P
,i. -
T
, "S-l M ' p 1 ';,' -
1 2 . ,, TZif ' v'' "
' ' ' 1 1 - i - I ; , . , .
IM
lM
3- a
m 1
i
It
m
HS1
L
I
w
Ml
m
foR.'
V
1 J;- BWigsgsSBQ I If
M BfHroS 'tWI Week's
4 afifTiiaovi. null i
folh t!P"ILIfil74l . p lit
'9 . I I
-
KAILo oIKDNb IN " new york stock exchange transactions I
. . . . J-NV. Toaava ne Ttiv.
ii i i inn niir i in itirh uw cioee cn
LlltLtoolVIAKKtl
Sovoro Decline a Body
Blow to Promised Summer
Bull Swing
B
ANKING with an
institution where
service dominates
not only assures satis
faction but mjjkes the
transaction involved a
pleasure, rather than
just a business turn.
Business men will find
us always willing to
co-operate on any sub
ject and will appreciate
our method of prompt
and accurate banking.
We Invite You to Open
an Account With Us
Third
National Bank
In the Center of Thing
Oppoiite Broad Street Station
'iKmrxm-HMia
Millions in
United States
Money
is Invested In Canada.
Why?
Conditions are stable.
Principal is safe. In
terest rates are hlfih
and exchange rates are
very faroumble to
United States investors.
If you would like to
know the names and
income-yields of good
Canadian securities,
write now for a copy of
our American Edition
of Investment Recom
mendation. Address:
S3
AGENCY Or
Royal Securities
N CORPORATION
(CANADA)
LIMITED
165 Broadway New York
MMfcakMlUTffl
, i
I A JJ.V.N mtli tru je.ira' b.inkniK eiurri-1
XX run-, and hug mid a hall jeura witlin
ii hrokrr.iire firm, ilrMres u position nlirrrQ
Industry, honrils and unswerving lov.H
I?.'"" to pla emplovrra nlll tain rrconnl-i
1 (Ion. The hlclir references. H
g II 021. Ledger Office. I
New York. July .11. The strength of
Hip rnllrnnd group vn nbout the only
redeemable feature of today's lifeless
elosliiB stork market. Altogether, price
nioveinent wns featureless, representing
little eke except the fninlllar week-end
evening -un operations of the profes
sional trndin; element. Desultory rov-
erltlf? find tlimlArnfn iMAt.tnMni. In tli
Industrial shares produced the same
mixed and uneven movement In thla.
i division ns witnessed lu the preccdinc
session, but fliictuatlonK were confined
j to narrower limits. In brief, there wan
i a senernl disposition to mark time until
the Interstate Commerce Commltslon
hands down the rate decision, which is
expected iicxt week.
Hopes of n summer bull market were
Riven a cruel body blow as a result of
the week's severe nnd unheralded de
dine. The t-omicollnptc of the specu
lative structure furnished nn additional
convincing but painful reminder of the
utter artificial caliber of the brief for- i
ward swing of a fortnight iiro. o
doubt confidence in the market on the
part of the general public has been
badlv shaken. It Is eoiujr to reaulro
I some mighty pursuaslvc nrguraent to
get the average marginal operator to
! nibble ugain nt the bait, uutll it it
proven conclusively the crop movement
question has been entirely eliminated
as a market factor.
When the fact Is taken into con-
' slderation that Wall street has practl-
i callv been doing business on a call money
I basis, it is a little short of remarkable
i tho market level has stood up so well.
At different Intervals within the last
two weeks there has been nn apparent
easing of money rates, which, howevpr,
in each Instance proved to be more
superficial than a rcolity. This was
couHrmcd in the almost vanishing of
time funds. On the top of this it was
realized maturing time loans next mouth
ami the one following can, from all
indication, onl be renewed in call
funds.
Measured from unbiased viewpoint
such a condition would logically fore
shadow a further contraction in the
volume of Wall .street's business. Some. '
however, seem to feel that in view of
the general slackening of busiTies". the
lessening demand from commercial
quarters would give wider accommoda
tions for btock market purposes.
Although a slowing down of business!
activity already has been discounted iu
tho extreme low level of security values, i
jet. on the other hand, it must be sen-
sibly appreciative of the futility of at
tenpitng to attract any considerable out
side following, when each succeeding
advice from the important commodity
and industrial centers points to increas
in? renctionnrx svinntomt.
Taking (iovernor Hurding's optimistic
views on the credit situation, iu so far
as it pertnins to tin crop movement
financial operations, as a criterion, it
is fair to assume that perhaps the pre
dicted fall disaster in business may be
averted. It is pretty certain even now,
if there should be some collisions, no
such panicky conditions us prevailed in
11)07 are apt to develop. The excellent
l-'ederal lie-serve s.vstem. which many
seem prone to critici--, largely because
of selfish motives, will prevent a re
currence of several clement,, of dis
turbance. One of these, the suspension
of currency puvments, which created so
much hardship thirteen jcars ago, can
not occur again.
Itecogniziug the prevailing, conflicting
and confusing currents with which the'
general situutiou is heavily charged,!
makes it rullier easy to overemphasize
the iiufuviiiablc aspect, jet all uccvptcd !
signals umI signs point to the nvcesslty
tt cinpro.viug the greatest dihcriminu -tiou
and tuution in contemplated market
ventures.
TRADING LIMITED '
IN LOCAL SHARESl
it
101)
ton
1700
too
100
690
109
390
00
109
son
200
40)
200
200
1290
790
109
.1)0
209
2J)
tint
too
1710
2)0
1019
1 0il
400
100
200
2)0
81 CO
25)0
1)0
11)0
.1))
3301
1(10
100
1400
100
090
200
BOO
1300
100
200
too
300
209
309
3709
290
200
100
1009
200
loo
300
200
3400
100
2300
100
611
200
70
200
600
100
300
1500
201
too
301
3390
100
500
690
1600
109
200
6'JO
201
300
300
100
200
200
100
300
100
000
090
200
700
1690
200
600
500
100
1500
. Adama Exnrtsii . . . S3
6 Advanca rtumely pf .. "
i Alax nubtwr 47
7 All American Cablen .103
X Allln. Chalmers 33
8 Am noet Sugar .... 8
10 Am noach Magneto .. 60
.. Am Can . 37M
12 Am Car A Fdy 1?.3H
4 Am Cotton Oil 40H
o Am Drug Syn H
6 Am Kx press 133
7 Am Hide & Leather pf 7H
Ame Internat Corp... 7!i
1 Am-La Francs ling... H?
fl Am Locomotive 14
.. Am Safety nazor 134
.. Am Ship & Com ''ON
4 Am Smelt ft Itef 'lj
s Am Steel Foundries... 3!i
7 Am sugar Iler 110
8 Am Tel & Tel Ui
20 Am Tobacco 200U
7 Am Woolen 1 1 H
.. Am Writing Paper pf 4!i
4 Anaconda Copper f3M
.. Assets Realization'. . ... !?4
6 Atch Top & Santo Fe 79i
. . Atlanta nir & Atlantlo 7
7 Atlantlo Const Line...
10 Atl dur & W rS8....1l
S.so Italdwln Locomotive.. 11i5
.. Bait A Ohio 33 K
4 Bait A Ohio pf 4315
B Barrett 140U
.. Bethlehem Motors.... 1814
B Bethlohom Steel B.... Wz
.. Booth Fisheries 8
.. Brldyn Rapid Transit 10J'
Caddo Centrtit OAR 14!i
67
121K
ny,
80
IB!
V,
8
6 California Packlnz
10 Canadian Pacific...
8 Central Leather.
10 Chandler Motors
4 Chesapenko ft Ohio..
. . Chi ft B 111 pf ctfa .
.. Chicago A Qt West..
2 Chicago ft at West pf 22
.. inicago Mil ft St P.. 31
. . Chicago Mil ft St P pf 50
5 Chicago Northwestern 0Ti
.. Chi Rift Pac 35 M
. . Chllo Copper 14J4
. . Clev Cln Chi ft St L. . 56
Cluott Teabody ,
col uraphaphone ....
Consolidated Cigar.
Con Interstate Cal
Continental Can . . ,
Contlnetal Candy. .
Corn Products Ref.
S.SO Cosden A Co
Crucible Steel
. . Cuban Cane Sugar,
7 Cuban Amer Sugar
.. Denver ft Rio Ornnde
. . Penvcr ft Rio O pf . . .
8 Detroit United Ry....
.. Duiuth So 3 & At....
Krio
.. Krlo 2d pf
3 Flsk Rubber
.. Frecport Texas
. . Gaston Wins A Wig. .
3 Oen Am Tanlc Car...
1 General Motors
6 Cencral Motora pf . . .
0 Gen Motors deb 6,.
6 Goodrich B F ,
Creat Northern pf
Crcen Cananea Cop
75
...JB
... C4Ti
M 11
.. 80
... 11
. .. 00J4
.. 3554
...149J4
.. 45)4
.. 46
5
10
88
4H
12
13
20
:i!S
il
73i;
235
75
70J5
5614
28
Haskell A Barker Car 0!J
Houston Oil Co 100
1 Hupp Motor Car 14 55
.. Insplr Con Corp 4H
5 Int Aerlcul Corp pf . . 8034
. . Inter Con Cop pf . . . . 0
7 Intl Harvester new...l24v
.. Int Mcr Marine 28
6 Int Mer Marine pf. ... 78J-5
.. Internat Motortruck., 6'l5i
7 Int Mo Truck 1st pf.. 80&
.. International Nickel.. 1755
.. International Paper... 80
.. Iron Products 45
.. Island Oil OH
.. Invincible Oil Corp... 43
2 Kennecott Copper '-4J4
.. Kan City Southern.... 1854
4 Kelly-Spg T 3
8 Kelly-Spg T 8 pf... 055
1.20 Keystone T ft R 3
Total i-alfs. 181,100 shares, compared xvttli
weok, liI.0OU.SO0.
33
C4
45
I CI
M
Si
to
3151
133 54
09i
10?i
775S
7?;
HH
1254
1314
10
SSii
.15 ?i
119
rsi
200W
05i
t'4
13 H
V?4
70V1
7
83
150
llOVi
32 54
435',
130
18VS
k!i
8
101i
nS
07
I20U
3'i
ss
55
7 '5
8
22
3314
40JJ
CO
T4?i
HH
55?i
75
2554
64
II
80
11
8S
335-i
147
4554
46
4?
0U
88
4
12
13
JR'j
21 !4
II
-.314
22',
73
70
to
6954
28
ts'4
9054
'a
49
mi;;
9
124?;
28
78'5
52
604
17H
79
I 44 H
)4
4254
24K
1754
8054
4J4
22
333.400
154
3
2
- 1
I
33
4
45
103
33
M
00 -3754-133J4-40H-iom-
133
78
1154
1354
1354
5654 .
1854
ill
SH-
20054
54
'
79H
7 -(5-121
iiuya
32H
4354
140
1854-
57M
8 1054
I2H
67
121H
J4-
M54
3654
7Ji
8 -22
34
50
6954 f
3554
14 H
56
75 -26
C4J4 1
11
80 -11
-
90
35tt
147 -
4554
46
5
10
88
4H
12
13
11
73J4-
72 54
54
H
154
H
54
54
H
54
54
1
54
253
54
1H
- ?i
1H
Y
VA
254
154
14
H
l!4
H
14
'4
"1
73
70 -
J054
7054 28 -
68J4
100 -
1454
49H r-
80
4 -
28
-80J4-
7H-
80
4X-654-42J-4-24?i-1854
1354
-
shares
54
14
54
5i
54
54
3
V,
354
1
'54
54
54
54
1!4
54
5i
V
1
154
1
1
54
yesterday,
Sales
800
100
890
too
2300
5000
690
500
600
100
800
1200
00
2000
100
0J0
500
7)0
500
319
100
400
200
30B
1500
100
1900
100
101
100
1400
200
100
1100
100
700
13)0
3200
100
200
1000
200
300
400
300
300
.100
too
1(0
6900
100
700
1100
200
100
1600
2400
800
100
200
100
2800
300
1600
5500
45
200
700
1500
2000
100
400
3000
1500
100
100
600
300
300
200
600
100
1100
200
100
2000
100
10600
too
2300
100
200
40b
700
309
100
300
9U0
1100
100
irih
6 Lackawanna Steel.... 67 54
3.50 Lehigh Valley wy
t Loevvo Co 2154
.. Maxwell Motor 10
10 Mexican Petroleum.., 18114
.1.60 Middle States Corp... 20 J,
4 Mldvale Steel A Ord.. 39)4
.. Minn ft St Louis .... 15
.. Mo Kansas ft Texas,. 6J4
. . Mo Kansas ft Texas pf 1154
.. Missouri Paolflo 21
.. Missouri Paclflo pf. ... 43 54
. . Montgomery Ward. . ,, 30ft
.. Nat Aniline ft Chem., 80)4
7 Nnt An A Chem pf, ., t9)4
0 Nat Cloak A Suit.... 50
.. National Con A Cable 1U
6 Nat Knam A Stamp.-. 9$4
7 Nat Knam ft Stamp pf 93
1 Nevada Con Copper.. ll?
.. N O Tex ft Mex. -.... 3754
8 New Tork Central.... 8H
2.BO New York Dock 26)4
8 N T Chi ft St L 3154
. . Now Tork N II A II. . 28
7 Norfolk ft Western.... 88J4
7 Northern Pacific 7154
40 Okla Produ & Rof . ... 4
.. Otis Steel 23
3 Owens Bottling- Maoh. 49
6 Pan-Amcr Petrol 9654
.. Pan-Amer B 0154
.. Peoria ft Eastern 10J4
8 Pennsylvania R n.... 8(H
.. Penn Seaboard Steel.. 204
.. Pere Marquette 24)4
.. Plcrce-Arrovf Motor... 45)4
.. Pierce Oil 12X
8 Plerco Oil pf 81
5 Pitts Coal..., 954
.. Pittsburgh ft West Va 27J4
1 Pond Creek Coal I854
8 Pressed Steel Car 97
8 Pullman 113
8 Punta Alcgre Sugar.. 88
4 Pure Oil Co 3954
8 Railway Steel Spring.. 13J4
. . Rand Mln Am Shares 28
1 Ray Con Copper 15K
4 Reading- 89;
.. Rem Typewriter 61 J4
.. Replo Steel 77
- fl Republic Iron ft Steel 85H
5.20 Royal D N Y 734
1 Santa Crecllla Sugar., "7
.. St Louis San Fran... 28
.. St LouIb Southwost... 31
.. St Louis Southwest pf 3154
.. Seaboard Ar Lino pf 1354
8 Sears-Roebuck .,. 13T
.74 Shell Transport 0654
.. Sinclair Oil 28
6 Sloss-Sheff 65
6 Southern Paclflo 92
. Southern Rail 28 Ji
20 Standard Oil of N J.. 641
7 Stand OH of N J pf. .105K
4 Stewart Warner Sp... 3754
4 Strotnberff Carb 80 ji
7 Studebaker ... C6J4
0 Superior Stcol 40
.. Torn Cop ft Chem.... 1)?4
3 Texas Co 41
.. Texas & Paclflo 38
.60 Texas & Pac C A O.. 42
.. Times Sq Auto Sup.. 30
.. Transcontinental Oil.. 13)4
5 Transuo A Wms Steel 48)4
.. Union Oil 29
10 Union Paclflo 115 '4
Ixiw
C0J4
4354
20 J4
16
179)4
0H
54
1314
154
10
25 H
1H
30H
78)4
8054
4854
194
JH
91
1154
3754
66H
20
2154
29H
U7154
. 4
22
49
3 United Retail Stores.. 08?
. . U S C I P A Fry.... 1554
6 U S Food Products... 6'
8 U S Ind Alcohol c4
..US Realty A Imp... M?4
8 U S Rubber 87-M
6 ,U S Smelt A Rof 5554
0 U S Steel 8H
7 U S Steel pf 107J4
Vanadium Corp 76)4
Va-Carollna Chem.... 68
Vlvadou Inc 18)4
Wabash 8
Wabash pf A 23 54
Western Maryland ... 0 54
Wcatinghouso A BrakotOS
Wcutlnghouse 13 ft M 47 U
Wheeling & L E 11
Willys-Overland IJ54
Wilson & Co 3 5-4
554
8154
ion
3994
20J4
24J4
45
115
81
69
27
154
97
113
88
39J4
t354
28
15 ?4
89
61)4
7094
14M
1354
17
24 54
1994
3094
1354
137
U654
2794
C4
91
28
C40
105 H
36
79
65! '4
40
3?i
37
42
30
1354
47
284
115H
68 !4
1554
6154
1314
M?4
8754
55
87 J4
10754
75 54
68
10 54
1Y
23
694
101
4794
9 J4
17
53J4
Toay Net
r Close Chie.
86)4- 3
4254- H
2094- V
16-1
180 - H
sou- 54
39)4- 94
1J 1J4
6J4- J
10 Ii
2594
42H J
3094- H
8054 3
J-954 94
4854- 39
794- I.
89M 1H
91 - 39,
1194 54
3754- y
6894 94
20 - 114
3154 154
2954 94
8854 94
7194 a
4 54
22 54
49 154
9554
9154 J5
10J 94
309i ...
2454 94
4554 14
12 ..
81 - !4
6954 - 54
27 - 1
1554- K
97
113
88 155
39H 54
M54- J4
28 - 1
15J4 54
00)4 ?4
61 54 54
76- 94
(5 54
7354 54
17 54
24J1 54
2054 54
31 H V
1354- 54
137
0654 154
2794 ..
04 - 54
1 - 54
2894 94
640
105 94 ..
30 Ii- 3 94
79 - 154
65J4 .,
49 - J4
0J4 ..
44
38 J
42 54
19 - 54
13K- 54
48 - J4
29
H5J4 94
88 H- J4
.1354 ..
H54- 14
13J4 54
"94- 54
8754 54
55-54
88 - 14
10754- 54
7554- 94
68
1654 ..
8 54
2354 54
54- 54
103 - 1
4734 54
10F. 54
17
53 J4 54
SI
tU PRODUCT N
ON SMALLER SCA
If
Notv York Bonds
BALES IN 910001
Shutdowns Mado Necessary by
Car, Situation and Short
age of Coal
Thus far thli week, 13,501,500 shares. Same period last
Philadelphia Stocks
I NEW YORK BANK STATEMENT
HiKh
."0 Alii Insur lu:li
10 Am Sirs.. 44
10 ElecStor.llS
1'J. do war.. 10
KM) I Co N A 2S1.
10 l.eb Nov. T.S
110 I .eh Val.. 4'JOi
lot Pa It II.. UU!i
100 I'bila Ins
Wire .. liU's
40 1'hilaKlec 'J-J1
llf.0 IMiilaKT 14
'M Tono ltel. l
117 I'd True. 2."14
111 I" (i I... 40
Nt
The
In-
Low CltJ.o chge.
l'j-y, iu:i . .
44 44 Yi
110. 11:H V
111 111 Vj
2.si 2.SI4
3.S .'S . .
J'Jii. 42 a
:jii--.; ;nTs-
.-,11 .111 ',
221- 22'
H'i - V
1 1fS Jft
401; 4(J,- Vi
Solution of Rapid Transit Mud- wm h..r
Total sal 2l.'2 har. romparrrt un
sterday. TBU tar tnia ween.
Hume period last week. a.V-
OPPORTUNITY
Going Industrial pajms 8 cumu
lative Interest on pref-rrrd with
bonU3 of coninion ir, ck. offers a
limited amount of stock to principals
only. Will lw.tr mon r sld Investiga
tion. Answer
B 721. LEDOFR OFFICE
Lawrence E. Bown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
1630 11K.U. KVTVriJ TIUST 111,11(1.
ImeMlsitp unrt ailli.st onrtiifn.hli and
coriior.itldn urrnimlH. .lo prrpare I'
Inronie Ta ltetiirn.
ri.NANflM
.die Overshadows All Other
Considerations '
The week i-loii'd with n fairly steady
local nuirket. Tlie truding wns on a
kinnll scale ami of usual mIurbInIi hnlf
liolidnv (hariuter witnessed In mid
siiininer. Moderate tlllu: of Philadel
phia Rapid Transit caui-ed 11 recession
of : from last nisht's closiiiR In 14' .
On 1 lie otlier liniid. I'nion Traction con
tinued firm at 2.".
In nint of the otlier local kIocKn
pnciw were better. Fractional gain of
', to '. were registered by Aincrirnti
Store'., f.cblsli Valley. Philadelphia In
filiated Wire, Philadelphia Electric and
07
St .hares
alea in
J 10O0
1
Am lias
lee .is
&
BONDS
llleh Low
Net
chge.
Pco
71
n
I'.lec A.
Tr Is .17s
I .eh Val (ii. .)."' 4
Lib HnnH
Ith 41,4b... M.0B S.I.IH) s.,.00 .IU
U-i
."1 Ti
r.Pi..
nil -luc... rsi.llll -. m ,1.." ,
2 2-." Vic 4ts. fCi.74 ll.".74 l).".74-,
Tol. XS00O (omparrd ullh J.lfl.100 yea
lerdm TIium fur lhl vu-el,. J31S.350. Same
p-rlo. '.nt week. 13.17 700
BANK CLEARINGS SMALLER
MITIt i; TO UOI.IIKIts
norKIIII.I. COAI. A IKON- (OVICWV
lMIlhT AMI f m.l.ATF.RAL IRlsT
Under the lnklns Kur.) i.rnvlsion. of tl,.
mortcaBe aeale'l nrorcalK will b ,,,1,1
until a P. M Ausuat .1. 10W, A, ,hr ,',,r
nt The lennilanlH l'mnpni fn- ti, r
ancea on I.I and (Iraiilln Vnnult i
Trustee for th. sal.- to It at ti iwt
price, not "ireedlrit 10J and a. t-rued Inter
est of as nian bonds as Mo 000 uin rur
rhaae All pronoiuls shouM le H iirAd
to tne tinderslBnd
THK Pr.NN'STI.VNl i'OMPu-Y MiR
I.Nl-li..Nrcf! on I.IVES AND
GRAN'TINO AN.NI'ITIES.
.'.17 ('hentnut St
'Proposal for yinMng
Coal 4 Iron Co '
TK.MPI.V. COAI
Tr isteo
. I'hi a Pa
1 und Rockhl 1
era.li Truat
id,-
ii. t'O. rilf-T AND COI.I.T.
Mttrr. r, Slnklnr v .'J'.IT;
nniidJ.: L Oder li.nmlrl.a of the mnn.,..
proposals fur amount of th slnklnir fun I
wl'l Iw rereld until a p. in ti(tnt 1(1
10W, at the offvp of th Penn Uanln roml
rany for Inkuraneea on I.lvet upd riruntlnu
Annulllea. Trua-e for the en l tn u at the
Iqwest price nit eveedln 101 and accrued
Intereat if n rain) honda a 1107 1174 7-1
will purrhaae All tenders should he ad',
dreaaed (n he underalcned
THK PESNBYI.VASIA 0.1PANT TOR IV.
SlTIlANCr.S ON I.IVK8 AND ORANTIVfl
ANNl'ITIKS. Trust... 817 Cheatnut at
rhlladelphin Pa
Tendera for fl. r
Templa Coal Co
Dividends
AMI
TI1K MII.I.IAM C'RWIP 4 .S()s rum.
l-.NIllVie Mill IIIV.l ,;i "'"'
I'hiladflphlH, rrnnailranU
July Dth inn
, The Poard of Dlrectora Ima this day d.
'lared a atork dividend of ISO?,. pHyahi
Seplembrr lOlli. I0S0. to .tockholdVra of
record at S P M on Ausuit inth. 1020
Tho transfer books of the Company will hi
closed for the purpoaa of thla dlvldeml from
a V. M. Auaual 10th 1920, until in 1 ,
September 11th. 1020 Certificates will b
tnalled.
rilARLKS T TAYLOR. Treaanr.r
PENNSYLVANIA COAL & COKE
CORPORATION
f At meetlne of the Hoard of Ulrectora of
tho TennaylvatilR Coal i Coke Corporation
held -this day there waa declared the rea-ular
dividend of two (21 per rent out of thS ac
cumulated earnlnca and aurplua of the Com
tmny. payable on Anruat 1(1. 10'io. to stock
holders of record at the closo of business on
Autuat 0, 1020
T. II.
July 2. 1020.
WATKINfi. Tresldent.
' THE UIKAltll NATIONAL llAMv
Philadelphia July 27 luSO.
The Tloard of Dlrectora han this Hiv a.
elared a tiuarterly dividend of fire per tent , able
to .! H.jauin iiu.u,, w. tv-v, iu aiuLanoia-
a ui revvru iutt uiusv ui uusiiitfsa juiy 1 .; .. 1 ,. .1.- ...i.. ,1. .
mm iin.iiiM's . ".. ,,f nw"iv ui a
l 1
. 4ittl
$ bvecBiWlU bo puUed,
'4
M. ABHTON.
Cublcr.'
I nittd Has linprovenienc. r.iectnc
St.irase lliittery was unchanged at
lltii .. altbouRli at the openfflR it sold at
US " The warrants lield fairly tcm)v
at H'i. , . . ,
lletueen the uneuslness created by the
unfortunate trannit niudillo uivl tbe
triiiKrnt money mnrUet conditions the
locnl market bad a ruther hard rond
to travel the lat week. Money, ine-nfar
as stoek market nccotiiinodations were
concerned, vvbk virtually unobtainuble.
nnd there does not appear to be am
relief in MEht. All talk of a possible
easement of money rates is pimply a
plain everyday pipe dream and anv
fne nur-liiK a contrary belief will soon
discover the seriounness of the miiitnke.
especially if any extensive mnrkct ven
ture is contemplated.
Never before, even in panic period-,,
has monc ben ho difficult to obtain.
Some of the very beat loans are beinj;
turned down nt to 8 per cent, sim
ply because New York and other finan
cial centers are offering paper eipiajly
n Rood at rates up to and cxrpediuR ii
tier cent. When it conies to intei
earnings there Ih little philanthropy in
the banking business.
As to the transit situation, with the
unfortunate depreciation of the .securi
ties of the Philadelphia Rapid Transit
anil underlying companies, there is lit
tle additional to be said than which
has already been said or written. As a
matter of fact, there has been alto
gether too much said for the market lNov
health of those stocks. A uhnl Int r ! I"5
irresponsible talk has been published
broadcast, to the most of which hcnsible
thinking and reasoning people should
turn a deaf ear. Those who have for
years made a close study of the transit
situation and who ar thoroughly fa
miliar with the position and standing
of the underlying companies, while ad
mitting the present statin of the Kapid
Transit Co. as blng decidedly uncom
fortable, yet expressed the confident be
lief that out of the befogged situation, a
reasonuble and sensible solution will be
found, which will prove satisfactory to
all parties concerned. It. therefore,
will nrove both comforting and urnilt
if more attention is given to the
xnne deductions of these interests, rather
Deficit of Actual Reserve
creased to $6,086,520
Toda's New York bank statement
was u big disappointment. Rnlitcr than
being corrected, the deficit of actual re
serve wab Increased to ,ll,OS0,r'J0, or
$1, 810,0110 greater than the piccediug
week. While there wus only a decrease
of $7711,000 in reserve with the federal
Reserve Hunk, liabilities were material
ly increased, bj reason of thg, expan
sion of Jfll.rihtl.llOO in net deinaud de
posits. Cash in vaults, however, fell
off SI ,48.2,000. On the other hand, the
contraction of S'J)..",.II.),00() in loans and
discounts rcllccted earnest effort bad
been niude to correct the impaired re
serve position.
Dctutls follow :
Kxceas rcicne
Appreuata res've
1.UUUB, etc .
Cash In vaults
and mem. b-ink.
Reserve In nini
ber bnnKs and
reserve bank
Heaerve In state
b.inka nnd trust
companies .
ReaervH) In Mat
bankH and trust
company depoei
torlea ...
Net demand df-
paslta .
Time deptults
Circulation
I'nlted S l t
deposits ded'tid
.VVKP-AdB
Thla week Last, week
in. 1)72,6110 I7,llfl2,l20
51S.S4S.0utl 52.47tt,00U
S Hl.15n.0UU 5,154,135.000
P2.772.OO0 04. 081,000
531.7O.',00O 033,170,000
8 251,000
8,401). 000
In
re-
Philadelphia Exchanges Last Month
537,223,932 Less Than June
While the volume of bank clearings
foi .lulv were .S7,2''a.!lo below the
r.couN' established last month, they
were .J(!ll.l 14.":i!l greater tliun In July
liiii ear.
The turnover of checks through the
Philadelphia Clearing House for the
tiiislm"s mouth ended today vvas -,
l!ir,..-,s:!,707. compared with Sl.Il.i..
4i!s.!irS for the same month last year,
a gain of 11. R4 per cent.
Tliis brought the total clearings fcr
the first seven months of the enlendur
.... . v 4n0.ni 1.(111. as against
S10.41ft.nafl.820 for the corresponding T.11rti'"
period of lust jear. nn Increase of if-.- 1 .'unl,,n st.'i.i
(i71.nS4.71ll. or a net gain ot iu..m per
'fThe following tnbles show the clear
,. j t .i,A nrohont fel
ines l)V lliontlis nurnm ui' ,...-..-
endar .veor. compared with .nose
1M1I :
S SSt.OOD
1 O7S.5H.000
253 47. 0OU
35.II2U.0UO
Detlcltc
serve
AKreiiat re
Loans, etc
tanh In vaults
I and I. em. ballki
I ItiKirvc In mem
ber bankM and
' ttse.rve bank1
lUeervc In Matr
j banka and trust
computiles
j Iteserve In ,'ai.
banka and trui
toinpany d'P"-torlea
Net demand il.-
I poaiia
117, 120,000
At'TfAI.
This week
S.80I.O0O
1.112,107,000
252.070,000
3t,U!)l,O0U
71,SS3,000
Ist week
i).0sn.52O JI,27H,n2'l
se 5i)S,3H0.O0O 5:18.033,000
. 5,117,600.000 5,108.230,000
SD.0311,000 00,318.000
:i, 222, 000
,oo: 000
tl.lSD.OOO
Commodity Markets
FURTHERDR0PIN WHEAT
Break Extends to Around 10 Cents.
Cash Article Weak
Chicago. July UI. Further sensa
tional los.cs occurred in the wheat
market this morning under selling in
small lots. The break extended to around
10 cents. Offerings from the countrv
were heavy and the cash article was
weak in nil positions. Exporter were
credited with taking 1, . -.00,000 bushels
on 1- riday s break, but tbe'demaud was
not equal to the supply.
Number 12 wheat was quoted f. o. b..
the (lulf. at SL'.O.-,, compurcd with
S.iO on I riday morning. December
opened at SL'.L'O to .$2,111, against
-. nt the close yesterday and later
S?.i.a5 ''i!;1 ?.'.- Iarch r"nBfl from
5r,,rri,, -L '- nt ,,", s,urt- nguinst
f-r'r S.1, ,t.l,.,, vose Jestcrdny, and
broke to $2.1," i.j,
..J'10 ri'l,plPts of wheat here today were
JO.i cars.
Private reports of utins over the belt
and the drop in wheat caused general
selling of corn through commission
houses nnd the market was weak. Local
professional operators pressed the seling
side. The receipts of torn for the dny
were l.ill cars.
July onened ::i.
.SI.Illl
tember
aga
and
opened at S1.221-', to SI
'i cents lower at
'Wis, and Inter sold at .fl.Jl.-.i.. Sep
iber t rtr, at .?1.:!7 to $1..'ilii,
inst M ,lh t the close vesterdnv
I later sold at ?l.:i,-)i. Deceinb'e
against
m at ?$T.2nAa.y s Inst pri,', u,,d ,otor
were also weaker. Trade was
Oats
i.ooi.ooo
8.087.00O
8,813,000
slow. Commission houses representing
soT,sr'V i,!1,p""Vt. amosP tlie "bo"?
121 cars. Vl for tl"! (Iay wcro
July started
.1,111,108.000 4,1 01.582.O00
253,A4S,0UO 2i.l. nuu.uuu
:13,1S3,000 34.O35.O0O
deposits ded ted 5O.O4S.O00 72.038,000
OL'TSIUi; HANK hTATUMIINT STATE
IIANKrl
Of
Jan .
Feb
March.
April .
Mav .
Juno
July
10:0
2,17...741.nss
1.77ri.127.078
2 132 2A1.313
2 121 570.073
2, OSS 681.757
2,?R2.S07.31
i lll.l 5S3.707
10111 tne "
1 S32.170.234 15.71)
1.457,113.012 17.92
1,730.,.'Sn.52H 18.83
1 3D.a2O.0ll7 22 87
1 7!tl.3l)7.113 17 33
1 850,481.010 18 50
1.1)8.'. 408,008 11 84
lnesimt J7:
. n k
Ians
Gold
Currency
notes
Inderal Unserve
banka
Deposits
Keere on de-
pOHlt
1'crcemuKi of do-Ioslt
8.074, 4O0
4,405.000
30,377,700
70,570,4 00
835.701,300
120,808.000
10
Decreaae
J3.3SS..S00
73,300
184.000
4.308,800
5,160.700
5, 133,000
.3
.Tan
iv b
Mar-h
April
Mav
June
July
Auc .
oct
11L0
J1 882.170 .'.II
1 417.113 1)12
1 730. 28 "20
l.H3.320.nn7
1 720 507 113
1.850,481 010
1.035.408 008
1 Oil 901 471
2.004.070.000
1 018 007 503
2.202.107 800
Total 112.400 all Oil 10 418020.K20 10.50
I II I II ! '
II '.22.S27.010 10.84
1.322 303 005 HI 01
ll"? it.v.V.T 17 51
1570 825.203 3 45 I
1 711. IMS 4-' " "'
1 7110 310.173 S 11
1 700.812.781 8 77
1.010,011.012 10 56
1 880.410.010 11.114
1 71.704.327 7 111
1 772.418,483 10.B2
Total. 122 004 588.0.',.- 110.716,003,482 15 70
THL'ST COMPANIES
lnentm's tl. 102.700 000
10.72S.3UO
Financial Briefs
The average price of tvventv active
industrial stocks ilecllnetl 1.03 per cent
yesterday to 82 86. while twentv rail
roads declined 0 32 ner cent to 72 56.
Annual report of New Tork Centra!
for the year ended December 31 shows a
surplus after ordinary charges and war
taxes, of 123. 113, CIO. equivalent to
JD !G a share earned on the $249,597,355
capital stock This compares with $9.80
In 1918 and (10 21 Hi 1917.
whole lot of irresponsible rumor mongers
and fatallfiU.
Virgin -f arolltm Chemical Co for
year ended May 31 reportH net profit
after charges and federal taxes of
17,352,046, against JC,GG5,256 In pre
ptdlflsT, jrSA
Loans
(lold
L'urrenci l n k
""tea , 18,834.400
hednral ltisere
banks . 200,093.000
Deposits 2.021. 303,100
Heserv un di-
isislis 277.252.700
Pen . ntace of re-
"erve ... 10 8
S.TATK IIANKH AND TIIUST COMPANIES
NOT REPORTING TO CI.EAH1NO HOUHi:
'll. 140.000
287,000
311,100
1. 020.100
73.000
2.S92
,000
.1
investtn'ta
bank
ler.ervft
Iinns
Cold
t'urreno
notes
rederal H
Hanks
Total deposits
N.'t deposits .
Ueserie nn de
Posit IVreentaca of re
BerH ....
Increase
1781.400.300
7,803,300
17.071.000
73,032,000
03.1, SII4. 000
788.0N1.1II0
I4.3O4.H0O
47, SOU
533,700
2.002,700
8,82.1,800
H. 4110, 300
135.82I.00O
10.3
01 2
,400
.13
BAR SILVER
Domestic bur silver was quoted In
New York today al 99 He, unchanged;
foreign 93 Sc, up c. In Ixiiidon, the
prlcw was ojd higher, at 56d.
1 ronl !,.... . r-l
2nd ie... 1 H "'' 0Bai"St (10e t the
SLUMP IN COTTON PRICES
...na rressurc Causes Declines of
J to 54 Points October at 31.49c
..rVln1'?.':!!1 -I"1?' 31 Tho. selling prcs-
inrreiknri k.. " ,nnrKU' loaay was
western n(ri.1,0,U7n Wn" fltret ""
tlieJ ?n?H "," '"""Pnced by the fur
lit, f ".onal weakness In the grain
eTods uade u,,settllnS reports from th"
r,Pr!.ett ,1!:o,,, lnto ne,v ,ow RTountl.
?. Me tr"?Nl,e1.uln d(,cl"io showed net
losses of J5 to Ct points, with October
down to .11.49 .ctits. Hullles were poorly
held and the market was feverish.
vorublp of the week, and It wus believed
that tin -crop had mado further gnlns
slneo tho 25th, to which date tho gov
ernment carries its next Monday report.
Previous
rinse f)nn 1llh t.... ri
12 02 31 OS 32.05 31.27 31.2730
30 5N 30 50 30.50 30.00 30 00
20 75 20.00 20,110 20. IS 211.1 8 23
HI & -0 ,n 20 1.1 28.00 28.00003
20 00 28 80 28.80 28.50 2S.30
Oct.
Deo.
Jan.
March
May
BUTTER, EGGS AND CHEESE
NriW.Tqr,,f,,.,.J.ul' ?' fflirrun Weaker,
nerelpta. 1J.211 tuba Creamery, lileher
5J?fn "5rafl, MW.Vto. creamery, eitraa
(02-scofB). B5c. creamery, flrata (88 to 01
eore). pmn4Hc, paiklnc stock, current
make No. 1 44r
KOaSIrreKular Iteetlpta. 10,280 cases.
Fresh-gathered extra flrata. 61)n8c: fresh
(ratliered firsts. 4730ci state, Tennaylvanla
and nearby western hennery whites, flrata
to extras. 00ti'7Hc. state, Pennsylvania and
nearby wpstern hennery brown", extras. 58
W02o: state, I'ennaylvanU and nearby nutli
ered browns und mixed inlora, Ur4 to
...u iui!r.r.
Bank of Bombay Lowers Rate ' chi:i;hk.- vum! itrreinta. 2781 lmx,
,...,, .,,,,. , ,r,, .., - ,., Htnte, wliole.iiillk Hula, current inal.c. vvhllo
llninliii)-, July 31. -rile rato of dls-,"". ,,1,,0. hi-cImIh. ;'7jf2sei iln; iiveraae
count or tlie Hank of Dombay was re- Jin !!02iU4vi slate, whoje-nillk., twins.
tluced from 6 per cent to 6 per ccntl current make, specials, LOW 27oj do,
today, nverafo rua. SSOSOc,
New York, July 31, Tho report of
the United States Steel Corporation,
made public during the week, wan fa
vorable, showing hn lncrcaso of more
than .$1,100,000 In the net earnings and
also a gain in the surplus after all de
ductions for taxes, interest nnd divi
dends on tho preferred nnd common
stocks. Tho increases by the corpora
tion wcro not as large as those reported
by sonic of U10 Independent cmnnnhle.S
over tho first three months of the year,
but this was due to the fact that the
corporation's showlne In the nerlnd end
ed March 31 was much more favorable
man mac 01 tho independents.
There have been reductions in oper
ations at many steel plants in tho coun
try during tho past week nnd shut
downs nlso have been made necessary by
tlie car sltuotlon and tho shortage of
coal, both of which became more acute
than ever. Tho plants of tho United
"States Steel Corporation are now oper
ating nt nbout 70 per cent of normal, ns
compared with 80 per cent 0 better
only slightly more than n week ago.
In the Chicago district the conditions,
are worse than elsewhere because of the
Innblllty to get conl. ond unless there is
Improvement soon the situation will be
extended. Nowcvcr, there is one re
deeming feature, nnd that is the private
advices received in some quarters that the
nilue operators In Indiana nnd Illinois
predicted the return of the men by Au
gust 'J. With coal production, the sit
uation In Chicago will be relieved.
It cannot be said that the leading
steel men nre optimistic. True there
is enough business on hand to keen
them going for mnny months, but with
nny decided unscttlemcnt In industrial
ondltions in the country tho cancel
lations will multiply rapidly, in the
opinion of many, and theso orders will
be cut down materially as a result.
Shipments of finished steel products
nlso arc smaller, but the Steel Cor
poration has been able to send out
about CO per cent of its production,
because of the location of Its mills in
the Pittsburgh district, which per
mitted deliveries by river to mnny con
suming points. Such users who nre
favorably located for river deliveries
hnvc no cause for complaint.
There Is not much to be said of new
orders, nnd, ns a matter of fact, the
leading topic uppenrs to be in connec
tion with withdrawals, cancellations,
or requests for delayed deliveries, com
ing mninly from automobile companies.
One development which is not nt nil
favorable is the effort bciug made by
some of the truck companies to cancel
or delay deliveries on some of their
contractu
Kor some time the pleasure car rank
ers have been requesting the right to
withdraw their orders, but, us It was
the genernl Impression- that the truck
companies had all the busiucbs they
enn handle, cancellations from thli
source were not looked for. Naturally
they have caused some surprise nnd
speculation oh to the reason. One
authority states that, in his opinion,
the truck mnkcrs are inclined to hold
off. because of the possibility of unset
tled business conditions In this country.
LOCAL TRADING HEAVIER
Transactions for Month Totaled
147,919 Shares, Against
93,383 In June
The heavy liquidating movement in
the traction issues und other utility
shares accounted largely for the mate
rial Increase iu the volume of trading
on the locnl btock exchange for tho busi
ness month ended today. The total
transactions for the twenty-five trading
dnvs were 147,010 shares, as compared
with !):i..'!8:j in June nnd with 31)3,(50:1
shares in July Inst year.
ISond dealings, on the other hand, fell
off considerably, Tlie month's turnover
was $l.a.M.O0O. nguiiiht ..IKH.OiO in
June nnd $1,022,708 iu same month
last year.
The following table gives the trims
nctious by months for the current cal
endar vear, compared with the same
period iu 1011) nnd 1II1K:
1010
Amer Smelt'r
a rtaA'K 3a
1 7014
A Tel 4 Tel elt
1 70M1
3 7Jt
1 78H
A Tsl & Tel tt
8 '""
1. ... "Vt
1 75H
A Tel Tel
3 3
2 .... I"
1 03
A W J'Pfr T
3 ID
AriK'Krinch M
8.
21 .
It
lo!!
10..
3..
1..
5.
00 H
00 W
001
00
00 H
00 V4
not
00 W
Jan.
Feb. . .
March
April . .
V.ny . .
June
July . .
July . .
Auk. . .
H.pt. .
Oct. . . .
Nov. . .
Dec. ...
Total
Jan,
l'eb. .
March
April
May .
Juno .
Auff, .
Kept. .
Oct. ..
Nov. .
Dec. .
1020
13S..13.1
103,140
202. 1.13
177. 13S
1 1.1. 1SS
03.3S3
147.0111
1,0.13.000
220.0.10
143,003
207.137
222,3.10
.'IO2.00O
271. 30K
303. 003
l.n'.'2."OM
'.'0.1,730
217.4.10
I1H0..084
230,24.1
417.222
. 3.230,740
IKINDS
101.9
231.127
107.008
00, I7
70.021
200,130
102.040
223.013
773 imn
0.1.303
08,700
1.10,324
1.14.880
171.708
Ann Arbor 4a
1 48 '
Ar- Ilepub 6s
1 004
Armour & Co
Ileal B 11 44
1 70M
1 731.
A 1' It B Ke 4
B 74H
2 744
1 74 Vi
2 74 U
4 74 'i
A T & 8 Fe aj
3 0314
Atl C Lino clt
1 02V4
Atch Tranao'l
Phort L 4a
1 00 ?4
A C h rcta 7i
1 07S
1 97
1 07 Vi
Bait t Ohio cv
1 OS
1 08
1 AS
1 B7T4
IB 87 ;
Bait i. Ohio 4s
1 no
1 B8T4
7 es
Bait & Ohio (Is
1 B8V1
Bait & Ohio 0s
8 83
1 85
10 85 '4
11 4 O T L, U
W Va 4a
2 BSV4
Cal O t K (Is
6 83 Vi
Cen'l ot Oa 0a
81T
Cent'l Tac 1t
1 00 4
1 70
1 70
C & O cv 4V4i
Cona'd Oaa Tl
4 '
0 07
Cuban C H ov
I vo
1 05
Del A Hurt cv
J FIE MOVEMENTS
narrowoncurb;
77'1
77 '4
78Vi
Hurt 7a
, 100 ',4
11 !. Id
,. 44U
,. 44 Vi
,. 44K
,. 44
,, 4B
..48
n o 4i
02", 4
02
I..
1...
1...
C'k ft
3...
C'k 4.
1...
C H'n
10...
4. .
C U'n
1
3
B
1 ....
1
ChlcaKO
71
71
71
Ohio Bs
.. 88
U cv Ba
. . 74 !4
& Q Km
.. 70U
. . 84
ft I) 4s
.. 03i
.. 03
.. 03
.. 03Vi
.. 03'i
. . 03
.. 03
Mil &
Ht 1 3a
0 83
CWciiKO Mil ft
St P d 4a 1.
1 BBVi
Chicago Mil ft.K Uclc'm
1
I...
B...
Del &
1...
Den
. . .
IB...
10...
IB...
1...
11...
Den A
2...
22 ...
D Can B 'SI
1 OI H
4 7V
B 07
D Canada '20
K 01
Erie R It cv A
4 33
Erie 11 n cv D
3 SBU
2 38
1 80
2 30
Brie Hit Co 4
2 47".
Oen'l Elec 3a
0 00
K T O A W 44
2 85
2 64
M T Telo
B 74
N'k 4 Wn 4
2 74 VI
1 74 "
N'n Paclflo 31
3 a
1 83
N'n VaclOo 4
1 33?s
1 88U
0 73
Oreion B I. 4J
2 TO
Pao II a 11 tt
.... 74V4
Pac T T Ba
1 80.
fa Binillt
2 7
10 73
I'enna It It Ba
2 szn
1 83
1 82
rtnna It It la
1.... 102
3.... 102
1.... 101
2.... 102
8.... 102
I'corla A K In
1 30
Pltfh Cln C A
St L BB4
3 70
Oen'l Klec Ot Readme nil 4a
08
1 on
4 00
1 00
Ovt tiwzil rota
1UJ
103
103
103
103
103
103
103
1..
1..
a..
3..
7..
4..
Hand DBdto
1 104
llock'a: V 4
0 0B
1 00
III Cen'l 4a 'Bl
1 08
1 08
III Cent'l B
6 83
Ind' a Steel 3s
s nu
Int-ersoll-Rand
Co 4s
2 67U
Intboro M 4i
3 12
7 11
In-S M ct 4s
12
Intboro It T fd
6 44
4 44
1 43
I M Marine Ui
2 84
3 84
Iowa Cent'l 4s
... 37
... 37
... 87
Uov't 1st
.... 72
72
1
1
1
2 t
80
4
10
10
2
13......
I
5!!...
Beab'd A
1
Btr. a a
Series
1....
6....
Btl. A
2...
1...
St l"l
Short
1...
6eab'd
8.,
2..
J J
1.,
8.,
Jau Uov't 2nd
3
Jap
30.
2B,
10.
10.
1..
71
Uov't 4a
... r4
... 84
... 84
... B4
84
Kan C A S Ba
3 0B
Kansas Cy T'l
Ilwy 4 a
1 TO
K Beta- 6a '23
HIP 4a '
3
3.......
2B
72
72
72
Chicago Mil
Str cv 4a
1 02
1 63
Chlcato Mil A
St P cv Ba
10 03i
4 03
It 03 Vi
3 63
C A Nwn d '21
2 08
C A Nwn .1a
B 04 n
1 04
Chi A Nwn 7a
20 00
14 09
Chi U 1 A 1 M
20 OS
2 0.1
1 031,1
Chi U Sta 44
n TO
Chi A W I 4a
2 B3W
0 B3
Chile Cop'r (la
0 72
City Copenha
gen 8a
1 74 VI
City" New York
4a of '00
1 85
City I'arla 0s
1 03
1 03
1 03
Cl'd Cln Chi ft
St I. 4s
4 64
02
92
7s
08
08
08
08
08
08
9SV4
08
83
08
08
08
08
10..
3....
l!!!'.
11....
1....
7.'!!!
1
1....
3....
1....
4....
Luck Steel '23
1 00.
Lehigh V'y 0
1 0.1
I.lc't A Myers
Tob'o Co Ba
0 77
Lone 1st II fd
1 01
I.nu ft N al 3s
0 47
L A Nash 4a
4 77
Mln A St I. 4s
1 37
1 37
Mo Knn A Tex
Sta 4s
1 60
II o Puo urn 4s
34 B2
20 62
New O Tex ft
Mexico 4s
2... 88
3 B8
N V C A It It
n n ai
2 03
s v i; ui 11
11 11 0a
I 88
1 80
4 80
3 78
Rio Q ft W clt
1 40
RI A A V 4
1..
8t Louis
Fran aj
0
2
6
Et Irfiula
Fran in
1
20
02
A d
00
00
00
A f
47
47 S
47
47
47
47
47
47
47
47
47
47
47
I. (d
80
Fran
A
, 84
, 84
Bwn en
. 82
. 82
A K C
L. 4i
. 08
A 1. J
,. 33
B'n raclflo cv
8 7Bi
B'n Pacific 4
1 6B
B'n Vao cv 4h
1 7BMI
25 7B
6'n Rallw'a 41
a B7Vi
7 87
1 87
1 87
S'n Rallw'M 5s
1 81
Sparta 4a
71'. 4
Ter'l R A ot
St L. 4
1 70
Third Avo aj
20,i
Union I'ac fd
10 71
Union I'ac 4a
80
Union I'ac 0.1
8 00
1 80
U K of O lnt
A I'd 1021
2 00
8 08
7 00
& 00
UKofO llrlt
ft I'd 1022
23 00
8 00
4 00
U Ii uf 0 llrlt
ft I'd 1020
0 84
2 84
U K-of Q lira
A I'd 1037
1 84
1 84
10.. .. 84
U 9 IU I tl
1 70
U S ltub'r 8a
1 77
U S Steel Ba
2 01
1 01
Va 0a Brown
Bros Ctfa
8 .... 00
Ylr'a Carolina
Chem Co lat
1 02
Weat'n Md 4 a
1 47
West shore 4a
1 00
1 00
Wilson Co cv
2 83
'2 85
iiiaiiwiais txtromoly Du,
, Maracaibo Under Mod
orato Prossuro
, New lorlt, July 31.TrndlnK on t
curb showed the. usual Saturday dH
ness, business being on a small Sfli
and price movements narrow and will,
out importance.
General Asphalt ; ranged from CO "u
07, while Mnrncnlbo was undo- -..i
crate pressure nnd ranged from 2U! 'f
511. HIm n.t..i 4 10 ii
,"""" "u"lcun wag ncgiect,i
a few soles being made nt 14 t0 141,'
Merrltt wn8 traded in at 14,
Tho industrials were extremal, j .,
INDCBTOIAXS
Acme Coot
General Asphalt ...
Chtcaro Nipple . , .
Havnna Tob
Keyalona Solether ..
Perfection Tire ....
Radio Com
Radio Com prof . . .
Ilalnler .Motors ....
H 5 ,j.'h Bteti Tol
u 8 Stenm
Unltad Retail Candy
oi 21 an: .: ,
.r vsii-::::::::: Jjg 4
a K r
i i
Bi
. "I
. 10
1020 -
$1, 310 0111
051.500
. 1,918.1150
. 3.108.230
2.5l'.'.4.1(l
. 2,331.0.10
1.827,078
1018
Total..
1010
X1.I2M.V)
1,022,700
011,703
1,033.150
1, OHO, 880
1,022.582
057,300
334,1150
1.201.400
1.350,700
5.741,800
$17,085,485 ,11.070.438
Total, 13.630,000, compared with $0,578,
000 eaterday. Thus far thla week, $38,
030,000.' Sams period laat week, tif,
028,000. .
Liberty .'IVjs
' " 5"l.llPrtv 2d 4s
i,nou,.ii.i ,,r :- 7 . ii
8:i3.ioo Liberty 1st 414s.,
1.027. I5i 'Liberty '-M 4,s..
003.053 I t tUrX.,1. !.! JlU
002.000 '"'"' V V" .."
niiih
01 .OS
84XiO
84.70
8S.70
5oi.'55rt I'lhcrty 4tb -iy,s 83.14
700,000
034,030
1.403,300
1,480,150
FOREIGN
New York. July
EXCHANGE.
cxclinnKCH were
31. The Uuioncan
firm In the opcnliiK
quotations with demand sterllnu quoted
nt 3.72 and cnlilea ut J.l-t. up t cents,
un a nolnts: llro
and marks up
up
points.
Franc cables wt-re
4. Swiss un u am
Otlier nuuiuumi. were;
Franc cables 7. 69, checks 7.68 ; . lire
cables 6.38, checks 5.37 ; Swiss cables
5.86, checks 6.87; Belgian cables 12.20,
checks 12. 'if. Builder cables 34 , checks
34 ! pesetas cables 15.37, checks 1G.33;
Stockholm cables 21.20, checks 21.22;
Chrlstlanla cables 16.90, checks 15.15;
Copenhagen cables 15.80, checks 15.75;
mnrks 2.37.
Tlie forelRii exchange market held
firm until noon. Demand sterling was
3 72V,, canu-a u.io-j; irauc canies 7.09,
checks 7.C8; lire cables G.36, checks
5 37 ; marks 2.36 ; Argentine cables
112.50. Other rates wero unchanged.
YESTERDAY'S PINAI. QUOTATIONS
8terllnc Franca I.lre Guilders
Demand ....3.71 7 01 B.32 34.20
Cables H.T1' 7.03 B.84 04.23
TODAY'B 011 ..NINO QUOTATIONS
Bterllnit Franca I.lre Guilders
Demand .. 3.7- 7 ns 6.37 34,20
Cl.OHINO QUOTATIONS
fct.rU1?. rra"' " Llro Oulldera
Demand S-iil? 1 '. ! j 34. is
Vlo Notes :iH.,
Vic Notes 4s..
ii.i.rj
1).".7
IJW
01.00
84.4(1
8").70
84,.ri'J
88.00
8.1.02
l.".71i
05.70"
Close.
01.08
84.50
85.811
84.00
SS.04
85.00
1I5.7U
05.70
Resume Building of Synagogue
The building of the new Hcth Hholom
Synagogue at Ilroad street, Ilelllcld nve.
niio and Courtlnnd street, Logan, which
wns somewhat delayed by the recent
freight embnrgo and the difficulty of
obtulning ninterinls. is again proceed
ing, and offieinls of the synagogue hope
tlint at least n part of the new build
ing will bo ready for use during the
high holidays in the fall.
12
1
12
2
1
2
88
SO1
01
13ft
" 1NDETENDKNT OILS
Ald Oil 24
uoone 011 o';
Cuahlnir Pcto ...,..'.'
"ominlon Oil lot
Knttlneera Tctrol 1!
TT4Jj.a.nt til Mi
aicnr?ck or-::::::::::: s
Harvey Crudo
Kay County Oaa ' 1
lactone jz
I.lvlnaston P.t ."" I7
.inracHUKi jh
.vierriti oil ,
North Amer
umar oil
renn Oaa
Red Rock Oil
Roy de France
Himms Pet i.
Skelly Oil
Tciaa iianner tt
united Texas Oil .
Victoria Oil new 1
tusma
Alaakn-Rr Columbia .... l
Uoston A Montana 64
Calumet A Jerome 22
Cnnnda Copper
Candeiarla .Mln j.
Cone? Sliver 62
Crcsson Gold 1
Dlvlrto Kxt 10
l:urcl!a Croeaua K
Korty.nlno Mlnlntr
Oolden Uatc llxp .
llohir.eld Cona 'n
Ciohintld Devel 5
(loldOehl l.'lorence 12
OoUlflelrl Kevvnnna t
Ooldtlelrt Silver Pick 0
tloldfletd Zono n
Ktnma Sliver fl
llecla Mining- I
llonduraa Syn 1(1
Knox Divide fj
MurNamara '1
-Marah itln 11
Mother Lode 00
Mother I.odo now 5
Murray Moor 711
North Star B
Ophlr Silver ,
Prince Cona ,
Rex Cons 0
Rocheater Mines 0
Rope Group X
S Silver l-ead
Succeaa Mlnlnir 4
Tonopah Helmont If,
Tonopah Midway 7
Tonopah Mlnlnt: 1
Tonopah Mlr.puh 12
Tonopah Montana 0
Tonopah Reacuo Hula ... 14
U S Cont 0
United Eastern ........ 2 A
Weat End Con if,
White Caps
White Caps Kxt 1
Wllbert 4
YcrliiBton 1'
"IIONDS
Allied Packers 0a' its.
Armour 7s 00
Texas Co 7a 08
ll S Rubbnr 7 a. 1080.. 08
West niectrlc 7a 07
Rcrlln 4s ,. 21
1 CIJf'
slf
liii
23 ..
2 "
e J w
'?
i 8 S
i-7 Ik
JH ''.
t
.1
s'.
10
i
22
coA
10s
i
n
12
0
12
H
I
nm
&
00
814
70
3
fl
V
4
1
7
ils
u
14
:'
1A
11
1H
4
08
ll.1"i
US'
OS
M'l
21
22
ii''
,
,s
r.
12
1
r,
13
0
1
W,
5
e
si
in
s
A
s
0
4''
u
I
IS
1:
p
11
':
V
V1
111
o-u
21'i
MONEY RATES UNJUST
Interest. Demanded Excessive and
Burdensome, Says Williams
Wnahlnrton, July 31. Comptroller of
the Currency John Skclton Wllllims
sees no legitimate business reafonatfofi
high money rntcs In view of bank 'If
sources. In a careful analysis of condi
tions which he lias made, ns disclosed
by latest reports coming Into his ofllce.
"Ofllclal reports to this oftlce, n
said, "from nil national banks on tin
call of June 30, show that In about two.
thirds of the reserve and central re
serve cities of the country there h
been n distinct tendency toward liqui
dation nnd reduction In bank loans
"Aside from the disturbed and alarm-
. -..- nt..a In nnrtfl nt the Olll
world, for which I am convinced this 1
country's refusal to rat fy 111 P""
treaty Is largely responsible, there
absolutely no Justlllcatlon for the spirit
of pessimism and uneasiness prevalent
In business and financial circles In many
sections of the United States todaj.
"I will also add that there Is not. ana
has not been, In my Judg-ment, the 1
denoome Interest rates, running unto IJ.
12 nnd 16 per cent and hlKher which rav
1 ...l h unmn nt the hUtlKfl I" 1
New Tork city, tho principal fl"""'
center of our country. Nevv lork is tie
Anir n tn rT nnHnnupni:: 111 vnv ..----
They do not prevail
uniy uuj ui luhoii.ii. --- .
where such Interest rates exist and m
tnlAenti.f4.
. w r ll. nnni
aon or i-aris, ai ul ;"" nn
rt.Hl.tn m In nnv 01 lll ,
itonB uoiiK ur iui". .,... 'i,
leading cities of our own countrj. II
GOVERNMENT DONDS
nid a
Panama coupon 2a, 1030...
Panama reilstered 2s. 1036
Panama coupon 2a, I03H...
Panama registered 2j. 108S
Panama coupon. 8". j06;;;
Panama rltered 8, 1001
Philippine 4a, 10114
Philippine 4a, 1088
rniuppine 4a. iiiao
Tallin.
...100W J '
..100 J" J4
...100 1014
...100 1J 4
..77
ll S
78 J.
nxx ,nni; tOl'l
V S tlovl coupon iB, '"""!! ' 'Inni: in Ii
U H Oovt registered 2a 1030... on' J ,
U S Oovt coupon 4a. lt25ii;'"S5 Js".
17 H Oovt registered 4s. 1028... 1" "
ot Columbia 3-OSs, iuxi.. -
Dlst
Cables
7. (Ill
6.37 34.20
MONEY-LENDING RATES
1IIII.AI1KI.I,I".Call, 6 per cent;
time, 6 per cent; commercial paper,
three to si" months, C per cent.
(Note These arc merely nominal
auotatlons. as the legal rate of Interest
In tho state of Pennsylvania Is fixed at
0 per cent. Tlus premium anil commis
sion time money for thirty to ninety
days Is lonnllig at 8 to 8 per cent,
while commercial paper from three to
six months Is being offered at 8 to 8V4
per cent.)
LONDON Money Is quoted at B
per cent. Discount rates, short bills, 6 iff
6 per cent; threo months' bills, 6 11-10
8 Per cent,
DANK CLEARINGS
Rank clearings today compared with enr-
rcsponDing oy IB"' 'wo yeara
Galvanized Sheets
at
Philadelphia
39 Tons 29 Gauge
E. A. McCormacR
29 Broadway, Jsew York
Telephone Whitehall 1510
11120
Pillln. ., 17.1,607,601
Chicago , S0,8lfl.S7.1
N, Vork.7nH.472.04U
lialtlm're 10,070,801
Jtoa. 68,367,013
1010 10IS
Holiday (00,0311,231
18,140.004
08,160,877
FIDELITY TRUST COMPANY
3.65 Interest on
SAVINGS FUND ACCOUNTS
1431 CHESTNUT ST,
Capital, $5,200,000"
Officmti
325 CHESTNUT ST.
6324 WOODLAND AVE.
Surplu., $16,000,000
JU
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