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« «toward deflation. J MONDAY MOR a PLAN OF STREET Deflation Program Hampered by Rail Troubles of ' < Country. fCROPS MUST BE FINANCED Baltimore Bankers Create Fund of $25,000,000 jg Float Harvest. By WALTER B. BROWN. A Editor New York Commercial «Written for The Aifgus and. The Unitel - News. ' New York, July 111-Beyond calling» «each other names and an attempt to shift the burden of responsibility for present economic conditions, the platforms of the Republican and Democratic parties are not very far apart. As to the men themselves, there is not much to choose between them. It has been remarked that neither candidate is'a brilliant man jn the ordinary sense in which that terin is used, but. Jt is a fact that they have had typical American careers and have become successful business men. As to their respective running mates, Governor Coolidge of Massachusstts has shown himself to have the cournge of his convictions. His opponent, Franklin ,D. Roosevelt, nor assistant secretary of the navy, possesses some of. the fightin qualities for which his family Is noteds Wall street has therefore concluded that so for as candidates and plattorm are comcerned, it is about as even a match \as has ever been presented to the Ameri- can people. 'The nection of the stock market this week has shown n stronger | tendency, reflecting the opinion of Wall street that the country would be 'whichever candidate may be elected. 'To a. degree nt least, politics has been eliminated, although 'when. the campaign. gets fully under way its influence will again be felt. In the meantime, . all, things considered, the outlook has. taken a favorable turn, 'There are still many wexatious problems in the, foreground, but the results already uttained indicate the nbility of the people to meet them. Outlaw. Strikes Complicate Matters, Tn practical results the deflation pro- gram of the Federal Reserve Board: has mot worked out as successfully as had been hoped for. 'The unexpected inter \vention of the ontlaw strikes, on the railways produced the' complication. of credits, aud rather upset calcula- tion. on the general situation, | As a mat: ter of fact it is vealized-that imcreasod discount rates can hardly do more than cheek borrowing until the railroad mation improves nnd it has been out of the questio to enforce \nny \ ordinary» banking practices In: the prompt: Hguldn: tion of loans based upon , agricultural and commercial eredits. \In: fact, the volume of credit held In: suspeiisg (be- cause of the partial breakdown of our transportation system ix greater | than 'gencrally realized, and is sufficient in Atrelf to thwart thee efforts hoin‘g lyndg eason Is nnder way, and b> mevel 230. the bref ot yet wholly moved an e_ broke 3&3 equipment - furnished by the rail oad companies which includes such a large number of leaky: cary that they: can- mot be used for grain transportation; has entailed délay ond the further extension \of loans that would have been liquidated under - normal | conditions, - Baltimore bankers have found it neceginry. to create a revolving fund of some $£u.00Q.000 to finance the grain movement dunng' the present crop season, through bankers' ac- ceptances. The grain merchants are :o supply these bills and the banks will en- dorse them after thep hnve been accepted. when the Federal Reserse branch at Bul- timore will discount them and supply the money, | The fund will be nsed en- tirely for the grain movement and to that extent will wholly revolve around this A new crop new. financing traffic. The credit stringency is reflected in the failure of the State of Pennsylvania to secure bids for the $18,000,000, four one- half percent, 17 onehalf year | average ecriol bonds, State and munfeipal is- sues are now commanding 4 7-8 to G per- cent, and nn offering of State bonds on a 4% percent basis was not sufficienyly at- tractive to draw bids. *Wage Award Awaited. As to the railway . situation, matters are now in a State of suspense. 'The de- cision of the Labor Board in the matter of advanced wage scales will be an- nounced within the two weeks, It is hoped the Interstate Commerce Commis- sion will be able to announce its deci« ion In regard to a freight rate increase. It happens, however, that the increases pending before the Interstate Commerce Commission do not include provision for n raise in the wage scales, for the very good reason that no one knows what this would be. A better polices would be, therefore. for the Interstate Commerce Commission to await the action of the Labor Board and then to govern itself mecordiogly. Unfortunately the action of the Interstate Commerce Commission thus far does not give much hope for a speedy: decision. The railroads need increased revenue and need it quickly and the proposition is for a horizontal increase in rates that shall beat equally upon all classes of trade. In the meantime the interstate commerce commission has been granting hearings to various groups with an idea of considering every item of detail If this plan is pursted the heariings will be strung out indefinitely. with further Complications intervening before a tem- edy can be applied. 'The railroad proposi- tion should be considered as a whole. If vations trades and industries have adjusted themselves fo the present scale of rates. mo one is going to be harmed more than any other if the increase bears upon all alike. Tax Law Revision. One of the immediate problems this Congress will have to take Into consid- ération will be the revision of the tax Jaws. Sentiment has pretty thoroughly crystallized into the belief that they are unsound. unscientific, cumbersome and expensive in administration. throttling business and drivicg capital oat of Iegin- mate channels, 'The excess profits tar ktgrefiuihrggsoiwdf fififiu having directly opposite t from that intended. It is one of the a breeds extravagance in padded expense necounts. which are deductible in figuring the taxation which should be placed\ pro- portionally upon those who can bear it but at present it rests harshly upon sone and lightly upon others. hé idea of a sules tax is growlog in favor as being easily collectible and' fairly distributed. The general .crop situation is much better thnn earlier predictions Inileated, The winter wheat crop is made aud only a wet harvest can enuse damage. It is a fot larger. yleld than even the govern- ment itself thought possible at the out- set. It will be recalled by readers of this column, that attention was drewn to the fact: that a backward spring \usually causes strong root development, result- ing in heavier heading even though. on a small stalk, 'which observations is now being. substantiated. The spring whent erop is also progressing favorably and the: country is fairly well assured 'of .a good average totrl whent crop. Cotton conditions have shown improvement as a result of better weather conditions,. and quthough the erop will be m short one present indications are that it will not fall so low as seemed likely at first. > aTEEL INDUSTRY PROSPECT5 6000 DESPITE MARKET Scramble for Large Tonnages of Basic Grades Improves - ~ Pig Lron Price.\ *~ + COPPER IN HEAVY DEMAND £ Tin in Better. Tone; Lefd Quiet, But Continues Firm on Metal Shortage. ___L_ New York, July iL -The steel industry Is being favored with several factors that tend 'to give. sntlsfzetion, Outstanding Is the amleable settlement between the in- dependent sheet and «tin plate, makers Tron, Steel and Tin Workers, as a result of which the wago scale expired on June 30. was. renewed . with minor changes, thereby averting. tho-shut down, of numer- ous mills, The market'is quiet owing' to -| slackening demands during the stow sum: 2 mol mer season. - The plgdton market Is ‘stro‘ng as. steol Interests, scramble for large tonnages of basle 'grade. ~The valley range of, §15 to, $4550 a ton is \milnimum and, some \orders mre being closed at $8, which ncturily places basle above foundry fron, the latter being'dull and:featureless, «Bessemer and malleable dronare nlso active. The out: put\ of, pig- fron\ last month \was 3,0,M40 gross tons,, compared, .. with. ..2,085,682 Apri.~ The. daily..averages for\ June wi only: 700. tons: under the hJEh’pwk ot March, /> soe ae # ® Henvy demands have devéloped both in the. domestic and foreign trades for cop- per, resulting In w firmer market, than for the past fow weeks.\ Largo Interests haye taken substantial orders for. third quarter delivery af tha pesged price of 19 cents a pound and détails ara being completed for largo tonniiges to England, France and Germany, The tin market is in better tone as the British market; allver and sterling: . ex- change have. Improved. > Consumers até reentering the trade for good tonnages with sellers quoting nearby delivery &t 48%; cents\ « tn Lead remains qulet with@emand light, but the market contifues firm an shortage of nearby metal. | tol Spelter Is much improved' over: last week, but has cased off somewhat lately owing to reported purchaées: of . sine abroad by American Interests. | Although the spot antimony price Is unchanged from last week Inqulrics have Increased. tne N. Y. PRODUCE MARKET ' New York, July 10° FLOUI-Steady, Winter straights . 12% G13 50 Kunsas straights ... . 130 @14 00 RYE-Fimi. Sig. 2 westorn f. 0. b, Now 4 e ork . C. 1. f. domestle BARLEY-Basy. Feeding c. 1. f. Now York Malting c. 1. f. New York LARD-Firmor. Middlo west ... @35 ves. @ 240 & Extra ++ - FS That (8 to 51 seord} T im, State, datry finest tubs ° orl do, to prime i....« & 56 Tacking stock current make NO. 1 .e ces © € 1% EGGS-Firm; receipts 20519 cases, \ Fresh gathered extra first.. 4 5t , BISE vector cen nee 4 48 State, Penn, and nearhy western hennery | white, fret to Es 6 do, brown extras ......~« 5t 87 do, gathered brown and mixed colors, first to extra | 41 @ 5% CHEESE-Irrepular; receipts £171 boxes. State, whole milk flats, cur- - vent make, white and col- gm]. Xi“ - ism'o 1g; o, average run . * tate, whole. milk, gut-Rn: make, specials 2753-49 % o, average FUR ...s... ~ 2 $% POULTRX-Live not quoted. # PRESSED-Steady and unchanged. COTTON-Spot quiet. ddling . ses coe 609 RYTE-Strong. No. ? red and No. 2 hard, & 1. {. track New York, ..... coves @ 297 ixed durum, nominal CORN-Spot, firm. export . No, 2 m B factors. in the High cost of Bving for it with the Amalgamated. Association .of} GROWING VGOR THROUGH WEEK Mid. Year 'Adjustments 'Mage Without Strain; Loan il so Rate: Easy; < / BOND Swiss and ArmourNotés Over ' Subscribed in Short érqer‘. ~. + . (Hy the Associated Press.) New York, July. 111-Pronounced im- provement was\ shown, by, the financial markets this week. on an almost steady rise of activity as well 'as prices. Mid- year readjustments were accoxnpfighed without strain, demand Joan bates easing, visibly as'heavy' interest and. dividend payments found new channels of invest ment. . 2 Most important\ of these . were» the Swiss government Toan' of $25,000,000. at - . 8 percent and the Armour company mote issue of $60,000,000, placed on: a 7 31 percent return, both ‘umlfrwrltings being over-subscribed in short order. . Wall street seemed to pay little atten- tion to the outcome «of the Democratic national mnvgnfion evincing far more in- terest in the credit situation and . attend- ant industrial and commercial . develop- ments than in ' political conditions and platforms. aC 1 - Reactionary tendenales in general lines of business were less marked than in the preceding <woeks; despite a further let down of production in such: industrics as textiles and, leathers, Bankers were, in- clined to believe that June's business e- 'vorses, -the heaviset in 18 months would diminish in the. current period. ' »Grop. prospects continued extremely promising -exceding by. a. liberal, margin 'the caverage- of the past five. years- and commission, houses with important agri- 'cultural connections 'may- be expected to emphasize this favornble. aspect: in their forecasts. of . the immediate future} ~ tle. . \C00 :, It.is toovearly; in 'the opinion {of! stu- dents \of international conditions, to gange the finniclal effect of Gormany's acceptance . of <the | allies disarmament. terms. There, are. broad. Intimations, however, that from | this tension may: pave the way to. comprohensive' plan for the. refunding of foreign credits under guidance of, American. bankers. . ' WEEKLY STATEMENT or . _ t> “CLEARING HOUSE BANKS , New York, July 10.- ho, &cruat co’ndifion 'of clearing house banks and trust Tes for the week (five days hows that they held $10,017,800 reserye in excess of logal requirements. | This 4s a decreaso of $13,407,350 from last woek. The statement follows: Actual Conditfons Loans, discounts, otc., decreaso Cash In own vaults, members fedaral reserve bank, Increase Resorve In federal reserve bank of member banks; decrease .... Resorvo in own vaults, to 'tanks and trust companies, de- £ereaso 1 ...ll. Roserve in. deposit \banks and trust companies, do- ©FORSO \ «cess sena eens < \moxy gosh. decrease Circulation, decreaso rexate resorve .. Excess reserve, docreass Summary. of Stato banks and trust coms Jes In Grdater New York not Included in clearing houso statement? . Loans, 'discounts, etc., Incrorse ($128100 gal-d deere fl i '6,10 renc * - Dams . 920,000 oposits , - - Sank of New Nork, increasou. , 74,00 Total deposits decrosae ...... ©'5000,60 Do: Hiiminating amounts due , from reeervo depositaries and , from otlheribn-Qr s nlv'mklnlet * sod companies in Now York cl pf]. 8. deposits, increase}: Banks, cash In vaults. .......... 20013,00 Trust companies, cash in vault 78,0040 -se os , ; ' |New york Lvs stock marker, * New York, July 10. CATTLE-Receipts 730; no trading! CALVES-Recelpts 590; steady to firm; veals, | $1100@18.50; axllsg'sguoo; Indiana .f and 'Ohlo calves, $10.00@1 .EHEEP AND LAMBS-Receipts 205; Irregular; sheep (ewes), ©0@92.75; culls, $1.00@50; lambs, $1100@17% HOGS-Recelpts L725; steady at $160@ 17.25; pigs, $600; roughs, $300. - POTATOES-Firm; Jersey, 165 pounds, $650@1250; southern, barrel, $.00@1250; sweets, Jersey, basket, $.00@450; southern do, CABBAGES-Easy and unchanged. 2s REPUBLICAN WOMEN MAKE PLANS FOR OUTING JULY 31 'The reception and hospitality commit- tee mamd by Miss Annie W. Stratton for the first field day of the Women's Republican Club at Schafer's Grove, Sat- urday, July 31. includes Mrs. May D. Monk, Mrs. Elizabeth O'Brien, Mrk Almira Obenatis, Mrs, Aung La Grange, Mrs. Eogene Heoss, Jr., Miss Millie A. Callas, Mrs. Assa Kad, Mrs, Maud G. Ke»zin, Mrs. Dora Winters, Mrs. Walter Magill, 3rs. Susie D. Scott, Mrs: Mar- guerite Bennitt, Mrs. Caroline Kinnear, Mrs. Harriet YanAllen, Mre, Edith Bock stein, Mrs. Lottie, W. Booth, Miss Sarah Wessels, Mre. _Einily Willoughby, Miss 3L F. Jones, Mrs. Aung Nolan, Mfc Tillian Froelich, Mrs. . Jennie | Pagano, Mrs. Mary W. Warner, Mrs. Addie F. Alexander Mrs. Heaty elin, Mrs. Hen- No. % yellow, cost and ristts Mulder. . freight New York, 1t day ~ Afrs. Charles O. Eaton has named this RIPMENL s eee @ 543K committee to mssist in plans for the OATS-Spot, firm. Americanization program with Miss No. 2 white $% @1% j Lydia H. Gale aud members of the LARD-Firmer. club Americanization _ committee, Mrs. Middle west «............... 18 @iS: | Alden P. Conts, Mra. Join Wolford, dre. COTFOX SEED orf Jokn Fulton, Mrs. Augastos B. Kieran Prime semme Mrs. Jennie Degsam, Mrs. Jobn Malicy, semmer yellow, spot 1299 @1 %% Mrs. Andrew Schrisber. Dow, uly o «~- BS T September lll @ups; {Mrs Gorge Russell Mrs. Cela Rown- December, a .... {berg, Miss and 3re. 'Other articles unchanged. - {Cakes-a: issues TAKEN uP)§ . NEws to investors _- ' Leaders of thé Market. , has taken place in the. Wall street view- point is the follgwing 'wire by Besjamin Block of Bleck, Maloney and Company, to his branch offices: Saturday: \I am yery bullish on 'the bent stocks of certain industries. which I am satisfied will lead in the coming expansion, which is now upon. ug. I refer to, oll, metor, sugar rubber, 5’de and. equipment. issues, par- ticularly.-' In. the first group I call spe- clal attention to. Mexican Petroleum, Pan-American and' 'Texas: .Oil, cach of which has many. reasons to recommend it, Their business is growing rapidly and now in'Mexico the outlook is. the best it has been in years. Profits in oil will con- tinue lque’ for a long: time to come, . I can hardly exaggerate the gront strides which: motor. construction, will take in the next few years, and Gencral Motors will Jead' in . these: developments, It, is in {the hands of-vory «aclite business men, e rubber business goes. hand in hand with the motors, and, the, U, -8; Rubber and, other good rubber stocks will pay buying Sugdr stocks. particularly: Amer: ican Beet Sugar, .- ans all good, food gtocks, such, as Corn Products,. will be large earners and for a long time to come, - Do not: , forget : the equipments. They: will haye?more business than they can fake care of and at profitable prices.\. Great \Northern - Great: Northern: »preferred dropped to 65 8-4 when talk? was sampant that the dividend, would 'have\ to \be reduced, since which it has recovered 'to above 70. There never was any,. real réason to be- lieve that .T percent, payment would | be disturbed, but 1£ there. had. been,that time has passed, for,, with the crops In its territory showing good- improvement, and the 'practical ~ certainty. incréased freight rates will be soon granted, -there is splendid opportunity. for. investors to get around 40-nercent, with possibilities of good speculative profits when the rail shares come back into.their own. 'The stock.sold above par in 1019, - & 1 aC. \ An unudual; niethod of sacquainting in- vestors \with . the \ principle surrounding opportunities \In /the, inyesement market at present is that' faken by. John Muir and Company, specialists in $100 bonds. In. a cireular describing ' current bond Yalues-and yields, the firm conchides that if Americans believe in an: America, only at the beginning 6f her greatness; in an [American triumphant over all the doubts the difficulties by. which she is: at present beret, then \the market. place today . is full- of .. safe, , hd. sound securities --sccurities. which have' always _ paid. heir \interest. and ~ which\ will always p Iy their ' interest ~- sellifig, at . panic prices ; thatsuch prices are due not in the Jeast fo any impairment in' -theegood- tens of the securlity, but simply ito forced selling at 'n time, when money .to take ad- vantage of these opportunities is not ean ily to be- had ;:and that there is thus pre- sented,<to the man who has money to in: vest; to. invest it. the' like of which 'has never 'before 'been, seen. and which will never again be seen by the present generation.\ h * .- Exchange Insures: Employes. : : © ' Group Insurance, . covering.. 700 .em- plow“; of the. Stock Exchange and: asso- ciated companies, has. - been ./ taken. ouf with» thefiletropolitnn Life Induraace Company,\. Phe- amount of the. insurance totals, $1,000,000. and Stock Exchange employes become 'beneflclaries after mlx months'. the 'exchange; £31557?!\ range (it? '$50f+'to‘$2.000.' Bie um. coverin ' record 'of 15 S'en'rg agfllircgies ©\ \.\. \The Bond Market\ 000.0 c Increasing.activity was shown in the hpnd market, principally because .of 'the itaprovement .in. the: general 'market for figllwly‘Jecnritiem, \\Rising - prices . for railway 'sharebn the stock lint was pat- wrally. accompanied -by a similar advance In ~railway bonds, particularly the con- vertibles, which are.atways most sensitive to the Auctuations. In their corresponding stocks, Chesapeake: and Ohio convertible Bs,- which were upn‘ balf point today. St. Panl convertibles were also in better demand and the Norfolk 'and Western convertibles . were. similarly. <higher. AmongJunderlyinpmortnxe bonds the prices 'were also slightly | better, . the Atchison general 4s: for instance, which only recently got downto 70 1-4, selling at 72. The effect of the oversubscription in the Siiss governments: \vas apparent in the premium exaeted: from those who hadinot to get In at the Issue price. These bonds were offered nomin- ally. at 100 1-2.. The Belgian government 6s \of 1025. were veg\ strong, getting Ithisg part of thls gain: the 7 ep woes art of this gain, t 2 active at 90 1-4 ahd 90 3-8, were having. a -* American Woolen Breaks, | . American. Woolen' stock broke severely in Saturday's trading, following reports of the failure of offering the new stock br the - syndicate - which | underwrote 200,000 shares and offered them at par. Only about 15,000 shares are reported to have been subscribed for by present stock holders nnd the syndicate is consequently left with about $18,000,000 of the new stock on its hands, Although the syndi- cate agreement will not expire until October 20, traders take the stand that this stock is overhanging the market, while bear raiders have seized the oppor- tunity to depress. the price of the shares. ther developments have operated to cre- ate an unfavorable feeling for American Woolen, clgief among which was the en- forced closing down of most of the mills for an indefinite period. Favor the Copper Stocks. - That many of the coppér stocks are at present selling close to their low levels of the year and hence offer good oppor- tunities for market appreciation in the pear future is the opinion of some well informed observers. | Anaconda and Mi- aml, it is polated out, among others offer attractive yields at present prices. 'The impmremgnt in the prospects for some of the coppers has apparently not yet been discounted marketwise. In, the opinion about \turned the corner,\ and from now on improvement Is looked, for. Talk is cents per hound is likely soon to be ad vanced by large producers. In addition to the fact that domestic consumers are coming fnto the market to buy, there is from France snd. Germany. proximately, 52,000,000 pounds, while to- tal sales of the metal for the last nine months were 1,616,000,000 présent the stock of refined copper on hand in the United States is aboot 900 pounds. 'This compares with a stock on hand when the war ended of about 1000,000,000 pounds. American Sugar Refaing Americtu Sagar As_f_urther.‘evldence:ol the change that, of some copper men the industry has tower grad heard that the present price of nineteen | ® an improving export demand, principally | In Sales of copper for June totalled ap- Eff}: figural—he 'P°uu‘ds Ab} and bre Some of the stockbelders of the | uo Beg Chepany (® from: July /2, 1018 ithad: adhered to the declaring but 8-4 percent extra quarterly.in addition to the regular 18-4 percent quarterly dividends.\; American Sugar on December «31; 4910, had. $28, 101,870 cosh on band, Exert dividends amounting to 3 percent annially on 40,000, common ' call for $1,850,000, Income from investments in. 1010- was $4,814,000, or more than. threé times the extra dividend requirements.. In- con- nection with the Cuban sugar situation advices from Havana state that members of the Cuban Sugar Committee fare hold- ing for' higher prices for the balance' of their crop: and 'will 'not accept prices. of less than 20 conts and» expect. higher prices. nout ne? a . If France Borrowse.\ /= 0, In view of the: recovery of 'franc, ex-, change bankers are discussitig 'the: possi- bility of a'ew French loan to meet the French share of the Anglo-French 'bonds in. October.. . While France. has 'the gold resources to meet her-sliare of this ma- turity she may wish to conserve those resources carrying out the preseit' policy of ~making strenuous, efforts to reduce paper ; money . inflatign... It: 4« cont would be-cheaper for France than by obtaining franc eredits at«the rate of 11 to the dollar, although . this latter figure is much more: favorable than the low rates for: franc exchange prevailing a few months ago.. An Investment banker expressed «the opinion this morning. that if the government of France. should offer a loan.:to American investors for a -large amount, say $50, . b c xo \like hot cakes,\ if the present condi- tionin 'the investment market is- ranin- ‘ 4 He finial thnfimthergjs; an im- roved. sentiment 'regerding foreign secu- Ernie's; and 'that whjfe France: cannot -be considered {exactly .in 'the: same class as Switzerland, an: issue: bearing 8. percent coupon interest 'would prove. suficiently attractive: to assure its-oversuBscl-ziqfiq . Tf assured: that such\an dssue . would'be a success -3t is undertood :in circle close to the French government 1th such a rate would 'be paid. . < Missourt-Pacifi : > : It will be recalled, that; this, company. underwent quite a 'drastle reorganization [in: the latter 1016, In the: follow- Ing year it showed quite: substantial earn- tags' on ity now a' bal- ance after' fixed charges,; and allowing for preferred dividends, of ‘nlgout 614 per- cent on «the common stock. - ..> In 1048, 'the'firat year ~under-govern- ment control, 'the: company 'a little better than: broke even on its rental, showlng 'a balance of $1,888,000, as-againit arental from: thb. Government ;plus other income of $1,851,000; ', In - 1919, - however, 'the government rental,; plus, the (company's other income, called for (a total of §4,- 241,000... The company not; only: failed to earn this, but; . showed a . deficit of the road's operation: cost the government something over $10,000,000. 'So far 'in 2020, the 'carnings, . like those , of «most western systems, ; have . shown Jarge 're- cuperation. - In. *April;, . spite... of ,a . gaint :in {gross ' of' $100,000, / there' was, 'a deficlt' in. net of £900,000,. as* against..a: surplus of $885,000, in the. previous year, Never- theless; {n' the first five>months of \the year, gross: \earnings wore. $44,167,850, against $84,000,488 \ the: net, after taxes and.. rents, :081,708,. as againat malls\ $507,840\ 'u\ 'the same period. for ' £0 A uten iJ Like rearly ,all railroads, the Missouri-Pacific. has negopted. the exten sion, of. the: government~guarantee for- si months, so that it} will not' on its own feet.. «By-that time, it fs to be ezaptced it will ' have réceived suffit clent rate, increases: to 'enablerit to? too strong! 'a 'position;>/its bondednin- debtedness:-fs rather stop- kink-$225,- 00,000-against a total atock capitalizat tion at par' of. $154,000,000.\ Its 'current Mabilitics 'at the close. of 1919 exceeded current assets by nearly $7,000,000; It] is evidently golig to have use for all its surplus earnings' for some time' to come, Nevertheless, 'here is a property of over 7,000 miles, 'In 'one of the' most- ratadly gtowing sections of the country, that lins ab:times-shown-good earning. power, and with' rates determined ona proper valu- ation should, presumably, do so again. From a speculative investment: stand- £19an gexhnps‘lm mort\ attractive security. 8 the ercent preferred. stock selling around: .42. - The dividend: Is- cumulative from: Sune 30, 1018, but none. haver been paid so that there are now two. yeats'. of 10 percent accumulated dividends.. . The stock was fsstied in reorganization chicfly n exchange for \junior 'and. divisional bonds.. The . government < rental; plus other- income dn 1939, would: equal just about 5 percent on this issue. . | > *~. While it may 'be: some time before the comflany is in-a position to disburse any- thing to the- preferred. shareholders, If there is to be the future to railroad 'secur- ites that many are: exepcting, thore is a prospect. iw' this Issue of. large ultimate returns on the net investments; - ---_-s4pe___ CHICAGO GRAIN:AND CATTLE © Chicago, July 10-Corn ' maintained 'a strong tore to the fast and tha finish, was near'the best prices for the day, 'The {angular the market was not so much the buying as the lack of essite and the opinion vmmcflg’ipfim short lines have not been.disturbed. Prices el 11mm? with corn 41 to a¥e higher. Cats finished 3 to 3Hc above yesterday's «lose and frwlslnna Tere stronger as m whole. July potk and ribs were the ex« co E115m; being , . under s- . WHBAT-No. 5 hand em spring, $275, “eggs—{rm 2 mixed, $1614} No. 2 ¥YE-No, 2 M. - flXgL3L Mounted. summed 235m? seed, PORK-Neminal. Lard, $19.10. ribs, $1650 aim. ' aso: sued io best seromas lio. hands weight stem @ to So higher; CATTLE-Recelpts 400; slow. VES-Receipts Job; $1 lower: 56009 'The American Soret ReSampg hes shared {EM cfic_mdfle§. 'Receits would Tike to see the « mwfié‘m pisramnen fas trae, .- f Teti. said 'that a new loan offered at 8 'per- | 000,000.-the bonds would |. nearly $6,000,000, o that in \that. year [EOS a-fair margin over, interest requirements, [ . Financially, the company is not in any | FINANCIAL WRITER ._ ~ > soz ols [* (Special to 'The Argita.) | (| New York, July 11.-Money, labor and Infitences, public: participation. In forthe\ banks must py strong - position. for. th Labor, stows ' noticeabl We realize that this. stator irgument,' as? thero: are\ so dispos situation, but It_Is-also to Be remembered | foun m.} reckless spending, There'ts no lon sentiment: In \this\ respect: has, undergone o. 1s \thoroughly. to be desired, t. so must lesson the: demand for ods, particularly: those 'which can at all classed:as luxuries.. < - > . have hada correspondin a portation, but the .muzfi‘c§§§mfl filfih still exist 'In this\respect are seen: by the necessity of- having to- divert cars that should stet he' coal business,. \Tt 1s take' the equipmentcompanies: ut least a i| full year to, straighten out 'this situation, and it. seems. hardly {possible: that there the: fall -demarid» sets in,: In other words, this situation\ls' likely. to be worse before It Ia -botter.\ «« § tu , Wage'and-rate incrgases,, while no doubt equitable as' a.. matter: of, adjustment - to levels; re conting at an un- fortunate time as the tendency 'will. be to use theso .as 'an 'exclise-. for- increaslig prices: an f Inc It -will also. excite-labor tor that has not excited a great deal of\ comment,\ but is steadily mate- #lalizing. as, a.-constructive «Influence, 1s thes crops. ~. The would - seems to Indicate - that - with. the : exception of ithe cotté ' te. will-bo a. yory satlafac: loultural yleld: for this The outlook. in: this respect \has deeldedly; im- over- what (t. ouples of months ago. |.. ! .+. melba n ahin - \he Prealdentlal nominations Tave. been i sand ' the - conservative: character, of both- nominees \eliminates -any-.danger. of radical agltation.-from thl 1 \We the political factor will, have-ery mich. influence «on, the' markets.... We «do prices « < ere (As 'a disposition to look for, a letting. down. in- taxes;... operating« the. government unque boming Bl 10 16. to to pruning. {On) thei thi 71s. e mm‘gm ered? thud within the' next \ three t. seven: the 'first of September that dts 'squarely | pense 'the..ned tincipal, . ds collections:gan ports for: the second:\dustter of 'the year will shortly be' forthcoming. . 'Theso wilt reflect :the Jabor-and strikes difficulties 95, the «spring: months andwe. fear will hardly: be, a\ stimulatingnfl moles __ The market has: broken' out. the rit In'which-it has been for six weeks. on the upward:: sido; no' doubt, \beén'' mulch: Improved 'by: the spring: recession and six woeks: of dullness. \We - connot\-but. feel . that «advantage ils [being.taken 'of ifhis. 1t Is not. at all un- likely' to go' somewhat further, but we still belleve' that a. ' readjustment perlod;« all the ;, influences . aro against extended. movement... ' 7-. * .--DIRECTORY \ - BANKS. Mechanics and Farmers' Bank STATE con. sames, ._ FINANCIAL 0 c: ~ LIBERTY ,- BONDS - $85\ to ($95 ' SOLD on INSTALL -_ _MENTS Recklaw, Trask & Co., Inc. | INVESTME'T BANKERS Main 3983 * TEN EXCK BLDG, ALBANY, NY. - \ While you're away: you'll want to keep in touch with the & HAVE THE arCGUs FOLLOW YOU. . ~~ 'ON GENERAL MARKET transportation [continue 'the dominating The money. situation 'shows |- little: Improvement} of. 'the. New: Yorle banks, It Is true, has shown, a falt\ gain In tho last two weeks, but this |, |H tlong, biit. the general consensus of opinion seems to be. that mppllcations are» more' \' numerous and therofe-n somewhat greater | - o. do a day's work for n day's |\ down: Inmany lined of busi- have\ its. effect 'on<labor |. 6 r: lin 'Greater production. per -.. capito, will ultimately» Tead, to a; sounder the Iniflation.of the /lnst year any doubt that public elded change. . Elimination: of |. The somewhat 'betfer labor conditions |, fised' for 'the' transportation\ of |. _ und: to [~> - can be any material' Improvement ' before | 't0 undo some ofthe good that |- The. expenses. of, years.proviston . must..ba.. maid... for -the . de Nip mctirany 5 % technical position ht?“ Capital, $250,000; Surglus,$1,000,007\ AWaasktogton : Irriog & © \Hendrick Runson' .; Week Days lik 1+ -, .. Newbu Melt, Accente '.. Charging One D: hac. (patos J Bunday) end N W, And Bt.: Desbrossen' Bt.\ Hietween Albany & /: Outings: {Albany 'to (Hud Polti. > & ¥Leave: ALBANY: for NEW ¥0 *. Operating on' Destight. Baring \Fime $:10 a. m. Sundi #0 meme o, 8. maging at Catal Kington \« d -I ®. Bo BLD NQOBlg- waren\ + \BHobert 10\ - West. Polnt \except York, Y), - 120th 86, MD Tel. diain s 107 - wh ME UDSON: RIVER tam Daily Sailings From Albany 9 P. N \\ and 11 P.M. -. Photic Main 214 domest! Wan COAL C0 ew Elevators and Pockets Gant, Agieas : ag | < t. albesr: (daylight ,> <...>; ~. Due New York 6 o'clock following morn- ing. Direct-rail' connections: to all points. , Mxpresy Freight Serylce. Autos C IN NAVIGATIO Carried, > ComPANY a> , fifiehefil‘.‘ :C 489 \ Mistablished 1883; \78 Him: St; - ontractors 1 \ i‘r’yflMngqns ‘iyfl Clank}: not,. however, . at. all regard, it' as being ob Work Our atty Rocio ar ne ney peng iud ood Tork One Specialty o that 1908, | - rame find 1918, 'all years of strongly Helng Furnished ore all years' of strongly . ns fei PLUMBING, HEATING ~Ma Prices.\ Get Ove, Prices Before Buying approved with slight prerented - 'must bo-. 8 are! no 'cha the treaty, 2 \In an | :Grab made, repre \effort\ to- ol iRussia. 'resentation Poland's 1 peace 'alme «the\ gre qitestion \m hrrangeme) ~ joing\ comi fand Danzl .relected by f Nations The con 7.80. o'elge gn. the ; Hollowingit for reparal \:Prosenting FATA = -\ Bucce i:. (Comed: i'-Matinees: jevery oven! om, 50¢ .. 60K; ars: ston, will' be received .. b they will. be furnished. by the posal. of fifty. percen - tlon. Nos, and ork: office of. the tecture, Room: 615, ing, and at Dated, July 1, 1920. NRL filmy. any, 25 Kongo is hereby Fit street, & N. % % day of, June, 190, a bany County Clerics on, wil Jof 31 of . lawn avenue, ons ninety-one west of where said “still; Intersects sald no x line to Tect; thence [ * LEGAL NOTICES.*~ OTICE TO CONTRACTORS -- Sealed \ * proposals for Construction Work and Floor ; Coverings, . Conservation + Commin« 'Granf 'Building, .Aibanys .N. Public Bulldings, Executive Capitol, Albany; - N.. %... untll..2 p.. m. on Wednesday, July: 14/ 19%, 'when ublicly opened. and Propobals shall be enclosedin an envelo State A rnd addressed, and shall be accompanied by a certified. check: in the sum rof five percent (§) of, the amount of the, pro- The contractors.. to ' whom. the , awards fre mhde will be required to fur- nish surety 'company bor t (B06e) 'of the amount of contract within thirty\ offcial: notice of award -of: contract in accordance with: theiterms of hpecifica- reserved to reject any or all bids, Ings, spéciteations. and (blank of roposal may be consulted at. the New g’ Il!.'>el;|aafl.\'nent 'of Archl= j al the Department of Architec» ture, Capitol: Albany, -N. «¥. specifications and blank forms of proposal; if may -be obtained at the Department of Architecture, Capitol,\ Albany, reasonable*notlco to and In the of the State. Architect, I F.. ° Capitol.. Albany, N. T. CB. 10. CREDITORS-Eet Aung M. Nolan-By order of E Surrogate of (th asil S ' given; necording to Taw to ail persons having'claims or i against Anna M. Nolan, late of the City ; of Albany, in said County, are required to: exhibit the 'same, the vouchers In support thereof, the. subscriber, the executors: of sald d ceased, at their place of tra 3 ness, as much executors at the law offic of Innis] J; Nolan, No. '13 North 10th day of November, next. > >- 12 , +., this ist. day. of\ THOMAS F. NOLAN, JAMES J, NOLAN. UEREME .COURT, D. Levy,. Plafnt, Frederitk C. Rics'and others, -In pursuance and by virtue ment of foreclosure and sale In the above entitled 'action, y, N. Y. 12 o'clock In _safd nds , Ward of the City of Albany, N..Y., bound- ed and described as follows, viz. Beet ning at a point In the north line of Wad hundred ninety-nine and one hundredths - (9) $1300) the westerly line Ontario street line of Ontario stree erly line of Woodlawn avenue; and running thence. g parallel with the 5 new”? Tine ton, eighty (R) feet ence a Tine *with the Ro the Trustees | of .ofclocl¢' read. rchitect; vualfi d An the. sum +(20). days . after . and The .. right -Is raws of Records bulld« Drawings, N, \C. upon \discretion Pilcher, / e. (County emands deceased, that to 'de» g.busi- . e Pearl on or before the As Executors. Albany County, agal of a daly granted on the\ I fece ..or the Piefteenth ifndo Mechanica §?p{m.‘ 11; :Rtenogran Sheet met Weedsmen day. men Farmhand ..\ dairy «ar Carpenter, 'AVagon wa Cabinot i - Builders' m «.o Of Cites Teanister' Auto prin Auto cectr «Cook, mm »Marvled wi ! ~. 'pnlace ne Rritklaver Plumber, i nfer. in Ranferk! Kl Plasterers, * Junior dra m ® op to =r ~Etrand b (_ Ing trad 'Offire elorh * Painter an Kitchen wo Shinnar. Einholstere Plumbers EXPE! . [ERF BOILER +/. ~ BDA ; TEND Also fin E i
