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Washington Post, The (Newspaper) - July 20, 1913, Washington, District Of Columbia THE WASHINGTON POST: SUNDAY, JULY 20, 3 NEW HAVEN ADVANCES WALL STREET GOSSIP MONEY MARKET RULES imilTIEB ACT ASSAILED. Profit Taking Sends General List Down Slightly. MONEY OFFEBEJ) KOBE FEEBLY Wall Street Looks for Cash From Ger- many Because of Conditions ia Berlin. Oil Shares Continue to Exhibit Weak- Statement's Showing Not So Good as Had Been Predicted. Specltl to The Washington Post, New York, July of the weekly arrival of South African gold at IjOndon on Monda.; will be- watched with an unusual degree of interest If, as was balance of the United States is shown to bo or only fcelow the famous balance of 1908, when imports were heavily reduced and exports were stimulated to the utmost Yet with all ff.il uilUVUCll Ut-fc U t J.iftCt'O'' J-i-i T. the ease last Mondaj, tha cnt.re amount j this enormous credit balance the countrj taken b> the Bank of England with- out the BanK of making bid allowed of gold to go out, and tbero is the promise of more. Ofc for aportlon of the sentiment with- the Invisible disbursements of regard to the "Si position 1 people of this country into foieign hands will be considerable Cheered For -llcn are ery much larger than they arc Ken- it will be felt that the cortti.ienta: ,ank- held to be or the selling of Amur New Tork, July more impor- tant -speculative stocks fell back today from the higher level reached yesterday It was what traders called a natural re- action, euch as is the usual aftermath of an important movement. Speculators took profits on long stock, and the effect of this selling was increased by renewed short offerings. (Steel. Amalgamated, the Harriman stocks, and Canadian Pacific fell back about a point each. In spite ol this movement the market showed no appearance of weakness. Most of the etandajrd investment held their gains. New Haven Up Two New Haven moved widely, this time advancing two points. The move- rnents of the stoclt since announcement of President Mellen's resignation have been erratic, and traders -were unable to as to the bearing of the latest de- velopments in the road's affairs upon stock market values. The petroleum stocks exhibited further weakness. California Petroleum dropped to 183-4, a new low record, Mexican troleum lost a. point, and ttoen enjoyed a. temporary boom on the strength of rumor of favorable dividend action, it rose 31-2 above the day's low, but later fell back nearly to the previous cloae. American Tobacco was exceptionally heavy, Us loss amounting to over points. The bank statement failed to make good a showing as had been 'predicted Instead of the cash forecast, actual tabla disclosed a loss of more than More Money Offered. More time money was beinK offered, to- day and 90-day funds were easiar. com- mercial dullness in Germany wag ed in easier time money In the market, where 90-day loans were nuoteo at 4 9-4 per cent. Should this condition continue, considerable Carman rawey may be offered here It thought at more attractive rates than those prevail- ing In this market, the bond market was steady. Total sales, par value, 000 United States 2s registered and coupon, United States 4s registered and coupon, and Panama 3s declined 1-4 on call on the week, and United States 3s coupon 1-2. NEW YORK BOND MARKET. yew York. July 19 Allls-Chalmers 1st American Agricultural American Tel and Tel. cv. American Tobacco 6s........... Armour and Co. 4 Ha........... Atchison gen. 4s............... Atehlson cv. 4s Atchisoncr. 5s................ Atlantic Ctaast lAne 1st Baltimore and Ohio Baltimore and Ohio 3 Brooklyn Transit cv. Central of Georgia 5s....... Central Leather Bs Chfeapeake and Ohio 4 Hs...... Chesapeake and Ohio Chicago and Alton B. and, joint to position 13 finallv in sufficiently com- fortable rape o warrant A lessoning the litfiil scramble for Kold which has been groins; on abroad er the past frix months Up to last Monda v thcic was not a week the opening of May in which the Bank of Germany did not secure a greater or less portion of the weekly supplies of new African gold laid down at London In a measure, the eagerness with which tfte Berlin bank drew upon this new African gold matched that with Tvhnh the Bank of France drew upon New York's supply of the metal. There ia a very strong, Impression that the general advance in the market, and the in the 'Harriman shares in par- ticular, is preliminary to the setting of a price on the Southern Paulflc stock to be old by the trust company. With South- rn Pacific around 91, as it was a few days go, it would have been necessary to offer t between K and 88 to attract any buyers. f it should get up to 95 in the open mar- :et a. price of 90 for subscription would ppear more like a bargain. There Is still a very good arbitrage proflt between the rights and the sales of clocks. In the foreign trade statement for the seal year ended with June the credit Colorado arid Sou. ref. and tab. Delaware and Hudson Denver and Rio vet. distillers Erie prior Uen Erie pen 4s.......................... Srie cv. [ffinois Central 1st ref. [nttrborougb-Met. Inter. Merc. Marina Japan 4V4s........................... Ctty Southern Us.-........ e Shore deb. te and Nashville un. 4s........ Mteouri. KftO- and Texas 1st Missouri, Kan aod Texas gen. Missouri Pacific Mteouri Pacific conv. 5s............... Rational RTS of Mexico 4Ms-.......... New York Central pen. avis............ New Yort Central deb. 4s. 83 739" T8 JlUrM. N.Y.N.H.. and Hartford Norfolk and Western 4s........ jg H. Norfolk and Western CT-4s............ JS5-, Northern Pacifle 4s Northern Paclflc Oregon Short Una rfdg. 4s.. Penn. CT. Perm con. 4s......................... Reading gen. 4s....................... Bt. Louis and San Fran, Hf. Bt. Louis and San Fran. gen. 9s........ St. Lotus Southwestern con. 4s...... i. Seaboard Air Line adj. Ss............. Southern Pacific col. is................ Bout hern Pacific cv. Southern Pacific K. R. UOref. 4s....... Southern Railway 5s.................. Southern Railway gen. Union Pacific 4s..................... Union Pacific cr. 4s._____............. Union Pacific 1st and ref. 4s............ U. 8. Rubber 6s...................... U. 8. Steel 2d 5e.................... Virginia-Car. Chemical 3s............. Wabash 1st and ext. 4s................ Western Md. 4s.. 96 69 60 77 MM Sttl 91 99 91 49 H Westinghouse Electric cv. 8s per backet: pon per basket: waUrroelons, each' aearbr, 7uO1.00 per box; cabbagct, 1.S5 Xew Tork, 3uly week's revival U, the flock market had its main incen- tive in the easing of the money market in London It is a general financial opinion that the extent and the duration of the stock market recovery will de- pend, for the present, on the permanence of the relief from money strain indicat- ed by the course of the week's discount market in London. Some of the factors which brought the relief are obviously temporary. As doubt remains over the more permanent effect, speculative hesi- tation continues. eatisfaetion of the Berlin demand for gold on London marks the apparent completion of the work of recuperation In which the Imperial Bank of Germany has been engaged, allows the diver- sion of arriving South African Sold into the Bank of England's supply. The -Bank Of France continues its work of recupera- tion by further drafts on New York's supply. This Paris demand also may be near to satisfaction, and it does not preclude the hope that financial markets thay be on the eve of enjoying the bene- fits of the conversation and preparation which have been going on In the banking world. Liquidation Stage Completed. The liquidating: phase of this prepara- tion evidently ended some time The stagre ot restriction of new credits, still In force, is only slightly modified by the new turn of affairs in Ixmdon. Moderate sums were placed In time loans in New York this week for London Under the circumstanced, the future course of foreign money markets baa a more than usually direct bearing; not only on the action of the New York etock nrnrfcet, but on the Interest rates to be paid at interior markets for holdlnr and movinsr the crops and for mercantile uses. Back of that stands the much- stinted requirement for capital outlay, which has halted new enterprise. How far the Iron and steel trade Is to- expand beyond the upkeep requirements, to which it is at present confined, de- pends on the extent of the release of funds for new enterprises, In the opinion of trade authorities. That condition is an index of the whole Industrial and com- mercial situation. The Balkan settlement, the extent of trade reaction in Germany, 'the revenue deficit In France, and the placing of European loans for military purposes are matters of immediate Im- portance to would-be borrowers In the United States. Lower Rates Now Due. The London Economist points out that a period of high Bank of England rates a usually followed by a. period of low ones, owing precisely to the effect of re- striction of credits forced by the high rates, such as the world is now seeing- The stock market, previous to the mid- week revival, showed a series of days rarely paralleled for consecutive dullness. The agreement to arbitrate the Eastern railroads dispute helped the revival, and the threat ot a Hitch "helped to check it. The imposing showing of the country's foreign trade for the fiscal year was helpful factor. Hot weather In the torn belt was not liked, as a prosperous har- vest is much relied on to clear the Inancial horizon. Developments in the Mexican and Japanese questions are watched with solicitude'. So is the slow progress of the tariff bill. To such of these developments as are unfavorable, the stock market showed a power of re- sistance as impressive as was the re- sponse to strengthening influences. RANGE OF LOCAL SECURITIES. The following table, compiled by W. B, Hibbs Co., gives the sales of the active securities on the Washington Stock Ex- change for the year up to and including July 18, showing the opening, high, low and closlqg prices: Southern Pacific Railroad Fights State Jurisdiction of Loans. San Francisco, July right of any single State to regulate the power of an interstate corporation to raise funds for disbursement in various States -nas attacked today by the Southern Pacific Railroad Company, in a suit fl'ed here in the United States court. The companj seelts an injunction re- straining the California railroad commis- sion from asserting Jurisdiction over a contemplated issue of equipment ti'Jbt certificates aggregating 000, to be raited in Xew York and spent in several Wet-tern States The complaint contends thnt If the right Is granted to anv one State to de- clare securities issued without the approval of that State's delegated agent, such right must be conceded to all States, Such a condition, it is held, would set up a conflict of authority which would make impossible any plan of finance satisfac- tory to all commission1? Specifically the suit is aimed at the Cal- ifornia public utilities act, but announce- ment is made that a similar attack be flled tomorrow against the Arizona act, which is identical. Tn the Arisona suit, however, a issue of two- year notes, already approved by the Cali- fornia commission, is the basis for ac- tion. DIVISION DRILLS SHOW FAULTS IN ARMY, SAYS GEN. EDWARDS Rapid Mobilization Compared With 1911, He Writes Senator Need for States Less Prepared for War Than Other Countries, He Declares. do 1' ft ,rci i Brig. Gen Oarcnce K tdwaid- t mast be corre-ted a wide discussion a few dKo program of fitre OHX i, declaring thdt school hisluncs of tlic and tmo for the KKUII.I- UnUed States liad misreprpsented and Irt for ccTnipietc .cai ,inj misled the people, had Riven j tiie usual Inspecllo the Impiession tn.it all wars had been one T urress after another for American i tUe bi .gade roopN .inU concealed tha facts about the j IP going to learn n nprepAred condition of the troops, "j-, oppoi tunitj than anx oihtr of offliera by Uik ot tra nlng. 'Tin- nret probleir norkeo mt nd ignoring tho disastert and defoate. attack of an afctui.nd IT ?n oss of life and cost m mono, caused bj The great of i t.e i .1 if icadmcss lo. r-s a Ma.tr- f. FJBRIGHTIN6 SHOPS BUSY Improvement in Steel Demand Ex- tends to Rails and Pipe. BALTIMORE MARKETS. Baltimore, July spot No. 1 red, oentraet, W4. nominal No. S white. 46O4BU: No. 2 Western export, Chtckena, aptlng, per Ib., orer S 10, do per Ib., 1H 2 Ibs-. 20: per Ib.. toder 1V4 Ibs.. 1S0U; do., old hens, per Ib., 4 Ibs. and over, 18; do., old heua, per Ib., small to mediam. old and ttais, per Ib., 10911; ducks, old Mascovr moncrel, per Ib do., sprloj. per Ib 3 Ibs. over, IS; do., per Ib., small, poor, 12Q Pennsylvania, and nearby Ants, off, doion, 20. Western firsts. Ions ofl, per doien. 20, West Virginia arsti, loss oft, dosea, 19920, Southern nrtti. loss off, per dozen, fancy, per Ib choice, eer Ib.. 26927; do good, per Ib., do prints, per Ib., do., blocks, per Ib 27028, Istdles per Ib.. 219-2, Maryland and Pennsylva- nia rolls, per Ib 19920, Ohio rolls, per Ib., 199 West Virginia rolls, per Ib 19910. store- per Ib., Maryland. Virginia, and T'emuylYSnU dairy prints, per Ib SO, process but- ter, per Ib., PHILADELPHIA MARKETS. Philadelphia, July and un- changed. and unchanged. FGCS--Firm and nnchanged. Steadj and unchanged. No. J natural, local, nii. and unchanged. lower fowls, sprin? CBlcKens. firm anfl uQchangcd Southern per bbl.. HEW YORK MARKET. New Yo-k, July on call nominal, no loins Time loans steadv 4igt'j per pent 90 5 six Sigd', Prime mcr ontlle paper S per tent S e-img Haags fi-m with actual b in ba ikc-s' b lib at 4 'or SO s and t rtc'nand Com m? 'la b lls r.i- "ibr- Mctu-n Railroad MeAdi ______ FRUIT Cantaloupes, per trau. peaches, per crate, blaok- Iterrtes, C912 per quart; California oranges, 6 T.W per box, Florida oraisgos. 6.5097.50 per boi- lenions, 7.0098.00 per box; pineapples, 8.0093 GO per crate, Florida grapefruit, 0097 00 per box ap- ples, per bbl.; cherries, per quart WaekberrleB. duart; black raspberries It 9K per ouart; raspberries, per quart clipped, 20981.- H YORK PRODUCE. New Tork, July and un- changed: receipts, tubs. and unchanged; receipts, boles; no exports. and unchanged; receipts, eases. weak; chickens. Western broilers, 20; fowls, IS; 16. Dressed firm, fresh killed 'WeBtera chickens, !39t1; fowls, 13V4: turkejs. 13. FtOVJWQulet. Steady. Firm. Steady CUT MEATS Steady. LARD Quiet: refined steadv, compound Una. COTTONSEED Steady, prime summer low, 9.10, July, ft.10; September, 9.12; December, 6.J2. PBTROIjBU Steady SUGAR Raw steaOy; muscovado, centrif- ugal, 357. molasses, 282. Refined quiet. COFFEE Staadler, Rio No. 7, 9li, Samoa No. Mild coffee dull; Cordova, Steady Southern red, bbl, 2.12. Quiet and unchanged. Unchanged. _ NEW YORK GRAIN. New York, July Spot Irregular No 2 red, 94'4 c. I. basis, July ship meat, and 94% f. o. b. afloat to arrive, No. 1 Northern. Duluth, 1 OOty f. o b. afloat. Futures were easier early on favorable reports from the Northwest, where the crep was said to be far advanced to be damaged by rust, but re- gained part of the loss on covering, closing at Bales. I 71 reorg't'n. Gag 5s. IHlgal Low [Close WaBh. Gas os..... Cap. T. R. R. Sa. Ana. Potom. 5s Sub. 5s...i Colura. R. R- 6s 13.0W Colutn. R. R. 6s.. Metro, R. R. 6s.. W. Rys. E. 4a.. Po. Bloc. Cons. Elec. Lt. Be. P. Tel. 6s.... W. M. C. Stor. 100 105 104% 100 N. W. St'b't. 105 Rigsrs K. 5s (Iff.) R. 103 Capital Traction- 4.STS W. Ry. E. pfd. W. Ry. B. com N. W. Steamb't Washington Gas. 12 Georgetown Gas. 126 Eastern L. F.. Linotype... Mono.. 142 Am. Nat. Bank... 10 Capital Nat. Bk.. 15 9S7! 35 Colum. Nat. Bh. Com. Nat. Bank. Dls. Nat. Bank... M. Nat. Bk. 168 Line. Nat. Bank. Metro. Nat. Banft205 10 Rigga Nat. Bank. Nat. Bk.. Nat. Bk. of W.. 338 Am. S.ec Trust 315 64 Nat. T... Union Trust SS Wash. L. T.... U, 8. Trust 319 100 Citizens Sav. Bk. t Union Savlnps.... 46 EZ. W. Bank. MO Arlington P. Ins. 5 Firemen's F. Ins. F. Ins.. 88% Nat. Union F. Ina 32 Potomac F. Ins.. 120 Colum. Title Ins.. 20Chapin-Sacks 1 3-10 Grapho. com... 2 2-10 Grapho. pM 2 Security Storage. Federal Bank. 182 Continental Trutet 04 09% 10 .01 .04% 110% 106 104 111 101 104% 104 86 103 106V4 101% 103 100 105 126 S8 202 85% 96 120 218 90 173 330 263 206 147 250 152 126 92% 94% 203% 95 5S5 845 270 139 240 14JW4143 21 S46 20 265 1 30 161 40 76 205 140 107% 98 01 100 LOO 104 82 100 104% 100 104 103 220 90 173 224 252 207 147 250 152 206 600 162% 245 316 270 139 240 114% 87V4 84 198 96 111 21 846 16 16H 20 265 7 30 6% 161 40 75 205 140 118% 116 07 09 98 10U4 00 100% 165 100 105% 100 104 102 101% 89 200 92 IOTA 111 209% 213 no 220 262 195 145 250 152 200 6SS 160 236 300 266 134% 299 136 30% 346 15% 18% 20 265 6 29% 6% 160 40 75 205 135 Pig Iron Sales Larger, but Irfiwer Prices. Export Orders An More En- couraging. New York, July Improvement in the Btecl trade last week 'wax moat evident In steel-bunding work, contracts being secured by the fabricating sbopa aggregating Railroad orders, too. were eomffwiat better. Steel continued active, and specifications on contracts for all products jrere larger. being estimated at 60 per cent of full mill capacity. Export orders -wero more (inoouraglng. Including tons of for Brazil, and tons of foundry pig iron for Australia, while tons of structural work for South America, Cuba, and Japan ara under negotiation. A more ample aupply of steel is now available tor all the finishing mills in the Pittsburgh district, and tin plate mills Increased operations in consequence, al- t. ough sheet, tin .plate, and wire mills reported small current orders. Specifi- cations for these lighter products are none too large, and there ia probability that wire prices will be reduced some. Competition for sheet orders has brought still lower prices. Specifications on steel bar contracts were heavy, and larger rolling schedules for sheets and structu- ral shapes were encouraging, The largest structural orders Included tons for the Michigan Boulevard building at Chicago, and tons for the Bethlehem Steel Company's open hearth furnace building. The American Bridge Company, it is undeiatood, will furnish tons for the American Roll- ing Mill buildings at Lebanon. The shift- ing of the contract for the de- partment stores building at Cleveland was also a feature of interest, bat only about tons of this is new business far as records are concerned, Trade in pig iron was more satisfactory as far as tonnage about tons in all districts, including export but prices in present mil ell brlow oui absurdH small surrngth practk-allv occupies 1 1-- the road -without and 2 miles Hs transportation and arrny the in the cri'io i inif, Tho best of these hip> n w 5- i th.u this what T have pu rt> portunity, was the tils' 1 me ibr-, had to make practical use of i ing and modify the theoretical to t> real contact with tho nun who had been continiiillv at the pract'ca at beneficial to them as was the thooiri cal Knowledge beneficial to the men. who had not left their regiments Recreation at Galveston. "The division commander, of the good hird work, gave the brlgrade authority to march Galveston and enjoy the surf bathing and the. hospitality of the charming city. We went over under field conditions, stn-yed in "dog1 which did not keep us from having a brigade ball to rr- turn the courtesies of Galvestoniani1 Everybodv had a delightful time, and marched bark In six hours, starting at 7 o'clock on a night march of 18 miles Tt was after pay day. not a mar. had en to be warned by They madr a fine, record "Our baseball schedule takes in everv daj of the polo and other eports are swimming and fishing even.' day. "All this brigade needs is some soldiers. The peace strength is too small. really, to train officers, and, without a reserve, to be effective in war. and we strength tuioe this distance tliat, even in the attack formation its depth, with the various t-upporis and reserves Is 1 1-4 miles It was a real problem presenting lessons that cannot be learned by book or by lecture however brilliant be the gen- eral, -without the actual handling in peace time, of the unite of Ins com- mand Upon my word my dear sena- tor, the lack of surh practical knowledge on the part of brigade commanders and their subordinate commanders mav amount to at least a. disastrous loss of lives -when one stops to think of the possible functions' of this tactical unit, the brigade "These problems were followed by eth- ers of the same nature, and then came those of the outpost, tha convoy, ad- vance guard rear guard, of the care :tnd transportation of the wounded, and, last and least, those of the defense. Each problem was followed by a critic, generally on the ground, which amount- ed to a conference in which everybody participated, and where our deficiencies and difficulties were unanimously admit- ted, with the common decision to cor- rect them. For Instance, it was tound that -we did not understand the use ofi many recruits. This ia an opportun- mounted fifteen pairs _ of lty Wrlere the command should be at war strength, and plant at work at 1U full capacitj', without training men In drib- eyes and ears that are so essential when properly used tiy a regiment of Infantry Much attention was paid to these scouts lelg anrl r.hMr use dividing them up for __, interest. "I must NEW YORK COTTON, New Tort, 19 bet eastern belt, with ot record-beeakln temperatures IB georgla, o4used further nerrous ness Over the new crop outlook la cotton mar ket this moraine, an 4 prices niafle new big ground for the movement. Trading ac- tive, and there was moderate realizing for orer tho week-end, put offerings readily taken by ehorts, fresh buyers for long account, or tirade and tho close wan flnn, at a net ad- rance of 1 to S points. The ruling of the cables diif not Indicate any particular apprehension of new crop damage abroad, as Liverpool futures were a shade lower than due on the New York close of yesterday. Increased demand In the English spot market, bowerer. made tho showing a falrir steady one. Closing Open. High, Low. bid. 13.17 12.21 12.17 J2.21 AUfflMrt.......... 12.12 12.15 12.18 18.14 September...... 11-83 11.84 11.84 October.......... 11-60 11.65 11.67 11.64 December....... 11.54 11.57 11.48 11.66 January......... 11.46 11.49 11.47 11.48 March........... 11.53 11.67 11.80 11.68 unchanged to net decline, tember. December, 97H- July. S9H; Sep- steady, export, noml- 9al, f. o b afloat steadj THE METAL MARKET. York Jul-v metal markets were dull and practlcallv nominal Lake copper, 14 17t4 electrolytic, casting. It 00014 25 ciuliii- >o t Southern and So 1 Southern fo'l, 1.) 30 GOVERNMENT BONDS. WASHINGTON CATTLE MARKET. Pitting: per Ib 4 e. per lo., X. S i efundmg I' S refunding -N V S 3--. d L t tip t n OIL QUOTATIONS. Oil 33. aroraje Ohio, Julv 1' Woos-er. 1 SI .Sorth jiua 1 M, South Lima iad ladnni, 1 31. bat wagons with which we have not )eti been supplied aie road% "Sumultaneousb with th.s furnishing of supplies came the rfal mobilization i Battalions joined office) s of the same regriment were introduced to one another, the brigade comniamler had to r-roWemp f get acquainted witn tlie colonels ,incl other officers of hi-, commano -one of the MMh bricjn r-bsential tilings of rompftrnt mo- Knowledge that mji be ei-I sentidl to '.UTPJS In artual -varf-iie. "Thib went upon tin prim i ft how we misnt lie tailed Khou'c] he taken lo atte.nui tilings ilia; oui i'O-nr matnn-. flid not do, nppo: tuint-v of Hi" t ainiiiff of t ,i bi paclt to t re P g 11 .A i afti i lu es that .1 t w Th x iriioii alb been out lated inimnK fu'rf tin n probablj ou d problem- inu1 11 10 do at Ia Us- i- Loa ife In- o-k j nds L-uugbt ;