,m
:'1
I A"
"Vjr'
' V" ..,
'.''
,
' J
,:
Nl
')
'V
' -
'?
I 4 a.
11
;
4
ft
l6' LKJEK-iHlLA!&l5LIJHIA, WrUltoAT?, JULY 24, 1920
1
V;
W
TRADERS DESERTED COLLAPSE Of LOW
NEW YORK STOCK EXCHANGE TRANSACTIONS
THE CURB MARKET
PRICED
MOTORS
Deciding Yacht Race Too
Croat Attraction for Brokors
and Customers
Hopos of Promisod Summer
Bull Market Go A-Glimmor-ing
This Wook ;
New Yoric, .Tuly 2.1. The llroart
street curb mnrkct wnR naturally In
siren j-"'" ... .,i i,if.i,ii,i..v
Kntrclsm. There wns nlo n descr'- nH "ujlpjloil In the animated rebound
New Yorlt. Jnlv 24 The most sle
nlficnnt finnnolnl development today
n. r,t tenders nnd customers to
the deriding; ynclit race, leaving only n
small nttendnnce of broker In the out
side market.
The natural consequence was a small
amount of business even In the im
portant Issues and narrow price move
ments, the market generally bclnR quiet
and without feature.
nml Annhnlt rnnaed from 02
Aim nimma worn ui V4
to 02
Hnhtnnrlnn Hont. which showed
,, WMW. ...--- - - ,
ttlc strength' yesterday, reacted to
n
32'4 and United States cuenms m
traded in at 2 to 2. United Kctafl
Candy again sold IS1).
ti,..t,,u lnnpp wbh steady nt -(.
North American Pulp sold at 0.
INDUSTRIALS
High
nH
2i
0:
-
V
Acme Coat ...
Chicago Nipple . . . .
General Asphalt
Orape Ola
Grape Ola prof
Hercules Taper
Hocking Vnll'y Prod
Norm Atner i-nrcr
Perfection Tiro . . . .
Itaaio torn , ,
Rainier Ilotors 30 .
Submarine Boat 12 J
U 8 High Spcod Tool .... 31
U S Steamboat -'
United Front Sharing .... IS
United Retail Candy .... 13" 1
INDEPENDENT OILS
. .. 25 :
... 3l
... 1H
Allied Oil
Boone Oil
Boston Wyoming ...
Cushing Pet"
T)nmtnlnn Oil
Engineers Petrol
Esmeralda Oil
oienroek Oil
Kay County Oas
Maracalbo Oil
North Atner Oil
Red Hock Oil
Boy d Franco
Ilyan Oil Cons
Sapulpa Refining
Blmms Petroleum
Texan Ranger
Tropical Oil
Victoria Oil new
Vulcan Oil
MINING
American Mines
Atlanta
Big Ledgo
Booth
Boston & Montana
Caled Mln
Calumet & Jerome
Canada Copper
Candelarla Mln
Cons Virginia
Cortez Sliver
Cresson Gold
Divide Ext
Eureka Croesus
Kureka Holly
Golden Gate Exp
Goldfleld Cons
Ooldfleld Development . . .
Ooldfleld Kewana
Goldfleld Merger
Ooldfleld HUver.Plck
Great Bend ...'.
Emma Silver
Jlrcla Mining
Iron Blossom
Jumbo Ext-.-
Knox Divide
l.oulMana Co
MacNamsra
Marsh Mln
Mother Lode
Mother Lode (now)
Murray Mog
North Star
Othlr Sliver
Prince Con
Rex Cons'
Rochester Mines
Rope Group
San Tov
Simon Silver
Sliver King Divide
S Silver I-"ad
R.icccas Mln
Tonopah Belmont
Tonopah Cash Boy
Tonopah Divide
Tonopah Ext
Tonopah Midway
Tonopah Mining
Tonopah Mlzpah
Tonopah Montana
Tonopio Rescue Eula ....
U a Cont
Unltea Eastern
Vlctorv
West End Con
White Caps
White Caps Ext
Wllbert
Terlngton
BONDS
Allied Packers fls
Armour 7s
Trench Vlctorv 6a
Goodrich Tire 7s
Hnclulr 7 a
Swedish Govt fls
Mil's Govt 54s
Texas Co 7s
West Elec 7s
Frankfort 4fl
Greater Berlin 4s
25
10
1
70
ob;
IMS
07'.
81
S4W
nxH
n74
2.1
20V4
70
P4i
IUH
84
S4,i
n7,
20 A
n.i
04U
n7'5
R4
R4U
hk
n7
2n
20M
In the exchange rate on London, In
response to announrement of the armi
stice agreement between the Russian and
1'oIJsli nrmles. The Improvement In
the central Kuropean situation found
little or no reflection In the week-end
session of the stock market. There was,
however, n perceptible hardening of
prices when the armistice news was
confirmed, which followed a mixed and
generally lower opening.
The trading during the short session
was of the usually midsummer half
holiday type, and mode up very largely
of the evenlng-up operations of the
professional traders. The most promi
nent development was the violent slump
In" the low-priced motors, these Issues
collapsing much the same as the sugar
group did earlier in the week. Maxwell
fell over C points, while Hupp dropped
nearly -'. in tne usual active list deal
ings were licht and movements narrow.
but most of the leading Issues moved up
irom the opening low levels, making the
net changes unimportant. The attend
ance was unusually small because of the
desertions to witness tne promised ex
citing vacht race.
From a constructive viewpoint the
week's market was In countless ways
very disappointing. Hopes of the
promised summer bull market went a
glimmering hcn the general list re
fused to ico the way sentiment thought
it should. After alt is said and dono,
the week's experience, on the top of
that ttKountcrcd In most of thfc pre
ceding weeks, demonstrated conclusively
the futility cf expecting any protracted
forward movement in security values
under the money marktt conditions.
Quite n Lumber of market observers
huve either erroneously or purposely
for selfish ends nursed the hallucination,
mid spread Mich propaganda of there
being ii big possibility of money ease
ment during part of the summer
jesslon. tfitlspr misled by poor calcu
lations, or misrepresenting the true
monetary conditions, they have per
sistently, and consistently, In their way
oi uiiuKiiig, pointed to what they tie
clincil to be n distinct Imprnvciw nt in
the vexing and serious strained credit
situation. As a matter of fact. If tho
truth be told, and current prohibitive
money rates confirm it. there has ac
tually been very little Improvement In
me cretin situation.
Possibly the sum and substance of the
situation may he tojd tersely In the
remarks made a few days ago by tho
president of one of the powerful New
York institutions. He said: "The In
flation of bank credits has been suc
cessfully stopped, ruther than material
progress having been made in the way
of deflation." That unquestionably Is
the " situation in u nutshell, and if
such n policy can be sustained, there is
a strong probability that the trying fall
period ahead of us will be successfully
weathered without the predicted smash
up. Only those' living in a fools' paradise
arc neglecting putting their house in
order preparatory to meeting the threat
ening squalls which the market ba
rometer foreshadows. Anticipating even
a tighter money market than which has
been experienced this year, many of
the leading market interests have been
soliciting their clients to mako the
necessary preparations to meet (he ex
pected higher carrying charges. Hy
thus taking the situation by the fore
lock, it is believed much dissatisfac
tion will be eliminated on the part of
those who will have the temerity to
make market excursions in the rough
speculative seas.
UTILITIES LOCAL
HEAVY FEATURES
Sales
100
100
100
ion
308
300
1700
' ooa
209
200
100
200
200
1100
100
100
400
S00
,400
200
201
210
'110
100
090
200
300
100
100
200
Dlv,
mi
.nuHniB express lit?
8 Advance mimoly pi. ;
6 AJax Rubber 9H,
Alaska Juneau O M.. .,
1 Allls-Crmlmers x
8 Am A grlc Chem ,,.
h Am Beet Sugar ....
10 Am Itoseh Mntrrleto... 'r
80 Am Drutr Syn 2
High .nw
3 W a!
63 n
m
3H
tsv2
lot.
Today's Net
t;inso inge,
34V4-
0314-88H-
3S$ "
B
Am r-a 384 3814 3014 ..
.. Am can , "JZ,,, tii! laiti
12 Am Car & Fdy JJ) "J Aiv 'iv
0 Am Express.. 3' 134 VV)
7 Am .Hide & Leather pf M MK M'i - y
a AtTi"" Tntrnn tTnrn .. 62 J4
0 Am Locomotive ? V5
. Am Safety Major . . "
Am Ship & Com 2J5
4 Am Smelt & ntt.....
7 Am Smelt & Itef pf.. OOJ
s Am Steel FountJrlcB. . 37J4
7 Am Sugar net ".17
B Am Tel & Tel 0J4
7 Am Woolen ?0S
.. Am Wrltlnp Paper pf. 8j
0 Am Zinc Lead & Sm pf ?H
4 Anaconda Copper "H
.. Assets Realization ,.. '?
0 Atch Top & Santa Fa BO
7 Atlantic Coast Line... 88
10 Atl Gulf & W I S S..lyi
. . Atltn Uil.o is.n. 7
13200 8.00 Dnldwln Locomo'tlvo..HJs
200
1700
300
300
300
100
1B90
13)0
1100
200
100
200
1390
100 1,00 Chlno Copper
Bethlehem Motors ... 2014
5 nethtohem Steel B.... '814
8 Bethlehem Stl 8 pf.lOSyi
. . Butte Copper & Zlno. . W
. . Butte & Superior Cop. 224
. . California Petroleum, 30
10 Canadian Pacific ....123H
B Central Leather 0114
10 Chandler Motors .... 08V5
4 Chesapeake A Ohio. . . M14
,. Chicago &XH West.
.. Chi Mil A St P pf..
uni il I & Pao
DIVIDENDS DECLARED
Tobacco Products Corporation, quarter!?
of m per cent on common, pavahle In twn
ear R per cent scrip, on August 10 to hold
ers of record August 2.
Buffalo. Rochester and Pittsburgh, semi-
nnnnnl nf S'J nn rnmmnn anrl tt nn ..
ferred payable August id to stock of record ments. The trading was extremely nar
auruh; o.
Rapid Transit Muddle Offers
Big Problem for
Solution
Dealings in the local stocks in to
day's closing market were of small di
mensions, with irregular price move-
t
000
100
2400
100
100
000
1390
1390
1280
203
500
1200
000
300
200
2200
100
200
200
100
000
200
0090
200
100
600
100
8)0
2109
3300
200
100
100
200
400
500
100
100
18)0
8)0
Clev cln Chi & St L.
1 Coco-Cola
1 Col Graphophono ...
1 Continental Candy ..
2 Con Interstate Cal M
4 Corn Producta Rcf . .
8 Cruclblo Steel . . . ,
Cuba, Cano Sugar
8'
5014
30J4
20K
55
m
28
12H
12
3
.,162
40ya
7 Cuban Amcr Suear... 47
0 Belawaro & Hudson.. 0814
.. rnvcr & Rio Grande. 6
.. Denver &. lllo G pf.. 10
1 Dome Mines 10
B Kndlcott-Johnson .... F2
.. EtIo 1st pf 18J4
8 Famoua Players L...'75
8 Famous Players pf... 85 -
S Flek Rubber 30H
. . Frecport Texas 2114
.. Gaston Wma & Wig.. 12
2 Gen Am Tank Car.... 74 J4
8 General Elcctrlo 11 114
1 General Motors 24
a Goodrich B F 58?(
.. Gray Davis 24
7 Great Northern pf... 70(4
4 Gt Nor Oro ctfs .... 3514
4 Haskell & Barker Car "1i
Houston Oil Co 100
1 Hupp Motor Car .... 1614
4 Inspiration Con Cop.. 50
, Intcrborough Con 314
. Int Agrlcul Corp 22 14
. Inter Con Corp pf.... 10J4
. Int Mer Marine tWi
O Int Mer Marino pf... blTi-
7 Int Mo Truck 1st pf.. '0
7 Int Mo Truck 2d pf., 60
. International Nickel.. 1HJ4
. International Paper .. 3
Total sales, 173.U0O shares, compared with .103,000
3.107.700.
.82
f6W
1514
2314
8i
80
37
128
04 H
47H
55
214
78H
86
16414
6
114
20
8714
105 14
814
2214
30
120
COJi
07
mi;
m
60
3614
2814
54 n
3014
28
12
12
13
15014
4014
- 40
8B14
n
0
10
M
1014
73 V,
S5
30
2114
12
73
14114
13
58
24
C0
3514
72
10314
1314
50
34
2214
10
2814
81
80
68
18
05
14
14
14
H
2
14
H
82
B0
1514
37
8014
40J4-
47- 1
65-
2- 14
80-14
80
154J4- 114
8-214
11514 ..
20- 14
88
10514-
8 . .
2214
30 -
12314 2 54
61J4
88 1
54H .
814 H
60 - 14
38ft 14
2014- 14
651
3014 . .N
28
13 ..
12
f3
15114 14
4614- 1',
47 1
0814-
10
1014
82
1814-
7414
85 -30-2114
12
73
141J4
24 -8
24 -70
-3554
1214
10314 114
1314- 3
50 -314
2214
10 20H
81 114
hO - Yz
60 - 2
18
62J4 - 14 I
shares yesterday
Dlv. Today's Net
Sales In I High Low Close Chge.
100 A Inte Paper pf stpd.. 7314 7314 7314- 14
8400 .. Invlnciblo Oil Corp... 44 4314 H
33 10 .. Island Oil 0 6 0 . .
200 ,. Iron Products 44 44 44 .
200 2 Kennccott Copper ... 2514 , 25 27 ..
300 l.o Keystone T & R 26 20 20-
3700 2 Loewo Co 23 22 32 - 1J4
100 .. Loft Corp 15 15 1 - V
200 12 Lorlllard Tob 130 130 130 - 1
10 Manatl Sugar 101 108 101 - a
.. Maxwell Motor 17 12 13- 6'4
.. Maxwell Motor ctfs.. 1014 10l 1014- 614
10 Mexican Petroleum ..101 18814 101 2
1.00 Middle States Corp., 21
4 Mldvalo Steel & Ord.. 41
.. Missouri Pacific 2014
. . Missouri Paclflo pf... 41
.. Nat Aniline, & Chem.. 7ST.
8 Nat Clonic & Suit.... 67
4 National Lead 70
5 New York Central. .. 0814
. . New York C & St It, . 30J4
.. New York N H & H.. 20
7 Norfolk A Western... 88
300
2900
200
2800
3021
100
600
309
390
200
300
100
100
1000
600
100
300
200
100
100
200
700
290
100
700
too
2530
100
100
lOO
100
600
100
0090
109
250)
4 Nerfolk & Western pf 0514
7 Northern Paclflo ... 2
5 Nova Scotia S & C. . . 65
4 Pacific Dovel Corp... 46
. . Pac Tel & Tel 42
6 Pan-Amer Petrol ....102
3 Pennsylvania R R... 30
.. Penn Seaboard Steel.. 2314
. . Pere Marquetto 24
.. Phillips Pet 3814
3 Philadelphia Co 1414
.. Plercc-Arrow Motor.. 4814
8 Pierce .Oil pf
. . Pittsburgh Coal pf .
.. Pittsburgh & W Va.
1 Pond Creek Coal . , .
5 Punta Alojjro Sugar.
1 Ray "Con Copper. . . .
4 Reading
... Replo Steel
0 Republic Iron & Steel
30o B.20 Royal Dutch N. Y.
8314
. 8514
2814
10J4
82
16W
80
(3
00
. 75
. 1014
25'4
200 .. Snrrtt reeello. Suirar
1000 .. St Louis San Fran..
490 ..St Louis Southwest cf 2014
1100 .. Saxon Motor 8
00 .74 Shell Transport 7014
10 .. Sinclair OH 30H
17:io o Southern Paclflo .... 3
3M9 .. Southern Rail 28
300 s Southern Rail pf .... 68
20 20 Standard Oil of N J. 045
300 7 stand Oil of N J pf.,105
"00 i Strombcrit Carb .... 80
4100 7 Studcbakcr 60
100 7 Stcot & Tubo Co pf . . . . 8
100 .. Tcnn Cop & Chem ... 0
1700 io Texas Oil 46
400 .(jo Tex & Paclflo C O... 4014
100 o Tobacco Products ... 0
400 ., Transcontinental Oil.. 1414
700 ,. Union Oil 31
1573 io Union Paclflo 11514
300 4 Union Paclflo pf 0514
400 .. United Ry Invest pf.. 10
000 8 United Retail Stores.. 7214
1100 e U S Food Prod C6
1799 8 U S Ind Alcohol .... 8814
009 ..US Realty & Imp ... 58
20)9 8 U S Rubber 02
200 .JUS Smelt & Rcf .... 67
4700 S JS Steel 9114
100 7 U S Steel pf 10754
5700 o Vanadium Corp f4
200 4 Va-Carollna Chem .. 70J4
200 2 Vlvadou Ino 17
100 .. Wabash H
309 .. Wells Fargo Express 01 U
100 4 Westlnghouso E & M. 4814
300 4 White Motor 6014
looo l Willys-Overland .... 18
400 e Worth Pump 08
Thus for this eek, 2,000,800. Samo
15
136
108
12
101
18814
20J
40
25
41
78
87
7514
814
3014
20
8814
0514
71
65
46
42
100
38
S2
24
38
3414'
48
8214
8614
2014
16
8014
16
BJtt
13
80
7114
1814
24
20
814
70
30
. 11214
28
6814
041
10514
S4V4
0814
88
8
45
4614
CO
1414
3114
115
0514
10
71
65
80J4
66
91
67
00
10714
5314
70J4
17
8
0114
4814
6014
17
0714
period
20- 14
40 - 14
Now York Bonds
A Ariz 4 Us
1 71U
Amer'n Agr 4
Chem 0s
1 01
Amer Smell's
It Refl'ic As
1 77K
A Tel & Tel r
1..... 70H
2 7UH
A Tel & Tel Us
1 li J
4 1)3
1 0311
Ang-French
IHALEfl IN HO00I
25-
41-
78
57 , .
,7514 -6854-3014
20
88
0514
72 -.
65
40
42 -101
39
3814-3414-48
82V4-BS14-2014-16
-8114
15 -B0J4-
(3
00 '54
. 7514 114
nns
on,
OOtt
no it
no n
Del & Hud fd Oregon 8 L 4i
0 io
Org-Wash'n n
Co Nav CO
3 04
a 65 (
Pa J rm 4V4
3 7BT4
Penna R R -1"
3 82i
renna It R 7
8 72
10...., 72
Del t Hud 7a
2 100
Don t R J fd
1 45
D Canada '29
4 01
Erlo R Co 4s
2 484
1 4RV4
Govt Bwltser-
land rets
14
14
14
IS
i
l
14
"14
"l4
14
14
14
0..
20
2.
12
1.
KO
11.
3.
A T & H I'V 4s
3 .... 74
1... . 74
3 73
2 731
A T It H !'' l
2
1 .... I3U
Atl Coast I, 4s
10 71
ACL rets 7s
(V,. .. ""S
2 n7i
2... 07 li
1 11714
Rait k Ohl ov
1... . 58
2 R8
Halt t O aV4
1..
3..
2..
1..
1..
1..
1..
1..
2.
io3i;
103 '4
ion '4
103'i
10351
103
103W
103
103H
0 11 Hud & Man In
1 18
III Cen'l 4s '(S3
3 01 14
Inlboro M 4V4s
10 12W
tntboro R T fd
1..
10..
3..
3..
3..
45
44;
44 ;
44 ;
44 54
44
44 H
41i
44 "4
1814-
21-
2054
3C54
02
28
-
10554
80 154
0014
88
0 ..
45
4654-
60 -
1414
3114-
115 -
0514
19
5214
65
87
68
01
67 -011,-10714-8314
-8
-0114-4854
5054
17 ..
67
last week,
78S
78 4
711
70 '4
704
J HESITATION MARKS
TRADING IN STOCKS
1..
1..
1..
1..
1..
n. .
1..
1.
102 4
10254
1U2H
102U
10254
102V4
102V4
10254
2
ii
ii
314 1
14
Philadelphia Stocks
High
100 Am Sirs. 44
7 Am (!as. .Ill
25 Elec Stor.118
137 do war. 10
12 1 Co N A 20
20 I.eh Val.. 411
Low
44
.10
118
18
21)
43
Close
44
.111
118
11)
20
43
Net
chge.
1
1
V2
no r i? n. 31)7,4 aov. 30 Ml.
100 I'hlla Klec 22U, 21 2l y
.'IcWlMiilnRT ir,i. l.rV4 15
ffil'n Trac. 27 27 27 . .
140 U OI... 40Vi 40 40 Vi
Total sales. 1303 shares compared with
43IU ahares yesterdav. Thus far this week.
33,788; Same period last week. 29,136.
BONDS Net
xw t;iosn ense.
C2'4 02V1
i 4
U.I.. In
J1OO0 lUKii
2-5 Elec & Peo
Tr 4s . . . C2V4
SXafll'rop
4-0s 4
5 ''temp "".102 102 102
1 I'hlla Elec
1st ris... 80 80 80 ..
1 neod'g g 4s 78 78 78 2
15 United Itwy ,
Invest os. 70 tin t)'.J f "
NEW YORK BANK STATEMENT
Deficit In Reserve of $4,276,520.
Big Reduction In Deposits
New York, July 24. Today's bonk
statement was an-unpleasunt jolt, dis
closing u deficit of legal reserve of the
clearing house institutions of $4,270.
520. This resulted largely because of
the decrease of 540, 00.1,000 in reserve
in the Federal Reserve Hank, an the
liabilities had been materially cut by
reason of the contraction of ifiiri.ll.i,
000 in demand
in consequence
550. 'leaving u
legal requirement reserve,
Details follow :
AVERAQB
Commodity Markets
COTTON MARKET
Now York, July 24. The cotton
market opened steady nt 10 points de
ollnc to 10 points advance, the May
position showing the improvement.
Trade interests were the buyers, the
price of nround 20c evidently looking
attractive to them. Earlier deliveries
reflected favorable weather and forc-
Excess reserve.
Aggregate res.
Loans, etc. . . .
Cash In vaults
and mem. bks.
Res. In mem
ber banks and
reserve banks
Reserve In statn
b'ks and trust
companies . . .
Reserve In state
D ks nna trust
This week
17.002.020
n52.47.0(M)
5.124. 133,000
01.084,000
Last week
13.273.lu0
Mil, 371, 000
5,180, 370, 000
00.010.000
533,170,000 844,410.000
8.400,000
Total. 123 400. compared with 144 000 , npany -fc..gjJOI.JOg
yesterday. Thus for this week 1337.. 0 Tlm(l ,ep0BU8, X52.07O,O0O
EXCAVATING
We rtfi- nntl ..fltl ...n.liu fn. 1V...
Mnea, Hewers, Ona Conduits ,nnil Ilrnlni,
lave Peerless rranrs. Trrnrhlnt Jin
Hiliies and Rock Tools. I,rt us estimate.
PENNSYLVANIA
Engineering & Construction Co.
120S Real Estate Truit Building
Same period last week. 1430.400
FOREIGN EXCHANGE
New York, July 24. Quotations
foreign exchange came higher
inrinn nnd the oDenlnsr here
stronger. Demand was up 1 cents,
francs wero up 8, llro 8. Swlsn 10 and
marks 6 points.
Quotations were: .
Demand sterling 3.78V4. cables 3. 0 :
franc cables 13.15, checks 13.17: Ire
cables 18.40. checks 18.-42; Swiss cables
I Circulation
I U. H. deposits
I deducted
in
from DeOcIt
was
Aggregate res..
Loans, etc. . .
Cash In vaults
und mem. b'ks
Reserve In ptate
banks A trust
companies . , ,
Reserve In state
banks & trust
company nep,
..' ... . j ,. -.- . .,..; . .;..:; ., " : ---.-...-.., .. ,-L-n ut ,,,,
5 78. checks 5.80; guilder cables . T,m,"deiiosit.: JmIoOoJooo "M.ioVui'Hi n"Vv nnfl , 'ide fluctuations,
checks 34V4 ; Delglim cables 12. i. ' circulation ... u4,oa.l.ooo 34.ii75.onu 1 1 he receipts at the ports fo
12.42 ; pesetns cables 16.70,
1
I
I,
I
Millions in
United States
Money
is Invested In Canada.
Why?
Conditions aro stable.
Principal Is safe. In
terest rates aro high
and exchange rates are
very favourable to
United States Investors.
If you would like to
know tho names and
Incomo-ylclds of good
Canadian securities,
write now for a copy of
our American Edition
of Investment Recom
mendations. Address:
83
aoency or
iWal Securities
CORPORATION
(CANADA)
L. I M IT E D
165 Brandunv Now York
witm ii liuitiiy .Tsn
!
i
i
i
!
7
!
I
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
. ; HEAfc K8TATE TRUST III.UO.
InTesllaati, ami ariliiHt n.tln...l,l,, UHj
"rporutlon areounta, AUo.preoaro U, 8.
Ilpinjrfiix , Returns, .' "'" v' "'
I
fc
Demnnd
Cables .
Demand
Cables
TODAY'S Orr.NINO QUOTATIONS
Sterllnir Francs Lire Qullders
... 3.7HU 10.17 IS 42 nj
... .1.70 13 13 IS 40 34 'i
CLOSING QUOTATIONS
Sterllnir Francs Lire Guild
. .. n.7fiv; in 17 18.47
, .. 8.70 18 13 18.43
MONEY-LENDING RATES
rilll.ADKMMlIA Call. 6 per cent;
time, C per cent ; commercial paper
three to bIx months. C per cent.
(Note These are merely nominal
quotations, in tho legal rate of Interest
In the state of Pcnnsylanla Is fixed at
6 per cent. Plus premium and com
mission time monoy for thirty to ninety
days Is loaning at 8 to 8H per cont.
whllo commercial paper from three to
six months Is being offered at 8 to 8 Ms
per cent.)
LONDON Money la quoted at R14
per cent. Discount rates, short bills, 6
per cent; three months' bills, 6H per
cent.
BANK CLEARINGS
Rank clearings today compared with same
day the last two years:
1020 1910 1018
Ralto .. 117.077. 783 J14, 7(13,878
N Y, ..U02.3in,803
Hoston . MI.700.1H1 .18,821,6.04 ..
rhlla. .. 03,(171,302 tlO.870,100 00,003,i0.1
Reserve Banks' Discount Rates
Ofllclal rediscount rates at the twelve
Federal Reserve hanks aro as follows
Treas, Mb. Corn'l nkrs,
. ctfs. Ilonds. Taper Accept
Hoston
New York ...
Philadelphia .
Cle eland ....
Richmond
Atlanta
Chicago
St. Louis ....
Minneapolis . .
Kansas City .
Dallas
Han Kranclsco,
t Discount rate corresponds with Interest
rate borne by certificates pledged as collat
eral with minimum of n rer cent In the cbm
nf Philadelphia, Atlanta and Kansas City
and 04 per cent In the case of Han Kranclsco.
nu 11 o
r.14 h 7 11
to 5W n :h
3H n a rVi
nn 11 e n
to 3V4 n 3ia
on 11 7 11
4U(3H 34 0 3Vj
BH 0 7 n
til BW 0 5'4
Hi flS4 BV4 II 5'n
to 0 0 II
BAR SILVER
Domestic bar silver was quoted In
New York today at 09c; foreign, 9lc.
JniLond,c;n tho price wusHdjttuhtr, at
Loans, lnvestm'ta.
Oold
Curr'cy bank notes
Fed. Res. banks ,.
Total deposits ....
Net deposits ....
Res on deposit.,
I'ercent. of res,,
Increase.
tlSxceas.
row and without significance. The
utility group continued to display a
heavy tone and fell back to the low
prices of the week on very limited of
ferings. Philadelphia ltnpld Transit X.
yielded to 15; I'nlon Traction to 27; checks 16.65; Stockholm cables 21 60
Philadelphia Klec.ric to 21, and $& Wn cSblS U
l lilted tias improvement to . cli cits 10 in; marits ..m
Tlu thinness of the market nn either Sterling "cased U from tho opening, anSi investm'ts.
int ininnessi 01 uie mantec on eitner nt 3t8yi tor calen and 3.78 for de- tiold
the buying or selling side was re- , niand. l'Vancs wero higher at 13 10, t'ur'cy bonk notes.
fleeted in $1 decline in Kleetric Storage checks 13 12 !. "JS.VSwcfS &$ ?T.::
Mattery to 118 and the $1 advance in h?iBArcl.etck?4 k?'5 checks 34 H: pesetas '" on deposit ..
tho warrants to 10. Uoth .n verv small. &?I .?,Ji?' uk, .. ZK,a"il u. Percent, of dep..
... . - . . V. 11 11 mulct) IO.UV, uivvnn iu.um ,.,.,....-.-- .-.
transactions. Pennsylvania Itallroad Argentine cables went off to a now low
dipped to ;r.iy.., closing at ;nch, ami at 11B.
Kebigh Valley dropped back Yi to -l.l.
American Gas chunged hands In email
-amounts at .'!(), as did Insurance Co. of
North America ut 20. '
The monotonous stagnation of the lo
cal iriarket was abruptly broken this
week by the rapid und rather nturtling
developments attended the muddled
Rapid Trnuslt situation. From a mar
ket viewpoint the result was depress
ing, in thut securities of the company
and those of the underljlng properties
touched new low records, In several the
lowest in their history.
While the immediate outcome of the
flare-up is still somewhat beclouded,
several conditions have become quite
clearly defined by the events of the
week. One of these was the action
of the board which may be accepted as
tantamount to the passing of the divi
dend on ltnpld Transit stock.
The other outstanding development,
which was not believed at first, was
the break between the so-called bank
ing interests and Mr. Mitten, lhcre
wus widespread impresbiou that somo
sort of bluff was behind this, apparent
rupture and big stage ploy was being
made for a purpose, fortunately or
unfortunately, the break was in ear
nest, and leaves iihuuil-ii-u '"'" ,K"' " irn'miiinM
estinc question as to the undisclosed Uihugo.. iiu.inm.DM
Identity of the financiers who will sup
plant the Drexel Interests in piloting
the Kapid Transit property over tho
very dangeious linanclol shoals.
Sensibly local Itimnrlul and market
interests huve adopted an attitudo of
ictlcenco and reserved decision as to
future prospects of the company until
the strategy of the contesting Interests
Is more clearly defined. In the mean
time, ns Is always the experience when
giants get to lighting the unoffending
shareholders com.' out the short end of
tho horn. Hupbl Transit, like many
other utility concerns, Is suffering from
the Kins of the pust. The sltim Ion is
not altogether hopeless, but It Is un
fortunate that many did not enjoy the
same perspective us certain large In
terests who, there ure many reasons
now for believing, have, like rats de
serting a sinking ship, been qiiletly
.lUnini, nut nml illsnoslng of their hold-
t..L. hiwniian nf the knowledge there
"" .".' -."'; --.,-11 u ...- i
.WOH(l,Dp JUSt'Biicn 'HuiJ'H "" "v
ncssto tnw vt ecu.
:rwaSreduced7l2..,i7tStH;i,h B!, K " Political
u deficit as stated in the ,(",lmtion on" c poor showing of the
leading industries. Buying was large
ly to cover shorts for over the week-end.
and sentiment for the moment appeared
to be quite generally against the mar
ket. Attention was called to declines In
the southwestern markets, which are
beginning to feel the weight of the new
crop cotton. Houston yesterday de
clined half a cent and in the last week
had broken more than 2c per pouud.
At the end of the first fifteen min
utes tho market was quiet and nbout
steady, with prices a shade under the
opening level.
hater the market ruled quiet with
prices boding slightly above the close
of yesterday on covering and trade de
mand for the distant position.
The reported agreement to nn armi
stice by the Itusslnn and Polish armies
and the Improvement in foreign ex
I'hnngo wero factors in the local re
covery from the earlier decline, although
the bulk of the trading appeared to
represent mcrelv an niHniimmt f no.
Hii !o km!uts Allowing n week of unusual uc-
8.408.000
8,057 000
4.141.112.0011
232.0(11.1110
34.n:u,(ino
23.b03.OOfl
tl2H.23H.lS0
B7P.00').li0il
0.107.(144 O00
022.001,000 302,000.000
34,001,000
71,883.000
ACTUAL
J2.270.S20
.188.033,000
0,108,259,000
8,087,000
8,845,000
8,332,000
lliili & ('111 . is
0 . 3814
1 ... B0U
Halt k Ohl 5s
1 BSti
Unit & Ohio Os
1 . . H.1'4
2 ... 83
2 ... 83'4
II tc O-P L
i. W Va 4s
I . BBu
II Copper M 0s
1 ... 87i
lllo 11 Rap T fd
13.. 70H
lluih Illdg 4a
I 1 ..07
,2 .. 07
California O &
I. 1st sta
1 81
Cent of Oa ls
1 . . 84
i Cent' I I'ac 1st
1 .... 00
1 1
1 .... OOtt
1 3 00H
1 1 .... 00 Vi
I t'hes'k & O cv
1 4 74
C h Ohio 4 ',4 s
1 71U
C k . O cv 6a
1 ... 7.1
7 73
C i Alton 3V4S
1 .... 32T4
U ll'n i (1 4s
1... . D3W
I...!. 03Vi
10 03H
10 03H
C Sr i: 111 ct 4s
1 21
Chi ft Own 4s
5 b:
Chi It I & I' fd
1 0774
1 08
1 OI4
2 04 4
Chicago Mil &
SIT 4s '21
2 08
Chicago Mil It
ml' fd 44s
3 B4
Chicago Mil ft
St r cv Bs
1 62;
Chi & Nwn 7s
4 00T4
Chi R I & P 4s
1 08V4
Chile Cop'r (Is
20 72i
Chile Cop'r 7e
U.... OOia
Chinese Oove't
IMC Rys Bs
1 44
City Hord'x 6s
13..... 84U
City Mara's 0s
14 84U
Cty New York
4 a '00
1 80
Cty N York fls
3 87
City Paris flsi 10
1 03H
lnt'1 MerniHiit
Marine 0s
1 8I4
4 84V4
Jap Gov't 1st
1 73i
asp Oov't 4s
10 6.1
1 B5
70S Kins.as City b
iltttl Houth'n Bs
"nit.1 . ATI!
i' - 1 .... . .. . T
0 .Kansas Cy T'l
Railway 4s
20 08
1.1 00
.11 00
Kingdom Del-
glum Os '21
2 08 U
2 OSS
Kingdom bel
clurn Os '2tt
1 03H
Kingdom Uel'
glum 7V4s
Pere Marqt Bs
8 77
Reading n 4s
7 IV
1 78
Rep Cuba 44
1 7214
rero Marqt o
1 . , , ' u
ttlo Grand A
Wesi'n cu
2 40ii
Rock lsld Ark
It u
1 03
Ban Antonla :
A Pas my "
4 B8
St L Kv "J
1 81
1 01
1...:: 00
3 01
St U 8 V In
100
100
100 '4
100
100
100
100
100
100
100
100
100
00
47S
474
47
47
r the day
0
3
1..
1..
12..
n..
6..
n..
0..
s..
1..
4..
10..
Hii'K of Italy 0
Vi
Ui't & Myers
Tob o Co Bs
1 77
L & Nash. 4s
4...... 70
Louis ft Nash
rets 7s
B..,. 101
1.... 101
1.... 101
3.... 101
Miuv'e Steel &
Ordln'e 6s
1 77
Mo Kan ft Tes
Rly ct 2ds
1 27
Mo Kan ft Tex
Railway 4s
1 63
Mo Pac cm 4 a
0 BIN
1 63
Montana Cent
ral RR 0s
1 P8i
Montr'l Tram
ways Bs
1 70
Now O Tex ft
Mexico 6a
10.'.... 47
3 47
N Y C ft U
II II Dl
5 80
1 BO-i,
1 .... 80
N Y Light II
ft Tow'r 4s
1 00
N Y N II ft II
3Vs '84
2 40
N Y N II ft II
4s of 'B4
1 45
N Y Tele 4s
8 7B
N Y Telo's 0s
0 80
2 87
1 87
N"k ft W cv (Is
07
07
1.
1.
1..
n..
1..
o t
10'..
2..
Bt L A B l'"ran
Series A
1
1
1 64
St I. & H . .
Series C
2 83
1 83
Stl. ft Swn
1 51 H
Seab'd A '
1 33
B'n Bell Tel 5s
1 85
S'n Pao cv .Is
7..'... 03
S'n racltlc D
1 73
S'n Pacific fd
6 7.1
6 72
So'n Pao Ter'l
1 04
S'n Rallw's 4s
10...., 57
1 BS
S'n Rallw'a 5s
1 .... 80
4 SO
2 80
S'n Ry Mobile
ft O ctfs 4s
1 B3.
Thlid Ave ''
1 30
Many Factors at This Juncture
Which Mako for Unusual
Caution
New York, July 24. Tho Evening
Sun In Its weekly financial review to
day sayH ; '
The hesitating anil uncertnln stock
market of tho wrek. with speculation nt
low ebb, has been representative of n
similar state of uncertainty and lies!
tntlon In general business. While such
n condition Is more or less seasonal,
there are many additional factors to lx
reckoned with nt this juncture which
mako for more than usual caution,
such ns a strained credit situation, the
wholesale readjustment of prices nc'
cessltated by the slow process of defln
tlou which the country Is passing
through, and the disturbing aspect of
Kuropean nffalrs which came Into nrom-
Niiiencc late in the week. The securities
market has been lookcl to in vain for
any Indication which it might afford
of its future trend and in turn of busi
ness prospects for the coming months.
With Industrial stock prices within
striking distance of their low levels
of the year, the market In the last week
failed to move nut nf n nnrrnn- rnillno-
"j area until yesterday, when n heavy soli
JIJ? Ing movement carried prices down from
4Tii 1 to 4 points. This appeared to be n
bear drive executed at the psychological
moment when the trading element was
JJJ4 I 111 a quandary over tho Htisso-Pollsh
' . j ' situation and was ready to follow any
leadership,
Itallroad shares resisted tho selling
remarkably well, but the position of
rails is somewhat different from that of
the industrials. Hail shares have main
tained n price range well above the
yenr's low fizurcs and hnvc clvcn defi
nite Indications thnt they nrc capable
of acting independent of Industrial
stocks, as well they may, under the
transportation act whicht to say the
least, guarantees the cnrrlcrs better
treatment thitn they have been accorded
in years.
No fresh disturbances In tho money
market occurred to restrict speculation,
cail loans ruling during the week, at 8
per cent, which Is not nn abnorinul Ilg
urc under existing conditions. The
high rate for the week was 0 per cuit,
touched momentarily. The cWances are
that the moderate money rate was ow
ing to slack demand for accommoda
tion rather thnn to any Increase in the
supply of funds. Wall street may
well argue that If It is possible to se
cure amide funds now with which to
30 conduct a cnnipalcn of rising prices, the
chances will be still more remote a
few weeks hence, when the full strain
of financing the crops will bo thrown
on the money ninrket.
At the same time, since its ranid dc-
Unicn Pac 4s clinc 0f last week, and further easing
.. V"'.', "'. this week, which has more than can
Union I ac s I , , t. .-.,. .,., in th pni
U li'of 0 iin't J pnrt of tho month, the stock market has
& I'd 1P21 1 K-vun muran 111111 it is iiimiiiracniuuy
3..
n..
1..
IB..
2..
4..
B.
1.
Ulster ft Del
wars RR Bs
2 7i
Union Pac ct
4 7n
17. ...S 80
Cl'd Cln Chi ft'N'k 4 W Po's
Bt L gm 4s Coal Co 4s
1 04 7 73
1 04 'a N'n Pnclfllc .Is
2 03 2 .... BI
Cons'd Uas 7a 1 51
1 OTIil 1 B2
Cuoan O H cv N'n Pacific 4s
2 00 1 0 . . .. 73
1 00 I 1 73
Cumb'd Tel 4 North'n States
Tel 0s Pwr Co Bs
2 70 B 74
romo somcwlint less; pressing sWflhTt!
irni enries toward price recemns.
l-cilitci'it volume of hiialncsrf rtmtmii.
siivs a hirer liniiUintr ltiHtltiitlo4"whleh
. j .. . r. ..- . -.
nnwevcr. Holds out tun none tot' cneer-.
nig opinion trom tne speculator h ikh
of view thut, "while credit wilU I
available to meet the country 'MM
tint requirements, there continued tl
no prospect or its being available
for such use." j,,
ri. 1 11. .1 'L.
jlim: iuue iiwiiiii;u liivrensc..!
- '.. . ... . d
wages 01 ranroaii moor was n
early In the week, paving thA
increased freight and passen
which must lx: boosted sharp!
to meet the $1100.000.000 ad(
annual pnyrnlls of the carriers.. an ,'
II.. . .f 1 At.- klf.J-
iiir riiiuiv nun iiiniuii tne rniirimtiH
tho 5Vfi to U per cent rcturn'j allow
on proncrt.v Investment. Dlssatlwfae-
tlon was expressed over the amount. of'
the wage award by some of the. labor,
unions, and strike threats have been in
sistcnt, but they hnvo not been taken
seriously by Wall street. In fact, 't
labor situation is rapidly censing to'.b
the disturbing factor It lias been., IVom
nil quarters reports aro being received
of labor's Increasing efficiency. v
j'.iuert u. wary, chairman of , tho
"lilted States Steel Cornoratlonilla'thik
course of optimistic utterances' given, out
this week on tho Industrial outlookjdflr'
eiurrii mat jaDor is more elflclcnt at
his plants thnn It has been for the lart
five years. This Is due In part to lh
slackening ot business which lis,?M'
suited in nn increased supply ,
workers.
This situation was strlklnplv' 'llLf
t rated bv tho notion of tho IennnrlaAt:
Hnllroad, which proposes to dlschari'j
approximately i'.ono employed In th!
eastern region. In this war. the. com!
pany expects to reduce etnenmo .MB.il
000.000 annually nnd at the samo time.
notice is served on Inbor generally, that'
It no longer occupies the domlnatlmr.
,.vu..u. ..v.,,, ,1111, uf, HUl 11IUC9. i,l
H
I Philadelphia Markets Ij
WlirjAT Receipts, 47.713 bushr jrarketVl
largely nominal Car lots. In export els'l
.-.... .,04 rra winter. 12.0302.08: No. I',
hard winter. 2.n.-, 2 08; N. 1 red winter
garlicky. 12.00 ft 2 03. No. 2 red winter V
2.0S No. 2 hard winter. l2.nsoafe: lt
? tfsrt srafiH4AB Ii -. ..
- -- .,.,ir. Karncay J2.87fJ2.00j No, ' 8
rA.win.l"j 2": No. 3 h.Sd winter!'
t2.8l.W2.02: No. 3 re(1 ,vnter,
winter,'-
xarllcky.l
on I In a strong position. In view of the
nn' 1 disturbing tenor of news, professional
no; operators have been able to make but
nut; 1 little headway in forcing prices lower,
not; There has been the threat of a general
00 railway strike, acute weakness In the
V K of a lint I sugar stocks, a demoralized foreign ex
s 1 a urn chance market nnd talk of another world
wur, but the market has not shown
serious weakness.
It Is interesting to note that Wnll
street estimates place the aggregate of
brokers' loans at only about $1)00,000,
000, which is some 40 per cent under
the total of last fall. Of equal signifi
cance is the fact that there has been
n contraction of $310,833,000 since the
first of tho year In loans secured by
stocks and bonds for all reporting mem
ber banks in the Federal Reserve sys
tem. It cannot be aid that the stock
i market is placing au unfair strain on
.1. ... 02
l 02
l 02
10 02
U K of O Hlt
& a iiisii
2 87
1 87
U K of O nrlt
ft I'd 10.17
1 85
10 85
40 85
20 83
1 85
U It Inv't Co
of S V B
70
U 8 Rub'r 3s
3 77
7 77
U 8 Bteel Bs
4 D0
3 00
Va 0s Brown
Ilros Ctfs
20 00
5 00
rcdit facilities,
llccause of tho transportation situa
tion, it is believed by bankers that the
..B4W. 87: No. 4 red winter, I2.8.12.8;!
No. 4 hard winter. 12.8.1S2.88; No .4' rnt
..'i'.'i,' r. '""-". No, n hard whiter.
i??h&-.?o' '52' '.' r.??w.nter. irarllekJV -
,.i'i0.KN''.llccrl',t"' is bh- Dull"aS4
easier. quote, as to quality and ioca
tlon at ii.TRfi l.a-ifh. i.ti.ir rOSr trf.
,.r.'T!5rnr:"1"- .n?rt !.u"h' . 8tatfr. Ha
. ..i . 7 !, ,wlB BB lo i"caon rxo, j- vr
II 27fu1.!'R! Vn ..l , .tl If.
1 white. 11.22 1.23; No.' 4 white.' $j
ViOUR Receipts. 1.440.7K4 bblaV Dull ,
and showed little change. Quotations! MM
lbs., packed In 140-lb. Jute eacKs Soft,
U lnt Mtpulfrhf .afm II- 1RSJI1 H .In
do, nearby. tll.lffli.BO; hard ' winter),!
straight. 13.23i 13.73: do. short rmtentw
1 14 1 1. SO; spring first clear. 112 12. 75;-,
do patent. 113. BOO 14.2.1: do. short, patent. ,
114.2301.1: fancy spring- and city mills V.I
patent, ramuv branas. iiD.nuvio.23, wye t.
PROVISIONS sreadlly held but quiet, duo-1
WtlUlla rt.W, UTI 111 BTVt FllIUH.ru IIU iirTa,u
arira. qjc; an, KnucKies ana lenarra. urnoKra
nnd atr-drled. R4c: tork. family. t47r hamii.
8, P. curM. loose, 4040H c; do, BklnnedVl
looir. 4df4tinc; ao, uo, smtiKea, inwftTtc;
do, boiled, bonelns. n(lc; nlcnto ahouldfrv.
a. i', cured, loone, c: do. imoked. znc;i
oriiifB, in picKic, 1008C, '.c; oreaKiaai -i
baron, 3ftc: lard, 22c. cvl
HUTTi;u quiet and barfly steady, Tli J
followlnff vrvrt the quotations: flolldl
ij;irRu. rrcamtrry, lanrv, insn-scorjnr iire.
anrg i iwri c; rxirnp, imtic ejurn. iiri. outi jm
ifart4r . iiasl . .J J St JO k ! m
vpt rrpflmi-rv. rhofr to fancy. 30 I
fllWc; fair to icood. m88Hc; prlnta Job- i
1'IHH nt. ill v 'i"U aw inuv niiu av "w wvw t.
for fair to choice. " Ai
V.flClR woll rlaanarl nn anrl firm. OuntatlntlH I
are: In free cases neitrby firsts. BOASoVi-j
Iicr UUAril. I1-AIU7 VUllcill irtcilih.i ivw, ,. 1
l,v nrHln.pv tn fair. 44(A47rr TeHtnrn extrsi
a-'. ...nl. I A.- 1VO.KA.. ,.. J I
lireie, uimuo. wcuctn mam, iiuvvb,."1.-!:
onds and poorer. 80ISc; fancy can41e li '
PB Inhhlna; at 0J02e. " v .-tt1
ClIEf.Sn steady but quiet. Thn quetfaf-i-j
lions: rsew iora. wnoie-miiK nais. cunrnt;!
make rancy. 27 W28c: do common to iair.-4vj
24(J27c; do, Ixnirshorns 2728c: rlnula (fl
usises. .T1 waicj jooDins; saies 01 awi;.
held woods 20 Wane. . .-""-J
r.rT-n enni.Tiir rt. not 7-nonM .H
fancv. heavy. 800400: do. llcht and medium iJt
h.Aiiini.'rilBV.n. fanrv veilnw-sklnned. not 1
iI-Khorns. welahlnK 1 88 lbs. apiare. jsw y
IfWe brolllnc chickens, 'ncjr rallow- 'I
skinnea not i.eunorns. weisuwiK iw.i .-,
nl.r. 4041c. white Lechnrns. broilers.
MeUhlnr 1 iff 2 lbs. apiece 38C40et white
Leuhorns, broilers, smaller sites SOPaies
old roosters 2.1fll20c: ducks old, 280et
sprint. .inWS.1c. plirrons, per unit. 4IHrS0e.'
DRESSED POULTRY Fowls. treah-klllHl,
e"ry-plcked. In boxes, welahlnc .1 lbs. apiece,
41c: welKhlnc 4 lbs. 42c; welhlnj 3. Iby.J
. ... ..... . Art ...Icrhlnp 4 infl
volume ot credit neeueu mis year ior, ;; :;ihinP.i vs.. 3Biaa7c: fowls.
financing the crops will be larger thnn fresh-killed, in barrels, dry-picked, welshinjr
usual.
1....
10....
1....
1.
B0
no
02
04
There has not been enough im
ivement in traffic conditions to per
mit of a normal movement of crops.
"Commercial nnd Industrial credit
i requirements may be expected to bo-
4tr.1 lbs apiece, 41c; welhlni 8 lbs,, .17..
DSc; welcnins: IPS , n.lj , nrouere. win
..n rv.ni-id. welrhlnr 1 22 lbs. apiece.
.l.liirnoc: broilers, western, smaller sixes. B0
B2c: old roosters, dry-picked, western. 27e;
n southern, 23O20u. sprlne ducks. I I..
83c.
rilOTOTLAYS
niOTorr.AYS
Wea'n 1-lec Bs
1 051.
fWlscon'n Cen
tral 4s
1 03
Total, 12.812.000. compared with 10.414.
000 yesterday. Thus far this week. $44.
028.000. Same period last Week. $50.007. 000
a year ago
I'rev. close Open
flrt 88.U0 83.05
i Dec. .11.32
I in. 30.53
March 20.75
.May . 28.00
Iw Close
.11.35
30.43
20.70
28.05
U. S. deposits
deducted 72,038,000 58.013.0UU
OUTSIDE DANK STATEMENT
STATE HANKS
Decream"
1782,502,700 $13,411,701
1,800,300 224,211(1
30,103,700 '3,35H,SQ0
74.048,200 740, H00
840,833,000 40, 12P.00O
120,033.900 B.208,000
10.3 2 1 GRAIN MAtJlftr-r
TRUST COMPANIES r, . T . . .
Loans, investm'ta.u, ooi.038.ooo '$3.807,000 ' V .B0' 'iy ; Jspirly all brokers
Oold ii.oibSioo aoii.soo hod selling orders for wheat this morn-
Cur'cy bank notes. 18,878.600 411 hoo lng and prices sustained further losses
Fed Res. banks.. 206,000.800 0, 715,100 n" thn cK,n-i, i, " " . luriner losses.
Deposts 2.024 870.700 BOio 800 1 1" tho RCtbacK, Uiero was buy ng by a
lies, on .deposits.. ZM,33U,800 1,084,(100 ; casn concern, xraae was not active,
t cinivi ui iva m
Liberty 3s
High
01.00
yPHOTOPlA'WSV
f THRU X
w COMPANY r J
The following: theatres obtain their pictures
through the STANLEY Company of Amer
ica, which is a giiaranteo of early showlnp;
of the finest productions. Ask for tho
theatre in your locality obtaining. pictures
through the Stanley Company of America.
are estimated nt 3000 bales, ogainst I.ibertv 2d -Is.... 84.72
'i.ii noma n ip.nl. n nj eim 1..1 ti . . t , o....
... ..,.., Bu uuu yiu omes i.ioerty 1st 4V48. ou.u-t
A Dm 1 n 5-'D THOMPSON STS. jpAl APF" 1'-'U.i?IAll?.ET P,?? ..
ArULLAJ matinee daily rrALiAVc 10 a. m. to lino p. u.
riT.TVR THftMlfl In
"FOOTLIGHTS AND SHADOWS"
Hlirh
88.1B
31,60
80.70
20. OT
20.10
Liberty 2d 4V4s.. W.00
Liberty 3d 44s.. 80,08
H?- iVi'ifAl l-iberty4th-iyjs.. 85.20
30:5.1 3j .$,. Vic Notes 4-y,H... 1K5.78
20.6.1 2n75'i70
LOCAL CLEARINGS EXPAND
Low Close
oo.on no.tm
84.00 84.00
H$Kn o?'nil ADAniA CHESTNUT Delow 10TH
J?o'52 ?'2i ' AKLAU1A 10 A. M. to litis P. M.
00. no tio.cKj
85.12 85.1(1
05.72 05.72
t -ncv?r"r iTrrrt in
' OLD WlVlfs FOR NJJW
2S.&8 18 trOlrOU
. . . m -. T- - R1. JL TJ AT.TIfnTllI
e 1 KA . HvlUKt ?",,.,-M.r.r
mm m -.-- I4h m tw. . -"
10.3
130,433.8011
1U 2
11,178,7011
1
Financial Briefs
1 1 dirlv weather rennrtn fmm 11. .!
i,d state danks and TRUST COMPANIES wfaeat belt were favorable and less an
3J So ,!!" ni:r.r. T?.?"1?. -"8. I Prehension waa felt ovV: ? thenist "tSS-
,iuu,iv,,uuu ii,vui,iui tion.
i8.,22B,,(ioo i,3is;20o . The demand for export also was light,
75,008,000 2,oai,20o although thero was a rally in forel-n
S-f2S-22 ?2'"1-?!!! exchange, which mleht ffl.Vi,T
:s'"i2"-?''y i".i.jy .i nM, . i;:. ,.1; .
iiiitiiu. iuo ii-tviiiui iicre touay were
11 cars.
December opened 1 cent lower, nt
52.57. and declined to ?2.55V, then
rallied cent. March started at a
decline of 1 cent at $2.01 U, and dropped
to .$2.50.
Corn was weaker owing to bearish
crop rstimates and favorable weather.
Little buying power was In evidence
The principal selling was by nn eastern
wire concern. Early estimates were for
150 cars.
The first price on July was $1.53U
bid, against $1.53 at tho close yes
terday. September started nt $1.53 1
to $1.53Vi, ogalnbt $1.53 at the end
jcetcrriay, and sagged to $1.52. De
cfinber opened ut $1.38 to $1.33,
against $1.30 at tho close yesterday,
and later sold at $1.37.
There was fairly general selling of
oats by commission houses nnd the
market was easier. An Important cash
concern also sold. Huylng was scat
tered. Kurly curlot estimates were for
125 cars. .
July started 91 cent lower nt OOiAc.
September opened nt 70V4c to 70e,
The Chicago Stock Exchange has ad
mltted to the lists Armour & Co. $60.
000.000. 7 per cent notes und have
stricken from the list Illinois Trust cer
tificates for Chicago and Milwaukee
Breweries. Ltd. Oscar H. UIbsb, of
Babcock, Uushton & Co, has been ad
mitted to membership.
The New York Subtreasury lost $82,
000 to the banks yesterday.
BUTTER, EQQ8 AND CHEESE
New York, July 24, nUTTER Steady.
Receipts. 13,040 tubs. Creamery, higher
than extras. 60 0B7c; creamery, extras
(02-srore). 6c; creamery, firsts (88 to 01
scoro). njOftSUc; packlne stock, current
muke. No. 1, 44o.
EOOS Firm. RecelptB. 22.24.1 cases
Freah-uathered. extra tlrsts. 5lf,V1c; fresh
(fathered, tlrsts. 47M50c state. lennsjlva
nU and nearby western hennery whites,
llrsta to extras, 01 70c: state, Pennsylvania
"",l fillliK western hennery browns, ex
tras, BHW000, stato. Pennsylvania and near
by gathered browns and mixed colors, nrst
to extras, 47A3Bc.
CHIJESEIrreaular, Receipts, 768 boxes.
Mate, whole-mllk flats. current make.
htlte nnd colored, specials 2728c. 1I0,
overoK-e run. 2.1iS2flc; state, wholo-tnllk,
tlns, current make specials, 2727c. do
average run, 2HW2ilic. ... u.
GOVERNMENT BONDS
Rid Ask
Panama coupon 2a. 1030 100 101
Panama registered 2s. 1030... 100 101
Panama coupon 2s, 10.18 100 101
Panama registered 2s. 1038... 100 101
..... ."upil MB, UOl... . II ni
Panama registered' 3s, 1001.!. 77
Philippine 4s. 1034..' ,." 78
Philippine 4s, 1035 ,! 78
Philippine 4a, 1080 X 78
U 8 Govt coupon 2a loan
K 2 oovtjwwwea 2. lojp.;, 10a
U 8 aorfrltir,(l OTipjBm. 103
ms
8t
85
8B
85
!?V
1
against 7(!c nt tho end jrcsterday am
Inter sold at 75'lic. Decemhor -n
quoted at 75c to 74c at tho outset,
against 75c at the end yesterday and
later sold at 74c.
2-njVi 2.bi; i:bb
2.01 1.S0 2.50
Wheat
December
March . . .
Corn
September December
Outs
September
December
Pork
July ....
September
Lard-September
ucioorr ,...
. KIDS 1,
Open
2 67
2 00
... 153 l.B8 l.Bl 1.61
... 1.38 i.ssS i.ant liSi'J
??ti ?2U 75Jt "U
... 71 73 74H 74U
... ... ... ... 20 70
.. 28.40 28.40 28.20 28.30
,.,10.80 10.8.1 18.20 10.20
.,.1.07 10,T, 10.00 10.00
, Kipa. 1. , v ...- ,v, 11
Jtly i.iiiiftil,i;i ."illj.vi
BeHcraber ....IB.JO lO.O07ie.07
"1(1.30
16.70
TflM MIV In
"THE DAREDEVIL"
Total for Week 19.4 Pep Cent Ahead
of Same Week Last Year
Philadelphia led eastern cities In
olumo of bank clearings during the
week closed today, the gain per cent
being 10.4. Aggregate oxchanges by
the local institutions were $416,006,978,
compared with 1348,361,643 the cor
responding week last year.
Total clearings of nil the clearing
houses in tho United States, as com
piled by the Commercial nnd Financial
Chronicle, wero JS, 203,726, 378, against
J8.273.742 RIG this week last year.
Comparisons follow:
Ino.
1020 1010 P.C.
New Tork 13.524 OtO.sno $4, 100,282, 63014. 0
i-mcano .. oiD.i.n.iod nun,ai4,4no 15,1
i-niiaoeipnia ,iu,vua,n a
Hoston 301 780.347
Kansas C'y 204 .100 0S3
St Louis . 140 008.104
San Kranr'co 140 OiO.OOO
PlttBburch. 1IU.870 010
lin km.i.ii)
80 501 238
01 848.100
Detroit
Pajtlmora.
N Orleans..
Decrease.
348.301,041) 10.4
270. 031. Ill) 8.2
100,7113,000 8,8
182 111,824 0 7
122,381,020 14.2
120.800.725 .14.1
88.543 3.12 34.0
70.077.050 4.7
57,233,538 8.1
LIVESTOCK QUOTATIONS
Chicago, July 24 HOOSV-Recelpls, 6000
head. Desirable light und light butcher hogs
steady: others weak mostly 10c to 16c
lower than yesterday's average Bulk of
sales. $l4.10f 10 26. top. $10.40; heavy
weight, $14.85015 85. medium weight, $15
Win. light lights, $14 251815.00, heavy
packing sows, smooth. $1.1 8.1V 14 JO. pack.
Ins sows, rough. $13913 75. pigs. $13.73
1.1
CATTLE Receipts 1300 head Compared
with v.xek aco! OooU to best yearling; and
handywclght steers about steady: heavy
beeves, 26o to 33o lower. gTaswy stsera very
umiven. averaging 73o to $1 lower; fat
handyvfelght "she1 stock slow to 23e lower;
heavy cows. 35o to $11 60 lower. In-between
grades, full dollar lower, canners. slow,
Bteadr bulla, slow to $1 25 lower, calves,
sharply higher; vsalers, showing $2 ad
vance, stockers generallv higher
SHEEP Receipts 700(1 head Practically
all today's receipts directs and through, com
pare 1 with week ago: Western lambs, sternly
Io 26c lower, better grades native Iambi,
mostly 25o lower; other grades 30c to 75c
lower, jearllngs, 60o down, wethers, 2Bc to
50o lower, killing and breeding ones. JOo
to $1 lower, feeding- lambs steady to strong.
Kat IlurTolo. N. Y July 24. CATTLE
Receipts, 600 head. Steady. Calves, re
ceipts. 350 head) $1 lower 10010.
HOOS Receipts, 2300 head. Slow 25
40o lower Heavy, $10.BOlfl,7.1; mixed, $17
WIT 15. yorkers. J17.1BP17.25 light do.
810 50417; pigs. SlUWIO.BOl roughs, $12,78
13; stags, $8pl0.
SHEEP AND LAMB'S Receipt, 200 head.
Lambs, BOc lower. Jrabs tSfflOl yearlings,
713t wjthers. S&MWOSOS f)ri tam
9.00; mll !. WiVT W. -
T3I 1 ICDIDn BROAD STREET AND
LjL.Ut.DlrL SUSQUEHANNA AVE.
DOROTHY FULTON in
"THE DARK MIRROR'1
BROADWAY "TSttsW.-
WILLIAM S HART In
' SAND"
CAPITOL
Wtl.I
"THE 8TRANOE
72.' MARKET STREET
10 A M. to 11 IB P. M.
ROGERS In
HOARDER
-.-vi nMI Al Otn A .Maplewood Aves.
CULUINIAL. 2 .10 7 an.l 0 P. M.
MART MILES MINTER In
"NURSE MARJOR1E"
EMPRESS
MAIN ST.. MANATUNK
MATINEE DAILY
MClN'TAOLTE LOVE In
. ------:- i. r .......
yti i-ia i i iii.u
A MAN'I
FAIRMOUNT TMF&iXt
c.i5':sncSNir.D,AnTE','n
,ATII V THEATUB 1311 Market dl.
rAlVllL.1 0A M to Midnight
REX RAY In
"THE UNKNOWN RANGER"
CziT'LJ CT THEATRE Below Spruce
JO In SI. MATINEE DAILY
NORMA TALMADOE In
"THE WOMAN HIVES"
FRANKFORD 4T15 Z$$gno
ETHEL CLAYTON In
"A LADY IN LOVE"
Great Northern W' bT "
TOM MIX In
"THE DAREDEVIL"
I1D,JIAI nww
11V11 l.ivin.l. Mats
i WALNUT STS.
MAnY MILES MINTER In
"NURSE MAIUORIE"
1 CArvCD 41BT it LANCA8TER AVE.
L.fcJlJE't MATINEE DAILY
DOROTHY OISH In
"REMODBLINQ A HUSBAND"
I 1131701 Broad & Columbia
L.ltr.r 1 I Matinee Dally
SHIRLEY MASON In
"IXJVE'S HARVEST'1
Avs.
333 MARKET oTSV.ffli'U!
ALICE IKKE In
"SHORE ACRES"
MOni?! BI'TII ST Orchestra,
IVlvJL'I-.L. Continuous t to H.
WALLACK RRID In
"DOUB.LE SPEED"
NIT.ES WELCH In
THE COURAGE OF MAUOE O'DOONE"
PRIMrCCC 108 MARICET STREET
rrUNV,l 8 30 A.M. to 11:15 P. M.
f4ERNA OWEN in
"house or TOYS"
RlTf",l7MT MARKET ST. Below 17TH
Ktvjl,lN 1 0.46 A M. to 11 P. M.
MARY PICKKORD In
"REBECCA OP SUNNYHROOK FAIUt"
RIAI TO OERMANTOWN AVE,
rviyAL. 1U AT Tl'LPEHOCKI
PEHOCKEN BT.
WllorHY MacDONALD in
"BLINDNESS OI YOUTH'
RUBY
MARKET ST BELOW TTH
10 A Xf to llllR 1 M.
WILLIAM RUSSELL In
"Sl-AM-BANO JIM"
SAVOY 1'11 MARKET STREET
'J'A vv-" H A M TO M7DNIQ1TT
NORMA TALMADOB In
"TUB WOMAN OIVE8''
SHERWOOD "rET
ETHEL CLYTON In
"A LADY IN LOVE"
ISO
QTANI FY MARKET ABOVE 10TIC
O 1 -1I1I ii -IB A M. to II US P.M.
CONRTANCl;
"IN SEARCH
TALMA nnp:
OF A SINNER"
VICTORIA MARKET ABOVE OTIt it
Vlv-IUIMM OA M o lt;15 P. M 1
WILT.HM FARNUM n '
"THE ORPHAN'
mTh0 NlXON-NIRDLINCERiWB
1i.J THEATRES )J
BELMONT '-'D ABOVE 1l"k,t;
lew rnnr tn
"THE HUTTERFLT MAN"
CEDAR 0T" AND CEDA AVENHB
MAROtTERITB FISHER In
"THE HELLION"
COLISEUM "Ewrai
J- WAfpnArsSKnBnYAN '"
IIIlVIRfi ''"'JNT hr. & aiRAito 'avh
JUIUUV jumbo jiinrt Ion on Frankford "&
iincniNi in -
"TERROR ISLAND"
I fin 1ST B2U AND LOCUST BTREirri' ,1
"flAND'1 1
"HAND
NIXON 02D AND MAHKET BTH,,
JUAN1TA HANRKN'in ' "
"THE LOST CITY"
RIVOl T "D AND HANSOM ' ST-.'"'"" Ji
RORER'
"tjifj
IERT IVARWcTlcTn8 WJ
1 CITY OF MABKH" ' '
STRAND aBRMATTSA
.nBJrODBWNo HKH HUSHA-
OVERBROOK- WEST ALLEGHENY f- J
J
tiSluL