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f5 rr-Vft T "i j , y il V vt ' i i e. 16 s EVENING" PUBLIC IiEDGER-PHIL'ADEEPHIA', FRIDAY, ' JULY" -18, 1919 JVEWS OF 77 FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK PRICES .T?-- fUS . H , nL New B. & O. Bonds Yield About 6.50' CTRONG collateral c- cunty is back of the Baltimore and Ohio Rail road Co 10-jear 6's Tlicir comparatively high victt! has its appeal to investors Send for Circular PB 111 The National City Company Corresrondtnt Offices ' VI f H' PhlUdtlpki. 1421 Cleitnot St. Atlantic Citf Ckalfonte Block 1225 Boardwalk A Strong Market for j Tax Exempt Securities Although all good in vestment issues are quickly absorbed these days, those that are free from Federal and State taxes are in special demand Comparisons of the net teturns from tax ( exempt and taxable securities emphasize the advisability of in- i vestors with large in- comes placing a sub- I stantial p o r t i o n of i their funds in tax exempt obligations. Write for our latest recommendations. Hemphill, Noyes & Co. itembm Vcv Vm ?n-1 Frrlanor Franklin Bank Building, Phila. ew ork rritnlon llntnn RENEWED BUYING DEMAND STIFFENS SECURITY PRICES Hardening Tendency in Afternoon Brings Recoveries to Weak Stocks Bond Business Fairly Active New .ntlt, .lulv IS 'I lie fnvornblp lmprrilnii rnnrd bv the recover in foielmi exclinnKf from the lowest ami the fiut that notlilriR iitmettlitiR liml ilevelopeil up to .lolivrrv luiiir in the inonev market notwithttandltiK the two daj lioliilnv ImprnilitiK together with repnnline for both nc loiinti inured n hnnlenliiK tendenM in the afternoon, with recoveries of llu earlr vvnk itiil of from I to ,'i point from the lowist ligiire"' liulutrinl Aholml leinmed about '.. of It-, gain of four points. I'nlted 'icar Stores re ot red fiom l'.U'i to l!M nnd St I'nnl worked up about J points I nited Stales Steel fiom 110 tbp extreme low. Improved to 111, Southern I'm llu Stills' Motors Indiihtnoiis Alcohol, I'nlted Krtlit and nthei Whims weie In. lulled in the improvement Tin- exceptional trims llint have been availnble for ome time pant in tin industrials are Mill tempting tiadors and the general puhlli that missed tin Inter profits In being out of the market and the result is that on every sviiiptnin of tempornrv weakness nt am point passing off there In a renewed Inning demand Il ileelopni thai more time funds have been plaeed than in a long turn in Hie last two dais The Hunkers' Trust ('nnpfiv vesterdav Is mi df I stood to hni put out M O(ll) 0(1(1 for sixtv davs al per cent. The total hoi rowing is estimated nt a mm h larger amount, al iate tanging between 7'., and s per i ent II was inevitable the market should i-liovv some uneasi ness m view of the huge loluuic of deilings nnd i onseiient lendjiistment. " 111 nie iioini markii hnsiniss wns rnirlv mm. within n narrow and mms diiMvtd iii.irulnntv I lie Mimic spots at gains of 's to '. per lent the last in Midvale Meel ",s iniliidid Intel niitionul Mmiintile Marine lis. Southern 1'aufn iiuniilihU ."is. Thud vi nue iihutinenl ."is and Missouri Const I,m 4s, I nited Hubboi "is and iImui .v. Co fouvertible tis. NEW YORK STOCK SALES Frevlous close inth i.nw 3J'. ST, :) 47 47. Wi 74! 107H UO'f 10 110 a.'i 3. ,t 33 ' I 2 i J '.V, 45' i n.1 : 1(18' a 10Si ol). Wj Ul t0' i Adam Hxnress Advance rtumely Ad rtumely pf AJax rtubber ... Alaska Gold M,, Alaska Juneau , Aius-i-nal Mfg . 41i, Allls Clinl Me pf. 05 Am Agrlcul Chem 108', Am Bank Note . 5t Am Beet Sugar , 01 l "" " Sue pf 04$, Am Bosch Mair H7'i vni B s & K . . (17' Am B s & p Pf 175 Am Can tyii, Am car & Fdy ..llfiij 117 Am car & Fdy pf.H7 ... Am cotton Oil . . P4j Am Drug Syndl l, Am Hide & La JO', Am H & u pf ,.13J , Am Ice r,fj Am Ice Pf 7,i Am International Hi Am Linseed 78 Am Locomotive , pj'a Am ixco pf .... loo Am Smelt & rtef . 87. m s s. u pf . Am Snuff Am Steel Fdrles Am Suear lief done 63' a 47 J i 2'i 45' t 0.'j lOS'a .IPs now 117'j II" 117 174 174 (,0W S'l'i lib1 4 174 rnw 117W 0'tW 12Ji fij's Ihl l'W l-" ,i7U ol' oi in i.u h iai 60 .VJ 60 "7 no 70' 01 Ul'i 70'! VI kS .sfl fi 1091 120 14 13S tt'i 117 rnngt m Sum Toliacco, H4'( Ul'i PRICES READJUSTED TREND ON THE CURB IN SECURITY iRKET IS TO LOWER PRICES Downward Movement in Keep- List Shows Effect of Sales for ing With Expectations of Both Accounts General . It 3 . .24t . .I31J. .inn1. .. 50 JO", (it 0 PENN NATIONAL BANK Founded 1828 REPRESENTATIVE PHILADELPHIA INSTITUTION Always Commercial Market nt Sevpnth Professional Element New niU. luh IS The New I veiling sun- tinnnnnl review llfteiniHin is us follows V. Milium i ti inliustiueiit nf pi ii is on iiiiiiI this iiioiuiug 'I he dm muiion whnh i on-erialive mjiI mieiists him turn aiitioning iigimist iiiMiiiiiil iletiniti form ipiolu lion- "lipping off mm ginnilli in the lust half of tin session his down wind nintiinent . niiite in knping liopi s nnd i xpe( t.itmns of the sinnnl trading ilimiut whnh has fielmg foi tin market s top and pi H is in the ls few Asphalt Drops i New rh, .lul IS ork p" ""rM, Mil is Tlie majontv oi me euib list showed the eltts t of sales ""N for both niinunts Colonial Tire iliopped from 40U to 40, Fluke Hub her 1'ire from 47 to 4."i'... (Jeneral An. phalt from SS to Sf,. Mnrtui-Haiiv from stoi k ovei fin. in to 3'Ji. tin w ith profi been win king fm low dMs 'I hen wns no explanation for the lrriguhii dowiiwaul ioiirse of pine" todav otliei limn the inside rondition nf the iniiiki I itsi If 'I he sputaiiilni .idMinies of the last foitniglit hid plniiil the list m a vul iieinbh position Hood judges of the inirkit icalmng Ibis situation have Mullins MnnufiK turing Companv .'S in 'l(!'.,. New ork Slup huihlmg from ."if! In ""i, Otis Steel from 41' to tl I nited lietail Stoies declined from 07 to Ml! Tobicio I'rodmts Hxports iliopped fiomh 3(1 to 34 Pressman rose from !."', to I." ', nnd Sin old Tire nil- a in ed 'J points to (!4 (iilffv Cillespie rose n ixiint In 23 Minmnrine Hoat held nround ipiolntiniis IMH strixi s Am Tel & 'lei Am Tobacco .. Am Woolen Am Woolen pf Am Wilt P pf Am Zinc LAS Am Z L A S pf -Anaconda Copper Ann Ariior o Asso IJrj iloods Vtt Associiled Oil . I4 Atch Top S s V 101U Atch T & s V pf fsTi' Atlantic IU U , 1 All Co.ist Line . 10J Atl Gulf A W I 172 Atl a S. XV I pf . 74 Baldwin Loco . US Baldwin Lou pf 10fiJ Baltimoro & Ohio 4S, Balto & Ohio pf ,)7, Barrett Co ...13Si Barrett Co pf . HI Batopllas Mining . i;, Beth S Chss B . 103W Beth Meel S", pf 114U Booth fisheries 22 Brook ltap Tran .11 Brook It T ctfs 27 t Brown Shoe I0'l I Brown Shoo pf 101 I Buff Bocli & Iitt dO .Burns Brotners Vt. Bruns T & P.j Sec 10' uuttenck Co ,12'j Butte Cop . Zinc 13 Butte A Superior . I1, Caddo Cen OAR I7.' Cal Packing . 71'. Cal Petroleum . 3si, Cal Petroleum pf. M Calumet & Ariz 70'j Canadian Pac . . 16j'i Central Fdry .... 3 ? 104 2411 111 ti5. 1.1" 114 10 Pi 2Si 127' Ti fit 01 !MW 101"i 0 1' 101' 41'. H7 u 104 2I.V. l.il 'V. 27 01 70' i 01'j Kll'i Prerlouf clone (Hun & St L.. . 32.U . Low Clot govs ho N T Chi ,V Y Dock 42'i 40 40 .V V Dne.k nf Aft N Y N H & II... 37 38) N Y Ont & Wea.. 2V.I 22H Nor & Western ,,107'i 107H .Vol th American .57 ... North Paclflo ... OB'j 00 Sco S & C .80 83 o Cities Gas . oS'f oS'i Ohio Fuel Supply. 4W... Ontario Mining . &W 8W Okla Prod & lief. 10'i lO'i Owens Bottle , , Pacific Mall Pacific Tel A Tel 31 Pan Am Pet & T 107'i Pan Am PAT pf.lfiSJf Penn Seab Steel . 64!i Penr, Itailroad . . 45T Peoples Gas C hi . CJ Peoria A eastern. 17 Pere Malquette . 23 Pcre Mar prior pf.07Ji Philadelphia Co . 405 Plerce-Arrow .... 61 Plercc-Arrow pf . 107W Pierce Oil 23'i Pitts' u.i 08Ji Pitts foul pf .... 98 Pitts C C 4 St Ii I 0W Pitts A XV Va ... 40 Pitts A XV Va pf 82'i Pitts Steel pf . 110 Pond Creek Coal. 10 Preteed Steel Car U0J I'unman Co .... 1.0's OI'4 ... 30 W .19 Ji H0!i 04W 45 52' i 10 23', 00' j 41 12M '23'i 70' i M'l 22'i 102W '6,Vf HVi 57 "ki I0W "J)ii 107 'bhii 40 51W 17 21'4 00' t 10 W-t ' 2t (S!S 10).' H'j U Kll'i 101 111 10GJ. 4S LIS 113'a 14 lOI'i lit' 100' 47 I. Is 115' 1 HW 101'i 111' J 100' 4 IS Punta Alegrc Sug 05' By Steel Sprlnr 90 H S Spring pf . lllj Bay Consol Con 971. jltehdlnar oi't 1 Bepubllc I A S 98'i Ilepubllc I A S pf 10"i P.ep Motor Truck 57'i Bemlncton T n M' 1 Hoj DN V shares nt,', H8W 113,'i J17 20 0 1H 1.10 05 Wii ' 27ti OUi OS io-;t 7 1 10 not 120 64 05' j 40 ':'i7M 22'i 107W "llVi oR "'i'i low 3'J'i iio'j "5t.'4 10 51'i 10 25si CO'i 10W OHi 'mm 08W 40, 20 01 120 M I 0'j Philadelphia Stoclts 1.0W in,? Close 34.. Net .eh HlBh 30 Am Strs 34 200 A T AT.103 fi Itnld loc pref . .100V4 lOOUj 100V4 H 103 V. 70 -2 Va r.7 ii f34 Va S7 2 128 7 31 .. 17N V fill 3 -'2's- V 70 1 u 6 264. 2I.!4 0t' 01'i 04 W 07Jj 105.' 4 10 '.4 57 50 70!i 70U r,3 n .stc "o -o 11)1 Itrill .1 (i nSl. Ti7 Cr.4 Ktec Slor 11.1 !I21', f f!en Asph R7 R7 40 do pref.!2S 12S 10 I C N A. .1,1 33 2420 Kev Tel. 17"i 17 70 do pref. HO ntlV. 1(140 I.k S Cr 22"4 22'4 3 I .eh N'av. 70 70 10 I. eh Val XV . ."3'i 100 Mo K.V.T 14ls 13 100 Ott Klsen .VH. "iOK, 7.".S Va It It. 4(1'4 4(1 " 101 I'hlln CQ i u in pf 3."i"s 01 Phil Illee 2."'i 402 I' II T l( 2!)l, 10 I'll Tract (ISUj 110 Heading . Ill 2." Stiidebkr.ll.1t; 11.1i'K ll.l144.2W, 100 Ton Ilel. ,'lii. .-p,. ;V!j 1 11m ion Mln. ,'i", ;p 14 Third Hk XV 2(1 20(1 I n Tract 3) SO" I ! I 70 4040 I S SlI.112tH H0T, 1HT, 1 200 West ( 74i4 74 74 . . 2.(1 XV Cia'p 102 1110 lllj 4.: .Ti 2-.t'4 2ST, (ISLj 111 r,it.. w N -,ot, u, 4(1S "s 35 - a; J.V4.. 20 tt CSlf, 1 1. Ill -2t4 I'l.. 2(1 2(1 . . .".0 3' I , (-' ',)"i TENDENCY TO LOWER PRICES SEEN ON LOCAL EXCHANGE Entire List Sags Losses Arc From Small Fractions to 7 Points, Sales, for Most Part, in Small Lots A tciidcmj to lower prhes was the outstanding feature In an otherwise fentiireles session of the Philadelphia .Stock Kxehange todav. The entire list Raj-Bed. with Ituffalo and Susquehnnnn at one time during the dav off 24 ; t.eneral Asphnlt .opinion and preferred 2' and 7, iespe tivelv : Lehigh Navi gation lH nnd Heading 2t&. Weakness was displa.ved in everj section and sales for the most part were in small lots. 1 i.?.rmIc ,'" ""I ,r"rU lll'nIllK'' "t" espedallj light, the market hesitating, iloublless, In antldpation nf what might happen over the holldilv. The only transaction during the morning thnt gave a seinblan.e nf life to the session wns a sale of the preferred sto. k of the Kev stone Telephone Companv. which, opening nt ,,(Jii. ,,p U, from last night's close. roe to f.11 on a sale of less than a liuudred shares, nnd representing an advance over vesterdaj's close of V '"li" nt . ,nm,llon ,""'PS "f lle 'ompatiy did not fare so well and closed frnitionnllt lower. Lake Superior eased off In sjmpatliv with lower prices in steel shares and showed the same activity as for some time past 1 nited States Steel was railed in to the extent of some ,1000 shares, and nt one time showed a loss for the (lav of two pgirtts. nx.ept for a block of 'S10.000 Kleetric nnd Peoples Traction 4swhich nterestln "' " frn,tlnnnl Uv"'- ,l,r l"""1 "'" "f the ex.hnnge was un- III) Mil Illirh Iai Clo. NVt rhRi No Change In Refined Sugar New York, July IS. The refined sugar market remnlns 11111 hanged, with local refiners quoting 011 the basis of lie less 2 per .ent for nsh for fine ginnu lated. The National and Warner Com panies nie withdrawn. Arbuiklo ni 3 Pi 09' j lot 12 It J4'i Dojal DA shares Rt Joseph Lead . St L-San Tran St I-San 1'ran pf St L Southwrn St L bouthw pf Savage Arms . .. . Saxon Motor . . . LIS 'Seabo.ud Air L . 115! i Seaboard A L pf l. 'Sears R A Co .. 10Pf lC4t ihlialtuck Arls ... Slnclilr OI! Ref. 22' 1 blosB-bheff S A I j()i, ' Southern Pacific . I Southern Ilvvy .. . . I Southern R nf . . Slandnrd Milling Standard Mill pf Strom Carburetor btudelmker Co . . jj Studebiker Co pf IT 'Stutz Motor .... ,4it Superior Steel . Tenn Cop & chem 117 IV, . .5'i 20' j 21'i oC" 99' i lot 09W , 133 I ii n s.4'4 70't 70 70 .IS' 4 37'4 SOW SOW MP previous tna I,xpln5ip m rirli Mfe Vin Mnrronl Vmcrlenn Wrlllne Taper 'ilr Hprluetlnn l- annilian Car (.0 1 in Car & Til pref liieu iidiKing long 1 oniiiutineiits nnd 1 ' ir Tool ' naimprs Motor hevrntet Motors ' ramp V:VaW A GRAPHIC CHART OF LIBERTY BONDS TELLS AT A GLANCE THE PBIN. CIPAL FEATURES OF THE SEVERAL LIBERTY LOAN ISSUES. AN IN VALUABLE AID IN MAKING OUT INCOME AND SURTAX REPORTS. EENT FREE ON REQUEST. BAKER, AYLING & YOUNG LAND TITLE BUILDING ine itieit nt nil" siiim ilwniiil more ilearh todnv Although foreign i iliinpe ri,ftv,t,,l ..iinMtlnl il. lit njL ' ' urtls Aeroplane 1 1 .1 t , , I ' nieraon Phonosraph vfstei.lav mil the iinfavoinblr imtl.e llall siunal 11ttr.11 led together with iiniwed wnin ,"Vpn ,y'ors 1 1.1 1 . 1 1 Inter Proilucls mgs of ixhnusted 1 redit for spei ula Inter Rubber tne pmpoes nil served to impress i ike Torpeiio Hoat 1 . , , . I ehlnh Coil Hales trading senium nr ndvirseli whereas i,u,bj mcs 4 i.ibb ,1 few tins ngo the so Milled public 'lm ' "o n.is intliiisiasti.,illv bullish M-ixIm Munitions The Milium of -oiling whnh . nine lN 1 shipbuilding ., 1 . 1 r 1 Vor m" Pan Pulp into the uinrkit however, was of onlv oiii. i:ietor ordiinri pioportions 'Ihue w.is noth I p"fJ,"J '-r'ri ing like a lir.nk ill prne the market ' Phllln Morris milling gindunllv nnd showing f n ' r ' J.'a"oM F-c inllviug power from time to timt CJood samid Ohio hi, ,, it ., .1,1 mi, mireil nf innd , senpps lloqtn "..' "'I. ,..... .... - crate ruessions nnd net losses on nviriige wire small .onsuleung the ex tent of tin rn out ndvame It nrh iifteinoon extreme weakness was displaviil bv onlv a few spei mines nnd here deelines .imounted to ' oi 4 points 1t1ve bin ing of .1 iiumher of properties went on while the geneinl list was sagging o-piiulh in the i nse of the motoi hniev Mission 1. -Kansas and Texas. M.n.mtile Marine and In tei national I'npi r Mut? Motor was about 10 points at one time nt a Hill il '4 in, .o 40 mi to 1 iin7 ;io ISO w 11 to 12'j ?3 no Ve close Vk (sale) 11 '4 n 1"4 12 V4 4V ton 11V s in'. inn mo 1; ii 12'. 17 -M'l 1 Ii .(1 114 101, 1ft J im, 114 Stand., rd llnlnr. the Steel Xllovs urimirinp , 1 swift Int Told shlphulldlns- Trlanirle Film t nited Motors I nited Profit sharlnB I 1' s Sfeamhlp 1 VVr1d s Film W rlcht Martin Air so sj so It' U'4 12', iV A -.S BV Til vs. -' : inn in An it Is. 14 m 144 14". UN 10 '.0 V2 -.4 VT, .11 12', 11 30 VI IP, T BOSTON PHILADELPHIA I l"P Illinois Ohio Prairie s o IU VII 12T . 1 SO 1. siTANPARIl OILS 1NV Pipe . 2B0 I . . 200 S J . . 73V S V 1ST 114 1's 57 vl VI ' V' in'. VT i ion Ifin 2nv 2nv 74n iss Cent Fdv pf Cen Leather Co Cer-T P 1st pf Chandler Motor Cerro de Pasco c Ches & Ohio ... . Cht A Mton Chi A- Alton pf . Chi & Hastern III Chi A K 111 pf .. Chi Gt Western . Chi G XV pf Chi Mil & St P.. Chi Mil A St P pf ini & .vvrn Chi St P M A O Chi Pneu Tool Cht R 1 A Pacific Chi UUP1', pf. Chi R I AP6Vpf 72.'4 Chile Copper .... 27i Chlno Copper . C C C & St L . Col Gas A- Elec Cluet Peabody Cluelt Pcab pf sol r & I . . Colo Southern Colo So 1st pf Tons Ciuar . 07.'4 Consol Gas . ..102'4 I Consol Int Cal M. 18 I Continental Can . 9W1 Co-n Prod Ref .j ShH Crucible Steel ...IJs Cruc'b'e Steel pf 104 I Cuba Cane Sugar. J4'i I Cuba C S pf M Del & Hudson ...110 Del Lack & Wes 109' 3 I Denver A- RIo Ur 11 Den & Rio Gr pf . l'J'f Dome Mines .... 14) s 05 HIS bl'j 60 12 17'a 0',' 14'i 11W 20 60' 4 7,1' j . IOWi 7SJi SI, JIM SJ4 40 50 . (2j , SS 100 1(35' 1 .15 05 111' 254 GJ'i 60 1C4', 32 0') 11 01 a 254 Li C5 105' 1 .11 05 1111; 2.54 (3'f C5!a Texas Co Teas A PaclOc Third Avenue Tobacco Prod . loh Prod pf 2' 1 10 11 21 200 lb.'. OP 4 70 1CS.'4 .11 0 j. 1.1") no oi HO'i 101 in1, 4S l.V 1 20 IP. 21 P. IS'. J'i 72 108' i .IU. ffi'i 'J5 V. 117'j IOP4 124M 114 17'j 10'i .Ou'4 174 1 2 70J, 107't 30'4 (181 135 Ul 110', 101 . bl'i . 24Jj .102' a 100 1 15 104 29 50'. 7 J'i SO JPi 00': B 9 14 104 20 4s; 12 15 HP 1 20 49.'. Tol St L & V tr. 7 101 SLA XV pf tr. 21 Tran A Williams. 5b'k Underwood Tpe.l7J Union II A p ... . oj Union Pacific . . . 1 J4'4 Union Pacific pf. 72'i L-nuetl Alloy St , t'nltfd Cigar S , United Drug . . . , L'n Drug 1st pf , L'n Drug 2d pf . I'nlted Fruit . . . L'n Rjs Invest .. Un Ry Invest Df 4liJi Ifi'i 27.1 (j 25' lO.l'j Mh 8 i 50 171 lb 15 270 02 24 'a 101 00i 's '2 55'i 17 J IP. I 21 i'. 17. i',S- 107.'. JI 08'. 1J5; 'l'.3 1 12V IOP4 1214 41.', Id 271 Gi 21'5 10ft OU'4 8 inooo i:i .v. v , Ti 4s . (,01; 00 001!, H 2000 Lake Sup mi' 5s fil 04 04 .. 2000 I. eh v a I (is "2s 101 ion, ion. is 1000 l.il, liond 3d l',s 01 OS 01 f)S 04 0S 'JS 7000 Vk torv I 4V4S... oo'Mt imnii noon 04 .-illOO Rending gen 4s . SJ S27, S27i HrotheiR are nlso wlthdrnwn on granu lated, hut nie accepting husiness In th soft grades. The Amerirnn Company continues to in . opt business for Sep teiihei. linns nre uiRlinnged nt 7.2fic foi llll-degrte entrifugnls. The Pnlted States equali7ntioii boatd made no puf ihases of taws jeslerdaj. O.l '4 17J 5o 19b 111 51 131 18rh 1.1'. 04 115 7.'a 55', ll'.Vi 1J5 51 111 IIV4 115 721 54 102J, 1J5 50 131 , 55 195 's l.T 60 Ul l.l'i 1J' 29 SO 11!i OS'. -7', o'm rs', 28J 101 18 '7' e8 1375, 102' 1 17' G1. SO'i 1J! SO JL'4 GO .7'i 50 .12; 3 28; 1 101 IS 07 SS 117' 3SS 17 29 S while StuilcbalAOr sold General Motors Corp. 6 Debenture Stock Preferred as to Assets and Dividends At Present Price Yields 6 67 Circular on Application Townsend Whelen & Co. 505 Chestnut Street We are pleased to an nounce that we have be come members of the Phila delphia Stock Exchange. HENRY D. BOENKING & CO. STOCK F.rilNC.K Ill'II DINT. Direct Prlrate Telephone to ew lork $50 $100 LIBERTY BONDS UOUGUT ANI1 SOLD Biddle & Henry' American Cat A I tee. Com., rfd. X Debs Cltlf Servlre C om I'M. A Ileb. standard Oat A Hee. torn . pfd. A Pond. Dunur.ne l.lnlit lit an. I'JtU llle Fuel A rovrrr 7. lam Mihoninc A 8hcn. Ilr. A 1.1. St A fi,, ).0 Lotu.tSlDl Land Titl Bldg, Rare 414 Htu) York Til. Connection. Hanover mi U. S. LIBERTY BONDS $50K$100. $1000 80CCHT, SOLD AND RECOMMENDED FOB INVESTMET "i,"Jiu Newburger, Henderson & Loeb 1410 CHESTNUT STREET Members N. Y. nd I'hIU. block Eithn. HpecUl Notice TIIOMV.H tUI.LIKUV COMPANY riRRT 510RTOOB fl. HINKISd FUND COLD IIOM1S. DUE AUUUST 1. mi Notice l hembjr elven that Hondf. Not. . 1. IT. 18. S5.M.W. VU 134 172. 1T3 r M Ml. SW. 21B "! 22 28l 200. 2J8. for IMOO each, bavo been drawn for redemption evt of th muncy In the Elnklnir Fund in aerordanc with the prorlfUon of th Mort- I.), nt. dated Auxviit lt. IT)14. ecurln th an and will U paid at 102 H and accrued A lf)trt at th otrtcn of th trutlfc. Fourth i a4 Chutnut Bti . Philadelphia, aa o( Aucuat i77ii8, on which data InUrtat thtrton iH!i . BROWN BROTHERS k CQ . y-'"'..!-.rb.. .... .... . xw. new llljll pi above 11 'I The Mrel and tohacio .hures were HmoiiK the weakest featuies nt the out .et. hut even in fine ipinrter the selling i was not uiRent Tiadinir wn. Ie nitive nn the de i line and onjv a modeiate etlinik was niieuiv to invite increased liuvinR In the iifteinnon. theie wax it genCiHl rullv fiom the low hgurcs reai lied nnd i (inideriilile trenRth was diiplnved in isolated spot- Hut inientive was latk uiK to rexunie nBKreH-.ie operation1 for the odvnnre nnd pru es moved up onl.v to link hnek asnin I'oint was made nf the Imjse ineiense in lirokernKi" loans vvhiih. it is isti mated, hove readied the lushest level of the venr m npproxinintelv SI ..100, 1M)0 There was no fnsh mditation of strum in the monov maiket. the rail rate ImldinR nt ."'. to (1 per cent for mixed inlluteral Time inonev was i Nomewhnt firmer I Railiond ihnies were more or less neglreted nnd withstood their ground miifh hettn than tne industrials, in itiating the tp.luii.al nature of the market s perfoimanie Traders turned more eonfidentlj to 'the biivins side in the last hour when it was dis.oveie.l that ver.v little stotk vvbr offered ntthe low figures and thnt the eailv sellinp had ronsulerablv im- 'proved the inurkit's position There I was some linstv .overing bj shorts as the oils nnd motois moved still higher nnd the whole list rallied from its Ion. Studebnkei extended its gain to .above I 117, while Stromberg, American Car and Koundrv, I'nn-Amerknn, Petroleum and other features rue from 1 to ,1 points I Cotton was strong, up appinximatelv S4 a bale on short covering weak. INDEPENDENT OILS Oil Xllen I'll Hnntnn Vvo ( oiidn It v'o Elk Ilaln InlT Petrol Glnrnck Oil lli'unton Oil Ki'nluikv Pet ... Merrill Oil Mft ntroleum VIII v-t Oil Ohln Fuel OniRr Oil 4 Oas Shpuipa Rflninir s, quovih . SimUlr Oil Inrlilr (lulf Southwest Oil fnlled Oil MINIM. Alimka PCM UIK l.ense Rune New York IlORton Mont (' F P i. Jerome HrM National Firtuna Cons Ooldfleld Cons . Goldtleld Florence Goldflelrt Kewanan Coldrteld Mereer fireen Monster Hecla Mlnlns Howe hound Indipendenc Lead I.rome Verde llm Hufler Jumbo Extenslor McKlnlej-Darraeh Vaitma Copper Mother Lode Vllnei Co of America National Tin S'evada Hills Nevada Wonder fi-, 1 1, 11 11' n l)i 1I'4 I.1 il1. il MR 1 22 11 1.' 211 '4 27 ISO 20 (.1 20 1. STOCKS 1 '7 00 14 40 IS l 'I .1 V. 1'4 12 10 42 11 h4 l'J'a . J2 . 21 .120 . 2'J . 20 , . 41 if . oO 5'J 85t' on vn in 71 V'l 4-i '. H 12 HK All 41 4'. a ? 12 11 A'a Nipisslns in li'i ins Rav Hercules 'j T. an To 10 11 Toropah F.xtenslon J4 2'. 24 United Verde 10 H2 Went End Con 11 11 21'. WTilte Cars 11 21 17 nONDs Cosden Oil n Hi" mi Codn t Co 100 101 Russian Government V s 11 11 12 Russian Government ft's 4 60 oSW FEW AUGUST MATURITIES Monti Cotton Buyers and Sellers New York, Julv IS July llyman and Hjooks bid. October Kieffer, Mo Kadden, Cone, Watklns, Itountree, Young and Hrooks and Sellers bid ; Hartlett, Deacon, Slack, Hvninn, Sic Kennu, Wade, Itountree, Riordan, Uosenberg and Wcnman offered De rember McFadden, Kieffer, Sigel, Mitchell and Hartlett bid, Hrooks, Young, Schley nud Kiordan offered. January Kieffer. Schlej, Hosenberg and Cone bid; Ilanemnnn, McFadden, II. Ilubard, Hartlett, It. Ilubard and Hurnett offered. March llyman, Wat kins. Sellar, Smith and Cone bid; Fllnn, ricblll, nonenberit. Ueid and Newman offered. May Flinn and Jtidton bid; Ehrtcota and Bellar offered.. Railroad Issues Due Next Represent Small Sum New York, July IS Corporate ma turities falling due in August are un- torn wasi .. ,rtii ow(rron,. i": nnn oaa ' liniliill n,,,M,, .... p.... ,,, i. .r."r,tr,,,iw, compared with SlOSi.S.'M 000 in July and $4.1,S2(l,ri,'i0 in August, 101S. As nearly all the items are lomparatirelv small, little finnniing will be required to re fund them. In fact, many of the cor porations have already provided funds bj new issues, whiih have to pay off the maturing bonds Railroad issues falling due in An gust are four in number, totaling the insignificant sum of .T.O.r.R.'i.fiOO. The balance of the total maturing is quite evenly divided, with .14,322,000 for public utility corporations nnd ?14, 3(KI,r00 for industrials. The fatt that there are no large maturities due in condition ol tne market lor new se curities just irecntly put out, nhj.b hnve, been meeting with unusual sue ctw. r s S & A pf 11 j hlk Horn Coal . . 40 Hndicott J 1UH Hndlcott J pf , t:rle Erie 1st pf .., i 4 Erie 2d pf . . . II I Kam Players-L ,"? Fam PU rts Fed Mln & Smelt Fed SI i. S pi Fisher Body ... Freeport Texas Gaston Will &. XV General C'rar . General Electric Abh'i General Motors .iJi'i Gen Motors pf Gen Motors deb I Good (B F) deb Goodrich pf . . . . , i lit isoruiern pi K Dt N C for O P . Uranby Consol . 3reene-Can Cop . Hartman Corp . . . Haskell & Barker. Homestako Mln . Illinois Central . Inspiration Con . 1 lnterboro Consol Int Consol p' I Inter Agr cul ... Inter Agrlcul nf I Inter Harv new 1 Inter Mer & M . . i Int M M Pf Inter Nickel . . . Inter Piiper .... Inter P pf stpd Iowa Central . .. Jewel Tea Jones Tea 2 I Kan City South Kelsey Wheel ., Kelly Spring Tire Ke) stone T & R Kennecott Cop . Lack Steel S'J Lake Krle & W . 13'4 Lake B & W pf . 24 Lee Rub & Tire . 36 Lehigh Valley ... 5.U Loose-W Uls ... 70 Lorlllard (P) Co .231 Mackay Cos pf . . 04 Manhat Elevated. 831j .uunlidt Shirt .. 33H Uaxvvell Motor . MK Max M 1st pf ... 7SH Max M 2d pf ... 40 Mav Dept Stores. 100,',' Mexican Petrol . 100 Miami Conner ... .'12.' 4 Midi ale Steel ... SH Minn & St L new. 23 M St P & S S M. U5 Mo Kan & Texas. 12 Mo Kan . Tex pf. 2.1W Mo Pacific , .... 'Mi Mo Pacific pf .... 67)4 Montana Power . 78 National Acme .. 3U National Biscuit . 130M Nat Cloak & Suit. S5H Nat Cloak & S pf. 100!, Nat Con & Cable , 22 Nat Enam & S .. 81 Vat En & S pf .. 102 National Lead ... SHI 24' j .(2't KO'4 7fi4 Un llli 197 E197 10,, lt, -0 1S'4 14'i 14 t. 105, 20 I 14 I U S Cist I P i p. J4 fe si l" I ! & F pf. 72'4 U S Express .... 27' i U 3 Food Prod . 70h U S Ind Alcohol 112 U S IU I Co .. 45 V S Rubber 129a V S Itub 1st pf .117 U S hm Kef & M 72.' j U S &m n & M pf. A'J'i V S Steel 1)2', V S t-teel pf ...H7Vj L'tah Copper .... 05' Utah hecurlties . 8'4 Va Iron Coal & C IjSJj Va-Caro Chem .. fcOJi Va-Caro chem pf.115 Wabash iji iVi 70 "7S 145',' 44 129'4 UJ'i 117'j Ub'i .14 70 '7fi', 141 41 124'4 71 110', 117J, 94 H't '.M 70 til" III to 109': Wabash pf A .... 301, VYauash pf B ... 24 Wells Fargo Ex . 1 7 Western Md .... Hi, West Md 2d pf . . 28' Went T-.. A ... -.'--- - " ...- .... . lie western Pac pf . 58 07aW.este,'n Un Te' W, l'Jtm 1 Westlnc- A R ion. Westing E i M , Wheel & Lake R 12 Wheel & L n pf. 24 Whlto Motors ..'. 71 Wilson & Co .... ICP4 h7', 1I4'J 12', 3G 3 114't 11'.' 15' 4 145' 4 44 12S; 'ii 117JJ 90; 4 87', 1147, 11'. 35 FOREIGN EXCHANGE New Ynik. Julv Steiling ex-, ihnnge nt the opening todav slmvv.d an I inipioveinent of mine than 10 points I from the low levels established ves ' lerdnv Demiiiid sterling was 4.".7i4, nnd .nbles 13S', Theie was aNo 11 iniilar impiovement in franc bills, cheiks being 7.10 and .allies 7 (N. I Thiougliout the entire list of ex I .hnuge intes there was a de ided 1111 I pjovtment and a mm h better tone w.is displnvrd This is 0 result of the nu I iioiintdiicnt of the foimation of a sj'c i ml foieign ex.hange lommittee to I st ml v the situation and endeavor tol work out relief measures in behalf of Anient 1111 exporters. Quotations weie: Demand sterling 4. '17 '4. .nbles 4!tSi,. Frnnc clicks 7 10. .allies 7 0S. Lire . he. ks SIM, .nbles SOL'. Swiis . he. ks ." (i.1, nbles ."i('i.'l (Siiildii 1 he. ks 37. tables 37'i. Peseta ihe.ks 111.10. i nbles 10 '20. Sto. kholm ihe.ks L'4 till, .ables '24 80. Chustiatiia ihe.ks '2.! HO, 1 nbles '2.1 SO. Copenlingen .Inks '22 (10, .nbles 22 SO In the eailv afternoon sterling wns quoted nt 4.TT,j. .allies 4 3S' ; fran. tlietks 7 02. .aides 7: lire .hecks 8 03. .ables S (11 ; pes. ta (heiks 11 2."i, .ables 10.-23; guilder flicks 37. tables 37 's. UNITED STATES GOVERNMENT LIBERTY LOAN SECURITIES Hale rallabl 312 1932 334 1922 4 1932 4 1927 4 1932 414 1927 4 1933 434 7c 1922 4l4 1947 923 1947 1942 1947 1942 (938 1923 1928 Apurox. 1 If III If tailed, or It Selllnr at Tar a Callable Uats 3.56 3.75 4.63 4.95 4.75 5.11 4.83 4.75 Appro,. leld U UatuTltr 3.53 3.75 4.38 4.45 4.55 4.66 4.729? 4.75 4.91 150, $100, $500 AND $1000 DENOMINATIONS FULL INFORMATION REGARDING TAX FEA. TURES OF THE LIBERTY LOAN SECURITIES WILL DE FURNISHED UPON REQUEST MONTGOMERY & CO. 117 8. LA SALLE ST. CHICAGO 133 S. 4TH ST. PHILADELPHIA U WALLST. NEW YORK MEMBERS OF THE NEW TORK AND TIIILA. STOCK EXCHANOM GOVERNMENT HKCUItlTIES DEPARTMENT TEI.KniONI.S.: Ui:i.I., LOMBARD 4830; 'KKYSTONE, MAIM MS 14, n'. n, 40 110 104!? 104'j 1C4Ji 104's 111 .12 122 l'l" I dl'4 . 22'. 119' mu i .11'. I 22;, ' 120' 'm Wilson & Co pf . 101 wiiiys uverland Willvg.Over nf . I "Wool (K XV i Co Worth ngton P . I Worthing pf A 1 Worthing pf B , 3' 97' 132 bii OS 77.' H 2': 5S 12'f 24', 71J4 102'4 101 37J, U71, I12'4 s2' 2 21 oh 12 24', fl'4 1(0 101 37", U7", no1, oi 21': 08 12 24', I 71'f! KI2'4 101 37'i ')7h 112' M 4.1 4.1 43 . . 925, . St!, ..1C4 . 15!, . 49' i 73 46t 054 hJ1, .102 . 67 . 8 . 29 . J2H . S9 .142 . M .1171. . 31', . h . 79 . 7.' . 28 . 40', . 24 . (30 .130 .121 42 59 (7 2334 . 92' 5 'M'l 104 5S)t 35', M1. 231 91'? b3'i 104 50 b7 Ul' 'b34 101 . E dividends Anainnda. I rer rent Cen. trsl Rillroad of .Sen i.ra,, i UrautlSS. rTniTrZW ,PW '"shenv and'vVeM- n,,tf S, l-hlcayonotk Island 7 per r"m lr.Uo.ta,kre?r,5'of Bre money-lending rates NEW YORK Alonev on .nil. mixed lolluteral. opened todav at (1 per . out for lending nnd renewing. On nll-Tn-.lustrinl ollater,il, the opening rate was 7 per . ent. Time inonev, today was in little bet ter Mipplv than has been the ia.e in recent weeks. This was said to have resulted from the bidding by man houses as high as 7 and 8 per cent for sixt.v dav loans on all-industrial ul lateral. The prevailing rate today was 7 per .ent on nll-industil's and 0 to (i'l pel i ent on mixed Io.in-. According to some monev brokers, the loans of time funds during the past week have been larger than in several months, it being estimated that from Slii.OOO.OOO to $20.00(1,000 of new monej wns put out nt 7 per cent with some loans made at a higher rate for sixtv davs oil itll-industrial collateral. A.ocptanio bills were un.haugod at 41sffi4tV 1'T cent. The market was quirt. PHILADELPHIA Call, .. per cent", time, Sifa(i per cent, commer cial paper, three to six months, r'4(S o'i per tent, and six months, 0 per cent. 49', 19 49 47.'t 40", 40', 93 92'4 92-4 1)0 fi5'4 C'4 Weto York Bonds Sales in 1 1 (ion ,r Anglo-French 1 Chi & H III Hlsh 1 ow 2 00 f!7ii 07', 07's "s. cot' (nT mil 7 C'ICt- nt riat a nriy rf.-, -. . .,..,, ... .,.,.-, ,,-. .., ., in .j Hi i, 47 Libert lids 3'js Oil 40 il'l 40 !l!l 40 dS Cli bf 31 Ji , 142 141 04!i li2' I 1194 1171, l'A 2. '. , 53 . . I 142 63: , ll'J't 40 do 4I.S 1 tin 1st 4Us ., ." do '2d 4 Hh. . m do 4th 44s.. 10S0 Victory Nte .".: 2 I' K of fl n i .Vfcs 1037 ... I 4 OS 04 !I0 V4 04 in (id n.i 00 oi on i fio im no in no 1)104 IM.S4 03S0 100 02 100 100 02 fTTs 97T; 0778 BANK CLEARINGS Rank rlesrlns todav lompareO vvlh cor responding dav last two vears tnio mis iniT Phils R2 1V1 1V2 M CT2P1V V 1J n-,2 Flrslon 7R.4I14 11711 ".S lltij VVR fl SHI nlll V T 020 410 887 60" ",11 831 .133 174 309 London Metal Market New ork Julv 18 Cable idilres received at the .New York Metal F.xthauire this mnrnlns- quoted prices in London todav as f.. lions TH Spot 234 3s futures .'m 13s both un ti 3s straights tj-,4 lOa a gain of 1 10s sales of spot 3d, tons fu tures flOO tons Standard copper Spot 102 10s an advance of 3s futures 103 10s unchanged Elertrolvtlc copper Spot 100 unchansil futures fllR a sain nf 1 Lead Spot 21 13s off 2s fid futures 21 10s unchanged Spelter Spot 41 10i unchanged futures 44 3s a decline of 3s 70' 4 7"h 40T ' 24 liR 79b ti 40J 24 123', 42.'. 60 120 1' S7', 361, 5.1 33 51 230! 227 20' i 54', 78! 41 107 32' i 68 J, 1.3H ' "lolg 23), 30'. 08 78 i 39X 35! i 53 7K 40 NEW YORK COFFEE MARKET New Yorli. .Inly IS. The feature of the early trading was the continued liquidation of outside long interests due to the weakness in sterling exclmnge nnd to the easier tendenc.v in the Rio market. It is said that some of the specialists on the bull side, during the spring, have become tired of their po sition and less confident of furthei im-' portant advances owing to the un favorable financial condition in Kurope This is supposed to nt count for ninth nf the recent linuidatlon. nnd tlm haqU. 29'( j ruling of the ltlo market this morning suggested that holders there were be jjij I coming more anxious to make sales. 54', ' The decline this morning carried 78Ji I September to 21.2.'; December to '20 ,10; 70 79'S , 7'j '40M 21 123't 421. 89 30 33 41 192'i 195'f 32 55!$ 22 H iha 22i Ji 57'f 77, 38 i March 40 to close. il 11- nn.l Al... ,- ..St .... ... .tun .u) 10 u tin, or points below the previous 8, 85 2.1K 81 84 .ugust improve, the V VV "iS ' .1 8IH iiii 81 'mm 112 10 21 Nevada Con Cop, 21H Kewur,MXB, ti ,. fi N T Air Brill. .1"A 1.. I. N TiCentnU .... 8iv-8i'' 81 58 "un 57'i 77J,j 30', I 85 iJH 81 83H 112 10 September necemher lanuary March May Jul) Bid Yesterday s close Open 21 70 .! 3-, 21 21 '.'Il Sll 20 S3 21 10 20 70 21 113 .(! Ill . '21 81 GOVERNMENT BONDS Panama rAlinon 2. 1031 Panama registered 2s. 1011 fiM 11138 ! 1038 Panama Oiinnn US. 1001 Panama registered 3, 1011 Phlllpplns 4. 10X4 Philippine 4s, 10113 . Philippine 4s. 1011 ti S Oov coupon 2s IPSO U 8 Oov registered 2s 1 030 II S Gov couvon 8n I04A , lifin, 3.. . 53.. Panama inuDOn ' 'inimt registereo li M ciov rouBon i"n I' S Oov rrUlrA 19 ti rW coupon 4.i-,l?S3. V 8 Oov- reisCe4l 4 i It Hid !)(., (Is. OS,, os ; s k 00 BO An 09', 80 80 inR'i inii I31it.of,Cliwiti., l2t,,A SI II a in 20 3 21) (lu Ask 00U, DO', 02 llll 4( r.i out, onv 02 02 in l'l 1W' DIVIDENDS DECLARED Cities Service Companv monlhlj dividends of W of 1 per cent on preferred and V, of 1 per cent In cash and 1 per In tommon stock on the common both pavahls October 1 to stock of record September 1.3 Rdlson Electric Illuminating Companv of Brockton Mass quarterly of Ji- a ihar. pavable August 1 to stock of record July 21 FINANCIAL Dividends PHILADELPHIA RAPID TIIANSIT COMPANV Seml-Annual Dividend Na. 8 " I iiiinurii.iiiu auiy 1U( JH19 A Semi-annual Dividend of tvvo.and one islf ler cent, or one dollar and twenty-five ti cents per snare iis iir"n orriarrd out of the surplus earning; Jo June 30. luio. upon th capital stock of this Company, pajabls July 31. 1919, to shareholders of record at sMAi. ths. liriBP Ul UUdlirs III, Transfer books will remain open. FRANK B. ELLIS. Secretary. " TIIK tO..ON.A,.iTnUSTiiC05I,.ANV Trf sss&- s.f,.r: aygarv quarterly I vldend of twa tier cent on th. capital stock of the Company, palabla A. St?t Ut. 1- tockholderi of reco?d July 23th, l(ilo ., . Checks will be mailed ivAnrv, cj EVES, flaortau Fhliadeipnia. July luth lutu The Hoard of Directors of TKNN TRAF FIC COMPANY have this day declared seml.snnual dividend of three tier rent and an extra dividend pf one per rent l). both y.bl. August 1st. 1919. to itockholVir. of record of July 18th. 1010. Checks will b mailed Al s-WKIl M linAT. Treasursr. Tuns lllh. 1010 IIA3III.TON TRtlHT COMPANV " " 40th A Market Streets A IlilKUSIUIlllli JUIV . linn The Doafd of Directors on this dsr de. ared a. quarterly dividend of I, (JJ.oo prr. snare) on ,ne ' '"' yiw m o company, ah.. Suiea SVIBBI A UsTttssK la lDlll. t - . BONDS MATURING Bethlehem Steel 7's, Series B and C Called for paj merit Jul) 30, 1919 Dominion of Canada 5's Due August 1, 1919 American Foreign Securities Corp'n 5's . Due August 1, 1919 We offer our services to holders of the above Securities for re-investment of the proceeds in High Grade Bonds or Notes offering attractive returns. i COMMERCIAL TRUST COMPANY Member of Federal Reserve System City Hall Square Notice of Removal In order adequately to provide for a rapidly increasing business, we are about to begin the erection of a new building at 1429 Chestnut Street. We, therefore, announce that beginning July 21st, until further notice, we shall be located at the following address open from 9 A. M. to 10 P.- INI., as usual, including Saturdays. REPUBLIC TRUST COMPANY 45 South Broad St. ' (Lincoln Building) S. B. Lewis & Company ANNOUNCE THAT x George H. Richardson for the past twelve years Philadelphia manager fpr E. Naumburg & Company, has this day become associated with them. -i. h A At J L Ii I lIUMHIWUi JUTilt ivir, ft.fo ' 4 " v i ' K - V f i v Hir C'i- s I .r s." h VI 'n n 'M 3 ji t ' ,. . I - ' ' r , Ht " i j . i i a .. li T' "i " w if. i. ,rV- ,7