Es3
NEW YORK Sf OCK EKcTrMNGE :fMSACftbNS
-7 "i ?' v;- i"y '-j '
'KSWF?1 $Xf
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'ytariita. R. K. General
Hmorcgage 'iyay0
Bonds
Jif Dae June 1st, 1965
1 " fi
felFrt at Ptnntylvanla Slate Tax,
Pries it
the market
boot
to yield
6
TWtationalCity
Company
Phlln. 121 Chestnut St.
Atlantic City Chullonte Block
1225 Boardwalk
M
Millions in
United States
Money
ia inrented in Canada.
Why?
Conditions are stable.
Principal is safe. In
terest rates are high
and exchange rates arc
Tery favourable to
United States investors.
If, you would like to
know the named and
Income-yields of good
Canadian securities,
write now for a copy of
our American Edition
of Investment Recom
mendations. Address:
S3.
AGKI4CY Or
Rovaf Securities
H N'rnnonoiTinM
165 Broai
HBHEEK
CORPORATION
(CANADA)
I M IT E D
Broadway New York S
3QQCS55SX2S3a
MORE RESISTANCE
Hopoful Aspect of Polish Situ
ation Intimated Shorts to
Cover Early
The Long Life of
A Good Investment Bond
the way it is pro
tected by valuable
property, the wide
margin of earnings
over interest charges,
and the yield which
is 50 7o better than
was obtainable from
such a security a
few years ago, are
all reasons why the
bond described in
our circular No. E 25
should attract inves
tors. A copy of the
circular will be sent
on request.
Hemphill, Noyes & Co.
Members New York Stock Nxchanpe
Franklin Bank Bldg., Phila.
New York Boston Scranton
New Yorli. Aug. 11. odny'n stock
market lllcc the Polish sltunrlon, took
on n more hopeful aspect. While there
was still more or less Irregularity thn
least resistance was encountered on the
upward swings. Measured, from tech
nical conditions alone the recovery
movement from Monday's low level un
der ordinary rules should go further.
It was evident, in all events, as the
day progressed that the reactionary
party were encountering stlffer resist
ance, while the list, taken as a whole,
displayed an increasing degree of re
siliency. Developments, however, fav
ored the constructive side, and with
the short Interest still unquestionably
greatly extended the market was vir
tually carried forward by conditions
within Itself. Further weak spots were
uncovered, but these vulnerable points
were few and far between, and in
fluenced by what may be considered
local conditions, rather than because
of the same causes which upset the
market apple cart on Monday.
he. outlook of the Husso-Polish situa
tion was regarded more favorably, and
was directly reflected In n further re
covery in Sterling of over 2 points,
making a net gain of six cents since
Monday. Then, for some occult rea
son, there seemed to bu n feeling there
was likely to be an early improvement
in the credit conditions. This was not
borne out by any concrete facts, but
still the feeling was there, and possibly
had its inception of tin? offering of mod
erate amounts of time money nt 0 per
cent. Steps taken to provide further
tlnanciug for the Maxwell Motor Co.
also exerted a good influence.
After all the apparent change ot
i market sentiment could be ascribed to
the natural llareback from Monday s
rather extravagant pessimism, and over
drawn deductions of the Knropean sit
uation. Then, ugaln, for the time be
ing, at least, there was conclusive tes
timony given to indicate thnt the purg
ing of the weaker pool holdings was
about completed. ToMlbly ull the dan
ger spots have not been entirely elimi
nated, but those who were able to
weather the storm have been apparently
able to mend their fenceo sufficiently to
play safe for a. little white.
Initial prices were higher, with the
advance reaching four points In SIull
Transport. Htiyins of fair acounts su
perceded tl.e recent drastic liquidation
of various isues, and the bears were
intimidated into covering by the rapid
advance In the usual leaders. Many of
the equipments, steels, oils and sugars
I were quoted 1 to '2 points higher, as
were Centrul Leather, Industrial Al-
j cohol. Heading and Rock Island. A few-
shares opened lowed. Including Ameri
can Sumatra Tobacco, which fell 1, and
Gudf Staus Steel 4 poluts.
The trading broadened as prices ad
vanced, with the inquiry embracing
many of those shares which'had recent
ly been extensively sold. On the other
hand, the mnrkel became dull on the
reactions which followed the opening
improvement. A pause in the demand
caused sone profit-taking, but subse
quent active buying started the general
list rising again, carrying the active
leaders nbove the morning level.
LITTLE INTEREST
IN LOCAL SHARES
Dealings Were Extremely Lim
ited, but Prices Generally
Were Steadier
$400
Will Buy
(I litn tteh ot )
ight thoroughly seasoned
listed dividend paying
stocks, making a compara
tively secure diversified list
that is particularly inviting
In point of probable en
hancement in marketvalue.
Return on the inveitment
Is equivalent to
9.2 percent annually
Purchase may be made
with an Initial deposit of
80 and ten subsequent
monthly payments of ap
proximately $32 each.
Complete data sent gratis upon
request to Dept PL-It
AJ STOCKS-BONDS Q
eoBroodwktx McvuVjtK
Ttltptnntt Rtclet 4663-4
It was again n case of marking time
In the local market. There was a pro
nounced falling off in dealings, hut the
market ns a whole showed a much
stronger tone and steadier prices ruled
all through the list.
Thi- standstill character of the mar
ket is not regarded, however, ns a
had sign, rather is looked upon ns a
favorable omen. In the first place In
dicating u thoroughly liquidated con
dition, and, secondly, thut prices hud
reoched it hnsi where they had become
attractive to the bargain hunter. This
process of nbsorptlon may bo slow, but
sooner or Inter it W certain to exert
a material influence in shaping the
course of the market.
The operations lacked initiative and
there were no special features. As a
matter of fact price movement with few
(exceptions were strikingly unttorm re
flecting further adjustments, rather
than a widening of market Interest. In
the majority of cases the transactions
were in small idd lots. About the only
exceptions being furnished in Pennsyl
vania Kallroad and Electric Storage
lint tery warrants. Pennsylvania moved
withln'n range of Va point between '10
and 4flTs. The Stornge Hattcry war
rants after dipping to 13VL, rallied
to 11.
In most all the other local shares the
trading was perfunctory. Philadelphia
Clectric? ond 1'nitcd (las Improvement
were fractionally better at 22 and 40 VI
respectively. Philadelphia Hapid Tran
sit on limited sales shaded under 15 to
HV
Selling movement in Lake Superior
appeared to have run its course again,
the stock holding nt 11. Philadelphia
Traction was Vfc higher at 51. Cambria
Iron made the same gain at 38 as did
American Stores at -13 Mj.
Sal
400
00
20A
200
700
400
100
100
100
400
too
1000
400
ton
700
con
100
loo
too
1500
A00
3700
400
700
000
2000
000
too
1700
100
too
too
700
100
1300
100
200
.100
300
1000
100
10100
1100
300
200
000
200
S200
.100
100
100
100
100
500
100
400
1000
800
100
000
200
300
200
000
2200
100
00
300
1000
100
38'i
1100
10U
300
200
200
100
300
5000
100
2800
2000
100
2100
100
oOO
1400
7v 200
300
100
100
200
200
1400
000
800
103
300
100
100
300
0230
100
400
100
700
1500
300
400
100
300
400
300
300
200
1500
430U
1400
0200
8200
100
100
200
1700
Dlv.
In I Ittah
. . -Advanco rtumely . . . . 28$
B Advance Itumtly pt . . t
6 A jax Ilubber 42
.. Alnska Oold Mines ,, li
.. Alaska. Juneau O M . . IH
1 Allls-Chalmers 28K
7 Allls-Chnlmern pf .... 71
8 Am Agrlo Chem 7014
4 Am Bank Koto 42H
s Am Boet Sugar 70H
10 Am Bosch Magneto .. 85
,. Am Can 3?3(
7 Am Can nf 87
12 Am Car A Fd 130
4 Am Cotton Oil 2H
80 Am Drug Syn OJi
fl Am Hxpress 130
. . Am Hide & Leather . . 14
4 Am Tee 3714
0 Am Internat Corp . . . 70&
3 Am Unseed 03
0 Am Locomotive ..... 95 f J
. . Am Safety Razor' ... 13
.. Am Ship & Com .... 21
4 Am Smelt & Kef .... 84 H
3 Am Steel Foundries .. 34 H
7 Am Sugar lief 1IAIV
7 Am Sugar Itcf pf . . . .10714
10 Am Sumatra Tob .... 80
8 Am Tel & Tel 98H
20 Am Tobacco 100
20 Am Tobacco B 102J4
7 Am Woolen 75
.. Am Zlno Lead & Smlt 1114
4 Anaconda Copper .... 51
. . Assets Realization ... 24
4 Asso Dry Goods 28
6 Atch Top & Santa Fe 81
. . Atlanta Blr & Atlnntlo Ts
10 Atl Gulf & W I S S . .13094
.. Auto Sales Corp .... 4J4
3.50 Baldwin Locomotive. .10514
.. Bait & Ohio 3'i
4 Baltimore & Ohio pf.. 40
8 Barrett 132J4
. . Bethlchom Motors . . . 15H
5 Bethlehem Steel ..... 00
B Bethlehem Steel B ... 71)4
. . Booth Fisheries 7
.. Butte Copper ft Zlne. . OH
.. Duttcrlck VA
.. Caddo Central O & R 13)4
0 Tallfronla Tacking ... Cl
.. California retrolcuin.. 24JJ
7 California Tctrol pf . . 05
10 Canadian Pacific ....117
n Central Leather 52?j
10 Chnndlcr Motors 84 y2
.. Chicago & Gt West ..108
2 Chicago & Ot West pf 22
.. Chicago Mil & St P .. 33 J
.. Chlcngo Mil & St V pf 50 H
5 Chicago Northwestern 00
8 Chi Pneumatic Tool . . 80
.. Chi n U Ac 33
7 Chi 11 1 & Pao 7 pf 71 -X
Chile Copper 134
1.00 Chlno Conner 20
4 Coca-Cola 30
1 Col & So 2d pf 35
5 Columb Gas & Eleo. . 5114
B Col Graphophono .... 21 A
7 Col Grnphophone pf . . 78JJ
7 Consolidated Gas .... 70J4
2 Con Interstate Cal M. 10H
S Consolidated Textiles. 27&
7 Continental Can 78
1 Continental Candy . ,. 10!
4 Corn Products Itef ... 88
2.B0 Cosden ft Co 33
8 Cruclblo Steel 13M
.. Cuban Cane Sugar ... 3714
7 Cuban Cane Sugar pf 77
7 Cuban Amcr Sugar . . 40
7 Deero & Co pf 04
0 Delawaro & Hudson .. 98
10 Del Lack & Western.. 250
. . Denver & Rio Grande 5
. . Denver & R G pf . . . . 04
1 Domo Mines 10K
5 ICndlcotl-Johnson .... C5J4
.. Klec Storage Bat rut.. 2H
.. Elk Horn Coal 10
.. Erie 1254
8 Famous Players L . . . 70
3 Flak Rubber 27J
.. Frccport Texas 21J4
.. Gaston Wms & Wig.. 8
General Cigar CO
General Cigar def pf. 80
General Electric 143
General Motors 20
Gen Motors deb 7.. 80
Goodrich B F 52
4 Gt Nor Ore ctfs 3114
. Gulf State Steel 4314
4 Haskell & Barker Car 0W
. Hendce ctfs 24
1 Hupp Motor Car .... 14
7 Illinois Central 82 J
4 Inspiration Con Cop . . 45
. Inter Con Cop 7 3
7 Intt Harvester new ..122
. Int Mer Marino 2i&
0 Int Mer Marine pf ... 70
. Internat Motortruck.. 43
, . International Nickel.. 1814
, . International Paper .. 7554
,. Invincible Oil Corp .. 31
,, Island Oil 5?o
. Iron Products 41
. Jewel Tea 9
. Kan City Southern .. 17
4 Kelly-Spg Tiro 70K
2:30 Nt
T.ow (NTtmlChr.'
2814 28W4- K
Ot 61 4- IH
43
1
114
2814
71
70!'
4214
7&14
85
31
87
13514
25
014
130
14
3714
00 n
2
3H
2
31
SSIi
33 H
115
105H
77
00H
100
102J4
74
1114
6014
214
28
8014
ni4
132
414
103JJ
34
43 ft
13214
1314
0SJ4
cort
OJi
8
1214
13
61
21
05
11514
52
82 M
10S
22
33 i
40
68
77
3314
71 Ji
1314
25
35 J4
35
51
20J
78K
79H
10
2714
70
1014
83
33
12014
30
77
3814
04
07 Ji
244
5
y
10
0314
2
19
1214
no
27
21!
8
GO
80
140
204
80
51
1114
4114
0714
23'
13 JJ
82
44
3
121
24
75
42
17
7314
C3
6
41
0
17
74
42-14
1
114 ..
28144-
71
70144- 14
4314- 14
7014 4- 14
85 1 .
31144- 14
872
138 4- 214
25 4- T4
m-h
130 4- 2
14
3714 4- 14
69 4-
63 4-
0414 1
13
21 -
59J44- 14
34 14
116 314
105 J4- ft
78
014 14
108
10214 . .
7414 1
1114 14
60 14
214 14
283
81 JJ
7 1
"4 4- 1
414 14
10514 4- 214
3414
40 14
32 1
1514 14
691
70J4 1
7
e 14
1214- 14
13
64
2414
65
"7 1J4
5314 114
8414 2
108 14
22
33
50
GO
803
3314 14
71
1314- 14
0 114
30 14
35 - 414
CI
2114 Va
78- 114
70- 1J4
10
2714 14
701
1014- 14
R614 114
33 4- 1
130 2
3714 1
77 -
40 ?
04 -
08
250 6
6 14
14
lo ..
G514- 1
t-2 ..
19-1
12 14
70 114
27
2114 14
8
oo i'
80-1
141 314
20 14
80
621
3114 15
45J44- 14
G814 114
2.114 114
1 '
82 - 1
44 14
3
122 214
24 VA
70 314
43
1814 1
7514 214
31J4 lj'i
6J4
41 4- 1
4- IS
17 14
0 2
Sale
300
1000
100
200
, 300
100
500
300
100
100
3200
2500
100
too
3000
8000
1000
100
000
500
100
too
7300
100
100
400
000
200
100
400
609
1200
100
100
6100
100
200
200
600
3300
100
100
200
8700
1600
200
1100
100
100
200
300
500
2200
600
100
200
300
100
200
100
1400
1100
1400
12200
1000
1200
3700
lfiflO
1300
890
200
200
100
100
3200
06Q0
3300
4200
35
200
1400
1600
5000
100
800
5203
2300
300
200
1100
2100
100
400
AA0
BOO
400
200
700
4000
100
2000
0100
200
4000
400
23400
300
700
100
12000
400
100
100
200
too
000
230
000
100
400
1000
100
100
100
Dlv.
in t llltsh
2 Kennecott Copper . ... 2314 .
1.20 Keystone T & R 1614
5 KresrsS S 120
6 Lackawanna Steel ... 64
8.50 Lehigh Valley 4414
7 Liggett ft Myers pt . . 99
. . Lowes Co Ino 20
.. Loft Corp 13
10 Manatl Sugar .......101
1.75 Manhattan Shirt .... 23
.. Maxwell Motor 1314
.. Maxwell Motor 1st pf 3214
.. Maxwell Motor 2d pf 8
. . Max Mot 1st pf ctfs. . 20
10 Mexican Petroleum ..137
1.00 Middle States Corp .. 18(4
4 Mldvalo Steel & Ord . . 3814
.. Minn & St Louis .... 13
. . Missouri Pacific 25
.. Missouri Pacific, pf .. 43
8 Montana Power 61
. . Montgomery Ward . . . 29
.. Nat Aniline A Chem.. 6914
7 Nat An & Chem pf . . 84
7 National Biscuit 106
.. National Con & Cable 0
6 Nat Ennm & Stamp ..64J4
7 Nat Ennm & Stamp pf 90
6 National Lead 7114
. . Nat R R of Mex 2d pf 6
10 New York Air Brako. 02
5 New York Central ... 71
. . New York C & St L . . 31
2.50 New York Dock 23
1 New York N H & II . . 33
1 N Y Ont & West.... 18
7 Northern Pnclflo .... 74
7 Norfolk ft Western .. 8814
B Nova Scotia S & C .. 4414
40 Okla Prod & Rcf .... 3
. 2i80 Net
Low iNTtm) Chs.
3
8 Otis Elevator HO
.. Otis Steel 2014
4 Paclflo Devcl Corp . . 37
a Pan-Amer Petrol .... 82!4
7 Pan-Amer Petrol pf.. 7514
.. Penn Seaboard Steel,.. 1714
8 Pennsylvania R R ... 40
. . Peoria & Eastern .... 11
.. Peoples Ons Chicago. . 27
.. Pcro Marquetto 23
8 Philadelphia Co 81
.. Phillips Tot 30
. . Plerce-Arrow Motor . . 38
.. Plerco Oil 11J4
8 Pierce Oil pf 80
8 Pitts Coal 60
.. Pittsburgh & W Va. . 20
1 Pond Creclt Coal 13
8 Pressed Steel Car . . . 0514
8 Pullman Ill
5 Punta Alegro Sugar . . 77
4 Puro Oil Co 38
1 Ray Con Copper .... 14
4 Reading 88
. Remington Typewriter 53
.. Replo Steel 0714
0 Republic Iron & Steel 81
B.20 Royal Dutch Amer ... 74
.. St Louis San Fran ... 24
.. St Louis Southwest .. 20
.. St Louis Southwest pf 30
.. Saxon Motor 0
8 Scars-Roebuck 130
7 Sears-Roebuck pf ....105
.74 Shell Transport 67
.. Sinclair Oil 20
0 Southern Paclflo 01.
. . Southern Rail 27
20 Standard Oil of N J.. 005
7 Stand OH of N J pf.. 10514
4 Stewart Warner Sp .. 32
4 Stromberg Carb 68
7 Studebaker 02
4 Tcmtor Corn & F "A" 40
.. Tenn Cop & Chem ... 0'4
3 Texas Co 3
.. Texas & Paclflo 33
.60 Texas & Pao C & O .. 30
. . Times Square Supply . 20
0 Tobacco Products . . . 39
.. Transcontinental OH.. 10
5 Transuo & Wms Steel 42
8 Union Bag & Paper . . 80
.. Union OH 2fl
10 Union Paclflo 117
12 United Fruit 189
.. United Rwy Invest .. 7
.. Unl Rwy Invest pf ... 16
3 United Retail Stores.. 61
.. U S C I P & Fdy 13
U S Food Products .. 57
8 U S Ind Alcohol .... 81
..US Realty & Imp .. 47
8 U 3 Rubber 84
6 U S Smelt & Rcf .... 51
BUS Steel 87
7 U S Steel pt 105
0 Utah Copper 69
.. Utah Seo 7
0 Vanadium Corp 63
4 Va-Carollna Chem ... G4
2 Vlvadou Ino 13
.. Wabash 7
. . Western Maryland ... 0
. . West Maryland 2d pf 13
. . Western Paclflo 20
7 Western Union Tel .. N2J4
4 Westlnghouse E & M 40
.. Wheeling & L E 10
4 White Motor 47
1 Willys-Overland 16
8 Woolworth F W 105
6 Worthlngton Pump .. iiS
6 Worth Pump pf U.... G3
Ex-dividend,
23
1
120
03
It
30
13
101
23
10
17
20
184
11
S
13
22
43
61
29
64
84
105
6
53
00
71
6
00
71
33
23
33
18
74
88
42
3
116
20
37
80
74
17
40
11
27
23
31
.15
36
11
80
65
25
13
05
111
70
37
13
80
40
04
70
73
23
10
30
0
130
105
04
25
,90
27
603
105
30
07
00
40
0
43
33
30
25
58
8
42
80
20
116
18S
7
IS
00
13
55
80
47
82
61
85
105
60
7
02
03
13
7
9
13
30
8314
46
10
o
10
105
58
63
23
15
130 64
43 .
99 -20
n CM
101 ..
23 - 1
13 3
31 4
9- 7
20 4- 6
157 3
13 1
38
13 ..
25
4J 1
61
20-
67-
84 -
105 ..
6-
54 2
00-1
71-
4
90-
71 1
33 -
232
33 -
18
74
88 ..
44 1
3 .. ,
110
20
37 -
81 1
75 1
17 . .
40
II ..
2f - 1
23
31
36 1
381
11 ..
80 ..
50
20
13
05
111
77 2
381
14
88 1
61 3
67 1
80 2
73 1
24 1
20 1
30
0-
130
105
07 5
25
91 1!4
27
603 1
105
32 2
68 1
01 1
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0
43 1
33 1
39
20
68
0
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80 -
20 ..
117
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7 ..
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01- 1
13
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47
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31
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5 4-
7
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13
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9
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82 -
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10
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10
105
58 I- 1
03
AFTERFAIR START
Swoots Company Toucho3 LoW
Record Oils Strongest
on List
Nov Yorli, Aug. 11. The Curb mar
ket showed pronounced strength dur
ing the early trading, when many is
sues were In vigorous demand, and
mode substantial advances. Later,
however, trading became quieter and
moderate recessions occurred.
General Asphalt showed a change in
its trading conditions and, instead of
being pressed on the market 'at a de
cline, was in good demand and rose
from 43Vi to 45Vi. International Pe
troleum was another strong feature,
advancing to 33, and Tropical Oil moved
up to JDVj.
Carib Syndicate wns nlso active and
strong, ranging from OVi to 10Vs on a
large volume of business. Slmms fctrol
cum, nfter selling nt the low record of
V, ndvonc&I to 10.
Maracaibo moved up from l"Vi to
lSVi. Aetna Kxploslves ranged from
10 to 10Vi. und Iletall Candy was steady
nt 10 to lOVi.. Sweets Co. dropped to
the low record of .
l.NDUHTIUALS
1
10
tl'A
.45,
'?'
IH
v:va
High
Acino coal l
Aetna kximos
Car Ui-hc
Uenfrul Aaphull ...
Indian I'ueulnff ...
l.uy .MfB "A" .
I'erlectlou Tiro ....
ltadlo Com
JtKillo Cum nr
Kainler .Motors 3lft
MUind Uutf I'.leo nt ii.oa
Hweets Co IH !
II a High tipeed Tool ... 3uV . 30hi
U S Meum 2 2
United I'luiii Hnurlnu .... t I'i
United Ret Candy lu'.i 10
, MTANDA11D OILS
Ohio Oil JJU 377
INIIUI'UNDUNT OILS
lfc' IS
Low
i
10
1
iai
nil
43
id
as
'Mitt
O.I H
Allan oil
AllitU uu
tiik' Jlert
Uuonu Ull
uualun Mexico .
iObluii-v,umiiiK
Carlo an
curiu Bn TrilK
cities Service "it
Cusmni: 1'flH ...
i'.ik Iwtln ret ....
l-'edeml Ull
cjlemuck UM
Utility Ullleuplo ....
liili'i IVnw
.Manhattan Ull
.Merrill Ull
.Sunn Amur ull ...
omni uil
l'eiinuk Ull
1'ioducers & Keiuivrs
lOan Ull .,
Salt Cnek 1'iod ..
Mnims 1'tt
Mkeiiy Ull
superior Oil
irupuul Ull
Ull 'Iuxbh Ull
V leturiu Ull, new ..
Vuk.hu Ull
W'ultu Ull
sni'il Trim rla
lv de ! laliLc
flilteu Tlud
CtfH.
21
Si
'm't
loii
13 V
31 ',3
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To the Holders
National Properties Company
4-6 Bonds
Acceptance of the modified plan for the
afc and acquisition of tho stock of the
American Railways Co.
Must Be Made on or Before
Aug. 16th, 1920
A copy of the plan has been mailed to every bond
holder of record.
While a majority of the National Properties Company
A-dfo bonds have been deposited with the Protective
Committee, no plan will be declared operative by the
Committee unless approved by a large proportion of
the bondholders. In the opinion of the Committee, all
bondholders who have not yet deposited their bonds
should do so at once.
Dated August 11, 1920.
1 J. CTAniC. Oeentry.
817 Chrtmit Htret.
Philadelphia, Penna.
CLAUDE A. 8IMPi,nR
Commute..
.rniCHATtD, 8AUI BATATtD 4k EVANS
Counsel.
.MINIMI
Culumuu . . .
AldBka llr
.U.IMllU ..
I'UUtll
luuuunla .Minlim .
cuimua cnppi.1 . . . ,
Cundeiaria .Mining
lung V11 .'111 ia ....
cieirfun udu
Divide Kxl
r.drtKa O'ucmuh
eureka liollj . . . .
uuid Conn
Uoid Lievtl
Uomneid I'luiencu
uoiu 1VUWHIII.
Hold Y.ono
CJreut lleiid
Emma Sllvei ,. ..
liec-la .ViuliiK . . .
Iron Uiudtium . . .
jumbo Kxleiinlun 5
Knux Diudu . 0
Louisiana Co 1 . . . ,',
ML'.Numuia 14
Dundee As 1 rt
.Mamh .Mmlmt in
.umtur Lodo fill
Mother l.odii, now u1.
H
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Philadelphia Stocks
1 :30 Net
V m. chge.
43 ',3 '.i
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Xi . .
38 Va
14
27 Va Va
11 ..
-1441
40 ..
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B.
GEO. A. HUHN & SONS
HTOrnH ANT) IlONpa
Member, ot the Fhlladelnhla. New
York and Clucnco Htoelc Exchange
Ntv York Cotton Kirnnnie
Commlailon Orders Executed
All the Principal Markoti
nEtxrvriK corriT iildo.
lain ttmnui rT.
In
NEW TOItK
lit Jlro.dwny.
OFFIfB
Ne'e York
rropoaala
xr.Txrra PRDPONALN WILL, HK Ttl
E-Y Widat Jloom 310. City Hall, until I 12
FIl- 'stock noon on Tuewlar. Anximt 34. 19?n.
8.J Sno OP.HIH1 ai loai lima 111 iwmn u. .iir
Rf Rail, tor eonttruetlna- aewora and Inlets
j' in u.ii-v w. ... ....... .v. ..v
.tartar at.
Contractor will be requlr.il to comply
Wltil.lh. set ot Ai.embly of July 18. 1017.
r.lattvo to tho workmen a compensation in
urnes. and proof must b. furnl.hed th
t. aparR)Om Pr comrsmur. inn mey uavo
Ei? Kce.9t4 tht provisions of said at and In-
' 't aurrd thalr llabllltl.s thereunder or secured
aucjnpiipnB iii.iivi,.
pJ.n.lnoulr.BoomH742dAC,tH.ll.
Director.
Fair Sugar Crop Promised Louisiana
Nw Orleans. Aug. 11 Tho federal
Department of Agriculture places tho
I condition of the sugar cano In Louisiana
at 74, compared with 74 on July 1, last,
64 a year ago and 86 two years ago.
Liverpool Cotton
Liverpool, Aug. 11 There was only a
moderate request for spot cotton today
with prices steady on the basis of an
advance of 33 points for middling at
27 32d The sales wern 7000 bales Tho
receipts were 8300 bales, all American.
Futures were steady In the early deal
Infjs. Spot prices were. American, mid
dllnir fair, 32 57d: pood middling
29 82d; fully middling. 28 B7d ; mid
dling. 27 32d: low middling:. 23.G2d;
Rood ordinary, 20 07d, and ordinary,
lD.07d
LIVE8TOCK QUOTATIONS
rhlcMco, Auk 11. HOOS Hutlmated re.
relpts, 17,000 head, left over 12.193 hend.
Opentntr slow and weak at yenterdny-. aver
age 118.00 paid. Average cost yesterday,
i.82 ...,
C A 1 1 l-iE. r.muililieu rfil'iB, iiw.h, ucau.
SHKKr Estimated receipts, 25.000 head.
Pittsburgh. Aug. 11 HOOS Hecelpj;,
1200 head Steady Heavies, 13 50 In 7.1
heavy yorkers J1717 10. light yorkers,
lis nnein.75. pigs, iinin:.i
SWEEP AND LAMIIH Tterelpti. SOO head.
Steady. Top sheep. SO: top lambs JH.
CALVEB Receipts, 100 bead Steady.
Top. 118.
,fJa American Subscriptions Wanted
Llrvtvi. Aug n.-yvineiiciiiv win p.
Itad from aubscrlblng to tht public
: m4iIc)i A. C. Hoes, of Montreal, is rals.
la balls a Canadian cnaueng.r tor ma
Mri' Cup. Mr. llota h announrnd
at 'V- aubacripuon. receiv.u wi isw
, ms-paa uiiuimu.
GOVERNMENT BONDS
Panama coupon 2 1S8S
Panama registered 2s. 198,
Panama coupon 2s. 10(18 .
Panama registered 2s IMS
Panama coupon 3, 1MJ
Panama registered Ss. 19H1
Phjljpplna 4, 12J .
Philippn 4s, IMJ ...
Philippine 4. 13 ,
T7 B Oovt roupnn 2s, l8n .
II Oovt registered !i IJW
IT S Oovt coupon 4. 12J
tl S Oovt registered 4. IMB
Dlit of ColumbU 3-Wt. U2i,
Hid
101) t
loot,
I on i,
lootf
TT
. 77
. 78
7S
. 7
101),
lnnaj
inn
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. 15
Ask
80
80
85
81
83
105
102
10ft
10
HlKh 1AW
211 Am Sirs 4ini 4IS
7 do pref. !IO-j HJ,a
K5 Am ius. ;?." JI-"
r. Cum Iron !h as
4-1!) Klcc Stor
wur ... 14V Wj
14 I Co X A 27 'J7i
111 I.k S Cor 11 11
1 I.eh Vol. 44 Va 44
lfl Miuehill. 40 40
tin.") l'a It It. 40 40
14 Phil Klec W '-'2
15H P H T. . 14 14-T
45 Ph Tract SI "il
15 U G I... 40Vi 40V1
Saloe in BONDS
$1000 High Lirw
1 Am (Jas &
Klec 5s.. . 71 71
1 1-fl Mb Itoud
2d 4Vs.. . S4.51 84.50 S4.r.G .01
5 1-10 4th 4'4s Wi.00 M.DII Wi.OO.Ofl
IV. Victory 4'Us D.i.70 Uj.T- u;.u-r-.U4
1 Xut Prop
4-t!.s .... 4 4 4 ..
:i Pu It U ti-m
etfs 102V.. 102 Vt 102V2 Va
2Ph Eleo 5s h0 M)',M 80..
NEW YORK COFFEE MARKET
New Yorlt. AUK 11. The market for
coffee futures opened 10 to 17 points
lower thlB morninit. me '""
cables were a llttlo lower Jut without
special slsnlllcancc, although they may
have Influenza sentiment, causing the
initial declines.
Tho buyers at the close yesterday
were not in evidence this mornlnc and
without this support, prices developed
a saBRlng tendency
For some days past, there hns been
talk In trade circles, In some way or
other. Brazil was planning; to lend sup
port to the Santos market, whether DJ
protecting the planters by establishlns
a fixed price or by tal-.lnB care of the
heavy early receipts, wan not made
known. But the principal supporters of
tho market late yesterdav were llrmn
closely connected with Brazilian in
terests.
This mornlnc, however, this charac
ter of buying was less In evidence on
the call, but, at the end of the first
hour, selllni? pressure had ceased and a
few supporting orders from trade houses
sent March to 10.14 and May to 10.24,
or S to 10 polnta abovo tho low point
of tho morning.
There were rumors that local Import
ers had received private advices report
Intr steadier conditions In Brazil, but no
olllolaj advices had been received up to
11:30 a. m
Kept .
Der. ..
March
May . .
nid.
DIVIDENDS DECLARED
American Tower nnd Light Co . duarterly
of 1 per rent on common, psyshle Septem
ber 1 to stock of record August 14.
Atlas ToWder Co, slock dividend of B per
cent on common and quarterly of S per cent
In cash, both payable Heplember 10 to stock
or record Augun 01
(N T time)
est cl" Oivnll'r 11 K "i
0 40A41 80 W3R 9.80
9 OOiSJNl OKOflSd I.T7
in snca:!i iii nafinr. 10.0s
10 30031 ln.lSWlB 10 18
MONEY-LENDING RATES
NKW YOIIK Money on call, both
classes of collateral, opened today at 7
per cent for lending and renewing.
Call money was In (rood supply at the
7 per cent renewal t'iRure, but there was
no time money In tho murket up to the
early afternoon, some brokers reporting
that they had not made a loan. The hid
wa tlrni at 9 4 per cent. So far, the
prediction of at least a moderate ca
ment In fixed ilato collateral loans has
not been borne out.
The scarcity of prime New York bank
acceptances was even more of a feature
than of late. Inquiries from savings
banks for about J350.000 prlmo New
York ninety-day bills could not be sup
plied. The bills held by the savings
banks are approaching maturity and tho
Institutions deslro to secure renewals to
employ their fun,ds.
There Is a free offering of prime out-of-town
bills, but these are not as well
absorbed The New York saving banks,
In particular, are, under the New York
state banking laws, debarred from pur
chasing other than prime New York
bills, ltates are unchanged with prime
New York member ninety-day bills. 6'i
bid. C9. asked.
Tho minimum discount figure for
prime mercantile paper Is 8 per cent.
Only country banks are buying.
PHILADELPHIA Call, 0 per cent;
time, 6 per cent ; commercial paper,
three to six months, 6 per cent.
(Note These are merely nominal
quotations, as the legal rate of Interest
In the state of Pennsylvania Is fixed at
ii per cent. Plus premium and commis
sion time money for thirty" to ninety
days Is loaning at 8 to 8Vi per cent,
while commercial paper from threo to
six months Is being offered at 8 to 8 V4
per cent )
LONDON Money Is quoted al 5 per
cent. Discount rates, short bills, 6il
G 11-lfi per cent: three months' bills,
6 11-166 per cent
German Bank Statement
Berlin, Aug. 11. The statement of
th Imperial Bank of Ormuny for tho
period ending July 31 shows the follow
ing chiingoer Total coin and bullion,
Increased 206,000 mnrks ; gold Increased
40,000 marks; treasury notes Increased,
619,266,000 marks; notes of other banks
Increased, 703.000 marks; bills discount
ed. Increased 6,640 003.000 marks; ad
vances, Increased C.60K.0O0 marks; In
vestments, Increased 29. 592,000 marks;
other securities, Increased 314,769,000
marks; notes In circulation, Increased
1,786,449,000 marks, deposits, Increased
4.983,380 000 marks; other liabilities.
Increased 148,177,000 marks; total gold
holdings, 1,091,692,000 marks.
Copper Production Smaller
Production of the porphyry copper
companies In July was reduced greatly
In comparison with their production In
other months of this year, Utah pro
duced 8, SOO, ooo pounds against 10.000..
000 In June; Ray Consolidated 4,600.000
against 4,620 000 In June, Nevada Con
solidated 4 660 000 against 4,650,000 In
fime, while China, the onlv one to estab
lish a gain, produced 4,360.932 against
4,010.069 In June. Oroene-Cananea pro
duced 3,600.000 pounds of copper, 130,
760 ounces of silver and 770 ounces of
gold In July, while United Verde In
tension produced 3,304 878 pounds of
copper In July against 2,228,030 In June.
FOREIGN EXCHANGE
-New York, Aug. 11. Trading In
sterl ng was active and strong nt the
opening of the foreign exchange market
this morning, with demand being 3.04';
bid nnd cables 3.66, up li. Franc,
cables were up 6 points, lite 1 point nun
marks 8 points Stockholm and Chrie
tlanla were off each 10 points.
Quotations were:
Franc cables 7.26, checks 7.24 , llr.
cables 6.05, chocks 5.04 ; Swiss calilci
6.01 checks 6.03; guilder cobles 33H
chocks 33'4; peoetua cables 16.02
checks 15; Stockholm cables 20 or.
checks 20.60; Chrlstlanla cables 15.30.
checks 16.26; Copenhagen entiles 15.30
checks 15.25; Belgian cables 12.95,
checks 12.97; marks 2.16.
Sterling was exceptionally active
throughout the morning dealings De
mand advanced at olio time to 3.67 ',4,
cahles 3,68 4, but was off again to
J.06 for demand and 3.C7H for cables
shortly before noon The market held
firm. Franc cables wero 6.06, chcks
6.05 A; marks. 2 17 ArcentlnR nilil.-n
were stronger, at 115,50, as were Cana-
uiau uuuurs Ul ss.liD.
YEHTEllDAVH FINAL QUOTATIONS
. "'"fl1.""' Franc Lire aulMvrn
remand .1.113'-, 7.18 1.98 3.123
Cables .. 3.A' 7.20 3.00 113 87
TODAY'S OPBNINfJ QUOTATIONS
Sterling Francs Lire Oullilem
I'tiiiniui ,1 Hi', ,,- f, 1)4 aii.l
cauies .. 9 01 ,,as 3.03 33.L'3
Delaware t Hudson Loan Approved
Washington, Aug 11. A lonn of Jl
125,000 to tho Delaware and Hudson
Co. has been npproved by the Interstate
commerce c. ommission to aid the cur
rler In making additions and better.
ments to promote movement of freight
cars,
.Murray Mug
Ophlr Silver
1'rincu Con
Hex Cuna II
Itochester .Mines s
llupo llroup fy
San '1 oy 4
Seneca Copper 14k
sliver King Dlvldu J
S Silver Luid i.
.-Miit n Ailiitn .. ..
lonupah-lii Imunt
1'unupah L'usn Hoy
Tomipah Dlvidi
Tumipah l.xterulon .
lunoiMh-Jiin ltutler
Tiinnpuh Mlilu.o . . .
Tonupah Mining . . .
lunuiuii .Mupati
'liinouah M'jiiIu.iu ..
Tnnupah KeM'Ue Uula
united u.titei n . . . .
VICtlil
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West Und C
Whlto Cupi
White Caps
Wllbert
Vurrliigluii
Uxt
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s
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IIOND.S
On
.Mllo.l Pack
A mil Tel It.- of
llerlln Is ..
Hrcmen lu ..
Duss..ldorr 4
Uuodrlcli T 7s
Hatnburir 4M, a
Nun in burg Is
Pan-Amn Pet
Sinclair 7'4 a .
Texas Co 7s
L' H Hub 714 s
Union Tank 7s
Wayne Coal 0i
ii
in1.
104
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20
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97.
08
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211
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Reserve Banks' Discount Rates
Olllrlal tedlscount rates nt tho twelve
Federal Ilcservf banks are as follows:
Lib. Cnm'l nkrs.
Bonds Paper Accpt.
Tn-as.
rlfH
Hnatwi riL4
N,. York . T
I'liiladelphia . til
c 'lex eland ."H
llH-hmond . .til
Atlanta til
I'hltllKO til
t Iuls ... . AV, Of.
Minneapolis . . . 3
Kansas City . to
IMIIas . til
Sun lrranclbco. til
it
0
3 Si
3'.'
il
3W
I
3V.
ll
Vi
3V
II
II
aw
nti
ii
.-Va
n
!.
0
tDli-count rale corresponds with Interest
rati borne by certificate pledged as collat
' J"'.."!! mnlmum of 6 per emit In the case
of Philadelphia. Atlanta ond Kansas City
and 3Va per cent ln tho ca of 8an Fran-cl&co.
Prices Steady on Paris Bourse
Paris, Aug 11 Prices were steady
on tho Bourse today. Threo per cent
rentes were quoted at 65 francs: ex
change on London, 60 francs 16 cen-
francs 50
-rn carrier u rennirot ,. fl. ,,... i.n..n c ... -. ,
r. ,- v .il -,.. .u .,,,,,vc- inner,, u 11 1 uri,i ujiin, a, iranc.i 30
Itself for the same purpose nn amount centimes The dollar was quoted at 13
equal to tho loan of the government. ' francs 76 centimes
or recorn aup i n.iir, nn . ralumei ana Arizona produced 3.5Z8,-
atocit ci rccora aususi ... .,..,... .- .-..-
Broadway and Fifth Avenue
at Madison Square
New York
THE
FIFTH AVENUE
BUILDING
is managed with a
degree of efficiency
equal to that of the
most famous hostel
ries of America.
Every reasonable re
quest of our tenants
is quickly gratified
and every need
provided for.
LL, - , -Jj
National Properties Co.
American Railways Company
4---6
The undersigned bondholders, for themselves
and also representing large amounts of the
National Properties American Railways 4-6's,
being dissatisfied with the modified plan of
reorganization and being convinced that no
action should be taken pending an investigation,
hereby give notice that a meeting of the bond
holders will be held at the Bellevue-Stratford
Hotel, Red Room, on Thursday, August 12,
1 920, at 3 P. M., to consider what action should
be taken to conserve the rights of the bond
holders and prevent impairment of their
security.
Information of interest to the bondholders will
be discussed.
All bondholders are urged to attend.
James E. Gorman
V. Gilpin Robinson
Charles E. Grange
Oliver C. Lippincott
Walton Gibb
1634-35 Land Title Building.
Profits from Manufacturing
Shareholders 5n well-established manufacturing com
panies have received large dividends and profits from
their industrial investments.
We offer to investors an 8 Cumulative Preferred
Stock with the right to purchase Common shares,
issued by a large and old established manufacturing
company, whose products have a world demand.
Ask for Folder No. P. P. L.-J8S
HollisteiWhite & Go.
fcCO.PORATSO.
BOSTON
SPRINflPIELD
North American Building
PHILADELPHIA
rROVIOKNCE rlTTSPlELD
NEW YORK
PORTLAND
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiilMiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiliiiiiiul .
It requires decision
to grasp opportunities
Bond prices show tendency to improve.
Technically and statistically the bond market appears
to be at bottom prices. A representative croup of listed
bonds record the same average price on July 31st as on
May 1st In spite of all the Foreign and new bonds sold
during that period.
Wo will be glad to assist investors in making a selec
tion from the exceptional investment opportunities now
available.
Call or uiri'fe for suggeations.
West & Co.
E 1417 CHESTNUT STREET
Membera
New York StocU Kirhsnre
E ' Philadelphia Stock Kxthans
Wa Always Have on Hand List of Hl.h.Orada Bond.
Corrstpotidsnco Invltad
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