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nn i Jh nn
VaxjuakuhXIm- xLUSOiaXAj, Owb
fifcAZIER&Co
BROAD AND SANSOM STS.
PHILADELPHIA
19 SOUTH ST., OALTIMORE
63 DROADWAY, NEW YORK
FRACTION CHASERS
NIRO
L
MARKET
Fresh Weakness In tho Lower
Priced Oil and Motor
' Sharos
LIGGETT'S INTERNATIONAL
LTD., INC.
8 Cumulative Preferred Stock
Dividend Guaranteed by
The United Drug Company
$50 per share to yield 8
Detcriptivo Circular on Request
MOORE
LEONARD
& LYNCH
CUSHMAN NEWHALL
MANAGER
" 1429 WALNUT STREET
Loncncre Ilotcl Dldr.
nttborh
DolTdlnc
Kew York
Broadway
MEMBERS
NEW TOniC. rHILADELPlIIA AND
PiTrffnunan stock exchanges
The Record of
Electric Lliht and Tower Com.
fame under tli trying rondl.
Ions of tho Pimt few years ts
most conclusive proof of the
strnnr position of thin Industry
and demonstrate lery clearly
the Investment merit of sound
reurltlra of such companies.
WE OFFER AT A PRICE
TO YIELD
8
Free of Pcnna. State Tax
a eeeurlty of an Electric I,lht
luiif rower Company whicli has
had a splendid history.
Detcriptivo Circular on Requeit
PARSLYBROS.&Ca
BANKERS
1421 CHESTNUT STREET
PHILADELPHIA
HIHinILIll..HIA.IOIII XOHANa
New Yoflc, Aug. 10. The hcsltatlne
character of tho market was moro clear
ly defined today than over. The week
end developments, both from a foreign
and domestic Viewpoint, were of a na
ture likely 'to promote farther caution
and curtailment of speculative activi
ties. Not only was the volumo of deal
ings materially reduced, but tho mar
ket was virtually without settled ten
dency for any considerable time, yet tho
mercurial vernation in price movement
reflected llttlo olso save the scalping
operations of the professional traders,
which clement had virtually complete
control of tho market
no of tre moro disturbing features
was the continued weakness of the low
priced oil and motor shares, nnil others
of the recently exploited Issues. This
element or. wcoKness indicated thnt the
purging process of collateral market
loans was not yet comnletcd. and tho
cnaracter or the selling suggesed banks
were still finding it necessary to do
in a ml substitution of moro liquid col
lateral in loans.
Unlike the previous demonstrations
against tnc softer spots, tho depression
or tne individual stocks was not fol
lowed by a general selling movement.
While It had a dampening influence, yet
tne principal cucet was to restrict ac
tivity and virtually leave the ceneral
market in tre hands of that group of
tne trading element commonly Known
ns "fraction chasers."
Not only did the market have fresh
complications in tho foreign situation
to combat with, but also conclusive evi
dence of a further strain I if financial
resources, as indlcntcd in the 1 per cent
.decline in the Federal Reserve Bnnk
ratio to 118.8 per cent. On tho top of
this was the unsettled oxchnnge on Lon
don, although rates were only slightly
shaded from last week's closing level.
From the very outset tbo market
showed nn uncertain tone. An irregular
sclllnc movement at the opening, with
.pressure centering In the oils, shippings
and motors, produced initiui recessions
ranging from fraction up to 4 points.
The oils, steel and equipment shares, in
turn, led a general rnlly in tho first
hour, Mexican Petroleum nnd Baldwin
Locomotive mnklug full recoveries. At
tho same time. Crucible nnd lteplogle
Steel rote substantially over last week's
closing prices. Atlantic, Gulf and W'ct
Indies mndo up half of Its 4-point enrly
loss and other shipping bhares Improved
to n like extent. There wan greater
ficndincss among the investment rails.
Much of the advantage, however, was
canceled beforo noon when low-priced
nil nml motor shares were depressed
by a series of bear drives, that element
continuing tno same tactics as iouowfh
last week to uncover the weaker spots.
On this reaction the trading becamo In
tensely dull.
Another rally during the very dull
early afternoon session was featured by
thn Euronean oils, notably Roynl Dutch
and Shell Transport, the tobacco group
also strengthening. Stools nnd other
prominent Industrials continued to move
hesitatingly between bigu and low lev
els of tho morning.
RECORD DULLNESS
IN LOCAL MARKET
i i
NEW YORK STOCK EXCHANGE TRANSACTIONS
Sales
100
800
900
300
300
400
100
100
200
100
eoo
too
soo
700
100
300
100
D00
300
490
1200
too
900
100
400
ZOO
109
1000
Dlv.
In I
tilth
. . "i --
0 Advance numoly pf. , flOK
8 AJax Rubber 49
1 AUIg-Chalrnera 30&
8 Am Agrlo Chooi Wi
10 Am Bosch Magnoto .. 80J4
. . Am Can , , 34 .
7 Am Can pf 87
.. Am Cotton Oil , 211
0 Am Drug Syn 10
. . Am Hldo ft Leather. . 1W
7 Am Hldo & Leather pf 74 J4
0 Am Internat Corp ... 72
8 Am Linseed 08H
6 Am Locomotive 9S
. . Am Ship ft Com S0H
4 Am Hmelt ft nef .... 8SJ4.
3 Am Steol Foundries.. '3JJ4
7 Am Sugar lief 114ft
10 Am Sumatra Tob .... 83 J4
8 Am Tel A Tol ...... 80(4
7 Am Woolen 77
. . Am Zlno Load ft Smlt 13
4 Annconda Copper .... 51 ft
4 Asso Dry Ooeda 28ft
6 Atch Top ft Santa Fo 81
5 Atoh Top ft S F pf . . 7ft
. Atlanta Blr & Atlnnlln nlA
10 AU Gulf ftW I S S ..135K
. 2iS0. Wet
Jjow (NTlm) Chcs,
MllBIILIlMMffBffllBMBllBM
9 ESTAI
ESTABLISHED IS65
BIOREN & CO.
BANKERS
niMinsimui i., rniiaaoiptlla
Government,
Municipal, Railroad
and Corporation
Securities
tttmltrt Kev Yorlt ant PMadiitMa H
Btock Exchange EJ
lm urn .ii
ICMmut;aotij'iai.a3i;iiU4iJijaa:ialSaiCTk.'
yStrPioi
l aVvjw fittt
i wniimw f .
STOCKS "organized Raih
BONDS Kauway tquipment
Issues
Do you know what It behind
their marketwlie activity) Our
pedal letter "C. A. R.' which
Ii a mull thing to aak for and a
rood thing to have, will tell you
Complimentary copy for the
ntklng.
Marketable lecuritic carried
upon conservative marginal
bail. Odd Late a tpecialty
mmwm&Cbi
(nuecreaora to Goldbrra Si Helm)
Member. ( Plilladelphla Stk. Eich.
VConaol. StL. Kt. of .N. y
1G22 CheitnuT Street '
rboneai Dtll. Spruce so
Keretone. Kara ill'
74 Uroadwar 480 flth ATe N T
Htamford. Conn,
Dealings Wcerc Entirely Per
functory and Smallest in Vol
ume Experienced in Years
It would be difficult to find n pnrnlell
even in mid -summer for the extreme
dullness which prevailed in today's
local market. Almost every condition,
circumstnnce and influence seemed to
combine to place further restrictions
upon market interest, if such n thing
were possible. The volume of dealings
was about the Mnallcst hecn tula year
and there was not n particle of signifi
cance to be nttached to what few trans
actions were made. It was u market in
name only, nnd should be judged ac
cordingly. In 'so far as prices there was about
an equal division in gains and declines.
Tho changes either way being limited
almost always within smull fractional
limits. The only wide change, nnd that
was only :J4 , occurred in Electric Stor
ago Battery, which fell to 11C'4 after
opening at 117. Less than 100 shares
changed hands. Trading almost btopped
entirely in the warrants, which were
off M nt 15.
Pennsylvania Railroad held firm
around 40. Philadelphia Electric was
held at 21 , wbllo llapid Transit, on
small sales, tell oil v to li. Phi h-
delphla Traction, on nominal dealings,
declining to (50. United Gas Im
provement was Arm at 41. Lake Su
perior dropped back to 11 V,. Lehich
Navigation remaining steady nt 08.
Moro or less interest, of course, was
centered in tbo National Properties Co.
controversy. It is believed that the
protective committeo will declare the
refinancing plan operative today. On
the other hand tho opposition will hold
another meeting this afternoon, and,
it is said, will name their own com
mitteo and depository.
Sin2 S,no Balllwn Loeomotlvo!!l0Sft
. . nan unio 3S
4 Bait & Ohio pf 40
8 Barrett 134M
.. Bethlehem Motors ... 15J,
8 Bethlehem Steol B ... 7 ft
. . Brklyn Bnpld Transit 10
.. Butte ft Superior Cop 10ft
.. California Petroleum. 3&K
10 Canadian Paclflo ....118H
. . Canada ft Southern . . 38
. . Caso J 1 ii
0 Central Leather 84
7 Central Leather pf . . 00
10 Chandler Motors 84ft
4 Chcsapeako ft Ohio . . SO
.. Chi Mil ft St Ppf .... SO
8 Chicago Northwostcm 70
.. Chi R I & Pao 33
. . Chllo Copper 14
1.80 Chlno Copper 35ft
1 Col Graphophono .... 22
7 Consolidated Cigar . . 06ft
1 Continental Candy ... 10H
? Con Interstate Cal M 10
8 Consolidated Textiles. 20J4
4 Corn Products Bof .. 87H
2.80 Cosden ft Co 34
8 Crucible Steel 131ft
. . Cuban Cane Sugar ... 38
7 Cuban Amcr Sugar . . 40
.. riivlson Chemlcnl Co. 32
10 Del Lack ft Western. .238ft
. . Denver & nio Grande. 4 Ji
. . Dcbecrs Cons Mln Ltd 28
1 Dome Mlnoa 13
.. Klco Storage Bat rts. 3
6 Endlcott-Johnson .... 70ft
Erlo 12
8 Flsk Kubbcr 27ft
.. Frceport Texna 21ft
.. Gaston Wms ft Wig.. Oft
fl General Cigar 01
1 General Motors 21H
0 Gen Motors deb 6 .. 08H
0 Goodrich B F 82ft
.. Granby Consol M & M 3l
7 Great Northern pf ... 73 H
4 Gt Nor Ore ctfs 31 JJ
. . Guantanumo Sugar Co 20
4 Haskell ft Barker Car 60ft
6 Homestako Mining ... 50
1 Hupp Motor Car 14 ft
7 Illinois Central 83 ft
4 Inspiration Con Cop.. 40
.. Inter Con Corp 3ft
. . Inter Con Corp pf . . . 0
. . Int Mer Marino 21ft
o Int Mer Marino pf . . . 75
.. Internat Motortruck.. 44
.. international Mckel.
. . International Pnper .
.. Invincible Oil Corp.
.. Island Oil
1500
300
500
(200
2300
100
300
100
000
100
100
1300
too
1100
300
100
100
1100
800
200
1000
400
100
SOO
400
800
200
ison
1100
000
200
200
100
100
300
100
200
100
900
300
700
100
9000
200
100
100
300
400
100
400
too
100
100
100
100
300
1000
1500
100
1500
300
4500
800
100
200
3600
100
100
200
100
iH
77
6
70
24 ?4
4 Kolly-Spg T
2 Kennpcott Conuer
1.20 Keystone T ft It 10JJ
.. Lako Krlo & West ... lift
2 Lee Rubber Tire .... 23
2 Locwe Co 23 j;
.. Loft Corp 13ft
00ft
48ft
30
70
88
33 ft
87
2a
10
13ft
7U
71H
07 ft
04ft
30M
BiH
85ft
114
83
98
78
13
51
Sft
80 K
75 ft
8ft
133
104 ft
31ft
45 H
134
tl
7ft
10
10
35K
117
38
11
82
08
83
50
SO
70
33 ft
18 M
5H
21M
85 ft
10H
10
20ft
80H
34
132
37H
30?4
32
235
28
11 u
3
70ft
12
27
21ft
Oft
01
21
08 H
53 ft
31
73
31ft
20
08ft
50
14ft
83 ft
40
3ft
0
24
73
41?
10ft
70ft
33 ft
5ft
70
24K
15
lift
22
23 H
12 ft
00ft ft
8ft ft
30 - H
78-2
80-3
33ft .,
87ft- ft
ft-3H
10 ft
H- ft
74ft ..
71M- IK
88 ..
OS 4- H
30M ft
83 4- 3
98
78JS- 1H
13
iH- H
K A
81
75ft-ft
8ft ..
135H- 1ft
105ft ,.
35 ft
5- X
134 - 4
"8J4- 3
73ft- H
10
nft 9ft
35ft ..
118K 1
18
11
54
96
83
56
1
H
l
2K
ft
K
ft
ft
ift
y
H
H
1H
50
70 -33ft-13
M
25ft
33
88ft-
1034
10 -
2ft-86H-34
134ft 2ft
37H n
3ft H
32
338ft 3H
- ft
28 J4
nii ..
3
70ft
12M 37 -21ft
0ft
Gl 21H-08J4-52ft
3134
20
MK
-3ft
9 -24
-73
K 194
io? ft
70 ft
33 ft-
0
70 ..
24 34
22
2334
12ft-
Satea-
100
100
100
100
400
3800
4700
1200
300
200
100
100
800
100
300
100
300
100
500
1000
200
400
100
100
1300
100
100
100
4000
1800
800
200
100
200
100
1200
2800
SOO
100
100
500
1000
400
2700
100
2000
600
Dlr. .
In I
1M
Ji
"'ft
"k
V
1ft
H
"ii
ft
ft
ft
ft
H
lft
IV.
lft
Itlth
8 Mackay Cos 01
7 Manhattan Blev guar. 48ft
.. Man TJlectrlo Supply. . 59
. , Maxwell Motor 10ft
. . Maxwell Motor 1st of SI
10 Mexican Petroleum ..167K
1.60 Mlddto States Corp ..UK
4 Mldvalo Steel ft Ord.. 39k
.. Mo Kansas & Texas,. 6ft
.. Missouri Paclflo 25ft
.. Missouri Paclflo pf ... 41K
.. Montgomery Ward ..29
.. Nat Aniline ft Chem,. 74ft
. . Nash Cha ft St L RwylOO
.. National Con ft Cable 6H
7 National Lead pf ....108ft
1 Novada Con Copper ., 10 ft
... N O Tex & Mex S8K
s Now Tork Central ... 71 H
. . New York N II ft II . . 33ft
8 North American Soft
7 Norfolk ft Wettem . . 90
7 Northern Paclflo 73 ft
2.60 Ohio Fuel Supply .... 48
40 Okla Prod A Ref . . , . H
.. Ontario Silver Mining;, 5ft
.. Otis Steol 33
8 Paclflo Gbb & Eleo ... 44 ft
A Pan-Amer Petrol .... 83ft
6 Pan-Amor B 77ft
8 Pennsylvania R R . . , 40M
.. Penn Seaboard Steel.. 10
.. Peoples Gas Chicago,. 28ft
.. Pero Marquetto 2334
3 Philadelphia Co 33ft
.. Phillips Pet 96ft
.. Plercc-Arrow Motor ..88ft
.. Pierce OH 12ft
6 Pitts Coal i . 58ft
8 Proesed Steel Car .... 90
8 Pullman 110ft
0 Punta Alcgro Sugar.. 74ft
4 Pure Oil Co 38ft
4 Reading 87ft
.. Remington Typewriter 81
.. Replo Steel 71ft
8 Republlo Iron ft Steel 8134
8000 6.20 Royal Dutch NY .... 78ft
400 .. St Louis San Fran ... 21 H
800 . . St Louis SouthweHt . . 19ft
400 . . St Louis Southwest pf 30ft
. . Saxon Motor 6ft
. . Seaboard Air Lino ... 7ft
.. Sinclair Oil 28 K
.74 Sholl Transport 49ft
(I Sloss-Shoff 63
0 Southern Paclflo 01ft
.. Southern Rail 27ft
6 Southern Rail pf .... 60
20 Standard Oil of N J. .075
7 Stand Oil of N J pf . . 105ft
4 Stewart Warner Sp
4 Stromberg Carb . . .
7 Studcbnker
0 Superior Steel . ....
3 Texas Co
. . Texas ft Pacific
.80 Texas ft Pac C ft O
. . Times Squaro Supply. 27
0 Tobacco Products . . . 00ft
.. Transcontinental Oil.. 10ft
2.60 Twin City R T 83
.. Union Oil 27ft
10 Union Pacific 118
4 United Alloy Steol ... 40
12 United Fruit 1B0
600
300
3300
4000
100
1000
3100
300
120
1500
400
1000
3400
100
12800
400
500
100
500
000
100
300
1300
100
300
100
100
2800
600
100
1000
700
700
28000
300
4100
100
700
300
400
200
100
100
310
400
000
100
200
33 34
70
63
8ft
46ft
34
30
United Rwy Invest . . 7M
. . Unl Rwy Invest pf . . 10
3 United Retail Stores.. .64
BUS Ind Alcohol 83ft
7 U S Ind Alcohol pf .. 03ft
0 U S Food Products . . 60
BUS Rubber 85
8 U S Rubber 1st pf .. 103ft
BUS Steol 87ft
6 Utah Copper 00
0 Vanadium Corp 08ft
4 Va-Carollna Chem . . . 04ft
8 Va-Car Chem pf 105ft
2 Vlvadou Ino 13J4
. . Wabash pf A 24
.. Western Maryland ... Oft
. . Westorn Paclflo .j...... 20
7 Western Union Tel . . 82
4 Westlnghouso 13 ft M 40ft
4 Whlto Motor 40ft
1 Wlllys-Overland 10ft
6 Wilson ft Co 53ft
0 Worthlngton Pump . . 60
01
43ft
89
10ft
20
154J4
lift
".It
24J4
1H
39
74ft
100
lOSft
10)4
384
71ft
33ft
SOft
09
78ft
48
8$
33
44ft
81ft
78 H
40H
19
38ft
23ft
83ft
35
37ft
13
58ft
98
HOft
7334
38ft
87
81
00
81
76
31ft
1934
39ft
0ft
7
3K
48
03
01
2634
60
600
105
3134
68
61ft
48ft
4M
3334
3834
27
SOft
10ft
32
27ft
117
40
100
734
E 16
63ft
81ft
02ft
58 ft
84ft
101ft
8634
60
07
64 ft
105ft
13ft
24
0ft
20
82
4034
40
16ft
53ft
59ft
2:80. Net
Low (NXim) Che.
61 ..
43J4 1
89 ..
loftw 34
30 4- lft
mn- 3ft
Mft- ft
8ft-
eft
30
71 Wr
100
103H
1014
33ft-
80 J- 134
90 1H
78ft- ft
483
M H
ii ..
33 ft
41ft- ft
83ft 3i
76)4 ft
1034 ft
19 ..
38ft 1
23ft ft
33ft ft
36ft ft
37ft- 2ft
13ft ft
S8ft ..
96
110ft- ft
7334- y
38ft ft
87ft ..
51 34
71ft 2ft
8134- H
78ft 3ft
21)4- ft
1034
26ft- 1
0ft- ft
7' - ft
26ft- H
49ft 134
63 - ft
01H- a
27ft . .
60
675 15
105 ft ft
3134-
68 -62
-48ft-45)4
-27
-60ft
27ft-
117 ft
40 190
734
Dio -
03ft
-
DE
MAND IS
F
N CURB MARKET
Business Llmitod by Absence of
Offerings Asphalt
Moves Up
New York, Aug. lO.There was n
fair demand for BtockM on tho Broad
Street Curb today, but business" was
limited by th,o almost complete ab
sence of offerings, and buying orders
could only bo filled in the leading issues
by advancing bl'ds.
This was especially the caso in Gen
eral Asphalt, which has been in per
sistent demand slnco It had the violent
break last week, and has been moving
upward from tho low levol which was
then established. Today, buying orders
camo in this stock from several sources
nnd, although it reacted early to 51 Mi,
It moved up to 54 beforo midday.
Carib Syndlcato was anothor strong
feature, advancing from 12 to 13 on
small trading. A good tone was shown
in tho Wyoming oils.
North Amorlcnn Paper, after its
break last week, was firm, selling today
at Wi to 4. United Retail Candy was
quiet, with a small amount of business
being transacted nt 11, Submarine
Boat sold nt llty.
INDUSTRIALS
34
1
l'4
ft
34
ft
ii
y
ft
H
2ft
ft
ft
. High
Acme Coal , 2',l
Car Uahl -iil
Otneral Atphalt oifc
Mrii.i.i npuiimi pre...-. . H
orapo Ola 314
Orape Ola pref ys
North Amer Paper 4H
t-inrciion lire , l
Submarine lloat 11
onecia to
Low
k
0
2
an
ft
i.ao
p.m.
2H
.?
04
9
2K
4H
f 4
U H Hlih Speed Tool 80S S0V4 80H
United Retail Candy U U 11H
INDEFKNDBNT OILS
20
.... 8
H
lft
aft
ft
ft
10134 -lft
8634
00 -
67 -04
ft
105ft ,
-
m .
26
82 -
4034-
46 -
10ft-
53ft-
59ft-
ft
H
134
ft
ft
Commodity Markets
COTTON PRICES DECLINE
August Option Off 100 Points In
Early Trade
New York, Aug. 16. August cotton
opened 100 points lower this morning
and other positions started at a decline
of 12 to 27 points. Unfavorable Euro
peon political nows and heaviness In se
curities wero bearish factors. Business
was not actlvo early.
Traders appeared to be hesitating, al
though talk around the ring was bear
ish August semxd to havo few friends
and It was difficult to sell.
New Orleans and other southern cen
ters sold hero and there was a good
deal of switching between months. Fluc
tuations, after the start, were Irregu
lar. Southern snot maxketn wnr onnlar
The break In August did not particu
larly affect tho lator positions.
At tho end of the first twenty min
utes the list showed a net decline of
about 35 Dolnts. Wall street wm a.
seller.
October .
December
January .
March . .
May ....
(N. Y. time)
. , 11:30 1:30
Bat. clone Open a. m. p. m.
. .. 30.04 .10.Su 30.20 30,23
. .. 80.00 20.70 20.30 20.23
. .. 20.02 28.80 28.8.1 28.48
...28 0(1 23.87 2S.2S 28.20
23.28 28.18
GRAIN MARKET
, Aug. 10. Wheat was
Philadelphia Stocks
17-430O
P. C. C. & St. L.
5 Bonds Due 1970
AND
Bond Script
w
Martin & Go.
Mil Walnut St.
Philadelphia
Halted National tltllltlM flu, IBM
Booth (Shore Oa A KUctrlc 8a, 1033
Suburban Oa Co, of l'hlla. 6a, 1882
SldIiuulV.ua Itallroud Co. 6a. 1943
EawEre Oa A Fuel lt Coll. it, 1028
fnituni Hallway Co. luttt. B: lOSO
Venn Mary Coal Company let &, 1930
SAMUEL K. PHILLIPS & CO.
107 Chettuut BU
Hlh
24 Am Strs.. 43",!,
14 Am CJas. a.Ti
54Elcc.Stor.117
101 do war.. 15 U
50 Lake Sup 11 4m
14 Lob, Nav. 5S
200t.Nev Cons 10
339 Pu It K.. W
50 Phila Co
cum pf. 3051
187 PhilaKleo 21
200 Phila II T 14it
0 PhllaTrac C0(s
37 U G I... 41
1 80 Net
Low p m ehire.
VMk 43
35 M 25 iZ
110 H0V4
5
10
40K
mi
15 1
ti7.
10i
i
t?a i?5
llYt JI,
50
41
41 . .
Chicago.
weaker today, owing to a disappointing
export situation and a lack of outside
inport.
The foreign political situation, how
ever, was anything but reassuring and
prospects for the yield of the spring crop
wore less favorable. This helped to
check tolling on a big scale, but small
!otn came on the market auite persist
ently. Hedging sales also were in evi
dence. There was somo buying by n
leading elevator concern.
While the movement was not largo,
the country was offering more freely,
and advices from both Great Britain
and France said that native grnln was
begiuing to come forward nnd was sup
plying the demand. Domestic cash prices
verc weaker. It was baid that export
bids wero about 0 cents under the mar
ket. . ...
Corn was also weak. Houses with
enstern connections sold nnd It was
thought that Uiero also wns selling for
elevator Interests. There was Homo
local buying on a bullish report by the
Illinois Department of Agriculture,
which steadied the market for a tlmo
after tho start.
Good rains were noted In portions of
the central belt, but more moisturo is
i ' needed in somo sections. The lateness
tNet chans made by rrnrarlKin with last
Hte on New York stock Kichanie.
BONDS
Low
1.30
p m.
Net
chee.
S6'A R0. V.
103 105 3
Saloa In
100O Hlh
1 Lehigh Vnl
Coal 5s... M1V6
2 do ann Os.105
2 Lib Bonds
2d 48... 84.80 8-1.30 81.86..
5 3d 4M... 87.02 67.110 87 02 .30
1 4th 4'4s.. 84.60 84.80 84.80 .18
3 Penna R R
2 Phila Eleo
1st Cs.... 80 60 80
BUTTER, EGGS AND CHEESE
New York. Au 16. BUTTER wem firm,
rtectlpts, 9RS9 tuba. Creamery, higher than
m v m win fft w.nL , ... .
...; 7.117 creauirrjr, HirM 11'-I :
acore), B8'i rtf53',e creamery flrata (88 to 01 ' 5l
acore) niBGlV. packing aiocn. uurrent Deo.
muke. No. 1 341n
KliaS were firm Receipts. 0S01 cases.
Freeh aathered. extra firsts, B4SBo: freah
gathered, flrsis, 40ifB3e, state. I'ennsylvu
nla and nearby wi-atern hennery, whites,
firsts to extras, 60J172c. stato, Pennsylvania
and nearby a-athered, browns and mixed col
or Mrsta to extras, 40$S8c,
C1II3KSK was steady. Receipts, 1048
boxos. Btate, whole milk, flats, current
make, whlto and colored specials, -TWO'
2SMo; do. averace run. 28H26Hos state,
whole milk, twins, current make, specials,
264 (S27HC, do, averaxg run, 25 26c.
of the crop, nevertheless, leaves room
for fresh damage.
The cash nrtlcle was lower, tho de
mand being small. This counteracted
light receipts. Scarcity of cars is still
checking tho movement. Elevators In
the country are reported to be well
filled.
Oats lost ground In sympathy with
corn and on benvy receipts and abun
dant supplies from the crop, both in.
this country nnd Canada. There wore
hedging sales and liquidation of long
oats. Some resting demand was noted
at certain levels. Elevator interests
picked up small amounts.
Leading- futures ranged as follows:
(Chlcncn time)
Corn nw delivery) 10:80 Sat.
Open lllch Low a. m. eioee
Rapt. ... 1 -im 1 4D 146 1.4AV1 1.48
Dec ... 1.24U 1.2SU 1.234 1.234 1.34H
Oats .,
70H in iwi nu'k 71
6JH 70 0SH 0H 60S
Pork
Kept 23 OS
Lard
Sept. ...18.00
Oct 10.38
Ribs
Sept. ...16.87
Oct ...16.80
tAaked.
28 10 24.08 24.03 23.30
18 00
10.83
18 77
10 10
18 77 tl8.07
10.10 tlO.SO
18.87 tlS.28 flS.28 15.40
16.80 18.78 18.78 tlB.83
LIVESTOCK QUOTATIONS
ChlraEO. Au. 10. CATTL.U Ilccclpta.
22.000 head. Generally iiteady; aood and
choice steers Btcady to Strom. Top. 317.80;
bulk choice. 110.23017.10: other steers slow
to 23e lower; good trades. 1818.7B: srass
crs, 10.80WU.50. cood cows. 19.60 12.80:
canners and cutters. 140.2S: steady
medium kinds, 0.600; weak to 25c lower:
bulls. 23p lower; Imloano, JU.237.80. Calves
duHvSylynb,dl 1,0c ler. Blockers alow.
.nH2??.R"c,!lpts' 3J.O00 head. Steady to
10c hlither than Saturday's, avcrace. Early
5pi. 810: bulk llpht and butchers. JK..3O0
18.83; bulk packing sows. J14.23 14.80: piss
strong.
SHfcEP Reielpts. 24.000 head. Kllllnir
clauses steady to Mo lower: very Rood Idaho
l'im'.,oi1.ai -t0D native, $12.83; bulk native.
111012.25; fat ewes largely J77.2S: feed
ing; lamba opened steady. J12.25 down.
nn"f 1",5e,, Au't 18. CATTLE Receipts.
SjOO head. Lower Steers, 114.80W18.SO:
heirera. 110.80011. CO; cows. $7.8000,
Calves, receipts, icoo head. Lower. Top.
lie-as Receipts, 0000 head. Lower.
Jn"?,Xle?; ls,ftl?-25: heavv yorkers. $10,300
10.00: llKht yorkers. $18.80010; plus. $180
SHEEP AND LAjms Receipts. 3800
heud. IflKhor. Top sheep. $8.23: top
lambs, $13,
East Buffalo, N. Y., Aug-. 10. CATTLE
Recepts. 3200 head. Ucst. 23B0c hlch.r:
--"."'"'.'JSW nnd common slow. Ship
?l2f,ii;5ier8'e,Jlf?.1il,TBv etchers. 10014:
yoarUn. $10010,60: heifers. ioll.BO;
cow". S.10l bulls. $000.80; atockeri and
insa7in,BB.0i 'ron cows arTd aprlnReTs.
Ste3aWdy$0?7MBV67' ""'"" 2000 h0ftd-
HOOS Receipts, 8000 head. Steadr
Heavy. in01(K2S; mixed, $18.8001878
?nr7ks.r,,ni10,I??lfl-85L "hi VorkeV". $10
88910 roughs, $12.80013: stags.
hIK'E .ANoIJsaJsAa?D8 nelot". 4400
la y?irJSVA 8Ot0: wethers. $808.80;
ewes, $307,80: mlxM sheep, $7.6008.
LOCAL MINING STOCKS
TONOI'AH STOCKS
nid
.07
..12
.Cash Boy
Jim Uutler
MacNamara u
Aiacivamara cr..n( . . i
Midway Q7
iispun X.21 ....,,, .on
Montana 07
North Star u3
Rescue Eula id
Tonopah Ext '..' lit
West End ".. iX
West Tonopah 01
DIVIDE STOCKS
Allied Divide 01
Alto Divide 02
lieloher nn
Ileloher Ext 05
Ren Hur oi
llrouitli Dlvlda ns
I1I..M. 17.. .
Divide Syndicate"'!!!!!.'!!.'.' .'oi
xiviae uina 01
Dividend ni
East Divide ni
llarmlll i
HasbroucK Divide 01
High Divide oi
Revert Dlvldo 03
Reno Divide oi
Rosetto 01
Ktlver King ni
Tonopah Divide ih
Tonopah Hatbrouck 01
victory uiviao 05
Verde Divide ni
Zono is
QOLDKIELD STOCKS
Atlanta oi
Blue null ni
Booth 03
C O D ni
Combination Fraction rr
Crackerjack 03
Dlomonaneld ji ji oi
Daisy
Florence
Qoldfleld Com
Goldrield Merger
GoldOeld Development
Great Bend
Jumbo Ext
Kewanas
Lone Star
Qro
Red Bills
a lver i'ick
Searhcad
.01
.12
.08
V
.03
U
.04
.01
.05
.01
.01
.05
.03
MISCELLANEOUS
Amparo
Arizona Unltsd
Eden
Mother Lode . , ,
Nevada Hill ..
Nevada Rand .,
Wllbert
Nevada Wonder
Tecopa Mlnlns
White Caps . . .
.10
Vi
.85
.02
.20
.04
.07
.07
Ank
.08
.14
.00
.11
.00
.1)3
.20
.00
.02
.OS
.0.'.
.07
.02
.10
.23
.02
.02
.08
.02
.28
.02
.02
.05
.02
.02
.03
14
.03
.00
.03
.20
.02
.02
.03
.02
.03
.07
02
.03
.15
.10
1
.05
1
.06
.02
.07
.02
.03
.07
.05
1H
.15
.00
.04
.23
.08
U
.00
.00
BAR SILVER
Bar cllvar wm quoted tn London to
day at bfta, a gain or ftd.
Wilmington Savings Banks Merge
Wilmington, Del., Aug. 16. The In
dustrial Savings and Loon Association
and the Industrial Savings and Loan
Bank have merged and formed tho In
dustrial Trust Co, The latter has been
Incorporated under the lawn of Dela
ware with an authorised capital of
81,800,000,
Financial Briefs
The average price of twenty active
stocks declined 0.32 per cent on Satur
day to 85.57, while twenty railroads, de
clined 0.12 per cent to 73.03. '
The New York Subtreasury lost S1D2,.
000 to the banks on Saturday, making
a cash net loss alnco Friday of 81,
300,000. NEW YORK COFFEE MARKET
i, ?'eiw ,'or!f,.Aug- 16- The coffee mar
nJt, n1"161-.1 t0J5 P0"18 thl8 morning,
rJ3in?eoera.ber eaK'ns Into new low
fnni' u "nt? at 904- Tho very dis
tant positions wero relatively steady.
There does not appear to bo any im
mediate advance in stent, not at leaat
while September Is being liquidated '
Hlo continues wcnlt and on Saturday
was reported 150 rels lower but was
not officially quoted this morning Sorne
very low Bio offers wero hero at the
close of the weeK. 0 7s being offered
by one Arm at 8io, American credit,
years' qUtCd '" a numbcr of
Owing to the unsettled nnd weak
Santos and Rio situations it has been
very dluicult to nrouso nggresslvo buy
Ing power in the local markets, and
bears have found It easy to depress
values almost at will.
September ,
December
March . . . ,
May ,
Bid.
Sat. close
8.88060
O.lUrtlS
0.84068
0.04000
Today's
open
8.40080
U.O80O5
S.43W45
0.60001
time)
a. m.
'b'.io
0.43
0.80
Federal Reserve Bank Statement
ofhlffJ.il" .f thB "aeral Reserve Bank
?i.t ,nmd;",b,a ,or the W"K ended 1'rlday
follows: P" ",th th9 Prevlou. week as
RESOURCE8
Oold coin and gold V"n"t 18
ctfs. In vault ... $1,220,102
Gold settlement f'd 47.234 fiia
Gold with foreign "-""ou:
agencies 8,022,408
August 6
$1,100,148
60,11,1,40S
8,022,403
Total gold held
Gold'wUhed.'Res '"'"8-883 "-0.234.032
0rtTrneW.in- f'd WoH Stlffi
vSSrllSS?, tf- J1T5.100.027
silver, etc .... 473.001 281,003
Total reserve ...1171,007,010 $178,801.025
Bills discounted
members secured
by govt war i,b-
aiiu'dhSeun.' .''- 188.205.454
members (all
mMghUnopin 4'894'a82 8017B03,,
mark,t 12.488.001 11,188.100
T'l bills on hand.$100,2B8,078 $188,628,882
U. S. Ooemment
bonds
U. S. certificates
of Indebtedness.
Total U. 8. secu!"
rltles
81,388.800
36,208,800
$1,883,800
82,105,300
$87,801,800 $33,531,300
Total earnings
' $227,844,378 $210,170,052
Bank premises
$088,802
$618,011
Uncollected
Deductions
gross deposits
Due from Irene, of
U. S. 8 p. c. red
fund red Res.
Dank notes . . ,
All other resources
Total
Items. 160,618,220
from
00,618,220
1,800.400
818,808
J5O.7O7.430
,60,707,430
1,300,000
872.030
Allied Oil
Boons Oil
Boston Wyoming lit
Carlb Syndicate 12V4
fushlng 1'eto .
Elk Basin Petrol tv,
federal Oil 21,
Glenrock Oil 2S
Intl Petrol 34
Kay County Gas 1;
Mararalbo Oil 10U
Merrltt Oil 18W
Bed Rock Oil tj
III an Cons 1014
Hlmms Petrol ioi,
eWtlly Oil v
Superior Oil 10
Tropical sun jnu
Un Texas Oil K
Victoria oil (now) l
Roy do France S't
MINING
Alnskn-Brlt Columbia .... '4
fated Mining 18
Calumet & Jerome
("fln.idi Cop ,.
c .mlolurla M t;
i rrston uoia 1 H
I)ild Extension 24
Hu reka Croesus .
Eureka Holly 1,",
Gold Cons fl
Gold Develop 4
Oold Sliver Pick 8
Gold Zone 10
Emma Silver 0
llecla Mining 44
lion Hlossom .. A
Ioulslana Co 4
McNamara 4
Maaon Valley 1 14
Mother Lode 80
Mother Lode (new) B
Murray Mog 78
Ophlr Silver K
Prlnco Con f,
Simons S Lead 1
Tonopah Belmont 14
Tonopah Divide if,
Tonopah Extension 1A
Tono-JIm B 12
Tonopah Mining 14
United Eastern 2A
Victory 0'
West End C 14
Whlto Cap 8
BONDS
Allied Packing 0a 674
Armour 7s 1)0 ii
Sinclair Cons 74s 88
Southwest Bell 7 04
Texas Co 7s 1)8
Union Tank 7a 07
Munich 4s 23
20
2
1ft
12
H
fi't
24
8H
18
12i
10
111
OH
ID
I0
lk
4
4
4
4
24
J
3
5
18
0
4A
4
V
14
60
8
76
1A
14
14
12
28
8
8
074
004
87
04
OS
004
23
20
3
14
ij
a.3
IK
104
12"4
4
104
10
04
10
11)4
1
64
,8T4
24
4
0
4
r,
18
8
44
14
80
84
70
4
A
1
14
,1
14
5A
8
874
r4
87
04
08
004
23
FOREIGN EXCHANGE
New York. Aug. 10. The forolgn ex
change market was Irregular at the
opening with slight changes and not
much Interest on either side. Demand
was off H, francs up G and lire un
changed. Marks were also unchanged.
Quotations wore:
Demand sterling 3.03, cables 3.64;
frnno cables 7.30, checks 7.29; lire ca
bio 4.97. checks 4.90 V, ; Swiss cables
0.01. checks 6.03; guilder cables 33,
checks 33H. unchanged; pesetas cables
15.14, cheeks 15.12; Belgian cables
12.88, checks 12.90; Stockholm cables
20 68, checks 20.C3 ; Chrlstanla cables
15.25, checks 15.20; Copenhagen cables
16.15, checks 15.10; marks 2.16
SATURDAY'S FINAL QUOTATIONS
Sterling Franca Lire Guilders
Demand ....8.644 7.20 8.00 88.12
Cables .. .. 8.044 7.21 6.01 83.28
TODAY'S OPENINO QUOTATIONS
Storllng Francs Lire Guilders
. . 3.034 7,20 4,004 88,12
. . 3.04 7.30 4.07 83.23
NOON QUOTATIONS
Sterling Francs Lire Guilders
.M (..III 4.M
UtM
Demand
Cables
Demand
Cables
8.1
7.27
4.06
MONEY-LENDING RATE8
NEW YORK Money on call, both
classes of collateral, opened today at
7 per cent for lending and renewing.
Time money was as dull as heretofore
and rutes wero nominally unchanged at
a to 94 Per cent on Industrials.
In view of the fact that there are
not enough prime New York ninety-day
bank acceptances to go nround for tho
local demand and that prime out-of-town
bills are In fairly free supply, but are
being absorbed more slowly, the Impres
sion prevails that unless tho situation
Is changed tho out-of-town bills should
be offered at a more attractive figure.
Many of thoso out-of-town bills rnnk
fully as high as tho .Vew York bills, but
nro at the disadvantage of being out of
town. Hates are unchanged, with prime
Now York ninety-day member bills 6
bid, 6H asked.
Locally, and at othor eastern centers,
tho demand for prime mercantile paper
Is negligible. Transactions In the In
terior are at a minimum of 8 per cent,
with occasional business at 8 per cent
PHILADELPHIA Call, 6 per cent;
tlmo, 6 per cent; commercial paper,
threo to six months, 6 per cent.
(Note Thoso are merely nominal
quotations, as the legal rate of interest
In the state of Pennsylvania Is fixed at
6 per cent. I'lus premium and commis
sion tlmo money for thirty to ninety
days Is loaning at 8 to S& per cent,
whllo commercial paper from three to
six months Is being offered at 8 to 8 VS
per cent.)
resources. $470,8B,B2l $4t.o20,3si
LIABILITIES
Capital paid In,
Mjrpius
Govt, deposits ....
Due to members re
serve account .
Deferred availabil
ity Items
All other deposits,
Including foreign
gobt. credits , , , ,
$3,311,880
18,001,840
1.100,484
107,630,822
83,120,017
8,118,863
$8,811,530
13.OflH.RK0
1.038,721
100,000,777
40,863,189
2.773,837
Reserve Banks' Discount Rates
Ofllclal rediscount rates at the twelve
Federal Reserve BankB are as follows:
Treaa, Lib. Com'l Bkrs.
,. . J'"- Bonds Paper Accept.
Boston . 54 ft r
.- inrK ...... nA e
Philadelphia ....t 54
Cleveland 84 8I
Richmond tfl fl
Atlanta tfl 64
1 vitiuiu ,,, in n
I St Louis 84 084 84
.'iiiiiieapniis ..... on n
Kansas City tfl 64
Dallas 40 64
San Francisco ..t8 fl
TDISfiount rate rArreannnila ...Itu i. .
rate borne by certificates pledged .a col
lateral with minimum of 8 per cent fn the
caso of Philadelphia, Atlanta and Kin.aS
City and 64 per cent In the case of Ban
1' ranclsco. ""
Total gross dep,. $184,877,740 $187,662,216
Fed. Res. notes In
actual clrcula
i.l0B 1Z V.'.'i !(,''0.' 288.768,200
notes In actual
peculation ., ... 10,884.600 10.4(15 ann
2,468,112 3,86)1.200
circulation . , . , ,
All other liabilities
Total Ilabllttte.t470,864j820 1486,620,361
fl
P
a
64
n
Sit
u
BANK CLEARINGS
Bank clearings today compared with mr.
responding day last two years
1020 11)10 miR
Phila. . $78,604,078 $67,271 (In IR1 714 ?t,
Boston . 48,371,808 48,1117 354 ! Jln'onn
N Y. ..688,047,883 480,342,000 B011O4'?rJ
Ba timer 14,700.141 13,207.309 ul',0'4
Chicago .103,686,204 106,020,436 .".'!""
Wolverine Copper Passes Dividend
New York. Aug. 16. WnlvoH.,.. r
per directors have passed the October
clared al this time: No dividend, which
previously was fifty cents quarterly hi.
been paid on stock since March 23 fast.
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 tho 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 atvonce 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. Uppincott
Walton Gibb
1634-35 Land Title Building.
Your Representative
THIS Company acting as
your agent, will collect divi
dends, coupons and other in
come and deposit it to your
credit, pay taxes and assess
ments, take charge of your
real estate and other property,
and represent you in any busi
ness matter.
At your request an officer of the
Company will gladly go over
the matter in detail with you.
Philadelphia Trust Company
415 Chestnut Street
Broad and Chestnut St8.
Northeast Corner
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.
Dated August 14th, 1920.
HVAM nANDOr.Fir. ChalrraS"
L. 3 CtiATlK. Secretary.
,617 Chestnut Street,
Philadelphia, Tenna.
Committee.
rnlCIIABP, DAUI BATARO 4 IVANS
Counsel
!i
Columbia Graphophone
Manufacturing Co.
Five year 8 Gold Notes
Due F. & A. 1925
Sinkinn fund will retire one
half of the issue before ma
turity. Notea carry privilege
to purchase the common stock
at S35 per share.
Price Par & Int.
to Yield 8
Reed A. Morgan & Co.
West End Truit nida., Phila.
Members of the Thlla Btock Exeh.
Bonds for Investment
Imilar JTr'i Tten.ieat,
The National City Company
CerreapoiKfsnl Ofkit in Over tOCtni.
Boles s-Westwood
INVESTMENT
SECURITIES
LanoLTiUe BldiV PhUadelphli
PHONE IOQUST 2016
HEWRURGER.
HENDERSON & LOEI
i.y M-. York M
PA.ff4f iAfe Kteehcmt
1410 ChanutjtJ M
I
1
r&ZOl&OZtZ
"VV'
7' rt ,
B. U,
f. -nt iV-i'