EEraassfflTO
FT'T
ppWiPWt
utf'
wyWr
'"
l
vw
n
h.u
i:w
B
mi
ff-if Krvl
5 It' fl
iM 4
fci
Irtf
M
fei
eT1 ml v
rf- .'I
IM
ii
sv :r
' asBL,
yimmm.-
aU
"V V
rA,'
EVENING PUBLIC LEDGER-PHiLAPELPHlA, '' SATUBDAY, '.JULY ftf, -
. ' f ' ' ' ' V
CAL BANK CLEARINGS
tlphta. Only City In East to
, hov Advance for Week
delplila wns the only city Irr the
Mwvuun vi wto country to suuw
L' fit bank clearings during the
t closed. Aggregate exchanges
local bnnks wcrn 1 436.188.268.
t IJS9.Jfi7.383 thin Mlt Inst vpar.
Mt' Increase of 11.8 per cent. New
k WRS 12.5 ner cent iinil lloston 3.1
ie1t below the flgtirpa nf Lint vear.
)R ATetal clearings of all the hanks In
H M united States were 80,002.661,344,
fc:.v .sjMUMarttil with ln.17 707 n?ft the. onr.
I'wrjreaondlng week last year, a loss per
TrTJ. 1.9,
'V"i Comparisons follow:
tHtflW ' Tna
. . ibzo mm r.c.
prk.J,O0.O02,57O 54,624,377.083 '12.(1
DB7.182,M1 r.llS,llK'.',ll!IO B,
4au,mn,2on
A
if "Ct
'-TOK
llSfc
tvsb1
844,120,301
OKI
Clty,'
ems.
T.'co,
pa, .
Vr . i.
eCi.. ''Sri-.-....
etVl.r
r'i ' ;. ;
IPf 'PHam cou 2i. 10(T
son.iH8.i
147,(144.827
i47.aoo.noo
i47,2on,54n
J10.2O7.2S3
8S.358.XSS
09,002,121
389, 2117, 3S3
3S, 231, 20(1
100.720, HIT
148,O'Jl,0H0
iaa,7on,s3i
134,347,1120
7d.ooo.noo
81,070,(101
60,207.730
11.8
a.i
4. It
0.3
8..1
18.4
48.0
8..1
0.3
GOVERNMENT BONDS
rnm rcr 2
rintmi cou 2.
rnmii rric 2a,
J'nama cou 8a,
t-nnftaiA tea sa.
rhllloplno 4a, 1034
j-niuppin , 103
193(1
103S .
loan
mm
isi .
nid Asknl
,ionu iom
1't
.mot
100.
lOO'.i
, 77
77
, 7H
7H
Philippine 4. 1030 78
u biuot cou xa, 111.111
xi a uor rer sa,
Vi-S Qov cou 4a.
tJB ,aor rer 4a.
;piof Columbia 8-05., 1024
1030. .
102A ,
4a. 1021
loon
lOOli
.ion
.10.".
. 03
101H
101H
lOl'i
Rl
81
8.1
8.1
8.1
mm
mm
ioim
10OH
Cruclblo Steel Pays Stock Dividend
,'iffew York. July 17. The Crucible
rltecl Co. declared n further Btock illvl
tJend of $6,260,000 par value, cqu.il to
ipbout 14.28 per cent, on tho common
'rtock tKivabln Aucust 31 to stock of
W. lecord August 15. This Is In addition to
IK' the stock dividend of 16 2-3 per cent.
k,t payable July 31 to stock of record July
15, which was declared Juno 16.
ncruTwuvyjuna
!
Canadian
Conditions
Are
Reviewed
with understand
ing, sympathy and
criticism, where It
'" Is deserved, in the
latest number of
Canadian Invest
ment Items.
In Canada, Investment
Item is considered to
: bo ono ot tho liveliest
private financial and
So you may ex
pect something worth
while if you write for a
copy. Address: 83
aocncy or
Royal Securities
CORPORATION
(CANADA)
LIMITED
1S5 Broadway New York
friWTm--JMUl"r'i,-"-J-'-M""i,'!
CLOSING MARKET
DflftY FLAT
Money Conditions Responsible
for Collapse of lll-Timod
Bull Movement
-iT-"JjJ.. JZt n. fTsf4Ppy
LSS,- : -fii-i . f I
ilv : FnwiKf T SrHnFTTTF.rft
: gi535NOQDTHdl7i 6TREKT
: I PHILA..
TT'i r t p. p
t;f Lawrence c. uruwu ot u.
CH 1815 RKAI, IWTATE THUHT DLDO. .
rarvorntion irrminli. Ala Drepar C. S.
incom 'ias aiuroa.
ts?
riNANri.u,
TO THE IIOIJJEKS OF THK FIRST
''MorUnio S 1'rr Tent HlnUInc Fund (lold
-Ijondu of Central Neiv York (J and Klpo--trie
Companri
"notice la liriby Blvfn that Roland !.
Taylor and I'lillailalphla Trust Company.
Truateea under IhQ Mortgai:n or Dead ot
Truat of th Central .N'ow York Gaa ana
Blectrla Compn datm Mireh IB. 1011.
ecurtna; the Flrat MnrtRass .1 per cent Hlnk
lnc Fund Gold Honda of ibo aald Company.
tiava thA ium of S8r,0n.BB to be aonlted to
the purpoaea of the Slnklnc Fund under tho
jTrovtalona of Article Third, Section K, ot
Aid, MortcaEe, anil that aealed propnaala
will be received nt I'lilladrlphlu Truat Com
pany. Ilroad und Chratnut atrreta. N. V.
earner, rhllndelnhln, un to 8 o'clock p. in.
on, Auruit S, 1020, for the aalo to aald
Truiteea at the lowest prlcea. not exceeding
108 per cent of the par value thereof, with
accrued interest, at which aald bonds shall
barorferrd for dell try on Ausuat 0, 1020,
oF'av sufficient number ot th aald bonds to
axhauat the aald aum of SB.lOA.n.1. All pro
posals should he sealed and Indoraed "Pro.
voaals to the Sinking- Fund ot Central New
York Das and Electric Company," and
should deslcnate the denomtnatlona of bonda
Tha right la reaerved to reject any and
all propoaala.
PHILADELPHIA TnUST cmrPANY.
. Dy JOHN C. WALLACE. Treaaurer.
Dated Philadelphia July .1. 1020
To thk HTorKiioi.ni:it.s or the scnl
PASS I.F-VTHKK COMI'ANYi
Tou nro hereby notified that there nvlll be
a- special meeting of the atockholdera or
this company. hld at th ofricn of the com
pany, 0th and Westmoreland ata , Phllndel
phla. on Thuraduy. the 20th Uny of .Inly.
1W 0.-at 11 u. m for the purpose of takln
consideration of an nmendrnent of Section 1
pf Article III of the by-lawa of the companv
by Increaalng the number of the membcra of
the board from nine to eleven.
By order of the hoard
HOLLlSTnn STTnnrjB.
Pecreiary
1'rnpoMola
BKALKD nuH, AII)K1NS1U "CHAHIMVV
Hlshway Committee. Hid fur Itoad Con
struction." for tho construction of nnproxi
mately 18.000 square yards of Itlberttne road
1 surface In Lower Merlon townsh'p, will he
received by the Highway rommitts nf L0wr
Marlon township, at the Township Offtci 75
15. Lancaater nv Ardmnr, I.i . on or' m.
foro August 2. 10?p. nt 4.30 p m , at wh ch
time- tho bids will be puMlrlv np..n.d und
ad, Coplea of th sprincatlons and "f
blank toim for bids and all Information
rx-erseary can l obtained at the Townjhiti
Office.
i - QKonan c ANDF.nsoN
f . Townsh'n Hecri't-vrv.
OFFICE OF THK flUAKTKIlMANTKnOKNr.
na,(, w,vv..... .,,,.. .tiuiaKe UlVtHlAn
Munltlona llulldlng, Washington. D c'
rivaled proposals will be received here 'until
11 fi. m. Auguat II. 1020. for furnishing a
or any part of 20,000 nulls aummer under.
wear. Information on request
New York, July 17. With ti large
percentage of tho traders absent nt
tcndlnfr the second contest of the Inter
national yacht race, the volume of deal
ings shrunk to Insignificant propor
tions In today's lifeless stock market.
Some Idea of tho stagnation con be ap
preciated from the fact thnt during the
first half of the brief session trans
actions barely totaled 03,000 shores.
As a matter of fact, there was really
only one movement to speak of. ThU
was supplied In the opening bulge of
S points In Crucible Steel on the
overnight announcement of another
stock dividend equal to 14.128 per cent.
More than half of the rise was lost in
the first half hour on realizing Kales.
Elsewhere In the list fluctuations were
confined within smnll fractional limits,
as the dealings represented little else
than the familiar week-end evening up
of the professional traders.
Some were Inclined to make n big
hullabaloo over the collapse of the ill -advised
and Ill-timed bull motemeut
this week. As n matter of fact -ny
one who took tho trouble to loolc fur
ther than the end of his nose would
hove scented trouble when overconfi
dent pool operators started to buck up
against the stone wall which has been
elected around the market by the badly
strained credit situation.
Any one who took tho trouble to
think ensllv recognized in so far as the
stock market Is concerned It Is no
longer n question whether stocks nre
cheap or not. To tho contrary, it is
just one simple little question. That
question Is the possession of the amount
of money sufficient to pay for them.
For some time past the fact has been
convincingly demonstrated banks vir
tually had no funds whatever to speak
of which could be employed for stock
market accommodations. With the crop
moving season fast approaching and
the credit situation showing no Indi
cations of genuine Improvement. It
seems, even at this early date, there
is going to he some mighty hard sled
ding in the fall in order to avert and
avoid an unpleasant smash-up.
Last week s premature bullish flare
iiPt from all indications, had its incep
tion in the belief nf a brief spell of
money easement. In short, quite a
considerable portion of the professional
trading contingent labored under the
Impression they were going to have
what might be called some July money
to play with. In other words, with the
return flow of the huge July dlburse
ments and with the preparations for
the crop movement nrobnblv delayed
I until the first part of next month, a
great many got an idea in their heads
there would be a considerable amount
I of idle funds during the month which
, ronld be applied In fanning the smol
dering speculative flame into an old-
lasmonod bull blaze.
Either Mimebody wns guilty of making
miscalculations, or else there waB a slip
In tho cogs somewhere in the market
machinery, ns Instead of the promised
easier money conditions the Street soon
ran into stifTcr rates than had prevailed
in the previous weeks. Wall street, In
brief, found It as hnrd, If not harder,
to obtain the necessary financial re
quirements for its little game ns It
had experienced ever since the powers-
I to-be put the embargo on all the
speculative movements.
' No one will deny"thnt the recognized
, standard dividend-paying stocks arc.
and have for home time, been belling at
wonderful bargain prices. There is also
n remarkable scarcity of buyers. Not
because they do not want to buy, but
because they cannot buy. That is to
say, they have not money to buy them
with. The average business man, who
in good times takes a little market
flyer, finds himself these days entirely
too much concerned in getting sufficient
funds to carry on his business to bother
about buying securities. The majority,
if the truth be known, would very much
llko to sell a few somewhere near the
price they paid for them, rather than
imy the exorbitant rates for funds in
business neeps.
When it Is appreciated nnd fullv
digested most of the recent market
movements were conceived and exploited
uinio.se entirely oy me professional
traders much of tho significance of the
day today gyrations and wceklv hwIiics
fade away. The extremely low level of
security values would seemingly sug
gest the adverse sido of the situation
known, and in sight, had been dis
counted. A week ago this appeared a
positive fact. The air, however, is
churged with surprise nnd conditions
were never so hard to read.
NEW YORK STOCK EXCHANGE TRANSACTIONS
Sales
0t)
100
200
100
300
100
200
109
619
.100
500
509
200
100
1309
100
109
109
145
400
209
509
2309
200
100
200
100
100
6390
0)9
409
109
100
719
700
100
919
409
148
409
100
599
300
400
400
1100
100
200
100
400
100
200
100
409
300
1200
0390
1400
400
1100
300
530
100
100
190
300
109
1109
100
7009
200
300
4J0
100
500
103
709
200
339
400
200
100
300
10JJ
Dlv.
In I High
. Adams Express 3JJ4
8 Advance Itumely pf. .
Alaska Gold Mines... 1
. . Alaska Juneau O. M.. 2
1 Allls-Chalmers 3K
AJax nubber 00
Am Agrlo Chem SJH
10 Am Bosch Magneto. . , 87ft
.. Am Can 3M
12 Am Car A Fdy 13
4 Am Cotton Oil 424
.. Am Hide & Leather.. 1
7 Am Hldo & Leather pt 88
0 Am Internat Corp..,, WA
8 Am Locomotive 97 J4
.. Am Ship & Com 23ft
4 Am Smelt & ncf 58J4
7 Am Smelt & Itef pf... B0J4
0 Am Smelt Sec A 74 i
3 Am Steel Foundries.. 38
10 Am Sumatra Tob SO
8 Am Tel & Tel 83 Ji
7 Am Woolen 68
4 Anaconda Copper .... 664
4 Asso Dry Goods 34
0 Atch Top & Santa Fe. 714
.. Atch Top & S F pt... 73
., Austin Nicholas 2714
3.50 Ilaldwln Locomotive.. 117J,
s Barrett l.US
.. Bethlehem Motors 21a
5 Bethlehem Steel B.... 88 Ji
.. Booth Fisheries R
.. llrklyn Rapid Transit 12
. . Bklyn R T ctfs ot dep. 8
.. Butte Copper & Zinc. 9
10 Canadian Pacific ....121
0 Central Leather ..... C3
8 Centrnl of N J ......215
10 Chandler Motors 97
.. Chi & E 111 Eq TctfS. 6
5 Chicago & Northwest.. 70
4 Chesapeake St Ohio... 53ft
.. Chicago Mil & St P.. 34
.. Chi Mil & St Paul pf. 51ft
.. Chi I I & Pao 37
.. Chile Copper 14 J,
1.50 Chlno Copper 20ft
8 Cluctt Pcabody 77
1 Coco-Cola 37
3 Colorado Fuel & Iron. 32
1 Col Graphophono .... 28J,
7 Consolidated Gas .... 78 Ji
3 Consolidated Textiles. 33
Con Interstate Cal M. MM
4 Corn Products Itef. . . 92
8 Cruclblo Steel 15515
.. Cuba Cane Sugar .... 51 H
Cuban Amer Sugar... 5H
Denver & IUo Grande. SH
10 Del Lack & Western.. 200
.. Denver & Hlo G pt... 11
B Endlcolt-Johnson .... tS
.. Eri 121
.. Erlo 1st pf 19H
8 Famous Players L.... 70
8 Famous Players pf... 87 JS
5 Flsk Rubber 22 H
8 General Electrlo 11H
1 General Motors 25
0 Gen Motors deb 6.. 71 J,
0 Goodrich U F C0J4
7 Great Northern of. . . 70
.50 Green cananea Cop . . 30
4 Haskell & Barker Car 73
.. Houston OH Co 95ft
1 Hupp Motor Car .... 10
4 Inspiration Con Cop.. 49H
7 Intl Harvester new... 128
.. Int Mer Marine 30
6 Int Mer Marine pf. .. 81ft
.. Internat Motortruck.. 60
.. International Nickel.. 17ft
. International Paper .. t4Jfl
Total sales. 134.000 shares, compared with 584,500
week. 3,ol",900 shares.
Low
33
64
IK
2
am
00
B5H
07ft
30ft
lS4ft
42
iW
88
t3ft
07
23 K
5854
0
74
S7J4
R9J4
0334
fcfl
5ft
34
70
73
23'.
117
1435a
21
8
8
HH
VA
0
119
62K
314
soft
0
70ft
63
53K
6054
86ft
20ft
77
l
32
28JJ
UH
33
1074
91H
150
51
61 55
5
200
11
85
12(
19M
78K
8754
3134
141
24 H
71 V
00ft
0034
30
71
95 ft
1534
48
12B
30
80J4
60
17ft
t354
Today's Net
Close Chge.
83ft 1ft
C4
1H H
2
8554- 14
60 - ft
8(534 1
87ft 1ft
3ft4- ft
194 54
42
16
881
83 ft- ft
97J4 Y
2SH V
5834- ?
ITO54 ..
74ft-354
38 ft
802
MJ4 H
t.754 154
65ft ft
34-1
7854- a
73
2254- 54
117J4
145 454
21ft ..
8834- V
8
1154 1
8 3
54
0
121
63
315
87
0
134
54
10
l
- 1
34
70
13
33
5055
37
37
32 I
28J4 14
7834 ft
33
11
92
15154 454
51 - ft
154
5
200 -
11 -
85
1234
8754
32 9i
14134-
25
71 J4
0054 6034-
.10
71
S5ft-134
15-
49 ..
128 1
30
81ft- ft
60 1
17ft . .
t4JS 34
Balsa
6600
1200
300
300
800
000
300
300
390
3300
4000
100
600
100
100
1400
100
100
300
400
700
100
100
400
100
1900
300
300
1300
400
100
3200
1010
100
100
100
000
4090
100
090
1300
300
4100
799
699
399
100
300
009
3400
300
1090
7790
13
200
2200
4700
100
1490
100
000
100
700
100
400
400
10
890
100
399
1299
799
5S00
200
100
1400
890
100
1100
100
100
700
8)0
100
Dlv,
Inf
aharea yesterday. Thua
s"
a jnvincioie uu uorp.., "s
.. Island Oil '
2 Kennecott Copper .... 28ft
1.30 KoystonaTAR 3754
4 Kelly-Spg T 88
Lackawanna Steel ...73 54
8.60 Lehigh Valley 0J4
2 Loosc-Wllcs Biscuit . . 48
.. Maxwell Motor "ft
10 Mexican Petroleum... 183
1.60 Middle 'States Corp... 2154
.. Missouri Paclflo 85 H
.. Missouri Pacific pf... 43
.. Mo Kansas A Texas.. 9J4
t Montgomery Ward ... 82
.. Nat Anlllno A Chem.. f
7 Nat Am A Chem pf... 82
8 Nat Cloak A Suit 8854
0 New York Central.... 09
.. New Tork N H A II.. 30ft
7 Northern Paclflo 71 54
.40 Okla Prod A Ref 454
.. Otis Steel 34
4 Paclflo Dcvcl Cofp... 4754
6 Pacific Gas A Eleo. ... 48
Pan-Amer Petrol ....103
7 Fnn-Am-r B,. 9P54
. . Pere Marquetto 25
5 Pennsylvania R R.... 3854
7 Penny J C pf BI54
. . Pero Marquette pf. . . . 44
.. Phillips Pet 43ft
.. Plercc-Arrow Motor .. 51
.. Pierce Oil 16)4
5 Pitta Coal 6854
B Punta Atcgro Sugar.. SO
1 Purs Oil Co 40
4 Rending 89 34
. . Replo Steel 84
0 Republic Iron A Stoel. 8054
4 Republic Motors 48
.. Remington Typewriter 65
0.20 Royal D N Yrts.... 1134
.. St Louis San Fran... 28JJ
.. St Louis Southwest... 15
.. St Louis Southwest pf 2754
.. Saxon Motor .,
. . Seaboard Air Line pf . 14
.74 Shell Transport 7534
... Sinclair Oil 31ft
6 Sloss-Sheff 70
8 Southern Paclflo ..... fa ft
.. Southern Rail 28ft
20 Standard Oil of N J.. 638
7 Stand Oil of N J pf. .10554
4 Stromborg Carb S3
7 Studcbakcr 7054
. . Tcnn Cop & Chem. ... OJi
t Texas Co 40
.. Texas A Paclflo...... 40
8 Texas I'nc Coal A Oil, 4C
0 Tobacco Products ... 60
.. Transcontinental Oil.. 15
2.80 Twin City P T 34 ft
.. Union Oil 30V4
10 rmon Pacific 11454
8 United Drug 110 J4
3 United Retail Stores.. 74
8 U S Ind Alcohol 8834
8 U S Food Products... C4
8 U S Rubber t8ft
BUS Rubber 1st pf. . . .10634
BUS Steel 91 JJ
7 U S Steel pf 108
6 Utah Copper 67
6 Vanadium Corp 85ft
2 Vhadou Ino 1734
.. WabaMi 8ft
. . Wells Fargo Express. 60ft
.. West Pacific pf 66
4 Wcstlnghousn E A M. 48
1 Willys-Overland 10
6 Wilson & Co 5734
Worth Pump 68
far thla week. 3,107,700 shares.
Low
43 ft
en
2 ft
37ft
80
73
4014
48
30ft
18054
21
25
4154
6J4
32
81
82
8ft
88)4
284
71
K
24
4754
'48
1C234
86ft
34 J4
30
01
44
41
60
l54
8954
99
40ft
8834
H
8934
4854
64 ft
113
35
15
334
9
14
75
8034
70
82
2854
638
10554
81ft
00
8ft
4554
40
46
60
1454
31ft
8054
11454
IIOJ'b
74
88J4
C4
"34
106ft
81ft
1CB
7
M54
17
Nft
67
064
48
1654
66
68
I
A.iJJmJx
! UmiltU UtlUJIlbo now Dumm.
uiniinn Muniin muhia1 iw mm
in UUBD iWUllXLl unworn 11 wi
Vk
Toils' Net
Close Chge.
44ft 1ft
B ft
25 ft ft
27ft ft
0054
M ft
40J4-1W
481
30ft -3ft
10054 54
21ft- 54
25 54
42
8J4
33
811
92
58ft ..
B
30ft '
71ft-
4ft ft
24 - 34
4754 1
48
103
8054 1
25 ft
3854 ..
01-54
44 - 1
41 - 1ft
61 'A
1.1ft 54
5854 '
8054
40 ft
88 ft
M 1
80- ft
4354- 1
03 1ft
113J4
28JI
16 34
2754 l
8 54
14
754
3lft !4
70 54
t3'4
28ft 1ft
638
10554 ft
81
70ft ft
0J4 54
40
401
40 t- J4
06
15
34ft ..
3054 . .
li5i- 54
11054- ft
74 ft
8834 54
0434 54
234-
100ft-
01
108 ft
07 54
ft
17- ft
814 ft
68ft 7ft
0034 ..
48i ft
i54 ft
60-2
08
Outside Intorost Entirely Lack
ing and Traders Also
Inactive
Same period laat
Philadelphia Stocks
Low
Clow
44 44
11 11!P,4 111)'
Hlnh
312 Am Strs.. 44
10 ElecStor.lll)
J3U uo war.. l'.iYi iyi
'Mo I Co N A 20 20
f5 Leh Nov. 110 tilMj
UK) Pu It It.. UOi 8D7L.
20 Pa Insul
Wire... ."1 rl
04 rhlla Eire 22 Vj 22
13515 1'hllaKT IS 10
20 I'hilaTrac flU'i KlVi
Will OI... 41 41 Vj
20fUS Steel OlMi 01 Vj
Net
chge.
-
14 tt
101,4
20 ..
(JO ..
80
r,i -
224..
IS ..
r:i4 V
mi
Total aalea 2714 aharea. compared with
2S25 aharea jcaterday. Thua far this Meek.
20.138 aharta. Same period laat week,
23.2S8 shares,
tNet change, made by comparison with last
sale on New York StoUi L'xchange.
Hales in IIONIH Net
J100O HlBli Low Close chge.
V Elec & Pco
Tr 4s . . . 53 G3 53 . .
2-5 Lib Bonds
2d4'ts...
Vi 3d 4',s..
0 Tliila Elec
1st us....
S.-..14 85.14 85.14 .04
8S.20 8S.20S8.20 .70
82 81 81
Total. 1.1,00n, compared with J77.CO0 yes
terday Thus far thla week. 1436,400. Bame
PUlud last eek. 1400,400.
Philadelphia Markets
FURTHER DECLINE
IN RAPID TRANSIT
Funds for Stock Market Al
most at Vanishing
Point
tiUAUAJ
Dlrldrnda
UA11ANTKK ""ft" HA1-K DlsrotUT
,..310-18-20 l'lirllmt at., 1'hllailelplila
A, dividend of three per cent (SC'cl out of
the earnings of tho company will be paid
n and I'ftur Tuesday. Aucust 111. in?n .-
the atoehholdera us registered on tho books ' altogether
The fresh weakness of Philadelphia
Itanld Transit, which declined to loi.
or within tho low price of 10, touched
several weeks ago, was the outstanding
feature of the local market. Fresh
liquidation nppenri'd shortly nfter the
opening, which forced the price down
to 10. against 18 last night's closing
level. Little support wns forthcoming
until near the close when buying orders
carried the price back to 18. Increasing
uneasiness over the dividend accounted
for the renewed selling and approxi
mately 1200 shnres of the stock changed
hnnds.
Little Interest wns manifested in the
other locnl shores nnd price chnnges
were unimportant, l'hlladclphia Trac
tion yielded to 53V1 on smnll cnlnu
L ulted (.as improvement nnd Electric
Storage nailery and renusyivnnia Hall
road wero frnctionully higher. Phila-
iieipuia i.icciric reinaineu pegged at
'Sih'.. American btores was off nt
With bank funds for stock market
purposes virtually reaching u vanishing
point, the Indolent character of the
week's trading in the local market
should causa little surprise. Under iu
circumstances the thin market revealed
on nam tue uuying anu selling was
natural. The local list
NEW YORK BANK STATEMENT
1
Excess Reserve Increased $19,218,
000 Loans Expand
The reserve position of the Clearing
House institutions was improved con
siderably this week. The reserve in the
Federal Reserve Hank wns increased
.521,1)08,000. While this was offset hy
Increase In liabilities by reason of the
jump of $21,340,000 in demnnd de
posits, the excess reserve was raised
..1!),218,000. bringing the nctual sur
plus nljovo legal requirements to S2I).
230,130. Loans and discounts, despite
the week's shakedown in the stock mar
ket, showed an expansion of $42,
32.S.000. Details follow:
AVERAGE
Commodity Markets
New York, July 17. Dealings on tho
Rrood Street Curb, in common with
operations on the Rtock exchange, wero
on n very limited scale. Trading was
confined to three or four of the leading
Issues and prices were within narrow
limits. There was not n particle of
outside Interest, and traders wero also
National City Hank rights fluctuated
within n range of three points on smoll
purchases. Sweets Co. of America was
heavy at the previous low. Oeneral
Asphalt was extremely dull. United lie
tall Candy appeared heavy in tone.
White Oil rose nearly a point on
small dealings. Slmms Petroleum was
about steady. Itoyal Dutch rights
showed a fair demand aj; about the flnnl
figure of yesterday. Ryan Consolidated
shaded slightly- ...,,
Mining stocks wero dull. Bonds were
quiet, but steady.
INDUSTRIALS
lllih Low
Acme Coal 2H 2U
Aetna Explosives ll'i Hit
Chicago Nipple 12U 12
Dafoo uuslln ,, si
General Aaphnlt 70. ,
drape Ola 214
drape Ola pref 2
Herculea Paper '27
HocK voj I'rod h
a
70
13
7
00
12
m
31
Keystone Solether 13
North Amer Paper 7
Nat City Bank rti 02
l'eriection Tire
ltadlo Com ....
lladlo Com pref
Rainier Motors
Mnlimarlnn llnat
Hwrets Co Hi
I! H High Bpeed Tool.... 31
IT H Steamship 2
United lletall Candy 18
Vitrified '.., 1
STANDARD OILS
Stand Oil of N Y 372 372
INDEPENDENT OILS
Allied Oil 20 25
Hoono oil 3ft
IJoaton-Wvomlnz IVi
(.arm Hyn 10
uusning ret 74
Dominion oil lOVi
Klk liaaln Pet 7H
Engineers' Petrol IN
Federal Oil 2
Fensland llM
dlllltand Oil pt 82
Olcnrock Oil 2.H
Kay County das IS
Lance Creek '-.
Maracalbo Oil 2014
Merrltt Oil IBS
Cloo
2H
HVi
12
3i
72H
714
13
7
00
H 4
isu ns k am
10
154
31
1354
372
1 1-82 1 1-82
15 13
High Prices of Grains Element
of Strength In General
Buslnoss
Chicago, July 17. Crop prospects nil
through tho big surplus-producing grain
states nre excellent. The favorable
weather of the last few weeks hns im
proved oats nnd corn to n remarkable
extent, nnd also has resulted In n better
promise for winter whent. Spring wheat
outlook so far Is good, and, barr ng
black rust developments, will help bring
up the total wheat crop to an ample
total. The high prices the farmers arc
obtaining for all of their grains is an
clement of strength in the general pros
perous conditions which still prevail
throughout tho West.
Mail order houses report nn excellent
volume of business running considera
bly larger thann year ago, although still
tinder the big volume of the early
months of the year. Wholesale houses
state the dry goods business shows n
largo gain over last year, with buyers
present In large numbers. Itetoll clear
ance sales so far In July have been suc
cessful. Merchants, however, ore mak
ing commitments only as their needs
warrant them.
Somcwhnt pessimistic reports nre re
ceived from tho steel works nnd nlso
from other Industrial concerns in re
gard to tho slow Improvement in traffic
conditions, which nro serving to keep
down production, as it is impossible to
mako shipments fast enough in many
cases. On tho other hand, the priority
orders in favor of grains and coal have
been effective in stimulating the move
ment of both commodities, so that, in
the long run, these orders doubtless will
prove beneficial. Preparations arc now
going ahead for moving the new crops.
Building operations are being held
back by the delays in obtninlng sup
plies. Labor, however, continues to bo
tocll employed as n, whole. Collection,
arc excellent., a
Chicago money rntes nre firm ot 7U
per cent on collateral', commercial ns
per 7 to 8 per cent nnd 0 to 7 !,
cent over tho counter. " '
Financial Briefs
The averngo price, of twenty nctiv.
Industrial stocks declined 0.31 per
yesterday, to 89.96. whllo twenty ran
roads declined 0.65 per cent to 72.68
Charles 8. Smith, of Charles Smith t
Sons. left today for a month's vacation
In tho Adirondack '"cation
Rcnowal of futuro delivery tradlmr u
wheat has nttrnctcd tho lion's share i
attention on 'change hero this wi.v
Tho case -with which ordinary business
methods wero resumed after nearlv
thrco years Interruption, duo to wori?
war entanglement, was an outstanding
feature of the event. Compared with
first prices, wheat this rnomlng haS
fallen lie to 16c, whllo as compared
with a week ago corn showed Tic tr!
7 Mo decline, and oats varied from BUn
off to V4c advance. In provisions th
difference for the week was a setbarv
ranging from 72c to 12.27. ""w
Pressure to liquidate seems a iiiiu
moro urgent and tends to substantlat.
tho theory that rnlllcs In Industrial
shares for the bulk of this year will b,
sliort-llvcd, tho Inexorable pressure of
rising money rates making cash mora
and moro attractive than stocks.
Commercial failures this week tr,
United States ns reported by R. o
Dun A Co, nro 160 against 106 last week
118 In the preceding week, and elehlvu
eight In tho corresponding week list
year. Failures In Canada, number
thirteen, against twenty laBt week, ten
tho preceding woek and eight last year.
Crop-moving and seasonal Improve,
ment In trade nre expected this fall t
create greater credit and transportation
tension than at any tlmo this year
Undor theso conditions' It is hard to sea
how production can increase- and tha real
relief may prove to come through a
fresh liquidating movement In corn.
modules.
Payment of $2 a shore has been
called on the stock of the Franklin
Mining Co., payable August 12 to stoev
of record August 11. This will make
tho stock 118.70 paid In against oar
of $26. "
The New York Subtreasury mined
$106,000 from the banks yesterday.
.147
7
32
lo!4
10
J.
15
2H
Midwest Ref
Producers A IUflnera
Red Hock Oil
Itoyal Dutch rta ....
Hkelly Oil
Superior Oil
Taxas Hanger
Un Texas Oil
Victoria Oil, new . . .
Vulcan Oil
Whlto Oil 1H
Roy de France (Hi
Union Oil of Calif 18u
MINING
Alaska Br Columbia ... 1
Arizona Globe H
Atlanta. l'.j
llelcher Divide a
llooth 0
Cnled Mln 23
This week
S13.-J73.180
Mil, 1171, 000
Last week
U, 030, 2111
r,oo, nun, 000
5.130,370,000 5,143.400,000
00.010,000 09,033.000
544,410,000 348,420,000
8,403,000
hotdera who hae flled permanent dividend
HOWARD D YOt'NO,
TrKmi r r.
2!.W.UomJ,." . "If, Ci"0'b-V,n J"! I Yielded much of the ground tra nr.,1 .-
?h. "-",; "vr: s."t "'."''". "i..,.,.o: i, ...nn.unv vl- i, ..i"."V"."
nttended by a lapse into the sluggish
ness which characterized the Juno
operations.
According to the testimony of the
officials of the leading loaning Institu
tions, credits continued t-carce, although
some loosening of funds was reported
in me commercial paper murxct. Local-
PETRONITE
Comnosition Floors
Otilrklv solvo tho nnesHnn nt hntl, 1-' liowcver. little motley was available
Quickly soivo tnc question or bath,'for any mlt essential purposes. .Some
Kitchen, laundry nnd store floors, pritidam has been made as to tin. tn.
T.nst forever. Sanitarv. beautiful, tmin nf the loanlnc institutions, nil nr
.--,-- ,. . " . ' ..."" . " -"::.' v.:"
v s economical, immeaiate service, day which upon a ciowr unaiysm 01 tne
1 .7
if
night.
hila. Rep.
KRosse ,
WaOitvt
vtf
Factory
831-533 N. Oth St.
Phlla., Pa.
Market 4223
Hltuntlan appeared to be wholly un.
warranted. Ag a matter of fact, most
of tho larger banks have taken a very
generous attitude, in truth, much
moro generous than thut assumed by
institutions at other centers,
WHEAT Receipts. 7830 bushels, Wealter,
Car lota. In export elevator No. 1 red win
tor, 12 036 2 9. No. 1 hard winter. J2.850
2 08. No 1 red winter, garlicky. J2.O0
2.1)3, No. 2 red winter. $2.022.B5 No. 2
hard wlnttr. J: 02C2.03: No. 2 red winter,
garlicky. 52 875(2.00; No. 3 red winter, 12 SO
2.93: No 3 hard winter. 12.S0CT2.02: No.
3 red winter garllc'ty, 12.84S2 87; No. 4
red winter. J2o3!.83: No. 4 hard winter.
2 S5fi2 lis, No l red winter, garlicky, 12.80
its 83, No 5 red winter, 12.81(22,84. No. 0
hard winter, 2 M02.b4: No, 0 red winter,
garllckly, 92 7082 73. H&mplo according to
Quality
CORN Reccipta none. Weak to sell. We
auotv, a to quality nnd location, at 11.80
1.81, tho lilt, r for No. 1 yellow.
OATS No receipts. Market barely steady.
Car lots, as to location No. 1 white, 11.29
U130. No 2 white. 1.23((i'1.2U, No 3
white. I12atll27; No. 4 white, U.23
l"r.
I'LOfR Ricelpte. 1,011.173 barrele. Quiet
but nun Uuo'atlons. 1UU lbs. packed in
1 Ml-lb. Jute sacks Hoft winter straight,
western J12 25Q 12.78; do. do, nearby.
Ill 7341 12, Mi hard winter sfnlkht. 118.200
13.73, d. short patent. 11441 14.50: spring
first cbar, llir.'iai2s do, patent, U 7bi
14 50. du short pttcnt. 114 75f?1.1 25; fancy
sprinc and v.v mills patent, family hranda,
ln30WM2t lljo (lour. 512.50013.23.
PROVISIONS itfadv but iiulet. Quotatlona;
Reef In sils, nmoked and alr-drled. B3c,
do knuckk nnd tenders, smoked and air
dried. r,4c pork family, 147, ham. . P.
cured loos, 40tt4U-,4c: do. skinned, loose,
481M.1V do do smoked. 4345VSc: do.
hull'!, toneleas. flOc: picnic shoulders. H.
P curtd lo . 2.1c; do, smoked. 2tlo; bellies,
In uliki- l ise, 23c, breaklast bacon, 3Uo,
Hl'TTLIv rirm but QUle'j at the following
quotations Solid-packed creamery, funoy,
high-scoring firsts. r.84 flOO'ic: extra a
574c. extra firsts r,r,H60Wc: flrsta. 510
,1V, riTumla, 45.10o: aweet creamery,
chol-.. to fancy. 50H 01He: fair o auod
M1i.18',c prints JobblnB t tlOWISo for
fam v and at MWnnc for fair to choice,
i:OQ8 rirm.y held, M Tho ouotolloiia are
In fr. a casea, nearby flrata, 00c per doien;
nearby turront rocelpts, 48c; nearby ordl.
nnry to fair. 4347c; weatern extra drsta,
rn. ...,.. ii..,. jniO-lhc: aeronds and
poorer .lUfnSc. fancy candled iga Jobbing.
it ',11 it! dip
CHEESE Quiet but aiteBdy. Nw y.rJ!
whole-milk flats current make, ttneir, 27W (it
She. do, rommon to fair, ,24027c. do, Long
horns. 27'i28Wo; alnBlo Dalalea, 27'fli?
2SM, r; Jobbing aalea of fancy held gooda 20
VI si"
LIVI. POULTRY Following are aro nun
.nin.. I--. i. nnt TBhamH. fancy, heavy.
30T40c; exceptional lota higher; do, light to
81. b.o'llng chickens, fancy yet ow-sklnnod
not Leghorns weighing lVj 02 iba. apiece.
f.0r.5t. broiling chlckene, fnncy, JeJInw
skinned, not Lcghonta. welghlna- lt
pounds anlece, 454J4RC! whlto Irfghorn.,
trollera, weighing 1W 2 pounds npleco,
43it43c white Leghorna. broilers, smaller
sires, 4()41c: old rooators. 2l2c; ducka.
o'd. 28ft30c: do. spring. 30ii33c; pigeons,
"'llIlKMSED POULTRY Fowla, fresh-kllled,
dry-Dlcked. In boxea weighing 4J3 Iba.
anlece 42r. weiahlnr 8H Iba.. So40e:
weighing 3 Iba . a5087c; fowla, fresh-kllled
In barrela. dry-Picked, weigh ng 4B i lbs.
apiece. 40c: welghlna : 8 Vic Iba. a7ff.18ci
.....h.n. ihu . A.luSac. broilers, weatern.
drj.plclted wolghlnc 1H J2 Iba. apiece 00o;
briillera weatern, amaller alxea. MOSSc;
old roosters nry-picKea. western. 2ic; no,
southern, 2320o; aprlng ducks. L, I., 33c.
DIVIDENDS DECLARED
Guarantee Trust and Safe Deposit Co.,
semiannual 3 per cent, payable August 10,
to stock of record July 01,
Elsenmann Magneto Corporation, quarter
ly 51.75 on preferred payable August 2 to
mtnnlt tt record July 20
Merrltt Oil quarteiiy of 2H per cent, pay
able August 14 to stock of rrrord July 81.
titanaara uu or unio, quarterly ot to ana
an extra of 51 on common, payable October
1 to aincK oi recorn August si. ana quar.
terly of 51.75 on preferred, payable Sep.
temter 1 to ateck of record July SO.
Excess reserve.,
Aggregate res..
Loanr. etc
Cash In vaulta &
mi mlr banka.,
Rcservu in member
banka nnd ru-
aerve banks....
Roiervo in atnte
Uinkri nnd trust
companies ....
Reserve In atate
imnKa nnd trust
company deposi
tories 8.037.000
Net dom. deps'te. 4.141. 112,000 4.100.880.000
Time depoalta . . . 2.12,081,1100 2.13, H4.1, 000
viiiuiuuuii iiiiai,uuu
United Statee de
poalta deducted. 2.1,81)5,000
ACTUAL
Excess reserve . 529 230,130
Aggregate reaorve 5711. 1100. oon
I.o.ins, etc 5,107.844,0110 5,123i51O,O00
-UDII 111 Y.UIIfl
and member
banka
Reserve, In mem-
per panKs ana
reserve banks.
Reserve In Hate
hanks nndlTust
companies . . ,
TAeaorve In state
banks and trust
company depos
itories Net deriand de
poalta 4.1.10,005.0(10 4,138.840,000
Time depoalta.... 2.12.1H5.OO0 252.038,000
Circulation .... 31,073,000 81.021.000
U. H. depoalta
deducted 58,013,000 10.888,000
OUTSIDE DANK STATEMENT
O.VW.U nAiMta
03,420,000
502.060,000
8,332,000
8,011.000
0,018,000
8,553,000
HO. 880,000
53. 114.1. nnn
34,025,000
82,820,000
510,017.800
BBS.OOO.OOO
,120,010,UOO
101,500.000
1
540.008,000
8,891,000
8.717.000
COTTON MARKET
iew orIt, July 17. A feature of
the trading during the first hour wn.s
the switching between the various
months The trade wns n fair buyer,
while Wall street sentiment seemed more
..i.i.imi3i.ic anu Duying orders enme from
ii ,ql!nrtlT Week-end realizing
checked the advance around 33 cents
for December.
Advices from eastern markets say
that cancelled orders for cotton good's
are being reinstated.
The same information has been com
ing from Manchester thla u-s.nL. ...i .i.
feeling is spreading that, so far as tho
cotton textile industry is concerned,
thecorner hns been turned.
The weather man slimi-ivl nnttr. -..
eral rains over tho northern half of Uie
At
2.1
02
1H
.V
PmV. Clrt.n nnnn
July. 4i.r.o
Oct... 31.4,1
Dec... 32,83
Jan.. 82.02
March 31.23
May.. 30.40
34.4,1
.12.011
32.05
81.28
30.45
High
"41.50
34.77
33 10
32 33
81. (12
80.75
Low
41. 10
34.43
32.80
32.00
31.28
30.45
Cloaa
41,10(32.1
34.72077
33.08000
32 28
3L53O03
30.70
$747,074,400
i.un.300
33,1152.500
75. duo inn
&81.272.U00
131.221.000
Loans tnveit-
menta
Gold
Currency bunk
notes
Federal reserve
banka
Depoalta
Reecrve on depos
it Percentage of de
posit in is
TRUST COMPANIES
Loans Invest
ments )1,0S7,7.8 100
Gold 11,222,700
Currency hank
notes 10 310,400
Federal Reaervo
banka 150.251,700
Depoalta 2,030,317,500
Reacna on de
poalta 275,443,400
Percentage of re
serve iflj
Decreaae
'52,070,600
00.500
037.700
204,100
7,403,100
170,500
1
55,233,800
48,800
208,100
10,120,000
08,772,000
GRAIN MARKET
Chicago July 17. Trading In wheat
continued light this morning and the
market was weak and without feature.
Inc weather rrinnlnr.it (nvi,nl.i. .i -
. , - .,...u.t turn it-
ccipts are increasing. Exporters said
that British buyers were again after
the grain and that they had taken vir
tually everything offered nf Mm fi..u .
over night offers. The arrivals for the
uuj were io cars.
"mberopened nt $2.59 to $2.58,
against $2.C0 at the end yesterday!
March was quoted at $2.03 to $2.01 V,
at tno outset, compared with $2.04.
yesterday's lost price.
corn was lirmer on ecnttercd buying
by commission houses nt tho outset.
Offerings, wTiich had been light, in
creased on the advance nnd the market
had a setback. Receipts were 135 cars.
July opened yc lower, nt $1.50, and
later sold at $1.40. September start
ed at $1.50 to $1.50, against $1.40
at tho closo yesterday, and, nfter sell
ing at $1.50, worked off c. December
was quoted nt $1.38 to $1.38 nt
the start, and later sold nt $1.:I8'A.
Oata were irregular. After the start
there was selling by local pit traders.
Receipts! wero 88 cars.
July Ipcned nt Vic lower, nt 8fic. but
later recovered the loss. September
started at 70c to 77e, against 77c
at tho closo yesterday, and, after sell
ing at 77,,4c, lost the recovery. De
cember opened nt 75 c to 75c,
against 75o at the close yesterday,
anu inter miiu iu luc
11,871,200
M
HTATB RANKS AND TRUST COMPANIES
NOT REPORTING TO LI.EARINU HOUSE
Loans Invest
mints
Gold
Currei.cy bank
notes
Federal reserve
banka
Total deposits,..
Net deposits....
Reserve on de-
foalt
'ercentago
reserve . .
Increase.
of
5700, 7d it.noo
8,358,300
10,840,800
77.720 80(1
80 1.871. UIM)
814,407,800
147,003,300
20.2
51,004,000
133,100
1.074,200
1,814,200
3,100,300
103.500
unchanged
Calumet & Jerome
Canada Cop ...
Candelarln M ..
Carson Hill
Cona Virginia .
Cortez Silver . .
Cresacn Geld . . .
Divide Ext
Divide Ariz ....
Eureka Croesus
Eureka Holly ..
Gold cona 10
Gold Meiger 1
Oold Silver Pick 5
dold Zono 13
Great Uend 1
Emma Hllver 7
Hecla Mining 4
Iron nioaaom A
Jumbo Extension 5
Knox Divide 0
I.oulslan& Co
McNamara hi,
Marsh Mln ii
Motherlode 57
Motherlode now 6K
Murray Mo? 70
Ophlr Silver iV
Prince Cun rt
Rex Cons 7
Rochester Mines 10
Rope Group rV
Snn Toy 4
Sliver King of Ariz 32
S Silver Lead 'i
Simon Sll 1
Hucceae Mln 4
Tonopah Relmont 1
Tonopah Caah Hoy n
Tono Divide liV
Tonopah Extension IS
Tonopah Midway 8
Tonopah Mln Irs
Tonopah Mltpah 13
Tonopah Montana 10
Tonopah Rescue Eula ... 15
U S Cont 7'i
United Eastern 2.
White Capa 10
Whlto Capa Ext 1-4
Wllbert 44
Ycrrlngton -Vt
DOND3
Allied Pack 0a 70'i
Amn To! 6a of '22 IHV4
Amn Tel 0a of '24 03
trmnnr 11 05.
Ilath Steel 7 of '23 B7
Kennecott ,7a BS'i
llremen 4H 20
Cologne 4a 20
Dreaden4W 254
Hamburg 4H s 23
24i
2i
70U
04V4
1)3
03K
H7
01H
20
20
2RJ4
24.
70'i
04W
03
05
07.
03V4
2
20
2BV4
leading futures ranged as follow a:
vncui-
Open
5.28
2.U0
LIVESTOCK QUOTATIONS
Chicago, July 17 HOGS Receipts. B0O0
head. Market, better grudeB. light and light
butchcra, l(o to 20 higher; other grodea
steady to higher, dosing atrong; bulk of
aalea, 513.11.1 to 51it top, 510 10; heavy-
w,VlB.tlt',14.-.,'n ,J ,,lr,8u. medium weight,
516 35 to 510.10, light heavy. 514016.76;
heavy packing sos, smooth, 518.75tP14.40:
packing aowB, rough, J13tf 13.75: PlB. 512.73
dp 14.nO,
CATTLE Receipt,, o00() nead compared
with week ago Qood to twat yearling steers
about eteady: graaiers nnd atrong to heavy,
weight cornfeds, largely Mn n fldn lower:
best she stock and canners atrong to 25c
higher, others slow, steady. Bologna and
handy butcher bulls, mostly 50o higher; bast
atockera and feeders, 10o to 21)0 hiiiher;
others alow and uneen; veal calves, 25c to
50c higher.
SHEEP Receipts. 7000 head. Hulk re
celptB direct, few aalea; natlvo atock ateadyj
top 'amba. 516 50 compared with week ago:
Lamba about steady; ycurllnga nnd aged
wethers. 7So to 51 higher; ewee. 60o to 75o
higher; feeding anl breading atock steady to
23o higher.
Hast nufrnlo. v y ay 17. CATTLE
Recelpta, 460 head Slow. Calvea. recelpta,
a5?.iV5a, 0n? ,olll,r lower: 5018.BO.
.HOGS Recelpta. 8200 head, Steady to
lOo higher, Heavy ,iinlo,75: mixed, 517W
J7.15 yorker,. 5(jij28l gbt UOl. 10C2
17u.F5-,r5r?ul,h"- 113: ataga.' I810.
SHEEP AND LAMH8 Recelpta. 200 head.
??",?" 'ow.l mba. 818i yenrllpgg. 5J
13 All t wthr tn kaikio. ...-.- idrOiai
mixed sheep, 5aJ.B0Ob,60. '
Dec
March . . ,
Corn
Sept. . . ,
Dec
oats
Sept
Dec
1'orK
July .
Sept. .
ijira
Sept 10.10
Oct 10.40
Ribs
July Supt
1.50
1.887a
7014
76W
.28.20
High
25 20 4
2.U3V,
1 81
1.38H
77ii
70
28.33
10.37
10.72
10.112
IOW
2.1 21
1.47
1.33
70
74
28.10
10 00
10.40
10.85
Close
25,28
2.57
1.49
1.30H
704
75H
20.00
28.33
10.87
10.72
10.00
10.00
FOREIGN EXCHANGE
New York, July 17. Tha entire list
displayed weakness nt the opening of
tho foreign oxchange market this morn
tng. The single exception; was francs,
which made a substantial rally from
yesterday's late dealings. Demand
sterling wnu 3.87 VI , cables 3.88, a drop
of 1 cents.
Other quotations wcrn:
Frano cables 11.95. checks 11.92 ; llro
cnblea 16.95, checks 16.97 ; SwIsb cables
5.63, checks 5.65; Ualgtarr cables 11.25,
checks 11.27; guilder cables 35.
checks 35 ; pesetas cables 16.05, checks
16, Stockholm cables 22.10, checks
22.05; Chrtstlanla cables 16.10, checks
lu.iu; unpennagen caoies ie.uu, checks
10.40 ; mants a.ui,
yesterday's Pinal Quotations
Sterling Franca Lire Guilders
Demand ... B.BSvT 12.02 17.00 33
Cables .... 8.80Vi 12.00 10.DH 83H
Today' Opening Quotations
Sterling Franca Llro Guilders
... 3.87V 11.02 1HII7 8?
.... 8.88 11.95 111.113 3JV,
CLOSINO QUOTATIONS
Demand
Cables
Demand
Cables ,
Sterling Franca
. . 3.87U 12.01
.. 3.88 11.00
Lire Guilders
10.00 an
1U.07 85H
BUTTER, EGGS AND CHEESE
New York. July 17. RUTTEnT,-i. t.
celpta. 10.001 tubs Creamery, higher 'than
oxtma, ,17P57Vio: creamery, extras (02
score). BOM c. creamery, flrats (88 to 01
score), 62 M 060c; packing atock. current
make. No. 1. 4213Mc, ' cur"nl
EOCS Firm. Recelpta, 10,700 caaea.
Freah gathered, extra flrata, 4Difi31e: fresh
fathered, flrala. 46M01Sc; state. Penna"
and nearby western hennery whites, flrsta
to extraa, 5550cf atate, Penna, nnd nearby
western hennery browns, rxtraa. 54067c:
atate, Penna. and nearby gathered browns,
and mixed colors, flrat to extras, 46Q68MO.
CHEESE Unsettled. Receipts, 6324
boxea. State, whole milk. Data, current
make, white and colored. sDeetnin .run
28Mc; do, average run, 20027c state, whole
innn, twin., uuii.i.v iiin.c, rpeciais, ZT P
27 c; do, average run, 2O02O;,
Reserve Banks' Discount Rates
Official rediscount rates at tho twelve
Federal Reserve banks nre as follows:
x Treoa. Lib. Com'l likra.
iionaa, raper Aocept
Roaton
New York . .
Philadelphia
Cleveland ..
Richmond 6
Atlanta )
ctfs.
03
a
6M
Chicago
St. IxjuIs
Minneapolis ...
ICansaa City ...
lUllus
6K
A
II
OM
5M
0
Han Francisco.. 6 Hi
6U05V4 5M
6UOSM 6M
h
0
3V1
0
0V4
0
M
BANK CLEARINGS
Hank clenrlnga today compared with Bame
day last two years:
1H2II 1010 1010
N.York 5771.2(10.430 ,..."
IlaltlnVe 17,28(1,617 16,203,834 "
lloaton.. 07,885,141 60,61)8,213
Chicago 101,001.848 '"-
MONEY-LENDING RATES
Tho tlmo monev market nnii.,..
very dull with no offerings on new lonns
For renewals, 8 per cent Is dono on
mixed and 9 per cent on all Industrial
collateral.
Commercial paper Is quoted at 8 per
cent with a Blight demand coming from
the country banks nnd n little done here
nnd there among local Institutions
Acceptances show no change. Kllgible
quoted from C4 to C V4, per cent dis
count. rillLADKLPHIA Call, 6 per cent'
time, 6 per cent; commercial paper
three to six months, 6 per cent.
(Note These aro morely nominal
quotations, as the legal rate of Interest
In tho state of Pennsylvania Is nxed ut
6 per cent. Plus premium and com
mission time money for thirty to nlnetv
days Is loaning at 8 to 8 14 per cent
while commercial paper from three to
six months Is being offered at 8 to 8 v.
per cont.) "
LONDON Money Is quoted at 5 per
cent. Discount rates, short bills, 6 ner
oent; three months' bills, 6H per cent
BAR SILVER
Pomestlo bar silver was unchanged
n NewfTfork today at BBMo foreign
down T4c, at 89a In Condon. , ho
price was Vic; lower, at 52d. ' u,
National Properties Company
Bondholders' Protective Committee
To the holder of the 4-6 Secured Gold Bonds of
National Properties Company
A default in tho payment of tho interest duo July 1st. 1920.
on the abovo bonds having occurred, it is necessary for tho nro
tection and assertion of tho rights of the holders of these bonds
nnd the conservation of tho vaiuo of the security pledged that
concert nnd unity of action should bo obtained. The undersigned
nave consented to act as a committco for this purposo and for
the protection of the nterest of all of the holders of tho said 4-6
secured bonds who shall become parties to an agreement which
has been prepared, dated June 8th, 1920, an executed copy whereof
is lodged with the depositary hereinafter named.
Holders of said bonds aro requested to deposit the same with
the Pennsylvania Company for Insurances on Lives and GrantinR
Annu tics, at its office, 51T Chestnut Street, in tho City of Phlla
clelphio, the depositary nnmed in the said ngreement. not later
than July 26th 1920, at three o'clock P. M., when the rfft bo to
do will cease. Said depositary will issue transferable certificates
of deposit therefor. All registered bonds must be accompanied
with proper transfers thereof.
Your Committee submits to you for your consideration a
pInn ,b.a,sc? UP" ?" off f"m an underwriting syndicate, a conv
h,cVs Sn f,I n? tho mco of it3 depositary. By the terms
? o0..?"!1"' Jt J"" bo ac?cPted by your Committco on or beforo
the 26th day of July.
, Your Committco accordingly has extended the time for tho
deposit of bonds until tho 26th day of July next
All the depositing bondholders nro requested to express their
approval or disapproval on or beforo tho 26th day of July, 1920.
All bondholders who have not yet deposited their bonds with tho
Commltto nro requested upon tho making of tho deposit thereof
to express such approval or disapproval on or beforo said 26th day
of July, 1920, on which day tho Committee must adopt or reject
tho said plan.
Under tho plan all depositing bondholders will receive 3(r
i X . , uo of tho bonds deposited by them in Common Stock
of Tho American Railways Company when acquired by tho Com
mittee; tho bondholders who elect to pay in? cash, 17 of tho
face of their bonds will receive in nddltion 7 Second Preferred
Stock of The American Railways Company to tho amount of the
sum paid by them, less tho disbursements provided for In tho
plan, and nn additional amount of the Common Stock of Tho
American Railways Company of at least 100 of tho face of his
deposited bonds.
Copies of tho plan and tho doposit ngreement may be obtained
at tho offlco of the Pennsylvania Company for Insurances on Lives
and Granting Annuities.
Dated July 12th, 1920.
L. J. CLAItK, Secretary,
617 Chestnut Street,
Philadelphia, Penna.
EVAN nANDOXPH. Chairman;
JOHN OniBBBIi.
AHTHim V. MOItTON,
JOHN J. HENDEItaON,
E. CliAItENCE MILLER,
Committee.
PIUCHAItD, SAUL, BAYAUD & BVANS,
Counsel.
Central Trust & Savings Company
July 15, 1920
ASSETS
Cash on Hand
Cash in Bnnks
U. S. Bonds and
Cetlflcatcs
Loons and Commer
cial Paper
Stocks and Bonds...
Mortgages
Real Estate, Furni
ture nnd Fixtures.
Other Real Estate. .
Customers' Liabilities
on Acceptances. ...
Miscellaneous Assets
$526,774.62
1,703,859.90
411,397.85
8,588,265.26
076,028.01
682,451.00
353,300.62
21,319.35
108,177.36
15,712.98
$13,086,287.45
Capital
Surplus
Undivided Profits
Reserve for
Depreciation ..
Deposits
Dividends Unpaid
Accrued Interest
Payablo
Acceptances for
Customers
fBllls Payablo . . .
Miscellaneous
Liabilities ....
LIABILITIES
$760,000.00
700,000.00
61,369.34
10,000.00
...10,724,866.88
11,617.50
... 44,265.70
. . . 108,177.36
. . . 668,500.00
7.490.67
Trust Funds
Assets .
$13,086,287.45
" $3,261,160.75
T. Comlv Hunter. President
Clement J. Craft, Vice-President
George H. McNccly,
,m. j t, ,m Vk'-Preaident
Theodore F. Miller,
Vice-President
OFFICERS
Fredk G. Helmbold, rrarw
Charles K. Lukens, Secretary
Anson B. Evans,
Title and Trust Officer
lieo. J. Hanhauser,
last., rute ana Trust OUioer
T. Comly Iluntor
Gcorgo II. McNeely
Theodore F. Miller
Francis X. Qulnn
Isaac M. Simonin
Lewis Van Court, AssU Treasurer
DIRECTORS
James F. Hallowell Henry F. MIchell
wSSSE Rydhouso F- Leighton Kramer
Frank Schoble Henry Bell
J. Howard Rhoads C. J. Craft
Chas. S. Walton, Ji. F. G. Helmbold
DIVIDEND AND SURPLUS
No 02 Sfm? amlOnnnhlu0nrd of Peters a quarterly dividend,
thatlundVoOo""10 ?5'00 Wns added to iho 8Unlus, making
Checks Will Be Mailed for DMd.nJe.
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