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EVENING PUBLIC LEDGER-PHILADELPHIA, TUESDAY, AUGUST 3, 19&0
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The History of
Our Own Times
With particular refer
ence to the market for
securities and the cost
f of money is a repeti
tion of the general sit
uation existing imme
diately after the Civil
War.
History repeats itself.
For that reason there
is every reason for
buying good securities
of strong corporations
such as arc offered in
our latest investment
suggestions.
Send for Circular E-80
HANDLER&GbMPANV
Franklin Bank Bids.
Philadelphia
Nw York
Nw Harm
rtAilon
rtalllmora
A New Issue
To Yield
8.45
Maturing January 15, 1923.
An obligation of the Louis
ville Gas & Electric Com-:
pany, which, without com
petition, does the entire gas
and electric business of the
City of Louisville, Ken
tucky. Only because of
market condition are we
able to offer this secured in
vestment on such on attrac
tive basis.
Write for our
descriptive circular
Bonbright & Company
437 Chestnut Street
Philadelphia
Nw York Chicaio
Boston Dttrolt
MARKET LACKED
SUSTAINING POWER
Liberal Supply Was Mot on All
Rallies, Giving Bears
the Advantage
I jgMHawnoBii
mmmBammmaam
ESTABLISHED I86S
BIOREN & CO.
BANKERS
' iinr.k.rtmit.t. Phiiiiinii;
-.W w ..... -I ...aHM v.yi..H
Government,
Municipal, Railroad
and Corporation
Securities
Umbers .te York and Philadelphia
Stock Exchanges
wmmmmml
Tennessee Power Co.
First Mortgage 5s, 1962
Portland Rwy., Lt. &
Pow. Co.
1st & Ref. Ss
Due 1942
ClU.eiarKsgo.
bankers
321 Chestnut St., Philadelphia
Verniers .Veto York and Philadelphia
Stock Exchange
West Penn Pr. 5s. 1946
Syracuse Lt. &' Pr. 5s, 1954
Equitable 111. Gas Lt. 5s, 1928
Welsbach Co. 5s, 1930
Virginia Ry. & Pr. 5s, 1934
Georrrin Ry. & Elec. 5s, 1932
Public Service 7s, 1922
Armour 7s, 1930
Lehigh Pr. Sec. 6s. 1927
Ind. Lighting 4s, 1958
BOENNING, GARRISON & 00.
BTOCK KXCIIANOE UUILDIXo
Direct l'rlrate Telephone to How Vorlt
Members l'hllu. Stock Kicliunco
New Yorlt, Aug. 3. Extremn ir
roKiilnrlty marked the movement of to
day's stock market. Waves of strength
nnd heaviness followed each other in
quick succession, so that the general
list was virtually without any settled
trend for nny length of time. Beneath
this ragged surface appearance there
seemed to bo an underlying reactionary
current. In nil events, tho least ro
slstnnco was apparently encountered on
the downwnrd Bwlngs.
Yesterday's losses were partly re
trieved in u number of instances at tho
opening, but tho display of strength woh
of short duration, lasting only ns long
ns tho overextended short interest seen
fit to cover. In truth, tho entire list
weakened again when it was found
prices could not bo advanced very far
from last night's closing level without
getting a liberal supply of stocks.
Many reasons existed to presume that
tho greater amount of pressure eman
ated from tho bear camp, as these
gentlemen were quito ready to follow
up tho successful tactics of the pre
ceding sessions in mnking an actlvo
hunt for weak spots. Yet, on the other
hand, there were just as many equally
convincing reasons existing to feci
much of the sclliug represented real
liquidation, which while not having
characteristics of the enforced typo
witnessed in somo of the recent bnck
sets, yet was positively of a persistent
character.
The well-executed bear drives were
to some extent facilitated by the rather
disturbing surrounding conditions and
adverse news developments. A break
of 4 points in sterling, due to tho
threatening l'ollsh situation, together
with rumors of new financing and poor
earnings of the various industrial cor
porations, together with the unsatisfac
tory credit situation, only naturally
tempted additional extension of short
lines In all quarters of the list.
On the other hand, at the lower levels
tho market showed plain evidence of be
ing oversold, and when support appear
ed for certain stocks prices rallied
briskly. Still, the general buying was
rather cautious because of the sensi
tiveness of somo of the speculative In
dustrials and tho growing appreciation
of unimportunt progress made in cor
recting the strained bank credit situa
tion. As a result the rallies quickly
faded away as the market conspicuous,
ly lacked sustaining power.
Tho drive following the opening
fceemed to have been somewhat over
done, for prices came back sharply by
the end of the first half hour, with the
leaders up 1 to 4 points, with market
strength in certain steels, equipments,
oils, motors and railroads; in truth,
comprising largely thooe stocks recently
under active pool manipulation. U. S.
Steel, after duplicating yesterday's low
at S5, rebounded to near S7.
About the time the recovery seemed
to have gained real headway the whole
market was upset again by active selling
of Bethlehem Steel, Baldwin Locomo
tive, Corn Products and others, which
fell "Yj to ." points in comparatively
brief time. Deninls by President Grace,
of the Bethlehem Steel Corporation thut
any new fiuuuclng was contemplutcd
cheeked the reaction, but the rest of
the list continued subjected to spasmodic
selling.
In the meantime the renewal rate for
call money was fixed the same as yes
terday nt 8 per rent, und the demand
for funds was said to be Ii-rht, a natural
outeomo in view of the liquidating char
acter of the market.
SMART RALLY IN
TRACTION SHARES
General Price M ovement
Ragged, With Thin Market
for Inactive Issues
SALESMEN
Wo are organizing a perma
nent force of high-character,
energetic commission men to
handle high-grade securities.
Phone Spruce 572 1 for appointment.
Union Pacific
Equip. 7s
Philada. Plan
Due June, 1930
Price on Application
Townsend Whelen & Co.
60S Chestnut St.
NEW YORK STOCK EXCHANGE TRANSACTIONS
An Immediate Opportunity for
Several High-Grade
Stock Salesmen
Well defined. Industrial proposi
tion. Wlillo not essential that
men have clientele It Is desirable.
Private ale only write. Hiving
detail of past experience. Cor
respondence confidential
ADDHKSS I.BMiKlt. BOX O ItS
EXPERIENCED BOARD
ROOM BOY wanted for
Stock Exchange House.
Write to
C 119. LEDGER OFFICE
Pealing', in the local market were
broader and more active than uit-
ne-sed for some time. While price
movement was mixed nnd confuting,
there were a number of notable fea
tures of strength, more conspicuously
the local traction shares. In view of
the recent violent shakedown of these
issues, and tho existing unsettled state
of all tho principal markets, the recov
ery in thi3 particular group naturally
came in for more attention.
No special reason was offered, or was
to be found to explain tho reversal
movement, but the demand for the first
i time in some weeks was greater than the
supply. As a result Philadelphia Ilaplu
Transit was advanced to 15, $1 above
the low price made in tho earlier trad
ing, with sovcral unusually large blocks
of stock changing hands nt the higher
quotations. Union Traction, in sym
pathy, moved up to 2194, while Phila
delphia Traction remained well pegged
nt no.
In the general list not only were
prices ragged but the market continued
to be painfully thin for n number of
the inactive specialties. General
Asphalt preferred was on the tobog
gan ogain, breaking to 80, after rallying
at the opening to 01. Two dollars was
clipped off Brill at .11 on nominal deal
ings.
Philadelphia Kleotric met strong sup
port at 21 l. rallying to 21. United
Gas Improvement appeared to have
found a sold bottrfm nt 40. On small
dealings Klectric Storage Battery after
opening at 110 fell to 115. The war
rants yielded to 14"V. Lake Superior
was si better nt 12'ji. Pennsylvania
held abo 10 on light dealings, while
Lehigh Navigation surrendered Vi point
at 58Vij.
Little rumfort was offered by the of
ficials of leading banks after the board
meetings today of any immediate im
nrnvoment in money mnrket conditions.
One of the moio striking developments
reported was tnc moriteu increase in
bank loans. There was said to bo an
unprecedented demand for funds from
the interior bands from Maino to the
oast. Wlillo the demand Is usually
heavy from the interior at this season,
several officials stated today that never
before in their memory could they recall
such an urgency tor name loans.
Gross National Debt Reduced
Washington, Aug. 3. Tho crosB na
tional debt was reduced a total of $70,
404,468 during July according to the
treasury Htatemant today. This leaves
tho publlo debt at $24,222,917,013. Tho
reduction was accomplished through tho
retlroment of that amount of treasury
certificates of indebtedness.
Bales
109
1701)
200
800
309
00
700
200
1300
2000
400
000
200
503
1100
100
1200
100
1300
100
eooo
100
200
3S00
5309
1100
100
2400
100
700
1700
100
A00
200
4100
200
200
100
3S00
100
3100
100
200
COO
40C00
100
1900
COO
000
1500
300
18100
100
100
200
200
300
1500
$2000
1000
300
1S00
200
100
1100
1100
3000
1000
300
1700
700
000
000
200
8100
400
100
1800
500
300
500
600
900
400
100)0
COO
500
COO
1100
400
H00
25700
100
.100
5400
100
2900
1400
900
300
COO
200
100
200
400
3300
100
2800
100
5000
500
GOO
100
1290
100
400
22800
COO
1100
2300
000
200
200
300
200
200
2100
100
COO
200
400
300
800
200
200
400
100
200
600
500
700
100
2500
2500
7200
4200
700
Dlv.
In I High
Adams Express 33
0 A.1ax Rubber 47
. . Alaska Gold Mines ... 114
1 Allls-Chalmers 31H
8 Am Agrlo Chom 81
8 Am Sugar Beet 80J4
10 Am Dosch Magneto... 80
7 Am Br Shoe & Fdy... 58J4
.. Am Can 35K
12 Am Car & Fdv 132
4 Am Cotton Oil 39Jfi
80 Am Drug- Syn 10&
0 Am Express 1SH4"
.. Am Hldo & Leather.. 1454
7 Am Hldo & Leather pf 7714
o.Am Ico pf 58
0 Am Intcrnat Corp .... 7.1 Ji
1 Am-La Franco Eng. . . 11
3 Am Linseed CS1&
. . Am Linseed pf 85
o Am Locomotlvo 04J4
7 Am Locomotlvo pf . . ,100
.. Am Malt 30JS
. . Am Safety Bazor .... 13
.. Am Ship & Com .... 20&
4 Am Smelt A Bef .... 6B
12 Am Snuff 100
3 Am Steel Foundries .. 35)4
7 Am Steel Fdys pf . . . . 80
7 Am Sugar nef 118
10 Am Sumatra Tob .... 80M
7 Am Sumatra Tob pf.. 8014
0 Am Tel ft Tel 5
.. Am Tobbaco B 107
7 Am Woolen 77H
. . Am Writing Paper pf 4R
.. Am Zinc Lead & Smlt 1114
. . Am Zinc Lead A Sm pf Ui
4 Anaconda Copper .... 52&
.. Assets Realization ... 3H
6 Atch Top ft Santa Fe 80
B Atch Top A S F pf . . . 73J4
7 Atlantic Coast Line . . 85 .
10 Atl Gulf A W I S S..145H
3.S0 Baldwin Locomotive. .1084
7 Baldwin Loco pf 07
. . Bait A Ohio 84H
4 Baltimore A Ohio pf . . 40
8 Barrett 138
. . Bethlehem Motors . . . 18J4
B Bethlehem Steel 75
B Bethlehem Steel B.... 77J4
7 Bethlohem Steel 7.. 00
8 Bethlehem Steel 8 pflOS
. . Brklyn Rapid Transit 10J4
10 Burns Bros 102
.. Butto Copper & Zinc. 7
.. Butte ft Superior Cop 1W
.. Caddo Central O A R 1314
.6 California Packing ... 0i
!. Callfronla Petroleum. 26V4
10 Canadian Pacific ....118J4
. . Case J I 11
7 Caso J I 1st pf 04
5 Central Leather 53H
4 Cerro do Pasco Cop. . 41J4
10 Chandler Motors 84J5
4 Chesapeake A Ohio . . 50(4
2 Chicago A Gt West pf 234
.. Chicago Mil A St P.. 34
. . Chicago Mil A St P pf 50(4
B Chicago Northwestern 09J4
7 Chi A Northwestern pfl01J4
8 Chi Pneumatic Tool.. 77(3
.. Chi R I A Pao 35J4
6 Chi R I A Pac 6 pf tVA
7 Chi R I A Pac 7 pf 7291
.. Chile Copper 14
1.60 CTiIno Copper 28H
.. ClevCIn Chl A St L.. 50
H Cluett Peabody 75(4
1 Coca-Cola 35 ya
3 Colorado Fuol A Iron. 31 ii
5 Columb Gas A Elec. 52?
1 Col Graphophono ... 24U
7 Consolidated Cigar pf. 80(4
7 Consolidated Gas .... 75(4
2 Con Interstate Cal M 10JJ
3 Consolidated Textiles . 21 (4
7 Continental Can 70
1 Continental Candy .. 11H
4 Corn Products Ref ... 88
7 Corn Products Ref pf 10214
2.5ft Cosden A Co 33?i
8 Crucible Steel 124
7 Crucible Steel pf 01
.. Cuban Cane Sugar ... 43Ji
7 Cuban Amer Sugar .. 14 'o
9 Delaware A Hudson . . 01 Vt
.. Denver A Rio Grande 5
. Evnver A Rio G pf . . . 10(1
1 Dome Mines 10(4
.. Kleo Storage Bat rta. . 3
.. Elk Horn Coal 10
s Endlcott-Johnson .... 72
.. Erie 13
.. Erie 1st pf 20
R Famous Players L . . . 70
8 Famous Players pf . . 81
3 Flsk Rubber 27?4
. . Frceport Texas 21 (4
.. Gaston Wms A Wig.. 11(4
2 Gen Am Tank Car ... 73
fl General Cigar CC(4
7 Genernl Cigar deb pf. 80'4
8 General Eleclrla 13934
1 General Motors 22
0 Gen Motors deb C.. 70(4
7 Gen Motors deb 7.. 81(4
6 Goodrich B F 50
7 Great Northern pf . . . 70(4
00 Greene Cananea Cop . 20
4 Ot Nor Ore ctfs .... 33(4
.. Gulf Mobile A Nor ... 13
.. Gulf States Steel .... 51
7 Hartman Cori 78
4 Haskell A Barker Car 08
. Hondco ctfs 27J4
Houston Oil Co 90
1 Hupp Motor Car 13J4
7 Illinois Central 83(4
CO Indlahoma Ref 7
4 Inspiration Con Cop.. 48
.. Inter Con Cop 3(4
.. Inter Con Cop pf.... 0(4
.. Int Agric 18
5 Int Agrloul Corp pf... 78 JJ
7 InU Harvester now . ..122(4
. . Int Mer Marin 20
6 Int Mer Marino pf ... 77
.. Internat Motortruck . 40(4
7 Int Mo Truck Int pf.. 80(4
.. International Nickel .. 17J4
., International Paper .. 78(4,
.. Invincible Oil Corp .. 41 J4
. . iBland Oil 0(4
.. Iron Products 44
Low
33
45
14
30)4
80(4
80 '
85
58(4
34(4
131
3714
10
130(4
14
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68
72J4
11
67
85
03
100
30(4
12
20
55(4
100
31JJ
88
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79
80(4
05(4
107
75(4
48
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44(4
53
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79
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14414
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137
19
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105
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102
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77(4
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9:30 Net
(NYtm) Chie.
33
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SI - 1
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87(4 Ji
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131
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48 -11(4
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85 -
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105 (4
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45(4
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75 - 1(4
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103 1
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19-1
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118(4- V
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63 - 1
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80(4
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10 ..
28- 1(4
70-1
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102(4- (i
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124 2(4
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48 -3(4-9
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122(4-
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43-1
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Salt
300
100
1309
300
3700
200
1000
100
600
200
1400
2000
600
100
100
100
100
1400
100
100
100
6590
100
17000
5009
200
300
1509
1800
3000
300
1400
100
70D
400
100
200
100
200
200
100
3.890
000
200
200
109
10500
300
1500
499
300
399
3000
600
300
400
16000
4000
300
2530
1800
100
700
600
600
100
1500
7000
1000
100
200
1200
100
1100
400
1900
3100
400
500
17000
390
5000
12O00
100
300
1700
500
4000
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890
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200
1200
18000
400
4200
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009
200
100
COD
5400
11500
200
090
11000
2500
1200
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300
100
1200
2500
700
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209
4400
200
0009
2000
300
10100
400
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CICRO
noii
2700
10400
700
200
200
1109
800
200
300
1300
100
100
1900
800
700
5100
100
400
2701
Dlv.
in I Rich
.. Kan City Southern ... 17
4 Kansas City So pf ... 45,
4 Kolly-Spg T 75
2 Kennecott copper .... 24(4
1.20 Keystone TAR 20(4
. . Laclodo Gas of St L . . 30(4
0 Lackawanna Steel . . . 00(4
.. Lako Rrie ft West .... 11
2 Leo Rubber Tiro 23
3.B0 Lehigh Valley 43
5 Loowo Co 20
.. Loft Corp ........... 14
13 Lorlllard Tob 133
10 Manatl Sugar 05
7 Manhattan Elev guar. 44
2 Marlln-Parry 24
2 Martin Rockwell 45
.. Maxwell Motor 14(4
. . Maxwell Motor ctfs ... 10(4
. . Max Mot 2d pf ctfs. . 10(4
8 May Dept Stores .... 71
10 Mexican Petroleum ..159)4
2 Miami Copper 10(4
1.00 Mlddlo States Corp .. 20
4 Mldvalo Steel ft Ord. . 30(4
. . Minn A St Louis 13
. . Mo Kansas A Texas . . 0
. . Missouri Pnclfio 26
. . Missouri Pacino pf . . . 43(4
.. Montgomery Ward .. 31(4
4 Mulllns Body' , 34
. . Nat Aniline A Chem .. 80(4
0 Nat Cloak A Suit .... 45
.. National Con A Cable 7(4
6 Nat Enamel A Stamp 58f
7 Nat Enam A Stamp pf 01
6 National Lead 73
7 National Load pf .,.,102(4
1 Nevada Con Copper ..11
..NO Tox A Mex 37(4
10 New York Air Brake. 05
0 Now Tork Central ... 71(4
. . New York C A St L. . 34
B N Y Chl A St L pf . . 50
2.50 New York Dock 20(4
5 New York Dock pf . 45
. . Now York N H A H. . 33(4
5 North American 49
7 Northern Pacific 71
5 Nova Scotia S A C .. 50
60 Nunally Co 15
2.00 Ohio Fuel Supply .... 47
40 Okln Prod A Ref .... 4
Otis Steel 21(4
owens Bottling Mach. 48
Pacific Devcl Corp , ,
2u10 tft
Low (NYtm) Chre
10
45
72
24(4
20
30(4
05(4
11
22
43(5
20(4
12
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130(4 130(4 - 3(4
105 105 - 1
44 44 1(4
24 24
45 453
13(4 114- 114
10(4 10(4 '
10(4 10(4- 1(4
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150(4 150(4- 214
10(4 10(4 14
20 20 H
37(4 37(4-114
13 13-(4
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24 24- (4
42 43(4 (4
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34 34-
79 80(4 1(4
45 45-3
0 0-
58(4 58J4
nt ot
73 -73-
102(4 102(4-
11 11
3
4
0 Pan-Amer Petrol
40(4
84 VS
Pan-Amer B 70(4
29(4
40(4
10(4
24(4
33(4
4 Parish A Bingham
S Pennsylvania R R .
. . Penn Seaboard Steel
7 Penny J C pf 94
. . Peoples Qas Chicago.. 29
. . J'cro luarquetto
3 Philadelphia Co
. . Phillips-Jones 50
. . Phillips Pet 37(4
. . Plerco-Arrow Motor ..44(4
. . Plerco Oil 12(4
8 Plerco Oil pf 81(4
B Pitts Coal 57
8 Pittsburgh A W Va . . 28
6 Pitts A West Va pf . 72
Pressed Steel Car .... 00
Pullman 113(4
Pure Oil Co 30
Punta Alegre Sugar ..84(4
Railway Steel Spring. 02(4
Rny Con Copper 16(4
Reading 89
. . itemlngton Typewriter 00
. Rcplo Steel 71(4
0 Republic Iron A Steel. 82(4
7 Republic Iron A Stl pf 93
. . Republic Motortruck.. 43
20 Royal D N Y 73(4
1 St Joseph Lead 15
. . St Louis San Fran ... 24(4
. . St Louis Southwest .. 21(4
. . St Louis Southwest pf 31
. . Saxon Motor 7(4
0 Savage Arms 44(5
54 Shell Trnnsport 05(4
. . Sinclair Oil 27
fl Sloss-Sheff 02
0 Southern Pacific 92
Southern Rail 28
n Southern Rail pf CO
7 Stnnd Oil of N J pf.. 105(4
.. Stan Oil NJpfprtpdl03(4
4 Stewart Warner Sp .. 35(4
4 Strombors Carb 73(1
Studobaker C4(4
37-14
95 -
71(4 1(4
34 1
50-5
20(4- H
45-3
32 1(4
40 (4
71(4- y
48(4- 14
111
40(4 40(4-,5(4
3 3J4 ...
21 - (4
48
40(4- X
83-3
77 - 4
29 - (4
40 -v (4
19(J (4
044
28(5- 114
23- (4
33(5-
59
35(5 1(4
43- 1(4
13
81(4- (4
57 - 2(4
20(4- 1(4
73 - 2(4
90 'S
112(4 112(4- (4
38 38- (4
82 - 2(4
92(4- (4
15-
88 1
CO - 1(4
71 - 1(4
70(4- 2(4
93
41-
72(4 (4
14-
24H 1
20(4-
30- (4
7(4 .
44(4- (4
04 - 1
25-
02 - (5
01 (4 (4
27(4- (4
50 t (4
a Superior Steel 49
. . Tcnn Cop A Chem ... 9(4
3 Tcxjis Co 43
. . Texas ft Pacific 37
.00 Kexns A Pac C A O.. 40
. . Times Square Supply. 28(4
0 Tobacco Products .... C2
.. Transcontinental Oil.. 13
5 Trausuo A Wms Steel 40
8 Union Bag A Paper
.. Union Oil
10 Union Pacific . . ,
4 Union Pacific pf
12 United Fruit ,
. . Unl Rwy Invest pf ,
3 United Retail Stores
. . U S C I P A Fdy . ,
8 U S Ind Alcohol . .
6 U S Food Products ,
..US Realty A Imp . ,
8 U S Rubber 85
8 U S Rubber 1st pf ...103
0 U S Smelt A net
BUS Steel ,
7 U S Steel pf ...
(i Utah Copper
83(4
... .8(4
...111(4
...05
...100
10(4
05
15
82(4
59(4
51(5
65(4
. 80
.105
. 04(4
0 Vanadium Corp 71
4 va-Carollna Chom ... 05(5
6 Va Iron Coal A Coke. .100
2 Vlvadou Ina lc
.. Wabash 8
. . WabaBh pf A 24 (4
. . Wabash pf B 10
.. Wells Fargo Express. 00
. . WcBtorn Maryland . .. 9
... Western Pacific 20
4 Western Pacific pf . . . 02 (4
4 Westlnghouso E A M 47
. . Wheeling ALE 10
4 White Motor 47(4
1 Willys-Overland 10
7 Willys-Overland pf . , 89
B Wilson A Co 53
0 Worthlngton Pump .. 0154
1 Ex-dlldenJ.
37
05
70
33
50
20(4
45
30
48(4
70(4
48(4
15
20J4
48
40(4
81(5
70
29
39
18(4
94
28(5
23
33(4
50
33(4
42
11
81(4
50
20(4
72
95
82
02(4
15
87(4
00
09(4
79
93
41
72(4
14
25(4
29
39
754
44(5
04
25
03
90
57(4
50
105(4 106(4
103(4 10354
35 35-(4
09 09 - (4
02 fiV- V.
40 49
0 0 . .
4254 42(4-
35(4 30(4 ..
39 39 54
37 37- (4
01 01 J4-
13 . 13(4-
4615 45- (4
83(4 83- (4
28 28
114(4 116(4
65 05
104 195 1
18(4 1854 - 1
C3 C4
15 15
79 79(4- 3
58 68-
60 61 1(4
82 84(4
103 102(4- 1(4
55(5 66 (5
85 85(4-
105(5 105(5- 3
CI 01-3
' 9 80
C3 03- 2
105 105 - 1(4
10 10 - (5
7 7- (4
2 24
10 10
CO C0 J4
0 0-
28 26 . .
C2 02- 2
40 40-
10 10 -
40 40J4-
16 10 - (4
80 80- 2(5
62(5 6254- 'I
VU
DECLINES GENERA
L
N THE CURB LIST
Packing Issues Among Woakosrt
Features Asphalt Sharos
Yield
Xcw, York. Aug. 3. The curb mar
ket was weak nnd unsettled today, be
ing affected by the some conditions
that caused declines on the stock ex
change. A few jsmics showed strength in the
enrly trading, but liquidation later
made these BtockH weak. During tho
greater part of tho day declines were
general.
Packing stocks were among tho weak
est features, Indian Tacking, in which
sales wero on a large scale, being traded
in at 0 to OVi, making a now low
record. International l'roddctt), on
heavy sales, ranged from 20 to 20.
Largo transactions wero made in
Carlb Syndicate nt 11 VI and Carib
Trading sold down to the now low ol
CO.
General Asphalt was in demand for,
a time, moving up from C2 to C4, but
yielded after tho first hour. Interna
tional Petroleum sold off from 30 to
21). but Tropical, after opening ntlOft.
rallied to 17 V4. '
Maracnlbo declined from 21 to 20.
North Americnu Paper sold nt OVi.
INDDBTRIAtS ,., U ,. ,
(N. Y. llmi)
1:30
lllh Low P. in.
Ac mo Coal 2ft 2 2
Amer Cnrnly 7 7
Car LlKht 2 .-. .5
Cleveland Auto B GS 83
Oardntr Motnra !.'$ & 2Sh
General Aspholt 04., D2,, 04
Clrnpo Ola 2'4 2(4 2jj
Orapo Ola prof M 24 2S
Indian 1'ncklnit OH OVi 0(4
Inter Troducta 20'fc 20U 20.
North Amer Papor Vi ?H JV4
l'arfection "f ro 'i 1 U
nadlo Com IS 1V4
nadlo Com pref 2 2H 24
llalnler Motors nn(4 OBtt 38
Slnitr MfK 120,, 123 las
Swltt International S0V4 00 SOW
U a Hlfth Speed Tool.... BOfi 80 80S
U H Hteam 2Ji .2 2A
WWrUlev 7S4 7a, 78Mi
V Wrlgley rts 44 4tt 4
1NDKPKNDENT OOfl
Allen Oil li lli IK
Allied Oil 23., 2S 2.'
Iloone Oil 2K 2 21.
lloiiton Wyoming1 iff 1 .1
Cities Scrv II ctfa 32S 32U 3:H
Cuahlnc Teto H S . J
Klk Haaln Pet 7W 7ft
Knclncera Petrol 1H lji J
Federal Oil 2ji 2jk 24
Olenroek Oil 2(4 2 2ji
Home, Oil 1V fc Ji
Int Petrol So 20 20H
Ietono IK 1 1
Murncalbo Oil :
Mcrrltt Oil :
North Amer Oil
Omar OH
Pennok Oil
I'rod It lie liners
lU-d Rock Oil
Itynn Conn
Salt Creek Prod :
Slmms Pet
Skelly Oil
Superior oil '
Superior Oil rets :
Tropical Oil 3
Un Texas Oil
Victoria Oil new
Shell Trans rt :
Roy le France
git
20
31
Philadelphia Stoclts
vAinnvntnuvH
5IOTICB IS IIKKKnY I1IVK. THAT
... u.-..l.ln Vuturtin 1 form tin It
mo P'i".""''." wiv.v ";:"rtiiri
VJ.AT. .r . ...
1. tiuunosa will
Schlatter at tho
street, un
-4 A.fc.iitr ana u.
lSthi fllt o 1 iuiy' '
l iwrKS
, rMuaipw:ofuria
BAR SILVER
nnmestlc bar silver was unchanged In
Now York today at 03c; foreign was
un "ic. at 930. In London, the prlco
was higher, at B7d,
CHICAGO BUTTER AND.EGGS
fklMrn. AtiB. 0. BUTTER Lower.
Taau"anCe'a. Beetle,'. 11.0S1 cai.
Illeh
200 Am Strs. 43'i
20 do pref. 01
325 Brill J G 115
431 ElecStor.110
582 do wnr.. 15Vi
82 Gen Asph
pref ... 01
75 I Co N A 28 M
125 Lake Sup 12VG
25 Leh Nov. liHVs
70 Leh Val.. 44
lOOtMidvale. 37 VI
101 Pa It R.. 40
51 Pa Salt.. 05
5 Phila Ina
Wire ..
H TIMln Cn
cum pf. ai'a
210 PbilaKlee 22
1785 Phila It T 15
1S5 PhilaTrac 50 ,
lOOTono Uel. Hi
300Tono Min W,
155 Un Trac. 21-1,
80 UO I... 40iyi
5 West Coal 71 V:
1.80 Net
I.ov p. m. cbee.
4;i 1:. 43 &
01
34
115
14
80
28
12
58Vi
435Q
37V1
40
05
m
34 o
115 ."
14-
80 2
28 ..
12Vs
58Vv
43..
37Vl-l
40 Vi..
05 ..
51 Va C1V& 01.
31 Vi
21 Vi
14
50
IVj
1
21
40
71
31
21 T5 V
15
50 ..
1..
24fc Vi
40 ..
71
Net chanie, made by cnrnparlnon with last
sale on now i .. ....-.
nns'im
High Low
1:30
p. m.
Net
chee
71
71 71
Sales In
I1OO0 ,
1 Am uas a:
Eleo 5s..
2 Lib Bonds
2d 4s..
3d 4ViS..
ifi 4th 41AH..
4 Vic N 4is.
3-0 JNai I x-rup
4-0s
a T. T T
temp ctfs.l02Vi 102Vi 102V4
10iTUBr?.80 80 80-
2 IU-ad'g e 4s 78 78 78
84.03 81.08 84.08. 08
88.00 88.00 88.00. 02
84.00 84.00 8-1.00 .20
05.70 05.04 05.0-1 . 02
5 5 5 ..
Vi- Vi
-
American Cotton Oil Omits Dividend
New York, Aug. 3. American Cotton
Oil directors have decided to omit the
payment of tho dividend upon tho com
mon stock until prices of commodities
and general business conditions shall bo
moro nearly normal Tho last quarterly
dividend was 1 per cent. The company
na ueen paying 1. uor ceiii uuw
OlllCftOJetciuucr, tyiv,
MONEY-LENDING RATES
NEW YOKIC Money on call, both
classes of collateral, opened today at 8
per cent for lending and renewing. '
Recently when time money has been
9 per cent bid, brokers stated that they
would bo willing to pay 9H per cent of
the money could bo securod. Today tho
market was firmer and 9 Mi per cent was
bid with llttlo or no monoy avnllable.
Call money appeared to bo moving
evenly at tho 8 per cent renewal figure In
tho forenoon.
Dealings In mercantile paper, even In
the Interior sections, have fallen ore.
Itatos aro nominal at 8 per cont min
imum. Operators In paper on 0, largo
ocalo say thoy do not believe they could
tncroaso their sales if they offered 8.;
or 8 per cent.
In prlmo bank acceptances tho situa
tion Is unchanged. Tho edmand for
nrlmit member New York bills exceeds
the supply and there Is a fair Inquiry for
prlmo oui-01-iown uiuw. juuea ur un
changed nt 6U bid, 0 nbked for prime
Nub Yorlc member ninety-day bills: Cli
tnav for si'xty days and 66?i for
thirty days.
TtnnVe.rs siiv that there Is notlilnc to
Indicate nny relaxation in the credit
situation and In somo quarters higher
rates are preaicieci;
PHILADELPHIA Call, 6 per cent;
time, 6 per cent; commercial paper,
three to six months, C per cent.
jjotp These are merely nominal
quotations, as the legal rate of Interest
In the state of Pennsylvania Ib fixed at
0 per cent. Plus premium nnd commis
sion time money for thirty to ninety
days Is loanlnir at 8 to 8W per cent,
whllo commercial paper from three to
six months Is belnu offered at 8 to 8,j
per cent.)
LONDON Money Is quoted at 0 per
cent Discount rutes, short bills, G0
nor cent Jthree months' bills, G 11-10
01 per cont.
BANK CLEARINGS
Hank clearings today compared with corresponding-
day last two yearsi
1H20 1010 1018
Phila ,.130,009,033 170.070,781 130,083,031
Prices Steady on Paris Bourse
1'arle, Aug. 3. Prices wero steady on
the Douse todivy. Threo por cent rentes
urnr silintAri Af KRf Efl ! aXdUUliTA On
London. 49f 10o; 6 per pMt,lon, B7f
50c The dollar wuj awtofJI lf
'azfta ityigu
SUN'INO
Alaska Ilr Columbia ....
IllK Ledge
Caledonia Mining;
Canadi Copper
Cons Vlrutnla
Cortcz Sliver
Cresson Gold
El Halvador
Kureka Croesus
Kureka Holly
Golden date Km
Gold Conn
Oolrineld Klorcnco
Gold Silver Tick
Gold Zono
Hecla itlnlriK
Honduras Syn
Iran lllosflom ..........
Jumbo Extension
Louisiana Co
MncNamara
Dundee
Marsh Mlnlns
Mother Lodo
Mother Lodo. new
Nlplsslns
North Star
Rochester Mines
S Silver Lead
Tono- Divide
Tonopah lixtonslon
Tonopah-JIm Dutlar
Tonopah Mlnlne
West Knd C
Whllo Caps
Yerrlngton
IIONDH
Allied Tacker (Is
Amn Tel 0s ot 'I!!!
Amn Tel 0a of "Ji
Armour 7s
C C C k St L Us
Inter It T 7s
Pun-Amn I'et 7s
Sinclair 7tt s
V H Itubber 7Hs
Went nice 7s
llerlln 4s
I'Vench Victory 3
Orent llerlln la
Humburi.' .I'in
IE
18
08J4
IMVi
(I2(t
OUii
81
MI0V4
04
07J.
(IKH
08H
'29
IIUU
lll(4
0119.
HI
(12
0i
07T4
OSU
HHVi
20
HU4
intf
21
LIVESTOCK QUOTATIONS
ChU'UKO, Ave 3. CATTLE Receipts.
11.000 head. Very slow on all but rholcn
steers; early top. 517.53. bulk cholco. J10.25
010.75: crasoy rattlo mostly SOtMl.00; eood
rows steady; other aim stork weak: bulk.
fB.BQin.2."i: canners. I4ifl,25i- butcher
bulls, JSW10.no; bolotnae. t0.r0Hi7,25;
mivBH oiwncu viruaiii aiocacrs Blow.
HOGrJ Receipts. 28.000 head. Active,
steady to lBo lower! Ileht ott least. Top,
SlO.lO: bulk lleht and butchers, 114,80m
1(1: bulk racking- sows, I13.00O13.75; pics
stronif tn hlKher.
HHEEP Receipts. 17,000 head. Sheep
and best natlvn lambs steady; other lambx
slow to lower; top natlvo, J14.B0; bulk, 13
14,'J5: natlvn pwh sales ranulni; lower;
tub jiuiitu i.nvn. ,0
FOREIGN EXCHANGE
New York, Aug. 3. At the formal
opening this mornlnp, sterling cables
wero quoted at un overnight decline of
3 cents. Tho entire market showed
large declines. Franc cables were off
13 points, lire 4 and Belgians 10 points.
Marks declined S points.
Quotations were
Demand sterling 3.07, cables 3.67 K
franc cables 7.49, checks 7.18; lire
cables 6.20. checks C.2E; Belgian cables
12.60. checks 12.62 ; Swiss cables 6 9 0
checks 6.92; guilder cablos 33, checks
33 ! peBetaH cables 16.27, checks 16.23"
Stockholm cables 21.16, checks 21.06 '
ChrlBtlanla cables 15.76, checks 16.70"
Copenhagen cables 15.06, checks 16.60:
The entlro foreign oxchongo market
continued to decline through tho fore
noon. Thoro was vlrtuully no market
In thft mnlnrltv nf Avi.h,nir.u I...-....-
of the absence of bids.
TODAY'S OPHNINO QUOTATIONS
SterllnB Francs Lire Guilders
Demand 3 07 74s 6.2B 33.
Cable S I74 7 41) B.UU 83
NOON QUOTATIONS
Sterllnu Trancs Lire Guilders
Demand . . 3. . 7 43 n.-Jl "u",rs
Cable 3.00K 7.41 B.i'j ,,,
Franco Prepares to Pay Loan
Purls, Aug, 3. The ministry of finance
has virtually comploted buying sufficient
American exchango to meat obllgatlonn
falling duo in tho United States October
1. (The Anglo-French loan of 1600 -000.000.
of which tho French slinro 1h
(260,000,000, is due on that date.) It
la explained In high financial circles
that tho ministry's progress In tho mat
ter accounts for the recent rise of tho
dollar.
DIVIDENDS DECLARED
is jirutuvia vuiii., pnuwuunuai or 0 per
cent and an oxlrn cf 2H per cent, payable
Auiruat 20 to stock of record Ausust 0
J, Q. White Management Co.. quarterly
of 11.73 on preferred, payable September l
to stock of record August 10. '""r 1
Cities Service Rankers' Shares, monthly
42 cents on Bankers' Shares, payable Ben.
tember 1 to stock of record August lfl
Schulto Retail Stores Corporation, stock
dividend of BO per cent, payable August "4
to stock of record August 0.
New England Fuel Oil Co. of Massachu
setts, a dividend ot 0 per cent, payable Au.
gust 10 to stock of record August 10.
American Smelting- and Ilellnln Co.. ouar.
terly of 1 per cent on common and IK ner
cent on preferrsd. Common la payable Bod
terobor IB to ftoolc 01 ncqfc August , no and
Awun. P ' l,ock ot -recor?
if SURPLUS (EARNED) H
111 $2,000.000.00 JI
Do You Know
that, if you nrc married nnd have
no children and do not make a
Will, after certain allowances to
your wife she will receive only
one-half of your Estate, while tho
rest perhaps goes to a very dis
tant relative?
If you leave a Will you mako
sure that tho wife will receivo
what you wish, not what tho law
would give her.
We cordially invite you to con
sult our officials freely, without
expense, and to considor tho ad
vantages of appointing this Com
pany your Executor nnd Trustee.
Upon request our representative
will call upon you.
You Should Make
a Will To-day
TIME FOR YOUR .
UMBRELLA
AND RAINCOAT
iTJROM the most reliable sources Information
117 comes that the financial barometer Is
pointing to storm. Dark cloud arc gathering.
Already a few drops of rain are falling
large and unexpected failures.
Are YOU protected as to your credits against
the coming of a financial storm ?
Now li'the time to prepare not after the
trouble has' started and your accounts have
become bad.
'LONDON' Credit Insurance is your surest
protection. It is not a hope ot a promise it
u a guaranttt. On our policy, you get your
money within forty-five days turtfy, on failed
accounts.
It Is no time to 'wait and sec.' Ask for our
representative to call today. The request
doesn't obligate you.
-)
i
OUR SUPER-SERVICE
ATYOUn.
SERVICE
LosiesPaidln
American Girrcncy
Established
EirtiteenSbcrrune
LONDON GUARANTEE AND
ACCIDENT COMPANY LTD.
R. A. IRVTNQ, General Agent
fhone Lombard 4016 PHILADELPHIA, TA. 820 U Fayette Bid.
We Offer a Short Term
8 Preferred Stock
with the privilege ot purchasing a limited number
of common shares, issued by a large and old-established
Manufacturing Company whose products bare
a world demand far in excess of present production.
The Company b controlled by strong financial
Interests and the personnel of its management com
prises manufacturers of the highest type.
Ask for Folder PPL-358
Hollister,White&Co.
ieooATt:o
North American Building
BOSTON PHILADELPHIA NEW YORK
SPRINOFIILD PROVIDENCE PlTTSfULD PORTTAND
WEST END TRUST CO.
, Broad St. & South Penn Square
4
interest will be paid on savings
accounts until further notice
Philadelphia-Built Locomotives
The commercial development of the country
depends upon tho ability of its railroads to move
manufactured products. ,
With tho serious jam on the railroads of the
country, occasioned by tho heavy freight to be moved,
what is needed in addition to moro locomotives and
cars, is the co-operation and confidence of the public.
We, ns Philadelphians, will do our part in helping to
furnish the needed motive power.
The Baldwin Locomotive Works
Philadelphia
ZSJ911
Not Merely a Place
to Handle Money
Tho Real Estate Trust Co. is a "business
financial" focal point in close touch with first
hand sources of information throughout the world,
with a wealth of worth-while experience for you
to draw upon at any tlmo. Such service you must
use in order to know its full value.
REAL ESTATE TRUST CO.
OF PHILADELPHIA
Broad and Chestnut Sta.
Watth Your
Checks
INfATTD ANrr
c . . .finiw
'HECK forcrirJa nr .- !.- J------- Ma
v check you write is safe while crooks find it
so easy to change the payee's name, alter the
date or raise the amount.
JIVtK T!Llv,Jlne Positive protection our
--w.. ..i.un.i 1UH policy, jjct us explain it.
Harris JTLatfa
PMILADET T)Ilf A.
Itscs SIM
PENNSYLVA NLA. DLbrt .
Locust 6238-80.37
FINANCIAL
TO TUB 1I0UKUH Olf T11I5 FIU8T AIOKT
Kim tl par osnl SO-yoar slnUlna (und Bold
of tho WBynB uobi uompnny. 10 11
Trust Company, datrd March 1.
pursuant to tho. provisions at 1
cano, It will rccelva until August 1
ts oincs. sltuste at No. 817 4tl
tho City t of Pittsburgh. r
ispii nt notiai idF tiUrphnaa and
1020. at
..... n ttin nriiuUliMm if 1 .
U11I
n i
Lth flV. in
".:" .
tender of bonda for purehMa ana retirement
mm th lnklnr fund, whtrh haiu r. ....
JoTlsaoSSf. WJ 'rTiht is,re.awl to r
jtct any and all tenders, In whol or in
" THH COLOMtAL TOOHTCO.,
K' 'futjts.
nivldt-nJs
Alex. Wolfington's Sons
w.vr.v"-"" .- -"."."'y .' .-.. . :t-j..
directors or . tnis company nave, uui
;r .tt.
clarftl
tl
'Id.
dividend nt
npar
the
.1"
S
annum on preforred capital stock, P'?i
Auii 15, 1930, to stockholders of reee'
Ulty A. WOf.FINOTON. Btcrttjn
Auxust 1st,
IIA1C
aurust X,
Jf 6
Icclared
in M,rtt vMi
nil otwkholcWs of. record
Auujt Bin. 10S0,, I'ayahls on August sotu,
( . imparK
l&ywnr" . it. a, .,
M Ati nV. V
ti.smf&ivs.
iWu .. '" - ... .-&
Wv,
!" ,fjifT.,V
UUl'l