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EVENING PUBLIC LEDGER PHILADELPHIA, SATURDAY, AUGUST 14, 1920
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Canadian
Conditions
.Are
Reviewed
with understand
ing, sympathy and
criticism, whero It
Is deserved, In tho
latest number of
Canadian Invest'
ment Items.
In Canada, Investment
Item U considered to
bo ono of tho liveliest
private financial and
commercial roTlows pub
lished. So you may ex
pect something worth
while If you write for a
copy. Address 1 83
'Aoencvor
Royal Securities
'corporation
(CANADA)
LIMITED
166 Broadway New York
imfctti.ki
BUI PRICES UP
'Markots Still Remain Within
tho Liquidating and Dis
tributing Area
I NEW YORK STOCK EXCHANGE TRANSACTIONS
Today's Net Dlv.
Clou Clige, I Bait In t
Capital for Investment
Successful young business mn vvlll
tnvfot Mi services and capital up
to JJ.'i.OOO with established concern
desiring young blood, or needing
capital for legitimate esranslon.
College man, 10 years' broad business
experience. Mat reference and con
nections Experiments stock scheme,
ate,, will not be considered. Tour
rirapoaltlon muat he liberal nnd stand
ha acid teat Principal only
C318. LEDQER OFKICE
FINANCIAL
Special Notice
DfcPABTMKNT OF rrni.ic HF-AI.TH
Director' Office
Boom 54, City Hall. Philadelphia
August 10, 1920
Notice la hereby given that regulations
tvr tfcai conduct of barber ahops and for the
S termination and prevention of rati have
to approved by the Board of Health of
tta City of Philadelphia.
Capita of theae regulations may be had
free upon application to lloom 710-A. City
' C. LINCOLN FURBUSH. XI D
President of the Board of Health and Di
rector of Department of Public Health.
I ,
Dlvlqfnds
OFFICE OF
TheUnited Gas Improvement Co.
N.W. CORNER IIROAD ARrit STREr.TS
Philadelphia, June 0 1920
The Dlrctora have this dav declared a
quarterly dividend of One and three-quarters
MP tent (8THC per ahare) on the Preferred
Stock of thla Company. PTjable September
10. 1610, to holders of Preferred Stock of
ord ai the cloae of business Aurust 31.
20. Checks will be mailed
I W MORRIS. Treaeu rer.
VOCKHrLL COAL IRON CO
Nerth American nnlldlnc
I'hlladelDhln, r.
SrKEr&nx'U diui.a uiul.o r
A quarterly dividend of J2.00 ri
Seen declared on the Preferred
tack of the Rockhlll Coal & Iron Co
COMPANY
lna
MtKFERHD STOCK DIVIDEND NO. 2
pr ahare
en capital
CKmn.nu
eayabla September 1, 19J0, to stockholder.
Of record at the close of business Aurust 21.
;1I20. Checks will be mailed " "
' JOHN OII.nr.RT. Treasurer.
north ruiLAnr.i.riiLV trust
COMPANY
Philadelphia, August inth jnio.
The Board of Director haa this day de
clared a quarterly dividend of 4. payable
-A-ngtjst lth to stock of record August 10th.
120. Checka will be mailed
HARRY P. CORBETT. Secretary.
rropoanU
OFFICE OF TIIK QUARTERMASTER C.EN.
eral. Supply Service Purchase Division.
C &. Branch, Munitions Building. Wash
ington, D. C Sealed proponals wfil be re
ceived here until 11 A M. Auguet 19, 1910.
fer furnishing 22.000 yard O. IJ. Worsted
iniu
Gabardine.
nformatlon on request.
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
1680 REAL ESTATE TRUST Till 1.
InTeetlrate and adjuat partnership and
tion arrnunie. Ail
eernoratlon aeennnte
Income Tax Returns.
Jso prepare U. 8.
LEOL ADVERTISEMENTS
JOT- IN THE ORPHANS' COURT TOR
35'. the County of Philadelphia.
Jane Tenn, 1020 o. 10
Estate of Frank EUeldlnter. deceaacd.
Notice Is hereby nlven that Susanna Elael.
dlnter. widow of the decedent has filed In
the said court a petition claiming property
of the d'eedent to the value of 11000. as
allowed by Section 2 of the Intestate Act of
1B1T. and that th eesme haa been duly ap
pralaed and the petition mav be alloued by
the court on Friday, 'eptemher 3. 1020. un
leas exceptions thereto be filed before that
time.
JOHN O EBERHARD. Jr .
Attorney for Petitioner
413 Bulletin Pldr
KSjr' ESTATE (IF JCDSON MOAK. DE-
ceased Letters testamentarv on the
above estate htnlnir been rranted to the
undarslmed. all persons Indebted to the ssld
estate are requested to make payment and
those havinr claims to present the same
without delay to
ROBERT C HUTCHINSON
, . , , 233 H s;th st.
Or to his attorney
New York, Aur. 14. Today's closing
I stock market was a typical raldsummrr
half holiday affair. What little bunt
npss tas done comprised mainly of Un
familiar rpk-cnd evcnlnc up of com-
mltmrntft by traders. As tho larger
balance was on the hort ldc of the
I ledger there was further extensions of
I the recovery from the week's low levels
by the customary leaders. A general
diipositlou to await the result of tho
nrmlstlce conference between Russia and
Poland was an additional restraining
influence. Korelgn remittances showed
only slight variations from yesterday's
i doc.
In the week's events nnd develop
I ments were to be found ample evidence
I proving the markets still to be within
the liquidating nnd distributing nren.
1 It cannot bo said tho violent shake-
down of market values came without
1 warning, as well-detlned signals and
signs had been conspicuously displayed
, of the approaching market sounlls. Rea
sons and influences responsible for the
I semicollnp'c of the speculative struc
ture would not bo difficult to find. The
I more interesting question still to be
j answered Is whether the weaker strata
I has been entirely eliminated. Or,
whether temporary props have merely
, been set up to permit the enrrying out
of the original adjustment plans which
have been in progress since last fall.
The hurried closing out of speculative
pools, although painful as the curative
has been, only naturally hastens the
purging process, and correspondingly
strengthens the underpinnings of the
market structure. There Is, however,
no assurance this part of the house
cleaning program has been completed.
Quite n number of these speculative
combinations saw fit to ignore restraints
which had been necessarily Imposed
upon speculative activities and
bucked the current which eventually
carried them to their downfall.
With the week's heavy liquidating
wave there accompanied, as usual, con
siderable selling by the professional
traders, or for the short account. In
consequence, the movement was carried
too far. and as a result, teenntcal
conditions produced the automatic re
bound. The idea seemed to prevail in
some quarters the co-called big In
terests were quietly accumulating
stocks. If such was the case the buying
was very quiet indeed. On the con
trary, the hesitating character of the
market on the recoveries suggested apart
from the inquiries of the over-extended
short Interest the buying power was still
extremely limited.
International politics cut a very big
figure in the week's happenings, but it
is doubtful if the unsettling develop
ments in the Uusso-Polish situation
was such an important factor as many
made it out to be. Of course, it con
tributed to add to the mental confusion
of tho market community and gave the
bear party n powerful weapon in
smashing values in their concerted
drives. Likewise, it is quite possible
that should the armistice conference at
Minsk result in terras consistent with
allied principals enunciated in the
Versailles treaty thero will be a violent
market flareback. The peculiar tech
nical position of the general list Just
at this juncture leaves the market highly
sensitive and 6iiceptible to sucn a
radical turn. Probably it would be more
Interesting to know what the murtcet
might do if tho Russians should impose
terms Inconsistent with the allied prin
ciples. Over-the-week-end development
can best answer this question.
Until money conditions assume more
tranquil and normal aspects tnere
would seem to be little use for looking
for any great accomplishments on the
constructive side. The machinery of
Wall street stalls without money, and
according to the testimony of leading
banking interests funds for Mock
market purposes arc still very limited.
On the other side, those who have
securities and need money find that
Wall street Is practically the most con
venient quarter to get It. Until tnese
conditions change recurring waves of
security liquidation can be expected.
LITTLE DOING IN
THE LOCAL SHARES
' ESTATE OF JOHN R. POHKI.I.. nr.
Cwmed Letter t,t,Tn,nln n ...
above estate havlnic b-en trrnii'-rl to the un
derelSTied. all persons Indebted to the said
estate are requested to make pament and
those having c'alms to present the same,
without delay to
ROBERT JAME WILLIAMS.
, ... llM EUsnortl st.
Or te his attornevs
WTLLMANNR morT
1123 Stephen Glrard litilldlnc
JFcclcs Developments Proved
the Market to Have Been
Thoroughly Liquidated
Little significance was to be attached
to the limited trading in today's local
mrri.et. Dealings were of a distinct
perfunrtorv tvpe with meaningless
price alterations. Ctirlnuslv with the
stnznatinn some ttide rhanges were
made. Thin meant nothing except to
illustrate the narrowness of the cur
ri'nt i-pcculation. The onlv real im
portant change was SI decline in I'lee.
trie Storage Battery warrants to IC,
w . i while the etock sold at 117. although
EXCHANGE I earlier in the day brought llli. Lak
14 After the earlv ' Superior shaded to ll't. United (ias
Itni'rovi'inent, rhlladeiphla I.lietrie and
IVunIvania Railroad were firm at
fnii tirnal advances.
Little or nothing was done in the
opening loral market this irnrnlng and
the trading was of the usual perfuur
torv rhutueter experienced on a Sat
urday in midMimmcr. The disinclina
tion to take on new commitments was
intensified by tendon of the possibility
of important deelopments in the for
eign situation over the week-end.
Curiously with the stagnation the' iti
Hal prlre were generalh established at
lower lcels This meant nothing ex
cept to illustrate the extreme inrrow
ness of the market On verv small sales
electric Storuge Hatterv warrants ran
off 51 fi om last night s tinal to 10,
FOREIGN
New York. A up
dealings, the market showed general im
provement Sterling roe i4 rent Francs
were steady at the opening figures and
Italian exchange improed fractionally
Guilders were , higher, and pesetas
gained S points
SuotatlonR were'
emand sterling .1 fit cables 3S4i
franc cables 7 25. checks 7 2i , Italian,
lro cables 4 99. ch-ks 4 98. guilder1
cables 33 V. checks lis,, pesetas cables '
15.15, checks 1511. Stockholm cahleH
20.70, checks 20 80 ; Clirlstianl.i and
Copenhagen cables IS 30, checks 15 20 I
Marks were unchanged at J in
YESTERDAYS mil, QfOTATinvs I
Bterlin F"rini Lire UulM-r
Demand .. a HI', 7 'H 4 'l si no .
Cablea 3H4'. 7 2S 4 0(1 .13 13
TODAY'S OPENINQ QUOTATION'S ,
Sterling FYsn'-i Lire OulMere '
Demand .. . 3 14 7 !4 lis SIJ'JI
wepir ,, . n ti-, , .-) -, ;3 ,'a
CLOSING QUOTATIONS
Sterling J-rancs Lire Ciulldere.
Demand ... 3 an. 7 jo r, no as is
Cables .. . 3 4Ts 7 21 ; ul 33 :;-,
money-lending rates
PnaXADKLIMIIl Call, fi per cent;
time, 6 per cent, commercial paper,
three to six months. C per cent.
, (Note) These nre merely nominal
quotations, a the legal r.ito of interest
In the state of Pennm Knnlii Ih tixed at
( per cent Plus ptemlum and comtnis
elon, time money for thirty to ninety
days Is loaning at 8 to 84 per cent,
while commercial paper from three to
six months is being offered at 8 to 8 !-j
pr cent.)
LONDON Money Is quoted at 5 per
cent Discount rates short bills fii
per cent! three months' bills, 6 11-16 per
cent
GOVERNMENT BONDS
Panama coupon Si
Panama recistered
&
Bid
1001,
mot,
1004
liiUi
TT
77
7S
7S
IS
100'i
lon ioj
eAjettm 4, to:.l... ins io.
T tfM a. 1828., IPS 106
1 9311
s. 103U
1'inimi couDOll 2e. 19dft
l'anama registered Sa. 1938
Panama coupon 3a. 191
Panama rerlatared Sa, 1001
Philippine 4s, JMt . .
Philippine 4.S. 1033,. ,
' !-, . yesjatsrsd 2a. H304
e,V X et,in ? tOM'-'
sak
mm
101 'I
1111'-,
101 1
so
Sfl
ss
8.1
S3
102
1 Lake Superior Corporation shaded Vi to
,111,, while Philadelphia U.lectric was
unchanged at 21 '. Most of the other
loi al shales were overlooked.
There were few deelopments of a
strieth loral character to command
more than passing attention during the
week, 'lhe action of the marKet was
to a great extent Influenced bv what
mav be termed fundamental conditions
That is to sav events and happenings
in the outside world. The week's
operations, however, demonstrated the
market to be for the time being, at
least, in n thnrmighh liquidated con
dition. Otherwise the surrounding
events and cimimstanecs would surely
have produced much wider depreciation
of security value. Moet of the local
stocks apparently have already dis
counted the conditions which have been
making for a lower level of prices
Handicapped by the restrictions
which have been imposed upon nil
market uctMties by the reason of the
strained credit situation, many of the
local shares 'have been unable to respond
to the betterment of conditions wtilch
heretofore were responsible for their
depreciation. It is practically a rase or
closed doors in so far as bankjng accom
modatlons goiv Stock market money, as
it is bonieumSi
niv.
Balee In
100
330 6
10 ..
200 7
101)
.100 a
10J 10
339 3
.100 7
200 6
000 0
1200 s
ill 6
500
030
400 4
flOO 7
03 io
100 R
R0 20
.103 20
300
300 7
300
799 4
100
100 4
10 0
100 7
100 10
7000 3.60
2830
200 4
203
809
300,1 fi
700 ..
103
200
303 a
100
200 4
000 10
100 7
16110 fi
500 4
400 10
300 4
200 2
400 ..
000
230 6
300 8
2100 ..
300 ..
230 1,60
100 4
100 fi
1300 8
230 7
230 2
230 3
100 1
1000 4
600 2.50
2700 8
1000
1100 7
600 7
100 0
100 2
300 1
103
200 fi
100 ..
1200 . .
300 8
200 8
100 7
100 10
300
3210 1
300 6
830 7
300 0
500 4
100
100
400 4
300
100
100
500 6
100
100
2201
Total sales,
5. 070. .173.
Hlh
Advnnce rtumely .... 314
AJax Ttubber 48
Alaska Juneau O M . . la
Allls-Chaltners pf .... 70JS
Am Agrlo C1icm 7S
Am Beet Sugar 7814
Am Bosch Magneto . . 88
Am Can 3t2
Am Steel Foundries .. "30
Am Hide & Leathor pf 75
Am Ice pf 61
Am Internet Corp ... 74
Am Linseed 6B14
Am Locomotive BSyt
Am Safety Itazor ... 13J4
Am Ship & Com .... 20J4
Am Smelt & Ref .... 55
Am Sugar Ref U&H
Am Sumatra Tob .... &4V5
Am Tet A Tel 06J4
Am Tobacco 109
Am Tobacco B 108
Am Writing- Taper pf 45J
Am Woolen 78H
Am Zlno Lead A Smlt 13!i
Anaconda Copper .... 52Ji
Assets Realization ... 3
Asso Dry Goods 27Ts
Atch Top A Santa Fo BOS
Atlantic Coast Line . . 4
Atl Gulf & W I S 8 ..1S7
Baldwin Locomotive.. 108JS
Bait & Ohio SSVS
Baltimore A Ohio pf . . 36Ji
Batopllas Mining .... Vt
Bethlehem Motors ... 18J4J
Bethlehem Steel B ... 74
Butte Copper & Zlno. . IH
Butte A Superior Cop 184
Caddo Control O A B 13JS
Callfronla Packing ... 67
California Petroleum.. 35J4
Calumet & Arizona .. 54
Canadian Pacific, ....118
Case J I 1st pf OtJS
Central Leather 63
Cerro do Pasco Cop.. 38 J4
Chandler Motors 86
Chesapcako A Ohio .. 55?i
Chicago A Gt West pf 2114
Chicago Mil A St P . . 33JS
Chicago Mil A St P pf 0K
Chicago Northwestern 70J4
Chi Pneumatlo Tool .. 78H
Chi R I A Pao ...... 34(4
Chile Copper 1414
Chlno Copper 26
Coca-Cola 35K
Columb Gas A Elec. 83
Col Graphophono .... 2(4
Consolidated Cigar .. 661S
Con Interstate Cat M. 10(4
Consolidated Textiles. 30
Continental Candy ... 11
Corn Products Ref . . . 8853
Cosden A Co 34JA
Cruclblo Steel 135
Cuban Cano Sugar ... 38 U
Cuban Cano Sugar pf 7834
Cuban Amer Sugar .. 41
Delaware & Hudson .. 86(4
Durham Hosiery .... 40
Dome Mines 11T4
Eleo Stnrago Bat rta.. 3
Endlcc. ..-Johnson .... 71(4
Erie 13(4
Erie 1st pf 1B(4
Famous Players L ... 70J4
Famous Players pf ... M
Federal Mln A Smlt pf 35(4
Fisher Body 09
Gaston Wms A Wig.. 9
General Motors 23(4
Goodrich B F 3
Great Northern pf ... 73(4
Green Cunanea Cop . . 35
Gt Nor Ore ctfs 32
Gulf Mobile & Nor pf 28
Gulf State Steel 48
Haskell A Barker Car 70
Hendee ctfs 25?j
Houston Oil Co 05
Int Mer Marine 25(4
Int Mer Marine pf . . . 76U
Inter Con Cop 3
Internat Motortruck.. 45
International Nickel.. 1974
124. 500 shares. comDared ulth3'
Low
30(4
48(4
OS
70(4
78
78(4
S8
33(4
35(4
74(4
61
73
68
4(4
13?
20(4
55
114(4
83 J4
06
108
106
45V4
78
12
82
2H
27 J4
81
85
137
105(4
34(4
36(4
74
i(4
73(4
7H
18H
13(4
66(4
26H
54
1175
81(4
3(4
37H
86H
85 H
204
33
60
70
78
33 H
14(4
38 H
35H
63
J1H
66
10(4
28 J4
11
88
34
132
37(4
76
3(4
06(4
46
UK
3
71
13(4
10
70 n
82
35(4
09
S
31J4
52(4
73
25
3i;
28
48
69(4
25
05
:4(4
74 (S
3
45
19(4
-3,800
30(4- V
48(4-
1(4 ..
70JS- (4
78
78(4
881
34 -
f 35(4 - 14
?V4- J4
613
73 - (4
68 - '
B4(4- 1(4
13 - (4
zo(4- (4
65 (4
114(4- 1J-4
84(4 1
86 (4
10S 3
108 2(4
M r
78-1
13
3 -
2 ..
J4- V
81
85 (4
187 - 3
105(4- 1
34(4- 14
36(5 (4
H - (4
15(4 ..
73J4 (4
7? (4
18S- (4
13(4 (4
66(4 (4
25 ..
642
117M- (4
0OS- JS
88J4
37- 1(4
88-
85 H- A
21J4 (4
33
60
70(4 (4
78 -
31 (4
14(4 (4
iSH-
35
23(4 (4
(4- (4
10(4- (4
29J4 94
11
88 -
34 J
182 1(4
37(4-
75 - U
3954- 2
96(4- (4
46-1
UK ..
3-54
7154 54
12(4- (4
19(4-
70 (4
82 2
35(4 1
09-1
0
21H- (4
2(4- y
73(4 (4
28
31?i ..
38
481
6954- (4
25J4 1
85
24M (4
74(4- 2
3-54
452
10J4- J4
Bales
1100
3000
230
100
0100
1100
100
100
100O
100
100
700
too
2800
1900
700
700
600
309
1500
103
shares eterday,
100
200
100
100
100
100
lto
300
100
100
400
200
1009
800
69
200
200
100
1000
300
109
300
100
290
600
1309
1700
100
000
330
100
100
600
2)0
200
100
300
2400
000
1430
100
150
200
100
1300
2400
4500
1430
200
600
500
690
100
100
1100
600
900
1100
300
1800
600
6600
100
100
4203
300
600
100
400
200
100
100
300
830
200
Thus
High
.. Invincible Oil Corp . 36
.. Island Oil
.. Kan City Southern .. !4
4 Kelly-Spg Tire 77
2 Kcnnecott Copper .... 3
1.20 Keystone TAR 16?4
3.50 Lehigh Valley 4
7 ioulsvllle A Nashvlllo 08
.. Lowes Co Ino 3nJ4
. . Man Electric Supply. . 60
7 Manhattan Elev guar. 43(4
.. Maxwell Motor 10J4
8 May Dept Stores .... 73
10 Mexican Petroleum ..150
1.60 Middle States Corp .. 13
4 Mldvalo Steel A Ord .. 39J4
.. Missouri Paeldo 35(4
.. Missouri Pacific pf .. 43(4
. . Montgomery Ward . . . 38
.. Nftt Aniline A Chem.. 76(4
7 Nat An A Chem pf .. 8B(i
7 National Lead pf ....102
8 Nat Cloak A Suit .... 43
.. National Con A Cable 7
. . Nat R R of Mex 1st pf 8
1 Nevada Con Copper... 10
6 New York Central ... 71(S
2.50 New York Dock 23
1 New York N H A II . . 38
7 Northern Pacific .... 74
.. Ontario Silver Mining- 5 54
40 Okla Prod A Ref .... 3
.. Otis Steel 31
e Pan-Amer Petrol .... 63H
7 Pan-Amer Petrol pf.. 7754
8 Pennsylvania R R ... 40(4
.. Phillips Pet 35
.. Pierce Oil 12
6 Pitts Coat 8(S
.. Plerce-Arrow Motor ..49
. . Pere Marquette 33
1 Pond Creek Coal 15(4
8 Pressed Steel Car ... 80
7 Pressed Steel Car pf.. 09J4
8 Pullman HI
4 Puro Oil Co 38(4
8 Punta Alegro Surtir ..75(4
4 Reading 88(4
2 Reading 1st pf 40(4
.. Replo Steel 69
6 Rcpublla Iron A Steel 82(4
. . Remington Typewriter 50(4
. . Royal D N Y y .... 78J4
.. St Louis San Fran ... 24
.. St Louis Southwest .. 1974
.. Santa Cecelia Sugar.. 18
.. Saxon Motor 6
.74 Shell Transport 47
.. Sinclair Oil 27
6 Southern Paclflo 02
.. Southern Rail 27
8 Southern Rail pf .... 60
20 Standard Oil of N J. .680
7 Stand Oil of N J pf..l05
4 Stewart Warner Sp .. 3254
4 Stromberg Carb 70
7 Studebaker (4
5 Texas Co 4654
.. Texas A Paclflo 34
.60 Texas A Pao C A O . . 39
.. Times Squaro Supply . 27(4
6 Tobacco Products ... 60
.. Transcontinental OIL. 10(4
6 Transue A Wms Steel 4514
.. Union OH 27
10 Union Paclflo 117 J4
8 United Retail Stores.. 63(4
6 U S Food Products .. 68(5
8 U S Ind Alcohol .... 82(4
..US Realty A Imp .. 40(4
8 U S Rubber 80
8 U S Rubber 1st pf ..103
BUS Stool s7
7 U S Steel pf 107
6 Utah Copper 60(4
6 Vanadium Corp C854
8 Va-Car Chem pf 105(4
.. Wabash 8
.. Western Maryland ... 8(5
.. Western Paclflo 26(4
4 Westlnghouse E A M 47(4
. . Wick Speno Steel Corp 28
.. Wheeling A L B 10(4
4 White Motor ..1 48
1 Willys-Overland 16
B Wilson A Co 54
far this week. 2.007.000. Fame
Low
38
5
15J4
76
24
15ft
44
88
20(4
60
43(4
10(4
73
166
1254
30
24
41
28(4
75(4
89(4
103
4354
7
8
10
71(4
23
33(4
74
554
3
21(4
82(4
78(4
40(5
35(4
12
5854
3854
23
16(4
9554
00J4
111
38
74
87
40(4
09
8154
6054
75 J4
24
19
15(5
8
47
26
81(5
37(4
(10
630
105(4
33 V,
69
63(4
44
33
39(4
26
t0(4
10(4
45J4
i7
117(4
3(4
68
82
40(4
85J4
1C3
87(4
107
00(4
"7(4
105(4
754
0(5
20
47
28
10(4
47
10(4
period
154
ft
T4
55
'14
Today's Net
Close Chite.
38(4 J4
(1
24
10(4
44 -08
20
60 42(4
10-
73 ..
156-
13
ft
43(4 28
78 89(4
102 ,
43
7
R
10 .
7154 ,
33
33(4
74
(4
8
21
8255 12
68(4 .
39(4
23 -
1554
00
09ft
111
38(4
74 -87-40(4-60
81(4-5054-75ft-24-10-15(4-6-47
S0 -54
9154 ..
27(4- 54
00 54
660 23
ft
54
55
(4
(4
ft
w
'ift
"(4
1(4
(4
1
"
OS
ft
ft
(4
(4
(4
105(4-
32(4
60
C3(4
46 34
30
27(4
00
10(4
45ft
27 i
"7 C3'i
con
t2ft
40'4
65ft
103 -87(4-
107
108(5
8
0(5 ..
20 - (!
47(4 H
28
10(4 ..
47 H
10(4- y.
64
last week
' V-
2
'ft
V
14
i
l's
1(4
Philadelphia Stocks
i'i
-10
Low
110
in
11
40Ts
30 j
11..
Net
Close ihge.
117 1
10 1
114 U
10ft 7&
30 -74
lil H
1V4 4
"" l
Hlsh
25 El Stor.,117
lDO do war. 17
375 Lk S Cor 11'
00 Pa It R
102 Phlla Co
cum pf . 304
220 Phil Klec 21"-,
30PRT .. 14-i
2o Ton Min 1 "-t
75 Un Tract 2.1
50 U G I... 41 41 41
Total sslee 1102 shares, compared th
6009 shares jesterday. Thus far this week,
30,073 shares Same period Ust week,
JO.eiS shares.
Falej in noNDS Net
J1O0O Hlsh Low Closo chse.
1 Lk Sup inc
Ss 55 55 55 2
21-10 Vic 4i,s 05.50 05.50 05.50 .0-1
1 Phlla i;iec
1st 5s ... 80 SO P0
Total I410O compared ss 1th J17.000 yes
trd Thus fir this week. 1294 700. Same
period last week 1379.500.
Commodity Markets
COTTON MARKET
New York, Aug. 14 The cotton
11 arket ruled unsettled in tone nnd very
irregular as to prices throughout the
first hour. Steady liquidation of Oc
tober acted as a brake upon demand
for the later positions and prices were
close to the lowest, on the basis of
31.05c for October and 30.07c for Jan
uary. Conflicting advices came from the
South as to crop conditions, but. on
the average, they were more bullish
than bearish. An astern belt spot
libndler reported a severe decllue iu the
basis during the last several dajs.
Census figures on July consumption,
showing domestic mill spinnings of
525 .505 bales, against 510.32S bales a
ear ng". mused surprise in the trade in
view of the general reports of curtail
ment last month.
The figures, however, were not a
market influence.
rre 1 lose Open Hish Ixiw c'.'..
(Vt 3111 .11 J"' .11 --. 0 R 30 04031
De 3111 .I'M-' 30 L'7 .10 00 30 00
Jan.. 29 04 28 90 211 -M 2S 90 20 OJ
Men 2S till 2s ftO L'MU .". 11 2 ll'63
May 25 31 JR 37 2S 00 28 33 25 28
Hid
called, Is unobtainable.
GRAIN MARKET
Chicago, Aug. 14. Wheat was irreg
ular at the outset, but after the BUrt
was generally easier. The undertone
was influenced by improved political
news from Kurope.
There were many small buying orders
for December In the pit nt the start,
while offerings were limited, nnd it
opened 14o to 1c higher. After the
demand was supplied the delivery weak
ened. Trade was of small proportions.
December opened nt S2.41 to $2.42,
compared with S2 U nt the end yester
da, and fell to 2 30. Mnrth opened
1W lower at S2 42s.. and inter sold
at"S2 12. Receipts were 104 cars.
Com opened weaker on favorable
weather, except at a few points in the
Northwest. There was scattered sell
ing In commission houses 11 1 the out
set, but on the setback some Important
concerns purchased. The crop is still
two to four weeks late and there was
npprehenslnn over lower temperatures.
September opened nt $1.4HV to
$1 4S, against 51 40 at tho closo yes
terday, and rallied to S1.40Vs De
ceiuber started at Sl.25 to $1.25,
against $1.2.r at the close yesterdny,
and later bold at SI .25 May started
lc lower, nt $1.22-j, and improved to
$1.2314. Receipts were 57 cars.
Oats onened easier under scattered
selling bv commission houses, Demand
was small.
1 September opened nt 71c to 71Q,
against 72e at the. close yesterday, and
later sold at 71V4c. December started
at "Oo to "Oftc against 70 Up nt the
closo yesterday, and later sold at 00e.
Tho receipts were 171 cars.
Leading- futures ranged as follows
Wheat
December .
March . . . .
Corn
September
December .
Oats
September .
December .
Pork-
September c
October ...
Lard
Beptembor
October ...
H lbs-
September
Open
2 41
Hlsh
4J
1424 2 34
Low Close
3S 2 ,1H
10 2.41U
1 4S
1 25
1 50S 1 474 1 48H
1 2's 1.23e 1.24H
71 si
70
71'.
70S
70 4
611 S
.1S.07
.10 27
in 01
19 37
.15.40 15 41
October 15 00
18 07
10 27
1.1 37
14 83
70
OU'.i
2.1 30
26 OO
IB 07
10.30
IS 40
15 S3
NEW YORK BANK STATEMENT
Loans Increase In Face of Heavy
Liquidation Deposits Drop Off
New York, Aug. 14. The exces re
serve of the clearing house institutions
was increased $3,404,010 this week,
carrying the surplus over legal require
ments to 18,575,730. This was largely
accomplished by reason of reduced lia
bilities, in the drop of $10,1137,000 in
demand deposits, and offset the loss of
$1,473,000 in reserve in the Federal
Reserve Bank. An expansion of $10,
305,000 in loans and discounts wns hard
to reconcile in view of the week's ex
tensive liquidation movement. Appar
ently this represented further exten
sion of the borrowing of the member
banks at the. federal institution.
Details follow :
AVERAGE
This week
Excess reserve. IS 015.520
Amrceato res 541.41$ noo
Loana, etc . . d.iuo.uou uuj
Cash In vaults
and mem. bks. 02.771.000
Res in mem
ber banks and
reserve banks.
Reserve In state
banks . trust
companlos s 152.00A
neservo In state
banks & irusi
company dep
Nciv York Curb
1.VDUSTHLVLS
lllirh Low Close
:
&
Illii
. atvt
.114
. 80
: $
: ft
:4
nu
Acme Coal ,.
Amer Candy
Car Llht
Firestone Tiro
Oen Asphalt
Goodyear Tire ..
Goods cat TIM pre!
Grape Ola
Grape Ola pref .
North Amer Paper
Preasman Tiro ....
Radio Com ....
Root Vandervort ..
Rainier Motor
Submarine Boat 11 '? 114
U S Steam "lj 2
United Iroflt Sharing- . 14 l'i
United Retail Candv .... 12 11
Warren Bros . (in 0U
.ST.i-NDARD OILS
Buckeje . 00 00
INDEPENDENT OILS
5
2'i
120
31
114
V,
2S
4
14
'S
344
RH
24
0
24
120
33
114
SS
24
Si.
i
344
StBI
Allied Oil
Boston Wyoming
Cities Pervlce "B'
Dominion Oil ...
Elk llasln Pet ..
Federal Oil ....
Glenroik Oil . .
Granada
Inter Petroleum
Maracalho Oil
Merrltt Oil
Midwest Reflnlna
North Amer Oil
Omar Oil ,.
Pennok Oil
Prod & Refiners .
Red Rock Oil . .
Roy de Franre . ,
Ryan Oil Cons .
Settled Prod . . . .
Hlmms Tet .. .,
Rkellv Oil
Tropical Oil
Un Texas Oil
Western Mates
White Oil .. ..
ctfs,
"0
. 14
. 32i
. 04
. 7
:!
33
. llHi
1.14
14.1
2f
. 24
$
. B4
. 184
'v
. 104
. p
. 104
: It
. 18
4
A4
18
Last week
112.001 600
5.12 1 18.1100
5 112 U41.00O
01.001.000
624. 872.000 635,570.000
8 237.000
rompany dep s 414 nno
Net dem nd dep.4 ojs ccm i
Time deposits
f'lrcuiation
U. S. deposits
deducted . .
I ono
250.782 000
31 0J7.000
37.270 000
ACTUAL
This week
Eseess reserve. 118 573 7.11
AKtreitatH res.. Jjo.njj.nno
Loans, etc .... 5,112,510,000
Caah In vaults
and mem. bks 88,301,000
Hes. In mem-
her nanus ami
reservs banks
Res, In stite
bsnKs & iruei
companies 7 831.000
Res. In state
banks & trust
company dep . 8 B.in.noo
Net dem'd dep.4 017,344.000
Time deposits . 210 378,000
Circulation 34.018.000
U. H deposits
deducted 31,807 000
8 303.000
4 078.284.000
2.14. 071). 000
35.033.000
40.377.000
IiKt week
S15.171.120
r.52,HJ3,ono
5,102,143,000
00.463. 000
C34.400.OO0 D33.O31.0OO
8.137.000
8.530 000
4.018 281.000
233 078.000
34 ll&l.OOO
38 800.000
J777.7B8 000 J2.U4 0O0
7,010,700 70.800
17.803,500 318 600
77,216,200 3 r,2,4O0
832.832.300 ,1320,100
STATE RANKS AND TRUST CO.MPANIK3
Increuso
Loans and In
vestments ...
Gold
Currency and
bank notes
DeposltB with
Fed. Res Ilk.
of New York .
Total depoelu.
Deposits, ellmi
natl'K amounts
due from res
depositaries &
from other bks.
and trust ios
In N Y City,
enrhanges and
deposits by I'
H Government
p r o c e eds of
sale of bonds.
Reserve on dep.
P. C of reserve
Decrease.
708,294,800
140,346.600
.20
10,344.000
3,101 400
RAILROAD EARNINGS
ATCHISON BT8TEM
inon
tl8.7Bl.A8T
Mai onerat. lncoma 1. 810. 683
Six monther stoss ... 116,585,800
J4et oparaw lawwe so,iav,uid
June froia
Ino.
13,045,503
837,802
21. 790,833
6.873.637
23
oS
3
12
1
.1
HI
1
loi
i
MININO
Atlanta 14
Pis- Lcdite ,
jiooin . . ...
Boston & Monunn .
Caledonia Mlnlnjr ..
Canada Copper
Creseon Gold
Dlvldn Eit
El Salvador
Eureka frnesus . . ,
Eureka Hollj . ,,
Golden Gate Exp .
Gold ConB
Gold Devel
Goldfleld Florence . . .
Gold KevMtns
Gold Sliver rkk ...
Gold Zone
Great Bend
Hecla .Milling ,,,
.Itimtv V.lnn.ln.
Knox Divide !!!!.'! fi
Loumana V.O
McNamem
Mursh Mln
Mother l.ode ....
Mother Lode new . . .
Murray Moic
Nlplnslna-
North Star
Rex Cons
Rochester Mines ....
Kan Toy . .
Silver Klne Divide .
H Sjlver Isd ..I
Succeae Mln
Tonorah Belmont .. ,
Tonopah cah Bov ,,
Tonopah Divide ....
Tonopnh Ext
Tonopali Jim Butler .
Tonopah Mldwav .. .
Tonopah Minlna .. .
Tonopah MUn.ih ...
Tonopah Montana
Tonopah Rescue Eula
U S Cont
United Eastern ....
Victory
West End Con
vvnite caps s
White Caps Ext 14
Wllbert '.!. 4
Yerlngton 3
!0
04
7
-a
in
13
14:1
24
ft
5J
184
14
10
04
104
'
4
18
m
4
HI
18
ift lit
14
4
1.',
'
3
U
1
111
1
4 A
4
12
60
5i
70
84
4
11
(l
4
n
"a
4
1A
7
14
1A
12
7
1A
10
n
18
04 2A
5
14
A
12
5tJ
7ir
II
4
"a
4
14
7
14
1A
11
7
1A
10
n
17
S3
4
14
8
14
4
SO
114
24
IV
12
00
t0
20
14
324
4
7
?
84
83
104
13
144
24
ft
6 4
184
14
in
04
in;,
14
4
81
18
.!.
21
!
1A
'
3
1.
1
3
1
1
4
5
12
Allied Tackers 0s
Armour 7s ....
Berlin 4s ....
Sinclair 74s .
Union Tank 7s .
BONDS
08
n4
104
874
06i
08
nni;
l4
stiv:
00i
New York Bonds
Amer Bmelt'STi
a Ren-c os
2 78M
3 75M
4 764
4 754
A T & Tel clt
1 7BV4
Am Tel 4 Tel
rv iUa
18 60(4
A T & Tel 5a
1 77
6 77
6 77(4
2 77
A T & Tel fls
1 05T4
2 .... 034
2 .... 054
1 00
Anc-French 6s
3 .... PB.
20 00(4
Armour A Co
Real BB4V1
2 75
Atch Topka A
fl Fa 4S
2 .... 7
4 754
Atl C L clt 4i:
10 03 V
A Coaat Line
rets 7a
2 07T4
1 0714
Bait & Ohio cv
7 03
B 02
Bait & O 84s
1 TO1
Bait & Ohio 4s
4 00V4
1 60S
1 004
Bait A Ohio 6s
0 Bl"4
1 614
7 61
4 02
Bait & Ohio 0s
4 Butt
2 87
2 .... 86
87
87
87 U
tSALES IN 61000J
5..
6 .... 87V4
1 87
1 87i
1 87
11 87
Cent'l Tac 1st
2 70V
2 704
10 .... 70V4
Cent'l R R of
N 3 Os
4 06
C A Ohio 44s
B 704
2 70
4 .... 70
CAOcv 44s
2 73
C'k & O cv 5s
B 7a;
13 .... 77
6 .... 77
10 . .. 76i
C A. Altn 34s
3 .... 83
C B'n & Q 4s
4 .... 034
1 .... 03W
1 .... 04
2 .... 01
C B & Q II 4s
5 78
Chicago Mil &
StP cv 44s
2 .... 08
Chicago Mil &
StP fd 44s
7 B04
2 .... 504
1 B64
5 .... B6'i
Chicago Mil &
St P cv Bs
1 05
Chi & Nwn 7s
8 ... 100
C R I & T fd
n . .. 004
2 OflVi
Chi U Sta 4 4
1 .... 76
Chicago Union
Sta ct 04a
1 . . 1014
Cl'd Cln Chi ti
St L gm 44s
5 .... 67
Clev S L 44"
2 774
Cty New York
44s of '67
2 . . 004
City Paris fls
4 .... 014
C Id Cln Chi &
St L 4 4s
2 .... 72
5 .... 72
Cona'd Gaa 7a
3 .... 074
5 .. 07
Cuban C B cv
2 .... HO
1 00
Den a It O Id
1 . 474
Den & R O 4s
1 034
D Can 54s'21
3 . .. 07
3 .... 07
10 . . 074
D Canada '29
15 . . 00
D Canada '31
1 sns
Pnm'n Rep 5s
10 84
Gen" I Elec 11
2 . . 811
Gfn'l Ele'c Os
.1 tis
G RwlU d rets
2 ... 1024
3 ... 1024
2 ... 102i,
2 ... 10-Ji,
5 ... 1024
1.... 1024
1.,.. 103V. Peoria AH 1st
1.... 102VI 1 B8
10..,. 102U Republlo Cuba
Hock'g V 4Hs Bs of '04
1 67 8 88Vi
6 07 Ro O A W clt
Hud A Man fd 2 B0
1 B8H -vv.6?.
3 B.14 R I A AL 414
10 B8 1 J
Hud A Man In 3 634
1 17U 1 J,4
2 174 2 63
B 1TV4 2 684
Ills Central fd at Louis A a
6 704 Fran aJ
4 70 3 6J;
III Cent') 34s 1 0"
4 68 1 jW
IllCen'lls '52 10 6JH
1 00 3..... 61 S
111 Cen'l 4s '68 Pt Louis A S
1 064 Fran In
4 634 10 fJj
0 054 1 "J
III Cent'l B4s 0 -484
1 854 1 484
Intboro M 4u 1 4S?
B 11 4 48S
Intboro RT Id 2 .... 48J4
1 .... 42 1 J84
10 42 484
fl 424 7 484
20 414 1
61 424 3..... 10
1 M Marino 6a St L A 8 Fran
2 81 Serlo A
Jap Oov't 2nd 4 B8V
8 70 1 B?
Jap Oovo't 4s 8 66
2 B4 1 B6U
10 Bl 2 B0
Kanawna AM 1 BOH
Rwy 2ds 1 B04
1 80 1 504
Kan C A 8 8s St L A 8 Fran
6 334 Series B
1 B34 1 674
7 B3H 2 674
B 634 3 674
Kan C A 8 Is 8t L A 8 Fran
1 614 Series C
Kan C A 8 Bs 1 834
2 00 8 83
2 654 8 L A 8wn Bs
2 054 B B04
Kan City To'l St P'l Minn A
Rwy 4s Manlt'a 4 4s
3 074 B 87
K Belg'm 74s 3 87
3 074 6 87
2 074 Seab'd A L aJ
1 1)74 8 83 U
Lack Steel '23 4 83
1 804 B'n PacWIe fd
Lack Steel '50 1 734
1 83i B'n Tac cv 4a
Lake 8hors M 1 74 4
0'n 4s '28 6 744
1 704 SO 74
Llg't A Myers 6 n Pao ev 3s
Tob'o Co 7s 1 034
2.... 1024 B'n naliws 4s
L A Nash 4s 4 50
4 78 1 504
LAN rets 7s 3 504
4.... 102 2 504
2.... 1024 10 flOU
Man E Sta 4s 1 00
B 50 1 .... B4
Mln A Pt L M 2 BB4
2 47 2 00
Mln A St L 5s B'n Ratlws 5s
2 674 3 834
Mo K A T 4s Third Ave 4s
B B4 2 3SVI
Mo Pao gm 4s Union Pao cv
1 B2 3 804
8 B24 Union Pao fd
No. Tube Co 6s 3 754
1 81 2 734
New O Tex A Union Pac 6s
Mexico 4s 1 00;
1 60 U K ot O Brit
New O Tex A & I'd 1021
Moxlco Bs 82 004
6 404 U K of O Brit
N Y C A It R A I'd 1822
R R 34a 35 004
21 65 1 004
N Y C A H R 30 .... 004
H R ne 4a 40 004
1 .... BO 50 DOS
1. ... 404 t P04
sj Y C A H R 10 004
R n 6s UKotO Brit
3 .... 80 & I'd 1820
5 . 884 2 854
N Y Dk Co 4s 10 81
1 .... 03 1 85
N Y Light H U K of G Brit
4 PovVr 4s & I'd 1887
1 .... 50 2 81 ;
New Y N H A 18 814
Hart'd 6s 20 814
1 73 B R1H
N Y Tolo 44 2.1 814
1 74 11 83
10 744 10 ' 82
1 7BU 1 82
N Y Tele'e fls 2 824
1 804 U B Rub'r 5a
N Y West C A B 774
Bost'n 44 U 8 Rub'r 7a
2 42 2 084
N"k A W'n 4a U 8 Rub 74a
4 ... 75 1 07
N"n raclflc 3a 1 07 4
7 Bl 2 .... 07
2 Bl US Steel 6s
2 Bl 2 01
N'n raclfllo 4a 2 014
B 744 U Pwr A L Ba
1 744 2 714
4 . . . . 74 4 Va 6s Brown
Oregon S L 4s Bros Ctfs
2 77 10 .... 63
1 77 Vlr'a Carolina
1 77 C Co 0s
Pao O A B Bs 21 034
. 1 75 Va Rawoyn Bs
1 .... 7.1 6 78
1 .... 75 Wabash II 2nd
Pa RR en 4 4s 2 80
7.1 .... 00 Wea'n Elec Bs
2 . . P04 4 014
Pa R gm 44s West 8 rcg 4s
1 .. . 754 1 ... CI
1 . . 76 W'n Union 4 4
Penna R R 6s 2 71
3.. .. 84 4 Wlson Co cv
Penna It R 7s S 83i
2.... 1024 Wilson Co 1st
4 ... 1024 '1 86t4
1 ... 102 2 88
1 ... 1024 Win Sal 4s
1.... 102 1 05
LIVE8TOCK QUOTATIONS
Chicago. Aug. II, CATTLE Receipts',
1500 head Compared with week ago: Good
and choice hardywelght steers an Yearlings,
and prime heailes generally 60a hi""! J
spots 76o stronger; rough, heavy cattle, strong
to 2.1c higher! good rassy steers. 40o to 6O0
higher! H"'"' weighty grassers. steadyi
?ommon kinds. 23o to 40o higher! opd io
best she stock and canners, 23o higher:
others 23c to 600 lowri bulls steady to 26o
higher. Calves, 25o to II lower! stockers
mostly Btte higher. JAnn . . ,
HUUtt IteceipiB. mi'" ' mu-i.r ,w
l,
.... rn-rt n.ulht. .Nflfl h a, DruAH.alt
all direct. Compared with week ago: Fat
lambs. tlQl.SO lower: jearllngs .LB0W2
lower: owes. 60a to 75c lower: feeding lambs,
2So to 6O0 higher: feeding sheep and
yearlings, stesdy to lower.
nttannrsh, Aug. 14. HOGS Receipts,
2300 head, Steady. Heavlss. 116.23lB,B0i
heavy yorkers, $1I SnfllH 0: light yorkers.
11, pigs. J15W1B.60.
SHEEP AND LAMUH Receipts, 200 head.
Lower. Top sheep, 10; top lambs, 113.
CALVES Receipts, 100 head. Lower.
Top, $17.60,
East nntTalo. N. Y Aug. 11. CATTLE
Receipts, 7B0 head. 8low. Calves, re
ceipts, 260 head. One dollar lower. $80
ilOCJH Receipts, 2100 head. Pigs. BOc
hlsher: others, 1015c higher. Heavy, $10
evl0 23j mixed. $16.60016.76: vorkere.
Ill) 75W10.83! light do. $lfilfl.B0j pigs,.
$181 roughs. J12..10W1I). stags, $8fl10.
SHEEP AND LAMBS Receipts 600
head. Blow. Lambs 60c lower. Lambs.
$613! yearlings. $U810; wethers $8 6000;
ewes, J37.73; mixed sheep. $808.60.
East St. Lonls. HI.. Aug. 11. CATTLE
Receipts, 000 head. No sales. Market for
week: Fed native steers, top light yearlings
and heifers and top cows. 25o higher: other
grades of these classea steady. Quarantine
and Oklahoma steers, 23c to BOc lower. Bulls
and canners, stock cows, stock and feeder
steers steady. Veal calves, $1,25 lower.
HOGS Receipts. 2000 head. Market slow,
steady to 10c hlsher than Friday's average.
Early top. $16.00: bulk light and medium
weights. $13.25016.80; bulk heavies. $11.25
15.
SHEEP Receipts. 400 head. Lambs
steady. Market for week: Lambs. $1.60
lower. Bheep BOo lower.
DANK CLEARINGS
Bank rlear.rgs todiv comnired miis
responding day last two lears; wlth !
1020
Phlla. ..177.7H0.7fl3
Boston 62,278.820
N. Y. ..018.632.618
rhlearo . 07.523.468
Baltlmora ln.iun.n.- 10,131,437
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Pitt, Gin., Chi.
&St.L.RailwayCo.
Fifty-yoar Gonoral
Mortgage 5 Gold Bonds
Due 1970
Payment of Principal and
Interest Guaranteed by the
PENNSYLVANIA RAILROAD CO.
A long-term railroad mortgage, bond
guaranteed by tho Pennsylvania Rail,
road Co., and covering a largo part of
Important mllcago of tho Pennsylvania
System.
Free of Pennsylvania, state xx
Price to Yield Over 6.60
Particulars on roquost.
Carstairs & Co.
Promptness, Accuracy, Security
1419 Walnut Street
Philadelphia j lyi
Member Philadelphia al A 1
Mew York Stock Kxchaoaea Vf
71 Broadway, N. Y.
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 Drder 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.
Dated August 14th, 1920.
L. J. CLARK. Secretary.
81T Chestnut Street,
Philadelphia, Penna.
EVAN RANDOLPH. Chairman
JOHN ORIRBEL,
ARTHUR V. MORTON.
WILLIAM A. LAW.
CLAUDS A. SIMPLER.
Committee.
FRICHARD. GAUL. BATARD & EVANS
Counsel,
nnI0",,.,1J771-onn- compared with $7,112.--?2
'.,lor,lal Thu 'ar this week. $18,
1 1 3 uon,
. .. . High txiw CIoe
Liberty W(,f 10.40 1)0.18 1)0.18
Liberty 1st -Ik... 84.00 84.00 84.00
Liberty 2d 4s... 84.30 84.10 84.12
Liberty in 4V,m.. 84.00 81.60 84.00
Liberty IM 4V,k. . 84.40 84.30 84.30
i.nierty .-fd 1's.. 88.08 87.70 87.80
Liberty 4th 44k.. 84.80 84.72 84.80
ic j Notes 3-!',h... O.'i.'OO JlM.riO N.VBO
Vie Notes 4T,s... f)5.rS 05.n0 05.50
DIVIDENDS DECLARED
Chestnut Hill Railroad Co, quarterly IH
rer r-nt rajahlo .September 4 to stock of
renpl Aucuet LO
l'hlladelnhla. tlermAntnu-n unrf Mn-,..Hn
I nuliroad r0 qunrterly .1 per cent, payable
Mrtemher 4 to stock of record August 20.
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08'.
Merchants' Union to Reduce Capital
,uAx?p'cial .m,elnK of Htockholdera of
the Merchants' Union TruBt Co will he
held on October 20 to take action on a
proposed reduction of the capital stock
from $1,000,000 to 600,000 and on "lie
proposed change of par value from $100
lo 'B0'..4 letter explaining tho proposal
says "The funda thus llbernted will be
used part y In reducing tho book values
?f P.ur, "5 dl"ss of tecurltles, other than
United States Llborty bonds, to about
market prices, and the remainder win be
credited to mirplus and to undivided
profits accounts. The earnlngH of the
company have averaged nbout $6 per
annum on the nhares, or 13 per cent
on the new capitalization. The dividend
rateslnco April 2, 1913, haa been SI
quarterly, or M.per annum. Your board
believes that thla readjustment of the
capital stock will be of advantage to
your company and will not disturb Its
earning; capacity,"
Important Notice
National Properties Co.
American Railways Company
4-6
In accordance with the unanimous vote of the
bondholders present at the meeting held August
12th at the Bellevue-Stratford Hotel, a Com
mittee is being formed to take such action as
may be found necessary to protect the interests
of all bondholders who are opposed to the pro
posed modified plan of Reorganization of Amer
ican Railways Company.
An announcement of Depository and names of
members of Committee will follow.
Bondholders who have not already protested
the plan and wish to do so should write such
protest at once to L. J. Clark, Secretary of Bond
holders Protective Committee, 517 Chestnut
Street, Philadelphia.
James E. Gorman
V. Gilpin Robinson
Charles E. Grange
Oliver C. Lippincott
Walton Gibb
1634-35 Land Title Building.
"1
NORTH PHILADELPHIA TRUST COMPANY
hTATH.MK.NT AlHil'HT 10. 1020
We Have Increased the Amounts of Onr Deposit and the Number of Depositors Since Mar T ,it and
Now Have 6507 Depositors with Check Account "eposltoni blnce M" !'""' "",
And 7080 Having; Fund Depositors !;i?2'
OR A TOTAL BELONGING TO OUR 16,586 DEPOSITORS OP $G.1.9,517.11
These funds the Company loans and Invests In a careful ,.. M aH ,0 br ava, ,,, ,o B(et d ,. rMUls ,
payment. For this purpose we hove:
I. Cash In Our Vault Gold, Silver
and Notes $ 323,409.71
II. Cash on Deposit With Banks
Payable on Demand 237,931.00
III. U. S. Government Securities.... 758,852.55
IV. Bonds of States and Cities 289,298.81
V. Bonds of Railroads and Other
Corporations 805,746.96
High grade and readily sold.
VI. Loans of Firms and Individuals 1,939,511.00
Payable when wo aak for It with securities of well
known market value pledged for payment of loans.
VII. Loans on Time to Firms and
Individuals $ 121,155.00
Mostly thres and four months, with securities of
well known market valuo pledged for raiment
VIII. Loans on Promissory Notes.. 215,202.89
To Arms and Individuals, payable In three or fur
months,
IX. Mortfjages 1,995,101.00
Mostly on dwellings occupied by the owners. h'a";K
?ho n ?mi mii0 uft0''ly payments on account
X. Banking IIouso and Vaults 253,291.72
Includes safe deposit vaults containing 1337 bo.
of which 1275 are rented to customers.
XI. Interest, Title Fees Earned .,
and Box Rent Duo Aug. 10, 1920 U82a.?8
TOTAL "6,939,335.63
THIS LEAVES A SURPLUS OF $ 839,818.52
",g00th0.fcTrlti,l".2R,srn'nV tWi 'or Int.re.t and taxes, th, ;.
Hh?eh i!.m! ! ' ,25l'000' "urPlua. 1800.000, and undivided profits. I5S.8I8.W
whlch constitute. . guarantee fund for all y,ho do bu.lne.s wjth u..
IN AHDITION TO THE AnoVK. WB nOUl MS1.070. IN TRUST. MADK VV OF 01 Reft Bl nr HEODBITIES AM
J30.400.5O IN CASH. WHICH Ann kipt pvt.b.v o... ' . '" m 0V '"is0'B W HEOUimU'
Ti -"" BuaniiATfi AND APART JTK0M TUB COMrANX'0 A3o""
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