered whl'es. ,10f.1Sc. western whites. 4S(B.10c, Pacific coast, (lOtfftlSc. western and south ern gathered whites. ,10.1lle. stjte and nenrbv henoerv browns. 3S1i12c. gathered browns and mixed colors, 331.17C, fair Iu ClllinSIl weak Reeelpta, 4HII4 boxes, "sr Flat, current make colored, average run, - - 3ii IT32HC, flat, current make, whites, average run. ,1tW032Hcj colored specials, SS 32HW33VCI whlta specials, H'.'H (3 33'i c ZZZ London Metal Market New Y'ork. Aug a. Cable advices re- !" reived at the New York Metal Kxrhange ciuetea prices in i.onuon cnia morning rollowat nn apex, txt uncnanrea I,,... ions 10s. a decline of 14(1 Ifls. trait: 127H. unchansed. Hales spot. 2U tonasafuturea. 100 Ions, standard ropper (uiir iu(urtfs.,(ve, Dovn on la xuo, es. x ''in ILU3YD Service Then and Now Years ago, when a certain college building was burned, some one asked if it was not insured, and could not easily be rebuilt. "Yes, but it will be no such building as the old one," was the answer; "Mr. (one of the trustees, a well known lumber merchant) selected every stick of lumber for that building himself." Thnt was the old ideal personal selec tion. It is not adapted to business today, any more than it would be for Mr. Wana maker himself to buy all the vegetables for his restaurant ; but it shows how keenjy that old-time lumber merchant realized the value of service. We do more than sell lumber we give service that helps to make building effective. Some day you'll build. If you want the work finished on time, see that, the lumber comes from LLOYD. NlU500 ton. E.trolytlo copper Spot, ftS3Ki Sf'lurlJf't , v-.IWi. uxx. it&. lftfli.fW f'-.'"J... i is "K--T . -J xmmusi ...... WJ'ii fl William M. Lloyd Company lli(3iAUUiaillU list a, 29th$5treet nd Jlidge Ayenqe, XYAkfy$l$rji, '- m SI i i .it 1 I fl ii l 5 I m ' f. ? TK,
Significant historical Pennsylvania newspapers