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-
Thp History of
0ur C$wn Times
1 With particular refer
ence to the market for
securities and the cost
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 are offered in
our latest investment
suggestions.
Send for Circular E-80
(jHANDLEH&SOMPANV
Franklin Dank Bid.
Philadelphia
HARD SLAM FOR I new york stock exchange transactions i CURB OILS SUFFER
NtWUl SUCKS
,P(w Turk
Ktw Harro
nAtMi
Pilllmort
Price Movement of Qonoral
List Mixed and Confusing
as Tradors Shifted
30 Years
, in Export Banking
New Yorlt, An, fi. The one feature
wnieii cropped out moat conspicuously
In tmlnr'H highly variable stock mnrket
wnn tlie apparent mcrcllcnH crucifying of
noon and Npecuiativc cliques In a mini
ber of the lt'Mrr Industrial concern,
especially the recent exploited oil com
panies. It wan a caso of no Quarter
and naturally had n illqtiletlrij; effect.
In that there wuh no telling Juit when
the llchtnlnc would strike next.
Altogether, market acted Just an it
siiould following the recent violent line
tuntiuns, In trying to ilnd Its level
there was ronilriprabjo confusion nud
mixed price movements. The Indus
trlnln acted badly, while the railroads
held their ground pretty well, and ap
parently were being kept up by sheer
force for tlm express purpose of facili
tating liquidation elsewhere, mainly In
the Industrial group.
I As a matter of fact the conduct nnd
! action of the mnrket In a way con
a tinned the HuxpirioiiK of an exl'tlng uu
"Iderstandlnic between market interests
I and the loaning institutions, in that
I mlvntituge had been and was still being
i tnken of the favorable sentimental In
fluence of the rate Incrcaxes to dis
tribute stocks. The unfortunate ex
perience of scvernl of tho pools In the
newly created oil stocks suggested these
gentlemen evidently had failed to grusp
the real Intent of the wnrning and this
morning viituully found the ground cut
from under them.
In most all the oil stocks there werv
many reasons for supposing practical
steps had been taken by banking in
terests to enforced loan contraction. At
least this wus suggested iu the 10
point break in Middle States Oil. (!
points in Mixiaui Petroleum, nearly fi
In I'nn-Ainerlcnn nnd from 1 to more
than - points in the rest of the group.
The ability of the traders to depress
the Industrials aucd considerable re
vision of sentiment as to the immediate
course- of the market. A number took
the attitude that no material progress
on the constructive side could be ex
pected until the foreign news wns less
disturbing. On the other hand, thu
foreign exchange market, which would
i . i ... ....... ...if . ......
IS ttrancitc& n bnutii America nuriinn .,v,.r tin. lMiui.itiiMHi.in
OftC Branch in Mexico I situation, was quoted only slightly uu-
, . der yesterday s linnl rate.
8 Offices III Europe I Ah the d progressed the entire list
ntrtrt fnnnprf inn With In rtin I how '',1 u tendency to slide back and
mrect connections wim mata ,. lU.ll()llBv 1(.n(.ctod the nbseuee of
AMfflnJrillTU AucmrAki ""-' support of tin short interest, which
WyLU-OOUTH AMERICAN i in the two preceding sessions had been
the tuicnnn or tlie iniirKct lever in t lie
forced recoveries. Up to midday the
tendency was more Irregular than weak.
jet It was evident that the bidding up
JVJU7Q- rk? 9 i
INTIMATE KNOWL
EDGE of the needs
nd habits of the people,
acquired by years of ex
perience and actual resi
dence in the countries
themselves, is essential
when transacting busi
ness abroad.
L 3ANK, LIMITED
1 XW Terk Acaner, Broadway
of u few special stocks was utilized to
Strvlee and Stability
SIMPLE
METHODS
1 market stocks elsewhere. The active
! helling of tlie oil stocks around noon
I served to undermine the whole list, mid
i by the early afternoon price-, showed
, decided reactionary tendency, but losses
were moderate, except in tlio-e stocks
affected by loan calling and by reaching
I of stop orders.
SLIGHT SHADING
OF LOCAL SHARES
have proven most effect
ive in the conduct of our
own business, and we,
adopt them in our deal
ings with our customers
Our officers arc always
"at hand to explain any
thing which you do not
.understand, and may be
consulted at any time.
Integrity
Trust Company
Fourth and Green Streets
I
Capital $500,000
Surplu fi Profit. .$1,700,000
A. SCHULTE
rpHAT name on a cigar
store inspires confi
dence. Tho Schultc chain
of stores, the Schulto
Realty Co., the Mutual
Profit Coupon Corporation,
are all allied and owned by
the
SCHULTE RETAIL
STORES CORPORATION
Wc ofTer, subject to
prior sale, a limited amount
of stock of the Schultc Re
tail Stores Corporation at
$6G por share.
i
Morton Lachenbruch & Co.
JMID TITI.li tlMlO., I'lIILA.
Tel. HprucB 361 nre r.MO
NwTork Chlc-mo Drirolt l'lttuhurch
Otter Intirconntctcd bv private u)lr
Dealings Simmered to Small
Dimension in Absence of
Public Interest
I Irregular small variations character
ized the day's operations in tin- Will
stocks. There was a pronounced siui-
l meting down of dealings which seemed
1 lo indicate a growing disposition on the
part of tlie local trndiig contingent to
sit tight pending further developments
in the general market situation. Nat
urally, the Tnixcd-up affair in New
York exerted more or less restraint,
but tho continued piincipal handicap
from a purely local viewpoint was thu
lamentable inability to get enough
I money toVnrrj on business,"
Most of the day's operations were the
familair readjustments following tin.-
, recent slam down and recovery move
ment. Uttle or no outside business
! was done, excepting in sniull odd lots,
atid it seems that most of the nicking.-.
had already been made from the barium
counter.
Millie there has been n distinct
change In murket sentiment since the
granting of the liberal freight and pah
I sciiger rate advances, there is a. wido-
spreod appreciation in mnrket circles
I of the futilit of iittemiitiug to rouse
any considerable market interest until
Hnlcj
2ID0
100
100
1700
(00
1200
400
400
1009
S00
inio
1000
300
3109
300
200
8100
4100
son
00
300
BOO
zoo
100
200
100
soo
300
too
3.100
030
.100
33)0
100
100
900
3790
31000
0701
40ft
(100
3109
300
7500
300
S00
400
400
200
200
300
100
1309
300
3100
100
3090
790
1390
S)0
1990
401)
1009
2900
709
290
4100
399
1330
200
510
300
3.100
100
103
JSI09
500
1500
200
090
0209
000
2N00
3500
300
4000
300
100
3200
100
400
700
100
200
1000
23 10
000
309
400
300
1200
000
300
i no
7.190
300
200U
700
100
100
1590
519
100
890
100
200
300
101
13)0
100
1100
,200
200
300
57011
1030
100
2090
409
10000
35
(3
sou
Dlv,
In I Hlth
Adams Rxpresi 'R
6 AJujc Rubber 47J4
Alaska Oold Mlni ... IU
.. Alaska Juneau a M.. H
s Am Afrrle Chem IRJi
s Am Iteet Sugar 81 J
lo An Doflch Magneto.., 86H
4 Am B Shoo Fdy new 88U
. . Am Can 35
12 Am Car A Fdy 1S4?
Am Cotton Oil 27H
80 Am Druff Syn 10J4
0 Am Express 14 W
7 Am Hide & Leather Hf 75
4 Am Ico 40
Am Ico pf 0
6 Am Intcrnat Corp .... "-H
0 Am T.ocomotlvo 87H
3 Am I.lnaeed 00ft
. . Am Unseed pf M Yi
.. Am Malt 30
.. Am Ship & Com 20J4
4 Am Smolt & Hef .... 80
7 Am Smelt & Itef nf. . 88K
8 Am steel Foundries
10Am Sumatra Tob ..
5 Am Tel A Tel
20 Am Tobacco ...:.. ..11014
.. Am Tobbaca .D Ill
7 Am Woolen 10!
.. Am Writing Paper pt 4H
0 Am Zlno Lead A Smlt H
4 Annconda Copper .... 811-5
.. Ann Arbor 10i
7 Atlantic Const Line .. H5H
10 Atl (3tllf A W I S S..148
8 Atch Top A Santa Fe HK
a.oo uamwln Locomotive.. lot
.. Bait A Ohio
4 Baltimore A Ohio pf
8 Barrett
.. IStthlahrm Motors .
8 Bethlehem Steel ...
B Bethlehem Steal B..,
.. Booth Fisheries 794
.. Brklyn Ilapld Transit 10J4
.. Brklyn Union G-aa .... 50
7 Buff & Susq 00
lo Burns Bros 1C3H
.. Butte Copper A Zlno.. 7H
.. Butto A Superior Cop 18
.. Buttorlck 12 34
.. Caddo Central O A n 1ZM
0 California Packing ... 05 H
10 Canadian Paclflo ....110
.. Caso J I 11
0 Central Leather 50
4 Ccrro da Paseo Cop.. 40',3
10 Chandler Motors t4
4 Chesapeake A Ohio . . 57V4
.. Chi A K III pf ctfa... SJi
2 Chicago A Gt West pt 23
.. Chicago Mil A St P.. 35 J4
.. Chicago Mil A St P pt 52J5
B Chicago Northwestern COM
8 Chi Pneumatic Tool.. 84
.. Chi It I A Pac 3014
7 Ch Jl I A Pnc 7 pf 7414
3:10 NH
Low (NYlm) Ch(r.
34tf 34J4 Vi
45 - yi
114 ..
1H It
78 - 1
80-3
85 - 14
(814- 1
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184H Vk
38 - 3
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114
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111 IS
78 IV- 114
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13
81-54
. 3.1)1
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.13714
. 10W
. 7514
77T4
Chllo Conner UA
l.so Clilno Copper 27M
1 Coca-Cola 3014
.. Col A Southern 25J4
1 Pol Ornnhonhnno ... 24
4 Comp Tab Records... 461S
7 Consolidated Cigar ... C.IJi
7 Consolidated Gas .... 81
t Con Intoi-statn Cal M 10JJ
5 Consolidated Textiles . 20J
7 Continental Can 7N14
I Continental Candy .. II
4 Corn Products Itcf ... MT4
2.50 Cosden A Co 34 li
8 Cruclblo Steel 13&K
. . Cuban Cane Sugar ... 43
7 Cuban Cnno Sugar pt. 77J4
7 Cuban Amer Sugar . . 44
. . Dcbeers A Co 2H
0 Delaware A Hudson .. 6114
10 Del Lack A Western. .22315
Denver A Bio Grande 414
8314
30
20
8814
8814
34M
8214
o!4
iooh
111
ft
44H
13
80T4
1014
85 V,
140
8114
105 14
34J4
45
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15
78 i
7814
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10)4
4814
00
10214
714
18
i3 a
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0514
118
11
4!4
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3
67
8'
72
31
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00 J4
M
3414
74
1354
1011 Y,
8514 ?
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10514- 3M
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48 -13714-1014-7814
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1014
50
GO
10214
714-
18 -12
Jl-13J4-
0S14--
118 -
11 -80
40 -
tn -
5714
8J4 23 -35
-filtt-00
14 -84
3H-
. . Denver A Itlo O pf .
1 Dome Mines
.. Duluth So S A At ..
. . Elk Horn Coal ....
5 Kndlcott-Johnson . .
.. Erie
10H
10K
5
20
70
1314
Erie 1st pt 2114
.. Erie 2d pt iis
8 Famous Players L . . . 08
8 Famous Pluyera pf . . 82
3 FUk Rubber 27J4
. . Freeport Texas 22
.. Gaston Wins A Wig.. 11
2 Gen Am Tank Car ... 71
1 General Motors 22
0 Gen Motors pf 7314
6 Goodrich B F 'SVA
.. Grnnby Consol M A M 31 Ji
.. Gray Davis 21ft
90 Greenu Canuneu Cop . 2514
7 Great Northern pf ... 74
4 Gt Nor Ore ctfa .... .1315
. . Oulf Mobile A Nor ... 14 14
4 Haskell A Barker Car OH
0 Homcstake Mining ... 52
.. Houston Oil Co UH14
1 Hupp Motor Car 14
7 Illinois Central t3ii
4 Inp. ration Con Cop.. 47JJ
.. Int Agrlc 18
. . Inter Con Cop 3
.. Inter Con Cop pf . . . . 0J4
7 Intl Harvester new ...13314
7 Int Harvester pf ....104
. . lilt .Mti- Marlm- . . . . 26
8 Int Mer Marine pf . . . 75
.. Intermit Motortruck . 49
.. International I'.tpur ., 78
.. International Nickel ,. 17J4
.. Invincible Oil Corp .. 41 ji
35J4
25
2114
4014
C3H
7S
10
J814
78
I0J4
f514
3214
12714
11
7715
4115
27
1 14
215
4J4 .
1014
10
5
It 14
OH
12M
2014
14 H
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hi
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10
71
2114
75
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31
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52
17
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834
4014
18
3
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132
101
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49
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2114-4014-C3H-70
ioh-
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in
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314
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114
1
4
7900
309
800
100
100
300
300
100
890
100
100
100
300
0100
100
181800
800
4800
300
300
1800
3300
100
100
800
300
100
100
3)0
310
3300
300
100
4290
390
Island Oil 8)4
.. Iron Products 43
., Kan City Southern ... 1814
4 Kansas City So pt ... 4814
4 Kelly-SpgT 7814
5 Kennecott Copper .... 34
1.20 Keystone TAR 1114
8 Lackawanna Steel ... 7
5 Loewn Co 3014
.. Man Electrlo Supply., -ST
2 Marlln-Parry , 34
., Maxwell Motor laK
8 May Dept Stores ... 74
10 Mexican Potroleum .,100
3 Miami Copper 114
1.60 Middle State Corp .. 3014
4 Mldvale Steel A Ord.. 8SJ4
.. Minn A St Lou la 11
7 Minn St P A St S M,, 7tK
. . Mo Kansas A Texas , . 7
.. Missouri Paclflo ...t. 38H
., Missouri Paclflo pf ... 4814
7 Montana Power pf . . . OS
4 Mulllns Body 3314
.. Nat Aniline A Chem .. 7814
7 Nat An A Chem pf . . 80
7 National Biscuit 105
8 Nat Cloak A Suit .... 43
.. National Con A Cable 7)4
8 Nat Enamel A Stamp 8814
6 National Load 73
1 Nevada Con Copper.. 11 H
..NO Tex A Mcx 37l4
5 New York Central ... 78 H
New York C A St L. . 35
Lew (NYlm) Chte.
- J4
43-1
1814- H
38
34 -2114-07
-
30M
57
34
"H. H
73-1
15314- m
114 ..
lOft-IOft
M14- 154
3314- 94
127J4- 14
41 - 3J6
7714 Vk
41J4- 4
27 - 1
oi J4- !4
223 7
4J4- 14
10J4- 14
10
5
20 J4
88-2
12J4-
2015- 14
14K ..
OH - 1
81-1
20?4- H
2IW- H
10?4 - A
71 2
2114- 1
75 - 1
50J4- 154
31 - 5
21 - 14
2514- 1?4
7814- Vk
3314- 15
1414 Vt
(.714- li
52-3
V7J4- 34
14
1334- 14
4UJ4- H
18
3
115 14
123 -- 214
104 - 1
23M- Ui
71 - 315
40
J3 - 514
1714- 14
36 - 5U
330 l.oo Now Yorlt Dock 35
30000 .. New York N H A H.. 38H
878 l New York Ont A West 30
' 7 Norfolk A Western .. 00
3009 7 Northern Paolflc 78
1749 40 okla Prod A Ref .... 4
090 .. Otis Steel 21 J4
3)0 4 Pacific Devel Corp . . . 8014
13500 o Pan-Amor Tetrot .... 8H
4099 .. Pan-Amer B ,. 78
3090 s Pennsylvania It P. ... 41
790 .. pnn Seaboard Stoel.. 114
1100 ,. Pocplcs Oas Chlcaeo.. 30
2100 .. Pore Marquette 2514
700 s Philadelphia Co 3314
1000 .. Phillips Pet 3014
1100 .. Plerce-Arrow Motor ,. 43J4
200 s Plerce-Arrow pf 03
1109 .. Pierce Oil 1214
400 5 Pitts Coal 5715
1200 6 Pittsburgh A W Va . . 2734
300 8 Pressed Steel Car .... 05
1800 4 Puro OH Co 30
100 .. Band Mln Am Shares 28
990 l Bay Con Copper 15
13500 4 Bending J014
400 .. Remington Typewriter 58
200 .. Replo Steel 72
4500 A Republic Iron A Steel, 8314
100 7 Republic Iron A Stl pf-OS
300 .. Republic- Motortruck.. 4114
3000 5.20 Royal D N Y 7314
4000 .. st Louis San Fran ... 25,14
1509 .. st Louis Southwest .. 31
1000 .. St Louis Southwest pt 3114
200 0 Savage Arms 40
40o ., Snxon Motor 714
100 8 Sears-Roebuck 135
4oo .74 Shell Transport 0214
11100 .. Sinclair Oil ..-: 20ft
709 0 Kloss-Sheff 62
100 20 South Porto Rico Sug220
53)0 u Southern Pacific 9114
7100 .Southern Rail 28J4
799 B Southern Rail pf 01 4
100 a Htanflnrd Mill pf .... 78
10 20 Standard Oil of N J.. 030
090 7 Stand Oil of N J pf . . 10554
300 4 Stewart Warner Sp . . 35
4000 4 Stromberg Cnrb 71
7100 7 Studebaker 6514
330 o Superior Stoel 4814
100 4 Temtor Corn A F "A" 40U
500 ,. Tenn Cop A Chem ... OH
0800 3 Texus Co 4814
2000 .. Texas A Paclflo 3734
1H30 .00 FexaB A Pac C A O.. 41
890 6 Tobacco Products .... 03
8799 .. Transcontinental Oil.. 13 H
599 s Union Bag A Paper .. 83
4399 .. Union Oil 2814
3499 lo Union raelflc 118
100 ., United Rwy Invest .. 8
100 .. Unl Rwy Invest pf .. 18
090 is United Fruit .,, 108
000 3 United Rotall Stores ,0514
1100 6 U S Food Products .. 0034
200 .. U S C I P A Fdy ... 1414
1800 s U S Ind Alcohol .... b34
000 . . U S Realty A Imp ... 50
5000 8 U S Rubber 8514
230 8 U S RubUor 1st pf ...10214
400 6 U S Smelt A Ref .... 53
30100 s U S Steel 8734
300 7 U S Steel pt 10516
709 o Utah Copper 0214
157J9 o Vanadium Corp 70J4
100 4 Va-Carollna Chem ... 03
100 8 Vu-Car Chem pf 107
490 2 Vlvadou lnc 1554
l'JO .. Wabash 8U
13911 .. Wabash pf A 23M
500 .. Wei la Fargo Express. CI 14
1100 .. Western Maryland ... 10
100 .. Western Pacific 2014
109 7 Western Union Tel .. 82 14
593 4 Westlngliouee i A M 4714
299 .. Wheeling ALE 10H
100 .. Wheeling A L E pf .. 1734
4U0 4 White Motor 4734
2830 1 Willys-Overland 17
109 0 Wilson A Co 52?4
100 .. Wisconsin Central ...2S
100 8 Woolworth F W I07J4
120i 0 Worthlugton Pump .. 2
ISx-divldewl.
8
43
1814'
4514
7811
34
3114
1
oh
57
34
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73
18314
1014
1014
88J4
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85
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78
80
105
43
614
8814
71
UK
3714
7114
as
25
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8834
7334
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3014
78 k
7114
4034
1814
3814
2414
88
35
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83
llji
57
27
84
38
28
14 H
87
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son
03
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no
3034
40
7
135
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25
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220
214
1734
0014
78
630
104 36
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4014
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41H
3514
3915
11 34
1114
8214
2014
11034
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18
1D5
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88
14
b15
4914
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80
105 34
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107
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814
54 34
0014
056
2016
83 V
47
1015
17?6
47
1014
62 Ji
28-
10714
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8834-
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7
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3314
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105
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8934-
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314
it
114
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78H- 8J4
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3034 114
2414- 14
38 - 94
33 - 234
43 - 314
834
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57 - 14
27J4- 14
84-2
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1434- 54
87 - 21
58 - "314
7014- Vi
8094- J4
83
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3314- t
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40 - 3'4
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135 - 1
62 - 1
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8014- 134
220 -40
U314- 14
2734- 94
6014- 114
78
630 I
10.134
34 94- 15
6HH- 3!6
13 - 196
4814- 14
4014- 15
014- 14
4114- 2
3514- 215
3014- 215
0194- 114
1134- 114
8314- 1
27 - 114
117 - 15
8 - 34
18 - H
105 34 1
64J4- 15
58-2
14 - 1
M14- 134
4914- 134
0314- 134
10215 1- 14
4315- 1
88 - 2
10,134- 15
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08-3
05 - 114
107 2
1514 ..
814 ..
84 34- 94
01 14
10 14
2034- 134
82J4 Ji
47 - 14
1034- 14
1794- 14
47 - 114
1015- 94
82J4-1 94
28 3
10714 16
58-3
SEVERE REVERSES
Collapse of Mlddlo Statos on
Stock Exchange Causes
n Hoavlnoss In Group
, Now York, Aug. ri.OI stocks were
(llsturtjcd in 1110 ironing on u muh
street curb today by the sudden col
lopso in Middle States Oil on the stock
exchange. The subsidiaries of" thnt
company were offered at sevcro losses
without reaching (i demand.
Other oil stocks wcro heavy, Oencrjil
Asphalt ranging from 153 to 01. Tropi
cal Oil woh In supply nt lower levels.
Mnrncnlbo Oil ranged from 21 to 80.
Producers nnd Itcllners sold nt BV4 to
n. Superior Oil wns also henvj', de
clining to 17. ,
Submarine Hoot opened nt 10, then
moved up Vj point. United Stntcs
Steamship sold nt 2. Hercules Paper
wns traded In nt 20 to 20V4 nnd North
American Taper nt 0 to "
Aetna Kxploslves sold nt 10. In
ternntlonal Products wns steady, with
sales at 20 to 20V4. Ileydon Chemical
sold down to .
INDUSTillALS
Hlth
Antrm RxDlollvtl llltt
linn Alnhnlt fi.1
Chlcuro NIddIs 12'
Hercules Taper -"
Hoyden Cham n
inier rroauci -
North Amcr Paper 01
l'crfectlon Tire 1
1U1II0 Cam
Itudlu Com tref
llnlntcr Motors
Nuhmitrlne Iloat
U 8 HlKh Speed Tool
II H .Strum
UnltoJ Iletull Candy ,
1:30
Low p. in.
10W 1014
It.. ?.,
k im M
y, siiyi xn
H 211 2'iJ
S 0'4 U4
11 ir. i
in 1 71 'it
IM. 2H -i
3S .IS 3S
10V4 10 1 4
3V4 W'tt 3IH.1
a 2 2
13 13 V
INDEI'KNDKNT OILS
Allied Oil
Dominion uu
i:ik llaiin 1'et
Knilnm Petrol
Kflinerum
I'-oderm
(llenrock
(lurrrv
Inter 1'ctrol . , .
Kuy County Oas
I.micc- Creek . . . .
l.eetonc
Muruealbo Oil
North Amer Oil
rennoK un
?
Hi
Ida Oil A
Oil 24
k Oil 2H
UlllcHDle it'll
10V
7 V
1
Prod Itrrlners
lied llorK OH
Hlmma I'nt ,,
Kkelly Oil
Hunt-rlor Oil
Tropical Oil
till Texns Oil
Victoria Oil nr ,,
IViatern titutea ...,',,..
MINING
Alanka-nrltlh Columbia ,
HlfC I.fdK'l
Culed Mlnlnz
Cundi Cupper
I'undultirlii Mln
Camon Kill ,
Conn VlruInU
Cortez Hllscr
Criiiiinn (lold r
i:i Salvador
llurekn Croehiu
(loliineld Conn
(loldlleld Klun-IHV
(loldlleld Hllvr I'Uk
! (liddlleld .one
I
.Mother IjcmIi-
I .Molller l.od i- new
nucnexter .Mtni-t-
Huncca Cnnpur
H Silver La-uU
Tonopah lieltnont
Tonopah Divide
Tonopuh Kxtemdon . . .
Tonopah Jim Mutter . .
Tonopuh .Mlnln
Tonopah lletuud Kula
United ICuuLt 1
Weal Uwl Con
31
194
21
24
64
14 14
174 17'.
17
.8
'J?
272
31.
J4
A
4
1.
'
IK
H
-:":'
112
!ft
9k
I)
111
d
H
17
1
A
ft
Ui't
111
19i
A
IW
s.
14
n'n
17',,
17
: 4
18- IS.
Ile la .MIulriK I'd
Iron liloHkom &
11
1a
l,1
12
!
II
1V4
UONDS
Allied Packers () (lR'i
Amr Tel lla, 1P22 IU4
Armour 7h tup-i
Anelo-Aitier Oil 74 11 ... pn4
C c (" V Ht !., KS
1 H ltulitier 74 a, 1H30. . HS
Went Uleutrlc fa H73,
Ilumburw 44 a 214
L'.l
Ho
K.
14
.
II
II
6
t:i
44
A
ell
I
11
1.14
i
1A
IS
194
14 '
1!A
1,'
OK
IP44
VtA
IIH4
N44
ml
11711
2114
US'.
i
t
II
PJ
II
1:1
44'
A
,11'
d
n
1,14
!a
1
1.
14
y4
1A
I
1144
!MIH
H4
K.1
IIN'l
174
1-14
Commodity Markets
GRAIN MARKET
Pliteftnn Ani- fi. .('linneea In u-linnt
lliuuej ilium-is nuuiiu ui iiiuuu uuiiui . wen, ordlTl.V lit tllO Opening tOllU', IJe-
Insofar as stock market accommoda- 1 ccmber starting uuchiingod to 2c higher
tioiiH nro concerned and outnide of the , , Mllr,.u X t0 -nc lower. Later
pnlo of what is designated unessential tl murkL.t whh firmer, but trade was
loans, money continues virtually tin- ,, ,,t Iimi m,xi,,,,
obtuinnb c. It U not n iiuestlon of "AlthouBli the rise yesterday shut out
rate; it Ih simp y n question of getting Lxortt.r (t was believed that the sc
the needed funds, which are positivdj I l rs'of Kuro,,ron political hit
ref lined except for urgent nnd pressing 1JUion wuul(1 luovldt u milrUot for
businesb needs. m,.om-nra nn,r Anierienn wheat for some time. The
Few. If any, of the movements cnll .illf. ,.., ir.i ,.rs
., - I...1 1 Iilmil niiiitiinni- ('.imnriil u- ' '
I 111 lllUltitlliUl IIIIUHKMH (. '
December onened at ?2.:i2 to S2.20.
tig ..!.... ' 'III ., tin, .tlnwn vndtiirilnv
spell, dropping back to the low price of J, atPrV0"ld 11 1 .;2.:i2ij. March' started
phnlt preferred had another sinking I
Tuesday in selling at 65. This de
dine wns made on very small offerings.
After making fractionally higher open
ing quotations there was a general
shading In most all the other local
shares.
VCtW
vflaaMot I
1 STOCKS
1 BONDS
READING
UNIQN PACIFIC
SOUTHERN RAILWAY
Do you know what la behind
their marketwlse activity? Our
special letter, "O A It.," which
Is a small thing to auk for and
a goo thing to have, will tell
you. Complimentary copy for
the asking.
Marketable tecuritie carried
upon comervative marginal
baiit. Odd LotM a tpecialty
(Huecmaora to (ioldhrrc S. Helm)
M.,l.-,.fl',1""1'"lilii StU. Kxch.
SlrmberaVconaol. tk. Ux. of N. y.
1022 Cheitnul Street
riiontai nell, Hpruce f017-480O
Krratone, Itnee 1st)
7 Uroudwar 480 flth Ae S. Y,
nmimora. conn.
OKI
1 Raw Sugars Less Active, but Steady
I N York, Aug. B. The market for
raw sugars Is somewhat leR.s acthu, but
steady Sales yesterday included 6000
bags 'Porto Rlcos for prompt shipment,
I at 16.30c, 1 f. 1 1000 tons Perus for
I Hhlpment this month, at 14T4c, c 1. f ;
700 tons afloat, at 15c, e. I. f, and
10 000 bass San Domlngos afloat, at 15e,
c I. f. I-ocal refiners were the sole pur-
I vn.. Arrlenlu rt ruuu Included
344,540 mutH Phlllplnes to the Ameri
can Co ; 66.900 mats to the Warner Co. ;
33,015 Backs iieigian cuuea cuiiaitiiiru "
tho trade, and 5000 bags Jamalcas en
1 route to Canada. Tho reflned market re
mains unchanged both as to conditions
and prices, except Arbuckle Bros.' re
entranco Into the market today They
will consider business In une granul.ited
In barrels and bngs, and the soft (trades
, at 21 cents, lens 2 per cent for cash.
' Coal Companies-Report for Quarter
New York, Aug. B. The Pond Creek
1 Coal Co for the second quarter nf 19J0
reports net Profits of J72.745 and for
the six months H30.3R6 The profits
I before depletion, depreciation and taxes
for the second quarter were $128,850.
and for six months $233,573. The total
1 earnings for the second quarter were
1 $156,551 and for the six months
$288,694.
The Island Creek oCal Co. reports for
tho second quarter of 1920 net profits ' of
$653,121 and for the elx months $910,-
1 173. Profits before depletion, doprccla-
' tlon and taxes were $812,860 and fpr
1 tho six monins, i.aoi.sno.
at S2.Hl to $2.20, rompurcd with
S2.II2 nt tin close yesterday and luter
was $2.:U bid.
( urn was steadier generally, nut deal
ings ere small. A b'udlng hull bouse
was the best buyer. Selling wbh led by
an eastern wire concern.
Local operators were confuted ftpd
were wuiting for fresh developments.
The belt has not yet received 'the gen
eral soaking rains needed, The receipts
for the day were ".'? cars.
September started at .$1.-12 to
$1.4H, against !?l.-12'1s at the close yes
terday. December opened at S1.2.T1-! to
$1,21, compared with $1.2.'!, yestcr
davV last price, and Inter, bold, ut
$i.'2iy.
Oats were steady. Dealings were
small and selling prendre "Wad lacking.
Receipts were 83 cars.
September opened at 71 to 70c and
later sold nt a not gain of c, at
71 "hC December started at 70 to
(UChC nnd later touched jesterday's
last price ot 70 c.
It was reported thut trailing in wheat
at Winnipeg would be resumed on Au
gust 10.
I-udlni? futures ranged aa follnwa:
(Chicago tlmn) .
Corn (new deller) 10.30 Yet.'
Open Iltph I.nw a m. eloae
Kept. ... 1 4J4 1 17'. I 4J'. 1 474 1 P-'.
Dec. ... 1.234 l-27 1 .'.14 1 117i 123
Sept. ... 71 71?. 7m 7.Ti 71
Deo. .. "Uii 72 l.li 72 704
l-urn .. .. .. ... ,.,., ... ...
. i.'.i .ilia Zi..:i .0.17
ATTENTION, PLEASE!
Youmr man eek prominent poaltlon
,-wIOj well-oatabllahed conrern (or,, whom
ti can davelop hli executive ability and
faculty for organisation. Opportunity
Ind able aaaocloUi at more conalderatlon
Than preatnt ,'ry. H hre years
Unlvaralty trslnlns; two year at Whar
ton School. Avallablosl, once. Flr.t
month' arvlce ffee It don't make ssod.
AMtms V. Moom 311, 113 K. Droad Ht.
BANK CLEARINGS
Hank clearing! today roinpund with cor
reapondlns daU.t two y: mg
Boaton ...fB7.713.r,C3 $.18,701,700 .-il.KOO.a.14
I'lllla.-. 73.821,100 72.590,103 ri8.45a.60'j
DAR SILVER
Domestic bar (diver was quoted In
New Yorkvldny at "Vic unchanged;
foreign was up lc. at 9lc. In Lon
don the price was 587id, up IJid.
Kept . 2) 50
Lard
Pept. . -1 0
Oi t ... IU 37
Itlbn
Pept. ...ln.on
Oct. . . 10 25
nid.
10 2-1 in on. in.2,1 is i',i
19 112 10 37 10.02 Mil 32
tho list was easy and about unchanged
troiu tnu previous close,
October .
Derimber
January
Arurcli , .
My ....
Yeat. cloae
. ... 81. IM
... 30 Oil
. . . . 211.2.1
. ... 29. Ill)
. ... 2S.77
Open
31.23
3U.37
211. Bl)
Jit 2U
28 U(l
(N. Y,
11:30
it. in.
111. to
3U.3H
29.47
2U.15
time)
1:15
P. m.
31.00
jtu.n
29.73
EXCHANGE RATES LOWER
Demand Sterling Off 1 J2 Cents.
Opening Market Irregular
New York, Aug. 6. Tho opening In
tho foreign exchange market was Irreg
ular, with rntcs lower on Important cen
ters. Demand was oft Hie francs 10
points and lire off i points, Marks were
unchanged. The Scandinavian ex
changes were up from 7 to 20 points.
Quotations were;
Demand sterling 5 j3, cables
3.00: franc cables 7.26, checks 7.21;
jlro cables 5.06, checks 5.05 ; Belgium
cables 12.90, checks 12 92; HwIsh cables
6.03, checks 6.05; guilder cables J3i.
checks 33; pesetas cables 14.92, checks
14.90; .Stockholm cables 20.60, checks
20.55 ; Chrlstlanla. cables 15.35, checks
15.30; Copenhagen cabks 15,30, checks
16.26; marks 2.17.
YKSTEllDAY'S CLOHINd QUOTATIONS
Hterllnpr Franca Llr Gulldera
Dumand .... 3.0l 7 32 r. OS
Cublea 3 II2V4 7 34 t, 10 '
TODAY'S OI'llNINU QUOTATIONS
MterllnR rrunea Lire
. 3.(19 7 -J4 B 0.1
. 3.00V4 7 25 5 0(1
NOON QUOTATIONS '
, 3.00'i .072S .0506
3. 0114 .0727 .0307
Demand
Cables
Guilders
33
33ti
Demand
Cubits
33.20
33.23
lfl 10
10. SO
10 00
10 2.1
m.io
'10.12
l.i. no
10.20
COTTON MARKET. . .
New VorU, Aug. ."i. Cotton hnd n
steady opening tody nt 11 to if7 points
net rise, influenced by firmness of cables
and Liverpool buying. T.ater It reacted
under favorable weather news nnd
louthern selling. Wall street traded
both ways early.
According to private cables, Liver
pool's strength was based on Conti
nental and trado buying.
i At tho end of the first fifteen minutes
LIVESTOCK QUOTATIONS
C'lilcaisn, Auk. .1. CATTLll Ut-ielum, 10,
000 head. Market alow. YUrly a.ilua barely
atitady. e.xcept for beat yoarllnva uml cholcu
hanilyvvclBht ateera. l.arly top yearllnca,
1U 75, bulk choice, $104X10 .10, heavy heevea
and Krnaay eleeri very draiiKy, bulk zraaey,
illl.noaili beat butcher bulla atronic to 23c
tilBhers cowa rnoatly J3.10S12. ranntra, 14
p4.o0: handy butcher bulla. JH "(I'ull. calvta
alowj few choice vealrra, early, $15 73
lfl 23: atockera alow to lower.
HOCJH Itecelpta, L'.'I.OOO head. lOWaJc
hislicr; poorer uradea up moat Top. $10.33,
bulk, light und butchera. H.l.lOiMll 50, bulk,
parkrni dofta; $13,051(114. pla, atrunis to 15o
hUher i
H1IEBP Urcelpta, 10.000 head Moatly
atcady.' Strictly aood native lamba, $11, K0od
nnd cnoice nativ
tuna wethera.
lureely $'.
I'lttnlmrRli, Auir. B HOQS Ileeelpta.
2500 head Steady. Heavlea $1,1 i.imin,
heavy yorkera, $17.1.U517.23, lichl yorkera,
$111 AnO10.7n. plira. 110010 2.1
Hlinni' AND LAMIiH Ileeelpta. BOO head.
Steady. Top aheep, $9. top lamba, $14.
CALVES Itecelpta, 100 head. Lower,
Top, $18.
Kr.at Ht. I.ouIh, 111,, Aus. B CATTLr
Ileeelpta. 3.100 head. Hteera atcady Top
ateera. $14 50: bulk, $10013: yearling altera
nS helfera ateady: canner cowa ateadv at
$3,764(4.23: bulla afeady: calvna 60o lower!
good and choice, vealera. $13.7.1 14
HfXlfl netelpta 8300i Mo hlither, Ton.
$10.3.11 bulk, Hunt and medium welghta, $15
ln. IflUB.iO. coo,l Mnn.
$025: beat fecdlntr lambs.
Philadelphia Stocks
1:30
p. m.
Net
chi
Jllcl. 1
li Am fins,. ;tii ;,-ia hu,.
w .iector.llU 111', 1141 ,
130 do war. 1(1
lOOfKrie .... V6
10 Gen Asph
pief ... 8."
TiSO Lake Hup I.'li-
Ur, Leh Vnl.. 15
20.Minehlll. -1
1)22 I'ii It It.. 41'i
10 l'hllnKlcc 22
5(10 1'lillttKT 15
lOOtltcuding. HH'A
1Vi U U I.
15
13 14
85
J 2
10
m
SS'A
1 Fi t t
lau..
85 2
12.- L
1
'in
12
11
22 4- U
1BJ4..
88 (i 114
SLV..V.1"- 10H -io -Joi;
-uuroftieei jj,y8 m ,!
tNet chance made by coniparlaon with last
aulo 011 .New York .Slock Exchange.
Salea In IIO.VDH
liouo. ., Illil. Low
a Amer Hwys
Wiv 75V, 75Vt
5 Atch gen .Is 73(5 75
0 Lehigh Vnl
gen 4x... Oil Kl
'" j( Mis 71 71
5 Mln A: st r
gen -I'js..
5 Lib liouds
1:30 Net
p. m. che,
IS'--
75 Vs..
o;i ..
71..
5S'j 5SHi 58j,
l?t l'iK. . 85.00 STi.CO 85.00 .20
2 2d 4Hs.. M.l)2l.lli;81.l)2,.12
2 .Id -lViH... 88.70 b8.70 88.70--. 1(1
0 85.0, 14
1 4th 4 Us., fi.1
4 !l-10 Not l'rop
4-O.s 5
5 Nor W g 5s 00
1 1'enna gen
4as 75t
3 l'eo I'ass t c
4h 53
11-10 Will Klec
1st 5s 82
5 llead'g g 4s 70
:0 85,
5
00
75 Vi
53
80 Vi
70
0 ..
00 ..
75 Vi..
53. J
80 VI :
70
v-
CHICAGO BUTTER AND EGGS
f-Wnii"'! A."' , ""TTEll Unchunsed.
LOOS Lower Ileeelpta, 10.140 case
l'lrsta. 44Wl4.1Wr: or.lln. .. "a. .., tnt
,ut mark, cased Included. 4345e'i ainrVir.
pucseu extraa, 47 He: utorauo packed llretai
Two Million More Gold Coming
New York, Aug. 6. Oold to the
amount of $2,000,000, consigned to
bankers here, Is aboard the White Star
liner Adrlatlo which Is duo to arrive at
this port tomorrow.
and
vita
O10.36I bulk, heavies. $IAOIA,
HHEKP necelpts. 300(1 head, Lambi
ateady to 2.1o lower; sheep ateady. Top
i.mh.i 115.71: hulk
17,60! bulk, $707,00,
$1212.75; top ewea,
Liverpool Cotton
Liverpool, Aug. 5 There was a good
Inquiry for spot cotton today, with prices
firm on the basis of an advance of 92
points for middling at 26.90d. The sales
were 7000 bales. The receipts were 6000
bales, Including 800 bales American
ru.u.cu .tvio inn, in me eariy dealings
?p.ot ,Ur,l5'," w'rJei American, middling
fair. 32.16d: good middling. 29.40d: ful v
m ddllng. 28.16d :tm IddllnV 2R in,i L...
",!!dJ!2R'-.,i0?J.'4 ordinary, 13.90a
lUtU wvtsj 0atfVVt
BREAK IN COFFEE FUTURES
WeaknesB In Brazilian . Markets
Sends Active Months Off
New York, Aug. 6 The decided
weakness in the Brazilian markets
caused a sharp break nt tho opening of
thu local coffee futures mnrket this
morning, all the active months going Into
new low ground. Prices on thu call
showed net lohses of 33 to 45 points,
September dropping to 9.35; December
to 9 (10 nnd March to 9.95.
Weak longs liquidated and trade In
forests hold freely, with Wall street and
scattered trado sources covering on tne
way down
After .September had touched 9.30,
March 9 93 and May lu.03. the market
rallied 11 little on covering, seller act
ing with more caution after recent sharp
declines, and pries advanced 6 lo 10
points around midday.
A local Importer reported a very low
Illo offer, 7s ut 9.95, on an American
credit banls Theru were rumors of other
low offers circulating freely In thu trade,
but so far falling to attract a general
buying Interest.
(N. Y. time)
Open lla. in.
n.s.i .. .
II ilOfff 02 9.83
n.ooifrn.i ....
10.03007 MO.OO
Kept. ..
Dec. ...
March .
May ...
Did.
Yeat ctnae
, II TOW 7.1
. I'l DO Will
. 10 2S1H10
. 10 IIS if -10
MONEY-LENDING RATE8
NIIW VOIIK Money on call, both
clasHos of collateral, opened today nt 7
per cent for lending and renewing.
The demand for prime New York
member ninety-day bank acceptances
continued urgent in the face of an In
sulllclent supply A fair inquiry locally
and a Rood demand In thn interior was
reported for prime out-of-town bank
acceptances. Hates were unchanged at
C'i hid, G-)4 asked for prlmo New York
ninety-day bills.
Uusltiess in prime mercantile paper
continued slow at from 8 to 8V4 per
cent, according t quality and maturity.
In time funds small amounts of
monoy were loaned or renewed at 9 per
cent for thirty days and 914 per cent
for ninety davs, but tho volumo of busi
ness was m eligible.
Hankers stated that they had no
knowledge of any special provision nav
Ing been made as reported, to het aside
any amounts of cnll funds to relieve tho
market
rillLADKLi'lllA Call, 6 per cent;
time, G per cent ; commercial paper,
three to Mx months, 6 per cent.
(Note These nro merely nominal
quotations, as the legal rate of lntt.rr.it
In tho ntnte of Pennsylvania Is tlxed at
6 per cent. Plus premium and commls
felon time money for thirty to ninety
days is loaning at 8 to 8V4 per cent,
while commercial paper from three to
six montlia Is being offered nt 8 to 8H
per cent.)
LONDON Money Is quoted at 5 per
cent discount rates, short bills, 6 9-16
per cent; three months' bills, 6nG 11-16
por cent.
Buying Railroad Ties
Announcement yesterday by the
American Lumberman that orders had
heen placed for 8.0,000,000 feet of rail
road ties by the railroads of the United
filates is the Ilrst gun In tho campaign
of rehabilitation which tho rondo havu
wanned and on wnicn tney win spend ,
approximately $700,000,000 this year.
Tho current order amounts to 1G, 000, 000
tleB. Tho roads' annual requirements I
are anroxlmately 100,000,000 tle a year, I
and It was estimated yesterday by a
railroad otllclal that tho roads were 75,.
000,000 behind this year's necessities.
BUTTER, EGGS AND CHEESE
New York, Aug. 6 I1UTTKII nrm iu. '
cclpla, 73114 tuba. Creamery, hluher than
ixtraa, 54Va &.15cs extra (112 acoie). Mc I
llrats (Sf to 01 score). 500,131,0, nacklnii 1
stock, current make. No, 1, 44c' """'"
KllCIH ateady. Ileeelpta. 14.(171 caa.-a
I reah-g.it hered extrv flrnta. 51M,13c, do
llrata, 4730c; atate, Pennaylvanla ami
nearby .weatern hennery whites, flrata to I
extraa. 00070c: do. browna. extras, 08W
2c, Jo, athered browns and mixed colors
nrata. lo extras. 4815630. colors,
rllKHSH ateadv. !lrn..lntu 1.1. ,
State, whole-milk Hals, current make hii
and colored. Pfclals. 27Va OSSc. So. averugS
run. 25H029Vic: atate. whol.m k twins
current make, spec as, 20'4O27'io- S?,
vero run. 2828o. " "-''0' "
J ' 13
National Properties Company
, Bondholders' Protective Committee
Philadelphia, July 81, 1020.
To the holders of the 4-6 Bonds of
National Properties Company
At an adjourned meetlntr of your Committee, held, on July
27, 1920, a modified plan for tho nolo and acquisition of the Btock
of Tho American Railways Company was submitted to your
Committee by an underwriting syndicate. A copy of the modified
plan and of tho letter transmlttlnp; It is bolng mallod to each
bondholder of record tonight By the terms of this ofTor It must
bo finally accepted by your Committee on orpbeforo tho 10th day
of AupjUBt, 1020. While this plnn meets tho approval of your
Committee, It would not feel justified In accepting this or any plan
which may be submitted before said date unless n maiorlty In
nmount of tho 4-0 per cent, bonds which have been deposited with
your Commltteo shall have assented to tho modified plan.
Your Committee has therefore extended tho tlmo for deposit
of bonds until tho 10th day of August, 1020. By tho modified
plan, bondholders who deposit their bonds nnd subscribo tho sum
of $17.50 per $100 face valuo of tho bonds deposited will receive
a like nmount in par value of seven per cent, twenty-yenr income
bonds of The American Railways Company instead of tho second
preferred stock of the Company ns, provided in the original plnn,
In other respects tho plan remains unchanged.
All tho depositing bondholders nro requested to cxnross their
npprovnl or disapproval of this modified plnn on or boforo August
1G, 1920. All bondholders who have not yet deposited their
bonds with tho Committee arc requested, upon the making of tho
deposit thereof, to express such npprovnl or disapproval nnd to
do this on or before said 16th day of August, 1020, on which date
the Committee must adopt or reject the modified plan.
A form for tho approval of said modified plan which deposit
ing bondholders who havo already deposited their bonds and who
may approve of the modified plan are requested to sign nnd flic
with, the Secretary of tho Committee on or before August 16,
1920, is also bolng sent with the plan. All other bondholders
approving of snid modified plnn will please sign nnd filo the same
with tho Secretory of the Committee nt the time qf mnking
deposit of their bonds. Ench depositor shall bo conclusively
presumed to have assented to a plan ndopted by your Commltteo
unless he shall within fifteen days after the mniling of the
present notice have filed with tho depository written notice of his
dissent therefrom, specifying the number or numbers of the
certificates of deposit Held by him; but your Committee would
prefer to hnvo the express npprovnl of tho depositors if possible.
An oxnminntion of tho properties of The American Railways
Company is being mndc by independent engineers for the infor
mntion of your Committee and will be considered by them before
taking final action upon the plan.
I,. J. Ct.AnK, Secretary,
M7 Chestnut Htreet,
Philadelphia, l'enna.
n'AN nANDOI.rH. Chairman.
, JOHN OIimilKT,.
AnTHUIl V. MOnTON.
WIM.IAM A. LAW.
CLAUDE A. SIMl'LTin.
Commutes.
rnicHAUD, haul, bayard h
EVANB
Counsel.
Seaboard Air Line Railway Co.
First and Consolidated 6s
Due September 1945
Secured by a first mortgage on 417 miles of road, together
with $36,661,000 Seaboard Air Line Refunding 4s, 1959, which
are pledged under this mortgage.
The bonds nro n direct obligntion of tho Seaboard Air Line
Railway Company, nnd nt the present time nro selling nt a
price
To Yield 1312
Boenning) Garrison & Co.
Stock Exchange Building
Philadelphia N
.Vem&crs I'Mlailclphia Stock Kxchvnge
EXKCUTOIt
TJIUSTKB
CHAItTRRED 1SG0
FIDELITY TRUST COMPANY
Member Federal Reserve System
Capital $5,200,000
Surplus $16,000,000
Mnin Office:
325-331 Chestnut St.
' 43-45 S. Fourth St.
ADMINISTHATOn
Branches:
1431 Chestnut St.
6324 Woodland Ave.
OUAIIDI.VN
1812
1920
THE
Pennsylvania Company
for Insurances' on Lives and Granting Annuities
TRUST AND SAFE DEPOSIT COMPANY
Capital and Surplus . $7,000,000
Member Federal Reserve System
nnOAD HTUKKT OITICK
Chestnut and Juniper Streets
517 Chestnut Street
Philadelphia
1 (
I 1 !
ACCOUNTANT
of acknowledged .bill lo.ire. to become associated
with progressive individual, firm or corporation at
comptroller, secretary treasurer or in similar capacity.
feT.' " PHence (corporation and
other) added to innate ability In this line.
Addrest C 103, LEDGER OFFICE
ou
INTERNATIONAL
Corporation
V- REGULAR SAILINGS
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PHILADELPHIA to RIVER PLATE PORTS
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PHILA?EH!J!A to RI JANEIRO & SANTOS
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170 Broadway. Now York
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