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Wealth Markets and Co
erce Finance - Economies WALL STREET OFFICE: Telophonr: Mills Building, 15 Broad St. Hanover 6514 The war news which has stimu-j lated trading in stocks and caused a i general advance of prices has not! disturbed the equanimity of the, bond market, aside from the foreign government and municipal issues, which naturally are more sensitive to news of this character. Railroad and other corporate bonds have moved very little and there has been no pronounced increase in the vol? ume of sales. Apparently interest has centred in speculative rather than investment issues, though any development pointing to victory r.hould react on bonds in much the same way as on stocks, if in a less spectacular manner. If the counter offensive of the Allies should meet with the great success hoped for, it is probable that bonds would im improve along with stocks. Mean? while, the quiet but steady absorp? tion of bonds, in evidence for some time past, continues. The buying of this sort comes chiefly from invest? ors who are satisfied with the yields now obtainable and who prefer to buy at once rather than to defer action on the chance that prices will go still lower. They are getting bonds at what ordinarily would be considered bargain prices. One house presents a list of fifteen rail? road bonds, legal for savings banks in New York, which at present prices yield an average of 5.45 per cent. A list of fifteen industrial bonds shows an average return of 5.55 per cent. While the movement toward greater economy is not so well de? fined as it should be, reports from, various sources indicate that a good many people are less careless in their expenditures than they were a few months ago. The thrift cam? paign is at least partially successful. Yet there does not seem to be any important shrinkage in trade. Wit? ness the latest statement of Brad streets on this subject: "Retail trade," says this commercial agency, "is quieter than for some weeks past, but even at that loses nothing in comparison with the volume of business doing at this date in other years." It is obvious that such re? ports as this?and it is supported by similar reports from other agen? cies, bankers and Reserve agents, and by the undisputed fact that large distributors find collections re? markably easy?could not be made if a large majority of the people had heeded the government's appeals for economy. What has happened apparently is that while thousands have patriot? ically retrenched, other thousands are spending as they never spent before. This is especially true in manufacturing centres, where labor is fully employed at very high wages. In such places the demand for goods is big and insistent and checked only by the inability of re? tailers to obtain supplies. Those who formerly bought most liberally , of high-grade goods are buying I cheaper things and less of them, but their places have been filled by workers with swollen wages, who buy freely and demand high-priced goods?largely, perhaps, because price is the only test of quality they have. It is too much to expect that such spenders can be persuaded to materially restrict their purchases merely by preaching thrift. The orgy of spending must be stopped in other ways. One effective method of accomplishing this result would be the levying of heavy taxes on consumption, such as Congress now has under consideration. Money and Credit Money ruled firm in the local'market yesterday. At the Stock Exchange call loans were maintained at 6 to 6Vs per cent most of the day, with a moderate volume of business being clone on this busis. Offerings of fixed date funds were ?canty, owing to the present policy of the banks to restrict the extension of time commitments. Borrowers con? tinued to bid 6 per cent for loans of all dates on both classes of collateral. Ruling rates for money yesterday, compared with a year ago, were as follows: Yesterday. Year ago. Percent. Percent. Call money: On mixed collateral 6 5'/2 On industrial col't'l 6|/2 6 Time money (mixed collateral): Sixty days. 534@6 AVz Ninety days. 6^@6 4^@4% Four months. 5?4@6 4'/2@4% Five to six months 5%@6 4?4@5 Commercial Paper.?Brokers report quiet market, with a small amount of paper moving at 6 per cent for the best regular maturities. Silver.?Bar silver in London was 487?d, unchanged; New York, 99%c, unchanged; Mexican dollars, 7?e, un? changed. Sub-Treasury.?The banks lost $54, 00:5 to the Sub-Treasury yesterday. x - Discount Rates.?The following table gives the current rates of the twelve Federal Reserve banks on commercial paper on all periods up to ninety days: ,-Maturity--> o g o ;; 2 w c S : sS ? ? ri w ?->? Poston. 4 434 434 New York.4 4% 4% Philadelphia.... 4 . 4% 4% Cleveland. 414 434 434 Richmond. 434 5 5 Atlanta. 4 ? 434 434 Chicago. 4 494 5 St. Louis. 4 4% 434 Minneapolis.... 4 4% 5 Kansas City.... 4"/2 5',4 5^4 Dallas.4 4% 5 San Francisco. . 4 49^ 4% Rank Acceptances.?Rates were un? changed yesterday as follows: Thirty Sixty Ninety Spot de- days. days. days. livery: Per cent. Per cent. Per cent. El i gi bl e m e m b e r banks_4ft@4 4ft @4'/4 4ft @4>/4 E 1 is ib ) <?> non-mem? ber banks.4l4@4!/8 4%@4ft 4%@4ft I n e 1 i g i b1 e bankbil!s.5'?4@434 5'4@434 5</4@4% For delivery within thirty dajs: Per cent. Eligible member .banks .4'/J, Eligible non-member banks.4% Ineligible bank bills. 6 Bank Clearings.?Bank clearings in New York and the other principal cities yesterday were as follows: Exchanges. Balances. New York.$605,531,833 $57,001.931 Chicago . 90,534.974 6,154.408 Boston . 58,652,558 11,708,028 St. Louis . 32,110.027 12,580,897 < Rank Clearings.?Bank exchanges at I the principal clearing house centres of I the country this week aggregated $5, 831,138,285, according to R. G. Dun & Co., a decrease of 0."> per cent compared with a year ago. Average daily bank 1 clearings for the year to date, com I pared with the corresponding period of ! 1917, follow: 101S. 1917. ? July.$974,582.000 $970,310,000 | June . 951.834,000 903,833,000 May . 942,078,000 892,272,000 ?April . 873,208,000 904,421,000 i 1st Quarter... 867,782,000 827,235,000 London Money Market.?LONDON, July 19.? Money was steady at 2ri per cent. Discount rates were: Short and three months' bills, 3 17-32. Gold pre? mium at Lisbon remained 130.00. The Dollat in Forcier? Exchange The foreign ex hange market was again unresponsive to the influence of the favorable war news yesterday, and no significant changes in the quotations were registered. Swiss cables fluctu? ated narrowly, and the general list re? mained steady. The market was again relatively devoid of activity. Closing rates yesterday, compared with i. week ago, follow: (Quoted dollars to the pound.* Weok Yesterday, ago. Sterling, demand.$4.75ft $4.7535 Sterling, sixty days-4.72% 4.72% Sterling, cables. 4.76,'t 4.76ft Sterling, ninety days... 4.71 % 4.72% (Quoted unit3 to the dollar.) Francs, checks .5.7P/4 4.71% ?Francs, cables . 5.69'/4 5.69% ?Lire, checks. 8.80% 8.80% ! Lire, cables . 8.79?/4 8.79'/4 | Swiss, checks . 3.95 3.96i/2 | Swiss, cables. 3.92 3.96 ) (Quoted cents to the unit.) 'Guilders, checks.51'/2 .51% i Guilders, cables.51% .51% I Rubles, cables.13.00 13.00 I Spain, checks.27.50 27.50 1 Spain, cables.27.65 27.70 I Sweden, checks .35.50 35.50 j Sweden, cables . 35.70 35.70 I Denmark, checks.31.10 31.10 I Denmark, cables.31.30 31.30 j Norway, checks .31.45 31.50 | Norway, cables .31.65 31.70 | Argentina, checks.44% ?45'/8 ?Argentina, cables.4434 -45% Ilud?a, rupees, checks.. .37.60 37.70 ?India, rupees, cables.. .37.80 37.90 India, rupees, cables, Reserve blank rate...35.73 35.73 Below is given the current exchange value of foreign money in dollars and cents, together with the intrinsic gold parity, as calculated by the United I States Mint: Current exchange Intrinsic value. value. Pounds, sterling.$4.75% $4.86% ?Francs . 0.17.4 0.19.3 ?Guilders . 0.5134 0.40.2 I Rubles . 0.13.25 0.51.2 ?Lire, checks. 0.11.37 0.19.3 | Crowns (Denmark)_0.31.05 0.26.8 ?Crowns (Sweden).0.35.70 0.26.8 The above rates express the cost of ! foreign money in terms of the Ameri | can dollar. You buy an English pound sterling at, say, $4.75^?. The intrinsic parity is $4.86% per pound. Thus you si'.y either that pounds are at a dis ; count or that dollars are at a premium, | which is owing to the fact that in Eng I land the demand for dollars with which ' to settle accounts in this country is | greater than the demand in this coun? try for pounds with which to settle ac? counts in England. ?-9 ? State Board Approves Sale TRENTON, N. J., July 19. -The sale of the property, rights and franchises of the Wrightstown Water, Light and Power Company to the Wrightstown Utilities Corporation at a present value. of $2,000 by the issue and transfer of stock of the Hanover Water Company, also of Wrightstown, Burlington County, to tho v.due of $2,000 par value, was approved by the State Board of Public Utility Commissioners to-dr.y. Tho board also approved the sale of tho property, rights and franchises of the Wrigh wn Utilities Corporation to the Hanover Water Company for $2,500. The board also approved the issue and s^.le of the following secuii ties by the Hanover company: $8,000 of its capital stock, of which $2,500 is to be issued to the Wrightstown Utili? ties Corporatio:., and the remaining $5,500 is to be used to reimburse th treasury for capital expenditures made or to be made, and $10,000 of its ten year ? per cent bonds to be issued at not "less than 90 per cent to reimburse its treasury for capitul expenditures. Fail to Agree on Cotton Surplus Price or Storage Spinners and Growers in Deadlock at End of Conference WASHINGTON, July 19.?The door to negotiations between spinner3 and cotton growers regarding meaifs of handling the largo surplus of the sta? ple which is expected this year has been closed as a result of tho insist? ence of the Southern delegates on price stabilization or nothing, it was learned to-day. Plans to form a con? ciliatory committee of ten to work out a compromise programme have failed. It became known that the represent? atives from the cotton growing states had iron-clad instructions to hold out for the a/ilablishmont of a cotton cor? poration, whereby the government would purchase all the surplus of the forthcoming crop at a fixed price. The Southern conferrees made it plain that they could not join a committee with i broad powers until they received ad I vanee assurance that the body would ! be committed to the idea of price ! stabilization. Moreover, the delegation front be I low the Mason and Dixon line, it was I ascertained, withheld approval of the '? proposal to build a chain of large cot? ton warehouses partially at the gov? ernment's expense in New York, Bos? ton, Providence, Fall River and New Bedford until such time as the North? ern interests agreed to its request for price fixing. The fact that the Southern delegates were unauthorized to recede from their stand was brought out when they de i clined to join a new committee which ! would represent the divergent ele ! ments in the cotton industry, which ' was suggested as the means of formu : lating an harmonious plan. There would have been no difficulty in select '. ing the personnel of such a committee, i it was said, but the Northern interests f declined to agree in advance to price ' stabilization. They pointed out that ! the plan would place an excessively j large burden on the government and ! would make it suffer from a decline ! in the price of the staple, which is con 1 sidered likely, on account of the ex ! pected surplus, instead of the private | interests who deal in cotton. As matters now stand, a deadlock i has been reached. Delegates who op? posed the proposal to stabilize prices said nothing could be done until the Southerners returned home and ex? plained to the people they represent that they couid not force their vicw | point on the others. "Nature will have to take its course," was the way on? I delegate answered a query as to what l the next development was likely to be. W. P. G. Harding, governor of the I Federal Reserve Board, would have I been asked to name the members of the proposed committee of ten if the va I rious groups agreed to the formation | of it. It is understood, however, that : Mr. Harding suggested that he believed the War Industries Board, rather than the Federal Reserve Board, ought to perform that task. Cotton Pay in Advance Foreign Buyers Urged to Help American Growers The Cotton States Official Advisory j Marketing Board, in a statement given [ out here yesterday, urged the neces I sity of requiring foreign buyers of cotton to pay in advance to aid the ' growers to finance their operations. \ A plea was also made to the govern j ment for more ships and better rail | road facilities to carry the next, cot i ton crop. The board asserts that the ' cost of producing the 1917 cotton crop I v.-as at least 30 cents a pound. "We regret," the statement says, ; "that there appears to be a feeling of ! pessimism on the part of some of our | Southern people with regard to our j being able to handle successfully the | maturing cotton crop. i "We desire to call the attention of i the public to the fact that the amount of cotton which will have to be carried I over from the old crop into the new will not be as large as it has been many i times in the recent past. According to the best authorities, the carry-over of I American cotton in thi3 country will | be 3,381,000 bales and in Europe 900, 000 bales, a total of 4,231,000 bales. This is 3,499,000 bales less than was carried over in 1915, 775,000 bales less ! than in 1916 and only 331,000 bales ! more than in 1917." Cotton Commission Rate Stands Proposed amendments to the New York Cotton Exchange by-laws affect? ing the rates of commission were de? feated by a vote of the members yes- j terday. The present rate of $20 for buying and selling 100 bales, which i now applies to non-members, will I stand. i China Borrowing Depends Upon U. S. Attitude State Department Opposed to American Loan Until Op? tions Are Abrogated Washington reports to the effect that this government has agreed to A loan to China by American bankers, provid? ed all existing Chinese loans were can? celled, were declared to be misleading by bankers here who have taken part ? in the negotiations with the State Dc | partment. "What was probably meant," said a I banker yesterday, "was that the United ! States government desires that all ex ! isting options on future borrowings by China must be abrogated before a new loan financed by American bankers will be undertaken with the approval of j the State Department. I do not think I there is any intention of cancelling j loans already made to the present Chi I nese government, except what might be ? arranged in a refunding operation." Although the details of a loan to j China are yet to be worked out, it is | expected that the actual funds will be j forwarded by the United States and ? Japan with the signatory approval of i France and Great Britain. The Ameri? can end of the transaction is under the direct supervision of banking groups from New York, Chicago and Boston. In the New York group are J. P. Morgan & Go., Kuhn, Loeb & Co., the ! First National Bank, the National City '. Bank, the Chase National Bank, the Guaranty Trust Company and the Na? tional City Company. Lee, Higginson , & Co. will look after the Boston and New England end and the Continental and Commercial Savings and Trust Companv. of Chicago, represents tho Middle West. Although S50.000.000 has been men? tioned as the amount of the loan, this, ? according to bankers, has not been deft I nitely decided. Relevant Comment Large Reservoir of Capital Ready absorption of new security issues by investors indicates, according. . to the bankers, that there remains a large reservoir of capital waiting to be tapped despite the heavy borrowings , of the government. The issue of $10, ; 000,000 of five-year 7 per cent notes of j the Ctuiahy Packing Company, offered j early yesterday by Lee, Higginson ? ; Co. on a yield basis of slightly better i than IVi per cent, were all sold by | night. - Investors Buy Rail Shares Investment buying is said to have | appeared in a number of railroad I shares i:i recent days. On Thursday i there was cash buying of Union Pa j cific. Yesterday Pennsylvania RaH road stock was unusually prominent in I the dealings. Trading in that issue | aggregated a turnover of 3,500 shares with a price range of 44 to 43%. AVar News Affects Paris Notes City of Paris 6 per cent notes, which were so strong on Thursday following the news of the successful Franco American counter offensive, advanced still further yesterday. Thev opened at 89, up 3% points. On subsequent sales a price of 89% was established, but the bonds sold off later to 87, clos? ing at 87%, compared with 85% the day before. Anglo-French 5 per cent I bonds were firm. 3,000 Freight Cars for France Government orders for railroad j equipment to be used a3 an aid to win I ning the war continue to be announced. One of the latest is a contract for 3,000 freight cars awarded the Haskell & Barber Car Company for shipment to France. The 7,000 tons of steel re? quired to complete the order have been placed with mills in the Chicago dis? trict. Sloss-Sheffield's Earnings With declaration by Sloss-Sheffield directors yesterday of the regular quarterly dividend on the common stock, it was announced that the com? pany for the first five months of the current year earned $2,300,000, or at an annual rate of $51 a share on the junior shares after preferred dividends and taxes figured under the present law. April and May revenue were somewhat higher than those of the first three months, which averaged slightly more than $400,000 a month i .''S- c,xrpec,ted, that earn'"fCS for the. last half of the year will be smaller, because r*f ascending labor and freight] costs. b Trustee Files Accounting NEWARK, N. J., July 19, -The Fidel- ! i y 1 rust Company, as trustee of the I Daily Advertising Publishing Company to-day tiled an accounting with Vice Chancellor Lane, showing $217 84120 on hand to meet $662,827.98 in proved claims. Significant Relations Money and Prices: Stock of money gold in the country.. $3,043,879,782 $3,08871*1 272 r ii *? il i May 10. 1018 Dre^?r?.0,'" Loans of all national banks. $9,260,041,000 $8 751 679 000 Their surplus reserves. 114,668,000 '973?98L000 Bills discounted and bought by Fed- r aM _ k eral Reserve Banks. $1,378,346,000 $335 jboO?O Federal Reserve notes in circulation.. 1,813.425,000 532508 000 Total gold reserve. 1,960,052,000 1,353.371,000 Average price of fifty stocks. V?'. 12 * ^ 78.33'?"' A *'8624 Average price of twenty-five bonds... 84.53 84.53 9115 Food cost of living (Annalist index Lut week The week befo? number) . 282.168 281J217 265.614 General commodity price level (Dun's June, ,. index number) . 224.843 220*665 ^?S?f? Production: Unfilled U. S. Steel orders, tons. 8?918.866 8,337,623 1L383 287 May Pig iron (daily average), tons. 110,793 11U175 "109002 Wheat crop, bushels. '9'8 ?1 [A The 191 r crip. ,, . Uli . 9oi.UuO.CC0 oso pon nnn Oat crop, bushels. iwnnnnnnn oou,o?o,000 _ . . ' , . I ,OU0,000,000 1 r.o-r ope nnn Cotton, bales. 1K ,??.? i.-W,?86,000 _. .. .. 1o,o25,000 11,300,254 Distribution: ? Increase or decrraae from year ticfore M roadj '---;??123 road* Fourth week Month of "" jan 1 to' Gross railroad earnings.+16.T% +1o?S% "&% Bank clearings .Lui w^;, We*gb ffi K" to ?u 1, General: '" . .. June. May. A year aio Active cotton spindles. 33,720,413 33.720.555 33,447,037 Commercial failures (Dun's): ??"S?'. ,U8?4 880 /T"ir,*|8 Labilities.$10,606.741 $13,134,672 $18.055,153 Building permits (Bradstreet s) : ,.,r ,,, s j ? 191 (137 cities) .$38,837,542 $53**853^817 ?Less than one-tenth of 1 per cent. NEW ISSUE $10,000,000 The Cudahy Packing Company Five-Year 7% Sinking Fund Gold Notes Dated July 15, 1918 Due July 15, 1923 Callable cither as a whole or in part for sinking fund at 101 and accrued interest. Interest payable without deduction for any Federal Income Tax, now or hereafter deductible at the source, not in excess of 2%. CAPITALIZATION (Upon Completion of Present Financing) Authorized Outstanding First Mortgage 5% Sinking Fund Bonds, due Dec. 1, 1946 $12,000,000 $8,747,800 1% Sinking Fund Notes, due July 15, 1923, (this issue), 10,000,000 10,000,000 6% Preferred Stock, ??,000,000 2,000,000 7% Preferred Stock, 6,550,500 6,550,500 Common Stock, 11,449,500 1],?9,500 The Cudahy Packing Company, originally organized in 1887, is one of the largest packing; house concerns in the country, having plants in South Omaha, Kansas City, Sioux City, Wichita, Memphis, East Chicago, Ind., Salt Lake City, and Los Angeles, and distributing branch houses in 97 of the principal cities of the United States. The business has been successfully and profitably operated for 30 years. While any of these Notes are outstanding the Company will not issue, guarantee or endorse any other bonds, debentures, long-time notes or similar securities, except for the acquisition of additional property and except "purchase money" obligations. The Company agrees to maintain net quick assets equal to at least 200 per cent, of these Notes outstanding, and further agrees that during the life of these Notes its total quick assets shall always be at least 1 V2 times its total current liabili*'*1?-?all as carefully defined in the Trust Agreement. "Net quick assets" (working capital) are more than $31,300,000, or more than 3 times the anfount of these 5-year Notes. "Fixed assets" (real estate, plants and equipment) are valued at more than $13,900,000 on an ultra-conservative basis, making total net assets (after deducting all liabilities except funded debt) more than $45,000,000, or 2.4 times the $18,747,300 total funded debt, including this issue. These assets do not include any valuation for patents, brands, trade marks or good will. Net profits before deducting interest charges for the fiscal year ended October 27, 1917, were $5,979,753, or 3.8 times the $1,549,223 interest charges for that year. This is after deducting a reserve of $1,090,000 for Federal income and excess profits taxes, and $766,000 for depreciation. Average net profits as above stated for last three fiscal years,-were 3.3 times all interest charges. Indicated net profits for current fiscal year equal those of 1917. Annual sinking fund of 15% of the total Notes issued (first payment on or before July 15, 1919) will retire at least $1,500,000 of these Notes in each of the years 1919, 1920, 1921 and 1922, thus paying off at least $6,000,000, or 60% of the entire ?issue, before maturity. Regular dividends on the preferred stocks and 7% per annum on the common stock are now being paid. The business has shown steady growth: Gross Sales, 1913, $104,408,78? 1914, 109,121,44 S 1915, 116,162,156 1916, 133,960,986 1917, 184,811,000 WE RECOMMEND THESE NOTES FOR INVESTMENT Price 98 and accrued interest, yielding about 7Vz% LEE, HIGGINSON & CO. THE NATIONAL CITY COMPANY ILLINOIS TRUST & SAVINGS BANK THE MERCHANTS LOAN & TRUST CO. '?fussed by the Capital Issues Committee as not incompatible with the national interest but without approval of legality, validity, worth or security. Opinion No. A.953." 'Industrial Output Is Nearing Capacity ?"Dun's Review" Finds Short? age of Material and Labor Having Effect I Production in essential industries is : fast approaching capacity, according to observers of trade conditions, and is limited chiefly by a shortage of labor and difficulty in receiving supplies of raw material. In its survey of the i week "Dun's Review" emphasizes the great activity in all industrial centres. "While the factors governing general business are each week assuming new and novel phases," says "Dun's Re? view, "there is a noteworthy measure of stability and confidence in leading | trades and industries, and securities i markets have made prompt and em- j phatic response to the gratifying devel? opments in the war zone. The whole j commercial and financial situation, ul though by no means devoid of uncer? tainties and inconveniences, is much more favorable than might have been expected in view of the revolutionary changes encountered, and the various economic problems and obstacles are being overcome wjth a minimum of dis? turbance." In sketching the same conditions "Bradstreet's" says: "Industry is ac? tive beyond all precedent for midsum? mer, and a favorable feature this week is the consensus of reports that fuel supplies have begun to gain relatively on demand, whereas the contrary has been the case hitherto. Larger sup? plies of coal are reported reaching N'ew England, receipts at the head of the lakes are larger and the St. Louis district reports production at its max? imum, but Chicago reports that slow? ness of anthracite movement will throw an additional burden on bituminous production. Iron and steel mills aro as close to capacity as the labor supply will allow, and a sensible revision of the draft rules to allow coal miners ex? emption is reported possible." Fair Terms to Public P. S. Commission Hears Bank? ers on Note Prices James Speyer and Jacob Schiff, at the final hearing yesterday before the Pub? lic Service Commission over the appli? cation of the Interborough Rapid Transit Company to issue $39,476,000 three-year 7 per cent notes, state?! that the proposal io issue the notes at 95% to the bankers and at 98ft or 98^3 to the public was a fair one under present money market conditions. When usked his opinion regarding a f provision for converting the notes into | first mortgage 5 per cent bonds at 87V2, Mr. Schiff said that the success of such a plan would depend on the condition of the bond market at the end of three years. He also stated the duration of the war would also bu an important factor in determining the feasibility of the proposal. Asked if the conversion feat? ure was desirable under existing con? ditions, he said : "Everything is of value. You must offer to-day every possible inducement tv the investor." N. Y. Leads in Capita Debt Amounts to $176.22 for Each Inhabitant WASHINGTON, July 19,?American cities spent more during 1917 than they raised by taxation and other forms of revenue. Director Sam L. Rogers, of the Bureau of Census, states, in a report covering the 219 cities having more than 30,000 popula? tion. In 129 cities the excess of ex? penditures over revenues amounted to SC9,461,352, or $3.90 per capita. In 90 cities revenues exceeded expenditures by $26,976,929, or $1.75 per capita. Net indebtedness of the 219 cities aggregated $2,587,882.007, an average of S77.78 for each inhabitant. New York has the largest per capita net in? debtedness, S176.22 per inhabitant. Philadelphia is next in total net in? debtedness, but ranks low as to per capita indebtedness, with an average ? of S70.?7. St. Louis and Chicago have | low per capita indebtedness, $25.07 and $28.70, respectively. Confer on Plea to Abolish Export Bilis of Lading (Special DLipatch to The Tribune) CHICAGO, July 19.- Tbc Bureau of I Foreign ami Domestic Commerce has arranged a meeting here between hank? ers and shippers located in the West? ern and Middle Western states to con? sider and report on th? proposal to abolish export bills of lading from Chi? cago. The railroad administration has asked for a report on the question. Chicago Expects to Take ! $100,000,000 in Certificates (Special Dispatch to The Tribune) CHICAGO, July 19. The time during which subscriptions will be received in the leventh Federal Reserve District tor the latest issue of Treasury certifi? cates of indebtedness has been ex? tended a few days. Subscriptions for ?3,000,000 were entered y es te Way. The total will probably reach $100,1)00,000. Dividends Extra Ludlow Manufacturing Company. - i An extra dividend of $1, in addition to | the regular quarterly dividend of $1.50. Both dividends are payable Sep? tember 1 to stock of record August 1. J. G. Brill Company.?Regular quar? terly dividend of 1 per cent und 1 per cent additional on account of accumu? lated dividends, payable August 1 to stockholders of record July 23. Regular Declarations Sloss-Sheflield Steel and Iron Com? pany.?Regular quarterly dividend of I]2 per cent on the common stock. The dividend is payable August 1? to stock of record August 1. Dominion Bridge Company.?Regu? lar quarterly dividend of 2 per cent, payable August 15 to stock of record July 31. Hamilton Manufacturing Company.? Regular quarterly dividend of ?-2.50 a share, payable August 15 to stock of record August 5. Nash Motors Company. -Regular quarterly dividend of $1.75 on the pre? ferred stock, payable August 14 to stock of record July 20. Pullman Company. -Regular quar-i terly dividend of S2 a share, payable August 15 to stock of record July 31. Texas Power and Light Company.? ? Regular quarterly dividend of 1% per cent on the preferred stock, payable ! August I to stock of record July 20. Other Declarations Trenton Potteries Company. The Trenton Potteries Company declared a dividend of 1 per cent on the pre ferred stock, payable July 25 to stock of record July 18. Bourne Mills Corporation. The Bourne Mills Corporation declared a dividend of 8 per cent, payable August 1 to stock of record July 17. War Wool Work Increases BOSTON, July 19. "The Commer? cial Bulletin" will say to-morrow: "The valuers under the government plan are getting well under way on the nev wool clip valuations and ship? ments to the mills are increasing. The new clip is coming forward from the West in record time. A substantial increase in the quantity of machinery ; engaged on government orders is re? vealed by the July 1 returns of tin National Association of Wool Manu ! facturers. Pacific Tungsten Co. Daily shipments are more than 40 tons of $50 ore. Circular on Request J, Robinson-Duff & Co. Members New York Stock Exchana? Tel. 8700 Bowling Green?61 Bro?dw?y r y Buy ! War Savings Stamps 1 Metropolitan Trust Co. 160 Wall St. 716 Fifti Av.. n News Digest Foreign London Market Cheerful. -LONDON, July 19.?The stock market to-day, re? sponding to the excellent war news and the rise in New York yesterday, dis? played increased cheerfulness and con? fidence. Allied bonds, especially Irish. Freneh and Colonial, were marked higher, and the leading oils, shippil**1 and Peruvians were prominent. Hoina rails were assisted by increased divi? nen.Is, while Marconi and armament shares were the best of the industrials* Money was scarcer, necessitating bor rowing from the Hank of England. Dis? count rates were steady. Paris Market Active.?PARIS. July 19.?Trading was active on the Bourse to-day. Three per cent rentes sold ?? 61 francs 80 centimes for cash. -*-*' change on London was 27 francs W centimes. Five per cent loan brought 88 francs 55 centimes. Two Appointed Receivers TRENTON, N. J.. July 19. Former Governor James F. Fielder, of J^,rseJ City, and N iwman Erb, of New i^"' were to-day appointed Federal re<-*lVj era of the British-American Chemie? Company, Inc.. a New York corport tion with a manufacturing ria,ntct* Ridgetield Park, X. J. Embrey W.8? phenson. of Ridgefield Park, wtt? claims of more than $3,00;i for *??"??? applied for receivers.