' IFSRSI
"v
AV
I
M'
'.K1',
Vv
,''
K f
W AT
??:
. v
-!?
Ant
I'M
v.
7V.
. -v
A
fo
LV
M
m
i
EYENING PUBLIC LEDGER PHILADELPHIA, WEDNESDAY, AUGUST .4, 1920,
'l-
TH
"
Picked From Our
Aigust Purchase Sheet
r(CI of Security Tleldln
Municipal ., G.OOCfc
Canadian Municipal. 7.50
Induitrlnl 7.70
Public Utility 8.047o
Railroad 8.25
Foreign Cov't 0.30
Hands referred (o above have our
.recommendation. They are Hated
In our August circular which
will ho eent on request for
PK-322.
( TheNationalCity
Company
Offices in over SO Cities
Phlla. 1421 Chestnut St.
Atlantic City Chalfonto Block
iz3 uoardwalk
LROADS STAR
I
A FRESH RALLY
General Covering of Shorts Re
fleeted Psychological Effoct
of Easier Money Rato
POT. I I
r
i 1 h
Canadian
Conditions -Are
Reviewed
f
with understand
ing, sympathy and
criticism, where it
is deserved, in the
latest number of
Canadian Invest'
ment Items.
In Canada, Investment
Items is considered to
, be one of the liveliest
private financial and
So you may ex
pect something worth
whllo if you write for a
copy. Address: 83
aoencv or
Royal Securities
X CORPORATION
(CANADA)
LIMITED
165 Broadway Now York
QBESXSaaaSa
M
PENN PUBUC SERVICE
CORPORATION
Fifteen Year 72 Gold Bond
95 'i and Interest Yielding
Over 8
During the past five years gross
earnings have increased over
M5Si. In the same period net
earnings have increased over
158 and are now twice anuuni
interest charges on entire funded
debt.
The bonds are free from present
Pennsylvania. Four Mill Tax.
Send for Descriptive Circular L lit
E. H. Rollins & Sons
1421 Chestnut St., Philadelphia
Boston New York Wilkes-Barre
Baltimore Chicago SanFruncisco
New York. Aus. 4. Tho TurcWoel
cal effect of the 0 per cent call loan
rate found reflection in a further sub
stantial recovery in market values in
today a stock exchange. The improve
ment wax made the more striking he
cause it was accomnlUher! In tho troth
of a powerful underlying reactionary
current, a weak opening and a very
timiirniv unniensant, it not disturbing,
foreign situation.
Technical condition or Influence nn.
questionably plaved a potent part in
fore in if a reversal of the market trend
but at the same time tho movement was
sit tieientiy impressive to demonstrate
quite conclusively there . at lenat- n
point in which tho reactionary party
muRt take into consideration the con
structive fundamental conditions on the
one nam!, and the other, that the so
called powers. to-be are not going to
it idly and see security values ruth
lessly destroyed by any bear party, no
matter how powerful or largo aro its
unmoors.
Such a rebound, however, was logical
and a natural sequence of the reckless
smashing tactics of the reactionists in
the recent preceding sessions. Evidences
of an oversold condition were conspicu
ously patent even during' the weaker
periods of the market yesterday, but
the untenable position of the short in
terest was not fully disclosed until the
call rate unexpectedly aud without
warning was reduced to 6 per cent.
The anomaly of a C per cent call rate
following on 8 per cent renewal rate
when there is no surplus reserve, only
naturally caused immeasurable un
easiness nmong the shorts, who wisely
interpreted this unexpected development
to indicate quite plainly that first actual
steps had been taken by the influential
financial interests to support the
market.
Every sensible reasoning observer, of
course, recosnires this apparent easing
of call money rate was more artificial
than real, and the time is not yet op
portune to even consider the possibility
of any extended upward swing in the
market. Yet. on the other hand, it was
made quite plain that, while there must
be meager funds for market accommo
dations, still there is sufficient amount
of loose money under control of the
powers-to-be to be quickly shifted in
such cases of emergency ns encountered
yesterday afternoon, when the market
uas matins rapid strides toward ap
proaching a scmidcmorallzed condi
tion. Whatever plans had been made to
continue the recovery were for a brief
time rudely upset this morning, when
the further sharp break in sterling on
the unfavorable foreign situation in
duced renewed liquidation and free
short selling. This combined pressure
for a time counteracted supporting or
ders and the favorable effect of yes
terday's remarkable relaxation in the
call loaning rate.
While the whole market gave ground
for a time et it wns evident the some
strong support was in force which
quickly checked the nrives. Readjust
ment of the speculative position caused
a genernl rally before midday, when
the railroad shares made the best show
ing. This followed u wider compre
hension of the importance of the state
ments that the advance rates will go
into effect by August 20. This means
that the great bull: of the last half
year's business will pay the higher
charges ooth on freight and passengers,
essentially changing tho entire railroad
situation.
Union Pacific. Northern Pacific.
Northwestern, Reading and various
low-priced shares scored advances of 1
to 2-o points. Industrials responded
to violent short covering. Unfavorable
foreign news and comment regarding
business conditions in the steel trade
and other industries lost their influence
in face of the confident buvine of rail
road issues, which suggested a change
in speculation sympathy. Trices made
further upward progress in tho earlv
afternoon on a slackening volume of
business. Steels, equipments and oils
adxaneed notably.
32 Dividends
A Year
that will return
9.8 per cent annually
en the investment, can be
obtained through the pur
chase of eight solidly
established listed stocks.
Total cost $400.
Purchase may be made
outright, or on first pay
ment of $80 and monthly
' payments of $50 each.
Write Dept. PL-12 for
v full particulars
.KoVE.sacu?
AP STOCKS-BONDS ?
v 60 Broadway; NewMrk.
Telephone Rector 4663-4
HIGHER PRICES
FOR LOCAL SHARES
Substantial Rallies Made at the
Opening by All Prominent
Issues
.
Do You Know
of any industry which
is In a stronger position
today than the sugar
industry?
Whether or not you have
sugar bonds among your
' holdings, the Impressive
sugar facts contained in
our booklet P-39, will
, prove of interest to you.
Send for your
,L, my today
r ...
''ft ilmieta W Knrr Rr In
ft' ,'WMBv
ff''V investment Department
435 Chestnut St.
Pkilsdelpfeia
iWt:
" "' rf-
There was also an entire change in
the complexion of the local market. The
more optimistic feeling seemed to be in
i the air. and the sensible reasoning out
' of the situation over nisht apparently
took much of the sting out or the worries
i which had been dragging down the en
tire market community into a rut of
I blue funk
With the priee movement there was
an encouraging expansion and broaden
' ing of the dealinss. The outstanding
i development of the day, however, was
' the unmistakable turn in the trend of
prices Once more the thin character of
the market was disclosed. That is to
tay. prices were bid up quickly on
what ordinarily would be considered
nominal dealings, just as they hod pre-
iously been depressed on very limited
offerings
I This demonstration, of course, was
j confined principally to the Inactive is
sues, notable among which being a Sft.fiO
rise in .1. (i. Hrill to ;i7" and the $-'
rebound in General Asphalt preferred
to SS.
To a lesser degree it was alo con
firmed in dealings In such shares as
Electric Storage Dattery stock and war
rants, both making point gain. The
same might bo said of Lake Superior,
which was moved up to 13.
About the most significance and en
couragement, however, was supplied in
the further advance in Pennsylvania
Railroad to a new top at 4H. With
all doubts concerning the stability of
the dividend now entirely dissipated by
the liberal allowance in advances in
freight and passenger rates, there has
reappeared increasing investment buy
ing When it is taken into considera
tion that the eastern roads are to get
rates 100 per cent over the prewar
rates, there should bo little fear as to
the maintenance of the current 0 per
cent dividend under the railroad law.
While the dealings were much re
duced further improvements was also
scored by the traction shares with
Rapid Transit advancing to ! and
Union Traction to 25 Vi. The other local
utility shares were likewise firmer.
DIVIDENDS DECLARED
Indian ntln'n Co.. quarterly of 5 per
cent on common and quarterly of Hi rr
Cent on preferred, both payanU September
19 lO SlOC "1 IQbVIU LJJl,H(M,I (J.
Lanaton Monotypa Machine Co .quarterly
of 1H per cent, payable August 31 to stock
QUt in, IS Cities
-. -.... A.i . 91.
o, itium ww" w
Brown Sho Co., Inc. quarterly of i,7B
ort common payable September I to stoclt ot
record Aurust . , . .
Olney rank and Trust Co.. semiannual of a
par eent and an tra of 3 per cant, payabl
September 0 19 stock of record. Hiptember JO.
NEW YORK STOCK EXCHANGE TRANSACTIONS
Sales
300
400
300
800
300
300
400
000
800
moo
000
1104
100
300
4300
000
8100
S00
1500
900
100
400
S00
300
700
800
400
000
1400
300
300
3300
300
400
100
4300
300
800
30.WO
ino
0300
900
100
400
3700
300
9t00
100
300
400
400
?fl0
00
300
100
000
600
100
4300
300
1300
900
1100
3100
100
100
000
700
400
3400
4000
3300
100
700
11511
300
300
400
500
700
100
400
100
3(500
100
201
900
000
300
0300
400
100
1700
300
1000
100
300
600
600
1100
300
300
100
300
1000
100
1000
400
100
400
800
fiOn
000
109
8300
400
3300
3800
300
300
700
300
700
300
ton
400
1500
300
100
300
100
300
800
S0O
300
500
1000
3800
1300
5000
100
Dlv.
in Hlth
. . Adams iSxpress ..... 31
AJasc Rubber 48
.. Alaska Gold Mines ... IV
.. Alaska Juneau O M.. 1W
1 Allls.Chalmora 30J.
7 Allis-Chalmers of .... 71 y
4 Am B Shoe Fdy new 9H
.. Am Can 354
1 Am Car & Tay 138
Am Cotton Oil 38!$
80 Am Drur Syn 10ft
7 Am Hide ft Leather pf '8
4 Am Ice , 40
Am Ice pf (0
a Am Internat Corp . . .. 7W
8 Am Linseed S0JJ
Am T-oeomotlve 97
.. Am Safety Razor .... 13H
.. Am Ship & Com .... 30 Ji
4 Am Smelt & Ref .... 50
7 Am Smelt & net pf. . 88J4
fl Am Smelt Sec A 73
3 Am Steel Foundries .. W
7 Am Sua-ar Ref 11814
10 Am Sumatra Tob .... 83J$"
Am Tel ft Tel 90K
30 Am Tobacco Ill
.. Am Tobbaco B 110J5
7 Am Woolen 77
7 Am Woolen pref .... 03T0
Am Zlno Lead ft Smlt 13
4 Anaconda Copper .... 5114
.. Assets Realization... 3H
4 Asso Dry Goods 30J4
8 Asao Dry Goods 1st pf 0
8 Atch Top ft Santa Fe 81 J,
8 Atch Top ft S F pf . . . 74
10 Atl Gulf & W I S S..I50
8.50 Halrtwln Locomotive.. 10954
7 Baldwin Loco pf 97
.. Bait & Ohio 35H
4 Baltimore ft Ohio pf. . 47
3.S0 Bamsdale Class A ... 80
8 Barrett 138
.. Bethlehem Motors ... 17
B Bethlehem Steel 75 V
8 Bethlehem Steel B. .. . 78M
8 Bethlehem Steel 8jtl0t$l
.. Booth Fisheries 7K
.. Brklyn Rapid Transit MH
7 Buff ft Susq 65
10 Burns Bros 103
.. Butte Copper & Zinc. 75$
.. Butte ft Superior Cop 19
.. Butterlck is
. . Caddo Central O ft R 13
California Packing ... 65;;
.. Callfronla Petroleum. SOW
10 Canadian Pacific . ...KIJi
.. Caaa J 1 114
6 Central Leather MH
4 Cerro de Pasco Cop.. 404
10 Chandler Motors B0K
4 Chesapenke ft Ohio .. 57?$
.. Chicago ft Alton'.. . . 0
.. Chlcaso & Alton pf .. lBi
.. Chi & K 111 pf ctfs... m
.. Chi & E III Eq T ctfs. 7!
3 Chicago ft Gt West pf 33 H
.. Chicago Mil ft St P.. 35ft
. . Chicago Mil ft St P pf 53ft
B Chicago Northwestern 70 H
v? Chi ft Northwestern pfl031i
8 Chi Pneumatic Tool.. 8S'i
.. Chi R I ft Pac 3BJ4
a Chi R I ft Pac G" pf f3J$
7 Chi R I ft Pac 7 pf 74
.. Chile Copper 14K
l.co Chlno Copper 37$
1 Coca-Cola 35
3 Colorado Fuel ft Iron. 33
. . Col ft Southern 35
Columb Gas ft Elec. . 534
Col Grnphophone, .. 33J4
Consolidated Cigar . .. 04
Con Interstate Cal M Ilia
Consolidated Textiles . 30
Continental Can 8OJ4
Continental Candy .. II
Corn Products Ref ... 875.
Crucible Steel 131
Crucible Steel pf 94
Cuban Cane Sugar ... 4414
Cuban Cano Sugar pf. 77U
Cuban Amer Sugar . . 45
Debeers & Co 38
Delaware ft Hudson . . 93
Del Lack ft Western.. 315
Denver ft Rio Grande 5H
Denver ft Rio G pf. .. 10
Dome Mines 105s
Duluth So S ft At ... . S
Durham Hosiery pf . . 94
Endlcott-Johnson .... 74 J3
Erie 13 H
Erie 1st pf 31
Erie 2d pf 14
Famous Players L . . . 70J
Federal Mln ft Smelt. 10
Federal Mln ft Smlt pf 34 JJ
5
1
7
3
7
1
4
8
7
7
7
0
10
3 Flsk Rubber 37H
. . rreeport Texas 33
.. Gaston Wms & Wig., lift
6 General Chem pf .... 03ft
1 General Motors 33ft
7 Oen Motors deb 7.. 80
Goodrich B F 56ft
7 Great Northern pf ... 74 J
4 Gt Nor Ore ctfs .... 345
.. Gulf Mobile ft Nor ... 13 &
4 Haskell & Barker Car 68
.. Hendee ctfs 37H
.. Houston Oil Co 98ft
1 Hupp Motor Car 14
7 Illinois Central 83 ?
60 Indlahoma Ret 7
4 Inspiration Con Cop.. 49
.. Inter Con Cop 3ft
.. Inter Con Cop pf. ... 9ft
. . Int Agrlc 18
B Int Agrlcul Corp pf . .. 75$
7 Intl Harvester new ...133ft
.. Int Mer Marine . 36JJ
6 Int Mer Marine pf . . . 78
7 Int Mo Tru 2d pf . . 65
.. International Nickel ..17ft
.. International Paper .. 78ft
.. Invincible Oil Corp .. 44
. . Island Oil 6ft
.. Iron Products 45
.. Jewel Tea 20ft
3:S0 Net
Low (NTtm) Chre.
84 X
47
1
30K
Tift
8ft
h
I33ft
37ft
10ft
7ft
40
60
73
66
04 ft
I3ft
30ft
55 ft
88 ft
73
35
118
80ft
00
107ft
110
76
03 ft
"ft
50H
3ft
30ft
59
79
73 ft
7ft
107
97
34
46ft
39
136
10ft
75 ft
76ft
104
7ft
J0H
65
100ft
7ft
11
13
13 ft
es
26ft
lt9H
lift
MM
40ft
83 W
55
9
13
8
K
'2ft
3454
60;
69ft
103ft
80ft
35H
63ft
74
14
27
35 ft
33
34 ft
53 ft
33
04
lift
30ft
70
lift
"ft
124
04
43
77ft
43
38
03
213 ii
A
10
10H
5
94
74
13ft
20 ft
14 ft
69ft
10
31ft
26 ft
21ft
11
03 ft
21
80ft
64 ft
73 ft
33 a
12H
67ft
27ft
05
13
82 ft
7
40H
2ft
9A
18
755i
133 ft
25 ft
76
(5
17ft
78
41Ji
6
41ft
30ft
853
47ft -ft-
Ji
30H ft
7lft- 2H
ft ?
3M ft
135 1
28ft - 5ft
"ft- ft
783
40
.60 3
73ft ft
66ft- K
t0ft 1ft
13tt ..
30K- ft
86I4 ft
88ft ,
73 - S
33
118, 1ft
83ft 3K
96ft ft
lit 4
110ft 3ft
77 ft
83ft ft
13 ft
tft ft
3ft ft
30ft ..
59
8t - ft
74 ft
110 ft
100H 1
97
35H 1H
47ft ft
39-1
138 3
7ft- H
75ft ft
77K- ft
101 H- ft
7ft ft
10H ft
05
103 1
7H- H
18
13 H
13 ft
C5ft -
?r.ft ft
131ft ft
llft ft
3H
40 - ft
80 ft
7ft ft
0 ft
13
8ft 1H
7ft- H
23H ft
35ft 1
63ft 1H
70K 1
103 ft I ft
83ft 1ft
30
63ft ..
7 1ft
"ft -27X
..
30ft 1ft
33 1ft
35 li
53 ft .
23J4 1ft
04
Hft ft
20ft ft
70ft- ft
ft
875a ii
130 3(
Ot
ft ft
77ft . .
45 ft
38-4
831
3I3K- ft
5
10H ft
10H ..
94-1
74
13H ft
20 ft
"H 94
js n
10-1
31ft ft
27M 1ft
23 ;
11
03ft ft
33ft ft
80- ft
"ft- 1ft
74X- ft
MX ft
H- H
67ft- ;
37ft- ,
08ft 4ft
ft
83ft- ft
40 2K
3ft- ft
ft ft
181
75- 3
133ft ..
35ft- 1ft
78 1ft
65
17ft ft
78 - ft
ft- 1
6 - ft
41J5 ..
20ft- 3
Sales
1000
3600
100
100
1700
100
300
1700
300
1300
300
100
100
101
100
100
300
100
too
3000
100
9000
1300
900
300
400
3500
4000
100
500
300
100
400
400
103
300
8800
400
ptr.
la t iilsh
., Kan City Southern ... 10
4 Kelly-Spa: T 81
3 Kenneoott Copper .... 34 ft
1.20 Keystone T& R 21ft
6 Lackawanna Steel ... C1H
.. Lake Erie A West .... lift
5 Lee Rubber Tire 33
8.80 Lehigh Valley 45ft
13 Liggett ft Myers 131
3 Loewe Co 31
.. Loft Corp 13ft
7 Louisville ft Nashville 98
0 Mackay Cos 63
4 Mackay Cos pf 60
Molllnson ft Co pf ... 68
3 Manhattan Shirt .... 31ft
,. Math Alkali 31
. . Maxwell Motor ctfs ... 10ft
8 May Dept Stores .... 74
10 Mexican Petroleum ..161ft
2 Miami Copper 19ft
1.60 Middle States Corp .. 30ft
4 Mldvale Steel ft Ord.. 38ft
, . Minn ft St Louis 14 ft
7 Minn St P ft St S M. . 70ft
. . Mo Kansas ft Texas . 7
.. Missouri Pactflo 30ft
.. Missouri Paclflo pf ... 45
.. Montgomery WArd .. 31
.. Nat Anllino ft Chem .. 80
B Nat Cloak ft Suit .... 45 K
7 Nat Cloak ft Suit pf . . 93
.. National Con ft Cablo 6
6 Nat Enamel ft Stamp 59
. . Nat R R of Mcx 2d pf 5ft
10 New York Air Brake. 90
B New York Central ... 73ft
.vew York c & st L.. 34.
. 3:S0. ..Net
low tNTtm) cjnie,
300,2.80 New York Dock 36
60000
600
3000
100
6300
100
300
000
600
300
300
400
500
8000
2300
85 00
400
700
4100
700
3300
3500
000
300
300
1100
900
100
100
1300
3100
300
300
13500
100
5000
6000
100
3.T00
5500
3000
100
100
400
10o
100
00
0000
100
11000
15100
100
30
400
300
3300
13100
300
300
800
8500
3700
1300
100
600
600
1300
1800
400
8000
100
300
3900
3700
3500
100
400
7800
800
300
45300
510
500
400
17100
100
100
100
800
2500
500
3100
1300
400
400
100
80 1)
1300
1100
300
39D0
300
70D
. . Now York N H ft H.. 35M
1 New York Ont ft West 10ft
7 Norfolk & Western .. 00
B North American 60
7 Northern Pacific 75ft
B Nova Scotia S & C .. 48ft
60 Nunally Co 15
40 Okla Prod ft Ref .... 4
.. Oils Steel 21ft
3 Owens Bottling Mach. 47ft
4 Pacific Devel Corp . . . 40ft
6 Pacific Gas ft Elec ... 46
.. Pac R It of Mis 70ft
,6 Pan-Amer Petrol .... 85ft
.. Pan-Amer B 70ft
3 Pennsylvania RR ... 41ft
.. Peoples Gas Chicago.. 30
.. Peoria ft Eastern .... lift
.. Pcre Marquette 35 ft
3 Philadelphia Co 33ft
.. Phillips Pet 374
.. PIcTce-Arrow Motor . . 43ft
.. Plerco Oil 13ft
8 Pierce Oil pf 81ft
6 Pitts Coal 57ft
a Pittsburgh ft W Va . . 38ft
8 Pressed Steel Car .... 00
7 Pressed Steel Car pf . 08
Pullman 113
Puro Oil Co 30ft
Punta Alegro Sugar . . 83ft
Railway Steel Spring. 94
Ray Con Copper 15ft
Reading 90H
. itemington Typewriter 00
. Replo Steel 76
0 Republic Iron ft Steel. H3H
. Robert Rels ft Co ... . 15
0 Royal D N Y 73ft
. St Louis San Fran ... 35$
. St Louis Southwest ..21ft
st Louis Southwest pf 31 $
Saage Arms 43ft
Saxon Motor 7
Santa Cecelia Sugar . 17ft
Seaboard Air Lino pi 14 ft
Shell Transport 03 ft
. Sinclair Oil 27ft
0 Sloss-Sheff 04
6 Southern Paclflo 04ft
. Southern Rait SO?,
Southern Rail pf CO ft
standard Oil of N J. . 030
Stand'Oil of N J nf..lnft
Stewart Warner Sp .. 36ft
Stromberg Carb 75
Studebaker 65 ft
o (superior steel 4 Oft
4 Tcmtor Corn & F "A" 40K
. . Tenn Cop & Chem ... Oft
3 Texas Co 43
. . Texas ft Paclflo 38
,60 Kexaa ft Pac C ft O.. 43
.. Third Avenue 11
.. Times Square Supply. 30ft
6 Tobacco Products .... 03;
.. Tol St L West ctfs .. 13U
.. Transcontinental Oil.. 12?
.. Union Oil 20
10 Union Pacific 1184
4 Union Paclflo pf 65
13 United Fruit 106
3 United Retail Stores . 65ft
' 6 U S Food Products . . 01H
8 U S Ind Alcohol .... Mft
7 U S Ind Alcohol pf . . 03
..US Realty ft Imp ... 53
8 U S Rubber 80ft
BUS Rubber 1st pf ...103ft
fl U S Smelt ft Ref .... 54
BUS Steel S8ft
7 U S Steel pf loc
6 Utah Copper 03?s
.. Utah Sec 8
0 Vanadium Corp 7234
4 Va-Carollna Chem ... 65
6 Va Iron Coal ft Coke. .105
2 Vlvadou Ino 14ft
.. WabaBh HV
.. Wabash pf A 25ft
.. Wabash pf B : ir.ft
.. Western Maryland ... 10ft
.. West Maryland 2d pf 13 J4
western i'ncin-c as
Western Pacific pf ... 65ft
westlngliouse A Brakelo?
Westlnghouse E & M 17ft
Wheeling ft LE 11
White Motor 40
Wick Spenc Steel Corn 2914
Willys-Overland 1794
Wilson ft Co 524
o worimngion j'ump .. C3
Ex-dlvJdend.
6
.74
18ft
75JJ
34ft
lft
65
lift
33
44 ft
130ft
20ft
13
98
63
09
68
34 ft
31
10ft
74
160ft
19ft
30H
30
13 ft
70ft
6ft
23
135,
31
70ft
45ft
93
0ft
6895
5ft
GO
73
31
20
33 ft
18ft
80
60
73ft
48ft
15
8ft
21
47ft
40
46
79ft
63 a
78H
0
28
11
24 ft
33 ft
35 4
43
12 ft
81
67 ft
27ft
01 "A
08
113
38K
80 ft
S3
16
8Sft
00
70H
81ft
15
73
31ft
31 H
ni?;
13ft
7
17ft
lift
CI ft
26 X
64
02 ft
!8ft
60ft
629
10 J
31ft
.73
(,3 ft
18ft
10?;
0ft
12
37 ft
41
11
27ft
C2
13
13
3SK
ittt
(15
196
rift
60ft
81 ?s
93
50
81 4
103ft
63 ft
80ft
106ft
01ft
8
60K
05
106
15ft
8ft
25
16
0ft
13
20
CI ft
102
404
1 0ft
Oft
2S?4
10ft
62 ft
61 H
IS la.
81 3ft
2tft- H
21ft- ft
7M 1M
Uft ft
2a?
"ft"ft
131 - 4
21
13 - ft
08 ft
62
00
68 - 3
31ft ft
31
10ft- ft
74 ft
161ft 3ft
19ft ft
30ft ..
38H W
14ft ft
70ft ft
7 H
23 - 2ft
48 2
31 ft
70ft- 1ft
45ft ft
93-3
CM ..
59
6ft ft
006 1
73J4 H
34?s
30 - ft
35ft W
19ft f H
90 ft
50 ft
75ft 1?4
48ft ft
15
3ft ..
31ft- ft
47ft- H
40
46 - ft
70ft
85ft 3ft
78ft 1ft
41ft f ft
30 - ft
ft 1ft
25 ft ft
33ft n
37H U:
48ft 1J4
13ft ..
8Ift ft
87ft ft
28ft 1ft
963
08 - 1ft
113 ft
38 ..
lft- 19
94 1ft
1 - ft
80 ..
60 - ft
74-3
8334 1ft
15-1
"ft ..
35ft ft
3114
31? ft
13ft 3ft
7 - ft
17ft ..
Hft ft
C2ft- 3
27 34
612
01 ft
29ft ft
COft-r ft
630- 1
10', ft
33ft ft
73ft- ft
65 ft
10ft- ft
40J4- . ft
0ft . .
13H ft
38 ft
11J4 ft
11 ft
23ft 1ft
03?4 1
13 i ..
13ft ft
2"ft V,
7ft 1
6
100 ft
03ft ft
01 H
83 ft
0. - 3
81ft 1H
80ft ,
102ft ..
63ft ft
7ft Sj
1054 ft
63- ft
ft
7-J 4- ;,
65 134
105
15ft- ft
8ft ft
25ft- ft
10ft ft
Oft
13 - V.
27ft J
06 2 y
103 - 1
7ft H
11 X
18ft VA
3834 ?4
7ft i
S3 ft- li
62 IX
Philadelphia Stocks
1 30 Net
p m ebee,
734
2
Hlsh Low
'200tAm Int. 7.T 731
.WliAm II A
ti pf. . 77 77 77 1
C Brill J G 37 Vj 37- S7'33V3
330 Elec Stor.llua; 115 ii5a
010 do war.. 10 15 10
125tErlc .... 13Mf 138 13
1ft r.i.r, Aicnh
pref ... 8S SS
2." I Co N A 28V4 28
200 Lake Sup 13 12
14 Leh Nav. 58 Vi 58 Vi
115 Leh Val.. 45 441,
200tM dval". 38'i .i'
035 Pa It It.. 41
11 Pa Salt.. 05
100 Phlla Ins
Wire .. 51
483 PbllaElec 22
100 Phlla It T I0Vi
lOOtReading.
600 Tono Bel.
31 Un Trac.
158 U G I...
OOOtU 8 Steel
10 York Kw y
pref ... 20 20 20
tNet chance made by eomparleon with last
sale on New York Stock Exchange.
Bale. In RP"', 130 Net
S1000 lllKb I-itw p m chee
5 Con Gas 7s. 07 07 07 . .
0 Elec & Peo
Tr 4s.... 52 61 62 ..
25 Lib BondB
2d 4Vs... 84.S0 84.S0fi4.80.12
A 3d 4J.a... fifi. 70 88.70 RS.704-. 0-1
14 1-10 4th 4is 85.15 85.08 85.00 .04
l'enna een
4V4s .... 75Vi 754 75x
6 Read's B 70 H 70 70V
GOVERNMENT BONDS
1
4113
05
61
0OU 00
1 1
25H 25
404 40
87 8(1
68 t
1
38 a
41 b
05 ..
51..
21 Y
1514..
06
25
40 . .
87&-
-1
Panama coupon
103S.
Rnam; fesWed 2 1088. .
Panama coupon Sa. I'M .
Panama reslsterd J 3 '
Panama coupon 3s, 196. .. .
Panama reflstareo Sa. 101 .
Philippine 4. 14
Philippine Is. ";
rhlllPPlne 4". I"3" .,
U a Oovt coupon : 10SO
U B Govt relitred 2. 10SO,
U P Govt coupon 4s. 1028. , -.
ti 8 aovt rel;,!,1i, 12?,?
rilct of Co umbla 3-aSi 1024
BAR 8ILVER
Bar silver was d higher In Iondon
today at B77ai
niti
.100V4
.100H
. KlOM,
100 'i
. TT
. TT
. T
78
TS
100i
l0i
.ion
ios
. 93
LONDON STOCK MARKET
Industrials Heavy Home Ralls
Drifted Gilt-Edged Section Hard
London. Aug 4 Pending further
news on the Polish situation, the stock
exchango markets were listless today.
Support was furnished to tho oil group.
Shell Transport and Tradlne was 6 0-16
and Mexican Eagle 10 54 Industrials!
were heavy Hudson s Bay was 6VS
Home rails drifted. There was a
spurt In Canadian Paclflo In sympathy
with New York exchange
Gilt-edged Investment Issues were hard
on easier money. Foreigners lacked
steadiness. Kaffirs were good on a
farther rise In the prlco for bar gold.
Diamonds also were helped.
SECURITIES AT AUCTION
The followlric securities were eold at auc
tion today by Darnes A. Lofland:
STOCKS
Executor's Sale
Sbsres
5 Glrard National Bank ,., .in 7
25 Tenth National Bank 1'IOVi
Mln-
60
SOo
Jl
fl
Jfii
ISO Pine UldKO Coal Co
500 Queanelle Ibdraultc Gold
Inc Co.. Pi
10 United Stores Association, pf,
30, United Stores Association,
common Lot
40 United Stores Asioclatlon, pre
ferred. 120, United Stores As
sociation, common. 1000, Ton
onah Central .Mlnlnc Co, ot
Nevada. ... Iot
SO Atlantic Coast Development Co
Lot
10 Hie Daou Realty Co , . Lot Uu
ju Koyai runcianna nurseries Co.
Lot $15
2 St Petureburif Transportation
Co Lot 15
2 Commercial Trust Co 201
1 Philadelphia rinanca Co... , 18
20 Philadelphia Life Insuranco
Co io
1 Market btrect National Bank .. S.'OU
BONDS
(3000 Atlantic Coast Development Co
or Avaion. N j., H per cent.
nrst inoruw .
1000 Arc arte Ui-ul Estate
Co. a
mortgage,
ner
due
rent. nrtt
March 1. 1034
10000 Altoona Oaa Co, 3 per cent, first
mortsai;; due 1032. (Certifi
cate of deposit, Pennsylvania
Co. for Insurance on Lives,
ete)
1000 Kennore Pulp and Paper Co, 6
per cent sinking fund, due
i037
2000 Indianapolis Traction and Ter
minal Co, ft per cent, first
mortgage, due 1033 ,
1600 Amerlcun Qas Co. 7 per cent
convertible notesi due 1D28 .
5000 rubllo Service Nuwark Terminal
Railway Co, 3 per cent, first
mortgage: dus 1065 ,,,,.,.
n0n North Coast Power Co. 6 Per
cent, general ltentincoms: dus
r ,.,. ,...., ...
V
SS
J's
00
04';
76e
76
Financial Briefs
?ht ,aycraS? Price of twenty active
Industrial stocks advanced 0.59 per cent
yesterday to 85.54. while twenty ral -roads
advanced 129 per cent to 74.30
The Barnsdnll Corporation, a holding
company for oil and public utility con
cerns, reports Kross sales of $3,382. "40
In the six months ended June 30. Out
side Income amounted to $343,490. and
the profit, after providing for taxes, de-
fi'J!0"' otCu' was 1'360,6I0. cuual to
$2.59 per share of stock
I4,.ibl,000 from the banks yesterday.
R582,'oo'o.C nM Bal" S"1Ce Frlday '
Wlrkwlre Spencer Steel re-. r.
quarter ended June 20. surnlim. nfte
federal tiiv .? cor,. .
nnrt rnr nlv r..n,.iv.. -V" "J .'"'"J '
--.... .v. ..... .,v.,it,fl. ,i urnniM rr
charges
and for
154,734.
II,
aN' Ie fr 1 months onded June
30 of the United States Rubber Co
IVvTS.!129"58986' an Increase of $30.
92?V?16 Sv?r,tne con-fspondlnir psrlod of
1919. Net Income after 'deducting ell
Interest charges and after allou'n! fur
depreciation and Fedeml ui.es wan
13,690.s:i, a aln of $d,0r!U90 ocr
the name period of 1919
BANK QLEARINGS
Bank clarlne today compared with cor.
responding dav last to yearn. '
120 loin tnia
Boeton 1A0 4IU.2T3 n 7T0 47 140 523 til"
Baltimore in.P48.a0.-i IT 10'J M3 ..,...
BUTTER, EGGS AND CHEESE
New York. -Aug 4 BUTTKR Easy n.
celrts. l4M"-tuhs Creamfrv, higher thn
extras, 54H nMe creamery, extras fri"
Kore). 53'. UMt. firsts (SS to hi ,or)7 So't
"Ssa'ic, packlne stoclt nurent make No
1 44c
KflGS Steady necelpte 21 .) rnke
Fn h-gathered extra flrn's IlKMc. flrste
47'rfOc state Pennolvanla und nearby nest
ern hennery whites lirt to mtrnn noTOo
swte, Pennsylvania and nrhy western tien
nery browns, extrns. BSfl2e. sta rinn!
ryUsnla snd nearby gathered hrowna and
mixed colors flrts to extrns, 4S(5flp
CHEESE Barely steady Receipts. 4M
boxes. Httte, wholo milk flats current
make, white nnrt colored specials. 2T't'l"Se
""I-,, ftv."Te run' S'-'iftatl've, state, whole
milk, twins current injke, specials. L'OV, ss
STVvc do. average run, SaftgOc -"
Prices 8tendy on Paris Bourse
Vsrle, Aut7. 4, Prices were steady on
the Bourse today. Three per cent rentes
were quoted at 57f 50o;, exchange on
London. (Of 41a; I per dent loan. I7f
CURB SELLS OFF
QUIET MNKET
Offors Camo From Traders Who
Havo Boon Active on
Short Side
New York, Aug. 4. Trading was
quiet on the Broad street curb today
and, although nearly all tho business
was conducted nt lower levels, there
was no indication of uneasiness. Tho
supply in nearly all cases camo from
some of the traders who havo been
active for a long time on the short Side.
Oil stocks were fairly well held, al
though General Asphalt yielded during
the morning from 65 to 63. Slmms Pe
troleum was traded in at 14 to 14
and there was a moderate amount ot
business in Skelly Oil at 0i to 0.
International Petroleum was in better
demand, ranging from 20 to 30.
Tho industrials reflected an absence
of interest and sold off under small
offerings. Indian Packing dropped from
0 to 0, a new low record, and Sub
marine Boat declined from 11 to 10.
Thero was a small nmount of business
In United netnll Candy at 12., Good
year Tiro sold at 110 and a small sale
of Singer Manufacturing was made at
120. Hercules Paper was steady, with
sales at 23 and North American sold
at0.
1NDCHTIIIAXS
. . High
Acm Coal 2
Amer Candy 7U
Amer Vlt Prod o
Gen AephaU B5
110
84
25s;
4
Goodyear Tire
Goodyear Tiro pref
iiercuies i'aper . .
Hcvden Chem ....
Indian Packing ..
Keystone Soletner
Mfgrs Lt
North Amor Taper
Perfection Tire ...
Itadlo Com
Radio Com pref ..
R J neinnlifa InUI
Singer Mfg 120
nuumnrino uoai n
Sweets Co lU
IT M TTIffh RnMri TaaI 4nl7
it o meant 2'
united Prom Sharing
United Retail Candy
ill
51
!8
33
mi:
Tloono
. UU'4
;;J.
INDEPENDENT OILS
Heart o!i
"i
Low
0
63.
110
84
25.
M
OH
120
10.,
1U
30
1
12i
1:30
p. m.
7V4
o
no
84
2n
,4
12.
t
120
1..
m
30
2f
1H
Oil
Boston wvomlnsr 1
Carlb Hndlcate I2ij
Cities Scrv U ctfs 214
Cushlns Pcto '.
Dominion Oil 10
Duquesno 4
Klk Basin Pet 7K
Engineer Petrol !
Esmeralda Oil it
Glenroclc Oil 2H
Inter Petrol so
Maracalbo Oil 21
Merrltt Oil ja'4
North Amer Oil 2H
Ohio Fuel 24
Oklahoma. Nat Gas 3p',1
Omar Oil 3
Pennok Oil rK
Pittsburgh Oil 13J
Prod & Refiners nH
Red Rock Oil a,
Rov de Franco . r,'i
Salt Creek Prod 321?
Halt Creek new 14
Shell Trans rts 18
NImma Pet I4i
Skelly Oil n'4
Superior Oil lsu
Tropical Oil lflS
Un Texas Oil
Victoria Oil new i,
MINING
Alaska-Brlt Columbia ... i
Big Ledgo u
Boston A Montana 0",
Caled Mlnlnc is
Calumet & Jerome A
Canada Copper
candelarla Mln ..
Csrron Hill
Cons Virginia
Cortez Sller
Creeion Gold
Dundee
Eureka Croesus
Golden Gate Exp . . ..
Goldfield Cons
Goldfleld Florence ..
Goldfield Zono
Hccla Mining
Iron Blossom
MacNamara
Mother Loda
Mother Lode naw . . .
Nlpleslng sti
Rex Cons .. 7
S Silver Lend ... 1:
Tonopah Belmont . .
Tonopah Exti
Tonopah Jim Butler
Tononah Mining .
United IJastorn ..
White Caps
0
aa
11".
30H
10!?
Oof
23
&
13H
54
32
1
18
14ti
nS
17
0
2J
1
12
304
10I
4
7
!.
a-
30 (
134
25,
21
3o;
54 '
13'J
'tt:
i'I '
18 I
1414
0
18..
10Z
14
w
CHARTERED Dy CONGRESS IITJi
Ot NATIONAL BANK 1864
North America
30rCfiestnut Street
OFFICERS
E. PJJ5EY PASSM0RE, PreilJerrl
B. S. MeKINLEY, Vice Prei. E. S. KR0MER, Cailltr
V. J. MURPHT. Ant. C.i.r c M. PRINCE, Ant CatUsr
J. W. WHITING. A..L CaiUer
DIRECTORS
LINCOLN K. PASSM0RE
JOHN W. PEARCE
JOHN P. GREEN
GEORGE FALES BAKER, M. 0.
N. MYERS FITLER
CHRISTIAN C FEBIGER
J. HOWELL CUMMINGS
W. PERCY SIMPSON
WALTER H. R0SSMASSLER
CHARLES B. DUNN
HORACE E. SMITH
HARRYS. EHRET .''''
I
EDWARD F. HENS0H
THER0N I. CRANE
GRAHAME WOOD
W. KIRKLAND DWIER
WILLIAM F. READ. JR.
CHARLES 0. ALEXANDER
LEONARD T. BEALE
MARVIN A. NEELAND
JAMES D. C. HENDERSON
WALTER ERBEN
E. PUSEY PASSM0RE
IS
01
I
13
1.1
4A
5T4
i!'i
iP
m
'.I
12
fiS'.
OllVj
tlrt'
. nONDS
.iiita t'acKers ns
Amer Tel Us, 1022 .
Armour 7s
Goodrich Tire 7s 03V
.,,.-, ,,n, ri ni
Texas Co 7h null
U S Rubh,.r 74 s 0S4
Berlin 4 ....!!.. 2(5
Cologne 4s 21
Trnnkfort 5 .... 7
I'lench 5e. 1021 34
Oie.lt Berlin 4s . ..If)
Hamburg 4 "n
llamburir 44 s .. "04
Lelpslz 44 .. "I
Swiss ."4s . . ss.
A
5!
60
1
0
12
1.1
4A
5
ft'
S4
14
14
12
1
2A,
9
0fl4
084
014
57
ns4
18
21
27
fi.1
10
10"j
20
21
85
A3
18
4
254
0J
14
i
n
12
13
4
J
54
iS
12
14
1ft
0
084
Ptl4
0.14
5T
nav;
184
18i
27
fi.1
in
104 i
21
85
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, Kentucky.
Only because of market con
ditions are we able to offer
this secured investment on
such an attractive basis.
Write for our descriptive
circular.
Bonbright & Company
437 Chestnut Street, Philadelphia
New York
Boiton
Chicago
Detroit
ANOTHER DROP IN STERLING
Demand Opens at Loss of 6y2 Cents.
Other Exchanges Off
.uJ,w' .yrk',AuB On the basis of
tho earliest bids comlns on the market,
demand sterling opened at a loss of
6 Vic. At the name time, franc cables
were 22 points off, lire lfl points off and
marks 4 point- The other exchanger
were all ofT from 13 to BO points, with
the exception of guilders, which were
unchanged
Quotations were-
Demand sterling 3 RGiJ, cables 3.B7;
franc cables 7 07 checks 7 00 ; lire cables
4 974. Checks 4 97, Swiss cables 6
checks 6 02; guilder cables J3W. checks
33. pesetas cables 14 90, checks 14.88;
P.Ic1an cables 13 OR. checks 13.08;
Stockholm cables 20 4fi checks 20. SB;
Chrlstlanla cables 15 28. checks 15 23;
Copenhagen cables 15 15, cheeks 15.10;
marks 2 08
The foreign exchange market turned
firm shortly before noon, sterling lead
ing on tho recovery with a gain of 2
cents from the extreme low of the morn
ing Demand was quoted 3.87 ai, cables
3B8Vi: franc cables 7 19. checks 7.18;
lire cables B, checks 4 99; marks 2.1.
Argentine cables wert slightly lower, at
113 80
YESTERDAY'S FINAL QUOTATIONS
Sterling Francs Lira Guilders
Demand ... .1 nav 720 5,11 83.85
Cables 3 844 7.81 S.10 ....
TODAY'S OPn.NING QUOTATIONS
Demand .... 3 Sfl'i 7.08 4 97 81
Cabl 3 57 7.07 4.0711 33M
Liverpool Cotton
Liverpool, Aug. 4. There was a good
demand for spot cotton today with prices
hardening on the basis of an advance of
42 points for middling at 2B 98d. The
snles were 8000 bales. The receipts were
9000 bales Including 200 bales Amer
ican Futures were quiet In the early
dealings. Spot prices were American,
middling f,ilr. 3132d; rood middling.
28.28d; fully middling. 27 23d; middling.
2K.98d, low middling. 22 18d; good or
dinary. 1! 98d and ordinary, 17 9Sd.
LIVESTOCK QUOTATIONS
rost St. Louis, Mo,, Aug 4. CATTLE
Receipts, 55,200 hed. Steady. Top steers.
113 bulk H0&13. yearling steers and
heifers ites.rly, canner cows steady at 113 50
AMIS bulls steady! good and choice eal.
rrs 112014 50
HOGS rtecMris. 10 500 head Ten cents
higher Top lln 15 bulk light and mediums.
115 T5(ff lfl. bulk heavier, 114 75I IS.fin
SHEEP Retelpts, 25011 head Steady
Top lambs Sin bulk J12tfl3. top ewes
17 50. bulk, IT7 80 ''
Oxford Bank Joins Federal Reserve
The Oxford Dank qf Ftankford, Phlla.
delphla, liau this day been admitted to
membership of the Federal Reserve
Dank Its capital Is 1250,000: tmr
plus, $55,000, and resources ll,89S,u00
This Is tho forty-second member of the
Federal Reserve.
Mm 1 uiiiuuii, wi -s.u, b icr uont loan. 17fl Higher arrad
aoUtOo, Tka dollar W gwUd'at lit Vo. I qwSST $ 87
Atlantic Refining Advances Gasoline
Pittsburgh, Aug. 4. The Atlantic, rte
fining Co. has advanced, the prloe of
jrasollpo "one cent, to 34 cents, retail.
Higher grade, gasoline, fitT0 degree, is
mi.t.j at T aa. ' ,"'t '"
The National Oil Company
(Of New Jersey)
New Developments and
Possibilities described
in a circular which
will be sent on request.
William W. Cohen & Co.
Members N. Y. Sloc!( Exchange
N. Y. Cation Exchange
Chicago Board of Trade
67 Exchange Place
New York City
llllllllllllllllllllllllli!llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllltl
Rearrange your investments
to yield 7 and upwards
If you could exchange your low-yielding investments
for bpnds yielding 7 and more, without sacrificing the
element of safety, wouldn't it bo good business to do so ?
It is part of West & Co. service to study your individ
ual investment requirements and to thus mnke recom
mendations that may make a big difference in your
income.
It will not obligate you to discuss this matter with
us either here or in your offices.
West & Co.
1417 CHESTNUT STREET
Members
New York rltock Exchange
Philadelphia Stock Exchange
We Always Have on Hand List of Hlgh-Crade Donds
Correspondence Invited
iiilllllllllllllllllllllllllllllllllllllllllllllllllllllllllllMllllllllllllllllliinilllllllllMi'r.l
merit
ago.
Opportunities for
a Large Income
Good bonds now yield
more than preferred
stocks of recognized
did ten years
Even external
loans of strong govern
ments are selling to
yield from 7 to 8.
The present genera
tion has never had
such opportunities to
buy long term bonds
at such attractive
prices.
Write for our recommendations,
Hemphill, Noyes & Co.
Members tfew York Stock i&chonpe
Franklin Bk. Bldg,, Pkhiladejdhla
Kaw York xtHktui v ' ..-..-
SoHVtx
i facilities i
STOCKS
BONDS
READING
UNION PACIFIC
SOUTHERN RAILWAY
Do you know what Is behind
their marketwlse activity? Our
special letter, "O. A. R," which
Is a small thing to ask for and
a gooc thing to have, will tell
you. Complimentary copy for
the asking. '
Marketable tecuritle carried
upon contervativo marginal
basil. Odd Lota a specialty
MlltwGtafiWiH
(Successor to Goldberg & Helm)
Memh.rf I'hlludelphla Stk. Exeh.
.Members I ContnU mk. Kx of N y
1622 Chestnut Street
riionesi Dell. Spruce 5017-4800
.. .. "cysteine. Usee 750
71 llroadway 4 489 Blh Ave.. N. Y.
htnmford. Conn,
Vn Tork
S6t
VOT4t
MERCANTILE BANK
OF THE AMERICAS
44 PINE HTREKT NEW YORK
An American Dunk for Portion TraJs
New Orleans l'orls Madrid tiarrsloa
Ai-JSJL.IAIEU ,JJAfH.O ID
K5I
,SWKT
Colombia' Peru VsnssuVla
Nicaragua,; Cubi, Cs. ,,
W
sPSHkSHH!
m
.
i&di$?. 'w'
;
,V
h,,,fMxtiLu,. .., A ;k
.j.Tfi'kai
.1 "jt 1
iJV..