Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-07-01

GENERAL CHEMICAL
AND COAL PRODUCTS UP
Rumely Shares Weak on Reor-
ganization Plan--Foreigners
Sold Stocks and Bonds.

NEw YORK, July lit was left to =
e., stocks to furnish the strong spots in
tbe market today; otherwise conditions
,,..re unsettled with prices generally
to1,er. The torpedoing of the Armenian
sss restraining influence at the open
tre and this was responsible for some
selling. Liquidation, however, was
nrlncpalIy by room traders and there
Was no rush to sell, demonstrating that
sctual holdings were not disturbed, and
tbsra was some commission house buy
Inc ON the recession. resulting In firmer
to1a before midday. The principal
fsature was the small amount OF business
dope trading being llkened to a day in
midsummer.
oneratlons were largely OF an evening
,,,, character. as no one cared to carry
snv large amount of stocks over the hol-
Az While the governors decided to
tssn the exchange open on saturday
many traders made preparations to leave
town for triple holiday. Lhat no
serious complications will arise from the
sinking Of the Armenian was the general
haIIef. and this was strengthened by the
announcement that the vessel was en-
gagged in British Admiralty work
Several items of favorable marketwise
news came out during the day, more
largely good railroad earnings than any
thing else. The May report of tho New
York Central came up to all expectations
an increase in both gross and net being
shown. and Central stock, after an early
sayging tendency. became strong. Penn
svlvania and Erie showed up well, as did
several other smaller roads. Another
encouraging item was the report that the
untitled tonnage statement OF the steer
CORPORATION, to bo given out on the 10th,
would show an increase OF approximately
100000 tons in June over May. The Lack
nwanna Coal Company declared an extra
dividend of so per cent, this action being
taken in carrying out the Supreme
Courts decision that the coal company
must not be associated with the railroad
company. While the cotton acreage, re-
ported by the Department of Agriculture
today, was smaller, the condition was
good, and was about as expected
signs of Improvement were shown after
noon, but any advance was checked tenn
porarily at least by the appearance of
foreign selling, which was heavy in both
stocks and bonds More transactions
were recorded in stocks on the sellers
Is 20 and 30 basis than for some time
past. This liquidation kept the market
in an irregular rut throughout the after
noon. All in all, trading was of a very
llstless character, and few commission
houses seemed to have orders. For the
most part, price movements were mar
row and the leading issues exhibited
only trifiing changes
Weakness in Rumely shares attracted
some attention, the common dropping
nearly 2 and the preferred over 4 points,
following the announcement of the re-
organization plan, which calls for an
assessment of $40 on the common and SIT
on the preferred shares, which is ex-
pected to raise a working capital Of 81
100000 Stock in the new corporation will
be given shareholders, but the stock will
be scaled down materially.
Among the few stocks which were
strong were Miami Copper, which moved
UP 2Is points before noon as the result
of an Increase in the dividend from so
to 20 cents for the quarter.
A leap of 20 points in General Chemical
and an advance of over s points in Ameri-
can Coal Products furnished the features
In the late trading
Temporary receipts of the new New
York City ~ per cent. bonds were ad-
fnitted to the list, and dealings in them
wers the feature in the bond division.
si1l,000 changing hands In the first two
hours. They opened at 101A and later
went TO 101H about the same as transac-
tlons have been carried on on the Curb.
BY o'clock a total of s240,000 had been
sold.