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JSV'JSOTktGF (PUBLIC tfeEDGER-PHnJ
a m
, dr
A
L5-
8
A. Survey of
Conditions
throughout the world
emphasizes the com
parative strength of
1 this nation and the un
rivaled opportunities
awaiting American
business men who have
the courage to act
when world affairs arc
being readjusted.
It is obvious that some
corporations have un
usual opportunities for
expanding their opera
tions and increasing
their profits. The se
curities of several cor
porations of this kind
arc explained in our
investment List No
E-42, which we will be
glad to send on request.
Ghandixr Company
Franklin Bank Bid-.
Philadelphia
Nnr York Boatoa
tie
9 r
- B Wrt I ii , a a.! i ii ' ' '""' ' ! - d- Vj ,, j. J , t jj.-afj
JVEPVS OF 77 FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK
CROSS CURRENTS PRODUCE
VIOLENTPRICE MOVEMENTS
If ihlrst Trailing Witnessed on Nctv York Stock Exchange for
) ears Difficult to Execute Orders
NEW YORK STOCK SALES
rrvtou
elosa
is or me
Present Market
i
The current low quo
tations of hccuritict.
today afford the in
vestor the opportu
nity of making sound
investments at an at
tractive yield with
the possibility of se
curing the benefit of
a rise in prices which
conditions indicate
as impending.
We are equipped to
advise you in the
choice of your securi
ties and will send a
special letter on the
investment situation
upon request for
4-K.
DUNHAM & IB
ps lnvulmmt Securities l
fv ork, fci-pt 1 Today' market
wan Iirmilv rharurd with rros cur
rent Thrf developed with surprising
if not alarming rapidity immediately
folloulnjf the oponltiK, producing wide
and nt intervals violent cvrations in
price inoeineuti The entire forenoon
was marked bv the wildest trading
witnessed on the floor of exchange in
a nutnlier of jears The radical and
feverish reversals of the tnarket trend
provoked nn end of onfnion, makiuc
execution of orders c-jtrciiicl difficult
This confusing and excited surface
appearance of the maiket gnvo everv
evidence of n xlgorous contest for con
trol with the strength of the contesting
forces about cqualh dludcd It might
be Biimined up as a battle of the big
sunbleis lnnllcicnts it was a ninrkc t
for the little fellow to let srnoush
alone. VuthiBjr in the overnight de
eIopmnts or morning news, nor mi -thing
in the general situation could nc
lotint tor the highlv cnnlii; perform
anee 'I lie trend was at all times cn
tireh governed h teehuical influences
The signal for the hippodrome ni
parenth was gnen in the pressure
I which suddenlv developed ngaiust t'ru
cible Stent although some observers
peclally among the recent active sptcu
lativo leaders. Kxtrcrac reactions
ranged from 2 to 5 points and over
among all the popular industrial issues.
There were quick rallies running
apj where from one to over five points,
the shorts evidently taking advantage
of slump to reduce the outstanding
lines The advantaga of bears nt the
same time proved only temporary, as
those on the constructive side immedi
ately started to bolster up the market
In concentrating attention in the mo
tors, shipping and other specialties
In these selected issues achames from
1! to over ! points were scored while
'the recent active favorites were find
i ing a common- level
The uplifting of these specialties
served to stabilise the general list for
n time Or perhaps it may he better
I tii say to divert attention from the un
settled conditions in other parts of the
list
Motoi, ami kindred specialties dom
mated the mixed trading at middav
Cii.indlcr made an extreme gain of "2
points, ticncra! Motors rallied ." mid
Kc stone Tire 7, Crucible and Baldwin
lecov eiing .! to 0 poititt. American
Woolen reacted sharply on announce
. limned tin root f the upheaval wasHnent ot me increased iiiiiunm
furnished in the wide open break in
hcetone 'lire ('indole Steel, after
iipiniug oei points lower at 10-'.
made n startling dowuward plunge to
J77 before the decline could be ar
rested Hnlduiii follow id w itli an al-iim
ing drop fnnn 1TJ In 12". 'i 'I hcc wide
open bulks nntiirnlh prompted heavj
selling in oihei parts of the list es
The railroad shares onic more came
in only for secondiiiv consideration.
With the exception of Atchison and
New York (. entral the group was in
dined to be heavj.
More substantial progress was made
in the hnal hour on the greater case of
mone , oils and motors sconng tl most
extensive gain.
Hlfh
42 -111
4'J
7a
4.
-2it
."IJi
8S
40Jt'
03W
07
98H
48
114
5R
S,le
I DO Adamanx
1800 Aiirtumley 41
100 AdHum p. 72
900 AJax rtub 02'
S00 AJajtnrts 4M
400 Alaska J.. 2M
3700 Alaska O. 3H
COO AmBSug., 87W
10800 AlChMfg.. 44l
100 AlChalpf. 00J
1000 AmAgCr.. Mi
200 Am A C pf . mi
300 AmBkN .. 44
400 AmBoshc.114
MOO Am Can.. SO',
7000 AmCarFy.l3fi
400 A Cot Oil. 67
1&00 AmDruirS. ll!s
0600 Am Hili. 34M
2CO0 AmllLpf.
400 Am Ice...
19200 Amlnt ..
300 ALInseeil.
300 Am Un pf
21700 Amljoco. .
2100 AmEmelt.
1300 ASteelFy.
100 AmSPnf
1400 AmSugar. 129V,
135tX) AmSuTob. 0l?t
300 AmSumnf 93
2300 ATel&Tol 101JJ 101J,
200 AmTob. .223 22 o
I.OIT ClOM
43 43
41 4l2f
72 72
91 92
AM 4H
2H 2H
2H 3H
87 87
45Ji iSU
03H 03H
05! 00J1
97M 97H
44JI 45
113 113
56 60U
138'i 134H 130
C7J. 67i 57
UH 11
3?N 35
126H 120'f 12S
, 49 mt 47)4
08' 101
74! t 75
07
!!
79
41i
96
131
00
9'
97
97W
, 7SJ4
41h
Oft'-j
11H
37H
129M
47M
102M
74!1
97
90
78
40'
90
128H 12SH
S7 87
pi 94
99Jt' 100H
225 225
100
74! S
97
95)i
7S
402
90
1100 AmTpnewlOOVj 100.V lOOU 100J1
9S0O AmWool 122 13
000 Am Wt'pf OOW C0t
1100 AmZlnc. . 243 23
4000 Anaconda. 70'x 70W
400 ADryOds. 51 6414
1000 AT&Sr... 91 92
200 AtT&SFpr M)i 1H
11
59
23
G9W
5-1 W
9051
81
2800 AtG&WL. I00i 104f 160
300 AtBir&A . 12 115 UH
127500 Baldl-oco 129U 132 122
700 Balt&O.. 42)i 42K 41U
2200 Barrett ..132U 130M 131
2(K BethfJtl. S0i 05 05'
31000 BethStlB 96'4 9fAi 01'i
1400 BoothP... IS'j 18'a 1'
3400 BknRT . 25 25K 24Ti
200 BurnsBro 1",9 138 lic'i
300 Butrckfot 31 31rJ 31'j
1100 ButteZlnc 1 -i 12'-3 H
PRICE M0VEW1ENTS OIL GROUP FAVORED
HIGHLY 1RREGULARIN TRADING ON CURB;
i
of Oil-Land Leasing
I
1100
700
2900
100
700
too
ButteSup
CaddocJ.
CalPetm
Cairet pf
CanPac
CcrteedP
47 '-2
83
27
31'-$
48
Kl'i
io'iH 153
41 41H
90!
50
, 51
68
200
20
34
47
S3'i
151'i
41'
1045 1003i
50
nn
Ml
271
57'
42' i
90
125
Wall Street Considers the Gen- Passage
eral Situation Outlook a
Highly Promising
Bill Gives Impetus to
Business
PUBLIC IS STILL CAUTIOUS
43 Exchange Place
New Yorlcl
stnik sale-. tocU on the New lork
l.xrliiiige. .ls (-(implied by. the Exciting
sun. totaled 1,001.800 shares.
An Analytii of
Pacific Gas
and
Electric Co.
A Prosperous
Public Utility Company
For the past fue years, in
cluding a period of war and
high operating coits, earn
ings averaged $7.G2 a share
on the common stock. Pres
ent earnings estimated at
the rate of 11 per annum,
or over twice the present
S annual dividend rate.
Circular AI1-S sent uion recj .
A. A. Housman CS, Co.
f Nw York Stock Exchange.
Nw York Cotton rich
N Y Cotter i Suttr Eicb
New York Produce Exch.
Clxlcaro Board oX Trade.
Aioclat Nembera of
Liverpool Cotton Assn.
20 Broad Street, New York
Branch Office -5 West 33d St.
N Tork Citj
Ubertr Bulldinr. Phila.
Members
OVERLAND TIRE STRONG.
r
Sprues 31-J
Canadian
Municipal Bonds
Bought Sold Quoted
FINCKE, BANGERT 5c CO.
Franklin Uuik Hide ,
BOSTON
Philadelphia
NM YORK
$50 ?100
LIBERTY BONDS
DODCU'r AND SOLD
Biddle & Henry
iI04 SOUTH FIFTH STREET
ICcmfeer Fblladtlphla Stock Eiehaax
$25,000
Joplin Union Depot 1st 42t, 1940
New orli. Sept 1 '1 he New York
IVeiiitiB Suns doting financial review
toclav sas
Price movements were highlv irregu
lar in toda"s icr; lieh Mock market
ind tiading was of a mixed character.
When some nmhitious groups and in
diiiriiial shares were ielnc with each
other ii
MifTcrinr from niotjou
sun- It was clear that most ot me
husincs transiitecl had the prolit taU
ing impulse behind it wlmh b- ii.itur.tl
enough in view of the lolent upturn
jesterdav
'Ihin impulse i seized upon h the
bear traders, but apparcntlj the had
to reckon throughout with the large
number of sold -out bulls who were
standing bv awaiting a faorntlo oppor
tunity to get back into the market.
Some ot the bulls took their profits
cstcrdav. but as many were left out of
the game altogether on Wednesday and
were, indeed quite taken b sui prise
bv the scope and violence and quick
scene-fchifting of the last hour, ac
corcfingly thc were much in the posi
tion of an eagei obsenei who wanted
to get into the game
The significant feature about all this
is that sentiment in Wall street, what
eei it mny be in the rest of the cnun
trv, favorHthe view that in weighing all
the factois which are operative in our
economic position, the outlook for rea
sonahly earlv pence readjustment and
the temporary siiNpension of laboi dis
turbance, there is more to be slid foi
nrnsncritr and well being thnu against.
This feeling runs like a golden thread '"" bu;i
ii.winirh Hie market fabric and gives 1 1 ak Torpedo Boat
'the -horts scant surcease from exacting
'vigilance. Assurance trnm the rnlrond
shopmen that there will be no strike
for the present dc-pite a large majnriM
I vote in favor of striking was n cae m
I M.ni ns much is epiteil from the
steel workers Hvervthmg mdicites that
a truce Iui3 been declared and truces
almost invariably lead to settlement.
New mk. Sept. I California and
Wvoming oil stocks were the features of
the trading on the Broad Street Curb
this morning on the announcement that
tlic Semite had passed the Oil Land
Leasing Hill Midwest Refining was
traded in from ITS to 1 anil nnen
Transport opened with an advance to
72'. and. after reacting to 0078. ral
lledto 71 Salt Creek Producers made
a gain of - points, to ."SLj.
Columbia (iraphophone was one of
. .. . . 1. 1.- .. J.. ..An nf tl.n mxifltnl Iil,
racing lorwarcl. oiners wercine Mrmin in'- " i"- hi-..T-... im
need beai picn being trailed in nt -V.i to ,.ti -(.
Marconi of America was active aim
strong, selling at 0 to OV4 Overland
'lire vva also stroug, ranging from -0
to 'Jl There was a vij?orouR demand
foi Tobieco l'loducts Kxports, which
iiih anted from .10',i to J! C.eneral
Vsphalt opened at S-JK... but was in
suunh and declined to St American
118
60)i
64U
01
81
160
tl'
122)i
414
131
0o'
93'.
ISh
MMi
137'4
Tl'a
12H
J6'
of
I7'i
ST j
l.V.
4I1
102',
:o 1
M I
G0'4,
.)7'-,
12', I
rt 1
125
21W
43'i
60
25t
62
J42
4o
71
f.
4b'i
or,
21
54.
li'i
9."'4
11
63'j
ft)
05' i
10
1'revloua
8,,M . e0e Hluli lyiw Cloe
. 1300 Slosa-3h.. ot 06K 6S'f 00)
, 0900 SoPac. . . . 102 102) 101 101H
700 Sothnlly. 'jsjj j 26' I 25i
400 Sothltypf. 03 fl2Ji C2H 02M
2000 StrombdC. COM 70M 08 08M
R00 do rta.. i UH 10H 10'i
46600 Studebkr..H4) 120W 111K 120
1600 StutiMot. 117K 118K 115 116"f
1100 TC&Chem. 13U 13W 135J 13M
2700 ToxaaCo..202 268 203M 207
8400 TeaaPao.. 52 S2!, ROii SOW
6300 TobProd., 07K 101H 7 101M
39200 Trans Oil. 63J, 66"f &3H 66H
200 UnBagap. 00 80J, S3 SOW
1600 Union Pao 123J 124 122M 122(
100 UnPaopf.. 00 69 69 69
2200 UnAIloy. 635 64 63 83
2600 USlndA!..128M 130M 127 127
4900 USC1P....32K 34H 32M 33k
300 USCtPpf . . 06W 68M 67J 08j
200 UnClrSt.,201 200 199 200
100 UnDlprt. 62)f 62U 62)i 52
100 USErp. . . 27 27!i 27 27
2O0 USFood... 81 83!f 81 H S2
200 UnPrult..lS2U 184 183H 183H
900 USRAlm . 44 46' 46 46
3b400 UnRetS... 89Ji 9i 0054 94U
10100 UnUSrts UK 12 tlW 11X
7000 Ufl Hub. . .120 129M 126K 127M
1.W0 USS&R 1. 07h 67Ja' 07i 67
100 USSARp.. 484 48W 48M 48M
92500 USSteeL.-lO?1! 107M lOflh 10fl
1300 USSteelp.HSW llfiH 116 lift
18J0 UtahCop.. 87't' 8SJ 86i 87H
900 Va-CarC. 83 W ! S.1H 83M
mo va-uarpr.ii3H H'
1U0 ValC&C... 01 60
2100 wabaah... 10H 11
200 WabpA. . 3th
.'00 WabpfB.. 20
200 WeatAB . 1 IB
OSOO West E&M 6fijj
12
a
68
Jo00 WesUtd.
600 WMd2pf.
100 Wells r.
300 WeatPac
100 West Pp
27400 Wlieell.n.
iOOO W&LUp.. aHi
3100 Whltellot 021J
'1800 WUlyOv. . 34K
.'00 WlllyOvp. 94J
4Q0 Wilson 83H
700 do rts .
JI0J Worth P 77IJ
100 Worth pB. 77!
81
tux
3Hi
203
IT)
67)i
131J
23t
58
22H
5J
10
26J-4
6t
35U
95
SJ'
2'.
78) 1
77
114
00
10J,
31W
20J
116
65H
12)i
23
68
22
63
12J,
22
62'
34!4
0ft
1
j
70
77
114
CO
11
31M
Z0JI
116
C5J
1.TI
23H
63
22
63
16
2fl
03
3U
96
blii
VI
70
77
Ship and Commerce Fold at -7-i
to
etna sold at flTs to 10Vi
marine Itont sold at 1BB to 1"''j
dian Packing was stcadj and
declining to 2!l. advnuced to ",2
lied Packing sold at ."0",s to GlHi
lNnlSTKHM.S
Veliia bxploalvei"
Vmer Marconi
IlifI t -.cHrs
m Urn MfB
Am Ship 4 Com
Air Ittluctlon
c anadlan Car Co
Cin c ar Td pref
Carbon Steel
Carve, lool
l-halmrs .VIotorfl
c hrolt Motors
fw f-nla . . .
I i olonlvl Tire
c ramp
CurtMa Aeroplane
Tmeraon l-lionosraph
Kail -Clznal
tie) den Chun
Huod Motors
inter rronucia
Sub-In-
nfter
Al-
Bi I t l.l
10' IO'-j 10li
o. n'i ou
5H ..
J cl
IT 17 '1
r.7 .1
'. ii
'.111 1(10
110 uf.
10",
"ta'i
H
I lid
T
S'l
111.
Inn
3'l'4
IS
Inn
I"
17-500 CenLthr
3W0 CdePaaco oo'i o
000 CenFdj . 61 .12
100 CcnFdv p 68 GOJ-j
H00 Cliandlei 200 282
KM) C lies&Oh. 57 67Ji
100 CCC&'-tl. 11 42U
200 Chl&VW 96 96h
inn riW nf.l24'i 125
inn ChIG Wnf ' 21i 24W
3200 CM&StP. 44U 4U; 4J'ti
900 CMStPp . G6'S Ofi'-j 6'i
400 C'niP ...25t 25t. 2.Vi
200 CRlPJ'o. 62U 02V, 02
1700 ChlllCop.. 24la 4i 24
1100 ChlnoCop. Ai'A 453J l'i
700 CalPack.. 71 71'a 70'
300 CluettP 10S S3 hi
800 ColFI. .. 405t' 48 10
2200 ColG&E... 64i AU 0J
600 CoItSouth 24 21 2 J
100 ComTAR..63 54 54
3000 ContCdy.. ll!i 12h ll'-i
.100 Con Gaa..95'4 90 951j
S50 ConCallan 10 19'a 1S'
200 ConClear. SI 635 02'
20100 CornPrd.. S9J 90W S7i
24CO ConCan... 0JH 96T P
on-.nn r-ninsiti ..1941s 102 177
a 100 CnicStlp. 103 104'i 104Ti lOCi
100 C A S pf . . 100 105 10". 10.
1500 CubaCane 33)i STA 325-1
1,00 CubaCpf. 79M 70i 79
100 DelHudsn.lOR 108 'OS
2S00 DenRGrp 18'J 1SH l7'-j
U'OO DomeM . 13H 14J 13H
t00 UlkHornl' 37'i 37 3655
incvi KndlcottJ.107'i 1095i 108
200 KndicottplOl 104)1 104J4 101s
100 .Ere ... lli'i ItiJi 10 i-
700 Ile 1 pf . 20 2d 2"tM
200 t'airbanka. 77 78 70
PIOO TaP-Lsky 104'i 107J4 105
1(1 KedM&SDf 33 33?i 32
700 KisherBdy 96)s t'OH
1800 risk llpb. . 44' t 4S.'-i
1030 IVeeprtT. .OS 61H
700 GastonW. 31U 31Ji
2800 GenCIfar. 81H e3
400 GenUlec 172 173
SOrV) Gen Mot 245 24 5W
200 GenMotP 91 91 1
TIKI GenU deb 50 86W 85
7S M"i iti'i
88 88Ji 7',
451a' 45J 45
52H 48 t2'4
00 02 0(1
63H 4 -02
88 88 88
945 i 94' i 94' i
b") 03 02
OH 0J. 0
19 19 19
jb:
83
lolhl sal 74 100 nhariii lompared
. with 1 MB.tOO shares vesterdav thus far
this wek 4 185 700 shares samo period
Mast rtk 11190.100 share"
Philadelphia Stocks
32a
79Jf
108
1TH
4ii
3 OH
10S
5H
78
105
JMi
90
44K
0
31 M
S3'(
170
18X) Goodrich
8X) Gt.Vorpf
3300 GVOre
100 GreeneC. .
'J00 GulfShtl..
.'SOfl Hsk&Bkr.
100 Hartman
100 Illinois C
3200 Infpira ..
700 InlerC'on,
200 InterC pf.
:;j0 IntAgCh.
3i IntAitC'p.
1100 Harvester. 130
'IJ&Ki Int MerM 57J-J
20 AmStorcs
05(1 AmShlp&O
.3 Am Gas .
200 Amll&L
5 BalLocpf.
200 BrRT
10 Brill .1G
20 CubaCS
10 (Tamlron
0781 EleeStor
425 GenAsph
100 KenCop
960 LakeSuC
140 Leh.Vav
105 IehlghV .
2 Mlnehlll
491 PRR. .
25 PhlCcupf..
090 PhllaHl.. .
205 PnTtrcfa ,
60 Readlncr
HO TonopBcl
10 Un Trac .
5.1 UGI
25 USAlcoliol
1525 USSteel
Hllth Mvr C!o
32
37'4
Tut
35'i
104
-4 i
59
32'n
10'
99' i
82
32
30'i
55
354
101
24T
69
32' J
40J
98
804
eu
49! i
5Hi
43!a
34
Net
chge
- H
rl'i
!
22
08-j
40'
. Sl'i
4.t;
34i
25)-.
25! 2)'
80 80JS
. 3"i .V.i
. 3)i 3SH
09 68i
,129't' 129' 129!f15i
107.'i 100)i 106-l
Net chanK made by comparison with
last sale on New York Stock LjchAiise
32
37 V
65
35'i"
101
24",
64 :
32h-
40k H
98K1
SI tH
37Jf
22 -f-08K
19'ti-i- H
51H
4Ti
31 -
25',-- ,
2V
S0J4- i
3 J 4- )
3S!a H
1,9 -
New, York Bonds
Total siles 12 PfiO shares conip ired vvilh
BOSri sharps esterdav thus far this
SO "iftl shares seme period last weeU
shares
w eV
."J 21.4
81'
138
C1X
96
44't
SO
31
79-4
170
12.3UH 240' i
91
80
78)f
88H
45H
43
62
04
88
94M
C2)i
0
19
27
82) i
IIOM)!
Sales In
J 1000 Illch
1 AniGtE Es -55
I00Ain Gas &. K 5
I BalLoo 1st 5s
LakeSup ino S3
tow Clo
6 S.
85 85 S5
101 101 101
09)i 09)i 09' ,-.
Vet
chca
-l.'t
-Ui
3 t-ehVal'oalBs.l00). 100)i 100'i-
1 LehVal cons Cs 101 101. 101 - 't
t ThValgen it.. 72.'i 72K 72)M 1
lJ'jLibBrisSdUs 92 0") 92 00 02 90-74
2 LlhBcls4tli4Us03 28 91 '20 01 28-02
2 Victory 4 t ... 99 54 00 54 09 5404
8 1'h 1-iKl 1st 5s 94 93i 93'4-l
1 spanAml Ss . 100'a lOOJa 100'.
Odd lots
Total sales J29 1100 compired with $8100
vpstinla thus far this week, J108 -inu
same pr!od last week J1V, 450
Gnariinteed by
Atcniion, Topeka & Sacta Fe R. R.,
Trlre on upplleatlnn
etc.
1 attic-h ( Ofll SatPS
1 ll,h McV i Llbbv
I Ima lioco
Martin larrv
V Shlpbulldlns
, s Paper Pulp
I Sorlh Mner I'hp l'ulp
II 'tis Klevator
"li Steel
Peerless Motot
Perfection T ft R
i Philip Morris
I Poole Ens
I Pressman Tire
c. . .1 , S? V
rVin, troot is n so leeilllg wii'-r over vo d Ohio
the Cummins ra.l.oad bill, not because , inpsth
UUL
Ki
ll 4"
1'.
11
"I,
'
2a
21
in
72
3 s
Pi
4 .
Ill,
,11
C7
12HI
I
214
... j
I'tl
4', I
K!J.
134H 135
57 69!i
118 110W
20"i 27
67'a 68
05 05
10f 10X
MCowitrCo.
roenst 8104 Land Title Bldg. KaCft 414
Are Your
LIBERTY HOLDINGS
TAX EXEMPT?
Consult the Ubertr Calculator,
bend for Circular F-l.
Liberty Calculator Co.
1418 Broadway. New York Cltr
fo.
(f
lV
H111 ;
r
JULIAN S. SIMSOHN
An Organization of
CHEMICAL ENGINEERS
Foi- Technical Operation of Power Plants
Water Purification Coal Analyses
Combustion
S. E. Cor. Broad and Girard Ave.
'? tio Channo In Refined Sugars
-- N'eitf Yorb. RA. 4-a.T,nni,n,A....,-
i Jf ij. a made today by th Federal Sugar
i "v ' wi Jlinuiit Company that, haring disposed
- wii. i. ..... . . .
'Clw Hcptcmber production of refined
ujar, tho company was temporarily
Vltlidrawn from the market. The posi-
1 i(on of other refiners was unchanged,
iipno ot thein nccentins new bu&iuras
Vrlett are, unrhanged nt tic, lew - per
W 'cnt for cash for line granulated. Haws
also are unchanged at 7.2Sc for 00-de-'"
jr centrifujals .
it has n KinsJ 101 us in.,.i.u-
beeause it forms a basis, tor diseussion
which should liad to a measure that
will solve the lailroad problem.
Thus while the market itselt w as holly
governed by the teehnical (onditiong
within it and was spott and uncer
tain in its moiementu, the professional
traders weie perforce influenced by the
underljing stionetb which they could
ill afford to ignore
As for the public .t learned its les
son in the upturn earlier in the jear
and it is not pi( pared to rush in nt
even .-.lfiiial foi an ndante, noi is it
disposed to enter tho lists when prices
are nt the top There in, in other
words, les impure and more calcula
tion The list was firm at the opening, but
the taking ot profits began earlj, when
Crucible Steel dropped 15 points
from the initial price and Ilaldnin more
than S points Iloth made some re
covery, but in tiair-neant'U tasnion me
oils were pressed down most of tue time,
although Mexican Petroleum and t'un-
American Petroleum came back in good
form on publication of favor&ble re
ports for 1918. Kelly Springfield Tire,
United States Itubbei, Chandler Motor,
United Itetail Stores. Htudebaker and
the Marines and Leathers were ery
strong. On the other hand, Keystone
Tire, General Motor and American
Woolen, among others, were pushed
down. The rails, with one or two ex
ceptions, such as Atchison and New
York Central, were heavy. Liberty Zt
per cent bonds again sold nt par.
t
n
140
4T
11.
11
5-1
143
.10
M.indanl Motors
steel Alloyi
Submarine lloat
Hwieta ot Amirlci
Swift International
Todd Shlpbulldlnc
Trlanile Pllm
ttnlt.il Motors
t'nited Troflt Shsrltic
U -lleamsnip . -:i -.
World Kllm . a '
WrttM-Mjrtlnp
Illinois 15 l
Ohio jn .;;S
Prnlrle, IMpj r" r
S 8 0 N " T ?
h o or N V " 00
H IMIt.rBMlENT OIIA
Allen O
1.1200 IntAlMnf 11VS 1211
r090 IntNickel. 27W 27J-J
210O IntPaper. . 58:S 69
100 JowelTpf. 0"i 05
kh KinfSo.. 19 10'a
9100 KelljSpT. 133H 141H 134U 1 10JJ
ci()0 Kel&p8"i,pl05 106 105 105
11)1) Kennecot. 37' j .18 J '-
1.(8)9 KeystneT. G5J4 00 53
23JJ LackStl... 82X r4'i b3
D) LeeTlre... 30W 31H .11
100 LehlRhV.. 4'JH 49J 49J,
100 LlsiMT 220 220 220
100 LoosoW . 70 72' 72
700 Lortllard. 215 217 215
200 JUnShlrt. 30 3H 30
7100 MatMot.. 50M C2vi 19h
2000 MaxM 1 P. 7
2000 MaxM 2 p. 3b
.100 MayDpS..10O
2000 Mejcl'et...l92!
3JU MlamlC... 2SH
7900 MldvStl... H
106 MHtLnew. 17U
700 MontPow 63!.'
aiOO MK&Tex.. lli'i
la-i
'i'i
48H
37
Extra by Grasselll Chemical
New York, Sept. 4. The Grasselll
Chemical Company declared the regular
quarterlj dividends of l'J per cent on
the common and l'ii per cent on tho
preferred stock and also an extra divi
dend of one half of 1 per tent on tbe
common stock. All dividends are pay
able September SO.
tiosion wo oil
Presr s
Colden & Co
Kile llaaln
Inter Petroleum
Island Oil 1
Olenrock Oil . .
Homo Oil
Houston Oil
Merrill Oil
ret Tetrol
Mldwt Oil
Chin Fuel
Omar Oil & Oaa
Sapulpa Hetlnlnir
Sequoyah
SHU Transport
Sinclair
Mnclalr Gulf
Southwest Oil
Untted OH
81
-i.
10'.
l
3IU
7'
'
Sot.
10-S
J4.
I'i
160
21
6
71-.
57U
',74
-.1
m
M1MM1 STOCKS
Alaika B C M
rutta New York
Boston Montana
CPU Jirome
Con Arlaona ..
First National
Fortuna Tons
Coldfleld Cons
GoldAeld Kewanaa
Goldfleld Mera-ir
Oreen MeVi81"
Heela Ml"1"?
Howe Bound
Irdependem-e Iad
Jerome Verde .
Jim Butler
Jumbo Extension
Mama. ,OvVr
Mother la .-,;.
Mines Co ft America.
National Tin
Nevada Illlla
Vevada Wonder
Nlplsslna .
nay Harculea .
San Toy
Tonopah Eat .
t'nlted Verde
West End Con
White tP
:
78.
15
1
:n
"s
, 4Z
. 40
, 'i
, 4
, 3
. 10
II
2H
40
Id
St
s
11'.
- ,
I'.
Jll'
r7
58,
.7
1'.
!
71
11
ai'
300
100
1400
1000
400
400
100
40
IK
2I
nnsns
rosden OH 6 10
Cceden Co . . 101
Iltljjlan Oovt BH., ,.,... 40
WisslanQovt '. .... S
4'i
r,
i.'
411
48
Vi
4
0
m4
i?H
-i
41
11
la
101
104
44
IS
is
.5
'l
1,'.
17
A
6'4
lOli
2?l
la
500 MKlTp .
150 MoPaciflo.
400 MoPaopf.
2J0 NitAcme.
NatAnll.
NatC&C
XalH&S..
NatLead.,
NrAirBr.
NYCent ..
NYDocU. .
100 NYDkpt..
, 1100 NYNHII..
400 NeCone..
200 North Am
1300 NortW. ..
100Nor&Wpf
890 NorPac. . .
200 NltyMSp.
300 clo rts..
4200 NoiaSc-Sl.
Oft'K) OhloCOas.
1C6X) OklaP&n
100 OntSUver.
00 PaoG.n. .
200 PacMall
lOh
70
SO
112'i
. 73 St
5ft
63
32't'
18U
58H
SI 76
42U' 39)
lOlh 100
lib lb'J
281t
55h
17
0-)i
15i
19
29! i
48M
37
18' i
17
79
81
HI
74h
tPj
02JJ
334
101."
67h
100H 100
70
t8
81.
54'i
10IJ
08U
4U
70
S9
7.
4j
S2Ji
55
ll'i
mi
0 Jn
41
"1700 PanAmPt.HOlJ 121
1300 PennUR.. AZH 44
S000 PaSeaStl.. UU 48
200 PeoQas... 331, 44
1200 PereM . 19 19VJ
300 PhllaCo...35M S5H
15000 PierceAr. . 56H ' 61
1400 PlerceOll. 22Jf 22H
1700 PItttCoal. 671
500 PltiWVa. 33i
200 Pond CO.. 18JJ
6800 PressSG.. 0J
900 PABugar. . 67Jf
300 Pullman,. 124
bOO nayCona.. 24f
3200 RyS Spr. , 100W
1000 lUadlnsr.. 80M
300 Itemlngtn. 74
5400 ItepSteel.. 95
20300 RoyDNY, . Q.Vi
100 BtJosI1 14.' a
1000 StL&SP. 19)f
300 StlSoW . 15
S00 StliSpf 25
1400 tiajonMot. 25
300 hhattuck., 16' 4'
1&300 SJniOR..i WM
23
C3i
17
64,'i
IX i
18
SS'i
47K
I5h
48H
164
70W
80
ll.i
74
0'4
62.'.
324
Wi
67) 3
100
70
o8)f
7'
4h
77)4
54Jf
10V,
H5i
CS
40H
37)
01
e3
31's
49)
220
72',
2I5J5
30
50
SOJj
42
101',
195VJ
2b'
53'
17
65
13'S
184
2851
47H
37
48),
17
78
81
HJ'f
74
6),
02J
32H
19)(
67)4
100
70
bSJ,
7',
4'4
82',
54),
10','
cs
40',
FINANCIAL BRIEFS
KSltiRham n. Moiris. president of the
On ard Trust Company was bacl. at
hit desk todaj after a month's acn
tion nt ln summer residence, nt Watch
Hill lllinde Island
K I' Slianbuctei, piesident of the
1 0111 th Stieet National Hank, is spend
int; a few weeks on ins farm in Mary
land
In tlic opinion r( seveial well-known
market incises, tho coppers and miRai
stocks seem to be oierdue foi a par
txipitinn 111 the tise in the current
inoeiiient
It was a morning of wild tiading in
the Vow York stock market, with the
price moements to confused that brok
ers attempting to quickly execute ordets
MiMnmed the hraiost losses noted since
the tunes of the heavy trndlne in war
Industrials. One broker havine an or
der to sell Crucible at 102 filled a bid
at 1S2 In mistake, and .similar inci
dents were noted all around the room.
It M Miller, Jr.. and I'rank La
Hold, assistant cashiers of the Federal
Reserve Hank of Philadelphia, are at
tending the convention of the Delaware
State Hankers' Association being held
today at Itchobotb. Del.
Tin Pan American Petroleum and
Transport Company, for the year ended
December SI, reports net profits after
all charges and taxes of 4,00(1,727.
fThis was equivalent after preferred
dividends to S5.58 on the ?3.r),354,200
common stock, as compared with S5.80
per share earned in the previous year
117i 119,'
43H 44
451,
43H
19
35U
6(1
21W
07),' CO),
Wi 31
19 IS''
05 9m
08 b7),
123) 122
24f 24
101 987,
807, 0
75 73Jj
00), 0."f
9CU 01K
I4li Mli
20 I9)i
15 15
25), 25
265, 24)i
16)( 15M
6i', t9M
45W
43.
19
35)4'
594'
22),
0fl),
34
18!
92
8
122
24'4
09
80
73',
IM
95'
14),
19),
15
25
25
15-,
IK's'
Net profits" of 50,090,441 after pie
ferred ditidends, equal to $14.13 n
share on the $40,012,000 common stock,
was shown in the annual report of the
Mexican Petroleum Company of Dela
ware for the year ended December 31.
This compared with ?10,23 earned on
the stock In the previous year
The Treasury Department has ad
vised the Federal Reserve Hank that it
has called for redemption on September
15 Treasury certificates known as
series 0 K, dated May 1, 1010, and
maturing October 7. The certificates
will be redeemed nt par and accrued in
terest, nnd after September 15 Interest
on the certificates v, III cease.
Armour & Co iA
1000 81
1000.. M
Am T & T clt
4000 - .
ah t & a p ny 4
4000 ?
0000...... 781f
Am Tel & Tel 6a
27000 J0J
6000 101U
2000 lnl'f
Amer T & T Ba
6000...... !
4000 m(
20000 R8M
26000 80M
6000 88U
Am T&T 4Vin
6000 H
Ann Arbor It It 4s
2000 65
Anglo-French 8
14000 97
1000...... 97 1
1000 97H
7000 97 1
4000 97H
2000...... 97
15000 07 I
1000 97H
1000 07X
1000 97 1
Am Smelt tSIi
12000 ... 85!a
1000... . 5M
1000 . 85
1000... .. 85M
1000. 8MB
A T & S P gen 4b
2000 761.'
Atl C I. 1st con 4s
2000 78
Arg Hep D Cs
1000 7-
Bait & Ohio rfg 6s
1000.. .. 72,
1000 . 72
Bait g. Ohio 4s
1000 70
6000 "n't
Beth Steel Si '16
6000 . S
Bait & Ohio cv
Bait H Ohio 3'4
1000. l&H
2000 73 J 4
10000 7Jh
Brklyn P. T 7s
2000 75V,'
Beth S Cor 6 ot 36
2000. SO
Chi H 4 Q
12000 9T
2000 P5'
5000 94
15000 94',
2000 . 95
Cltv ot Paris 6s
2000 26H
3000... 9B'5
2000 96W
16000 905 J
19000 . 00 11
Cltv of Bordeaux 63
2000 . 101H
Cent Leather us
1000 97K
.Cent Paclflo 1st
luuo . I
Ches & Oh cv 4V4s
2000 78M
Ches S. Ohio 4VJs
2000 73!f
1000... 74
Chi Gt Western 4s
1000 57)5
C M & St P Bs
0000 75
Chi & N W cm
1000 75
Chi It I & P fd
4000.. .. 08J,
7000.. .. 00
6000 . . C9't
3000 .. V
1000 fii
Chile Cop 6s 3d pd
1000 Wh
1000 90),
Chile Cooper 7s
4000 ... 119
Chile Copper 6s
7000 .. . 90'i
3000 . 90
5000 . 90'4
3000. . 90',
1000. .. OCh
Chi & Alton 3 Vis
6000... 3T
.5000... . 31J
1000 . .54
Chi West I It H 4s
1000 02K
Ches . Ohio cv Cs
1000. 80JX
1000 S6J,
4000 80
Cru Steel 5s
W300 82
Den & n G 4 1
3000 00'.
Dom oC Canada 26
5000 95
Dom Can 6s 1031
3000. 951
Den S. Itlo Gr Td
6000 .. .,9
Detrt Un r.s 4?s
1000. 71 '4
Detroit Tun I ',
1000 ... 1 7
Hrle gen lien
1000. 51 ,
1000 . 51J
Krle It R cv D
100O . 48' J
Urla It n cv B
5000.. 4I,
III Cent H R 5',s
1000 91'
Imp Jap Gov B 1st
5000 . M
Inter Agr Corp 3s
2000 s.t
Int Rap Tran fd
4000 0(1
Kan C & S P. 6s
1000 . 7. '4
Lis &. Myers To Co
1000 '10!,
Louis & N'ash 4s
2000 S2
1000 SJ
Manhattan Kiev 6s
15000.. .. 97
1000. 97
3000 . 1,7
1000.. 97
5000... 97
Mldvale S . O 6s
1000 87
Mor & Kssex 3l,s
2000. . . 70
Mo Kan & Tex 4s
6000 7J't
Mon Power 6s
1000 MO',
5000. 00'4'
2000. 10),
Nortli Pacific 3a
1000 57
Mo Pacific gen Is
NTNH41It
2000 0 J.
5000 flfi
1000 00
1000 eons
100O 00
N O Tex & Mex 6s
4000 6fiU
N Y O W 4
6000 40'
NY Telephone 4 Vis
1000 6
1000...... 8 )i
N Y Tele deb 6s
10000 09
2000 99
3000 99
1000 99
North Paclflo 4s
6000 77K
8000.. . 77!
Nor & Western 4s
1000... 40
1000 40
N&W cv 6s ro tf pd
1000.. . 104V
6;00 104W
4000.. ..104K
1000. . 10m;
Penna gen ii
R000 94
2000.. . 94
2000 94
Penna It It 6s
0000 92
10000. . 92
10000 . 92
o000 . . 92J,'
10 0. . . 92H
5000 93
2000 92M
11100 92X
Pierce OH 6s 1924
5000 104 U
6000 104i
2000. ...104'
2000 103'f
6000 lOVi
3000 10,
1000 105
6000 105
10000.. ..105
Reading 4s
2000 81
R I Ark & 1, 4Hs
100O 62
St L& SF 4seer A
l.iOO 584
1000 - 5S'i
5000 8','
2000 58W
5000 5S
St L S. S F Eg ser B
ELECTRIC STORAGE WAS
. CHIEF LOCAL ATTRACTION
1 ,
Opening Bulge on Doubling of Dividend Not Held General
List Was Little Changed
3 F
S F
7l'i
71 H
7I'S
71
lne
60',
son
50J
60b
50H
50
60
50,
adj
03'J
C3
MU
03K
6.3K
9000
1O000.
"lOOO
6000.
St L &
0000.
1000.
1000.
l.iOOO.
2000
3)00.
3000.
6000.
St L &
30u0..
3000. .
1000.
1000..
300ti..
St L & Srn 11R 2d
4000 6.3
St L & bm n R 6s
1000. ... 69
1000.. . 59
So Pao cv 4s
10000 82
1000 .. ..83
1000. . 83
10000 82h
So Tac cv 414
1000 74'4
So Pad cvt 6s
1000
1000.. .
1000
2000
6000...
3o Pao fd
South Rail
1000..
Southern Rwy 6s
1000. . .. S'li,
20U0 W,
5 00 S9,
Texas Co ct 6s
1000 102',
U K of G B & I '21
- ' 1
JL JL.JLmJLifUv)
Si
..103'i
.104
10.1''
. 103W
. 103(
4s
G4'a
1000.
1 00..
1000
1000
'1000.
3000..
5000
58i
95),
00
59) j
59h
59),
59) ,
1000 9S',
9000 Ob'i
34000.. .. U8,
21000.. . us;,
5000. . 99
200U 9S5,
1,0011 9SJ,
U K of G B i. I
5V4s 1937
2000 90 "
1000 951.
1000. 90
1000. 9'
1000.. 90
1000 96',
20U0... 0B
1000. . 95',
.200(1... . 95't
3000 37
U S Realty & I Ss
2000 "7
U S Rubber 6s
3000 S'J
3000 ,87
1000, "4
10000 VS7
1000....... 87
3000 87
4000 87
U S Steel Cs
2J00 IIM)
1000 . . 100
1000 100
1000... 100
1 1000 . . 99",
1000.. .100
1000 100V
5000 ..100',
1000 . 100)
4J00.,....100)'
5000 100k
Union Paclflo cv
1000. MJ
1000. 85
3000 845.
Union Pacific fd
1000... . 77;.
Union Paclflo 4s
1000 85
1000 81'i
2000 , 83',
Union Pacific t
1000.,.. .,104,',
1000.. . !0.'i,
Va Iron C i a 111
1000. .. MX
West Maryland 4s
1000 60't,
Wilson Co cv
1000 . . . 97',
1000.. 08
19000 98
5000 08
2000 97J,
1000 98
1000 98
2000. ... 9'g
.'U00 08
16U00. . IK
I W lson & Co 1st
! 2000 .... 98',
To some extent the stimulating ef
fect of the doubling of the Hlectrle Stor
age Battery dividend to an 8 per cent
per annum basis -was counterbalanced
by the unsettling Influence of the vio
lent fluctuations today In the New- York
market. Altogether the local market
stood up well against the unexpected
squalls which bit the bigger exchange.
There was naturally a slowing down of
operations ns n result ot cautiousness
tvhlch developed In all quarters, but the
effect, as far as prices were concerned,
was slight.
Interest in the initial dealings logi
cally centered nround Klectrlc Storage
Battery, as there was considerable di
versity of opinion atnong tbe local In
terests whether the recent bin rise In
tho stock had discounted the doubling
of tho dividend. . The action of the
board was generally commended, in that
It was believed the increased distribu
tion to the stockholders was fully war
ranted by tho rapidly mounting profits
01 tne company the last few years
About 15 per cent was earned on the
stock In 1917 nnd 24 ner cent in 1018.
Tn each of these two years 12 per cent
was snown after deduction of taxes
The company lias paid 4 per cent divi
dends since IfllO.
There was an active demand tot th
stock nt the outset with n quick ad
vance of over 2 points to OO'i. Profit" ,
taking in conjunction with the violent
upheaval In the New York market
caused a reaction to 08. The absence
of selling pressure brought n recovery
to Of), later the price fell back again
to 08.
TJie dealings In the general list were
without special feature of interest.
T.nke fftlnerlnr. xffhldi had been A n6"
tircable laggard since the publication l
of the annual report, found little mors
favor advahcing to 22. J. O. Brill on
small transactions was 2 points above,
the previous sale. General Asphalt
stnrtcd out iVi points higher, but
failed to hold the gain. Philadelphia
nieetrle una an V. better. Union
Traction Improved Vt. On the other1
hand, American Store yielded point
and American Ship fell nearly a point.
Philadelphia Company cumulative pr
ferred declined on thn rather po
showing made in tbe earning stats -ment.
. .-
A decline of 2 per cent in the Lake
Superior Income fis and 1 per csnt
in tho Philadelphia Electric 1st fis fur
nished the only noteworthy changes in
the bond division.
I 072.000000
40T.7M.OOO
n73jj,ooo Wzzmtk 4fflfflmMm.
1 wmz. mmzm mmmmzm
vi rey-i vrss.'A',. Y.z:',rs.:m;... ''.'.Mxirjrmsi!za
123084.000
15,769 000 E
IZ4.
IB)9 IS04 1909
1914
1017
Tke Investment Bekind
tike Motor Car
Capital invested by manufacturer of
Motor Cart, Bodies, Parts ard Ac
cessories was well over one and a
quarter billion dollars in the early
part of 1918.
What the last year added can only b
estimated.
The largest part of this invested
capital represents modern buildings,
machinery and equipment.
Wc ui be glad to furnish further
details regarding investment possi
bilities in the Automobile Industry.
MONTGOMERY & CO.
133 S. Fourth St.
Philadelphia
r
n lortK
CHICAGO
Flgurts furnltliii ej S'tlinniil AuttmoWe Cktmbtr if Cmmrt.
4 .
DIVIDENDS DECLARED
American Ciar . Company, quarterly! of
1"4 rir cent on preferrad. payaWa October,!
arterl:
1 to
txi stock of record Beptimber 15,
II T8 on preferred, payable Octo
Rlnaham Mines auarterly cf 23 cents, pay.
able September 80 to stock of record Sep-
Ealea'nd llluebell Iflnlnt Company a
dividend of flvtt centa per share, payable our
of reaerva for depletion as a return of
capital on September 30 to stock of record
September 1C, .
Ohio Cities Gas Company, quarterly of
1 2(1 a share on preferred., payable October
,lo atopic of record September IB.
Total sales 10 700 000 compared with
110,81.000 jeetertiay. thus far this week.
132,-m.OOO: same period last week. U8,
152,000. TODAVH RNT,K IN MIIEKTV ItONaS
Salei 0 Llbtrlv Bonds In tne Block hx
chanat carrv interest fo dale ot tale. J In
seller receive, Ifcat . In tercel. In addition (o
thn sale prla 0 Ihe tond. v
. . Illsh Ijw Closa
Liberty Hond 3V4s.. 100.00 09.P2 Wl.llrt
Libert Hond 1st 4s U4.(H D1.-10 04.C0
Liberty llond 2d 4s. 02.00 02.-70 1)2.70
Liberty Ud lst-4'As 04.08 04.50 04.00
Liberty lid 2d 4is. IL'I.OO 02.04 02.00
Liberty lid ilil 4Us. 111.00 04.80 01.00
IJbertj lid llh 4U 03.80 03.22 l).l.0
Vlcforj Note 3?4s, . OO.nO 00.B2 00.52
Victotj Note 48. . 00.54 OO.fiO 00.00
CHICAGO BUTTER AND EGGS
fhlcai-o, Sept 4 HUTTEn necaipta,
7006 tubs Rteady Kxtraa, iCc; firsts, SOVa
Sfl4ct seconds. 48O0Ur
EOOS Rerelpta. 11. IIS rasaa. rltearty.
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NEW ISSUE
$375,000
City of Johnstown, Pa.
4lA Per Cent Bonds
Free of All Federal Income Taxes
Tax Free in Pennsylvania
Eligible to Secure Postal Savings Deposits at 9(W'p of Par Value ..
Dated September 2, 1918. Due $176,000 September 2, 1833. -
$200,000 September 2, 1938..
Coupon Bonds, $1,000 denomination. Principal and semi
annual interest March 2 and September 2, payable at the City
Treasurer's Office, Johnstown, Pa. '
Legal Investment for Savings Banks and Trust Funds in New
York,' Pennsylvania, Connecticut and Massachusetts.
Legality Approved by John Hampton Barnes, Esq.,
Philadelphia, Pa.
PRICE TO YIELD 4,20
KOUNTZE BROTHERS
1406 Wiclener Building,- Philadelphia, Pa.
WALTER SHEPPERD
Correspondent
Ball Tel. Walnut 622
Keitone Tl. Race 2433
Pints. 4SS4I0. ordinary
rotsoelliDeoui. STOelc.
firsts.
titmci
CHARTERED 186
TRUSTEE
FIDELITY TRUST COMPANY
Member Federal Reserve System ,
Capital $5,000,000
Surplus $16,000,000 ' '
Main Office:
325-331 Chestnut St.
43-53 S. Fourth St.
ADMINISTnATOR
Broad Street Offic;
N. E. Cor. of
Broad and Chestnut Sts.
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