f"' k' ' "' '" ' .'' ''-1 ;j"i ' . is 0 W? " ffl h; S ' t r Ur.) . I& if" l.' Vi f'H u y AW m -. ; . t i 'MAtHM VUI1WI.II ttfrti vrDir QHrnrir ' iwramwii? TATciATfriWQ VVH-V NK IfllHIllll I 111 III If I II J-4F A vlu"' k Vm J a . A ?. ' " fM v i1 I M I lllllULlJ 111 LIIU llll ! 1 Wi w mmmr n i i ' ' ' ' ' ' ' " " ' ' t ' V ' ni, 2:80 Net I "" Tilv. 20 Ne( "". .. .., MflUL ULvIvTAMPL 300 '"J. Advanc numl .... " 38" 2tT 200 . Kan Cllw Houthnrn liu"1 InT 17 K ML lll A Ml I i IM I I IKK I Speculating in Safe Bonds It is worthy of note that during tho past few weeks many of tho most cxpo "rlcnced Investors havo been ,biyinK underlying mort- ao bonds' of railroads and ratrial corporations for two reasons: First, because of the very high yield they tiU receivo over a long pe riod of years: second, De cade of their conviction that as money ratc3 return to normal, bond prices will increase in value. For a description of an ex ceptionally safe bond yield ing a high return, ask for Circular D-81. HANDLER&GbMPANY Franklin Bank Did. Philadelphia Nfw York Nw JIavcn Donton Baltimore. Entlro List Camo Back Strong After tho Opening Soiling Movement Service and Stability Fair Methods In dealing with our cus tomers have created a re lationship of mutual respect and friendship that has been largely responsible for our growth and progress. Wo particularly solicit business accounts, and be lieve that we have an individual banking service that will prove satisfac tory to you. Integrity Trust Company Fourth and Green Street Capital Surptu & Profit. $500,000 i $1,700,000 I Umammmm i rtmmm i a in I I II THE Increasa Railroad Rates h a a strengthened railroad bonds. Easing of money after the crop mov ing period will stimulate bond investment. If would seem wise to buy before these factors have ad vanced bond prices. We Specialize in selected railroad bonds Brooke, Stokes ft Co 15th & Walnut Si. Philadelphia Wathlncton Unltlmorft U 31 r im. jib i 9t mt HBpffBWWIrTWWHfiMMMBMMBB Xew York, Auk. 12. After maklnR an unpromiHlne start, today's market camp biu-k utronK and rrnilily rptrleved the early, Iors of grounJ. Urcaue of the ultra vrofcsslonnllsm of the deal iiiRs tlie Increasins; resistance of the market was deprived of much of It -.lptilfiennce. Still the price movement reflected n much more confident fuel ing, besides Indicating that the liqui dation of unmnKoned and umligcKted wcurltlcs lind been complctetl for the time being, at least. From start, to flnlnh. however, the market wan under the complete domi nation of the trading element, public interest remaining at very low tMi. 'Hie so-called outsiders were too acvere ly bruised by the violent shake-down earlier in the week to hnvo much In terest in the g) ration either way Fur ther covering of tthortn. which became more extensive after the unsuccessful nnetilnir ilrlves. brought additional sub stantial recoveries In the more active speculative Issues. It was evident when the demand from thin quarter slackened the trading turned dull. These frequent pauses were neither IIIo!!.mi1 or unnatural, for while there i seemed to be a general oeuei ot satis factory adjustment being reuched of the Polish situation, yet there was a gen- I ernl reluctance to make very large com- I mittnents until something more definite 1 to make very large commitments until something more definite was reached to ward off fre.sli European conflagration. I In consequence, nfter the usual adjust ments had been completed the general list showed n strong tendency to drift i into a narrow rut pending further de velopments In the foreign situation. The overnight news of the surprising ' stand taken by France on the Polish situation in recognizing the de facto southern Hussion fioveniment. was seized upon by the bear crowd us a ! fresh excuse to hammer the entire list, j professing to see in this new move on I the European checker board "another crisis. For a time they made consider- 1 iihle Imnresslon in orices as during the first half hour all the active issues were down n point or thereabouts from last nii-lit's closing level. Pressure acalnst the market relaxed bv the end of first hour and there was n rrmliial iinturn which virtually can celed all of the early losses. V. R. Steel recovered to Sft7,. llethlehcm. Crucible. Vanadium nnd Heplogle Steels and American Woolen, sold 1 to 2 points above yesterday's final figures. Some of the low-priced oils and motors improv ed sharply. Including IPerce Arrow Texns Co. and Sinclair. Erratic fluctuations in the meantime featured the dealings in foreign re mittances. I?emand sterling opened Hfc ci nts higher nt 3.67 and then reacted to 3.C4Vi. Rates for continental bills did not vary much. Call money was supplied to early borrowers at 7 per crnt, later declinlgn tG per cent. PRICE SHADING IN LOCAL SHARES Liquidation Carried Lake Su perior to New Lotv, but Loss Was Recovered SALESMAN wanted by corporation manu facturing highest grade of worsted dress goods to sell out-of-town retail trade. Ex ceptional opportunity for high caliber man not afraid of work. State experience In full. Answers treated confidentially. P-1231, Ledger Office. For Sale $15,000 Certificates of Deposit of the Aurora, Elgin & Chicago 5s, 1946 at S172 WILLIS O. HEARD Lafayette Building Phone, Lombard 266 BALTIMORE BOND SALESMAN An excellent opportunity for a man of experience and clien tele in Baltimore und vicinity to represent un established Philadelphia house. Replies will be hold in strict confi dence, but must be explicitand complete. Box C C03, Ledger Office Tennessee Power Co. First Mortgage Ss, 1902 Portland Rwy., Lt. & Pow. Co. 1st & Ref. St Dua 1042 BAMKKBS 3ai Chestnut St., PhlUdalphU Wnr Wcto York and PMladttfhl etocfc Buchanan While there was a generol drooping of prices in the local market the conr I tinuwl weakness of I.nfce Superior was Nip outstanding feature, l nder reneewd liquidation pressure, indicating further housecleaning of speculative accounts, and the throwing out of the stock as collateral in bank loans, the stock was depressed t 0r,x the lowest price lt had touched in several years. Those who are supposed to bo In post- ! tion to know, said there was nothing In connection with the company s affairs I to warrant the further "dumping" of ' the stock, as the company is believed I to be In a very comfortable position. I The selling unquestionably wn of a forced character and with the demand very ilniited these orders could only be 1 executed Ht concession in price. The selling movement spent its force before midday, anil with the reports that statements would be mode after the board meeting which would be sat-i-factory to the shareholders concerning the negotiations with the English bond holders, the stock rallied $1 to 10"'. I Regardless of the causes which led up to the further liquidation, the cur rent price of the stock is not at all out I of alignment with market conditions, I especially when comparison is made at the low levels many of the seasoned dividend shares are selling at the mo ment. The stock having only a specu lative value naturally should not com mand any greater appreciation than the standard dividend pacrs. Statement of Bank of France I'lirU Aug 12 The weekly statement ,.r ih. "n.mlt nf France shows tho fol lowing changes: Oold In hand. Increased )3 nun fr.ints ; silver In hand, Increased t ' 00 francs: notes In circulation, de ceased 166,030,000 francs; treasury de tKSlts. Increased 12.G87.H0n francs; gen 'ial deiKslts, Increased 84,431.000 francs, bills discounted, decreased 395, 3GO,ooo franca. DIVIDENDS DECLARED iMrrrhantK-Unlon TruM Co , (luiirtnrly of tl payable Aumut 14 t ctorkholilerH of r.".rl th- mmo 'late fnlrt Statm (Jypnum Co 'inarterly of I , r ont on ommnn anil 1 pr r-nt on i prfprr'rt 1'Oth piinti! September 30. to toi-k uf r-.-or.l Seplenio-r 1.1 Annrfari Locomotive, quarterly of 1H per rent on inmmon and i' Pr ci-ni on preferred, pnjiihle Hentemlier 30 to Mok n, rmftirA Hnfmt,Hr 13 Houthern I'-iclflc quarterly II SO. payable i-irtnh-r 1 In .tork nf record AUffUAt 31 t'nlon 1'mlf.r Kallro.id Co . quarterly 12 B0 or comnvm and armlunnual I'l on preferred both puable October 1 to stock of record ..ptember 1 GRANGERS HOLD PICNIC Politicians' Day at Gloucester County Outing Draws Crowds l'ltinan, N. .1., Aug. 1U. Today U I'olltli'iuns' Day nt the twenty -seventh iinnual picnic and fair of the (ilou ccNtcr Couuty (rangers. Many politi cians not only from (llnuccstcr county, but iiNo from Camden. Salem and Cum berland counties, were present, although they are given no official recognition by the gi angers. The picnic this year is back to pre wor proportions, both In exhibits anil attendance. Then- Is a larger array thnu ever of farm tractors and machin ery One of the big attractions this year is the $",00,000. show herd nf IIol steln cattle selected from the best dairy herds In Gloucester, Salem nnd Cum berland counties. State Master Walter Havens, of the New Jersey Orange, and I'rnf, Alvn A. fee, secretary of the state Board of Ag riculture, addressed the farmers. Drummond Confers With Swiss Geneva, Switzerland, Aug. 12. Sir Krlc Drummond. general secretary of the League of Nations, arrived here yes- rnnUv and conferred with niusenno I Motta, president of the Swiss republic. Sfclea 300 199 20 2lt ISA 1800 70 300 140 1700 100 M0 240 70o 290 300 too 2000 100 nt 1100 800 100 100 600 800 1800 200 100 100 2700 100 100 1100 100 too too 200 000 16900 000 200 1200 7100 200 200 200 300 200 100 soo soo 200 100 soo 100 lSufl 700 (100 300 100 300 200 300 2100 100 200 100 0O 8(0 300 100 800 1000 600 200 200 SOO SOO 100 1400 200 2(00 2000 600 2300 100 200 100 200 000 SOO 100 600 300 10O 1100 1P0O 200 SOO 300 200 100 6500 1100 600 103 000 300 1400 600 100 100 300 1000 ano 100 400 SOO 300 100 11500 100 1003 6600 4600 100 HUh .Advanc Itumelv . . . . 20 6 Advance Humely pt . . 6 AJax Itobbcr 47 . , Alaska Oold Mines . . M4 .. Alaska JUncsU O It . . tt 1 Allls-Chalmers 9 7 Allla-Chmlmors pf . . . . 7t ( Am Agrlo Chem 70 4 Am Bank Note 43)4 10 Am Bosch Magneto .. 87 .. Am Can 37ft 7 Am Con pt 88 IS Am Car & Fdy 136 4 Am Cotton Oil 2?t 0 Am Drug Syn. H . . Am Hld A Leather . . 13M 7 Am Hide & Leather pf 75 0 Am Ice pf 58 6 Am Intcrnat Corp ... 7154 8 Am Linseed c a Am Locomotive '?" .. Am Safety Itazor ... 13)4 .. Am Ship & Com .... 21)4 4 Am Smelt & Itrf .... S3H 7 Am Smelt & lief pf . . 80 a Am Steel Foundries . . 354 7 Am Sugar Kef 110V4 10 Am Sumatra Tob .... 81H 8 Am Tel & Tel 00 6 Am Tobacco pf new.. 87H 20 Am Tobacco B 104 7 Am "Woolen 76 J 7 Am "Woolen pf 91H, .. Am "Wrltinit Paper pf 44H 4 Anaconda Copper .... 51H 4 Asso Dry Goods 26)6 0 Atch Top & Santa Fa 81 . . Atlanta Blr & Atlantlo 0)6 7 Atlantic Coast Line . . H4ft 10 Atl Gulf & "W I S S . . 137 8.50 Baldwin Locomotive.. 105)4 .. Bait & Ohio 316 8 Barrett 1SM .. Bethlehem Motors ... 15)4 5 Bethlehem Steel B ... 71)4 7 Bethlehem Steel 7.. 3H . . Brklyn Rapid Transit 10 . . Brooklyn It T ctfs of d 0J6 .. Butte Copper A Zinc. 7)4 .. Butte 4 Superior Cop 17)6 .. Butterlck 12)4 .." Caddo Central O ft R 13)4 0 Calltronla Packing ... 65)6 .. California Petroleum.. 25H 7 California Petrol pt . . 66H 10 Canadian Paclflo ....116)4 7 Case J I 1st pf 0114 B Central Leather 53)4 4 Cerro de Pasco Cop.. 30 10 Chandler Motors 80)4 4 Chesapeake & Ohio .. &4& . . Chi & C III 8)6 . . Chi & n III pf ctfs ... . . Chicago & Qt West . . 8)i B Chicago Northwestern 70J6 .. Chi R I & Pao 32H 7 Chi R I & Pao 7 pf 73 . . Chicago Mil & St P . . 33 .. Chicago Mil & St P pf 50 H 8 Chi Pneumatic Tool .. 80)4 1.S0 Chlno Copper 3H . . Clev Cln Chi & St L . . 52 4 Coca-Cola 3S B Columb Gas & Elec. 62 B Col Qraphophone .... 31 7 Consolidated Cigar .. 63 7 Consolidated Gas .... 70H 2 Con Interstats Cal M. 10)4 8 Consolidated Textiles. 2SJ, 7 Continental Can 75)6 1 Continental Candy ... 10)4 4 Corn Products Ret ... MM 2.00 Cosden & Co 34)5 8 Crucible Steel 130)4 . . Cuban Cane Sugar . . . 3S!6 7 Cuban Cano Sugar pt 76J6 7 Cuban Amer Sugar .. . 40H 0 Delaware & Hudson . . 7H 10 Del Lack & Western.. 240 .. Denver & Rio Grande Vt .. Denver & R G pf .... 0ft 1 Dome Mines 11)4 . . Eleo Storage Bat rU. . 2J B Endlcotl-Johnson .... 70)4 .. Krle 1294 .. Erio 1st pf I" H .. Erie 2d pf 1 8 Famous Players L ... 71)4 8 Flsk Rubber 27H .. Freeport Texas 21)4 . . Gaston "Wms & "Wig. . S'A 2 Gen Am Tank Car ... 69 8 General Chemical ....168 0 General Cigar 61 1 General Motors 21)4 6 Gen Motors deb 67c .. 69)4 6 Goodrich B F 52)6 7 Great Northern pf ... 73 4 Gt Nor Ore ctfs 3116 B0 Green C'ananea Cop . . 25 4 Haskell & Barker Car 68ft . . Hendeo ctfs 25'6 .. Houston OH Co 00 1 Hupp "Motor Car .... 14 60 Indtahoma Ret "5i 4 Inspiration Con Cod .. 46H .. Inter Con Cop 3 t .. Int Agrlo J6! 7 Intl Harvester new ,.12 ,. Int Mcr Marine 24)5 e Int Mer Marine pf ... 75 .. Internat Motortruok. . 43 .. International Nickel.. 19)5 1 Inter Nickel pf 80J1 .. International Paper .. 70 .. Invincible Oil Corp .. 30 .. Island OH ' J4 . . Jewel Tea 38)6 60 40K 1)4 1)6 28)4 70)6 70 43)4 85)4 31 88 135H 2H H 1334 "ft 58 60)4 61 94 a 12ft 20 ft 53ft 80 35 115 7S 06 87 K 104 74)4 OIK 44)6 51)4 26)5 80)6 0)5 84)4 131 103)6 33K 135 14 60)4 92 10 OH VA, 17)4 12)4 13 04)5 25)4 60H 115)6 01)6 52H 38 84K 54 84 8ft 8 70 32H 73 33 50ft 78)6 . 24J4 515 35 51 204 60 79 10)4 27 ft 75 105 80H 33 127H 37 76K 38ft 875 IMS ft 094 10J4 25 70)4 12ft IS 14 70)5 26ft 21)4 8 68 167 01 20H 68H 51ft 73 31)4 25 66 2H 00 14 OK 45J4 3 16)4 123K 24 74 ft .43 1N4 80 34 75 3334 34 0 60'- H 4K K 14 4 1)4 .. 2 70)4- 4 76 - 4 34 14 87 J 24 4 881 m . - s K- 1 H 4 W- 4 75 68 - IK 714 134 64 - )6 05K 1 12ft .. 20ft- 34 534 H 801 a - 4 "5ft 34 80)4 24 - ft 87K- 4 104 1)4 705 1ft 91 - ft 46- ft 61)6- K 265- 134 81 65- J5 84 ft 130)6 ft 1044 4 33K- K 135 - 2K 13 71)4 K 2ft ft 10 oft- ft 74 ft 175 H 12)4 .. 13 65 ft 25K 1 604 ft 1155- 1)4 15- 5 52K .. 391 80)4 14 5434 34 85 . 8)4 ft 70)4 .. 33H- ft TJIv. In I .. Kan City Southern 4 .Kansas, City So pf .. W 2 Kennicott Copper 1... 23ft 4 Kelly-Spg Tire 76)6 1.20 Keystone T & R 16ft Lackawanna Steel . . 06ft 700 s.BO Lehigh Valley 44M 300 12 Liggett & Myers 130ft Sales 200 100 3R60 200 3100 700 25 33 - 34 50H H 804 4 25H ft 515- 45 35 ft 52 20ft ft 025 15 79H H 104- ft 28H H 7)5- 5 10)6 - ft 8734 5 34)6 1ft 129)6 1 38)4- ft 705 - ft 0 K 7ft- 34 215 -r 4 4ft .. 0ft- ft 11)4 ft 234 ft 70)4 1ft 12H- ft 19)4 ft 11 - ft 705 .. 20ft- ft 21)4 .. 8)4 ft 09 107 - 134 011 21)4 34 09 )4 5256 ft 73 315- 3s 25 8ft H 235 2 00-2 14 OK ft 4034 ft 3 - .4 16)4- ft 121 1 ft- h Ti- ft 43 10JS l?i n?4- 3)4 75 - 1ft 30 t- !4 5ft ft 0 ft 160 . . Loosc-Wllis Biscuit . . 45 30 .. Lowes CO Ino 20ft 100 .. Loft Corp 1234 100 7 Malllrtson & Co pt ... 59K W .. Maxwell Motor 12ft 1060 . . Maxwell Motor 1st pt 22 100 . . Maxwell Motor 2d pf 11 00 . . Max Mot 1st pf ctfs. . 21 34 10 Mexican Petroloum ..1&7 300 2 Miami Copper .V..... 18ft 200 i.eo Middle States Corp .. 12H 530 4 Mldvole Steel ft Ord . . 38ft 200 ,, Mo Kansas & Texas . . 64 .. Missouri Paclflo 24ft 60 .. Missouri Paclflo pf .. 4134 100 4 Mulllns Body 83 100 t.BO Nntlonal Acmo 345 200 .. Nat Aniline ft Chem.. 00 109 7 Nat An ft Chem pf . . 84 200 0 Nat Ennm ft Stamp . . 55 300 .. National Con ft Cable 634 100 7 National Biscuit 10534 300 0 Nntlonal Lead 73 100 1 Nevada Con Copper. .. 1034 30 a New York Central ... 71 10 .. New YorkC & StJi .. 32ft 100 . N V Chi ft St L 2d pf 51 200 2.B0 New York Dock 23 5200 1 New York N II ft II . . 33ft 200 b North American 52 1700 7 Northern Paclflo .... 73J$ 100 B Nova Scotia S ft C . . 44 1100 40 Okla Prod ft Ref .... 34 00 .. Ontario Silver Mining 64 100 .. Otis Steel 20K 300 4 Paclflo Devel Corp .. 37)6 500 . . Pao Tol & Tel 40 6000 0 Pan-Amor Petrol .... 81 K 1400 7 Pan-Amer Petrol pf.. 75ft 700 .. Pcnn Seaboard Stool,.. 105 700 s Pennsylvania R R ... 40ft 500 . . Pero Marquette 234 100 .. Phillips Pet 35ft 300 3 Philadelphia Co 32 5000 . . Plerco-Arrow Motor . . 40 1300 .. riercoOU UK 200 Plerco Oil pf 79 300 B Pitts Coal 675 200 .. Pittsburgh & "W Va. . 20 200 1 Pond Crook Coal 15 800 4 Puro Oil Co 385 100 r Pullman 112 1000 5 Punta Alegre Sugar . . 76?$ 100 . . Rand Mln Am Shares. 27 400 1 nay Con Copper .... 144 7000 i Reading 88ft 100 . . Remington Typewriter 52J4 3500 .. Replo Steel 69ft 3300 e Republic Iron & Steel 81 4 1300 .. Royal D N Y .... 74K 2000 . . st Louis San Fran ... 24 300 .. St Louis Southwost .. 10ft 400 . . St Louis Southwest pf 30 100 .. Santa Cecelia Sugar., loft 'Oft, .. Saxon Motor 634 3900 .74 Shell Transport 47ft 16400 .. Sinclair OH 27)6 2500 0 Southern Paclflo 81ft 2000 .. Southern Rail 27 200 s Southern Rail pf .... 50 20 20 Standard Oil of N J.. 632 00 7 Stand OH of N J pf.. 105J noo 4 Stewart "Warner So . . 32ft 1300 4 Stromberg Carb 00 3700 7 Studebaker C3ft 100 Superior Steel 1st pf . . 07 100 4 Temtor Corp & F "A" 41 1203 .. Tcnn Cop ft Chem ... fft 15900 8 Texas Co 45ft 1100 .. Texas ft Paclflo 33 1280 .60 Texas ft Pao C ft O .. 39J4 800 0 Tobacco Products ... 60 200 7 Tobacco Products pf.. 84 2900 .. Transcontinental Oil.. 10ft 100 s Transtio ft "Wms Steel 43 ft 200 2.B0 Twin City R T 20K 4800 .. Union Oil 27)6 500 10 Union Paclflo 116ft 100 4 United Alloy Steel ... 40 800 12 United Fruit 101 1000 .. United Rwy Invest .. 8 200 .. Unl Rwy Invest pf ... 16 4000 3 United Retail Stores.. 624 100 . . U S C I P ft Fdy .... 14 208 ..US Express 64 1000 6 U S Food Products .. 5734 1500 8 U S Ind Alcohol .... 82ft 3100 BUS Rubber 85 300 8 U S Rubber 1st pf ..106 200 6 U S Smelt ft Ref .... 0ft 100 3.50 U S Smelt ft Ref pf.. 4234 27400 BUS Steel 7ft 100 7 U S Steel pf 106K 1400 0 Utah Copper 6034 14200 o Vanadium Corp 67ft 200 4 Va-Carolina Chem ... 61ft 100 8 Va-Car Chem pf 105 100 6 Va Iron Coal ft Coke. 104 500 2 Vlvadou Ino 13 34 000 .. "Wabash 8ft 000 . . "Wabasli pf A 24 ft 100 . . "Wells Fargo Express . 01 100 .. "Western Maryland ... Oft 700 .. "WeBtorn Pacific 2CIJ 100 4 Wcsten Paclflo pf . . . 03ft 100 4 Westlnghouso E ft M 4UJ4 100 4 "Whlto Motor 47 1300 1 "Willys-Overland lfcft 100 8 Woolworth F "W 105)4 200 6 "Worthlngton Pump .. 40)5 Ex-dlvldcnd. t Kx-rliiht, 48ft 23 75 lift 03ft 43 1304 45 ok 13)4 50K 10 204 11 21 153 isH 12 38)6 Oft 24)4 42ft 33 34ft 68ft 84 64ft OH 105K 71ft 10H 70ft 3234 SI 23 3ft 52 "35 3H 5)6 20J4 37 40 70ft 74 10 40ft 23 35ft' 3134 38ft 11)5 79 67 26 15 37 ft .112 7434 27 14 87 5234 06 80 73 23 K 105 30 104 OK 40 25ft 00ft 20 69 632 105ft 31K 67 oift D7 41 8ft 43ft 32 39 58ft 83 ft 0ft 4334 28ft 20 ft 110 40 180 7ft 15 ft 00 ft 14 6 60J4 80ft 83 100 50ft 42K 85 94 106K 60 ft "ft 64 105 101 13ft 7ft 74)4 61 Oft 2534 63 ft 4634 47 10 105 ft 69ft 43ft- 2)4 23ft- ft 76)4 1ft 15ft- 1)4 665 1 43 H 2 1304 ft 45, .. 2034 .. 13K- 534 7K 10 - 3ft 30ft- 1ft 111 211 157 H 1834- ft 1234 ft 38ft .. ft- ft 2tft H 41K- K 33 ft 341 ft 60 ft 84 S ft 0H ft 105K . . 73 10K ft 71 ft 32ft- H 51 - ft 23 33 - ft 532 73ft- ft 44 3H - ft 55 .. 20K ft 37 - ft 40 .. 81 755 H 19 1ft 405- 4 23)4- 54 35ft - ft 33 ft 40 1ft 11 K 34 70- 1 57 1 20 15 1H 38 112 1 75ft- )5 27 - 1 14 ft 88ft .. 8234 134 CO 1ft 8134 1)4 745 ft 24 - K 105- ft 30 10)4 . 034 .. 46 Active Shares In Croup Bid For on Large Scale Indus trials Active 27 01 27 50 632 1053i 31ft 60 62)4 07 -41 Dft 4434 33 39 50ft tl -10 - 31 ft 34 34 ift ft ft 1 ft ift 1 ft 4334 1 20K- 2Jft 11634- 40 180 - 7)5 10 ctK 14 5734 8lft H ton 30)6 -4234- S6K 106K 0034 cft 64 -105. 101 13 34 84 24 34 61 0)4-2534-63ft-4034 47 1034 105)4 0ft New York, Aug. 12. The feature of thn Brood Street Curb in today's trad ing was the vigorous demand for the petroleum stocks, virtually nil the nctie shnres In that group being bid for on a large scale nnd making substantial advances. Most Interest was attached to the heavy buying of General Asphalt which, during the forenoon, moved up to above 47, with the buying coming to u good extent from bonking interests. International Petroleum was nlso nc- tlvo and strong and was followed by nn upturn in Tropical Oil. Slmms Pe troleum was nnother strong feature and around midday White Oil beenmo prominent because of persistent accum ulation. The Industrials moved In the snme way, although the gains were not ho extensive as in the petroleum Issues. Putted lletnll Cnudv WOI steadily bought, after opening nt 10V&. end Hercules Paper and isoriii American Paper were both In steady demand, al though they receded slightly after the early trailing. INDUSTRIALS HUM Ilk oup Acme Coal Ilrlt Am Tob 001 Cnr LIuht ...).. Orncrnl Aephnlt ... Clmpe Ola Urapo Olit rf llercutea Pnper . . . . lulus rta pr Lima Locomotive . , North Amor Taper . . llatntcr Motors Sweota Co U H Hint) Hpted Tool V 8 Hteam United Profit SharlriB ISVi 47W 1!)4 2H 27 1 70 B' 3lljn ' 30V .!! United Itct Candy V' STANDAKD OII.H S Oil of N V 107 IO0 IKDOTKXDKNT OII.H Allen Oil 1 IS 13 ljj nv, lau a 2 4S 47J4 24 114 I 1 (IN (18 silk 304 ' 30 304 p n. 10 1U too 2(1 toll 314 HVf, 7 4 r-i 34 17 n. 14 l4r. 2 Salt Creek I'rod 20 20 Slmms Pet 114 1 t Slislly Oil OU 04 Superior Oil H !' Texan Ranger . ,J Trorlpal Oil 114 104 Un Texas Oil S Victoria Oil. new 14 1 White Oil 174 li't Woodburn 3 3 Shell Trns rts If, lf4 Hoy de Franco o'i 04 Allied OU Ilia Heart lloston-Wyomlnit . Cnrlli Kyn Cities Service "II' Dominion Oil ... F.Ik llRsln Tet . Kameralda. Oil . . Federal Oil Olenrock Oil ..... Int Petrol .Maracalbo Oil . . . Merrltt Oil Mexico Oil Midwest Kef National Oil N J North Am Oil ... Ited llocK Ui 22 K 1 104 ctfs. 314 , 4 :::- 7 24 , 'J4 344 , IR4 124 , 1 4 H7. , US S4 1 104 24 24 .114 1S4 114 14 20 114 H4 1S4 N 104 'J 174 3 1 34 MIINO Alnska-Brlt Columbia .... II Ills Ledso ti Caied Minim: o Canm'a Cup J Candelarla M 4 Cons Vlrclnla 1 Cortes Silver 8. Cresson Oold ,14 Divide -Extension 23 Pundto Arizona II Kureka Croesus ft Gold Development Ooldlleld Florence 12 Oold Silver I'lik & Oold Zone 14 Hecla Mlnlnc j4 Jumbo Kxlenslon 4 Louisiana Co ft MacNumara rt Mother I.odo . Mother Lode (new) ri4 Murray .Mos 7d Nlplsslng S Ilex Cons " Itoehestcr Mines S San Toy 4 Tonopnh Ilelmont V Tonopa Divide 1 2ft i- 1 Tononah Extension Tunnpih-Jlm Butler Tonop it- Mlnlnc i mien i. astern .... West Cnd C WhlU .Caps Vcrilnston 14 12 14 2 A 14 N 3 y so 14 OH ft 12 .1 in 4A 4 A A nn .-.4 7 4 ii 4 A 14 14 12 1 24" 1A s :i 14 S'4- 14 23 tl A r. 12 .1 HH. 4 A A r.ri 54 70 84 (I H 4 A 1A 14 14 2 A 14 H 3 PONDS Allied 1'iik Hs Armour 7s c c i' iiml St 1. L'nlnn Tank 7m llerllu 4m Trench 4h Frunkfort It ... II 0(14 ".'.4 il4 20 r.24 2J H74 IMI4 k.Vk I)tl4 104 W4 23 IIR mis NS4 uiiv 20 fi24 23 Philadelphia Stocks Jllsh Low 10 Am Rtrs. 4,,i 43 Vi .-JOO tAUis-Ch 2!) lit) 500tl)utte& Sup ... 17 17U 400 tChl G XV prcf ... 22 22 2." Cam Iron IJ8 HVj r.m C-M C ').-,l "."iU, tll .t,ll(U - '-t J ' .. ... 22." El Stor.. 1114 llU'j ll-Vi 7i 1 :30 Net p. m. chre. KP4 20 .. 17-r Vj 22 -f 9i .WA. 2.rV .1S4 iln war. 14 1.1 100 Gen Asph 48Vj 48Vj 100 Key T Co Mi Mi 1.-05 I.k S Cor 1094 ;55 I.eh Nov. Ti" 1000 tNev (n 10V4 21SI'n H lt. 40 180 -I'll Blec 21 100 1' It T.. 14'i Ti l'h Tract fiO 2T0 t'n Tract 2." 220 l' G I... 4(Uj fid York Ry. i 0 r.7 10A 40 I'.V 14 4KV,3 8 Vj 10 r.7 .. 10.. 40 21. 14 14 '4 no novfc 40 II salt: on 4012 n l Kx dividend today rhlls. liiec. rt Net cnanBe maue ay twiiuiii-u. ".,. .- t on New York Ktock Uxchanse. Hal's In HOJ.US i ." iiooo Hleb Low n. m. ehso. i r ik n.i Oil " 4'As .... 84.50 84..W 81.50 .00 1 dolst4s 85.00 85.00 85.00 .00 8 do .'Id 4s 88.40 88.:t0 88.UU.00 U :,4;1O.'Uh84.0S 84.00 84.08-.02 It Vie N 4s 05.02 1)5.02 05.02 .14 10 U.U:?102 102 102 2 I'hlla Klee 1st 5s.... 80 80 80.. 2 Itead gen U 78 78 78 BANK CLEARINGS Hank clenrlnss todav (ompared with the CLrrespondlnit day last two years. 102O ll'llt 101S Phiu. . jso,son,7i7 i72.iiiii,nso in,a.io.P,72 N York 720.003,701 712.4UU.234 5U2.S37.400 Liverpool Cotton Vew York, Aug 12 Hpot cotton was quiet todav, with prices ensy on the basis of a decline of 14 points for middl ing at 27.18d. The sales wero 6000 bales The recelptB were 4000 bales, Including 300 bales American. Futures were quiet In the early dealings. Spot nrlces were: American, middling fair, 32.43d: rood middling, 29.68d: fully middling. 28.43d: middling. 27.1d; low middling, 2J.38d ; good ordinary, 19.93d; and ordinary. 18.93d. FOREIGN EXCHANGE New York, Aug. 12. After an attempt to bid sterling up before tho opening, tho market slumped and was weak nt the opening thlH morning, with cables nt .1.06 and demand 3.65 t, off in cents from tho closo yesterday. Franc cables wero unchanged and lire wero off 4 points. Marks gained 1 ' points. Quotations were: Franc cablcu 7.30, checkn 7.29; llro cables 6.04, checks D.03 . Swiss cables 6.97, checks 5.99: guilder cables 33V&. checks 33, unchanged; pesetas cables 16.26, clieckH IS. 20; Stockholm cables 20.75; checks 20.70; Lnristutmu cables 16.40, checks 16.35; Copenhagen cables 15.30; checks 15 25; Belgian cables iz.76, cnecks 12 77, marka 2.18. YESTKIIDAY'SI FINAL QUOTATIONS Htorllnc Francs Lire Guilders Demand . .. .1 nil 4 7 30 R 07 33.37 Cables . 3 07 7 32 fp.U'l 33.50 TODAY'H OI'KNINU QUOTATIONS Sterling Frnnes Llrn Guilders Demand . .. 3 l.'4 7 20 (1.03 33 37 Cabled . . . . 3 llll 7 3') t, 04 33.30 Copper Companies Report for Quarter The nay Consolidated Copper Co, hai Issued Its report for the quarter ended June 30, show Ing gross Income, nfter charges, of 1387.256, equivalent to twonty-four cents u share fp&r valuo 110), earned on tho $16,771,790 capital stock, as compaied with net nrolH of $037,300, or forty cents a. share. In tho preceding quarter, and $310,635, or twenty cents a snare In the corres ponding qunrter of 1919. Gross Income, after charges, for the six months ended June 30, totalled $1,024,565, equivalent to alxty-flvp cents n share on tho stock, or compared with $104,067, or ten cents a share, for the sam period In 1919. The report of the tJtnh Copper Co. for the quarter ended June 30 shows u total profit of $2,240,470, equivalent to $1.38 n share ($"0 par), on $10,224,900 capi tal stock, as compared with profits of $2,870,590, or $1.70 u share. In the pre ceding quarter, und $2,052,103, or $1.63 11 share, In the corresponding quarter of 1919. The report of tho Nevada Consolidated Copper Co, for the qunrter ended June 30 shows total Income, after deprecia tion charges, of $384,000, equivalent to nineteen cents a share (16 par), earned on the $9,997,285 capital stock. In the preceding quarter, net profit, after du preclntlon, wua $215,683, or eleven cents n snare, wnuo in me jun quuner 01 1919. total Income nmounted to $184,788, or pine cents a share. BUTTER, EGG8 AND CHEESE MONEY-LENDING RATES - Ni: YOUK Money on call, both classes of collateral, opened todav at 7 per cent for lending and renewing. 1 A", extended tour of the lending finan cial Institutions today developed genrnl expression of bankers thnt there is no present Indication of any relaxation in ratts or Increased offerings of fixed date collateral loans. A single $100. 000 was loaned on Wednesday at 9 per cent. As has been tho ensa of late, that figure Is bid rlnht nlonir nn,i hiu... ,..... i., V" - Vi --." : "" 4buiro uum ue paia 11 the could be secured. money Commodity Markets Hankers In reference to the immaeliite monetary situation on collateral loans explain thut practically all of the banks nre nt prestnt In debt to the New York Federal Hescrvo Hank. On Wednesdny, reference was made to tho aharp demand for, and great scar city of. prime New York member hank nccentnnccs. Thn ininti.n i,n 1 obBcured by &ome commenters, who deem that tho apparent large demand comes from n probable reduplication of In quiries uniongtho banks. As a matter of fact, several billion dollars worth of acceptances of the re quired quality would ho readllv nosorned, owing to the general demand for primp New York nlnety-dny member bills, aside from the demon, 1 fVnm ,,.. savirifH banks, Rates are unchanced. In prime mercantile paper, business Is quiet and 1h confined to the country banks. No cholcti paper Is belnc sold under 8 per cent. RAILROAD EARNINGS IIL'KFAIA IIOCIIESTEH ANP I'lTTSllUllOH Fourth week July... From January 1 1020 JH77,ilfcO 11, 781. Old Increase S2II.V31.1 3,540,102 CANADIAN NATIONAL P.AILWAYH Fourth week July 12,847,320 100,233 From January 1 . M.B08.408 8,185,803 WE3TKIIN IIAIIYUANU Fourth week July . I5S3, 742 From Jsnusry 1. .. n.0J.s24 CANADIAN TACIFIC nr,t week Auijlit.. 3.086.000 From January 1... .103,410,000 112. 1140 2,804,884 1 1 :30 Vent luhi Onrn a.m. October 31. 73 31 .13 31.78 IVrernW . 30.3.1 30.2.1 3d B.I January ... . 211.1.1 2!l ill 211.2s .Man ti 2J (III 2S.73 28.110 iUiy 2S 4U 2H.30 .... -Call, 0 per cent ; commercial paper, 6 per cent. New Icrk, Am;. 12 IIUTTKR steady Itetelnts. 12.114 tuts C'reumvry higher than extrui, fiSVi fide, creamery extras (UJ wore). 3.1c. 'rearnery Hints (fcH to 01 store). 51 St 344 1. packlnc stock, current make. No. 1, 4344e KtlOH Finn Receipts, 111.219 cases. Fresh withered extra firsts 5141 Anc, fresh Bathered tlrslM, 4hCj(n2r, slate, i'enunylvanu and nearby western hennerj whites, firsts to extras TiKfnoc. state Pennsylvania and nearby western hennery browns, extras, 110 H3oi stale I'enniylvanla and nenrby Bath ered browns and mixed colors, llrst to extra, 4hP57e fHKBHB Firm. Ilecelpts, .13h0 bones. State, v hole mllU. flats, current make, white nnd colored, siwIbIh, 274O2840i do, av ..ni'. run. 5.1U 0&'AU c.j states whole milk. tail nnn Iwln, rurrenr maia. sneclsls at 204 (I7274ct Mav 17.233i000 Co. aversso run, 250200. r Old. I'llILAIH'.LI'llIA time, 0 per cent ; three to six months, (Note These are merely nominal quotations, ns the legal rate of interest In the state of Pennsylvania Is fixed nt 6 per cent. Plus premium and commis sion time money for thirty to ninety days Is loaning at 8 to 8H per cent, while commercial paper from three to six months is being ottered nt 8 to 8V. iier cent.) LONDON Monuy Is quoted at 5 per cent. Discount rates Short bills, orN 56 11-16 per cent; throe-months' bills 0 ll-ioao-i per cent. NEW YORK COFFEE MARKET New York, Aug. 12 Tho market for coffee futures opened 11 to 17 points lower this morning, September aelllnir at 9 10 nnd Murch at 9.05. There was nothing new In tho cables. Wall street and commission houses appeared to he on tho selling side, with the demnnd coming from scattered trnde sources anil houses with IJuropenn connections. The local market Is subject to wide temporary fluctuations, but the real futuro of tho mnrKet seems to be cen tered larirely upon Just how soon San tos can dispone of a fow largo blocks of coffee In order that the pressure of new crop receipts can bo relleeil. After the call, the markot developed Into one of waiting, nnd by 11 o'clock there had been no transcatlons since the call. COTTON MARKET New York, Aug. 12. The cotton niaiket had an active and cnsler open ing, nt 1". to !!." points decline, due to disquieting Kuropeait ' political news, but chielly to a rumor thnt the Nn tlonal (ilnncrh' condition figure was 75.5, or mil 1.1 points less than two weeks ago. Selling prcsMiii' wits heavy for a time, but offerings seemed to be well absorbed by commission houses which bought on reports of heavy rains in (Icorgiu, Aln batnn and southern Louisiana. The lHe carried prices up fully 35 points from the lowest levels on the call. UccelpW at the ports for tho day wero I'Httmated at C00U bales, against 3834 bales a ueik ago nnd 9290 bales a year ago. (N Y. time) 1.311 u. m. 31.73 30.48 20.31) 2S.UU GRAIN MARKET Chicago, Aug. l'J. 1'olltlcnl compli cations abroad, talk about export busi ness ami n falling off in offerings from first hands sent pi ices for whent up ehurply lodaj. Theic was a lack ot wiling pressure in the pit, while mucji of the buying appeared to he for the account nf milling interests in the Northwest and for shorts. A dispatch from Winnipeg said thnt there were Mime low temperatures this morning in the Canadian Northwest. Kiost now, it wus explained, might re sult In a lower quality, but would not materially affect the yield. The thrcshiug returns from North Dnkotii were more fuvoruble than had In en expected. The seaboard reported a good demand for wheat from the Continent, line suld that bids from Kuglish commissioners were 7c to K- out of line. It wus re pin ted from New York that cargoes of wheat had been taken for Hrazil, one each at New York, Iiiiltimorc and Nor folk, und that there was n demand for wheat from Argentina. A (oiiiinissiou house sold that nil ad vices showed a holding tendency on the part of fanners, particularly wheat. The cash article here was 5c higher. L-bdlni; futures ransed us follows f Clltl'l. irn .lax... lellveryl ,n .to yw t lose Hept,.. Vic. . . March Teat, closa ,2IH 27 0.777 10.00W07 10.16017 Openlns 11.01 o.n.l jfln o, 11.1 w 10 10.05 id 00 (N.Y.tlm) lt n m, 9.(i0 ii.iuMnn ft.nnnio 10,05000 Corn (new Open H.Tl. . 1 4K IK I Mis "III . . Il Lard S. ill . IS 32 nil .11, N7 itlba hi IH .t.127 13 27 OU .13 ll.l IR.II7 Did tAsked HlKh Low 1 304 1.4S 1 j'H. i ,u7. 1.244 1.2UH 1.241, 1 ail'i 1 2.14 724 704 724 70 4 73 7l'i 724 7U4 724 704 IK 32 IS llll IK 5(1 IS S7 18 .12 IN nn IS 32 18 II. 15 22 15 22 13 311 15.112 1,11,3 1 1 ft. 1)3 BAR SILVER Domestic bar silver was unchiinuod In New York today nt 99 Ho; fnr.YJ," 0694c In Ijndon tho price was ?id I, oline nt K0S..1 " u ...... V., WW ,U, Neti Iaeud , $300,000 School District of the City of New Castle, Pa. 5V2 Bonds Tree of Pennsylvania State Tax, Exempt From Federal Income Tax MATURITIES 30,000,. July I, 1935 30,000, " " 1936 30,000, '" " 1937 30,000, " " 1938 30,000, " " 1939 30,000, July 1, 1940 30.060, " " 1941 30.000. " " 1942 30,000, " " 1943 30,000, " 1944 Offered aubjeet to approval of legality by Messrs. Townseni, Elliott & Munson. Prices to return about 5.10 to 5.05 . .., FRAZIER & CO. Broad and Sansom Sti., Phil.. Pa. M. M. FREEMAN & CO. 421 Chestnut St., Phila., Pa. National Properties Co. 4-6 Bondholders The modified plan for the sale and acquisition of the stock of the American Railways Co. Must Be Accepted On or Before August 16th, 1920 The Committee recommends the present amended Plan (no better Plan having Been presented) as the only way to protect the Bondholders and urges the deposit of bonds before August 16, 1920, in order that the Committee may declare the Plan operative, unless before said date a better Plan is submitted. If deposits are not made and a Plan declared operative at once, it is the opinion of the Committee that the position of the Bondholders will be rendered most hazardous. Of the outstanding $6,530,000 National Properties Company 4-6 Bonds, over $3,800,000 have been deposited with the Committee. Dated August 10th, 1920. L. .T. CLARK. Secretary. KIT Ctis.tnut Street. Philadelphia, Penna. KVAN nANDOLPH. Cha rmn JOHN ORiriBEU ARTHUR V. MORTON. WILLIAM A. LAW. CLAUDE A. SIMPLER. CommltU. PniCHARD, SAUL. BAYARD ft EVANS Counsel. International Paper With the unusual demand for paper and prices ruling excep tionally high, the prosperity of paper manufacturers depends almost entirely upon their nbil ity to secure adequate supplies of raw material. In these basic departments the timber reserve and pulp pro duction International Paper Company is well fortified, in addition to being in an excellent fundamental position from the standpoint of sales and financial well-being. The current number of our Market Review contains a com plete resume of trade and in ternal conditions bearing upon International Paper's progress, which will be sent on request for N-550. Hughes & Dier Plilln. Stock Exchange Mrinhm Pittsburgh Ntnrk Ktchante sicmDrra rhrnKO fi,d nf Trd( X. Y. Produca Kichanie 1435 Walnut Street Philadelphia Hnrucc 843 New York Telephone! Plttaborch Rare 189) CleTrland National Oil Company (of New Jersey) In addition to its extensive oil-land holdings in United States and Mexico Owns and operates CARGO VESSELS OIL TANKERS OIL BARGES A circular about this Compart; and ils common slocl( will be mailed on request. William W. Cohen & Co. Members N. Y. Slock Exchange N. Y. Cotton Exchange Chicago Board of Trade 67 Exchange Place New York City 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 nilDAI) HTJIKKT OrTICK Clieatuut mill Juniper HtreeU 517 Chestnut Street Philadelphia f.lv '.'Ww ,. . . .,..-M 'i i ), it a rt -'" tv ifriiiil V.'
Significant historical Pennsylvania newspapers