"n Sc-J ' 3 i , . .4 i "Witf ,. J -.,j- ' -S K" V V' r . o. 5 ' l A.V T Iff i EVENING PUBLIC LEDGEEr-PHILABELHIA', SATURDAY, AUGUST tt 1920k , i ) t fftf K i" M M. J ' 'J jjJIVHUIlTO LHIUlUlU felN CLOSING MARKET Kh.'J' 1 NEW YORK STOCK EXCHANGE TRANSACTIONS Ply. Undetermined Status of Pools Ui.'X In Unsoa3onod Issues a . Market Menace fc :, Erf- .rrXftW Ynrli. Aiiit. 7. TViHnv'a rlnslnr- tock' market was a typical languid mid Summer traders' affair. Dealing were Pry llgut, reCeotltiR n widespread wait log policy and a Kenernl dIMnclInn- Hon to extend ventures over the week haV in view of the uncertainties of I thft Pollxh-nuDdian Ituatlon and money market matters. Foreisn advices were ' romewhat more cheerful but there was apparently a unirrnl wIlllnsneKa to wuit for1 the result of the conference between ) the French and EnslHi lenders. I Yesterday's" rebound evidently cleaned ' up much nf the outstandlnff hnrt in- terest, little demand from that quar ter was manifested during the short veaslon. The bullish impulse which was BO marked vesterdav was lnrkltie. but fi'npa the other hand the benr pressure. . wnrj nunc, rew iresn wenii spots were V- uncovered, notnblv Invincible Oil. which dropped over ! points. Baldwin locomotive, and Bethlehem Steel were , also inclined to be havy. On the con stmetlvo side Delaware, Lackawanna I and Western continued a prominent fea. ' ktnre with a further advance of 7 points on the top of yesterday's 21 -point Jump. New York, Chicago and St. IjouIs, which rumor says is to be taken over by the Tackawanna, opened I up 18 points. The other railroad shares held their ground well. While one of the greatest uncer tainties of the market situation was removed trls week in the liberal ad vance granted by the Interstate Com merce Commission In freight and pas fenger atCH to the railroads of the country; the week's developments meas ured from a viewpoint of security values wereAighly disappointing. The violent andextensive further decline in prices. In ace of such favorable constructive neva, only naturally has created tin- sffuised uneasiness concerning the isrkct position. Much has been said and written con cerning the liquidated state of the market. tho nnlnlon has Dcn voiced time and time again during the recent J sinking spells that much of the un iverse side of the situation had been discounted by the rather abrupt de scent in market values. Yet it was demonstrated quite conclusively during tho week at different Intervals that con siderable weakness still existed iu the market superstructure As the result of these unpleasaut disclosures the imnWiate outlook of the market, it would be no exaggeration to eny, is more confusing than ever. A number of interesting quebtious were developed as a result of the week's operations. Some of these would be difficult to answer with any degree of certainty. Tho first of these would include the knotty problem whether the existing level of market values dis counted a period of business depression and readjustment, which just at the moment seems to be inevitable. This, at least, is suggested in the credit strain, which still remains very much In evidence notwithstanding the wholly artificial quotations for call loans. From a more direct market viewpoint, or to a condition which may be said applies largely to conditions within it fdi, still another qucstiou arises. That is, are there any other pools in the same trouble which that or Middle States Oil clique found themselves unceremonious ly confronted with on Thursday? If f.o. how. many are there of them? Many different versions were offered for the bad break in that particular stock. It is a pretty safe assumption, however, to state that the principal cause for the collapse was due to the inability of the iivui iu secure ncmmcnim credit. II me & loaning institutions found it compulsory r to apply such heroic measures in this particular unfortunate speculative com bination, it would seem altogether logi cal to assume that others are marked for a similar dose of the same un pleasant medicine, unless they arc for tunate enough to be in a position to mend their fences. There seems to be a psychological thought on all sides to create the im pression of n depletion of supplies iu order to maintain the high -scale prices. This policy is so dangerously artificial as to threaten soonor or later n violent readjustment. Perhnns the mark-Pt Vina been getting ready for this unpleasant ! situation, ! Sales in ' too e -J3 300 400 1 1230 8 1(0 4 eoo 8 300 jo 001 100 7 700 J 310 80 100 400 7 400 4 toon o 30o0 3 " n 100 7 300 1000 090 6)0 4 203 7 1000 3 600 g 3)3 43) 7 700 no o 103 201 4 330 30 o 2)0 fl 103 303 iu 10800 3.S0 2600 103 4 831 8 300 1401 100 8 27)0 a 100 7 1x0 8 ISO 100 330 800 13J3 10 7)3 400 6 300 400 7J0 10 12)0 a 2400 4 100 10 103 4 103 100 100 2 830 12)0 1200 100 0 100 ; 100 390 1.S0 2)0 1 23D 3 203 1HJ) a liu.) 100 7 2)1 7 20) 330 8 400 7 . 100 1 003 4 000 2.5Q 100 6 2200 8 2900 300 7 2JJ 7 7 JO 0 mo io 2J0 230 400 7J0 100 12JJ 8 3 JO 3 330 2400 2U0 8 100 0 108)0 1 10J 7 2100 6 330 7 10J 7 401 4 300 BO 100 3 J 3 5J'l 4 230 303 Hit) 1 213 60 1210 4 103 2)0 100 3IU 7 200 7 Total mles. 3,o01.100 Advance Itumelv nf . . 02 Alaska Gold Mines ... IV Alaska Juneau Q M.. 1 Allls-Chatmers 31 Am Acrlo Chem 17 Am Dank Note 43 Am Beet Stl&ar 79J Am Bosch Magneto... 84 Am Can S3 15 Am Can pf 89 Am Cotton Oil 20 Am Drug Syn , 10 Am Hide & Leather.. 13 H Am Hide & Leather pt 74 Am Ice 30!4 Am Internat Corp .... C9li Am Linseed CS Am Locomotive 94 5J Am Locomotive pf ...101 Am Mall 30 Am Safety Razor .... 13 H Am Ship & Com .... 2CJ5 Am Smelt & Hot .... 45 Am Smelt & Uef pf.. RiJi Am Steel Foundries .. 34 J4 Am Tel & Tel 00 Am Tobbaco B 108 Am Woolen 6 Am Writing; Paper pt ' Am ZIno Lead & Smlt II', 4 Am Zinc Lend & Sm pf 41 IS Annconda Copper .... 4094 Assets Realization ... 294 Atch Top & Santa Ke 81 Atch Top & S F pf . . . 75M Austin Nicholas 20 Atl Gulf & W I S IS.. 130 Baldwin Locomotive. .100H Bait & Ohio 35K Baltimore & Ohio pf.. 1S Barrett 137 Batopllas Mining .... 1 Bethlehem Motors ... 16 Bethlehem Steol 71 Bethlehem Steel B '. Bethlehem Steel 7"... 92H Bethlehem Steel 8 pflClH Booth Fisheries 7 Brklyn Rapid Transit 10 Butte Copper & ZIno. . 7 Butte & Superior Cop 18 Burns Bros lOOJi Caddo Central O & R 13 California Packlntr ... 4.4 -i Callfronla Petroleum. 2394 Case J I 11 H Canadian Paclflo ....HSU Central Leather 41 Jj Cerro do Pusco Cop.. 40 Chandler Motors t3, Chesapeake & Ohio .. 4GJj Chicago & Alton 0 Cht & E 111 Kq T ctfs. 8S Chicago & Gt West pf 22S4 Chicago Mil & St P.. 34 Ka Chicago Mil & St P pf 61i Ch K I & Pac 34;, Chi R I & Pao 6 pf C3J-5 Chi It I & Pac 7 pf m.3y2 Chile Copper 1394 Lhlno Copper 2U!4 Coca-Cola 35 Y Colorado Fuel & Iron. 31 H Co! & Southern 20 Columb Gas & Klec. Sl'A Col Uraphophono .. 21 H Col Graphophono pf.. 81 Consolidated Gas .... 81K Con Intel state Cal M J0 Consolidated Textiles . 28!4 Continental Can 74J4 Continental Candy .. 1094 Corn Products Ref ... 8CJ3 Cosden & Co 33 Crex Carpets 48 Crucible Steel I28H Cuban Cane Sugar . 33 3 Cuban Cane Sugar pf. 1TA Cuban Amer Sugar .. 10 Delawaro & Hudson .. C3JJ Del Lack & Western.. 244 Denver & Rio Grande 514 C"enver & Rio G pf... 10 Krlo 12Jo Krle 1st pf 20 Fairbanks 47j Famous Players L ... 70 Flsk Rubber V6J4 Freeport Texas 213 Gaston Wms ft WIc. . 834 General Kleclrlo ....138J4 General Cigar 49 General Motors 2094 Gen Motors deb 7.. bO Goodrich B F 4US Goodrich B F pf .... 85H Great Northern pf ... '.'iVi Ot Nor Ore ctfa .... 32H Greene Cananea Cop . 24 34 Gulf Mobile & Nor ... 14 Gulf States Steel .... 44JJ Haskell & Barker Car i0: Hendee ctfs 25 Houston OH Co kO Hupp Motor Car 14 H lndlahoma Ref 6JS Insp. ration Con Cop.. 4(i'4 Inter Con Cop 3 Inter Con Cop pf.... H Int Agric I7J Intl Han ester new ...110 Int Harvester pf ,...tu4 247.700 6harcs, compared with High t.ow 62 m 30K 70 4.1 7Bi 3tf ."294 83 25 y, to 1394 :4H 391j 794 C3H 14 101 30 12Jj 194, M4 88H 34 H 04 M 1U7K .A 42V4 11 'i 41i 50! 2'i MY 1VA 20 138 10494 34 H 44V4 13Cli 1 15,S 71 Vt VA 104 J4 7 10 an injs 97 12M 144 23 11 Vs IWA flor 36 t3H 4G! 0 8's 22K 33 4 40 3 Si 'A 13 ! 1394 26)4 JliA 3194 25 y2 C094 21 81 SO! 5 t0!4 279, 74 H 1094 MH 32)i 48 mn 3SW 7) 40 13 240 5 10 12'j ID! 2 47 Vi 07 2C?i 21), 6)5 138 J-i 59 2O4 80 0J, fc54 72 't 31 Vl 'a 3 14 45TJ 66 J 24 68 14 6JS 44), 3 U'A ni 118 101 0S7 100 lit H tt ('4 ltt "tt V 94 tt V H Vi tt H tt 1 "H tt tt tt Today' 1 Nt Clone ChM 02-2 ltt - Itt- tt 30)4- tt 78)4 43 .. 79 J4-t3)i-33 -83 -2S)'4 10 -134 75 -39 tt 08)4 C4 8tt 101 30 13)4" 2094 494 Mf6 24J4 94 ?4 107)4 74 -42tt- ntt 11 tt 50H- 2tt- 81 75tt 20 - tt 138 - 2 104)4- 1 31 H- l4 45tt tt 137 2 1 15tt - tt 71 1294- ltt 02tt A 10494- tt 7 10 "tt 17 -07 -13 lttt 117 -f 5194 36)4 13 tt C6)4 0 8tt-22tt- 33 94-50J4- 34 H -t3)4-r tt 13J4 tt 81 - 80tt 71K -li94- 86 - 32 tt 48 - 127)5-3834-71 -40 - 3H 1)4 213 4 )a 5tt !i 10 -12J4 10H-47tt-07 -20H-21)4-tt-13htt-59 -4- 20tt 80 -il -84J4-2tt .13 -f 21J4 14 -44tt-6)i-V5 - 8834- 14 r4-r 45 tt 3 t'94-i- 118 - 10( tt ltt IV. tt )4 '394 54 Vi Dlv, Sales In I 403 300 109 .. 2093 5900 17090 200 .. 1603 .. 31)1 293 800 2000 l.jo 210 fl 800 2100 2 100 lz inn 100 300 300 200 2830 200 10993 l.flo 900 4 100 7 1000 209 1000 000 500 100 3.60 100 7 300 . 210 000 6 100 7 409 1 100 10 1000 6 100 700 3.90 3600 1 tt "tt ltt tt 234 ltt Si tt tt tt 2?i A 1 ltt 100 103 103 109 739 310 33)3 10)3 100 4Q3 313 700 100 1000 2030 103 103 100 10O 1100 2000 211 3103 9)0 303 1330 400 1210 .110 200 300 100 Int Mer Marine . Int Mer Mnrlno pf ... 74 tt Internat Motortruck . 44 tt International Nickel .. 11)4 International Paper .. 76)4 Invincible Oil Corp .. 37 Iron Products II tt Island Oil Stt Kan City Southern . .. 1-7H Kelly-SpBT 77 J4 Kennecott Copper .... 23 Keystone Tin 1894 Lackawanna Steel ... 65tt Loft Corp 12tt Loewo Co 20)4 LorMlard Tob 128)4 Mackay Cos 60)4 Manhattan II lev guar. 41 Marlln-Parry 10H Maxwell Motor 1JJ4 MHy Dept Stores .... 72 Mexican Petroleum ..144)4 Miami Copper 10 Middle States Corp .. 13 Mtdvalo Steel & Ord.. 38)4 Minn St P & St S M.. tt Mo Kansas & Texas . . 6)4 Mo Kansas & Texas pf 10)4 Missouri Paclflo 24)4 Missouri Paclflo pf ... 43J4 Montgomery Ward .. 30tt National Acme ....... 34 Nat Cloak & Suit pf.. 00 Nat Aniline & Chem .. 77 National Con & Cable 7 Nat Enamel & Stamp 55tt National Lead pf ....102)4 Nevada Con Copper .. 11)4 New York Air Brake. 02 New York Central ... 714 New York C & St L. . 35 New York Dock 2194 New York N H & H.. J!494 Htth Low 24 tt 24 1 New York Ont & West 1734 7 7 60 40 4 80 74 14J4 394 40 8034 75 20 4034 28tt 2434 34J4 43 74 37J4 14 tt V03 800 12803 6 53,10 100 8 210 7 203 4 810 4 8?00 7 GOO 3530 3 530 .60 1730 100 .. 503 6 000 B 1493 100 4 3)0 12 103 100 7 100 8 530 1300 10 2330 8 300 209 6 2)0 6 400 8 2033 8 239 8 103 0 870) 6 20) 7 .100 0 3710 0 200 4 100 8 403 400 2)0 4 103 100 .. 1030 4 15J0 1 103 6 Norfolk & Western Northern Pacific Nunally Co Okla Prod & Ref .. Pscina Devel Corp . 0 Pan-Amer Petrol . . .. Pan-Amer B 4 Tarlsh & Bingham . 3 Pennsylvania R R . . . PecplcR Gas Chicago .. Pcre Marquetto . .. . .. Phillips Pet .. Pleree-Arrow Molnr . . Plarce Oil . . 1 1 v. 8 Pierce Oil pf 7934 B PlttB Coal 5tt 0 Pittsburgh 4WVa 27tt 1 Pond Creek Coal .... 13 tt B runta Alegro Sugar 4 Puro Oil Co , 1 Rav Con Conruir 4 Reading 88tt O Republic Iron & Steel. 81 .. Republlo Motortruck.. 39H .. Replo Steel 07 tt 8.20 Royal D N Y 71 .. St Louis San Fran ... 24)4 .. St Louis Southwest ..20)4 .. St Louis Southwest pf 31)4 .. Snxon Motor 0JJ 8 Sears-Roebuck 133 Shattuclc Arizona .... 8)4 Sinclair OH 2414 Southern Paclflo 82)4 Southern Rail 28 Southern Rail pf 49tt Stand Oil of N J pf. .10H Stewart Warner Sp .. 34 Stromberg Carb 68J4 Studcbaker C4tt Tenn Cop & Cliem ... 34 Texas Co 42 nexas & Pao C & O.. 40 " anscontlnental Oil.. II Times Square Supply. 26)4 Tobacco Products .... 62 Transue & Wms Steel 44J4 Union Oil 1..., 37)4 United Alloy Steel ... 40 United Fruit 190 United Rwy Invest .. 8 United Drug 107 Union Bag & Paper .. 80 Unl Rwy Invest pf ., 16 Union Paclflo 117)4 United Retail Stores . C4 U S c I P & Fdy ... 14 U S C I P & Fdy pf.. 44)4 U S Food Products .. 48tt U S Ind Alcohol .... 8034 U S Rubber 83)4 U S Rubber 1st pf ...102 U S Smelt & Ref 42 U S Steel 86 H U S Steel pf 10434 Utah Copper 61 JJ Vanadium Corp 60 Va-Carollna Chem ... 65 Va-Car Chem pf 104 Wabash 734 Wabash pf A 24J4 Westlnghouse E & M 4C34 Western Maryland ... 934 West Maryland 2d pf 13)4 White Motor 47)4 Willys-Overland 10)4 Worthlngton Pump .. 60 Utt 44tt 17 :n 33 41K 5tt 1734 76 22tt 17)4 ' Ktt 20)4 12S54 60)4 41 10)4 13 72 3tt 10 12tt 87 J4 73)4 0 10tt 24 tt 48 tt 30)4 35 00 77 7 43 tt 102)4 II 12 71)4 35 21)4 34 17J4 89 74 1434 334 39 79 74 tt 39 40tt 28)4 24 3434 40tt 11)4 7034 54tt 27tt IStt 74 )i 37 11 tt f734 80)5 3934 0694 70J4 '334 20H 3034 6)i 133 8tt 25 flT4 1794 ,40)4 104)4 34 )4 1234 tt 41 39J4 10 2054 C1J4 44)4 26 40 109 M 107 89 1534 117 C3 1434 44)4 5834 89)4 2tt 102 2 8534 104)5 tt C434 64 105 " U'A 4034 834 13 tt 0tt 16)4 60 Today' Nt Cloio Chse. 24 iy 44tt- 1794 73 -31 - 41H H 1754- 76 - 23 17)4- 65 - 12)4 20)4 128tt -19tt- 1S34- 73 12 94 tt 0 -10tt 25 - 43)4- 39)4 35 00 -77 7 11 -02 71 tt 35 21tt- S4tt- 3tt 3 3tt 14 'tt 1 14 14 tt ltt 1 3T4 34 "zA H "tt "h "(4 tt tt 1 "w 14 tt l? 1734- 1W 89 - 14 74 J4 14)4- tt 334 .. 30 - tt 80 - tt 74H- 1 29 40M tt 28tt- 94 24)4 3434- 'A o;i- 1 lltt 7934- 14 4tt- 94 27)4 .. 13 J4 71 tt - tt 37)4- 34 14)4 tt 88 80)4- 1 3034- '4 0634- 1 71 - tt 24 34 20 14 8034 - 14 6tt- Yz 135 85 . . 23)4- tt 01J4 tt i 3734- tt 60)4 - )c 106)4- tt 34-1 08 I3tt- 54 0J4- tt 4'tt- tt 39)4 - 14 10)4- tt 26)4 tt eitt- 34 44)4- 2 20)4- a 40 190 - 1 8 107 - 1 80-1 IU - tt 117 - tt 63)4- tt 151 44)4- tt 58J4 tt 804 tt 82)4- 1)4 102 - tt 52 66)4 . . 105)5- tt f'ltt- ltt 65-1 043 105 -f tt 7tt )4 21)4- tt 4034 tt J4 tt 131-4 tt 40J4- tt 16)4 tt 60 Kharos ratrday. Thua far thla week, 8,103,300. Fame period laat week, Commodity Markets LIMITED TRADING ? IN LOCAL SHARES General Disposition to Mark Time Until General Situ- ! ation Clears Up Stationary prices were thr gpneral' rnle in th locnl market. About the' only noteworthy exception, which nfl the same time exemplified the thinner 'of the market, was the 10. point dr.v. , in General Asphalt common on a sinclc transaction of 200 shares tn 4,-,. ' In all the other local shnri, what few changi's were made vpip -online 1 to small fractions. T'nitrd On. Jm I provement. Pennsylvania Knilroad nwV Electric Storage Ruttery were thp firmer' features. Philadelphia Hapid Transit! on a few sales dronppl back to I," Union Traction remaining unchanged at 254. svorries over the transit situation nrvl other local considerations upn. rln,n,.i Iff to ihe background this week lv que. 'the fundamental factors underlying the general market position Thpsp hnd tlie effect to reduce the volume of trading again to umill dimensions, and in con Bequence the market wan found 10 he equally thin on the huting ns the el! ing fdde. In other word" the day to day varlatious contained little signifi cance except marking the progress nf the readjustment which has been under way for some time. In view of the high and cxtrcineTv thick stone wall erected by monev con ditions against speculative extensions or any character the low ebb of mnrkct interest may be regarded hm an entirely logical development. .Money is tighter In Philadelphia than perhaps nnv of tho pther principal financial centers. because, except for positiwly pressing business needs, it is irtuollv unohtalii flble. This fact is geiiernlh known fn all those Interested in the marker nffalrs. The more Interesting. et at this time on unanswerable- question, is when are the nan to be let down? The. subnitution of inioine bouils for second preferred stock, in the le lihftncjng 1'lan for the National Proper tied Co. and American Itailwavs Co.. ' tupplifd the only important develop - ' mint of nurelv local I'huracter TI,o ndoption of the bnudholdeiH protective committee plan seems to lie almost sure. At least, suiilclont amount of the bonds Vlll be deposited to make it operative It would jieihups be advantageous for those holders who have, been holding off to take tho trouble and have a mtle talk w'"1 f,on,e ' "1C "",,nl",rs of the poramuicc. rusMuij i" i uie y rnliuHJ'fftandlngs which have crept up in coulue " rcauuy iiissipaicu. u. i.i ai- .u hut when nothing better can be V outlet It U tfjiorac of another color. GrN MARKET Chicago, Aug. 7. Indications that the developments of the last twenty four hours had eased the gravity of the Polish situation caused gcneinl selling of wheat in the early trading today. December started at 4l3 to ulc lower and March was down ."ic. The under tone displayed further weakness after the sturt. At the bottom some resting orders to purchase were reached. The receipts tor the day were 11)4 cars. reduce the grades of cotton and greatly Increase weevil and worm damage. Receipts at tho ports for tho day are ettlmuted ut 4500 baJes, against 6080 bales a week ago, 94'JG baits a jcar ago and 0009 bales two years ago. Previous close Ocen Hleh Low Cloao J OJ 3a 18 3'J 40 31. U0 -3'J.O DO 87 80 78 ,11 00 ,1(1 85 '30 7S 2(1 47 2 h 20 H8 20 47 20 80 29 10 20 23 29 30 29 10 '21) 20 2S.05 2 73 2U (17 2S.70 2S.73 October December January Murch May Bid. Philadelphia Markets WHEAT RecelDtaii20l.B8fl bu.h '&?." Market December opened at $2.32 to $2.31, ! nominal at Ute adW.ce Car lota. now. In mpared with $2.30 at the close , SVvo2lr-N5l..urrMckvr: is 388 com verterdav March started at fie lower 2 7o' rfn'mule accordlnt to r,ualltv at S2.::3. and dronped to S2.3m Thfre also was general selling of corn at the out-et with the demand cattered, owing to rains in Illinois and Indiana. Further lnsseu vcre sustained after the opening, as the selling cun Mnued until prices ran into privileges. Rereipts were 70 curs. Sentember started nt ?1 !." to 51 41, coinnared with !1.4i. vestenmv conx-Keoeinta i'022 bi.eh Quiet but efudi We nujte $1 n'c 1 7" n to oualltr un1 location, with hlshi-i crl.ea .isked In tome instances for No 1 ellow. MATS ltecflDU. 14 12.1 bush Dullano unchanged Cm lota nj to lo utlon No 2 white u7&i)Rc No 8 white Iiiff07c KI.OUII H-' "luts 23 bbls and 1 770 4U Iba in sacks Qui t but stiily Quotation; 1 !! lbs Ducked In J40-II. jme sacks svift winter etralKht wnrn 811111178. do. do, 'nearby. llUilli'i. hard -wlntir. i,. straicni til i.iii i -..,", uu snun paiciu. ,. 111SI ' ,. , r,nnr firm, cleur S11CM1SO "f. Philadelphia Stocks Ins. 1IH& Hlsh Xf Low li)l2 5 Alii 2 Am Strs.. 43-I 43?I 0 do 1st pf 00$ 00$ -Tiiaia 10 pref ... 07 0 Cose chr. A-i:iT m 73 73 109ElecStor.ll.V4 114U, ll,-)Vi4- 54 42 do war. 14;i 14 14 200 Gen Asph 45 4r 4510 00 do nrcf. SO 20 I Co X A 27 Vi 100 Key Tel. 0 10 Leh Xav. 58 15 Leh "Val.. 44 118 Pa 'It It . 40 Va 110 I'hil Elec 22 55 Phil I W 51 ISO P Ii T. . . 15 25 Ton Min. 1 20 I?n Trac 25. 104 IT G I... 41 10 Wtraore land O'l 73 W) 27'j 0 58 14 4Hi MH 15 1 25 K 40C 58 .. 44 .. 40V. . . o rhi'.'. in l-'K... 2.Vj.. 41 . AD N SMAUL VOLUME ON CURB Now York Bonds Offerings Not Pressed on Mar ket Except In Few Cases. Industrials Quiet Xcw York, AUeT. 7, There was no important change in trading condition on the Uroad street curb today, busi ness, being small In volume, with offer ings not pressed on the market except In a few cases. General Asphalt continued In supply, opening at 50 and dropping tn 45. Ityan Oil was traded in at 20 to 10". 81mm sold nt 32 to 12'4. Skelly wag steady atOU to OVi. Industrials were generally quiet. Sub marine Boat being traded In ot 10 to lOVi and United Itctail Candy, after falling from 11 to 10. rallied to 11 Vi. Indlnn Packing sold at 6 to (I. INDUSTRIALS Hlsh IOW l-sst Acme Coat 3 3 3 Amer Candy, B a s Columbia Emerald T 7 7 Empire Tub 12 ItH 13 Firestone Tire 112 113 113 Oeneral Asahalt ...80 48 48 Goodyear Tire 10.1 100 100 Indian Packlnr H n 0 Mfr Ltt-ht ini 4ni4 40 i North Amor Paper H OH Perfection Tlra If, 1A If. Radio Com 1H IU IS Radio Com pref 3K 2H 2M Tlopublla Tire Rub 1H 1H 1H Rainier Motors 87 87 37 Pinner Mfr 110 Ho 110 Submarine Dost 10U m 10i U H Jllgh Speed Tool aH anti 80U U a L, and H 3K 2H 2H U S fiteam 3 1 ', 2U United Prodt Rharln.... IS 1H IS United Retail Candv 11U 10H ll'l INDEPENDENT OILS Allen Oil 1H 14 1'4 Allied Oil 31 19 10 nil Heart ntt BH n( lloone Oil 2U 2U 2H noston Mexico IU 1J T4 Doston Wyomlne ft ) Carlb Syndicate 10 ij 10 10S Cuehlnr Pete ri M li Dominion Oil OU nu mi Duquesne I) 14 n4 3i i:ik nasln Petrol fltt a (l' Engineers Petrol Hi 1 IU Kameralda Oil U H H Federal Oil 3U 2S 2H Olenrork Oil 2H tA 24 tntl Petrol 31 30 30 Lance Creek A X A Omar Oil 2H 2K ;, nyan Oil 20 inu J04 Slmms Petrol 1244 lit! I2i Rkelly Oil OH U OS Rtelner Oil S n 3 Superior Oil 18U 1H 18 Texas Ranser S H S Un Texas Oil S H H Victoria Oil (new) 1H i Western States . . , 14 t4 4 Roy d rrance 8 '4 8 14 8 li Plttsbursh Oil 12 H 124 12 MINING Alaska Br Columbia .... if. If, 1A Atlanta 1 1 1 nooth 4 4 Calumot It Jerome A 'i A Canada Copper H H H Candelnrla Mln U 14 '4 Cortex Silver 62 00 fi2 Creseon Oold 1H K 1 DIMde Ext 24 23 24 Eureka Croesus H li li Kureka Holly 1H 1A 1H Oold Cons 0 0 n Clold Devel n .-, n Ooldfteld Florence 12 12 12 Oold Kewanas 1 1 1 Oold Silver Pick O 0 0 Gold Zone 1 8 II 1 Great Bend 1 1 1 K.mmi SlUer 0 0 0 Heda Mlnlnc 4H 4 A 4U, Iron Blossom A A A Jumbo Extension 4 4 4 Knox Divide 6 tl (1 MrNnmara A A f, Marah Mlnlnc 11 11 11 Mother Lfldo 69 BR 89 Mother Iode (new) 8 8 '4 8T4 Ophlr SlUer S 4 . Prince Con A 14 A Rochester Mines 9 0 0 Rope Oroup AAA Ban Toy 4 4 4 Po Am P AO 8'i 8i 3 Silver Lead U 14 14 Success Mining: 4 ,4 4 Tonopah Belmont 1 A ' 1 f, 1 A Tonopah Cash noy 7 1 7 Tonopah Extension 1A 1H 1A Tono-JIm W 12 12 12 Tonopah Midway 7 7 7 Tonopah Mln IS IS IS Tonopah Mlipah 10 10 10 Tonopah Montana 0 a 0 Tonopah Rescue Eulti.... 14 14 , 14 United Eastern 3S 2, 2S victory 3 s a West End C 1A 1A 'A White -apa 0 I) 0 White Caps Ext 1W 114 tW Wllbert A 4 4 Yerrlngton 2 3 3 BONDS . Allied Pack 0s 08V4 not SRil Amn Tel (Is of '22 04S 04U 04'i Armour 7s OB'.J BfHi nfl'4 Berlin 4s 20 20 20 Great Berlin 4a 1RV4 1AU 1H Hamburg 4Hs 21 21 21 Sinclair 7tt s 07 H7'4 07'4 U 8 Rub'oer 74a 98H OS 03 West Elec 7a 07U 07'4 07V1 NEW YORK BANK STATEMENT Alaska Oll M Co ov A 1 1 11 A T Tel clt 1 77 A T A Tel Bl 3 77 1 77 1 76 S A T & Tel 0s 1 nsu 8 0BS Anx-Krench 6a 1 904 1 99H 1 99W 7 09U Armour k Co Real E U 4H 1 7BU 1 78 1 78 2 78 B 78 ATiDFtd 1 76U A T A S Fe sj 2 fl0'4 10 00!4 Atl Coast L 4a 1 784 1 .... 74. H 1 .... 744 3 74 W 2 74U Bait tt Ohio cv tSAt.ES IN tlOOO 2. 1.. a.. 3.. 1.. 1.. 0.. 3.. 20.. A3 02 OS Mi 03H sm A2S 02 68 02 Bait A Ohio 4s 8 01 1 1W 2 om Bait A Ohio Bl 1 .... 1 1 01 2 62 Halt A Ohio 0s 3 86V1 1 S0H ntOFIiEl & W Va 4s 8 68 D A O S W'n niy 3V4 2 7014 Beth S Es '9f 8 TP 2 70S 1..,.. 79H 1 79S Cal O A E Ba 4 .... S8U Cen'l of Oa en 1 80 Cen'l of Ca 0s 3 S3 3 .... MM, Cent'l Pae 1st 2 71H 1 71W C k Ohio 44s 1 72 C A O cv 4 Vis 1.... 8.... 18 8 ... C'k'i' 6... C'k A 10 C B'n A 8. 1. 1. 8. 6. C A 3 3 2 nrici. mid fell to $1.43. December patent. J12 7SB 13 tin do short patent, npninnt ' '' - nnetied at SI 21 to SI. 24. SI 27 at the close ycterduv and latpi sold at ? 1.23V,. OatK npened weaker under liberal of ferinits. The market ran Into bid. shorth after the start und huyinK aKaiiint these pmileKe chetked the dieline. lleceipts were 10s cars. Si ptcmber opened at 1.1 tn iJisc cninst TIVic nt the end yesterday, nnd declined tn 71'sc. December started at 71 tn 70',c, ncainst i-"ic nt fie close yesterday, nnd later sold at 70c. Wheat December Mar-h Corn fceptembf r Lerembr ( h t u Sef tember Cere m be r pork -Sf ptembor Oi-ti-ib' I Hrd Heptember J t ber Ribs September octuUer ..Jj?1' "". 34I sha-es. compared with 3733 shares yestenlay. Thus fir thla week, 29. (HIS shares. Same period 'ast week. 84 182 shares. t.N'et change made by latent family brands Hour 110 30!B1I 28 iuncj spr ru and. dlv m ill. ,, .,.- u vaw York MotkE J ,' """ '""' 111 .WtlHJO. Kit " , , i.V....... ' cttir (11 .if.ftij. rvet Cipon High Iiw Close 2 31 2 88 2 30 2 32 ' . .. .2 3.1 2 37U. 2 31 'j 2 38'n 1 14 1 47 1 43 1 lA'-j 1 21 1 23 1 23 1 23 .. 72, 73, 714 72, 7DI, 71 00S 70it 23 so 20 on 28 an 2.1 o' 20 SO . 11 ns in 07 is so m on . . 19 10 10 42 11 10 1!) 37 18 08 18 88 IS. 88 111 OS 10 08 18 SS 13 UU COTTON MARKET u I, New York, Atiff " An openlns nd nnc of 10 to 20 points In cotton this mornlnp; was iluo to reports of heavy rains In Texas ,inl the blp Hales of npots In Txns mnrkots yesterday. nKerefjatlnR 15,000 hales Sew cirleaiis and Liverpool bought on the openlnif and Jnpanese Interests sold Demand w.is soon filled, however, and. lacking outskln sup)ort, tlm market later wenlter.ed. dropplnsr about 25 points from the early hlKh leeln. Tho heftv TexaB rains and urettv Btneral showers o"er Kast Oulf and riouth Atlantic illHtilctN. shown by int map, started a local coverlnif movement around 10 30 o clock and. In the absence of fresh selllnB. prices adxanced rapidly, to 32 40 for October and 29 85 for Jan uary, reprstntliiK a net pain of about 35 to 40 points Later part of tha ad vance was lost but the market displayed a Htendv undertone H Is feared that Texas rains will not alone delay the movement, dui win aiso PROVISIONS eold slowly at former rates. Quotations Unef in wets smokod and ali ened. 3'lc dj Knuckles and lenders smoked and alr-drled 84t pork f.nnll. 117 nam. S I' eured loose 411? 40hi 1 . do. skinned. loos, . 4313-sc do d'i smoUed. 4848'je, do. bolldd boneless HUc pitnlc shoulders, I curd pi, Kie loor 2Sc. do. smoked, 2(.i. U-I.leg. tn pickle. looBi-. 2... breakfast biuon 38.'. lard. 21c ni'TTER Dull but rteady Quotntloni S, 11 1 packed treamerj ftney hlKh-storlnif. f,r n MbtSnc. extras 38c extra firsts Ml', rr-t i. 4'(J32c. seconds. 43l6o. lowil Kills 421' Hi sweet creamery, choice to tuncy BiOnvc. fair to uood 4ll"il3(lc prints ulbinrf ut ilVif17 f.,r fancy and 34(5040 U.r fair to choice. EGOS firm on nne stocks Quotations In free cases', nearby Mrsts. Sl"ite per dozen, nearby current receipts I'K, nearby ordi nary to fair. 44 4147c westfrn extra firsts 811 31c. western firsts 47t8(ic, aeconds and poorer, PO'l lie fam v candled esits Jotblnn ut Olflt.2' t'HCKSB ytendllv held Quotations New York. uho!-mlll Oats current make fancy. 27'v B2ic do common to fair. 24tf27c u... Lnnghnrns 211 tl 27.. elnnle Daisies "Jil's If 27ti c Jobbing sales of fancy held EOuds. aogmc I.IVi; POULTRY Fowls via express not Leghorns fan"V heavy. 41ifl2c do. light and medium. 37'8'Slic white Leghorn fowls, 8'l'tf37c fowls via freluht 30Jf4lic brimius chickens fancy sellow-iklnned not LeghornB. Iwelghlrar ln 2 lbs ur.leoe 48'K30c. broll lnihlck,ns inm v c-llc. -sklnn.'d. not Iax 1 herns w-lahlns- 1 ft1 1 S lbs aile. 4S'3 43r. iwhlti Lhorns broilers weighing 1V4 W2 1 l.s iiplutc. 40'8'42c white lghorns. broll lirs snaller Hires. 87i3lc old roosters 23 W .He, dudis. old 3iifH2e spring 303Sc. pineons per pair, oii-i.c LiRUSSEO Put'LTRY Powls fresh killed ilr-plcked In Iwios weighing 4 O 3 ILs and mer apiece, lie v , Ighlng 4 lbs 4.'c. weluhlng MW lbs. 3'ifi1 tile welielilng 3 lbs . 33f!87c. In bbls. drv .picked, welghlnt 4n3 IbH apiece 42' welg'ilng 3Mi lbs 3741 3c, wilghlng H lbs SlOHI? broilers, west irn il-plcked weighing l' 1! 2 lbs. uolete. "3W84c, broilers w intern smaller sis1"', 80c nearliv welahng l')W2 lbs apece. 8Sf(i BOc smaller sizes 8iiOB2c. old roosters dry plckoci. western 2c do southern 20(1 37c, spring du ks L I . 3uv I"00.. . .. .Hlsh Irfiw Close chro 1 l-l) LID IJOntl 2d -IViR.. S5.00R4.ROf.-.00.10 1 do 2d 4s,. 84.81 &4.S0 84.84 .08 3 do 4ViS... R8.B2Sr.flJfcVrt' 1R 11 0-10 -1th 4Vls 8.r..3S 85.00 SS.304-.02 3 2-.1 Vic 43,',s. 0.".72 03. 70 0.-72 4-. 02 2 I'cnna K It temn rtfs.102'1 102", 102V. . 3 3-10 Phil Elec 1st fis S3 80 S04- Total. 12S.20O, empared with inn ann ... terday Thus far this week, $370 900 Sumu period laat week, 1818,380 GOVERNMENT BONDS RAILROAD EARNINGS ERIE SYSTEM 1020 ID 087 103 881 183 1.21 4. MIS 81,084,008 4034, 469 0,374,974 June gross Deficit after taxes Net oper deficit Blx months', gross. Deficit after taxes Net oper, deficit ,. Increase 81.047 847 728,228 l.BlK.tl'i.1 4,270,614 2,747464 3,110,137 Panama coupon 2s. Panama registered Panama coupon 2s, Panama registered -i 103S la 103H . 108(1 10 iS Panama coupon 3s. 11)61 Panama registered 8e, 10(11 Philippine 4, 1U34 Philippine 4s, 1U33 Philippine 4s, 1H80 . U S Gov coupon 2. 1030 . . U H Oov registered 2s 1031) 11 si Gov coupon 4s. 1023 IT H Gov regletered 4s 1D5.-, Dlat of Columbia 3-H.'is, 1021. 0 Bid loou 11104 1004 lunlj 77 77 . 7d . 78 7S .lOOH inoI ln I", Ask 1II1U 101U 10Hi UiHa so SI) S8 HI R.-. 101U 1031 Re3erve Deficit Replaced by a Sur plus of $16,171,000 The clearing house Institutions mode considernbre progress this week in cor recting the impaired reserve position. The wceklv statement showed an ex cess reserve of $13,171,120, as ngalnU n deficit of $0,080,820 of lcral ref)ulre ments. This was accomplished through the increase of $14,717,000 In reserve held by Federnl Reserve 13ank, nnd a heavy reduction in liabilities, the lat ter being made by a drop of $52,887,000 in demand deposits. This brought an increase in surplus reserve of $21,257, 040. . At the 6ame time, the week's heavy ' liquidation of pool obligations found reflection in tho contraction of $45,515,000 in loans and discounts. Details follow: AVERAGE This week Last week 112.001,000 18,072.660 662.188,000 648,843,00(1 8,112,041,000 0,141,189.000 91,001.000 02,772,000 B3S.B7O.O0O 631,702,000 Excess reserve,. Aggregate res . Loans, etc. . . .. Cash In vaults and member banks Reserve In mem ber banka and reserve banks. Reserve In state banko and trust companies .... Beservo In state banks and trust company d posltorles . . . noslts , .... ..4,078,264 000 4,078,614.000 'rim. rienoe ts. . 2M.irjn.uwi zoo.-iiii 111111 Circulation .... 38,083.000 United Bin tea depos It" cl e- ducted 40 877.000 uucica ACTUAL This week J16.171 120 rifiz.iwo.uuii 8.237,000 8.308. OOO 8,230,000 8,884,000 33.O2U.0U0 67.120,000 72 T4 73 73W .. 78i( . . T3i Ohio 6s .. 871 O cv 8s .... 70Si C A Alton 8V4 10 33 C B n A Q m 2 77 Q 4s .... 94 . ... 03 .... 0B'4 .... 03H .... 98 01 .... 08 . . ..0ST4 K'n III 4s 2 .... 77 Chicago Mil tt St P 4a 6 66 Chicago Mil A BtP cv 4Wl 1 66 6 6 10 66 11 66i 2 .. . 66!4 2 07 1 664 Chicago Mil A htP fd 4Wi 8 39 Chicago Mil A StP gm 4 Ha 3 70 Chicago Mil A St T cp 8a 1 .... 93 Chi ft Nwn 7i 1 ... 100 1.... 100 1.... 100 1 . . 1U0 Chi II I i P fd 6 674 8 . . 67 4 8 .... 07 C 11 I A P 4s 1 . 09, Chi U Stn 4 4 2 .... 76 2 .... 76 CJiIcoku Union Sta ct 64" 5 ... 1034 Chile Cop'r 0s 3 70S CMlo Cop'r 7s 1... . 034 City Lyons 6s 3. . R8H City N Y 4 4s Nov '87 8 . .. 01 City Paris 6s 014 1... It.. a... 3... Col A 3 66 .. 6BH .. 07 .. 83 ?4 8o'n I 7B Col A'S'n 4 4s 2 68 2 00 Cons'd Oas 7 7 ot 4 084 Cuban C B cv 18 92 Eel A Hud 7 10.... 100 18 100 Den A It O fd B 46 Den A 11 O 4s 2 02 D Can 6421 8 074 S Canada 3 6..... 004 6 004 ,20 904 3 004 D Canada '31 1 86 Erie Oenl Men 1 42 6 43 S 43 Erie 11 Ce 4s 3 6014 CJen'l Lite 3 1 SON, 1 834 Oen'l Ulen 0s 1 08 i..... 98 2 OH Ovt Bwxd rets! 1.... 102 Hud A Man fd 4 BS 1 644 Hud A Man Inl 1 17 4 174 III Central fd 8..!.. 714 2 714 III Cen'l 4a '26 1 094 III Cen'l Is '83 6 664 1 0B4 III Cent'l B4 1 B84 LI C C St L N O Jt B1's 8 744 1 78 Ill's steel 4 4s 1 76 Intboro II 4u 0 124 Intboro R T fd 6 424 1 424 B 424 38 424 I M Marino M 1 824 4 824 Kan C A B 8s 1 B4 Kan C A B Bs 064 Kan City Te'l It wy 4 s 1 66 4 66 20 66 K Belg 0s '28 2 01 6 01 K Belg'm 74 2. 2. 4.. 1.. 6.. 1.. 3.. 40.. 8 . 1 . 1 . 1. 1.. 10. 014 IH4 014 014 914 Cl'd Cln Chi A Bt L tra 4s 1 1.. 1.. 1.. 834 684 604 664 074 0 07ti 07.4 07 4 074 07 4 07 2 074 Lorlllurd C 7i 2.... 1024 Lou A N si 3s 1 47 Mid SAO 3s 5 78 Mo Pao cm 4i 1 83 2.. .. 824 8 634 10 63 Mont Ponr 8s 1 804 K T C t II II n R 44s 2 71 6 74 B 74 N V C II B n n es 1 884 0 ss N Y N It A I! cv 34a 1 43 New Y N H A Hart'd Ol 8 73 N Y Telo 44n .... 7S, N Y Tele's 6a 1 87 N'l A Y'n 4s 8 74 N'k A W Po's Coal Co 4s 2 734 7 734 Orgon 8 L 4s 1 774 8 .... 77 4 2 774 Oregon S L , 1 074 Org.Waeh'n Jl a.. . 684 Pae O A B 8s 1 744 Pao T A T Ss SO ra n U4s '48 1. ... 774 Pa II gm 44 10 70 1. .76 2 764 8 .... 764 6 . . 764 2... . 77 Pa P. 44" '21 6 08 Penna It R Ba 844 84 4 844 84 Penna, It It 7s 4.... 1034 8.... 1024 2-.... 103 1.... 1034 3.... 102 rublle Service C'n N J 8 4 00 1.... 1024 Reading H 4 10 70 Rep Cuba 4 Ml 8 714 Republic Cuba Bs dt '14 2 814 R OAVV elt 4s 1 604 fit L I'n Mt A 8 Rwy 6s 2 824 Ct Louis A S Fran aj 1 014 0 814 1 Ol'i Pt Lout A 8 Fran In B 484 10 484 2 484 15 481 1 484 1 484 1 484 6 434 3 48 1,.... 484 3 484 1 .... 484 1 484 1 484 4 484 1 484 10 484 4 484 St I. A 3 Fran Series A 10..... 804 10 864 8 66 11 664 1 .... 60 Ht L A 8 Fran Series II 1 07 1 074 Bt L A 8 Tran Series C 1 834 SI I. a 8 Fran gm 6s 3 03 Eenu'd A L ) B 334 Seab'd A L fd 1 404 B'n Paclflo 'cl 1 744 1 744 1.... 714 8'n Tao cv 4i 14.. 2... 70 70 734 784 784 7 "84 B'n Pac cv Oe 1 uo 1 76 . B'n Pae Tr'l 8 6Svi 6'n Rallrr's 4s 2 68'A 8 .... 60 2 .... BS4 1 694 2 884 1 60 B'n Itallw's 6a 1. 6... 3... Third 3. . Union 814 .. 814 . . 82 Ave 4s ,. 38 Pac cv ..804 Union Pac 'Is 2 08 1 08 1 974 , OTIC. U rC'cjro Urit A I'd 1921 8 90 15 96 1 96 0 034 1.. .. 06 V K of O Ilrlt A I'd 1022 2 904 1 .... 004 10 004 11 004 1 004 UKoIO lint A I'd 1037 8 824 2 824 10 824 6 88 U S Mexico 4s 1 27 U 8 Realty A Imp t 6s 2 80 1 70 U R Inv't Co of 3 F 8 B .... 00 Ut'd Rws Han r unct 4s B 22 U B Rub'r Bs 2 77 U S Steel Bs 3 014 1 014 (1 014 0 OI14 U 8 3 reg 6s 1 904 Va 0 Brown Ilros Ctfa 1 004 (Vlr'a Carolina Chem Co 1st 1 03 Wabash R 1st 1 844 6 814 6 844 7 844 ,W Pacltlle 1st 10 784 2 794 3 704 Wilson Co cv 3 84 fi 84 1 84 Wilson Co 1st 1 86 RUSSIAN BEARAIDS BEARSJWALL SI. European Situation Gives Them Repeated Openings Against Bulls Total, 13,10.1.009. 889,000 yesterday. J67.H2O.O0O. Same 036.000. compared Thus far period last with this week, 312.- week, 138,- Today's Range In Liberty Bonds Liberty 3U,s Liberty 2d 4s. Liberty 1st 4Vis. Liberty 2d 4Vi.. Hlsh 01.02 81.08 85.30 84.88 88.08 Liberty 3d 4ViS Liberty 4th 4Vi8.. 85.30 Vic Notes 31 s. .. 05.70 Vie Notes 4'1is... 05.70 I-off 00.00 84.08 85.20 84.72 88.54 85.10 05.00 05.08 Close 00.0(1 84.08 85.20 84.70 8854 85.10 05,08 05.CS Last week US,0H9,B20 888,860,000 3,102,146,000 6,147,660,000 90,483.000 80,036,000 633,930.000 621,222,000 BUTTER, EGGS AND CHEESE New York Au 7 IIUTTEIl Steady Receipts. 10 .li.' tubs Creamerv. higher than extras. 844 c9 83c, creamer, extras (0 score) B4c, creamery firsts (Mi to HI scorn)" 80 xi 334 c packing stock, current niase No' 1 44c KOOB Irregulnr Receipts, 17.028 cases I rrsh gathered entro firsts. 81?83r fresh gatheied. firsts. 47S60c, stftte, Pennsylvania! und nearby western hennery whites firsts to extras. 00 70c, state, Pennsylvania ana nearby western hennery browns, extras B8K ,i. e,,,i , GDiiBinnitiK uji.i iieurny garn ered browns and mixed colors, first to extras, CHKK8E Ilarely steady Receipts. 1800 hoxis. Htate. "hole milk flats, current make, white and colored, specials, 27 4cfj28c! do. average tun. 234 0264c, state whole milk, twins, current make, specials, 264 9 27c do. average run. 23T2Aa, S.137,000 8.380,000 Excess reserve Aggregate Tea, T .Auna tC. . . ,'...v In vaults und member bks Reserve In mem ber banks and reserve banks. Reserve In state, banks and trust companies .... Reserve In stt banns ana uu-i rompa n y a T,.ltnrtefl . . . . Nnol,it(.cmnd de4.es.isi 000 pn5U8 ', ab rur Time, deposits .. -""'17'K Circulation . ..-. United States 2!S?.,A, d." 38.860.000 tLust week deficits. otatw TiANKB AND TRUST COS NOT Rin'ORTlNCJ TO CLEARING HOUSE '"''""' Increase Loans. ave.tment..77.44;60O .,5.788.700 E"rVtrXk"n'0'" ftoSo; fc is-.sss W ' 5r;?o'nnR .:S:SS?:S8S 8:!??v. cm rtepo.Vt: ISLIBIUOO 1.83O.80O n r ..f reserve..., u o u 'Decrease. 7.002.000 0,188,000 4, 11 1.1 68,01)11 281.B4B.00O 33.183.000 89,048,000 CHICAGO BUTTER AND EGQ8 Aug, 7 liUTTER w un- Receipts, 0304 Chicago! ensngea. EO03 wire Unchanged, cases. P'lme, 110 30. 120 10, March, 14 46. H 60, March, Cloveresed Toledo, O., Aug. 7. Cloverseed, cash, I20i Oetober 20 OS December, Starch. 120 Atslke, Prime, cash. October. 120 40; December. 20.40i 2t. Timothy, prime, casn. luii, 1018. 4 r. 1WIU. " nui Mi"i October, $4.40, December, 14.4Bi 14.68, Long Island Railroad New Financing Washington, Aug. 7. The. Long- Island Ilallroact Co. today petitioned the Inter state, Commerce Commission for author ity to IsBUa cold equipment trust obliga tions to the amount of 11,681,009 and Its note to the amount of f 110,279. FOREIGN EXCHANGE w York, Aup. 7. rThe foremen ex change market at the opening today dis played wenkness for the principal allied bills. Demand sterling showed a de cllne of IU cents, at 3.G7 and cables were 3.074. French, Belgian and Italian exchanges receded 6 to 25 points, the laat In lire. Neutral ex changes, with the exception of Holland and Spain, were strong. Swiss gained 3 centimes, Stockholm showed an ad vance of 10, Christianize 5 and Copen hagen 6 points. Quotations were' Franc cables 7.31, checks 7.30; Bel gian cables 12.70, checks 12 72; lire cables 6 02, checks 6,01; Swiss cables 6 92, checks B.D4 ; guilder cables 334, checks 334; pesetas cables 15.26 checks 15.20; Stockholm cables 20.96' checks 20 85; Chrtstlanla cables 16.65, checks 15 55; Copenhagen cables 15. GO checks 15 50; marks, 2.20. In the late dealings tho market be came somewhat reactionary, although sterling retained an exceptionally steady YBSTERDAY'8 PINAL QUOTATIONH Bi,J1.'.n. Iir?,nca !'' Oullders Demand .... 3 084 7 28 6 11 aa i Cables 8.06 7.27 6.13 33.38 TODAY1 3 OPENINO QUOTATIONS Hterllng Francs Lire Oullders . . . 8.674 7 80 8.01 884 3.67 7.81 8 02 sIlS CLOSING QUOTATIONS Sterling Francs I.Ira Oulld.r. I 5? 5 1-' 31 62 7 33 0 14 S3 73 Slock sales today on the New Vorlt pwlmnee, m compiled by tho Evening Sun, totaled 208,100 shares. New Ynrlt. Aur. 7. The flnnnelnl situation is presented In the Sun to dnv an follows: It was n puzzled Wnll street which watched evrnts in tho current week nnd endeavored to classify nnd appraise de velopments. They were such indeed as to defy rules and upset precedent and confound calculation. The rate Und ines of the Interstate Commerce Com mission wcro nt once bullish nnd bear ish, the manifestations within the money market were not rendily ex plicable, the political nnd military aspects of the Polish-Russian sltimtlon were highly disconcerting .nnd back of nil theso things were nerves nt tension in sheer wenrincss of the task of recon ciling conflicting forces and influences. There was profound pessimism In some quarters and revolt ngnlnst pes simism in other quarters. Itnllrond Is sues were here regarded favorably and thero Indifferently. Although It was' agreed thnt tha rnte decision wus, the constructive event of the nge, opinions clnshfd on what the effect woul I be and when. Dulls and Bears Alert The state of nffairs in Hurope gnve the bears repented openings while the ostensible case in call money rntrs tended to curb benr operntlons from time to time. Tho bulls nnd bears were alike nlert in taking ndvnntngc of such opportunities ns enme to them nnd, in consequence, price movements wanted consistency. The fnct seemed to be thnt the invest ment nnd speculative position wns not fundamentally altered by the rate mat trr, nor yet the European crisis, be cause that position, as before, was domlnntcd by tho state of the country's credit structure. Credit strain re mains whatever a distinctly nrtificlnl mnrkct in cnll money on the floor of the stock exchnnge may seem to stato in terms of 0 per cent loans. Wall street has been llquldnted nnd somo progress has been mode in liqui dating elsewhere, but the movement can scarcely bo said to have gone very for until time money begins to display some signs of it. Some improvement was noted In the matter of freight congestion nnd the sltuntlou in that respect was regarded hopefully. Accomplishment has not kept pace with hope, however, und' it is at best problematical how soon it can catch up. It was contended by those who declined to be swept off their feet by enthusiasm ovrr the grant of in creased rates nnd fares thnt the rail road situation remains about where it ns for the time being, No Mnglq in Decree ' There is no mnglc power in tho Inter6tntc Commerce Commission decree to restore at once cfHclent transporta tion service nor conjure nu immediate golden inflow of credit. What the tlccree docs i9 to set a goal for the roadj to (strive for in the course of time. Obviously it will require a good denl of time to lower interest rntcs on bor rowed funds. Meanwhile the roadi will he reluct ant to undertake long-term finnnciug on a 7 per cent basis when, perhaps, be fore the term of the loan runs more than half out, the prevailing interest rate may be 4 per cent. The short-term market 1b at present overcrowded. The roads are prepared to expend $700, 000,000 on betterments, equipment, maintenance, etc. This money is to be. or already has been, borrowed at n high rnte of Interest. It is estimnted that the roads need 500,000 new cars and 'could very nicely use 700,000. It will take three years or more to get this equipment. Another aspect nf the rnilrond situa tion is to be noted. Does the commis sion's decree insure n SVi or 0 per cent return to nil tho roads? If not. which ones will be rualifled by virtue of I management or of equipment of or general connmou, imuuciui or pnysicni, to approximate tho expected return on valuation by dint of superior powers in competition? In truth, the matter has two distinct aspects within the railroad Held itself and with respect to the industry of the country. In the long run, of course, the increased cost of transportation and hence the higher cost of products to the consumer will be more than offset by restoring the lines to a condition to meet the nation's transportation needs. Meanwhile, there will be much to dis turb business conditions, impede pio ductlon nnd hamper price adjustment. The cost of labor's high wage must bo borne until the now adequate, rato return shall enable tho roads' service to catch up with the nation's require ments. It promises to be a long and tedious process. Ono Constructive Featuro Tho constructive thing about it all ii that at last tho roods hnve been clven a btaff without which thev could not even begin to climb the hill before them. Have railroad Btocks become so cheap that this constructive ovent snotiiu pusn mem iorwnru nt once ns leaders in u bull market? At present prices tho ield of most of theni Iu dividends conforms very closely to the present cost of credit. It would seem thnt something more would be necessary than thnt tho ronilR snouid ne saved trom death by u remedy which nt best can promise but slow. tedious convalescence. That something mum ijl- none to snvo tuem was u fore gone conclusion, of course. The grant wns not n sudden boon dropped out of the sky nor an unexpected bequest from an unknown relative, It was n question whether tho week's operations reflected that the market for securities began to discount the end of the period of business depression, It wns not easy to answer because there was nothing conclusive about the vari able movements in values. Iluslness Ih In process of readjustment. Credit liquidation Ih proceeding hlowly and few were to bo found who ventured to state positively the length of time which would be required to complete it. BAR SILVER Domestic bar sliver wns quoted In New York today nt 99o; foreign 96c In T nn.tnn I,a nd... ....... , . ii, ...;..w, llv in who -4 tower ,ni Urge Acceptance of Refinancing PUn Van Horn Ely, president of American Hallways Co., has Issued a' letter to holdcis of National Properties 4.8s urg. Int' their ncceptnnce of the financial plan of tbo bondholders protective! committee, stating that the present financial condition of the company u such us to require prompt attention to maintain Us position. He stated that over 90 per cent of creditor Institutions have accepted the plan of the commit" tee, and that before August 16 he be. lleves nil bank creditors will accept the plsn. The ngrcement with the banks ta subjoct to tho American Hallways Co being provided with tho 1900,000 in cash under tho plan of tho bondholders' pro. tcctlve committee nnd will not be opera tlve unless the additional worltlnfj capital Is paid In. Ho Bald the cash subscrin. tlons of 17 per cent under tho plan win bo payablo In two Installments. ' "1'iarterly 8epiemb,J, DIVIDENDS DECLARED Crlrple Creek Central Itallroad, 1 per cent on oreferred, payublu l tn stock ot record Auauat 14. Alaska Puckers' .Association, quarterly 3 tier cent, payable August 10. . ' Mar atl .Juger, rjiiarlerly S4 Per lent en common, payable September 1 to stock of record August 17, " lMtUtiursh, Youniatownsnnd Ashtabula quarterly ot in per cem on preferred, bv. Ullie PllUBIHUS. KUSt 2U. ci fcriic m iM wi rea, Day to stock of record Aii- 58 VI. rinimTnsi-ttwtci Millions in United States Money Is invested In Canada. Why? Conditions nro stable. Principal Is safe. In. tcrcst rates nro high and exchange rates aro very favourable, to United States Investors. If you would Ilko to know thoTnamcs and income-yields of good Canadian securities, write now for a copy of our American Edition of Investment Recom mendations. Address: 83 K wmmcH AccNty or Royal Securities CORPORATION (CANADA) LIMITED 165 Broadway Now York E3 M,i mi KjmiMttHiflHHffiB MONEY TQ LOAN rillt CI3NT ON STOCKS AND 1IONIIS FOR 0 MONTHS, 1 YEAR, C 131. LCDOCIl OFFICE. Lawrence . Brown & Co. CERTIFIED PUBLIC ACCOUNTANTS 1080 RBAIi KSTATE TRUST BLDO. InrestlcRto ami adjust nnrtntrshlp and corporation accounts. Also prepare C, S, Income Tax Returns. FINANCIAL i;.sti:kn fittkoi.kum co. first moiit- kiri 0. Slnklnir Fund Oold Ilonds. Under provisions of tho mortense, propomls for tha account of tho sinking fund will be received until 12 o'clock noon. August 14, 1030, at the tfllco of the Pennsylvania Compnny for lr, urnnc on Lives and Ornntlns Annuities, trustee, for the sale to It at the lowest price not exceeding 10'J nnd accrued Interest, of aa many bonds as S7B.O0O 00 will purchase. Ilonds so offered shall bo surrendered for redemption on or beforo September 1, 1020. All ter.dern should be addreised to Tim PENNSYLVANIA COMPANY FOn IS HUKANCIIS ON LIVKS AND ORANTINO ANNUITIES. Trujtoe. 617 Chestnut St., Philadelphia. Pa. Tenders for Slnklnc Fund Eastern Petro leum Co. ti:mpi.i: coai, co, first and-coi,lat. erul Trust .Misc. B'i Sinking- Fund Oi'lcl IIoiiiIh. Under provisions of tho morlsaae, nroriosals for account of the, sinking fund v. Ill be received until 3 P. m.. August 10, l!)iO. at the office of tho Pennsylvania Com pany for Insurancei on Uvea and Orantlne Annultlos tiustee, for the salo to It at the lowest prlco not exceeding- 101 nnd accrued interest of as many bonds ns 1107.074 73 ulll purchase. All tenders should be ad dressed to the undcrslcnrd. Tim PENNSYLVANIA COMPANY FOR IN SURANCES ON LIVES AND GRANTING ANNUITIES. Trustee. 017 Chestnut t.. Philadelphia. Pa Tenders for S. F. Temple Coil Co. Dividend .4 IRON COJirANY dine ItnrKTTlI.L COAL North American IlulldTi I'll bidelnlilii. l'i, PRUFERnD STOCK DIVIDEND NO. 2 A quarterly dIUdend of S3.00 per shars has been declared on the Preferred Capital Stock of tho Rockhlll Coal tt iron Company, p-iyable September 1, 1020, to stockholders of record at tho close of business August 21. 1020. Checks III b.o mailed "-. JOHN OILBERT. Treasurer. TIIF, CKNTItAL NATIONAL I1ANK of l'lilluilelphla The Director! ouarterly dividend tax, payablo trailed. Aitffit.t K mill have, this day declared' 01 Irt nrr rnt fr.. nt demand. Checks will be A. D. SWIFT. Cashier. Proposals OFFICE OF TIIF, COMMISSIONERS OF "" FA1RMOUNT PARK 127 City Hall, 1'hllndfli.hla . Aumist u. 1020. Bealert proposals will be received at thla office until 11 neiock A. M. on Thursday. Aueust litli. 10io. lor nnEnaiNO PARK GUARD UNIFORMS DEMOLITION OF BUILDINGS ON PARKWAY, Full particulars ag to form nnd every re quirement of the proposal, with the necei eary epcrlllcntlons and blanks, may ba ob tained at thla nlllce. Tho Commlsleonnrs reserve tho rliht to reject nny or all bids. lly order of tho Commissioners of Fair mount Purk ALAN CORSON. Chief Enitlneer. DEPARTS! F..NT OF 1'IIIIMO WORKS Ilurruu of Water .,, , Jl; 31, 1020, Sealed proposals will bo recolved until 13 o'clock noon on , TIicmIiit, AtiKust .10. 1020, and opened at Room 21U. City Hall: Contract, No. 402 Ash hoopers for Torresd-ile nni! Lurdners Point. Contract No. 101 Fiu-nlshlntr und placing Ue boxes In Kensington. Contract No. . -105 Locomotive for I.iirUnrr Point. Contract No. 4(111 Aeration flumes and iiprimn nt fieorgeii Hill, Contract No. 407 Coul storage appli ance, Lerdnera Point. Contract No. 108 Furnishing five-Ion Muck truck. For full information and particulars In qulro at Room 7 City Holl FRANK II. CAVBV. Director di'i'K.F. or Tin: (iurtkhjiastlk (lenrrul. Purchase) 8ervlce, Clolhlnir anj Eoulnuaa Division. Munitions Hull, 11m. WiwIilr.Ktnn. D f. Sealed prop.is.ila will be received here until 11 a. m . August 13, Jt J.' IHJ I and iUUioo pairs lislo undo 1020, fcr furnlshln d here furnish request 000 pairs silk socks information en Demand Cables Demand Cables 3.07W BANK CLEARINGS Rank clearings today compared with cor rtspondlou day last two years: 1020 11)10 Mia llaltlmore 10,407,472 13,880.034 " ' ' rmia, ,., 07,817,000 07,277,555 01,816,3 'ii FIDELITY TRUST COMPANY 3.05 Interest on SAVINGS FUND ACCOUNTS 1 Offici 32S CHESTNUT ST. 1431 CHESTNUT ST. 6324 w6 Capital, $5,200,000 IDLAND AVE. irplu, $16,000,000 m -V $, 48b,.. .?
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