j MtMMT IHqItock exchange transaction RAILWAY PROBLEM Hgg MARKET SENTIMENT !Hgg
,i
MOR
E
IRREGULAR
ftalea
300
f 200
too
300
loo
100
300
000
too
mo
000
300
300
100
loo
1300
1309
700
130
V,
i. ;?
. fvv'j:
m Wall Street Predictions
w'Woro Made Good During
'.Vl theWoek
i,f .i
.(V ,Xew VorJi, .Tulr 10. Prlv move-
fii'Mtnta In tortnv's cinin? tori mani;
WAWr' "onifwlint more I'rr'-ii'nr. but
' aba . UlijlKHtAHA . I. h a,......... I IILI nntia
Htl trnnir. The uneven stirforo as- !
foof tli iifirt.'t ww - iiniinit after- i l'?
fc.nf the ucrk'o brn-Mlr-nlnr. formr-l, ,""
semen t. Nome or imp tn-mr irnci- i
flrA miliar nlntlnfwtl rnnltxllt tiriw.
lltl tvliluli twit, .,tni ii-nu lllp litr
ii.m"iii? irtnrwril strength of come of the
V? ,lonrlvl il'ronl stni-k" nt "IiipIi
ff j roip Xntitho-n Railway nml St I.011I1 ,
jr.'- anil Sin ..Frnurltco were tlip loading
WjlATIr-nvv pllic of mrrli!i '.Von'en
K 'Aikd'-n dampening rffp.-t upnii Hip l
li dtftrinl division. !nfnvnii.l.lo rnndi- ,
m $ irii 111 ti'ui- 1 I fun- null I II' "MIKIM I
u iiDKOTintionn to tlip new KtooK 11111c ,
'jirobnbly ncroiintwl for tin nreteurc.
', f which (o'ppl the ("took down ."! point:'. '
yJnot activities were ii.meil In mnt(
of-' the specialties which liml bcn kept
Ili foreground In the piovloiis seiislons.
Pi-iim of the rpppnt Wnll street pro
eJi'tiniy. wore nwle cnn t'll-t week. It
t fciH unfd when .the hup' -Inly I fit .lis- j
biir.fmpnl wax 'cared for. money con- ,
l!ttolif were llkclj to uork easier. In-
, j-ofnr a rail loans were concerned
triis prediction u-a4 rps'isul Thoti i
agnln a immlipr of industrial nrpi.i1tlri
). trrnt to. nnd nlinvp. prlpo tlipy were
figured out to ko if Mimo of tltr bar-
rlpr iiKint mark t artivltv wore let,
lit mm In bilef. it wan the nearest
tiling to n real bull mnrktt the street
ba cxperienee -dnPe tlie forward move-
went wad abruptly interrupted by the
money stringency early in the spring.
While there unquestionably ha been
' a yry big Improvement in market en- I
tlment. the qufetion already In ral-'od
wbctlier money condition- will permit I
material extension of market activities.
Considerable doubt on this M-oro vay
raled by reasou of .the late flurry on '
Friday afternoon when the rate for
call money wan run up to 10 per cent.
after having receded to 7 per cent, from'
J5 per cent, a result of the much j
extended demand for fuudx. in con-
' sequence of the marked expansion in
thVvulumc of dealings throughout the
I'lllmtnntinc the imeertalnties and the
restrictions of the money mirket there
Is every evidence of mbstantial im
provement in fundamental conditions. '
Much of the interest heretofore i.mni
fcited coneeriiin'! the crops was dii. 1
- pat l-d lonsdderablv In the government
trop renoit, 'nirli gave eery promise
of bumper productions m all the stanie
erons. The noHt'.cal situation, which
& is ahvay n soune of worr: during the j
.tfjnipMaeniMl war. Hpiieiir up 10 1111
niio op P3UHIHS lime worry, in 1
Sier of the two nnrtv nlatforms is
ere-1 anvtlilnc to ( ause much worr . '
Be? id; 'Ibis the fce'inu i growing more
'confident nlf the time of a successful
rotation of the nil! road p'oblem. The
street is nearly certain the rnilrntds
will be1 granted a substantial advance
in freight rates, while the the unrest
rof ljbor is feemiugly grndually dis-
appfarine.
At the current abnormal low level of
trvurily value and with the market
world disposed to take an oiitimitiivlew ,
of the future in that it U widely be
lieved the. worst tdde of the situation has I
betu long discounted by the market,
there would sceii to be excellent fouu
4ttiarlfl for a co.ilnreiietislve forward I
R?Mveiiirnt In secuiitj prices. The sit-,
v uauon, nowever. ts so neaviij piiarged .
vnu ccos I'urrenis as 10 miiKe nil
prognostications dlflicuit nnd unreli-
atlt. It is a- rase where every one1
mut think for himself nud act accord- I
ingly. At' least, wieli is the case un- I
til the market outlook in more readable. 1
STORAGE BATTERY
LOCAL FEATURE
Refinancing Plan of the Amer
ican Railways Co. Sent
to Bondholders
too
300
TOO
inu
".10
300
too
inn
tomn
.vio
inn
1110
M0
310
too
nioo
ism
400
211
.till
lino
too
10
1000
1A1I)
Hi)
310
100
100
010
C3 1II
100
310
710
J i)0
201
200
100
810
in
mo
11 10
mo
too
!(
330
17)l
2 JO
1200
000
900
1010
103
loo
100
210
109
400
1900
210
500
2200
310
210
R10
All
7X1
230
200
200
1011
13111
200
201
20)
14 HO
CJU
1300
700
400
1u
100
103
2 H
6900
100
1C900
7511
101
100
2 On
2(10
too
100
Dlv.
ill' I With
. AdvnncA Rumely . . 1 3J4
AJx Rubber 5H
Alaska Juneau Q M... 'i
1 Allla-Cholmer 38M
7 Allls-Cholmerii pf ...19
Am TJect Knffar 94
, 10 Am Bosch Magneto ..llflli
Am Can 43H
18 Am Car A Fdy 140H
7 Am car & Kily pf....lo
-80 Am Druz Syn Uli
Am Hide & Leather.. 17H
7 Am Hide & Leather pf '5
4 Am Tee 4S
Am Ice pf ec
Am luternnt Corp ... 8
0 Am Locomotive 102
.. Am Safety Rator . . MIS
Am Ship & Com -?(
4 Am Smelt & Ret .... 2
7 Am Smelt Seo pf .... 02
3 Am Steel Koundrie. . 3H
7 Ame Huunr Ref 1MJS
7 Aln Sugar Ref pf . ...lOHli
10 Am Sumatra Tob .... MIS
Am Tel & Tel MK
in Am Tobacco 2"
8 Am Tobacco pf new,. 88
7 Am Woolen MH
.. Am Writing Paper pf 4
4 Anaconda Cojwer , A1
.. Atch Tod & St Fo HU
.. Alt Blr & Atl K
10 Atl Oulf & W138. .1
7 Austin Klcholaa Ino pf MM
.0 Daldwln Locomotive.. I'm
.. Raltlmore A Ohio .. .'3 ',4
4 Baltimore & Ohio pf.. 44
5 Bnrtvtt 14(i;
.. Bethlehem Motor ... -3H
5 Bethlehem Steel B . . 3
8 Bethlthem Stl 8 pf. ICG'S
.. Brklyn Rapid Transit. II W
10 Burns Bros 112?S
.. Butte copper & Zlnr. . li
.. Butto & Superior Cop. f.
.. Butterlck 13M
,. Caddo Central O & R. Im!4
8 California Pucklnu ,. 71 IS
.. California Petroleum. 33
10 Canadian Pacific ...13IH
.. Caso J I 14
S Central Leather C7J'
4 Cerro do Pasco Cop.. 4 A
to Chandler Motors . ..l0.1'
4 Chesupcakc & Ohlo.t. 54 J(
8 Chi Pneumatic Tool.. 88
. Clilcajco ft Ot West... H
5 CIiIcoro & Ot West pf ?.1
. . Chicago Mil ft St Paul 35
.. Chi Mil & St Paul pf M3
.. Chi R r & Pao 87H
A Chi R I & Pao 6 pf. 04
. Clev Cln Chi & St L. . !
. . Chile Copper 16
, 8 Cluett Peabody SO
1 Col Graphophone .... 3114
t Con Interstate Cal M. 13 H
8 Consolidated Textiles. 37 ft
1 Continental Candy ... 13
4 Corn Products Ref... I0W
8 Crucible Steel I57J4
7 Crucible Steel pf .... t5
.. Cuba Cane Sugar .... 13
7 Cuba Cane Sugar pf 1H53
7 Cuban Amer Sugar. . . M
ft Pelaware & Hudson.. 00
10 Del Lack & Western.. 108
.. Denver & Rio Grande AV4
.. Denver & Rio O pf... II JS
5 ICndlcott-Johnson .... 80;
fcrlo !
.. Erie 1st pf 20
.. Hrlo 2d pt 1354
8 Famous Players It... ton
8 Famous Players pf... sSIS
3 Kirk Rubber 31J.J
.. Gaston Wms 4 Wig.. 13
.. Gen Am Tank Car. .. . 4J.
0 General Chem pf .... 5
8 General Blectrlo 14
t General Motors ctfs.. I'M
. (ion Mot 6 dob 73?i
Goodrich B F 04 ft
7 Goodrich B F pf .... 3
13
1 Great N'orthern of.
4 Maxell & Barker car ian
.. Houston Oil Co 100
4 lntplruuon Con Cop.. 53
.. Int Mer Marine 33 VS
6 Int Mer Marine pf. . 0ft
7 Int Motortruck 1st pf. 81
7 Intl Harvester 120
.. International Nickel.. If-H
.. International Paper .. "ft
8 Inter Paper pf stpd.. 75
.. Invincible Oil Corp... 44 JS
IhIuiiiI Oil . . 7ft
.. Iron Products Corp 8
. . Kelsey Wlftel 72
2 Keiineuoit Copper .... 37
.. Kan City Southern... 17 JS
4 Kansas City So pf...
4 Kelly-Spg T 1J
I.OW
3Aft
83 IS
3
38ft
78
14
118
12 ft
140
too
11H
17M
92H
13
Cftft
B8ft
102
18ft
:4
81
92
39
UOft
108ft
S3
93 H
221
88
dm;
48ft
57 ft
80?
8
184
22
IMS
32 j
14
140
'3 ft
01
1C8TJ
lift
113
0
V3
18ft
71 ft
Kft
1189s
14
87' i
lift
102 ft
jo;
7
fift
31
Alft
37 H
lit
51
13H
7
31
tsfS
30
12ft
no
158
95
MM
1 ft
jSTS
so
195
Aft
11
87 5
I2H
20
13ft
80
:8W
14 ft
13
04 ft
H
144
ten
73 H
84 ft
8S
;i
mi
101
itu
33
14
St
129
18
?5
75
43ft
7
40
72
37
17 ft
43
112J
Teilnv's N't
C'lnn Chse.
35li ..
etjs- sft
3
ssft - H
78 ft
94 - ft
118ft- ft
I2H .
H0i H
108
iIH- H
17M
rft . .
131
0ft ft
8 ft- ft
IC2 - ft
lft ..
S4-X- ft
03 - ft
02 n
30
120ft ft
108ft ..
tSft 4ft
93H H
220 - 1
ftS
us- w
48 IX
A7ft- M
lft ft
Mft ft
184 - 1ft
ZtX- ft
IV3J5- H
3ft
14 ft
UM
mi- h
01H- H
108 ft- ft
lift
112
9ft ft
fit -
13 ?- ft
IH'4 ft
JUS ft
.-3 -
I22M 3ft
14 - ft
87ft- 1
44ft- JS
IC2ft - 1
. ?
07 - 3ft
hH ft
a ft
35 J- ft
A2 H
3714
01 - ''
54 ft
15JJ ft
80 3
31 - ft
I3H
30-1
13ft .
"6H- H
157 - 2
P5
i3W- ft
in ft ..
J3J4- ft
00 - ft
105 - 1
A': ft
llft ft
?SJS H
2ft ft
20 ft
I3M ft
0ft - ft
81ft ft
3IH 9S
13
ft- US
91 - 1
114 ft
27
73 H H
1,4ft-
n ft
16H- H
101 2
tin- a
33 - JS
4 - ft
SI
129 - I
18 ft
7ft US
75 - 1ft
44JS 4
7
48 - ft
721
27 - ft
17ft- TS
43
U2J4 ft
Dlv.
fnl
Sties
100 a KVtlv.Hntr T nf...D9
300 i,2o Keystono T & R..... 30
300 0 Lackawanna Steel ... 77ft
18 2 Lee Rubber Tiro .... 30ft
100 (.so Lehigh Vnltey 43ft
200 12 Lorlllnrd Tob ,.110
210 10 Mexican Petroleum... 188ft
100 io Mnnati Sugar 121ft
000 . . Minn & St L new 13ft
42.10 .1.00 Middle States Corp... 2
100 4 Mldvnle Steel A Ord., 42M
15M . . Mo Kansas & Texas. , 7
21"0 ., Missouri Paciflo soli
2200 .. Missouri PaclP.0 pf ... 43ft
200 .. Maxwell Motor 12
100 4 Mulllns Bony 12
00o ... Nut Aniline & Chem.. 88
700 7 Nat Am & Cbem pf..
100 .. National C01. & Cat., n
0 . . New Orleans T A Mox. S4 ft
100 10 ncw York Air Bruke.lrl
2000 b New York Central.... 70ft
100 2.8O New York Dock 35
1100 .. New York .V HAH.. 31ft
109 t New York Ont AW... Iwft
200 .. Norfolk & Southern... 21ft
too 1 Norfolk tt Western... sOJs
101 s North American 88ft
000 7 Northern Pnclflo 73
2011 .40 Okla Prod & Ref 4ft
too .. otla Steel "J4
Boon a Pan-Amer Petro. 107W
000 7 Pan-Amcr B 1"
300 . . Pacific Developmnt Co 80
1300 s Pennsylvania R R.... 0
1000 .. Pere Marquette MW
300 .. Phillips Pet 13ft
100 .. Pierce Oil !
300 s Pierce Oil pf f"ft
1500 .. Ploroe-Arrow Motor.. 4ft
200 S Pitts Coal 01M
1700 .. Pittsburgh A W Va.. 31
300 a Pressed Steel Car ...101
100 7 Pressed Steel Carpf.. 98
200 Pullman "7ft
500 b Punta Alecre Sugar.. 102?
700 . . Pure OH Co
300 t Rwy Con Con
14510 4 Readlnir 82
40ft 2 Reading 2d pf 4
100 8 Railway Stel Spring. 00
300 .. Remington Typewriter 73 ft
200 .. Replo Steel "9
2100 8 Republla Iron A Steel. C7
noo 8.20 Royal D N Y rts 113 JS
1200 .. St Louts San Fran.... 20ft
400 .. st Louis Southwest... li?.i
100 .. St Louis Southwest pf 2Bft
ooi) ,. Suxon .notor ln'-i
313 1 Santa Crecllla Sugar. Mft
509 .. Seaboard Air Line.... 7H
400 .74 Shell Transport .
3100 .. Sinclair Oil
30(1 8 Sloss.Sheff
7900 0 Southern Paclfla .
18910 .. Southern Rail . .
COO a Southern Rail pf 50
20 20 Standard OH of N J.. 850
Hot) 7 Stand Oil of V J pt..loH
710 4 Stewart Warner Sp.. 13ft
5000 4 Stromberg Carb C2M
3010 7 Studebaker 78ft
ino .. Tenu iop A Cliem.... 10
4700 3 Texas Co 4R
20nii .. Texas A Pacific I2J
200 n Texas Pac Co-tl A Oil Mi
3710 8 Tobacco ProduciB .... 731
200 7 Tobacco Products pf. 38 ft
Aiu .. Transcontinental Oil.. l?i
200 8 Union Bag A Paper.. 10?(
400 .. Union Oil :i
3700 to Union Pacific . 110
200 . . Unl Rwy Invest pf . . . V5JJ
100 8 United Drug 110
20J .. United Drug rts ft
1500 8 United Retail Stores.. Soft
300 .. U S C I P A Fdy 18
100 5 U S C I P A Fdy pf.. 47
330 8 U 8 Food Products... 70ft
3200 8 V S Ind Alcohol .... 03ft
500 ..US Realty A Imp... 59ft
7100 8 U 8 Rubber 102ft
390 BUS Rubber 1st pf,..10rt
10810 BUS Steel 4JS
loo 7 U S Steel pf 108ft
400 7 Utah copper 70
4800 6 Vanadium Corp 91
100 4 Va-Carollna Chem ... 74
100 8 Va Iron Coal A Cokcllo
1000 2 Vlvadou Ino I8M
2300 .. Wabash 6
400 .. WabiGh pf A U'i
300 Western Mnryland 10ft
100 7 Webtlnghouso A BrakelOSft
300 4 Westinghouw K A Al. 60
300 .. Wheeling A LB 11
100 4 White Motor 3ft
900 s Wlckwire Spen Stl Cor 30 ft
2300 1 Wlllye-Overlund . ... 19H
100 7 Wlllys-Overland pf .. 82ft
1100 5 Wilson A Co 01
300 e Worthlngton Pump . . 74
300 8 Woolworth F W 107
High Low
DO
29H
77
30ft
43 JS
140
181 JS
ISHi
13ft
Sift
i-m
mi
13
175
42
S3?
t
0
33ft
101
0
.15
30 tt
I8JS
24
110ft
8 ft
J3H
H
0ft
too
98ft
40ft
3?i
45
43
IS
MJ-i
3
81
30ft
101
H
117
102 H
429 aw
18ft lW
noji
45
DO
72 JS
8P
on
11215
2AJi
I Aft
MJ4
10
22H
7H
70ft
31ft
74?(
CI ft
J7ft
ft
50
ICA
42
81ft
75?4
10
47ft
43
51
71 ft
30 ft
II. ft
Oflft
f I
lUft
71 ft
110
ft
SOft
18
47
70ft
(4
50 ft
101ft
108ft
114
lOSft
08ft
ft
74
110
18ft
8ft
24 ft
10
108ft
0ft
11
Mft
29 ii
10ft
52 ft
Mft
3 ft
10GJS
1
y
ft
i
76ft
32ft
7Aft
C5H
20 H
Toilay's Net
Cloie Chr.
094
20H
77 -30JS
43 J4
110 -
inoft-
13tft
31ftv- ft
13- ft
8H IS
Mft - H
I3JS 1 ,
125 -
42 - ft
80 1
4 -
s
31ft-
lol -
70
35
30H-
18ft .. ,
24 ft 1ft
soft- ft
58ft ft
73 ft
4H ..
28 ft JS
108ft- IK
Bft- 1JS
602
40
U
-84ft
54JS
81 -31
101 -
98
117 -
102ft-
3ft -
I6H-
91J4
45
BB 1
72JS TS
80 - ft
(Oft- JS
113 - 9
27H 1
1SM IS
20J4 W
10 ft
22M-
1H
70ft
31 H-
75ft
t5H
20H
89
r59
IS
ft
ft
JS
X"
t
!S
11
FAR FROM SETTLED
Provisions In Transportation Act
Aro Expoctod.to Croato
Difficulties
1 or. ft
t-i - 1
pift l
70ft .
10
47ft
43ft 51 -11M
89 ft
mw
OOft
11 -
uc
20ft-
110
ft
soft- 1
18
17 1JJ
ft
70ft-
f4H-59ft-
101 H ft
101ft-
lft- ft
108ft . .
78ft -pin
"There Is one provision in the new
transportation net which is going to
create difficulties in some quarters. If
I om not mistaken." said n banker
yesterndy when discussing the trans
portation situation. He referred to thnt
part where the Interstate Commerce
Commission is ntitliorlr.ed "as Mon
as practicable, after the expiration of
the gunrnnt,V-perlod to ascertain nnd
certify to w secretary of the traestiry
the several amounts necrssary to make
good the gunrnnty under the standard
contract to the carriers."
The gunrauty period, he said, expires
September 1. next, and the act pro
vides that for the. previous six months
the carriers accepting its benefits aro
to have one-hnlf of their annual com
pensation as established under federal
control.
But. he continued, In order to pro
tect the government from excessive
charges to operating expenses the law
provides thnt during thla period there,
shall not bo Included in operating ex
penses more than an amount fixed by
the commission, and the commission js
given wide latitude in its decisions as
to what may or may not be considered
unreasonable charges.
Now tlie carriers cannot, by right,
collect the guaranty till Bometimc after
September 1 nnd many of them will
he In need of funds, prior to that date
to pay the necessary dividends. Of
course, ho said, there is a provision in
the act for partial advance payments
before the expiration of the six months,
but these paymentR arc limited to sums
required to cover operating expcnbcs and
fixed chnrges.
It is reported, he continued, that U10
commission has gone on record that it
has no authority to make advances for
any other purpose, such as pay
ments of regular dividends even though
such sums may bo well within the
amount of compensation accruing dur
ing the guaranty period. Unless tho
commission can be made to change its
viewpoint, which rlnrs not seer.1 at
all probable at present, he Fnld this
situation will place some ot me car
riers wHose dividend must be paid in
an unenviable position.
The most encouraging news today,
said a well-known broker, is in the
latest crop reports. There is no ques-
I tion that more than from any other
source the stock market places the
greatest dependence on crop reports, for
good crops are necessary for prosperous
times.
The latest reports, he continued, are
most encouraging in thnt thev show
where defleieiicieK were indicated in the
earlier renorts thev seem to be made UP.
A total of 028,000.000 bushels of wheat
is anticipated, counting the carry-over
of 147,000,000 from last car, which
means we will have nvnilablc for export
about 220.000.000 bushels. Oats are
j dointj well nnd. as for corn, it is 11 littlo
SALES lU JlOOftj
rrom Openlnic Until 1 Noon . Y. Time)
no n
00 0
oo vs
no 0
oo v,
no 0
nn 0
no 0
no n
no 0
00 u
o
74
110
18JS-
8JS
2IM
10 ft
108ft
83?S-
11
10H
83 ft .
00ft
73 ft-
100 JS-
Philadelphia Stocks
niectrlc Ktoresc Jlattery was a 2.1 in 1
the sfellar nttra-tlon of the local j
market, nlthongh the tone in general
list was fairlj jrond for the half holiday. ,
KesponiHi:: to tin- iinmi'ineem-nt made
after the elo.ing eterday racing the
dividend from a 10 to u 12 per 1 cut j
bash, the stock mail" a spirited rise nt 1
the opening of over 's.'l to ISO',, a new
ton for the current movement Profit- J
taking bv those who had been picking
tip the stork at lower levels caused par
tial cancellation of the Initial gain, in
n fibsequent reaction to 125!.
Denllngs in most all the other 1
local sha'cs were small and the price
movement was mixed. There was frac
tional shading in Itnpid Transit and '
T'nlnn Traction nt 10 and 20A re- 1
rpectlvelv. On the other hand. Phila- !
delphla Electric and I nlted (!as Im
provement were firm at the top prices
of the week Pennsylvania Railroad on
moderate buying touched 40, the week's
liMi price
The two outstanding features of the
wore cheerful week in the local market
Mas the action of the Electric Storage
Unttery directors raising the dividend
rate from a 10 to a 12 per rent annum
basis nnd the publication of the plan for
refinancing the Ameiieau Hallways Co.
The former, coming as it did simul
taneously with the ratifici.fon of the
liicrvned capital stock, giving the 20
per cent stock allotment, was cheering
Iil'WS to the shareholders and bears out
the recent reports of the remarkable
prosperity of the country.
The effect of the American Railways
Can refinancing plnn. permitted b tlie
bondholder! protective committee, will
be: First, Tlie foreclosure of the Xu
1I01111I Pronertii's Co. 4-(i per rent
bonds and the release of the collateral,
nauudj. the ?!),40,.-.0 American Itall
vn)s Co. common stock; and that the
common stock thus acquired b the
bondholders' committee shall reimburse
tho treasury of the American ltailwajs
Co. for working capltul through the
subscription of second preferrnl 7 per
cent stock, at the rate of $17," as to
n $1000 bond In consideration of such
MlbU'riptlou by the American Railways
Co, common stockholders, an agree
ment hnM been made with virtually all
the banks holding the .5:i,r.O0.0H) ma
tiirinc and mutured notes of the Ameri
can Itallwuys C. to exchange the same
for a like amount of fie-yeur collateral
H.etircd bonds at pHr. Tim result would
liar Hint nt the end of the operation the
American Hullwnys Co.'s floating debt
i! be extended for the. years and Its
irretit accounts twin out 01 tue new
working capital nbtalind by subscrlp
tfcfitn to the second preferred 7 per
( j-ciit stock,
K. The plan. In effect, offers the follow
'Jlijr alternatives: First. That the de-
1 'uiwltlng bondholdera who subscribe to
.the preferred stock, as nnove, win re
tvi all the common stock now back
f (heir bonds, in addition to the nniount
With
20 Alii Insur 20 V
05 Am Strs.. 44Vj
lOfDald I.o
nref ... OS OS
122S KlecStor.l.lOVi 127
Nt
Low Clo chse.
20 14 204 Vj
44 M, 44 V2 Vj
Vi
!! 1 I Co N A .10
L"J.-. Lake Sup 1.1
.'IO I.eh Val. 4:ti
2fM)tMid Sta
Oil ... 31 i
20S Pa II II. . 40
20 Pa Salt.. tlTi'i
."() V In Wire ."1
20 l'hiln Co
cum nf IW
22 Phila Klee 22 Vj
no
V'li
.11' -j
30TJ,
(i.-,'
r.i
.".:i
ns
128
:io
in . .
43M.. 'A
3H6
40
0.-,..
51 . .
22 v 22 Vf
:to Phila rt liv's mr, m '4
.-.0 PhllaTrac ft) .ri2W. r3 U
00 Phila AW 4 V.. 4, 4U
lint Redding. !Hl,S "i "iJT 7?
2DV;
20 V- Vi
42i
8..
ift rl an inndo by comnsruon wltn lasi
.!.".tSou Hwy 2SVi
200 I'n Trac. HO
40 T (J I... 42ft -12V,
7 War I A S SA 8U
sale on New Tork Stock Exchangs.
rtONDS
High Low
C'.oio
Net
Chi.-
71
05
fi'Hl
R21i
0(1
or.Vj
02
05 . .
4
75-
I
Salrn In
11(100
' Am (ias H
Klec5... 71
4 Leh Val 0s. I5
45 Nat'l Trop
4-0s 4
.T Pa gen 4is "1"
1 Penna It K
temp ctfs.102 102 102
0 Phila Eire
1st 5s... R2-Vt
10 P II & W 4s 1)7
2 Span-Amer , .,
Iron 0s .. 07j 07 Vj 07 i
1 Inited Rwy
Int est 5s. 05
1 Welsbarh 5s 02
R2--)i Ui
1)7 1
05 Vj Vi
1)2 2
RAIL TIE-UP HALTS
TRADING
NWEST
Production Kept Down by Diver-
sion of Cars to Grain and
Mining Sections
Commodity Markets
f' r r pre furred stock subscribed. Second.
wti- yeposUlnp. but ntni-Mtib'tcriliinK.
"lnWijUitililrr will rmive VII per out of
.1 fu,fna value
Value ofi'lhclr bonds, r ."jstlOO,
lways co. nmuion
u UOllU UiUlOSUCU.
FOREIGN EXCHANGE
w York, July 10 The foreign ex
change market openlne this monilng was
Irresular with slight change Demand
rterllng waH off ft cent: francs up 3
and lire down 1 point.
Quotations wrre: , .. . .
Demand sterllms 3.04 H. cables 3 !5 ;
franc cables 11 SO, checks 1182, lire
cables 16 55, cneclcs 10 67, Swiss cables
C54. checks 5 66; guilder cablos 363,.
checks 36',i ; Belglun cables 11 OB,
checks 1107; pesetas cables 16 26,
clucks 16 20; marks 2.62; Stockholm
cables 22.20, checks 22 15, Chrlsllanla
cables 16 70, checks 16 65, CopcnhaKen
cables 16 85, checks 16 60
YESTURDAY'B FINAL QUOTATIONS
Stirling Prnc I.lrn Guilders
D.mnd . !- I10 '"57 31(1
Cblf 3 9.1H ll.SH ,n ,v, HIS
TODAY H OI'KNINO Ul'OTATICNS
Htrlln Fiancs t,lr Uullrttra
DunanJ . H 1 10 H7 33
clblca . 8.MS II " l .'' 304
MONEY-LENDING RATES
rilII..MKI-rilIA Call, 6 per cent,
time, 6 ier cent : commercial paper,
thr to six months 0 per cent
fVnt These ure nurely nominal
quotations, us the lKl rate of luterisl
In the slate of Pennsylvania is fixed nt
6 per cent. 1'lun premium and commis
sion tlm money tor thirty to ninety
days Is loaning at 8 to 8ft Per cent,
while commercial paper ftom three to
six monthu Is being offered at 8 to 8ft
per cent,) -
l.ONHON Money Is quoted at 4 per
cent. Discount rates, short blllu, 0ft
Wft per cent: tliree-moiiMi bills, tCJi
yo llrlC ut cent. Jt;
Chlcaeo. .Tttl.v 10. General business
In the West Is still being affected by
the transportation situation. The diver
sion nf box cars to the grain shipping
srrtinns and of all open top cars to the
rnal mines, is again impeding shipments
of general merchandise nnd of steel and
iron and building materials. This
serves to keep production down in
mnnv Industries, nnd to handicap
operations in many different lines.
tine of the most encouraging develop-
ments has been the favorable weather of
the Inst few weeks, which has Improved
crop prospects throughout the big grain
districts. The improvement has
been especially noticeable in winter
wheat nnd oats, two crops which were
mfferlng from unsatisfactory weather
ronditions. Winter wheat yield Is now
estimated at 545.000,000 by one expert
and 550.000,000 bushels by another.
Wording to these some experts, oats
will make a better crop and larger crop
than last year, while corn h making
an excellent showing.
As a result of the crop outlook, there
Is plenty of optimism, nnd with the
prospect of more favorable ronditions
under which the railroads will operate,
enudltlnus are expected to continue
prosperous.
fieneral business is good, retail re
norts are favorable, and wholesalers
of general store goods report the first
week of July the largest week In the ins
tor of the trade. Collections nre re
ported about 50 per cent over those of
a jear ago, which Is a gratifying iulcx
of renernl conditions.
Buyers are now beginning to come
in freely fiom western nnd southern
states-. Itetnllers nre now centering
their attentions on prepnrntlous for a
good fall and holiday trade.
Money continues to bring about the
same rates as recentl, Cliicngo bauks
quoting loans on collateral 7'u per cent :
commercial paper, " to S per cent, uud
mer the rounter, 7 per cent.
LIVESTOCK QUOTATIONS
lilMo. July 10 .1UXJB Estimated re
rlpt. fiOOil heart, left over in.nsj h'a.
Kew al' light nnl lliht numbers lOTTlne,
hlslier Others slow, but luld higher. Aver
age rnt veaterilny. ll Ml
CATTLE ntlmnted rerelpts inno head
Hinsni' RMImatert retelpia T0O0 head.
rilWinrih. I'd., Julv 10 HOnS Re
relrte 1200 head Mark-t higher, lleavlea,
tin SOfflO TS. lieim yrker IT TflfPIT
light yorkem, linHOVlOTIi, plg. 113 75
HIinKP AND LAMP" rterelnts,.. 20
head Markei tad Tup ahtep, l..in,
top lnnil-, $10 .. , .
C'ALVKtV nrlptH. 100 head Market
hlzner rop, sin
BAR SILVER
rVjiiir-Htlc l'r sliver whs quoted In
New York ivdav unchanged n.t POJicj
foreign 0'iMp, un ba Ip Iiondpn, the
price was fyd hlcber, at 621,
COTTON MARKET
New York, July 10. Heavy buying
of cotton followed the announcement of
the Nntional Ginners' condition of 72.1.
which indicated an increase of only 1.3
points over the government figure. The
same authority estimated June con
sumption at 560,000 bales, against
474.000 bales in June last year.
Tho market was heavily "oversold as
a result of recent bearish predictions
as to what the National Ginners' fig
ures would be and advanced rapldlv on
the heavy bu5lng bv three or 'four
brokers, supposed to represent Wall
street brokers.
The initial call was the most active
for weeks, prices showing n partial rise
of 87 points. Later there was a little
reaction from the ton, but the undertone
remained firm, helped by reports of
rains in the Southwest,
Kecelpts at the ports for the day are
estimated at 4500 bales, against 4005
bales a week ago; 10,618 bales a year
ago and 0151 bales two years ago.
Previous
close
. ... 3S DO
. . . . M 40
... 32. m
.... 31 01
.. . 30.no
. . . zn ns
. . 2(1 03
Julv ... .,
September
October .
December
January .
March ...
May
N.T tiros
Open 10:30 a m
30.14 ....
3's'no as' 10
31 TO 31. R0
31 20 ....
an 2. so 20
20 05 20 no
GRAIN MARKET
Chicago, July 10. Fairly general
buying bv commission houses, with nf.
ferings smaller, stiffened tho undertone
01 tne corn market this morning.
The trnde generally placed a bullish
construction on yesterday's government
crop report, lunsmueh as the indicated
yields were not quite as largo as had
been forecast by private statements. It
wna generollj admitted, however, that
the crops had made further progress
since tlie data of the government were
compiled.
hurlj ear lots estimates called for
200 cars of rorn here today. Weather
conditions were favorable.
July opened nt $1.5(1 to $1.57.
against SI. 50". at the end yesterday.
September started at $1.5(!4 to $1.57,
ogainst 1,0.1 yesterdays last price.
December was quoted nt $I.rMiV(i to
S1.40K, at the outset, compared with
$I,3R. yesterday's lost price,
Oats opened firmer, with commlsslou
houses, led by an eastern conrern, exe
cuting' hu.lng order. Offeriugs were
smnll. Trade was moderate.
Karly enr lot estimates indicated re
celnts of (10 cars for the day.
July slnrted at O.Tiic to 05-ytc,
against OPc at (he end yesterday.
September started at 7Sr to 7Sc,
compared with 77T,e, jesterduy's lust
price. December opened nt 75c to
7tlTic, against 75Vte at the close yes
terday. Reserve Banks' Discount Rates
Olllclal rediscount ratec at twelve Fed
oral Hescrve Hanks are us follows:
Treas Lib fom'l llkrs.
rtfa, Honda roper Accept
.iv 11 7
5W II T
nv: tKH r.H n
.v., r,i ii
ou 11 n
nil 0.1K AM o
b n T
nUttOH nit n
ri it 7
too early to estimate, but the Indica
tions, at present, point; to a record
breaking .crop.
With tlie exception of the money
mirket, crops have the greatest influ
ence on the stoe'o market, he Mid.
An official of a leading financial in
stitution remnrked that, in tpite o f
the almost continuous iQort for months
fiast to reduce loans nnd build up bank
ng resources, the Improvement In the
general banking situation is not ap
preciable. His own institution, not
being a commercial bank, was not nf
fected, he said, by this situation one
way or other.
It Is the same story, he said, as re
gards transportation. The, best efforts
seem to have failed to produce the Im
provement which was expected. The
most serious thing about the transpor
tation problem is that it has placed a
handicap upon every other business. In
about two months, he remarked, the
railroads will have to go it alone, when
federal compensation will be cut off.
Before that time, however, he said, we
expect to hear nf the wago decision for
the railroad workers nnd also tho ncw
rate scnle.
Notwithstanding n large amount of
pessimism, he continued, there is a
strong undercurrent of hope that we are
on the eve of feome great changes.
T.nhor, he said, is not ho loud or ag
gressive and may have seen n light, as
labor was icnming in its demands very
near to the breaking point. There wus
a limit beyond which the employers could
not go, and it moor should even yet be
foolish enough to forre tho Issue, ho
xnld, he believed it would be met with u
sharp retort that would be final. In
that event, he said, the outlook would
chbngo materially, but that he did not
He said ho looked with mlscivlne to
the time when tho merchants would at
tempt to replenish their shelves nt any
where near pre-war prices. He was
told bv a prominent shoe manufacturer
that the prices of hides and leather, ns
well as of labor, made low prices an im
possibility, und he understood condi
tions aro similar in every line.
STEEL BOOKINGS LARGER
Corporation Reports Unfilled Orders
for 10,978,817 Tons
New York, July 10. Unfilled orders
of the United States Kteel Corporation
for the month ending Juno 30 were
10,078,817 tons, it was announced to
day. This is an increase of Hl,:!51
tons trom tue previous month, when the
gflurcs wcro 10,047,40(1.
Comparisons of unfilled tonnage on
tho 10th f eacn month since 1012 fol
low :
Month of Ton? Month of Tone
J""'- AST, 'Jn JlS'Ti! Au- 101. 0,680,35T
j vu. , u,uiw,ii)ii JUly,
American lea
Co 4a
4 8TH
Amerl'n Tel
Tel elt
8 TS
A Tel Tel 51
8,.... TBU
1 TBI,
A Tel fc Tal 0a
1 93
l...t. 03U
Ang-Frtnch 0a
2 1)914
43 ....
S
1
10
10.....
40
10
n...,.
2
22
2
Armour 4 Kit
1... i.7SU
Atch Topoka" a
H Y 4a
1 72
1 72H
Atch Topeka A
H Ko aja
1.. .. 04
Atlantlo Coaat
Ii rcta 7a
1 08
Attfint Knox
vllle & C 4a
10 00 14
U.i It J. Ohio 4a
2 nSi
2 584
Dalt & Ohio 61
4 68
Dalt A Ohio fl
2 8SH
2 SO
1..... 804
11 & O I' T. H
tWV8 At
1 B.m
1 B34
B & O 3 W'n
niy sh
1..... 09
1 (10 Vj
3 004
Dethle'm Bteel
C'li 0s '30
S 78
Brooklyn Vn'n
as S3
1 71
Cenfl l'ac let
3 SOU
10 00
C & Oblo 44a
1 7014
CiOtv 4'4
4 72
Ck A v) cv 5a
B 7B
B 75
2 75
Chicago B'n 1
Qulncy 4a
2. ... 04
2 01
3 vi
1 04
Chicago Mil t.
st r i
1 04H
Chicago Mil &
St r d 4a
1.... B5V4
Chicago Mil &
St V U "2S
1 70
1 .... 7t
Chicago Ml) &
PtPcv 4Vj
1 63
2... . 01
B 03
Chicago Mil &
StP fd 4tte
7 04
1 .... 54
Chicago Mil &
mi' gin 44a
B 08't
Chicago Mil &
St P cv Ba
1 03
Chicago Rock
I & Pao fd
1 0'iH
1 05
1 .... O.Mi
1 SI
1 05lt
Chicago Ilock
J b Pao 4s
1 0Ti
7 CT
Chicago Union
fla rt 0's
7.... 102
1.... 102
Chlneae Goe't
IMC Illya 5a
2 134
City N Y 4 a
Nov "BT
1 02
Cltv Parla fl
1 94
25 04
City Toklo Ba
3..... B4
Clevel'd Short
Line 44a
2... TS
Cona'd Uaa 7a
1 00 '
Cuban Cane
Sugar cv
0 0T4
li... 074
J,!,.. 074
1 . .11711
Del A lud 7a
1.,.. 100
1,... 1004
!... 1004
Den A 11 O M
0 46i
t Canada, '81
2...,i su
S 80
Url Oenl Lien
den I Klec Ba
1 80
Gen' I Kleo Ui
1,,,. no
0 80
111 Cent 4a '53
1 04
1 0B4
III Cent' I B4i
1 8t
Imp Jap O 1st
2 TB
imp Jap U 2d
10 73T
Imp Jap U 4a
10 OT
10 604
B..... B04
Interborough
Met 44 .
2 144
Interborough
Bap T id
2 474
1 474
21.... 474
3 4TH
int'l Merchant
Marine 0a
Oregon Short
Line 4s
3 70H
1 ItiV.
P P. en 44
1..... so
Po P. sm 44s
1 7D
Penna IX II "a
1....I 88
Iowa Cent'l 4a
2 37 u
Kan C Kt S 4
Memp'a 41
1 00H
2 01
Kantaa Cltv &
South n 3s
3 B2
Kingdom ot U
0a of-'3l
10 084
Kingdom ot li
0a of '25
1
B.
4.
5.
Kingdom
glum 7 4b
004
004
004
,004
004
OOVi
004
oou
Dei-
B
10...
fi...
10...
4...
1...
0...
1...
8...
1...
6...
1...
004
004
.00",
00
lit)',
no;
00 s
nan
004
00 H
09 y.
1024
loay
1024
1024
1024
1024
1034
1024
1024
102
Lock Steel '23
8...., 00
LoulB ft Naah
vllle 4s
1 084
Louia it Nanli
vllle rcta 7s
2.... 100;
Mldv'e Steel
Ord e Ba
3 78
l.v... 70
Mln St P & 8
Ste M 4a
.T.... -
Mn Pao gm 4a
! B24
Montana Pow
Co 5a
1 78
New O Tex &
Mexico 4b
1 BS4
1 584
1 BS4
New O Tex &
Mexico Ba
B 00
M Y C i II 11
It R 34
1..... 034
B 03
S V C 4 11 II
RR9
1
B..
I...,
61 , . .
1....
1....
1....
::::
1....
Mo -Grand U
Wtavn a
1..?.. 404
flock Isl'd Ark
& b 44
2.... OS
i,.:. 03
1 03
St le t. t) V J
2...,. 01
1....: ots
..... 014
10 014
Pt Ii B K In
4 J?
10..... 4"i
1..... 4TN.
B...:: 4TH
r, 474
StLtfl Kru
Ser e A
0 B4H
B nl4
3 B4S.
7 B44
Bt Ii & 8 Kran
per 4B u .,
1 82H
in 82tt
8t li South
Wm Ba
1 B2W
St P'l Minn 4:
M Mont
2 7TH
Ftab'U A Ii s)
1 a.1i
1 38u,
8 334
Seab'd A Ii fd
1 404
1 404
B'n Paciflo fd
1 724
4 72H
2 724
S'n Tac cv 4a
2 74'l
B'n Pao cv Ba
2... . 0I4
2 004
B 064
1 PUU
S'n Kallw'a 4a
1 ot n
B bt;
B'n Ilallw'B B
1 80
Third Avenue
R r. 4a
1 40
Union Pae cv
2..,.. 704
Union Pac 4 a
2 78
1 70
2 784
U K O B I 'at
87
8T
8T
87
8T
33..
10..
a..
N Tork Dock
Co 4a
3 B8i
N Y Light II
& Pow Ba
1 TO
New T N H
llart'd 0a
1 fl4
2... . 604
N & W ro'a
Coal Co 4 a
1 T34
N"n PaclOc 3
2 B24
B 524
13.. .. 01
N'n Paciflo 4a
1...
1.
724
T24
1.
3..
1 .
B..
1.
13..
1..
4.
00
084
004
084
00
80
05
00
MORE
CONFIDENT
First Broad Advance in Security
1 Values Since tho Spring
Boom
I osttrcd on property lhvctme., "!
Anldo frhm somewhat freer nunriiu 1
money nvnnaoio ior nneenini. .."ti
Imii l,Mn Iflin ttlH. ,. ...!."' tltllJ
iir? , .. ,'., mm; iif HI m .t. .. '
stock 'market In tho way of netuaU.
IJut on upward trend to prices t Vvl'
time, Ik entirely in keen U tut ,
wnyon. It la n tlmo when the L.
try'j ogrlculturol wealth I 2A
wimnB, I'urii. cotton ana other rmAJr i
of the oii which contitntJ ; ;i,.p'?,
first bulwark nre iiiflicienti. isJ
nloug to afford nn !deaof the ,1,.".
U K O B L t
rcta '23
4 02
1.... 024
li.... 024
4 024
0 03
DKOD1I
rcta '20
3..... 88
8 884
U K O B I '37
7 so
2 8
U 8 JUxIcn Ba
3 3Ti
7 374
U S Rub'r Ba
3 70
2 70
3 70
2 70
1 014
U 8 Smelt R'e
A M'g CO us
1 004
U 8 Steel ft
B0 014
B 01
1 01
20... 014
Wea'n Ulto Rb
3 n'l
Wert'n N T i
Pa RR let
2 82
Weet Shorn 4a
I onn
3 70
1 70
a 70
Wilson Co lt
0 8T
liberty 3s ..
tlberty 1st 4it . .
Liberty 2d 4s .,
Liberty 1st 44a,
Liberty 2d 4'Ab
Libcrtv 3d 4lAs
Liberty 4th 4VIh. . M1.00
Vic Notea 3b.. 05.08
Vic Notes 4 s.. 00.00
High
01.26
80.20
Wi.72
S0.H0
W.78
80.78
fN. Y. tlme
a.jn.
01.12
Low
01.12
80.20
rVi.tiS
80.10
8S.70
80.08
85.02
05.02
05.00
80.20
85.C8
86.10
85.70
80.68
85.02
05.04
05.00
New York Curb
Mny,
Apr.,
lch..
Keb., 102U
lli2ii.lu.3Mi TIT June,
jwv i'.p-ijiiij May,
Jan.,
Dec,
NOV.,
Oct..
Sept..
Au.
July.
June.
yxy.
Apr..
Mch,.
Keb.,
Jan.,
Dec
Nov.,
Oct.,
Sept.
Aug.,
June.
fuV.
MC&:. I!!
Keu.,
an,.
1020
linn
10111
110
111 in
ltiiii
lino
1111
1111
ioi
into
10111
in
in
Jl
101
111
lots
lOiH
101
ltll
IP!
Dec. J
a:
llnaton
New York
Philadelphia
Cleveland
Illchmond
AtlHiita ,,,
t'hlcnao ,.,,
HI. Uiulf..,.
l InnsniMilla
Kaneaa'Clty , S4
DalU" ...... B'JOSVi 54
( 9 .
pan Kran
"J,w'i
w?uo
A
H
04
n
R'4
B4
04
04
Nov.
Oct .
Bept
Aug.
July,
June
May
Apr.,
Men 1
Feb.,
Jan. 1
pro ,
Nov.,
Ot .
MVPt
is
1U1B.
II.01J osl Apr..
II, 28-i, 411 Mch .
,.'-. 3(1(1 j.-eb,.
T t2H H.m Jan
0,172 I'.iiS Dec .
0,21 113s Nov .
II Hid I" I Oct .
.1..1TH (.ill !,,'
4.'IL' S-, Aug .
4 2HJ31U July.
0,430.57.' Mui.
H.010 7S7 VrJ-
0. II IMI 20 Mrh ,
h 1 nj'i in: Keb .
g. 8.124.08.1 I,,..
8. 8,853 21)1 t),c; 11114
H. 8,2117 111)3 Nov. ml4
n 1 10, in. (j;. 11114
8,118 811(1 wini' inil
8. 8,817 028 Aug. 1014
2' S'HJ.'K?-: Jul". I" 4
n, I', i' in inn Minn. 1H14
R. 0.2KS 41-1 .' inil
8. 0.4TT h13 ADr' 1014
7. 11.311 7lfl MPt, . 1ni4
T. H.30T 1118 Keb.,' inu
T. 11.001078 .la" )14
l'n'53? ,4.U "'"
7 10.R44 104 r. initi
T.tl,8H3 2X7 Hept, 18
T.11.8Hll.r,0t Aug, InjR
lulu. ii..vi.i.niu
lltlU. 11,040,498
101(1 0,037.708
1D10. 11,820, on
inio. 0,831,00
iniu, H,nns,iio
IfliH. 7.022.70
1 n i r . 7,n00,22n
101B. 7.180.4DT
10IR. A.16B.4R2
101K, B, 317, 618
10IB. 4.110,455
11)15. 4,02)1.041)
101.1 4,078.100
11115. 4,204,508
loll 4,102,244
101 R, 4,253.740
1016. 4,343,S71
4,2IK.k71
n.nsn.iiis
3,24,B02
3,401,01)7
3,787.007
4,213,1111
4,l5H,5Nn
I.IM.'.K.IT
n nnH,2nn
4,277,0118
4 lt.13.82B
.i,n.n,44fl
4.I1I3.IIH0
4.282.11)8
4,81)11,347
4.BI3.707
8,001,781
5,22.1. 4rtX
R.3nn.8r,a
11118. B, 807,317
l0i3, 0,321.822
INDCSTRUL8
High
Amer uraK now . .
cma Coal
Amer Candy
den Aaphalt
(lunntanamo Sugar .
Gardner Motora
Herculea Paper
Inter Rubber
Ugget Int
I.lgmar Coal
North Amer, Paper .,
J'reaman Tire
Radio Com
Itiidio com prei . . .
Rainier Motora
Ringer Mfg ........
Tlmea Square Autp.v
IT S High Speed Tool
V H Steam ........
TTnltil Tlrtum Prod
t'nlteil ProOt Sharing
t'ntterf Retail Candy
Wright Aero 7
HTANDAJID 011,8
Stand Oil of California. .313
Stand Oil of New York... 80.1
INDEPENDENT OILS
Allied Oil 27
llnMlnn fallen 2
Roaton Wyoming 1 A
Carlb yn
uuquesne
Low 1- at
on do
2
74
o
, 2 2 2t
. 714 74 74
774 70 7
244 2t4 244
2(lU 20 204
. 284 28 28
14 13 14
.101 101 101
2
. 7V 7H 7
A 2A
'7
"Ti
ii4
' I" ?2
'. 3ii4 31)4
.121 120
. 334 324
31 at
$ is w
ujl 14J iJt
1?I
nn
at.
318
309
31S
3 1)3
14
k
124
28
31A
28
"
2T
24
is
14
24
1!5
2S
3.1
274
111
211
'n
in
4
28
274
lOVi
17.11,711 (144 Tune.
1T.11.B7II0I1T F.J'
nlT.11.474.n.i4 t.,i
n!2 Jl'f.il s'i'A M"oh.. 1013, 740;n50
ik' rVniVn ' " I.352.I14
1018.' 0,B22,B"8l '
1013 7,827, 30J
Clothlna Co. In Creditors' Hands
New York. Julv 10, The Dauman
Clothlnp Corporation, manufacturer of
hoya' elotlilnK lit .Springfield, Maw , ha
been taken over lv ta creditors. It waa
nnnounced nt the compnny'a olllcea here
muiiy. m" turiiorniiona axaeta nre
iilnced ml:, 080,814. includlni; JI.ODO.,
0011 worth of merchanillae, a,(i(( itu
KfVUIlV'VB V m,VV,VVU, 1
M M W
324 02 824
154 154
i
13
IIH 11
204 So5S
i i
os o
14'! 14
Knglneera Petrol ...
Federal Oil
Olenrock Oil
G-ranuda
tluffey OllleBPle ....
Iludeon Oil
Int Petrol
Kay Countg ai ...
I.ance Creek ...,,
Markcatbo Oil
Merrltt Oil
indlan Ref
No Am oil v
Ohio Kuel ...... ,."
lloyal Dutch rt
Sapulpa Ref
Hlmms Pet
Bkolly Oil
Texas Ranger
Tronleal OH
Un Texae Oil
Vlctirla Oil new ,,
Vulcan Oil
Western Statea
Rov de Prance
Pittsburgh Oil
BONDS
Anglo-Amn Olla 74....
Armour 7a
Iltiualrt HU. .......
HwlM Oov 8a 101 1014 01
Texua Co 7 084 08 084
Domestic Robs Sheriff
Atlantic City, July 10. Susan Fin
ney, n colored domestic employed in
Hhcrlff TerkliiK's rcnidonce In tbo county
prl.ion, Maya Landing, simply cannot
Btay uway from jail environment, A
neries of thefts which mystified the
Hherlff'8 hmiHehold for a week were ex.
plnmed when Busan plcnded Kullty to n
chnrise pf larceny nnd Htnillngly took a
three months' seiitcuco. this time In
the inil Itxelf. If well r behaved she
may le trnuHferred bock to the sherlff'J
kltcjipu ns a trusty, v, "
New York, July 10. The Evening
Sun, In ItsVcckiy finnnclnl review to
day, says:
Tho Investment nntl sncctilatlvc mar
kets, since the .turn of. tho mlrlyeni1,
have -been rcflectin"; public confidenco
In the business and industrial outlook
for the next few tnonth, which is
about' nsi far ahead as anybody enrcs
to forecast cnnilltlnnn iimlor pxtatlnte
circumstances. The stock market this
week has experienced Its first broad' ad
vance since tho culmlnntlon of the
spring boom, which ended so abruptly
on Premature talk of luiatnivmi ilnnrrn.
sion and Impending panic. Subsequent
events have shown plainly enough how
foolish and exaggerated were the ideas
men cniertntnca fot an industrial col
Japhc. While, of course, there was
some basis for the apprehensldns felt
earlier in the rear, nnd whll, thnsn
apprehensions were well-founded as re
gards the crest ot high prices and
profits having been passed, It docs not
follow that a 'period of prosperous busi
ness activity Is not still ahead for this
country.
Strong Banking System
Thanks to a. strong central bnnktng
system, tho reaction from Inflation Is
proceeding slowly and smoothly, with
a minimum of disturbance. While the
sequenco of economic cycles suggests
that depression, retrenchment and
"hard times" will ultimately be Jh or
der, signs nre still lacking In uuuiy Im
portant instances of the hear approach
of such a period. There Is still an
underproduction of goods In many fields,
the war's wastes and ravages have not
been counteracted, labor's position is
not as dominating as it was, but there
Is still plenty of work for nil and nt
high wages. The demand for capital to
finance new projects is to insistent, nnd
prices are still so high, requiring a large
sum of money to conduct business, that
interest rates continue high. The gen
eral tendency is, of course, towaid a
slowing down in many lines ns condi
tions work back td normal, but this
evidently will requlro n considerable
space of time. Just as all eras of
progress suffer from temporary set
backs, so all swings toward depression
enjoy Intervals of recovery. Perhaps
that is the best way to express what
is occurring now. There hns been a
general recoil of sentiment and business
from the first shock of fear received
In the lute Bprlng. Rising prices for
securities navo reuccted this change.
Selling was overdone in tho first In
stance. Stockb overdiscounted the pos
sibilities of a bad slump in business
and us there has been a more general
appreciation of this prices have been
working forward.
Call Money Easier
An Important aid to this upward
movement has been the relatively eusier
call money rate, the figure having
dropped progressively from a high of
15 per cent lust week to 7 ner ccut
this week, although late ijcsterday there
was a flurry to 10 per cent, (iiveu
other favorable factors, easier money
invariably spells rising prices for se
curities, first in the speculative issues,
and finally, as the rate works lower, in
investment securities.
Tho bond market Is gradually re
sponding to this force, but as yet has had
no reason to make any appreciable ad
vance. For Instance, the government
of Switzerland this week wan forced to
pay 8 per cent for a 25,000,000 loau.
As long as ncw bond issues arc being
brought out by corporations and govern
ments enjoying high credit ou a 7 or 8
per cent interest basis, it Is Idle to
expect outstanding bonds carrying 3i
to 5 per cent coupons to sell at levels
other than which will give a return
to tho investors commensurate with thnt
obtainable on ncw offerings. Hut this
state of affairs can bo only temporary,
hence the shrewd individual with sur
plus funds is taking advantage of cur
rent low bond prices.
Fundamentally, there are no indica
tions thnt thero is to be any genuine rrr
relaxation in money rates tor some time
to come, lhe best, commercial paper
yields 7 to 8 per cent, the Treasury
Department has announced its intention
of issuing $200,000,000 new certificates
of indebtedness bearing 5Mi and C per
cent interest, the reserve rates of the
federal reserve system continues low.
vast sums of credit arc tied up as a
result of bad transportation conditions
on the railroads, loans on commodities
have not been reduced as much as they
should bo and crop movements will soon
require financing.
Impressive Recovery
Proponents of advancing stock nrlcea
found their views fully justified bv the
week's market. Suddenly stinking of
its lethargy after six weeks of monot
onously dull trading, the market adhered
remarkably close to the schedule laid
out for it by advancing moro or less
persistently on an increased volume of
trading as soon as the mid-year financ
ing was out 'of tho wny. Gains have
not been spectacular, but there has been
n very Impressive recovery from the
low levels of n fortnight ago, many
representative issues having advanced
frpm 5 to 15 points In this interval.
Industrial stocks wero the chief at
traction, but thero were unmistakable
signs of growing interest in the rail
road shares. Termination of the Inter
state Comracrco Commission's hearingb
on freight rate increases and the ex
pectation of nn onnounccment this
month of the new rates has been re
sponsible for the increased activity in
this group, especially the low priced,
non-dividend paying properties, which
stand to reap tho greatest benefits under
the new law. At the sumo time traders
did not permit themselves to become
too enthusiastic over tho rate Increases
proposed, due to fear that wage In
creases would to a considerable extent
offset the higher rates. Yet the law Is
very plain in regard to tho fixing of
the crops to bo harvested, and ll i!
dlcntlons point ton more satlfartJr
on year than was nt first thought p
this prospect Is far reaching. Ai
.niiy 1, according to the government,. .1
nil wheat was 82.5 tier cent nf JH .V
This compares with a ten-year avfni
of 81.0 per cent. Tho conditio" S !
corn was placed nt 84.0 ner rent ...N
pored with n ton -year average of fni J
per vent. Tho Indicated yield of wl? 1
icr wncai tins year is OlK.uOOOH
bushels nnd of spring wheat 2M nnn:
000 bushels. Tho amount of wintfij
...liaat tlB.,fAal.,1 In.) AAa ...a 'I
,iui. iiniiioiTti lunw i-(ll- nao InlitMt)-,,
000 bushels nnd the harvest nf n-A '
wheat amounted to 200,351,000 bu8heii.1
Business Mortality Low
A slackening, to soine extent scawin '
al, in various lines of industry doM '
not coincide with reports from the M.'
centers, where tho only complaint o
a car shortage so desperato as to cue
tnll operations. The Iron Ago ettt,'
rautcH inai .i,uuu,twu ions ot Hnirtrtl l
material In the steel districts is await.
ing shipment. B6slncssfailurcs in tto
first half of the year, numerically, ,
the smallest since 1881, there belmi
3.152 defaults; but there was a tub.
sianuai increase in tno assets and lit,
billtlcs of tho embarrassed concern
according to trade review figures, m '
until June of this year no special tteM I
in commercial mortality figures wfl !
oDservanie, our, in mat month tnt
were 074 Insolvencies, tho highest nuraj
ber reported in a year nnd a half. Thl
Ontrmr. nf nlf- Irnn In .Tnnn nmrninid
to 3.043.540 tons. With the cxccptlfr
of last March, th(s is tho largest rnil
uucuni) 01 pig iron in mo insc uitMi
montns.
Indifferent to Elections
All years in which there are prtil.''
dential elections arc, unusually intft.
rating ones from the stnndDoint of tk I
investor and business man, and the
present ono will not bo nn exception.
With the nomination of Governor Cot
as the presidential candidate of the
Democratic party, Wall street this weei
for the first time was able to get some
sort of a line on what to expect In tks
way of political leaders. But so far 11
concerns the financial community, which J
is strongly itepuoiican, remarkabljr
little concern was cxnrcssed as to which '
candidate will emerge victorious at the-
polls next fall. At the same time,':!
wan street netting ouus an week
placed Senator Hnrding as a 2-to-l
favorite, which may have been one
reason lor its equanimity.
Financial Briefs
The average price of twenty active
Industrial stocks declined 0.08 cent yes.
terday to 04.43, while the twenty rail
roads advanced 1 per cent to 74.06 per
cent
Commercial failures this week la
United States as reported by R. G. Dun
& Co. are 106 against 108 last week.
113 In the preceding week, and 113 In
the corresponding week last year. Fall
ures In Canada number twenty, agalns
ten last week, nine the preceding week
and six last year.
The New Tork Subtreasury gained
$379,000 from the banks yesterday.
Francis H. Strawbrldge, of Straw
bridge & Clothier, has been elected a
director of the Germantown Trust Co.,
to fill the vacancy caused by the death
of William H. Scott.
DeposlU of n.4'J5,172.94, the largest
In the history of the Continental-bqult.
able Title and Trust Co. were shown
In their statement of June 30.
Ask Bids for State Bonds
The commonwealth of Pennsylvania
la asking bids for an Issue of $12,000,000
series B 4 per cent three-year bonds.
This Issue is part of a loan of J50.
000,000 authorized by act approved April
18. 1919. and together with previous Is
sue makes total of 2 4 .0 0 0. 0 00 esued
under tho authority granted. Bids will
be received until noon1 July 21.
$300
(
Will Buy a
Block of 3 Shares
2 Shares Preferred
1 Share Common
SI
14
084 804 094
044 Ot? 044
-n Hi 27
The
Goodyear Tire
and
Rubber ComptMiy
of Akron
1
This company, since 1908,
has paid Stock Dividends
of 570 in addition 'to
Cash Dividends of
$23,342,650.
Invettment Banker
Members Phila. Btook ExcHangt
I Real Estata Trust Bldg. .
Philadelphia
ARMOUR & COMPANY
Ten Year 7 Convertible Notes
Due July 15, 1930
Price 94.84 and Interest
to net 7.75
HARRISON & CO.
BANKERS
106 SOUTH FOURTH STREET
PHILADELPHIA
Afmfcr Ntw York and Philadelphia, Stock, Exchang
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